HCPL Happenings: August 2009

Thursday, August 27, 2009

DVDs, Books on CD, & Music ordered August 26th

Below is a list of the DVDs, Books on CD, and Music recently ordered by the library. Click on the titles to see more and request a copy!

DVDs
All about fall
Blood work
Elf
Hercules
Jason and the Argonauts
The last house on the left (2009)
Nobody knows
Spirited away
Thirteen ghosts
Transformers: Revenge of the fallen
Wiggles: Go bananas!
Never surrender

Books on CD
Obsidian prey by Castle, Jayne
The winds of Dune by Herbert, Brian
Flyte by Sage, Angie
Physik by Sage, Angie
Queste by Sage, Angie

Music CDs
Woodstock
Woodstock two
Etta James: At last!
Maxwell: BLACKsummers'night
Keyshia Cole: A different me
Michele Chrisette: Epiphany
Ginuwine: A man's thoughts
Mary Mary: The sound
India.Arie: Testimony: Vol. 2

New books we ordered August 26th

Below is a list of the books recently ordered by the library. They are grouped by Adult and Children. Click on the title to see more and request a copy!

Books for Adults (Fiction and Nonfiction)
An Amish gathering : life in Lancaster County
One bite stand by Bangs, Nina
Master of ecstasy by Bangs, Nina
A taste of darkness by Bangs, Nina
Fear the worst by Barclay, Linwood
Silent man (LT) by Berenson, Alex
Land tamers (LT) by Bly, Stephen
Widow's season (LT) by Brodie, Laura
Looking for a miracle (LT) by Brunstetter, Wanda
Plain and fancy (LT) by Brunstetter, Wanda
Cousin's promise (LT) by Brunstetter, Wanda
Wanda E. Brunstetter's Amish friends cookbook : 200 hearty recipes from Amish Country. by Brunstetter, Wanda
Wanda E. Brunstetter's Amish friends cookbook 2 : 200 hearty recipes from Amish Country. by Brunstetter, Wanda
Hope chest (LT) by Brunstetter, Wanda
Gold of kings (LT) by Bunn, T. Davis
Surrender becomes her (LT) by Busbee, Shirlee
On the grind (LT) by Cannell, Stephen
Three weddings and a Bar Mitzvah by Carlson, Melody
Spring broke by Carlson, Melody
I heart Bloomberg : 86 Bloomberg Place by Carlson, Melody
Bayou betrayal by Caroll, Robin
Bayou corruption (LT) by Caroll, Robin
Await your reply : a novel by Chaon, Dan
Cursed (LT) by Clark, Carol Higgins
Shadows of Lancaster County (LT) by Clark, Mindy Starns
Under the Cajun moon (LT) by Clark, Mindy Starns
Cry in the night (LT) by Coble, Colleen
Three times blessed (LT) by Copeland, Lori
Someone to love (LT) by Copeland, Lori
Tall cotton (LT) by Copeland, Lori
Swan song by Crispin, Edmund
Holy disorders by Crispin, Edmund
Love lies bleeding by Crispin, Edmund
The case of the gilded fly by Crispin, Edmund
Buried for pleasure by Crispin, Edmund
Sudden vengeance by Crispin, Edmund
Once on a moonless night by Dai, Sijie
Santa in a Stetson (LT) by Dailey, Janet
Roadside crosses (LT) by Deaver, Jeffery
Bad things happen by Dolan, Harry
The house at the end of the road : the story of three generations of an interracial family in the American South by Eubanks, W. Ralph
Christmas list (LT) by Evans, Richard
Pursuit of honor (LT) by Flynn, Vince
Rapture by Frank, Jacquelyn
Orchard of hope : a novel by Gabhart, Ann
Believer (LT) by Gabhart, Ann
Alone in the crowd : an Inspector Espinosa mystery by García-Roza, L. A.
Hidden dreams (LT) by Garlock, Dorothy
Strange possession (LT) by Garlock, Dorothy
Bride in the bargain (LT) by Gist, Deeanne
A bride in the bargain by Gist, Deeanne
Why marriages succeed or fail : and how you can make yours last by Gottman, John
Once in a blue moon (LT) by Goudge, Eileen
Practicing what you preach by Griggs, Vanessa
Never the bride : a novel by Gutteridge, Rene
Fingerprints of God : the search for the science of spirituality by Hagerty, Barbara
Eye for an eye (LT) by Hannon, Irene
Recipe for murder (LT) by Harris, Lisa
Love starts with Elle (LT) by Hauck, Rachel
Sweet Caroline (LT) by Hauk, Rachel
Zero at the bone : the playboy, the prostitute, and the murder of Bobby Greenlease by Heidenry, John
Hunkpapa scout (LT) by Henry, Will
Muffins by Hensperger, Beth
Not your mother's slow cooker family favorites by Hensperger, Beth
Not your mother's slow cooker recipes for two by Hensperger, Beth
Not your mother's weeknight cooking : quick and easy wholesome homemade dinners by Hensperger, Beth
The best quick breads : 150 recipes for muffins, scones, shortcakes, gingerbreads, cornbreads, coffeecakes, and more by Hensperger, Beth
Bread for breakfast by Hensperger, Beth
The bread lover's bread machine cookbook : a master baker's 300 favorite recipes for perfect-every-time bread, from every kind of machine by Hensperger, Beth
Castaways (LT) by Hilderbrand, Elin
All that matters (LT) by Holm, Stef Ann
All that you are (LT) by Holm, Stef Ann
Bone box (LT) by Hostetler, Bob
Sweetwater gap (LT) by Hunter, Denise
Seaside letters (LT) by Hunter, Denise
Increment (LT) by Ignatius, David
The guinea pig diaries : my life as an experiment by Jacobs, A. J.
Knit two (LT) by Jacobs, Kate
Devil's badland (LT) by Johnstone, J. A.
Loner (LT) by Johnstone, J. A.
Cutthroat canyon (LT) by Johnstone, William
Time of their lives (LT) by Jones, Annie
Shades of blue (LT) by Kingsbury, Karen
Tempt me at twilight (LT) by Kleypas, Lisa
Luke's story (LT) by LaHaye, Tim
Accidental lawman (LT) by Landis, Jill
The sneaky chef : how to cheat on your man (in the kitchen) : hiding healthy foods in hearty meals any guy will love by Lapine, Missy
The sneaky chef : simple strategies for hiding healthy foods in kids' favorite meals by Lapine, Missy
Family album (LT) by Lively, Penelope
Summer of two wishes by London, Julia
Summer on Blossom Street (LT) by Macomber, Debbie
Bride on the loose (LT) by Macomber, Debbie
Sunset bay (LT) by Mallery, Susan
Bad to the bone : a nannies novel by Mayer, Melody
Labor Day by Maynard, Joyce
Kindness of strangers (LT) by Meier, Susan
White picket fences (LT) by Meissner, Susan
Logan (LT) by Miller, Linda
Dylan (LT) by Miller, Linda
Tyler (LT) by Miller, Linda
Creed country Christmas (LT) by Miller, Linda
Breach of trust (LT) by Mills, DiAnn
Miss match (LT) by Mills, Sara
Miss Fortune (LT) by Mills, Sara
Last secret (LT) by Morris, Mary
Falconer's trial by Morson, Ian
How do I love thee? by Moser, Nancy
Stranger in the night (LT) by Palmer, Catherine
A long, long time ago and essentially true by Pasulka, Brigid
Gun of Jesse Hand (LT) by Patten, Lewis
Leah's choice (LT) by Perry, Marta
On kindness by Phillips, Adam
The unlikely romance of Kate Bjorkman by Plummer, Louise
Loving a lost lord (LT) by Putney, Mary
The crying tree by Rakha, Naseem
In Hanuman's hands : a memoir by Rao, Cheeni
The martyrdom of man by Reade, Winwood
The best of everything by Roby, Kimberla
Be careful what you pray for by Roby, Kimberla
A deep dark secret by Roby, Kimberla Lawson
The bicycle runner : a memoir of love, loyalty, and the Italian resistance by Romagnoli, G. Franco
Independence! by Ross, Dana
The amateurs by Sakey, Marcus
Rough country (LT) by Sandford, John
Vampires are forever : an Argeneau novel by Sands, Lynsay
The Accidental Vampire : an Argeneau novel by Sands, Lynsay
A quick bite by Sands, Lynsay
Vampire, interrupted : an Argeneau novel by Sands, Lynsay
Tall, dark & hungry by Sands, Lynsay
Single white vampire by Sands, Lynsay
Imola by Satterlie, Richard
Faulkner and love : the women who shaped his art by Sensibar, Judith
Texas heat (LT) by Smith, Debra
Cult insanity : a memoir of polygamy, prophets, and blood atonement by Spencer, Irene
Acts of mercy (LT) by Stewart, Mariah
Cry mercy (LT) by Stewart, Mariah
Heartbreak Cafe (LT) by Stokes, Penelope
Highest duty by Sullenberger, Chesley
Murder at the Riverpark by Taillon, Dorothy
The man in the queue by Tey, Josephine
Brat Farrar by Tey, Josephine
The daughter of time by Tey, Josephine
Summer house (LT) by Thayer, Nancy
Rewriting Monday (LT) by Thomas, Jodi
Sometimes a light surprises by Turner, Jamie
Sometimes a ligth suprises (LT) by Turner, Jamie
Angel with two faces by Upson, Nicola
Nothing but trouble (LT) by Warren, Susan
Tempted by his kiss (LT) by Warren, Tracy
Becoming Faulkner : the art and life of William Faulkner by Weinstein, Philip
Madoff's other secret : love, money, Bernie, and me by Weinstein, Sheryl
Claim of her own (LT) by Whitson, Stephanie
Texas wildflower (LT) by Wiggs, Susan
Lakeshore Christmas (LT) by Wiggs, Susan
Veiled freedom by Windle, Jeanette
How sweet it is by Wisler, Alice
Inn at Eagle Point (LT) by Woods, Sherryl

Books for Children (Fiction and Nonfiction)
Praying through the 100 gateway cities of the 10 - 40 window
The Coliseum Con by Bargellini, Demetrio
Turn homeward, Hannalee by Beatty, Patricia
Giraffes by Bodden, Valerie
T is for twins : an ABC book by Bond, Mary
The Discovery of America by Crippa, Luca
Torches of joy : a stone age tribe's encounter with the gospel by Dekker, John
Elephants by Dineen, Jacqueline
Phoebe the spy by Griffin, Judith
Dog days by Kinney, Jeff
Pandas by Kueffner, Sue
Pet-sized dinos by Lunis, Natalie
Ocean monsters by Lunis, Natalie
Savage slashers by Lunis, Natalie
Sky terrors by Lunis, Natalie
The mystery at the Kentucky Derby by Marsh, Carole
The ghost of the Grand Canyon by Marsh, Carole
Eleven by Myracle, Lauren
Thirteen by Myracle, Lauren
Twelve by Myracle, Lauren
Henry Reed, Inc. by Robertson, Keith
Freaky Monday by Rodgers, Mary
Making friends by Rogers, Fred
Skippyjon Jones, lost in spice by Schachner, Judith
Living up the street : narrative recollections by Soto, Gary
Baseball in April and other stories by Soto, Gary
The Secret of the Sphinx by Stilton, Geronimo
Singing sensation by Stilton, Geronimo
Thea Stilton and the mountain of fire by Stilton, Thea
Armored and dangerous by Zimmerman, Howard

Friday, August 21, 2009

DVDs, Books on CD, & Music ordered August 19th

Below is a list of the DVDs, Books on CD, and Music recently ordered by the library. Click on the titles to see more and request a copy!

DVDs
The Edwardians
Assassination of a high school president
Singing sensation!
Bill Maher be more cynical
Centennial
Father Goose
Forever darling
The golden bowl
Hidden Hawaii
House of Saddam
Keys to Tulsa
The longest yard
Longford
Man in the attic
Manderlay
Murder in Greenwich
Night of the Iguana
Nothing like the holidays
Pete's dragon
So you think you can dance get fit: Cardio funk
So you think you can dance get fit: Tone and groove
Stormforce
Ulysses

Books on CD
Wrecked by Clark, Carol Higgins
The boys of summer by Kahn, Roger

Music CDs
Tobymac: Alive and transported
Brad Paisley: American Saturday night
Phillips, Craig & Dean: Fearless
Kenny Chesney: Greatest hits II
Whitney Houston: I look to you
Reba McEntire: Keep on loving you
Daughtry: Leave this town
Chris Young: The man I want to be
Mariah Carey: Memoirs of an imperfect angel
Johnny Diaz: More beautiful you
Jimmy Needham: Not without love
33 Miles: One life
Jeremy Camp: Speaking louder than before
George Strait: Twang
Billy Ray Cyrus: Back to Tennessee
Kanye West: The college dropout
Pink: Funhouse
Cledus T. Judd: Polyrically uncorrect

New books we ordered August 19th

Thursday, August 20, 2009

Fall preschool story hour programs

A new year of preschool story hour programs will begin Monday, October 5, 2009, and continue through May 20, 2010. Programs will be available for children ages 15 months to 5 years. Registration will begin Tuesday, September 1.

All programs will feature developmentally appropriate activities and each weekly program will have a theme. Don't miss this opportunity to help your children acquire interactive skills and further strengthen your parent-child bond.

The purpose of preschool story hours is to introduce language, literature and the library to participants in a positive and fun manner. The programs will consist of stories, songs, fingerplays, rhymes and crafts to help preschool children enlarge their experiences, experiment with language, and to acquire a story sense that will help in developing reading readiness skills.

Group size for all programs is limited so you will want to register early. You may register online or at the library during regular library hours.

Wednesday, August 19, 2009

Fall tai chi classes on Mondays and Saturdays

Ten weeks of tai chi classes will be offered by the Library on Mondays and Saturdays beginning in September. The one-hour classes will be taught by Diana Hobgood, a certified strength and conditioning specialist and certified massage specialist.

The class times are as follows:

10:00 a.m. on Saturdays: September 12 to November 21 (no class September 26)

2:00 p.m. on Mondays: September 28 to November 30

A $50 registration fee is due before classes begin. Class size is limited, so please register early by stopping by the Library at 101 South Main Street. (Checks or cash only, please)

Benefits of tai chi exercise, which is a slow, gentle exercise system based on Chinese martial arts, include:

improved posture
flexibility
balance
lower body strength
coordination
physical endurance
breath control
stress management

If you have questions, please call the Library at 826-3712.

Monday, August 17, 2009

Learn how to play bridge this fall

If you're like me and don't play bridge, then you are probably just as bewildered as I am when you read in the games section of the newspaper about the bridge hands that have been dealt to the compass points. Bids, passes, raises, trumps, tricks ... what could it possibly all mean?

Now is your chance to satisfy your curiosity and find out what this bridge playing is all about. Starting Monday, September 14, a bridge class will begin at the library, taught by Joseph Hendon. Mr. Hendon is a retired chemist and educator and an avid bridge player. He will conduct classes for beginners for 8 weeks.

When: Mondays and Wednesdays, 5:30 p.m. to 7:30 p.m., September 14 - November 4
Where: Library Multi-Purpose Room
Cost: $30 (due before the first meeting)
Deadline: Friday, September 11
Included in the cost of the class is a book, Bridge for Dummies, and various handouts.

For more information, please contact Library Director Donald Wathen at 826-3712.

Thursday, August 13, 2009

DVDs, Books on CD, & Music ordered August 12th

Below is a list of the DVDs, Books on CD, and Music recently ordered by the library. Click on the titles to see more and request a copy!

DVDs
The Crucible
Hunters moon
Learn to play Pink Floyd guitar techniques
Red dawn
Solomon and Sheba
The survivors
Young guns
Young guns II
She's all that
To the ends of the Earth
Easy virtue
Husbands

Books on CD
The castaways by Hilderbrand, Elin
Swimming by Keegan, Nicola
The art of making money by Kersten, Jason
Against medical advice by Patterson, James

Music CDs
Britt Nicole: The lost get found
Nickel Creek: Reasons why
Green Day: American idiot

New books we ordered August 12th

Below is a list of the books recently ordered by the library. They are grouped by Adult. Click on the title to see more and request a copy!

Books for Adults (Fiction and Nonfiction)
The South Beach diet quick & easy cookbook : 200 delicious recipes ready in 30 minutes or less by Agatston, Arthur
Within my heart by Alexander, Tamera
Itty-bitty toys by Anderson, Susan
Aunt Dimity down under by Atherton, Nancy
The battle for America, 2008 : the story of an extraordinary election by Balz, Daniel
100 essential things you didn't know you didn't know : math explains your world by Barrow, John
The wild marsh : four seasons at home in Montana by Bass, Rick
And the money kept rolling in (and out) : Wall Street, the IMF, and the bankrupting of Argentina by Blustein, Paul
The righteous men by Bourne, Sam
Lost to the West : the forgotten Byzantine Empire that rescued western civilization by Brownworth, Lars
Knitted gifts : irresistible projects to make & give by Budd, Ann
The China study : the most comprehensive study of nutrition ever conducted and the startling implications for diet, weight loss and long-term health by Campbell, T. Colin
Montana rose by Connealy, Mary
Singing was the easy part by Damone, Vic
Gin : the much-lamented death of Madam Geneva by Dillon, Patrick
After by Efaw, Amy
The wild zone by Fielding, Joy
Gifts of war : a novel by Ford, Mackenzie
Huge : a novel by Fuerst, James
Barefoot Contessa family style : easy ideas and recipes that make everyone feel like family by Garten, Ina
The loveliest dead by Garton, Ray
Emily's ghost : a novel by Giardina, Denise
Mr. Monk goes to Hawaii by Goldberg, Lee
Winter's awakening by Gray, Shelley Shepard
The man with the golden torc by Green, Simon
Daemons are forever by Green, Simon
The black cat by Grimes, Martha
The case of the missing servant : from the files of Vish Puri, India's "most private investigator" by Hall, Tarquin
Empire of illusion : the end of literacy and the triumph of spectacle by Hedges, Chris
Weird Kentucky : your travel guide to Kentucky's local legends and best kept secrets by Holland, Jeffrey Scott
The state of Jones : the small southern county that seceded from the Confederacy by Jenkins, Sally
The devil's queen : a novel of Catherine de Medici by Kalogridis, Jeanne
The art of making money : the story of a master counterfeiter by Kersten, Jason
In the President's Secret Service : behind the scenes with agents in the line of fire and the presidents they protect by Kessler, Ronald
The glorious soups and stews of Italy by Marchetti, Domenica
Weird Indiana : your travel guide to Indiana's local legends and best kept secrets by Marimen, Mark
Where the river ends by Martin, Charles
The second betrayal by McCray, Cheyenne
A gate at the stairs : a novel by Moore, Lorrie
Hero by Moore, Perry
The lord of death by Pattison, Eliot
On poets & poetry by Pritchard, William
One more skein : 30 quick projects to knit by Radford, Leigh
The Baker Street letters by Robertson, Michael
Miss Julia renews her vows by Ross, Ann
The lost chalice : the epic hunt for a priceless masterpiece by Silver, Vernon
Building a home with my husband : a journey through the renovation of love by Simon, Rachel
The unseen by Sokoloff, Alexandra
An edible history of humanity by Standage, Tom
The second death of Goodluck Tinubu : a Detective Kubu mystery by Stanley, Michael
The rare coin score : a Parker novel by Stark, Richard
The Earth hums in B flat by Strachan, Mari
Michelle Obama : first lady of fashion and style by Swimmer, Susan
Love and summer by Trevor, William
Josie Underwood's Civil War diary by Underwood, Josie
The color of light by White, Karen
Learning to breathe by White, Karen
The memory of water by White, Karen
Pieces of the heart by White, Karen
The inheritance of Rome : a history of Europe from 400 to 1000 by Wickham, Chris
The sound of sleigh bells by Woodsmall, Cindy
The sound of sleigh bells by Woodsmall, Cindy
The bonfire : the siege and burning of Atlanta by Wortman, Marc

Tuesday, August 11, 2009

Is your mutual fund taking too much risk?

Investing tip of the month from Morningstar Investment Research Center by David Kathman, Fund Analyst.

In 2008, many investors felt like they had nowhere to hide. Investment types that many investors thought might offer shelter during inclement weather for the stock market--such as bond funds and commodities--posted painful losses. Such blowups highlight the facts that investing comes with risks and that some investments are riskier than others. Identifying those risks, in addition to figuring out how much you're willing to tolerate, is one of the most important aspects of long-term investing.

Unfortunately, there's no single definition of risk that works for everybody, but there are some key measures that will usually give you a good approximation. They're not perfect--there are often hidden risks lurking--but they're certainly better than guesswork.

Backward-Looking Risk Measures
The world of finance is replete with measures that try to gauge how risky an investment has been in the past. In this context, risk is often equated with volatility, and the most common way to measure the volatility of a mutual fund (or any portfolio) is standard deviation. As Morningstar calculates it, this measures how widely the fund's monthly returns have varied over some period of time, usually three, five, or 10 years. If monthly returns have been very consistent, the standard deviation will be low, while if they have been all over the map, the standard deviation will be high.

One problem with standard deviation is that it doesn't have a lot of meaning without some context. Some types of funds are inherently more volatile than others, so any given fund's standard deviation can only be reasonably compared with those of its peers. Sector funds are more volatile than diversified stock funds, which in turn are more volatile than bond funds, and within each of these broad groups there's a lot of variation. As of June 30, the highest five-year standard deviation in the short government bond category belonged to Oppenheimer Limited-Term Government (OPGVX) at 3.54. In contrast, the specialty precious-metals fund with the lowest standard deviation was First Eagle Gold (SGGDX) at 30.47--nearly 10 times as much.

Another potential problem with standard deviation is that it treats big gains and big losses (in industry parlance, upside and downside volatility) the same. But most investors are a lot more concerned with downside volatility--the possibility that a fund will lose money or greatly underperform its peers. One measure that takes this difference into account is the Morningstar Risk score, which is part of the Morningstar Risk-Adjusted Return that helps determine a fund's Morningstar Rating. The details are rather complicated, but basically this measure uses a "utility function" that penalizes downside variation more than it rewards upside variation. Each fund's Morningstar Ratings & Risk page on Morningstar Investment Research Center shows its Morningstar Risk relative to its category, ranging from "high" (the riskiest 10%) down to "low" (the least risky 10%). For example, the page for First Eagle Gold shows that its Morningstar Risk is among the lowest in its category, even though (as we saw above) its standard deviation is high in absolute terms. The fund has shown a lot of variation in its returns but has done a better job than its peers of avoiding big losses.

Portfolio Risks
Both standard deviation and Morningstar Risk are backward-looking risk measures--that is, they're based on how a fund has performed in the past. That can certainly be useful, but most investors (and potential investors) are more interested in what a fund is likely to do going forward. Obviously we can't know for sure how a fund will perform in the future, but it's still possible to look at its strategy and current portfolio and get some idea of what kinds of potential risks a fund is likely to face.

One factor to keep an eye on is concentration. Funds that concentrate their assets in relatively few holdings--say, fewer than 30 for stock funds--can suffer in the short term if just one or two of those holdings run into problems. Such concentration risk is separate from standard deviation and Morningstar Risk, and it's often present in funds that we like quite a bit. For example, the Jensen Fund (JENSX) has compiled a very good long-term record with a concentrated portfolio of about 25 stocks. Its standard deviation and Morningstar Risk are very low because of the managers' long-term focus, but its concentrated nature has made performance quite streaky, so that it has typically ranked near either the top or the bottom of the large-growth category.

A related type of risk arises from sector concentration, especially when these are volatile sectors such as technology. The most obvious example of this is sector funds, which focus on a single sector, but there are also quite a few funds that are nominally diversified but still pile into one or two sectors that can wreak havoc with returns. An extreme example of this is White Oak Select Growth (WOGSX), a large-growth fund that has about half of its portfolio in technology stocks. That huge tech stake led the fund to an eye-popping return streak in the late 1990s, but this was followed by ugly double-digit losses in 2001 and 2002. It rebounded in 2003, only to lose big again after that. Predictably, it's on top again so far in 2009, thanks to tech stocks' great showing so far this year.

Yet another type of risk to watch out for in stock funds is country or geographical concentration, especially concentration in relatively risky areas such as emerging markets. Emerging-markets stocks have been red-hot for the better part of this decade, and funds with a lot of emerging-markets exposure have done very well. Janus Contrarian (JSVAX), for example, has compiled one of the large-blend category's best records over the past five years, and one of the reasons has been its outsized weighting in foreign stocks, including, at times, significant exposure to India and other emerging markets. That exposure has also made this one of the category's most volatile options and hurt the fund badly in 2009, when emerging markets tumbled. It's still a pretty good fund overall, but it could take a hit if and when overseas stocks end their run of outperformance.

These examples have all involved equity funds, but bond funds feature similar portfolio-based risks. Until the subprime-mortgage crisis hit, high-yield bonds and emerging-markets bonds were on a great multiyear run, much like emerging-markets stocks, and bond funds with a lot of high-yield exposure relative to their peers generally did very well. Within the intermediate-term bond category, for example, the best-performing funds from 2003 through 2006 were mostly those with lots of exposure to such risky bonds, such as Federated Bond (ISHIX). While those great returns may have looked attractive and even benign at first glance, there was plenty of risk lurking in those portfolios, as the subprime mess illustrated all too clearly.

Operational Risks
Another group of risks worth touching on for mutual fund investors are operational risks, which have to do with how a fund is run. For example, the risk that a manager might leave a fund is certainly something to consider, and that risk is much higher in some cases than in others. Fidelity sector funds are well-known for high manager turnover (though they've gotten better recently), while shops such as Dodge & Cox and Longleaf have managers who have been in place for decades. The risk of new or higher fees is also worth considering, and here, too, some fund shops are much better than others--Vanguard is well-known for keeping expenses low, while Gabelli, to give one example, is not.

What You Can Do
There are a number of ways that you can check the funds in your portfolio (or those you're thinking of buying) for these various types of risk. Look up any fund on Morningstar.com and go to the tabs at the top of the page. As we saw earlier, under the Morningstar Ratings & Risk tab you'll find the fund's Morningstar Risk over the trailing three, five, and 10 years, and the Risk Measures tab will show you its standard deviation, along with some other measures that we haven't discussed here, such as the Sharpe ratio.

For the forward-looking risks, click on the Portfolio tab and scroll down to the sector weightings, where you can see whether the fund is over- or underweight in various sectors relative to its category peers. It's always a good idea to look at the Analyst Reports on Morningstar Investment Research Center (under the Analyst Research tab), which will generally discuss any significant risks to look out for. Our Stewardship Grades can also give you an idea of a fund's operational risks, especially in the corporate-culture section.

In all this, it's important to remember that no fund's risk should be looked at in isolation. A fund that might look very risky all by itself could be a good fit in certain portfolios. For example, a fund with lots of technology holdings could complement a portfolio with heavy value leanings, and an emerging-markets fund could help diversify a portfolio consisting entirely of domestic stocks. The Portfolio X-Ray tool on Morningstar Investment Research Center can break down a portfolio by sectors and asset classes. You might find that you're taking on risks that you didn't realize, such as a big weighting in technology stocks, or you might find that there's room in your portfolio for more risk. When all is said and done, it's important to remember that even the best fund managers can have streaky short-term performance, so it's best not to get too hung up on consistency.

Morningstar Investment Research Center is great tool for new and veteran investors. It's chock full of unbiased analyst reports, tools for evaluating your portfolio, and lessons on how to invest. The best part is that it's free to all valid library cardholders! Begin now or learn more.

Monday, August 10, 2009

Military Aviator Practice Exams

Before you can live your dream of becoming a pilot or navigator in the United States armed forces, you must first earn a high score on one of the three military flight aptitude tests.

Future military pilots can now practice for important aptitude exams online at their convenience. This is a welcome addition to the hundreds of practice tests available for free to library patrons through the LearningExpress Library website.

The LearningExpress Military Flight Aptitude Practice Exams offer pilot and navigator candidates the essential, authentic practice they need to perform their best on the Air Force Officer Qualifying Test (AFOQT), the Army Alternate Flight Aptitude Selection Test (AFAST), or the Navy’s Aviation Selection Test Battery (ASTB), also used by the Marines and Coast Guard.

We offer online practice tests based on the content, format, and timing of the official AFOQT, AFAST, and ASTB:

The AFOQT Practice Exam offers 250 multiple-choice questions designed to familiarize examinees with the content, format, and timing found on each of the eleven scored subtests of the official AFOQT.

The AFAST Practice Exam offers 100 multiple-choice questions designed to familiarize examines with the content, format, and timing found on each of the five scored subtests of the official AFAST.

The ASTB Practice Exam offers 142 multiple-choice questions designed to familiarize examinees with the content, format, and timing found on each of the five scored subtests of the official ASTB.

Each Practice Exam also offers:

Authentic practice with a computerized testing environment
Instant online scoring and detailed answer explanations

According to the Bureau of Labor Statistics, opportunities for employment should be excellent for qualified individuals in all branches of the Armed Forces through 2016.

So if you're thinking of a career as a military pilot, be sure to prepare for your tests at LearningExpress Library. Grab your library card and get started now.

Thursday, August 06, 2009

DVDs, Books on CD, & Music ordered August 5th

Below is a list of the DVDs, Books on CD, and Music recently ordered by the library. Click on the titles to see more and request a copy!

DVDs
Abraham Lincoln
Alexander Graham Bell
The adventures of young Indiana Jones
Aida
Beethoven
Benjamin Franklin
Blood Brothers
Bobby Z
Christopher Columbus
Florence Nightingale
Harriet Tubman
The haunting in Connecticut (2009)
La Boheme
The magic flute
Marie Curie
Only the strong
The proposal
Romeo must die
Seven swords
Turandot
Farming for kids
Dairy farming for kids
Citrus farming for kids
Wild child
Wyatt Earp

Books on CD
Bad moon rising by Kenyon, Sherrilyn
Devil may cry by Kenyon, Sherrilyn

Music CDs
Jordi Savall: The Celtic viol

New books we ordered August 5th

Below is a list of the books recently ordered by the library. They are grouped by Adult and Children. Click on the title to see more and request a copy!

Books for Adults (Fiction and Nonfiction)
1969 : Woodstock, the moon, and Manson : the turbulent end of the '60s
A girl made of dust by Abi-Ezzi, Nathalie
Crash into me by Borris, Albert
The last illusion by Bowen, Rhys
One scream away by Brady, Kate
Backdoor mist : a journey to myself by Brannam, Rick
Split in two : keeping it together when your parents live apart by Buscemi, Karen
Reflections on the revolution in Europe : immigration, Islam, and the West by Caldwell, Christopher
Oxford revisited by Cartwright, Justin
Heroic measures : a novel by Ciment, Jill
The bell messenger : book one by Cornuke, Robert
When Bobbie sang the blues : a cozy mystery by Darty, Peggy
The first family : terror, extortion, revenge, murder, and the birth of the American Mafia by Dash, Mike
Never cry werewolf by Davis, Heather
Cynics by Desmond, William
The cure by Dickson, Athol
Running on the cracks by Donaldson, Julia
The long wait for tomorrow by Dorfman, Joaquin
The care and taming of a rogue by Enoch, Suzanne
Things left unspoken : a novel by Everson, Eva Marie
We two : Victoria and Albert : rulers, partners, rivals by Gill, Gillian
The spy who haunted me by Green, Simon
War games by Guest, Jacqueline
Tempo change by Hall, Barbara
Everything beautiful by Howell, Simmone
The Enchantment Emporium by Huff, Tanya
A godly hero : the life of William Jennings Bryan by Kazin, Michael
Silent truth by Kenyon, Sherrilyn
Goat song : a seasonal life, a short history of herding, and the art of making cheese by Kessler, Brad
Jumping off swings by Knowles, Johanna
Stainless steel hearts by Kraus, Harry
Triple cross : how Bin Laden's master spy penetrated the CIA, the Green Berets, and the FBI by Lance, Peter
House secrets by Lawson, Michael
Dawn by Lebbon, Tim
Dusk by Lebbon, Tim
Fallen by Lebbon, Tim
The island : a novel of Noreela by Lebbon, Tim
The sweet life in Paris : delicious adventures in the world's most glorious - and perplexing - city by Lebovitz, David
Last snow by Lustbader, Eric
How it's done by MacLean, Christine Kole
Eat my globe : one year to go everywhere and eat everything by Majumdar, Simon
Fall by McAdam, Colin
The Double Comfort Safari Club by McCall Smith, Alexander
Breathless by McDaniel, Lurlene
Dancing to the precipice : the life of Lucie de la Tour du Pin, eyewitness to an era by Moorehead, Caroline
Destroy all cars by Nelson, Blake
Days of Little Texas by Nelson, R. A.
Surf mules by Neri, Greg
Short girls : a novel by Nguyen, Bich Minh
Sprout, or, My salad days, when I was green in judgment by Peck, Dale
Comfort food : Rachael Ray's top 30 30-minutes meals by Ray, Rachael
Guy food / Rachael Ray's Top 30 30-minute Meals by Ray, Rachael
Methland : the death and life of an American small town by Reding, Nick
From Somalia, with love by Robert, Na'íma bint
Pulse by Robinson, Jeremy
Warbreaker by Sanderson, Brandon
Thyroid power : ten steps to total health by Shames, Richard
I can't keep my own secrets : six-word memoirs by teens famous & obscure : from Smith magazine by Smith, Larry
Treason's shore by Smith, Sherwood
Cold : adventures in the world's frozen places by Streever, Bill
The illustrious dead : the terrifying story of how typhus killed Napoleon's greatest army by Talty, Stephan
By heresies distressed by Weber, David
Tide, feather, snow : a life in Alaska by Weiss, Miranda
America's most wanted recipes : delicious recipes from your family's favorite restaurants by Wilbur, Todd
Eat this, not that! : the best (& worst) foods in America by Zinczenko, David

Books for Children (Fiction and Nonfiction)
The Buffalo soldiers and the American West by Glaser, Jason
Jackie Robinson : baseball's great pioneer by Glaser, Jason
Ben 10 returns by Hurchalla, Elizabeth
Lady Margaret's ghost : a Felicity mystery by Jones, Elizabeth
If you lived at the time of the Civil War by Moore, Kay
Fish by Parker, Steve
Briar's book by Pierce, Tamora
The tangled web : a Julie mystery by Reiss, Kathryn
The adventures of Marco Polo by Smalley, Roger
Dolley Madison saves history by Smalley, Roger
The cry of the loon : a Samantha mystery by Steiner, Barbara
Ben 10, alien force : the complete guide by West, Tracey
Intruders / Intruders by West, Tracey

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