The Little Book of Common Sense Investing by John C. Bogle

Author:John C. Bogle
Language: eng
Format: epub, pdf
Publisher: John Wiley & Sons, Ltd.
Published: 2010-05-05T04:00:00+00:00

Two new Merrill Lynch funds: a marketing success for the firm; an utter failure for its clients.

For what it is worth, the losses in Focus Twenty were less severe. Its asset value declined 28 percent in the remainder of 2000, another 70 percent in 2001, and another 39 percent in 2002, before finally posting positive returns in the three years that followed. On balance, its cumulative lifetime return through late 2006 came to minus 79 percent. Investors have regularly withdrawn their capital, and the fund’s assets, which would reach almost $1.5 billion in 2000, currently languish at $82 million, a 95 percent decline. But, unlike its Internet Strategies cousin, Focus Twenty soldiers on. The lesson remains: The $2 billion marketing success of the Merrill Lynch Internet Strategies fund and Focus Twenty fund was an utter failure for their clients, who lost some 80 percent of their hard-earned savings.

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