Mr. Witkovsky has tried with some success to contain within fences a time in art that wanted to ignore or jump them.

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The less than spectacular performance of many funds might encourage managers to take extra risks--assuming more leverage, for example--but "now is not the time to start swinging for the fences, " Gradante said.

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Laguna West, a development built south of Sacramento at the beginning of the 1990s by Phil Angelides, was designed as a throwback to a time when neighbours talked over back fences and took the bus to work.

ECONOMIST: Urban sprawl