P2BW341000-0-W00800-1------XA Composite MAGENTABLACKCYYELLOWAN oreyo NetJets of Courtesy 45 ’t lec- ’e rivate everage ap arge convec- db al he forward ward- have been better. aveler. tJets that we would ept thinking, ‘Don ’t .T Tr  spresso machine, and t Ne Ik ,e Je our-compartment, tem- df There is also rips with tJets is itself pretty good at the or properties worth more than LOGS changing room. The cabinetrymore is thoughtful, too, withstorage more room for personalThe items. reconfigured galley hasadde an perature-controlle chiller. tion oven coffee maker it the whole family on the plane.” ,f yt Ne YB nf AIL n-board server wirelessly streams TV, on an abrics, finishes, colors, and materials— nd flight information to passengers D tJets guy?’ ” ,a een .Ano Ne noff PENTA tb do that.’ But the pilots couldn st African Makore wood veneer and ostrich-pattern reviews aircraft for Business ’t had our dogs with us, and the flight attendant was We nd inserts have more space. There also is more and echnology atin-nickel plating, and hand-tufted carpets. sa We rt ,s HUBER -year-old granddaughter and 4-year-old grandson from hinking of going to Europe next summer and maybe the One trip, however, already sticks in his mind. “We flew with Which suggests to us that ples to Pittsburgh, and it was their first time on st r6 The Lowdown on LondonIf Real you Estate, are Nov. 28 stillsecond not home convinced in this London,from sit is recent tight the tax because right increases—hitting the timeforeigners particularly fallout to buying hard coming expensive buy wealthy U.K. a properties—mightrun not its have course. It couldhousing be prices that this the past 5.5% year £5 fall million, in is Central just London thespill start over of to an the overdue bottom correction end that of could the market. FROM RECENT tronic devices. All of thisunique new combinatio structure and tech is wrapped in a movies, news, weather things like Caribbean—“because we ca ou smarte Na leather Johnson hasn’ consider long—yet. There was onehe’ from Florida to California, and plane. do that, don robe has veneered doorsdrawer instead of the typical curtain, and the fantastic and kept thegrandson kids kept occupied running for up the to the most cockpit. part, but my When we got off thehave plane, to my do grandson to said, be ‘Poppa, a what do I brand-building business, and its650 uniquely interior luxurious is Challenger part of that greater effort. MARK e-mail: [email protected] The Challenger 650 costs $32.35 million, with direct hourly operating costs coming in at $3,384.82. ’s ngs hn- hock. Jo tJets.” hnson been on as Ne unctional Jo ’t ide,” ecurity line af Wi lso owned by leet of corpo- sw es nd began riding ew Bombardier ,a af ustom seat-foam hnson, played in hnson was on the ,a hnson had moved an Jo big on transparent ac Jo Jo ’t eally need to take off Berkshire Hathaway love the experience. “I Ir ’t how much it charges for a tJets worked with Bombar- hnson promptly retired—his omfortable feeling. BARRON’S ill “Tiger” tJets isn og person, and we have two Ne nta Jo hnson bagged the first model off tac ,B Ne hnson became the first customer Pe aid, ‘Do fter retiring, the hard-charging ad tJets specified Jo Jo Soon afterward, No rren Buffett’s ommercial jet post-9/11. Like the rest ,a ds hnson joined some corporate boards, , ew private jet that critics are praising Ne ne-eighth share in 14 my shoes?’ ” turned to my wifean in th the NFL and later wentCincinnati on Bengals; to he coach also the fiercely instilled competitive a nature inSo his son. Jo got into private equity commercial airlines invarious freelance pursuit gigs. of ItWhile was his at Heinz, around effortlessly on rate Gulfstreams, and he hadn ac of us, he didn time on his hands. father Wa an ao v. reveal to No ’t ignature Series interior uniquely available to ielding enough space to use it as roprietary 650, can see them more often, and we can bring the ecker. ,y ,p aS years, until 2013, when the food company was We ke the seats. ew tJets, the fractional-share company reat. My wife is 15 Ta an Ne &deD sg or hem back and forth from our homes in Pittsburgh and osts coming in at $3,384.82, according to jet-research firm get hnson, 66, is the respected brand builder who ran H.J. zf yt gc “I love the Challenger for one simple reason—it’ To Jo ples [Fla.]. its clients. density that gives moreis cushion 1.7 in feet the wider seat bottom. The lavatory dier to fashion fractional share in thefor Challenger the 650, airplane’s nor running itsThe costs. related Challenger But charges 650 we costsatin $32.35 can million, give with you direct anConklin hourly idea: oper- phone to Challenger 650. On Buffett, signing up for to get the new airplane. Alas, son says. “I haveferr five grandkids, and myNa wife, Susie, and I can Cotons.” He pauses. “I think they were as expensive as dogs; it’ pricing and wouldn (ticker: BRK.A) and 3G Capital. shares were worth more than $100 million—and suddenly he had bought for $28 billion by the production line is a story worth telling. Hein NetJets’ Latest BILL JOHNSON IS THE FIRSTbardier PERSON Challenger TO 650, OWN THEfor LONG-RANGE its BOM- 4,000 nautical-mile range,comfortable good 7-foot-11-inch-wide operating economics, cabin. and exceptionally The plush, and Challenger how 650 is om ro

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Tr for families with $5 million or more 7, PEN TA A version of thison column Dec.4 appeared at Barrons.com. for the grandchildren and the dogs. The 650’s 7-foot-11-inch width gives ample By Mark Huber December e- 15 d’s igh pan No- ,d 20 Fe imple loppy Ja 7, rend is $H ate hike ll Street ss As st ar  2-week low Wa echnical ma- olicy mistake xemplified by easury sector, a5 ally Thursday, st ,e Tr ove, with higher ap hich leaves the art of that reflects December all of selling, credit sr am .P ETF (HYG) hovered ,w ake aw SPDR Barclays High ank of China’ mplications. arrel, following the Or- iShares iBoxx dm sB mi ab Fe troleum Exporting Countries vercore ISI’ istake. ETF (JNK) hit Pe ople’ ,E rop in benchmark U.S. crude ill run into Pe easury curve will flatten from both am isplaced inflation fear in 2011, leav- hich puts downward pressure on ate-week rebound, junk bonds con- rude oil will break through the $40- ow pecial Drawing Rights last week), Tr yw rice declines in the sd sl &P 500, and Russell 2000 small-cap 990s or when the ECB hiked rates ,c ,w am alculations. Bond investors also share sS lassic portent of recession. rn t, smart people sometimes do stupid ,S dp ’c y1 Even against the backdrop of the equity That would be consistent with the Fo Even with the euro’ Ye “Should the nd’ ac eld Bond eld Corporate Bond $100 billion, according toates Wilshire Associ- the pain, and notnote just because of previously which were only partially reversed Friday. market’ tinued to slump. The Yi Friday while the e-mail: [email protected] oil, other commodities, currencies (including the Chinese yuan, notwithstanding itsbolic sym- inclusion in the InternationalFu Monetary Yi just above its yearly low stress in the energyFriday’ sector prices below $40 ganization of Ross still seeshigher that the dollar’ and high-yield bonds. Allpressuring of stocks which lower he in sees the new year. ven, Richard Ross,positive sees year-end the seasonal trends traditionally stocks keeping moving higher Dow benchmark essentially flat for the year non-decision not to cut output. spite their neck-snapping swings. setting its initialStocks hike have later madesince the this virtually central bank month. november ended progress 2014. its Contrary QE to in most spreads willsharply widen, thea-barrel level dollar [which has will alreadyand happened] the rise ends,” he writes. Such short-term rates and lower long-termis yields, warning, likely to be unheeded. seers, Steven Ricchiuto, chiefMizuho economist Securities of USA, thinks would be out of ing both those regions strugglingtion. with The defla- things, he writes, as whenraised the rates Bank to of burst itsearl asset bubble in the handling of the stocknegative long-ter selloff also will have and hike rates, we expectuity the rall anticipated eq- et on- ews once iftoff ario’s dnes- .Y ac sn continued nes In- t, even al ,M We ’t Jo Ye d, but he nvestors in eturn of Su- Fe uestion from ,i ffective writ- hat more than sr ,e aq .T sked if his com- ither is the size of have the determi- ll Street llen made clear that Ne oa We ecision next week de- osses. Clearly arrative was less sim- Ye 00 and Dow Elements of Style sl overning council (notably sd Wa sn have the commitment to s5 een in rally mode before hair sg re-Janet peak to Thursday’s tirring recovery We oor’ db dC ss erage doubled their gains to sp own idday comments, but his straight ncoming data, but Friday’ &P Fe he week’ plistic than Friday’ per Mario tothan-super vanquish his Thursday less- self he S&P 500, the slide from anks, including the Av riday were an attempt to undo andid response to ,000 rise in nonfarm payrolls for ypes ensued. sm lb 11 ac rt fter &D sF soni et ,a dnesday’ Fo All of which shows that people are Stocks actually started tanking In Draghi dismissed speculation that dissent Those terse, declarative sentences would Stocks ha vember erased any doubt about a2 post-Mario low waswith about Friday’ 3%. pend of No from the 0%which was to set seven 0.25%in years fed-funds the ago depths this target, of month the financial crisis. We U.S. equities ended the week down by some the first hikerate in the since federal-funds 2006course, target the was FOMC’ all but certain. Of day magic was back. swayed by simple,messages. More succinct so, than but byticated nuanced, ones. powerful sophis- And markets are no different. T central banks did dominate the story. reversed Thursday’ Mervyn King, the formerBank governor of of England, the wh Up dustrial wind up more thanbest 2% on one-day the session, showingthree their in months, respectively nearly two and ment Draghi’ talk gave theStandard market an added kick. The some of the marketannouncement, impact from Thursday’s Draghially…well…of course.” said, Appreciative chuck- les “Not from the re- assemblednanc economics and fi- among the ECB’ from the Germans)more kept forceful him action. fromcentra Dissent taking is normal at act,” the ECB president stated emphatically. have done William Strunkproud. and E.B. (Their White slim served as the guideing, to clear in the daysAnd before the online words algorithms.) did the trick. added that lackstraint on of his unanimity decisions. the isn ECB balancepanded sheet, as which needed to can meethave its be the objectives. power ex- “We to act. nation to act. ARRON’S est of ive be es er nvest. ct ed RS. ss rg lete ay nt ui at lo pe FO ha NT ,i tr s. It’s ors’ TO yo FOR as es hm IN sk ,c st omp TY ing ve en ME ri st rr re ES ks sible hic RE el ve AN at IDI nc is Ju fo GE in os hei rac SC ,r co MO s. be QU et INV come NA Fo es ep LI ly yofw gener in nd rg iv soft th k. ors ours ct MA op ta rn d, k, is eful st sa OR tu is el or goal tr ar to ve yi re ,F st nve ,ac ti uding ke gr s: sc of us cl ve ei va in tu he RS nd ’r ct in ri in ION s. ec on ht ment obje fu ag ti k, pe we AT th TO st sp OME gie is us. als ua os wi ve se ro and mar te ct tr ES man ded ct in ets, de e. INC ra au en sk ra ed ep ot matc rk flu spe st es ri he pr GENER th ec NV ets, tm et ro to cod yn ar TF ss ss ng es .B ct ad align Sh la ep an ma TF nv cE Re ga th ex hang Fs nisint sc ri tc NT ti ging ma ns TBYI ubje in Fl io nt to ET se ttoi or IL ur exc om. ME or. at ce he Fs. ow et er y. as ec .c ® ut emer it rm rt tinanE GE ef BU ’r gr ybes ib or- es k, es RISK in fo tr st is an de subj er ar nnect ar is NA in ma st si ve is sh ec unds iquid as nr sw co ,d ding Sh or go er in le MA ex .F io nve es con gl lu th or ex LC ET .fl unds m/ at st ly yi sp ed Fl nc our ,L har do st co idin eF ve sk st si es ma ri s. xS eful th in ed www an ov ON ic nve le nn e. ar ersific bout n, is TI gn pr rv nd AL ti ng iv io ti IA Th unds gc it Fu Se db ea what un esi th si -d PIT share tinF in s. vi EC and eF st on oul mo ve ex CA se orld goal add ow mor und PR by Th men ve sh on of ,n la en -w kn In tfl st ti rn in eF AP s. ywed sk si al s. xp ey pa come ip id ve ri re ined xe ci or Co in wi We wh re in th Lea Vi cr in fo de res te in ct de Be des An pr in se ra an obta Fo

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K Y M C Composite

CL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SA,SC,SL,SW,TU,WB,WE P2BW341000-0-W00800-1------XA