““CEOs go to their vacation homes just after companies report favorable news, and CEOs return to headquarters right before subsequent news is released. More good news is released when CEOs are back at work, and CEOs appear not to leave headquarters at all if a firm has adverse news to disclose. When CEOs are away from the office, stock prices behave quietly with sharply lower volatility. Volatility increases immediately when CEOs return to work.” —David Yermack, a New York University finance professor, whose recently released study shows a correlation between when CEOs take their private jets on vacation and movements in their companies’ stock price ”
Raise a Glass to Charles Lindbergh
Chandelle Winery-which specializes in California wines in bottles that feature aviation art-is marking the 80th anniversary of Charles Lindbergh's epic flight from New York to Paris with specially adorned 2004 Sonoma County Cabernet Sauvignon and 2005 Chardonnay. The wines will be available only until the end of this year.
A "substantial portion" of the proceeds will be donated to the Charles A. and Anne Morrow Lindbergh Foundation, according to Chandelle owners Robert and Kathy Arnold. The foundation supports grants "for research or education projects that will make important contributions to the technology/environment balance."
Chandelle Winery (
www.chandellewinery.com) is part of famed World War II five-star general Hap Arnold's El Rancho Feliz estate. Robert is the general's grandson, and the general was a friend of the Lindberghs. Another Arnold family friend, painter Keith Ferris, created the "19th Hour" artwork for the 80th anniversary wine bottle label, beautifully capturing Charles Lindbergh's Spirit of St. Louis flying through a colorful cloudscape a little more than halfway through his flight.
Not surprisingly, a chandelle, which is French for "candle," is also a flying maneuver. It combines a climb with a constant-rate turn of 180 degrees, ending up with the airplane flying just above stall speed.