Word: indexable
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...what are we talking about here, hiking or investing? As much as is made of the Dow's ups and downs, it's worth reminding ourselves that the Dow is not a member of an alpine club. It's an index of 30 stocks, the Dow Jones industrials, many of which aren't very industrial, unless you think of American Express as a plastics company and McDonald's as a packaging company, with the hamburgers as an afterthought. But industrial or not, they are the nation's most important equities, because 20% of all money invested in stocks goes into...
...Kerrey, a Nebraska Democrat, and John Danforth, a Missouri Republican (since retired), who were appointed by President Clinton to head a bipartisan commission on entitlement reform. Their plan called for raising the retirement age to 70, cutting the benefits of upper-income retirees, and recalculating the Consumer Price Index...
...concept of boredom developed from being perceived as a moral failure in the 18th century, to an index of class arrogance and inadequate responsiveness to others in 19th century and finally to the universal motivating force it is seen as today. Specifically, Boswell and Johnson warned against the moral failing of dullness; Dickens blamed a morally bankrupt society for the boredom of some of its members and 19th-century women accepted the necessary tedium of their position and resigned themselves to needlepoint; we today think it our right to be entertained and are offended by boring people and things...
...late November or December, Leeson decided to wager that the Nikkei index would not drop below about 19,000 points on March 10, 1995. It seemed to be a safe bet: the Japanese economy was already rebounding after a 30-month recession. Using the account No. 88888 also had a special advantage, one that Leeson had probably learned about in his old back-office job in London when he made sure cash flowed into the right accounts. Both Osaka and Singapore demand prompt margin payments on contracts-that is, the difference between what the contracts were sold for and their...
Still, in December 1994 and early January 1995, the Nikkei 225 seemed headed for 19,000. On the morning of Jan. 17, 1995, however, an earthquake measuring 7.2 devastated the Japanese city of Kobe-and the erstwhile stable Nikkei index plummeted more than 7% in a week. Despite that, over the next three weeks Leeson bought thousands more contracts betting that the Nikkei would stabilize at 19,000. "He was going for the big kill," says the director of one trading house in Singapore. A Japanese trading executive remembers wondering what Barings was doing. "We figured that it is such...