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Insurers, which are probably facing a bill of more than $30 billion for the costliest disaster ever, won't need such drastic measures to survive. That doesn't mean, though, that they are not hurting. Warren Buffett's General Re reinsurance outfit stands to lose about $2 billion, and European giants Munich Re, Swiss Re and AXA aren't far behind. Direct underwriters such as AIG, Chubb, Travelers and Hartford could lose hundreds of millions of dollars each. Many underwriters have jacked up the premiums for airlines and are sure to slash the level of coverage available for damage...
...York City and Washington, but bounced back or stabilized quickly. Mutual-fund companies report that few sell orders piled up while the markets were closed last week. And sectors including construction, defense, energy and security systems stand to do well in the months to come. Investing legend Warren Buffett, who was host at a conference for CEOs in Omaha, Neb., last Tuesday, told his guests the attacks "will not change what the market does one month, three months, six months or a year from now. The national psyche has been hurt, but for the financial markets, this is a nonevent...
...history of event-related sell-offs jibes with that bit of Buffett wisdom. Ned Davis Research looked at 28 crises dating back to the fall of France to the Nazis and found that in 25 of those cases, an initial market decline turned to solid gains within six months. The median initial decline in the Dow was 4.6%, followed by a rally of 12.1%. So maybe it's time to relearn an old lesson: Buy the dip. It hasn't worked lately. But now that it's no longer popular, it just might be smart...
Johnson is chiller than a month of Sunday mornings, so it's not surprising that his debut album, Brushfire Fairytales, is doing a slow but steady sales burn in Southern California, Hawaii and other places where sand abounds. With a supersoft vocal style and influences ranging from Jimmy Buffett and Cat Stevens to Ben Harper and De La Soul, Johnson has perfected the admittedly picayune art of contemporary beach music. If the rest of the country hasn't yet heard of him, it is likely because he could barely muster the ambition to get a recording contract in the first...
...ethical standards are more flexible than the ones it took centuries to achieve, where they have been achieved, in the world of conventional journalism. All the same, conventional journalism can learn from some of the eccentricities of the Internet. Hey--anyone who reads this, please help me meet Warren Buffett. I could use some financial advice...