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3 Ways to Invest in the Financial Sector
For investors, there may not be a more complex or confusing sector than financial services. Big banks are still trying to clear the remnants of the financial crisis from their balance sheets. Meanwhile, governments throughout the world have pledged to reform and regulate the sector to prevent future crises. Combine these things with a weak economy, and it's no wonder that the sector has struggled in 2010. Yeartodate, the average financial sector fund has returned only 0.6 percent, compared with a 1 percent gain for the S 500.
The latest financial reform talks took place earlier this month in Basel, Switzerland, where regulators from different countries the United States on capital requirements for banks that were considered fairly lenient by most analysts. Bank stocks rallied on the news early last week. "Most of the major banks have already largely met most of the requirements within that, and there's plenty of time for those that haven't to shore up their financial situations and add to their capital ratios before the required date," says Brad Sorensen, director of market and sector analysis for the Schwab Center for Financial Research.
The picture is improving for big banking, experts say, but a lot of uncertainty remains. Most is related to the creation of the new Consumer Financial Protection Bureau, which is charged with putting an end to abusive financial products. No one is certain as to how far the bureau will go in accomplishing that goal. "[The bureau has] been given a pretty broad mandate," says Jim Sinegal, associate director of equity research at Morningstar. "They can regulate unfair, abusive, or deceptive practices. As far as what that covers, no one really knows."
[See How the New Consumer Bureau Will Help You.]
It's also unclear how further consumer protection regulation could affect the profitability of the banks. "There's already talk that some of the services that consumers have gotten used to, such as free checking, higher interestbearing checking accounts, and free bill pay they may have to start paying for those things," Sorensen says. "Whether they'll be willing to, and whether the financial sector can come up with ways to replace those revenues something we'll have to watch as we go forward." Sorensen expects a tough road for financials over the next few months. The sector's performance will depend on whether the economy improves and also on the regulatory mood after the midterm elections in November, he says.
Sinegal agrees: "The issue is not 'are the banks going to survive?' [It's] 'how profitable are they going to be over the next few years?'" He says he sees potential upside for the big banks because much of the news about the economy has been negative for some time. The bad news, Sinegal says, has depressed the share prices of many of the big banks.
[See the entire list of financial sector funds here.]
Burnham Financial Industries (BURFX). This is the only fund of the three in which the manager has the option to short bet against stocks. Manager Anton Schutz employed the shorting strategy during financial meltdown, and the fund lost only 7 percent in 2008 (compared with a loss of 37 percent by the S 500 index). "It was good to have that shortselling ability during the depths of the crisis," he says. Lately, Schutz has been buying big banks like Citigroup. "The big banks are really cheap on any measure you want to put them on," he says. These banks have underperformed recently, Schutz says, because of the threat of further regulation. When the dust settles, he believes they could be poised for higher returns. "At the end of the day, the balance sheets are in great shape . and [mergers and acquisitions are] returning," he says. Other than big financial firms, Schutz likes a few regional players, including two Floridabased banks 1st United Bancorp and CenterState Bank. Over the past five years, the fund has returned an annualized 6 percent, ranking it in the top 10 percent of its category. Its annual fees are 1.88 percent.
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during the first half of our province CPI rose by a cumulative 2.9%. Among them, the rural city rose 3%,[link widoczny dla zalogowanych], rose 2.8%; consumer goods prices rose 4.3%,[link widoczny dla zalogowanych], the same price of services; the new price factors of 1.7 percentage points over the previous year,[link widoczny dla zalogowanych], Qiaowei factors 1.2 percentage points.
and higher than the previous month,[link widoczny dla zalogowanych], 0.5% of the province's consumer price decline. Among them,[link widoczny dla zalogowanych], the city fell 0.6%,[link widoczny dla zalogowanych], 0.2% decline in rural areas; consumer prices fell by 0.9%, prices of services rose 0.2%. Alcoholic drinks and tobacco rose 0.1%, clothing and household appliances and repair services rose 0.4%, medical care and personal products rose 0.2%, food drops 1.6%, transport and communications 0.5% decline,[link widoczny dla zalogowanych], residential fell 0.1%,[link widoczny dla zalogowanych], entertainment and educational services such as.
July 18th Fujian daily news (reporter Pan Yuanyuan) NBS Survey Office in Fujian 17 released data show, June our province CPI (consumer price) rose 1.8%. Among them,[link widoczny dla zalogowanych], the city rose 1.8%,[link widoczny dla zalogowanych], 2.1% rise in rural; consumer prices rose by 2.5%, prices of services rose 0.4%. The new price factors of 1.6 percentage points over the previous year,[link widoczny dla zalogowanych], Qiaowei factors 0.2 percentage points.
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