Word: marketing
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Dates: during 1990-1999
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Taken as a trend, these optimistic titles frighten me. They are the product of a stock market that has gone higher, faster, than just about anyone expected. It's natural to project the recent past to the future. But it's also natural for things to change. Long periods of disappointment have followed long periods of heady market gains at least twice this century...
Books about the market's direction are pure guesswork. Elias and that other Kadlec as much as admit that there's nothing special in their forecasts. Elias predicts Dow 40,000 by 2016, an average annual gain of 9%. Kadlec projects Dow 100,000 by 2020, equal to 11% a year. Given that stocks have returned 17% a year over the past 20 years, it's hard even to call them bulls. About all they're saying is that the U.S. will remain a sovereign nation. I'd call that a real sturdy limb they've climbed onto...
...thin bough. They believe investors are revaluing stocks to a permanently higher plateau. It's a fun argument but boils down to familiar ground: diversified portfolios are superior and safe if held for long periods. A growing awareness of that idea is bringing more investors into the market at ever higher prices, inflating the average stock's price-to-earnings multiple from 10 to 30, and, the authors assert, soon...
...force them to tap long-term savings early. The inescapable risk of stocks is that when you need the money, they may be down. That risk shouldn't keep you from buying stock for the long run, stuffing your 401(k) each pay period and sitting tight when the market turns choppy or goes flat for years. But here's my prediction, and you don't even have to buy my book: short-term risk will become more apparent in coming years, keeping a lot of money out of the market and the Dow below 36,000 long after this...
...which was losing $1,000 a day. The newspaper Ochs already owned, in Chattanooga, Tenn., was almost underwater, and his personal debts were threatening to sink him and the large extended family he supported. His plan was to save the paper and himself by breaking into the big city market. With brilliant personal salesmanship and no little bit of financial finagling, he finally won the backing he needed. On Aug. 19, 1896, he announced on the front page of his newly acquired newspaper that his "earnest aim was to give the news impartially, without fear or favor...