He added that he thought the country sometimes had a "very negative view of the opportunities of the modern world, for example of globalisation".

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At last week's Acker wine auction, he sat at a central table at the Tribeca Grill in downtown Manhattan, raising his paddle frequently, casually, just a little flip of the wrist, confident that his bid would be registered, sometimes lowering it with a shrug when he thought the price had gone too high and sometimes dueling on a particularly choice lot until he won.

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But his broker had sometimes recommended preferred stock, and if my client thought it sounded safe, he would agree to buy it.

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