Alex Berenson
Alex Berenson
Alex Berensonis a former reporter for The New York Times and the author of several thriller novels and a book on corporate financial filings...
NationalityAmerican
ProfessionAuthor
Date of Birth6 January 1973
CountryUnited States of America
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It's one of the fundamental principles of the stock market: When interest rates go up, stocks go down. And along with financial companies and cyclicals, technology companies - with their sky-high price-to-earnings multiples - should be among the biggest losers in an environment of rising rates.
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At any moment, one company stands in the spotlight of the middle ring in the stock market's never-ending circus. It may not be the biggest corporation in the world, or the most profitable, but somehow it both mirrors and leads the market's broader action.
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Most of America never noticed, but the 1990s were good times for trailer homes, a.k.a. manufactured housing. From 1991 to 1998, annual sales of manufactured homes more than doubled, to 374,000 from 174,000.
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For investors who do want to speculate in high-yield bonds, one alternative may be a junk bond mutual fund, which can offer investors the relative safety of diversification.
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Big companies often use their leverage to take stakes in would-be suppliers, especially in the technology business.
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In general, great companies prefer to grow 'organically,' as Wall Street likes to say. That is, from the inside out, by finding new markets or by taking market share from their competitors.
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Fannie Mae is owned by shareholders but operates under a federal charter that exempts it from paying state or local taxes. As a result, many professional investors think the government would repay the debt that Fannie Mae had issued if the company could not, although Fannie Mae explicitly says that its bonds do not carry a federal guarantee.
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Institutions like mutual funds often worry that if they disclose their plans to buy a stock, copycats will move quickly and drive up the stock before the purchase is completed.
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Higher productivity enables companies to increase sales without adding workers. Even if job markets tighten and wages rise, corporate profits can continue to climb as long as worker productivity is growing faster than overall wages.
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Enron had already collapsed and filed for bankruptcy protection by the beginning of 2002. But despite complaints from short sellers that corporations had used accounting gimmickry to inflate their profits, many investors thought the crisis at Enron was an isolated case.
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To economists, prices serve as crucial signals to producers and consumers. In a regulated market, the state sets prices high enough for private companies to cover their costs and earn a guaranteed profit for their investors. But in a deregulated market, prices should vary with demand and supply.
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African runners regularly work out in the United States and Europe, and the International Olympic Committee sends some of the cash from the Games to Olympic committees in poor nations, which use the money to finance their own programs.
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Big banks have long had private equity divisions that put up capital for deals too complex or risky for individual shareholders to finance.
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To finance deficits, the government must sell bonds to investors, competing for capital that could otherwise be used to invest in stocks or corporate bonds. Government borrowings raise long-term interest rates, stifling economic growth.