Word: indexable
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...mainland realized that Hong Kong's only asset was represented by the manufacturing potential of its people. Shortly, as bigger factories opened and a diversified economy began to thrive, the real estate business--which to this day constitutes a third of the total valuation on the Hang Seng Stock Index--became the most profitable economic sector. Decades later, the enactment of the Open Door policy in China determined the rise of Hong Kong as a world-class financial center, attracting more than 300 foreign banks in less than a decade. The rest is the success story we are familiar with...
...base's bayonet-combat course might have to be called off: the mercury was creeping into the 90s. McQueen's team of drill sergeants--those fabled hard-noses delegated to whip raw recruits into shape--went into action. They dutifully set up a "wet-bulb globe-temperature-index calculator" and tested the air. Sure enough, it was too hot to attack...
...Coke discloses that a pair of garage scientists has duplicated its famous syrup and is selling the formula worldwide. Warren Buffett, proclaiming that the company is without intrinsic value, dumps his stake. Coke shares rise anyway as the company, one of the biggest in the major-stock indexes, benefits from the mindless buying of stock-index funds. The Dow is up 400 points...
...long can it last? Even though the economy is jumping, unemployment and inflation are low and the Dow is at a record high, Americans remain pessimists. The Conference Board's index of consumer confidence dropped to 126.5 in July, down from 129.9 in June and well below the 130 that Wall Street analysts had predicted. Sure, consumers said they feel great about the state of the economy right now. It's the future they're worried about. Everybody from the federal government to the fully invested cabdriver is laying plans for the downturn, or even the crash they fear...
...managers--that other 90%--pushing up the price of blue chips, and for what passes as good reason. If so, it doesn't necessarily follow that stocks in the S&P 500 are especially vulnerable. I'm not saying this is the time to buy an S&P 500 index fund. I would be wary of all stocks at current levels, and if I were desperate to buy something, I'd probably choose a road slightly less traveled, say a small-company or overseas index fund. But I certainly wouldn't ditch my S&P 500 fund--which has minted...