Vanguard Closes Best-Performing Fund to New Investors in `Cooling Off’ Vanguard Group Inc., the largest U.S. manager of stock and bond mutual funds, closed its $742 million Capital Value Fund to new investors to prevent inflows from clients “chasing” past performance.

El-Erian Says Summers’s Recovery Hypothesis Flawed Amid Dearth of Spending Mohamed El-Erian, chief executive officer of Pacific Investment Management Co., said White House adviser Lawrence Summers is wrong to expect the economy to return to pre-crisis strength because consumer spending is unlikely to sustain growth.

Stanford University Seeks to Sell $1 Billion of Sequoia, Kleiner Stakes Stanford University, an early venture-capital investor, is offering stakes in funds run by Silicon Valley neighbors Sequoia Capital and Kleiner Perkins Caufield & Byers in an asset sale that may raise $1 billion, according to three people familiar with the matter.

Hedge Funds Buy Stocks as Long-Only Investors Miss Out, Credit Suisse Says Hedge funds have been buying equities on speculation third-quarter profits will spur further gains after global shares rallied 68 percent since March, according to Credit Suisse Group AG.

Cosmo Violated Court Orders, May Return to Jail, Judge in Fraud Case Says Nicholas Cosmo, the Long Island, New York, man accused of running a $413 million Ponzi scheme, violated court orders by using a computer and lying to an officer overseeing his release, a judge said.

Commodity Assets Advance 7% to $224 Billion in Quarter, Barclays Reports Commodity assets under management rose by $15 billion to $224 billion in the third quarter and will likely keep expanding, Barclays Capital said.

K2 Asset Management to Start Fourth Equities Hedge Fund as Rally Spreads K2 Asset Management Ltd., a listed Australian hedge-fund firm managing about $650 million in assets, is planning to start a global equities fund that seeks to profit as the worldwide stock market rally spreads to smaller companies.

BlackRock’s Doll Says Stocks May Not Rise More Than 8% as Debts Paid Down U.S. equity returns will be 8 percent or less as Americans concentrate on paying down debt, according to Bob Doll, vice chairman and chief investment officer of equities at BlackRock Inc.

Texas Billionaires Convert `Lucky’ Failure Into a Dallas Cultural District Dallas billionaires found a way to get an art museum, concert hall and opera house when voters rejected a $47 million bond issue for financing: They forked out their own money to build a cultural zone.