I entered a position in my retirement account using the fidelity select banking. The index he follows is UP 3.09%, but the Fid fuind is almost unchanged (up 0.24%). That is a loss to the index of close to 3%. Worse is this: since my entry was at close yesterday (november 21, 2008). This means that this fund manager has been selling today, at the BOTTOM! What is the fraction of portfolio you think he has sold? Do the math and you will find out! Fucking idiot! I am paying an idiot to lose my money! I wish they had in the 401K the ability to buy EFT during trading day. I am really upset. this goes should do more than the index, and here he is doing 3% less, and charging me for his services!
What does redemption have to do with that? Remember I bought yesterday. What happeened is between 4PM yesterday (after market close) and 4PM today. So he was selling DURING THE DAY today. Essentially treating my entry as a wrong direction when it is the right direction. He sold below my entry price.
I TOTALLY agree with you! I absolutely HATE our fidelity 401K at my company. All the funds are horrible and I have noway to purchase any ETFs. Hell I only have a choice of 2 bond funds and they're both DOWN over 10%...useless. I loved my old JP Morgan 401K where I could do self-directed and had the ability to buy spy and qqqq rather than the garbage fidelity is pawning off.
I agree with you. I am even concerned that this guy will start buying now that he realized his mistake, and if market retreats, he will increase his lag behind the index. What a f*king idiot. He should be fired.
Do not be so alarmed by the day to day fluctuations of your portfolio. You are being fooled by randomness. Dollar cost averaging and a long-term multi-year outlook will be your salvation. Twenty years from now when you're sipping pina coladas in the Bahamas, you'll look back on all of this and wonder why you got so worked up over nothing.
What are you talking about. The guy is not doing that (unless your are being sarcastic and speaking as a fund guy would speak). All he had to do is to stay the course. I am taking care of market timing. It is my expertise. But this idiot, while I nailed the bottom, he was selling today as the market went below the close price of yesterday during today's session. So he sold today aand at the bottom. If he wants to sell he should sell on rallies, like any bear does. Do you see the problem? As a matter of fact, I want him to do NOTHING. Just keep his portfolio and go home to sleep. I time the damn thing.
Do you see any recourse? I really feel that this guy robbed me from a profit. I never thought that there can be a fund manager of a long only portfolio who sells at a bottom. If anything he should be BUYING and moving from cash to stock! That is the only way he can outperform: buy on selloffs and sell on rallies to beat the average.