Bond Prices Quotes

Two phoenixes, born of fire, rising from the ashes of the past. The wheel of fate is turning and the Dragon is poised to strike. But blood of the deceiver may change the course of destiny. Beware the man with the painted smile who lingers close to your side. Turn the scorned. Free the enslaved. Fear the bonded men. Many will fall for one to ascend. Suffer the curse. The hunter will pay the price. Do not repeat the mistakes of the past. Keep the broken promise. Mend the rift. All that hides in the shadows is not dark. Blood will out. Seal your fate. Choose your destiny.

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.

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.

On Lightlark and beyond, love had a price. Falling deeply and truly in love meant forming a bond that gave a beloved complete access to one’s abilities. They could do whatever they wished with it. Wield it, reject it. Even steal it.

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.

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?

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.

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.

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.

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

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.

Investors who focus on currencies, bonds, and stock markets generally assume a normal distribution of price changes: values jiggle up and down, but extreme moves are unusual. Of course, extreme moves are possible, as financial crashes show. But between 1985 and 2015, the S&P 500 stock index budged less than 3 percent from its starting point on 7,663 out of 7,817 days; in other words, for fully 98 percent of the time, the market is remarkably stable.

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.

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.

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.

While our book may not recreate the lasting bond you had with your childhood doll, we find some comfort in knowing it's priced more competitively.

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.

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.

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.

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.

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

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.

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.

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.

I had always considered it an admirable thing to break away from security and respectability. Of course, it is easier for a man to do this. A man can look after himself, he can do without neighbours and the approval of the local society. A woman, I reasoned, would do anything for love provided it was not at the price of security; for a woman loves security as much as a man loves independence.

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.

Oli, I want you more than I’ve ever wanted anything in my life… except for how badly I want you to be safe. I want you as strong as we can get you, even if that means your bond starts eating every soul it comes across. Does that make me as bad as my father and the rest of the Resistance? Maybe. Maybe, but that’s the price I’ll happily pay. The road to hell for me is paved with everything I would do for you, and that list never fucking ends.

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!

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.

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.

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.

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).

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.

To reiterate, in the upwave, debt is increased and financial wealth and obligations rise relative to tangible wealth to the point that these promises to pay in the future (i.e., the values of cash, bonds, and stocks) can’t be met. This causes “run on the bank”-type debt problems to emerge, which leads to the printing of money to try to relieve the problems of debt defaults and falling stock market prices, which leads to the devaluation of money and in turn to financial wealth going down relative to real wealth, until the real (inflation-adjusted) value of financial assets returns to being low relative to tangible wealth. Then the cycle begins again.

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.

One example of a high-tech company that submits to a Graham type of analysis is Amazon.com. 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.

Financial deregulation, easy credit and regulatory neglect combined with the degradation of our value system to create a religion of money and of power. The achievement of infinite wealth and fame became the ultimate standard, to be achieved at any price. The junk-bond peddlers and the raiders, the speculators and the savings-and-loan hustlers with their legions of consultants, their lobbyists and their friendly politicians, turned this country into a vast casino. Crimes were committed, crimes against the entire nation. These crimes will cost hundreds of billions of dollars. They have also undermined confidence in a system that was built up over generations. The nation will need a lengthy recovery from this madness.

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.

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.

Rhys looked them each in the eye, even my sisters, his hand brushing the back of my own. 'Do you want the inspiring talk or the bleak one?' he asked. 'We want the real one,' Amren said. Rhys pushed his shoulders back, elegantly folding his wings behind him. 'I believe everything happens for a reason. Whether it is decided by the Mother, of the Cauldron, or some sort of tapestry of Fate, I don't know. I don't really care. But I am grateful for it, whatever it is. Grateful that it brought you all into my life. If it hadn't... I might have become as awful as the price we're going to face today. If I had not met an Illyrian warrior-in-training,' he said to Cassian, 'I would not have known the true depth of strength, of resilience, of honour and loyalty.' Cassian's eyes gleamed bright. Rhys said to Azriel, 'If I had not met a shadowsinger, I would not have known that it is the family you make not the one you are born into, that matters. I would not have known what it is to truly hope, even when the world tells you to despair.' Azriel bowed his head in thanks. Mor was already crying when Rhys spoke to her. 'If I had not met my cousin, I would never have learned that light can be found in even the darkest of hells. That kindness can thrive even amongst cruelty.' She wiped away her tears as she nodded. I waited for Amren to offer a retort. But she was only waiting. Rhys bowed his head to her. 'If I had not met a tiny monster who hoards jewels more fiercely than a firedrake...' A quiet laugh from all of us at that. Rhys smiled softly. 'My own power would have consumed me long ago.' Rhys squeezed my hand as he looked to me at last. 'And if I had not met my mate...' His words failed him as silver lined his eyes. He said down the bond, I would have waited five hundred more years for you. A thousand years. And if this was all the time we were allowed to have... The wait was worth it. He wiped away the tears sliding down my face. 'I believe that everything happened, exactly the way it had to... so I could find you.' He kissed another tear away. And then he said to my sisters, 'We have not known each other for long. But I have to believe that you were brought here, into our family, for a reason, too. And maybe today we'll find out why.' He surveyed them all again- and held out his hand to Cassian. Cassian took it, and held out his other for Mor. Then Mor extended her other to Azriel. Azriel to Amren. Amren to Nesta. Nesta to Elain. And Elain to me. Until we were all linked, all bound together. Rhys said, 'We will walk out onto that field and only accept Death when it comes to haul us away to the Otherworld. We will fight for life, for survival, for our futures. But if it is decided by that tapestry of Fate or the Cauldron or the Mother that we do not walk off that field today...' His chin lifted. 'The great joy and honour of my life has been to know you. To call you my family. And I am grateful- more than I can possibly say- that I was given this time with you all.' 'We are grateful, Rhysand,' Amren said quietly. 'More than you know.' Rhys gave her a small smile as the others murmured their agreement. He squeezed my hand again as he said, 'Then let's go make Hybern very ungrateful to have known us, too.

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

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

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.

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

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.”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.” Hamilton intuited that public relations and confidence building were to be the special burdens of every future treasury secretary.

You can have no idea what it feels like to live in an ordinary woman’s skin. From the moment a girl is born she is tutored by her mother on what she may and may not do. The list of what she is allowed to do keeps on shrinking as she grows older—cover your head, lower your neck, conceal your breasts, hide your ankles, don’t go to the river alone, don’t step out in the evening, don’t laugh loudly, don’t ask questions, don’t expect answers … Then she marries and it only gets worse. A mother-in-law takes over to enforce the rules. Wake up first, sleep last. Cook feasts, eat leftovers. Feed sons, starve daughters. And when finally she grows older and the baton passes on to her, she starts battering the next generation with it, having seen nothing else in her life!’ ‘So are you saying women oppress women?’ I was surprised that her tirade was directed at mothers and mothers-in-law rather than at men. ‘Yes, precisely. Why blame the men alone? Why will they try to change an existing order in which they get a bonded slave to cook their food, wash their clothes, clean their homes, warm their beds, look after their aging parents and bear them children? But what reason do women have? Why do they fall all over themselves to tyrannise other women? Women can rescue each other. Women can refuse to starve, scare and suppress their daughters. They can be friends and comrades with their daughters-in-law. Women can look out for the safety of their house maids and farm labourers. Women can insist that other women be treated with respect and dignity. But for that they first need to stop feeling helpless and scared themselves. They need to stop needing a man to protect them. The price of that protection is just too high.

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.

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.

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.

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

In a landmark study into the psychology of perceived “creepiness,” psychologists McAndrew and Koehnke (2016) asked 1,341 respondents to answer questions about which personal qualities and behaviors they associated with “creepy” people, and used statistical factor analysis to develop a measurable “creepiness” factor. The creepiness factor they developed included the following traits: a person having awkward, unpredictable behavior, an unnatural-looking smile, laughter that occurred at “unnatural” times, speaking for too long about a single topic, and not knowing when to end a conversation.[30] When Autistic people attempt to socialize and bond with others in an affable, enthusiastic way, these are often the very traits we embody. Even as we try to put the neurotypical people around us at ease by smiling, keeping the conversation moving, and staying present, we might be seen as scary or unsettling. A series of experiments by social psychologists Leander, Chartrand, and Bargh (2012) found that when a person engages in social mirroring in an even slightly inappropriate way, it skeeves people out, and even makes them feel physically colder.[31] A little bit of mimicry is normal among friends. People mirror one another’s postures and mannerisms as they get comfortable and fall “ into sync. But if you mirror someone too much, or at the wrong time, these studies show you can literally give other people the chills. Autistic maskers try really hard to mirror other people, but since we can’t do it as fluently and effortlessly as neurotypicals do, we often unwittingly set off NT’s creep-dars. The solution, then, is to stop hiding and pretending to be something we’re not. Instead of straining (and failing) to imitate NT people, we can become radically visible. Sasson’s research found that when participants were told they were interacting with an Autistic person, their biases against us disappeared. Suddenly they liked their slightly awkward conversation partner, and expressed interest in getting to know them. Having an explanation for the Autistic person’s oddness helped the creeped-out feeling go away. Follow-up research by Sasson and Morrison (2019) confirmed that when neurotypical people know that they’re meeting an Autistic person, first impressions of them are far more positive, and after the interaction neurotypicals express more interest in learning about Autism.[32] 30. McAndrew, F. T., & Koehnke, S. S. (2016). On the nature of creepiness. New Ideas in Psychology, 43, 10–15. 31. Leander, N. P., Chartrand, T. L., & Bargh, J. A. (2012). You give me the chills: Embodied reactions to inappropriate amounts of behavioral mimicry. Psychological Science, 23(7), 772–779. Note: many of John Bargh’s priming studies have failed replication attempts in recent years. For a discussion of a failed attempt of a related but different series of temperature priming studies, see Lynott, D., Corker, K. S., Wortman, J., Connell, L., Donnellan, M. B., Lucas, R. E., & O’Brien, K. (2014). Replication of “Experiencing physical warmth promotes interpersonal warmth” by Williams and Bargh (2008). Social Psychology. 32. Sasson, N. J., & Morrison, K. E. (2019). First impressions of adults with autism improve with diagnostic disclosure and increased autism knowledge of peers. Autism, 23(1), 50–59.

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.

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.

MMT recognizes that finance is not a limited resource. It is manufactured and created in the act of spending. In the modern world, the exclusive monopoly to issue the currency endows governments with unparalleled spending power. For MMT, that the issuer can spend without technical constraints is a rather trivial observation. What MMT stresses is that taxes and borrowing cannot pre-fund the issuer of the currency, as the currency must be provided before it can be used for tax collections or bond purchases. The substantive question for MMT then is how to deploy this spending power for achieving the two central macroeconomic goals: full employment and price stability.

As the modern era came into being, the avarice of the usurer was supplanted by interest in the broader and more abstract sense of a share or stake. This new concept of interest was ethically wide-ranging: it ‘came to cover virtually the entire range of human actions, from the narrowly self-centered to the sacrificially altruistic, and from the prudently calculated to the passionately compulsive’.49 The seventeenth-century English statesman and philosopher Lord Shaftesbury summed up the new thinking with his comment that ‘Interest governs the World.’50 In his Fable of the Bees (1714), Bernard Mandeville exposed the paradox at the heart of the modern world, namely that private vices brought public benefits. Adam Smith incorporated Mandeville’s wicked insights into his political economy. In The Wealth of Nations, Smith describes the individual as one who ‘By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.’51 A similar thought is expressed in another famous line, in which Smith writes that ‘It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.’ The spirit of capitalism was transmitted across networks of credit that connected lenders and borrowers through bonds of mutual self-interest.52 Daniel Defoe described credit as a ‘stock’, synonymous with capital, while the French in Defoe’s day referred to capital as ‘interest’, in the sense of taking a stake.fn6 From a technical viewpoint, capital consists of a stream of future income discounted to its present value. Without interest, there can be no capital. Without capital, no capitalism. Turgot, a contemporary of Adam Smith’s, understood this very well: ‘the capitalist lender of money,’ he wrote, ‘ought to be considered as a dealer in a commodity which is absolutely necessary for the production of wealth, and which cannot be at too low a price.’53 (Turgot exaggerated. As we shall see, interest at ‘too low a price’ is the source of many evils.)

Investors would buy shares in their fund. The fund would then take investors’ money and lend it out—to the government, in the form of Treasury bills, and to banks, in the form of big savings accounts. These were short-term, ultra-safe investments. So safe, in fact, that the price of the mutual fund shares didn’t need to fluctuate every day like funds that owned stocks or riskier bonds.

It is essential for a stock investor to understand the pricing model of the bonds.

Defensive investors, as we have defined them, will not ordinarily be equipped to pass independent judgment on the security recommendations made by their advisers. But they can be explicit—and even repetitiously so—in stating the kind of securities they want to buy. 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.

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Hence, after this foreshortened discussion of the major considerations, we once again enunciate the same basic compromise policy for defensive investors—namely that at all times they have a significant part of their funds in bond-type holdings and a significant part also in equities. It is still true that they may choose between maintaining a simple 50–50 division between the two components or a ratio, dependent on their judgment, varying between a minimum of 25% and a maximum of 75% of either. We shall give our more detailed view of these alternative policies in a later chapter. Since at present the overall return envisaged from common stocks is nearly the same as that from bonds, the presently expectable return (including growth of stock values) for the investor would change little regardless of how he divides his fund between the two components. As calculated above, the aggregate return from both parts should be about 7.8% before taxes or 5.5% on a tax-free (or estimated tax-paid) basis. A return of this order is appreciably higher than that realized by the typical conservative investor over most of the long-term past. It may not seem attractive in relation to the 14%, or so, return shown by common stocks during the 20 years of the predominantly bull market after 1949. But it should be remembered that between 1949 and 1969 the price of the DJIA had advanced more than fivefold while its earnings and dividends had about doubled. Hence the greater part of the impressive market record for that period was based on a change in investors’ and speculators’ attitudes rather than in underlying corporate values. To that extent it might well be called a “bootstrap operation.” In

As there can be no causeless wealth, so there can be no causeless love or any sort of causeless emotion. An emotion is a response to a fact of reality, an estimate dictated by your standards. To love is to value. The man who tells you that it is possible to value without values, to love those whom you appraise as worthless, is the man who tells you that it is possible to grow rich by consuming without producing and that paper money is as valuable as gold. “Observe that he does not expect you to feel a causeless fear. When his kind get into power, they are expert at contriving means of terror, at giving you ample cause to feel the fear by which they desire to rule you. But when it comes to love, the highest of emotions, you permit them to shriek at you accusingly that you are a moral delinquent if you’re incapable of feeling causeless love. When a man feels fear without reason, you call him to the attention of a psychiatrist; you are not so careful to protect the meaning, the nature and the dignity of love. “Love is the expression of one’s values, the greatest reward you can earn for the moral qualities you have achieved in your character and person, the emotional price paid by one man for the joy he receives from the virtues of another. Your morality demands that you divorce your love from values and hand it down to any vagrant; not as response to his worth, but as response to his need, not as reward, but as alms, not as a payment for virtues, but as a blank check on vices. Your morality tells you that the purpose of love is to set you free of the bonds of morality, that love is superior to moral judgment; that true love transcends, forgives and survives every manner of evil in its object, and the greater the love the greater the depravity it permits to the loved. To love a man for his virtues is paltry and human, it tells you; to love him for his flaws is divine. To love those who are worthy of it is self-interest; to love the unworthy is sacrifice. You owe your love to those who don’t deserve it, and the less they deserve it, the more love you owe them—the more loathsome the object, the nobler your love—the more unfastidious your love, the greater the virtue—and if you can bring your soul to the state of a dump heap that welcomes anything on equal terms, if you can cease to value moral values, you have achieved the state of moral perfection.

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Fear the bonded men. Many will fall for one to ascend. Suffer the curse. The hunter will pay the price. Do not repeat the mistakes of the past. Keep the broken promise. Mend the rift. All that hides in the shadows is not dark. Blood will out. Seal your fate. Choose your destiny.

A recasting of purpose as a fundamental driver of work will do more for the social inequalities of various professional choices than economic interventions by the state. A society that rediscovers and reappreciates purpose in work and the concept of service in finding existential benefit no longer has to presuppose a hierarchy that elevates certain white-collar professions above blue-collar professions. Market forces may price the work of a lawyer or professor differently than that of a waitress or plumber in a monetary sense (dependent on subjective values embedded in supply and demand), and certain professions may require greater use of the mind than others and some greater use of the hands than others. But income, skill, intellect, and education are all disintermediated when it comes to the appreciation of purpose. A truck driver and a bond trader are on an even playing field in that important category. The way that we formulate our own hierarchies of one’s importance should never have become based on income level or social strata, yet the surest way to reverse this unhealthy trend is to reframe our understanding of work as a productive act of purposeful service, not merely an act of economic climbing.

When doubts about the survival of the single currency surfaced in 2010, the financial markets started to view countries on Europe’s periphery, from Ireland to Greece, as over-indebted and uncompetitive. Bound by euro-fetters, members of the Eurozone could not regain competitiveness by devaluing their currencies. Instead, interest rates across the region diverged, with highly indebted countries, including Italy and Greece, suddenly forced to pay hefty risk premiums. Meanwhile German bond yields headed into negative territory. Deflation beckoned. Deleveraging was in order. To bring down labour costs, the PIIGS were going to have to embrace deep structural reforms. Unemployment in Spain climbed to Great Depression levels. Schumpeter’s forces of creative destruction were about to be unleashed, big time.

Hear me now, for his prophesy could change the course of fate itself," he said in an ethereal voice that wasn't his at all and Roxy's fingers tightened around mine as she sucked in an alarmed breath. "Look east to the heart of the rising star when the wind calls to you and find the origins of your legacy," he said firmly before his voice seemed to multiply and resound off of the walls of the room and I was certain this next part was the prophesy he'd been waiting on. “Two phoenixes, born of fire, rising from the ashes of the past. The wheel of fate is turning and the Dragon is poised to strike. But blood of the deceiver may change the course of destiny. Beware the man with the painted smile who lingers close to your side. Turn the scorned. Free the enslaved. Fear the bonded men. Many will fall for one to ascend. Suffer the curse. The hunter will pay the price. Do not repeat the mistakes of the past. Keep the broken promise. Mend the rift. All that hides in the shadows is not dark. Blood will out. Seal your fate. Choose your destiny.

Investment firms are buying up more vacation homes, aiming to cash in on growing demand from tourists and remote workers. Most vacation rental homes are owned by small-time owners who list their properties on websites such as Airbnb Inc., but the number of financial firms investing in the sector is growing. New York-based investment firm Saluda Grade is launching a venture with short-term- rental operator AvantStay Inc. to buy about $500 million of homes, the companies said Tuesday. Saluda Grade said it is also looking to raise debt by selling mortgage bonds backed by its homes to investors, the first vacation-rental mortgage securitization, according to the company. Andes STR, a startup that buys and manages short-term rental homes on behalf of investors, also recently signed a deal with Chilean investment firm WEG Capital to buy roughly $80 million of properties in the U.S., Andes said. These investors are betting they can get higher returns if they rent out homes by the night instead of by the year. Low-interest rates have made it more attractive to borrow and Buy Traditional Rental Homes, inflating property prices and making it harder for new buyers to turn a profit. That has prompted some institutions and wealthy families to look in more obscure corners of the property market where competition is smaller, investment advisers say. Some are turning to investments in vacation homes, where demand has surged in many places during the pandemic as more people choose to work from remote locations and leisure travel heated up last year. “There’s a lot more yield available in the short-term market,” said Saluda Grade’s chief executive, Ryan Craft. It is the latest sign of how the pandemic is changing the way people work and live, and how real-estate investors are angling to find new ways to profit from these shifts. Saluda Grade is targeting homes within driving distance of major population centers, Mr. Craft said. His company will buy the homes and AvantStay will manage them for a fee. But while vacation-rental homes can offer higher returns, they also pose challenges to investors. Mortgages are usually more expensive and harder to get for short-term rentals than for owner-occupied homes, said Giri Devanur, CEO of reAlpha Tech Corp., a startup that wants to pool money from small-time investors to buy short-term-rental homes.

Undoing their objectivization as goods to be bought and sold, therefore, required not only that captives escape the physical hold exerted on them by the forts, factories, and other coastal facilities used to incarcerate them but, more difficult still, that they reverse their own transformation into commodities, by returning to a web of social bonds that would tether them safely to the African landscape, within the fold of kinship and community. For most, as we have seen, distance made return to their home communities impossible. The market, they learned, made return to any form of social belonging impossible as well. If they managed to escape from the waterside forts and factories, their value resided not in their potential to join communities as slave laborers, wives, soldiers, or in some other capacity, but rather in their market price. For most, the power of the market made it impossible to return to their previous state, that of belonging to (being ‘owned’ by) a community—to being possessed, that is, of an identity as a subject. Rather, the strangers the runaways encountered shared the vision of the officials at Cape Coast Castle: the laws of the market made fellow human beings see it as their primary interest to own as commodities these escaped captives, rather than to connection them as social subjects. More often than not, then, captives escaped only to be sold again. As Snelgrave’s language articulates so clearly, the logic of the market meant that enslavement was a misfortune for which no buyer needed to feel the burden of accountability. Indeed, according to the mercantile logic in force, buyers (of whatever nationality) could not bear the weight of political accountability. Buying people who had no evidence social value was not a violation or an act of questionable morality but rather a keen and appropriate response to opportunity; for this was precisely what one was supposed to do in the market: create value by exchange, recycle someone else’s castoffs into objects of worth. Thus, then, did the market exert its power—through its language, its categories, its logic. The alchemy of the market derived from its effectiveness in producing a counterfeit representation; it had become plausible that human beings could be so completely drained of social value, so severed from the community, that their lives were no longer beyond price: they could be made freely available in exchange for currency. The market painted in colors sufficiently believable as to seem true the appalling notion that ‘a human being could fail to be a person.

By dragon flame and heart’s blood, my word is our bond. May the gods strike me from the sky if my vow is broken. Your life for their freedom, all within this kingdom shall be spared.” “My life is yours, Sir Dragon, from now and until my final breath, the price of freedom and life for all I hold dear. Unless challenged or threatened, you shall not harm any human

By choosing to remain boys they did not have to undergo the pain of severing the too-tight bonds with mothers who had smothered them with unconditional care. They could just find women to care for them in the same way that their moms had. When women failed to be like Mom, they acted out. Initially, as a young militant feminist, I was thrilled to find a man who was not into being the patriarch. And even the task of dragging him kicking and screaming into adulthood seemed worthwhile. In the end I believed I would have an equal partner, love between peers. But the price I paid for wanting him to become an adult was that he traded in his boyish playfulness and became the macho man I had never wanted to be with. I was the target of his aggression, blamed for cajoling him into leaving boyhood behind, and blamed for his fears that he was not up to the task of being a man. By the time our relationship ended, I had blossomed into a fully self-actualized feminist woman but I had almost lost my faith in the transformative power of love. My heart was broken. I left the relationship fearful that our culture was not yet ready to affirm mutual love between free women and free men.

_____________ ___________________, 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.

It was eat or be eaten, which meant we couldn’t forget about them for a second. The human nervous system developed as an early-warning animal detection device, scanning 24/7 for any hint of an approaching heartbeat. Animals were simultaneously our dearest friends and our deadliest enemies, and after 300,000 years, you don’t just end a bond like that without paying a price. When we close ourselves off from the natural world, Wilson was convinced, we’re messing with forces we don’t understand. We’re changing our address with no idea where we’re going.

Where will it 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.

The Financial Times interviewed Bill Gross, the famed bond manager, in 2019. “Gross admits that he would probably not be where he is today if he had been born a decade earlier or later,” the piece said. Gross’s career coincided almost perfectly with a generational collapse in interest rates that gave bond prices a tailwind. That kind of thing doesn’t just affect the opportunities you come across; it affects what you think about those opportunities when they’re presented to you. To Gross, bonds were wealth-generating machines. To his father’s generation, who grew up with and endured higher inflation, they might be seen as wealth incinerators

Consider a conversation I had with a white friend. She was telling me about a "white) couple she knew who had just moved to New Orleans and bought a house for a mere twenty-five thousand dollars. "Of course," she immediately added, "they also had to buy a gun, and Joan is afraid to leave the house." I immediately knew they had bought a home in a black neighborhood. This was a moment of white racial bonding between this couple who shared the story of racial danger and my friend, and then between my friend and me, as she repeated the story. Through this tale, the four of us fortified familiar images of the horror of black space and drew boundaries between "us" and "them" without ever having to directly name race or openly express our disdain for black space. Notice that the need for a gun is a key part of this story--it would not have the degree of social capital it holds if the emphasis were on the price of the house alone. Rather, the story’s emotional power rests on why a house would be that cheap--because it is in a black neighborhood where white people literally might not get out alive. Yet while very negative and stereotypical representations of blacks were reinforced in that exchange, not naming race provided plausible deniability. In fact, in preparing to share this incident, I texted my friend and asked her the name of the city her friends had moved to. I also wanted to confirm my assumption that she was talking about a black neighborhood. I share the text exchange here: "Hey, what city did you say your friends had bought a house in for $25,000?" "New Orleans. They said they live in a very bad neighborhood and they each have to have a gun to protect themselves. I wouldn’t pay 5 cents for that neighborhood." "I assume it’s a black neighborhood?" "Yes. You get what you pay for. I’d rather pay $500,00 and live somewhere where I wasn’t afraid." "I wasn’t asking because I want to live there. I’m writing about this in my book, the way that white people talk about race without ever coming out and talking about race." "I wouldn’t want you to live there it’s too far away from me!" Notice that when I simply ask what city the house is in, she repeats the story about the neighborhood being so bad that her friends need guns. When I ask if the neighborhood is black, she is comfortable confirming that it is. But when I tell her that I am interested in how whites talks about race without talking about race, she switches the narrative. Now her concern is about not wanting me to live so far away. This is a classic example of aversive racism: holding deep racial disdain that surfaces in daily discourse but not being able to admit it because the disdain conflicts with our self-image and professed beliefs. Readers may be asking themselves, "But if the neighborhood is really dangerous, why is acknowledging this danger a sign of racism?" Research in implicit bias has shown that perceptions of criminal activity are influenced by race. White people will perceive danger simply by the presence of black people; we cannot trust our perceptions when it comes to race and crimes. But regardless of whether the neighborhood is actually more or less dangerous than other neighborhoods, what is salient about this exchange is how it functions racially and what that means for the white people engaged in it. For my friend and me, this conversation did not increase our awareness of the danger of some specific neighborhood. Rather, the exchange reinforced our fundamental beliefs about black people. (p. 44-45)

It is yours. Whether it beats or not,” he murmured, reaching up to cup my cheek with his other hand. “I have felt your desperation coming through the bond all day, Little One. If my death is what brings you peace, then I will pay that price.

For every company, you see a gazillion pieces of information on tap: revenue growth, profit growth, debt level, margin profile, stock price movement, analysts’ views, bond ratings, Twitter commentary, shareholder information, top management résumés, conference call transcripts, annual reports, quarterly filings, media coverage, competitor profiles, shares bought or sold by senior management, receivable and inventory levels, CEO statements, Reddit threads, hedge fund ownership, and so much more. And all this is just at the company level.

I make it a habit of not fighting the bond market for the same reason I do not argue with my wife—I am not going to win, ever.

We live in the Atomic Age, or rather in the Atomic Chaos. The opposing forces were practically held together in mediæval times by the Church, and in some measure assimilated by the strong pressure which she exerted. When the common tie broke and the pressure relaxed, they rose once more against each other. The Reformation taught that many things were “adiaphora”—departments that needed no guidance from religion: this was the price paid for its own existence. Christianity paid a similar one to guard itself against the far more religious antiquity: and laid the seeds of discord at once. Everything nowadays is directed by the fools and the knaves, the selfishness of the money-makers and the brute forces of militarism. The state in their hands makes a good show of reorganising everything, and of becoming the bond that unites the warring elements; in other words, it wishes for the same idolatry from mankind as they showed to the Church.

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when the Mart hosted the sale of a “Prime Gang of 235 Negroes” from the estate of a once influential planter, Gen. James Gadsden. Buyers had to put down cash for one-half of the purchase price but could pay the rest through a twelve-month bond, effectively a mortgage secured by the value of the slaves themselves.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

When bond prices fall, interest rates soar, with painful consequences for all borrowers.

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.

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.

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.