Word: stocking
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Dates: during 2000-2000
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Despite all the glowing economic indicators that point up--stock-market indexes, employment, corporate profits--the income gap continues to widen, and those most often found toward the bottom are women. Even women in jobs that pay solid middle-class wages find themselves in financial trouble and must seek bankruptcy protection when they are overwhelmed by debt following a breakup or a divorce...
...publicly owned companies. Ace Cash Express, Inc., of Irving, Texas, operates more than 900 stores in 28 states and the District of Columbia where it cashes checks, sells lottery tickets and provides money-transfer and bill-paying services. At a third of its stores, Ace offers payday loans. Its stock is traded on the NASDAQ...
...company's largest stockholder is Edward ("Rusty") Rose III of Dallas. Rose owns 11% of Ace's outstanding stock, according to documents filed with the U.S. Securities and Exchange Commission. Rose is the millionaire Dallas investor who helped George W. Bush turn a $600,000 investment in the Texas Rangers baseball team into $15 million--a 2,400% profit. Rose is one of the Bush Pioneers, the elite group of fund raisers who each promised to raise $100,000 for the Texas Governor's presidential race...
...upheaval follows famous troubles at another suffering hedge fund, Julian Robertson's Tiger Management, which has shut down, and at Berkshire Hathaway, where Warren Buffett's poor performance of late has put the stock into a historic tailspin. Buffett, of course, is no day trader. But totting up the problems of some of the world's most revered investors can be instructive--O.K., and a little...
...main point: markets are risky, and even pros lose their shirts. Soros' funds ran into trouble trying to trade their way out of a loss. Robertson bullheadedly stuck too long with a concentrated position in out-of-favor value stocks. Buffett, whose stock has been edging back, refused even small exposure to an important sector: technology...