Sonofa……………….ARRGH!
If you’ve been keeping up with anything about the collective stupidity/greed that rich wall street investors got caught up, you’ll know that they’ve made some pretty bad decisions. Did you know that these bad decisions they made laregly effect YOUR 401k?
Go on—take a look at your 401k. See how it’s preforming terribly? If you were to pull up the portfolio holdings in your funds you allocated your money to–I’m almost certain you’ll see all kinds of Big Shitpile (including Credit card backed Securities) in there. I was MORTIFED to see my international fund was largely made up of—you guessed it—Stock in Societe Generale. Fuck.
I reallocated. I threw just about everything back into a very conservative fund backed by muni/tresury bonds to ride out the storm and starve off any more nasty losses. For awhile, this should ensure me some stable growth, albeit slow.
January 31st, 2008 at 11:36 am
Mine has been down less than 7% at its worst this year. Of course I watch them like a hawk and switch/bail out of funds as I see fit. So far they haven’t labelled me a Frequent Trader.
How could your Intl fund be largely made up of one stock? Aren’t mutual funds supposed to limit their allocation of any one security to 5%?
February 2nd, 2008 at 9:49 am
It wasn’t a mutual fund. It had nearly 67%
February 6th, 2008 at 11:18 am
Ouch. You ought to be first in the line to kick that rogue trader in the nuts. Your fund manager, too.