Word: tisch
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Dates: during 1990-1999
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Flash: movies don't kill people. Guns kill people. "What's more troubling," asks Steve Tisch, producer of Forrest Gump and American History X, "a kid with a sawed-off shotgun or a kid with a cassette of The Basketball Diaries? It's not just movies. Lots of other wires have to short before a kid goes out and does something like this. It's a piece of a much bigger, more complex puzzle...
Ritchie is not a film-school wonderboy. "He has no awareness of movie history, and in a way that's refreshing," notes executive producer Steve Tisch. "It sounds funny saying it, but Guy is a guy's guy." If he had given in to other impulses, he could have been, as other wise guys say, a made man. "I left school at 15," Ritchie says, "and got distracted by the ways of the underworld." He was arrested for (but not charged with) robbery after a police search of his home yielded TVs, VCRs and stereos with no serial numbers. Ultimately...
...Tisch's "short" positions in various individual stocks and the S&P 500 index produced losses of $918 million as the market rose in 1997. The losses mounted this year: $534 million in the first quarter and $134 million in the second quarter. Finally, in the mayhem of the third quarter, his bearish bets paid off with gains at Loews of $368 million. Being right--but too early--cost Tisch's company $1.2 billion. That should make your last 401(k) statement look a little better...
...stock until they get even or go broke. That's a fatal attitude. When a stock has fallen, you've lost the money whether you sell or not. Take another look, and be ready to accept that you might have missed something the first time. That's what Tisch did. Last quarter Loews "reduced its exposure" to the stuff that produced the massive losses. Now is a good time to look at your losers. If you wouldn't buy them at this price, consider selling to lock in a tax savings before year...
...Contrary investing is an art. Big money can be made betting against the herd. But the herd often gathers considerable momentum. The art is in knowing when it's running out of steam. If, like Tisch, you're right but early, you may pay dearly. Instead, try value investing: hunt for solid stocks whose prices are low relative to their book value or expected earnings. Such stocks will probably rise, and if they fall, won't fall...