Word: nextly
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DAVID CAMERON, leader of Britain's Conservative Party, announcing that if he becomes Prime Minister after next summer's elections, he will not hold a referendum on the Lisbon Treaty, which was ratified Nov. 3 to bolster the European Union...
...dozens of memoirs about the horrors inflicted during China's Great Proletarian Cultural Revolution line the bookcase of human evil, next to diaries from the Soviet Gulag and Holocaust concentration camps. But when Nien Cheng's harrowing Life and Death in Shanghai was published in 1986, the bamboo curtain was just lifting on the decade of madness that had seized the People's Republic beginning in the mid-1960s. Cheng was an improbable survivor of Chairman Mao's brutal campaign, a porcelain-boned diplomat's wife who spent the precommunist years swathed in silk. Yet as she recalled...
...history shows that excellent returns are available to stockholders who survive such rough patches. In fact, following the 13 10-year periods of negative returns stocks have suffered since 1871, real returns over the next 10 years have never been negative and have averaged more than 10% per year. A 10% return far exceeds the stock market's long-term average real return of 6.6% and is more than three times the real return offered by U.S. Treasury bonds. Furthermore, stocks have always done better than bonds over every 30-year period since 1871. (See the 10 big recession surprises...
...earnings ratio of nearly 19, higher than the long-term historical average of 15. But basing stock values on 2009 data is inappropriate. This year saw the bottom of the worst recession since World War II. What is relevant for determining stock values are future earnings, not past earnings. Next year's operating earnings for S&P 500 companies are projected to average $74 a share, less than 15 times earnings; early estimates for 2011 are at $85 a share, 12.5 times earnings. Indications are that stocks have room to run, especially when interest rates and inflation are factored...
...most stretch thinking—and ultimately strengthen belief. In some sense, Benedict’s get-together did acknowledge this; if art can “enslave” us, it can also save us. (The Pope even floated the idea of a booth at the Venice Biennale next year: one can only wonder the contents of the goody bags he’d pass out.) But it takes a startling lack of faith to argue that contemporary creative acts are isolating and worthless simply because they don’t contain the overt moral messages that scan with...