Marginal Analysis Quotes

Justification for infidelity and dishonesty in all their manifestations lies in the marginal cost economics of “just this once.

To muse for long unwearied hours with my attention riveted to some frivolous device upon the margin, or in the typography of a book — to become absorbed for the better part of a summer's day in a quaint shadow falling aslant upon the tapestry, or upon the floor — to lose myself for an entire night in watching the steady flame of a lamp, or the embers of a fire — to dream away whole days over the perfume of a flower — to repeat monotonously some common word, until the sound, by dint of frequent repetition, ceased to convey any idea whatever to the mind — to lose all sense of motion or physical existence in a state of absolute bodily quiescence long and obstinately persevered in — Such were a few of the most common and least pernicious vagaries induced by a condition of the mental faculties, not, indeed, altogether unparalleled, but certainly bidding defiance to any thing like analysis or explanation.

resisting the temptation whose logic was “In this extenuating circumstance, just this once, it’s OK” has proven to be one of the most important decisions of my life. Why? My life has been one unending stream of extenuating circumstances. Had I crossed the line that one time, I would have done it over and over in the years that followed. The lesson I learned from this is that it’s easier to hold to your principles 100% of the time than it is to hold to them 98% of the time. If you give in to “just this once,” based on a marginal cost analysis, as some of my former classmates have done, you’ll regret where you end up. You’ve got to define for yourself what you stand for and draw the line in a safe place.

Depoliticization involves construing inequality, subordination, marginalization, and social conflict, which all require political analysis and political solutions, as personal and individual, on the one hand, or as natural, religious, or cultural on the other. Tolerance works along both vectors of depoliticization—it personalizes and it naturalizes or culturalizes—and sometimes it intertwines them. Tolerance as it is commonly used today tends to cast instances of inequality or social injury as matters of individual or group prejudice.

People of color in the internal colonies of the US cannot defend themselves against police brutality or expropriate the means of survival to free themselves from economic servitude. They must wait for enough people of color who have attained more economic privilege (the “house slaves” of Malcolm X’s analysis) and conscientious white people to gather together and hold hands and sing songs. Then, they believe, change will surely come. People in Latin America must suffer patiently, like true martyrs, while white activists in the US “bear witness” and write to Congress. People in Iraq must not fight back. Only if they remain civilians will their deaths be counted and mourned by white peace activists who will, one of these days, muster a protest large enough to stop the war. Indigenous people need to wait just a little longer (say, another 500 years) under the shadow of genocide, slowly dying off on marginal lands, until-well, they’re not a priority right now, so perhaps they need to organize a demonstration or two to win the attention and sympathy of the powerful. Or maybe they could go on strike, engage in Gandhian noncooperation? But wait-a majority of them are already unemployed, noncooperating, fully excluded from the functioning of the system. Nonviolence declares that the American Indians could have fought off Columbus, George Washington, and all the other genocidal butchers with sit-ins; that Crazy Horse, by using violent resistance, became part of the cycle of violence, and was “as bad as” Custer. Nonviolence declares that Africans could have stopped the slave trade with hunger strikes and petitions, and that those who mutinied were as bad as their captors; that mutiny, a form of violence, led to more violence, and, thus, resistance led to more enslavement. Nonviolence refuses to recognize that it can only work for privileged people, who have a status protected by violence, as the perpetrators and beneficiaries of a violent hierarchy.

One example of a high-tech company that submits to a Graham type of analysis is Amazon.com. Though it does business exclusively on the Web, Amazon is essentially a retailer, and it may be evaluated in the same way as Wal-Mart, Sears, and so forth. The question, as always, is, does the business provide an adequate margin of safety at a given market price. For much of Amazon’s short life, the stock was wildly overpriced. But when the dot-com bubble burst, its securities collapsed. Buffett himself bought Amazon’s deeply discounted bonds after the crash, when there was much fearful talk that Amazon was headed for bankruptcy. The bonds subsequently rose to par, and Buffett made a killing.

This is the cardinal virtue of an Objective narrative. Given its timeless nature, there is no need to assemble it with rackets and ruses. With the envy of eunuchs and ingenuity fanned by resentment, men incapable of profound insights deny the Objective nature of the written word in the despairing hope of dissuading those who know the Truth and have the courage to write it. I, Petronius Jablonski, hereby forbid any and all Freudian, structural, post-structural, post-post-structural, post-colonial, post-anything analysis or deconstruction of my annals and condemn any and all such enterprises. All theorizing based on class, gender, and ethnicity is strictly prohibited. An Objective narrative is not a Rorschach blot for one to project his pathologies and sundry whines. If the Reader insists on “reading into” the narrative, he should fill the margins with sketches of penises, vaginas, and stick-figures engaged in coitus.

Risk aversion is an essential element in investing. People’s aversion to loss causes them to police the markets. Because most people are averse to risk: they approach investing with caution, they perform careful analysis when considering investments, and especially risky ones, they incorporate conservative assumptions and appropriate skepticism into their analysis, they demand greater margins of safety on risky investments to protect against analytical errors and unpleasant surprises, they insist on healthy risk premiums—the expectation of incremental returns—if they’re going to undertake risky investments, and they refuse to invest in deals that make no sense.

When positive events occur as described in the last chapter and euphoria, optimism and greed rise, investors tend to become less risk-averse than usual and less risk-averse than they should be. What are the effects (following on from the list of the functions investors perform on page 106–107)? Since they feel better about the environment and are more optimistic about likely outcomes, they reduce the amount of caution they bring to the investing process. Since they no longer consider investing to be risky, they don’t see the need for painstaking analysis. They tend to make assumptions that are more generous, and they replace skepticism with credulousness. They’re willing to make do with a reduced margin of safety. Viewing risk as less worrisome, they no longer demand risk premiums as cushy as in the past. They behave less as sticklers, since they’re more attracted to the returns on risky investments and less leery of the risk they involve.

Ein-Gil and Machover’s analysis concludes that framing Palestinians in Israel as another identity group fighting marginalization empties the Palestinian national struggle of its true essence: the democratization of the Zionist state and the dismantlement of its colonial-Zionist nature

Weil’s sense of essaying was never limited to writing; it was also about honoring the conversations she had before and after her pen touched the page. She consistently tried to learn from those who had lived the concepts. When she studied oppression, she placed herself amidst Parisian factory workers. When she studied labor, she picked grapes in French vineyards. Through a class analysis, Weil’s actions could be understood as patronizing, being that she came from a wealthy family. But when we also consider that she came from a Jewish family and lived in an anti-Semitic society, and that she was a woman living in a patriarchal society, it is our clear-cut diagnoses and categorizations of her life that become troubled. What we are left with is a philosopher who grappled seriously, rigorously, and intelligently with her responsibilities to others in a context of tremendous brutality. When she is understood that way, Simone Weil becomes our teacher in the present.

Look at stocks as part ownership of a business. 2. Look at Mr. Market—volatile stock price fluctuations—as your friend rather than your enemy. View risk as the possibility of permanent loss of purchasing power, and uncertainty as the unpredictability regarding the degree of variability in the possible range of outcomes. 3. Remember the three most important words in investing: “margin of safety.” 4. Evaluate any news item or event only in terms of its impact on (a) future interest rates and (b) the intrinsic value of the business, which is the discounted value of the cash that can be taken out during its remaining life, adjusted for the uncertainty around receiving those cash flows. 5. Think in terms of opportunity costs when evaluating new ideas and keep a very high hurdle rate for incoming investments. Be unreasonable. When you look at a business and get a strong desire from within saying, “I wish I owned this business,” that is the kind of business in which you should be investing. A great investment idea doesn’t need hours to analyze. More often than not, it is love at first sight. 6. Think probabilistically rather than deterministically, because the future is never certain and it is really a set of branching probability streams. At the same time, avoid the risk of ruin, when making decisions, by focusing on consequences rather than just on raw probabilities in isolation. Some risks are just not worth taking, whatever the potential upside may be. 7. Never underestimate the power of incentives in any given situation. 8. When making decisions, involve both the left side of your brain (logic, analysis, and math) and the right side (intuition, creativity, and emotions). 9. Engage in visual thinking, which helps us to better understand complex information, organize our thoughts, and improve our ability to think and communicate. 10. Invert, always invert. You can avoid a lot of pain by visualizing your life after you have lost a lot of money trading or speculating using derivatives or leverage. If the visuals unnerve you, don’t do anything that could get you remotely close to reaching such a situation. 11. Vicariously learn from others throughout life. Embrace everlasting humility to succeed in this endeavor. 12. Embrace the power of long-term compounding. All the great things in life come from compound interest.

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.

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.

I read a well-worn copy of Quantitative Risk Analysis late into the night, past dog-ears and highlighted lines. Gabriel knows this book well. Only a few times do I stop and leave notes in the margins, adding to what his sprawling script has written. Once I correct him, laying out my argument in a few lines, wondering if he’ll ever find this. They’re a different kind of breadcrumb. My kind.

Ah,” said Miss Greyling, choosing this moment to apply herself to the care of her hair. “Science, my dears, is the systematic dissection of nature, to reduce it to working parts that more or less obey universal laws. Sorcery moves in the opposite direction. It doesn’t rend, it repairs. It is synthesis rather than analysis. It builds anew rather than revealing the old. In the hands of someone truly skilled”—at this she jabbed herself with a hair pin and yelped—“it is Art. One might in fact call it the Superior, or the Finest, Art. It bypasses the Fine Arts of painting and drama and recitation. It doesn’t pose or represent the world. It becomes. A very noble calling.” She began to weep softly with the force of her own rhetoric. “Can there be a higher desire than to change the world? Not to draw Utopian blueprints, but really to order change? To revise the misshapen, reshape the mistaken, to justify the margins of this ragged error of a universe? Through sorcery to survive?

Even though every discernment is unique, your search for data should always involve collecting four kinds of information: Intrapersonal information (from within your unique self). Ask yourself: What are my personality and work preferences? Time, energy, and health? Economic resources? Do I notice that I am having any particular physical responses as I think about the situation? What do I deeply desire? Interpersonal information (through face-to-face relationships). Ask yourself: Who are the people close to me who will be affected by my choice? How will this proposed option be likely to affect my interpersonal relationships, especially with those close to me or with whom I have prior commitments, especially my family? What supporting relationships exist for me personally? Structural information (from pondering those organizations, personal and impersonal, that exist regardless of the individual players). Ask yourself: What structures are in play here? What are their goals, their reasons for existing? What are their dynamics? What would be my role and responsibility in these systems if I were to make the decision I am pondering? How is power exercised? Who or what is marginalized in these structures, and what would they say if they could talk with me? Information from the natural world (from the environment in which we are embedded). Ask yourself: What is the environment—the physical context, both human and natural—like? How does the human-made environment exist within or against the natural world? Is this an environment that invites or repels me? What kind of impact will my actions have on the environment? After you’ve gathered your data, the next step is to interpret it, and it’s helpful to use the same four categories as interpretive lenses: Intrapersonal (your inner response). Ask yourself: Does the data give me energy? excitement? courage? confidence? tranquillity? satisfaction? Or are my reactions to it more like discouragement, anxiety, insecurity, agitation, dissatisfaction? Or, as is often the case, is my response a mixture of the two? Interpersonal (the reactions between you and those persons close to you or who would be affected by your decision). Ask yourself: How do I feel about the possible effects of my proposed decision on those close to me? What do these people say about my proposed option? How do others who are more objective about the choice facing me interpret the information that I have received; do expert interpreters agree or disagree regarding the information I have uncovered? Structural (what an analysis of the institutions, systems, and structures in which you live and work—or into which you would be moving—suggests about the matter at hand). Ask yourself: How will the various systems in my life have to be readjusted if I move in this direction: family, work, school, community involvement, relationship to worshiping community, and so on? What values are these systems preserving, and are these values worth it to me? In what way are the systems likely to resist my proposed change? What price could I pay? How does this feel to me? 4. Natural world (from the largest perspective, that of the grand scheme of things). Ask yourself: Does being in nature tell me anything about my proposed decision? Will it, or how will it, affect the environment? If I could stand on top of the world and look down, how would this decision appear?

In New York the curriculum guide for 11th-grade American history tells students that there were three "foundations" for the Constitution: the European Enlightenment, the "Haudenosaunee political system", and the antecedent colonial experience. Only the Haudenosaunee political system receives explanatory subheadings: "a. Influence upon colonial leadership and European intellectuals (Locke, Montesquieu, Voltaire, Rousseau); b. Impact on Albany Plan of Union, Articles of Confederation, and U.S. Constitution". How many experts on the American Constitution would endorse this stirring tribute to the "Haudenosaunee political system"? How many have heard of that system? Whatever influence the Iroquois confederation may have had on the framers of the Constitution was marginal; on European intellectuals it was marginal to the point of invisibility. No other state curriculum offers this analysis of the making of the Constitution. But then no other state has so effective an Iroquois lobby.

Now that the campaign is over and the returns are in, analysis of the latest Albanian election begins. The facts are clear: Communist Party chief Enver Hoxha’s slate of candidates for Parliament won by the comfortable margin of 1,627,959 to 1. The message seems to be: Stay the course. The party ran well in all regions and among all classes—worker, peasant and apparatchik. It swept the atheist vote. The much ballyhooed gender gap never developed. On the other hand, it failed to make any inroads on opposition support. (In the last Albanian election there was also one vote against.) Some observers had been predicting that opposition support might double, but that prospect dimmed last December when a potential leader of the movement, Prime Minister Mehmet Shehu, committed suicide.

The IMF also said its own analysis of the future development of debt was wrong ‘by a large margin.’ … The IMF had originally projected Greece would lose 5.5% of its economic output between 2009 and 2012. The country has lost 17% in real gross domestic output instead. The plan predicted a 15% unemployment rate in 2012. It was 25%.

I quickly convinced myself that the true key to material happiness lay in a modest standard of living which could be achieved with little difficulty under almost all economic conditions”—the margin-of-safety idea applied to personal finance.21

every major discussion of ethics these days begins with an analysis of the chaotic situation of modern culture. Even secular writers and thinkers are calling for some sort of basic agreement on ethical behavior. Humanity’s “margin of error,” they say, is shrinking with each new day. Our survival is at stake. These “prophets of doom” point out that man’s destructive capability increased from 1945 to 1960 by the same ratio as it did from the primitive weapons of the Stone Age to the dropping of the atomic bomb on Hiroshima. The thawing of the Cold War provided little comfort. Numerous nations have nuclear arms now or are close to having them. What, besides

her imperative to “think dialectically”—a maxim drawn from her study of the philosopher G. W. F. Hegel. Because reality is constantly changing, we must constantly detect and analyze the emerging contradictions that are driving this change. And if reality is changing around us, we cannot expect good ideas to hatch within an ivory tower. They instead emerge and develop through daily life and struggle, through collective study and debate among diverse entities, and through trial and error within multiple contexts. Grace often attributes her “having been born female and Chinese” to her sense of being an outsider to mainstream society. Over the past decade she has sharpened this analysis considerably. Reflecting on the limits of her prior encounters with radicalism, Grace fully embraces the feminist critique not only of gender discrimination and inequality but also of the masculinist tendencies that too often come to define a certain brand of movement organizing—one driven by militant posturing, a charismatic form of hierarchical leadership, and a static notion of power seen as a scarce commodity to be acquired and possessed. Grace has struck up a whole new dialogue and built relationships with Asian American activists and intellectuals since the 1998 release of her autobiography, Living for Change. Her reflections on these encounters have reinforced her repeated observation that marginalization serves as a form of liberation. Thus, she has come away impressed with the particular ability of movement-oriented Asian Americans to dissect U.S. society in new ways that transcend the mind-sets of blacks and whites, to draw on their transnational experiences to rethink the nature of the global order, and to enact new propositions free of the constraints and baggage weighing down those embedded in the status quo. Still, Grace’s practical connection to a constantly changing reality for most of her adult life has stemmed from an intimate relationship with the African American community—so much so that informants from the Cointelpro days surmised she was probably Afro-Chinese.3 This connection to black America (and to a lesser degree the pan-African world) has made her a source of intrigue for younger generations grappling with the rising complexities of race and diversity. It has been sustained through both political commitments and personal relationships. Living in Detroit for more than a half century, Grace has developed a stature as one of Motown’s most cherished citizens: penning a weekly column for the city’s largest-circulation black community newspaper; regularly profiled in the mainstream and independent media; frequently receiving awards and honors through no solicitation of her own; constantly visited by students, intellectuals, and activists from around the world; and even speaking on behalf of her friend Rosa Parks after the civil rights icon became too frail for public appearances.

The careful investor, when he hears such tales, should ask a key question: At what price is this company a good buy? What price is too high? Suppose, after doing your analysis of the company’s financial statements, management, business model, and prospects, you conclude that it’s worth buying at $40 a share, at which price you expect not only a satisfactory excess risk-adjusted return but have a margin of safety in case your analysis is flawed. Suppose you also conclude that the expected return at $80 is substandard, so the stock is likely overpriced. Typically you’ll avoid investing in stocks when they are trading above your buy price but, if you follow many companies carefully, from time to time some will be attractive purchases. The range between your “buy” price and the “likely overpriced” level, in this case from $40 to $80, is likely to be narrower for better, more experienced investors, enabling them to participate in more situations and with greater confidence.

Critical theory grew out of the Marxism of the 1800s. Karl Marx taught that all of history has been one long economic class struggle between oppressed and oppressor groups, and that the only way for the oppressed to be liberated was for them to engage in violent revolution toward socialism. In the 1930s, intellectuals of the Frankfurt School in Germany broadened Marx's analysis to apply not only to economics but also to culture and mass media. In the decades that followed, this basic framework was extended to other areas: race, gender, sexuality, physical ability, and a host of other identity markers. Like the working class in Marx's analysis, people of color, women, and those in the LGBTQ community were identified as victims of social structures that empowered their oppressors and kept them marginalized.

I find that social justice or leftist communities also tend to misapply social analysis to individual situations of abuse, suggesting that individuals who belong to oppressed or marginalized groups can never abuse individuals who belong to privileged groups (that is, that women can never abuse men, radicalized people can never abuse white people, and so on). But neither of the above ideas is true. Survivors of abuse in one relationship can, in fact, be abusive in other relationships. And it's easier for privileged individuals to abuse others because of the extra power social privilege gives them, but anyone is capable of abusing alone given the right (or rather, wrong) circumstances.

To apply first principles thinking to the field of value investing, consider several fundamental truths. Understand and practice the following if you want to become a good investor: 1. Look at stocks as part ownership of a business. 2. Look at Mr. Market—volatile stock price fluctuations—as your friend rather than your enemy. View risk as the possibility of permanent loss of purchasing power, and uncertainty as the unpredictability regarding the degree of variability in the possible range of outcomes. 3. Remember the three most important words in investing: “margin of safety.” 4. Evaluate any news item or event only in terms of its impact on (a) future interest rates and (b) the intrinsic value of the business, which is the discounted value of the cash that can be taken out during its remaining life, adjusted for the uncertainty around receiving those cash flows. 5. Think in terms of opportunity costs when evaluating new ideas and keep a very high hurdle rate for incoming investments. Be unreasonable. When you look at a business and get a strong desire from within saying, “I wish I owned this business,” that is the kind of business in which you should be investing. A great investment idea doesn’t need hours to analyze. More often than not, it is love at first sight. 6. Think probabilistically rather than deterministically, because the future is never certain and it is really a set of branching probability streams. At the same time, avoid the risk of ruin, when making decisions, by focusing on consequences rather than just on raw probabilities in isolation. Some risks are just not worth taking, whatever the potential upside may be. 7. Never underestimate the power of incentives in any given situation. 8. When making decisions, involve both the left side of your brain (logic, analysis, and math) and the right side (intuition, creativity, and emotions). 9. Engage in visual thinking, which helps us to better understand complex information, organize our thoughts, and improve our ability to think and communicate. 10. Invert, always invert. You can avoid a lot of pain by visualizing your life after you have lost a lot of money trading or speculating using derivatives or leverage. If the visuals unnerve you, don’t do anything that could get you remotely close to reaching such a situation. 11. Vicariously learn from others throughout life. Embrace everlasting humility to succeed in this endeavor. 12. Embrace the power of long-term compounding. All the great things in life come from compound interest.

fundamental analysts focus their attention on company finances and economic data about industries for which the stocks trade (also known as industries). They are concerned with factors like corporate earnings reports, profit margins, unemployment rates, and gross domestic product (GDP) growth rates. They examine these economic factors to determine how they will affect the demand and supply of a particular stock.

If you give in to “just this once,” based on a marginal-cost analysis, you’ll regret where you end up. That’s the lesson I learned: it’s easier to hold to your principles 100 percent of the time than it is to hold to them 98 percent of the time.

An income tax cannot be shifted to anyone else. The taxpayer himself bears the burden. He earns profits from entrepreneurial activity, interest from time preference, and other income from marginal productivity, and none can be increased to cover the tax. Income taxation reduces every taxpayer’s money income and real income, and hence his standard of living. His income from working is more expensive, and leisure cheaper, so that he will tend to work less. Everyone’s standard of living in the form of exchangeable goods will decline. In rebuttal, much has been made of the fact that every man’s marginal utility of money rises as his money assets fall and, therefore, that there may be a rise in the marginal utility of the reduced income obtainable from his current expenditure of labor. It is true, in other words, that the same labor now earns every man less money, but this very reduction in money income may also raise the marginal utility of a unit of money to the extent that the marginal utility of his total income will be raised, and he will be induced to work harder as a result of the income tax. This may very well be true in some cases, and there is nothing mysterious or contrary to economic analysis in such an event. However, it is hardly a blessing for the man or for society. For, if more work is expended, leisure is lost, and people’s standards of living are lower because of this coerced loss.

2. MIGRATE YOUR PRODUCT LEK had to move away from ‘standard’ strategy towards analysis of competitors. This led to ‘relative cost position’ and ‘acquisition analysis’. Your task is to find a unique product or service, one not offered in that form by anyone else. Your raw material is, of course, what you and the rest of your industry do already. Tweak it in ways that could generate an attractive new product. The ideal product is: ★ close to something you already do very well, or could do very well; ★ something customers are already groping towards or you know they will like; ★ capable of being ‘automated’ or otherwise done at low cost, by using a new process (cutting out costly steps, such as self-service), a new channel (the phone or Internet), new lower-cost employees (LEK’s ‘kids’, highly educated people in India), new raw materials (cheap resins, free data from the Internet), excess capacity from a related industry (especially manufacturing capacity), new technology or simply new ideas; ★ able to be ‘orchestrated’ by your firm while you yourself are doing as little as possible; ★ really valuable or appealing to a clearly defined customer group - therefore commanding fatter margins; ★ difficult for any rival to provide as well or as cheaply - ideally something they cannot or would not want to do. Because you are already in business, you can experiment with new products in a way that someone thinking of starting a venture cannot do. Sometimes the answer is breathtakingly simple. The Filofax system didn’t start to take off until David Collischon provided ‘filled organisers’ - a wallet with a standard set of papers installed. What could you do that is simple, costs you little or nothing and yet is hugely attractive to customers? Ask customers if they would like something different. Mock up a prototype; show it around. Brainstorm new ideas. Evolution needs false starts. If an idea isn’t working, don’t push it uphill. If a possible new product resonates at all, keep tweaking it until you have a winner. At the same time . . .

Does your project create more good than harm? And for whom? Assess what your project intends to achieve and its potential to cause harm; only continue when the potential benefits outweigh the potential dangers. Disaggregate the differential impacts among LGBTQ people to ensure that the project does not only benefit the least marginalized individuals, for whom sexual orientation is the only characteristics that excludes them from full inclusion.

Do you elevate LGBTQ lives and critically examine the invisibility of majority characteristics? One of data’s strengths is its power to tell stories, which can shifts hearts and minds and encourage others to take action. However, increased visibility alone is not enough. A queer approach also problematizes the distinction between the center and the margins so the invisibility of majority identity characteristics, such as cis and heterosexual, are brought into focus and critically examined.

In an interview with Business Wire in November 2011, Buffett said, “If you understand chapters 8 and 20 of The Intelligent Investor (Benjamin Graham, 1949) and chapter 12 of The General Theory (John Maynard Keynes, 1936), you don’t need to read anything else and you can turn off your TV.”2 This advice from Buffett references two classics from the field of investing and economics. Chapter 8 of Graham’s book talks about not letting the mood swings of Mr. Market coax us into speculating, selling in panic, or trying to time the market. Chapter 20 explains that, after careful analysis of a company’s ongoing business and its prospects for future earnings, we should consider buying only if its current price implies a large margin of safety. In chapter 12 of The General Theory of Employment, Interest, and Money (“The State of Long-Term Expectation”), Keynes remarks that most professional investors and speculators were “largely concerned, not with making superior long-term forecasts of the probable yield of an investment over

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.

The rise of interest rates implies an increase in the cost of money, which tends to exercise downward pressure on the profit margins, sales, and earnings of all industry groups. Some, however, are more sensitive to rate fluctuations than others.

Banks lead the interest rate cycle. They feel the brunt of rising interest rates and benefit from their decline. When interest rates rise, the spread between their cost of capital and their sources of revenue-loans declines. This, in turn, exercises pressure on profit margins and profitability. In addition, rising interest rates tend to have a negative effect on demand for credit, causing it to slow down.

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Scheffe tests also produce “homogeneous subsets,” that is, groups that have statistically identical means. Both the three largest and the three smallest populations have identical means. The Tukey levels of statistical significance are, respectively, .725 and .165 (both > .05). This is shown in Table 13.3. Figure 13.2 Group Boxplots Table 13.2 ANOVA Table Third, is the increase in means linear? This test is an option on many statistical software packages that produces an additional line of output in the ANOVA table, called the “linear term for unweighted sum of squares,” with the appropriate F-test. Here, that F-test statistic is 7.85, p = .006 < .01, and so we conclude that the apparent linear increase is indeed significant: wetland loss is linearly associated with the increased surrounding population of watersheds.8 Figure 13.2 does not clearly show this, but the enlarged Y-axis in Figure 13.3 does. Fourth, are our findings robust? One concern is that the statistical validity is affected by observations that statistically (although not substantively) are outliers. Removing the seven outliers identified earlier does not affect our conclusions. The resulting variable remains normally distributed, and there are no (new) outliers for any group. The resulting variable has equal variances across the groups (Levene’s test = 1.03, p = .38 > .05). The global F-test is 3.44 (p = .019 < .05), and the Bonferroni post-hoc test similarly finds that only the differences between the “Small” and “Large” group means are significant (p = .031). The increase remains linear (F = 6.74, p = .011 < .05). Thus, we conclude that the presence of observations with large values does not alter our conclusions. Table 13.3 Homogeneous Subsets Figure 13.3 Watershed Loss, by Population We also test the robustness of conclusions for different variable transformations. The extreme skewness of the untransformed variable allows for only a limited range of root transformations that produce normality. Within this range (power 0.222 through 0.275), the preceding conclusions are replicated fully. Natural log and base-10 log transformations also result in normality and replicate these results, except that the post-hoc tests fail to identify that the means of the “Large” and “Small” groups are significantly different. However, the global F-test is (marginally) significant (F = 2.80, p = .043 < .05), which suggests that this difference is too small to detect with this transformation. A single, independent-samples t-test for this difference is significant (t = 2.47, p = .017 < .05), suggesting that this problem may have been exacerbated by the limited number of observations. In sum, we find converging evidence for our conclusions. As this example also shows, when using statistics, analysts frequently must exercise judgment and justify their decisions.9 Finally, what is the practical significance of this analysis? The wetland loss among watersheds with large surrounding populations is [(3.21 – 2.52)/2.52 =] 27.4 percent greater than among those surrounded by small populations. It is up to managers and elected officials to determine whether a difference of this magnitude warrants intervention in watersheds with large surrounding populations.10

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oppression is theorized as structurally relational to, and hence shaped by, capitalist production rather than on the margins of analysis or as add-ons to a deeper and more vital economic process.

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WhiteBIT Referral Code "rebate" – Get 30% Off Trading Fees & $7000 Bonus WhiteBIT is a leading cryptocurrency exchange that has gained popularity due to its low trading fees, wide range of supported assets, and user-friendly platform. Whether you are just getting started with crypto trading or you are an experienced investor, WhiteBIT offers features that can help you optimize your trading experience. By using the WhiteBIT Referral Code "rebate", new users can enjoy a 30% discount on trading fees and claim up to a $7000 bonus. Why Choose WhiteBIT? 1. Low Trading Fees One of the most significant advantages of WhiteBIT is its low trading fees. The platform charges competitive fees, making it ideal for traders who execute numerous trades. By using the WhiteBIT Referral Code "rebate" , you can get an additional 30% off on trading fees, which will help you save even more as you trade. 2. Generous Welcome Bonus WhiteBIT offers a fantastic welcome offer for new users. By signing up with the referral code "rebate", you can claim a $7000 bonus. This bonus can be used to enhance your trading capital, allowing you to make larger trades or explore various cryptocurrencies. It’s an excellent way to get started and reduce the risk when learning the platform. 3. Wide Range of Cryptocurrencies WhiteBIT supports a wide variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and many altcoins. This diversity allows traders to easily diversify their portfolios and take advantage of various market trends. 4. Advanced Trading Features For those who want to take their trading to the next level, WhiteBIT offers advanced trading features such as spot trading, futures trading, and margin trading. In addition, the platform provides users with access to real-time market data, advanced charting tools, and technical analysis to help traders make informed decisions. 5. Top-notch Security Security is always a concern when trading cryptocurrencies, and WhiteBIT takes it seriously. The platform uses two-factor authentication (2FA) and cold storage to protect user funds from unauthorized access and cyber threats. These security measures ensure that your assets are safe while you trade. 6. User-Friendly Interface Whether you are a novice or an experienced trader, WhiteBIT’s user-friendly interface makes it easy to navigate the platform. The clean design ensures that you can place trades, check market prices, and manage your portfolio without any confusion. Additionally, WhiteBIT provides a mobile app for trading on the go, allowing users to stay connected with the market at all times. 7. 24/7 Customer Support WhiteBIT offers 24/7 customer support to assist with any issues you may encounter. Whether it’s account verification, deposit issues, or questions about trading, the support team is available to provide timely solutions to ensure you can continue trading smoothly. How to Use the WhiteBIT Referral Code "rebate" Using the WhiteBIT Referral Code "rebate" is simple. Just follow these easy steps: Sign Up: Visit the WhiteBIT website and create an account. Enter Referral Code: During registration, enter the referral code "rebate" to unlock your 30% discount on trading fees and claim your $7000 bonus. Verify Your Account: Complete the KYC verification process to secure your account and begin trading. Deposit Funds: Add funds to your WhiteBIT account using your preferred method. Start Trading: With your funds ready, you can start trading while enjoying lower fees and using your bonus funds. Why WhiteBIT is a Great Choice WhiteBIT stands out for several reasons, including: Low Fees: By using the referral code, you can save 30% on trading fees, making it more affordable to trade frequently. Generous Bonus: The $7000 bonus is a substantial offer compared to other exchanges, providing new users with extra capital to start trading.