Word: rollands
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...equal and opposite force at work in the country, and pessimists cite it as an indication of decline. "It used to be that every potential intellectual in Japan read Hegel or Kant," laments Keene. "But no more. The people who seven or eight years ago were reading Romain Rolland are now reading comics...
Although Wall Street still projects an image of shouting brokers and mountains of ticker tape, Rolland and his staff conduct their business with quiet, microchip efficiency in a Chippendale-furnished office. Seconds after the Chemical Bank group decides on a stock to buy, an order is called over a tieline telephone link to a Wall Street broker, who transmits the order to floor traders at the New York Stock Exchange. The transaction is registered quickly in the mammoth computers of the stock exchange, which have the capacity to handle deals for up to 150 million shares a day. A phone...
...Rolland and his top managers have been buying a broad range of stocks that they expect will profit from dwindling interest rates. First they purchased utility issues, such as Arizona Public Service, Tucson Electric Power and Northern States Power. The borrowing costs of those companies will be declining, and that will help profits. Next they moved to housing-related stocks that would benefit if the lower interest rates encourage a pickup in homebuilding. Their favorites: Weyerhaeuser and Georgia-Pacific. Anticipating that consumer spending would increase, Rolland bought Sears, Roebuck and Co., MCA, Procter & Gamble and two drug companies, Syntex...
...sharp drop in the Dow Jones industrial average last Tuesday did not shake Rolland's conviction that a fundamental shift in the market was at hand. Nonetheless, he was concerned enough to hold a new strategy session with his top tacticians. Says he: "In this kind of atmosphere you expect down days, because there are too many people in the market who take their profits and run. But right now we think the trend is still up." Rolland's optimistic outlook: if interest rates continue to decline and confidence in the economy grows stronger, the Dow Jones index...
...methodical at the end of the day as he is at the beginning, Rolland during the past two weeks left his office each evening promptly at 5:30. Then, after having dinner with his wife, who is a truant officer for a local school in New Jersey, and studying some investment reports, he sat down and read a few pages of Robert Ludlum's bestseller The Parsifal Mosaic. After a day of million-dollar dealings, the world of double agents and Eastern European intrigue is a good escape...