Word: stockings
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Dates: during 1980-1989
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...long as Wall Street was blooming, mutual funds seemed to promise the impossible: a place where cautious people could plant their money, ignore it and let it grow, as safely as in a bank but as fruitfully as in the stock market. Millions of new investors could not resist. Take Charles Jayson. Last year the Manhattan retailing executive bought 510 shares in a stock fund managed by Boston's Fidelity Investments (total assets: $75 billion). "I wanted to be in the market," says Jayson, 30, "but I wanted something I didn't have to watch every...
...America's 12 million shareholders in stock mutual funds, these are indeed uncomfortable times. Since the market peaked in August, the assets of equity-based mutual funds have fallen 21.1%, from $234.3 billion to $185 billion. That was a slightly worse showing than the market as a whole, as measured by the Standard & Poor's Index of 500 stocks, which fell 20.9%. Fidelity's flagship Magellan fund, worth $12 billion in August, has shed 31% of its value. Pioneer II, a $4.4 billion fund three months ago, has lost...
Though seasoned investors vowed to wait out the market, many newcomers who had never heard a bear market growl found the sound just too menacing. During the last two weeks of October, shareholders drained a total of $13 billion out of stock mutual funds. Of that, $9 billion flowed into money-market funds, which hold Government securities, bank certificates of deposit and other sturdy investments. At Franklin Resources in San Mateo, Calif., redemptions in October reached $550 million, a level more than three times as high as in a typical month. "It was a stampede," said Monte Gordon, director...
Around the Ivy League, the value of universities' endowments suffered losses of at least $40 million each in the wake of the devastating stock market crash of October 19, officials said this week...
...were concerned about the level of the stock market for over a year. We put in a portfolio plan to insure us," Field said. "We did not liquidate our stocks, we were selling short," he said...