Newsgroup: it.sport.calcio
Titolo: [forbes_ecourier] Forbes.com Weekly Newsletter - Jan. 3, 2000

eGroups eCourier Presents: Forbes.com Weekly Newsletter
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THE OLDEST TRICK: BUY AND HOLD
By Marius Meland
After five years of double-digit gains in the S&P 
500, it would be tempting to conclude that making 
money has never been easier: Just put your money in 
the stock market and watch your portfolio grow into 
the sky.
It's not quite that simple, of course.
While it's true that the S&P 500, along with most of 
the other important market yardsticks, continues to 
see strong growth, it's also true that it's getting 
increasingly difficult to pick the right stocks.
Why? Because while most market averages are 
performing very well, individual stocks are seeing 
much weaker returns. The S&P 500 gained 19.5% last 
year while the Nasdaq Composite Index added 85.6%. 
Meanwhile, the median stock -- both on the New York 
Stock Exchange and the Nasdaq market – actually FELL
in the past year, according to Salomon Smith Barney. 
How is this possible? Simple: the heavyweights are 
doing so well that they are offsetting losses by the 
majority of stocks. And since most indexes are 
weighted by capitalization (or, in the case of the 
Dow, confined to 30 of the biggest stocks), the 
weakness of the mid-caps and small-caps won't show up 
in the index.
The divergence between the major indexes and their 
components points to a disturbing trend. Never before 
has the gap between the market's winners – a handful 
of tech stocks – and the market's losers been 
greater.
Ironically, the more diversified your portfolio was 
last year, the greater the probability that you lost 
money in the market. In contrast, investors who 
focused narrowly on technology – especially 
communications and the Internet – saw triple-digit 
returns.
This doesn't mean that the traditional investment 
approach of carefully analyzing stocks and 
diversifying your portfolio to spread risk has lost 
its appeal. It simply means that one year is too 
short a time frame to assess the performance of your 
portfolio.
The only proven investment style is to buy and hold 
for a long time. That doesn't change, not even when 
greed and gambling seem to dominate the market.
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Stock Exchange and the Nasdaq market - actually FELL
in the past year, according to Salomon Smith Barney.
How is this possible? Simple: the heavyweights are
doing so well that they are offsetting losses by the
majority of stocks. And since most indexes are
weighted by capitalization (or, in the case of the
Dow, confined to 30 of the biggest stocks), the
weakness of the mid-caps and small-caps won't show up
in the index.
The divergence between the major indexes and their
components points to a disturbing trend. Never before
has the gap between the market's winners - a handful
of tech stocks - and the market's losers been
greater.
Ironically, the more diversified your portfolio was
last year, the greater the probability that you lost
money in the market. In contrast, investors who
focused narrowly on technology - especially
communications and the Internet - saw triple-digit
