Word: bulled
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Dates: during 1980-1989
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Fishman is one of hundreds of thousands of investors, small and large, individual and institutional, who have scored handsomely in the great bull market that began on Aug. 12, 1982. For them, it has been a year of superlatives like "biggest" and "richest." Records have crumbled. Hundreds of billions have been made, at least on paper...
Last week, just before the bull market's first birthday, Citibank threatened to spoil the party. It raised its prime rate from 10½% to 11%. Other banks followed, and stock prices sank as they almost always do when higher interest rates loom. By week's end they had begun a modest rebound, but investors remained nervous. Even so, nothing could change the fact that it had been quite a ride-and, despite the inevitable "corrections," it might have a lot more mileage...
Many Wall Street watchers remain bullish. Says Treasury Secretary Donald Regan, former chairman of Merrill Lynch: "The market was due for a pause. But it isn't overdone." Indeed, in the view of Regan and almost everyone else, the bull market still has a lot of life in it. Says Arthur Zeikel, president of Merrill Lynch Asset Management: "We are in the fourth or fifth inning of a nine-inning ball game...
...wealth created by the upward push in the price of stocks dwarfed the figures from any bull market since records started being kept. In all, according to the authoritative Wilshire index, some 5,000 stocks had produced $660 billion in paper profits by last week, down somewhat from the $700 billion or so in June when stocks were at their highest. If the total seems breathtaking, it must be measured against the fact that a decade and more of inflation had so seriously eroded stock values that for many investors, the bull market's gains enabled them...
Probably the bull market's most enduring legacy will be a renewed confidence on the part of Americans that there is money to be made in stocks. The market came along at just the right time, when inflation was abating. To investors, that meant that real return on stocks-and all other financial investments, for that matter-was higher because it was not being consumed by inflation. Already the number of American shareholders is back at about 32 million, 7 million more than in the mid-1970s. That will make for all the more revelry at future bull-market...