Word: wall
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Dates: during 1950-1959
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...Channel, the British were keenly aware that the Six offered the fastest-expanding major market in the world. (Since 1950, annual imports of the Six have increased from $11 billion to $19 billion.) The British were also aware that if they stayed out of the Common Market, the tariff wall thrown up by the Six (who now buy one-eighth of Britain's exports) might well exclude many British goods, and that, under these circumstances, commercial and eventually political domination of Western Europe would fall into the hands of Germany...
...result, many Wall Streeters feel that unwary investors can get a highly exaggerated picture of market movements by following Dow-Jones too closely. Furthermore, they emphasize that Dow-Jones bases all its calculations on the value of just one share of stock in each of its 30 companies, without regard to size or importance. Thus, Bethlehem Steel, selling at $192, carries almost three times the weight of U.S. Steel (selling price: $71) and four times the weight of General Motors (price: $43), both of which are much bigger companies...
Nevertheless, every real Wall Streeter knows that Standard & Poor's daily average, like the Dow-Jones, is only a sketchy cross section of the whole market and thus attempts merely to show the broadest changes in trading sentiment. On a weekly basis, Standard & Poor does publish a mammoth index of 480 stocks, but for hourly and daily operations, it is impractical to calculate, such a wide selection, thus statisticians limit themselves to what they hope is a small but representative sampling. As a result, the averages sometimes show a rise in the market, when the fact is that...
Thus, say Wall Streeters, the wise investor should pay more attention to earnings and dividends of individual stocks, plus the overall stability of the U.S. economy and its future prospects before deciding whether the market-and any individual stock-is too high or too low. Says Walston & Co.'s top Analyst Tony Tabell: "Everyone would be a lot better off if they forgot the averages entirely and concentrated on individual stocks, but we can't seem to get it through to the public...
...remain astonishing-how Cortés scuttled his ten ships (not "burned behind him," but dismantled and sunk, despite legend and the Encyclopaedia Britannica) and with his Aztec mistress, 400 Spaniards, 15 horses and ten cannons, advanced against the unknown things that lay behind an 18,000-ft. mountain wall. The fantastic outcome-in which Spanish chivalry and Christian faith matched themselves against the Mexican capital, set like a city of legend amid its lagoons in the mountains-takes on the nature of both myth and history. Armored knight met priest-warrior, each masked in the symbols of his faith...