Word: quantum
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...ended the week at 2235.37, after skyrocketing by 66.47 points one day and dropping by 51.13 the next. Amid the ups and downs, no investor has done better than George Soros, 56. During the past two years alone, the soft-spoken, Hungarian-born manager of a fund known as Quantum has amassed a staggering $1.5 billion in profits for himself and a small group of foreign investors. Says Barton Biggs, global strategist for Morgan Stanley: "Soros really is a genius, our all-time champion...
...Quantum's great leap in profits began with the move upward by the Dow from a level in the mid-1300s in August 1985. Soros caught the market wave by investing heavily not only in U.S. stocks but also in very volatile stock- index and currency futures. These can multiply returns many times over, or, conversely, produce huge losses. Now the largest so-called hedge fund, Quantum uses its stock and bond portfolio as collateral to buy more stocks and securities...
Born in Budapest, Soros moved to Britain in 1947. He subsequently attended the London School of Economics. In 1956 he moved to the U.S. and worked for ten years as a broker and stock analyst. In 1969 Soros started the fund that became Quantum with only $250,000. Members of the Rothschild family and other rich Europeans soon kicked in an additional $6 million. Since then the fund has grown mostly through reinvested profits. Because Quantum is registered outside the U.S., Soros and a few members of his Manhattan-based management team are its only American investors...
...foresees a balmy 120 K within a few months, and does not rule out superconductors that could operate at 300 K (room temperature). University of Illinois Physicist John Bardeen, who shared the Nobel Prize in 1972 for his part in explaining the quantum-mechanical basis of superconductivity, agrees that there is no theoretical reason precluding higher temperature superconductors. But, he says, "finding materials with the right combination of properties is tricky." Admits Chu: "There was a bit of serendipity involved...
...deadly accurate, heat-seeking Stingers, first delivered to the rebels in October, provide them with their most effective defense against Soviet air attacks. Recently, diplomatic sources in Pakistan have reported a "quantum leap" in rebel hits on Soviet planes...