Market Liquidity Quotes

In the City Market is the Meet Café. Followers of obsolete, unthinkable trades doodling in Etruscan, addicts of drugs not yet synthesized, pushers of souped-up harmine, junk reduced to pure habit offering precarious vegetable serenity, liquids to induce Latah, Tithonian longevity serums, black marketeers of World War III, excusers of telepathic sensitivity, osteopaths of the spirit, investigators of infractions denounced by bland paranoid chess players, servers of fragmentary warrants taken down in hebephrenic shorthand charging unspeakable mutilations of the spirit, bureaucrats of spectral departments, officials of unconstituted police states, a Lesbian dwarf who has perfected operation Bang-utot, the lung erection that strangles a sleeping enemy, sellers of orgone tanks and relaxing machines, brokers of exquisite dreams and memories tested on the sensitized cells of junk sickness and bartered for raw materials of the will, doctors skilled in the treatment of diseases dormant in the black dust of ruined cities, gathering virulence in the white blood of eyeless worms feeling slowly to the surface and the human host, maladies of the ocean floor and the stratosphere, maladies of the laboratory and atomic war... A place where the unknown past and the emergent future meet in a vibrating soundless hum... Larval entities waiting for a Live One...

Moreover, the 3.2 million people enslaved in the United States had a market value of $1.3 billion in 1850—one-fifth of the nation’s wealth and almost equal to the entire gross national product. They were more liquid than other forms of American property, even if an acre of land couldn’t run away or kill an overseer with an axe.14

Did she know how beautiful she was? Did she know her eyes were the color of liquid gold, and that songs could be written about the way she turned out her wrist to reach for her glass?

Another lesson is that smart professionals might give an instruction to a program based on a sensible-seeming and normally sound assumption (e.g. that trading volume is a good measure of market liquidity), and that this can produce catastrophic results when the program continues to act on the instruction with iron-clad logical consistency even in the unanticipated situation where the assumption turns out to be invalid. The algorithm just does what it does; and unless it is a very special kind of algorithm, it does not care that we clasp our heads and gasp in dumbstruck horror at the absurd inappropriateness of its actions. This is a theme that we will encounter again.

Since the 1970S, financial innova­tions such as the securitisation of mortgage debt and the spreading of investment risks through the creation of derivative markets, all tacitly (and now, as we see, actually) backed by state power, have permitted a huge flow of excess liquidity into all facets of urbanisa­tion and built environment construction worldwide.

I thought. I thought of the slow yellow autumn in the swamp and the high honey sun of spring and the eternal silence of the marshes, and the shivering light on them, and the whisper of the spartina and sweet grass in the wind and the little liquid splashes of who-knew-what secret creatures entering that strange old place of blood-warm half earth, half water. I thought of the song of all the birds that I knew, and the soft singsong of the coffee-skinned women who sold their coiled sweet-grass baskets in the market and on Meeting Street. I thought of the glittering sun on the morning harbor and the spicy, somehow oriental smells from the dark old shops, and the rioting flowers everywhere, heavy tropical and exotic. I thought of the clop of horses' feet on cobblestones and the soft, sulking, wallowing surf of Sullivan's Island in August, and the countless small vistas of grace and charm wherever the eye fell; a garden door, a peeling old wall, an entire symmetrical world caught in a windowpane. Charlestone simply could not manage to offend the eye. I thought of the candy colors of the old houses in the sunset, and the dark secret churchyards with their tumbled stones, and the puresweet bells of Saint Michael's in the Sunday morning stillness. I thought of my tottering piles of books in the study at Belleau and the nights before the fire when my father told me of stars and butterflies and voyages, and the silver music of mathematics. I thought of hot, milky sweet coffee in the mornings, and the old kitchen around me, and Aurelia's gold smile and quick hands and eyes rich with love for me.

Deep and liquid markets in a country’s domestic economy are the essential shock absorbers through which the perilous waters of international financial integration can be navigated.

Last call. It was about that time. He’d probably been drinking liquid courage all night, waiting for his chance to hit on her. I had little choice in assuming he was a three-time loser with a wad-of-cash to wave around and a bozo smile to boot. About to prate his many accomplishments as a man of the world and his travels among the world’s top markets.

What’s up with your hair?’ I ask. ‘Aren’t you worried you’ll be spotted by angels flying above with all that blue?’ ‘War paint,’ says Dee, fastening his seatbelt. ‘Except it’s in our hair instead of on our faces,’ says Dum, starting the engine. ‘Because we’re original like that.’ ‘Besides, are poisonous frogs worried about being spotted by birds?’ asks Dee. ‘Are poisonous snakes? They all have bright markings.’ ‘You’re a poisonous frog now?’ I ask. ‘Ribbit.’ He turns and flicks out his tongue at me. It’s blue. My eyes widen. ‘You dyed your tongue too?’ Dee smiles. ‘Nah. It’s just Gatorade.’ He lifts up a bottle half-full of blue liquid. ‘Gotcha.’ He winks. ‘“Hydrate or Die,” man,’ says Dum as we turn onto El Camino Real. ‘That’s not Gatorade’s marketing,’ says Dee. ‘It’s for some other brand.’ ‘Never thought I’d say this,’ says Dum, ‘but I actually miss ads. You know, like “Just Do It.” I never realized how much of life’s good advice came from ads. What we really need now is for some industrious soul to put out a product and give us a really excellent saying to go with it. Like “Kill ’Em All and Let God Sort ’Em Out.”’ ‘That’s not an advertising jingle,’ I say. ‘Only because it wasn’t good advice back in the day,’ says Dum. ‘Might be good advice now. Attach a product to it, and we could get rich.

Everyone knows about market risk and management risk. But there are a variety of non obvious risks to consider when managing a portfolio of investments. They include political risk, share premiums and discounts risk, Interest Rate risk, Income Risk, Tax law changes risk, valuation risk, and liquidity risk, among others. This is why professional active portfolio management is the way to go.

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.

Something out of the ordinary course of business is taking place that creates an investment opportunity. The list of corporate events that can result in big profits for you runs the gamut—spinoffs, mergers, restructurings, rights offerings, bankruptcies, liquidations, asset sales, distributions.

The worst continued to worsen. What looked one day like the end proved on the next day to have been only the beginning. Nothing could have been more ingeniously designed to maximize the suffering, and also to insure that as few people as possible escape the common misfortune. The fortunate speculator who had funds to answer the first margin call presently got another and equally urgent one, and if he met that there would still be another. In the end all the money he had was extracted from him and lost. The man with the smart money, who was safely out of the market when the first crash came, naturally went back in to pick up bargains. The bargains then suffered a ruinous fall. Even the man who waited for volume of trading to return to normal and saw Wall Street become as placid as a produce market, and who then bought common stocks would see their value drop to a third or a fourth of the purchase price in the next 24 months. The Coolidge bull market was a remarkable phenomenon. The ruthlessness of its liquidation was, in its own way, equally remarkable.

Excess liquidity is the leading source of all bubbles.

Liquidity collapse is not the sign of the market bottom. It is instead a sign that the bottom is not far.

Achieving such deep and liquid markets requires large-scale financial sector reforms, with a complete replacement of the existing regulatory framework.

A liquidity crisis is ended by government actions and by government actions only. When you see that governments are providing liquidity support or have started talking about it, it is the time to start buying.

well-functioning market requires all three types of investors for socially beneficial projects to have access to cheap capital. Value investors allocate capital to its most productive use. Speculators, because they trade frequently, provide the liquidity and trading volume that allows value investors and relative value traders to execute their trades cheaply. They also ensure that information is disseminated quickly.

the notion that we know all there is to know about people and their needs and that all these data are pinned down exactly and fully explained by the market, the state, sociological surveys, ratings, and everything else that turns people into the Global Anonymous.

Market participants willing to accept illiquidity achieve a significant edge in seeking high risk-adjusted returns. Because market players routinely overpay for liquidity, serious investors benefit by avoiding overpriced liquid securities and by embracing less liquid alternatives.

If money is in essence transferable credit—rather than a commodity medium of exchange, as the academic economists insisted—then fundamentally different factors explain the economy’s demand for it. Meeting demand for commodities is a simple matter of ensuring a sufficient supply on the market. When it comes to transferable credit, however, volume alone is not enough: the creditworthiness of the issuer and the liquidity of the liability come into play. And both these factors are determined not technologically or physically but by the general levels of trust and confidence.

The Fed has gone about as if the problem is a shortage of liquidity. That is not the basic problem. The basic problem for the markets is that uncertainty that the balance sheets of financial firms are credible. -Anna J. Schwartz interviewed in the Wall Street Journal, October 18-19, 2008.

I believe that everyone should keep a reserve of liquidity outside their portfolio to meet family emergencies. While a portfolio can be part liquidated relatively quickly, there have been times, such as the secondary banking crisis of the early 1970s or the 2008 subprime/banking crash, when markets have plunged and stocks have become almost unsaleable.

As to liquid, my rule is drink no liquid that is not at least a thousand years old—so its fitness has been tested. I drink just wine, water, and coffee. No soft drinks. Perhaps the most possibly deceitfully noxious drink is the orange juice we make poor innocent people imbibe at the breakfast table while, thanks to marketing, we convince them it is “healthy.

The Algo Wars were leaving a path of destruction in their wake. “HFT algos reduce the value of resting orders and increase the value of how fast orders can be placed and cancelled,” wrote Nanex researcher Eric Hunsader. “This results in the illusion of liquidity. We can’t understand why this is allowed to continue, because at the core, it is pure manipulation.

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 real force that pushed history to breakneck velocity […] was not the share market. Share markets were simply not liquid enough to bankroll Edison-sized ambitions. At the turn of the 20th century […] neither the banks nor the share markets could raise the kind of money needed to build all those power stations, grids, factories and distribution networks. To get those vast projects off the ground, what was required was an equivalently-sized network of credit. Hand-in-hand, shareholding and technology led to the creation of shareholder-owned mega banks, willing to lend to the new mega firms by generating a new kind of mega debt. This took the form of vast overdraft facilities for the Thomas Edisons and the Henry Fords of the world. Of course, the money they were lent did not actually exist… yet. Rather, it was as if they were borrowing the future profits of their mega firms in order to fund those mega firms’ construction.

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.

If all markets could be made perfect, and all human beings made rational, then more financial contracts, more trading, more liquidity, and more price discovery would indeed bring us closer to an efficient competitive equilibrium in which all resources would be allocated as efficiently as possible. But in the real world of inherently imperfect markets, imperfect information, and of human beings part rational and part not, market completion and increased liquidity can have negative effects.

At the turn of the century, Edwin Binney and his nephew, C. Harold Smith, who were in the paint business, thought there might be a market for colored wax sticks and began experimenting with beeswax and some of the newer petroleum-based varieties. In 1903, they produced the first rainbow box of eight wax crayons, which they sold successfully to schools. Alice Binney, Edwin’s wife, christened them “Crayolas” by joining the French word craie, or chalk, with “ola,” short for “oleaginous,” or oily. Many

For the Valley establishment, the creation of the Vision Fund was like that alien, menacing, and transformative Space Odyssey monolith materializing on the divide in Sand Hill Road. From 2013 to 2023, the market value of all unicorns would skyrocket from $100 billion to $5 trillion.31 To remain a player in this ocean of liquidity, Sequoia, like everyone else, needed a bigger boat. This would be Masa Son’s enduring legacy. A billion dollars wasn’t cool anymore. You know what was cool? A hundred billion dollars.

believe in the trade. On the one hand, you don’t want the loss on the position to get any worse, but, on the other hand, you are concerned that as soon as you get out, the market will turn around in favor of the liquidated trade. This conflict can cause traders to freeze and do nothing as their losses mount. Steve Cohen also had some useful advice about how to handle this type of situation. “If the market is moving against you, and you don’t know why, take in half. You can always put in on again. If you do that twice, you’ve taken in three-quarters of your position. Then what’s left is no longer a big deal.

Corruption,' Jordan Belfort believes, 'is endemic to human being. I mean, even men in monasteries - where enticement is hard to come by – even men in those circumstances have sex with other men and abuse children. Look at the Catholic Church! Man is an imperfect animal and he is corruptible, okay? And in finance, the liquid nature of the market makes corruption very easy. On Wall Street, this liquidity is so in your face -' he suddenly grits his teeth - 'that if you have even the slightest predisposition to the dark side, you become corrupted. In addition to which, those attracted to Wall Street have a predisposition to greed.

two businessmen approached him with that project in autumn 1854. It was generally known that petroleum—rock oil, as it was commonly called, translating its Latin compound—could be refined into kerosene using much the same distilling process that Gesner and others used for solid bitumens. The two men judged that a domestic liquid source would allow them to produce kerosene less expensively for the large and expanding market for lamp fuel than mined sources did. They had acquired a farm in western Pennsylvania, one hundred miles north of Pittsburgh in Venango County, near the town of Titusville, where seeps of brown, greenish-tinged oil gave their name to a stream called Oil Creek.

The retreat of the state from the function on which its claims to legitimation were founded for the better part of the past century throws the issue of legitimation wide open again. A new citizenship consensus (‘constitutional patriotism’, to deploy Jürgen Habermas’s term) cannot be presently built in the way it used to be built not so long ago: through the assurance of constitutional protection against the vagaries of the market, notorious for playing havoc with social standings and for sapping rights to social esteem and personal dignity. The integrity of the political body in its currently most common form of a nation-state is in trouble, and so an alternative legitimation is urgently needed and sought. In

There are 2 billion people who have no bank accounts at all. There are another 4 billion people who have very limited access to banking. ​ Banking without international currencies, banking without international markets, banking without liquidity. Bitcoin isn’t about the 1 billion. Bitcoin is all about the other 6 1/2. The people who are currently cut off from international banking. What do you think happens when you suddenly are able to turn a simple text-messaging phone in the middle of a rural area in Nigeria, connected to a solar panel, into a bank terminal? Into a Western Union remittance terminal? ​Into an international loan-origination system? A stock market? An IPO engine? At first, nothing, but give it a few years.

(BDO) October 22: The Dollar Squeeze A debt is a short cash position—i.e., a commitment to deliver cash that one doesn’t have. Because the dollar is the world’s reserve currency, and because of the dollar surplus recycling that has taken place over the past few years…lots of dollar denominated debt has been built up around the world. So, as dollar liquidity has become tight, there has been a dollar squeeze. This squeeze…is hitting dollar-indebted emerging markets (particularly those of commodity exporters) and is supporting the dollar. When this short squeeze ends, which will happen when either the debtors default or get the liquidity to prevent their default, the US dollar will decline. Until then, we expect to remain long the USD against the euro and emerging market currencies. The actual price of anything is always equal to the amount of spending on the item being exchanged divided by the quantity of the item being sold (i.e., P = $/Q), so a) knowing who is spending and who is selling what quantity (and ideally why) is the ideal way to get at the price at any time, and b) prices don’t always react to changes in fundamentals as they happen in the ways characterized by those who seek to explain price movements in connection with unfolding news. During this period, volatility remained extremely high for reasons that had nothing to do with fundamentals and everything to do with who was getting in and out of positions for various reasons—like being squeezed, no longer being squeezed, rebalancing portfolios, etc. For example, on Tuesday, October 28, the S&P gained more than 10 percent and the next day it fell by 1.1 percent when the Fed cut interest rates by another 50 basis points. Closing the month, the S&P was down 17 percent—the largest single-month drop since October 1987.

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.

Achievement ceremonies are revealing about the need of the powerful to punish women through beauty, since the tension of having to repress alarm at female achievement is unusually formalized in them. Beauty myth insults tend to be blurted out at them like death jokes at a funeral. Memories of these achievement ceremonies are supposed to last like Polaroid snapshots that gel into permanent colors, souvenirs to keep of a hard race run; but for girls and young women, the myth keeps those colors always liquid so that, with a word, they can be smeared into the uniform shades of mud. At my college graduation, the commencement speaker, Dick Cavett—who had been a “brother” of the university president in an allmale secret society—was confronted by two thousand young female Yale graduates in mortarboards and academic gowns, and offered them this story: When he was at Yale there were no women. The women went to Vassar. There, they had nude photographs taken in gym class to check their posture. Some of the photos ended up in the pornography black market in New Haven. The punch line: The photos found no buyers. Whether or not the slur was deliberate, it was still effective: We may have been Elis but we would still not make pornography worth his buying. Today, three thousand men of the class of 1984 are sure they are graduates of that university, remembering commencement as they are meant to: proudly. But many of the two thousand women, when they can think of that day at all, recall the feelings of the powerless: exclusion and shame and impotent, complicit silence. We could not make a scene, as it was our parents’ great day for which they had traveled long distances; neither could they, out of the same concern for us. Beauty pornography makes an eating disease seem inevitable, even desirable, if a young woman is to consider herself sexual and valuable: Robin Lakoff and Raquel Scherr in Face Value found in 1984 that “among college women, ‘modern’ definitions of beauty—health, energy, self-confidence”—prevailed. “The bad news” is that they all had “only one overriding concern: the shape and weight of their bodies. They all wanted to lose 5–25 pounds, even though most [were] not remotely overweight. They went into great detail about every flaw in their anatomies, and told of the great disgust they felt every time they looked in the mirror.” The “great disgust” they feel comes from learning the rigid conventions of beauty pornography before they learn their own sexual value; in such an atmosphere, eating diseases make perfect sense.

As they worked through the order types, they created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared as if there were three activities that led to a vast amount of grotesquely unfair trading. The first they called “electronic front-running”—seeing an investor trying to do something in one place and racing him to the next. (What had happened to Brad, when he traded at RBC.) The second they called “rebate arbitrage”—using the new complexity to game the seizing of whatever kickbacks the exchange offered without actually providing the liquidity that the kickback was presumably meant to entice. The third, and probably by far the most widespread, they called “slow market arbitrage.” This occurred when a high-frequency trader was able to see the price of a stock change on one exchange, and pick off orders sitting on other exchanges, before the exchanges were able to react. Say, for instance, the market for P&G shares is 80–80.01, and buyers and sellers sit on both sides on all of the exchanges. A big seller comes in on the NYSE and knocks the price down to 79.98–79.99. High-frequency traders buy on NYSE at $79.99 and sell on all the other exchanges at $80, before the market officially changes. This happened all day, every day, and generated more billions of dollars a year than the other strategies combined.

Planted rows went turning past like giant spokes one by one as they ranged the roads. The skies were interrupted by dark gray storm clouds with a flow like molten stone, swept and liquid, and light that found its way through them was lost in the dark fields but gathered shining along the pale road, so that sometimes all you could see was the road, and the horizon it ran to. Sometimes she was overwhelmed by the green life passing in such high turbulence, too much to see, all clamoring to have its way. Leaves sawtooth, spade-shaped, long and thin, blunt-fingered, downy and veined, oiled and dusty with the day—flowers in bells and clusters, purple and white or yellow as butter, star-shaped ferns in the wet and dark places, millions of green veilings before the bridal secrets in the moss and under the deadfalls, went on by the wheels creaking and struck by rocks in the ruts, sparks visible only in what shadow it might pass over, a busy development of small trailside shapes tumbling in what had to be deliberately arranged precision, herbs the wildcrafters knew the names and market prices of and which the silent women up in the foothills, counterparts whom they most often never got even to meet, knew the magic uses for. They lived for different futures, but they were each other’s unrecognized halves, and what fascination between them did come to pass was lit up, beyond question, with grace.

I have always been a teller of stories. When I was a young girl, my mother carried me out of a grocery store as I screamed about toes in the produce aisle. Concerned women turned and watched as I kicked the air and pounded my mother’s slender back. “Potatoes!” she corrected when we got back to the house. “Not toes!” She told me to sit in my chair—a child-sized thing, built for me—until my father returned. But no, I had seen the toes, pale and bloody stumps, mixed in among those russet tubers. One of them, the one that I had poked with the tip of my index finger, was cold as ice, and yielded beneath my touch the way a blister did. When I repeated this detail to my mother, something behind the liquid of her eyes shifted quick as a startled cat. “You stay right there,” she said. My father returned from work that evening, and listened to my story, each detail. “You’ve met Mr. Barns, have you not?” he asked me, referring to the elderly man who ran this particular market. I had met him once, and I said so. He had hair white as a sky before snow, and a wife who drew the signs for the store windows. “Why would Mr. Barns sell toes?” my father asked. “Where would he get them?” Being young, and having no understanding of graveyards or mortuaries, I could not answer. “And even if he got them somewhere,” my father continued, “what would he have to gain by selling them amongst the potatoes?” They had been there. I had seen them with my own eyes. But beneath the sunbeam of my father’s logic, I felt my doubt unfurl. “Most importantly,” my father said, arriving triumphantly at his final piece of evidence, “why did no one notice the toes except for you?” As a grown woman, I would have said to my father that there are true things in this world observed only by a single set of eyes. As a girl, I consented to his account of the story, and laughed when he scooped me from the chair to kiss me and send me on my way.

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

The scheme began to unravel following the Panic of 1873 when railroad investments failed. The bank experienced several runs at the height of the panic. The panic would not have affected the bank if it had been a savings bank, but by 1866, the business of the bank had become…reckless speculation, over-capitalization, stock manipulation, intrigue and bribery, and downright plundering…. In a last ditch effort to save the bank, the Trustees appointed Frederick Douglas as Bank President in March of 1874. Douglass did not ask to be nominated and the Bank Board knew that Douglass had no experience in banking, but they felt that his reputation and popularity would restore confidence to fleeing depositors….Douglas lent the bank $10,000 of his own money to cover the bank’s illiquid assets….Douglass quickly discovered that the bank was full of dead men’s bones, rottenness and corruption. As soon as Douglass realized that the bank was headed towards certain failure, he imposed drastic spending cuts to limit depositors’ losses. He then relayed this information to Congress, underscoring the bank’s insolvency, and declaring that he could no longer ask his people to deposit their money in it. Despite the other Trustees’ attempts to convince Congress otherwise, Congress sided with Douglass, and on June 20, 1874, Congress amended the Charter to authorize the Trustees to end operations. Within a few weeks’ time, the bank’s doors were shut for good on June 29, 1874, leaving 61,131 depositors without access to nearly $3 million dollars in deposits. More than half of accumulated black wealth disappeared through the mismanagement of the Freedman’s Savings Bank. And what is most lamentable…is the fact that only a few of those who embezzled and defrauded the one-time liquid assets of this bank were ever prosecuted….Congress did appoint a commission led by John AJ Cresswell to look into the failure and to recover as much of the deposits as possible. In 1880, Henry Cook testified about the bank failure and said that bank’s depositors were victims of a widespread universal sweeping financial disaster. In other words, it was the Market’s fault, not his. The misdeeds of the bank’s management never came to light.

By the end of 2008, however, the ingredients for a solid market recovery were in place. The over-levered funds that had received margin calls either raised additional capital, sold assets to de-lever as required, or liquidated. Funds and investment managers that received notices from investors desiring to withdraw at year-end either put up “gates” postponing withdrawals or completed the asset sales needed to meet them. The prices of debt securities reached a point where they implied yields so high that selling was unpalatable and buying became attractive. And, ultimately, market participants demonstrated that when negative psychology is universal and “things can’t get any worse,” they won’t. When all optimism has been driven out, and panicked risk aversion is everywhere, it becomes possible to reach a point where prices can’t go any lower. And when prices eventually stop going down, people tend to feel relief, and so the potential for a price recovery begins to arise.

Since inflation results from economic strength, the efforts of central bankers to control it amount to trying to take some of the steam out of the economy. They can include reducing the money supply, raising interest rates and selling securities. When the private sector purchases securities from the central bank, money is taken out of circulation; this tends to reduce the demand for goods and thus discourages inflation. Central bankers who are strongly dedicated to keeping inflation under control are called “hawks.” They tend to do the things listed above sooner and to a greater extent. The problem, of course, is that actions of this kind are anti-stimulative. They can accomplish the goal of keeping inflation under control, but they also restrain the growth of the economy, with effects that can be less than beneficial. The issue is complicated by the fact that in the last few decades, many central banks have been given a second responsibility. In addition to controlling inflation, they are expected to support employment, and, of course, employment does better when the economy is stronger. So central banks encourage this through stimulative actions such as increasing the money supply, decreasing interest rates, and injecting liquidity into the economy by buying securities—as in the recent program of “quantitative easing.” Central bankers who focus strongly on encouraging employment and lean toward these actions are called “doves.

The Global Financial Crisis of 2007–08 represented the greatest financial downswing of my lifetime, and consequently it presents the best opportunity to observe, reflect and learn. The scene was set for its occurrence by a number of developments. Here’s a partial list: Government policies supported an expansion of home ownership—which by definition meant the inclusion of people who historically couldn’t afford to buy homes—at a time when home prices were soaring; The Fed pushed interest rates down, causing the demand for higher-yielding instruments such as structured/levered mortgage securities to increase; There was a rising trend among banks to make mortgage loans, package them and sell them onward (as opposed to retaining them); Decisions to lend, structure, assign credit ratings and invest were made on the basis of unquestioning extrapolation of low historic mortgage default rates; The above four points resulted in an increased eagerness to extend mortgage loans, with an accompanying decline in lending standards; Novel and untested mortgage backed securities were developed that promised high returns with low risk, something that has great appeal in non-skeptical times; Protective laws and regulations were relaxed, such as the Glass-Steagall Act (which prohibited the creation of financial conglomerates), the uptick rule (which prevented traders who had bet against stocks from forcing them down through non-stop short selling), and the rules that limited banks’ leverage, permitting it to nearly triple; Finally, the media ran articles stating that risk had been eliminated by the combination of: the adroit Fed, which could be counted on to inject stimulus whenever economic sluggishness developed, confidence that the excess liquidity flowing to China for its exports and to oil producers would never fail to be recycled back into our markets, buoying asset prices, and the new Wall Street innovations, which “sliced and diced” risk so finely, spread it so widely and placed it with those best suited to bear it.

Regardless of what they say in their unparalleled self-promotion, not even the “pros” can pick stocks or time markets in the short run. Nevertheless, good returns over the long run, constantly quoted prices, low transaction costs, accurate records, and absolute liquidity make stock market investing attractive.

As we discussed, without liquidity through secondary markets, attracting node validators to a new network will be difficult, as the tokens compensate for their time and resources to maintaining network infrastructure.

But if you want to keep your money safe, liquid, and earning interest, one option is a US Treasury money market fund with checking privileges. True, these funds aren’t insured by the FDIC, but because they are tied only to US government debt and not to any corporations or banks that might default, the only way you can lose your money is if the government fails to pay its short-term obligations. If that happens, there is no US government, and all bets are off anyway!

Onion Soup Gratinée YIELD: 4 SERVINGS ONE OF MY greatest treats when working in Paris was to go with my fellow chefs and commis to les Halles, the big market of Paris that spreads through many streets of the Châtelet neighborhood. The excitement in the streets and cafés started a little before 3:00 A.M. and ended around 7:00 or 8:00 A.M. Our nocturnal forays would, more often than not, finish at Le Pied de Cochon (The Pig’s Foot), the quintessential night brasserie of les Halles. There, large, vociferous butchers in bloody aprons would rub shoulders with tuxedoed and elegantly evening-gowned Parisians stopping by for late-night Champagne and a meal after the opera or the theater. The restaurant was famous for its onion-cheese gratinée; it was one of the best in Paris, and hundreds of bowls of it were served every night. For this recipe, you will need four onion soup bowls, each with a capacity of about 12 ounces and, preferably, with a lip or rim around the edge that the cheese topping will stick to as it melts to form a beautiful crust on top of the soup. 2 tablespoons unsalted butter 3 onions (about 12 ounces), cut into thin slices About 7 cups good-quality chicken stock, or a mixture of chicken and beef stock About ½ teaspoon salt, more or less, depending on the saltiness of the stock ½ teaspoon freshly ground black pepper 16 slices of baguette, each cut about ⅜ inch thick About 3 cups grated Swiss cheese, preferably Gruyère, Comté, or Emmenthaler (about 10 ounces) Melt the butter in a saucepan, and sauté the sliced onions in the butter over medium to high heat for about 8 minutes, or until lightly browned. Add the stock, salt, and pepper, and boil gently for 15 minutes. Meanwhile, preheat the oven to 400 degrees. Arrange the bread slices in a single layer on a tray, and bake them for 8 to 10 minutes, or until they are nicely browned. Divide the toast among the bowls, and sprinkle ¼ cup of cheese into each bowl. When the stock and onions have cooked for 15 minutes, pour the soup into the bowls, filling each to the top. Sprinkle on the remainder of the cheese, dividing it among the bowls and taking care not to push it down into the liquid. Press the cheese around the rim or lip of the bowls, so it adheres there as it cooks and the crust does not fall into the liquid. Arrange the soup bowls on a baking sheet, and bake for 35 to 45 minutes, or until a glorious brown, rich crust has developed on top. Serve hot right out of the oven.

For example, in 1602 when the United Dutch Chartered East India Company (Dutch East India Company, for short) became the first company to issue stock,1 the shares were extremely illiquid. When first issued, no stock market even existed, and purchasers were expected to hold on to the shares for 21 years, the length of time granted to the company by the Netherlands’ charter over trade in Asia. However, some investors wanted to sell their shares, perhaps to pay down debts, and so an informal market for the stock (the very first stock market) developed in the Amsterdam East India House. As more joint-stock equity companies were founded, this informal location grew, and was later formalized as the Amsterdam Stock Exchange, the oldest “modern” securities exchange in the world.2 Despite the structure of the shares of the Dutch East India Company not changing much, their market liquidity and trading volumes changed considerably.

One common complaint among real estate investors is the lack of liquidity, especially with direct or unlisted property investments. Blockchain tokens bring liquidity to real estate investments, because they can be more easily traded on secondary markets, rather than having to wait for a building to be sold to cash out.

What was different about this crisis was that the institutional structure was different. It was not banks and depositors; it was broker-dealers and repo markets, money market funds and commercial paper. But the basic idea of providing short-term liquidity in order to stem a panic was very much what Bagehot envisioned when he wrote Lombard Street in 1873.” 37

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.

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

how rich you’d be today had you liquidated your portfolio at the height of the NASDAQ bubble).

The three key factors of liquidity, matching quality, and trust remain crucial to measuring the health of virtually any kind of newly launched platform.

The president’s next sentence was boring but extraordinarily important: “The Federal Reserve is also taking steps to provide additional liquidity to money-market mutual funds, which will help ease pressure on our financial markets.” This was the other half of the money bargain, previously only available to banks: the Fed as lender of last resort. Now, the president was saying, the Fed stood ready to lend against the commercial paper that the money-market funds held and that nobody, but nobody, wanted to buy.

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.

When an economy or market is flushed with excess liquidity, people start to invest in unrealistic possibilities.

Flexibility’ is the slogan of the day, and when applied to the labour market it augurs an end to the ‘job as we know it’, announcing instead the advent of work on short-term contracts, rolling contracts or no contracts, positions with no in-built security but with the ‘until further notice’ clause.

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.

Why invest in Stocks? Answer: 1) You can own multiple businesses 2) Working hours are defined 3) No retirement age 4) Work from Anywhere 5) No organisation required 6) Fully scaleable - can buy 1 or 1 million shares at the same price 7) Quickest Liquidity 8) You can ‘bunk’ your ‘business’ days at your will, for as long as you wish, and get back as conveniently.

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.

This spread between replacement value and liquidation value may be high for real property—often as much as 10 to 20 percent. For instance, I buy a $100,000 painting and pay $7,000 more in sales taxes, for a total of $107,000. The next day I change my mind and sell it for the same price of $100,000, paying $10,000 in commissions, for net proceeds of $90,000. The spread was $90,000 to $107,000, a difference of $17,000 or 17 percent of the “base” price of $100,000. This is what is lost in a round of buying and selling. It’s that way with houses, cars, art, and jewelry. In contrast, the cost to trade listed securities is typically only a small fraction of a percent—which, along with their liquidity, makes them more appealing stores of wealth.

In any case, the theory of Brownian motion was independently developed in 1900 by a Frenchman, Louis Bachelier. Bachelier was not actually concerned with the motion of microscopic particles suspended in a liquid. He was concerned with prices on the French stock market. Prices on the Bourse, like particles in a liquid, are subject to a vast array of random forces, so many that the prices’ behavior can only be studied probabilistically. This is exactly what Bachelier did in his remarkable doctoral thesis, “The Theory of Speculation.” Yet although his paper is couched in terms of futures and stock options and “call-o-more’s” (whatever those are), the mathematics is identical to that of Brownian motion, and Bachelier’s equation explaining the drift of prices with time is the same as the one Einstein later derived for the position of particles. In his paper Bachelier anticipated the Black-Scholes approach to options trading, and for his prescient work he has in recent years been crowned the “father of economic modeling.” At the time, though, Bachelier seems to have been ignored, and he passed into obscurity. Could Einstein have known of his predecessor’s work and merely transplanted the mathematics to particles? I am aware of no evidence that this is the case.

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.

Some emerging markets will check all the boxes—strong population growth, growing middle class, verge of investment grade, great leadership, and hunger for capital—and then be missing the one ingredient that enables you to monetize your investment: scale. Without scale, you don’t have liquidity. You have no optionality. In essence, you’re stuck.

Why invest in Stocks? Answer: 1) You can ‘own’ multiple businesses 2) Working hours are defined 3) No retirement age 4) Work from Anywhere 5) No organisation required 6) Fully scaleable - can buy 1 or 1 million shares at the same price 7) Quickest Liquidity 8) You can ‘bunk your ‘business days’ at your will, for as long as you wish, and get back as conveniently 9) All the ‘compliances’ headache is minus 10) Payments headaches are Zero. 11) Can make money on both side. 12) Get to know ‘Like Minded’ people without meeting them. 13) The kick of ‘identifying’ some businesses ahead of ‘The Aces’ is impeccably fulfilling.

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”).

Despite arguments against speculation and its place in the commodity markets that shape our economy—and, therefore, our lives—without it, producers and users of commodities would have a difficult time facilitating transactions. Thanks to speculators, there is always a buyer for every seller and a seller for every buyer. Without them and the liquidity they provide, hedgers would likely be forced to endure much larger bid/ask spreads and, in theory, price volatility. Consumers would also suffer in the absence of speculators simply because producers would be forced to pass on their increased costs to allow for favorable profit margins.

CHAPTER THREE Iron is a witcher’s mortal enemy. A whiff leads to respiratory illness. Witcher skin burns when touched. A taste is fatal. Ironskin, also known as Liquid Gold, is a trinary-note potion that gives the drinker immunity. Iron as an ingredient further decreases a brewer’s low survival rate. As a highly desirable Class X–prohibited magical concoction, its black market price is seven figures. —Witcherpedia, an online witchery encyclopedia

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.

The sudden collapse of many key market actors in 2007, as the scale and extent of exposure to bad debt became clear, resulted in a worldwide seizing up of credit. This in turn made banks unwilling or unable to make loans to businesses, forcing governments to turn to massive intervention via quantitative easing to return liquidity to markets.

acronym CAMELS stands for Capital adequacy, Asset quality, Management quality, Earnings, Liquidity, and Sensitivity to market risk. Under this system, banks are ranked on a 1 to 5 scale,

Gold Buyer in Chennai: Santhi Jewellery Chennai is a city where gold holds a special place because of its extensive cultural heritage. Gold has been used as a symbol of wealth and prestige in South Indian culture for centuries. Santhi Jewellery is the most popular place to sell gold in Chennai because of its dedication to trust, openness, and excellent service among the many gold buyers there. Why Exchange Gold? The decision to sell gold can be made for a variety of reasons, including the need to upgrade outdated designs, unlock financial liquidity in the event of an emergency, or simply to make a strategic financial decision. In any case, if you want to get the most money for your precious metal, you need to find a reputable gold buyer. Santhi Gems - A Confided in Gold Buyer in Chennai Santhi Gems has procured a standing as quite possibly of the most confided in gold purchaser in Chennai. Santhi Jewellery, which is located in the center of the city, takes pride in providing transparent and sincere evaluations for your gold assets, ensuring that you receive the best price based on market rates at the present time. Why Santhi Jewelers? Fair Market Value: Santhi Jewellery is known for providing honest and accurate gold appraisals. They use cutting-edge technology to evaluate the purity and weight of your gold, ensuring that you are compensated fairly based on current market prices. The process is open and transparent. Experience and knowledge: Santhi Jewellery has a deep understanding of gold's value and market trends thanks to years of experience in the gold industry. Whether your gold is in the form of old jewelry, coins, or bullion, their team of experts will make sure you get the best price for it. A focus on the customer: Customer satisfaction is a top priority at Santhi Jewellery. They make selling easy and comfortable for you, and they make sure that all of your questions are answered. Whether you are selling a little piece of gems or a lot of gold, each exchange is dealt with absolute attention to detail and impressive skill. Payment in a flash: The guarantee of immediate payments is one of the biggest advantages of selling gold at Santhi Jewellery. Payment is processed immediately after your gold has been evaluated and you agree to the price. Because of this, it is a convenient choice for people who require quick access to funds. No extra costs: At Santhi Jewellery, openness is important. Santhi Jewellery guarantees a transparent transaction, in contrast to some gold buyers who may deduct concealed fees or charges. The whole thing is easy, so there won't be any surprises. You'll know exactly how much you'll get. Convenient Location Santhi Jewellery is conveniently located in the center of Chennai, making it convenient for people looking to sell gold in the city. Their courteous staff is always available to assist you with any inquiries, and their modern and secure premises guarantee a safe environment for your transaction. Conclusion Santhi Jewellery is a name that stands out when looking for a dependable Gold Buyer in Chennai because of its professionalism, open process, and dedication to customer satisfaction. Santhi Jewellery guarantees that you will receive the highest possible value for your gold, without any hassle, whether you are selling old gold jewelry or looking for a quick financial solution. Visit them right now for a hassle-free and dependable gold buying experience.

The closure of the stock market and the intervention of the authorities to supply liquidity almost certainly averted a catastrophic fire-sale of assets.

Mainstream economists habitually treat asset depletion as income, while ignoring the value of the assets themselves. If the owner of an old-growth forest cuts it and sells the timber, the market may record a drop in the land’s monetary value, but otherwise the ecological damage done is regarded as an externality. Irreplaceable biological assets, in this case, have been liquidated; thus the benefit of these assets to future generations is denied. From an ecosystem point of view, an economy that does not heavily tax the extraction of non-renewable resources is like a jobless person rapidly spending an inheritance.

Business creates liquidity; real estate creates wealth.

It is observed that money spontaneously chosen by market dynamics tends to have a certain set of characteristics: homogeneity, portability, divisibility, durability, verifiability, scarcity, and, from all of these, liquidity.

Nick implied the job pays crap, so they can’t expect me to be some sort of art professor, right?” She paused when the bartender appeared with a bottle of beer and a slender fluted glass of champagne. The bubbles streaming upward through the pale liquid reminded him of Emma’s personality: round and fizzy, rising as high as they could go. He felt like shit. “Of course, I still need to find a place to live,” Emma said after taking a sip of her drink. “But as long as I have a place to work, I’m good. I can always buy a tent.” “You don’t have to buy a tent,” he said curtly. “Just joking.” She reached across the table and gave his hand a gentle squeeze. “But at least now I don’t have to worry about finding a place to live where I can also work.” He drank some beer straight from the bottle, relishing its sour flavor. Closing his eyes, he pictured that small, windowless room in the community center, its linoleum floor, its cinderblock walls, its sheer ugliness. She was thrilled because she thought it was her only option. But it wasn’t. “Look, Emma—if you want, I’ll take my house off the market. I don’t have to get rid of it. If you want to continue to live there…” She’d raised her champagne flute to her lips, but his words clearly startled her enough to make her lower the glass and gape at him. “But you came to Brogan’s Point to sell the house.” “It can wait.” “And I can’t keep teaching there. You said so yourself. There are those nasty zoning laws. And insurance issues, and liability. All that legal stuff.” She pressed her lips together, effectively smothering her radiant smile. “Taking the room at the community center means I’ll be able to teach there this summer in Nick’s program. So I’ll earn a little more money and maybe make contact with more people who might want to commission Dream Portraits.” She shook her head. “I can make it work.” “You could make it work in my house, too. Stay. Stay as long as you want. We’re not a landlord and tenant anymore. We’ve gone beyond that, haven’t we?” She stared at him, suddenly wary. “What do you mean?” He wasn’t sure what was troubling her. “Emma. We’ve made love. Several times.” Several spectacular times, he wanted to add. “You can stay on in the house. Forget about the rent. That’s the least I owe you.” Her expression went from wary to deflated, from deflated to suspicious. Her voice was cool, barely an inch from icy. “You don’t owe me anything, Max—unless you want to pay me for your portrait. I can’t calculate the cost until I figure out what the painting will…entail.” She seemed to trip over that last word, for some reason. “But as far as the house… I don’t need you to do that.” “Do what? Take it off sale? It isn’t even on sale yet.” “You don’t have to let me stay on in the house because we had sex. I didn’t make love with you because I wanted something in return. You don’t owe me anything.” She sighed again. The fireworks vanished from her eyes, extinguished

It was true. Sugar did treat her bees like next of kin but then again, they were. Along with her manners, the accent she tried so hard to soften, a single china cup covered in blue daisies and a weathered box of essential oils, they were all she carried with her from her past. Her bees relied on her for shelter and food but she relied on them too. She made her living from their honey, not just the healthful liquid itself but from the salves and gels and tinctures and remedies she created and sold at farm stands or farmers' markets wherever she lived. It was the most symbiotic of relationships.

mature markets are dominated by two phenomena: Product parity: When technological development plateaus, advantages created by technology disappear and competitors produce goods of almost identical quality, from washing-up liquid to computers to lipstick. New entrants, both manufacturers and private label, are able to jump quality learning curves by using outsourced manufacturing, which just further increases the pressure on the market leaders. As far as shoppers can judge, brands become mostly indistinguishable. This leads to substitutability, a death sentence for profits in any industry. There

In the world of premium, flame broils there are basically two roads that the makers appear to seek after. We have the do everything models and the particular objective models. Do everything flame broils concentrate on presenting to you a wide range of highlights for a better than average taste of close everything a barbecue can do while alternate concentrate on things like infrared barbecuing, warm maintenance or self-cleaning. This Weber Summit show is a do everything flame broil that matches premium stainless steel with different cooking alternatives, great power, and a cost around $1899 on the lower end for premium barbecues. Weber Summit 7170001 S-470 Stainless-Steel 580-Square-Inch 48,800-BTU Liquid-Propane Gas Grill With a ton of experience in grill design Weber brings to market this heavy duty premium grill. Here we have four main burners pumping 48,800 BTU’s of cooking power over propane gas. It doesn’t stop there though the highlight of this model is all of its grilling utility. Features 580-square-inch 48,800-BTU gas grill with stainless-steel cooking grates and Flavorizer bars Front-mounted controls; 4 stainless-steel burners; Snap-Jet individual burner ignition system Side burner, Sear Station burner, smoker burner, and rear-mounted infrared rotisserie burner Enclosed cart; built-in thermometer; requires a 20-pound LP tank (sold separately); LED fuel gauge - LP models only Measures 30 inches long by 66 inches wide by 57 inches high; 5-year limited warranty SABER SS 500 Premium Stainless Steel 3 Burner Gas Grill Silver is a valuable mineral and also an extravagant color as the natural color of stainless steel why would you not want to go all out. With that in mind, we have this Saber SS 500 premium gas grill. This grill features a completely stainless steel build housing three infrared burners for precise temperature contro Features Constructed with commercial grade 304 stainless steel for lasting durability Uses a patented infrared cooking system for even temperature, no flare-ups and 30% less propane consumption Dual tube side burner is ideal for greater versatility of using woks, skillets and pots, as well as boiling and frying side dishes and sauces 2 internal halogen lights so you can grill at any time of day Napoleon Grills PRO500RSIBPSS-2 Prestige Pro Series Gas Grills Propane The grilling extends beyond your basic setup with a heavy duty rear infrared rotisserie burner and a side infrared burner for searing purposes so whether you want a succulent roast of a hibachi style feast, burgers and hot dogs are just the beginning. Features 80, 000 BTU's Six burners 900 in total cooking area Premium stainless Steel construction

Hoover and Mellon did more than history gives them credit for (i.e., they did more than absolutely nothing) and it’s never been clear if Mellon actually called for anyone to be “liquidated.” None of that mattered, because by the election of 1932, the market was clearly not healing itself. The other parts of Adam Smith’s hand might have been invisible, but the position of its middle digit could be easily detected.

To define success or failure for a platform, and to identify how to improve it, there are three main metrics: liquidity, matching quality, and trust.

One reasonable way to measure liquidity is by tracking the percentage of listings that lead to interactions within a given time period. Of course, both the definition of “interactions” and the appropriate time period will vary depending on the market category. On an information and entertainment platform, an interaction might be the click-through that takes a consumer from a headline to a complete story; on a marketplace platform, it might be the purchase of a product; on a professional networking platform, it might be the offer of a recommendation, the swapping of contact information, or a posted response to a question on a discussion page.

OkCupid tracks the ratio of straight women to straight men, and platform managers work hard to adjust that ratio when it diverges from the level they deem optimal. They manage these adjustments by asking users to rate the attractiveness of those on the opposite side of the platform.7 The website then introduces a filter to reduce the number of men who can participate in the platform by seeing women’s profiles—especially women who are rated as particularly attractive.8 In this way, the OkCupid platform is helping to maintain positive network effects and fostering market liquidity by avoiding an imbalance that might otherwise alienate a segment of its female users.

Large-cap U.S. Stock S&P 500 Index Midcap U.S. Stock S&P Midcap 400 Index Small-cap U.S. Value stock Russell 2000 Value Index Non-U.S. Developed stock MSCI EAFE Index Non-U.S. Emerging stock MSCI Emerging Markets Index Real Estate Dow Jones U.S. Select REIT Index Natural Resources Goldman Sachs Natural Resources Index Commodities Deutsche Bank Liquid Commodity Index U.S. Bonds Barclays Capital Aggregate Bond Index Inflation Protected Bonds Barclays Capital U.S. Treasury Inflation Note Index Non-U.S. Bonds Citibank WGBI Non-U.S. Dollar Index Cash 3-Month Treasury Bill

A plastic gun? Can you believe it? Detractors always like to say that it is a Tupperware gun. It is not Tupperware, or Rubbermaid my friends, it is the real deal! The frame is made of a nylon based polymer that is extremely light, resistant to temperature extremes, resilient, and strong. It also stands up to caustic liquids, and corrosives better than metal or metal alloys

Stocks in Play have sufficient liquidity so that you can exit without unexpected slippage.

as masters of the bond market, the Rothschilds were already more feared than loved. Reactionaries on the Right lamented the rise of a new form of wealth, higher-yielding and more liquid than the landed estates of Europe’s aristocratic elites. As Heinrich Heine discerned, there was something profoundly revolutionary about the financial system the Rothschilds were creating:

There is a lot of liquidity in equity markets, except when you need it

Don’t ever talk about the market as if it’s your pal – nobody ever understands the market. The pain of a loss is worse than the pleasure of a profit. Don’t ever take a loss lightly. If you get worried and sleep badly, you’re in trouble already. Forget about the trendy shares of the day. Don’t invest further in a losing situation. Liquidate your position. Even for speculation based on technical analysis I don’t have much time.

AMERICAN WHEAT OR RYE BEER Refreshing wheat or rye beers can display more hop character and less yeast character than their German cousins. This is a beginner-level style that can be brewed by extract or all-grain methods. Ferments at 65° F (18° C). OG FG IBU Color Alcohol 1.040-1.055 (10-13.6 °P) 1.008-1.013 (2.1-3.3 °P) 15-30 3-6 SRM 6-12 EBC 4-5.5% ABV 3.2-4.3% ABW Keys to Brewing American Wheat or Rye Beer: This easy-drinking beer style usually has a subtly grainy wheat character, slightly reminiscent of crackers. The hop flavor and aroma are more variable, with some versions having no hop character, while others have a fairly noticeable citrus or floral flair. Even when the hops are more prominent, they should not be overwhelming, and the hop bitterness should be balanced. The rye version of this style has a slight spicy, peppery note from the addition of rye in place of some or all of the wheat. The key mistake many brewers make is in assuming that American wheat beer should be similar to German hefeweizen. However, this style should not have the clove and banana character of a hefeweizen. This beer should not be as malty (bready) as a German hefeweizen, either, so all-grain brewers will want to use a less malty American two-row malt. To get the right fermentation profile, it is important to use a fairly neutral yeast strain, one that doesn’t produce a lot of esters like the German wheat yeasts do. While you can substitute yeast like White Labs WLP001 California Ale, Wyeast 1056 American Ale, or Fermentis Safale US-05, a better choice is one that provides some crispness, such as an altbier or Kölsch yeast, and fermentation at a cool temperature. RECIPE: KENT'S HOLLOW LEG It was the dead of winter and I was in Amarillo, Texas, on a business trip with Kent, my co-worker. That evening at dinner I watched as Kent drank a liter of soda, several glasses of water, and three or four liters of American wheat beer. I had a glass of water and one liter of beer, and I went to the bathroom twice. Kent never left the table. When I asked Kent about his superhuman bladder capacity, he thought it was due to years of working as a programmer glued to his computer and to the wonderful, easy-drinking wheat beer. This recipe is named in honor of Kent’s amazing bladder capacity. This recipe has a touch more hop character than many bottled, commercial examples on the market, but a lot less than some examples you might find. If you want less hop character, feel free to drop the late hop additions. If you really love hops and want to make a beer with lots of hop flavor and aroma, increase the late hop amounts as you see fit. However, going past the amounts listed below might knock it out of consideration in many competitions for being “too hoppy for style,” no matter how well it is brewed. OG: 1.052 (12.8 °P) FG: 1.012 (3.0 °P) ADF: 77% IBU: 20 Color: 5 SRM (10 EBC) Alcohol: 5.3% ABV (4.1% ABW) Boil: 60 minutes Pre-Boil Volume: 7 gallons (26.5L) Pre-Boil Gravity: 1.044 (11.0 °P) Extract Weight Percent Wheat LME (4 °L) 8.9 lbs. (4.03kg) 100 Hops   IBU Willamette 5.0% AA, 60 min. 1.0 oz. (28g) 20.3 Willamette 5.0% AA, 0 min. 0.3 oz. (9g) 0 Centennial 9.0% AA, 0 min. 0.3 oz. (9g) 0 Yeast White Labs WLP320 American Hefeweizen, Wyeast 1010 American Wheat, or Fermentis Safale US-05 Fermentation and Conditioning Use 10 grams of properly rehydrated dry yeast, 2 liquid yeast packages, or make a starter. Ferment at 65° F (18° C). When finished, carbonate the beer to approximately 2.5 volumes. All-Grain Option Replace the wheat extract with 6 lbs. (2.72kg) American two-row malt and 6 lbs. (2.72kg) wheat malt. Mash at 152° F (67° C). Rye Option This beer can also be made with a portion of malted rye. The rye gives the beer a slightly spicy note and adds a certain creamy mouthfeel. Replace the wheat extract with 6 lbs. (2.72kg) American two-row malt, 3.75 lbs. (1.70kg) rye malt, and 3 lbs. (1.36kg) wheat malt. Mash at 152° F (67° C).

Prepare Your Trading Plan “You got to be very careful if you don’t know where you are going, because you might not get there.” — Nicholas Nassim Taleb in The Black Swan Based on your temperament and your trading capital, you must lay out a trading plan. Now, what is a trading plan? The plan defines what you will trade, how you will trade, how and when you will enter or exit, etc. Thus, your trading plan would include some parameters on what kind of moves stocks have to make on price, volume and momentum to get you interested. Also, you must define if you are going to have a list of high liquidity stocks or whether you would go for stocks that start to move suddenly, and so on.

Mutual fund Investments have Capital Protection Plans, Fixed Maturity Plans (FMP) or Liquid or Money market schemes that invest

Mutual fund Investments have Capital Protection Plans, Fixed Maturity Plans (FMP) or Liquid or Money market schemes that invest very conservatively to protect the capital.