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Reunions yss Seawolf (SSN-575) and (SS-197), late March 1987, in conjunction with SSN-575 decommissioning. Contact: Sonar Technician Richard L. Schram or Electronics Technician Flrst Class Lenza F. Hill, USS Seawolf (SSN- p5), FPO San Francisco, CA 96678-2300. (7°7) 646-2179 or 4240. Autovon 253-2179 or 4240.
UVL-CVE Sisters’ Reunion Festival, ships’ companies and squadrons, 20-26 April 1987, San Jacinto Battleground, Pasadena, TX. Contact: Gerald B. Shaw, P.O. Box 560505, Miami, FL 33156. Includes reunions of:
' USS San Jacinto (CVL-30). Contact: ames C. Lohr, 738 Campbell Dr., Belpre, °H 45714.
* USS Bataan (CVL-29). Contact: Cliff Wil- lams, 1802 E. Normal St., Kirksville, MO 63501.
USS Chicago (CA-29, CA-136, CG-11), 214 May 1987, Orlando, FL. Contact: Mary E. framer, Secretary, 41 Homestead Dr., roungstown, OH 44512.
USS Ticonderoga (CV-CVA-CVS-14) and (CG-47), 21-24 May 1987, Seattle, WA.
ontact: Bill Brandenburg, 9008 11th Ave., NW. Seattle, WA 98117. (206) 782-7864.
USS Hughes (DD-410), 11-13 June 1987, analei Hotel, San Diego, CA. Contact: J. P. armer, 25251 Nueva Vista Dr., Laguna ‘Mguel, CA 92677. (714) 495-3318.
USS Pennsylvania (BB-38), 10-12 July S7, Memphis, TN. Contact: Sheran and arjorie Fontenot, 5360 Rolling Acres Dr., °aker, LA 70714. (504) 774-7957.
^S Stockton (DD-646), August 1987, Philadelphia, PA. Contact: Edward (Shorty) y-ooper, 504 Lynda Rd., Phillipsburg, NJ 08865. (201) 859-4545.
USs The Sullivans (DD-537) for crewmem- ers from 1943 to 1965. Eleventh reunion, 7— August 1987, Hyatt Regency Lexington, Mngton, KY. Contact: Charles McCarty, 66 dardenia St., Clearwater, FL. (813) 461-
Rodman (DD-456, DMS-21), 18-20 ePtember 1987, Lancaster, PA. Contact: ■ L. Walls, 421 Murry Dr., Lancaster, PA l76°l. (717) 569-3956.
^SS Waukesha (AKA-84), proposed 8-11 rtober 1987, Milwaukee-Waukesha, Wl. '-ontact; Peter A. Brandel, 60 Cutter Mill Rd.,
Pr
feedings / January 1987
Suite 315, Great Neck, NY 11021. (516) 4826030.
USS Gold Star (AG-12), pre-World War II personnel from USS Barnes (AVG-20), USS Penguin (ASR-12), Navy and Marine personnel stationed on Guam, and the Guam Insular Force, October 1987. Contact: Garnett L. Sebree, 2136 Gaviota, No. D, Signal Hill, CA 90806. (213) 427-3425.
American Battleship Association and USS Idaho (BB-42), 5-12 December 1987, Outrigger Hotel, Honolulu, HI. Contact: ABA or USS Idaho Association, P. O. Box 11247, San Diego, CA 92111.
Pass-Down-the-Line Notes
Traveling exhibition, In Search of the Mary Rose: Henry VIII’s Lost Warship, sponsored by the Armand Hammer Foundation, may be seen through 25 January 1987 at the Museum of Florida History, Tallahassee, FL (904/488-1484); 15 February-1 May 1987 at the Vancouver Maritime Museum, Vancouver, B. C. (604/736-4431); 23 May-12 July 1987 at the Denver Museum of Natural History, Denver, CO (303/370-6390); 1 August- 13 September 1987 at the Art Gallery of Hamilton, Hamilton, Ontario (416/527-6610); 1 October 1987-5 January 1988 at the Southwest Museum of Science and Technology, Dallas, TX (214/428-7200).
Call for papers on naval and maritime history topics for Eighth Naval History Symposium, 24-25 September 1987, sponsored by the History Department, U. S. Naval Academy. Send topic proposals by 1 March 1987 to Asst. Prof. William B. Cogar, History Department, U. S. Naval Academy. Annapolis, MD 21402-5044.
The Naval Historical Center, Department of the Navy, will award two postdoctoral fellowships of up to $2,500 each for the academic year 1987-1988 to individuals researching and writing in the field of U. S. naval history. The deadline for completed applications is 1 April 1987. Contact: Director of Naval History, Washington Navy Yard, Washington, DC 20374-0571.
Seminar on Aerospace Retrofit and Modernization Markets Through the Year 2000,
14-15 May 1987, at the Key Bridge Marriott, Washington, DC. Contact: Forecast Associates, Inc., 22 Commerce Rd., Newtown, CT 06470. (203) 426-0800.
Anyone who served with James T. Cavin, 1st Battalion, “B” Company, 4th Marines, in Shanghai, China, and on Corrigedor Island, or who met him in POW camps at Cabanatuan, Philippines; Osaka, Japan; or Akenobe, Japan, contact: D. Cavin Owens, P.O. Box 201, Wilson, LA 70789.
Amelia Earhart researcher would enjoy hearing from anyone with data about the Earhart mystery along with those interested in discussing the mystery. Contact: Don Wade, 560 Campbell Hill, Marietta, GA 30060. (404) 426-7883.
Conference on “Sources of Soviet Naval Conduct,” 22-23 May 1987, Old Dominion University, Norfolk. VA. Contact: Dr. Philip Gillette, International Studies, Old Dominion University, Norfolk, VA 23508. (804) 4404643.
Symposium on “Modernization of American Shipbuilding—An Ongoing Endeavor,” 26-28 August 1987, New Orleans, LA. Contact: Dr. John P. Hackett, P. O. Box
The Proceedings Puzzle
Stick to the Job
CLUES ANSWERS
- Fish basket
- LPD-5
- LPD-1
70 58 43 147
154 61 175 2 8
- SSN-648
- U.S.N. Admiral, Physician
- SSBN-731
- SSBN-623
- FF-1070
- LCC-19
J. DDG-23
25 80 165 96 29 19 48
128 88 156 57 5
K. LSD-33
77 27 108 141 166
167 32 114 52 100 161 138 L CG-31 M. FF-105
136 46 56 155 107 122 162
173 60 142 65 118
176 105 148 151 63
146 50 137 55 90 47 68
66 59 89 51 4 110 26
30 21 153 117 113 92
N. Soviet helicopter
O. Owner-supplied material (abbrev.)
P. SSN-688
41 170 73 78
93 13 23
3 11 85 130
135 16 104
82 121 6 54 67 143 76
109 42 1 174 20 84
127 169 94 64
Q. DDG-4
R. FF-1050
12 120 102 133 18 160 152 91
By Richard McDonough
S. AE-23
T. CVN-69
U. Famous TV chimpanzee
- Bow
W. Zygomatic bone
- BB-61
Y. LHA-1
Z. FFG-53
131 111 101 36 126
149 119 72 95 106 99 22
132 35 171 62 45
163 139 17 87 10
158 98 74 53 39
115 71 9 79
34 103 172 168 144
24 159 14 44
125 134 81 157 116 69
15 37 40 123 28
86 145 33 129 7
75 38 97 164 112 49
124 85 150 140 31
When you place the letters of the clues’ answers into the numbered squares of this acrostic puzzle, you will spell a quotation. Reading down, the first letters of the answers spell the title of the work and the author’s name. (Solution will appear in the February ‘‘Notebook")
Diamonds Are Not Forever
% C. Allen Baker
Table 1 A Tale of Two Decades Compounded Annual Rates of Return
June 1970 to June 1980 June 1980 to June 1985
| Return | Rank |
|
| Return | Rank |
Oil(a) | 34.7% | 1 | J- Stocks | 15.2% | 1 | |
Gold | 31.6 | 2 |
| | Bonds | 13.2 | 2 |
U. S. Coins | 27.7 | 3 | ^_Treasury Bills | 12.0 | 3 | |
Silver | 23.7 | 4 |
| CPF | 5.7 | 4 |
Stamps | 21.8 | 5 |
| Housing | 4.3 | 5 |
« Chinese |
|
|
| Old Masters(a) | 1.5 | 6 |
Ceramics(b) | 21.6 | 6 |
| Diamonds | 1.2 | 7 |
Diamonds | 15.3 | 7- |
| Chinese |
|
|
U. S. Farmland | 14.0 | 8 |
| Ceramics(a) | 1.0 | 8 |
Old Masters(b) | 13.1 | 9 | « U. S. Coins | 0.1 | 9 | |
_Housing | 10.2 | 10 |
| Stamps | 0.1 | 10 |
CPF | 7.7 | 11 |
| U. S. Farmland | -1.7 | 11 |
Treasury Bills | 7.7 | 12 |
| Oil(a) | -5.4 | 12 |
§■ Bonds | 6.6 | 13 |
| Gold | -11.0 | 13 |
I_ Stocks | 6.1 | 14 |
| _Silver | -15.9 | 14 |
*Consumer Price Index. aReflects revision in oil index. bSource: Sotheby’s. All returns are for the period ended 1 June 1985, based on latest available data.
. At the beginning of a new year, it is mteresting—and sometimes profitable— !° examine the price performance of different investments over time. There are tw° reasons for doing this: first, the dramatic changes in price performance from Year to year, and decade to decade, Nearly demonstrate that there is no “sure thing” in the investment world—constant vigilance is a must, and; second, since hindsight is 20/20, we can correlate known price changes to particular economic conditions. From such a historical Perspective, we can then create a portfo- 10 “mix” that will best suit our perceptions of future economic events.
This is not a difficult exercise if you c°nsider that all investments can ultimately be classified into just two catego- r,es of assets—tangible and financial, als° called “hard” (gold, oil, real estate) ®nd “paper” (stocks and bonds) assets. Jne price behaviors of these two investment categories respond inversely to the nramatic shifts in major economic cycles.
We recently experienced one such I”iff In the 1970s, interest rates and in- mtion were historically high. There was an unpopular war, political instability, and a national feeling of malaise. By the mid-1980s, inflation had fallen to levels n°t seen since the early 1960s, interest rates were dropping to single digits, and Political stability and a new sense of na- '°nal pride were evident. As an example °f a severe change in the price of a hard asset through these times, consider that a one-carat “investment” diamond could
Purchased in 1972 for $1,600, sold in 9 for $60,000, and was worth about Sl6,000 in 1984.
Equally dramatic price changes are shown in Table 1, which compares the relative price performance of various ar<f and paper assets during the recent ec°nomic shift. We can conclude that, in general, hard assets perform well during Periods of economic instability, while Paper assets do likewise in times of eco- n°mic stability.
Armed with this knowledge, our next c°ncern is coming up with an educated 8Uess about the directions of the domestic and international economies for the next few years. I know that this seems to be a tough task when you consider that most professional economists have trouble predicting the course of the economy for the next three months! But do not let this deter you in any way from forming your own opinions and acting accordingly. It has been my experience that most individuals have a sufficient amount of common sense and “gut feel” to see the storm warnings when they appear. For example, when you notice that your food bill is rising every month, and $20.00 will now only fill your gas tank halfway, watch out for another shift. (For those of you who require a more academic affirmation of such an event, I will happily provide a list of indicators which can be easily followed.)
Finally, please remember that major economic shifts normally occur “not with a bang but a whimper.” The most important concept is that all investment
BARRON'S (17 JUNE 1985)
assets boil down to the two simple categories, each of which responds in a more or less predictable fashion to a given set of economic conditions.
Please note that you no longer need to be listed in the Forbes “Four Hundred” in order to invest in oil wells, gold mines, office buildings, apartment houses, shopping malls, and many other types of hard assets. And, as discussed in last month’s column, you know that for the price of one night in Naples, you can own stocks, bonds, and many other types of financial assets. Today, well-diversified and researched packages of both tangible and financial assets—most often in the form of limited partnerships, trusts, or mutual funds—are available to the small investor so that he can create and manage a widely diversified portfolio of both hard and paper assets.
Smooth sailing and a happy new year!
(Solution to the December puzzle)
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15 _ | u | N |
| 16 T | 1 | 18 A |
| a |
| T | ft | A | / | M |
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|
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| 2h | E | N | 2b | E | ft | s | 26 | 2ll |
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| 29 U | T |
|
| 30 Z- | 0 | L | 0 |
| 31e | R | SA | 5 |
|
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| 0 | 6 | A |
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| K |
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3b | H | M |
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| 37 T | 0 |
|
| 39& | 40s | |
4L | E | A | 4T" | % | 44 E. | ft | N | E | C | K |
|
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4k | 9 |
| 4h | A | r | 3 |
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| 51 X | VJ | 0 |
| 52 | X | bh |
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| *k | 5 |
| A | N | D |
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2338, Pascagoula, MS 39568-2338. (601) 935-1319.
Researcher seeks data on naval aviation in European and Mediterranean Theaters of Operation from January 1942-August 1944. Special interest in United Kingdom- based patrol and patrol-bombing squadrons and carrier-strike operations. Contact: LCdr. L. M. Bol, USNR (Ret.), 1100 W. Hollyvale St., P. O. Box 296, Azusa, CA 91702.
Index to Advertisers
AAI Corporation.......... 104, 105
Advanced Structures Corp 30, 127
A & J Manufacturing
Company.......................... 30
American Scientific
Corporation...................... 21
Antheil Booksellers......... 26
The Ashfleld Press.......... 26
Beech Aircraft Corporation 27
Bell Boeing......................... 6
The Boeing Company.... 31
Cornell Maritime Press... 26
Diagnostic/Retrieval
Systems, Inc.................... 20
EDO Corporation,
Western Div..................... 11
Electronic Data Systems
Corporation........................ 1
FMC Corp.,
Northern Ordnance Div.. 24
General Dynamics,
Pomona Div................ 22, 23
General Electric Co.,
Fitchburg/Lynn,
Massachusetts................ 4, 5
General Electric Co.,
Marine and Industrial
Engines and Services Div 19
GM Allison Gas Turbine Div 121
Ferde Grofe Films........... 25
Grumman Corp................ 12
Grumman Data Systems
Corporation....................... 8, 9
Hampton Company....... 21
Harris Government Support
Systems Div.................. 100
Harris RF Communications
Group.............................. 32
Hughes Aircraft Company 106
Langley Corporation..... 25
Magnavox Advanced Products
and Systems Co............ 33
Martin Marietta Corporation .... 78, 79
McDonnell Douglas
Corporation..................... 4th Cover
Naval Institute Press... 55, 93
Newport News Shipbuilding 17
Preston Hobby Models. 21
Raytheon Company...... 99
RCA Missile and Surface
Radar Div........................ 77
Sippican Ocean Systems, Inc 28
Syscon Corporation.......... 2
Todd Shipyards
Corporation.................... 2nd Cover
Wang Laboratories, Inc 3rd Cover
Willbros Butler
Engineers, Inc................ 29
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