Word: marketeers
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Dates: during 1970-1979
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...very simply, the game at the Board of Trade is to bet on the future. Those gesticulating and shoving men are brokers and dealers who are selling each other contracts to deliver goods months in the future at a fixed price-when the real market price may be higher, or lower. Nerve-racking enough, but the goods they are buying and selling are extremely volatile, their value subject to human whims, storms in the farm belt, or a boost in interest rates in Washington. Most of the trading takes place in traditional commodities, such as wheat and corn...
...onetime tennis instructor, Cahnman began playing the Chicago market three years ago when he gave up his job as a computer-time salesman, scraped together $5,000 and bought a permit to trade Ginnie Mae futures. Although he refuses to divulge his earnings, he has done well enough to buy a full membership in the Board of Trade for $135,000, which allows him to wheel and deal in all phases of the market. But there have been frightening lurches along the way. "Three tunes I've lost massive amounts of money," admits Cahnman, who is married...
...brief and cordial, and McGraw did not then answer. The next morning he said he was "negative" and asked stockholders to do nothing until the board meets this week to study the offer. The Amexco bid comes to $34 a McGraw-Hill share, a fat premium over the $26 market price just before the bid. But Harold McGraw, grandson of the company's founder and a man set in his ways, wants to keep the family in command...
...chairman from 1960 through early 1977, revenues soared from $75 million to $3.4 billion, and profits hit $262 million. Growth has continued under new Chairman Robinson, the workaholic scion of an Atlanta banking family and protégé of Family Friend Clark. But Amexco has largely saturated the market for high-income holders of credit cards, and competitor Visa and some major banks are also trying to sell their own traveler's checks. Earnings from Fireman's Fund Insurance Co., acquired by Amexco in 1968, are large (48% of the company's profits) but cyclical. Amexco...
AMERICANS, however, must exercise cautious optimism in evaluating the benefits of expanding contacts with China. While some analysts argue that the decision was primarily economically motivated, businessmen must not develop overinflated views of the China market. China is still a poor and underdeveloped nation and while scientific and technological exchange opportunities will no doubt expand, there are few indications that she will enter the world markets on a scale that some overeager investors envision...