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Market Timing

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BUSINESS
By Julius Westheimer | December 6, 1990
Do you try to "time" your stock purchases? Money magazine, November, says, "Trying to time the stock market is a fool's game."The story goes on, "timers have a dismal long-term record. The stock market's tendency to rise over time favors 'buy-and-hold.' Since 1926, according to Ibbotson Associates, stocks have risen in more than two out of every three years. In effect, then, the buy-and-hold decision is right better than two thirds of the time, a feat few timers could match. Stand-pat investors are always right when it matters most -- in bull markets.
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EXPLORE
May 18, 2011
A current trendy word is locavore. It means someone who eats, as much as possible, food grown or raised locally. Such a person not only consumes food that is probably fresher, but also supports farmers in the community. Which brings us to Baltimore County's farmers' markets — havens for locavores. These markets, including two new ones, are open now, or soon will be, with booths offering locally produced vegetables, baked goods and cheeses. And, this year, farmers' market browsers may come across a new product produced locally — wine.
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BUSINESS
By BLOOMBERG NEWS | October 31, 2003
WASHINGTON - The U.S. Securities and Exchange Commission should have done a better job overseeing the $7 trillion mutual fund industry and detecting trading abuses that may have harmed long-term investors, SEC Chairman William Donaldson said yesterday. "There's no doubt about the fact that we can improve our methodology," Donaldson told a congressional hearing. "We probably have not had the issue of market timing as high in our priorities as we should have." The SEC lagged behind New York Attorney General Eliot Spitzer in uncovering mutual fund trading abuses, which Donaldson said were "quite widespread."
BUSINESS
By JAMIE SMITH HOPKINS | November 8, 2009
Home-sale trends are generally stronger in and around Washington, but the Baltimore area is showing some signs of life. That's the conclusion of a new report by Delta Associates, a real estate information and consulting firm, and Metropolitan Regional Information Systems, which runs the region's multiple-listing service. Sales in the summer were up about 7 percent from a year earlier in the D.C. region, and there were 5.4 months of inventory - "below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply," the report notes.
BUSINESS
By BLOOMBERG NEWS | October 10, 2003
WASHINGTON - The Securities and Exchange Commission will propose rules as early as next month designed to block trading abuses in mutual funds, the agency's chairman, William H. Donaldson, said yesterday. The SEC has been investigating trading practices at major mutual fund companies since early September, when New York Attorney General Eliot Spitzer revealed his investigation into illegal trading in the $7 trillion mutual fund industry. The potential SEC rules would address after-hours trading and frequent trading, known as "market timing," Donaldson said.
BUSINESS
By Andrew Countryman and Andrew Countryman,CHICAGO TRIBUNE | January 20, 2005
The Pax World funds, a pioneer in socially responsible investing that says it offers shareholders the chance "to do good while doing well," has acknowledged that one of its mutual funds has been hit by market timing. In a recent letter to shareholders, Chairman Laurence Shadek and President Thomas Grant said an internal investigation in response to Securities and Exchange Commission inquiries determined that Pax World failed to prevent investors from engaging in market timing of its High Yield Fund during 2003.
BUSINESS
By Jamie Smith Hopkins and Jamie Smith Hopkins,SUN STAFF | April 9, 2004
Morgan Stanley has fired the branch manager of its Baltimore office and a broker there who are reportedly being investigated by the U.S. Securities and Exchange Commission. Harry "Buddy" Buzzerd, the branch manager, and broker Chris Glassman were let go last month, spokeswoman Andrea Slattery said yesterday. She would not explain why or comment on the alleged inquiry. "We never comment on regulatory matters," she said. The Wall Street Journal, which reported this week that the SEC is investigating mutual fund trading at the Baltimore office, said the pair were dismissed for "activities related to market timing."
BUSINESS
By Paul Adams and Paul Adams,SUN STAFF | March 14, 2004
Slammed for months by late-trading and market timing scandals, embattled mutual fund representatives have been dragged before Senate panels and federal regulators as they try to defend industry practices that some say have cost investors billions of dollars. Now, executives at several companies will have to go before federal judges in Baltimore in what one securities attorney said could be the "Olympics" of civil litigation surrounding the $7.5 trillion industry. To the surprise of many in the legal community, a federal judicial panel decided Feb. 20 to transfer more than 170 lawsuits against six scandal-torn mutual fund companies to U.S. District Court in Baltimore.
BUSINESS
By Thomas Watterson and Thomas Watterson,Boston Globe | November 3, 1991
When the stock market is going up, everyone enjoys the ride. And when the market's going down, people get out and wait for the rebound.But when the market is meandering sideways, which appears to be the current state of affairs, professional investors look for other diversions.Lately, a popular form of entertainment seems to be taking potshots at other professionals who claim to have a sure-fire "system" for investing in the market, whether directly in stocks or in mutual funds.Don Phillips, editor of Morningstar Mutual Funds, a Chicago newsletter, started the latest skirmish a couple of months ago, when he slammed market timing.
NEWS
By Eileen Ambrose and Eileen Ambrose,SUN STAFF | November 19, 2003
Securities and Exchange Commissioner William H. Donaldson confessed yesterday that for years his agency had failed to check funds to catch wrongdoing like late trading or market timing, practices used to steal millions from small investors. "For too long, the commission has found itself in a position of reacting to market problems, rather than anticipating them," Donaldson told Senate Banking Committee members. "Clearly we can improve the effectiveness of the way we go about things." Donaldson rebutted criticism of how the Securities and Exchange Commission was handling a widening scandal over fund practices and fielded questions about turf fights between state and federal regulators.
BUSINESS
By EILEEN AMBROSE | May 20, 2008
Timing is everything. And retiring in a bear market - or even something just flirting with bear status - couldn't be worse timing. Baltimore's T. Rowe Price Associates crunched some numbers to figure the impact of a bear market on retirement, after the S&P 500 index fell nearly 18 percent between October and March. Bear markets - usually defined as a 20 percent decline in the market - are never happy times for investors. But hitting one in the first five years of retirement can spell serious trouble down the road.
BUSINESS
By CHARLES JAFFE | March 18, 2008
Eliot Spitzer's fall from grace brought with it a chance for critics to kick him in the butt on the way out the door. As critics debated his legacy, the consensus seemed to be that he'll be more remembered as "Client No. 9" - his purported designation with the Emperor's Club escort service that was exposed last week - than as the "sheriff of Wall Street," the guy who took on the big investment houses and beat them into submission. What you're hearing about Spitzer - aside from the tawdry details of his costly trysts - is that he was a bully who stopped at nothing to make his point, but often got nothing out of his most famous cases.
NEWS
By Larry Carson and Larry Carson,sun reporter | August 27, 2006
Maryland's local governments have enjoyed several years of surging revenues because of a real estate boom that propelled home sales and values to record levels. But the onset of a real estate slowdown has them preparing for leaner times. Local officials expect a sharp drop in transfer and recordation tax revenues that are generated when a property changes hands or is refinanced. "I've been predicting a slowdown of this revenue for five years. Finally, I'm right," said John Hammond, Anne Arundel County's budget director, who budgeted for a 25 percent drop in real estate tax revenues - $105 million for the fiscal year that started July 1, down from $130 million in the last fiscal year.
BUSINESS
By JANET KIDD STEWART and JANET KIDD STEWART,TRIBUNE MEDIA SERVICES | July 2, 2006
Cash in a retirement account may no longer be an oxymoron. As stocks roil from one volatile trading day to the next, rates on money-market accounts, certificates of deposit and ultrashort-term bonds are nearing, and sometimes surpassing, a respectable 5 percent annual payout. But the very thought of extremely short-term investments wrapped in a retirement account that is long-term money by definition has the uneasy feeling of market timing, one of the biggest no-no's in the traditional world of personal finance.
BUSINESS
By MARK HULBERT and MARK HULBERT,MARKETWATCH | June 18, 2006
Bad news, stock investors: The market is likely to underperform garden-variety money market funds through the end of next year. That gloomy forecast comes from a market-timing model that, while not perfect, has had an impressive track record over the long run. The model arose from research conducted about 15 years ago by William Reichenstein, a professor of investments at Baylor University, and Steven P. Rich, a finance professor at Baylor. They reported their results in an article in the summer 1993 issue of The Journal of Portfolio Management.
BUSINESS
By LAURA SMITHERMAN and LAURA SMITHERMAN,SUN REPORTER | November 10, 2005
The mammoth legal battle over double-dealing and favoritism in the mutual fund industry, which is being heard in federal court in Baltimore, could be winding toward a settlement as judges overseeing the case recently dismissed a number of the legal claims. In a series of rulings filed with the court, a panel of three judges are winnowing the case by throwing out investor claims against some brokerages, such as Wachovia Securities, and allowing only certain claims against mutual fund companies such as Janus Capital and Putnam Investments, and traders such as the investment management business Trautman Wasserman and Co. Legal experts say the judicial opinions are a mixed bag that could prod an army of lawyers for both sides to the negotiating table rather than into a complicated and potentially lengthy trial.
BUSINESS
By BLOOMBERG NEWS | December 9, 2003
BOSTON - Massachusetts Financial Services Co., the U.S. mutual fund unit of Canada's Sun Life Financial Inc., was notified by the Securities and Exchange Commission yesterday that it might face enforcement action for misleading investors about its policy on market timing. The SEC is alleging that MFS fund prospectuses made "false and misleading" statements about market timing, said Sun Life spokesman Nicholas Thomas in Toronto. Market timing involves buying a fund's shares and then quickly selling them.
BUSINESS
By Dick Marlowe and Dick Marlowe,Orlando Sentinel | May 5, 1991
Time and events are being compressed into flashes these days. Things are happening so fast that the mood of investors can change from euphoric to pessimistic during lunch. As my barber reminded me last week, the world managed to squeeze in a full-fledged war between haircuts.Investor confidence is driven by a daily stream of current events in the 1990s, and the investing public is doing flip-flops trying to figure out which news is pertinent. But the past six months have provided us with a rare opportunity for a crash course in prudent investing, says H. Bradlee Perry, chairman of David L. Babson & Co. in Cambridge, Mass.
BUSINESS
By Andrew Countryman and Andrew Countryman,CHICAGO TRIBUNE | January 20, 2005
The Pax World funds, a pioneer in socially responsible investing that says it offers shareholders the chance "to do good while doing well," has acknowledged that one of its mutual funds has been hit by market timing. In a recent letter to shareholders, Chairman Laurence Shadek and President Thomas Grant said an internal investigation in response to Securities and Exchange Commission inquiries determined that Pax World failed to prevent investors from engaging in market timing of its High Yield Fund during 2003.
BUSINESS
By BLOOMBERG NEWS | August 7, 2004
GREENWOOD VILLAGE, Colo. - Adelphia Communications Corp., the U.S. cable-television operator in bankruptcy proceedings, said yesterday that it will begin arranging a sale of the company after the Labor Day holiday on Sept. 6 and complete the auction by year-end. The company's bankers, UBS Securities LLC and Allen & Co., will solicit bids for the entire company and for individual cable systems, Adelphia said. The bankers have held "informal discussions" with potential bidders, the company said.
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