Word: investors
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Dates: during 1950-1959
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...force is loose in the art markets. It is the buccaneer investor, who does not know what he likes but knows a good investment when he sees one. The result: a boom in art sales that is unparalleled in living memory...
...investor does not confine himself to French art; the established Americans also benefit. At the Midtown Gallery, Robert Vickrey's sober portraits of people and places sold so fast (at prices up to $2,500) that the gallery was begging him for more pictures. At the other end of the abstract-realist spectrum, all but three of I. Rice Pereira's cool and calm abstractions ($1,400-$2,300 ), on display at the Nordness Gallery, were sold...
...stock market, along with the Democrats, swept to new highs last week. The Dow-Jones industrial average rose to a record 554.85, owing partly to some investors' fears of bigger spending and more inflation under the Democratic Congress. But many an investor had other good reasons for buying stocks, such as rising corporate earnings and continued recovery of the U.S. economy...
...lagging earnings can come back fast (see below). Thus, though stocks in historic terms are overpriced (18 times earnings for the industrials), many Wall Streeters are using a method to evaluate them which simply disregards the present. Said Edmund W. Tabell, top market analyst for Walston & Co.: "What an investor must do is take an average of earnings over the past five years [$32 for the industrials], measure it against projected 1959 earnings [now being quoted at a record $40], and come up with something in between. What happens? By overlooking 1958 earnings, you are not really paying 18 times...
...investor who holds 100 shares of a stock at a profit but does not want to take the profit for tax or other reasons sells 100 shares short. When he covers the short sale by delivering the stock in which he has a profit, he receives whatever the price was at the time of the short sale, no matter how low the price may meanwhile have dropped...