Subject:
J. P. Morgan John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker and art collector who dominated corporate finance and industrial consolidation during his time. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company he merged the Carnegie Steel Company and several other steel and iron businesses to form the United States Steel Corporation in 1901.
He died in Rome, Italy, in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont “Jack” Morgan, Jr., and bequeathing much of his large art collection to the Metropolitan Museum of Art in New York City and to the Wadsworth Atheneum of Hartford, Connecticut. (Wikipedia Jan 2010)
Smooth sailing unlikely
By John Schroy, on May 20th, 2010 | 
Markets can be inefficient for different reasons and persist for long periods. The transition between one type of inefficient market to the next is usually a period of strife and uncertainty which may last five to fifteen years. Looking back at how the economy emerged from previous transitions, I note that in each new period, equity prices started at reasonable levels. This was true at the beginning of the Roaring Twenties, the Post WW II Period, and the Reagan Era. It is as if markets, recognizing prior inefficiencies ‘reset’ and start over. However, for the current market to ‘reset’, it will be necessary for equity prices to fall considerably, which will have dire consequences.
Prudent investment
By John Schroy, on May 10th, 2009 | 
Historical evidence suggests that, in the long-run, equities do not offer protection against inflation.
Inflation usually brings high interest rates, which deflate the value of stocks.
Inflation also confounds ordinary accounting practices and is often associated with bad government and turbulent times.
One thing is certain, however. Stock prices will continue to fluctuate.
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