Word: enronization
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Dates: during 2000-2009
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...FINANCE AND ACCOUNTING H&R Block has been busy hiring 1,200 financial advisers and marketing staff members as it broadens its tax-preparing business. Financial-services firms continue to look for financial planners and asset managers. Despite their role at Enron and in other corporate scandals this year, accounting and auditing are especially attractive fields, expected to grow nearly 20% in the next decade...
...what statisticians call survivor bias: all the stocks in Siegel's pre-1871 index were winners, typically staying in business for at least 17 years. No flops such as canals or wooden turnpikes--just a couple of dozen profitable banks, insurers and railroads. Imagine calculating recent stock returns without Enron, Pets.com and Global Crossing. Would that give an accurate picture? Siegel says in his defense that survivor bias may overstate his 19th century numbers by "1 or 2 points." But Dimson, speaking for his research team, concludes that survivor bias is "highly significant" in the early U.S. data. Even among...
...investing strategy, buy and hold has never been more suspect. Giant companies now collapse in scandal, like Enron; fall woefully behind in technology, like Polaroid; succumb to litigation, like Halliburton (asbestos); or get whacked by overpriced deals, like AOL. Are there still stocks that you can throw in a drawer and sleep well for years? Or has investing got so hopelessly complicated that individuals shouldn't try to go it alone...
...total separation of business activities with contrasting self-interests would do the most good, and will likely be the outcome (at least in the case of auditing and consulting firms, since those companies have the taint of Enron). Such will likely not be the case for Wall Street analysts and bankers, since those firms are less exposed and can always cry caveat emptor, effectively saying that investors must take responsibility for their own losses. On that note, they have a point, but the presumed skepticism of his readers does not excuse Blodget of fraud in publicly praising stocks that...
Messier often points out that Vivendi made its revenue targets last year, and hit its earnings predictions--before those big charges. But this is the Enron Era. Big companies with complex finances and fuzzy growth prospects won't be getting a warm welcome from shareholders, no matter how big a splash the CEO can make. --With reporting by Bruce Crumley/ Paris and Jeffrey Ressner/Los Angeles