Out at the peak

Tuesday, January 31, 2006

Profunds cannot be trusted

I am closing out on all Profunds because they have mismanaged my money. They refuse to even give me an explanation of what happened. SRPIX's goal is to be the inverse of the Dow Jones Home Builder's Index. Over the last 12 trading days, DJ_HOM dropped 10%. This should result in SRPIX being up 10% or close to it. Instead I'm down! What the f**k did the fund manager do? This person is obviously terrible with our money.

Watching Profunds lose money during a perfect opportunity for profit is torture and I'm not going to be subjected to it any longer. It's going to take me a year in other stable opportunities to regain those losses. I really hope they are subjected to a lawsuit over their failure. Too bad their prospectus underlines that it gives no guarantee for anything. So all I can do here is spread the f**king word that I no longer support them.

RRPIX did meet its goal, but I'm removing all money from their institution in protest.

3 Comments:

  • Great blog you have here. Come and visit my web site sometime if you like custom build homes

    By Blogger Empowered, at 9:53 AM  

  • This looks like a pretty good inverse of IYR: http://finance.yahoo.com/q/bc?t=1y&s=SRPIX&l=on&z=m&q=l&c=iyr

    By Blogger ET, at 4:04 PM  

  • The Profunds tracks the inverse of the US Dow JOnes Real Estate Index, same as ETF IYR. On 1/13/06, the index was down 15%, and the SRPIX was up 20%.

    What are you complaining about? The problem is that you made a mistake in which index they are inverse of.

    It's NOT Dow Jones Homebuilder, but US Real Estate

    They still should have answered you. Bad customer service.

    Schahrzad Berkland
    CaliforniaHousingForecast.com

    By Blogger powayseller, at 9:32 PM  

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