Word: offsets
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...portfolio insurance. This is a defensive strategy designed to protect stock portfolios against market downturns. Rather than sell stocks as their prices are falling, portfolio insurers sell stock- index futures. If the decline persists, the futures can be repurchased at a lower level, yielding a substantial profit that will offset some of the loss sustained on the stocks. But traders who buy the futures hedge their positions by making computer-aided sales of the underlying stocks, driving the market down further. If computers did help accelerate the Black Monday slide, they were not responsible for it. As an IBM executive...
...legislation passed by Parliament calls for a graduated personal income tax, with a top rate of 60%, and a value-added tax of up to 25%, applied to wholesale merchandise as well as consumer goods. Revenues from the new levies will partly offset major business-tax cuts intended to stimulate industry. The package also imposes bruising austerity measures, including reductions in subsidies for consumer goods and faltering enterprises, which now account for one-third of government spending...
...candlestick goof apparently occurred on a single sheet of 400 stamps. The orange glow of the candle flame was printed first through a photo-offset process. After a random quality-control inspection, the sheet was reversed so that the candlestick and the words surrounding it were printed upside down. Of 100 erroneous stamps sent to the McLean post office, five are believed to have been sold to the public before the CIA purchase. The whereabouts of those five stamps remains unknown...
...offset maintenance costs further, many owners charter out their boats. Missy Harvey, managing director of Yacht Charters Unlimited in Rowayton, Conn., says, "Nothing does more for the ego than to be aboard the biggest, most beautiful yacht as it pulls into the harbor." Rates run $49,000 a week for Parts V, $30,000 for the Atlantique (which has been chartered by, among others, Sophia Loren, former Secretary of the Treasury William Simon and FORTUNE 500 executives) and $29,000 for Never Say Never. The charter party must also pay for fuel ($50 to $75 an hour), food, dockage...
That is precisely the dilemma that the Democratic creators of the Southern Regional Primary hoped to avoid. But it is possible that no electoral mechanism can offset the dominance that a disproportionately liberal electorate has in the early tests in Iowa and New Hampshire. Nunn, for example, would have to defend not only his foreign policy views but also a conservative domestic voting record that includes support for Reaganomics, the nomination of William Rehnquist as Chief Justice and a constitutional amendment that would overturn the Supreme Court abortion decision. Nunn flunks almost every liberal Democratic litmus test...