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1、UNITFOURTEENTEXTONEWhentimesgettough,peoplewithanabundanceofdisposableincomeareinclinedtokeepdisposingofitwhiletherestofusareforcedtokeepourthinnerwalletsinourpockets.Withthatinmind,TobiasLevkovich,Citigroup'schiefUnitedStatesequitystrategist,hascreated
2、theLivingLargeIndex,comprisingstocksofbusinessesthatcatertoaffluentconsumers.Profitsandsharepricesofluxury-goodsmakers,higher-endretailersandtravelandentertainmentcompaniesshouldholdupevenifbusinessesservingthemsufferfromdifficulteconomicconditions,hesa
3、id.Theindexisanewcreation,butback-testingshowsthatbuildingaportfoliofromitscomponentstockswouldhavebeenafarmorelucrativelong-termstrategythanmimickingtheStandard&Poor's500-stockindex.A$100investmentinLivingLargeattheendof1995wouldhavegrownto$1,013byOct.
4、31,comparedwith$252fortheS.&P.Nowonderthelogicbehindtheindexwinshighmarksfrominvestmentadvisers.''Itcertainlymakessenseconceptually,''saidCharlesL.Norton,manageroftheVicefund,whichinvestsincompaniesliketobaccomakers,gamblingemporiumsandpurveyorsofalcoho
5、l.''Usuallyinarecession,peopleatthelowerendofthefoodchainarehurtmostandsothosecateringtotheluxuryendtendtoberelativelyinsulated.''Mr.Nortonholdsoneindexconstituent,Wynn,theownerofcasinos,includingoneinMacaothathasbecomeapopulardestinationforAsiangambler
6、s.Asiaisexpectedtobeasourceoftremendousgrowthforthegamblingindustry.Ifcateringtowell-heeledAmericansisprofitable,doingthesameforwealthypeoplearoundtheglobemaybeevenmoreso.Aseconomiesdevelop,thenumberofrichpeoplesoars,andtheyhavethesameexpensivetastesasA
7、mericansdo.''Thenextbigfrontierformanyoftheseluxuryretailersisemergingcountries,wheregrowthisfasterandthenumberofaffluentpeopleisgrowingevenfaster,''saidAndrewPeck,manageroftheBaronAssetfund.''ThereareopportunitiesaheadfortheminmarketslikeChinaandIndia,
8、wheremanynewmillionairesarebeingcreatedeveryday.''HeexpectsWynnandTiffanytobenefitfromthoseopportunities,alongwitharetailernotinMr.Levkovich'sindex,PoloRalphLauren.JohnBuckingham,chiefinvestmentofficerofAlFrankAssetManagement,rec
