Word: mutuals
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...like to show you around.' We were looking at each other like: 'Are you kidding me?'" Though the conversation touched occasionally on issues of the day - such as the gunman captured that morning outside the White House gates - there was a lot of chatter about the group's mutual love, including whether Bush could do anything to bring a club to Washington (which lost its team, the Senators, in 1971). The topic was one of the first things D.C. mayor Anthony Williams had brought up with Bush during a lunch several weeks ago, but Bush said he didn...
...that use only stock for acquisitions have had that currency devalued. This leaves the raiders to rule, and they're suddenly finding they have renewed access to a crucial financing source--junk bonds. That well went dry as investors funneled their money into stocks in recent years. Junk-bond mutual funds suffered net outflows of $10 billion last year. But since Jan. 1, junk funds have had net inflows of $3 billion, according to AMG Data, bringing them to an aggregate total of $87 billion...
...buyout game is more complicated today. The typical LBO has three layers of financing--equity (put up by the buyer), senior debt (borrowed from a bank), and junior debt, or junk bonds (most often provided by junk-bond mutual funds). Banks are reluctant to lend for speculative buyouts with the economy slowing, though the Fed's rate cuts are easing that condition...
...young Crosby, Giddins argues convincingly, was a major musical innovator who all but single-handedly created the modern manner of microphone-assisted singing that dominates pop to this day. He roomed with Bix Beiderbecke, recorded St. Louis Blues with Duke Ellington and formed a mutual-admiration society with Louis Armstrong (Louis taught Bing how to scat; Bing taught Louis how to croon...
KNOW NEW TAXES Whenever you pick a mutual fund, don't forget you are trying to make money for Uncle Sam as well as yourself. Starting April 16, the Securities and Exchange Commission will require managers to disclose up front a fund's expected tax bite over one-, five- and 10-year periods. The sums will be calculated for the top bracket, 39.6%. Taxes account for an average 2.5% charge on fund returns overall--some more than...