ood day for: Lowering standards, as sales in Wal-Mart stores rose by 5 percent in April while the recession battered rival retailers. One reason for Wal-Mart's good fortune: Affluent shoppers who used to avoid the giant discounter are now coming in looking for bargains. More than a quarter of Wal-Mart's sales increase came from new shoppers, most of whom had household incomes of at least $50,000. Wal-Mart's wealthier customers spend 40 percent more per visit, on average, than the typical shopper. (BusinessWeek)
Bad day for: Sugarcoating bad news, as Bob Rodriquez of FPA Capital Fund told fellow mutual-fund managers that they did a terrible job in 2008, when the Standard & Poor's 500 Index dropped by 38 percent but most actively-managed stock funds did even worse. "In a word, we stunk," said Rodriguez, one of the industry's best-known managers, at the Morningstar Investment Conference last week. "We managers did not deliver the goods and we must explain why." (MarketWatch)
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Why I'm a pro-life liberal
- 31 TV shows to watch in 2014
- If a nuclear bomb exploded in downtown Washington, what should you do?
- He said he was leaving. She ignored him.
- Why we can't stop procrastinating, according to science
- How Ukraine can fend off the Russians, in 7 simple steps
- How to be more satisfied with your life, according to science
- What would a U.S.-Russia war look like?
- These stunning travel photos remind us that we're all just amateurs with iPhones
- Israel and Russia are getting along. Have the neocons noticed?
Subscribe to the Week