Word: indexers
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Dates: during 1990-1999
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Tisch's "short" positions in various individual stocks and the S&P 500 index produced losses of $918 million as the market rose in 1997. The losses mounted this year: $534 million in the first quarter and $134 million in the second quarter. Finally, in the mayhem of the third quarter, his bearish bets paid off with gains at Loews of $368 million. Being right--but too early--cost Tisch's company $1.2 billion. That should make your last 401(k) statement look a little better...
...doghouse, for no good reason, are the banks. Two weeks ago, mutual funds and other big investors decided these stocks had become "must owns," given the Federal Reserve's new bias toward easier credit. Shares of the Chases and Citigroups were flying out the door. An index of bank stocks peaked in July at 932, then plummeted to 592 in early October before vaulting back to 789 on Nov. 5, after the Fed's second rate...
...lies Japan's vicious cycle: The bursting of the country's banking and real estate bubble created a credit crunch throughout Asia, and the consequent financial turmoil shrank markets for Japanese products -- eating into the manufacturing sector that turned Japan into an economic superpower. The country's Nikkei stock index has been sliding all week due to the earnings reports and general jitters, and it dropped 2.2% more on Wednesday...
...observations have been taken to heart in the valuable Human Development Report issued annually by the United Nations Development Program. That document features a Human Development Index that ranks countries by a combination of three factors: average income, educational attainment and life expectancy. Thus, Costa Rica ranks 62nd from the top in average income but much better, at 39th, in the Human Development Index. These rankings convey Sen's powerful message: annual income growth is not enough to achieve development. Societies must pay attention to social goals as well, always leaning toward their most vulnerable citizens, and overcoming deep-rooted...
...funds, stocks and bonds from different shops when you can manage them all under one roof? That's the pitch behind the new, downscale brokerage services of Vanguard, the nation's second largest fund family, best known until now for its index funds. To compete with discount brokers like Fidelity and Charles Schwab, Vanguard last week announced it will lower commissions on stock trades and expand its non-Vanguard offerings. Online trading will also debut by Christmas...