Word: dreyfusism
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...industry wield as much influence as 43-year-old Howard Stein, who is both a leader among the younger critics and a top executive in a branch of the business that is becoming increasingly powerful in the market. As president and chief executive of the Dreyfus Corp., Stein heads a complex of investment funds that manages more than $2 billion of "O.P.M."?other people's money. Among the five investment companies for which he serves as prime strategist is The Dreyfus Fund, the second largest of the nation's 800 mutual funds (after Investors Mutual). It is probably...
...increasing amount of their trading through other sources. In an important shift aimed at saving money, some institutions have been trading listed shares through the "third market" of dealers who are not members of the major exchanges, and who are thus exempt from the exchanges' minimum commission rates. The Dreyfus Fund has saved its shareholders $1,200,000 in commissions by moving the buying and selling of some securities onto regional exchanges. Institutions are also making direct trades with one another in the so-called "fourth market," which bypasses brokers and exchanges altogether. The Justice Department questions whether the whole...
...major mover in the securities markets, Howard Stein is deeply concerned by Wall Street's difficulties. He has brought together, and acts as quarterback for, a group of seven leading moneymen, who travel from many parts of the U.S. to meet regularly, usually at Dreyfus' Manhattan headquarters, to discuss inflation and the economy, the problems of the brokerage business and the future structure of the exchanges. Among the men who attend the four-hour sessions are Thomas Reeves of Investors Diversified Services, Wellington Fund's John Bogle, Mellon Bank's Lloyd Pederson, InterCapital's Fred Stein (no kin), and Kidder...
Stein not only resisted the temptation to put The Dreyfus Fund into the performance game, but publicly warned that the game could lead the stock market into a spin. He also questioned the fashion for conglomerates long before the stock market marked them down. Despite such foresight. The Dreyfus Fund has not escaped the ravages of the bear market. Direct comparisons between mutual funds and stock market averages are hard to make because the funds include the value of reinvested dividends, while the averages do not. By these varying measures. The Dreyfus Fund declined last year but still did better...
...funds can be influential in promoting change, if only because they are among the biggest customers of both the stock exchanges and brokerage houses. One reason for the success of mutual funds is that brokers and bankers also sell fund shares. Dreyfus markets its shares entirely through brokers?and pays them a handsome 81% commission. That gives Howard Stein considerable clout when he says: "The big issue is whether the financial community in general, and the stock exchanges in particular, are going to remain clubs. We have to open them up, encourage new blood and turn them into institutions that...