Word: steins
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Dates: during 1970-1970
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...Stein has often voiced criticism of the major forces in the market. He condemns the amateurism and greed of brokerage-house partners who took out virtually all the profits when times were good and who now have difficulty surviving when times are glum. He maintains that the New York Stock Exchange has followed rather than led the pace of change and modernization. He holds that the Securities and Exchange Commission, partly because it is understaffed, waits too long to attack some obvious problems in the securities business...
Many of the problems that Stein and others deplore have been caused at least partially by the rise of the mutual funds and other institutional investors. The funds have grown from almost nothing before World War II to $39 billion in assets today. The mutual funds rank right after the pension funds as the biggest institutional shareholders. Though brokers derive some income from selling mutual fund shares, the funds nevertheless represent a threat not only to brokerage houses but also to savings banks and savings and loan associations. All are competing for the dollars that Americans have to invest...
...transfer of stock certificates between buyers and sellers and creating a furor. Convinced that the trading bonanza was permanent, many brokers began an orgy of expansion, opening up costly new branch offices that they are now busy closing. "There was a bit of collective insanity in those days," recalls Stein. "The market lost its reason and almost lost its future...
...Stein not only resisted the temptation to put The Dreyfus Fund into the performance game, but publicly warned that the game could lead the stock market into a spin. He also questioned the fashion for conglomerates long before the stock market marked them down. Despite such foresight. The Dreyfus Fund has not escaped the ravages of the bear market. Direct comparisons between mutual funds and stock market averages are hard to make because the funds include the value of reinvested dividends, while the averages do not. By these varying measures. The Dreyfus Fund declined last year but still did better...
...because they are among the biggest customers of both the stock exchanges and brokerage houses. One reason for the success of mutual funds is that brokers and bankers also sell fund shares. Dreyfus markets its shares entirely through brokers?and pays them a handsome 81% commission. That gives Howard Stein considerable clout when he says: "The big issue is whether the financial community in general, and the stock exchanges in particular, are going to remain clubs. We have to open them up, encourage new blood and turn them into institutions that respond to public needs...