Word: indexable
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...increase was accounted for by such large companies as Coca-Cola and Microsoft; many smaller stocks were left behind. In the S&P 500, virtually all the gains in share prices in recent months were made by the 50 largest. At the same time, the Russell 2000 index of smaller stocks--traditionally favored by many individual investors--was off 29% from its April high. And as of Monday, the average stock on the New York Stock Exchange was off 38% this year. Even before last week, nearly half of U.S. domestic stock funds were losing money for the year...
...your tolerance for risk is higher, try one of the concentrated mutual funds that I assess in my column near the end of this magazine, in Personal Time. Or invest in the small stocks of the Russell 2000, preferably through an index fund or an actively managed small-stock fund. These small stocks have been beaten down more than their larger brethren, despite having comparable earnings...
...Despite the news, the Nikkei index slipped only slightly Wednesday because the Japanese Diet looked to be making some progress -- albeit slow and circuitous -- toward a critical compromise on banking reform. The ruling Liberal Democratic Party favors maintaining a fairly generous state-sponsored bank rescue plan, while opposition parties (and the West) want to let weak banks and the enterprises they support perish. Somewhere in the middle may be a viable bill, and the latest round of failures may be enough to spur even the often listless LDP to get economic reform out of the hemming-and-hawing phase...
...most unusual feature is that each fund has an index component designed to match its benchmark--the S&P 500, Russell 3000 or some other. The index portion can run as high as 80% of the fund. Manager picks make up the rest of the portfolio. The funds hold virtually no cash. This unusual approach ensures that the funds will track the market when fund managers see few bargains, but gives them room to tilt hard toward favorite stocks--and outrun the market--when greater values emerge. Of course, it's a matter of how well they pick stocks. That...
...seems illogical that a group of money sharps acting half a world away could have any effect on the seemingly bulletproof U.S. economy. But the stock market's swoon--the Dow industrial index was off some 450 points in the past two weeks--is directly linked to the deepening trouble in Asia, which represents only 30% of American exports but about 100% of American worries. Cheaper Asian goods, made possible by currency devaluations, have caused the U.S. trade deficit to balloon: America is buying more from the Pacific rim and selling less. While that's good for companies like...