Word: indexers
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...prime merchandise," he says. "I buy stuff that's fraught with discomfort. I buy some terrible things." Terrible things that produce terrific returns. Wadhwaney's $1.9 billion mutual fund has racked up annualized gains of 23.2% since its birth 31/2 years ago--double the rise of a comparable index of non-U.S. stocks. (Alas, it's currently closed to new investors...
Norway is often rated the best country to live in: for the fifth consecutive year, it tops the United Nations' Human Development Index, which considers wealth, education and life expectancy. Norway's economy is the envy of the world: an expected 3.6% growth for 2005, almost nonexistent inflation of 1.4%, unemployment scraping the bottom at 3.7% and interest rates down at 2%. With everything so rosy, why does the Norwegian population of 4.6 million seem so eager to toss the center-right minority government of Prime Minister Kjell Magne Bondevik out of office in next week's election? Polls indicate...
...hero to investors and a royal pain to money managers. Thirty years ago, John Bogle founded the Vanguard Group and invented the index fund--a low-cost option that revolutionized investing. At 76, he's still an iconoclast, most recently in The Battle for the Soul of Capitalism, which is coming out this fall (Yale University Press). He talked to TIME's Barbara Kiviat...
...GOOGLE ANNOUNCES PLAN TO DESTROY ALL INFORMATION IT CAN'T INDEX." --Fake news headline from THE ONION...
...frequent," says Ludolf von Wartenberg, director general of the Federation of German Industries in Berlin. "It's just that the cases have become more spectacular." Indeed, studies indicate that Germany's corporate sector, together with its public authorities and political institutions, is actually becoming less dodgy. The latest corruption index published by Transparency International (TI) rates Germany as the world's 15th cleanest country - up five places since 2001. Since corruption costs the ailing economy a whopping 3350 billion a year, the government - no matter who's running it after the election in September - had better keep this development going...