Word: dividenders
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Dates: during 1990-1999
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...financed by bank debt or their owners' wealth. Now a few vineyards are selling stock to the public. A pioneer example is the Chalone Wine Group. In addition to Chalone Vineyards near Monterey, Chalone owns Acacia, Carmenet and part of Edna Valley. Although the shares have never paid a dividend since they were first marketed in 1984, the 10,000 or so stockholders have become enthusiastic ambassadors for the group's wines. One reason: anyone who owns at least 100 shares is invited to an annual celebration party at Chalone to feast on oysters and salmon -- and sample freely...
...hourly pay runs about $15 to $16 an hour, in an area of high unemployment. When he refinanced Pacific's debt a year ago, issuing $620 million in high-interest bonds to pay off $510 million in junkers, the fact that he also paid Maxxam a $25 million dividend from the new debt raised only murmurs. That was how the big boys did things...
...whole story or even most of it. Every week brings a mixture of good and bad economic news, and last week was no exception. New claims for unemployment compensation jumped (bad), and so did business inventories (also bad). But sales rose even faster (good), and Ford Motor raised its dividend 12.5%, the first increase since 1989 (especially good since it indicates that Ford's directors expect the recovery to keep rolling...
...decade ago, if you wanted to work on Wall Street, you went to business school; but now you can study genetics and end up at Merrill Lynch, where instead of splitting genes to clone an elk, you can graft a share of Snapple (which doesn't pay a dividend) onto a dividend, thus creating the Snapple ELK -- a dividend-paying fictitious concoction that rises and falls in value along with Snapple itself...
...first time in American history that so much is riding on so little. In the 1920s there were investment pools and trusts. In the investment trusts, a series of shell companies was piled on top of a real company, most often a dividend-paying utility. Each shell company offered a dividend that was dependent on its receiving the dividend from below. The price of each shell company's stock reached such lofty heights that the value of the original company below was lost sight of, and eventually the investment trusts came crashing down...