Word: mutually
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Dates: during 1990-1999
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...sheer convenience of mutual funds makes them attractive to almost anyone. "If you have $100,000 to invest, it's not easy to track it closely every day," says Barb Wiener, a homemaker in Irvine, California, who uses a computer to manage her family's finances. "You choose a couple of mutual funds, and you only have to look two or three places to keep track of how well you're doing." All told, 1 in 4 Americans owns mutual funds directly or through group plans; half the families have incomes of less than $50,000, making funds the primary...
...records of their own (see box). All that makes the pros nervous. "By the 5th of November, if we don't have a 10% drop, we will have had the longest-running stock-market expansion in modern times," says A. Michael Lipper, president of Lipper Analytical Services, which tracks mutual funds. "We're clearly long in the tooth." Says Dan Case, president of the San Francisco-based brokerage Hambrecht & Quist: "If you look at the investment options, it's clear that mutual funds have been the right decision, but I think we're getting close to the point where that...
...recent series of cases involving abusive practices. Just last month, Chicago-based Kemper Financial Services agreed to pay more than $10 million to settle Securities Exchange Commission charges that a former portfolio manager had credited lucrative trades to his employee profit-sharing plan while dumping lesser transactions on two mutual funds. Also last month, First Investors Corp. settled charges brought by five states that had accused the firm of misleading customers, many of them retirees, who bought First Investors' risky junk-bond funds. The company agreed to pony up a total of $33 million in restitution, the most ever paid...
...Congressman particularly attacks the $3 billion Pilgrim Group, which is based in Los Angeles, for implying in two January ads that five of its funds were ranked No. 1 through No. 5 in 1992 performance. "The Pilgrim ads appear to be the most egregious examples of manipulating mutual-fund rankings of which I am aware," Markey says. Concurs Don Phillips, the publisher of the fund research group Morningstar: "An argument can be made that Pilgrim is the worst among all fund groups with at least $1 billion in assets." Retorts Palomba Weingarten, the Pilgrim Group's chairman: "I'm glad...
While no system or advice can ever be foolproof, here are some tips for mutual-fund investors from the perspective of common sense and seasoned market watchers...