Word: buying
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Dates: during 1960-1969
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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...
...Says an officer of one Boston-based mutual fund: "A stock often starts to move when an analyst builds up a good story about it. If you are being told a good story and you think you are near the top of the list of those being told, you buy because you know that the story will be told to others, and the stock will...
...stock so often go down? In their jargon, brokers and analysts say that they have already "discounted" the news-meaning that they anticipated it and "sold on the news." An investor might also think that market averages will fall when other small investors sell more stock than they buy. In fact, markets often go up because professionals figure that small "odd-lotters" overreact and are generally wrong...
What if the client insists on selecting something in atrocious taste? Some decorators refuse to buy the offending object, though few go as far as Lady Bird Johnson's favorite designer, Washington's Genevieve Hendricks. When she is overruled, she likes to preserve her integrity by pinning a note to the underside of the disputed chair or sofa stating, "I, Genevieve Hendricks, do not approve this piece of furniture." Others are more tolerant. "I like eccentricities-if they are the eccentricities of the owner," says Billy Baldwin. "I approve of permitting the wrong note in a room...
Liebes had come with carte blanche from Stanley Marcus to buy the finest four skins to be made into "the most extravagant lady's sport coat in the world, price no object." What might the coat cost? "Oh, maybe $20,000," said Liebes. Adds Alexander Ehrlich of Manhattan's Bergdorf Goodman, who was commissioned by Alaska to produce a sample, full-length cape to stimulate interest, went on to buy 30 pelts: "With all the couturiers looking for something new, this is the ideal time to introduce this fur. Now it's up to the women...