Poughkeepsie Journal from Poughkeepsie, New York • Page 17C

travel exec started career early Sunday, November 22, 1981 Poughkecpsle Journol 17C Bjr Stephen Fox BusloMt writer 't CULVER CITY, Calif. (AP) Esther Lawrcnce seems almost at proud of the, tales award ihe won at aft 10 a aha la of being prtildent of pn of the nation' largest travel agencies. "Ithlnk always had a of she said in a recent inter view, "I'm from a large family, and we were taught to be very'competl tlve we all had to be achievers. I told things door to door when I wat little, and I always won awards. one," she said, gesturing to a faded certificate on her office wall, "is from Coiners Publishing Compa By for selling the most magazine subscriptions, for unusual sales ability.

I got that when I was 10. 1 won my first Incentive contest when I was 8." 34, Is presl dent of CardlUo Travel Systems a publicly held travel company that does about $10 Million In business annually at its 36 offices. She Joined Cardillo 10 years ago at a commercial account sales representative after sftlnu with TRW Credit 'Data and a San Bernardino insurance company. "I always wanted to be in business," she says. "My father wanted to have tons, and he had five daughters.

Me wat a banker very stern. "I had a grandfather who Invested In stocks, and died a. very wealthy man, and he aiwayt laid, 'Major in Miss Lawrence, who Is now divorced, says an early marriage caused a split with her father and forced her to depend on herself from an early age. "He didn't want to tend me to college after my early marriage In high school," she says. "So 1 weat through two years of high school on my own put myself through high school and put myself through college.

"It was evening courses, and my Instructors were all entrepreneurs people who were actually working in their fields and I learned a lot. On the sad side, I started college when I was 17, so I wat aiwayt with adults." Mist Lawrence raised her son on her own and Joined Cardillo partially because her Job with TRW was taking her away from home too often. Wall Runglin, chairman of Cardillo, says Miss Lawrence has been responsible for several money making Innovations, and she says many of her Ideas have come from taking work home. "In the evenings, I would research companies, read the business magazines and business sections to find out who was getting new contracts, what companies would be good for new travel accounts," she says. "It took a lot of hard work, a lot of hours.

I was single throughout my business life. Otherwise, looking back, I might have had a more difficult time." Cardillo, she says, gets about 70 percent of its revenues through managing travel for corporations and counts some of the biggest as clients. Including Fluor, Texaco, Litton, Burroughs and TRW. In the future, she says, Cardillo plans to expand Into a new role by becoming a travel broker buying airline seats In large volumes and redistributing them among customers. HHHHHMliHHHini laBaBaBaBaBaMVTftpjtKwT "tJtr RtRtRtRtRtRtRtRtRtRtKi KeEeEeEeEeEeBsfflflRBlEeV "rum.

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6rlaht 'picture with 15 mu. Thick HH I the rellapmty of 100 solid plus 03 HH fTtrtJ I RCA's 100 solid state. VHF and UHF 50 Plastic Trash Can Uners HH CftSS iWssS Kmart 10W40 Motor oil I Tuners orovlde'excellent reception. Helps make trash chores easier Fit 20 iJ Save on rww 12 pock WiCfJ I iuneiiwiw lo 30 gallon cans With ties Save now Hfl Sold Separatelr, JL1 tttMtitiittattMiasasasBsBaHHBBBBtaBHBV 111! siWilk A riBiHBtirilB HLNI limHW iWJHkH fi HB MKHMEwir cra ffWl I "mI HB I HB IBLJ BHStfAXHJBMtStStMiiesJHa. The Saving Place I Top stocks should be ignored? By Gannett Newt Service TROY The stock market Is a running mob, says Professor James M.

MacLachlan, and the wise man runs in the other direction. MacLachlan, associate professor of management at Rensselaer Polytechnic Institute, has studied the performance of 250 top stocks since 192S. He found that Investors would have done much better by buying unpopular stocks than by buying the market's darlings. Of the 250 stocks studied, the least, profitable fifth of that group in one year tended to make the most profit for their investors, counting both increase in price and dividends. In the following year.

That happened, said MacLachlan, because the relatively profitable stocks tended to be overpriced by the market, while out ot favor stocks tended to be undervalued "Psychologists know that crowds tend to overreact," he said. "Most investment activity is by institutions, and the people managing them tend to think alike." He calls his conclusion "a contrary but systematic Investment theory," and said it was "breakthrough research in demonstrating the nature of biases." MacLachlan, who hold a doctorate In business administration from the University of California at Berkeley and an MBA. from Harvard, said his theory puts a dent In the belief that the marketplace always arrives at a "consensus price." That consensus, he said, is affected by biases at work in the stock market. MacLachlan tested his theory by simulating investments each year, starting in 1927, in the 50 stocks which had been least profitable in the previous year, with the entire amount theoretically reinvested every year. Each dollar put into his system in 1927 came out worth $42,000 in 1980, not counting taxes and fees.

If the opposite system had been followed reinvesting every year in the 50 stocks that did best the previous year each dollar put in the system in 1927 was worth 110 10 in 1980. he said. "The stocks that fly high one year have nowhere to go but down," he said. "But there Is a tremendous tendency by investors to look at the previous year's, performance as an indication of what will happen in the future." HOUSE OF CARDS Jil 3i2 nam run roogiwcipiic Writing Instruments by CROSS HAUMARK SHEAFFER PARKER GARLAND PAPERMATE INVESTORS PROFESSIONALS BUSINESS PEOPLE Do you rely on one source of In forrnatlon to run your buslnen or practice your) profession? If you do, read no further I CIH FINANCIAL SERVICES PROUDLY ANNOUNCES A UNIQUE OPPORTUNITY FOR INVESTORS If you are reading this, you know the advantages of varied sources of information Good decisions come from knowledge, and knowledge comes from research and work. This Is true when running businesses, practicing professions, and Investing your money.

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