| A.
R. Kakhsaz Company
an accountancy corporation
Member
American Institute of
Certified Public Accountants
International associates:
Tavana & Co.
Chartered Accountants
Toronto, Canada
Tel.416-229-2221
|
THE LAS VEGAS
CASINO BUSINESS IS IN A FUNK. That's because of the tough
economy. But Steve Wynn, "the architect of modern Las
Vegas," is getting ready to roll the dice once again. He has
launched Wynn Resorts Ltd. and raised some $2.6 billion. The new
resort-casino will be aiming for younger, more affluent business travelers
who were once disdained in Las Vegas because they didn't gamble
much. Mr. Wynn developed such properties as Bellagio in 1998 which
was the first super-luxury attraction in Las Vegas, and mirage in 1989
which sparked the era of mega-casinos.
THE PROPORTION OF U.S. households owning
stocks either directly or through mutual funds:
|
Year |
% |
|
1992 |
37 |
|
1998 |
49 |
|
2001 |
52 |
The rise in stock ownership to more than half of
households has created a new class of investors whose concerns about their
stock portfolios heavily influence their economic and political
choices. President Bush's proposal to eliminate taxes on dividends,
in part, is aimed at this group.
NOT ONLY BUSINESSES AND CONSUMERS BUT even
Federal Reserve actions are stalled. It's "probably more
sensible to wait to see what happens [possible war with Iraq] before we
embark upon a number of programs," said Federal Reserve Chairman,
Alan Greenspan. Mr. Greenspan does not favor President Bush's
proposed tax cuts, i.e., stimulus plan. He is also critical of the
President's neglect of the budget deficit. Contrary to Mr. Bush and
his advisors, Mr. Greenspan believes that deficits of more than 1% to 2%
of gross domestic product, will be harmful to the U.S. economy.
WANT BACK-ISSUES OF the Generalist?
Go to our Website: ARKCPA.COM
A REPRESENTATIVE OF LIBYA, a country headed by
Colonel Moammar Gadhafi since 1969, has been elected by a vote of 33 to 3
to become chairman of the U.N.'s 53-member Human Rights Commission.
In Libya "Citizens do not have the right to change their
government. Prisoners are tortured. Many political detainees
are held for years without charge. Freedom of speech, press,
assembly, association, and religion are restricted." And on. . .
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RESTATEMENTS OF FINANCIAL REPORTS OF publicly owned
corporations jumped 22% last year to 330, a record number due to
accounting errors. Meanwhile many believe that the
reliability of corporate earnings forecasts is cloudier than it
has been in decades.
the Generalist ,
a one-page monthly publication of the
accounting firm of A.R. Kakhsaz Company, is in its ninth year
of providing information, presented fairly and accurately, from
sources we can depend upon and trust.
IN 7 DAYS A HEDGE FUND LOST ALL ITS CAPITAL:
The Japanese $300 million Eifuku Master Fund lost all of its value
in early January by betting big on the video-game maker Sega.
Investors in the fund included many wealthy U.S. individuals.
Eifuku means "good fortune" or "prosperity."
Abigail Van Buren (Dear Abby) said she was at a
total loss to reply to the following letter:
Dear Abby:
I have a man I never could trust. He cheats
so much I'm not even sure this baby I'm carrying is his.
U.S. HOUSEHOLD NET WORTH in thousands of
constant dollars (or adjusted for inflation):
|
Year |
Med |
Avg |
|
1992 |
63 |
238 |
|
1995 |
68 |
252 |
|
1998 |
80 |
316 |
|
2001 |
89 |
407 |
|
2002 |
83 |
351 |
Med: median is that of the typical
household (half of families are above, half are below)
Avg: average is much higher because
of the 10% rich households
Net worth: assets minus debts.
The rise in stock holdings by American households combined with
the surge in stock prices and home values, sharply lifted household
net worth by 2001. note that the average net worth which is
heavily skewed by the enormous stock holdings of the wealthiest 10%
of families, grew 29% from 1998 to 2001, while the typical family's
net worth rose only 11% in the same period.
WE SEE
MORE IN NUMBERS than just numbers… We see opportunities for you.
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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