Word: herds
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...covering Kentucky elections for the Associated Press in 1909, challenged to a duel for insulting a French newspaperman in Paris in 1918 ("Somehow, I managed to crawl out of that fix"). As assistant to Publisher Ralph Pulitzer on the old New York World, he was as signed to "ride herd on Herbert Swope," the paper's imperious editor, and to take over the editorial page when Walter Lippmann was away. It was, he says, an impossible job, but he cherishes his years at The World more than any others in his long career. He found constant stimulation in working...
...remaining $2,250 represents the down payment on the herd, which, like factory machinery, is depreciable...
...year amounted to $15 million and yielded nearly $1,000,000 in fees and commissions. He caters to a solvent and not exactly saddle-sore clientele (among past and present customers: Banker Robert Lehman, Comedian Jack Benny, Actress Joan Fontaine). For would-be instant cattlemen, Oppenheimer will assemble a herd, buy a spread, hire a manager and oversee the whole operation. "Real crapshooters," as Oppenheimer calls clients who are able and willing to win or lose as much as 50% on their money in a single year, can go for so-called "feeder contracts." For a down payment...
Unlike machines, of course, cows re produce. After perhaps five years of tax deductions and depreciation and breeding at an Oppenheimer-managed ranch, a herd can easily triple in size...
Safer and more strategically appealing are "breeding" contracts. "This," he says, "is where the tax play is." Taking advantage of laws that encourage the building of bigger and better herds, an Oppenheimer client can buy a 100-head breeding herd for as little...