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<li>Rayban 2140 Wpływ i skutki seksu w reklamach Present</li> | <li>Rayban 2140 Wpływ i skutki seksu w reklamach Present</li> | ||
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| + | == Cheap Oakley Oil Rigs A New Balance == | ||
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| + | A New Balance<br><br>In the olden days balanced funds were big sellers. Blending stocks and bonds, they offered stability, along with returns that fell between these two categories. If a recession sent stocks into a tumble, at least bonds would hold up, went the thinking. Yet this conservative mix would also do a lot better over the long pull than a pure bond portfolio.<br><br>To today's fund investors the balanced category seems a bit dowdy. But the concept is making a comeback in a new guise: the asset allocation fund. These typically buy a mix of stocks and bonds, domestic and foreign, often along with some commodities. Just like the balanced funds of a half-century ago, they hold out the promise of more stability than you'd get from an all-stock fund and yet more protection from inflation than you'd get from a pure bond fund. The table lists the best of the breed. Tops is Permanent Portfolio,Cheap Oakley Oil Rigs, a 24-year-old fund offered by Pacific Heights Asset Management, a privately held firm in San Francisco.<br><br>We selected these funds using three criteria. First, they had to have good returns over the past six years, a period encompassing most of the 2000--02 market crash. Next, they had to have annual expense ratios below the 1.5% average for stock funds and not be burdened with upfront loads. Finally, they had to have an R-squared below 0.85.<br><br>That last statistic needs some explaining. The "R" in question is the correlation between monthly returns on the fund and monthly returns on the stock market. An S 500 index fund has a correlation of 1. A portfolio whose returns have no connection to market movements would have a correlation of 0. A fund consisting of nothing but short positions in S 500 futures (yes, there is such a thing: the Rydex Inverse S 500 Fund) would have returns that are the mirror image of those on the market and would display a correlation approaching --1.<br><br>Multiply this correlation number by itself and you have R-squared, a number published for long-term funds by such fund-rating services as Lipper and Morningstar. R-squared measures the fraction of a fund's movements up and down that can be explained by movements in the stock market. Both the Vanguard Index 500 Fund and the Rydex Dynamic S 500 Fund have R-squareds of 1.<br><br>Now, unless you are buying a cheap index fund, you want to avoid funds that have very high R-squareds. Reason: These are closet index funds, portfolios closely equivalent to index funds but without the low cost that index funds offer. An example among stock funds is Pioneer Research, which Morningstar calls a large-cap blend fund. This fund has the embarrassingly high R-squared of 0.96. It rarely strays from the S flight path, and yet it charges you 1.25% yearly plus a 5.75% sales load. Trying to beat the market long term with a fund like this is an exercise in futility.<br><br>If you are looking for a fund that zigs when the market zags, Permanent Portfolio is it. Measured over the last six years its R-squared is a minuscule 0,Ray Ban Clubmaster Sale.09.<br><br>Permanent Portfolio opened its doors at the tail end of the stagflation era, when inflation was running rampant, economic growth blah and short-term interest rates in the teens. "Regardless of where investors turned, they were losing money,Discount Ray Ban Clubmaster," says manager Michael Cuggino, who has run the fund since 1991 and owns Pacific Heights. nonproperty equities (15%); and Swiss government bonds (10%), a classic hedge against the dollar.<br><br>Permanent Portfolio's defensive mix shines when the broader market is headed south, and FORBES gives the fund an A+ for performance in down markets. Over the two calendar years 2001 and 2002 the market lost 31%, but Permanent was up 18%. Since the fund's inception it has lost money in just three years: 1984, 1990 and 1994.<br><br>Lately Cuggino, a Boston native and former certified public accountant, has been bullish on gold. The metal's spot price has risen 22% this year to $627, though it is off its May high of $714. real estate values being on the high side. In this category he likes BRE Properties<br><br>(nyse:<br><br>BRE --<br><br>), owner of apartment buildings in large West Coast cities. Apartment REITs are doing well these days, as buying houses loses favor.<br><br>On the equity side Cuggino has 64 stocks, tilted to favor growth over value. His largest such holding is in Symantec<br><br>(nasdaq:<br><br>SYMC --<br><br>), a provider of security technology for Internet transactions. Cuggino reasons that Symantec will reap the rewards of the growing number of financial transactions over the Internet.<br><br>Another fund on our list, Berwyn Income, has a six-year annual return of 9.7% and an R-squared of 0,Fake Oakley Lunettes De Soleil.2. The majority of the portfolio falls into the fixed-income category, including investments in corporate bonds, preferred stocks, convertible securities and Treasurys. Berwyn holds 27% in equities, where it favors mid- and large-cap value. Comanager Edward Killen looks for rich yields (fund average: 4.8%), meaning that on the stock side he wants high-dividend payers, especially pharmaceuticals. | ||
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