Word: roberts
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Dates: during 2000-2009
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Last year, when finance professor Robert Schwartz decided to put together a conference on volatility in the markets, nobody knew just how timely it would be. In the past few weeks, triple-digit swings in the Dow Industrials have become a matter of course, as seasick investors watch stocks bound up and down, pounded by the day's news, and often, it seems, for no discernable reason at all. In the first few minutes of trading on Friday, stock indexes dropped 5% as the double whammy of deleveraging and a worldwide economic slowdown continued to buffet company shares...
...academics in the room tried to provide some historical perspective. Robert Engle, a finance professor at New York University, put up a chart showing how volatility has played out over the past 80 years. Two bulges were large enough to rival the amount of volatility we're seeing today, representing the stock market crashes of 1929 and 1987. The difference between the two: while the market quickly calmed down after 1987, it took years to regain a sense of normalcy after 1929. "We don't know if this is a '29 or '87 type of spike," Engle said...
...drive trading particularly wild in the opening and closing minutes of most sessions, algorithm-based traders are rewriting programs to squeeze their moves into increasingly narrow bands of time. "It may be good, it may be bad, but I don't thank any of us can stop it," said Robert Almgren, co-founder of Quantitative Brokers...
...coming. There is a massive uncertainty in the air, and in a market it is perfectly logical - perhaps even necessary - for uncertainty to be reflected in asset prices. Uncertainty, as reflected in volatility, is legitimate information, too. In a panel discussion about volatility's implications, Morgan Stanley executive director Robert Shapiro took a step back and asked: "Why is volatility inherently bad?" Maybe it's not. But it is kind of ugly...
...whose soaring economy this decade has sent oil prices rocketing, and helped to ignite a scramble for new oil exploration and drilling in numerous developing countries from Ecuador to Angola, whose economies have surged along with the oil prices. "OPEC needs to see China maintain its rate of growth," Robert Johnston, energy director for the Eurasia Group in Washington said before the OPEC meeting. Without China's continued thirst for new oil, OPEC production cuts will have a limited impact...