Word: stock-market
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MicroStrategy's reversal stems from a practice endemic in dotcom-land--overstating revenues. In the Internet twilight zone, where profits rarely exist, evaluating complex revenue streams can turn more on esoteric judgments than on accounting canon. The right outcome can add billions to a company's stock-market value. "It's a dangerous and uncertain game," says Howard Schilit, president of the Center for Financial Research and Analysis, a forensic accounting firm that issued two early warnings on MicroStrategy. "You know your stock could be dead meat if results are a couple of cents short, so you may sit down...
...apostle of the new economy is now citing increasing productivity as a source of inflation. To many economists, it's like saying vitamin C causes colds. The chairman is also concerned that we're feeling a little too cocky these days and spending too much of our stock-market wealth. He's gone so far as to suggest that stock prices should not rise more than the growth of the overall U.S. economy--in other words, less than...
...pare the U.S. budget deficit, which has succeeded beyond anyone's wildest fantasies. Among other things, he noted, the fiscal achievement turned what government economists in the mid-1990s projected would be a $400 billion deficit in fiscal 1999 into a $120 billion surplus. At the same time, individual stock-market investors are behaving almost like professional venture capitalists, ignoring short-term profits--or the lack of them--in favor of long-term gains. "There's been a real strengthening of equity culture," he said...
...that, Naim saw growth possibilities of 2% to 3% in the region. U.S. trade and foreign investment have made Mexico a comparative bright spot, and Brazil has begun to recover from a slump. But the improving prospects depend on continuing prosperity outside the region. "It is wrong that a stock-market crash in the U.S. could benefit emerging markets," said Naim. "When there is a correction, money flows out of the American stock market into bonds--not to emerging markets...
Running the Fed is an ever more complicated chore these days. Greenspan has to wrestle with whether he should curb stock-market inflation, not just consumer-price inflation, and whether he should tolerate rapid growth, hoping productivity gains keep wage and price inflation in check...