Word: marketization
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Dates: during 1990-1999
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...Value investing still works. "I like to look at asset plays, stuff that makes sense no matter which way the market goes," says Carl Icahn, one of the few '80s raiders still plying that trade. Buying stocks with low multiples of earnings is out of fashion in today's Internet market. But that's where the long-term values...
...best kind of deal is one that works out well for both sides," says Sumner Redstone, CEO of Viacom. AutoNation chairman H. Wayne Huizenga says, "You never know when you'll find yourself sitting across the negotiating table from that person again." In market terms: Forget the last fraction. Pigs get slaughtered...
When Valerie Hermes got married two years ago to James, a divorced man with three children, her life-style changed dramatically. Before you could say "sport utility vehicle," the 29-year-old Dallas market researcher had moved to the suburbs and thrown herself into instant parenthood. Yet despite the many hours she has spent caring for her stepchildren, Hermes says they are often angry at her. "I'm there, and I'm doing all these mother things," she says. "I'm making their lunch, and I'm helping them with their homework, and I'm doing all of this stuff...
When Internet stocks and other market darlings such as cable and computer companies hit the skids early last week, a cry arose from the cobwebbed corners of Wall Street where things like dividends and profits are revered--finally, the curmudgeons could crow about reality setting in. EBay, selling at 8,000 times earnings, had been exposed; Net mania was over. By week's end, though, those who would deflate the bull market in profitless companies got a familiar lesson: bubbles die hard, and this one still...
...which went from $167 to $116 in a blink, was quickly back at $146. Amazon.com poster child for Internet speculation, shot from $184 to $159 to--gads!--$210. With lightning speed the reversal was reversed, and what had been shaping up as a seismic shift in the market turned out to be just a sneeze...