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Show The Salt Lake Tribune BUSINESS Knowledge Is Best Defense In Changing Stock Market | Sunday, June 30, 2002 Fast Internet Access on the Rise RUNS Life Project. ORGANIZATION “This places nn adoption rates on par wit ies, such as the per in corporate America. But ee aremany things we can ‘The first isto become better educated sowecanraise the odds ofavoiding the next Enron or WorldCom. True, the world of lowerreturns of 7 to 8 percenta year are likely over the coming decade, given the big run-upin the 1990s. activities associated with it is Next, we need to stay di- cans, or 21 percentof all Web Individual stocks have be- cated. Enron Corp., come much for example,hidits nerships. Ultimately, how- more volatile, surveys Roughly 24 million Ameriusers, now have high-speed connections at home, an increase of more than a quarter since the start ofthe year, and quadruple the number of broadband users just two years ago, according to a sur- | vey conducted last month by Pew Internet and American rae HUMBERTO GRUZ companies. We mustspreadour pear bigger than they are. it initiative of the Peeoarti ieee bees ple and the Press. The domi- ondis to push expenses into the future, even if they are incurred now. Adelphia Communications Corp., the now bankruptcabletelevision giant, escape unscathed in an overall marketcollapse. But we won’t lose 90 percent or more of our moneyas manyonestock investors have. Ifyou preferactively man- did both.It “capitalized” — thatis, spread over several years —the moneyit paidto suppliers for digital set-up boxes. But it recorded asimmediate revenuean identical amount — $26 a box—it said it received from suppliers for “marketing support.” Bottom line: The company paid and received the same amountandyet was able to jack up reported earningsin the short run.If you knew mutual fund companythat sidestepped nearly all of the damage from the Enron and WorldCom debacles. “There are times we can file with the Securities and Karate Championship Sunday = Friday Citywide “ Friday SLC Marriott. 1,500 July 12 2,100 Friday 1,300 Sunday TUESDAY Citywide | 25,000 2s {| | eee Little America Source: Sait Lake Convention & Visitors Bureau ‘The Salt Lake Tribune Several smaller groups and travel-related tours also will visit Salt Lake this week. survey was plus or minus four percentage points. 3000 WHENEVER MINUTES $49.99 A MONTH aged mutual funds — those in which the managerdecides whatto buy orsell — it is imperative you know whatcriteria the fund manageruses to protect against accounting abuses. “Westudyfinancial statements with particular empha_sis on cash flow generation andthefootnotes,”said Bill Stromberg,directorofequity research at T. RowePrice, a whatto look for, you could havespotted itall in one of the periodic reports public companies are required to = Amateur Athletic Union ATTENDANCE THROUGH THURSDAY Pew said the margin oferror for its broadband user | dothis is through mutual funds, preferably low-cost funds that invest in broad market indexes. No, we won't | ae Byfar the easiest way to The first is to push reve- = Little People of America nant mode of high-speed ac- risk by investing in several companies in differentindustries. nue forward, recording it right away even ifit won't be received until later. The sec- Citywide Citywide andthecom. "| 9s ProQuest Powersports eene with price swings of30 and 40 percenta year not uncommon amongblue-chip . at’ ever,there are only two basic things companies can do to make earnings ap- recent show. _versii The collapse ofone-time market darlings such as En ron and WorldCom underscores the risk ofputting too much money ina single stock. accounting can be frightfully compli- mounting debt behind a maze of ‘related-party” transactions and offselimited part- growing, TODAY US Volleyball Association z = Franklin Covey adoption of other popular s individual investors, we tend to feel helpless in the face of the mounting accounting WHERE Do you talk too much? Good. — Jamie on more minutes sense a problem.Enron,for Exchange Commission and _example, was growing much are availableat the SEC’s more rapidly than its peers own,it is essential _—_explain the ’how’ to our ana- Website, www.sec.gov. Ifyou buystocks on your and industry,yet the companycouldn't satisfactorily you know how to read a company’s bal-_lysts. Based onthese conance sheet and understand how revenues and expenses cerns, welargely avoided the _stock in our portfolios,” arerecorded. Ifyou relyona Stromberg said. broker for stock recommen- Finally, we need to stay dations,it is essential the active andlet corporate broker knows how. And remember, you can America know we demand change. As investors,it is always avoid companies with our duty to study the proxy _ complicated financial state- statements and not automati- ments, as many money managers have begun to do. Besides staying informed, we need to stay real. cally vote for whatever management recommends,including whoshould serve on the board ofdirectors. Evenafter the market downtum of the past two years,some Andas citizens,it's our duty to let our elected repre- ket returns of 15 percent or more the next few years. Such unrealistic expecta tions sustain the “end justi- no room for compromise whenit comes to punishing theguilty andprotecting investors againstfraud. fies the means”culture that helped precipitate the currentcrisis of confidence. The long-term return for stocks is 10 to 11 percenta year, and manyrespected economists and money managers believe ——Humberto Cruz can be reached at AskHumberto @aol.com or c/o Tribune Media Services, 435 N. 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