Enterprise Price Quotes

Colonel Cargill was so awful a marketing executive that his services were much sought after by firms eager to establish losses for tax purposes. His prices were high, for failure often did not come easily. He had to start at the top and work his way down, and with sympathetic friends in Washington, losing money was no simple matter. It took months of hard work and careful misplanning. A person misplaced, disorganized, miscalculated, overlooked everything and open every loophole, and just when he thought he had it made, the government gave him a lake or a forest or an oilfield and spoiled everything. Even with such handicaps, Colonel Cargill could be relied on to run the most prosperous enterprise into the ground. He was a self-made man who owed his lack of success to nobody.

The death of the spirit is the price of progress. Nietzsche revealed this mystery of the Western apocalypse when he announced that God was dead and that He had been murdered. This Gnostic murder is constantly committed by the men who sacrificed God to civilization. The more fervently all human energies are thrown into the great enterprise of salvation through world–immanent action, the farther the human beings who engage in this enterprise move away from the life of the spirit. And since the life the spirit is the source of order in man and society, the very success of a Gnostic civilization is the cause of its decline. A civilization can, indeed, advance and decline at the same time—but not forever. There is a limit toward which this ambiguous process moves; the limit is reached when an activist sect which represents the Gnostic truth organizes the civilization into an empire under its rule. Totalitarianism, defined as the existential rule of Gnostic activists, is the end form of progressive civilization.

Interestingly, adults are only shamed for having an obsessive interest if that interest is a bit too “strange,” and doesn’t come with the opportunity to rack up a lot of achievements or make a lot of money. People who routinely complete eighty-hour workweeks aren’t penalized for being obsessive or hyperfixated; they’re celebrated for their diligence. If an adult fills their evenings after work learning to code or creating jewelry that they sell on Etsy, they’re seen as enterprising. But if someone instead devotes their free time to something that gives them pleasure but doesn’t financially benefit anyone, it’s seen as frivolous or embarrassing, even selfish. In this instance, it’s clear that the punishing rules imposed on Autistic children reflect a much broader societal issue: pleasure and nonproductive, playful time are not valued, and when someone is passionate about the “wrong” things, that passion is discouraged because it presents a distraction from work and other “respectable” responsibilities.

Rumfoord had known that Constant would try to debase the picture by using it in commerce. Constant's father had done a similar thing when he found he could not buy Leonardo's "Mona Lisa" at any price. The old man had punished Mona Lisa by having her used in an advertising campaign for suppositories. It was the free-enterprise way of handling beauty that threatened to get the upper hand.

Why are drugs so profitable? Essentially, many argue, it’s because they are illegal. By making drugs a criminal enterprise, it creates an enormous black market economy where drugs fetch far greater prices than they would if legal.

Putting aside the concerns about the intentions of the rulers and the incentives for the workers, socialism cannot work because the central planner(s) would lack market prices and hence would have no way of determining, even after the fact, if their “rational” plan for production made an efficient use of resources.

The price of arduous and heroic achievement is toil and fatigue. To risk one’s life, even to lose it, is to win renown; for fear is infamous, and the refusal to give way to it, though it may shorten our earthly span, bestows on us the longer life of fame. I have chosen you from among all my people for such an enterprise as is your due. It promises great hardships, but honour and glory as well; and I know that for my sake you will bear all lightly.

There is no room at all for independent enterprise under any variety of State Socialism. Prices are to be regulated authoritatively; authority is to fix what is to be produced, and how, and in what quantities. There is to be no speculation, no 'excessive' profit, no loss. There is to be no innovation unless it be decreed by authority. The official is to direct and supervise everything.

I watched with incredulity as businessmen ran to the government in every crisis, whining for handouts or protection from the very competition that has made this system so productive. I saw Texas ranchers, hit by drought, demanding government-guaranteed loans; giant milk cooperatives lobbying for higher price supports; major airlines fighting deregulation to preserve their monopoly status; giant companies like Lockheed seeking federal assistance to rescue them from sheer inefficiency; bankers, like David Rockefeller, demanding government bailouts to protect them from their ill-conceived investments; network executives, like William Paley of CBS, fighting to preserve regulatory restrictions and to block the emergence of competitive cable and pay TV. And always, such gentlemen proclaimed their devotion to free enterprise and their opposition to the arbitrary intervention into our economic life by the state. Except, of course, for their own case, which was always unique and which was justified by their immense concern for the public interest.

It was not for nothing that Adam Smith wrote that “people of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.” The romantic notion of politics holds that Big Business is synonymous with capitalism and the archenemy of socialism. In fact, Big Business is reliably against most of what must go into any modern definition of capitalism: free trade, free enterprise, free markets, and the impartial rule of law. Big Business reliably seeks to use the state to seek advantages in trade and to crush smaller (and often more innovative) competitors.

Don’t strive to be a well-rounded leader. Instead, discover your zone and stay there. Then delegate everything else. Admitting a weakness is a sign of strength. Acknowledging weakness doesn’t make a leader less effective. Everybody in your organization benefits when you delegate responsibilities that fall outside your core competency. Thoughtful delegation will allow someone else in your organization to shine. Your weakness is someone’s opportunity. Leadership is not always about getting things done “right.” Leadership is about getting things done through other people. The people who follow us are exactly where we have led them. If there is no one to whom we can delegate, it is our own fault. As a leader, gifted by God to do a few things well, it is not right for you to attempt to do everything. Upgrade your performance by playing to your strengths and delegating your weaknesses. There are many things I can do, but I have to narrow it down to the one thing I must do. The secret of concentration is elimination. Devoting a little of yourself to everything means committing a great deal of yourself to nothing. My competence in these areas defines my success as a pastor. A sixty-hour workweek will not compensate for a poorly delivered sermon. People don’t show up on Sunday morning because I am a good pastor (leader, shepherd, counselor). In my world, it is my communication skills that make the difference. So that is where I focus my time. To develop a competent team, help the leaders in your organization discover their leadership competencies and delegate accordingly. Once you step outside your zone, don’t attempt to lead. Follow. The less you do, the more you will accomplish. Only those leaders who act boldly in times of crisis and change are willingly followed. Accepting the status quo is the equivalent of accepting a death sentence. Where there’s no progress, there’s no growth. If there’s no growth, there’s no life. Environments void of change are eventually void of life. So leaders find themselves in the precarious and often career-jeopardizing position of being the one to draw attention to the need for change. Consequently, courage is a nonnegotiable quality for the next generation leader. The leader is the one who has the courage to act on what he sees. A leader is someone who has the courage to say publicly what everybody else is whispering privately. It is not his insight that sets the leader apart from the crowd. It is his courage to act on what he sees, to speak up when everyone else is silent. Next generation leaders are those who would rather challenge what needs to change and pay the price than remain silent and die on the inside. The first person to step out in a new direction is viewed as the leader. And being the first to step out requires courage. In this way, courage establishes leadership. Leadership requires the courage to walk in the dark. The darkness is the uncertainty that always accompanies change. The mystery of whether or not a new enterprise will pan out. The reservation everyone initially feels when a new idea is introduced. The risk of being wrong. Many who lack the courage to forge ahead alone yearn for someone to take the first step, to go first, to show the way. It could be argued that the dark provides the optimal context for leadership. After all, if the pathway to the future were well lit, it would be crowded. Fear has kept many would-be leaders on the sidelines, while good opportunities paraded by. They didn’t lack insight. They lacked courage. Leaders are not always the first to see the need for change, but they are the first to act. Leadership is about moving boldly into the future in spite of uncertainty and risk. You can’t lead without taking risk. You won’t take risk without courage. Courage is essential to leadership.

At any rate, planning in this sense means all-around planning by the government and enforcement of these plans by the police power. Planning in this sense means full government control of business. It is the antithesis of free enterprise, private initiative, private ownership of the means of production, market economy, and the price system. Planning and capitalism are utterly incompatible. Within a system of planning production is conducted according to the government's orders, not according to the plans of capitalists and entrepreneurs eager to profit by best filling the wants of the consumers.

Somebody will beat both [contents and price] sooner or later because that is good old Free Enterprise, where the consumer benefits from battles between jolly green giants.

Guided by the comparison of prices, private enterprise distributes food all over the world, always beginning at the point of greatest scarcity, that is, where the need is felt the most.

Facebook, in fact, is the biggest surveillance-based enterprise in the history of mankind. It knows far, far more about you than the most intrusive government has ever known about its citizens. —John Lanchester

One of the many signs of verbal virtuosity among intellectuals is the repackaging of words to mean things that are not only different from, but sometimes the direct opposite of, their original meanings. 'Freedom' and 'power' are among the most common of these repackaged words. The basic concept of freedom as not being subjected to other people's restrictions, and of power as the ability to restrict other people's options have both been stood on their heads in some of the repackaging of these words by intellectuals discussing economic issues. Thus business enterprises who expand the public's options, either quantitatively (through lower prices) or qualitatively (through better products) are often spoken of as 'controlling' the market, whenever this results in a high percentage of consumers choosing to purchase their particular products rather than the competing products of other enterprises. In other words, when consumers decide that particular brands of products are either cheaper or better than competing brands of those products, third parties take it upon themselves to depict those who produced these particular brands as having exercised 'power' or 'control.' If, at a given time, three-quarters of the consumers prefer to buy the Acme brand of widgets to any other brand, then Acme Inc. will be said to 'control' three-quarters of the market, even though consumers control 100 percent of the market, since they can switch to another brand of widgets tomorrow if someone else comes up with a better widget, or stop buying widgets altogether if a new product comes along that makes widgets obsolete. ....by saying that businesses have 'power' because they have 'control' of their markets, this verbal virtuosity opens the way to saying that government needs to exercise its 'countervailing power' (John Kenneth Galbraith's phrase) in order to protect the public. Despite the verbal parallels, government power is in fact power, since individuals do not have a free choice as to whether or not to obey government laws and regulations, while consumers are free to ignore the products marketed by even the biggest and supposedly most 'powerful' corporations in the world.

I was easily led by the sympathy which he evinced to use the language of my heart, to give utterance to the burning ardour of my soul and to say, with all the fervour that warmed me, how gladly I would sacrifice my fortune, my existence, my every hope, to the furtherance of my enterprise. One man's life or death were but a small price to pay for the acquirement of the knowledge which I sought, for the dominion I should acquire and transmit over the elemental foes of our race. As I spoke, a dark gloom spread over my listener's countenance. At first I perceived that he tried to suppress his emotion; he placed his hands before his eyes, and my voice quivered and failed me as I beheld tears trickle fast from between his fingers; a groan burst from his heaving breast. I paused; at length he spoke, in broken accents: "Unhappy man! Do you share my madness? Have you drunk also of the intoxicating draught? Hear me; let me reveal my tale, and you will dash the cup from your lips!

Operational effectiveness: necessary but not sufficient Operational effectiveness and strategy are both essential to superior performance, which, after all, is the primary goal of any enterprise. But they work in very different ways. A company can outperform rivals only if it can establish a difference that it can preserve. It must deliver greater value to customers or create comparable value at a lower cost, or do both. The arithmetic of superior profitability then follows: delivering greater value allows a company to charge higher average unit prices; greater efficiency results in lower average unit costs. Ultimately, all differences between companies in cost or price derive from the hundreds of activities required to create, produce, sell, and deliver their products or services, such as calling on customers, assembling final products, and training employees. Cost is generated by performing activities, and cost advantage arises from performing particular activities more

Religious bondage shackles and debilitates the mind and unfits it for every noble enterprise, every expanded prospect,” Madison told Bradford, writing with the authority of a man who knew firsthand the price of being bound to a received viewpoint—and the liberation of breaking free.

SO, WHERE DOES this leave us? If we can’t rely on the market forces of supply and demand to set optimal market prices, and we can’t count on free-market mechanisms to help us maximize our utility, then we may need to look elsewhere. This is especially the case with society’s essentials, such as health care, medicine, water, electricity, education, and other critical resources. If you accept the premise that market forces and free markets will not always regulate the market for the best, then you may find yourself among those who believe that the government (we hope a reasonable and thoughtful government) must play a larger role in regulating some market activities, even if this limits free enterprise. Yes, a free market based on supply, demand, and no friction would be the ideal if we were truly rational. Yet when we are not rational but irrational, policies should take this important factor into account.

It is when positive use prices are allowed that businessmen see an opportunity for profit making by curing the excess demand, or “congestion” situations. It is here that private enterprise shows itself head and shoulders above the bureaucratic, statist system which operates without benefit of prices for services rendered.

So identified has the State become in the public mind with the provision of these services that an attack on State financing appears to many people as an attack on the service itself. Thus if one maintains that the State should not supply court services, and that private enterprise on the market could supply such service more efficiently as well as more morally, people tend to think of this as denying the importance of courts themselves. The libertarian who wants to replace government by private enterprises in the above areas is thus treated in the same way as he would be if the government had, for various reasons, been supplying shoes as a tax-financed monopoly from time immemorial. If the government and only the government had had a monopoly of the shoe manufacturing and retailing business, how would most of the public treat the libertarian who now came along to advocate that the government get out of the shoe business and throw it open to private enterprise? He would undoubtedly be treated as follows: people would cry, “How could you? You are opposed to the public, and to poor people, wearing shoes! And who would supply shoes to the public if the government got out of the business? Tell us that! Be constructive! It’s easy to be negative and smart-alecky about government; but tell us who would supply shoes? Which people? How many shoe stores would be available in each city and town? How would the shoe firms be capitalized? How many brands would there be? What material would they use? What lasts? What would be the pricing arrangements for shoes? Wouldn’t regulation of the shoe industry be needed to see to it that the product is sound? And who would supply the poor with shoes? Suppose a poor person didn’t have the money to buy a pair?” These questions, ridiculous as they seem to be and are with regard to the shoe business, are just as absurd when applied to the libertarian who advocates a free market in fire, police, postal service, or any other government operation. The point is that the advocate of a free market in anything cannot provide a “constructive” blueprint of such a market in advance. The essence and the glory of the free market is that individual firms and businesses, competing on the market, provide an ever-changing orchestration of efficient and progressive goods and services: continually improving products and markets, advancing technology, cutting costs, and meeting changing consumer demands as swiftly and as efficiently as possible.

Brenda’s lawyer was Paul Rosenbaum, champion of the poor, the downtrodden, the nonwhite, the addicted, the desperate, the technically guilty, the occasionally framed, the submoronic, the psychopathic, the abused turned abuser, the formerly innocent casualties of a racist free-enterprise system now fully grown to payback size; Rosenbaum, a world-class pain in the ass who turned every case into an indictment of the society into which both victim and victimizer had been involuntarily deposited at birth.

The most prominent characteristic of capitalism is the wage system, which in brief amounts to this: — A man, or a group of men, possessing the necessary capital, starts some industrial enterprise; he undertakes to supply the factory or workshops with raw material, to organize production, to pay the employés a fixed wage, and lastly, to pocket the surplus value or profits, under pretext of recouping himself for managing the concern, for running the risks it may involve, and for the fluctuations of price in the market value of the wares.

Colonel Cargill, General Peckem’s troubleshooter, was a forceful, ruddy man. Before the war he had been an alert, hard-hitting, aggressive marketing executive. He was a very bad marketing executive. Colonel Cargill was so awful a marketing executive that his services were much sought after by firms eager to establish losses for tax purposes. Throughout the civilized world, from Battery Park to Fulton Street, he was known as a dependable man for a fast tax write-off. His prices were high, for failure often did not come easily. He had to start at the top and work his way down, and with sympathetic friends in Washington, losing money was no simple matter. It took months of hard work and careful misplanning. A person misplaced, disorganized, miscalculated, overlooked everything and opened every loophole, and just when he thought he had it made, the government gave him a lake or a forest or an oilfield and spoiled everything. Even with such handicaps, Colonel Cargill could be relied on to run the most prosperous enterprise into the ground. He was a self-made man who owed his lack of success to nobody.

We have advised against the purchase at “full prices” of three important categories of securities: (1) foreign bonds, (2) ordinary preferred stocks, and (3) secondary common stocks, including, of course, original offerings of such issues. By “full prices” we mean prices close to par for bonds or preferred stocks, and prices that represent about the fair business value of the enterprise in the case of common stocks. The greater number of defensive investors are to avoid these categories regardless of price; the enterprising investor is to buy them only when obtainable at bargain prices—which we define as prices not more than two-thirds of the appraisal value of the securities.

if consumer demand should increase for the goods or services of any private business, the private firm is delighted; it woos and welcomes the new business and expands its operations eagerly to fill the new orders. Government, in contrast, generally meets this situation by sourly urging or even ordering consumers to “buy” less, and allows shortages to develop, along with deterioration in the quality of its service. Thus, the increased consumer use of government streets in the cities is met by aggravated traffic congestion and by continuing denunciations and threats against people who drive their own cars. The New York City administration, for example, is continually threatening to outlaw the use of private cars in Manhattan, where congestion has been most troublesome. It is only government, of course, that would ever think of bludgeoning consumers in this way; it is only government that has the audacity to “solve” traffic congestion by forcing private cars (or trucks or taxis or whatever) off the road. According to this principle, of course, the “ideal” solution to traffic congestion is simply to outlaw all vehicles! But this sort of attitude toward the consumer is not confined to traffic on the streets. New York City, for example, has suffered periodically from a water “shortage.” Here is a situation where, for many years, the city government has had a compulsory monopoly of the supply of water to its citizens. Failing to supply enough water, and failing to price that water in such a way as to clear the market, to equate supply and demand (which private enterprise does automatically), New York’s response to water shortages has always been to blame not itself, but the consumer, whose sin has been to use “too much” water. The city administration could only react by outlawing the sprinkling of lawns, restricting use of water, and demanding that people drink less water. In this way, government transfers its own failings to the scapegoat user, who is threatened and bludgeoned instead of being served well and efficiently. There has been similar response by government to the ever-accelerating crime problem in New York City. Instead of providing efficient police protection, the city’s reaction has been to force the innocent citizen to stay out of crime-prone areas. Thus, after Central Park in Manhattan became a notorious center for muggings and other crime in the night hours, New York City’s “solution” to the problem was to impose a curfew, banning use of the park in those hours. In short, if an innocent citizen wants to stay in Central Park at night, it is he who is arrested for disobeying the curfew; it is, of course, easier to arrest him than to rid the park of crime. In short, while the long-held motto of private enterprise is that “the customer is always right,” the implicit maxim of government operation is that the customer is always to be blamed.

It is interesting to note that in nearly all the economics courses it is taught that the income tax is the proper instrument for the regulation of the country’s economy; that private property is not an inalienable right (in fact, there are no inalienable rights); that the economic ills of the country are traceable to the remnants of free enterprise; that the economy of the nation can be sound only when the government manages prices, controls wages, and regulates operations. This was not taught in the colleges before 1913. Is there a relationship between the results of the income tax and the thinking of the professors? There is now a strong movement in this country to bring the publicschool system under federal domination. The movement could not have been thought of before the government had the means for carrying out the idea; that is, before income taxation. The question is, have those who plug for nationalization of the schools come to the idea by independent thought, or have they been influenced by the bureaucrats who see in nationalization a wider opportunity for themselves? We must lean to the latter conclusion, because among the leaders of the movement are many bureaucrats. However, if the movement is successful, if the schools are brought under the watching eye of the federal government, it is a certainty that the curriculum will conform to the ideals of Big Government. The child’s mind will never be exposed to the idea that the individual is the one big thing in the world, that he has rights which come from a higher source than the bureaucracy. Thus, the immunities of property, body and mind have been undermined by the Sixteenth Amendment. The freedoms won by Americans in 1776 were lost in the revolution of 1913.

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit.

If we assume that it is the habit of the market to overvalue common stocks which have been showing excellent growth or are glamorous for some other reason, it is logical to expect that it will undervalue—relatively, at least—companies that are out of favor because of unsatisfactory developments of a temporary nature. This may be set down as a fundamental law of the stock market, and it suggests an investment approach that should prove both conservative and promising. The key requirement here is that the enterprising investor concentrate on the larger companies that are going through a period of unpopularity. While small companies may also be undervalued for similar reasons, and in many cases may later increase their earnings and share price, they entail the risk of a definitive loss of profitability and also of protracted neglect by the market in spite of better earnings. The large companies thus have a double advantage over the others. First, they have the resources in capital and brain power to carry them through adversity and back to a satisfactory earnings base. Second, the market is likely to respond with reasonable speed to any improvement shown. A

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit. This is the fly in the ointment of free-market capitalism. It cannot ensure that profits are gained in a fair way, or distributed in a fair manner. On the contrary, the craving to increase profits and production blinds people to anything that might stand in the way.

This revolution in the role of government has been accompanied, and largely produced, by an achievement in public persuasion that must have few rivals. Ask yourself what products are currently least satisfactory and have shown the least improvement over time. Postal service, elementary and secondary schooling, railroad passenger transport would surely be high on the list. Ask yourself which products are most satisfactory and have improved the most. Household appliances, television and radio sets, hi-fi equipment, computers, and, we would add, supermarkets and shopping centers would surely come high on that list. The shoddy products are all produced by government or government-regulated industries. The outstanding products are all produced by private enterprise with little or no government involvement. Yet the public—or a large part of it—has been persuaded that private enterprises produce shoddy products, that we need ever vigilant government employees to keep business from foisting off unsafe, meretricious products at outrageous prices on ignorant, unsuspecting, vulnerable customers. That public relations campaign has succeeded so well that we are in the process of turning over to the kind of people who bring us our postal service the far more critical task of producing and distributing energy.

I am suprised to a mad extent that people who claim to be intelligent and truth seeking go to church, hear their religious leaders say something, and without vetting it to a reasonable extent swallow it hook and all. Now the church has moved from speaking truth to power but has now aced her game by canvassing for politicians who have no business with God or his people. "by the use of simple propaganda even the most spiritual among us can be sold for the price of an orange," and the church is already falling into this snare. Without sentiments my prayers has been that God should raise us leaders who will futher his enterprise, leaders who will put God and the masses first. So it does not matter if it is Buhari or Jonathan, after all God used Cyrus who was a full blooded gentile(Isaiah 45 verses 1-8) to futher His cause. I strongly urge Nigerians to continue in their prayers for this Jerusalem. Left to some of our religious leaders they will even go the extent of helping God to decide who gets the votes. Let's not allow ourselves to be blinded by the curtains of religion and politics. And instead of using social media to spread bad blood and create feuds, let's encourage and spread the message of peace. Come the D day, we will go out there, vote (at least we have that right), and leave the rest to God. I am a Patriot

Many historians, many sociologists and psychologists have written at length, and with deep concern, about the price that Western man has had to pay and will go on paying for technological progress. They point out, for example, that democracy can hardly be expected to flourish in societies where political and economic power is being progressively concentrated and centralized. But the progress of technology has led and is still leading to just such concentration and centralization of power. As the machinery of mass production is made more efficient it tends to become more complex and more expensive – and so less available to the enterpriser of limited means. Moreover, mass production cannot work without mass distribution; but mass distribution raises problems which only the largest producers can satisfactorily solve. In a world of mass production and mass distribution the Little Man, with his inadequate stock of working capital, is at a grave disadvantage. In competition with the Big Man, he loses his money and finally his very existence as an independent producer; the Big Man has gobbled him up. As the Little Men disappear, more and more economic power comes to be wielded by fewer and fewer people. Under a dictatorship the Big Business, made possible by advancing technology and the consequent ruin of Little Business, is controlled by the State – that is to say, by a small group of party leaders and the soldiers, policemen and civil servants who carry out their orders.

the investor would need more than a mere falling off in both earnings and price to give him a sound basis for purchase. He should require an indication of at least reasonable stability of earnings over the past decade or more—i.e., no year of earnings deficit—plus sufficient size and financial strength to meet possible setbacks in the future. The ideal combination here is thus that of a large and prominent company selling both well below its past average price and its past average price/earnings multiplier. This would no doubt have ruled out most of the profitable opportunities in companies such as Chrysler, since their low-price years are generally accompanied by high price/earnings ratios. But let us assure the reader now—and no doubt we shall do it again—that there is a world of difference between “hindsight profits” and “real-money profits.” We doubt seriously whether the Chrysler type of roller coaster is a suitable medium for operations by our enterprising investor. We have mentioned protracted neglect or unpopularity as a second cause of price declines to unduly low levels. A current case of this kind would appear to be National Presto Industries. In the bull market of 1968 it sold at a high of 45, which was only 8 times the $5.61 earnings for that year. The per-share profits increased in both 1969 and 1970, but the price declined to only 21 in 1970. This was less than 4 times the (record) earnings in that year and less than its net-current-asset value. In March 1972 it was selling at 34, still only 5½ times the last reported earnings, and at about its enlarged net-current-asset value.

It was in her abode, in the janitorial quarters assigned her on the ground floor rear, that seemingly inoffensive Mrs. Shapiro set up a clandestine alcohol dispensary—not a speakeasy, but a bootleg joint, where the Irish and other shikkers of the vicinity could come and have their pint bottles filled up, at a price. And several times on weekends, when Ira was there, for he got along best with Jake, felt closest to him, because Jake was artistic, some beefy Irishman would come in, hand over his empty pint bottle for refilling, and after greenbacks were passed, and the transaction completed, receive as a goodwill offering a pony of spirits on the house. And once again those wry (rye? Out vile pun!), wry memories of lost opportunities: Jake’s drab kitchen where the two sat talking about art, about Jake’s favorite painters, interrupted by a knock on the door, opened by Mr. Shapiro, and the customer entered. With the fewest possible words, perhaps no more than salutations, purpose understood, negotiations carried out like a mime show, or a ballet: ecstatic pas de deux with Mr. McNally and Mr. Shapiro—until suspended by Mr. Shapiro’s disappearance with an empty bottle, leaving Mr. McNally to solo in anticipation of a “Druidy drunk,” terminated by Mr. Shapiro’s reappearance with a full pint of booze. Another pas de deux of payment? Got it whole hog—Mr. Shapiro was arrested for bootlegging several times, paid several fines, but somehow, by bribery and cunning, managed to survive in the enterprise, until he had amassed enough wealth to buy a fine place in Bensonhurst by the time “Prohibition” was repealed. A Yiddisher kupf, no doubt.

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.

economic policymakers devised an approach with the following elements: •  A shift from capital-intensive heavy industry to labor-intensive light industry. •  A focus on light industrial exports to generate the foreign exchange needed to import capital equipment. •  The establishment of special economic zones (SEZs), allowing foreign companies to set up factories on preferential terms. •  Price reforms, to reduce the power of central planners and increase the role of the market. • Increased tolerance for private enterprises.

In 1917 the government had closed the Winnipeg Grain Exchange and created a single Wheat Board to market grain. Farmers grumbled and then rejoiced as prices soared to a record $3.15 a bushel. After the 1919 crop, the Wheat Board dissolved and free enterprise returned. Earlier rural grumbles salved the politicians’ consciences; faith in the market did the rest. Despite serious crop failure after years of declining prairie productivity, wheat prices plummeted 45 per cent in two years. Farmers who had invested in land, machinery, and comforts in the confidence of high prices now had strong reasons for lamentation.

To take a different example, whether it is less costly for loggers to use a chain saw or handsaw depends on the price of the chain saw and the handsaw, the amount of labor required with each, and the wages of different kinds of labor. The enterprise doing the logging has an incentive to acquire the relevant technical knowledge and to combine it with the information transmitted by prices in order to minimize costs.

The manipulation of currency, throughout a feature of the colonial enterprise, reached its worst during the Great Depression of 1929–30, when Indian farmers (like those in the North American prairies) grew their grain but discovered no one could afford to buy it. Agricultural prices collapsed, but British tax demands did not; and cruelly, the British decided to restrict India’s money supply, fearing that the devaluation of Indian currency would cause losses to the British from a corresponding decline in the sterling value of their assets in India. So Britain insisted that the Indian rupee stay fixed at 1 shilling sixpence, and obliged the Indian government to take notes and coins out of circulation to keep the exchange rate high. The total amount of cash in circulation in the Indian economy fell from some 5 billion rupees in 1929 to 4 billion in 1930 and as low as 3 billion in 1938. Indians starved but their currency stayed high, and the value of British assets in India was protected.

Oh, it's a fine and useless enterprise, trying to fix destiny. That trail leads straight back to the time before we ever lived, and into that deep well it's easy to cast curses like stones on our ancestors. But that's nothing more than cursing ourselves and all that made us. Had I not married a preacher named Nathan Price, my particular children would never have seen the light of this world. I walked through the valley of my fate, is all, and learned to love what I could lose

Premium Pricing Improves Commitment We never want our clients to be in situations where it is easy for them to decide to not take our advice. Any time someone hires an outside expert, the ultimate outcome he seeks is to move forward with confidence. What is the value of good advice not acted upon? Yes, it is our job to tell him what to do, but that is often the easy part. We are equally obliged to give him the strength to do it. We are not meeting our full obligations to our clients when we make recommendations that they find easy to ignore. The price we charge for such guidance should be enough that our clients feel compelled to act, lest they experience a profound sense of wasted resources. There must be the appropriate amount of pain associated with our pricing. This implies the need for our pricing to change as the size of the client changes. Larger organizations need to pay more to ensure their commitment. Larger Clients Get Greater Value Another reason larger clients must pay more is they derive greater financial value from similar work we would do for smaller organizations. To charge John Doe Chevrolet what we would charge General Motors for the same work would be irresponsible of us. The larger client pays more to ensure his commitment to solving his problem and to ensure his commitment to working with us – and he pays more because we are delivering a service that has a greater dollar value to him. Reinvesting in Ourselves Of all the investment opportunities we will face in our lives, few will yield returns greater than those opportunities to invest in ourselves. Price premiums give us the profit to reinvest in our people, our enterprise and ourselves. The corporations that we most admire are the ones that invest in research and development. We must follow their path. While others get by on slim margins, winning on price, we will use some of our greater profit margins to better ourselves and put greater distance between our competition and us. Better Margins Equal Better Firms and Better Clients On these many levels, charging more improves our ability to help our clients and increases the likelihood that we will deliver high-quality outcomes. It allows us to select the best clients – those that we are most able to help. Like leaning into the discomfort of money conversations, charging more might not come naturally or seem easy, but it is better for everyone, including the client, and so this too we shall learn to do with confidence.

Gud Mould Industry Co., Ltd. is a professional manufacturer of plastic injection moulds and die-casting moulds. Founded in 2007, Gud Mould Industry Co., Ltd. covers an area of 7000 square meters and has more than 100 experienced staffs, of which more than 30 with years of experience in plastic engineering and die-casting. To meet customers' higher requirements for product quality and greater demand for mould production, we constantly introduce advanced equipment, technology and talents at home and abroad to enhance our production means and technical support, constantly expand processing area to increase our production capacity. At present, Gud Mould has a large number of international advanced CNC machining centers, EDM, WEDM, milling machines, tool grinders and other precision die and mould processing equipment; imported spectrometers, metallographic analyzers, water capacity detectors, coordinate detectors, gauges and other international advanced detection equipment and instruments. Gud Mould's die design and production all realize computerization, apply International advanced AutoCAD, Pro/E, UG, Cimatron, MASTERCAM, etc. File of IGS, DXF, STP, PORASLD and so on are acceptable here. After receiving drawings and data from customers, engineers of Gud Mould design and program first. Manufacture, produce and inspect them strictly according to the drawings of mould engineering. All manufacturing processes realize digitalization of drawings, so as to ensure stability of high precision and high quality of dies. All materials of die are made of high quality steel and precision standard die base, which ensures service performance and life of die. In line with principle of customer first, we provide the best quality, delivery date, quality service and reasonable price, absolutely guarantee interests of customers, and provide confidentiality commitment to all technical information of customers. Gud Mould Industry Co., Ltd. has always adhered to business philosophy of "people-oriented, quality first", and has been making progress and developing steadily. Although Gud Mould is medium-sized, it has been recognized by well-known domestic enterprises such as Chang'an, Changfei, Hafei, Lifan, Ford in China, and has established a good reputation among domestic customers. In 2018, we set up overseas department, which mainly develops overseas markets. We sincerely welcome you to visit our company and expand your business!

Organizations seeking to commercialize open source software realized this, of course, and deliberately incorporated it as part of their market approach. In a 2013 piece on Pando Daily, venture capitalist Danny Rimer quotes then-MySQL CEO Mårten Mickos as saying, “The relational database market is a $9 billion a year market. I want to shrink it to $3 billion and take a third of the market.” While MySQL may not have succeeded in shrinking the market to three billion, it is interesting to note that growing usage of MySQL was concurrent with a declining ability of Oracle to sell new licenses. Which may explain both why Sun valued MySQL at one third of a $3 billion dollar market and why Oracle later acquired Sun and MySQL. The downward price pressure imposed by open source alternatives have become sufficiently visible, in fact, as to begin raising alarm bells among financial analysts. The legacy providers of data management systems have all fallen on hard times over the last year or two, and while many are quick to dismiss legacy vendor revenue shortfalls to macroeconomic issues, we argue that these macroeconomic issues are actually accelerating a technology transition from legacy products to alternative data management systems like Hadoop and NoSQL that typically sell for dimes on the dollar. We believe these macro issues are real, and rather than just causing delays in big deals for the legacy vendors, enterprises are struggling to control costs and are increasingly looking at lower cost solutions as alternatives to traditional products. — Peter Goldmacher Cowen and Company

Competition is often conflated with capitalism, but they are not at all the same. Capitalism involves private ownership of the means of production and distribution, but the word implies nothing about the way in which privately owned firms do business. Capitalism is perfectly compatible with a society in which a powerful state doles out favors to private monopolies, protects some enterprises from others, or even sets the prices privately owned firms may charge for their products. Indeed, while capitalists tend to praise the virtues of competition, many of them would just as soon avoid it.

David and Neil were MBA students at the Wharton School when the cash-strapped David lost his eyeglasses and had to pay $700 for replacements. That got them thinking: Could there be a better way? Neil had previously worked for a nonprofit, VisionSpring, that trained poor women in the developing world to start businesses offering eye exams and selling glasses that were affordable to people making less than four dollars a day. He had helped expand the nonprofit’s presence to ten countries, supporting thousands of female entrepreneurs and boosting the organization’s staff from two to thirty. At the time, it hadn’t occurred to Neil that an idea birthed in the nonprofit sector could be transferred to the private sector. But later at Wharton, as he and David considered entering the eyeglass business, after being shocked by the high cost of replacing David’s glasses, they decided they were out to build more than a company—they were on a social mission as well. They asked a simple question: Why had no one ever sold eyeglasses online? Well, because some believed it was impossible. For one thing, the eyeglass industry operated under a near monopoly that controlled the sales pipeline and price points. That these high prices would be passed on to consumers went unquestioned, even if that meant some people would go without glasses altogether. For another, people didn’t really want to buy a product as carefully calibrated and individualized as glasses online. Besides, how could an online company even work? David and Neil would have to be able to offer stylish frames, a perfect fit, and various options for prescriptions. With a $2,500 seed investment from Wharton’s Venture Initiation Program, David and Neil launched their company in 2010 with a selection of styles, a low price of $95, and a hip marketing program. (They named the company Warby Parker after two characters in a Jack Kerouac novel.) Within a month, they’d sold out all their stock and had a 20,000-person waiting list. Within a year, they’d received serious funding. They kept perfecting their concept, offering an innovative home try-on program, a collection of boutique retail outlets, and an eye test app for distance vision. Today Warby Parker is valued at $1.75 billion, with 1,400 employees and 65 retail stores. It’s no surprise that Neil and David continued to use Warby Parker’s success to deliver eyeglasses to those in need. The company’s Buy a Pair, Give a Pair program is unique: instead of simply providing free eyeglasses, Warby Parker trains and equips entrepreneurs in developing countries to sell the glasses they’re given. To date, 4 million pairs of glasses have been distributed through Warby Parker’s program. This dual commitment to inexpensive eyewear for all, paired with a program to improve access to eyewear for the global poor, makes Warby Parker an exemplary assumption-busting social enterprise.

What we now refer to as justice, is from this point of view a highly refined usefulness, which does not take in consideration only the present moment and exploits the opportunity, but rather reflects with responsibility on the lasting consequences, therefore taking care of the well-being of the worker as well, of his physical and spiritual satisfaction, in order that he and his descendants will continue to work for our descendants, and will be available for a longer period of time than a single individual's life. The exploitation of the worker was, as one now understands, a stupidity, a ruthless enterprise at the cost of the future, which endangered society. Now we have before us almost a war, and the price for achieving peace, for sealing contracts and winning trust, will at any rate be very high, since the foolishness of the exploiters was great and long-lasting.

What we now refer to as justice, is from this point of view a highly refined usefulness, which does not take in consideration only the present moment and exploits the opportunity, but rather reflects with responsibility on the lasting consequences, therefore taking care of the well-being of the worker as well, of his physical and spiritual satisfaction, in order that he and his descendants will continue to work for our descendants, and will be available for a longer period of time than a single individual's life. The exploitation of the worker was, as one now understands, a stupidity, a ruthless enterprise at the cost of the future, which endangered society. Now we have before us almost a war, and the price for achieving peace, for sealing contracts and winning trust, will at any rate be very high, since the foolishness of the exploiters was great and long-lasting.

Privatisation of government-owned enterprises is crucial to the project [neoliberalism]. One of the appealing features of tax cuts for neoliberal governments is that reduced revenue provides them with an excuse to sell state assets to meet the sudden budget shortfalls. The sale of state assets creates more lucrative business opportunities for the corporations that can afford to buy such things as power stations, water treatment plants, telecommunications providers, government banks and airlines. It's something of a windfall for a business to acquire an asset that will always deliver a return so long as citizens still need things like water or power supplied to their homes, a bus to catch from one place to another, or a telephone connection. And - unlike a state-owned asset - a private corporation never has to adjust its services due to democratic prompting from the electorate. Why do power prices keep going up across Australia? Because most of the power supply is now owned and operated by private corporations. They're free to price gouge on the supply of an essential service, because they can't be voted out of office. p.58-9

Privatisation of government-owned enterprises is crucial to the project [neoliberalism]. One of the appealing features of tax cuts for neoliberal governments is that reduced revenue provides them with an excuse to sell state assets to meet the sudden budget shortfalls. The sale of state assets creates more lucrative business opportunities for the corporations that can afford to buy such things as power stations, water treatment plants, telecommunications providers, government banks and airlines. It's something of a windfall for a business to acquire an asset that will always deliver a return so long as citizens still need things like water or power supplied to their homes, a bus to catch from one place to another, or a telephone connection. And - unlike a state-owned asset - a private corporation never has to adjust its services due to democratic prompting from the electorate. Why do power prices keep going up across Australia? Because most of the power supply is now owned and operated by private corporations. They're free to price gouge on the supply of an essential service, because they can't be voted out of office.

Salesforce and QuickBooks integration: the wrong audience I built many integrations for Connex, and Salesforce was one of my first. Intuit built one on their app store, but they later discontinued it. Here is why mine failed: Connex syncs ecommerce solutions. Amazon was one of our best sellers. Salesforce.com is a CRM, and this was a bad product fit for us. I had no understanding of the target audience. What features did they require? How much would they pay? Salesforce is geared towards medium and enterprise-level companies. We focused primarily on small businesses. The integration was difficult to build. Salesforce could hold orders, but users often added or removed fields. Our software had no logic to handle dynamically mapping fields. Each user’s Salesforce was different. Almost every user required a great deal of hand-holding. This is bad for a SaaS company. There were many technical issues. Users wanted features that I could not build. I built the integration because Salesforce has a large following, but my audience was just a subset of that group. How big your audience is, is anyone’s guess. We had a listing on Salesforce’s app store, but the listing failed to gather any traffic. I was unsure how many QuickBooks users required a Salesforce integration. There was a limited audience for this tool. The tool became a distraction because other products were selling much better. I had to raise the price of the integration because it took longer to set it up. This idea made my pricing more complicated, while my company is all about simplicity.

But Anita Roddick had a different take on that. In 1976, before the words to say it had been found, she set out to create a business that was socially and environmentally regenerative by design. Opening The Body Shop in the British seaside town of Brighton, she sold natural plant-based cosmetics (never tested on animals) in refillable bottles and recycled boxes (why throw away when you can use again?) while paying a fair price to the communities worldwide that supplied cocoa butter, brazil nut oil and dried herbs. As production expanded, the business began to recycle its wastewater for using in its products and was an early investor in wind power. Meanwhile, company profits went to The Body Shop Foundation, which gave them to social and environmental causes. In all, a pretty generous enterprise. Roddick’s motivation? ‘I want to work for a company that contributes to and is part of the community,’ she later explained. ‘If I can’t do something for the public good, what the hell am I doing?’47 Such a values-driven mission is what the analyst Marjorie Kelly calls a company’s ‘living purpose’—turning on its head the neoliberal script that the business of business is simply business. Roddick proved that business can be far more than that, by embedding benevolent values and a regenerative intent at the company’s birth. ‘We dedicated the Articles of Association and Memoranda—which in England is the legal definition of the purpose of your company—to human rights advocacy and social and environmental change,’ she explained in 2005, ‘so everything the company did had that as its canopy.’48 Today’s most innovative enterprises are inspired by the same idea: that the business of business is to contribute to a thriving world. And the growing family of enterprise structures that are intentionally distributive by design—including cooperatives, not-for-profits, community interest companies, and benefit corporations—can be regenerative by design too.49 By explicitly making a regenerative commitment in their corporate by-laws and enshrining it in their governance, they can safeguard a ‘living purpose’ through times of leadership change and protect it from mission creep. Indeed the most profound act of corporate responsibility for any company today is to rewrite its corporate by-laws, or articles of association, in order to redefine itself with a living purpose, rooted in regenerative and distributive design, and then to live and work by it.

The internal slave trade became the largest enterprise in the South outside of the plantation itself, and probably the most advanced in its employment of modern transportation, finance, and publicity. It developed its own language: prime hands, bucks, breeding wenches, and fancy girls. Its routes, running counter to the freedom trails that fugitive slaves followed north, were similarly dotted by safe houses - pens, jails, and yards that provided resting places for slave traders as well as temporary warehouses for slaves. In all, the slave trade, with its hubs and regional centers, its spurs and circuits, reached into every cranny of southern society. Few southerners, white or black, were untouched. In the half century following the War of 1812, planters and traders expanded and rationalized the transcontinental transfer of slaves. During the second decade of the nineteenth century, traders and owners sent an estimated 120,000 slaves from the seaboard to the west, with the states and territories of Georgia, Tennessee, Alabama, and Louisiana being the largest recipients. That number increased substantially during the following decade and yet again during the 1830s, when slave traders and migrating planters uprooted almost 300,000 black men, women, and children. By this time, though most of the slaves still derived from the Upper South - particularly Maryland and Virginia - their destination had moved further west. Alabama and Mississippi had become the largest recipients, with each receiving nearly 100,000 slaves during the 1830s. The Panic of 1837 and the subsequent decline in cotton and sugar production deflated the price of slaves and the trade slackened for a few years. But prices soon revived and with them the demand for slaves. Nearly one quarter of a million slaves left the seaboard for the interior during the 1850s, with more than half being taken west of the Mississippi River. The 'mania for buying negroes' easily overwhelmed periodic bans against slave importation and did not cease until the arrival of Union troops.

They were planning to launch a pioneering series of ‘disposable records’–the aural equivalent of paperback books, which would offer readings or speeches by iconic figures of the age at a bargain price. There would even be albums of the Beatles in conversation, the company announced. McCartney and Harrison were prepared to spend half the year in California, to establish Apple as a truly transatlantic enterprise.

America’s stock markets declined by 38% in 2008, but most of the world’s major stock markets fell by closer to 50% for the same period. The destruction of the American engine of enterprise will bring down markets, corporations, and individuals worldwide.

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Aside from church and rare family events, we were always home. I can recall our family going out to dinner once throughout my entire childhood — if you don’t count vacations. For starters, there was the issue of cost. My father was the sole breadwinner. Taking six kids and two adults to even a modestly priced restaurant cost well over $100 in today’s dollars — money my parents simply could not spare. Then there was logistics. In the early 1970s, my father drove a Plymouth Fury III — a Starship-Enterprise-looking thing with faux wood paneling on its sides.

Competition between businesses creates better products and services, as well as lower prices. It encourages entrepreneurship and fosters good, hard work. The competition of free enterprise is a major reason businesses are usually more efficient and productive than government.

In those meetings, I learned that even economic diagrams needn’t be linear. Ours was a nest of concentric circles, and an enterprise was measured by its value to each circle, from the individual and family to the community and environment. I realized that Rebecca and her colleagues were trying to do nothing less than transform the System of National Accounts, the statistical framework here and in most countries for measuring economic activity. For instance, the value of a tree depends on its estimated value or sale price, but if it is sold and cut down, there is no accounting on the debit side of the ledger for loss of oxygen, seeding of other trees, or value to the community or the environment. This group was inventing a new way of measuring profit and loss. By the end of our days together, I understood economics in a whole new way. A balance sheet really could be about balance.

Our concern,” Jimmy wrote in the DU brochure, is with how our city has been disintegrating socially, economically, politically, morally and ethically. We are convinced that we cannot depend upon one industry or any large corporation to provide us with jobs. It is now up to us—the citizens of Detroit—to put our hearts, our imaginations, our minds, and our hands together to create a vision and project concrete programs for developing the kinds of local enterprises that will provide meaningful jobs and income for all citizens. To engage Detroiters in the creation of this vision, DU embarked on a campaign for open government in the city, issuing a series of leaflets calling on citizens to examine the whole chain of developer-driven megaprojects with which Young had tried and failed to revive the city (including Poletown and the People Mover) and to assume responsibility for envisioning and implementing alternative roads of development based on restoring neighborhoods and communities. During the debate over casino gambling Young had challenged his opponents to come up with an alternative, accusing us of being naysayers without any solutions of our own. Jimmy welcomed the challenge. There was nothing he liked better than using crisis and breakdown as an opportunity for renewal and transformation. His forte was devising solutions that were visionary and at the same time so down-to-earth that people could almost taste them. For more than fifteen years he had been writing and talking about the crisis developing in our cities and the need to redefine work, especially for the sake of our young people. In October 1986, at a meeting in Oakland, California, which the Bay Area NOAR sponsored to present “a vision of 21st century neighborhoods and communities,” Jimmy had declared that it was now “idealistic” to expect the government or corporations to do the work that is needed to keep up our communities and to provide for our elementary safety and security. Multinational corporations and rapid technological development have turned our cities into graveyards. “Efficiency in production,” he argued, “can no longer be our guiding principle because it comes at the price of eliminating human creativity and skills and making millions of people expendable.” He continued: “The residue of the last 100 years of rapid technological development is alienation, hopelessness, self-hate and hate for one another, and the violence which has created a reign of terror in our inner cities.

Most neoclassical economists would argue that state-owned firms will inevitably be less efficient than private ones because the state lacks the proper incentives to run enterprises efficiently. The state does not have to fear bankruptcy, since it can keep businesses going out of tax dollars or, at worst, by printing money. It also has strong incentives to use the firm for political ends like job creation and patronage. These deficiencies of public ownership have been the underlying justification for the global move toward privatization over the past decade. But state-owned enterprises can be run more or less efficiently, and any final judgment as to the efficiency price paid for nationalization has to be measured against the entrepreneurial capabilities of that society’s private sector. In France, nationalized companies have often been allowed considerable managerial discretion and operate not much differently from their private sector counterparts.36

What are the future prospects for a country that turns from the economic and political principles that made it the world’s economic giant, and towards the European socialist state philosophy?  Who would have ever thought that the world’s leading free enterprise, free market nation would: a.) nationalize its banks; b.) replace the CEO of the nation’s largest industrial corporation by demand of the White House; c.) force itself into a position of majority ownership of that corporation and default on bondholders; d.) force the CEO of the nation’s largest bank to buy a company that could destroy the bank, and then force the CEO to lie to shareholders about the transaction, at the demand of the Secretary of the Treasury and the Chairman of the Federal Reserve?

The old order types were simple and straightforward and mainly sensible. The new order types that accompanied the explosion of high-frequency trading were nothing like them, either in detail or spirit. When, in the summer of 2012, the Puzzle Masters gathered with Brad and Don and Ronan and Rob and Schwall in a room to think about them, there were maybe one hundred fifty different order types. What purpose did each serve? How might each be used? The New York Stock Exchange had created an order type that ensured that the trader who used it would trade only if the order on the other side of his was smaller than his own order; the purpose seemed to be to prevent a high-frequency trader from buying a small number of shares from an investor who was about to crush the market with a huge sale. Direct Edge created an order type that, for even more complicated reasons, allowed the high-frequency trading firm to withdraw 50 percent of its order the instant someone tried to act on it. All of the exchanges offered something called a Post-Only order. A Post-Only order to buy 100 shares of Procter & Gamble at $80 a share says, “I want to buy a hundred shares of Procter & Gamble at eighty dollars a share, but only if I am on the passive side of the trade, where I can collect a rebate from the exchange.” As if that weren’t squirrely enough, the Post-Only order type now had many even more dubious permutations. The Hide Not Slide order, for instance. With a Hide Not Slide order, a high-frequency trader—for who else could or would use such a thing?—would say, for example, “I want to buy a hundred shares of P&G at a limit of eighty dollars and three cents a share, Post-Only, Hide Not Slide.” One of the joys of the Puzzle Masters was their ability to figure out what on earth that meant. The descriptions of single order types filed with the SEC often went on for twenty pages, and were in themselves puzzles—written in a language barely resembling English and seemingly designed to bewilder anyone who dared to read them. “I considered myself a somewhat expert on market structure,” said Brad. “But I needed a Puzzle Master with me to fully understand what the fuck any of it means.” A Hide Not Slide order—it was just one of maybe fifty such problems the Puzzle Masters solved—worked as follows: The trader said he was willing to buy the shares at a price ($80.03) above the current offering price ($80.02), but only if he was on the passive side of the trade, where he would be paid a rebate. He did this not because he wanted to buy the shares. He did this in case an actual buyer of stock—a real investor, channeling capital to productive enterprise—came along and bought all the shares offered at $80.02. The high-frequency trader’s Hide Not Slide order then established him as first in line to purchase P&G shares if a subsequent investor came into the market to sell those shares. This was the case even if the investor who had bought the shares at $80.02 expressed further demand for them at the higher price. A Hide Not Slide order was a way for a high-frequency trader to cut in line, ahead of the people who’d created the line in the first place, and take the kickbacks paid to whoever happened to be at the front of the line.

For whom, I asked myself innocently, were the riches and dominions that the English conquered and held on to at any price in the most remote corners of the planet? The neighborhoods which succeeded one another interminably down the narrow cobbled streets were not inhabited by the beneficiaries of those enterprises.

I couldn’t miss the irony, not as a forty-two-year-old native of the segregated South, still fighting to earn respect in the color-conscious world of American business. How often had my parents and grandparents, other family members and friends, and I myself been directed to the back door of a bus, a restaurant, or a theater because we were considered second class, even after paying a first-class price for service! But that night we were treated to courtesies that even President Nixon could not enjoy: entering through the lobby, approaching the front desk, quietly registering, and being assisted to our room by the highly trained wait staff. A familiar portion of a Bible verse came to mind. The last shall be first and the first last (Matt. 20:16).

People started realizing that the Russians, who were heading all the enterprises, were helping themselves to the merchandise, right and left. Of course, food became scarce because peasants were afraid of controls on the prices of their produce. As a result, they brought less food to market. Anybody working in a food store or restaurant or bakery or yeast factory was doing very well, while I, who couldn't steal anything, except for a Romanian book or ink, was at a clear disadvantage. It takes experience to realize where to work in case of a communist take-over.

Very few people writing about this new industry in the mainstream press truly understood how personal computers had already begun to revert to institutional machines. This was mainly because it was easier for most journalists of the early 1990s to envision and get personally excited about the potential of educational software, or of managing their personal finances, or organizing their recipes in the “digital” kitchen, or imagining how amateur architects could design funky homes right on their home computers. Who wouldn’t be excited about more power in the hands of people, the computer as an extension of the brain, a “bicycle for the mind,” as Steve put it? This was the story of computing that got all the ink, and it was a story no one unfurled as well as Steve. Bill Gates wasn’t swayed by that romance. He saw it as a naïve fantasy that missed the point of the much more sophisticated things PCs could do for people in the enterprise. A consumer market can be an enormously profitable one—put simply, there are so many more people than businesses that if you sell them the right product you can mint money. But the personal computers of that time still didn’t have enough power at a low enough price to excite the vast majority of consumers, or to change their lives in any meaningful way. The business market, however, was a different beast. The potential volume of sales represented by all those corporate desktops, in all those thousands of companies big and small, became the target of Bill Gates’s strategic brilliance and focus. Those companies paid good prices for the reliability and consistency that Windows PCs could deliver. They welcomed incremental improvement, and Bill knew how to give it to them. Steve paid lip service to it, but his heart wasn’t in it. He thrilled only to the concept of how a dramatically better computer could unlock even more potential for its user.

The Center for Neighborhood Technology pioneered car sharing in Chicago in 2002 with I-GO, which was operated by Alternative Transportation. I-GO was sold to Enterprise in 2013. With NeighborCar, local car owners set their rental rates, and drivers can use the car for a set price and defined time period. Tim Frisbie, a spokesman for the Shared-Use Mobility Center, another group that promotes ride sharing and is involved in NeighborCar, said that a price range has not been set.

When the Planters fled from Haiti, they established coffee farms or cafetales, as part of their newly formed Plantation. Generally, coffee profits were about 5%, whereas sugar gave them a 10% return, but much was dependent on the economy and local conditions. Cafetales were easier to start and with as little as 10 slaves, a planter could begin his enterprise. Most of the French plantation owners took great pride in their holdings and beautified their plantations with magnificent palms lining grand entryways and spectacular wrought iron gates. The eastern end of Cuba was still available for development and many big plantations started in this modest way, but eventually the coffee plants were replaced with sugar cane due to the greater profit margin. Though blamed by many as the sole cause for the decline of Cuba’s coffee industry, the U.S. Import Tariff of 1835 was only partially to blame for the fall in coffee production. From the beginning, the prices of sugar fluctuated and prevented the Cuban economy from ever becoming stable. The first time was when the prices reached a high, during the Peace of Amiens in 1802. The treaty only survived for a year and shortly thereafter prices plunged, when the supply exceeded demand. During the French Revolution and the Napoleonic Wars, the price of sugar soared again, until the British conquest of Martinique and Guadeloupe brought the price tumbling down. The following year during the War of 1812 prices rose again, and by 1814 they reached another all-time high. This continued into modern times, creating a feast or famine economy.

We cannot increase standards of living by restricting production. We cannot spend ourselves into prosperity. We cannot hate ourselves into it either. We cannot constantly increase costs of production without increasing prices and therefore decreasing consumption and employment. We cannot place punitive taxes on industry without stifling new enterprise and jobs.14

Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate … It will purge the rottenness out of the system. High costs of living and high living will come down … enterprising people will pick up the wrecks from less competent people. Andrew Mellon, 1932

Unicorns could be seen as a second class of zombie, wrote a correspondent to the Financial Times, ‘whose owners and investors can keep them alive by constant waves of propaganda about their cutting edge technology which has yet to produce a profit (Uber, for example) but are supposedly part of ‘disruption’ culture. This advertising keeps the flow of investments going. These companies are using the talent of engineers and coders, and marketing specialists that could be used in more productive enterprises. The hope that someday they will be profitable does not justify the destruction of useful and profitable business models.39 The large-scale misallocation of resources into loss-making businesses whose profits exist in Never-Never Land is a sign that the cost of capital is too low. Bring down interest rates low enough and even unicorns can fly and, soaring too high, they inevitably crash.

You need a good process for qualifying prospects before they get to you so you’re not stuck doing demos with people who will pay you $30 a month or are the wrong fit for your product. Dialing in your positioning, website, and marketing is one way to make sure you’re attracting the right prospects and weeding out those who aren’t a good match. Using a qualifying form to schedule a demo is also good. Have them put in the company’s name, the company’s size, their best work email, and other information you need to know. Weeding through those prospects can be time-consuming—especially if you have a dual funnel with low-priced and enterprise-level tiers. Here’s a hack: At Drip, anytime someone clicked “Book a Demo,” they got a pop-up that asked for their name and value metric (i.e., how many subscribers they had). If they put in a low number, they were redirected to a page with a video demo, a 10-minute screencast of me walking through the product. If they put in a high number, they were directed to our scheduling link to book a time for a more extensive conversation. As Drip grew, the cutoff number for in-person demos grew, too. At first, we were doing demos for people in our lowest tiers because it was early and we wanted to learn about our market by talking to anyone we could. Bit by bit, we ratcheted up the number on the form based on how many salespeople had the bandwidth to run demos.

LOW: Sales Effort Sales effort is a measure of the length of your sales cycle and includes the number of touch points required to make the sale. Where CAC measures the amount of money you’re spending to get a new customer, sales effort measures the time and energy you’re spending. The best way to track sales effort is to look at both the average number of days from someone scheduling their first demo to closing and the number of calls it takes to close a deal. Your ability to keep sales effort low depends greatly on your industry and customer base. If you’re doing enterprise sales, your sales cycle will be long and require more effort than if you’re targeting solopreneurs and other small businesses with a single decision-maker. A three- or four-month sales cycle is reasonable in enterprise sales—and worth it because the ACV might be $50,000. If you’re spending that much time for $5,000 contracts, though, that’s rough. No matter what your sales process looks like, you want your sales effort to be as low as possible. Here are some ways to lower this number. Self-Serve Sign-up and Onboarding. Many inexpensive products can get away with low price points because they have a low-touch or no-touch sales process. They have a self-serve sign-up and onboarding process, which requires almost no sales effort. The higher your ARPA, the less likely they are to become customers without some sales effort. But finding places to offer self-service along the journey can reduce the amount of hand-holding your team has to do while making the process speedier for your customer. One-Call Close. Self-service isn’t going to work in a lot of spaces, but you can try to get to a point where the decision is made by a single person. You can do this by targeting a founder, a developer, or a single manager. You can also streamline the back-and-forth of providing more sales materials, getting on second calls, waiting for input from the committee—and on and on. Educate your customers as much as you can ahead of time so they have the information they need and develop checklists to gather the information you need to close the deal quickly.

the drawing up of false accounts by capitalist enterprises coupled with the corruption of state officials makes it possible for monopolists to conceal the real amount of their profits and to evade payment of a considerable part of taxes. That which they must pay, they recover from the mass of people by various means (for instance, by increasing prices, rents, etc.). Finally the mechanism of taxation is used also for the extraction of a considerable part of the profits of the small and medium capitalists

How Should I Structure My Pricing? Pricing is the biggest lever in SaaS, and almost no one gets it right out of the gate. Fortunately, you don’t need a PhD to structure your pricing well. Like most things in SaaS, finding the right pricing structure is one part theory, one part experimentation, and one part founder intuition. I wish I could tell you a single “correct” structure, but it varies based on your customer base, the value provided, and the competitive landscape. Most founders price their product too low or create confusing tiers that don’t align with the value a customer receives from the product. On the low end, if you have a product aimed at consumers, you can get away with charging $10 to $15 a month. The problem is at that price point, you’re going to be dealing with high churn, and you won’t have much budget to acquire customers. That can be brutal, but if you have a no-touch sign-up process with a product that sells itself, you can get away with it. Castos’s podcasting software and Snappa’s quick graphic design software are good examples of products that do well with a low average revenue per account (ARPA). You’ll have more breathing room (and less churn) if you aim for an ARPA of $50 a month or more. In niche markets—or where a demo is required or sales cycles are longer—aim higher (e.g., $250 a month and up). If you have a high-touch sales process that involves multiple calls, you need to charge enough to justify the cost of selling it. For example, $1,000 a month and up is a reasonable place to start. If you’re making true enterprise sales that require multiple demos and a procurement process, aim for $30,000 a year and up (into six figures). One of the best signals to guide your pricing is other SaaS tools, and I don’t just mean competition. Any SaaS tool a company in your space might replace you with, a complementary tool or a tool similar to yours in a different vertical can offer guidance, but make sure you don’t just compare features; compare how it’s sold. As mentioned above, the sales process has tremendous influence over how a product should be priced. There are so many SaaS tools out now that a survey of competitive and adjacent tools can give you a mental map of the range of prices you can charge. No matter where your business sits, one thing is true: “If no one’s complaining about your price, you’re probably priced too low.

Once we pushed the Opsware stock price back above $1, the next problem was to rebuild the executive team. We had cloud services executives, but now we were a software company and needed software executives. In enterprise software companies, the two most important positions tend to be VP of sales and VP of engineering.

Shri Rang Enterprise based in Ahmedabad, India, where pride in our brake motors is our top priority. With minimal overhead and maximum efficiency we offer the best prices and services to all our clients. Our systems are based on advanced technologies that help us in facing the challenges and delivering top notch range to the customers. We are providing brake motors to our clients, we have been able to mark an edge over our competitors and achieve a reputed position in the market. Our offered range is acknowledged by a large clientele because of their smooth functioning, result accuracy, minimal maintenance and flawless construction.

If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing.”43

They have just concluded their business in the latest town, where Itempas nearly drowned trying to help a fishing boat haul in its catch with old fraying nets and a captain who did not heed the dire weather reports. Because other mortals’ lives were at stake, Itempas could use magic to save them, translocating everyone from the boat to the shore just as the mast sank beneath the waves. As a crowd gathers ’round to exclaim over the miracle of survivors, and to shout at the captain who sits ashamed nearby, Glee goes to her father, who stands watching all of this with a sterner-than-usual set to his face. There is more to it than the captain’s negligence, Glee understands. The boat’s nets were frayed because the captain could barely afford to keep his business afloat. His business was in danger because the price of fish is being artificially controlled by the Nobles’ Consortium in order to please several of the wealthier islander merchants, who run large fish distribution enterprises. The same people who curse the captain now have happily bought the cheap fish that made him so desperate for just one more catch. Now the man has lost his livelihood altogether, as have his crew members—but the price of fish will stay low, driving other captains into other storms and causing other wrecks from which there will be no magical rescue. It is painfully clear even to Glee, who has less of a jaded eye toward human foibles, that these people will never believe themselves complicit in the lives lost. They accept that this is the way the world works, in part because it is all they know and in part because it is all they wish to know. They are Itempans, probably, all of them. Comfortable with the status quo.

Investors still need to ask, how stable is the enterprise, and what are its future prospects? What are its earnings and cash flow? What is the downside risk of owning it? What is its liquidation value? How capable and honest is its management? What would you pay for the stock of this company if it were public? What factors might cause the owner of this business to sell control at a bargain price? Similarly, the pair never addressed how to analyze the purchase of an office building or apartment complex. Real estate bargains come about for the same reasons as securities bargains—an urgent need for cash, inability to perform proper analysis, a bearish macro view, or investor disfavor or neglect. In a bad real estate climate, tighter lending standards can cause even healthy properties to sell at distressed prices. Graham and Dodd’s principles—such as the stability of cash flow, sufficiency of return, and analysis of downside risk—allow us to identify real estate investments with a margin of safety in any market environment.

Now, supposing we should abolish all other taxes direct and indirect, substituting for them a tax upon land values, what would be the effect? In the first place it would be to kill speculative values. It would be to remove from the newer parts of the country the bulk of the taxation and put it on the richer parts. It would be to exempt the pioneer from taxation and make the larger cities pay more of it. It would be to relieve energy and enterprise, capital and labour, from all those burdens that now bear upon them. What a start that would give to production! In the second place we could, from the value of the land, not merely pay all the present expenses of the government, but we could do infinitely more. In the city of San Francisco James Lick left a few blocks of ground to be used for public purposes there, and the rent amounts to so much, that out of it will be built the largest telescope in the world, large public baths and other public buildings, and various costly works. If, instead of these few blocks, the whole value of the land upon which the city is built had accrued to San Francisco what could she not do?  So in this little town, where land values are very low as compared with such cities as Chicago and San Francisco, you could do many things for mutual benefit and public improvement did you appropriate to public purposes the land values that now go to individuals. You could have a great free library; you could have an art gallery; you could get yourselves a public park, a magnificent public park, too. You have here one of the finest natural sites for a beautiful town I know of, and I have travelled much. You might make on this site a city that it would be a pleasure to live in. You will not as you go now—oh, no! Why, the very fact that you have a magnificent view here will cause somebody to hold on all the more tightly to the land that commands this view and charge higher prices for it. The State of New York wants to buy a strip of land so as to enable the people to see Niagara, but what a price she must pay for it! Look at all the great cities; in Philadelphia, for instance, in order to build their great city hall they had to block up the only two wide streets they had in the city. Everywhere you go you may see how private property in land prevents public as well as private improvement.  But I have not time to enter into further details.

The pie includes the long-term value customers enjoy over and above the price they pay, which we’ll call surplus. An enterprise creates surplus by inventing a product that materially improves their lives, providing free after-sales service or not using misleading marketing tactics.

There isn't anyone in the business," he went on, "who hasn't been accused of selling a forged piece, by accident or design, over the years. And then there's the current brouhaha in the auction houses, with the government charging sellers with rigging the bids to knock up the prices. On the surface, gentlemen, it's a world of exquisite beauty and refinement. But it's every bit as filthy and cutthroat as any other commercial enterprise, as soon as you get beneath the top layer of gouache

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stockpiling of goods, runs on banks, and widespread urban discontent. This put Zhao seriously on the political defensive and under attack from the conservative Old Guard. Over the summer of 1988 a comprehensive plan to control inflation and stabilize the overheated economy was worked out by senior leaders Yao Yilin and Li Peng, as well as State Council think tank economists—which was presented to the Third Plenum of the Thirteenth Central Committee in September. As a result, prices were frozen, foreign trade was recentralized, a very tight fiscal policy forced on state banks, investment controls were put in place, and capital construction halted. Zhao himself came in for six-and-a-half hours of harsh criticism and was forced to make a self-criticism. This was the all-important backdrop to the dramatic demonstrations of the spring of 1989 (which were triggered by economic discontent as much as by political demands). Among the many other economic reforms stimulated during Deng’s tenure, two others deserve brief mention. The first concerned changes in the ownership structure, and the second concerned efforts to establish a regulatory structure (as distinct from an administrative structure) for qualitative oversight of economic activity. With regard to the first, a key part of creating the hybrid state-collective-private economy that Deng and his colleagues envisioned necessitated the creation of truly private enterprises and private ownership.56 Citizens in both rural and urban areas were permitted to purchase long-term leaseholds on property (often their homes) and to pass it from generation to generation. Another example of

Stock Guide material includes “Earnings and Dividend Rankings,” which are based on stability and growth of these factors for the past eight years. (Thus price attractiveness does not enter here.) We include the S & P rankings in our Table 15-1. Ten of the 15 issues are ranked B+ (= average) and one (American Maize) is given the “high” rating of A. If our enterprising investor wanted to add a seventh mechanical criterion to his choice, by considering only issues ranked by Standard & Poor’s as average or better in quality, he might still have about 100 such issues to choose from. One might say that a group of issues, of at least average quality, meeting criteria of financial condition as well, purchasable at a low multiplier of current earnings and below asset value, should offer good promise of satisfactory investment results.

The reasons for the steep economic decline were numerous. The collapse of the Soviet economy not only disrupted economic ties between different republics but also spelled the end to procurement for the ex-Soviet military. Ukraine, home to a highly developed military-industrial complex, suffered disproportionately in this regard. Unlike Russia, Ukraine had no oil and gas revenues to soften the blow. Moreover, the Ukrainian metallurgical complex—the industrial sector that survived the crash and provided most of the funds for the Ukrainian budget—depended entirely on Russian natural gas supplies and had to pay ever increasing prices for that precious commodity. But by far the most important reason for the economic decline was the Ukrainian government’s delaying of badly needed economic reforms and continuing to subsidize money-losing state enterprises by issuing credits and printing more money. Runaway inflation, which reached a staggering 2,500 percent in 1992, set the seal on the rapid economic decline.

The idea that we should not concern ourselves unduly about the future because “expectancy is the main impediment to living” has to be qualified for other reasons too. At the societal level, too much focus on present goods, like lower taxes or gas prices, at the expense of future goods such as a cleaner environment and an adequately funded welfare state, is hardly praiseworthy, and we would do well to worry about the consequences of this shortsightedness. With respect to both individuals and communities, it is hard to make significant plans and engage in long-term projects without worrying about the ways in which they might be derailed. This is true whether one is raising a child, planting crops, running a business, carrying out research, writing a book, building an organization, or working for a cause. Yet immersing ourselves in such projects and bringing them to fruition yields some of our most valuable experiences and accomplishments. It hardly makes sense to eschew long-term enterprises on the grounds that they usually produce anxiety as well as (one hopes) satisfaction. And it is hard to really throw oneself into a project without worrying about its prospects for success. The advice not to worry unduly about the future thus has to be quite restricted if it is to be reasonable. It amounts to telling us not to spoil the present through excessive anxiety about the future, and not to worry unduly about the loss of things that do not really matter. One of the merits of simple living is that it demonstrates how little we need to possess in order to be content, and how much of what we consider necessary is in fact superfluous. Keeping these points in mind may help us become, in Epicurus’s phrase, “fearless of fortune,” at least with respect to wealth and possessions. But it is less obvious how living simply helps one to achieve greater detachment from other things one values, such as loved ones, meaningful projects, or political causes.

Noyce recalled that the group had some slight qualms about running their own business, but these doubts were easily overcome by “the realization, for the first time, that you had a chance at making more money than you ever dreamed of.” The dream, as it happened, came true. Even by high-tech standards, that $500 turned out to be a spectacular investment. In 1968 the founders sold their share of Fairchild Semiconductor back to the parent company; Noyce’s proceeds—the return on his initial $500 investment—came to $250,000. Noyce and his friend Gordon Moore had by then found another financial backer and started a new firm, Intel Corporation (the name is a play on both Intelligence and Integrated Electronics). Intel started out making chips for computer memories, a business that took off like a rocket. Intel’s shares were traded publicly for the first time in 1971—on the same day, coincidentally, that Playboy Enterprises went public. On that first day, stock in the two firms was about equally priced; a year later, Intel’s shares were worth more than twice as much as Playboy’s. “Wall Street has spoken,” an investment analyst observed. “It’s memories over mammaries.” Today, Intel is a multibillion-dollar company, and anybody who held on to the founding group’s stake in the company is a billionaire several times over.

Adequate Size of the Enterprise All our minimum figures must be arbitrary and especially in the matter of size required. Our idea is to exclude small companies which may be subject to more than average vicissitudes especially in the industrial field. (There are often good possibilities in such enterprises but we do not consider them suited to the needs of the defensive investor.) Let us use round amounts: not less than $100 million of annual sales for an industrial company and, not less than $50 million of total assets for a public utility. 2. A Sufficiently Strong Financial Condition For industrial companies current assets should be at least twice current liabilities—a so-called two-to-one current ratio. Also, long-term debt should not exceed the net current assets (or “working capital”). For public utilities the debt should not exceed twice the stock equity (at book value). 3. Earnings Stability Some earnings for the common stock in each of the past ten years. 4. Dividend Record Uninterrupted payments for at least the past 20 years. 5. Earnings Growth A minimum increase of at least one-third in per-share earnings in the past ten years using three-year averages at the beginning and end. 6. Moderate Price/Earnings Ratio Current price should not be more than 15 times average earnings of the past three years.

In the mid-2000s, the IEA estimated that OPEC’s share of total world oil supply would rise from 38 percent in 2000 to 48 percent by 2020.5 In 2019, OPEC’s share of total world oil supply had fallen to under 30 percent, threatening its entire enterprise of influencing world oil prices. To regain sufficient market power, especially in light of the changes in the elasticity of both oil supply and demand, it needed to add a major non-OPEC producer to its ranks—hence its changed attitude about cooperation with Russia. Moscow is now a necessity for OPEC, and for Saudi Arabia, if it is going to able to salvage any semblance of influence over the price of oil.

In an op-ed in Inc. magazine, Thomas Goetz explains the difficulties that Iodine and other startups in the United States have had in their efforts to revolutionize health care: Unlike so many other industries, health care has proved allergic to upstarts that would emerge, uncork a radically new model, and push the incumbents aside. There are many reasons for this, but most boil down to “health care is different.” It’s highly regulated, which makes rapid transformation difficult. The incumbents are massive enterprises with multiple services, so challenging them is nearly impossible. It isn’t a market-driven industry that responds to better, cheaper, faster. You can’t price-shop. The government is the biggest customer. All the incentives are misaligned.

Many of the more literate politicians had heard of Adam Smith – though remarkably few had actually read him – and believed that ‘free enterprise’ could solve all of the world’s problems, despite Smith pointing out that businessmen were inevitably monopolist price-fixers whose prime aim was to profit through corruption.

Believing in a pending big bang economic earthquake and thinking gold will somehow help in such a case is a sociological construction. Believing in and acting on the realities of enterprise and markets as a condition for human flourishing is a theological construction. I pick B.

In short, there is a great deal of stagnation among the settlers and the medium-sized enterprises. The native there is often mistreated, exploited and has no medical care. In the Menteau farm, we observed a considerable number of varicose ulcers, which hardly exists at UM and La Forminière. There is no dispensary on this farm. The small settler can succeed in the Congo, one can doubt it, he lives by the exploitation of the native whom he makes work like a convict and moreover, he takes back his meager salary by selling him bad goods. The settler is often doubled as a trafficker, they complement each other, the system truck. Besides, the whole colonial edifice rests on the negro's shoulders. He alone is the source of profit, thanks to the excessive exploitation of which he is the object. In a colony, where there are few transport routes, where those that exist demand exorbitant prices, where there is little or no mechanical handling, no workhorse, only the degradation of the workforce - work can maintain the commercial level of the cost price. Large companies have the merit, through their tools, their medical assistance, their works of providing more treatment and of not wasting manpower.

In the UK, for example, 97 percent of money is created by commercial banks and its character takes the form of debt-based, interest-bearing loans. As for its intended use? In the 10 years running up to the 2008 financial crash, over 75 percent of those loans were granted for buying stocks or houses—so fuelling the house-price bubble—while a mere 13 percent went to small businesses engaged in productive enterprise.47 When such debt increases, a growing share of a nation’s income is siphoned off as payments to those with interest-earning investments and as profit for the banking sector, leaving less income available for spending on products and services made by people working in the productive economy. ‘Just as landlords were the archetypal rentiers of their agricultural societies,’ writes economist Michael Hudson, ‘so investors, financiers and bankers are in the largest rentier sector of today’s financialized economies.