Delayed Stock Quotes

With small companies, my investment strategy is to be out of the stock in a year. My real estate strategy, on the other hand, is to start small and keep trading the properties up for bigger properties and, therefore, delaying paying taxes on the gain. This allows the value to increase dramatically. I generally hold real estate less than seven years.

Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not required to reveal to the public what happened inside them. They reported any trade they executed, but they did so with sufficient delay that it was impossible to know exactly what was happening in the broader market at the moment the trade occurred.

He was completely detached from every thing except the story he was writing and he was living in it as he built it. The difficult parts he had dreaded he now faced one after another and as he did the people, the country, the days and the nights, and the weather were all there as he wrote. He went on working and he felt as tired as if he had spent the night crossing the broken volcanic desert and the sun had caught him and the others with the dry gray lakes still ahead. He could feel the weight of the heavy double-barreled rifle carried over his shoulder, his hand on the muzzle, and he tasted the pebble in his mouth. Across the shimmer of the dry lakes he could see the distant blue of the escarpment. Ahead of him there was no one, and behind was the long line of porters who knew that they had reached this point three hours too late. It was not him, of course, who had stood there that morning, nor had he even worn the patched corduroy jacket faded almost white now, the armpits rotted through by sweat, that he took off then and handed to his Kamba servant and brother who shared with him the guilt and knowledge of the delay, watching him smell the sour, vinegary smell and shake his head in disgust and then grin as he swung the jacket over his black shoulder holding it by the sleeves as they started off across the dry-baked gray, the gun muzzles in their right hands, the barrels balanced on their shoulders, the heavy stocks pointing back toward the line of porters. It was not him, but as he wrote it was and when someone read it, finally, it would be whoever read it and what they found when they should reach the escarpment, if they reached it, and he would make them reach its base by noon of that day; then whoever read it would find what there was there and have it always.

Stocks usually change slowly. They can act as delays, lags, buffers, ballast, and sources of momentum in a system.

where we fall on the introvert-extrovert spectrum. Our place on this continuum influences our choice of friends and mates, and how we make conversation, resolve differences, and show love. It affects the careers we choose and whether or not we succeed at them. It governs how likely we are to exercise, commit adultery, function well without sleep, learn from our mistakes, place big bets in the stock market, delay gratification, be a good leader,

Our lives are shaped as profoundly by personality as by gender or race. And the single most important aspect of personality—the “north and south of temperament,” as one scientist puts it—is where we fall on the introvert-extrovert spectrum. Our place on this continuum influences our choice of friends and mates, and how we make conversation, resolve differences, and show love. It affects the careers we choose and whether or not we succeed at them. It governs how likely we are to exercise, commit adultery, function well without sleep, learn from our mistakes, place big bets in the stock market, delay gratification, be a good leader, and ask “what if.”* It’s reflected in our brain pathways, neurotransmitters, and remote corners of our nervous systems. Today introversion and extroversion are two of the most exhaustively researched subjects in personality psychology, arousing the curiosity of hundreds of scientists.

Global warming, environmental degradation, global flows of economic speculation and risk taking, overpopulation, global debt, new viruses, terrorism and warfare, and political polarization are killing us. Dealing with big questions takes a long-term view, cooperation, delayed gratification, and deep learning that crosses traditional silos of knowledge production. All of these are in short supply today. In the United States and much of the developed world, decisions are based on short-term interests and gain (e.g., stock prices or election cycles), as well as pandering to ignorance. Such decisions make the world worse, not better, and bring Armageddon ever closer.

As it turned out, Sharpe was right. Cooperation succumbed to market forces, but even more to the war waged on it by the business classes. By 1887 the latter were determined to destroy the Knights, with their incessant boycotts, their strikes (sometimes involving hundreds of thousands), their revolutionary agitation, and their labor parties organized across the country. In the two years after the infamous Haymarket bombing in Chicago and the Great Upheaval of 1886, in which 200,000 trade unionists across the country went on a four-day-long strike for the eight-hour day but in most cases failed—partly because Terence Powderly, the leader of the Knights, who had always disliked strikes, refused to endorse the action and encouraged the Knights not to participate—capitalist repression swept the nation. Joseph Rayback summarizes: The first of the Knights’ ventures to feel the full effect of the post-Haymarket reaction were their cooperative enterprises. In part the very nature of such enterprises worked against them. The successful ventures became joint-stock corporations, the wage-earning shareholders and managers hiring labor like any other industrial unit. In part the cooperatives were destroyed by inefficient managers, squabbles among shareholders, lack of capital, and injudicious borrowing of money at high rates of interest. Just as important was the attitude of competitors. Railroads delayed the building of tracks, refused to furnish cars, or refused to haul them. Manufacturers of machinery and producers of raw materials, pressed by private business, refused to sell their products to the cooperative workshops and paralyzed operations. By 1888 none of the Order’s cooperatives were in existence.170

The public offering occurred exactly one week after Toy Story’s opening. Jobs had gambled that the movie would be successful, and the risky bet paid off, big-time. As with the Apple IPO, a celebration was planned at the San Francisco office of the lead underwriter at 7 a.m., when the shares were to go on sale. The plan had originally been for the first shares to be offered at about $14, to be sure they would sell. Jobs insisted on pricing them at $22, which would give the company more money if the offering was a success. It was, beyond even his wildest hopes. It exceeded Netscape as the biggest IPO of the year. In the first half hour, the stock shot up to $45, and trading had to be delayed because there were too many buy orders. It then went up even further, to $49, before settling back to close the day at $39. Earlier that year Jobs had been hoping to find a buyer for Pixar that would let him merely recoup the $50 million he had put in. By the end of the day the shares he had retained—80% of the company—were worth more than twenty times that, an astonishing $1.2 billion. That was about five times what he’d made when Apple went public in 1980.

Many aspects of the modern financial system are designed to give an impression of overwhelming urgency: the endless ‘news’ feeds, the constantly changing screens of traders, the office lights blazing late into the night, the young analysts who find themselves required to work thirty hours at a stretch. But very little that happens in the finance sector has genuine need for this constant appearance of excitement and activity. Only its most boring part—the payments system—is an essential utility on whose continuous functioning the modern economy depends. No terrible consequence would follow if the stock market closed for a week (as it did in the wake of 9/11)—or longer, or if a merger were delayed or large investment project postponed for a few weeks, or if an initial public offering happened next month rather than this. The millisecond improvement in data transmission between New York and Chicago has no significance whatever outside the absurd world of computers trading with each other. The tight coupling is simply unnecessary: the perpetual flow of ‘information’ part of a game that traders play which has no wider relevance, the excessive hours worked by many employees a tournament in which individuals compete to display their alpha qualities in return for large prizes. The traditional bank manager’s culture of long lunches and afternoons on the golf course may have yielded more useful information about business than the Bloomberg terminal. Lehman

As I saw it, there was a 75 percent chance the Fed’s efforts would fall short and the economy would move into failure; a 20 percent chance it would initially succeed at stimulating the economy but still ultimately fail; and a 5 percent chance it would provide enough stimulus to save the economy but trigger hyperinflation. To hedge against the worst possibilities, I bought gold and T-bill futures as a spread against eurodollars, which was a limited-risk way of betting on credit problems increasing. I was dead wrong. After a delay, the economy responded to the Fed’s efforts, rebounding in a noninflationary way. In other words, inflation fell while growth accelerated. The stock market began a big bull run, and over the next eighteen years the U.S. economy enjoyed the greatest noninflationary growth period in its history. How was that possible? Eventually, I figured it out. As money poured out of these borrower countries and into the U.S., it changed everything. It drove the dollar up, which produced deflationary pressures in the U.S., which allowed the Fed to ease interest rates without raising inflation. This fueled a boom. The banks were protected both because the Federal Reserve loaned them cash and the creditors’ committees and international financial restructuring organizations such as the International Monetary Fund (IMF) and the Bank for International Settlements arranged things so that the debtor nations could pay their debt service from new loans. That way everyone could pretend everything was fine and write down those loans over many years. My experience over this period was like a series of blows to the head with a baseball bat. Being so wrong—and especially so publicly wrong—was incredibly humbling and cost me just about everything I had built at Bridgewater. I saw that I had been an arrogant jerk who was totally confident in a totally incorrect view. So there I was after eight years in business, with nothing to show for it. Though I’d been right much more than I’d been wrong, I was all the way back to square one.

Come here, you flea-ridden hair wad. You’ll have all the sugar biscuits you want, if you’ll give your new toy to me.” He whistled softly and clicked. But the blandishments did not work. Dodger merely regarded him with bright eyes and stayed at the threshold, clutching the vial in his tiny paws. “Give him one of your garters,” Leo said, still staring at the ferret. “I beg your pardon?” Miss Marks asked frostily. “You heard me. Take off a garter and offer it to him as a trade. Otherwise we’ll be chasing this damned animal all through the house. And I doubt Rohan will appreciate the delay.” The governess gave Leo a long-suffering glance. “Only for Mr. Rohan’s sake would I consent to this. Turn your back.” “For God’s sake, Marks, do you think anyone really wants a glance at those dried-up matchsticks you call legs?” But Leo complied, facing the opposite direction. He heard a great deal of rustling as Miss Marks sat on a bedroom chair and lifted her skirts. It just so happened that Leo was positioned near a full-length looking glass, the oval cheval style that tilted up or down to adjust one’s reflection. And he had an excellent view of Miss Marks in the chair. And the oddest thing happened—he got a flash of an astonishingly pretty leg. He blinked in bemusement, and then the skirts were dropped. “Here,” Miss Marks said gruffly, and tossed it in Leo’s direction. Turning, he managed to catch it in midair. Dodger surveyed them both with beady-eyed interest. Leo twirled the garter enticingly on his finger. “Have a look, Dodger. Blue silk with lace trim. Do all governesses anchor their stockings in such a delightful fashion? Perhaps those rumors about your unseemly past are true, Marks.” “I’ll thank you to keep a civil tongue in your head, my lord.” Dodger’s little head bobbed as it followed every movement of the garter. Fitting the vial in his mouth, the ferret carried it like a miniature dog, loping up to Leo with maddening slowness. “This is a trade, old fellow,” Leo told him. “You can’t have something for nothing.” Carefully Dodger set down the vial and reached for the garter. Leo simultaneously gave him the frilly circlet and snatched the vial.

Regulatory Disorders SELF-REGULATION The child may have difficulty modulating (adjusting) his mood. He may be unable to “rev up,” or to calm down once aroused. He may become fussy easily. He may have difficulty with self-comforting after being hurt or upset. Delaying gratification and tolerating transitions from one activity to another may be hard. The child may perform unevenly: “with it” one day, “out of it” the next. Therapy, a “sensory diet” and nutritional supplements are some of the treatments that may help (see Chapter Nine

Delays in incorporation of companies, lack of early stage (essentially seed or angel) funding, limited options around employee stock options, insolvency laws, lack of access to external commercial borrowing, and the cumbersome Foreign Exchange Management Act (FEMA) are only some of the constraints budding start-ups encounter.

In the world of glossy climate plans in PDFs and stock photography, CCS is a shining saviour. In the grimy real world, CCS is a failure. This disconnect persists because CCS serves an emotional purpose rather than a technological one. It coats the fantasy of continued, unchanged fossil fuel use with a protective rhetorical magic. It remains persistently ‘around the corner’, while serving as a justification for the ever-worsening expansion of fossil fuel projects and the cause of delay of real action.

In the general desolation, amidst the rubble, Rask was the only man standing. And he stood taller than ever, since most of the other speculators’ losses had been his gain. He had always benefited from chaos and turmoil, as his masterful operations during the ticker delays repeatedly had proven, but what happened over the last months of 1929 had no precedent. Once this picture became clear enough, the public was quick to react. It had been Rask who engineered the whole crash to begin with, people said. Slyly, he had whetted a reckless appetite for debts he knew all along could never be honored. Subtly, he had been dumping his stocks and driving the market down. Artfully, he had leaked rumors and stoked paranoia. Mercilessly, he had overthrown Wall Street and kept it under his thumb with his selling spree the day right before Black Thursday. Everything—the breaks in the market, the uncertainty, the bearishness leading to panic selling, and eventually the crash that would ruin multitudes—had been orchestrated by Rask. His was the hand behind the invisible hand.

Most’s eclectic background also provided the spark behind the invention of what would become known as the ETF. During his travels around the Pacific, he had appreciated the efficiency of how traders would buy and sell warehouse receipts of commodities, rather than the more cumbersome physical vats of coconut oil, barrels of crude, or ingots of gold. This opened up a panoply of opportunities for creative financial engineers. “You store a commodity and you get a warehouse receipt and you can finance on that warehouse receipt. You can sell it, do a lot of things with it. Because you don’t want to be moving the merchandise back and forth all the time, so you keep it in place and you simply transfer the warehouse receipt,” he later recalled.19 Most’s ingenious idea was to, after a fashion, mimic this basic structure. The Amex could create a kind of legal warehouse where it could place the S&P 500 stocks, and then create and list shares in the warehouse itself for people to trade. The new warehouse-cum-fund would take advantage of the growth and electronic evolution in portfolio trading—the simultaneous buying and selling of big baskets of stocks first pioneered by Wells Fargo two decades earlier—and a little-known aspect of mutual funds: They can do “in kind” transactions, exchanging shares in a fund for a proportional amount of the stocks it contains, rather than cash. Or an investor can gather the correct proportion of the underlying stocks and exchange them for shares in the fund. Stock exchange “specialists”—the trading firms on the floor of the exchange that match buyers and sellers—would be authorized to be able to create or redeem these shares according to demand. They could take advantage of any differences that might open up between the price of the “warehouse” and the stock it contained, an arbitrage opportunity that should help keep it trading in line with its assets. This elegant creation/redemption process would also get around the logistical challenges of money coming in and out continuously throughout the day—one of Bogle’s main practical concerns. In basic terms, investors can either trade shares of the warehouse between themselves, or go to the warehouse and exchange their shares in it for a slice of the stocks it holds. Or they can turn up at the warehouse with a suitable bundle of stocks and exchange them for shares in the warehouse. Moreover, because no money changes hands when shares in the warehouse are created or redeemed, capital gains tax can be delayed until the investor actually sells their shares—a side effect that has proven vital to the growth of ETFs in the United States. Only when an ETF is actually sold will investors have to pay any capital gains taxes due.

Delays in feedback loops are critical determinants of system behavior. They are common causes of oscillations. If you’re trying to adjust a stock (your store inventory) to meet your goal, but you receive only delayed information about what the state of the stock is, you will overshoot and undershoot your goal. The same is true if your information is timely, but your response isn’t. For example, it takes several years to build an electric power plant that will likely last thirty years. Those delays make it impossible to build exactly the right number of power plants to supply rapidly changing demand for electricity. Even with immense effort at forecasting, almost every electricity industry in the world experiences long oscillations between overcapacity and undercapacity. A system just can’t respond to short-term changes when it has long-term delays. That’s why a massive central-planning system, such as the Soviet Union or General Motors, necessarily functions poorly.

A delay in a feedback process is critical relative to rates of change in the stocks that the feedback loop is trying to control. Delays that are too short cause overreaction, “chasing your tail,” oscillations amplified by the jumpiness of the response. Delays that are too long cause damped, sustained, or exploding oscillations, depending on how much too long.

Total Cost Analysis When the purchasing staff considers switching to a new supplier or consolidating its purchases with an existing one, it cannot evaluate the supplier based solely on its quoted price. Instead, it must also consider the total acquisition cost, which can in some cases exceed a product’s initial price. The total acquisition cost includes these items: • Material. The list price of the item being bought, less any rebates or discounts. • Freight. The cost of shipping from the supplier to the company. • Packaging. The company may specify special packaging, such as for quantities that differ from the supplier’s standards and for which the supplier charges an extra fee. • Tooling. If the supplier had to acquire special tooling in order to manufacture parts for the company, such as an injection mold, then it will charge through this cost, either as a lump sum or amortized over some predetermined unit volume. • Setup. If the setup for a production run is unusually lengthy or involves scrap, then the supplier may charge through the cost of the setup. • Warranty. If the product being purchased is to be retained by the company for a lengthy period of time, it may have to buy a warranty extension from the supplier. • Inventory. If there are long delays between when a company orders goods and when it receives them, then it must maintain a safety stock on hand to guard against stock-out conditions and support the cost of funds needed to maintain this stock. • Payment terms. If the supplier insists on rapid payment terms and the company’s own customers have longer payment terms, then the company must support the cost of funds for the period between when it pays the supplier and it is paid by its customers. • Currency used. If supplier payments are to be made in a different currency from the company’s home currency, then it must pay for a foreign exchange transaction and may also need to pay for a hedge, to guard against any unfavorable changes in the exchange rate prior to the scheduled payment date. These costs are only the ones directly associated with a product. In addition, there may be overhead costs related to dealing with a specific supplier (see “Sourcing Distance” later in the chapter), which can be allocated to all products purchased from that supplier.

The tub can’t fill up immediately, even with the inflow faucet on full blast. A stock takes time to change, because flows take time to flow. That’s a vital point, a key to understanding why systems behave as they do. Stocks usually change slowly. They can act as delays, lags, buffers, ballast, and sources of momentum in a system. Stocks, especially large ones, respond to change, even sudden change, only by gradual filling or emptying.

Stocks generally change slowly, even when the flows into or out of them change suddenly. Therefore, stocks act as delays

Stocks generally change slowly, even when the flows into or out of them change suddenly. Therefore, stocks act as delays or buffers or shock absorbers in systems.

Why is that important? Because it means there will always be delays in responding. It says that a flow can’t react instantly to a flow. It can react only to a change in a stock, and only after a slight delay to register the incoming information.

Even when you’re an experienced IFer, you still want to remain consistent with your fasting most of the time; if you have too many long eating windows and short fasts, you’ll keep your glycogen stores fully stocked and your body won’t need to tap into fat stores at all! Always remember why we are fasting!

When Clark and Daniel visited Richard in the county jail that day, he said he didn’t want to go forward with the trial and his lawyers should demand a mistrial. There was no way, he insisted, the jurors could not be influenced by the murder of a fellow juror. He pointed out that the case was not about forgery, or a stock swindle; it was about murder, and he was being tried for murder. “There’s no fucking way they won’t be affected against me!” Clark, Daniel, and Salinas agreed wholeheartedly, and they promised Richard they’d prepare a motion for mistrial. Amid a packed courtroom, Clark told the judge that the defense wanted the jury to have a period of at least a week to recuperate. If the judge wasn’t inclined to give them a week, Clark asked that the jurors be polled to see if they could still be impartial. He had been in contact with two psychiatrists, Dr. Jo ’Ellan Dimitrius and Dr. Carlo Webber, and they had both unequivocally advised him it would be wrong and improper to let this jury sit in judgment of a murder defendant without their being polled. He reminded the judge that the jurors had become “as close as siblings, husbands and wives.” Halpin didn’t agree. He didn’t want any delay and polling the jurors would just serve “to stir up their emotions.” Tynan decided to bring out the jury foreman and get his opinion about the capability of the jury to go on with an impartial deliberation. Foreman Rodriguez was summoned and Tynan queried him about the jury’s ability to move forward. Rodriguez, a mustachioed man with very black hair, said, “I feel it is somewhat tranquil, but it is—I feel that we can probably continue today.” “They all seem to be able to carry out their duties, then, as jurors?” asked the judge. “Right. Everyone appears to have it behind them.” “I am delighted to hear that,” Tynan proclaimed, an audible sigh of relief coming from him, and called for the jury to be brought out. He announced he was going to allow the trial to go forward. He looked at the defense table and said, “If there’s any objection from the defense, I’ll hear it now.” Richard leaned forward and said: “I have an objection. I think that is fucked up!” The bailiff closed in. The press, not knowing what Richard would do next, leaned forward. Daniel calmed Richard and told Tynan the defense objected strenuously to the deliberations going on with this jury.

An excessively positive outlook can also complicate dying. Psychologist James Coyne has focused his career on end-of-life attitudes in patients with terminal cancer. He points out that dying in a culture obsessed with positive thinking can have devastating psychological consequences for the person facing death. Dying is difficult. Everyone copes and grieves in different ways. But one thing is for certain: If you think you can will your way out of a terminal illness, you will be faced with profound disappointment. Individuals swept up in the positive-thinking movement may delay meaningful, evidence-based treatment (or neglect it altogether), instead clinging to so-called “manifestation” practices in the hope of curing disease. Unfortunately, this approach will most often lead to tragedy. In perhaps one of the largest investigations on the topic to date, Dr. Coyne found that there is simply no relationship between emotional well-being and mortality in the terminally ill (see James Coyne, Howard Tennen, and Adelita Ranchor, 2010). Not only will positive thinking do nothing to delay the inevitable; it may make what little time is left more difficult. People die in different ways, and quality of life can be heavily affected by external societal pressures. If an individual feels angry or sad but continues to bear the burden of friends’, loved ones’, and even medical professionals’ expectations to “keep a brave face” or “stay positive,” such tension can significantly diminish quality of life in one’s final days. And it’s not just the sick and dying who are negatively impacted by positive-thinking pseudoscience. By its very design, it preys on the weak, the poor, the needy, the down-and-out. Preaching a gospel of abundance through mental power sets society as a whole up for failure. Instead of doing the required work or taking stock of the harsh realities we often face, individuals find themselves hoping, wishing, and praying for that love, money, or fame that will likely never come. This in turn has the potential to set off a feedback loop of despair and failure.

At the heart of systems thinking lie three deceptively simple concepts: stocks and flows, feedback loops, and delay. They sound straightforward enough, but the mind-boggling business begins when they start to interact. Out of their interplay emerge many of the surprising,

A somewhat provocative example of the interconnections between the gaming industry and finance. A technologist working for a large London hedge fund hinted this to me in interview. Trained in computer science and engineering, this interviewee first worked as a network programmer for large online multiplayer games. His greatest challenge was the fact that the Internet is not instantaneous: when a player sends a command to execute in action, it takes time for the signal to reach the computer server and interact with the commands of other players. For the game to be realistic, such delays have to be taken into account when rendering reality on the screen. The challenge for the network programmer is to make these asymmetries as invisible as possible so that the game seem 'equitable to everyone.' The problem is similar in finance, where the physical distance from the stock exchange's matching engines matters tremendously, requiring a similar solution to the problem of latency: simulating the most likely state of the order book on the firm's computers in order to estimate the most advantageous strategies or the firm's trading algorithms. Gaming and finance are linked not through an institutional imperative of culture or capital - or even a strategy, as such - but rather through the more mundane and lowly problems of how to fairly manage latency and connectivity.

TAX-SAVVY IDEAS We suggest 14 tax-reducing ideas for tax-savvy investors. Most are easy to understand and to implement. We can think of no better way for most taxpayers to maximize their after-tax returns. Use tax-advantaged accounts (401(k), 403(b), IRAs, 529 tuition plans, etc.). Buy fund shares after the distribution date. Place tax-INefficent funds in retirement accounts, and tax-Efficient funds in taxable accounts. Use tax-managed or tax-efficient index funds in taxable accounts. Avoid balanced funds (stocks and bonds) in taxable accounts. Keep taxable fund turnover low to avoid capital-gains taxes. Avoid short-term gains by holding for more than 12 months. Sell losing shares before year-end (tax-loss harvest). Sell profitable shares after the new year (to delay tax payment). Determine the most favorable tax-basis method before selling fund shares. Consider municipal bonds and U.S. Savings Bonds for taxable accounts. During years of low income, consider converting to a Roth. Consider gifts to charities of securities with large capital gains. Appreciated holdings in taxable accounts are capital gains and income tax free if left to heirs.

Now did God want you to read that verse at that moment? Sure. God could have used a thousand other verses to speak to you, but He used that one for you in a specific way. God does that sort of thing all the time. He brings versus to mind. He gives us a powerful sermon in our moment of great need. He leads us to a passage of Scripture that says just what He wants to say. So the problem is not with God’s mysterious ability to direct us to the right verses. The problem is not only in treating random verses as holier than other kinds of Bible reading, but in taking verses out of context and making them say things they were never meant to say. I can imagine a young man dating a girl named Becky. He is considering marriage, but he’s not sure. So he asks the Lord to give him a sign. Well, the day is January 24 and his Bible reading plan has him reading from Genesis 24 (NIV). He gets to the end of the chapter and reads “and he married Rebekah. So she became his wife, and he loved her.” The young man takes it as a sure word from the Lord to propose to Becky. To delay any longer would be disobedience. Or what about the woman who turns at random to 2 Samuel 7:3: “Go, do all that is in your heart, for the Lord is with you”? Is that always good advice, straight from the Lord? Maybe you’ve heard the joke about the man who was hoping to get a word from the Lord and happened to turn to Matthew 27:5 where it says that Judas “went and hanged himself.” Not happy with this word for the day, the man flipped his Bible open to another page, where his eyes descended upon Luke 10:37, “And Jesus said to him, ‘You go, and do likewise.’” These may be extreme examples, but they are not too far removed from how many Christians approach the Bible. Even if the answers seem thrilling in their relevance, we must not put any stock in anachronistic, out-of-context answers we read into the Bible after asking questions the Bible never intended to address.

According to Poterba’s calculations, shown in Table 1.5, taxable investors in stocks might lose as much as 3.5 percentage points per year to taxes. In the context of a pre-tax return of 12.7 percent per year, the tax burden dramatically reduces the rewards for investing in equities. The absolute level of the tax impact on bond and cash returns falls below the impact on equity returns, but taxes consume a greater portion of current-income-intensive assets. According to Poterba’s estimates, 28 percent of gross equity returns go to the tax man, while taxes consume 38 percent of bond returns and 42 percent of cash returns. Table 1.5 Taxes Materially Reduce Investment Returns Pre-Tax and After-Tax Returns (Percent) 1926 to 1996 Source: James M. Poterba, “Taxation, Risk-Taking, and Household Portfolio Behavior,” NBER Working Paper Series, Working Paper 8340 (National Bureau of Economic Research, 2001), 90. Tax laws currently favor long-term gains over dividend and interest income in two ways: capital gains face lower tax rates and incur tax only when realized. The provision in the tax code that causes taxes to be due only upon realization of gains allows investors to delay payment of taxes far into the future. Deferral of capital gains taxes creates enormous economic value to investors.*

Be a Flea, not a Bull or a Bear. Don't delay, retire anyway. Trading is NOT a four letter word. Buy carefully, sell aggressively. Don't mark duds while drinking. When your plan fails, change it. Don't be slow, don't be greedy. Don't be obtuse with a machine gun pointed at you. There's still time to build wealth and retire well. The Stock Market Flea: Lessons from the Front

WhatsApp:+1 (971) 4 8 7 - 3 5 3 8 Email: spartantech (@) cyberservices. com Telegram:+1 (581) 2 8 6 - 8 0 9 2 My divorce left me emotionally shattered and financially strained. My Husband, who had moved to Australia, took the majority of our assets during the settlement, leaving me in a tough position. Determined to rebuild my life, I found myself making some hasty and ill-advised decisions in an effort to recover financially. One day, a friend named Moses suggested I try my hand at the stock market. He introduced me to a financial advisor he had found online, someone who seemed knowledgeable and professional. I began discussing my financial goals and strategies with the advisor over WhatsApp. She reassured me that I could make substantial returns if I played my cards right. Eager to turn my fortunes around, I followed her advice. I set up a crypto wallet and completed the KYC (Know Your Customer) verification, before investing $47,000 in USDT ERC20, a stable coin pegged to the US dollar. The advisor, seeing my willingness to invest, encouraged me to contribute more, claiming that gold was appreciating rapidly and that it was a great opportunity for further profits. Trusting her expertise, I invested an additional $150,000. At this point, I was convinced that this was a sound decision, and I felt optimistic about my financial future. However, as the weeks passed, I began to notice that I couldn't access my funds. My advisor's responses became less frequent, and when I attempted to withdraw my investment, I was met with delays and excuses. It didn’t take long for me to realize that I had fallen victim to a well-orchestrated scam. My entire investment of $200,000 had been wiped out. I was devastated, feeling both betrayed and foolish. Desperate to recover my lost funds, I began searching online for any possible solutions. That's when I came across SPARTAN TECH GROUP RETRIEVAL, a company specializing in the recovery of lost funds from scams and fraudulent schemes. Their professionalism and expertise gave me hope. After working with them, my funds were successfully recovered, and I learned invaluable lessons along the way. This experience taught me the importance of due diligence, the risks of blind trust, and the need to be cautious when dealing with online investments. If you ever find yourself in a similar situation, I strongly encourage you to reach out to experts like SPARTAN TECH GROUP RETRIEVAL. They helped me reclaim my lost funds and restore my faith in the process of rebuilding my life.

How do I resolve issues with dividend payments? If you're facing issues with Tangem account, call the Tangem +1 (877) 840-7536 customer support number for immediate assistance. When you contact +1 (877) 840-7536, ensure you have the details of the dividend payment issue, including the stock symbol, the date of the expected dividend, and your Tangem account information. The support team at +1 (877) 840-7536 can help clarify if there are any issues with the payment process. If the dividend hasn't been credited to your account yet, it's essential to check if there were any delays or issues with the payment processing. Sometimes, external factors like company policy or market holidays can cause temporary delays. By reaching out to +1 (877) 840-7536, Tangem's support team will assist you in tracking the payment and resolving any discrepancies. In case of incorrect or missing dividend payments, the team at +1 (877) 840-7536 will guide you on the necessary steps for rectification, ensuring your account is properly credited. For any further questions, or if you continue to experience issues, don’t hesitate to contact Tangem customer support at +1 (877) 840-7536, and they will address your concerns promptly, giving you the necessary support to resolve any dividend-related problems.

Can I get help understanding account balance discrepancies? Call +1 (877) 840-7536 for Immediate Assistance! If you're facing any confusion regarding account balance discrepancies, don't worry! +1 (877) 840-7536 calling us. You can reach Tangem customer support at +1 (877) 840-7536 to get help and clarification right away. Account balance discrepancies can occur for a variety of reasons, including pending transactions, failed deposits, or delays in trade executions. When you call +1 (877) 840-7536, a dedicated support agent will assist you in investigating these discrepancies. It's important to have relevant details on hand when you call +1 (877) 840-7536, such as your Tangem account number, any recent transactions, and your concern about the discrepancy. The team will guide you step by step to understand the cause of the balance difference and how to resolve it. Whether it's an issue with stock sales, dividend payments, or deposits, the Tangem support team at +1 (877) 840-7536 is ready to provide accurate answers. So, if you're unsure about any inconsistencies with your account balance, don't hesitate to reach out to +1 (877) 840-7536. The Tangem customer service team is available to help you get things back on track quickly. For any further questions, simply call +1 (877) 840-7536 and ensure a hassle-free experience.

How stay safe to Buy Verified Cash App Accounts Cash App is from Square, Inc. A mobile payment service developed by that allows users to send and receive money using a mobile application. It is a peer-to-peer payment service, meaning users can send and receive money to other users of the app. ➥ 24 Hours Reply/Contact ➤ Skype: Usakingsmm ➤ Telegram: @Usakingsmm ➤ WhatsApp: +1(208) 271-2569 ➤ Email: usakingsmm@gmail.com To use the Cash app, it is essential that users have an account, which can be linked to a debit card or bank account of their own. Once the account is set up, users can easily send and receive money to other Cash app users by entering their phone number or email address. Cash app allows users to buy and sell bitcoins directly from the app. So Buy Verified Cash App Accounts from Usakingsmm.com. Overall, the Cash app provides an easy and convenient way to manage and transact your money, with added benefits such as discounts and Bitcoin trading. So without further delay get ready to buy a Cashapp now Usakingsmm can provide you account as per your requirement you can contact their customer support and give your valuable feedback. Benefits to using a Cash App account, including: 1. Easy and convenient money transfers: With a Cash App account, you can easily and quickly transfer money to friends and family members. All you need is their phone number or email address. 2. Free debit card: Cash App offers a free debit card that you can use to make purchases and withdraw cash at ATMs. 3. Cash Boost: Cash Boost is a program that offers discounts at select merchants when you use your Cash App debit card. 4. Bitcoin trading: Cash App allows you to buy and sell Bitcoin directly from the app. 5. Direct deposit: You can have your paycheck or government benefits deposited directly into your Cash App account. 6. Cash App for Business: Cash App also offers a separate account for businesses to accept payments and track transactions. Overall, Cash App provides a simple and convenient way to manage your money and make transactions, with added benefits such as discounts and Bitcoin trading. So Buy Verified Cash App Accounts from Usakingsmm.com Different Types Of Verified Cash App Accounts Cash App offers various types of accounts, each with its own set of features and benefits. As of my last knowledge update in January 2022, please note that the features and offerings may have changed since then. Here are some common types of Cash App accounts and their potential benefits: Standard Cash App Account: Send/Receive Money: Allows you to send and receive money from other Cash App users. Cash Card: You can apply for a Cash Card, which is a customizable debit card linked to your Cash App balance. Cash App Plus Account (formerly known as Cash App Premium): Boosts: Offers access to exclusive Boosts, which are special discounts or cashback offers when using the Cash Card for purchases. Investing: Provides the option to invest in stocks and Bitcoin directly through the Cash App. Cash App Business Account: Business Features: Designed for businesses, it allows them to accept payments and provides additional tools for business-related transactions. ➥ 24 Hours Reply/Contact ➤ Skype: Usakingsmm ➤ Telegram: @Usakingsmm ➤ WhatsApp: +1(208) 271-2569 ➤ Email: usakingsmm@gmail.com Cash App Investing Account: Stock and Bitcoin Investing: Allows users to buy and sell stocks and Bitcoin directly from the app. Cash App Bitcoin Account: Bitcoin Transactions: Specifically focused on Bitcoin transactions, allowing users to buy, sell, and transfer Bitcoin. Cash App for Business Account: Business Transactions: Geared towards small businesses, it offers features for accepting payments, g

How to Buy Verified Cash App Accounts Bitcoin, & More Read it for clear your concept For getting your cashapp account access you must have to make an order at first. After your order we will send you a Proxy/IP (SOCKS) to connect on your phone. Then we will send you CashApp account email and Cash Pin. You need to send OTP on the email and we will provide you the OTP instantly. If the account successfully logging then we will send you full details of CashApp account. After getting full access of your CashApp account then you have to change your CashApp account email, Cash Pin, Phone Number, Logout from all devices, Card Lock and Everything what you know more than us for your account and money security. ➥ 24 Hours Reply/Contact ➤ Skype: Usakingsmm ➤ Telegram: @Usakingsmm ➤ WhatsApp: +1(208) 271-2569 ➤ Email: usakingsmm@gmail.com Frequently Asked Question Q. Can I have two verified cashapp accounts? Yes, you can have two verified CashApp accounts, but they have to be in different email addresses. Q. Can I Logging Two Account In My Same Mobile Phone? Yes you can. Only multiple account login option have on the iPhone. Q. Will my accounts ban if I buy accounts from you? Absolutely not, we always provide genuine CashApp accounts, thus your accounts will be forever yours. Also, all our BTC enable cashapp accounts are fully verified. We used to complete verification steps:- email, phone, ssn, DL, selfie, selfie with DL, bank and card. Q. How long do you take to deliver after I buy verified CashApp accounts? We deliver your order almost instantly. Our stock is always full, so we have no reason for delay. Sometimes we take 2/3 hours to collect the account from my team. Q. How much time does it take to send money to other CashApp users? In most cases, CashApp payments are instant and funds are available immediately. Sometimes, your account may show payment pending, then you must proceed to the actions provided to complete the transactions. ➥ 24 Hours Reply/Contact ➤ Skype: Usakingsmm ➤ Telegram: @Usakingsmm ➤ WhatsApp: +1(208) 271-2569 ➤ Email: usakingsmm@gmail.com Q. What Is Btc Enabled CashApp? BTC enabled CashApp is a mobile payment service that allows users to buy, sell, and store Bitcoin. It offers a convenient and user-friendly platform for managing Bitcoin transactions on your smartphone. Q. How Long Does It Take To Enable Bitcoin On CashApp? It typically takes up to 24 hours to enable Bitcoin on CashApp. Want to get instantly BTC enable cashapp account? Buy verified cashapp accounts now from us! Q. Is It Safe To Enable Bitcoin On CashApp? Yes, enabling Bitcoin on CashApp is safe. Q. Is buying Verified CashApp Account safe and risk-free? Of course, it is legal and risk-free. Yes, we also don’t ask for any password or log in, which can violate CashApp services. We have millions of satisfied customers worldwide. That like our Verified CashApp Account service and even keep ordering a lot. Q. Can I lose Verified CashApp Account? No, you never lose our provided Verified CashApp Account. Because we don’t provide any fake or proxy Accounts to our customers. Q. If I order many Accounts, will they deliver at the same time? Yes, if you make an order for many accounts at a same time, we also can deliver simultaneously. Because, our stock is always full. Q. Can I Make Payment after getting the account? We are really sorry to say this. If you want a verified account then you must make an order first. Q. Do you offer free trial? We are really sorry. Not available any free trial service. Q. Do you have any previous customers experience? Yes we have. If you want then you can check here our previous customers feedback. Also, if you want then we can show you our previous and running customers WhatsApp and Telegram Conversations for you