Word: tisch
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...stock market can make anyone look bad--even a billionaire investor like Laurence Tisch, who will step down as CEO of Loews Corp. by year's end. Shareholders may wish he had stepped down sooner, given his errant attempts to time the market over the past two years. Tisch, a contrarian, is smarter than most. After oil prices receded in the early '80s, his company bought oil tankers and drilling rigs at scrap-metal prices and later sold them for a tenfold gain. But he's lost big betting the company's cash against the Standard & Poor...
...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...
...this cheap since October 1990." Chief guru Abby Cohen at Goldman Sachs similarly says, "Stocks are trading at undervalued levels." But at Morgan Stanley Dean Witter, chief strategist Barton Biggs insists that "we are either in or on the verge of a bear market." And the wily investor Larry Tisch at Loews Corp. just reconfirmed a massive options bet on lower prices...