Word: witter
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Dates: during 1990-1999
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Practically everyone has a bull-market story, and collectively these tales illustrate the depth of the market's penetration into our social consciousness. Barton Biggs, the veteran investment strategist at Morgan Stanley Dean Witter, recalls a party at his summer house last month. The septic system backed up, and the plumber who came to save the party did so in more ways than one. The plumber recognized Biggs from his TV appearances and immediately commenced quizzing him on the market. "I told him I would be cautious at this point," Biggs says. The plumber begged to differ. To the amusement...
...stronger in stocks. The Travelers umbrella also includes companies that sell life insurance, property and casualty insurance, annuities, mutual funds and credit cards. Travelers Group's stock market value of $55 billion will now dwarf such giants as Merrill Lynch ($24 billion) and the newly formed Morgan Stanley, Dean Witter Discover ($33 billion). Its securities division, recast as Salomon Smith Barney Holdings, instantly joins Merrill and Morgan in the very top tier of Wall Street houses...
...anyone in the history of commerce to get into the market. That's what Alan Greenspan, Warren Buffett, George Soros and others have been suggesting for months. And that is why some of Wall Street's top strategists are lightening up on stocks. Barton Biggs at Morgan Stanley Dean Witter opens his newest report with the line "I am raising more cash." It doesn't mean a crash is imminent or even inevitable. But the current pace cannot continue, and it is increasingly likely that a big dip is coming--one that won't be followed by a quick recovery...
...tobacco executives have the upper hand. Odds are they could go on winning in court for years. But they are just plain wrong to ignore the wisdom of the market. For starters, the $10 billion-a-year figure is a red herring. David Adelman, tobacco analyst at Dean Witter Discover, believes the industry could get the figure down to $3 billion or less. But even at the higher figure, "it's not a lot of money" under certain scenarios, notes Roy Burry, an analyst at Oppenheimer & Co. No industry has greater pricing flexibility, and every nickel-a-pack increase generates...
...much fun it would be if we could tell the blue bloods to stuff it. The elite banks have long cut us out of things like hot, new stock offerings and timely access to news, research and trading. Too bad Dean Witter, in such a strong position that CEO Philip Purcell emerges as the top executive at the combined firm, didn't adopt the stuff-it 'tude for us. Maybe Purcell figures that the price was right and that with commercial banks becoming big players in the brokerage business, he had to act. Or maybe he's hedging his bets...