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BUSINESS
By Glenn Burkins and Glenn Burkins,Knight-Ridder News Service | April 12, 1992
You have probably heard it a thousand times: Never invest in a mutual fund without reading the prospectus.That's good advice, most people would say.But if the mutual fund industry has its way, investors soon will be sending in their money without ever getting a prospectus.Industry officials say investors should be allowed to buy mutual fund shares based on advertisements alone, provided the ads contain certain information. Therefore, the industry has asked the Securities and Exchange Commission to approve these "off-the-page" sales.
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SPORTS
By Dean Jones Jr and The Baltimore Sun | January 27, 2014
Five Orioles prospects -- including four pitchers -- rank in the top 101 in baseball, according to Baseball Prospectus' list that was released Monday . The publication included right-handers Kevin Gausman (No. 10), Dylan Bundy (No. 15) and Hunter Harvey (No. 58), along with left-hander Eduardo Rodriguez (No. 61) in its rankings. Infielder Jonathan Schoop rounded out the Orioles prospects in the list at No. 82. Bundy (No. 20), Gausman (No. 31) and Rodriguez (No. 68) were all included in MLB.com's rankings that were released last week . Baseball America, which hasn't released its full rankings yet, had Bundy, Gausman, Rodriguez, Harvey and Schoop -- in that order -- as the top five prospects in the Orioles organization when that list was published in December.
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BUSINESS
By Julius Westheimer | January 10, 1997
DO YOUR EYES glaze over when you read a mutual fund prospectus?Put away the No-Doz. You won't need the extra caffeine anymore.According to "Money Manager's Compliance Guide," the Securities and Exchange Commission is calling for the mutual fund industry "to provide investors with prospectus documents that are simpler and more 'user-friendly.' "Pamela Wilson, a senior partner with the Hale and Dorr law firm, says, "The industry has been slow to change because simplification is time-consuming, resource-intensive and has the potential to increase a fund's liability risk."
SPORTS
By Dean Jones Jr and The Baltimore Sun | December 11, 2013
Baseball Prospectus released its Top 10 Orioles prospects list today, and it's not too surprising that right-hander Kevin Gausman ranks No. 1 after making his major league debut last season. Gausman, who was 3-5 with a 5.66 ERA in 20 games (five starts) in 2013, moves ahead of right-hander Dylan Bundy in Baseball Prospectus' rankings this year. Bundy, who missed the entire 2013 season after undergoing Tommy John surgery, falls from the top spot last year to No. 2. Right-handed pitcher Hunter Harvey, the Orioles' first-round draft pick this year, ranks No. 3 on the list.
BUSINESS
By CHARLES JAFFE | July 21, 2002
FIVE YEARS AGO, the Securities and Exchange Commission and the mutual fund industry worked together to revolutionize the prospectus. The results were not only promising, they also were approved for distribution to investors. But once that approval was given, virtually everyone simply gave up on the project. It's a story that highlights an age-old problem in the industry, namely how fund companies balance what is good for their bottom line with what is good for investors. The "profile prospectus" was designed to be a Cliff Notes version of the sleep-inducing formal contract between fund and investor.
BUSINESS
By Jerry Morgan and Jerry Morgan,NEWSDAY | April 5, 1998
Josiah Fisk is a translator whose work is read by millions of investors who never heard of him. Known as Si Fisk, his specialty is translating an obscure and unreadable language called prospectus-ese into plain English.It is a skill that will be more in demand now that the Securities and Exchange Commission has required fund prospectuses to use plain English as a first language, not an accidental afterthought.Plain English is just one of several prospectus changes investors can expect when they order mutual funds, though it will take some time for both plain English, and what one SEC official called better English, to wend their way through the regulatory system.
BUSINESS
By CHARLES JAFFE | June 27, 2004
LATER THIS year, Fenimore Asset Management, which runs the two FAM funds, plans to send shareholders an owner's manual. Separate from the prospectus and annual report - which go largely unread by most shareholders anyway - FAM wants to give fund investors something that actually tells them how their fund works. No sales jargon, no disclaimers, no performance charts, no explanations in double talk and Martian language. Company officials are hoping to get the manual out to investors by late October, when they take part in another quaint ritual, the annual shareholder meeting, something most fund firms abandoned eons ago. And while FAM may not be the first to implement a straight-talking ownership document, it clearly won't be the last.
BUSINESS
By JANE BRYANT QUINN | May 22, 1995
NEW YORK -- It's a paradox of mutual-fund investing, that the zTC more you're told, the less you know. The more detailed the fund prospectus, which explains how the investment works, the less likely you are to read or understand it. One page is OK; 40 pages hits the wastebasket.So in an experiment urged by the Securities and Exchange Commission, which regulates the mutual-fund industry, some funds will be trying a new tack. They're developing what's called a "profile" prospectus that highlights the key things investors should know.
BUSINESS
By CHARLES JAFFE | April 3, 2007
If you buy a computer, the "quick-start guide" helps you get the equipment up and running without forcing you to learn many of the fine points that may or may not someday be useful information. The powers behind the mutual fund business want you to get the same kind of jump-start when it comes to their products. Paul Schott Stevens, president of the Investment Company Institute - the trade association for fund companies - called for big changes in fund disclosure last week, suggesting that investors would be better served by ditching the traditional prospectus in favor of a jump-start user's manual, along with instructions on how to access the true prospectus on the Internet.
BUSINESS
By BLOOMBERG NEWS | March 19, 1999
NEW YORK -- Cendant Corp. settled a class action suit with investors yesterday who said the franchiser of hotels, real estate and car rentals offered securities under a misleading prospectus that contained accounting irregularities.Holders of Preferred Redeemable Increased Dividend Equity Securities, or Prides, will receive rights to buy new Prides each valued at $17.57 more than their current Prides, Cendant said.The new Prides will convert into Cendant common shares at a specified price in 2001.
SPORTS
By David Selig and The Baltimore Sun | March 19, 2013
The Orioles made their triumphant return to the postseason in 2012. The odds of them getting back there in 2013, if you trust Baseball Prospectus' projection, are less than 5 percent . It's one of those preseason predictions that had Adam Jones saying last month that “Sometimes I wish the media would just shut the hell up. " It's not that the numbers crunchers at Baseball Prospectus hate the Orioles. It's just that much of what the O's did last year either isn't quantifiable (like deftly shuttling players up and down from the minors)
SPORTS
By Matt Vensel | March 30, 2011
The folks over at Baseball Prospectus might not be big fans of Orioles catcher Matt Wieters -- or "Murder Mittens" as I will now call him after plugging his name into this 19th-century Baltimore Orioles nickname generator -- but they are quite fond of Orioles lefty pitching prospect Zach Britton. Britton was sent down to Triple-A Norfolk yesterday after allowing just three runs in 20 innings this spring, which gave him a 1.35 ERA in Grapefruit League play. He is expected to arrive in the major leagues sometime this season.
SPORTS
By Matt Vensel | February 15, 2011
Baseball Prospectus gave us an early look at their predictions for the 2011 season, and there was a lot to like about what they had to say unless your name is Matt Wieters. The highly-regarded statheads say the Orioles will finish 82-80 , giving Baltimore its first summer of winning baseball since the days when Hanson was considered to be good music. But based on PECOTA -- which stands for Player Empirical Comparison and Optimization Test Algorithm -- Baseball Prospectus believes that catcher Matt Wieters is poised to be the Orioles' biggest disappointment in 2011.
BUSINESS
By EILEEN AMBROSE | May 11, 2008
Are you confused when your broker says your stock is headed for "bagel land?" Not sure whether to worry that your bank loaded up on "CDOs-Squared?" Do you fall into a trance after reading the first paragraph of a mutual fund prospectus? It's not just you. The financial world is filled with jargon that even some financial professionals admit they don't always understand. Some sales people use complex terms as a way to impress customers. The consequences of this are serious. We carry more of the burden today of managing our own money so it lasts our lifetime, and jargon intimidates or keeps some of us from investing while causing others to jump into the wrong investments.
BUSINESS
By CHARLES JAFFE | April 3, 2007
If you buy a computer, the "quick-start guide" helps you get the equipment up and running without forcing you to learn many of the fine points that may or may not someday be useful information. The powers behind the mutual fund business want you to get the same kind of jump-start when it comes to their products. Paul Schott Stevens, president of the Investment Company Institute - the trade association for fund companies - called for big changes in fund disclosure last week, suggesting that investors would be better served by ditching the traditional prospectus in favor of a jump-start user's manual, along with instructions on how to access the true prospectus on the Internet.
BUSINESS
By Charles Jaffe and Charles Jaffe,MarketWatch | December 5, 2006
Dear fund industry bigwigs: I know you're busy trying to put a bow on a solid performance year so that you can sell it hard in 2007, but I'd hate for the holidays to pass without sending a reminder that investors expect results. Performance is not a gift, it's a promise you make to customers. That doesn't mean that you shouldn't be giving patient, long-term customers a little something extra. With that in mind, here is what I want from the fund industry and its regulators this holiday season, on behalf of fund investors everywhere: An assessment of how sister funds work together.
BUSINESS
By ANDREW LECKEY | July 19, 1995
Blind faith. That's what most mutual fund investors base their selections upon.They read an article or see an advertisement, then take a cursory look at the specifics of a fund in question. But they often forge ahead without studying the fund's financial information before they put down their hard-earned money.They usually don't glance at the fund prospectus, a lengthy, hard-to-understand legal document that explains investment strategy and risk.On Aug. 1, however, this process will change with the arrival of a simplified fund prospectus.
BUSINESS
By NEWSDAY | September 29, 1996
If you want to know what risks you run in your mutual funds, but you can't translate the legalese and securities-industry jargon in your prospectus, you might want to read one of John Hancock's new prospectuses. Even if you are not buying one of their funds.They'll tell you what risks you are taking. Boy, will they tell you.In one of the more startlingly and refreshing disclosures, John Hancock's new-form, simplified, multifund, plain-English prospectuses list 15 or 16 different kinds of risk, depending on the type of funds; define them clearly; then name and explain the various securities in the funds, and which risks they engender.
SPORTS
By CHILDS WALKER | August 3, 2006
Iwas going to write a column spinning off of Monday's trade-deadline shenanigans. But as usual, that orgy of speculation didn't pay off with many happenings of consequence. Carlos Lee might hit a few more homers in Texas, and Bobby Abreu might score a few more runs in New York. If you're in a league limited to American League players, you obviously want to get those guys. Francisco Cordero should pick up saves in Milwaukee and B.J. Upton is finally clear to play in Tampa Bay. But the fantasy implications of all that activity simply aren't profound.
BUSINESS
By CHARLES JAFFE and CHARLES JAFFE,MARKETWATCH | May 14, 2006
When Christopher Cox got in front of the Senate banking committee late last month and said that improving mutual fund disclosure is the "central focus" of the Securities and Exchange Commission, there was a scary and disappointing sense of deja vu. Improving disclosure has been a big issue with the last five chairmen of the SEC, so Cox is hardly alone in pandering to the enormous chunk of the investing (and voting) public that owns funds. So if Cox is serious about improving disclosures - rather than just adding to the list and clogging the paperwork even more - here are a few things he might consider: Give an assessment of how funds work together.
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