Word: funded
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Dates: during 1990-1999
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Republicans go to work early. This breakfast meeting is intended to be "a brainstorming session," to prepare for a Sept. 30 Bush fund raiser. "The goal for the event is substantial, but it's doable," Slayton says. "The Governor is really relying on us." While it's unusual to meet techies who can even name a presidential candidate, it's rarer still to find people actively campaigning for a Republican. But the Valley's new rich are realizing their political clout, and Bush has gone after their pocketbook issues, like tax cuts and tort reform. It's working: though...
...never to accept the third turn with a pilfered fire extinguisher. You think you're going to get to blast an unsuspecting roommate, but you end up a two-time loser--inheriting an empty canister just as the campus cops show up. A similar fate awaits many mutual-fund investors this year. Redemptions from stock funds are running at the highest level in a decade, and those who stay put could wind up holding a big tax liability--essentially having been handed that spent fire extinguisher. Here's how it works. Mutual funds pay no income or capital-gains taxes...
...money held in tax-deferred accounts like a 401(k), this isn't a big deal. But more than half of all stock-fund assets are in taxable accounts, where the annual distribution is a long-standing sore point. Fund managers can minimize the hit by cutting down on trades, but with this year's heavy redemptions, even tax-conscious managers can't avoid a deadly double whammy...
Part 1 of the whammy: heavy redemptions often force a fund manager to sell stocks and book gains that would otherwise be avoided, just so they can pay departing investors. Part 2: fewer remain to share the tax liability...
...balance, investors continue to pump a lot of money into stock funds--$103 billion more than they took out through July. But last year that figure was $144 billion. And on the redemption side (ignoring new money coming in) the bloodletting has rarely been so extreme. At the current pace, investors will cash out $732 billion from stock funds this year, equal to 22% of the industry's $3.4 trillion in stock-fund assets. That percentage has run in the middle teens since 1990, according to the Investment Company Institute, a trade group. Why all the selling? Possibly online stock...