Your Money

By Daniel Eisenberg

FOCUS ON SLIDING STOCKS

Talk about a dubious distinction. The Council of Institutional Investors just released its annual "focus list," which spotlights 20 stocks that seriously underperformed their peers for five years. But some sporting investors have taken to using the list, which ranges this year from Adobe to Tenneco, to go bottom fishing for stocks that are about to rise.

Underachievers Some of the Focus List's worst performers Bausch & Lomb K Mart The Limited Loews Corp. Reebok Silicon Graphics

VANGUARD'S BIG DISCOUNT

Why buy funds, stocks and bonds from different shops when you can manage them all under one roof? That's the pitch behind the new, downscale brokerage services of Vanguard, the nation's second largest fund family, best known until now for its index funds. To compete with discount brokers like Fidelity and Charles Schwab, Vanguard last week announced it will lower commissions on stock trades and expand its non-Vanguard offerings. Online trading will also debut by Christmas.

TAX BALANCING ACT

When it comes to the ebb and flow of federal spending, some Americans--and indeed whole states--are taking a bath. Residents of wealthy states in the Northeast and Midwest (such as Connecticut, New Jersey and Illinois) shell out far more in taxes than they receive in benefits, while poorer ones (such as New Mexico and North Dakota) get more than their share in return, according to a new report from the Taubman Center for State and Local Government.

Connecticut -$2,272 New Mexico +$3,464

--By Daniel Eisenberg