Era Stock Quotes

Victorian rigidities were such that ladies were not even allowed to blow out candles in mixed company, as that required them to pucker their lips suggestively. They could not say that they were going "to bed"--that planted too stimulating an image--but merely that they were "retiring." It became effectively impossible to discuss clothing in even a clinical sense without resort to euphemisms. Trousers became "nether integuments" or simply "inexpressibles" and underwear was "linen." Women could refer among themselves to petticoats or, in hushed tones, stockings, but could mention almost nothing else that brushed bare flesh.

What imperialists actually wanted was expansion of political power without the foundation of the body politic. Imperialist expansion had been touched off by a curious kind of economic crisis, the overproduction of capital and the emergence of "superfluous" money, the result of oversaving, which could no longer find productive investment within national borders. For the first time, investment of power did not pave the way for investment of money, since uncontrollable investments in distant countries threatened to transform large strata of society into gamblers, to change the whole capitalist economy from a system of production to a system of financial speculation, and to replace the profits of production with profits in commissions. The decade immediately before the imperialist era, the seventies of the last century, witnessed an unparalleled increase in swindles, financial scandals, and gambling in the stock market.

I remember to this day how easily I could grasp what he called his tentative ideas when he talked about the architectural style of the capitalist era, a subject which he said had fascinated him since his own student days, speaking in particular of the compulsive sense of order and the tendency towards monumentalism evident in law courts and penal institutions, railway stations and stock exchanges, opera houses and lunatic asylums, and the dwelling built to rectangular grid patterns for the labor force.

If I seem to be over-interested in junk, it is because I am, and I have a lot of it, too—half a garage full of bits and broken pieces. I use these things for repairing other things. Recently I stopped my car in front of the display yard of a junk dealer near Sag Harbor. As I was looking courteously at the stock, it suddenly occurred to me that I had more than he had. But it can be seen that I do have a genuine and almost miserly interest in worthless objects. My excuse is that in this era of planned obsolescence, when a thing breaks down I can usually find something in my collection to repair it—a toilet, or a motor, or a lawn mower. But I guess the truth is that I simply like junk.

When I heard about the ease with which the Four had been removed, I felt a wave of sadness. How could such a small group of second-rate tyrants ravage 900 million people for so long? But my main feeling was joy. The last tyrants of the Cultural Revolution were finally gone. My rapture was widely shared. Like many of my countrymen, I went out to buy the best liquors for a celebration with my family and friends, only to find the shops out of stock there was so much spontaneous rejoicing. There were official celebrations as well exactly the same kinds of rallies as during the Cultural Revolution, which infuriated me. I was particularly angered by the fact that in my department, the political supervisors and the student officials were now arranging the whole show, with unperturbed self-righteousness. The new leadership was headed by Mao's chosen successor, Hua Guofeng, whose only qualification, I believed, was his mediocrity. One of his first acts was to announce the construction of a huge mausoleum for Mao on Tiananmen Square. I was outraged: hundreds of thousands of people were still homeless after the earthquake in Tangshan, living in temporary shacks on the pavements. With her experience, my mother had immediately seen that a new era was beginning. On the day after Mao's death she had reported for work at her depas'uuent. She had been at home for five years, and now she wanted to put her energy to use again. She was given a job as the number seven deputy director in her department, of which she had been the director before the Cultural Revolution. But she did not mind. To me in my impatient mood, things seemed to go on as before. In January 1977, my university course came to an end. We were given neither examinations nor degrees. Although Mao and the Gang of Four were gone, Mao's rule that we had to return to where we had come from still applied. For me, this meant the machinery factory. The idea that a university education should make a difference to one's job had been condemned by Mao as 'training spiritual aristocrats.

By the time the Victorian era began in 1837, women enjoying almost anything at all was associated with sinfulness. They were seen as the weaker sex who were more prey to temptation, so it was better for everyone involved if they just stayed at home. Maybe even closed inside a stockings drawer or hatbox. Just in case.

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

The Oreo cookie invented, the Titanic sinks, Spanish flu, Prohibition, women granted the right to vote, Lindbergh flies solo across the Atlantic, penicillin invented, stock market crashes, the Depression, Amelia Earhart, the atom is split, Prohibition ends, Golden Gate Bridge is built, Pearl Harbor, D-Day, the Korean War, Disneyland, Rosa Parks, Laika the dog is shot into space, hula hoops, birth control pill invented, Bay of Pigs, Marilyn Monroe dies, JFK killed, MLK has a dream, Vietnam War, Star Trek, MLK killed, RFK killed, Woodstock, the Beatles (George, Ringo, John, and Paul) break up, Watergate, the Vietnam War ends, Nixon resigns, Earth Day, Fiddler on the Roof, Olga Korbut, Patty Hearst, Transcendental Meditation, the ERA, The Six Million Dollar Man. "Bloody hell," I said when she was done. "I know. It must be a lot to take in." "It's unfathomable. A Brit named his son Ringo Starr?" She looked pleasantly surprised: she'd thought I had no sense of humor. "Well, I think his real name was Richard Starkey.

I reviewed in thought the modern era of raps and apparitions, beginning with the knockings of 1848, at the hamlet of Hydesville, N.Y., and ending with grotesque phenomena at Cambridge, Mass.; I evoked the anklebones and other anatomical castanets of the Fox sisters (as described by the sages of the University of Buffalo ); the mysteriously uniform type of delicate adolescent in bleak Epworth or Tedworth, radiating the same disturbances as in old Peru; solemn Victorian orgies with roses falling and accordions floating to the strains of sacred music; professional imposters regurgitating moist cheesecloth; Mr. Duncan, a lady medium's dignified husband, who, when asked if he would submit to a search, excused himself on the ground of soiled underwear; old Alfred Russel Wallace, the naive naturalist, refusing to believe that the white form with bare feet and unperforated earlobes before him, at a private pandemonium in Boston, could be prim Miss Cook whom he had just seen asleep, in her curtained corner, all dressed in black, wearing laced-up boots and earrings; two other investigators, small, puny, but reasonably intelligent and active men, closely clinging with arms and legs about Eusapia, a large, plump elderly female reeking of garlic, who still managed to fool them; and the skeptical and embarrassed magician, instructed by charming young Margery's "control" not to get lost in the bathrobe's lining but to follow up the left stocking until he reached the bare thigh - upon the warm skin of which he felt a "teleplastic" mass that appeared to the touch uncommonly like cold, uncooked liver. ("The Vane Sisters")

History determines your hiring policy. Why are tech companies being lectured by media corporations on “diversity”? Is it because those media corporations that are 20-30 points whiter than tech companies actually deeply care about this? Or is it because after the 2009-era collapse of print media revenue, media corporations struggled for a business model, found that certain words drove traffic, and then doubled down on that - boosting their stock price and bashing their competitors in the process?12 After all, if you know a bit more history, you’ll know that the New York Times Company (which originates so many of these jeremiads) is an organization where the controlling Ochs-Sulzberger family literally profited from slavery, blocked women from being publishers, excluded gays from the newsroom for decades, ran a succession process featuring only three cis straight white male cousins, and ended up with a publisher who just happened to be the son of the previous guy.13

Despite the lack of such biological instincts, during the foraging era, hundreds of strangers were able to cooperate thanks to their shared myths. However, this cooperation was loose and limited. Every Sapiens band continued to run its life independently and to provide for most of its own needs. An archaic sociologist living 20,000 years ago, who had no knowledge of events following the Agricultural Revolution, might well have concluded that mythology had a fairly limited scope. Stories about ancestral spirits and tribal totems were strong enough to enable 500 people to trade seashells, celebrate the odd festival, and join forces to wipe out a Neanderthal band, but no more than that. Mythology, the ancient sociologist would have thought, could not possibly enable millions of strangers to cooperate on a daily basis. But that turned out to be wrong. Myths, it transpired, are stronger than anyone could have imagined. When the Agricultural Revolution opened opportunities for the creation of crowded cities and mighty empires, people invented stories about great gods, motherlands and joint stock companies to provide the needed social links. While human evolution was crawling at its usual snail’s pace, the human imagination was building astounding networks of mass cooperation, unlike any other ever seen on earth. Around

Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points in a few minutes. A few minutes later, like a drunk trying to pretend he hadn’t just knocked over the fishbowl and killed the pet goldfish, it bounced right back up to where it was before. If you weren’t watching closely you could have missed the entire event—unless, of course, you had placed orders in the market to buy or sell certain stocks. Shares of Procter & Gamble, for instance, traded as low as a penny and as high as $100,000. Twenty thousand different trades happened at stock prices more than 60 percent removed from the prices of those stocks just moments before. Five months later, the SEC published a report blaming the entire fiasco on a single large sell order, of stock market futures contracts, mistakenly placed on an exchange in Chicago by an obscure Kansas City mutual fund. That explanation could only be true by accident, because the stock market regulators did not possess the information they needed to understand the stock markets. The unit of trading was now the microsecond, but the records kept by the exchanges were by the second. There were one million microseconds in a second. It was as if, back in the 1920s, the only stock market data available was a crude aggregation of all trades made during the decade. You could see that at some point in that era there had been a stock market crash. You could see nothing about the events on and around October 29, 1929.

In the Metro, one evening, I looked closely around me: everyone had come from somewhere else . . . Among us, though, two or three faces from here, embarrassed silhouettes that seemed to be apologising for their presence. The same spectacle in London. Today’s migrations are no longer made by compact displacements but by successive infiltrations: little by little, individuals insinuate themselves among the “natives,” to anaemic and too distinguished to stoop to the notion of a “territory.” After a thousand years of vigilance, we open the gates . . . When one thinks of the long rivalries between the French and the English, then between the French and the Germans, it seems as if each nation, by weakening one another, had as its task to speed the hour of the common downfall so that other specimens of humanity may relay them. Like its predecessor, the new Völkerwanderung will provoke an ethnic confusion whose phases cannot be distinctly foreseen. Confronted with these disparate profiles, the notion of a community homogeneous to whatever degree is inconceivable. The very possibility of so heteroclite a crowd suggests that in the space it occupies there no longer existed, among the indigenous, any desire to safeguard even the shadow of an identity. At Rome, in the third century of our era, out of a million inhabitants, only sixty thousand were of Latin stock. Once a people has fulfilled the historical idea which was its mission to incarnate, it no longer has any excuse to preserve its difference, to cherish its singularity, to safeguard its features amidst a chaos of faces.

Fukuoka, more than any other city in Japan, is responsible for ramen's rocket-ship trajectory, and the ensuing shift in Japan's cultural identity abroad. Between Hide-Chan, Ichiran, and Ippudo- three of the biggest ramen chains in the world- they've brought the soup to corners of the globe that still thought ramen meant a bag of dried noodles and a dehydrated spice packet. But while Ichiran and Ippudo are purveyors of classic tonkotsu, undoubtedly the defining ramen of the modern era, Hideto has a decidedly different belief about ramen and its mutability. "There are no boundaries for ramen, no rules," he says. "It's all freestyle." As we talk at his original Hide-Chan location in the Kego area of Fukuoka, a new bowl arrives on the table, a prototype for his borderless ramen philosophy. A coffee filter is filled with katsuobushi, smoked skipjack tuna flakes, and balanced over a bowl with a pair of chopsticks. Hideto pours chicken stock through the filter, which soaks up the katsuobushi and emerges into the bowl as clear as a consommé. He adds rice noodles and sawtooth coriander then slides it over to me. Compared with other Hide-Chan creations, though, this one shows remarkable restraint. While I sip the soup, Hideto pulls out his cell phone and plays a video of him layering hot pork cheeks and cold noodles into a hollowed-out porcelain skull, then dumping a cocktail shaker filled with chili oil, shrimp oil, truffle oil, and dashi over the top. Other creations include spicy arrabbiata ramen with pancetta and roasted tomatoes, foie gras ramen with orange jam and blueberry miso, and black ramen made with bamboo ash dipped into a mix of miso and onions caramelized for forty-five days.

The population, who are, ultimately, indifferent to public affairs and even to their own interests, negotiate this indifference with an equally spectral partner and one that is similarly indifferent to its own will: the government [Ie pouvoir] . This game between zombies may stabilize in the long term. The Year 2000 will not take place in that an era of indifference to time itself - and therefore to the symbolic term of the millennium - will be ushered in by negotiation. Nowadays, you have to go straight from money to money, telegraphically so to speak, by direct transfer (that is the viral side of the matter). A viral revolution, then, more akin to the Glass Bead Game than to the steam engine, and admirably personified in Bernard Tapie's playboy face. For the look of money is reflected in faces. Gone are the hideous old capitalists, the old-style industrial barons wearing the masks of the suffering they have inflicted. Now there are only dashing playboys, sporty and sexual, true knights of industry, wearing the mask of the happiness they spread all around themselves. The world put on a show of despair after 1968. It's been putting on a big show of hope since 1980. No more tears, alright? Reaganite optimism, the pump ing up of the dollar. Fabius's glossy new look. Patriotic conviviality. Reluctance prohibited. The old pessimism was produced by the idea that things were getting worse and worse. The new pessimism is produced by the fact that everything is getting better and better. Supercooled euphoria. Controlled anaesthesia. I should like to see the equivalent of Bernard Tapie in the world of business emerge in the world of concepts. Buying up failing concepts, swallowing them up, dusting them off (firing all the deadbeats who are in the way), putting them back into circulation with a dynamic virginity, sending them shooting up on the Stock Exchange and then abandoning them afterwards like dogs. Some people do this very well. It is perhaps better to save tired concepts by maintaining them in a super cooled state like unemployed labour, or locking them away in interactive data banks kept alive on a respirator.

Learning to meditate helped too. When the Beatles visited India in 1968 to study Transcendental Meditation at the ashram of Maharishi Mahesh Yogi, I was curious to learn it, so I did. I loved it. Meditation has benefited me hugely throughout my life because it produces a calm open-mindedness that allows me to think more clearly and creatively. I majored in finance in college because of my love for the markets and because that major had no foreign language requirement—so it allowed me to learn what I was interested in, both inside and outside class. I learned a lot about commodity futures from a very interesting classmate, a Vietnam veteran quite a bit older than me. Commodities were attractive because they could be traded with very low margin requirements, meaning I could leverage the limited amount of money I had to invest. If I could make winning decisions, which I planned to do, I could borrow more to make more. Stock, bond, and currency futures didn’t exist back then. Commodity futures were strictly real commodities like corn, soybeans, cattle, and hogs. So those were the markets I started to trade and learn about. My college years coincided with the era of free love, mind-expanding drug experimentation, and rejection of traditional authority. Living through it had a lasting effect on me and many other members of my generation. For example, it deeply impacted Steve Jobs, whom I came to empathize with and admire. Like me, he took up meditation and wasn’t interested in being taught as much as he loved visualizing and building out amazing new things. The times we lived in taught us both to question established ways of doing things—an attitude he demonstrated superbly in Apple’s iconic “1984” and “Here’s to the Crazy Ones,” which were ad campaigns that spoke to me. For the country as a whole, those were difficult years. As the draft expanded and the numbers of young men coming home in body bags soared, the Vietnam War split the country. There was a lottery based on birthdates to determine the order of those who would be drafted. I remember listening to the lottery on the radio while playing pool with my friends. It was estimated that the first 160 or so birthdays called would be drafted, though they read off all 366 dates. My birthday was forty-eighth.

When we are sold perfume, we are accustomed to also being sold the idea of a life we will never have. Coty's Chypre enabled Guerlain to create Mitsouko; Coty's Emeraude of 1921 was the bedrock on which Shalimar was built and Coty's L'Origan become the godmother of L'heure bleue, also by Guerlain. Some people dedicate themselves to making life beautiful. With instinctual good taste, magpie tendencies and a flair for color, they weave painfully exquisite tableaux, defining the look of an era. Paul Poiret was one such person. After his success, he went bust in 1929 and had to sell his leftover clothing stock as rags. Swept out of the picture by a new generation of designers, his style too ornate and Aladdinesque, Poiret ended his days as a street painter and died in poverty. It was Poiret who saw that symbolic nomenclature could turn us into frenzied followers, transforming our desire to own a perfume into desperation. The beauty industry has always been brilliant at turning insecurities into commercial opportunities. Readers could buy the cologne to relax during times of anxiety or revive themselves from strain. Particularly in the 1930s, releases came thick and fast, intended to give the impression of bounty, the provision of beauty to all women in the nation. Giving perfumes as a gift even came under the Soviet definition of kulturnost or "cultured behavior", including to aunts and teachers on International Women's Day. Mitsouko is a heartening scent to war when alone or rather, when not wanting to feel lonely. Using fragrance as part of a considered daily ritual, the territorial marking of our possessions and because it offers us a retrospective sense of naughtiness. You can never tell who is going to be a Nr. 5 wearer. No. 5 has the precision of well-cut clothes and that special appeal which comes from a clean, bare room free of the knick-knacks that would otherwise give away its age. Its versatility may well be connected to its abstraction. Gardenia perfumes are not usually the more esoteric or intellectual on the shelves but exist for those times when we demand simply to smell gorgeous. You can depend on the perfume industry to make light of the world's woes. No matter how bad things get, few obstacles can block the shimmer and glitz of a new fragrance. Perfume became so fashionable as a means of reinvention and recovery that the neurology department at Columbia University experimented with the administration of jasmine and tuberose perfumes, in conjunction with symphony music, to treat anxiety, hysteria and nightmares. Scent enthusiasts cared less for the nuances of a composition and more for the impact a scent would have in society. In Ancient Rome, the Stoics were concerned about the use of fragrance by women as a mask for seducing men or as a vehicle of deception. The Roman satirist Juvenal talked of women buying scent with adultery in mind and such fears were still around in the 1940s and they are here with us today. Similarly, in crime fiction, fragrance is often the thing that gives the perpetrator away. Specifically in film noir, scent gets associated with misdemeanors. With Opium, the drugs tag was simply the bait. What YSL was really marketing, with some genius, was perfume as me time: a daily opportunity to get languid and to care sod-all about anything or anyone else.

The problem at the root of such calamities is that humans evolved for millions of years in small bands of a few dozen individuals. The handful of millennia separating the Agricultural Revolution from the appearance of cities, kingdoms and empires was not enough time to allow an instinct for mass cooperation to evolve. Despite the lack of such biological instincts, during the foraging era, hundreds of strangers were able to cooperate thanks to their shared myths. However, this cooperation was loose and limited. Every Sapiens band continued to run its life independently and to provide for most of its own needs. An archaic sociologist living 20,000 years ago, who had no knowledge of events following the Agricultural Revolution, might well have concluded that mythology had a fairly limited scope. Stories about ancestral spirits and tribal totems were strong enough to enable 500 people to trade seashells, celebrate the odd festival, and join forces to wipe out a Neanderthal band, but no more than that. Mythology, the ancient sociologist would have thought, could not possibly enable millions of strangers to cooperate on a daily basis. But that turned out to be wrong. Myths, it transpired, are stronger than anyone could have imagined. When the Agricultural Revolution opened opportunities for the creation of crowded cities and mighty empires, people invented stories about great gods, motherlands and joint stock companies to provide the needed social links. While human evolution was crawling at its usual snail’s pace, the human imagination was building astounding networks of mass cooperation, unlike any other ever seen on earth.

In the Metro, one evening, I looked closely around me: everyone had come from somewhere else . . . Among us, though, two or three faces from here, embarrassed silhouettes that seemed to be apologising for their presence. The same spectacle in London. Today’s migrations are no longer made by compact displacements but by successive infiltrations: little by little, individuals insinuate themselves among the “natives,” too anaemic and too distinguished to stoop to the notion of a “territory.” After a thousand years of vigilance, we open the gates . . . When one thinks of the long rivalries between the French and the English, then between the French and the Germans, it seems as if each nation, by weakening one another, had as its task to speed the hour of the common downfall so that other specimens of humanity may relay them. Like its predecessor, the new Völkerwanderung will provoke an ethnic confusion whose phases cannot be distinctly foreseen. Confronted with these disparate profiles, the notion of a community homogeneous to whatever degree is inconceivable. The very possibility of so heteroclite a crowd suggests that in the space it occupies there no longer existed, among the indigenous, any desire to safeguard even the shadow of an identity. At Rome, in the third century of our era, out of a million inhabitants, only sixty thousand were of Latin stock. Once a people has fulfilled the historical idea which was its mission to incarnate, it no longer has any excuse to preserve its difference, to cherish its singularity, to safeguard its features amidst a chaos of faces.

Once in public office, Mellon helped define the 1920s as an era during which business succeeded in rolling back many of the Progressive Era’s reforms. In 1921, capital gains taxes were cut, and the stock market boomed. After repeated efforts during his dozen-year tenure at Treasury, in 1926 Mellon finally succeeded in getting a bill passed that “cut the tax rates on the richest Americans more deeply than any other tax law in history,” according to Martin. Mellon promised greater growth and prosperity. When instead the stock market crashed in 1929 after a frenzy of speculation, his legacy was tarnished. Not only did his economic theories look self-serving and irresponsible, but it surfaced that Mellon himself had been secretly providing tax credits and subsidies to some of the country’s biggest businesses, including many in which the Mellon family had major investments.

Once in public office, Mellon helped define the 1920s as an era during which business succeeded in rolling back many of the Progressive Era’s reforms. In 1921, capital gains taxes were cut, and the stock market boomed. After repeated efforts during his dozen-year tenure at Treasury, in 1926 Mellon finally succeeded in getting a bill passed that “cut the tax rates on the richest Americans more deeply than any other tax law in history,

Collectively you and your coworkers now control your company. You’re more like citizens of a community than owners. You just have to pay a tax on its capital assets (the building and the land it’s on, machinery, and so forth), in effect renting it from society as a whole. (To preserve the value of the capital stock in your care, a depreciation fund must be set up for repairs and improvements.)10 Your tax goes into a public fund, which invests in new endeavors. More about that later. But the tax you pay also solves the problem of different production processes having

Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points in a few minutes. A few minutes later, like a drunk trying to pretend he hadn’t just knocked over the fishbowl and killed the pet goldfish, it bounced right back up to where it was before. If you weren’t watching closely you could have missed the entire event—unless, of course, you had placed orders in the market to buy or sell certain stocks. Shares of Accenture traded for a penny, for instance, while shares of Hewlett-Packard traded for more than $100,000. Twenty thousand different trades happened at stock prices more than 60 percent removed from the prices of those stocks just moments before. Five months later, the SEC published a report blaming the entire fiasco on a single large sell order, of stock market futures contracts, mistakenly placed on an exchange in Chicago by an obscure Kansas City mutual fund. That explanation could only be true by accident, because the stock market regulators did not possess the information they needed to understand the stock markets. The unit of trading was now the microsecond, but the exchanges might report their activity in increments as big as a second. There were one million microseconds in a second. It was as if, back in the 1920s, the only stock market data available was a crude aggregation of all trades made during the decade. You could see that at some point in that era there had been a stock market crash. You could see nothing about the events on and around October 29, 1929. The first thing Brad noticed as he read the SEC report on the flash crash was its old-fashioned sense of time. “I did a search of the report for the word ‘minute,’ ” said Brad. “I got eighty-seven hits. I then searched for ‘second’ and got sixty-three hits. I then searched for ‘millisecond’ and got four hits—none of them actually relevant. Finally, I searched for ‘microsecond’ and got zero hits.” He read the report once and then never looked at it again.

Robinson was the first in the modern era, but the first African American team member in the majors was an Ohioan named Moses Fleetwood Walker, who played catcher with the Toledo Blue Stockings in the 1884 season.

In these uncertain days, bond funds are an especially important option for investors. Unlike stock funds, they have high predictability in at least these five ways: (1) The current yields (on longer-term issues) are an excellent—if imperfect—predictor of future returns. (2) The range of gross returns earned by bond managers clusters in an inevitably narrow range that is established by the current level of interest rates in each sector of the market. (3) The choices are wide. As the maturity date lengthens, volatility of principal increases, but volatility of income declines. (4) Whether taxable or municipal, bond fund returns are highly correlated with one another. Municipal bond funds are fine choices for investors in high tax brackets, and inflation-protected bond funds are a sound option for those who believe that much higher living costs will result from the huge federal government deficits of this era. (5) The greatest constant of all is that—given equivalent portfolio quality and maturity—lower costs mean higher returns. (Don’t forget that index bond funds—or their equivalent—carry the lowest costs of all.)

Reading Group Guide  1.   The river town of Hobnob, Mississippi, is in danger of flooding. To offset the risk, the townspeople were offered the chance to relocate in exchange for money. Some people jumped at the opportunity (the Flooders); others (the Stickers) refused to leave, so the deal fell through. If you lived in Hobnob, which choice would you make and why? If you’d lived in New Orleans at the time of Hurricane Katrina, would you have fled the storm or stayed to protect your house? Did the two floods remind you of each other in terms of official government response or media coverage?  2.   How are the circumstances during the Prohibition era (laws against consuming or selling alcohol, underground businesses that make and sell booze on the black market, corruption in the government and in law enforcement) similar to what’s happening today (the fight to legalize and tax marijuana, the fallout of the drug war in countries like Mexico and Colombia, jails filled with drug abusers)? How are the circumstances different? Do you identify with the bootleggers or the prohibitionists in the novel? What is your stance on the issue today?  3.   The novel is written in third person from two different perspectives—Ingersoll’s and Dixie Clay’s—in alternating chapters. How do you think this approach adds to or detracts from the story? Are you a fan of books written from multiple perspectives, or do you prefer one character to tell his/her side of the story?  4.   The Tilted World is written by two authors. Do you think it reads differently than a book written by only one? Do you think you could coauthor a novel with a loved one? Did you try to guess which author wrote different passages?  5.   Language and dialect play an important role in the book. Do you think the southern dialect is rendered successfully? How about the authors’ use of similes (“wet towels hanging out of the upstairs windows like tongues”; “Her nylon stockings sagged around her ankles like shedding snakeskin.”). Do they provide necessary context or flavor?  6.   At the end of Chapter 5, when Jesse, Ham, and Ingersoll first meet, Ingersoll realizes that Jesse has been drinking water the entire time they’ve been at dinner. Of course, Ham and Ingersoll are both drunk from all the moonshine. How does this discovery set the stage for what happens in the latter half of the book?  7.   Ingersoll grew up an orphan. In what ways do you think that independence informed his character? His choices throughout the novel? Dixie Clay also became independent, after marrying Jesse and becoming ostracized from friends and family. Later, after Ingersoll rescues her, she reflects, “For so long she’d relied only on herself. She’d needed to. . . . But now she’d let someone in. It should have felt like weakness, but it didn’t.” Are love and independence mutually exclusive? How did the arrival of Willy prepare these characters for the changes they’d have to undergo to be ready for each other?  8.   Dixie Clay becomes a bootlegger not because she loves booze or money but because she needs something to occupy her time. It’s true, however, that she’s not only breaking the law but participating in a system that perpetrates violence. Do you think there were better choices she could have made? Consider the scene at the beginning of the novel, when there’s a showdown between Jesse and two revenuers interested in making an arrest. Dixie Clay intercepts the arrest, pretending to be a posse of gunslingers protecting Jesse and the still. Given what you find out about Jesse—his dishonesty, his drunkenness, his womanizing—do you think she made the right choice? If you were in Dixie Clay’s shoes, what would you have done?  9.   When Ham learns that Ingersoll abandoned his post at the levee to help Dixie Clay, he feels not only that Ingersoll acted

...but the problem was more fundamental. Powell and the State Department hoped an agreement with North Korea would be a positive step reducing the threat of nuclear war. Bush, Cheney, and the Vulcans, wedded to a view of the world as a Manichean contest between good and evil, rejected the idea of negotiating with a state they deemed immoral. If the United States had brought the evil empire of the Soviet Union to its knees, why deal with a state vastly smaller, weaker, and more repressive? Bush's response to Kim Dae-Jung's visit set the tone for the administration. The United States would not enter into an agreement that kept a brutal regime in power. For Bush, foreign policy was an exercise in morality. That appealed to his religious fervor, and greatly simplified dealing with the world beyond America's borders. 'I've got a visceral reaction to this guy...Maybe it's my religion, but I feel passionate about this.' Bush's personalization of foreign policy and his refusal to deal with North Korea was the first of a multitude of errors that came to haunt his presidency. Instead of bringing a denuclearized North Korea peacefully into the family of nations, as seemed within reach in 2001, the Bush administration isolated the government in Pyongyang hoping for its collapse. In the years following, North Korea continued to be an intractable problem for the administration. By the end of Bush's presidency, North Korea had tested a nuclear device and was believed to have tripled its stock of plutonium, accumulating enough for at least six nuclear weapons. Aside from their attachment to the idea of American hegemony, the worldview of Bush, Cheney, and the Vulcans was predicated on a false reading of history. A keystone belief was that Ronald Reagan's harsh rhetoric and policy of firmness had forced the collapse of the Soviet Union and ended the Cold War. In actuality, Ronald Reagan's harsh rhetoric during his first three years in office actually intensified the Cold War and heightened Soviet resistance. Not until Reagan changed course, replaced Alexander Haig with George Schultz, and held out an olive branch to the Soviets did the Cold War begin to thaw. Beginning with the Geneva summit in 1985, Reagan would meet with Gorbachev five times in the next three years, including a precedent-shattering visit to the Kremlin and Red Square. What about the 'evil empire' the president was asked. 'I was talking about another time, another era,' said Reagan. President Reagan deserves full credit for ending the Cold War. But it ended because of his willingness to negotiate with Gorbachev and establish a relationship of mutual trust. For Bush, Cheney, and the Vulcans, this was a lesson they had not learned. (p.188-189)

Global finance made so much hay, not through efficient markets but by riding up and down three interlinked giant global asset bubbles using huge amounts of leverage. The first bubble began in US equities in 1987 and ran, with a dip in the dot-com era, until 2007. It was the longest equity bull market in history, and it spread out from the United States to boost stock markets all over the world. The smart cash that was being made in those equity markets looked around for a hedge and found real estate, which began its own global bubble phase in 1997 and ran until the crisis hit in 2006. The final bubble occurred in commodities, which rose sharply in 2005 and 2006, long before anyone had heard the words “quantitative easing,” and which burst quickly since these were comparatively tiny markets, too small to sustain such volumes of liquidity all hunting either safety or yield. The popping of these interlinked bubbles combined with losses in the subprime sector of the mortgage derivatives market to trigger the current crisis.

One of the more useful things I learned as a midshipman at Maine Maritime Academy were the names of the seven masts of a seven masted schooner. When I mentioned to the 600 people in attendance at a Homecoming event that my degree was a BS in Marlinspike Seamanship no one laughed, leaving me in the embarrassing position of having to explain that actually I had a Bachelor of Marine Science degree. Later looking into a mirror I convinced myself that I really didn’t look old enough to have lived in an era when wooden ships were sailed by iron men. What I remembered was that we were wooden men sailing on iron ships that were actually made of steel, however I can remember schooners sailing along the coast of New England and I do remember the seven names of a seven masted schooner. In actual fact only one seven masted schooner was ever built and she was the she a 475 foot, steel hulled wind driven collier/tanker named the Thomas W. Lawson, named after a Boston millionaire, stock-broker, book author, and President of the Boston Bay State Gas Co. Launched in 1902 she held the distinction of being the largest pure sail ship ever built. Originally the names of the masts were the foremast, mainmast, mizzenmast, spanker, jigger, driver, and pusher. Later the spanker became the kicker and the spanker moved to next to last place, with the pusher becoming the after mast. Depending on whom you talked to, the names and their order drifted around and a lot of different naming systems were formed. Some systems used numbers and others the days of the week, however there are very few, if any of the iron men left to dispute what the masts were called. The Thomas W. Lawson had two steam winches and smaller electrically driven winches, to raise and lower her huge sails. The electricity was provided by a generator, driven by what was termed a donkey engine. On November 20, 1907 the large 475 foot schooner sailed for England. Experiencing stormy weather she passed inside of the Bishop Rock lighthouse and attempted to anchor. That night both anchor chains broke, causing the ship to smash against Shag Rock near Annet. The schooner, pounded by heavy seas capsized and sank. Of the 19 souls aboard Captain George W. Dow and the ships engineer Edward L. Rowe were the only survivors. Everyone else, including the pilot, drown and were buried in a mass grave in St Agnes cemetery.

Heir property is a form of ownership in which descendants inherit an interest in the land, similar to holding stock in a company,” Ethan explains. “The practice began during the Reconstruction when many Blacks did not have access to the legal system, and it continued throughout the Jim Crow era.

La revista Cauce —líder en acidez y osadía— denunció el 15 de enero de 1984 la construcción de una lujosa mansión en el barrio de Lo Curro destinada al general Pinochet y, el 5 de mayo, otra igual de fastuosa en El Melocotón. A la vez, nacía burlando a la censura el primer periódico de oposición: Fortín Mapocho. Fortín era una antigua publicación de un club deportivo de La Vega, así que en rigor sus nuevos dueños no crearon un medio —que debía ser autorizado por el régimen— sino que le cambiaron la línea a uno ya existente.

Among the well-intentioned men who were woefully backward in finance, if forward-looking in politics, were Hamilton’s three most savage critics of the 1790s: Jefferson, Madison, and Adams. These founders adhered to a static, archaic worldview that scorned banks, credit, and stock markets. From this perspective, Hamilton was the progressive figure of the era, his critics the conservatives.

Can’t beat them? Drown them in cash. Almost none of the companies spending so profligately was anywhere near profitable, and the discounts made it difficult for anyone to figure out the natural demand for their product. The deals also made it hard for competitors to keep up. Hodari and other WeWork rivals said they lost only a small chunk of their tenants to WeWork’s marketing blitz, but if the campaign continued, none of them would have the cash reserves to survive what amounted to predatory pricing. Prior to SoftBank’s arrival, back in the era of Managing the Nickel, WeWork executives had been talking about finding a more balanced growth trajectory. T. Rowe Price, which invested in WeWork in 2014, had pushed for a more sustainable strategy and was so skeptical of the SoftBank-funded bonanza that they sold as much as they could when SoftBank agreed to buy stock from existing shareholders.

Finally, Jensen and Meckling laid the foundation for the coming era of excessive executive compensation, positing that CEOs should be richly rewarded with stock to align their own incentives with their company’s financial performance.

History determines your hiring policy. Why are tech companies being lectured by media corporations on “diversity”? Is it because those media corporations that are 20-30 points whiter than tech companies actually deeply care about this? Or is it because after the 2009-era collapse of print media revenue, media corporations struggled for a business model, found that certain words drove traffic, and then doubled down on that - boosting their stock price and bashing their competitors in the process?13 After all, if you know a bit more history, you’ll know that the New York Times Company (which originates so many of these jeremiads) is an organization where the controlling Ochs-Sulzberger family literally profited from slavery, blocked women from being publishers, excluded gays from the newsroom

Or take the stock market. The valuation of every company is simply a number from today multiplied by a story about tomorrow. Some companies are incredibly good at telling stories, and during some eras investors become captivated by the wildest ideas of what the future might bring. If you’re trying to figure out where something is going next, you have to understand more than its technical possibilities. You have to understand the stories everyone tells themselves about those possibilities, because it’s such a big part of the forecasting equation.

El encierro claustrofóbico de la Biblioteca Nacional se quebró, años después, con el descubrimiento de la calle Corrientes, que abrió nuevos caminos en mis avatares de lector. Las puertas de sus librerías de viejo, abiertas hasta altas horas de la noche, me atraían con el mismo magnetismo que para otros adolescentes tenía un burdel. La calle Corrientes, entre Talcahuano y Callao, que conocí hacia fines de los años cuarenta, se había convertido en una zona donde circulaba la bohemia artística y literaria. Recalaron en ella las librerías de viejo, que formaban su stock con los remates de bibliotecas privadas vendidas cuando sus dueños cambiaban las grandes mansiones por departamentos. Conocí a los pioneros de estas librerías, al socialista César Moro y a Rafael Palumbo. La librería de este último —cuyo pintoresquismo aprovechó Roberto Arlt en El juguete rabioso— era una cueva oscura y polvorienta, atestada hasta el techo de libros rotos, donde su dueño, ya viejo, envuelto con un chal por sobre una camiseta, vigilaba el local desde el fondo, tomando mate, algunas veces con los pies en una palangana o acompañado por su hija, Rosita Contreras, vedette de teatro de revistas y actriz de cine. También conocí a otros pioneros, más bizarros aún: con el cierre de los prostíbulos en 1936, algunos rufianes y regentas cambiaron insólitamente su anterior profesión por la de libreros de viejo; recuerdo haber visto sorprendido a una mujer madura con aire inocultable de madama retirada frente a la caja registradora. La búsqueda de libros viejos me ocupaba tardes enteras; revolver las mesas o subir a tambaleantes escaleras para alcanzar los estantes altos deparaba la emoción del buscador de tesoros, del cazador furtivo en el bosque: encontrar una presa escondida entre la maleza cuyo valor consistía en ser escasa o difícil de atrapar; descubrir el libro agotado mezclado, en la mesa de ofertas, con fracasadas ediciones de autor, libros de un momento pronto olvidados, saldos de editoriales.

As the modern era came into being, the avarice of the usurer was supplanted by interest in the broader and more abstract sense of a share or stake. This new concept of interest was ethically wide-ranging: it ‘came to cover virtually the entire range of human actions, from the narrowly self-centered to the sacrificially altruistic, and from the prudently calculated to the passionately compulsive’.49 The seventeenth-century English statesman and philosopher Lord Shaftesbury summed up the new thinking with his comment that ‘Interest governs the World.’50 In his Fable of the Bees (1714), Bernard Mandeville exposed the paradox at the heart of the modern world, namely that private vices brought public benefits. Adam Smith incorporated Mandeville’s wicked insights into his political economy. In The Wealth of Nations, Smith describes the individual as one who ‘By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.’51 A similar thought is expressed in another famous line, in which Smith writes that ‘It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.’ The spirit of capitalism was transmitted across networks of credit that connected lenders and borrowers through bonds of mutual self-interest.52 Daniel Defoe described credit as a ‘stock’, synonymous with capital, while the French in Defoe’s day referred to capital as ‘interest’, in the sense of taking a stake.fn6 From a technical viewpoint, capital consists of a stream of future income discounted to its present value. Without interest, there can be no capital. Without capital, no capitalism. Turgot, a contemporary of Adam Smith’s, understood this very well: ‘the capitalist lender of money,’ he wrote, ‘ought to be considered as a dealer in a commodity which is absolutely necessary for the production of wealth, and which cannot be at too low a price.’53 (Turgot exaggerated. As we shall see, interest at ‘too low a price’ is the source of many evils.)

appendix a note on the translation In rendering this book—originally composed in a tongue that has not yet achieved existence—into English, I might easily have saved myself a great deal of labor by having recourse to invented terms; in no case have I done so. Thus in many instances I have been forced to replace yet undiscovered concepts by their closest twentieth-century equivalents. Such words as peltast, androgyn, and exultant are substitutions of this kind, and are intended to be suggestive rather than definitive. Metal is usually, but not always, employed to designate a substance of the sort the word suggests to contemporary minds. When the manuscript makes reference to animal species resulting from biogenetic manipulation or the importation of extrasolar breeding stock, the name of a similar extinct species has been freely substituted. (Indeed, Severian sometimes seems to assume that an extinct species has been restored.) The nature of the riding and draft animals employed is frequently unclear in the original text. I have scrupled to call these creatures horses, since I am certain the word is not strictly correct. The “destriers” of The Book of the New Sun are unquestionably much swifter and more enduring animals than those we know, and the speed of those used for military purposes seems to permit the delivering of cavalry charges against enemies supported by high-energy armament. Latin is once or twice employed to indicate that inscriptions and the like are in a language Severian appears to consider obsolete. What the actual language may have been, I cannot say. To those who have preceded me in the study of the posthistoric world, and particularly to those collectors—too numerous to name here—who have permitted me to examine artifacts surviving so many centuries of futurity, and most especially to those who have allowed me to visit and photograph the era’s few extant buildings, I am truly grateful. G.W.

Some critics acidly observed that people throughout the ages have always believed they were living in particularly crucial times. There is some truth to this criticism, because human history is indeed continuously decisive, for in humanity’s march through time every step determines the future of our species. But only the cynic would sneer at the idea that some steps, some historical periods, are more decisive than others—not only in the shaping of a particular race or nation, but for humanity as a whole. Possibly one such decisive historical threshold was what the German philosopher and psychiatrist Karl Jaspers styled the “axial age”—the period between 800–500 B.C.E. when “thought turned back upon thought”: the epoch of Confucius, Lao Tzu, Buddha, Zoroaster, Heraclitus, Plato, and Socrates.1 In the West, this development gradually led to what can only be described as the enthronement and autarchy of cold reason and the consequent suppression of nonrational modes of consciousness. As many contemporary thinkers have shown, this inflation of ratio lies at the root of today’s moral and spiritual bankruptcy, and its disastrous effects can be witnessed all around us (and in us, if we care to look). What is perhaps most disheartening is that this lopsided orientation to life is now being thrust upon the “underdeveloped” world, which merely magnifies the existing threat to our planet’s ecology and to the survival of countless life forms, not least our own human species. When we take stock of the folly of humankind we begin to realize the extent of the global problems induced, in the last analysis, by hypertrophied (egocentric) reason. We may also be impressed with the traditional Hindu explanation of the particular spirit of our era. For, according to the computations of the Hindu pundits, we are well into the “dawn phase” of the kali-yuga, or “dark age.” Like so many premodern mythologies, Hinduism views the evolution of humanity as a cyclical process of progressive moral degeneration from an original state of purity and spiritual wholeness. The

People invest in stocks based on their statistics over the years to have a higher probability on their side. Due to this anomaly, most of the people around you lead a similar life, they grow up under the leadership of their parents, work hard to achieve their predictable goals, get a good job, attain stability over the years, get married, grow old and the same trend gets kicked off with their offsprings.

In this era of capital’s unquestioned amoral supremacy, the only course-correcting moments of clarity—what passes for moral comeuppance, that is—are drops in stock price.

STRUCTURAL CHANGE: NETWORK EFFECTS TURN FIRMS INSIDE OUT As we’ve seen, in the industrial era, giant companies relied on supply-side economies of scale. By contrast, most Internet era giants rely on demand-side economies of scale. Firms such as Airbnb, Uber, Dropbox, Threadless, Upwork, Google, and Facebook are not valuable because of their cost structures: the capital they employ, the machinery they run, or the human resources they command. They are valuable because of the communities that participate in their platforms. The reason Instagram sold for $1 billion is not its thirteen employees; the reason WhatsApp sold for $19 billion wasn’t its fifty employees. The reasons were the same: the network effects both organizations had created. Standard accounting practices might not factor the value of communities into the value of a firm, but stock markets do.

By 2008, storm clouds were gathering over Microsoft. PC shipments, the financial lifeblood of Microsoft, had leveled off. Meanwhile sales of Apple and Google smartphones and tablets were on the rise, producing growing revenues from search and online advertising that Microsoft hadn’t matched. Meanwhile, Amazon had quietly launched Amazon Web Services (AWS), establishing itself for years to come as a leader in the lucrative, rapidly growing cloud services business. The logic behind the advent of the cloud was simple and compelling. The PC Revolution of the 1980s, led by Microsoft, Intel, Apple, and others, had made computing accessible to homes and offices around the world. The 1990s had ushered in the client/server era to meet the needs of millions of users who wanted to share data over networks rather than on floppy disks. But the cost of maintaining servers in an ever-growing sea of data—and the advent of businesses like Amazon, Office 365, Google, and Facebook—simply outpaced the ability for servers to keep up. The emergence of cloud services fundamentally shifted the economics of computing. It standardized and pooled computing resources and automated maintenance tasks once done manually. It allowed for elastic scaling up or down on a self-service, pay-as-you-go basis. Cloud providers invested in enormous data ​centers around the world and then rented them out at a lower cost per user. This was the Cloud Revolution. Amazon was one of the first to cash in with AWS. They figured out early on that the same cloud infrastructure they used to sell books, movies, and other retail items could be rented, like a time-share, to other businesses and startups at a much lower price than it would take for each company to build its own cloud. By June 2008, Amazon already had 180,000 developers building applications and services for their cloud platform. Microsoft did not yet have a commercially viable cloud platform. All of this spelled trouble for Microsoft. Even before the Great Recession of 2008, our stock had begun a downward slide. In a long-planned move, Bill Gates left the company that year to focus on the Bill & Melinda Gates Foundation. But others were leaving, too. Among them, Kevin Johnson, president of the Windows and online services business, announced he would leave to become CEO of Juniper Networks. In their letter to shareholders that year, Bill and Steve Ballmer noted that Ray Ozzie, creator of Lotus Notes, had been named the company’s new Chief Software Architect (Bill’s old title), reflecting the fact that a new generation of leaders was stepping up in areas like online advertising and search. There was no mention of the cloud in that year’s shareholder letter, but, to his credit, Steve had a game plan and a wider view of the playing field.

In the weeks and months after Immelt left GE in 2017, a parade of negative stories and embarrassing disclosures revealed major problems that sent the company’s stock into a long decline. Conversations about what happened inevitably shifted to blame, and Immelt was the obvious target. He had spent sixteen years at the top and, regardless of what Welch had left for him, he’d had plenty of time to fix it. But there was plenty of blame to go around. Perhaps most of it should be placed on the board of directors, the independent group that oversees the CEO. Board members claimed to have been unaware of problems and to have gotten bad guidance from external advisers, and they said they didn’t understand how the company went from good to bad seemingly overnight. Some directors had no experience in GE’s business lines, others had trouble staying awake during meetings, and many stumbled away from GE’s collapse wondering, How could we have known? It had been their job to know, however, and their job to ask the hard questions that weren’t fully answered, or were never asked at all. It was their job to oversee management, and it was their job to protect investors from fatal hubris. Still, the path ultimately leads back to Immelt. As chairman, he was also responsible for steering the board. There is no doubt that GE’s size and complexity, which grew exponentially under Immelt, made it difficult or even impossible to manage. The CEO of a company is responsible for its daily functions and for managing its operations, however vast. The chairman guides the board, which is responsible for overseeing management and the CEO. When the board chair and CEO are the same person, the top executive is essentially his own boss. It can only get worse with time if a chairman remakes the board to his own liking. Simply put, it is terrible governance to give so much power to a single person and so little voice to shareholders. That is one reason this governance structure has been slowly fading from corporate America since the Enron era.

In the years directly following World War II—the time when modern childhood began in earnest—the toy boom began in earnest too. In 1940, toy sales were a modest $ 84 million; by 1960, they had reached $ 1.25 billion. Many classic children’s toys were invented during this era, including Silly Putty (1950) and Mr. Potato Head (1952). And the pickings back then were paltry compared to today, when playrooms as well stocked as Emily’s are increasingly common. In Parenting, Inc. (2008), Pamela Paul writes that toy industry sales “for babies between birth and age two alone” were over $ 700 million annually. According to the Toy Industry Association, domestic sales of kids’ toys were $ 21.2 billion in 2011, a figure that didn’t include video games. Such oceans of plenty have had unintended consequences. In Huck’s Raft, Steven Mintz notes that toys before the twentieth century were primarily social in nature—jump ropes, marbles, kites, balls. “Modern manufactured toys,” on the other hand, “implied a solitariness that was not a part of childhood before the twentieth century.” He’s thinking of Crayons, for instance, introduced in 1903. Or Tinker Toys (1914), Lincoln Logs (1916), or Legos (1932).

The circle between Madison Avenue and Wall Street was complete; they were inexorably linked, in a relationship developed in ten short years, during which the ad men had created an ambience invaluable to the continuing popularity of stock speculation. The limitless, desirable, and expensive goods coming onto the market—often products of companies quoted on the Stock Exchange—could only be sold by determined advertising campaigns. If those campaigns failed, the market would slump. To maintain his place in consumer society, a man was told he needed a car, radio, icebox, and refrigerator; his wife required a washing machine, automatic furnace, and one of the modish pastel-hued toilets. To complete their domestic bliss they would have the latest in bathrooms: a shrine of stunning magnificence, containing, among other items, “a dental lavatory of vitreous china, twice fired.” To buy it would cost the average American six months’ salary. But paying was no problem; there were the installment plans. It was also part of the advertising philosophy that it was no longer enough to buy a car, radio, or refrigerator. People must have the latest model—junking the old one, even though it was still useful. Failure to do so would cause factories to close from the Atlantic to the Pacific, ending what some newspapers called “the golden era.” To protect it, they told their readers, was the patriotic duty of every American; one way to express that was, “to buy until it hurts.

With the recent demise of totalitarian communisms, and new rise of capital’sglobal reach and power, it has become fashionable to explain away today’s gross factor imbalance and assume the world has entered a new era of capitalist peace and “new paradigm” of perpetual prosperity. Such assumptions not only run counter to history, and fly in the face of today’s growing wealth disparities, depression, stock debacles, and social backlash but also deny the dismal dynamic set into place.

Yes, and this is something I wrote an article about for CFA magazine recently[9]. Tape reading is more important than it ever was before, especially if you’re trading illiquid stocks. You can see when the internalizers are subpennying the offer, stepping in front of the offer. Sometimes it’s just market making. On a stock like GE, for example, they’re just trying to capture the spread, so I don’t think it means anything there. But if you get into the small or mid-caps, it can definitely give you an idea of the direction the stock will go. If the internalizers are willing to step in front of that offer, that means the smart money is placing its bets that the stock will go down, so you might want to aggressively sell it or hit the bid knowing that information. I believe tape reading is very important, and the subpenny trades provide valuable information for traders.

The "new-era" doctrine - that "good" stocks (or "blue chips") were sound investments regardless of how high the price paid for them - was at the bottom only a means of rationalizing under the title of "investment" the well-nigh universal capitulation to the gambling fever/

The Sten gun is one of those iconic bits of British design, like the Mini or the tube map, that has come to represent an era. It’s a submachine gun of very distinctive configuration, with its side-mounted magazine and tubular stock. Designed at the start of World War Two to be cheap and cheerful, providing your definition of cheerful was lots of pistol-caliber bullets going in the general direction of the enemy.

Due to the current income restrictions for accredited investor status, over 90% of U.S. households are entirely excluded from private stock ownership.

One of my younger friends here in Los Angeles told me, “They call us a lost generation, but we’re not stupid. The stock market exists for accredited investors to cash out. We’re not in that club, so we created our own. Go Bitcoin!

In all seriousness—what is really happening (and I have plenty of brain-damaging data to prove it) is that finance has become a tool for getting money from productive businesses instead of getting money into them. If anyone is paying attention to the current stock market, you might reflect on the fact that margin debt is at a record high, and stock market capitalization stands at 176% of U.S. GDP

Here, I must say that some terminology in the language of finance is slightly misleading. Uber’s “loss” largely means heavy investments in other businesses and stock-based compensation stemming from the company's initial public offering. Unsurprisingly, Travis Kalanick, Uber’s co-founder, sold nearly $1 billion in company shares the moment Uber’s IPO lockup period (read: the timeframe when you can’t sell your shares) was over. Duh. When a company files for an IPO instead of bankruptcy, the IPO should be renamed a bailout—because modern business solutions require modern business jargon. #sarcasm

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