Word: supermoney
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Dates: during 1970-1979
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Like their predecessors, the new immigrants perceive the true goddess of America, Technology, not as villain but as savior. The factory, however sordid or boring, has legally limited hours and, customarily, provides a string of fringe benefits. "Adam Smith" points out in Supermoney: "Somebody who has spent 16 hours a day looking at the wrong end of an ox for sub-subsistence on a patch in Poland may not complain at all when he emigrates with a paper suitcase to a steel mill on the South Side of Chicago." The message is quite clear: in the history of American immigration...
...Supermoney, Smith...
...surge of the mid-'60s: spiraling "gogo" mutual funds and other forms of seemingly instant wealth. Now that the party has, to put it mildly, ended, Smith takes an equally knowledgeable and witty look at the market's four-year hangover. Former go-go artists will enjoy Supermoney (already a bestseller) about as much as Napoleon would have liked War and Peace...
...Supermoney" is ordinary, old-fashioned wealth that has been transformed-and sometimes wildly inflated-by America's voracious capital market. Should Frank and Jim of Frank & Jim's Bar become lucky enough to find themselves the target of an ITT takeover, for example, they might well walk away with ITT stock worth 25 times their annual earnings. In the period of reckless conglomerateering a few years ago, countless paper fortunes were traded away by the big boys on Frank & Jim ventures. Then credit got tight, a lot of good buyers turned out to be terrible managers...
...everyone in the land of Supermoney is a villain. For instance, there is Warren Buffett, manager of a private investment fund that grew to $105 million at the incredible appreciation rate of 31% compounded annually over 15 years. Buffett was not exactly one of your Wall Street hotshots. Headquartered in a pleasant residential section of Omaha, he rarely talked to the security-analyst savants of New York City, and operated on the out-of-date theory that a stock should reflect a company's intrinsic value...