Word: investors
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Dates: during 1980-1989
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...over time." About 60% of Dean Witter's new clients at the 234 Sears Financial Service centers are first-time brokerage accounts. Overall, these clients are younger, with slightly lower household income than Dean Witter's traditional customers. Says David Wells, 37, a Chicago engineer and experienced investor who has opened a brokerage account at a Sears store near his home in Roselle, Ill.: "I'm a big believer in Sears. In fact, half my house is made up of Sears products. So when I read that they were introducing financial services, I decided to go with...
...avoid doing anything in a superficial way," says Gilbert Kaplan, 43, the publisher of Institutional Investor. So he does. In 1982 the amateur musician rented Avery Fisher Hall in New York City's Lincoln Center and hired the American Symphony Orchestra so that 2,700 friends and associates could hear him conduct Mahler's "Resurrection" Symphony. Last week Kaplan took another characteristically direct action. Increasingly distracted from the publishing company he founded 17 years ago, Kaplan announced its sale, in addition to 18 TV and radio stations, to Capital Cities Communications, owner of W and Women...
...centerpiece of Kaplan's firm is Institutional Investor magazine, a glossy monthly with 77,000 well-heeled subscribers (average household income: $147,000). It has an avid following on Wall Street for its irreverent reporting and its annual ratings of securities analysts. Kaplan will stay on as editor in chief of the magazine, but music will also command his attention. He plans to conduct the Mahler work again, with the London Symphony Orchestra...
Walt Disney Productions and St. Regis Corp., the forest-products firm, have both been victims of greenmail. In a greenmail ploy, an investor buys enough stock in a company to pose a takeover threat in hopes that the firm's officers will buy him out at a premium. Disney paid $297.4 million in June for shares held by Financier Saul Steinberg, who made a quick $32 million profit. St. Regis has been greenmailed twice, first by Sir James Goldsmith, the British industrialist, and then by Loews Corp., the hotel and movie-theater company...
...director of Wall Street's Rothschild Inc., warns: "The real test will come the next time you have a combination of high interest rates and a bad economic environment. When that happens, we'll see just how prudent some of these deals really were." As every sensible investor should know, a formula designed to create huge profits in good times can eventually lead to enormous losses in bad times...