Word: investors
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Dates: during 1980-1989
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...economy softens. Touted as one of the hottest financial plays of the go-go 1980s, LBOs zoomed in annual volume from about $250 million in 1980 to nearly $45 billion last year. The buyouts included household names like R.H. Macy, Beatrice, TWA and Safeway Stores. In such deals an investor group, often headed by a company's own executives, uses bank loans and high-interest junk bonds to buy a firm and take it private. Almost without exception, the group immediately slashes costs, lays off workers and sells divisions to reduce debt; the managers may eventually reap huge profits...
Florida real estate investor Paul Bilzerian was determined to become a successful corporate raider. In 1985 and 1986 he attempted, and failed, to take over four different companies. In early 1988 the 38-year-old maverick managed to acquire defense contractor Singer by bidding for it when no one else would, right after the stock-market crash. Last week, however, Bilzerian finally made what will probably be his most lasting mark on Wall Street. In the first jury verdict to arise out of the Government's three-year crackdown on insider trading, Bilzerian was convicted on nine counts of securities...
...America's richest man? Forbes magazine says he is Sam Walton, 71, of Bentonville, Ark., the folksy, pickup-driving founder of Wal-Mart Stores (1988 sales: $20.8 billion). Last October the magazine estimated Walton's wealth at $6.7 billion. Forget about it, says Institutional Investor, noting that a portion of Walton's wealth is shared with four grown children. In its May issue the financial monthly says the richest man in the U.S. is Ronald Perelman, 46, of New York City, who has amassed a personal fortune of $5 billion in a mere ten years by assembling companies in businesses...
FOOTNOTE: *Berkshire Hathaway, the holding company headed by famed investor Warren Buffett, is the priciest stock on the New York Stock Exchange. It closed last week...
Buck up, Mrs. Campbell, it could be worse. There are 1,500 financial newsletters being published at the moment, and many of them are on display at the money show: the Astute Investor, the Busy Investor, the Patient Investor, the Contrary Investor, the Cheap Investor and so on. Most of them are solo operations, and one editor describes them unabashedly as the "alternative press" of the era. The wished-for kinship is not with some Age of Aquarius tabloid, of course, but with pamphleteers like Thomas Paine and Alexander Hamilton. The newsletter gurus see themselves as disabusers of Wall Street...