Last night, Donald Luskin wrote a distorted post criticizing, among other things, my investment perspective. In the interests of fair play, I thought it would be a good idea to see how Mr. Luskin has fared on that score. In "OpenFund closes Its Doors," I found my answer.
MetaMarkets.com, a mutual fund company that sought to make portfolios more transparent by revealing holdings in real time over the Internet, said on Thursday it planned to shutter its struggling funds.
The San Francisco-based company's board of trustees approved the liquidation of the $9.9 million OpenFund and the $1.4 million IPO & New Era Fund, according to a filing with the U.S. Securities and Exchange Commission.
Although the funds are being liquidated, the company itself said it is in talks to be acquired in order to offer similar funds via a larger group.
"The funds are a casualty of the economy. We've been through the worst bear market in 50 years, maybe 100 years," Donald Luskin, the chief executive of MetaMarkets, told CNNfn.com. "In these times, small innovative companies don't always make it. Large companies that stay away from innovation are usually the ports in the storm."The OpenFund, launched in August 1999, has fallen 26 percent so far this year after dropping 42 percent in 2000, according to fund tracker Morningstar Inc. The IPO & New Era portfolio has fallen 57 percent since its September 2000 inception, according to data on the company's Web site.
Enough said?
mr. luskin is a bit daft, IMHO. if you read him, or follow his career, for a length of time, you may notice it. his critique is serving his own agenda, no doubt.
Posted by: nyc43 | May 06, 2007 at 08:24 PM