LAY CANCELS!
Mephisto,
One could make a decent living shorting the "tips" that Louie Ruykeyser's co-conspirators tout. I've forgotten that babe's name from Friday's performance. The one that sticks in my mind is more of a tech tout sans pout, Liz Ann Sonders. Now there's babe-itude in a blonde bottle. She's got more to sell than stocks.
A few years ago, I was invested in the Kaufmann Fund. It was good in the early 1990's, and made me some decent scratch. But by '96/97 they were doing a terrible job. I got totally incensed when they commenced to "sponsor" the Ruykeyser Rook. I was so hopping mad I called their 800 number and blasted the poor order taker for a good three minutes about how Hans Utsch and Lawrence Aurianna were total fakes, miserable fiduciaries, frauds and fools. She thanked me. Days later, I sold the damn thing. Not in time to prevent some diminishment of NAV from the peak, and I was OK, in the black. But the chumps who stayed on a couple of months longer than me got the two by four to face. Lost 30% in valuation YoY, AND had to pay capital gains tax on stock that had to be sold out of the fund to liquidate redemptions. OUCH! or should I say, GOTCHA!
The incest of underwriters and touts is a Ruykeyser specialty. No different from much of Wall Street, the con is "I'm your friend, little investor, I'm on your side" "Things will be fine, the stock market historically always goes up. (Silent thought: but not for long stretches like 1932 to 1954 or 1966 to 1982, but we won't talk about that)".
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