Not so fast. On October 27 the price of Citi stock was $11.73 per share. On November 21, the last trading day before the second bailout was announced, Citi closed at $3.77. Buying $25bn and $20bn of common …Read More
As you may recall, the Bush-era tax cuts were scheduled to expire after 2010, which essentially amounts to a tax increase if Congress didn’t act to extend them.
After the stock market close yesterday, President Obama, in a televised speech, announced a compromise with Republicans in Congress which, if passed into law, would amount to a much bigger fiscal package in 2011 than virtually anyone expected. In addition to a two-year extension of the Bush-era tax cuts, he added a one-year reduction in the payroll tax and a huge investment tax credit. While the ultimate bill that gets passed may …Read More
Even if you have not been good this year, fret not, you still have something under the tree from me. Every six months, the S&P Indices publishes a review of mutual fund performance specifically tracking the performance by the hot hand of prior years. They examine the persistence top half and top quartile (for Auburn folks the latter translates to top 25 percent) funds exhibit.
For actively managed mutual funds, the results are the proverbial lump of coal. Of the funds in the top half in September 2005, only 4.16 percent of large-company funds and 4.55 percent of small company …Read More