Business: Will Success Breed Excess?

A heady market for soaring new technology and energy stocks

New issues are an illustration of capitalism at its best, or worst, depending on how you look at it," says A. Robert Towbin of L.F. Rothschild, Unterberg, Towbin, an investment banking firm that specializes in fledgling companies selling their first stock to the general public. The money these businesses raise helps them to expand, but the stock can be a high-risk game since these young companies are frequently dealing with promising but untested technologies in untried markets. Despite the uncertainties involved, investors are now...

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