Word: investors
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Dates: during 1970-1979
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...individuals tend to hold their stocks longer. Institutional managers, with nothing to do but watch the tape, trade frequently, knowing that the magnitude of their transactions will enable them to make money on price movements-25? a share, say-that are too small to mean anything to the private investor...
Never Again. A sampling of investor opinion by TIME correspondents across the nation indicates that the market is likely to remain dominated by the institutions. Many onetime investors are still too scarred from the market bust of the early 1970s to take another chance. "The Government keeps telling me that the economy is better, and that makes me all the more suspicious," says Harvey Goldstein, a professor of English at the University of Southern California. Los Angeles Advertising Executive Bertram Gader says that the heavy institutional trading frightens him: 'The individual investor has no idea of what is going...
With only 72 employees and revenues of about $17 million a year, Dallas-based Aztec Oil & Gas Co. seemed an unlikely candidate for widespread investor interest. But as far back as 1971, the company's stock began fluctuating sharply on the New York Stock Exchange. Activity became hectic last year, and in January Aztec became a full-fledged high flyer on the Big Board.On nine days it hit the most-active list: trading volume one day exceeded 400,000 shares, easily outpacing such giants as AT&T and General Motors. More than 3 million Aztec shares changed hands...
...early 1960s, banks further began to concentrate on "liability management"-the concept of borrowing money to relend it at a higher rate. Citibank developed the negotiable certificate of deposit-a security that offers higher-than-usual interest to a corporation or individual investor willing to leave money in the bank for a fixed period, such as one year. If an investor wants his money back sooner, he can sell the CD to someone else. Formally, the money is a deposit; actually, it is a loan to the bank. Banks also began borrowing from the huge pool of Eurodollars held abroad...
Lucrative as such deals are, they have pitfalls, which not all packagers explain to their clients. If the movie is a disaster and the partnership cannot repay its bank loan, then part of the tax deductions go to the bank rather than the investors-who will be billed for back taxes, plus interest. Oddly enough, if the movie is a gargantuan hit that brings in profits for years, the investor may be even worse off. Since he has taken most of his tax write-offs in the first year or two, his share of the profits in later years will...