Fund Firm Give Aways
From the Wall Street Journal
Mutual funds are looking more and more like the banks of yore. Fund groups have long allowed checking -- now they are giving away gifts with new accounts. The WSJ
reports that the gifts include: Fidelity entering new account holders in a raffle for World Series tickets, American Century giving away 20 Palm Pilots, Warburg Pincus considering a frequent flier tie-in, Janus giving tickets to the Aspen Jazz Festivel, Strong giving tax software.
Short-Term Lease for Long-Term Capital?
From the New York Post
This isn't exactly fund news, but you will probably be intersted anyway. Reports contend that the land lord of Long-Term Capital is preparing an eviction notice. Yes, the hedge fund guys who many blame for the severity of last fall's correction may be looking for new digs. It seems that the millionaire partnert might be what one would call cheap. The paper says that they have yet to pay a nickel in rent. Even after possessing the property for two years! That puts them $3.0 million in arrears. Long-Term claims it does not owe the rent because the land lord failed to fix a leak in the basement. That's one expensive leak!
Lessons from 1924?
From the Financial Center
Ever hear of Edgar Lawrence Smith? In case you haven't he was the author of a 1924 tome entitled "Common Stocks as Long Term Investments." This book was to his time what Jeremy Siegal's "Stocks for the Long Run" is today. Smith also ran a closed-end fund. If you have a few minutes to review the early history of the fund industry this look back by Paul Merriman is worth the time.
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