The NYT pushes lefty mutual fund which buys NYT
By Mark Kilmer Posted in Miscellanea — Comments (11) / Email this page » / Leave a comment »
The New York Times has pegged itself. From piece Sunday about mutual funds -- A Cultural Gulf That You Can Invest In [or with no firewall] – comes this 'graph:
Two funds started recently by Blue Investment Management, a New York fund company that is less than a year old, will limit their holdings to companies that donate the majority of their political contributions to Democrats...
From Bill Hobbs at ElephantBiz we learn:
The NYT article fails to disclose that its parent company, the New York Times Co., is one of the stocks in the portfolio of the mutual fund of companies that favor the Democratic Party.
The lefty funds which invests only in lefty corporations digs the New York Times.
Other big names in the Blue's large-cap fund top-25 holdings: Apple, Google, CBS (shocking! but true!) Costco, Nike and Starbucks. The fund's entire portfolio as of September 2006 also included The Gap, retailer Bed Bath & Beyond, homebuilder KB Homes, and The New York Times Company.
So if Nancy Peloso walks the walk she's been talking and governs something like an autocrat, the Blue fund ought to do quite nicely.
(HR, Al Brown at NewsBusters.com.)
There's one born every minute.
The Academy: researching the Illiberal Arts
Liberals wouldn't mind if I kicked up my marginal management fee to 50% the fund's returns and large customer inflows.
If you always find yourself arguing the exceptions rather than the rule you just might be rapidly sliding down your own slippery slope to irrelevance. -CommonCents
NYT - down a little over 40%
SP500 - up a little over 20%
The SP500 is often used as a proxy for market performance, as well as a measure of the performance of the president in handling the economy.
So who is the better steward of capital- NYT or GWB?
From the quoted article, the Blue Funds together have total assets under management of less than $1 million. These days, a new hedge or venture fund doesn't catch anyone's attention unless it starts off with at least a few billion dollars.
These things are supposedly being managed like index funds, not hedge funds. They must be something that someone is spending a couple of hours on every other weekend.
This reminds me of all the people who bought hybrid cars even though the incremental fuel economy amounts to less than the extra money they cost (even net of the government subsidy). They'll attract a certain amount of money from people who want to make a statement, but no more.
with obviously economically-illiterate management. Why else would they support the particular political party that will kill the goose that laid the golden egg, that will ultimately destroy the vibrancy of the very economy they depend on for their future growth and prosperity?
"There is no error so monstrous that it fails to find defenders among the ablest men." -- Prof. John E. E. D. Acton
"Sociotropic voters with biased economic beliefs are more likely to produce severe political failures than are selfish voters with rational expectations." -- Bryan Caplan
but I'll bite anyway. Most senior management people in established public companies are graduates of prestigious universities, and they tend to the political left just as surely as anyone with an elite education.
Also, it's highly practical to suck up to the party in power and to snub their opponents, and a lot of businesses shifted their mix of contributions to the Dems by the middle of last year, when the tea leaves started indicating a Dem victory. People with MBAs from elite programs tend strongly to risk-aversion.
Economic conservatism is about freedom more than anything else, and freedom doesn't necessarily work to the benefit of large, established business organizations. It's absolutely essential for entrepreneurship, on the other hand, and that's where you'll find businesspeople who are politically conservative.
Apparently that would just be the money that goes to republicans .
Veritas magna est et praevalet.
... why the heck is an investment company that only invests in companies that favor the Democratic Party have its stock in their portfolio?
This is one of the reasons I love the free market. The truth always comes out when one has to put his money where his mouth is.
...it would have a "progressive" return rate that decreases based on the the size of your asset.