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ISSUE DATE:
DECEMBER 1, 1980; VOL. XCVI, No. 22
IN THIS ISSUE:-
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COVER: WALL STREET'S BAD NEWS BULLS. New York Stock Exchange by Ed Gallucci, bull by John G.
Zimmerman for Merrill Lynch.
TOP OF THE WEEK:
WALL STREET'S BULL RUN: The Dow Jones industrial average pushed past the 1,000 level last week for the
third time in history, and although it quickly fell back, Wall Street's growing legions of bulls were
anything but discouraged. A fundamental shift in attitude toward common stocks seems to be building
among investors: after years of disenchantment, many now view stocks as grossly undervalued- and the
best available hedge against inflation. Speculative fever over risky new issues is also high. And many
analysts think that the "Ronald Reagan rally" is just another spurt in a long bull run. Page 64.
HOLLYWOOD'S TURKEY: When United Artists yanked its $36 million Western, "Heaven's Gate," from release
after a disastrous New York opening last week, it may have ended an era in which young superstar
directors like the film's Michael Cimino were given free rein to indulge their most expensive fantasies. Page 87.
HAIL THE CONQUERING HERO: Ronald Reagan won the Presidency by running against Washington-but when
he came calling for the first time since Election Day, he and the Capital discovered in a whirlwind
courtship that they like each other after all. NEWSWEEK reports on Reagan's hit tour-and on some of the
policy ideas emerging from his brain trust for the time he comes back to stay. Page 30.
CHILDREN'S HOUR: "Once upon a time"-the words may seem quaint but they live on in a delightful, if
limited, array of new children's books for the Christmas season, including a fine new edition of the classic
"The Wind in the Willows." Page 102.
ART OF ANGST: To convey feeling above all else was the aim of some of the century's most powerful
painters -the German expressionists, whose wildly uneven work is currently on display in a huge exhibit at
New York's Guggenheim Museum. Page 114.
[FULL NEWSWEEK LISTINGS]:
NATIONAL AFFAIRS:
Hail the conquering hero.
Reagan's new directions.
The conservative think tanks.
Worry time for blacks.
Atlanta goes on a manhunt.
The lake that vanished.
Las Vegas's towering inferno.
INTERNATIONAL:
Iran: take it or leave it.
Oman: a friend in need.
Israel: Begin's shrinking margin of safety.
China: the "Gang of Four" in the dock.
West Germany: Schmidt's sweet talk for Reagan.
A shocking murder in Paris.
France: Coluche pour Président?.
BUSINESS:
Betting on a big bull run (the cover).
Denver's penny-stock fever.
A new kind of oil-gas war.
Big business's big bird.
Can bullet trains ride U.S. rails?.
THE COLUMNISTS:
My Turn:Henry E. Catto Jr.
Pete Axthelm.
Milton Friedman.
Meg Greenfield.
DANCE:
Balanchine's shadow at the New York City Ballet.
Nureyev's "La Sylphide".
THEATER:
Reviving "The Philadelphia Story" at Lincoln Center.
"A Lesson From Aloes": on survival.
MOVIES:
Anatomy of a disaster.
"Heaven's Gate": a sagging saga.
NEWSMEDIA: The Oriana Fallaci papers.
ART: German expressionism's art of Angst.
TELEVISION: Season's mixed greetings.
MUSIC: Copland's American dream.
MEDICINE: Breast surgery before cancer.
BOOKS: Children's books for Christmas.
RELIGION: Finding Jesus in Japan.
SCIENCE: The body's real rhythms. Saturn: the sound of the rings.
JUSTICE: The lawyers' mating game.
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