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

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.

The tax-free bonds may get listed and traded on the stock exchange. However, the secondary market of debt is not liquid or effective in India. Thus, the investor may not be able to realize its true value.

As of August 31, 2014, only 28% of AUM (asset under management) of all mutual funds in India is in equity, balanced and ELSS schemes, i.e. in high risky securities. Income funds (medium risk) have 46% of all AUM and liquid or money market funds (low risk) have about 24% of AUM. The remaining 2% of AUM is for investment in gold, government securities, overseas funds, etc. AUM is the total market value of all financial assets under a MF or a MF scheme managed on behalf of its clients or investors.

Global finance made so much hay, not through efficient markets but by riding up and down three interlinked giant global asset bubbles using huge amounts of leverage. The first bubble began in US equities in 1987 and ran, with a dip in the dot-com era, until 2007. It was the longest equity bull market in history, and it spread out from the United States to boost stock markets all over the world. The smart cash that was being made in those equity markets looked around for a hedge and found real estate, which began its own global bubble phase in 1997 and ran until the crisis hit in 2006. The final bubble occurred in commodities, which rose sharply in 2005 and 2006, long before anyone had heard the words “quantitative easing,” and which burst quickly since these were comparatively tiny markets, too small to sustain such volumes of liquidity all hunting either safety or yield. The popping of these interlinked bubbles combined with losses in the subprime sector of the mortgage derivatives market to trigger the current crisis.

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

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

detect a market top, keep a close eye on the daily S&P 500, NYSE Composite, Dow 30, and Nasdaq Composite as they work their way higher. On one of the days in the uptrend, volume for the market as a whole will increase from the day before, but the index itself will show stalling action (a significantly smaller price increase for the day compared with the prior day’s much larger price increase). I call this “heavy volume without further price progress up.” The average doesn’t have to close down for the day, but in most instances it will, making the distribution (selling) much easier to see, as professional investors liquidate stock. The spread from the average’s daily high to its daily low may in some cases be a little wider than on previous days.

As a trader, I would learn that liquidity disappears when the market receives news that it doesn’t understand. Nobody wants to trade. Bids and offers vanish.

4/20, CANNABIS DAY, APRIL 20 420 FARMERS’ MARKET RISOTTO Recipe from Chef Herb Celebrate the bounty of a new growing season with a dish that’s perfectly in season on April 20. Better known as 4/20, the once unremarkable date has slowly evolved into a new high holiday, set aside by stoners of all stripes to celebrate the herb among like-minded friends. The celebration’s origins are humble in nature: It was simply the time of day when four friends (dubbed “The Waldos”) met to share a joint each day in San Rafael, California. Little did they know that they were beginning a new ceremony that would unite potheads worldwide! Every day at 4:20 p.m., you can light up a joint in solidarity with other pot-lovers in your time zone. It’s a tradition that has caught on, and today, there are huge 4/20 parties and festivals in many cities, including famous gatherings of students in Boulder and Santa Cruz. An Italian rice stew, risotto is dense, rich, and intensely satisfying—perfect cannabis comfort cuisine. This risotto uses the freshest spring ingredients for a variation in texture and bright colors that stimulate the senses. Visit your local farmers’ market around April 20, when the bounty of tender new vegetables is beginning to be harvested after the long, dreary winter. As for tracking down the secret ingredient, you’ll have to find another kind of farmer entirely. STONES 4 4 tablespoons THC olive oil (see recipe) 1 medium leek, white part only, cleaned and finely chopped ½ cup sliced mushrooms 1 small carrot, grated ½ cup sugar snap peas, ends trimmed ½ cup asparagus spears, woody ends removed, cut into 1-inch-long pieces Freshly ground pepper 3½ cups low-sodium chicken broth ¼ cup California dry white wine Olive oil cooking spray 1 cup arborio rice 1 tablespoon minced fresh flat-leaf parsley ¼ cup freshly grated Parmesan cheese Salt 1. In a nonstick skillet, heat 2 tablespoons of the THC olive oil over medium-low heat. Add leek and sauté until wilted, about 5 minutes. Stir in mushrooms and continue to cook, stirring, for 2 minutes. Add carrot, sugar snap peas, and asparagus. Continue to cook, stirring, for another minute. Remove from heat, season with pepper, and set aside. 2. In a medium saucepan over high heat, bring broth and wine to a boil. Reduce heat and keep broth mixture at a slow simmer. 3. In a large pot that has been lightly coated with cooking spray, heat the remaining 2 tablespoons THC olive oil over medium heat. Add rice and stir well until all the grains of rice are coated. Pour in ½ cup of the hot broth and stir, using a wooden spoon, until all liquid is absorbed. Continue adding the broth ½ cup at a time, making sure the rice has absorbed the broth before adding more, reserving ¼ cup of broth for the vegetables. 4. Combine ¼ cup of the broth with the reserved vegetables. Once all broth has been added to the risotto and absorbed, add the vegetable mixture and continue to cook over low heat for 2 minutes. Rice should have a very creamy consistency. Remove from heat and stir in parsley, Parmesan, and salt to taste. Stir well to combine.

2008 was a reminder that it really matters to care about liquidity and correlation, that it matters to worry about a large range of risk indicators rather than just one, that counterparty risk is important, that your balance sheet is important. Most of these lessons are as old as the hills, which is why I really cannot understand all this talk about black swans. When the same thing happens over and over again, how can you be surprised? “Black swan” may have become the most confusing phrase in markets. Nassim Taleb's recent use of the term is commonly understood to denote an unlikely and unforeseeable event, but this is not the main story of 2008. I saw a crisis as highly likely given people's beliefs and behaviors. Many people seem to use the “black swan” idea to reassure themselves when some bad things happened that they did not expect. They use it to claim that it was not their fault, which I do not think was Taleb's meaning. Too often, people use it to avoid taking responsibility for their actions by claiming the events—and their losses—in 2008 were unforeseeable, whereas in fact their hypothesis of how markets worked was just disproved. The other hypotheses always existed. The metaphor of the black swan is of course an old one and was used by Karl Popper in the 1930s to illustrate the fallacy of induction. It is an example of something that can falsify a hypothesis. If you have a hypothesis that all swans are white, a single black swan falsifies that hypothesis. In this usage, the existence of a black swan is of course neither unforeseeable nor even a low probability event, since hypotheses are falsified all the time.

On September 12, in a report to the British parliament, Mervyn, without naming names, sharply criticized the ECB and the Fed. “The provision of such liquidity support . . . encourages excessive risk-taking, and sows the seeds of future financial crises,” he wrote. In other words, there would be no Bank of England put. Mervyn’s concern explained why the Bank of England had not joined the ECB and the Swiss National Bank in proposing currency swap agreements with the Fed. By the time of our September 18 announcement, however, Mervyn appeared to have changed his mind. On the day after our meeting, the Bank of England for the first time announced it would inject longer-term funds (10 billion pounds, or roughly $20 billion, at a three-month term) into British money markets. Later in the crisis I observed, “There are no atheists in foxholes or ideologues in a financial crisis.” Mervyn had joined his fellow central bankers in the foxhole.

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

In the end, he says, his goal is to make the financial system work better and more safely. If the real market worked liked FXTrade, costs would come down, liquidity would rise. "The world economy is like your body," he says. "Your heart pumps six liters of blood a minute, and so if you weigh eighty kilos it would take about fifteen minutes to pump your body's weight. By that analogy, the world foreign exchange markets should be transacting $40 trillion every ten minutes. Today we do $1 trillion or so in twenty-four hours. My claim is the global economy is close to a heart attack.

The unprecedented bull market in Treasury bonds, supported by the belief that Treasury bonds are “insurance policies” in the case of financial collapse, could end as badly as the bull market in technology stocks did at the turn of the century. When economic growth increases, Treasury bondholders will receive the double blow of rising interest rates and loss of safe-haven status. One of the prime lessons learned from long-term analysis is that no asset class can stay permanently detached from fundamentals. Stocks had their comeuppance when the technology bubble burst and the financial system crashed. It is quite likely that bondholders will suffer a similar fate as the liquidity created by the world’s central banks turns into stronger economic growth and higher inflation.

Thinks about the three-mild, slow, and wild-as if the realm of chance were a world in its own right, with its own peculiar laws of physics. Mild randomness, then, is like the solid phase of matter: low energies, stable structures, well-defined volume. It stays where you put it. Wild randomness is like the gaseous phase of matter: high energies, no structure, no volume. No telling what it can do, where it will go. Slow randomness is intermediate between the others, the liquid state. I first proposed some of my views of chance in 1964 in Jerusalem, at an International Congress of Logic and Philosophy of Science. Since then, I have much expanded the theory and shown it to be critical to understanding financial markets in their proper light. As will be seen, the standard theories of finance assume the easier, mild form of randomness. Overwhelming evidence shows markets are far wilder, and scarier, than that.

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. Merle

[T]he ABCP market was built on a fatal flaw: a significant mismatch between the duration of the underlying assets (long-term) and the duration of the paper itself (short-term). While this structure is not unusual -- banks use it all the time -- the crucial difference is that banks have a strong liquidity provider in the event of a problem: the Bank of Canada. The trusts, however, were left in limbo.

So why didn't ABCP investors -- at least the large institutional investors -- have a better grasp of the uncertain nature of market disruption triggers as defined under Canadian-style liquidity? Probably because the contracts were not available for review to investors wishing to purchase ABCP -- yet another example of the lack of transparency surrounding the distribution and sale of this product.

The underpinning of their interest is the macro backdrop. The financial crisis is likely to be shorter-lived than the financial markets expect, they believe, because the Federal Reserve is poised to unleash powerful weapons of monetary policy on an unprecedented scale—in coordination with its counterparts overseas. The credit crunch will be overwhelmed by a sea of liquidity. This gift of almost a trillion dollars of freshly printed cash from the Fed alone will lift stock and debt markets to the point that investors will forget the jagged falls and crashes that have been torturing them in recent months. To be blunt, things will not stay cheap for long. It is an excellent time to buy a good business.

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

The Mercantilism represented by the Hamilton-Clay tradition transcends the history of the American political economy in its significance. Prior to the Industrial Revolution, France stood out for state commitment to internal improvements: in 1666, Colbert had convinced Louis XIV to finance the Canal du Midi as one aspect of the generations-long campaign to establish centralized state authority over the still-feudal French nation. Since time immemorial however, the public credit of the state had been predominantly devoted to the financing of war, whether the state was in the hands of a feudal king, an absolute monarch, a republican city-state, or the conflation of royal power circumscribed by parliamentary representatives of the propertied classes and tempered by "the mob" that emerged in Britain from 1688. The game between the financial markets and the state was played out over the terms on which the owners of liquid capital would fund the state's armies relative to the problematic likelihood of their being repaid.

Your best analysis is done by asking the question, “Where is the loser?” The last thing you want your analysis to do is attempt to predict price action. You want your analysis to disclose historical information. You want information that discloses where the loser is, what he is most likely thinking, and where he will most likely be forced to liquidate the losing trade.

the data was plotted on mathematical diagrams that I invented. These revealed favorable situations and let me quickly specify the appropriate trades. Each day’s closing prices for a convertible and its stock were plotted as a color-coded dot on that particular convertible’s diagram. The diagrams were prepared with curves that were drawn by a computer from my formula and showed the “fair price” of the convertible. The beauty of this was that I could immediately see from the picture whether we had a profitable trading opportunity. If the dot representing the data was above the curve it meant the convertible was overpriced, leading to a possible hedge: Short the convertible, buy the stock. A data point close to or on the curve indicated the price was fair, which meant liquidate an existing position, do not enter a new one. Below the curve meant buy the convertible, short the stock. The distance of the dot from the curve showed me how much profit was available. If we thought it met our target, we tried to put on the trade the next day. The slope of the curve near the data point on my diagram gave me the hedge ratio, which is the number of shares of common stock to use versus each convertible bond, share of preferred, warrant, or option.

The bad employment report and our new liquidity measures competed for markets’ attention on Friday.

As Keynes observed, there cannot be “liquidity” for the community as a whole.6 The mistake is in thinking that markets have a duty to stay liquid or that buyers will always be present to accommodate sellers.

almost always use limit orders in my trading, even with highly liquid stocks. So if I want to buy a liquid stock like Microsoft, I will look where the ask is, and then just enter a limit order using that ask price.

Liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate. It will purge the rottenness out of the system. High costs of living and high living will come down. People will work harder, live a more moral life. Values will be adjusted, and enterprising people will pick up the wrecks from less competent people.

In the realm of financial markets, volatility is an inherent characteristic. Prices of stocks, commodities, and other securities can experience significant fluctuations within short periods. To manage such volatility and protect the interests of investors, circuit breakers are implemented. These circuit breakers impose upper and lower limits on price movements, which temporarily halt trading. In this blog post, we will explore the concept of upper and lower circuit limits, their purpose, and how they impact the functioning of financial markets. Defining Upper and Lower Circuit Limits Upper and lower circuit limits are predetermined price thresholds that trigger temporary trading halts. These limits are set by exchanges or regulatory bodies to prevent extreme price movements and provide stability to the market. When the price of a security reaches or breaches the upper or lower circuit limit, trading is paused for a specified period. This allows market participants to reevaluate their positions and absorb the information driving the price volatility. The Purpose of Circuit Breakers: The primary objective of circuit breakers is to safeguard the financial markets from excessive price volatility and potential panic selling or buying. These mechanisms help prevent extreme price movements that could be detrimental to market stability and investor confidence. By temporarily halting trading, circuit breakers provide a cooling-off period, allowing participants to assess new information and avoid making impulsive decisions. Moreover, circuit breakers ensure orderly trading and prevent the market from being dominated by high-frequency trading strategies that thrive on short-term price fluctuations. They offer investors an opportunity to reassess their strategies and risk exposure, reducing the likelihood of knee-jerk reactions based on short-term market movements. Understanding the Upper Circuit Limit : The upper circuit limit represents the maximum price movement permitted for security within a trading session. When the price of a security reaches or surpasses the upper circuit limit, trading in that security is halted. The upper circuit limit aims to prevent excessive speculative buying and provides a pause for market participants to analyze the new information or demand driving the price surge. During the trading halt, market participants can evaluate the situation, adjust their strategies, and determine whether to buy, sell, or hold the security when trading resumes. The duration of the halt varies depending on the exchange or regulatory body and is typically predetermined. Understanding the Lower Circuit Limit: Conversely, the lower circuit limit represents the minimum price movement allowed for security. When the price of a security falls to or breaches the lower circuit limit, trading is halted. The lower circuit limit is designed to prevent panic selling and provides market participants with an opportunity to reassess their positions. Similar to the upper circuit limit, the duration of the trading halt triggered by a lower circuit limit breach is typically predetermined. During this time, investors can evaluate the reasons behind the price decline, analyze market conditions, and make informed decisions. Impact of Circuit Breakers on Financial Markets: Circuit breakers play a crucial role in maintaining market stability, particularly during periods of heightened volatility and uncertainty. By temporarily halting trading, they allow time for market participants to process new information, reassess their positions, and avoid making impulsive decisions based on short-term price movements. Circuit breakers also facilitate the restoration of liquidity in the market. When trading is halted, market makers and other participants have an opportunity to recalibrate their pricing and liquidity provision strategies, which can help smooth out price discrepancies and enhance market efficiency.

For Liquid Tide, it wasn’t a matter of avoiding a playing field that held a fierce competitor. It was about expanding the playing field to make room for the two competitors and creating time to gain momentum. In the end, Liquid Tide won and took the market lead decisively

After all, the Fed has driven down rates with the intention of encouraging investors to take on more risk. Yet those who embrace low yields, poor credits, thin liquidity and even currency mismatches today may discover, when market conditions deteriorate, that the modest yield pick-up proves poor compensation for future losses. Mr. Piketty can rest easy. In an age when risk-free assets yield little or nothing, the determination of the wealthy to earn somewhat more will, in due course, do more to restore equality than his proposed taxes. A free market solution to a political problem–who says capitalism is failing?

Without guarantees, creditors would continue to run from banks, so banks would continue to hoard cash, market liquidity would continue to erode, and the run would intensify.

In the Adaptive Markets framework, complexity means we don't have a good narrative for the system. The solution is obvious: we need to get smarter. Complexity can sometimes be reduced by developing a deeper understanding of the underlying structure of the system. For example, now that we understand the potential for liquidity spirals in statarb portfolios, thanks to August 2007, we can better prepare for them. But the Adaptive Markets framework points to a second problem with complexity, which is the potential divisiveness of special knowledge and the potential for conflict. If the financial system becomes so complex that only a small number of elites truly understand its function and proper maintenance, this knowledge divides the population into those who know and those who don't. Of course, this situation arises with any piece of unique information - I know how to make scallion pancakes in a particular way so they're crispy on the outside but soft and chewy on the inside, and you probably don't. But that piece of knowledge is hardly worth keeping a secret, and the fact that you don't have that knowledge isn't going to get you too upset. But suppose I know how to cure diabetes and you don't. Or I know how to prevent cancer by avoiding certain common foods and you don't. Or I know how to price mortgage-backed securities and credit default swaps and you don't. In these cases, the knowledge I possess confers a certain power and status to me. Complexity creates the need for better narratives and those who have those narratives will become the high priests of complex systems, the gatekeepers of critical, life-altering knowledge. And the difficulty in joining the priesthood - earning an MD/Ph.D. in molecular biology and having twenty year of work experience at biotech and pharmaceutical companies, in the case of curing diabetes - coupled with the societal values of the special knowledge will determine the divisiveness of this elitism.

The criteria that I found most valuable when making my decisions were the following: What is the size of the investor community invested in other offerings on the platform to-date? Does the platform accept investments via credit card? For example, about 40% of my crowdfunding investors invested with a credit card. Does the platform allow for campaign extensions (if you fall short of your goal within your campaign period, can you extend the campaign until you reach your goal)? I’ve extended my campaigns multiple times. Does the platform allow for multiple disbursements? I prefer to disburse money from my campaign once a month. However, many platforms don’t allow you to disburse the funds until after the campaign is over What are the fees? Platforms can charge between 5-20% of your raise as fees, with some platforms having complicated fee structures that involve taking some of your Securities as part of the offering. Some platforms require you to pay them cash upfront before launching an offering. Does the platform allow you to set your own terms? For example, some platforms don’t allow you to sell convertible notes. Some others don’t allow you to sell non-voting common stock. Some platforms insist that they set the valuation for your startup in order to launch—the logic being that they know their investors, and they want to provide them with a “good deal.” For many reasons, you want to sell the Security that’s right for your startup. Does the platform allow you to have design freedom on the campaign page? You want to make sure that your brand is well represented. The aesthetics and optimization of the page are highly correlated with conversion (how many people invest after visiting your page). Does the platform support analytics? You need advanced analytics to market your offering. Some platforms, for example, allow you to enter a Facebook Pixel and Google Analytics code into the campaign page, while others do not. Does the platform have a good reputation? You will be driving a lot of potential investors and media folks to this platform, and you want to be sure that your platform of choice hasn’t been involved in anything shady in the past. Does the platform allow you to update your investors and prospective investors with campaign notifications? Some platforms have a built-in functionality where you can post updates right on the campaign, download email, and mailing contact lists of your investors (allowing you to contact them by email and allowing you to build Facebook “lookalike audiences”). Whereas, other platforms don’t even share the email addresses of the folks who have already invested in your startup. Does the platform support or plan to support secondary trading for the Securities that it sells on its platform? Will your investors be able to sell the Securities that they buy from you? The ability to sell Securities in a marketplace brings a lot of liquidity and increases its value significantly. In order to allow for secondary trading, the platform needs to obtain an Alternative Trading System (ATS) approval from FINRA.

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.

before humanity chokes (or basks) in the dungeon (or paradise) of a Western-centered global empire or of an East Asian-centered world-market society, “it might well burn up in the horrors (or glories) of the escalating violence that has accompanied the liquidation of the Cold War world order.

Everyone who liquidates at the bottom of the market is quick to rationalize, ironically, that they decided to prevent further losses.

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

Markets, on the other hand, do recover, so the great risk to individual investors, as it has been so often before and will be again and again, is not that the market can and will plummet, but that investors will get frightened into liquidating their investments at or near the bottom and will miss all the recovery, thus turning the temporary market loss into a permanent capital loss.

In a world where corporations are foremost concerned with stock prices, the primary beneficiaries of this conflation are the institutions aligned with the stock market and their executives

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 a stock for which there are now no buyers. Stay away from all stocks under $10. Also stay away from trading newsletters that hawk penny stocks. The owners of these newsletters are often paid by the companies themselves to hype their stocks. Or they may take a position in a penny stock, send out an email telling everyone to buy it, and then sell their stock at a much higher price to these amateur buyers. Watch the movie "The Wolf of Wall Street" if you’d like to see a famous example of the decadent lifestyle and fraud that often surround penny stocks. Viewer discretion is advised. 3. Don’t short stocks. If you are an advanced trader, feel free to ignore this rule. If you are not, I would seriously encourage you not to ignore this rule. In order to short a stock, you must first borrow shares of the stock from your broker. You then sell those shares on the open market. If the stock falls in price, you will be able to buy back those shares at a lower price for a profit. If, however, the stock goes up a lot, you may be forced to buy back the shares at a much higher price, and end up losing more money than you ever had in your trading

We did our best to conjure up the culinary staples of our culture, but since we were dependent on Chinese markets our food had an unacceptably Chinese tinge, another blow in the gauntlet of our humiliation that left us with the sweet-and-sour taste of unreliable memories, just correct enough to evoke the past, just wrong enough to remind us that the past was forever gone, missing along with the proper variety, subtlety, and complexity of our universal solvent, fish sauce. Oh, fish sauce! How we missed it, dear Aunt, how nothing tasted right without it, how we longed for the grand cru of Phu Quoc Island and its vats brimming with the finest vintage of pressed anchovies! This pungent liquid condiment of the darkest sepia hue was much denigrated by foreigners for its supposedly horrendous reek, lending new meaning to the phrase “there’s something fishy around here,” for we were the fishy ones. We used fish sauce the way Transylvanian villagers wore cloves of garlic to ward off vampires, in our case to establish a perimeter with those Westerners who could never understand that what was truly fishy was the nauseating stench of

many investments can appear to be liquid without actually being solid. And they will stay liquid only for as long as everyone continues to pretend that they’re solid.

an unvaryingly strong liquid position and avoidance of money-market borrowings;

People who applaud traders for providing liquidity to markets are often saying little more than that trading facilitates trading

That deliberate inefficiency doesn’t exist in the fourth quadrant. No, these non-market, decentralized environments do not have immense paydays to motivate their participants. But their openness creates other, powerful opportunities for good ideas to flourish. All of the patterns of innovation we have observed in the previous chapters—liquid networks, slow hunches, serendipity, noise, exaptation, emergent platforms—do best in open environments where ideas flow in unregulated channels. In more controlled environments, where the natural movement of ideas is tightly restrained, they suffocate.

1298: Seizure of the Gran Tavola of Sienna by Philip IV of France 1307: Liquidation of the Knights Templar by Philip IV 1311: Edward II default to the Frescobaldi of Florence 1326: Bankruptcy of the Scali of Florence and Asti of Sienna 1342: Edward III default to the Florentine banks during the Hundred Years’ War 1345: Bankruptcy of the Bardi and Peruzzi; depression, Great crash of the 1340s 1380: Ciompi Revolt in Florence. Crash of the early 1380s 1401: Italian bankers expelled from Aragon in 1401, England in 1403, France in 1410 1433: Fiscal crisis in Florence after wars with Milan and Lucca 1464: Death of Cosimo de Medici: loans called in; wave of bankruptcies in Florence 1470: Edward IV default to the Medici during the Wars of the Roses 1478: Bruges branch of the Medici bank liquidated on bad debts 1494: Overthrow of the Medici after the capture of Florence by Charles VIII of France 1525: Siege of Genoa by forces of Spain and the Holy Roman Empire; coup in 1527 1557: Philip II of Spain restructuring of debts inherited from Charles V 1566: Start of the Dutch Revolt against Spain: disruption of Spanish trade 1575: Philip II default: Financial crisis of 1575–79 affected Genoese creditors 1596: Philip II default: Financial crisis of 1596 severely affected Genoese businessmen 1607: Spanish state bankruptcy: failure of Genoese banks 1619: Kipper-und-Wipperzeit: Monetary crisis at the outbreak of the Thirty Years’ War

CASE STUDY In 2012, investigators were trying to understand why supermarkets in the United States were being robbed every month of Tide detergent – and only Tide detergent. As with every investigation, they ‘followed the money’ only to find that Tide was the money. Bottles of Tide had become an ad hoc street currency, with 150-ounce bottles being exchanged for $5 or $10 worth of drugs, earning it the nickname ‘Liquid Gold’. As New York magazine pointed out: ‘this unlikely black market would not have formed if they weren’t so good at pushing their product’.37 It turns out that despite being considered a ‘low interest category’, people have very strong feelings about their detergents. Tide came in the top three brands that consumers were least likely to give up during tough times. This bond has allowed the producer, Procter & Gamble, to charge 50 per cent more than the average detergent and yet it still outsells its nearest competitor, which is also produced by P&G, by more than two to one. So, what is it about Tide that means more people will pay 50 per cent more for a functionally parity product from the same manufacturer? The investigating sergeant puts it well: ‘I’m a No. 1 Tide fan’, he says. ‘I don’t know if it’s all psychological, but you can tell the difference.’38

A big camel had been brought to its knees and was apparently being milked, except it wasn’t a female and it wasn’t its teats that were being pulled. In fact, it was a male camel and it was being made to pee into a bucket. Sitting on a stool close by was a tired, sick-looking woman, who was watching the proceedings. I went over to ask her what was happening. She told me that she had come to the market to buy camel pee because she was very sick; she had cancer. Camel pee, she said, is very good for you and helps cure lots of illnesses, including cancer and diabetes. She also told me that it could help clear the body of the jinn, the evil spirits that cause illness. When the steaming bucket was brought over, she gulped down a glass of the liquid and took the rest of it away in a bottle.

The primary advantages of option selling are: •  An investor can make money whether the stock market goes up or down; it makes no difference. •  There is low, controllable risk. •  It is easy to predict the outcome of each trade. •  There is high liquidity by selling or buying at any time. •  There are high yields per week or month. •  Sellers of options have time value on their side.

Eckhardt witnessed many systematic traders spending great deal of time searching for the “good” places to enter. He cautioned against it: “It just seems to be part of human nature to focus on the most hopeful point of the trading cycle. Our research indicated that liquidations are vastly more important than initiations. If you initiate purely randomly, you do surprisingly well with a good liquidation criterion.”11 Dennis actually challenged the Turtles to randomly enter the market and then manage their trades after getting in. That was a real Zen moment for many Turtles. If they applied appropriate risk management, they could handle the worst that came down the pike once they were in any trade.

As Keynes observed, there cannot be "liquidity" for the community as a whole. The mistake is in thinking that markets have a duty to stay liquid or that buyers will always be present to accommodate sellers. The real culprit in 1994 was leverage. If you aren't in debt, you can't go broke and can't be made to sell, in which case "liquidity" is irrelevant. But a leveraged firm may be forced to sell, lest fast-accumulating losses put it out of business. Leverage always gives rise to this same brutal dynamic, and its dangers cannot be stressed too often.

By contrast, in a liquidity crisis only one creditor can save the debtor: the government. There is no competitive market that offers emergency loans during a liquidity crisis. This means that the government can dictate terms. It can also neglect the interests of other stakeholders or discriminate among them for political reasons. The risk of abuse is far higher than it is in a normal bankruptcy.

Once it is recognized that the role of the state in a market economy is not only to enforce property and contract rights, but to ensure liquidity, then the bailout, properly understood, is no different from the enforcement of property rights. A host of legal consequences follow from this observation. This book gives an accounting of them.

Enron Oil was supposed to have strict controls to prevent the possibility of large losses; its open position in the market was never supposed to exceed 8 million barrels, and if losses reached $4 million, the traders were required to liquidate the position. Yet when the Arthur Andersen auditors had tried to check whether Enron Oil was complying with the policy, they later reported, they discovered that Borget and Mastroeni had made a practice of “destroying daily position reports.” Still, Andersen refused to opine on the legality of what had come to be known internally as Borget and Mastroeni’s “unusual transactions,” claiming that it was beyond their professional competence.

But whenever a crisis hits, many of the biggest players—banks, investment banks, hedge funds—rush to reduce their exposures, causing liquidity to dry up. Where previously there was heterogeneity and diversity of opinion, now there is unanimity: everybody wants to get out.

It is because the moral economy has little need of the market that market forces are up in arms against it.

In an email to Robertson, the whistleblower Sunny described how Ranbaxy used hidden areas of the plant to store and cover up testing machines that were not connected to the company’s main computer network. He was referring to the crucial high-performance liquid chromatography (HPLC) machines, the workhorses of any good testing laboratory. The bulky machines looked like a stack of computer printers. Once a drug sample is mixed with a solvent, injected into the machine, and pressed through a column filled with granular material, the machine separates out and measures the drug’s components, including impurities. It displays them as a series of peaks on a graph called a chromatogram. In a compliant laboratory, HPLC machines would be networked with the main computer system, making all their data visible and preserved. During a recent inspection, Sunny wrote, the unauthorized HPLC machines were kept in two ancillary labs: “Ranbaxy creates small such hidden areas where these manipulations can be done.” Sunny estimated that some thirty products on the U.S. market did not pass specifications and advised Robertson that the agency needed to raid Paonta Sahib and Dewas, just as it had done in New Jersey, to find the evidence. He warned, “The move has already started in Ranbaxy to share such details of problematic products personally and not on emails or letters.” But because the U.S. Attorney had no jurisdiction in India, the FDA couldn’t execute a search warrant there. Robertson felt thwarted: “People said, ‘You need to go to India.’” But her response was, “What am I going to do [over there], knock on people’s doors and hope they talk to me? I don’t have authority over in India. It’s all a voluntary, good-faith system.” The case had crashed like a wrecking ball into the overtaxed agency, exposing the fact that the FDA had no effective way to police a foreign drug company.

Spot Shot. Its manufacturers market it for carpets, but it works on other fabrics as well. It is a combo of 2-butoxyethanol and a detergent. Spray it on, wait a bit, and dab with a paper towel. Shout, in its various formulations, is also worth shouting about. I’ve had good luck with the aerosol, the liquid, the gel, and, especially, the laundry stick.

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Investment banker's approaches to downsizing and financial markets are inseparable from the structures and strategies of their own workplaces. Lay offs and job insecurity are integral to the fabric of investment banks

For years, we have been told that bankers were paid so much because they were cleverer than the rest of us. Now, it turns out you were not clever at all, and we are all suffering for your stupidity.

Let me stress this: there are good and bad reasons for securitization. At a macro-economic level, when done right, securitization can be a key source of financing across all stages of the supply chain, enhancing market liquidity and driving the development of new markets and products. The problem? Banks and hedge funds love to exploit their power—using securitization as a tool to offload worthless assets onto an unsuspecting public.

Bizzaro Time by Stewart Stafford I took dawn selfies on a bridge, Geneva worms conferred in slime, A woman's dog slithered serpentine, It snapped and hissed in bizarro time. A businessman's briefcase in flight, Went public in a philanthropist sky, Umbrellas blossomed into trees, Peacenik pigeon medal caught the eye. Coffee shops served liquid light, Brewed up pagan code of yore, Pedestrians' morphed molten form, Glass-blown in tangerine pour. We shared loop shrugs, muted pleas, Sober intoxication's escapist twist, A uniquely-marketed Tuesday morn, Dreamt up to commodify every tryst. © 2025, Stewart Stafford. All rights reserved.

They trade aggressively when trading well and modestly when they are not. They realize the market will be open again tomorrow. They never add to a losing trade... EVER. Cash is the goal, but never the measure of success. They read about mobs and riots. They provide liquidity to the markets while watching price and volume. They have a way to gauge fear, greed and speed of the markets: tick charts 233, 612. They practice reading the right side of the chart, not the left. Every wealthy trader has an ‘edge’ they can explain to their mother. Their position size is calculated exactly on risk tolerance. Profit targets are based on average range or something objective. One or two trades a month make their month. They are confident decision-makers in the face of incomplete information. A losing trade does not mean they are a loser. They buy higher highs and sell lower lows.

This structure creates fragility in the system. Often, one sportsbook moves a market based on a bet, and then a large number of sportsbooks will copy that move even though none of their customers made a bet. This behavior means the real market is often much smaller and less liquid than it appears. It also allows savvy bettors to manipulate the market. Worse, it makes game integrity problems harder to spot. The best weapon in defense of game integrity is a large liquid market, where nonsensical movements stick out like a sore thumb.

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22. The Question of When to Liquidate Depends Not Only on the Stock but Also on Whether a Better Investment Can Be Identified

To separate labor from other activities of life and to subject it to the laws of the market was to annihilate all organic forms of existence and to replace them by a different type of organization, an atomistic and individualistic one. Such a scheme of destruction was best served by the application of the principle of freedom of contract. In practice this meant that the noncontractual organizations of kinship, neighborhood, profession, and creed were to be liquidated since they claimed the allegiance of the individual and thus restrained his freedom. To represent this principle as one of noninterference, as economic liberals were wont to do, was merely the expression of an ingrained prejudice in favor of a definite kind of interference, namely, such as would destroy noncontractual relations between individuals and prevent their spontaneous reformation.

Wall Street's contradictory approach to shareholder value and bull markets sets the stage for a financial crisis.

Investment banking practices promoted a surge of predatory lending to originate loans and created a market for buying bonds based on them.

A liquid stock is defined as a stock where you can buy or sell a lot of shares without moving the stock too much. Liquid stocks in the U.S. usually have a bid-ask spread of just a penny or two.

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