The problem: There was no portfolio.

WSJ: How Mutual Funds and Managers Massage Their Numbers, Legally

If someone told me they wanted to buy the Vanguard Total Stock Market ETF as compared to the Vanguard Total Stock Market Total Mutual Fund--both happen to share the same portfolio--I would have no problem with that, provided they held it for the rest of their life.

FORBES: Intelligent Investing Briefing Book

One problem is that Alloy's businesses are too disparate, says Steven Martin, a portfolio manager at Slater Capital Management in New York City, which has a 5% stake in Alloy.

FORBES: Teen Machine

Kim Kyong Lim, chief executive of Korea Exchange Bank, the main lender to Hyundai, argues that this should be no problem, since the bank's sub-standard loans stood at less than 18% of its portfolio at the end of June.

ECONOMIST: South Korea dumps the past, at last