CFA Institute
CFA Institute
CFA Institute
Review
Author(s): Elsie Palin
Review by: Elsie Palin
Source: Financial Analysts Journal, Vol. 26, No. 2 (Mar. - Apr., 1970), pp. 127-128
Published by: CFA Institute
Stable URL: http://www.jstor.org/stable/4470669
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reduced maintenance, for with the late to help the average financial sayers, suffering perhaps from poor
lack of earnings this was inevitable, analyst shape his life. Try it on the eyesight, turned to other sources of
but irresponsibility in equipment younger generation. The writing, by inspiration. Ezekiel may have tried
matters, in particular disregarding the way, is outstanding. pot. The augurs of Rome studied
engineers' advice and scrapping elec- animal entrails and ffights of birds.
tric locomotives in favor of those un- But with the discovery of the tele-
reliable diesels that today's commu- STOCK MARKET HOROSCOPE 1970: scope, astrology came back and re-
ter knows and distrusts. Complete Astrological Forecasts mains the surest way to predict the
The book is a model of business of all the Companies on the New future.
history, well written, entertaining York and American Stock Ex- Ancient prophecy was not too
but factual, bristling with footnotes change. By Doris Kaye. World accurate, even though its scientific
in the back, pictures of the principal Publishing, New York, 1970. 174 basis was unassailable. It failed
characters, a bibliography, an ap- pp. $5.50. through imperfect knowledge. For
pendix, and end-paper maps of the Reviewed by ELSIE PALIN one thing, the position of the sun in
New Haven that was and the New Church & Graves the twelve zodiacal constellations led
Haven that is left. The only quarrel Before an investor can freely put to confusion in various nations as to
with its accuracy is the locating of the his reliance on astrology as a blasis what the constellations should be
birthplace of Diamond Jim Brady at for investment decisions, he must be named and what influence each had
the corner of Wall and Cedar Streets. convinced of the scientific basis for on earthly events. Then, there were
Tourists and even natives will have a this ancient art. In the old days, planets, too remote to be seen by the
hard time finding that historic spot. quite a long time ago, the astrologer naked eye, that affected life on earth
* advised his king on matters of pol- in unpredictable ways.
icy, basing his advice on the relative Discovery of the telescope changed
"HETT". By William W. Amos. Har- positions of the earth, the sun, and all that in spite of the fact that about
court, Brace & World, Inc. New the movable stars, or planets. It was this time the earth, which had stayed
York, 1969. 44 pp. A few copies clear to him that these bodies had put for generations, began to turn on
are available from the publisher. been given their start long ago and its axis and orbit the sun. The star-
Reviewed by ROBERTI. CUMMIN were secure in their courses. He gazer, feasting his eyes on the lower
Laidlaw & Co. knew, too, that something caused limb of Venus, soon worked out the
"Hett" is a short, heartfelt tribute everything and that consequently relationship of that enigmatic planet
to Albert Hettinger, Jr., Wall Street's everything that happened in the fu- to events on earth. Modem science
venerable and respected Ben Frank- ture was foreordained and could be determined orbits and things to un-
lin, written by Bill Amos, the insur- divined. heard-of fineness. Almanacs reported
ance expert of First Boston. Most As the years went on, some sooth- the mean longitude of the ascending
members of the mature generation of
the financial community have heard
Mr. Hettinger's story-barefoot boy,
student, teacher, successful investor,
and now partner of Lazard Freres, SECURITYANALYSTS
director of many companies, and
investment advisor to great institu-
~~.III MANAGERS
~~~PO.RTFOLIO
For 46 years Acorn
tions. has specialized in
Mr. Amos has tried through inter- NOTICE
DIVIDEND the placement of top
views to find how Hett made his Quarterly dividends of 28? calibre Analysts and
career and what lessons the young a share on the common Investment Executives.
can learn from his philosophy. Hett stock and 25? per share Call our Wall Street
succeeded by constant hard work on the 5% preferred stock Specialist for a con-
have been declared by the fidential interview.
and by "directing all [his] energies Board of Directors. All fees are paid by
toward the goal, being totally com- Both dividends are payable employer.
mitted to every undertaking." This March 15 to shareholders
sounds like the Puritan Ethic, and it of record February27,1970. ACORN
is. But not many Puritans could
Donald J. Carman, An Executive Placement Service
maintain the pace of not wasting a Vice President & Treasurer
single one of seventy-eight years. January9, 1970 160 Broadway, N.Y.C. BE 3-1891
This book has probably come too
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node of each planet. Such complex the stocks listed on the Big Board issues, although not without tense
motions as the precession of the and American Exchanges. The main moments for speculators who have
equinoxes were solved and added to variables in a horoscope at any par- bought high-risk stocks and may now
the accuracy of predictions. By this ticular time are the position of the watch them perform rather errati-
time, any astrologer who knew his earth in the zodiac, the position of cally! The 13th and 14th should see
astrolabe from an astragal was pre- the planets, and the birthday of the a great deal of action among these
dicting all over the place. subject, which yields his own sign. varied kinds of issues, with machin-
Causation, the hypothesis on which Well, does a stock have a birthday? ery, metals (that's Howmet!), retail
astrology is built, survived the en- You bet it does. Although Doris trade, building, and real estate likely
croachments of modern science. Ce- Kaye has accomplished many feats to be included in the active list."
lestial navigation, whereby positions since taking up astrology at age A warning to speculators is in
on earth are determined relative to twelve, her real breakthrough, as far order, though. Our knowledge is not
predicted positions of heavenly as the investor is concerned, is in de- yet perfect. It has been recently
bodies, relies on this hypothesis. The termining that a stock's birthday is demonstrated that Earth's continents
lunar astronauts also used celestial the company's date of incorporation. drift about over the aeons. It is also
navigation, and what could be more The birthday gives the stock its own apparent that constellations do the
scientific than that? The Brownian sign of the zodiac, and off we go. same. Is it possible that the constel-
Movement of the early nineteenth How important a stock's birthday lation we know today as Taurus,
century firmly applied the causation is to its success can be plainly seen the bull, is really a displaced Ursa
hypothesis to other fields. In the in the indigestion that afflicts some Major?
stock market this hypothesis is conglomerates, where the aspects of
known by many names, among them the various ingredients prove to be
adverse. We have all observed com-
Technical Analysis, Fundamental
pany takeovers in which Jupiter
Index to Advertisers
Analysis, and the Random Walk.
With the benefit of modern knowl- kicks Saturn upstairs to Chairman
Acme Markets .................... 128
edge, Doris Kaye has drawn horo- of the Finance Committee and then Acorn EmploymentService ............. 127
scopes covering 1970 for nearly all gives him an early retirement. All AnthonyKane .................... 98
AthloneIndustries,Inc................. 12
this could be avoided by attention to Boston Edison Company............... 43
astrology before the acquisition. Burnham& Company.................. 66
California-PacificUtilities ............. 127
The application of astrology to a CentralSoya .................... 3rd cover
specific stock is delightfully simple ChemicalBank .................... 7
Citizens& SouthernBanks ............. 34
as is shown in this (random) sample. ColumbiaGas System .............. 80, 109
Howmet was founded 6/30/5 8, giv- DaytonPower& Light ................. 116
HI *r11 ing it Cancer as a sign. Let us see
what April 1970 has in store for
Detroit Edison ....................
ESB Incorporated....................
FederalPaper Board ..................
98
15
128
Flintkote .......... ......... 5
ACME Howmet. "This can be a rising pe- GoodyearTire & Rubber............... 119
MARKETS, INC. riod for some Cancer Sun Sign GouldInc . ................... 87, 93
Government DevelopmentBank(Puerto Rico) 58
110thCONSECUTIVE Great Southwest Corporation...........
Gulf States Utilities .......... .......
74
43
QUARTERLY
DIVIDEND InteractiveData Corporation............
InternationalTel. & Tel............ 4th cover
1
128 1970
FINANCIAL ANALYSTS JOURNAL / MARCH-APRIL
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