Word: stockely
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Dates: during 1970-1979
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...equally worrisome assessment came from London, where the authoritative International Institute for Strategic Studies, taking annual stock of the global "military balance," declared that the Soviets' "impressive" all-round modernization not only gives the Warsaw Pact the edge over NATO in a prolonged ground war but also poses a direct threat to America's own intercontinental missile systems. "It will be eight to ten years before the United States could again restore a degree of invulnerability to their land-based deterrent forces," the IISS concluded...
...mood is shifting toward stimulating investment rather than consumption. Some steps in that direction were the Revenue Act of 1978, which slashed maximum capital gains taxes from 49% to 28%, and the appointment of the tough-minded Volcker to the Fed. Though a tight money policy temporarily holds back stock prices, it stands to retard inflation in the longer...
Other factors also contrive to make the market look fairly attractive. The last two bull markets started during recessions, after interest rates fell and investors began to sense recovery ahead. Also, stocks now are cheap. Corporate profits have almost doubled in the past four years, but many blue-chip stocks of big, old companies are selling at mid-1975 prices. The increasing number of corporate takeover bids suggests how undervalued they are. The Dow industrials are selling at 93% of book value, the worth of the assets minus the liabilities and divided by the number of shares outstanding. Thus...
...fairly strong bull market has been under way in the secondary stocks, including those of the smaller oil and gas companies, newer high-technology firms and takeover candidates. While the Dow has been languishing over the past four years - it was at 840 in September 1975 - the index of over-the-counter stocks has gone up 94% and the American Stock Exchange index has risen...
...bears are lumbering out of hibernation. Market Analyst David Bostian of Bostian Research Associates, one of the Street's better-known pessimists, is trumpeting that the Dow could reach 2,000 within five years. Schroder Naess & Thomas, which manages $1.3 billion of institutional accounts, decided to increase its stock holdings by at least 25% because it was fearful of missing the market altogether. Explains Research Director John Groome: "We may be premature, but we are going to be there when the market explodes on the upside." That is widely expected to occur when inflation, interest rates and the dollar...