B Stock Quotes

Be that as it may, for our present purposes, a bottom line emerges: Stock prices are not independent. Today's action can, at least slightly, affect tomorrow's action. The standard model is, again, wrong.

You get a lot of A’s and B’s in school. In the stock market, you get a lot of F’s. And if you’re right six or seven times out of ten, you’re very good.

In boxing, to avoid being punched, you can block, parry, slip, sidestep, or get out of the ring. It works exactly the same, in stock market investment.

It is much better to make friends with what you do not know than with what you do know, as there is an infinite supply of the former but a finite stock of the latter.

Even a moment's reflection will help you see that the problem of using your time well is not a problem of the mind but of the heart. It will only yield to a change in the very way we feel about time. The value of time must change for us. And then the way we think about it will change, naturally and wisely. That change in feeling and in thinking is combined in the words of a prophet of God in this dispensation. It was Brigham Young, and the year was 1877, and he was speaking at April general conference. He wasn't talking about time or schedules or frustrations with too many demands upon us. Rather, he was trying to teach the members of the Church how to unite themselves in what was called the united order. The Saints were grappling with the question of how property should be distributed if they were to live the celestial law. In his usual direct style, he taught the people that they were having trouble finding solutions because they misunderstood the problem. Particularly, he told them they didn't understand either property or the distribution of wealth. Here is what he said: With regard to our property, as I have told you many times, the property which we inherit from our Heavenly Father is our time, and the power to choose in the disposition of the same. This is the real capital that is bequeathed unto us by our Heavenly Father; all the rest is what he may be pleased to add unto us. To direct, to counsel and to advise in the disposition of our time, pertains to our calling as God's servants, according to the wisdom which he has given and will continue to give unto us as we seek it. [JD 18:354] Time is the property we inherit from God, along with the power to choose what we will do with it. President Young calls the gift of life, which is time and the power to dispose of it, so great an inheritance that we should feel it is our capital. The early Yankee families in America taught their children and grandchildren some rules about an inheritance. They were always to invest the capital they inherited and live only on part of the earnings. One rule was "Never spend your capital." And those families had confidence the rule would be followed because of an attitude of responsibility toward those who would follow in later generations. It didn't always work, but the hope was that inherited wealth would be felt a trust so important that no descendent would put pleasure ahead of obligation to those who would follow. Now, I can see and hear Brigham Young, who was as flinty a New Englander as the Adams or the Cabots ever hoped to be, as if he were leaning over this pulpit tonight. He would say something like this, with a directness and power I wish I could approach: "Your inheritance is time. It is capital far more precious than any lands or stocks or houses you will ever get. Spend it foolishly, and you will bankrupt yourself and cheapen the inheritance of those that follow you. Invest it wisely, and you will bless generations to come. “A Child of Promise”, BYU Speeches, 4 May 1986

Consider this scenario. You own shares in Company A. During the past year you considered switching to stock in Company B but decided against it. You now find that you would have been better off by 1200$ if you had switched to the stock of Company B. You also owned shares in Company C. During the past year you switched to stock in Company D. You now find out that you'd have been better off by 1200$, if you kept your stock in Company C. Which error causes you more regret? Studies show that about Immune to Reality nine out of ten people expect to feel more regret when they foolishly switch stocks than when they foolishly fail to switch stocks, because most people think they will regret foolish actions more than foolish inactions. But studies also show that nine out of ten people are wrong. Indeed, in the long run, people of every age and in every walk of life seem to regret "not" having done things much more than they regret things they "did", which is why the most popular regrets include not going to college, not grasping profitable business opportunities, and not spending enough time with family and friends.

Directly in front of me, crossing the street, I saw a woman laughing and walking arm in arm with two men. When she came to the curb, she lifted her skirt with both hands and vulgarly displayed a pair of indigo stockings.

Singin' In the Rain might get you through an anxious week or two, but it won't get you through an anxious life. For that you need either a brain transplant (the only procedure of its kind, it has been said, in which it is better to be a donor than a recipient), a fully stocked bomb shelter, or a thorough adjustment of your perspective on existential risk and reward.

Humility: It is better to presume ignorance and invite learning than to assume sufficient knowledge and risk the consequent blindness. It is much better to make friends with what you do not know than with what you do know, as there is an infinite supply of the former but a finite stock of the latter. When you are tightly boxed in or cornered—all too often by your own stubborn and fixed adherence to some unconsciously worshipped assumptions—all there is to help you is what you have not yet learned.

Had mustered at the homestead overnight,    For the bushmen love hard riding where the wild bush horses are,     And the stock-horse snuffs the battle with delight.    There was Harrison, who made his pile when Pardon won the cup,     The old man with his

If you can distill the essence of GE's stock behavior over the past twenty years, then you can apply it to financial engineering. You can estimate the risk of holding the stock over the next twenty years. You can estimate how many shares of the stock to buy for your portfolio. You can calculate the proper value of options you want to trade on the stock.

You’re not gonna believe what just happened to me,” Jase says the minute I flip my cell open, taking advantage of break at the B&T. I turn away from the picture window just in case Mr. Lennox, disregarding the break sign, will come dashing out to slap me with my first-ever demerit. “Try me.” His voice lowers. “You know how I put that lock on the door of my room? Well, Dad noticed it. Apparently. So today, I’m stocking the lawn section and he comes up and asks why it’s there.” “Uh-oh.” I catch the attention of a kid sneaking into the hot tub (there’s a strict no-one-under-sixteen policy) and shake my head sternly. He slinks away. Must be my impressive uniform. “So I say I need privacy sometimes and sometimes you and I are hanging out and we don’t want to be interrupted ten million times.” “Good answer.” “Right. I think this is going to be the end of it. But then he tells me he needs me in the back room to have a ‘talk.’” “Uh-oh again.” Jase starts to laugh. “I follow him back and he sits me down and asks if I’m being responsible. Um. With you.” Moving back into the shade of the bushes, I turn even further away from the possible gaze of Mr. Lennox. “Oh God.” “I say yeah, we’ve got it handled, it’s fine. But, seriously? I can’t believe he’s asking me this. I mean, Samantha. Jesus. My parents? Hard not to know the facts of life and all in this house. So I tell him that we’re moving slowly and—” “You told him that?” God, Jase! How am I ever going to look Mr. Garret in the eye again? Help. “He’s my dad, Samantha. Yeah. Not that I didn’t want to exit the conversation right away, but still . . .” “So what happened then?” “Well, I reminded him they’d covered that really thoroughly in school, not to mention at home, and we weren’t irresponsible people.” I close my eyes, trying to imagine having this conversation with my mother. Inconceivable. No pun intended. “So then . . . he goes on about”—Jase’s voice drops even lower—“um . . . being considerate and um . . . mutual pleasure.” “Oh my god! I would’ve died. What did you say?” I ask, wanting to know even while I’m completely distracted by the thought. Mutual pleasure, huh? What do I know about giving that? What if Shoplifting Lindy had tricks up her sleeve I know nothing about? It’s not like I can ask Mom. “State senator suffers heart attack during conversation with daughter.” “I said ‘Yes sir’ a lot. And he went on and on and on and all I could think was that any minute Tim was gonna come in and hear my dad saying things like, ‘Your mom and I find that . . . blah blah blah.’” I can’t stop laughing. “He didn’t. He did not mention your mother.” “I know!” Jase is laughing too. “I mean . . . you know how close I am to my parents, but . . . Jesus.

[A Chinese Restaurant.] Roma is seated alone at the booth.Lingk is at the booth next to him.Roma is talking to him. * * * Roma: . . . Eh? What I’m saying, what is our life? (Pause.) It’s looking forward or it’s looking back. And that’s our life. That’s it. Where is the moment? (Pause.) And what is it that we’re afraid of? Loss. What else? (Pause.) The bank closes. We get sick, my wife died on a plane, the stock market collapsed . . . the house burnt down . . . what of these happen . . . ? None of ’em. We worry anyway. What does this mean? I’m not secure. How can I be secure? (Pause.) Through amassing wealth beyond all measure? No. And what’s beyond all measure? That’s a sickness. That’s a trap. There is no measure. Only greed. How can we act? The right way, we would say, to deal with this: “There is a one-in-a million chance that so and so will happen. . . . Fuck it, it won’t happen to me. . . .” No. We know that’s not the right way I think. (Pause.) We say the correct way to deal with this is “There is a one-in-so-and-so chance that this will happen . . . God protect me. I am powerless, let it not happen to me. . . .” But no to that. I say. There’s something else. What is it? “If it happens, AS IT MAY for that is not within our powers, I will deal with it, just as I do today with what draws my concern today.” I say this is how we must act. I do those things which seem correct to me today. I trust myself. And if security concerns me, I do that which today I think will make me secure. And every day I do that, when that day arrives that I need a reserve, (a) odds are that I have it, and (b) the true reserve that I have is the strength that I have of acting each day without fear. (Pause.) According to the dictates of my mind. (Pause.)

I was born to the sound of breaking glass. Not because my father was in the trade, but because it was his custom, learned from the Austrian Grand Duchess who nursed him, to smash a glass when he had drunk from it, As there were few glasses in Europe from which he did not drink as soon as he saw them, it may be readily imagined that after the shock of his first big deal on the Stock Exchange had worn off, and the bailiffs were quiescent for the moment, he bought a glass-works.

Public shaming can also carry a painful stigma. “Ignominy is universally acknowledged to be a worse punishment than death,” wrote Benjamin Rush, a signer of the Declaration of Independence who also sought to put an end to public stocks and whipping posts.

The abundant life is a spiritual life. Too many sit at the banquet table of the gospel of Jesus Christ and merely nibble at the feast placed before them. They go through the motions—attending their meetings perhaps, glancing at scriptures, repeating familiar prayers—but their hearts are far away. If they are honest, they would admit to being more interested in the latest neighborhood rumors, stock market trends, and their favorite TV show than they are in the supernal wonders and sweet ministerings of the Holy Spirit. Do you wish to partake of this living water and experience that divine well springing up within you to everlasting life? Then be not afraid. Believe with all your hearts. Develop an unshakable faith in the Son of God. Let your hearts reach out in earnest prayer. Fill your minds with knowledge of Him. Forsake your weaknesses. Walk in holiness and harmony with the commandments. Drink deeply of the living waters of the gospel of Jesus Christ.

No one is alone in this world. No act is without consequences for others. It is a tenet of chaos theory that, in dynamical systems, the outcome of any process is sensitive to its starting point-or, in the famous cliche, the flap of a butterfly's wings in the Amazon can cause a tornado in Texas. I do not assert markets are chaotic, though my fractal geometry is one of the primary mathematical tools of "chaology." But clearly, the global economy is an unfathomably complicated machine. To all the complexity of the physical world of weather, crops, ores, and factories, you add the psychological complexity of men acting on their fleeting expectations of what may or may not happen-sheer phantasms. Companies and stock prices, trade flows and currency rates, crop yields and commodity futures-all are inter-related to one degree or another, in ways we have barely begun to understand. In such a world, it is common sense that events in the distant past continue to echo in the present.

What would be the cost of liberty? What would be the cost of giving the great stocks of mankind every reasonable help and incentive to self-development—opening the avenues of opportunity freely, spreading knowledge, suppressing war and cheating, and treating men and women as equals the world over whenever and wherever they attain equality?

While marriage in the first instance is for the benefit of the contracting parties, both physical, mental, and spiritual, each must take the longer view and realize that the same success or failure in this venture will carry over into the lives of posterity. When people marry, they not only choose companions for life, but they also select the parents for their children and the "stock" for their posterity. [Roy West, Vital Quotations, 223]

Madoff was not inhumanly monstrous. He was monstrously human. He was greedy for money and praise, arrogantly sure of his own capacity to pull it off, smugly dismissive of skeptics—just like anyone who mortgaged the house to invest in tech stocks, or tapped the off-limits college fund to gamble on a new business, or put all the retirement savings into a hedge fund they didn’t understand, or cheated a little on the tax return or the expense account or the spouse.

Like the first symptoms of a plague, ugly incidents began to break out sporadically over the country; a riot here, an attempted assassination or unexplained piece of sabotage there, sudden panics on the Stock Exchange, hints and rumours flawing the calm surface of English life. Public opinion was bewildered and growing resentful... This inarticulate resentment was cleverly exploited by the E.B., whose policy was, by constantly embarrassing the present government, to discredit the principle of parliamentary government altogether.

The most-studied evidence, by the greatest number of economists, concerns what is called short-term dependence. This refers to the way price levels or price changes at one moment can influence those shortly afterwards-an hour, a day, or a few years, depending on what you consider "short." A "momentum" effect is at work, some economists theorize: Once a stock price starts climbing, the odds are slightly in favor of it continuing to climb for a while longer. For instance, in 1991 Campbell Harvey of Duke- he of the CFO study mentioned earlier-studied stock exchanges in sixteen of the world's largest economies. He found that if an index fell in one month, it had slightly greater odds of falling again in the next moth, or, if it had risen, greater odds of continuing to rise. Indeed, the data show, the sharper the move in the first, the more likely is is that the price trend will continue into the next month, although at a slower rate. Several other studies have found similar short-term trending in stock prices. When major news about a company hits the wires, the stock will react promptly-but it may keep on moving for the next few days as the news spreads, analysts study it, and more investors start to act upon it.

If you are going to use probability to model a financial market, then you had better use the right kind of probability. Real markets are wild. Their price fluctuations can be hair-raising-far greater and more damaging than the mild variations of orthodox finance. That means that individual stocks and currencies are riskier than normally assumed. It means that stock portfolios are being put together incorrectly; far from managing risk, they may be magnifying it. It means that some trading strategies are misguided, and options mis-priced. Anywhere the bell-curve assumption enters the financial calculations, an error can come out.

The bravest of the carpetbaggers, Tourgee, declared concerning the Negro voters, "They instituted a public school system in a realm where public schools had been unknown. They opened the ballot box and jury box to thousands of white men who had been debarred from them by a lack of earthly possessions. They introduced home rule in the south. They abolished the whipping post, and branding iron, the stocks and other barbarous forms of punishment which had up to that time prevailed. They reduced capital felonies from about twenty to two or three. In an age of extravagance they were extravagant in the sums appropriated for public works. In all that time, no man's rights were invaded under the forms of law

I consider that a man's brain originally is like a little empty attic, and you have to stock it with such furniture as you choose. A fool takes in all the lumber of every sort that he comes across, so that the knowledge which might be useful to him gets crowded out, or at best is jumbled up with a lot of other things so that he has a difficulty in laying his hands upon it. Now the skilful workman is very careful indeed as to what he takes into his brain-attic. He will have nothing but the tools which may help him in doing his work, but of these he has a large assortment, and all in the most perfect order. It is a mistake to think that that little room has elastic walls and can distend to any extent. Depend upon it there comes a time when for every addition of knowledge you forget something that you knew before. It is of the highest importance, therefore, not to have useless facts elbowing out the useful ones.

Is power like the vis viva and the quantite d’avancement? That is, is it conserved by the universe, or is it like shares of a stock, which may have great value one day, and be worthless the next? If power is like stock shares, then it follows that the immense sum thereof lately lost by B[olingbroke] has vanished like shadows in sunlight. For no matter how much wealth is lost in stock crashes, it never seems to turn up, but if power is conserved, then B’s must have gone somewhere. Where is it? Some say ‘twas scooped up by my Lord R, who hid it under a rock, lest my Lord M come from across the sea and snatch it away. My friends among the Whigs say that any power lost by a Tory is infallibly and insensibly distributed among all the people, but no matter how assiduously I search the lower rooms of the clink for B’s lost power, I cannot seem to find any there, which explodes that argument, for there are assuredly very many people in those dark salons. I propose a novel theory of power, which is inspired by . . . the engine for raising water by fire. As a mill makes flour, a loom makes cloth and a forge makes steel, so we are assured this engine shall make power. If the backers of this device speak truly, and I have no reason to deprecate their honesty, it proves that power is not a conserved quantity, for of such quantities, it is never possible to make more. The amount of power in the world, it follows, is ever increasing, and the rate of increase grows ever faster as more of these engines are built. A man who hordes power is therefore like a miser who sits on a heap of coins in a realm where the currency is being continually debased by the production of more coins than the market can bear. So that what was a great fortune, when first he raked it together, insensibly becomes a slag heap, and is found to be devoid of value. When at last he takes it to the marketplace to be spent. Thus my Lord B and his vaunted power hoard what is true of him is likely to be true of his lackeys, particularly his most base and slavish followers such as Mr. Charles White. This varmint has asserted that he owns me. He fancies that to own a man is to have power, yet he has got nothing by claiming to own me, while I who was supposed to be rendered powerless, am now writing for a Grub Street newspaper that is being perused by you, esteemed reader.

Pedigree was the centerpiece of Supreme Court chief justice Roger B. Taney’s majority opinion in the Dred Scott decision (1857). Though this case assessed whether a slave taken into a free state or federal territory should be set free, its conclusions were far more expansive. Addressing slavery in the territories, the proslavery Marylander dismissed Jefferson’s prohibition of slavery in the Northwest Ordinance as having no constitutional standing. He constructed his own version of the original social contract at the time of the Revolution, the Declaration of Independence, and the Constitutional Convention: only the free white children of the founding generation were heirs to the original agreement; only pedigree could determine who inherited American citizenship and whose racial lineage warranted entitlement and the designation “freeman.” Taney’s opinion mattered because it literally made pedigree into a constitutional principle. In this controversial decision, Taney demonstrably rejected any notion of democracy and based the right of citizenship on bloodlines and racial stock. The chief justice ruled that the founders’ original intent was to classify members of society in terms of recognizable breeds.

The market's second wild trait-almost-cycles-is prefigured in the story of Joseph. Pharaoh dreamed that seven fat cattle were feeding in the meadows, when seven lean kine rose out of the Nile and ate them. Likewise, seven scraggly ears of corn consumed seven plump ears. Joseph, a Hebrew slave, called the dreams prophetic: Seven years of famine would follow seven years of prosperity. He advised Pharaoh to stockpile grain for bad times to come. And when all passed as prophesied, "Joseph opened all the storehouses, and sold unto the Egyptians...And all countries came into Egypt to Joseph to buy corn; because that the famine was so sore in all lands." Given the profits he and Pharaoh must have made, one might call Joseph the first international arbitrageur. That pattern, familiar from Hurst's work on the Nile, also appears in markets. A big 3 percent change in IBM's stock one day might precede a 2 percent jump another day, then a 1.5 percent change, then a 3.5 percent move-as if the first big jumps were continuing to echo down the succeeding days' trading. Of course, this is not a regular or predictable pattern. But the appearance of one is strong. Behind it is the influence of long-range dependence in an otherwise random process-or, put another way, a long-term memory through which the past continues to influence the random fluctuations of the present.

Say Bank A is holding $10 million in A-minus-rated IBM bonds. It goes to Bank B and makes a deal: we’ll pay you $50,000 a year for five years and in exchange, you agree to pay us $10 million if IBM defaults sometime in the next five years—which of course it won’t, since IBM never defaults. If Bank B agrees, Bank A can then go to the Basel regulators and say, “Hey, we’re insured if something goes wrong with our IBM holdings. So don’t count that as money we have at risk. Let us lend a higher percentage of our capital, now that we’re insured.” It’s a win-win. Bank B makes, basically, a free $250,000. Bank A, meanwhile, gets to lend out another few million more dollars, since its $10 million in IBM bonds is no longer counted as at-risk capital. That was the way it was supposed to work. But two developments helped turn the CDS from a semisensible way for banks to insure themselves against risk into an explosive tool for turbo leverage across the planet. One is that no regulations were created to make sure that at least one of the two parties in the CDS had some kind of stake in the underlying bond. The so-called naked default swap allowed Bank A to take out insurance with Bank B not only on its own IBM holdings, but on, say, the soon-to-be-worthless America Online stock Bank X has in its portfolio. This is sort of like allowing people to buy life insurance on total strangers with late-stage lung cancer—total insanity. The other factor was that there were no regulations that dictated that Bank B had to have any money at all before it offered to sell this CDS insurance.

To summarize my trading strategy for the ABCD Pattern: When I find a Stock in Play, either from my Gappers watchlist or from one of my scanners, or when I’m advised by someone in our chatroom that a stock is surging up from point A and reaching a significant new high for the day (point B), I wait to see if the price makes a support higher than point A. I call this point C. I do not jump into the trade right away. I watch the stock during its consolidation period. I choose my share size and stop loss and profit target exit strategy. When I see that the price is holding support at point C, I enter the trade close to the price of point C in anticipation of moving forward to point D or higher. Point C can also be identified from a 1-minute chart. It is important to look at both time frames in order to gain a better insight. My stop is the loss of point C. If the price goes lower than point C, I sell and accept the loss. Therefore, it is important to buy the stock close to point C to minimize the loss. Some traders wait and buy only at point D to ensure that the ABCD Pattern is really working. In my opinion, that approach basically reduces your reward while at the same time increases your risk. If the price moves higher, I sell half of my position at point D, and bring my stop higher to my entry point (break-even). I sell the remaining position as soon as my target hits or I sense that the price is losing steam or that the sellers are acquiring control of the price action. When the price makes a new low on my 5-minute chart, it is a good indicator that the buyers are almost exhausted.

[A Chinese Restaurant.] Roma is seated alone at the booth. Lingk is at the booth next to him. Roma ,i>is talking to him. * * * Roma: . . . Eh? What I’m saying, what is our life? (Pause.) It’s looking forward or it’s looking back. And that’s our life. That’s it. Where is the moment? (Pause.) And what is it that we’re afraid of? Loss. What else? (Pause.) The bank,/i> closes. We get sick, my wife died on a plane, the stock market collapsed . . . the house burnt down . . . what of these happen . . . ? None of ’em. We worry anyway. What does this mean? I’m not secure. How can I be secure? (Pause.) Through amassing wealth beyond all measure? No. And what’s beyond all measure? That’s a sickness. That’s a trap. There is no measure. Only greed. How can we act? The right way, we would say, to deal with this: “There is a one-in-a million chance that so and so will happen. . . . Fuck it, it won’t happen to me. . . .” No. We know that’s not the right way I think. (Pause.) We say the correct way to deal with this is “There is a one-in-so-and-so chance that this will happen . . . God protect me. I am powerless, let it not happen to me. . . .” But no to that. I say. There’s something else. What is it? “If it happens, AS IT MAY for that is not within our powers, I will deal with it, just as I do today with what draws my concern today.” I say this is how we must act. I do those things which seem correct to me today. I trust myself. And if security concerns me, I do that which today I think will make me secure. And every day I do that, when that day arrives that I need a reserve, (a) odds are that I have it, and (b) the true reserve that I have is the strength that I have of acting each day without fear. (Pause.) According to the dictates of my mind. (Pause.)

Fatmah Hassan Tabashe Sufian, sixty-one years old, married and a mother of four, was woken up on 6 April 1993 at three o’clock in the morning. Soldiers broke into her house, pushed her up against the wall and asked her where her children were; they are asleep, she replied. They woke up her son Saad, thirty years old, kicking him and beating him with their hands and rifle stocks, until he was spitting blood all over the place. Her other son, Ibrahim, was badly beaten, and the B’Tselem researcher who took Fatmah’s evidence testified that long after the incident he could still see signs of ecchymosis – subcutaneous bleeding – on his back. Both sons were taken out to the yard and put against a wall. The soldiers found two toy guns and began slashing the two men with them until the toys broke. Then they gathered everyone in the complex, twenty-seven people, into one room and threw in a shock grenade. Saad and Ibrahim were ordered to empty the cupboard while they were continuously beaten by the soldiers shouting at them, ‘You are Hamas and we are Golani [the name of the military brigade to which they belonged].’ Nor did they spare Fatmah’s old, blind brother who was a hundred years old. He too was abused by the soldiers, who threw mattresses and blankets at him.25 Thus, every April from 1987 until 1993 this was the routine of the collective punishment. But it was not only these three days that mattered. Collective punishment in March–May 1993 robbed 116,000 Palestinian workers of their source of living, bisected the Occupied Territories into four disconnected areas and barred any access to Jerusalem.26 Seen from that perspective, when the Oslo Accord was implemented as a territorial and security arrangement, it was just official confirmation of a policy already in place since 1987.

An American businessman took a vacation to a small coastal Mexican village on doctor’s orders. Unable to sleep after an urgent phone call from the office the first morning, he walked out to the pier to clear his head. A small boat with just one fisherman had docked, and inside the boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish. “How long did it take you to catch them?” the American asked. “Only a little while,” the Mexican replied in surprisingly good English. “Why don’t you stay out longer and catch more fish?” the American then asked. “I have enough to support my family and give a few to friends,” the Mexican said as he unloaded them into a basket. “But… What do you do with the rest of your time?” The Mexican looked up and smiled. “I sleep late, fish a little, play with my children, take a siesta with my wife, Julia, and stroll into the village each evening, where I sip wine and play guitar with my amigos. I have a full and busy life, señor.” The American laughed and stood tall. “Sir, I’m a Harvard M.B.A. and can help you. You should spend more time fishing, and with the proceeds, buy a bigger boat. In no time, you could buy several boats with the increased haul. Eventually, you would have a fleet of fishing boats.” He continued, “Instead of selling your catch to a middleman, you would sell directly to the consumers, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village, of course, and move to Mexico City, then to Los Angeles, and eventually to New York City, where you could run your expanded enterprise with proper management. The Mexican fisherman asked, “But, señor, how long will all this take?” To which the American replied, “15-20 years, 25 tops.” “But what then, señor?” The American laughed and said, “That’s the best part. When the time is right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions.” “Millions señor? Then what?" “Then you would retire and move to a small coastal fishing village, where you would sleep late, fish a little, play with your kids, take a siesta with your wife, and stroll in to the village in the evenings where you could sip wine and play your guitar with your amigos.

Our firm has dynamic money-making potential and will continue to grow and prosper beyond our wildest dreams if we devote all of our working hours to Bear, Stearns & Co. This has led the Executive Committee to decide that no General Partners or General Partners’ spouses can make any outside investments (other than publicly traded stocks and bonds or a residence) without the approval of the Executive Committee. The Executive Committee does not want our partners worrying or thinking about any business other than Bear Stearns. Owning an equity interest in our firm is the best investment any of us will ever see; so let us give B.S. 100% of our effort.

2018, the stock market posted its worst annual performance since the financial crisis. The median shareholder return for the largest five hundred corporations was a negative 5.8 percent. But their top executives got raises of 5 percent or more, with the typical CEO pay reaching a record $12.4 million, according to an analysis by The Wall Street Journal.

Black Studies guru Houston Baker has defended rap music in the same terms. “Rap is like a rich stock garnered from the sudden simmering of titanic B-boy/B-girl energies. Such energies were diffused over black cityscapes.” Baker also describes the same energy in “wilding,” and in the murderous mass rape of a white female jogger in Central Park in 1987, as the vital overthrow of the white man’s attempt to tame nature by constructing a park in the first place. Just as in The Genealogy of Morals Nietzsche’s blond beast emerges “from a disgusting procession of murder, arson, rape, and torture, exhilarated and undisturbed of soul, as if it were no more than a student’s prank,” so do young blacks joyfully bring the reality of terror to the white power structure (as Nietzsche wrote, “That lambs dislike great birds of prey does not seem strange”).56

The captains of industry did not exactly distinguish themselves as publicly spirited. A few, like Carnegie and John D. Rockefeller, established noted charities, but most echoed the sentiments of William H. Vanderbilt, the railroad tycoon, who, when asked by a reporter for the New York Times about keeping open the New York to New Haven line on the assumption that it was run for the public benefit, responded famously, “The public be damned.” Vanderbilt proceeded to give the reporter a short lecture on capitalism. “I don’t take stock in this silly nonsense about working for anybody’s good but our own because we are not. Railroads are not run on sentiment, but on business principles, and to pay.

Look at stocks as part ownership of a business. 2. Look at Mr. Market—volatile stock price fluctuations—as your friend rather than your enemy. View risk as the possibility of permanent loss of purchasing power, and uncertainty as the unpredictability regarding the degree of variability in the possible range of outcomes. 3. Remember the three most important words in investing: “margin of safety.” 4. Evaluate any news item or event only in terms of its impact on (a) future interest rates and (b) the intrinsic value of the business, which is the discounted value of the cash that can be taken out during its remaining life, adjusted for the uncertainty around receiving those cash flows. 5. Think in terms of opportunity costs when evaluating new ideas and keep a very high hurdle rate for incoming investments. Be unreasonable. When you look at a business and get a strong desire from within saying, “I wish I owned this business,” that is the kind of business in which you should be investing. A great investment idea doesn’t need hours to analyze. More often than not, it is love at first sight. 6. Think probabilistically rather than deterministically, because the future is never certain and it is really a set of branching probability streams. At the same time, avoid the risk of ruin, when making decisions, by focusing on consequences rather than just on raw probabilities in isolation. Some risks are just not worth taking, whatever the potential upside may be. 7. Never underestimate the power of incentives in any given situation. 8. When making decisions, involve both the left side of your brain (logic, analysis, and math) and the right side (intuition, creativity, and emotions). 9. Engage in visual thinking, which helps us to better understand complex information, organize our thoughts, and improve our ability to think and communicate. 10. Invert, always invert. You can avoid a lot of pain by visualizing your life after you have lost a lot of money trading or speculating using derivatives or leverage. If the visuals unnerve you, don’t do anything that could get you remotely close to reaching such a situation. 11. Vicariously learn from others throughout life. Embrace everlasting humility to succeed in this endeavor. 12. Embrace the power of long-term compounding. All the great things in life come from compound interest.

Perhaps no one else would want me. Well, the rejection rate for new job applications is extraordinarily high. I tell my clients to assume 50:1, so their expectations are set properly. You are going to be passed over, in many cases, for many positions for which you are qualified. But that is rarely personal. It is, instead, a condition of existence, an inevitable consequence of somewhat arbitrary subjection to the ambivalent conditions of worth characterizing society. It is the consequence of the fact that CVs are easy to disseminate and difficult to process; that many jobs have unannounced internal candidates (and so are just going through the motions); and that some companies keep a rolling stock of applicants, in case they need to hire quickly. That is an actuarial problem, a statistical problem, a baseline problem—and not necessarily an indication that there is something specifically flawed about you. You must incorporate all that sustainingly pessimistic realism into your expectations, so that you do not become unreasonably downhearted. One hundred and fifty applications, carefully chosen; three to five interviews thereby acquired. That could be a mission of a year or more. That is much less than a lifetime of misery and downward trajectory. But it is not nothing. You need to fortify yourself for it, plan, and garner support from people who understand what you are up to and are realistically appraised of the difficulty and the options.

I remember one big red-eyed black whom we met by the roadside. Forty-five years he had labored on this farm, beginning with nothing, and still having nothing. To be sure, he had given four children a common-school training, and perhaps if the new fence-law had not allowed unfenced crops in West Dougherty he might have raised a little stock and kept ahead. As it is, he is hopelessly in debt, disappointed, and embittered. He stopped us to inquire after the black boy in Albany, whom it was said a policeman had shot and killed for loud talking on the sidewalk. And then he said slowly: “Let a white man touch me, and he dies; I don’t boast this,—I don’t say it around loud, or before the children,—but I mean it. I’ve seen them whip my father and my old mother in them cotton-rows till the blood ran; by—” and we passed on.

You could issue two classes of stock—class A and class B. The public would get class Bs, which would carry one vote per share. The founders and inner circle, and your convertible debenture holders, would get class As, which would entitle them to name three-quarters of the board of directors. In other words, you raise enormous sums of money, turbocharge your growth, but ensure that you keep control.

Wishes Mindfulness is nevermore a good thing, as any other accident-prone fumbler would accept. No one wants a floodlight when they're likely to stumble on their face. Moreover, I would extremely pointedly be asked- well, ordered really-that no one gave me any presents this year. It seemed like Mr. Anderson and Ayanna weren't the only ones who had decided to overlook that. I would have never had much wealth, furthermore, that had never more disturbed me. Ayanna had raised me on a kindergarten teacher's wage. Mr. Anderson wasn't getting rich at his job, either; he was the police chief here in the tiny town of Pittsburgh. My only personal revenue came from the four days a week I worked at the local Goodwill store. In a borough this small, I was blessed to have a career, after all the viruses in the world today having everything shut down. Every cent I gained went into my diminutive university endowment at SNHU online. (College transpired like nothing more than a Plan B. I was still dreaming for Plan A; however, Marcel was just so unreasonable about leaving me, mortal.) Marcel ought to have a lot of funds I didn't even want to think about how much. Cash was involved alongside oblivion to Marcel or the rest of the Barns, like Karly saying she never had anything yet walked away with it all. It was just something that swelled when you had extensive time on your hands and a sister who had an uncanny ability to predict trends in the stock market. Marcel didn't seem to explain why I objected to him spending bills on me, why it made me miserable if he brought me to an overpriced establishment in Los Angeles, why he wasn't allowed to buy me a car that could reach speeds over fifty miles an hour, approximately how? I wouldn't let him pay my university tuition (he was ridiculously enthusiastic about Plan B.) Marcel believed I was being gratuitously difficult. Although, how could I let him give me things when I had nothing to retaliate amidst? He, for some amazing incomprehensible understanding, wanted to be with me. Anything he gave me on top of that just propelled us more out of balance. As the day went on, neither Marcel nor Olivia brought my birthday up again, and I began to relax a little. Then we sat at our usual table for lunch. An unfamiliar kind of break survived at that table. The three of us, Marcel, Olivia, including myself hunkered down on the steep southerly end of the table. Now that is ‘superb’ and scarier (in Emmah's case, unquestionably.) The Natalie siblings had finished. We were gazing at them; they're so odd, Olivia and Marcel arranged not to seem quite so intimidating, and we did not sit here alone. My other compatriots, Lance, and Mikaela (who were in the uncomfortable post-breakup association phase,) Mollie and Sam (whose involvement had endured the summertime...) Tim, Kaylah, Skylar, and Sophie (though that last one didn't count in the friend category.) Completely assembled at the same table, on the other side of an interchangeable line. That line softened on sunshiny days when Marcel and Olivia continuously skipped school times before there was Karly, and then the discussion would swell out effortlessly to incorporate me.

one shall never bet more than what one can afford to lose.

It’s ironic that people are afraid of “possibly” losing money in the stock market, when they will certainly run out of money if they don’t invest.

This will only work, however, if you genuinely want your life to improve. You can’t fool your implicit perceptual structures. Not even a bit. They aim where you point them. To retool, to take stock, to aim somewhere better, you have to think it through, bottom to top. You have to scour your psyche. You have to clean the damned thing up. And you must be cautious, because making your life better means adopting a lot of responsibility, and that takes more effort and care than living stupidly in pain and remaining arrogant, deceitful and resentful.

Arbitrages: The purchase of a security and the simultaneous sale of one or more other securities into which it was to be exchanged under a plan of reorganization, merger, or the like. Liquidations: Purchase of shares which were to receive one or more cash payments in liquidation of the company’s assets. Operations of these two classes were selected on the twin basis of (a) a calculated annual return of 20% or more, and (b) our judgment that the chance of a successful outcome was at least four out of five. Related Hedges: The purchase of convertible bonds or convertible preferred shares, and the simultaneous sale of the common stock into which they were exchangeable. The position was established at close to a parity basis—i.e., at a small maximum loss if the senior issue had actually to be converted and the operation closed out in that way. But a profit would be made if the common stock fell considerably more than the senior issue, and the position closed out in the market. Net-Current-Asset (or “Bargain”) Issues: The idea here was to acquire as many issues as possible at a cost for each of less than their book value in terms of net-current-assets alone—i.e., giving no value to the plant account and other assets. Our purchases were made typically at two-thirds or less of such stripped-down asset value. In most years we carried a wide diversification here—at least 100 different issues.

Stock Guide material includes “Earnings and Dividend Rankings,” which are based on stability and growth of these factors for the past eight years. (Thus price attractiveness does not enter here.) We include the S & P rankings in our Table 15-1. Ten of the 15 issues are ranked B+ (= average) and one (American Maize) is given the “high” rating of A. If our enterprising investor wanted to add a seventh mechanical criterion to his choice, by considering only issues ranked by Standard & Poor’s as average or better in quality, he might still have about 100 such issues to choose from. One might say that a group of issues, of at least average quality, meeting criteria of financial condition as well, purchasable at a low multiplier of current earnings and below asset value, should offer good promise of satisfactory investment results.

the company also evaded taxes by bribing corrupt IRS officers such as Shumana Sen and Ashima Neb with active support from some others such as P K Mishra (IRS 1970), B K Jha (IRS 1983), S S Rana (IRS 1975), Prakash Chandra (IRS 1973), etc. This diabolical attempt failed despite fake suits of sexual harassment, molestation, sexual assault and repeated rapes by hired mercenaries Shumana Sen and Ashima Neb against S K Srivastava.

To retool, to take stock, to aim somewhere better, you have to think it through, bottom to top. You have to scour your psyche. You have to clean the damned thing up. And you must be cautious, because making your life better means adopting a lot of responsibility, and that takes more effort and care than living stupidly in pain and remaining arrogant, deceitful and resentful.

Using unscrupulous individuals who were willing to play along for a few pieces of silver such as IRS officers Shuman Sen, Ashima Neb, B K Jha, etc., the promoters of NDTV Prannoy Roy and Radhika Roy used every trick in the book to shame and put pressure on IRS Officer Srivastava. Nothing was beyond them (IRS officers) – even the fake sexual harassment charges against their own colleague (Srivastava). Worse their relatives were happy to collude – husband Abhisar Sharma (for Shumana Sen) and mother Neeta Neb for Ashima Neb.

New Delhi Television Ltd. (NDTV), a public limited company registered in September, 1988 at Delhi, India was promoted by Prannoy Roy. He and his wife Radhika Roy were involved in controversies from the very beginning- the CBI FIR [FIR RC.2(A)/98ACUII dated 09.01.1998 u/s 120B of IPC, 1960 r.w. section 13(2) and 13(1)d) of the P.C. Act, 1988, Exhibit 1] naming Prannoy Roy and NDTV accused of cheating the public exchequer.

Paying a bribe to Shumana Sen in 2005 for a luxury 3-bedroom Flat in the up-market Sector 50 of NOIDA, U.P. costing Rs.7.5 million (75 lakhs). This flat, (No. B 602, the Crescent, Sector 50, NOIDA, U.P.) was fraudulently registered in 2011 in the name of her spouse Abhisar Sharma.

one should give the complete commitment to their ventures. But in terms of money and resources, one shall never bet more than what one can afford to lose.

over half of U.S. households are vested in the stock market (though it should be said that the richest 10 percent of families own over 80 percent of the total value of all stocks). We are the shareholders, we lucky 53 percent who have a pension, a 401(k), a 403(b), or any other kind of investment—or we who have parents using 529 plans to fund our education or are enrolled in universities whose endowments pay for residential dormitories and study abroad trips. Don’t we benefit when we see our savings go up and up, even when those returns require a kind of human sacrifice?

Several types of inventory records are maintained in an effort to monitor food cost, determine purchase quantity, and identify inventory levels to maintain. Six of them are outlined in the following subsections: valuing inventory, the “ABC method,” fixed-item inventory, par stock system, “mini-max system,” and economic order quantity.

TABLE 17.1 Primal Cuts of Beef, Veal, Pork, and LambΔ Source: National Life Stock and Meat Board; National Cattlemen’s Beef Association.

J & T, All hands needed to stock up and ready the ship. We leave tomorrow at noon. Meet me below when you wake. B.

At this time I studied books like: R. C. Effinger ABC of Investing Dice & Eiteman The Stock Market B. E. Schultz The Securities Market: And How It Works Leo Barnes Your Investments H. M. Gartley Profit In The Stock Market Curtis Dahl Consistent Profits In The Stock Market E. J. Mann You Can Make Money In The Stock Market

The Connecticut River March 2, 1704 Temperature 10 degrees The Indians, it seemed, had paused here on their journey south from Canada to go hunting before the battle. Under the snow were stored the carcasses of twenty moose. Twenty! Eben had to count them himself before he could believe it, and even then, he could not believe it. Eben was no hunter. If he’d gotten one moose, it would have been pure luck. But for this war party to have killed twenty, dragged every huge carcass here so there would be feasting on the journey home--Eben was filled with respect as much as hunger. The Indians made several bonfires and built spits to cook entire haunches. They chopped the frozen moose meat, and Thorakwaneken and Tannhahorens sharpened dozens of thin sticks and shoved small cubes of moose meat onto these skewers. The women and children were each handed a stick to cook. The men were kept under watch, but at last their hands were freed and they too were allowed to eat. The prisoners were too hungry to wait for the meat to cook through and wolfed it down half raw. They ripped off strips for the littlest ones, who ate like baby birds: open mouths turned up, bolting one morsel, calling loudly for the next. When the captives had eaten until their stomachs ached, they dried stockings and moccasins and turned themselves in front of the flames, warming each side, while the Indians not on watch gathered around the largest bonfire, squatting to smoke their pipes and talk. The smell of their tobacco was rich and comforting. The wounded were put closest to the warmth, and hurt English found themselves sharing flames with hurt Mohawk and Abenaki and Huron. One of the Sheldon boys had frozen his toes. His Indian came over to look but shook his head. There was nothing to be done. Ebenezer Sheldon could limp to Canada or give up. “Guess I’ll limp,” said Ebenezer, grinning.

HDFC Bank was the first of the private lenders to go public— even before it completed a full year. 'It was a mistake,' Deepak told me. The RBI required the new banks to go public within a year but all other lenders went back to the regulator and got extensions. 'We didn't ask for it. We were too naive,' Deepak said. 'Everybody took time as they wanted to get a premium. We sold at par, ₹10. But I have no regrets.' Deepak pushed for a par issue as the bank had nothing to show. And the disaster of parent HDFC's listing was still haunting him, though that had happened a decade and a half ago. In 1978, India's capital market was in a different shape and mortgage was a new product, not understood by many. HDFC put the photograph of its first borrower on the cover of its balance sheet, a D. B. Remedios from Thane, who took a loan of ₹35,000 to build his house. The public issue of HDFC bombed. In an initial public offering (IPO) of ₹10 crore, the face value of one share was ₹100. ICICI, IFC (Washington) and the Aga Khan Fund took 5% stakes each in the mortgage lender and the balance 85% equity was offered to the public, but there were few takers. The stock quoted at a steep discount on listing. For the bank, Deepak did not want to take any chance. So portions of the issue were reserved for the shareholders and employees of HDFC as well as the bank's employees. HDFC decided to own close to a 26% stake in the bank and NatWest 20%. Satpal was offered about 5% and the public 25%. The size of the public issue was ₹50 crore. 'We didn't know whether it would succeed. Our experience with HDFC had been a disaster,' Deepak said. But Deepak had grossly underestimated investors' appetite for the new bank. The issue, which opened on 14 March 1995, was subscribed a record fifty-five times. The stock was listed on the Bombay Stock Exchange (now known as BSE Ltd) on 26 May that year at ₹39.95, almost at a 300% premium.

one approach is to screen for companies that have lower P/E, P/B, and FCF yields than the overall stock market, an ROE that is consistently above 15%, and a performance over the past year that is at or above the level of the overall market.

There are cases when the company can’t compensate you monetarily, so be prepared with a plan B: You may want to opt for additional vacation leave days, a bigger medical allowance, shares of the company’s stock, and other perks and benefits instead. When you approach the negotiating table, do so with an open mind and don’t focus solely on money.

Thinking about joining a startup? Ask for a hiring bonus equal to the exercise cost, early exercise rights, and NSOs instead of ISOs. Exercise as soon as possible and ASAP file an 83(b) Election. Recently hired? If you can afford to fully exercise your options and are permitted to do so, ask to get your ISOs converted to NSOs, perform an early exercise, and file an 83(b) Election.

Imagine, for instance, that someone passed a rule, in the U.S. stock market as it is currently configured, that required every stock market trade to be front-run by a firm called Scalpers Inc. Under this rule, each time you went to buy 1,000 shares of Microsoft, Scalpers Inc. would be informed, whereupon it would set off to buy 1,000 shares of Microsoft offered in the market and, without taking the risk of owning the stock for even an instant, sell it to you at a higher price. Scalpers Inc. is prohibited from taking the slightest market risk; when it buys, it has the seller firmly in hand; when it sells, it has the buyer in hand; and at the end of every trading day, it will have no position at all in the stock market. Scalpers Inc. trades for the sole purpose of interfering with trading that would have happened without it. In buying from every seller and selling to every buyer, it winds up: a) doubling the trades in the marketplace and b) being exactly 50 percent of that booming volume. It adds nothing to the market but at the same time might be mistaken for the central player in that market. This state of affairs, as it happens, resembles the United States stock market after the passage of Reg NMS. From 2006 to 2008, high-frequency traders’ share of total U.S. stock market trading doubled, from 26 percent to 52 percent—and it has never fallen below 50 percent since then. The total number of trades made in the stock market also spiked dramatically, from roughly 10 million per day in 2006 to just over 20 million per day in 2009.

stock or other securities while in possession of material nonpublic information or b) pass on material nonpublic information to others without express authorization

Company may not a) trade in stock or other securities while in possession of material nonpublic information or b) pass on material nonpublic information to others without express authorization by the Company or recommend to others that they trade in stock or other securities based on material nonpublic information. The Company has adopted guidelines designed to implement this policy. All employees are expected to review

His further comments in this particular article are significant: All this criticism may be too narrow. There is plenty of evidence that the Latter-day Saints are gullible on many subjects, not just this one. President Harold B.Lee expressed impatience with the rumor-mongering which is endemic among Mormons. The too-generous standing ovations at BYU are becoming legendary. Salt Lake City has earned a nationwide reputation as a center for stock fraud, and Douglas Stringfellow beguiled Utahans for years.27

Personal responsibility is completely foreign to the highest echelons of the Street. Citigroup’s stock fell 44 percent in 2011, but its CEO, Vikram Pandit, got at least $5.45 million on top of a retention bonus of $16.7 million. The stock of JPMorgan Chase fell 20 percent, but its CEO, Jamie Dimon, was awarded a package worth $22.9 million.

He knew she must’ve said some real fly shit that ticked his mother off. Nice let V lean her body weight on him as he walked her out the front door. When he looked down at her he was trying his hardest not to laugh but his Aunt was rocking the jail house cornrows under a stocking cap and her wig was halfway on her head. Nice tried to get her back right and fix her wig the best way he could. He was trying to save her dignity and not have her out here looking crazier than she already did when she stepped out of the house that morning with that wig on. Nice put the pedal to the medal to drive V back to her house as she cried and blubbered drunkenly in the passenger seat about Cathy doing her dirty.

a Harvard M.B.A. and can help you. You should spend more time fishing, and with the proceeds, buy a bigger boat. In no time, you could buy several boats with the increased haul. Eventually, you would have a fleet of fishing boats.” He continued, “Instead of selling your catch to a middleman, you would sell directly to the consumers, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village, of course, and move to Mexico City, then to Los Angeles, and eventually New York City, where you could run your expanding enterprise with proper management.” The Mexican fisherman asked, “But, señor, how long will all this take?” To which the American replied, “15–20 years. 25 tops.” “But what then, señor?” The American laughed and said, “That’s the best part. When the time is right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions.” “Millions, señor? Then what?” “Then you would retire and move to a small coastal fishing village, where you would sleep late, fish a little, play with your kids, take a siesta with your wife, and stroll to the village in the evenings where you could sip wine and play your guitar with your amigos …

With such theories, economists developed a very elaborate toolkit for analyzing markets, measuring the "variance" and "betas" of different securities and classifying investment portfolios by their probability of risk. According to the theory, a fund manager can build an "efficient" portfolio to target a specific return, with a desired level of risk. It is the financial equivalent of alchemy. Want to earn more without risking too much more? Use the modern finance toolkit to alter the mix of volatile and stable stocks, or to change the ratio of stocks, bonds, and cash. Want to reward employees more without paying more? Use the toolkit to devise an employee stock-option program, with a tunable probability that the option grants will be "in the money." Indeed, the Internet bubble, fueled in part by lavish executive stock options, may not have happened without Bachelier and his heirs.

Just the opposite appears to happen in the medium term, three to eight years. A stock that was rising over one multi-year stretch has slightly greater odds of falling in the next. A 1988 study by Fama and another economist, Kenneth R. French, documented this. They looked back over the price records of hundreds of stocks and grouped them into portfolios based on their size. They found that about 10 percent of a stock's performance in one eight-year period-that is, there was a small but measurable tendency for a stock doing well in one decade to do poorly in the next. The effect was weaker, but still statistically significant, at shorter time-scales of three to five years. Others have corroborated such findings.

He focuses then, then, only on the odds for a crash-sharp, catastrophic price drops. After all, it is not small declines that wipe an investor out, it is the crashes. So their scaling formula minimizes the odds of too many of the assets in a portfolio crashing at the same time. They used that to draw a "generalized efficiency frontier"-analogous to Markowitz's original portfolio technique-to help pick a portfolio that maximizes returns for a given amount of crash-protection. As the paper put it, "the frequency of very large, unpleasant losses is minimized for a certain level of return." Thus, it is not just the stock-picking that is important, but also the risk-protection. For the latter, Bouchaud says, multifractal thinking is most useful.

Some lead by example, like Rand Fishkin of Moz (formerly SEOmoz), who says his goal is to create a hundred new millionaires — then issued additional stock grants for every Moz employee as a part of the Series B funding, directly out of his personal holdings, to ensure that a financing round wouldn’t be dilutive.

A study of some nine hundred funds (either growth funds or growth and income funds) from 1988 to 1994 found that the returns posted by managers with degrees from universities whose entering students have high SAT scores—such as the Ivy League colleges—beat competitors from lower ranked schools by more than a full percentage point. Younger managers and M.B.A. holders also out-performed their older and non-M.B.A. rivals. The reason behind the superior performance was both simple and predictable. The researchers found that “high SAT” managers and those with M.B.A.s tended to invest in high-risk, high-return stocks! Sound familiar? You don’t need an M.B.A. and you don’t have to pay an active money manager large fees to generate superior returns. All you really need is a faith that markets work—that risks and returns are highly correlated.4

In 2014, corporate profits before taxes reached their highest share of the total economy in at least eighty-five years, tying the previous record set in 1942 when World War II pushed up profits (only to have most then taxed away). Between 2000 and 2014, quarterly corporate after-tax profits rose from $529 billion to $1.6 trillion. This rise didn’t reflect increasing returns to capital; it reflected increasing economic power. As I will show, this pushed the stock market to unprecedented heights, thereby enriching investors—most of whom are already in the upper ranks of the nation’s wealthy. Meanwhile, labor’s share of the economy has dropped. In 2000, labor’s share of nonfarm business income was 63 percent. In 2013, it was 57 percent, representing a shift from labor to capital of about $750 billion annually. Importantly,

The best investment is education and family. The rest will follow.

Financial advisors have a fiduciary duty to correctly document your age, income, savings, financial experience, and risk assessment. They are required not to match conservative investors with risky investments and to make their clients aware of the difference. This is the main point of contention on Broker-Dealer Sales Representative complaints for arbitration.

he Dow Jones Industrial Average is the sum of the largest 30 corporations, although they represent the bulk of the trading on that exchange. This average dominates everybody’s thinking about the market being up or down or whatever. Try to make individual stock picks and forget about the market. A good market could pull your stock up and, a bad one could pull it down, but the real investment factor is how well the company is managed and performs within the stock market.

Blue-chip stocks are a reasonable investment for the elderly investor because they usually pay cash dividends which the retired person may need to live on, and are usually more conservative than other investments, excluding bonds. Holdings in these stocks should be long-term to avoid trading costs and speculation.

Some great investments are not bought on the open market or Big Board. They are grown economically by entrepreneurs in exceedingly small towns. An investment in the neighborhood or family is an asset to all involved.

The Christianity of Paine's day is not the Christianity of our time. There has been a great improvement since then. One hundred and fifty years ago the foremost preachers of our time would have perished at the stake. A Universalist would have been torn in pieces in England, Scotland, and America. Unitarians would have found themselves in the stocks, pelted by the rabble with dead cats, after which their ears would have been cut off, their tongues bored, and their foreheads branded. Less than one hundred and fifty years ago the following law was in force in Maryland: "Be it enacted by the Right Honorable, the Lord Proprietor, by and with the advice and consent of his Lordship's governor, and the upper and lower houses of the Assembly, and the authority of the same: "That if any person shall hereafter, within this province, wittingly, maliciously, and advisedly, by writing or speaking, blaspheme or curse God, or deny our Saviour, Jesus Christ, to be the Son of God, or shall deny the Holy Trinity, the Father, Son, and Holy Ghost, or the Godhead of any of the three persons, or the unity of the Godhead, or shall utter any profane words concerning the Holy Trinity, or any of the persons thereof, and shall thereof be convict by verdict, shall, for the first offense, be bored through the tongue, and fined twenty pounds to be levied of his body. And for the second offense, the offender shall be stigmatized by burning in the forehead with the letter B, and fined forty pounds. And that for the third offense, the offender shall suffer death without the benefit of clergy." The strange thing about this law is, that it has never been repealed, and is still in force in the District of Columbia Laws like this were in force in most of the colonies, and in all countries where the Church had power.

To apply first principles thinking to the field of value investing, consider several fundamental truths. Understand and practice the following if you want to become a good investor: 1. Look at stocks as part ownership of a business. 2. Look at Mr. Market—volatile stock price fluctuations—as your friend rather than your enemy. View risk as the possibility of permanent loss of purchasing power, and uncertainty as the unpredictability regarding the degree of variability in the possible range of outcomes. 3. Remember the three most important words in investing: “margin of safety.” 4. Evaluate any news item or event only in terms of its impact on (a) future interest rates and (b) the intrinsic value of the business, which is the discounted value of the cash that can be taken out during its remaining life, adjusted for the uncertainty around receiving those cash flows. 5. Think in terms of opportunity costs when evaluating new ideas and keep a very high hurdle rate for incoming investments. Be unreasonable. When you look at a business and get a strong desire from within saying, “I wish I owned this business,” that is the kind of business in which you should be investing. A great investment idea doesn’t need hours to analyze. More often than not, it is love at first sight. 6. Think probabilistically rather than deterministically, because the future is never certain and it is really a set of branching probability streams. At the same time, avoid the risk of ruin, when making decisions, by focusing on consequences rather than just on raw probabilities in isolation. Some risks are just not worth taking, whatever the potential upside may be. 7. Never underestimate the power of incentives in any given situation. 8. When making decisions, involve both the left side of your brain (logic, analysis, and math) and the right side (intuition, creativity, and emotions). 9. Engage in visual thinking, which helps us to better understand complex information, organize our thoughts, and improve our ability to think and communicate. 10. Invert, always invert. You can avoid a lot of pain by visualizing your life after you have lost a lot of money trading or speculating using derivatives or leverage. If the visuals unnerve you, don’t do anything that could get you remotely close to reaching such a situation. 11. Vicariously learn from others throughout life. Embrace everlasting humility to succeed in this endeavor. 12. Embrace the power of long-term compounding. All the great things in life come from compound interest.

1982, shortly after John Shad, a banker who was inspired by the Chicago economists, became chairman of the Securities and Exchange Commission, he loosened a limit that had been in place since the 1930s, which prevented companies from boosting their stock price by buying stock off the open market. Shad instituted esoteric-sounding Rule 10b-18, which cleared the way for stock “buybacks.

Some critics acidly observed that people throughout the ages have always believed they were living in particularly crucial times. There is some truth to this criticism, because human history is indeed continuously decisive, for in humanity’s march through time every step determines the future of our species. But only the cynic would sneer at the idea that some steps, some historical periods, are more decisive than others—not only in the shaping of a particular race or nation, but for humanity as a whole. Possibly one such decisive historical threshold was what the German philosopher and psychiatrist Karl Jaspers styled the “axial age”—the period between 800–500 B.C.E. when “thought turned back upon thought”: the epoch of Confucius, Lao Tzu, Buddha, Zoroaster, Heraclitus, Plato, and Socrates.1 In the West, this development gradually led to what can only be described as the enthronement and autarchy of cold reason and the consequent suppression of nonrational modes of consciousness. As many contemporary thinkers have shown, this inflation of ratio lies at the root of today’s moral and spiritual bankruptcy, and its disastrous effects can be witnessed all around us (and in us, if we care to look). What is perhaps most disheartening is that this lopsided orientation to life is now being thrust upon the “underdeveloped” world, which merely magnifies the existing threat to our planet’s ecology and to the survival of countless life forms, not least our own human species. When we take stock of the folly of humankind we begin to realize the extent of the global problems induced, in the last analysis, by hypertrophied (egocentric) reason. We may also be impressed with the traditional Hindu explanation of the particular spirit of our era. For, according to the computations of the Hindu pundits, we are well into the “dawn phase” of the kali-yuga, or “dark age.” Like so many premodern mythologies, Hinduism views the evolution of humanity as a cyclical process of progressive moral degeneration from an original state of purity and spiritual wholeness. The

proselytism can be disregarded: 1) when they are broken under duress—for example, a Muslim is threatened with torture and death if he does not curse Muhammad and apostatize from Islam (see Koran 3:28 and 16:106); or 2) as a stratagem of war, as when Muhammad permitted a Muslim to feign apostasy and to blaspheme his name to win the confidence of the poet Ka’b in order to assassinate him. Likewise, Muhammad once commanded Na’im bin Mas’ud, a young convert from a tribe that refused to submit to Muhammad, to conceal his new Muslim identity, go back to his tribe—which he cajoled with a perfidious “You are my stock and my family, the dearest of men to me”—only to betray them to Muhammad’s waiting jihadis.21

I believe the technological industry is switching in a different direction that one may think in the Metaverse. Why spend trillions of dollars on big data when it is becoming more useless? We need dynamic content to create a boom in the tech industry for the next millennium. Why hire someone with a 4 year degree from college for a career in database administration when companies can't afford to pay 100k a year? We can manage it quite fine in google sheets or excel. The utilization of AI will then completely defeat the purpose of Data As A Service when a program can dynamically build hash objects in random access memory by simply using a small script like (via switch) while creating a [5th XYZ Stargate] just like the Diablo version, but with a smaller seed. You could then store those objects for the blockchain Inna virtualized file container ;)." - Jonathan Roy Mckinney

30 percent—Domestic equities: US stock funds, including small-, mid-, and large-cap stocks 15 percent—Developed-world international equities: funds from developed foreign countries, including the United Kingdom, Germany, and France 5 percent—Emerging-market equities: funds from developing foreign countries, such as China, India, and Brazil. These are riskier than developed-world equities, so don’t go off buying these to fill 95 percent of your portfolio. 20 percent—Real estate investment trusts: also known as REITs. REITs invest in mortgages and residential and commercial real estate, both domestically and internationally. 15 percent—Government bonds: fixed-interest US securities, which provide predictable income and balance risk in your portfolio. As an asset class, bonds generally return less than stocks. 15 percent—Treasury inflation-protected securities: also known as TIPS, these treasury notes protect against inflation. Eventually you’ll want to own these, but they’d be the last ones I’d get after investing in all the better-returning options first.

In today's day and age, it's no more about the big beating the small – it's about the fast beating the slow," Nithin says.

Nudge’ acts as a kind of risk warning that pops up when users attempt to trade risky illiquid instruments and penny stocks.

Nithin says, “unfortunately, hope isn’t really a trading strategy.

I think it's about doing the right things long enough; then money automatically follows you,

Anticipating the regulatory hurdles early on will give you an edge against the competitors who would be caught napping.

Fables and Fortune Hunters An American businessman took a vacation to a small coastal Mexican village on doctor’s orders. Unable to sleep after an urgent phone call from the office the first morning, he walked out to the pier to clear his head. A small boat with just one fisherman had docked, and inside the boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish. “How long did it take you to catch them?” the American asked. “Only a little while,” the Mexican replied in surprisingly good English. “Why don’t you stay out longer and catch more fish?” the American then asked. “I have enough to support my family and give a few to friends,” the Mexican said as he unloaded them into a basket. “But … What do you do with the rest of your time?” The Mexican looked up and smiled. “I sleep late, fish a little, play with my children, take a siesta with my wife, Julia, and stroll into the village each evening, where I sip wine and play guitar with my amigos. I have a full and busy life, señor.” The American laughed and stood tall. “Sir, I’m a Harvard M.B.A. and can help you. You should spend more time fishing, and with the proceeds, buy a bigger boat. In no time, you could buy several boats with the increased haul. Eventually, you would have a fleet of fishing boats.” He continued, “Instead of selling your catch to a middleman, you would sell directly to the consumers, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village, of course, and move to Mexico City, then to Los Angeles, and eventually New York City, where you could run your expanding enterprise with proper management.” The Mexican fisherman asked, “But, señor, how long will all this take?” To which the American replied, “15–20 years. 25 tops.” “But what then, señor?” The American laughed and said, “That’s the best part. When the time is right, you would announce an IPO and sell your company stock to the public and become very rich. You would make millions.” “Millions, señor? Then what?” “Then you would retire and move to a small coastal fishing village, where you would sleep late, fish a little, play with your kids, take a siesta with your wife, and stroll to the village in the evenings where you could sip wine and play your guitar with your amigos …

Hardly any of the people I have worked with as an electrician or a mechanic have fit the stock image of “blue collar.” Quite a few have been eccentrics—refugees from some more confining life.

Mindfulness is nevermore a good thing, as any other accident-prone fumbler would accept. No one wants a floodlight when they're likely to stumble on their face. Moreover, I would extremely pointedly be asked- well, ordered really-that no one gave me any presents this year. It seemed like Mr. Anderson and Ayanna weren't the only ones who had decided to overlook that. I would have never had much wealth, furthermore, that had never more disturbed me. Ayanna had raised me on a kindergarten teacher's wage. Mr. Anderson wasn't getting rich at his job, either; he was the police chief here in the tiny town of Pittsburgh. My only personal revenue came from the four days a week I worked at the local Goodwill store. In a borough this small, I was blessed to have a career, after all the viruses in the world today having everything shut down. Every cent I gained went into my diminutive university endowment at SNHU online. (College transpired like nothing more than a Plan B. I was still dreaming for Plan A; however, Marcel was just so unreasonable about leaving me, mortal.) Marcel ought to have a lot of funds I didn't even want to think about how much. Cash was involved alongside oblivion to Marcel or the rest of the Barns, like Karly saying she never had anything yet walked away with it all. It was just something that swelled when you had extensive time on your hands and a sister who had an uncanny ability to predict trends in the stock market.

ALL RIGHTS RESERVED. No part of this book may be used or reproduced in any matter whatsoever without the written and signed permission of the author. All trademarked names are the property of their owner and are acknowledged by the proper use of capitalization throughout. OTHER ‘Game on Boys’ BOOKS Available on Amazon as eBooks or print books Game on Boys 4 can be read separately or part of a series FREE ebook Game on Boys 1:The PlayStation Playoffs(8-12) Game on Boys 2 : Minecraft Madness (8-12) Game on Boys 3 : NO Girls Allowed Game on Boys 5 : House of Horrors Game on Boys 6 : Galactic Zombie Other books by Kate Cullen FREE Diary Of a Wickedly Cool Witch : Bullies and Baddies(8-13) Boyfriend Stealer : Diary of a Wickedly Cool Witch 2 (8-13) Diary of a Wickedly Cool Witch 3 : Perfect Ten (8-13) Diary of a Wickedly Cool Witch 4 : Witch School for Misfits Lucy goes to the Halloween Party (Early readers) Lucy the Easter Dog (Early readers) Lucy's Merry Christmas Sammy McGann and the Secret Soup People (5-10) Follow KATE on TWITTER at Kate Cullen @ katekate5555 Or email gameonboysseries@gmail.com to receive email updates. (Copy and paste) Or visit her website for new books and giveaways Kate Cullen author website Contents 1. Wow 2. BYODD 3. Secrets 4. News 5. Brats 6. Santa 7. Wishing 8. Blocky 9. Monsters 10. Wolverine 11. Creepy. 12. Arachnophobia 13. Fartblaster 14. Superhero 15. Enderman 16. Teleporting 17. Lost 18. Potions 19. Scared 20. Spells 21. Fireworks 22. Homecoming 1. WOW You know how awesome Christmas is, and birthdays are sick as, Easter is just a big fat chocolate splurge, and even Thanksgiving is like pig-out insanity. Weekends are kinda cool too, but holidays are totally far out man. And when a new PS game comes out and they have a midnight release extravaganza at the game store, it’s like crazy time, coolness overload. All these things are the main reason I exist on this earth. Without all this stuff, life would just SUCK big time. But nothing, I repeat NOTHING comes close to the Christmas I just had. WOW! I repeat WOW! Where do I even start? This Christmas was a like a dream come true. Actually it was sort of like a nightmare too, if that makes any sense. A dream and a nightmare mixed up into one. Totally far out man. Totally gobsmacking, totally awesome, but totally freaking scary. So you’re probably thinking like I won a million bucks or something and then got mugged, or the owner of Sony PlayStation company sent me 1000 free PS games, and then the house got robbed at gunpoint. Or even better, the owner made me the new boss of the Sony PlayStation company. Yeah right! Like that will ever happen! In my dreams!! Although, after what happened, I’m thinking that absolutely anything is possible. 2. BYODD The last day at school before Christmas break was awesome. We had a BYOD day in the afternoon. The first part of the day we had to do all the boring Christmassy stuff like making soppy cards for our families, coloring pictures of Santa and doing boring word searches looking for words like (DER) ‘Santa, Christmas, present, jingle, stocking’. Like BORING. Capital ‘B’ Boring. Why can’t Christmas word finds have proper Christmas words like, console, iPhone 6, PlayStation games, Star wars, BMX, Nerf Modulous Blaster, Thunderblast, Star Wars darth vader vehicle, lego Star Wars Death star?

Srivastava wrote in detail how some corrupt officers in the Income Tax Department hushed up the unpaid dues of NDTV and this started a most vicious and horrible persecution of an honest officer by the mischievous P Chidambaram. Srivastava alleged that Chidambaram hired the corrupt, shameless and immoral IRS officers [Shumana Sen, Ashima Neb, B K Jha, at all] and made them foist fake sexual harassment, sexual assault, molestation and repeated rape charges against S K Srivastava so that P Chidambaram could ease him out of service and thus save NDTV and Prannoy Roy.

This was an elaborate ruse to get S K Srivastava, off the investigation of NDTV for its tax evasion. After some time, P Chidambaram, much against his wishes, became the Home Minister and got Delhi Police under him. Srivastava says that Chidambaram promptly got false and mischievous criminal cases lodged against him, to get him removed from service. Not only that, Chidambaram got him arrested on the premises of the Court [Patiala House Court, Delhi, Jan 8, 2010]. A few illustrative but not exhaustive instances of such monumental persecution of a member of the Indian Revenue Service S K Srivastava are being listed below: Srivastava had found that his junior Income Tax official Shumana Sen IRS was conniving with NDTV in fudging their accounts[10]. In this, she was also supported by her batch mate and partner-in-crime, Ashima Neb, claims Srivastava. Shumana Sen was Assessing Officer of NDTV’s Income Tax circle and her husband Abhisar Sharma was a news presenter of NDTV being a serious violation of Govt. rules and law governing the conduct of employees of Govt. [MHA OM No.F.3/12/(S)/64-Ests.(B), dated 12.10.1965) and Rule 4 of the CCS (Conduct) Rules, 1965] and despite there being mandatory requirement of serving IRS officers to declare pecuniary interest like employment of spouse, etc., by a Company or Firm to the Govt. and failure of which is to be visited with severest punishment including dismissal from service; Shumana Sen never declared to Govt. that her husband was a staffer of the company which she was assessing to all the Direct Taxes, a serious breach which invites dismissal from service without any benefits. The vicious and criminal vilification of an IRS officer for nothing but doing his duty and protecting the public revenue and public interest which were being prejudiced by NDTV, Minister P Chidambaram and hired mercenaries Shumana Sen and Ashima Neb is something that would send shivers down the spine of any right thinking person. Srivastava was forced to face the allegations and court cases as Minister P Chidambaram was desperate to protect NDTV and hush up its crime, criminality and criminal acts – acts that caused defrauding of public revenue of India running into thousands of crores of rupees.

An even easier route might be to just buy some B-shares of Berkshire Hathaway (ticker: BRK-B). One share of stock in this company will cost you $203.27 today. You can then sit back and relax and let Warren Buffett, Charlie Munger, and their successors do all of the hard work.