>Good evening James,
Here is your Money Mail for Friday, April 28.
THE BUZZ AT THE BELL
If you are feeling battered by the recent and merciless
volatility of the stock market, know that the market spares
no one, not even the mightiest. The market is an equal
opportunity batterer (and bestower of fortunes). Today
Stanley Druckenmiller, manager of Soros Fund Management's
Quantum Fund (the world's largest hedge fund) and Nicholas
Roditi, manager of Soros' Quota Fund, both resigned their
exalted positions. Druckenmiller moved Quantum heavily into
tech stocks late in 1999 to end up 35% for the year. But in
the past two months, Quantum has lost roughly $2 billion,
or 20% of its value. "I screwed up," Druckenmiller told
Reuters. "I should have got out in February." His boss,
billionaire investor George Soros, added: "It is my desire
to reduce equity exposure due to high valuations and high
volatility."
The stock markets seem to be settling into something like
February's doldrums: The Nasdaq was up 86 points and
the Dow was down 154. Fearing inflation and rising interest
rates, investors seemed to be moving out of interest
sensitive cyclicals and blue chips and into tech stocks.
Trading was light. |
