Apple Inc (AAPL)

[langostino]

considering the source

a week ago, the recommendation of a "fund manager" was passed along on TiVo, with an excerpt that left the impression the portfolio manager had a good record.

The omitted part of the story pointed out his "fund" contained less than $400k in assets and a laughable 5.75% front-end load and 12.4% back-end load, and annual expenses of 8%. As bad as that is, it seems those particulars were only the tip of the iceberg.

CBS Marketwatch now has done a follow-up on the "manager", pointing out that even a blind squirrel finds an acorn every now and then, and in the case of this "manager", we are talking about one seriously blind squirrel.

Headline: "One of history's worst mutual funds posts top Q2 return"
Headline: "Perrenial loser wins Q2 crown"
Sub-head: "Tiny, costly Apex fund spikes after atrocious decade"

I think Morningstar's analyst had the funniest quote: "No one in their right mind should own this fund. This fund is arguably one of the very worst funds in the history of mutual funds."

With all the garbage that sprung up during the bubble, that's quite a distinction. LOL.

You gotta love a guy that has underperformed the market by an average of 23% a year for the last decade.

http://cbs.marketwatch.com/news/story.asp?guid=%7B3577653B%2DAA95%2D418B%2DA446%2DA51A501AE5AF%7D&am...