Word: amerindo
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What does it mean to you? Be especially careful what funds you buy for the rest of the year. High-flying (and often fast-trading) Internet funds are ripe for large taxable distributions. Take Amerindo Technology Fund, up 389% the past 12 months. It just sold most of its huge stake in Yahoo, and says that this year it will have its first distribution since inception. Wait before buying. But if you already own, don't sell to avoid the distribution. You'd realize a huge taxable gain on your fund shares...
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