Legendary Sequoia fund reopened May 1st, 2008 after more than 25 years.  Since closing on December 21, 1982 Sequoia managers Ruane, Cunniff, and Goldfarb claim assets under management have declined from $5 billion to $3.8 billion, prompting the fund to reopen to new investors.  Buffett followers will recognize the Sequoia Fund as being the fund [...]

[Read more →]

Former and current employees of Wal-Mart (WMT) last month filed a lawsuit (currently seeking class-action status) seeking $60 million in damages from the world’s largest retailer alleging excessive fees in the company’s retirement plan. As the country’s largest employer with nearly 1.4 million employees and $9.5 billion in 401k assets, the suit alleges Wal-Mart [...]

[Read more →]

You’ve no doubt heard about the proposed gas tax holiday supported by presidential candidates Hillary Clinton and John McCain but opposed by Barack Obama.  I’m going to have to side with Obama on this one.  A gas tax holiday is by far the dumbest idea to ever come out of a presidential candidate, and that’s [...]

[Read more →]

Morningstar recently laid out a few ways to tell if your fund company is putting you first.  Corporate culture is key when it comes to how you’re treated as a shareholder.  Are the fund boards independent enough of corporate management to really stand up for the rights of shareholders?  Are fund managers compensated in such a [...]

[Read more →]

With oil hitting $110 per barrel and gas approaching $4 per gallon in many parts of the country, fuel efficiency is more important than ever.  I think it’s safe to say the days of soccer moms toting the kids around in massive SUVs lucky to get 15 miles per gallon are rapidly coming to a [...]

[Read more →]

According to CNNMoney,
“The number of American households worth $1 million or more - not including the house itself - grew at the lowest rate in five years, according to a report released Wednesday.”
The report said the number of U.S. millionaires grew by just 2% in 2007, which is the lowest rate since 2003, when growth [...]

[Read more →]

Along the lines of the 11 Worst Cars To Own, here are the 10 Cars That Lose Value The Quickest according to Forbes.  Surprisingly enough, the two lists don’t seem to intersect all that much with the exception of the Suzuki Forenza and Mercury Grand Marquis.  While I am not a fan of buying new [...]

[Read more →]

According to a recent article on Yahoo Finance, an experimental elementary school on the south side of Chicago named Ariel Community Academy has a unique focus on teaching financial literacy.  The concept is simple.  Each first grade class is bequethed a $20,000 portfolio managed by the experts at Ariel until the students reach the 6th grade.  Along [...]

[Read more →]

According to Fortune,
“Lynch “obtained numerous free tickets to concerts, theater and sporting events paid for by outside brokers through his requests to two traders on Fidelity’s equity trading desk,” the SEC alleges. “
and
“‘The broker selection process on Fidelity’s equity trading desk was compromised when gifts and lavish entertainment swayed the flow of brokerage business,’ the [...]

[Read more →]

Consumer Reports releases its best cars to own list annually.  Since everybody already knows which brands tend to be most reliable (think Japan and Korea),  I thought it would be fun to see the worst cars.  The list is dominated by American-made, larger cars and SUV’s, which is no surprise.  But I WAS a little [...]

[Read more →]