Word: low
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...troubles at Northern Rock jar with the cachet the bank has enjoyed in recent years. Its low cost base, loyal customers and slick operation helped it outperform every other British banking stock in 2006. The lender - not yet 50 years old - "was a darling of the stock market," says Howard Wheeldon, senior strategist at BGC Partners in London. "It was perceived as a good growth stock with a good model." Its approach: a limited branch network meant savings chipped in by its own customers amounted to a smaller chunk of the funds it could lend in the form of mortgages...
...have been brazen to rely so heavily on the markets, as a solvent lender with a good quality loan book, the hit it has taken from the subprime mess was unexpected. While French, German and Dutch banks have come clean in recent weeks over their direct exposure to low-quality U.S. real estate loans, it was the barren money markets those loans helped create that upset Northern Rock's model...
...poised for a sustained surge. Media pundits, economists and market seers vastly overestimate their ability to predict such things. What I do know is that smart investors yearn for this kind of turbulence. As Warren Buffett once put it: "The true investor welcomes volatility" because it often produces "irrationally low prices" for "solid businesses...
...this tendency to get spooked by market mayhem that they view their own fear as a sign that things are about to turn around and that it's time to buy. Jeff Vinik, a legendary investor in the U.S., once told me: "I'm scared at almost every [market] low. And I try to remember, when I'm really scared, that we're getting real close to a good low." Zweig cites another renowned investor, Brian Posner, who quips: "If it makes me feel like I want to throw up, I can be pretty sure it's a great investment...
USAGE South L.A. has the highest concentration of fast-food joints in the city, and the area has fewer grocery stores and restaurants than any other neighborhood. About 30% of adults in the low-income area are obese, almost 10% more than the national average. The two-year moratorium on fast food will be presented to the city council this fall, but opponents argue that for many, fast food isn't simply a convenience; it's the only choice...