Word: ket
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...managed to climb at all in this year's first half. Their showing confirmed Wall Street's axiom that"go-go" funds can seldom put together two good years in a row because it is almost impossible consistently to pick stocks that will spectacularly outperform the mar ket. Last year's rich winners were those fund managers who correctly foresaw that the market would rally after President Johnson's renunciation. This year those managers failed to anticipate that the market would tumble after bankers raised the prime rate to 81/2% in mid-May. Many...
...contrast, the larger, older funds, which tend to balance their investments between growth stocks and blue chips, stood up fairly well in the declining mar ket. Investors Mutual, the largest of all, fell only 4.1% and rose in the standings from 245th place to 33rd. Massachusetts Investors Trust fell 4.5% and moved up from 228th to 38th. Normally, any losses at all would be nothing to crow about, but so far this year only 95 funds have managed to out perform the Dow Jones average, which dropped...
...earnings, its management or even what it does. Instead, the chartists divine the fu ture of a stock by poring over a dis play of its past performance. The zigs and zags may ignore the fundamental "facts," but more important, technicians argue, the charts reflect what the mar ket knows (or thinks it knows) about a company. One reason the chartists can be right: corporate insiders learn in ad vance about their company's earnings or new products and sometimes trade on that information in the market be fore the news gets around...
...risk policies that covered the full "book value" of the aircraft. Since the line valued the planes rather generously on its books, it figures to get $17.9 million from Lloyd's of London and other insurers - more than enough to replace the lost fleet. The true mar ket value of each of its three six-year-old Comet jets, for example, is about $400,000, but MEA listed each at $1,500,000 and paid appropriate premiums. MEA will also collect $1,500,000 for each of two destroyed Caravelles that were really worth about $900,000 apiece...
Just how useful this can be was demonstrated by the easy, give-and-take, concertolike dialogue between orchestra and Syn-Ket. With the orchestra divided into two sections tuned a quarter tone apart, Eaton's Concert Piece was able to achieve a dense, microtonal fabric of sound that would have made even Charles Ives envious. Though the Syn-Ket started out with the familiar blips, snaps and bee-swarming sounds usually associated with electronic music, it soon proved its special if not necessarily pleasing power with waves of organ-rich tones and descending spirals of patterned trills. "This...