Word: buttonwood
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Dates: during 1940-1949
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Stocks also came near hitting new lows in relation to yields and earnings. Ever since a few brokers swapped stocks beneath a Manhattan buttonwood tree, the rule-of-thumb way to value a stock was to multiply its profits by ten. Stable earners (like tobacco manufacturers, food companies, utilities, etc.) might be worth up to 20 times earnings. But today many stocks sell at four, three, or two times earnings. Examples...