Derivative Market Quotes

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

In the conditions of this “New World Order,” a crucial part of the contemporary world economy is a criminal economy, in which the excess profits are accumulated not by the production of material comforts, but by drug-traffic, arms trafficking, and human trafficking, including prostitution. The contemporary world economy is an economy of the global organized criminality whose eminently form is the modern capitalist state. The contemporary world economy is an economy not of the real commodity production, but an economy of the jobbery; this is expressed directly in supply and demand of the capital of the speculation, i.e., in the fictitious capital trade, in the antagonistic games with share capital in the stock exchange. Just Wall Street’s stock exchange, i.e., the world speculative capital market, is the contemporary tremendous pump for inflation of the balloons of the world economic crises, the last one of which began in 2007. The aggregate amount of the bonds on the world market, as many economists know, is over one hundred trillion US dollars! Without taking in mind the derivatives! If including those, the aggregate amount is several times more! This is an enormous balloon as inflated as a red giant star! And when added to this amount the world market of the shares, the passing each other between real and fictitious capital grows to cosmic dimensions! This cosmic balloon will burst very soon! That means the most destructive capitalist crisis in human history lies just round the corner, the global economic apocalypse is just forthcoming! This ruin will be due to the stock exchange antagonistic games, the stock exchange that is, as a matter of fact, a gambling house! Because the securities and shares’ trading is sheer gambling! This becomes clear by the direct proportionality between risk and profitability, the more risk—the more profitability, and vice versa! However, this is gambling in which the stakes are not simply money, but millions and billions of human fates. So, this is a destroying-the-civilization-world crime economy!

I will set aside the point that I see no special heroism in accumulating money, particularly if, in addition, the person is foolish enough to not even try to derive any tangible benefit from the wealth (aside from the pleasure of regularly counting the beans).

Self-denial can lock women into a smug and critical condescension to other, less devout women. According to Appel, cult members develop..."an attitude of moral superiority, a contempt for secular laws, rigidity of thought, and the diminution of regard for the individual." A premium is placed on conformity to the cult group; deviation is penalized. "Beauty" is derivative; conforming to the Iron Maiden [an intrinsically unattainable standard of beauty that is then used to punish women physically and psychologically for failure to achieve and conform to it] is "beautiful." The aim of beauty thinking, about weight or age, is rigid female thought. Cult members are urged to sever all ties with the past: "I destroyed all my fat photographs!"; "It's a new me!

The truth is that banks are the last feudal kingdoms, their rulers omnipotent, divine warlords. Their key lieutenants are 'ronin' (wandering mercenary samurai) who roam financial markets ready to ally themselves to any warlord for a share of plunder. This is not the place to apply the latest management theory.

Since the 1970S, financial innova­tions such as the securitisation of mortgage debt and the spreading of investment risks through the creation of derivative markets, all tacitly (and now, as we see, actually) backed by state power, have permitted a huge flow of excess liquidity into all facets of urbanisa­tion and built environment construction worldwide.

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.

... toxic derivatives were underpinned by toxic economics, which, in turn, were no more than motivated delusions in search of theoretical justification; fundamentalist tracts that acknowledged facts only when they could be accommodated to the demands of the lucrative faith. Despite their highly impressive labels and technical appearance, economic models were merely mathematized versions of the touching superstition that markets know best, both at times of tranquility and in periods of tumult.

Investors look at economic fundamentals; traders look at each other; ‘quants’ look at the data. Dealing on the basis of historic price series was once described as technical analysis, or chartism (and there are chartists still). These savants identify visual patterns in charts of price data, often favouring them with arresting names such as ‘head and shoulders’ or ‘double bottoms’. This is pseudo-scientific bunk, the financial equivalent of astrology. But more sophisticated quantitative methods have since proved profitable for some since the 1970s’ creation of derivative markets and the related mathematics. Profitable

Another key strategic concept deriving from competitor analysis is creating a situation of mixed motives or conflicting goals for competitors. This strategy involves finding moves for which retaliation, though effective, would hurt the competitor’s broader position. For example, as IBM responds to the threat of the minicomputer with its own minicomputer, it may hasten the decline in growth of its large computers and accelerate the changeover to minicomputers. Placing competitors in a situation of conflicting goals can be a very effective strategic approach for attacking established firms that have been successful in their markets. Small firms and newly entered firms often have very little legacy in the existing strategies in the industry and can reap great rewards from finding strategies that penalize competitors for their stake in these existing strategies.

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

The final neoliberal fallback is geoengineering, which derives from the core neoliberal doctrine that entrepreneurs, unleashed to exploit acts of creative destruction, will eventually innovate market solutions to address dire economic problems. This is the whiz-bang futuristic science fiction side of neoliberalism, which appeals to male adolescents and Silicon Valley entrepreneurs almost as much as do the novels of Ayn Rand.

Today we do not live under a sacred canopy; it is marketing that forms the backdrop of our culture. The message that advertising dins into our conscious and unconscious minds is that fulfillment derives from the things we possess.

Here were the luxury and priviledge of the well-fed man scoffing at all hopes and progress for the rest. [He] owed nothing to a world that nurtured him kindly, liberally educated him for free, sent him to no wars, brought him to manhood without scary rituals or famine or fear of vengeful gods, embraced him with a handsome pension in his twenties and placed no limits on his freedom of expression. This was an easy nihilism that never doubted that all we had made was rotten, never thought to pose alternatives, never derived hope from friendship, love, free markets, industry, technology, trade, and all the arts and sciences.

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mass times its acceleration—is a differential equation because acceleration is a second derivative with respect to time. Equations involving derivatives with respect to time and space are examples of partial differential equations and can be used to describe elasticity, heat, and sound, among other things.

The stock market is 50% gambling. Futures and options markets (derivatives) are 90% gambling.

we derive pleasure from what we get, but we derive happiness from what we give.

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Like casinos, large corporate entities have studied the numbers and the ways in which people respond to them. These are not con tricks - they're not even necessarily against our direct interests, although sometimes they can be - but they are hacks for the human mind, ways of manipulating us into particular decisions we otherwise might not make. They are also, in a way, deliberate underminings of the core principle of the free market, which derives its legitimacy from the idea that informed self-interest on aggregate sets appropriate prices for items. The key word is 'informed'; the point of behavioural economics - or rather, of its somewhat buccaneering corporate applications - is to skew our perception of the purchase to the advantage of the company. The overall consequence of that is to tilt the construction of our society away from what it should be if we were making the rational decisions classical economics imagines we would, and towards something else.

The majority of any society comprised, Smith knew, not landlords or merchants, but "servants, laborers, and workmen of different kinds," who derived their income from wages. Their welfare was the prime concern of economic policy, as Smith conceived it. "No society can surely be flourishing and happy, of which the far greater part of the members are poor and miserable," he wrote. "It is but equity, besides, that they who feed, clothe and lodge the whole body of the people should have such a share of the produce of their own labour as to be themselves tolerably well fed, clothed, and lodged." The chief economic concern of the legislator, in Smith's view, ought to be the purchasing power of wages, since that was the measure of the material well-being of the bulk of the population. (p. 64)

Over the last twenty-five years, the cost per unit of renewable energy has fallen so far that you can hardly measure the price, today, using the same scales (since just 2009, for instance, solar energy costs have fallen more than 80 percent). Over the same twenty-five years, the proportion of global energy use derived from renewables has not grown an inch. Solar isn’t eating away at fossil fuel use, in other words, even slowly; it’s just buttressing it. To the market, this is growth; to human civilization, it is almost suicide. We are now burning 80 percent more coal than we were just in the year

The crucial science of economics derives its data with the assumptions and concepts of a system conceived not in terms of such things as power but of blander processes such as the automatic balancing of the market

In this book industry we have different kinds of birds; excepting one; all having in common that they are ONLY watchers and squawkers at the pond. We have readers, editors, reviewers, interviewers, publishers, marketers, websites, monopolies, and writers. All are better compensated than the writers. Yet the system is totally upside down as those better rewarded are all derivative of what is primary; the writer. Without that person the readers have nothing to read; the editors have nothing to edit; the reviewers have nothing to review; the interviewers have no one to interview; the publishers have nothing to publish; the marketers have nothing to market; the website cannot adware infect ‘members,’ and the legalized monopolies have nothing to monopolize. So, in effect, this is where the troll steps in. He’s kind of a writer; but he’s not taking the time to churn out masterpieces. He’s just effortlessly telling the vultures exactly what they are.

The less transparent the market and the more complicated the securities, the more money the trading desks at big Wall Street firms can make from the argument. The constant argument over the value of the shares of some major publicly traded company has very little value, as both buyer and seller can see the fair price of the stock on the ticker, and the broker’s commission has been driven down by competition. The argument over the value of credit default swaps on subprime mortgage bonds—a complex security whose value was derived from that of another complex security—could be a gold mine.

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

The Content Marketing Institute has derived a pithy one-sentence definition of this emerging field:5 “Content marketing is a marketing technique of creating and distributing relevant and valuable content to attract, acquire, and engage a clearly defined and understood target audience—with the objective of driving profitable customer action.

Yet far too many people set out to produce something that, if they were really honest with themselves, is only marginally better or different from what already exists. Instead of being bold, brash, or brave, they are derivative, complementary, imitative, banal, or trivial. The problem with this is not only that it’s boring, but that it subjects them to endless amounts of competition.

Then it got used as storage in case of siege, became an indoor market, and so on, and then Jocatello La Vice got the place when the city defaulted on a loan. It is all in the official history. Isn't the fornication wonderful?" After quite a lengthy pause, Moist ventured: "It is?" "Don't you think so? There's more here than anywhere else in the city, I'm told." "Really?" said Moist, looking around nervously. "Er, do you have to come down here at some special time?" "Well, in banking hours usually, but we let groups in by appointment." "You know," said Moist, "I think this conversation has somehow got away from me ..." Bent waved vaguely at the ceiling. "I refer to the wonderful vaulting," he said. "The word derives from fornix, meaning arch." "Ah! Yes? Right!" said Moist. "You know, I wouldn't be surprised if not many people knew that.

Corporations go to great lengths to employ geniuses: technologists, designers, financial engineers, economists, artists even. I’ve seen it happen,’ he said. ‘But what have they done with them? They channel all that talent and creativity towards humanity’s destruction. Even when it is creative, Eva, capitalism is extractive. In search of shareholder profit, corporations have put these geniuses in charge of extracting the last morsel of value from humans and from the earth, from the minerals in its guts to the life in its oceans. And these brilliant minds have been used to cajole governments into accepting their raids on the planet’s resources by creating markets for them: markets for carbon dioxide and other pollutants – phoney markets controlled by their employers! Unlike the East India Company, the Technostructure does not need its own armies. It owns our states and their armies, because it controls what we think. The dirtier the industry, the richer and more despised, the more its captains have been able to tap into the rivers of debt-derived money to purchase influence and to blunt opposition. Previously they would buy newspapers and set up TV stations; now they employ armies of lobbyists, found think tanks, litter the Internet with their trolls and, of course, direct monumental campaign donations to the chief enablers of our species’ extinction, the politicians.

If the invention of derivatives was the financial world's modernist dawn, the current crisis is unsettlingly like the birth of postmodernism. For anyone who studied literature in college in the past few decades, there is a weird familiarity about the current crisis: value, in the realm of finance capital, parallels the elusive nature of meaning in deconstrucitonism. According to Jacques Derrida, the doyen of the school, meaning can never be precisely located; instead, it is always 'deferred,' moved elsewhere, located in other meanings, which refer and defer to other meanings—a snake permanently and necessarily eating its own tail. This process is fluid and constant, but at moments the perpetual process of deferral stalls and collapses in on itself. Derrida called this moment an 'aporia,' from a Greek term meaning 'impasse.' There is something both amusing and appalling about seeing his theories acted out in the world markets to such cataclysmic effect.

You may well ask: when the bubble finally burst, why did we not let the bankers crash and burn? Why weren't they held accountable for their absurd debts? For two reasons. First because the payment system - the simple means of transferring money from one account to another and on which every transaction relies - is monopolised by the very same bankers who were making the bets. Imagine having gifted your arteries and veins to a gambler. The moment he loses big at the casino, he can blackmail you for anything you have simply by threatening to cut off your circulation. Second, because the financiers' gambles contained deep inside the title deeds to the houses of the majority. A full-scale financial market collapse could therefore lead to mass homelessness and a complete breakdown in the social contract. Don't be surprised that the high and mighty financiers of Wall Street would bother financialising the modest homes of poor people. Having borrowed as much as they could off banks and rich clients in order to place their crazy bets, they craved more since the more they bet, the more they made. So they created more debt from scratch to use as raw materials for more bets. How? By lending to impecunious blue collar worker who dreamed of the security of one day owning their own home. What if these little people could not actually afford their mortgage in the medium term? In contrast to bankers of old, the Jills and the Jacks who actually leant them the money did not care if the repayments were made because they never intended to collect. Instead, having granted the mortgage, they put it into their computerised grinder, chopped it up literally into tiny pieces of debt and repackaged them into one of their labyrinthine derivatives which they would then sell at a profit. By the time the poor homeowner had defaulted and their home was repossessed, the financier who granted the loan in the first place had long since moved on.

Google had discovered a way to translate its nonmarket interactions with users into surplus raw material for the fabrication of products aimed at genuine market transactions with its real customers: advertisers.94 The translation of behavioral surplus from outside to inside the market finally enabled Google to convert investment into revenue. The corporation thus created out of thin air and at zero marginal cost an asset class of vital raw materials derived from users’ nonmarket online behavior.

The most destructive of these was a “duty of twenty cents on each and every gallon” of grain alcohol, collectible at the distillery. The duty increased across the Civil War to a final level in 1864 of some $2 per gallon, or $30 today.14 The alcohol tax was intended to assess beverage alcohol, but it failed to exclude industrial and illuminating alcohol. The high tax, raising the price of those alcohols to about $2.50 per gallon, drove the fuel out of the market just as petroleum-derived kerosene was entering it.

Many poor whites, however, were the derivative victims of slavery. As long as labor was cheapened by the involuntary servitude of the black man, the freedom of white labor, especially in the South, was little more than a myth. it was free only to bargain from the depressed base imposed by slavery on the whole labor market. Nor did this derivative bondage end when formal slavery gave way to the de-facto slavery of discrimination. To this day the white poor also suffer deprivation and the humiliation of poverty if not of color.

In 1874, a British chemist turned the opium derivative, morphine, into heroin. By 1898, the Bayer Company of Germany introduced heroin as a commercial product. Bayer introduced its milder pain reliever, aspirin, one year later. Both drugs were mass-marketed on a similar scale, with heroin being touted as a “non-addictive” cure for adult ailments and infant respiratory diseases. Other companies followed suit and mass marketed heroin throughout Europe and America, with the American Medical Association’s approval of heroin as a non-addictive morphine substitute.20

By 1950, then, the three primary fossil fuels—coal, petroleum, and natural gas—all fed the large energy needs of the United States and, in various portion, the rest of the developed world. If coal share was declining worldwide, petroleum was approaching dominance, and natural gas had only begun to penetrate the world market. In those immediate postwar years as well, an entirely new source of energy, nuclear fission, the first potentially major energy source not derived directly or indirectly from sunlight, languished behind walls of secrecy, released as yet only to military use.

But derivatives did create new dangers. If you were making a loan, and you were confident you could hedge some of the credit risk of that loan, you might be tempted to make a larger and riskier loan. And the instruments themselves often had leverage embedded in them, so investors could be exposed to greater losses than they realized. Firms weren’t required by law to post any collateral (or “margin”) to make derivatives trades, and the market wasn’t requiring them to post much, either. This meant fewer shock absorbers for the system if those trades went bad. That’s why Warren Buffett had called derivatives “financial weapons of mass destruction.

Everything suggests that declining electoral participation in the capitalist democracies is a sign not of contentment but of resignation. The losers from the neoliberal turn cannot see what they might get from a change of government; the TINA (‘There is no alternative’) politics of ‘globalization’ has long arrived at the bottom of society where voting no longer makes a difference in the eyes of those who would have most to gain from political change. The less hope they invest in elections, the less those who can afford to rely on the market have to fear from political intervention. The political resignation of the underclasses consolidates the neoliberal turn from which it derives, further shielding capitalism from democracy.

The objective exchange-value of money which rules in the market to-day is derived from yesterday's under the influence of the subjective valuations of the individuals frequenting the market, just as yesterday's in its turn was derived under the influence of subjective valuations from the objective exchange-value possessed by the money the day before yesterday. If in this way we continually go farther and farther back we must eventually arrive at a point where we no longer find any component in the objectIve exchange-value of money that arises from valuations based on the function of money as a common medium of exchange; where the value of money is nothing other than the value of an object that is useful in some other way than as money.

When we have to pay a lot for something nice, we appreciate it to the full. Yet as its price in the market falls, passion has a habit of fading away. Why, then, do we associate a cheap price with lack of value? Our response is a hangover from our long preindustrial past. For most of human history, there truly was a strong correlation between cost and value: The higher the price, the better things tended to be, because there was simply no way both for prices to be low and for quality to be high. It is not that we refuse to buy inexpensive or cheap things. It's just that getting excited over cheap things has come to seem a little bizarre. How do we reverse this? The answer lies in a slightly unexpected area: the mind of a four-year-old. Children have two advantages: They don't know what they're supposed to like and they don't understand money, so price is never a guide to value for them. We buy them a costly wooden toy made by Swedish artisans who hope to teach lessons in symmetry and find that they prefer the cardboard box that it came in. If asked to put a price on things, children tend to answer by the utility and charm of an object, not its manufacturing costs. We have been looking at prices the wrong way. We have fetishised them as tokens of intrinsic value; we have allowed them to set how much excitement we are allowed to have in given areas, how much joy is to be mined in particular places. But prices were never meant to be like this: We are breathing too much life into them and thereby dulling too many of our responses to the inexpensive world. At a certain age, something very debilitating happens to children. They start to learn about "expensive" and "cheap" and absorb the view that the more expensive something is, the better it may be. They are encouraged to think well of saving up pocket money and to see the "big" toy they are given as much better than the "cheaper" one. We can't directly go backwards; we can't forget what we know of prices. However, we can pay less attention to what things cost and more to our own responses. We need to rethink our relationship to prices. The price of something is principally determined by what it cost to make, not how much human value is potentially to be derived from it.

While Negroes form the vast majority of America's disadvantaged, there are millions of white poor who would also benefit from such a bill. The moral justification for special measures for Negroes is rooted in the robberies inherent in the institution of slavery. Many poor whites, however, were the derivative victims of slavery. As long as labor was cheapened by the involuntary servitude of the black man, the freedom of white labor, especially in the South, was little more than a myth. It was free only to bargain from the depressed base imposed by slavery upon the whole labor market. Nor did this derivative bondage end when formal slavery gave way to the de-facto slavery of discrimination. To this day the white poor also suffer deprivation and the humiliation of poverty if not of color. They are chained by the weight of discrimination, though its badge of degradation does not mark them. It corrupts their lives, frustrates their opportunities and withers their education. In one sense it is more evil for them, because it has confused so many by prejudice that they have supported their own oppressors. It is a simple matter of justice that America, in dealing creatively with the task of raising the Negro from backwardness, should also be rescuing a large stratum of the forgotten white poor. A Bill of Rights for the Disadvantaged could mark the rise of a new era, in which the full resources of the society would be used to attack the tenacious poverty which so paradoxically exists in the midst of plenty.

The Art of Subtraction If there is one habit that all of the investors in this chapter have in common, it’s this: They focus almost exclusively on what they’re best at and what matters most to them. Their success derives from this fierce insistence on concentrating deeply in a relatively narrow area while disregarding countless distractions that could interfere with their pursuit of excellence. Jason Zweig, an old friend who is a personal finance columnist at the Wall Street Journal and the editor of a revised edition of The Intelligent Investor, once wrote to me, “Think of Munger and Miller and Buffett: guys who just won’t spend a minute of time or an iota of mental energy doing or thinking about anything that doesn’t make them better. . . . Their skill is self-honesty. They don’t lie to themselves about what they are and aren’t good at. Being honest with yourself like that has to be part of the secret. It’s so hard and so painful to do, but so important.

Is it necessary to recall that the earth is not infinite, and that our civilization is close to having invaded all of it? The end of the world, this great terror of the Middle Ages, is destined to become a source of anguish again in another sense. It is no longer in time but in space that this terrestrial globe reveals itself as inextensible; and the deluge of civilized humanity already hurls itself at its limits, at its new Pillars of Hercules, these ones insurmountable. What are we going to do when soon we will no longer be able to count on external markets, Asian, African, to serve as a palliative or derivative for our discords, as outlets for our merchandise, for our instincts of cruelty, of pillage and of prey, for our criminality as well as for our overflowing birthrate? How will we manage to reestablish among ourselves a relative peace which has had as its condition for so long our conquering projection outside ourselves, far from ourselves?" -1902

Markopolos first heard about Madoff in the late 1980s. The hedge fund he worked for had noticed Madoff’s spectacular returns, and they wanted Markopolos to copy Madoff’s strategy. Markopolos tried. But he couldn’t figure out what Madoff’s strategy was. Madoff claimed to be making his money based on heavy trading of a financial instrument known as a derivative. But there was simply no trace of Madoff in those markets. “I was trading huge amounts of derivatives every year, and so I had relationships with the largest investment banks that traded derivatives,” Markopolos remembers. So I called the people that I knew on the trading desks: “Are you trading with Madoff?” They all said no. Well, if you are trading derivatives, you pretty much have to go to the largest five banks to trade the size that he was trading. If the largest five banks don’t know your trades and are not seeing your business, then you have to be a Ponzi scheme. It’s that easy. It was not a hard case. All I had to do was pick up the phone, really.

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Central to Möser's view of the human world was "honor," a notion that was as important to corporatist society as the notion of dignity would be for the more individualistic society that succeeded it. In Möser's view, a person acquired his identity from his place in the institutional structure of society, a society in which economic, social, and political institutions were not distinguished from one another. His status (as a guildsman, noble landowner, serf, or independent peasant cottager) determined not only how he earned his living, but his sense of who he was, of what his duties and obligations were, of those to whom he ought to defer and those who ought to defer to him. (In the language of modern sociology, Möser's society was one in which almost all of the individual's roles derived from a single status.) Who one was was largely a continuation of what one's forebears had been. For Möser the real self was the socially encumbered self, the self based on status, on historical and regional particularity, and on property. It was a self whose prime virtue was honor. Status and the honor that attached to it were inherited, although they could be lost if one failed to live up to the duties of one's rank.

President and Chief Operating Officer (COO), accountable for the overall achievement of the Strategic Objective and reporting to the SHAREHOLDERS who include, on an equal basis, Jack and Murray. • Vice-President/Marketing, accountable for finding customers and finding new ways to provide customers with the satisfactions they derive from widgets, at lower cost, and with greater ease, and reporting to the COO. • Vice-President/Operations, accountable for keeping customers by delivering to them what is promised by Marketing, and for discovering new ways of assembling widgets, at lower cost, and with greater efficiency so as to provide the customer with better service, reporting to the COO. • Vice-President/Finance, accountable for supporting both Marketing and Operations in the fulfillment of their accountabilities by achieving the company’s profitability standards, and by securing capital whenever it’s needed, and at the best rates, also reporting to the COO. • Reporting to the Vice-President/Marketing are two positions: Sales Manager and Advertising/Research Manager. • Reporting to the Vice-President/Operations are three positions: Production Manager, Service Manager, and Facilities Manager. • Reporting to the Vice-President/Finance are two positions: Accounts Receivable Manager and Accounts Payable Manager.

And I’m not kidding when I say “craziness.” The University of St. Gallen, Switzerland, has come out with a study that compares traders with psychopaths. The study reviewed the results from an existing study comparing 24 psychopaths in German high-security hospitals with a control group of 27 “normal” people. The funny thing is, this control group of “normal” people turned out to be traders. Stock guys, currency and commodity traders, and derivative types happened to be the normal control group that was stacked up against the high-security, barbed-wire-enclosed psychopaths. In the end, the performance of the trading group was actually worse than that of the psychopaths. The study indicated that traders, “Have a penchant for immense destruction,” and that their mindset would lead them to the logical conclusion of “beating one of the neighbor’s expensive cars with a baseball bat with the sole objective of owning the most beautiful car in the neighborhood.” In other words, traders are nuts. Indeed if you look up the textbook definition of a psychopath, here are some of the tidbits you’ll uncover: antisocial behavior, poor judgment and failure to learn from experience, inability to see oneself as others do, inexplicable impulsiveness … sounds like a typical trader who is struggling against the market and can’t figure out why.

It was a few years after the beginning of the Lebanese war, as I was attending the Wharton School, at the age of twenty-two, that I was hit with the idea of efficient markets—an idea that holds that there is no way to derive profits from traded securities since these instruments have automatically incorporated all the available information. Public information can therefore be useless, particularly to a businessman, since prices can already “include” all such information, and news shared with millions gives you no real advantage. Odds are that one or more of the hundreds of millions of other readers of such information will already have bought the security, thus pushing up the price. I then completely gave up reading newspapers and watching television, which freed up a considerable amount of time (say one hour or more a day, enough time to read more than a hundred additional books per year, which, after a couple of decades, starts mounting). But this argument was not quite the entire reason for my dictum in this book to avoid the newspapers, as we will see further benefits in avoiding the toxicity of information. It was initially a great excuse to avoid keeping up with the minutiae of business, a perfect alibi since I found nothing interesting about the details of the business world—inelegant, dull, pompous, greedy, unintellectual, selfish, and boring.

This kind of speculation reached a high point with the Pentagon's initiative of creating a 'futures market in events', a stock market of prices for terrorist attacks or catastrophes. You bet on the probable occurrence of such events against those who don't believe they'll happen. This speculative market is intended to operate like the market in soya or sugar. You might speculate on the number of AIDS victims in Africa or on the probability that the San Andreas Fault will give way (the Pentagon's initiative is said to derive from the fact that they credit the free market in speculation with better forecasting powers than the secret services). Of course it is merely a step from here to insider trading: betting on the event before you cause it is still the surest way (they say Bin Laden did this, speculating on TWA shares before 11 September). It's like taking out life insurance on your wife before you murder her. There's a great difference between the event that happens (happened) in historical time and the event that happens in the real time of information. To the pure management of flows and markets under the banner of planetary deregulation, there corresponds the 'global' event- or rather the globalized non-event: the French victory in the World Cup, the year 2000, the death of Diana, The Matrix, etc. Whether or not these events are manufactured, they are orchestrated by the silent epidemic of the information networks. Fake events.

There is no reason at all for thinking that the average intelligent investor, even with much devoted effort, can derive better results over the years from the purchase of growth stocks than the investment companies specializing in this area. Surely these organizations have more brains and better research facilities at their disposal than you do. Consequently we should advise against the usual type of growth-stock commitment for the enterprising investor.* This is one in which the excellent prospects are fully recognized in the market and already reflected in a current price-earnings ratio of, say, higher than 20. (For the defensive investor we suggested an upper limit of purchase price at 25 times average earnings of the past seven years. The two criteria would be about equivalent in most cases.)† The striking thing about growth stocks as a class is their tendency toward wide swings in market price. This is true of the largest and longest-established companies—such as General Electric and International Business Machines—and even more so of newer and smaller successful companies. They illustrate our thesis that the main characteristic of the stock market since 1949 has been the injection of a highly speculative element into the shares of companies which have scored the most brilliant successes, and which themselves would be entitled to a high investment rating. (Their credit standing is of the best, and they pay the lowest interest rates on their borrowings.) The investment caliber of such a company may not change over a long span of years, but the risk characteristics of its stock will depend on what happens to it in the stock market. The more enthusiastic the public grows about it, and the faster its advance as compared with the actual growth in its earnings, the riskier a proposition it becomes.

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Consider a mug of American coffee. It is found everywhere. It can be made by anyone. It is cheap - and refills are free. Being largely without flavor, it can be diluted to taste. What it lacks in allure it makes up in size. It is the most democratic method ever devised for introducing caffeine into human beings. Now take a cup of Italian espresso. It requires expensive equipment. Price-to-volume ratio is outrageous, suggesting indifference to the consumer and ignorance of the market. The aesthetic satisfaction accessory to the beverage far outweighs its metabolic impact. It is not a drink; it is an artifact. This contrast can stand for the differences between America and Europe - differences nowadays asserted with increased frequency and not a little acrimony on both sides of the Atlantic. The mutual criticisms are familiar. To American commentators Europe is 'stagnant.' Its workers, employers, and regulations lack the flexibility and adaptability of their U.S. counterparts. The costs of European social welfare payments and public services are 'unsustainable.' Europe's aging and 'cossetted' populations are underproductive and self-satisfied. In a globalized world, the 'European social model' is a doomed mirage. This conclusion is typically drawn even by 'liberal' American observers, who differ from conservative (and neoconservative) critics only in deriving no pleasure from it. To a growing number of Europeans, however, it is America that is in trouble and the 'American way of life' that cannot be sustained. The American pursuit of wealth, size, and abundance - as material surrogates for happiness - is aesthetically unpleasing and ecologically catastrophic. The American economy is built on sand (or, more precisely, other people's money). For many Americans the promise of a better future is a fading hope. Contemporary mass culture in the U.S. is squalid and meretricious. No wonder so many Americans turn to the church for solace.

An implicit assumption in many normative debates is that private solutions cannot be relied upon for complex problems. Can private governance facilitate cooperation in sophisticated transactions, in large groups, in heterogeneous populations, under conditions of anonymity, or across long distances? Or will problems such as free riding and prisoners’ dilemmas lead to market failure? All of these are empirical questions whose answers are usually assumed rather than investigated. Yet mechanisms of private governance are far more ubiquitous and far more powerful than commonly assumed. Mechanisms of private governance work in small and large groups, among friends and strangers, in ancient and modern societies, and for simple and extremely complex transactions. They often exist alongside, and in many cases in spite of, government legal efforts, and most of the time they are totally missed. The more that private governance solves problems behind the scenes, the more people overlook it and misattribute order to the state. Milton Friedman, for example, recognizes that private rule enforcement could work, but considers it rare: “I look over history, and outside of perhaps Iceland, where else can you find any historical examples of that kind of a system developing?” (Doherty and Friedman, 1995).3 After reading this book, I hope Friedman would answer instead that private order is all around us. Private governance is everywhere and responsible for creating order not just in basic markets but also in the world’s most sophisticated markets, including futures and advanced derivatives markets. If the success of private governance were limited to the examples in this book, the track record should be rated superb. Yet they are a fraction of what has worked and will work in the future. I hope this research inspires others to document some of the countless mechanisms that have made markets as robust as they are. Research in private governance not only

Many models are constructed to account for regularly observed phenomena. By design, their direct implications are consistent with reality. But others are built up from first principles, using the profession’s preferred building blocks. They may be mathematically elegant and match up well with the prevailing modeling conventions of the day. However, this does not make them necessarily more useful, especially when their conclusions have a tenuous relationship with reality. Macroeconomists have been particularly prone to this problem. In recent decades they have put considerable effort into developing macro models that require sophisticated mathematical tools, populated by fully rational, infinitely lived individuals solving complicated dynamic optimization problems under uncertainty. These are models that are “microfounded,” in the profession’s parlance: The macro-level implications are derived from the behavior of individuals, rather than simply postulated. This is a good thing, in principle. For example, aggregate saving behavior derives from the optimization problem in which a representative consumer maximizes his consumption while adhering to a lifetime (intertemporal) budget constraint.† Keynesian models, by contrast, take a shortcut, assuming a fixed relationship between saving and national income. However, these models shed limited light on the classical questions of macroeconomics: Why are there economic booms and recessions? What generates unemployment? What roles can fiscal and monetary policy play in stabilizing the economy? In trying to render their models tractable, economists neglected many important aspects of the real world. In particular, they assumed away imperfections and frictions in markets for labor, capital, and goods. The ups and downs of the economy were ascribed to exogenous and vague “shocks” to technology and consumer preferences. The unemployed weren’t looking for jobs they couldn’t find; they represented a worker’s optimal trade-off between leisure and labor. Perhaps unsurprisingly, these models were poor forecasters of major macroeconomic variables such as inflation and growth.8 As long as the economy hummed along at a steady clip and unemployment was low, these shortcomings were not particularly evident. But their failures become more apparent and costly in the aftermath of the financial crisis of 2008–9. These newfangled models simply could not explain the magnitude and duration of the recession that followed. They needed, at the very least, to incorporate more realism about financial-market imperfections. Traditional Keynesian models, despite their lack of microfoundations, could explain how economies can get stuck with high unemployment and seemed more relevant than ever. Yet the advocates of the new models were reluctant to give up on them—not because these models did a better job of tracking reality, but because they were what models were supposed to look like. Their modeling strategy trumped the realism of conclusions. Economists’ attachment to particular modeling conventions—rational, forward-looking individuals, well-functioning markets, and so on—often leads them to overlook obvious conflicts with the world around them.

What a joy this book is! I love recipe books, but it’s short-lived; I enjoy the pictures for several minutes, read a few pages, and then my eyes glaze over. They are basically books to be used in the kitchen for one recipe at a time. This book, however, is in a different class altogether and designed to be read in its entirety. It’s in its own sui generis category; it has recipes at the end of most of the twenty-one chapters, but it’s a book to be read from cover to cover, yet it could easily be read chapter by chapter, in any order, as they are all self-contained. Every bite-sized chapter is a flowing narrative from a well-stocked brain encompassing Balinese culture, geography and history, while not losing its main focus: food. As you would expect from a scholar with a PhD in history from Columbia University, the subject matter has been meticulously researched, not from books and articles and other people’s work, but from actually being on the ground and in the markets and in the kitchens of Balinese families, where the Balinese themselves learn their culinary skills, hands on, passed down orally, manually and practically from generation to generation. Vivienne Kruger has lived in Bali long enough to get it right. That’s no mean feat, as the subject has not been fully studied before. Yes, there are so-called Balinese recipe books, most, if I’m not mistaken, written by foreigners, and heavily adapted. The dishes have not, until now, been systematically placed in their proper cultural context, which is extremely important for the Balinese, nor has there been any examination of the numerous varieties of each type of recipe, nor have they been given their true Balinese names. This groundbreaking book is a pleasure to read, not just for its fascinating content, which I learnt a lot from, but for the exuberance, enthusiasm and originality of the language. There’s not a dull sentence in the book. You just can’t wait to read the next phrase. There are eye-opening and jaw-dropping passages for the general reader as Kruger describes delicacies from the village of Tengkudak in Tabanan district — grasshoppers, dragonflies, eels and live baby bees — and explains how they are caught and cooked. She does not shy away from controversial subjects, such as eating dog and turtle. Parts of it are not for the faint-hearted, but other parts make you want to go out and join the participants, such as the Nusa Lembongan fishermen, who sail their outriggers at 5.30 a.m. The author quotes Miguel Covarrubias, the great Mexican observer of the 1930s, who wrote “The Island of Bali.” It has inspired all writers since, including myself and my co-author, Ni Wayan Murni, in our book “Secrets of Bali, Fresh Light on the Morning of the World.” There is, however, no bibliography, which I found strange at first. I can only imagine it’s a reflection of how original the subject matter is; there simply are no other sources. Throughout the book Kruger mentions Balinese and Indonesian words and sometimes discusses their derivations. It’s a Herculean task. I was intrigued to read that “satay” comes from the Tamil word for flesh ( sathai ) and that South Indians brought satay to Southeast Asia before Indonesia developed its own tradition. The book is full of interesting tidbits like this. The book contains 47 recipes in all, 11 of which came from Murni’s own restaurant, Murni’s Warung, in Ubud. Mr Dolphin of Warung Dolphin in Lovina also contributed a number of recipes. Kruger adds an introduction to each recipe, with a detailed and usually very personal commentary. I think my favorite, though, is from a village priest (pemangku), I Made Arnila of the Ganesha (Siwa) Temple in Lovina. water. I am sure most will enjoy this book enormously; I certainly did.” Review published in The Jakarta Globe, April 17, 2014. Jonathan Copeland is an author and photographer based in Bali. thejakartaglobe/features/spiritual-journey-culinary-world-bali

As the Court in Howey determined, an investment contract requires (1) an investment of money (2) in a common enterprise (3) with a reasonable expectation of profits (4) to be derived from the entrepreneurial or managerial efforts of others. All elements must be met for a security to be found, thereby implicating securities laws and regulations.

Where did this infamous character come from? His most intimate early portrait was created by Adam Smith in two major works, his 1759 Theory of Moral Sentiments and his 1776 book known as The Wealth of Nations. Today Smith is best remembered for having noted the human propensity to ‘truck, barter and exchange’ and the role of self-interest in making markets work.2 But although he believed self-interest was ‘of all virtues that which is most helpful to the individual’, Smith also believed it was far from the most admirable of our traits, knocked off that top spot by our ‘humanity, justice, generosity and public spirit . . . the qualities most useful to others’. Did he consider humankind to be motivated by self-interest alone? Not at all. ‘How selfish soever man may be supposed,’ he wrote, ‘there are evidently some principles in his nature, which interest him in the fortune of others, and render their happiness necessary to him, though he derives nothing from it except the pleasure of seeing it.’3 Furthermore, Smith believed that an individual’s self-interest and concern for others combined with their diverse talents, motivations and preferences to produce a complex moral character whose behaviour could not easily be predicted.

The form of argument used by Farjoun and Machover is rather alien to the tradition of political economy. The later has tended, from its inception, to look for explanations in terms of the actions of rational profit maximising individuals directing the economy towards some sort of equilibrium. Instead Farjoun and Machover, who were mathematicians not economists, imported the form of reasoning that had been used in thermodynamics or statistical mechanics. This branch of physics deals with the behaviour of large complex systems with huge numbers of degrees of freedom. The classical example of this type of system is gas composed of huge numbers of randomly moving molecules. In such a system it is fruitless to try and form a deterministic and microscopic picture of the interaction of individual molecules. But you can make a number of useful deductions about the statistical properties of the whole collection of molecules. It was from the statistical properties of such collections that Boltzmann was able to derive the laws of thermodynamics[Bol95]. What Farjoun and Machover did was apply this form of reasoning to another chaotic system with a large number of degrees of freedom : the market economy. In doing this they initiated a new discipline of study : econophysics. This, in a very radical way, views the economy as a process without a subject. It assumes nothing about knowing subjects, instead it attempts to apply the principle of parsimony. It assumes nothing about the individual economic actors. Instead it theorises the aggregate constraints and and statistical distributions of the system that arise from the assumption of maximal disorder. A such this approach is anathema to the subjectivist Austrian school9.

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they make sure that the costs of being wrong are limited (and their probability is not derived from past data).

Look at stocks as part ownership of a business. 2. Look at Mr. Market—volatile stock price fluctuations—as your friend rather than your enemy. View risk as the possibility of permanent loss of purchasing power, and uncertainty as the unpredictability regarding the degree of variability in the possible range of outcomes. 3. Remember the three most important words in investing: “margin of safety.” 4. Evaluate any news item or event only in terms of its impact on (a) future interest rates and (b) the intrinsic value of the business, which is the discounted value of the cash that can be taken out during its remaining life, adjusted for the uncertainty around receiving those cash flows. 5. Think in terms of opportunity costs when evaluating new ideas and keep a very high hurdle rate for incoming investments. Be unreasonable. When you look at a business and get a strong desire from within saying, “I wish I owned this business,” that is the kind of business in which you should be investing. A great investment idea doesn’t need hours to analyze. More often than not, it is love at first sight. 6. Think probabilistically rather than deterministically, because the future is never certain and it is really a set of branching probability streams. At the same time, avoid the risk of ruin, when making decisions, by focusing on consequences rather than just on raw probabilities in isolation. Some risks are just not worth taking, whatever the potential upside may be. 7. Never underestimate the power of incentives in any given situation. 8. When making decisions, involve both the left side of your brain (logic, analysis, and math) and the right side (intuition, creativity, and emotions). 9. Engage in visual thinking, which helps us to better understand complex information, organize our thoughts, and improve our ability to think and communicate. 10. Invert, always invert. You can avoid a lot of pain by visualizing your life after you have lost a lot of money trading or speculating using derivatives or leverage. If the visuals unnerve you, don’t do anything that could get you remotely close to reaching such a situation. 11. Vicariously learn from others throughout life. Embrace everlasting humility to succeed in this endeavor. 12. Embrace the power of long-term compounding. All the great things in life come from compound interest.

Mr. Customer, I’m going to do an awesome job for you, but I need your help also. Most of our new business comes through referrals. This means that rather than paying for advertising to get new clients, we pass the cost savings directly to you. We typically get about three referrals from each new customer. When we’re finished working together and you’re 100% satisfied with the work we’ve done, I’d really appreciate it if you could keep in mind three or more other people who we could also help. Again, breaking it down, we are: Letting them know that they’re going to get a great result Showing them a direct benefit that they’re going to be, or already are, deriving by referring to us Creating an expectation of a certain number of referrals (without being too pushy) so that they can start thinking ahead of time about who would be suitable Leaving the power with them by telling them that their referral is subject to us doing a great job for them

(NCDEX) is an online commodity exchange which provides a commodity exchange platform for derivatives. It was incorporated on 23 April 2003 under the Companies Act, 1956 and obtained its Certificate for Commencement of Business on 9 May 2003. It’s a public company and it commenced operations on 15 December 2003.

The Commodity Futures Modernization Act of 2000 -- buried in an 11,000-page budget bill and never debated -- was passed the night before Congress recessed for Christmas in December 2000. It exempted credit-default swaps from federal oversight and from state gambling laws.

In truth, a good chunk of activity in derivative markets is driven by speculation. Part of it is obscured by semantics; the boundary between speculation and investment is always hazy. If you lost money you speculated. If you made money you were investing. Or was it the other way around?

In the absence of social goods, ‘profit-first’ economic growth has fed a crony capitalism that serves not the common good but speculators in the ‘liquid economy.’ Collateral banking systems, offshore sites providing fiscal havens for corporate tax avoidance, extracting value from companies to boost the earnings of shareholders at the expense of stakeholders, the smoke-and-mirrors world of derivatives and credit default swaps-all these suck capital from the real economy and undermine a healthy market, creating historically unprecedented levels of inequality. There is a major disjuncture between the awareness of social rights on the one hand and the distribution of actual opportunities on the other. The stupendous rise in inequality of recent decades is not a stage of growth but a brake on it, and the root of many social ills in the twenty-first century. Barely more than one percent of the world’s population owns half of its wealth. A market detached from morality, dazzled by its own complex engineering, which privileges profit and competition above all else, means not just spectacular wealth for a few but also poverty and deprivation for many. Millions are robbed of hope.

As a derivatives trader I noticed that people do not like to insure against something abstract; the risk that merits their attention is always something vivid.

The classic view of the correct price of a common stock is that it is derived from the value of all the future earnings. These earnings are uncertain and subject to unknowable factors. Could anyone have known beforehand how to allow for the impact of 9/11 on the future earnings, hence on the then current market price, of firms headquartered in the Twin Towers of the World Trade Center?

The classic view of the correct price of a common stock is that it is derived from the value of all the future earnings. These earnings are uncertain and subject to unknowable factors. Could anyone have known beforehand how to allow for the impact of 9/11 on the future earnings, hence on the then current market price, of firms headquartered in the Twin Towers of the World Trade Center? These future payoffs are discounted to a present value reflecting their various probabilities and risks.

MITI, far from being a uniquely brilliant leader of government/industrial partnership, has been wrong so often that the Japanese themselves will concede that much of their growth derives from industry's rejection of MITI’s guidance. MITI, incredibly, opposed the development of the very areas where Japan has been successful: cars, electronics and cameras. MITI has, moreover, poured vast funds into desperately wasteful projects. Thanks to MITI, Japan has a huge overcapacity in steel - no less than three times the national requirement. This, probably the most expensive mistake Japan ever made in peacetime, was a mistake of genius, because Japan has no natural resources: it has to import everything; the iron ore, the coal, the gas, the limestone and the oil to make its unwanted steel. Undaunted, MITI then invested in giant, loss-making (£400 million losses by 1992) 5th generation supercomputers at the precise moment that the market opened for the small personal computer; and MITI' s attempts at dominating the world's pharmaceutical and telecommunications industries have each failed. Nor is this just anecdote. In a meticulous study of MITI’s interventions into the Japanese economy between 1955 and 1990, Richard Beason of Alberta University and David Weinterin of Harvard showed that, across the 13 major sectors of the economy, surveying hundreds of different companies, Japan's bureaucrats almost invariably picked and supported the losers.

In any case, the theory of Brownian motion was independently developed in 1900 by a Frenchman, Louis Bachelier. Bachelier was not actually concerned with the motion of microscopic particles suspended in a liquid. He was concerned with prices on the French stock market. Prices on the Bourse, like particles in a liquid, are subject to a vast array of random forces, so many that the prices’ behavior can only be studied probabilistically. This is exactly what Bachelier did in his remarkable doctoral thesis, “The Theory of Speculation.” Yet although his paper is couched in terms of futures and stock options and “call-o-more’s” (whatever those are), the mathematics is identical to that of Brownian motion, and Bachelier’s equation explaining the drift of prices with time is the same as the one Einstein later derived for the position of particles. In his paper Bachelier anticipated the Black-Scholes approach to options trading, and for his prescient work he has in recent years been crowned the “father of economic modeling.” At the time, though, Bachelier seems to have been ignored, and he passed into obscurity. Could Einstein have known of his predecessor’s work and merely transplanted the mathematics to particles? I am aware of no evidence that this is the case.

The house stands on stilts over the water, and is a meeting place for the scum of the city!” “Sally!” her father reproved. “Well, it’s the truth! Ma Harper and her no-account husband, Claude, run an outdoor dance pavilion, but their income is derived from other sources too. Black market sales, for instance.” “Sally, your tongue is rattling like a chain!” “Pop, you know very well the Harpers are trash.” “Nevertheless, don’t make statements you can’t prove.

Reminders of the sacred were everywhere, strewn about almost carelessly, we might say. Marco Pallis reported that in the traditional Tibet that he knew the entire landscape seemed to be suffused by the message of the Buddha's teachings. "It came to one with the air one breathed. Birds seemed to sing of it; mountain streams hummed its refrain as they bubbled across the stones. A holy perfume seemed to rise from every flower, at once a reminder and a pointer to what still needed doing. There were times when a man might have been forgiven for supposing himself already in the Pure Land.' In times like those, explicit references to the sacred were hardly necessary, but those times are long gone. Today we do not live under a sacred canopy; it is marketing that forms the backdrop of our culture. The message that advertising dins into our conscious and unconscious minds is that fulfillment derives from the things we possess.

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

Bundling eventually stopped working for Microsoft. After the antitrust investigation, the company maintained its dominance on the PC operating systems market, but it lost control of many other markets. Eventually the industry jumped from PC to mobile. Microsoft tried to exactly replicate the network effects it had before—an ecosystem of hardware manufacturers who paid a licensing fee to run Windows Mobile, and app developers and consumers to match—but this time it didn’t work. Instead, Google gave away its Android mobile OS for free, driving adoption for phone makers. The massive reach of Android attracted app developers, and a new network effect was built, derived from a business model where the OS was free but the ecosystem was monetized using search and advertising revenue. Microsoft has also lost the browser market to Google Chrome, and is being challenged in its Office Suite by a litany of startup competitors large and small. It continued to use bundling as a strategy, adding workplace chat via Teams to its suite—but it hasn’t achieved a clear victory against Slack. If bundling hasn’t been a sure thing for Microsoft, it’s an even weaker strategy for others. The outcome seems even less assured when examining how Google bundled Google+ into many corners of its product, including Maps and Gmail, achieving hundreds of millions of active users without real retention. Uber bundled Uber Eats across many touchpoints within its rideshare app, but still fell behind in food delivery versus DoorDash. Bundling hasn’t been a silver bullet, as much as the giants in the industry hope it is.

Content strategy is not a subset of marketing, but marketing is one possible application of content strategy, and we derive many common content strategy methods and practices from marketing.

Allowing the standard of quality to be set by the buyer, rather than the builder, is what we call the flight from excellence. A market-derived quality standard seems to make good sense only as long as you ignore the effect on the builder’s attitude and effectiveness.

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Still, one could argue—and many did—that Greenspan, at least, had no business being quite so shocked. Over the years, countless people had challenged his deregulatory dogma, including (to name just a few) Joseph Stiglitz and Paul Krugman, both Nobel Prize–winning economists, and Brooksley Born, who was head of the Commodity Futures Trading Commission from 1996 to 1999. Born eventually became something of a Cassandra figure for the crisis, since she repeatedly called for regulating the market for derivatives, those ultracomplex financial products that eventually helped bring down the economy. Those calls were silenced when Greenspan, along with then-Treasury Secretary Robert Rubin and then-Securities and Exchange Commission Chair Arthur Levitt, took the extraordinary step of convincing Congress to pass legislation forbidding Born’s agency from taking any action for the duration of her term.

On a daily basis the venture capitalist was not concerned with historical impact; he worked to create wealth for himself and his limited partners. However, among the Benchmark partners there was awareness that framing one’s professional raison d’être in the language of financial return meant that one was hostage to the vagaries of the market—and even when the market is buoyant, there is little that is soul-quenching about mere numbers. “The really big wins are where all the rewards come from,” Bob Kagle once pointed out, before eBay had gone public. The rewards he was referring to were the emotional ones, not the financial ones, and they were rewards derived not from a game of assuming personal risk—the venture guys had a portfolio across which risk could be spread—but from being backers of entrepreneurs, the ones who commercialized new technology and introduced new products and services—and were the ones who really took on risk. “Nine times out of ten they’re taking on some big, established system of some sort.” He dropped his voice for emphasis: If the individual entrepreneur won, even for the venture guys it produced an “exhilarating feeling”—he groped for the right words—“it’s confirmation that one person with courage can make a difference.” This was the minidrama Kagle and his colleagues had seen play out triumphantly again and again. The work itself did not have any neat demarcations of beginning, middle, and end. The funds seemed to be evergreen, fresh capital materializing as soon as the till was exhausted. The calendars of the partners, revolving as they did around looking at new business plans, meeting new entrepreneurs, considering new deals, gave a feeling of perennially beginning afresh. For them, it was the best place in the cosmos to get the first peek at the future.

financial markets and financial products carry risks which are invisible and which cannot be logically worked out by humans intuitively. Unlike a road or moving cars, financial products are not visible to the human eye – they must be documented or created electronically. You cannot see an 'option' or a 'future', you can only see them in documentation or electronic terminals evidencing their existence. In the same way you cannot physically see what risks an option or a future carries with the human eye.

A man cannot be convinced against his own convictions, but he can be talked into a state of uncertainty and indecision, which is even worse, for that means that he cannot trade with confidence and comfort. I cannot say that I got all mixed up, exactly, but I lost my poise; or rather, I ceased to do my own thinking. I cannot give you in detail the various steps by which I reached the state of mind that was to prove so costly to me. I think it was his assurances of the accuracy of his figures, which were exclusively his, and the undependability of mine, which were not exclusively mine, but public property. He harped on the utter reliability, as proved time and again, of all his ten thousand correspondents throughout the South. In the end I came to read conditions as he himself read them because we were both reading from the same page of the same book, held by him before my eyes. He has a logical mind. Once I accepted his facts it was a cinch that my own conclusions, derived from his facts, would agree with his own. When he began his talks with me about the cotton situation I not only was bearish but I was short of the market. Gradually, as I began to accept his facts and figures, I began to fear I had been basing my previous position on misinformation. Of course I could not - 128 -

The major problem with inference in general is that those whose profession is to derive conclusions from data often fall into the trap faster and more confidently than others. The more data we have, the more likely we are to drown in it. For

The opportunity to develop competencies may be handed to us in the form of a crisis, as was the case with Brooksley Born, the first female president of the Law Review at Stanford, the first female to finish at the top of the class and an expert in commodities and futures. Charged with the oversight of the U.S. government’s Commodity Futures Trading Commission (CFTC) by the Clinton Administration, Born could foresee what would happen if there wasn’t more regulatory oversight in the multitrillion dollar derivatives markets. Yet no one in government or in the financial markets would listen; in 2008 alone, the U.S. market lost about $8 trillion in value. She has since been dubbed the “Credit Crisis Cassandra.” In Greek mythology, Cassandra was given both the gift of seeing the future and the curse of having no one believe her predictions. In the case of Brooksley Born, the attacks by very powerful people were harsh and unrelenting. She was right, while those around her were gravely wrong. Yet, when I listen to Born and read her interviews, there is no anger, no recrimination in her voice, only grace. Brooksley Born never would have chosen this situation. She recounts waking in a cold sweat many a night. She has learned from her trial by fire and we can learn from her. Sometimes we set out to develop competencies, sometimes we don’t. Either way, if we do something enough, we are likely to get good at it. As poet Emily Dickinson wrote, Luck is not chance— It’s toil— Fortune’s expensive smile Is earned.

Comprehensive reform of bankruptcy laws—from the treatment of derivatives to underwater homes and to student loans. Bankruptcy law offers another example of how the basic rules of the game that determine how markets work have strong distributional consequences, as well as effects on efficiency. As in many other areas, the rules have increasingly favored those at the top. Every loan is a contract between a willing borrower and a willing lender, but one side is supposed to understand the market far better than the other; there is a massive asymmetry in information and bargaining power. Accordingly, the lender should bear the brunt of the consequences of a mistake, not the borrower. Making bankruptcy law more debtor-friendly would give banks an incentive to be more careful in lending. We would have fewer credit bubbles and fewer Americans deeply in debt. One of the most egregious examples of bad lending, as we’ve noted, is the student loan programs; and bad lending there has been encouraged by the nondischargeability of the debt. In

Recall the depths of the credit crash at Goldman back in 2008. Goldman could have pushed for the obvious technical step of trading credit derivatives on exchanges, which would have resulted in greater volume and greater transparency, and taken the regulatory heat off. But would Goldman cede its information asymmetry in the form of the trading flows that it, and only it, saw? Would it cede the ability to more or less arbitrarily set prices for credit risk, alongside a tightly knit network of brokers, effectively manipulating the market to its own benefit, rather than offering an open one?

People confuse science and scientists. Science is great, but individual scientists are dangerous. They are human; they are marred by the biases humans have. Perhaps even more. For most scientists are hard-headed, otherwise they would not derive the patience and energy to perform the Herculean tasks asked of them, like spending eighteen hours a day perfecting their doctoral thesis.

If we are going to avoid similar financial crises in the future, we need to restrict severely freedom of action in the financial market. Financial instruments need to be banned unless we fully understand their workings and their effects on the rest of the financial sector and, moreover, the rest of the economy. This will mean banning many of the complex financial derivatives whose workings and impacts have been shown to be beyond the comprehension of even the supposed experts. You may think I am too extreme. However, this is what we do all the time with other products – drugs, cars, electrical products, and many others. When a company invents a new drug, for example, it cannot be sold immediately. The effects of a drug, and the human body’s reaction to it, are complex. So the drug needs to be tested rigorously before we can be sure that it has enough beneficial effects that clearly overwhelm the side-effects and allow it to be sold.

Saccharin had been discovered in 1879, a derivative of coal tar that would be marketed as a sugar alternative, and even then an inexpensive one. Saccharin

There is a huge amount of freedom that is derived from not fighting the market.

Katz lists 8 different kinds of quality. From each, we derive general quality criteria against which any result can be measured. Type of Quality Criterion Description Results - Dimension Functional Quality The level of function, over time, at consistent performance and without problems Operations Structural Quality Durability and resistance to tear & wear of the components of which the item is made of R&D, Operations "Scientific" Quality (Methodological and Didactic) The level of adherence to the governing model / standard / theory / teaching / accepted professional criteria R&D Resultant Quality The level by which the action leads to the desired result Management Perceived Quality The level by which the object is perceived as having desired characteristics Marketing Aesthetic Quality The level by which the appearance / manifestation of the object (color, shape etc.) is considered pleasing Marketing Human Quality The level by which behavior is perceived / accepted as consistent of declared or implied values HR Financial Quality The level by which the result contributes to the preservation and growth of resources Financial When a goal is defined, it can be examined in relation to each one of the quality criteria.

Proponents of low regulation are likely to urge restraint in applying government pressure to platform businesses, especially during the startup phase. After all, they might reason, the harm done to the marketplace or to the general public by a startup company is likely to be relatively small, especially when compared with the potential positive effects to be derived from innovation, new business model development, and economic growth. The time to apply the rules more stringently will come later, once the start up has grown to the point where the costs and benefits of regulation are both reasonable.

Take Brooksley Born, former chair of the Commodity Futures Trading Commission (CFTC), who waged an unsuccessful campaign to regulate the multitrillion-dollar derivatives market. Soon after the Clinton administration asked her to take the reins of the CFTC, a regulatory backwater, she became aware of the over-the-counter (OTC) derivatives market, a rapidly expanding and opaque market, which she attempted to regulate. According to a PBS Frontline special: "Her attempts to regulate derivatives ran into fierce resistance from then-Fed Chairman Alan Greenspan, then-Treasury Secretary Robert Rubin, and then-Deputy Treasury Secretary Larry Summers, who prevailed upon Congress to stop Born and limit future regulation." Put more directly by New York Times reporter Timothy O'Brien, "they ... shut her up and shut her down." Mind you, Born was no dummy. She was the first female president of the Stanford Law Review, the first woman to finish at the top of the class, and an expert in commodities and futures. But because a trio of people who were literally en-titled decided they knew what was best for the market, they dismissed her call for regulation, a dismissal that triggered the financial collapse of 2008. To be fair to Greenspan et al., their resistance was not surprising. According to psychologists Hillel Einhorn and Robin Hogarth, "we [as human beings] are prone to search only for confirming evidence, and ignore disconfirming evidence." In the case of Born, it was the '90s, the markets were doing well, and the country was prospering; it's easy to see why the powerful troika rejected her disconfirming views. Throw in the fact that the disconcerting evidence was coming from a "disconfirming" person (i.e., a woman), and they were even more likely to disregard the data. In the aftermath, Arthur Levitt, former chairman of the SEC, said, "If she just would have gotten to know us... maybe it would have gone a different way."12 Born quotes Michael Greenberg, the director of the CFTC under her, as saying, "They say you weren't a team player, but I never saw them issue you a uniform." We like ideas and people that fit into our world-view, but there is tremendous value in finding room for those that don't. According to Paul Carlile and Clayton Christensen, "It is only when an anomaly is identified—an outcome for which a theory can't account that an opportunity to improve theory occurs."13 One of the ways you'll know you are coming up against an anomaly is if you find yourself annoyed, defensive, even dismissive, of a person, or his idea.

We speak loosely of the “corporation’s income” or of “business” having an income. That is figurative language. The corporation is an intermediary between its owners—the stockholders—and the resources other than the stockholders’ capital, the services of which it purchases. Only people have incomes and they derive them through the market from the resources they own,

Capitalism is astonishingly efficient at generating new wealth, but it operates beneficently only when the market is shaped by moral forces coming from both the law and the culture-derived ultimately from religion.

Tea Party Patriots, Inc., as an organization, believes in Fiscal Responsibility, Constitutionally Limited Government, and Free Markets. Tea Party Patriots, Inc. is a non-partisan grassroots organization of individuals united by our core values, which derive from the Declaration of Independence, the Constitution of the United States of America, and the Bill of Rights as explained in The Federalist Papers. We recognize and support the strength of a grassroots organization powered by activism and civic responsibility at a local level. We hold that the United States is a republic conceived by its architects as a nation whose people were granted “unalienable rights” by our Creator. Chief among these are the rights to “life, liberty and the pursuit of happiness.” The Tea Party Patriots stand with our Founders, as heirs to the Republic, to claim our rights and duties which preserve their legacy and our own. We hold, as did the Founders, that there exists an inherent benefit to our country when private property and prosperity are secured by natural law and the rights of the individual. As an organization we do not take stances on social issues. We urge members to engage fully on the social issues they consider important and aligned with their beliefs.

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.

Good news is extrapolated into strong market expectations which are often not realized. As important, investor expectations are negatively correlated with model-based expected returns derived from dividend/price, consumption patterns and market valuation.  Investors, no matter what the level of experience, do not seem to use the models that provide useful information on expected returns. Put differently, when expected return models forecast higher returns, they are usually correct. When the expectations of returns are high from surveys, the actual returns are low. These market expectations are correlated with mutual fund flows. The surveys show expectation that investors actually use, albeit incorrectly.