Word: april
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Facing volatile equity markets, investors often look to gold and silver. But an updated study of classical-instrument valuations by Brandeis economist Kathryn Graddy shows that violins may be among the most stable of investments. Graddy's data indicate that between 1850 and April of this year, the value of professional-quality instruments rose in real terms (i.e., after inflation) about 3% annually. High-end violins have appreciated at much higher rates - particularly rare instruments made by Italian masters like Stradivari, Amati and Guarneri...
...story that the U.S. economy has turned a corner and should be out of recession sooner rather than later. The latest strong signal came on Friday, when the Labor Department's May employment report showed a dramatic slowing in job losses, to 345,000, down from 504,000 in April and a peak of 741,000 in January. That many jobs lost in a month is still horrible, but the big change from the previous month and the fact that forecasters expected far worse are both indications that the economic tide has probably turned...
...there are tides, and there are currents. I keep thinking of something I heard Mohamed El-Erian, CEO of bond-investing giant Pimco, say at a conference in April: "We are so focused on whether recovery will be at the end of this year or the beginning of the next that we lose sight of the more important question. It's not whether the recession will be over; it's, What does the new normal look like?" (Watch TIME's video of Peter Schiff trash-talking the markets...
That's what the Art Institute of Chicago--venue of that Obama first date--discovered recently. In April the museum, which gets about $6.5 million a year in support from the city, announced plans to increase admission for adults from $12 to $18 while eliminating its separate charge for special exhibitions. In response, Chicago alderman Edward Burke threatened to end the museum's city-supplied free water. Eventually a compromise was reached: the institute would charge out-of-town visitors the full amount, but Chicagoans would get a $2 discount. James Cuno, the institute's director, says he's very...
...shell-shocked organizations that went to Kaiser for advice was the Beck Center for the Arts, a theater and arts-education group near Cleveland. In January ticket sales and donor money "fell off a cliff," says Lucinda Einhouse, the Beck Center's president. In April she traveled to Washington to meet with Kaiser. She went home and instituted some, if not all, of his gospel. Marketing will be maintained. But the theater will mount fewer shows next year, and some will be chestnuts like Fiddler on the Roof and Peter...