Word: jonesism
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Dates: during 1970-1979
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One of the more cynical theories of stock-price forecasting is that when Wall Streeters finally become unanimous in their opinions, the market promptly does the exact opposite. That theory might help explain the market's spectacular flip-flop last week. On Monday, prices fell faster than on any...
Then, on Wednesday, a record rally exploded out of nowhere. The Dow-Jones average soared 32 points, its biggest one-day rise ever.* Strong, though slightly less remarkable gains were scored on Thursday and Friday. Trading volume ballooned; Thursday's turnover on the New York Stock Exchange was almost...
Jones was inspired to invent his tester by highway statistics, which show that half of the drivers involved in fatal accidents have alcohol in their blood. But the device−which is designed to screen drunks by testing judgment, visual acuity, short-term memory and coordinated motor response−will...
General Motors is aware that the public will not stampede to buy and install the testers, no matter how inexpensive they are. "Who wants to buy something that will curb his own mobility?" admits Jones. But if the device is perfected, there eventually could be legislation to require its installation...
Before any such laws are passed, Jones must build a few additional safeguards into his brainchild. How, for example, can the tester prevent an inebriated driver from cheating by calling on a friend or parking-lot attendant for help?