Word: marketeers
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Dates: during 1990-1999
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...that short-term political gains are never worth long-term economic risks. Even though this year he had plenty of incentives to pump up his role in Asia and Russia, he has remained mum. In particular, that meant resisting the temptation to "talk up" the dollar or the stock market or bash the Fed for interest-rate moves. And Clinton has, in typical style, been an aggressive autodidact. Aides recall the time last fall when, nursing an aching back, Clinton spent an afternoon stretched out on a White House couch with one eye on the TV and the other...
There are many challenges to face between now and then. Japan, which, as a banker and buyer, is crucial to any plans for a recovery in Asia, continues to struggle with economic reform. And in the U.S., growth is more dependent than ever on the stock market--which has been powered to new highs on the back of Greenspan's interest-rate cuts during the fall. The link between the Dow and the GDP means that a major correction in the stock market could send the trio's fondest hopes into the dustbin. "They have done a masterful...
Ironically, it's the notion of surprise. The market now values accelerating growth over consistent growth. Starting in the mid-1980s, investors became wary of U.S. industrial and cyclical companies like U.S. Steel and Phelps Dodge, which faced withering competition from abroad. At the same time though, U.S. household brands like Gillette and Nike held sway at home and won new markets abroad. No matter how tough the Japanese competed, you never wore Mitsubishi sneakers or shaved with Sumitomo blades. The top U.S. consumer brands showed consistent growth year after year...
...past few years, the stock market, led by institutional investors, has put a premium on growth that "surprises to the upside" or beats expectations, even though the companies carefully manage those expectations. In the past few years, only companies involved in computing--driven by ever cheaper, more powerful processors, better software and, of course, the Internet--could regularly deliver surprises that pleased investors. Microsoft's ability to "blow away the numbers" when it reported fourth-quarter earnings recently added billions to its capitalization and swelled its lead over steady, reliable General Electric as the world's largest company...
...meantime, the fortunes of the old-line brands have taken a turn for the worse. Overseas markets have turned sour, with, first, Southeast Asia, then Russia and now Latin America producing surprises to the downside. Amazingly, these weakened economies have shown more appetite for computer hardware and software than for fancy razors and soda. A stronger dollar took away some of the pizazz. And some of the great brands have run out of room to show double-digit growth without bumping into one another. This week saw another tough quarter from Pepsi, which can seem to win only...