Word: stockings
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Dates: during 2000-2009
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After the firm imploded, friends of Fuld's worried not only about the spread of the financial disaster worldwide but also about his safety, as enraged employees, who had invested their life savings in now worthless company stock, cleared out. Though Wall Street, with government intervention, survived, Gasparino has plenty of finger-pointing to offer. He argues, for instance, that the SEC should be disbanded because of "the false sense of security it provides." Then again, after reading this book, you're not likely to be that susceptible anymore...
...facts tell the dismal story. In the 10 years ending Dec. 31, 2008, investors suffered a negative 3.15% real return in U.S. stocks, constituting the fourth worst 10-year period since 1871. Given the pummeling the stock market has taken this decade - even after this year's rally, the S&P 500 index remains 32% below its all-time high reached in October 2007 - many are now questioning whether stocks should be the cornerstone of investors' long-run portfolios...
...history shows that excellent returns are available to stockholders who survive such rough patches. In fact, following the 13 10-year periods of negative returns stocks have suffered since 1871, real returns over the next 10 years have never been negative and have averaged more than 10% per year. A 10% return far exceeds the stock market's long-term average real return of 6.6% and is more than three times the real return offered by U.S. Treasury bonds. Furthermore, stocks have always done better than bonds over every 30-year period since 1871. (See the 10 big recession surprises...
...Skeptics claim that statistics such as these are biased in favor of equities because they are derived solely from long-term U.S. data. But the excellent historical returns of stocks are not limited to the U.S. Three U.K. economists - Elroy Dimson, Paul Marsh and Mike Staunton - have examined the historical stock and bond returns from 16 countries since 1901 and published their research in a book entitled Triumph of the Optimists: 101 Years of Global Investment Returns. Despite wars, bouts of hyperinflation and depressions, stock investors in all 16 countries examined enjoyed high returns that outpaced fixed-income assets...
...Equities bears maintain that the recent stock rally has already outrun fundamentals and that stocks are no longer cheap. To be sure, based on projected operating earnings for all of 2009, S&P 500 companies are trading at an average price-earnings ratio of nearly 19, higher than the long-term historical average of 15. But basing stock values on 2009 data is inappropriate. This year saw the bottom of the worst recession since World War II. What is relevant for determining stock values are future earnings, not past earnings. Next year's operating earnings for S&P 500 companies...