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Hall's success in calling the oil market is what has led him to demand higher pay than most. In 2003, Hall had the belief that the price of oil would rise dramatically in the next few years. Back then, oil was trading at around $30 a barrel, and coming out of a recession few thought prices would rise anytime soon. So Hall bought so-called long-dated oil-futures contracts that would pay off if the price of oil topped $100 at some point in the next five years. Because Hall made a bet oil would reach a price...
...trade alone. Hall has also reportedly been buying gold this year. Another good move. Inflation fears recently pushed gold above $1,000 an ounce. "Most commodity traders would love to have Hall's ability to call the large trends," says Stein. "He had a long-term view of the market and he was right...
China's Triumph I enjoyed reading your cover story on "China's Moment" [Sept. 28]. It's easy to conclude that, in China, free-market principles have proved once again their superiority by looking at the speed and scale of the country's development once liberalizing reforms were made. It's also worth asking how much China's unique authoritarian politics contribute to its impressive and highly competitive economic efficiency. Could this growth model continue for the next 60 years? Timothy Yin, Shanghai...
...seems overly simplistic, but much corporate strategy revolves around trying to grow a brand beyond its core market. (Think low-end Mercedes.) But it's not doable, says the author, who refers to this aspiration as the "fidelity mirage." It's a trap that companies frequently fall into. "Contrary to what many businesses want to believe, achieving both high fidelity and high convenience seems to be impossible," he writes. "It looks tempting. Some companies believe they can get there, and life will be beautiful. But as it turns out, any company or product that attempts to capture both is likely...
...author cites handbag maker Coach as a firm that fell to earth trying to bridge market segments. Since the 1970s, Coach had been known as a luxury brand with a status more like Louis Vuitton's or Hermès'. But from 2004 to early 2008, the company opened 94 new stores and dozens of outlet shops. By the end of 2007, same-store sales were dipping for the first time in years. Says the author: "Convenience acts like antimatter to aura and identity." Likewise, Motorola took its sleek, fashionable $400 Razr cell phone and flooded the market with...