Word: market
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Dates: during 1950-1959
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...some conservative dealers complained. Said an icy-eyed observer of the new German collectors: "The way the market stands today, there is simply not enough stuff available, so anything goes. Career girls and young couples invariably start with a 'genuine' baroque angel cum gilded wings. A stabilized bank account calls for a Biedermeier dining-room set. The first sign of real affluence is a Gothic Madonna-polychrome for beginners, and Riemenschneider brown for the sophisticated. Real collecting comes later...
...deep mysteries on Wall Street, put and call options have long been among the most baffling to investors. Many market players shy away from the options, consider them as risky as a crap game. But that is just not so, says jaunty, white-haired Herbert Filer, 65, head of Filer, Schmidt & Co., the nation's largest stock option dealer. This week, in Understanding Put and Call Options (Crown; $3), the first book on the business to be published in the U.S., Filer presents a case for using options to reduce stock market risks as well as for speculating...
...today's market, where 90% in cash must be put up to buy stocks, put and call options have a new allure. They enable speculators to maintain a position in stocks for as little as 5% of the stock's market value at the time of purchase. This year such options will account for trading of about 8,000,000 shares, nearly 1% of all the shares traded on the N.Y. Stock Exchange annually...
Call options are most popular with bulls, who think the market will rise. A call is a negotiable contract giving the purchaser the right to buy stock, usually in 100 share lots, any time during a specified period running from 21 days to a year or more. For example, last June Filer sold a six-month, ten-day call on American Motors for $625. This gave the purchaser the right to buy 100 shares of American Motors at 37⅛ at any time before the option expires on Dec. 7. With American Motors now selling around 80, there is already...
...when it moves the wrong way. Then the buyer loses the amount he paid for the option. While puts and calls are primarily used for speculating, they are also being used more to limit losses, protect paper profits, and for tax advantages. Primarily, they are for the stock market sophisticate who can afford to lose the premiums he must pay to speculate...