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Early Addition
A Mutual Fund for Hipsters called The GendeX™ Thrasher Funds? It just can't be real...except it is. Advertised through a "dedicated email" from Daily Candy this morning means they have some cash to advertise -- but to prove their hipster-cred we may need to see some MySpace profiles. And surprise, surprise -- it looks like they have one (John Mayer is in their "Top 12" friends! Ironic or do their parents also work there?).
Their site explains it "was developed and is managed by young adult investors for young adult investors. A group of more than 60 million Gen X and Y'ers largely untapped by the financial market place...until now." To think...we were all letting old people control our money, when there were Gen X and Gen Y'ers who could have been doing it! What do you need to get started? Their minimum investment is $100 with $50/month minimum "Automatic Investment Plan (AIP)." If you invest $2,500 initially, however, there is no need for an AIP. Their investments are "hand selected from the inspiration of invest-able themes guided by the contours of the Demographic Convergence Thesis." Confused? They have a glossary. Not explained is their choice in name, Thrasher Funds. Thrasher is defined as "to defeat utterly; vanquish" or "to move wildly or violently" -- perhaps not quite the image you want when picturing the person handling your money.
Got some hipster bucks to thrash? According to their graph if you start investing at 25 with less than $100 month -- you can make $321,816 by age 65! That condo you've been eyeing in East Williamsburg is so gonna be yours one day.
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man i can't wait for the ensuing posts!
I like how the photograph of Thrasher Funds' demographic seems like a magazine spread from two years ago.
I like how hipster now means anyone in their mid-20s that's not destitute
In forty years that condo will be about $24,675,000.
The $100 a month money would be better spent today on drugs and booze.
Their aesthetic is pretty ridiculous, but if it gets some young hipsters to invest, I think that's a great thing. I know too many people who don't even invest in their 401ks.
Where's the prospectus? What's the fee arrangement and is it a loaded fund? Except for those with a trustfund, I don't think hipsters have enough free cashflow to buy beer after rent and lattes, let alone invest $100 each month.
Don't the indie record stores have 401(K)s for their hipster employees?
in french we call hipsters "hamsters"
And in USA we call hamsters "lemmings"
But could this be just hipster irony, acting like their capitalistic yuppie tormentors who are pricing them out of Billyburg?
The expenses are high considering its just a capital preservation fund. I would stay away from this junk... stick with stodgy ol' Vanguard funds kiddies.
i second TK: stick to low-cost index funds-- in 40 years, you'll be a hell of a lot richer than if you invested in high cost mutual funds like this.
Could also be a scam to cheat Burg hipsters out of their hard earn PBR money. Just like "Homebuying for Hipsters" a while back.
can we ban the word hipster from the lexicon? So tiresome—its bandying. so tiresome are posts about what the privileged, the white, and the many are up to. Are 31 year olds hipsters? Or is it just a moniker reserved for the under 30 set? So baffling. Either way, yawn. But hooray for mutual funds. Just not with the stupid branding and market specificity.
jammer = whiny hipster
Yo,
I saw this on Daily Candy today and I knew it was going to be a bad idea! Sorry Gothamist, but I beat you to the punch. I already blogged about this on SoUrban.net today. But, I do agree with you, this is a lame idea. Call Vanguard if you want to invest!
Greg