(As productivity and incomes in the poorer countries catch up with those in the rest of the Union, prices of non-traded goods will rise relative to traded ones).So the ECB will find its job much harder just as its ability to do it is being impaired by an overpopulated council.
Pay for those at the top of organizations, particularly publicly traded ones, is also often no secret.
Mr. Welsh is a certified public accountant with experience in valuing privately held businesses or small pieces of big, publicly traded ones.
While Kleiner Perkins, based in Menlo Park, Calif., normally invests in privately held start-up companies, its fund will invest mainly in established companies, including publicly traded ones.
While no one would raise an eyebrow about including real estate investment trusts, Mr. Lucia is partial not to those REITs that trade like stocks, but rather to nonpublicly traded ones, which by definition are far less liquid.
Investors are told that nontraded securities, which have limited liquidity, allow ordinary people to participate in real estate investment while earning a higher dividend than what the traded ones offer, free from the volatility of the stock market.
