Courtesy of Pam Martens.
PowerShares QQQ Touts Its 15-Year Track Record in Commercial
We’ve been at the gym recently working off those pounds that come from spending too much time in a chair researching the serial crimes on Wall Street. The equipment at the gym is conveniently equipped with cable news and a commercial that is airing regularly on the business news channel, CNBC, caught our eye.
The commercial starts out like this:
“The power of 100 of the world’s top companies. The power of a proven 15-year track record.”
We were first inclined to giggle at a market index claiming a “15-year” track record. The Dow Jones Industrial Average, another stock market index, has been around since May 26, 1896 – a potentially more meaningful 120 years.
The web site for the PowerShares QQQ, the subject of the commercial, explains that it’s an Exchange Traded Fund (ETF) based on the Nasdaq-100 Index, noting that the “Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization.”
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