Word: brokering
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...promptly lost, but his infatuation with the stock market continued. A junior-year dropout from California State College, he amassed $10,000 in such small business ventures as building concrete aprons for driveways and operating a gas station, before going to work for Bache & Co. as an assistant broker at $217 a month in 1956. Ten years later, when he joined Shareholders Management Co. of Los Angeles, which operates Enterprise Fund, he was able to buy a 20% interest. Today Carr's personal worth is estimated at over $4,000,000 and he can devote more time...
...many cases, such "inside" information reflects a broker's rationalization, a story confected for customers to account for a swing in paper profits. Or it follows a line laid down by overnight experts-financial writers required to fill columns of type with solemn economic logic to explain short-term market moves that may reflect neither economics nor logic. Too often, day-to-day stock gyrations obscure a basic fact: markets are made and moved over the long haul, not by vague forces but by the conscious decisions of men. The important question is not what makes stocks move...
That knowledge is important, for along with the large institutions, some relatively small brokers often come close to controlling markets in the stocks of small but "glamorous" companies. It is no trick these days for a broker to have $20 million in buying power. If he is attracted to a company that has few shares outstanding, induces his customers to buy the stock, and puts only 5% ($1,000,000) of his buying power into it, the demand is likely to drive the stock up simply because its supply is so limited. Many brokers tend to favor lower-priced issues...
...months. Now most of them have calmed down, and new vogues may be beginning. But how is the individual investor to know what those vogues will be? Though there is no sure answer, most people find that it pays to shop around for a sympathetic and knowing broker. At the very least, he can be expected to know what other brokers are buying and selling...
Rest assured, said the London insurance broker, "any ordinary boy of this age would have great difficulty in getting insurance coverage for a car like this." As it was, the underwriters were only too honored to cover Prince Charles, 19, all proper and legal-like as the owner of his first car, a six-cylinder, 127-m.p.h. MGC-GT. The car cost $3,120-out of the Prince's own pocket-and boasts such embellishments as an electrically controlled aerial and a leather-covered steering wheel. It has a bull horn that has already caused mumbles in the Noise...