Word: broker
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...Vatican survived the long bear market better than most investors, largely because of its conservative, nonspeculative approach. "A withdrawal and conversion to cash positions have been evident," says a Rome broker. Today, however, the Vatican is interested in new ways to make its money grow in order to meet the rising costs of its responsibilities in an inflationary era. The church has 5,000,000 full-time employees, and cares for 1.3 million persons who are receiving charity in Roman Catholic institutions. "The church must be poor and should also be seen to be poor," said Pope Paul...
Whenever stockbrokers gather these days, talk usually turns to the dispiriting topic of unemployment. Among the season's favorite horror stories are those of the $100,000-a-year Smith, Barney man who is now pumping gas in San Francisco, the top Nevada broker who works as a short-order cook in Reno, and the uncounted troop of Wall Street casualties who drive taxis in New York City. But there is a resilient breed of ex-brokers who have rebounded from the stock market slump by starting lucrative new careers. Though their ventures vary widely, the once-busted brokers...
Merchant of Funk. San Francisco's ex-brokers seem to have fared best. Four alumni of Merrill Lynch switched early last year from stock trading to stock feeding, forming the Western States Cattle Co. Unlike the whole herd of amateurs who have lost their hides in the tricky cattle business, these men quickly began to round up profits. Daniel Murray, Western's 30-year-old president, was a commodity broker with a wealth of experience working with feed-lot operators and cattle buyers. At his insistence, the firm limited its dealings to California, which has been untouched...
Another resident agrees. Says Broker Edward A. Hurd Jr.: "If you come home full of problems-and I guess we all have this year with the stock market-it's like flying. When you get up there, everything seems sort of small, and the problems of the day disappear...
...Harvard student living in the Porcellian Club, trying to decide on a career, turns to dope with the aid of a roommate who is a big-time stock-market and sometimes drug broker...