Word: profiteer
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...after the crash, most of those preferred shares seemed so cheap that Graham couldn't bear to part with them, he wrote in his memoirs. They kept falling, and his profit soon turned to a loss. His fund (equivalent to a modern hedge fund) ended the year down 20%. In 1930 it dropped 50.5%; in 1931 16%; in 1932 3%. "The stock market," as Graham resignedly put it in the first edition of his book with David Dodd, Security Analysis (1934), "is a voting machine rather than weighing machine...
...Three decades ago, the Party approved another set of rural reforms, liberating a billion peasants from the collectivized farming imposed by Mao Zedong and allowing them to farm their plots for a profit. That decision is widely regarded as marking the start of China's stunning economic boom. But ownership of the land remained with the state; farmers had to renew leases every 30 years and their sale was forbidden...
...that most employers cannot afford to provide insurance, and individuals cannot come up with the $27,000 a family must pay on average for annual coverage. The only long-term solution is to eliminate insurance companies through a national single-payer health plan, or "Medicare for all." Without the profit motive and with Medicare's demonstrated efficiency, enough would be saved to insure everyone. Richard K. Staggenborg, Coos Bay, Oregon...
Chocolate is getting a makeover. With the commodity price of cocoa nearly doubling over the past year, Hershey's and Mars--which claim two-thirds of the U.S. chocolate market--have shifted focus from mass-market bars to upscale gourmet in order to shore up profit margins. That's bitter news for some: to cut costs, Hershey's recently replaced cocoa butter with vegetable oil in several products, which is why the labels on Mr. Goodbar, Milk Duds and Krackel now have to say things like "chocolatey" instead of "milk chocolate." But even as the king of American candy cheapens...
...producing something to help them make money,” Sáenz-Badillos says of the Ceramics Micro-Enterprise Project. “The most important part of the program is how to sell what they produce so they can make a profit and be motivated to continue...