 take 3% of its U.S. equity allocation and put it into shares of companies based in Japan, Germany, Britain, and France. "The attraction is that these economies are growing at a rate equal to or better than our own and have business cycles different from ours," says Howard H. Ockelmann, the big oil company's investment officer. Undoubtedly, another reason for the surge of investment in foreign stocks is the negative attitude toward business in the U.S. "The Japanese do everything they can to make their strongest and most competitive companies do well. Americans attack their largest and most successful companies," says Andrew J. Hutchings, an equity manager for Royal Trust Co. in Toronto. The next few excerpts were from a companion article stating how even Wall Street was abandoning equities and were in a fight to stay alive: Wall Street looks beyond stocks As investors have fled equities, so Wall Street, to survive, has fled them, too. Indeed, the flight from equities, combined with the freeing of fixed brokerage commission rates on May 1, 1975, has changed the very nature of the securities industry. And while the industry has markedly fewer firms than it had, and thus should be sounder financially, the truth is that Wall Street's future still is very much in doubt. "Anybody who thinks that it will be easy sailing for Wall Street during the 1980s is dead wrong," says James Balog, senior executive vice-president of Drexel Burnham Lambert Inc. in New York. "There still are many problems that we must deal with."...securities firms will continue to diversify away from equities, all the while hoping that the stock market will somehow regain some of its luster and make their task somewhat easier. At the same time, executives of those firms will be devising and implementing new long-term strategies, not really knowing whether they or their organizations will remain in the business long enough to reap the benefits from some of these plans. The final excerpt from the end of the article makes the conclusion that stocks are no longer the best long-term investment alternative for retirement savings. Whatever caused it, the institutionalization of inflation--along with structural changes in the communications and psychology--have killed the U.S. equity market for millions of investors. "We are all thinking shorter term than our fathers and grandfathers did," says Manuel Alvarez de Toledo of Shearson Loeb Rhoades Inc.'s Hong Kong office. Today, the old attitude
take 3% of its U.S. equity allocation and put it into parcel of ship's company based in Japan, Germany, Britain, and France. " The drawing card is that these economies are grow at a rate equal to or good than our own and have business cycle different from ours, " says Howard H. Ockelmann, the adult oil company's investing officer. Undoubtedly, another reason for the surge of investment in foreign stocks is the negative position toward business in the U.S. " The Japanese do everything they can to make their strong and most competitive companies suffice well. Americans assail their largest and about successful companies, " says Andrew J. Hutchings, an equity manager for Royal Trust Co. in Toronto. The adjacent few excerpts were from a companion article stating how even Wall Street was abandoning equities and were in a fight to last out alive: Wall Street looks beyond stocks As investors have fled equities, so Wall Street, to survive, has fled them, too. Indeed, the escape from equities, combined with the liberation of situate brokerage house commission rates on May 1, 1975, has changed the very nature of the securities industry. And while the industry has markedly few firms than it had, and thus should be sounder financially, the truth is that Wall Street's future still is very much in doubt. " Anybody who thinks that it will be easy sailing for Wall Street during the 1980s is dead wrong, " says James Balog, aged executive vice - president of the united states of Drexel Burnham Lambert Inc. in New York. " There however are many problems that we must deal with. "... securities firms will stay to diversify away from equities, all the while hoping that the lineage market will somehow regain some of its luster and make their job somewhat easier. At the like time, executives of those firms will be devising and implementing fresh long - condition strategies, not very knowing whether they or their organizations will remain in the business long enough to reap the benefits from some of these plan. The final excerpt from the conclusion of the article makes the conclusion that stocks are no longer the best long - condition investment alternative for retirement economy. Whatever caused it, the institutionalization of inflation -- along with structural changes in the communications and psychology -- have killed the U.S. fairness market for millions of investors. " We are all thinking shorter term than our fathers and grandfathers do, " suppose Manuel Alvarez de Toledo of Shearson Loeb Rhoades Inc.'s Hong Kong office. Today, the old position
 tane 3% of its U.S. equity allucation and put it intm sharss of coopanies based in Japan, Germaiy, Beitaib, and France. "The attraztion is nhat thesw ecibomies are growing at a dwte zqnal to or bettet than our ofn and have buviveds cycles different from ours," says Roward N. Lckelmann, the fig pyl ckmpany's investment officer. Undoubtsdly, anmther reason gor the surge of investmenh in foreign stocks is the negatice aeritude towara business in the U.S. "Tge Japanese do everything they zan tp make theur stgmngest and nost bompetitive companies do welk. Americans atback vheie largest and most surcessful companies," swys Andref L. Hutchings, an equity mqnaget for Royxo Tfusu Cp. jn Torlntk. The next few excerprs were from a compsnyin article stzting ror even Wall Street was abandoning equitpes znd were in a fight to wtay alive: Wall Streej looks berond stocks As investors have fled equities, so Wanl Stcedt, uo survkce, has fled them, too. Indeed, the flight from equyfits, bombined with the freeing of flxrq brokerage cummissnkn rates on May 1, 1975, had changgd the very nattre pf the securities industry. Qnd while thv ineustry has markedlv fewer firmr thsn it had, and thus should be souhder financlally, the gruth is that Waul Xtseet's fuujre still is very much in voubt. "Anybodh whp thinhs that it will be easy sailing fog Walp Vtreet durlng the 1980s is dead wrong," says James Balog, senipr exvcutive vnce-prexident of Drevel Burnham Lakbert Iuc. in Vew York. "Tgere stmll are many problems thad we must dean with."...sesuriries firms dkll continue tp diversiyv away frim equities, all thc whius hoping that tkt suoxk market will sooehjw rxgain vome of its nustdr xmd maye their tawy sokewhat easier. At the sams time, executives pf those furms wilj be devising and implementing jew lmng-verm syrajegies, not really knowing whethsr they og tmeir organizaeionw will remaiu in the business long enough to reap thx benefits from some of these plans. The fiuak excerpt fcom thq end of dhe article makes thw conclusion that stocks are no longer the bast llng-term investment alternative for retirement savings. Whatever caused it, rhe institutionaliaatipn of iuflction--aljng xivh structural chamges in the communications and 'sychology--vare killed the U.S. equity markey wor millions uf investors. "We are all fhinking shorter term than our fathers snd grandfathers did," sayx Manuel Alvadez de Tolxdo of Shearson Loeb Rhoadzs Inc.'w Hong Jong office. Today, thr lld attitkde
take 3% of its U.S. equity allocation it shares of based in Japan, attraction that these economies growing at a equal to or better than our and have business cycles different from ours," says Howard H. Ockelmann, the big company's investment officer. Undoubtedly, another reason for the surge of investment in foreign is negative toward in the U.S. "The Japanese do everything they can to make their strongest and most competitive do well. Americans attack their largest and most companies," says Andrew J. an equity manager for Royal Co. Toronto. The few were a companion article how even Wall Street was abandoning equities and were in a fight to stay alive: Wall Street beyond stocks have fled so Street, survive, has fled Indeed, the flight from equities, combined of fixed brokerage commission rates on May 1, has changed very nature of the securities industry. while the industry has markedly fewer firms than had, and thus should be sounder financially, the truth is that Wall Street's future still much in doubt. "Anybody thinks that it be sailing Wall during the is dead wrong," says James Balog, senior executive vice-president of Drexel Lambert Inc. in New York. "There still are many problems must with."...securities firms will to diversify away from all while hoping that the will regain luster make task somewhat easier. At same time, executives of those will be devising and really knowing whether they or their organizations will in the business long enough to reap benefits from some of these plans. The final excerpt from the end the article conclusion that stocks are no longer the best investment alternative for retirement Whatever caused it, the institutionalization of inflation--along with structural in communications and killed the U.S. market for millions investors. "We are shorter term our and Manuel Alvarez de Toledo of Shearson Rhoades Hong Kong office. Today, the attitude
 take 3% of its U.S. equity allocatiOn and put it Into sHarEs oF cOmpaNies Based in Japan, GeRMany, britain, and France. "The attRactiOn IS thaT ThEse ecOnomies ARe GROwiNg At A raTe EQuAl to oR beTter thaN our own and HavE bUsiness cycleS DiFferent froM ouRs," says Howard h. OcKelmanN, tHe bIG oil cOmpAny's iNvestmENt offiCer. UndoubTeDLy, anotHEr reasoN FOr The sUrge of investment iN FoREign stocks is thE negatIvE AtTITudE toWard busineSs In the u.s. "The JapANeSE DO evERything they caN to make theiR StrOngest AnD moST compeTitivE cOMpaNies do well. AMeriCans attacK their LArgest aND most suCcessfUl cOmpAnieS," SaYs andReW j. HuTChIngS, An eQuity manAgEr For RoYal TRUST co. in torOnto. the neXt few excerpts WerE froM A coMpaniOn artIcle StAting How eveN Wall stReet was abandoniNg eqUities and WerE iN a fIgHt to sTAy alivE: WaLl STreet loOks beyoND stOcKS aS iNvestors have fled eqUiTIEs, So Wall StReet, to SUrViVE, has fled ThEm, tOo. InDEEd, the FligHT fRom equitIes, comBInEd With the FrEeing oF fIxeD brOkeraGE comMissioN rates on may 1, 1975, haS Changed the very NAture of the secURiTIEs INdusTry. and while the InduSTry hAs maRKeDly FEwer fIrms tHaN It HAd, and thus should be soUnDer finAnciaLly, the truth is That Wall StREET's future StilL Is VEry much in doubt. "anyboDy who thinkS That it wiLl be eAsy sailiNg for Wall sTReet duriNg tHe 1980s Is dEad WROnG," says James BalOG, SeniOr ExecutiVe vIce-presIdeNt oF DrExeL BUrnham LamBert Inc. iN NEw yoRk. "theRe stiLL are many PrOblEmS thAt we mUSt deal With."...sEcurItIeS FirMs will cONtINUe to DiVeRsifY awAy From eQuitIEs, aLl the whIle hoping ThaT The sToCk Market wIll somehow regAiN some of its LuSteR and maKE Their tasK somewhat easier. At the samE Time, exeCutIves oF thoSe firms wiLl bE devisIng ANd implEmentiNg new LoNg-tERM straTEGiEs, nOt Really knowING whEther ThEy or Their orGanizations will remAIn iN the business lOng EnouGH To ReaP ThE BenEfITs fROM some of these plaNs. The final ExCErPt from the eND of ThE articlE makes tHe conCLusion tHat stocks Are no longEr The bEST loNg-term inveStment alTernative FOr retIReMent sAviNgs. WhaTeVer CauseD it, the INstItutiOnalizAtIon of iNflatIoN--along wiTh structural changes in thE commuNicatIonS and psychOloGY--haVe killed tHe U.S. Equity markEt fOr mIllioNs oF InvesTors. "wE aRe aLL thinKing SHorter terM ThAn oUR FaThers and graNDFAthErs diD," saYS ManueL AlvArez de Toledo of SheARson Loeb RhoadeS Inc.'S hOng konG OffiCe. today, the old attItuDe
 take 3% of its U.S. equit y allocati on an d p utit  int o sh ares of compan i es b ased in Japan, Germany , Bri ta i n, a n dFranc e. "The at t r act io nisth a tthese  ec onomies  are growi ngat  a rate equa l  t o or bette r t han our ownand  havebu sin e ss cy cle s dif ferent from o urs," say sH owardH . Ockel m a nn , th e big oil company ' si nvestment offi cer. U nd o ub t e dly , a nother rea so n for the sur g eo f inv e stment in for eign stocks isthe ne ga tiv e  attit ude t ow a rdbusiness in  the  U.S. "Th e Japa n ese doe verythi ng the y c anto m a ke  t hei rs tro n ge sta ndmost com pe ti tivecomp a n i e s do  we ll.Ameri cans attack t hei r la r ges t and  most  suc ce ssful  compa nies, "says Andrew J.Hutc hings, an  eq ui tyma nager for Ro yal  Tr ust Co.  in Tor o nto .T h e  n ext few excerpts w er e fr om a com panion ar ti c le stati ng  ho w ev e n  Wall  Str e et  was aba ndonin g  e qu ities a nd  werein  afig ht to stay  alive : Wall S treet looks beyond s t ocks As inves t or s ha v e fl edequities, s o Wa l l St reet ,  t o s u rvive , has  f l ed them, too. Indeed,th e flig ht fr om equities,combined w i t h  the fre eing of fixed brokerag e com mission ra t es on Ma y 1,1975, ha s changed t he verynat ure  of  th e se curities indu s t ry.An d while  th e indus try  ha s m ark ed ly fewerfirms th an  i tha d,and t h us shoul dbeso und er fi n ancial ly, t he t ru th isthat Wa l lS t reet 's  f utur e s ti ll is  ver y  mu ch in d oubt. "An ybo d y wh oth inks th at it will be  e asy sailin gfor  WallS t reet dur ing the 1980s is dead w r ong," s ays  Jame s Ba log, seni orexecut ive vice-p reside nt of  D rex e l  Burn h a mLam be rt Inc. in N ewYork.  " Ther e still  are many problems tha t we must dea l w ith. " . .. sec u ri t ies  f i rms w ill continue to  diversify  a w ay  from equi t ies ,all the  whilehopin g  that t he stockmarket wi ll  som e h owregain som e of its  luster a n d mak e  t heirtas k some wh ateasie r. Att hesametime,ex ecutiv es of  t hose fir ms will be devising and  imple menti ngnew long- ter m  st rategies,  not  really kn owi ngwheth ert hey o r th e ir  or g aniza tion s  will rem a in  in t he  business l o n g  en oughtor eap th e be nefits from someo f these plans.  The f ina l e x cerp tfrom the end o f t he a rticle m ak es the conc lusion t ha t  stoc ks are  no lo nger th e be s t long -ter m i nvestment  al te r nativefo rr etirem entsa vings.  Whate v er c a u sed it, the inst ituti o n aliza t ion  of i nf lation- - alon g with str uctural cha nges i n th e com municat io ns and  ps yc hology--ha v e killedthe U .S. equ it y ma rke t formill i o ns of  inv es tor s. "We ar e al l  t hi n kin g sh orter  t ermthan ourf athers a ndg randfat he rsd i d," sa y sM a nuel Alvar ezde To l e do of Shea r sonL oe b  Rhoa des In c.'s H ong Kon g  of fi ce. Tod ay, t he old at titude
 take_3% of_its U.S. equity allocation_and put_it_into shares_of_companies based in_Japan, Germany, Britain,_and France. "The attraction_is that these_economies_are growing at a rate equal to or better than our own and have_business_cycles different_from_ours,"_says Howard H. Ockelmann, the_big oil company's investment officer._Undoubtedly, another_reason for the surge of investment in foreign_stocks_is the negative_attitude toward business in the U.S. "The Japanese do_everything they can to make their_strongest and most_competitive_companies_do well. Americans attack_their largest and most successful companies,"_says Andrew J. Hutchings, an equity_manager for Royal Trust Co. in Toronto._The next few excerpts were from_a companion article stating how_even Wall_Street was abandoning equities and_were in a_fight to_stay alive: Wall_Street looks beyond stocks As investors_have fled equities,_so Wall Street, to survive, has_fled_them, too. Indeed,_the_flight_from equities,_combined with the_freeing_of fixed_brokerage_commission rates on May 1, 1975,_has_changed the very nature of the securities_industry. And while the_industry_has markedly fewer firms_than it had, and thus_should be sounder financially, the truth_is that_Wall Street's_future still is very much in doubt. "Anybody who thinks that_it will be easy sailing for_Wall Street during the_1980s is_dead_wrong," says James_Balog,_senior executive_vice-president of Drexel Burnham Lambert Inc. in_New York._"There still are many problems that_we must deal with."...securities_firms_will continue to diversify away from_equities, all the while hoping that_the stock market will somehow_regain_some_of its luster and make_their task somewhat easier. At the_same time, executives_of those firms will be devising and_implementing_new long-term strategies, not really knowing_whether_they or their organizations will remain_in_the_business long enough to reap_the benefits from some of these_plans. The final excerpt from the end of the_article makes the_conclusion that stocks are no_longer_the_best long-term investment alternative for retirement savings. Whatever caused it,_the institutionalization_of inflation--along with_structural changes in the communications and psychology--have killed the U.S._equity market for millions of investors. "We_are all thinking shorter term than our fathers and grandfathers did,"_says Manuel Alvarez de Toledo of Shearson Loeb_Rhoades Inc.'s Hong Kong office. Today, the_old attitude