Word: listings
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Dates: during 1990-1999
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...fund manager Michael Price actively pushes for change at companies--Dow Jones is a recent target--in order to improve their laggard stock prices. Meanwhile, the California Public Employees' Retirement System (CalPERS), the nation's largest pension fund with a mountainous $108 billion under management, each year flaunts a list of losers it owns to try to embarrass CEOs into remedial action. CalPERS and other managers--be they of mutual funds or public or private pension funds--have generally wielded their clout for the good of all. The money, after all, is largely ours. We should cheer as they ferret...
...CalPERS and others are getting drunk with power--as did brash dealmakers in the power seats of the '80s. Consider this year's losers list, announced last week. Sure, it has some real dogs, such as struggling Apple Computers Inc. and Stride Rite, a worn-out shoe company. But CalPERS also stepped on sneaker company Reebok. This is odd, given that Reebok's stock has doubled in 10 months and beaten the market averages handily in the past year. That's not all: Reebok shares have risen an average annual 29% since the bull market began in October 1990--outdistancing...
...because he isn't Michael Jordan. Reebok founder and CEO Paul Fireman, a fierce competitor, chickened out of publicly responding to CalPERS. That, I think, is a measure of how powerful money managers have become and why CalPERS needs to be more careful about whom it puts on the list. It has become closely watched and uniformly accepted as investment gospel. Not only is it a public embarrassment to be singled out (Time Warner, this magazine's owner, was a target in 1992 and 1993), but people are making decisions based on the list. Kayla Gillan, general counsel at CalPERS...
...song of one college known to have accepted the First Daughter. Chelsea was offered a place under Harvard's early-action program. But Chelsea's dad said she hasn't made up her mind where she'll study. Amherst, Brown, Princeton, Stanford, Wellesley and Yale are also on her list...
...surprised: "Those are the movies people are talking about." The former studio head doesn't disagree, but he is not pleased: "These pictures are a sad commentary on the state of our business. Years ago, not one of them would have been nominated for Best Picture. Look at the list from 1974. The Godfather, Part II. Chinatown. Lenny. The Conversation. And ... what was the fifth one? I can't remember." A quick trip to the reference shelf reveals the answer: The Towering Inferno, arguably the worst film ever nominated (and the only one starring O.J. Simpson). So maybe there...