Word: trades
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Dates: during 1990-1999
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That's why investors believe in the unusual tax structure. How else to explain Starwood's unnatural premium in the market? Its shares trade at 64 times recent earnings--nearly triple the multiple of hotel and casino giant ITT. Starwood is growing faster. That helps. But the tax setup accounts for a good bit of the premium, and that's critical, because if the setup is ever struck down or found to be of little value, some of the premium would evaporate. Just what is this magical tax structure? Starwood is a Real Estate Investment Trust that owns hotels...
...know that El Nino is caused by a decrease in the trade winds that blow east-west across the Pacific from Peru to Indonesia. To explain El Nino by global warming, you have to show that global warming caused these trade winds to cease...
...common thugs? Were the paintings stolen at the order of some mysterious Dr. No figure who likes to light a Cuban every night, pour a glass of cognac and repair to the cellar to admire his own private collection of hot masterpieces? Were they stolen by political factions to trade for their prisoners? Or was this just a score by local bad guys who thought they could unload the paintings to a fence, or use them as collateral in a drug deal, or trade them for reduced sentences on other crimes...
...responding to one another, they act, unlike much musical interscenic filler, to further contemplation with subtle gradations of emotion rather than the current fad of ironic comment or scene-labeling through dastardly clever epoch-hopping musical selection. Bach (played by Laura Lee'00) and Gounod (Luba Mandzy '01) trade strains here, at the same time softening and commenting upon the rough edges of Miller's emotional landscape...
...stagnant economy. Rubin is especially concerned about the impact of a financial meltdown in South Korea, one of Japan's fiercest regional competitors. Japan may be tempted to let the yen fall in value if the same thing happens to the South Korean currency. That could cause the U.S. trade deficit to grow $60 billion to $110 billion by early 1999, experts...