Gambling Short Quotes

I believe compassion to be one of the few things we can practice that will bring immediate and long-term happiness to our lives. I’m not talking about the short-term gratification of pleasures like sex, drugs or gambling (though I’m not knocking them), but something that will bring true and lasting happiness. The kind that sticks.

Whales are silly once every two years. The young are called short-heads or baby blimps. Many whale romances begin in Baffin's bay and end in Procter and Gamble's factory, Staten Island.

They had stumbled either upon a serious flaw in modern financial markets or into a great gambling run. Characteristically, they were not sure which it was. As Charlie pointed out, “It’s really hard to know when you’re lucky and when you’re smart.

The line between gambling and investing is artificial and thin. The soundest investment has the defining trait of a bet (you losing all of your money in hopes of making a bit more), and the wildest speculation has the salient characteristic of an investment (you might get your money back with interest). Maybe the best definition of “investing” is “gambling with the odds in your favor.

Life is short, but I never thought my life would end this way. I have myself to blame for that. I saw all of the red flags, but I ignored them one at a time. Every time I ignored them, I was buying more time, I received more time, and I gambled with the time that I was given. It shows you that buying time is temporary because sooner or later time runs out.” ~Love is respect ♥~

Murphy's face went through several mutations as he spoke, as if small animals were scurrying about just beneath his skin.

I took my bottle and went to my bedroom. I undressed down to my shorts and went to bed. Nothing was ever in tune. People just blindly grabbed at whatever there was: communism, health foods, zen, surfing, ballet, hypnotism, group encounters, orgies, biking, herbs, Catholicism, weight-lifting, travel, withdrawal, vegetarianism, India, painting, writing, sculpting, composing, conducting, backpacking, yoga, copulating, gambling, drinking, hanging around, frozen yogurt, Beethoven, Bach, Buddha, Christ, TM, H, carrot juice, suicide, handmade suits, jet travel, New York City, and then it all evaporated and fell apart. People had to find things to do while waiting to die. I guess it was nice to have a choice. I took my choice. I raised the fifth of vodka and drank it straight. The Russians knew something.

I don’t think if people gambled for what they could afford it would be very interesting.

Not knowing how to regulate their own painful, aversive feelings, such as shame and anger, makes people with BPD walking powder kegs. Because of their deficits, they tend to regulate emotional pain with actions that bring quick, short-term relief, such as cutting themselves (parasuicidal acts) using drugs or alcohol, shopping or overspending, binge eating, anorexia, gambling, or engaging in unsafe sex. The consequence of these behaviors is usually more emotional pain. Alternatively, they may cope by avoiding or dissociating from the trigger or the actual emotion they are feeling. Some people with BPD may have developed too much control of their emotional responses. They may be described as emotionally over-controlled or emotionally constipated.

The line between gambling and investing is artificial and thin. The soundest investment has the defining trait of a bet (you losing all of your money in hopes of making a bit more), and the wildest speculation has the salient characteristic of an investment (you might get your money back with interest).

The only good thing for men therefore is to be diverted from thinking of what they are, either by some occupation which takes their mind off it, or by some novel and agreeable passion which keeps them busy, like gambling, hunting, some absorbing show, in short by what is called diversion...Thus men who are naturally conscious of what they are shun nothing so much as rest; they would do anything to be disturbed. It is wrong then to blame them; they are not wrong to want excitement - if they only wanted it for the sake of diversion. The trouble is that they want it as though, once they had the things they seek, they could not fail to be truly happy. That is what justifies calling their search a vain one. All this shows that neither the critics nor the criticized understand man's real nature. When men are reproached for pursuing so eagerly something that could never satisfy them, their proper answer, if they really thought about it, ought to be that they simply want a violent and vigorous occupation to take their minds off themselves, and that is why they choose some attractive object to entice them in ardent pursuit. Their opponents could find no answer to that.

Some take pains to be biblical, but many [Christian financial teachers, writers, investment counselors, and seminar leaders] simply parrot their secular colleagues. Other than beginning and ending with prayer, mentioning Christ, and sprinkling in some Bible verses, there's no fundamental difference. They reinforce people's materialist attitudes and lifestyles. They suggest a variety of profitable plans in which people can spend or stockpile the bulk of their resources. In short, to borrow a term from Jesus, some Christian financial experts are helping people to be the most successful 'rich fools' they can be.

For three days, Shandy Gamble had been lying on his back in the Perigord House awaiting the stranger in the black mustache. Nichols, his name was, and if they were ever going to start cattle buying they had better be moving. The season was already late.

best definition of “investing” is “gambling with the odds in your favor.” The people on the short side of the subprime mortgage market had gambled with the odds in their favor. The people on the other side—the entire financial system, essentially—had gambled with the odds against them.

Humans, in short, desire something both unknown to them and inaccessible to the strategies of acquisition that desire sets in motion. We are creatures in whom has been implanted and to whom has been entrusted a world-consuming desire, and if misdirected, it will sooner or later lay waste the world.

cause of the financial crisis was “simple. Greed on both sides—greed of investors and the greed of the bankers.” I thought it was more complicated. Greed on Wall Street was a given—almost an obligation. The problem was the system of incentives that channeled the greed. The line between gambling and investing is artificial and thin.

I don’t want to play the heavy father, but there are three things especially that I want to warn you against: one is gambling, don’t gamble; the second is money, don’t lend anyone money; and the third is women, don’t have anything to do with women. If you don’t do any of those three things you can’t come to much harm, so remember them well.

Move aside Ebola, smallpox, and AIDS; make room for narcolepsy. I would become shunned and avoided. Perhaps the people at the casino thought that this fatigue disease was contagious. Just because I yawn and you yawn shortly after doesn’t mean that you have suddenly been infected with narcolepsy. It would be silly if they had in fact thought this.

The people on the short side of the subprime mortgage market had gambled with the odds in their favor. The people on the other side—the entire financial system, essentially—had gambled with the odds against them. Up to this point, the story of the big short could not be simpler. What’s strange and complicated about it, however, is that pretty much all the important people on both sides of the gamble left the table rich.

How does stress influence the midbrain pleasure circuit (or the feeding control circuits)? The short answer is that we don't really know. However, there are some tantalizing initial clues. Recall that twenty-four hours after a single exposure to cocaine, the excitatory glutamate-using synapses recived by VTA dopamine neurons express LTP. This change, which will result in greater dopamine release in VTA target areas, could also be produced by nicotine, mophine, amphetamines, or alcohol. Amazingly, even breif exposure to stress (a rat's five-minute-long forced swim in cold water) also produced LTP of the VTA synapses that was indistinguishable from that evoked by drugs. What's more, the stress-induced LTP could be prevented by pretreatment with a corticosterone receptor blocker. This suggests that drugs and stress rewire the pleasure circuit in overlapping ways and that the stress response to trigger LTP in the VTA requires a stress hormone signaling loop from the brain to the body and back.

She realized at once that he expected trouble and that he was used to handling deadly situations. It was the first time she’d actually seen him do it, despite their long history. It gave her a new, adult perspective on his lifestyle. No wonder he couldn’t settle down and become a family man. She’d been crazy to expect it, even in her fantasies. He was used to danger and he enjoyed the challenges it presented. It would be like housing a tiger in an apartment. She sighed as she saw the last tattered dream of a future with him going up in smoke. Tate looked through the tiny peephole and took his hand away from the pistol. He glanced at Cecily with an expression she couldn’t define before he abruptly opened the door. Colby Lane walked in, eyebrows raised, new scars on his face and bone weariness making new lines in it. “Colby!” Cecily exclaimed with exaggerated delight. “Welcome home!” Tate’s face contracted as if he’d been hit. Colby noticed that, and smiled at Cecily. “Am I interrupting something?” he asked, looking from one tense face to the other. “No,” Tate said coolly as he reholstered his pistol. “We were discussing security options, but if you’re going to be around, they won’t be necessary.” “What?” “I’m fairly certain that the gambling syndicate tried to kill her,” Tate said somberly, nodding toward Cecily. “A car almost ran her down in her own parking lot. She ended up in the hospital. And decided not to tell anyone about it,” he added with a vicious glare in her direction. “Way to go, Cecily,” Colby said glumly. “You could have ended up floating in the Potomac. I told you before I left to be careful. Didn’t you listen?” She shot him a glare. “I’m not an idiot. I can call 911,” she said, insulted. Colby was still staring at Tate. “You’ve cut your hair.” “I got tired of braids,” came the short reply. “I have to get back to work. If you need me, I’ll be around.” He paused at the doorway. “Keep an eye on her,” Tate told Colby. “She takes risks.” “I don’t need a big strong man to look out for me. I can keep myself out of trouble, thank you very much,” she informed Tate. He gave her a long, pained last look and closed the door behind him. As he walked down the staircase from her apartment, he couldn’t shake off the way she looked and acted. Something was definitely wrong with her, and he was going to find out what.

The succession of financial bubbles, and the amassing of personal and public debt, Whybrow views as simply an expression of the lizard-brained way of life. A color-coded map of American personal indebtedness could be laid on top of the Centers for Disease Control’s color-coded map that illustrates the fantastic rise in rates of obesity across the United States since 1985 without disturbing the general pattern. The boom in trading activity in individual stock portfolios; the spread of legalized gambling; the rise of drug and alcohol addiction; it is all of a piece. Everywhere you turn you see Americans sacrifice their long-term interests for a short-term reward.

She gave a little sob deep in her throat. 'Call it a prophecy, call it a prediction, call it fate - call it what you will. I fought against it hard enough, God knows. But the evidence of my own eyes, my own ears, my own senses, is too much for me. And the time's too short now. I'm afraid to take a chance. I haven't got the nerve to bluff it out, to sit pat. You don't gamble with a human life. Today's the 13th, isn't it? It's too close to the 14th; there isn't time-margin enough left now to be skeptical, to keep it to myself any longer. Day by day I've watched him cross off the date on his desk-calendar, drawing nearer to death. There are only two leaves left now, and I want help! Because on the 14th - at the exact stroke of midnight, as the 15th is beginning -' She covered her face with both arms and shook silently. 'Yes?' urged McManus. 'Yes?' 'He's become convinced - oh, and almost I have too - that at exactly midnight on the 14th he's to die. Not just die but meet his death in full vigor and health, a death rushing down to him from the stars he was born under - rushing down even before he existed at all. A death inexorable, inescapable. A death horrid and violent, inconceivable here in this part of the world where we live.' She took a deep, shuddering breath, whispered the rest of it. 'Death at the jaws of a lion.' ("Speak To Me Of Death")

Mario “The Screwdriver” Tetragna—respected patriarch of his immediate blood family, much-feared don of the broader Tetragna Family that controlled drug traffic, gambling, prostitution, loan-sharking, pornography, and other organized criminal activity in San Francisco—was a five-foot-seven-inch, three-hundred-pound tub with a face as plump and greasy and smooth as an overstuffed sausage casing. It was hard to believe that this rotund specimen could have built an infamous criminal operation. True, Tetragna had been young once, but even then he would have been short, and he had the look of a man who’d been fat all his life. His pudgy, stubby-fingered hands reminded Vince of a baby’s hands. But they were the hands that ruled the Family’s empire. When Vince had looked into Mario Tetragna’s eyes, he instantly realized that the don’s stature and his all too evident decadence were of no importance. The eyes were those of a reptile: flat, cold, hard, watchful. If you weren’t careful, if you displeased him, he would hypnotize you with those eyes and take you the way a snake would take a mesmerized mouse; he would choke you down whole and digest you.

Cassidy had been created by Clarence Mulford, writer of formula western novels and pulpy short stories. In the stories, Cassidy was a snorting, drinking, chewing relic of the Old West. Harry Sherman changed all that when he bought the character for the movies. Sherman hired Boyd, a veteran of the silent screen whose star had faded, to play a badman in the original film. But Boyd seemed more heroic, and Sherman switched the parts before the filming began. As Cassidy, Boyd became a knight of the range, a man of morals who helped ladies cross the street but never stooped to kiss the heroine. He was literally black and white, his silver hair a vivid contrast to his black getup. He did not smoke, believed absolutely in justice, honor, and fair play, and refused to touch liquor. Boyd’s personal life was not so noble. Born in Ohio in 1898, he had arrived in Hollywood for the first golden age, working with Cecil B. DeMille in a succession of early silents. By the mid-1920s he was a major star. Wine, women, and money were his: he drank and gambled, owned estates, married five times. But it all ended when another actor named William Boyd was arrested for possession of whiskey and gambling equipment.

When trying to understand why people acted in a certain way, you might use a short checklist to guide your probing: their knowledge, beliefs and experience, motivation and competing priorities, and their constraints. •​Knowledge. Did the person know something, some fact, that others didn’t? Or was the person missing some knowledge you would take for granted? Devorah was puzzled by the elderly gentleman’s resistance until she discovered that he didn’t know how many books could be stored on an e-book reader. Mitchell knew that his client wasn’t attuned to narcissistic personality disorders and was therefore at a loss to explain her cousin’s actions. Walter Reed’s colleagues relied on the information that mosquitoes needed a two- to three-week incubation period before they could infect people with yellow fever. •​Beliefs and experience. Can you explain the behavior in terms of the person’s beliefs or perceptual skills or the patterns the person used, or judgments of typicality? These are kinds of tacit knowledge—knowledge that hasn’t been reduced to instructions or facts. Mike Riley relied on the patterns he’d seen and his sense of the typical first appearance of a radar blip, so he noticed the anomalous blip that first appeared far off the coastline. Harry Markopolos looked at the trends of Bernie Madoff’s trades and knew they were highly atypical. •​Motivation and competing priorities. Cheryl Cain used our greed for chocolate kisses to get us to fill in our time cards. Dennis wanted the page job more than he needed to prove he was right. My Procter & Gamble sponsors weren’t aware of the way the homemakers juggled the needs for saving money with their concern for keeping their clothes clean and their families happy. •​Constraints. Daniel Boone knew how to ambush the kidnappers because he knew where they would have to cross the river. He knew the constraints they were operating under. Ginger expected the compliance officer to release her from the noncompete clause she’d signed because his company would never release a client list to an outsider.

How exactly the debt should be funded was to be the most inflammatory political issue. During the Revolution, many affluent citizens had invested in bonds, and many war veterans had been paid with IOUs that then plummeted in price under the confederation. In many cases, these upright patriots, either needing cash or convinced they would never be repaid, had sold their securities to speculators for as little as fifteen cents on the dollar. Under the influence of his funding scheme, with government repayment guaranteed, Hamilton expected these bonds to soar from their depressed levels and regain their full face value. This pleasing prospect, however, presented a political quandary. If the bonds appreciated, should speculators pocket the windfall? Or should the money go to the original holders—many of them brave soldiers—who had sold their depressed government paper years earlier? The answer to this perplexing question, Hamilton knew, would define the future character of American capital markets. Doubtless taking a deep breath, he wrote that “after the most mature reflection” about whether to reward original holders and punish current speculators, he had decided against this approach as “ruinous to public credit.”25 The problem was partly that such “discrimination” in favor of former debt holders was unworkable. The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence.

The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence. As his report progressed, Hamilton tiptoed through a field seeded thickly with deadly political traps. The next incendiary issue was that some debt was owed by the thirteen states, some by the federal government. Hamilton decided to consolidate all the debt into a single form: federal

Imagine that you are in your house—no—you are locked in your house, cannot get out. It is the dead of winter. The drifted snow is higher than your windows, blocking the light of both moon and sun. Around the house, the wind moans, night and day. Now imagine that even though you have plenty of electric lights, and perfectly good central heating, you are almost always in the dark and quite cold, because something is wrong with the old-fashioned fuse box in the basement. Inside this cobwebbed, innocuous-looking box, the fuses keep burning out, and on account of this small malfunction, all the power in the house repeatedly fails. You have replaced so many melted fuses that now your little bag of new ones is empty; there are no more. You sigh in frustration, and regard your frozen breath in the light of the flashlight. Your house, which could be so cozy, is tomblike instead. In all probability, there is something quirky in the antiquated fuse box; it has developed some kind of needless hair trigger, and is not really reacting to any dangerous electrical overload at all. Should you get some pennies out of your pocket, and use them to replace the burned-out fuses? That would solve the power-outage problem. No more shorts, not with copper coins in there. Using coins would scuttle the safeguard function of the fuse box, but the need for a safeguard right now is questionable, and the box is keeping you cold and in the dark for no good reason. Well, probably for no good reason. On the other hand, what if the wiring in the house really is overloaded somehow? A fire could result, probably will result eventually. If you do not find the fire soon enough, if you cannot manage to put the fire out, the whole house could go up, with you trapped inside. You know that death by burning is hideous. You know also that your mind is playing tricks, but thinking about fire, you almost imagine there is smoke in your nostrils right now. So, do you go back upstairs and sit endlessly in a dark living room, defeated, numb from the cold, though you have buried yourself under every blanket in the house? No light to read by, no music, just the wail and rattle of the icy wind outside? Or, in an attempt to feel more human, do you make things warm and comfortable? Is it wise to gamble with calamity and howling pain? If you turn the power back on, will you not smell nonexistent smoke every moment you are awake? And will you not have far too many of these waking moments, for how will you ever risk going to sleep? Do you sabotage the fuse box? I

Shortly after reading Tolstoy I discovered his countryman Fyodor Dostoevsky. These two, the most famous and accomplished of all Russian writers, lived and worked during the same period of history. Though they read each other’s work with admiration, they never met, and perhaps it was just as well—they were opposites in every way. Where Tolstoy wrote bright, sunny novels, Dostoevsky wrote brooding, interior ones. Where Tolstoy worked out ascetic schemes for self-improvement, Dostoevsky periodically squandered his health and fortune on alcohol and gambling. Dostoevsky made many mistakes in life, but achieved an amazing feat in art. His novels communicate grace and forgiveness, the heart of the Christian gospel, with a Tolstoyan force. [Continued

Sexual selection has also made male bodies grow according to a higher-risk, higher-stakes strategy. For males there is a higher incidence of birth defects, more death in infancy, higher mortality at every age, earlier senescence, and greater variation in health, strength, body size, brain size, and intelligence. This risky, go-for-broke strategy suggests that sexual competition among males was often a winner-takes-all contest. It was better to take a big gamble on producing the most attractive image during a short peak, rather than aiming to create a mediocre impression over a long period of time.

Is it really safe to invest in stocks? To answer that question, we would really first need to ask ourselves: what is safe after all? More so, what is safe in business? The answer would be “NOTHING”. Here it is – the stark reality: all businesses have their risks and as far as risks are concerned, the stock market is just another kind of business; that is it! All deep-rooted and unbeaten stock market will advise you on the affirmative. Yet the faint possibility remains that you, at the same time, will without doubt happen upon other stock market players who have done pathetically in the stock market. These traders, when their opinion is sought, will not leave a stone unturned in advising you to steer clear of the stock market. Mystified whose advice you should take? Fine, both are correct in their own points of view. To cross the threshold into well-paid stock market share trading in the marketplace of any place in the human race, it is to a great extent compulsory that you are geared up with the inclusive fluency of the sod above and beyond in receipt of rationalized with the up to date market shifts so that you prefer no less than probable stocks. In essence then can day businesses bear out valuable? If you are in a job in a different place and are unable to have a look at the trade area under conversation well again, it is advisable that you should not make your mind up on daylight trading. You will in point of fact happen upon other forms of trade which do not necessitate your day and night inspection. You in all probability will chew over those as well. Affecting the traders It would also be a reasonable word of warning to say publicly that the stock market affects different types of traders differently. There are cases in point of a lot of investors who have become cleaned out. Putting on next to nothing information and gambling into the share market perceiving others producing immense wealth possibly will provide evidence of being hazardous for you. You could wind up bringing up the rear to your richly deserved wealth and habitual failures will very soon plead your case before you to make your way out from the stock market panorama. Stage-managing and putting on unconditional awareness previous to putting money in will certainly twirl the bazaar in your prop up. Outline your objectives You will of course call for to outline your objectives and endeavor to come across the varied working expenditure alternatives in the stock market. At the beginning decide on fragile investments with the intention that even though you put on or incur fatalities, you will in next to no time gain knowledge of the ins and outs of the deal. Just the once you are contented, you can settle on volume funds. You in all probability will decide on each and every one of the three dealing preferences, specifically day business, short-term trading and enduring investment. At one fell swoop given your institution of resource of profits is exclusively the stock market; you will be able to broaden the horizons of your venture ambitions to a larger extent, for instance conjecture in mutual funds, money futures, product futures, and supplementary endeavor goods. You can accordingly keep up equilibrium of your ventures and disappointments if a few will by a hair's breadth inconvenience you. Seeking singular venture alternatives will additionally comply to you eloquent which one goes well with you the most excellent and you can in that case put in funds in capacity in the unwritten prospect. Make the best use of stock market It often comes to our notice that the stock market if used fine provides us with an exceptionally excellent occasion to put together loads of wealth and in addition utilize the stock market as our principal foundation of revenue. There are also the risks yet the faint possibility remains that risks are everywhere, in every trade.

Humans, you may have noticed, have the life span of gnats,” his father went on. “They learn a job, just become proficient at it, and then they die. Reliability comes with age. To run an empyre this size, I need stable leaders, not power-hungry, short-lived humans. That way invites disaster. It’s all quite romantic, this notion of a people having a say in how they are ruled, but the reality is that humans are not capable of long-term thinking. It’s not their fault. Their short existence reduces the distance of their vision. They focus only on today, or tomorrow, and frequently fixate on yesterday. That’s no way to guide an empyre. When the fate of the world is in your hands, gambling is an unaffordable luxury, and idealism is often burned on the altar of reality. Longevity grants knowledge and experience that humans couldn’t possibly obtain in their half a century. When choosing who should fill a position, emotion—or a sense of social justice—should never have a say. The choice must be determined by who can do the job the best. You wouldn’t send your worst soldiers into battle to defend your home just because they feel left out. When the future is at stake, you send your best and brightest, the elite of your society. That is what the Instarya are. Your mistake is seeing us as different. You’re focusing on race instead of common sense. Your time among the rank and file has caused you to see the Instarya as something other than equal members of the empyre.” He’s accusing

The irony is that Wall Street, the model of corrupted speculation and inside-trading, always by definition resisting state intervention and regulation, now opposes unfair competition and calls for state regulation . . . As for the accusation from Wall Street that Robinhood is a platform for gambling, suffice it to recall that Elizabeth Warren repeatedly accused hedge funds of using the stock market “like their personal casino.” In short, WSB is doing openly and legally what Wall Street does in secret and illegally.

His father was a logician and economist, but his career was not a good omen for his son: it ended in university administration. Keynes’s mind was too wide-ranging, his spirit too active, for highly-specialized academic work. In writing his Treatise on Probability, he exhausted his serious interest in logic: it was too narrow for his mind. One must be able to use one’s brains aesthetically and practically. The psychology of money, and stock-exchange gambling, fascinated him from an early age; his administrative talents might have made him a high imperial civil servant; he was a wonderful writer. In the end, he was able to use economics as the vehicle for all his obsessions and talents, but it was the uncertain state of a war-shocked world which made economics his vocation.

over the past five years have led me to conclude that three factors are central to building a truly great company. Firstly, the management team has to have an obsessive focus on the core franchise instead of being distracted by short-term gambles outside the core segment. Secondly, the company has to relentlessly deepen its competitive moats over the course of time (I’m talking about decades here). And thirdly, the people calling the shots at the company have to be sensible about capital allocation, i.e. refrain from large bets (especially those outside core franchise) and return excess cash to shareholders if the cash cannot be deployed to good effect by the company.

According to Ivar, he and Dr Glowacki reached a final agreement on July 2, 1925, just days before the new participating preferred shares were to be sold. Ivar’s assistant, Karin Bökman, said she witnessed the signatures to the secret deal; she certified the translation of the original contract, as did a Polish notary. Dr Glowacki signed on behalf of the “Treasury of the Polish State,” and Ivar signed on behalf of International Match Corporation.32 Ivar apparently didn’t need to use the stamp he had prepared with a facsimile of Dr Glowacki’s signature. Like the B Shares, this contract was a marvel of financial innovation. First, the agreement provided for the creation of a new Dutch company called N.V. Maatschappij Garanta, or Garanta for short. Garanta would be incorporated in Amsterdam, and its shares would be owned by Polish citizens nominated by Dr Glowacki. Garanta would take over the entire match industry in Poland, from production to sale. Garanta also would assume “certain exchange losses which have been sustained by International Match Corporation in connection with financial transactions in Poland. This item is to be carried as an asset on the books of Garanta.”33 Apparently, Ivar had continued gambling on foreign exchange rates during 1925. This time, though, he had used International Match’s money, and this time he had lost. The secret agreement shifted those losses from International Match to Garanta. Durant and Berning were unaware of these losses, or their transfer.

addictions are not just limited to drug or alcohol consumption. In truth, many activities can become somewhat addictive, for example: Gambling Sex Shopping Thoughts/rumination Video games Exercise (to extreme) Work

Gone the glitter and glamour; gone the pompous wealth beside naked starvation; gone the strange excitement of a polyglot and many-sided city; gone the island of Western civilization flourishing in the vast slum that was Shanghai. Good-by to all that: the well-dressed Chinese in their chauffeured cars behind bullet-proof glass; the gangsters, the shakedowns, the kid­napers; the exclusive foreign clubs, the men in white dinner jackets, their women beautifully gowned; the white-coated Chinese “boys” ob­sequiously waiting to be tipped; Jimmy’s Kitchen with its good Amer­ican coffee, hamburgers, chili and sirloin steaks. Good-by to all the night life: the gilded singing girl in her enameled hair-do, her stage make-up, her tight-fitting gown with its slit skirt breaking at the silk­ clad hip, and her polished ebony and silver-trimmed rickshaw with its crown of lights; the hundred dance halls and the thousands of taxi dolls; the opium dens and gambling halls; the flashing lights of the great restaurants, the clatter of mah-jongg pieces, the yells of Chinese feasting and playing the finger game for bottoms-up drinking; the sailors in their smelly bars and friendly brothels on Szechuan Road; the myriad short-time whores and pimps busily darting in and out of the alleyways; the display signs of foreign business, the innumerable shops spilling with silks, jades, embroideries, porcelains and all the wares of the East; the generations of foreign families who called Shanghai home and lived quiet conservative lives in their tiny vacuum untouched by China; the beggars on every downtown block and the scabby infants urinating or defecating on the curb while mendicant mothers absently scratched for lice; the “honey carts” hauling the night soil through the streets; the blocks-long funerals, the white-clad professional mourners weeping false tears, the tiers of paper palaces and paper money burned on the rich man’s tomb; the jungle free-for- all struggle for gold or survival and the day’s toll of unwanted infants and suicides floating in the canals; the knotted rickshaws with their owners fighting each other for customers and arguing fares; the peddlers and their plaintive cries; the armored white ships on the Whangpoo, “protecting foreign lives and property”; the Japanese conquerors and their American and Kuomintang successors; gone the wickedest and most colorful city of the old Orient: good-by to all that.

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I’ve never been inside a gaming club before. It will be a novel experience.” “They won’t let you inside. You’re a lady. And even if they did allow it, I wouldn’t.” Lowering her hand, Amelia glanced at him in surprise. It was rare that Merripen forbade her to do anything. In fact, this may have been the first time. She found it annoying. Considering that her brother’s life might be at stake, she was hardly going to quibble over social niceties. Besides, she was curious to see what was inside the privileged masculine retreat. As long as she was doomed to remain a spinster, she might as well enjoy the small freedoms that came with it. “Neither will they let you inside,” she pointed out. “You’re a Roma.” “As it happens, the manager of the club is also a Roma.” That was unusual. Extraordinary, even. Gypsies were known as thieves and tricksters. For one of the Rom to be entrusted with the accounting of cash and credit, not to mention arbitrating controversies at the gambling tables, was nothing short of amazing. “He must be a rather remarkable individual to have assumed such a position,” Amelia said. “Very well, I will allow you to accompany me inside Jenner’s. It’s possible your presence will induce him to be more forthcoming.” “Thank you.” Merripen’s voice was so dry one could have struck a match off it.

Imagine you're alive at the end of the Civil War. You're living in the South, but you're a Northerner. You plan to move home as soon as the war's over. While in the South you've accumulated lots of Confederate currency. Now, suppose you know for a fact the North's going to win the war, and the end is imminent. What will you do with your Confederate money? If you're smart, there's only one answer. You should immediately cash in your Confederate currency for U. S. currency - the only money that will have value once the war's over. Keep only enough Confederate currency to meet your short-term needs. Kingdom currency, backed by the eternal treasury, is the only medium of exchange recognized by the Son of God, whose government will last forever. The currency of his kingdom is our present faithful service and sacrificial use of our resources for him. The payoff in eternity will be what Paul called 'a firm foundation' consisting of treasures beyond our wildest dreams.

The CEOs of every major Wall Street firm were also on the wrong end of the gamble. All of them, without exception, either ran their public corporations into bankruptcy or were saved from bankruptcy by the United States government. They all got rich, too.

he had betrayed the ideals of the Orange Revolution. Poroshenko kept his cool, dropping pellets of poison into the dialogue whenever it suited his purposes but otherwise standing on the sidelines, biding his time while trying to appear statesmanlike. As Yushchenko opened the second year of his presidency, he found himself in serious trouble. He had his chance to fight corruption and launch a major program of economic and political reform; after the Orange Revolution, he had even had his chance to rise above politics and become a Ukrainian Mandela. But, in almost every respect, he fell short. Moreover, hovering like

SpottieOttieDopaliscious [Hook] Damn damn damn James [Verse 1: Sleepy Brown] Dickie shorts and Lincoln's clean Leanin', checking out the scene Gangsta boys, blizzes lit Ridin' out, talkin' shit Nigga where you wanna go? You know the club don't close 'til four Let's party 'til we can't no more Watch out here come the folks (Damn - oh lord) [Verse 2: André 3000] As the plot thickens it gives me the dickens Reminiscent of Charles a lil' discotheque Nestled in the ghettos of Niggaville, USA Via Atlanta, Georgia a lil' spot where Young men and young women go to experience They first li'l taste of the night life Me? Well I've never been there; well perhaps once But I was so engulfed in the Olde E I never made it to the door you speak of, hardcore While the DJ sweatin' out all the problems And the troubles of the day While this fine bow-legged girl fine as all outdoors Lulls lukewarm lullabies in your left ear Competing with "Set it Off," in the right But it all blends perfectly let the liquor tell it "Hey hey look baby they playin' our song" And the crowd goes wild as if Holyfield has just won the fight But in actuality it's only about 3 A.M And three niggas just don' got hauled Off in the ambulance (sliced up) Two niggas don' start bustin' (wham wham) And one nigga don' took his shirt off talkin' 'bout "Now who else wanna fuck with Hollywood Courts?" It's just my interpretation of the situation [Hook] [Verse 3: Big Boi] Yes, when I first met my SpottieOttieDopalicious Angel I can remember that damn thing like yesterday The way she moved reminded me of a Brown Stallion Horse with skates on, ya know Smooth like a hot comb on nappy ass hair I walked up on her and was almost paralyzed Her neck was smelling sweeter Than a plate of yams with extra syrup Eyes beaming like four karats apiece just blindin' a nigga Felt like I chiefed a whole O of that Presidential My heart was beating so damn fast Never knowing this moment would bring another Life into this world Funny how shit come together sometimes (ya dig) One moment you frequent the booty clubs and The next four years you & somebody's daughter Raisin' y'all own young'n now that's a beautiful thang That's if you're on top of your game And man enough to handle real life situations (that is) Can't gamble feeding baby on that dope money Might not always be sufficient but the United Parcel Service & the people at the Post Office Didn't call you back because you had cloudy piss So now you back in the trap just that, trapped Go on and marinate on that for a minute

What advice would you give to a smart, driven college student about to enter the “real world”? What advice should they ignore? If you’re really smart, you’ll drop the drivenness. It doesn’t matter what’s driving you; when you’re driven, you are like a leaf, driven by the wind. You have no real autonomy. You are bound to be blown off course, even if you reach what you believe is your goal. And don’t confuse being driven with being authentically animated by an inner calling. One state leaves you depleted and unfulfilled; the other fuels your soul and makes your heart sing. What are bad recommendations you hear in your profession or area of expertise? “Just say no” (to drugs, gambling, eating, sex, etc.) is the least helpful advice one can say to a human being caught up in any addiction. If they could say no, they would. The whole point of addiction is that people are compelled to it by suffering, trauma, unease, and emotional pain. If you want to help people, ask why they are in so much pain that they are driven (there’s that word again) to escape from it through ultimately self-harming habits or substances. Then support them in healing the trauma at the core of their addiction, a process that always starts with nonjudgmental curiosity and compassion.

Nearly forty years later, while Galileo was employed as the First and Extraordinary Mathematician of the University of Pisa and Mathematician to His Serenest Highness, Cosimo II, the Grand Duke of Tuscany, he wrote a short essay on gambling “in order to oblige him who has ordered me to produce what occurs to me about the problem.”17 The title of the essay was Sopra le Scoperte dei Dadi (On Playing Dice). The use of Italian instead of Latin suggests that Galileo had no great relish for a topic that he considered unworthy of serious consideration. He appears to have been performing a disagreeable chore in order to improve the gambling scores of his employer, the Grand Duke.

You're leaving me?" St. Vincent asked, looking perturbed. "For how long?" "For good, actually." As St. Vincent absorbed the information, his pale blue eyes narrowed. "What will you do for money?" Relaxed in the face of his employer's displeasure, Cam shrugged. "I already have more money than anyone could spend in a lifetime." The viscount glanced heavenward. "Anyone who says such a thing obviously doesn't know the right places to shop." He sighed shortly. "So. If I'm to understand correctly, you intend to eschew civilization altogether and live as a savage?" "No, I intend to live as a Roma. There's a difference." "Rohan, you're a wealthy young bachelor with all the advantages of modern life. If you've got ennui, do what every other man of means does." Cam's brows lifted. "And that would be? "Gamble! Drink! Buy a horse! Take a mistress! For God's sake, have a little imagination. Can you think of no better option than to throw it all away and live like a primitive, thereby inconveniencing me in the process? How the devil am I to replace you?" "No one's irreplaceable." "You are. No other man in London can do what you do. You're a walking account book, you've got eyes in the back of your head, you've got the tact of a diplomat, the mind of a banker, the fists of a boxer, and you can put down a fight in a matter of seconds. I'd need to hire at least a half-dozen men to your job." "I don't have the mind of a banker," Cam said indignantly. "After all your investment coups, you can't deny? "That wasn't on purpose!" A scowl spread across Cam's face. "It was my good-luck curse.

What would Joe and Mary investor do when they learned the short-maturity AA-bonds listed as “PLUS Notes” in their retirement portfolio actually were Mexican peso-backed inflation-linked derivatives issued by a Bermuda tax-advantaged company? What would Wisconsin dairy farmers do when they discovered the Badger State was speculating south of the border? What would you do when you realized your retirement savings, which you had assumed was safely tucked away in a highly regarded mutual fund, was being invested in PLUS Notes? The only thing you could do was get angry because you probably wouldn’t learn about your investment in Mexico until it was too late—after you had lost money. Because of their high rating, PLUS Notes were a permissible investment, and your mutual fund wouldn’t have to tell you much about them. It was astonishing, but as long as the Mexican peso didn’t collapse, you might never know your retirement money was being gambled on Mexico.

She was reluctant to admit that Buckeye had become what her sons called “a hick town.” The Sears and Roebuck no longer delivered, there were no new shiny, neon shopping malls, and the peach farmers, whose abounding yields had once been the town’s glory, had either moved or were slowly dying off. The few shopkeepers who eked out a living now catered to tourists who came in late Friday afternoons on their way to the emerging gambling oasis in Laughlin, Nevada. Indian mocassins and peach jam in jars with fake old-fashioned labels were loaded into their foreign cars before they sped through the invisible town to the highway lined with crooked Joshua trees.

Mary Carter Paint Company. Founded in 1958 as the successor to a 1908 company, it started as an acquirer of other paint companies, then evolved into a resort and casino developer in the Bahamas. Changing its name to Resorts International, it divested itself of the paint business and name. In 1972 the company had warrants that sold for 27 cents when the stock traded at $8 a share. The warrants were so cheap because they were worthless unless the stock traded above $40 a share. Fat chance. Since our model said the warrants were worth $4 a share, we bought all we could at the unbelievable bargain price of 27 cents each, which turned out to be 10,800 warrants at a total cost, after commissions, of $3,200. We hedged our risk of loss by shorting eight hundred shares of the common stock at $8. When the stock later fell to $1.50 a share, we bought back our short stock for a profit of about $5,000. Our gain now consisted of the warrants for “free” plus about $1,800 in cash. The warrants were trading close to zero but below the tiny amount the model said they were worth, so I decided we should put them away and forget them. Six busy years passed. Then in 1978 we started getting calls from people who wanted to buy our warrants. The company had purchased property in Atlantic City, New Jersey, after which it successfully lobbied, along with others, to bring casino gambling to the state, limited to Atlantic City. On May 26, 1978, Resorts opened the first US casino outside Nevada. Having received early approval, they had no competition and reaped windfall profits until other casinos opened late in 1979. With the stock now trading at $15 a share, ten times its earlier lowest price, and the warrants trading between $3 and $4, the model said they were worth about $7 or $8. So, instead of selling and reaping a $30,000 to $40,000 profit, I bought more warrants and sold stock short to hedge the risk of loss. As the stock broke through the $100 mark, we were still buying warrants and shorting stock. We finally sold the 27-cent warrants and others for above $100 each. We ultimately made more than $1 million.

There lay the real danger; for the energy they devoted to fighting the disease made them all the more liable to it. In short, they were gambling on their luck, and luck is not to be coerced.

In short, the first Trinity test at Alamogordo constituted a conscious gamble by the senior scientists at Los Alamos and their immediate superiors: a gamble with the fate of every sentient being on the face of the planet and in the atmosphere and the depths of the oceans.

6. No matter what, the chips stay on the table. Despite the “going all in” analogy, I don’t compare this life to gambling. In this game, the house doesn’t win because you stayed to play. Being an entrepreneur means thinking in years rather than months. The worst thing you could do in any cycle is trade a long-term risk for a short-term win. When it comes to building a seven-figure business, here’s the mindset you should take on: The longer you can keep your chips on the table, the bigger your end result is going to be. This means not taking an income from the business as soon as you’re profitable. It means keeping the profits in play for the business rather than for your own bank account. Put simply, it means reinvesting rather than recouping. The time frame I recommend for reinvesting profits is a year, at least. During that year, you’ll be working for very little payoff. You’ll be putting every dime you make back into the business. If you can stick it out, then you will increase your chances of success exponentially.

The numbers shocked even him. They didn't need to collapse; they merely needed to stop rising so fast. House prices were still rising, and yet default rates were approaching 4 percent; if they rose to just 7 percent, the lowest investment-grade bonds, rated triple-B-minus, went to zero. If they rose to 8 percent, the next lowest-rated bonds, rated triple-B, went to zero. At that moment--in November 2005--Greg Lippmann realized that he didn't mind owning a pile of credit default swaps on subprime mortgage bonds. They weren't insurance; they were a gamble; and he liked the odds. He wanted to be short.

The numbers shocked even him. They didn't need to collapse; they merely needed to stop rising so fast. House prices were still rising, and yet default rates were approaching 4 percent; if they rose to just 7 percent, the lowest investment-grade bonds, rated triple-B-minus, went to zero. If they rose to 8 percent, the next lowest-rated bonds, rated triple-B, went to zero. At that moment--in November 2005--Greg Lippmann realized that he didn't mind owning a pile of credit default swaps on subprime mortgage bonds. They weren't insurance; they were a gamble; and he liked the odds. He wanted to be short.

It is little short of amazing how long ago these prescient warnings were issued. Justice Stone warned us in 1934. John Maynard Keynes warned us in 1936. Benjamin Graham warned us in 1958. Isn’t it high time we stand on the shoulders of these intellectual giants and shape national policy away from the moral relativism of peer conduct and greed and short-term speculation—gambling on expectations about stock prices? Isn’t it high time to return to the moral absolutism of fiduciary duty, to return to our traditional ethic of long-term investment focused on building the intrinsic value of our corporations—prudence, due diligence and active participation in corporate governance?

The academic economist never really knows what makes a businessman tick, why he wants sometimes to gamble on an investment project and why he sometimes prefers liquidity and cash. Maynard understood because he was a gambler himself and felt the gambling or liquidity instincts of the business man. He once said to me, ‘Remember, Nicholas, that business life is always a bet.