Word: stocke
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Dates: during 1990-1999
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Carret took risks outside the stock markets: he joined the Army Signal Corps, a precursor to the Air Force, after graduation from the College and was trained to fly the Sopwith Camel, a vintage airplane...
...pity about Microsoft's new antitrust problem is that it hasn't driven the stock much lower--only a lousy few points, about as noticeable as three words cut from Moby Dick. If you're like a lot of folks, Bill Gates' best seller caught your fancy years ago, but at 30 to 40 times earnings, the price always seemed high. So you waited, and still wait. The stock has had its dips. But they've been brief, and often came with nagging questions: Was its famous growth curve flattening? Was it too slow to the Internet? Would the feds...
Should you buy the stock today? Look at it this way. Since antitrust first surfaced as an issue for Microsoft in 1990, the stock has fallen 10% or more 21 times, according to researchers Birinyi Associates. The average dip was 17% and lasted slightly more than a month. The average recovery was 47% the ensuing four months. On average, an investor who bought at the worst moment (the day before one of those declines) got even in six months--and has shared in Microsoft's glory ever since. The stock has doubled three times in the past four years. Microsoft...
Still, my temperament is more cautious. I'd hold Microsoft but wouldn't buy more just yet. The continuing investigation could push the stock lower than its $85 9/16 at Friday's close. I'd buy if it dropped to about $77. As for Microsoft's sworn enemies, Sun Microsystems (workstations) and Oracle (software) are already good long-term buys and, if things go badly for Microsoft, will do marginally better. But browser company Netscape and PC networker Novell are roadkill. It rarely pays to bet on a tech turnaround. Better to just pay your respects and move...
Mutual funds run by managers tout their stock-picking prowess. But over the past 12 months, only 40% beat the returns of funds pegged to broad market indexes. And the index funds offer lower fees and taxes. Little wonder they're growing far faster. Consider funds like the Vanguard Index Total Stock Market, pegged to the Wilshire 5000 index. It's less volatile than the S&P 500, and its stocks are not so richly priced...