Word: stock
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Dates: during 1990-1999
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...that end, the club has lined up an impressive schedule of fall events, culminating in a Veteran's Day trip to Wall Street and the New York Stock Exchange. Among those speakers already confirmed are the founding partner of a billion-dollar venture capital firm and the former head of Harvard recruiting at Morgan Stanley, now chief financial officer at a Boston-based biotech firm...
...turn with a pilfered fire extinguisher. You think you're going to get to blast an unsuspecting roommate, but you end up a two-time loser--inheriting an empty canister just as the campus cops show up. A similar fate awaits many mutual-fund investors this year. Redemptions from stock funds are running at the highest level in a decade, and those who stay put could wind up holding a big tax liability--essentially having been handed that spent fire extinguisher. Here's how it works. Mutual funds pay no income or capital-gains taxes so long as they pass...
...money held in tax-deferred accounts like a 401(k), this isn't a big deal. But more than half of all stock-fund assets are in taxable accounts, where the annual distribution is a long-standing sore point. Fund managers can minimize the hit by cutting down on trades, but with this year's heavy redemptions, even tax-conscious managers can't avoid a deadly double whammy...
...balance, investors continue to pump a lot of money into stock funds--$103 billion more than they took out through July. But last year that figure was $144 billion. And on the redemption side (ignoring new money coming in) the bloodletting has rarely been so extreme. At the current pace, investors will cash out $732 billion from stock funds this year, equal to 22% of the industry's $3.4 trillion in stock-fund assets. That percentage has run in the middle teens since 1990, according to the Investment Company Institute, a trade group. Why all the selling? Possibly online stock...
Moved PermanentlyMoved PermanentlyFortune Investor DataThese bears don?t look like man-eaters. But it?s no aberration, either - the breeze of prosperity is simply blowing offshore for a while. "If you look at the chart, the U.S. stock market hasn?t really done much since April," says Baumohl. "Investors here are looking at the beginnings of a recovery in Asia and Japan, and suddenly they feel very overweighted in dollar assets." That means dollars and U.S. equities are getting dumped for yen and Japanese ones. If it keeps up, the Dow could easily dip below that vaunted 10,000 sometime...