Word: investors
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Dates: during 1990-1999
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Moved PermanentlyMoved PermanentlyFortune Investor DataHere?s the daisy chain: Fed hikes rates. Markets, relieved, take off. Consumers, watching their portfolios swell, continue to spend like drunken sailors. Fed gets nervous, and Greenspan -? if he deems that an economic overheat is imminent -? goes into rate-hike mode all over again, confronting the markets with their worst fear and sending Street walkers back to cowering under their desks. Bye-bye rally. Of course, if investors and traders see all this coming and sell on the news, they may have to make room under that desk for Uncle Alan -? a harmless rate hike...
...young political hotshot Vice President Bush had picked to be campaign manager for his coming presidential bid. On April 27, 1985, Big George had called his family to Camp David to meet the staff that would run his campaign. George W. and his brother Jeb--a Florida real estate investor who was generally regarded as the political comer among the Bush kids--had doubts about Atwater's loyalty because his consulting firm was doing work for Bush rival Jack Kemp. George W. asked him, "How can we trust you?" Atwater came back with a challenge: "Why don't you come...
Kevin Landis, who manages the Firsthand Technology Fund, ventures that this may prove to be a good time to start buying Net stocks if you've been out of the game--and are a long-term investor. So, you're jumping in with both feet, right, Kevin? After he stops laughing, Landis says, "We've just got away from the scary point at which people say, 'I don't know how to value it, but I have to own it anyway.' [But] we're nowhere near levels where you can start making a value argument...
This is the nature of capitalism. A new idea comes along. Investors throw money at it. Eventually, an economic model emerges. At that point, the winners win big, and everyone else goes broke. The Street's role is to make sure that enough money gets thrown at the idea so that the profitable model takes shape quickly. This weeding-out process is time-tested, from the advent of trains, planes and automobiles early in the century to the more recent arrival of electronics, computers and biotechnology. Consumers almost always benefit; the average investor almost always is better off waiting...
Moved PermanentlyMoved PermanentlyFortune Investor DataSo why were the markets ?- led by NASDAQ, which as an index of debt-heavy tech start-ups is especially sensitive to interest rates ?- on the uptick moments after that fateful "preempt" had passed Greenspan?s lips? Because he?s going to do it only once. "A quarter-point hike, which is really nominal, has already been factored in anyway," says Baumohl. "All this talk about preemption means there won?t be a series of hikes. Greenspan is still ahead of the curve." The idea of a preventative tweak ?- and this chairman?s impeccable record says...