Word: portfolios
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Basically, ETFs are baskets of securities that passively track stock-market indexes or financial indexes. Since ETFs mirror indexes, they don't have big management fees, nor do they generate as much trading volume (and commission costs) as actively managed mutual funds; when they do have portfolio turnover, it is often by swapping stocks instead of buying and selling them, which means they don't run up capital-gains taxes the way mutual funds often can. The result: lower overall costs for investors. The average annual fee for an ETF is 55 basis points (i.e., 0.55% of assets), significantly below...
...thuggish reality behind otherwise respectable-sounding prospectuses offered to investors to explain how they could service high debt on mortgage-backed securities. "The borrower anticipates to recapture approximately 20%-30% of the units [roughly within the first year] and 10% a year thereafter," explained a prospectus for a portfolio of buildings in upper Manhattan being bought by Apollo Real Estate Advisers (now AREA Property Partners), with a primary mortgage from a Credit Suisse subsidiary. The normal turnover rate in cheap or moderate rent-regulated apartments in New York City is 5.6%, according to data from the New York City Rent...
...start in 1963 with a 5-acre plot of New Jersey swampland. The turnover targets were perhaps "more aggressive than people think they should have been," but he says, "Life is too short for us to have done this, with this small a part of our portfolio, if we didn't actually think we were doing the right thing. Whether or not we executed as perfectly as we could - I'm sure that we made mistakes - our true intention here was to make money by doing good...
...Jack R. Meyer, then-CEO of HMC who presided over a long period of endowment growth, left the organization with 30 employees to start a hedge fund after some alumni protests resulted in a flurry of negative media attention and salary decreases for top-performing HMC portfolio managers...
Though it may not signify a major strategic shift for P&G, the Art of Shaving is one of the more intriguing chips in company's portfolio. While neither the store nor P&G will specify how many new outlets will open over the next few years, expect a surge. "P&G acquired this business, and obviously wants to grow it," says Malka. "P&G has a mission to win with men, and the Art of Shaving is an important platform to serve men in the premium marketplace...