Word: stocking
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Dates: during 2000-2000
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...reasoning is simple: the company has too much money. It spent $7.6 billion last year in dividends and stock buybacks. At today's share price that's enough cash to self-fund a buyout over six years--a good indication the stock won't sink much lower and stay there. Robert Sanborn, manager of the Oakmark Fund, estimates that without raising prices or touching the dividend, Philip Morris could pay $10 million a day--$2.5 billion a year--without twitching. Oakmark has a large stake in Philip Morris (and a small stake of Kadlec dollars) and has doggedly held...
...shifting. Still, the great irony of their past successes is that they've never had to show that they can live with adverse judgments as a matter of course. It sounds wacky, but if Philip Morris lost more often, the market might not worry so much about its stock. If you're patient and can get past the moral issues, Philip Morris is a compelling stock--doubly so if you invest for income or, like my friend, plan to sock it away in a tax-deferred...
...They had gone to Ivy League colleges, and often, before that, to boarding schools in New England. They belonged to the same clubs, lived in the same suburbs and vacationed at the same resorts. They dressed, spoke and looked a certain way. They were of English or Scotch-Irish stock. Exemplified by Henry Stimson, who served as both Secretary of State and Secretary of War, they were publicity-averse men who were more powerful than famous. A sociologist who was very much a born-in member of this class, E. Digby Baltzell, bestowed two resonant names on its members: white...
...seeker wears a specially fitted suit--very specially fitted--allowing for tactile as well as audiovisual sensation. If that sounds farfetched, consider the fact that cyber-innovation is currently in the hands of social skills-challenged geeks who couldn't hope to get a date without flashing their Internet stock options...
...they're getting bigger. Not long ago, the largest GBMC declared itself to be a nation, established a virtual army and invaded Nova Scotia. Right now, it's fighting the Canadians, who are holding out for preferred stock in the new entity before they capitulate...