Word: mutuals
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...McConnell accepted defeat and warned his colleagues what the new world might look like. "This is mutual assured destruction of the political parties," he said. "There won't be one penny less spent on politics it just won't be spent by the parties." Instead, he predicted, there would be a "battle of billionaires over the political discourse in this country" as power was transferred from the parties to the press, academia, Hollywood and the richest individuals. He says half a dozen Democrats came up later and said they were stunned by what they had done to their party...
...feel vindicated that the make-believe companies are crashing down." JOHN ROGERS JR., chairman of U.S. firm Ariel Mutual Funds, on the plight of Internet companies in the ongoing tech bust...
...more Europeans have joined in the equity game, they haven't proven any less fickle than their American counterparts. Michael Saunders, chief European economist at Salomon Smith Barney, says the most recent money flow statistics for mutual funds suggest that Europe's retail investors are scaling back their investments and may even be pulling out. Why? "Retail investors have tended to be momentum investors," says Saunders. Equity funds did not do very well last year, and investors who have seen losses on their year-end statements are just retreating in disgust. In other words, they're fighting last year...
...that line! From the end of 1997 through March 2000, some $112 billion flowed into aggressive growth stock mutual funds, the kind that load up on the Yahoos and Akamais. Investors anted up $52 billion to buy 585 tech IPOs during the same period--roughly the same amount spent on twice as many deals over the previous eight years. At the peak, just over a year ago, tech stocks accounted for 35% of the S&P 500's market value, up from 12% in 1995. It was a mania for the ages, and you were in the front...
...cynic would suggest the bonhomie was a sign that none thought the bill had a chance of passing. But a realist would give them credit for trying, while recognizing it as the protective warmth that envelops any effective mutual-aid society. Campaign finance reform may be an arcane subject, but it is also a matter of survival for politicians, as familiar as their morning coffee. And the senators were using their intimate knowledge of the subject to protect themselves and each other...