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BEANTOWN MUTUAL FUND VETS EYE HEDGE ROLLOUT

2009-05-09T04:22:00.001-07:00

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Beantown Mutual Fund Vets Eye Hedge Rollout
by Christopher Glynn, Reporter March 12, 2009

Boston is a mutual fund bastion. Still, the lure of the hedge fund business is hard to resist.

Vernon Square Capital, set to open in the spring, is staffed with personnel culled from Goldman Sachs and Putnam Investments. Cofounder Robert Earl admitted starting a hedge fund is a departure given his background, a career steeped in the Beantown mutual fund scene.

"It is different, from a business aspect and from an investment aspect," Earl said.

Earl, chief operating officer of Vernon Square, will run the business. After leaving Goldman Sachs, he opened the Boston branch of Barclays Capital. Geoffrey Kelley and Richard Weed, both who worked for mutual fund giant Putnam Investments, will handle portfolio management. Earl said their collective experience has helped in setting up Vernon Square.

NOTE: goldman sachs he is the operating officer of vernon squar, after he leaving golman he opened the boston branch of braclay capital.

"We have a good Rolodex," Earl noted.

While Boston, as a mutual fund center, can boast its share of investment talent, success in the hedge fund industry has been elusive.

In February, junk bond trader David Glancy closed down Andover Capital and took a job with Putnam. He had left Fidelity Investments, a Beantown institution, in 2003 for the hedge fund business, but never broke big. David Felman, who made a name for himself as a mid-cap guru at Fidelity, liquidated a hedge fund he started in 2004.

NOTE: he left the investment in as boston institution.

Earl called moving from the mutual fund field into the hedge fund business "a challenge." He said Vernon Square will run a quantitative market neutral strategy Weed developed.

"Our portfolio is going to be 100-to-150 long and 200-to-250 short," Earl said. "We are not just market neutral, but also cash and industry neutral."

Earl said volatility has produced "wide dispersion" in the market, making it a good time for the strategy.

Vernon Capital is hoping to launch with up to $25 million. The hedge fund has a 1.5% management fee and a 20% performance fee. Earl said the minimum investment for the fund is $500,000.

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WORK DAYS GET LONGER AT FUND FIRM

2009-04-12T17:02:00.001-07:00

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Work days to get longer at fund firm
By Thomas Grillo
Friday, March 13, 2009 - Updated 21h ago

EmailE-mail PrintablePrintable Comments(1) Comments LargerSmallerText size ShareShare Rate(0) Rate

Putnam Investments' workers will be spending a little more time at the office starting this spring.

The mutual fund giant is increasing its workweek by two-and-a-half hours to a 37.5 hour week, effective May 4.

A company spokeswoman said the change will "maximize staff resources and align the firm with the standard hours in place within most financial services organizations."

Rusty Vanneman, research director for E-Trade Capital Management, said he was surprised. "I'm sure there's no increase in pay, but Putnam gets more productivity out of its employees to enhance profit margins."

NOTE: Rusty vanneman he's a the director of e-trade capital management and he was a good person forevery body.

With its assets plunging in the market meltdown, Putnam recently laid off more than 250 workers, including about a dozen portfolio managers and some analysts.
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biz1158249_2009-03-12 22:57:12__1_0_0

BERNANKE PROPOSES LESS RESTRICTIVE MONEY RULES (CORRECT)

2009-04-12T05:21:00.001-07:00

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Bernanke Proposes Less Restrictive Money-Fund Rules (Correct)
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By Christopher Condon

(Corrects spelling of Morrison in last paragraph.)

March 11 (Bloomberg) -- U.S. Federal Reserve Chairman Ben S. Bernanke said more regulation may be needed for money-market mutual funds, though he didn't endorse rules backed by former Fed chief Paul Volcker that would treat the industry more like banks.

Lawmakers and regulators should consider added restrictions on assets that money funds can own and a new "limited system of insurance" to protect investors, Bernanke said yesterday in a speech urging broad changes to U.S. financial oversight.

The comments signal Bernanke favors less aggressive rules for money funds than those recommended by a group including Volcker, an adviser to President Barack Obama. The group proposes regulating money-market funds more like banks, with reserve requirements and mandatory federal insurance.

NOTE:the commended signals benanke he favors less agressives rulefor money funs.

"He's being more measured in his remarks," Joan Swirsky, an attorney at Philadelphia law firm Stradley Ronon Stevens & Young LLP and a money-market fund legal specialist, said of Bernanke. "He's not throwing out the baby with the bathwater."

The proposals backed by the Volcker group "would eliminate money funds as we know them," Paul Schott Stevens, president of funds trade group the Investment Company Institute, said after they were disclosed in January.

Money-market mutual funds have drawn scrutiny since the collapse of the $62.5 billion Reserve Primary Fund in September. The New York-based money fund was the first in 14 years to break the buck, or drop below $1 a share. Its collapse, caused by losses on debt issued by bankrupt Lehman Brothers Holdings Inc., rattled confidence in the money funds, long considered the safest investments after bank accounts and Treasury debt.

Run on Funds

The incident sparked an industrywide run on money funds that can invest in corporate debt, known as prime funds. The retreat temporarily crippled the market for commercial paper as prime funds reduced holdings of the highest-rated debt by $200.3 billion, or 29 percent, in the final two weeks of September.

That helped drive the cost of issuing commercial paper to its highest level in eight months, squeezing companies, banks and public institutions that rely on the market to raise cash for expenses such as payroll. Combined with a pullback in bank lending, the commercial-paper freeze threatened to choke the economy.

The turmoil prompted regulatory proposals from the Group of Thirty, an independent policy organization whose members include Volcker, Treasury Secretary Timothy Geithner and Lawrence Summers, head of the White House's National Economic Council. In January, the group recommended that money funds either accept banking-industry controls or give up accounting rules that allow them to maintain a stable $1-a-share net asset value, or NAV.

Favoring Banks

Stevens, of the Washington-based Investment Company Institute, at the time called the Group of Thirty proposals "extraordinarily far-reaching recommendations that were made without any thought."

Volcker "wanted to kill money-market funds in favor of the banking sector" when he was chairman of the Fed from 1979 to 1987, Steven said.

ICI spokesman Gregory Ahern yesterday welcomed Bernanke's remarks without commenting on the specific proposals.

"We agree with Chairman Bernanke that money-market funds play a crucial role in the U.S. economy and appreciate his comments on the need to increase the resiliency of the money markets, generally, and money-market funds, in particular," he said.

NOTE:

The ICI in November formed a panel headed by Vanguard Group Inc. Chairman John J. Brennan to develop recommendations to improve the money-market fund industry. It is due to deliver its report by the end of March.

Assets in money-market funds have climbed to $3.83 trillion since falling to $3.33 trillion in the week following the freeze- up of Reserve Primary.

Two Approaches

Bernanke, in his speech to the Council on Foreign Relations, outlined two approaches to making money-market funds more stable. The first would place tighter restrictions on what funds could buy, "potentially requiring shorter maturities and increased liquidity."

Under rule 2a-7 of the Investment Company Act of 1940, money funds are required to invest only in highly rated debt that matures in less than 13 months.

Bernanke's remarks suggest the maturity limits could be shortened or "laddered," Swirsky said. That might require different percentage levels of a fund's portfolio to fall under staggered maturity caps.

Rule 2a-7 doesn't contain restrictions linked to the liquidity of investments other than to cap "illiquid securities" at 10 percent of a fund's holdings. Swirsky said liquidity requirements are "significant by their absence" in the rules. "I would not be surprised if that's added to the rule," she said.

Insurance Program

Such a change could provide funds with a better chance of meeting sudden, large withdrawal requests without being forced to sell assets at a loss, Swirsky said.

Bernanke's second approach would involve establishing "a limited system of insurance for money-market mutual funds that seek to maintain a stable net asset value," he said.

Three days after the demise of Reserve Primary, the U.S. Treasury set up the Temporary Guarantee Program for Money Market Funds, insuring participating funds against losses for three months. The program, which succeeded in halting the panic surrounding money funds, has since been extended to April 30.

Peter Crane, president of Crane Data LLC, a money-fund tracking firm in Westborough, Massachusetts, said Bernanke appears to be calling for a private insurance program or "quasi- government" version to take over from the Treasury on a permanent basis.

Crane said this and the rest of Bernanke's remarks would likely be well-received by the investment industry.

"We all need to be sensitive that radical change may do more harm than good," Charles Morrison, head of money markets at Boston-based Fidelity Investments, said in an interview. Fidelity managed $500 billion in money-market assets as of Jan. 31.

To contact the reporter on this story: Christopher Condon in Boston at ccondon4@bloomberg.net
Last Updated: March 11, 2009 08:26 EDT

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US JUNK BOND MUTUAL FUND POST $80 MLN OUTFLOW-AMG.

2009-04-11T05:04:00.001-07:00

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US junk bond mutual funds post $80 mln outflows-AMG
Thu Mar 12, 2009 3:42pm EDT

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NEW YORK, March 12 (Reuters) - U.S. junk bond mutual funds posted $80 million in net outflows in the week ended March 11, the third consecutive weekly outflow, AMG Data Services reported on Thursday.

The funds had reported $689 million in net outflows the previous week, AMG said.

Junk bonds are rated below investment grade and carry high yields to compensate for their risks. Junk bond funds have attracted cash as low interest rates on safe-haven U.S. Treasuries and money market funds prompted investors to shift into high-yielding bonds.

NOTE:the junk bond have aattracted cash as low interest rate and rhe treasuries money market funds promoted investors to shift into yieldding
bonds.

© Thomson Reuters 2009 All rights reserved

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2009-04-10T04:49:00.001-07:00

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4 tips on finding a good money-market mutual fund

By The Associated Press – 13 hours ago

Money-market mutual funds hold about $3.9 trillion in assets, and have become increasingly popular places to park cash amid the beating that stocks and even bonds have taken lately. Here are tips from experts on how to find the best money funds:

1. FIND THE RIGHT FIT: While their yields are pretty low across the board, different types of money funds invest in different types of debt. So pick the right type to balance how much safety you're willing to give up for a slightly higher yield.

Many funds buy super-safe government debt such as Treasury bills, and generally carry the lowest yields — currently averaging a minuscule 0.1 percent or so. So-called prime funds seek slightly higher yields but accept marginal risk by venturing into some forms of corporate bonds, which carry the risk of default.

NOTE:many funds super-safe goverment debt as the treasury bills, preme funds seek slihtly higeher yields but accept marginal risk by venturing into the some forms of corporate bonds.

Money-market funds can also invest large sums in bank certificates of deposit, and command higher interest rates than you could get on your own. So-called tax-free money funds can invest in debt issued by state or local governments, which can offer tax advantages.

2. RESIST THE CHASE FOR YIELD: If you're comparing money fund yields, resist the temptation to buy a fund just based on a higher yield. Be sure to research the fund. Try to determine what risks the fund may be taking to generate the higher return — such as a soured investment in Lehman Brothers bonds, that led one money fund to expose investors to losses last fall.

3. CHECK EXPENSES: Fund expenses are a big consideration because a small difference in the amount you pay can offset the relatively modest yield of a money fund. Generally, look for expense ratios below 0.5 percent.

4. MONITOR FEES: With money fund yields at historic lows, fund companies are finding they can barely meet fund expenses and make a profit. That pressures the companies to pass on higher fees. Monitor disclosures about such fee increases.

Copyright © 2009 The Associated Press. All rights reserved.
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FUND TIME: SUPREME COURT TO WEIGH IN ON MUTUAL FUNDS FEES

2009-04-08T04:03:00.001-07:00

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Fund Times: Supreme Court to Weigh In on Mutual Fund Fees
Plus, more fund mergers announced.

By Ryan Leggio | 03-12-09 | 01:45 PM | E-mail Article | Print Article | Permissions/Reprints | Ryan's Monthly Newsletter

The Supreme Court announced this week that it will review the fund fee case brought against Harris Associates, advisor to the Oakmark funds. The Supreme Court will hear oral arguments for Jones v. Harris this fall. As we've reported before in Fund Times, the Supreme Court will weigh in on whether Harris' fees were excessive. For more information, including the legal question the Supreme Court will tackle, check out Oyez. For a more detailed analysis of the case, including what an overruling might mean for mutual fund shareholder fees, see this Fund Spy.
Transamerica Fires Advisors
Transamerica has fired TCW and AllianceBernstein from Transamerica Partners Large Value Fund (DVEIX

Sponsored by:
DVEIX) because of performance and volatility. Stepping in for AllianceBernstein is Philadelphia-based quant shop Aronson+Johnson+Ortiz (AJO). AJO comanages another Transamerica fund, Transamerica Partners Large Core (DVGIX

Sponsored by:
DVGIX), with BlackRock. AJO also manages Quaker Small-Cap Value (QUSVX

Sponsored by:
QUSVX), a small-blend fund, and Absolute Strategies (ASFIX

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ASFIX), a fund of funds within the long-short category.

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FPA's Bob Rodriguez announced that he will step back from day-to-day management of his funds, FPA Capital (FPPTX

Sponsored by:
FPPTX) and FPA New Income (FPNIX

Sponsored by:
FPNIX), in 2010. Please see my colleague Russel Kinnel's take on what the departure means for shareholders.

Vanguard Adopts New Policy for Controversial Holdings
Vanguard's fund board recently directed the firm to report back on companies in which it invests that might be involved with human rights' abuses. Vanguard, along with other investment firms, has been subject to criticism from special-interest groups that object to the funds' investments in firms such as PetroChina (PTR

Sponsored by:
PTR).

Under the new policy, the fund board will receive regular reports on companies in which they invest "whose direct involvement in crimes against humanity or patterns of egregious abuses of human rights would warrant engagement or potential divestment."

NOTE: the new policy will receive the regular reports on the companies.

It is unclear what impact this new procedure will ultimately have on a formal shareholder proposal from Investors Against Genocide, which would require a similar review process for holdings at 30 Vanguard funds.

RiverSource and Seligman Fund Merger Update
Just weeks after RiverSource's purchase of Seligman, RiverSource says it plans to merge 47 Seligman and RiverSource funds. The affected funds include Riversource Global Technology (AXIAX

Sponsored by:
AXIAX), which would be merged into Seligman Global Technology (SHGTX

Sponsored by:
SHGTX). Meanwhile, Seligman Common Stock (SCSFX

Sponsored by:
SCSFX) would merge into RiverSource Disciplined Equity (AQEAX

Sponsored by:
AQEAX). In addition, the majority of Seligman's single-state municipal-bond fund lineup would be merged into Seligman National Municipal (SNXEX

Sponsored by:
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Of the 47 funds involved, 30 Seligman funds will charge shareholders 0.16% of assets to change transfer agents. We're disappointed that RiverSource elected to pass this cost on to fundholders, though the mergers should generate economies of scale and using one transfer agent for all funds should result in some annual savings over the long term. These savings will lower the expense ratios on most of the merged Seligman funds 12 months after they are merged, which is expected (pending shareholder approval) in May.

NOTE: the mergers should the generate economies these saving will lower the expences ratio on most of the merged seligmas funds.

Fidelity Launches Cheaper Share Class for Retirement Plans
Fidelity is launching a new low-cost share class aimed at retirement plans. The new K shares will be available only through retirement plans. For example, while Fidelity Freedom 2030 (FFFEX

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FFFEX) charges 0.76%, the K shares will be almost 30% cheaper and charge only 0.54%.
To read more about the securities mentioned in this article, become a Morningstar.com Premium Member. Gain access to comprehensive investment research including Morningstar's stock fair value estimates, company economic moat ratings, Fund Analyst Picks, and Fund Stewardship Grades. Click here to start a free 14-day trial.
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THE GOOD , BAD , AND UGLY IN HEDGE : A MANAGER 'S VIEW

2009-04-06T22:37:00.001-07:00

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MyTake March 5, 2009, 12:01AM EST
The Good, Bad, and Ugly in Hedge Funds: A Manager's View
BusinessWeek reader and hedge fund manager Eric Jackson considers the pros and cons of his industry

By Eric Jackson
null

Naples (Fla.)-based BusinessWeek reader Eric Jackson is founder and managing member of Ironfire Capital LLC and the general partner and investment manager of Ironfire Capital US Fund LP and Ironfire Capital International Fund Ltd.
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Not too long ago, practically every newly minted MBA wanted to be a hedge fund manager, and investors—including many conservative pension funds and endowments—rushed at the chance to place assets in hedge funds. Yet hedge fund managers were blamed for both artificially inflating the price of oil last summer and, when prices dropped, for contributing to the looming recession.

The mainstream press has now taken to derisively calling them "former masters of the universe," while noting that compensation is still "obscene." As quickly as assets came in during the up market, they have gone out in a declining market. In the last quarter of 2008, $152 billion in hedge fund assets were redeemed, even ones with positive returns in 2008

As a hedge fund manager, I'm neither an apologist nor a cheerleader for my industry. Like any business, the hedge fund world has good and bad practices and managers. All managers need to accept accountability for the trying times we are living through. But it's fanciful to suggest hedge funds are about to disappear. Quite the opposite: The industry will be thriving even five years from now because it will continue to attract the best managers and the most sophisticated investors seeking alpha through innovative strategies. Here are some of the good and bad practices in the industry today:
Barbarians at the Gates

NOTE: the all manager needs to accept accountability for the trying times that we are living through.

Hedge funds have long had "gates" as options available to the fund and/or manager included in their subscription documents. All investors reviewed these prior to making an investment. You haven't heard much about them because hedge funds haven't gone through a sustained down period the way we have in the past six months. As a result, a number of funds have exercised their rights to enforce a gate, reducing how quickly investors can redeem out of the fund. The intent of a gate is to prevent a panicked run on the fund, requiring forced selling, which can be very difficult for funds holding illiquid assets, and which further lowers the value of the remaining investors' assets in the fund.

Gates are a perfectly legitimate operating mechanism and will continue to be part of hedge fund investing. Moreover, as so many funds have decided to use them in the past four months, it is unlikely any one fund will be unfairly penalized by investors when they raise new funds down the road. The managers who will be penalized for putting up a gate are the ones who continue to charge fees after doing so. That's their right under their agreements, but it certainly doesn't engender goodwill, and investors tend to have elephant-like memories.
Overpaid and Underperforming?

Critics have attacked the standard hedge fund compensation model of 2% annual management fee and 20%-of-profits performance fee in light of the industry's poor 2008 performance (-19.2% for the average fund, according to Hennessee Group). Yes, many hedge fund managers made bad calls in 2008, but one-third of hedge funds made money in a year when the Standard & Poor's 500-stock index was down 40%. Only 1 in 1,700 mutual funds made money in the same period, meaning you were 50 times more likely to make money in a hedge fund compared to a mutual fund last year. What is that worth in fees?

Sadly, some hedge fund managers don't help themselves in the court of public opinion. Call it John Thain-itis. Many media profiles of hedge fund managers mention private jets, homes in the Hamptons, and flashy lifestyles, none of which has any predictive value about whether a hedge fund is a good investment. It's always been about the returns over a specific period of time, and the comparable risk-reward of other alternatives to invest their money.
Eyeing High-Water Marks

Hedge funds typically have high-water marks, which require hedge fund managers to make their investors whole before paying themselves performance fees. These high-water marks are going to cast a large shadow in the industry for the next few years.

What high-water marks also do—from an investor's perspective—is level the differences between a hedge fund and a mutual fund or other asset manager. Any investor has to pay a percentage of assets in management fees to a money manager. In the case of hedge funds, an investor pays performance fees only when the manager makes money. Investors also know that hedge funds will invariably attract more talent because the compensation levels are higher than the mutual fund industry or elsewhere.

Some observers feel that high-water marks are not the panacea they seem. In a down year, they argue, you can just shut down your fund to avoid the pain of making back past losses and open up another shop across the street. Although this can and does happen, it's just as common for hedge funds to honor their high-water marks instead of taking the easy way out and shutting down, eliminating the high-water mark, and reopening later.

Bottom line: If managers screw up, they need to face the consequences. It's that kind of Darwinism which makes the industry strong. Investors shouldn't have any qualms about having to pay performance—or more correctly stated, revenue-sharing—fees.
Reconciling Differences

With over 10,000 hedge funds worldwide in 2008, funds naturally vary in size and strategy. Some pursue absolute returns, always seeking to grow capital, no matter the market; others aim to beat the S&P or other benchmark on a relative basis. Absolute and relative performance strategies have different levels of volatility due to the different types of risk they take on.

James Simons of Renaissance Technologies recently announced that his firm would not charge fees to existing investors for its Institutional Futures fund, which was down 12% in 2008, but would still charge fees on its Institutional Equities fund, which was down 16%. The difference between the two funds? The first follows an absolute return strategy, while the second aims to beat the S&P 500 by 4% to 6%, which it did.

There is no question that there's a sea change taking place in the hedge fund industry, which saw its assets decline by $782 billion, to $1.21 trillion, in the past year. That's a Detroit-like drop in demand on a year-over-year basis. Within five years, it's likely the mega-funds will dominate, similar to the private equity world, where you have KKR, Bain, T.H. Lee, and a lot of small fry.
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STOCK MUTUAL FUNDS HAD $29.9 BILLION OUTFLOW THURSDAY--WED--TRIMTABS.

2009-04-05T22:21:00.001-07:00

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Actualités - Friday March 6th, 2009
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Stock Mutual Funds Had $29.9 Billion Outflow Thursday-Wed - TrimTabs
Friday March 6th, 2009 / 15h30
NEW YORK -(Dow Jones)- Stock mutual funds had an outflow of $29.9 billion during the week ended Wednesday, compared with a revised outflow of $18 billion during the previous week, according to TrimTabs Investment Research estimates.
For the week ended Wednesday, domestic funds had an outflow of $19.8 billion from a revised outflow of $12.4 billion in the previous week. International stock funds had an outflow of $10.1 billion from a revised outflow of $5.6 billion the previous week.

NOTE:the domestic funds had an outflow of $ 29.8 billion

Separately, bond funds posted inflows of $1.1 billion, from a revised inflow of $3.5 billion during the previous week. Hybrid funds, which mix stocks and bonds, posted outflows of $5.3 billion, from a revised outflow of $2.6 billion during the previous week.
Separately, TrimTabs reports that exchange-traded funds (ETFs) that invest in U.S. stocks posted an inflow of $592 million versus a revised outflow of $739 million in the previous week. ETFs that invest in non-U.S. stocks had an outflow of $1.2 billion versus a revised outflow of $540 million in the previous week.
The Dow Jones Industrial Average fell 5.4% during the week ended Wednesday, the Nasdaq Composite Index fell 5.0%, and the Standard & Poor's 500 Index fell 6.8%.
TrimTabs, Santa Rosa, Calif., tracks daily flows of 90 fund families that have about 15% of all equity-fund assets. TrimTabs then regresses those numbers by sector to estimate total flows for all equity funds.
-By Stephen McMillian, Dow Jones Newswires; 201-938-5088; stephen.mcmillian@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=nzprSMl7gIBAvtgyRSxkFA%3D%3D. You can use this link on the day this article is published and the following day.
Friday March 6th, 2009 / 15h30 Source : Dowjones Business News

News du Vendredi 6 mars 2009 exclure les news en anglais

23h58 UPDATE US Joins False Claim Suit Vs Community Health Systems (DJ)
23h58 UPDATE Merrill Bonus Info Shouldn't Be Confidential - NY AG (DJ)
23h56 Micro-Blogger Twitter Launches New Search Functions (DJ)
23h52 UK, Lloyds agree asset protection deal source (Reuters)
23h52 Brazil Petrobras 4Q Net Profit Up 44% On Year At BRL7.36... (DJ)
23h46 US Sen Kerry Says Financial Bailout Could Exceed $2 Trillion (DJ)
23h42 PRESS RELEASE Sanmina-SCI Corporation Announces Proposed... (DJ)
23h39 Dow Chemical and Rohm in talks on disputed deal (Reuters)
23h36 UPDATE SEC Approves ICE's Credit-Default Swap Clearing Plan (DJ)
23h32 Brazil President Lula First Oil From Tupi Field May 1... (DJ)
23h26 Ten Banks Sign On As Initial Clearing Members Of ICE Trust (DJ)
23h20 2nd UPDATE With Trading Gaffe,BofA Deals With New Black Eye (DJ)
23h14 LATIN AMERICAN MARKETS Stocks End Session, Week Lower;... (DJ)
23h12 US Joins Whistleblower Suit Versus Community Health Systems (DJ)
23h08 UK to take 75 percent Lloyds stake in asset deal report (Reuters)
23h06 California To Borrow $1.5 Billion To Stay Afloat (DJ)
23h06 NY AG Merrill Bonus Information Shouldn't Be Confidential (DJ)
23h04 Intel va installer un laboratoire sur plateau de Saclay... (DJ)
23h03 Dow, S&P buoyed by oil; Nasdaq falters on techs (Reuters)
23h01 Irish regulator says probing Merrill Lynch trades (Reuters)
23h00 AIG's Loss-Filled Securities-Lending Program Cut Its Fees (DJ)
22h58 Madoff sur le point de plaider coupable -enquêteurs (DJ)
22h58 PdVSA Reviewing Legality Of Unpaid Debts To Contractors (DJ)
22h56 Total Paimboeuf retire sa plainte pr pollution de la Loire (DJ)
22h52 Freddie Mac Agrees To Protect Officers From Liabilities (DJ)
22h50 New York Money Market Rate Indications (DJ)
22h48 PRESS RELEASE United States Joins Suit Against Community... (DJ)
22h46 UPDATE With Trading Gaffe, BofA Deals With New Black Eye (DJ)
22h40 Wall Street finit sur une note indécise (Reuters)
22h40 SEC Approves ICE's Credit-Default Swap Clearing Plan (DJ)

1 - 2 - 3 - 4 - 5 - 6 - 7 - 8 - 9 - 10 - page suivante

Sources : Dowjones Newswires + Business News, Reuters, Cercle Finance, Hugin

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La Bourse de Paris débute sur une note légèrement positive, après un violent aller-retour au cours des deux dernières séances. Les investisseurs attendent les chiffres de l'emploi...
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MUTUAL FUNDS
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Don't miss these top money and investing columns:

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The Jewish people spent 40 years in the wilderness before reaching the Promised Land. Odysseus toiled at sea for 20 years until he saw Ithaca again. Disenchanted stock investors nowadays can only reflect on their own bewildering fate and wonder if and when their fortunes will turn.
Every odyssey has life-changing trials and tribulations. This bear market will influence baby boomers' investment ideals for the rest of their lives. Some may never return to stocks, others will tiptoe back with trepidation. People in their 20s and 30s, seeing how the bear has shredded their parents' fortunes, may also think twice before putting their own money into the market.

NOTE:the jewish people spent 40 years, disenchanted stock incestor now adays can onlyreflected.

Tales where the hero triumphs over adversity are enduring. But sometimes the hero takes a fall. More than a year into this downturn, investors are still unsure how their hard-luck story will end.
-- Jonathan Burton, assistant personal finance editor
INVESTMENT NEWS & TRENDS
Three to six years before investors recoup portfolio losses, advisers predict
Investment advisers are split on whether the U.S. economy will emerge from recession this year or next, but most say it will be three years and possibly almost six before battered investors recoup portfolio losses, according to a Charles Schwab & Co. survey.
See FundWatch.
Surviving a Darwinian market
What stocks would Charles Darwin buy? The pioneering British biologist might have made an unusually sharp stock analyst, dissecting financial statements and experimenting with forecasting models to determine which among the corporate species have the innate ability to adapt to hostile environments.
See Life Savings.
Defensive stocks are the best offense for bearish fund manager
As debate rages about how much longer the recession will last, David Pedowitz, managing director at investment firm Neuberger Berman, is concerned with a scarier question: whether it has even hit bottom.
See The Stockpickers.
Investors ditch market-beating attempts, settle for average returns
Mutual fund investors in 2008 yanked more money out of actively managed stock-funds than they put in for only the third time ever, and index-fund rivals took the spoils.
See full story.
Stock funds lose 8.7% in February
Mutual-fund investors, still reeling from heavy double-digit losses in 2008, took a further beating in February, with average stock-fund returns down 8.7% in the month.
See full story.
COMMENTARY
Protect your cash reserves with an insurance policy loan
It's controversial though important to protecting the liquidity of millions of investors. But an insurance policy loan is low-cost and you may be able to find positive carry at little risk to you.
See Bill Donoghue.
Fund investors may feel brunt of industry's troubles
What happens if a mutual fund company is having troubles that make your fund less competitive and raise questions about its management?
See Chuck Jaffe. End of Story

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MUUALS FUNDS SEE INFLOWS IN JANUARY

2009-04-03T20:45:00.001-07:00

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home >> investing >> Mutual Funds See Inflows in January
Investing
Mutual Funds See Inflows in January

Rebecca Moore – 03/06/2009
Stock and bond funds experienced net inflows of $22.3 billion in January, according to the Financial Research Corporation (FRC).

Corporate Bond Funds led the way, with $16.1 billion in inflows, followed by tax-free bond funds ($3.8 billion) and equity funds ($3.0 billion). International/global equity funds experienced the largest net outflows of $895 million.

NOTE: the corporate bond funds lend the way, followed by tax-free bond fund.

By Morningstar category, investors favored intermediate-term bond funds, which posted an inflow of $7.8 billion for the month, followed by high-yield bond funds and specialty-natural resources funds, which pulled in $3.7 billion and $2.99 billion, respectively.

The best selling funds in January were the Vanguard Total Bond II ($13.5 billion), PIMCO Total Return ($3.2 billion), and State Street's SPDR Gold Shares ($1.8 billion).

However, sales were not enough to counter market losses as the combined assets of the nation's mutual funds decreased in January by $191 billion, according to the Investment Company Institute (see "Sales not Enough to Counter Mutual Fund Losses").

NOTE: the combined asset of the nation's mutual fund are decreased in january.

More information is available at www.frcnet.com.

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WHEN THE MUTUAL FUNDS CHANGE MANAGERS

2009-04-02T20:33:00.001-07:00

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Intelligent Investing Panel
When Mutual Funds Change Managers
Michael Maiello, 03.06.09, 06:00 AM EST
You know how your fund has performed in the past, but do you know your manager's history? These days, everything's traceable.

When selecting mutual funds, most investors look to past performance.

It's an imperfect indicator of future performance, of course, but it's usually the best data available. At the very least, good performance over a long period of time implies that mutual fund managers have skill.
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But there are problems with the way past returns are reported. First, there's nothing that indicates the effect of manager changes over long-lived funds. Fidelity Magellan has beaten the S&P 500 over the course of its long life as a fund, but it's had many managers (and many legendary ones). Obviously, Peter Lynch's Magellan was different than Harry Lange's or Ned Johnson's or Jeff Vinik's.

This chart, provided by Adviser Investments, shows the effect of a manager change (indicated by red dot) on the Vanguard Capital Opportunity Fund:

capitalopp_chart.gif

Another thing that investors aren't told is what new managers have done at other funds. If you own a fund that gets a new manager, you're left to trust that he or she will follow an old successful strategy or was hired for a good reason. Fund companies don't tell you anything about manager track records.

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All of this is the fault of the Securities and Exchange Commission, not the fund companies. What fund companies can and can't report is tightly controlled. A manager's previous record is forbidden territory.

Mutual fund families are also required to only report performance net of fees, so historic returns don't reflect the effects of fee changes over time. Though fund families are required to inform investors about manager changes, they aren't required to start a fund's record over when a new manager takes over.

Newsletter editor James Lowell joins our panel of experts. He is head of the Rankings Service, a firm that tracks career-long manager performance over multiple funds. You can also trace manager performance yourself. It's a bit tedious, but start with the manager's bio in the fund's fact sheet or prospectus.

Then, backtrack. Past bios probably reveal more about the manager's past fund positions. At that point, it's possible to work out approximate dates of tenure and, with historical return data available free on the Web, to work out performance against a broad benchmark like the S&P 500.

NOTE:JAMES LOWELL he is head of the ranking of serveces and he is good news letter editor.
This week our mutual fund managers discussed issues of disclosure.

The Forbes mutual fund panelists are:

Daniel P. Wiener, editor of Independent Adviser for Vanguard Investors and CEO of Adviser Investments.

Adam Bold, founder and chief investment officer of the Mutual Fund Store.

Richard Gates, portfolio manager for TFS Capital.

Laura Corsell, an attorney with Montgomery, McCracken, Walker & Rhoads specializing in mutual funds, investment management, regulation and compliance.

James Lowell, editor of Fidelity Investor, the Forbes ETF Advisor, ETF Trader and the Rankings Service.

Performance Records

Wiener: The issue of manager changes is a big one, and one not adequately addressed in most disclosure documents or other performance-based documents. A perfect example: Vanguard's Growth Equity fund was run from inception through late last year by a team at Turner Investments. After years of dismal performance, a chunk of the fund was handed over to Baillie Gifford last spring.

Further, Turner was then fired in January of this year, and Jennison Associates was hired, and the fund's assets split fairly evenly between the two management teams. As far as I'm concerned, it's a brand-new fund. Period. Yet it will continue to show horrific one-year, three-year and longer performance numbers. I don't know of anyone putting an asterisk on performance numbers indicating manager changes.

Shareholders receive notification, generally in the fund's annual or semiannual report, but I don't believe there is very good disclosure at all.

Meanwhile, I don't believe funds would be allowed to show prior performance from "other" funds, though this is absolutely the type of research and analysis I do for readers of my newsletter and for clients of Adviser Investments. It's one reason we purchased Vanguard's Capital Opportunity fund one month after Husic Capital was fired and PRIMECAP Management was hired to run the fund--I gave them a month to revamp the portfolio--despite the fact that its historical "numbers" looked horrible for months and years afterwards, even though the PRIMECAP team was going great guns.

NOTE:the fact that its historical "numbers" even thought the PRIMECAP team was going great guns.

Lowell: Calculating the running records of each manager's monthly performances--one can do annual, quarterly, weekly, daily reviews, etc.--relative to highly correlated benchmarks over their total career of managing money is the most accurate way to measure and monitor not only past performance but how that performance was derived during different market cycles and seasons, different objectives and different risk management challenges and requirements. If I can see the extent to which the managers' choices have tended to help, or hurt, fund performance over their career, why isn't it mandatory to disclose this for every investor?

Abigail Johnson, president of Fidelity Personal Workplace and Investing, said, "You do your research, you make your recommendations or you buy your stocks and you live with your moves, and your success or failure against the benchmarks is right out there to be seen."

Johnson has it exactly right. At Fidelity, investing is a batting average business, where batting average isn't good enough. Moreover, it's a business where, despite all the conventional wisdom and services, the batting averages of your individual managers' stock- and/or bond-investing careers matter more than any current rating service or consulting firm can quantify or qualify. As Peter Lynch, former star manager of the once glorious Magellan still quips, "Stock investors need to know what they own."

Today's investors are being ill served by the very sources they turn to for advice. The problem? Morningstar, Lipper or S&P, or many advisory newsletters, all share one fatal flaw: They rate and recommend funds based on the fund's past performance rather than the historical track record of the manager who is currently running the fund.

Since Fidelity has a long-standing history of offering funds run by individual managers, as opposed to anonymous teams of them, and the fact that Fidelity has historically grown its own management talent, culled from the über-competitive environment, it has always been and remains a perfect microcosm for tracking, ranking and buying the manager, not the fund.

Gates: Welcome, James! And, thanks for sharing so much good information about your business. I am interested in knowing whether you have any specific data supporting the claims that manager changes affect fund performance. While I know that it intuitively makes sense, I would love to see numbers showing the impact that such changes have. Do you have anything quantifiable like that? Or, is most of your evidence anecdotal, like the PRIMECAP example that Dan provided below?

Wiener: Mine's not anecdotal. I can send you a chart that shows that the fund was lagging its benchmarks until the change, then, wham, it started to outperform.

Lowell: Plenty of examples in and beyond Fidelity's pale with regard to both missed opportunities of low-star-rated funds with new managers with stellar records, and the cost opportunity of holding on to a fund when a manager with a poor track record takes the helm, etc. (This also plays out on fund firms that, when ranked by the performance of their underlying managers, often reveals misalignments with high impression/low performance and low impression/high performance.)

One example: Fidelity Aggressive Growth. Back in 1999/2000 it was a five-star fund based on manager Erin Sullivan's returns; she was a large-cap growth momentum manager. In 1999 the market handed her some momentum, but she trumped her benchmark index: 103%, vs. 51% for Russell Midcap Growth. She left to start a now defunct hedge fund; her replacement was Rob Bertelson, who had come off of managing Fidelity OTC--benched to the Nasdaq, where he delivered a 72.5% return in 1999. Unfortunately, his benchmark, the Nasdaq, gained 86% that year.

We held Aggressive Growth in our Growth model so the change triggered a deep search of Bertelson's historical track record, where we saw that not only did he consistently fail to be his bench in updrafts, but he had a habit of doing about twice as worse in downdrafts. We said sell. The new president of FMR, Fidelity's fund company, and owner, Abigail Johnson, came out with her first public statement in TheBoston Globe defending their pick of the new manager and questioning my judgment. Barron's picked up the fight.

Long story short, by the time Rob was pulled from the fund, about two years down the road, February 2000 to November 2002, he'd lost shareholders about 85% of their money while his benchmark had lost about 46%--consistent with what we'd seen in his past record, and suggestive that our sell wasn't too off base. Never did hear back from Abigail on that one.

Gates: One fund's manager change is very anecdotal. Just like I would say that analyzing a small subset of Morningstar's analyst reports does not paint a true picture, I think it makes more sense to evaluate the whole universe, or some random subset of the whole universe.

Wiener: But Rich, I don't buy the universe of mutual funds, I buy individual managers. So, I look for great managers with great, long-term track records. If I cared about the whole universe, I'd buy a total market ETF and go home.

Lowell: My sense of the word anecdotal is that it leans towards hearsay. Dan's case in point is just that, and a good one. What I know: Manager by manager, brick by brick, the "anecdotal" turns into the archetypal framework for being able to say, based on our purely quantitative rankings of the universe of active managers, that individual skills, or lack thereof, directly impacts performance meaningfully. And consistently enough to make it at least a necessary second opinion to the blithe and subjective (ruled by committee, input criterion subject to change, etc.) rating services' shared assumption that fund performance histories are more important than manager track records.

Put it another way, when we run the universe of 7,800 managers that account for 99.6% of fund assets, we can confirm that [indexing proponent John] Bogle is right in his assumption that about 80% of active managers fail to beat their benchmarks. Of course, that leaves more than 1,500 who do ... but this latter point is not a great sales pitch for an index guy.

Gates: Anecdotal evidence can be evidence, which may itself be true and verifiable, that is used to deduce a conclusion that does not follow from it, usually by generalizing from an insufficient amount of evidence. For example "my grandfather smoked like a chimney and died healthy in a car crash at the age of 99" does not disprove the proposition that "smoking markedly increases the probability of cancer and heart disease at a relatively early age." In this case, the evidence may itself be true, but does not warrant the conclusion.

So, that is why I think citing individual examples to prove a point is worthless. But my intuition tells me that manager changes are important. And I think that a manager's past success, or lack thereof, at the helm of a different fund probably provides some insight into what she will do at the current fund.

Corsell: Just picking up the thread. and, as the lawyer in the crowd, I want to clarify that any time the identity of an individual portfolio manager changes, a fund must sticker its prospectus to provide the identity and professional background of the new manager. It is also true, however, that funds are generally not permitted to provide information about the past performance of individual managers.

Bottom line, attentive investors are aware of manager changes. but, without the detailed analysis Jim does, there is no way for even a careful investor to track the performance of a single portfolio manager.

Bottom line: Investors to whom gross performance is unavailable--everyone except institutional investors--have limited ability to assess/compare the quality of the service provided by individual portfolio managers in the context of a mutual fund. Before slamming the funds, though, remember that the rules relating to performance presentations are fixed by the SEC. And for as long as funds have been permitted to advertise performance--this was prohibited before 1975--the SEC has held that net performance is king.

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The FHA Hope For Homeowners program was designed for existing homeowners, struggling with mortgage payments and an "upside-down" equity position in their primary residence. It is a new program with lots of misinformation. Some believe it can only be offered by existing loan servicers, some think

1 hour ago by gswann in BloodhoundBlog: National real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments · Authority: 1,338
10. No one has claimed this blog
How a Degree in the Culinary Arts will Give You the Edge
http://www.betteronlineeducation.com/ / how-a-degree-in-the-culinary-arts-will-g…

Find the Best Online Colleges Universities at BetterOnlineEducation ... of the food industry, so you can expect some in-depth tuition on business management and running IT programs such as CRM (customer relationship management) and

1 hour ago in Best Online Colleges, Best Online Universities, Top Online College Review, APA Approved Accredited Programs · Authority: 25
11. Photo of techlime
Acer Aspire Wimax Notebooks: 6930-6771 & 4930-6862
http://techlime.com/ laptops-desktop-tablet-pc/ acer-aspire-wimax-notebooks-6930…

Acer have taken the wraps off of their WiMAX-integrated notebooks, designed to work with Sprint's new XOHM network. The tiresomely-named Aspire 4930-6862 and Aspire 6930-6771 both integrate Intel's new WiMAX/WiFi Link 5050 module for Centrino 2 notebooks, promising average downlink speeds of 2-4

1 hour ago by techlime in TechLime | Mobiles, Graphic Cards, CPU, Cameras, LCD Tvs, Gaming, GPS, Handhelds, HDTV, Laptops, Storage, etc. · Authority: 75

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1. No one has claimed this blog
The Fall of the Bond Markets
http://money-advice-guide.org/ 2008/ 10/ 09/ the-fall-of-the-bond-markets/

The Fall of the Bond Markets The current question that is being asked in the stock is why is the bond market selling off. While there is a number of excuses there are real reasons this is occurring. First and foremost there are more seller than buyers.
NOTE:PLUNGE IN THE STOCKMARKET AFFECTED THE BOND MARKET.
48 minutes ago in Money Advice Guide · Authority: 15
2. Photo of Finbar
THE FINTAG NEWSLETTER @ 09 October 2008
http://fintag.com/ archive/ 2008/ 10/ 09/

[ ]FINTAG COMMENT Phew! At last these "once in a lifetime events" ... on dire warnings by the International Monetary Fund. The UK Government sought to bolster Britain's

1 hour ago by Finbar in FiNTAG: Hedge Funds: Daily News: Gossip: Predictions: Opinions · Authority: 65
3.
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Videos about mutual fund
1. 20. Mutual Funds 1: What is a Mutual Fund?
2. 21. Mutual Funds 2: Types of Mutual Funds
3. Mutual fund company deal
4. Very funny Indian ad for HDFC Mutual fund
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Too 'SMALL' To Fail!!!
http://howardlindzon.com/ ?p=3878

There is panic people. You can choose to Panic or you can do as I do everyday and repeat after ... such massive damage (the IBD mutual fund index is down 40 freaking percent this year). This is a once

1 hour ago in Howard Lindzon · Authority: 250
5. No one has claimed this blog
Why the Wall Street bail out plan is bad-5: Rewarding greed
http://wp02.miomia.net/ wp02/ 2008/ 23466.html

In this next-to-last post in this series (but probably not on this topic), I want to look at how senior Wall Street executives saw their profession as some sort of game in which the goal was to extract more personal benefit than the next executive, leading to a leap-frogging of various forms of

2 hours ago in Mortgage Information · Authority: 106
6. Photo of QualityStocks
USA Truck Inc. (USAK): King of the Road, Royalty for Your Portfolio?
http://Blog.QualityStocks.net/ ?p=12832

USA Truck (USAK) offers truckload freight services to various industries, ... own 31 percent of USA Truck's shares while 40 institutions control another 57 percent. Mutual fund

2 hours ago by QualityStocks in The Quality Stocks Stock Newsletter For Smallcap Companies Blog · Authority: 41
7. No one has claimed this blog
Say it with me: Money market mutual funds are not insured
http://www.usatoday.com/ money/ perfi/ columnist/ krantz/ 2008-10-09-money-marke…

Q: I thought money market funds were safe. So, why am I losing 3% of my money on The Reserve Primary Fund?

3 hours ago in Money News: Financial, Economy, Stock Market & Real Estate Stories - USATODAY.com · Authority: 30
8. No one has claimed this blog
Say it with me: Money market mutual funds are not insured
http://money.com.hr/ say-it-with-me-money-market-mutual-funds-are-not-insured/

Q: I thought money market funds were safe. So, why am I losing 3% of my money on The Reserve Primary Fund?

3 hours ago in Money, Insurance, Mortgage, Investment · Authority: 20
9. No one has claimed this blog
Obama Lying Again
http://robertd.wordpress.com/ 2008/ 10/ 08/ obama-lying-again/

From the McCain Campaign via Fox's Urgent Que. You get to read it here first! Of course the McCain people won't say B. Hussein Obama lied, that was me. I say, watch the video and read the facts. He Lied!
NOTE: MCCAIN IS A U.S. PRESIDENTIAL CANDIDATE.
3 hours ago in Bob's Bites · Authority: 25
10. Photo of MarathonPundit
Friends of Barack update: Obama still not telling all about his relationship with Ayers
http://marathonpundit.blogspot.com/ 2008/ 10/ obama-still-not-telling-all-on-his…

Barack Obama is still not telling everything he knows about his relationship with unreptentant terrorist Bill "Bomber" Ayers. Or for that matter, Ayers' wife Bernardin Dohrn. In his interview on on Hannity & Colmes I saw two hours ago, John McCain said something along the lines that during their

3 hours ago by MarathonPundit in Marathon Pundit · Authority: 240
11. No one has claimed this blog
Four Mutual Fund Giants Join Guaranty Plan
http://www.wp.elo.pl/ four-mutual-fund-giants-join-guaranty-plan-3/ 09/ 10/ 2008…

The new federal program aimed at restoring confidence in the nation's money market funds was joined by four of the nation's best-known mutual fund companies.

3 hours ago in My very new news blog · Authority: 24

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OLDER AUSTRALIANS TOLD TO MOVE ON

2008-10-16T16:01:00.001-07:00

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Older Australians told to move on
http://topnews.in/ older-australians-told-move-274413

Older Australians told to move on Submitted by Sahil Nagpal on Thu, 10/09/2008 - 03:22. Lifestyle Australia Sydney - Retired couple Lyn Gardiner and Rob Gay are selling their Melbourne home, buying a camper van and joining the tens of thousands of older Australians perpetually on tour in the wide brown land. It's a lifestyle change that warms the heart of sociologist Bruce Bradbury of the University of New South Wales in Sydney. His research shows that lots of pensioners have little money in the bank but are living in houses worth a fortune.
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Rising items in Finance
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1. Worden's T2116: Another Indicator That's Off the Charts
2. Tech stocks close erratic day in the red
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5. Russian Stock Market Collapse Exacerbates Its Credit Crunch

Sad Guys on Trading Floors

As noted yesterday, we lowered our Dow target to 9,000. As we get closer to that, we start paying closer attention to contrary indicators.
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1. No one has claimed this blog
Rate Cut Speculation
http://wp02.miomia.net/ wp02/ 2008/ 23490.html

Good morning. Much like we saw late last week, speculation has intensified over worldwide rate ... and have been extremely volatile ahead of the open. At a minimum, we're likely to see a very choppy trading session

5 minutes ago in Mortgage Information · Authority: 106
2. No one has claimed this blog
Ahead Of The Vote
http://wp02.miomia.net/ wp02/ 2008/ 23489.html
NOTE: TRADING HAS ITS POSITIVE AND NEGATIVE EFFECTS.
[#2: Edit Options>MightyAdsense>Adsense Code] Good morning. Continuing the trend of negative ... trading, a number of financial stocks are in rally mode as traders think a M&A wave is about to hit ... is likely to be as negative as the other economic reports we've seen this week.

6 minutes ago in Mortgage Information · Authority: 106
3. No one has claimed this blog
Seeking Clarity
http://wp02.miomia.net/ wp02/ 2008/ 23488.html

[#3: Edit Options>MightyAdsense>Adsense Code] Good morning. Much like we saw yesterday morning, we're seeing negative sentiment in the premarket trading as investors seek clarity from both Congress and the economy.

6 minutes ago in Mortgage Information · Authority: 106
4. Photo of justabovesunset
The Perils of Simplification
http://justabovesunset.wordpress.com/ 2008/ 10/ 08/ the-perils-of-simplification…

Karl Popper once said that science may be described as the art of systematic oversimplification. You come up with a relatively simple way to explain why things are as they are – your hypothesis – and you test your hypothesis with controlled experiments to figure out if you were right, or way off target.

8 minutes ago by justabovesunset in Just Above Sunset · Authority: 42
5. No one has claimed this blog
Watch a dust devil spin in Martian Yasha kagome.
http://westcareold.fetischluder.com/ 2008/ 10/ 09/ watch-a-dust-devil-spin-in-ma…

Watch a dust devil spin in Martian Yasha kagome. October 9th, 2008 Auto generated from over news ... trading after saying it will raise capital and cut jobs following a third quarter profit decline

11 minutes ago in Boxes of cytotec a potency pill. · Authority: 102
6. Photo of AndrewOlson
Free Two Week Trial To The Options Capitalist
http://www.straightstocks.com/ stock-watch/ free-two-week-trial-to-the-options-c…
NOTE: SHEPARD IS A RESPECTED CAPITALIST.
Free Two Week Trial To The Options Capitalist Daniel Shepard Writes: Navivest is offering a free two week trial to our Options Capitalist trading advisory service ...

14 minutes ago by AndrewOlson in Stock Market News & stocks to watch from StraightStocks · Authority: 103
7. Photo of jollyroger
Add a TRILLION More
http://reconstitution.us/ rcnew/ ?p=2387

Add a TRILLION More Proportionally, this is hard to get your head around ... has shut down trading on its stock market a couple of times now, Germany has guaranteed the safety

17 minutes ago by jollyroger in Reconstitution 2.0 | Commentary guaranteed to offend, sooner or later. · Authority: 86
8. Photo of deadpresident
Hedge funds caused market crash ?
http://deadpresident.blogspot.com/ 2008/ 10/ hedge-funds-caused-market-crash.htm…

There were two rumours doing rounds explaining Wednesday's bungee-jump by the stock markets ... to the index."People who have been trading in stock futures and stocks are moving to the index, which could

19 minutes ago by deadpresident in Dead Presidents! - India Equity Research · Authority: 30
9. No one has claimed this blog
Ban on Short Sale Ends - Hold Your Breath
http://seekingalpha.com/ article/ 99127-ban-on-short-sale-ends-hold-your-breath?…

On October 1, 2008, the Securities and Exchange Commission extended its emergency action ... announced, the ProShares UltraShort Financial ETF (SKF) was halted and when it resumed trading

19 minutes ago in Stock Market News, Opinion & Analysis, Investing Ideas -- Seeking Alpha · Authority: 3,555
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Oil Hits 2008 Low in Intraday Trading
http://money.aol.com/ news/ articles/ _a/ bbdp/ oil-hits-2008-low-in-intraday-tr…

Oil Hits 2008 Low in Intraday Trading posted: 10 HOURS 4 MINUTES AGOcomments: 0 filed under: Crude Oil Prices oil derrick AP An unexpected rise in fuel inventories pushes crude oil futures

21 minutes ago in Money - AOL Money & Finance · Authority: 4,719

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ECONOMIC CRISIS CHANGES TONE OF RACE IN SIXTH DISTRICT

2008-10-15T16:26:00.001-07:00

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Home | Politically Connected | National Politics | U.S. House
Economic crisis changes tone of race in Sixth District

Marlin Levison, Star Tribune

From left, Bob Anderson, Michele Bachmann and Elwyn Tinklenberg held an election debate on Oct. 1 at Stillwater City Hall.

Wall Street's meltdown and the government's bailout have become key in the three-way battle for the House.

By PAT DOYLE, Star Tribune

Last update: October 8, 2008 - 11:01 PM
Featured comment
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Bachmann has to go...

This is an easy one. If you think the direction our country is heading is the wrong direction, you need to vote for a change. Bachmann … read more has been a whacky pawn for the far right political agenda...and this is an agenda that has not worked. Our economy is in the tank, our status in the world is on the decline, and that's just the start. Moreover, Bachmann is so obsessed with pet social issues like legislating a definition of marriage that she hasn't gained any meaningful status in Congress. We deserve AND we need much, much better...party allegiance alone cannot justify a vote for Bachmann.
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Abortion, taxes and transportation have dominated recent campaigns for Congress in the suburbs, small towns and farms north of the Twin Cities.

But the political landscape changed in Minnesota's Sixth District when the financial crisis hit Wall Street and Washington. More than any other congressional race in the state, the showdown in the Sixth is offering voters stark choices on whom to blame for the crisis and what to do about it.

Rep. Michele Bachmann, a Republican, is telling voters that "hyper-regulation" by the federal government created a chain of events that caused bank failures and credit freezes. Bachmann voted against the massive rescue package that cleared Congress last week, slamming it as unfair to taxpayers.

Her Democratic challenger, Elwyn Tinklenberg, tells voters that lack of government regulation encouraged bankers to make reckless bets that brought on the crisis. He favored the bailout as a way to avert a more serious slowdown in middle America.

As the financial squeeze makes itself felt on Main Street, the candidates' contrasting positions on the bailout could determine the outcome of the race.

"People are very responsive to what the headlines are about," said Steven Smith, a professor of political science and expert on Congress at Washington University in St. Louis.

NOTE: STEVEN SMITH IS A WELL RESPECTED PERSONALITY IN WASHINGTON UNIVERSITY IN ST.LOUIS.

The Sixth sprawls across Washington, Anoka, Wright, Benton, Sherburne and Stearns counties. It has been reliably Republican in recent years but is expected to be competitive for Democrats in a year when Republicans around the nation are struggling.

Bachmann, who won the seat in 2006, had a voting record more conservative on economic, social and foreign policy issues than 89 percent of her colleagues last year, according to the National Journal's ideological scorecard of congressional members. She gets more money from abortion-opposition and gun-rights groups than all but nine other members of the House.

Democrats argue that Bachmann is too conservative even for this conservative district. That line didn't work in 2006 for Democrat Patty Wetterling, a child-welfare advocate whom Republicans labeled too liberal.

But Tinklenberg calls himself a moderate Democrat and touts endorsements from police and fire groups and good grades from the National Rifle Association, which nonetheless endorsed Bachmann. He considers himself a Blue Dog Democrat, a group of fiscally conservative Democrats in Congress that has endorsed him.

Another candidate, Bob Anderson of the Independence Party, entered the race to bring mental health insurance on par with other health coverage. Because the rescue bill includes such a provision, he is now focusing on prohibiting insurance companies from denying coverage for applicants with pre-existing conditions. He also stands apart from the others by his refusal to accept campaign contributions and his attack on Congress as a tool of special interests.

Still, the Independence Party endorsed Tinklenberg in the district, which voted heavily for Jesse Ventura when he ran under the party's banner for governor in 1998. Tinklenberg reminds people that he promoted the Hiawatha light-rail line and the future North Star commuter line while he was Ventura's transportation commissioner.

Transportation and oil

Transportation issues still loom large in the district, where traffic snarls and long commutes are common.

"If I had something to do downtown, I'd take the line," Patti Trott said of the North Star rail line after talking with Tinklenberg in a restaurant in Elk River, which will have a commuter station. But her husband, Karl, wanted more money spent on roads, explaining, "our priorities are out of whack."

While Bachmann has denounced the use of federal earmarks for funding local projects, Elk River city administrator Lori Johnson told her during a recent visit that the city needs all the help it can get to fix roads to ease congestion.

"We don't want to be left behind if there are earmarks, and that's the way the game is played," Johnson said.

As gasoline prices spiked this summer, both Bachmann and Tinklenberg advocated more off-shore drilling and alternative sources of energy. But they differ sharply on emphasis.

Bachmann stresses lifting federal restrictions on oil drilling. "We sit on the answer to our own problem," she said at a recent debate. "We have more oil in the United States than all of Saudi Arabia, and that's just in Colorado, Utah and Wyoming in the form of shale oil."

Tinklenberg replied, "We need to be exploring more domestically ... but we also need to move aggressively in both the areas of conservation and the areas of alternatives."

He favors increasing automobile fuel efficiency standards, while Bachmann voted last year against a measure that raised them.

NOTE: BACHMANN WON THE SEAT HOUSE LAST 2006.

On another key issue, health care, Bachmann wants to make insurance premiums and other medical expenses tax-deductible for individuals to make it easier for consumers to buy health insurance. Tinklenberg favors offering the option of government-sponsored health insurance as a competitively priced alternative to private insurance plans to achieve universal health coverage.

During her freshman term, Bachmann sometimes made news with remarks that raised eyebrows.

This summer she said expanded oil drilling and other measures would bring "immediate and lasting relief" and cut gas prices to $2 a gallon. The U.S. Energy Information Administration said it's unlikely those steps would significantly reduce gas prices any time soon.

Shortly after taking office in 2007, Bachmann told the St. Cloud Times that Iran planned to partition Iraq and turn part of it into a terrorist training ground. Her office later said her remarks were "misconstrued."

"The only reason this district would ever be in play is Michele Bachmann herself," said David Wasserman, the editor in charge of assessing House races for the nonpartisan Cook Political Report in Washington. "She's a lightning rod in Minnesota politics. To the extent that Elwyn Tinklenberg is competitive, he's attracting some moderate Republican votes that's necessary to win this district."

Through mid-August Bachmann had $1.4 million in campaign contributions on hand. Tinklenberg had $200,000. Wetterling had four times as much cash at this point in her losing 2006 race.

Unless the party, union allies or others pump money into the race in the final weeks, Tinklenberg won't be able to afford many, if any, TV ads to counter a likely Bachmann ad blitz. She also has frequently appeared on "Larry King Live" to discuss national issues such as drilling or the financial rescue package.

About the bailout

Bachmann says the $700 billion bailout was unnecessary. She blames federal regulations for making it easier for people to obtain loans they couldn't repay, and she says the crisis could be overcome in part by changing accounting rules.

Tinklenberg labels her remedy "pretend accounting" and defends the package as needed to prevent credit from drying up in communities throughout the nation. He said significant oversight and curbs on executive compensation made the final package more palatable than its earlier version.

In talking with voters, he has been pointing out that Bachmann sits on the House Financial Services Committee that oversees the financial industry. She received more contributions from finance, insurance and real estate interests than any Congress member from Minnesota.

Wasserman said Bachmann needed "to be careful to ... avoid being seen as too corporate."

Smith said Bachmann's no vote on the bailout can be easily justified to constituents.

"The conservatives don't like big government and the liberals don't like bailing out fat cats," he said. "People in the middle just don't like the idea of giving away money."

But Tinklenberg can use his support of the package to define himself.

"There are signs that working-class individuals are finding their credit options disappearing," Smith said. "He's trying to show that he's a middle of the road politician who takes a pragmatic view of the problems facing the country."

Pat Doyle • 651-222-1210
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BUCKLAW - WE MEET AGAIN YOU POLITICAL HACK

So you haven't woke up yet? As I was writing my last rant - I noticed an ad running on the right side of the web page for an upcoming movie - something called "Mikey and Mylie make a porno movie" You see BUCKLAW we're all in this giant pot of water and you and I are frogs. (Can you picture that - are you with me?) and you know what happens next? Yes - the heat has been turned on under the pot and I have already jumped out of that pot. You BUCKLAW have decided to stay in the pot and continue towards your union with Winston Smith. I ask you: which flavor of Koolaid do you prefer to drink when your party boss passes the party favors? Lemon Lime perhaps? Grape? or maybe my favorite: Pickle Chocolate cherry.
posted by paulsworkshop on Oct 8, 08 at 10:44 pm |
0 of 6 people liked this comment.
Good God

Why are Republicans like paulsworkshop so rabid? Talk about fanatical. Blown up any abortion clinics lately? Paul go back to the workshop and close the door and stay there please. You're an embarassment even to the right. You seem fond of koolaid and pin the tail on the donkey, perhaps you just need some tail. Sleep tight knowing the Democrats will be in complete control of the House of Representatives, the Senate and we'll have a Democrat President. Good times are a coming and Palin will be back in Alaska "shootin" moose in a matter of weeks. Night night!
posted by Mplsuptown1 on Oct 8, 08 at 10:58 pm |
3 of 3 people liked this comment.
Michele Bachmann

I really cannot believe that anyone will vote for Mrs. Bachmann. While I have no doubt that she is a nice woman, she is an embarassment in the house. Her legislation (freedom to choose lightbulbs?), her behavior(the President is not a rockstar) and her take on the economy (too much regulation?) all add up to Mrs. Bachmann being a horrible representative. Unfortunately, my district is a yellow dog republican district and it is too late to get a yellow dog on the ballot......... Please vote for Tinklenburg!!
posted by kpersson8 on Oct 8, 08 at 11:00 pm |
8 of 9 people liked this comment.
You jumped from the pot and into the fire before you could make your point, Paul...

And that is the problem with the conservative side of political debate this election. Please tell us WHY we should put up with another four years of mismanagement and policies that have lead this country on a decline. What is it about an opportunity for correcting our direction as a country that has the right so angry? All people need to do is be semi-conscious and they'll see that things are not going well for Americans today. Can anybody disagree with that? Would you keep promoting the same ideas and strategies that have lead to where we are today if we wanted to change it for something better tomorrow?
posted by Bucklaw on Oct 8, 08 at 11:20 pm |
4 of 4 people liked this comment.
Most absurd comment of the night

Michelle Bachmann should be our next president? Oh my, oh my, oh my. That is a scary thought. Right up there with the terror of Sarah Palin possibly stepping into that spot. @@ I'm not sure what Svengali-like attraction this nutcase holds for her followers, but for the rest of us she is a true humiliation. Bachmann does have a national reputation. I have friends all over the country who look up her comments online just for laughs, sort of like they'd read a comic book. To paraphrase an ad regarding another Republican that I hear people quote everywhere I go these days, Michelle's gotta go.
posted by smccl001 on Oct 8, 08 at 11:38 pm |
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* Economic crisis changes tone of race in Sixth District
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Campaign finance information through Aug 20, 2008
District 1 Total raised
Brian Davis, R
$614,193
Gregory Mikkelson, I
$0
Timothy Walz, D*
$2,047,132
$2,661,325
District 2 Total raised
John Kline, R*
$1,086,518
Stephen Sarvi, D
$261,861
$1,348,379
District 3 Total raised
David Dillon, I
$47,663
Ashwin Madia, D
$1,053,490
Erik Paulsen, R
$1,396,652
$2,497,805
District 4 Total raised
Edward Matthews, R
$32,100
Betty McCollum, D*
$487,304
$519,404
District 5 Total raised
Keith Ellison, D*
$952,026
Gregg Iverson, I
$0
Barbara White, R
$32,394
$984,420
District 6 Total raised
Bob Anderson, I
$0
Michele Bachmann, R*
$1,925,499
Elwin Tinklenberg, D
$533,260
$2,458,759
District 7 Total raised
Glen Menze, R
$2,621
Collin Peterson, D*
$829,221
$831,842
District 8 Total raised
Michael Cummins, R
$0
James Oberstar, D*
$1,635,075
$1,635,075
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HINDUSTAN OIL EXPLORATION LIMITED ANNUAL REPORT 2007-2008 DIRECTORS' REPORT TO THE MEMBERS OF HINDUSTAN OIL EXPLORATION COMPANY LIMITED Your Directors have pleasure in placing before you the 24th Annual Report and Audited Statement of Accounts for the year ended March 31, 2008. FINANCIAL HIGHLIGHTS: (Rs.

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POLARIS SOFTWARE LAB LIMITED ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT To the Members, ... (including other income) before Depreciation,Finance Charges, provision for diminution in value ofinvestments and Tax 10,478 13,790Less:Finance

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With short-selling set to come back into the markets today, there are lots of worried people out ... to Islam. 'In Islamic Finance, we deny the conventional way of thinking, which aims of creating a new ... not unjustly, and ye shall not be dealt unjustly'.

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[#3: Edit Options>MightyAdsense>Adsense Code] In voting down the bailout proposal 228-205 yesterday, the House of Representatives struck a small blow for democracy. They refused to be steamrolled by Wall Street and its agents in Congress and the administration.

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A large number of economists were quick to express their dislike of the Paulson plan and have been vociferous in urging Congress to not be stampeded by the administration but to use this opportunity to put back into place some of the regulations that were dismantled over the last three decades.

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REACTIONS TO STORY FROM GREGORY HAS BEEN A BIG BROTHER TO YEAR OLD FERNANDINA BEACH HIGH SCHOOL JUNIOR GREGORY WATERS FOR ALMOST FIVE YEARS

2008-10-13T16:33:00.001-07:00

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Reactions to story from Gregory has been a Big Brother to year old Fernandina Beach High School junior Gregory Waters for almost five years.
By Fred Goodall AP Sports Writer By his own Sarai perez Tampa Bay
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By Fred Goodall AP Sports Writer By his own Sarai perez Tampa Bay by rickj More than injured as Qantas jet hits Monster of adrianna. Alcoa CEO Credit Crisis Starting To Hurt Construction Market. Video American Shares Nobel Prize in Physics. One day after having to bow out of competing on the seventh season of Dancing With the Stars, Misty May Treanor had surgery Tuesday morning to repair a torn Achilles tendon. Insurance Exchange Is a Good Idea. You Don't Have to Be Rich to cheap drugs. I was very pleased by the way we played. Thank you for the abuse report. Fennville, Bloomingdale The Blackhawks beat the Cardinals,, and.

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BRAZIL, ARGENTINA ABANDON U.S. DOLLAR

2008-10-12T16:25:00.001-07:00

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Brazil, Argentina abandon US dollar
http://aotearoaawiderperspective.wordpress.com/ 2008/ 10/ 09/ brazil-argentina-aband...

Brazil and Argentina have launched a new payment system in their bilateral trade, doing away with the US dollar as a medium of exchange. The two Latin American nations started the Payment System on Local Currency (SML) on Monday following a last month agreement inked by their presidents to use local currencies in a bid to end transaction in dollars. On Thursday, Argentine Central Bank President Martin Redrado and his Brazilian counterpart Henrique de Campos Meirelles signed the enforcement of the agreement for the SML, under which exports and imports between the two countries will take place with the Brazilian real (BRL) and the Argentine peso (ARS).

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COCA COLA BEARISH ENGULFING PUT OPTIONS OPPORTUNITY

2008-10-11T16:01:00.001-07:00

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Coca Cola Bearish Engulfing Put Options Opportunity
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On Friday, October 3 2008, as the Dow Jones erased all 300 point advance it recorded just as the House vote got underway shortly after the midpoint of the trading session moments following the vote in the House of Representatives to pass the credit market bailout. Coca Cola (KO) was spotted a bearish engulfing candlestick formation after Friday's close. The long tail characteristic of the candlestick couple with strong resistance at 55 levels, further strengthen the possible bearish reversal. With most of the analysts still recommending a strong buy; it leaves plenty of room for a downgrade.

NOTE: COCA COLA IS A WELL RESPECTED COMPANY IN THE BEVERAGE INDUSTRY.

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DOW JONES DOWN, NASDAQ IN RED, GLOBAL LOSSES CONTINUE

2008-10-10T16:52:00.001-07:00

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Dow Jones down, NASDAQ in red, global losses continue

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TimePublished on Thu, Oct 09, 2008 at 09:13 in Business section

TagsTags: US Economic Crisis, Sub-prime Loans , New Delhi
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US, EU markets have been facing the heat of the global meltdown

US, EU markets have been facing the heat of the global meltdown

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* Bush defends AIG bailout, US markets climb
* US, EU markets tumble: Bailout to 'take a while'
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Keywords: Bailout, Ftse

New Delhi: The American and European markets are still taking a beating, though slashed interest rates did stem the damage a little.

As stock markets are traumatized by cascading losses and the collapse of some of the oldest names in banking, markets across the world took only mild comfort.

NOTE: AIG WAS RECENTLY REPORTED WHO HAD A MAJOR LOSS WHICH AFFECTED MANY.

Investors and the common man alike, want to know what more policy-makers can do and whether more cuts will follow from each country's central banks.

Even as the group of seven finance ministers and central bankers are meeting in Washington to stem the worst credit crisis since the Great Depression, markets have shown little recovery.

Dow Jones is still below 10,000, down by two per cent. It had lost 800 points on Tuesday, going below 10,000 for the first time in four years.

The Standard & Poor's 500 Index was down by 1.13 per cent, extending the worst weekly slump since 2001. This has come as a setback, right after the indices had touched a five year low..

The NASDAQ too ended in the red at just over 1,740 points. Wall Street's drop was part of a breakneck global sell-off that witnessed stocks plunging and led to trading being halted in Russia, Brazil and Peru.

European markets also saw a major selling spree. London's FTSE 100 was down 5.18 per cent, with banking and commodity stocks taking a battering.

CNN correspondent in New York, Carter Evans has been closely watching the movements in the market indices. He spoke about the co-coordinated effort of Central Banks cutting rates. Analysts have been hoping that this will bring the much needed relief or is the financial crisis which has now been spreading almost like a Tsunami.

"There is a huge amount of concern and people do not know what to expect. Lot of investor confidence is lost and a lot of people were happy that the stocks had gone up. Then just before the markets opened, they went down. Within 10 minutes they rallied again and went down again, showing how volatile the situation can be," said Evans.

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9,548 RESULTS FOR STOCKMARKET

2008-10-09T16:46:00.001-07:00

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Worden's T2116: Another Indicator That's Off the Charts
http://tradermike.net/ 2008/ 10/ wordens_t2116_another_indicator_thats_off_the_c…
I was just asked to take a look at another Worden indicator, T2116 — Percentage of stocks trading 2 channels below their 40-day moving average: What with all the sentiment, breadth, volatility measures out of whack and seemingly in uncharted territory thus making their previous reliability skewed, ...
12 hours ago by tradermike in Trader Mike
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Changes in substantial shareholdings.
http://asxnewbie.com/ changes-in-substantial-shareholdings-29/

A list of companies to record an initial or increase in substantial shareholdings: * Shell CSG Australia Pty Ltd became a substantial holder in Pure Energy Resources Ltd on October 7 with 13.9 million shares (14.9pc).

19 minutes ago by strudy in ASX Newbie · Authority: 61
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Stocks in a Free-Fall
http://www.dailyreckoning.com.au/ stocks-in-free-fall/ 2008/ 10/ 09/

It's the end of the world as we know it - and we feel fine. Really. Usually, markets stumble along, day after day. But occasionally, their hearts start racing and their palms sweat. They stop sleeping at night and begin pacing the room.

45 minutes ago by AussieDailyReckoning in The Daily Reckoning Australia · Authority: 178
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Ex-AIG CEOs Skip House Hearing On Bailout Crisis
http://finegoldsilver.com/ information/ ex-aig-ceos-skip-house-hearing-on-bailou…

The government's rescue of American International Group Inc. last month is getting a critical eye from lawmakers examining the chain of events that forced a $700 billion bailout of the financial industry.

ago by FineMetalz in Fine Gold Silver Coins Information Education Evaluation Investment · Authority: 25
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Stock market fear
http://www.totalnoid.com/ 2008/ 10/ 08/ stock-market-fear/

It feels like we are in a bad movie that just won't end and you can't get up to walk out because the doors are locked. Last week we had the $700 billion fraud bailout with $150 billion added on top of that just to show American taxpayers how generous we are with our tax money being given to the wealthy.

NOTE: DRASTIC EFFECT ON THE DROP OF STOCKMARKET.

1 hour ago by chessnoid in CHESSNOID · Authority: 22
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Markets All Over The Place.
http://asxnewbie.com/ markets-all-over-the-place/

A bad day for shares again.But did we see a steadying emerge in late US trading? After bouncing all over the place and mostly in the red, the US markets looked like closing with a small gain, but anther late burst of selling saw the major indexes end off up to 2% or so.

1 hour ago by strudy in ASX Newbie · Authority: 61
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UPDATE 1-US Treasury considering taking stakes in banks-NYT
http://todaysharemarkettips.in/ update-1-us-treasury-considering-taking-stakes-i…

The U.S. Treasury Department is considering taking ownership stakes in many U.S. banks in a bid to restore confidence in the badly shaken financial system, the New York Times said. The moves would come after Treasury has had little succcess in unlocking frozen credit markets, The Times said on

1 hour ago in Today Share Market Tips . in · Authority: 20
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CBA's Great Deal.
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The Commonwealth Bank is now too big to fail now, if ever we ever needed it confirmed The CBA is buying the Australian assets of struggling UK lender, HBOS at a knockdown cost of $A2.1 billion, and raising $2 billion in fresh capital from the market and shareholders.

2 hours ago by strudy in ASX Newbie · Authority: 61
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Steer Clear of Nickel - Further Falls Ahead.
http://asxnewbie.com/ steer-clear-of-nickle-further-falls-ahead/

As the stainless steel industry demand is slowing around the world, Nickel is the worst performer among the collapse of the commodities markets. Indeed, the giant credit crisis added to the global economic slowdown and also to the recovery of the US Dollar weigh strongly on the industrial demand side.

2 hours ago by strudy in ASX Newbie · Authority: 61
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Your Black Scholar: Beyond $700 Billion
http://blackbloggers.wordpress.com/ 2008/ 10/ 09/ your-black-scholar-beyond-700-…

Beyond $700 Billion By: Lloyd Wynn Imagine a patient visiting her physician for an annual checkup and is informed she has cancer. While in her physician's office, she has a heart attack and now the physician must attend to the patient's immediate health concern (the heart attack).

2 hours ago in Black Bloggers, Black Writers · Authority: 38
10. Photo of micktechno
How To Know When To Sell Your Stocks
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How To Know When To Sell Your Stocks Filed under: Business, Finance, Stock Market While quite a bit of time and research goes into selecting stocks, it is often hard to know when to pull out – especially for first time investors.

2 hours ago by micktechno in Announced Articles & Press Releases · Authority: 83

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HARD MENTALITY, SHORT TERM VISION GRIP OUR STOCK MARKET

2008-10-08T22:41:00.001-07:00

The Jakarta Post.com

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Herd mentality, short-term vision grip our stock market

Vincent Lingga, The Jakarta Post, Jakarta

The capital market management and regulator made the right decision Wednesday to halt share trading here after the benchmark index plunged by another 10 percent to close at 1,451 points, because that development was indeed rooted in an irrational market mechanism.

Letting the stock market (IDX) continue operating in such a chaotic situation would be like allowing a few rice sellers to freely set the price of the staple amid a massive, nationwide famine.

Stocks in such blue-chip companies as telecommunications firm Indosat, coal producer Adaro and automobile and plantations group Astra International should not have plunged between 19 and 23 percent Wednesday, had it not been for a herd mentality on the part of domestic retail and institutional investors.

NOTE: PLUNG IN THE STOCKMARKET TO TO ECONOMIC PLUNGE.

The long-term outlook for telecommunications and our natural-resource-based companies remains bright and promising. Even though the prices of most primary commodities such as coal, palm oil and rubber have of late fallen steeply, they remain way above their 2006 levels.

The recent downward trend was even good for long-term stability, because the skyrocketing prices during the first semester were partly fueled by speculative sentiment. These prices are now seeking a new equilibrium.

Our domestic investor base should have been broad and diverse enough to shield the IDX from the abrupt changes in international investor sentiment.

The growing role of domestic institutional investors such as pensions funds, mutual funds and insurance companies should have contributed to broadening and diversifying the pool of investment in equities.

The long-term horizon of these institutional investors should have played a stabilizing role in our stock market. Basically, a diverse investor base, in relation to investment horizons and risk appetite, can contribute to financial stability by spreading risks more widely.

But as Wednesday's irrational market development showed, most domestic investor behavior was still controlled by a herd mentality, toeing the move of foreign portfolio investors.

What are the main determinants of share prices?

One of them is global factors, such as international liquidity and credit and market risk premiums. True, these factors are now all negative, as the impact of the financial crisis and panic in the United States and Europe sets in.

However, the strongest determinants of our equity prices -- the domestic or fundamental factors such as economic growth, the differential between domestic and global interest rates, the expected forward exchange rate, the inflation differentials -- remain fairly positive.

In fact, after Bank Indonesia's move on Tuesday to raise its benchmark interest rate by another 25 basis points to 9.50 percent, our interest rate differential with the U.S. Fed funds became 8 percentage points.

NOTE: BANK OF INDONESIA IS ONE OF THE TOP BANKS IN ASIA.

I don't think the amount of foreign portfolio money still playing in our stock market remained at such a level because it was still able to heavily influence the market trend.

Most of this hot money had flown out a few weeks ago as these skittish investors became highly risk-averse and tended to generalize things.

The steep fall in our stock market Wednesday was therefore exacerbated by the herd mentality and short-term-oriented stance not only of our individual (retail) but also institutional investors.

Hence, as BI Governor Boediono and chief economics minister Sri Mulyani Indrawati said Sunday, if we really care about protecting our own house from the fallout of the international financial crisis, then we all, in our respective roles, should help contribute to maintain calm.

This calls for domestic retail and institutional investors to get rid of their herd mentality and adopt a more long-term view in order to contribute to building up a financially stable base for our equity market.

The writer can be reached at v_lingga@yahoo.com.

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EXCHANGE TRADE CURRENCY FUTURES BY MONTH END

2008-08-11T16:26:00.001-07:00

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FE Home - Story
Exchange trade currency futures by month end
Economy Bureau
Posted online: Wednesday, August 06, 2008 at 22:17 hrs
Updated On: Wednesday, August 06, 2008 at 22:17 hrs

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The Securities & Exchange Board of India (Sebi) will launch a pilot alternative payment system for public issues by August-end, which would allow investors to keep the application money in their bank accounts till they are allotted shares.

"Hopefully by August end, we will start the pilot project," Sebi chairman CB Bhave told reporters at a seminar organised by the Financial Planning Standards Board India.

NOTE: BHAVE IS A RESPECTED PERSONALITY IN SEBI.

Further, the markets regulator is expected to launch the exchange trade currency futures by this month-end. So far three entities—NSE, MCX-promoter Financial Technologies and a consortium of HDFC, Kotak and SBI —have evinced interest in starting these products.

The pilot payment system would enable investors to earn interest income on their application money till the time of allotment, while sparing them from the hassles of getting refunds in case they are not allotted shares.

Bhave said the current system of payment through cheques and the alternate system would co-exist. Commenting on the pilot system, he said, "We really don't know how the system works. We need to get used to it. We have to sort out glitches if there are any in the beginning."

The alternate payment system, called additional mode of payment through applications supported by blocked amount, will exempt retail investors from making full advance fees. Instead, it would let them retain the in bank accounts till the completion of allotment. The system is dependent on 'Self Certified Syndicate Banks' (SCSB) that would accept the application of retail investors. Banks that wish to offer the ASBA facility must submit a certificate to Sebi for inclusion of its name in the SCSB list. Under the scheme, the SCSBs will block funds to the extent of the bid amount, upload the details in the electronic bidding system and then unblock funds of finalisation of allotment.

This mode of payment will apply only to public issues offered under the book building route and only those retail investors would be part of this payment process who bid at the cut-off price as the single option and agree not to revise their bids.

On exchange traded currency futures, Sebi chairman said that three entities have applied for launching these products. When asked about the specific timeframe for the launch of currency futures, Bhave said this was not in the regulator's hands as the three entities are in various stages of preparing software and setting up hardware for the...
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Disclosure of Shareholdings in Accordance with Stock Market Rules

Last update: 12:16 p.m. EDT Aug. 7, 2008
GENEVA, SWITZERLAND, Aug 07, 2008 (MARKET WIRE via COMTEX) -- Addex Pharmaceuticals (SWISS: ADXN) announced today that on August 6, 2008, Varuma AG, Aeschenvorstadt 55, 4051 Basel, Switzerland, has informed of exceeding the threshold of 3% in the shareholding of Addex Pharmaceuticals Ltd., holding a total of 231,425 registered shares, corresponding to 3.95% of the voting rights. The beneficiary of the shareholdings of Varuma AG is Mr. Rudolf Maag, at Neuhofweg 11, 4102 Binningen, Switzerland.

NOTE: ADDEX IS A WELL KNOWN PHARMACEUTICAL COMPANY.
About Addex
Addex Pharmaceuticals discovers and develops allosteric modulators for human health. Allosteric modulators are an emerging class of orally available small molecule therapeutic agents that we believe will offer patients better results than classical drugs. Most marketed drugs bind receptors where the body's own natural molecular activators (i.e. endogenous ligands) bind, specifically to a key part of each receptor's anatomy called the "active site". In short, most drugs must out-compete endogenous ligands for the active site. By contrast, allosteric modulators are non-competitive because they bind receptors and modify their function even if the endogenous ligand also is binding it. In addition, because of this, allosteric modulators aren't limited to simply turning a receptor on or off, the way most drugs are. Instead, they act more like a dimmer switch, offering control over the degree of activation or deactivation, while offering the body the ability to maintain control over initiating receptor activation. Furthermore, the allosteric approach generally affords freedom to operate - even on well-known, clinically validated targets - because the intellectual property surrounding allosteric chemistry and the allosteric sites on receptors is most often un-exploited.
ADX10059, our most advanced product, is an mGluR5 NAM (metabotropic glutamate receptor 5 negative allosteric modulator). It has demonstrated clinically and statistically significant efficacy in separate Phase IIa clinical trials in gastroesophageal reflux disease (GERD) patients and migraine headache patients and has potential in additional indications.
The Addex allosteric modulation discovery and development platform have been additionally validated through three seperatate product license or collaboration agreements with Merck & Co., Inc. and Johnson & Johnson as well as investments by Roche Ventures and SR One, the venture investment arm of GlaxoSmithKline. Contacts
Disclaimer
The foregoing release contains forward-looking statements that can be identified by terminology such as "not approvable", "continue", "believes", "believe", "will", "remained open to exploring", "would", "could", or similar expressions, or by express or implied discussions regarding Addex Pharmaceuticals Ltd, its business, the potential approval of its products by regulatory authorities, or regarding potential future revenues from such products. Such forward- looking statements reflect the current views of Addex Pharmaceuticals Ltd regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results with allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets to be materially different from any future results, performance or achievements expressed or implied by such statements. There can be no guarantee that allosteric modulators of mGluR4, mGluR2 or mGluR5 will be approved for sale in any market or by any regulatory authority. Nor can there be any guarantee that allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets will achieve any particular levels of revenue (if any) in the future. In particular, management's expectations regarding allosteric modulators of mGluR4, mGluR2, mGluR5 or other therapeutic targets could be affected by, among other things, unexpected actions by our partners, unexpected regulatory actions or delays or government regulation generally; unexpected clinical trial results, including unexpected new clinical data and unexpected additional analysis of existing clinical data; competition in general; government, industry and general public pricing pressures; the company's ability to obtain or maintain patent or other proprietary intellectual property protection. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. Addex Pharmaceuticals is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
Copyright Copyright Hugin AS 2008. All rights reserved.
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Europe Insurers Shift Focus
Life Operations
Are Expanded in Bid
To Protect Profits
By GORAN MIJUK
June 30, 2008; Page C5

ZURICH -- With prices for property and casualty insurance expected to continue falling this year, some European insurers and reinsurers are boosting their life-insurance operations and could pursue takeovers to protect premium growth and profits.

Some life-insurance markets, especially in emerging Asian economies, promise double-digit growth rates because of rising demand for life savings products from increasing numbers of affluent people. As growth for other insurance business is expected to remain sluggish in mature markets like the U.S. and Europe, analysts also expect more takeovers and business tie-ups.
[Jacques Aigrain]

NOTE: LIFE INSURANCE IS INDEED A NEED MAY IT BE IN TIMES OF CRISIS.

World-wide nonlife premiums fell 0.3% last year, while life premiums rose 4.7%, according to data from Swiss Re, which said the trend is expected to stay in place. In Russia, life-premium volume jumped 30%.

Some industry executives and analysts warn that because of a mass move toward emerging markets, growth rates may be less pronounced than expected. Many also caution that large takeovers may be the wrong avenue to boost growth because of the high cost of capital.

"The efforts to increase the life-insurance portfolio by insurance and reinsurance companies are certainly positive," says Rene Locher, a Zurich-based insurance analyst for Sal. Oppenheim. "But the move toward life insurance alone won't be able to fully compensate the fall in prices in the nonlife sector."

NOTE: RENE LOCHER IS A RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY.

Swiss Re, the world's largest reinsurer in terms of premiums, is shifting focus to life, saying that prices for other insurance, especially in mature markets, are falling. Reinsurance companies provide insurance to insurers, in exchange for a fee.

"We are allocating our capital efficiently to the lines of business with the best return, for example in the life sector," said Swiss Re Chief Executive Officer Jacques Aigrain. He noted that Swiss Re has substantially reduced its exposure to insuring business risk and is now allocating more capital to life-insurance businesses, including those focused on retirement planning.

Companies and analysts say that while life insurance premiums will increase, other insurance and reinsurance prices will weaken fast this year after rising for several years. Besides fierce competition, a weakening economy in the U.S. and in Europe is also expected to put pressure on premiums this year.

Still, emerging markets make up only about a tenth of all the insurance business in industrialized markets. General annual life and nonlife premiums in industrialized countries stood at around $3.6 trillion at the end of 2007, compared with $414 billion in emerging markets.

Hannover Re, which ranks third in premium income among the world's largest reinsurers, after Swiss Re and Munich Re, also hopes that its growing life reinsurance business will help it increase profit this year. CEO Wilhelm Zeller said in June that the company expects to see "double-digit growth" in premiums and net profit from its life and health businesses. The company hopes to boost its life business by 12% to 15% this year, offsetting weak premiums in other businesses, which are expected to shrink by around 5% compared with last year.

French reinsurance company Scor SA also sees strong growth, with less volatility, in the life insurance sector, CEO Denis Kessler said Thursday.

But as the natural growth of business is likely to be too slow, insurance analysts also expect companies to engage in some mergers and acquisitions, although risks will be high given current market volatility.

At Swiss Re, Mr. Aigrain said the company isn't planning any big takeovers but is looking at buying life insurance portfolios from other insurers.

Zurich Financial Services, whose profit depends predominantly on its nonlife business, is believed to be a frontrunner in bidding for Royal Bank of Scotland Group PLC's life and nonlife insurance business. Zurich Financial has repeatedly declined to comment on the market speculation.

The financial market hasn't reacted well to Zurich Financial's presumed interest in the RBS unit, though, fearing that it might pay too much and have to raise new capital. Since the beginning of May, when the Swiss insurer was mentioned for the first time as a possible bidder, its stock has fallen around 20%.

Still, Zurich Financial says it sees growth opportunities in all insurance sectors. "It's not a matter of pitting general insurance against life insurance, since we see attractive opportunities in both", said Zurich Financial Chief Financial Officer Dieter Wemmer Thursday.

Write to Goran Mijuk at goran.mijuk@dowjones.com
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CAN YOU AFFORD LONG -TERM- CARE INSURANCE?

2008-07-04T16:51:00.001-07:00

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Home > Money & Business > Planning to Retire > Can You Afford Long-Term-Care Insurance?
« 8 More Ways to Save in Retirement
Planning to Retire by Emily Brandon
Can You Afford Long-Term-Care Insurance?
June 30, 2008 01:09 PM ET | Emily Brandon | Permanent Link

Long-term care is likely to be most Americans' greatest expense of all in retirement. A private room in a nursing home costs $76,460 annually on average, or $209 a day, and Medicare typically won't cover it.

Long-term-care insurance can help protect you from some of these unpredictable costs. It can be used to pay for nursing home expenses, adult day care, and in-home help for seniors with chronic conditions or who need extra help recovering from an illness.

But this pricey insurance is prohibitively expensive for many people. AARP estimates that a 65-year-old in good health can expect to pay between $2,000 and $3,000 a year for a policy that covers nursing-home and home care. And Fidelity Investments estimates that a couple, both of whom are 65 in 2008, will need $85,000 to insure against a lifetime of long-term-care expenses.

NOTE: THINGS TO CONSIDER PRIOR TO GETTING A LIFE INSURANCE...

If you're going to buy long-term-care insurance, here are a few things to consider:

Premiums. Find out what the premium is now and what it will cost in the future. Ask if a pre-existing medical condition could influence premium prices. AARP says you may not want to buy a policy if the cost of premiums will lower your standard of living or force you to give up other things you need right now. The National Program on Women and Aging recommends that, as a rule of thumb, premiums should be less than 20 percent of your disposable income after all other essential bills are paid. So, this type of insurance is primarily appropriate for people with assets between $200,000 and $1.5 million, according to Consumer Reports. Both long-term-care expenses and insurance are so expensive that almost all middle- and low-income households rely on Medicaid for nursing home care after they spend down their assets to a level at which they qualify.

NOTE: AARP IS A WELL RESPECTED COMPANY IN THE INSURANCE INDUSTRY.

Coverage. You can choose to be covered for different varieties of home healthcare, nursing-home care, or both. Some providers offer lower premiums if you agree to a waiting period of up to 100 days before coverage begins, during which you pay all of your own expenses.

Be sure to ask about the duration of coverage. Long-term-care coverage doesn't always last that long. The average length of stay in a nursing home is 3.7 years for women and 2.7 years for men, according to Joan Bloom, a senior vice president for Fidelity Investments Life Insurance Co. You can choose a benefit period as short as two years or as long as the rest of your life. And you'll want to find out about maximum daily, monthly, or lifetime payouts and whether they are indexed for inflation. If your care costs more than the caps, you will have to pay for it out of your own pocket.

The company. Ask what happens if the insurance company should go out of business before you need long-term-care coverage. And check out its track record for paying out claims. You can examine ratings of companies online at A.M. Best, Moody's, and Standard & Poor's. Consumer Reports recommends that you buy only from insurers that are rated in the top two financial-strength categories by at least two of the ratings services. You can also check up on a company with your state insurance department.

The fine print. Read any contract you sign carefully, and ask questions. Find out how to cancel, what happens if you stop paying the premiums, how many times you can renew, and what needs to happen before you can begin using your benefits. A fee-only financial planner, whom you pay by the hour and who doesn't accept commissions for selling you financial products, can help you decipher the fine-print sales pitch.

Your state. Insurance laws and options vary by state. The nonprofit Family Caregiver Alliance has a Web tool to help consumers peruse long-term-care options in each state. And the National Association of Insurance Commissioners offers consumer tips for buying long-term-care insurance.

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AEGON RELIGARE LIFE INSURANCE GETS FINAL IRDA NOD

2008-07-03T16:44:00.001-07:00

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AEGON Religare Life Insurance gets final IRDA nod
30 Jun, 2008, 1742 hrs IST, ECONOMICTIMES.COM
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MUMBAI: AEGON Religare Life Insurance Company has received the final approval from the Insurance Regulatory & Development Authority to operate in the life insurance space. The R3 license from the IRDA is the last of the three steps in the registration process.

"Our plans for the nationwide launch are now ready for execution. We will strive to delight our customers through a fresh approach, innovative solutions and seamless delivery," said Rajiv Jamkhedkar, CEO, AEGON Religare Life Insurance, which is a joint venture between AEGON and Religare.

NOTE: AEGON AND RELIGARE HAVE A VERY IMPORTANT ROLE IN THE INSURANCE INDUSTRY.

AEGON is one of the world's largest life insurance and pension companies with presence in more than 20 countries. It employs about 30,000 people, and services over 40 million customers across the world.

Religare is a leading integrated financial services institution. The company's retail network is spread in over 1,300 locations across more than 400 cities and towns in India. It has total employee strength of more than 10,000.
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NAMIBIA: LIFE INSURANCE, RIP-OFF OR PAY-OFF?

2008-07-02T16:37:00.001-07:00

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Namibia: Life Insurance, Rip-Off Or Pay-Off?

The Namibian (Windhoek)

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The Namibian (Windhoek)

COLUMN
30 June 2008
Posted to the web 30 June 2008

Windhoek

Seeing the value in life insurance is often, as is the case with many intangible goods, somewhat difficult at first glance.

For example, life insurance that pays out when the insured life dies. Many people believe they will never get anything back in return for their premiums. A closer look, however, quickly shows that this is not true.

NOTE: STUDY OF LIFE INSURANCE IS HIGHLY RECOMMENDED.

In qualifying this statement, it is important to take into account that life cover generally takes on one of two forms - the one form is term insurance which will only pay out the contracted life cover should the person whose life is insured die within the agreed time period for which the cover is taken out.

The other form is whole life insurance which pays out the contracted life cover at whatever point in time the life insured dies.

It is thus clear that if a whole life policy is maintained, at some future time there will be a payoff.

The premium payable for term cover is less than for whole life cover, all other things being equal.

Whether you select a term insurance option or a whole life insurance option should be determined by the need you are attempting to address - if life cover is only needed for a very specific period of time (e.g. for bond cover where it is known in what period the bond will be repaid and there is no additional need for life cover after repayment of the bond) term cover might suffice, but as a general rule it is better and wiser to take out whole life cover.

NOTE: IT IS ALSO IMPORTANT TO LISTEN TO STORIES OF THOSE WHO GOT INSURANCE.

A short example to illustrate the value of taking out whole life insurance is outlined below: Joe is a 35 year old male accountant with a wife and two children.

Joe's financial adviser has done a capital needs analysis for him, from which it is evident that Joe's dependants would require N$1 million capital to replace the loss of income his family would suffer should he die today.

A quotation for N$1 million whole life cover on Joe's life with a level premium shows that Joe would have to pay N$ 261,00 per month for the required cover.

Joe is interested in knowing if, should he decide not to take out the life cover and instead invest the premium he would have paid towards the life cover, what returns he would need to get on his investment to be in the same position.

This situation is outlined in the following table: Monthly Return needed Dies at Age Premium to equal Paid life cover 40 (5 years on) 261,00 123,62% 45 (10 years on) 261,00 51,8% 55 (20 years on) 261,00 21,26% 65 (30 years on) 261,00 12,37% 75 (40 years on) 261,00 8,3% It is therefore clear that even if the life cover is looked at as an investment that will last for Joe's expected lifetime, it still delivers a competitive return. Whilst the return generated by life insurance is one important aspect when considering the value for money of life insurance, there is also another very important aspect to consider - the fact that nobody is exactly sure when he/she is going to die.
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This is where life cover really offers a cost effective solution to create the capital needed by the life insured's dependants. If, in our example, Joe should die in a car accident three months after having taken out his life insurance, he would receive N$1 million in return for total premiums paid of N$783,00 - a very sound investment indeed! A different way of looking at this is to say that Old Mutual in return for N$261,00 per month carries the risk of Joe dying prematurely, instead of Joe's family having to carry that risk.

NOTE: LIFE INSURANCE IS INDEED A WISE INVESTMENT SPECIALLY THOSE WITH DEPENDENTS.

From what we have highlighted above it is obvious that to extract maximum value from your insurance portfolio, your portfolio needs to be based on a proper analysis of your needs.

These needs must be reviewed regularly. For further information and advice tailored to suit your unique needs, please call your Old Mutual Namibia financial adviser or broker -This article was contributed by Mathys du Preez (Manager: Retail Advice) Centre - Old Mutual Namibia

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ASSET PROTECTION IMPORTANT PART OF PLANNING

2008-06-13T16:29:00.001-07:00

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Last week, I began my discussion of asset protection. In Florida, property owned by both spouses and purchased by both spouses while married is considered tenancy by the entireties property, which is not subject to the debts of one spouse. Many couples rely on tenancy by the entirety property as their primary source of asset protection. However, reliance on this concept may be misplaced.
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First, a creditor may be able to obtain a judgment against both spouses and then be able to collect from their joint assets. For example, perhaps the spouse works as the bookkeeper for the business and is listed in the Secretary of State's records as the assistant treasurer of the business in order to be able to write checks. The disgruntled plaintiff could then sue both spouses as officers of the corporation. Or perhaps the automobile is owned in joint name, subjecting any vehicle accident caused by either spouse to liability for both spouses as owners of the car or truck. Each spouse should be the sole owner of the vehicle he or she drives in order to insulate the other spouse from liability. If both spouses are sued, tenancy by the entirety property will offer no protection from judgment creditors.

Second, what if the non-debtor spouse dies while the action is pending against the debtor spouse? What if the non-debtor spouse dies while the plaintiff is able to pursue the collection of the judgment for the 20 years the judgment may remain on the record? If the couple becomes divorced, any outright disposition of property received by the debtor spouse will be lost to the judgment creditor. If a parent of the debtor spouse dies, without a proper dynasty trust, any inheritance left outright to the debtor will be lost to the creditor. What if the law changes to weaken tenancy by the entireties protection?

NOTE: ASPECT OF ASSET ALLOCATION MUST BE STUDIED CAREFULLY.

This raises another aspect of asset protection called entities planning. When deciding how to organize your business or how to own investment property, the attorney should educate the client on the amount of asset protection that various business entities afford. Conducting your business as a sole proprietorship has no asset protection. Conducting your business as a general partnership not only offers no asset protection, but may obligate a partner for the mistakes and liabilities of their other partner.

Conducting your business as a corporation may offer some asset protection for inside liabilities. If, for example, an employee in a home remodeling corporation causes a work-related vehicle accident, the injured party can collect against the assets owned by the corporation but not from the outside investments of the owners or shareholders of the corporation, unless there is independent liability or wrongdoing by the owner or shareholder. Whether the corporation is a Sub-S corporation or a traditional C corporation does not matter. That distinction is relevant only to the manner of paying income taxes. The problem is if an owner has a judgment entered against him or her for wrongdoing that has nothing to do with the business, called an outside liability, the creditor may eventually seize the stock of the corporation owned by that person and take control of the business, even liquidating the business to pay off the judgment. Corporate ownership offers no protection from outside liabilities.

If the business is conducted as a Limited Liability Corporation, or LLC, or by a Family Limited Partnership, or FLP, there is some protection from outside liabilities. A judgment creditor who obtains a judgment against one of the owners of a LLC or a FLP is limited to obtaining a charging order against the partnership. The law says that a partnership cannot be forced to accept an unwanted person as the partner. The charging order is like a lien on distributions only when the partners elect to make a distribution, but cannot force the partners to make distributions. If the creditor obtains a judgment, they must wait to collect until the partners make a distribution to the partners, which could be many years. This inability to collect may bring about a more favorable settlement.

The charging order protection does not protect from inside liabilities. For example, if a person is injured in a store or rental home, the owner may be sued. If the store or rental is owned by a LLC or FLP, the assets of the entity are liable for any judgment. Good entity planning would be to have every store or every rental owned by a separate LLC. If one LLC is sued, the other stores or rental homes owned by other LLCs would not be at risk, as long as the formalities of the entity are followed and there is no co-mingling among the entities. Hot assets, such as boats or airplanes, are often owned by a separate LLC and each LLC is owned by a FLP. Each LLC can be set up with very little equity if the equity is borrowed out by the FLP or individual owner of the LLC, called equity-stripping. The owner of the LLC can be an offshore trust set up in a jurisdiction which makes penetration by U.S. courts more difficult. In 10 states, an individual may use an irrevocable asset protection trust which allows persons to place their assets beyond the reach of their creditors during their lifetime. At present, Florida does not have legislation to allow this method of asset protection.

Some have suggested that even tenancy by the entireties property can be owned by a LLC or FLP, so that if the tenancy by the entirety property is compromised by law change, by death of one spouse or by divorce, there would at least be charging order protection.

Although the primary purpose of leaving assets at death in a dynasty trust is to make sure the assets are not added to the size of the beneficiary's estate for estate tax purposes, the dynasty trust also provides asset protection for future generations, although not for the trustmaker. For example, if a widow or widower leaves his or her $2 million estate to his or her two children, and if either child already has his or her own estate in excess of the $2 million lifetime exclusion, or unified credit amount, the extra million inherited would cause more than $450,000 in estate tax when the child dies and leaves the estate to the grandchild, under present law. This tax can be avoided if the funds are not left outright to the child, but instead left in a dynasty, or generation skipping trust.

Because the trust is designed to avoid the assets being considered the assets of the beneficiary for future estate tax and generation skipping tax purposes, by making the assets available only in the discretion of the trustee on an ascertainable standard, the assets cannot be seized by judgment creditors of the beneficiary. The assets are also protected from divorce proceedings or the bankruptcy of the beneficiary. Upon the death of the trustmaker, the surviving spouse may also receive this asset protection for assets passing through the family or by-pass trust. Anyone considering a revocable trust for estate planning should ask the attorney to explain the important benefits of this asset protection planning for a spouse and children.

Another type of asset protection for the assets of a disabled person is the d(4)a special needs trust authorized by federal law, about which I have written extensively in past articles, available through the archives section of www.news-press.com.

NOTE: IMPORTANT TO LEARN FROM TAX ATTORNEY.

-William Edy is a tax attorney, a certified financial planner and a certified elder law attorney in Lee County. He may be contacted online for article ideas and questions. Since e-mail is not secured, do not send confidential information by e-mail. This article should not be a substitute for advice from your own attorney.
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FOREX-DOLLAR SLIDES AS JOBS REPORT DIMS RATE HIKE OUTLOOK

2008-06-13T16:02:00.001-07:00

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FOREX-Dollar slides as jobs report dims rate hike outlook
Fri Jun 6, 2008 12:26pm EDT

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* Dollar falls as U.S. jobless rate jumps in May

* Dollar set for worst weekly loss vs EUR since late March

* Non-farm payroll losses total 49,000

By Gertrude Chavez-Dreyfuss

NEW YORK, June 6 (Reuters) - The dollar fell across the board on Friday as a big jump in the U.S. jobless rate underscored the economy's weakness, which could prevent the Federal Reserve from raising interest rates later this year.

The Labor Department report, which also showed job losses for a fifth straight month, further undermined the outlook for the dollar, whose interest rate yield has shrunk as the Federal Reserve slashed benchmark overnight rates by a total of 325 basis points since September.

NOTE: JOBLESS RATE IN THE U.S. ARE EFFECTS OF DOLLAR SHRINKAGE.

The data also revived debates about the chances of a U.S. recession, and analysts said the Fed may have to address the economy's persistent sluggishness with another quarter-point easing.

"Today's unemployment report was the first time in recent memory that the unemployment rate overshadowed the non-farm payrolls number," said Michael Woolfolk, senior currency strategist, at Bank of New York Mellon in New York. Continued...
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HOW TO DEAL WITH KNEE-JERK MARKET REACTIONS

2008-06-12T16:53:00.001-07:00

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How to Deal with Knee-Jerk Market Reactions
by Jack Crooks 06-07-08

Jack Crooks

This past week was a roller coaster ride in the currency markets, and it sure ended with a bang. I'll get to the big news in a second. And I'll also tell you what to make of this market.

NOTE: CROOKS IS FAMOUS IN ANALYZING THE MARKET. HENCE, HIS COMMENTARY ALWAYS GIVES WEIGHT.

But first, I want to do a quick day-by-day rundown of what happened in the currency markets ...

Tuesday:

Ben Bernanke revealed new concern over inflation and spoke directly about the weaker dollar.

Knee-jerk reaction in the currency markets: The dollar jumped.

Thursday:

European Central Bank President Trichet signaled interest rate hikes may come as early as July.

Knee-jerk reaction in the currency markets: The euro soared.

Yesterday:

U.S. Non-farm Payrolls were reported down 49,000 (better-than-expected) for the month of May. But U.S. unemployment leapt by half a percentage point to 5.5% (worse-than-expected).

Knee-jerk reaction: The dollar tumbled. The Dow lost almost 400 points. And on the same day, crude oil skyrocketed by more than $10 a barrel!

Looks like it's time to queue up the recession talk again. And don't forget that inflation is a big concern — Big Ben even said so!

Did this tag-team of Fed inflation rhetoric and freshly disappointing economic data open up the flood gates? Sure might have.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.
Federal Reserve Chairman Ben Bernanke's leadership ability is being called into question as crude oil prices explode and unemployment soars.

Stocks don't like it when the Fed gets lovey-dovey with inflation. In an already tight lending environment, if the Fed leans toward drying up access to money (or away from doling it out freely), who's going to keep what little leftover cash they have invested in bogged-down companies that still may be many months away from honest-to-goodness recovery?

It's been surprising how well stocks have held up so far. It's likely the keep-hope-alive mentality was buoying the Dow and the S&P. But with every new fundamental defeat how long can investors' minds stay focused on the light at the end of the tunnel? It's dimming rather quickly and should be practically invisible if the Fed keeps its attention on rising prices.

And for the buck, it comes down to one thing: Sentiment. We can argue all day for a dollar rally, or a collapse to new lows. And we have. But what matters is how the dollar is perceived by those who are trading it.

If you're off trading solo it's not always easy to keep a firm grip on market sentiment.

But protecting against most of the bad and positioning for most of the good is a crucial step toward successful trading.
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Here's a little guideline for today's markets ...

Hope Can Hurt; Fear Can Help

I read a book on trading many years ago that said before every trading day begins, you must ask yourself: How badly can I screw-up my account today?

It sounded a bit blunt, and an odd way to start the morning. But I've found this simple approach is a great way to focus on the key element that will determine long-term success in any asset market — stocks, bonds, commodities, currencies, and even real estate.

It's risk.

In terms of the risks today, you probably have your own personal checklist. You might be including:

* Inflation fears brewing.
* Potential time-bomb of derivatives.
* An overvalued stock market.
* Falling real estate values.
* On and on into infinitum ...

John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.
John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist, and art collector who dominated corporate finance and industrial consolidation during his time.

No doubt these are market risks. And they do inspire fear. But there's nothing we can do to fully eliminate risks. We can neither keep them from happening, nor forecast them with complete accuracy. But you can control the small stuff, like your individual account risk.

It's obvious some of us can handle more risk than others. The best single phrase about how much investment risk one should take comes from J.P. Morgan, who told a worried friend, "sell down to your sleeping point."

Translation: If you're lying awake at night, worrying about your investments, you are carrying too much risk.

I have found the simple "screw up your account" mantra very useful for risk control, so much so that I have it printed across the top of my "trade sheets" where I record each of my trades, risk levels, and reasons for the trade.

Why does it help me? Because it forces me to define the level of risk I will take BEFORE I enter an investment position. The reason I have capitalized "before" is because before you enter the investment you still have at least a degree of objectivity left in your brain.

AFTER you enter an investment position, your objectivity is flushed down the drain and replaced with something very dangerous — hope.

NOTE: IMPORTANT CONSIDERATION BEFORE TRADING...

Here's an example of how I define my risk in a currency trade BEFORE putting on a trade ...

I look for a key technical level — some type of chart support area, or basic trend line that will tell me that the dynamics of supply and demand in the market have changed. Or put another way: if prices reach this level I am wrong because the market has proven me wrong.

At this point I'm out of the trade with a loss, period, end of story. I can always reenter the trade if it makes sense. But because I have exited, I somewhat regain that modicum of objectivity to better evaluate price action.

Always remember: Being in cash is an investment position; and it's sometimes the best position!

There is an old market adage: Bull markets climb a wall of worry, while bear markets flow down a river of hope. It's natural to hope our losses will subside and be afraid our profits will go away. And it's also why we are tricked by Mr. Market.

Legendary Wall Street trader Jesse Livermore summed it up best when he talked about reversing our natural impulses in the market:

"When the market goes against you, you hope that every day will be the last day — and you lose more than you should had you not listened to hope. And when the market goes your way, you become fearful that the next day will take away your profit and you get out — too soon. The successful trader has to fight these two deep-seated instincts."

We must turn hope and fear inside out. We must fear our losses will get bigger and cut them short. And we must hope that our profits get bigger and let them run. In these choppy markets, defining risk beforehand is the best thing you can do.

Best wishes,

Jack

About Money and Markets

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Money and Markets (MaM) is published by Weiss Research, Inc. and written by Martin D. Weiss along with Tony Sagami, Nilus Mattive, Sean Brodrick, Larry Edelson, Michael Larson and Jack Crooks. To avoid conflicts of interest, Weiss Research and its staff do not hold positions in companies recommended in MaM, nor do we accept any compensation for such recommendations. The comments, graphs, forecasts, and indices published in MaM are based upon data whose accuracy is deemed reliable but not guaranteed. Performance returns cited are derived from our best estimates but must be considered hypothetical in as much as we do not track the actual prices investors pay or receive. Regular contributors and staff include Kristen Adams, Andrea Baumwald, John Burke, Amber Dakar, Dinesh Kalera, Mathias Korzan, Red Morgan, Maryellen Murphy, Jennifer Newman-Amos, Adam Shafer, Julie Trudeau and Leslie Underwood.

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DOLLAR MAY EXTEND DROP AGAINST EURO BEFORE U.S. PAYROLL REPORT

2008-06-11T16:39:00.001-07:00

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Dollar May Extend Drop Against Euro Before U.S. Payroll Report

By Ye Xie
Enlarge Image/Details

June 6 (Bloomberg) -- The dollar may extend its drop against euro before a government report forecast by economists to show the U.S. lost jobs in May for a fifth consecutive month.

The currency fell from a four-week high versus the 15- nation euro yesterday after European Central Bank President Jean-Claude Trichet said an interest-rate increase in July is ``possible.'' The yield advantage of two-year German bunds over Treasuries increased to the widest since 1993, making dollar- denominated assets less attractive.

``If the fundamental data in the U.S. turns weak, the interest rate differential will be working in favor of the euro,'' said Paresh Upadhyaya, who helps oversee about $50 billion in currency assets as a senior vice president at Putnam Investments in Boston.

NOTE: UPADHYAYA IS A MAJOR PERSONALITY IN THE PUTNAM INVESTMENTS IN BOSTON.

The dollar traded at $1.5597 per euro at 6:06 a.m. in Tokyo, after falling 1 percent yesterday, the most since March. It touched $1.5365 before Trichet's comments, the strongest level since May 8. The yen was at 165.22 per euro, following a 1.7 percent drop yesterday. Japan's currency traded at 105.93 per dollar, after falling 0.7 percent and touching 106.43, the weakest level since Feb. 28.

The ECB kept its main refinancing rate at a six-year high of 4 percent, where it has been since last June. The Federal Reserve has cut its target seven times since mid-September to 2 percent to stave off a recession.

Two-year German bunds yielded 2.11 percentage points more that comparable-maturity U.S. Treasury notes yesterday, up from 1.89 percentage points on June 4. It was the biggest increase in the spread since March 25.

Euribor Futures

The implied yield on the September Euribor futures contract jumped 0.30 percentage point to 5.23 percent as traders added to bets the ECB will raise borrowing costs to curb inflation.

``It's not excluded that, after having carefully examined the situation, that we could decide to move our rates by a small amount at our next meeting,'' Trichet said at a press conference in Frankfurt after yesterday's rate decision. ``I don't say it's certain. I said it's possible.''

The U.S. Dollar Index on ICE futures in New York, which tracks the greenback against the currencies of six major trading partners, erased some of the gains that came after Fed Chairman Ben S. Bernanke said on June 3 that the central bank is ``attentive'' to the implications of the currency's decline. The index fell 0.5 percent to 73.038 yesterday.

Bernanke `Undone'

``Trichet has undone any good work Bernanke put on for the dollar,'' said Alan Ruskin, head of international currency strategy in North America at RBS Greenwich Capital Markets Inc. in Greenwich, Connecticut. ``It pulls us back to the reality that we not only get a U.S. story, but also a European story driving the euro-dollar.''

The pound fell yesterday against the euro after the Bank of England kept its key interest rate at 5 percent. Sterling dropped as much as 0.9 percent to 79.64 pence per euro, the lowest level since May 27. Against the dollar, the pound traded at $1.9583, after increasing 0.1 percent yesterday.

The ECB has cited accelerating inflation as a reason for not cutting rates as the U.S. economic slowdown spreads to Europe. The inflation rate reached 3.6 percent last month, the fastest since the euro's inception in 1999.

U.S. employers probably shed 60,000 jobs in May after a drop of 20,000 in the prior month, according to the median forecast of 79 economists surveyed by Bloomberg News. The Labor Department's report is due at 8:30 a.m. in Washington.

NOTE: U.S. ECONOMIC SLOWDOWN AFFECTS THE MAJORITY.

Fed Rate Outlook

Futures on the Chicago Board of Trade showed a 69 percent chance the Fed will raise the target rate for overnight lending between banks by at least a quarter-percentage point by December, compared with 55 percent odds a month ago.

The dollar has lost 11 percent against the euro since the central bank started lowering the fed funds target from 5.25 percent on Sept. 18. The U.S. currency has increased 3 percent since touching the all-time low of $1.6019 per euro on April 22 as the Fed signaled rate cutting is over.

Citigroup Global Markets Inc. reversed its bet yesterday on the euro's decline. The 15-nation currency will form a ``double bottom'' on the trend line tracking its rally since November, a pattern that would suggest an increase to $1.63 in eight to 10 weeks, wrote Tom Fitzpatrick, New York-based global head of currency strategy at Citigroup, and his London-based colleague Shyam Devani in a research note.

``You have the Fed and Treasury in the business of platitudes regarding rates and currency but doing nothing,'' the analysts wrote. ``On the other side, you have the ECB, who, like it or not, has been consistent and true to its word.''

The dollar will strengthen to $1.49 against the euro and trade at 105 yen by the end of the year, according to the median forecast of 39 economists surveyed by Bloomberg.

To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net
Last Updated: June 5, 2008 17:11 EDT

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POLITICS ON SOVEREIGN WEALTH

2008-06-10T16:22:00.001-07:00

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OPINION

The Politics of Sovereign Wealth
By PETER MANDELSON
June 7, 2008; Page A11

Brussels

Sovereign wealth fund managers are not the type to court publicity. They are even more wary of controversy. For the last six months they have had both.

In a political climate in Europe and the United States that is increasingly defensive about globalization, the funds have become the target of anxiety about foreign investment and, in particular, about the growing economic strength of Russia and China. With the size of the funds set to grow hugely, publicity for the funds is a given. The question is how to avoid the controversy and to maintain business as usual. The basis for a deal is now taking shape.

NOTE: RUSSIA AND CHINA HAS BEEN NAMED AS THE SLEEPING GIANTS OF THE WORLD.

In my meetings with them, sovereign fund managers have often bridled at being the subject of suspicion. They rightly point out that for more than five decades they have been quietly investing the proceeds of oil and gas wealth for future generations without raising the slightest concern. Some have standards of transparency that are exemplary.

Although it is often made, the comparison of sovereign wealth funds to state-run businesses, especially powerful state-controlled monopolies like Gazprom, is misleading. A state acting like a business – throwing the resources of government behind a company that competes with others – is a different proposition from a state looking to invest its surplus capital in the most commercially advantageous way.

But the funds risk getting the facts right and the politics wrong. The explosion of resources under sovereign wealth-fund management and a shift by some into stocks rather than the more traditional bonds have made them front-page players. Some recipient countries feel that they should know more about their investment objectives or of their precise relationship with their sponsor governments. The possibility that a state might seek to use its investments for political leverage is very slim, but because recipients are not quite sure of the rules of the game, they can't exclude it entirely.

NOTE: FUND MANAGERS DOESN'T ONLY PLAY BASED ON THEIR CAPACITY, THEY ALSO LEARN MORE STRATEGIES TO BE MORE COMPETITIVE.

The smart move from the funds would be to confound the suspicions. If sovereign wealth funds want to manage the politics of their dramatic rise, they should study the experience of the hedge-fund and private-equity industries in Britain. When growing public anxiety about their intentions and business models put them on the defensive, hedge funds and private equity moved quickly to reassure the public with voluntary codes of conduct. Sovereign wealth funds should do the same.

Norway, which already sets a high standard for transparency and governance in sovereign wealth investment, has said it would work with the International Monetary Fund on a voluntary, world-wide code of conduct. Singapore and Abu Dhabi have both signed up to some basic investment principles agreed with the U.S. that could become a steppingstone to a wider global agreement.

Work between the funds and the IMF on such a code has gotten off to a prickly start. Some funds are suspicious of the IMF's motives. But the IMF is not, and will never be allowed to become, some sort of second International Criminal Court. The funds should grit their teeth and agree to a basic code that would cut the ground from under their critics. Sovereign wealth funds have a good track record as benign investors. Fund managers know that any attempt to use their investments for political leverage could backfire badly on them. So a voluntary and limited code of conduct would only formalize what they already do. Any fund unwilling to sign up to a reasonable code would have trouble explaining why.

Still, the funds are absolutely right to insist that such responsibility for transparency and fair treatment goes both ways. Assurances from the funds on transparency and openness deserve equivalent guarantees from OECD members that they will treat fund investments fairly and without discrimination. The OECD this week adopted a declaration welcoming investments by sovereign wealth funds, and recommitting members to principles of openness and nondiscrimination. The funds should see this as a gesture of good faith, and OECD politicians should stand by it. It is the essential quid pro quo that could seal this code and allow governments to turn down the heat under this issue.

Europe and the U.S. have no interest in turning away sound investment or encouraging public skepticism about foreign investment. So long as its capital is invested for no other goal than a good commercial return, a sovereign wealth fund is not different from a pension fund, and its investments are likely to be much longer-term.

But it would be a mistake for the sovereign wealth funds to believe that this will stop some more populist politicians from calling for discrimination or greater controls if public anxiety seems to demand them. Rather than responding with resentment or indifference, the funds should step up and show that if people want reassurance, they can have it.

Mr. Mandelson is the European Union's trade commissioner.

See all of today's editorials and op-eds, plus video commentary, on Opinion Journal.

And add your comments to the Opinion Journal forum.
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GLOBAL JORDAN SUCCESSFULLY MANAGES THE USD20 MILLION COMMERCIAL PAPER ISSUE FOR MIDDLE EAST COMPLEX FOR ENGINEERING, ELECTRONICS AND HEAVY INDUSTRIES

2008-06-09T16:12:00.001-07:00

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Global-Jordan successfully Manages the USD20 Million Commercial Paper Issue for Middle East Complex for Engineering, Electronics & Heavy Industries P

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Global-Jordan successfully Manages the USD20 Million Commercial Paper Issue for Middle East Complex for Engineering, Electronics & Heavy Industries P

Posted: 07-06-2008 , 18:32 GMT

Global Investment House – Jordan (Global – Jordan) announced the successful private placement of a six-month, USD20 million commercial paper issue for Middle East Complex for Engineering, Electronics & Heavy Industries PLC (MEC).

A number of reputable financial institutions and commercial banks such as Union Bank, Jordan Ahli Bank, and Blom Bank participated in the issue. Global- Jordan acted as lead manager and structuring agent and Union Bank was the underwriter.

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Mr. Sami Nabulsi, Head of Investment Banking, at Global-Jordan said, "We are proud to have worked with Union Bank on this deal for MEC, the leader in the electric appliances market in Jordan and a strong regional player."

note: Union Bank is a well respected bank worldwide.

He added, "We wanted to provide MEC with the funds required to expand its operations while reducing its financing costs at the same time. The best vehicle was a commercial paper issue because they are short-term fixed income securities that are flexible, relatively easy to structure, and usually a cheaper means to finance operations."

The USD20 million commercial paper will be used by MEC to improve the cost of its short-term borrowing and finance its working capital needs. According to Nabulsi, the commercial paper was denominated in USD in order to capitalize on the dollar's low interest rates.

note: MEC is one of the largest companies in the Middle East and North Africa regions.

MEC's CFO, Mr. Mashhour A. El Basha, said that, "Through its long experience and in partnering with well known brands like; LG, Daewoo, and Haier in addition to developing its own brands (mainly Acma), MEC has become one of the largest companies in the Middle East and North Africa ("MENA") regions. Our announcement of the new project, which is considered the first of its kind in the region, has further reinforced our status as a regional heavyweight. With an initial investment JD117 million, projected average annual sales of JD213 million, and ROI of 27%, production is scheduled to begin in early 2009."

He added, "MEC always cares to finance its working capital needs in co-operation with the best investment companies in the region such as Global-Jordan".

It is worth mentioning that Global-Jordan is fully owned by Global Investment House (Global), one of the leading asset management and investment banking companies in the GCC and the wider Middle East and North Africa ("MENA") regions.

With over 45 employees and total assets exceeding JD35 million, Global-Jordan is growing to be a full-blown investment company providing services in asset management, investment banking, wealth management, research, and brokerage. Global-Jordan's Investment Banking division provides a wide array of services that include private placements, M&As, privatizations, advisory services, and initial public offerings (IPOs) to name a few.

Nabulsi, ended by saying that "the successful closing of this deal is a testimony to Global's commitment to excellence through its delivery of financial and investment products and services that exceed market expectations. Establishing a solid track record and an excellent reputation over the past few years is one of the main reasons MEC selected Global for its investment needs".

About Global Investment House "Global"
Global Investment House "Global" is a full-fledged investment company incorporated in 1998, and falls under the regulation of the Central Bank of Kuwait. Its underlying foundation is to meet the high expectations of local and international clients, and to enhance the investment service industry and the capital market in Kuwait and the region. Today, Global stock lists on the Kuwait, Bahrain, and Dubai Stock Exchanges. Global plays an important role in promoting investment opportunities in the MENA region to investors through expert financial engineering, in-depth research and reports to advance the capital market in the region. Thus, Global's achievements have been recognized on local, regional, and international levels. The company's current assets under management reached KD2.5 billion (USD 9.3 billion) by 31 March 2008.

For more information, please visit our website on www.globalinv.net

© 2008 Al Bawaba (www.albawaba.com)
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DOW STOCK INDEX FALLS NEARLY 400 POINTS IN OIL

2008-06-08T16:03:00.001-07:00

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MARKETS
Dow stock index falls nearly 400 points on oil, jobs news
Major indexes plunge 3%. Indicators have been mixed, stirring volatile trading.
By Walter Hamilton, Los Angeles Times Staff Writer
June 7, 2008
NEW YORK -- Illustrating the stock market's deep confusion about the economy, bad news about oil prices and jobs sent the Dow Jones industrials tumbling almost 400 points Friday, a day after the index rallied strongly on optimism about jobs and consumer spending.

The sharp reversal reflects a pattern of uncertainty that is leading investors to react frantically to each day's helping of news.

* Graphic: Spike in unemployment rate
Graphic: Spike in unemployment rate
* Graphic: Volatility
Graphic: Volatility

* Chart: Crude oil prices rise sharply

"It goes to show how bipolar the attitude is," said Paul Hickey, co-founder of investment research firm Bespoke Investment Group in Harrison, N.Y. "One day things can be great, and the next day things can be bad."

The Dow plummeted 394.64 points Friday, or 3.1%, to 12,209.81. It was the blue-chip average's biggest drop since February 2007.

NOTE: STOCKMARKET NEEDED TO BE STUDIED WELL FOR IT'S EFFECT IS WORLDWIDE.

Other major indexes suffered similar declines.

Stock/fund symbol or name:

empty
The Standard & Poor's 500 sank 43.37 points, or 3.1%, to 1,360.68. The Nasdaq composite index lost 75.38 points, or 3%, to 2,474.56.

The market fell sharply in the morning, after the Labor Department reported that the unemployment rate jumped in May to 5.5%, its highest level since 2004. The half-point increase from 5% in April marked the rate's biggest monthly increase in 22 years. Economists had expected only a tick up to 5.1%.

After absorbing the job news, stocks gradually extended their losses as oil prices ballooned throughout the day.

Crude futures rocketed up $10.75 to settle at $138.54 a barrel, exceeding their record close set two weeks ago. It was the biggest one-day rise in dollar terms in the New York Mercantile Exchange's history.

Oil's rally was triggered in part by an analyst's prediction that crude would hit the $150-a-barrel mark by the Fourth of July.

The stock sell-off was the opposite of Thursday's trading, which boosted the Dow 214 points. Benign economic data and impressive retail sales raised hopes that the economy would sidestep the worst-case scenario.

But that optimism may have set the market up for disappointment. Though the economy shed fewer jobs last month than expected -- 49,000 versus analysts' consensus estimate of 60,000 -- so-called whisper numbers circulating on Wall Street had raised hopes for a better showing.

"That budding optimism in a lightly traded summer market was vulnerable to a correction on bad news," said Alan Gayle, senior investment strategist at RidgeWorth Capital Management in Richmond, Va. "And when the jobs report came in, the market got crunched. The exclamation point was the over $10-a-barrel rise in crude prices."

NOTE: ANALYSTS ARE VERY CRITICAL WITH THEIR STUDIES ON THE SEESAW MOVEMENT OF THE STOCKMARKET.

The seesaw action shows that investors can't figure out which way the economy is going and are simply listing with each day's news.

"You're getting a lot of mixed signals out there," said Georges Yared, chief investment strategist at Yared Investment Research in Minneapolis. "The dots of bad news and good news just aren't connecting yet."

The market losses were widespread. Declining issues outnumbered advancers by more than 4 to 1 on the New York Stock Exchange. All 30 of the stocks in the Dow industrials lost ground, as did all 10 major industry groups in the S&P 500. And all 91 financial stocks in the S&P 500 fell, tumbling 5% as a group, dropping below their March low. The 24-member BKX bank index slid 5.3% to a five-year low.

Credit card stocks fell on concern that rising unemployment will lead to more defaults among cardholders. American Express dropped $2.78, or 5.9%, to $44.65. Capital One Financial retreated $3.47, or 7%, to $46.15.

Among brokerages, Morgan Stanley led the declines, tumbling $3.78, or 8.5%, to $40.81.

Washington Mutual sank $1.08, or 13%, to $7.53, losing its title as the largest U.S. savings and loan by stock value to Hudson City Bancorp. WaMu is still the largest thrift by assets.

Midwest regional bank National City dropped 40 cents, or 7.5%, to $4.95 after the Wall Street Journal reported that regulators had effectively put the company on probation.

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2nd UPDATE: NASDAQ OFFERS FREE, REAL - TIME STOCK-PRICE DATA

2008-06-05T16:02:00.001-07:00

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2nd UPDATE: Nasdaq Offers Free, Real-Time Stock-Price Data
Dow Jones
June 02, 2008: 03:19 PM EST

(Updates throughout to note it is a one-month trial program, adds comments from Nasdaq executive, context on dispute over access to market information and latest share prices.)

By Doug Cameron

Of DOW JONES NEWSWIRES

Nasdaq OMX Group Inc. (NDAQ) announced plans Monday to provide free, real-time stock-price data through online vendors such as Google Inc. (GOOG) as part of a one-month trial program, a move that comes amid a debate over access to stock- market information.

Retail investors had been limited to price data with a 15-minute to 20-minute delay from the major U.S. equity exchanges, which derive a large part of their revenue from charging institutional clients and online brokerages for more- detailed information.

Under the pilot program announced Monday, Nasdaq will allow its online partners to redistribute real-time stock-price data this month, at no cost to the online partners or the end user. After that, Nasdaq will charge the vendors up to $150,000 per month for the right to distribute the real-time data, leaving the partners to determine whether they will continue to provide the information free of charge.

NOTE: NASDAQ IS A WELL RESPECTED COMPANY IN THE STOCKMARKET INDUSTRY.

Nasdaq said it will provide "last quoted price data" for stocks on its own bourse, the New York Stock Exchange and the American Stock Exchange. Professional traders will still be charged for "depth of book" data such as trading volumes at particular prices.

Adena Friedman, Nasdaq OMX's executive vice president, said the move was " overdue," claiming to be the first U.S. stock exchange to offer free, universal access to real-time data.

The move comes more than a year after efforts by Nasdaq and the NYSE to publish free price data foundered amid opposition from some online vendors represented by the NetCoalition, an industry lobby group. The U.S. Securities and Exchange Commission has also failed to sign off.

Nasdaq has refiled to the SEC for permission to provide free, real-time quotes. Meanwhile, NYSE, a unit of NYSE Euronext (NYX), said Monday its own plans to offer free data have been awaiting approval from the SEC since January 2007. The SEC didn't return calls seeking comment on Nasdaq's latest move.

"We have returned (to the idea) as a pilot project," Nasdaq's Friedman told Dow Jones Newswires, noting that Nasdaq will waive charges to its online partners during June.

In addition to Google, vendor partners for the free data include business TV channel CNBC, a unit of General Electric Co. (GE), Xignite, an online quote service, and WSJ.com, a unit of News Corp. (NWS), which also publishes The Wall Street Journal and Dow Jones Newswires.

Friedman said the pilot would allow online vendors to develop a business model for providing the service. After June, Nasdaq will charge online vendors $100, 000 a month for access to data from its own platform, plus $50,000 a month for prices from NYSE and the Amex.

Friedman said the last quote price data had become an "innocent victim" of a wider debate at the SEC over ownership and access to depth-of-book data. She described the new initiative as "a safe way to start."

Nasdaq Doesn't Expect Revenue To Suffer

Nasdaq's move also reflects intensifying competition in the U.S. cash equities market, with Nasdaq and NYSE Euronext losing market share to electronic rivals such as Kansas City-based BATS Trading.

BATS last week launched real-time price quotes via Yahoo Inc. (YHOO), though it said it had never charged for data as part of its pitch to undercut trading costs on established exchanges. BATS has lifted its share of U.S. equities trading above 10% and is applying for regulated exchange status, with plans to launch a European platform later this year.

"We believed that market data - including full depth of book, not just last quotes - should be free to investors," said Randy Williams, a BATS spokesman.

Nasdaq OMX generated 22% of its revenue from market data related to its U.S. and European exchange platforms in the first quarter of 2008, its second-largest business segment after issuer services, which accounted for 23%. U.S. equities trading fees accounted for 16% of sales in the quarter.

NOTE: NASDAQ'S MONEY MAKING SCHEMES ARE NOT ONLY EFFECTIVE BUT ALSO BENEFITS IT'S CO PLAYERS..

Friedman said the trial wasn't expected to have a negative impact on revenue. Nasdaq plans to launch a similar trial for data from its European exchanges this month.

Nasdaq shares were recently down 3.7% at $33.73, in line with a broader downturn for exchange sector stocks.

-By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com

(Shara Tibken contributed to this report.)

(END) Dow Jones Newswires
06-02-08 1519ET
Copyright (c) 2008 Dow Jones & Company, Inc.

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US INSURANCE CHIEFS UNVEIL ALTERNATE MUNI RATING

2008-06-04T16:53:00.001-07:00

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U.S. insurance chiefs unveil alternate muni rating
Mon Jun 2, 2008 3:06pm EDT

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NEW YORK (Reuters) - A group representing state insurance regulators on Monday said it will offer a substitute rating for municipal bonds backed by downgraded insurers so that insurance companies are not pressured to sell such debt.

Insurance companies have long been among the biggest players in the $2.6 trillion muni market. Currently, ratings on municipal bonds can rise and fall with their bond insurers.

NOTE: INSURANCE COMPANIES ARE KNOWN TO INVEST IN THE STOCKMARKET FOR OVER A CENTURY.

This was not a problem until this spring when several insurers lost the top "AAA" ratings their business requires because of their money-losing plays in the subprime mortgage market.

The National Association of Insurance Commissioners said it will begin offering a substitute rating on July 1.

Relieving the pressure on the insurance companies to sell their muni bonds should benefit the states, cites, agencies and hospitals that sell this debt by helping to prevent their borrowing costs from spiking, the group said.

An insurance company that holds a muni bond that is downgraded might have to reserve more capital for it, and if the rating falls below investment grade "some insurance companies will no longer want to hold them," the group said.

"We know that many municipal bond credit ratings are no longer accurate because they are based on the downgraded rating of the bond insurer, not of the municipal issuer," said Wisconsin Insurance Commissioner Sean Dilweg in a statement. Dilweg said he made the proposal.

NOTE: DILWEG IS A WELL RESPECTED PERSONALITY IN THE INSURANCE INDUSTRY.

New York State Insurance Superintendent Eric Dinallo said in a statement that "removing the current restrictions on our rating unit will permit insurance companies to submit downgraded municipal securities to it." He noted, "The unit, where appropriate, will now be able to assign the correct rating to those municipal bonds."

Bond insurers that have lost the highest rating from at least one credit agency includes: MBIA (MBI.N: Quote, Profile, Research), Ambac Assurance Corp (ABK.N: Quote, Profile, Research), Financial Guaranty Insurance Co., Security Capital Assurance XL Capital Assurance (SCA.N: Quote, Profile, Research), Radian Asset Assurance (RDN.N: Quote, Profile, Research), CIFG Guaranty, and ACA Financial Guaranty Corp ACAH.PK.

(Editing by Leslie Adler)

© Thomson Reuters 2008 All rights reserved

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MARKET TO STAY BEARISH THIS WEEK

2008-06-03T16:37:00.001-07:00

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Market to stay bearish this week
Press Trust Of India / Mumbai June 02, 2008, 4:39 IST

The capital market that moved up marginally last week is likely to be sluggish this week as expectations of fuel price hike and fears of negative cues from global markets weigh heavily, say analysts.

The BSE benchmark index, Sensex, managed to gain just 67 points last week and settled at 16,415.57 on Friday, while the National Stock Exchange's (NSE) Nifty closed at 4,870.10, up 34 points.

Analysts believe market sentiments is likely to remain bearish in the coming week as the bourses are at a vulnerable stage. Any negative cue from the global market can send them on a downward frenzy.

"This week, the stock market is likely to remain volatile with a negative bias, as foreign institutional investors (FIIs) are on a selling spree in uncertain times. The domestic market can go in for a sharp fall if there is any negative trigger from global markets," domestic brokerage firm SMC Global's Vice President Rajesh Jain said.

NOTE: STOCK MARKET REMAINS VOLATILE THEREFORE IT'S IMPORTANT TO WATCH AND STUDY CAREFULLY.

The only positive trigger for the markets could be the better-than-expected fourth quarter gross domestic product, which was at 8.8 per cent in the last quarter of 2008 from a year earlier, led by strong expansion in the services sector.

However, analysts are unsure as to how much it would help the domestic bourses to stabilise and restrict the downward slide.

Buoyancy in agriculture has pushed economic growth to 9 per cent, up from 8.7 per cent as estimated earlier, even as the performance of the manufacturing sector has been deteriorating.

Also, in the absence of any major domestic trigger, the market is likely to track the global equities and increase in crude oil prices.

Last week, the market had succumbed to selling pressure as weak global equities and soaring crude oil prices had worried investors. An imminent hike in domestic retail fuel prices owing to the record crude oil prices could further weigh on market sentiments this week, analysts believe.

The government is expected to take a decision on whether to raise fuel prices in the next few days as crude prices hover near $126 a barrel in the global market after dropping $4 on May 29.

NOTE: INCREASE IN OIL PRICES HAS BEEN IMPLEMENTED ALL OVER THE WORLD.

Last week, crude prices had touched a record $135 a barrel in the global market.

Meanwhile, according to latest government data, inflation rose to a 45-month high of 8.1 per cent for the week ended May 17. The Wholesale Price Index-based inflation was 7.82 per cent a week ago and 5.3 per cent in the corresponding week last year. However, the stock market seemed to remain unperturbed by surge in inflation and on Friday, the BSE Sensex climbed 100 points.

FIIs continued their selling spree and made a net sale for eight days in a row last week. FIIs were net sellers to the tune of Rs 5011.50 crore in May while in the year, so far, they have sold shares worth Rs 15,369.60 crore.

Domestic mutual funds sold shares worth Rs 387.60 crore in May.

Also, some more companies are left to announce their results such as GMR Industries, PVR, Mcleod Russell, Engineers India, Balmer Lawrie, Berger Paints and Sundaram Fasteners.

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NOMURA TO ENTER U.S. RETAIL MUTUAL FUND MARKET

2008-06-02T16:29:00.001-07:00

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Nomura to enter U.S. retail mutual fund market
Mon Jun 2, 2008 2:12am EDT

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TOKYO (Reuters) - Nomura Holdings Inc (8604.T: Quote, Profile, Research) has inked a deal to become the investment manager of a U.S. mutual fund specializing in Japanese issues, marking its full-scale entry into the U.S. retail mutual fund market.

Nomura Asset Management said it would invest significant resources to market and distribute The Japan Fund, the oldest independent U.S. fund focused on investing in Japan and which has over $300 million in assets under management.

NOTE: JAPAN HAS BEEN KNOWN FOR IT'S INDEPENDENCE AND TALENT IN ALL MONEY MAKING INDUSTRIES.

Japan's largest brokerage group replaces Fidelity as the fund's asset manager. Fidelity has its own fund specializing in Japanese issues.

"This alliance provides Nomura Asset Management with an expedited entrance into the U.S. retail mutual fund market. It allows us to leap frog to a leadership position in the marketplace," Shigeru Shinohara, Chief Executive of Nomura Asset Management U.S.A., said in a statement on Monday.

Nomura also hopes to offer several other funds specializing in stocks from other Asian countries such as China and India, a spokesman for Nomura Asset said.

The broker is eager to expand its overseas presence and also

said on Monday that has started a fund worth 2.1 billion euros ($3.3 billion) to buy unsold loans and undervalued companies in Europe.

(Reporting by Yuka Obayashi and Edwina Gibbs)

© Thomson Reuters 2008 All rights reserved

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2008-05-16T18:52:00.001-07:00

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May 15, 2008
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NJ senators push mandated insurance for kids

By TOM HESTER Jr. | Associated Press Writer
May 15, 2008

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TRENTON, N.J. - All New Jersey children would have to have health insurance and all taxpayers would have to annually prove they have health insurance under a plan advanced Thursday by senators.

NOTE: INSURANCE FOR ALL KIDS IS A MUST FOR KIDS IN NEW JERSEY.

The Senate health committee released the legislation designed as the first step toward universal health coverage for all residents by 2011. It's the first time the long-discussed plan has moved ahead. It can now be considered by a Senate budget panel, then likely the full Senate.

"This is a broken and dysfunctional system, and it's time for a health care plan that works," said Sen. Joseph Vitale, D-Middlesex, the bill sponsor.

About 1.5 million New Jerseyans lack health insurance, according to the Henry J. Kaiser Family Foundation, or about one in six residents. Of those 1.5 million, 275,000 are children.

NOTE: IT IS SAD TO NOTE THAT THERE ARE STILL THOSE WHO DOESN'T FIND THE IMPORTANCE OF HEALTH INSURANCE.

The measure would require all children under 18 to have insurance within a year of the law being enacted, whether through public health programs or private insurance, though it calls for no penalties for parents who fail to enroll children.

It would expand a state-run health program for the poor called NJ FamilyCare to include more parents, who presumably would also enroll their children.

Other families would be able to buy insurance coverage from the state at reduced rates.

The plan would require all New Jerseyans beginning next year to prove they have health insurance when filing income tax returns. Those who don't have insurance would be sent insurance applications.

It also proposes private insurance changes to try to make it more affordable.

Vitale said the first year's $28.8 million cost can be paid with unspent federal and state money designated for treating the poor.

Republicans question whether the state could handle the initiative, noting a recent audit found people earning as much as $295,000 enrolled in NJ FamilyCare.

"The state must learn how to prevent fraud and abuse in a limited program such as NJ FamilyCare before it tackles the much larger challenge," said Assemblyman Richard Merkt, R-Morris.

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MF's to Cash in on Commodities

2008-05-13T18:12:00.001-07:00

Wednesday, May 14, 2008

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MFs to cash in on commodities
PERSONAL FINANCE
Vandana / Mumbai May 14, 2008, 4:23 IST

With equity markets turning bearish and the commodity cycle at its peak, mutual funds are now shifting their focus to commodities. Fund houses plan to enter this segment through commodity-oriented stocks and mutual funds abroad.

Mirae Asset recently filed its application with the market regulator to set up a global commodity stocks fund that will invest 65 per cent of its corpus in stocks or mutual funds operating in the Asia-Pacific region and emerging markets.

Similarly, Tata Mutual Fund is proposing to launch a gold and precious metals fund that will invest in mining companies. Even ING has filed for a Latin America fund, which will invest in stocks in that region. Since the region is known for its rich natural resources, commodity stocks would be a part of the fund.

NOTE: ING IS VERY KNOWN IN THE STOCKMARKET

Most of the funds are planning to take a feeder-fund structure, whereby the fund will invest in a global fund that has a past track record. Globally, this theme has done quite well.

For instance, Blackrock's World Energy Fund is one such fund that has returned 35 per cent in the last one year (between May 9, 2007, and May 9, 2008). Last year, DSP Merrill Lynch launched the first feeder fund in India, which invests in gold mining companies through its parent company Merrill Lynch World Gold Fund.

Said Dhruva Chatterjee, research analyst, Lipper, "Mutual funds are basically trying to capitalise on rising energy and metal prices. However, investors should remember that the kind of heated-up activity that is going on in commodities, one can never guess when the market will crash."

And the numbers depict this. With crude oil prices shooting up to $126 a barrel and metal prices following the same route, stocks of these companies are enjoying significant attention in international markets.

Financial experts say that such funds can be a good option for an investor looking to invest in overseas markets.

Gaurav Mashruwala, a financial planner, said, "First-time investors should start by investing 2 to 5 per cent of their portfolio in such funds. They can then gradually increase it to 10-15 per cent."

NOTE: MASHRUWALA AND OTHER FINANCIAL PLANNERS SHOULD BE CONSULTED BEFORE INVESTING.

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Make The Most Of Your Tax Rebate

2008-05-08T22:32:00.001-07:00

Note: Make The Most Of Your Tax Rebate

Those federal tax rebates you've been hearing about? The IRS is due to send the first checks on May 9. Payments will continue for months. But don't get too excited. If you have a decent income, you may get little or nothing.

Still, your children might get rebates. Ditto for your parents, if they're retired.

Note: Even children get rebates as well as retired parents.

So here are a few ideas for using the rebates. Discuss them around the family dinner table.

Not all of these ideas will stimulate the economy, as Washington intended. But hey, it's your family's money.

The basic rebate amount equals the income tax owed for 2007 with limits. There's a cap of $600 for single taxpayers. For married couples filing jointly, the cap is $1,200.

There's a $300 rebate for every child who was under 17 at the end of last year.

Say a hypothetical John and Mary Smith file a joint return. They have three young children. They might expect a $2,100 rebate: their $1,200 plus $900 for their three children.

But they might not get it. To get a full rebate, their adjusted gross income (AGI) must be no more than $150,000.

Over that threshold, there's a 5% phaseout.

Suppose the Smiths report AGI of $170,000 in 2007. That's $20,000 over the limit.

Five percent of $20,000 is $1,000. Their rebate would be reduced by that $1,000. Instead of $2,100, the Smiths would get $1,100.

The size of the rollback increases as a taxpayer's AGI rises. So if the Smiths' AGI is $192,000 or higher, they would get no rebate.

The calculation is the same for single taxpayers. The phaseout starts at $75,000 of AGI.

A childless single taxpayer would get no rebate with AGI over $87,000. If any taxpayer has children, the top end of the parent's phaseout range is extended by $6,000 for each child.

If your AGI tops the phaseout ceilings, you won't get a rebate. But your children might.

To get a rebate, they can't be claimed as dependents on your tax return. They must file a 2007 return. They must have paid tax or had at least $3,000 of earned income.

What To Do?

If your kids ask for advice about handling that money, what should you tell them?

"Tell them to pay down credit card debt," said Jamshed Gandi, a CPA in San Francisco who is a spokesman for the California Society of CPAs.

Interest rates on credit card balances may be as high as 20%, Gandi says. Paying down such a debt is the same as earning 20% per year on an investment, after-tax, with no risk.

If your children don't have credit card debt, they may want to pay down other debts such as student loans. That will depend on the interest rate being charged.

Say your children have no high-interest loans to pay down. The next alternative may be boosting 401(k) contributions.

If their employers are matching 401(k) contributions, your children should contribute at least enough to get the maximum employer match.

Say your daughter earns $40,000 a year. Her employer offers to match 401(k) contributions 50 cents on the dollar, up to 6% of pay.

So her maximum match would be $1,200: 50% of $2,400. If your daughter contributes less to her 401(k), she should adjust her periodic contributions so an amount equal to all or part of her rebate goes into the plan, up to the level where she'd get the maximum match.

Contributing more to a 401(k) might not make sense. Your daughter, in a low tax bracket, wouldn't get much benefit from the upfront tax deferral.

Instead, the next choice on the list might be contributing to a Roth IRA. In 2008, the top contribution for people under 50 is $5,000.

Roth IRA contributions deliver no initial tax advantages. But investment income is untaxed, inside the account.

And all withdrawals are tax-free, after five years. You also must be older than 59 1/2.

Say your daughter is 28. She puts $600 into her Roth IRA. Her money earns an average of 9% a year.

By the time she's 60 that $600 — excluding any other contributions she makes over time — will have grown to around $9,500. Your daughter could withdraw it all, tax-free, or let it keep growing in her Roth IRA.

Advice For Your Parents

So your children have several ways to profit from tax rebates. What if the money goes to your parents, who have relatively low income in retirement?

If they're concerned about running short of money, they can invest it, says Tom Ochsenschlager, vice president of taxation at the American Institute of Certified Public Accountants.

He suggests an exchange-traded fund. Many are low-cost and tax efficient.

"If your parents are comfortable with what they've saved, they might consider a contribution to a 529 plan for their grandchildren," Ochsenschlager said. These plans offer tax-free investment buildup and tax-free withdrawals if the money is spent on higher education.

Note: These are the info about how to make most of your tax rebate.

Assets Ease in Money-Market Mutual Funds

2008-05-06T22:10:00.001-07:00

Note: These are info about percentage in marketing mutual funds.

NEW YORK -- Investors to money-market funds subtracted $34.53 billion in the week ended Tuesday, bringing total net assets to $3.416 trillion, according to the Money Fund Report.

Institutional investors withdrew $11.93 billion, while individual, or retail, investors withdrew $22.60 billion.

Assets in taxable money funds fell $29.43 billion to $2.926 trillion.

The average seven-day simple yield for taxable funds fell to 2.01% from 2.08%. The average seven-day compound yield, which assumes reinvestment of dividends, declined to 2.03% from 2.10%. Thirty-day simple yields dropped to 2.12% from 2.16%, while 30-day compound yields fell to 2.14% from 2.19%.

The fund with the highest seven-day compound yield among retail taxable general-purpose money funds was Touchstone MMF/CL at 3.01%, followed by Dreyfus BASIC MMF at 2.94% and Morgan Stanley ActiveAssets MT at 2.93%.

About $5.09 billion was withdrawn from tax-free funds, putting total tax-free assets at $489.61 billion.

The average seven-day simple yield for nontaxable funds rose to 1.95% from 1.64%. The average seven-day compound yield, which assumes reinvestment of dividends, increased to 1.97% from 1.66%. The average 30-day simple yield rose to 1.66% from 1.64%, and the average 30-day compound yield increased to 1.68% from 1.66%.

The fund with the highest seven-day compound yield among retail tax-free money-market funds was Alpine Municipal MMF/Investor at 2.92%.

Note: These percentage will help you decide the percentage you want in your mutual funds.

Cheap Stocks, Everywhere

2008-05-04T21:58:00.001-07:00

Note: Cheap Stocks, Everywhere

Of course, you don't a newsletter or a website to tell you that many retail, homebuilding, financial and healthcare stocks are trading near five year valuation lows. The stampede and overweights in many commodity areas are not as extreme as the tech mania in 1999, when mutual funds managers tripled weighted tech and ended up with 60% of their funds in the sector, but a sustained rotation out of the market darlings sets up the potential for a sustained move in the laggards of the last year.

Note: Its good to have a stock in your business.

MUTUAL FUND SALES PLUNGE IN APRIL

2008-05-04T18:42:00.001-07:00

Breaking News from The Globe and Mail
Mutual fund sales plunge in April

SHIRLEY WON

Friday, May 02, 2008

Mutual fund sales in Canada plunged sharply to about $300-million in April, from $2.5-billion a year ago.

All the cash continued to flow into money market funds as it has done for much of this year, according to preliminary figures released Friday by the Investment Funds Institute of Canada.

"It's surprising, because we did see some pretty good equity markets last month," Dennis Yanchus, manager of statistics and research at IFIC, said in an interview.

In April, the S&P/TSX Composite Index rebounded 4.4 per cent after falling 1.7 per cent in March. In the United States, the benchmark S&P 500 Composite Index jumped 4.8 per cent last month.

It will probably take "a few months" before investors become confident about jumping into long-term funds, he said.

The April sales number is a continuation of a trend in March and January when all the net sales in mutual funds went into money market investments. In the first quarter of this year, sales of money market funds hit a record high of $10.7-billion.

NOTE: MUTAL FUND IS REALLY UPTRENDING.

April's estimate stems from IFIC's projections that net sales would come in between $57-million and $557-million.

The April number is not only down substantially from 2007, it is also off from $468-million in net sales in the same month in 2006 and $540-million in 2005, Mr. Yanchus added.

The leader in net sales last month was the mutual fund arm of Royal Bank of Canada, which took in $760-million. Dynamic Mutual Funds Ltd. attracted a robust $274-million.

Among the non-bank fund companies, Fidelity Investments Canada brought in $171-million, and CI Financial Income Fund attracted $170-million in net sales.

AIM Funds Management Inc., which has seen three key managers leave the firm and has suffered from poor performance in its value-oriented funds, suffered from $653-million in net redemptions.

NOTE: IT IS IMPORTANT TO CHOOSE A CREDIBLE FIRM.

The fund arm of Canadian Imperial Bank of Commerce saw $263-million in outflows, while IGM Financial Inc., which owns Investors Group and Mackenzie Financial, was $186-million in the red.

© The Globe and Mail

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