Word: indexes
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Dates: during 1990-1999
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According to Tracy Kiley of the Princeton Review, many schools use a formula of LSAT scores and grades, called an index, to rank applicants, with the test often counting for up to 60 percent of the index...
Stanford Law School uses a closely-guarded "secret index". Although there is no guarantee of denial or admission because of the LSATs, the average score for an admitted candidate is 168 out of a possible...
Fidelity's investment techniques have historically produced market-topping returns--and commensurate fees. Beating the averages, such as the S&P index, is what Fidelity is being paid for. Magellan, for example, charges $9.50 each year for every $1,000 under management. By contrast, the Vanguard fund that passively mimics the S&P 500 charges only $2 for every $1,000. Overall competition in the industry has become so tough that Fidelity has had to lower fees on some of its funds...
...real test for a fund is beating an index like the S&P 500. If you can't beat an average, then you aren't investing with any more skill than you would if you chose stocks randomly. How hard is it to beat the S&P 500? Really hard. Over the past five years, 63% of all diversified-equity mutual funds have failed to do so. The greatest Fidelity performer of all, of course, was Peter Lynch. During his 14 years of managing Magellan, he averaged an annual return of 29.2%; the S&P 500 index rose...
...like, well, Wal-Mart. The annual cost of keeping your money at Vanguard is 31' per $100 invested, vs. an average $1.11 for the industry overall. When it comes to money-market and bond funds, where every penny counts, Vanguard is a great choice. It also specializes in inexpensive index funds--which is like buying a whole market. Vanguard's Index Trust 500 Portfolio, which mirrors the S&P 500, beats up on most other mutual funds year after year. The rap on Vanguard is that when it comes to picking aggressive equity funds, its crew lags behind Fidelity...