Word: hambrecht
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...have this business to himself. The two online brokers, E*TRADE and e.Schwab, have each announced similar initiatives that are, unlike Wit, tied to specific underwriters. E*TRADE will offer IPOs managed by McCaffery's Robertson Stephens; e.Schwab will work with Hambrecht & Quist. E*TRADE's Cotsakos envisions the same tiny 100-share minimum as Wit, while e.Schwab's minimum, a snooty $100,000, writes off the Little Guys that Wit hopes to empower...
...sense, Case has spent his whole life preparing to build and run a multibillion-dollar business. His childhood on the island of Oahu was sprinkled with the fiscal adventures of a boy to the cash register born. With his older brother Dan (now 40 and CEO of Hambrecht & Quist, an investment firm that specializes in technology), Case started his first business before he had fully mastered a bicycle. The venture was a variation on a classic model: converting backyard lemons to lemonade. Next the brothers started Case Enterprises, which peddled everything from seeds to watches. Case Enterprises stumbled...
...edge. "Some people refer to [IPOs] as a game," Doerr says. "But the notion that an entrepreneur can have a big idea and gain financial independence for his family is at the very heart of the American system of fair play." Echoing that sentiment is Dan Case, chairman of Hambrecht & Quist, a San Francisco venture-capital and investment-banking firm that helped manage the public offerings of Netscape and Pixar Animation last year. Says Case, who is the brother of America Online chairman Steve Case, another IPO millionaire: "IPOs are the fuel that entrepreneurs' job engines...
...investment bankers select candidates for IPOs only after careful scrutiny. "We turn down many more companies than we take public," Case says. But Case had few doubts about either Pixar or Netscape, whose executives he had known for years. Hambrecht eagerly teamed with fellow bankers to buy up all the offered shares of both companies and then staged nationwide "road shows" to tout the stock to big investors like mutual funds. The tours generated so much excitement that Netscape, which had been tentatively priced at $12 to $14 a share, went public at $28. Hambrecht's profit for co-managing...
...have a 10% drop, we will have had the longest-running stock-market expansion in modern times," says A. Michael Lipper, president of Lipper Analytical Services, which tracks mutual funds. "We're clearly long in the tooth." Says Dan Case, president of the San Francisco-based brokerage Hambrecht & Quist: "If you look at the investment options, it's clear that mutual funds have been the right decision, but I think we're getting close to the point where that's no longer true. It is all but certain that the returns even outstanding professional money managers get will go down...