Word: mutually
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Dates: during 1990-1999
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...with his wife, his 78-year-old mother-in-law and three children in Sloansville, N.Y. (pop. 200). In 1986, Ruckdeschel handed his family's savings, roughly $150,000, to Joseph Ventura, a sales rep from First Investors Corp., one of the country's largest managers of junk-bond mutual funds. Four years later, Ruckdeschel estimates his total losses at $75,000 but doesn't know the exact figure because at each sales call, Ventura would toss out the old records. "He never said anything about any risk -- just that if we needed retirement income, this...
Three weeks ago, in one of the largest claims ever against a mutual fund operator, officials in New York and Massachusetts filed fraud charges against First Investors (assets: $3.5 billion) and a total of seven of its top executives. At least five other states may follow suit. "These were the junkiest of the junk bonds, yet investors who asked specific questions about them were lied to," says New York Attorney General Robert Abrams. "We've handled many fraud cases before, but nothing approaches the scale of what we see here. This is heartrending...
...masterwork of evasion and obfuscation, the official response recites the entire litany of official excuses for the policies, regardless of relevance, factual correctness or mutual contradiction. A few examples...
...further fueled by the announcement by TV newswoman Connie Chung that she would abandon the fast track at CBS in a last-ditch drive for motherhood at age 44. Meanwhile, male role models are also in flux. Wall Street wonder boy Peter Lynch hung up his $13 billion mutual fund to do good deeds and have more time with his family. What generation in history has enjoyed such liberty to write the rules as it goes along? Over the past 30 years, all that was orthodox has become negotiable...
Markowitz, 63, showed that investors fared best when they purchased a wide * range of stocks, bonds and other assets, because the risks in a diversified portfolio tended to offset one another. That insight made Markowitz the intellectual father of the mutual-fund industry. Sharpe, 56, demonstrated that the risks and rewards of holding an asset like stock are linked to its volatility in relation to the rest of the market. For example, highly volatile stocks are the biggest winners in bull markets but suffer the heaviest losses in downturns. Sharpe has cashed in on his insights, running an investment advisory...