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3 responses so far ↓
Michael Lan // July 21, 2007 at 9:23 pm |
I am extremely shocked to hear big companies such as Bear Sterns do sub-prime market and resulted in massive loss to Basis funds. Basis Capital Ltds they are completely lack of transparency. They do not inform investors regular enough and should be hold accountable. Furthermore, credit rating agencies such as Zenith that gave Basis funds “high recommended” should also be responsible. I put $20,000 in June (the month before it collapsed) and it is because so many credit rating agencies gave those funds a 5-star rating. Once something go wrong, everyone ran away and nobody will take the responsibility. They are biggest ass-holes including those rating agencies. If they want to make recommendations, they should be held accountable. Luckily my Basis fund only represent 2% of my total investment, and I am still up by more than $30,000 overall (after the loss of 50% in basis fund).
Michael Lan // July 21, 2007 at 9:33 pm |
Correction to my previous message: $30,000 this month and plenty more in previous months.
I think both fund managers of Basis Capital their investment careers are over. They will struggle to attract investors for the rest of their lives. I am hoping bigger investors (e.g. other managed funds) will take legal action against those companies involved.
I invested in late June, the units I purchased should be counted toward the closing of June value (may be 50% lowered price) NOT May value. How can investor see the unit price (May price) and purchase that price? It should be the next unit price (June price). Can somone help me on this?
Michael Lan // July 21, 2007 at 10:07 pm |
One thing I have learnt from Basis investment is:
1.) NEVER listen to financial advisers (look at what happen to Fincorp, ACR and others). They collect fees and will never be held responsible for their actions. If am I a financial adviser, I would recommend funds that are dangerous but pay the highest fees to financial advisers so I can make as much money and will never be held responsible.
2.) NEVER listen or read those credit rating agency’s reports such as Zenith, Lonsec, etc.
My friend and I been investing for a combined more than 25 years. We both agree should never listen to those so-called experts. Last year UBS Asset Management commodity expert said copper price will fall this year by 25%. As a matter of fact, many “experts” said 2 years ago mining section will fall, resources will come to an end with a big collapse. 2 years then on look what is happening? May be they are encouraging private investors to sell shares to them to make money.