Even media studies, long the butt of every joke about useless academic qualifications, has smartened up its act.

ECONOMIST: Education: Degrees of choice | The

New York's victory was a huge boon for the franchise, which had long been the butt of jokes after a dismal decade of basketball in the nation's largest market.

WSJ: Knicks Win Ugly to Capture Series

Charles Royce , for instance, was not long ago the butt of jokes, with his old-fashioned bow tie and his old-fashioned focus on solid companies with good track records (FORBES, Apr. 29).

FORBES: Bear Market Winners