"But during the recession of the early 1990's," he said, "the average discount was between 15 and 20 percent, so we consider this normal."

Moreover, the largest average discount since 1990 - more than 17 percent - was at the end of 1999, just before the bear market.

Instead, the court applied an average discount of 25%.

Its three publishing houses sell the books to stores at an average discount of 44 percent off the suggested cover price.

The books will sell for an average discount of 30 percent off the publisher's price.

Over the fund's life, it has traded at an average discount of 6.91 percent.

A conversion becomes more likely, he says, when a fund's average discount for six months is 20 percent or more.

This is far smaller than the recent average discount of 41 percent and leaves very little cushion if the Brazilian market falls further.

The average discount is about 7 percent, the company says.

According to his estimate, the back orders bear an average discount of 27 percent on each airplane.