Word: capitalist
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Financial leaders in Washington and on Wall Street regard Cardoso as their best hope to preserve the credibility of the capitalist discipline they've sold to emerging markets during the past decade, a discipline now crumbling from Moscow to Malaysia. "They're seeing Brazil's struggle as a crucial stand for the orthodox model," says Emily Alejos, vice president for emerging markets at BEA Associates investment firm in New York City. And because it is the linchpin of the dynamic South American market, Alejos adds, "letting Brazil succumb to the global contagion would mean Argentina, Chile and other Latin American...
...China economic reforms are real, already deeper and broader than Russia's. Deng Xiaoping initiated capitalist changes back in 1979, when he legalized farmers' markets. As a result, China's agricultural sector is far more productive than Russia's. Diverse village and township enterprises have spread what is effectively private enterprise deep into the grass roots of the country, in a way not yet imagined outside Russia's major cities...
...most famous--and raunchiest--radio personalities. (On the air she once asked Fabio, the romance-novel cover model, if he has "big private parts.") The mayor of Somerville, Michael Capuano, showed strength in a recent poll, but the best hope for an upset may be a wonkish venture capitalist named Chris Gabrieli, who's spending his own millions to run a campaign focused on, of all things, policy ideas. Can his fortune beat their fame...
Their first meeting with a venture capitalist, Michael Moritz of Sequoia Capital, was all they needed. "With no promotion, no advertising and just word of mouth, something was happening," Moritz recalls. "Jerry and David had developed something for themselves that, I think probably to their great surprise and consternation, was as attractive to other people as it was to them." Moritz took a gamble on the entrepreneurs and gave them $1 million for a 25% stake (it turned out to be a good bet--that stake would now be worth around $2 billion). Stanford told them they could keep...
...chief investment officer of the First Albany brokerage firm. "There's a pretty exciting future for companies on the Internet. But these stock prices are irrational." Not that rationality has ever counted for much on Wall Street, which prefers hopes, dreams and whispers when it looks ahead. As venture capitalist J. Neil Weintraut puts it, "There is no reasonable way to value these companies." Still, professional analysts have to try. And few want to buck the trend: last week Donaldson, Lufkin Jenrette analysts raised their price target on Yahoo to $250, positing another 25% gain within the next year...