Money managers in search of bargain stocks are looking no further than competitors' backyards, even if the grass isn't necessarily greener.
The Dow Jones Industrial Average, which suffered a rocky third quarter with interest rate and inflation jitters, will rally by year-end to 11,500, predicted New York money manager David Alger, chief executive of Fred Alger Management Inc.
Talk about a tease. The spring rally in value stocks melted as quickly as an April snowshower, and 1999 is shaping up to be another disappointment for value investors.
After Heidi Flammang became a widow at age 27, managing a $1 million insurance settlement proved just about as trying as coping with her grief.
Less than a year after its founder was killed in a plane crash, Robert R. Meredith & Co., a bond shop serving wealthy investors, has been acquired by Ascent Asset Management Advisory Services Inc., a fledgling firm just 4% of its size.
While big investment banks concentrate on fancy schmancy deals in the burgeoning Israeli market, a fledgling money manager in New York is betting that American individuals and pension funds also want a piece of the action.
In his 25 years at the helm of the New York Yankees, George M. Steinbrenner III has earned a reputation as baseball's quintessential control freak. But even he can't control the passage of time.
