Word: witters
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...fact that stock prices in the U.S. are so high that they have become hypersensitive to any and all adverse news. "It doesn't take much to derail a market that has gone to the moon," says Stephen Roach, chief global economist for Morgan Stanley Dean Witter...
...were sure that a global sell-off would ensue from the Southeast Asian fallout, and we wanted to beat the panickers to the exit. The sell-off remained orderly until Barton Biggs, one of the reigning rainmakers on Wall Street, conducted a conference call with Morgan Stanley Dean Witter clients. Set up by brokers who actually thought Biggs might be bullish, the big shots who dialed in got a dose of fear that would have chilled Roosevelt in '32. Biggs, it seems, had just come back from the Far East, and he was terrified by what he saw. He invoked...
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...