Word: junking
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...compiles and sells the country's most complete demographic data on consumer tastes and interests. "We know who skis, who fly-fishes, who goes to the movies," says chief operating officer William Henderson. Such detailed information can serve as the basis for targeted advertising, as opposed to plain old junk mail. Henderson says this advertising is "the fastest-growing segment of first-class mail." Internet services can play the same game, of course, and have been compiling their own data banks to lure advertisers online...
...excessive junk get you down, for amid the chaff-ridden choices are valuable research resources. A quick search of scholarly mailing lists provided me with a number of non-Harvard professor outlooks on the subject of a recent paper. A slightly longer look, and I was able to save 20 percent on a holiday purchase...
...whole mess came crashing down in 1991, when Gillett, having overpaid for yet another television station, found himself looking at interest rates for his junk bonds that had spiked above 17%. "When the notes came due, we were dead," he says...
Fast-forward to 1997, when the ski industry, not to mention the junk-bond industry, has come full circle. Gillett the Bankrupt has had "little" difficulty raising $162.5 million in investment capital, and he is assembling another empire, this one built around medium-size properties near big cities to capture the day trippers and weekenders who account for nearly half the ski business. He bought back his old meatpacking operation in 1994 and added adornments such as a barge business in the Pacific Northwest and a group of golf courses in Montana. Have the bankers lost their marbles again...
Gillett personally relishes skiing "steep and deep," which is not a bad metaphor for his investment style. Like his earlier Vail venture, Gillett II rests on a mountain of junk securities, although these cost a mere 12.5% interest, well below the nosebleed rate for his last go-round. And this time he has two big partners: the John Hancock Mutual Life Insurance Co., which owns 50% of the ski operations, and the Canadian Imperial Bank of Commerce, which has 10%. Says Gillett, who has a hard time containing his optimism: "The demographics are with us. Skiing is at the same...