Word: benzak
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Vince Farrell, chief investment officer at Spears Benzak Salomon & Farrell, worries that fund managers have a lot more tax selling to do, looking to realize losses to offset gains they took early this year. "You don't give the client a negative return and a tax bill in the same year if you can help it," he says. The stocks most likely to come under further pressure are the big liquid names, the Ciscos and Microsofts. Tax selling by individuals may barely have started. They tend to hold losers into November hoping for a rebound, and then sell...
...sharp further rise in interest rates would be "a dagger in the heart" of the U.S. stock market, says Vincent Farrell, chief investment officer of Spears, Benzak, Salomon & Farrell, an investment firm. But he believes the dagger is well sheathed: "Interest rates have probably about run their course." Abby Joseph Cohen, who chairs the investment policy committee at Goldman Sachs, is more emphatic. Says she: "I think yields on long-term bonds cannot move much higher and stay there on a sustained basis...
Ovitz has also been spotted at repasts with the rich. In Los Angeles he lunched at Italian trattoria Locanda Veneta with investment adviser Richard Salomon of Spears, Benzak, Salomon & Farrell, and turned up at dinner at the very chic Nobu in New York City with real estate developer Jerry Speyer and dealmaker Leon Black of Apollo Advisors. As he casts about for a new career, he will serve as a patron of the arts in Manhattan, chairing a Municipal Art Society awards dinner in March and a gala for PEN, a writers' group, in April...
Such attempts at fine-tuning worry many economists, who fear the Fed may ignore weakening conditions and spoil the four-year-old recovery. "We are right now at the inflection point in the economy," says William Spears, managing director of Spears, Benzak, Salomon & Farrell, a New York City investment firm. "Most of the growth in this business cycle is behind us. Fed policy will have an important bearing on how the economy pans out the rest of the year." Concurs Robert Brusca, chief economist for Nikko Securities: "It looks, smells and tastes like a slowdown. Common sense should reinforce this...
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