Word: walls
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Dates: during 1990-1999
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...Merrill's death, in 1956, the firm had some 400,000 clients and had become the largest brokerage in the country, a distinction it holds to this day. But Merrill died a sorely disappointed man. Wall Street had not rushed to follow his example, as he had hoped, and the majority of the country, still scarred by the memory of the Depression, was not ready to plunge back into stocks. He was simply too far ahead of his time...
There are many other people--mutual-fund pioneer Ned Johnson at Fidelity Investments and discount broker Charles Schwab, to name two--who over the course of the next 40 years helped push Wall Street and Main Street closer together. Yet for all their innovations, they remain at bottom Merrill's heirs. Their modern investing mantra is the same basic message he preached so many years ago-- that people should invest for the long haul; that they should have a clear understanding of the companies they are buying; that despite the hair-raising ups and downs, stocks have historically outperformed every...
...graduated from Yale in 1921 and worked briefly on Wall Street but got thoroughly bored. Planes fascinated him, though. Trippe was convinced that the future of travel was in the air. With an inheritance, Trippe began a business with Long Island Airways in New York, a taxi service for the well-heeled. When that failed, he raised money from some wealthy Yale pals and joined Colonial Air Transport, which won the first U.S. airmail contract, between New York City and Boston. That same crowd liked to play in the Caribbean (excellent choice), where he created Pan American Airways Inc. from...
...That same year, S.S. Kresge launched K Mart, F.W. Woolworth started Woolco and Dayton Hudson began its Target chain. Discounting had hit America in a big way. At that time, Walton was too far off the beaten path to attract the attention of competitors or suppliers, much less Wall Street...
...Wall Street's favorite boss today is the power tool who can shred humanity like an old memo to "create value." GE's Jack Welch, soon after becoming CEO, earned the label "Neutron Jack" for closing plants and laying off workers. He's a prince compared to "Chainsaw" Al Dunlap. A West Point graduate and former paratrooper, Dunlap struck like Sherman and crowed about it. At Lily Tulip he fired 50% of the corporate office; at Crown-Zellerbach, 20% of the work force; at Scott Paper, 11,000 employees. After firing 6,000 at Sunbeam, Chainsaw himself got axed...