Word: portfolios
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...problem for Amy Elliott at Citibank was not so much what she did but whom she did it for--at least in the view of the Mexican authorities who have brought criminal charges against Raul Salinas. In addition to getting Salinas Broadway theater tickets and managing his portfolio, she employed sophisticated asset-concealment techniques on his behalf. These techniques are used quite legally by wealthy individuals--say, a surgeon who wants to secure her life savings from potential malpractice suits or an estranged husband. Elliott was helping Salinas conceal his large transfers out of the country ostensibly because...
...Streeter to predict the Great Crash of 1929. Indeed, in the months leading up to the Crash, Merrill pleaded (to no avail) with President Calvin Coolidge to speak out against speculation. By February 1929, Merrill was so sure the end was near that he liquidated his firm's stock portfolio, an act that made him famous in October, when the Crash finally came...
...what the location, type or size." He and his company built pipelines and power plants in the forbidding reaches of the Canadian Rockies, across the Arabian desert and through South American jungles, as well as in daunting places like downtown Boston, where the Central Artery project unfolds today. His portfolio even includes an entire city (Jubail, Saudi Arabia). Bechtel built in 140 countries and on six continents. It has been said, hyperbolically perhaps, that Bechtel engineers changed the physical contours of the planet more than any other humans...
Closing out our portfolio of publishers: health nut Bernarr Macfadden (1868-1955), who used his first magazine, Physical Culture, as a vehicle for promulgating his views on carrot eating, cold-water bathing and frequent, vigorous sex. (He was for all three.) Largely for his fulminations on the last, his racy tabloid, the New York Evening Graphic, which specialized in covering violence and sex, became known as the "PornoGraphic." His legacy is with us even now: it was Macfadden who invented the "composograph" or composite photo, in which the heads of real people in the news are superimposed on the bodies...
...Market timing doesn't work. Selective plumping and pruning is one thing. I heartily advocate yearly or quarterly rebalancing of your portfolio: selling some of the asset class that has done best and buying more of the one that has lagged to maintain your desired mix of stocks, bonds and cash. I even endorse shifting among assets with part of your portfolio--no more than 20%--to try to take advantage of specific conditions every so often. Early this year I suggested tilting toward bonds because stocks were overvalued and lower interest rates seemed likely. Some wags would call that...