As the market moved higher over the last year we made changes, selling some of our hotter stock and bond funds and then moving the proceeds to more conservative funds. Longer-term subscribers will remember that in late 2002, while the market was falling, we moved out of cash and into more aggressive funds. 

When a transition is complete the last great industry continues to exist in the economy, but grows at a slower pace and becomes a smaller percentage of our national product. Today’s outsourcing (or offshoring) of technology jobs is a sign that America’s current leading industry is about to be replaced by another.  What will replace it? Financing.

Suddenly oil is on everyone’s mind. It was inevitable – high oil prices always attract media and investor interest. Oil demand is up, supply is weak, fears are high, competition is low. Will high oil prices kill the economic goose that lays the golden stock market?

If you've know anything about MAXfunds, you know that we think load funds are bad and no-load funds are good. These days, however, determining if you are paying a sales commission when you buy into a mutual fund is more difficult then you may think. There is no boldface text on the application that says "This is a load fund". The load information is hidden in complex fee tables deep in a document most investors don't even glance at, the prospectus.

Mutual funds come in two basic forms: with built in sales commissions (loads) or without (no-loads). Determining which one you are buying can be confusing. Our own informal research has determined most people who own a load fund don't know they paid a sales commission.