Globe Investor’s Umiastowski posted a pretty crappy anti-Mutual Fund article that played to the public’s fantasies of fat-cat suspender-wearing fund managers who care about bonuses, not client’s money (I’ve met fund managers that were fat, and ones that wore suspenders, but none that cared more about bonuses than their client’s investments). And of course falls into the usual trap of comparing averages.
The article’s one redeeming thought was that nagging problem of compensation:
I never had a [fund manager] client whose compensation was tied to long-term performance. When you think about it, that’s rather amazing – the thing that matters the most to a fund’s most loyal clients is not rewarded.
