Word: trillion
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...measure, the NASDAQ accounts for every penny made in the stock market the past 12 months. In that span, the market value of all U.S. stocks increased $2.5 trillion, but NASDAQ stocks alone rose $3.1 trillion. That means non-NASDAQ stocks fell $600 billion. Foreigners are equally gaga. Last year they were net sellers of Treasury bonds for the first time, and they bought a record $107 billion of U.S. stocks. Care to guess which ones...
...would affect your own (considerably more modest) financial situation. But it just might. Thursday, Germany's Deutsche Bank and Dresdner Bank announced plans to join in a "merger of equals" to form Deutsche Bank AG. The new company's total assets will be valued at a jaw-dropping $1.3 trillion, making it one of the largest financial institutions in the world. Not surprisingly, those profits won't be scraped together from the holdings of the average Helmut's personal bank account; the merger announcement included a plan to eliminate the retail (or consumer) services in order to concentrate on corporate...
Many companies are girding for the future by bulking up to unprecedented size. Robert Hormats, vice chairman of Goldman Sachs International, noted that in 1996 there were 211 corporate megamergers (deals worth $1 billion or more) around the world, valued at $1.2 trillion. In 1999 there were 476, worth $3.8 trillion. One of the main spark plugs for the trend was the new European currency, the euro, which encouraged companies to grow outside national borders. Last year more than 60% of the world's megamergers involved European companies. "We're likely to see more megamergers and more countries involved," Hormats...
...President and lost, said just about anything that came into his mind (a clear influence right there) and, in his later years, tempered his social conservatism in ways McCain might be starting to now. Goldwater was a voice for fiscal prudence. When Ronald Reagan ran up a $1.3 trillion deficit during the 1980s, Goldwater lambasted him, demanding the sort of debt reduction that McCain argues for today...
...taking on a bit too much debt. But they're also more invested in the stock market than ever. The growth of their portfolios tempers all that. And I'm well aware that Internet stocks with aggregate net losses and annual revenue of just $30 billion now carry $1 trillion of market value. O.K., that's a burden. But it will lighten gradually as winners and losers shake out. I can hold on long enough. This is the Viagra age. An old guy like me can prop up a lot more than he used...