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...after the crash, most of those preferred shares seemed so cheap that Graham couldn't bear to part with them, he wrote in his memoirs. They kept falling, and his profit soon turned to a loss. His fund (equivalent to a modern hedge fund) ended the year down 20%. In 1930 it dropped 50.5%; in 1931 16%; in 1932 3%. "The stock market," as Graham resignedly put it in the first edition of his book with David Dodd, Security Analysis (1934), "is a voting machine rather than weighing machine...
...Newman's Own Legend I enjoyed reading Robert Redford's tribute to Paul Newman but was disappointed that Redford felt the need to interject so much about himself [Oct. 13]. He should have kept the focus entirely on his exceptional and talented friend. Mary Knaus LeCluyse, Leawood, Kans...
...Syrian art boom is taking place amid an economic thaw. Syria began opening its economy in 2005 under pressure from U.S. sanctions; foreign investment has changed the face of the country. Once the streets of Damascus were filled with 1950s-era American auto-mobiles, kept running by trade barriers and twine; now there's a daily traffic jam of new Asian sedans and German sports cars. Superseding the capital's dictator-chic hotels from the 1970s--massive concrete towers with prostitutes in the bars and spies in the lobbies--modern boutique inns are sprouting in renovated courtyard palaces...
...what kept me here were the students themselves. They were fascinating and interesting, and I enjoyed the intellectual component of the university and also our kids were growing up, and Cambridge was a great place for our kids to grow...
...principle, Chambers is exactly right—frivolous lawsuits ought to be kept under check (who is allowed to decide what counts as frivolous is another matter entirely). But his puzzling employment of another, more frivolous lawsuit seems, in two clear ways, beyond absurd and arguably irresponsible...