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...guilt trip worked. "This is not a form letter," Hughes wrote in response. Hughes went on to say he was sorry, that he received a lot of mail and couldn't respond to everything. He enjoyed her letter and would relay the compliment to Nelson. And with that, Alison Byrne Fields and John Hughes became pen pals...

Author: /time Magazine | Title: John Hughes' High School Pen Pal | 8/10/2009 | See Source »

First, you'll need money. How much? Let's say you want to trade one contract of crude oil on the New York Mercantile Exchange (NYMEX). Since you're not a member of the exchange, and no one will really trust your new oil venture, you're going to need to start with at least $10,000 in your margin account (similar to a brokerage account, but it lets you leverage your bets to the hilt) as collateral to comfortably trade one contract. That might sound like a lot for just one contract, but a single contract on NYMEX represents...

Author: /time Magazine | Title: So You Want to Be an Oil Speculator? | 8/10/2009 | See Source »

...make money? If you sell oil at, say, $66 per barrel, and buy it back at, say, $65 per barrel, you keep the $1 per barrel difference. On one contract, or 1,000 barrels, that comes to $1,000. Not bad for a hard day's work. But take the other side of that trade - buy for $66 and sell for $65 - and you've lost a grand per contract. Remember that on both trades, you're going to pay high transaction fees and commissions, and you'll likely be forced to take a worse price in order to guarantee...

Author: /time Magazine | Title: So You Want to Be an Oil Speculator? | 8/10/2009 | See Source »

Most of the President's longtime golfing buddies say the First Game is improving. After a brief flirtation with a new Nike driver, Obama has returned to his Titleist and is still struggling to master his new hybrid woods. He putts solidly and is working on his bunker shots, once an Achilles' heel...

Author: /time Magazine | Title: Barack Obama: America's (Not So Great) Golfer-in-Chief | 8/9/2009 | See Source »

Whereas Clinton was known to shout, curse and rehit balls until he liked his shot, Obama never cuts a corner in golf, say his companions. No mulligans. No five-foot gimme putts on the green. "I've never seen him get to the point where he just picks up," says Marvin Nicholson, the White House trip director and a regular partner. "I've seen him write a 10 down. I've seen him write an 11 down." (See the top 10 U.S. Open golf duels...

Author: /time Magazine | Title: Barack Obama: America's (Not So Great) Golfer-in-Chief | 8/9/2009 | See Source »

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