Word: boom
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Dates: during 1960-1969
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...advance. Normally, such steep prices would indicate a seller's market, but in the Lebanese capital, the laws of supply and demand are suspended. Perhaps as many as 35,000 apartments are vacant, yet new buildings keep rising amid what may be the most artificial real estate boom since the days of Florida's wild land speculation...
Slow Start. The boom in guitar playing started slowly about five years ago. Some credit the flood of new records, where listeners learned from Andrés Segovia what range the guitar was capable of. There was Burl Ives and then Elvis Presley to prove that anyone could play. And along came the records of such beguiling folk singers as Woody Guthrie, Richard Dyer-Bennet and Pete Seeger...
...impetus for the current European boom in mutual funds began with the return to convertibility of most European currencies. Excited by the prospect of being able to invest abroad and take home their profits in hard francs, Swiss bankers hurried to set up a clutch of new mutual funds. The Swiss master of mutuals is a Zurich banker named Ernest Renk, who runs a combine called Intrag for the giant Union des Banques Suisses and three smaller banks. Intrag manages ten separate mutual funds with combined assets of $500 million, specializing in investments in different parts of the world...
Soaring Shares. The Common Market has put the topping on the European fund boom. Two years ago, a syndicate of banks from six European countries headed by Brussels' Banque Lambert set up a mutual fund, EURUNION, in Luxembourg, where mutual funds are exempt from taxes. Spreading its investment among 93 Common Market companies, EURUNION has increased its assets from $12 million to $33 million in two years. EURUNION's archrival, VALEUROP, which is run by another syndicate of banks including the Amsterdamsche Bank, Banque de la Société Générale de Belgique...
Liquor Assets. The boom has launched some oddities. Three Swiss funds invest solely in Scotch whisky futures, betting that the drinking public's thirst will force up prices by the time the liquor matures. In one of the whisky funds, an investor who wants to withdraw can, if he wishes, literally convert his shares into liquid assets. Another Swiss fund called "Berlin 1961" promised that its investments would go entirely to beleaguered West Berlin-a proposal that enraged Swiss bankers, who contended that the idea compromised Swiss neutrality...