Corporate Bond Quotes

When a company has ambitious plans - be it launching a groundbreaking product, expanding into new markets, or acquiring a rival firm - it often requires a substantial infusion of capital. To secure this funding, they may turn to the bond market, issuing corporate bonds to investors.

It’s easy for the body to be open to desiring different people because desire wells up and demands to be satisfied. It’s easy to categorize corporeal desire as sexuality, but if it has no means of merging with spiritual desire, then a rupture will occur between spirit and flesh. For ultimately passion and sex aren’t only expressed physically but through a true union between two spirits.

Only people have incomes and they derive them through the market from the resources they own, whether these be in the form of corporate stock, or of bonds, or of land, or of their personal capacity.

Lenders often consider a company's industry, market conditions, and competitive landscape in their risk assessment. Everything matters.

In the tumultuous landscape of corporate finance, where fortunes can rise and fall with the tides of the market, one principle remains steadfast: the supremacy of the bondholder.

A credit default swap was confusing mainly because it wasn’t really a swap at all. It was an insurance policy, typically on a corporate bond, with semiannual premium payments and a fixed term. For instance, you might pay $200,000 a year to buy a ten-year credit default swap on $100 million in General Electric bonds. The most you could lose was $2 million: $200,000 a year for ten years. The most you could make was $100 million, if General Electric defaulted on its debt any time in the next ten years and bondholders recovered nothing. It was a zero-sum bet: If you made $100 million, the guy who had sold you the credit default swap lost $100 million. It was also an asymmetric bet, like laying down money on a number in roulette. The most you could lose were the chips you put on the table; but if your number came up you made thirty, forty, even fifty times your money.

Origins Of Cptsd How do traumatically abused and/or abandoned children develop Cptsd? While the origin of Cptsd is most often associated with extended periods of physical and/or sexual abuse in childhood, my observations convince me that ongoing verbal and emotional abuse also causes it. Many dysfunctional parents react contemptuously to a baby or toddler’s plaintive call for connection and attachment. Contempt is extremely traumatizing to a child, and at best, extremely noxious to an adult. Contempt is a toxic cocktail of verbal and emotional abuse, a deadly amalgam of denigration, rage and disgust. Rage creates fear, and disgust creates shame in the child in a way that soon teaches her to refrain from crying out, from ever asking for attention. Before long, the child gives up on seeking any kind of help or connection at all. The child’s bid for bonding and acceptance is thwarted, and she is left to suffer in the frightened despair of abandonment. Particularly abusive parents deepen the abandonment trauma by linking corporal punishment with contempt. Slaveholders and prison guards typically use contempt and scorn to destroy their victims’ self-esteem. Slaves, prisoners, and children, who are made to feel worthless and powerless devolve into learned helplessness and can be controlled with far less energy and attention. Cult leaders also use contempt to shrink their followers into absolute submission after luring them in with brief phases of fake unconditional love.

Collateral, such as assets or property, may be required to secure the loan. So as an entrepreneur, it’s something to consider – it’s going to be a good idea to consider what part of your business’s assets can be collateralized, to what extent, and with how much ease.

In particular, the virtues and ambitions called forth by war are unlikely to find expression in liberal democracies. There will be plenty of metaphorical wars—corporate lawyers specializing in hostile takeovers who will think of themselves as sharks or gunslingers, and bond traders who imagine, as in Tom Wolfe’s novel The Bonfire of the Vanities, that they are “masters of the universe.” (They will believe this, however, only in bull markets.) But as they sink into the soft leather of their BMWs, they will know somewhere in the back of their minds that there have been real gunslingers and masters in the world, who would feel contempt for the petty virtues required to become rich or famous in modern America. How long megalothymia will be satisfied with metaphorical wars and symbolic victories is an open question. One suspects that some people will not be satisfied until they prove themselves by that very act that constituted their humanness at the beginning of history: they will want to risk their lives in a violent battle, and thereby prove beyond any shadow of a doubt to themselves and to their fellows that they are free. They will deliberately seek discomfort and sacrifice, because the pain will be the only way they have of proving definitively that they can think well of themselves, that they remain human beings.

Working capital loans help businesses manage day-to-day operational expenses. But it’s really important that cash flow optimization is prioritized in this.

Commercial bankers have a responsibility to holistically evaluate the creditworthiness of businesses seeking loans to ensure responsible lending practices.

Interest rate risk management tools, like derivatives, may be utilized to mitigate the impact of fluctuating interest rates on commercial loans.

There will always be opportunities at the intersection of risk and predictability.

Bond proceeds contribute to community improvements, enhancing residents' quality of life. Theres a public good aspect there.

A Thriving Society Is Partly Dependent on Each Individual and Corporate Citizen Paying Their Fair Share in Taxes.

good quality corporate bonds yielding 10% or better with great call protection.

Corporate bonds, Treasury bonds, and municipal bonds all represent nothing more than a loan—or, if you wish, debt—for which the lender will be paid an interest rate,

Understanding the unique needs of each business is crucial in tailoring financial solutions that align with their objectives. It’s never a one size fits all when it comes to financing.

Loan amortization schedules outline how loan payments are allocated between principal and interest. These can make the difference between pays as agreed or default at some future point in time.

Loan restructuring may be explored as a collaborative solution between commercial bankers and businesses facing financial challenges. In the event of crises, it may be the best option for everyone.

Regulatory compliance is crucial in corporate lending, with financial institutions having to adhere to various laws and guidelines. It represents another set of costs and risks that lenders have to consider.

Municipal bonds finance local government projects, such as schools, roads, and utilities. So there’s a public good aspect to investing in municipalities that isn’t antithetical to equity investing but it’s different.

Loan covenants are agreements outlining specific conditions the borrower must meet during the loan term. If you’re an entrepreneur obtaining a business loan, you really need to think methodically about the loan covenant.

Interest rates on corporate loans can be fixed or variable, depending on the agreement. And depending on the length of the loan, whether it’s fixed or variable can have a significant impact on the risk profile of the loan.

Interest coverage ratio measures a company's ability to pay interest on its outstanding debt. If a company can’t effectively pay interest on its outstanding debt, the likelihood that it can afford new debt is extremely low.

Refinancing options are considered to optimize a business's financial structure, potentially lowering interest costs and improving overall financial health. But it has to be to the advantage of both the borrower and the lender.

Corporate loans can be used for various purposes like expansion, working capital, or equipment purchases. Sometimes these loans fuel the next level of growth, and sometimes it help keep afloat a company that might otherwise die.

Syndicated loans involve multiple lenders sharing the risk and funding a single loan. Sometimes these are good plays for both lenders and borrowers. If you’re a borrower experiencing difficulty getting approvals, maybe consider the syndication route.

Commercial lending is a vital component of the financial industry, supporting businesses in achieving their growth and operational goals. Without corporate lenders, the ability and rate at which businesses are able to grow would likely be considerably less.

Morgan then formed the U.S. Steel Corporation, combining Carnegie’s corporation with others. He sold stocks and bonds for $1,300,000,000 (about 400 million more than the combined worth of the companies) and took a fee of 150 million for arranging the consolidation. How could dividends be paid to all those stockholders and bondholders? By making sure Congress passed tariffs keeping out foreign steel; by closing off competition and maintaining the price at $28 a ton; and by working 200,000 men twelve hours a day for wages that barely kept their families alive. And so it went, in industry after industry—shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies. These industries were the first beneficiaries of the “welfare state.

Mezzanine financing combines debt and equity, providing lenders with additional security. If your lender is interested in doing this, just know that’s it’s a way for them to mitigate risk. On the flip side, it may sometimes be smart to come out the gate with this as your offering.

Lenders assess a company's creditworthiness before approving a loan, considering factors like financial health and repayment ability. So if you’re leading a business, it’s really important for you and your team to be proactive about establishing good credit health for the business.

Banks, credit unions, and non-bank private lenders are common corporate lenders. But when you’re leading a company, it’s important to think carefully about which of these will be the right partner for your lending needs. Having the right lender may be as important as obtaining the right amount of money.

The primary characteristics of the Shakespearean soul present themselves in Macbeth: the soul has free will, reason, conscience, and corporeality. The effect of these beliefs is holistic: they work together, whether a character be virtuous or sinful. More, no character stands alone morally, because Shakespeare assumes, theologically, that the bonds of family and society are sacred. With respect to the individual, however, there is one overarching principle at work. The fall of an individual’s soul—the loss of his freedom, the ruin of his reason, the confusion of his conscience, the seduction of his flesh by lies and imagination—is a negation of his soul.

Bridge loans provide short-term financing until long-term financing is secured. If you’re having trouble getting full financing, try seeking a bridge loan for the time being.

Defaulting on a corporate loan can result in financial penalties and damage the business’s credit. You wanna avoid default by any moral means necessary.

Interest rate risk arises when there's potential for interest rates to change, impacting loan costs. It’s a serious consideration for lenders.

Restructuring may occur if a business faces financial challenges, involving changes to loan terms. It can be a tedious process, but often times, better than the alternatives.

Corporate lending involves financial institutions providing loans to businesses – and since businesses are the lifeblood of the economy, corporate lending is really important.

Municipal bonds finance local government projects, such as schools, roads, and utilities.

The motivation for taking on debt is to buy assets or claims rising in price. Over the past half-century the aim of financial investment has been less to earn profits on tangible capital investment than to generate “capital” gains (most of which take the form of debt-leveraged land prices, not industrial capital). Annual price gains for property, stocks and bonds far outstrip the reported real estate rents, corporate profits and disposable personal income after paying for essential non-discretionary spending, headed by FIRE [Finance, Insurance, Real Estate]-sector charges.

Revolving credit lines allow businesses to borrow, repay, and re-borrow within a specified limit. In terms of managing a business’s cash flow, utilizing revolving credit lines may be a great way to go.

They became the directing power in the life insurance companies, and other corporate reservoirs of the people’s savings-the buyers of bonds and stocks. They became the directing power also in banks and trust companies-the depositaries of the quick capital of the country-the life blood of business, with which they and others carried on their operations. Thus four distinct functions, each essential to business, and each exercised, originally, by a distinct set of men, became united in the investment banker. It is to this union of business functions that the existence of the Money Trust is mainly due.[1]

The investment banker is naturally on the lookout for good bargains in bonds and stocks. Like other merchants he wants to buy his merchandise cheap. But when he becomes director of a corporation, he occupies a position which prevents the transaction by which he acquires its corporate securities from being properly called a bargain. Can there be real bargaining where the same man is on both sides of a trade?

Pride isn’t just for a parade one day a year. It is not a miniature rainbow flag or rubber bracelet with a corporate logo on it given freely on that day, like beads tossed during Mardi Gras. Pride is foremost our gay self-esteem, but it is also our bond with everyone in the LGBTQ community, everywhere. Pride is our unique way of letting everyone know that we are here, that we belong in this world. If we can say we are gay, we must not do so just to make our own lives better, easier, more transparent, and authentic. We do so to clear a path for those who can’t come out—for all the people who live in places where their freedom is not a given or who don’t feel safe in their own families—to make inroads in the straight world for them. Each time we come out, we send up a flare of hope and direction, showing the way.

Currency risk is a consideration in international corporate lending, given fluctuating exchange rates. It represents another set of costs and risks that lenders have to consider when lending internationally.

Corporate loans can be short-term or long-term, depending on the business's needs. Each business’s leaders should think very methodically about future revenue projections and macro conditions, among other things.

Credit risk is a major concern in business lending, and lenders use credit scoring models specific to businesses. As an entrepreneur, you need to have a clear credit and distinct strategy for your business’s credit.

Cash flow analysis helps lenders assess a business's ability to generate sufficient cash to meet debt obligations. In terms of managing your business’s money, free cash flow is a good metric to keep front and center.

Secured loans have collateral, while unsecured loans rely solely on a borrower's creditworthiness. As an entrepreneur, you’re in a stronger position if you have both the creditworthiness piece and the collateral piece.

Refinancing involves replacing an existing loan with a new one, often to secure better terms. But it’s a bit of a paradox because to benefit from what may be much needed refinancing, you need to qualify for refinancing.

Corporate lenders play a vital role in supporting economic growth by providing capital to businesses. Without corporate lenders, the ability and rate at which businesses are able to grow would likely be considerably less.

Commercial loans serve various purposes, from financing expansion and working capital to equipment acquisition and real estate investment – They’re a very important part of the capital ecosystem of the world, and of its individual nations.

When the Goldman Sachs saleswoman called Mike Burry and told him that her firm would be happy to sell him credit default swaps in $100 million chunks, Burry guessed, rightly, that Goldman wasn’t ultimately on the other side of his bets. Goldman would never be so stupid as to make huge naked bets that millions of insolvent Americans would repay their home loans. He didn’t know who, or why, or how much, but he knew that some giant corporate entity with a triple-A rating was out there selling credit default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG—American International Group, Inc.

Prisoners are ideal employees. They do not receive benefits or pensions. They earn under a dollar an hour. Some are forced to work for free. They are not paid overtime. They are forbidden to organize and strike. They must show up on time. They are not paid for sick days or granted vacations. They cannot alter working conditions or complain about safety hazards. If they are disobedient, or attempt to protest their pitiful wages and working conditions, they lose their jobs and are often segregated in isolation cells. The roughly one million prisoners who work for corporations and government industries in the American prison system are a blueprint for what the corporate state expects us all to become. And corporations have no intention of permitting prison reforms to reduce the size of their bonded workforce. In fact, they are seeking to replicate these conditions throughout the society.

Nominal assets are subject to a substantial inflation risk: if you invest 10,000 euros in a checking or savings account or a nonindexed government or corporate bond, that investment is still worth 10,000 euros ten years later, even if consumer prices have doubled in the meantime. In that case, we say that the real value of the investment has fallen by half: you can buy only half as much in goods and services as you could have bought with the initial investment, so that your return after ten years is −50 percent, which may or may not have been compensated by the interest you earned in the interim.

For example, trading in S&P 500-linked futures totaled more than $60 trillion(!) in 2011, five times the S&P 500 Index total market capitalization of $12.5 trillion. We also have credit default swaps, which are essentially bets on whether a corporation can meet the interest payments on its bonds. These credit default swaps alone had a notional value of $33 trillion. Add to this total a slew of other derivatives, whose notional value as 2012 began totaled a cool $708 trillion. By contrast, for what it’s worth, the aggregate capitalization of the world’s stock and bond markets is about $150 trillion, less than one-fourth as much. Is this a great financial system . . . or what!

The bond market plays a pivotal role in the global economy. It provides a vital source of capital for governments and corporations, enabling them to fund infrastructure projects, expand operations, and pursue innovation. Bond yields also serve as benchmarks for other interest rates, influencing borrowing costs for businesses and consumers alike.

Corporations could raise funds through the sale of stock and bonds, and many states offered charters that gave stockholders limited liability: they would not be held responsible for the corporation’s debts beyond their own investment. In exchange for all this, Americans believed that corporations had a greater obligation than other enterprises to serve a public good.

Apple raised $17 billion in a bond offering in 2013. Not to invest in new products or business lines, but to pay a dividend to stockholders. The company is awash with cash, but much of that money is overseas, and there would be a tax charge if it were repatriated to the USA. For many other companies, the tax-favoured status of debt relative to equity encourages financial engineering. Most large multinational companies have corporate and financial structures of mind-blowing complexity. The mechanics of these arrangements, which are mainly directed at tax avoidance or regulatory arbitrage, are understood by only a handful of specialists. Much of the securities issuance undertaken by Goldman Sachs was not ‘helping companies to grow’ but represented financial engineering of the kind undertaken at Apple. What

default swaps on subprime mortgage bonds. Only a triple-A-rated corporation could assume such risk, no money down, and no questions asked. Burry was right about this, too, but it would be three years before he knew it. The party on the other side of his bet against subprime mortgage bonds was the triple-A-rated insurance company AIG—American International Group, Inc. Or, rather, a unit of AIG called AIG FP. AIG Financial Products was created

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

The overwhelming majority of women will be happier in the long run by marrying an ordinary man and having children than by seeking sexual thrills, ascending the corporate heights or grinding out turgid tracts on gender theory. A woman develops an emotional bond with her mate through the sexual act itself; this is why arranged marriages (contrary to Western prejudice) are often reasonably happy. Romantic courtship has its charms, but is finally dispensable; marriage is not dispensable.

One common thread ran through the comments: everybody loathes Ticketmaster, for assorted reasons, with the wonderful diversity that makes our country so vibrant. If James Bond movies and other international thrillers weary of their casts of modern stock villains—drug dealers, terrorists, polluting corporations—Ticketmaster is waiting in the wings, universally despised. And if such a movie proved incredibly popular and were then transmuted into a hit Broadway musical, Ticketmaster itself could scalp—sorry, resell—tickets to it.

used to produce more robots, and so on. These corporations can grow and expand to the far reaches of the galaxy, and all they need are robots and computers – they don’t need humans even to buy their products. Indeed, already today computers and algorithms are beginning to function as clients in addition to producers. In the stock exchange, for example, algorithms are becoming the most important buyers of bonds, shares and commodities. Similarly in the advertisement business, the most important customer of all is an algorithm: the Google search algorithm.

...it reveals the legacy of an environmental catastrophe, its human tolls and triumphs, its corporate greed and indifference, its governmental lapses and neglect. In its historic sweep, it stands as a cautionary tale -- timeless and time-bound -- in a country divided by class and religion, buffeted by corporate misconduct, and dismantling its environmental protection laws. This is the story of a dying coal town ensnared in the Reagan Revolution's afterbirth, of a small community rent by one of the mining industry's worst disasters, and of the irreplaceable bond of home.

Good Morning. This is Mr. Gold of Paramount Pictures Corporation. We are carrying out an authorized survey of the territory for a forthcoming "A" picture of the famous Confederate raid of 1861 which resulted in the capture of General Sherman at Muldraugh Hill. Yes, that's right. Cary Grant and Elizabeth Taylor in the lead. What's that? Clearance? Sure we've got clearance. Let me see now...yes, here it is. Signed by Chief of Special Services at the Pentagon. Sure, the Commanding officer at the Armored Center will have a copy. Okay and thanks. Hope you'll enjoy the picture. 'Bye.

Speculators, meanwhile, have seized control of the global economy and the levers of political power. They have weakened and emasculated governments to serve their lust for profit. They have turned the press into courtiers, corrupted the courts, and hollowed out public institutions, including universities. They peddle spurious ideologies—neoliberal economics and globalization—to justify their rapacious looting and greed. They create grotesque financial mechanisms, from usurious interest rates on loans to legalized accounting fraud, to plunge citizens into crippling forms of debt peonage. And they have been stealing staggering sums of public funds, such as the $65 billion of mortgage-backed securities and bonds, many of them toxic, that have been unloaded each month on the Federal Reserve in return for cash.21 They feed like parasites off of the state and the resources of the planet. Speculators at megabanks and investment firms such as Goldman Sachs are not, in a strict sense, capitalists. They do not make money from the means of production. Rather, they ignore or rewrite the law—ostensibly put in place to protect the weak from the powerful—to steal from everyone, including their own shareholders. They produce nothing. They make nothing. They only manipulate money. They are no different from the detested speculators who were hanged in the seventeenth century, when speculation was a capital offense. The obscenity of their wealth is matched by their utter lack of concern for the growing numbers of the destitute. In early 2014, the world’s 200 richest people made $13.9 billion, in one day, according to Bloomberg’s billionaires index.22 This hoarding of money by the elites, according to the ruling economic model, is supposed to make us all better off, but in fact the opposite happens when wealth is concentrated in the hands of a few individuals and corporations, as economist Thomas Piketty documents in his book Capital in the Twenty-First Century.23 The rest of us have little or no influence over how we are governed, and our wages stagnate or decline. Underemployment and unemployment become chronic. Social services, from welfare to Social Security, are slashed in the name of austerity. Government, in the hands of speculators, is a protection racket for corporations and a small group of oligarchs. And the longer we play by their rules the more impoverished and oppressed we become. Yet, like

Sex is too important a matter to be left to the independent judgment of young women, because young women rarely possess good judgment. The overwhelming majority of women will be happier in the long run by marrying an ordinary man and having children than by seeking sexual thrills, ascending the corporate heights or grinding out turgid tracts on gender theory. A woman develops an emotional bond with her mate through the sexual act itself; this is why arranged marriages (contrary to Western prejudice) are often reasonably happy. Romantic courtship has its harms, but is finally dispensable; marriage is not dispensable.

The problem, then, is not East versus West. The problem is that the elites in nearly every country have become rotten and socialist. As Bukovsky wrote in his book, “Even the ageless James Bond does not fight the KGB, but is most frequently in an alliance with the KGB, against some mythical super-corporation headed, as a rule, by a lunatic capitalist.” Bukovsky’s book, “Judgment in Moscow,” will be released in English in May. What does he say happened toward the supposed end of the Cold War? Bukovsky wrote, “This was a full debacle, a total surrender of its positions by the West at the most critical moment of our history.

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

Modern armies no longer line up in neat rows and charge each other from opposite sides of a battlefield. Strangely, however, they still train that way, for example, during marching drills. This practice is useful, it turns out, not to prep for actual battle conditions, but to build trust and solidarity among soldiers in a unit. Our species, for reasons that aren’t entirely clear, is wired to form social bonds when we move in lockstep with each other.48 This can mean marching together, singing or chanting in unison, clapping hands to a beat, or even just wearing the same clothes. In the early decades of the 20th century, IBM used corporate songs to instill a sense of unity among their workers.49 Some companies in Japan still use these practices today.

First, when all investors were doing the same thing, he would actively seek to do the opposite. The word stockbrokers use for this approach is contrarian. Everyone wants to be one, but no one is, for the sad reason that most investors are scared of looking foolish. Investors do not fear losing money as much as they fear solitude, by which I mean taking risks that others avoid. When they are caught losing money alone, they have no excuse for their mistake, and most investors, like most people, need excuses. They are, strangely enough, happy to stand on the edge of a precipice as long as they are joined by a few thousand others. But when a market is widely regarded to be in a bad way, even if the problems are illusory, many investors get out. A good example of this was the crisis at the U.S. Farm Credit Corporation. It looked for a moment as if Farm Credit might go bankrupt. Investors stampeded out of Farm Credit bonds because having been warned of the possibility of accident, they couldn’t be seen in the vicinity without endangering their reputations. In an age when failure isn’t allowed, when the U.S. government had rescued firms as remote from the national interest as Chrysler and the Continental Illinois Bank, there was no chance the government would allow the Farm Credit bank to default. The thought of not bailing out an eighty-billion-dollar institution that lent money to America’s distressed farmers was absurd. Institutional investors knew this. That is the point. The people selling Farm Credit bonds for less than they were worth weren’t necessarily stupid. They simply could not be seen holding them. Since Alexander wasn’t constrained by appearances, he sought to exploit people who were.

Sometimes adoptive parents will go through a virtual pregnancy, using “birth clinics” or accessories called “tummy talkers,” package kits that supply a due date and body modifications, including the choice to make the growing fetus visible or not; as well as play-by-play announcements (“Your baby is doing flips!”) and the simulation of a “realistic delivery,” along with a newborn-baby accessory. For Second Life parents who go through pregnancy after adopting in-world, it’s usually with the understanding that the baby they are having is the child they have already adopted. The process is meant to give both parent and child the bond of a live birth. “Really get morning sickness,” one product promises. “Get aches.” Which means being informed that a body-that-is-not-your-corporeal-body is getting sick. “You have full control over your pregnancy, have it EXACTLY how you want,” this product advertises, which does seem to miss something central to the experience: that it subjects you to a process largely beyond your control.

THE GLOBE | Unlocking the Wealth in Rural Markets Mamta Kapur, Sanjay Dawar, and Vineet R. Ahuja | 151 words In India and other large emerging economies, rural markets hold great promise for boosting corporate earnings. Companies that sell in the countryside, however, face poor infrastructure, widely dispersed customers, and other challenges. To better understand the obstacles and how to overcome them, the authors—researchers with Accenture—conducted extensive surveys and interviews with Indian business leaders in multiple industries. Their three-year study revealed several successful strategies for increasing revenues and profits in rural markets: Start with a good distribution plan. The most effective approaches are multipronged—for example, adding extra layers to existing networks and engaging local partners to create new ones. Mine data to identify prospective customers. Combining site visits, market surveys, and GIS mapping can help companies discover new buyers. Forge tight bonds with channel partners. It pays to spend time and money helping distributors and retailers improve their operations. Create durable ties with customers. Companies can build loyalty by addressing customers’ welfare and winning the trust of community leaders.

We have traded our intimacy for social media, our romantic bonds for dating matches on apps, our societal truth for the propaganda of corporate interests, our spiritual questioning for dogmatism, our intellectual curiosity for standardized tests and grading, our inner voices for the opinions of celebrities and hustler gurus and politicians, our mindfulness for algorithmic distractions and outrage, our inborn need to belong to communities for ideological bubbles, our trust in scientific evidence for the attractive lies of false leaders, our solitude for public exhibitionism. We have ignored the hunter-gatherer wisdom of our past, obedient now to the myth of progress. But we must remember who we are and where we came from. We are animals born into mystery, looking up at the stars. Uncertain in ourselves, not knowing where we are heading. We exist with the same bodies, the same brains, as Homo sapiens from thousands of years past, roaming on the plains, hunting in forests and by the sea, foraging together in small bands. Except now, our technology is exponentially increasing at a scale that we cannot predict. We are overwhelmed with information; lost in a matrix that we do not understand. Our civilizational “progress” is built on the bones of the indigenous and the poor and the powerless. Our “progress” comes at the expense of our land, and oceans, and air. We are reaching beyond what we can globally sustain. Former empires have perished from their unrestrained greed for more resources. They were limited in past ages by geography and capacity, collapsing in regions, and not over the entire planet. What will be the cost of our progress? We have grown arrogant in our comfort, hardened away from our compassion, believing that our reality is the only reality. Yet even at our most uncertain, there are still those saints who are unknown and nameless, who help even when they do not need to help. They often are not rich, don’t have their profiles written up in magazines, and will never win any prestigious awards. They may have shared their last bit of food while already surviving on so little. They may have cherished the disheartened, shown warmth to the neglected, tended to the diseased and dying, spoken kindly to the hopeless. They do not tremble in silence while the wheels of prejudice crush over their land. Withering what was once fertile into pale death and smoke. They tend to what they love, to what they serve. They help, even when they could fall back into ignorance, even when they could prosper through easy greed, even when they could compromise their values, conforming into groupthink for the illusion of security. They help.

In order to refashion the world, it is necessary for people themselves to adopt a different mental attitude. Until man becomes brother unto man, there shall be no brotherhood of men. No kind of science or material advantage will ever induce people to share their property or their rights equitably. No one will ever have enough, people will always grumble, they will always envy and destroy one another. You ask when will all this come about. It will come about, but first there must be an end to the habit of self-imposed isolation of man.’ ‘What isolation?’ I asked him. ‘The kind that is prevalent everywhere now, especially in our age, and which has not yet come to an end, has not yet run its course. For everyone nowadays strives to dissociate himself as much as possible from others, everyone wants to savour the fullness of life for himself, but all his best efforts lead not to fullness of life but to total self-destruction, and instead of ending with a comprehensive evaluation of his being, he rushes headlong into complete isolation. For everyone has dissociated himself from everyone else in our age, everyone has disappeared into his own burrow, distanced himself from the next man, hidden himself and his possessions, the result being that he has abandoned people and has, in his turn, been abandoned. He piles up riches in solitude and thinks: ‘How powerful I am now, and how secure,’ and it never occurs to the poor devil that the more he accumulates, the further he sinks into suicidal impotence. For man has become used to relying on himself alone, and has dissociated himself from the whole; he has accustomed his soul to believe neither in human aid, nor in people, nor in humanity; he trembles only at the thought of losing his money* and the privileges he has acquired. Everywhere the human mind is beginning arrogantly to ignore the fact that man’s true security is to be attained not through the isolated efforts of the individual, but in a corporate human identity. But it is certain that this terrible isolation will come to an end, and everyone will realize at a stroke how unnatural it is for one man to cut himself off from another. This will indeed be the spirit of the times, and people will be surprised how long they have remained in darkness and not seen the light. It is then that the sign of the Son of man will appear in heaven…* But, nevertheless, until then man should hold the banner aloft and should from time to time, quite alone if necessary, set an example and rescue his soul from isolation in order to champion the bond of fraternal love, though he be taken for a holy fool. And he should do this in order that the great Idea should not die…

The most interesting aspects of the story lie between the two extremes of coercion and popularity. It might be instructive to consider fascist regimes’ management of workers, who were surely the most recalcitrant part of the population. It is clear that both Fascism and Nazism enjoyed some success in this domain. According to Tim Mason, the ultimate authority on German workers under Nazism, the Third Reich “contained” German workers by four means: terror, division, some concessions, and integration devices such as the famous Strength Through Joy (Kraft durch Freude) leisure-time organization. Let there be no doubt that terror awaited workers who resisted directly. It was the cadres of the German Socialist and Communist parties who filled the first concentration camps in 1933, before the Jews. Since socialists and communists were already divided, it was not hard for the Nazis to create another division between those workers who continued to resist and those who decided to try to live normal lives. The suppression of autonomous worker organizations allowed fascist regimes to address workers individually rather than collectively. Soon, demoralized by the defeat of their unions and parties, workers were atomized, deprived of their usual places of sociability, and afraid to confide in anyone. Both regimes made some concessions to workers—Mason’s third device for worker “containment.” They did not simply silence them, as in traditional dictatorships. After power, official unions enjoyed a monopoly of labor representation. The Nazi Labor Front had to preserve its credibility by actually paying some attention to working conditions. Mindful of the 1918 revolution, the Third Reich was willing to do absolutely anything to avoid unemployment or food shortages. As the German economy heated up in rearmament, there was even some wage creep. Later in the war, the arrival of slave labor, which promoted many German workers to the status of masters, provided additional satisfactions. Mussolini was particularly proud of how workers would fare under his corporatist constitution. The Labor Charter (1927) promised that workers and employers would sit down together in a “corporation” for each branch of the economy, and submerge class struggle in the discovery of their common interests. It looked very imposing by 1939 when a Chamber of Corporations replaced parliament. In practice, however, the corporative bodies were run by businessmen, while the workers’ sections were set apart and excluded from the factory floor. Mason’s fourth form of “containment”—integrative devices—was a specialty of fascist regimes. Fascists were past masters at manipulating group dynamics: the youth group, the leisure-time association, party rallies. Peer pressure was particularly powerful in small groups. There the patriotic majority shamed or intimidated nonconformists into at least keeping their mouths shut. Sebastian Haffner recalled how his group of apprentice magistrates was sent in summer 1933 on a retreat, where these highly educated young men, mostly non-Nazis, were bonded into a group by marching, singing, uniforms, and drill. To resist seemed pointless, certain to lead nowhere but to prison and an end to the dreamed-of career. Finally, with astonishment, he observed himself raising his arm, fitted with a swastika armband, in the Nazi salute. These various techniques of social control were successful.

The Global Financial Crisis shows the credit cycle at the greatest extreme since the Great Depression. Debt markets historically had been marked by general conservatism, meaning excesses on the upside were limited and most bubbles took place in the equity market. Certainly it was the site of the Great Crash of 1929. But the creation of the high yield bond market in the late 1970s kicked off a liberalization of debt investing, and the generally positive economic environment of the subsequent three decades provided those who ventured in with a favorable overall experience. This combination led to a strong trend toward acceptance of low-rated and non-traditional debt instruments. There were periods of weakness in debt in 1990–91 (related to widespread bankruptcies among the highly levered buyouts of the 1980s) and in 2002 (stemming from excessive borrowing to fund overbuilding in the telecom industry, which led to prominent downgrades that coincided with several high-profile corporate accounting scandals). But the effects of these were limited because of the isolated nature of their causes. It wasn’t until 2007–08 that the financial markets witnessed the first widespread, debt-induced panic, with ramifications for the entire economy. Thus the GFC provided the ultimate example of the credit cycle’s full effect.

When playing a bear market, the same rules hold: You want to diversify your risks, especially knowing that collapses move even faster than rallies. You need to decide how much safe cash or near cash you want to hold to sleep at night and to handle financial emergencies, like the loss of your job or your house. Then decide how much to put into longer-term high-quality bonds, like those 30-year Treasuries and AAA corporates, but I think it’s still premature to make this move at the time of this writing, in August 2017. Then decide how much you want to put into a dollar bull fund or the ETF UUP, which tracks the U.S. dollar versus its six major trading partners. If you’re willing to risk part of your wealth, you can also bet on financial assets going down—from stocks to gold. Stocks are the one type of financial asset that goes down in either a deflationary crisis, like the 1930s, or an inflationary one, like the 1970s. So shorting stocks is the best way to prosper in the downturn, either way. But don’t leverage this bet. The markets are simply too volatile. You can short the stock market with no leverage by simply buying an ETF (exchange-traded fund) like the ProShares Short S&P 500 (NYSEArca: SH). It’s an inverse fund on the S&P 500, so if the index goes down 50 percent, you make 50 percent. The ProShares Ultrashort (NYSEArca: QID) is double short the NASDAQ 100, which is likely to get hit the worst. If you make this play, just do a half share, to avoid that two-times leverage (hold the other half in cash or short-term bonds). Direxion Daily Small Cap Bear 3X ETF (NYSEArca: TZA) is triple short the Russell 2000, which is also likely to lead on the way down. So buy only a one-third share of this one, to remain without leverage. (That means the money you allocate here should be one-third in TZA and two-thirds in cash, to offset the leverage.) And unlike the gold bugs, I see gold collapsing. It’s an inflation hedge, not a deflation hedge. If gold rallies back as high as $1,425—on my predicted bear-market rally—then it could easily drop to around $700 within a year. Your last decision is whether to risk some of your funds betting on gold’s downside, for the greatest potential returns. You can buy DB Gold Double Short ETN (NYSEArca: DZZ)—double short gold—at a half share, to offset the leverage, or just simply short GLD, the ETF that follows gold. There you have it. How to handle the coming crash.

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If they follow our prescription they will confine themselves to high-grade bonds and the common stocks of leading corporations, preferably those that can be purchased at individual price levels that are not high in the light of experience and analysis.

Apparently, they missed the second day of Chemistry 101—the day they teach ‘covalent’ bonds. When

The three main players in the MBS market are: • Government National Mortgage Association, or GNMA (pronounced “Ginnie Mae”), is backed by a federal agency and guarantees mortgage payments on loans issued through federal loan programs (like the VA and the FHA). Unlike other MBS, bonds guaranteed by GNMA are backed by the full faith and credit of the US government, just like Treasury bonds. • Federal National Mortgage Association, or FNMA (“Fannie Mae”), is a private corporation that buys mortgages from large commercial banks, repackages them into bonds, and sells those bonds to investors. FNMA is not backed by the federal government (even though the government created it), so these bonds carry higher credit risk (the risk that you won’t get your money back). • Federal Home Loan Mortgage Corporation, or FHLMC (commonly called “Freddie Mac”), works almost the same way as FNMA. It buys up mortgages from smaller lenders, like savings and loan banks or credit unions, then packages them to create MBS. Freddie Mac bonds are not backed by the US government.

Strange as it may seem — and irrational as it would be in a more logical system of world diplomacy — the dollar glut is what finances America’s global military build-up. It forces foreign central banks to bear the costs of America’s expanding military empire. The result is a new form of taxation without representation. Keeping international reserves in dollars means recycling dollar inflows to buy U.S. Treasury bills — U.S. government debt issued largely to finance the military spending that has been a driving force in the U.S. balance-of-payments deficit since the Korean War broke out in 1950. [...] “China National Offshore Oil Corporation go home” is the motto when foreign governments try to use their sovereign wealth funds (central bank departments trying to figure out what to do with their dollar glut) to make direct investments in American industry, as happened when China’s national oil company sought to buy Unocal in 2005.[...] So Europeans and Asians see U.S. companies pumping more dollars into their economies not only to buy their exports (in excess of providing them with goods and services in return), not only to buy their companies and commanding heights of privatized public enterprises (without giving them reciprocal rights to buy important U.S. companies), and not only to buy foreign stocks, bonds and real estate. The U.S. media neglect to mention that the U.S. Government spends hundreds of billions of dollars abroad — not only in the Near East for direct combat, but to build military bases to encircle the rest of the world, and to install radar systems, guided missile systems and other forms of military coercion, including the “color revolutions” that have been funded all around the former Soviet Union.

With the first banks opened on Monday, the afternoon brought another request from Roosevelt. Stating that he needed the tax revenue, he asked Congress that beer with alcohol content of up to 3.2 percent be made legal; the Eighteenth Amendment did not specify the percentage that constituted an intoxicating beverage. Congress complied. The House passed the bill the very next day with a vote count of 316–97, pushing it to the Senate. Wednesday brought good cheer: The stock market opened for the first time in Roosevelt’s presidency. In a single-day record, the Dow Jones Industrial Average gained over 15 percent—a gain in total market value of $3 billion. By Thursday, for increased fiscal prudence, the Senate had added an exemption for wine to go with beer, but negotiated the alcohol content down to 3.05 percent. Throughout the week, banks were receiving net deposits rather than facing panicked withdrawals. Over the following weeks, the administration developed a sweeping farm package designed to “increase purchasing power of our farmers” and “relieve the pressure of farm mortgages.” To guarantee the safety of bank deposits, the Federal Deposit Insurance Corporation was created. To regulate the entire American stock and bond markets, the Exchange Act of 1933 required companies to report their financial condition accurately to the buying public, establishing the Securities and Exchange Commission. Safety nets such as Social Security for retirement and home loan guarantees for individuals would be added to the government’s portfolio of responsibilities within a couple of years. It was the largest peacetime escalation of government in American history.

First comes the Emotion Regulation Network. I consider this primary, because I believe that unless we have the ability to regulate our emotions, we cannot enjoy a happy life. We can’t sustain Bliss Brain for long enough to spark neural plasticity if our consciousness is easily hijacked by negative emotions like anger, resentment, guilt, fear, and shame. The Emotion Regulation Network controls our reactivity to disturbing events. Regulating emotions is the meditator’s top priority. Emotion will distract us from our path every time. Love and fear are fabulous for survival because of their evolutionary role in keeping us safe. Love kept us bonded to others of our species, which gave us strength in numbers. Fear made us wary of potential threats. But to the meditator seeking inner peace, emotion = distraction. In the stories of Buddha and Jesus in Chapter 2, we saw how they were tempted by both the love of gain and the fear of loss. Only when they held their emotions steady, refusing either type of bait, were they able to break through to enlightenment. THE HOSTILE TAKEOVER OF CONSCIOUSNESS BY EMOTION Remember a time when you swore you’d act rationally but didn’t? Perhaps you were annoyed by a relationship partner’s habit. Or a team member’s attitude. Or a child’s behavior? You screamed and yelled in response. Or perhaps you didn’t but wanted to. So you decided that next time you would stay calm and have a rational discussion. But as the emotional temperature of the conversation increased, you found yourself screaming and yelling again. Despite your best intentions, emotion overwhelmed you. Without training, when negative emotions arise, our capacity for rational thought is eclipsed. Neuroscientist Joseph LeDoux calls this “the hostile takeover of consciousness by emotion.” Consciousness is hijacked by the emotions generated by fearful unwanted experiences or attractive desired ones. We need to regulate our emotions over and over again to gradually establish positive state stability. In positive state stability, when someone around us—whether a colleague, spouse, child, parent, politician, blogger, newscaster, or corporate spokesperson—says or does something that triggers negative emotions, we remain neutral. The same applies to negative thoughts arising from within our own consciousness. Positive state stability allows us to feel happy despite the chatter of our own minds. Getting triggered happens quickly. LeDoux found that it takes less than 1 second from hearing an emotionally triggering word to a reaction in the brain’s limbic system, the part that processes emotion. When we’re overwhelmed by emotion, rational thinking, sound judgment, memory, and objective evaluation disappear. But once we’re stable in that positive state, we’ve inoculated ourselves against negative influences, both from our own consciousness and from the outside world. We maintain that positive state over time, and state becomes trait.

Defensive investors, as we have defined them, will not ordinarily be equipped to pass independent judgment on the security recommendations made by their advisers. But they can be explicit—and even repetitiously so—in stating the kind of securities they want to buy. If they follow our prescription they will confine themselves to high-grade bonds and the common stocks of leading corporations, preferably those that can be purchased at individual price levels that are not high in the light of experience and analysis.

Stay Loyal to People, Not Organizations Mitt Romney was wrong—corporations aren’t people. As British Lord Chancellor Edward Thurow observed more than two centuries ago, business enterprises “have neither bodies to be punished, nor souls to be condemned.” As such, they do not deserve your affection or your loyalty, nor can they repay it in kind. Churches, countries, and even the occasional private firm have been touting loyalty to abstract organizations for centuries, usually as a ploy to convince young people to do brave and foolish things like go to war so old people can keep their land and treasure. It. Is. Bullshit. The most impressive students in my class are the young men and women who have served their country. We benefit (hugely) from their loyalty to our country, but I don’t think we (the United States) pay them their due. I believe it’s a bad trade for them. Be loyal to people. People transcend corporations, and people, unlike corporations, value loyalty. Good leaders know they are only as good as the team standing behind them—and once they have forged a bond of trust with someone, will do whatever it takes to keep that person happy and on their team. If your boss isn’t fighting for you, you either have a bad boss or you are a bad employee.

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

Gates Foundation currently holds corporate stocks and bonds in drug companies like Merck, GSK, Eli Lilly, Pfizer, Novartis, and Sanofi.69 Gates also has heavy positions in Gilead, Biogen, AstraZeneca, Moderna, Novavax, and Inovio. The foundation’s website candidly declares its mission to “seek more effective models of collaboration with major vaccine manufacturers to better identify and pursue mutually beneficial opportunities.

It should now be clear that the cure for the deprivations of poverty will not—cannot—be found in the economic growth of a globalized free market that weakens and destroys the bonds of culture and community to the exclusive benefit of global corporations. The necessary cure lies instead in restoring and strengthening these bonds. Our collective survival—not only of the poor and excluded but also of the relatively affluent and not yet excluded—depends on creating an institutional and values framework that advances this restoration.

The highest-risk investments include: Futures Commodities Limited partnerships Collectibles Rental real estate Penny stocks (stocks that cost less than $5 per share) Speculative stocks (such as stock in new companies) Foreign stocks from volatile nations “Junk” (or high-yield corporate) bonds Moderate-risk investments include: Growth stocks (companies that reinvest most of their profits to grow the business) Corporate bonds with lower (but still investment-grade) ratings Mutual funds or exchange-traded funds (ETFs) Real estate investment trusts (REITs) Blue chip stocks Limited-risk investments include: Top-rated investment-grade corporate and municipal bonds The lowest-risk investments include: Treasury bills and bonds FDIC-insured bank CDs (certificates of deposit) Money market funds Practicing

But in the U.S. it’s easy to own politicians. All you have to do is give them lots of money. So the big corporations own most of our politicians. And when these huge companies are looking to make money off our citizens, our government is always there to help them out.

Corporate capitalism has made war on the communal and the sacred, on those forces that allow us to connect and transcend our temporal condition to bond with others. These bonds will be reestablished or we will slip further into a world where death is more attractive than life.

businesses from the Northeast, with promises of corporate tax breaks, lax environmental standards, and a compliant, union-free workforce. The county finally won the privilege of hosting a Proctor Silex plant by floating a $5.5 million bond to finance water and sewer services for the facility—even though many residents in the region were themselves living without running water or basic services. Predictably, in 1990 the company moved to Mexico, which was offering more competitive terms. Moore County was left with toxic waste, eight hundred unemployed workers, and tremendous public debt for having subsidized the company’s plant.

The beauty of issuing convertible bonds by a corporation is the ability to borrow money and pay a lower coupon.

States are corporations masquerading as peoples. They encompass diverse peoples with varied customs, bloodlines, and languages, and they are ruled by an elite that imposes unity by force and asserts a bond of nationality that supersedes traditional blood or family ties.

Junk bonds are bonds issued by corporations deemed by the two chief credit-rating agencies, Moody’s and Standard & Poor’s, to be unlikely to repay their debts.

credit spread. This is a measurement between the yield of U.S. Treasury bonds, which carry the smallest possible risk, and the yield of a publicly traded corporate bond.