Word: traders
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...some areas to foreigners. As a superpower accounting for one-third of global production, the U.S. has natural protection for many of its industries. The entrenched power and influence of some sectors - such as auto making, steel and agriculture - have diminished America's claim to being a free trader. Now many of the barriers between the two countries will be ditched immediately; some will be taken down gradually. A few, such as those shielding American sugar farmers or Australian film and television producers, will stay...
History does show some correlation. Since the Coolidge Administration (1923-29), according to The Stock Trader's Almanac, stocks have gained an average of 14.5% in year three of a presidency and 7.7% in year four vs. less than 6% in year one and year two. But within those averages lurk vast annual variations. Under F.D.R., year one produced a 66.7% gain. The market's lousiest annual return ever--a 52.7% loss--occurred in the third year of Herbert Hoover's Administration. So you can lose your shirt betting the cycle will repeat itself...
...evening breeze that blows in from the Indian Ocean. I'm dining in the roofless rooftop restaurant of the Emerson & Green hotel on Zanzibar, the semiautonomous island off Tanzania and one of the most romantic spots on the planet. Once the opulent palace of a wealthy Swahili trader, the hotel has just 10 rooms, but each one is exquisite: the North room features a large stone bath built into an open-air veranda with views across the city; the Crystal room houses two antique Zanzibari beds and a handblown glass chandelier. But the crowning attraction is the restaurant. The fixed...
...working their way through the system. The cost of a sedan dropped 9% last year in China. And although the country's soaring demand for metals has caused a sharp increase in raw-materials prices this year, overinvestment could eventually cause prices to collapse there too. A metals trader in the U.S., for example, hangs on his wall a world map with black dots indicating the location of aluminum plants. Most producing countries have five or six dots; China has 130. "China is building smelters like McDonald's opens restaurants," says the trader, who asked not to be identified...
...evening breeze that blows in from the Indian Ocean. I'm dining in the roofless rooftop restaurant of the Emerson & Green hotel on Zanzibar, the semi-autonomous island off Tanzania, one of the most romantic spots on the planet. Once the opulent palace of a wealthy Swahili trader, the hotel has just 10 rooms, but each one is exquisite: the North room features a large stone bath built into an open-air veranda with views across the city; the Crystal room houses two antique Zanzibari beds and a handblown glass chandelier. But the crowning attraction is the restaurant. The fixed...