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Here’s The Classic Memo Ace Greenberg Sent Telling Traders To Save Paper Clips – Yahoo Finance

Most kids, given the choice, would rather play video games or go to a pool party than stay home and practice their multiplication tables, and that shows when they go back to school in the fall having lost some of the progress they made last year. It is easy to think of summer learning loss as an annoyance that can be dealt with by a few weeks of review at the start of the school year. But research has shown that summer learning loss can cause very real problems for students problems that can follow them for the rest of their lives. We know from more than 100 years of research that all kids lose skills in math over the summer without practice, regardless of your income level, said Sarah Pitcock, CEO of the nonprofit National Summer Learning Association. What we have learned more recently is that while middle and higher income kids tend to either retain what theyve learned or continue actually growing their reading skills over the summer months, lower income kids lose two to three months of their reading skills. The reason for this is simple, Pitcock said: children in lower-income families are less likely to have books in the house on their reading level. If kids dont have easy access to books, they are less likely to read, and if they arent reading, their skills are getting rusty. And, Pitcock said, going back to school at the end of the summer doesnt fix this problem. There is a commonly held misconception that your child might lose skills over the summer, but their teacher catches them up in the fall, said Pitcock. Thats just not true. For some kids, maybe it is, if they have lost just a little bit of skills. But for kids that are already really behind when they start school and are continuing to fall further behind each year, they are not making up those losses. Pitcock points to a study by researchers at the Johns Hopkins School of Education which found that, while elementary school students from all economic backgrounds learn at about the same rate during the school year, the disparity introduced over the summer when lower-income kids lose progress and higher-income kids keep making gains adds up, year after year.
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A link has been sent. Done Here’s The Classic Memo Ace Greenberg Sent Telling Traders To Save Paper Clips By Julia La Roche July 25, 2014 2:57 PM 0 shares Alan “Ace” Greenberg, the former Bear Stearns CEO, died after a battle with cancer. He was 86. Greenberg, who could be described as “old school” on Wall Street, was famous for the quirky memos he would send his traders. These memos have been chronicled in his book “Memos From The Chairman.” The most famous one is probably his “paper clip” memo from Aug. 9, 1985. After a profitable quarter, he told his traders that they would cut back on expenses by saving paper clips. (Note: the manHaimchinkel Malintz Anaynikal he refers to is a fictitious character he used in many of his memos to illustrate his points.) I was just shown the results for our first quarter. They were excellent. When mortals go through a prosperous period, it seems to be human nature for expenses to balloon. We are going to be the exception. I have just informed the purchasing department that they should no longer purchase paper clips. All of us receive documents every day with paper clips on them.
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