Bond Price Quotes

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FRIEND Only when you have walked with me through the valley of hardship... When you have fought beside me against an evil foe... When you have cried with me through a painful heartache... When you have laughed with me at life joyous moments... When you have held my hand in silent sorrow at my loss... When you have trusted me in spite of your doubts,,, When you have believed in me when I lacked confidence to believe in my self... When you have defended my honor against lying tongues... When you have prayed for me when I was temped to go wrong... When you have stood with me as others walked away... Then and only then can you call me friend. For then you truly know ME. Then you will have paid the price of sisterhood/brotherhood. Then you will have forged a bond that will transcend time and live beyond life. Then you will truly be called a FRIEND who sticks closer than a brother... © 2013 From the book Meditations From my Garden by Stella Payton
Stella Payton
A woman spent about ten minutes looking around the shop, then told me that she was a retired librarian. I suspect she thought that this was some sort of a bond between us. Not so. On the whole, booksellers dislike librarians. To realise a good price for a book, it has to be in decent condition, and there is nothing librarians like more than taking a perfectly good book and covering it with stamps and stickers before – and with no sense of irony – putting a plastic sleeve over the dust jacket to protect it from the public. The final ignominy for a book that has been in the dubious care of a public library is for the front free endpaper to be ripped out and a ‘DISCARD’ stamp whacked firmly onto the title page, before it is finally made available for members of the public to buy in a sale. The value of a book that has been through the library system is usually less than a quarter of one that has not.
Shaun Bythell (The Diary of a Bookseller)
What would it be like to feel so attached, so intrinsically bonded, so protective of one’s own best connection with time and the ages, of generations past and future, of another human life, of their time?
J.R. Tompkins (Price of the Child)
Charles had tried to open the pond and called up for wolf to defeat the black magic and hadn't been able to. Brother Wolf had panicked because Charles had somehow mess up their bond—and then Anna threatened to leave them and Charles had panicked, too. If she hadn't allowed them to make love to her, to reestablish they're claim, things might have gotten... interesting, in the same way that a grizzly attack is interesting. Because neither he nor Brother Wolf was capable of letting her go. It had been a revelation. The bottom line was that he was selfish creature, Charles decided more cheerfully than he'd been about anything in a long time. He guided Anna around a hole in the ground with a subtle push of his hand on her hip. She probably had seen the hole, but it please him to take care of her in such a small way. He was willing to pay any price to keep safe...any price except for losing her.
Patricia Briggs (Fair Game (Alpha & Omega, #3; Mercy Thompson World - Complete #9))
Morgan then formed the U.S. Steel Corporation, combining Carnegie’s corporation with others. He sold stocks and bonds for $1,300,000,000 (about 400 million more than the combined worth of the companies) and took a fee of 150 million for arranging the consolidation. How could dividends be paid to all those stockholders and bondholders? By making sure Congress passed tariffs keeping out foreign steel; by closing off competition and maintaining the price at $28 a ton; and by working 200,000 men twelve hours a day for wages that barely kept their families alive. And so it went, in industry after industry—shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies. These industries were the first beneficiaries of the “welfare state.
Howard Zinn (A People's History of the United States: 1492 to Present)
Cruelty links all three primitives [pleasure, pain, and desire]: Spinoza defines it as the desire to inflict pain on someone we love or pity. Financial speaking, cruelty is analogous to a convertible bond whose debt and equity depend on three economic underliers: the stock price, the level of interest rates, and the credit worthiness of the company's debt.
Emanuel Derman (Models.Behaving.Badly.: Why Confusing Illusion with Reality Can Lead to Disaster, on Wall Street and in Life)
Sometimes, if you have faith in people they'll surprise you. Mom and Dad taught me that. Risk is the price of believing most people want to be good.
Gwenda Bond (Triple Threat (Lois Lane, #3))
it is easier to deal with the devil you know, the price of avoiding primal separation and death anxiety is a partial suicide resolution in which one gives up on life. Peace is purchased at the cost of avoiding spontaneous feelings and encouraging a process of emotional anaesthesia—a trade-off in which primal anxieties are ameliorated by sacrificing the zest for life.
Robert W. Firestone (The Fantasy Bond: Structure of Psychological Defenses)
The motivation for taking on debt is to buy assets or claims rising in price. Over the past half-century the aim of financial investment has been less to earn profits on tangible capital investment than to generate “capital” gains (most of which take the form of debt-leveraged land prices, not industrial capital). Annual price gains for property, stocks and bonds far outstrip the reported real estate rents, corporate profits and disposable personal income after paying for essential non-discretionary spending, headed by FIRE [Finance, Insurance, Real Estate]-sector charges.
Michael Hudson (The Bubble and Beyond)
Where will it all end? In the destruction of all other command for the benefit of one alone - that of the state. In each man's absolute freedom from every family and social authority, a freedom the price of which is complete submission to the state. In the complete equality as between themselves of all citizens, paid for by their equal abasement before the power of their absolute master - the state. In the disappearance of every constraint which does not emanate from the state, and in the denial of every pre-eminence which is not approved by the state. In a word, it ends in the atomization of society, and in the rupture of every private tie linking man and man, whose only bond is now their common bondage to the state. The extremes of individualism and socialism meet: that was their predestined course.
Bertrand De Jouvenel (On Power: The Natural History of Its Growth)
It is not the dead rather the ones who lives through war have seen the dreadful end of the war, you might have been victorious, unwounded but deep within you, you carry the mark of the war, you carry the memories of war, the time you have spend with your comrades, the times when you had to dug in to foxholes to avoid shelling, the times when you hate to see your comrade down on the ground, feeling of despair, atrocities of the war, missing families, home. They live through hell and often the most wounded, they live with the guilt, despair, of being in the war, they may be happy but deep down they are a different person. Not everyone is a hero. You live with the moments, time when you were unsuccessful, when your actions would have helped your comrades, when your actions get your comrades killed, you live with regret, joyous in the victory can never help you forget the time you have spent. You are victorious for the people you have lost, the decisions you have made, the courage you have shown but being victorious in the war has a price to pay, irrevocable. You can't take a memory back from a person, even if you lose your memory your imagination haunts you as deep down your sub conscious mind you know who you are, who you were. Close you eyes and you can very well see your past, you cant change your past, time you have spent, you live through all and hence you are a hero not for the glorious war for the times you have faced. Decoration with medals is not going to give your life back. the more you know, more experiences doesn't make it easy rather make its worse. Arms and ammunition kills you once and free you from the misery but the experiences of war kills you everyday, makes you cherish the times everyday through the life. You may forgot that you cant walk anymore, you may forget you cant use your right hand, you may forgot the scars on your face but you can never forgot war. Life without war is never easy and only the ones how survived through it can understand. Soldiers are taught to fight but the actual combat starts after war which you are not even trained for. You rely on your weapon, leaders, comrades, god, luck in the war but here you rely on your self to beat the horrors,they have seen hell, heaven, they have felt the mixed emotions of hope, despair, courage, victory, defeat, scared.
Pushpa Rana (Just the Way I Feel)
As a matter of fact, what investment can we find which offers real fixity or certainty of income? ... As every reader of this book will clearly see, the man or woman who invests in bonds is speculating in the general level of prices, or the purchasing power of money
Irving Fisher
As the bonds were all priced off the Moody’s rating, the most overpriced bonds were the bonds that had been most ineptly rated. And the bonds that had been most ineptly rated were the bonds that Wall Street firms had tricked the rating agencies into rating most ineptly.
Michael Lewis (The Big Short: Inside the Doomsday Machine)
The less transparent the market and the more complicated the securities, the more money the trading desks at big Wall Street firms can make from the argument. The constant argument over the value of the shares of some major publicly traded company has very little value, as both buyer and seller can see the fair price of the stock on the ticker, and the broker’s commission has been driven down by competition. The argument over the value of credit default swaps on subprime mortgage bonds—a complex security whose value was derived from that of another complex security—could be a gold mine.
Michael Lewis (The Big Short)
One man’s real estate crisis is another’s opportunity. All markets work in this way, providing investors with cash the chance to buy—stocks, bonds, real estate, and commodities—when prices are depressed. This reality is devoid of emotional weight and is the basic truth that keeps capitalist economies working.
Michael D'Antonio (Never Enough: Donald Trump and the Pursuit of Success)
It is within your power to release yourself from mortal bonds. To be free of them.” “What? I don’t need to worry about the cold?” “Nope.” “Right.” She stuffed icy hands into the pockets of her jeans. “And apple strudel?” “Mind over matter.” A reluctant smile found her face. “Well, we’ve already established that you can breathe for me.” “Don’t underestimate yourself.” Daniel smiled back briefly. “This has to do more with you than me. Try it: Tell yourself that you are not cold, not hungry, not tired.” “All right.” Luce sighed. “I am not…” She’d started to mumble, disbelieving, but then she caught Daniel’s eye. Daniel, who believed she could do things she never thought she was capable of, who believed that her will meant the difference between having the halo and letting it slip away. She was holding it in her hands. Proof. Now he was telling her she had mortal needs only because she thought she did. She decided to give this crazy idea a try. She straightened her shoulders. She projected the words into the misty dusk. “I, Lucinda Price, am not cold, not hungry, not tired.” The wind blew, and the clock tower in the distance struck five-and something lifted off her so that she didn’t feel depleted anymore. She felt rested, equipped for whatever the night called for, determined to succeed. “Nice touch, Lucinda Price,” Daniel said. “Five senses transcended at five o’clock.” She reached for his wing, wrapped herself in it, let its warmth spread through her. This time, the weight of his wing welcomed her into a powerful new dimension. “I can do this.” Daniel’s lips brushed the top of her head. “I know.
Lauren Kate (Rapture (Fallen, #4))
The writer's craft, explained! I have stood on the shores of imagination, gazing at a sea of dreams. It is a lonely place, for not many can stand on that shifting sand and call it home. I can see others who also weave a web of dreams and will share them. We are called storytellers and we alone have that gift that feed the needs of the many. We are a strange family, united in our separate talents and bonded by our willingness to share. The price we pay, is a dependence on others, reaching out to listen to our stories. WE must never forget our need for the herd or they will forget us! There is no savage punishment for such as we, than to be easily forgotten! This is our greatest fear and all of us share that terror. So write brothers and sisters, write and bare your souls without fear. If you are good enough, they will listen and they will remember you. Its all we can ask!
Barry Woodham
The sudden introduction of these magic mortgage bonds into the marketplace pushed most every major institutional investor in the world to suddenly become consumed with the desire to lend money to American home borrowers, even if they didn’t know to whom exactly they were lending or how exactly these borrowers were qualifying for their home loans. As a result of this lunatic process, houses in middle- and lower-income neighborhoods from Fresno to the Jersey Shore became jammed full of new home borrowers, millions and millions of them, who in many cases were not equal to the task of making their monthly payments. The situation was tenable so long as housing prices kept rising and these teeming new populations of home borrowers could keep their heads above water, selling or refinancing their way out of trouble if need be. But the instant the arrow began tilting downward, this rapidly expanding death-balloon of phony real estate value inevitably had to—and did—explode.
Matt Taibbi (The Divide: American Injustice in the Age of the Wealth Gap)
The triple-A tranches all traded at one price, the triple-B tranches all traded at another, even though there were important differences from one triple-B tranche to another. As the bonds were all priced off the Moody’s rating, the most overpriced bonds were the bonds that had been most ineptly rated. And the bonds that had been most ineptly rated were the bonds that Wall Street firms had tricked the rating agencies into rating most ineptly. “I cannot fucking believe this is allowed,” said Eisman.
Michael Lewis (The Big Short: Inside the Doomsday Machine)
But what do I remember and value most? For me, it is the camaraderie, and the friendships--and of course Trucker, who is still one of my best friends on the planet. Some bonds are unbreakable. I will never forget the long yomps, the specialist training, and of course a particular mountain in the Brecon Beacons. But above all, I feel a quiet pride that for the rest of my days I can look myself in the mirror and know that once upon a time I was good enough. Good enough to call myself a member of the SAS. Some things don’t have a price tag.
Bear Grylls (Mud, Sweat and Tears)
Nominal assets are subject to a substantial inflation risk: if you invest 10,000 euros in a checking or savings account or a nonindexed government or corporate bond, that investment is still worth 10,000 euros ten years later, even if consumer prices have doubled in the meantime. In that case, we say that the real value of the investment has fallen by half: you can buy only half as much in goods and services as you could have bought with the initial investment, so that your return after ten years is −50 percent, which may or may not have been compensated by the interest you earned in the interim.
Thomas Piketty (Capital in the Twenty-First Century)
One example of a high-tech company that submits to a Graham type of analysis is Though it does business exclusively on the Web, Amazon is essentially a retailer, and it may be evaluated in the same way as Wal-Mart, Sears, and so forth. The question, as always, is, does the business provide an adequate margin of safety at a given market price. For much of Amazon’s short life, the stock was wildly overpriced. But when the dot-com bubble burst, its securities collapsed. Buffett himself bought Amazon’s deeply discounted bonds after the crash, when there was much fearful talk that Amazon was headed for bankruptcy. The bonds subsequently rose to par, and Buffett made a killing.
Benjamin Graham (Security Analysis)
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.
Michael Hudson (The Bubble and Beyond)
Investment Owner’s Contract I, _____________ ___________________, hereby state that I am an investor who is seeking to accumulate wealth for many years into the future. I know that there will be many times when I will be tempted to invest in stocks or bonds because they have gone (or “are going”) up in price, and other times when I will be tempted to sell my investments because they have gone (or “are going”) down. I hereby declare my refusal to let a herd of strangers make my financial decisions for me. I further make a solemn commitment never to invest because the stock market has gone up, and never to sell because it has gone down. Instead, I will invest $______.00 per month, every month, through an automatic investment plan or “dollar-cost averaging program,” into the following mutual fund(s) or diversified portfolio(s): _________________________________, _________________________________, _________________________________. I will also invest additional amounts whenever I can afford to spare the cash (and can afford to lose it in the short run). I hereby declare that I will hold each of these investments continually through at least the following date (which must be a minimum of 10 years after the date of this contact): _________________ _____, 20__. The only exceptions allowed under the terms of this contract are a sudden, pressing need for cash, like a health-care emergency or the loss of my job, or a planned expenditure like a housing down payment or a tuition bill. I am, by signing below, stating my intention not only to abide by the terms of this contract, but to re-read this document whenever I am tempted to sell any of my investments. This contract is valid only when signed by at least one witness, and must be kept in a safe place that is easily accessible for future reference.
Benjamin Graham (The Intelligent Investor)
The subprime market tapped a segment of the American public that did not typically have anything to do with Wall Street: the tranche between the fifth and the twenty-ninth percentile in their credit ratings. That is, the lenders were making loans to people who were less creditworthy than 71 percent of the population. Which of these poor Americans were likely to jump which way with their finances? How much did their home prices need to fall for their loans to blow up? Which mortgage originators were the most corrupt? Which Wall Street firms were creating the most dishonest mortgage bonds? What kind of people, in which parts of the country, exhibited the highest degree of financial irresponsibility? The default rate in Georgia was five times higher than that in Florida, even though the two states had the same unemployment rate. Why? Indiana had a 25 percent default rate; California, only 5 percent, even though Californians were, on the face of it, far less fiscally responsible. Why? Vinny and Danny flew down to Miami, where they wandered around empty neighborhoods built with subprime loans, and saw with their own eyes how bad things were. “They’d
Michael Lewis (The Big Short)
Hamilton argued that the security of liberty and property were inseparable and that governments should honor their debts because contracts formed the basis of public and private morality: “States, like individuals, who observe their engagements are respected and trusted, while the reverse is the fate of those who pursue an opposite conduct.”23 The proper handling of government debt would permit America to borrow at affordable interest rates and would also act as a tonic to the economy. Used as loan collateral, government bonds could function as money—and it was the scarcity of money, Hamilton observed, that had crippled the economy and resulted in severe deflation in the value of land. America was a young country rich in opportunity. It lacked only liquid capital, and government debt could supply that gaping deficiency. The secret of managing government debt was to fund it properly by setting aside revenues at regular intervals to service interest and pay off principal. Hamilton refuted charges that his funding scheme would feed speculation. Quite the contrary: if investors knew for sure that government bonds would be paid off, the prices would not fluctuate wildly, depriving speculators of opportunities to exploit. What mattered was that people trusted the government to make good on repayment: “In nothing are appearances of greater moment than in whatever regards credit. Opinion is the soul of it and this is affected by appearances as well as realities.”24 Hamilton intuited that public relations and confidence building were to be the special burdens of every future treasury secretary.
Ron Chernow (Alexander Hamilton)
Since I did Selection all those years ago, not much has really changed. The MOD (Ministry of Defence) website still states that 21 SAS soldiers need the following character traits: “Physically and mentally robust. Self-confident. Self-disciplined. Able to work alone. Able to assimilate information and new skills.” It makes me smile now to read those words. As Selection had progressed, those traits had been stamped into my being, and then during the three years I served with my squadron they became molded into my psyche. They are the same qualities I still value today. The details of the jobs I did once I passed Selection aren’t for sharing publicly, but they included some of the most extraordinary training that any man can be lucky enough to receive. I went on to be trained in demolitions, air and maritime insertions, foreign weapons, jungle survival, trauma medicine, Arabic, signals, high-speed and evasive driving, winter warfare, as well as “escape and evasion” survival for behind enemy lines. I went through an even more in-depth capture initiation program as part of becoming a combat-survival instructor, which was much longer and more intense than the hell we endured on Selection. We became proficient in covert night parachuting and unarmed combat, among many other skills--and along the way we had a whole host of misadventures. But what do I remember and value most? For me, it is the camaraderie, and the friendships--and of course Trucker, who is still one of my best friends on the planet. Some bonds are unbreakable. I will never forget the long yomps, the specialist training, and of course a particular mountain in the Brecon Beacons. But above all, I feel a quiet pride that for the rest of my days I can look myself in the mirror and know that once upon a time I was good enough. Good enough to call myself a member of the SAS. Some things don’t have a price tag.
Bear Grylls (Mud, Sweat and Tears)
How exactly the debt should be funded was to be the most inflammatory political issue. During the Revolution, many affluent citizens had invested in bonds, and many war veterans had been paid with IOUs that then plummeted in price under the confederation. In many cases, these upright patriots, either needing cash or convinced they would never be repaid, had sold their securities to speculators for as little as fifteen cents on the dollar. Under the influence of his funding scheme, with government repayment guaranteed, Hamilton expected these bonds to soar from their depressed levels and regain their full face value. This pleasing prospect, however, presented a political quandary. If the bonds appreciated, should speculators pocket the windfall? Or should the money go to the original holders—many of them brave soldiers—who had sold their depressed government paper years earlier? The answer to this perplexing question, Hamilton knew, would define the future character of American capital markets. Doubtless taking a deep breath, he wrote that “after the most mature reflection” about whether to reward original holders and punish current speculators, he had decided against this approach as “ruinous to public credit.”25 The problem was partly that such “discrimination” in favor of former debt holders was unworkable. The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence.
Ron Chernow (Alexander Hamilton)
Joseph protested: “But who has said that the King Messiah must be a second Authority, God forbid! The Messiah is sent to us, to Israel, to restore the Kingdom of Israel.” “Not the Kingdom of Israel alone, but the Kingdom of God for the whole world,” cried Saul, fervently. “Touching this point, I am utterly at one with the preacher. On this he spoke like one moved by the divine spirit, and I have never heard one who brought out more clearly the fullness of the meaning of the Messiah. It may indeed be that he crowned him with too much authority, making him almost the equal of God. Yet I say that if he had not applied these words to him that was hanged, if he, the preacher, had not claimed Yeshua of Nazareth to be the Messiah, he would be my best-beloved brother.” “Of whom dost thou speak, Saul?” “Of him, of the preacher who gave us the burning vision of the Day of Judgment, and of the coming of the Messiah,” answered Saul, his voice vibrant with warmth. “Do you, too, believe that the King of Messiah is, God forbid, a second Authority?” “I believe with perfect faith that he stands between us and God, and that all the Authorities have been relinquished into the hand of the King Messiah, to loosen the bonds of all that are bound, and to loosen the bonds of the world, and of all worlds, for all time,” answered Saul. “No, no,” argued bar Naba, “the King Messiah comes only for Israel, to restore the kingdom, as the Prophets have told us in the name of God.” “It is only the little of faith who await such a Messiah. And that Messiah is not worth the price we have paid with our waiting.” “But why can we not be like all the other peoples?” asked bar Naba. “But are we like the other peoples? Have we not been beaten and smitten and humiliated daily for the Messiah’s sake? Have we not denied ourselves the joys of this world, and still for his sake?” “But I am weary of carrying the burden of the world; I am weary of being the scapegoat for the sins of others. Is not Israel worthy of being an end unto himself?” “But I ask you, what is Israel if only an end unto itself? If it is a worm under the feet of the nations?  Israel is the light of the world, the guiding star of mankind. It is not asked whether it wills this or not. Israel has been elected to this end, as the Messiah was chosen before the creation of the world. Israel was elected to bear like a beast of burden, the yoke of the Torah, until God will send it a redeemer. And then will the redeemer bind the nations as the reaper binds the sheaves. He will bring them into the granary, under the wings of his glory. Israel will be the guiding star of heaven, the pillar of fire which goes before the whole world on the path of redemption. For such a mission no price of suffering is too high. Bar
Sholem Asch (The Apostle)
During his time working for the head of strategy at the bank in the early 1990s, Musk had been asked to take a look at the company’s third-world debt portfolio. This pool of money went by the depressing name of “less-developed country debt,” and Bank of Nova Scotia had billions of dollars of it. Countries throughout South America and elsewhere had defaulted in the years prior, forcing the bank to write down some of its debt value. Musk’s boss wanted him to dig into the bank’s holdings as a learning experiment and try to determine how much the debt was actually worth. While pursuing this project, Musk stumbled upon what seemed like an obvious business opportunity. The United States had tried to help reduce the debt burden of a number of developing countries through so-called Brady bonds, in which the U.S. government basically backstopped the debt of countries like Brazil and Argentina. Musk noticed an arbitrage play. “I calculated the backstop value, and it was something like fifty cents on the dollar, while the actual debt was trading at twenty-five cents,” Musk said. “This was like the biggest opportunity ever, and nobody seemed to realize it.” Musk tried to remain cool and calm as he rang Goldman Sachs, one of the main traders in this market, and probed around about what he had seen. He inquired as to how much Brazilian debt might be available at the 25-cents price. “The guy said, ‘How much do you want?’ and I came up with some ridiculous number like ten billion dollars,” Musk said. When the trader confirmed that was doable, Musk hung up the phone. “I was thinking that they had to be fucking crazy because you could double your money. Everything was backed by Uncle Sam. It was a no-brainer.” Musk had spent the summer earning about fourteen dollars an hour and getting chewed out for using the executive coffee machine, among other status infractions, and figured his moment to shine and make a big bonus had arrived. He sprinted up to his boss’s office and pitched the opportunity of a lifetime. “You can make billions of dollars for free,” he said. His boss told Musk to write up a report, which soon got passed up to the bank’s CEO, who promptly rejected the proposal, saying the bank had been burned on Brazilian and Argentinian debt before and didn’t want to mess with it again. “I tried to tell them that’s not the point,” Musk said. “The point is that it’s fucking backed by Uncle Sam. It doesn’t matter what the South Americans do. You cannot lose unless you think the U.S. Treasury is going to default. But they still didn’t do it, and I was stunned. Later in life, as I competed against the banks, I would think back to this moment, and it gave me confidence. All the bankers did was copy what everyone else did. If everyone else ran off a bloody cliff, they’d run right off a cliff with them. If there was a giant pile of gold sitting in the middle of the room and nobody was picking it up, they wouldn’t pick it up, either.” In
Ashlee Vance (Elon Musk: How the Billionaire CEO of SpaceX and Tesla is Shaping our Future)
In sum, the most commonly used stock and bond market benchmark indexes cause economic harm, distort pricing information, and cause financial behaviours that are inimical with the EU’s aspirations for a competitive low carbon economy.
Wayne Visser (Disrupting the Future: Great Ideas for Creating a Much Better World)
To understand what that means in commonsense terms, consider a person who plans to live off the income from $1 million invested in T-bills. Suppose he retires in a given year and converts his investments into an inflation-protected annuity with a return of 4% to 5%. He will receive an annual income of $40,000 to $50,000. But now suppose he retires a few years later, when the return on the annuity has dropped to 0.5%. His annual income will now be only $5,000. Yes, the $1 million principal amount was fully insured and protected, but you can see that he cannot possibly live on the amount he will now receive. T-bills preserve principal at all times, but the income received on them can vary enormously as return on the annuity goes up or down. Had the retiree bought instead a long-maturity U.S. Treasury bond with his $1 million, his spendable income would be secure for the life of the bond, even though the price of that bond would fluctuate substantially from day to day. The same holds true for annuities: Although their market value varies from day to day, the income from an annuity is secure throughout the retiree’s life.
At the end of 2012, the yield on nominal bonds was about 2 percent. The only way that bonds could generate a 7.8 percent real return is if the consumer price index fell by nearly 6 percent per year over the next 30 years. Yet a deflation of this magnitude has never been sustained by any country in world history.
Jeremy J. Siegel (Stocks for the Long Run 5/E: The Definitive Guide to Financial Market Returns & Long-Term Investment Strategies)
For years the financial services have been making stock-market forecasts without anyone taking this activity very seriously. Like everyone else in the field they are sometimes right and sometimes wrong. Wherever possible they hedge their opinions so as to avoid the risk of being proved completely wrong. (There is a well-developed art of Delphic phrasing that adjusts itself successfully to whatever the future brings.) In our view—perhaps a prejudiced one—this segment of their work has no real significance except for the light it throws on human nature in the securities markets. Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied. Their interpretations and forecasts of business conditions, of course, are much more authoritative and informing. These are an important part of the great body of economic intelligence which is spread continuously among buyers and sellers of securities and tends to create fairly rational prices for stocks and bonds under most circumstances. Undoubtedly the material published by the financial services adds to the store of information available and fortifies the investment judgment of their clients.
Benjamin Graham (The Intelligent Investor)
You buy a 6% bond at 100, convertible into stock at 25—that is, at the rate of 40 shares for each $1,000 bond. The stock goes to 30, which makes the bond worth at least 120, and so it sells at 125. You either sell or hold. If you hold, hoping for a higher price, you are pretty much in the position of a common shareholder, since if the stock goes down your bond will go down too. A conservative person is likely to say that beyond 125 his position has become too speculative, and therefore he sells and makes a gratifying 25% profit. So far, so good. But pursue the matter a bit. In many cases where the holder sells at 125 the common stock continues to advance, carrying the convertible with it, and the investor experiences that peculiar pain that comes to the man who has sold out much too soon. The next time, he decides to hold for 150 or 200. The issue goes up to 140 and he does not sell. Then the market breaks and his bond slides down to 80. Again he has done the wrong thing. Aside from the mental anguish involved in making these bad guesses—and they seem to be almost inevitable—there is a real arithmetical drawback to operations in convertible issues.
Benjamin Graham (The Intelligent Investor)
One of the reasons wars go on is because of the price both sides have paid in blood. After a while, even if the original reason no longer matters, you keep on fighting because you don’t want all those deaths to be in vain.
Larry Bond (Shattered Trident)
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Over the last several decades, policy consensus has cautioned that the world would only tolerate responses to climate change if they were free—or, even better, if they could be presented as avenues of economic opportunity. That market logic was probably always shortsighted, but over the last several years, as the cost of adaptation in the form of green energy has fallen so dramatically, the equation has entirely flipped: we now know that it will be much, much more expensive to not act on climate than to take even the most aggressive action today. If you don’t think of the price of a stock or government bond as an insurmountable barrier to the returns you’ll receive, you probably shouldn’t think of climate adaptation as expensive, either. In 2018, one paper calculated the global cost of a rapid energy transition, by 2030, to be negative $26 trillion—in other words, rebuilding the energy infrastructure of the world would make us all that much money, compared to a static system, in only a dozen years.21
David Wallace-Wells (The Uninhabitable Earth: A Story of the Future)
An inverse relationship exists between efficiency in asset pricing and appropriate degree of active management. Passive management strategies suit highly efficient markets, such as U.S. Treasury bonds, where market returns drive results and active management adds little or nothing. Active management strategies fit inefficient markets, such as private equity, where market returns contribute very little to ultimate results and investment selection provides the fundamental source of return.
David F. Swensen (Pioneering Portfolio Management: An Unconventional Approach to Institutional Investment, Fully Revised and Updated)
We don’t start our lives in a state of independence and then face the challenge of creating some sort of relationship or bond with others. But when we are supposed to argue for the importance of a society we almost always start here: with an autonomous individual, and then we enumerate the reasons why he should create dependencies and relationships. – It’ll be easier to produce food. – It’ll be easier to defend ourselves against wild animals. – It will make him happier. – He can get help when he is sick. – He will live longer. There are many advantages to having other people around. As if we had ever had any other choice. The process is actually the opposite. We are born into other people’s demands and expectations. To be a child is to be almost completely dependent on others. We have never known anything else. Totally at the mercy of their hopes, demands, love, neuroses, traumas, disappointments and unrealized lives. To take care of a child is in a way to constantly be meeting the needs of another, and from this intimacy, the child must learn, step by step, to become more independent. As the feminist theorist Virginia Held has pointed out: the natural human state is to be enveloped by our dependency on others. The challenge is to break out of this and find one’s own identity. Carve out more and more space for one’s self. From within a context of other people, relationships and the world they bring, you set out to find what’s you. Those who take care of the child must themselves be able to support a separate identity. Not be swallowed by constant engagement or to be enticed into finding all of their value by being so completely needed by someone else. Managing to do this and to keep the relationships of mutual dependency healthy is the challenge that shapes most lives and societies. Every day and every hour. So many of the mental and emotional wounds that characterize our lives are created here. And perhaps it’s not strange that we are drawn to fantasies about things being different. Fantasies about being alone. Floating in an empty space with just an umbilical cord connecting us to our surroundings. That economic man doesn’t match up to reality is one thing. We’ve known that for years. What’s interesting is that we so dearly want him to align with reality. Apparently we want to be like him. We want his selfsufficiency, his reason and the predictable universe that he inhabits. Most of all, we seem to be prepared to pay a high price for it.
Katrine Kielos (Who Cooked Adam Smith's Dinner?: A Story About Women and Economics)
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Self love is not as difficult a discovery as some folks will conjecture. Muting the ego's clamourous influence over the conscience. This could be the support 'self' needs to begin-to-understand' that a Divine Creator had them in mind before building their flesh brain around the soul's spirit body, purely out of a love that pre-existed prior to that of ones existence. That love was magnificently demonstrated in the hybrid spirit-to-flesh-body-back to Spiritual Saviour who purpose in introduction, activity and prophetic discourse documentation, rejection turned persecution, crucifixion and Divine Spirit Resurrection to regain proper origin in (complete soul) relationship back to each living human being. Love went through all of that to restore us back to Supreme of absolute Love. To accept that truth brings light thru revelation which guides the spirit of oneself to change thoughts from dark external influences that make us not love ourselves. How can you sp easily reject yourself against the the existence of a Love Creator that "loved" you into life, and paid an extreme price with His hybrid life to powerfully save yours back to him, from which you came. Don't get lost in the deep details. Get LOVED!
Tracey Bond
The key point is that, in principle, interest income is the change in price associated with the passage of time. Capital gains and losses are the changes in price related to changes in value—for bonds that means a change in the yield. We'll see in Chapter 4 when we get into bond taxation how well these economic principles hold up in practice.
Donald J. Smith (Bond Math: The Theory Behind the Formulas (Wiley Finance))
To fit into the Golden Straitjacket a country must either adopt, or be seen as moving toward, the following golden rules: making the private sector the primary engine of its economic growth, maintaining a low rate of inflation and price stability, shrinking the size of its state bureaucracy, maintaining as close to a balanced budget as possible, if not a surplus, eliminating and lowering tariffs on imported goods, removing restrictions on foreign investment, getting rid of quotas and domestic monopolies, increasing exports, privatizing state-owned industries and utilities, deregulating capital markets, making its currency convertible, opening its industries, stock and bond markets to direct foreign ownership and investment, deregulating its economy to promote as much domestic competition as possible, eliminating government corruption, subsidies and kickbacks as much as possible, opening its banking and telecommunications systems to private ownership and competition and allowing its citizens to choose from an array of competing pension options and foreign-run pension and mutual funds. When you stitch all of these pieces together you have the Golden Straitjacket. . . . As your country puts on the Golden Straitjacket, two things tend to happen: your economy grows and your politics shrinks. That is, on the economic front the Golden Straitjacket usually fosters more growth and higher average incomes—through more trade, foreign investment, privatization and more efficient use of resources under the pressure of global competition. But on the political front, the Golden Straitjacket narrows the political and economic policy choices of those in power to relatively tight parameters. . . . Governments—be they led by Democrats or Republicans, Conservatives or Labourites, Gaullists or Socialists, Christian Democrats or Social Democrats—that deviate too far from the core rules will see their investors stampede away, interest rates rise and stock market valuations fall.36
Moisés Naím (The End of Power)
Ah, you want the tale of Anaxantis. I see. Of Anaxantis of the House of Tanahkos, Prince of Ximerion. You want wisdom and hot blood all in one. You like your tales strong and bitter. You want to hear about the downfall of a prince. You want to know how royal blood came to flow so low. I can tell you that tale, but not in one evening. And every evening you must pay my price anew. I know shorter tales.
Andrew Ashling (The Invisible Chains - Part 1: Bonds of Hate (Dark Tales of Randamor the Recluse))
Society means a community of ideas; without shared ideas on politics, morals, and ethics no society can exist. Each one of us has ideas about what is good and what is evil; they cannot be kept private from the society in which we live. If men and women try to create a society in which there is no fundamental agreement about good and evil they will fail; if having based it upon a common set of core values, they surrender those values, it will disintegrate. For society is not something that can be kept together physically; it is held by the invisible but fragile bonds of common beliefs and values. … A common morality is part of the bondage of a good society, and that bondage is part of the price of society which mankind must pay.
Patrick, Baron Devlin (The Enforcement of Morals)
A bond price, for example, will grow with accrued interest between two coupon cuttings. That growth in its value is not income but increase of capital. Only when the coupon is detached does the bond render, or give off, a service, and so yield income. The income consists in the event of such off-giving, the yielding or separation, to use the language of the United States Supreme Court. If the coupon thus given off is reinvested in another bond, that event is outgo, and offsets the simultaneous income realized from the first bond. There is then no net income from the group but only growth of capital. If the final large payment of the principal is commonly thought of not as income (which it is if not reinvested) but as capital it is because it is usually and normally so reinvested.
Irving Fisher (The Theory of Interest)
Imagine that you knew Greece was still Greece and Italy was still Italy and that the prices quoted in the markets represented the bond-buying activities of banks pushing down yields rather than an estimate of the risk of the bond itself. Why would you buy such securities if the yield did not reflect the risk? You might realize that if you bought enough of them—if you became really big—and those assets lost value, you would become a danger to your national banking system and would have to be bailed out by your sovereign. If you were not bailed out, given your exposures, cross-border linkages to other banks, and high leverage, you would pose a systemic risk to the whole European financial sector. As such, the more risk that you took onto your books, especially in the form of periphery sovereign debt, the more likely it was that your risk would be covered by the ECB, your national government, or both. This would be a moral hazard trade on a continental scale. The euro may have been a political project that provided the economic incentive for this kind of trade to take place. But it was private-sector actors who quite deliberately and voluntarily jumped at the opportunity.
Mark Blyth (Austerity: The History of a Dangerous Idea)
By allowing for new shares to be issued at prices well below those that the Greek state had paid (during the injection of almost 40 billion euros into the banks), and at once banning the state from buying into these shares, the state’s shares lost value and its equity in the banks was diluted substantially. In short, the public was shortchanged, in ways not dissimilar to those that transpired in Ireland that very same week, when the Irish central bank was forced to unload the Irish government bonds it had received for its promissory notes. And what was the common thread between these fresh assaults on the Irish and the Greek people? Europe’s custodian of the euro, the defender of the monetary realm, the pursuer of Europe’s common interest: the European Central Bank.
Yanis Varoufakis (And the Weak Suffer What They Must? Europe's Crisis and America's Economic Future)
Gold is often sought as a refuge during times of financial travail. True to form, the price of the precious metal more than tripled in the 1999-2009 decade. But gold is largely a rank speculation, for its price is based solely on market expectations. Gold provides no internal rate of return. Unlike stocks and bonds, gold provides none of the intrinsic value that is created for stocks by earnings growth and dividend yields, and for bonds by interest payments. So in the two centuries plus shown in the chart, the initial $10,000 investment in gold grew to barely $26,000 in realterms. In fact, since the peak reached during its earlier boom in 1980, the price of gold has lost nearly 40 percent of its real value.
John C. Bogle (Common Sense on Mutual Funds)
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The major difference between stocks and bonds occurs during inflation. Because a bond’s payments are fixed, its value suffers during inflationary periods; it may become worthless if inflation is severe enough. Stocks are also damaged by inflation, but since a company can raise the price of the goods and services it produces, its earnings, and, thus, its value, should rise along with inflation. This is not to say that stocks are always superior to bonds. Although stocks often have higher returns because of their unlimited upside potential and inflation protection, there are times when bonds shine. Stocks,
William J. Bernstein (The Four Pillars of Investing: Lessons for Building a Winning Portfolio)
Before wrapping up this chapter, let us look at one of the deadly scams in the Indian primary market history. There was company named ‘MS shoes east’. Shares of this company traded in Rs 150-200 range throughout the year 1994. But towards December 1994 it spurted to Rs 500 without any justifiable rationale behind the raise. Its promoter Pavan Sachedeva and his broker artificially manipulated the stock price to this level.   By February 1995, the company devised an expansion plan for an estimated expense Rs 700 crores. It proposed to raise around Rs 428 crores by means of Fully convertible bonds. These bonds were to be sold at Rs 199 each through public issue. The idea was to provoke people to subscribe the issue with a hope of converting this bond of Rs 199 to a share of Rs 500.   Well, his brokers was constantly buying the stocks from the open market to maintain the price at that high level. But the situation had already worsened. He had bought too much and had too little money at hand that he could not pay the stock exchange for all the purchases he made. BSE could not give money to the sellers of that security. Things turned out to be serious. You may find it hard to believe  - the BSE was shut down for three consecutive days without any business.   Before this drama came to light, FCD ('Fully Convertible Debenture) public issue was a big success and it almost stole the show. Delighted by the overwhelming response from the investing community, MS Shoes had announced to close the public issues few days before the stipulated time. The world came to know that the cruel plan of manipulating the stock price was only to push the bond issue successfully. Even the authorities woke up to the problem. The company was issued a notice. And also it allowed the investors to take back their FCD application. Almost all the investors took back. Even the underwriter refused to buy the unsold portion of the issue because the company had voluntarily announced to close the issue before the end date. The ruling was in favor the underwriter. Sachedeva declared himself to be innocent. MS shoes office resembled a mourning house with  deserted look.   There was one Sachedeva who came to light. There were and probably still are more of them out there.
Chellamuthu Kuppusamy (The Science of Stock Market Investment - Practical Guide to Intelligent Investors)
My Everest story would be incomplete if I didn’t give final credit to the Sherpas who had risked their lives alongside us every day. Pasang and Ang-Sering still climb together as best friends, under the direction of their Sirdar boss--Kami. The Khumba Icefall specialist, Nima, still carries out his brave task in the jumbled ice maze at the foot of the mountain: repairing and fixing the route through. Babu Chiri, who so bravely helped Mick when he ran out of oxygen under the South Summit, was tragically killed in a crevasse in the Western Cwm several years later. He was a Sherpa of many years’ Everest experience, and was truly one of the mountain’s greats. It was a huge loss to the mountaineering fraternity. But if you play the odds long enough you will eventually lose. That is the harsh reality of high-altitude mountaineering. You can’t keep on top of the world forever. Geoffrey returned to the army, and Neil to his business. His toes never regained their feeling, but he avoided having them amputated. But as they say, Everest always charges some sort of a price, and in his own words--he got lucky. As for Mick, he describes his time on Everest well: “In the three months I was away, I was both happier than ever before, and more scared than I ever hope to be again.” Ha. That’s also high-altitude mountaineering for you. Thengba, my friend, with whom I spent so much time alone at camp two, was finally given a hearing aid by Henry. Now, for the first time, he can hear properly. Despite our different worlds, we shared a common bond with these wonderful Sherpa men--a friendship that was forged by an extraordinary mountain. Once, when the climber Julius Kugy was asked what sort of person a mountaineer should be, he replied: “Truthful, distinguished, and modest.” All these Sherpas epitomize this. I made the top with them, and because of their help, I owe them more than I can say. The great Everest writer Walt Unsworth, in his book Everest: The Mountaineering History, gives a vivid description of the characters of the men and women who pit their all on the mountain. I think it is bang on the money: But there are men for whom the unattainable has a special attraction. Usually they are not experts: their ambitions and fantasies are strong enough to brush aside the doubts which more cautious men might have. Determination and faith are their strongest weapons. At best such men are regarded as eccentric; at worst, mad… Three things they all had in common: faith in themselves, great determination, and endurance. If I had to sum up what happened on that journey for me, from the hospital bed to the summit of the world, I tend to think of it as a stumbling journey. Of losing my confidence and my strength--then refinding it. Of seeing my hope and my faith slip away--and then having them rekindled. Ultimately, if I had to pass on one message to my children it would be this: Fortune favors the brave. Most of the time.
Bear Grylls (Mud, Sweat and Tears)
When interest rates rise, bond prices fall. When interest rates fall, bond prices rise. In either case, if you hold a bond to the end of its term you will, barring default, get exactly what you paid for it. Stage 6 As you’ve likely guessed, the length of the term of a bond is our third risk factor and it also helps determine the interest rate paid.
J.L. Collins (The Simple Path to Wealth: Your road map to financial independence and a rich, free life)
The capitalist-investor class experiences a tremendous loss of “real” wealth during depressions because the value of their investment portfolios collapses (declines in equity prices are typically around 50 percent), their earned incomes fall, and they typically face higher tax rates. As a result, they become extremely defensive. Quite often, they are motivated to move their money out of the country (which contributes to currency weakness), dodge taxes, and seek safety in liquid, noncredit-dependent investments (e.g., low-risk government bonds, gold, or cash).
Ray Dalio (Big Debt Crises)
The deal seemed favorable to Tanjong, especially given that its power-sale agreement with the Malaysian state would soon run out, handing the government leverage to achieve a bargain price. Lazard believed the whole deal smelled of political corruption. It was common in Malaysia for the government to award sweetheart deals to companies in return for kickbacks and political financing; that was what Lazard thought was going on, and so it pulled out. With no other choice, Goldman instead became an adviser to 1MDB on the purchase, as well as helping the fund raise the capital. The bank provided a valuation range that justified 1MDB paying $2.7 billion for the plants. Leissner was at his most charming as he tried to cajole members of 1MDB’s board of directors to accept Goldman’s terms for selling the bonds. Sitting opposite the Goldman banker in a room at the fund’s downtown Kuala Lumpur offices, just a few weeks after Leissner’s meeting in Abu Dhabi, some of the board members looked skeptical. Goldman was preparing to launch what it internally dubbed Project Magnolia, a plan to sell $1.75 billion in ten-year bonds for the 1MDB fund. But some board members were alarmed by what Leissner had informed them: Goldman would likely make $190 million from its part in the deal, or 11 percent of the bond’s value. This was an outrageous sum, even more than Goldman had made on the Sarawak transaction the year before, and way above the normal fee of $1 million for such work. The banker defended Goldman’s profit by pointing out that 1MDB would make big returns in a future IPO of the power assets, all without putting down any money of its own. “Look at your number, not at our number,” he said cajolingly.
Bradley Hope (Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World)
Five months later, Goldman launched Project Maximus, buying another $1.75 billion in bonds to finance 1MDB’s acquisition of power plants from the Malaysian casino-and-plantations conglomerate Genting Group. Again, the fund paid a high price, and, like Tanjong, Genting made payments to a Najib-linked charity. This time, $790.3 million disappeared into the look-alike Aabar. David Ryan, president of Goldman’s Asia operations, argued to lower the fee on the second bond, given how easy it had been to sell the first round. But he was overruled by senior executives, including Gary Cohn. While Goldman was working on the deal, Ryan was effectively sidelined; the bank brought in a veteran banker, Mark Schwartz, a proponent of the 1MDB business, as chairman in Asia, a post senior to Ryan’s. Goldman earned a little less than the first deal, making $114 million—still an enormous windfall. For bringing in the business, Leissner was paid a salary and bonuses in 2012 of more than $10 million, making him one of the bank’s top-remunerated employees. But that was just the tip of the iceberg. Unknown to his bosses at Goldman, and three months after the first bond, millions of dollars began to flow into a British Virgin Islands shell company controlled by Leissner, some of which he shared with Roger Ng, according to Department of Justice filings. Millions of dollars more moved through Leissner’s shell company to pay bribes to 1MDB officials. Over the next two years, more than $200 million in 1MDB money, raised by Goldman, would flow through accounts controlled by Leissner and his relatives. He could have taken his hefty Goldman salary and disavowed knowledge of the bribery carried out by Low and others. Perhaps he would have gotten away with it, as many Wall Street bankers do in countries far from headquarters. But he decided to take a risk by becoming a direct accomplice in the fraud, rather than just greasing its wheels. He had seen the kind of life Low was leading, and he must have thought that a mere $10 million wasn’t going to cut it, not if he wanted to buy super yachts and host parties himself. Soon he would be doing just that.
Bradley Hope (Billion Dollar Whale: The Man Who Fooled Wall Street, Hollywood, and the World)
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The key principal is that it is only possible to have fixed interest payments if the current market price fluctuates (e.g., bond funds), and that it is only possible to have fixed share price if the current interest rate moves with the market (e.g., money market funds).
Rick Van Ness (Why Bother With Bonds: A Guide To Build All-Weather Portfolio Including CDs, Bonds, and Bond Funds--Even During Low Interest Rates (How To Achieve Financial Independence))
We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more than it is selling for. The genus includes bonds and preferred stocks selling well under par, as well as common stocks. To be as concrete as possible, let us suggest that an issue is not a true “bargain” unless the indicated value is at least 50% more than the price. What kind of facts would warrant the conclusion that so great a discrepancy exists? How do bargains come into existence, and how does the investor profit from them? There are two tests by which a bargain common stock is detected. The first is by the method of appraisal. This relies largely on estimating future earnings and then multiplying these by a factor appropriate to the particular issue. If the resultant value is sufficiently above the market price—and if the investor has confidence in the technique employed—he can tag the stock as a bargain. The second test is the value of the business to a private owner. This value also is often determined chiefly by expected future earnings—in which case the result may be identical with the first. But in the second test more attention is likely to be paid to the realizable value of the assets, with particular emphasis on the net current assets or working capital. At low points in the general market a large proportion of common stocks are bargain issues, as measured by these standards. (A typical example was General Motors when it sold at less than 30 in 1941, equivalent to only 5 for the 1971 shares. It had been earning in excess of $4 and paying $3.50, or more, in dividends.) It is true that current earnings and the immediate prospects may both be poor, but a levelheaded appraisal of average future conditions would indicate values far above ruling prices. Thus the wisdom of having courage in depressed markets is vindicated not only by the voice of experience but also by application of plausible techniques of value analysis.
Benjamin Graham (The Intelligent Investor)
The market’s behavior in the past 20 years has not followed the former pattern, nor obeyed what once were well-established danger signals, nor permitted its successful exploitation by applying old rules for buying low and selling high. Whether the old, fairly regular bull-and-bear-market pattern will eventually return we do not know. But it seems unrealistic to us for the investor to endeavor to base his present policy on the classic formula—i.e., to wait for demonstrable bear-market levels before buying any common stocks. Our recommended policy has, however, made provision for changes in the proportion of common stocks to bonds in the portfolio, if the investor chooses to do so, according as the level of stock prices appears less or more attractive by value standards.
Benjamin Graham (The Intelligent Investor)
Nearly all the bull markets had a number of well-defined characteristics in common, such as (1) a historically high price level, (2) high price/earnings ratios, (3) low dividend yields as against bond yields, (4) much speculation on margin, and (5) many offerings of new common-stock issues of poor quality. Thus to the student of stock-market history it appeared that the intelligent investor should have been able to identify the recurrent bear and bull markets, to buy in the former and sell in the latter, and to do so for the most part at reasonably short intervals of time. Various methods were developed for determining buying and selling levels of the general market, based on either value factors or percentage movements of prices or both. But we must point out that even prior to the unprecedented bull market that began in 1949, there were sufficient variations in the successive market cycles to complicate and sometimes frustrate the desirable process of buying low and selling high. The most notable of these departures, of course, was the great bull market of the late 1920s, which threw all calculations badly out
Benjamin Graham (The Intelligent Investor)
Permanent bonds required similar preferences and perspectives, plus some everyday chemistry.
Tim Tigner (The Price of Time)
Despite the South’s military setbacks, they retained their value for most of the war for the simple reason that the price of the underlying security, cotton, was rising as a consequence of increased wartime demand. Indeed, the price of the bonds actually doubled between December 1863 and September 1864, despite the Confederate defeats at Gettysburg and Vicksburg, because the price of cotton was soaring.
Niall Ferguson (The Ascent of Money: A Financial History of the World)
the shortage of cotton also drove up the price and hence the value of the South’s cotton-backed bonds, making them an irresistibly attractive investment for key members of the British political elite.
Niall Ferguson (The Ascent of Money: A Financial History of the World)
When bond prices fall, interest rates soar, with painful consequences for all borrowers.
Niall Ferguson (The Ascent of Money: A Financial History of the World)
Buying a 100,000 yen bond keeps the capital sum safe while also providing regular payments to the saver. To be precise, the bond pays a fixed rate or ‘coupon’ of 1.5 per cent: 1,500 yen a year in the case of a 100,000 yen bond. But the market interest rate or current yield is calculated by dividing the coupon by the market price, which is currently 102,333 yen: 1,500 ÷ 102,333 = 1.47 per cent.
Niall Ferguson (The Ascent of Money: A Financial History of the World)
suppose they began to worry about the health of the Japanese currency, the yen, in which bonds are denominated and in which the interest is paid. In such circumstances, the price of the bond would drop as nervous investors sold off their holdings. Buyers would only be found at a price low enough to compensate them for the increased risk of a Japanese default or currency depreciation.
Niall Ferguson (The Ascent of Money: A Financial History of the World)
US common stock has yielded a higher return than bonds. However, price earnings ratios are much higher than they were for much of the 20th century, so it
Dublin is following in the footsteps of Portugal and Italy in issuing 30-year debt at a time when yields on eurozone bonds are hitting record lows following the European Central Bank’s decision to begin a €60bn-a-month government bond-buying programme. Portugal sold €2bn of its long-dated bond at a yield of 4.13 per cent, while Italy’s €6.5bn equivalent bond was priced to yield 3.29 per cent. Investor appetite for longer-term bonds has increased in recent months as yields on shorter-term debt fall, in some cases trading in negative territory. According to JPMorgan, the total universe of government bonds trading with a negative yield was $3.6tn last week, or 16 per cent of the JPM Global Government Bond index.
Countries competing against one another in the same array of products and services is not covered by Ricardian trade theory.   Offshoring doesn’t fit the Ricardian or the competitive idea of free trade. In fact, offshoring is not trade.   Offshoring is the practice of a firm relocating its production of goods or services for its home market to a foreign country. When an American firm moves production offshore, US GDP declines by the amount of the offshored production, and foreign GDP increases by that amount. Employment and consumer income decline in the US and rise abroad. The US tax base shrinks, resulting in reductions in public services or in higher taxes or a switch from tax finance to bond finance and higher debt service cost.   When the offshored production comes back to the US to be marketed, the US trade deficit increases dollar for dollar. The trade deficit is financed by turning over to foreigners US assets and their future income streams. Profits, dividends, interest, capital gains, rents, and tolls from leased toll roads now flow from American pockets to foreign pockets, thus worsening the current account deficit as well.   Who benefits from these income losses suffered by Americans? Clearly, the beneficiary is the foreign country to which the production is moved. The other prominent beneficiaries are the shareholders and the executives of the companies that offshore production. The lower labor costs raise profits, the share price, and the “performance bonuses” of corporate management.   Offshoring’s proponents claim that the lost incomes from job losses are offset by benefits to consumers from lower prices. Allegedly, the harm done to those who lose their jobs is more than offset by the benefit consumers in general get from the alleged lower prices. Yet, proponents are unable to cite studies that support this claim. The claim is based on the unexamined assumption that offshoring is free trade and, thereby, mutually beneficial.   Proponents of jobs offshoring also claim that the Americans who are left unemployed soon find equal or better jobs. This claim is based on the assumption that the demand for labor ensures full employment, and that people whose jobs have been moved abroad can be retrained for new jobs that are equal to or better than the jobs that were lost.   This claim is false.
Paul Craig Roberts (The Failure of Laissez Faire Capitalism and Economic Dissolution of the West)
But every effort to make this work in practice at any scale failed, largely because the social bonds that police such mutual aid tend to fray when the size of the group exceeds 150 (termed the “Dunbar number”—the empirically observed limit at which the members of a human community can maintain strong links with one another).
Chris Anderson (Free: The Future of a Radical Price)
The pressure on life businesses and the capital fears prompted by the 2008 crisis have prompted the industry to build bigger capital cushions and cut costs. This has left insurers in a relatively good position. Investors have enjoyed decent dividends with payouts increasing by a cumulative 70% since 2009, according to FactSet. For shareholders, the risks to returns from life insurance have, so far, been balanced by earnings from nonlife insurance and asset management. Germany’s Allianz has U.S. bond house Pacific Investment Management Co. and nonlife insurance businesses, like property and casualty cover, around the world. Pimco has done well as interest rates declined and bond prices rose, but is expected to suffer once rates rise again—especially since founder Bill Gross walked out. France’s Axa similarly has global nonlife businesses and a large investment manager. However, these businesses ultimately will suffer from low investment returns. In nonlife, insurers can combat this with tougher underwriting standards. But demand for property-type insurance also suffers in a slower economy. Allianz has the lowest financial leverage of the big-three eurozone life insurers, and so has more flexibility to look for higher returns abroad. It also has a substantial general insurance business in the U.S., where rates should head higher sooner, and a higher expected dividend yield than France’s Axa or Italy’s Generali for this year and next.
Financial market data – specifically, movements in the prices of government bonds – strongly reinforce the impression that the war came as a surprise to the people who had the biggest incentive to anticipate it.
Niall Ferguson (The Abyss: World War I and the End of the First Age of Globalization-A Selection from The War of the World (Tracks))
financial markets saw the war of 1914–18 coming, we should expect to see declines in bond prices or rises in bond yields (since the yield is essentially the interest paid on a bond divided by its market price).
Niall Ferguson (The Abyss: World War I and the End of the First Age of Globalization-A Selection from The War of the World (Tracks))
The adjective “efficient” in “efficient markets” refers to how investors use information. In an efficient market, every titbit of new information is processed correctly and immediately by investors. As a result, market prices react instantly and appropriately to any relevant news about the asset in question, whether it is a share of stock, a corporate bond, a derivative, or some other vehicle. As the saying goes, there are no $100 bills left on the proverbial sidewalk for latecomers to pick up, because asset prices move up or down immediately. To profit from news, you must be jackrabbit fast; otherwise, you’ll be too late. This is one rationale for the oft-cited aphorism “You can’t beat the market.” An even stronger form of efficiency holds that market prices do not react to irrelevant news. If this were so, prices would ignore will-o’-the-wisps, unfounded rumors, the madness of crowds, and other extraneous factors—focusing at every moment on the fundamentals. In that case, prices would never deviate from fundamental values; that is, market prices would always be “right.” Under that exaggerated form of market efficiency, which critics sometimes deride as “free-market fundamentalism,” there would never be asset-price bubbles. Almost no one takes the strong form of the efficient markets hypothesis (EMH) as the literal truth, just as no physicist accepts Newtonian mechanics as 100 percent accurate. But, to extend the analogy, Newtonian physics often provides excellent approximations of reality. Similarly, economists argue over how good an approximation the EMH is in particular applications. For example, the EMH fits data on widely traded stocks rather well. But thinly traded or poorly understood securities are another matter entirely. Case in point: Theoretical valuation models based on EMH-type reasoning were used by Wall Street financial engineers to devise and price all sorts of exotic derivatives. History records that some of these calculations proved wide of the mark.
Alan S. Blinder (After the Music Stopped: The Financial Crisis, the Response, and the Work Ahead)
Raising capital. Organisations like Rio Tinto, TomTom and GKN have all raised significant sums through the equity markets. Refinancing debt. Some companies, like Yell and Schaeffler, have rolled over billions in bank finance. However, many businesses are still finding banks reluctant to lend and have turned to bond issuance as an alternative. Divestment. Companies can sell off valuable assets, such as Barclays did with Barclays Global Investors, and it is always better to do so before a crisis; otherwise it will be seen for the fire sale it is and the price will be a fire-sale price. Furthermore, any sell-off that weakens a firm’s core capability or its long-term competitive position may also shorten its life. Cut costs but not capability The managing uncertainty survey revealed that the most common action that companies took when the financial crisis struck was to cut costs. Some 82% of respondents cut costs. When asked about their future responses to uncertainty, 76% indicated they would continue to focus on cost reduction.
Michel Syrett (Managing Uncertainty)
No longer were the prices of ordinary mortgage bonds allowed to roam inefficiently, for they were now linked to the CMO market, in much the same way that flour is linked to the market for bread. Fair value for CMOs (the finished product) implied a fair value for conventional mortgage bonds (the raw materials).
Michael Lewis (Liar's Poker)
We know many among ourselves who have given themselves up to bonds, in order that they might ransom others. Many, too, have surrendered themselves to slavery, that with the price which they received for themselves, they might provide food for others.
Clement of Rome (The First Epistle of Clement to the Corinthians)
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Explaining their allure, Milken said, “The opportunity to be true to yourself in high-yield bonds is great. It is not like buying a stock. With a stock, its value is generally dependent upon investors’ collective perceptions of the future. No matter how much research you have done regarding a particular stock, you don’t have a contract as to what the future price will be. But with a high-yield bond there is a date certain in the future when it matures, and if you hold it to maturity and your analysis is correct, you will be correct in your calculation of your yield—and you do have a contract as to future price. One is certain if you’re right. The other is not.
Connie Bruck (Predator's Ball)
This is a manifestation of mean aversion of bond returns. Mean aversion implies that once an asset’s return deviates from its long-run average, there is an increased chance that it will deviate further, rather than return to more normal levels. Mean aversion of bond returns is especially characteristic of hyperinflations, where price changes proceed at an accelerating pace, rendering paper assets worthless. But mean aversion is also present in the more moderate inflations that have impacted the United States and other developed economies. Once infla- tion begins to accelerate, the inflationary process becomes cumulative, and bondholders have virtually no chance of making up losses in their purchasing power. In contrast, stockholders who hold claims on real assets rarely suffer a permanent loss due to inflation.
Jeremy Stiegel
And they had aall things common among them; therefore there were not rich and poor, bond and free, but they were all made free, and partakers of the heavenly bgift
The Church of Jesus Christ of Latter-day Saints (Book of Mormon | Doctrine and Covenants | Pearl of Great Price)
I had a feeling I was going to be paying another price tonight—the price for letting myself fall for Taylor. I knew what my old pack mates would have said about bonding myself to a vampire—they’re cold-blooded, dead, can’t love or feel emotions like we can. She’s just using you. Just looking for her next meal. You’re nothing but a blood bank to her. But that wasn’t Taylor, not the girl I knew. She was sweet and kind and gentle—well, until she decided to rip my heart out, that was. I kept my eyes on the road but her words kept echoing in my head. “… don’t forget you’re only my husband for two more months. After that—” God! I banged a fist on the steering wheel. I had to get hold of myself. Had to go somewhere and calm the fuck down or I was going to lose it tonight at the council. And I couldn’t afford to do that. Not when the curse was weighing on me and the full moon was only two nights away. I had to be ready. This was going to be one hell of a night.
Evangeline Anderson (Scarlet Heat (Born to Darkness, #2; Scarlet Heat, #0))
Credit” is the third-person singular conjugation of the present tense of the Latin verb credere, “to believe.” It’s the most exceptional and interesting thing in the financial world. Similar leaps of belief underlie every human transaction in life: Your wife might cheat on you, but you hope otherwise. The online store you paid may not ship you your goods, but you trust otherwise. Credit derivatives are just the explicit encapsulations of such beliefs, in financial and contractual form, for corporate entities. Unlike other financial securities, such as shares of IBM stock or oil futures, a credit derivative is not even some theoretical value of a tangible good. It’s the perceived value of a complete intangible, the perception of the probability of meeting some future obligation. People often asked me in the early days of my tech career how I had gone from Wall Street to ads technology. Such a person almost certainly knew nothing about either industry, or the answer would have been obvious. I did the same thing the whole time: putting a price on a human’s perception, be it of a General Motors bond or a pair of shoes coveted on Zappos. It’s the same difference either way; only the scale of the money pile changes.
Antonio García Martínez (Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley)
Most bank loans are not to create new means of production but are made against real estate, financial securities or other assets already in place. The main source of gain for borrowers since the 1980s has not derived from earnings but seeing the real estate, stocks or bonds they have bought on credit rise as a result of asset-price inflation – that is, to get rich from the debt-leveraged Bubble Economy.
Michael Hudson (Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy)
New German conglomerates built mainly on the seizure of Jewish-owned companies sold bonds on the international market to raise capital to Aryanize still more companies at fire-sale prices.
Christopher Simpson (The Splendid Blond Beast: Money, Law, and Genocide in the Twentieth Century (Forbidden Bookshelf))
Several years prior to the war, Mexico had passed legislation allowing governors to grant coastal land titles to Mexican citizens who would agree to develop the land. On June 8, 1846, the last Mexican Governor of California, Pio Pico, granted the title for Alcatraz to Julian Workman, a Mexican national. Workman had petitioned Pico for use of the island stating that “Alcatraces, or Bird Island, has never been inhabited by any person, nor used for any purpose,”and sought the right to develop the land. Alcatraz was granted to Workman under the sole condition that he “cause to be established as soon as possible a light, which may give protection on dark nights to the ships and smaller vessels which may pass there.”  It is also documented that Workman never visited the island and never made any attempt to establish a lighthouse as he had agreed. In 1846, his son-in-law Francis Temple sold the island to John Charles Frémont, “in the terms of a bond for the purchase money in my official capacity as governor of California,”for the price of $5,000. The property was eventually conveyed to Palmer Cook & Company, but the money was never paid to Temple. 
Michael Esslinger (Alcatraz: A Definitive History of the Penitentiary Years)
An interest rate is the cost of borrowing or the price paid for the rental of funds (usually expressed as a percentage of the rental of $100 per year). Many types of interest rates are found in the economy—mortgage interest rates, car loan rates, and interest rates on many different types of bonds.
Frederic S. Mishkin (The Economics of Money, Banking and Financial Markets)
The reporting of the size is tiered up to $10m for investment grade debt, and $5m for junk bonds. But if an asset manager sells a $100m chunk of bonds to an investment bank at a discount due to the big size, that becomes the new market price, making it difficult for the bank to gradually sell down the position at a profit — discouraging it from playing the traditional market-making role. The industry is keen to help unclog corporate bond trading by introducing a one-day delay to publishing bigger trades on Trace.
Phase I – The absolute destruction of the heathen world. Phase II – Muslims will inherit the earth and everything in it.  Upon what, in the Quran, is this plan for world conquest based? “Those who reject Islam must be killed. If they turn back (from Islam), take (hold of) them and kill them wherever you find them…” (Surah 4:89) “So, when you meet those who disbelieve, smite (their) necks till when you have killed and wounded many of them, then bind a bond firmly (on them, as captives).” Surah 47:4
John Price (The End of America: The Role of Islam in the End Times and Biblical Warnings to Flee America)
Churchill made a point about the power of government: A National or Municipal Beef Trust, with the United States Treasury at its back, might indeed give more regular employment at higher wages to its servants, and might sell cleaner food to its customers—at a price. But if evil systems corrupt good men, it is no less true that base men will dishonor any system, and while no bond of duty more exacting than that of material recompense regulates the relations of man and man, while no motion more lofty than that of self-interest animates the exertions of every class, and no hope beyond the limits of this fleeting world lights the struggles of humanity, the most admirable systems will merely succeed in transferring, under different forms and pretexts, the burden of toil, misery, and injustice from one set of human shoulders to another.
Larry P. Arnn (Churchill's Trial: Winston Churchill and the Salvation of Free Government)
Andrew Hall may be positioning himself now for the next coming boom cycle, but the market will need more than the predictions of some good traders to turn around. One thing that absolutely must happen is a real and measurable leveling off of production here in the U.S. Early in the bust phase for shale, with crude prices, budgets, and rig counts collapsing, I was of the opinion that indeed, production cuts would come a whole lot sooner than either the EIA or most of the bank analysts believed was possible. But I’ve been impressed by the free flow of capital that has come in to the markets looking to ‘save’ shale oil companies from their excesses, and slowing what I thought would be a violent progression of bond defaults and outright bankruptcies. In a recent note on the state of E+P, Morgan Stanley also noted the trend, when one of its analysts, Evan Calio, wrote: “Secondary offerings have been positively received by investors as a means to shore up balance sheets and pre-fund drilling programs in light of falling crude prices. Secondary offerings remain a logical way to delever [a financial term meaning to reduce debt], but also has the potential to extend the trough rather than hasten its arrival.” (emphasis mine). In other words, there is too much money still chasing oil for a quick weeding out of the weaklings. We might see a longer period of ‘survivability’ before the real wall hits.
Dan Dicker (Shale Boom, Shale Bust: The Myth of Saudi America)
MRS BROWN STARED at Paddington in amazement. “Harold Price wants you to be an usher at his wedding?” she repeated. “Are you sure?
Michael Bond (Paddington Goes To Town (Paddington Bear))
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In response to current events, people often reach for historical analogies, and this occasion was no exception. The trick is to choose the right analogy. In August 2007, the analogies that came to mind—both inside and outside the Fed—were October 1987, when the Dow Jones industrial average had plummeted nearly 23 percent in a single day, and August 1998, when the Dow had fallen 11.5 percent over three days after Russia defaulted on its foreign debts. With help from the Fed, markets had rebounded each time with little evident damage to the economy. Not everyone viewed these interventions as successful, though. In fact, some viewed the Fed’s actions in the fall of 1998—three quarter-point reductions in the federal funds rate—as an overreaction that helped fuel the growing dot-com bubble. Others derided what they perceived to be a tendency of the Fed to respond too strongly to price declines in stocks and other financial assets, which they dubbed the “Greenspan put.” (A put is an options contract that protects the buyer against loss if the price of a stock or other security declines.) Newspaper opinion columns in August 2007 were rife with speculation that Helicopter Ben would provide a similar put soon. In arguing against Fed intervention, many commentators asserted that investors had grown complacent and needed to be taught a lesson. The cure to the current mess, this line of thinking went, was a repricing of risk, meaning a painful reduction in asset prices—from stocks to bonds to mortgage-linked securities. “Credit panics are never pretty, but their virtue is that they restore some fear and humility to the marketplace,” the Wall Street Journal had editorialized, in arguing for no rate cut at the August 7 FOMC meeting.
Ben S. Bernanke (The Courage to Act: A Memoir of a Crisis and Its Aftermath)
They bought blocks of bonds priced from 80 to 82 cents on the dollar, paying for them in bank notes worth half their face value!
Kenneth L. Fisher (100 Minds That Made the Market (Fisher Investments Press))
An investment is tax inefficient if it relies heavily on investment income, instead of its price movement.
Michael Brentwood (Investing: Guide For Beginners Understanding Futures,Options Trading, stocks (Bonds,Bitcoins,Finance Book 2))
What if, instead, central banks tackled such deep recessions by issuing new money directly to every household as windfall cash to be used specifically for paying down debts—an idea that has come to be known as ‘People’s QE’.52 Rather than inflating the price of bonds, which tends to benefit wealthy asset owners, this approach—which resembles a one-off tax rebate for all—would benefit indebted households.
Kate Raworth (Doughnut Economics: Seven Ways to Think Like a 21st-Century Economist)
The price fluctuations of convertible bonds and preferred stocks are the resultant of three different factors: (1) variations in the price of the related common stock, (2) variations in the credit standing of the company, and (3) variations in general interest rates. A good many of the convertible issues have been sold by companies that have credit ratings well below the best.3 Some of these were badly affected by the financial squeeze in 1970. As a result, convertible issues as a whole have been subjected to triply unsettling influences in recent years, and price variations have been unusually wide. In the typical case, therefore, the investor would delude himself if he expected to find in convertible issues that ideal combination of the safety of a high-grade bond and price protection plus a chance to benefit from an advance in the price of the common.
Benjamin Graham (The Intelligent Investor)
We have advised against the purchase at “full prices” of three important categories of securities: (1) foreign bonds, (2) ordinary preferred stocks, and (3) secondary common stocks, including, of course, original offerings of such issues. By “full prices” we mean prices close to par for bonds or preferred stocks, and prices that represent about the fair business value of the enterprise in the case of common stocks. The greater number of defensive investors are to avoid these categories regardless of price; the enterprising investor is to buy them only when obtainable at bargain prices—which we define as prices not more than two-thirds of the appraisal value of the securities.
Benjamin Graham (The Intelligent Investor)
From 1942 until 1947, the Federal Reserve—at the behest of the Treasury Department—actively managed the government’s borrowing costs. Even as spending to fight World War II drove the federal deficit to more than 25 percent of GDP in 1943, interest rates trended lower. That’s because the Fed pegged the T-bill rate at 0.375 percent and held the rate on twenty-five-year bonds at 2.5 percent. As MMT economist L. Randall Wray put it, “the government can ‘borrow’ (issue bonds to the public) at any interest rate the central bank chooses to enforce. It is relatively easy for the central bank to peg the interest rate on short-term government debt instruments by standing ready to purchase it at a fixed price in unlimited quantities. This is precisely what the Fed did in the United States until 1951—providing banks with an interest-earning alternative to excess reserves, but at a very low rate of interest.
Stephanie Kelton (The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy)
When interest rates rise, bond prices fall. When interest rates fall, bond prices rise. In either case, if you hold a bond to the end of its term you will, barring default, get exactly what you paid for it.
J.L. Collins (The Simple Path to Wealth: Your road map to financial independence and a rich, free life)
In fact, some investment advisors say the only completely safe bond is one backed by the full faith and credit of the United States. And you can actually buy US bonds called Treasury inflation-protected securities, or TIPS, that rise in value to keep up with inflation through the consumer price index.
Anthony Robbins (MONEY Master the Game: 7 Simple Steps to Financial Freedom)
For most investors, bond funds beat individual bonds hands down (the main exceptions are Treasury securities and some municipal bonds). Major firms like Vanguard, Fidelity, Schwab, and T. Rowe Price offer a broad menu of bond funds at low cost.9
Benjamin Graham (The Intelligent Investor)
the interest and principal payments on good bonds are much better protected and therefore more certain than the dividends and price appreciation on stocks.
Benjamin Graham (The Intelligent Investor)
If they follow our prescription they will confine themselves to high-grade bonds and the common stocks of leading corporations, preferably those that can be purchased at individual price levels that are not high in the light of experience and analysis.
Benjamin Graham (The Intelligent Investor)