נתקלתי לאחרונה בפרוספקט גילוי נאות של IPS Millennium Fund. מדובר בקרן נאמנות שפעלה בשנת 1999 והשקיעה בדבר החם הבא - "חברות אינטרנט". לאחר התפוצצות בועת האינטרנט הקרן איבדה את מרבית נכסיה ונסגרה. שום דבר מעניין או ייחודי במיוחד - פרט לפרוספקט גילוי נאות שהקרן פרסמה. גילוי נאות חד, שנון וכואב, שהיה נכון אז, נכון היום ויהיה נכון תמיד. להלן חלק מהפנינים -
Stock markets show remarkably little respect for people or their reputations. Furthermore, if the fund has really been successful, you might be buying someone else's whopping gains when you invest, on which you may have to pay taxes for returns you didn't earn.
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Many of the companies we buy are growing really fast. Like, 50% - 100% per year sales growth. Many of them also don't make any money, although they may be relatively large companies. That means they have silly valuations by traditional valuation techniques. We don't know what that means any more than you do, because we have never seen anything like the Internet before. So we might overpay for these companies, thinking we are really smart and can get away with it because they are growing so fast. It doesn't take a whole lot for these companies to drop 50% or more, because nobody else knows what they are worth either.
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Just so you know. Don't come crying to us if we lose all your money, and you wind up a Dumpster Dude or a Basket Lady rooting for aluminum cans in your old age.
הפרוספקט המלא מצוי בקישור כאן
Stock markets show remarkably little respect for people or their reputations. Furthermore, if the fund has really been successful, you might be buying someone else's whopping gains when you invest, on which you may have to pay taxes for returns you didn't earn.
...
Many of the companies we buy are growing really fast. Like, 50% - 100% per year sales growth. Many of them also don't make any money, although they may be relatively large companies. That means they have silly valuations by traditional valuation techniques. We don't know what that means any more than you do, because we have never seen anything like the Internet before. So we might overpay for these companies, thinking we are really smart and can get away with it because they are growing so fast. It doesn't take a whole lot for these companies to drop 50% or more, because nobody else knows what they are worth either.
...
Just so you know. Don't come crying to us if we lose all your money, and you wind up a Dumpster Dude or a Basket Lady rooting for aluminum cans in your old age.
הפרוספקט המלא מצוי בקישור כאן
