Ifs Stock Quotes

It was so risky and so scary, and yet at the same time, so beautiful. Maybe the truth was, it shouldn't be easy to be amazing. Then everything would be. It's the things you fight for and struggle with before earning that have the greatest worth. When something's difficult to come by, you'll do that much more to make sure it's even harder -if not impossible- to lose.

Life'd be a lot easier if it were like a fairy tale," said Cassandra, "if people belonged to stock character types." "Oh, but people do, they only think they don't. Even the person who insists such things don't exist is a cliché: the dreary pedant who insists on his own uniqueness!

This unlikely story begins on a sea that was a blue dream, as colorful as blue-silk stockings, and beneath a sky as blue as the irises of children's eyes. From the western half of the sky the sun was shying little golden disks at the sea--if you gazed intently enough you could see them skip from wave tip to wave tip until they joined a broad collar of golden coin that was collecting half a mile out and would eventually be a dazzling sunset.

We say to the confused, Know thyself, as if knowing yourself was not the fifth and most difficult of human arithmetical operations, we say to the apathetic, Where there's a will, there's a way, as if the brute realities of the world did not amuse themselves each day by turning that phrase on its head, we say to the indecisive, Begin at the beginning, as if beginning were the clearly visible point of a loosely wound thread and all we had to do was to keep pulling until we reached the other end, and as if, between the former and the latter, we had held in our hands a smooth, continuous thread with no knots to untie, no snarls to untangle, a complete impossibility in the life of a skein, or indeed, if we may be permitted one more stock phrase, in the skein of life.

He interrupts her again. "I will stay without complaining..." "You have no choice!" "...if you'll do two things." The teasing has long left his face. He is dead serious. I should leave but I can't. I know I'm about to witness a historic event, and I lurk next to the door, my eyes glued to Charlotte and Ambrose. "Okay," Charlotte says, matching his gravity. "Promise me you'll come back." Charlotte is silent. "And give me a kiss good-bye." "What?" Charlotte blurts. "You heard me." She stands stock-still for a good couple of seconds before raising her fingertips to her mouth. Her eyes glitter with tears as she sits back down on the side of his bed. And taking his good hand in hers, she leans forward and kisses him. It is a slow kiss. It is a lingering kiss. It's the kiss she's been waiting for for years.

When I was small, I never wanted to step in puddles. Not because of any fear of drowned worms or wet stockings; I was by and large a grubby child, with a blissful disregard for filth of any kind. It was because I couldn't bring myself believe that that perfect smooth expanse was no more than I thin film of water over solid earth. I believed it was an opening into some fathomless space. Sometimes, seeing the tiny ripples caused by my approach, I thought the puddle impossibly deep, a bottomless sea in which the lazy coil of a tentacle and gleam of scale lay hidden, with the threat of huge bodies and sharp teeth adrift and silent in the far-down depths. And then, looking down into reflection, I would see my own round face and frizzled hair against a featureless blue sweep, and think instead that the puddle was the entrance to another sky. If I stepped in there, I would drop at once, and keep on falling, on and on, into blue space. The only time I would dare walk though a puddle was at twilight, when the evening stars came out. If I looked in the water and saw one lighted pinprick there, I could slash through unafraid--for if I should fall into the puddle and on into space, I could grab hold of the star as I passed, and be safe. Even now, when I see a puddle in my path, my mind half-halts--though my feet do not--then hurries on, with only the echo of the though left behind. What if, this time, you fall?

I had a neat stock of fixed opinions, but they dropped away one by one; and the further I get the less sure I am. I doubt if I have anything more for my present rule of life than following inclinations which do me and nobody else any harm, and actually give pleasure to those I love best. There, gentlemen, since you wanted to know how I was getting on, I have told you. Much good may it do you! I cannot explain further here. I perceive there is something wrong somewhere in our social formulas: what it is can only be discovered by men or women with greater insight than mine--if, indeed, they ever discover it-- at least in our time. 'For who knoweth what is good for man in this life?--and who can tell a man what shall be after him under the sun?

Her new friends especially liked the southern phrases she recalled from her childhood, such as her father's remark that 'if I hadn't sold that Coca Cola stock I could just sit and pat my foot.

What are blue-stockings?' asked Tommy. Naturally you don't know,' replied the other. 'If you did, you would sympathize more with Bluebeard. They were ladies who were always reading books. They even read them aloud.

I snapped the crossbow into the top of the mount, took a canvas bundle from the cart, and unrolled it. Crossbow bolts, tipped with the Galahad warheads. “This is my baby.” I petted the stock. “You have a strange relationship with your weapons,” Roman said. “You have no idea,” Raphael told him. “This from a man with a living staff and a man who once drove four hours both ways for a sword he then put on his wall,” I murmured. “It was an Angus Trim,” Raphael said. “It’s a sharpened strip of metal.” “You have an Angus Trim sword?” Kate’s eyes lit up. “Bought it at an estate auction,” Raphael said. “If we get out of this alive, you are invited to come to my house and play with it.” It was good that Curran wasn’t here and I was secure in our relationship, because that totally could be taken the wrong way.

Are you putting blue candy in my stockings?" She smiled. "If you're not too old for that" "I'm never too old for candy

If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.

Whenever there is in any country, uncultivated lands and unemployed poor, it is clear that the laws of property have been so far extended as to violate natural right. The earth is given as a common stock for man to labour and live on. If, for the encouragement of industry we allow it to be appropriated, we must take care that other employment be furnished to those excluded from the appropriation. If we do not the fundamental right to labour the earth returns to the unemployed.

Making money in the markets is tough. The brilliant trader and investor Bernard Baruch put it well when he said, “If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.

I am in a chaos of principles—groping in the dark—acting by instinct and not after example. Eight or nine years ago when I came here first, I had a neat stock of fixed opinions, but they dropped away one by one; and the further I get the less sure I am. I doubt if I have anything more for my present rule of life than following inclinations which do me and nobody else any harm, and actually give pleasure to those I love best. There, gentlemen, since you wanted to know how I was getting on, I have told you. Much good may it do you! I cannot explain further here. I perceive there is something wrong somewhere in our social formulas: what it is can only be discovered by men or women with greater insight than mine—if, indeed, they ever discover it—at least in our time. Gekürzt: Meine Grundsätze sind in Wirrwarr geraten – ich taste im dunkeln -, handle aus Instinkt und nicht nach Vorbildern. Vor acht oder neun Jahren, […] hatte ich einen schönen Vorrat feststehender Meinungen; aber die sind mir eine nach der andern abhanden gekommen; je älter ich werde , um so weniger sicher bin ich. Eigentlich befolge ich jetzt keine andere Lebensregel, als dass ich Neigungen nachgehe, die weder mir noch sonst jemandem schaden, sondern denen, die ich liebe, wirklich Freude machen. […] Ich spüre, dass etwas in unserem sozialen Gefüge nicht stimmt: aber was es ist, das können nur Männer und Frauen mit besserer Einsicht als ich herausfinden – wenn sie es überhaupt herausfinden können – wenigstens in unserer Zeit.

And in what business is there not humbug? “There’s cheating in all trades but ours,” is the prompt reply from the boot-maker with his brown paper soles, the grocer with his floury sugar and chicoried coffee, the butcher with his mysterious sausages and queer veal, the dry goods man with his “damaged goods wet at the great fire” and his “selling at a ruinous loss,” the stock-broker with his brazen assurance that your company is bankrupt and your stock not worth a cent (if he wants to buy it,) the horse jockey with his black arts and spavined brutes, the milkman with his tin aquaria, the land agent with his nice new maps and beautiful descriptions of distant scenery, the newspaper man with his “immense circulation,” the publisher with his “Great American Novel,” the city auctioneer with his “Pictures by the Old Masters”—all and every one protest each his own innocence, and warn you against the deceits of the rest. My inexperienced friend, take it for granted that they all tell the truth—about each other! and then transact your business to the best of your ability on your own judgment.

And in our time, when a man dies--if he has had wealth and influence and power and all the vestments that arouse envy, and after the living take stock of the dead man's property and his eminence and works and monuments--the question is still there: Was his life good or was it evil?--which is another way of putting Croesus's question. Envies are gone, and the measuring stick is: "Was he loved or was he hated? Is his death felt as a loss or does a kind of joy come of it?

He closed the door behind us, and led me through to the back of the shop. ‘If you don’t mind, you can get changed in the stock cupboard,’ he said. ‘We’re not posh enough here to have staff changing rooms, but you’ll soon get used to it.’ ‘Oh, don’t worry, Chris,’ I said warmly. ‘I’m used to getting my clothes off in unusual places.

That was a temporary setback,” Zippo said. “If you call an opportunity to take stock and really think about how you can make your life better a ‘setback.

If you're a follower of Jesus, He has given you abundance so that you can care for others, not so you can stock up on capri pants for next summer or afford a leather interior in the new SUV.

An hour later, thoroughly appalled with the state of the cabin now that she had given it a thorough assessment, Camilla sailed into the shed. She was armed with a long list. "You need supplies." "Hand me that damn wrench." She picked up the tool and considered herself beyond civilized for not simply bashing him over the head with it. "Your home is an abomination. I'll require cleaning supplies - preferably industrial strength. And if you want a decent meal, I'll need some food to stock the kitchen. You have to go into town." He battled the bolt into submission, shoved the switch on. And got nothing but a wheezy chuckle out of the generator. "I don't have time to go into town." "If you want food for your belly and clean sheets on which to sleep, you'll make time.

[A Chinese Restaurant.] Roma is seated alone at the booth.Lingk is at the booth next to him.Roma is talking to him. * * * Roma: . . . Eh? What I’m saying, what is our life? (Pause.) It’s looking forward or it’s looking back. And that’s our life. That’s it. Where is the moment? (Pause.) And what is it that we’re afraid of? Loss. What else? (Pause.) The bank closes. We get sick, my wife died on a plane, the stock market collapsed . . . the house burnt down . . . what of these happen . . . ? None of ’em. We worry anyway. What does this mean? I’m not secure. How can I be secure? (Pause.) Through amassing wealth beyond all measure? No. And what’s beyond all measure? That’s a sickness. That’s a trap. There is no measure. Only greed. How can we act? The right way, we would say, to deal with this: “There is a one-in-a million chance that so and so will happen. . . . Fuck it, it won’t happen to me. . . .” No. We know that’s not the right way I think. (Pause.) We say the correct way to deal with this is “There is a one-in-so-and-so chance that this will happen . . . God protect me. I am powerless, let it not happen to me. . . .” But no to that. I say. There’s something else. What is it? “If it happens, AS IT MAY for that is not within our powers, I will deal with it, just as I do today with what draws my concern today.” I say this is how we must act. I do those things which seem correct to me today. I trust myself. And if security concerns me, I do that which today I think will make me secure. And every day I do that, when that day arrives that I need a reserve, (a) odds are that I have it, and (b) the true reserve that I have is the strength that I have of acting each day without fear. (Pause.) According to the dictates of my mind. (Pause.)

J. P. Morgan tells the story of how he would get his shoes shined every Wednesday at the same shop around the corner from his office. One day the shoe shine attendant asked him if he and his friends could buy some stock through Morgan’s brokerage. The three friends had about $40—a lot of money in 1929. Morgan politely refused, hurried back to his office, and ordered that his company was not to have a single share of stock on its books by the end of the day. Morgan simply asked, “If the shoe shine boys are buying stocks, who else is left?” Of course, the 1929 stock market crash was only a few days away, and Morgan looked like a genius. He was not a genius; he noted that the order flow was likely running out on the buy side. It wasn’t his army of analysts that showed him that. It was a public investor.

Stocks are the things to own over time. Productivity will increase and stocks will increase with it. There are only a few things you can do wrong. One is to buy or sell at the wrong time. Paying high fees is the other way to get killed. The best way to avoid both of these is to buy a low-cost index fund, and buy it over time. Be greedy when others are fearful, and fearful when others are greedy, but don’t think you can outsmart the market. “If a cross-section of American industry is going to do well over time, then why try to pick the little beauties and think you can do better? Very few people should be active investors.

UMPTEEN people jolted themselves toward the still-lifeless body stocking of a peanut butter heiress. A kind of religious fervor displayed itself on the hard-breathing senior citizens of Cape Codpiece. Twice annually, they have gathered for the last two hundred years in a display which has to be seen to be conceived. Gnashing their gums in a fit of detergent, they call upon “Almighty Greg” to “send them a Kennedy.” This localized custom comes as rather a shock to many people; still, you can’t please everyone. Each year the used underwear of a prominent citizen is worshiped. This year it is Sylvia de Bortcha’s body stocking that has risen to the occasion. “I have been chosen because of my breeding habits,” she said to a delighted group of well-diggers. “I have worn these off and on for the past year and a half,” she proclaimed, her voice reaching an octave or more. The crowd went wild. “If this

shopping became a game of chance played with a string avoska, or “what-if” bag, carried in the hope of stumbling upon a store recently stocked with anything useful—whether sugar, toilet paper, or canned ratatouille from Czechoslovakia.

sprint, woodwinds fluttering behind. More instruments join in. Flutes? Harps? The song races, seems to loop back over itself. “Werner?” Jutta whispers. He blinks; he has to swallow back tears. The parlor looks the same as it always has: two cribs beneath two Latin crosses, dust floating in the open mouth of the stove, a dozen layers of paint peeling off the baseboards. A needlepoint of Frau Elena’s snowy Alsatian village above the sink. Yet now there is music. As if, inside Werner’s head, an infinitesimal orchestra has stirred to life. The room seems to fall into a slow spin. His sister says his name more urgently, and he presses the earphone to her ear. “Music,” she says. He holds the pin as stock-still as he can. The signal is weak enough that, though the earphone is six inches away, he can’t hear any trace of the song. But he watches his sister’s face, motionless except for her eyelids, and in the kitchen Frau Elena holds her flour-whitened hands in the air and cocks her head, studying Werner, and two older boys rush in and stop, sensing some change in the air, and the little radio with its four terminals and trailing aerial sits motionless on the floor between them all like a miracle.

Ethan and I drove around Silicon Valley today looking at various company parking lots to see whose workers are working on a Sunday. He says that's the surest way to tell which company to invest in. "If the techies aren't grinding, the stock ain't climbing.

Today I am bothered by the story of King Canute. (...) The story is, of course, that he was so arrogant and despotic a leader that he believed he could control everything - even the tide. We see him on the beach, surrounded by subjects, sceptre in hand, ordering back the heedless waves; a laughing stock, in short. But what if we've got it all wrong? What if, in fact, he was so good and great a king that his people began to elevate him to the status of a god, and began to believe that he was capable of anything? In order to prove to them that he was a mere mortal, he took them down to the beach and ordered back the waves, which of course kept on rolling up the beach. How awful it would be if we had got it so wrong, if we had misunderstood his actions for so long.

A month has passed since I’ve written, but it has seemed to pass much more slowly. Life passes by now like the scenery outside a car window. I breathe and eat and sleep as I always did, but there seems to be no great purpose in my life that requires active participation on my part. I simply drift along like the messages I write you. I do not know where I am going or when I will get there. Even work does not take the pain away. I may be diving for my own pleasure or showing others how to do so, but when I return to the shop, it seems empty without you. I stock and order as I always did, but even now, I sometimes glance over my shoulder without thinking and call for you. As I write this note to you, I wonder when, or if, things like that will ever stop. Without you in my arms, I feel an emptiness in my soul. I find myself searching the crowds for your face—I know it is an impossibility, but I cannot help myself. My search for you is a never-ending quest that is doomed to fail. You and I had talked about what would happen if we were forced apart by circumstance, but I cannot keep the promise I made to you that night. I am sorry, my darling, but there will never be another to replace you. The words I whispered to you were folly, and I should have realized it then. You—and you alone—have always been the only thing I wanted, and now that you are gone, I have no desire to find another. Till death do us part, we whispered, and I’ve come to believe that the words will ring true until the day finally comes when I, too, am taken from this world.

All organisms vary. It is in the highest degree improbable that any given variety should have exactly the same relations to surrounding conditions as the parent stock. In that case it is either better fitted (when the variation may be called useful), or worse fitted, to cope with them. If better, it will tend to supplant the parent stock; if worse, it will tend to be extinguished by the parent stock. If (as is hardly conceivable) the new variety is so perfectly adapted to the conditions that no improvement upon it is possible,—it will persist, because, though it does not cease to vary, the varieties will be inferior to itself. If, as is more probable, the new variety is by no means perfectly adapted to its conditions, but only fairly well adapted to them, it will persist, so long as none of the varieties which it throws off are better adapted than itself. On the other hand, as soon as it varies in a useful way, i.e. when the variation is such as to adapt it more perfectly to its conditions, the fresh variety will tend to supplant the former.

Life was a series of ifs—a very different outcome if you’d only played the lottery last night; if you had picked a different college; if you had invested in stocks instead of bonds; if you had not been taking your kindergartner to his first day of school the morning of 9/11.

Our lives are shaped as profoundly by personality as by gender or race. And the single most important aspect of personality—the “north and south of temperament,” as one scientist puts it—is where we fall on the introvert-extrovert spectrum. Our place on this continuum influences our choice of friends and mates, and how we make conversation, resolve differences, and show love. It affects the careers we choose and whether or not we succeed at them. It governs how likely we are to exercise, commit adultery, function well without sleep, learn from our mistakes, place big bets in the stock market, delay gratification, be a good leader, and ask “what if.”* It’s reflected in our brain pathways, neurotransmitters, and remote corners of our nervous systems. Today introversion and extroversion are two of the most exhaustively researched subjects in personality psychology, arousing the curiosity of hundreds of scientists.

There was a man who was in Hell and about to be re-incarnated, and he said to the King of Re-incarnation, “If you want me to return to the earth as a human being, I will go only on my own conditions.” “And what are they?” asked the King. The man replied, “I must be born the son of a cabinet minister and father of a future ‘Literary Wrangler’ (the scholar who comes out first at the national examinations). I must have ten thousand acres of land surrounding my home and fish ponds and fruits of every kind and a beautiful wife and pretty concubines, all good and loving to me, and rooms stocked to the ceiling with gold and pearls and cellars stocked full of grain and trunks chockful of money, and I myself must be a Grand Councilor or a Duke of the First Rank and enjoy honor and prosperity and live until I am a hundred years old,” And the King of Re-incarnation replied, “If there was such a lot on earth, I would go and be re-incarnated myself, and not give it to you!

Red is the hue of royalty in Ruritania: as the old saying has it, "If he's red, he's right!" I invite you to consider what this means. For a family to remain red-headed and blue-eyed down two centuries, in a land not filled with redheads or aristocrats, requires either careful breeding or a failure to grasp simple principles of stock management.

As André and I left for South America, the newspaper boys were screaming headlines like: 'Stocks Collapse: Nationwide stampede to unload'; 'Unexpected torrent of liquidation'; and 'Two and a half billion in savings lost'. The worst part was the stories of ruined businessmen leaping from windows thirty storeys high and from the Brooklyn Bridge. 'If they calmed down things would stabilise faster. They might even see opportunities for fortunes to be made,' said André. I nodded my agreement. But I knew something that André didn't; something those businessmen might have known too. I knew what it was like to be poor--and that once you had become rich, anything was better than being poor again.

Explaining his stock market philosophy, Icahn said: “If the price is right, we are going to sell. I think that’s true of everything you have, except maybe your kids and possibly your wife.”   When a shocked judge responded by asking “Possibly?” Icahn confirmed that he had heard right. “Possibly,” Icahn repeated, adding the caveat, “Don’t tell my wife.

Our Constitution is not good. It is a document designed to create a society of enduring white male dominance, hastily edited in the margins to allow for what basic political rights white men could be convinced to share. The Constitution is an imperfect work that urgently and consistently needs to be modified and reimagined to make good on its unrealized promises of justice and equality for all. And yet you rarely see liberals make the point that the Constitution is actually trash. Conservatives are out here acting like the Constitution was etched by divine flame upon stone tablets, when in reality it was scrawled out over a sweaty summer by people making deals with actual monsters who were trying to protect their rights to rape the humans they held in bondage. Why would I give a fuck about the original public meaning of the words written by these men? Conservatives will tell you that the text of laws explicitly passed in response to growing political, social, or economic power of nonwhite minorities should be followed to their highest grammatical accuracy, and I’m supposed to agree the text of this bullshit is the valid starting point of the debate? Nah. As Rory Breaker says in the movie Lock, Stock and Two Smoking Barrels: “If the milk turns out to be sour, I ain’t the kind of pussy to drink it.” The Constitution was so flawed upon its release in 1787 that it came with immediate updates. The first ten amendments, the “Bill of Rights,” were demanded by some to ensure ratification of the rest of the document. All of them were written by James Madison, who didn’t think they were actually necessary but did it to placate political interests.

Bernard Baruch put it well when he said, “If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.

Far am I from denying in theory, full as far is my heart from withholding in practice, (if I were of power to give or to withhold,) the real rights of men. In denying their false claims of right, I do not mean to injure those which are real, and are such as their pretended rights would totally destroy. If civil society be made for the advantage of man, all the advantages for which it is made become his right. It is an institution of beneficience; and law itself is only beneficience acting by a rule. Men have a right to live by that rule; they have a right to do justice, as between their fellows, whether their fellows are in public function or in ordinary occupation. They have a right to the fruits of their industry, and to the means of making their industry fruitful. They have a right to the acquisitions of their parents; to the nourishment and improvement of their offspring; to instruction in life, and to consolation in death. Whatever each man can separately do, without trespassing upon others, he has a right to do for himself; and he has a right to a fair portion of all which society, with all its combinations of skill and force, can do in his favor. In this partnership all men have equal rights; but not to equal things. He that has but five shillings in the partnership, has as good a right to it, as he that has five hundred pounds has to his larger proportion. But he has not a right to an equal dividend in the product of the joint stock; and as to the share of power, authority, and direction which each individual ought to have in the management of the state, that I must deny to be amongst the direct original rights of man in civil society; for I have in my contemplation the civil social man, and no other. It is a thing to be settled by convention.

A guy from Blackstone, the world’s biggest private investment firm, called Sam to say that he thought a valuation of $20 billion was too high—and that Blackstone would invest at a valuation of $15 billion. “Sam said, ‘If you think it is too high, I’ll let you short a billion of our stock at a valuation of twenty billion,’” recalled Ramnik. “The guy said, ‘We don’t short stock.’ And Sam said that if you worked at Jane Street you’d be fired the first week.

Though I am sometimes reluctant to admit it, there really is something 'timeless' in the Tyndale/King James synthesis. For generations, it provided a common stock of references and allusions, rivalled only by Shakespeare in this respect. It resounded in the minds and memories of literate people, as well as of those who acquired it only by listening. From the stricken beach of Dunkirk in 1940, faced with a devil’s choice between annihilation and surrender, a British officer sent a cable back home. It contained the three words 'but if not…' All of those who received it were at once aware of what it signified. In the Book of Daniel, the Babylonian tyrant Nebuchadnezzar tells the three Jewish heretics Shadrach, Meshach, and Abednego that, if they refuse to bow to his sacred idol, they will be flung into a 'burning fiery furnace.' They made him an answer: 'If it be so, our god whom we serve is able to deliver us from the burning fiery furnace, and he will deliver us out of thy hand, o King. But if not, be it known unto thee, O king, that we will not serve thy gods, nor worship the golden image which thou hast set up.' A culture that does not possess this common store of image and allegory will be a perilously thin one. To seek restlessly to update it or make it 'relevant' is to miss the point, like yearning for a hip-hop Shakespeare. 'Man is born unto trouble as the sparks fly upward,' says the Book of Job. Want to try to improve that for Twitter?

Martin Rees, Britain’s astronomer royal, believes that there are many universes, possibly an infinite number, each with different attributes, in different combinations, and that we simply live in one that combines things in the way that allows us to exist. He makes an analogy with a very large clothing store: “If there is a large stock of clothing, you’re not surprised to find a suit that fits. If there are many universes, each governed by a differing set of numbers, there will be one where there is a particular set of numbers suitable to life. We are in that one.

Making money in the markets is tough. The brilliant trader and investor Bernard Baruch put it well when he said, “If you are ready to give up everything else and study the whole history and background of the market and all principal companies whose stocks are on the board as carefully as a medical student studies anatomy—if you can do all that and in addition you have the cool nerves of a gambler, the sixth sense of a clairvoyant and the courage of a lion, you have a ghost of a chance.” In retrospect, the mistakes that led to my crash seemed embarrassingly obvious. First, I had been wildly overconfident and had let my emotions get the better of me. I learned (again) that no matter how much I knew and how hard I worked, I could never be certain enough to proclaim things like what I’d said on Wall $ treet Week: “There’ll be no soft landing. I can say that with absolute certainty, because I know how markets work.” I am still shocked and embarrassed by how arrogant I was. Second, I again saw the value of studying history. What had happened, after all, was “another one of those.” I should have realized that debts denominated in one’s own currency can be successfully restructured with the government’s help, and that when central banks simultaneously provide stimulus (as they did in March 1932, at the low point of the Great Depression, and as they did again in 1982), inflation and deflation can be balanced against each other. As in 1971, I had failed to recognize the lessons of history. Realizing that led me to try to make sense of all movements in all major economies and markets going back a hundred years and to come up with carefully tested decision-making principles that are timeless and universal. Third, I was reminded of how difficult it is to time markets. My long-term estimates of equilibrium levels were not reliable enough to bet on; too many things could happen between the time I placed my bets and the time (if ever) that my estimates were reached. Staring at these failings, I realized that if I was going to move forward without a high likelihood of getting whacked again, I would have to look at myself objectively and change—starting by learning a better way of handling the natural aggressiveness I’ve always shown in going after what I wanted. Imagine that in order to have a great life you have to cross a dangerous jungle. You can stay safe where you are and have an ordinary life, or you can risk crossing the jungle to have a terrific life. How would you approach that choice? Take a moment to think about it because it is the sort of choice that, in one form or another, we all have to make.

You'll make a good First Lady, Shelby Campbell." Shelby's fingers tightened on her wineglass, an involuntary gesture noticed only by Alan and his mother. "Perhaps," she returned calmly. "if it were one of my ambitions." "Ambitions or not,it's fate when you're paired with this one," Daniel stabbed his fork toward Alan. "You're a little premature." Alan cut cleanly through his meat, swearing fluidly in his mind only. "I haven't decided to run for president, and Shelby hasn't agreed to marry me." "Haven't decided? Hah!" Daniel silled down wine. "Hasn't agreed?" He set down the glass with a bang. "The girl doesn't look like a fool to me, Campbell or no," he continued. "She's good Scottish stock,no matter what her clan.This one'll breed true MacGregors." "He'd still like me to change my name," Justin commented, deliberately trying to shift the attention onto himself. "It's been done to ensure the line before," Daniel told him. "but Rena's babe'll be as much MacGregor as not. As will Caine's when he's a mind to remember his duty and start making one." He sent his younger son a lowered-brow look that was met with an insolent grin. "But Alan's the firstborn, duty-bound to marry and produce and sire..." Alan turned, intending on putting an end to the topic,when he caught Shelby's grin. She'd folded her arms on the table,forgetting her dinner in the pure enjoyment of watching Daniel MacGregor on a roll. "Having fun?" Alan muttered near her ear. "Wouldn't miss it.Is he always like this?" Alan glanced over, watching his father gesture with his lecture. "Yes." Shelby sighed. "I think I'm in love. Daniel..." She interrupted his flow of words by tugging sharply on his sleeve. "No offense to Alan,or to your wife,but I think if I were going to marry a MacGregor,he'd have to be you." Still caught up in his own diatribe, Daniel stared at her.Abruptly his features shifted and his laugh rang out. "You're a pistol,you are, Shelby Campbell.Here..." He lifted a bottle of wine. "Your glass is empty.

Taggart finally broke the pattern. "Can you at least explain why?" Jane growled. God, she hated being outnumbered. This was like riding herd on her little brothers, only worse because "I'll beat you if you do" wasn't an acceptable answer. "First rule of shooting a show on Elfhome." She grabbed Hal and made him face each of the two newbies so there was no way they could miss the mask of dark purple bruises across Hal's face. "Avoid getting 'The Face' damaged. Viewers don't like raccoon boys. Hal is out of production until the bruising can be covered with makeup. We've got fifty days and a grocery list of face-chewing monsters to film. We have to think about damage control." "Second rule!" She let Hal go and held up two fingers. "Get as much footage as possible of the monster before you kill it. People don't like looking at dead monsters if you don't give them lots of time seeing it alive. Right now we have got something dark moving at night in water. No one has ever seen this before, so we can't use stock footage to pad. We blow the whistle and it will come out of the water and try to rip your face off – violating rule one – and then we'll have to kill it and thus break rule two." "Sounds reasonable," Taggart said. "Would we really have to kill it?" Nigel's tone suggested he equated it to torturing kittens. "If it's trying its damnest to eat you? Yes!" Jane cried.

In the center of the room Elizabeth stood stock still, clasping and unclasping her hands, watching the handle turn, unable to breathe with the tension. The door swung open, admitting a blast of frigid air and a tall, broad-shouldered man who glanced at Elizabeth in the firelight and said, “Henry, it wasn’t necess-“ Ian broke off, the door still open, staring at what he momentarily thought was a hallucination, a trick of the flames dancing in the fireplace, and then he realized the vision was real: Elizabeth was standing perfectly still, looking at him. And lying at her feet was a young Labrador retriever. Trying to buy time, Ian turned around and carefully closed the door as if latching it with precision were the most paramount thing in his life, while he tried to decide whether she’d looked happy or not to see him. In the long lonely nights without her, he’d rehearsed dozens of speeches to her-from stinging lectures to gentle discussions. Now, when the time was finally here, he could not remember one damn word of any of them. Left with no other choice, he took the only neutral course available. Turning back to the room, Ian looked at the Labrador. “Who’s this?” he asked, walking forward and crouching down to pet the dog, because he didn’t know what the hell to say to his wife. Elizabeth swallowed her disappointment as he ignored her and stroked the Labrador’s glossy black head. “I-I call her Shadow.” The sound of her voice was so sweet, Ian almost pulled her down into his arms. Instead, he glanced at her, thinking it encouraging she’d named her dog after his. “Nice name.” Elizabeth bit her lip, trying to hide her sudden wayward smile. “Original, too.” The smile hit Ian like a blow to the head, snapping him out of his untimely and unsuitable preoccupation with the dog. Straightening, he backed up a step and leaned his hip against the table, his weight braced on his opposite leg. Elizabeth instantly noticed the altering of his expression and watched nervously as he crossed his arms over his chest, watching her, his face inscrutable. “You-you look well,” she said, thinking he looked unbearably handsome. “I’m perfectly fine,” he assured her, his gaze level. “Remarkably well, actually, for a man who hasn’t seen the sun shine in more than three months, or been able to sleep without drinking a bottle of brandy.” His tone was so frank and unemotional that Elizabeth didn’t immediately grasp what he was saying. When she did, tears of joy and relief sprang to her eyes as he continued: “I’ve been working very hard. Unfortunately, I rarely get anything accomplished, and when I do, it’s generally wrong. All things considered, I would say that I’m doing very well-for a man who’s been more than half dead for three months.” Ian saw the tears shimmering in her magnificent eyes, and one of them traced unheeded down her smooth cheek. With a raw ache in his voice he said, “If you would take one step forward, darling, you could cry in my arms. And while you do, I’ll tell you how sorry I am for everything I’ve done-“ Unable to wait, Ian caught her, pulling her tightly against him. “And when I’m finished,” he whispered hoarsely as she wrapped her arms around him and wept brokenly, “you can help me find a way to forgive myself.” Tortured by her tears, he clasped her tighter and rubbed his jaw against her temple, his voice a ravaged whisper: “I’m sorry,” he told her. He cupped her face between his palms, tipping it up and gazing into her eyes, his thumbs moving over her wet cheeks. “I’m sorry.” Slowly, he bent his head, covering her mouth with his. “I’m so damned sorry.

Listen! Wister, get on your damned feet!’ She pulled a ring of keys from her belt. ‘Weapons locker, floor of my cabin! Take Heck Urse – Heck! Never mind bandaging up Gust, he’ll live – go with Wister. Break out the cutlasses—’ ‘Pardon, Captain, we don’t have any cutlasses.’ Sater scowled at Wister. ‘We don’t? Fine, break out the truncheons, pins and the spears for propelling boarders—’ ‘We ain’t got those neither.’ ‘So what in Hood’s name is in my weapons locker?’ ‘You ain’t looked?’ Sater took a half step closer to Wister, the sword in her hand trembling. ‘If I knew, you brainless mushroom, I wouldn’t be asking you now, would I?’ ‘Fine. Old Captain Urbot, he kept his private stock of rum down there.’ Sater clawed at her face for a moment. ‘All right,’ she sighed, defeated, ‘break out the rum.

Your statement ... tells a very fine story; but pray, was not your stock a little heavy a while ago? downward tendency? Sort of low spirits among holders on the subject of that stock?" "Yes, there was a depression. But how came it? who devised it? The 'bears,' sir. The depression of our stock was solely owing to the growling, the hypocritical growling, of the bears." "How hypocritical?" ""Why, the most montrous of all hypocrites are these bears: hypocrites by inversion; hypocrites in the simulation of things dark instead of bright; souls that thrive, less upon depression, than the fiction of depression; professors of the wicked art of manufacturing depressions; spurious Jeremiahs; sham Heraclituses, who, the lugubrious day done, return, like sham Lazaruses among the beggars, to make merry over the gains got by their pretended sore heads--scoundrelly bears!" "You are warm against these bears?" "If I am, it is less from the remembrance of their stratagems as to our stock, than from the persuasion that these same destroyers of confidence, and gloomy philosophers of the stock-market, though false in themselves, are yet true types of most destroyer of confidence and gloomy philosophers, the world over. Fellows who, whether in stocks, politics, bread-stuffs, morals, metaphysics, religion--be it what it may--trump up their black panics in the naturally-quiet brightness, solely with a view to some sort of covert advantage. That corpse of calamity which the gloomy philosopher parades, is but his Good-Enough-Morgan." "I rather like that," knowingly drawled the youth. ~The Confidence-Man: His Masquerade

Things are so relaxed and uneventful that he thinks to himself in passing, “It is times like these that Murphy strikes.” The PJ is thinking about Murphy’s Law: “If anything can go wrong it will.” Murphy’s Law is particularly notorious for rearing its ugly head during complex military operations. Seconds later, Dan’s thoughts of Murphy prove prophetic. Even though he is wearing a noise-canceling headset, Sergeant Houghton hears a loud pop. He is a trained aircrew member and the unusual noise sets off internal alarm bells in his head. He looks around; the rest of the passengers remain oblivious, but Sergeant Houghton notices flight engineers moving around, nervously referring to their checklists. And then he hears the ominous sound of an engine winding down and losing power. He flips up his night vision goggles and mentally takes stock of his situation. Word quickly circulates around the cabin—hold on!

A while back a young woman from another state came to live with some of her relatives in the Salt Lake City area for a few weeks. On her first Sunday she came to church dressed in a simple, nice blouse and knee-length skirt set off with a light, button-up sweater. She wore hose and dress shoes, and her hair was combed simply but with care. Her overall appearance created an impression of youthful grace. Unfortunately, she immediately felt out of place. It seemed like all the other young women her age or near her age were dressed in casual skirts, some rather distant from the knee; tight T-shirt-like tops that barely met the top of their skirts at the waist (some bare instead of barely); no socks or stockings; and clunky sneakers or flip-flops. One would have hoped that seeing the new girl, the other girls would have realized how inappropriate their manner of dress was for a chapel and for the Sabbath day and immediately changed for the better. Sad to say, however, they did not, and it was the visitor who, in order to fit in, adopted the fashion (if you can call it that) of her host ward. It is troubling to see this growing trend that is not limited to young women but extends to older women, to men, and to young men as well. . . . I was shocked to see what the people of this other congregation wore to church. There was not a suit or tie among the men. They appeared to have come from or to be on their way to the golf course. It was hard to spot a woman wearing a dress or anything other than very casual pants or even shorts. Had I not known that they were coming to the school for church meetings, I would have assumed that there was some kind of sporting event taking place. The dress of our ward members compared very favorably to this bad example, but I am beginning to think that we are no longer quite so different as more and more we seem to slide toward that lower standard. We used to use the phrase “Sunday best.” People understood that to mean the nicest clothes they had. The specific clothing would vary according to different cultures and economic circumstances, but it would be their best. It is an affront to God to come into His house, especially on His holy day, not groomed and dressed in the most careful and modest manner that our circumstances permit. Where a poor member from the hills of Peru must ford a river to get to church, the Lord surely will not be offended by the stain of muddy water on his white shirt. But how can God not be pained at the sight of one who, with all the clothes he needs and more and with easy access to the chapel, nevertheless appears in church in rumpled cargo pants and a T-shirt? Ironically, it has been my experience as I travel around the world that members of the Church with the least means somehow find a way to arrive at Sabbath meetings neatly dressed in clean, nice clothes, the best they have, while those who have more than enough are the ones who may appear in casual, even slovenly clothing. Some say dress and hair don’t matter—it’s what’s inside that counts. I believe that truly it is what’s inside a person that counts, but that’s what worries me. Casual dress at holy places and events is a message about what is inside a person. It may be pride or rebellion or something else, but at a minimum it says, “I don’t get it. I don’t understand the difference between the sacred and the profane.” In that condition they are easily drawn away from the Lord. They do not appreciate the value of what they have. I worry about them. Unless they can gain some understanding and capture some feeling for sacred things, they are at risk of eventually losing all that matters most. You are Saints of the great latter-day dispensation—look the part.

Instead of relying on the Newtonian metaphor of clockwork predictability, complexity seems to be based on metaphors more closely akin to the growth of a plant from a tiny seed, or the unfolding of a computer program from a few lines of code, or perhaps even the organic, self-organized flocking of simpleminded birds. That's certainly the kind of metaphor that Chris Langton has in mind with artificial life: his whole point is that complex, lifelike behavior is the result of simple rules unfolding from the bottom up. And it's likewise the kind of metaphor that influenced Arthur in the Santa Fe economics program: "If I had a purpose, or a vision, it was to show that the messiness and the liveliness in the economy can grow out of an incredibly simple, even elegant theory. That's why we created these simple models of the stock market where the market appears moody, shows crashes, takes off in unexpected directions, and acquires something that you could describe as a personality.

some 70s feminists then seemed to reason in a couple of defective ways about biological determinism and sex. On the one hand, some assumed all binary theories of sex must imply determinism: that is, that these theories must be saying something about the fundamental individual ‘natures’ of males and females in terms of dominance for males, and passivity and submission for females. Working backwards, they therefore concluded that, since biological determinism isn’t true, binary sex must be a myth. Meanwhile, an alternative feminist response from some seemed to go roughly: ‘If there were no natural differences at all between males and females, biological determinism would obviously be false. We all want biological determinism to be false. Hence there are no natural differences between males and females.’ Compare: Jed really wants it to be false that he’s got cancer. If there were no such thing as cancer, it would be false that he’s got it. Hence, Jed concludes, there’s no such thing as cancer.

MY RECOMMENDATION Below is my advice about regarding selling SpaceX stock or options. No complicated analysis is required, as the rules of thumb are pretty simple. If you believe that SpaceX will execute better than the average public company, then our stock price will continue to appreciate at a rate greater than that of the stock market, which would be the next highest return place to invest money over the long term. Therefore, you should sell only the amount that you need to improve your standard of living in the short to medium term. I do actually recommend selling some amount of stock, even if you are certain it will appreciate, as life is short and a bit more cash can increase fun and reduce stress at home (so long as you don’t ratchet up your ongoing personal expenditures proportionately). To maximize your post tax return, you are probably best off exercising your options to convert them to stock (if you can afford to do this) and then holding the stock for a year before selling it at our roughly biannual liquidity events. This allows you to pay the capital gains tax rate, instead of the income tax rate.

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.

Humanism thought that experiences occur inside us, and that we ought to find within ourselves the meaning of all that happens, thereby infusing the universe with meaning. Dataists believe that experiences are valueless if they are not shared, and that we need not – indeed cannot – find meaning within ourselves. We need only record and connect our experience to the great data flow, and the algorithms will discover its meaning and tell us what to do. Twenty years ago Japanese tourists were a universal laughing stock because they always carried cameras and took pictures of everything in sight. Now everyone is doing it. If you go to India and see an elephant, you don’t look at the elephant and ask yourself, ‘What do I feel?’ – you are too busy looking for your smartphone, taking a picture of the elephant, posting it on Facebook and then checking your account every two minutes to see how many Likes you got. Writing a private diary – a common humanist practice in previous generations – sounds to many present-day youngsters utterly pointless. Why write anything if nobody else can read it? The new motto says: ‘If you experience something – record it. If you record something – upload it. If you upload something – share it.

When we talk about finding or having found our soul mate (if we do), we do not believe ourselves to be immersed in the capitalist economy. But this is an even more important terrain for capitalism than the convenience store where we buy a soda and candy bar or the stock exchange floor where companies are financed. The idea of the soul mate plays a crucial role in the promulgation of consumption. If I believe that a perfect commodity exists in the romantic field, this changes my relationship to all commodities. Commodities become more attractive insofar as each one stands in for the perfect partner. Though a hammer at the hardware store most likely cannot function as my soul mate, I will find more pleasure in purchasing it with the idea of an ideal commodity informing the purchase, and this is what the soul mate provides. That is to say, the idea of the soul mate underwrites all consumption within the capitalist universe. The soul mate is the commodity in the form of the subject’s complement. This is why the idea of the soul mate has such importance for capitalism. The subject experiences itself as lacking whenever it desires, and no object can fill this lack. But the promise of the soul mate is the promise of completion, an object that would complement the lacking subject perfectly and thereby ameliorate its lack. No such complement exists outside of ideological fantasies, but capitalism requires subjects who invest themselves in such fantasies.

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

Twirling on the sand, she quotes Emma Goldman to him in a song. “If I can’t dance, I don’t want to be in your revolution.” He steps up. Come on, Gia, he says, be in my revolution. She is barefoot on the sand. Where are her stockings? She hasn’t taken them off; they’re not lying in a heap nearby. When his open palm goes around her waist, he can’t feel her corset, he feels velvet and under it the curve of her natural waist and lower back. Suddenly he has three left feet and, usually such a capable dancer, can’t move backward or forward. She steps on his awkward toes a few times, laughs, and they trip and fall to their knees on the sand. What’s gotten into you, Harry, she says. I can’t imagine, he says, his eyes roaming wildly over her flushed and eager face. Both his hands are entwining the narrow space from which her hips begin. It’s late afternoon on the wide Hampton beach; it’s gray and foggy when he kisses her. He’s never kissed Sicilian lips before, only Bostonian. There is a boiling ocean of contrast between the two. Boston girls were born and raised on soil that was frozen from October to April and breathed through perfectly colored mouths that took in chill winds and fog from the stormy harbor. But his Sicilian queen has roamed the Mediterranean meadows and her abundant lips breathed in fearsome fire from Typhonic volcanoes. He kisses her as if they are alone at night—as if she is already his. His arms wrap around her back and press her to him. They become suspended, he floats like a phantom around her in the moist air. He won’t let her go, he can’t.

Here are some of the handicaps mutual-fund managers and other professional investors are saddled with: With billions of dollars under management, they must gravitate toward the biggest stocks—the only ones they can buy in the multimillion-dollar quantities they need to fill their portfolios. Thus many funds end up owning the same few overpriced giants. Investors tend to pour more money into funds as the market rises. The managers use that new cash to buy more of the stocks they already own, driving prices to even more dangerous heights. If fund investors ask for their money back when the market drops, the managers may need to sell stocks to cash them out. Just as the funds are forced to buy stocks at inflated prices in a rising market, they become forced sellers as stocks get cheap again. Many portfolio managers get bonuses for beating the market, so they obsessively measure their returns against benchmarks like the S & P 500 index. If a company gets added to an index, hundreds of funds compulsively buy it. (If they don’t, and that stock then does well, the managers look foolish; on the other hand, if they buy it and it does poorly, no one will blame them.) Increasingly, fund managers are expected to specialize. Just as in medicine the general practitioner has given way to the pediatric allergist and the geriatric otolaryngologist, fund managers must buy only “small growth” stocks, or only “mid-sized value” stocks, or nothing but “large blend” stocks.6 If a company gets too big, or too small, or too cheap, or an itty bit too expensive, the fund has to sell it—even if the manager loves the stock. So

[A Chinese Restaurant.] Roma is seated alone at the booth. Lingk is at the booth next to him. Roma ,i>is talking to him. * * * Roma: . . . Eh? What I’m saying, what is our life? (Pause.) It’s looking forward or it’s looking back. And that’s our life. That’s it. Where is the moment? (Pause.) And what is it that we’re afraid of? Loss. What else? (Pause.) The bank,/i> closes. We get sick, my wife died on a plane, the stock market collapsed . . . the house burnt down . . . what of these happen . . . ? None of ’em. We worry anyway. What does this mean? I’m not secure. How can I be secure? (Pause.) Through amassing wealth beyond all measure? No. And what’s beyond all measure? That’s a sickness. That’s a trap. There is no measure. Only greed. How can we act? The right way, we would say, to deal with this: “There is a one-in-a million chance that so and so will happen. . . . Fuck it, it won’t happen to me. . . .” No. We know that’s not the right way I think. (Pause.) We say the correct way to deal with this is “There is a one-in-so-and-so chance that this will happen . . . God protect me. I am powerless, let it not happen to me. . . .” But no to that. I say. There’s something else. What is it? “If it happens, AS IT MAY for that is not within our powers, I will deal with it, just as I do today with what draws my concern today.” I say this is how we must act. I do those things which seem correct to me today. I trust myself. And if security concerns me, I do that which today I think will make me secure. And every day I do that, when that day arrives that I need a reserve, (a) odds are that I have it, and (b) the true reserve that I have is the strength that I have of acting each day without fear. (Pause.) According to the dictates of my mind. (Pause.)

sit on a man’s back, choking him and making him carry me, and yet assure myself and others that I am very sorry for him and wish to ease his lot by all possible means—except by getting off his back.”[1] True then and there, and true now and here. There is so much poverty in this land not in spite of our wealth but because of it. Which is to say, it’s not about them. It’s about us. “It is really so simple,” Tolstoy wrote. “If I want to aid the poor, that is, to help the poor not to be poor, I ought not to make them poor.”[2] How do we, today, make the poor in America poor? In at least three ways. First, we exploit them. We constrain their choice and power in the labor market, the housing market, and the financial market, driving down wages while forcing the poor to overpay for housing and access to cash and credit. Those of us who are not poor benefit from these arrangements. Corporations benefit from worker exploitation, sure, but so do consumers who buy the cheap goods and services the working poor produce, and so do those of us directly or indirectly invested in the stock market. Landlords are not the only ones who benefit from housing exploitation; many homeowners do, too, their property values propped up by the collective effort to make housing scarce and expensive. The banking and payday lending industries profit from the financial exploitation of the poor, but so do those of us with free checking accounts at Bank of America or Wells Fargo, as those accounts are subsidized by billions of dollars in overdraft fees.[3] If we burn coal, we get electricity, but we get sulfur dioxide and nitrogen oxide and other airborne toxins, too. We can’t have the electricity without producing the pollution. Opulence in America works the same way. Someone bears the cost.

To summarize my ORB Strategy: After I build my watchlist in the morning, I closely monitor the shortlisted stocks in the first five minutes after the Open. I identify their opening range and their price action. How many shares are being traded? Is the stock jumping up and down or does it have a directional upward or downward movement? Is it high volume with large orders only, or are there many orders going through? I prefer stocks that have high volume, but also with numerous different orders being traded. If the stock has traded 1 million shares, but those shares were only ten orders of 100,000 shares each, it is not a liquid stock to trade. Volume alone does not show the liquidity; the number of orders being sent to the exchange is as important. The opening range must be significantly smaller than the stock’s Average True Range (ATR). I have ATR as a column in my Trade Ideas scanner. After the close of the first five minutes of trading, the stock may continue to be traded in that opening range in the next five minutes. But, if I see the stock is breaking the opening range, I enter the trade according to the direction of the breakout: long for an upward breakout and short for a downward move. My stop loss is a close below VWAP for the long positions and a break above VWAP for the short positions. My profit target is the next important technical level, such as: (1) important intraday daily levels that I identify in the pre-market, (2) moving averages on a daily chart, and/or (3) previous day close. If there was no obvious technical level for the exit and profit target, I exit when a stock shows signs of weakness (if I am long) or strength (if I am short). For example, if the price makes a new 5-minute low, that means weakness, and I consider selling my position if I am long. If I am short and the stock makes a new 5-minute high, then it could be a sign of strength and I consider covering my short position. My strategy above was for a 5-minute ORB, but the same process will also work well for 15-minute or 30-minute ORBs.

Silvanus, the camp prefect, took a step forward. I heard his voice every morning after parade, but had never listened to the tones of it as I did now. He was not afraid, that much was clear; he was angry. "Pathetic. I should cashier you all now and destroy your Eagles." Silvanus spoke quietly; we had to strain to hear his voice. You could have heard the stars slide across the sky, we were so still and so silent. "If General Corbulo were here, he would destroy you. He dismissed half of the Fifth and the Tenth and sent them home. The rest are billeted in tents in the Armenian highlands with barley meal for fodder. He intends to make an army of them, to meet Vologases when he comes. I intend the same and therefore you will be treated the same as your betters in better legions. You will be proficient by the spring, or you will be dead." His gaze raked us, and we wondered which of us might die that night for the crime of being ineffectual. His voice rocked us. "To that end, you will spend the next three months in tents in the Mountains of the Hawk that lie between us and the sea. One hundred paces above the snow line, each century will determine an area suitable for three months’ stay and build its own base camp. You will alternate along the mountains’ length so that each century of the Fourth has a century of the Twelfth to either side, and vice versa. Each century will defend and maintain its own stocks against the men of the opposing legion; you are encouraged to avail yourselves of what you can. You may not remove stocks from camps belonging to other centuries of your own legion, and equally you may not aid in defending them against raiding parties from the opposing men. So that you may tell each other apart, the Twelfth legion will wear" – did I hear a note of distaste there? – "red cloth tied about their left arms at all times. The Fourth will wear blue. You will be provided with raw fleece with which to wrap your weapons that they might strike but not bite. A man who is careless enough to be captured by the other side will be flogged and returned to his unit. Any man who kills another will be flogged until dead and any man who wounds another will be staked out beyond the boundary of his camp for two days and nights; if he lives, he will be returned to his unit. Any man who dies of hunger, cold or fright, or who falls off the mountain, will be deemed to have died by his own hand. You have until the next watch to make ready. You are dismissed.

If it were any of the other Sharpes, he wouldn’t balk. But the idea of spending serveral hours in her company was both intoxicating and terrifying. “If you don’t let me go along,” she continued, “I’ll just follow you. He scowled at her. She probably would; the woman was as stubborn as she was beautiful. “And don’t think you can outride me, either,” she added. “Halstead Hall has a very good stable, and lady Bell is one of our swiftest mounts.” “Lady Bell?” he said sarcastically. “Not Crack Shot or Pistol?” She glared over at him. “Lady Bell was my favorite doll when I was a girl, the last one Mama gave me before she died. I used to play with it whenever I wanted to remember her. The doll got so ragged that I threw her away when I outgrew her.” Her voice lowered. “I regretted that later, but by then it was too late.” The idea of her playing with a doll to remember her late mother made his throat tighten and his heart falter. “Fine,” he bit out. “You can go with me to High Wycombe.” Surprise turned her cheeks rosy. “Oh, thank you, Jackson! You won’t regret it, I promise you!” “I already regret it,” he grumbled. “And you must do as I say. None of your going off half-cocked, do you hear?” “I never go off half-cocked!” “No, you just walk around with a pistol packed full of powder, thinking you can hold men at bay with it.” She tossed her head. “You’ll never let me forget that, will you?” “Not as long as we both shall live.” The minute the words left his lips, he could have kicked himself. They sounded too much like a vow, one he’d give anything for the right to make. Fortunately, she didn’t seem to have noticed. Instead, she was squirming and shimmying about on her saddle. “Are you all right?” he asked. “I’ve got a burr caught in my stocking that keeps rubbing against my leg. I’m just trying to work it out. Don’t mind me.” His mouth went dry at her mention of stockings. It brought yesterday’s encounter vividly into his mind, how he’d lifted her skirts to reach the smooth expanse of calf encased in silk. How he’d run his hands up her thighs as his mouth had tasted- God save him. He couldn’t be thinking about such things while riding. He shifted uncomfortably in the saddle as they reached the road and settled into a comfortable pace. The road was busy at this early hour. The local farmers were driving their carts to market or town, and laborers were headed for the fields. To Jackson’s relief, that made it easy not to talk. Conversaing with her was bound to be difficult, especially if she started consulting him about her suitors.

The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” George Bernard Shaw On a cool fall evening in 2008, four students set out to revolutionize an industry. Buried in loans, they had lost and broken eyeglasses and were outraged at how much it cost to replace them. One of them had been wearing the same damaged pair for five years: He was using a paper clip to bind the frames together. Even after his prescription changed twice, he refused to pay for pricey new lenses. Luxottica, the 800-pound gorilla of the industry, controlled more than 80 percent of the eyewear market. To make glasses more affordable, the students would need to topple a giant. Having recently watched Zappos transform footwear by selling shoes online, they wondered if they could do the same with eyewear. When they casually mentioned their idea to friends, time and again they were blasted with scorching criticism. No one would ever buy glasses over the internet, their friends insisted. People had to try them on first. Sure, Zappos had pulled the concept off with shoes, but there was a reason it hadn’t happened with eyewear. “If this were a good idea,” they heard repeatedly, “someone would have done it already.” None of the students had a background in e-commerce and technology, let alone in retail, fashion, or apparel. Despite being told their idea was crazy, they walked away from lucrative job offers to start a company. They would sell eyeglasses that normally cost $500 in a store for $95 online, donating a pair to someone in the developing world with every purchase. The business depended on a functioning website. Without one, it would be impossible for customers to view or buy their products. After scrambling to pull a website together, they finally managed to get it online at 4 A.M. on the day before the launch in February 2010. They called the company Warby Parker, combining the names of two characters created by the novelist Jack Kerouac, who inspired them to break free from the shackles of social pressure and embark on their adventure. They admired his rebellious spirit, infusing it into their culture. And it paid off. The students expected to sell a pair or two of glasses per day. But when GQ called them “the Netflix of eyewear,” they hit their target for the entire first year in less than a month, selling out so fast that they had to put twenty thousand customers on a waiting list. It took them nine months to stock enough inventory to meet the demand. Fast forward to 2015, when Fast Company released a list of the world’s most innovative companies. Warby Parker didn’t just make the list—they came in first. The three previous winners were creative giants Google, Nike, and Apple, all with over fifty thousand employees. Warby Parker’s scrappy startup, a new kid on the block, had a staff of just five hundred. In the span of five years, the four friends built one of the most fashionable brands on the planet and donated over a million pairs of glasses to people in need. The company cleared $100 million in annual revenues and was valued at over $1 billion. Back in 2009, one of the founders pitched the company to me, offering me the chance to invest in Warby Parker. I declined. It was the worst financial decision I’ve ever made, and I needed to understand where I went wrong.

All right, then. While it might be beyond her power to stop desiring him entirely, she didn’t have to let him control the attraction. In her years of dreaming of him--the admittedly chaste dreams of a virgin--she had been in control, making him burn and yearn, making him regret that he’d ever put her aside. Perhaps it was time to fulfill those dreams. She opened her eyes to find him watching her with a heavy-lidded gaze that promised all manner of sensual pleasures if she would just give herself over to him. She would make him keep that promise…but without giving up herself. Edwin would undoubtedly disapprove of this dalliance, but just now she didn’t care. Dom was about to learn that she wouldn’t be ruled by him or any other man. Looping her arms about his neck, she rose up on tiptoe to kiss his mouth. This time she was the one to instigate the duel of tongues and lips that sent her senses reeling. This time she was the one in control. Until Dom pulled down her bodice and corset and shift to bare her breasts. Oh, sweet Lord in heaven. He was more wicked--and more wonderful at this--than even she could have imagined. But she could be wicked, too. Remembering what Nancy had told her about men, she reached down between them to cup the hard length of him through his trousers. He jerked back. “What are you doing?” How wonderful to be the one to shock him! Though she noticed he didn’t step away or pull her hand off him. And his flesh seemed to grow beneath her very fingers. “Don’t you like it?” she said in what she hoped was a sultry-sounding voice. “Good God, yes.” He practically groaned the words. “But where the blazes did you learn to do it?” “Nancy said men like to be touched…down there.” “Wonderful. Now the sinner is instructing the saint,” he muttered before he took her mouth again, giving her no chance to protest that she wasn’t as saintly as he assumed. But clearly he’d guessed because he leaned into her hand, letting her fully explore the male appendage that Nancy had only described in furtive whispers. To Jane’s delight, the more she rubbed him through his trousers, the more his kiss changed, grew bolder, hotter, fiercer. How delicious! They had certainly never done anything like this in their youth. Perhaps if they had, he wouldn’t have been so content to toss her aside. It was definitely making her ignite. Or perhaps it was his hands roaming her body doing that. Whichever the case, an unfamiliar ache began between her legs that made her want to squirm. So she focused on caressing him with renewed vigor, hoping to regain control over this…insanity. He grabbed her hand to still it. She tore her mouth from his. “What? Am I doing it wrong?” “If you do it any more right, I will embarrass myself.” He fixed her with a dark stare. “Or perhaps that’s what you want. Another way to torture me.” “I don’t know what you mean. Am I doing it right or am I torturing you? Which is it?” He searched her face, then, apparently satisfied with what he saw there, smiled faintly. “Both.” Taking her by surprise, he dripped onto the pianoforte bench and tugged her across his lap. “Here, I’ll show you.” As he drew her skirts up to her knees, she froze. “I don’t know if this is…such a good idea, Dom.” “Oh, trust me, it’s a fine idea.” He smoothed his hands up her stockings and past her garters until he came to her drawers. “Before you go running off to seal your ‘arrangement’ with Blakeborough, you should at least have a taste of passion. Just so you’ll know how important it really is.” Pressing his mouth to her ear, he added, “Men aren’t the only ones who like to be touched there, sweeting.

Like,” he repeats with distaste. “How about I tell you what I don’t like? I do not like postmodernism, postapocalyptic settings, postmortem narrators, or magic realism. I rarely respond to supposedly clever formal devices, multiple fonts, pictures where they shouldn’t be—basically, gimmicks of any kind. I find literary fiction about the Holocaust or any other major world tragedy to be distasteful—nonfiction only, please. I do not like genre mash-ups à la the literary detective novel or the literary fantasy. Literary should be literary, and genre should be genre, and crossbreeding rarely results in anything satisfying. I do not like children’s books, especially ones with orphans, and I prefer not to clutter my shelves with young adult. I do not like anything over four hundred pages or under one hundred fifty pages. I am repulsed by ghostwritten novels by reality television stars, celebrity picture books, sports memoirs, movie tie-in editions, novelty items, and—I imagine this goes without saying—vampires. I rarely stock debuts, chick lit, poetry, or translations. I would prefer not to stock series, but the demands of my pocketbook require me to. For your part, you needn’t tell me about the ‘next big series’ until it is ensconced on the New York Times Best Sellers list. Above all, Ms. Loman, I find slim literary memoirs about little old men whose little old wives have died from cancer to be absolutely intolerable. No matter how well written the sales rep claims they are. No matter how many copies you promise I’ll sell on Mother’s Day.” Amelia blushes, though she is angry more than embarrassed. She agrees with some of what A.J. has said, but his manner is unnecessarily insulting. Knightley Press doesn’t even sell half of that stuff anyway. She studies him. He is older than Amelia but not by much, not by more than ten years. He is too young to like so little. “What do you like?” she asks. “Everything else,” he says. “I will also admit to an occasional weakness for short-story collections. Customers never want to buy them though.” There is only one short-story collection on Amelia’s list, a debut. Amelia hasn’t read the whole thing, and time dictates that she probably won’t, but she liked the first story. An American sixth-grade class and an Indian sixth-grade class participate in an international pen pal program. The narrator is an Indian kid in the American class who keeps feeding comical misinformation about Indian culture to the Americans. She clears her throat, which is still terribly dry. “The Year Bombay Became Mumbai. I think it will have special int—” “No,” he says. “I haven’t even told you what it’s about yet.” “Just no.” “But why?” “If you’re honest with yourself, you’ll admit that you’re only telling me about it because I’m partially Indian and you think this will be my special interest. Am I right?” Amelia imagines smashing the ancient computer over his head. “I’m telling you about this because you said you liked short stories! And it’s the only one on my list. And for the record”—here, she lies—“it’s completely wonderful from start to finish. Even if it is a debut. “And do you know what else? I love debuts. I love discovering something new. It’s part of the whole reason I do this job.” Amelia rises. Her head is pounding. Maybe she does drink too much? Her head is pounding and her heart is, too. “Do you want my opinion?” “Not particularly,” he says. “What are you, twenty-five?” “Mr. Fikry, this is a lovely store, but if you continue in this this this”—as a child, she stuttered and it occasionally returns when she is upset; she clears her throat—“this backward way of thinking, there won’t be an Island Books before too long.

… The most important contribution you can make now is taking pride in your treasured home state. Because nobody else is. Study and cherish her history, even if you have to do it on your own time. I did. Don’t know what they’re teaching today, but when I was a kid, American history was the exact same every year: Christopher Columbus, Plymouth Rock, Pilgrims, Thomas Paine, John Hancock, Sons of Liberty, tea party. I’m thinking, ‘Okay, we have to start somewhere— we’ll get to Florida soon enough.’…Boston Massacre, Crispus Attucks, Paul Revere, the North Church, ‘Redcoats are coming,’ one if by land, two if by sea, three makes a crowd, and I’m sitting in a tiny desk, rolling my eyes at the ceiling. Hello! Did we order the wrong books? Were these supposed to go to Massachusetts?…Then things showed hope, moving south now: Washington crosses the Delaware, down through original colonies, Carolinas, Georgia. Finally! Here we go! Florida’s next! Wait. What’s this? No more pages in the book. School’s out? Then I had to wait all summer, and the first day back the next grade: Christopher Columbus, Plymouth Rock…Know who the first modern Floridians were? Seminoles! Only unconquered group in the country! These are your peeps, the rugged stock you come from. Not genetically descended, but bound by geographical experience like a subtropical Ellis Island. Because who’s really from Florida? Not the flamingos, or even the Seminoles for that matter. They arrived when the government began rounding up tribes, but the Seminoles said, ‘Naw, we prefer waterfront,’ and the white man chased them but got freaked out in the Everglades and let ’em have slot machines…I see you glancing over at the cupcakes and ice cream, so I’ll limit my remaining remarks to distilled wisdom: “Respect your parents. And respect them even more after you find out they were wrong about a bunch of stuff. Their love and hard work got you to the point where you could realize this. “Don’t make fun of people who are different. Unless they have more money and influence. Then you must. “If someone isn’t kind to animals, ignore anything they have to say. “Your best teachers are sacrificing their comfort to ensure yours; show gratitude. Your worst are jealous of your future; rub it in. “Don’t talk to strangers, don’t play with matches, don’t eat the yellow snow, don’t pull your uncle’s finger. “Skip down the street when you’re happy. It’s one of those carefree little things we lose as we get older. If you skip as an adult, people talk, but I don’t mind. “Don’t follow the leader. “Don’t try to be different—that will make you different. “Don’t try to be popular. If you’re already popular, you’ve peaked too soon. “Always walk away from a fight. Then ambush. “Read everything. Doubt everything. Appreciate everything. “When you’re feeling down, make a silly noise. “Go fly a kite—seriously. “Always say ‘thank you,’ don’t forget to floss, put the lime in the coconut. “Each new year of school, look for the kid nobody’s talking to— and talk to him. “Look forward to the wonderment of growing up, raising a family and driving by the gas station where the popular kids now work. “Cherish freedom of religion: Protect it from religion. “Remember that a smile is your umbrella. It’s also your sixteen-in-one reversible ratchet set. “ ‘I am rubber, you are glue’ carries no weight in a knife fight. “Hang on to your dreams with everything you’ve got. Because the best life is when your dreams come true. The second-best is when they don’t but you never stop chasing them. So never let the authority jade your youthful enthusiasm. Stay excited about dinosaurs, keep looking up at the stars, become an archaeologist, classical pianist, police officer or veterinarian. And, above all else, question everything I’ve just said. Now get out there, class of 2020, and take back our state!

{Excerpt from a message from one of the Cherokee chiefs - Onitositaii, commonly known as Old Tassle} ... 'If, therefore, a bare march, or reconnoitering a country is sufficient reason to ground a claim to it, we shall insist upon transposing the demand, and your relinquishing your settlements on the western waters and removing one hundred miles back towards the east, whither some of our warriors advanced against you in the course of last year's campaign. Let us examine the facts of your present eruption into our country, and we shall discover your pretentions on that ground. What did you do? You marched into our territories with a superior force; our vigilance gave us no timely notice of your manouvres [sic]; your numbers far exceeded us, and we fled to the stronghold of our extensive woods, there to secure our women and children. Thus, you marched into our towns; they were left to your mercy; you killed a few scattered and defenseless individuals, spread fire and desolation wherever you pleased, and returned again to your own habitations. If you meant this, indeed, as a conquest you omitted the most essential point; you should have fortified the junction of the Holstein and Tennessee rivers, and have thereby conquered all the waters above you. But, as all are fair advantages during the existence of a state of war, it is now too late for us to suffer for your mishap of generalship! Again, were we to inquire by what law or authority you set up a claim, I answer, none! Your laws extend not into our country, nor ever did. You talk of the law of nature and the law of nations, and they are both against you. Indeed, much has been advanced on the want of what you term civilization among the Indians; and many proposals have been made to us to adopt your laws, your religion, your manners, and your customs. But, we confess that we do not yet see the propriety, or practicability of such a reformation, and should be better pleased with beholding the good effect of these doctrines in your own practices than with hearing you talk about them, or reading your papers to us upon such subjects. You say: Why do not the Indians till the ground and live as we do? May we not, with equal propriety, ask, Why the white people do not hunt and live as we do? You profess to think it no injustice to warn us not to kill our deer and other game for the mere love of waste; but it is very criminal in our young men if they chance to kill a cow or a hog for their sustenance when they happen to be in your lands. We wish, however, to be at peace with you, and to do as we would be done by. We do not quarrel with you for killing an occasional buffalo, bear or deer on our lands when you need one to eat; but you go much farther; your people hunt to gain a livelihood by it; they kill all our game; our young men resent the injury, and it is followed by bloodshed and war. This is not a mere affected injury; it is a grievance which we equitably complain of and it demands a permanent redress. The Great God of Nature has placed us in different situations. It is true that he has endowed you with many superior advantages; but he has not created us to be your slaves. We are a separate people! He has given each their lands, under distinct considerations and circumstances: he has stocked yours with cows, ours with buffaloe; yours with hogs, ours with bear; yours with sheep, ours with deer. He has indeed given you an advantage in this, that your cattle are tame and domestic while ours are wild and demand not only a larger space for range, but art to hunt and kill them; they are, nevertheless, as much our property as other animals are yours, and ought not to be taken away without consent, or for something equivalent.' Those were the words of the Indians. But they were no binding on these whites, who were living beyond words, claims ...

Not liking to think of him so, and wondering if they had guessed at dinner why he suddenly became irritable when they talked about fame and books lasting, wondering if the children were laughing at that, she twitched the stockings out, and all the fine gravings came drawn with steel instruments about her lips and forehead, and she grew still like a tree which has been tossing and quivering and now, when the breeze falls, settles, leaf by leaf, into quiet. It didn't matter, any of it, she thought. A great man, a great book, fame—who could tell? She knew nothing about it. But it was his way with him, his truthfulness—for instance at dinner she had been thinking quite instinctively, If only he would speak! She had complete trust in him. And dismissing all this, as one passes in diving now a weed, now a straw, now a bubble, she felt again, sinking deeper, as she had felt in the hall when the others were talking, There is something I want—something I have come to get, and she fell deeper and deeper without knowing quite what it was, with her eyes closed. And she waited a little, knitting, wondering, and slowly rose those words they had said at dinner, "the China rose is all abloom and buzzing with the honey bee," began washing from side to side of her mind rhythmically, and as they washed, words, like little shaded lights, one red, one blue, one yellow, lit up in the dark of her mind, and seemed leaving their perches up there to fly across and across, or to cry out and to be echoed; so she turned and felt on the table beside her for a book. And all the lives we ever lived And all the lives to be, Are full of trees and changing leaves, she murmured, sticking her needles into the stocking. And she opened the book and began reading here and there at random, and as she did so, she felt that she was climbing backwards, upwards, shoving her way up under petals that curved over her, so that she only knew this is white, or this is red. She did not know at first what the words meant at all. Steer, hither steer your winged pines, all beaten Mariners she read and turned the page, swinging herself, zigzagging this way and that, from one line to another as from one branch to another, from one red and white flower to another, until a little sound roused her—her husband slapping his thighs. Their eyes met for a second; but they did not want to speak to each other. They had nothing to say, but something seemed, nevertheless, to go from him to her. It was the life, it was the power of it, it was the tremendous humour, she knew, that made him slap his thighs. Don't interrupt me, he seemed to be saying, don't say anything; just sit there. And he went on reading. His lips twitched. It filled him. It fortified him. He clean forgot all the little rubs and digs of the evening, and how it bored him unutterably to sit still while people ate and drank interminably, and his being so irritable with his wife and so touchy and minding when they passed his books over as if they didn't exist at all. But now, he felt, it didn't matter a damn who reached Z (if thought ran like an alphabet from A to Z). Somebody would reach it—if not he, then another. This man's strength and sanity, his feeling for straight forward simple things, these fishermen, the poor old crazed creature in Mucklebackit's cottage made him feel so vigorous, so relieved of something that he felt roused and triumphant and could not choke back his tears. Raising the book a little to hide his face, he let them fall and shook his head from side to side and forgot himself completely (but not one or two reflections about morality and French novels and English novels and Scott's hands being tied but his view perhaps being as true as the other view), forgot his own bothers and failures completely in poor Steenie's drowning and Mucklebackit's sorrow (that was Scott at his best) and the astonishing delight and feeling of vigour that it gave him.

In fact, there were no movie stars in view, though Finian himself was a talent star, one of the last of the Golden Age, Fred Astaire. He hadn’t filmed a musical since Silk Stockings, in 1957, but it was a frustrating return, for Astaire felt Coppola had no feeling for the form. And Coppola didn’t—not the form of musical Astaire was used to making. For instance, some of the show’s many dance sequences became choreography by other means—a festive picnic with a tug-of-war and other contests for “If This Isn’t Love.” Then, too, Astaire was working with his old RKO assistant, Hermes Pan, who was suddenly fired from the picture, offending Astaire’s deep-rooted sense of loyalty—to his profession, to the great songwriters who had made songs on him, and to his colleagues. Still, the movie flows along nicely with a likable confidence, not easy to bring off when the plot takes in a pot of gold that grants wishes.

Exactly!” you shot back, finishing your last pattern. “The stock really is a screaming buy down here!” Then you pause for a brief instant and switch to your mystery and intrigue tonality, and you say, “Now, Bill, let me ask you another question.” And now you switch to your money-aside tonality. “If I’d been your broker for the last three or four years, making you money on a consistent basis”—and now you switch to your implied obviousness—“then you probably wouldn’t be saying, ‘Let me think about it right now, [your first name].’ You’d be saying, ‘Pick me up a block of at least a few thousand shares.’” And then you switch to the reasonable man tone and you add, “Am I right?

So ask yourself: “If the stock market drops 25 percent tomorrow, would I be tempted to pull all or some of my money out?” If the answer is yes, you’re probably unprepared for the ups and downs of the stock market.

You who prattle that morality is social and that man would need no morality on a desert island—it is on a desert island that he would need it most. Let him try to claim, when there are no victims to pay for it, that a rock is a house, that sand is clothing, that food will drop into his mouth without cause or effort, that he will collect a harvest tomorrow by devouring his stock seed today—and reality will wipe him out, as he deserves; reality will show him that life is a value to be bought and that thinking is the only coin noble enough to buy it. “If I were to speak your kind of language, I would say that man’s only moral commandment is: Thou shalt think. But a ‘moral commandment’ is a contradiction in terms. The moral is the chosen, not the forced; the understood, not the obeyed. The moral is the rational, and reason accepts no commandments. “My morality, the morality of reason, is contained in a single axiom: existence exists—and in a single choice: to live. The rest proceeds from these. To live, man must hold three things as the supreme and ruling values of his life: Reason—Purpose—Self-esteem. Reason, as his only tool of knowledge—Purpose, as his choice of the happiness which that tool must proceed to achieve—Self-esteem, as his inviolate certainty that his mind is competent to think and his person is worthy of happiness, which means: is worthy of living. These three values imply and require all of man’s virtues, and all his virtues pertain to the relation of existence and consciousness: rationality, independence, integrity, honesty, justice, productiveness, pride.

He noted in one of his earliest memos that the average annual return for stocks from 1926 to 1987 was 9.44 percent, but “if you had gone to cash and missed the best 50 of those 744 months, you have would have missed all of the return. This tells me that attempts at market timing are a source of risk, not protection.”*

Asked about the crash of 1973–74, when his investment partnership lost more than 50 percent, he notes that Berkshire’s stock price has also halved on three occasions: “If you’re going to be in this game for the long pull, which is the way to do it, you better be able to handle a fifty percent decline without fussing too much about it. And so my lesson to all of you is, conduct your life so that you can handle the fifty percent decline with aplomb and grace. Don’t try to avoid it. It will come. In fact, I would say if it doesn’t come, you’re not being aggressive enough.

When Clark and Daniel visited Richard in the county jail that day, he said he didn’t want to go forward with the trial and his lawyers should demand a mistrial. There was no way, he insisted, the jurors could not be influenced by the murder of a fellow juror. He pointed out that the case was not about forgery, or a stock swindle; it was about murder, and he was being tried for murder. “There’s no fucking way they won’t be affected against me!” Clark, Daniel, and Salinas agreed wholeheartedly, and they promised Richard they’d prepare a motion for mistrial. Amid a packed courtroom, Clark told the judge that the defense wanted the jury to have a period of at least a week to recuperate. If the judge wasn’t inclined to give them a week, Clark asked that the jurors be polled to see if they could still be impartial. He had been in contact with two psychiatrists, Dr. Jo ’Ellan Dimitrius and Dr. Carlo Webber, and they had both unequivocally advised him it would be wrong and improper to let this jury sit in judgment of a murder defendant without their being polled. He reminded the judge that the jurors had become “as close as siblings, husbands and wives.” Halpin didn’t agree. He didn’t want any delay and polling the jurors would just serve “to stir up their emotions.” Tynan decided to bring out the jury foreman and get his opinion about the capability of the jury to go on with an impartial deliberation. Foreman Rodriguez was summoned and Tynan queried him about the jury’s ability to move forward. Rodriguez, a mustachioed man with very black hair, said, “I feel it is somewhat tranquil, but it is—I feel that we can probably continue today.” “They all seem to be able to carry out their duties, then, as jurors?” asked the judge. “Right. Everyone appears to have it behind them.” “I am delighted to hear that,” Tynan proclaimed, an audible sigh of relief coming from him, and called for the jury to be brought out. He announced he was going to allow the trial to go forward. He looked at the defense table and said, “If there’s any objection from the defense, I’ll hear it now.” Richard leaned forward and said: “I have an objection. I think that is fucked up!” The bailiff closed in. The press, not knowing what Richard would do next, leaned forward. Daniel calmed Richard and told Tynan the defense objected strenuously to the deliberations going on with this jury.

In a book published originally in 1962 and curiously often overlooked today, Arthur Wainwright also directly addressed the question. He contended that although the doctrine of the Trinity is not stated formally in the NT there is evidence that "the problem of the Trinity was in the minds of certain New Testament writers, and that they made an attempt to answer it."24 As Wainwright distinguished the terms, a "doctrine" represents an answer to a theological "problem." Wainwright defined "the problem of the Trinity" as prompted "because Christians believed that Jesus was divine," and they expressed this belief "both in the writings of the New Testament and in the worship which was practised by the earliest Christian communities." Because early Christians also dominantly "upheld the Jewish belief in the unity of God, the belief in Christ's divinity raised a serious problem." How could "the Father" and Jesus both be treated as divine "and yet God be one?"25 Granting readily that in the second century C.E. and thereafter Christian efforts to grapple with the problem of the Trinity "became more and more systematized"; he nevertheless insisted, "New Testament writers were aware of the trinitarian problem and made an attempt to answer it," although in the NT texts "it is easier to see the first attempts to clarify the problem than the first attempts to answer it."26 It is, of course, technically a verbal anachronism to use the word Trinity in discussions of NT texts, for the word and the elaboration of the many issues involved appeared in subsequent centuries. But, equally, it would be historically simplistic to disconnect these later developments from the phenomena of NT beliefs and devotional practices that we have analyzed in this book. So, Wainwright was correct in probing the connections and also, in my view, in contending that in NT texts we see earlier evidence that Christians recognized the basics of "the problem" involved. Wainwright was also perceptive in emphasizing the importance of worship practices as evidence of how Jesus had come to complicate (if I may use the term) the question of "God" for believers, already in the first century C.E. The problem of the Trinity was from the beginning closely connected with Christian worship. It was not the concern of the scholar alone, but was a vital issue for the worshipping Christian. . . . The nature of Christian worship influenced the development of Christian thought, and, conversely, the development of thought influenced the nature of worship. Such an interplay of thought and worship helps to explain the emergence of the problem of the Trinity.27 As we have seen (especially in chapter 3), the devotional practices reflected in the NT constitute significant evidence, particularly for taking stock of the place of Jesus

At Berkshire Hathaway shareholder meeting in 2013 Warren Buffett said he's own 400 to 500 stocks during his life and made most of his money on 10 of them. Charlie Munger followed up: "If you remove just a few of Berkshire's top investments, its long-term track record is pretty average.

As an alternative policy he might choose to reduce his common-stock component to 25% “if he felt the market was dangerously high,” and conversely to advance it toward the maximum of 75% “if he felt that a decline in stock prices was making them increasingly attractive.

And in our time, when a man dies—if he has had wealth and influence and power and all the vestments that arouse envy, and after the living take stock of the dead man’s property and his eminence and works and monuments—the question is still there: Was his life good or was it evil?—which is another way of putting Croesus’s question. Envies are gone, and the measuring stick is: “Was he loved or was he hated? Is his death felt as a loss or does a kind of joy come of it?” I remember clearly the deaths of three men. One was the richest man of the century, who, having clawed his way to wealth through the souls and bodies of men, spent many years trying to buy back the love he had forfeited and by that process performed great service to the world and, perhaps, had much more than balanced the evils of his

She took a long breath, sniffing, and—was that chocolate? “Did you bring any money?” A hesitant lift of his brow. “Yes. They won’t take your bribes, though.” “Good. More for me, then.” She pointed out the pretty sign swaying in the sea breeze. “If we can’t win them with charm, we might as well win them with our business.” “Did you somehow not hear what I just—” But she had already reached the shop, which smelled divine and was stocked with chocolates, and candies, and oh gods, hazelnut truffles.

Asked about the crash of 1973–74, when his investment partnership lost more than 50 percent, he notes that Berkshire’s stock price has also halved on three occasions: “If you’re going to be in this game for the long pull, which is the way to do it, you better be able to handle a fifty percent decline without fussing too much about it. And so my lesson to all of you is, conduct your life so that you can handle the fifty percent decline with aplomb and grace. Don’t try to avoid it. It will come. In fact, I would say if it doesn’t come, you’re not being aggressive enough.

Investors tend to pour more money into funds as the market rises. The managers use that new cash to buy more of the stocks they already own, driving prices to even more dangerous heights. If fund investors ask for their money back when the market drops, the managers may need to sell stocks to cash them out. Just as the funds are forced to buy stocks at inflated prices in a rising market, they become forced sellers as stocks get cheap again. Many portfolio managers get bonuses for beating the market, so they obsessively measure their returns against benchmarks like the S & P 500 index. If a company gets added to an index, hundreds of funds compulsively buy it. (If they don’t, and that stock then does well, the managers look foolish; on the other hand, if they buy it and it does poorly, no one will blame them.) Increasingly, fund managers are expected to specialize. Just as in medicine the general practitioner has given way to the pediatric allergist and the geriatric otolaryngologist, fund managers must buy only “small growth” stocks, or only “mid-sized value” stocks, or nothing but “large blend” stocks.6 If a company gets too big, or too small, or too cheap, or an itty bit too expensive, the fund has to sell it—even if the manager loves the stock. So there’s no reason you can’t

I’ve often been cited as an advocate for a similar simple and seemingly rigid asset allocation: your bond position should equal your age, with the remainder in stocks. That asset allocation strategy can serve the needs of many—if not most—investors quite well, but it was never intended to be more than a rule of thumb, a place to begin your thought process.

And in our time, when a man dies—if he has had wealth and influence and power and all the vestments that arouse envy, and after the living take stock of the dead man’s property and his eminence and works and monuments—the question is still there: Was his life good or was it evil?

Another example: seven years ago, some of us began fighting for fossil fuel divestment, and again we were told not to bother—if anyone did sell his stock, someone else would just buy it, and the world would roll on unchanged. But our little campaign became the largest of its kind in history

Let’s say, for example, that you figure you’re 25% better than average at picking stocks, and you think you can earn 15% a year on your portfolio. That sounds realistic enough—until you consider the third question. The long-term average annual return on the Standard & Poor’s 500 index of blue-chip stocks is 10.4%. If, however, you adjust that number for the cash that people added to and subtracted from their portfolios, the average return drops to just 8.6% annually since 1926. Factor in taxes, trading costs, and inflation, and the annual return of the typical investor drops below 4%. If you really are 25% better than average, you shouldn’t expect to earn much more than 5% annually after all your costs. You still might be able to earn 15% a year—if you are at least three times better than average. Only by asking all three questions can you tell just how crazy your inner con man is.

Online stock traders often check their portfolios ten or twenty times an hour—as if, by not letting their stocks out of their sight for more than a few minutes, they could somehow keep their prices from dropping.

Whatever the reason, the existence of some persistent investment factors is today accepted by almost every (if not all) financial economist and investor. In an ingenious bit of marketing, factors are often called “smart beta.” Sharpe himself grew to hate the term, as it implies that all other forms of beta are dumb.10 Most financial academics prefer the term “risk premia,” to more accurately reflect the fact that they think these factors primarily yield an investment premium from taking some kind of risk—even if they cannot always agree what the precise risk is. An important milestone was when Fama and his frequent collaborator Ken French—another Chicago finance professor who would later also join DFA—in 1992 published a paper with the oblique title “The Cross-Section of Expected Stock Returns.”11 It was a bombshell. In what would become known as the three-factor model, Fama and French used data on companies listed on the NYSE, the American Stock Exchange, and the Nasdaq from 1963 to 1990 and showed that both value (the tendency of cheap stocks to outperform expensive ones) and size (the tendency of smaller stocks to outperform bigger ones) were distinct factors from the broader market factor—the beta. Although Fama and French’s paper termed these factors as rewards for taking extra risks, coming from the father of the efficient-markets hypothesis, it was a signal event in the history of financial economics.12 Since then academics have identified a panoply of factors, with varying degrees of durability, strength, and acceptance. Of course, factors do not always work. They can go through long fallow stretches where they underperform the market. Value stocks, for example, suffered a miserable bout of performance in the dotcom bubble, when investors wanted to buy only trendy technology stocks. And to DFA’s chagrin, after small caps enjoyed a robust year in DFA’s first year of existence, they would then undergo a long, painful seven-year period of trailing dramatically behind the S&P 500.13 DFA managed to keep growing, losing very few clients, partly because it had always stressed to them that stretches like this could happen. But it was an uncomfortable period that led to many awkward conversations with clients.

The GNP lumps together goods and bads. (If there are more car accidents and medical bills and repair bills, the GNP goes up.) It counts only marketed goods and services. (If all parents hired people to bring up their children, the GNP would go up.) It does not reflect distributional equity. (An expensive second home for a rich family makes the GNP go up more than an inexpensive basic home for a poor family.) It measures effort rather than achievement, gross production and consumption rather than efficiency. New light bulbs that give the same light with one-eighth the electricity and that last ten times as long make the GNP go down. GNP is a measure of throughput—flows of stuff made and purchased in a year—rather than capital stocks, the houses and cars and computers and stereos that are the source of real wealth and real pleasure.

Sautéed Dorado with Creole Tomato Sauce “First, catch a 3-foot dorado,” my step-by-step notes for this recipe begin. That part over, the preparation is simple—all that fabulously fresh fish requires. With white-fleshed, delicate fish such as dorado, I prefer to garnish it with the sauce, rather than cook it in the sauce, as Daphne did with her tuna in Bequia. For the sauce 4 tablespoons olive oil 2 cloves garlic, chopped 2 medium onions, sliced thinly 3 sweet bell peppers (a combination of red, green, and/or yellow), thinly sliced and slices cut in half 1⁄2 teaspoon hot pepper, seeded and finely chopped Salt and freshly ground black pepper 2 green onions, thinly sliced on the diagonal 1 tablespoon chopped fresh thyme or 1 teaspoon dried thyme 2 tablespoons cilantro, chopped 3–4 tomatoes, chopped 1⁄2 cup white wine (approx.) For the fish 2 limes 21⁄2–3 pounds dorado or other fish fillets 1 cup flour Salt and freshly ground black pepper 2 tablespoons butter 2 tablespoons olive oil 2 cloves garlic, thickly sliced 1. To make the sauce: In a large, heavy pan with a lid, heat the olive oil. Add the garlic and onions and cook gently over medium heat, stirring frequently, until the onions are meltingly soft and translucent (but not brown), about 10 minutes. 2. Add the sweet and hot peppers, and cook about 10 minutes more, stirring occasionally. Season with salt and pepper and add green onions, thyme, cilantro, and tomatoes. Cover and cook until the sauce has thickened a bit, about 10 minutes. 3. Add the white wine and simmer a bit longer for the flavors to blend. Taste and adjust seasoning, adding a bit more wine, stock, or water if the sauce seems too thick. Keep warm over low heat. 4. Meanwhile, squeeze the limes over the fish, and rub with the pith. Season the flour with salt and pepper and dredge the fillets in the mixture. 5. In a large skillet, heat the butter and oil. Add the sliced garlic cloves and allow them to sauté for about 5 minutes over low heat. 6. Remove the garlic and raise the heat to medium. Sauté the dorado fillets, about 4 minutes per side (if thick), turning only once. Fish is done when it just flakes. Serve with rice and the warm tomato sauce. Serves 6

Why won’t you marry me?” “Gracious, you are persistent.” She patted the bun he’d so expertly fashioned. “Has it occurred to you if I marry you all my wealth and independence would be forfeit?” “If you don’t trust me to leave your fortune in peace, transfer your wealth to your brother’s name. He’ll steward it as you direct.” Gayle would be more conscientious with her money than she was, which was saying something. “And what of my freedom, my independence?” How such a big man could move so quickly was beyond her. One moment Maggie was looking around for her boots and stockings, the next she was flat on her back with fifteen stone of determined earl poised above her. “You call it independence, but you never so much as go for a drive in the park, Maggie Windham. You do not make social calls except on your family members, you do not entertain, and you do not permit yourself even a dog for companionship. As my countess, you’ll have the run of the society functions, your invitations will be accepted by all and sundry, and you will have my charming and devoted company at your beck and call, even and especially in your confinements. Plural, God willing. Marry me.” Devoted

Val began draping silk stockings over the open lid of a cedar chest. “She is not my mother. Valentine, those are my unmentionables.” He shrugged. “I like unmentionables. I like pretty things and pretty ladies. Come dancing with me tonight, Mags. I won’t go without you.” “Very well, but you come by for me after you’ve made your bow at the mansion.” “Fair enough.” He smiled at her, wrapping a stocking around his neck and holding it up like a noose. “If I tell Her Grace you’re to come out socializing with me, she’ll hardly let me finish my tea.” “Stop disrespecting your sister’s personal effects.” She snatched the stocking from around his silly neck.

DON’T JUST DO, RETOOL YOUR DOING Often I’ll ask a great team about the last time they had a meeting to discuss how they work. Aside from the occasional mention of an annual off-site, I usually get a null response. Why? Everyone’s too busy doing stuff to take a pause and make some changes to how they do stuff. I’ve never seen a team sport without a huddle, yet we’ll continue working for months—if not years—with clients and colleagues without ever taking a step back, taking stock, and making improvements to our systems. As

First, we need to take stock of ourselves and give up any hint of moral superiority and judgment toward the addict. Judging others clouds our eyes not only to their needs but to our own as well. We cannot help people when we put ourselves in a position of judgment. Addicts, all but the very few completely sociopathic ones, are deeply self-critical and harsh with themselves. They are keenly sensitive to judgmental tones in others and respond with withdrawal or defensive denial. Second, any rational approach to the problem of addiction has to be grounded in an appreciation of the interactive psychology and brain physiology of addiction. “An understanding of emotions should not be separated from neuroscience,” Dr. Jaak Panksepp told me. “If you don’t recognize that the brain creates psychological responses, then neuroscience becomes a highly impoverished discipline. And that’s where the battle is right now. Many neuroscientists believe that mental states are irrelevant for what the brain does. This is a Galileo-type battle and it will not be won very easily because you have generations and generations of scholars, even in psychology, who have swallowed hook, line and sinker the notion — the Skinnerian notion — that mentality is irrelevant in the control of behavior.

Sometimes the wings come off the plane,” said Mayor Jacobs, “but people will accept that—if they think you’re trying to get to outer space. We were trying to do the right thing. The community was extraordinarily accepting of that. If you are terrified all the time of being excoriated in the press for some minor screwup, well, I have news for you, all progress happens in fits and starts … The space project would never have happened after the first rocket blew up if people did not accept that.” If you want to change the way people view government, “you have to change the way government views people. If you view them as a necessary evil, they won’t trust you—that is how they will view you.” But government also has to do the little things well, added Jacobs, “because they are not little—the stop signs, the curbs, the sidewalks, mowing the parks—[they are] what make people feel like they are living in a community … We have only one stock in trade—it is not building sidewalks or plowing the streets—it is trust, and if you lose that, you have nothing.

I was wondering,” she began as if the argument hadn’t happened. “If I went to buy the new bedding, would you pick out the mattress? It would save time.” “Huh?” His eyebrows went up. “I don’t need to test it,” she said hastily. “Well, I’m not going to be sleeping on it.” Kenzie didn’t respond directly to his faintly mocking comment. “Let me explain. You’re a guy. You don’t know what it’s like to lie down on a mattress with a store salesman grinning at you.” Linc could see her point. It was all too easy to imagine her stretched out on a satin-topped, brand-new double. Fully clothed, of course. But even so. “It’s on Norm.” She reached into her pocket for a handful of hundreds. “Just get whatever mattress seems reasonable, so long as it’s in stock and they can deliver it today.” His arms uncrossed but he didn’t take the money. “Did I say yes to this? I don’t think I did.” “Please, Linc.” He studied her, making her wait. The room was nothing to write home about but she seemed happy here and, all of a sudden, a lot less tense, judging by her body language. He gave in. “All right.” Claws retracted, Kenzie patted his cheek. “Thank you so much.” A while later, he was tying a plastic-wrapped mattress to the top of his car.

Once, ten years ago, at a Sunday-afternoon party in some apartment that she remembered now as being labyrinthine, although it probably had only four bedrooms, as opposed to the place she shared with her brother and her father that had two, Mike Shea had seized her by the wrist and pulled her into a dim room and plastered his mouth against hers before she could catch her breath. She had known him since high school, he was part of the crowd she went with then, and he had kissed her once or twice before—she remembered specifically the train station at Fishkill, on a snowy night when they were all coming back from a sledding party—but this was passionate and desperate, he was very drunk, and rough enough to make her push him off if he had not, in the first moment she had come up for air, gently taken off his glasses and placed them on a doilied dresser beside them, and then, in what seemed the same movement, reached behind her to lock the door. It was the odd, drunken gentleness of it, not to mention the snapping hint of danger from the lock, that changed her mind. And after two or three rebukes when he tried to get at the buttons that ran up the back of her dress, she thought, Why not, and although her acquiescence seemed to slow him down a bit, as if he was uncertain of the next step, she was enjoying herself enough by then to undo the last button without prompting and then to pull her bare shoulder and arm up out of the dress—first one then the other—and to pull dress and slip (she didn’t wear a bra, no need) down to her waist in a single gesture. And then—was it just the pleasure of the material against her bare flesh, his shirt front, her wool?—she slowly pushed dress and slip and garter belt and stockings down over her narrow hips until they fell to her feet. And then she stepped out of her shoes. (“Even the shoes?” the priest had whispered in the confessional the following Saturday, as if it was more than he could bear, or imagine—as if, she thought later, he was ready to send her to perdition or ask her for a date.)