Word: dowe
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...ultracheap market that is suddenly rewriting the business model of the personal-computer industry. It's partly to blame for the recent sell-off of technology stocks that has driven major computer-manufacturer share prices down as much as 40%. (Want to know why we didn't make Dow 10,000 on our first run at it? Three letters: IBM.) There was a time in the mid-'90s when PC makers could count on ever more complicated applications requiring ever faster processors, causing consumers and businesses to upgrade PCs almost as often as Japan changed Prime Ministers. Sellers like Dell...
...Japanese comparison is itself tortured because of our vast cultural and economic differences. Still, Dow 10,000 represents a similar shared trust in the system--a trust that drove Japan to giddy heights and a crushing fall. In the Standard & Poor's 500, Morgan Stanley reports that just 15 stocks (3% of the total) accounted for 52% of the index's gain last year. "The market" may be going up, but it's almost entirely on the backs of a favored few: GE, IBM, Wal-Mart, Merck--all Dow components--along with tech wonders Microsoft, Dell (which...
...weak, as now. And small companies are ripe for a wave of premium-priced takeovers by big companies using their stratospheric stock prices as currency. Some foreign markets also look attractive. These conditions have been in place for a while; patience is the value investor's cross to carry. Dow 10,000 probably won't alter many investing habits. But that big number has me thinking small...
...time.com/personal for more on Dow 10,000. E-mail Dan at kadlec@time.com See him on CNNfn Tuesdays...
...PRESIDENT GEORGE BUSH Opted for stock in lieu of an $80K honorarium. A year later it's worth $14 million. Touche, Dow...