Thursday, November 8, 2007

A Mutual Fund for Hipsters

toothpaste for dinner
Reading Gothamist this morning and I choked on my coffee. Why, hello there Thrasher Fund, the GenX mutual fund. Excuse me while I roll my eyes back and gaze at my sockets. I am so going to the free 30 minute consultation.

Their GendeX Mutual Fund (GENDX) has a 1.00% management fee, a 2% redemption fee if shares sold within first 12 months, and a $100 minimum with $50 minimum automatic investment every month. Fine. What's not cool is the $2/month fee for accounts below $2,500. Holdings include Apple, Gucci, American Apparel, Uniqlo, and China Mobile. Hence, the fund's name.

Well, this was all very entertaining. Hipsters are probably the most middle class counter culture generation in recent history. They are so not falling for this.


Mrs. Micah said...

Ick. Unfortunately, some people will buy it because their financial advisor (read: corporate schill who's paid to sell this piece) will tell them it's the best investment on the market. And they'll believe the advisor. Because this person has credentials so they must be right. *sigh*

Patrick at CashMoneyLife had a really good post about someone selling him a similar fund and why you can't trust your financial advisor.

Ms. M&P said...

It's really bad that I had an urge to buy one of those stocks, isn't it? What's happened to me?!

I love all your pics, btw. They crack me up.

PiggyBankBlues said...

micah- corporate schill is right, that's the first thought i had! thanks, i'll definitely check out cashmoneylife's post.

m&p- what're ya kidding? i'm dying to buy apple stock. today i bought one share of Spyder (the S&P ETF) and it was so much fun! and yes, i too have fun googling for images :)