Los Angeles Businessman Norton Simon plunges into his backyard swimming pool three times a day, but that is about the only way he ever plunges. Working from a base that includes California's $400 million Hunt Foods & Industries and heavy investments in salad oil, matches, paint and publishing (McCall's), Simon plans his moves with the care and strategy of a Clausewitz. West Virginia's Wheeling Steel (1963 sales: $236 million) was surprised to find a few years back that Simon had quietly become one of its biggest stockholders, controlling 145,000 shares. Last week...
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