Word: investors
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Dates: during 2000-2009
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Want to put a face on the case for investing now? Try Warren Buffett's. In the past few weeks the fabled Omaha, Neb., investor has provided hundreds of millions in financing to telecom firm Level 3 Communications and energy firm Williams Companies. He bought a jewel of a natural-gas pipeline from Dynegy at the fire-sale price of $928 million. More illuminating: Buffett advertised himself as a buyer, telling the Wall Street Journal that "if I got a call this afternoon and somebody offered me A, B or C--securities, assets or a business--and it looked like...
BANKING On the basis of earnings, a lot of bank stocks trade cheaper than the S&P 500's P/E of 18. But astute investors note that for the first time in a while, quality banks trade at less than two times book value. Book value is especially useful with banks, whose primary assets are cash and marketable securities. There's no fudging those values, which are adjusted daily. "They have some warts, with their exposure to bankruptcies in this climate," says value investor David Schafer, chairman of Schafer Cullen Capital Management. But he likes the group. Banks trading...
...didn't have anything to do with it," a senior Administration official says of the high-profile collars. "But of course they're a big help. It means the system is working, and that helps with [investor] confidence." If so, that wasn't reflected in the stock market, which swooned on Thursday and Friday...
...long ago, Jack Benjamin Grubman was on top of the world. The Salomon Smith Barney telecommunications analyst was pulling down $20 million a year, and every big investor knew Grubman was the "ax," the one man who could make or break any stock in his industry with a thumbs-up or thumbs-down. Today Grubman is in the gutter. WorldCom was one of his favorite stocks. Investors are livid, and regulators are looking into whether he violated professional ethics by touting telecom stocks for the investment-banking fees they would earn for his firm...
...share price to its existing assets and past earnings. Only after determining a stock's value today would Graham entertain guesstimates of what it might earn tomorrow. Anchoring his analysis in reality gave Graham what he called "the margin of safety." As he wrote in his classic The Intelligent Investor, "Operations for profit should be based not on optimism but on arithmetic...