Hi Lance:
I'm sure KyrosL is more qualified to answer, but since you addressed me I'll try to add a thought or two.
have been amazed at the positive feelings from so many people after I had watched the original managers force increases in size of the fund to their own benefit
As someone who sells short against the crowd, I believe that people irrationally and almost universally think that their own investment is better than it truly is - it's amazing how people loyally continue to support a stock that is clearly a scam.
I know that one of my Father's expensive full cost brokerages sold FAX to him
I wonder if FAX may have formerly been a load fund. Even if not, I think certain forms of kickbacks may have been legal, perhaps still are.
If FAX looks good to you, I have significant doubts about whether I should investigate some of the other funds you are talking about
I do own a solid piece of FAX now, at this deflated price. I'm a contrarian, so as KyrosL said, I like it because the Australian dollar is down, the yield is high - and I'm hoping for a correction.
I basically agree with him that these are temporary vehicles. Clearly, the management companies are in it for THEIR benefit, not ours. Taking 1% of asset value on a fund that delivers maybe 8% return is, in my opinion, usurious. Not sure they do any better than blind luck anyway.
Those are my thoughts, worth the price of the electrons.
Peter |
