tag:blogger.com,1999:blog-5433839636644874439.post3278156402963518994..comments2024-03-04T13:37:11.022+00:00Comments on Canadian Financial DIY: Labour-Sponsored Rip-offCanadianInvestorhttp://www.blogger.com/profile/05645767559302303541noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-5433839636644874439.post-27427961523778893892014-01-19T17:34:16.308+00:002014-01-19T17:34:16.308+00:00Anon re Covington ... my sympathies. In the absenc...Anon re Covington ... my sympathies. In the absence of regulatory supervision and intervention, this is what inevitably has happened.CanadianInvestorhttps://www.blogger.com/profile/05645767559302303541noreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-18077203457117347042013-12-13T21:36:28.175+00:002013-12-13T21:36:28.175+00:00I got conned by a financial advisor to buy the Cov...I got conned by a financial advisor to buy the Covington LSIF for the tax break back in the year 2000. I was young and stupid and invested $6000.<br /><br />I ended up going abroad and forgetting about them, they got acquired by CI Funds. I returned last year, and found out that my LSIF investment is now worth $750. What a joke. Downright criminal!<br /><br />I hope to get rid of these things asap...makes me sick! I wish I could press charges.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-27707138655833296492013-01-23T16:00:54.554+00:002013-01-23T16:00:54.554+00:00I got conned by Edward Jones into buying into some...I got conned by Edward Jones into buying into some of these ridiculous government labour sponsored funds back around 2006. Over the many years the funds have been rolled over into some other dismal funds. I have some Growth Works Canadian and Covington II. One has lost 83% since day one, the other lost 90%. I hate seeing them on my financial reports. Its just a reminder of how bad these programs are.<br />I must say though that they are very consistent! You are guaranteed to see the NAV go down every singe month! Its an eye sore that won't go away. By the time I can get my money out it won't even be worth my time. I'll have lost 99.9% and likely get back 2 bucks lol!<br /><br />I get my money's worth however by phoning up these rip off companies and giving them a piece of my mind every now and then. Pathetic how the gov't allows them to continue to force investors to keep this crap. I'd gladly sell this junk for 10 cents on the dollar just to get rid of it for good and buy myself a bottle of wine (would have to be a cheap bottle). It's all going to zero eventually.<br /><br />It's also mind boggling that the government still allows and 'sponsor' this crap to unsuspecting would be investors here in Canada!Davenoreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-70349074963836398652012-10-15T09:00:57.139+00:002012-10-15T09:00:57.139+00:00Good Information. Thank you for sharing and I want...Good Information. Thank you for sharing and I want to share information about Gerstein Fisher which is an independent investment advisory firm that manages assets on behalf of individuals and families and helps clients with their financial goals.Davishttp://www.gersteinfisher.com/noreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-53233647158051400632012-06-25T22:03:34.358+00:002012-06-25T22:03:34.358+00:00European shares have definitely taken a knock but ...European shares have definitely taken a knock but now is a good time to invest if you have the money.The DIY Investorhttp://www.money-guidance.co.uknoreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-5548614892989518702012-06-21T12:29:35.877+00:002012-06-21T12:29:35.877+00:00Thanks farmland, interesting idea. In the course o...Thanks farmland, interesting idea. In the course of researching this week I noticed some of the european country ETFs have extremely low average P/Es. Maybe some of the stocks inside are getting sideswiped by all the Greek and Spanish problems.CanadianInvestorhttps://www.blogger.com/profile/05645767559302303541noreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-44405562632778813882012-06-20T20:59:40.969+00:002012-06-20T20:59:40.969+00:00I wonder about looking at European dividend stocks...I wonder about looking at European dividend stocks as well? For example, Siemens pays a good dividend, and many of their businesses are in growing sectors. While the Eurozone is a risk, an increasingly large part of Siemens' business is done in emerging markets. Plus, if the Euro breaks up, the D-Mark would rise sharply. Some of the large telcos in Europe also offer substantial dividends as well, but there one has does have very high exposure to Euro risks.farmland investmenthttp://www.greenworldbvi.com/alternative-investments-options/agricultural-farmland/noreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-86403986908501447312012-06-19T22:14:47.065+00:002012-06-19T22:14:47.065+00:00I appreciate you standing up for what is wrong in ...I appreciate you standing up for what is wrong in the financial world. I was in these funds years ago, and fortunately learned my lesson with only minor losses.Pacificnoreply@blogger.comtag:blogger.com,1999:blog-5433839636644874439.post-4168322512512667732012-06-15T14:52:02.128+00:002012-06-15T14:52:02.128+00:00All too true.
The entire LSVCC industry has been ...All too true.<br /><br />The entire LSVCC industry has been an unmitigated disaster for investors - all as a result of bad structure (government) and bad governance, and outrageous fees. <br /><br />Among the many problems were there were far too many small funds, without the cash, management, distribution, or reach to invest cost-effectively for the long term.<br /><br />A horribly run fund that you did not mention was Retrocomm - it was designed to do high yield lending in real estate, and still managed to go bankrupt. <br /><br />In addition to investors, another group that suffered as a result is technology companies. Canada does not have a lack of capital - it is awash in capital - but technology companies cannot raise money, and one reason is the atrocious track record left by most VCs in Canada, many of whom were LSVCCs.Neil Miltonhttp://miltonsip.comnoreply@blogger.com