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NEWS and EVENTS at AAII - PHILADELPHIA CHAPTER MUTUAL FUND SPECIAL INTEREST GROUP, Our Home Page

REMEMBER, CHECK THIS PAGE OR OUR HOT LINE FOR LATE BREAKING INFORMATION: When the weather or other factors make a last minute change to a meeting schedule, we try to post a notice here and also provide e-mail distribution to those who have signed up for it, so always remember to check-in if in doubt.

MUTUAL FUND SPECIAL INTEREST GROUP - normally the 2nd Tuesday each month, 12 months a year, 7 PM at the Penn Wynne Library, 130 Overbrook Parkway in Wynnewood, Pa. (see Getting There for more details). Occasionally, we depart from these default dates due to speaker and facility availability. So always check the schedule below and the Chapter member bulletins carefully. When different dates are scheduled, we flag those events with a "###" below.

As details and schedules change, you may also check with the SIGs leaders directly for details of each months program and for historical information.

Coming up (*** - indicates something you just missed).

• TUESDAY SEPTEMBER 2, 2008 and every monthly second tuesday throughout the year: Time to join the 2008-2009 season of monthly meetings of the Mutual Fund Special Interest Group. While our monthly format is fairly predictable, the topics and tips are not. Each meeting starts with a selection of the evenings topics from our "hot topic list". Often, we do have a followup from a previous meeting, too. Our group ranges widely in skill level, area of interest but not in dedication and perspective.

  What are the topics? Usually they are centered on the prospects of the market, specific sectors and approaches to investing. Perhaps, we may analyze a members portfolio with an eye to suggesting improvements, we might talk about tax efficiency, or the best performing fund managers. The range of topics is wide, the focus is invariant. So you are welcome to drop into any meeting for a sample of "group groping" for Fund Investment Success, tonight or any Tuesday throughout the year.
  
  2nd Tuesday JANUARY 8th NEXT 2008 MEETING: Meeting format is a traditional one. At the start of each meeting, the group picks topics for the evening from nominated topics (including a list of previous nominees). Interactive discussion determines the course of the evening. Topics typically include:

  Portfolio Analysis: A member lists his/her holdings and objectives. The group then vets the portfolio and makes suggestions and recommendations

  Current Market Analysis: Centering on analysis of current market conditions and the best approach for fund holders to take advantage of these current conditions.

  Tools and Techniques: Members review portfolio management and analysis tools, including Internet sources. Tips on exploiting those tools are suggested and analyzed.

  Trends, Taxes and Portfolio Management: What's new, what's working and what's controversial is the field of discussion
  

  In short it's interactive, opinionated and timely, as experienced and novice members seek more effective ways to make their portfolios perform. Come and add your opinions, ideas and analysis in a lively evening of discussion.
  
  

• 2nd TUESDAYS, 2007: The meetings continue at the same time and place each second Tuesday umless noted. The normal procedure is to select the topics from a list prepared at the previous meeting. The topics are voted on at each meeting and the winners become the meeting adjenda. The list often includes MT Segment Investing, Portfolio Analysis (often a members own portfolio) and other topics of general and specific interest.

  The meetings are largely discusswion based, although specific topics are scheduled at the proceeding months meeting.
  

  
  

  Please bring suggested topics for future meeting discussions, as new topics are always being added.

  Please add your name to the distribution list when you attend the meeting so that you can receive last minute changes (like snow announcements) as well as topics planned.

  Remember, the group welcomes all interested investors, as AAII membership is not required. So bring a friend, too.

  Announcements, Topic lists and Special events will be posted when information is received.
  

• TUESDAY, DECEMBER 12, 2006: The End is Here. Our last meeting of 2006. So be sure to bring a list of proposed topics for our 2007 meetings.
  
• TUESDAY, November 14, 2006 Meeting announcement not posted, but there was a meeting, as usual. !!!!!!!
  li> TUESDAY, OCTOBER 11, 2006 COOLER WEATHER, HOTTER MARKET: Rushing into the crazy fall election season, we find the market is getting a bit crazy two. Of course this may well be the introduction to the last 100 days of the year - what once was called the JANUARY EFFECT. In any case, it's a time for review and reassessment of our portfolios. And that's just what will happen during the lively discussions of Tuesdaus meeting. See you there.
  
• TUESDAY, SEPTEMBER 12, 2006: SUMMER HAS COOLED DOWN, but the surprising stock market didn't seem to take it's usual Summer Quiet Break. So that leaves us a lot of planning, adjusting and, especially, discussion to prep our portfolios for the active winter months to follow. Join the group as we pick from some topics, both hot and cool ones at the usual Tuesday night forum.
  
  
• TUESDAY, AUGUST 8, 2006: No Sweat for the room is air conditioned and the talk is "cool", Well, not always "cool", as our members often have heated opinions on their funds and preferred techniques. As you likely know, the meetings are decided by member needs. A topic list forms the basis - hot topics get discussed first. But there is plenty of time to ask questions. Many times a member will present actual portfolio selection problems for a general review. With the host of experienced members, it's a great way to test or validate a planned move, too.
  
• TUESDAY, JULY 11, 2006: HALLOWEEN IN JULY: Scary Title, perhaps Scary Meetings. Having just disposed of the 2005-2006 topic working list, the MF SIG members voted on the top topics they wanted to talk about now. So, grab something firm to hold onto, for here they are:
  

  1) WHAT DO WE DO NOW?: To put it basically, if you haven't sold yet, your account is down. Quite possibly "Down A Lot". So what do you do now: Ride it out, Throw in the towel or do somthing in between? And for those fortunate few who have raised a Rainy Day Fund, just what do you do with it now?

  One traditional comment is "Now is the time to scout up new prospects for when things get better". Perhaps you might just say, lets trade the bad for the better now that both may be down (that is, clean out the funds you have lost faith in and immediately replace them with something more hopeful)? But what is the best way to go?

  2.) CAN WE RECOGNIZE THE NEXT DIP BETTER AND FASTER?: We have all been through market cycles before, both good and bad. If we got nailed this time, is there something we can (re)learn and do that will improve our prospects "the next time it happens".

  While we are at it, might we not also want to "learn to recognize when it's safe to participate in the rise that's sure to come prior to that next big decline?.

  3.) WHAT A RISKY BUSINESS!: While we are doing all of this learning, planning and perhaps taking some timid steps in the market, should we not understand what RISK is and how we can measure our risk? Everyone talks about Risk Management. But for a Fund Investor, what measures really count.

  Of course, we can't know everything we need to plan. Even our best managers might also be "mind altered" after taking a beating, too - and not be as perceptive as before. As they say, "the Past in not always the prolog to the future". So lets evaluate "The Metrics" that everyone recommends and see if we can come up with some preactical guidance.
  

  Come prepaired in July (and following months) to delve into the mysteries of these "Three Questions". With a little effort on your part and the help of your fellow MF SIG members, you are likely to arrive at the real Halloween "all scared out". That is, back on an even keel, not afraid of a knock on the door, and full of ideas and plans on ensuring "This will never happen to me again!

  And that would not be a scary situation at all!.........
  

  [EDITORS ASIDE: If you are wondering on where to get some fresh inspiration, here is an idea. Read the musings of Ron Muhlenkamp of the Muhlenkamp Fund. (You might remember him as a Chapter Meeting speaker some years ago). His fund site has a great archive of his philosophical and practical commentary on the economy, the market and investing. Not exactly the type of reports you expect from a Mutual Fund Advisor. Rather some practical hints (backed by some amazingly practical data and years of experience) on his "go steady and know what's going on all about you" perspective. Rather calming, too.

  A careful read of the postings on The Muhlenkamp Fund web site could stimulate you about ways to proceed. You might not agree with everything you learn from the "Muhlenkamp Minute", the "Slide Show" or the extensive archive at "Muhlenkamp Methods"; yet you will surely come away with some new and interesting perspectives and ideas for discussion at the July meeting.]
  

  
  

• TUESDAY JUNE 13, 2006: Meeting tonight: Discussion topics to be selected at the meeting.
  
• TUESDAY MAY 9 , 2006: Meeting tonight: Discussion topics to be selected at the meeting,
  
• TUESDAY APRIL 11, 2006: Meeting tonight: Discussion topics to be selected at the meeting.
  
• TUESDAY MARCH 14, 2006: Meeting tonight: Discussion topics to be selected at the meeting (from the seasonal topic list). As usual member interest will direct the discussion to the most timely and appropriate topics. Then it's up to you to make the meeting shine.
  
• TUESDAY FEBRUARY 14, 2006: Next MF SIG meeting - provided your spouse will let you go .........
  
• TUESDAY JANUARY 10, 2006: WHAT'S YOUR PLAN FOR 2006: Surely you have already done some thinking about how you are going to invest in 2006. It's starting off with the usual bag of uncertainities (doesn't every year have such a bag, only the contents differ). Well, if you have some thoughts on a good strategy, briong them along. If not, be sure to attend to see what the thoughtful MF SIG members have come up with. Sure, we're going to talk about our plans, what the market seems likely to do, and a host of other topics.

  Check back just before the meeting for some details. As you know, much of the meeting is discussion and many of the topics are picked from the priority list (and some from just what's HOT at the time). There is nothing like a good group grope to point out the good and bad aspects of your plan/opinions. So the meeting is a great place to take a test run on the plan or idea.

  See you there!
  

• TUESDAY DECEMBER 13, 2005: HAVE YOU PLANNED? Planned for the future? With these troubled times, we see the market seems to be predicting good times ahead. So what are you planning to do? Take some profits (and perhaps losses) for your current tax year? Deploy your cash at some new targets - or just pour more into your present holdings. Perhaps our Monthly Focus Topic (below) will give you new insites

  GOOD FUND - bad fund: Of course if you really knew, you'd know what to buy and what to sell. That's why the SIGs new study will help us all. Here's the goal: We are looking for metrics that will help us identify which funds are most likely to be Good (or Bad) in the future. We know that past performance is often NOT a good indicator, especially on sectors funds. But are there other criteria?

  For example, on municipal bond funds, it's sure that a low expense ratio is a key factor. Most of these funds follow closely the bund rating services; they usually hold about the same securities. What metrics might help us with other funds. Is it years of management continuity, costs, turnover, cash inflow-outflows? Just what might be good secondary indicators to use.

  To accomplish this, each member is bringing one (or more) GOOD (or BAD) funds in for examination and evaluation. Of course bring along your own evaluation plus some data points you'd use in your evaluation and others the group can use. Your criteria might also include "Guru sources" find reliable, market trend indicators what help you switch, and more

  Comparing what works and what doesn't should help us develop selection criteria for our new buys, and more importantly, advance tips on when to get out. (Remember, selling is perhaps more important and more difficult to do correctly that the buying decision.)

  So make those selections and join in what should be a useful discussion.
  

  Of course, our general discussions also a learning tool - see what your fellow MF SIG members have on their minds, discuss your perspective and learn what might help make your plan better.
  

• TUESDAY, NOVEMBER 8, 2005: Meeting held starting at 7 PM. As usual discussion topics will be selected from the topic list. Be sure to bring any questions, fund selection problems and your current fund interest and commentaries. Ask the group about any funds you are planning to buy or sell.
  

  Remember, if you are planning to buy a fund late in the year, be sure to check with the fund management for their estimate of the yearly distributions. For it's possible to buy a fund and only weeks later paying a capital gains tax on the some of the money you just put into the fund. As a fund shareholder, it does not matter how long you have held the fund, you get the tax bill on the full ammount of the distribution on the basis (short/long term) that the fund held the assets.
  
  

• TUESDAY OCTOBER 11, 2005: Meeting to be held, no advance information about program was received
  
  
• TUESDAY SEPTEMBER 13, 2005: After a one month "heat break" MF SIG members will be hot at a recurrent topic this month. Basically it goes like this "What are we going to do in this crazy market?" Now that really isn't the real topic, but it's the invisible hand that lies behind this night of discussion. "What have you been doing recently with your portfolio?", "What new types of funds, including the Electronic ones and other opportunities are advantageous (or not)?", "Would you touch a Hedge Fund now?" and a list of older topics yet to be visited will form the possibilities list for the meeting. We'll pick, talk, analyze and question just what is the right thing to do now.
  
  
• TUESDAY, JULY , 2005: Meeting to be held, no information received about program.
  
  
• TUESDAY, JUNE , 2005: Meeting to be held, no information received about program.
  
  
• TUESDAY MAY 9, 2005: Sell in May and go away ...... that came a little early this year. So what's the abused mutual fund holder to do? Well tonight's lively discussion will cover that and a lot more as the group picks topics of mutual interest. Be it traditional funds, investing abroad, ETFs or one of the many topics on the adjenda, it's sure to be interesting.

  
  

• APRIL 12, 2005: Meeting as usual. No preannouncement available to post. Meeting participants pick topics of interest on the spot from the list of candidates generated at the last meeting.
  

• MARCH, 2005: Meeting as usual. No preannouncement available to post.
  
• MEETINGS held as usual in November, December and January. No preannouncement available to post. See list from earlier months.
  

  TUESDAY OCTOBER 13, 2004: Fall season is underway with some progress on the summer backlog of topics, plus several new ones for consideration:

  * We completed the Investment Styles Analys (Growth, Income, etc.) topic that's been going on for several months.
  

  * Three new topics have been added:
  

  - CHINA & INDIA, the Giants Emerge: This century appears to be headed for the Asian century. China and, now, India are rapidly adapting keystones of what's been the foundation of Western prosperity: Technology, Manufacturing and now Finance. So how will this changing face of the world impact our long term investing opportunities. Of course, many American firms are struggling to meeting the low cost competition and rising innovation. But it's going to effect our investing approaches consierabily. There will be opportunities (new Funds and investment vehicles, too) plus shifts in market dominace that will impact some of our present investmnet favorites.

  So we'll be assessing what the mutual fund investor should anticipate and prepair for in coming years - alnaturally with an emphasis on how we can make a buck from these changes.
  

  PORTFOLIO REVIEW TIME: It's time to begin our annual cycle of portfolio reviews. We need a Member to kick off our October review. How about bringing a summary of your portfolio holdings, as well as a profile of your approaches and objectives. The group will discuss what's good and bad in it, as well as develope suggested changes and strategies for the coming year. It's a great help to the portfolio holder - and for everyone in the group to learn what they need to do.

  So please bring that summary sheet along (note that the amount of your holdings is not needed, only the funds, why you hold them plus a rough idea of the relative size of the various holdings.
  

  TROUBLE. TROUBLE!: One of our members has some apparently detailed questions on problems he's been having managing his portfolio. He'll be bring them in, and asks you to bring in your thinking caps and answer books - Here's a chance to help a fellow member, as well as learn something helpful for yourself as our usual discussion session tackles a Big (of not so big one) again.
  

• TUESDAY SEPTEMBER 14, 2004: Kicking off the 2004-2005 season with the usual host of topics. As usual, the groups interests and preparation will determine which topics (some still left from the recent summer season list) are featured tonight. So come for an interactive discussion of what's hot (and what's not) in mutual fund investing.
  

  Bring your questions, too, and try to stump the group. With so many savy MF investors on hand, that's a tough challenge. See you there tonight.
  

• TUESDAY AUGUST 10, 2004 (delayed posting): The August meeting went off on the usual Second Tuesday. With so much material carried over from the July adjenda, there were no new topics. The Next Meeting is on the second Tuesday of September.
  
  

• TUESDAY JULY 13, 2004: Yup, it's back to the traditional 2nd Tuesday. Our program will consist of some of the topics left unfinished after our busy June meeting, plus a few new ones which we'll post in the week before the meeting. Summer fun, cool fun - the air conditioner is on, so is the meeting!

  NO WONDER THERE IS SUMMER SCHOOL: With the long list of topics not yet covered this year plus a host of new topics to cover, it's going to be a busy summer for the MF SIG. Now of course you all got "A's" in the past semester - but can you do it again?
  

  The topics? Well here they are with the old and new intermixed a bit:
  

  * EURO STOCKS: It's an other big world over there and they have a lot of stocks, too. Some you already know as they've invaded the U.S. But how can you invest in them - and using funds to do the digging and translation of Continental facts into U.S. income?

  * EVALUATING NEWS LETTERS: Now there are a lot of newletter choices. Which one(s) fit your objectives and provide the most meaningful help.

  * TWO MUTUAL FUNDS YOU SHOULD NOT OWN, BUT DO!: Dogs, but not of the Dow, of your portfolio. Woofers, they are. Yet here they are still in your portfolio. Confess, it's good for the soul and it might get you to get out, too. So bring your worst two mistakes along to the meeting. It's even OK if they actually are OK funds, but it's also a good strategy to constantly tune your holdings with an out "with the bad - in with the good" philosophy.

  * CONCEPT OF MASTER ALL STAR FUNDS: A fund is a handpicked group of stocks that someone else picked for you (you still have to pick the fund). What about a fund that's picked by someone yet composed of other funds? And then what about a fund made up of them, too.

  How many layers of stock/fund pickers makes sense? Is this a concept designed to generate fees, not profits for you?

  * P/E - IT'S A MEASURE OF WHAT? Really, how can you use P/E for profits for yourself. Often it's not a case of buying a Low P/E but of understanding what that P/E is telling you to do. So what's that? And when is it, too?

  * OUTLIVING YOUR MONEY: Ideally you want to die broke, but not because you ran out of money before then. So how much is enough, how much does it need to be managed, how do you do that?

  * INFLATION INDEX BONDS: Sounds like a deal, but is it? And for whom (you'm) is it a deal? What's right for one investor might no be so right for another. Learn some ideas on how to think about this new "investment product".

  * STYLES - GROWTH vs. VALUE: Now here's an old topic that predates the MF SIG. Do we still understand what that means in todays market and how we should apply the concept?

  * SELL STRATEGIES: So you got into this great (or stinko) fund. Well, how do you know when it's time to get out. A change in leadership of the fund, and in the market, might be the kick that get's you moving to the door. But what are other factors that just might be a bigger indicator of when it's time to say good-bye (to the fund, not to your money).
  

  Now if that it not enough, you all know the answer. Propose some more topics for the list at the next meeting! Of course, if you don't come, you will be missing out on the answers to a host of topics.
  

  We'll be posting the meeting plan shortly before the meeting, as soon as it's firmed up.
  
  

  TUESDAY MAY 11, 2004: Back to our regular Tuesday meeting plan, but the meeting plan itself will be announced at the meeting (Take a look at the April plan for some of the topics). Sorry but travel plans get in the way of the update.......
  
  

  WEDNESDAY APRIL 14th, 2004: We've had to move the meeting date from usual 2nd Tuesday as the room is booked then. So mark your calendar, now! For if you show up Tuesday night you may well find yourself on the library committee....

  But, what's on tap for Wednesday Nite - befitting Spring, a host of new topics plus a few carryovers from last month. Here's the newbies, the oldsters are listed in preceding month programs below:

  P/E, Is it a measure of the Market?: Getting a leg up makes for that extra percentage of return is a good idea. Is P/E a useful measure to provide that boost to our portfolios? Are there productive, reliable ways to apply P/E or should P/E be only a small part of your indicator set. Is there a magic number, say P/E = 15, or is the magin number only viable in our rear view mirror? This and more come Wednesday.

  Outliving Your Money: Good health means a longer life. Good medicine means an expensive longer life, too. So all of us lucky enough to live to a ripe old age suffer from the nagging problem of Outliving your Assets! Telling your Heirs :I'm spending your inheritance." is no answer without a crystal ball. So how do you figure out "How much is enough?" Naturally you'll also want to ask "And how do I get that much?" But that's a topic for another meeting..... Or is it (see the following)?

  Beating Inflation, the Indexed Bond Story: From the record low interest rates today, there is only ONE way - UP! Conventional wisdom says bonds do badly when interest rates rise, so avoid them now. Another answer says "Buy Indexed Bonds", those special bonds where rising inflation means risking returns. The government offers them and you can even find commercial bonds with this feature. Hopefully that also means a bond that holds it's price, too.

  Sounds like the best of both worlds. But is it? A lot has to do with just how the bond is indexed; the method and time lags, for example. Can this be the panacia conservative investors seek sought?

  Stylish Investing, Investment Styles: Everybody has an investment theory, buy low, buy high, buy sectors, buy phases of the moon and so on. But what about the biggies - Growth, Value and even Trading theories. Are these reliable bases for building your own Investment Plan? And how do you know if the market's phases are supporting your plan? It's a task with many factors to consider and decisions to be made. Factors that don't even address the actual investments. So, let's consider these big decisions and get some help at making them and the little ones that follow.
  

  If that's not enough, there is always the MF SIG Job Jar, AKA last months backlog to mine for fondder to keep the Fund Talk going.
  

• TUESDAY, MARCH 9th, 2004: SPRING HOUSE CLEANING: Slowly, we're whittleing down the list of topics carried over from earlier meetings. Unless we've miscalculated, the following topics are still on our ToDo List:

  PICK A LITTLE, TALK A LOT: Yup, pick two of your favorite mutual funds in your portfolio - but only ones you should have sold but didn't. Right now they are likely to be unfavorites. Clearly we all should rank each of their holdings in order periodically. Pretend you don't own them now. Then ask yourself: Would you buy it Today? Are you unimpressed with that idea? OR Would you avoid an investment, as so many others are better? Evaluate each of your present investments, then rank them in order, from most desirable as new investments, to least. Then take a look at those two bottom dwellers. TIME FOR THEM TO GO! Use the freed up funds to invest it your top funds, or find some even better new ones.

  Not that's hard to do. You feel you are admiting your mistake (not if they fund is just to high now) and it's mentally "killing your childern". So come to Dr. SIG, where our head shrinking collective of members will convince you to GET RID OF THEM N-O-W ! Oh, yes, we charge a lot less than "Dr. Sigmond".

  BOND FUNDS: With Interest Rates LOW, Low, low; someday they have to go up, Up, UP. Now that's traditionally not good for Bond fund prices (which move inversely to Yield rates). So what's a conservative Bond Fund investor to do? Get out now? Hang on? Or just be Innovative?

  EUROPEAN STOCKS: Diversify they said! With the EURO up and the Dollar down you'd call that a judgement that things are going well in EURO-land. Of course, Europe is heavily export dependent and a High EURO encourages Imports, not Exports. Does that make you avoid high cost Europe? Does it suggest investing in firms that don't sell internationally, or which have much of their production elsewhere? What does it suggest?

  EMERGING MARKETS: There was nothing like a few Chinese stock holdings over the last year or so. And other fast growing world economies have done well as Capitalism, American Style (often with an ADR listing to boot), spreads. Yet, it's only been a few years since International economic troubles really waxed some of these economies. Does this spell trouble - or opportunity?. For the Chinese said it best: "May you live in interesting times!", and we surely are!

  EVALUATING NEWSLETTERS: If people really KNEW the answer, why would they publish newsletters instead of investing for themselves. You'd think that would scare you from subscribing. Yet, remember, you a paying the newletter writers to do the research and analysis you don't have the time and skills to do yourself. So a great newsletter can be a blessing.

  A Mutual Fund is more opaque than a Stock (less frequent reporting, massively complex holdings and barely a word about WHO is really running the show (and how)). So a really good Fund newsletter makes sence. So what are the "good" newsletters and how should a small investor make use of them?
  

  And Last but Not Least: Bring in some new topics we should be considering during our spring sessions. For our list needs some good, fresh topics. Think of the current market stage, Election Year and all the other factors that say to you - I Need More Information! For those are the topics we all likely need to discuss - and we'll pick the best to discuss in the near future.
  

  Note that the MARCH Chapter 23rd Meeting is on ETFs (Exchange Traded Funds). If it was Halloweve, you might call them "UnFunds: - for the look like funds (sort of), smell like funds (sort of) and clearly are a derivative horse of a different color than a fund. In fact there are a lot of practical reasons why ETFs can be practical and profitable, especially if you are into Index Funds and Sector Funds.

  If you don't have a ticket or plan to use your unused January ticket, check out the yellow mailer that's just arrived in your mail box. Remember, for the best price on a ticket purchase, get your order in by March 15th - and bring a friend, too.
  

• TUESDAY FEBRUARY 10, 2004: The CHAPTER meeting, originally scheduled for January 27th, has been postponed until this night. This creates a conflict with the already scheduled Mutual Fund SIG also scheduled for the same night.

  It has been decided that the Mutual Fund SIG will meet as scheduled, even though this creates a conflict. Doing this allows the Chapter to reschedule our noted speaker, rather than cancel the event. We apologize for any inconvenience this may cause to MF SIG members.

  Please note that if you have purchased a ticket to the Chapter meeting and want to attend the MF SIG meeting, you may obtain a credit usable for a ticket to a future 2003-2004 Season Chapter meeting. See details on how to do this on the Chapter Meeting posting as well as the Home Page of this site.

  TONIGHTS SCHEDULE - it's the same as the January one (below). With a vigorous discussion of several topics, we managed to keep every topic open by the end of the January meeting - so there's more to come tonight on some topics plus the usual new selections made at the meeting. In this case, no progress on the schedule has translated into another lively meeting !!!
  

• TUESDAY JANUARY 13, 2004: OUT WITH THE OLD, IN WITH THE NEW, NOT!: At most of our Special Interest Groups (Value Investors excepted) at Philadelphia's AAII Chapter, our plans are wider than our meeting can hold. Catering to the groups current interest leaves some topics with morecoverage, others with a deferral. Our January topic list is no exception, containing both New and Old topics:

  CHICKEN!: Your task (and you WILL accept it, Mr. Member) is to bring a list of TWO mutual funds you hold that you should have sold; but didn't. Clearly we all should rank each of their holdings in order periodically. Pretend you don't own them now. Then ask yourself: Would you buy it Today? Are you unimpressed with that idea? OR Would you avoid an investment, as so many others are better? Evaluate each of your present investments, then rank them in order, from most desirable as new investments, to least. Then take a look at those two bottom dwellers. TIME FOR THEM TO GO! Use the freed up funds to invest it your top funds, or find some even better new ones.

  Not that's hard to do. You feel you are admiting your mistake (not if they fund is just to high now) and it's mentally "killing your childern". So come to Dr. SIG, where our head shrinking collective of members will convince you to GET RID OF THEM N-O-W ! Oh, yes, we charge a lot less than "Dr. Sigmond".

  BUILDING A PORTFOLIO FROM SCRATCH: We all had/have to start somewhere. It would be nice if we started correctly instead of wasting time and money on mistakes and misstarts. So here's a wisdom dump for Newbies, as members tell you what they've learned from their own mistakes, as well as what to do RIGHT, right now.>

  BOND FUNDS: With Interest Rates LOW, Low, low; someday they have to go up, Up, UP. Now that's traditionally not good for Bond fund prices (which move inversely to Yield rates). So what's a conservative Bond Fund investor to do? Get out now? Hang on? Or just be Innovative?

  EMBEDDED CAPITAL GAINS: It's a little late for 2003, but this is a lesson to be learned and remembered. Successful funds holdings generally include massive Capital Gains embedded in their price. Someday, most of those profitable holdings will be sold. It does not matter if it's merely to move out of an aging profitable play into a better current on (the managers call) or just to raise funds for redemptions (the Fund holders call on a bad manager). There will be a capital gain distibution and taxes (sometimes even if the Fund itself is way down). Even with today's low LTCG rates, it's a consideration. That's even more important when you move into a new fund, One may have a significantly different Embedded Gains problem that another. So learn your lesson for 2004 early and remember to check out Embedded Gains BEFORE, or while, you invest.
  .... and for the Oldies still to be done:

  EUROPEAN STOCKS: Diversify they said! With the EURO up and the Dollar down you'd call that a judgement that things are going well in EURO-land. Of course, Europe is heavily export dependent and a High EURO encourages Imports, not Exports. Does that make you avoid high cost Europe? Does it suggest investing in firms that don't sell internationally, or which have much of their production elsewhere? What does it suggest?

  EMERGING MARKETS: There was nothing like a few Chinese stock holdings over the last year or so. And other fast growing world economies have done well as Capitalism, American Style (often with an ADR listing to boot), spreads. Yet, it's only been a few years since International economic troubles really waxed some of these economies. Does this spell trouble - or opportunity?. For the Chinese said it best: "May you live in interesting times!", and we surely are!

  EVALUATING NEWSLETTERS: If people really KNEW the answer, why would they publish newsletters instead of investing for themselves. You'd think that would scare you from subscribing. Yet, remember, you a paying the newletter writers to do the research and analysis you don't have the time and skills to do yourself. So a great newsletter can be a blessing.

  A Mutual Fund is more opaque than a Stock (less frequent reporting, massively complex holdings and barely a word about WHO is really running the show (and how)). So a really good Fund newsletter makes sence. So what are the "good" newsletters and how should a small investor make use of them?
  

  Do you think we have enough topics for January, for the Quarter? Remember, it's not the quantity, but the quality of the program that counts. You can' t find that out unless you come to the meeting and participate.
  

  
  

• TUESDAY DECEMBER 8, 2003: THE END IS NEAR: Yes, for 2003, but certainly not for the Mutual Fund SIG list of hot topics. We always have more than we can do in one meeting, but we have the ability to take the time needed for a complete discussion of each topic we do cover. So here's the short list of topics for December:
  

  - "Building a Portfolio": All to often, what we think is a portfolio is a collection of funds bought went they were hot. Some duplicate the coverage of others, some reflect no longer hot sectors, and some, well, are best forgotten. A real portfolio starts with an objective and selects funds that fit the battle plan to get there. Not to say, the portfolio isn't refreshed and updated as the objective and market conditions demand, but never-the-less, it's a portfolio designed to do a job.

  So how does a new fund investor plan a portfolio - and an older one, maintain and update the one he's got. Find out ideas and techniques to do just that as we discuss this vital topic.

  "Correlation of Sectors": It's well know that the market and market sectors have a lot to do with the performance of the average stock (there being no true average stock, that can be a dangerous idea). But it's certainly true for funds, as most funds tend to average results, due to sector and market diversification.

  So, it's important to understand Sector performance and how it correlates to the market, other sectors and stocks in general. Knowing what fit's in where can suggest alternative investments, allow investors to anticipate the next hot sector as the market cycles (or dump a fading star as rotation steals the last benefit from a sector).
  

  From our "holdovers", here's some topics that are not finished (or even started). Some are ones you really need to know more about - so the next MF SIG can be the place you have to come to in order to ge the best fund investor possible:
  

  - European Stocks and the Funds that hold them: When you invest outside of the good old USA, it's nice to have a skilled fund manager at your side. For overseas markets can be a great mystery for the unaccompanied investor. Tracking and trading those markets can be frustrating, expensive and downright difficult. But top funds have people on the ground who understand local conditions, customers and opportunities in a way you never can. Find out the how and why behind this concept.

  - Energy - Surely a sector in turmoil as the sporatic economic recovery continues. But a booming economy eats energy. China is an example of how new users are demanding reliable, substantial energy. That means opportunity!

  - You've got Mail: Perhaps real mail or at least the electronics kind, and certainly the kind with real information. Yes, Market Letters are idea factories. With so many funds in each over the dominate fund companies, how does one pick. Research is fine - but help from a news letter writer can make it easier. But which writers should you trust for ideas, inciteful analysis and persuasive reasoning? Get some pointers on who that might be and how to use a good newsletter.

  - Embedded Capital Gains: Especially at year end, it's important to consider the capital gains embedded in a mutual fund. For many funds, a substantial portion of their net asset value is capital gains. Invest in one of them and you are buying those capital gains. Someday (and likely all to soon) the fund manager will decide to sell off some of his big winners, leaving you with a return of your capital carrying a large tax bill. It's not just the capital gain distributions already locked in for year end - but those to come. So be aware of what this means and how to minimumize unpleasant problems with capital gains.

  - Bond Funds: Popular as interest rates fall, a trap when they rise. Call that a summary of bond funds. So what's the matter in the bond fund world now?
  

  As always, come to the meeting, vote for the topics that mean the most to you, participate, learn and enjoy.
  

• OCTOBER: Another Second Tuesday meeting, with topics from previous months.
  
• NEW DATE FOR SEPTEMBER MEETING: The MF SIG will meet on WEDNESDAY, SEPTEMBER 10th, instead of the "Second Tuesday" meeting date. Our meeting date will return to the normal Second Tuesday in October.

  (Please note, this is different from the date announced last month.)
  

• TUESDAY AUGUST 12, 2003: One new topic to be added to the list: BOND FUNDS, How to Pick 'em, When to Pick 'em and Why to Pick "em. It's been an unusual period for bond funds, what with low interest rates and a rotten stock market. So Bond Funds have been getting a lot of attention. But is the time near when Bond Funds will be losing their alure - an improving business climate, rising stocks and the recent changes in tax rates can all make that happen. So we'll be reviewing our options, approaches and possibilities.
  
• GOOD WEB SITES: There are a lot of them, even for Fund Mavens. First we have the House Sites (Fidenlity, Vanguagd, etc.). Then we have commercial sites and even some sites maintained by interested investors. What are the best ones? WHAT ARE YOUR BEST ONES? That's really the question - so be sure to bring information on the your best web site. Bring the URL (site address) plus your recommendation - then add it to the pot as we discuss the best sites we'bve found. If the site has free or fee membership, be sure to differentiate what is free and what costs.
  
• REMEMBER - OUR SEPTEMBER (ONLY) MEETING WILL BE MOVED TO THE THIRD TUESDAY. Due to a schedule conflict, our meeting room won't be available on the usual Second Tuesday. Look here in early September for more information on what the meeting will address.
  
• TUESDAY JULY 8, 2000: Meeting was held as usual, but no posting made.
  
• TUESDAY JUNE 11th 2003 (NEW PROGRAM INFO - Please read):
  

  Note - both MF SIG members and others are invited to this great evening - and the Vanguard night to follow in a few months.
  

  It's sort of like when the blossoms start to fall off the trees in spring ....When you see the first, you know others will be coming soon. In this case, we're talking about program opportunities. Due to a schedule conflict at Vanguard (the company picnic), Vauguard has to postpone until a later month.

  A big loss - I think NOT. For Vanguard will be coming soon and your SIG management has called in another industry heavy hitter. In the case of this June Meeting, we'll have Fidelity Investment Management to talk to us about management for retirement - both what you should do and where Fidelity (who manages so many firms retirement accounts) can help.

  So we are getting our cake as promised (just from a different vendor) and we'll have have more when Vauguard crew tires of picnic's.

  You can't beat competition - two premier firms, two premier nites at the MF SIG
  

• (img src="new51.gif"> TUESDAY MAY 13th, 2003: Even when the market is quite, the MF SIG isn't. For when other investors are losing interest, then's the time for more interest and discovery from savy investers. Time to look for both good defense and offensive moves. Time to reevaluate old strategies in terms of new market realities. Maybe evn time to clear out cobwebs in our thinking. May's meeting will offer us a choice of topics for just such an effort. Remember, we select topics and time spent by attendee interest, so come topics don't make it each month. But, enough, here are our choices. What we make of these topics will determine the benefit we derive:
  

  European Stocks: That ugly giant, Europe, is still "over there". While they are suffering more than the US economically, some rays of hope make clear a savy manager can do well there as well as here. Since Europe has been far more a Global Trading environment, their best firms have gone global, often using American schemes of management. Just because we have trouble buying, holding and even understanding their often obscure data is no reason to turn away from opportunity.

  And that's were a good fund manager earns his keep. Experienced analysts can do much to cut through the fog by being there and thinking as the local managers do. Catch the rising firms a little before they become front cover material. So lets see how to find those guru's and whether they can line out pockets, too.
  

  Emerging Markets: The current world downturn has devistated third world economies around the world. Yet, some firms have been able to cope with problems and move their businesses ahead. Even third world "pits" like Russia show solid firms arising, firms with realistic business prospects and savy management.

  Even more risky that Europe, an experienced fund manager can make risk managable. Perhaps we only put a small fraction of our account at risk, but surperior returns here can boost our performance. Let's see how to find and invest with the top managers and the funds that know how to plan this difficult game.
  

  Economic Indicators: Yup, the economy does drive the market. Now if we could only learn how to parse the wealth of slightly dated econometric data that pours forth from the government and research organizations, we'd gain a big advantage over folks who wait for the new trends to show up.

  In todays complex world economy it's not a clean model, and many traditional rules seem not to work well. Knowing which indicators to trust and how to read them can get us a leg up on our competition.

  All Weather Funds: You'll seldom see these funds in the news, because they seldom are news worthy. Underperformers on the way up - overperformers on the way down. Perhaps not even big traders (a tax advantage). Yet some risk-adverse managers can make the ride in todays markets far less scarey. Funds to let you sleep - and funds to let you dream of a well funded future.

  Embedded Capital Gains: When you are looking at a fund - not just a hot one - you should consider what Capital Gain Tax Liability is imbedded in the fund. For it takes only a shift redemption rates or market sentiment to tragger sales that can mean capital gain taxes (both long and short) almost immediately. This warning surfaces especailly near year end, but it's almost as valid at any time.

  Conservative fund managers often execute complex strategies to keep that big capital gain hit from becoming a one year event. That can lead to a fund with a high percentage of embedded gains overhanging it's future. So do you see yourself avoiding a great fund manager who's best funds sport that overhang - or merely a prudent investor who includes a realistic appraisal of the CG liability before making a purchase?
  

• TUESDAY APRIL 8, 2003: With more flexibility to allocate time according to the members needs, we're taking a bit longer to work through our topic backlog. This extra time allows us to spend more time on subjects of greater interest and to have meaningfull discussions and lively Q/A sessions. Except for the MF SIG schedulers, this is working out well. But they still are finding new topics to keep the backlog full. Following are candidate topics for our Spring meetings - in April we hope to polish off quite a few of them. So be sure to select the ones of greatest interest to you:
  

  EUROPEAN STOCKS: The Common Market (ECU) has an economy that almost rivals that of the USA in size, and a greater total population. While many US firms are well established there, there are a number of modern, well managed giants over there that we are not familiar with. Althoguh we've seen some of the best and worst of them over here, most of us know little about international opportunities. While investing in offshore stocks is more difficult due to differing regulations, business practices, currency exchange and shareholder rights; US investors can gain access to the best International firms in a number of ways. Mutual Funds, operating in the US, but with experienced European analysts (often natives based over there) can cope with these differences.

  Since their business cycle is frequently out of synch with the US cycle, some exposure to offshore companies can moderate portfolio risk Let's learn more about what the opportunities are, how to latch on to good fund managers and what part of our funds we should put "over there".
  

  EMERGING MARKETS: If European investing is hard, it's even worse going to an Emerging Market country, where everything is different in the business world. Yet, even out of the chaos of Russia, there seems to be a stable financial system slowly emerging. Add India, China and a host of fast growing small lands and you can see Opportunity and Danger spelled in large letters. With a staff of skilled people posted arround the world, we see, as with Europe, well mananged funds are our entre overseas. Again, we still have to pick the most capable and savy of them for our portfolio. So for us and our portfolios, will it be America, Europe and the World?
  

  SELECTION TOOLS: No matter where we invest, savy fund pickers rely on more than just their own reading ability to locate and evaluate funds. There are a host of tools to be used. Some are Internet based, some are software systems and others are in hard copy form. Learning which tools help most should be a mutual learning experience. Come prepaired to discuss what you have used, how effective it is (even bad experiences can be shared) and what you would look for in your "ideal" kit of tools IT'S THE ECONOMY STUPID: If we didn't know it before, we all now know how much of the markets performance is dependent on the actual state of the economy as well as peoples perception of it. Lately Fear, Uncertainity and Doubt have not only discourged investors, but even company managers and now consumers. But important as perceptions are, the actual state of the economy (and its future prospects) are being being predicted by often subtile changes measured in the National and World economies. DAta even exists to measure sentiment and the psychology of management, investors and consumers world wide. As the economy cycles from prosperity to near depression and back, certain of these indicators provide good hints of coming events. Some work throughout the cycle and others work only in specific periods. While they don't measure strenth well or provide significent timing, knowing how to understand and use them can give us a leg up on the market and on other investors. Let's review both well known ones and some underappreciated ones to find which help most and when. For we need those tools (just as the fund selection tools) to make our investing system productive - and to settle our own uncertainities and fears.
  

  NEWLETTERS: Another potentially valuable tool for our investment kit is timely advice and recommendations from a good newsletter. Trouble is, only a select few of the many available have confidence inspiring records. Finding a news letter that reflects that and caters to our own investing style can be a giant boost to our confidence and our investment results. Perhaps one of you is already a subscriber or you know of some you'd like to try (as well as some to avoid). If we share our knowledge, opinions and talent, perhaps we will all gain an additional tools for our "kit".
  

  "ALL WEATHER" FUNDS (and other techniques for hard times): OK, despite out best efforts; we, the fund industry and even the best advisors didn't predict the disaster that the last few years have been for most investors. So even if our tool kit contains a crystal ball, we know it's not going to work adequately all of the time. So a supplimental strategy is to select funds strategically. We all know that Forbes has long identified fund that tend to do worse in a boom, while excelling in hard times. Having a portion of our funds in such "All Weather" funds may not be as effective as timing the market, but it certainly could cut risk and heartburn. There are even contracycle funds (RYDEX has many) and such oddballs as hedged sector funds (see PROFUNDS for example) that can be incorporated into a "moderation" stragegy. Mix in some market timing and asset allocation techniques to get your all weather investment strategy up and running. But start the quest here at the SIG.
  

  Sounds like a big, comprehensive plan. Surely one that won't be accomplished in April. Certainly one that will fill our Spring and equip all of us to better cope with todays difficult markets, Hopefull, as well to take advantage of recovery opportunities in the future.

  When things are rough, it's the best time to prepair yourself for the future. The MF SUG is the place to start that quest.
  

• TUESDAY MARCH 11, 2003: Meeting as usual. Please contact SIG leaders for meeting plan or come to the meeting to find out the topics, presentations and active discussions that make each meeting lively and valuable to active fund investors.
  
• TUESDAY FEBRUARY 11, 2003: As you've noticed, the group is changing it's meeting to emphasize more timely topics in both the formal discussions and the more freewheeling discussion sessions. So it's up to you to bring topics of interest and discussion to match these challenging times in the markets. It might be: New Market Products, What Funds are coping best today?, Does the fund managers age and years in the saddle really impact performance? or How to Cope with High Fund expenses in a low return market? ir merely a question about the market you've always wanted discussed. (If you don't think these are important topics, just wait until some Money Market fund breaks the $1.00 point due to that last one.)

  As always the group selects the topics from our backlog, adds new and interesting ones - so you are the person who makes this lively adjenda possible. Be sure to volunteer to do a presentation or lead a topical discussion. For you learn more about fund investing by doing a little homework and coming prepaired to lead, contirbiute or merely interact during a discussion.

  In February, we'll be up to speed on this new action program with a list of topics that will help us all as we cope with these difficult markets, low returns and high volatility. So come prepaired to join in.
  

• TUESDAY< JANUARY 14, 2003: Well Happy New Year, and a wish that the market manages to continue it's January celebration with every increasing strength throughout the year. This meeting marks the start of our new year of Mutual Fund SIG activities, so it will be a combination of the old (unfinished topics from last months program) and the new (timely topics for the coming market environment.

  As usual the program will be a mix of presentations, discussion, critiques and Q/A sessions, all designed to help you tune your portfolio for results, get a better perspective on market conditions and get the courage to act decisevly. For, in tough times, we all want to pull in our horns more than usual. Caution is great, but too much caution can lead to paralysis. Just remember, you buy every stock and fund in your portfolio every day, by the simple act of not removing it from your portfolio. So when you see another good opportunity, remember paying for it can be as simple as trading in the worst asset you now hold for that. Call it purging, call it portfolio upgrading, call it anything - but call it a move in the right direction.

  And the right direction is what you'll get from Tuesday's meeting - no matter what the topic and discussions. Consider it time well spent. See you there when we'll all vote on which topics from the roster get reviewed first.
  TUESDAY DECEMBER 10, 2002: Times they are a changing, especially in the turmoil of today's markets. So theMF SIG is a changin' too. New approaches and features designed to keep our members on top of the hot topics, catch emerging waves faster and be alert to danger sooner. For the more you know the greater your investing advantage.

  HOT WHEELS: No, hot facts and ideas. The ones that alert investors need to stay abreast of and ahead of the markets. Each meeting will start off with a freewheeling discussion of "What's HOT, What's NOT!" The topics will be ever changing: taxes, new investment products (like Exchange Traded Funds and Single Stock Futures, latest trends (for better and worse), and more. You shape them, you discuss them

  AND MORE: But we've not forgotten our working list of topics. As mentioned last month, we are gouing to group topics for more efficient discussion rather than address the backlog one item at a time. Scanning the list from the last few months, you can see, we've only covered a few of them so far. So this month we'll work a cutting down that backlog while introducing more timely topics for December and the early part of the new year.

  Remember to come prepaired with both your ideas and needs, so we can start off the new year with both "What's HOT and What's NOT".
  

• TUESDAY NOVEMBER 12, 2002: We managed to cover almost all of the topics on the October meeting plan, without finishing most/any of them. So in November, we'll improve out tradional approach by clustering similar topics into a groups, then elect the most timely group for immediate coverage. At least, we won't have the hottest topics grow stale through delay. Hopefully, integration of the topics will provide more synergistic ideas for profit, too.

  As always there are new topics this month to add to the planning list (see Octobers for the existing carryovers):

  SELL/BUY with a TAX ORIENTED STRATEGY: As the year end approaches, taxes always become an increasingly important part of our investment planning. It's going to be especially rough this year as many funds in which we have big paper losses will throw off actual capital gains (and the attendant tax liabilities). That really adds insult to injury!

  (Of course, we are smart enough never to purchase the few hot funds that will throw off a tax liability just before they pay it out. You do check this for your late Fall investments, don't you?).

  But, in any year, we need to consider what selling, buying, reinvesting and reallocating strategies combine both a good investment plan as well as tax-wise investing. Got some nifty ideas, funds or tax strategies? Tonight's the night to shine by making us all a little smarter and less taxed by sharing your tax-wise plans.

  EVALUATING NEWS LETTERS: Now there are a few respectible fund news letters. Many cover only one fund firm, but that can mean hundreds of funds (and about every strategy in the book). Which ones have or should earn your trust for insightful reporting, timely evaluations and a great set of timely buy/sell ideas. If you subscribe to one, bring along a sample copy as each of us makes the case for hiring such a "fund watcher" assistant.

  Look back at the October meeting listing for some of the topics that will form the core of this months discussion groups. And why not suggest that "Impact of the Election" for another new topic!
  

• TUESDAY, OCTOBER 8, 2002: As usual an interesting group of topics to choose from - some left over from the September meeting, some new. As always, the SIG will pick those topics of most interest and try to get as many done as the freewheeling discussion allows.

  Amoung the new topics are:

  * REITS: Are those high yielding REIT funds a bonanze or a trap. REITs have been hanging tough with a sliding market, due to strength in the real estate and building market. Yet signs of cracks are everywhere - take a look at all the for rent signs on vacant sstore fronts. Yet, well managed REITS with good properties in hot areas of the country can do well. So should REITS be a larger component of your portfolio, what should you be looking for - and do you have a favorite REIT yourself to suggest?

  If this gets your interest piqued, check out the October 15th VI SIG event listed above.

  SIGNIFICANT ECONOMIC INDICATORS: Numbers, there are LOTs of numbers, many from the government, some from private econometric firms. A common complaint is that a lot of them are either too dated or merely meaningless when it comes to taking todays "economic temperature" and perhaps even worse in projecting the future. For example, paperboard (we call in cardboard) is needed to box the goods we all buy - so many regard sales gains here as a precoursor of increased factory production of goods. It's one old standby - but there are many more. So what are they, where do you get the best ones (for free) and do you need to consider them in concert with other information?
  

  Of course, some of out topics tonight are carryovers from previous months when we just didn't have time to address them fully. Amoung them are:

  The DEFICIT, The Impacts of an increasing one. Not only is government revenue falling (less capital gains taxes for sure, and less paychecks to tap), but expenses for security, defense and the usual rush to fund election year goodies are added to the normal increase in expenditures. So what can this mean for investors.

  European Stocks and Emerging Economies: If things are bad here in the US, does that mean that Europe might be better - or worse. Looking further afield, how about the rest of the world. Once sleepy economies are starting to look better to investors as they develop a more familiar investment market. Funds are often the best way to get into them, as they have on-the-ground experts to understand the economic, market and legal environments there. Got a hot idea - or need one. Let's share.

  TOOLS: Good tools are a must to any investor. We need tools to find new funds and tools to help us decide when to sell the ones we already have. What are your best tools - and how do you use them? We all have a bag to tips to share, so this is your chance to gain from the experience of other members.

  and MORE: We've always got more topics to look at. Included are ETFs (Electronic Traded Funds) a new Wall Street derivative product, should revolutionize fund investing with their low costs and ability to be traded every day, even every minute.

  For more information on some of these topics, take a look at the September plan below.
  

  TUESDAY, SEPTEMBER 10, 2002: While Markets change, the economy changes; some things don't change. Savy investors need to understand how to cope with these changing factors remains an unchanging need. The MF SIG is a great place for fund oriented investors to hone these skills, expecially in todays roiling markets. Even if you have a well-developed sense of what to do, talking them out with a group of Fund oriented investors is a great way to validate your ideas, gain insight and learn new skills quickly. Our September program is designed to provide just that environment:
  

  THE DEFICIT, Impacts and Effects: Only a year or so ago, the politicos were talking as if budget surpluses would never end - and spending accordingly. Yet cautious investors noted that Captial Gains Taxes receipts made up most of that overflow. Let a sour market take away those Capital Gains - Poof, good-bye to those Surpluses. Toss in unexpected events, like 9/11, and things only get worst.

  Terrorism and our response, election year pandering (Elder Drugs, for example) and a host of 2002 phenomena only complicate the investing picture. It's bad news for some sectors and improved prospects for others. It's a new investing environment to cope with.

  So what's that savy investor to do over the short term and the long term. Declare the market dead and flee to cash, move into bonds (so says PIMCOs Bond Guru) or learn some new tactics to stay viable in the market. Time for the MF SIG to consider some of the factors and options.
  

  * EUROPEAN STOCKS: In sum, Euro market economies rival that of the U.S.A in size. With the European Union comes a breaking down of national restrictions of business and the influx of a lot of America style business leadership. Yet, it's not been without cost. If you think we have a telecom meltdown here, take a look at European Telecoms for a real disaster. Pundants are now saying that many of Europeans much respected insurance operations bode to rival Enron, Worldcom and the like for financial mismanagement. Granted it's not the personal venery of the US, but more than a little bookkeeping wonderment that has contributed to shakey books at once respected firms.

  Meanwhile Europe's regulators in Brussles seldom miss a change to "level the playing field: a little more in Europes favor when a U.S.-based Multi-National is in their sights. With moderate Socialism in control in most European countries, that makes a different, hard to understand environment for the U.S. investor.

  Do we fight 'em or join 'em investment-wise? There's little question some appealing European firms do indeed rival the best of the US stable. Do we want to invest in them? Given differences in bookkeeping, trading stocks internationally and the like, a Fund Based approach offers merit.

  Yet we face the same problem as always - how to evaluate and select. A problem complicated by different languages, accounting systems, cultural values and political organization. A problem we need to talk about.

  EMERGING MARKETS: Consider Euro-land. Wait! You say "that leaves a big, big world outside the US and Euro block, one with greater, if unrecognized, opportunity for a savy investor. Moreover, the Fund Route is clearly more desirable when venturing into Asia, the Americas and even Africa. More risk - sure! More opportunity - perhaps. Let's evaluate the Pros and Cons of investing abroad, whether in the first, second or third world and how to do it wisely and safely.

  SELLING: Lots of folks offer suggestions and advice when it comes to buying. With Funds, as with stocks, most of those sages offer little help when it comes time to sell. So how do you screen your holdings to decide when and what to sell?

  Considering the size of many fund portfolios, it's impractical to each of your funds by rating their most recently published holding. How can one Screen effectively to find target sell prospects?. Relative performance, analysing key holdings, looking at the manager(s), matching fund sector to market rotation are but some of the factors you might decide to include in your screen. Now we're talking real work!

  There must be some screening tools that can help us simplify the task - as well as provide the hard to find data needed for a proficient job. What are they? Can they do the heavy lifting, or will they only take us part way through the evaluation? Can the Web help? Will free or low cost sources let me do it myself?

  With these and similar questions to answer, sounds like our discussion be interesting.
  

  EFT: Exchange Traded Funds are rapidly becoming a factor for every investor to consider. Even many funds have started to offer an ETF product. While there are trading costs (and very low maintenance costs) for ETFs, they have a holdings profile similar to Index funds, but with some twists. You can trade them intraday just like stocks. You time the trades (and the resulting taxes) yourself. If you don't mind the extra work and like sector (and international) investing, ETFs do have appeal. While they are not for every investor, it's time for all investors to gain a basic understanding of ETFs, how they work and when they can work for me. Only then can you answer the Questions "Are ETFs for Me?"
  

  If we only get to cover half of these topics this month, its sure to be an interesting, informative meeting. One not to be missed.
  

• TUESDAY, AUGUST 13, 2002: Seduced by summer. At least that's my excuse for this last minute posting of the August meeting plan. And that's after Phil Schaeffer was so nice as to get it to me the day after the July meeting! So much for motivation. Anyway here goes: * MID CAP INDEX MUTUAL FUNDS: Mention 'Index Fund' and the discussion soon changes to which S-P 500 Index Fund you mean - Vanguards or the other guys. But there are a lot of other Index funds that track other Indices. Depending on your view of the current (and future) markets some of those other Index Funds can help execute your strategy quite well. A look at intermarket analysis (CI SIG/July) can tell you where the action is or isn't so you can target those Indicies and their funds according. We'll continue our discussion on What Indicies and What Funds this month. Focus will be on the Mid-Cap funds, but then, it's open day on opportunity!
  

  * CLOUDS: External factors both drive and are driven by the stock market. Today, there are a lot of factors "out there" constitute a significant threat to the market. That's especially true with the low level of public confidence engendered by recent management scandals when piled onto a generally bad market. It might not take much to cause a further weakening or even, surprisingly, trigger a turn up. Terrorism, you say. War, too. The national deficit.

  (Remember when it was the Republicans who were where the Democrats are today on that one. Gee, I even remember that the primary reason the deficit vanished was not government economies or a massive grouwth in it. It was the extra capital gain taxes generated by the Dot.Com bubble market!

  Well it's time to reconsider just which of these external threats has the potential to wack the market, or even spur it unward. Guess what, experience (mostly in Europe) shows that Terrorism shortly thereafter HELPS the market and Wars don't hurt much unless you are losing. But that was the experience of the '70's, '80's and '90s' - what about NOW?
  

  * LOOK EASTWARD: Last month we outlined opportunities in Europe and even a bit further East. It's easy to forget that Euroland represents more people than in the US and about as large an economy. Interest sturred by strength in the Euro vs. the Dollar (or an end to it's previous weakness) and opportunities there vs. the US market. Yet Euroland, as traditional, has recently started to slide into the same malaise as our domestic economy. With a relatively higher social benefit level, high and rising joblessness and, let's face it, certain inepitude in playing the "american game", a lot of European companies don't seem too well off. Their telecoms are a great example of matching and beating our domestic troubles. But there is opportunity, and perhaps more than just picking the knocked down stocks that will lead the next recovery. How do you play the Euroland game with mutual funds, what do you need to watch for and what vehicles work best for an American investor?
  

  * THE VOLATILITY GAME: Everybody is talking about it as it's higher than ever. Does that tell us more than people are nervous? Is it a signal that better times are coming? Does it create a different class of investment opportunities? How can we learn to use volatility and where will that lead us in our investment quest?
  

  * OK I KNOW THE STRATEGY, NOW WHAT DO IT DO?: No matter how clear your crystal ball is on the future and your new strategies, how to you translate that into a fund investment plan? For you do have to pick the funds you invest in one-at-a-time from more than 13,000 available funds. Yup, even if you do everything right, just picking the wrong fund can cancell out your brilliant analyis. Let's compare notes on our Targetting Check List to see how we can do a better job. What data sources do we use? How do we read them - what counts and what doesn't? If these and other thoughts and questions motivate you into a short trip, drop by Tuesdays MF SIG meeting. It will be the place to be if you are looking for clues on the market and how you are going to make money from it. See you there.
  

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