Word: crashing
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Dates: during 1980-1989
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...months before Oct. 19. Then they plunged back into the market during the last 45 minutes of Black Monday and kept buying for nine days. Since then, their purchases have surged in value, helping to boost the Mathers Fund from $154 million in assets just before the crash to $201 million now. Its increase of 27% during 1987 was the best performance by any U.S. growth fund...
...HIRE SOME OF THOSE M.B.A.S TO GO MAKE SOAP IN CINCINNATI. The crash should help U.S. industrial companies by slowing the investment-banking brain drain, in which so many of the most talented business school graduates were going to Wall Street. Recruiters for companies ranging from General Motors to IBM find that 1988 grads are showing a renewed interest in running factories rather than financings...
THOSE CORPORATE RAIDERS CAN ALWAYS SMELL A BARGAIN. Takeover artists, restrained by high stock prices before the crash, have gone on a shopping spree once again. Florida-based financier Paul Bilzerian, 38, acquired the Singer Co. for $1.06 billion last February partly because the crash had depressed its stock price. Since then, Bilzerian has sold off eight of Singer's twelve divisions for a total of $1.94 billion, more than enough to cover all his costs. In the end, he is expected to reap a $300 million profit. The Government is investigating his earlier raids for possible securities-law violations...
THEY BARELY KNEW WHAT HIT THEM. Al Frank, publisher of the Santa Monica-based newsletter The Prudent Speculator ($200 a year), admits that he was "clobbered" by the crash and its aftermath. He regrets failing to warn his readers, saying, "We had a lot of new clients who had signed up at the top of the market. Their stocks did not do well. It was very sad for me." Frank, 58, lost $750,000 of his own money, and his subscriber list has dwindled from 5,700 a year...
...SHOVE IT. Richard Dennis, 39, known in Chicago as the Prince of the Pit, was one of the most successful commodities traders in the world. He launched bold invasions into markets ranging from Treasury bonds to precious metals. But he took a bath in financial futures after the crash and in grain during last summer's drought. His two public commodities funds lost an estimated $50 million in the past year, or nearly 50% of their value. Dennis decided last month to pack up his diminished fortune, estimated at $200 million, and move on to another pursuit: politics. He aims...