Word: dowe
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When it comes to reporting, the Wall Street Journal knows its business, but when it comes to running its own financial empire, the Journal's owner, Dow Jones & Co., has fallen woefully short. Despite a banner year at the paper, the 115-year-old company announced last month that it will register its first loss since going public 34 years ago. The culprit: Dow Jones Markets, the company's crippled financial-information unit (formerly called Telerate), which has been beaten badly by more sophisticated rivals such as Reuters and Bloomberg. Recently, the company scaled back an ambitious $650 million rescue...
...Dow Jones' troubles surfaced bitterly and publicly earlier this year when dissident members of the normally docile family that controls 45% of the company and 70% of a special class of voting shares began carping about its lackluster returns. While the Dow Jones industrial average has soared, Dow Jones' laggard stock has made it the lowest ranked company in the S&P publishing index. That sent Elisabeth ("Lizzie") Goth, 34, and William ("Billy") Cox III, 42, heirs of Clarence Barron, the 300-lb. patriarch who purchased the company in 1902, looking for advice from investment heavyweights such as Warren Buffett...
Money Daily: Stocks sank again Thursday on renewed fears about corporate earnings; the Dow is down near the recent lows reached during the mini-crash on October 27. How much more damage will follow...
...Dow-dog lovers aren't taking this kick in the rear without a yelp. "I don't think the model is threatened," says Tom Gardner, co-founder of the Motley Fool Website, where an estimated 200,000 "fools" play some version of the Dow dogs. Stan Craig, head of UIT sales at Merrill Lynch (which controls $10 billion in Dow-dog assets), notes that a buy-and-hold investor in the first "Select 10" UIT in 1991 would be up 184% by now, vs. 171% for the Dow. But clearly the advantages first noted by O'Higgins have eroded. Morningstar...
...that brings me to O'Higgins' new strategy: beating the Dow with bonds. O'Higgins sold all his stocks in 1993--missing some great years. For most of that time, though, he was invested in 30-year zero-coupon Treasury bonds, which also did well. This year, for example, zeros are up 23.4%. You know zero about zeros? They are basically bonds whose accrued principal and interest are paid at the end of the term. The bonds are safe if held to maturity, but their trading price whipsaws depending on interest-rate trends. For example, Treasury bonds now yield about...