In a 2010 paper alan auerbach and yuriy gorodnichenko of the university of california , berkeley argued that the fiscal multiplier may be negative during booms , meaning that spending cuts actually raise growth .
Defensive stocks , such as utilities , tended to lag behind the overall market , while cyclical stocks often did better than expected , said charlie gushee , head of western european sales at international brokerage auerbach grayson .
Auerbach started his coaching career at st. albans prep school and roosevelt high school in washington , d.c. , before serving in the u.s. navy from1943to1946 .
London was the place of his fame , where he stood in the 1970s and 1980s beside francis bacon , lucien freud , david hockney and frank auerbach , and was perhaps the finest draughtsman of any of them ; but he felt a refugee and an outsider there .
Though his personal style remains rare in coaching , more camp counselor than old-school coach in the auerbach way , he has that same sort of intense competitiveness that can be considered typical .