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While investors in those funds should feel euphoric, S&P is quick to issue a warning to investors who might fall victim to those seductive returns. The S&P report, issued Friday, indicates that many of the best-performing funds relied on short-term strategies and paid little attention to the underlying fundamentals of the stocks in their portfolios, which could lead to a performance problem in 2010. "Using only a backward-looking approach to selecting funds [i.e., past performance] has significant flaws because it ignores the fundamentals of the stocks owned by the fund along with relevant risk...
...five-star funds. In fact, 19% are now ranked with a one- or two-star rating, effectively placing them in the bottom half of funds on overall attractiveness. "These funds have relatively weak fundamentals that contribute negatively to the ranking," S&P's analysts note in their report. The reasons cited for such low star rankings: many own overvalued or risky stocks, have managers with short tenures, have high costs or offer poor long-term performance...
...this way: when it comes to climate-science analysis from the representative of the world's biggest oil-producing state, it's wise to be suspicious. In the weeks since the e-mails first became public, many climate scientists and policy experts have looked through them, and they report that the correspondence does not contradict the overwhelming scientific consensus on global warming, which has been decades in the making. "The content of the stolen e-mails has no impact whatsoever on our overall understanding that human activity is driving dangerous levels of global warming," wrote 25 leading U.S. scientists...
...character attacks on presidential candidate Senator John Kerry by the group then known as Swift Boat Veterans for Truth - in other words, an invented scandal propagated by conservatives and the media that does nothing to change the scientific case for climate change. (See TIME's special report on the environment...
...Associated Press contributed to this report...