Word: oakmark
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Dates: during 1990-1999
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Another flag is the aforementioned heavy redemptions. Take Oakmark Fund (which I own). After a brilliant run early this decade it has lagged badly the past two years. This year shareholders have withdrawn $2 billion more than they've put in, a drop equal to a third of the fund's assets, reports AMG Data. Manager Bob Sanborn has been forced to sell long-held stocks and realize the gain. "I'd be shocked if our distribution is not aberrationally high," he says. So don't buy now; it might even make sense to sell (I'm not) if your...
...yielding Dow stocks are Philip Morris (4.1%), J.P. Morgan (4.4%) and General Motors (3.5%). Other stocks to own might include those of consumer-products companies, a group that lost far less ground than the market this summer. You could also look for value-oriented stock mutual funds, such as Oakmark Fund (which has some of my money) or Mutual Shares (which has been carrying 20% in cash and thus was positioned to scoop up bargains as the market fell...
Spreading risk is prudent investment strategy. But the latest contingent of global explorers is less interested in diversifying risk than in chasing returns. Says David Herro, who runs the Oakmark International Fund: "It's almost scary what's happening today. They're shooting first and asking questions later...