| Topic Name: |
Fisher Investments |
| Message Name: |
Reason #2 |
| Date Posted: |
11/13/2004 |
| In Reply To: |
Now you know why the updated performance numbers are not quite ever done - they are not publishable + you don't think it's their choice they are becoming AIMR compliant do you?
The question is when and if the audited numbers do come out how are you going to sell something that underperforms the S&P and EAFE?
Purisima is a pretty good proxy for PCG (in the BW article a certain member of the IPC conceded 80% of the accounts are similiar) if this is the case, did you know this ranked 99 out of 865 similiar funds placing it in the 11th percentile. These are real audited numbers - see Morningstar.
What are prospects that just signed and clients going to say when the audited and AIMR compliant numbers reveal some very different numbers ....errr not in the their favor. If I were a client that signed up with the published numbers from the last few years I would be less than cheerful. It is the same as buying a V8 engine and then discovering a Geo Prism under the hood.
The first person they are going to look for relief from is the person that sat in their living room - question is will a firm that embraces the low end in every transaction step up and cover their own?
Moving on if you won't have 10 year numbers and the 5 year numbers are in the 11th percentile of your peers, junk mail no longer works, and the do not call list does, what rabbit will you need to pull out of your hat in order to close? While you are at it send in the auditers to have a look at how leads get allocated to AE's and OSP's. One email from Big Poppa clearly states how the lead system is gamed in order to make it harder or easier for some.
ps If I am wrong name the CPA firm that did these numbers and set record straight. |
| Message: |
You will never see the updated numbers for another reason - it is prime material for evidence in a class action suit. Do the math.
Updated numbers = New numbers
(New Numbers < Original Published Numbers) = False Advertising = Lawsuits = Further Upset Regulators
FI can theoretically become AIMR compliant - but it will likely cost too much in litigation and reputation.
Investment Tip for 2005:
Go double long on FI's legal firms.
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