Word: bernsteins
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Dates: during 2000-2009
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...whose big anticholesterol drug Zocor will lose patent protection in 2006, with nothing to replace it. Some analysts wondered whether the company was ripe for a merger--an idea Merck executives have steadfastly rejected. "Without a deal, Merck cannot grow," says Richard Evans, a senior analyst with Sanford C. Bernstein & Co. "In fact it may get smaller...
...BERNSTEIN: Two things: There's a feeling that when taxes are raised, it's bad for the market. That's not necessarily true. Clinton raised taxes, and we had a bull market. People should invest on a pretax basis. The after-tax effect is icing on the cake...
...BERNSTEIN: Yes. We looked at 1943 to the present and tested different periods. The results were consistent. Under Democrats, the optimal asset allocation is two-thirds stocks, one-third bonds. Under Republicans, it is 64% bonds, 36% equities. Consumer stocks perform better under Republicans, and industrials tend to perform better under Democrats. The one that really shocked us: energy tends to perform better under Democrats...
...BERNSTEIN: Maybe it's that Democrats can actually do things to help the energy sector, whereas Republicans can't because it would seem self-serving...
...BERNSTEIN: A lot of engineering and construction firms fall in this category...