Word: stockings
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Dates: during 1980-1989
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...when the market started to fall sharply on Oct. 14, customers began bailing out of Fidelity's 75 stock funds. Caught off guard with not enough cash on hand to meet the flood of redemptions, Fidelity was forced to sell shares heavily. On Oct. 19 alone, it sold nearly $1 billion worth of stock and thus helped to intensify the crash. Because Lynch is an aggressive fund manager who is usually light on conservative stocks, the Magellan Fund was especially hard hit by the collapse. An investment of $1,000 made on Sept. 30 is now worth...
...north of Boston, he admitted to having qualms as early as January, when the Dow Jones industrial average broke 2000 and stood more than 157% above its 1982 low point. What bothered him was that the market seemed to bear no relationship to the performance of the companies whose stocks were being traded. Corporate earnings for 1986 had been no larger than they were in 1982 and 1983, and yet stock prices were more than twice as high...
...summer Lynch was less nervous. In fact, he once again became a true believer in the bull. Reason: the healthier corporate profits he had been looking for had started to arrive. "Here I had this lurking fear that there were no longer any values in the stock market, and, lo and behold, what was starting to unfold was that earnings were coming back." Behind the rise were a determined cost-reduction campaign by American business and the long decline of the dollar, which encouraged U.S. exports and made imports less competitive. Says Lynch: "The popular opinion is that America...
...Wednesday, Oct. 14, the stock market, shocked by disappointing trade figures, suffered its first big quake -- a record 95.46 drop in the Dow. That posed a dilemma for Lynch and his wife Carolyn, 41, a physical therapist. They had long been planning to leave on Oct. 15 for a trip to Ireland. "Should we do this?" they asked each other. But Lynch rarely took long vacations, and he was especially reluctant to cancel this one. Though his roots are as Irish as homespun Donegal tweed, he had never been to the home of his ancestors. Besides, could an avid golfer...
When he finished playing 18 holes at Killarney on the morning of Black Monday, it was two hours prior to the opening of the New York Stock Exchange because of the five-hour transatlantic time difference. Lynch called up his traders with sell orders, since the wave of redemption requests had swelled over the weekend. On his list of stocks to be dropped: Abbott Laboratories, Amoco, Capital Cities/ABC and many more. Then Lynch traveled to the small coastal town of Dingle and checked in at the Sceilig Hotel just before 2:30 p.m., as the 9:30 a.m. starting bell...