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...outperform the index. But increasingly, investors see that outperformance quest as more of a pipe dream. "Only 20% of [mutual-fund] portfolio managers actually beat the index that they're tracking," says John Spallanzani, director of ETF sales and strategy at GFI Group. "So if you put your money in an ETF, you're basically beating 80% of the mutual-fund managers out there." ETFs are also more liquid than mutual funds, because they can be bought, sold or shorted throughout the trading day, just like stocks. By contrast, mutual funds offer only a single price...
...their benefits, ETFs come with their own set of risks. For example, Tad Borek, an attorney and registered financial adviser in San Francisco, advises clients to avoid oil-and-gas ETFs because they track futures indexes. "You can lose a lot of money [in futures] even though the price of oil is going up," he says...
...lieutenant governor, John Cherry, announced earlier this month that he wouldn't seek the state's top elected post, Democrats here and across the country sighed in relief. Though Cherry was the ostensible front runner to succeed Jennifer Granholm, a fellow Democrat, he couldn't muster enough interest, or money, to wage a credible campaign. Cherry's departure effectively opens what's expected to be a fierce primary battle between two ambitious, business-minded Democrats for the task of keeping Michigan's governor's seat in the party's hands...
...little political experience (she was also elected to the University of Michigan's board of regents), and her views on many social and political issues are largely unknown. In recent days, local news reports have presented her as the Obama Administration's preferred candidate, but she has reportedly donated money in the past to Republicans as well as Democratic causes and candidates. Fundraising is expected to be tricky in the current economic environment, although Ilitch's personal fortune may give her an edge...
Really, though, this shift is more about politics than substantive differences in policy. Geithner strongly supports a stand-alone consumer agency, and he devised the plan to impose taxes on liabilities of the biggest banks, not only to recoup the bailout money but to discourage excessive risk-taking and excessive size. He just happens to be allergic to populism, and Obama political adviser David Axelrod wants to strike a much more populist are-you-with-us-or-the-banks tone in 2010. Axelrod and Obama aide Valerie Jarrett met at the White House on Wednesday with Harvard law professor...