Word: indexation
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...unquestioning faith in the ability of China's soaring stock market to defy gravity has become worryingly common among Chinese investors-so common that market observers and government officials are warning that a market correction might be on the way. Emboldened by a 130% rise in the Shanghai Composite Index last year-which made Shanghai one of the best-performing exchanges in the world-starry-eyed speculators and first-time punters like Du have been storming into Chinese stocks, ending the market's five-year slump and in recent weeks pushing daily trading volumes to all-time records. Last year...
...flashiest Internet phenomenon. Nor are high prices confined to just a few Chinese stocks. Webb estimates the average P/E for so-called "A" shares (stocks available to mainland investors on China's Shanghai and Shenzhen bourses) at 34; the current P/E for U.S. stocks in the S&P 500 Index is 18. Want more proof? According to a recent report by investment bank JP Morgan, out of 37 Chinese companies listed jointly in Shanghai and Hong Kong, eight trade on the mainland at valuations at least double those quoted in Hong Kong. "The risk-reward picture is unhealthy...
...funds. Top hedge funds are often closed to new investors, meaning that newcomers are apt to get worse-than-mediocre performance while still paying 1% or 2% of assets and 20% of the profits to the managers. There is a cheaper alternative: just as Vanguard launched the first stock-index mutual fund in 1976, Wall Street firms are beginning to offer low-cost funds that mimic common hedge-fund strategies. The first get-together of this nascent "hedge-fund replication" industry is happening this month in London (official slogan: The clones have landed). Mediocrity doesn't have to be such...
...corporation. They demanded to see the company's books. Within hours, rumors had linked the unusual investigation to disgraced Wall Street Arbitrager Ivan Boesky, and a whiff of panic spread throughout the London Stock Exchange. By the end of the day securities listed in the closely watched Financial Times index had dropped in value by 1.5%, or nearly $6 billion. Thus began for London's City a week that rapidly worsened...
Sometimes it's not who you like, it's who you know. That's the important axiom to remember at this stage of the presidential race, when polls say far more about name recognition than they do about actual likely victory. That's why TIME has created the Election Index, a framework for looking not just at who's the most popular but who has the most potential. Since through this prism, Hillary Clinton's whopping lead over other candidates is less important than her near-100% name recognition: If 98% of the population has already made up their minds...