Word: lynch
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Dates: during 1990-1999
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...brass at Fidelity will cry foul, as may the entire mutual-fund industry, which is in sore need of a new superstar. But here goes, anyway: Give it up, Peter Lynch. This stuff about never having worked on a computer and wanting little to do with technology stocks is stale. Very stale. You've got good company in Warren Buffett, another totemic technophobe. And I'm not saying to load up exclusively on tech stocks. But it's plain silly to encourage plain folks to avoid them. They're not that difficult to understand. If you can figure out Maytag...
Whew! Any incoming? Taking on Lynch and Buffett at their own game is perilous sport. They're the nearest thing to omniscience Wall Street has to offer. But I've been thinking a lot about both men's no-tech dogma since last spring. That's when Buffett told thousands at Berkshire Hathaway's annual meeting cum Buffettfest that he won't buy tech stocks because he doesn't know how to value them, and Lynch glibly confessed to thousands more at a fund-industry conference that he doesn't know how to turn on a computer. Lynch's point...
...decades, few challenged the wisdom of separating risky underwriting activities from federally insured bank savings deposits. But by the 1970s the financial world had become more muddled. Merrill Lynch, for example, began to offer money-market accounts with a check-writing feature. As the lines between banks and brokers blurred, Glass-Steagall came under repeated attack, starting in the 1980s. "I spent a lot of time lobbying Congress to convince them that we needed to look beyond the parochial interests of banks, brokerages, insurance companies and mutual funds," says former AmEx boss Robinson, now investing in tech start...
...squares with another ICI study several weeks ago that shows that 77% of stock-fund holders buy and sell through some sort of advice filter. Individuals now have enough wealth at stake so that it seems they are less inclined to go it alone. That may mean Merrill Lynch, down 30% from its high last April, is a better bargain than E-Trade, down 68%. Merrill is in the advice biz, which may have value after all, especially if the market continues to churn...
DIED. JACK LYNCH, 82, former Irish Prime Minister who chose not to send troops to protect Catholics in Northern Ireland as violence erupted in 1969; in Dublin. He began the tension easing between north and south that led to 1998's peace agreement...