February 26, 2004
Please abandon the proposed rule that imposes a fine on Mutual Funds sold within 5 business days of purchase. Why shouldnt we American citizens have the freedom to invest our own money as we please without the interference of arbitrary rules put in place by meddling government agencies? Sometimes the market takes a sudden dive right after you buy, or a fund has problems disclosed right after a purchase. Why should we be prevented from selling and protecting our capital by a rule forcing us to lose our hard-earned money? This rule is punative to investors. If you have a problem with mutual fund co.s and professional traders,which for the most part is manufactured in this present government power-grabbing witchhunt then go after them. But dont pretend to be protecting us little guys by punishing us with such rules. Keep your damn hands off our freedom and off our money
Funds sold should be able to be settled the same day as well, so we can rebalance our portfolios and buy something else immediately. You say you want to encourage long-term investing. Who are you to tell me how I can invest my money? Tell you what- you invest your money your way and Ill invest my money my way, O.K.? Dave McIntosh