Word: marketed
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Dates: during 1970-1979
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Result: investor psychology these days is dominated by an urge to avoid risk. One striking illustration is the current practice of pension fund managers. In the 1960s performance was their watchword. They sought aggressively to buy stocks that would rise faster than the market averages-but in the '70s many of those shares have fallen as rapidly as they once shot up. So today many fund managers try to spread their investments about equally among the stocks included in popular averages. In other words, their aim is the modest one of doing no worse than the averages...
...market's biggest single enemy in the '70s undoubtedly-though ironically-is inflation. Stocks used to be considered a hedge against inflation, on the rather naive assumption that if prices generally rose, so would prices of shares, but now inflation is almost universally considered bad for the market. One reason: many investors believe that a large part of the rise in corporate profits is an illusory result of inflation. So a dollar of company earnings is no longer worth as much on the price of that company's stock as it used to be. Even in late...
...into an investment, like stocks, that might go down. And inflation gives them an attractive alternative investment by pushing up interest rates. Though interest rates wiggle up and down, they are far higher than in the early 1960s. So floods of investment money are being diverted from the stock market to seek a relatively safe, guaranteed return in bonds and other fixed-interest securities...
Those former stockholders who can afford it are turning to some esoteric outlets that are not conventionally thought of as investments: gems, rare stamps and coins, furniture, even whisky bottles. Max Martin, an insurance salesman in San Rafael, Calif, got out of the market in 1973 and into diamonds. Says Keith Harmer, vice president of H.R. Harmer Inc., an international stamp auction house: "Starting about five years ago, people began spending big money on stamps $20,000 to $25,000. They'd sell their stocks, but keep their bonds." One handicap to both investments: retailers can place such...
...only for artistic reasons but also as an investment. As a result of heightened demand, the price of good English furniture in some parts of the country has increased about 25% a year during the past four years. Dick Kritsky, a California grocery-store manager, has spurned the stock market in favor of collecting hand-painted whisky bottles sold by Hass Brothers of San Francisco, distillers of Cyrus Noble bourbon. He has assembled 45 bottles, appraised at $4,000; prudently, Kritsky does not open the bottles but keeps them filled with their original bourbon...