The WSJ today has a full page ad for the Putnam Voyager Fund in which they congratulate themselves on outperforming 99% of their peers., and as you can see from the chart they have been on a performance tear.

But you know us.  Ever like Toto who wants to see what is happening with the wizard behind the curtain we nipped at their heels and guess what we saw.

We wonder what they said to their investors when the fund lost more than 50% of its value.  Perhaps someday their investors who got in October 2007 will be even (except for commissions, fees, charges, expenses sales loads, and liquidation fees and perquisites and….) and then they can get out even.

Amazing isn’t it that professionals don’t know how to measure risk and use a stop?

Actually when we said congratulations we meant on the ad, not on their long term performance.  Nice ad.

Bark. Bark.