MUTUAL,FUND,STUPIDITY,THE,ALCH business, insurance MUTUAL FUND STUPIDITY


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THE ALCHEMIST by AL THOMAS MUTUAL FUND STUPIDITY For years the mutual fund industry has been going great guns taking peoples' money and for the most part doing a very lousy job of making a goodreturn for the investor. The reason I say that isthat 80% of them cannot meet the results of theStandard & Poor’s 500 Index. The S&P 500 is the most important 500 stocks of the New York Stock Exchange with a few othersthrown in. If you buy any fund that is notcomposed of this index you are relying upon thefund manger to be able to weed out the poor stocksand buy the best ones. After all he is a“professional” and should know more than a monkeywith a dart. Having been an exchange member and floor trader I consider it rather easy to go thru the charts of 500 stocks to eliminate the weakest 200 or 300.There are even services that categorize all theNYSE stocks in 5 categories from best to worst ifhe doesn’t want to do the work himself yet thelargest majority of managers can’t seem to make anaverage amount of money. By average I mean beatthe average performance of all the stocks in theS&P500 Index. When you go to the hospital do you want anaverage doctor operating on you? Mutual fundmanagers are financial doctors only they areoperating on your wallet. You sure don’t want yourmoney with Mr. Average. Funds are luring you to give them money because they have a lower expense ratio, a famous manager,a specialized category, a socially responsibleportfolio or some other nonsense. Why do I saynonsense? Because it doesn’t make any differencewhich fund you are buying as long as it isoutperforming all the others. There is one sure way to increase your return and that is not to pay commission. That is called a“load” in the industry and it might not show whenyou buy it, but be charged when you sell. No loadfunds do as well and better than load funds. Now many funds are adding redemption fees. It is an excess charge of a flat dollar amount to asmuch as 2% of your sale if you sell before acertain period of time. If their fund is decliningthey don’t want you to take your money out so theyput this additional charge as a way of keeping youin. There is a new group of mutual funds that iscalled Exchange Traded Funds. There are hundredsof them and they are becoming the bane of thetraditional mutual funds. These trade like stocks,can be bought or sold during the day withpermanent stop loss orders in place. Thecommission charge at most discount brokers is $15or less. Their expense ratio runs close to zero soyou also save money there. A win, win, win for theinvestor. Mutual funds will discourage investors frombuying these only because they don’t want to loseyour account. There are many sources ofinformation about ETFs and the easiest iswww.google.com . Just type in ETF and you will beinundated with all you need to know. Unless mutual funds stop chasing customers away with high commissions, redemption fees and poorperformance the ETFs are going to take a largeportion of the investor funds.

MUTUAL,FUND,STUPIDITY,THE,ALCH

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