Word: investors
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Dates: during 1980-1989
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Ronald Rewald shuffled along the 26th-floor corridor of his former Honolulu office building one morning in early September, looking dazed and uncomfortable. No wonder. The once prominent "international investor" was manacled hand and foot and accompanied by two guards, who watched as he searched for records that bankruptcy officials might have overlooked. None could be found...
Owning a piece of so many phone firms could perplex the savviest investor. "A lot of people can't even pronounce the names of the new companies," observes Neal Swearingen, a vice president at E.F. Hutton. Shareholders will have eight annual reports to read and eight 1099 tax forms to file. Even worse, selling stock in the operating companies will be expensive because brokers charge a premium for transactions under 100 shares...
Merrill Lynch's Equity Income Fund First Exchange Series, the first of the Humpty-Dumpty funds, has already attracted 6 million shares from 20,000 customers. Explains Merrill Lynch Vice President Norman Schvey: "The fund is a holding operation until the dust clears. What the investor gains is a chance to think...
...record highs were a good backdrop for the introduction of the newest stock market investment instrument: New York Stock Exchange index options. These allow an investor to speculate on general market trends by buying or selling an option on the value of the 1,505 stocks traded on the New York exchange. Stock index options, which were first introduced in the Chicago exchange in March 1983, went on sale last Friday for the New York Stock Exchange index. If the stock index option had existed last Tuesday, a trader who paid $300 for an option worth $9,709 would have...
There are even more esoteric branches of the options market, such as "covered calls." Here, through distortions in the market, an investor can occasionally own the rights to buy a security at one price and sell it at a higher one--a guaranteed profit which Cabot calls "premium stripping." Harvard makes some efforts to find covered calls, but relies mostly on an outside consultant, Princeton/Newport. This firm uses computers and other sophisticated techniques to isolate covered calls and other premium stripping opportunities. The Management finds even more of these through its own program, called "Cash and Carry...