Word: mutuals
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Even before the mutual-fund scandals began unfolding in September, investors had been flocking to a little-noticed (but not so little) alternative known as the separately managed account. Clear fees and no hidden costs make these personalized portfolios more sensible than ever. No joke: they may one day supplant common mutual funds as the investment vehicle of choice for millions of people. About $500 billion resides in separate accounts. Yes, that's a long way from the $7 trillion in mutual funds right now. But since the middle 1990s, assets in separate accounts, in which your money...
...accounts should have resources to open at least three to spread risk across different funds, which with most separate-accounts managers will require up to $300,000. That's no small sum. But it's not J.P. Morgan material either, and given the abusive practices we've seen at mutual funds (trading schemes that harm long-run investors and hefty, complex fees), anyone who qualifies should take a look...
Securities-industry regulators charged the brokers Waddell & Reed last week with improperly switching customers from one variable annuity to another. The firm denies the allegation, but sales of variable annuities--mutual funds with insurance contracts--have been eyed by regulators for years. One reason: high fees, often north of 2% of assets annually. Before you buy, experts say, you should fund less costly tax-advantaged accounts, such as 401(k)s. Ask about surrender charges, which can run up to 7% for cashing out early. And make sure you need the features you're paying for. --By Barbara Kiviat
...predicts that a surge in the prices of stocks with a yield will be one of the big surprises of 2004 and that the year's winners will include Pfizer, Wyeth, Bristol-Myers, GE, Microsoft (it started paying a dividend last year), Coca-Cola and Altria. Any number of mutual funds focus on dividend payers. Among the best are Fidelity Dividend Growth, T. Rowe Price Dividend Growth and (if you invest through a broker) Capital Income Builder from the American Funds group. Don't bet too much on any one theme. Keep large-and small-cap stock funds, junk bonds...
...female college students approve of porn, which may reflect women's increased sexual empowerment. Nonetheless, he says, "their attitude is surprising to those of us who think it an impoverished view of liberation to construct your sex life the way men do." The key, therapists say, is for mutual consumption to be seductive to both partners and for material to be "erotic" rather than "pornographic." Most describe the difference this way: porn is objectifying and derogatory while erotica depicts mutually satisfying sex between equal partners. Others say it's a matter of taste...