Word: battipaglia
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...generated capital gains - which must be passed along to investors. We might therefore also see a round of year-end selling of mutual-fund shares by investors looking to offset gains and avoid paying taxes by locking in losses. "Tax-loss selling is a very powerful force," says Joe Battipaglia, market strategist for the private client group at Stifel Nicolaus. "The market is down 50% from a year ago - those are sizable losses...
...throw the economy into recession as surely as overbuilding of cars or offices. It all comes down to what the consumer will pay for. And in the Internet boom, "there was a false belief that businesses could continue to buy productivity-enhancing devices and invent consumption," says Joe Battipaglia, market strategist at Gruntal. A prominent bull even through the bear market, Battipaglia has learned how dramatically things can change. So should we all, so that in the next recession we can make different mistakes...
...Joseph Battipaglia, chairman of investment policy at Gruntal & Co., a major brokerage company, predicts an actual decline in the rate of the 30-year Treasury bond to around 5.75% by year's end and possibly to 5.5% sometime in 2000. Barton Biggs, chairman of Morgan Stanley Dean Witter Investment Management, is generally the most pessimistic of the board members, but on this subject he goes Battipaglia one better. His prediction: "A year from now [the 30-year Treasury rate] will be in the area...
...Battipaglia adds that "wage increases will be more than offset by productivity gains, despite the remarkably low U.S. unemployment rate--4.2% in May, matching a 29-year low--that might be expected to force pay and prices up faster. Employers will have less trouble than the jobless rate might suggest in finding the workers they need, he says, for three reasons. First, "you have had a tremendous amount of downsizing that freed up a lot of individuals who are now coming back" into the work force. Also, "second wage earners"--primarily wives and husbands--who may not have been counted...
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