Word: cheaping
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...photograph. The technology of picture taking is now so foolproof that it routinely trumps the artistry of professionals in breaking news. The most articulate images from the July 7 bombings in London were shot by passengers with cell phones. The torturers at Abu Ghraib recorded their own crimes with cheap digital devices and created some of the first icons of the 21st century. In the introduction to his refreshingly broad-minded book Witness: The World's Greatest News Photographers, Reuel Golden acknowledges these challenges for photojournalists. But as a senior editor at New York City's Photo District News...
Only a company whose customers line up along Tokyo blocks clamoring for cheap casual chic would be comfortable predicting being "bigger than Gap." But Tadashi Yanai, CEO of parent company Fast Retailing, expects Uniqlo to reach $10 billion in sales by 2010, with 10% coming from the U.S. The haberdasher's son is introducing neighborhood concept stores--stocked with basics made with colorful Egyptian cotton and Mongolian cashmere--to three high-volume New Jersey malls, to add to Uniqlo's roughly 700 stores in Asia and Britain. Yanai talks big, but expansion failures in the London area...
...largest reconstruction efforts the world has ever seen," proposing a tax-advantaged Gulf Opportunity Zone to create jobs, worker-recovery accounts to help evacuees pay for job training and child care, and even an Urban Homesteading Act to let some low-income victims of Katrina build homes on cheap federal land. Think of it as George W. Bush's New Deal...
...contrarians like Wadhwaney, 51, investing is a matter of avoiding manias and searching instead for bedraggled castoffs that are cheap precisely because the In crowd won't touch them. "I don't buy prime merchandise," he says. "I buy stuff that's fraught with discomfort. I buy some terrible things." Terrible things that produce terrific returns. Wadhwaney's $1.9 billion mutual fund has racked up annualized gains of 23.2% since its birth 31/2 years ago--double the rise of a comparable index of non-U.S. stocks. (Alas, it's currently closed to new investors...
...what should the patient bargain hunter be buying in Asia today? Wadhwaney suggests looking at out-of-favor Japanese stocks like Asatsu-DK Inc., an advertising agency that's "extremely cash rich," well positioned in an industry that's ripe for consolidation and "very cheap." He also likes Nichicon Corp., a producer of aluminum capacitors--ubiquitous components in electronic products. It's an acutely cyclical industry that's deeply depressed, but Nichicon--like every other company whose stock Wadhwaney owns--is so well capitalized that Wadhwaney believes it will undoubtedly survive the downturn...