Word: investors
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Dates: during 1960-1969
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...into a prototype of capitalism; after all, runs the argument, capitalism is based on some form of gambling or at least risk taking. True enough. Thrift and savings are essential to capitalism, but so is daring investment. The gambler's blind challenge of fate is different from the investor's bet on the future. Still, the gambler and the man who "plays" the stock market have certain things in common: a desire to make money without working for it in the ordinary sense, and a desire to reach beyond the monotony of life by deliberately embracing the unpredictable...
...imposed 100% margin requirements on eleven stocks in a single day. That restriction-the most sweeping the exchange has ever ordered-brought to a record 26 the number of Amex stocks for which buyers must pay the full purchase price. Normally, under Federal Reserve and stock exchange rules, an investor may borrow up to 30% of the cost from his stockbroker...
...battle with MGM is now more than a year old and far from over), tender offers generally click or flop within a fortnight. One reason: stockbrokers find them particularly profitable since under New York Stock Exchange rules they get a double commission, once on the sale by the investor and again on the purchase by the bidder...
Before taking that plunge, Myers and Kenison rounded up three friends to help: Adman William L. Pereira Jr., 29, son of the famed architect-planner; Lud Renick, 37, a realty and restaurant investor; and Lawyer Mark T. Gates, 30. "None of us knew what we were getting into," recalls Pereira. "At first, it didn't look too difficult. If we'd known, we probably would not have started." Sensibly, their first move was to recruit two veteran aviation consultants: Thomas Wolfe, 65, a onetime vice president of both Western and Pan American, who is now Air California...
...Club. So saying, Martin conjured up memories that last week's celebrants would just as soon ignore. Today, directly and indirectly, 22 million Americans own 11 billion shares of 1,285 Big Board companies. Until 30 years ago, the exchange operated as a private club, and the little investor was usually at the mercy of manipulators. The 1901 clash between E. H. Harriman and James J. Hill for control of the Northern Pacific Railroad, for instance, wiped out many a small trader and nearly wrecked the exchange...