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Friday, March 11, 2005

The Poor and Stupid Fund

Max Sawicky links to a brilliant post by The Cunning Realist

NEW YORK (CNNfn) --[snip] 's board of trustees approved the liquidation of the $9.9 million OpenFund and the $1.4 million IPO & New Era Fund
[snip] Donald Luskin, the chief executive of MetaMarkets [snip]

The OpenFund, launched in August 1999, has fallen 26 percent so far this year after dropping 42 percent in 2000, according to fund tracker Morningstar Inc. The IPO & New Era portfolio has fallen 57 percent since its September 2000 inception, according to data on the company's Web site.

It is always fun, and easy, to criticize Daniel Luskin, "the case of the rapidly disappearing campaign fund of Senate Majority Leader Bill Frist (R-Tenn). Judging by the staggering losses Senator Frist's fund has incurred in its stock market investments, one might think he had the misfortune of investing in Don Luskin's funds." is more important. I guess the one remaining rule of comity in the Senate is that Senators do not mention other senators campaign funds.

Still, someone has to bring this up if the bill reaches the stage of filibuster (they might just drop it) and Frist becomes a central public figure.

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