| Show Standard-Exarran- Business er MasterCard joins Visa in ‘zero Internet fund shows amateurs can play with pros - YORK -- The investor is NEW individualstereotyped as a raw speculator who chases -- whatever stock is hot on any giv- steals your MasterCard or fraudulently misuses your card number you may no longer be liable for the first SSO in losses MasterCard International Inc announced last week its customers will have “zero-dollliability” for fraudulent use of their credit or debit cards even if they don’t report the problem to their banks within 24 hours Elimination of the reporting requirement applies to all MasterCard credit and debit cards and all types of purchases including those over the Internet according to a statement from MasterCard The move by MasterCard the nation’s second-largecredit card system follows similar action by Visa the nation’s biggest card issuer Visa based in Foster City Calif announced earlier this year that it was eliminating its requirement that misuse of a card be reported within two days Robert Manning a professor of economics and sociology at Georgetown University in Washington DC said he believed the companies were trying to make consumers more comfortable in using their credit and debit cards on the Internet “They know people are concerned about giving their credit card numbers on the Web” Manning said “And competition for those customers is heating en day StockJunglecom’s Community Intelligence Fund an innovative new mutual fund whose stock portfolio is based solely on the recommendations of amateur investors is going a long way toward debunking that myth The fund has outperformed all the major stock indexes so far in 2000 as well as many of the most popular US funds ar 24-ho- ur US-issu- gellan and Vanguard’s Windsor II aren’t faring much better Magellan the world’s largest fund with $109 billion in assets was up just 033 percent as of April 30 And the $23 billion Windsor II fund was up 072 percent according to Upper Inc a New York firm that tracks fund performance The tiny $36 million Com- munity Intelligence fund meanwhile has risen 29 percent this year and 47 percent since its inception in November Not bad for an idea many fund analysts wrote off as a gimmick “I attribute it to the smart people in our community” said By DUNSTAN PRIAL The Associated Press - If someone NEW YORK 30 OF MUTUAL MfTEREST liability’ The Associated Press Sunday May 7 2000 StockJunglecom chief investment officer Michael Petrino Petrino was referring to the amateur stock pickers who sign on to StockJunglecom’s Web site to offer their recommendations Obviously not every recom Indeed the benchmark Standard & Poor’s 500 Index is just about breaking even while both the Dow Jones industrial average and the Nasdaq composite index have lost ground since Jan 1 And two of the largest actively managed funds - Fidelity’s Ma ed st mendation makes its way into ally defined as those that derive most of their revenues from their online operations Community Intelligence’s portfolio But every stock that is eventually selected for inclusion was originally recommended by an armchair analyst Similar to a traditional mutual fund all final investment decisions are made by a professional fund manager A number of newer funds have been pummeled in the past few weeks victims of belated attempts to capture the triple-dig-it returns seen in recent years by funds that focus primarily on new Internet companies Although Community Intelligence caters to an online audience the recommendations offered on StockJungle’s Web site have leaned more toward computer hardware and semiconductor stocks according to Petrino Eighty-tw- o percent of the stocks held in the fund fall into the technology sector But few could be considered pure Internet companies which are gener the Communi- Consequently ty Intelligence ftmd was able to avoid the sharp downturns experienced by a number of other newer funds that had joined the game late and gambled on the ongoing success of the Internet sector Another of StockJunglecom’s new funds - the Pure Play Internet fund - wasn’t so lucky That fund is down 25 percent this year But it’s the Community Intelligence fund that has captured the attention of investors in gen- eral Petrino said he and the fund’s other professional advisers sifted through 2000 recommendations a month ago the last time several new stocks were added in a process known as “rebalancing” “The community has given us good recommendations to choose from” he said ' A close look at the fund's 50 holdings could help dispel the myth that amateur investors do little more than chase hot stocks with little thought toward the companies in which they invest Upstart Internet companies such as Amazoncom and eBay are nowhere to be found Instead Community Intelligence’s top five holdings - Oracle Sun Microsystems EMC Applied Micro Circuits and Motorola - are all profitable companies Petrino acknowledged that many of StockJunglecom’s amateur analysts likely based their recommendations on recent movements in the stock market a strategy know n as “momentum investing” and one criticized by many professional investors But Petrino said momentum investing is an unavoidable up” In the past MasterCard required fraud theft or unauthorized use of its cards to be reported within 24 hours of discovery If that didn’t happen customers could be held liable for up to $50 of the losses director of Chris Monteiro global communications for Mas- said the company capped credit card holders’ liability for unauthorized use at $50 in 1994 and extended the limit to debit card users in 1997 The latest move “is an illustration that we’re expanding cardholder protection in the traditional and the virtual world” Monteiro said MasterCard said that to qualify for exemption from the $50 liability a cardholder must not have reported two or more incidents of unauthorized use in the preceding year and must have an account “in good standing” terCard I tt The First Security IMMA Plus has performance written all over it! 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