Word: moderners
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...bathroom humor than they need to be. They are almost a guilty pleasure for anyone over the age of 30, which does not stop me from skulking off to see them. But with Death at a Funeral, it's particularly and perversely pleasurable to see actual grownups defying modern movie demographics and falling about as if they were a bunch of moonstruck children. They are especially welcome as yet another humor-deficient movie summer grinds grimly toward its conclusion...
...known outside its northern-India base a few years ago, the company is building houses, apartments, office towers and shopping malls across India's booming cities. It has plans for airports, hotels and cinemas. Singh, 75, wants to be a prime mover in the country's drive to erect modern cities where India's new middle class can live, work, shop and play. To do all that, though, DLF needs a lot more money, which is why on July 5 the company held an initial public offering for just over 10% of the company, bringing in some $2.24 billion...
Over the next two decades, as economic regulations were slowly liberalized, DLF amassed 3,500 acres in Gurgaon and built some of India's first modern commercial structures, including offices for General Electric, Swedish cell-phone maker Ericsson and Swiss food giant Nestlé. The company also built luxury apartments and houses, including a residential estate incorporating an 18-hole golf course designed by golfing legend Arnold Palmer. Land that cost Singh as little as $65 an acre now sells for about $4 million an acre. In the run-up to its IPO, DLF has been on another buying spree...
...economy grows, India will need millions more square feet of offices as well. Industry analysts estimate that India has less modern urban office space than a single large American city. "It's not a bubble," says Arjun Divecha, the California-based manager of investment firm GMO's $15 billion emerging-markets fund. "The reason prices have risen so rapidly is that there has been so little increase in supply. If you look at the experience of other emerging markets, the real wealth escalator has been real estate, and I expect the same in India...
...unknown one--to assign more value to the thing they've heard of, even if they don't know anything else about it. It's easy to imagine the evolutionary roots of a go-with-what-you-know principle--avoiding poisonous plants, say--but these mental shortcuts suit certain modern problems as well. For example, studies have shown that people are able to pick which of two foreign cities is larger or who will win Wimbledon just by employing the assumption that if a name is recognized, it's likely to be more important...