Word: morgan
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...Chairman Alan Greenspan and company have chopped the benchmark federal funds rate 11 times this year, to 1.75%. In the last recession, the rate fell only to 3%. "This is unlike anything we've seen in the postwar period," says economist Stephen Roach at Morgan Stanley. Recessions that spring from manic business overbuilding, such as this one, were more common before World War II and proved then to be far more difficult to correct, lasting on average about twice as long as recessions caused by Fed rate hikes, Roach notes...
...Renaissance painting as a whole, is the portrait of Giovanna degli Albizzi Tornabuoni, circa 1488, by Domenico Ghirlandaio. She died in childbirth in 1488 at the age of only 20, and it's possible that the image was made after her death, as a kind of monument. (J. Pierpont Morgan, who kept it in the study of his library in New York City, doted on it because it reminded him of his own dead wife, Amelia Sturges.) What is certain, however, is that Ghirlandaio's rich, hot colors and formal precision, his exquisite control of all the microforms within...
...course, not all junk-bond funds are created equal. Those heavily concentrated in telecommunications bonds have been beaten up the worst. Examples include the 26% slide so far this year in the Morgan Stanley High Yield Fund and the 19% drop in the Invesco High Yield Fund--at a time when the junk-fund benchmark is up modestly. Scott Berry, an analyst at Morningstar, advises staying away from such funds because most telecom bonds will remain depressed. Two of his favorite funds are Northeast Investors Trust and Pimco High Yield, which have shied away from telecom bonds and, in Pimco...
...recovery, when the default rate will drop and make the lush yields on junk bonds more secure. That leads investors to bid up junk-bond prices, resulting in a capital gain. "We've already seen some junk bonds rally," says John Fenn, head of high-yield investments at J.P. Morgan Fleming Asset Management. Next year, he believes, junk bonds will deliver on their eye-popping 12% yields and produce a capital-gain kicker worth an additional 5% to 10%--for a total return of about...
...Additions: Tory Mauseth, F, 5-11, Fr.; Lindsay Page, F, 6-1, Fr.; Morgan Richards, G, 5-10, Fr.; Katherine Mardy, F, 6-1, Fr.; Andrea...