Investing: How to Be an Angel

With many stocks still pricey, investing in start-ups offers the most bang (and potential risk) for the buck

The stealth recovery that began almost two years ago has finally become evident with last quarter's surprisingly strong 2.4% GDP growth rate. It's also apparent in the panic prevailing in the gloom-loving bond pits on Wall Street, where traders have sent long-term interest rates soaring. With times getting better, you would think investing would be getting easier. But nothing looks cheap. Even after steep declines, many stocks remain expensive relative to earnings. Bonds are a death trap during periods of faster growth. Real estate never fell. Money-market yields barely cover a fund's expenses. So you have to look beyond the traditional...

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