The Royce Funds' "Annual Review and Report to Shareholders" arrived today. A picture was worth more than a thousand words this time around, but we were treated to both. The "Letter to Our Shareholders" began with a pen-and-ink homage to Edvard Munch's The Scream, transferred to Wall Street:
In case that didn't make the point, the letter's subheads reinforce the message: "A Series of Unfortunate Events," "A Journal of the Plague Year," "The Waste Land," Cold Comfort Farm," "Been Down So Long It Looks Like Up to Me," and finally, "The Audacity of Hope."
For a minute, I was amused to realize that the Royce Funds appear to be run by liberal-arts grads who responded to the financial crisis with literary black humor. But now I'm hoping they will get out of the entertainment business and pay attention to their day job: making money. For me. Thanks to them, a significant portion of my savings vanished into down a deep, black, rabbit hole. I'm beginning to suspect that they blew some of it on lunchtime shopping at Rizzoli, Blick, Pearl Art, and The Strand.