Word: indexed
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Dates: during 1990-1999
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...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...
...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...
About 75% of the money in stock-index mutual funds is tied to the S&P 500. The biggest of those funds, the Vanguard Index 500, has $44 billion and is rapidly closing in on the nation's biggest stock fund, Fidelity Magellan ($58 billion), which is not an index fund. Stock-index mutual funds are only a small part of the story, though. Pension-fund managers have been indexing for two decades to ensure that they earn a market rate of return. They have some $600 billion to $700 billion tied...
...giant pot of money. "But this is not the tail wagging the dog," insists Frank Salerno, a managing director in charge of index funds at Bankers Trust. Index funds, including the big pension money, account for only 10% of all the money invested in S&P 500 companies. It's unlikely that such a small percentage is dominating the index. The other 90%, which presumably has made reasoned judgments about value, has a lot more to say about where the S&P 500 is going. Yes, prices relative to earnings on big stocks like General Electric and Coca-Cola...
...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...