Account Based Marketing Quotes

Ultimately, incentive structures and systems drive ESG investing, which can be disingenuous. Structurally, public market investors continue to focus on the incentives which maximize their financial returns, even while taking certain ESG inputs into account in their portfolio allocations. Only by regulating and incentivizing the actual outcomes might investors alter their investment strategies towards new rewards based on ESG outputs.

The market-based legal order of the Brussels bureaucracy helped to fill the legal vacuum created by communism, and was warmly received on that account. But, because of the unwise provisions of the Treaty of Rome regarding freedom of movement, it has led to the mass emigration of the professional classes, and to the loss of the educated young from countries that stand desperately in need of them. The ‘enlargement’ agenda has therefore become controversial all across Europe, and I return to the controversy in what follows.

SO, WHERE DOES this leave us? If we can’t rely on the market forces of supply and demand to set optimal market prices, and we can’t count on free-market mechanisms to help us maximize our utility, then we may need to look elsewhere. This is especially the case with society’s essentials, such as health care, medicine, water, electricity, education, and other critical resources. If you accept the premise that market forces and free markets will not always regulate the market for the best, then you may find yourself among those who believe that the government (we hope a reasonable and thoughtful government) must play a larger role in regulating some market activities, even if this limits free enterprise. Yes, a free market based on supply, demand, and no friction would be the ideal if we were truly rational. Yet when we are not rational but irrational, policies should take this important factor into account.

The panic was blamed on many factors—tight money, Roosevelt’s Gridiron Club speech attacking the “malefactors of great wealth,” and excessive speculation in copper, mining, and railroad stocks. The immediate weakness arose from the recklessness of the trust companies. In the early 1900s, national and most state-chartered banks couldn’t take trust accounts (wills, estates, and so on) but directed customers to trusts. Traditionally, these had been synonymous with safe investment. By 1907, however, they had exploited enough legal loopholes to become highly speculative. To draw money for risky ventures, they paid exorbitant interest rates, and trust executives operated like stock market plungers. They loaned out so much against stocks and bonds that by October 1907 as much as half the bank loans in New York were backed by securities as collateral—an extremely shaky base for the system. The trusts also didn’t keep the high cash reserves of commercial banks and were vulnerable to sudden runs.

Before it was usual to acquire goods in the market, not for personal consumption, but simply in order to exchange them again for the goods that were really wanted, each individual commodity was only accredited with that value given by the subjective valuations based on its direct utility. It was not until it became customary to acquire certain goods merely in order to use them as media of exchange that people began to esteem them more highly than before, on account of this possibility of using them in indirect exchange. The individual valued them in the first place because they were useful in the ordinary sense, and then additionally because they could be used as media of exchange. Both sorts of valuation are subject to the law of marginal utility.

It is one thing to explain the causal origins of thinking, as science commendably does; it is an entirely different thing to conflate thinking in its formal or rule-governed dimension with its evolutionary genesis. Being conditioned is not the same as being constituted. Such a conflation not only sophistically elides the distinction between the substantive and the formal, it also falls victim to a dogmatic metaphysics that is impulsively blind to its own epistemological and methodological bases qua origins. It is this genetic fallacy that sanctions the demotion of general intelligence as qualitatively distinct to a mere quantitative account of intelligent behaviours prevalent in nature. It should not come as a any surprise that this is exactly the jaded gesture of antihumanism upon whose shoddy pillars today's discourse of posthumanism supports its case. Talk of thinking forests, rocks, worn shoes, and ethereal beings goes hand in hand with the cult of technological singularity, musings on Skynet or the Market as speculative posthuman intelligence, and computers endowed with intellectual intuition. And again, by now it should have become obvious that, despite the seeming antagonism between these two camps - one promoting the so-called egalitarianism of going beyond human conditions by dispensing with the rational resources of critique, the other advancing the speculative aspects of posthuman supremacy on the grounds of the technological overcoming of the human condition - they both in fact belong to the arsenal of today's neoliberal capitalism in its full-on assault on any account of intelligence that may remotely insinuate an ambition for collective rationality and imagination.

the importance of sound money can be explained for three broad reasons: first, it protects value across time, which gives people a bigger incentive to think of their future, and lowers their time preference. The lowering of the time preference is what initiates the process of human civilization and allows for humans to cooperate, prosper, and live in peace. Second, sound money allows for trade to be based on a stable unit of measurement, facilitating ever-larger markets, free from government control and coercion, and with free trade comes peace and prosperity. Further, a unit of account is essential for all forms of economic calculation and planning, and unsound money makes economic calculation unreliable and is the root cause of economic recessions and crises. Finally, sound money is an essential requirement for individual freedom from despotism and repression, as the ability of a coercive state to create money can give it undue power over its subjects, power which by its very nature will attract the least worthy, and most immoral, to take its reins.

The mechanistic reason for Gell-Mann Amnesia is the hub-and-spoke topology of the pre-internet information environment. Suppose you were an expert in computer science, another person was an expert on Japan, a third knew about the bond market, and so on. You are spokes that are all connected to the hub (say, The New York Times) but not each other. Each spoke has superior local information, and can falsify NYT reports in their own domain, but has no mechanism for coordinating with other spokes, let alone establishing a superior hub. Until the internet, the blockchain, and the advent of cryptohistory. The long-term consequence of Gell-Mann Amnesia is Gell-Mann America. People know now that we are systematically misled about the present. But at least we live in the present, so we have local information that can falsify many news stories. We do not live in the past, so all we know is that we may be wildly off-base in our understanding of history. There are no people from the past around to give first hand accounts…though we can read their books and sometimes watch their films.

Statisticians say that stocks with healthy dividends slightly outperform the market averages, especially on a risk-adjusted basis. On average, high-yielding stocks have lower price/earnings ratios and skew toward relatively stable industries. Stripping out these factors, generous dividends alone don’t seem to help performance. So, if you need or like income, I’d say go for it. Invest in a company that pays high dividends. Just be sure that you are favoring stocks with low P/Es in stable industries. For good measure, look for earnings in excess of dividends, ample free cash flow, and stable proportions of debt and equity. Also look for companies in which the number of shares outstanding isn’t rising rapidly. To put a finer point on income stocks to skip, reverse those criteria. I wouldn’t buy a stock for its dividend if the payout wasn’t well covered by earnings and free cash flow. Real estate investment trusts, master limited partnerships, and royalty trusts often trade on their yield rather than their asset value. In some of those cases, analysts disagree about the economic meaning of depreciation and depletion—in particular, whether those items are akin to earnings or not. Without looking at the specific situation, I couldn’t judge whether the per share asset base was shrinking over time or whether generally accepted accounting principles accounting was too conservative. If I see a high-yielder with swiftly rising share counts and debt levels, I assume the worst.

Professor Joseph Stiglitz, former Chief Economist of the World Bank, and former Chairman of President Clinton's Council of Economic Advisers, goes public over the World Bank’s, “Four Step Strategy,” which is designed to enslave nations to the bankers. I summarise this below, 1. Privatisation. This is actually where national leaders are offered 10% commissions to their secret Swiss bank accounts in exchange for them trimming a few billion dollars off the sale price of national assets. Bribery and corruption, pure and simple. 2. Capital Market Liberalization. This is the repealing any laws that taxes money going over its borders. Stiglitz calls this the, “hot money,” cycle. Initially cash comes in from abroad to speculate in real estate and currency, then when the economy in that country starts to look promising, this outside wealth is pulled straight out again, causing the economy to collapse. The nation then requires International Monetary Fund (IMF) help and the IMF provides it under the pretext that they raise interest rates anywhere from 30% to 80%. This happened in Indonesia and Brazil, also in other Asian and Latin American nations. These higher interest rates consequently impoverish a country, demolishing property values, savaging industrial production and draining national treasuries. 3. Market Based Pricing. This is where the prices of food, water and domestic gas are raised which predictably leads to social unrest in the respective nation, now more commonly referred to as, “IMF Riots.” These riots cause the flight of capital and government bankruptcies. This benefits the foreign corporations as the nations remaining assets can be purchased at rock bottom prices. 4. Free Trade. This is where international corporations burst into Asia, Latin America and Africa, whilst at the same time Europe and America barricade their own markets against third world agriculture. They also impose extortionate tariffs which these countries have to pay for branded pharmaceuticals, causing soaring rates in death and disease.

If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.

me to be honest about his failings as well as his strengths. She is one of the smartest and most grounded people I have ever met. “There are parts of his life and personality that are extremely messy, and that’s the truth,” she told me early on. “You shouldn’t whitewash it. He’s good at spin, but he also has a remarkable story, and I’d like to see that it’s all told truthfully.” I leave it to the reader to assess whether I have succeeded in this mission. I’m sure there are players in this drama who will remember some of the events differently or think that I sometimes got trapped in Jobs’s distortion field. As happened when I wrote a book about Henry Kissinger, which in some ways was good preparation for this project, I found that people had such strong positive and negative emotions about Jobs that the Rashomon effect was often evident. But I’ve done the best I can to balance conflicting accounts fairly and be transparent about the sources I used. This is a book about the roller-coaster life and searingly intense personality of a creative entrepreneur whose passion for perfection and ferocious drive revolutionized six industries: personal computers, animated movies, music, phones, tablet computing, and digital publishing. You might even add a seventh, retail stores, which Jobs did not quite revolutionize but did reimagine. In addition, he opened the way for a new market for digital content based on apps rather than just websites. Along the way he produced not only transforming products but also, on his second try, a lasting company, endowed with his DNA, that is filled with creative designers and daredevil engineers who could carry forward his vision. In August 2011, right before he stepped down as CEO, the enterprise he started in his parents’ garage became the world’s most valuable company. This is also, I hope, a book about innovation. At a time when the United States is seeking ways to sustain its innovative edge, and when societies around the world are trying to build creative digital-age economies, Jobs stands as the ultimate icon of inventiveness, imagination, and sustained innovation. He knew that the best way to create value in the twenty-first century was to connect creativity with technology, so he built a company where leaps of the imagination were combined with remarkable feats of engineering. He and his colleagues at Apple were able to think differently: They developed not merely modest product advances based on focus groups, but whole new devices and services that consumers did not yet know they needed. He was not a model boss or human being, tidily packaged for emulation. Driven by demons, he could drive those around him to fury and despair. But his personality and passions and products were all interrelated, just as Apple’s hardware and software tended to be, as if part of an integrated system. His tale is thus both instructive and cautionary, filled with lessons about innovation, character, leadership, and values.

In West's guide, rule-of-thumb guidance comes in two formats that most valuation experts recognize:  Percentage of annual sales: If a business had total sales of $ 100,000 last year and the multiple for that business was 40 percent of annual sales, the price based on that particular rule of thumb would be $ 40,000.  Multiple of earnings: An earnings multiplier makes the most sense to prospective buyers. It directly addresses the buyer's motive to make money: to achieve a return on investment. In many small companies, this multiple is commonly used against what is known as seller's discretionary earnings (SDE), which are earnings before accounting for the following items: • Income taxes • Nonrecurring income and expenses • Nonoperating income and expenses • Depreciating an amortization • Interest expense or income • Owner's total compensation for one owner/ operator after adjusting the total compensation of all owners to market value

Economic historians have shown that, as late as 1800, China accounted for about one-third of world GDP, had market-based systems of domestic manufacturing and trade at least as sophisticated as those in Europe, and dominated global trade in premodern manufactures such as silk textiles and ceramics.

As Aaron Levie, the founder of the online file storage company Box noted in a tweet in 2014, “Sizing the market for a disruptor based on an incumbent’s market is like sizing a car industry off how many horses there were in 1910.” The other factor that can lead to underestimating a market is neglecting to account for expanding into additional markets. Amazon began as Amazon Books, the “Earth’s Biggest Bookstore.” But Jeff Bezos always intended for bookselling to serve as a beachhead from which Amazon could expand outward to encompass his massive vision of “the everything store.” Today, Amazon dominates the bookselling industry, but thanks to relentless market expansion, book sales represent less than 7 percent of Amazon’s total sales. The same effect can be seen in the financial results of Apple. In the first quarter of 2017, Apple generated $ 7.2 billion from the sale of personal computers, a category the company pioneered and once dominated. That’s a great number to be sure, but, over that same financial quarter, Apple’s total revenue was a whopping $ 78.4 billion, which meant that Apple’s original market accounted for less than 10 percent of its total sales.

consumer investing,” that is, working with businesses that sold directly to the broad public and whose fate would be determined by marketing, positioning, segment leadership, and branding. In short, businesses based on mastering consumer psychology.

CONFUSION 1: WHAT DOES YOUR CUSTOMER REALLY WANT? Your Customers aren’t just people; they’re very specific kinds of people. Let me share with you the six categories of Customers as seen from an E-Myth marketing perspective: (1) Tactile Customers; (2) Neutral Customers; (3) Withdrawal Customers; (4) Experimental Customers; (5) Transitional Customers; and (6) Traditional Customers. Your entire marketing strategy must be based on which types of Customers you are dealing with. Each of the six customer types buys products and services for very different, and identifiable, reasons. And these are: 1. Tactile Customers get their major gratification from interacting with other people. 2. Neutral Customers get their major gratification from interacting with inanimate objects (a computer, a car, information). 3. Withdrawal Customers get their major gratification from interacting with ideas (thoughts, concepts, stories). 4. Experimental Customers rationalize their buying decisions by perceiving that what they bought is new, revolutionary, and innovative. 5. Transitional Customers rationalize their buying decisions by perceiving that what they bought is dependable and reliable. 6. Traditional Customers rationalize their buying decisions by perceiving that what they bought is cost-effective, a good deal, and worth the money. In short: 1. If your Customer is Tactile, you have to emphasize the people of your business. 2. If your Customer is Neutral, you have to emphasize the technology of your business. 3. If your Customer is a Withdrawal Customer, you have to emphasize the idea of your business. 4. If your Customer is an Experimental Customer, you have to emphasize the uniqueness of your business. 5. If your Customer is Transitional, you have to emphasize the dependability of your business. 6. If your Customer is Traditional, you have to talk about the financial competitiveness of your business. Additionally, what your Customers want is determined by who they are. Who they are is regularly demonstrated by what they do. Think about the Customers with whom you do business. Ask yourself: In which of the categories would I place them? What do they do for a living? For example: If they are mechanical engineers, they are probably Neutral Customers. If they are cardiologists, they are probably Tactile. If they are software engineers, they are probably Experimental. If they are accountants, they are probably Traditional. But don’t take my word for it. Make your own analysis.

in a world of abundant information, regulation based on data-driven accountability makes more sense. Firms like Uber and Airbnb can be granted freedom to operate in exchange for access to their data. Because it is possible to know exactly who did what to whom and when, consumers and regulators can hold people and platforms accountable for their behaviors after the fact.

The American experiment was based on the emergence in the second half of the eighteenth century of a fresh new possibility in human affairs: that the rule of reason could be sovereign. You could say that the age of print begat the Age of Reason which begat the age of democracy. The eighteenth century witnessed more and more ordinary citizens able to use knowledge as a source of power to mediate between wealth and privilege. The democratic logic inherent in these new trends was blunted and forestalled by the legacy structures of power in Europe. But the intrepid migrants who ventured across the Atlantic -- many of them motivated by a desire to escape the constraints of class and creed -- carried the potent seeds of the Enlightenment and planted them in the fertile soil of the New World. Our Founders understood this better than any others; they realized that a "well-informed citizenry" could govern itself and secure liberty for individuals by substituting reason for brute force. They decisively rejected the three-thousand-year-old superstitious belief in the divine right of kings to rule absolutely and arbitrarily. They reawakened the ancient Greek and Roman traditions of debating the wisest courses of action by exchanging information and opinions in new ways. Whether it is called a public forum or a public sphere or a marketplace of ideas, the reality of open and free public discussion and debate was considered central to the operation of our democracy in America's earliest decades. Our first self-expression as a nation -- "We the People" -- made it clear where the ultimate source of authority lay. It was universally understood that the ultimate check and balance for American government was its accountability to the people. And the public forum was the place where the people held the government accountable. That is why it was so important the marketplace for ideas operated independent from and beyond the authority of government. The three most important characteristics of this marketplace of ideas were the following: 1. It was open to every individual, with no barriers to entry save the necessity of literacy. This access, it is crucial to add, applied not only to the receipt of information but also the ability to contribute information directly into the flow of ideas that was available to all. 2. The fate of ideas contributed by individuals depended, for the most part, on an emergent meritocracy of ideas. Those judged by the market to be good rose to the top, regardless of the wealth or class of the individual responsible for them. 3. The accepted rules of discourse presumed that the participants were all governed by an unspoken duty to search for general agreement. That is what a "conversation of democracy" is all about.

The great irony of 2008 was that our belief in a system of accounting, a belief woven so deeply inside our collective psyche that we’re not even aware of it, made us vulnerable to fraud. Even when done honestly, accounting is sometimes little more than an educated guess. Modern accounting, especially at the big, international banks, has become so convoluted that it is virtually useless. In a comprehensive dissection in 2014, the Bloomberg columnist Matt Levine explained how a bank’s balance sheet is almost impossibly opaque. The “value” of a large portion of the assets on that balance sheet, he noted, is simply based on guesses made by the bank about the collectability of the loans they make, or of the bonds they hold, and the prices that they might fetch on the market, all measured against the offsetting and equally fuzzy valuation of their liabilities and obligations. If a guess is off by even 1 percent, it can turn a quarterly profit into a loss. Guessing whether a bank is actually profitable is like a pop quiz. “I submit to you that there is no answer to the quiz,” he wrote. “It is not possible for a human to know whether Bank of America made money or lost money last quarter.” A bank’s balance sheet, he said, is essentially a series of “reasonable guesses about valuation.” Make the wrong guesses, as Lehman and other troubled banks did, and you end up out of business.

Lion Capital was another small broker-dealer based in New York that filed for bankruptcy two years later in May 1984. Their fraud was even worse than Lombard-Wall. Whereas Lombard-Wall had mis-priced securities, Lion Capital had taken the securities out of the customer accounts and used them to pledge as margin to fund their own trading operations.

The success of product development and launch strategies for businesses in all industries is greatly influenced by best market research companies in Myanmar. These businesses enable businesses to make informed decisions that drive innovation and market penetration by providing valuable insights into consumer behaviors, market trends, and competitive landscapes. In today's dynamic business environment, it is essential for organizations looking to create competitive products and launch them successfully to comprehend the significance of market research. This article looks at how market research companies play a variety of roles in product development and launch strategies. It emphasizes the importance of working together, making decisions based on data, and taking advantage of market research trends for long-term growth and market leadership. 1. Companies' Introduction to Market Research An Overview of Business Market Research Market research is essential for helping businesses comprehend their market, competition, and customers. To make decisions based on accurate information, it involves gathering and evaluating data. Contribution of best market research companies in Myanmar to Product Development Market research firms are specialized in collecting insights that can be used to inform product development strategies for businesses. They assist in determining the demand for new products, assessing consumer behavior, and identifying market opportunities. 2. Understanding Consumer Needs and Preferences is Critical to Product Development Market research provides businesses with in-depth insights into consumer preferences, needs, and actions. In order to create products that resonate with the intended audience, this understanding is essential. Research can be used to assess market demand and potential, allowing businesses to make decisions about product development based on data. New products' chances of success are boosted while risks are reduced. 3. Utilizing Market Research for Launch Strategies Market Segmentation and Targeting Market research enables businesses to divide their target market into subsets based on behavior, psychographics, and demographics. For a more successful product launch, this segmentation helps tailor marketing strategies to specific consumer groups. Pricing and Positioning Strategies Businesses can figure out the best pricing strategy for their products based on consumer perceptions, competitor pricing, and market trends by conducting market research. Additionally, research aids in effectively positioning products in the market to set them apart from rivals. 4. Collaborating with Market Research Firms Choosing the Right Market Research Partner It is essential to select the right market research partner in order to obtain insights that are both accurate and applicable. Expertise, industry experience, and the capacity to provide insights that are in line with the company's goals should all be taken into account. Creating Effective Research Briefs Businesses should provide their market research partner with concise and in-depth research briefs to maximize the value of the research. A clearly defined brief assists in ensuring that the research is focused, pertinent, and in line with the company's objectives. 5. Studies of Cases: Product Launches That Work: The Importance of Market Research Market research is essential to the success of product launches. We are able to see the direct impact of market research on product development strategies by analyzing real-world examples. Market research companies offer valuable insights that can make or break a product launch, from comprehending consumer preferences to determining market gaps. ### Impact of Market Research on Product Launches Market research has a significant impact on product launches because it ensures that businesses know what their target audience wants and needs. Companies are able to effectively f

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Let me describe how that same thought applies to the world of education. I recently joined a federal committee on incentives and accountability in public education. This is one aspect of social and market norms that I would like to explore in the years to come. Our task is to reexamine the “No Child Left Behind” policy, and to help find ways to motivate students, teachers, administrators, and parents. My feeling so far is that standardized testing and performance-based salaries are likely to push education from social norms to market norms. The United States already spends more money per student than any other Western society. Would it be wise to add more money? The same consideration applies to testing: we are already testing very frequently, and more testing is unlikely to improve the quality of education. I suspect that one answer lies in the realm of social norms. As we learned in our experiments, cash will take you only so far—social norms are the forces that can make a difference in the long run. Instead of focusing the attention of the teachers, parents, and kids on test scores, salaries, and competition, it might be better to instill in all of us a sense of purpose, mission, and pride in education. To do this we certainly can't take the path of market norms. The Beatles proclaimed some time ago that you “Can't Buy Me Love” and this also applies to the love of learning—you can't buy it; and if you try, you might chase it away. So how can we improve the educational system? We should probably first rethink school curricula, and link them in more obvious ways to social goals (elimination of poverty and crime, elevation of human rights, etc.), technological goals (boosting energy conservation, space exploration, nanotechnology, etc.), and medical goals (cures for cancer, diabetes, obesity, etc.) that we care about as a society. This way the students, teachers, and parents might see the larger point in education and become more enthusiastic and motivated about it. We should also work hard on making education a goal in itself, and stop confusing the number of hours students spend in school with the quality of the education they get. Kids can get excited about many things (baseball, for example), and it is our challenge as a society to make them want to know as much about Nobel laureates as they now know about baseball players. I am not suggesting that igniting a social passion for education is simple; but if we succeed in doing so, the value could be immense.

Hotmail enhanced its spreading rate by eliminating the adoption threshold individuals experience. First, it is free; thus you do not have to think about whether you are making a wise investment. Second, the Hotmail interface makes it very easy to sign up. In two minutes you have an account; thus there is no time investment. Third, once you sign up, every time you send an e-mail, you offer free advertisement for Hot-mail. Combine these three features, and you get a service that has a very high infection rate, a build-in mechanism to spread. Traditional marketing theories will tell you that the combination of free service, low learning path, and rapid reach through consumer marketing has put the product above the threshold, and that is why it reached everybody. Based on our new understanding of diffusion in complex networks, we now know that this is only partially correct. It is true that you have a very high rate of spread. But you have no threshold either. Products and ideas spread by being adapted by hubs, the highly connected nodes of the consumer network.

But the current investment banking model—whether applied in a standalone institution such as Goldman or in a broad financial conglomerate such as Deutsche Bank—is at the heart of the problems the finance sector poses for the real economy. Investment banks today engage in securities issuance, corporate advice and asset management; they make markets in equities and FICC, and trade in these markets on their own account. It is only necessary to list these functions to see that each of these activities conflicts with all the others. Each should be undertaken in distinct institutions. And with lower volumes of inter-bank trading, a diminished role for public equity markets and much more direct investment by asset managers the scale of most of these activities should be much reduced. Among all the actors in the finance sector today, only the asset manager, who typically earns a fee calculated as a percentage of funds under management, is rewarded for idleness. The profits of a segregated deposit-taking bank would similarly depend primarily on the scale of the deposit base, and secondarily on its success in making good loans. Dedicated channels of capital allocation have a more appropriate incentive structure than activities focused on trading and transactions. Whenever

Addressing customer and market issues is one of the primary ways that a company can improve its profitability prior to a sale. First, diversify the customer base. If only a few customers account for a large portion of your revenues, it will reduce the company’s value.

Senator Warren questions SEC chair on broker reforms 525 words By Sarah N. Lynch WASHINGTON (Reuters) - Senator Elizabeth Warren said Friday that the Labor Department should press ahead with brokerage industry reforms, and not be deterred by the Securities and Exchange Commission's plans to adopt its own separate rules.    President Barack Obama, with frequent Wall Street critic Warren at his side, last month called on the Labor Department to quickly move forward to tighten brokerage standards on retirement advice, lending new momentum to a long-running effort to implement reforms aimed at reducing conflicts of interest and "hidden fees." But that effort could be complicated by a parallel track of reforms by the SEC, whose Chair Mary Jo White on Tuesday said she supported moving ahead with a similar effort to hold retail brokers to a higher "fiduciary" standard. "I want to see the Department of Labor go forward now," Warren told Reuters in an interview Friday. "There is no reason to wait for the SEC. There is no question that the Department of Labor has the authority to act to ensure that retirement advisers are serving the best interest of their clients." Warren said that while she has no concerns with the SEC moving forward to write its own rules, she fears its involvement may give Wall Street a hook to try to delay or water down a separate ongoing Labor Department effort to craft tough new rules governing how brokers dole out retirement advice. She also raised questions about White's decision to unveil her position at a conference hosted by the Securities Industry and Financial Markets Association (SIFMA), a trade group representing the interests of securities brokerage firms. Not only is the SEC the lead regulator for brokers, but unlike the Labor Department, it is also bound by law to preserve brokers' commission-based compensation in any new fiduciary rule.     "I was surprised that (Chair) White announced the rule at a conference hosted by an industry trade group that spent several years and millions of dollars lobbying members of Congress to block real action to fix the problem," Warren said. Warren, a Massachusetts Democrat who frequently challenges market regulators as too cozy with industry, stopped short of directly criticizing White. The SEC and SIFMA both declined to comment on Warren's comments. SIFMA has strongly opposed the Labor Department's efforts, fearing its rule will contain draconian measures that would cut broker profits, and in turn, force brokers to pull back from offering accounts and advice to American retirees. It has long advocated for the SEC to take the lead on a rule that would create a new uniform standard of care for brokers and advisers. The SEC has said it has been coordinating with the Labor Department on the rule-writing effort, but on Tuesday White also acknowledged that the two can still act independently of one another because they operate under different laws. The industry and reform advocates have been waiting now for years to see whether the SEC would move to tighten standards.     Warren expressed some skepticism on Friday about whether the SEC will ever in fact actually adopt a rule, saying that for years the agency has talked about taking action, but has not delivered. (Reporting by Sarah N. Lynch; Editing by Christian Plumb)

Countries competing against one another in the same array of products and services is not covered by Ricardian trade theory.   Offshoring doesn’t fit the Ricardian or the competitive idea of free trade. In fact, offshoring is not trade.   Offshoring is the practice of a firm relocating its production of goods or services for its home market to a foreign country. When an American firm moves production offshore, US GDP declines by the amount of the offshored production, and foreign GDP increases by that amount. Employment and consumer income decline in the US and rise abroad. The US tax base shrinks, resulting in reductions in public services or in higher taxes or a switch from tax finance to bond finance and higher debt service cost.   When the offshored production comes back to the US to be marketed, the US trade deficit increases dollar for dollar. The trade deficit is financed by turning over to foreigners US assets and their future income streams. Profits, dividends, interest, capital gains, rents, and tolls from leased toll roads now flow from American pockets to foreign pockets, thus worsening the current account deficit as well.   Who benefits from these income losses suffered by Americans? Clearly, the beneficiary is the foreign country to which the production is moved. The other prominent beneficiaries are the shareholders and the executives of the companies that offshore production. The lower labor costs raise profits, the share price, and the “performance bonuses” of corporate management.   Offshoring’s proponents claim that the lost incomes from job losses are offset by benefits to consumers from lower prices. Allegedly, the harm done to those who lose their jobs is more than offset by the benefit consumers in general get from the alleged lower prices. Yet, proponents are unable to cite studies that support this claim. The claim is based on the unexamined assumption that offshoring is free trade and, thereby, mutually beneficial.   Proponents of jobs offshoring also claim that the Americans who are left unemployed soon find equal or better jobs. This claim is based on the assumption that the demand for labor ensures full employment, and that people whose jobs have been moved abroad can be retrained for new jobs that are equal to or better than the jobs that were lost.   This claim is false.

U.S.-based readers now account for about 52 percent of The Economist ’s circulation, but the magazine continues to resolutely employ British spelling and usage. “It’s part of our marketing,” says the Economist correspondent Lane Greene, who originally hails from Marietta, Georgia. “We’re an outside view on America, and that’s signaled all the time by the style. It feels British and it reads British, and that’s by design.

In response, BEA launched an innovative program to put the company’s experts at the heart of its best customers’ IT organizations. BEA created Global Service Executives (GSEs) who were responsible for all services across education, consulting, and support. A portion of their compensation was based on customers’ ongoing success and full utilization of all purchased products. In addition, a client architect was placed on-site at strategic accounts, reporting to the customer’s CIO. These roles were in position to see customers’ needs from the inside and to help customers create strategy and road maps. Use proactive services to extend

How Should I Structure My Pricing? Pricing is the biggest lever in SaaS, and almost no one gets it right out of the gate. Fortunately, you don’t need a PhD to structure your pricing well. Like most things in SaaS, finding the right pricing structure is one part theory, one part experimentation, and one part founder intuition. I wish I could tell you a single “correct” structure, but it varies based on your customer base, the value provided, and the competitive landscape. Most founders price their product too low or create confusing tiers that don’t align with the value a customer receives from the product. On the low end, if you have a product aimed at consumers, you can get away with charging $10 to $15 a month. The problem is at that price point, you’re going to be dealing with high churn, and you won’t have much budget to acquire customers. That can be brutal, but if you have a no-touch sign-up process with a product that sells itself, you can get away with it. Castos’s podcasting software and Snappa’s quick graphic design software are good examples of products that do well with a low average revenue per account (ARPA). You’ll have more breathing room (and less churn) if you aim for an ARPA of $50 a month or more. In niche markets—or where a demo is required or sales cycles are longer—aim higher (e.g., $250 a month and up). If you have a high-touch sales process that involves multiple calls, you need to charge enough to justify the cost of selling it. For example, $1,000 a month and up is a reasonable place to start. If you’re making true enterprise sales that require multiple demos and a procurement process, aim for $30,000 a year and up (into six figures). One of the best signals to guide your pricing is other SaaS tools, and I don’t just mean competition. Any SaaS tool a company in your space might replace you with, a complementary tool or a tool similar to yours in a different vertical can offer guidance, but make sure you don’t just compare features; compare how it’s sold. As mentioned above, the sales process has tremendous influence over how a product should be priced. There are so many SaaS tools out now that a survey of competitive and adjacent tools can give you a mental map of the range of prices you can charge. No matter where your business sits, one thing is true: “If no one’s complaining about your price, you’re probably priced too low.

The Importance of Bookkeeping Services for Businesses Effective bookkeeping is the foundation of any successful business. It involves the systematic recording, organizing, and managing of a company’s financial transactions. Whether you're a small business owner or running a large corporation, bookkeeping services help ensure that your financial records are accurate, up-to-date, and compliant with regulations. By outsourcing bookkeeping tasks to professionals, businesses can focus on growth and core operations without worrying about financial details. What Is Bookkeeping? Bookkeeping is the process of maintaining accurate records of all financial transactions, including sales, purchases, receipts, and payments. It involves organizing these records into categories like income, expenses, assets, and liabilities. The information generated through bookkeeping is essential for creating financial statements, tax filings, and understanding the overall financial health of the business. However, managing these tasks manually can be time-consuming and prone to errors, which is why many businesses opt for professional bookkeeping services. Benefits of Professional Bookkeeping Services One of the key benefits of hiring professional bookkeeping services is the accuracy they bring to financial management. Experienced bookkeepers are well-versed in the latest accounting software and financial regulations, ensuring that all records are kept accurately and consistently. Additionally, outsourcing this task allows business owners to save time and focus on other aspects of their business. As a result, they can make better financial decisions based on reliable data. Improved Financial Reporting Accurate bookkeeping leads to better financial reporting, which is critical for making informed business decisions. By keeping detailed and organized records, bookkeepers provide valuable insights into cash flow, profitability, and expenses. This allows businesses to plan their budgets more effectively, track financial performance, and identify areas for cost-saving or investment. Tax Compliance and Preparation Another important advantage of bookkeeping services is the ability to stay compliant with tax regulations. Bookkeepers ensure that all financial records are properly maintained and ready for tax season. With accurate and up-to-date records, businesses can avoid penalties and reduce the risk of audits, making tax preparation much smoother. In conclusion, professional bookkeeping services offer businesses the support they need to manage their financial records accurately and efficiently. By ensuring proper financial reporting and tax compliance, these services contribute to long-term financial stability and growth.

Olark or Intercom Acquire,

reminded Hayes, not for the first time, that there’s no shoe school, no University of Footwear from which we could recruit. We needed to hire people with sharp minds, that was our priority, and accountants and lawyers had at least proved that they could master a difficult subject. And pass a big test. Most had also demonstrated basic competence. When you hired an accountant, you knew he or she could count. When you hired a lawyer, you knew he or she could talk. When you hired a marketing expert, or product developer, what did you know? Nothing. You couldn’t predict what he or she could do, or if he or she could do anything. And the typical business school graduate? He or she didn’t want to start out with a bag selling shoes. Plus, they all had zero experience, so you were simply rolling the dice based on how well they did in an interview. We didn’t have enough margin for error to roll the dice on anyone.

In a research study called “How today’s fastest growing B2B businesses found their first ten customers,” startup veteran Lenny Rachitsky interviewed early members of teams from Slack, Stripe, Figma, and Asana. In studying how these earliest companies found their first customers, it was concluded that a significant number came from the founders tapping their personal networks: Only three sourcing strategies account for every B2B company’s very early growth. [These are: Personal network, Seek out customers where they are, Get press.] Thus, your choices are easy, yet limited. Almost every B2B business both hits up their personal network and heads to the places their potential customers were spending time. The question isn’t which of these two routes to pursue, but instead how far your own network will take you before you move on. It’s a huge advantage to have a strong personal network in B2B, which you can also build by bringing a connector investor or joining an incubator such as YC. Getting press is rarely the way to get started.44 Just as Uber’s ops hustle worked for solving the city-by-city Cold Start Problem, B2B startups have an equivalent card to play: they can manually reach out and onboard teams from their friends’ startups, building atomic networks quickly, as Slack did in their early launch. Or, many productivity products begin by launching within online communities—like Twitter, Hacker News, and Product Hunt—where dense pockets of early adopters are willing to try new products. In recent years, B2B products have started to emphasize memes, funny videos, invite-only mechanics, and other tactics traditionally associated with consumer startups. I expect that this will only continue, as the consumerization of enterprise products fully embraces meme-based go-to-market early on, instead of leading with direct sales.

United Kingdom-based growth strategy and research firm Frost and Sullivan forecasts the smallsat launch market will generate a whopping $69 billion in revenue by 2030, with new satellites, constellations, and replacement missions accounting for nearly 12,000 launches.

I remind people that financial IQ is made up of knowledge from four broad areas of expertise: 1.​Accounting Accounting is financial literacy or the ability to read numbers. This is a vital skill if you want to build an empire. The more money you are responsible for, the more accuracy is required, or the house comes tumbling down. This is the left-brain side, or the details. Financial literacy is the ability to read and understand financial statements which allows you to identify the strengths and weaknesses of any business. 2.​Investing Investing is the science of “money making money.” This involves strategies and formulas that use the creative right-brain side. 3.​Understanding markets Understanding markets is the science of supply and demand. You need to know the technical aspects of the market, which are emotion-driven, in addition to the fundamental or economic aspects of an investment. Does an investment make sense or does it not make sense based on current market conditions? 4.​The law A corporation wrapped around the technical skills of accounting, investing, and markets can contribute to explosive growth. A person who understands the tax advantages and protections provided by a corporation can get rich so much faster than someone who is an employee or a small-business sole proprietor. It’s like the difference between someone walking and someone flying. The difference is profound when it comes to long-term wealth.

When process owners like Roos read Introduction to Market-Based Management, they were warned against using the nonprofit support services too much. Because services like accounting and environmental engineering were essentially “free” to people like Roos, there was a danger that those services would be overused. The pamphlet likened the nonprofit groups to government agencies that handed out free services: there was a danger that the nonprofit groups might become bloated and overly expensive. The nonprofits might therefore drag down the performance of the very profit centers that they were supposed to serve. As they grew in size and cost, the nonprofit service centers would suck resources away from the parts of the company that actually made money. “The predictable result was often a corporate overhead cost spiral,” the pamphlet said. To counter this cost spiral, Charles Koch created an internal market system: divisions such as Roos’s had to essentially pay to use the nonprofit groups.

Chase Koch began a rotation of high-level jobs that exposed him to the strategic pillars of Koch Industries’ modern business. It was telling what Chase Koch did not learn. He was not sent to the oil refineries, or to a pipeline farm, or to a natural gas processing plant. Charles Koch didn’t necessarily want to teach his son about the energy industry. Instead, Charles Koch selected a series of jobs that reflected what Koch Industries had become over the last decade and how it planned to carry on into the future. The rotation of jobs was set forth, roughly, as follows: Class 1. Private equity acquisitions and mergers. Class 2. Accounting and taxes. Class 3. Market-Based Management training. Class 4. Trading. One of Chase’s first assignments was to Koch’s development group, the internal committee that looked for new companies to acquire. He joined a division called Koch Equity Development, which bought shares of publicly traded firms. Chase worked in this office when Koch’s acquisition spree was at its peak, shortly after the Invista and Koch Fertilizer deals and during the $21 billion purchase of Georgia-Pacific.

Standard accounting practices might not factor the value of communities into the value of a firm, but stock markets do. Little by little, the accountants are catching up. A team of experts collaborating with the consulting and accounting firm of Deloitte published research that sorts companies into four broad categories based on their chief economic activity: asset builders, service providers, technology creators, and network orchestrators. Asset builders develop physical assets that they use to deliver physical goods; companies like Ford and Walmart are examples. Service providers employ workers who provide services to customers; companies like UnitedHealthcare and Accenture are examples. Technology creators develop and sell forms of intellectual property, such as software and biotechnology; Microsoft and Amgen are examples. And network orchestrators develop networks in which people and companies create value together—in effect, platform businesses. The research suggests that, of the four, network orchestrators are by far the most efficient value creators. On average, they enjoy a market multiplier (based on the relationship between a firm’s market valuation and its price-to-earnings ratio) of 8.2, as compared with 4.8 for technology creators, 2.6 for service providers, and 2.0 for asset builders.16 It’s only a slight simplification to say that that quantitative difference represents the value produced by network effects.

Ebay is still the number one site for individuals and small businesses to sell their items to people worldwide. While it is much larger than it was initially, at its core, Ebay still functions like the world’s largest flea market with items of every type and at every price point available. Ebay continues to expand and improve, giving sellers like me confidence that they will be around for years to come. With nearly two hundred million registered Ebay users, there are still plenty of opportunities to make money on Ebay. But why sell your items on Ebay instead of a garage sale or consignment shop? Hands down, you will get the most money for your items on Ebay versus selling them locally. As I mentioned earlier, there are nearly 200 million registered Ebay users, meaning there are 200 million more chances to sell your items. Let’s say you have a rare collectible to sell. While only a handful of people will come to your garage sale or enter your local consignment shop, on Ebay, your item is available for purchase to the millions of Ebay account holders worldwide. You only need to wait for that one

Buying a product or a service is not procurement, that is purchasing. “Procurement” is more multifaceted! “Procurement” will assess needs, define requirements, comb the market and onboard vendors against set criteria. “Procurement” solicits for proposals in formal fashion and allows for a fair competitive ethical environment. “Procurement” contracts based on value for money and maintains full accountability and transparency. To deliver goods and services in the right quality from the right source, at the right price to the right destination at the right time in the quantity and in the right way is not purchasing. All that requires a broad range of strategies, which in one word means “procurement”!

Buying a product or a service is not procurement, that is purchasing. “Procurement” is more multifaceted! “Procurement” will assess needs, define requirements, comb the market and onboard vendors against set criteria. “Procurement” solicits for proposals in formal fashion and allows for a fair, competitive, and ethical environment. “Procurement” contracts based on value for money and maintains full accountability and transparency. To deliver goods and services in the right quality, from the right source, at the right price, to the right destination, at the right time, in the right quantity, and in the right way is not purchasing. The portfolio of strategies required to deliver value for money can be summed up in one word “procurement”!

There are five ways technology can boost marketing practices: Make more informed decisions based on big data. The greatest side product of digitalization is big data. In the digital context, every customer touchpoint—transaction, call center inquiry, and email exchange—is recorded. Moreover, customers leave footprints every time they browse the Internet and post something on social media. Privacy concerns aside, those are mountains of insights to extract. With such a rich source of information, marketers can now profile the customers at a granular and individual level, allowing one-to-one marketing at scale. Predict outcomes of marketing strategies and tactics. No marketing investment is a sure bet. But the idea of calculating the return on every marketing action makes marketing more accountable. With artificial intelligence–powered analytics, it is now possible for marketers to predict the outcome before launching new products or releasing new campaigns. The predictive model aims to discover patterns from previous marketing endeavors and understand what works, and based on the learning, recommend the optimized design for future campaigns. It allows marketers to stay ahead of the curve without jeopardizing the brands from possible failures. Bring the contextual digital experience to the physical world. The tracking of Internet users enables digital marketers to provide highly contextual experiences, such as personalized landing pages, relevant ads, and custom-made content. It gives digital-native companies a significant advantage over their brick-and-mortar counterparts. Today, the connected devices and sensors—the Internet of Things—empowers businesses to bring contextual touchpoints to the physical space, leveling the playing field while facilitating seamless omnichannel experience. Sensors enable marketers to identify who is coming to the stores and provide personalized treatment. Augment frontline marketers’ capacity to deliver value. Instead of being drawn into the machine-versus-human debate, marketers can focus on building an optimized symbiosis between themselves and digital technologies. AI, along with NLP, can improve the productivity of customer-facing operations by taking over lower-value tasks and empowering frontline personnel to tailor their approach. Chatbots can handle simple, high-volume conversations with an instant response. AR and VR help companies deliver engaging products with minimum human involvement. Thus, frontline marketers can concentrate on delivering highly coveted social interactions only when they need to. Speed up marketing execution. The preferences of always-on customers constantly change, putting pressure on businesses to profit from a shorter window of opportunity. To cope with such a challenge, companies can draw inspiration from the agile practices of lean startups. These startups rely heavily on technology to perform rapid market experiments and real-time validation.

During an interview with Diversity Inc.’s director of research and product development, she walked me through a typical presentation used to pitch the value of the company’s software to prospective clients. I learned that their products are especially valuable to those industries not allowed to collect ethno-racial data directly from individuals because of civil rights legislation that attempts to curb how these data are used to discriminate. But now those who work in finance, housing, and healthcare can use predictive software programs to ascertain information that they cannot request directly. The US Health Insurance Portability and Accountability Act (HIPAA) privacy rule, for example, strictly monitors the collection, storage, and communication of individuals’ “protected health information,” among other features of the law. This means that pharmaceutical companies, which market to different groups, need indirect methods to create customer profiles, because they cannot collect racial-ethnic data directly. This is where Diversity Inc. comes in. Its software programs target customers not only on the basis of race and ethnicity, but also on the basis of socioeconomic status, gender, and a growing list of other attributes. However, the company does not refer to “race” anywhere in their product descriptions. Everything is based on individuals’ names, we are told. “A person’s name is data,” according to the director of research and product development. She explains that her clients typically supply Diversity Inc. with a database of client names and her team builds knowledge around it. The process, she says, has a 96 percent accuracy rate, because so many last names are not shared across racial–ethnic groups – a phenomenon sociologists call “cultural segregation.”18

Unfortunately, the Bull that gilded Renaissance New York did little for most Americans. Eighties Wall Street was about institutional money released by deregulation, mergers and acquisitions, and, most of all, the debt that made it all possible. As John Kenneth Galbraith points out, financial euphoria always starts with new ways to borrow money; this time it was triggered by the Savings & Loan crisis. Volcker’s rocketing interest rates had forced S&Ls to offer double digits to new depositors while only getting back single digits on the old thirty-year mortgages on their books. S&Ls were going under, and getting a mortgage was nearly impossible, so in March 1980, with the banking system and the housing market on the brink, Carter had signed a law to allow them to issue credit cards, invest in commercial real estate, and offer checking accounts in order to stay in business. Reagan then took it a step further with a change that encouraged S&Ls to sell their mortgages in search of higher returns, freeing up a $1 trillion that needed to be invested in something. Which takes us back to Salomon Brothers, where in 1978 one Lew Ranieri had repackaged an old investment product the government had clamped down on during the Depression: A group of home mortgages all backed by government insurance would be bundled together, then sliced into bonds, thus converting the debt some people owed on their homes into an asset for others. Ranieri had been a bit ahead of the curve then—the same high interest rates that killed the S&Ls also made his bonds unattractive—but now deregulation let Salomon buy up the S&Ls’ mortgages at a deep discount, bundle them into bonds, and sell them back to the S&Ls who believed they’d diversified into the bond market when in fact they’d just bought ground meat made out of their own steaks. In June 1983, Salomon Brothers and Freddie Mac together issued the first collateralized mortgage obligation bonds (CMOs), which bundled up debt and cut it into tranches based on the amount of risk: you could choose between ground chuck and ground sirloin. It would be years before technology would allow doing this on a huge scale, but the immediate impact was that all kinds of debt, not just mortgages, were bundled, cut into bonds, and sold: credit card debt, car loans, you name it. Between 1983 and 1988, some $60 billion of CMOs were sold; GM’s financing arm became more profitable than its cars. America began to make debt instead of things. The

PayPal’s big challenge was to get new customers. They tried advertising. It was too expensive. They tried BD [business development] deals with big banks. Bureaucratic hilarity ensued. … the PayPal team reached an important conclusion: BD didn’t work. They needed organic, viral growth. They needed to give people money. So that’s what they did. New customers got $10 for signing up, and existing ones got $10 for referrals. Growth went exponential, and PayPal wound up paying $20 for each new customer. It felt like things were working and not working at the same time; 7 to 10 percent daily growth and 100 million users was good. No revenues and an exponentially growing cost structure were not. Things felt a little unstable. PayPal needed buzz so it could raise more capital and continue on. (Ultimately, this worked out. That does not mean it’s the best way to run a company. Indeed, it probably isn’t.)2 Thiel’s account captures both the desperation of those early days and the almost random experimentation the company resorted to in an effort to get PayPal off the ground. But in the end, the strategy worked. PayPal dramatically increased its base of consumers by incentivizing new sign-ups. Most important, the PayPal team realized that getting users to sign up wasn’t enough; they needed them to try the payment service, recognize its value to them, and become regular users. In other words, user commitment was more important than user acquisition. So PayPal designed the incentives to tip new customers into the ranks of active users. Not only did the incentive payments make joining PayPal feel riskless and attractive, they also virtually guaranteed that new users would start participating in transactions—if only to spend the $10 they’d been gifted in their accounts. PayPal’s explosive growth triggered a number of positive feedback loops. Once users experienced the convenience of PayPal, they often insisted on paying by this method when shopping online, thereby encouraging sellers to sign up. New users spread the word further, recommending PayPal to their friends. Sellers, in turn, began displaying PayPal logos on their product pages to inform buyers that they were prepared to honor this method of online payment. The sight of those logos informed more buyers of PayPal’s existence and encouraged them to sign up. PayPal also introduced a referral fee for sellers, incentivizing them to bring in still more sellers and buyers. Through these feedback loops, the PayPal network went to work on its own behalf—it served the needs of users (buyers and sellers) while spurring its own growth.

So, then, what is day trading? In reality, day trading is a profession, very much like medicine, law and engineering. Day trading requires the right tools and software, education, patience and practice. In order to learn how to trade with real money, you will have to dedicate countless hours to reading about trading styles, observing experienced traders, and practicing in simulator accounts. An average successful day trader can make between $500 and $1,000 every day. That’s equal to $10,000 to $20,000 a month (based on about twenty trading days in a month), and that equals some $120,000 to $240,000 a year. Why would anyone expect a job that pays this well to be easy? Doctors, attorneys, engineers and many other professionals go through years of school, practice, hard work and examinations to earn a similar income. Why should day trading be any different?

This was the thing that would strike me not just during the London summit but at every international forum I attended while president: Even those who complained about America’s role in the world still relied on us to keep the system afloat. To varying degrees, other countries were willing to pitch in—contributing troops to U.N. peacekeeping efforts, say, or providing cash and logistical support for famine relief. Some, like the Scandinavian countries, consistently punched well above their weight. But otherwise, few nations felt obliged to act beyond narrow self-interest; and those that shared America’s basic commitment to the principles upon which a liberal, market-based system depended—individual freedom, the rule of law, strong enforcement of property rights and neutral arbitration of disputes, plus baseline levels of governmental accountability and competence—lacked the economic and political heft, not to mention the army of diplomats and policy experts, to promote those principles on a global scale.

Yes, a free market based on supply, demand, and no friction would be the ideal if we were truly rational. Yet when we are not rational but irrational, policies should take this important factor into account.

Strategic ABM only makes sense in accounts with large budgets because it is so resource-intensive, with marketers looking after between three and five accounts, or sometimes a single, large account.

At 50, people are still looking for a stockbroker to work a miracle for them, but at 60 they start looking for an advisor to help them negotiate a truce with reality. Regardless of when people are actually planning to retire, 60 is psychologically the beginning of the end of the accumulation period in their lives, and the beginning of the beginning of the distribution phase.... Variable annuitization offers genuine hope to people who (a) need to live on more than six percent of their capital, (b) need their income to grow in some relation to equity returns, which have historically been more than three times the inflation rate, and (c) at the very, very least, need to be assured that some income will continue for their entire lives. Variable annuitization is the only chance these people have. ...If Americans understood how the capital markets actually work, most folks would choose variable universal life insurance over variable life and whole life as the cheapest form of permanent insurance they could buy for the long run. That's simply because the insurance cost of an insurance policy is a pure function of how much of its own money the insurance company has exposed. Since the policyholder's own cash value builds up most significantly over time - and therefore the insurance company's exposure falls further, faster - in variable universal policies than in other debt-based (or general account-based) contracts, the net premium dollars allocated to the purchase of the death benefit must be lower, at the end of the day. And the policyholder's equity must be commensurately greater.

The new GST: A halfway house In spite of all the favourable features of the GST, it introduces the anomaly of having an origin-based tax on interstate trade he proposed GST would be a single levy. 1141 words From a roadblock during the UPA regime, the incessant efforts of the BJP government have finally paved way for the introduction of the goods and services tax (GST). This would, no doubt, be a major reform in the existing indirect tax system of the country. With a view to introducing the GST, Union finance minister Arun Jaitley has introduced the Constitution (122nd Amendment) Bill 2014 in Parliament. The new tax would be implemented from April 1, 2016. Both the government and the taxpayers will have enough time to understand the implications of the new tax and its administrative nuances. Unlike the 119th Amendment Bill, which lapsed with the dissolution of the previous Lok Sabha, the new Bill will hopefully see the light of the day as it takes into account the objections of the state governments regarding buoyancy of the tax and the autonomy of the states. It proposes setting up of the GST Council, which will be a joint forum of the Centre and the states. This council would function under the chairmanship of the Union finance minister with all the state finance ministers as its members. It will make recommendations to the Union and the states on the taxes, cesses and surcharges levied by the Union, the states and the local bodies, which may be subsumed in the GST; the rates including floor rates with bands of goods and services tax; any special rate or rates for a specified period to raise additional resources during any natural calamity or disaster etc. However, all the recommendations will have to be supported by not less than three-fourth of the weighted votes—the Centre having one-third votes and the states having two-third votes. Thus, no change can be implemented without the consent of both the Centre and the states. The proposed GST would be a single levy. It would aim at creating an integrated national market for goods and services by replacing the plethora of indirect taxes levied by the Centre and the states. While central taxes to be subsumed include central excise duty (CenVAT), additional excise duties, service tax, additional customs duty (CVD) and special additional duty of customs (SAD), the state taxes that fall in this category include VAT/sales tax, entertainment tax, octroi, entry tax, purchase tax and luxury tax. Therefore, all taxes on goods and services, except alcoholic liquor for human consumption, will be brought under the purview of the GST. Irrespective of whether we currently levy GST on these items or not, it is important to bring these items under the Constitution Amendment Bill because the exclusion of these items from the GST does not provide any flexibility to levy GST on these items in the future. Any change in the future would then require another Constitutional Amendment. From a futuristic approach, it is prudent not to confine the scope of the tax under the bindings of the Constitution. The Constitution should demarcate the broad areas of taxing powers as has been the case with sales tax and Union excise duty in the past. Currently, the rationale of exclusion of these commodities from the purview of the GST is solely based on revenue considerations. No other considerations of tax policy or tax administration have gone into excluding petroleum products from the purview of the GST. However, the long-term perspective of a rational tax policy for the GST shows that, at present, these taxes constitute more than half of the retail prices of motor fuel. In a scenario where motor fuel prices are deregulated, the taxation policy would have to be flexible and linked to the global crude oil prices to ensure that prices are held stable and less pressure exerted on the economy during the increasing price trends. The trend of taxation of motor fuel all over the world suggests that these items

CHAPTER 4 SUMMARY: BEST WAYS 71–80 71. When it comes to ensuring your family’s financial well-being, and securing a meaningful and rewarding job, you need to create a written action plan or a MAP (Meticulous Action Plan). 72. When you create a MAP, you are actually programming your own “employment GPS” so you can go from where you are to where you want to be. 73. When you’re done developing your action plan, you’ll have a highly structured schedule of activities for each day of the week. This includes your job transition campaign as well as your personal, social, and fitness activities. 74. If you are unemployed, you should invest 50, 60, or 70 hours a week on your job campaign. If you have a full-time job, you need to set aside a defined number of hours every week as your investment in your future. 75. Whether you are employed and looking for a better job or out of work seeking a new one, you must hold yourself fully accountable for putting in as many hours as possible and getting the most out of every hour you put in. 76. The first question you will need to address is, how many hours a week will you commit to your job transition campaign? Then, based on the number of weekly hours you’ll invest in getting a new job, your next step is to break weekly hours down into daily hours. 77. There are 13 primary job transition strategies for landing a job in troubled economic times. Your job is to determine which 4 to 6 strategies will be most effective for you. a. Networking and contact development b. Target marketing (identifying companies you want to work for) c. Internet searches and postings d. Federal jobs e. Search firms and employment agencies f. Blogs with job listings g. Classified advertisements in newspapers and trade journals h. Job fairs i. College placement departments and alumni associations j. Workforce System and One-Stops k. Volunteer work l. Job transition strategists m. Creative self-marketing 78. Once you have identified which job transition strategies will work best for your campaign, determine when, during the week, you will work on each. You want to create a structured weekly schedule. When you create a structured weekly schedule, you will have a detailed plan with specific daily tasks both for your job campaign and for personal and social activities. 79. Once you have a structured weekly schedule, you must set goals that you want to achieve from your weekly activities. A MAP without specific goals is not an effective plan. You will want to set specific goals for each strategy so you can track your success or modify the MAP if you are not achieving your weekly goals. 80. Prepare for the worst-case scenario. It is vitally important to remain in a positive, optimistic, and enthusiastic state of mind. But sometimes your plan won’t come to fruition as quickly as you’d like. So expect the best, but plan for the worst. This would include looking at your long- and short-term finances and health and other issues that need to be addressed to free you up to concentrate on getting your next job.

Have the “willingness to pay” talk with customers early in the product development process. If you don't do it early, you won't be able to prioritize the product features you develop, and you won't know whether you're building something customers will pay for until it's in the marketplace. Don't force a one-size-fits-all solution. Whether you like it or not, your customers are different, so customer segmentation is crucial. But segmentation based on demographics—the primary way companies group their customers—is misleading. You should build segments based on differences in your customers' willingness to pay for your new product. Product configuration and bundling is more science than art. You need to build them carefully and match them with your most meaningful segments. Choose the right pricing and revenue models, because how you charge is often more important than how much you charge. Develop your pricing strategy. Create a plan that looks a few steps ahead, allowing you to maximize gains in the short and long term. Draft your business case using customer willingness-to-pay data, and establish links between price, value, volume, and cost. Without this, your business case will tell you only what you want to hear, which may be far afield from market realities. Communicate the value of your offering clearly and compellingly; otherwise you will not get customers to pay full measure. Understand your customers' irrational sides, because whether you sell to other businesses or to consumers, your customers are people. You should take into account their full psyches, including their emotions, in making purchase decisions. Maintain your pricing integrity. Control discounting tightly. If demand for your new product is below expectations, only use price cuts as a last resort, after all other measures have been exhausted. We