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OCR Page 1 of 4Sanford C. Bernstein & Co., Inc.
Investment Research and Management
Paul R. Beirne
Vice President
August 5, 1996
Hon. Harold Ickes
The White House
1600 Pennsylvania Avenue
Washington, DC 20500
Dear Harold:
I thought you might enjoy the latest update of Investment Planning in the Global Era, a
publication we distribute to all our private clients as a guide to knowledgeable
investing. Indeed, at Bernstein, we regard helping our clients achieve long-term security
through careful planning as among our most important tasks.
In this latest study, we pay special attention to the challenge of building capital in the
face of the three primary "spoilers" -- taxes, inflation, and the virtually universal
necessity to spend some of the money that accumulates in an investment portfolio.
I hope you find the publication useful: if you have any questions or comments -- about
this book or any other aspect of Bernstein service -- don't hesitate to telephone me at
(212) 756-4022.
Sincerely,
Paul
767 Fifth Avenue, New York, New York 10153-0185
212/486-5800