http://www.articlesnatch.com/rss2/CEFs CEFs Articles from ArticleSnatch.com Rss Follow Up Wed, 15 Feb 2012 22:55:52 -0500 10 Reasons Why Gold Should Be Part of Your Investment Portfolio Gold has been used for countless centuries as an indication of wealth, power and honor, but it has also been a fantastic investment choice. Why? Well, because it is what has essentially set the standard throughout monetary history. Here are ten reasons that you should consider gold as a part of your investment portfolio: 1. Of all precious metals, gold has traditionally been the first choice for hedging investments against inflation, political crisis or economic uncertainty. 2. As of the time of this writing, gold is trading at $1519.00 per ounce. Just 6 years ago, though, it was trading at just $513 per ounce. That"s a significant return for anyone that invested in gold in 2005 and held onto it. 3. Gold is driven by the age old system of supply and demand, but speculation also plays a part in determining the price of this precious metal. Yet, unlike most available commodities, consumption doesn"t affect its price as much as savings and disposal do. 4. While investors' return on equities, real estate and bonds do not compensate for inflation or risk, gold"s demand increases. 5.Business]]> Finance]]> Investing]]> http://www.articlesnatch.com/Article/10-Reasons-Why-Gold-Should-Be-Part-Of-Your-Investment-Portfolio/2835509 Mon, 15 Aug 2011 02:24:40 -0400 http://www.articlesnatch.com/Article/10-Reasons-Why-Gold-Should-Be-Part-Of-Your-Investment-Portfolio/2835509 The Dow, Investment Grade Value Stocks, and Alternative Investments There are two extremely good reasons why your portfolio may not be "performing" (whatever that means) either as well as you would like or as well as your buddies say that they have been doing. But let's define our terms before digging any deeper. None of you have done as well in the equity market as investment grade value stock investors. Most of the time, investors are content to observe the steady growth of their portfolio, as income and (unrealized) market value gains add to their ego-friendly asset base --- this while the ebb and flow of the markets remains in a relatively boring "trading range". They can see the steady progress being made toward the goals that they established for their portfolios. Long-term-successful investment portfolios must have both reasonable goals and a plan for moving in their direction. For them, performance is a measure of this movement toward objectives and it is generally considered a long-term, personal proposition. Income securities are expected only to produce dependable income, and equities are expected to produce growth in the form of realized capital gains.Dow]]> DJIA]]> S P]]> IGVSI]]> MCIM]]> alternative investment]]> investor]]> stock market]]> Wall Street]]> http://www.articlesnatch.com/Article/Wall-Street-Most-Wanted--A-New-Blue-Chip-Market-Indicator/2290646 Tue, 12 Apr 2011 15:11:15 -0400 http://www.articlesnatch.com/Article/Wall-Street-Most-Wanted--A-New-Blue-Chip-Market-Indicator/2290646 In addition to a well thought out investment plan, successful equity investing requires a feel for what is going on in the real world we refer to as "the market". To most investors, the DJIA provides all of the information they think they need, and they worship it mindlessly --- thinking it has mystical predictive and analytic powers far beyond the scope of any other market number. A cursory review of New York Stock Exchange (NYSE) "issue breadth" figures (90% of the Dow stocks are traded there) shows how the Dow has not been prescient or historically accurate with regard to broad market movements for the past twelve years. Additionally, this financial icon that investors revere as the ultimate "blue chip" market indicator has lost its luster. Only 40% of DJIA companies claim an A or better S AND P rating, 20% of the issues are ranked below investment grade --- and this after recently (and quietly) dumping AIG, C, GM, and HON. Has the long-in-the-tooth DJIA grown impotent? Hasn't it really become a mini-S AND P 500?Dow]]> DJIA]]> average]]> investor]]> stock market]]> Wall Street]]> bonds]]> income]]> asset allocation]]> http://www.articlesnatch.com/Article/The-Dow-Jones-Industrials-----A-Blue-Chip-Average-No-More/2129811 Thu, 24 Feb 2011 09:40:46 -0500 http://www.articlesnatch.com/Article/The-Dow-Jones-Industrials-----A-Blue-Chip-Average-No-More/2129811 After forty years of investing, a few things become clear: you need to focus on quality securities, diversify properly, and develop a lifetime supply of income. The investment puzzle becomes easier to solve if you have a handle on all the pieces. But income portfolio management is a puzzle in its own right, and the major problem is focus --- income is king. Here's a collection of ten articles that will help you solve the income puzzle: http://kiawahgolfinvestmentseminars.net/Inv/index.cfm/18374 Income Investing Made Easy - Parts One AND Two - In time, you'll learn to beam with pride as your diversified group of high-quality income earners moves lower in price with higher interest rates. Finally, it's time to increase portfolio yield and reduce cost basis --- at the very same time! Managed Closed End Funds --- Solid Income Investments in Liquid Form - It should become abundantly clear that this form of investment has eliminated nearly all of the drawbacks of conventional mutual funds. The two have very little in common. Income Investing: Selecting the Right Stuff - Parts One AND Two - When is 3 percent better than 6 percent?Total return]]> compound stock earnings]]> income investing.real estate]]> REITs]]> CEFs]]> MLP]]> closed end funds]]> MCIM]]> retirement]]> http://www.articlesnatch.com/Article/Income-Investing-Articles-----An-Anthology-/2001415 Wed, 19 Jan 2011 12:22:05 -0500 http://www.articlesnatch.com/Article/Income-Investing-Articles-----An-Anthology-/2001415 Whoa! Stop! Hang on a minute. There is absolutely nothing unusual going on in the income securities markets. There is nothing to be particularly concerned about or afraid of. Relax, take a few deep breaths, and read on. Falling income security prices are all the buzz in the financial media these days, but why does this translate into such fear and confusion? I saw a news report the other day that encouraged investors to abandon their income ship and sail away on a stock market steamer that has been cruising steadily higher for twenty months --- the IGVSI equaled its September 2007 high on December 8th. And lest we forget, the over-riding purpose of investing in income securities is, after all, the generation of income. That's income, Alice, not growth in market value. Just income. Income securities, as measured by an index of high quality closed end funds (CEFs), remain roughly 50% above where they were at the bottom of the financial crisis and, more importantly, precisely within their normal price range of the past ten years. The most conservative CEFs are yielding from 6% tax-free to 8% taxable.income investing]]> CEF]]> media]]> securities]]> fixed]]> equities]]> Wall Street]]> markets]]> interest]]> http://www.articlesnatch.com/Article/Income-Security-Prices-Tank--What--Me-Worry-/1875196 Mon, 13 Dec 2010 08:23:03 -0500 http://www.articlesnatch.com/Article/Income-Security-Prices-Tank--What--Me-Worry-/1875196 KIAWAH ISLAND, SC, December 13, 2010 Kiawah Golf Investment Seminars (an investment education enterprise located near the Kiawah Island Golf-Tennis-Beach resort) proudly reports estimated investment performance results for a sampling of Market Cycle Investment Management (MCIM) portfolios. Thus far in 2010, MCIM (70% Equity vs. 30% Income) portfolios are up roughly 16%. This gain, on top of "dismal decade" growth estimated at 85%, further strengthens the methodology's reputation as the safe and conservative approach to steady growth of both wealth and retirement income. Kiawah Golf Investment Seminars is the only entity in the world authorized to teach the Market Cycle Investment Management methodology. From the end of 1999 through the end of 2009, all of the popular Wall Street market performance measurement tools were in the red. Because of their emphasis on dividend paying, Investment Grade Value Stocks, and a solid base of income producing Closed End Funds, Market Cycle Investment Management portfolios were up an estimated 85%. Both the S AND P 500 and the Dow Jones Industrial Average were negative from 1999 through 2009. From the recent financial crisis beginning in 2007, through the interim "peak" on December 10 2010, most MCIM portfolios have regained positive territory.Kiawah resort]]> golf]]> steve selengut]]> investment]]> seminar]]> retirement]]> income]]> asset protection]]> allocation]]> http://www.articlesnatch.com/Article/Mcim-Portfolios-Rally-To-Three-year-High-Levels/1875192 Mon, 13 Dec 2010 08:21:19 -0500 http://www.articlesnatch.com/Article/Mcim-Portfolios-Rally-To-Three-year-High-Levels/1875192 There are a variety of financial advisor designations out there to choose from when deciding on a program or certificate that will enhance your business practice or simply grow your personal knowledge. One financial advisor designation that can be very useful is the designation of estate planning specialist. An estate planning specialist, (someone who is Board Certified in Estate PlanningTM) understands the basics of estate planning and is well-versed in real-world examples. For example, an estate planning specialist should be familiar with different types of shares as well as current financial news that relates to mutual funds - A, B, and C shares are the most common types of shares. In general, A or C shares result in higher returns if less than $100,000 is invested. Class A shares are the favored choice if $100,000 or more is invested. In most instances, B shares are the second best choice if less than $100,000 is invested. During 2006, the NASD imposed more than $40 million of fines on brokerage firms for improperly selling B and C mutual fund shares. During the early part of 2007, the SEC acknowledged that one of its key arguments no longer exists;financial advisor designations]]> estate planning specialist]]> http://www.articlesnatch.com/Article/Financial-Advisor-Designations--Spotlight-On-Estate-Planning-Specialist/1773617 Tue, 16 Nov 2010 02:27:22 -0500 http://www.articlesnatch.com/Article/Financial-Advisor-Designations--Spotlight-On-Estate-Planning-Specialist/1773617 When the 3 percent is better than the 6 percent? Yes, we all know the answer, but only until the prices of values that are beginning to fall. Then, mathematical logic and acumen disappear and be sensitive to all kinds of special cures for the periodic onset of higher interest rates. He told us to sit in cash to stop the fee increase, or sell the securities we own now, before it loses more of his precious market value. Other gurus will suggest the purchase of short-term bonds or CDs (ugh) to stem the tide of the perceived erosion in portfolio values. There are two important things that your mother never told you about the expenditure of revenues: (1) higher interest rates are good for investors, even better than lower rates, and (2) Selecting the right to exploit the values of the interest rate cycle is not particularly difficult. Higher interest rates are the result of government efforts to curb a growing economy in hopes of avoiding an appearance of the three headed inflation monster.income investing]]> investment shares]]> investment guidelines]]> ]]> http://www.articlesnatch.com/Article/Income-Investing--Selecting-The-Right-Things-/1766050 Sun, 14 Nov 2010 13:18:21 -0500 http://www.articlesnatch.com/Article/Income-Investing--Selecting-The-Right-Things-/1766050 Most people enter the investment arena thinking that "Risk" is a board game they played in college. Today, I would guess that the majority of investors have never owned an individual share of common stock or a Municipal Bond. The popularity of investment products has heightened the risk for all investors and has indirectly led to many of the policy errors that threaten both capitalism and the economic fabric of America. Individual equity market prices are increasingly and inappropriately influenced by decision-making based only on the derivatives that contain them. Few people consider the investment risk associated with public policy decisions. Product investors and derivative speculators participate in less personal markets, where it is more difficult to connect the dots between their personal financial interests and their political alignments. So in a very real sense, investors have to deal with public policy risk every bit as much as they need to analyze the risks associated with the securities and other financial products they hold in their portfolios --- complicated, but it is doable. Apart from these important peripheral considerations, the risk of loss in any equity investment is generally greater than the risk of loss in any debt related instrument.Risk]]> asset allocation]]> investment]]> stock market]]> financials]]> money]]> asset allocation]]> market value]]> profits]]> http://www.articlesnatch.com/Article/Basics-Of-Investing--Cruise-Control-Hedging-/1437290 Thu, 12 Aug 2010 08:45:06 -0400 http://www.articlesnatch.com/Article/Basics-Of-Investing--Cruise-Control-Hedging-/1437290 The first page of search engine research tells you that: "Investors use hedging strategies when they are unsure of what the market will do"--- isn't that always? Further along you learn that there are many different kinds of strategies, nearly all of which rely upon some sort of derivative betting mechanism. But what is hedging all about in the first place? Conspiracy theorists have their hands in the air. What's that? Portfolio hedging strategies were created to expand the market for the first generation of derivative products--- options and futures contracts. Hmmm, not so far fetched an idea, really. Just back up a bit and think about what they are trying to accomplish. Hedges are designed to massage your market value numbers, a kind of security blanket that softens the highs and lows of the market cycle. But why focus on the fluff of transient market values in the first place; cycles eventually correct themselves without the unnecessary drama, guesswork, risk, and trading fees. It's not the market value of the portfolio that is of primary importance. It's the actual content of the portfolio and how you deal with the natural dynamics of the securities you own.Hedge fund]]> hedging]]> market]]> stocks]]> bonds]]> money]]> Wall Street]]> profits]]> income]]> http://www.articlesnatch.com/Article/Hedging-Your-Investments-1-2-3-/1337891 Thu, 15 Jul 2010 09:22:59 -0400 http://www.articlesnatch.com/Article/Hedging-Your-Investments-1-2-3-/1337891 A Closed End Fund (CEF) is a publicly traded investment company that invests in a variety of securities such as stocks, bonds, preferred stocks, real estate, mortgages, oil and gas royalties, etc. The variety of sectors, classifications, and geographical representation is every bit as confusing as it is with traditional funds, but the advantages are easy to understand. Capital is raised by an Investment Company through an initial public offering (IPO) of common stock and the proceeds are invested according to the investment objectives of the fund. Like a traditional (open end) mutual fund, a Closed End Fund has a board of directors, appoints an investment advisor and employs a portfolio manager. Unlike conventional mutual funds, CEFs do not issue and redeem shares directly with investors at net asset value. CEFs are listed on national securities exchanges, where shares of the Investment Company are purchased and sold in transactions with other investors, just like individual company stocks, and most often not at net asset value. Many Brokerage Firm Statements will list these securities as Equities or Mutual Funds, not quite in sync with the purpose or nature of the securities contained within.CEF]]> ETF]]> closed-end fund]]> mutual]]> NYSE]]> investment]]> income]]> retirement]]> asset allocation]]> http://www.articlesnatch.com/Article/Managed-Cefs-----Solid-Income-Investments-In-Liquid-Form/1242505 Mon, 14 Jun 2010 14:00:51 -0400 http://www.articlesnatch.com/Article/Managed-Cefs-----Solid-Income-Investments-In-Liquid-Form/1242505 During the past sixty years, most economic, market, and interest rate cycles have lasted from two to five years, peak-to-peak. Rarely have any of the cycle-tracking market indices moved in tandem, and none of the cycles are considered to be particularly predictable. Individual securities (the stuff that indices are made of) complicate things significantly by having even less predictable cycles of their own. This generally uncertain atmosphere is the very nature of the financial markets. If investors could come to grips with the non-calendar, cyclical, nature of markets, it is likely that they could improve their investment performance considerably. In spite of decades of irrefutable evidence to the contrary, Wall Street has convinced most investors and far too many financial professionals that the calendar year is somehow investment relevant. Simple, yes; tax-code friendly, perhaps; but investment realistic--- not. Too many experts have abandoned the financial world's fascinating cyclical undulations for the simplicity of the planet's annual orbit around the sun. It's time for a change in direction--- one that doesn't ignore the realities of the investment markets. It's time to get back on our "hogs", and ride!Stock Market]]> Cycle]]> Investment Management]]> Business cycle]]> interest rates]]> Wall Street]]> investors]]> advisors]]> market gurus]]> http://www.articlesnatch.com/Article/The-Market-Cycle-Investment-Management--mcim--Program-/900234 Sun, 03 Jan 2010 11:57:10 -0500 http://www.articlesnatch.com/Article/The-Market-Cycle-Investment-Management--mcim--Program-/900234 As impossible as it is to predict the future of the markets, it's relatively easy to anticipate what you are going to experience when you view your next brokerage account statement. Whether you go the discount route through Schwab, Ameritrade, Fidelity, etc., or enjoy a higher level of service through an independent like LMK Wealth Management, you should never be surprised by the market values reflected on your monthly statement. None of the firms make it easy for you to examine asset allocation, particularly on a working capital basis, and most refuse to even acknowledge that Municipal CEFs should not be lumped in with the equities. Additionally, no brokerage statement ever includes a warning label about the dangers of margin borrowing. Surprised? Not. But you can be sure that all statements will emphasize (in every conceivable way) the short-term change in your market value. Any long term or cyclical analysis (if any) is reserved for the "we understand your long term objectives" propaganda that fills their prospect-only glossies. Statement market value movements in both directions need to be anticipated and understood, not labeled bad or good (rhyming not intended).Investment Grade Value Stocks]]> IGVSI]]> asset allocation]]> issue breadth]]> market cycle]]> CEFs]]> market value]]> pr]]> http://www.articlesnatch.com/Article/Investment-Performance-Expectations-And-Broker-Account-Statements/728243 Thu, 03 Sep 2009 09:53:14 -0400 http://www.articlesnatch.com/Article/Investment-Performance-Expectations-And-Broker-Account-Statements/728243 Investment markets got you down, Bunkie? Been blown away by derivative stun guns? When will portfolio market values move back to 2007 levels--- and then what will you do about it? It's time to overthrow the evil Masters of the Universe and deactivate their weapons of financial destruction. Let's outlaw the brainwashing that has changed how average investors look at and value their investment portfolios. It's time to exorcize the Wall Street demons and return to stocks and bonds--- and to QDI, "the Force" for long-term investment portfolio security. Speculating is complicated, even for financial rocket scientists. What most of us want (or would certainly settle for) is simplicity, stability, and reasonable growth in our productive working capital. A return to plain vanilla investing strategies with operating procedures that minimize risk and encourage understanding of the financial markets needs to become part of our financial force field.Dark side]]> investing]]> derivatives]]> investment products]]> closed end mutual funds]]> wall street]]> skywalker]]> fi]]> http://www.articlesnatch.com/Article/May-The-Investment-Force-Be-With-You/656707 Wed, 01 Jul 2009 00:00:00 -0400 http://www.articlesnatch.com/Article/May-The-Investment-Force-Be-With-You/656707 The other day, with the market giving up about a third of its March gain in DJIA points, I went looking through my favorite market stats to see if any remaining profits could be pounced upon. Typically, profit possibilities can be identified quickly on NYSE lists of the largest dollar and percent gainers. Alarmingly, 75% of the largest percent gainers were ETFs, and many of those operate using the same strategies as classic hedge funds--- most owned no common stock at all! At the same time, 93% of the largest dollar gainers were ETFs with a large proportion plainly operating like a hedge fund. Earlier in March, while we were all sunning ourselves in the far-too-infrequent-lately UVs of a brief rally, I was doing a similar search for undervalued IGVSI stocks. Yes, Virginia, there is an equally impressive array of hedge funds betting that the markets (and the South) actually will rise again. What is a hedge fund, and just what does it try to accomplish? I think the key legal element is that they don't say how they intend to get the job done.Hedge funds]]> derivatives]]> equities]]> ETFs]]> CEFs]]> RFN]]> FAZ]]> EDZ]]> UOY]]> http://www.articlesnatch.com/Article/Hedge-Funds--An-Under-The-Radar-Crisis/566815 Thu, 02 Apr 2009 00:00:00 -0400 http://www.articlesnatch.com/Article/Hedge-Funds--An-Under-The-Radar-Crisis/566815 Now more than ever, you can appreciate the need for comprehensive investment education. All of a sudden, fifty percent of your nest egg has disappeared--- and the bad news? There never was a plan for income generation. Ouch! Dwelling on coulda's, woulda's, and shoulda's isn't going to rebuild your portfolio. Attempting to become proficient in the speculation of the month will do little to decrease the long-term pain. Casting blame on government regulators and Wall Street scam artists does little to grow retirement income. There are at least three things you can do to protect yourself now, and throughout your more quickly approaching than you realize retirement years: (1) Actively support income tax code replacement surgery, be it Flat Tax, Fair Tax, or a combination; (2) actively support a Social Security reform plan with smaller mandatory contributions, higher guaranteed benefits, and trustee managed income portfolios; (3) attend investment web-workshops that prepare you for the long-term gyrations of economic, interest rate, and stock market cycles. It's important to find non-product-biased investment education, so that you can knowledgeably choose the investment vehicles that are most suitable for your plan--- avoid education generated by product sales organizations.Investment]]> Educatiostocks]]> bonds]]> CEFs]]> Wall Street]]> asset allocation]]> diversification]]> dividends]]> interest]]> http://www.articlesnatch.com/Article/Filling-The-Investment-Education-Void-With-Web-Workshops/540187 Tue, 10 Mar 2009 00:00:00 -0400 http://www.articlesnatch.com/Article/Filling-The-Investment-Education-Void-With-Web-Workshops/540187 Contrary to popular belief and Wall Street propaganda, investing is not a competitive event. Rather, it is a uniquely personal, goal-directed activity that individuals must organize and control for themselves. Too few appreciate that it is a long-term enterprise and only a handful, at best, have discovered that DJIA and S AND P 500 numbers are only useful at their extremes. You need to be buying when the doom and gloom is thick enough to cut with a knife, and selling at reasonable profit targets when the averages seem like they can only go up. As much as you love (or loathe) to hear about quarterly market value numbers and comparisons with one of the averages over short-term blinks of the investment eye, you will not be accommodated here. Rather, we're going to talk about investing, and some more meaningful numbers that should allow you to fine-tune your "market value" performance expectations. Why is market value in quotes? Because the relevance of a market-value-only focus is, itself, suspect. Isn't it the type of thinking that has, since November of 2007, thrown the financial markets into a death spiral?Investment Grade]]> economy]]> market cycle]]> market stats]]> issue breadth]]> Value Stock]]> CEFs]]> ETFs]]> REITs]]> http://www.articlesnatch.com/Article/Investment-Performance-Expectations--Wcm-Fine-Tuning/512488 Thu, 12 Feb 2009 00:00:00 -0500 http://www.articlesnatch.com/Article/Investment-Performance-Expectations--Wcm-Fine-Tuning/512488 No investor should ever be surprised by the changes in market value that appear on his or her monthly brokerage account statements. In general, media noise throughout the month should lead to a feel for what has been going on and investors should understand that the market prices of investment securities are constantly changing. No investor should be particularly surprised by the changes in market value that have taken place over the preceding year. In general, short-term changes in portfolio values will correlate positively with shorter-term prognostications about the economy, interest rates, and government plans for the political direction of the country. No investor should make changes to his or her WCM portfolio based upon short-term events or media/Wall Street/Washington speculations of the impact of such events on the future direction any cycle or financial market. Most investors back into the portfolio development process by making short-term decisions based on guesswork, hype, "insider" information, media stories, etc. Their selections are expected to "perform" (Wall Streetese for go up in price better than other similar speculations.) quickly, or at least within the calendar year of their purchase.Investment Grade]]> economy]]> market cycle]]> Value Stock]]> CEFs]]> ETFs]]> REITs]]> market value]]> price]]> http://www.articlesnatch.com/Article/Igvsi-Performance-Expectations---Wcm-Portfolios/501506 Tue, 03 Feb 2009 00:00:00 -0500 http://www.articlesnatch.com/Article/Igvsi-Performance-Expectations---Wcm-Portfolios/501506 One of the great things about being a professional investor is the opportunity one has to apply his or her long-term experience to the investment environment that is unfolding (or coming unglued) in the present. If nothing else, most successful investors develop a consistent strategy that allows them to take advantage of short-term changes and the opportunities that they create in a somewhat unemotional manner. You can always tell a "newbie" by a "let's see how you do for a year" comment, or a "what's hot" question. Wall Street would like us to ignore the fact that the stock market is a cyclical beast that changes direction periodically, and almost never at the turn of a calendar quarter or year--- cycles vary in length, breadth, and direction. Inevitably, less experienced investors get caught with their portfolio egos unprepared for market realities. Similarly, Wall Street would like investors to look at income securities (bonds, CEFs, preferred stocks, etc.) with the same analytical eye that they use for equities. They too are expected to grow in market value forever, even though it's the income that the investor is after.Crisis]]> cycles]]> strategy]]> finance]]> WCM]]> investor]]> working capital]]> investment]]> products]]> http://www.articlesnatch.com/Article/Crisis-Investing---Three-pronged-Wcm-Strategy/486351 Tue, 20 Jan 2009 00:00:00 -0500 http://www.articlesnatch.com/Article/Crisis-Investing---Three-pronged-Wcm-Strategy/486351 The Working Capital Model (WCM) is an historically new methodology, but with roots deeply imbedded in the building blocks of capitalism, and financial psychology--- if there actually is such a thing. The earliest forms of capitalism sprung from ancient Roman mercantilism, which involved the production of goods and their distribution to people or countries around the Mediterranean. The sole purpose of the exercise was profit and the most successful traders quickly produced more profits than they needed for their own consumption. The excess cash needed a home, and a wide variety of early entrepreneurial types were quick to propose ventures for the rudimentary rich to consider. There were no income taxes, and governments actually supported commercial activities. The investment gods saw this developing enterprise and thought it good. They suggested to the early merchants, and governments that they could "spread the wealth around" by: (1) selling ownership interests in their growing enterprises, and (2) by borrowing money to finance expansion. A financial industry grew up around the early merchants, providing insurances, brokerage, and other banking services. Economic growth created the need for a trained work force, and companies competed for the most skilled.Capitalism]]> psychology]]> finance]]> WCM]]> working capital]]> investment]]> products]]> Madoff]]> long-term]]> http://www.articlesnatch.com/Article/The-Investment-Gods-Are-Angry/477916 Tue, 13 Jan 2009 00:00:00 -0500 http://www.articlesnatch.com/Article/The-Investment-Gods-Are-Angry/477916