Some mighty strange goings-on out in Boulder, Colo., where events at Boulder Investments' ( BIF) Growth & Income (BIF) fund are starting to look like a Road Runner cartoon.

You'll remember how Wile E. Coyote could run off the edge of a cliff and just keep on running in mid-air ... until he looked down.

That's sort of where investors in Growth & Income found themselves two weeks ago, when the fund suddenly plunged 25%.

This is not the kind of result you normally expect from a conservative investment fund whose biggest stake is in Warren Buffett's Berkshire Hathaway ( BRK.A). But then, nothing about this fund is quite what it seems.

Growth & Income is a closed-end fund whose shares trade throughout the day on the stock market. Through nearly the first four months of this year, those shares soared 60%.

Wonderful, yes?

Um, sort of.

The problem is that the shares left the cliff edge months ago and were simply running in mid-air. While the price went from $9.63 on Jan. 1 to $15.45 late last month, the actual value of the fund's investments rose by just a single penny, from $9.19 a share to $9.20.

Turns out, by late April this cartoon coyote fund was running about 60% above the ground.

Then investors looked down. Cue the long face ... and the last, pitiful wave goodbye.

Beep beep!

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