Word: cleland
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Dates: during 1990-1999
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...John Cleland, chief investment strategist at fund company Security Benefit Group, is so convinced that stocks will "melt up" next month that he has begun a special marketing campaign to attract new money by year's end. "Y2K will be the biggest nonevent in history," he predicts. "The door will not be wide enough for everyone who wants to buy stocks in January...
...sure about his melt-up prediction: a 20% Dow gain in the first quarter, Cleland forecasts. But I buy into the case for a strong market big time. Many companies fund their pension obligations in January, giving the market a boost. And there really is a January effect. Stocks that had been sold purely to lock in tax benefits the previous year tend to get noticed and bid higher early in the New Year, often resulting in a rally led by small stocks. There will have been plenty of tax selling by the end of this year. Roughly...
Meanwhile, cash has been piling up in money-market funds--$37 billion in October, the most since the Asian contagion--and flows into stock funds have been tepid. Y2K worrywarts, it seems, are hoarding more than bottled water and canned food. How should you invest? If Cleland is right, pent-up demand will lift everything, and popular tech stocks will get more popular. The traditional approach is through beaten-up small stocks, which may be coming into favor anyway. Salomon Smith Barney likes beaten-up big stocks, including Fluor, H&R Block and Hasbro. You've got choices. The first...
...having twice demonstrated his inability to groom a successor, Allen is now part of the problem. "Bob Allen is a caretaker when the company needs a visionary," says Scott Cleland of the Legg Mason Precursor Group. "The company has lost a year and a half in setting the direction for the next millennium...
...trying to decide who was to fill the seat of retiring Senator Sam Nunn, Georgia voters were faced with a choice between a man who resembled Bob Dole and a man whose past was reminiscent of Bob Dole's. In Max Cleland they chose the latter, a Vietnam War hero who lost two legs and an arm in a grenade explosion and then rebuilt his life through public service. A spokesman for Republican loser Guy Millner complained during the campaign that Cleland, 54, was "running on biography." But a remarkable biography it is: a triple amputee who overcame depression...