Word: beare
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Dates: during 1980-1989
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Smith, a graduate of Cornell and the Wharton School, started dabbling in distressed securities in the late 1960s while a trader at Manhattan's Bear Stearns. He made clients and himself a tidy profit on bonds issued by the bankrupt Penn Central railroad. In 1985 Smith left Bear Stearns to create the first company devoted to dealing in distressed securities. As a privately held firm, R.D. Smith does not report earnings, but the staff at its cluttered Manhattan office has expanded from eight to 35 in two years...
...process, a whole new growth industry may have been born. Smith was followed into the business by Basil Vasiliou, a former Bear Stearns colleague, who launched a competing firm last year. In the meantime, several full-line investment houses, including Goldman Sachs and Salomon Brothers, have set up special distressed-security units...
...become a growth industry. The Great Depression of 1990, an offbeat work by the heretofore little-known economist Ravi Batra of Southern Methodist University, has perched on the New York Times best-seller list for twelve weeks and has sold more than 300,000 copies. Competing doomsday books bear such titles as Blood in the Streets (a how-to manual for crisis investing), The Panic of '89 (a fictional thriller about global financial follies) and The National Debt (an indictment of America's borrowing habits...
...blue jeans-clad vegetable seller in Budapest. "Everyone I know thinks there's going to be an explosion." The challenge for Hungary's rulers, as for Moscow's innovative Party Leader Mikhail Gorbachev, will be to contain such public discontent long enough for the economic reforms to bear fruit...
...have any money in the bank," explains his wife Nora, who is part Spanish, part Chiricahua Apache. Shecan butcher a bear and cook up a steak in the Franklin stove so tender it softens a person's attitude toward grizzlies. "We don't have any credit. No life insurance," she says with a smile, the earthy enduring smile that heroines in South American novels bequeath to their daughters...