Compare The Market Quotes

About time," Christian said. "Lissa and Adrian get the market share on worrying about you, but they're not the only ones. And someone needs to put Adrian in his place, you know. I can't do it all the time." "Thanks. It kills me to say this, but I missed you too. No one's sarcasm compares to yours in Russia.

And yet we have what purports, or professes, or is claimed, to be a contract—the Constitution—made eighty years ago, by men who are now all dead, and who never had any power to bind us, but which (it is claimed) has nevertheless bound three generations of men, consisting of many millions, and which (it is claimed) will be binding upon all the millions that are to come; but which nobody ever signed, sealed, delivered, witnessed, or acknowledged; and which few persons, compared with the whole number that are claimed to be bound by it, have ever read, or even seen, or ever will read, or see.

For the first time in history, children are growing up whose earliest sexual imprinting derives not from a living human being, or fantasies of their own; since the 1960s pornographic upsurge, the sexuality of children has begun to be shaped in response to cues that are no longer human. Nothing comparable has ever happened in the history of our species; it dislodges Freud. Today's children and young men and women have sexual identities that spiral around paper and celluloid phantoms: from Playboy to music videos to the blank females torsos in women's magazines, features obscured and eyes extinguished, they are being imprinted with a sexuality that is mass-produced, deliberately dehumanizing and inhuman.

Public schools were not only created in the interests of industrialism—they were created in the image of industrialism. In many ways, they reflect the factory culture they were designed to support. This is especially true in high schools, where school systems base education on the principles of the assembly line and the efficient division of labor. Schools divide the curriculum into specialist segments: some teachers install math in the students, and others install history. They arrange the day into standard units of time, marked out by the ringing of bells, much like a factory announcing the beginning of the workday and the end of breaks. Students are educated in batches, according to age, as if the most important thing they have in common is their date of manufacture. They are given standardized tests at set points and compared with each other before being sent out onto the market. I realize this isn’t an exact analogy and that it ignores many of the subtleties of the system, but it is close enough.

She may resent Playboy because she resents feeling ugly in sex--or, if "beautiful," her body defined and diminished by pornography. It inhibits in her something she needs to live, and gives her the ultimate anaphrodisiac: the self-critical sexual gaze. Alice Walker's essay "Coming Apart" investigates the damage done: Comparing herself to her lover's pornography, her heroine "foolishly" decides that she is not beautiful.

The reason this system can’t be overthrown in this country,” Walter said, “is all about freedom. The reason the free market in Europe is tempered by socialism is that they’re not so hung up on personal liberties there. They also have lower population growth rates, despite comparable income levels. The Europans are all-around more rational, basically. And the conversation about rights in this country isn’t rational. It’s taking place on the level of emotion, and class resentments, which is why the right is so good at exploiting it.

If you want an incredibly passionate, happy, ALIVE business…don’t overcomplicate things. Once all is said and done, the foundational elements of a successful business are very simple: respect, service, value and sales. Comparatively, everything else is froth.

The fact that a thesis is flawed does not mean that we should not invest in it as long as other people believe in it and there is a large group of people left to be convinced. The point was made by John Maynard Keynes when he compared the stock market to a beauty contest where the winner is not the most beautiful contestant but the one whom the greatest number of people consider beautiful. Where I have something significant to add is in pointing out that it pays to look for the flaws; if we find them, we are ahead of the game because we can limit our losses when the market also discovers what we already know. It is when we are unaware of what could go wrong that we have to worry.

Immediately when you arrive in Sahara, for the first or the tenth time, you notice the stillness. An incredible, absolute silence prevails outside the towns; and within, even in busy places like the markets, there is a hushed quality in the air, as if the quiet were a conscious force which, resenting the intrusion of sound, minimizes and disperses sound straightaway. Then there is the sky, compared to which all other skies seem fainthearted efforts. Solid and luminous, it is always the focal point of the landscape. At sunset, the precise, curved shadow of the earth rises into it swiftly from the horizon, cutting into light section and dark section. When all daylight is gone, and the space is thick with stars, it is still of an intense and burning blue, darkest directly overhead and paling toward the earth, so that the night never really goes dark. You leave the gate of the fort or town behind, pass the camels lying outside, go up into the dunes, or out onto the hard, stony plain and stand awhile alone. Presently, you will either shiver and hurry back inside the walls, or you will go on standing there and let something very peculiar happen to you, something that everyone who lives there has undergone and which the French call 'le bapteme de solitude.' It is a unique sensation, and it has nothing to do with loneliness, for loneliness presupposes memory. Here in this wholly mineral landscape lighted by stars like flares, even memory disappears...A strange, and by no means pleasant, process of reintergration begins inside you, and you have the choice of fighting against it, and insisting on remaining the person you have always been, or letting it take its course. For no one who has stayed in the Sahara for a while is quite the same as when he came. ...Perhaps the logical question to ask at this point is: Why go? The answer is that when a man has been there and undergone the baptism of solitude he can't help himself. Once he has been under the spell of the vast luminous, silent country, no other place is quite strong enough for him, no other surroundings can provide the supremely satisfying sensation of existing in the midst of something that is absolute. He will go back, whatever the cost in time or money, for the absolute has no price.

The idea is that businesses that are plugged into the Mayflower-Plymouth ecosystem should have competitive and comparative advantages over non members in their respective markets.

I know we agree that civilisation is presently in its decadent declining phase, and that lurid ugliness is the predominant visual feature of modern life. Cars are ugly, buildings are ugly, mass-produced disposable consumer goods are unspeakably ugly. The air we breathe is toxic, the water we drink is full of microplastics, and our food is contaminated by cancerous Teflon chemicals. Our quality of life is in decline, and along with it, the quality of aesthetic experience available to us. The contemporary novel is (with very few exceptions) irrelevant; mainstream cinema is family-friendly nightmare porn funded by car companies and the US Department of Defense; and visual art is primarily a commodity market for oligarchs. It is hard in these circumstances not to feel that modern living compares poorly with the old ways of life, which have come to represent something more substantial, more connected to the essence of the human condition.

Now the situation is different, I admit: I have a wristwatch, I compare the angle of its hands with the angle of all the hands I see; I have an engagement book where the hours of my business appointments are marked down; I have a chequebook on whose stubs I add and subtract numbers. At Penn Station I get off the train, I take the subway, I stand and grasp the strap with one hand to keep my balance while I hold the newspaper up in the other, folded so I can glance over the figures of the stock market quotations: I play the game, in other words, the game of pretending there's an order in the dust, a regularity in the system, or an interpretation of different systems, incongruous but still measurable, so that every graininess of disorder coincides with the faceting of an order which promptly crumbles.

Put another way—the majority of your success comes from the top 4% of your actions. Or put yet another way 96% of the stuff you do is waste of time (comparatively).

All types of societies are limited by economic factors. Nineteenth century civilization alone was economic in a different and distinctive sense, for it chose to base itself in a motive rarely acknowledged as valid in history of human societies, and certainly never before raised to the level of justification of action and behavior in everyday life, namely, gain. The self-regulating market system was uniquely derived from this principle. The mechanism which the motive gain set in motion was comparable in effectiveness only to the most violent outburst of religious fervor in history. Within a generation the whole human world was subjected to its undiluted influence.

I have often thought that if heaven had given me choice of my position and calling, it should have been on a rich spot of earth, well watered, and near a good market for the productions of the garden. No occupation is so delightful to me as the culture of the earth, and no lucture comparable to that of the garden. Sucha a variety of subjeccts, some one always coming to perfection, the failure of one thing repaired by the succes of another, and instead of one harvest a continued one through the year. Under a total want of demand except for our family table, I am still devoted to the garden.

The essential difference between rich societies and poor societies does not stem from any greater effort the former devote to work, nor even from any greater technological knowledge the former hold. Instead it arises mainly from the fact that rich nations possess a more extensive network of capital goods wisely invested from an entrepreneurial standpoint. These goods consists of machines, tools, computers, buildings, semi-manufactured goods, software, etc., and they exist due to prior savings of the nation's citizens. In other words, comparatively rich societies possess more wealth because they have more time accumulated in the form of capital goods, which places them closer in time to the achievement of much more valuable goals.

Author compares the impact of biases to his experience as an average swimmer who overcame a considerable fear of water. While the swimming was easy in one particular experience, he was internally congratulating himself on his acquired skill. But when he realized he was swimming with a current he would now have to fight against, he realized just how definite his limits were.

We conclude, therefore, that determining the supply of money, like all other goods, is best left to the free market. Aside from the general moral and economic advantages of freedom over coercion, no dictated quantity of money will do the work better, and the free market will set the production of gold in accordance with its relative ability to satisfy the needs of consumers, as compared with all other productive goods.10

to develop a unique selling proposition. Something that positions you differently, so that prospects are forced to make an apples-to-oranges comparison when comparing you with your competitor. If they can do an apples-to-apples comparison of you and your competitors, then it comes down to price, and you’re toast.

The desire for more, the fear of missing out, the tendency to compare against others, the influence of the crowd and the dream of the sure thing—these factors are near universal. Thus they have a profound collective impact on most investors and most markets. The result is mistakes, and those mistakes are frequent, widespread and recurring.

Most men, even in this comparatively free country, through mere ignorance and mistake, are so occupied with the factitious cares and superfluously coarse labors of life that its finer fruits cannot be plucked by them. Their fingers, from excessive toil, are too clumsy and tremble too much for that. Actually, the laboring man has not leisure for a true integrity day by day; he cannot afford to sustain the manliest relations to men; his honor would be depreciated in the market. He has no time to be anything but a machine.

A single farmers’ market, for instance, may not seem very important compared to a Wal-Mart, but farmers’ markets are the fastest-growing part of our food economy

Slaves, whose legal status was comparable to that of livestock, were expected to provide a farm owner with marketable children.

Laughing from the inside is a medicine, which cannot be comparable by the available market drugs.

We need to move from comparative advantage to perpetual advantage...

The strategies were often based on the idea that prices tend to revert after an initial move higher or lower. Laufer would buy futures contracts if they opened at unusually low prices compared with their previous closing price, and sell if prices began the day much higher than their previous close. Simons made his own improvements to the evolving system, while insisting that the team work together and share credit.

Having a Grand Slam offer makes it almost impossible to lose. But why? What gives it such an impact? In short, having a Grand Slam Offer helps with all three of the requirements for growth: getting more customers, getting them to pay more, and getting them to do so more times. How? It allows you to differentiate yourself from the marketplace. In other words, it allows you to sell your product based on VALUE not on PRICE. Commoditized = Price Driven Purchases (race to the bottom) Differentiated = Value Driven Purchases (sell in a category of one with no comparison. Yes, market matters, which I will expound on in the next chapter) A commodity, as I define it, is a product available from many places. For that reason, it’s prone to purchases based on “price” instead of “value.” If all products are “equal,” then the cheapest one is the most valuable by default. In other words, if a prospect compares your product to another and thinks “these are pretty much the same, I’ll buy the cheaper one,” then they commoditized you. How embarrassing! But

War, compared the selection process he went through in 1946 to a slave market: Everyone was ordered to the courtyard and told to strip. When your name was called you appeared before a medical team for a health inspection. The exam consisted of

Think about water—one of the most abundant commodities on earth. When you buy this commodity, in bottled form at either a convenience store or from a vending machine, you happily pay 2,000 times the price compared with getting it from your tap at home.

Rambha had given Gandhi an enchanting image to describe the power of mantra. She compared the practice of mantra to the training of an elephant. “As the elephant walks through the market,” taught Rambha, “he swings his trunk from side to side and creates havoc with it wherever he goes—knocking over fruit stands and scattering vendors, snatching bananas and coconuts wherever possible. His trunk is naturally restless, hungry, scattered, undisciplined. This is just like the mind—constantly causing trouble.

In Wired magazine, Antonio García Martínez describes the contemporary Silicon Valley as “feudalism with better marketing.” He sees a clear elite of venture capitalists and company founders. Below them are the skilled professionals, well paid but living ordinary middle-class lives, given the high prices and heavy taxes. Below them lies the vast population of gig workers, whom García Martínez compares to sharecroppers in the South. At the bottom, there is an untouchable class of homeless, drug addicts, and criminals.36

For those who still believe structural inequality is a figment of feminists’ imagination, let’s recap some of the ways the financial odds are stacked against women. The gender pay gap sits stubbornly at around 18 per cent in Australia. (It gets wider the higher up the ladder you go, by the way). Female-dominated occupations are less well paid than male-dominated ones. Six out of ten Australians work in an industry dominated by one gender. Australia has one of the highest rates of part-time work in the world: 25 per cent of us work part time. Women make up 71.6 per cent of all part-time workers and 54.7 per cent of all casual employees. Australian women are among the best educated in the world but have relatively low comparable workplace participation and achievement rates. And just to add insult to injury, products marketed to women are more expensive than those marketed to men!

Culinary history is rife with controversy and debate. Ketchup on steak and pineapple on pizza are quaint discussions compared to outright fights over adding salt to the water when boiling pasta or the balance of peanut butter and jam in a sandwich. Foodies now wonder whether a Pop-Tart can be considered a ravioli.

In TV newsrooms, if it bleeds it leads remains the watchword. A study of 559 newscasts in twenty television markets across the United States compared the crimes covered by local news to the number and types of crimes actually committed. Although crime had fallen for eight years prior to the 2004 study, in all twenty markets “audiences were told essentially the same story—that random, violent crime was a persistent and structural feature of American society,” the researchers found. All the more misleading, the newscasts consistently gave the impression that murder and other serious crimes are rampant in places where they are rare.

When the researchers compared whether process or analysis was more important in producing good decisions—those that increased revenues, profits, and market share—they found that “process mattered more than analysis—by a factor of six.” Often a good process led to better analysis—for instance, by ferreting out faulty logic.

However, at that stage in the walk one of those curious changes took place in circumstances of mutual intercourse that might almost be compared, scientifically speaking, with the addition in the laboratory of one chemical to another, by which the whole nature of the experiment is altered: perhaps even an explosion brought about.

Western capitalism will decay, but non-Western capitalism will not take its place, certainly not on a global scale, and neither will Western non-capitalism. As to non-Western capitalism, China will for many reasons not be able to take over as capitalism’s historical host and provide an orderly global environment for its further progress. Nor will there be a co-directorate of China and the United States amicably dividing between them the task of making the world safe for capitalism. And concerning non-capitalism, there is no such thing today as a global socialist movement, comparable to the socialisms that in the nineteenth and early twentieth centuries so successfully confronted capitalism in national power struggles. As long as the capitalist dynamism continues to outrun collective order-making and the building of non-market institutions, as it has for several decades now, it disempowers both capitalism’s government and its opposition, with the result that capitalism can be neither reborn nor replaced.

Unpack the question into components. Distinguish as sharply as you can between the known and unknown and leave no assumptions unscrutinized. Adopt the outside view and put the problem into a comparative perspective that downplays its uniqueness and treats it as a special case of a wider class of phenomena. Then adopt the inside view that plays up the uniqueness of the problem. Also explore the similarities and differences between your views and those of others—and pay special attention to prediction markets and other methods of extracting wisdom from crowds. Synthesize all these different views into a single vision as acute as that of a dragonfly. Finally, express your judgment as precisely as you can, using a finely grained scale of probability.

Unfortunately, for far too many, focused learning ends at college graduation. They read about stocks and bonds instead of reading books that improve their mind. They compare their cash salary to their peers' instead of comparing lessons learned. They invest in the stock market and neglect investing in themselves. They focus, in short, on hard assets instead of soft assets. This is a mistake.

Today the message most commentators take from Adam Smith is that government should get out of the way. But that was not Smith’s message. He was enthusiastic about government regulation so long as it wasn’t simply a ruse to advantage one set of commercial interests over another. When “regulation . . . is in favor of the workmen,” he wrote in The Wealth of Nations, “it is always just and equitable.” He was equally enthusiastic about the taxes needed to fund effective governance. “Every tax,” he wrote, “is to the person who pays it a badge, not of slavery but of liberty.”9 Contemporary libertarians who invoke Smith before decrying labor laws or comparing taxation to theft seem to have skipped these passages. Far from a tribune of unregulated markets, Smith was a celebrant of effective governance. His biggest concern about the state wasn’t that it would be overbearing but that it would be overly beholden to narrow private interests. His greatest ire was reserved not for public officials but for powerful merchants who combined to rig public policies and repress private wages. These “tribes of monopoly” he compared with an “overgrown standing army” that had “become formidable to the government, and upon many occasions intimidate the legislature.” Too often, Smith maintained, concentrated economic power skewed the crafting of government policy. “Whenever the legislature attempts to regulate the differences between masters and their workmen,” he complained, “its counsellors are always the masters. . . . They are silent with regard to the pernicious effects of their own gains. They complain only of those of other people.”10

How important was mantra to Gandhi’s transformation? Extremely. When done systematically, mantra has a powerful effect on the brain. It gathers and focuses the energy of the mind. It teaches the mind to focus on one point, and it cultivates a steadiness that over time becomes an unshakable evenness of temper. The cultivation of this quality of “evenness” is a central principle of the Bhagavad Gita. It is called samatva in Sanskrit, and it is a central pillar of Krishna’s practice. When the mind develops steadiness, teaches Krishna, it is not shaken by fear or greed. So, in his early twenties, Gandhi had already begun to develop a still-point at the center of his consciousness—a still-point that could not be shaken. This little seed of inner stillness would grow into a mighty oak. Gandhi would become an immovable object. Rambha had given Gandhi an enchanting image to describe the power of mantra. She compared the practice of mantra to the training of an elephant. “As the elephant walks through the market,” taught Rambha, “he swings his trunk from side to side and creates havoc with it wherever he goes—knocking over fruit stands and scattering vendors, snatching bananas and coconuts wherever possible. His trunk is naturally restless, hungry, scattered, undisciplined. This is just like the mind—constantly causing trouble.” “But the wise elephant trainer,” said Rambha, “will give the elephant a stick of bamboo to hold in his trunk. The elephant likes this. He holds it fast. And as soon as the elephant wraps his trunk around the bamboo, the trunk begins to settle. Now the elephant strides through the market like a prince: calm, collected, focused, serene. Bananas and coconuts no longer distract.” So too with the mind. As soon as the mind grabs hold of the mantra, it begins to settle. The mind holds the mantra gently, and it becomes focused, calm, centered. Gradually this mind becomes extremely concentrated. This is the beginning stage of meditation. All meditation traditions prescribe some beginning practice of gathering, focusing, and concentration—and in the yoga tradition this is most often achieved precisely through mantra. The whole of Chapter Six in the Bhagavad Gita is devoted to Krishna’s teachings on this practice: “Whenever the mind wanders, restless and diffuse in its search for satisfaction without, lead it within; train it to rest in the Self,” instructs Krishna. “When meditation is mastered, the mind is unwavering like the flame of a lamp in a windless place.

Apollo Group, the parent company for the University of Phoenix, spent more than a billion dollars on marketing in 2010, almost all of it focused on recruiting. That came out to $2,225 per student on marketing and only $892 per student on instruction. Compare that to Portland Community College in Oregon, which spends $5,953 per student on instruction and about 1.2 percent of its budget, or $185 per student, on marketing.

Americans tend to see themselves in control of their fate, while Chinese see fate as something external,” Lam, the professor, said. “To alter fate, the Chinese feel they need to do things to acquire more luck.” In surveys, Chinese casino gamblers tend to view bets as investments and investments as bets. The stock market and real estate, in the Chinese view, are scarcely different from a casino. The behavioral scientists Elke Weber and Christopher Hsee have compared Chinese and American approaches to financial risk. In a series of experiments, they found that Chinese investors overwhelmingly described themselves as more cautious than Americans. But when they were tested—with a series of hypothetical financial decisions—the stereotype proved wrong, and the Chinese were found to take consistently larger risks than Americans of comparable wealth.

At the very same time that we witnessed the explosion of white celebrity moms, and the outpouring of advice to a surveillance of middle-class mothers, the welfare mother, trapped in a "cycle of dependency," became ubiquitous in our media landscape, and she came to represent everything wrong with America. She appeared not in the glossy pages of the women's magazines but rather as the subject of news stories about the "crisis" in the American family and the newly declared "war" on welfare mothers. Whatever ailed America--drugs, crime, loss of productivity--was supposedly her fault. She was portrayed as thumbing her nose at intensive mothering. Even worse, she was depicted as bringing her kids into the realm of market values, as putting a price on their heads, by allegedly calculating how much each additional child was worth and then getting pregnant to cash in on them. For middle-class white women in the media, by contrast, their kids were priceless, these media depictions reinforced the divisions between "us" (minivan moms) and "them" (welfare mothers, working-class mothers, teenage mothers), and did so especially along the lines of race. For example, one of the most common sentences used to characterize the welfare mother was, "Tanya, who has_____ children by ______ different men" (you fill in the blanks). Like zoo animals, their lives were reduced to the numbers of successful impregnations by multiple partners. So it's interesting to note that someone like Christie Brinkley, who has exactly the same reproductive MO, was never described this way. Just imagine reading a comparable sentence in Redbook. "Christie B., who has three children by three different men." But she does, you know.

But compare this with the Environmental Protection Agency. The EPA has not just a practical mission but a moral mission—safeguarding the environment, which includes choosing a moral view of the environment. There is no neutral view of the environment; there are only moral views of the sort we discussed in Chapter 12. The EPA’s job is not merely to carry out morally neutral functions like measuring air pollution. Its very function is a moral one. Its regulations, its forms of testing, its research projects, and its sanctions all come out of a moral vision. Parts of its job could be farmed out to the private sector, but its overall job could not, because the market does not incorporate inherent values, such as the inherent value of nature that emerges from the Nurturant Parent model. It is at points like this that family-based morality enters crucially into government. Many

There is a crucially important difference about playing the game of investing compared to virtually any other activity. Most of us have no chance of being as good as the average in any pursuit where others practice and hone skills for many, many hours. But we can be as good as the average investor in the stock market with no practice at all. Jeremy Siegel, Professor of Finance, Wharton School, University of Pennsylvania, and author of Stocks for the Long Run

Most men, even in this comparatively free country, through mere ignorance and mistake, are so occupied with the factitious cares and superfluously coarse labors of life that its finer fruits cannot be plucked by them. Their fingers, from excessive toil, are too clumsy and tremble too much for that. Actually, the laboring man has not leisure for a true integrity day by day; he cannot afford to sustain the manliest relations to men; his labor would be depreciated in the market.

The neoliberal imperative of self-optimization serves only to promote perfect functioning within the system. Inhibitions, points of weakness and mistakes are to be therapeutically eliminated in order to enhance efficiency and performance. In turn, everything is made comparable and measurable and subjected to the logic of the market. It is not concern for the good life that drives self-optimization. Rather, self-optimization follows from systemic constraints - from the logic of quantifying success on the market.

Most men, even in this comparatively free country, through mere ignorance and mistake, are so occupied with the factitious cares and superfluously coarse labors of life that its finer fruits cannot be plucked by them. Their fingers, from excessive toil, are too clumsy and tremble too much for that. Actually, the laboring man has not leisure for a true integrity day by day; he cannot afford to sustain the manliest relations to men; his labor would be depreciated in the market. He has no time to be anything but a machine.

Most men, even in this comparatively free country, through mere ignorance and mistake, are so occupied with the factitious cares and superfluously coarse labors of life that its finer fruits cannot be plucked by them. Their fingers, from excessive toil, are too clumsy and tremble too much for that. Actually, the laboring man has not leisure for a true integrity day by day; he cannot afford to sustain the manliest relations to men; his labor would be depreciated in the market. He has no time to be any thing but a machine.

Markets unravel despite the collective benefit of having a thick market in which lots of people are present at the same time, with many opportunities to be considered and compared. Without a good market design, individual participants may still find it profitable to go a little early and engage in a kind of claim jumping. That’s why self-control is not a solution: you can control only yourself, and if others jump ahead of you, it might be in your self-interest to respond in kind. These early movers become the equivalent of the Sooners in the Oklahoma Land Rush.

In marketing terms, a commodity is an undifferentiated product that is just like its competitors. It isn’t usually very innovative, and offers a similar set of features and price point compared to competitive products. In other words, its defining characteristic is its “sameness” compared to other similar products. When a product becomes a commodity, the price that it commands in the marketplace tends to erode. People aren’t willing to pay extra for your product. They consider it and those of your competitors to be interchangeable, so no one company has an edge in sales.

The inflation of the 1920s had caused large asset bubbles to form in the housing and stock markets, causing an artificial rise in wages and prices. After the bubble burst, market prices sought readjustment via a drop in the value of the dollar compared to gold, and a drop in real wages and prices. The pigheadedness of deluded central planners who wanted to prevent all three from taking place paralyzed the economy: the dollar, wages, and prices were overvalued, leading to people seeking to drop their dollars for gold, as well as massive unemployment and failure of production.

China's food comes from abroad: from South America, the United States and Australia. This means prosperity for agricultural traders and processors, like Archer Daniels Midland, which is making its way into China in every way imaginable, into a $ 100 billion domestic processed food market that is growing more than 10 percent annually. This translates into a windfall for farmers in the Midwest, who are now enjoying a two-thirds rise in the price of soybeans compared to a year ago. It also means a better diet for the Chinese, who have increased their caloric intake by a third over the past 25 years.

In simplest terms, you won’t be able to unlock your creative potential, achieve sustainable success, or even be fundamentally happy unless you align your internal and external worlds—unless you’re true to yourself. Therefore, to begin the journey of discovering your purpose, you must focus on what matters to you internally, not externally. And the first step in this process is to eliminate obstacles that prevent you from hearing the signal above the noise. These obstacles include things such as commercial concerns, financial motivations, comparing yourself to someone else, and other manifestations of ego.

Despite all the efforts in China to manage congestion, owning a car continues to be a powerful aspiration. And then there is the other giant—India. There are only 48 million cars in India compared to China’s 240 million, despite similarly sized populations. But India is also a very big emerging market, and the share of young people in India’s population is much greater than in China’s, and its road system is far less developed. But economic growth will raise incomes and finance new infrastructure, and India’s massive cohort of young people will end up having a huge impact on the global auto and oil industries.

She would rather be respected than desired and she didn't understand why a woman would make a different choice than that. When she had been younger, she had felt there was something lacking in her, the way she didn't seem to want passion, pleasure, the way her friends sometimes whispered that they did, the way they giggled over vegetable markets, comparing their husbands' genitals, the way they sighed over kissing scenes in movies, complaining that their husbands never touched them that way anymore. Now Swati didn’t have to feel that there was anything wrong with her. A woman her age wasn’t supposed to want such things.

Here are my simple rules for identifying market tops and bottoms: 1. Market tops are relatively easy to recognize. Buyers generally become overconfident and almost always believe “this time is different.” It’s usually not. 2. There’s always a surplus of relatively cheap debt capital to finance acquisitions and investments in a hot market. In some cases, lenders won’t even charge cash interest, and they often relax or suspend typical loan restrictions as well. Leverage levels escalate compared to historical averages, with borrowing sometimes reaching as high as ten times or more compared to equity. Buyers will start accepting overoptimistic accounting adjustments and financial forecasts to justify taking on high levels of debt. Unfortunately most of these forecasts tend not to materialize once the economy starts decelerating or declining. 3. Another indicator that a market is peaking is the number of people you know who start getting rich. The number of investors claiming outperformance grows with the market. Loose credit conditions and a rising tide can make it easy for individuals without any particular strategy or process to make money “accidentally.” But making money in strong markets can be short-lived. Smart investors perform well through a combination of self-discipline and sound risk assessment, even when market conditions reverse.

More than 754,000 Danes aged between fifteen and sixty-four—over 20 percent of the working population—do no work whatsoever and are supported by generous unemployment or disability benefits. The New York Times has called Denmark “The best place on earth to be laid off,” with unemployment benefits of up to 90 percent of previous wages for up to two years (until recent reforms, it was eleven years). The Danes call their system flexicurity, a neologism blending the flexibility Danish companies enjoy to fire people with short notice and little compensation (compared with Sweden, where jobs can still be for life) with the security the labor market enjoys knowing that there will be ample support in times of unemployment

Some have estimated that the pharmaceutical industry overall spends about twice as much on marketing and promotion as it does on research and development. Regardless of how those two figures compare to each other, the fact that they are in the same ballpark gives one pause, and this is worth mulling over in various contexts. For example, when a drug company refuses to let a developing country have affordable access to a new AIDS drug it’s because – the company says – it needs the money from sales to fund research and development on other new AIDS drugs for the future. If R&D is a fraction of the company’s outgoings, and it spends a similar amount on promotion, then this moral and practical argument doesn’t hold water quite so well.

Compare Chesterton’s view with Ratzinger’s: It is precisely woman who is paying the greatest price [for the sexual “revolution.”] … Woman, who is creative in the truest sense of the word by giving life, does not “produce,” however, in that technical sense which is the only one that is valued by a society more masculine than ever in its cult of efficiency. She is being convinced that the aim is to “liberate” her, “emancipate” her, by encouraging her to masculinize herself, thus bringing her into conformity with the culture of production and subjecting her to the control of the masculine society of technicians, of salesmen, of politicians who seek profit and power, organizing everything, marketing everything, instrumentalizing everything for their own ends.13

Some have estimated that the pharmaceutical industry overall spends about twice as much on marketing and promotion as it does on research and development. Regardless of how those two figures compare to each other, the fact that they are in the same ballpark gives one pause, and this is worth mulling over in various contexts. For example, when a drug company refuses to let a developing country have affordable access to a new AIDS drug it’s because – the company says – it needs the money from sales to fund research and development on other new AIDS drugs for the future. If R&D is a fraction of the company’s outgoings, and it spends a similar amount on promotion, then this moral and practical argument doesn’t hold water quite so well. The scale of this spend is fascinating in itself, when you put it in the context of what we all expect from evidence-based medicine, which is that people will simply use the best treatment for the patient. Because when you pull away from the industry’s carefully fostered belief that this marketing activity is all completely normal, and stop thinking of drugs as being a consumer product like clothes or cosmetics, you suddenly realise that medicines marketing only exists for one reason. In medicine, brand identities are irrelevant, and there’s a factual, objective answer to whether one drug is the most likely to improve a patient’s pain, suffering and longevity. Marketing, therefore, one might argue, exists for no reason other than to pervert evidence-based decision-making in medicine.

More than fifteen years later, Uganda's Self-Reliance Strategy has endured as a relatively unique experiment. It was further formalized within Uganda's 2006 Refugee Act, now regarded as one of the most progressive pieces of refugee legislation in Africa. At times, self-reliance has been criticized for legitimizing the premature withdrawal of food rations. The quality of plots of land distributed to refugees has also become uneven as numbers have increased. And refugees still clearly face challenges, including discrimination and informal barriers to market participation. But compared to the alternatives in neighbouring countries, the model is both a shining beacon of policy innovation and a rare opportunity to understand what happens when refugees are given autonomy.

Ergoloid mesylates (Hydergine) Developed by Albert Hofmann and marketed without FDA approval as a neuroprotective “smart drug,” ergoloid mesylates is reportedly comparable at standard doses to microdoses of LSD. It’s only available on prescription in most Western countries, but you may be able to buy it online elsewhere. 2C-B-FLY Active even at sub-milligram doses, the effects of 2C-B-FLY have been likened to mescaline and MDA (MDMA’s more potent, more psychedelic predecessor). Microdoses of less than 100 μg (0.1 mg) may enhance motivation, empathy, creativity, and philosophical or abstract thinking. 2C-B-FLY is unscheduled in the U.S. but may be considered an illegal analog of 2C-B. In Canada, it’s a Schedule III substance. In any case, it’s widely available online.

Unfortunately, the critics of economics have had a tendency to discuss the whole structure as a tissue of misconceptions. It is a critique that fails. The strength of economics is its considerable, if far from complete, understanding of the flows and comparative advantages that underlie trade, jobs, capital and incomes, and the logic of optimising behaviour, all backed by glittering accomplishment in mathematics. That makes it a powerful analytical instrument, so that just a few misconceptions – such as a failure to understand the informal economy or resource depletion – have leverage: like a baby monkey at the controls of a Ferrari, they can turn it into an instrument with extraordinarily destructive potential. If it were a tissue of errors, it would not be dangerous: it is its 90 percent brilliance which makes it so.

It is also a message to Congress and the presidency—slowly the American people may be realizing that after almost four decades of the war on drugs, dependency levels and usage are higher than ever before; that the prices of all major recreational drugs have been declining resolutely over that period; and that the state has wasted hundreds of billions of dollars in a criminal justice system that delivers a lot of crime but very little justice. The funds used to sustain bureaucracies such as the DEA that prosecute the war on drugs are a drop in the ocean when compared with the gazillions that organized crime syndicates have earned because Washington is determined to drive the market underground. The social and criminal problems related to drug abuse will never go away until the state can exercise control over the industry as a whole.

In a seminal 1981 paper, the economist Sherwin Rosen worked out the mathematics behind these “winner-take-all” markets. One of his key insights was to explicitly model talent—labeled, innocuously, with the variable q in his formulas—as a factor with “imperfect substitution,” which Rosen explains as follows: “Hearing a succession of mediocre singers does not add up to a single outstanding performance.” In other words, talent is not a commodity you can buy in bulk and combine to reach the needed levels: There’s a premium to being the best. Therefore, if you’re in a marketplace where the consumer has access to all performers, and everyone’s q value is clear, the consumer will choose the very best. Even if the talent advantage of the best is small compared to the next rung down on the skill ladder, the superstars still win the bulk of the market.

We had been out for one of our evening rambles, Holmes and I, and had returned about six o’clock on a cold, frosty winter’s evening. As Holmes turned up the lamp the light fell upon a card on the table. He glanced at it, and then, with an ejaculation of disgust, threw it on the floor. I picked it up and read: CHARLES AUGUSTUS MILVERTON, Appledore Towers, Hampstead. Agent. “Who is he?” I asked. “The worst man in London,” Holmes answered, as he sat down and stretched his legs before the fire. “Is anything on the back of the card?” I turned it over. “Will call at 6:30--C.A.M.,” I read. “Hum! He’s about due. Do you feel a creeping, shrinking sensation, Watson, when you stand before the serpents in the Zoo, and see the slithery, gliding, venomous creatures, with their deadly eyes and wicked, flattened faces? Well, that’s how Milverton impresses me. I’ve had to do with fifty murderers in my career, but the worst of them never gave me the repulsion which I have for this fellow. And yet I can’t get out of doing business with him--indeed, he is here at my invitation.” “But who is he?” “I’ll tell you, Watson. He is the king of all the blackmailers. Heaven help the man, and still more the woman, whose secret and reputation come into the power of Milverton! With a smiling face and a heart of marble, he will squeeze and squeeze until he has drained them dry. The fellow is a genius in his way, and would have made his mark in some more savoury trade. His method is as follows: He allows it to be known that he is prepared to pay very high sums for letters which compromise people of wealth and position. He receives these wares not only from treacherous valets or maids, but frequently from genteel ruffians, who have gained the confidence and affection of trusting women. He deals with no niggard hand. I happen to know that he paid seven hundred pounds to a footman for a note two lines in length, and that the ruin of a noble family was the result. Everything which is in the market goes to Milverton, and there are hundreds in this great city who turn white at his name. No one knows where his grip may fall, for he is far too rich and far too cunning to work from hand to mouth. He will hold a card back for years in order to play it at the moment when the stake is best worth winning. I have said that he is the worst man in London, and I would ask you how could one compare the ruffian, who in hot blood bludgeons his mate, with this man, who methodically and at his leisure tortures the soul and wrings the nerves in order to add to his already swollen money-bags?” I had seldom heard my friend speak with such intensity of feeling.

By the logic used to approve BiDil, drugs tested on Americans should never be marketed overseas, or drugs tested only on whites should not be made available to anyone else. That logic had never resulted in a racial indication before. In the past, the FDA has generalized clinical trials involving white patients to approve drugs for everyone because it is assumed that white bodies function like all human bodies. By approving BiDil only for use in black patients, the FDA emphasized the supposedly distinctive—and, it is implied, substandard—quality of black bodies.30 The FDA treated white heart failure patients as the norm and blacks as a special case that had to be given a specialized therapy that Nissen compared to an orphan drug and that could not be assumed to work for other people. The message is: black people cannot represent all of humanity as well as white people can.

Most men, even in this comparatively free country, through mere ignorance and mistake, are so occupied with the factitious cares and superfluously coarse labors of life that its finer fruits cannot be plucked by them. Their fingers, from excessive toil, are too clumsy and tremble too much for that. Actually, the laboring man has not leisure for a true integrity day by day; he cannot afford to sustain the manliest relations to men; his labor would be depreciated in the market. He has no time to be anything but a machine. How can he remember well his ignorance — which his growth requires — who has so often to use his knowledge? We should feed and clothe him gratuitously sometimes, and recruit him with our cordials, before we judge of him. The finest qualities of our nature, like the bloom on fruits, can be preserved only by the most delicate handling. Yet we do not treat ourselves nor one another thus tenderly.

When Ayatollah Khamenei needs to make a crucial decision about the Iranian economy, he will not be able to find the necessary answer in the Quran, because seventh-century Arabs knew very little about the problems and opportunities of modern industrial economies and global financial markets. So he, or his aides, must turn to Karl Marx, Milton Friedman, Friedrich Hayek, and the modern science of economics to get answers. Having made up his mind to raise interest rates, lower taxes, privatize government monopolies, or sign an international tariff agreement, Khamenei can then use his religious knowledge and authority to wrap the scientific answer in the garb of this or that Quranic verse and present it to the masses as the will of Allah. But the garb matters little. When you compare the economic policies of Shiite Iran, Sunni Saudi Arabia, Jewish Israel, Hindu India, and Christian America, you just don’t see that much of a difference.

You all should feel excited. You have made history, although, unfortunately, not for a good reason, because the government has put policies in place that have so hammered small businesses that they have created a job market that makes life incredibly difficult for young people.   The recession of the early 1980s was comparable but was followed by a rapid recovery.   Well, gosh, what happened in the early 1980s? President Ronald Reagan was elected. He implemented policies the exact opposite of this administration's policies. Instead of jacking up taxes by $1.7 trillion, as this Congress and this President has done, President Reagan slashed taxes and simplified the Tax Code. Instead of exploding government spending and the debt, President Reagan restrained the growth of government spending. And instead of unleashing regulators like locusts that destroy small businesses, President Reagan restrained regulation and the result was incredible growth.   For

Bust magazine, back when it was a more outwardly feminist publication, used to ask each of their female interview subjects whether or not they identified as feminist. In 2005, the musician Björk said no, and that interview is still used in these online lists as of this year. Björk is a female artist often credited with being one of the most innovative and daring musicians of her generation, regardless of gender. She has collaborated with and supported women musicians, fashion designers, video directors. She has spoken frankly and openly in interviews about the difficulties of being a woman in a male-dominated industry. She has proven herself to be an exemplary human being and creator, and she is a tremendous role model for young aspiring musicians. If we understand that the problem feminists have with Björk has nothing to do with her actions and is only about her language and way of identifying herself, then we can recognize that this is about a feminist marketing campaign and not a philosophy. Compare

Short-termism also dominates in the marketplace. The market uses a discount rate of 10% per year (or more) when comparing costs now with benefits in the future. This means that a benefit that lies twenty years ahead will be valued at one-tenth of its real value. In other words, a problem twenty years in the future will be worth solving only if the cost of the solution is less than one-tenth of the value saved. It comes as no surprise to those who know economics that it is “cost efficient” to allow the world to collapse from climate damage, as long as the collapse is more than forty years into the future. The net present value of reducing emissions and saving the world is lower than the net present value of business as usual. It is cheaper to push the world over the cliff than to try to save it. The political world is not much better, given the short tenure of political appointments. Politicians can rarely spend time on agendas that yield a positive result only after the next election—which is normally less than four years away.

Fervent partisans of democracy often grant that democracy and the market are substitutes. As Kuttner puts it, “The democratic state remains the prime counterweight to the market.”45 Their complaint is that the public has less and less say over its destiny because corporations have more and more say over theirs. To “save democracy,” the people must reassert its authority. Fair enough. Though their opponents greatly overstate the extent of privatization and deregulation, these policies take decisions out of the hands of majorities and put them into the hands of business owners. But the critics rarely wonder if this transfer might be desirable. They treat less reliance on democracy as automatically objectionable. This is another symptom of democratic fundamentalism. If all that an economist had to say against a government program were, “That’s government intervention. Government is supplanting markets!” he would be pigeonholed, then marginalized, as a market fundamentalist. But when an equally simplistic cry goes up in the name of democracy, there is a sympathetic audience. It is logically possible that clear-eyed business greed makes better decisions than confused voter altruism. Why not at least compare their performance, instead of prejudging?

Grades can also be profoundly unfair, especially for students who are unable to keep up, because the level of the exams usually increases from week to week. Let’s take the analogy of video games. When you discover a new game, you initially have no idea how to progress effectively. Above all, you don’t want to be constantly reminded of how bad you are! That’s why video game designers start with extremely easy levels, where you are almost sure to win. Very gradually, the difficulty increases and, with it, the risk of failure and frustration—but programmers know how to mitigate this by mixing the easy with the difficult, and by leaving you free to retry the same level as many times as you need. You see your score steadily increase . . . and finally, the joyous day comes when you successfully pass the final level, where you were stuck for so long. Now compare this with the report cards of “bad” students: they start the year off with a bad grade, and instead of motivating them by letting them take the same test again until they pass, the teacher gives them a new exercise every week, almost always beyond their abilities. Week after week, their “score” hovers around zero. In the video game market, such a design would be a complete disaster. All too often, schools use grades as punishments.

Consider first the mechanisms pushing toward convergence, that is, toward reduction and compression of inequalities. The main forces for convergence are the diffusion of knowledge and investment in training and skills. The law of supply and demand, as well as the mobility of capital and labor, which is a variant of that law, may always tend toward convergence as well, but the influence of this economic law is less powerful than the diffusion of knowledge and skill and is frequently ambiguous or contradictory in its implications. Knowledge and skill diffusion is the key to overall productivity growth as well as the reduction of inequality both within and between countries. We see this at present in the advances made by a number of previously poor countries, led by China. These emergent economies are now in the process of catching up with the advanced ones. By adopting the modes of production of the rich countries and acquiring skills comparable to those found elsewhere, the less developed countries have leapt forward in productivity and increased their national incomes. The technological convergence process may be abetted by open borders for trade, but it is fundamentally a process of the diffusion and sharing of knowledge—the public good par excellence—rather than a market mechanism.

I know we agree that civilization is presently in its decadent declining phase, and that lurid ugliness is the predominant visual feature of modern life. Cars are ugly, buildings are ugly, mass-produced disposable consumer goods are unspeakably ugly. The air we breathe is toxic, the water we drink is full of microplastics, and our food is contaminated by cancerous Teflon chemicals. Our quality of life is in decline, and along with it, the quality of aesthetic experience available to us. The contemporary novel is (with very few exceptions) irrelevant; mainstream cinema is family-friendly nightmare porn funded by car companies and the US Department of Defense; and visual art is primarily a commodity market for oligarchs. It is hard in these circumstances not to feel that modern living compares poorly with the old ways of life, which have come to represent something more substantial, more connected to the essence of the human condition. This nostalgic impulse is of course extremely powerful, and has recently been harnessed to great effect by reactionary and fascist political movements, but I’m not convinced that this means the impulse itself is intrinsically fascistic. I think it makes sense that people are looking back wistfully to a time before the natural world started dying, before our shared cultural forms degraded into mass marketing and before our cities and towns became anonymous employment hubs.

If you are stuck in circumstances in which it takes Herculean efforts to get through the day— doing low-income work, obeying an authoritarian boss, buying clothes for the children, dealing with school issues, paying the rent or mortgage, fixing the car, negotiating with a spouse, paying taxes, and caring for older parents— it is not easy to pay close attention to larger political issues. Indeed you may wish that these issues would take care of themselves. It is not a huge jump from such a wish to become attracted to a public philosophy, spouted regularly at your job and on the media, that economic life would regulate itself automatically if only the state did not repeatedly intervene in it in clumsy ways. Now underfunded practices such as the license bureau, state welfare, public health insurance, public schools, public retirement plans, and the like begin to appear as awkward, bureaucratic organizations that could be replaced or eliminated if only the rational market were allowed to take care of things impersonally and quietly, as it were. Certainly such bureaucracies are indeed often clumsy. But more people are now attracted to compare that clumsiness to the myth of how an impersonal market would perform if it took on even more assignments and if state regulation of it were reduced even further. So a lot of “independents” and “moderates” may become predisposed to the myth of the rational market in part because the pressures of daily life encourage them to seek comfort in ideological formations that promise automatic rationality.

Clarissa once, going on top of an omnibus with him somewhere, Clarissa superficially at least, so easily moved, now in despair, now in the best of spirits, all aquiver in those days and such good company, spotting queer little scenes, names, people from the top of a bus, for they used to explore London and bring back bags full of treasures from the Caledonian market – Clarissa had a theory in those days – they had heaps of theories, always theories, as young people have. It was to explain the feeling they had of dissatisfaction; not knowing people; not being known. For how could they know each other? You met every day; then not for six months, or years. It was unsatisfactory, they agreed, how little one knew people. But she said, sitting on the bus going up Shaftesbury Avenue, she felt herself everywhere; not 'here, here, here'; and she tapped the back of the seat; but everywhere. She waved her hand, going up Shaftesbury Avenue. She was all that. So that to know her, or anyone, one must seek out the people who completed them; even the places. Odd affinities she had with people she had never spoken to, some woman in the street, some man behind a counter – even trees, or barns. It ended in a transcendental theory which, with her horror of death, allowed her to believe, or say that she believed (for all her scepticism), that since our apparitions, the part of us which appears, are so momentary compared with the other, the unseen part of us, which spreads wide, the unseen might survive, be recovered somehow attached to this person or that, or even haunting certain places, after death. Perhaps – perhaps.

In the EPJ results, there were two statistically distinguishable groups of experts. The first failed to do better than random guessing, and in their longer-range forecasts even managed to lose to the chimp. The second group beat the chimp, though not by a wide margin, and they still had plenty of reason to be humble. Indeed, they only barely beat simple algorithms like “always predict no change” or “predict the recent rate of change.” Still, however modest their foresight was, they had some. So why did one group do better than the other? It wasn’t whether they had PhDs or access to classified information. Nor was it what they thought—whether they were liberals or conservatives, optimists or pessimists. The critical factor was how they thought. One group tended to organize their thinking around Big Ideas, although they didn’t agree on which Big Ideas were true or false. Some were environmental doomsters (“We’re running out of everything”); others were cornucopian boomsters (“We can find cost-effective substitutes for everything”). Some were socialists (who favored state control of the commanding heights of the economy); others were free-market fundamentalists (who wanted to minimize regulation). As ideologically diverse as they were, they were united by the fact that their thinking was so ideological. They sought to squeeze complex problems into the preferred cause-effect templates and treated what did not fit as irrelevant distractions. Allergic to wishy-washy answers, they kept pushing their analyses to the limit (and then some), using terms like “furthermore” and “moreover” while piling up reasons why they were right and others wrong. As a result, they were unusually confident and likelier to declare things “impossible” or “certain.” Committed to their conclusions, they were reluctant to change their minds even when their predictions clearly failed. They would tell us, “Just wait.” The other group consisted of more pragmatic experts who drew on many analytical tools, with the choice of tool hinging on the particular problem they faced. These experts gathered as much information from as many sources as they could. When thinking, they often shifted mental gears, sprinkling their speech with transition markers such as “however,” “but,” “although,” and “on the other hand.” They talked about possibilities and probabilities, not certainties. And while no one likes to say “I was wrong,” these experts more readily admitted it and changed their minds. Decades ago, the philosopher Isaiah Berlin wrote a much-acclaimed but rarely read essay that compared the styles of thinking of great authors through the ages. To organize his observations, he drew on a scrap of 2,500-year-old Greek poetry attributed to the warrior-poet Archilochus: “The fox knows many things but the hedgehog knows one big thing.” No one will ever know whether Archilochus was on the side of the fox or the hedgehog but Berlin favored foxes. I felt no need to take sides. I just liked the metaphor because it captured something deep in my data. I dubbed the Big Idea experts “hedgehogs” and the more eclectic experts “foxes.” Foxes beat hedgehogs. And the foxes didn’t just win by acting like chickens, playing it safe with 60% and 70% forecasts where hedgehogs boldly went with 90% and 100%. Foxes beat hedgehogs on both calibration and resolution. Foxes had real foresight. Hedgehogs didn’t.

The tyro knows nothing, and everybody, including himself, knows it. But the next, or second, grade thinks he knows a great deal and makes others feel that way too. He is the experienced sucker, who has studied not the market itself but a few remarks about the market made by a still higher grade of suckers. The second-grade sucker knows how to keep from losing his money in some of the ways that get the raw beginner. It is this semisucker rather than the 100 per cent article who is the real all-the-year-round support of the commission houses. He lasts about three and a half years on an average, as compared with a single season of from three to thirty weeks, which is the usual Wall Street life of a first offender. It is naturally the semisucker who is always quoting the famous trading aphorisms and the various rules of the game. He knows all the don'ts that ever fell from the oracular lips of the old stagers excepting the principal one, which is: Don't be a sucker! This semisucker is the type that thinks he has cut his wisdom teeth because he loves to buy on declines. He waits for them. He measures his bargains by the number of points it has sold off from the top. In big bull markets the plain unadulterated sucker, utterly ignorant of rules and precedents, buys blindly because he hopes blindly. He makes most of the money until one of the healthy reactions takes it away from him at one fell swoop. But the Careful Mike sucker does what I did when I thought I was playing the game intelligently according to the intelligence of others. I knew I needed to change my bucket-shop methods and I thought I was solving my problem with any change, particularly one that assayed high gold values according to the experienced traders among the customers.

There can be no doubt–and this very fact has led to false conceptions–that the great revolutions that took place in trade in the sixteenth and seventeenth centuries, along with the geographical discoveries of that epoch, and which rapidly advanced the development of commercial capital, were a major moment in promoting the transition from the feudal to the capitalist mode of production. The sudden expansion of the world market, the multiplication of commodities in circulation, the competition among the European nations for the seizure of Asiatic products and American treasures, the colonial system, all made a fundamental contribution towards shattering the feudal barriers to production. And yet the modern mode of production in its first period, that of manufacture, developed only where the conditions for it had been created in the Middle Ages. Compare Holland with Portugal, for example.49 And whereas in the sixteenth century, and partly still in the seventeenth, the sudden expansion of trade and the creation of a new world market had an overwhelming influence on the defeat of the old mode of production and the rise of the capitalist mode, this happened in reverse on the basis of the capitalist mode of production, once it had been created. The world market itself forms the basis for this mode of production. On the other hand, the immanent need that this has to produce on an ever greater scale drives it to the constant expansion of the world market, so that now it is not trade that revolutionizes industry, but rather industry that constantly revolutionizes trade. Moreover, commercial supremacy is now linked with the greater or lesser prevalence of the conditions for large-scale industry. Compare England and Holland, for example. The history of Holland’s decline as the dominant trading nation is the history of the subordination of commercial capital to industrial capital. The

CONGRUENCE Have you ever felt stuck? Maybe you haven’t recruited anyone in a while, and you just can’t seem to break the streak of no success. This causes you to not feel like picking up the phone and getting any more rejection. You don’t feel like talking about the business that day, so you don’t. Can you relate? This is critical for you to always remember. You cannot avoid rejection. Ninety percent of people are always going to tell you that your business is not for them. You have to go through the no’s to get to the yeses. There is no other way around it. You may not like making calls and accepting no’s, but you will like the results and income you will get by doing it consistently enough. Bank on it. So here’s what happens to everyone, myself included. You have a bad day, where everyone says no. You wake up the next day and you just cannot get yourself to make some calls. The whole day goes by and you did nothing to grow your business. The next day, you have a nagging little feeling of guilt about doing nothing the day before, so you start to internalize it. You question whether you know what you are doing. Does the business work? Is it worth the effort? You know the answer is yes, so you don’t quit — but you also do no activity. The next day, that little guilt feeling has mushroomed even bigger. And as time goes on, the guilt turns into self-loathing. You get down on yourself for not performing like you know you could and should. You begin to beat yourself up and even compare yourself to others. Sadly, this can become a downward spiral that is self-inflicted and hard to break out of. Without being wise enough to seek direct help from an upline expert, some people never recover. Instead of fixing their mindset and bringing their goals and the actions back into alignment — getting congruent — they quit the business. These are the blamers who walk the Earth claiming the business didn’t work. No! They stopped working! Don’t be a blamer. Be congruent. Make your activity match up with your WHY in the business. Pick up the phone and snap back into action. Don’t allow yourself to be depressed, because it is a form of depression. Your upline can help you snap out of it. How

Out of 1,016 study subjects who’d been involved with the Moonies, 90 percent of those who’d been interested enough to attend one of the workshops where this so-called brainwashing occurred decided that the whole thing wasn’t really their cup of tea and quickly ended their Moonie careers. They couldn’t be converted. Of the remaining 10 percent who joined, half left on their own steam within a couple of years. So what made the other 5 percent stay? Prevailing wisdom would tell you that only the intellectually deficient or psychologically unstable would stick by a “cult” that long. But scholars have disproven this, too. In Barker’s studies, she compared the most committed Moonie converts with a control group—the latter had gone through life experiences that might make them very “suggestive” (“Like having an unhappy childhood or being rather low-intelligence,” she said). But in the end, the control group either didn’t join at all or left after a week or two. A common belief is that cult indoctrinators look for individuals who have “psychological problems” because they are easier to deceive. But former cult recruiters say their ideal candidates were actually good-natured, service-minded, and sharp. Steven Hassan, an ex-Moonie himself, used to recruit people to the Unification Church, so he knows a little something about the type of individual cults go for. “When I was a leader in the Moonies we selectively recruited . . . those who were strong, caring, and motivated,” he wrote in his 1998 book Combatting Cult Mind Control. Because it took so much time and money to enlist a new member, they avoided wasting resources on someone who seemed liable to break down right away. (Similarly, multilevel marketing higher-ups agree that their most profitable recruits aren’t those in urgent need of cash but instead folks determined and upbeat enough to play the long game. More on that in part 4.) Eileen Barker’s studies of the Moonies confirmed that their most obedient members were intelligent, chin-up folks. They were the children of activists, educators, and public servants (as opposed to wary scientists, like my parents). They were raised to see the good in people, even to their own detriment. In this way, it’s not desperation or mental illness that consistently suckers people into exploitative groups—instead, it’s an overabundance of optimism.

All of a sudden (in 1938 I think), in order to extend its autarchy to the domain of cinema, Italy decreed an embargo on American films. It wasn’t a question of censorship: as usual the censors granted or denied permission to individual films, and nobody saw the ones that didn’t get it and that was it. In spite of the awkward anti-Hollywood propaganda campaign that accompanied the measure (right around that time the regime began to conform to Hitler’s racism), the true reason for the embargo was supposed to be commercial protectionism, in order to make room in the market for Italian (and German) productions. For this reason the four largest American production and distribution companies—Metro, Fox, Paramount, Warner—(I’m still relying on memory, trusting the accuracy of the registration of my trauma), whereas films by other American companies like RKO, Columbia, Universal, United Artists (which had also been distributed before then by Italian companies) continued to arrive until 1941, that is until Italy found itself at war with the United States. I was still granted some sporadic satisfaction (in fact, one of the greatest: Stagecoach [John Ford, 1939]) but my collector’s voracity suffered a fatal blow. Compared to all of the prohibitions and obligations that fascism had imposed on us, and to the even more severe ones that it continued to enforce in those years before and then during the war, the veto on American films was certainly a minor or small loss, and I wasn’t foolish enough not to know it. Yet it was the first to affect me directly, and I hadn’t known any years other than those of fascism nor had I felt any needs other than those that the environment in which I lived could suggest and satisfy. It was the first time a right I enjoyed had been taken from me: more than a right, a dimension, a world, a space in my mind; and I felt this loss as cruel oppression which embodied all the forms of oppression that I’d heard about or seen other people suffer. If I can still talk about it today like a lost privilege it’s because something disappeared like that from my life, never to return again. So many things had changed after the war was over: I’d changed, cinema had become something else, something different in itself and in relation to me. My biography as a spectator resumed, but it was that of another spectator who wasn’t just a spectator anymore.

Between 2003 and 2008, Iceland’s three main banks, Glitnir, Kaupthing and Landsbanki, borrowed over $140 billion, a figure equal to ten times the country’s GDP, dwarfing its central bank’s $2.5 billion reserves. A handful of entrepreneurs, egged on by their then government, embarked on an unprecedented international spending binge, buying everything from Danish department stores to West Ham Football Club, while a sizeable proportion of the rest of the adult population enthusiastically embraced the kind of cockamamie financial strategies usually only mooted in Nigerian spam emails – taking out loans in Japanese Yen, for example, or mortgaging their houses in Swiss francs. One minute the Icelanders were up to their waists in fish guts, the next they they were weighing up the options lists on their new Porsche Cayennes. The tales of un-Nordic excess are legion: Elton John was flown in to sing one song at a birthday party; private jets were booked like they were taxis; people thought nothing of spending £5,000 on bottles of single malt whisky, or £100,000 on hunting weekends in the English countryside. The chief executive of the London arm of Kaupthing hired the Natural History Museum for a party, with Tom Jones providing the entertainment, and, by all accounts, Reykjavik’s actual snow was augmented by a blizzard of the Colombian variety. The collapse of Lehman Brothers in late 2008 exposed Iceland’s debts which, at one point, were said to be around 850 per cent of GDP (compared with the US’s 350 per cent), and set off a chain reaction which resulted in the krona plummeting to almost half its value. By this stage Iceland’s banks were lending money to their own shareholders so that they could buy shares in . . . those very same Icelandic banks. I am no Paul Krugman, but even I can see that this was hardly a sustainable business model. The government didn’t have the money to cover its banks’ debts. It was forced to withdraw the krona from currency markets and accept loans totalling £4 billion from the IMF, and from other countries. Even the little Faroe Islands forked out £33 million, which must have been especially humiliating for the Icelanders. Interest rates peaked at 18 per cent. The stock market dropped 77 per cent; inflation hit 20 per cent; and the krona dropped 80 per cent. Depending who you listen to, the country’s total debt ended up somewhere between £13 billion and £63 billion, or, to put it another way, anything from £38,000 to £210,000 for each and every Icelander.

[A] central theme is why social, political, and economic institutions tend to coevolve in a manner that reinforces rather than undermines one another. The welfare state is not 'politics against markets,' as commonly assumed, but politics with markets. Although it is popular to think that markets, especially global ones, interfere with the welfare state, and vice versa, this notion is simply inconsistent with the postwar record of actual welfare state development. The United States, which has a comparatively small welfare state and flexible labor markets, has performed well in terms of jobs and growth during the past two decades; however, before then the countries with the largest welfare states and the most heavily regulated labor markets exceeded those in the United States on almost any gauge of economic competitiveness and performance. Despite the change in economic fortunes, the relationship between social protection and product market strategies continues to hold. Northern Europe and Japan still dominate high-quality markets for machine tools and consumer durables, whereas the United States dominates software, biotech, and other high-tech industries. There is every reason that firms and governments will try to preserve the institutions that give rise to these comparative advantages, and here the social protection system (broadly construed to include job security and protection through the industrial relations system) plays a key role. The reason is that social insurance shapes the incentives workers and firms have for investing in particular types of skills, and skills are critical for competitive advantage in human-capital-intensive economies. Firms do not develop competitive advantages in spite of systems of social protection, but because of it. Continuing this line of argument, the changing economic fortunes of different welfare production regimes probably has very little to do with growing competitive pressure from the international economy. To the contrary, it will be argued in Chapter 6 that the main problem for Europe is the growing reliance on services that have traditionally been closed to trade. In particular, labor-intensive, low-productivity jobs do not thrive in the context of high social protection and intensive labor-market regulation, and without international trade, countries cannot specialize in high value-added services. Lack of international trade and competition, therefore, not the growth of these, is the cause of current employment problems in high-protection countries.

It’s not always so easy, it turns out, to identify your core personal projects. And it can be especially tough for introverts, who have spent so much of their lives conforming to extroverted norms that by the time they choose a career, or a calling, it feels perfectly normal to ignore their own preferences. They may be uncomfortable in law school or nursing school or in the marketing department, but no more so than they were back in middle school or summer camp. I, too, was once in this position. I enjoyed practicing corporate law, and for a while I convinced myself that I was an attorney at heart. I badly wanted to believe it, since I had already invested years in law school and on-the-job training, and much about Wall Street law was alluring. My colleagues were intellectual, kind, and considerate (mostly). I made a good living. I had an office on the forty-second floor of a skyscraper with views of the Statue of Liberty. I enjoyed the idea that I could flourish in such a high-powered environment. And I was pretty good at asking the “but” and “what if” questions that are central to the thought processes of most lawyers. It took me almost a decade to understand that the law was never my personal project, not even close. Today I can tell you unhesitatingly what is: my husband and sons; writing; promoting the values of this book. Once I realized this, I had to make a change. I look back on my years as a Wall Street lawyer as time spent in a foreign country. It was absorbing, it was exciting, and I got to meet a lot of interesting people whom I never would have known otherwise. But I was always an expatriate. Having spent so much time navigating my own career transition and counseling others through theirs, I have found that there are three key steps to identifying your own core personal projects. First, think back to what you loved to do when you were a child. How did you answer the question of what you wanted to be when you grew up? The specific answer you gave may have been off the mark, but the underlying impulse was not. If you wanted to be a fireman, what did a fireman mean to you? A good man who rescued people in distress? A daredevil? Or the simple pleasure of operating a truck? If you wanted to be a dancer, was it because you got to wear a costume, or because you craved applause, or was it the pure joy of twirling around at lightning speed? You may have known more about who you were then than you do now. Second, pay attention to the work you gravitate to. At my law firm I never once volunteered to take on an extra corporate legal assignment, but I did spend a lot of time doing pro bono work for a nonprofit women’s leadership organization. I also sat on several law firm committees dedicated to mentoring, training, and personal development for young lawyers in the firm. Now, as you can probably tell from this book, I am not the committee type. But the goals of those committees lit me up, so that’s what I did. Finally, pay attention to what you envy. Jealousy is an ugly emotion, but it tells the truth. You mostly envy those who have what you desire. I met my own envy after some of my former law school classmates got together and compared notes on alumni career tracks. They spoke with admiration and, yes, jealousy, of a classmate who argued regularly before the Supreme Court. At first I felt critical. More power to that classmate! I thought, congratulating myself on my magnanimity. Then I realized that my largesse came cheap, because I didn’t aspire to argue a case before the Supreme Court, or to any of the other accolades of lawyering. When I asked myself whom I did envy, the answer came back instantly. My college classmates who’d grown up to be writers or psychologists. Today I’m pursuing my own version of both those roles.

One bonus you get from having an enemy is a very clear marketing message. People are stoked by conflict. And they also understand a product by comparing it to others. With a chosen enemy, you're feeding people a story they want to hear. Not only will they understand your product better and faster, they'll take sides. And that's a sure-fire way to get attention and ignite passion.

These organizations agree on three major approaches to business valuation:  The asset approach: Also known as the cost approach, this valuation approach is based on finding the fair market value of assets (the easiest ones to value are tangible assets) and deducting the liabilities to determine the net asset value or the net worth of the business.  The market approach: This approach compares your company or a target company with similar companies. You can use comparisons to publicly traded companies or actual sales transactions for similar businesses. These valuations are frequently expressed in ratio form.  The income approach: This approach focuses on the future economic benefits you're anticipating from a business —better known as income. This amount is expressed in today's dollars, and is also known as present value.

The performance of the American stock market is perhaps best measured by comparing the total returns on stocks, assuming the reinvestment of all dividends, with the total returns on other financial assets such as government bonds and commercial or Treasury bills, the last of which can be taken as a proxy for any short-term instrument like a money market fund or a demand deposit at a bank. The start date, 1964, is the year of the author’s birth. It will immediately be apparent that if my parents had been able to invest even a modest sum in the US stock market at that date, and to continue reinvesting the dividends they earned each year, they would have been able to increase their initial investment by a factor of nearly seventy by 2007. For example, $10,000 would have become $700,000. The alternatives of bonds or bills would have done less well. A US bond fund would have gone up by a factor of under 23; a portfolio of bills by a factor of just 12. Needless to say, such figures must be adjusted downwards to take account of the cost of living, which has risen by a factor of nearly seven in my lifetime. In real terms, stocks increased by a factor of 10.3; bonds by a factor of 3.4; bills by a factor of 1.8.

What is the Internet’s role as a channel of distribution? The Internet can be a great way to sell product. The Internet has four functions as a channel of customer communication, called the Four C’s of Internet marketing. The “commerce” function of a Web site allows for sales, but more importantly it provides a 24/7 storefront to fit the customer’s schedule to shop, browse, and compare product offerings. The “content” of your Web site is an extension of the product. It can provide additional support and value, and if it is compelling, it can attract new prospects. iTunes.com provides music for the Apple’s iPod player; it sold over 10 billion songs by 2010. Your site can provide “customer care” by allowing customers to access their accounts, check on deliveries, and get answers to frequently asked questions (FAQs). This pleases customers and also reduces a manufacturer’s cost of live customer service. And lastly, Web sites also “convert leads” from your Internet and other marketing efforts, such as television, radio, sales promotions, and public relations.

We all yearn to save time, at any cost (including the environment), so we buy into time-saving tricks that marketing campaigns promise. But who is disposability really benefiting in the end? Take a pack of disposable cups, for example: How does (1) ripping open its packaging, (2) carrying packaging and cups out to the curb with your recycling (or trash), (3) bringing that container back from the curb, (4) going to the store for more, and (5) transporting them from the store, on multiple occasions, save time compared to (1) grabbing reusable cups from the cupboard, (2) throwing them in the dishwasher, and (3) putting them away? It seems that we have been duped into thinking that multiple shopping and recycling trips required by disposability save more time than reusing a durable product.

tablespoons, if you’d care to indulge). Will the body composition outcomes be the same? Of course not. Rule #2: The hormonal responses to carbohydrates (CHO), protein, and fat are different. There is no shortage of clinical studies to prove that beef calories7 do not equal bourbon calories. One such study, conducted by Kekwick and Pawan, compared three groups put on calorically equal (isocaloric) semistarvation diets of 90% fat, 90% protein, or 90% carbohydrate. Though ensuring compliance was a challenge, the outcomes were clearly not at all the same: 1,000 cals. at 90% fat = weight loss of 0.9 lbs. per day 1,000 cals. at 90% protein = weight loss of 0.6 lbs. per day 1,000 cals. at 90% carbohydrate = weight gain of 0.24 lbs. per day Different sources of calories = different results. Things that affect calorie allocation—and that can be modified for fat-loss and muscle gain—include digestion, the ratio of protein-to-carbohydrates-to-fat, and timing. We’ll address all three. Marilyn Monroe building her world-famous sex appeal. More than 50% of the examples in this book are of women. Marketers have conditioned women to believe that they need specific programs and diets “for women.” This is an example of capitalism at its worst: creating false need and confusion. Does this mean I’m going to recommend that a woman do exactly the same thing as a 250-pound meathead who wants 20-inch arms? Of course not. The two have different goals. But 99% of the time both genders want exactly the same thing: less fat and a bit more muscle in the right places. Guess what? In these

Japanese students when compared to other countries students clearly stand out as highly desirable long-term students. Their high level of literacy, visa access, motivation to study, scholastic ability, and value as alumni make them a sort after student market in Asia

The reasons for cooperatives’ success should be obvious by now, but they are worth reiterating: “The major basis for cooperative success…has been superior labor productivity. Studies comparing square-foot output have repeatedly shown higher physical volume of output per hour, and others…show higher quality of product and also economy of material use.”118 Hendrik Thomas concludes from an analysis of Mondragon that “Productivity and profitability are higher for cooperatives than for capitalist firms. It makes little difference whether the Mondragon group is compared with the largest 500 companies, or with small- or medium-scale industries; in both comparisons the Mondragon group is more productive and more profitable.”119 As we have seen, recent research has arrived at the same conclusions. It is a truism by now that worker participation tends to increase productivity and profitability. Research conducted by Henk Thomas and Chris Logan corroborates these conclusions. “A frequent but unfounded criticism,” they observe, “of self-managed firms is that workers prefer to enjoy a high take-home pay rather than to invest in their own enterprises. This has been proven invalid…in the Mondragon case… A comparison of gross investment figures shows that the cooperatives invest on average four times as much as private enterprises.” After a detailed analysis they also conclude that “there can be no doubt that the [Mondragon] cooperatives have been more profitable than capitalist enterprises.”120 Recent data indicate the same thing.121 One particularly successful company, Irizar, which was mentioned earlier, has been awarded prizes for being the most efficient company in its sector; in Spain it has ten competitors, but its market share is 40 percent. The same level of achievement is true of its subsidiaries, for instance in Mexico, where it had a 45 percent market share in 2005, six years after entering the market. An author comments that “the basis for this increased efficiency appears to be linked directly to the organization’s unique participatory and democratic management structure.”122 A major reason for all these successes is Mondragon’s federated structure: the group of cooperatives has its own supply of banking, education, and technical support services. The enormous funds of the central credit union, the Caja Laboral Popular, have likewise been crucial to Mondragon’s expansion. It proves that if cooperatives have access to credit they are perfectly capable of being far more successful than private enterprises.

We all agree that the main concept of ​​a metasearch engine is to compare and find the best rates, right? Well, we may be wrong. Up until only 10 years ago, there were dozens of OTAs, each one specialized in a niche market. But, over the years, these OTAs have been acquired, integrated or simply merged under Booking and Expedia's brands. Today, digital distribution is, de facto, a duopoly. And with only two OTAs sharing almost 100% of online transactions, what exactly a metasearch engine should do?

What do value investors do? They strive to take advantage of discrepancies between “price” and “value.” In order to do that successfully, they have to (a) quantify an asset’s intrinsic value and how it’s likely to change over time and (b) assess how the current market price compares with the asset’s intrinsic value, past prices for the asset, the prices of other assets, and “theoretically fair” prices for assets in general.

According to BIS data, professionally managed funds increased their stake in emerging market equity and bonds from $900 billion to $1.4 trillion between 2008 and 2014.11 Set against global totals running into the tens of trillions, those were not huge numbers. But they were comparable to the stock of toxic subprime assets, which had caused such havoc in 2007–2008, and to the debts of Greece, Spain and Ireland, which had destabilized the eurozone in 2010–2012. After subprime and after eurozone sovereign debt, were emerging markets to be the next volume in the “trilogy” of debt crises?12