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Records pertain to the Middle East Peace Process.
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ID # 177414 CU
CO 001-07
WHITE HOUSE
CORRESPONDENCE TRACKING WORKSHEET
O OUTGOING
H INTERNAL
I INCOMING
Date Correspondence
Received (YY/MM/DD)
/
/
Phebe Marrin
Name of Correspondent:
MI Mail Report
User Codes: (A)
(B)
(C)
Subject: Forwards infor mation on Middle East
ROUTE TO:
ACTION
DISPOSITION
Tracking
Type
Completion
Action
Date
of
Date
Code
YY/MM/DD
Response
Code
YY/MM/D
CS
Office/Agency
(Staff Name)
Cuote
ORIGINATOR 90,09,24 TCNAN (90,10,01
Referral Note:
CS
Cugray
I 90,09,25TC
:
(90,10,01
Referral Note:
ATTN:FYl
/
/
/
/
-
-
Referral Note:
/
/
/
/
—
Referral Note:
/ /
/
/
-
Referral Note:
DISPOSITION CODES:
ACTION CODES:
A Answered
C Completed
A Appropriate Action
I Info Copy Only/No Action Necessary
B - Non-Special Referral
S Suspended
C Comment/Recommendation
R - Direct Reply w/Copy
D Draft Response
S For Signature
F - Furnish Fact Sheet
X Interim Reply
FOR OUTGOING CORRESPONDENCE:
to be used as Enclosure
Type of Response = Initials of Signer
Code = "A"
Completion Date = Date of Outgoing
Comments:
Keep this worksheet attached to the original incoming letter.
Send all routing updates to Central Reference (Room 75, OEOB).
Always return completed correspondence record to Central Files.
Refer questions about the correspondence tracking system to Central Reference, ext. 2590.
5/81
ID # 177414 CU
CO 001-07
WHITE HOUSE
CORRESPONDENCE TRACKING WORKSHEET
O OUTGOING
H INTERNAL
I INCOMING
Date Correspondence
Received (YY/MM/DD)
/
/
Name of Correspondent:
Phebe Marrin
MI Mail Report
User Codes: (A)
(B)
(C)
Subject: Forwards infor mation on Middle East
ROUTE TO:
ACTION
DISPOSITION
Tracking
Type
Completion
Action
Date
of
Date
Office/Agency
(Staff Name)
Code
YY/MM/DD
Response
Code
YY/MM/D
CS
Cuote
ORIGINATOR 90,09,24 TC NAN C90,10,01
Referral Note:
CS
Cugray
I 90,09,25TC
:
(70,10,01
Referral Note: ATTN:FYl
/ /
/ /
-
Referral Note:
/
/
/ /
-
Referral Note:
/
/
/
/
-
Referral Note:
ACTION CODES:
DISPOSITION CODES:
A . Appropriate Action
I Info Copy Only/No Action Necessary
A Answered
C Completed
C Comment/Recommendation
R Direct Reply w/Copy
B - . Non-Special Referral
S Suspended
D . Draft Response
S For Signature
F Furnish Fact Sheet
X Interim Reply
to be used as Enclosure
FOR OUTGOING CORRESPONDENCE:
Type of Response = Initials of Signer
Code = "A"
Completion Date = Date of Outgoing
Comments:
Keep this worksheet attached to the original incoming letter.
Send all routing updates to Central Reference (Room 75, OEOB).
Always return completed correspondence record to Central Files.
Refer questions about the correspondence tracking system to Central Reference, ext. 2590.
5/81
PHEBE THORNE MARRIN
BOYDEN,
THOUGHT you'D LiKE
to READ THIS - MAG BE
THE PRESIDENT WOULD too!
It's Nice to SEE SucH
positive THINGS SAID.
BRAVO FOR your GOOD
ADVICE!
love, Phebe
-4-
This issue introduces a new feature:
COUNSEL'S OFFICE
LOOKING AHEAD
RECEIVED
SEP 4 1990
Does the Storm Cloud in the Middle East Have a Silver Lining?
Prior to the eruption of The Middle East Crisis, we anticipated a long
period of peace and prosperity. When the United States defeated the Soviet
Union in the Arms Race through superior economic prowess, Capitalism triumphed
over Communism. The prize of Peace seemed won.
Inflation, a consequence of the long struggle between the Major Powers,
harassed the United States during the 1970s and 1980s, but was brought to a
more tolerable rate by the beginning of the 1990s. The policy shift of the
Federal Reserve under the present Chairman, Alan Greenspan, from vacillating
monetary restraint leading to a cyclical, stop and go economy, with periods of
growth interspersed with recession, to a policy of fine tuned relatively
steady restraint intended to gradually reduce inflation further by throttling
down the economy to slow growth seemed likely to be effective.
Hence, we grew optimistic that a prolonged period of peace and prosperity
would be beneficial for investors, especially for those who invested in
quality growth stocks for the long term.
Suddenly Iraq invaded Kuwait and President Bush countered with bold
initiatives. Investors reacted to the confrontation with alarm. The price of
oil spurted but President Bush, who made his fortune in the oil business,
wisely deferred drawing on the U.S. reserves of oil. Instead President Bush
called up U.S. Military Reserves. The News Media projected increased
inflation due to the rise in the price of oil and the cost of the military
build-up, and recession as a result of abruptly diminished consumer
expectations and intentions. Some investors no doubt panicked.
However, the stock market frequently reacts sharply to unexpected
events. Uncertainty causes many investors to sell stocks indiscriminately and
postpone buying -- to put their cash in money market funds until they can
assess the situation and understand the investment implications.
Nevertheless, President Bush has exhibited resourcefulness as well as
initiative. He has enlisted international cooperation to resolve the crisis.
He has the backing of the League of Arab Nations. He has encouraged the
United Nations to approve sanctions and an embargo against Iraq and he has
gained the almost unanimous support of the United Nations. He has solicited
and won the backing of Premier Gorbachev and the Soviet Union.
He has initiated a plan for "burden sharing. Thus, the strains of
Turkey, Egypt and Jordan in upholding the embargo against Iraq will be reduced
through international funding and cooperation. Arrangements are being made to
finance the military build-up in the Middle East of the United States and
other nations through contributions from prosperous nations. Saudi Arabia has
offered to supply all the fuel needed. Kuwait has volunteered that it would
pay for most if not all the other costs of the military operations in the Gulf
area. Negotiations are under way to enlist Germany, Japan and other nations
which will not provide military forces to provide monetary and other support.
While Saddam Hussein stalls, President Bush marshals formidable
political, economic and military might through international cooperation.
Already, he has grasped the sceptre of worldwide leadership. His character
suits him to apply international cooperation to resolve other political,
economic and military problems as well: in Eastern Europe; in the Soviet
Union; perhaps in China; in Cambodia and lesser nations of the Far East, in
regard to international trade with Japan and Germany -- wherever U.S. inter-
ests are involved. He may bring to bear international cooperation to enhance
the prospects for peace and prosperity -- a silver lining to the storm cloud.
Copyright © 1990 and Published by Associated Family Services Incorporated. All rights reserved. Chairman Jack R.Orban. President Andrew B. Bear.
-3-
HOW GROWTH STOCK INVESTING COMPARES TO BARGAIN HUNTING
The strategy of investing known as Bargain Hunting, or Value-Oriented
Investing, was popularized by Benjamin Graham and David L. Dodd. Together
they wrote the basic textbook which describes this strategy of investing. It
is called simply, Securities Analysis. Both men practiced what they preached
in this classic text. Dodd remained all his life a professor at Columbia
University. Graham left Columbia University to develop his investment
business based on the ideas and rules expressed in their book.
While many people have refined Growth Stock Investing, Philip Fisher is
generally credited with popularizing this strategy. He wrote several books
which outline how to select stocks of companies likely to grow over the long
term and therefore appreciate.
Many investors are attracted to both of these strategies of investing.
The Graham and Dodd text explains how to analyse and compare financial
ratios by examining the financial statements of publicly traded corporations
in order to uncover those which are defined as "bargains." They recommend
purchasing the stocks of such companies and holding them until some event
brings recognition of their true value. When that happens their stocks will
rise to the level of full valuation. Then, you can sell to take your profits.
The other strategy applies analysis of industries, products, services,
management and competition for many companies to find the few which seem
likely to grow at an above average rate and keep on growing for a long time.
Such stocks, according to this strategy, are likely to appreciate in price as
they prosper and increase their sales and earnings.
Both strategies have much merit. Each will provide good profits at some
times, but not at others.
As long as we have a slow growth economy, however, it seems probable that
Bargain Hunting will underperform, while Growth Stock Investing will
outperform the Averages. Bargain stocks are generally found in mature and
cyclical industries, just the industries most likely to stagnate during a slow
growth economy. However, growth stocks are those which their managements have
developed SO that they can keep on growing in their industry despite moderate
inflation or recession. Many such growth companies have grown right through
the fairly severe recessions and economic disruptions of the 1970s and 1980s.
Those that can grow while the Federal Reserve restrains the economy to slow
growth in order to try to bring inflation to a lower rate over the next few
years will probably appreciate far faster than the Averages during this period.
CONVERSATION ABOUT PERSONAL FINANCE
"Well, Reggie, how have your stocks fared during this latest crisis in
the Middle East?" asked Christopher Conservative of his friend and after
dinner companion of many years. These two conversational sparring partners
were seated at their usual spot overlooking the elegant shop windows and busy
afternoon traffic on the street outside the window of the Club Room of their
Club.
"As you can guess, they dropped sharply, like just about every other
stock, answered Reginald Responsible. "How about your bonds?"
"Oh, I never bother to quote my bonds except in Barron's about once every
few months. I don't have to worry. I can sleep nights. I am confident my
bonds will keep on making their interest payments even if they fluctuate.'
"I, too, have peace of mind," rejoined Reggie. "I dream of my growth
stocks increasing their earnings and dividends year after year, appreciating
fast enough to far outpace inflation, and making me richer and richer."