Corporate Bonds Quotes

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.

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

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.

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.

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.

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

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.

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

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

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

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.

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.

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.

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.

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.

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.

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.

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

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.

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?

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.

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.

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.

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.

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!

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

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.

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.

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 adjective “efficient” in “efficient markets” refers to how investors use information. In an efficient market, every titbit of new information is processed correctly and immediately by investors. As a result, market prices react instantly and appropriately to any relevant news about the asset in question, whether it is a share of stock, a corporate bond, a derivative, or some other vehicle. As the saying goes, there are no $100 bills left on the proverbial sidewalk for latecomers to pick up, because asset prices move up or down immediately. To profit from news, you must be jackrabbit fast; otherwise, you’ll be too late. This is one rationale for the oft-cited aphorism “You can’t beat the market.” An even stronger form of efficiency holds that market prices do not react to irrelevant news. If this were so, prices would ignore will-o’-the-wisps, unfounded rumors, the madness of crowds, and other extraneous factors—focusing at every moment on the fundamentals. In that case, prices would never deviate from fundamental values; that is, market prices would always be “right.” Under that exaggerated form of market efficiency, which critics sometimes deride as “free-market fundamentalism,” there would never be asset-price bubbles. Almost no one takes the strong form of the efficient markets hypothesis (EMH) as the literal truth, just as no physicist accepts Newtonian mechanics as 100 percent accurate. But, to extend the analogy, Newtonian physics often provides excellent approximations of reality. Similarly, economists argue over how good an approximation the EMH is in particular applications. For example, the EMH fits data on widely traded stocks rather well. But thinly traded or poorly understood securities are another matter entirely. Case in point: Theoretical valuation models based on EMH-type reasoning were used by Wall Street financial engineers to devise and price all sorts of exotic derivatives. History records that some of these calculations proved wide of the mark.

For that purpose, partly as the result of Ranieri’s persistent lobbying, two new facilities had sprung up in the federal government alongside Ginnie Mae. They guaranteed the mortgages that did not qualify for the Ginnie Mae stamp. The Federal Home Loan Mortgage Corporation (called Freddie Mac) and the Federal National Mortgage Association (called Fannie Mae) between them, by giving their guarantees, were able to transform most home mortgages into government-backed bonds.

Governments (and large corporations) issue bonds as a way of borrowing money from a broader range of people and institutions than just banks.

Their strongest supporters had bonded to the program's quirks and problems and had come to believe that the difficulties were desirable.

Mortgages were short-term, usually for three to five years, and they were not amortized. In other words, people paid interest, but did not repay the sum they had borrowed (the principal) until the end of the loan’s term, so that they ended up facing a balloon-sized final payment. The average difference (spread) between mortgage rates and high-grade corporate bond yields was about two percentage points during the 1920s, compared with about half a per cent (50 basis points) in the past twenty years.

The idea was to reinvent mortgages by bundling thousands of them together as the backing for new and alluring securities that could be sold as alternatives to traditional government and corporate bonds - in short, to convert mortgages into bonds.

Countries competing against one another in the same array of products and services is not covered by Ricardian trade theory.   Offshoring doesn’t fit the Ricardian or the competitive idea of free trade. In fact, offshoring is not trade.   Offshoring is the practice of a firm relocating its production of goods or services for its home market to a foreign country. When an American firm moves production offshore, US GDP declines by the amount of the offshored production, and foreign GDP increases by that amount. Employment and consumer income decline in the US and rise abroad. The US tax base shrinks, resulting in reductions in public services or in higher taxes or a switch from tax finance to bond finance and higher debt service cost.   When the offshored production comes back to the US to be marketed, the US trade deficit increases dollar for dollar. The trade deficit is financed by turning over to foreigners US assets and their future income streams. Profits, dividends, interest, capital gains, rents, and tolls from leased toll roads now flow from American pockets to foreign pockets, thus worsening the current account deficit as well.   Who benefits from these income losses suffered by Americans? Clearly, the beneficiary is the foreign country to which the production is moved. The other prominent beneficiaries are the shareholders and the executives of the companies that offshore production. The lower labor costs raise profits, the share price, and the “performance bonuses” of corporate management.   Offshoring’s proponents claim that the lost incomes from job losses are offset by benefits to consumers from lower prices. Allegedly, the harm done to those who lose their jobs is more than offset by the benefit consumers in general get from the alleged lower prices. Yet, proponents are unable to cite studies that support this claim. The claim is based on the unexamined assumption that offshoring is free trade and, thereby, mutually beneficial.   Proponents of jobs offshoring also claim that the Americans who are left unemployed soon find equal or better jobs. This claim is based on the assumption that the demand for labor ensures full employment, and that people whose jobs have been moved abroad can be retrained for new jobs that are equal to or better than the jobs that were lost.   This claim is false.

Gifts Make the Tribe The biblical proscription against usury goes all the way back to Moses. The rule was simple: you couldn't charge interest on a loan to anyone in your tribe. Strangers, on the other hand, paid interest. This isn't a matter of ancient biblical archeology; the edict against interest stuck for thousands of years, until around the time of Columbus. It's worth taking a minute to understand the reasoning here. If money circulates freely within the tribe, the tribe will grow prosperous more quickly. I give you some money to buy seeds, your farm flourishes, and now we both have money to give to someone else to invest. The faster the money circulates, the better the tribe does. The alternative is a tribe of hoarders, with most people struggling to find enough resources to improve productivity. Obviously, there's another force at work here. When I make an interest-free loan to you, I'm trusting you and giving you a gift at the same time. This interaction increases the quality of our bond and strengthens the community. Just as you wouldn't charge your husband interest on a loan, you don't charge a tribe member. Strangers, on the other hand, are not to be trusted. Going further, strangers don't deserve the bond that the gift brings. It would turn the stranger into a tribe member, and the tribe is already too big. If I loan money to a stranger, I'm doing it for one reason: to make money. I risk my money, and if all goes well, we both profit. But there's no bond here, no connection. One reason that art has so much power is that it represents the most precious gift we can deliver. And delivering it to people we work with or connect with strengthens our bond with them. It strengthens the tribal connection. When you walk into your boss's office and ask for advice, she doesn't charge you an hourly fee, even if she's a corporate coach or a psychoanalyst, even if you want help with a personal problem. The gift of her time and attention and insight is just that--a gift. As a result, the bond between you strengthens.

Building computer models based on years of historical data on corporate bonds, they concluded that this new device—a credit default swap—seemed foolproof. The odds of a wave of defaults occurring simultaneously were remote, short of another Great Depression. So, absent a catastrophe of that magnitude, the holders of the swap could expect to receive millions of dollars in premiums a year. It was like free money.

FMPs usually invest in certificate of deposits (CDs), commercial papers (CPs), money market instruments, corporate bonds and sometimes even in bank fixed deposits. Sometimes

An investor can reduce the LTCG by investing up to Rs. 5,000,000 per financial year in certain bonds. Currently, investment in two bonds – Rural Electrification Corporation Limited (RECL) and National Highways Authority of India (NHAI) are eligible for claiming an exemption.

Unlike common stocks, whose dividends and earnings fluctuate with the ups and downs of the company’s business, bonds pay a fixed dollar amount of interest. If the U.S. Treasury offers a $1,000 20-year, 5 percent bond, that bond will pay $50 per year until it matures, when the principal will be repaid. Corporate bonds are less safe, but widely diversified bond portfolios have provided reasonably stable interest returns over time.

One asset class that belongs in most portfolios is bonds. Bonds are basically IOUs issued by corporations and government units. (The government units might be foreign, state and local, or government-sponsored enterprises such as the Federal National Mortgage Association, popularly known as Fannie Mae.) And just as you should diversify by holding a broadly diversified stock fund, so should you hold a broadly diversified bond fund.

for the stock market, corporate earnings and dividends; for the bond market, interest payments. Market returns, however, are calculated before the deduction of the costs of investing, and are most assuredly not based on speculation and rapid trading, which do nothing but shift returns from one investor to another. For the long-term investor, returns have everything to do with the underlying economics of corporate America and very little to do with the mechanical process of buying and selling pieces of paper. The art of investing in mutual funds, I would argue, rests on simplicity and common sense.

While investors have been well rewarded for taking the risks of investing in stocks in general, and specifically small stocks and value stocks, as well as for taking term risk [in bonds], they have received almost no reward for accepting corporate credit risks [in bonds].[40]

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The reporting of the size is tiered up to $10m for investment grade debt, and $5m for junk bonds. But if an asset manager sells a $100m chunk of bonds to an investment bank at a discount due to the big size, that becomes the new market price, making it difficult for the bank to gradually sell down the position at a profit — discouraging it from playing the traditional market-making role. The industry is keen to help unclog corporate bond trading by introducing a one-day delay to publishing bigger trades on Trace.

I have not in this book discussed homoerotic behaviour, and that particular form of male bonding and female bonding loosely called ‘the homosexual community’. These large subjects require extensive treatment. But, very briefly, it should be said here that there may be analytic and practical profit in seeing male homosexuality as a specific feature of the more general phenomenon of male bonding. For a variety of obvious and more subtle reasons, male homoeroticism is socially organized differently and occurs more frequently than the female variety. There are a host of other differences which, in part, reflect the biologically based patterns which must accompany such a profound matter as seeking erotic contact, establishing sexual identity, and defining sexual role. The effect of homoerotic relationships in work, political, and other groups is of considerable interest in terms of many of the questions I have raised in this book. From a strictly biological viewpoint, there is no good reason for forbidding or even discouraging homoerotic activity, though in terms of Euro-American family structure and sexual attitudes there may be sociological reasons. As I have tried to indicate, there are important inhibitions in much of Euro-American culture – if not elsewhere too – against expressing affection between men, and one result of this inhibition of tenderness and warmth is an insistence on corporate hardness and forcefulness which has contributed to a variety of ‘tough-minded’ military, economic, political, and police enterprises and engagements. Of course, a fear of homoeroticism is not the only reason for this – a number of others have been described here too. But homoerotic activity has been widely and powerfully defined as aberrant (though as Kinsey has suggested, about half American males have had homosexual activity, while at least a third have had experiences culminating in orgasm). Much guilt and uncertainty must plague many of the participants in these relationships. So must the insecurity about possibly being or becoming ‘queer’ or ‘bent’ among other men who may feel drawn to their colleagues and friends in ways I have described but whose repertoire of explanations of their feelings is overwhelmed by their community’s assertion that men tender with each other are unmanly and unreliable. It remains a worthy subject of exploration to learn more about the dynamics of tender male interchanges, both for the sake of scientific understanding, and perhaps for providing information on the basis of which greater sympathy and opportunity may confront persons often harassed and disdained by themselves as well as others. That this may accompany a changed ideal of manhood, of corporate structure, of political acumen, and of the role of hard dominance, is not accidental but intrinsic to the whole argument of this book.

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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.

Another peculiarity in the general position of preferred stocks deserves mention. They have a much better tax status for corporation buyers than for individual investors. Corporations pay income tax on only 15% of the income they receive in dividends, but on the full amount of their ordinary interest income. Since the 1972 corporate rate is 48%, this means that $100 received as preferred-stock dividends is taxed only $7.20, whereas $100 received as bond interest is taxed $48. On the other hand, individual investors pay exactly the same tax on preferred-stock investments as on bond interest, except for a recent minor exemption.

Buying a bond only for its yield is like getting married only for the sex. If the thing that attracted you in the first place dries up, you’ll find yourself asking, “What else is there?” When the answer is “Nothing,” spouses and bondholders alike end up with broken hearts. On May 9, 2001, WorldCom, Inc. sold the biggest offering of bonds in U.S. corporate history—$11.9 billion worth. Among the eager beavers attracted by the yields of up to 8.3% were the California Public Employees’ Retirement System, one of the world’s largest pension funds; Retirement Systems of Alabama, whose managers later explained that “the higher yields” were “very attractive to us at the time they were purchased”; and the Strong Corporate Bond Fund, whose comanager was so fond of WorldCom’s fat yield that he boasted, “we’re getting paid more than enough extra income for the risk.” 1 But even a 30-second glance at WorldCom’s bond prospectus would have shown that these bonds had nothing to offer but their yield—and everything to lose. In two of the previous five years WorldCom’s pretax income (the company’s profits before it paid its dues to the IRS) fell short of covering its fixed charges (the costs of paying interest to its bondholders) by a stupendous $4.1 billion. WorldCom could cover those bond payments only by borrowing more money from banks. And now, with this mountainous new helping of bonds, WorldCom was fattening its interest costs by another $900 million per year!2 Like Mr. Creosote in Monty Python’s The Meaning of Life, WorldCom was gorging itself to the bursting point. No yield could ever be high enough to compensate an investor for risking that kind of explosion. The WorldCom bonds did produce fat yields of up to 8% for a few months. Then, as Graham would have predicted, the yield suddenly offered no shelter: WorldCom filed bankruptcy in July 2002. WorldCom admitted in August 2002 that it had overstated its earnings by more than $7 billion.3 WorldCom’s bonds defaulted when the company could no longer cover their interest charges; the bonds lost more than 80% of their original value.

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.

Investment-grade corporate bonds carry a relatively low risk of default. As mentioned earlier, rating firms like S&P and Moody’s use different designations of upper- and lower-case As, Bs, and Cs to identify a bond’s credit quality rating.

As I mentioned, the primary difference between the two yields is known as the credit spread, but credit risk is not the only factor that leads corporate bonds to deliver better returns than government bonds. Other key factors include tax treatment, illiquidity, call features, and the unique provisions that are included in the contracts of corporate bonds—characteristics that government bonds simply don’t offer.

While relatively safe during most economic periods, corporate bonds become a far riskier asset in recessionary periods, perhaps most notably demonstrated during the Great Recession of 2008 and 2009.

If you can tolerate the inherent volatility of corporate bonds—especially during recessions—you should strongly consider them as a long-term investment option. Investors who concentrate their corporate bond holdings in the BBB and BB ratings universe reap particularly good benefits. These bonds have the potential to reward investors with a 3 percent annualized premium over a government bond of a similar duration.

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.