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In The News

Articles by Max Rottersman     603-617-2025

Fund Trustees Helpless As Advisors Raise Fees
Trustees unable to prevent elimination of voluntary expense caps while breakpoints lead to an increased fee rate in this extreme bear market 3/20/2009
Fund Redemptions Get Serious
Mutual fund redemptions are exerting downward pressure on today's equity prices in a process that began years ago 3/10/2009
ETFs Say Market Rebound In May
If the stock market is dying wouldn't we notice trauma in the creation of ETF shares? 3/4/2009
Most Profitable Mutual Funds Ever
Largest advisory fees ever collected by mutual fund managers 2/20/2009
Small Funds Death Watch
Small manager mutual fund assets are now half of what they were compared to ETFs a year ago 2/6/2009
6 Fat-Tail Index ETFs That Whipped Mutual Funds in 2008
Innovation in ETFs have allowed them to deliver the highest returns available 1/28/2009
Fund Lawyers, Trustees and Money, Oh My!
What happened to fund governance during Andrew Donohue's watch at the SEC 1/28/2009
How have the 10 Largest Stock Funds Done?
The top 10 funds today will become next decade's losers, not because they're big, but because they're expensive. 1/25/2009
JPMorgan's Bizarre Potshot, Federated Will Have Last Laugh
JPMorgan pretends it doesn't understand asset management business and downgrades Federated Investments 12/22/2008
Spy Class of 1993 Success Story
Fifteen years ago, in 1993, S&P Deposity Receipts (AMEX: SPY) went up against a who's who of fund heavyweights: Fidelity Magellan, Legg Mason Partners Fundamental Value, MFS Growth Stock, Oppenheimer Equity, Putnam Investors, T.Rowe Price Blue Chip Growth and 57 others. It slew them. 12/5/2008
Mutual Fund Companies Thanksful for the $1 Trillion
In the late 1990s, you started saving through mutual funds. So did everyone else. Ten years later, the fund industry is collecting $70 billion a year, in fees, on the same 50 million households. Should you ever attend an Investment Company Institute (ICI) conference, the trade group for the industry, the phrase, 'fat, dumb and happy' might cross your mind. 11/21/2008
Fed To Reserve Funds: Drop Dead
When Lehman told the SEC and Fed it was going under, the government must have known about the soon-to-be-worthless Lehman paper. When tens of billions of dollars began leaving the Reserve fund, either immediately after, or just before, everyone must have known the smaller shareholders would suffer. 11/6/2008
ETFs for CEOs
No longer are stocks valued based on expected earnings, years-out. Whatever earnings are expected, even if they arrive, are sucked dry by CEO compensation, preferred shares payouts to private equity funds, and management year-end bonuses. 10/31/2008
Grim Reaper Tells Government, 'Step Aside'
The story is backwards. The question isn't what will happen to the economy if the investment banks fail. The question is what will happen to the investment banks if the economy sails on. 10/24/2008
EEM: Where the Hard Assets Are
With much of the American markets closed for nationalization it seems many people may look for investments in capitalist markets like China. 10/8/2008
Ignoring SKF Tipping-Point, SEC Slams Free Market
In nine short months, investors rushed $3.3 billion into UltraShort Financials ProShares (AMEX: SKF). Any reader of the best-selling non-fiction book The Tipping Point would have come to a natural conclusion. Investors saw trouble. 9/29/2008
XLF: One Billion Dollar Poker
On September 9th, about $815 million, or about 10% of Select Sector Financial ETF (AMEX: XLF) shares were redeemed. But the order didn’t hit the market until September 11th. On the 11th and 12th XLF rose. Another order was placed for $500 million. The next day another $800 million in shares were created. That order cleared on the 16th. In the days between placing their order and settling, XLF lost 12% of its value. To some people, it may not have mattered. 9/19/2008
Playing the Productivity Plunge with ETFs
Why are we obsessed with credit, debt and interest rates? If your car dies you don’t check the speedometer, you take apart the engine. We need to examine the root causes of economic growth over the past few decades. 9/12/2008
Are ETFs Killing Retail Mutual Funds?
Most people I talk to in the fund industry believe small mutual fund companies will find it difficult to survive. Instead of large mutual fund families like Fidelity and American Funds, it may be the ETFs that kill them. 4/22/2008
Copyright 2008-2009 Hanover Technology Group, LLC. All information provided "as is" for informational purposes only. We are not liable for any informational errors, incompleteness, or for any actions taken in reliance on information available here.