Thursday, January 3, 2013

Garth Turner's Mutual Fund Flip-Flopping Over the Years

Back in 1986, "One of Canada's best known financial forecasters" (and publisher of "The Survival Letter", what we wouldn't give to be able to read some of those) was warning people to "beware of mutual funds, for they have become a hot investment, and may have peaked, like Gold at $850" (1980 not when it "peaked in 2010")

Broadcast Date: April 29, 1986 - Source

How can you compare mutual funds to gold? Garth Turner says that's what people are doing in the investment marketplace, where mutual funds have become a popular commodity. "I think they have been marketed very heavily," Turner says, "and there may be a case for saying that so many people are getting into mutual funds for somewhat the same reason that people lined up to buy gold when it was at an historic high price." 
But are mutual funds a good investment? In this CBC Radio clip, Turner cautiously admits that they've historically performed well. But he also warns that when buying mutual funds, you are essentially surrendering your right to make your own investment decisions 
Interestingly, at the end of the interview Turner is warning against the silliness of borrowing money against property, to invest in the stock market or mutual funds and advising paying down mortgage debt instead. 

One should also listen very carefully to the advice about handing over your investment decisions to others, especially to funds that don't have a long track record, anything under 5 years is suspect..  oh the irony.

The 1990s brought a somewhat different approach, by 1997 he was doing (paid) guest speaking gigs at high pressure sales seminars in cahoots with mortgage lenders, advising people to do just that..

...then "Mutual Fund TV" came along shortly after

Company Overview

Millennium Media Television Enterprises is a television production and distribution company. The company offers six weekly shows including Investment Television, Real Estate Television, Mutual Fund Television, Board of Trade Television, Wellness Television, and Bang TV. It also provides studio and control room facilities; field services; and post-production services. Millennium Media’s programs are broadcast on carriers such as CTV, Global, Prime, CH, and digital specialty channels. Millennium Media Television Enterprises was founded in 1997 and is based in Toronto, Ontario.
Founded in 1999 -
This dates from 2001 - from that well known top business directory ""  :)

From 2009 seems to have transformed into a "TV talent agency" as Turner's fly-to-windscreen aptitude for market timing found him on the losing team once more..

And 2012 ..
"dont get me started on mutual fund salesmen"
Mr Turner cant seem to make his mind up, but to be fair, they are bastards, likely screwed him over on his commission once too often. 

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