THURSDAY JAN. 25, 1979

THE HERALD

PAGE 13

INFLATION INVESTIGATING provided by Alfred F. Bracher, Jr. and Thomson McKinnon Securities, Inc. Member of the New York Stock Exchange

Satchel Paige, survivor of more than a few baseball battlefield brawls and occasional coiner of well-turned phrases, is credited with that famous line, “.Never look back. Somebody

iraght be gainin’!”

Ol’ Satch may have been the first to utter that bit of prose. Or he may not. Contemporary journalistic historians often err in their attributions. For example, the line might just as. easily have been an exclamation; from a beleaguered investor,, caught up in the inflation footrace, terrified that he was losing, and not wanting to find

out how badly.

Private investors, electing to manage their own money and guide their own investment ship, if they’re wise, do in fact look back, forward and in all directions. Often at the same time. It’s the only way they can check their progress - or lack of it -and adjust to changing market conditions. Because conditions do change. A lot. And often. . In addition to surveying investment scenes about them, investors also often look for research and analytical sources as potential aides to investment direction and selection. They’re also hindered, because much of what they read and review is compiled by authors of questionable experience and dubious knowledge. Even the so-called “authoritative” sources are less helpful than they might be because their opinions are often couched in such vague and evasive language. They, therefore, tend to sound bullish and optimistic when they’re really the opposite. They sound and write the same when they’re pessimistic (bearish). For the benefit of the many stalwart private investors who like to make their own decisions, we editors and authors of INFLATION INVESTING thought it might be useful to classify and catalogue the many species of research analysts and market commentators that populate the financial community. This process might make the collection of opinions a little more meaningful and helpful, or prompt the reader to miss them altogether. One analytical creature we’ve always been particularly wary of is the one who knows a little, but says a lot. Ignorance to such analysts is never an obstacle to strong opinions and outspoken points of view. In fact, the less informed the source, the more pontifical the prose. Telltale clues to identifying such questionable analytical sources are volumes of words. If the source uses ten words when one will do, run, don’t walk, to the

nearest exit.

Almost as useless to investment health is the market commentator who truly knows whereof he speaks but chooses not to - for whatever reason. If finally prevailed upon to speak out he disguises his opinions in pompous platitudes, gliterring generalities and language otherwise so vague and evasive

more time must be spent in translation than in education. To such an analyst not expressing a point of view is a career in itself. Recommendation: avoid exposure to such spedes at all costs. They waste time and

investment bucks.

Then there are the perennial optimists. These creatures see silver lining in storm clouds that promise economic hurricanes. The worse the news and darker the prospects, the more cheerful and exuberant they become. While all investors appreciate independent thought and contrary opinion, such pollyanna analysts are dangerous to investment health. They

should be quarantined.

The analysts who occupy the opposite end of the emotion spectrum are gloom are doom merchants. They see disaster everywhere and regularly forecast the end of the world. If not today, then tomorrow. To. them, no news is bad news. Good news is bad news. All news is bad news. Investors who heed such analytical opinion will deserve just what they get -

which is usually nothing!

We’re wary also of the superficial economic forecaster who plays fast and loose with the facts - if indeed he has any. Such analysts follow simple formulas that have not only never been proven, but never even tested. The bandwagon analyst is anothier species of dubious merit. He carefully takes the temperature of group opinion mirrors it exactly. As an investment idea source he is

among the most dangerous. His advice is purely hindsight. He will tell you precisely what to do -yesterday! Be cautious also of the analyst who seeks to please. He will sample carefully the inquiring investor’s thoughts and then tell him exactly what he thinks he wants to hear. His answers vary with the questioner. If an opposite opinion is sought, he will reverse course immediately, and above all accommodate. Finally, there are investment analysts who turn every investment question no matter how simple and straight-forward, into a complex assortment of facts, figures and hieroglyphics that express everything except an intelligible answer. Such analysts are very closely related to the fence-straddling species who absolutely refuse to take a position on anything no matter how clear cut the alternatives. From such analytical sources there comes neither heat nor

light.

Our long list of useless analytical sources has barely been scrathed, but we think we’ve made our point. We would, however, be seriously remiss if we did not quickly emphasize that for every questionable analyst, there are many, many valuable ones. And, like ol’ Satch, the investor who wants to know if somebody (or something) is gainin’ must make sure of them. By describing some of the valueless sources, hopefully the more valuable ones will be easier to recognize.

County Earns Almost 1/2 Million on Interest

Prudent investments of Cape May County funds during 1978 has yielded over $419,521.61 income to taxpayers in interest alone, County Treasurer Philip R. Matalucci, Jr. said Tuesday at the Freeholders meeting. Freeholder William E. Sturm, Jr. Director of Revenue and Finance of the County Government, said Matalucci and the Treasurer's Office is responsible for earning more than $2,07,088.61 in interest since 1973. The Freeholder said the Board will find the interest monies particularly helpful this year in light of the new state law which establishes a five percent "cap" or ceiling on new County spending this year.

The Poet’s Pen “TRIBUTE" My mind basks in the sunshine of your smile And in the surging waves of laughter, frolic's free Abide my spirit for a while Come my friend to me As the wine that warms within Or the cleaning waters fall Loneliness abandons when ere I hear your call And all the inconsistencies that make of human kind An swept away, in the warm winds of the heart And pain within, that causes one to blind It’s released right from the start My soul goes naked with you Washed in the ocean of your loyalty And this I find is true You are a friend to me Arleen Lynne

[picture] PRE-TELETHON CHAT - Getting ready for the Variety Club Telethon on February 3rd & 4th are (from left) Edward S. Baim, representing McDonald's Restaurants in Southern New Jersey; 10-yearold Sonya Pascone, one of die thousands of children who will benefit from the event; and Dr. Melvyn E. Smith, telethon chairman. On Feb. 4th, McDonald’s Restaurants in Southern New Jersey will donate 10 cents on every large order of french fries to the charity. The WPVI-TV telethon, hosted by Monty Hall and featuring a talented group of entertainers, benefits hospital programs, camps and special services for handicapped children.

[picture] SEASHORE CB RADIO SERVICE CLUB SEEKS MEMBERS The Seashore CB Radio Service Club is looking for members. The Club is composed of local CBer’s whose goal and aim is to help people in need, add their community. If you are interested fill in application provided. You must be 18 years of age and have a Valid FCC License. Mail the application to P.O. Box 188, Cape May Court House, or bring it to our meeting on the 1st or 3rd Thursday of the month at 8:00 P.M.. in the Middle Township Ambulance Bldg., Rt. 9 in Cape May Court House.

APPLICATION FOR MEMBERSHIP

(please print)

Seashore C.B. Radio Service Club Inc.

Name

Call Letters

Handle

Spouse's Narne

Handle Phone

Street No., PO BOX

City/Town State Zip Code

Date of Birth

Yr. Mo. Day

-Self-

-Spouse-

EMPLOYMENT: Street Address City, State Occupation Phone/Ext. Children: Name Sex

Age yr. mo. day Name

Sex age yr. mo. day

Hobbies & other interests:

Blood Type: (if known)

Would you be willing to assist during an emergency? Physical Limitations;

Have you ever been arrested and/or convicted of a criminal offense?

Applicant's Signature Date