Estimate Price Quotes

Never exaggerate. It is a matter of great importance to forego superlatives, in part to avoid offending the truth, and in part to avoid cheapening your judgment. Exaggeration wastes distinction and testifies to the paucity of your understanding and taste. Praise excites anticipation and stimulates desire. Afterwards when value does not measure up to price, disappointment turns against the fraud and takes revenge by cheapening both the appraised and the appraise. For this reason let the prudent go slowly, and err in understatement rather than overstatement. The extraordinary of every kind is always rare, wherefore temper your estimate.

The quantitative degeneration of all things is closely linked to that of money, as is shown by the fact that nowadays the ‘worth’ of an object is ordinarily ‘estimated’ only in terms of its price, considered simply as a ‘figure’, a ‘sum’, or a numerical quantity of money; in fact, with most of our contemporaries, every judgment brought to bear on an object is nearly always based exclusively on what it costs. The word ‘estimate’ has been emphasized because it has in itself a double meaning, qualitative and quantitative; today the first meaning has been lost to sight, or what amounts to the same thing, means have been found to equate it to the second, and thus it comes about that not only is the ‘worth’ of an object ‘estimated’ according to its price, but the ‘worth’ of a man is ‘estimated’ according to his wealth.

To estimate what a type of man is worth, one must calculate the price paid for his preservation — one must know the conditions of his existence.

You are the one who knows yourself - which is to say, you know how much you are worth in your own estimation, and therefore at what price you will sell yourself; because people sell themselves at different rates.

It is worse, much worse, than you think. The slowness of climate change is a fairy tale, perhaps as pernicious as the one that says it isn’t happening at all, and comes to us bundled with several others in an anthology of comforting delusions: that global warming is an Arctic saga, unfolding remotely; that it is strictly a matter of sea level and coastlines, not an enveloping crisis sparing no place and leaving no life undeformed; that it is a crisis of the “natural” world, not the human one; that those two are distinct, and that we live today somehow outside or beyond or at the very least defended against nature, not inescapably within and literally overwhelmed by it; that wealth can be a shield against the ravages of warming; that the burning of fossil fuels is the price of continued economic growth; that growth, and the technology it produces, will allow us to engineer our way out of environmental disaster; that there is any analogue to the scale or scope of this threat, in the long span of human history, that might give us confidence in staring it down. None of this is true. But let’s begin with the speed of change. The earth has experienced five mass extinctions before the one we are living through now, each so complete a wiping of the fossil record that it functioned as an evolutionary reset, the planet’s phylogenetic tree first expanding, then collapsing, at intervals, like a lung: 86 percent of all species dead, 450 million years ago; 70 million years later, 75 percent; 125 million years later, 96 percent; 50 million years later, 80 percent; 135 million years after that, 75 percent again. Unless you are a teenager, you probably read in your high school textbooks that these extinctions were the result of asteroids. In fact, all but the one that killed the dinosaurs involved climate change produced by greenhouse gas. The most notorious was 250 million years ago; it began when carbon dioxide warmed the planet by five degrees Celsius, accelerated when that warming triggered the release of methane, another greenhouse gas, and ended with all but a sliver of life on Earth dead. We are currently adding carbon to the atmosphere at a considerably faster rate; by most estimates, at least ten times faster. The rate is one hundred times faster than at any point in human history before the beginning of industrialization. And there is already, right now, fully a third more carbon in the atmosphere than at any point in the last 800,000 years—perhaps in as long as 15 million years. There were no humans then. The oceans were more than a hundred feet higher.

Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.

A study in the American Journal of Public Health estimated that every $1 increase in the price of gasoline is associated with an additional 1,500 motorcycle deaths annually.10

Could my opponents be right? Partly right? Is there truth or merit in their position or argument? Is my reaction one that will relieve the problem, or will it just relieve any frustration? Will my reaction drive my opponents further away or draw them closer to me? Will my reaction elevate the estimation good people have of me? Will I win or lose? What price will I have to pay if I win? If I am quiet about it, will the disagreement blow over? Is this difficult situation an opportunity for me?

Businesses and other organizations spend more than six billion hours each year complying with the federal tax code. Estimated compliance costs conservatively top $225 billion annually—costs that are ultimately embedded in retail prices paid by consumers.

Consider one study that estimates a mom simultaneously and often single-handedly performs as many as seventeen occupations in the course of raising a child, from child-rearing, cooking, cleaning, chauffeuring, and financial planning to resolving family emotional problems (not to mention often doing part-time paid work in addition to it all). That particular study estimated a mother’s worth at $508,700 a year, according to Ann Crittenden’s The Price of Motherhood.

Since Roe v. Wade, abortion on demand has become engrained in American society. Not only have we killed at least fifty five million Americans in the womb, and emerging from the womb (not including under-reported abortion estimates), we also now kill over 90% of all Down Syndrome babies, solely because of their disability.

Angus Maddison has estimated from the very fragmentary evidence that exists, that, at the beginning of our Common Era (CE 0) the per capita income of the world was about $515 a year in today’s prices.

Determinants of prices have their effect only through the medium of the subjective estimates of individuals; and the extent to which any given factor influences these subjective estimates can never be predicted.

You are the one who knows yourself – which is to say, you know how much you are worth in your own estimation, and therefore at what price you will sell yourself; because people sell themselves at different rates.

The National Academy of Sciences once estimated that a total ban on the widespread feeding of antibiotics to farm animals would raise the price of poultry anywhere from one to two cents per pound and the price of pork or beef around three to six cents a pound, costing the average meat-eating American consumer up to $9.72 a year.1357 Meanwhile, antibiotic-resistant infections in the United States cost an estimated $30 billion every year1358 and kill ninety thousand people.

Labour alone, therefore, never varying in its own value, is alone the ultimate and real standard by which the value of all commodities can at all times and places be estimated and compared. It is their real price; money is their nominal price only.

Risk, as first articulated by the economist Frank H. Knight in 1921,45 is something that you can put a price on. Say that you’ll win a poker hand unless your opponent draws to an inside straight: the chances of that happening are exactly 1 chance in 11.46 This is risk. It is not pleasant when you take a “bad beat” in poker, but at least you know the odds of it and can account for it ahead of time. In the long run, you’ll make a profit from your opponents making desperate draws with insufficient odds. Uncertainty, on the other hand, is risk that is hard to measure. You might have some vague awareness of the demons lurking out there. You might even be acutely concerned about them. But you have no real idea how many of them there are or when they might strike. Your back-of-the-envelope estimate might be off by a factor of 100 or by a factor of 1,000; there is no good way to know. This is uncertainty. Risk greases the wheels of a free-market economy; uncertainty grinds them to a halt.

The meek man is not a human mouse afflicted with a sense of his own inferiority. Rather he may be in his moral life as bold as a lion and as strong as Samson; but he has stopped being fooled about himself. He has accepted God's estimate of his own life. He knows he is as weak and helpless as God has declared him to be, but paradoxically, he knows at the same time that he is in the sight of God of more importance than angels. In himself, nothing; in God, everything. That is his motto. He knows well that the world will never see him as God sees him and he has stopped caring. He rests perfectly content to allow God to place His own values. He will be patient to wait for the day when everything will get its own price tag and real worth will come into its own. Then the righteous shall shine forth in the Kingdom of their Father. He is willing to wait for that day. In the meantime he will have attained a place of soul rest. As he walks on in meekness he will be happy to let God defend him. The old struggle to defend himself is over. He has found the peace which meekness brings.

But it would be beneath my dignity.’ Well, that is an additional factor that you bring to the question, not me. You are the one who knows yourself – which is to say, you know how much you are worth in your own estimation, and therefore at what price you will sell yourself; because people sell themselves at different rates.

The history of black workers in the United States illustrates the point. As already noted, from the late nineteenth-century on through the middle of the twentieth century, the labor force participation rate of American blacks was slightly higher than that of American whites. In other words, blacks were just as employable at the wages they received as whites were at their very different wages. The minimum wage law changed that. Before federal minimum wage laws were instituted in the 1930s, the black unemployment rate was slightly lower than the white unemployment rate in 1930. But then followed the Davis-Bacon Act of 1931, the National Industrial Recovery Act of 1933 and the Fair Labor Standards Act of 1938—all of which imposed government-mandated minimum wages, either on a particular sector or more broadly. The National Labor Relations Act of 1935, which promoted unionization, also tended to price black workers out of jobs, in addition to union rules that kept blacks from jobs by barring them from union membership. The National Industrial Recovery Act raised wage rates in the Southern textile industry by 70 percent in just five months and its impact nationwide was estimated to have cost blacks half a million jobs. While this Act was later declared unconstitutional by the Supreme Court, the Fair Labor Standards Act of 1938 was upheld by the High Court and became the major force establishing a national minimum wage. As already noted, the inflation of the 1940s largely nullified the effect of the Fair Labor Standards Act, until it was amended in 1950 to raise minimum wages to a level that would have some actual effect on current wages. By 1954, black unemployment rates were double those of whites and have continued to be at that level or higher. Those particularly hard hit by the resulting unemployment have been black teenage males. Even though 1949—the year before a series of minimum wage escalations began—was a recession year, black teenage male unemployment that year was lower than it was to be at any time during the later boom years of the 1960s. The wide gap between the unemployment rates of black and white teenagers dates from the escalation of the minimum wage and the spread of its coverage in the 1950s. The usual explanations of high unemployment among black teenagers—inexperience, less education, lack of skills, racism—cannot explain their rising unemployment, since all these things were worse during the earlier period when black teenage unemployment was much lower. Taking the more normal year of 1948 as a basis for comparison, black male teenage unemployment then was less than half of what it would be at any time during the decade of the 1960s and less than one-third of what it would be in the 1970s. Unemployment among 16 and 17-year-old black males was no higher than among white males of the same age in 1948. It was only after a series of minimum wage escalations began that black male teenage unemployment not only skyrocketed but became more than double the unemployment rates among white male teenagers. In the early twenty-first century, the unemployment rate for black teenagers exceeded 30 percent. After the American economy turned down in the wake of the housing and financial crises, unemployment among black teenagers reached 40 percent.

the Organization for Economic Cooperation and Development estimates that American families pay 26 percent more for milk than they would pay if they paid real prices, i.e. the prices set by a free market. Whoever’s interest is being looked after, it isn’t the interest of the guy on a tight budget staring down a dry bowl of Count Chocula.

And yet it has been estimated that in the developed world, 75 per cent of our lifetime medical costs are incurred in the last six months of our lives. This is the price of hope, hope which, by the laws of probability, is so often unrealistic. And thus we often end up inflicting both great suffering on ourselves and unsustainable expense on society.

In 2013, the International Academy of Astronautics issued a 350-page report projecting that with enough funding and research, a space elevator capable of carrying multiple twenty-ton payloads might be possible by 2035. Price estimates usually range from $10 billion to $50 billion—a fraction of the $150 billion that went into the International Space Station.

Speculation does not determine prices; it has to accept the prices that are determined in the market. I ts efforts are directed to correctly estimating future price-situations, and to acting accordingly. The influence of speculation cannot alter the average level of prices over a given period; what it can do is to diminish the gap between the highest and the lowest prices.

[O]ne macroeconomic study of the FairTax—a study that assumed that the employer’s share of the payroll tax is the only tax savings that will be used to lower prices—estimated that prices would rise by 24.8 percent but wages would increase by 27.4 percent, more than compensating for the increase in prices. By these calculations, disposable income is expected to increase by 1.7 percent.

I reckon failure to be the most universal unhappiness on earth. Almost everybody and everything are failures—failures in their own estimation, even if they are not so in the estimation of others. Those optimists who always think themselves successful are few in number, and they for the most part fail in this at least, namely, that they cannot persuade the rest of the world of their success.

To see what happens in the real world when an information cascade takes over, and the bidders have almost nothing but one another’s behavior to estimate an item’s value, look no further than Peter A. Lawrence’s developmental biology text The Making of a Fly, which in April 2011 was selling for $23,698,655.93 (plus $3.99 shipping) on Amazon’s third-party marketplace. How and why had this—admittedly respected—book reached a sale price of more than $23 million? It turns out that two of the sellers were setting their prices algorithmically as constant fractions of each other: one was always setting it to 0.99830 times the competitor’s price, while the competitor was automatically setting their own price to 1.27059 times the other’s. Neither seller apparently thought to set any limit on the resulting numbers, and eventually the process spiraled totally out of control.

The fruitfulness of our life depends in large measure on our ability to doubt our own words and to question the value of our own work. The man who completely trusts his own estimate of himself is doomed to sterility. All he asks of any act he performs is that it be his act. If it is performed by him, it must be good. All words spoken by him must be infallible. The car he has just bought is the best for its price, for no other reason than that he is the one who has bought it. He seeks no other fruit than this, and therefore he generally gets no other.

They asked forty-two experienced investors in the firm to estimate the fair value of a stock (the price at which the investors would be indifferent to buying or selling). The investors based their analysis on a one-page description of the business; the data included simplified profit and loss, balance sheet, and cash flow statements for the past three years and projections for the next two. Median noise, measured in the same way as in the insurance company, was 41%. Such large differences among investors in the same firm, using the same valuation methods, cannot be good news.

It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses.

ONE OF THE MOST COMMON defenses of phones is the idea that they’re making us better at multitasking and, in so doing, more efficient. Unfortunately, this isn’t true. There’s actually no such thing as multitasking (that is, simultaneously processing two or more attention-demanding tasks), because our brains can’t do two cognitively demanding things at once.* When we think we’re multitasking, we’re actually doing what researchers call “task-switching.” Like cars making sharp turns, our brains need to slow down and switch gears every time we stop thinking about one thing and engage with another—a process that has been estimated to take twenty-five minutes every time you do it.

From a monetary competition perspective, keeping gold reserves is a perfectly rational decision. Keeping reserves in foreign governments' easy money only will cause the value of the country's currency to devalue along with the reserve currencies, while the seigniorage accrues to the issuer of the reserve currency, not the nation's central bank. Further, should central banks sell all their gold holdings (estimated at around 20% of global gold stockpiles), the most likely impact is that gold, being highly prized for its industrial and aesthetic uses, would be bought up very quickly with little depreciation of its price and the central banks would be left without any gold reserves.

How much?" Angelo hesitated, trying to estimate what the traffic would bear, since a flat cat on Mars had roughly the cash value of still another kitten on a Missouri farm. Still, the boys must be rich or they wouldn't be here—just in and with spending money burning holes in their pockets, no doubt. Business had been terrible lately anyhow. "A pound and a half," he said firmly. Castor was surprised at how reasonable the price was. "That seems like quite a lot," he said automatically. Angelo shrugged. "It likes you. Suppose we say a pound?" Castor was again surprised, this time at the speed and the size of the mark-down. "I don't know," he murmured. "Well . . . ten per cent off for cash.

When President Obama asked to meet with Steve Jobs, the late Apple boss, his first question was ‘how much would it cost to make the iPhone in the United States, instead of overseas?’ Jobs was characteristically blunt, asserting that ‘those jobs are never coming back’. In point of fact, it’s been estimated that making iPhones exclusively in the US would add around $65 to the cost of each phone – not an unaffordable cost, or an unthinkable drop in margin for Apple, if it meant bringing jobs back home.  But American workers aren’t going to be making iPhones anytime soon, because of the need for speed, and scale, in getting the product on to shelves around the world. When Apple assessed the global demand for the iPhone it estimated that it would need almost 9,000 engineers overseeing the production process to meet demand. Their analysts reported that it would take nine months to recruit that many engineers in the US – in China, it took 15 days. It’s these kind of tales that cause US conservative media outlets to graphically describe Asia as ‘eating the lunch’ off the tables of patriotic, if sleep-walking, American citizens. If Apple had chosen to go to India, instead of China, the costs may have been slightly higher, but the supply of suitably qualified engineers would have been just as plentiful. While China may be the world’s biggest manufacturing plant, India is set to lead the way in the industry that poses the biggest threat to western middle-class parents seeking to put their sons or daughters through college: knowledge.

In her book The Government-Citizen Disconnect, the political scientist Suzanne Mettler reports that 96 percent of American adults have relied on a major government program at some point in their lives. Rich, middle-class, and poor families depend on different kinds of programs, but the average rich and middle-class family draws on the same number of government benefits as the average poor family. Student loans look like they were issued from a bank, but the only reason banks hand out money to eighteen-year-olds with no jobs, no credit, and no collateral is because the federal government guarantees the loans and pays half their interest. Financial advisers at Edward Jones or Prudential can help you sign up for 529 college savings plans, but those plans' generous tax benefits will cost the federal government an estimated $28.5 billion between 2017 and 2026. For most Americans under the age of sixty-five, health insurance appears to come from their jobs, but supporting this arrangement is one of the single largest tax breaks issued by the federal government, one that exempts the cost of employer-sponsored health insurance from taxable incomes. In 2022, this benefit is estimated to have cost the government $316 billion for those under sixty-five. By 2032, its price tag is projected to exceed $6oo billion. Almost half of all Americans receive government-subsidized health benefits through their employers, and over a third are enrolled in government-subsidized retirement benefits. These participation rates, driven primarily by rich and middle-class Americans, far exceed those of even the largest programs directed at low income families, such as food stamps (14 percent of Americans) and the Earned Income Tax Credit (19 percent). Altogether, the United States spent $1.8 trillion on tax breaks in 2021. That amount exceeded total spending on law enforcement, education, housing, healthcare, diplomacy, and everything else that makes up our discretionary budget. Roughly half the benefits of the thirteen largest individual tax breaks accrue to the richest families, those with incomes that put them in the top 20 percent. The top I percent of income earners take home more than all middle-class families and double that of families in the bottom 20 percent. I can't tell you how many times someone has informed me that we should reduce military spending and redirect the savings to the poor. When this suggestion is made in a public venue, it always garners applause. I've met far fewer people who have suggested we boost aid to the poor by reducing tax breaks that mostly benefit the upper class, even though we spend over twice as much on them as on the military and national defense.

Shareholders have a residual claim on a firm’s assets and earnings, meaning they get what’s left after all other claimants—employees and their pension funds, suppliers, tax-collecting governments, debt holders, and preferred shareholders (if any exist)—are paid. The value of their shares, therefore, is the discounted value of all future cash flows minus those payments. Since the future is unknowable, potential shareholders must estimate what that cash flow will be; their collective expectations about the future determine the stock price. Any shareholders who expect that the discounted value of future equity earnings of the company will be less than the current price will sell their stock. Any potential shareholders who expect that the discounted future value will exceed the current price will buy stock. This means that shareholder value has almost nothing to do with the present. Indeed, present earnings tend to be a small fraction of the value of common shares. Over the past decade, the average yearly price-earnings multiple for the S&P 500 has been 22x, meaning that current earnings represent less than 5 percent of stock prices.

My mother loved giving me math challenges. At Kmart or Winn-Dixie, she’d have me pick out books and model cars and trucks and buy them for me if I was able to mentally add together their prices. Over the course of my childhood, she kept escalating the difficulty, first having me estimate and round to the nearest dollar, then having me figure out the precise dollar-and-cents amount, and then having me calculate 3 percent of that amount and add it on to the total. I was confused by that last challenge—not by the arithmetic so much as by the reasoning. “Why?” “It’s called tax,” my mother explained. “Everything we buy, we have to pay three percent to the government.” “What do they do with it?” “You like roads, buddy? You like bridges?” she said. “The government uses that money to fix them. They use that money to fill the library with books.” Some time later, I was afraid that my budding math skills had failed me, when my mental totals didn’t match those on the cash register’s display. But once again, my mother explained. “They raised the sales tax. Now you have to add four percent.” “So now the library will get even more books?” I asked. “Let’s hope,” my mother said.

RENEWABLE ENERGY REVOLUTION: SOLAR + WIND + BATTERIES In addition to AI, we are on the cusp of another important technological revolution—renewable energy. Together, solar photovoltaic, wind power, and lithium-ion battery storage technologies will create the capability of replacing most if not all of our energy infrastructure with renewable clean energy. By 2041, much of the developed world and some developing countries will be primarily powered by solar and wind. The cost of solar energy dropped 82 percent from 2010 to 2020, while the cost of wind energy dropped 46 percent. Solar and onshore wind are now the cheapest sources of electricity. In addition, lithium-ion battery storage cost has dropped 87 percent from 2010 to 2020. It will drop further thanks to the massive production of batteries for electrical vehicles. This rapid drop in the price of battery storage will make it possible to store the solar/wind energy from sunny and windy days for future use. Think tank RethinkX estimates that with a $2 trillion investment through 2030, the cost of energy in the United States will drop to 3 cents per kilowatt-hour, less than one-quarter of today’s cost. By 2041, it should be even lower, as the prices of these three components continue to descend. What happens on days when a given area’s battery energy storage is full—will any generated energy left unused be wasted? RethinkX predicts that these circumstances will create a new class of energy called “super power” at essentially zero cost, usually during the sunniest or most windy days. With intelligent scheduling, this “super power” can be used for non-time-sensitive applications such as charging batteries of idle cars, water desalination and treatment, waste recycling, metal refining, carbon removal, blockchain consensus algorithms, AI drug discovery, and manufacturing activities whose costs are energy-driven. Such a system would not only dramatically decrease energy cost, but also power new applications and inventions that were previously too expensive to pursue. As the cost of energy plummets, the cost of water, materials, manufacturing, computation, and anything that has a major energy component will drop, too. The solar + wind + batteries approach to new energy will also be 100-percent clean energy. Switching to this form of energy can eliminate more than 50 percent of all greenhouse gas emissions, which is by far the largest culprit of climate change.

Two years after the accident, the USSR acknowledged that the Chernobyl disaster had so far cost them 11 billion Roubles (at a time when a Rouble wasn’t far off the value of a Dollar), while Gorbachev himself admitted a figure of 18 billion in 2006. That does not include a lot of secondary expenses, and even then it appears to be a significant under-estimation, based on a report released by the Belarus Foreign Ministry in 2009. It revealed that the Government there still spends roughly $1 million daily on the accident, and, “damage caused by the Chernobyl disaster is estimated at some $235 billion. However, the overall amount of money that Belarus and the international community invested into the recovery amounts to just 8 per cent of the total damage.275” The cost was catastrophic for the Soviet economy, as were its cascading effects on the coal and hydro energy industries. Soon after this, the oil price crashed to around half of its previous value, damaging the economy still further. The accident gave Gorbachev the excuse he needed to remove many high-ranking military and political opponents to his more transparent vision for the Communist Party, helping to further usher in the era of ‘glasnost’ - transparency. The USSR never recovered; Chernobyl is seen as one of the primary catalysts behind its collapse.

Later, on April 15, 1999, a crowd of protestors led by the Reverend Al Sharpton shut down half of the Brooklyn Bridge, capping ten weeks of demonstrations following the killing of a twenty-three-year-old West African immigrant, Amadou Diallo, by four white New York City police officers. The officers had sprayed forty-one bullets into Mr. Diallo's apartment building vestibule, striking him nineteen times. Mr. Diallo was unarmed and had no police record. New York mayor Rudolph Giuliani, a Republican, declined to criticize the police department whose tactics he had historically endorsed. As the crowd, estimated from fifteen to twenty-five thousand, gathered at Brooklyn's Cadman Plaza, jury selection proceeded next door in the trial of four different white New York City police officers accused of torturing Abner Louima, a Haitian immigrant, in a Brooklyn police station in 1997. The demonstrations, growing larger and more multiracial, had begun to spread around the country in response to the horrific acts of police brutality. The canvas, stood back from, had a chilling Kafkaesque quality about it. Instrumentalities of the state had been used to spectacularly kill one completely innocent and defenseless man and brutally maim another. Mayor Giuliani appeared to accept this as a reasonable price of effective law enforcement.

As the scandal spread and gained momentum, Cardinal Law found himself on the cover of Newsweek, and the Church in crisis became grist for the echo chamber of talk radio and all-news cable stations. The image of TV reporters doing live shots from outside klieg-lit churches and rectories became a staple of the eleven o’clock news. Confidentiality deals, designed to contain the Church’s scandal and maintain privacy for embarrassed victims, began to evaporate as those who had been attacked learned that the priests who had assaulted them had been put in positions where they could attack others too. There were stories about clergy sex abuse in virtually every state in the Union. The scandal reached Ireland, Mexico, Austria, France, Chile, Australia, and Poland, the homeland of the Pope. A poll done for the Washington Post, ABC News, and Beliefnet.com showed that a growing majority of Catholics were critical of the way their Church was handling the crisis. Seven in ten called it a major problem that demanded immediate attention. Hidden for so long, the financial price of the Church’s negligence was astonishing. At least two dioceses said they had been pushed to the brink of bankruptcy after being abandoned by their insurance companies. In the past twenty years, according to some estimates, the cost to pay legal settlements to those victimized by the clergy was as much as $1.3 billion. Now the meter was running faster. Hundreds of people with fresh charges of abuse began to contact lawyers. By April 2002, Cardinal Law was under siege and in seclusion in his mansion in Boston, where he was heckled by protesters, satirized by cartoonists, lampooned by late-night comics, and marginalized by a wide majority of his congregation that simply wanted him out. In mid-April, Law secretly flew to Rome, where he discussed resigning with the Pope.

The first cut at the problem—the simplest but still eye-opening—is to ask how much income would have to be transferred from rich countries to poor countries to lift all of the world’s extreme poor to an income level sufficient to meet basic needs. Martin Ravallion and his colleagues on the World Bank’s poverty team have gathered data to address this question, at least approximately. The World Bank estimates that meeting basic needs requires $1.08 per day per person, measured in 1993 purchasing-power adjusted prices. Using household surveys, the Ravallion team has calculated the numbers of poor people around the world who live below that threshold, and the average incomes of those poor. According to the Bank’s estimates, 1.1 billion people lived below the $1.08 level as of 2001, with an average income of $0.77 per day, or $281 per year. More important, the poor had a shortfall relative to basic needs of $0.31 per day ($1.08 minus $0.77), or $113 per year. Worldwide, the total income shortfall of the poor in 2001 was therefore $113 per year per person multiplied by 1.1 billion people, or $124 billion. Using the same accounting units (1993 purchasing power adjusted U.S. dollars), the income of the twenty-two donor countries of the Development Assistance Committee (DAC) in 2001 was $20.2 trillion. Thus a transfer of 0.6 percent of donor income, amounting to $124 billion, would in theory raise all 1.1 billion of the world’s extreme poor to the basic-needs level. Notably, this transfer could be accomplished within the 0.7 percent of the GNP target of the donor countries. That transfer would not have been possible in 1980, when the numbers of the extreme poor were larger (1.5 billion) and the incomes of the rich countries considerably smaller. Back in 1981, the total income gap was around $208 billion (again, measured in 1993 purchasing power prices) and the combined donor country GNP was $13.2 trillion. Then it would have required 1.6 percent of donor income in transfers to raise the extreme poor to the basic-needs level.

Internet subscription for $59—seemed reasonable. The second option—the $125 print subscription—seemed a bit expensive, but still reasonable. But then I read the third option: a print and Internet subscription for $125. I read it twice before my eye ran back to the previous options. Who would want to buy the print option alone, I wondered, when both the Internet and the print subscriptions were offered for the same price? Now, the print-only option may have been a typographical error, but I suspect that the clever people at the Economist's London offices (and they are clever—and quite mischievous in a British sort of way) were actually manipulating me. I am pretty certain that they wanted me to skip the Internet-only option (which they assumed would be my choice, since I was reading the advertisement on the Web) and jump to the more expensive option: Internet and print. But how could they manipulate me? I suspect it's because the Economist's marketing wizards (and I could just picture them in their school ties and blazers) knew something important about human behavior: humans rarely choose things in absolute terms. We don't have an internal value meter that tells us how much things are worth. Rather, we focus on the relative advantage of one thing over another, and estimate value accordingly. (For instance, we don't know how much a six-cylinder car is worth, but we can assume it's more expensive than the four-cylinder model.) In the case of the Economist, I may not have known whether the Internet-only subscription at $59 was a better deal than the print-only option at $125. But I certainly knew that the print-and-Internet option for $125 was better than the print-only option at $125. In fact, you could reasonably deduce that in the combination package, the Internet subscription is free! “It's a bloody steal—go for it, governor!” I could almost hear them shout from the riverbanks of the Thames. And I have to admit, if I had been inclined to subscribe I probably would have taken the package deal myself. (Later, when I tested the offer on a large number of participants, the vast majority preferred the Internet-and-print deal.)

The Ten Ways to Evaluate a Market provide a back-of-the-napkin method you can use to identify the attractiveness of any potential market. Rate each of the ten factors below on a scale of 0 to 10, where 0 is terrible and 10 fantastic. When in doubt, be conservative in your estimate: Urgency. How badly do people want or need this right now? (Renting an old movie is low urgency; seeing the first showing of a new movie on opening night is high urgency, since it only happens once.) Market Size. How many people are purchasing things like this? (The market for underwater basket-weaving courses is very small; the market for cancer cures is massive.) Pricing Potential. What is the highest price a typical purchaser would be willing to spend for a solution? (Lollipops sell for $0.05; aircraft carriers sell for billions.) Cost of Customer Acquisition. How easy is it to acquire a new customer? On average, how much will it cost to generate a sale, in both money and effort? (Restaurants built on high-traffic interstate highways spend little to bring in new customers. Government contractors can spend millions landing major procurement deals.) Cost of Value Delivery. How much will it cost to create and deliver the value offered, in both money and effort? (Delivering files via the internet is almost free; inventing a product and building a factory costs millions.) Uniqueness of Offer. How unique is your offer versus competing offerings in the market, and how easy is it for potential competitors to copy you? (There are many hair salons but very few companies that offer private space travel.) Speed to Market. How soon can you create something to sell? (You can offer to mow a neighbor’s lawn in minutes; opening a bank can take years.) Up-front Investment. How much will you have to invest before you’re ready to sell? (To be a housekeeper, all you need is a set of inexpensive cleaning products. To mine for gold, you need millions to purchase land and excavating equipment.) Upsell Potential. Are there related secondary offers that you could also present to purchasing customers? (Customers who purchase razors need shaving cream and extra blades as well; buy a Frisbee and you won’t need another unless you lose it.) Evergreen Potential. Once the initial offer has been created, how much additional work will you have to put in in order to continue selling? (Business consulting requires ongoing work to get paid; a book can be produced once and then sold over and over as is.) When you’re done with your assessment, add up the score. If the score is 50 or below, move on to another idea—there are better places to invest your energy and resources. If the score is 75 or above, you have a very promising idea—full speed ahead. Anything between 50 and 75 has the potential to pay the bills but won’t be a home run without a huge investment of energy and resources.

Another common form of mental illness is bipolar disorder, in which a person suffers from extreme bouts of wild, delusional optimism, followed by a crash and then periods of deep depression. Bipolar disorder also seems to run in families and, curiously, strikes frequently in artists; perhaps their great works of art were created during bursts of creativity and optimism. A list of creative people who were afflicted by bipolar disorder reads like a Who’s Who of Hollywood celebrities, musicians, artists, and writers. Although the drug lithium seems to control many of the symptoms of bipolar disorder, the causes are not entirely clear. One theory states that bipolar disorder may be caused by an imbalance between the left and right hemispheres. Dr. Michael Sweeney notes, “Brain scans have led researchers to generally assign negative emotions such as sadness to the right hemisphere and positive emotions such as joy to the left hemisphere. For at least a century, neuroscientists have noticed a link between damage to the brain’s left hemisphere and negative moods, including depression and uncontrollable crying. Damage to the right, however, has been associated with a broad array of positive emotions.” So the left hemisphere, which is analytical and controls language, tends to become manic if left to itself. The right hemisphere, on the contrary, is holistic and tends to check this mania. Dr. V. S. Ramachandran writes, “If left unchecked, the left hemisphere would likely render a person delusional or manic.… So it seems reasonable to postulate a ‘devil’s advocate’ in the right hemisphere that allows ‘you’ to adopt a detached, objective (allocentric) view of yourself.” If human consciousness involves simulating the future, it has to compute the outcomes of future events with certain probabilities. It needs, therefore, a delicate balance between optimism and pessimism to estimate the chances of success or failures for certain courses of action. But in some sense, depression is the price we pay for being able to simulate the future. Our consciousness has the ability to conjure up all sorts of horrific outcomes for the future, and is therefore aware of all the bad things that could happen, even if they are not realistic. It is hard to verify many of these theories, since brain scans of people who are clinically depressed indicate that many brain areas are affected. It is difficult to pinpoint the source of the problem, but among the clinically depressed, activity in the parietal and temporal lobes seems to be suppressed, perhaps indicating that the person is withdrawn from the outside world and living in their own internal world. In particular, the ventromedial cortex seems to play an important role. This area apparently creates the feeling that there is a sense of meaning and wholeness to the world, so that everything seems to have a purpose. Overactivity in this area can cause mania, in which people think they are omnipotent. Underactivity in this area is associated with depression and the feeling that life is pointless. So it is possible that a defect in this area may be responsible for some mood swings.

The Lowly Thermostat, Now Minter of Megawatts How Nest is turning its consumer hit into a service for utilities. Peter Fairley | 945 words • Google’s $3.2 billion acquisition of Nest Labs in January put the Internet of things on the map. Everyone had vaguely understood that connecting everyday objects to the Internet could be a big deal. Here was an eye-popping price tag to prove it. Nest, founded by former Apple engineers in 2010, had managed to turn the humble thermostat into a slick, Internet-connected gadget. By this year, Nest was selling 100,000 of them a month, according to an estimate by Morgan Stanley. At $249 a pop, that’s a nice business. But more interesting is what Nest has been up to since last May in Texas, where an Austin utility is paying Nest to remotely turn down people’s air conditioners in order to conserve power on hot summer days—just when electricity is most expensive. For utilities, this kind of “demand response” has long been seen as a killer app for a smart electrical grid, because if electricity use can be lowered just enough at peak times, utilities can avoid firing up costly (and dirty) backup plants. Demand response is a neat trick. The Nest thermostat manages it by combining two things that are typically separate—price information and control over demand. It’s consumers who control the air conditioners, electric heaters, and furnaces that dominate a home’s energy diet. But the actual cost of energy can vary widely, in ways that consumers only dimly appreciate and can’t influence. While utilities frequently carry out demand

Keynes had been appointed to the board of the National Mutual, one of the oldest institutions in the city, in 1919.107 He had served as chairman of the insurer, and helped manage its investment portfolio from 1921. That portfolio lost £641,000 ($61 million), an enormous sum of money in 1937. While Keynes was recuperating from a heart attack, F. N. Curzon, the acting chairman of the insurer called him to account for the loss.108 Curzon and the board criticized Keynes’s investment policy of remaining invested in his “pet” stocks during the decline.109 In a response to Curzon in March 1938, Keynes wrote:110 1. I do not believe that selling at very low prices is a remedy for having failed to sell at high ones. . . . As soon as prices had fallen below a reasonable estimate of intrinsic value and long-period probabilities, there was nothing more to be done. It was too late to remedy any defects in previous policy, and the right course was to stand pretty well where one was. 2. I feel no shame at being found owning a share when the bottom of the market comes. I do not think it is the business, far less the duty, for an institutional or any other serious investor to be constantly considering whether he should cut and run on a falling market, or to feel himself open to blame if shares depreciate on his hands. . . . An investor is aiming, or should be aiming, primarily at long-period results, and should be solely judged by these. . . . The idea that we should all be selling out to the other fellow and should all be finding ourselves with nothing but cash at the bottom of the market is not merely fantastic, but destructive of the whole system. 3. I do not feel that we have in fact done particularly badly. . . . If we deal in equities; it is inevitable that there should be large fluctuations.

It’s worth noting, incidentally, that most private corporations are fantastically inefficient, although their inefficiency is disguised by collusion with the government: Contrary to their claims of efficiency, most large corporations…spend an inordinate portion of society’s resources on advertising, executive perks and salaries, transportation and communications to far-flung corporate empires, and lobbying expenses. Most depend for their profits and survival on a complex regime of public subsidies, exemptions, and externalized costs, including the indirect subsidies they gain when allowed to pay less than a living wage, maintain substandard working conditions, market hazardous products, dump untreated wastes into the environment, and extract natural resources from public lands at below-market prices. Ralph Estes…estimates that in 1994 corporations extracted more than $2.6 trillion a year in such subsidies in the United States alone—roughly five times their reported profits… It is one of the basic principles of efficient market function that the full costs of a product or service be borne by the seller and passed on to the buyer. Yet many corporations would be forced to close their doors or restructure if they had to bear the true full costs of their operations.123 Americans sometimes think of large size almost as an end in itself, or at least as necessary for economic efficiency. But this is not always the case. In some industries, economies of scale do exist. But large size tends to entail bureaucratic inefficiencies, environmental destruction, allocative inequalities, political corruption, in general significant negative externalities.124

Admitting my fears was the only thing that allowed me to estimate the price of the plunge and find the courage to take it.

battery prices will fall to $100 per kilowatt-hour by 2023 just by following the 16 percent per year cost improvement that the world saw between 2010 and 2016. And that’s probably a conservative estimate. GM has predicted that its lithium-ion cell costs will hit $100 per kilowatt-hour by 2021. Keep in mind that these cost reductions require no breakthrough in battery technology, and they don’t take into account improvements likely to arise from increased competition, consolidation, scale, and innovation as automakers and utilities push further into the market. The effect will be dramatic.

Maruti was called upon to take a difficult decision soon after the first bookings had been made. The pick-up truck, a purely commercial vehicle that was part of the original project along with the 800 and the van, got a very poor response—bookings of just 2,000. In the project report, the pick-up truck was expected to account for 20 per cent of total production. The booking response showed that the customers did not want this vehicle, and manufacturing it in small volumes would not be viable. The company realized it had made a serious error of judgement in not recognizing that petrol-driven commercial vehicles could never compete with diesel-driven ones, as the government-determined price of diesel was much lower than petrol. SMC had estimated that the pick-up truck would be very successful because of good experience in other Asian countries. In Pakistan, it was used for rural transport, after being fitted with a canvas top, and sold in large numbers. However, India had a vehicle called the Tempo, which carried a load slightly more than the pick-up truck and ran on diesel. The highly value-conscious Indian customers immediately realized that the pick-up truck would always lose out to the Tempo, because of the Tempo’s lower operating costs. Realizing that the truck would be a failure, Maruti decided to drop its production and to write off the costs incurred till then in tooling and other related activities. This experience was a reminder to Maruti on the importance of correctly assessing the behaviour of Indian customers, and the dangers of transferring experience of other countries to India, without careful examination.

both Tesla and GM think battery prices will come down fast enough for electric cars to be more affordable than equivalent gasoline cars by the early 2020s. The Chevy Bolt sells for less than $35,000, after subsidies. Tesla plans to be producing Model 3s at a rate of hundreds of thousands a year by 2019. Other electric car companies, new and old, are developing competitive strategies. It is still difficult to predict how quickly the sales of electric cars will overtake those of gasoline vehicles. Even assuming all goes well for Tesla and their electric competitors, it could take years, or decades. Bloomberg New Energy Finance’s study estimated that electric cars will account for 35 percent of new car sales by 2040. That’s based on battery prices decreasing at a slower rate than Tesla and GM anticipate. But, as noted earlier, gasoline cars will face the difficult task of competing with electric cars that are both cheaper and better.

that is subject to accelerated revenue recognition as a result of aggressive management estimates is one that has “multiple deliverables.” In this type of arrangement, the seller provides several distinct, but intermingled deliverables over an extended period of time. For example, wireless telecom companies often package mobile phone service and a cell phone handset together in the same contract. Sometimes the handset is sold to the customer at a greatly discounted price (or even given away for free), as long as the customer also agrees to a two-year service contract. Accounting rules require the seller to allocate a portion of the total contract value to the handset (to be recognized as revenue up front) and a portion to the service contract (to be recognized over the life of the contract). The seller uses assumptions in estimating how to split the revenue between the two deliverables. By changing these assumptions or

The web nearness of your organization assumes a huge part in the accomplishment of your business. These days, business people like to do online research of your organization and study your site completely before contributing or marking any business contract. Business visionaries who are not usual with web extends and don't know how to choose the ideal website architecture organization regularly arrive up picking the wrong one. Benefiting the administrations of a wrong website architecture firm can deliver pulverizing impacts and influence your business unfavorably. In any case, as indicated by website architecture specialists, there are few focuses which ought to be mulled over while choosing the ideal website architecture organization. Such focuses may include: Website architecture Pricing: Decent quality web architecture guarantees fantastic business openings. In the realm of web outlining, a great quality Designer requests a nice cost, while a minimal effort likens to pitiable quality. In any case, few web organizations offer starting quotes and shroud the genuine cost which in the long run heaps up. In few cases, regularly customer’s grumble of working with "Markdown Web Design Companies" which guarantees of a diminished cost however brings about loss of time alongside cash. Subsequently, choice of web organizations on the premise of estimating ought to be deliberately directed. Search engine optimization Services: Such administrations concentrate on enhancing the positioning of your site in different web indexes like Google and Bing. Higher web search tools draw in the natural leads, which are gotten without paying a penny to Google. On the off chance that the viability of SEO is dismissed, even a pulling in and magnificent showcasing system won't have the capacity to draw in guests to your site.

If competitors are determined to grow in a static market, they may start to break the orderly market rules. Producing copies of rivals’ products is tempting because in the short term it ‘steals’ share and makes money. Although competitors with strong technological and marketing skills are unlikely to launch exact copies of rival brands, it is estimated that 97% of new products are not genuine innovations.6 The failure rate of new products is extremely high, around 90% two years after launch, so even though differentiated brands on the whole perform better than me-toos, me-toos are common in markets where innovation is slowing down. Once they get a hold in an industry, there is an inevitable downward pressure on prices.

As illusions go, this one is pretty stubborn. When you’re obsessed with efficiency and productivity, it’s difficult to see the real value of education and care. Which is why so many politicians and taxpayers alike see only costs. They don’t realize that the richer a country becomes the more it should be spending on teachers and doctors. Instead of regarding these increases as a blessing, they’re viewed as a disease. Yet unless we prefer to run our schools and hospitals as if they were factories, we can be certain that, in the race against the machine, the costs of healthcare and education will only go up. At the same time, products like refrigerators and cars have become too cheap. To look solely at the price of a product is to ignore a large share of the costs. In fact, a British think tank estimated that for every pound earned by advertising executives, they destroy an equivalent of £7 in the form of stress, overconsumption, pollution, and debt; conversely, each pound paid to a trash collector creates an equivalent of £12 in terms of health and sustainability.

The importance of our relationships has even led to attempts to evaluate them in monetary terms. “Putting a Price Tag on Friends, Relatives, and Neighbors: Using Surveys of Life Satisfaction to Value Social Relationships,” a study undertaken in the United Kingdom in 2008, estimated that an increase in social involvements may produce an increase of life satisfaction equivalent to an extra $110,000 a year.

In his endeavor to select the most promising stocks either for the near term or the longer future, the investor faces obstacles of two kinds—the first stemming from human fallibility and the second from the nature of his competition. He may be wrong in his estimate of the future; or even if he is right, the current market price may already fully reflect what he is anticipating.

Americans collectively spend over one hundred billion hours stuck in traffic jams, a testament to the fact that road pricing is not yet widely adopted. By some estimates, the revenues from optimal congestion pricing would be enough to eliminate all state taxes in California.

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.

In 2022, this benefit is estimated to have cost the government $316 billion for those under sixty-five. By 2032, its price tag is projected to exceed $600 billion. Almost half of all Americans receive government-subsidized health benefits through their employers, and over a third are enrolled in government-subsidized retirement benefits. These participation rates, driven primarily by rich and middle-class Americans, far exceed those of even the largest programs directed at low-income families, such as food stamps (14 percent of Americans) and the Earned Income Tax Credit (19 percent).[24]

You’ll need to understand the comparative pricing of properties in a target area to estimate the values of the houses there. This will also build your confidence when it’s time to make an offer.

Textile archaeologists have calculated the amount of cloth that would have been required to equip the Ladby ship, a good example of a medium-sized warship found in a burial mound on the island of Fyn in Denmark. Based on a sail size of eighty square metres (probably a conservative estimate), it would have taken two person-years of ten-hour days to make just one mainsail weighing about fifty kilos, and nobody would put to sea without reserve sailcloth that might save their lives. This workload is also something of an ideal figure, so the reality would have been closer to three or even four person-years for one sail. This was not solo work, of course, but the permutations of time for increasingly large teams of textile workers are easy to calculate. Then there were the sea-clothes. As far as we can tell, these were multi-layered assemblies of coarse, thickly lined, insulated fabric able to withstand the weather of the open ocean. The Ladby ship had a crew of thirty-two, judging by the oar positions. Using the same ten-hour-day production pace as for the sails, it would have taken perhaps twenty-four person-years to fit out the crew. And added even to this are rugs, tents, a variety of other clothing (including a change of clothes for wet conditions), plus ropes, cordage, and the like.

Energy prices in the Goldman Sachs Commodities Index soared almost 60 percent in 2021 as supply lagged behind demand.49 Pressure on institutional investors from eco-minded shareholders has slashed investment in new fossil fuel projects by 40 percent, according to one estimate.

As there can be no causeless wealth, so there can be no causeless love or any sort of causeless emotion. An emotion is a response to a fact of reality, an estimate dictated by your standards. To love is to value. The man who tells you that it is possible to value without values, to love those whom you appraise as worthless, is the man who tells you that it is possible to grow rich by consuming without producing and that paper money is as valuable as gold. “Observe that he does not expect you to feel a causeless fear. When his kind get into power, they are expert at contriving means of terror, at giving you ample cause to feel the fear by which they desire to rule you. But when it comes to love, the highest of emotions, you permit them to shriek at you accusingly that you are a moral delinquent if you’re incapable of feeling causeless love. When a man feels fear without reason, you call him to the attention of a psychiatrist; you are not so careful to protect the meaning, the nature and the dignity of love. “Love is the expression of one’s values, the greatest reward you can earn for the moral qualities you have achieved in your character and person, the emotional price paid by one man for the joy he receives from the virtues of another. Your morality demands that you divorce your love from values and hand it down to any vagrant; not as response to his worth, but as response to his need, not as reward, but as alms, not as a payment for virtues, but as a blank check on vices. Your morality tells you that the purpose of love is to set you free of the bonds of morality, that love is superior to moral judgment; that true love transcends, forgives and survives every manner of evil in its object, and the greater the love the greater the depravity it permits to the loved. To love a man for his virtues is paltry and human, it tells you; to love him for his flaws is divine. To love those who are worthy of it is self-interest; to love the unworthy is sacrifice. You owe your love to those who don’t deserve it, and the less they deserve it, the more love you owe them—the more loathsome the object, the nobler your love—the more unfastidious your love, the greater the virtue—and if you can bring your soul to the state of a dump heap that welcomes anything on equal terms, if you can cease to value moral values, you have achieved the state of moral perfection.

Suraj solar and allied industries, Wework galaxy, 43, Residency Road, Bangalore-560025. Mobile number : +91 808 850 7979 Sun oriented streetlamps are a creative and practical lighting arrangement that bridles the force of the sun to enlighten streets, pathways, and public spaces. In urban communities like Bangalore, where energy proficiency and natural manageability are key needs, the reception of sun based streetlamps has been picking up speed. This article investigates the different parts of sun based streetlamps, including their advantages, estimating factors in Bangalore, an examination of various items, experiences into a main supplier like SuneaseSolar, ways to choose the right streetlamp, and rules for establishment and support. 1. Prologue to Sunlight based Streetlamps What are Sunlight based Streetlamps? Sun oriented streetlamps are independent lighting frameworks that bridle the force of daylight to enlighten open air spaces like roads, pathways, and public regions. These lights comprise of sun powered chargers, Drove lights, batteries, and a regulator to deal with the energy stream. Significance of Sun based Streetlamps Sun based streetlamps assume a significant part in improving wellbeing, security, and perceivability in metropolitan and provincial regions where customary lattice power might be untrustworthy or inaccessible. They offer a practical and productive lighting arrangement that decreases reliance on non-renewable energy sources and adds to a greener climate. 2. Advantages of Sun powered Streetlamps Energy Effectiveness Sun oriented streetlamps are profoundly energy-effective as they work by changing over daylight into power, taking out the requirement for lattice power. This outcomes in lower energy utilization and decreased fossil fuel byproducts, making them an economical lighting choice. Cost Reserve funds By using sun powered energy, sun based streetlamps help in chopping down power charges fundamentally over their life expectancy. The underlying interest in sun powered streetlamps is balanced by long haul cost reserve funds because of negligible upkeep prerequisites and no power costs. Ecological Effect Sunlight based streetlamps add to natural preservation by using inexhaustible sun oriented energy and decreasing carbon impressions. They help in fighting environmental change and advancing a cleaner, greener planet by diminishing dependence on non-sustainable power sources. 3. Factors Influencing solar street light price in bangalore Nature of Parts The cost of sun oriented streetlamps in Bangalore can change in view of the nature of parts utilized, like sun powered chargers, batteries, and Drove lights. More excellent parts frequently bring about better execution and strength, yet may come at a greater cost. Government Endowments and Motivators Government endowments and motivators can affect the last expense of sun based streetlamps in Bangalore. Different plans and projects might offer monetary help or tax reductions, making sunlight based lighting more reasonable and appealing for shoppers. Establishment and Support Expenses Extra factors like establishment and upkeep expenses can impact the general cost of sunlight based streetlamps. Legitimate establishment and normal support guarantee ideal execution and life span, prompting likely expense reserve funds over the long haul. 4. Examination of solar street light price in bangalore Market Investigation of Various Brands A correlation of sunlight based streetlamp costs in Bangalore ought to incorporate an examination of various brands and their contributions. Factors like brand notoriety, item quality, and after-deals backing can affect the cost and generally an incentive for purchasers. Highlights and Particulars While contrasting sun powered streetlamp costs in Bangalore, it's fundamental to consider the highlights and determinations presented by various models.

value at risk, a technique used to estimate the probability of portfolio losses based on the statistical analysis of historical price trends and volatilities. It measures the worst expected loss under normal market conditions over a specific time interval at a given confidence level. Which means it measures both fear and optimism.

These calls to flee are highly relevant because the Jewish population today in America is only exceeded by the nation of Israel itself. The estimate of the Jewish population of the world is 13.2 million. The American Jewish population is 5.275 million, with 5.700 million living in Israel and 483,000 in France. How many Jewish residents live in Iraq, historical Babylon? On June 1, 2008 the New York Times reported that the Jewish population in Iraq in 1936 was 120,000; that 100,000 moved out of Iraq between 1949 to 1952, most moving to the newly formed State of Israel; and that the Jewish population in Iraq currently is almost zero, estimated by the Jewish Agency of Israel at only seven persons.

Dr. Gunnar Heinsohn of the University of Bremen has estimated that since 1948, over 11,000,000 Muslims have been killed by other Muslims in various wars and uprisings (Front Page Magazine, October 8, 2007).

It is estimated that up to one third of police officers who face a traumatic event will develop some level of post-traumatic stress (Dowling F.G., 2006). Despite this high number of psychological casualties, law enforcement agencies nationwide fail to support and train for a psychological injury that can last far longer than the physical injuries received in combat (Blum, 2001).

The Jefferson political style, though, remained smooth rather than rough, polite rather than confrontational. He was a warrior for the causes in which he believed, but he conducted his battles at a remove, tending to use friends and allies to write and publish and promulgate the messages he thought crucial to the public debate. Part of the reason for his largely genial mien lay in the Virginia culture of grace and hospitality; another factor was a calculated decision, based on his experience of men and of politics, that direct conflict was unproductive and ineffective. Jefferson articulated this understanding of politics and the management of conflicting interests in a long, thoughtful letter to a grandson. “A determination never to do what is wrong, prudence, and good humor, will go far towards securing to you the estimation of the world,” he wrote to Patsy’s son Thomas Jefferson Randolph.67 Good humor, Jefferson added, “is the practice of sacrificing to those whom we meet in society all the little conveniences and preferences which will gratify them, and deprive us of nothing worth a moment’s consideration; it is the giving a pleasing and flattering turn to our expressions which will conciliate others and make them pleased with us as well as themselves. How cheap a price for the good will of another!” Jefferson went on: When this is in return for a rude thing said by another, it brings him to his senses, it mortifies and corrects him in the most salutary way, and places him at the feet of your good nature in the eyes of the company.68 But in stating prudential rules for our government in society I must not omit the important one of never entering into dispute or argument with another. I never yet saw an instance of one of two disputants convincing the other by argument. I have seen many, on their getting warm, becoming rude, and shooting one another. Conviction is the effect of our own dispassionate reasoning, either in solitude, or weighing within ourselves dispassionately what we hear from others standing uncommitted in argument ourselves. It was one of the rules which above all others made Doctr. Franklin the most amiable of men in society, “never to contradict anybody.

Wahabism has been referred to as “petro-Islam.” he House of Saud has funded an estimated “90% of the expenses of the entire faith,” throughout the Muslim world, according to journalist Dawood al-Shirian. The Saud family lavished funds on journalists and academics who followed Wahabism and built satellite campuses around Egypt for Al Azhar, the most influential Islamic university. The financial power of Saudi Wahhabism has overwhelmed less strict interpretations of Islam. As a result, Wahabism is viewed by Muslims worldwide as the “gold standard” of Islam.

Today, Israel has no producing oil wells. However, a huge natural gas deposit was discovered in January, 2009 a few kilometers off of the Israeli coast near Haifa, estimated at $15 billion in value, making it one of the largest natural gas finds in history, and potentially making Israel energy independent.  Drilling for oil continues in other areas of Israel. Author Joel Rosenberg speculates that Deuteronomy 33:24 (Asher will “dip his foot in oil”) will mean that Israel will discover massive quantities of oil, which will entice Russia and the listed Muslim nations to invade, to seize the sp(oil).

Nearly fifty million Americans—more than 16 percent of the population and almost 20 percent of American children—live in poverty.72 A majority of students in public schools throughout the American South and West meet federal low-income requirements for free and reduced-price meals.73 A 2009 federal study estimated that thirty-two million American adults, about one in seven, are unable to read anything more challenging

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.

Before wrapping up this chapter, let us look at one of the deadly scams in the Indian primary market history. There was company named ‘MS shoes east’. Shares of this company traded in Rs 150-200 range throughout the year 1994. But towards December 1994 it spurted to Rs 500 without any justifiable rationale behind the raise. Its promoter Pavan Sachedeva and his broker artificially manipulated the stock price to this level.   By February 1995, the company devised an expansion plan for an estimated expense Rs 700 crores. It proposed to raise around Rs 428 crores by means of Fully convertible bonds. These bonds were to be sold at Rs 199 each through public issue. The idea was to provoke people to subscribe the issue with a hope of converting this bond of Rs 199 to a share of Rs 500.   Well, his brokers was constantly buying the stocks from the open market to maintain the price at that high level. But the situation had already worsened. He had bought too much and had too little money at hand that he could not pay the stock exchange for all the purchases he made. BSE could not give money to the sellers of that security. Things turned out to be serious. You may find it hard to believe  - the BSE was shut down for three consecutive days without any business.   Before this drama came to light, FCD ('Fully Convertible Debenture) public issue was a big success and it almost stole the show. Delighted by the overwhelming response from the investing community, MS Shoes had announced to close the public issues few days before the stipulated time. The world came to know that the cruel plan of manipulating the stock price was only to push the bond issue successfully. Even the authorities woke up to the problem. The company was issued a notice. And also it allowed the investors to take back their FCD application. Almost all the investors took back. Even the underwriter refused to buy the unsold portion of the issue because the company had voluntarily announced to close the issue before the end date. The ruling was in favor the underwriter. Sachedeva declared himself to be innocent. MS shoes office resembled a mourning house with  deserted look.   There was one Sachedeva who came to light. There were and probably still are more of them out there.

Nevertheless, we apply the limitations of the Constitution with no fear that freedom to be intellectually and spiritually diverse or even contrary will disintegrate the social organization. To believe that patriotism will not flourish if patriotic ceremonies are voluntary and spontaneous instead of a compulsory routine is to make an unflattering estimate of the appeal of our institutions to free minds. We can have intellectual individualism *642 and the rich cultural diversities that we owe to exceptional minds only at the price of occasional eccentricity and abnormal attitudes. When they are so harmless to others or to the State as those we deal with here, the price is not too great. But freedom to differ is not limited to things that do not matter much. That would be a mere shadow of freedom. The test of its substance is the right to differ as to things that touch the heart of the existing order.

Nevertheless, some analysts on the sell-side have justified Tesla’s valuation. We recently observed a televised analyst say “when Tesla is earning $25 a share. …” That estimate, presumably at some point in the future, is used as an anchor for a target price as the stock shifts into a “concept holding.” The

This year companies around the world will spend an estimated $9.33 billion on online display ads at auction, according to Magna Global, a research and media buying unit of Interpublic Group. While auctions have brought pricing efficiency to the business, computerization is happening so quickly that ad agencies are struggling to keep up, says Matt Seiler, chief executive officer of IPG Mediabrands.

In October 2010 a Bloomberg reporter explained how Google Inc. cut its taxes by $3.1 billion in the previous three years through transfer pricing games known by names such as the “Double Irish” and the “Dutch Sandwich,” ending up with an overseas tax rate of 2.4 percent. The problem is getting worse. Microsoft’s tax bill has been falling sharply, for similar reasons. Cisco is at it. They are all at it. Transfer pricing alone costs the United States an estimated $60 billion a year—and that is just one form of the offshore tax game.

regulations, wastewater was managed in treatment facilities and no longer dumped into streams. Thus, the cost of pollution was captured in the cost of oil production. indeed, clean water from these treatment facilities was sold to nearby farmers for irrigation. on the other hand, these new technologies spewed large amounts of pollutants into the air. That air pollution was viewed as a cost of doing business; its environmental costs were ignored. oil prices collapsed in the 1980s. at the same time, air-quality regulations were becoming stiffer. operations at the Kern river oil field were again tenuous. yet once again, technological innovation provided a fix. oil companies built facilities to generate electricity that were fueled by natural gas, which burns cleaner than oil. This electricity was a source of revenue. The electric facilities also supplied steam that was used to increase production from the wells. in 2000, the Kern river oil field produced nearly 40 million barrels of oil. however, this level of production could not be sustained. since then, production has fallen to less than 30 million barrels each year (Figure 15.3). since 1899, over 2 billion barrels of oil have been extracted from the Kern river oil field. scientists estimate that this field could yield another 475 million barrels. But actually producing that much oil will depend on continuing improvements in technology and high oil prices. like many of the resources upon which we depend, oil is being consumed by humans at a rate that is thousands of times faster than the rate at which it is being produced. What are the factors that influence the total amounts of such resources? how do technology and economic factors affect the availability of those resources? What are the environmental consequences of their use? These questions are central to

The extremely high price of $10 (in 1974 dollars) for three slim pamphlets in a box must have sorely tempted consumers to take matters into their own hands; in the American Wargamer, George Phillies judged that “the rules are rather expensive—sufficiently over the cost of copying them, I think, that there are probably more pirate Xerox copies than licit copies in the world.” [AW:v2n8] Gygax would later conjecture, “I have no way of knowing how many pirated copies of D&D were in existence, but some estimates place the figure at about 20% of total sales, some as high as 50%.

f you have a complaint with your AC repair service provider, state it in a private place well away from public view. Searching for a location that allows both sides to talk without reservations and with honesty will help to make the discussion lucrative. Put the project on hold for a day or two to arrange for this meeting if essential. Be sure that you have a legal contract that thoroughly details your wishes before work begins; you could bring that contract to address any issues you are having. It shouldn't be assumed that a low-priced proposal indicates shoddy workmanship on the air and heating service company's part. Check the cost of the needed materials and compare them to the pricing of the low-priced proposal. Do not forget to calculate labor costs in your equation. You want to make sure that you only draw up a legal contract if the pricing is reasonable. Any air and heating service company worth his salt will provide the client with a written estimate before beginning work on a project. If there is a need to have the information immediately, your AC repair service provider should have the opportunity to give you an estimate over the phone. Also, review their expertise and skill level as well as what other clients are saying about them to find out if they finish work on time and at the agreed-upon fee. If you are feeling uneasy about anything, ask as many questions as possible before you sign a binding contract to work with a particular AC contractor. A reliable air and heating service company will make an effort to bring you the highest quality results. An efficient AC repair contractor will consider your needs and fulfill your requests on time. Make sure that you're giving your AC repair service provider adequate time to finish the job correctly without interruption. Discover how the AC repair service provider plans to manage any liability problems that occur.

Imagine that you knew Greece was still Greece and Italy was still Italy and that the prices quoted in the markets represented the bond-buying activities of banks pushing down yields rather than an estimate of the risk of the bond itself. Why would you buy such securities if the yield did not reflect the risk? You might realize that if you bought enough of them—if you became really big—and those assets lost value, you would become a danger to your national banking system and would have to be bailed out by your sovereign. If you were not bailed out, given your exposures, cross-border linkages to other banks, and high leverage, you would pose a systemic risk to the whole European financial sector. As such, the more risk that you took onto your books, especially in the form of periphery sovereign debt, the more likely it was that your risk would be covered by the ECB, your national government, or both. This would be a moral hazard trade on a continental scale. The euro may have been a political project that provided the economic incentive for this kind of trade to take place. But it was private-sector actors who quite deliberately and voluntarily jumped at the opportunity.

University of California professor Emmanuel Saez, Thomas Piketty of the Paris School of Economics, and Stefanie Stantcheva of the MIT Department of Economics, carefully taking into account the incentive effects of higher taxation and the societal benefits of reducing inequality, have estimated that the tax rate at the top should be around 70 percent—what it was before President Reagan started his campaign for the rich.68 But

In 1990, under the administration of George H. W. Bush, amendments to the Clean Air Act established an emissions trading—or “cap and trade”—system to control acid rain. The system resulted in a 54 percent decline in sulfur dioxide levels between 1990 and 2007, while the inflation-adjusted price of electricity declined during the same period.174 In 2003, the EPA reported to Congress that the overall cost of air pollution control during the previous ten years was between $8 billion and $9 billion, while the benefits were estimated from $101 billion to $119 billion—more than ten times as great.175 Singer’s “billion-dollar solution to a million-dollar problem” was just plain wrong.

was a ballot box stuffed to the top with ballots printed for the upcoming November election, now three months away. He pulled out two large handfuls of ballots and soon confirmed that they were, indeed, this year’s ballots. He knew the ballot well because he had worked with the Clerk to proof and edit the ballot before the text was sent to the printer. These were this year’s ballots, he thought, so why are these ballots in this box, most of them folded, some not? How could this happen? He began to spread the ballots out on the top of the stacked boxes in the storage room. As he looked at the ballots, all of which were clearly marked with votes for President, he soon noticed a disturbing trend. Each had a vote for President, and only a few votes were cast for other candidates for other offices. The pre-marked ballots that he had discovered hidden in the storage room were almost all marked in favor of the President. The more he examined the ballots the more he realized that he had come across evidence of a criminal act….voter fraud. Only a small handful of the several hundred ballots in the box that he examined showed votes for the President’s opponent. His estimate was about one hundred votes for the President for each vote marked for the President’s opponent.

Florida sought to remove what was estimated to be over one hundred thousand improper registrations by illegal residents, but was sued by the Department of Justice to prevent the State’s correction of fraud in its own voting records. The Attorney General accused several States seeking to void improper registrations with “voter suppression”. With the discovery of yet more pre-election voter fraud, with increasing numbers of registered undocumented immigrants, street riots broke out in increasing numbers of urban areas, with election offices burned and pillaged across the country.

Naturally, most analysts expected that U.S. taxpayers would pay an astronomical price to repair our financial system, too. Simon Johnson, a former chief economist of the International Monetary Fund, warned that the government’s price tag could be $1 trillion to $2 trillion, “in line with the experience” of other nations. An IMF study estimated the final tab at nearly $2 trillion. “If we spent a million dollars a day every day since the birth of Christ, we wouldn’t get to $1 trillion,” said Congressman Darrell Issa, the top Republican on the House government oversight committee. “And we’re likely to lose far more than that.” But we didn’t.

How do online retailers use these insights about shopper visits? Moe: The next stage of research looks at differentiating between online shoppers not just according to what pages they are looking at, but by also actually examining the products they are interested in.7 In other words, what are the characteristics of the products they are searching for and interested in? And what are their ideal products? Building a model based on data from this research enables the retailer to estimate the probability of purchasing. For example, if someone looks only at a series of black shoes, you can infer that she has a clear preference for this color shoe. Someone else might be looking only at shoes in a certain price range.

The chronology of John is so totally at odds with that of the Synoptics (not that they always agree among themselves) that we must suppose John's itinerary of Jesus to be governed solely by the theological demands of any particular scene. For example, Matthew, Mark, and Luke have Jesus, by implication, active for about a year's worth of ministry and teaching in Galilee, after which he embarks on the fatal visit to Jerusalem for Passover. But John has Jesus going to Jerusalem and back several times. For Matthew, the Jerusalem crowds on Palm Sunday have to inquire of the Galileans who Jesus is, but John's Jerusalemites know him well enough. And John has Jesus present at three Passover feasts, giving us our traditional estimate of a three-year ministry. But is John just constructing a Passover scene whenever he wants to have Jesus return to Passover themes in his teaching? Likewise, in the Synoptics, the Last Supper takes place on Thursday, the crucifixion on Friday, but not in John, where Jesus must die on Thursday, like the Passover lamb he typologically embodies.

At Oaktree we say, “Well bought is half sold.” By this we mean we don’t spend a lot of time thinking about what price we’re going to be able to sell a holding for, or when, or to whom, or through what mechanism. If you’ve bought it cheap, eventually those questions will answer themselves. If your estimate of intrinsic value is correct, over time an asset’s price should converge with its value.

This table only counts physical health effects due to disruptions that took place in the Illusion of Control phase. It considers both short-run and long-run effects. Each of the claimed effects is based on a published study about that effect. First on the list is the disruption to vaccination programs for measles, diphtheria, cholera, and polio, which were either cancelled or reduced in scope in some 70 countries. That disruption was caused by travel restrictions. Western experts could not travel, and within many poor countries travel and general activity were also halted in the early days of the Illusion of Control phase. This depressive effect on vaccination programs for the poor is expected to lead to large loss of life in the coming years. The poor countries paying this cost are most countries in Africa, the poorer nations in Asia, such as India, Indonesia and Myanmar, and the poorer countries in Latin America. The second listed effect in the table relates to schooling. An estimated 90% of the world’s children have had their schooling disrupted, often for months, which reduces their lifetime opportunities and social development through numerous direct and indirect pathways. The UN children’s organisation, UNICEF, has released several reports on just how bad the consequences of this will be in the coming decades.116 The third element in Joffe’s table refers to reports of economic and social primitivisation in poor countries. Primitivisation, also seen after the collapse of the Soviet Union in the early 1990s, is just what it sounds like: a regression away from specialisation, trade and economic advancement through markets to more isolated and ‘primitive’ choices, including attempted economic self-sufficiency and higher fertility. Due to diminished labour market prospects, curtailed educational activities and decreased access to reproductive health services, populations in the Illusion of Control phase began reverting to having more children precisely in those countries where there is already huge pressure on resources. The fourth and fifth elements listed in the table reflect the biggest disaster of this period, namely the increase in extreme poverty and expected famines in poor countries. Over the 20 years leading up to 2020, gradual improvements in economic conditions around the world had significantly eased poverty and famines. Now, international organisations are signalling rapid deterioration in both. The Food and Agriculture Organisation (FAO) now expects the world to have approximately an additional 100 million extremely poor people facing starvation as a result of Covid policies. That will translate into civil wars, waves of refugees and huge loss of life. The last two items in Joffe’s table relate to the effect of lower perinatal and infant care and impoverishment. Millions of preventable deaths are now expected due to infections and weakness in new mothers and young infants, and neglect of other health problems like malaria and tuberculosis that affect people in all walks of life. The whole of the poor world has suffered fewer than one million deaths from Covid. The price to be paid in human losses in these countries through hunger and health neglect caused by lockdowns and other restrictions is much, much larger. All in the name of stopping Covid.

Hence, after this foreshortened discussion of the major considerations, we once again enunciate the same basic compromise policy for defensive investors—namely that at all times they have a significant part of their funds in bond-type holdings and a significant part also in equities. It is still true that they may choose between maintaining a simple 50–50 division between the two components or a ratio, dependent on their judgment, varying between a minimum of 25% and a maximum of 75% of either. We shall give our more detailed view of these alternative policies in a later chapter. Since at present the overall return envisaged from common stocks is nearly the same as that from bonds, the presently expectable return (including growth of stock values) for the investor would change little regardless of how he divides his fund between the two components. As calculated above, the aggregate return from both parts should be about 7.8% before taxes or 5.5% on a tax-free (or estimated tax-paid) basis. A return of this order is appreciably higher than that realized by the typical conservative investor over most of the long-term past. It may not seem attractive in relation to the 14%, or so, return shown by common stocks during the 20 years of the predominantly bull market after 1949. But it should be remembered that between 1949 and 1969 the price of the DJIA had advanced more than fivefold while its earnings and dividends had about doubled. Hence the greater part of the impressive market record for that period was based on a change in investors’ and speculators’ attitudes rather than in underlying corporate values. To that extent it might well be called a “bootstrap operation.” In

Clark estimated that they had about nine hundred dollars’ worth of pelts and furs. This was big money in the pre-industrial-revolution age, about as profitable a venture as any young ambitious entrepreneur could find, other than a gold or silver claim. Of course, as always, the men who did the hard part and took the greatest risks got the least reward. The nine hundred dollars the voyagers got in St. Louis would grow by a factor of ten by the time the furs reached New York. In China, they were worth ten times the New York price.

In the community room, she put her hand on my arm and began listing all the famous writers who spent time in institutions. Tennessee Williams, Robert Lowell, Sylvia Plath, Anne Sexton. "Sometimes," she said, "there is a price to pay for being a ge-nius." I asked my English teacher if I was, in her estimation, a genius and she told me it was too soon to say for sure. "You can't follow instructions to save your life. You daydream. You seem full of disorder. These are all promising signs.

In relative valuation, you price an asset based on how similar assets are priced in the market. A prospective house buyer decides how much to pay for a house by looking at the prices paid for similar houses in the neighborhood. In the same vein, a potential investor in Twitter's IPO (initial public offering) in 2013 could have estimated its value by looking at the market pricing of other social media companies. The three essential steps in relative valuation are: Find comparable assets that are priced by the market; Scale the market prices to a common variable to generate standardized prices that are comparable across assets; and Adjust for differences across assets when comparing their standardized values. A newer house with more updated amenities should be priced higher than a similar-sized older house that needs renovation, and a higher growth company should trade at a higher price than a lower growth company in the same sector. Pricing can be done with less information and much more quickly than intrinsic valuations, and it is more likely to reflect the market mood of the moment. Not surprisingly, most of what passes for valuation in investment banking and portfolio management is really pricing.

Trillions of dollars in homeowner equity…so are the best “captains” of “equity conversion airplanes” the homeowners themselves? No. There is an impetus placed upon real estate professionals - as well as an implied responsibility - to honestly, to effectively and to accurately communicate reality to home sellers. An inability to do so? Fewer real estate listings. Lower sale prices for home sellers. Less equity converted into cash for home sellers. Less revenue for real estate companies. Inopportune…across the board. Three years ago, American homeowners were custodians of an estimated $19 trillion in homeowner equity. Furthermore, over the past three years - even with these stubbornly-elevated mortgage rates - we witnessed an uninterrupted, further run-up in home prices. More equity gained, for American homeowners. As mortgage rates ease downwards heading into the fall, unlocking trillions of dollars in homeowner equity - as a result of more homeowners deciding to either trade up to larger homes, or to downsize to smaller homes, circumstances permitting - will trigger a large-scale (and an upcoming) re-thinking of this following question by more and more homeowners: What shall we now do with this equity we have in our home? So what’s the plan? In real estate, the effective utilization of well-tested "tools,” such as 3-D tours and virtual staging, coupled to good marketing processes - I.e.: a Marketing Plan - deployed by successful real estate teams is a great way for homeowners to convert the equity they have in their homes into cash. It works. Ok, so if you are a for sale by owner home seller in 2024, data indicate that an over-reliance in - as well as, maybe, blind faith placed upon(?), “the Internet,” if you decide to sell your home yourself, FSBO, could lead to an entirely avoidable (and a costly) home selling misadventure. As well as to a saddened foray for home sellers into this unintended outcome: lower sale prices.

Market value of equity: The price per share or market capitalization. Market value of firm: The sum of the market values of both debt and equity. Market value of operating assets or enterprise value: The sums of the market values of debt and equity but with cash netted out of the value. When measuring earnings and book value, you can again measure them from the perspective only of equity investors or of both debt and equity (firm). Thus, earnings per share and net income are earnings to equity, whereas operating income measures earnings to the firm. The shareholders' equity on a balance sheet is book value of equity; the book value of the entire business includes debt; and the book value of invested capital is that book value, net of cash. To provide a few illustrations: you can divide the market value of equity by the net income in order to estimate the PE ratio (measuring how much equity investors are paying per dollar of earnings) or divide enterprise value by EBITDA (earnings before interest, taxes, depreciation, and amortization) to get a sense of the market value of operating assets relative to operating cash flow. The central reason for standardizing, though, does not change. We want to compare these numbers across companies.

Once you have estimated the costs of debt and equity, you estimate the weights for each, based on market values (rather than book value). For publicly traded firms, multiplying the share price by the number of shares outstanding will yield market value of equity. Estimating the market value of debt is usually a more difficult exercise since most firms have some debt that is not traded, and so many practitioners fall back on using book value of debt. Using KHC again as our illustrative example, the market values of equity ($44,756 million) and debt ($19,476 million), and our earlier estimates of cost of equity (9.00 percent) and after-tax cost of debt (4.27 percent), result in a cost of capital for the firm of 7.56 percent.