Word: morningstar
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...company's attempt to improve the fortunes of its financial unit will not be without cost. As Morningstar says, "GE's decisions to wind down its non-U.S. portfolio and shift to higher-quality asset classes is welcome even though these decisions will likely pressure earnings going forward." GE makes the risks of its exposure to the real estate, tight credit markets, other financial firms clear in all of its public filings and readily admits that it may not be able to keep its "Triple-A" credit rating which would drive up its borrowing costs...
...time when recent performance has been dismal and other investors are headed for the door? "To get into some the best funds, you often have to do it when things aren't going great," says Russ Kinnel, director of fund research at the investment analysis shop Morningstar. "Virtually all of these funds have lost money since they reopened. You can't argue it's some magical low point...
...stock market may be down 40% this year, but your portfolio has other assets too - or at least it should. Balanced funds that hold bonds and cash along with stocks are down just 29%, according to mutual-fund tracker Morningstar. And many retirees looking to minimize risk wisely hold a smaller percentage of stocks than the average balanced fund (and also may own insured bank CDs). Which means a more typical experience for them is a 20% loss, says Gregg Fisher, president of Gerstein Fisher, a financial adviser in New York City. That's not fun, but it's nowhere...
...Novartis has launched nine groundbreaking drugs since 2000--three times as many as its nearest competitor--and plans to launch 12 more by 2006. The company's relatively low debt and ample cash reserves have earned it a credit rating of AAA from Moody's. Morningstar analyst Todd Lebor praises the company's "excellent financial disclosure and conservative accounting" and notes that it has no unconsolidated debt. Pfizer's announcement last week that it will merge with Pharmacia sent several drugmakers looking for partners. But while Vasella doesn't rule out an acquisition, his firm is considered...
...started as analysts straight from B school. Dodge & Cox rarely hires people who have worked elsewhere in finance: disagreements are fine (and considered a strength), but operating with a different investment philosophy isn't. "When we visit, it's almost eerie how on the same page everyone is," says Morningstar analyst Dan Culloton...