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Shorting stocks
A great point is made in Robert Gottliebsen's article Tough times for value investors (February 25) regarding the practice of managed funds and super funds lending shares knowing that they will be used to "short" the market. This practice is one of the reasons why I lost confidence in the superannuation managers and formed my own SMSF. To my simple mind this is like lending someone your new car, knowing that their intention is to bring it back trashed! It is my view that such activity is a breach of the superannuation manager's fundamental obligations to act in good faith and consistently in the best interest of their clients without any conflict of interests.
Merv
Robert Gottliebsen brought a smile to my face with his comment that one day the regulators might do something about funds lending shares to shorters. My SMSF was formed just before the GFC when I was told funds were doing it. I had just retired and as you can guess our super total was at its peak and because of this by pure luck brought our balance to cash and moved it to my own SMSF. It saved us from severe financial damage. Like Robert I think the practice stinks and works against their clients particularly those nearest to retirement. Maybe the SMSF selfies are already playing payback. Enjoy your articles greatly.
Barrie
Magellan's new fund
How do I find Magellan's exchange-traded managed fund to buy (see Magellan's new fund: Active and exchange-traded, February 27)? What is the ASX code?
Raji
Editor's response: Thanks for your letter. The press release here from Magellan says it will be quoted on the ASX on March 5 under the code MGE.
ISIS
I just finished the Atlantic Magazines story on ISIS Alan Kohler recommended in the weekend briefing of February 21 (Kohler's Week: Greece signs a deal).
Wow! What a great read.
I just wanted to say thanks, as it has improved my knowledge dramatically.
Anthony Beaumont
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