Futility of Mutual Funds
Phil Town talks about in 401 (k)’s in his new PAYBACK TIME book. If the market tank that happened to your retirement money in the last couple of years wasn’t enough to prove to you the futility of the 401 (k) industry here are a few more thoughts by Phil Town. Town thinks Americans have been systematically”brainwashed” He thinks 401 k’s are not serving to your retirement out of good hearted concerns. You are continuing to take a big hair cut from these institutions as they charge huge fees.
The fund industry are the very people who created these funds and who benefit the most from your investments. the fund administrators and managers. They’ve set up the system so that, in the end, they can take a big chunk of your money. You didn’t know that, did you? You thought they were only taking a little piece. Not so. (Hang tight; I’ll explain how this happens shortly.) Phil Town thinks fund managers are in the mutual fund business because it makes them wealthy without having to be really talented. He thinks most of them either don’t have the skill set necessary to successfully stockpile businesses or they don’t have time to be patient for a great opportunity to stockpile. Yet you give them your hard-earned money. But they will not get you the results you can get for yourself as an investor.