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The New Economy referred to the on-going development evolved from the notions of the classical economy as a result not only from the transition from a.
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In comparison, computers and the Internet fall short. The rapid decline in the cost of computer power means that the marginal utility of computer characteristics like speed and memory has fallen rapidly as well, implying that the greatest contributions of computers lie in the past, not in the future. The Internet fails the hurdle test as a Great Invention on several counts. First, the invention of the Internet has not boosted the growth in the demand for computers; all of that growth can be interpreted simply as the same unit-elastic response to the decline in computer prices as was prevalent prior to Second, the Internet provides information and entertainment more cheaply and conveniently than before, but much of its use involves substitution of existing activities from one medium to another.
Third, much internet investment involves defense of market share by existing companies like Borders Books faced with the rise of Amazon; social returns are less than private returns. Fourth, much Internet activity duplicates existing activity like mail order catalogues, but the latter have not faded away; the usage of paper is rising, not falling. Finally, much Internet activity, like daytime e-trading, involves an increase in the fraction of work time involving consumption on thejob. Published: Gordon, Robert J.
Since the tech boom of the 90s, we've seen the growth of many new and exciting subsectors in tech. These include the sharing economy , the streaming economy, the gig economy, cloud computing, big data and artificial intelligence. The companies involved in tech, particularly Google, Facebook and Apple, have overtaken most companies in the world in terms of market cap. More and more of the traditional manufacturing economy is being automated using innovations coming out of the tech sector.
Of course, we still buy and sell products, but the service economy - again enabled by technology - is becoming an ever growing part of the global economy. So we are definitely living in an economy that is qualitatively different from the one in the s. Less people are employed in direct manufacturing , we are more anxious of being replaced by a machine than outsourced and data has become a currency of its own. Now that the new economy is here, we're not as confident that it was the one we wanted after all. Stock Markets. Financial Technology.
Tech Stocks. Lifestyle Advice. Over a period of time, the shape and location of a fund's ownership zone may vary. Results for certain funds with an inception date after the share class inception also include hypothetical returns because those funds' shares sold after the funds' date of first offering. Accordingly, the fund's SEC yield and distribution rate may differ. Terms and Definitions.
Active Share: Click on the Read important investment disclosures link above for more information about Active Share.
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Beta: Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market represented by the benchmark index is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market.
Generally the higher the R-squared measure, the more reliable the beta measurement will be. Capture Ratio Downside: Specifies how well benchmark results have matched during declining market periods. A downside capture ratio less than indicates the strategy lost less than the index in negative monthly return periods. Capture Ratio Upside: Specifies how well benchmark results have matched during rising market periods. An upside capture ratio above indicates the strategy gained more than a market index in positive monthly return periods. Distribution rate month: The income per share paid by the fund over the past 12 months to an investor from dividends including any special dividends.
The distribution rate is expressed as a percentage of the current price. Historical Long-Term Capital Gains: When a capital gain distribution is paid, the net asset value per share is reduced by the amount of the payment plus or minus any change in the value of the fund's holdings. Read our explanation of the effect of a capital gain on a fund's price for details.
Two types of capital gains are realized by our funds — short-term and long-term. Net short-term capital gains are distributed to shareholders as income dividends and are taxed at ordinary income tax rates. The information above classifies gain from the sale or exchange of a capital asset held for more than one year as a long-term capital gain.
Historical Regular Dividend: Funds pay their shareholders dividends usually from income or dividends earned by the fund during the year.
Regular dividends are typically paid monthly, quarterly or annually. The share prices of all of our equity funds and funds of funds decrease when a dividend is paid. Historical Short-Term Capital Gains: When a capital gain distribution is paid, the net asset value per share is reduced by the amount of the payment plus or minus any change in the value of the fund's holdings.
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Historical Special Dividend: A fund pays a special dividend when the income earned by the fund exceeds the income the fund has paid in the form of regular dividends throughout the year. Special dividends are distributed with the last dividend payment at the end of the calendar year. The share prices of all of our equity funds and funds of funds decrease when a special dividend is paid. Morningstar rating: In an effort to classify funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings portfolio and other statistics over the past three years.
R-Squared: R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of indicates that all of the return can be explained by movements in the benchmark. Share Class: Each share class available for a fund has different fees and expense structures, but all of the classes for a particular fund invest in the same pool of securities. Standard Deviation: Annualized standard deviation based on monthly returns is a common measure of absolute volatility that tells how returns over time have varied from the mean.
A lower number signifies lower volatility. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. Valuation: Price-to-book ratio compares a stock's market value to the value of total assets less total liabilities book value.
Adjusted for stock splits. This chart tracks a Class A share investment over the last 20 years, or, since inception date if the fund has been in existence under 20 years. Dividends Taken in Cash Dividend Reinvested. Annual Returns. For Class A Shares, this chart tracks the total returns since the fund's inception date Thursday, December 01, through December 31, Fund returns and, if available, index returns are for calendar years except for the inception year , which may not be a full calendar year. In cases where the index was launched after the fund inception, the index returns are shown in calender years.
New Economy Law Center | Vermont Law School
Standard Deviation as of. Annualized return as of. Downloaded data for advisor use only. How is my email used? Equities Bonds 0. Fund Inception. Regular Dividends Paid. Minimum Initial Investment. Capital Gains Paid. Portfolio Turnover Fiscal Year-End. Prospectus Date. Fund Number. Distribution Rates. Cash Flow. Morningstar Rating TM funds rated. Standard Deviation. Sharpe Ratio. Active Share. Information technology Health care Communication services Financials Consumer discretionary 9.
Industrials 7. Materials 1. Utilities 1. Consumer staples 1. Real estate 0. Energy 0. Income Dividend Regular. Reinvest NAV. Lipper Growth Funds Average.