Word: splitting
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Dates: during 1990-1999
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Mayr will share the prize with John Maynard Smith of the University of Sussex, England and George C. Williams of the State University of New York. The three will split the $500,000 prize and will receive gold medals at a ceremony in Stockholm this September...
...Buffett, the fabled investor and CEO of Berkshire Hathaway, refuses to split Berkshire's A shares, which traded last Friday for $72,500 each. If stock splits add lasting value to a company, as today's fervor suggests, it's a wonder that Buffett is held in such high regard. His reputation, though, wasn't built by pandering to passing fads...
When a company splits its stock, a share worth, say, $100 becomes two shares worth $50 each. That doesn't change the intrinsic value. But it does make the stock more affordable for small investors, who like to buy in round lots of, say, 100 shares. That's one reason stocks that split have historically got about a 5% lift between the date of the announcement and the actual split. Lately, though, the pop has been more explosive. EBay rose a quick 37%; Xerox, 10%; Microsoft, 12%. People now pay for services that alert them via pager or e-mail...
...Stock-split mania is another version of this greater-fool investing. Yes, studies show that stocks of companies that split their shares outperform those that don't. But that's easy to explain. Splits naturally occur in the best stocks--the ones that go up. The split signals management confidence, but the heavy lifting is done by management execution that delivers earnings. Do that, and the stock will go up whether it splits or not. Just ask Buffett--whose shares have risen, on average, 28% a year since...
...Alger Hiss of being a Soviet spy in the 1950s, the political elite chose sides, and some still aren't speaking. After novelist Mary McCarthy called playwright Lillian Hellman a liar--or, more precisely, said, "Every word she writes is a lie, including 'and' and 'the'"--the literary crowd split in two. They're at it again. That rumbling out of Washington is the sound of a new chattering class feud--and unaligned wordsmiths had better head for the hills...