Amortization Quotes

Then there's amortization, the deadliest of all; amortization of the heart and soul.

All of us, I suppose, like to believe that in a moral emergency we will behave like the heroes of our youth, bravely and forthrightly, without thought of personal loss or discredit. Certainly that was my conviction back in the summer of 1968. Tim O'Brien: a secret hero. The Lone Ranger. If the stakes ever became high enough—if the evil were evil enough, if the good were good enough—I would simply tap a secret reservoir of courage that had been accumulating inside me over the years. Courage, I seemed to think, comes to us in finite quantities, like an inheritance, and by being frugal and stashing it away and letting it earn interest, we steadily increase our moral capital in preparation for that day when the account must be drawn down. It was a comforting theory. It dispensed with all those bothersome little acts of daily courage; it offered hope and grace to the repetitive coward; it justified the past while amortizing the future.

Loan amortization schedules outline how loan payments are allocated between principal and interest. These can make the difference between pays as agreed or default at some future point in time.

..."The glass isn't half-empty or half-full. What you're looking at is half a pint of depreciable assets sitting in a pint of capital infrastructure that can be amortized over two accounting periods." ... "Is there an engineering one?" ... "Yes! It's quite simple: That's half a pint, all that's wrong is the glass is twice as big as it needs to be.

We’re not in control. So we learn to pretend, all the time, about our jobs and our marriages and our children and everything else. We pretend we’re normal, that we’re reasonably well educated, that we understand ‘amortization levels’ and ‘inflation rates’. That we know how sex works. In truth, we know as much about sex as we do about USB leads, and it always takes us four tries to get those little buggers in. (Wrong way round, wrong way round, wrong way round, there! In!)

È acrobata come nei vecchi tempi era poetessa, perché la forma particolare dei suoi polmoni la obbliga a scegliersi un mestiere che stia tra cielo e terra.

...we should butcher the bitch. annul, cancel, inhume, and amortize her.

As already mentioned, some say that by 2050 a few humans will already be a-mortal.

Picture salvation as a house that you live in. It provides you with protection. It is stocked with food and drink that will last forever. It never decays or crumbles. Its windows open onto vistas of glory. God built it at great cost to Himself and to His Son, and He gave it to you. The purchase agreement is called a 'new covenant.' The terms read: 'This house shall become and remain yours if you will receive it as a gift and take delight in the Father and the Son as they inhabit the house with you. You shall not profane the house of God by sheltering other gods nor turn our heart away after other treasures.' Would it not be foolish to say yes to this agreement, and then hire a lawyer to draw up an amortization schedule with monthly payments in the hopes of somehow balancing accounts. You would be treating the house no longer as a gift, but a purchase. God would no longer be the free benefactor. And you would be enslaved to a new set of demands that he never dreamed of putting on you. If grace is to be free - which is the very meaning of grace - we cannot view it as something to be repaid.

For there to be a gift, there must be no reciprocity, return, exchange, countergift, or debt. (...) For there to be a gift, it is necessary that the donee not give back, amortize, reimburse, (...)

Because there’s such an unbelievable amount that we’re all supposed to be able to cope with these days. You’re supposed to have a job, and somewhere to live, and a family, and you’re supposed to pay taxes and have clean underwear and remember the password to your damn Wi-Fi. Some of us never manage to get the chaos under control, so our lives simply carry on, the world spinning through space at two million miles an hour while we bounce about on its surface like so many lost socks. Our hearts are bars of soap that we keep losing hold of; the moment we relax, they drift off and fall in love and get broken, all in the wink of an eye. We’re not in control. So we learn to pretend, all the time, about our jobs and our marriages and our children and everything else. We pretend we’re normal, that we’re reasonably well educated, that we understand “amortization levels” and “inflation rates.” That we know how sex works. In truth, we know as much about sex as we do about USB leads, and it always takes us four tries to get those little buggers in. (Wrong way round, wrong way round, wrong way round, there! In!) We pretend to be good parents when all we really do is provide our kids with food and clothing and tell them off when they put chewing gum they find on the ground in their mouths. We tried keeping tropical fish once and they all died. And we really don’t know more about children than tropical fish, so the responsibility frightens the life out of us each morning. We don’t have a plan, we just do our best to get through the day, because there’ll be another one coming along tomorrow.

A few serious scholars suggest that by 2050, some humans will become a-mortal (not immortal, because they could still die of some accident, but a-mortal, meaning that in the absence of fatal trauma their lives could be extended indefinitely).

Fiat-money! Let the State 'create' money, and make the poor rich, and free them from the bonds of the capitalists! How foolish to forego the opportunity of making everybody rich, and consequently happy, that the State's right to create money gives it! How wrong to forego it simply because this would run counter to the interests of the rich! How wicked of the economists to assert that it is not within the power of the State to create wealth by means of the printing press!- You statesmen want to build railways, and complain of the low state of the exchequer? Well, then, do not beg loans from the capitalists and anxiously calculate whether your railways will bring in enough to enable you to pay interest and amortization on your debt. Create money, and help yourselves.

Honouring the youth of their town they provided a décor that a £20-a-Martini fleecing parlour could not have amortized. They had bought eighty low Alvar Aalto stools for the alcove and coctail bar seating. Also, twenty tall numbers in the same bent bleach wood classic style. Extremely expensive and brought in from Finland at equally great expense. And in the first twelve months, ninety percent had disappeared. Compared to the catastrophic damage done every other week to one of the toilets just off the main dance floor --the level of masonry demolition going deep into the floor implied the use of a full-sized pneumatic drill-- the loss of a bunch of stools was incidental. The fact that thirty-two then turned up in New Order's rehearsal room was therefore coincidental. If you couldn't join in the public in stealing from your own club, what was the point of opening it?

Nanotechnology experts are developing a bionic immune system composed of millions of nano-robots, who would inhabit our bodies, open blocked blood vessels, fight viruses and bacteria, eliminate cancerous cells and even reverse ageing processes.13 A few serious scholars suggest that by 2050, some humans will become a-mortal (not immortal, because they could still die of some accident, but a-mortal, meaning that in the absence of fatal trauma their lives could be extended indefinitely).

Recognizing how most great fortunes had been built up in predatory ways, through usury, war lending and political insider dealings to grab the Commons and carve out burdensome monopoly privileges led to a popular view of financial magnates, landlords and hereditary ruling elite as parasitic by the 19th century, epitomized by the French anarchist Proudhon’s slogan “Property as theft.” Instead of creating a mutually beneficial symbiosis with the economy of production and consumption, today’s financial parasitism siphons off income needed to invest and grow. Bankers and bondholders desiccate the host economy by extracting revenue to pay interest and dividends. Repaying a loan – amortizing or “killing” it – shrinks the host. Like the word amortization, mortgage (“dead hand” of past claims for payment) contains the root mort, “death.” A financialized economy becomes a mortuary when the host economy becomes a meal for the financial free luncher that takes interest, fees and other charges without contributing to production.

An exploding nuclear bomb has a much higher power density than the sun because it is an unsustainable out-of-control flow of energy. A one-megaton nuclear bomb will release 1017 ergs, which is a lot of power. But the total lifetime of that explosion is only a hyperblink of 10-6 seconds. So if you “amortized” a nuclear blast so that it spent its energy over a full second instead of microseconds, its power density would be reduced to only 1011 ergs per second per gram, which is about the intensity of a laptop computer chip. Energywise, a Pentium chip may be better thought of as a very slow nuclear explosion.

How long will the Gilgamesh Project – the quest for immortality – take to complete? A hundred years? Five hundred years? A thousand years? When we recall how little we knew about the human body in 1900, and how much knowledge we have gained in a single century, there is cause for optimism. Genetic engineers have recently managed to double the average life expectancy of Caenorhabditis elegans worms.12 Could they do the same for Homo sapiens? Nanotechnology experts are developing a bionic immune system composed of millions of nano-robots, who would inhabit our bodies, open blocked blood vessels, fight viruses and bacteria, eliminate cancerous cells and even reverse ageing processes.13 A few serious scholars suggest that by 2050, some humans will become a-mortal (not immortal, because they could still die of some accident, but a-mortal, meaning that in the absence of fatal trauma their lives could be extended indefinitely). Whether or not Project Gilgamesh succeeds, from a historical perspective it is fascinating to see that most late-modern religions and ideologies have already taken death and the afterlife out of the equation. Until the eighteenth century, religions considered death and its aftermath central to the meaning of life. Beginning in the eighteenth century, religions and ideologies such as liberalism, socialism and feminism lost all interest in the afterlife. What, exactly, happens to a Communist after he or she dies? What happens to a capitalist? What happens to a feminist? It is pointless to look for the answer in the writings of Marx, Adam Smith or Simone de Beauvoir. The only modern ideology that still awards death a central role is nationalism. In its more poetic and desperate moments, nationalism promises that whoever dies for the nation will for ever live in its collective memory. Yet this promise is so fuzzy that even most nationalists do not really know what to make of it. The

to look twenty-nine. The young look older and the old look younger, collapsing the adult lifespan into one long twentysomething ride. Even a new term—amortality—has been coined to describe living the same way, at the same pitch, from our teens until death. This is a contradictory and dangerous message. We are led to believe the twentysomething years don’t matter, yet, with the glamorization of and near obsession with the twenties, there is little to remind us that anything else ever will. This causes too many men and women to squander the most transformative years of their adult lives, only to pay the price in decades to come. Our cultural attitude toward the twenties is something like good old American irrational exuberance. Twenty-first-century twentysomethings have grown up alongside the dot-com craze, the supersize years, the housing

So it needs saying from the outset that it’s always very easy to declare that other people are idiots, but only if you forget how idiotically difficult being human is. Especially if you have other people you’re trying to be a reasonably good human being for. Because there’s such an unbelievable amount that we’re all supposed to be able to cope with these days. You’re supposed to have a job, and somewhere to live, and a family, and you’re supposed to pay taxes and have clean underwear and remember the password to your damn Wi-Fi. Some of us never manage to get the chaos under control, so our lives simply carry on, the world spinning through space at two million miles an hour while we bounce about on its surface like so many lost socks. Our hearts are bars of soap that we keep losing hold of; the moment we relax, they drift off and fall in love and get broken, all in the wink of an eye. We’re not in control. So we learn to pretend, all the time, about our jobs and our marriages and our children and everything else. We pretend we’re normal, that we’re reasonably well educated, that we understand “amortization levels” and “inflation rates.” That we know how sex works. In truth, we know as much about sex as we do about USB leads, and it always takes us four tries to get those little buggers in. (Wrong way round, wrong way round, wrong way round, there! In!) We pretend to be good parents when all we really do is provide our kids with food and clothing and tell them off when they put chewing gum they find on the ground in their mouths. We tried keeping tropical fish once and they all died. And we really don’t know more about children than tropical fish, so the responsibility frightens the life out of us each morning. We don’t have a plan, we just do our best to get through the day, because there’ll be another one coming along tomorrow. Sometimes it hurts, it really hurts, for no other reason than the fact that our skin doesn’t feel like it’s ours. Sometimes we panic, because the bills need paying and we have to be grown-up and we don’t know how, because it’s so horribly, desperately easy to fail at being grown-up. Because everyone loves someone, and anyone who loves someone has had those desperate nights where we lie awake trying to figure out how we can afford to carry on being human beings. Sometimes that makes us do things that seem ridiculous in hindsight, but which felt like the only way out at the time.

Living in 21st century civilisation entails a neo-Faustian bargain. In return for your ‘soul’ (or at least your fundamental authenticity, let’s say), you will receive extensive benefits. Immortality isn’t yet available but relative affluence, a well-distracted sense of amortality and longevity are clear benefits. Freud (1908/2001) understood the bargain involved in surrendering thus, repressing the depths of our instincts and giving huge status to the superego. Society will soothe your anxieties if you smile rather than frown, and always reply ‘Fine’ to the meaningless ‘How are you?’ An occasional, darkly leaky ‘Mustn’t grumble’ may be tolerated. Endorse the status quo, have children and don’t talk about suffering and death. Absolutely avoid ‘that odd shit’ spoken by weirdos like Rust Cohle (see Chapter 4). For the superior neo-Faustian package of enhanced benefits, help to boost capitalism with entrepreneurial projects; support (indeed be part of) religion, psychotherapy, the self-help industry and the rhetoric of well-being and flourishing; distance yourself from civilisation’s discontents, especially DRs; do not get visibly ill, old or die, or be very discreet or upbeat about it when it happens. If you ever consider defecting to the DR club, you may rapidly lose all benefits.

According to Bartholomew, an important goal of St. Louis zoning was to prevent movement into 'finer residential districts . . . by colored people.' He noted that without a previous zoning law, such neighborhoods have become run-down, 'where values have depreciated, homes are either vacant or occupied by color people.' The survey Bartholomew supervised before drafting the zoning ordinance listed the race of each building's occupants. Bartholomew attempted to estimate where African Americans might encroach so the commission could respond with restrictions to control their spread. The St. Louis zoning ordinance was eventually adopted in 1919, two years after the Supreme Court's Buchanan ruling banned racial assignments; with no reference to race, the ordinance pretended to be in compliance. Guided by Bartholomew's survey, it designated land for future industrial development if it was in or adjacent to neighborhoods with substantial African American populations. Once such rules were in force, plan commission meetings were consumed with requests for variances. Race was frequently a factor. For example, on meeting in 1919 debated a proposal to reclassify a single-family property from first-residential to commercial because the area to the south had been 'invaded by negroes.' Bartholomew persuaded the commission members to deny the variance because, he said, keeping the first-residential designation would preserve homes in the area as unaffordable to African Americans and thus stop the encroachment. On other occasions, the commission changed an area's zoning from residential to industrial if African American families had begun to move into it. In 1927, violating its normal policy, the commission authorized a park and playground in an industrial, not residential, area in hopes that this would draw African American families to seek housing nearby. Similar decision making continued through the middle of the twentieth century. In a 1942 meeting, commissioners explained they were zoning an area in a commercial strip as multifamily because it could then 'develop into a favorable dwelling district for Colored people. In 1948, commissioners explained they were designating a U-shaped industrial zone to create a buffer between African Americans inside the U and whites outside. In addition to promoting segregation, zoning decisions contributed to degrading St. Louis's African American neighborhoods into slums. Not only were these neighborhoods zoned to permit industry, even polluting industry, but the plan commission permitted taverns, liquor stores, nightclubs, and houses of prostitution to open in African American neighborhoods but prohibited these as zoning violations in neighborhoods where whites lived. Residences in single-family districts could not legally be subdivided, but those in industrial districts could be, and with African Americans restricted from all but a few neighborhoods, rooming houses sprang up to accommodate the overcrowded population. Later in the twentieth century, when the Federal Housing Administration (FHA) developed the insure amortized mortgage as a way to promote homeownership nationwide, these zoning practices rendered African Americans ineligible for such mortgages because banks and the FHA considered the existence of nearby rooming houses, commercial development, or industry to create risk to the property value of single-family areas. Without such mortgages, the effective cost of African American housing was greater than that of similar housing in white neighborhoods, leaving owners with fewer resources for upkeep. African American homes were then more likely to deteriorate, reinforcing their neighborhoods' slum conditions.

When I spoke to you here the last time, my old party comrades, I did so fully conscious of victory as hardly a mortal has been able to do before me. In spite of this, a concern weighed heavily on me. It was clear to me that, ultimately, behind this war was that incendiary who has always lived off the quarrels of nations: the international Jew. I would no longer have been a National Socialist had I ever distanced myself from this realization. We followed his traces over many years. In this Reich, probably for the first time, we scientifically resolved this problem for all time, according to plan, and really understood the words of a great Jew who said that the racial question was the key to world history. Therefore, we knew quite well-above all, I knew-that the driving force behind these occurrences was the Jew. And that, as always in history, there were blockheads ready to stand up for him: partly spineless, paid characters, partly people who want to make deals and, at no time, flinch from having blood spilled for these deals. I have come to know these Jews as the incendiaries of the world. After all, in the previous years, you saw how they slowly poisoned the people via the press, radio, film, and theater. You saw how this poisoning continued. You saw how their finances, their money transactions, had to work in this sense. And, in the first days of the war, certain Englishmen-all of them shareholders in the armament industry-said it openly: “The war must last three years at least. It will not and must not end before three years.”-That is what they said. That was only natural, since their capital was tied up and they could not hope to secure an amortization in less than three years. Certainly, my party comrades, for us National Socialists, this almost defies comprehension. But that is how things are in the democratic world. You can be prime minister or minister of war and, at the same time, own portfolios of countless shares in the armament industry. Interests are explained that way. We once came to know this danger as the driving force in our domestic struggle. We had this black-red-golden coalition in front of us; this mixture of hypocrisy and abuse of religion on the one hand, and financial interests on the other; and, finally, their truly Jewish-Marxist goals. We completely finished off this coalition at home in a hard struggle. Now, we stand facing this enemy abroad. He inspired this international coalition against the German Volk and the German Reich. First, he used Poland as a dummy, and later pressed France, Belgium, Holland, and Norway to serve him. From the start, England was a driving force here. Understandably, the power which would one day confront us is most clearly ruled by this Jewish spirit: the Soviet Union. It happens to be the greatest servant of Jewry. Time meanwhile has proved what we National Socialists maintained for many years: it is truly a state in which the whole national intelligentsia has been slaughtered, and where only spiritless, forcibly proletarianized subhumans remain. Above them, there is the gigantic organization of the Jewish commissars, that is, established slaveowners. Frequently people wondered whether, in the long run, nationalist tendencies would not be victorious there. But they completely forgot that the bearers of a conscious nationalist view no longer existed. That, in the end, the man who temporarily became the ruler of this state, is nothing other than an instrument in the hands of this almighty Jewry. If Stalin is on stage and steps in front of the curtain, then Kaganovich and all those Jews stand behind him, Jews who, in ten-thousandfold ramifications, control this mighty empire. Speech in the Löwenbräukeller Munich, November 8, 1941

How to choose a best website development company RNS IT Solutions is the best Software development company. When choosing a development company for your website, it is very important not only to look at the price, but also the quality of the work you hope to obtain and it is that a good Web of quality, realized of the hand of good engineers who have been working in the sector for years, can make you recover the investment in a short time and generate great benefits in the long term. Of course, to have a quality website the initial investment will probably be greater than you expect and maybe right now you think that the web you need does not require much quality, or a lot of work, but stop to think for a moment and consider the possibility that you are totally wrong, because that may depend on the future of your company as well as Web Development company India.The image that you want to transmit to the clients of the same one and the investment that you will have to do in the web once developed. With all this I do not mean that you have to ask for a loan from the bank to pay for the web. If the project you have in mind takes more work than you initially thought and the budget is out of your expectations, you can always limit and remove features that are dispensable. In this way you can publish the Web as soon as possible, so that once the initial investment is amortized, you can continue investing in adding those features that were left in the background. There are few Web Development Company In India hat right now could not survive, if they were not involved in the online world and it costs much less to make you a quality professional website, with a higher initial investment, to make you a website on which you have to invest, and then large amounts in development and consulting to correct deficiencies initially not contemplated. In the worst case, a bad development, may even force you to throw all the code of the web to the trash, to have to start from scratch. But what is quality of Web Development Services India? Let's see the characteristics that a website must have in order to be considered quality and professional: In any development project, meetings are always held to develop an initial analysis, gathering all the requirements and objectives of the web that the client wants. At this point you should have a proactive attitude, proposing functionalities that could be interesting or alternative ideas that we know can generate good results.

Fifty billion dollars is the amount the Iraqi government is estimated to have received in the first three years after the invasion to rebuild its nation. It is also estimated to be how much money people around the globe spend on weddings every year. By my estimation, it’s a ridiculous waste of money on both accounts. If you were to amortize the cost of Liza Minnelli’s extravagant wedding to David Gest, it works out to $29,000 for each day they were married. And that doesn’t include the cost of their divorce! I guess Liza can afford it, but three and a half million dollars buys an awful lot of mascara.

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

When you amortize a loan, you pay for interest and principal inside of a recurring payment as you pay that loan down to $0.

Also remember that the HELOC is paid back in simple interest rather than amortized interest.

Amortizations o Ganancia Operativa antes de Depreciaciones y Amortizaciones) de cada año, el impacto regulatorio y legal, el impacto en el mercado, y basándose en eso, decidía si un proyecto era importante o urgente. Giorgio Q. nos enseñó a muchos de nosotros sobre la matriz de priorización. Un sistema que ayuda a ordenar y priorizar las tareas. Por supuesto, todos tenemos nuestros momentos de debilidad, de pereza, pero es importante hacer de este sistema una costumbre, un hábito. Y no sólo eso, es crucial enseñar este sistema a nuestros colaboradores.

How?” He began to list off what they had to work with. “A mortal; useless trash; someone sedated to the gills; and me, a mascot. Even if the four of us offered ourselves up in a steamer basket, do you think we’d be more than an appetizer for the Hunger Ghost?

So, to be better prepared for, and less disappointed by adaptation: As you buy your new car, acknowledge that the thrill won’t be quite the same two months after you own it. Spend less time looking for the perfect thing (maximizing), so that you won’t have huge search costs to be “amortized” against the satisfaction you derive from what you actually choose. Remind yourself of how good things actually are instead of focusing on how they’re less good than they were at first.

Total Cost Analysis When the purchasing staff considers switching to a new supplier or consolidating its purchases with an existing one, it cannot evaluate the supplier based solely on its quoted price. Instead, it must also consider the total acquisition cost, which can in some cases exceed a product’s initial price. The total acquisition cost includes these items: • Material. The list price of the item being bought, less any rebates or discounts. • Freight. The cost of shipping from the supplier to the company. • Packaging. The company may specify special packaging, such as for quantities that differ from the supplier’s standards and for which the supplier charges an extra fee. • Tooling. If the supplier had to acquire special tooling in order to manufacture parts for the company, such as an injection mold, then it will charge through this cost, either as a lump sum or amortized over some predetermined unit volume. • Setup. If the setup for a production run is unusually lengthy or involves scrap, then the supplier may charge through the cost of the setup. • Warranty. If the product being purchased is to be retained by the company for a lengthy period of time, it may have to buy a warranty extension from the supplier. • Inventory. If there are long delays between when a company orders goods and when it receives them, then it must maintain a safety stock on hand to guard against stock-out conditions and support the cost of funds needed to maintain this stock. • Payment terms. If the supplier insists on rapid payment terms and the company’s own customers have longer payment terms, then the company must support the cost of funds for the period between when it pays the supplier and it is paid by its customers. • Currency used. If supplier payments are to be made in a different currency from the company’s home currency, then it must pay for a foreign exchange transaction and may also need to pay for a hedge, to guard against any unfavorable changes in the exchange rate prior to the scheduled payment date. These costs are only the ones directly associated with a product. In addition, there may be overhead costs related to dealing with a specific supplier (see “Sourcing Distance” later in the chapter), which can be allocated to all products purchased from that supplier.

So age disappears in direct proportion to the vitality of your ideas.

AMORT  (AMO'RT)   adv.[à la mort, Fr.]In the state of the dead; dejected; depressed; spiritless. How fares my Kate? what, sweeting, all amort?Shakespeare’sTaming of the Shrew.

amortized? Put differently, the vast majority of individuals, including wealthy individuals and families, find it hard to think outside the box and consider the possibilities being discussed here.

Amortization allows for occasional operations to have actual costs that exceed their amortized costs. Such operations are called expensive. Operations whose actual costs are less than their amortized costs are called cheap. Expensive operations decrease the accumulated savings and cheap operations increase it. The key to proving amortized bounds is to show that expensive operations occur only when the accumulated savings are sufficient to cover the remaining cost.

The notion of amortization arises from the following observation. Given a sequence of operations, we may wish to know the running time of the entire sequence, but not care about the running time of any individual operation. For instance, given a sequence of n operations, we may wish to bound the total running time of the sequence by O(n) without insisting that every individual operation run in O(1) time. We might be satisfied if a few operations run in O(log n) or even O(n) time, provided the total cost of the sequence is only O(n). This freedom opens up a wide design space of possible solutions, and often yields new solutions that are simpler and faster than worst-case solutions with equivalent bounds.

You can live a full and rewarding life without ever thinking about Goodwill and its amortization. But students of investment and management should understand the nuances of the subject.” -1983 letter

A dor, afinal, é uma janela por onde amorte nos espreita.

it's always very easy to declare that other people are idiots, but only if you for- get how idiotically difficult being human is. Especially if you have other people you're trying to be a reasonably good human being for. Because there's such an unbelievable amount that we're all supposed to be able to cope with these days. You're sup- posed to have a job, and somewhere to live, and a family, and you're supposed to pay taxes.... Some of us never manage to get the chaos under control, so our lives simply carry on, the world spinning through space at two million miles an hour while we bounce about on its surface like so many lost socks. We're not in control. So we learn to pretend, all the time, about our jobs and our marriages and our children and every- thing else. We pretend we're normal, that we're reasonably well educated, that we understand 'amortization levels' and inflation rates'.

But in the new housing marketplace of the 21st century, everything had changed. People were getting rich, House values were soaring. There was no need for archaic processes values were writing or income verification. This was a new era. And no one wanted in on the profits more than Wall era. Ainvestment banks. They couldn't stand to sit on the sidelines and watch everyone else get rich. Making money was their game, and they not only wanted to play, they wanted to write the rules. And so they did. And what did these "Titans of Finance" create? The "100-percent financing, No-Doc, Stated Income, Negative Amortizing" loan. I laugh as I write this. Literally, a person could wrap all those features into one loan. It was beyond comical. It was insane. And what do these terms actually mean? • 100-percent financing: The buyers didn't need to contribute a single dime to actually purchase the house. They could finance it all, transferring all of the risk to the financial institutions. • No-Doc: The banks didn't verify such silly things as job status or credit history. Nope. If you could sign your name, you could buy a home. Stated Income: The clients told the banks how much they made. In other words, they lied. • Negative Amortizing: The clients payments wouldn't be large enough to even cover the monthly interest, so the principle balance on the loan would increase each month, putting them further and further into debt

Traditional factories attempt to maximize the length of their production runs in an effort to amortize lengthy and costly setups over the maximum number of pieces. Flexible manufacturers, on the other hand, try to shorten their production runs as much as is possible. To prevent the costs of short runs from getting out of control, management focuses on reducing the complexity and hence the length and costs of setups and changeovers. The logic behind this approach is as simple as it is fundamental to competitive success: reduced run lengths mean more frequent production of the complete mix of products and faster response to customers’ demands.

It’s Thanksgiving, and you’ve eaten with porcine abandon. Your bloodstream is teeming with amino acids, fatty acids, glucose. It’s far more than you need to power you over to the couch in a postprandial daze. What does your body do with the excess? This is crucial to understand because, basically, the process gets reversed when you’re later sprinting for your life. To answer this question, it’s time we talked finances, the works—savings accounts, change for a dollar, stocks and bonds, negative amortization of interest rates, shaking coins out of piggy banks—because the process of transporting energy through the body bears some striking similarities to the movement of money. It is rare today for the grotesquely wealthy to walk around with their fortunes in their pockets, or to hoard their wealth as cash stuffed inside mattresses. Instead, surplus wealth is stored elsewhere, in forms more complex than cash: mutual funds, tax-free government bonds, Swiss bank accounts. In the same way, surplus energy is not kept in the body’s form of cash—circulating amino acids, glucose, and fatty acids—but stored in more complex forms. Enzymes in fat cells can combine fatty acids and glycerol to form triglycerides (table). Accumulate enough of these in the fat cells and you grow plump. Meanwhile, your cells can stick series of glucose molecules together. These long chains, sometimes thousands of glucose molecules long, are called glycogen. Most glycogen formation occurs in your muscles and liver. Similarly, enzymes in cells throughout the body can combine long strings of amino acids, forming them into proteins. The hormone that stimulates the transport and storage of these building blocks into target cells is insulin. Insulin is this optimistic hormone that plans for your metabolic future. Eat

Amortization is the same basic idea as depreciation, but it applies to intangible assets.

Market value of equity: The price per share or market capitalization. Market value of firm: The sum of the market values of both debt and equity. Market value of operating assets or enterprise value: The sums of the market values of debt and equity but with cash netted out of the value. When measuring earnings and book value, you can again measure them from the perspective only of equity investors or of both debt and equity (firm). Thus, earnings per share and net income are earnings to equity, whereas operating income measures earnings to the firm. The shareholders' equity on a balance sheet is book value of equity; the book value of the entire business includes debt; and the book value of invested capital is that book value, net of cash. To provide a few illustrations: you can divide the market value of equity by the net income in order to estimate the PE ratio (measuring how much equity investors are paying per dollar of earnings) or divide enterprise value by EBITDA (earnings before interest, taxes, depreciation, and amortization) to get a sense of the market value of operating assets relative to operating cash flow. The central reason for standardizing, though, does not change. We want to compare these numbers across companies.

How do accountants measure the value of assets? For most fixed and long-term assets, such as land, buildings, and equipment, they begin with what you originally paid for the asset (historical cost) and reduce that value for the aging of the asset (depreciation or amortization). For short-term assets (current assets), including inventory (raw materials, works in progress, and finished goods), receivables (summarizing moneys owed to the firm), and cash, accountants are more amenable to the use of an updated or market value. If a company invests in the securities or assets of another company, the investment is valued at an updated market value if the investment is held for trading and historical cost when it is not. In the special case where the holding comprises more than 50 percent of the value of another company (subsidiary), the firm must record all of the subsidiary's assets and liabilities on its balance sheet (this is called consolidation), with a minority interest item capturing the percentage of the subsidiary that does not belong to it. Finally, you have what are loosely categorized as intangible assets. While you would normally consider items such as brand names, customer loyalty, and a well-trained work force as intangible assets, the most encountered intangible asset in accounting is goodwill. When a firm acquires another firm, the price it pays is first allocated to the existing assets of the acquired firm. Any excess paid becomes goodwill and is recorded as an asset.

But, he added, the big money is made when you grow the business, amortize the capital you used to buy the business in the first place and then sell the business in the future.

operating earnings plus depreciation and amortization less normalized capital expenditures—was adequate to cover both interest and modest reductions in debt.

So my strategy was to amortize, which is a fancy world for "break it into small, manageable chunks which are then spread over time.

Another part of operating expenses that is often buried in that SG&A line is depreciation and amortization. How this expense is treated can greatly affect the profit on an income statement.

(Leonard also noted that “Negative Amortization” would make a terrific name for a punk band.)

the only practical difference between amortization and depreciation is in the name.

Financial strength and capital structure. The most basic possible definition of a good business is this: It generates more cash than it consumes. Good managers keep finding ways of putting that cash to productive use. In the long run, companies that meet this definition are virtually certain to grow in value, no matter what the stock market does. Start by reading the statement of cash flows in the company’s annual report. See whether cash from operations has grown steadily throughout the past 10 years. Then you can go further. Warren Buffett has popularized the concept of owner earnings, or net income plus amortization and depreciation, minus normal capital expenditures. As portfolio manager Christopher Davis of Davis Selected Advisors puts it, “If you owned 100% of this business, how much cash would you have in your pocket at the end of the year?” Because it adjusts for accounting entries like amortization and depreciation that do not affect the company’s cash balances, owner earnings can be a better measure than reported net income. To fine-tune the definition of owner earnings, you should also subtract from reported net income: any costs of granting stock options, which divert earnings away from existing shareholders into the hands of new inside owners any “unusual,” “nonrecurring,” or “extraordinary” charges any “income” from the company’s pension fund. If owner earnings per share have grown at a steady average of at least 6% or 7% over the past 10 years, the company is a stable generator of cash, and its prospects for growth are good.

Keep in mind that you will always have other costs that are not considered part of your operating expenses, such as leasing commissions, tenant improvements, and capital improvements, which are all usually amortized over a period of years but directly affect your cash flow.

Keep in mind that you will always have other costs that are not considered part of your operating expenses, such as leasing commissions, tenant improvements, and capital improvements, which are all usually amortized over a period of years but directly affect your cash flow. You should consult your tax advisor on these expenses.

Although the federal government had been trying to persuade middle-class families to buy single-family homes for more than fourteen years, the campaign had achieved little by the time Franklin D. Roosevelt took office in 1933. Homeownership remained prohibitively expensive for working- and middle-class families: bank mortgages typically required 50 percent down, interest-only payments, and repayment in full after five to seven years, at which point the borrower would have to refinance or find another bank to issue a new mortgage with similar terms. Few urban working- and middle-class families had the financial capacity to do what was being asked. The Depression made the housing crisis even worse. Many property-owning families with mortgages couldn't make their payments and were subject to foreclosure. With most others unable to afford homes at all, the construction industry was stalled. The New Deal designed one program to support existing homeowners who couldn't make payments, and another to make first-time homeownership possible for the middle class. In 1933, to rescue households that were about to default, the administration created the Home Owners' Loan Corporation (HOLC). It purchased existing mortgages that were subject to imminent foreclosure and then issued new mortgages with repayment schedules of up to fifteen years (later extended to twenty-five years). In addition, HOLC mortgages were amortized, meaning that each month's payment included some principal as well as interest, so when the loan was paid off, the borrower would own the home. Thus, for the first time, working- and middle-class homeowners could gradually gain equity while their properties were still mortgaged. If a family with an amortized mortgage sold its home, the equity (including any appreciation) would be the family's to keep. HOLC mortgages had low interest rates, but the borrowers still were obligated to make regular payments. The HOLC, therefore, had to exercise prudence about. its borrowers' abilities to avoid default. to assess risk, the HOLC wanted to know something about the condition of the house and of surrounding houses in the neighborhood to see whether the property would likely maintain its value. The HOLC hired local real estate agents to make the appraisals on which refinancing decisions could be based. With these agents required by their national ethics code to maintain segregation, it's not surprising that in gauging risk HOLK considered the racial composition of neighborhoods. The HOLC created color-coded maps of every metropolitan area in the nation, with the safest neighborhoods colored green and the riskiest colored red. A neighborhood earned a red color if African Americans lived in it, even if it was a solid middle-class neighborhood of single-family homes. For example, in St. Louis, the white middle-class suburb of Ladue was colored green because, according to an HOLC appraiser in 1940, it had 'not a single foreigner or negro.' The similarly middle-class suburban area of Lincoln Terrace was colored red because it had 'little or no value today . . . due to the colored element now controlling the district.' Although HOLC did not always decline to rescue homeowners in neighborhoods colored red on its maps (i.e., redlined neighborhoods), the maps had a huge impact and put the federal government on record as judging that African Americans, simply because of their race, were poor risks.

To solve the inability of middle-class renters to purchase single-family homes for the first time, Congress and President Roosevelt created the Federal Housing Administration in 1934. The FHA insured bank mortgages that covered 80 percent of purchase prices, had terms of twenty years, and were fully amortized. To be eligible for such insurance, the FHA insisted on doing its own appraisal of the property to make certain that the loan had a low risk of default. Because the FHA's appraisal standards included a whites-only requirement, racial segregation now became an official requirement of the federal mortgage insurance program. The FHA judged that properties would probably be too risky for insurance if they were in racially mixed neighborhoods or even in white neighborhoods near black ones that might possibly integrate in the future. When a bank applied to the FHA for insurance on a prospective loan, the agency conducted a property appraisal, which was also likely performed by a local real estate agent hired by the agency. as the volume of applications increased, the agency hired its own appraisers, usually from the ranks of the private real estate agents who had previously been working as contractors for the FHA. To guide their work, the FHA provided them with an Underwriting Manual. The first, issued in 1935, gave this instruction: 'If a neighborhood is to retain stability it is necessary that properties shall continue to be occupied by the same social and racial classes. A change in social or racial occupancy generally leads to instability and a reduction in values.' Appraisers were told to give higher ratings where '[p]rotection against some adverse influences is obtained,' and that '[i]mportant among adverse influences . . . are infiltration of inharmonious racial or nationality groups.' The manual concluded that '[a]ll mortgages on properties protected against [such] unfavorable influences, to the extent such protection is possible, will obtain a high rating.' The FHA discouraged banks from making any loans at all in urban neighborhoods rather than newly built suburbs; according to the Underwriting Manual, 'older properties . . . have a tendency to accelerate the rate of transition to lower class occupancy.' The FHA favored mortgages in areas where boulevards or highways served to separate African American families from whites, stating that '[n]atural or artificially established barriers will prove effective in protecting a neighborhood and the locations within it from adverse influences, . . . includ[ing] prevention of the infiltration of . . . lower class occupancy, and inharmonious racial groups.

A cash flow statement is simple to calculate because you can easily track what goes in and what goes out. Income statements are a little different (especially for businesses) because they take into account things that aren’t technically cash flow (such as depreciation or amortization).

some investors treat depreciation as if it were not an expense by adding it back to operating income. For example, they use a metric called EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) to analyze the earning power of a company and compare it to its competitors. This kind of thinking is flawed.

IT buyers prefer opex to capex. Historically software companies have preferred capital expenditures (capex) for technology investments, as this afforded them the ability to take advantage of amortization and depreciation of the capital investments over a period of time. But as technology shifts to the cloud, there’s a complementary shift happening in favor of opex over capex. Operating expenses bear the advantage of a pay-as-you-go model for services used with comparatively little to no up-front investment. Not only is this a greater value prop, as a business is getting exactly what it pays for, but it’s also a strategy for freeing up cash to drive growth, and a way for large enterprises to be nimble rather than locked into expensive IT infrastructure that lacks flexibility and often serves as nothing more than a bottleneck for transformation.

Trumpeting EBITDA (earnings before interest, taxes, depreciation and amortization) is a particularly pernicious practice. Doing so implies that depreciation is not truly an expense, given that it is a “non-cash” charge. Imagine, if you will, that at the beginning of this year a company paid all of its employees for the next ten years of their service (in the way they would lay out cash for a fixed asset to be useful for ten years). In the following nine years, compensation would be a “non-cash” expense—a reduction of a prepaid compensation asset established this year. Would anyone care to argue that the recording of the expense in years two through ten would be simply a bookkeeping formality?

EBITDA is an acronym for "earnings before interest, taxes, depreciation and amortization." It is computed by taking a company’s net income for a particular period and adding back the amount of interest expense, tax expense, depreciation and amortization for such period, all of which, under GAAP, have been deducted in arriving at the net income figure. Financial analysts consider EBITDA to be one of the most important measures of a company’s operating financial performance.

The law gave me an entirely new vocabulary, a language that non-lawyers derisively referred to as "legalese." Unlike the basic building blocks- the day-to-day words- that got me from the subway to the office and back, the words of my legal vocabulary, more often than not, triggered flavors that I had experienced after leaving Boiling Springs, flavors that I had chosen for myself, derived from foods that were never contained within the boxes and the cans of DeAnne's kitchen. Subpoenakiwifruit. InjunctionCamembert. Infringementlobster. Jurisdictionfreshgreenbeans. Appellantsourdoughbread. ArbitrationGuinness. Unconstitutionalasparagus. ExculpatoryNutella. I could go on and on, and I did. Every day I was paid an astonishing amount of money to shuffle these words around on paper and, better yet, to say them aloud. At my yearly reviews, the partners I worked for commented that they had never seen a young lawyer so visibly invigorated by her work. One of the many reasons I was on track to make partner, I thought. There were, of course, the rare and disconnecting exceptions. Some legal words reached back to the Dark Ages of my childhood and to the stunted diet that informed my earlier words. "Mitigating," for example, brought with it the unmistakable taste of elementary school cafeteria pizzas: rectangles of frozen dough topped with a ketchup-like sauce, the hard crumbled meat of some unidentifiable animal, and grated "cheese" that didn't melt when heated but instead retained the pattern of a badly crocheted coverlet. I had actually looked forward to the days when these rectangles were on the lunch menu, slapped onto my tray by the lunch ladies in hairnets and comfortable shoes. Those pizzas (even the word itself was pure exuberance with the two z's and the sound of satisfaction at the end... ah!) were evocative of some greater, more interesting locale, though how and where none of us at Boiling Springs Elementary circa 1975 were quite sure. We all knew what hamburgers and hot dogs were supposed to look and taste like, and we knew that the school cafeteria served us a second-rate version of these foods. Few of us students knew what a pizza was supposed to be. Kelly claimed that it was usually very big and round in shape, but both of these characteristics seemed highly improbable to me. By the time we were in middle school, a Pizza Inn had opened up along the feeder road to I-85. The Pizza Inn may or may not have been the first national chain of pizzerias to offer a weekly all-you-can-eat buffet. To the folks of the greater Boiling Springs-Shelby area, this was an idea that would expand their waistlines, if not their horizons. A Sizzler would later open next to the Pizza Inn (feeder road took on a new connotation), and it would offer the Holy Grail of all-you-can-eat buffets: steaks, baked potatoes, and, for the ladies, a salad bar complete with exotic fixings such as canned chickpeas and a tangle of slightly bruised alfalfa sprouts. Along with "mitigating," these were some of the other legal words that also transported me back in time: Egressredvelvetcake. PerpetuityFrenchsaladdressing. Compensatoryboiledpeanuts. ProbateReese'speanutbuttercup. FiduciaryCheerwine. AmortizationOreocookie.

Amortization is a method used to calculate the principal and interest portions of payments on a mortgage loan based on the current loan balance. As the loan balance decreases, the interest portion shrinks and the principal portion grows. In partial payment situations, the interest portion always gets paid first.

The fact is that the majority of software businesses today are leaving money on the table by focusing strictly on the production and delivery of software at the expense of other customer needs in the process, whether that’s operational assistance (services), improved decision-making (telemetry analytics), or the ability to amortize their capital outlay over longer periods of time (subscription models).

Cash Flow & Loan Paydown Let’s talk briefly on how mortgages work. A mortgage is just a fancy word for “loan on a property.” An owner-occupied mortgage is that same loan, but requires you to live there for a more favorable price or terms. With house hacking, you are likely going to obtain an owner-occupied loan. For the purposes of this discussion, let’s say that you are getting a 3.5 percent FHA loan. If you purchase a property for $100,000, you will be responsible for putting $3,500 down in exchange for a $96,500 loan to be paid back monthly over the next thirty years. Assuming a 5.25 percent interest rate, the monthly payments would be $532.88 per month. Each monthly payment will be a combination of principal and interest. The principal is the actual balance of the loan the bank gives you—in this case $96,500. The interest payment is the amount that you are paying the bank for lending you money. In the first month, the concentration of interest payment will be highest, and as you continue to pay down the mortgage every month, an increasing amount of that $532.88 payment will be applied toward the principal. Take a look at the amortization schedule below to see how each payment over the next twelve months is comprised. Do you see how the interest portion of the payment decreased over time, but the amount applied to the principal increases? When you are paying down your principal, you are building equity in the property by paying back the balance of the loan. The best part about house hacking is that you are not actually paying the loan: Your tenants are! Not only are you living for free, and maybe even cash flowing, you own more and more of your house each month.

Furthermore, we do not think so-called EBITDA (earnings before interest, taxes, depreciation and amortization) is a meaningful measure of performance. Managements that dismiss the importance of depreciation - and emphasize "cash flow" or EBITDA - are apt to make faulty decisions, and you should keep that in mind as you make your own investment decisions,

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Mortgages were short-term, usually for three to five years, and they were not amortized. In other words, people paid interest, but did not repay the sum they had borrowed (the principal) until the end of the loan’s term, so that they ended up facing a balloon-sized final payment. The average difference (spread) between mortgage rates and high-grade corporate bond yields was about two percentage points during the 1920s, compared with about half a per cent (50 basis points) in the past twenty years.