Word: busting
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Warren Buffett may be the greatest investor ever. But his long-term philosophy, which was ridiculed as he avoided the dotcom boom--and vindicated as he avoided the bust--is being scrutinized once more. The buy-and-hold billionaire is up to his ears in exotic investments known as derivatives, which are used to bet on things like the weather and the direction of interest rates. Derivatives were at the core of the 1994 bankruptcy of California's Orange County and the 1998 demise of hedge fund Long-Term Capital Management. Buffett once called derivatives "financial weapons of mass destruction...
EUROPE'S COMING BABY BUST Infertility could double in Europe in 10 years, according to one report, because of rising obesity, delayed childbearing and chlamydia infections...
...Washington last week, 1,000 guests filled the Capitol Rotunda to witness the unveiling of a cast bronze bust of King, marking the first time a black American has been so honored in the Capitol. On this week's official holiday, concerts were scheduled at Washington's Kennedy Center, New York's Radio City Music Hall and Atlanta's Civic Center, featuring such performers as Stevie Wonder, Bill Cosby, Bob Dylan and Harry Belafonte. The highlights were to be aired on national TV and the profits from the shows donated to Atlanta's King Center for Non-violent Social Change...
Cautious forecasters point out, however, that the boom machine still has a few weak spots. The oil bust, for example, has threatened the stability of energy firms and banks in the Southwest. "There are always things that can go wrong," concedes Beryl Sprinkel, chairman of President Reagan's Council of Economic Advisers. "But I'd say they are minimal at the present time, and the things that can go right are pretty evident...
...armies. Last week the Justice Department unveiled a web of smuggling plots that would have netted Iran $2.5 billion worth of U.S. equipment. Federal authorities filed conspiracy charges against 17 people, including a London-based American lawyer and a retired Israeli general. It was the biggest arms bust that the feds had ever staged...