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THE NEW YORK TIMES Vestment Firm Focused on Hedge Funds C M Y K Nxxx,2015-01-01,B,001,Bs-4C,E1 European Economy Machine Learning SportsThursday Pages 8-13 Hint of More Stimulus After Upgrade, Recycle This Could Get Awkward A top official of Europe’s central Old gadgets can hold toxic waste, Next season, Ohio State may bank says actions taken to lift the but now it’s easier than ever to have a surplus of quarterbacks, eurozone may not be enough. 3 dispose of them properly. 6 including Cardale Jones. 8 N B1 THURSDAY, JANUARY 1, 2015 Markets Hit Highs in ’14 As Bull Run Endured By PETER EAVIS An accelerating United States economy trumped problems overseas to lift the stock market to new highs in 2014. Despite losses for the day in light pre-holiday trading, the Standard & Poor’s 500-stock in- dex closed on Wednesday with a gain of 11.39 percent for 2014 — 13.68 percent when reinvested dividends are included. It was the third consecutive year that the market benchmark has risen by more than 10 percent. Other market measures also ended the year on a strong note. The Dow Jones industrial aver- age closed up 7.52 percent for 2014, while the Nasdaq composite index ended up 13.4 percent. Can the party in American stocks keep going in 2015? “We don’t see a lot on the hori- zon that could derail the U.S. market in particular,” said Ray- mond Nolte, chief investment of- ficer at SkyBridge Capital, an in- PHOTOGRAPHS BY JANIE OSBORNE FOR THE NEW YORK TIMES vestment firm focused on hedge funds. “But there could be contin- ued volatility.” Après-Bankruptcy The market’s astonishing as- Six years after hitting its low point, a private ski resort for the rich is thriving in Montana. By SARAH MAX estate speculation that precipitated BIG SKY, Mont. — In the weeks the financial crisis, and it became before the holiday season, snowfall mired in bankruptcy and a messy at the Yellowstone Club is both a divorce case. blessing and a curse. It is an es- Today, six years after its bank- sential ingredient for this 13,600- ruptcy, the Yellowstone Club is acre private ski club just north of thriving. In the last two years alone, Yellowstone National Park. Yet it is the club has sold nearly $1 billion in SETH WENIG/ASSOCIATED PRESS also an unwelcome wrinkle for the real estate. It has doubled its mem- The New York Stock Ex- 2,000 to 3,000 contractors who come bership, which includes the likes of change on Wednesday. Mar- and go each day, racing to build Bill Gates and the investor and Hol- ket measures ended the year lywood producer Peter Chernin, to homes, renovate lodges and break on a strong note. ground on new projects. more than 500 households from 260 Just a few years ago, such activi- in 2009, and it is gearing up for what In the last two years, the Yellowstone Club has sold ty would have been hard to fathom. is likely to be its busiest winter cent began in early 2009, when nearly $1 billion in real estate. It has doubled its mem- This alpine redoubt defaulted on a since the club broke ground more the newly elected Obama admin- bership, which includes the likes of Bill Gates and the $375 million loan in November 2008, than 15 years ago. istration was scrambling to re- investor and Hollywood producer Peter Chernin. epitomizing the risky loans and real Continued on Page 5 vive the economy and right the teetering financial system. The run-up has now lasted nearly 70 months, making it the fourth- longest bull market since World War II, according to data from S.&P. In recent months, investors Hourly Wage Get to Know Your Social Media Persona have encountered deterrents that might have thwarted the mar- Anil Dash, a longtime tech entrepreneur campaign by some video game enthusi- ket’s progress. The Federal Re- Is Going Up and blogger, was recently studying a list of asts. “I’m like: ‘God, I’m wasting my life. serve, for instance, recently the top words he had used on Twitter over Why am I spending time on this? There are wound down its enormous bond- For Millions the course of a month during the fall. Mr. so many other things I could be doing.’” buying program, which had Dash has half a million follow- But, he added: “Seeing it was a revelation. helped drive stocks higher. The economies of Europe and Japan ers on Twitter, and like a lot of I decided I’m just not doing it anymore. I By RACHEL ABRAMS FARHAD remain fragile, despite big efforts people in tech and media cir- immediately blocked five people, and it For some low-wage workers, to turn them around. The con- MANJOO cles, he uses the social net- made my life better in 10 seconds.” everyday tasks like spending flicts in Ukraine and the Middle work to chat with colleagues, Mr. Dash has been thinking about his be- money for bus fare to get to and STATE to pontificate about technol- East, as well as an unexpectedly OF THE ART havior on social media for a while. Togeth- from work also involve deciding ogy, politics and pop culture, steep plunge in oil prices, have STUART GOLDENBERG er with Gina Trapani, the former editor of which bill to pay or delay, or what and to participate in a lot of in-jokes. gnawed at confidence. to give up. Over the years Mr. Dash has also found cided that many of his tweets were too the blog Lifehacker, he is a co-founder of Investors, however, appeared Rita Diaz, 26, who works two himself in the middle of some of the most combative, and he wasn’t proud of that. ThinkUp, a year-old subscription service to anticipate that the United low-wage jobs, sometimes walks loaded controversies that have roiled that “A lot of it was me dealing with ‘gamer- that analyzes how people comport them- States economic recovery would the three miles home from her network. But when he looked at the list of gate’ folks,” he said in an interview, refer- selves on Twitter and Facebook, with the gather pace in 2014. As that mate- job serving chicken at a Popeye’s his most-used words for that month, he de- ring to this year’s antifeminist activist Continued on Page 7 Continued on Page 2 fast-food restaurant in Roslin- dale, Mass., when she doesn’t have money for all of her ex- penses. Her plight is one of many highlighted by labor advocates who have been pushing for high- AirAsia’s Chief Responds Quickly and With Compassion er minimum wage levels. In January, with an increase in By ALEXANDRA STEVENSON ter about the “soul-destroying” the minimum wage in Massachu- and NEIL GOUGH experience of seeing the bodies setts taking effect — raising HONG KONG — When an and airplane parts that had been hourly pay to $9 from $8 an hour AirAsia plane carrying 162 people pulled from the water. — Ms. Diaz envisions being able disappeared from the skies near His approach to the crisis mir- to walk less and ride more. Indonesia on Sunday, the Ma- rors the hands-on philosophy “I need to make a decision to laysian company’s chief execu- that has helped him to turn what buy clothes, or pay the rent or tive, Tony Fernandes, took to was, 13 years ago, a state-owned pay my cellphone bill,” she said. Twitter. “This is my worst night- airline with millions of dollars in “Now I’ve got to do that decision, mare,” he wrote. debt into Asia’s largest budget but I’m going to have more Within hours, Mr. Fernandes carrier. As he built up the brand, money for me, too. A little bit of was in Surabaya, the missing Mr. Fernandes became synony- money for me.” plane’s point of departure, speak- mous with it — the public face By Thursday, minimum wage ing with families of the passen- and promoter in chief of the busi- increases will go into effect in 20 gers and crew. On Tuesday ness — sometimes working states, including Massachusetts, evening, after the crash site had alongside cabin staff on flights or as well as in the District of Co- been found, he met with Presi- at reservation desks and even as lumbia. A few other states will dent Joko Widodo of Indonesia, a bag handler. enact a pay bump later in the who had arrived in Surabaya to The way Mr. Fernandes and year. visit the grieving families. AirAsia have reacted to the third All told, 29 states will exceed By Wednesday afternoon, Mr. fatal incident in 2014 involving a the federal minimum wage of Fernandes was in Pangkalan Malaysian airline is in sharp con- $7.25 an hour at the beginning of Bun, the coastal Indonesian town trast to that of Malaysia Airlines January, according to the Nation- near where the wreckage of — the nation’s heavily indebted, al Conference of State Legisla- Flight 8501 was found and the state-owned flag carrier, which tures. TATAN SYUFLANA/ASSOCIATED PRESS center of recovery efforts. In del- operated the two other planes in- Continued on Page 2 Tony Fernandes, the chief executive of AirAsia, came to the airline industry as an outsider. icate language, he spoke on Twit- Continued on Page 5 C M Y K Nxxx,2015-01-01,B,005,Bs-4C,E1 THE NEW YORK TIMES BUSINESS THURSDAY, JANUARY 1, 2015 N B5 Six Years After Bankruptcy, a Ski Resort for the Rich Is Bouncing Back cret Service officer are reassur- of the Warren Miller Lodge is From First Business Page ance enough; many guests do not now dedicated to children’s activ- Of course, busy here is relative, even lock their doors.
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