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February 10, 2006
AMEX Membership Rewards
You almost never hear about the poor old American Stock Exchange -- the forgotten Arby's to the NYSE's McDonald's and Nasdaq's BK. So much for buying the name brands: On a simple price appreciation basis, the Amex Composite index has returned 22% in the past 52 weeks, vs. 10% on the NYSE Composite index and a little over 9% on the Nasdaq Composite. The S&P 500 and Dow Jones Industrial Average, meanwhile, huffed and puffed out respective 5% and 1% gains. What's in the AMEX index's horsey sauce?
Lots of oil, gold and tobacco, it turns out: The AMEX Composite Index top-20 member weightings include British American Tobacco and exotic names like Ultra Petroleum Corp, Petrofund Energy Trust and Eldorado Gold Corp (obscure-sounding, yes, but just the types of names you want in this energy-sensitive, commodities-centric market). For the record: I've got nothing but love for Arby's.
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