Gene Marcial's Inside Wall Street column has a new home: DailyFinance
Inside Wall Street aims to fill individuals in with the tightly guarded information that only big investors and institutional houses normally get. Inside Wall Street tries to balance such a lopsided situation by reporting on the moves big investors are making based mostly on the information they get by virtue of their huge investing power.
Through the column, ordinary investors glean insights into situations and happenings on Wall Street and inside boardrooms that normally only the major investment houses or corporate insiders are privy to. Of course, these big-money players and corporate insiders will always have the edge in the world of investing, but Inside Wall Street can help chip away that edge.
A couple of examples: Back in the 1980s, when corporate takeover battles were becoming more and more pitched, few could have imagined that tobacco giant RJ Reynolds would get attacked. Except for Inside Wall Street readers. Two weeks before the big buyout battle erupted in the headlines, I wrote in the column why I thought this behemoth was soon to become a takeover target after I heard about it from a few of my very savvy sources.
Dow Jones for Sale? No Way
More recently, Inside Wall Street created much controversy and garnered attention in 2007, when I wrote that venerable publishing company Dow Jones & Co., whose stock price was lagging, was also vulnerable to a takeover. Inside Wall Street readers learned about this before anyone else had a clue.
Who would dare launch such a buyout? I wrote the story after one of my money-manager sources, who held a stake in Dow Jones, wrote a letter to its board of directors that the share price was too undervalued, and that the company should do something to enhance its value -- including thinking the unthinkable: selling the company. There were denials everywhere, and many questions about the column's veracity. But end of story: Rupert Murdoch swept it up.
Over the years, Inside Wall Street has broken all kinds of stories and has "discovered" companies, particularly mid-cap to small-cap stocks, that ultimately became prominent. Investors who took note often profited handsomely. But not always, of course. There are no guarantees in investing -- which is why even the biggest-money, most-connected players don't always win either.
Inside Wall Street has a long history, but briefly, I started writing it for BusinessWeek in 1981 (Aug. 3, to be exact), which hired me from The Wall Street Journal, where I was writing the prominent Heard on the Street and Abreast of the Market columns after working up from a staff reporter spot over seven years. I've also written two books: Secrets of the Street, The Dark Side of Making Money, published by McGraw-Hill in 1995, and Gene Marcial's Seven Commandments of Stock Investing, published by FT (Financial Times) Press in 2008.
Bloomberg, which now owns BusinessWeek, decided to drop the magazine's columns, but I'm ready now to start over. DailyFinance will be the home of Gene Marcial's Inside Wall Street Column. It's an exciting new beginning for me and my column.