9:13AM Fidelity Magellan trims cash position slightly (FMAGX) by Kathie O'Donnell BOSTON (CBS.MW) -- Fidelity Magellan Fund manager Robert Stansky put slightly more money into stocks in April, Fidelity Investments Mutual Fund Guide shows. The $65 billion fund's cash position dropped to 0.4 percent of assets as of April 30 from 1.2 percent at the end of March. The fund had 99.6 percent of assets in stocks at April's end, up from 98.8 percent as of March 31.
On a related subject - I believe it was Fidelity or some similarly large fund that appeared on Bloomberg recently to debunk the notion that large MFs are investing like index funds. Well they haven't convinced me they are not acting like an index fund.
Having 99.6% of assets invested is about the same ratio index funds use. Vanguard S & P 500 index fund had only 99.4% of assets invested at year's end. With an index fund, turnover is reduced and management fees are much less. Fidelity is making a bundle and not delivering much in return.
Butters and Ned so true-Up here in the Great White North we are in the middle of a Federal Election Campaign and the Governing Liberals and the Conservative opposition are like the U.S. locked in a almost dead even battle. The only difference between here and the U.S. is both are mainly centrist parties. But a BIG story arose today about our 3rd party the "NDP" or New Democrats, they are left wing and socialist and have been around forever. They will never win Power but always get a few seats. Their main agenda is anti free trade, anti military and anti U.S. which they perceive to be the "Evil Empire." Today the Head of the Canadian Chamber of Commerce said that the NDP's rhetoric was being picked up by Right Wing U.S. commentators and spewed out on the Air-Waves as "Canadians are all Lefties who hate our guts and the Socialists are at out Borders etc." she then in the article went on to point out that is pure crap (and indeed it is) and went on to say "there is no greater friendship between two neighboring Countries than Canada and the U.S." The far left have always been a tolerated pimple on the "ass of Democracy" because they are harmless. The same can not be said of the Extreme Right because they are truly anti democratic, absolute total Power is their goal, when any Country strays from the centre Democracy goes out the window and the Wing-nuts take over!
The Corporate Takeover of The United States of America
In her (forced) testimony on Capitol Hill regarding 9/11 preparedness, Dr. Condoleeza Rice said a great deal, without actually saying anything. Her message was clear:
"We in the Bush Administration knew better than those who preceeded us."
Keep this thought in mind and carry it though, to every scandal and every lie that is now being exposed.
Assume for a moment that Bush and Cheney shared an ideology, that America should be run like a corporation. Assume further that Cheney portrayed this new "venture" as akin to a Corporate Takeover, where a new management team is brought in to implement a new vision and cut (or marginalize) the dead wood which remained from prior years.
Assume further that this new management team had been meeting for years to plot this unified takeover strategy, such that through repetition of the same thoughts, phrases and ideologies, the entire group of them were able to think with one mind. One very arrogant mind.
"We know better than those who preceeded us."
With Cheney as the visionary (think Jeffery Skilling) and Bush as the CEO (think Ken Lay), these men and their InterDependent Board Of Directors set about overwhelming virtually all of the people, policies, programs, departments, institutions, ideologies, laws and Constitutional guarantees that their predecessors (and our forefathers) had put into place.
"We know better than those who preceeded us."
"Yes, all of this information about TERRORISM is very nice, thank you for the update, we'll take it from here...now go away."
"Yes, all of this information about ENERGY is very nice, thank you for the update, we'll take it from here...now go away."
"Yes, all of this information about UNITED NATIONS RESOLUTIONS is very nice, thank you for the update, we'll take it from here...now go away."
"Yes, all of this information about THE GENEVA CONVENTION is very nice, thank you for the update, we'll take it from here...now go away."
"Yes, all of this information about TORTURE is very nice, thank you for the update, we'll take it from here...now go away."
"Yes, all of this information about CONSTITUTIONALITY is very nice, thank you for the update, we'll take it from here...now go away."
"Yes, all of this information about WAR CRIMES is very nice, thank you for the update, we'll take it from here...now go away."
"Yes, all of this information about HALIBURTON CONFLICT OF INTEREST is very nice, thank you for the update, we'll take it from here...now go away."
In retrospect, it's actually quite simple to understand how a cadre of true believers came to the point where they actually believed they knew everything better than everyone else...better than the law, better than the Constitution, better that the CIA and the FBI, better than former Presidents, better than the best and brightest and most experienced foreign policy minds of our day...better than everyone!
Just look at the examples of the most agregious corporate crimes of Wall Strret that are presently headed for trial. What do they have in common? Cronoyism. A lack of independent thought. A lack of decenting voices on their Board of Directors.
Group-Think is what leads to justified torture, justified lying, justified war mongering, justified theft and justified hijacking of the institutions and systems of our government.
The most valuable voice in the room is most frequently the dissenting voice. Over time, Powell, Tenent and a long list of others were dis-invited to the innersanctum of strategic group-think. Those that remained at the core adopted an "us-against-them" bunker mantaility of holier-than-thou proportions.
"Screw the CIA, we'll create our own Intelligence entity."
"Screw the United Nations, we'll go it alone"
"Screw the Geneva Conventions, they're ALL TERRORISTS."
"Screw the truth, it's in the public's best interest."
"Screw the open bidding process, Haliburton is perfect for this assignment."
Well screw you. Screw the whole bunch of you. You're not smarter than the framers of the Constitution and the Bill of Rights, and you're not smarter than the laws of this nation, or the International protections against human rights abuses. It was those same predecessors of yours (whom you perceive yourselves to be so much smarter than), who put into place a system of checks and balances and laws to stop the very likes of you.
Your arrogance and greed is surpassed only by your stupidity.
I see that Audrius is back after being banned for the fourth or fifth time. Now there's a guy who just can't control his disruptive, abusive, anti-social behavior. He can fake his ip address, his email address, his user name, and even his nationality with impunity. The one thing he cannot fake is his idiom, the fingerprint of his personality.
Let's face it, some people are just toxic, and they get their kicks from pissing people off. Pathetic.
I guess I will have to file a complaint with Sympatico.
Not that it would do any good.
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Serving US Economic Interests and Host Country Interests......
Navy Special Ops Demos Training in Azerbaijan
And fighting for democracy and the American way, no doubt:
Azerbaijan Pre-Electinos Monitoring Mission
IDEE’s most notable program in 2003 was its organization of a major Election Monitoring Mission for the October 15 Presidential Election in Azerbaijan
. . .All observers witnessed blatant and egregious election fraud and the organized theft of the voters’ will — involving arbitrary deletions of hundreds of pro-opposition voters at many precincts, the addition at each precinct of gangs of repeat voters, throwing out ballots, false counting, manipulation and intimidation of opposition members of local commissions and opposition voters, intimidation of voters with the presence of police and army personnel as well as unidentified videocam operators, accepting unsigned protocols, filling in or changing numbers on blank or pencilled-in protocols, among many other violations. These seasoned observers, whose own experience included witnessing many examples of voter fraud in their own and other countries in the region, all expressed shock at the egregiousness of the fraud and theft.
When the OSCE/ODIHR, ignoring the reports of IDEE’s Observer Mission, determined to make an early statement offering a qualified, endorsement of the elections as “generally well administered,” thus sanctioning the so-called election of Ilham Aliyev, the son of Azerbaijan’s long-ruling despot, all 188 members of IDEE’s Observer Mission agreed to issue a dissenting statement
Equity funds report net cash inflows of $1.44 billion in the week ended June 9 with 46% going to Domestic funds;
International Equity funds report inflows totaling $503 million with $123 million going to Emerging Markets funds, the largest since 4/7;
Large Emerging Markets Equity inflows went to iShares MSCI funds ($150 Mil to Emerg Mkt Index and $20 Mil to Mexico Index) and Matthews Korea ($18.6 Mil) However iShares MSCI South Korea reported outflows of -$24.1 million;