Word: stocking
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Dates: during 2000-2000
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About 10 years ago, I was asked to draw up a list of predictions for the mutual-fund industry. O.K., so I was wrong about money-manager trading cards, and Peter Lynch didn't run for President. But I got this right: entire stock portfolios now change hands at the click of a mouse. I stand by my assertion that one day most mutual funds will do the same. They'll be priced throughout the day--not merely at the close--and traders will shoot in and out of them as they would an overhyped...
...part of the growing importance of individual investors, who want easy, flexible, low-cost diversification. For now, all the action in tradable, pre-fab stock portfolios is with index funds, which are more readily priced tick by tick because they hold the same stocks a long time. Eventually, though, actively managed mutual funds will be continuously priced--and actively traded...
...past year, a new breed of ETF, called iShares, has taken wing. Formerly known as WEBs and primarily built around foreign stock indexes, it was dusted off by Barclays Global Investors this year, renamed and expanded to include specific U.S. sectors such as health care, energy and real estate...
Clark has a personal insight into why some tech multimillionaires postpone serious charitable giving. At one point in 1998, he watched the value of his Netscape stock erode from $2 billion to $200 million. And other wealthy techies have seen similar wild swings in their personal fortunes. Explains Clark: "When you see your net worth drop like that, you think, 'If this keeps going, I'm going to have to sell my airplane...
Lily Kanter, 35, is the sort of "ordinary" multimillionaire that Microsoft has churned out by the thousands. She has worked five years for the company, most recently as business manager of its San Francisco retail outlet, as her stock doubled and redoubled. Yet she lives an ordinary life in most ways, ferrying her three dogs around in a seven-year-old Ford Explorer that she calls the Stinkmobile. "How many cars can you drive at one time?" she asks. "How big a house do you need...