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| Subject: Investment Company Institute The Investment Company Institute (ICI) is the national association of U.S. investment companies. ICI encourages adherence to high ethical standards, promotes public understanding of funds and investing, and advances the interests of investment funds and their shareholders, directors, and advisers. Victory for fund managers? By John Schroy, on August 8th, 2006 |  Leave a comment  The Pension Protection Act of 2006 is a major piece of legislation that, like ERISA in the 1970s, will effect capital flows in the US market over the next generation. Passage of the bill was helped along by heavy lobbying by the mutual fund industry trade organization, the Investment Company Institute. Although considered favorable to fund managers, the long run impact is still uncertain. August 8th, 2006 | Print Article |  Email Article |  Topics: 401(k) plans, Corporate Governance, ERISA, George W Bush, Investment Company Institute, pension plans, Pension Protection Act of 2006 | Category: US Politics | Leave a comment |  Short urlEconomic Theory By John Schroy, on June 17th, 2006 | Leave a comment  The Efficient Market Hypothesis continues to impede understanding of how capital markets work. This hypothesis suggests that world capital markets are guided by crowds of rational, competing, profit-maximizers, each trying to predict future market values of individual securities. The Efficient Market Hypothesis has never been proven. Indeed, no serious attempt has ever been made to subject this hypothesis to scientific scrutiny. June 17th, 2006 | Print Article | Email Article | Topics: Bill Miller, earnings-per-share, efficient market hypothesis, Eugene Fama, executive stock options, intrinsic value, Investment Company Institute, Jeremy Siegel, Peter Lynch, Stock Buybacks, Wall Street Journal, Warren Buffett | Category: Economic Theory, featured | Leave a comment | Short urlStock buybacks 2005 By John Schroy, on March 22nd, 2006 | Comments are closed  A careful examination of the flow of fund accounts for 2005 suggests that probably not more than ten to twenty percent of proceeds from the exercise of stock options were channeled back into the stock market. In order for ordinary investors to benefit from the buyback option programs, they would have to sell 3.5% of their indirect holdings in equities and put the money elsewhere. Without doubt, such sudden ‘rational behavior’ would crash the stock market. March 22nd, 2006 | Print Article | Email Article | Topics: executive stock options, Investment Company Institute, irrationality axiom, mutual funds, Stock Buybacks | Category: Stock Buybacks | Comments are closed | Short urlFeatured articles on inside pages
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