Word: vanguardism
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Dates: during 1990-1999
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...Enterprise II or Berger Small Cap Value, or a Russell 2000 index fund, which gathers the small-cap castoffs in a neat bundle. Or buy a fund based on the Wilshire 5000 index, which includes both large- and small-cap stocks. Both types are sold by fund companies like Vanguard and Fidelity. But do me a favor, and do one for yourself...
...that, many funds have paid a price. Weary of laggard returns, investors have been shifting billions of dollars to passive funds like the Vanguard Index 500, where they are assured of getting market-matching results (and lower fees). Now active managers are striking back, brandishing what I'll call the "big-bet" fund. By limiting the number of stocks in tow and generally holding on longer, these funds correct some of the faults that have driven money to the indexers...
...funds, which are focused on the long term, engage in limited trading to keep costs down and avoid anything exotic. "There won't be any big surprises," says Martin Leibowitz, the firm's chief investment officer and a friend of John Bogle, the penny-pinching chief at fund company Vanguard...
...easier to find out in prospectuses what he's allowed to do. Even that may not be enough to satisfy critics (like the former Putnam fund counsel who complained to the SEC last week) who say lax codes let managers profit at your expense via personal trades. Vanguard and Fidelity restrict managers' trading of stocks just before or after their fund makes a trade; Janus prohibits all trading in individual stocks...
...fund as early as Fidelity, it's not too hard to find a fund at any firm that's watched over by some very innocent eyes--a trend that raises some skeptical industry eyebrows. "It's an interesting concept," cracks Jeffrey Molitor, principal at fund giant Vanguard, a Fidelity competitor, "giving somebody someone else's money to train with...