Sunday, August 12, 2007

Decline and Fall

The Times has not only shrunk. But now it's listing fewer stocks and fewer mutual funds. And no ratings for mutual funds!

The American Century funds are adding sales charges to many of their funds. (Formerly 20th Century funds.) I remember when the founder would boast that people could invest just 25 cents in the funds--because that was democratic.

Good funds are also closing right and left. And some skillful managers have been leaving to start hedge funds.

I've just invested in Excelsior Value & Restructuring. A fund with a fine record. US Trust -- which runs the funds -- has a new owner, and the new owner may slap on a new sales charge.

Off to Cape Cod tomorrow. For 3 days -- 3 days trying not to get sunburned.

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