Word: stein
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...investors will have to choose stocks more carefully than in the recent past. Very few thinly held stocks of small companies are likely to double and quadruple in a short span of time, as many did just two or three years ago. "When you look at the charts," says Stein, "you can tell right away that the buoyant stocks today are those of companies with really sound records and sound prospects. This means that the market is building a solid, sensible base. That's healthy. It would be too bad to see another boom built...
...Stein likes to keep close watch on social problems and political currents in order to sense more keenly how they may affect movements in the market. "In the late 1960s," he says, "we had a market that rose to a peak because it was built on speculation and hope. Then came the big decline, and millions of people got hurt. Today there is a return to conservatism in America. A majority of people cherish the forms of this society, but are fearful that they will be destroyed. Today they see nothing to make them hope. We are still...
...major mover in the securities markets, Howard Stein is deeply concerned by Wall Street's difficulties. He has brought together, and acts as quarterback for, a group of seven leading moneymen, who travel from many parts of the U.S. to meet regularly, usually at Dreyfus' Manhattan headquarters, to discuss inflation and the economy, the problems of the brokerage business and the future structure of the exchanges. Among the men who attend the four-hour sessions are Thomas Reeves of Investors Diversified Services, Wellington Fund's John Bogle, Mellon Bank's Lloyd Pederson, InterCapital's Fred Stein (no kin), and Kidder...
...Stein has often voiced criticism of the major forces in the market. He condemns the amateurism and greed of brokerage-house partners who took out virtually all the profits when times were good and who now have difficulty surviving when times are glum. He maintains that the New York Stock Exchange has followed rather than led the pace of change and modernization. He holds that the Securities and Exchange Commission, partly because it is understaffed, waits too long to attack some obvious problems in the securities business...
Many of the problems that Stein and others deplore have been caused at least partially by the rise of the mutual funds and other institutional investors. The funds have grown from almost nothing before World War II to $39 billion in assets today. The mutual funds rank right after the pension funds as the biggest institutional shareholders. Though brokers derive some income from selling mutual fund shares, the funds nevertheless represent a threat not only to brokerage houses but also to savings banks and savings and loan associations. All are competing for the dollars that Americans have to invest...