I saw these in Forbes the other day and thought they were worth sharing…
80 Years Ago – October 1, 1928
Heading for a Crash
We have been witnessing a gamblers’, not an investors’, market. At this writing, it possesses most of the earmarks of imminent reversal of form. But the daring and influential pool manipulators have repeatedly demonstrated they can wield unprecedented power over quotations for their various favorite issues, and it may be that they will continue in command.
25 Years Ago – October 24, 1983
Gambling at AIG
AIG makes its money taking risks other companies shun. Finding and writing unusual, sometimes prickly, products has long been AIG’s game. And a profitable game it is for a company that takes in $5 billion a year in premiums. AIG is one of the few property/casualty insurers still making some underwriting profit.
10 Years Ago – December 14, 1998
The Lure of the Hedge
Despite the horror stories, the bluest-chip Wall Street firms – Morgan Stanley; Goldman Sachs; Merrill Lynch; Bear Stearns – continue to actively court hedge fund business. They do so for the simple reason that hedge funds are ideal customers – creating huge volume, frenetic trading, vast debit balances and lots of short sales.