Liquidity Company Quotes

A nimble and adaptable company with healthy cash reserves is better positioned to thrive even through unpredictable circumstances.

By monitoring liquidity metrics, board members can ensure the company has sufficient cash on hand to pay its bills, meet payroll, and invest in growth opportunities.

The world of finance is a mysterious world in which, incredible as the fact may appear, evaporation precedes liquidation. First the capital evaporates, and then the company goes into liquidation. These are very unnatural physics ...

He remembered the gracefulness with which she moved in battle—like liquid flesh. There was no one quite like his wife, and he never felt more triumphant and free than when he was in her company.

When your company is buying from my company and my company is buying from your company, there's flow. And if a bunch of our companies are doing that, then that flow can be leveraged toward liquidity.

And I hate to be a stickler for the rules but the Hibatsu Survival Settlement Charter clearly states that any individual who cannot reimburse the company in liquid assets must make it up with voluntary existence suspension.

Magnus threw the monkey a fig. The monkey took the fig. "There," said Magnus. "Let us consider the matter settled." The monkey advanced, chewing in a menacing fashion. "I rather wonder what I am doing here. I enjoy city life, you know," Magnus observed. "The glittering lights, the constant companionship, the liquid entertainment. The lack of sudden monkeys." He ignored Giuliana's advice and took a smart step back, and also threw another piece of fruit. The monkey did not take the bait this time. He coiled and rattled out a growl, and Magnus took several more steps back and into a tree. Magnus flailed on impact, was briefly grateful that nobody was watching him and expecting him to be a sophisticated warlock, and had a monkey assault launched directly to his face. He shouted, spun, and sprinted through the rain forest. He did not even think to drop the fruit. It fell one by one in a bright cascade as he ran for his life from the simian menace. He heard it in hot pursuit and fled faster, until all his fruit was gone and he ran right into Ragnor. "Have a care!" Ragnor snapped. He detailed his terrible monkey adventure twice. "But of course you should have retreated at once from the dominant male," Giuliana said. "Are you an idiot? You are extremely lucky he was distracted from ripping out your throat by the fruit. He thought you were trying to steal his females." "Pardon me, but we did not have the time to exchange that kind of personal information," Magnus said. "I could not have known! Moreover, I wish to assure both of you that I did not make any amorous advances on female monkeys." He paused and winked. "I didn't actually see any, so I never got the chance." Ragnor looked very regretful about all the choices that had led to his being in this place and especially in this company. Later he stooped and hissed, low enough so Giuliana could not hear and in a way that reminded Magnus horribly of his monkey nemesis: "Did you forget that you can do magic?" Magnus spared a moment to toss a disdainful look over his shoulder. "I am not going to ensorcel a monkey! Honestly, Ragnor. What do you take me for?

Debt ownership in a shaky enterprise means control, for when a company fails to meet its interest payments, a bondholder can foreclose and liquidate the company.

the Coca-Cola Company is the biggest single supplier of such drinks. Globally, the company supplies 3 percent of humanity's total liquid intake.

one cup of it took the place of the evening papers, of all the old evenings in cafés, of all chestnut trees that would be in bloom now in this month, of the great slow horses of the outer boulevards, of book shops, of kiosques, and of galleries, of the Parc Montsouris, of the Stade Buffalo, and of the Butte Chaumont, of the Guaranty Trust Company and the Ile de la Cité, of Foyot’s old hotel, and of being able to read and relax in the evening; of all the things he had enjoyed and forgotten and that came back to him when he tasted that opaque, bitter, tongue-numbing, brain-warming, stomach-warming, idea-changing liquid alchemy.

Sometimes the economy is unpredictable. Sometimes markets and industries are unpredictable. Sometimes unpredictable things happen that could impact the company. That's why your company needs to have a healthy amount of liquidity; accessible cash. And that's why the company needs to be nimble and able to adapt. A nimble and adaptable company with healthy cash reserves is better positioned to thrive even through unpredictable circumstances.

Companies should optimize working capital management because it allows them to maximize efficiency and profitability. Efficient management of working capital ensures that a company has enough liquidity to meet its short-term obligations while minimizing excess capital tied up in non-productive assets, ultimately enhancing cash flow, reducing financing costs, and improving overall financial health.

Just as successful in work and marriage was Harvey, William Tew’s oldest son. After working for his father in the family business for seventeen years, in 1870 Harvey established a rubber factory with his brother- in- law Benjamin F. Goodrich. The story goes that the pair came up with the idea after large fires swept through Jamestown, which still consisted mainly of wooden buildings, sometimes wiping out entire neighborhoods. In winter, the fire brigade was repeatedly rendered powerless when the water froze in its leather hoses. The discovery that water stayed liquid in rubber hoses made the fortunes of Harvey and his brother- in- law and formed the basis of a company that would grow into one of the world’s largest tire producers.

Liquidation Value The liquidation value is what the company’s assets would bring at a forced sale. Normally the liquidation value of a going concern has little relevance since the value of an operating business is much greater than its liquidation value.

Designer Kisses" I’m glum about your sportive flesh in the empire of blab, and the latest guy running his trendy tongue like a tantalizing surge over your molars, how droll. Love by a graveyard is redundant, but the skin is an obstacle course like Miami where we are inescapably consigned: tourists keeping the views new. What as yet we desire, our own fonts of adoration. By morning, we’re laid out like liquid timepieces, each other’s exercise in perpetual enchantment, for there is that beach in us that is untranslatable; footprints abound. I understand: you’re at a clothes rack at Saks lifting a white linen blouse at tear’s edge wondering.

The Hall of Tra was cold and lightless. His wolf-eye caught the ghost radiation of barely smouldering firepits. In terms of heat and light, the Wolves were making no allowances for human tolerances of comfort. They had given him a pelt and an eye to see through the dark with. What more could he want? He realised he wasn’t alone. The company was all around him. Their body heat was barely detectable, dimmer than the dull firepits. The Hall was a massive natural cavern, ragged and irregular, and the Astartes were ranged around it, huddled and coiled in their furs, as immobile as a sibling pack of predators, gone to ground overnight, dormant and pressed close for warmth. Faces cowled by animal skin hoods were watching his approach. There were occasional grumbles and murmurs, like animals growling in their sleep or tussling over bones. As his eye resolved the scene better, the Upplander saw some evidence of movement. He saw hands casually raise silver bowls and dishes so that men could sip black liquid from them. He saw hunched shapes engaged in the counter game, hneftafl, that the Upplander had seen Skarsi playing.

Ma kept the alcohol for company in the dining room china cabinet. All the sweet after-dinner liqueurs nestle there together. But there is one bottle she never knew about right here in the kitchen. I reach deep into the cabinets and remove Dad's hidden bottle of Lagavulin. I set a tumbler on the counter and pour him two fingers of scotch. 'This is a tumbler, watch it tumble,' he said. The golden brown liquid, more gold than brown, somewhere between weak tea and apple juice. I stare at it. Nothing. Out loud I say, "This is a tumbler, watch it tumble," an incantation or a toast or both, and drink it down. It's like drinking a handful of matches. It burns and then smokes. I fight back a cough. There's a note of something deep and earthy, like beets or truffles, which then vanishes, leaving only a palate seared clean.

much of Silicon Valley’s investment has gone to some eighty “unicorns,” with valuations over a billion dollars, which have shunned the overregulated U.S. public market. This is a bizarre and unsustainable situation. Venture capital cannot function without liquidity events. Unless the United States follows China and begins to deregulate its public companies, China will soon take the lead in venture capital as well. The

The right to issue unlimited quantities of anonymously tradable shares, along with the institution of a liquid market for them, created something new: corporations with power so immense, it dwarfed that of their countries of origin, and could be deployed in faraway places assiduously to exploit people and resources. Shareholding and well-governed share markets fired up history, separating ownership from the rest of the East India Company’s activities unleashed a fluid, irresistible force. Unchecked, the East India Company grew more powerful than the British state, answerable only to its shareholders. At home, its bureaucracy corrupted and largely controlled Her majesty’s government. Abroad, its 200,000-strong private army oversaw the destruction of well-functioning economies in Asia and a number of Pacific islands and ensured the systematic exploitation of their peoples.

The East India Company was no apparition though; it was the template for many subsequent corporations […] Liberals betray themselves […] the moment they turn a blind eye to this kind of hyper-concentrated power. […] This is why trading in apples does not come even close to trading in shares. Large quantities may produce, at worse, lots of bad cider, but large amounts of money invested in liquid shares can release demonic forces that no market or state can control.

It was like a giant arctic cloud had lifted from the room. Suddenly, they were interested in me. Suddenly, they liked me. I realized this is what business was all about. Connections. If you knew someone they knew, went to a school they went to, used their product and had some human interest story to go with it, you were "part of the team." It was so simple. Smalls was more interested in me, because I knew a fellow businessman. Smalls' boss and company were more interested that I knew someone who directly used their bionic (and very expensive) product. No one really seemed to care whether I was any good as a detective.

Musk burst in carrying a sink and laughing. It was one of those visual puns that amuses him. “Let that sink in!” he exclaimed. “Let’s party on!” Agrawal and Segal smiled. Musk seemed amazed as he wandered around Twitter’s headquarters, which was in a ten-story Art Deco former merchandise mart built in 1937. It had been renovated in a tech-hip style with coffee bars, yoga studio, fitness room, and game arcades. The cavernous ninth-floor café, with a patio overlooking San Francisco’s City Hall, served free meals ranging from artisanal hamburgers to vegan salads. The signs on the restrooms said, “Gender diversity is welcome here,” and as Musk poked through cabinets filled with stashes of Twitter-branded merchandise, he found T-shirts emblazoned with the words “Stay woke,” which he waved around as an example of the mindset that he believed had infected the company. In the second-floor conference facilities, which Musk commandeered as his base camp, there were long wooden tables filled with earthy snacks and five types of water, including bottles from Norway and cans of Liquid Death. “I drink tap water,” Musk said when offered one. It was an ominous opening scene. One could smell a culture clash brewing, as if a hardscrabble cowboy had walked into a Starbucks.

And as a long-short fund, he'd also been obligated to take short positions — betting against companies — which was a tactic that, to most experts in finance, was uncontroversial. The thinking went, when companies were performing poorly, or were mismanaged, or were in an industry that was being overrun, or were simply likely to fail, taking a short position wasn't just logical — it protected the marketplace by pointing out overpriced stocks, prevented fraud by acting as a check against dubious management, and poked holes in potential bubbles. Short sellers also added liquidity and volume to a stock — because they were obligated to buy the stock back at some point in the future. Yes, short sellers profited when companies failed, but usually a short seller wasn't banking on a company failing — just that the stock's price would eventually correct toward its true valuation. Sometimes, though, a trader picked up a short position because the company in question really was going to fail. Because, perhaps, it was in an industry that was dying; had management that seemed completely unable or unwilling to pivot; and had deep fundamental issues in its financing that seemed impossible to overcome.

In July 2018, a safety crisis rocked the global drug supply—and seemed to prove Baker’s point. Regulators in Europe announced a harrowing discovery: the widely used active ingredient for valsartan, a generic version of the blood pressure drug Diovan, contained a cancer-causing toxin known as NDMA (once used in liquid rocket fuel). The drug had been made by the Chinese company Zhejiang Huahai Pharmaceuticals, the world’s largest manufacturer of valsartan active ingredients. In the United States, over a dozen drug manufacturers, all of which used the Chinese ingredient, recalled their products, as did dozens more manufacturers around the world. The Chinese company tried to defend itself by explaining that it had altered its production process in 2012 to increase yields of the drug, a change that had been approved by regulators. In short, the change had been made to maximize profit. Some patients had been consuming the toxin for six years. As the FDA tried to reassure consumers that the risk of developing cancer, even from daily exposure to the toxin, was extremely low, a second cancer-causing impurity was detected in the ingredients. Though the valsartan catastrophe seemed to take the FDA by surprise, it shouldn’t have. In May 2017, an FDA investigator had found evidence at the plant in Linhai, China, that the company was failing to investigate potential impurities in its own drugs, which showed up as aberrant peaks in its test results. The investigator designated the plant as Official Action Indicated, but the agency downgraded that to VAI. In short, the company was let off the hook—only to wind up in the middle of a worldwide quality scandal less than a year later. By

I’ll tell you what,” he says. “You keep me company while I finish my dinner. I won’t even ask you what you have…or don’t have…under that coat. Deal?” I smile tentatively and smooth down my hair. “Deal.” “You don’t have to do that for me,” he says, gently taking my hand away from my hair. “I’ll get a blanket so you don’t get dirty.” I wait until he pulls a clean light green fleece blanket out of a closet. We sit on the blanket and Alex looks at his watch. “Want some?” he asks, pointing to his dinner. Maybe eating will calm my nerves. “What is it?” “Enchiladas. Mi’amá makes kick-ass enchiladas.” He stabs a small portion with a fork and holds it out to me. “If you’re not used to this kind of spicy food--” “I love spicy,” I interrupt, taking it into my mouth. I start chewing, enjoying the blend of flavors. But when I swallow, my tongue slowly catches on fire. Somewhere behind all the fire there’s flavor, but the flames are in the way. “Hot,” is all I can say as I attempt to swallow. “I told you.” Alex holds out the cup he’d been drinking from. “Here, drink. Milk usually does the trick, but I only have water.” I grab the cup. The liquid cools my tongue, but when I finish the water it’s as if someone stokes it again. “Water…,” I say. He fills another cup. “Here, drink more, though I don’t think it’ll help much. It’ll subside soon.” Instead of drinking it this time, I stick my tongue in the cold liquid and keep it there. Ahhh… “You okay?” “To I wook otay?” I ask. “With your tongue in the water like that, actually, it’s erotic. Want another bite?” he asks mischievously, acting like the Alex I know. “Mo mank ooh.” “Your tongue still burnin’?” I lift my tongue from the water. “It feels like a million soccer players are stomping on it with their cleats.” “Ouch,” he says, laughing. “You know, I heard once that kissin’ reduces the fire.” “Is that your cheap way of telling me you want to kiss me?” He looks into my eyes, his dark gaze capturing mine. “Querida, I always want to kiss you.

Notice the granite slab you’re passing under with the lettering engraved by GT’s high-precision explosive forming process. They said nobody could work natural stone explosively so we went ahead and did it, thus bearing out the company motto at the head of the list.” A dropout near Stal moved lips in an audible whisper as he struggled to interpret the obliquely viewed writing. “Underneath are listed prime examples of human shortsightedness, like you’ll see it’s impossible for men to breathe at over thirty miles an hour, and a bumblebee cannot possibly fly, and interplanetary spaces are God’s quarantine regulations. Try telling the folk at Moonbase Zero about that!” A few sycophantic laughs. Several places ahead of Stal the Divine Daughter crossed herself at the Name. “Why is it so sheeting cold in here?” yelled someone up the front near the guide. “If you were wearing GT’s new Polyclime fabrics, like me, you wouldn’t feel it,” the guide responded promptly. Drecky plantees, yet. How much of this crowd are GT staff members hired by government order and kept hanging about on makeweight jobs for want of anything better to do? “But that cues me in to another prime instance of how wrong can you be? Seventy or eighty years back they were saying to build a computer to match a human brain would take a skyscraper to house it and Niagara Falls to cool it. Well, that’s not up on the slab there because they were only half wrong about the cooling bit—in fact Niagara Falls wouldn’t do, it’s not cold enough. We use liquid helium by the ton load. But they were sheeting wrong about the skyscraper. Spread around this balcony and I’ll show you why.” Passive, the hundred and nine filed around a horseshoe gallery overlooking the chill sliced-egg volume of the vault. Below on the main floor identical-looking men and women came and went, occasionally glancing upwards with an air of incuriosity. Resentful, another score or so of the hundred and nine decided they weren’t going to be interested no matter what.

Collateral Capacity or Net Worth? If young Bill Gates had knocked on your door asking you to invest $10,000 in his new company, Microsoft, could you get your hands on the money? Collateral capacity is access to capital. Your net worth is irrelevant if you can’t access any of the money. Collateral capacity is my favorite wealth concept. It’s almost like having a Golden Goose! Collateral can help a borrower secure loans. It gives the lender the assurance that if the borrower defaults on the loan, the lender can repossess the collateral. For example, car loans are secured by cars, and mortgages are secured by homes. Your collateral capacity helps you to avoid or minimize unnecessary wealth transfers where possible, and accumulate an increasing pool of capital providing accessibility, control and uninterrupted compounding. It is the amount of money that you can access through collateralizing a loan against your money, allowing your money to continue earning interest and working for you. It’s very important to understand that accessibility, control and uninterrupted compounding are the key components of collateral capacity. It’s one thing to look good on paper, but when times get tough, assets that you can’t touch or can’t convert easily to cash, will do you little good. Three things affect your collateral capacity: ① The first is contributions into savings and investment accounts that you can access. It would be wise to keep feeding your Golden Goose. Often the lure of higher return potential also brings with it lack of liquidity. Make sure you maintain a good balance between long-term accounts and accounts that provide immediate liquidity and access. ② Second is the growth on the money from interest earned on the money you have in your account. Some assets earn compound interest and grow every year. Others either appreciate or depreciate. Some accounts could be worth a great deal but you have to sell or close them to access the money. That would be like killing your Golden Goose. Having access to money to make it through downtimes is an important factor in sustaining long-term growth. ③ Third is the reduction of any liens you may have against these accounts. As you pay off liens against your collateral positions, your collateral capacity will increase allowing you to access more capital in the future. The goose never quit laying golden eggs – uninterrupted compounding. Years ago, shortly after starting my first business, I laughed at a banker that told me I needed at least $25,000 in my business account in order to borrow $10,000. My business owner friends thought that was ridiculously funny too. We didn’t understand collateral capacity and quite a few other things about money.

Private German banks and businesses used the SS registration data to take over about 5,000 of the most prosperous Jewish companies in less than eighteen months, according to contemporary SS reports, and liquidated about 21,000 smaller Jewish businesses to make room for competing German enterprises.

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.

Back in 1993, he said, "An orangutan could figure out that the stock is selling miles above the value of the company if it were liquidated. I keep telling people this, but they keep buying the stock."24

To fill this gap in the capital market, Davis and Rock set themselves up as a limited partnership, the same legal structure that had been used by a short-lived rival called Draper, Gaither & Anderson.[18] Rather than identifying startups and then seeking out corporate investors, they began by raising a fund that would render corporate investors unnecessary. As the two active, or “general,” partners, Davis and Rock each seeded the fund with $100,000 of their own capital. Then, ignoring the easy loans to be had from the fashionable SBIC structure, they raised just under $3.2 million from some thirty “limited” partners—rich individuals who served as passive investors.[19] The beauty of this size and structure was that the Davis & Rock partnership now had a war chest seven and a half times larger than an SBIC, and with it the ammunition to supply companies with enough capital to grow aggressively. At the same time, by keeping the number of passive investors under the legal threshold of one hundred, the partnership flew under the regulatory radar, avoiding the restrictions that ensnared the SBICs and Doriot’s ARD.[20] Sidestepping yet another weakness to be found in their competitors, Davis and Rock promised at the outset to liquidate their fund after seven years. The general partners had their own money in the fund, and thus a healthy incentive to invest with caution. At the same time, they could deploy the outside partners’ capital for a limited time only. Their caution would be balanced with deliberate aggression. Indeed, everything about the fund’s design was calculated to support an intelligent but forceful growth mentality. Unlike the SBICs, Davis & Rock raised money purely in the form of equity, not debt. The equity providers—that is, the outside limited partners—knew not to expect dividends, so Davis and Rock were free to invest in ambitious startups that used every dollar of capital to expand their business.[21] As general partners, Davis and Rock were personally incentivized to prioritize expansion: they took their compensation in the form of a 20 percent share of the fund’s capital appreciation. Meanwhile, Rock was at pains to extend this equity mentality to the employees of his portfolio companies. Having witnessed the effect of employee share ownership on the early culture of Fairchild, he believed in awarding managers, scientists, and salesmen with stock and stock options. In sum, everybody in the Davis & Rock orbit—the limited partners, the general partners, the entrepreneurs, their key employees—was compensated in the form of equity.

And remember how our friend Jonathan, who sold his online education company for $40 million, felt after his liquidity event: “You’re fear-based now.

She has a point,” Caleb’s voice came from the shadows behind the massive Dragon who was taking all of my attention and I turned my head to find him, Seth and Max all watching this exchange with interest. That would explain the stars not smiting us or whatever other bullshit they might want to do. Though I was guessing I should really stop touching him…not that I did. “You did this to…help him?” Darius asked like he couldn’t understand why the fuck I’d do that and I narrowed my eyes at him. “I’m only an asshole like, ninety percent of the time,” I said, rolling my eyes at him. “The other ten percent I’m a fucking saint. So yes, I did it to help him. Turns out I only hold two members of your family in low regard.” “You pushed my brother out of a fucking window,” he growled. “I would have caught him with my air magic if I had to. Besides, this way Daddy Acrux can’t try and claim he was in on it. It’s a genius plan and you know it. Plus, your mom told me to post it so I don’t have to explain myself to you.” “Mother?” Darius scoffed. “She hardly notices anything beyond appearances. The last thing she’d encourage is a scandal like this. She-” “That’s not true, she loves you, she just…” I trailed off as the deal I’d made with Catalina stayed my tongue. I’d sworn not to tell a soul about the way I’d freed herfrom Lionel’s Dark Coercion and I wasn’t going to take even more punishment from the stars by breaking my word. “Just what?” Darius demanded. Phoenix fire burned hot beneath my skin and my palms twitched against his chest as a thought occurred to me. One I really should have considered before now if I hadn’t been so caught up with studying, the shadows, cheer practice and just plain old pining away for this monster before me to think of it. “Do you trust me?” I asked, my fingers shifting on his skin just enough to draw his attention. “Why?” “I want to try something. Something I did for your mother. But you’ll have to stay still while I do it.” Darius looked at me for a long moment and a faint tremor in the ground beneath my feet let me know that the stars had realised just how close we were to one another. Even with company they didn’t like us to touch each other, though it seemed to take them a lot longer to notice if we were. Darius exhaled angrily but his eyes shifted back as he managed to rein in some of his temper, their deep brown colour ringed with black once again. “I trust you,” he growled and the other Heirs muttered something behind him, but I didn’t care to hear it because there had been a sincerity in his words which reached out and touched my soul. He meant it. For whatever reason, despite everything we’d been through, he was still able to put his trust in me. I offered him the hint of a smile as my Phoenix fire reared up to the surface of my skin before I guided it into his flesh where I touched him. His muscles tightened beneath my hands, his eyes widening as he looked at me but he didn’t pull back, waiting as the liquid fire tore beneath his skin and sought out any signs of Lionel placing restrictions on his soul. ... “You…” Darius lifted me into his arms, staring at me with wide eyes like he didn’t even have words to explain what I’d just done for him. ,,, “She…I think she…but I don’t understand how-” “Phoenix fire burns through bullshit,” I supplied. “I just released him from every Dark Coercion spell Lionel has ever placed on him.” The Heirs all turned to stare at me like I’d just told them an alien named Clive lived up my butt and I sighed as I leaned my head back against Caleb’s shoulder. I felt like I’d just gone ten rounds in the ring against a Dragon with toothache. My eyes were hooded already and I was pretty sure that if we stood here much longer I’d fall asleep. “Thank you, Roxy,” Darius breathed and the look he was giving me made my heart do a weird squeezing kind of thing as I bit down on my bottom lip. (Tory POV)

I told David, “Go look at every store and its entire inventory, who we would sell it to and what we would get for it, in case the deal goes south.” It was a basic fire-sale analysis—what we’d get in the worst-case scenario if we had to liquidate the company. David came back and said, “We’d get 80 percent of our purchase price back.” So I knew that what we had to lose was 20 percent.

2. Don’t trade penny stocks. A penny stock is any stock that trades under $5. Unless you are an advanced trader, you should avoid all penny stocks. I would extend this by encouraging you to also avoid all stocks priced under $10. Even if you have a small trading account ($5,000) or less, you are better off buying fewer shares of a higher-priced stock than a lot of shares of a penny stock. That is because low-priced stocks are most often associated with lower quality companies. As a result, they are not usually allowed to trade on the NYSE or the Nasdaq. Instead, they trade on the OTCBB ("over the counter bulletin board") or Pink Sheets, both of which have much less stringent financial reporting requirements than the major exchanges do. Many of these companies have never made a profit. They may be frauds or shell companies that are designed solely to enrich management and other insiders. They may also include former “blue chips” that have fallen on hard times like Eastman Kodak or Lehman Brothers. In addition, penny stocks are inherently more volatile than higher-priced stocks. Think of it this way: if a $100 stock moves $1, that is a 1% move. If a $5 stock moves $1, that is a 20% move. Many new traders underestimate the kind of emotional and financial damage that this kind of volatility can cause. In my experience, penny stocks do not trend nearly as well as higher-priced stocks. They tend to be more mean-reverting (Mean reversion occurs when a stock moves up sharply from its average trading price, only to fall right back down again to its average trading price). Many of them are eventually headed to zero, but they are still not good short candidates. Most brokers will not let you short them. And even if you do find a broker who will let you short a penny stock, how would you like to wake up to see your penny stock trading at $10 when you just shorted it at $2 a few days before? I learned that lesson the hard way. It turned out that I was risking $8 to make $2, which is not a good way to make money over the long term. To add injury to insult, a penny stock might appear to be liquid one day, and the next day, the liquidity dries up and you are confronted by a $2 bid/ask spread. Or the bid might completely disappear. Imagine owning

Family and friends help us live our values of connection, loyalty, and responsibility. They need you and you need them, so they are clearly far more important than a mere “residual beneficiary,” a term I first heard in an Economics 101 class. In business, a residual beneficiary is the chump who gets whatever is left over when a company is liquidated—typically, not much. In life, our loved ones deserve better, and yet, if we’re not careful with how we plan our time, residual beneficiaries are exactly what they become.

In 2020, 68.1% of U.S. mortgage loans were originated by non-banks; they were instead initiated by mortgage loan companies. What do you need a bank for? Remember in the movie,[4] “If I write a loan on a Friday afternoon, it’s sold to a big [investment] bank by Monday lunch.” The financial system changed very little from 1914 to 1980, but think about how much it changed from 1980 to today. The Federal Reserve was originally designed to provide liquidity to banks. That’s it. Back then, a financial institution could be a bank, trust company, credit union, or Savings and Loan. I can’t even list all of the different types of financial institutions there are today. Back then, the financial instruments were mortgage loans, corporate loans, stocks, bonds, and commercial paper. Did I miss anything? Once again, I can’t even list all of the different types of financial instruments today.

The idea of the project was to study how the historical returns of securities were related to various characteristics, or indicators. Among the scores of fundamental and technical measures we considered were the ratio of earnings per share to price per share, known as the earnings yield, the liquidation or “book” value of the company compared with its market price, and the total market value of the company (its “size”).

Koch Industries would grow in a way that reflected Sterling Varner’s approach to business. Varner was “opportunistic,” in a way that Koch employees used the word, meaning that he was always looking for new deals that were connected to businesses in which he already operated. When Koch was shipping natural gas, for example, Varner pushed the company to build a specialized natural gas refinery in Medford, Oklahoma, to process the gas into liquid by-products. In this way, Koch could expand while building on the skills it already possessed. The gas refinery, or “fractionator” as they called it, became a huge moneymaker.

she found that two organizational “perks”—dinner and a free ride home—were central to the long hours synonymous with banking culture. If workers stayed at the office until seven p.m., they could order dinner on the company dime. “With no time to shop for groceries or cook, they soon become dependent on this service and even on the occasional day when they can leave before seven p.m., they stay in order to have dinner,” she writes in Liquidated: An Ethnography of Wall Street. Then, if bankers reached the nine p.m. milestone, the company paid for their ride home. While complimentary dinners and rides home might keep bankers working late, another device, the BlackBerry, kept them “chained to the office while at home or ‘on vacation,’ ” according to Ho.

Speaking of ownership, giving options rather than shares can be an advantage because you still retain ownership of the company until the employee chooses to exercise those options. This can prove to be a benefit if you have an LLC set up from a tax perspective because you can take the losses individually until the company makes a profit. Plus, when they do exercise their options, you’re not actually losing parts of the company like you would with shares but rather you’re getting paid back for the original investment you made or even a modest profit. It can be an advantage for the employees too, since giving away shares to employees can be deemed a taxable event for them, whereas options are not. In my opinion, employees should never execute their options unless there is a liquidity event.

It is fair to say the attendees of the carnival-like conference just outside Miami took little note of McNabb’s consternation. Investors have in recent years been able to buy niche, “thematic” ETFs that purport to benefit from—deep breath—the global obesity epidemic; online gaming; the rise of millennials; the whiskey industry; robotics; artificial intelligence; clean energy; solar energy; autonomous driving; uranium mining; better female board representation; cloud computing; genomics technology; social media; marijuana farming; toll roads in the developing world; water purification; reverse-weighted US stocks; health and fitness; organic food; elderly care; lithium batteries; drones; and cybersecurity. There was even briefly an ETF that invested in the stocks of companies exposed to the ETF industry. Some of these more experimental funds gain traction, but many languish and are eventually liquidated, the money recycled into the latest hot fad.

Nearly all the characteristics that became famous hallmarks of Berkshire Hathaway—the 19th-century industrial beginnings, the irreversible secular decline of the original business, the initial cheap valuation, the fight for full control, the partial liquidation of inventory to raise cash, the reallocation of capital towards new and better businesses, the clever management compensation, the behind-the-scenes tax minimization strategies, the reliance on personal friendships to source deals, and the fundamental integrity and trustworthiness of company leadership as the foundation of a sprawling conglomerate—

Cleveland Worsted Mills workers chose to strike in August 1955, seeking higher pay and a union contract. Poss thought the 1954 earnings were the beginning of a negative trend, with the shift to synthetic fibers and low-cost competitors dimming the business’ prospects. On December 31, 1955, Poss announced he intended to liquidate, with shareholders solidifying the plan in a vote the following month.103 The liquidation was wildly successful for shareholders. In 1957, the company sent $185.00 per share to shareholders, exceeding the $178.05 of tangible book value at the end of 1955. Some additional payments trickled through over the following years, with $10.00 sent in 1959, $3.00 in 1960, and $0.63 in 1961, totaling $198.63 of liquidating distributions.104 A holder who purchased the security at the midpoint of the 1952 range would have earned a 21.0% IRR through the end of the liquidation.

Greif had a quirk in its share structure that presented a valuation challenge. The company had two shares of stock, Class A and Class B, but only the A shares were publicly traded. The B shares were closely held and not exchange-traded. Like most companies with dual-class share structures, they had differing voting rights. Unlike most companies with dual-class share structures, the classes were entitled to differing dividend distributions and liquidation proceeds. The A shares—the class Buffett bought—had first rights to liquidation proceeds and dividends. Plus, the A shares were entitled to cumulative dividends while the B shares were not. The A shares would only gain voting rights if the company failed to pay the A’s entitled dividend for four quarters. However, the Class B shares received a higher split of additional dividends once the distribution exceeded a certain rate. This made calculating market capitalization figures difficult since there was no price readily available for the Class B shares.

In his 1961 letter to partners, Buffett laid out three broad categories of investments: generals, workouts, and controls. Generals were undervalued securities where Buffett had no say in corporate policies, nor a timetable for when the stock might reflect its intrinsic value. Buffett pointed out that the generals would behave like the Dow in the short term but outperform the index over the long term. Buffett expected to have five or six positions in this category that were 5% to 10% of total assets each, with smaller positions in another ten to fifteen. Later on, in his 1964 letter, Buffett would break generals into two categories: private owner basis and relatively undervalued. Private owner generals were generally cheap stocks with no immediate catalyst, while relatively undervalued securities were cheap compared to those of a similar quality. Relatively undervalued securities were generally larger companies where Buffett did not think a private owner valuation was relevant.173 Workouts were securities whose performance depended on corporate actions, such as mergers, liquidations, reorganizations, and spin-offs. Buffett expected to have ten to fifteen of these in the portfolio and thought this category would be a reasonably stable source of earnings for the fund, outperforming the Dow when the market had a bad year and underperforming in a strong year. He anticipated these investments would earn him 10% to 20%, excluding any leverage. Buffett would take on debt, up to 25% of the partnership’s net worth, to fund this category. While he didn’t disclose his allocation every year, he put around 15% of the partnership in workouts in 1966 but increased that to a quarter of the portfolio in 1967 and 1968, when he was having trouble finding bargains.174 The final category was controls, where the partnership took a significant position to change corporate policy. Buffett said these investments might take several years to play out and would, like workouts, have minimal correlation to the Dow’s gyrations. Buffett pointed out that generals could become controls if the stock price remained depressed.

Unless you are a liquidator, that kind of approach to buying businesses is foolish. First, the original “bargain” price probably will not turn out to be such a steal after all. In a difficult business, no sooner is one problem solved than another surfaces—never is there just one cockroach in the kitchen. Second, any initial advantage you secure will be quickly eroded by the low return that the business earns. For example, if you buy a business for $8 million that can be sold or liquidated for $10 million and promptly take either course, you can realize a high return. But the investment will disappoint if the business is sold for $10 million in ten years and in the interim has annually earned and distributed only a few percent on cost. Time is the friend of the wonderful business, the enemy of the mediocre.107 Cleveland Worsted Mills is a perfect example of a liquidation working out well. The company could have meandered along, trying to earn a mediocre return in a competitive business, but the company chose to close up shop instead. Shareholders were lucky to have Poss at the helm (workers, not so much). He was a significant shareholder and didn’t have the patience to deal with striking employees. He shut down, liquidated, and provided shareholders with a good return.

It was Micky Newman, the 34-year-old son of Ben’s partner Jerome, who talked him out of it. Micky was more optimistic about the excess inventory P&R had piled up. Moreover, he saw an opportunity to apply some high finance to this industrial company. “Ben wanted to sell at a loss, but we persuaded him not to because I could see some big pluses,” Micky later said. “I could see a huge potential tax loss due to abandonment of deep mines, and in addition, P&R coal had piled up small and unusual amounts of coal.”157 In early 1955, P&R reported a $7.3 million loss for 1954, $5.3 million of which was attributable to write-offs related to the abandonments of mines.158 The big loss gave the Baltimore/Graham-Newman group a chance to increase its control over the company’s corporate governance: Hyland’s broker, Benjamin Palmer, joined the board in February, and Micky Newman joined him three months later. Along with Ben Graham himself, the Baltimore and Graham-Newman shareholder group now controlled three of nine board seats. As a sign of things to come, P&R changed its name and amended its charter to allow the organization to engage in activities other than coal mining. The company dropped the reference to coal from its name, transitioning from the Philadelphia and Reading Coal and Iron Company to the Philadelphia and Reading Corporation.159 Micky took the initiative to transform the company. His plan was to use the cash P&R generated from liquidating its excess inventory to acquire profitable businesses, whose income would be shielded from future taxes by P&R’s existing tax loss position.

A few years ago a corrective report announced that people had misinterpreted the first report. Humans needed a total of sixty-four ounces of liquid a day, but they did not have to drink that amount from a glass. It actually all could come from food. And coffee and tea counted. Studies showed that these caffeinated beverages didn’t deplete the body’s liquids after all. Why, in the midst of this epidemic of grown-ups toting and constantly nursing from water bottles decorated with various company logos, has no one asked how our mothers and fathers and our grandparents, and the entire human race for tens of thousands of years before, escaped mass annihilation by dehydration because high-impact polycarbonate plastic bottles filled with “spring water” hadn’t been invented yet? Our modern minds believed what putative “science” and old wives’ tales in magazines told us and overrode the wisdom of our bodies. WHEN

Equity—sometimes called shareholders equity or common equity—should reflect the company’s liquidation value in theory.

one reason we like liquidity as a Balance-Sheet goal. It greatly increases the odds that we will have the cash we need to pay bonuses and do a lot of other things.

A strong statement of financial position is one that shows relatively little debt and large amounts of liquid assets relative to the liabilities due in the near future. A strong income statement is one that shows large revenues relative to the expenses required to earn the revenues. A strong statement of cash flows is one that not only shows a strong cash balance but also indicates that cash is being generated by operations. Demonstrating that these positive characteristics of the company are ongoing and can be seen in a series of financial statements is particularly helpful in creating confidence in the company on the part of investors and creditors. Because of the importance of the financial statements, management may take steps that are specifically intended to improve the company’s financial position and financial performance. For example, cash purchases of assets may be delayed until the beginning of the next accounting period so that large amounts of cash will be included in the statement of financial position and the statement of cash flows. On the other hand, if the company is in a particularly strong cash position, liabilities due in the near future may be paid early, replaced with longer-term liabilities, or even replaced by additional investments by owners to communicate that future negative cash flows will not be as great as they might otherwise appear.

His biggest hit so far is making the first investment in Pinterest, the popular social network used to share photos, organized as collections of pictures on a pin board. Launched in March 2010, it has become one of the most visited sites, with 23 million users in 2012 and a valuation of over $1.5 billion. Pinterest was founded in Palo Alto, Silicon Valley, by three youngsters under 30. “I helped them start and guided them as a mentor to become what they are,” says Cohen. “With this single investment I’m done. As soon as I get my liquidity event I will party like there’s no tomorrow.” All the angels dream of “the big hit,” says Cohen, who has written a book on the subject.[24] They are the ones providing 90% of startup capital, by writing checks out of their own pocket. But they don't do it just thinking of financial returns. “I think we do it because it’s fun. There’s no question that everyone thinks he or she is smarter than everyone else,” the Chairman of the New York Angels says half-jokingly. “In reality no one makes money, although some are luckier and hit the jackpot. Then there is the fashion factor. Everyone today wants to be an angel because it is cool. In other words, we are the prima donnas; we have a big ego. But there is also the idea of doing good, to have the satisfaction of helping start new emerging companies.” The pleasure of giving back: an important part of Jewish culture, and of American culture in general.

Liquidity ratios are used to determine how easily a company will be able to meet its short-term financial obligations.

This time around, I believe Exxon's focus will be on crude- and liquids-focused U.S. shale players that have very deep assets that would yield decades of production growth. The list for players like this is actually quite short and includes Anadarko Petroleum (APC), Hess (HES), Continental Resources (CLR), and perhaps a few others. But no matter who the ultimate target is, I'd much rather bet on the company with the money, patience, and long-term outlook to benefit from a buyout of a major shale player than try to guess at the company that is going to get bought. In this, I still find Exxon-Mobil to be the best long-term play among the majors for taking advantage of the shale bust—and ultimate next boom.

Publisher’s note The information supplied in this Guide has been published in good faith on the basis of information submitted by the schools listed. Neither Kogan Page nor Gabbitas Educational Consultants can guarantee the accuracy of the information in this Guide and accept no responsibility for any error or misrepresentation. All liability for loss, disappointment, negligence or other damage caused by the reliance on the information contained in this Guide, or in the event of bankruptcy or liquidation or cessation of trade of any company, individual or firm mentioned, is hereby excluded. First published in Great Britain in 1995 by Kogan Page Limited This eighteenth edition published in 2013 Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the Copyright, Designs and Patents Act, 1988, this publication may only be reproduced, stored or transmitted, in any form, or by any means, with the prior permission

When people fail to respect the P/PC Balance in their use of physical assets in organizations, they decrease organizational effectiveness and often leave others with dying geese. For example, a person in charge of a physical asset, such as a machine, may be eager to make a good impression on his superiors. Perhaps the company is in a rapid growth stage and promotions are coming fast. So he produces at optimum levels—no downtime, no maintenance. He runs the machine day and night. The production is phenomenal, costs are down, and profits skyrocket. Within a short time, he’s promoted. Golden eggs! But suppose you are his successor on the job. You inherit a very sick goose, a machine that, by this time, is rusted and starts to break down. You have to invest heavily in downtime and maintenance. Costs skyrocket; profits nose-dive. And who gets blamed for the loss of golden eggs? You do. Your predecessor liquidated the asset, but the accounting system only reported unit production, costs, and profit. The P/PC Balance is particularly important as it applies to the human assets of an organization—the customers and the employees. I

Few industries have enough cash to cover their debt without having to count on selling inventory or converting receivables to cash.   A healthy cash ratio is considered to be between 0.5 and 1.   Liquidity ratios are helpful way to measure if a company is at risk of not being able to pay its debt. However, some critics point out that those ratios are past-oriented and cannot predict future cash problems.   Also, such ratios can be misleading because of creative accounting practices (a topic we will cover later on), especially because accounts receivable might be inflated or inventory could be wrongly estimated.

... a health drink company called Fuel, founded by a former tank commander in the British Army and an extreme-sports enthusiast, offers a liquid fry-up combining the flavors of bacon, sausage, poached egg, fried tomatoes, baked beans, mushrooms, toast, salt and pepper, and brown sauce. It's only 230 calories, and it packs twenty grams of protein (assuming you can keep it down).

In business, a corporate raid refers to buying a large stake in a corporation and then using shareholder voting rights to require the company to undertake novel measures designed to increase the share value, generally in opposition to the desires and practices of the corporation's current management. The measures might include replacing top executives, downsizing operations, or liquidating the company.

Persons of quality had devoted yester evening and much of the night to liquidating their holdings in the South Sea Company and gathering in clubs and coffeehouses to misinform one another.

Liquidity of the Market Are enough shares traded to establish a real market? Are the shares actively traded? What is the daily trading volume—just a few hundred shares or many thousands? Some smaller public companies have very little trading activity which makes it difficult to sell even a moderate number of shares without driving the price down. The

The number of shares in the hands of the public that are available for trading is called float. (As opposed to shares in the hands of founders and management that are restricted.) Find out what the float is. If only a limited number of shares are available to trade, it will be difficult to liquidate stock. If a founder sold his company for $8 million in stock and later decides to sell the shares in the market, he may find it difficult to sell that many shares without pushing the price of the stock down significantly. What

Curbing the financial sector. Since so much of the increase in inequality is associated with the excesses of the financial sector, it is a natural place to begin a reform program. Dodd-Frank is a start, but only a start. Here are six further reforms that are urgent: (a) Curb excessive risk taking and the too-big-to-fail and too-interconnected-to-fail financial institutions; they’re a lethal combination that has led to the repeated bailouts that have marked the last thirty years. Restrictions on leverage and liquidity are key, for the banks somehow believe that they can create resources out of thin air by the magic of leverage. It can’t be done. What they create is risk and volatility.2 (b) Make banks more transparent, especially in their treatment of over-the-counter derivatives, which should be much more tightly restricted and should not be underwritten by government-insured financial institutions. Taxpayers should not be backing up these risky products, no matter whether we think of them as insurance, gambling instruments, or, as Warren Buffett put it, financial weapons of mass destruction.3 (c) Make the banks and credit card companies more competitive and ensure that they act competitively. We have the technology to create an efficient electronics payment mechanism for the twenty-first century, but we have a banking system that is determined to maintain a credit and debit card system that not only exploits consumers but imposes large fees on merchants for every transaction. (d) Make it more difficult for banks to engage in predatory lending and abusive credit card practices, including by putting stricter limits on usury (excessively high interest rates). (e) Curb the bonuses that encourage excessive risk taking and shortsighted behavior. (f) Close down the offshore banking centers (and their onshore counterparts) that have been so successful both at circumventing regulations and at promoting tax evasion and avoidance. There is no good reason that so much finance goes on in the Cayman Islands; there is nothing about it or its climate that makes it so conducive to banking. It exists for one reason only: circumvention. Many

buyout, a gift to your children, a liquidation of assets, or any of the other possible outcomes. Stage four is the transition. It begins with the completion of the deal and ends when you’re fully engaged in whatever comes next. Until you’ve moved on—not just physically but psychologically—to a new venture, a new career, a redefined role, or even retirement, your exit isn’t complete.

A wish: to abolish walls between mouths. Mm-mmm the taste of it. Luckily keeps flowing in the text and on my tongue, erotic substitutes, and luckily that tipsy feeling in the dark, inside beside a cheek so just enjoy, rejoice in the juice, turn and return to that first excitement. What is excitement? Encouragement to do what you feel like doing when seen by someone else / the reader in company with Lucy, Georges or Alexandre, or Elle; being used to spinning out one’s dreams by muddling one’s own reflection in the mirror so marvellously that paradoxes come to life and whatever the cost force a retake of the sentences, the caresses that started the excitement (what did we say it was?), stimulated spine and breasts dandled in a hand, a phallus emerged invitation to oblivion, to the feel of rhythmic shudder, loins more titillating than some corny happy-ever-after tale, pelvic basins the pornographic mudholes of one’s imagination. Narrator fem. / masc. Pelvic basins liquid base.

Electricity has just two disadvantages: it is difficult to store cheaply, and it can be transmitted easily only on high-voltage lines, above the ground and visible. Automotive lead-acid storage batteries are as cheap as mass production and the cost of materials will allow, yet their cost for storing an hour's worth of energy coming off the power line is over two thousand times as much as the utility company charges for that energy. Multiple recharges can't even come close to bringing that factor down below about three. There is a radically different type of battery, using liquid sodium and liquid sulfur as electrodes and solid sodium aluminate as an electrolyte (yes, I said that the right way round) that is now getting substantial research. Theoretically, it could store as much as seven times the energy per pound of a lead-acid battery. Sodium-sulfur batteries have to be heated above normal outside air temperatures - a disadvantage that will probably make them unusable in vehicles - but they could find use in central power stations to supply peak loads.

Into this situation, came the Reagan Administration’s bizarre collection of “free market” economic conundrums, called by their advocates, “Supply-Side” economics. The idea was thin cover for unleashing some of the highest rates of short-term personal profiteering in history, at the expense of the greater good of the country’s long-term economic health. While policies imposed after October 1982 to collect billions from Third World countries, brought a huge windfall of financial liquidity to the American banking system, the ideology of Wall Street, and Treasury Secretary Donald Regan‘s zeal for lifting the government “shackles” off financial markets, resulted in the greatest extravaganza in world financial history. When the dust settled by the end of that decade, some began to realize that Reagan’s “free market” had destroyed an entire national economy. It happened to be the world’s largest economy, and the base of world monetary stability as well. On the simple-minded and quite mistaken argument that a mere removing of the tax burden on the individual or company would allow them to release “stifled creative energies” and other entrepreneurial talents, President Ronald Reagan signed the largest tax reduction bill in postwar history in August 1981. The bill contained provisions which also gave generous tax relief for certain speculative forms of real estate investment, especially commercial real estate. Government restrictions on corporate takeovers were also removed, and Washington gave the clear signal that “anything goes,” so long as it stimulated the Dow Jones Industrials stock index.

Understanding Financial Risks and Companies Mitigate them? Financial risks are the possible threats, losses and debts corporations face during setting up policies and seeking new business opportunities. Financial risks lead to negative implications for the corporations that can lead to loss of financial assets, liabilities and capital. Mitigation of risks and their avoidance in the early stages of product deployment, strategy-planning and other vital phases is top-priority for financial advisors and managers. Here's how to mitigate risks in financial corporates:- ● Keeping track of Business Operations Evaluating existing business operations in the corporations will provide a holistic view of the movement of cash-flows, utilisation of financial assets, and avoiding debts and losses. ● Stocking up Emergency Funds Just as families maintain an emergency fund for dealing with uncertainties, the same goes for large corporates. Coping with uncertainty such as the ongoing pandemic is a valuable lesson that has taught businesses to maintain emergency funds to avoid economic lapses. ● Taking Data-Backed Decisions Senior financial advisors and managers must take well-reformed decisions backed by data insights. Data-based technologies such as data analytics, science, and others provide resourceful insights about various economic activities and help single out the anomalies and avoid risks. Enrolling for a course in finance through a reputed university can help young aspiring financial risk advisors understand different ways of mitigating risks and threats. The IIM risk management course provides meaningful insights into the other risks involved in corporations. What are the Financial Risks Involved in Corporations? Amongst the several roles and responsibilities undertaken by the financial management sector, identifying and analysing the volatile financial risks. Financial risk management is the pinnacle of the financial world and incorporates the following risks:- ● Market Risk Market risk refers to the threats that emerge due to corporational work-flows, operational setup and work-systems. Various financial risks include- an economic recession, interest rate fluctuations, natural calamities and others. Market risks are also known as "systematic risk" and need to be dealt with appropriately. When there are significant changes in market rates, these risks emerge and lead to economic losses. ● Credit Risk Credit risk is amongst the common threats that organisations face in the current financial scenarios. This risk emerges when a corporation provides credit to its borrower, and there are lapses while receiving owned principal and interest. Credit risk arises when a borrower falters to make the payment owed to them. ● Liquidity Risk Liquidity risk crops up when investors, business ventures and large organisations cannot meet their debt compulsions in the short run. Liquidity risk emerges when a particular financial asset, security or economic proposition can't be traded in the market. ● Operational Risk Operational risk arises due to financial losses resulting from employee's mistakes, failures in implementing policies, reforms and other procedures. Key Takeaway The various financial risks discussed above help professionals learn the different risks, threats and losses. Enrolling for a course in finance assists learners understand the different risks. Moreover, pursuing the IIM risk management course can expose professionals to the scope of international financial management in India and other key concepts.

A manager needs to think about concentration in relation to the specific universe. If you are an emerging markets manager with 5,000+ liquid companies, you can go higher than 25 companies and still gain benefits from diversification. Understanding your alpha goal and the correlations of the companies within your universe is the way to decide on the correct level of diversification. Focusing on a highly correlated sector will significantly shrink the number of companies that are optimal for diversification and alpha creation.

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

Almost everyone fails to build billion-dollar businesses, even the founders who raise gobs of venture capital. According to Matt Murphy, managing director and partner of Menlo Ventures, approximately 70 percent of startups fail, which can mean anything from full liquidation to becoming cash flow positive, which, despite being good for the company, is still bad for the VC. Of the 30 percent still standing, he says, some return three to five times the initial investment, which constitutes only modest success in this setting. The whole system is riding on at least 5 percent of VC-backed companies delivering tenfold to one hundredfold returns to balance out losses and make it all worth it. Without them, the VC model simply doesn’t work. That’s because the outsized success of the rare billion-dollar startup compensates for all the money thrown against the wall, like so much spaghetti, on thousands of other ventures.

Family and friends help us live our values of connection, loyalty, and responsibility. They need you and you need them, so they are clearly far more important than a mere “residual beneficiary,” a term I first heard in an Economics 101 class. In business, a residual beneficiary is the chump who gets whatever is left over when a company is liquidated—typically

Arbitrages: The purchase of a security and the simultaneous sale of one or more other securities into which it was to be exchanged under a plan of reorganization, merger, or the like. Liquidations: Purchase of shares which were to receive one or more cash payments in liquidation of the company’s assets. Operations of these two classes were selected on the twin basis of (a) a calculated annual return of 20% or more, and (b) our judgment that the chance of a successful outcome was at least four out of five. Related Hedges: The purchase of convertible bonds or convertible preferred shares, and the simultaneous sale of the common stock into which they were exchangeable. The position was established at close to a parity basis—i.e., at a small maximum loss if the senior issue had actually to be converted and the operation closed out in that way. But a profit would be made if the common stock fell considerably more than the senior issue, and the position closed out in the market. Net-Current-Asset (or “Bargain”) Issues: The idea here was to acquire as many issues as possible at a cost for each of less than their book value in terms of net-current-assets alone—i.e., giving no value to the plant account and other assets. Our purchases were made typically at two-thirds or less of such stripped-down asset value. In most years we carried a wide diversification here—at least 100 different issues.

My company provides personal guarding services to foreign dignitaries, billionaires, politicians, sports teams, movie and Broadway stars---" "Movie and Broadway stars?" Zara grabbed his tie and yanked him forward until they were almost nose to nose. "Names. Give me names. Who have you guarded? A-list? B-list? Anyone from Hamilton?" Her full attention was on him now and it was hard not to get pulled into the depths of her liquid brown eyes. "Our client list is confidential." "Did you work for Lin-Manuel Miranda?" She tipped her head back and gave the kind of groan he'd only ever heard from a woman between the sheets. "What was he like? Tell me. No. Don't tell me. We're in public and I can't be responsible for what might happen if you do." His mouth opened but no words came out. He'd convinced himself there was no chemistry between them. But now, with her face only inches away, he was almost overwhelmed with the desire to taste the curve of her lips. "C'mon, Jay." She leaned close, the gold flecks in her eyes sparkling, her voice a husky purr that he felt as a throb in his groin. Had he ever met a woman with eyelashes so long? He could swear that every time she blinked, they swept over her cheeks. "Just one name," she pleaded. "One itty-bitty little name for me to fantasize about when I'm alone in bed tonight." She ran her tongue over her bottom lip, slow and sensual. "Or even better, an introduction. I'll make it worth your while." Jay swallowed hard, loosened his collar. Need, tightly controlled, began to unravel. He knew he shouldn't ask, but the words came out just the same. "What do you mean worth my while?" "What do you want, Jay?" Her breath whispered against his cheek. "What is your greatest desire? World domination? Ten glamor models in a limo? Your own island? An endless supply of samosas? Six blue silk ties? A perfectly balanced set of accounts? A night of hot sex, no strings attached...?

In the absence of social goods, ‘profit-first’ economic growth has fed a crony capitalism that serves not the common good but speculators in the ‘liquid economy.’ Collateral banking systems, offshore sites providing fiscal havens for corporate tax avoidance, extracting value from companies to boost the earnings of shareholders at the expense of stakeholders, the smoke-and-mirrors world of derivatives and credit default swaps-all these suck capital from the real economy and undermine a healthy market, creating historically unprecedented levels of inequality. There is a major disjuncture between the awareness of social rights on the one hand and the distribution of actual opportunities on the other. The stupendous rise in inequality of recent decades is not a stage of growth but a brake on it, and the root of many social ills in the twenty-first century. Barely more than one percent of the world’s population owns half of its wealth. A market detached from morality, dazzled by its own complex engineering, which privileges profit and competition above all else, means not just spectacular wealth for a few but also poverty and deprivation for many. Millions are robbed of hope.

In the world of structural unemployment no one can feel truly secure. Secure jobs in secure companies seem to be the yarn of grandfathers’ nostalgia;

He padded his training with substances to improve his abilities, though he was hardly the only one. Strychnine stimulated muscle activity. Nitroglycerine improved his breathing, though it risked hallucinations and exhaustion. Ether deadened his pains, even while he rode, one hand removed from the handlebars, a handkerchief lifted to his face. It was tolerated by everyone—pharmaceutical companies advertised in l’Auto, and the drugs were freely given out by team trainers. Henri rubbed chloroform against his gums and dropped liquid cocaine into the corners of his eyes.

At times a particular method may stand out as the most appropriate. Net present value would be most applicable, for example, in valuing a high-return business with stable cash flows such as a consumer-products company; its liquidation value would be far too low. Similarly, a business with regulated rates of return on assets such as a utility might best be valued using NPV analysis. Liquidation analysis is probably the most appropriate method for valuing an unprofitable business whose stock trades well below book value. A closed-end fund or other company that owns only marketable securities should be valued by the stock market method; no other makes sense.

The second method of business valuation analyzes liquidation value, the expected proceeds if a company were to be dismantled and the assets sold off. Breakup value, one variant of liquidation analysis, considers each of the components of a business at its highest valuation, whether as part of a going concern or not.

The Great March of Return was both a lab and showroom. The most sophisticated new weapon used against the Palestinian protesters was the “Sea of Tears,” a drone that dropped tear gas canisters on a desired area. Despite Israeli claims of accuracy, a tent full of Palestinian women and children had tear gas dropped onto them, as did groups of reporters. Israeli police started using drones that dropped tear gas grenades on protestors in the West Bank in April 2021. One month later, Israel announced that a fleet of drones would be used to track riots and protests as well as areas damaged by rockets fired from Gaza. Israel announced in 2022 that it approved the use of armed drones for “targeted killings” in the West Bank. Reportedly tested over Gaza before the major protests began in 2018, a Chinese-made drone by Da Jiang Innovations was reconfigured by Israel’s Border Force, which was working with Israeli company Aeronautics to adapt the drone to on-the-ground service requirements. “Beyond the fact that it neutralizes all danger to our forces, it allows us to reach places that we had yet to reach,” Border Police Commander Kobi Shabtai told Israel’s Channel 2 news. The immediate effectiveness of the Sea of Tears led Maf’at, the Israeli Administration for the Development of Weapons and Technological Infrastructure, to purchase hundreds of the drones after the first night of demonstrations in Gaza. Another innovation was the “skunk water” drone, a form of liquid emitted from a water cannon that left a foul smell on clothes and body for a long time. Israeli firm Aeronautics was behind this innovation, a technique that had been already used in the West Bank and Jerusalem to deter protestors. Reports appeared in early 2020 by anti-occupation activists in the West Bank that Israeli-controlled talking drones were flying overhead and sending out a “Go Home” message to Palestinian protestors. Israeli activists were told in Hebrew not to “stand with the enemy.

This is grown-up mac and cheese that you could easily serve to company. Of course, it’s wonderful that butternut squash is packed with beta-carotene, but it’s also a pretty amazing substitute for lots of cream and cheese when making mac and cheese. I personally love a little bit of Gorgonzola Dolce (a mild, slightly sweet Italian blue cheese) here, but a sharp cheddar or smoked Gouda would also be great. 5 ounces frozen diced butternut squash ¼ cup low-sodium vegetable stock Pinch salt Pinch nutmeg Pinch cayenne pepper Pinch freshly ground black pepper 8 ounces prepared, packaged gnocchi 1 tablespoon olive oil 1 garlic clove, minced 2 fresh sage leaves 1 ounce Gorgonzola Dolce or other mild blue cheese 1 tablespoon heavy cream (optional) 1.In a saucepan, bring the butternut squash and vegetable stock to a boil. Cover, and reduce the heat to medium-low. Simmer for 10 minutes, or until the squash is very tender. 2.Transfer the squash and vegetable stock to a blender. Add the salt, nutmeg, cayenne, and black pepper, and blend on low speed until it’s completely smooth. (Make sure your blender is no more than half full or the hot liquid may erupt through the lid.) 3.Taste and add additional salt if needed. Set the squash aside. 4.Using the same saucepan, cook the

For iron and pep, I wanted to make a cold lentil salad with a zingy orange-ginger vinaigrette, handfuls of chopped herbs, and slices of white peach. (The purple-green Puy lentils, more common than the orange ones in France, just seemed too dark for a summer salad.) After unpacking half the kitchen while standing, against my better judgement, on a kitchen chair, I ended up not with orange lentils, but with a bag of yellow split peas. That would have to do. The split peas had been hiding up there for a while--- I'm pretty sure I bought them after a trip to Puglia, where we were served warm split-pea puree drizzled with wonderful glass-green olive oil and a grind of fresh pepper. Still hankering after a cold salad, I tried cooking the dried peas al dente, as I would the lentils, but a half hour later, where the lentils would have been perfect, the split peas were a chalky, starchy mess. I decided to boil on past defeat and transform my salad into the silky puree I'd eaten with such gusto in Italy. When the peas were sweet and tender and the liquid almost absorbed, I got out the power tools. I'm deeply attached to my hand blender--- the dainty equivalent of a serial killer's obsession with chain saws. The orange-ginger vinaigrette was already made, so I dumped it in. The recipe's necessary dose of olive oil would have some lively company. The result was a warm, golden puree with just enough citrus to deviate from the classic. I toasted some pain Poilâne, slathered the bread with the puree, and chopped some dill. My tartines were still lacking a bit of sunshine, so I placed a slice of white peach on top.

What opium provided was the liquidity for Britain to buy American cotton. To reduce the connections to their simplest: British plantations produced opium in India, the opium was shipped and sold in China, the silver that paid for this opium was shipped to the United States to buy raw cotton, which was shipped to England to manufacture cloth, which was shipped to India (where the company had been successful in suppressing the native cotton textile industry), the proceeds of which then bought more opium.

As John tells his students, “The day you take a dollar or pound or rupee from most venture capital investors is the day you have agreed to sell your business.” Why? Investors, perhaps unlike you, aren’t in it for the ride. They are in it for the liquidity, most commonly achieved by selling your (and their) company, as happened in both of the cases in this chapter. They sold Skype to eBay and Go to easyJet.

Oil and gas wells produce from hydrocarbon-bearing geologic reservoirs deep under the surface of the earth which are either characterized as conventional reservoirs or unconventional reservoirs. For all oil and gas reservoirs, there are three important geologic characteristics that oil and gas companies consider when exploring for oil and natural gas: porosity, hydrocarbon saturation, and permeability. In plain English, porosity describes the capacity for a rock formation to hold liquids or gases, hydrocarbon saturation describes the percentage of total pore volume occupied by hydrocarbons, and permeability describes the ability for liquids or gases to flow through the rock pore space.

without liquidity, nothing else mattered, so the company was willing to play dirty to get its platform started

Financial staying power requires a company to maintain three strengths under all circumstances: (1) a large and reliable stream of earnings; (2) massive liquid assets; and (3) no significant near-term cash requirements. Ignoring that last necessity is what usually leads companies to experience unexpected problems.

Survival (animal survival, physical, bodily survival) can do without self-love. As a matter of fact, it may do better without it than in its company! The roads of the survival instincts and of self-love may run parallel, but they may also run in opposite directions… Self-love may rebel against the continuation of life. Self-love may prompt us to invite the danger and to welcome the threat. Self-love can prod us to reject a life that is not up to our love’s standards and therefore unworthy of living. Because what we love in our self-love is the selves fit to be loved. What we love is the state, or the hope, of being loved. Of being objects worthy of love, being recognized as such, and given the proof of that recognition. In short: in order to have self-love, we need to be loved. Refusal of love – denial of the status of a love-worthy object – breeds self-hatred. Self-love is built out of the love offered to us by others. If substitutes are used for its construction, they must be likenesses, however fraudulent, of such love. Others must love us first, so that we can begin to love ourselves.

While this may mean that the company has enough liquidity to cover short-term bills, a current ratio of less than one does not always indicate that the company faces liquidity problems.

A TERRIFYING new “legal high” has hit our streets. Methylcarbonol, known by the street name “wiz”, is a clear liquid that causes cancers, liver problems, and brain disease, and is more toxic than ecstasy and cocaine. Addiction can occur after just one drink, and addicts will go to any lengths to get their next fix – even letting their kids go hungry or beating up their partners to obtain money. Casual users can go into blind RAGES when they’re high, and police have reported a huge increase in crime where the drug is being used. Worst of all, drinks companies are adding “wiz” to fizzy drinks and advertising them to kids like they’re plain Coca-Cola. Two or three teenagers die from it EVERY WEEK overdosing on a binge, and another TEN from having accidents caused by reckless driving. “Wiz” is a public menace – when will the Home Secretary think of the children and make this dangerous substance Class A?

I will show you that the same holds true for teams and companies. There’s no way to analyze the behavior of any individual and explain the group. Being good at nurturing loonshots is a phase of human organization, in the same way that being liquid is a phase of matter. Being good at developing franchises (like movie sequels) is a different phase of organization, in the same way that being solid is a different phase of matter.

When groups are small, for example, everyone’s stake in the outcome of the group project is high. At a small biotech, if the drug works, everyone will be a hero and a millionaire. If it fails, everyone will be looking for a job. The perks of rank—job titles or the increase in salary from being promoted—are small compared to those high stakes. As teams and companies grow larger, the stakes in outcome decrease while the perks of rank increase. When the two cross, the system snaps. Incentives begin encouraging behavior no one wants. Those same groups—with the same people—begin rejecting loonshots. The bad news is that phase transitions are inevitable. All liquids freeze. The good news is that understanding the forces allows us to manage the transition.

Dr. Al Rosen. He is a former accounting professor, one of the most reputable forensic accountants in North America. Dr. Rosen has consulted or given independent opinions on over 1,000 litigation-related engagements. In recent years he has written two books, which have sounded alarm bells about the state of the accounting profession, but the profession makes more money by not heeding his warnings. What concerns him should concern us all. His first book was titled “Swindlers” and went into detail about how easy it is to financially dupe investors in Canada and the U.S. His book gave examples from cases he has handled in his career. His second book “Easy Prey Investors” is also a must read for anyone investing in Canada or the U.S. In it he reveals the tricks and traps of the accounting industry that no others in the industry have the courage or the moral freedom to voice. The story below, from the UK, gives a snapshot and a link to the kind of accounting fraud that Dr. Al Rosen has long been warning us about. January 15, 2018 On Monday, Carillion, the U.K.’s second-largest construction company, announced that it would go into compulsory liquidation. Carillion is a construction company, it also provides facilities management and maintenance services such as cleaning and catering in the U.K.’s National Health Service hospitals, providing meals in 900 schools, and maintaining prisons. It holds a number of government contracts, including for the construction of a high-speed rail link and for the maintenance of roads. 43,000 employees worldwide, 20,000 work in the U.K.; the company also has a significant presence in the

people often find equity unattractive. It’s not liquid like cash. It’s tied to one specific company. And if that company doesn’t succeed, it’s worthless. Equity is a powerful tool precisely because of these limitations. Anyone who prefers owning a part of your company to being paid in cash reveals a preference for the long term and a commitment to increasing your company’s value in the future. Equity can’t create perfect incentives, but it’s the best way for a founder to keep everyone in the company broadly aligned.

More like a vault -- you pull the handle out and on the shelves: not a lot, and what there is (a boiled potato in a bag, a chicken carcass under foil) looking dispirited, drained, mugged. This is not a place to go in hope or hunger. But, just to the right of the middle of the middle door shelf, on fire, a lit-from-within red, heart red, sexual red, wet neon red, shining red in their liquid, exotic, aloof, slumming in such company: a jar of maraschino cherries. Three-quarters full, fiery globes, like strippers at a church social. Maraschino cherries, maraschino, the only foreign word I knew. Not once did I see these cherries employed: not in a drink, nor on top of a glob of ice cream, or just pop one in your mouth. Not once. The same jar there through an entire childhood of dull dinners -- bald meat, pocked peas and, see above, boiled potatoes. Maybe they came over from the old country, family heirlooms, or were status symbols bought with a piece of the first paycheck from a sweatshop, which beat the pig farm in Bohemia, handed down from my grandparents to my parents to be someday mine, then my child's? They were beautiful and, if I never ate one, it was because I knew it might be missed or because I knew it would not be replaced and because you do not eat that which rips your heart with joy.

The sexual abuse scandal in the Catholic Church was a great tragedy and a largely self-inflicted wound. But Philip Jenkins points out in his study, Pedophiles and Priests, the actual incidence of sexual abuse in the Catholic Church and its school system is no higher than in other institutions. In fact, it is less than what exists in the New York City school system. This is not offered in any way as a defense. That such abuse should have existed at all is unforgivable. But this prompts the next question: why was the Catholic Church scandal the one that got so much attention from the media, public officials, and lawyers. Answer: the Church, like the implant companies, kept good records and had liquid and real property assets. They were an easy target and did not enjoy the special legal protections of the New York City School System.

important, valuable companies that follow this pattern. One reason marketplaces are powerful is because they often tap into two-sided network effects. While it is difficult to create a successful marketplace from a cold start, the first marketplace that does manage to achieve liquidity—the ability for buyers and sellers to quickly and efficiently find a counterparty to conduct a transaction—becomes very attractive to both sides of the market. As buyers and sellers pour in, the marketplace becomes even more attractive to both parties, triggering a positive feedback loop that makes it very hard for new entrants to win any market share.

Best Estate Sales Liquidator in Jacksonville Florida. Why Choose 1-800 ESTATE SALES? Because 1-800ESTATESALES is the Big Crowds Leader in The Estate Sales Company Business. Are you look for the best estate sale company near me now in Jacksonville fl? There are other estate sale companies in this area but only 1800 Estate Sales brings the crowds to each of our estate sales attracting huge crowds and more estate buyers means... More CASH in Your pocket. Click or Call Us Today! 904-515-3575

A contemporary commentator drew an analogy between the East India Company’s ownership structure and the River Thames’ splendid flux, which leaves it ‘still the same river, though the parts which compose it are changing every instance.’ Once the property rights over a firm become detached from the people that set it up and work in it, it becomes a corpus in flux. It acquires a liquid life of its own, it can grow out of any human proportion. Indeed, like a river, it becomes potentially immortal.