In his influential book, Pioneering Portfolio Management, Yale University's chief investment officer, David Swenson, makes the case for illiquidity. Swenson notes that on Oct. 19, 1987, the day the stock market dropped by more than 22 percent, a...
With the securities firms forever searching for edgy products, it should come as little surprise that exchange-traded-fund (ETF) wrap accounts are growing in popularity. ETF wraps, which are less expensive than mutual funds, are seen by many as a...
No one likes paying taxes, but clients get extra steamed when they are blindsided by a particularly hefty IRS bill. Unfortunately, such tax surprises could become increasingly common for shareholders of municipal bond funds. The source of the...
When famed American novelist John Updike let his philandering anti-hero Rabbit Angstrom finally improve his life in Rabbit is Rich, he had Rabbit inherit a Toyota dealership. Before long the Angstroms did well enough to purchase not one, but two...
A new study of mutual fund firms' enforcement capabilities affirms what many in the industry have known for some time omnibus accounting practices by fund intermediaries make catching timers virtually impossible. The study, conducted by the...
If there is safety in numbers and comfort in size, fund investors are now putting their need for reassurance on parade. The growth-stock fund companies that raked in the bulk of new dollars in the late 1990s (Janus, Putnam Investments and Alliance...
Heard the one about what a redneck divorce and a tornado hold in common? (One way or another, someone's losing a trailer.) Or maybe you've run across one of those humorous trailer trash tests featuring questions like, If your front porch were to...
Soft dollars is a heavily debated topic these days, particularly among the fund managers who shoulder the commissions load. A new study from The Journal of Portfolio Management asked chief investment officers at 72 asset management firms what they...