Word: mutuals
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...There's no fudging those values, which are adjusted daily. "They have some warts, with their exposure to bankruptcies in this climate," says value investor David Schafer, chairman of Schafer Cullen Capital Management. But he likes the group. Banks trading at less than two times book include Citigroup, Washington Mutual and FleetBoston...
...want to play the game yourself, there are dozens of mutual funds specializing in undervalued small-cap companies. But even the pros come up with lemons on occasion. "We're very familiar with the fact that companies do go to zero," Selch says. That's the thing about cheap stocks. Sometimes you get even less than you paid...
...stocks have lagged ever since. Financial-services stocks are a similar story. Wealth managers will no doubt be in increasing demand as a prosperous generation tends its lifetime savings and trillions of inherited wealth. But the investment boom around this trend started in the '80s, when the mutual-fund business exploded...
...stocks slump for a third consecutive year, investors are rediscovering the benefits of true international exposure. Mutual funds that invest in foreign stocks are seeing net inflows, and much of the action is in emerging markets, a sector that boasts economies with heady growth rates of 4% to 8% and companies that are relatively disconnected from conditions in the U.S. In a period of weakness for the U.S., the best foreign funds will be those that own shares of local companies that don't do a lot of business in the States. These funds, like Pioneer Emerging Markets and Dreyfus...
...year. Many emerging markets were solid winners last year too. Typical stocks in Russia and South Korea trade at just eight times next year's projected earnings. That's less than half the developed world's P/E ratio. A broad mix of emerging-market stocks--most easily available through mutual funds--is up 3% for the year, a downright gaudy figure next to the S&P 500's decline of 21%. Any long-term portfolio should have 3% to 5% of assets in emerging markets. I would go even higher now (6% to 8%), given the malaise hanging over...