Word: dowe
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Dates: during 1990-1999
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...With the Dow Jones industrial average trying to break through 3000, how come we're not getting rich? For you, it's just irritating. For me, it's embarrassing. It's my job to get rich (or so I interpret the responsibility). Who wants financial advice from a flounder? I go to the playground after the market closes, and the other kids make fun of me. "How's your Nike?" they laugh, knowing I shorted it at 70, betting it would go down. (It's 89.) "How's ol' Crappy?" they squeal, referring by nickname to a small auto- parts...
Money manager Paul Tudor Jones makes money every year -- he made 201% in the crash year 1987 -- so in May I paid special attention when he gave a gloomy interview in Barron's. If Jones thought the Dow was precarious at 2650, so did I. It zoomed, leaving me with my puts and my shorts and my dwarfs...
Chastened, I decided to cut out the lag time between interview and publication. I called Marty Zweig, another market star, who updates his tape- recorded advice daily. The Dow had just closed down 34 points the Friday before Memorial Day, and I wanted to know whether the bear was back. "The market does not go down prior to holidays all that often," Zweig's tape explained, "but when it does, the odds are about 7 out of 8 that the next day will be lower." It shot up 49 points...
...gains are not as dramatic as the headlines. Yes, the Dow has jumped from 2669 at the beginning of May to 2961 Friday. But that's just an unlustworthy 7% or so after commissions and taxes...
...Wall Street, investors greeted the circumspect statement with nearly unrestrained joy. Greenspan's remarks helped send the Dow Jones industrial average up 37.13 points on Thursday. The Dow briefly touched 3000 on Friday before closing at a record 2980.20, up 75.25 for the week...