Word: moritz
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...keep buying consumer goods on credit--the so-called "wealth effect." But a drop in the Dow Jones index or some other shock could quickly erase those paper gains and choke off the spending boom. So while the Clinton Administration is touting consumption-driven growth, Dresdner Bank's Ernst-Moritz Lipp is critical. "We shouldn't praise as an important development something that is due to an unsustainably low savings rate driven, in turn, by an asset-price bubble," he says...
Their first meeting with a venture capitalist, Michael Moritz of Sequoia Capital, was all they needed. "With no promotion, no advertising and just word of mouth, something was happening," Moritz recalls. "Jerry and David had developed something for themselves that, I think probably to their great surprise and consternation, was as attractive to other people as it was to them." Moritz took a gamble on the entrepreneurs and gave them $1 million for a 25% stake (it turned out to be a good bet--that stake would now be worth around $2 billion). Stanford told them they could keep...
...dictionary. "We thought it fit well with what we were doing. It was irreverent, it was reflective of the Wild West nature of the Internet, and a lot of people found it easy to remember, which we thought was probably good." Yang also says that when he asked Moritz if they should change the name to something more serious, Moritz replied that if they did, he'd take back his money...
...Winter Olympics are inaugurated in Saint Moritz, Switzerland. The U.S. garners three gold medals and finishes an unofficial third, behind Sweden and Switzerland. During the Games, Dick Button '52 becomes the first American to win a figure skating title. The Summer Olympics, held between July 29 and August 14 in London, ended more favorably for the U.S. team. They claimed the unofficial team championship, winning 33 gold medals...
...fact that there are now Russian and Chinese skaters is different from the days of St. Moritz. "Also, everyone was truly an amateur," Button added...