Word: go-go
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During the go-go days of the early 1980s, when the market seemed unlimited, the lure of making a fast fortune enticed hordes of companies and entrepreneurs into the industry. The bruising competition that resulted has turned into a battle for survival. Future Computing, a Dallas-based market research firm, says that in the past two years the number of personal computer manufacturers has shriveled from more than 200 to about 150. Some companies, including Mattel and Timex, have simply dropped their home computer lines, but several smaller firms like Gavilan Computer of Campbell, Calif., and Beehive International...
...almost seems like Detroit's go-go days again. And some of the resonances from the old times seem ironic. "In many ways," reckons a member of the Ford family, "Iacocca and Henry Ford are alike." Iacocca, for instance, can be an unreasonably terrifying boss. Says one chewed-out executive: "He's vitriolic and explosive." Ford had Iacocca do his dirty work; former Chrysler executives say that Iacocca has relied on Gerald Greenwald, his vice chairman and suave heir apparent, to deliver the bad news. Iacocca's definition of management by consensus is revealing. "Consensus," he says...
Many small investors have been buying the so-called go-go issues in hightechnology industries. Busy trading in such shares has helped push some stock indexes to new peaks. "If you just followed the Dow," says Prudential- Bache's Wachtel, "you would have missed the parade." Last week both the Standard & Poor's index of 500 stocks and the New York Stock Exchange composite of 1,200 issues reached record highs...
...open a long-range planning section that laid the groundwork for transforming Merrill Lynch from a chain of brokerage offices into an enormous financial supermarket, complete with insurance, real estate and savings services. As a result, Merrill Lynch was able to breeze past the collapse of the '60s go-go market and, as the deregulation era dawned, to become a serious contender for retail-banking customers. Asked in 1979 to describe the financial institution of the future, Citicorp Chairman Walter Wriston replied without hesitation, "Don Regan already runs it. It's called Merrill Lynch...
Under Empire Builder Harold Geneen, ITT devoured 275 companies and went from annual sales of $765 million in 1959 to $17 billion in 1979. But since Geneen's departure, the company's performance has slowed from go-go to nogo. Araskog has tried to revive ITT by shedding more than 60 subsidiaries, worth about $1.5 billion, but the company remains dangerously short of cash...