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I have found, in short, from reading my own writing, that my subject in fiction is the action of grace in territory largely held by the devil. I have also found that what I write is read by an audience which puts little stock either in grace or the devil. You discover your audience at the same time and in the same way that you discover your subject, but it is an added blow.

In the conditions of this “New World Order,” a crucial part of the contemporary world economy is a criminal economy, in which the excess profits are accumulated not by the production of material comforts, but by drug-traffic, arms trafficking, and human trafficking, including prostitution. The contemporary world economy is an economy of the global organized criminality whose eminently form is the modern capitalist state. The contemporary world economy is an economy not of the real commodity production, but an economy of the jobbery; this is expressed directly in supply and demand of the capital of the speculation, i.e., in the fictitious capital trade, in the antagonistic games with share capital in the stock exchange. Just Wall Street’s stock exchange, i.e., the world speculative capital market, is the contemporary tremendous pump for inflation of the balloons of the world economic crises, the last one of which began in 2007. The aggregate amount of the bonds on the world market, as many economists know, is over one hundred trillion US dollars! Without taking in mind the derivatives! If including those, the aggregate amount is several times more! This is an enormous balloon as inflated as a red giant star! And when added to this amount the world market of the shares, the passing each other between real and fictitious capital grows to cosmic dimensions! This cosmic balloon will burst very soon! That means the most destructive capitalist crisis in human history lies just round the corner, the global economic apocalypse is just forthcoming! This ruin will be due to the stock exchange antagonistic games, the stock exchange that is, as a matter of fact, a gambling house! Because the securities and shares’ trading is sheer gambling! This becomes clear by the direct proportionality between risk and profitability, the more risk—the more profitability, and vice versa! However, this is gambling in which the stakes are not simply money, but millions and billions of human fates. So, this is a destroying-the-civilization-world crime economy!

As the least drop of wine tinges the whole goblet, so the least particle of truth colors our whole life. It is never isolated, or simply added as treasure to our stock. When any real progress is made, we unlearn and learn anew what we thought we knew before.

After all,' added Sheala, pouting her lips, 'it's befallen all of us at some time. Each of us, sitting here, has been cheated, taken advantage of, and made a laughing stock of by some man, at some time.

The reading of these speeches added much to my limited stock of language, and enabled me to give tongue to many interesting thoughts, which had frequently flashed through my soul, and died away for want of utterance.

Stop going for the easy buck and produce something with your life. Create instead of living off the buying and selling of others.

On Rachel's show for November 7, 2012: We're not going to have a supreme court that will overturn Roe versus Wade. There will be no more Antonio Scalias and Samuel Aleatos added to this court. We're not going to repeal health reform. Nobody is going to kill medicare and make old people in this generation or any other generation fight it out on the open market to try to get health insurance. We are not going to do that. We are not going to give a 20% tax cut to millionaires and billionaires and expect programs like food stamps and kid's insurance to cover the cost of that tax cut. We'll not make you clear it with your boss if you want to get birth control under the insurance plan that you're on. We are not going to redefine rape. We are not going to amend the United States constitution to stop gay people from getting married. We are not going to double Guantanamo. We are not eliminating the Department of Energy or the Department of Education or Housing at the federal level. We are not going to spend $2 trillion on the military that the military does not want. We are not scaling back on student loans because the country's new plan is that you should borrow money from your parents. We are not vetoing the Dream Act. We are not self-deporting. We are not letting Detroit go bankrupt. We are not starting a trade war with China on Inauguration Day in January. We are not going to have, as a president, a man who once led a mob of friends to run down a scared, gay kid, to hold him down and forcibly cut his hair off with a pair of scissors while that kid cried and screamed for help and there was no apology, not ever. We are not going to have a Secretary of State John Bolton. We are not bringing Dick Cheney back. We are not going to have a foreign policy shop stocked with architects of the Iraq War. We are not going to do it. We had the chance to do that if we wanted to do that, as a country. and we said no, last night, loudly.

This has been done by masters of the trade and Garcia had taken in every stock situation with amazing powers of retention, but he had not put things together right and had used extraordinary discernment in not adding one single touch of originality.

Tell me, ye learned, shall we for ever be adding so much to the bulk—so little to the stock? Shall we for ever make new books, as apothecaries make new mixtures, by pouring only out of one vessel into another? Are we for ever to be twisting, and untwisting the same rope? for ever in the same track—for ever at the same pace? Shall we be destined to the days of eternity, on holy-days, as well as working-days, to be shewing the relicks of learning, as monks do the relicks of their saints—without working one—one single miracle with them?

Since President Trump was elected, the economy has added three million jobs. In fact, today there are more jobs available than there are unemployed. That’s resulted in the lowest unemployment rate in seventeen years. The stock market has roared to new highs despite the Federal Reserve raising interest rates five times since Trump’s election.

We added that the stock component should carry a fair degree of protection against a loss of purchasing power caused by large-scale inflation.

I added pieces the same way I’d constructed my body, from the inside out: boy-cut panties first (lacy), bra (sheer), stockings (thigh high), knee-length leather skirt (black), lime green midriff-baring shirt (polyester). David leaned against the wall and watched this striptease-in-reverse with fabulously expressive eyebrows slowly climbing toward heaven, I finished it off with a pair of strappy lime green three-inch heels, something from the Manolo Blahnik spring collection that I’d seen two months ago in Vogue. He looked me over, blinked behind the glasses, and asked, “You’re done?” I took offense, “Yeah. You with the fashion police?” “I don’t think I’d pass the entrance exam.” The eyebrows didn’t come down. “I never knew you were so…” “Fashionable?” “Not really the word I was thinking.” I struck a pose and looked at him from under my supernaturally lustrous eyelashes. “Come on, you know it’s sexy.” “And that’s sort of my point.

A great trader once noted there are only two emotions in the market: hope and fear. “The only problem,” he added, “is we hope when we should fear, and we fear when we should hope.” This is just as true in 2009 as it was in 1909.

Adding more people causes problems. But people are also the means to solve these problems. The main fuel to speed the world’s progress is our stock of knowledge; the brakes are our lack of imagination and unsound social regulations of these activities. The ultimate resource is people—especially skilled, spirited, and hopeful young people endowed with liberty—who will exert their wills and imaginations for their own benefits, and so inevitably they will benefit the rest of us as well.

I thought I had one of your father, but it didn’t develop.” Tremaine nodded ruefully. “It’s the silver nitrate in the film stock. He doesn’t show up on it.” Giaren stared at her blankly. “That was a joke,” she added belatedly. “Oh.” He sounded relieved.

The customer is also at the center of how we analyze and manage performance metrics. Our emphasis is on what we call controllable input metrics, rather than output metrics. Controllable input metrics (e.g., reducing internal costs so you can affordably lower product prices, adding new items for sale on the website, or reducing standard delivery time) measure the set of activities that, if done well, will yield the desired results, or output metrics (such as monthly revenue and stock price). We detail these metrics as well as how to discover and track them in chapter six.

Women with AD/HD want to connect but because of their difficulties with executive functioning, they often develop emotional barriers. The combination of cognitive struggles and emotional barriers or the intersection of these makes them avoid relationships even more which decreases the likelihood of starting or maintaining relationships or of reconnecting after a break in the connection. Many fears, negative expectations, and much pain surround these areas. They key for these women to take stock of their barriers and make a plan to slowly start getting back on the road to relationships.

The ads in the papers all said 'help wanted, will train,' but wherever she went she was turned down. "The position's just been filled," she was told again and again. Or, "We wouldn't want to upset the other employees." At the department store where she had once bought all her hats and silk stockings they would not hire her as a cashier because they were afraid of offending the customers. Instead they offered her work adding up sales slips in a small dark room in the back where no one could see her but she politely declined. "I was afraid I'd ruin my eyes back there," she told us. "I was afraid I might accidentally remember who I was and ... offend myself.

Explaining his stock market philosophy, Icahn said: “If the price is right, we are going to sell. I think that’s true of everything you have, except maybe your kids and possibly your wife.”   When a shocked judge responded by asking “Possibly?” Icahn confirmed that he had heard right. “Possibly,” Icahn repeated, adding the caveat, “Don’t tell my wife.

My offering today is an apple tree," he said, and then he added, "An apple nourishes. It can be dried or juiced, fried or baked. We can sell them whole, sell their cider, feed their cores to our stock. Every piece of what they are contributes in some way to our economy; nothing about them need go to waste. That's how we ought to see our farmers too. It's not just your labor that matters - it's your voices.

The news that she had gone of course now spread rapidly, and by lunch time Riseholme had made up its mind what to do, and that was hermetically to close its lips for ever on the subject of Lucia. You might think what you pleased, for it was a free country, but silence was best. But this counsel of perfection was not easy to practice next day when the evening paper came. There, for all the world to read were two quite long paragraphs, in "Five o'clock Chit-Chat," over the renowned signature of Hermione, entirely about Lucia and 25 Brompton Square, and there for all the world to see was the reproduction of one of her most elegant photographs, in which she gazed dreamily outwards and a little upwards, with her fingers still pressed on the last chord of (probably) the Moonlight Sonata. . . . She had come up, so Hermione told countless readers, from her Elizabethan country seat at Riseholme (where she was a neighbour of Miss Olga Bracely) and was settling for the season in the beautiful little house in Brompton Square, which was the freehold property of her husband, and had just come to him on the death of his aunt. It was a veritable treasure house of exquisite furniture, with a charming music-room where Lucia had given Hermione a cup of tea from her marvellous Worcester tea service. . . . (At this point Daisy, whose hands were trembling with passion, exclaimed in a loud and injured voice, "The very day she arrived!") Mrs. Lucas (one of the Warwickshire Smythes by birth) was, as all the world knew, a most accomplished musician and Shakespearean scholar, and had made Riseholme a centre of culture and art. But nobody would suspect the blue stocking in the brilliant, beautiful and witty hostess whose presence would lend an added gaiety to the London season.

Pretend that you are the Voice of the People. Whitaker and Baxter bought radio ads, sponsored by “the Citizens Committee Against the Recall,” in which an ominous voice said: “The real issue is whether the City Hall is to be turned over, lock, stock, and barrel, to an unholy alliance fronting for a faceless man.” (The recall was defeated.) Attack, attack, attack. Said Whitaker: “You can’t wage a defensive campaign and win!” Never underestimate

Hollin was still sitting with Levitas’s head in his lap, a bucket now beside him; he was squeezing water from a clean cloth into the dragon’s open mouth. He looked at Rankin without bothering to hide his contempt, but then he bent over and said, “Levitas, come along now; look who’s come.” Levitas’s eyes opened, but they were milky and blind. “My captain?” he said uncertainly. Laurence thrust Rankin forward and down onto his knees, none too gently; Rankin gasped and clutched at his thigh, but he said, “Yes, I am here.” He looked up at Laurence and swallowed, then added awkwardly, “You have been very brave.” There was nothing natural or sincere in the tone; it was as ungraceful as could be imagined. But Levitas only said, very softly, “You came.” He licked at a few drops of water at the corner of his mouth. The blood was still welling sluggishly from beneath the dressing, thick enough to slightly part the bandages one from the other, glistening and black. Rankin shifted uneasily; his breeches and stockings were being soaked through, but he looked up at Laurence and did not try to move away. Levitas gave a low sigh, and then the shallow movement of his sides ceased. Hollin closed his eyes with one rough hand. Laurence’s hand was still heavy on the back of Rankin’s neck; now he lifted it away, rage gone, and only tight-lipped disgust left. “Go,” he said. “We who valued him will make the arrangements, not you.” He did not even look at the man as Rankin left the clearing.

I do not know you, little squirrel chaser,” he said, wariness in his jutting face, something else dancing in his eyes. “But if I give this back, you promise not to hit me with it?” Grasping the pistol by the barrel, he offered her the stock. Struck dumb by his flawless English, Tamsen moved to take the proffered weapon. The Indian didn’t loosen his grip. “Or hit me with any other thing?” he added in addendum to his terms. “We have peace between us, you and me?” He waited until she nodded, then released the weapon to her.

It's three turns in the stocks for you," Cassandra told him. "Clapped in the stocks, merely for breaking the Sabbath?" West asked indignantly. "It's a severe game," Cassandra said. "It was invented at the turn of the century, and back then you could be put in the stocks or hanged even for stealing a piece of bacon." "How do you know that?" Rhys asked. "We have a book about it in the library," Pandora said. "'Crimes Of Fallen Humanity.' It's all about terrible criminals and horrid gruesome punishments." "We've read it at least three times," Cassandra added.

Don't bother pulling my string again- Not behind those doll eyes anymore I won't say what's expected, kid, laugh at your tantrum on the floor I'm just not looking at you, kid, I'm not a piss-poor heart anymore; Not going home with the lowest bid Out of stock- your projection whore I'm never going back to the toy box Elevated up from the cellar- home of the wish-washed pretty cocks Out of the dark, preachin' Helen Keller Bored with the coin-operated allure I'm top shelf, kid, out of your reach You can't afford to walk in the store Turn around, kid, don't slip in bleach -from 'Ragdoll$ & Riche$

And so, with their first public action on Halloween of 1968, the feminist activist group called W.I.T.C.H. was born. Its members donned witch costumes, replete with brooms and pointy black hats, and did a public ritual performance of hexing the New York Stock Exchange. Did it work? Well, as Gloria Steinem wrote about the incident in New York magazine, “A coven of 13 members of W.I.T.C.H. demonstrates against that bastion of white supremacy: Wall Street. The next day, the market falls five points.” (The glue that the witches added to the locks of the NYSE doors also added a bit of whammy, no doubt.)

As I grew into boyhood, I extended the range of my observations. My holiday afternoons were spent in rambles about the surrounding country. I made myself familiar with all its places famous in history or fable. I knew every spot where a murder or robbery had been committed, or a ghost seen. I visited the neighboring villages, and added greatly to my stock of knowledge, by noting their habits and customs, and conversing with their sages and great men. I even journeyed one long summer's day to the summit of the most distant hill, whence I stretched my eye over many a mile of terra incognita, and was astonished to find how vast a globe I inhabited.

Teeth retracting, Lissianna pulled free of Greg Hewitt’s neck and glanced guiltily over her shoulder. The sight of Thomas and her mother staring at her wide-eyed from the doorway was enough to make her stand quickly, her hands moving to straighten her clothes and hair. “I cannot believe this!” Marguerite stomped into the room. “Sneaking around and unwrapping your gifts before your birthday like you’re twelve instead of two hundred! What were you thinking?” “Well, technically, it is her birthday, Aunt Marguerite,” Thomas pointed out as he closed the door. Lissianna tossed her cousin a grateful smile, but said, “I wasn’t sneaking around. I came up to get fresh stockings.” She scooped them up off the bed, and added, “And I didn’t unwrap him.” Marguerite stared pointedly at the floor. After glancing down to see the untied bow lying forgotten there, Lissianna grimaced, and admitted, “Okay, I did unwrap him, but only because he was upset, and I hated to leave him distressed.” She paused, then tilted her head, and said, “I take it Bastien’s arrival interrupted you before you could put the full whammy on him? He was upset about being kidnapped and wanted to be untied when I got here.” “I didn’t kidnap him,” Marguerite said with affront, then peered past Lissianna to Dr. Gregory Hewitt to say, “I didn’t kidnap you. I borrowed you.” -Marguerite, Thomas, & Lissianna

Dr Fillgrave was not a tall man, and was perhaps rather more inclined to corpulence than became his height. In his stocking-feet, according to the usually received style of measurement, he was five feet five; and he had a little round abdominal protuberance, which an inch and a half added to the heels of his boots hardly enabled him to carry off as well as he himself would have wished. Of this he was apparently conscious, and it gave to him an air of not being entirely at his ease. There was, however, a personal dignity in his demeanour, a propriety in his gait, and an air of authority in his gestures which should prohibit one from stigmatizing those efforts at altitude as a failure.

Count,’ said Mrs. Leo Hunter. ‘Mrs. Hunt,’ replied the count. ‘This is Mr. Snodgrass, a friend of Mr. Pickwick’s, and a poet.’ ‘Stop,’ exclaimed the count, bringing out the tablets once more. ‘Head, potry — chapter, literary friends — name, Snowgrass; ver good. Introduced to Snowgrass — great poet, friend of Peek Weeks — by Mrs. Hunt, which wrote other sweet poem — what is that name? — Fog — Perspiring Fog — ver good — ver good indeed.’ And the count put up his tablets, and with sundry bows and acknowledgments walked away, thoroughly satisfied that he had made the most important and valuable additions to his stock of information. ‘Wonderful man, Count Smorltork,’ said Mrs. Leo Hunter. ‘Sound philosopher,’ said Mr. Pott. ‘Clear-headed, strong-minded person,’ added Mr. Snodgrass.

When traditional cultures are outlawed, that is the homogenization of culture. It’s an old story, which could be told by any Native American, or by my grandparents, who fled pogroms and saw the Eastern European Yiddishkeit they were born into disperse and disappear in a single generation. By the time I headed home to the land of obscenely stocked supermarket shelves, I had come to the conclusion that no matter what I said or did, my presence in Africa served only to glamorize the capitalist world order, adding to the seductive allure that if you abandon your traditional culture, educate your kids in colonial languages at missionary schools, and grow cacao beans for export, maybe someday you’ll accumulate the kind of excess wealth to travel to the other side of the globe, just for fun and stimulation.

Fresh seafood stock made from shrimp and crab... It's hot and spicy- and at the same time, mellow and savory! Visions of lush mountains, cool springs and the vast ocean instantly come to mind! She brought out the very best flavors of each and every ingredient she used! "I started with the fresh fish and veggies you had on hand... ... and then simmered them in a stock I made from seafood trimmings until they were tender. Then I added fresh shrimp and let it simmer... seasoning it with a special blend I made from spices, herbs like thyme and bay leaves, and a base of Worcestershire sauce. I snuck in a dash of soy sauce, too, to tie the Japanese ingredients together with the European spices I used. Overall, I think I managed to make a curry sauce that is mellow enough for children to enjoy and yet flavorful enough for adults to love!" "Yum! Good stuff!" "What a surprise! To take the ingredients we use here every day and to create something out of left field like this!" "You got that right! This is a really delicious dish, no two ways about it. But what's got me confused... ... is why it seems to have hit him way harder than any of us! What on earth is going on?!" This... this dish. It... it tastes just like home! It looks like curry, but it ain't! It's gumbo!" Gumbo is a family dish famously served in the American South along the shores of the Gulf of Mexico. A thick and spicy stew, it's generally served over steamed rice. At first glance, it closely resembles Japan's take on curry... but the gumbo recipe doesn't call for curry powder. Its defining characteristic is that it uses okra as its thickener. *A possible origin for the word "gumbo" is the Bantu word for okra-Ngombu.*

Through [Frederick] Douglass’s story, we receive a caution against the nonreading life: If reading makes one unfit to be a slave, does choosing not to read submit one to an enslaved life? ...[Douglass] enlarged his interior world and was able to bring it to bear on his external reality. Reading the speeches from The Columbian Orator aloud in the attic in solitude, Douglass realized, “The more I read them, the better I understood them; these speeches added much to my limited stock of language, and had frequently flashed through my soul, and died away for want of utterance.” Reading empowered Douglass, granting him not only the ability to communicate with others but also the ability to express his own thoughts and feelings. In a world that defined him as chattel, Douglass demonstrated to his oppressors that he was always human and thus was meant to be free. (pp. 90-91)

The key to this risotto is Japanese peppers of all things?!" "It's sharp, refreshing aroma highlights the mellow body of the cheese... while making the eel's umami flavor flash like an explosion!" "And that one key ingredient that quietly ties it all together... ... is garlic!" "Garlic?! In traditional Japanese cuisine?! That's almost unheard of!" "Those are special smoked garlic chips a junior of mine made. They were smoked using wood from a walnut tree, which is known to emphasize seafood flavors well. By lightly crushing those chips and sprinkling them on as a topping, I added a pleasantly crunchy texture to the dish. But the most critical feature of my dish... is that I broiled the eel using the Kansai region Kabayaki style. Unlike the Kanto region style, there's no steaming step. Leaving all that oil in gives the eel a more fragrant aroma with a heavier texture and stronger flavor... ... meaning it pairs much more naturally with a flavor as powerful as garlic. *Steaming the eel makes much of its natural oil seep out, leaving the flesh light and fluffy.* But what makes these chips so extraordinary... is that they're infused with Ibusaki's earnest passion and the pure sweat of his helpers, Aoki and Sato. There's no way they could not be delicious!" "Ew! Don't say they're infused with sweat! That's gross!" "This much alone is already an impressively polished gourmet course. What's in store for us in that teapot?" "That is eel-liver broth, my lady. I dressed the eel's liver and then sautéed it in olive oil with some smoked garlic chips. Then I poured the sake Sakaki and Marui made over the top and let the alcohol cook off before adding bonito stock to make a broth. It matches beautifully with the cheese that Yoshino and Nikumi made, creating a soft flavor with a splendid aftertaste.

The FFC manages to make enough noise on women’s issues that management is forced to respond, and naturally they do this in the most Facebook way possible. They announce #ally bot, a “bot that promotes ally behaviors within the company by letting you thank your colleagues for being allies.” A top aide for the chief technology officer explains that the bot is for men to use when they see other men supporting women. “If I’m in a meeting and I see another dude be an ally I could say ‘hey that was great keep that up.’” The bot “gives the recipient a shiny new Ally badge on their internal Facebook profile” once their name has been added with the hashtag #ally in the #ally bot. The bot keeps score and is linked to the performance review system—meaning men will be receiving a highly visible input to the system that will affect pay, promotions, and stock options and can be easily gamed by any men who decide to hand each other #ally hashtags.

I see bacon, green peppers, mushrooms... those are all found in Napolitan Spaghetti. I guess instead of the standard ketchup, he's used curry roux for the sauce? The noodles look similar to fettuccini." "Hm. I'm not seeing anything else that stands out about it. Given how fun and amusing the calzone a minute ago was... ... the impact of this one's a lot more bland and boring..." W-what the heck? Where did this heavy richness come from? It hits like a shockwave straight to the brain! "Chicken and beef stocks for the base... with fennel and green cardamom for fragrance! What an excellent, tongue-tingling curry sauce! It clings well to the broad fettuccini noodles too!" "For extra flavor is that... soy sauce?" "No, it's tamari soy sauce! Tamari soy sauce is richer and less salty than standard soy sauce, with a more full-bodied sweetness to it. Most tamari is made on Japan's eastern seaboard. " "That's not all either! I'm picking up the mellow hints of cheese! But I'm not seeing a single shred of any kind of cheese in here. Where's it hiding?" "Allow me to tell you, sir. First, look at the short edge of a noodle, please." ?! What on earth?! This noodle's got three layers!" "For the outer layers, I kneaded turmeric into the pasta dough. But for the inner layer, I added Parmesan cheese!" "I see! It's the combination of the tamari soy sauce and the parmesan cheese that gives this dish its incredible richness!" "Yeah, but wait a minute! If you go kneading cheese right into the noodles, wouldn't it just melt back out when you boiled them?" No... that's why they're in three layers! With the cheese in the middle, the outer layers prevented it from melting out! The deep, rich curry sauce, underscored with the flavor of tamari soy sauce... ... and the chewy noodles, which hit you with the mellow, robust taste of parmesan cheese with every bite! Many people are familiar with the idea of coating cream cheese in soy sauce... ... but who would have thought parmesan cheese would match this well with tamari soy sauce!

The first step was to restore confidence, so I asked him, speaking pretty loud so that he would hear me through his closed ears, "Would you like some sugar to get your flies around again?" He seemed to wake up all at once, and shook his head. With a laugh he replied, "Not much! Flies are poor things, after all!" After a pause he added, "But I don't want their souls buzzing round me, all the same." "Or spiders?" I went on. "Blow spiders! What's the use of spiders? There isn't anything in them to eat or…" He stopped suddenly as though reminded of a forbidden topic. "So, so!" I thought to myself, "this is the second time he has suddenly stopped at the word 'drink'. What does it mean?" Renfield seemed himself aware of having made a lapse, for he hurried on, as though to distract my attention from it, "I don't take any stock at all in such matters. 'Rats and mice and such small deer,' as Shakespeare has it, 'chicken feed of the larder' they might be called. I'm past all that sort of nonsense. You might as well ask a man to eat molecules with a pair of chopsticks, as to try to interest me about the less carnivora, when I know of what is before me." "I see," I said. "You want big things that you can make your teeth meet in? How would you like to breakfast on an elephant?" "What ridiculous nonsense you are talking?" He was getting too wide awake, so I thought I would press him hard. "I wonder," I said reflectively, "what an elephant's soul is like!" The effect I desired was obtained, for he at once fell from his high-horse and became a child again. "I don't want an elephant's soul, or any soul at all!" he said. For a few moments he sat despondently. Suddenly he jumped to his feet, with his eyes blazing and all the signs of intense cerebral excitement. "To hell with you and your souls!" he shouted. "Why do you plague me about souls? Haven't I got enough to worry, and pain, to distract me already, without thinking of souls?" He looked so hostile that I thought he was in for another homicidal fit, so I blew my whistle.

I can smell the shrimp broth and garlic! Mmm! It's so good! It's light yet has a deep, full-bodied flavor!" "Whoa! I've been eating all day, but this goes right down!" " Mm! This is the perfect finisher for the day!" "And the topping is the bun's pork filling!" "Yep! Listening to customer requests last night gave me the inspiration to try this out." "Thanks to these noodles, we sold a whole lot more today than yesterday." "Using bun dough to make noodles... how interesting! And to come up with it on the spot too..." "Nah, I didn't really. See, Taiwan already has a noodle dish a lot like it." "...? Dan Zai Noodles!" DAN ZAI NOODLES Originating in Southern Taiwan, it is also known as Tan-tsu noodles or slack season noodles. The broth is generally light and clear, made from seafood stocks like bonito or shrimp. Then oil noodles are added and topped with items like ground pork, green onions, bean sprouts and shrimp. Served in small snack-sized portions, it was created with the idea of being a tasty snack that could be eaten over and over.

You gonna have dinner with her and everything?" Grant lifted a brow but managed to keep his composure. Everything, he reminded himself, meant different things to different people. At the moment it conjured up rather provocative images in his brain. "Things are presently unsettled," he murmured, using one of Macintosh's stock phrases. Catching himself, he grinned. "Yeah, we're going to have dinner." And something, he added as he strolled out after Gennie. "What was all that about?" she demanded. "Man talk." "Oh,I beg your pardon." The way she said it-very antebellum and disdainful-made him laugh and pull her into his arms to kiss her in full view of all of Windy Point.As the embrace lingered on,Grant caught the muffled crash from inside Fairfield's. "Poor Will," he murmured. "I know just how he feels." Humor flashed into his eyes again. "I better start around in the boat if we're going to have dinner...and everything." Confused by his uncharacteristic lightheartedness, Gennie gave him a long stare. "All right," she said after a moment. "I'll meet you there.

... If I am correct... ... the secret to this sauce is honey and balsamic vinegar ." "Got it one, sir! Both ingredients have a mild sweetness that adds a layer of richness to the dish. The tartness of the vinegar ties it all together, ensuring the sweetness isn't too cloying and giving the overall dish a clean, pure aftertaste. The guide told me that Hokkaido bears really love their honey... ... so I tried all kinds of methods to add it to my recipe!" "Is that how he gave his sauce a rich, clean flavor powerful enough to cause the Gifting? Unbelievable! That's our Master Yukihira!" Something doesn't add up. A little honey and vinegar can't be enough to create that level of aftertaste. There has to be something else to it. But what? "...?! I got it! I know what you did! You caramelized the honey!" CARAMELIZATION Sugars oxidize when heated, giving them a golden brown color and a nutty flavor. Any food that contains sugar can be caramelized, making caramelization an important technique in everything from French cooking to dessert making. "I started out by heating the honey until it was good and caramelized. Then I added some balsamic vinegar to stretch it and give it a little thickness. Once that was done, I poured it over some diced onions and garlic that I'd sautéed in another pan, added some schisandra berries and then let it simmer. After it had reduced, I poured bear stock over it and seasoned it with a little salt... The result was a deep, rich sauce perfect for emphasizing the natural punch of my Bear-Meat Menchi Katsu!" "Oho! You musta come up with that idea while I was relaxing with my cup o' chai! Not bad, Yukihira-chin! Not bad at all! Don'tcha think?" "Y-yes, sir..." Plus, there is no debating how well honey pairs well with bear meat. The Chinese have long considered bear paws a great delicacy... ... because of the common belief that the mellow sweetness of the honey soaks into a bear's paw as it sticks it into beehives and licks the honey off of it. What a splendid idea pairing honey with bear meat, each accentuating the other... ... then using caramelization and balsamic vinegar to mellow it to just the right level. It's a masterful example of using both flavor subtraction and enhancement in the same dish!

By the way, there's one more benefit to freezing eggs... that I neglected to tell you earlier. Y'see... by freezing them, the robust flavor of the yolks gets even richer!" "The flavor of the yolk... changes?!" "When you freeze a chicken egg, its proteins condense into a jelly... which gives it a tender and creamy consistency when you cook it. The flavor of the yolk in particular becomes deep and rich! Basically, freezing the egg is the biggest reason this tempura rice bowl is as delicious as it is! Plus, I made sure to pour on plenty of Yukihira Family Restaurant's special savory and salty house sauce! It's soy sauce and mirin added to bonito stock. I made sure this batch was extra rich! There's no way it wouldn't par perfectly with the rice and egg! The thing is, luxury-brand eggs all tend to have strong flavors from the get-go. Using them would make the entire rice bowl taste heavy and cloying." "Wait. Is that why...?!" "Yep! Since the sauce I use is thick and heavy, and freezing eggs makes their flavor richer... ... a blander egg is the best choice!" "Oh! He had a legitimate reason for using those cheap eggs!" "That's Soma for you!

And as a long-short fund, he'd also been obligated to take short positions — betting against companies — which was a tactic that, to most experts in finance, was uncontroversial. The thinking went, when companies were performing poorly, or were mismanaged, or were in an industry that was being overrun, or were simply likely to fail, taking a short position wasn't just logical — it protected the marketplace by pointing out overpriced stocks, prevented fraud by acting as a check against dubious management, and poked holes in potential bubbles. Short sellers also added liquidity and volume to a stock — because they were obligated to buy the stock back at some point in the future. Yes, short sellers profited when companies failed, but usually a short seller wasn't banking on a company failing — just that the stock's price would eventually correct toward its true valuation. Sometimes, though, a trader picked up a short position because the company in question really was going to fail. Because, perhaps, it was in an industry that was dying; had management that seemed completely unable or unwilling to pivot; and had deep fundamental issues in its financing that seemed impossible to overcome.

With our desire to have more, we find ourselves spending more and more time and energy to manage and maintain everything we have. We try so hard to do this that the things that were supposed to help us end up ruling us. We eventually get used to the new state where our wishes have been fulfilled. We start taking those things for granted and there comes a time when we start getting tired of what we have. We're desperate to convey our own worth, our own value to others. We use objects to tell people just how valuable we are. The objects that are supposed to represent our qualities become our qualities themselves. There are more things to gain from eliminating excess than you might imagine: time, space, freedom and energy. When people say something is impossible, they have already decided that they don't want to do it. Differentiate between things you want and things you need. Leave your unused space empty. These open areas are incredibly useful. They bring us a sense of freedom and keep our minds open to the more important things in life. Memories are wonderful but you won't have room to develop if your attachment to the past is too strong. It's better to cut some of those ties so you can focus on what's important today. Don't get creative when you are trying to discard things. There's no need to stock up. An item chosen with passion represents perfection to us. Things we just happen to pick up, however, are easy candidates for disposal or replacement. As long as we stick to owning things that we really love, we aren't likely to want more. Our homes aren't museum, they don't need collections. When you aren't sure that you really want to part with something, try stowing it away for a while. Larger furniture items with bold colors will in time trigger visual fatigue and then boredom. Discarding things can be wasteful. But the guilt that keeps you from minimizing is the true waste. The real waste is the psychological damage that you accrue from hanging on to things you don't use or need. We find our originality when we own less. When you think about it, it's experience that builds our unique characteristics, not material objects. I've lowered my bar for happiness simply by switching to a tenugui. When even a regular bath towel can make you happy, you'll be able to find happiness almost everywhere. For the minimalist, the objective isn't to reduce, it's to eliminate distractions so they can focus on the things that are truly important. Minimalism is just the beginning. It's a tool. Once you've gone ahead and minimized, it's time to find out what those important things are. Minimalism is built around the idea that there's nothing that you're lacking. You'll spend less time being pushed around by something that you think may be missing. The qualities I look for in the things that I buy are: - the item has a minimalistic kind of shape and is easy to clean - it's color isn't too loud - I'll be able to use it for a long time - it has a simple structure - it's lightweight and compact - it has multiple uses A relaxed moment is not without meaning, it's an important time for reflection. It wasn't the fallen leaves that the lady had been tidying up, it was her own laziness that she had been sweeping away. We are what we repeatedly do. Excellence, then, is not an act but a habit. With daily cleaning, the reward may be the sense of accomplishment and calmness we feel afterward. Cleaning your house is like polishing yourself. Simply by living an organized life, you'll be more invigorated, more confident and like yourself better. Having parted with the bulk of my belongings, I feel true contentment with my day-to-day life. The very act of living brings me joy. When you become a minimalist, you free yourself from all the materialist messages that surround us. All the creative marketing and annoying ads no longer have an effect on you.

For a second he thought she might chuckle, and honest to God he didn't know what he would do if she did. "Grey, society didn't give you that scar. A woman you treated with no more regard than your dirty stockings gave you that scar. You cannot blame the actions of one on so many." HIs fingers tightened into fists at his side. "I do not blame all of society for her actions, of course not." "How could you? You don't even know who it was, do you?" "No." But he had suspicions. He was almost completely certain it had been Maggie-Lady Devane. He'd broken her heart the worst of them all. "Of course you don't." Suddenly her eyes were very dark and hard. "I suspect it could be one of a large list of names, all women who you toyed with and cast aside." A heavy chill settled over Grey's chest at the note of censure, and disapproval in her tone. He had known this day would come, when she would see him for what he truly was. He just hadn't expected it quite so soon. "Yes," he whispered. "A long list indeed." "So it's no wonder you would rather avoid society. I would too if I had no idea who my enemies were. It's certainly preferable to apologizing to every conquest and hope that you got the right one." She didn't say it meanly, or even mockingly, but there was definitely an edge to her husky voice. "Is this what we've come to, Rose?" he demanded. "You've added your name to the list of the women I've wronged?" She laughed then, knocking him even more off guard. "Of course not. I knew what I was getting myself into when I hatched such a foolhardy plan. No, your conscience need not bear the weight of me, grey." When she moved to stand directly before him, just inches away, it was all he could do to stand his ground and not prove himself a coward. Her hand touched his face, the slick satin of her gloves soft against his cheek. "I wish you would stop living under all this regret and rejoin the world," she told him in a tone laden with sorrow. "You have so much to offer it. I'm sure society would agree with me if you took the chance." Before he could engineer a reply, there was another knock at the door. Rose dropped her hand just as her mother stuck her head into the room. "Ah, there you are. Good evening, Grey. Rose, Lord Archer is here." Rose smiled. "I'll be right there, Mama." When the door closed once more, she turned to Grey. "Let us put an end to this disagreeable conversation and put it in the past where it belongs. Friends?" Grey looked down at her hand, extended like a man's. He didn't want to take it. In fact, he wanted to tell her what she could do with her offer of friendship and barely veiled insults. He wanted to crush her against his chest and kiss her until her knees buckled and her superior attitude melted away to pleas of passion. That was what he wanted.

If the widget company consistently earned a superior return on capital throughout the period, or if capital employed only doubled during the CEO’s reign, the praise for him may be well deserved. But if return on capital was lackluster and capital employed increased in pace with earnings, applause should be withheld. A savings account in which interest was reinvested would achieve the same year-by-year increase in earnings—and, at only 8% interest, would quadruple its annual earnings in 18 years. The power of this simple math is often ignored by companies to the detriment of their shareholders. Many corporate compensation plans reward managers handsomely for earnings increases produced solely, or in large part, by retained earnings—i.e., earnings withheld from owners. For example, ten-year, fixed-price stock options are granted routinely, often by companies whose dividends are only a small percentage of earnings. An example will illustrate the inequities possible under such circumstances. Let’s suppose that you had a $100,000 savings account earning 8% interest and “managed” by a trustee who could decide each year what portion of the interest you were to be paid in cash. Interest not paid out would be “retained earnings” added to the savings account to compound. And let’s suppose that your trustee, in his superior wisdom, set the “pay-out ratio” at one-quarter of the annual earnings.

This broth! How can it be this rich and mellow?! It's just creamy enough to go perfectly with the noodles too! And this savory flavor! It's so deep and expansive!" "I grated some potato and added it to the stock. That's what's giving the broth its creaminess. Believe it or not, the potato is another vegetable that contains the umami compound glutamic acid. That compound seeped out into the broth, giving it it's rich and savory flavor. Plus, I only grated the potato roughly, so there are still little beads of potato in the broth, giving the texture some interesting highlights." "But what about this topping? What is it?! Hnngh! I knew it! Imo-Mochi Potato Cakes! They're soft and chewy on the inside and crisp and crunchy on the outside!" Imo-Mochi Potato Cakes are another Hokkaido specialty. Made with potatoes and potato starch, they're a popular treat with tourists. The heavy, chewy potato cakes soaked in the creamy broth are a pleasing textural contrast... ... to the light and sleek udon noodles while also giving the dish an extra sense of fullness and satisfaction! "Unbelievable. It's almost as if this one dish... ... contains all the expressions of a potato possible in cooking!" "Exactly! Y'see, this dish---" "This dish uses all facets of the Irish Cobbler Potato, accenting its starch, its unique texture and its umami goodness. In fact, it can be considered the ultimate in potato-noodle dishes!

All words have to be coined by a wordsmith at some point in the mists of history. The wordsmith had an idea to get across and needed a sound to express it. In principle, any sound would have done - basic principle of linguistics is that the relation of a sound to a meaning is arbitrary - so the first coiner of a term from for a political affiliation, for instance, could have used glorg or schmendrick or mcgillicuddy. But people are poor at conjuring sounds out of the blue, and they probably wanted to ease their listeners understanding of the coinage rather than having to define it or illustrate it with examples. So they reached for a metaphor that reminded them of the idea and they hoped would evoke a similar idea in the minds of their listeners, such as band or bond for a political affiliation. The metaphorical hint allowed the listeners to cotton on to the meaning more quickly than if they had had to rely on context alone, giving the word an advantage in the Darwinian competition among neologisms […] The word spread and became endemic to the community, adding to the language’s stock of apparent metaphors. But then it came to be used often enough, and in enough contexts, the speakers kicked the ladder away, and today people think not a whit about the metaphorical referent. It persists as a semantic fossil, a curiosity to amuse etymologists and wordwatchers [stet], but with no more resonance in our minds than any other string of vowels and consonants.

Decouplers often trip up on this step in two ways. First, they are overly generic in articulating the CVC. When mapping the process of buying a car, auto executives tend to describe it as: feel the need to buy car > become aware of a car brand > develop an interest in the brand > visit the dealer > purchase the car. This is a start, but it is not specific enough. Decouplers must ask: When do people actually need a new car? How exactly do people become aware of car brands? How do people become interested in a make or model? And so on. The generic process of awareness, interest, desire, and purchase isn’t specific enough to help. Decouplers also flounder by failing to identify all the relevant stages in the value chain. For the car-buying process, a better description of the CVC might be: become aware that your car lease will expire in one month > feel the need to purchase a new car > develop a heightened interest in car ads > visit car manufacturers’ websites > create a set of two or three brands of interest > visit third-party auto websites > compare options of cars in the same category > choose a model > shop online for the best price > visit the nearest dealer to see if they have the model in stock > see if they can beat the best online price > test-drive the cars > decide about financing, warranty, and other add-ons > negotiate a final price > sign the contract > pick up the car > use it > wait for the lease to expire again. With this far more detailed CVC, we can fully appreciate the complexity of the car-buying

Here are some of the handicaps mutual-fund managers and other professional investors are saddled with: With billions of dollars under management, they must gravitate toward the biggest stocks—the only ones they can buy in the multimillion-dollar quantities they need to fill their portfolios. Thus many funds end up owning the same few overpriced giants. Investors tend to pour more money into funds as the market rises. The managers use that new cash to buy more of the stocks they already own, driving prices to even more dangerous heights. If fund investors ask for their money back when the market drops, the managers may need to sell stocks to cash them out. Just as the funds are forced to buy stocks at inflated prices in a rising market, they become forced sellers as stocks get cheap again. Many portfolio managers get bonuses for beating the market, so they obsessively measure their returns against benchmarks like the S & P 500 index. If a company gets added to an index, hundreds of funds compulsively buy it. (If they don’t, and that stock then does well, the managers look foolish; on the other hand, if they buy it and it does poorly, no one will blame them.) Increasingly, fund managers are expected to specialize. Just as in medicine the general practitioner has given way to the pediatric allergist and the geriatric otolaryngologist, fund managers must buy only “small growth” stocks, or only “mid-sized value” stocks, or nothing but “large blend” stocks.6 If a company gets too big, or too small, or too cheap, or an itty bit too expensive, the fund has to sell it—even if the manager loves the stock. So

Lobster tomalley fish innards! The richness of all the ingredients have melded into one powerful whole! What a robust, almost wild flavor! Next, let's try the broth together with the noodles... here I go! Ye gods! I have to hold myself together or I'll black out! As it is, that was nearly a knockout punch! Who knew umami flavor could be this powerfully violent! How about the toppings? I see three varieties of shredded cheese. Rouille... *Rouille is a type of aioli, usually consisting of olive oil, breadcrumbs and various spices like garlic and chili flakes. It, along with croutons and cheese, is a standard garnish to Soupe de Poisson.* And are those tempura flakes? Aha! He must have added those as a crouton analogue! And finally the rusk! It looks like it's been spread with Échiré butter and well toasted. Perhaps it was added as a palate cleanser for after that strong, rich broth. WHAT?! What an intense, aromatic flavor! But where is all of this coming from?! Hm? What are these pink flakes in the butter? Wait, now I see! Those shells he crushed! He had them dried to increase their umami flavor!" "It's about time you noticed. I added those powdered shells to everything in this dish, from the soup stock to the butter on the rusk." "See, the umami flavor in lobsters and shrimp comes from three elements: glycine, arginine and proline. Of all seafood, crustaceans carry the highest concentration of umami components, y'know. Since Ryo took that powdered lobster shell- chock full of those three umami components- and added it to every element of the dish... ... it's, like, only natural that it's flavor is going to have a strong umami punch.

Every few months or so at home, Pops had to have Taiwanese ’Mian. Not the Dan-Dan Mian you get at Szechuan restaurants or in Fuchsia Dunlop’s book, but Taiwanese Dan-Dan. The trademark of ours is the use of clear pork bone stock, sesame paste, and crushed peanuts on top. You can add chili oil if you want, but I take it clean because when done right, you taste the essence of pork and the bitterness of sesame paste; the texture is somewhere between soup and ragout. Creamy, smooth, and still soupy. A little za cai (pickled radish) on top, chopped scallions, and you’re done. I realized that day, it’s the simple things in life. It’s not about a twelve-course tasting of unfamiliar ingredients or mass-produced water-added rib-chicken genetically modified monstrosity of meat that makes me feel alive. It’s getting a bowl of food that doesn’t have an agenda. The ingredients are the ingredients because they work and nothing more. These noodles were transcendent not because he used the best produce or protein or because it was locally sourced, but because he worked his dish. You can’t buy a championship. Did this old man invent Dan-Dan Mian? No. But did he perfect it with techniques and standards never before seen? Absolutely. He took a dish people were making in homes, made it better than anyone else, put it on front street, and established a standard. That’s professional cooking. To take something that already speaks to us, do it at the highest level, and force everyone else to step up, too. Food at its best uplifts the whole community, makes everyone rise to its standard. That’s what that Dan-Dan Mian did. If I had the honor of cooking my father’s last meal, I wouldn’t think twice. Dan-Dan Mian with a bullet, no question.

In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy. From 1966 through late 2001, one study claimed, $1 held continuously in stocks would have grown to $11.71. But if you had gotten out of stocks right before the five worst days of each year, your original $1 would have grown to $987.12.1 Like most magical market ideas, this one is based on sleight of hand. How, exactly, would you (or anyone) figure out which days will be the worst days—before they arrive? On January 7, 1973, the New York Times featured an interview with one of the nation’s top financial forecasters, who urged investors to buy stocks without hesitation: “It’s very rare that you can be as unqualifiedly bullish as you can now.” That forecaster was named Alan Greenspan, and it’s very rare that anyone has ever been so unqualifiedly wrong as the future Federal Reserve chairman was that day: 1973 and 1974 turned out to be the worst years for economic growth and the stock market since the Great Depression.2 Can professionals time the market any better than Alan Green-span? “I see no reason not to think the majority of the decline is behind us,” declared Kate Leary Lee, president of the market-timing firm of R. M. Leary & Co., on December 3, 2001. “This is when you want to be in the market,” she added, predicting that stocks “look good” for the first quarter of 2002.3 Over the next three months, stocks earned a measly 0.28% return, underperforming cash by 1.5 percentage points. Leary is not alone. A study by two finance professors at Duke University found that if you had followed the recommendations of the best 10% of all market-timing newsletters, you would have earned a 12.6% annualized return from 1991 through 1995. But if you had ignored them and kept your money in a stock index fund, you would have earned 16.4%.

Dom, are you out here?” called a voice from somewhere beyond the stables. Damn it all. It was Tristan. Swiftly Dom donned his shirt. “Be quiet,” he whispered to Jane, “and he’ll go away.” Tristan’s voice sounded again, even nearer now. “I swear to God, Dom, if you ride off to London in the dark and make a liar out of me before Ravenswood, I will kick you from here to France!” “He won’t go away,” Jane whispered back, a hint of desperation in her voice. “He promised Ravenswood that you wouldn’t head for London with broken carriage lamps, and now he’ll want to make sure that you don’t.” Which meant his arse of a brother wasn’t going to stop looking for him. Any minute now, he’d be striding into the harness room. Then Jane would have to marry Dom. As soon as the thought entered Dom’s head, it apparently occurred to her, too, for she paled and stepped near enough to whisper, “Please. Not like this.” He stared at her ashen face, and his stomach sank. He couldn’t force her to wed him. After what had happened between them years ago, she would never forgive him for taking her choice away from her yet again. Besides, he didn’t want to force her into anything. The only way he could prove that he didn’t intend to run roughshod over her for the rest of their lives was to walk away now. Even if it killed him. Bloody hell. “I’ll draw Tristan away from the stables,” Dom said tersely as he shoved his stocking feet into his boots. “That will give you a chance to finish dressing and sneak back into the house.” Relief spreading over her face, she bobbed her head. He buttoned up his shirt. “It will also give you a chance to decide what you want.” Gathering up his coat, waistcoat, and cravat, he added in a low murmur, “But know this, Jane. I am not, nor ever intend to be, a man like your father. Somewhere inside of you, you must…” He winced. “You surely do know it.” He waited long enough to see uncertainty flicker in her eyes. Then he strode out of the harness room and closed the door behind him.

Learning to meditate helped too. When the Beatles visited India in 1968 to study Transcendental Meditation at the ashram of Maharishi Mahesh Yogi, I was curious to learn it, so I did. I loved it. Meditation has benefited me hugely throughout my life because it produces a calm open-mindedness that allows me to think more clearly and creatively. I majored in finance in college because of my love for the markets and because that major had no foreign language requirement—so it allowed me to learn what I was interested in, both inside and outside class. I learned a lot about commodity futures from a very interesting classmate, a Vietnam veteran quite a bit older than me. Commodities were attractive because they could be traded with very low margin requirements, meaning I could leverage the limited amount of money I had to invest. If I could make winning decisions, which I planned to do, I could borrow more to make more. Stock, bond, and currency futures didn’t exist back then. Commodity futures were strictly real commodities like corn, soybeans, cattle, and hogs. So those were the markets I started to trade and learn about. My college years coincided with the era of free love, mind-expanding drug experimentation, and rejection of traditional authority. Living through it had a lasting effect on me and many other members of my generation. For example, it deeply impacted Steve Jobs, whom I came to empathize with and admire. Like me, he took up meditation and wasn’t interested in being taught as much as he loved visualizing and building out amazing new things. The times we lived in taught us both to question established ways of doing things—an attitude he demonstrated superbly in Apple’s iconic “1984” and “Here’s to the Crazy Ones,” which were ad campaigns that spoke to me. For the country as a whole, those were difficult years. As the draft expanded and the numbers of young men coming home in body bags soared, the Vietnam War split the country. There was a lottery based on birthdates to determine the order of those who would be drafted. I remember listening to the lottery on the radio while playing pool with my friends. It was estimated that the first 160 or so birthdays called would be drafted, though they read off all 366 dates. My birthday was forty-eighth.

The crispy crunch of the savory parmesan wings. The thick and smooth Ankake sauce. And under those lies the tender and springy chicken meat that floods the mouth with its umami-laden juices with each bite! Even the delicate aftertaste unique to the Satsuma Jidori has been vividly enhanced! You would think by adding powerfully flavored ingredients like cheese and pork jowl that the overall taste would become heavy and cloying, but that isn't the case at all! The answer to that is in the Ankake sauce. I seasoned that Jidori stock with one special secret ingredient. "Yukihira, quit stalling! What the heck is that ingredient? Tell me! Now!" "It's ketchup. I used good ol' tomato ketchup to make that Ankake sauce... ... into a special house-blend sweet n' sour sauce!" "Ketchup?!" Sweet n' sour sauce is used in a lot of dishes, from obvious ones like sweet n' sour pork, to regional varieties ofTenshinhan crab omelet over rice, and even seafood dishes like deep-fried cod! It's especially handy for Chinese cooking, which commonly makes use of a variety of oils. It's perfect for alleviating the thick oiliness of some dishes, giving them a fresh and tangy flavor. So by adding the tart acidity of tomato-based ketchup to make my Ankake sauce... ... it wipes out the cloying greasiness of both the Parmesan cheese and the pork jowl, leaving only their rich flavors behind. Not only that, it also brings out the Satsuma Jidori's renowned delicate aftertaste!" "The base broth of the sauce is from a stock I made from the Jidori's carcass, so of course it will pair well with the wing meat. And to top it all off, Parmesan cheese and tomatoes are a great match for each other!" "Oh... oh, now I see! That's how you managed to keep from smothering the Jidori's unique flavor! Tomatoes are one big lump of the umami component glutamic acid! Add the inosinic acid from the Jidori and the Guanylic acid from the shiitake mushrooms, and you have three umami compounds all magnifying each other! The techniques for emphasizing the unique and delicious flavors of a Jidori... the three-way umami-component magnification effect... the synergy between ketchup and cheese... the texture contrast between the crispy cheese wings and the smooth Ankake sauce... all of those rest squarely on the foundation of the tomato's tart acidity!

This white broth... ... is soy milk!" "That's right! I mixed a dash of parmesan cheese and a little dollop of miso paste into the soy milk and then lightly simmered it. This is my pike dish... Pike Takikomi Rice, Ojiya Style!" OJIYA Also called "Zosui," Ojiya is soup stock and seasonings added to precooked rice, vegetables and fish and cooked into a thick porridge. It is distinctly different from dishes like risotto, which is uncooked rice that is first sautéed in butter and oils before adding liquid... and Okayu, which is a rice gruel cooked to soupy softness in extra water. "Soy milk?" "Ah, so you finally see it, Alice. Like all soups, the most important part of Ojiya porridge is the stock! He built this dish to be porridge from the start... ... with soy milk as the "stock"!" "Soy milk as soup stock?!" "Can you even do that?!" "So that's what it is! Soup stock is essentially meant to be pure umami. Like kombu kelp- a common stock- soy milk is packed with the umami component glutamic acid. It's more than good enough to serve as a sound base for the Ojiya porridge! Not only that, umami flavors synergies with each other. Adding two umami components to the same dish will magnify the flavor exponentially! The inosinic acid in the pike and the glutamic acid in the soy milk... combining the two makes perfect, logical sense! " "Soy milk Ojiya Porridge. Hm. How interesting!" " Mm! Delicious! The full-bodied richness of the cheese and the mild, salty flavor of the miso meld brilliantly with the rice! Then there are the chunks of tender pike meat mixed in... ... with these red things. Are they what I think they are?" "Yep! They're crunchy pickled-plum bits!" "What?!" "Again with the dirt cheap, grocery store junk food! Like that cracker breading and the seaweed jelly pearls..." "He totally dumped those in there just for the heck of it!" "These pickled plums are a very important facet of the overall dish! They have a bright, pleasing color and a fun, crunchy texture. Not only that, their tart flavor cuts through the rich oiliness of the pike meat, giving the dish a fresh, clean aftertaste. And, like all vinegary foods, they stir the appetite- a side effect that this dish takes full advantage of! Finally, these plums are salt pickled! It is no wonder they make a perfect accent to the pickled pike at the center of the dish!"

If it were any of the other Sharpes, he wouldn’t balk. But the idea of spending serveral hours in her company was both intoxicating and terrifying. “If you don’t let me go along,” she continued, “I’ll just follow you. He scowled at her. She probably would; the woman was as stubborn as she was beautiful. “And don’t think you can outride me, either,” she added. “Halstead Hall has a very good stable, and lady Bell is one of our swiftest mounts.” “Lady Bell?” he said sarcastically. “Not Crack Shot or Pistol?” She glared over at him. “Lady Bell was my favorite doll when I was a girl, the last one Mama gave me before she died. I used to play with it whenever I wanted to remember her. The doll got so ragged that I threw her away when I outgrew her.” Her voice lowered. “I regretted that later, but by then it was too late.” The idea of her playing with a doll to remember her late mother made his throat tighten and his heart falter. “Fine,” he bit out. “You can go with me to High Wycombe.” Surprise turned her cheeks rosy. “Oh, thank you, Jackson! You won’t regret it, I promise you!” “I already regret it,” he grumbled. “And you must do as I say. None of your going off half-cocked, do you hear?” “I never go off half-cocked!” “No, you just walk around with a pistol packed full of powder, thinking you can hold men at bay with it.” She tossed her head. “You’ll never let me forget that, will you?” “Not as long as we both shall live.” The minute the words left his lips, he could have kicked himself. They sounded too much like a vow, one he’d give anything for the right to make. Fortunately, she didn’t seem to have noticed. Instead, she was squirming and shimmying about on her saddle. “Are you all right?” he asked. “I’ve got a burr caught in my stocking that keeps rubbing against my leg. I’m just trying to work it out. Don’t mind me.” His mouth went dry at her mention of stockings. It brought yesterday’s encounter vividly into his mind, how he’d lifted her skirts to reach the smooth expanse of calf encased in silk. How he’d run his hands up her thighs as his mouth had tasted- God save him. He couldn’t be thinking about such things while riding. He shifted uncomfortably in the saddle as they reached the road and settled into a comfortable pace. The road was busy at this early hour. The local farmers were driving their carts to market or town, and laborers were headed for the fields. To Jackson’s relief, that made it easy not to talk. Conversaing with her was bound to be difficult, especially if she started consulting him about her suitors.

She faced her pretend Arin. His scar was healed. His gray eyes were startlingly clear. “You’re not real,” she reminded him. “I feel real.” He brushed one finger across her lower lip. It suddenly seemed that there were no clouds in the sky, and that she sat in full sunshine. “You feel real,” he said. The puppy yawned, her jaws closing with a snap. The sound brought Kestrel to herself. She felt a little embarrassed. Her pulse was high. But she couldn’t stop pretending. Kestrel reached beneath her skirts to pull down a knee-high stocking. Arin made a sound. “I want to feel the grass beneath my feet,” Kestrel told him. “Someone’s going to see you.” “I don’t care.” “But that someone is me, and you should have a care, Kestrel, for my poor heart.” He reached under the hem of her dress to catch her hand in the act of pulling down the second stocking. “You’re treating me quite badly,” he said, and slid the stocking free, his palm skimming along the path of her calf. He looked at her. His hand wrapped around her bare ankle. Kestrel became shy…though she had known full well what she was doing. Arin grinned. With his free hand, he plucked a blade of grass. He tickled it against the sole of her foot. She laughed, jerking away. He let her go. He settled down beside her, lying on his stomach on the grass, propped up by his elbow. Kestrel lay on her back. She heard birdsong: high and long, with a trill at the end. She gazed up at the sky. It was blue enough for summer. “Perfect,” she said. “Almost.” She turned to look at him, and he was already looking at her. “I’m going to miss you when I wake up,” she whispered, because she realized that she must have fallen asleep under the sun. Arin was too real for her imagination. He was a dream. “Don’t wake up,” he said. The air smelled like new leaves. “You said you trusted me.” “I did.” He added, “I do.” “You are a dream.” He smiled. “I lied to you,” Kestrel said. “I kept secrets. I thought it was for the best. But it was because I didn’t trust you.” Arin shifted onto his side. He caressed her cheek lightly with the back of his hand. That trailing sensation felt like the last note of the bird’s song. “No,” he agreed, his voice gentle. “You didn’t.” Kestrel woke. The puppy was draped across her feet, sleeping. Her stockings lay in a small heap beside her. The sun had climbed in the sky. Her cheek was flushed, the skin tight: a little sunburned. The puppy twitched, still lost in sleep. Kestrel envied her. She rested her head again on the grass. She closed her eyes, and tried to find her way back into her dream.

Miss Prudence Mercer Stony Cross Hampshire, England 7 November 1854 Dear Prudence, Regardless of the reports that describe the British soldier as unflinching, I assure you that when riflemen are under fire, we most certainly duck, bob, and run for cover. Per your advice, I have added a sidestep and a dodge to my repertoire, with excellent results. To my mind, the old fable has been disproved: there are times in life when one definitely wants to be the hare, not the tortoise. We fought at the southern port of Balaklava on the twenty-fourth of October. Light Brigade was ordered to charge directly into a battery of Russian guns for no comprehensible reason. Five cavalry regiments were mowed down without support. Two hundred men and nearly four hundred horses lost in twenty minutes. More fighting on the fifth of November, at Inkerman. We went to rescue soldiers stranded on the field before the Russians could reach them. Albert went out with me under a storm of shot and shell, and helped to identify the wounded so we could carry them out of range of the guns. My closest friend in the regiment was killed. Please thank your friend Prudence for her advice for Albert. His biting is less frequent, and he never goes for me, although he’s taken a few nips at visitors to the tent. May and October, the best-smelling months? I’ll make a case for December: evergreen, frost, wood smoke, cinnamon. As for your favorite song…were you aware that “Over the Hills and Far Away” is the official music of the Rifle Brigade? It seems nearly everyone here has fallen prey to some kind of illness except for me. I’ve had no symptoms of cholera nor any of the other diseases that have swept through both divisions. I feel I should at least feign some kind of digestive problem for the sake of decency. Regarding the donkey feud: while I have sympathy for Caird and his mare of easy virtue, I feel compelled to point out that the birth of a mule is not at all a bad outcome. Mules are more surefooted than horses, generally healthier, and best of all, they have very expressive ears. And they’re not unduly stubborn, as long they’re managed well. If you wonder at my apparent fondness for mules, I should probably explain that as a boy, I had a pet mule named Hector, after the mule mentioned in the Iliad. I wouldn’t presume to ask you to wait for me, Pru, but I will ask that you write to me again. I’ve read your last letter more times than I can count. Somehow you’re more real to me now, two thousand miles away, than you ever were before. Ever yours, Christopher P.S. Sketch of Albert included As Beatrix read, she was alternately concerned, moved, and charmed out of her stockings. “Let me reply to him and sign your name,” she begged. “One more letter. Please, Pru. I’ll show it to you before I send it.” Prudence burst out laughing. “Honestly, this is the silliest things I’ve ever…Oh, very well, write to him again if it amuses you.

By now, though, it had been a steep learning curve, he was fairly well versed on the basics of how clearing worked: When a customer bought shares in a stock on Robinhood — say, GameStop — at a specific price, the order was first sent to Robinhood's in-house clearing brokerage, who in turn bundled the trade to a market maker for execution. The trade was then brought to a clearinghouse, who oversaw the trade all the way to the settlement. During this time period, the trade itself needed to be 'insured' against anything that might go wrong, such as some sort of systemic collapse or a default by either party — although in reality, in regulated markets, this seemed extremely unlikely. While the customer's money was temporarily put aside, essentially in an untouchable safe, for the two days it took for the clearing agency to verify that both parties were able to provide what they had agreed upon — the brokerage house, Robinhood — had to insure the deal with a deposit; money of its own, separate from the money that the customer had provided, that could be used to guarantee the value of the trade. In financial parlance, this 'collateral' was known as VAR — or value at risk. For a single trade of a simple asset, it would have been relatively easy to know how much the brokerage would need to deposit to insure the situation; the risk of something going wrong would be small, and the total value would be simple to calculate. If GME was trading at $400 a share and a customer wanted ten shares, there was $4000 at risk, plus or minus some nominal amount due to minute vagaries in market fluctuations during the two-day period before settlement. In such a simple situation, Robinhood might be asked to put up $4000 and change — in addition to the $4000 of the customer's buy order, which remained locked in the safe. The deposit requirement calculation grew more complicated as layers were added onto the trading situation. A single trade had low inherent risk; multiplied to millions of trades, the risk profile began to change. The more volatile the stock — in price and/or volume — the riskier a buy or sell became. Of course, the NSCC did not make these calculations by hand; they used sophisticated algorithms to digest the numerous inputs coming in from the trade — type of equity, volume, current volatility, where it fit into a brokerage's portfolio as a whole — and spit out a 'recommendation' of what sort of deposit would protect the trade. And this process was entirely automated; the brokerage house would continually run its trading activity through the federal clearing system and would receive its updated deposit requirements as often as every fifteen minutes while the market was open. Premarket during a trading week, that number would come in at 5:11 a.m. East Coast time, usually right as Jim, in Orlando, was finishing his morning coffee. Robinhood would then have until 10:00 a.m. to satisfy the deposit requirement for the upcoming day of trading — or risk being in default, which could lead to an immediate shutdown of all operations. Usually, the deposit requirement was tied closely to the actual dollars being 'spent' on the trades; a near equal number of buys and sells in a brokerage house's trading profile lowered its overall risk, and though volatility was common, especially in the past half-decade, even a two-day settlement period came with an acceptable level of confidence that nobody would fail to deliver on their trades.

All right, then. While it might be beyond her power to stop desiring him entirely, she didn’t have to let him control the attraction. In her years of dreaming of him--the admittedly chaste dreams of a virgin--she had been in control, making him burn and yearn, making him regret that he’d ever put her aside. Perhaps it was time to fulfill those dreams. She opened her eyes to find him watching her with a heavy-lidded gaze that promised all manner of sensual pleasures if she would just give herself over to him. She would make him keep that promise…but without giving up herself. Edwin would undoubtedly disapprove of this dalliance, but just now she didn’t care. Dom was about to learn that she wouldn’t be ruled by him or any other man. Looping her arms about his neck, she rose up on tiptoe to kiss his mouth. This time she was the one to instigate the duel of tongues and lips that sent her senses reeling. This time she was the one in control. Until Dom pulled down her bodice and corset and shift to bare her breasts. Oh, sweet Lord in heaven. He was more wicked--and more wonderful at this--than even she could have imagined. But she could be wicked, too. Remembering what Nancy had told her about men, she reached down between them to cup the hard length of him through his trousers. He jerked back. “What are you doing?” How wonderful to be the one to shock him! Though she noticed he didn’t step away or pull her hand off him. And his flesh seemed to grow beneath her very fingers. “Don’t you like it?” she said in what she hoped was a sultry-sounding voice. “Good God, yes.” He practically groaned the words. “But where the blazes did you learn to do it?” “Nancy said men like to be touched…down there.” “Wonderful. Now the sinner is instructing the saint,” he muttered before he took her mouth again, giving her no chance to protest that she wasn’t as saintly as he assumed. But clearly he’d guessed because he leaned into her hand, letting her fully explore the male appendage that Nancy had only described in furtive whispers. To Jane’s delight, the more she rubbed him through his trousers, the more his kiss changed, grew bolder, hotter, fiercer. How delicious! They had certainly never done anything like this in their youth. Perhaps if they had, he wouldn’t have been so content to toss her aside. It was definitely making her ignite. Or perhaps it was his hands roaming her body doing that. Whichever the case, an unfamiliar ache began between her legs that made her want to squirm. So she focused on caressing him with renewed vigor, hoping to regain control over this…insanity. He grabbed her hand to still it. She tore her mouth from his. “What? Am I doing it wrong?” “If you do it any more right, I will embarrass myself.” He fixed her with a dark stare. “Or perhaps that’s what you want. Another way to torture me.” “I don’t know what you mean. Am I doing it right or am I torturing you? Which is it?” He searched her face, then, apparently satisfied with what he saw there, smiled faintly. “Both.” Taking her by surprise, he dripped onto the pianoforte bench and tugged her across his lap. “Here, I’ll show you.” As he drew her skirts up to her knees, she froze. “I don’t know if this is…such a good idea, Dom.” “Oh, trust me, it’s a fine idea.” He smoothed his hands up her stockings and past her garters until he came to her drawers. “Before you go running off to seal your ‘arrangement’ with Blakeborough, you should at least have a taste of passion. Just so you’ll know how important it really is.” Pressing his mouth to her ear, he added, “Men aren’t the only ones who like to be touched there, sweeting.

This rich pork flavor, which lands on the tongue with a thump... It's Chinese Dongpo Pork! He seasoned pork belly with a blend of spices and let it marinate thoroughly... ... before finely dicing it and mixing it into the fried rice!" "What? Dongpo Pork prepared this fast?! No way! He didn't have nearly enough time to simmer the pork belly!" "Heh heh. Actually, there's a little trick to that. I simmered it in sparkling water instead of tap water. The carbon dioxide that gives sparkling water its carbonation helps break down the fibers in meat. Using this, you can tenderize a piece of meat in less than half the normal time!" "That isn't the only protein in this dish. I can taste the seafood from an Acqua Pazza too!" "And these green beans... it's the Indian dish Poriyal! Diced green beans and shredded coconut fried in oil with chilies and mustard seeds... it has a wonderfully spicy kick!" "He also used the distinctly French Mirepoix to gently accentuate the sweetness of the vegetables. So many different delicious flavors... ... all clashing and sparking in my mouth! But the biggest key to this dish, and the core of its amazing deliciousness... ... is the rice!" "Hmph. Well, of course it is. The dish is fried rice. If the rice isn't the centerpiece, it isn't a..." "I see. His dish is fried rice while simultaneously being something other than fried rice. A rice lightly fried in butter before being steamed in some variety of soup stock... In other words, it's actually closer to that famous staple from Turkish cuisine- a Pilaf! In fact, it's believed the word "pilaf" actually comes from the Turkish word pilav. To think he built the foundation of his dish on pilaf of all things!" "Heh heh heh! Yep, that's right! Man, I've learned so much since I started going to Totsuki." "Mm, I see! When you finished the dish, you didn't fry it in oil! That's why it still tastes so light, despite the large volume and variety of additional ingredients. I could easily tuck away this entire plate! Still... I'm surprised at how distinct each grain of rice is. If it was in fact steamed in stock, you'd think it'd be mushier." "Ooh, you've got a discerning tongue, sir! See, when I steamed the rice... ... I did it in a Donabe ceramic pot instead of a rice cooker!" Ah! No wonder! A Donabe warms slowly, but once it's hot, it can hold high temperatures for a long time! It heats the rice evenly, holding a steady temperature throughout the steaming process to steam off all excess water. To think he'd apply a technique for sticky rice to a pilaf instead! With Turkish pilaf as his cornerstone... ... he added super-savory Dongpo pork, a Chinese dish... ... whitefish and clams from an Italian Acqua Pazza... ... spicy Indian green bean and red chili Poriyal... ... and for the French component, Mirepoix and Oeuf Mayonnaise as a topping! *Ouef is the French word for "egg."* By combining those five dishes into one, he has created an extremely unique take on fried rice! " "Hold it! Wait one dang minute! After listening to your entire spiel... ... it sounds to me like all he did was mix a bunch of dishes together and call it a day! There's no way that mishmash of a dish could meet the lofty standards of the BLUE! It can't nearly be gourmet enough!" "Oh, but it is. For one, he steamed the pilaf in the broth from the Acqua Pazza... ... creating a solid foundation that ties together the savory elements of all the disparate ingredients! The spiciness of the Poriyal could have destabilized the entire flavor structure... ... but by balancing it out with the mellow body of butter and soy sauce, he turned the Poriyal's sharp bite into a pleasing tingle!

A Commonwealth of Dominica passport provided visa-free or visa-on-arrival access to more than 115 countries around the world, including the entire European Union, which made it the perfect accessory for any fugitive’s well-stocked go bag. As an added bonus, he could sock away millions of dollars of his Kyte profits in Dominica’s banks without attracting the attention of the IRS or the FBI.

Just as Grant borrowed heavily from Houston Chamberlain, so did Stoddard borrow heavily from Grant in The Revolt Against Civilization, adding generous doses of Lombrosian-style statistical surveys to prove that the new immigrants were systematically undermining the racial future of America.* Stoddard’s Nordic type exhibited a remarkable fusion of neo-Gobinian and specifically American virtues. Nordic man was “at once democratic and aristocratic…. Profoundly individualistic and touchy about his personal rights, neither he nor his fellows will tolerate tyranny.” He was naturally averse to degeneration: “He requires healthful living conditions, and pines when deprived of good food, fresh air, and exercise.” His racial purity becomes the key to progress as well, since “our modern scientific age is mainly a product of Nordic genius.” All the nations with high infusions of Nordic blood were, according to Stoddard, “the most progressive as well as the most energetic and politically able.89 But Stoddard also dared to confront the paradox that underlay the Gobinian confrontation between cultural vitality and civilization. Even as a healthy racial stock generates society’s material wealth and cultural attainments, Gobineau had claimed, its openness to change and diversity sows the seeds of its own destruction. Ultimately the people discover that “their social environment has outrun inherited capacity.” The Anglo-Saxon heritage cannot sustain itself in the future without its racial stock. (Grant was also a keen eugenicist.) “The more complex the society and the more differentiated the stock,” Stoddard insisted, “the graver the liability of irreparable disaster.

Over the next six months, we discovered the company had been pursuing deals in an ad hoc, opportunistic way, struggling in four key areas: identifying which companies to acquire, performing due diligence on these companies, calculating their value, and integrating acquisitions into our business. Taking stock of our deficits led us to a powerful, four-step model for pursuing M&A,

The ingredient list for our standard veal stock recipe called for roasting 3,000 pounds of veal bones, to which we added 200 pounds of onions, 150 pounds of carrots, 100 pounds of celery, 12 gallons of canned tomatoes, a couple of sacks of salt, and a pound of black peppercorns.

Chicken Salad à la Danny Kaye YIELD: 4 SERVINGS TO MOST AMERICANS, Danny Kaye is remembered as a splendid comedian and actor. I think of him as a friend and one of the finest cooks I have ever known. In every way, Danny was equal to or better than any trained chef. His technique was flawless. The speed at which he worked was on par with what you’d find in a Parisian brigade de cuisine. Danny taught me a great deal, mostly about Chinese cuisine, his specialty. Whenever I traveled to Los Angeles, Danny picked me up at the airport and took me to his house, where we cooked Chinese or French food. His poached chicken was the best I have ever had. His method was to put the chicken in a small stockpot, cover it with tepid water seasoned with salt, peppercorns, and vegetables, and cook it at a gentle boil for only 10 minutes, then set it aside off the heat for 45 minutes. As an added touch, he always stuck a handful of knives, forks, and spoons into the cavity of the chicken, to keep it submerged. The result is so moist, tender, and flavorful that I have used the recipe—minus the flatware—ever since. CHICKEN 1 chicken, about 3½ pounds ½ cup sliced carrot 1 cup sliced onion 1 small leek, washed and left whole 1 rib celery, washed and left whole 1 teaspoon salt ¼ teaspoon black peppercorns 2 sprigs thyme 2 bay leaves About 7 cups tepid water, or more if needed DRESSING 2 tablespoons Dijon-style mustard 1 tablespoon white wine vinegar 1 teaspoon finely chopped garlic ¼ teaspoon salt ¼ teaspoon freshly ground black pepper ½ teaspoon Tabasco hot pepper sauce 5 tablespoons extra-virgin olive oil GARNISHES 1 dozen Boston lettuce leaves, cleaned 2 dozen fresh tarragon leaves FOR THE CHICKEN: Place the chicken breast side down in a tall, narrow pot, so it fits snugly at the bottom. Add the remaining poaching ingredients. The chicken should be submerged, and the water should extend about 1 inch above it. Bring to a gentle boil, cover, and let boil gently for two minutes. Remove the pot from the heat, and set it aside to steep in the hot broth for 45 minutes. Remove the chicken from the pot, and set it aside on a platter to cool for a few minutes. (The stock can be strained and frozen for up to 6 months for use in soup.) Pick the meat from the chicken bones, discarding the skin, bones, and fat. Shred the meat with your fingers, following the grain and pulling it into strips. (The meat tastes better shredded than diced with a knife.) FOR THE DRESSING: Mix together all the dressing ingredients in a bowl large enough to hold the chicken salad. Add the chicken shreds to the dressing and toss well. Arrange the Boston lettuce leaves in a “nest” around the periphery of a platter, and spoon the room-temperature chicken salad into the center. Sprinkle with the tarragon leaves and serve.

Sugar syrup for ice tea is concocted by adding one pound of Dixie Crystal sugar to a tablespoon of water. In the south, sweetened ice tea is taken for granted, like the idea that stock car racing is our national pastime, or that the Southern Baptist church is a legitimate arm of the Republican party.

The selection of common stocks for the portfolio of the defensive investor should be a relatively simple matter. Here we would suggest four rules to be followed: 1. There should be adequate though not excessive diversification. This might mean a minimum of ten different issues and a maximum of about thirty.† 2. Each company selected should be large, prominent, and conservatively financed. Indefinite as these adjectives must be, their general sense is clear. Observations on this point are added at the end of the chapter. 3. Each company should have a long record of continuous dividend payments. (All the issues in the Dow Jones Industrial Average met this dividend requirement in 1971.) To be specific on this point we would suggest the requirement of continuous dividend payments beginning at least in 1950.* 4. The investor should impose some limit on the price he will pay for an issue in relation to its average earnings over, say, the past seven years. We suggest that this limit be set at 25 times such average earnings, and not more than 20 times those of the last twelve-month period. But such a restriction would eliminate nearly all the strongest and most popular companies from the portfolio. In particular, it would ban virtually the entire category of “growth stocks,” which have for some years past been the favorites

implied that “at normal levels of the market” the investor should be able to obtain an  initial  dividend  return  of  between  31⁄2%  and  41⁄2%  on  his  stock purchases, to which should be added a steady increase in underly- ing value (and in the “normal market price”) of a representative

The purpose of this chapter is to explain what it means for skillful investors to add value. To accomplish that, I’m going to introduce two terms from investment theory. One is beta, a measure of a portfolio’s relative sensitivity to market movements. The other is alpha, which I define as personal investment skill, or the ability to generate performance that is unrelated to movement of the market. As I mentioned earlier, it’s easy to achieve the market return. A passive index fund will produce just that result by holding every security in a given market index in proportion to its equity capitalization. Thus, it mirrors the characteristics—e.g., upside potential, downside risk, beta or volatility, growth, richness or cheapness, quality or lack of same—of the selected index and delivers its return. It epitomizes investing without value added. Let’s say, then, that all equity investors start not with a blank sheet of paper but rather with the possibility of simply emulating an index. They can go out and passively buy a market-weighted amount of each stock in the index, in which case their performance will be the same as that of the index. Or they can try for outperformance through active rather than passive investing.

Active investors have a number of options available to them. First, they can decide to make their portfolio more aggressive or more defensive than the index, either on a permanent basis or in an attempt at market timing. If investors choose aggressiveness, for example, they can increase their portfolios’ market sensitivity by overweighting those stocks in the index that typically fluctuate more than the rest, or by utilizing leverage. Doing these things will increase the “systematic” riskiness of a portfolio, its beta. (However, theory says that while this may increase a portfolio’s return, the return differential will be fully explained by the increase in systematic risk borne. Thus doing these things won’t improve the portfolio’s risk-adjusted return.) Second, investors can decide to deviate from the index in order to exploit their stock-picking ability—buying more of some stocks in the index, underweighting or excluding others, and adding some stocks that aren’t part of the index. In doing so they will alter the exposure of their portfolios to specific events that occur at individual companies, and thus to price movements that affect only certain stocks, not the whole index. As the composition of their portfolios diverges from the index for “nonsystematic” (we might say “idiosyncratic”) reasons, their return will deviate as well. In the long run, however, unless the investors have superior insight, these deviations will cancel out, and their risk-adjusted performance will converge with that of the index.

Pro-risk, aggressive investors, for example, should be expected to make more than the index in good times and lose more in bad times. This is where beta comes in. By the word beta, theory means relative volatility, or the relative responsiveness of the portfolio return to the market return. A portfolio with a beta above 1 is expected to be more volatile than the reference market, and a beta below 1 means it’ll be less volatile. Multiply the market return by the beta and you’ll get the return that a given portfolio should be expected to achieve, omitting nonsystematic sources of risk. If the market is up 15 percent, a portfolio with a beta of 1.2 should return 18 percent (plus or minus alpha). Theory looks at this information and says the increased return is explained by the increase in beta, or systematic risk. It also says returns don’t increase to compensate for risk other than systematic risk. Why don’t they? According to theory, the risk that markets compensate for is the risk that is intrinsic and inescapable in investing: systematic or “non-diversifiable” risk. The rest of risk comes from decisions to hold individual stocks: non-systematic risk. Since that risk can be eliminated by diversifying, why should investors be compensated with additional return for bearing it? According to theory, then, the formula for explaining portfolio performance (y) is as follows: y = α + βx Here α is the symbol for alpha, β stands for beta, and x is the return of the market. The market-related return of the portfolio is equal to its beta times the market return, and alpha (skill-related return) is added to arrive at the total return (of course, theory says there’s no such thing as alpha). Although I dismiss the identity between risk and volatility, I insist on considering a portfolio’s return in the light of its overall riskiness, as discussed earlier. A manager who earned 18 percent with a risky portfolio isn’t necessarily superior to one who earned 15 percent with a lower-risk portfolio. Risk-adjusted return holds the key, even though—since risk other than volatility can’t be quantified—I feel it is best assessed judgmentally, not calculated scientifically.

With the first banks opened on Monday, the afternoon brought another request from Roosevelt. Stating that he needed the tax revenue, he asked Congress that beer with alcohol content of up to 3.2 percent be made legal; the Eighteenth Amendment did not specify the percentage that constituted an intoxicating beverage. Congress complied. The House passed the bill the very next day with a vote count of 316–97, pushing it to the Senate. Wednesday brought good cheer: The stock market opened for the first time in Roosevelt’s presidency. In a single-day record, the Dow Jones Industrial Average gained over 15 percent—a gain in total market value of $3 billion. By Thursday, for increased fiscal prudence, the Senate had added an exemption for wine to go with beer, but negotiated the alcohol content down to 3.05 percent. Throughout the week, banks were receiving net deposits rather than facing panicked withdrawals. Over the following weeks, the administration developed a sweeping farm package designed to “increase purchasing power of our farmers” and “relieve the pressure of farm mortgages.” To guarantee the safety of bank deposits, the Federal Deposit Insurance Corporation was created. To regulate the entire American stock and bond markets, the Exchange Act of 1933 required companies to report their financial condition accurately to the buying public, establishing the Securities and Exchange Commission. Safety nets such as Social Security for retirement and home loan guarantees for individuals would be added to the government’s portfolio of responsibilities within a couple of years. It was the largest peacetime escalation of government in American history.

Dagny, everybody knows it. Everybody knows how train schedules have been run in the past three weeks, and why some districts and some shippers get transportation, while others don’t. What we’re not supposed to do is say that we know it. We’re supposed to pretend to believe that ‘public welfare’ is the only reason for any decision—and that the public welfare of the city of New York requires the immediate delivery of a large quantity of grapefruit.” He paused, then added, “The Director of Unification is sole judge of the public welfare and has sole authority over the allocation of any motive power and rolling stock on any railroad anywhere in the United States.

After 28 years at this post, and 22 years before this in money management, I can sum up whatever wisdom I have accumulated this way: The trick is not to be the hottest stock-picker, the winningest forecaster, or the developer of the neatest model; such victories are transient. The trick is to survive! Performing that trick requires a strong stomach for being wrong because we are all going to be wrong more often then we expect. The future is not ours to know. But it helps to know that being wrong is inevitable and normal, not some terrible tragedy, not some awful failing in reasoning, not even bad luck in most instances. Being wrong comes with the franchise of an activity whose outcome depends on an unknown future . . . (Jeff Saut, “Being Wrong and Still Making Money,” Seeking Alpha, March 13, 2017, emphasis added)

The smartest minds of our generation are either buying or selling stocks or predicting if you’ll click on an ad,” he said. “This is the tragedy of our generation.” The effect of the tragedy had been to shrink his ambition.

To be someone or to do something, which would I choose?* A man occasionally reaches a fork in life’s path. One road leads to doing something, to making an impact on his organization and his world. To being true to his values and vision, and standing with the other men who’ve helped build that vision. He will have to trust himself when all men doubt him, and as a reward, he will have the scorn of his professional circle heaped on his head. He will not be favored by his superiors, nor win the polite praise of his conformist peers. But maybe, just maybe, he has the chance to be right, and create something of lasting value that will transcend the consensus mediocrity inherent in any organization, even supposedly disruptive ones. The other road leads to being someone. He will receive the plum products, the facile praise afforded to the organization man who checks off the canonical list of petty virtues that define moral worth in his world. He will receive the applause of his peers, though it will be striking how rarely that traffic in official praise leads to actual products anybody remembers, much less advances the overall cause of the organization. I certainly had options. I can’t say I didn’t. I had outs, and could have walked away from FBX. All I had to do was shut up, keep my head down, go through the motions with whatever shitty product was handed to me after FBX, and read along from the Facebook script about how to be a proper product manager. I might even resurrect my career if one of those products was “successful.” In the rapidly ossifying Facebook culture, one could get along simply by going along. Plus, there were real stakes on the line. Consider the number of shares and the fact that at the time of this writing, in December 2015, Facebook is worth almost four times what it was when I struck my AdGrok deal. I had two children, whose mother’s nine-to-five corporate job provided for them, though just barely. Her London trader heyday was long gone, and now her salary was that of your standard-issue MBA inside the corporate machine. I contributed a slab of cash every month, per California support guidelines, but it would be my Facebook stock vesting yet to come that would pay for private high schools and Stanford, so Zoë and Noah wouldn’t have to sneak into this country’s elite through the back door from cattle class, as I had to do.

I’m not sure anyone still says gadzooks, but it was from God’s hooks—the nails used in Jesus’s crucifixion. We can see Odds bodkins emerging from “God’s body” in Shakespeare: Henry IV, Part II has a line “God’s body! The turkeys in my pannier are quite starved.” (It’s not one of Shakespeare’s more iconic lines.) The Bard added the “cutesifying” suffix -kin later when Hamlet says, “God’s bodykins, man, much better. Use every man after his desert, and who should ’scape whipping?” Leaving off the g and y, then, yields the queer little locution Odds bodkins! we now vaguely associate with men in stockings fencing on staircases (or at least I do).

Fair warning, my place isn’t exactly a palace.” Not a palace but a waking dream. A vision I had the night Dominic told me he wanted nothing for a future. A vivid dream of a long driveway lined with Bradford pear trees that bloom white in the spring. A driveway that leads to a house on top of a hill floating in the middle of the mountains. A small house with lots of built-in bookshelves, cozy reading nooks draped with soft plush blankets and throw pillows. And behind it, a garden filled to the brim with every imaginable scent and color. I’d searched for nearly a month before I found something resembling what I dreamt of. The day I closed on it, I painted the front door blood red. And then I stocked the fridge with a rare wine. My last touch was adding my French Bulldog, Beau.

Somewhere between Goldman Sachs and Facebook, Ramnik had given up looking for passion in his work. If he seemed older than he was, it was because he was letting go of one of the things that defines youth: hope. “The smartest minds of our generation are either buying or selling stocks or predicting if you’ll click on an ad,” he said. “This is the tragedy of our generation.” The effect of the tragedy had been to shrink his ambition. He was thinking less and less about changing the world and more and more about making himself and his wife comfortable within it. “I’d read a study that there was a fifteen percent happiness gain if you could walk to work,” he said.

The smartest minds of our generation are either buying or selling stocks or predicting if you’ll click on an ad,” he said. “This is the tragedy of our generation.

Six key themes The real reset has gone much deeper and encompasses six key themes, all of which are linked: 1) The shift from a push system, based on producer dominance, oligopolistic competition, limited supply and restricted access, to a pull system driven by consumer dominance, near-perfect competition, perfect knowledge and ubiquitous access to goods. 2) The change from mass marketing, based on a few research and segmentation studies, to personalized marketing, based on individual customer data. 3) The realization that the e-commerce revolution and the communications revolution (social media, user reviews, influencers, etc.) has broken the traditional supply chain, with its multiple players – manufacturers, branded wholesalers and retailers – all supping from the margin cup and adding their mark-ups to prices, and replaced it with a shorter and more direct route to market. 5) The realization that the stores channel was not the only, or even best, way of moving goods from factories to consumers. Indeed, that it was inferior to the e-commerce channel in many respects as a pure goods-transmission mechanism. 6) That putting the consumer at the heart of the business model required seeing the different channels as the consumer saw them – not competing, but complementary to each other. 7) That based on this, the traditional model of the store, as a ‘warehouse’ piled high with stock and with just a narrow fringe of branding and customer service on top, was obsolete and that only a ruthless attention to the remaining added value of physical stores could ensure their continued relevance and survival.

Investors tend to pour more money into funds as the market rises. The managers use that new cash to buy more of the stocks they already own, driving prices to even more dangerous heights. If fund investors ask for their money back when the market drops, the managers may need to sell stocks to cash them out. Just as the funds are forced to buy stocks at inflated prices in a rising market, they become forced sellers as stocks get cheap again. Many portfolio managers get bonuses for beating the market, so they obsessively measure their returns against benchmarks like the S & P 500 index. If a company gets added to an index, hundreds of funds compulsively buy it. (If they don’t, and that stock then does well, the managers look foolish; on the other hand, if they buy it and it does poorly, no one will blame them.) Increasingly, fund managers are expected to specialize. Just as in medicine the general practitioner has given way to the pediatric allergist and the geriatric otolaryngologist, fund managers must buy only “small growth” stocks, or only “mid-sized value” stocks, or nothing but “large blend” stocks.6 If a company gets too big, or too small, or too cheap, or an itty bit too expensive, the fund has to sell it—even if the manager loves the stock. So there’s no reason you can’t

If he seemed older than he was, it was because he was letting go of one of the things that defines youth: hope. “The smartest minds of our generation are either buying or selling stocks or predicting if you’ll click on an ad,” he said. “This is the tragedy of our generation.

Let’s say, for example, that you figure you’re 25% better than average at picking stocks, and you think you can earn 15% a year on your portfolio. That sounds realistic enough—until you consider the third question. The long-term average annual return on the Standard & Poor’s 500 index of blue-chip stocks is 10.4%. If, however, you adjust that number for the cash that people added to and subtracted from their portfolios, the average return drops to just 8.6% annually since 1926. Factor in taxes, trading costs, and inflation, and the annual return of the typical investor drops below 4%. If you really are 25% better than average, you shouldn’t expect to earn much more than 5% annually after all your costs. You still might be able to earn 15% a year—if you are at least three times better than average. Only by asking all three questions can you tell just how crazy your inner con man is.

In 1997, money manager David Leinweber wondered which statistics would have best predicted the performance of the U.S. stock market from 1981 through 1993. He sifted through thousands of publicly available numbers until he found one that had forecast U.S. stock returns with 75% accuracy: the total volume of butter produced each year in Bangladesh. Leinweber was able to improve the accuracy of his forecasting “model” by adding a couple of other variables, including the number of sheep in the United States. Abracadabra! He could now predict past stock returns with 99% accuracy. Leinweber meant his exercise as satire, but his point was serious: Financial marketers have such an immense volume of data to slice and dice that they can “prove” anything.

We have orphans, I know," pursued Mr Milvey, quite with the air as if he might have added, "in stock," and quite as anxiously as if there were great competition in the business and he were afraid of losing an order, "over at the clay-pits; but they are employed by relations or friends, and I am afraid it would come at last to a transaction in the way of barter.

SHADOW ARTISTS ONE OF OUR CHIEF needs as creative beings is support. Unfortunately, this can be hard to come by. Ideally, we would be nurtured and encouraged first by our nuclear family and then by ever-widening circles of friends, teachers, well-wishers. As young artists, we need and want to be acknowledged for our attempts and efforts as well as for our achievements and triumphs. Unfortunately, many artists never receive this critical early encouragement. As a result, they may not know they are artists at all. Parents seldom respond, “Try it and see what happens” to artistic urges issuing from their offspring. They offer cautionary advice where support might be more to the point. Timid young artists, adding parental fears to their own, often give up their sunny dreams of artistic careers, settling into the twilight world of could-have-beens and regrets. There, caught between the dream of action and the fear of failure, shadow artists are born. I am thinking here of Edwin, a miserable millionaire trader whose joy in life comes from his art collection. Strongly gifted in the visual arts, he was urged as a child to go into finance. His father bought him a seat on the stock exchange for his twenty-first birthday. He has been a trader ever since. Now in his mid-thirties, he is very rich and very poor. Money cannot buy him creative fulfillment. Surrounding himself with artists and artifacts, he is like the kid with his nose pressed to the candy-store window. He would love to be more creative but believes that is the prerogative of others, nothing he can aspire to for himself. A generous man, he recently gifted an artist with a year’s living expenses so she could pursue her dreams. Raised to believe that the term artist could not apply to him, he cannot make that same gift for himself.

Mr. Walpole was almost the only statesman in the House who spoke out boldly against it. He warned them, in eloquent and solemn language, of the evils that would ensue. It countenanced, he said, “the dangerous practice of stockjobbing, and would divert the genius of the nation from trade and industry. It would hold out a dangerous lure to decoy the unwary to their ruin, by making them part with the earnings of their labour for a prospect of imaginary wealth. The great principle of the project was an evil of first-rate magnitude; it was to raise artificially the value of the stock, by exciting and keeping up a general infatuation, and by promising dividends out of funds which could never be adequate to the purpose. In a prophetic spirit he added, that if the plan succeeded, the directors would become masters of the government, form a new and absolute aristocracy in the kingdom, and control the resolutions of the legislature.

Sautéed Dorado with Creole Tomato Sauce “First, catch a 3-foot dorado,” my step-by-step notes for this recipe begin. That part over, the preparation is simple—all that fabulously fresh fish requires. With white-fleshed, delicate fish such as dorado, I prefer to garnish it with the sauce, rather than cook it in the sauce, as Daphne did with her tuna in Bequia. For the sauce 4 tablespoons olive oil 2 cloves garlic, chopped 2 medium onions, sliced thinly 3 sweet bell peppers (a combination of red, green, and/or yellow), thinly sliced and slices cut in half 1⁄2 teaspoon hot pepper, seeded and finely chopped Salt and freshly ground black pepper 2 green onions, thinly sliced on the diagonal 1 tablespoon chopped fresh thyme or 1 teaspoon dried thyme 2 tablespoons cilantro, chopped 3–4 tomatoes, chopped 1⁄2 cup white wine (approx.) For the fish 2 limes 21⁄2–3 pounds dorado or other fish fillets 1 cup flour Salt and freshly ground black pepper 2 tablespoons butter 2 tablespoons olive oil 2 cloves garlic, thickly sliced 1. To make the sauce: In a large, heavy pan with a lid, heat the olive oil. Add the garlic and onions and cook gently over medium heat, stirring frequently, until the onions are meltingly soft and translucent (but not brown), about 10 minutes. 2. Add the sweet and hot peppers, and cook about 10 minutes more, stirring occasionally. Season with salt and pepper and add green onions, thyme, cilantro, and tomatoes. Cover and cook until the sauce has thickened a bit, about 10 minutes. 3. Add the white wine and simmer a bit longer for the flavors to blend. Taste and adjust seasoning, adding a bit more wine, stock, or water if the sauce seems too thick. Keep warm over low heat. 4. Meanwhile, squeeze the limes over the fish, and rub with the pith. Season the flour with salt and pepper and dredge the fillets in the mixture. 5. In a large skillet, heat the butter and oil. Add the sliced garlic cloves and allow them to sauté for about 5 minutes over low heat. 6. Remove the garlic and raise the heat to medium. Sauté the dorado fillets, about 4 minutes per side (if thick), turning only once. Fish is done when it just flakes. Serve with rice and the warm tomato sauce. Serves 6

If your needs are not attainable through safe instruments, the solution is not to increase the rate of return by upping the level of risk. Instead, goals may be revised, savings increased, or income boosted through added years of work. . . . Somebody has to care about the consequences if uncertainty is to be understood as risk. . . . As we’ve seen, the chances of loss do decline over time, but this hardly means that the odds are zero, or negligible, just because the horizon is long. . . . In fact, even though the odds of loss do fall over long periods, the size of potential losses gets larger, not smaller, over time. . . . The message to emerge from all this hype has been inescapable: In the long run, the stock market can only go up. Its ascent is inexorable and predictable. Long-term stock returns are seen as near certain while risks appear minimal, and only temporary. And the messaging has been effective: The familiar market propositions come across as bedrock fact. For the most part, the public views them as scientific truth, although this is hardly the case. It may surprise you, but all this confidence is rather new. Prevailing attitudes and behavior before the early 1980s were different. Fewer people owned stocks then, and the general popular attitude to buying stocks was wariness, not ebullience or complacency. . . . Unfortunately, the American public’s embrace of stocks is not at all related to the spread of sound knowledge. It’s useful to consider how the transition actually evolved—because the real story resists a triumphalist interpretation. . . . Excessive optimism helps explain the popularity of the stocks-for-the-long-run doctrine. The pseudo-factual statement that stocks always succeed in the long run provides an overconfident investor with more grist for the optimistic mill. . . . Speaking with the editors of Forbes.com in 2002, Kahneman explained: “When you are making a decision whether or not to go for something,” he said, “my guess is that knowing the odds won’t hurt you, if you’re brave. But when you are executing, not to be asking yourself at every moment in time whether you will succeed or not is certainly a good thing. . . . In many cases, what looks like risk-taking is not courage at all, it’s just unrealistic optimism. Courage is willingness to take the risk once you know the odds. Optimistic overconfidence means you are taking the risk because you don’t know the odds. It’s a big difference.” Optimism can be a great motivator. It helps especially when it comes to implementing plans. Although optimism is healthy, however, it’s not always appropriate. You would not want rose-colored glasses in a financial advisor, for instance. . . . Over the long haul, the more you are exposed to danger, the more likely it is to catch up with you. The odds don’t exactly add, but they do accumulate. . . . Yet, overriding this instinctive understanding, the prevailing investment dogma has argued just the reverse. The creed that stocks grow steadily safer over time has managed to trump our common-sense assumption by appealing to a different set of homespun precepts. Chief among these is a flawed surmise that, with the passage of time, downward fluctuations are balanced out by compensatory upward swings. Many people believe that each step backward will be offset by more than one step forward. The assumption is that you can own all the upside and none of the downside just by sticking around. . . . If you find yourself rejecting safe investments because they are not profitable enough, you are asking the wrong questions. If you spurn insurance simply because the premiums put a crimp in your returns, you may be destined for disappointment—and possibly loss.

In February 2010, Ad Age reported that Wal-Mart had consolidated its stocked range of food bags from three brands, Ziploc, Glad and Hefty, down to the market leader, Ziploc, and their own Great Value private label offering.3 Pactiv, the makers of Hefty, gained the consolation prize of the contract to manufacture the Great Value products, whereas the owners of Glad lost their entire food bag business in Wal-Mart. Wal-Mart could do this easily as, unlike many other retailers, they consolidate all manufacturer payments into the buying price and pass on most of the benefit to the shopper in lower prices. Retailers who take manufacturer payments to their bottom line are sometimes unwilling to give up the short-term benefit of such payments for the longer-term return of better margins from their private label. The secondary brands that are targeted by private label are usually big payers of trade spend to make up for their lower level of consumer appeal versus the top brands.

Chapter 51 In Atlanta, the day had gone mostly as Elliott had expected. The stock market crash had rattled everyone. It was a cloud that hung over the euphoria of Black Friday. The most difficult part of his plan had been convincing the other five families to pool their money with his for the purchases, which together added up to hundreds of thousands of dollars. They had begun by renting two twenty-six-foot U-Haul trucks. They drove them to Costco and filled them with survival necessities. It was mostly food; Elliott planned to be near a freshwater source if worst came to worst. Next, they purchased two high-end RVs. The price was exorbitant, but they carried a thirty-day money-back guarantee, and they only had to make a down payment—the remainder was financed. Elliott had assured his neighbors that within thirty days, they would either be incredibly glad to have the two homes on wheels—or they’d have their money back. Now he sat in his study, watching the news, waiting for the event he believed would come. He hoped he was wrong. DAY 7 900,000,000 Infected 180,000 Dead

Credit” is the third-person singular conjugation of the present tense of the Latin verb credere, “to believe.” It’s the most exceptional and interesting thing in the financial world. Similar leaps of belief underlie every human transaction in life: Your wife might cheat on you, but you hope otherwise. The online store you paid may not ship you your goods, but you trust otherwise. Credit derivatives are just the explicit encapsulations of such beliefs, in financial and contractual form, for corporate entities. Unlike other financial securities, such as shares of IBM stock or oil futures, a credit derivative is not even some theoretical value of a tangible good. It’s the perceived value of a complete intangible, the perception of the probability of meeting some future obligation. People often asked me in the early days of my tech career how I had gone from Wall Street to ads technology. Such a person almost certainly knew nothing about either industry, or the answer would have been obvious. I did the same thing the whole time: putting a price on a human’s perception, be it of a General Motors bond or a pair of shoes coveted on Zappos. It’s the same difference either way; only the scale of the money pile changes.

Here’s something you may not know: every time you go to Facebook or ESPN.com or wherever, you’re unleashing a mad scramble of money, data, and pixels that involves undersea fiber-optic cables, the world’s best database technologies, and everything that is known about you by greedy strangers. Every. Single. Time. The magic of how this happens is called “real-time bidding” (RTB) exchanges, and we’ll get into the technical details before long. For now, imagine that every time you go to CNN.com, it’s as though a new sell order for one share in your brain is transmitted to a stock exchange. Picture it: individual quanta of human attention sold, bit by bit, like so many million shares of General Motors stock, billions of times a day. Remember Spear, Leeds & Kellogg, Goldman Sachs’s old-school brokerage acquisition, and its disappearing (or disappeared) traders? The company went from hundreds of traders and two programmers to twenty programmers and two traders in a few years. That same process was just starting in the media world circa 2009, and is right now, in 2016, kicking into high gear. As part of that shift, one of the final paroxysms of wasted effort at Adchemy was taking place precisely in the RTB space. An engineer named Matthew McEachen, one of Adchemy’s best, and I built an RTB bidding engine that talked to Google’s huge ad exchange, the figurative New York Stock Exchange of media, and submitted bids and ads at speeds of upwards of one hundred thousand requests per second. We had been ordered to do so only to feed some bullshit line Murthy was laying on potential partners that we were a real-time ads-buying company. Like so much at Adchemy, that technology would be a throwaway, but the knowledge I gained there, from poring over Google’s RTB technical documentation and passing Google’s merciless integration tests with our code, would set me light-years ahead of the clueless product team at Facebook years later.

Trudy let out a long breath and hung her head. “Actually, it’s kinda embarrassing,” she said from beneath a curtain of curls. “My mum, she’s been perfecting bioluminescent yeast and lactobacillus strains, some with firefly splices, some with blue glowing Noctiluca plankton splices. Last week, for a lark she grabbed the wrong starter—the perils of using lab equipment for lab work and yogurt starter, I guess—and cultured some goats milk. We enjoyed it for breakfast. The cats got intae it, they ate it as weel. There was also some question, possible contamination of the kraut,” she said brightly. “We first noticed Boo’s—my baby brother, Boo’s short for the ‘Nobu’ in ‘Schrödinger Nobu Duncan Yamaguchi’—glowing nappy later thae evening when I helped put him tae bed. Next we saw the litter box, the glowing cat box, full of glowing cat turds.” She made a disgusted, resigned face. “Ye ken whit they’re like! They play catty-cake with their leavings and as ye can see, whaur kitty’s shitty paws go so does the yellow glow. Nar, I know,” she finished. “Wait, not so fast Yamaguchi,” said Olivia. “Does this mean you’ve been dropping glow sticks off at the pool, leaving bioluminescent raver monkey arms in the bowl, stocking the ole’ lake with incandescent brown trout much?” Trudy looked truly horrified, mortified. “SHUT UP,” she whispered in crisply articulated exasperation, pale green eyes bulging. “I really, really dinna want tae talk aboot it, much less think aboot it,” she added with a convulsive shiver. “Ye, Rosebeetle, dinna even think aboot it either!” He gave her his best what-who-me-? look in reply. “And stop looking at my bahookie!” With difficulty he and Olivia tore their eyes from her curvy derrière. “Glow-poops,” said Byron quickly, “we’re all thinking it.” Trudy glared at him.

PEASE PORRIDGE in the pot, nine days old” fairly well summarizes the technique of stew preparation in Shakespeare’s day. A thick soup would have been left cooking for days at a time, with new vegetables, stock, and bits of leftover meat continually added. This Italian version contains rich duck meat, a delicious and unusual addition to pea soup.

Angelina simmered the veal shanks all afternoon in homemade chicken stock and vermouth, with shallots, garlic, and dried herbs. She made fresh egg noodles and an antipasto of spicy pickled vegetables she had put up herself the week before. When the veal had fully imparted its subtle but unmistakable flavor to the braising liquid, and the meat was beginning to bid a bond farewell to the bones, Angelina retrieved and strained the pan juices, reducing them before carefully adding eggs and cream for a thick and lustrous sauce that she brightened with a squeeze of lemon before she ladled it all over big platters of egg noodles and garnished the dishes generously with parsley and capers.