Word: moneys
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Dates: during 1990-1999
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What did the Harken bosses see in Spectrum? Some productive oil wells, to be sure, but mostly they saw the son of the sitting Vice President. "His name was George Bush. That was worth the money they paid him," says Harken founder Phil Kendrick, who sold the company in 1983 but stayed on as a consultant. Whatever the motivation, it was liberating for Bush. He had money and no day job, a combination that let him accept an offer that had been lurking in the back of his mind for more than a year--a job that would provide action...
...other children are as much a part of us. Right now, it is tremendously exciting that there are two [Bushes] in public life, and I want their desires to be fulfilled. But Bar and I are going to stay out of the fray. We can help raise money. If George W. wants to talk, he can call me. But I'm enjoying turning down all requests for interviews. I don't miss being in politics...
...better part of two years. Never mind that to these outfits, profit is mostly a concept. They had cool products, hip clients, catchy names, irreverent ads, promise--lots of promise--and more. They had panache. They were cocktail chatter, and their stocks (and stockholders) were giddy. The money-losing online bookseller Amazon.com long ago blew past venerable Sears in terms of market value. At the time, investors gasped and marveled. They kept buying, but at least they noticed. By April, though, Amazon's worth was fast approaching that of Sears and Wal-Mart combined, and nobody was paying attention...
...fast. The Net wonders aren't dead. They're just going to behave differently as this industry, like so many before it, enters the next phase of development. That phase will include the creation of tons of stock as new IPOs flood the market in search of easy money (yours). And it will include the inevitable shakeout as investors sort out the jewels from the junk. The only question is, How fast will all this happen...
This is the nature of capitalism. A new idea comes along. Investors throw money at it. Eventually, an economic model emerges. At that point, the winners win big, and everyone else goes broke. The Street's role is to make sure that enough money gets thrown at the idea so that the profitable model takes shape quickly. This weeding-out process is time-tested, from the advent of trains, planes and automobiles early in the century to the more recent arrival of electronics, computers and biotechnology. Consumers almost always benefit; the average investor almost always is better off waiting...