Word: stock-market
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...turmoil in the bond derivative market, which has persisted since February, has troubled Wall Street watchers because it bears some of the hallmarks of the 1987 stock-market crash. That 508-point plunge on Black Monday was worsened by so-called portfolio insurance, which is computerized programs designed to bail investors out of stocks in a downturn by selling stock futures. But few buyers were willing to come forward while so many others rushed for the exits, and the decline accelerated instead of slowing down...
...boom times for those perched on the upper rungs of the economic ladder. Mexico's claim to First World status begins at its dramatic glass stock-market building towering over the capital's main artery, Paseo de la Reforma. Young brokers in horn-rimmed glasses and imported ties traded the market into a 48% gain last year, even as the national economy slid into recession. In the three months after NAFTA passed in the U.S. Congress last year, more than $7 billion in new money flowed into Mexico, most of it from...
Underlying this success is the buoyancy of individual stocks. Every major U.S. stock index has been hitting new highs. At the same time, foreign exchanges from Singapore to Stockholm have been setting records of their own (see box). All that makes the pros nervous. "By the 5th of November, if we don't have a 10% drop, we will have had the longest-running stock-market expansion in modern times," says A. Michael Lipper, president of Lipper Analytical Services, which tracks mutual funds. "We're clearly long in the tooth." Says Dan Case, president of the San Francisco-based brokerage...
Brokers usually pass the low-cost shares only to clients who generate the fattest commissions. Foley, a stock-market neophyte with a small account, does not fit that profile. "Foley may just be lucky in the stock market," comments Ellen Miller, executive director of the Center for Responsive Politics, a watchdog group. "But it raises the question, Did he get a special deal, and why do people want to be so especially nice to members of Congress...
...philosopher Jacques Maritain at Princeton. Riordan still adorns his speech with quotations from St. Ignatius and G.K. Chesterton. He has a Midas touch as well. After graduating from the University of Michigan Law School, he moved to Los Angeles in 1956 and parlayed his $80,000 inheritance into a ) stock-market fortune. Today, after starting his own law firm and plunging into a 20-year succession of venture-capital deals, he is worth $100 million...