Word: stockings
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Dates: during 1980-1989
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Much of the capacity to do that is invisible behind the traditional pillared facade of the New York Stock Exchange. There is still plenty of human hubbub on the trading floor, but less than there used to be in the pre- electronic '60s. Glowing cathode-ray screens now festoon the marble columns of the venerable hall. Overhead, gold-painted tubes conceal telephone and computer cables. Some 450 specialists stand guard at 14 trading posts, a few more than in older days, matching buy and sell orders from stockbrokers...
...from 100,000 to 1 million shares, have ultrapowerful computer complexes of their own. At the lower Manhattan trading floor of giant Merrill Lynch, which handled $184 billion worth of securities last year, batteries of IBM computers and a pair of Amdahl supercomputers have been installed to ensure that stock trades take no more than 15 to 20 seconds...
...floor of Boston's modernistic concrete-and-glass Federal Reserve Building, headquarters of the Batterymarch Financial Management investment firm. Owner Dean LeBaron has designed his own programs for a brace of Prime mainframe computers that daily spit out a list of several hundred sale or purchase contracts, usually for stocks in batches of 5,000 or 10,000 shares. The list is composed by the computers themselves, based on their general instructions of what and when to buy and sell. Up to 23 specially authorized brokers negotiate with the machines as they trade according to their preprogrammed instructions. Always aware...
Increasingly, the big movers and shakers direct their funds not only in and out of U.S. stock markets but abroad. Last year Americans bought additional foreign shares worth $12.8 billion, bringing their total overseas stock ownership to some $41 billion. The number of U.S. mutual funds devoted exclusively to foreign equities has nearly doubled in the past two years, to 43. Foreigners, on the other hand, bought $30.2 billion worth of U.S. stocks last year, bringing their holdings to $126 billion. By last June that total had climbed again, to more than $139 billion...
Some of the major institutional investors scour the world for stock bargains. One who has been roundly rewarded at that game is Peter Lynch, the aggressive manager of the wildly successful Fidelity Magellan Fund (assets: $7 billion), which last year notched up 43.1% growth. Lynch is widely known for his willingness to pick a foreign concern as an investment as readily as a domestic firm. He casts afield to West Germany, the Netherlands and even Finland for his choices...