Interesting rant from fundalarm.com
MFS Massachusetts Investors Trust is seeking an increase in its management fee.....Previously, this fund was able to scrape by on income of $8.7 million per year.....Now the trustees are asking for a 72% increase, which would allow the fund to scrape by on about $15 million per year.....Proxy materials offer the usual excuses for a fee increase, which we have taken the liberty of paraphrasing:
Everyone else is making more money than we are and, besides, the stock market is really complicated, and we need all kinds of people and computers and stuff to keep up with everybody else who's making more money than we are. If we don't get this huge fee increase, we don't know how we can continue delivering returns that almost exactly track the unmanaged Vanguard Index 500 fund
FundAlarm is getting weary: Will shareholders ever learn to say "NO" to this kind of shameless money grab?
Anyone here invested in this MFS beauty? It appears as if you are not even going to be kissed before they screw you doesn't it?
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.