Bats Stock Quotes

A surprising fact about the magician Bernard Kornblum, Joe remembered, was that he believed in magic. Not in the so-called magic of candles, pentagrams, and bat wings. Not in the kitchen enchantments of Slavic grandmothers with their herbiaries and parings from the little toe of a blind virgin tied up in a goatskin bag. Not in astrology, theosophy, chiromancy, dowsing rods, séances, weeping statues, werewolves, wonders, or miracles. What bewitched Bernard Kornblum, on the contrary, was the impersonal magic of life, when he read in a magazine about a fish that could disguise itself as any one of seven different varieties of sea bottom, or when he learned from a newsreel that scientists had discovered a dying star that emitted radiation on a wavelength whose value in megacycles approximated π. In the realm of human affairs, this type of enchantment was often, though not always, a sadder business—sometimes beautiful, sometimes cruel. Here its stock-in-trade was ironies, coincidences, and the only true portents: those that revealed themselves, unmistakable and impossible to ignore, in retrospect.

[I] threw open the door to find Rob sit­ting on the low stool in front of my book­case, sur­round­ed by card­board box­es. He was seal­ing the last one up with tape and string. There were eight box­es - eight box­es of my books bound up and ready for the base­ment! "He looked up and said, 'Hel­lo, dar­ling. Don't mind the mess, the care­tak­er said he'd help me car­ry these down to the base­ment.' He nod­ded to­wards my book­shelves and said, 'Don't they look won­der­ful?' "Well, there were no words! I was too ap­palled to speak. Sid­ney, ev­ery sin­gle shelf - where my books had stood - was filled with ath­let­ic tro­phies: sil­ver cups, gold cups, blue rosettes, red rib­bons. There were awards for ev­ery game that could pos­si­bly be played with a wood­en ob­ject: crick­et bats, squash rac­quets, ten­nis rac­quets, oars, golf clubs, ping-​pong bats, bows and ar­rows, snook­er cues, lacrosse sticks, hock­ey sticks and po­lo mal­lets. There were stat­ues for ev­ery­thing a man could jump over, ei­ther by him­self or on a horse. Next came the framed cer­tificates - for shoot­ing the most birds on such and such a date, for First Place in run­ning races, for Last Man Stand­ing in some filthy tug of war against Scot­land. "All I could do was scream, 'How dare you! What have you DONE?! Put my books back!' "Well, that's how it start­ed. Even­tu­al­ly, I said some­thing to the ef­fect that I could nev­er mar­ry a man whose idea of bliss was to strike out at lit­tle balls and lit­tle birds. Rob coun­tered with re­marks about damned blue­stock­ings and shrews. And it all de­gen­er­at­ed from there - the on­ly thought we prob­ably had in com­mon was, What the hell have we talked about for the last four months? What, in­deed? He huffed and puffed and snort­ed and left. And I un­packed my books.

The basic principle of structural analysis, I was explaining, is that the terms of a symbolic system do not stand in isolation—they are not to be thought of in terms of what they 'stand for,' but are defined by their relations to each other. One has to first define the field, and then look for elements in that field that are systematic inversions of each other. Take vampires. First you place them: vampires are stock figures in American horror movies. American horror movies constitute a kind of cosmology, a universe unto themselves. Then you ask: what, within this cosmos, is the opposite of a vampire? The answer is obvious. The opposite of a vampire is a werewolf. On one level they are the same: they are both monsters that can bite you and, biting you, turn you, too, into one of their own kind. In most other ways each is an exact inversion of the other. Vampires are rich. They are typically aristocrats. Werewolves are always poor. Vampires are fixed in space: they have castles or crypts that they have to retreat to during the daytime; werewolves are usually homeless derelicts, travelers, or otherwise on the run. Vampires control other creatures (bats, wolves, humans that they hypnotize or render thralls). Werewolves can't control themselves. Yet—and this is really the clincher in this case—each can be destroyed only by its own negation: vampires, by a stake, a simple sharpened stick that peasants use to construct fences; werewolves, by a silver bullet, something literally made from money.

I’d looked at postcollege Amber like a new, shiny, limited-edition car. She’d raised my stock and seemed like a good addition to my life at the time. I looked at Madison like she was a piñata full of surprises and 0rgasms I wanted to burst. With my dick-shaped bat.

A Bat, a Bramble, and a Seagull went into partnership and determined to go on a trading voyage together. The Bat borrowed a sum of money for his venture; the Bramble laid in a stock of clothes of various kinds; and the Seagull took a quantity of lead: and so they set out. By and by a great storm came on, and their boat with all the cargo went to the bottom, but the three travellers managed to reach land. Ever since then the Seagull flies to and fro over the sea, and every now and then dives below the surface, looking for the lead he’s lost; while the Bat is so afraid of meeting his creditors that he hides away by day and only comes out at night to feed; and the Bramble catches hold of the clothes of every one who passes by, hoping someday to recognise and recover the lost garments. All men are more concerned to recover what they lose than to acquire what they lack.

The orders resting on BATS were typically just the 100-share minimum required for an order to be at the front of any price queue, as their only purpose was to tease information out of investors. The HFT firms posted these tiny orders on BATS—orders to buy or sell 100 shares of basically every stock traded in the U.S. market—not because they actually wanted to buy and sell the stocks but because they wanted to find out what investors wanted to buy and sell before they did it. BATS, unsurprisingly, had been created by high-frequency traders.

… and one day, after Mahlke had learned to swim, we were lying in the grass, in the Schlagball field. I ought to have gone to the dentist, but they wouldn't let me because I was hard to replace on the team. My tooth was howling. A cat sauntered diagonally across the field and no one threw anything at it. A few of the boys were chewing or plucking at blades of grass. The cat belonged to the caretaker and was black. Hotten Sonntag rubbed his bat with a woolen stocking. My tooth marked time. The tournament had been going on for two hours. We had lost hands down and were waiting for the return game. It was a young cat, but no kitten. In the stadium, handball goals were being made thick and fast on both sides. My tooth kept saying one word, over and over again. On the cinder track the sprinters were practicing starts or limbering up. The cat meandered about. A trimotored plane crept across the sky, slow and loud, but couldn't drown out my tooth. Through the stalks of grass the caretaker's black cat showed a white bib. Mahlke was asleep. The wind was from the east, and the crematorium between the United Cemeteries and the Engineering School was operating. Mr. Mallenbrandt, the gym teacher, blew his whistle: Change sides. The cat practiced. Mahlke was asleep or seemed to be. I was next to him with my toothache. Still practicing, the cat came closer. Mahlke's Adam's apple attracted attention because it was large, always in motion, and threw a shadow. Between me and Mahlke the caretaker's black cat tensed for a leap. We formed a triangle. My tooth was silent and stopped marking time: for Mahlke's Adam's apple had become the cat's mouse. It was so young a cat, and Mahlke's whatsis was so active – in any case the cat leaped at Mahlke's throat; or one of us caught the cat and held it up to Mahlke's neck; or I, with or without my toothache, seized the cat and showed it Mahlke's mouse: and Joachim Mahlke let out a yell, but suffered only slight scratches. And now it is up to me, who called your mouse to the attention of this cat and all cats, to write. Even if we were both invented, I should have to write. Over and over again the fellow who invented us because it's his business to invent people obliges me to take your Adam's apple in my hand and carry it to the spot that saw it win or lose.

As I became older, I was given many masks to wear. I could be a laborer laying railroad tracks across the continent, with long hair in a queue to be pulled by pranksters; a gardener trimming the shrubs while secretly planting a bomb; a saboteur before the day of infamy at Pearl Harbor, signaling the Imperial Fleet; a kamikaze pilot donning his headband somberly, screaming 'Banzai' on my way to my death; a peasant with a broad-brimmed straw hat in a rice paddy on the other side of the world, stooped over to toil in the water; an obedient servant in the parlor, a houseboy too dignified for my own good; a washerman in the basement laundry, removing stains using an ancient secret; a tyrant intent on imposing my despotism on the democratic world, opposed by the free and the brave; a party cadre alongside many others, all of us clad in coordinated Mao jackets; a sniper camouflaged in the trees of the jungle, training my gunsights on G.I. Joe; a child running with a body burning from napalm, captured in an unforgettable photo; an enemy shot in the head or slaughtered by the villageful; one of the grooms in a mass wedding of couples, having met my mate the day before through our cult leader; an orphan in the last airlift out of a collapsed capital, ready to be adopted into the good life; a black belt martial artist breaking cinderblocks with his head, in an advertisement for Ginsu brand knives with the slogan 'but wait--there's more' as the commercial segued to show another free gift; a chef serving up dog stew, a trick on the unsuspecting diner; a bad driver swerving into the next lane, exactly as could be expected; a horny exchange student here for a year, eager to date the blonde cheerleader; a tourist visiting, clicking away with his camera, posing my family in front of the monuments and statues; a ping pong champion, wearing white tube socks pulled up too high and batting the ball with a wicked spin; a violin prodigy impressing the audience at Carnegie Hall, before taking a polite bow; a teen computer scientist, ready to make millions on an initial public offering before the company stock crashes; a gangster in sunglasses and a tight suit, embroiled in a turf war with the Sicilian mob; an urban greengrocer selling lunch by the pound, rudely returning change over the counter to the black patrons; a businessman with a briefcase of cash bribing a congressman, a corrupting influence on the electoral process; a salaryman on my way to work, crammed into the commuter train and loyal to the company; a shady doctor, trained in a foreign tradition with anatomical diagrams of the human body mapping the flow of life energy through a multitude of colored points; a calculus graduate student with thick glasses and a bad haircut, serving as a teaching assistant with an incomprehensible accent, scribbling on the chalkboard; an automobile enthusiast who customizes an imported car with a supercharged engine and Japanese decals in the rear window, cruising the boulevard looking for a drag race; a illegal alien crowded into the cargo hold of a smuggler's ship, defying death only to crowd into a New York City tenement and work as a slave in a sweatshop. My mother and my girl cousins were Madame Butterfly from the mail order bride catalog, dying in their service to the masculinity of the West, and the dragon lady in a kimono, taking vengeance for her sisters. They became the television newscaster, look-alikes with their flawlessly permed hair. Through these indelible images, I grew up. But when I looked in the mirror, I could not believe my own reflection because it was not like what I saw around me. Over the years, the world opened up. It has become a dizzying kaleidoscope of cultural fragments, arranged and rearranged without plan or order.

As I saw it, there was a 75 percent chance the Fed’s efforts would fall short and the economy would move into failure; a 20 percent chance it would initially succeed at stimulating the economy but still ultimately fail; and a 5 percent chance it would provide enough stimulus to save the economy but trigger hyperinflation. To hedge against the worst possibilities, I bought gold and T-bill futures as a spread against eurodollars, which was a limited-risk way of betting on credit problems increasing. I was dead wrong. After a delay, the economy responded to the Fed’s efforts, rebounding in a noninflationary way. In other words, inflation fell while growth accelerated. The stock market began a big bull run, and over the next eighteen years the U.S. economy enjoyed the greatest noninflationary growth period in its history. How was that possible? Eventually, I figured it out. As money poured out of these borrower countries and into the U.S., it changed everything. It drove the dollar up, which produced deflationary pressures in the U.S., which allowed the Fed to ease interest rates without raising inflation. This fueled a boom. The banks were protected both because the Federal Reserve loaned them cash and the creditors’ committees and international financial restructuring organizations such as the International Monetary Fund (IMF) and the Bank for International Settlements arranged things so that the debtor nations could pay their debt service from new loans. That way everyone could pretend everything was fine and write down those loans over many years. My experience over this period was like a series of blows to the head with a baseball bat. Being so wrong—and especially so publicly wrong—was incredibly humbling and cost me just about everything I had built at Bridgewater. I saw that I had been an arrogant jerk who was totally confident in a totally incorrect view. So there I was after eight years in business, with nothing to show for it. Though I’d been right much more than I’d been wrong, I was all the way back to square one.

The evaluation of securities and businesses for investment purposes has always involved a mixture of qualitative and quantitative factors. At the one extreme, the analyst exclusively oriented to qualitative factors would say, “Buy the right company (with the right prospects, inherent industry conditions, management, etc.) and the price will take care of itself.” On the other hand, the quantitative spokesman would say, “Buy at the right price and the company (and stock) will take care of itself.” . . . Interestingly enough, although I consider myself to be primarily in the quantitative school (and as I write this no one has come back from recess—I may be the only one left in the class), the really sensational ideas I have had over the years have been heavily weighted toward the qualitative side where I have had a “high-probability insight.” This is what causes the cash register to sing. However, it is an infrequent occurrence, as insights usually are, and, of course, no insight is required on the quantitative side—the figures should hit you over the head with a baseball bat. So the really big money tends to be made by investors who are right on qualitative decisions, but, at least in my opinion, the more sure money tends to be made on the obvious quantitative decisions.

Riding, balancing, and walking on a seesaw. Balancing on a Teeter-Totter—Center a board over a railroad timber. (See The Out-of-Sync Child Has Fun for ideas.) Sitting on a T-stool—A T-stool helps improve balance, posture, and attention. (See The Out-of-Sync Child Has Fun for ideas.) Balancing on a Large Therapy Ball—Your child can lie on her stomach, on her back, or sit and bounce. Some balls have handles for bouncing up and lower (hippity-hopping). Tummy Down, Head Up—Have the child lie on her stomach. On the floor, she can rock to and fro to “Row, Row, Row Your Boat”; draw on paper while listening to music, using crayons, which require her to bear down to make a mark; and play with small toys. On a swing or therapy ball, she can “draw” on the ground or carpet with a stick; throw sponges into a basket; and bat a suspended ball with a cardboard tube. Jogging—Run around the block together!

BILATERAL COORDINATION Ball Catch—Toss a large beach ball gently to the child from a short distance. As he becomes more competent, use a smaller ball and step farther away. Ball Whack—Have the child hold a baseball bat, rolling pin, broomstick, book, cardboard tube, or ruler in both hands. Remind her to keep her feet still. Toss her a big ball. As she swings, her body will rotate, as her arms cross the midline. Two-Handed Tetherball—Suspend a sponge ball at the child’s eye level from a string attached to a wide doorframe. Let your child choose different “bats.” Have her count how many hits she makes without missing. Try four-handed tetherball, in which you play, too. Balloon Fun—Using both hands together, the child bounces or tosses up a balloon and catches it. He can keep it afloat by whacking it with open hands or batting it repeatedly with hands clasped together in one large “fist.” Rolling-Pin Fun—Provide the child with a cylindrical block or a rolling pin without handles, so he presses down with his opened hands. Have him roll real dough, playdough, crackers, clay—or mud! Body Rhythms—While you chant or sing, clap, and tap different body parts and have your child imitate your motions. Tip your head from side to side, wave your arms overhead, shake icky sticky glue off your hands, pound your chest, slap your hips, bend from side to side, hunch and relax your shoulders, stamp your feet, and hop from foot to foot. Use both hands together or alternately.

in a difficult market environment, profits will be smaller than normal and losses will be larger; downside gaps will be more common, and you will likely experience greater slippage. The smart way to handle this is to do the following: Tighten up stop-losses. If you normally cut losses at 7 to 8 percent, cut them at 5 to 6 percent. Settle for smaller profits. If you normally take profits of 15 to 20 percent on average, take profits at 10 to 12 percent. If you’re trading with the use of leverage, get off margin immediately. Reduce your exposure with regard to your position sizes as well as your overall capital commitment. Once you see your batting average and reward/risk profile improve, you can start to extend your parameters gradually back to normal levels.

The evaluation of securities and businesses for investment purposes has always involved a mixture of qualitative and quantitative factors. At the one extreme, the analyst exclusively oriented to qualitative factors would say, “Buy the right company (with the right prospects, inherent industry conditions, management, etc.) and the price will take care of itself.” On the other hand, the quantitative spokesman would say, “Buy at the right price and the company (and stock) will take care of itself.” As is so often the pleasant result in the securities world, money can be made with either approach. And, of course, any analyst combines the two to some extent—his classification in either school would depend on the relative weight he assigns to the various factors and not to his consideration of one group of factors to the exclusion of the other group. Interestingly enough, although I consider myself to be primarily in the quantitative school (and as I write this no one has come back from recess—I may be the only one left in the class), the really sensational ideas I have had over the years have been heavily weighted toward the qualitative side where I have had a “high-probability insight.” This is what causes the cash register to really sing. However, it is an infrequent occurrence, as insights usually are, and, of course, no insight is required on the quantitative side—the figures should hit you over the head with a baseball bat. So the really big money tends to be made by investors who are right on qualitative decisions but, at least in my opinion, the more sure money tends to be made on the obvious quantitative decisions. As

But being short something where your loss is unlimited is quite different than being long something that you’ve already paid for. And it’s tempting. You see way more stocks that are dramatically overvalued in your career than you will see stocks that are dramatically undervalued. I mean there — it’s the nature of securities markets to occasionally promote various things to the sky, so that securities will frequently sell for 5 or 10 times what they’re worth, and they will very, very seldom sell for 20 percent or 10 percent of what they’re worth. So, therefore, you see these much greater discrepancies between price and value on the overvaluation side. So you might think it’s easier to make money on short selling. And all I can say is, it hasn’t been for me. I don’t think it’s been for Charlie. It is a very, very tough business because of the fact that you face unlimited losses, and because of the fact that people that have overvalued stocks — very overvalued stocks — are frequently on some scale between promoter and crook. And that’s why they get there. And once there — And they also know how to use that very valuation to bootstrap value into the business, because if you have a stock that’s selling at 100 that’s worth 10, obviously it’s to your interest to go out and issue a whole lot of shares. And if you do that, when you get all through, the value can be 50. In fact, there’s a lot of chain letter-type stock promotions that are sort of based on the implicit assumption that the management will keep doing that. And if they do it once and build it to 50 by issuing a lot of shares at 100 when it’s worth 10, now the value is 50 and people say, “Well, these guys are so good at that. Let’s pay 200 for it or 300,” and then they could do it again and so on. It’s not usually that — quite that clear in their minds. But that’s the basic principle underlying a lot of stock promotions. And if you get caught up in one of those that is successful, you know, you can run out of money before the promoter runs out of ideas. In the end, they almost always work. I mean, I would say that, of the things that we have felt like shorting over the years, the batting average is very high in terms of eventual — that they would work out very well eventually if you held them through. But it is very painful and it’s — in my experience, it was a whole lot easier to make money on the long side.

The batting average of baseball players, the horsepower of cars, the latest movements of the stock exchange. Sometimes it seems that for a man nothing is more exciting than a number. It’s the boy in them, I suppose.

And I’m not kidding when I say “craziness.” The University of St. Gallen, Switzerland, has come out with a study that compares traders with psychopaths. The study reviewed the results from an existing study comparing 24 psychopaths in German high-security hospitals with a control group of 27 “normal” people. The funny thing is, this control group of “normal” people turned out to be traders. Stock guys, currency and commodity traders, and derivative types happened to be the normal control group that was stacked up against the high-security, barbed-wire-enclosed psychopaths. In the end, the performance of the trading group was actually worse than that of the psychopaths. The study indicated that traders, “Have a penchant for immense destruction,” and that their mindset would lead them to the logical conclusion of “beating one of the neighbor’s expensive cars with a baseball bat with the sole objective of owning the most beautiful car in the neighborhood.” In other words, traders are nuts. Indeed if you look up the textbook definition of a psychopath, here are some of the tidbits you’ll uncover: antisocial behavior, poor judgment and failure to learn from experience, inability to see oneself as others do, inexplicable impulsiveness … sounds like a typical trader who is struggling against the market and can’t figure out why.

The intruders spoke no words as they rushed in. Five boys carrying baseball bats and tire irons. They wore an assortment of Halloween masks and stocking masks. But Derek knew who they were. “No! No!” he cried. All five boys wore bulky shooter’s earmuffs. They couldn’t hear him. But more importantly, they couldn’t hear Jill. One of the boys stayed in the doorway. He was in charge. A runty kid named Hank. The stocking pulled down over his face smashed his features into Play-Doh, but it could only be Hank. One of the boys, fat but fast-moving and wearing an Easter Bunny mask, stepped to Derek and hit him in the stomach with his aluminum baseball bat. Derek dropped to his knees. Another boy grabbed Jill. He put his hand over her mouth. Someone produced a roll of duct tape. Jill screamed. Derek tried to stand, but the blow to his stomach had winded him. He tried to stand up, but the fat boy pushed him back down. “Don’t be stupid, Derek. We’re not after you.” The duct tape went around and around Jill’s mouth. They worked by flashlight. Derek could see Jill’s eyes, wild with terror. Pleading silently with her big brother to save her. When her mouth was sealed, the thugs pulled off their shooter’s earmuffs. Hank stepped forward. “Derek, Derek, Derek,” Hank said, shaking his head slowly, regretfully. “You know better than this.” “Leave her alone,” Derek managed to gasp, clutching his stomach, fighting the urge to vomit. “She’s a freak,” Hank said. “She’s my little sister. This is our home.” “She’s a freak,” Hank said. “And this house is east of First Avenue. This is a no-freak zone.” “Man, come on,” Derek pleaded. “She’s not hurting anyone.” “It’s not about that,” a boy named Turk said. He had a weak leg, a limp that made it impossible not to recognize him. “Freaks with freaks, normals with normals. That’s the way it has to be.” “All she does is—” Hank’s slap stung. “Shut up. Traitor. A normal who stands up for a freak gets treated like a freak. Is that what you want?” “Besides,” the fat boy said with a giggle, “we’re taking it easy on her. We were going to fix her so she could never sing again. Or talk. If you know what I mean.” He pulled a knife from a sheath in the small of his back. “Do you, Derek? Do you understand?” Derek’s resistance died. “The Leader showed mercy,” Turk said. “But the Leader isn’t weak. So this freak either goes west, over the border right now. Or…” He let the threat hang there. Jill’s tears flowed freely. She could barely breathe because her nose was running. Derek could see that by the way she sucked tape into her mouth, trying for air. She would suffocate if they didn’t let her go soon. “Let me at least get her doll.

The store owner was stocking the shelves, when he was approached by the menacing and imposing union goons, who were holding baseball bats in their hands. The store owner clearly gulped, looked at both men with a scared look, and then he asked, “What do you want?” “We need you to pay us some protection money, and pay your employees much better than you’re currently paying them. Or else.” “I can’t. I don’t make enough to pay some idiotic protection money, and I’m paying my employees more than minimum wage as it is, a couple of dollars more would put me out of business. You know this is illegal, right?” “Illegal? Says who? Hey Gary, do you think this is illegal?” Gary began to laugh, “Um, nope, don’t think it’s illegal. Go ahead and do what you plan on doing, Mark, I won’t stand in your way,

He went around the float, then stopped. “What are you doing?” Crouched on the porch, she held a broom like a baseball bat, bottom side up, then slowly lowered it. “I wasn’t sure it was you.” “And you thought to do in whoever it was with a broom?” “I didn’t have anything else.” Rolling his eyes, he snatched the broom from her hand and tossed it to the ground. “Go to bed, Georgie. I’ll do this.” “No, no. I need to come.” She rubbed an eye with her fist, looking like the child she’d dressed to be. “I mean it.” He turned her toward the door. “Go on.” She locked her knees. “I’m going with you, Luke.” His eyes had long since adjusted to the dark, but even still he squinted. “Are you wearing a nightcap?” Straightening the stocking on her head, she circled round him, then climbed up into the float. She might think she wore a clever disguise, but no boy he’d ever seen moved like that. He slammed his eyes shut. The woman was crazy as popcorn on a hot skillet.

We have increased our population to the level of 7 billion and beyond. We are well on our way toward 9 billion before our growth trend is likely to flatten. We live at high densities in many cities. We have penetrated, and we continue to penetrate, the last great forests and other wild ecosystems of the planet, disrupting the physical structures and the ecological communities of such places. We cut our way through the Congo. We cut our way through the Amazon. We cut our way through Borneo. We cut our way through Madagascar. We cut our way through New Guinea and northeastern Australia. We shake the trees, figuratively and literally, and things fall out. We kill and butcher and eat many of the wild animals found there. We settle in those places, creating villages, work camps, towns, extractive industries, new cities. We bring in our domesticated animals, replacing the wild herbivores with livestock. We multiply our livestock as we've multiplied ourselves, operating huge factory-scale operations involving thousands of cattle, pigs, chickens, ducks, sheep, and goats, not to mention hundreds of bamboo rats and palm civets, all confined en masse within pens and corrals, under conditions that allow those domestics and semidomestics to acquire infectious pathogens from external sources (such as bats roosting over the pig pens), to share those infections with one another, and to provide abundant opportunities for the pathogens to evolve new forms, some of which are capable of infecting a human as well as a cow or a duck. We treat many of those stock animals with prophylactic doses of antibiotics and other drugs, intended not to cure them but to foster their weight gain and maintain their health just sufficiently for profitable sale and slaughter, and in doing that we encourage the evolution of resistant bacteria. We export and import livestock across great distances and at high speeds. We export and import other live animals, especially primates, for medical research. We export and import wild animals as exotic pets. We export and import animal skins, contraband bushmeat, and plants, some of which carry secret microbial passengers. We travel, moving between cities and continents even more quickly than our transported livestock. We stay in hotels where strangers sneeze and vomit. We eat in restaurants where the cook may have butchered a porcupine before working on our scallops. We visit monkey temples in Asia, live markets in India, picturesque villages in South America, dusty archeological sites in New Mexico, dairy towns in the Netherlands, bat caves in East Africa, racetracks in Australia – breathing the air, feeding the animals, touching things, shaking hands with the friendly locals – and then we jump on our planes and fly home. We get bitten by mosquitoes and ticks. We alter the global climate with our carbon emissions, which may in turn alter the latitudinal ranges within which those mosquitoes and ticks live. We provide an irresistible opportunity for enterprising microbes by the ubiquity and abundance of our human bodies. Everything I’ve just mentioned is encompassed within this rubric: the ecology and evolutionary biology of zoonotic diseases. Ecological circumstance provides opportunity for spillover. Evolution seizes opportunity, explores possibilities, and helps convert spillovers to pandemics.

Because it was part of old Gondwana and because it is insular and was isolated for tens of millions of years, New Zealand has a quirky evolutionary history. There seems to have been no mammalian stock from which to evolve on the Gondwanan fragment, and so, until the arrival of humans, there were no terrestrial mammals, nor were there any of the curious marsupials of nearby Australia—no wombats or koalas or kangaroos, no rodents or ruminants, no wild cats or dogs. The only mammals that could reach New Zealand were those that could swim (like seals) or fly (like bats), and even then there are questions about how the bats got there. Two of New Zealand’s three bat species are apparently descended from a South American bat, which, it is imagined, must have been blown across the Pacific in a giant prehistoric storm. Among New Zealand’s indigenous plants and animals are a number of curious relics, including a truly enormous conifer and a lizard-like creature that is the world’s only surviving representative of an order so ancient it predates many dinosaurs. But the really odd thing about New Zealand is what happened to the birds. In the absence of predators and competitors, birds evolved to fill all the major ecological niches, becoming the “ecological equivalent of giraffes, kangaroos, sheep, striped possums, long-beaked echidnas and tigers.” Many of these birds were flightless, and some were huge. The largest species of moa—a now extinct flightless giant related to the ostrich, the emu, and the rhea—stood nearly twelve feet tall and weighed more than five hundred pounds. The moa was an herbivore, but there were also predators among these prehistoric birds, including a giant eagle with claws like a panther’s. There were grass-eating parrots and flightless ducks and birds that grazed like sheep in alpine meadows, as well as a little wren-like bird that scampered about the underbrush like a mouse. None of these creatures were seen by the first Europeans to reach New Zealand, for two very simple reasons. The first is that many of them were already extinct. Although known to have survived long enough to coexist with humans, all twelve species of moa, the Haast’s eagle, two species of adzebills, and many others had vanished by the mid-seventeenth century, when Europeans arrived. The second is that, even if there had still been moas lumbering about the woods, the European discoverers of New Zealand would have missed them because they never actually set foot on shore.

It was so complex. The number of destinations for trading stocks was maddening. There were four public exchanges: the NYSE, Nasdaq, Direct Edge, and BATS (the latter two, which specialized in high-speed trading, appeared on the scene in 2005 and 2006, respectively). Inside each of those exchanges were various other destinations. The NYSE had NYSE Arca, NYSE Amex, NYSE Euronext, and NYSE Alternext. Nasdaq had three markets. BATS had two. Direct Edge had EDGA, which had no “maker-taker” system, and EDGX, which did.