Word: mutuals
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...Last week, China Central Television, the government TV network, broadcast a show warning citizens not to use their homes as collateral for loans to buy stock. Authorities are doing more than jawbone-bank lending for stock purchases was barred last month. Regulators also temporarily halted the sale of new mutual funds...
...temporary office while the Secretary of State's quarters are being remodeled. "The Holy Father has shown to have great trust in me," Bertone says, recalling their years at the doctrinal office. "We were the consummate duo. We've always gotten along personally, and there is a mutual understanding that continues to be the basis for our work together." It's the kind of affinity--similar to what U.S. Secretary of State Condoleezza Rice is said to have with President George W. Bush--that inevitably adds extra weight to an already influential assignment...
...government study of mutual funds revealed that they were, on average, average, or worse. This was an affront to many on Wall Street who assumed that, of course, professional investors beat the market. It was left to legendary investor Benjamin Graham to explain in a speech to securities analysts that "neither the financial analysts as a whole nor the investment funds as a whole can expect to 'beat the market,' because in a significant sense they (or you) are the market...
...time, the pros controlled only 15% of the U.S. stock market (the figure is now more than 60%). But they did the bulk of the trading. They moved the market. And therefore they could not, as a group, beat it. The mutual-fund industry's attempts to move this boulder by taking bigger risks ended badly. When the stock market plunged in the 1970s, the funds followed...
...Ironically, she shared her transplanted Texas status with the man she dubbed "Shrub," President George W. Bush, whose affection for his adopted state no doubt matched Molly's. The two "vaguely knew" each other during their high school years through mutual friends in Houston's tony society. "He went to prep school back East and I went to prep school in Houston," Molly recalled. Born in Monterey, Calif., in 1944, Molly had moved back to Texas with her family as the war wound down and her father's military service ended. While he worked as a corporate attorney...