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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John W. Snow was paid more than $50 million in salary, bonus and stock in his nearly 12 years as chairman of the CSX Corporation, the railroad company. During that period, the company's profits fell, and its stock rose a bit more than half as much as that of the average big company.
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Short sellers sell stock they have borrowed, hoping to buy it back later when its price has fallen.
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Investors have been too willing to buy stocks with strong reported earnings, even if they do not understand how the earnings are produced.
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The stock prices of networking equipment companies like Cisco Systems and Nortel Networks sometimes seem as if they are priced for perpetual success.
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The details of the personal expenses that executives put on the company tab often are not known because loopholes in federal disclosure rules let publicly traded companies generally avoid disclosing the perks they give executives along with pay and stock options.
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Rising interest rates are considered bad for stocks because they raise the cost of doing business and depress corporate earnings and because higher yields make bonds relatively more attractive than stocks to investors.
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Lower interest rates are usually considered good for stocks because they lower the cost of borrowing and make bonds a less attractive alternative investment.
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Corporate executives often buy or sell shares in their companies, and stocks rarely rise or fall significantly when those transactions are reported.
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Technology investment drove growth in the 1990s, both directly and by fueling a rising stock market that led to increased consumer spending.
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On the New York Stock Exchange, all buy and sell orders are routed through a single 'specialist,' guaranteeing that most small trades can be matched directly. But most larger trades are delivered to the specialist on the floor of the exchange by human brokers, a system that big investors view as increasingly inefficient.
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Of course, the discounting of future earnings should hurt all stocks. But it should hurt technology stocks more than others, because so many of them are valued at extremely high levels relative to their current earnings.
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Insider trading is hard to prove. To be convicted, a person must have bought or sold a stock based on material information that is both unknown to the general public and likely to have had an important effect on a company's stock price.
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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.