Word: hoarding
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Dates: during 1980-1989
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When Texas Oilmen Nelson Bunker Hunt and his brother William Herbert went headlong into the silver market in 1979 and 1980, they pushed the value of the precious metal from $6 to $50 per oz. and accumulated a hoard worth about $10 billion. That forced up the cost of everything from photographic film to jewelry, and tempted thousands of Americans to sell the family sterling. But the Hunts lost as much as $1 billion in a day in early 1980, when the speculative bubble burst and silver prices collapsed. Five years later, the Hunt family's woes continue to grow...
Dole chose Norfolk Southern because it was the only railroad among the finalists and boasts a $1.2 billion cash hoard. "It has excellent management," said Dole at a press conference announcing the sale last week. "Norfolk Southern certainly offers what it takes to ensure that this railroad will be strong forever...
...dying for. All our familiar complaints about the lack of heroism in modern life may be traced to our servitude to time. Save time, beat the clock. The only real way a clock may be beaten is to pay no attention to it, to rediscover privacy, cling to it, hoard it; to determine one's own proper unhurried pace. We often apologize for wasting time, when all we mean is that we have violated someone else's standards of progress...
...backseat of a Mercedes is piled with bags of chicken feed. A jogger is startled when Canada geese suddenly lift off from a soybean field. A sculptor thumbs through Hoard's Dairyman near the life-size statue of a Holstein, while down at Rose & Chubby's Luncheonette, commuters discuss optional features available on new eight-row corn pickers...
...loot was handed out last month in Key West at the offices of Treasure Salvors Inc., the outfit that found the hoard on the ocean bottom. Three years ago, the investors, ranging from a California brain surgeon to a Florida auto dealer, paid $20,000 for each of the 35 units in a unique tax-shelter limited partnership. The deal was the brainstorm of an ebullient New Jersey tax-shelter specialist, Jerry Burke, 50. The money entitled the investors-partners to 17.5% of anything recovered during 1980 from the Spanish galleon Santa Margarita. That ship and a sister ship...