Word: accountant
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Dates: during 1990-1999
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...information that could be used to adjust the CPI downward for use in figuring cost-of-living increases and adjusting tax brackets to keep inflation from pushing taxpayers into higher brackets. "This type of approach would have the benefit of being objective, nonpartisan and sufficiently flexible to take full account of the latest information," Greenspan said...
...been plenty of good funds, of course. In the same 10-year period, Twentieth Century Giftrust rose a whopping 617%--turning $10,000 into $71,700. FPA Capital jumped 595%; PBHG Growth Fund popped 589%. And the really good news is that the 20 largest stock funds, which together account for nearly a third of all assets in domestic stock funds, have come much closer to matching the S&P 500 than most. If you own any of the winners, count your blessings. Just don't count on continued outperformance...
...what does account for the widening gap? When stocks are flying as they are now, even discerning managers blindly plow money into the big stocks that make up major indexes. They want to hold little cash so it doesn't drag down performance. But the cash comes into their funds so fast that they can't find enough lesser-known stocks to spend it on. So they park ever more money in big stocks, which are easy to buy and sell, while searching for true bargains...
Last week, for example, AMP Inc., a maker of connectors for computers, announced 1,000 layoffs, and enginemaker Pratt & Whitney seemed poised to top that. More than 475,000 layoffs were announced last year, according to Challenger. This helps account for statistical crosscurrents like reports last week from the Labor Department that the economy created 262,000 new jobs in December even as one measure of new unemployment insurance claims hit a five-month high...
...Ministers (in roughly that order of importance), became the editor of this magazine and then editor-in-chief of its parent company and thus one of the most powerful people in American journalism. His memoir, One Man's America (Doubleday; 658 pages; $30), is an often eloquent and emotional account of this astonishing passage, filled with the triumphs of a determined and intelligent man successfully navigating the strange waters of an adopted country. He is candid, as well, about his occasional failures...