Word: herds
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Dates: during 2000-2009
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...manure. The cacophony of grunting, gobbling and bleating. But the livestock at Lazy S Farms are no ordinary farm animals. Rooting about in the fields are Red Wattle pigs, a breed thought to have been imported from New Caledonia in the 1700s and practically extinct until a wild herd surfaced in Texas. The turkeys are Standard American Bronzes, which were Thanksgiving fare for more than a century but have now been reduced to some 950 breeder birds. The lambs are Katahdins, a subspecies developed in Maine and named for the state's highest peak...
...acre farm of his partner Gene Evans just outside Pierson, Fla. To fish farmers, beluga is the Holy Grail: a species whose eggs can be worth nearly $200 per oz. and whose life-span stretches 100 years. He figures he can harvest 10 tons of caviar annually from the herd of some 200,000 6-ft. creatures he plans to keep on the farm...
Instead, say Leamer and other bubbleologists, what's driving the market is low interest rates, herd psychology, speculation and the expectation of unending price increases. (One study found that Los Angeles homeowners expect their home values to grow 22% every year for a decade.) Meanwhile, promiscuous lenders are throwing money at buyers like beads during Mardi Gras. "Anybody who can crawl in off the street can get a loan with 0% down at three or four times their income," Leamer says...
...These days, as usual, Wadhwaney thinks the herd is heading in the wrong direction. For example, although he grew up in Bombay, the center of India's boom, his fund doesn't own a single Indian stock. "People are paying ridiculous prices on promises of the future," he says. As Wadhwaney sees it, "the future is an imponderable. Most people's prognostications are a very poor use of time." Nobody can reliably predict which way the stock market will move or what a company's earnings will be, he argues, so the key is to focus on the present, appraising...
...Said Herd, who wrote his doctoral dissertation on the Nevado del Ruiz volcano: "The Colombians were sincerely trying to respond to the hazard." Agreed Luis Eduardo Jaramillo, an INGEOMINAS spokesman: "We warned the people living in the area that something could happen. We gave them instructions about what to do if it blew up." Yet in their report the Italians criticized the Colombian precautions as "absolutely inadequate...