Bidding Price Quotes

The Winner’s Curse is when you come out on top of the bid, but only by paying a steep price.

Looks like someone's suffering the Winner's Curse." Kestrel turned to her. "What do you mean?" "You don't come to auctions often, do you? The Winner's Curse is when you come out on top of the bid, but only by paying a steep price.

And a variety of more colorful names. Hypothetically.” The privateer cast him an assessing glance. “Just how did you know I wasn’t who I claimed to be, Mister Brekker?” Kaz shrugged. “You speak Kerch like a native—a rich native. You don’t talk like someone who came up with sailors and street thugs.” The privateer turned slightly, giving Kaz his full attention. His ease was gone, and now he looked like a man who might command armies. “Mister Brekker,” he said. “Kaz, if I may? I am in a vulnerable position. I am a king ruling a country with an empty treasury, facing enemies on all sides. There are also forces within my country that might seize any absence as an opportunity to make their own bid for power.” “So you’re saying you’d make an excellent hostage.” “I suspect that the ransom for me would be considerably less than the price Kuwei has on his head. Really, it’s a bit of a blow to my self-esteem.” “You don’t seem to be suffering,” said Kaz. “Sturmhond was a creation of my youth, and his reputation still serves me well. I cannot bid on Kuwei Yul-Bo as the king of Ravka. I hope your plan will play out the way you think it will. But if it doesn’t, the loss of such a prize would be seen as a humiliating blunder diplomatically and strategically. I enter that auction as Sturmhond or as no one at all. If that is a problem—” Kaz settled his hands on his cane. “As long as you don’t try to con me, you can enter as the Fairy Queen of Istamere.

Oh, what love! Christ would not intrust our redemption to angels, to millions of angels; but he would come himself, and in person suffer; he would not give a low and a base price for us clay. He would buy us with a great ransom, so as he might over-buy us, and none could over-bid him in his market for souls. If there had been millions of more believers, and many heavens, without any new bargain his blood should have bought them all, and all these many heavens should have smelled one rose of life; Christ should have been one and the same tree of life in them all. Oh, we under-bid, and undervalue that Prince of love, who did overvalue us; we will not sell all we have to buy him; he sold all he had, and himself too, to buy us.

Looks like someone’s suffering the Winner’s Curse.” Kestrel turned to her. “What do you mean?” “You don’t come to auctions often, do you? The Winner’s Curse is when you come out on top of the bid, but only by paying a steep price.

Several years ago, researchers at the University of Minnesota identified 568 men and women over the age of seventy who were living independently but were at high risk of becoming disabled because of chronic health problems, recent illness, or cognitive changes. With their permission, the researchers randomly assigned half of them to see a team of geriatric nurses and doctors—a team dedicated to the art and science of managing old age. The others were asked to see their usual physician, who was notified of their high-risk status. Within eighteen months, 10 percent of the patients in both groups had died. But the patients who had seen a geriatrics team were a quarter less likely to become disabled and half as likely to develop depression. They were 40 percent less likely to require home health services. These were stunning results. If scientists came up with a device—call it an automatic defrailer—that wouldn’t extend your life but would slash the likelihood you’d end up in a nursing home or miserable with depression, we’d be clamoring for it. We wouldn’t care if doctors had to open up your chest and plug the thing into your heart. We’d have pink-ribbon campaigns to get one for every person over seventy-five. Congress would be holding hearings demanding to know why forty-year-olds couldn’t get them installed. Medical students would be jockeying to become defrailulation specialists, and Wall Street would be bidding up company stock prices. Instead, it was just geriatrics. The geriatric teams weren’t doing lung biopsies or back surgery or insertion of automatic defrailers. What they did was to simplify medications. They saw that arthritis was controlled. They made sure toenails were trimmed and meals were square. They looked for worrisome signs of isolation and had a social worker check that the patient’s home was safe. How do we reward this kind of work? Chad Boult, the geriatrician who was the lead investigator of the University of Minnesota study, can tell you. A few months after he published the results, demonstrating how much better people’s lives were with specialized geriatric care, the university closed the division of geriatrics.

That bidding process pushes prices higher, giving rise to inflationary pressures. To mitigate that risk, the tax needs to offset enough current spending to free up the real resources the government is trying to hire. The problem is that because this particular tax is levied on a tiny cadre of uber-rich people, it won’t open up much (if any) fiscal space.

But money doesn’t work in the sense that labor or tangible capital expends effort to produce commodities. Credit is debt, and debt extracts interest. Financial salesmen who promise investors, “Make your money work for you” actually mean that society should work for the creditors — and that means for the banks that create credit. The effect is to turn the economic surplus into a flow of interest payments, diverting revenue from tangible capital investment. As the economy’s reproductive powers are dried up, the financialization process is kept going by easing credit terms and lending — not to produce more goods and services, but to bid up prices for the real estate, stocks and bonds being pledged as collateral for larger and larger loans.

put it up for sale at an asking price of $25 million. I first looked at Mar-a-Lago while vacationing in Palm Beach in 1982. Almost immediately I put in a bid of $15 million, and it was promptly rejected. Over the next few years, the foundation signed contracts with several other buyers at higher prices than I’d offered, only to have them fall through before closing. Each time that happened, I put in another bid, but always at a lower sum than before. Finally, in late 1985, I put in a cash offer of $5 million, plus another $3 million for the furnishings in the house. Apparently, the foundation was tired of broken deals. They accepted my offer, and we closed one month later. The day the deal was announced, the Palm Beach Daily News ran a huge front-page story with the headline MAR-A-LAGO’S BARGAIN PRICE ROCKS COMMUNITY. Soon, several far more modest estates on property a fraction of Mar-a-Lago’s size sold for prices in excess of $18 million. I’ve been told that the furnishings in Mar-a-Lago alone are worth more than I paid for the house. It just goes to show that it pays to move quickly and decisively when the time is right. Upkeep

Sell Things by the Tariff of Courtesy. You oblige people most that way. The bid of an interested buyer will never equal the return gift of an honourable recipient of a favour. Courtesy does not really make presents, but really lays men under obligation, and generosity is the great obligation. To a right-minded man nothing costs more dear that what is given him: you sell it him twice and for two prices: one for the value, one for the

It was supposed that the pearl buyers were individuals acting alone, bidding against one another for the pearls the fishermen brought in. And once it had been so. But this was a wasteful method, for often, in the excitement of bidding for a fine pearl, too great a price had been paid to the fisherman. This was extravagant and not to be countenanced. Now there was only one pearl buyer with many hands, and the men who sat in their offices and waited for Kino knew what price they would offer, how high they would bid, and what method each one would use. And although these men would not profit beyond their salaries, there was excitement among the pearl buyers, for there was excitement in the hunt, and if it be a man's function to break down a price, then he must take joy and satisfaction in breaking it as far down as possible. For every man in the world functions to the best of his ability, and no one does less than his best, no matter what he may think about it. Quite apart from any reward they might get, from any word of praise, from any promotion, a pearl buyer was a pearl buyer, and the best and happiest pearl buyer was he who bought for the lowest prices.

Ardently, he detailed the arbitrary pricing of ink, and Kesgrave, who was accustomed to inflicting boredom, not suffering from it, could stand it no longer. He rose abruptly to his feet with the imperiousness of five centuries of breeding and bid the solicitor good day.

As UC Berkeley economics professor Brad DeLong put it to me: You get famine if the price of food spikes far beyond that of some people's means. This can be because food is short, objectively. This can be because the rich have bid the resources normally used to produce food away to other uses. You also get famine when the price of food is moderate if the incomes of large groups collapse.... In all of this, the lesson is that a properly functioning market does not seek to advance human happiness but rather to advance human wealth. What speaks in the market is money: purchasing power. If you have no money, you have no voice in the market. The market acts as if it does not know you exist and does not care whether you live or die. DeLong describes a marketplace that leaves people to die - not out of malice , but out of indifference.

The first people to get the new money are the counterfeiters, which they use to buy various goods and services. The second receivers of the new money are the retailers who sell those goods to the counterfeiters. And on and on the new money ripples out through the system, going from one pocket or till to another. As it does so, there is an immediate redistribution effect. For first the counterfeiters, then the retailers, etc. have new money and monetary income they use to bid up goods and services, increasing their demand and raising the prices of the goods that they purchase. But as prices of goods begin to rise in response to the higher quantity of money, those who haven't yet received the new money find the prices of the goods they buy have gone up, while their own selling prices or incomes have not risen. In short, the early receivers of the new money in this market chain of events gain at the expense of those who receive the money toward the end of the chain, and still worse losers are the people (e.g., those on fixed incomes such as annuities, interest, or pensions) who never receive the new money at all.

Every time Worsley made an offer, a person bidding anonymously over the telephone countered him and finally made off with the prize, at a price of seven thousand dollars. Weeks later, on his tenth wedding anniversary, Joanna gave him a present: the inscribed book. Each had been unaware that the other was the rival bidder.

Aye, but to debase myself thus were unworthy of me." "That," said Epictetus, "is for you to consider, not for me. You know yourself what you are worth in your own eyes; and at what price you will sell yourself. For men sell themselves at various prices. This was why, when Florus was deliberating whether he should appear at Nero's shows, taking part in the performance himself, Agrippinus replied, 'But why do not you appear?' he answered, 'Because I do not even consider the question.' For the man who has once stooped to consider such questions, and to reckon up the value of external things, is not far from forgetting what manner of man he is. Why, what is it that you ask me? Is death preferable, or life? I reply, Life. Pain or pleasure? I reply, Pleasure." "Well, but if I do not act, I shall lose my head." "Then go and act! But for my part I will not act." "Why?" "Because you think yourself but one among the many threads which make up the texture of the doublet. You should aim at being like men in general—just as your thread has no ambition either to be anything distinguished compared with the other threads. But I desire to be the purple—that small and shining part which makes the rest seem fair and beautiful. Why then do you bid me become even as the multitude? Then were I no longer the purple.

The arms industry’s economic contribution is also undermined by the frequency with which its main players around the world – Lockheed Martin, BAE, Boeing, Northrop Grumman, and those closely linked to it such as KBR, Halliburton and Blackwater – are implicated in grand corruption, inefficiency and wastage of public resources. They are very seldom forced to pay any significant price for their malfeasance and are always allowed to continue bidding for massive government contracts.

If only the real world operated like Elfscape,” Pwnage said, chewing. “If only marriages worked that way. Like every time I did something right I earned man points until I was a grand-master level-hundred husband. Or when I was a jackass to Lisa I’d lose points and the closer I was to zero the closer I’d be to divorce. It would also be helpful if these events came with associated sound effects. Like that sound when Pac-Man shrivels up and dies. Or when you bid too high on The Price Is Right. That chorus of failure.

The impossible class. — Poor, happy and independent! — these things can go together; poor, happy and a slave! — these things can also go together — and I can think of no better news I could give to our factory slaves: provided, that is, they do not feel it to be in general a disgrace to be thus used, and used up, as a part of a machine and as it were a stopgap to fill a hole in human inventiveness! To the devil with the belief that higher payment could lift from them the essence of their miserable condition I mean their impersonal enslavement! To the devil with the idea of being persuaded that an enhancement of this impersonality within the mechanical operation of a new society could transform the disgrace of slavery into a virtue! To the devil with setting a price on oneself in exchange for which one ceases to be a person and becomes a part of a machine! Are you accomplices in the current folly of the nations the folly of wanting above all to produce as much as possible and to become as rich as possible? What you ought to do, rather, is to hold up to them the counter-reckoning: how great a sum of inner value is thrown away in pursuit of this external goal! But where is your inner value if you no longer know what it is to breathe freely? if you no longer possess the slightest power over yourselves? if you all too often grow weary of yourselves like a drink that has been left too long standing? if you pay heed to the newspapers and look askance at your wealthy neighbour, made covetous by the rapid rise and fall of power, money and opinions? if you no longer believe in philosophy that wears rags, in the free-heartedness of him without needs? if voluntary poverty and freedom from profession and marriage, such as would very well suit the more spiritual among you, have become to you things to laugh at? If, on the other hand, you have always in your ears the flutings of the Socialist pied-pipers whose design is to enflame you with wild hopes? which bid you to be prepared and nothing further, prepared day upon day, so that you wait and wait for something to happen from outside and in all other respects go on living as you have always lived until this waiting turns to hunger and thirst and fever and madness, and at last the day of the bestia triumphans dawns in all its glory? In contrast to all this, everyone ought to say to himself: ‘better to go abroad, to seek to become master in new and savage regions of the world and above all master over myself; to keep moving from place to place for just as long as any sign of slavery seems to threaten me; to shun neither adventure nor war and, if the worst should come to the worst, to be prepared for death: all this rather than further to endure this indecent servitude, rather than to go on becoming soured and malicious and conspiratorial!

After World War II, the United States, triumphant abroad and undamaged at home, saw a door wide open for world supremacy. Only the thing called ‘communism’ stood in the way, politically, militarily, economically, and ideologically. Thus it was that the entire US foreign policy establishment was mobilized to confront this ‘enemy’, and the Marshall Plan was an integral part of this campaign. How could it be otherwise? Anti-communism had been the principal pillar of US foreign policy from the Russian Revolution up to World War II, pausing for the war until the closing months of the Pacific campaign when Washington put challenging communism ahead of fighting the Japanese. Even the dropping of the atom bomb on Japan – when the Japanese had already been defeated – can be seen as more a warning to the Soviets than a military action against the Japanese.19 After the war, anti-communism continued as the leitmotif of American foreign policy as naturally as if World War II and the alliance with the Soviet Union had not happened. Along with the CIA, the Rockefeller and Ford Foundations, the Council on Foreign Relations, certain corporations, and a few other private institutions, the Marshall Plan was one more arrow in the quiver of those striving to remake Europe to suit Washington’s desires: 1.    Spreading the capitalist gospel – to counter strong postwar tendencies toward socialism. 2.    Opening markets to provide new customers for US corporations – a major reason for helping to rebuild the European economies; e.g. a billion dollars (at twenty-first-century prices) of tobacco, spurred by US tobacco interests. 3.    Pushing for the creation of the Common Market (the future European Union) and NATO as integral parts of the West European bulwark against the alleged Soviet threat. 4.    Suppressing the left all over Western Europe, most notably sabotaging the Communist parties in France and Italy in their bids for legal, non-violent, electoral victory. Marshall Plan funds were secretly siphoned off to finance this endeavor, and the promise of aid to a country, or the threat of its cutoff, was used as a bullying club; indeed, France and Italy would certainly have been exempted from receiving aid if they had not gone along with the plots to exclude the Communists from any kind of influential role.

First, the very idea that there should be any serious kind of health insurance for Americans (beyond tiny elites) simply did not have much reality until World War II—and it was (again) the war that gave it reality. With wartime labor scarce, wage-price controls were enacted to keep bidding wars in check. Corporations, unable to offer more pay, tried to compete with benefits instead. The modern idea of widespread employer-provided health insurance developed as a strategy to attract wartime workers, and continued in many industries after the war, especially during the boom era.

sent by the gods, and divine, and that the goddesses, Isis, Nepthys, and Hathor, with Khemu, the Maker of Mankind, were seen in the birth chamber, glowing like gold. Also Pharaoh issued a decree that wherever the name of the Queen Ahura was graven in all the land, to it should be added the title "By the will of Amen, Mother of his Morning Star," and that a new hall should be built in the temple of Amen in the Northern Apt, and all about it carved the story of the coming of Prince Abi and of the vision of the Queen. But Ahura never lived to see this glorious place, since from the hour of her daughter's birth she began to sink. On the fourteenth day, the day of purification, she bade the nurse bring the beautiful babe, and gazed at it long and blessed it, and spoke with the Ka or Double of the child, which she said she saw lying on her arm beside it, bidding that Ka protect it well through the dangers of life and death until the hour of resurrection. Then she said that she heard Amen calling to her to pay the price which she had promised for the gift of the divine child, the price of her own life, and smiled upon Pharaoh her husband, and died happily with a radiant face. Now joy was turned to mourning, and during all the days of embalming Egypt wept for Ahura until, at length, the time came when her body was rowed

[Thales] was reproached for his poverty, which was supposed to show that philosophy is of no use. According to the story, he knew by his skill [in interpreting the heavens] while it was yet winter that there would be a great harvest of olives in the coming year; so, having a little money, he gave deposits for the use of all the olive-presses in Chios and Miletus, which he hired at a low price because no one bid against him. When the harvest time came, and many were wanted all at once, he let them out at any rate which he pleased and made a quantity of money. Thus he showed the world philosophers can easily be rich if they like, but that their ambition is of another sort.

Each Beatle is to receive one of the first four albums in the run, with a sequential number printed on each cover. John wants the first of the first, calling out, “Bagsy No. 1!” “John got 000001 because he shouted the loudest,”12 Paul remembers. Ringo keeps his double album in a bank vault. And there it stays until 2015, when the drummer discovers that his copy, not John’s,13 is the original — number 000001. That Saturday, December 5, 2015, Julien’s Auctions, in Beverly Hills, sets a guide price of $40,000 to $60,000, which will go to Ringo’s charity, the Lotus Foundation. The bidding shatters records, bringing $790,000. Ringo has a message for the buyer: “Whoever gets it it will have my fingerprints

like a stormy sea at best. 81. Making Cents of It All With over 1,500 projects under my belt as a freelancer and business owner, saying that I’ve experimented with pricing structures may be the understatement of the year. In my early years, nearly everything was based on a fixed bid. As my client list grew, I began landing some hourly gigs, retainers, and some dedicated resource structures. Each of these pricing structures has pros and cons, for you as a designer as well as for your client. Understanding these pricing structures, explaining them clearly to your clients, and choosing the right one for the job can make the difference between a blissful client experience and your worst nightmare. Fixed Bid Fixed-bid pricing is a set scope of work with a fixed price. You tell

But Mills also pointed to the common phenomenon known as the “winner’s curse,” in which two companies bid competitively to acquire a third, until the price climbs so high that it becomes less an economic activity than a war of egos. The winning bidders will be damned if they’ll let their opponents get the prize, so they buy the target company at an inflated price. “It tends to be the assertive people who carry the day in these kinds of things,” says Mills. “You see this all the time. People ask, ‘How did this happen, how did we pay so much?’ Usually it’s said that they were carried away by the situation, but that’s not right. Usually they’re carried away by people who are assertive and domineering. The risk with our students is that they’re very good at getting their way. But that doesn’t mean they’re going the right way.

Procuring the house in Ballister was a desperate bid for respect, for recognition, the ultimate gesture (or sacrifice, as it turned out) that would prove him a worthy successor to the Flo and Walter Prices of the world. To my mind, the Culver was Norm’s way home, the only way he knew. It was an ever-evolving means to an ever-evolving end that eventually ended him. Who or what led Norm down that thorny path—devotion, economic pressures, family cynicism, Beth’s insatiable appetite—has been a topic of endless debate. You can believe what you want to believe. Personally, I don’t think any rational argument under the sun would have deterred Beth’s “messiah” from his mission. If the Ballister acquisition was Norm’s cross, as everyone seems to think it was, then it was Norm who chose to bear that cross. And pride that nailed him to it.

In the meantime Chancellor Schleicher went about—with an optimism that was myopic, to say the least—trying to establish a stable government. On December 15 he made a fireside broadcast to the nation begging his listeners to forget that he was a general and assuring them that he was a supporter “neither of capitalism nor of socialism” and that to him “concepts such as private economy or planned economy have lost their terrors.” His principal task, he said, was to provide work for the unemployed and get the country back on its economic feet. There would be no tax increase, no more wage cuts. In fact, he was canceling the last cut in wages and relief which Papen had made. Furthermore, he was ending the agricultural quotas which Papen had established for the benefit of the large landowners and instead was launching a scheme to take 800,000 acres from the bankrupt Junker estates in the East and give them to 25,000 peasant families. Also prices of such essentials as coal and meat would be kept down by rigid control. This was a bid for the support of the very masses which he had hitherto opposed or disregarded, and Schleicher followed it up with conversations with the trade unions, to whose leaders he gave the impression that he envisaged a future in which organized labor and the Army would be twin pillars of the nation. But labor was not to be taken in by a man whom it profoundly mistrusted, and it declined its co-operation. The industrialists and the big landowners, on the other hand, rose up in arms against the new Chancellor’s program, which they clamored was nothing less than Bolshevism. The businessmen were aghast at Schleicher’s sudden friendliness to the unions. The owners of large estates were infuriated at his reduction of agricultural protection and livid at the prospect of his breaking up the bankrupt estates in the East. On

Yes, that’s the one. Aaron, I want you to acquire the company tomorrow. Start low, but I want you to end up offering at least fifteen million for it. Actually, how many partners are there?” “I see two registered partners. Michael Teo and Adrian Balakrishnan.” “Okay, bid thirty million.” “Charlie, you can’t be serious? The book value on that company is only—” “No, I’m dead serious,” Charlie cut in. “Start a fake bidding war between some of our subsidiaries if you have to. Now listen carefully. After the deal is done, I want you to vest Michael Teo, the founding partner, with class-A stock options, then I want you to bundle it with that Cupertino start-up we acquired last month and the software developer in Zhongguancun. Then, I want us to do an IPO on the Shanghai Stock Exchange next month.” “Next month?” “Yes, it has to happen very quickly. Put the word out on the street, let your contacts at Bloomberg TV know about it, hell, drop a hint to Henry Blodget if you think it will help drive up the share price. But at the end of the day I want those class-A stock options to be worth at least $250 million. Keep it off the books, and set up a shell corporation in Liechtenstein if you have to. Just make sure there are no links back to me. Never, ever.

When Joe and I went to meet Goldman’s real estate team, though, we found they had a different view of the risks of this deal. Goldman wanted to bid as low as possible to avoid overpaying. For me, the biggest risk was not offering enough and missing out on a tremendous opportunity. I wanted to make sure we beat Bankers Trust’s expected bid. You often find this difference between different types of investors. Some will tell you that all the value is in driving down the price you pay as low as possible. These investors revel in the transaction itself, in playing with the deal terms, in beating up their opponent at the negotiating table. That has always seemed short term to me. What that thinking ignores is all the value you can realize once you own an asset: the improvements you can make, the refinancing you can do to improve your returns, the timing of your sale to make the most of a rising market. If you waste all your energy and goodwill in pursuit of the lowest possible purchase price and end up losing the asset to a higher bidder, all that future value goes away. Sometimes it’s best to pay what you have to pay and focus on what you can then do as an owner. The returns to successful ownership will often be much higher than the returns on winning a one-off battle over price.

In this sense, therefore, inasmuch as we have access to neither the beautiful nor the ugly, and are incapable of judging, we are condemned to indifference. Beyond this indifference, however, another kind of fascination emerges, a fascination which replaces aesthetic pleasure. For, once liberated from their respective constraints, the beautiful and the ugly, in a sense, multiply: they become more beautiful than beautiful, more ugly than ugly. Thus painting currently cultivates, if not ugliness exactly - which remains an aesthetic value - then the uglier-than-ugly (the 'bad', the 'worse', kitsch), an ugliness raised to the second power because it is liberated from any relationship with its opposite. Once freed from the 'true' Mondrian, we are at liberty to 'out-Mondrian Mondrian'; freed from the true naifs, we can paint in a way that is 'more naif than naif', and so on. And once freed from reality, we can produce the 'realer than real' - hyperrealism. It was in fact with hyperrealism and pop art that everything began, that everyday life was raised to the ironic power of photographic realism. Today this escalation has caught up every form of art, every style; and all, without discrimination, have entered the transaesthetic world of simulation. There is a parallel to this escalation in the art market itself. Here too, because an end has been put to any deference to the law of value, to the logic of commodities, everything has become 'more expensive than expensive' - expensive, as it were, squared. Prices are exorbitant - the bidding has gone through the roof. Just as the abandonment of all aesthetic ground rules provokes a kind of brush fire of aesthetic values, so the loss of all reference to the laws of exchange means that the market hurtles into unrestrained speculation. The frenzy, the folly, the sheer excess are the same. The promotional ignition of art is directly linked to the impossibility of all aesthetic evaluation. In the absence of value judgements, value goes up in flames. And it goes up in a sort of ecstasy. There are two art markets today. One is still regulated by a hierarchy of values, even if these are already of a speculative kind. The other resembles nothing so much as floating and uncontrollable capital in the financial market: it is pure speculation, movement for movement's sake, with no apparent purpose other than to defy the law of value. This second art market has much in common with poker or potlatch - it is a kind of space opera in the hyperspace of value. Should we be scandalized? No. There is nothing immoral here. Just as present-day art is beyond beautiful and ugly, the market, for its part, is beyond good and evil.

Before she could answer, the door vibrated with a demanding thump. “Sydney,” came a muffled voice from the other side. “Yes,” Nick said, rising to his feet. Sir Ross’s tall form filled the doorway. His face was expressionless as he looked at the two of them. “I was just told of Lord Radnor’s presence.” He went directly to Lottie, crouching before her much as Nick had. Seeing her bruised arm, Sir Ross gestured toward it carefully. “May I?” His voice was more gentle than she had ever heard it. “Yes,” Lottie murmured, allowing him to take her hand in his. Sir Ross examined the darkened wrist with a gathering frown. His face was very close, and his gray eyes were so kind and concerned that Lottie wondered how she could have ever thought him aloof. She recalled his reputed compassion for women and children— a focal point of his magisterial career, Sophia had told her. Sir Ross’s mouth flexed in a faint, reassuring smile as he released her hand. “This won’t happen again— I can promise you that.” “Wonderful party,” Nick said sarcastically. “Perhaps you can tell us who the hell included Lord Radnor on the guest list?” “Nick,” Lottie interceded, “it’s all right, I am certain that Sir Ross did not—” “It is not all right,” Sir Ross countered quietly. “I hold myself responsible for this, and I humbly beg your forgiveness, Charlotte. Lord Radnor was most certainly not included on the guest list that I approved, but I will find out how he managed to obtain an invitation.” His brow creased as he continued. “Lord Radnor’s behavior tonight was irrational as well as reprehensible… it bespeaks an obsession with Charlotte that will likely not end with this incident.” “Oh, it’s going to end,” Nick said darkly. “I have several methods in mind that will cure Radnor’s obsession. To start with, if he hasn’t left the premises by the time I go back out there—” “He’s gone,” Sir Ross interrupted. “Two of the runners are here— I bid them to remove him in as discreet a manner as possible. Calm yourself, Sydney— it will do no good for you to rampage like a maddened bull.” Nick’s eyes narrowed. “Tell me how calm you would be if someone had left those bruises on Sophia.” Sir Ross nodded with a short sigh. “Point taken.” -Sir Ross, Nick, & Lottie

The impossible class. Poor, happy and independent! — these things can go together; poor, happy and a slave! — these things can also go together — and I can think of no better news I could give to our factory slaves: provided, that is, they do not feel it to be in general a disgrace to be thus used, and used up, as a part of a machine and as it were a stopgap to fill a hole in human inventiveness! To the devil with the belief that higher payment could lift from them the essence of their miserable condition I mean their impersonal enslavement! To the devil with the idea of being persuaded that an enhancement of this impersonality within the mechanical operation of a new society could transform the disgrace of slavery into a virtue! To the devil with setting a price on oneself in exchange for which one ceases to be a person and becomes a part of a machine! Are you accomplices in the current folly of the nations the folly of wanting above all to produce as much as possible and to become as rich as possible? What you ought to do, rather, is to hold up to them the counter-reckoning: how great a sum of inner value is thrown away in pursuit of this external goal! But where is your inner value if you no longer know what it is to breathe freely? if you no longer possess the slightest power over yourselves? if you all too often grow weary of yourselves like a drink that has been left too long standing? if you pay heed to the newspapers and look askance at your wealthy neighbour, made covetous by the rapid rise and fall of power, money and opinions? if you no longer believe in philosophy that wears rags, in the free-heartedness of him without needs? if voluntary poverty and freedom from profession and marriage, such as would very well suit the more spiritual among you, have become to you things to laugh at? If, on the other hand, you have always in your ears the flutings of the Socialist pied-pipers whose design is to enflame you with wild hopes? which bid you to be prepared and nothing further, prepared day upon day, so that you wait and wait for something to happen from outside and in all other respects go on living as you have always lived until this waiting turns to hunger and thirst and fever and madness, and at last the day of the bestia triumphans dawns in all its glory? In contrast to all this, everyone ought to say to himself: ‘better to go abroad, to seek to become master in new and savage regions of the world and above all master over myself; to keep moving from place to place for just as long as any sign of slavery seems to threaten me; to shun neither adventure nor war and, if the worst should come to the worst, to be prepared for death: all this rather than further to endure this indecent servitude, rather than to go on becoming soured and malicious and conspiratorial!

If it was to survive, America had to develop a new system of exchange, one that would be impervious to the gamesmanship of gifted individuals. By functioning as an auction house and averaging the bids to arrive at a final price, the Leon Walras Exchange had in one stroke stripped out the volatility, excitement, and emotion of investing, while still offering the potential for businesses to raise capital. It was a step backward to a more archaic age that had taken two painful years to move through the political process.

He saw the fear in Miss Chadwick's unfocused eyes and the bright spark of rebellion. In the next moment, Miss Chadwick's wavering gray gaze found him in the far reaches of the room. And when her eyes locked with his, she refused to let go. He could no more look away from her than he could unleash the moon from its orbit. There was only one thing he could do. Speaking in a loud, clear tone, he entered the fray with a firmly stated offer that nearly tripled the last bid. His competition turned to glare at him for how suddenly he had brought an end to the entertainment. No one was willing to top such an exorbitant price. Avenell ignored them all. He was far too busy battling an intense internal war between disgust at what she had been subjected to and an alarming thread of triumph. Because no matter how they had both ended up here, no matter how wrong this all was... the woman who had been tormenting him for weeks now belonged to him.

Bill Casey called her the next morning to say he wanted her to bid on the two paintings at Christie’s, to start his collection. His wife had liked them too, when he showed her the images. They established a maximum price she could bid up to. He sounded very excited, and she was happy for him. This was a major step, and a big investment

The Buffalo Evening News was established in 1880, and for years was operated by a single family, the Butlers. After Kate Robinson Butler died in 1974, the establishment-oriented Republican-leaning newspaper was put up for sale by her estate. It wasn't until the first Saturday after New Year's Day, 1977, that Buffett and Munger arrived in Weston, Connecticut, to talk to Vincent Manno, a newspaper broker who was handling the deal. Buffett first offered $30 million for the paper, but his price was refused. He then raised the bid to $32 million. The offer was high, considering that the Evening News had earned only $1.7 million pretax in 1976. However, the offer again was rejected. Buffett and Munger excused themselves to confer. They returned with a price written on a sheet of yellow legal paper. The amount, $32.5 million, was accepted. It was a daring move, since the acquisition price represented nearly 25 percent of the net worth of Berkshire Hathaway at that time.

These results suggest that optimistic investors bid up speculative stocks to overvalued levels. When the optimism becomes high, so does the stock price. Eventually, the optimism reaches its peak. From these high levels, the stocks subsequently earn a lower return. Pessimistic investors avoid speculative stocks, which fall to a low level. As the sentiment gets more negative, stocks decline.

Also Pharaoh issued a decree that wherever the name of the Queen Ahura was graven in all the land, to it should be added the title "By the will of Amen, Mother of his Morning Star," and that a new hall should be built in the temple of Amen in the Northern Apt, and all about it carved the story of the coming of Prince Abi and of the vision of the Queen. But Ahura never lived to see this glorious place, since from the hour of her daughter's birth she began to sink. On the fourteenth day, the day of purification, she bade the nurse bring the beautiful babe, and gazed at it long and blessed it, and spoke with the Ka or Double of the child, which she said she saw lying on her arm beside it, bidding that Ka protect it well through the dangers of life and death until the hour of resurrection. Then she said that she heard Amen calling to her to pay the price which she had promised for the gift of the divine child, the price of her own life, and smiled upon Pharaoh her husband, and died happily with a radiant face. Now joy was turned to mourning, and during all the days of embalming Egypt

Both hyper-pragmatic cost suppression (currently very normal in Beijing) and an intense devotion and care about experience and aesthetics (currently very normal in Bogota) – both of these are virtues.   Likewise, willingness to take smart risks is a virtue, and conservatism and careful selection of reasonably guaranteed success are virtues.   Rarer virtues are more likely to outperform. In a place and era with a high appetite for risk, the good risks get chewed up quickly, and the opportunities to take smart risks get harder to find and take comfortably. Likewise, conservatism across the board eats itself as safe bets get their prices bid up higher and higher – until they’re guaranteed small losses instead of guaranteed small gains.

Sarah's lips curl..."That's not my kind of action." Still, there is a trace of hesitation in her voice, as if she's bidding farewell to a cherished dream, having found its price.

As you know, Taylor Nursery has requested bids on a 25,000-pound order of private-label fertilizer. Taylor Nursery is one of the largest distributors of our Fertikil product. Opening provides background The total cost for manufacturing 25,000 pounds of the private-label brand for Taylor Nursery is $44,075. This cost includes direct material, direct labor, and variable manufacturing overhead. Although our current equipment and facilities provide adequate capacity for processing this special order, the job will require overtime labor, which has been factored into our costs. Most important information put in bold The minimum price that Jenco could bid for this product without losing money is $44,075 (our cost). Applying our standard

Options presented Taylor Nursery has requested bids from several competitors. One rival, Eclipse Fertilizers, is submitting a bid of $60,000 on this order. Therefore, our recommendation is to slightly underbid Eclipse with a price of $58,000, representing a markup of approximately 32%. Final recommendation Please let us know if we can be of further assistance in your decision on the bid. Closing builds goodwill by offering further help

The analysis of the /General Theory /shows that inflation is a real, not a monetary, phenomenon. It operates in two stages (once more giving a crudely simple account of an intricate process). An increase in effective demand meeting an inelastic supply of goods raises prices. When food is supplied by a peasant agriculture a rise of the prices of foodstuffs is a direct increase of money income to the sellers and increases their expenditure. The higher cost of living sets up a pressure to raise wage rates. So money incomes rise all round, prices are bid up all the higher and a vicious spiral sets in. The first stage — a rise of effective demand — can very easily be prevented by not having any development. But if there is to be development there must be a stage when investment increases relatively to consumption. There must be an increase in effective demand and a tendency towards inflation. The problem is how to keep it within bounds. Some schemes of investment that seem to be clearly indispensable to improvements in the long run, such as electrical installations, take a long time to yield any fruit and meanwhile the workers engaged on these have to be supplied. The secret of non-inflationary development is to allocate the right amount of quick-yielding, capital-saving investment to the consumption-good sector (especially agriculture) to generate a sufficient surplus to support the necessary large schemes. It is in this kind of analysis, rather than in the mystifications of “deficit finance,” that the clue to inflation is to be found. [pp. 110-11]

Many large private equity firms were interested in acquiring such strong brands—which is why I initially bowed out. A bidding war virtually guaranteed a higher sales price, so even if I won, I wouldn’t get paid well enough to invest my time and best talent in the company. I don’t like auctions, unless of course I’m running them.

2. Don’t trade penny stocks. A penny stock is any stock that trades under $5. Unless you are an advanced trader, you should avoid all penny stocks. I would extend this by encouraging you to also avoid all stocks priced under $10. Even if you have a small trading account ($5,000) or less, you are better off buying fewer shares of a higher-priced stock than a lot of shares of a penny stock. That is because low-priced stocks are most often associated with lower quality companies. As a result, they are not usually allowed to trade on the NYSE or the Nasdaq. Instead, they trade on the OTCBB ("over the counter bulletin board") or Pink Sheets, both of which have much less stringent financial reporting requirements than the major exchanges do. Many of these companies have never made a profit. They may be frauds or shell companies that are designed solely to enrich management and other insiders. They may also include former “blue chips” that have fallen on hard times like Eastman Kodak or Lehman Brothers. In addition, penny stocks are inherently more volatile than higher-priced stocks. Think of it this way: if a $100 stock moves $1, that is a 1% move. If a $5 stock moves $1, that is a 20% move. Many new traders underestimate the kind of emotional and financial damage that this kind of volatility can cause. In my experience, penny stocks do not trend nearly as well as higher-priced stocks. They tend to be more mean-reverting (Mean reversion occurs when a stock moves up sharply from its average trading price, only to fall right back down again to its average trading price). Many of them are eventually headed to zero, but they are still not good short candidates. Most brokers will not let you short them. And even if you do find a broker who will let you short a penny stock, how would you like to wake up to see your penny stock trading at $10 when you just shorted it at $2 a few days before? I learned that lesson the hard way. It turned out that I was risking $8 to make $2, which is not a good way to make money over the long term. To add injury to insult, a penny stock might appear to be liquid one day, and the next day, the liquidity dries up and you are confronted by a $2 bid/ask spread. Or the bid might completely disappear. Imagine owning

In very short order, we were able to persuade Blackstone to raise its bid to $48.50 a share for a total of $20 billion, plus $16 billion in debt, or $36 billion total. I insisted that our agreement include an unusually small breakup fee so other potential bidders wouldn’t be discouraged. The typical breakup fee is up to 3 percent of the selling price, but I set ours at $200 million—around 1 percent of the offer’s equity value. Obviously, this didn’t sit well with Blackstone, but it was not negotiable.

The Pillar (A Sonnet) People come, spend some time with me, Then they leave and go their own way. Some leave bidding a sweet goodbye, Then there're times I get trashed away. To the world I am but a pillar, I've accepted that role in society. But secretly the heart wreaks havoc, Not being able to hold on to somebody. There is no cure for my condition, It's the price a reformer has to pay. No world is lifted without sacrifice, That's how the being becomes a gateway. Be a shelter to others in their times of agony. Once you've fulfilled your role in their life, Do not be a hindrance to their joy and liberty.

There’s a price to be paid for liquidity and it’s reflected in the security’s yield. The yield of the current issue is always a little bit lower than other Treasury issues with similar maturities. That’s what’s called the liquidity premium. When investors buy the current issue, they are giving up a little yield in order own the current, which they can buy and sell with smaller bid/offer spreads, and there’s plenty of liquidity to move large sizes. However, this liquidity premium fades over time.

While great negotiators can sometimes turn situations where there is a gap between buyer and seller MAOs, in many cases, the price gap is impossible to overcome and the likelihood of a deal is small. For that reason, we typically like to take one of two approaches to these types of negotiations: Go in with a very low offer (typically at or below your target price) in hopes of shocking the seller into realizing that his property is worth much less than he had thought. If he doesn’t walk away and is still willing to negotiate, there is a chance that he is more highly motivated than you had anticipated, and he may reduce his MAO. If we wanted to go this route for the example above, we’d likely pick an opening price bid somewhere in the $140,000 to $150,000 range. Communicate to the seller that you don’t want to insult him with a low price and that you don’t plan to make an offer. The seller will either thank you for your honesty (in which case there was no deal to be made), or the seller will ask you what your price would have been. If the seller is interested in what you would have offered, that’s an indication that he may be more motivated than we suspected, and again, may be willing to move off his MAO. If the seller asks you what your offer would have been, we typically will present the offer exactly as we did in the first example above, but indicate that we might have a bit of flexibility in that price.

Just as you pay a commission to the retail broker who took your order or provides you trading access via an electronic platform, the market maker must be paid in the form of the bid/ask spread. Think about it: If as a retail trader you are always paying the ask and selling the bid, you are a net loser even if the price of the futures contract remains unchanged.

Despite arguments against speculation and its place in the commodity markets that shape our economy—and, therefore, our lives—without it, producers and users of commodities would have a difficult time facilitating transactions. Thanks to speculators, there is always a buyer for every seller and a seller for every buyer. Without them and the liquidity they provide, hedgers would likely be forced to endure much larger bid/ask spreads and, in theory, price volatility. Consumers would also suffer in the absence of speculators simply because producers would be forced to pass on their increased costs to allow for favorable profit margins.

People have realised that, in light of historical statistics, they have been too fearful of stocks. Armed with this new knowledge, investors have now bid stock prices up to a higher level.

Through Carson’s career, he bid on cattle using one simple number, a metric he called “choice cost hanging in the cooler.” What that metric represented was the value for a pound of “choice”-grade beef hanging in the cooler at a slaughterhouse. Choice-grade beef was the high-quality stuff. It’s what made a good steak. That’s what beef packers were aiming to get because that’s what fetched the highest price. Select-grade beef, on the other hand, went into hamburger or other cheaper cuts. In the old days, Carson figured out the choice cost hanging in the cooler and reverse-engineered that number to figure out what he would bid on any given pen of cattle. He could eyeball a pen of cattle and figure out instantly how many of them would grade choice, how many select, and how much meat they’d yield. It let him bid prices that were razor-sharp in their precision. This was at the heart of Carson’s job, and the job of every cattle buyer. Now Klein was telling Carson that it only mattered how his costs stacked up against those of a buyer several counties away.

Senior executives inside IBP realized that raising cattle was a waste of money. So at Garden City, IBP employed a new way to procure a steady stream of cows. It was called the “formula contract.” The formula contract created a way for IBP to lock in a steady supply of cattle without having to go out on the open market and haggle for them, as meatpackers always had. Instead, IBP signed contracts with a rancher or feedlot, agreeing to buy a set number of cattle at a set date.3 The price for those cattle, when they were delivered, was based on a formula rather than a competitive bid. IBP created a formula price that allowed the company to start controlling its cattle supply in a way that mimicked Tyson’s methods for controlling its chicken supply. IBP couldn’t simply dictate what kind of animals it slaughtered, the way Tyson did, but it could use contracts to exert influence over the ranches. IBP’s formula contained a series of discounts and premiums that rewarded some qualities in the cow while punishing others. These discounts were crude levels that IBP used to shape the kind of cattle ranchers raised. Early on, for example, IBP controlled the size of the cows ranchers delivered by discounting those that were too big and those that were too small. The formula acted as a market incentive all its own, slowly bending the characteristics of the cattle herd to IBP’s specifications. It was still a long way from the exacting control Tyson had over its chicken flocks, but the formulas would evolve over the decades.

[God] holds in His omnipotent hand the priceless, precious, eternal gift of salvation, and He bids you to take it without money and without price.

averaging the bids to arrive at a final price, the Leon

nothing, since the story of this child had gone abroad and folk declared that it was sent by the gods, and divine, and that the goddesses, Isis, Nepthys, and Hathor, with Khemu, the Maker of Mankind, were seen in the birth chamber, glowing like gold. Also Pharaoh issued a decree that wherever the name of the Queen Ahura was graven in all the land, to it should be added the title "By the will of Amen, Mother of his Morning Star," and that a new hall should be built in the temple of Amen in the Northern Apt, and all about it carved the story of the coming of Prince Abi and of the vision of the Queen. But Ahura never lived to see this glorious place, since from the hour of her daughter's birth she began to sink. On the fourteenth day, the day of purification, she bade the nurse bring the beautiful babe, and gazed at it long and blessed it, and spoke with the Ka or Double of the child, which she said she saw lying on her arm beside it, bidding that Ka protect it well through the dangers of life and death until the hour of resurrection. Then she said that she heard Amen calling to her to pay the price which she had promised for the gift of the divine child, the price of her own life, and smiled upon Pharaoh her husband, and died happily with a radiant face. Now

were seen in the birth chamber, glowing like gold. Also Pharaoh issued a decree that wherever the name of the Queen Ahura was graven in all the land, to it should be added the title "By the will of Amen, Mother of his Morning Star," and that a new hall should be built in the temple of Amen in the Northern Apt, and all about it carved the story of the coming of Prince Abi and of the vision of the Queen. But Ahura never lived to see this glorious place, since from the hour of her daughter's birth she began to sink. On the fourteenth day, the day of purification, she bade the nurse bring the beautiful babe, and gazed at it long and blessed it, and spoke with the Ka or Double of the child, which she said she saw lying on her arm beside it, bidding that Ka protect it well through the dangers of life and death until the hour of resurrection. Then she said that she heard Amen calling to her to pay the price which she had promised for the gift of the divine child, the price of her own life, and smiled

And now I, Moroni, bid farewell unto the Gentiles, yea, and also unto my brethren whom I love, until we shall meet before the ajudgment-seat of Christ, where all men shall know that my bgarments are not spotted with your blood. 39 And then shall ye know that I have aseen Jesus, and that he hath talked with me bface to face, and that he told me in cplain humility, even as a man telleth another in mine own language, concerning these things;

To define best price, Reg NMS relied on the concept of the National Best Bid and Offer, known as the NBBO. If an investor wished to buy 10,000 shares of Microsoft, and 100 shares were offered on the BATS exchange at $30 a share, while the full 10,000 listed on the other twelve exchanges were offered at $30.01, his broker was required to purchase the 100 shares on Bats at $30 before moving on to the other exchanges.

THE ROAR of the death blast on the Avenue of the Americas cannot be heard in faraway Johannesburg. With eight weeks to go to the opening game in Soccer City, Sepp Blatter and his South African capos have enough problems. Outraged by price gouging, fans are staying home. In the townships citizens protest every day; ‘Service riots’ send messages to politicians that public money should be spent on homes, water, sewage plants and jobs, not stadiums that will become white elephants. Why should they listen? They have the police beat back the protestors. The World Cup is good news for Danny Jordaan, leader of the bid and now chief executive for the tournament. Quietly, his brother Andrew has been given a well-paid job as Hospitality liaison with MATCH Event Services at the Port Elizabeth stadium. A stakeholder in the MATCH company is Sepp Blatter’s nephew Philippe Blatter. The majority owners are Mexican brothers Jaime and Enrique Byrom, based in Manchester, England, Zurich, Switzerland and with some of their bank accounts in Spain and the Isle of Man. The Brothers are not happy. Sepp Blatter awarded them the lucrative 2010 hospitality contract aimed at wealthy football patrons, mostly from abroad. If that wasn’t enough, Blatter also gave them the contract to manage and distribute the three million tickets. The brothers are charging top rates for hotels and internal flights and expected to make huge profits. Instead, they are on their way to losing $50 million. They plan to recoup these losses in Brazil in four years time.

As yet infrequent in some professions (such as law), fixed-price contracts or bids are increasingly common in investment banking, medicine, consulting, and architecture.

Looking to buy a house in Greater Boston? You better move fast. An already tight supply of homes for sale is even more dire in many municipalities this season, driving prices even higher, spurring new bidding wars, and frustrating would-be buyers. The number of single-family houses for sale in Massachusetts plunged 20 percent in April from a year earlier, the 39th consecutive month that inventories have declined from the previous year. That’s according to data released Wednesday by the Massachusetts Association of Realtors.

Step By Step Guide To Finding A Good Roofing Contractor The local roofing repair contractor you choose should always have a great reputation in the community and a track record of exceptional customer service. When you can't be on site, you need to know that your service provider is doing an excellent job. You also need to be sure that old-fashioned craftsmanship and quality materials are part of the roofing repair contractor's vision for his work. The following are methods to make sure that you hire the right roofing repair contractor. A reliable roofing repair contractor will make an effort to bring you the highest quality results. Well-regarded roofing repair contractors preserve their good reputations by always keeping their promises. Give your roofing repair contractor an appropriate timeline and do not interrupt his work unnecessarily. Discover how the contractual worker arrangements to handle any obligation issues. Once you start seeing bids, do not make the mistake of assuming that a low bid will lead to a similarly low work performance. Check the cost of the needed materials and compare them to the pricing of the low bid. In addition, it's important to think about all the labor costs. Construct a legal contract only when you have determined the price is within reason. Often when you are searching for a local roofing repair contractor with a great reputation and who will provide the very best work, this is usually one of the busier people in his field. If your local roofing repair contractor has a reputation for doing a great job, be prepared to wait to engage his services. There is a downside to roofing repair contractors who are in high demand as they might not be able to focus entirely on your project. The most vital thing in finding a local roofing repair contractor is to trust your instincts. Every time a roofing expert comes to you with a legal contract that requires your signature, read the legal agreement to really ensure all of your requests are present in the legal agreement and the roofing expert recognizes them. If you're taking the time to ensure the legal agreement has everything you and your service provider had agreed on and is put in clear terms, it'll save you much stress and money down the road. Ensure you have posed all questions and concerns to your service provider prior to signing an agreement. If there are any terms or conditions you do not understand, give the legal agreement to a lawyer for clarification. Roofing contractors with excellent reputations consider it good business practice to provide each client with a written quote before starting work on any job. If the info is needed, pronto, your roofing repair contractor might be willing to provide you with a quote over the phone. Inspect the schedule and qualifications of the roofing repair contractor to effectively ensure that the project will be finished exactly how and when you would like it and within your financial requirements. Make sure to ask any questions and address all concerns to your satisfaction before you employee a roofing repair contractor

Egypt went mad with joy, though there were many who in secret mourned over the sex of the infant, whispering that a man and not a woman should wear the Double Crown. But in public they said nothing, since the story of this child had gone abroad and folk declared that it was sent by the gods, and divine, and that the goddesses, Isis, Nepthys, and Hathor, with Khemu, the Maker of Mankind, were seen in the birth chamber, glowing like gold. Also Pharaoh issued a decree that wherever the name of the Queen Ahura was graven in all the land, to it should be added the title "By the will of Amen, Mother of his Morning Star," and that a new hall should be built in the temple of Amen in the Northern Apt, and all about it carved the story of the coming of Prince Abi and of the vision of the Queen. But Ahura never lived to see this glorious place, since from the hour of her daughter's birth she began to sink. On the fourteenth day, the day of purification, she bade the nurse bring the beautiful babe, and gazed at it long and blessed it, and spoke with the Ka or Double of the child, which she said she saw lying on her arm beside it, bidding that Ka protect it well through the dangers of life and death until the hour of resurrection. Then she said that she heard Amen calling to her to pay the price which she had promised for the gift of the divine child, the price

all Egypt went mad with joy, though there were many who in secret mourned over the sex of the infant, whispering that a man and not a woman should wear the Double Crown. But in public they said nothing, since the story of this child had gone abroad and folk declared that it was sent by the gods, and divine, and that the goddesses, Isis, Nepthys, and Hathor, with Khemu, the Maker of Mankind, were seen in the birth chamber, glowing like gold. Also Pharaoh issued a decree that wherever the name of the Queen Ahura was graven in all the land, to it should be added the title "By the will of Amen, Mother of his Morning Star," and that a new hall should be built in the temple of Amen in the Northern Apt, and all about it carved the story of the coming of Prince Abi and of the vision of the Queen. But Ahura never lived to see this glorious place, since from the hour of her daughter's birth she began to sink. On the fourteenth day, the day of purification, she bade the nurse bring the beautiful babe, and gazed at it long and blessed it, and spoke with the Ka or Double of the child, which she said she saw lying on her arm beside it, bidding that Ka protect it well through the dangers of life and death until the hour of resurrection. Then she said that she heard Amen calling to her to pay the price which she had promised for the gift of the divine child, the price

Sadly for few companies, such as Air Deccan, they had to issue shares when market started to correct from the then peak. The response was poor. The company tried to attract investors by lowering the price band from Rs 150-175 to Rs 146-175 and also extended the last bidding day for initial public offer. That was hardly sufficient. After it got listed in the secondary market shares plummeted to Rs 64 levels. If

Brokers could spread their geographical presence through the length and breadth of nation and subsequently reach out customers who otherwise would never have gotten the chance to venture into stock investment. Auction, bidding, negotiation and what not, everything takes place at computer terminals. In the old system of outcry auction calling out the price on the trading floor, everyone would know which broker actually trades. But in the new system anonymity is maintained. You can play with millions of shares with cup of tea in one hand and puff of cigarette on the other. There

the first were blue like the summer sky at even. Also on her breast was a mole of the length of a finger nail, which mole was shaped like the holy Sign of Life. Now Pharaoh and his house and the priests in every temple, and indeed all Egypt went mad with joy, though there were many who in secret mourned over the sex of the infant, whispering that a man and not a woman should wear the Double Crown. But in public they said nothing, since the story of this child had gone abroad and folk declared that it was sent by the gods, and divine, and that the goddesses, Isis, Nepthys, and Hathor, with Khemu, the Maker of Mankind, were seen in the birth chamber, glowing like gold. Also Pharaoh issued a decree that wherever the name of the Queen Ahura was graven in all the land, to it should be added the title "By the will of Amen, Mother of his Morning Star," and that a new hall should be built in the temple of Amen in the Northern Apt, and all about it carved the story of the coming of Prince Abi and of the vision of the Queen. But Ahura never lived to see this glorious place, since from the hour of her daughter's birth she began to sink. On the fourteenth day, the day of purification, she bade the nurse bring the beautiful babe, and gazed at it long and blessed it, and spoke with the Ka or Double of the child, which she said she saw lying on her arm beside it, bidding that Ka protect it well through the dangers of life and death until the hour of resurrection. Then she said that she heard Amen calling to her to pay the price which she had promised for the gift of the divine child, the price of her own life, and smiled upon Pharaoh her husband, and

The large early stock price gains by Netscape, Amazon, and others rewoke investors to the potential of technology stocks and they bid up any company that had any involvement with the Internet. Private tech companies took advantage of the market opportunity by going public and investors bought these up too. These companies could not yet be evaluated on objective measures like earnings, so investors used the rising stock prices as the rationale to keep buying. Anyone who questioned the sustainability of prices was told they just didn’t “get it.

The closest bid ever in a showcase without getting it on the nose was only $2.00 away from the actual retail price.

Epicurus is right, that happiness is up at auction all the time, and sold in lots to suit the purchaser whenever he bids high enough. And the price is not exorbitant: prudence to plan for the simple pleasures that can be had for the asking; resolution to cut off the pleasures that come too high; determination to amputate our reflections the instant they develop morbid symptoms, and to take an anti-toxine against fret and worry, the moment we feel the approach of their contagious atmosphere; concentration, to live in a self-chosen present from which profitless regret and unprofitable anxieties, projected from the past or borrowed from the future, are absolutely banished.

When everyone believes something is risky, their unwillingness to buy usually reduces its price to the point where it’s not risky at all. Broadly negative opinion can make it the least risky thing, since all optimism has been driven out of its price. • And, of course, as demonstrated by the experience of Nifty Fifty investors, when everyone believes something embodies no risk, they usually bid it up to the point where it’s enormously risky. No risk is feared, and thus no reward for risk bearing—no “risk premium”—is demanded or provided. That can make the thing that’s most esteemed the riskiest. This paradox exists because most investors think quality, as opposed to price, is the determinant of whether something’s risky. But high quality assets can be risky, and low quality assets can be safe.

He has built a highly profitable securities firm, Bernard L. Madoff Investment Securities, which siphons a huge volume of stock trades away from the Big Board. The $740 million average daily volume of trades executed electronically by the Madoff firm off the exchange equals 9% of the New York exchange’s. Mr. Madoff’s firm can execute trades so quickly and cheaply that it actually pays other brokerage firms a penny a share to execute their customers’ orders, profiting from the spread between bid and ask prices that most stocks trade for

This is because every stock has a bid price and an offer (or "ask") price. The bid is the price at which someone is willing to buy the stock. The offer is the price at which someone is willing to sell the stock. Memorize this phrase right now:

It is easier for a camel to go through the eye of a needle than for a rich man to enter the kingdom of God" (Mark 10:23b, 25). [...] seems to rule out the very possibility of salvation for the rich, bidding them to renounce wealth and take to the road, again, like Prince Siddhartha. Again, Jesus might have said it, but it could as easily be the invention of the itinerants themselves. After all, it is to these, and not to Christian believers in general, that the promise was addressed: "He who hears you hears me" (Luke 10:16a), a warrant to coin an unlimited number of new sayings from the heavenly Christ (subsequently to be ascribed to the historical Jesus). This is one of them.

The wind howled and moaned pitifully. The rain beat ever louder against the old boat, and the waves outside hissed, whilst we, lying still in a close embrace, shivered still from the cold. This was indeed stern reality. I felt convinced that no dream, however monstrous, however unbearable, could ever have vied in oppressiveness with this crushing actuality. Natasha continued to talk softly, soothingly, kindly, as none but a woman can do. Her simple gentle words caused warm feelings to creep into my heart, and I felt it melting within me. A flood of tears poured down my cheeks, washing away the anger, the grief, the self-conceit, the evil that had accumulated in my heart in the course of that terrible night. Once more Natasha endeavoured to comfort me. “Do, not weep like that dear. Do stop crying. Please God, something will turn up. You will find another place. You will be all right soon”. Kisses, hot, caressing, and soothing mingled with her words. They were the very first kisses I had ever received from a woman; and they were the best. All those I received later were bought at much too high a price. “Come, come! Stop that noise; what a strange fellow you are. Tomorrow I will try and find you some work, if that’s what’s the matter.” The low, soft, persuasive whispers came wafted to me as though through a dream. Thus we remained in each other’s arms till daybreak. As soon as dawn appeared we crawled out from under the boat, and made our way towards the town. There we bid each other a warm farewell, and parted - never to meet, again; though for more than six months I searched for that sweet girl through all the slums of the town—the girl with whom I had spent an autumn night. If she is dead—the best thing that could have happened to her—may her soul rest in peace. If she is still alive, God grant her a quiet mind, and may she never realise her fall; for that would be only a cruel and futile suffering, and would serve no useful purpose in this world.

As a well-prepared negotiator who seeks information and gathers it relentlessly, you’re actually going to want the other guy to name a price first, because you want to see his hand. You’re going to welcome the extreme anchor. But extreme anchoring is powerful and you’re human: your emotions may well up. If they do there are ways to weather the storm without bidding against yourself or responding with anger. Once you learn these tactics, you’ll be prepared to withstand the hit and counter with panache. First, deflect the punch in a way that opens up your counterpart. Successful negotiators often say “No” in one of the many ways we’ve talked about (“How am I supposed to accept that?”) or deflect the anchor with questions like “What are we trying to accomplish here?” Responses like these are great ways to refocus your counterpart when you feel you’re being pulled into the compromise trap.

There isn't anyone in the business," he went on, "who hasn't been accused of selling a forged piece, by accident or design, over the years. And then there's the current brouhaha in the auction houses, with the government charging sellers with rigging the bids to knock up the prices. On the surface, gentlemen, it's a world of exquisite beauty and refinement. But it's every bit as filthy and cutthroat as any other commercial enterprise, as soon as you get beneath the top layer of gouache

Value investing by its very nature is contrarian. Out-of-favor securities may be undervalued; popular securities almost never are. What the herd is buying is, by definition, in favor. Securities in favor have already been bid up in price on the basis of optimistic expectations and are unlikely to represent good value that has been overlooked.

once the issue settled, Tiger and Quantum agreed to have Salomon manage their positions. Salomon had complete control of the entire 2 Year Note. By the middle of May, it was clear there was something wrong. The 2 Year Note’s price was completely distorted; it was trading extremely rich and the yield was extremely low. There was no squeeze in the Repo market, however, because Salomon loaned the securities into the market each day. This created one of the strangest squeezes ever. There was no shortage in the Repo market, but there was a huge premium in the cash market. As the squeeze in the April 2 Year Note continued, Salomon submitted large bids again for the next 2 Year Note settling at the end of May. They were able to accumulate an abnormally large position once again. Prices across the entire 2 year sector were now distorted. Prices were abnormally high and yields were abnormally low. Everyone knew that Salomon had the issue and Salomon was not selling. At this point, all of the trading in the market was from one short seller to another. There were no real owners selling. All of the buyers were existing short-sellers who had ridden their losses as far as they could go and got stopped out. All of the sellers were new short-sellers willing to take short positions and higher and higher prices. There was no way for the squeeze to end without Salomon selling. What was Salomon’s goal? They had already achieved a very successful squeeze. Prices moved in their favor and they had a huge win under their belt. The biggest short-squeeze of all time! However, in July things started to unravel. Market participants started complaining to the Fed. Everyone knew that Salomon owned the entire issue. The Fed passed the information to the Treasury Department. Treasury then passed it to the SEC, who immediately launched an investigation. By the end of July, it was all over.

A 2008 Credit Suisse study found that the ban made stock prices less efficient and trading in those stocks more expensive for investors. They found that bid/offer spreads doubled, on average, during the ban.

Ask the Most Important Question The information we’ve gathered on motivation and property payoff amount are likely enough to allow us to generate a reasonable opening price bid. But, given that we’re great negotiators, there’s one more tactic that will often provide an even clearer picture of the seller’s minimum acceptable price. And that’s asking the seller flat out, “What is the lowest price you’d accept?” Now, you may be thinking that’s a bit too direct and any reasonable seller is going to be unlikely to give you an honest answer. And I’d agree with you. But if you phrase that same question just a little bit differently, you can get the information you’re looking for, while at the same time sending the message to the seller that she’d benefit from answering the question. Instead, what if we asked the question: Investor: “If I were to offer you all cash and close as quickly as you’d like, what is the best price you could give me in return?” Do you see what we just did there?

front-page headline in The New York Times read “SEC Says Teenager Had After-School Hobby: Online Stock Fraud.” The fifteen-year-old New Jersey high school student collected $273,000 in eleven trades. He would first buy a block of stock in a thinly traded company, then flood Internet chat rooms with messages that, say, a $2 stock would be trading at $20 “very soon.” The text here was about as valuable as the message in a fortune cookie. Dr. EMH’s rational all-knowing investors promptly bid up the price, at which point young Mr. Lebed sold. He had opened his brokerage accounts in his father’s name. Lebed settled with the SEC, repaying $273,000 in profits plus $12,000 in interest. It’s not apparent from the stories that any of this money was used to compensate the defrauded investors, whose identity or degree of injury may in any case be impossible to determine. The father’s comment? “So they pick on a kid.

To illustrate the losses from market impact, suppose XYZ stock has a “true” price of $50 a share. Assuming for simplicity that it trades in 10-cent increments, between trades there will be buyers bidding for various amounts at $49.90, $49.80, $49.70, and so forth. Similarly, sellers will be asking $50.10, $50.20, et cetera. Someone who places an order to buy at whatever price is available in the market, called a market order and one of the most common types, will pay $50.10, a little above the true price. This 10-cent difference between the price paid and the “true” price is called market impact. Market impact increases with order size since, to continue our example, a large market order may clean out not only the offering at $50.10 but also stock offered for sale at higher prices, resulting in an average purchase price above $50.10 and a market impact greater than 10 cents per share. When Steve Mizusawa and I operated Ridgeline Partners, we reduced these costs by dividing large orders into smaller ones of $20,000 to $100,000, and waiting a few minutes between transactions to allow the market price to recover. We know the “true” price is somewhere at or between the highest bid price (the Bid) and the lowest asking price (the Offer), but not exactly where. On average, it is about halfway between the two. To see that market impact is a real cost, suppose in our example that just after buying stock at $50.10 the buyer wants to sell it at market. He gets $49.90, for an immediate loss of 20 cents or about 0.4 percent.

Since great businesses remain great for an eternity, everyone knows about them. Investors bid their prices up, and rightly so. The ten-year average price/earnings (PE) multiples of some of the leading consumer businesses in India are astronomical. For example, Asian Paints, 56; Colgate India, 43; Dabur, 44; Hindustan Unilever, 51; and Page Industries, 65. As price-sensitive investors, we should not buy these businesses since their valuations would almost always be too high for us. And we don’t. From the list provided two paragraphs earlier, the only companies we have been able to buy since 2007 are Page, Havells, and TTK Prestige. Our window of opportunity for buying these three was only two to three months over almost fifteen years—a punctuation event that lasted just 1 to 2 percent of this period. There are very few great businesses, and they are almost always unbuyable.

Since great businesses remain great for an eternity, everyone knows about them. Investors bid their prices up, and rightly so. The ten-year average price/earnings (PE) multiples of some of the leading consumer businesses in India are astronomical. For example, Asian Paints, 56; Colgate India, 43; Dabur, 44; Hindustan Unilever, 51; and Page Industries, 65. As price-sensitive investors, we should not buy these businesses since their valuations would almost always be too high for us. And we don’t. From the list provided two paragraphs earlier, the only companies we have been able to buy since 2007 are Page, Havells, and TTK Prestige. Our window of opportunity for buying these three was only two to three months over almost fifteen years—a punctuation event that lasted just 1 to 2 percent of this period. There are very few great businesses, and they are almost always unbuyable. Hence, we buy very rarely, and when we do, we buy a lot.

accumulated immense capital, and grew more arrogant as their wealth increased. They bid for all properties on sale in the various districts, and raised prices to such fantastic heights that the whites who were not wealthy could not buy, or ruined themselves by attempting to keep pace with them. Thus, in some districts, the finest properties were in the possession of the half-castes, and yet they were everywhere the least ready to submit to statute labour and the public dues. Their plantations were the sanctuary and asylum of the freedmen who had neither work nor profession and of numerous fugitive slaves who had run away from their gangs. Being so rich they imitated the style of the whites and sought to drown all traces of their origin.

Other growers were more concerned that “consumers remained woefully ignorant” of grape varieties such as the petite sirah, vastly preferring zinfandels. Still, California sold 250,000 tons of grapes in 1921. Bad law had made for such good business, the Grape Grower couldn’t help but publish some euphoric poetry: The season opened with a whiz; From every angle looked like biz. The yield was fair, quality grand; Prices established, bids on hand. O happy day, happy day When booze was banned and grape held sway.

But what if McDaniel had not begged Trump to remain a Republican? What if McCarthy had not made his trek to Mar-a-Lago? For these Republican leaders, the principled path was the path not taken. Perhaps they would have been replaced by other people who would have done Trump’s bidding, adding their names to the long list of Republicans who have had their political careers ruined by the party’s conqueror. Perhaps the GOP would have splintered in two, with Trump following through on his threat to found the “Patriot Party.”[15] Or perhaps they—and the party—would have been able to turn the page on the Trump era by letting the former president flounder in Palm Beach. We’ll never know for sure. But we do know this: In the years since those decisions were made, the Republican Party has paid a steep price for placating a wounded, vindictive, and angry former president.

As a collector he was careful, too, and much of his collection was acquired at reasonable prices, because not many people were interested, at that time, in his field. He really knew about everything he bid for at auctions or acquired after spending hours in old bookstores or print shops. His interest was in the American Navy and he collected books and letters and prints and models of ships. The collection was fairly sizable and interesting when he went to Washington as assistant secretary of the navy, but those years in the Navy Department gave him great opportunity to add to it. He was offered and acquired an entire trunkful of letters which included the love letters of one of our early naval officers. He also acquired a letter written by a captain to his wife describing receipt of the news of George Washington’s death and his subsequent action on passing Mount Vernon. He is said to have instituted a custom which every navy ship has followed from that day to this, and which varies only according to the personnel carried by the ship. All the ships lower the flag to half mast, man the rail, toll the bell and, if a bugler is on board, blow taps.

as the Allies bid against each other for American supplies, they drove prices sky-high;

Imagine a baby’s brain as a market, with each synapse representing a company or entrant. When the baby is born, the market is buzzing because the brain is creating a lot of synapses and some will be wildly successful. Enthusiasm reigns. Introduce prices, and you have a foundation for a mania. Investors use price as an important cue, among others, toward a business’s potential success. As the price is bid up, humans naturally want to participate. A positive-feedback loop kicks in, which bootstraps a mania. But as we know, many synapses, or companies, don’t make it. The path to innovation is paved with failure and waste.

Zedd’s eyes became intense. “It is different when you kill with the Sword of Truth, because of the magic. The magic has done your bidding, and it extracts a price. There is no such thing as pure good or pure evil, least of all in people. In the best of us there are thoughts or deeds that are wicked, and in the worst of us, at least some virtue. An adversary is not one who does loathsome acts for their own sake. He always has a reason that to him is justification. My cat eats mice. Does that make him bad? I don’t think so, and the cat doesn’t think so, but I would bet the mice have a different opinion. Every murderer thinks the victim needed killing.

of exchange, one that would be impervious to the gamesmanship of gifted individuals. By functioning as an auction house and averaging the bids to arrive at a final price,

This unstated coordination gave the producers of electricity what economists call market power, which means the ability to set prices higher than a competitive market would allow. Within less than a hundred rounds of bidding, Talukdar’s experimental auctions resembled not so much a competitive market as a cartel, in which many sellers obtain monopoly power by coordinating their actions to artifically inflate prices. That is what OPEC, the Organization of Petroleum Exporting Countries, does openly when members collude on setting the price of oil by limiting production.

In the first-price auction, choosing the optimal bid is not trivial. We need to analyze the Bayesian equilibria of this game.

By the time everyone decides that a given industry is “obviously” the best one to invest in, the prices of its stocks have been bid up so high that its future returns have nowhere to go but down.

solar power generation of one of our states in western India creating 654.8 MW of solar energy power within a short time and started feeding into the grid. Another state in the south aims to add 3,000 MW of solar power in three years’ time. The reverse bidding process introduced by the Electricity Authority of India with the ceiling of rupees 15 per unit has brought in competition all of which is an advantage for the creation of clean green power. Now with increased competition, the state electricity boards are able to get the energy at an attractive price of rupees seven per unit. This may get further reduced when large scale installation and capacity addition takes place in a number of states and union territories. Such innovations should be multiplied and applied in all areas of energy production and management.