Recalling how most shares performed then, it is to be hoped Mr. Spence is wrong.

Some blue-chip companies whose shares have performed handsomely appear here.

On the other hand, common shares on average perform better than preferred shares or bonds over time.

The shares have performed well.

Next to the fee table is the "per share" table, which shows how one share in the fund performed over several years.

But for the entire year so far, BellSouth's shares have performed far better than the stocks of any of the other companies in the segment.

In recent years, though, Liberty's shares have not performed particularly well because the company was viewed as one that simply held minority stakes in other media properties.

Stockwise, what matters, he insists, is how the company's shares perform relative to those of its competitors.

Since then, however, Secure shares have not performed well.

Meanwhile, the shares have performed well.