Word: mutuals
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Look at how fixated we've become with the daily ups and downs of the Dow--how our hearts race when the market is up and how we sag when the market does. Or look at how we've turned mutual-fund managers like Peter Lynch into celebrities. Most of all, look at the extraordinary extent to which we now rely on stocks to fund our retirement, send our kids to college and allow us to lead the kind of comfortable lives we view as middle class. We believe in the market today with something approaching religious faith...
There are many other people--mutual-fund pioneer Ned Johnson at Fidelity Investments and discount broker Charles Schwab, to name two--who over the course of the next 40 years helped push Wall Street and Main Street closer together. Yet for all their innovations, they remain at bottom Merrill's heirs. Their modern investing mantra is the same basic message he preached so many years ago-- that people should invest for the long haul; that they should have a clear understanding of the companies they are buying; that despite the hair-raising ups and downs, stocks have historically outperformed every...
...Maranzano was too late. He was killed by police impersonators, hit men provided by Lansky and mutual friend Benjamin ("Bugsy") Siegel. More rubouts followed, in a well-orchestrated cutback of old-time Sicilian gangsters. Yet Luciano's management style would be far different from that of his Chicago counterpart Al Capone, who spent more time killing than doing business...
When the 1980s and '90s turned into the age of personal investment--courtesy of the 401(k)--as well as celebrity capitalism--courtesy of Michael Milken's junk bonds and the bull market--MONEY was joined by a passel of rivals, including SmartMoney, Worth and Mutual Funds, each of which made the eternal promise of investment journalism--pssst, you can beat the market...
1950s The U.S. and the dollar reign supreme. The boomer economy fuels construction of homes, schools and highways. e bad news. mutual assured destruction...