Word: funded
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Dates: during 1990-1999
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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...
Another flag is the aforementioned heavy redemptions. Take Oakmark Fund (which I own). After a brilliant run early this decade it has lagged badly the past two years. This year shareholders have withdrawn $2 billion more than they've put in, a drop equal to a third of the fund's assets, reports AMG Data. Manager Bob Sanborn has been forced to sell long-held stocks and realize the gain. "I'd be shocked if our distribution is not aberrationally high," he says. So don't buy now; it might even make sense to sell (I'm not) if your...
...clearly the largest gift of its type," says William Gray III, president of the United Negro College Fund, which along with the Hispanic Scholarship Fund and the American Indian College Fund will help distribute the largesse...
...Chin is about to make partner at Information Technology Ventures, a small but rising Palo Alto VC firm. Chin handles the firm's portfolio of seven Internet companies and scours the Valley for others to fund. It's a frenetic job, but Chin crackles with rapid-fire energy. "We're going for the early-stage, high-risk, big hits," he says, piloting his midnight-blue Mercedes down I-280 on a recent Wednesday. "When I evaluate start-ups I ask, 'Is this a multibillion-dollar market? Can this be a billion-dollar company?' We want companies that can be industry...
...arrives in San Mateo, a 20-min. drive from his Menlo Park office, for a meeting with the founders of iEscrow, a website that provides escrow services for online consumers. Chin's firm has decided to fund iEscrow, and he's here to seal the deal. "How often will we see you?" one of the CEOs asks. "We'll see you at the public offering," Chin says, implying that he doesn't plan to help out much. He's just kidding. "Look, you can tell I have a passion for this. I'm the Internet guy," he says. "My style...