Map of Perry Island

Map of Perry Island on It persisted formally and informally in parts of western Europe through 1789 and in Europe east of the Elbe River until 1848 or beyond. In the manorial system, that had its roots in the large landed estates of the later Roman Empire, a local lord, typically a minor knight, but sometimes an abbot, managed the labor of local inhabitants, who would have been slaves in the Roman Empire, but whose status had been converted to that of a quasi-emancipation known as serfdom. They could no longer be purchased, but were still bound to remain on the land and obey the commands of the lord. The lord extracted rent from the tenants for land they tended, usually in the form of labor services. These inhabitants, frequently serfs, also cultivated the lord’s land (the demesne) and allowed his animals to graze on the common land. Peasants also paid taxes in kind for consumption of local resources (firewood or game) or use of common machinery (a portion of the flour from wheat ground in the manorial mill). Two primary organizational forms of seigneurialism were found in Europe: Gutsherrschaft east of the Elbe, in which the demesne comprised the largest portion of cultivated land, and Grundherrschaft in the west, where most land was cultivated by individual tenants. Map of Perry Island 2016.

Political maps and economy of country;

Are Mutual Funds and Exchange-Traded Funds for Me?

Why go it alone when you can go alongside many others in the same boat with you?

That’s the general concept behind a mutual fund. Few people have the money to buy hundreds of different stocks in one swoop, but many people investing as a single entity do have the necessary resources. This idea of pooling assets to spread the risk among multiple investors who each own proportional amounts of multiple assets dates back to Europe of the 1700s and 1800s, when Dutch, Swiss, and Scottish trustlike vehicles emerged. As the 1900s approached, the concept drifted across the Atlantic and landed in Boston with the Personal Property Trust, America’s first closed-end investment fund. But what the world now recognizes as the modern mutual fund has its roots in 1924, when the Massachusetts Investors Trust launched in Boston. From that one fund, the industry in America alone had ballooned by the end of 2008 to more than 8,000 individual funds holding some $12 trillion for investors”just about enough to buy 40,000 Boeing 747 jumbo jets.

For most Americans, mutual funds represent the main means of interacting with Wall Street, typically through a 401(k) plan, maybe an Individual Retirement Account, or through a child’s 529

College Savings Plan. In their most basic iteration, mutual funds and their offspring, exchange-traded funds, or ETFs, are simple: With a relatively small initial investment, sometimes as little as $100, you can buy a diversified portfolio holdings scores, if not hundreds, of stocks or bonds or some combination of both. You can track the price every day and buy or sell once a day.

Like to a stock, a mutual fund share represents ownership in a corporation, in this case a corporation that hires managers and analysts and administrative staff who buy and sell and manage a basket of investments for the owners-investors”you. The fund’s share price”what’s known as the net asset value or NAV”reflects the market value of all the underlying stock owned divided by the number of shares issued by the mutual fund. If a fund has issued one million shares and the value of all the stock the fund company owns is $40 million, the fund’s NAV is forty dollars a share.

But mutual funds can be more complicated than a simple commingling of investors’ dollars for the purpose of owning many assets in a single fund.

Funds trade in many guises, each concentrating its expertise in a particular corner of the overall investment market. Some funds own only the stocks of big American companies. Some only own small Asian firms. Some buy only healthcare stocks; some, only banks. Some buy shares in markets around the world, some focus solely on Sweden or some other individual country. Some own Treasury bonds, others only high-yield junk bonds or muni-bonds specific to a single state. Some allow you to bet that the Dow Jones Industrial Average is headed lower, some are a leveraged bet that the S&P 500 stock index will move higher.

You also have actively managed and passively managed funds. Actively managed funds employ a portfolio manager, or a team of managers, actively deciding what stocks to buy and sell in the portfolio. Passively managed funds, commonly known as index funds, simply track an index; no active buy and sell decisions are

made. If the arbiters or the index decide to remove a stock from the index and replace it with another, then the fund does the same thing, otherwise the portfolio’s composition is basically static.

In short, there are mutual funds and ETFs to meet just about any investment need you have or strategy you seek to follow. Indeed, if you never want to own individual stocks and bonds, you can build a well-diversified portfolio of investments by using funds of one shape or another. But here’s the statistic to keep in mind: The bulk of mutual fund managers fail to beat the indices against which they benchmark their performance. Among financial facts that aren’t very inspiring, that’s near the top of the list.

That doesn’t mean all mutual fund managers are best avoided. If you don’t have the time or inclination to research the stocks and bonds appropriate to your needs, then mutual funds and ETFs are your primary alternatives. Inside most 401(k) and other, similar employer-sponsored retirement-savings plans, they are your only alternative, so it’s best you get to know how to pick the best ones you have access to.

After all is said and done, defining best among mutual funds is a subjective science because of all the moving parts, not the least of which is the fund’s portfolio-management team and its track record at picking winning investments. Managers change jobs with regularity, and a fund that looks like a winner because of its historical returns might begin to suffer once the manager responsible for that performance leaves. Perhaps the best example of that is Fidelity’s famed Magellan Fund, once helmed by Peter Lynch, one of the industry’s few truly legendary investors. During his thirteen-year tenure, the fund scored returns of nearly 30 percent a year on average, astounding by any measure. After his departure in 1990, Magellan’s returns weakened substantially under a series of managers, none of whom was ever able to mirror Lynch’s success.

Picking a good mutual fund starts with Morningstar.com, a website devoted to the minutiae of mutual funds, though you don’t need to dig through the minutiae if you don’t want to. Though Morningstar is a subscription-based site, the data you most care about is available for free. All you really need to know are the following characteristics:

Strategy: What does the fund invest in and where? Morning-star’s Snapshot tab defines the category in which a particular fund operates. With the Sequoia Fund, for instance, that category is Large Blend, meaning the fund concentrates on large-company stocks that fit either a value or a growth profile. Value stocks are those that are generally priced cheaply relative to their assets or earnings, while growth stocks are those where the business is growing relatively fast.

On its website Morningstar defines all the various categories it uses to pigeonhole funds.

You want to know a fund’s strategy for a simple reason: Does that strategy meet your needs? If all you really want to own is a fund that buys value-oriented, large-company stocks in the United States, then a fund that owns small-company stocks in emerging markets clearly doesn’t fit your needs. I’m being dramatic here for effect, since you’re not likely to end up with such an extreme example. But you will often have funds to choose from inside 401(k) plans that are very similar in name, or that purport to be one thing though their investments clearly make them something else. The only way to know what you’re really buying into is to check out what category each fund falls into before you commit your money.

Performance: The worst tactic you can use when investing in mutual funds is chasing this year’s hottest funds. Financial magazines every few months or at least once a year offer a list of the hottest funds you need to own now. What you need to do, instead, is use that magazine for kindling. Racing to own what’s already hot means, by definition, you’ve already missed the big move up.

Academic studies have shown that the hot funds from one year are generally not the hot funds the next year. They cool off, share prices slip, and investors inevitably sell out to dive into the next hot fund, hoping to catch that wave and recoup some of their losses in the previous fund”only to repeat the same cycle. Investors are notorious for buying high amid all the hype and then selling low when the hype dies.

Instead, navigate over to Morningstar’s Total Return tab and examine a fund’s Performance History as well as its Trailing Total Returns. Rather than looking for funds that rate number one in their category, look for those that demonstrate a history of consistently beating the market. In the Performance History area, that will show up as +/- Index and in the Total Trailing Returns area, it’s the +/- S&P 500 TR, both of which detail the fund’s performance compared to how well the S&P 500 index fared during the same period.

You’re not looking for a mutual-fund manager who shoots the lights out every year. They don’t exist. Baseball players who swing for a home run every time at the plate strike out a lot. Same goes for mutual-fund managers who continually swing for fences. When you can buy a low-cost index fund and simply track the S&P 500, why would anyone pay the higher fees associated with an actively managed mutual fund if that manager fails to beat the S&P?

The most successful investors are those who bat for average. They’re happy with the consistency of the singles and the doubles, knowing that occasionally they’ll get a triple or a home run but not aiming for either.

Also, disregard any returns less than three years old. One-month, year-to-date, and one-year returns are effectively useless. You want to see how a fund has performed over different economic cycles, which means you want to see performance data over three, five, and ten years. Anything less is just a hiccup.

What About Options, Futures, and Gold?

The goal of any portfolio is to mitigate risk by spreading your assets across multiple classes of investments. Investors often concentrate on the key trio”stocks, bonds, and cash. And for most, some combination of those three offers most of the necessary diversity.

Other asset classes exist, though some are more exotic than others, and many are too risky for average investors to play with. Some assets require a great deal of babysitting, lest you get burned. Options and futures are two such investments. Both can be quite useful for reducing risk in your overall portfolio”or even adding risk, if you’re a gambler”but each also requires that you watch your positions like a hawk, necessitating a level of supervision you might not have time for in your daily life.

Options and futures are contracts that mandate you buy or sell at a predetermined price a particular stock or commodity at some point in the future. Options cover stocks and stock-market indices. Futures cover commodities ranging from gold to frozen orange juice, corn to currencies. Unlike stocks or bonds or mutual funds, however, options and futures contracts are decaying assets. Every day that passes takes a day off the life of your contract. That means you can’t invest and then sit on paper losses until a recovery happens. While that might work with stocks, with futures and

options the contracts could expire long before a price recovery ever arrives. Most expire between three months and two years.

Both options and futures can be used conservatively (to hedge against losses) or aggressively (to gamble on the movement of some stock, index, or commodity). Farmers, for instance, routinely buy and sell futures to protect against price moves in the crops they grow. This helps preserve their income if the market for their crop moves away from them. Wall Street traders, meanwhile, who clearly aren’t out farming the crops, might buy and sell the same futures contract purely on a bet that the crop price will rise or fall. The farmer is trading conservatively; the trader, aggressively.

The benefit and risk of options and futures is the leverage you employ.

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