Word: 70s
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Dates: during 1970-1979
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Although the actual Faculty budget increases yearly, less money is expended now in real dollar terms than in the early '70s, Kaufmann said...
...wrestling-the only things that were on sometimes in those days," says Clarke. "In 1949 that little flickering black and white image in your living room was like some invention of Merlin." Clarke, who came to TIME in 1965, was our Show Business writer in the early '70s, and returned to the job full time last January. These days he keeps up with new programming fare on one of five of Merlin's inventions in his Manhattan apartment and summer home on Long Island...
Result: investor psychology these days is dominated by an urge to avoid risk. One striking illustration is the current practice of pension fund managers. In the 1960s performance was their watchword. They sought aggressively to buy stocks that would rise faster than the market averages-but in the '70s many of those shares have fallen as rapidly as they once shot up. So today many fund managers try to spread their investments about equally among the stocks included in popular averages. In other words, their aim is the modest one of doing no worse than the averages...
...market's biggest single enemy in the '70s undoubtedly-though ironically-is inflation. Stocks used to be considered a hedge against inflation, on the rather naive assumption that if prices generally rose, so would prices of shares, but now inflation is almost universally considered bad for the market. One reason: many investors believe that a large part of the rise in corporate profits is an illusory result of inflation. So a dollar of company earnings is no longer worth as much on the price of that company's stock as it used to be. Even in late...
Failures and mergers have been reducing the number of brokerage houses throughout the '70s. In 1972 there were 490 Big Board member firms dealing with the public; at the end of June there were 371. Employment of registered representatives, those commission agents who handle customers' orders, has dropped by more than 13% in the past six years. The merger wave is still rolling: Morgan Stanley & Co. Inc., the Rolls Royce of the industry, has an agreement in principle to merge with the small San Francisco firm of Shuman, Agnew & Co. Inc. in order to get salesmen who know...