I hate to tell you .. but "I told you so" ...
Just days after I wrote about Mutual Fund investments being more subject to Fund Managers' inadequacies ... we have the CBI reportedly zeroing on on a few Fund Managers' for their alleged nexus with the head-honchos of a private company in an IPO placement. This apparently resulted in loss of approx Rs.63 crores to the Fund itself.
Ha .. now we have the rest of them on the run ! CNBC recently reported that quite a few Fund Mangers have switched jobs and have moved into "private equity management" .. whatever that means !
The point being, is there no agency that can really hold these guys accountable for the things that they do ?
Yeah sure .. a caveat emptor is fine .. but what about basic ethics ??? Have we become such doormats that MFs can actually turn around and show us the (middle) finger and there is nothing one can do ?
I DO believe that the longer one stays invested in the market, the more certain is the return going to be .. which is exactly what one needs to do .. and one doesn't need a fund manager to do that.
As I said, pick the sensex, nifty and nifty junior stocks, invest equally in all three .. and sit back for three years and enjoy your money doubling ! This is not rocket science !
The Fund managers need to be able to perform much better, at least better than the market - and they need to reward their customers. Failing which, they should be unceremoniously be sacked .. maybe even penalised !
Well .. and that's how I feel ...
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