Word: barney
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Mentioned briefly in the book was a yarn, told secondhand to Friedman by a couple who attended one of his lectures in 1972. They claimed that a friend named Grady ("Barney") Barnett, now dead, had told them about coming upon a crashed saucer on the Plains of San Agustin, N.M., about 150 miles west of the Foster ranch, in 1947. Before being shooed away by military police, he claimed, he had spotted several little bodies strewn nearby. Since the story had no apparent connection to Roswell and was given scant credence by Friedman and the authors, it was generally ignored...
...investment in Comcast to drive it all home. "In one day there's an epiphany," observes the FCC chairman, Reed Hundt. Gates is the premier techno-futurist of our time. "He's saying what's past is past--this is the future," notes media analyst John Reidy at Smith Barney. Some cable executives may now enjoy vindication for their expensive strategies, and investors may reap the rewards for their patience--although cable stocks have been so horrible that they'll have to shoot much higher to make up for lost time. Tele-Communications, Inc., a cable bellwether, is down...
...tinkering with the Maastricht rules is anathema--and a potential threat to his re-election chances next year. "Kohl's already having trouble selling the German public on the idea of exchanging their hard D-marks for soft euros," says Paul Horne, a Paris-based international economist with Smith Barney. "If Jospin puts conditions to the Germans that they can't accept, it's goodbye euro." No wonder Kohl made a long phone call to Chirac the day after the election to seek assurances on France's future European policy...
Martin Feldman, tobacco analyst at Smith Barney, estimates that an additional tax today of 50[cents] a pack would curb cigarette sales by 8%. That would be O.K. with investors, who would gladly accept a smaller revenue stream so long as profits were protected against lawsuits. But any big increase above that starts to make the industry's economics go awry, including its 30% operating margins. I have no idea where the breaking point is but there surely is one. To me, $300 billion is a lot of money, no matter who's paying. If Big Tobacco can afford...
...worst is over, you think? That's way too optimistic for me. Manley studied the past five bear markets, defined as a drop of at least 20% in the Standard & Poor's 500. In each case, the day the S&P started downward, the average stock (Smith Barney monitors 4,500 of them) had already fallen 19%. About like today. Look at popular stock funds like PBHG Growth and Twentieth Century Vista, down nearly 20% in the first quarter. When the guy buying stocks on his credit card gets this news, he'll start selling...