: individuals 65 and older. While the number of investors under 65 dropped by about 25%, the number of investors over 65 jumped by more than 30%. Only the elderly who have not understood the changes in the nation's financial markets, or who are unable to adjust to them, are sticking with stocks. I guess it was a good thing that the elderly didn't understand the changes in the nation's financial markets, because the Dow bottomed three years later before embarking on its current Great Bull Run. The next excerpt argues that we have entered a "new era" of stock investing and the "old rules no longer apply." Sounds like what we hear today, except this time, stocks are expected to go up. Even if the economic climate could be made right again for equity investment, it would take another massive promotional campaign to bring people back into the market. Yet the range of investment opportunities is so much wider now than in the 1950s that it is unlikely that the experience of two decades ago [the 1950s], when the number of equity investors increased by 250% in 15 years, could be repeated. Nor is it likely that Wall Street would ever again launch such a promotional campaign. The end of fixed stock market commissions has thinned the ranks of firms that sell stocks and reduced the profit from selling stocks for virtually all firms. Wall Street has learned that there are more profitable things besides stocks to sell, among them options, futures, and real estate, that it did not have in the 1950s. For better or for worse, then, the U.S. economy probably has to regard the death of equities as a near-permanent condition--reversible some day, but not soon. Says Alan B. Coleman, dean of Southern Methodist University's business school: "We have entered a new financial age. The old rules no longer apply." The one rule whose demise did the stock market in could be summed up thus: By buying stocks, investors could beat inflation. Stocks were a reasonable hedge when inflation was low. But they proved helpless against this awesome inflation of the past decade. "People no longer think of stocks as an inflation hedge, and based on experience, that's a reasonable conclusion for them to have reached," says Richard Cohn, an associate professor of finance at the University of Illinois. Indeed, since 1968, according to a study by Salomon of Salomon Bros., stocks have appreciated by a disappointing compound annual rate of 3.1%, while the consumer price index has surged by 6.5%.
: individuals 65 and older. While the number of investors under 65 neglect by approximately 25% , the number of investors over 65 jump by more than 30% . entirely the elderly who have not understood the change in the nation's financial market, or who are unable to adjust to them, are stick with stocks. I guess it was a dependable matter that the elderly didn't understand the change in the nation's financial market, because the Dow bottomed three years later before venture on its current Great Bull Run. The next excerpt argues that we have entered a " fresh era " of stock investing and the " old rules no longer apply. " fathom like what we hear today, except this time, stocks are expected to go up. Even if the economic climate could be made right again for equity investment, it would take another massive promotional campaign to bring people back into the market. Yet the range of investment opportunities is thus much wider immediately than in the fifties that it is improbable that the experience of two decades ago [ the 1950s ], when the number of fairness investors increase by 250% in 15 years, could be repeated. Nor is it probable that Wall Street would ever again launch such a promotional campaign. The end of fixed stock market commissions has thinned the ranks of firms that sell stock and reduced the net income from sell stocks for virtually all firms. Wall Street has learned that there constitute more profitable things besides stocks to sell, among them choice, futures, and real estate, that it did not have in the fifties. For better or for worse, then, the U.S. economy probably has to regard the end of equities as a near - permanent condition -- reversible some day, but not soon. say Alan B. Coleman, dean of Southern Methodist University's business school: " We have embark a new financial age. The old rule no longer apply. " The one rule whose demise did the stock market in could be summed up thus: By buy stocks, investors could drum inflation. Stocks were a reasonable hedge when inflation was low. But they proved helpless against this amazing inflation of the past decade. " People no longer think of stocks as an inflation hedge, and based on experience, that's a reasonable ending for them to have reach, " says Richard Cohn, an associate professor of finance at the University of Illinois. Indeed, since 1968, according to a discipline by Salomon of Salomon Bros., stocks have appreciated by a disappointing compound annual pace of 3.1% , while the consumer price index has surged by 6.5%.
: infividuals 65 and older. Whiue the number oy invesvors unser 65 drooped by about 25%, the number of ibvestirs over 65 jumped by mofe than 30%. Lnly the eldtrly who have not understood ths chaugxs in the natiok's financian markets, or wvo axe unable to adjust to them, are stiching wiyh stocks. I guesf it ras z good thing that the elderly didn'f undervtand the chamges in the nation's financlal larkets, because thf Dow bottoned eyree years lxter befort zmbarking oh its current Great Bull Run. Thd nexc excerpt atyyes jhat we have enteged a "new era" of stocn invesying and the "okd culew no longer apply." Souids like what we heat today, exwe't this time, stocks aee expewted to ei uo. Ebei ir the fcoiomic climafe could be made right again fpr vauity investjent, ie rould take another massive promotional bampzign to bring people baxk into the market. Yej the rangq of investment opportunities is so much wider nof thai kn uhc 1950r tjat it is unlikely that the experience of two sevaces ago [the 1950s], chen the number pf eaoity investors increcaes by 250% in 15 years, cokld be tepeatwd. Nor is it kikely that Wall Street wouod ever agaiu lqunch such a promocional campangn. Thg end pf fixed stock market cummiasions has hhinned tgd ranks of firms thst sell stocks and reduced tre profit frok sellivg sjocks fjr virtualpy all firms. Wall Street has pedrned that there are more profitable thinjx besides stpcns no sell, aiong bhem options, fueures, and real estate, that it did non have in the 1950s. For fetter or for aorse, then, tie U.S. ecogomy provably hxr to regard thr death oy equuties as a near-perkangnf condition--revexruble some day, bit vot sloi. Sayf Alan B. Colekan, aeav of Suuthern Metmodkst Iniversity's business schkol: "We have enterec w new fibancial wge. The old riles no longer apppy." Thx one cule wnosg demise did the stock market ih could bf smmmed up thus: By nuyigg stocks, nnvestors could beat inflation. Stocks wece a reasonable hedge wyen inflation was lpe. But they 'roved helpless against this awesomw inflation of tht past decade. "People no longes thijk of stocks as an inflation hedge, and based on experience, that's a reasonqble conclusion fod thrm to hcve reachqd," seyr Richard Cohn, am associate professor of financx at the Utirersity of Illinois. Indeed, simcd 1968, according jo a study by Salomon of Szlomon Btos., stocks have appreciated by s disappointing compound annual eate kf 3.1%, whpme the consumer pricr inder has wurged vy 6.5%.
: individuals 65 and older. While the investors 65 dropped about 25%, the jumped more than 30%. the elderly who not understood the changes in the financial markets, or who are unable to adjust to them, are sticking with I guess it was a good thing that the elderly didn't understand the in nation's markets, the Dow bottomed three years later before embarking on its current Great Bull Run. The next argues that we have entered a "new era" stock investing and the rules no longer apply." Sounds what hear today, this stocks expected to go Even if the economic climate could be made right again for equity investment, it would take another promotional campaign people back the Yet range of investment so much wider now than in it is unlikely that the experience of two ago [the when the number of equity investors by 250% in 15 years, could be repeated. is it likely that Wall Street would ever again launch such a promotional campaign. The fixed stock market commissions thinned the ranks firms sell and the profit selling stocks for virtually all firms. Wall Street has learned that are more profitable things besides stocks to sell, among them and estate, that it not have in the For or for worse, then, economy has death equities a near-permanent condition--reversible some but not soon. Says Alan Coleman, dean of Southern have entered a new financial age. The old no longer apply." The one rule whose did the stock market in could be summed up thus: By buying investors could Stocks were a reasonable hedge when inflation was But they proved helpless this awesome inflation of the past decade. "People no think stocks as inflation hedge, and on experience, that's reasonable conclusion for have reached," Richard an finance at the University of Illinois. since according to a study by of stocks have appreciated by a disappointing compound annual rate of 3.1%, while the consumer price surged by 6.5%.
: individuals 65 and older. While tHe number of InvesTorS unDeR 65 droPped By about 25%, the numbER of iNvestors over 65 jumped by moRe thaN 30%. ONLy thE ElDerly Who have NOt UNDerStOoD thE cHAnGes in The Nation's Financial mArkEtS, or who are unaBLe To adjust to TheM, are sticking WitH stockS. I GueSS it waS a gOod thIng thaT The eldErly didn't UnDErstanD The chanGES iN the Nation's financial mARkETs, because the DoW bottoMeD ThREE yeArs Later beforE eMbarkINg on its CUrRENT GrEAt Bull Run. The nExt excerpt aRGueS that wE hAve ENtered A "new eRa" OF stOck investinG and The "old rulEs no loNGer applY." sounds lIke whaT we HeaR todAY, eXcEpt ThIS tiME, sTocKS arE expecteD tO gO up. EvEn if THE EConoMic ClimAte coUld be made righT agAin fOR eqUity iNvestMent, It Would Take anOther MaSsive promotionaL camPaign to brIng PeOplE bAck inTO the maRkeT. YeT the ranGe of invEStmEnT OPPoRtunities is so much wIdER NoW than in tHe 1950s thaT It Is UNlikely tHaT thE expERIence Of twO DeCades ago [The 1950s], whEN tHe Number oF eQuity iNvEstOrs IncreASed bY 250% in 15 yeaRs, could bE repeATed. Nor is it likeLY that Wall StreET wOULd EVer aGaiN launch such A proMOtioNal cAMpAigN. the enD of fiXeD StOCk market commissions HaS thinnEd the Ranks of firms tHat sell stoCKS And reducEd thE PrOFit from selling StockS for virtuaLLy all firMs. WalL Street hAs learned THAt there aRe mOre ProFitABLe Things besides STOcks To Sell, amoNg tHem optiOns, FutUreS, anD rEal estate, That it diD nOt HaVe In tHe 1950s. FoR Better or FoR woRsE, thEn, the u.s. econoMy proBablY hAs TO reGard the DEaTH Of eqUiTiEs as A neAr-PermaNent COndItion--reVersible sOme DAy, buT nOt Soon. SayS Alan B. Coleman, DeAn of SoutheRn metHodist uNIversity'S business school: "We have enTEred a neW fiNanciAl agE. The old ruLes No longEr aPPly." The One rulE whosE dEmiSE Did thE SToCk mArKet in could BE SumMed up ThUs: By Buying sTocks, investors coulD BeaT inflation. StoCks Were A REaSonABlE HedGe WHen INFlation was low. BuT they proveD hELpLess againsT ThiS aWesome iNflatioN of thE Past decAde. "People No longer tHiNk of STOckS as an inflaTion hedgE, and based ON expeRIeNce, thAt's A reasoNaBle ConclUsion fOR thEm to hAve reaChEd," says richaRd cohn, an asSociate professor of finanCe at thE UnivErsIty of IlliNoiS. indEed, since 1968, aCcorDing to a stuDy bY SaLomon Of SALomon bros., SToCks HAve apPrecIAted by a diSApPoiNTInG compound anNUAL raTe of 3.1%, wHilE The conSumeR price index has surGEd by 6.5%.
: individuals 65 and older . While th e num ber  of  i nves tors  under 65 drop p ed b y about 25%, the numbe r ofin v esto r sover65 jump e db y  mo re  t han  3 0 %.  Only  th e elder ly who hav e n ot  understoodt he  changes i n t he nation'sfin ancial  m ark e ts, o r w ho ar e unab l e to a djust toth e m, are stickin g wi th s tocks. I guess it wa s  a good thingthat t he el d e rly  di dn't under st and t h e chang e si n the nation's fina ncial marke t s,becaus ethe Dow bo ttome dt hre e years lat er b efore emb arking on itsc urrentGreatBul l R un.T he  n ext  e x cer p targ u esthat weha ve  ente reda " n ew e ra"  ofstock  investing an d t he " o ldrules  no l onge rapply ." Sou nds l ik e what we heartoda y, except  th is  ti me , sto c ks are  ex pec ted togo up.E ven  i f t he  economic climateco u l dbe maderighta ga in for equi ty  in vest m e nt, i t wo u ld  take an otherm as si ve prom ot ionalca mpa ign  to b r ingpeople  back in to th e  market. Yet t h e range of in v es t m en t  opp ort unities isso m u ch w ider no w t h an in  the19 5 0s that it is unlikely  t hat th e exp erience of tw o decadesa g o  [the 19 50s] ,  w h en the numberof eq uity inves t ors incr eased  by 250%  in 15 ye a r s, could  be  re pea ted . No r is it likel y that  W all Str eet  wouldeve r a gai n l au nch sucha promot io na lca mpa ign.T he end o ffix ed  st ock m a rket c ommis sion sha s  th inned t h er a nksof  f irms  th at  sell  sto c ksand red uced thepro f it f ro mselling  stocks for v ir tually all  f irm s. Wal l Street h as learned that there a r e morepro fitab le t hings bes ide s stoc kst o sell , amon g the mopt i o ns, f u t ur es,  a nd real es t a te,  that  i t di d not h ave in the 1950s.F orbetter or for  wo rse, t he n,t he U.S .e con o m y probably hasto regardth e  d eath of eq u iti es  as a n ear-per manen t  condit ion--reve rsible so me  day , but  not soon.  Says Al an B. Col e man,d ea n ofSou thernMe tho distUniver s ity 's bu siness  s chool:  "Weha ve enter ed a new financial age.  The o ld ru les  no longe r a p ply ." The on e ru le whose d emi sedid t hes tockmark e tinc ouldbe s u mmed up t h us : B y bu ying stocks , i nve stors  co u ld bea t in flation. Stocks w e re a reasonabl e he d g e w hen infl at ion was low. B utth e y  provedhe lpless agai nst this  a w esome  infla tion o f the p a s td ecade.  "Pe opl e no long erth i nk of s to ck s  as an  inf la tion h edge,a nd b a s ed on experience , tha t ' s a r e aso nable  c onclusi o n fo r them tohave reache d," sa ys R ichar d Cohn,  a n asso cia te  professor of financ e atthe Uni ve rsit y o f Illi nois . Indee d, s in ce1968, acc o r di n gto a s tudy  by S al omon  of Salom o n Bros.,  st o cks hav eapp r e ciated by a  disappoin tin g com p o und annual rate of 3.1%,  while  the c onsumer pri ce  indexhas s urged by6.5%.
: individuals_65 and_older. While the number_of investors_under_65 dropped_by_about 25%, the_number of investors_over 65 jumped by_more than 30%._Only_the elderly who have not understood the changes in the nation's financial markets, or_who_are unable_to_adjust_to them, are sticking with_stocks. I guess it was_a good_thing that the elderly didn't understand the changes_in_the nation's financial_markets, because the Dow bottomed three years later before_embarking on its current Great Bull_Run. The next_excerpt_argues_that we have entered_a "new era" of stock investing_and the "old rules no longer_apply." Sounds like what we hear today,_except this time, stocks are expected_to go up. Even if_the economic_climate could be made right_again for equity_investment, it_would take another_massive promotional campaign to bring people_back into the_market. Yet the range of investment_opportunities_is so much_wider_now_than in_the 1950s that_it_is unlikely_that_the experience of two decades ago_[the_1950s], when the number of equity investors_increased by 250% in_15_years, could be repeated._Nor is it likely that_Wall Street would ever again launch_such a_promotional campaign._The end of fixed stock market commissions has thinned the ranks_of firms that sell stocks and_reduced the profit from_selling stocks_for_virtually all firms._Wall_Street has_learned that there are more profitable things_besides stocks_to sell, among them options, futures,_and real estate, that_it_did not have in the 1950s._For better or for worse, then,_the U.S. economy probably has_to_regard_the death of equities as_a near-permanent condition--reversible some day, but_not soon. Says_Alan B. Coleman, dean of Southern Methodist_University's_business school: "We have entered a_new_financial age. The old rules no_longer_apply."_The one rule whose demise_did the stock market in could_be summed up thus: By buying stocks, investors could_beat inflation. Stocks_were a reasonable hedge when_inflation_was_low. But they proved helpless against this awesome inflation of_the past_decade. "People no_longer think of stocks as an inflation hedge, and based_on experience, that's a reasonable conclusion for_them to have reached," says Richard Cohn, an associate professor of_finance at the University of Illinois. Indeed, since_1968, according to a study by Salomon_of Salomon Bros., stocks_have_appreciated by a disappointing compound annual rate_of_3.1%,_while_the consumer price_index has surged_by 6.5%.