Word: portfolios
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...making half of such profits untaxable, the G.O.P. plan would effectively cut the capital gains tax rate from 28% to 19.8%. The lowest tax rate for wages, when Social Security taxes are included, is about 23%. Thus in proportional terms the sale of 200 shares from a stock portfolio might be taxed more lightly than the paycheck of a cleaning lady...
...potential for big payoffs. And many investors see good reason to believe they will keep on coming. Says Duncan Richardson, a portfolio manager with Eaton Vance of Boston: "We're in a world of single-digit growth. If you find an investment north of 15% a year, you're probably looking to a technology company." Byron Wien, a managing director of Morgan Stanley, feels the technology group is in a long-term growth phase rather than the kind of boomlet experienced by energy and casino stocks in the late 1970s. Mutual-fund managers with big investments in technology insist...
...Scheiber made her fortune is as fascinating as why she gave it away. By the time she retired from a $3,150-a-year auditor's job at the Internal Revenue Service in 1943, she was already investing her $5,000 savings account in a stock portfolio. During her career reviewing other people's assets, she had noticed that most who left substantial estates had accumulated their money through common stocks. So Scheiber, who had earned a law degree and passed the Washington bar exam before joining the irs, studied the stock markets with the same precision that...
...grew quickly, says William Fay, her stockbroker for 25 years. "After World War II, stocks really took off. While $5,000 sounds like a nominal amount, it could have increased fivefold in five years," says Fay, who retired from Merrill Lynch two years ago. At Scheiber's death, her portfolio had increased more than 4,000 times. Especially profitable were 1,000 shares in Schering-Plough that she had originally bought in 1950 for $10,000; by 1994 they had grown to 60,000 shares worth $4 million...
...encouraged her to invest in money-market funds and tax-exempt bonds. By the early 1980s her cash flow from interest and dividends was more than $200,000 a year, which she used to buy more tax-exempt notes and bonds. These accounted for 30% of her portfolio at the time of her death...