Word: pilgrimate
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...woman says. And a surprisingly moving epilogue follows the families' re-entry into mall-and-microwave life. Their conclusion--that we're alienated from our work and nature--is trite but hard earned. Does that mean they end up swearing off fast food and video games? Dream on, Pilgrim. --By James Poniewozik
TIME senior writer Daniel Kadlec questions five pros: Ron Baron, manager of Baron Asset Fund; Eleanor Blayney, a financial planner at Sullivan Bruyette Speros & Blayney; Eric McKissack, a manager at Ariel Mutual Funds; Gary Pilgrim, president of PBHG Funds; and Gus Sauter, manager of the Vanguard 500 Index fund. Our panelists agree that diversified mutual funds are best for those with little penchant for serious stock research. For investors who want to buy individual stocks and are willing to do some homework, our pros offer tips on what to hold--and when to fold...
...PILGRIM: The kind of problems we're talking about with Enron--at large companies--is a fairly recent development. But routine efforts to stretch the financial truth, particularly among small companies, have been going on for a long time. It gets down to basic honesty and integrity. Some managements have a strong sense of that, and others don't. Combine that with a flexible moral framework with stock options, and over a period of time the focus has increasingly shifted to how rich can you get, how fast? The ploy is to keep expectations rising. But at some point...
...PILGRIM: I agree. It has trickled up and become more complex...
...Only Muslims can enter the city and during the Hajj everyone must have a pilgrim pass. The super-rich take a suite at the Intercontinental overlooking the Grand Mosque, paying $15,000 for the stay. Others find humbler lodgings. At 2 a.m., Abdur Rashid, an Indian engineer employed in Jeddah, is eating kebabs and bread with his wife in the open square in front of the mosque. "They are asking for 500 riyals ($145) for a room in the hotels," he says. "It's nice enough here, and in a little while we'll move into the mosque and sleep...