Word: mutually
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Dates: during 1990-1999
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...hedge funds look like a good deal for their millionaire clients, they are even better for fund managers. Unlike mutual-fund managers, who generally work for a fixed compensation tied to the size of their fund, hedge managers get paid on two very lucrative tiers. They collect 1% to 2% of their funds' assets as a management fee and, the real jackpot, anywhere from 10% to 30% of their trading profits. At larger funds, where those profits can run into hundreds of millions, that means multimillion-dollar paychecks for fund managers...
...steadily rising market, however, can make a hedge-fund manager look more like Dumbo. In the past two years rich investors would have done better putting their money into indexed mutual funds, just like ordinary folk. That's to be expected, says George Van, a hedge-fund adviser. Hedge funds, after all, are designed to protect against bad times, which means forgoing some riches during good times. Van's research shows that in the six quarters since 1988 when the market has gone down, mutual-fund investors have lost an average of 24%, while hedge-fund clients have made...
...arrogance were virtues, there would be a lot of saints on Wall Street. The most hallowed of the lot would include the highly successful Michael Price, who oversees $26 billion at Franklin Mutual Advisers, and the equally prosperous CEO-for-rent Al Dunlap, who is doing a tour at small-appliance maker Sunbeam Corp. In a brazen display of cronyism, the two last week publicly denounced ITT Corp.'s tactics in fending off a hostile takeover by Hilton Hotels. Picture that: Price, whom FORTUNE magazine calls "the scariest s.o.b. on Wall Street," linking with Dunlap, whose endearing nicknames include "Chainsaw...
...short term, but Commerce generally wins big in the final tally. The high-tech world had spent the past month wondering which Apple-preserving rabbit Jobs would pull from his hat during his MacWorld speech. Now we know: the plan is to backstab Apple's friends by embracing their mutual enemy in one naked grasp for survival. The era of "competition between Apple and Microsoft is over," Jobs told the stunned conclave, announcing Microsoft's $150 million investment and software promises. They could all just get along...
Arafat may not see much to gain by bowing to Israel's demands, since he does not trust Netanyahu to proceed with expanding self-rule in return. Says an Arafat confidant: "He basically thinks nothing is possible with Netanyahu." The feeling, of course, is mutual. Even under the Labor Party, which reached the Oslo accords with Arafat, mutual violations of the provisions were common. But then the two leaderships had a solid relationship, providing a base more valuable than the written documents for peace to grow. Now it's gone...