Moraif’s whole program is designed to appeal to people who are not sophisticated investors, who have more dollars than cents.
I went to one of the seminars a couple of years ago, and the presentation, while extremely well done, really didn’t say anything except you need to let them manage your money. (by the way, the cookies are not that good) When I asked very specific questions about the funds’ performance they refused to give me an answer. The equity fund is TCOEX (prospectus: https://www.sec.gov/Archives/edgar/data ... 2_9497.htm
) Moraif denies that he is a market timer; he says that he is a “trend watcher”. Yet note these paragraphs from the prospectus itself:
Frequent Purchases and Redemptions of Fund Shares
"Market timing" refers to a pattern of frequent purchases and sales of a Fund's shares, often with the intent of earning arbitrage profits. Market timing of the Funds could harm other shareholders in various ways, including by diluting the value of the shareholders' holdings, increasing Fund transaction costs, disrupting portfolio management strategy, causing a Fund to incur unwanted taxable gains and forcing a Fund to hold excess levels of cash.
The Board has not adopted policies and procedures to discourage frequent trading or short-term trading into and out of the Funds. In reaching this conclusion, the Board took into account that: (i) each Fund is a component of the Adviser Managed Strategy, which is a trading strategy employed by the Financial Adviser that contemplates the Financial Adviser tactically shifting its clients' assets among the Funds and a money market fund; and (ii) the shares of the Funds will be sold only to clients of the Financial Adviser who participate in the Adviser Managed Strategy.
Notwithstanding the above, each Fund, in its sole discretion, reserves the right to reject any purchase request (including exchange requests) for any reason without notice.
The prospectus itself defines what Moraif does as market timing. His whole strategy is one of enriching himself at the expense of his clients who get only crumbs from the table (if they are lucky).