Word: mutuals
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Dates: during 1990-1999
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...just as good a job, if not better, on your own? That was the question Hillsboro, Ore., computer consultant Larry Taylor, 40, and his friends asked themselves three years ago. Sick of sitting on the sidelines of a raging bull market, watching individual stocks skyrocket as their mutual funds crawled along, Taylor's crew decided to take matters into their own hands. Pooling assets, they chose a diversified portfolio of tech, pharmaceutical and manufacturing stocks and have enjoyed 30% annual returns ever since. "We got tired of seeing fund managers getting rich and fees getting paid," says Taylor. "Mutual funds...
...April, always a strong month because of tax refunds and IRA contributions, a net $25 billion flowed into mutual funds, according to the Investment Company Institute. But that's down slightly from last April, and this year income tax refunds were at record levels. And thanks to a 2% across-the-board drop on Wall Street during the month, May is looking like a loser, with just $10 billion flowing in, according to market tracker Trim Tabs...
...Fidelity has been stepping up promotion of its brokerage services, as more customers have looked to open hybrid portfolios made up of stocks and funds. "This industry has grown so rapidly that there is a shortage of good managers," says Bridget Macaskill, CEO of Oppenheimer Funds. "But mutual funds are fundamentally a good tool for small investors...
...funds watcher Avi Nachmany of Strategic Insight. Once the narrow bull market calms down, or broadens to include harder-to-choose value and small-cap stocks (as it appears to have done of late), Nachmany and others argue, investors will rush back to the relative safety of a diversified mutual fund. "Investors have abandoned the risk side of the equation, but it's not sustainable," says Greg Johnson, president of Franklin Templeton Distributors, a $155 billion fund family that has lost $7 billion of cash this year as investors fled its faltering value and international funds. "There are more than...
...contrast to the rocky relationship he apparently had with the Bush administration, Greenspan reportedly has a close working relationship with members of the Clinton administration--including strong ties to and mutual admiration of former treasury secretary Lloyd Bentsen, outgoing treasury secretary Robert Rubin '60 and incoming treasury secretary Lawrence H. Summers, who is also the former Ropes professor of political economy at Harvard...