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...from the country's largest and most influential corporations - mainly banks and financial firms - giving them considerable influence over the operations of the other companies. Four executives from the French bank BNP Paribas, for example, sit on the boards of 12 other CAC 40 companies, including the environmental-services group Veolia, the oil giant Total and the aerospace consortium EADS. (Read "Christophe de Margerie: Big Oil's Straight Talker...
...asked to serve on a board or be tapped for a high civil-service post, you've got to have the right background, the right education, and have the powerful network of allies to help you get there," says Marc Touati, deputy director of the Paris-based financial-services group Global Equities. "Most are well-trained and talented people, but there are lots of people like that who have no chance at those top spots. Like it or not, France is run by a caste...
...they won't outperform the index. But increasingly, investors see that outperformance quest as more of a pipe dream. "Only 20% of [mutual-fund] portfolio managers actually beat the index that they're tracking," says John Spallanzani, director of ETF sales and strategy at GFI Group. "So if you put your money in an ETF, you're basically beating 80% of the mutual-fund managers out there." ETFs are also more liquid than mutual funds, because they can be bought, sold or shorted throughout the trading day, just like stocks. By contrast, mutual funds offer only a single price...
More recently, the investor spotlight has been shining brightly on a new line of ETFs - ones that are actively managed. Firms ranging from Invesco to Pimco have launched about 12 of these funds over the past two years; others, such as T. Rowe Price Group and John Hancock Funds, are preparing to roll out similar funds, all in an effort to go head-on against actively managed mutual funds. "It's clearly a category that's attracting more interest among ETF providers and mutual-fund companies," says Standard & Poor's Tom Graves. "It combines the characteristics of a passive, index...
...will promote the kind of service exemplified by the project in years to come—and perhaps even turn the undertaking into an actual J-Term course in the future. Currently, the Amigos School in Cambridge has collected over 700 books, waiting to bring literacy to a new group of students abroad through Learning Through Libraries...