Word: investors
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Dates: during 1980-1989
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Only a few years ago, American risk taking almost dried up. In 1969 Congress increased from 25% to 49% :he maximum tax on long-term capital gains-the profit made by an investor on the sale of stocks, real estate and other property...
Last week the value of shares of Cannon Mills jumped from $29 to $35 after Pacific Holding Corp., headed by Los Angeles Investor David Murdock, proposed to buy Cannon's stock for $40 a share. On last week's weak Wednesday, the most actively traded New York Exchange stock was MGIC, the largest U.S. private insurer of residential mortgages. Though it sold for only $43 five weeks ago, MGIC stock was up to $49 last week because the Baldwin-United Corp., maker of Baldwin pianos, has offered to pay $52 a share as part of a takeover move...
Wise Wall Street hands urge the unsophisticated to stay out of this part of the market. Says Oppenheimer & Co. Vice President Stephen Kennard: "This business is absolutely unsuitable for the little investor." Arbitrager Jeff Tarr, the managing partner of Junction Partners, says he is concerned about arbitrage's future profitability now that so many unsuspecting investors believe that the field is "sexy." Says he: "The history of Wall Street is that when anything gets sexy like this, you should sell it short. Generally, when something is written up publicly, you lose money...
...maintained only if the rate of return earned by the assets in which the endowment is invested grows continuously. While the rate of return provided by equity and debt investments has increased somewhat during the past two decades reflecting, in part, the embedding of increased inflation in investor expectations, such increases cannot be expected to continue indefinitely, nor can they be expected to be at rates equal to inflation. Therefore, a balanced policy must be maintained towards distribution and reinvestment...
Kuwait has justly earned a reputation for being the savviest investor among the world's oil rich. The Persian Gulf sheikdom of 1.4 million people has aggressively bought everything from a West German steel mill to a South Carolina resort community. Last week Kuwait struck its biggest, and potentially most controversial, deal yet: a $2.5 billion takeover of the Santa Fe International Corp., of Alhambra, Calif., a leading oil-drilling contractor (1980 revenues: $1.2 billion...