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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime
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To: Shack who wrote (47867)2/18/2001 9:15:35 PM
From: bigbuk  Read Replies (2) of 62347
 
except many fund maangers care enough to know that underperformance means no bonus.


True , BUT the flunkies that get paid to sell to the retail (ie the end user Mr. John Doe) still get their trailing commissions. Which imo should all be performance related.

I was and executor of an estate in 1999/2000 and it was managed by an so called account executive at Canada Trust. The performance for the last 5 years on it was satisfactory (over 10 % annually) and it moved up nicely going into 2000. I tried to move out out some bond money in January to money market and it was a real hassle. I ended with a court order allowing me to make all the calls starting early February of 2000. I immediately sold all funds -equity,bond and US holdings and out them all in money market. Needless to say we moved out the money from Canada TrRust shortly after.

The moral of the story is the fellow that was "managing" this portfolio was paid salary with little or no incentive. And by the end of Feb( 60 days ) this portfolio when i moved it out was up net 5.6%. Go figure, salaried person managing millions of doallars. And he used to give me the same story --LONG TERM IT WILL NOT MATTER

Yeah RIGHT. this account would have suffered a loss of hundreds of thousands of dollars, had it stayed at Canada trust since Feb. 2000.

BB
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