Word: stocke
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Dates: during 1990-1999
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...strikeout for true investors and a smash for Jacobs. He keeps essentially all voting rights and pockets enough cash to go shopping finally for the pro football team he's wanted ever since the Cleveland Browns fled to Baltimore two years ago. What do the buyers get? A stock certificate that says all-stars Sandy Alomar and David Justice work for them now. But of course we know that athletes work for themselves. So all that the shareholders really get is a fancy sheet of paper that may or may not develop collectible value. There's little else to underpin...
Fools' footprints have been left in plenty of onetime high-flying IPOs. Boston Chicken, the eatery, could do no wrong when it sold stock in 1993. Adjusted for splits, it initially traded at over $25, but today the stock is under $2 and worth less than a plate of meat loaf with a couple of sides. Netscape's IPO in 1995 was part of Round 1 of Internet mania. Adjusted for splits, the browser company initially traded near $36, but today is around...
...protection of kids that most concerns the commission. A number of sites try to trick children into giving their names and addresses and worse. One unidentified "child-directed" site, according to the report, even asked each visiting kid "whether he or she has received gifts in the form of stock, cash, savings bonds, mutual funds or certificates of deposit." It also wanted to know if the parents owned mutual funds. To which I say, Any child who knows that is probably not a child...
...maintain, for example, a strict distinction between investing in stocks and trading them--and so should you. My hedge fund is divided into two roughly equal pools of money. The investing side is run in the old-fashioned Benjamin Graham-Warren Buffett tradition of seeking value, mainly among small stocks like savings and loans. Here I approach each investment as if I'm buying the company: I carefully research the financials, management, customers and competitors. I don't have to know when the stock price will rise, only that it will. I don't talk about it much, but historically...
...trading side is a different story. I run that portfolio more like a retailer than a stock picker. I need to have the merchandise that people want on hand when they want it, and if things turn bleak the next day, I want as little inventory as possible. Sometimes I even agree to deliver in the future some merchandise I don't own, because I think I can buy it later at a cheaper price. (This trading of options on the future prices of stocks originated as a way to "hedge" risks, and it's one of the things hedge...