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Joining in the frenzy is the New York Mercantile Exchange, known for its benchmark oil contracts, which has said it will go public next year.There is an irony that so far all of the electronic exchanges have sought to have their own stocks trade on the NYSE.
Through March, the portfolio companies traded at 20.6 times trailing 12-month earnings, versus a multiple of 24.7 for its benchmark Russell Midcap index.
The same was true for the fund's international stocks which fell 20.1percentt compared with a 22percentt loss for its benchmark.
In recent months, the price for its benchmark, Brent crude, has soared well above other grades of oil that are refined in other parts of the country.
U.S. Discovery, for example, lost 41.2 percent in 2008, versus a loss of 37.3 percent for its benchmark, the Russell 2500 stock index, according to Bloomberg.
The Federal Reserve, which has chosen a range of zero to 0.25percentt for its benchmark rate, has already begun a different form of quantitative easing on an immense scale by buying a range of private financial assets.
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If a stock or a mutual fund falls short of its benchmark for the quarter, relax.
If the fund gets a 0.5% bonus for beating its benchmark by 2 points, it must also drop its fees by 0.5% if it lags by 2 points.
It used this factor as one reason for cutting its benchmark lending rate in a surprise move earlier this year.
Robert Solomon Brooklyn, Jan . 23 , 2008 To the Editor: I applaud the Fed for slashing its benchmark interest rate in the hopes of avoiding a recession.
With investor expectations already at rock-bottom levels for Spain, its benchmark 10-year bond yield held fairly steady on Friday, ending the day at 5.9 percent.
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