Word: investors
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Dates: during 1970-1979
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Ming vases? Antiques? Gold? Cattle? All can tumble out of favor and decline in price. So where is the perplexed American investor to park his extra cash and protect its value? Certainly not in a savings account. Had Phineas T. Barnum lived today, his famous dictum might well have been: There's a saver born every minute. In the inflationary 1970s, savers are suckers who stand to lose. If inflation should continue at February's 15.4% rate, every dollar put into a bank at 5¼% interest will become 91.4? in real money a year from...
Counsels Cummings: "If the investor goes to a good dealer, doesn't look for bargains, buys good pictures and pays a proper price, I don't think he can lose." Cummings also buys stocks of companies but pays more attention to the quality of their managers than the size of their immediate profits. In both the stock market and the art market, he has a philosophy of buy and hold. Once he acquires shares, he hangs on because he believes that sound management will overcome the vicissitudes of the economy...
...words of James Sinclair, a leading New York gold broker, the price of the metal "has become a kind of Dow Jones index of investor anxieties." A worldwide subculture of goldbugs is thriving on the doubts. Gold has its bankers and boosters, its brokers and dealers, its lecturers and analysts. Each of them can quote Robert Browning: "Leave the fire ashes, what survives is gold...
...NATION'S LARGEST electric power utility and leading investor in strip-mined coal and nuclear power is encouraging its customers to switch from dependence on the mammoth power plants to an updated model of the wood-burning stove or to futuristic solar heating systems. It is helping families in one of th Unites States's poorest regions to buy alternative sources of home energy with low-interest loans payable over decades. Doesn't sound like something your local Exxon or Con Ed would do, does...
...less estate tax to the U.S. For example, in 1979, on a taxable estate of $500,000, the U.S. citizen or resident pays estate tax of $117,800; the nonresident alien pays only $50,400. This is outrageous. U.S. tax law should not discriminate in favor of the foreign investor...