Word: mutuals
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Dates: during 1980-1989
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Gorbachev was not like that at all. He was a quiet and pleasant host with a reputation throughout the district for incorruptibility. Writer Maximov relates a story about a mutual friend, a poet, who asked Gorbachev as a young Komsomol official to help him buy a Volga sedan. Gorbachev obligingly used his influence to speed delivery. The poet promptly sold the car on the black market and returned to ask Gorbachev for help in buying another. Says Maximov: "Gorbachev did not usually lose his temper, but on that occasion he started shouting and threw the poet out of his office...
...many Americans who were hurt in the Crash of '87, few feel as let down as the millions who invested in stock mutual funds. Their money, after all, was in the hands of savvy professionals who, if they saw a disaster coming, would take the necessary precautions to ease the blow...
Wrong. More than 1 million households in Boston's Fidelity Magellan, the biggest and most celebrated mutual fund, watched the price of their shares plunge by nearly 23% in three days of trading. In an unusually candid and revealing series of interviews with TIME, Peter Lynch, Magellan's manager, offers no excuses. "I was caught in a trap," he says. "I should have paid more attention to the red flags out there...
Aftershocks from October's stock crash rumbled through Wall Street last week as several shaken brokerage houses took steps to bolster their financial health. First, Paine Webber agreed to sell up to 25% of its stock to Yasuda Mutual Life Insurance of Japan for $300 million. The brokerage, which lost $16.5 million in October, welcomed the investment as a defense against takeovers...
...BOOK is jam-packed with fascinating rules of thumb from a bygone age. Read Iacocca's book and you'll get nothing but attitude and abstraction. Iacocca would probably tell you to keep your money in real estate or mutual funds. But poker player Johnny Moss has more practical advice: keep your cash in a wad with a rubber band around it--"so's you can throw it in the bushes case you're hijacked...