Word: return
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Dates: during 2000-2009
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However, Stan Majcher, principal and portfolio manager of the Hotchkis & Wiley Mid-Cap Value Fund, disagrees. Majcher noted that his fund has a strong long-term performance record, as Morningstar currently ranks it the third best performing mid-cap fund when it comes to annualized returns over the past 10 years, with an annualized return of 10.85%. He acknowledges the fund underperformed in 2007 and 2008, but doesn't think these periods should be considered in isolation. (Read about the financial crisis after one year...
What's going on? Part of it is the fact that "gold's gyrations are the Dow Jones index of anxiety," as this magazine put it three decades ago amid the last big gold fever. When investors are scared - about inflation, about political turmoil, about financial breakdown - they return to the soft, shiny metal that has for millennia served as a store of value. When things calm down, as they did after the gold price peaked in 1980 at $850, demand for gold subsides and the price declines. (See pictures of modern day gold prospectors...
...great investment in the sense that buying into Microsoft in 1986 or Google in 2004 has been a great investment. The price of gold in dollars has more than quadrupled since the end of the long gold bear market in April 2001, but over the long run the return has averaged about 2% a year, says George Milling-Stanley, managing director for government affairs at the World Gold Council in New York. (That compares with about 8% for stocks.) It's less a ticket to riches than what Milling-Stanley calls an "insurance policy." Many of the commodity investors...
...national politics. The downside is that its supply increases fitfully, with no regard for the state of the world economy. That's why John Maynard Keynes called the gold standard a "barbarous relic," and why you won't find anyone outside the goldbug fringe calling for a full return to the gold standard now. But a partial return, in which central banks hold gold as a hedge against financial turmoil (the Reserve Bank of India just bought $6.7 billion of the stuff from the International Monetary Fund) and gold begins to play a role in the pricing...
Feoktistov stayed with the Soviet space program after his return to Earth, helping to design its later fleet of ships, including the elegant Mir space station. Like only a handful of other cosmonauts and astronauts, he lived to see a crater on the moon bear his name. And like too many of them--the Deke Slaytons and Gus Grissoms and Wally Schirras and others--he now passes into celestial memory...