Word: towbin
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Dates: during 1960-1969
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Wall Street's Lehman Brothers has been one of the biggest floaters of growth stocks (Litton, Beckman, etc.). At first, most other big Wall Street houses showed little interest in the field. Smaller houses with low overhead and a hungry eye stepped in. Says Belmont Towbin of C.E. Unterberg, Towbin: "We've made 30 to 40 millionaires"-including himself. Wealth has worked no great change in the lives of most of the new executive millionaires. They are a new breed too interested either in their companies or in scientific research to indulge themselves with their new fortunes. Arnold...
...whole will do. These are the fundamentalists, the security analysts who spend their time studying the profits, prospects and management of individual companies rather than trying to fathom the market's movements. Nobody, they caution, "should buy the market," even when it is going up. Says Belmont Towbin, partner of the highly successful Wall Street underwriting firm of C. E. Unterberg, Towbin Co. (TIME, April 13, 1959): "The general movement of the stock market is the result of many variables. An error in judgment on any single variable can lead to the wrong conclusion...