Mr Market Quotes

[...] I grew up out of that strange, dreamy childhood of mine and went into the world of reality. I met with experiences that bruised my spirit - but they never harmed my ideal world. That was always mine to retreat into at will. I learned that that world and the real world clashed hopelessly and irreconcilably; and I learned to keep them apart so that the former might remain for me unspoiled. I learned to meet other people on their own ground since there seemed to be no meeting place on mine. I learned to hide the thoughts and dreams and fancies that had no place in the strife and clash of the market place. I found that it was useless to look for kindred souls in the multitude; one might stumble on such here and there, but as a rule it seemed to me that the majority of people lived for the things of time and sense alone and could not understand my other life. So I piped and danced to other people's piping - and held fast to my own soul as best I could.

XEROX AND WURLITZER HAVE ANNOUNCED THEY WILL MERGE TO MARKET REPRODUCTIVE ORGANS

Miss, n. A title with which we brand unmarried women to indicate they are in the market. Miss, Misses (Mrs.) and Mister (Mr.) are the three most distinctly disagreeable words in the language, in sound and sense. Two are corruptions of Mistress, the other of Master. In the general abolition of social titles in this our country they miraculously escaped to plague us. If we must have them let us be consistent and give one to the unmarried man. I venture to suggest Mush, abbreviated to Mh.

The older man cocked his head and gave a laugh, "We get all the ladies. But for some reason I don't think you're here looking for me." "I don't know," Kat said. "I'm always in the market for good rappelling harness." "For you, my dear, nothing but the best." "But you are right about something. I'm actually trying to find---" "Young Mr. Hale, I'm assuming." Kate blushed. "Let me guess--I'm not the only one?" "Maybe. But you're the one i hope finds him." He gave a wink and walked away, and Kat didn't feel alone anymore in the big room full of people.

Mr Pumblechook’s premises in the High-street of the market town, were of a peppercorny and farinaceous character, as the premises of a corn-chandler and seedsman should

I wish you'd quit going to the shadow market," Julian muttered. "it's dangerous there-" "oh, NO," Emma said. "not danger, Mr. I-just-almost-bled-out-in-my-car.

Me and my old man went on a coach trip to Switzerland and Italy once and it was a whole hour further on there. Must be something to do with this Common Market. I don't hold with the Common Market and nor does Mr. Curtain. England's good enough for me.

Graham figured that always using the margin of safety principle when deciding whether to purchase shares of a business from a crazy partner like Mr. Market was the secret to making safe and reliable investment profits.

At the age of fifteen he had bought off a twopenny stall in the market a duo-decimo book of recipes, gossip, and homilies, printed in 1605. His stepmother, able to read figures, had screamed at the sight of it when he had proudly brought it home. 1605 was 'the olden days', meaning Henry VIII, the executioner's axe, and the Great Plague. She thrust the book into the kitchen fire with the tongs, yelling that it must be seething with lethal germs. A limited, though live, sense of history. And history was the reason why she would never go to London. She saw it as dominated by the Bloody Tower, Fleet Street full of demon barbers, as well as dangerous escalators everywhere.

Privilege implies exclusion from privilege, just as advantage implies disadvantage," Celine went on. "In the same mathematically reciprocal way, profit implies loss. If you and I exchange equal goods, that is trade: neither of us profits and neither of us loses. But if we exchange unequal goods, one of us profits and the other loses. Mathematically. Certainly. Now, such mathematically unequal exchanges will always occur because some traders will be shrewder than others. But in total freedom—in anarchy—such unequal exchanges will be sporadic and irregular. A phenomenon of unpredictable periodicity, mathematically speaking. Now look about you, professor—raise your nose from your great books and survey the actual world as it is—and you will not observe such unpredictable functions. You will observe, instead, a mathematically smooth function, a steady profit accruing to one group and an equally steady loss accumulating for all others. Why is this, professor? Because the system is not free or random, any mathematician would tell you a priori. Well, then, where is the determining function, the factor that controls the other variables? You have named it yourself, or Mr. Adler has: the Great Tradition. Privilege, I prefer to call it. When A meets B in the marketplace, they do not bargain as equals. A bargains from a position of privilege; hence, he always profits and B always loses. There is no more Free Market here than there is on the other side of the Iron Curtain. The privileges, or Private Laws—the rules of the game, as promulgated by the Politburo and the General Congress of the Communist Party on that side and by the U.S. government and the Federal Reserve Board on this side—are slightly different; that's all. And it is this that is threatened by anarchists, and by the repressed anarchist in each of us," he concluded, strongly emphasizing the last clause, staring at Drake, not at the professor.

Mr. Collins, feeling himself fully in the right, thinking on the sensibilities of matrimony no further. For his part, it was as though he were being cheated of better meat at the market.

In the fish-market by the Grand Canal a fisherman sold Frank three mullet, but then almost neglected to take the money because his attention was given to the argument he was conducting with his neighbour as to whether the English magician had gone mad because he was a magician, or because he was English.

William groaned. It was Vimes. Worse, he was smiling, in a humourless predatory way. "Ah, Mr de Worde," he said, stepping inside. "There are several thousand dogs stampeding through the city at the moment. This is an interesting fact, isn't it?" He leaned against the wall and produced a cigar. "Well, I say dogs," he said, striking a match on Goodmountain's helmet. "Mostly dogs, perhaps I should say. Some cats. More cats now, in fact, 'cos, hah, there's nothing like a, yes, a tidal wave of dogs, fighting and biting and howling, to sort of, how can I put it, give a city a certain . . . busyness. Especially underfoot, because - did I mention it? -they're very nervous dogs too. Oh, and did I mention cattle?" he went on, conversationally. "You know how it is, market day and so on, people are driving the cows and, my goodness, around the corner comes a wall of wailing dogs . . . Oh, and I forgot about the sheep. And the chickens, although I imagine there's not much left of the chickens now.

She was organized, ardently neat, whereas he was the rabbit's wild brother, leaving what looked like the path of an undressing hurricane wherever he went. He dropped his shoes, badger coat, cigarette ash, a dish towel, plant journals, trowels, on the floor behind him, left washed-off mud from potatoes in the sink. Whatever he came upon would be eaten, wrestled with, read, tossed away, the discarded becoming invisible to him. Whatever his wife said about this incorrigible flaw did no good. I suspect, in fact, she took pleasure in suffering his nature. Though give him credit, Mr. Malakite's fields were immaculate. No plant left its bed and wandered off as a 'volunteer'. He scrubbed the radishes under the thin stream of a hose. He spread his wares neatly on the trestle table at the Saturday market.

ah yes I know them well who was the first person in the universe before there was anybody that made it all who ah that they dont know neither do I so there you are they might as well try to stop the sun from rising tomorrow the sun shines for you he said the day we were lying among the rhododendrons on Howth head in the grey tweed suit and his straw hat the day I got him to propose to me yes first I gave him the bit of seedcake out of my mouth and it was leapyear like now yes 16 years ago my God after that long kiss I near lost my breath yes he said I was a flower of the mountain yes so we are flowers all a womans body yes that was one true thing he said in his life and the sun shines for you today yes that was why I liked him because I saw he understood or felt what a woman is and I knew I could always get round him and I gave him all the pleasure I could leading him on till he asked me to say yes and I wouldnt answer first only looked out over the sea and the sky I was thinking of so many things he didnt know of Mulvey and Mr Stanhope and Hester and father and old captain Groves and the sailors playing all birds fly and I say stoop and washing up dishes they called it on the pier and the sentry in front of the governors house with the thing round his white helmet poor devil half roasted and the Spanish girls laughing in their shawls and their tall combs and the auctions in the morning the Greeks and the jews and the Arabs and the devil knows who else from all the ends of Europe and Duke street and the fowl market all clucking outside Larby Sharons and the poor donkeys slipping half asleep and the vague fellows in the cloaks asleep in the shade on the steps and the big wheels of the carts of the bulls and the old castle thousands of years old yes and those handsome Moors all in white and turbans like kings asking you to sit down in their little bit of a shop and Ronda with the old windows of the posadas glancing eyes a lattice hid for her lover to kiss the iron and the wineshops half open at night and the castanets and the night we missed the boat at Algeciras the watchman going about serene with his lamp and O that awful deepdown torrent O and the sea the sea crimson sometimes like fire and the glorious sunsets and the figtrees in the Alameda gardens yes and all the queer little streets and the pink and blue and yellow houses and the rosegardens and the jessamine and geraniums and cactuses and Gibraltar as a girl where I was a Flower of the mountain yes when I put the rose in my hair like the Andalusian girls used or shall I wear a red yes and how he kissed me under the Moorish wall and I thought well as well him as another and then I asked him with my eyes to ask again yes and then he asked me would I yes to say yes my mountain flower and first I put my arms around him yes and drew him down to me so he could feel my breasts all perfume yes and his heart was going like mad and yes I said yes I will Yes.

It might have been seen, I said, with half an eye, that Mr. Broughton did not like the state of the money-market; and it might also be seen with the other half that he had been endeavouring to mitigate the bitterness of his dislike by alcoholic aid. Musselboro at once perceived that his patron and partner was half drunk, and Crosbie was aware that he had been drinking.

I wish you'd quit going to the Shadow Market," Julian muttered. "It's dangerous there-" "Oh, NO," Emma said. "Not danger, Mr. I-Just-Almost-Bled-Out-in-My-Car." Julian sighed and reached for his soda. "I can't believe I ever complained about 'Jules' as a nickname.

Well, let's argue this out, Mr Blank. You, who represent Society, have the right to pay me four hundred francs a month. That's my market value, for I am an inefficient member of Society, slow in the uptake, uncertain, slightly damaged in the fray, there's no denying it. So you have the right to pay me four hundred francs a month, to lodge me in a small, dark room, to clothe me shabbily, to harass me with worry and monotony and unsatisfied longings till you get me to the point when I blush at a look, cry at a word. We can't all be happy, we can't all be rich, we can't all be lucky - and it would be so much less fun if we were. Isn't it so, Mr Blank? There must be the dark background to show up the bright colours. Some must cry so that the others may be able to laugh the more heartily.

The Light and the Darkness both flow in to Delhi. Gurgaon, where Mr. Ashok lived, is the bright, modern end of the city, and this place. Old Delhi is the other end. Full of things that the modern world forget all about rickshaws, old stone buildings and Muslims. On a Sunday, though, there is something more: if you keep pushing through the crowd that is always there, go past the men clearing the other men’s ears by poking rusty metal rods into them, past the men selling small fish trapped in green bottles full of brine, past the cheap shoe market and the cheap shirt market, you come great secondhand book market Darya Ganj. You may have heard of this market, sir, since it is one of the wonders of the world. Tens of thousands of dirty, rotting, blackened books on every subject- Technology, Medicine, Sexual Pleasure, Philosophy, Education, and Foreign Countries — heaped upon the pavement from Delhi Gate onwards all the way until you get to the market in front of the Red Fort. Some books are so old they crumble when you touch them; some have silverfish feasting on them- some look like they were retrieved from a flood, or from a fire. Most shops on the pavement are shuttered down; but the restaurants are still open, and the smell of fried food mingles with the smell of rotting paper. Rusting exhaust fans turn slowly in the ventilators of the restaurants like the wings of giant moths. I went amid the books and sucked in the air; it was like oxygen after the stench of the brothel.

Although over the short term, Mr. Market may set stock prices based on emotion, over the long term, it is the value of the company that becomes most important to Mr. Market.

Mr. Prospect, you’ve spent 16 years and $120,000 to learn how to be a good employee. Won’t you invest $100 and two months to see if you can be as successful as your own boss?

Nana, how come we don't got a car?' 'Boy, what do we need a car for? We got a bus that breathes fire, and old Mr. Daniels, who always has a trick for you.

what about this wheel thingy? It sounds a terribly interesting project.” “Ah,” said the marketing girl, “well, we’re having a little difficulty there.” “Difficulty?” exclaimed Ford. “Difficulty? What do you mean, difficulty? It’s the single simplest machine in the entire Universe!” The marketing girl soured him with a look “All right, Mr. Wiseguy,” she said, “you’re so clever, you tell us what color it should be.

At the end of the market is a tall, whitewashed, conelike tower, with black intertwining snakes painted on all its sides—the temple. Inside, you will find an image of a saffron-colored creature, half man half monkey: this is Hanuman, everyone’s favorite god in the Darkness. Do you know about Hanuman, sir? He was the faithful servant of the god Rama, and we worship him in our temples because he is a shining example of how to serve your masters with absolute fidelity, love, and devotion. These are the kinds of gods they have foisted on us, Mr. Jiabao. Understand, now, how hard it is for a man to win his freedom in India.

Stock prices move around wildly over very short periods of time. This does not mean that the values of the underlying companies have changed very much during that same period. In effect, the stock market acts very much like a crazy guy named Mr. Market.

It was an occasion that undoubtedly did more credit to Mr. Deacon’s social adroitness than to my own, because I was still young enough to be only dimly aware that there are moments when mutual acquaintance may be allowed more wisely to pass unrecognised.

Nev'r mind, Sammy,' replied Mr Weller, 'it'll be a very agonizin' trial to me at my time of life, but I'm pretty tough, that's vun consolation, as the wery old turkey remarked wen the farmer said he wos afeerd he should be obliged to kill him for the London market.

It was getting late, but sleep was the furthest thing from my racing mind. Apparently that was not the case for Mr. Sugar Buns. He lay back, closed his eyes, and threw an arm over his forehead, his favorite sleeping position. I could hardly have that. So, I crawled on top of him and started chest compressions. It seemed like the right thing to do. "What are you doing?" he asked without removing his arm. "Giving you CPR." I pressed into his chest, trying not to lose count. Wearing a red-and-black football jersey and boxers that read, DRIVERS WANTED. SEE INSIDE FOR DETAILS, I'd straddled him and now worked furiously to save his life, my focus like that of a seasoned trauma nurse. Or a seasoned pot roast. It was hard to say. "I'm not sure I'm in the market," he said, his voice smooth and filled with a humor I found appalling. He clearly didn't appreciate my dedication. "Damn it, man! I'm trying to save your life! Don't interrupt." A sensuous grin slid across his face. He tucked his arms behind his head while I worked. I finished my count, leaned down, put my lips on his, and blew. He laughed softly, the sound rumbling from his chest, deep and sexy, as he took my breath into his lungs. That part down, I went back to counting chest compressions. "Don't you die on me!" And praying. After another round, he asked, "Am I going to make it?" "It's touch-and-go. I'm going to have to bring out the defibrillator." "We have a defibrillator?" he asked, quirking a brow, clearly impressed. I reached for my phone. "I have an app. Hold on." As I punched buttons, I realized a major flaw in my plan. I needed a second phone. I could hardly shock him with only one paddle. I reached over and grabbed his phone as well. Started punching buttons. Rolled my eyes. "You don't have the app," I said from between clenched teeth. "I had no idea smartphones were so versatile." "I'll just have to download it. It'll just take a sec." "Do I have that long?" Humor sparkled in his eyes as he waited for me to find the app. I'd forgotten the name of it, so I had to go back to my phone, then back to his, then do a search, then download, then install it, all while my patient lay dying. Did no one understand that seconds counted? "Got it!" I said at last. I pressed one phone to his chest and one to the side of his rib cage like they did in the movies, and yelled, "Clear!" Granted, I didn't get off him or anything as the electrical charge riddled his body, slammed his heart into action, and probably scorched his skin. Or that was my hope, anyway. He handled it well. One corner of his mouth twitched, but that was about it. He was such a trouper. After two more jolts of electricity--it had to be done--I leaned forward and pressed my fingertips to his throat. "Well?" he asked after a tense moment. I released a ragged sigh of relief,and my shoulders fell forward in exhaustion. "You're going to be okay, Mr. Farrow." Without warning, my patient pulled me into his arms and rolled me over, pinning me to the bed with his considerable weight and burying his face in my hair. It was a miracle!

if you just stick to buying good companies (ones that have a high return on capital) and to buying those companies only at bargain prices (at prices that give you a high earnings yield), you can end up systematically buying many of the good companies that crazy Mr. Market has decided to literally give away.

Their religion is of the strictest sort, Stephen. Almost everything is forbidden to them except carpets.” Stephen watched them as they went mournfully about the market, these men whose mouths were perpetually closed lest they spoke some forbidden word, whose eyes were perpetually averted from forbidden sights, whose hands refrained at every moment from some forbidden act. It seemed to him that they did little more than half-exist. They might as well have been dreams or ghosts. In the silent town and the silent countryside only the hot wind seemed to have any real substance. Stephen felt he would not be surprized if one day the wind blew the town and its inhabitants entirely away.

In the same mathematically reciprocal way, profit implies loss. If you and I exchange equal goods, that is trade: neither of us profits and neither of us loses. But if we exchange unequal goods, one of us profits and the other loses. Mathematically. Certainly. Now, such mathematically unequal exchanges will always occur because some traders will be shrewder than others. But in total freedom—in anarchy—such unequal exchanges will be sporadic and irregular. A phenomenon of unpredictable periodicity, mathematically speaking. Now look about you, professor—raise your nose from your great books and survey the actual world as it is—and you will not observe such unpredictable functions. You will observe, instead, a mathematically smooth function, a steady profit accruing to one group and an equally steady loss accumulating for all others. Why is this, professor? Because the system is not free or random, any mathematician would tell you a priori. Well, then, where is the determining function, the factor that controls the other variables? You have named it yourself, or Mr. Adler has: the Great Tradition. Privilege, I prefer to call it. When A meets B in the marketplace, they do not bargain as equals. A bargains from a position of privilege; hence, he always profits and B always loses. There is no more Free Market here than there is on the other side of the Iron Curtain. The privileges, or Private Laws—the rules of the game, as promulgated by the Politburo and the General Congress of the Communist Party on that side and by the U.S. government and the Federal Reserve Board on this side—are slightly different; that’s all. And it is this that is threatened by anarchists, and by the repressed anarchist in each of us,

If my favorite Internet company sells for $30 a share, and yours sells for $10, then people who focus on price would say that mine is the superior company. This is a dangerous delusion. What Mr. Market pays for a stock today or next week doesn’t tell you which company has the best chance to succeed two to three years down the information superhighway.

There was still distance to travel, but I was on the way to drawing level with Mr. Deacon, as a fellow grown-up, himself no longer a figment of memory from childhood, but visible proof that life had existed in much the same way before I had begun to any serious extent to take part; and would, without doubt, continue to prevail long after he and I had ceased to participate.

An empty envelope! Mr. Kapuchitsky, do you know what money means in a poor country? Money in a poor country and money in a rich country are two different things. In a rich country, money is a piece of paper with which you buy goods on the market. You are only a customer. Even a millionaire is only a customer. He may purchase more, but he remains a customer, nothing more. And in a poor country? In a poor country, money is a wonderful, thick hedge, dazzling and always blooming, which separates you from everything else. Through that hedge you do not see creeping poverty, you do not smell the stench of misery, and you do not hear the voices of the human dregs. But at the same time you know that all of that exists, and you feel proud because of your hedge. You have money; that means you have wings. You are the bird of paradise that everyone admires.

Somehow, when ownership interests are divided into shares that bounce around with Mr. Market’s moods, individuals and professionals start to think about and measure risk in strange ways. When short-term thinking and overly complicated statistics get involved, owning many companies that you know very little about starts to sound safer than owning stakes in five to eight companies that have good businesses, predictable futures, and bargain prices.

And do you know what that goal is?" I went for the most obvious choice: "Creating microburst hypnotropic flash-spam on a global scale?" "Immortality, Mr. Cséjthe!" he exclaimed. Oh, too bad . . . Tell me that you've invented the next big marketing technology of the twenty-first century and you've got my attention. But "Immortality"? Why not throw "World Domination" in and cackle like a demented madman? Demented madman—now there was a nice redundancy . . .

As the head of Eher Verlag—essentially the Nazi Party publishing house—he commissioned market research on the viability of a Hitler book. The response he received was astonishing: “If the publisher issues a limited collector’s edition of only 500 copies of a work by Hitler with special treatment [laid paper and semi-leather binding], each numbered and signed by Mr. Hitler, it would have a collector’s value of at least 500 marks each,” wrote the assessor.12 Amann

Under the seeming disorder of the old city, wherever the old city is working successfully, is a marvelous order for maintaining the safety of the streets and the freedom of the city. It is a complex order. Its essence is intricacy of sidewalk use, bringing with it a constant succession of eyes. This order is all composed of movement and change, and although it is life, not art, we may fancifully call it the art form of the city and liken it to the dance — not to a simple-minded precision dance with everyone kicking up at the same time, twirling in unison and bowing off en masse, but to an intricate ballet in which the individual dancers and ensembles all have distinctive parts which miraculously reinforce each other and compose an orderly whole. The ballet of the good city sidewalk never repeats itself from place to place, and in any once place is always replete with new improvisations. The stretch of Hudson Street where I live is each day the scene of an intricate sidewalk ballet. I make my own first entrance into it a little after eight when I put out my garbage gcan, surely a prosaic occupation, but I enjoy my part, my little clang, as the junior droves of junior high school students walk by the center of the stage dropping candy wrapper. (How do they eat so much candy so early in the morning?) While I sweep up the wrappers I watch the other rituals of the morning: Mr Halpert unlocking the laundry's handcart from its mooring to a cellar door, Joe Cornacchia's son-in-law stacking out the empty crates from the delicatessen, the barber bringing out his sidewalk folding chair, Mr. Goldstein arranging the coils of wire which proclaim the hardware store is open, the wife of the tenement's super intendent depositing her chunky three-year-old with a toy mandolin on the stoop, the vantage point from which he is learning English his mother cannot speak. Now the primary childrren, heading for St. Luke's, dribble through the south; the children from St. Veronica\s cross, heading to the west, and the children from P.S 41, heading toward the east. Two new entrances are made from the wings: well-dressed and even elegant women and men with brief cases emerge from doorways and side streets. Most of these are heading for the bus and subways, but some hover on the curbs, stopping taxis which have miraculously appeared at the right moment, for the taxis are part of a wider morning ritual: having dropped passengers from midtown in the downtown financial district, they are now bringing downtowners up tow midtown. Simultaneously, numbers of women in housedresses have emerged and as they crisscross with one another they pause for quick conversations that sound with laughter or joint indignation, never, it seems, anything in between. It is time for me to hurry to work too, and I exchange my ritual farewell with Mr. Lofaro, the short, thick bodied, white-aproned fruit man who stands outside his doorway a little up the street, his arms folded, his feet planted, looking solid as the earth itself. We nod; we each glance quickly up and down the street, then look back at eachother and smile. We have done this many a morning for more than ten years, and we both know what it means: all is well. The heart of the day ballet I seldom see, because part off the nature of it is that working people who live there, like me, are mostly gone, filling the roles of strangers on other sidewalks. But from days off, I know enough to know that it becomes more and more intricate. Longshoremen who are not working that day gather at the White Horse or the Ideal or the International for beer and conversation. The executives and business lunchers from the industries just to the west throng the Dorgene restaurant and the Lion's Head coffee house; meat market workers and communication scientists fill the bakery lunchroom.

MISS, n. The title with which we brand unmarried women to indicate that they are in the market. Miss, Missis (Mrs.) and Mister (Mr.) are the three most distinctly disagreeable words in the language, in sound and sense. Two are corruptions of Mistress, the other of Master. In the general abolition of social titles in this our country they miraculously escaped to plague us. If we must have them let us be consistent and give one to the unmarried man. I venture to suggest Mush, abbreviated to Mh.

But wha cookit the parridge for him?” exclaimed the Baillie, “I wad like to ken that;—wha, but your honour’s to command, Duncan Macwheeble? His honour, young Mr Waverley, pat it a’ in my hand frae the beginning—frae the first calling o’ the summons, as I may say. I circumvented them—I played at bogle about the bush wi’ them—I cajolled them; and if I have na gien Inch-Grabbit and Jamie Howie a bonnie begunk, they ken themselves. Him a writer! I did na gae slap-dash to them wi’ our young bra’ bridegroom, to gar them haud up the market; na, na; I scared them wi’ our wild tenantry, and the Mac-Ivors, that are but ill settled yet, till they durst na on ony errand whatsoever gang ower the door-stane after gloaming, for fear John Heatherblutter, or some siccan dare-the-diel, should take a baff at them: then, on the other hand, I beflum’d them wi’ Colonel Talbot—wad they offer to keep up the price again the Duke’s friend? did na they ken wha was master? had na they seen aneuch, by the example of mony a poor misguided unhappy body”—

On 3 timeless ideas for investing Benjamin Graham, three fundamentally basic ideas: 1. You should look at stocks as part of ownership of a business. 2. You should look at market fluctuations in terms of his "Mr. Market" example & make them your friend rather than your enemy by essentially profiting from folly rather participating in it, & finally, 3. The 3 most important words in investing are "margin of safety" - ...always building a 15,000 pound bridge if you're going to be driving 10,000 pound truck across it...

Rolf Ekeus came round to my apartment one day and showed me the name of the Iraqi diplomat who had visited the little West African country of Niger: a statelet famous only for its production of yellowcake uranium. The name was Wissam Zahawi. He was the brother of my louche gay part-Kurdish friend, the by-now late Mazen. He was also, or had been at the time of his trip to Niger, Saddam Hussein's ambassador to the Vatican. I expressed incomprehension. What was an envoy to the Holy See doing in Niger? Obviously he was not taking a vacation. Rolf then explained two things to me. The first was that Wissam Zahawi had, when Rolf was at the United Nations, been one of Saddam Hussein's chief envoys for discussions on nuclear matters (this at a time when the Iraqis had functioning reactors). The second was that, during the period of sanctions that followed the Kuwait war, no Western European country had full diplomatic relations with Baghdad. TheVatican was the sole exception, so it was sent a very senior Iraqi envoy to act as a listening post. And this man, a specialist in nuclear matters, had made a discreet side trip to Niger. This was to suggest exactly what most right-thinking people were convinced was not the case: namely that British intelligence was on to something when it said that Saddam had not ceased seeking nuclear materials in Africa. I published a few columns on this, drawing at one point an angry email from Ambassador Zahawi that very satisfyingly blustered and bluffed on what he'd really been up to. I also received—this is what sometimes makes journalism worthwhile—a letter from a BBC correspondent named Gordon Correa who had been writing a book about A.Q. Khan. This was the Pakistani proprietor of the nuclear black market that had supplied fissile material to Libya, North Korea, very probably to Syria, and was open for business with any member of the 'rogue states' club. (Saddam's people, we already knew for sure, had been meeting North Korean missile salesmen in Damascus until just before the invasion, when Kim Jong Il's mercenary bargainers took fright and went home.) It turned out, said the highly interested Mr. Correa, that his man Khan had also been in Niger, and at about the same time that Zahawi had. The likelihood of the senior Iraqi diplomat in Europe and the senior Pakistani nuclear black-marketeer both choosing an off-season holiday in chic little uranium-rich Niger… well, you have to admit that it makes an affecting picture. But you must be ready to credit something as ridiculous as that if your touching belief is that Saddam Hussein was already 'contained,' and that Mr. Bush and Mr. Blair were acting on panic reports, fabricated in turn by self-interested provocateurs.

He wore bottle-thick spectacles. His ox-like stature made him distinct. He had a long lowland “badger coat,” made out of several skins, which smelled of bracken, sometimes of earthworms. And he and his wife were my watched example of marital stability. His wife no doubt felt I lingered around too much. She was organized, ardently neat, whereas he was the rabbit’s wild brother, leaving what looked like the path of an undressing hurricane wherever he went. He dropped his shoes, badger coat, cigarette ash, a dish towel, plant journals, trowels, on the floor behind him, left washed-off mud from potatoes in the sink. Whatever he came upon would be eaten, wrestled with, read, tossed away, the discarded becoming invisible to him. Whatever his wife said about this incorrigible flaw did no good. I suspect, in fact, she took pleasure in suffering his nature. Though give him credit, Mr. Malakite’s fields were immaculate. No plant left its bed and wandered off as a “volunteer.” He scrubbed the radishes under the thin stream of a hose. He spread his wares neatly on the trestle table at the Saturday market

Declan and Adam had moved on from whatever they’d been talking about and were instead talking about Declan being a bit of a gossip sensation, according to Adam’s latest conversation with Mr. Gray, the Lynch son calling in favors and making himself useful in the market, going legit for a year. Rumor was people were courting him for jobs. Were they? Matthew couldn’t tell if he should have been able to tell that by Declan’s constant brisk texting and phone calls. “Even if that were true,” Declan said, “I’m not getting into that world.” Adam laughed in a hollow way. “You aren’t in it already?

Note, please, that I condemn only junk science (as does Mr Delingpole): this is in fact a measure of my, and his, regard for good science. Junk bonds do not, by their existence, condemn the existence of markets; crony capitalism – which is indissolubly tied to the ‘Green’ movement and its loudest advocates, who are bought and paid for by cronyism – does not condemn capitalism; junk science does not invalidate science as a discipline. Indeed, the greatest and most implacable enemies of junk bonds are and by rights ought to be traders; of crony capitalism, capitalists; and of junk science, those who hold true science in its just regard.

Forgetting herself entirely, Pandora let her head loll back against Gabriel's shoulder. "What kind of glue does Ivo use?" she asked languidly. "Glue?" he echoed after a moment, his mouth close to her temple, grazing softly. "For his kites." "Ah." He paused while a wave retreated. "Joiner's glue, I believe." "That's not strong enough," Pandora said, relaxed and pensive. "He should use chrome glue." "Where would he find that?" One of his hands caressed her side gently. "A druggist can make it. One part acid chromate of lime to five parts gelatin." Amusement filtered through his voice. "Does your mind ever slow down, sweetheart?" "Not even for sleeping," she said. Gabriel steadied her against another wave. "How do you know so much about glue?" The agreeable trance began to fade as Pandora considered how to answer him. After her long hesitation, Gabriel tilted his head and gave her a questioning sideways glance. "The subject of glue is complicated, I gather." I'm going to have to tell him at some point, Pandora thought. It might as well be now. After taking a deep breath, she blurted out, "I design and construct board games. I've researched every possible kind of glue required for manufacturing them. Not just for the construction of the boxes, but the best kind to adhere lithographs to the boards and lids. I've registered a patent for the first game, and soon I intend to apply for two more." Gabriel absorbed the information in remarkably short order. "Have you considered selling the patents to a publisher?" "No, I want to make the games at my own factory. I have a production schedule. The first one will be out by Christmas. My brother-in-law, Mr. Winterborne, helped me to write a business plan. The market in board games is quite new, and he thinks my company will be successful." "I'm sure it will be. But a young woman in your position has no need of a livelihood." "I do if I want to be self-supporting." "Surely the safety of marriage is preferable to the burdens of being a business proprietor." Pandora turned to face him fully. "Not if 'safety' means being owned. As things stand now, I have the freedom to work and keep my earnings. But if I marry you, everything I have, including my company, would immediately become yours. You would have complete authority over me. Every shilling I made would go directly to you- it wouldn't even pass through my hands. I'd never be able to sign a contract, or hire employees, or buy property. In the eyes of the law, a husband and wife are one person, and that person is the husband. I can't bear the thought of it. It's why I never want to marry.

It was a Game called Yes and No, where Scrooge’s nephew had to think of something, and the rest must find out what; he only answering to their questions yes or no, as the case was. The brisk fire of questioning to which he was exposed, elicited from him that he was thinking of an animal, a live animal, rather a disagreeable animal, a savage animal, an animal that growled and grunted sometimes, and talked sometimes, and lived in London, and walked about the streets, and wasn’t made a show of, and wasn’t led by anybody, and didn’t live in a menagerie, and was never killed in a market, and was not a horse, or an ass, or a cow, or a bull, or a tiger, or a dog, or a pig, or a cat, or a bear. At every fresh question that was put to him, this nephew burst into a fresh roar of laughter; and was so inexpressibly tickled, that he was obliged to get up off the sofa and stamp. At last the plump sister, falling into a similar state, cried out: “I have found it out! I know what it is, Fred! I know what it is!” “What is it?” cried Fred. “It’s your Uncle Scro-o-o-o-oge!” Which it certainly was. Admiration was the universal sentiment, though some objected that the reply to “Is it a bear?” ought to have been “Yes;” inasmuch as an answer in the negative was sufficient to have diverted their thoughts from Mr. Scrooge, supposing they had ever had any tendency that way.

Most of the time, the market is mostly accurate in pricing most stocks. Millions of buyers and sellers haggling over price do a remarkably good job of valuing companies—on average. But sometimes, the price is not right; occasionally, it is very wrong indeed. And at such times, you need to understand Graham’s image of Mr. Market, probably the most brilliant metaphor ever created for explaining how stocks can become mispriced.1 The manic-depressive Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.

Wealth, as Mr Hobbes says, is power. But the person who either acquires, or succeeds to a great fortune, does not necessarily acquire or succeed to any political power, either civil or military. His fortune may, perhaps, afford him the means of acquiring both; but the mere possession of that fortune does not necessarily convey to him either. The power which that possession immediately and directly conveys to him, is the power of purchasing a certain command over all the labour, or over all the produce of labour which is then in the market. His fortune is greater or less, precisely in proportion to the extent of this power, or to the quantity either of other men's labour, or, what is the same thing, of the produce of other men's labour, which it enables

Mr. Lawrence drank from his beer. Do you know how I figure out what to do? I look under rocks for slime. I lick the slime with my own tongue. I see the problem for what it is, not what a consultant's methodology says it should be. I find people who are working on something that no one told them to work on, who solve a problem because they can't let it stay unsolved, who don't eat or bathe because it takes too much time. I find the ones selling their ideas to customers without going through the marketing department first. I've gotten good at picking molds off cheeses and turning them into penicillin. People used to wonder where my ideas came from. It was simple: I looked for slimy rocks and moldy cheese, and I watched the bank account like a hawk. It worked well for this company for a long time.

I grieve for your grandparents,” continued Michael. “But after all, that was in another land, and in a different time. I need not point out to you the advantages of the Church to this country in which you operate. It is the Church which saves the home, by confronting with a determined mien the practices of immorality. The home, following the Church, conforms to design, and consists of the father, the mother, and the child. That home, Mr. Cohen, furnishes the basis for your credit in the markets of the world. The father produces, the mother buys, the child consumes. I ask you: can you do without it? Do you wish to see this country sunk in wickedness, the father drunk, the mother divorced, the child debauched? Would you like to see the mills idle, the mines closed, the farms overgrown with weeds?

Once AI makes better decisions than us about careers and perhaps even relationships, our concept of humanity and of life will have to change. Humans are used to thinking about life as a drama of decision-making. Liberal democracy and free-market capitalism see the individual as an autonomous agent constantly making choices about the world. Works of art – be they Shakespeare plays, Jane Austen novels, or tacky Hollywood comedies – usually revolve around the hero having to make some particularly crucial decision. To be or not to be? To listen to my wife and kill King Duncan, or listen to my conscience and spare him? To marry Mr Collins or Mr Darcy? Christian and Muslim theology similarly focus on the drama of decision-making, arguing that everlasting salvation or damnation depends on making the right choice.

I hate spinach," the President of the United States blurted out. "Not the least bit sorry to see it happen." He spoke these candid words in a hush-hush, closed-door meeting with a "special advisor" from agribusiness giant, AgriNu. "Hate it." The President went on, "You know what else I hate? Peas. Despise peas... and there's so many of them." Edwin Edwards (why do parents do that?), otherwise known as Mr. Ed, leaned back with a sly smile. "What if I told you there was a way to get rid of spinach? And peas? And, at the same time, break open this damned European block to our special genetically modified seeds, allowing us to finally take control of the world market?" The President settled back in his seat, indicating for him to go on. Despite not liking vegetables, the President liked a man with a big appetite.

Around 1980, I’d been writing short stories, all to no success; so I wrote a fan letter to Stephen King and asked “How long should it take an aspiring writer to either get published or know when to give up?” Lo and behold, King wrote back to me in long hand with blue flair pen on 14-inch paper, purveying a very nice, helpful note; in it he said my letter proved a “command of the language,” that I should never give up, and that it would take years to succeed, not months. “That’s cold comfort but it’s the truth.” This was the ultimate encouragement for a young writer to be who didn’t know shit about the market. I took Mr. King’s advice and actually sold my first novel little more than a year later. I’ll always be copiously grateful for this advice, and it’s the same advice I give aspiring writers now (along with the story of King’s reply!).

Swift came to the table and bowed politely. “My lady,” he said to Lillian, “what a pleasure it is to see you again. May I offer my renewed congratulations on your marriage to Lord Westcliff, and…” He hesitated, for although Lillian was obviously pregnant, it would be impolite to refer to her condition. “…you are looking quite well,” he finished. “I’m the size of a barn,” Lillian said flatly, puncturing his attempt at diplomacy. Swift’s mouth firmed as if he was fighting to suppress a grin. “Not at all,” he said mildly, and glanced at Annabelle and Evie. They all waited for Lillian to make the introductions. Lillian complied grudgingly. “This is Mr. Swift,” she muttered, waving her hand in his direction. “Mrs. Simon Hunt and Lady St. Vincent.” Swift bent deftly over Annabelle’s hand. He would have done the same for Evie except she was holding the baby. Isabelle’s grunts and whimpers were escalating and would soon become a full-out wail unless something was done about it. “That is my daughter Isabelle,” Annabelle said apologetically. “She’s teething.” That should get rid of him quickly, Daisy thought. Men were terrified of crying babies. “Ah.” Swift reached into his coat and rummaged through a rattling collection of articles. What on earth did he have in there? She watched as he pulled out his pen-knife, a bit of fishing line and a clean white handkerchief. “Mr. Swift, what are you doing?” Evie asked with a quizzical smile. “Improvising something.” He spooned some crushed ice into the center of the handkerchief, gathered the fabric tightly around it, and tied it off with fishing line. After replacing the knife in his pocket, he reached for the baby without one trace of self-consciusness. Wide-eyed, Evie surrendered the infant. The four women watched in astonishment as Swift took Isabelle against his shoulder with practiced ease. He gave the baby the ice-filled handkerchief, which she proceeded to gnaw madly even as she continued to cry. Seeming oblivious to the fascinated stares of everyone in the room, Swift wandered to the window and murmured softly to the baby. It appeared he was telling her a story of some kind. After a minute or two the child quieted. When Swift returned to the table Isabelle was half-drowsing and sighing, her mouth clamped firmly on the makeshift ice pouch. “Oh, Mr. Swift,” Annabelle said gratefully, taking the baby back in her arms, “how clever of you! Thank you.” “What were you saying to her?” Lillian demanded. He glanced at her and replied blandly, “I thought I would distract her long enough for the ice to numb her gums. So I gave her a detailed explanation of the Buttonwood agreement of 1792.” Daisy spoke to him for the first time. “What was that?” Swift glanced at her then, his face smooth and polite, and for a second Daisy half-believed that she had dreamed the events of that morning. But her skin and nerves still retained the sensation of him, the hard imprint of his body. “The Buttonwood agreement led to the formation of the New York Stock and Exchange Board,” Swift said. “I thought I was quite informative, but it seemed Miss Isabelle lost interest when I started on the fee-structuring compromise.” “I see,” Daisy said. “You bored the poor baby to sleep.” “You should hear my account of the imbalance of market forces leading to the crash of ’37,” Swift said. “I’ve been told it’s better than laudanum.

one of the hottest topics today is ethics—ethics discussions, ethics curriculum, ethics training, codes of ethics. This book shows that while ethics is fundamentally important and necessary, it is absolutely insufficient. It shows that the so-called soft stuff is hard, measurable, and impacts everything else in relationships, organizations, markets, and societies. Financial success comes from success in the marketplace, and success in the marketplace comes from success in the workplace. The heart and soul of all of this is trust. This work goes far beyond not only my work, but also beyond anything I have read on the subject of trust. It goes beyond ethical behavior in leadership, beyond mere “compliance.” It goes deep into the real “intent” and agenda of a person’s heart, and then into the kind of “competence” that merits consistent public confidence.

Why do you call the people who don’t live in the Close the Lower Orders?” asked Hugh Anthony. “Grandfather calls them God’s Poor.” “Eh?” said the Dean, a little startled, and then he adjusted his eyeglass and rubbed his nose in a puzzled sort of way, as though he did not quite know how to answer. “I suppose,” said Hugh Anthony, “that Saint Hugh of Torminster belonged to the Lower Orders?” “Certainly not,” said the Dean indignantly. “The Blessed Saint Hugh was Abbot of Torminster. I hold – I say it in all humility – a position very like his own.” “Before he was Abbot of Torminster, he kept pigs,” said Hugh Anthony. “Like Mr. Burton, our butcher.” “Merely legendary pigs,” said the Dean. “And the Apostles were fishmongers,” continued the awful child, “like Mr. Robson in the Market Place… It’s a pity, isn’t it, that all the saints seem to belong to the Lower Orders?

Garrett regarded the scene with amazement. "It looks like a Saturday-night market." "It's to celebrate the new underground London Ironstone line. The railway owner, Tom Severin, is paying out of his own pocket for fairs and concerts across the city." "Mr. Severin my be taking credit for the celebrations," Garrett said wryly, "but I can assure you, not a shilling of it has come from his own pocket." Ransom's gaze flashed to her. "You know Severin?" "I'm acquainted with him," she said. "He's a friend of Mr. Winterborne's." "But not yours?" "I would call him a friendly acquaintance." A ripple of delight ran through her as she saw the notch between his brows. Was it possible he was jealous? "Mr. Severin is a schemer," she said. "An opportunist. He contrives everything for his own advantage, even at the expense of his friends." "A businessman, then," Ransom said flatly. Garrett laughed. "He certainly is that.

Wealth, as Mr Hobbes says, is power. But the person who either acquires, or succeeds to a great fortune, does not necessarily acquire or succeed to any political power, either civil or military. His fortune may, perhaps, afford him the means of acquiring both; but the mere possession of that fortune does not necessarily convey to him either. The power which that possession immediately and directly conveys to him, is the power of purchasing a certain command over all the labour, or over all the produce of labour which is then in the market. His fortune is greater or less, precisely in proportion to the extent of this power, or to the quantity either of other men's labour, or, what is the same thing, of the produce of other men's labour, which it enables him to purchase or command. The exchangeable value of every thing must always be precisely equal to the extent of this power which it conveys to its owner.

The storyteller gave me a sideways look. “Miss Lea, it doesn’t do to get attached to these secondary characters. It’s not their story. They come, they go, and when they go they’re gone for good. That’s all there is to it.” I slid my pencil into the spiral binding of my notebook and walked to the door, but when I got there, I turned back. “Where did she come from, then?” “For goodness’ sake! She was only a governess! She is irrelevant, I tell you.” “She must have had references. A previous job. Or else a letter of application with a home address. Perhaps she came from an agency?” Miss Winter closed her eyes and a long-suffering expression appeared on her face. “Mr. Lomax, the Angelfield family solicitor, will have all the details I’m sure. Not that they’ll do you any good. It’s my story. I should know. His office is in Market Street, Banbury. I will instruct him to answer any inquiries you choose to make.” I wrote to Mr. Lomax that night.

THE HEATHMAN IS NESTLED in the heart of downtown Portland. Its impressive brown stone edifice was completed just in time for the crash of the late 1920s. José, Travis, and I are traveling in my Beetle, and Kate is in her CLK, since we can’t all fit in my car. Travis is José’s friend and gopher, here to help out with the lighting. Kate has managed to acquire the use of a room at the Heathman free of charge for the morning in exchange for a credit in the article. When she explains at reception that we’re here to photograph Christian Grey, CEO, we are instantly upgraded to a suite. Just a regular-sized suite, however, as apparently Mr. Grey is already occupying the largest one in the building. An over-keen marketing executive shows us up to the suite—he’s terribly young and very nervous for some reason. I suspect Kate’s beauty and commanding manner disarm him, because he’s putty in her hands. The rooms are elegant, understated, and opulently furnished.

Mr. Duffy Napp has just transmitted a nine-word e-mail asking that I immediately send a letter of reference to your firm on his behalf; his request has summoned from the basement of my heart a star-spangled constellation of joy, so eager am I to see Mr. Napp well established at Maladin IT. As for the basis of our acquaintanceship: I am a professor in an English department whose members consult Tech Help—aka Mr. Napp—only in moments of desperation. For example, let us imagine that a computer screen, on the penultimate page of a lengthy document, winks coyly, twice, and before the “save” button can be deployed, adopts a Stygian façade. In such a circumstance one’s only recourse—unpalatable though it may be—is to plead for assistance from a yawning adolescent who will roll his eyes at the prospect of one’s limited capabilities and helpless despair. I often imagine that in olden days people like myself would crawl to the doorway of Tech Help on our knees, bearing baskets of food, offerings of the harvest, the inner organs of neighbors and friends— all in exchange for a tenuous promise from these careless and inattentive gods that the thoughts we entrusted to our computers will be restored unharmed. Colleagues have warned me that the departure of Mr. Napp, our only remaining Tech Help employee, will leave us in darkness. I am ready. I have girded my loins and dispatched a secular prayer in the hope that, given the abysmal job market, a former mason or carpenter or salesman—someone over the age of twenty-five—is at this very moment being retrained in the subtle art of the computer and will, upon taking over from Mr. Napp, refrain (at least in the presence of anxious faculty seeking his or her help) from sending text messages or videos of costumed dogs to both colleagues and friends. I can almost imagine it: a person who would speak in full sentences—perhaps a person raised by a Hutterite grandparent on a working farm.

Remember this, if you have written a couple dozen short stories and sold them to national markets, the chances are you know as much about the business as many of the editors you are trying to sell to. You are going to have to write what they want, but always be sure the paths they want you to take are reasonable. The chances are they know what is salable and they must be listened to. But only you can determine what is distinctly yours and that is your road to the ultimate success. Editors come and go constantly and the next man may love what the last man despised. It’s all taste and opinion and one man is different from the next. Mr. Faulkner might not appreciate Mr. Spillane, but that is also true in reverse. None of this need concern you. Out there, beyond the lighted limits of the place you sit and type, somebody is waiting for the kind of thing you write. Writing can never be more than communication and should never be less. So what do you do? You keep typing.

But I went on thinking about false teeth, and then about piano-keys and about that time the blind man from Martinique came to tune the piano and then he played and we listened to him sitting in the dark with the jalousies shut because it was pouring with rain and my father said, 'You are a real musician.' He had a red moustache, my father. And Hester was always saying, 'Poor Gerald, poor Gerald.' But if you'd seen him walking up Market Street, swinging his arms and with his brown shoes flashing in the sun, you wouldn't have been sorry for him. That time when he say, 'The Welsh word for grief is hiraeth.' Hiraeth. And that time when I was crying about nothing and I thought he'd be wild, but he hugged me up and he didn't say anything. I had on a coral brooch and it got crushed. He hugged me up and then he said, 'I believe you're going to be like me, you poor little devil.' And that time when Mr Crowe said, 'You don't mean to say you're backing up that damned French monkey?' meaning the Governor, 'I've met some Englishmen,' he said, 'who were monkeys too.

The American share of the crisis began with grossly improper mortgages provided to wholly unqualified borrowers, all directly caused and encouraged by government distortion of and interference in the market. The government’s market deformation and market intervention was in turn the result of two factors: political favouritism and Leftist ideology, on the one hand; and upon the other, corruption: the blatant cooption of such Friends of Angelo as Mr Dodd and of such bien-pensant Lefties as Mr Frank. The stability and efficiency of any market is directly proportional to the amount and trustworthiness of market information. The Yank Congress, for blatantly partisan and ideological reasons, gave out false information to the market, pushing lenders into making bad loans and giving out, with the appropriate winks and nudges, that Fannie (will Americans ever realise how that sounds) and Freddie, imperfectly quangoised, were ‘really just as good as the Treasury’ and were in any case ‘too big to [be let] fail’: which, as it happens, was untrue. Similarly, this moronic mantra of ‘too big to fail’ was chanted desperately and loudly to drown out the warning sounds of various financial institutions on the brink and of the automobile industry. Incomprehensible sums of public money were thrown at these corporations so that they could avoid bankruptcy, and have succeeded only in privatising profit whilst socialising risk.

In 1962, the clouds of war against China darkened the nation. I got a call from the Prime Minister’s office asking me to come to Delhi for an urgent meeting. Also present at the meeting were some Generals and a senior bureaucrat, Shivaraman. I was informed that the Indian Army needed milk powder, and they asked me how much we could provide and how soon. I said, ‘A thousand tons and within six months.’ One of the Generals looked at me and said, ‘That’s not enough.’ I said, ‘Okay, then 1,500 tons.’ They said that, too, was not enough. ‘I suppose we stop wasting time, and you tell me the quantity that you need?’ I asked. ‘We need 2,750 tons,’ came the reply. I asked for a piece of paper as an idea began forming in my mind. I was aware that there was another milk powder plant in Rajkot, which belonged to the Government of Gujarat. It was a small plant, but I knew that if we put together all the powder and gave it to the army, sacrificing the entire civilian market, then we could fulfil this commitment in six months. So I did a swift calculation on a piece of paper and said, ‘It will be done. Now, can I go?’ The General expressed apprehension, ‘Supposing you let us down?’ ‘That is not the way to speak to Mr Kurien,’ Shivaraman said. ‘We have the highest regard for his words. If he says that he will do it, he will certainly do it. And besides, may I know what other alternative you have?’ That quietened the General. Then Shivaraman asked me, ‘What can the government do for you?’ I said, ‘What do you mean?’ He said, ‘Loans? Grants? Anything you want?’ I said, ‘Mr Shivaraman, you said there is an emergency, and if Amul uses this emergency to squeeze money out of the government, then it is an unworthy organisation. I want nothing.’ From that day onwards, Shivaraman was an ally.

MH: In an early letter to William Kennedy you spoke of the "dry rot" of American journalism. Tell me what you think. What's the state of the American press currently? HST: The press today is like the rest of the country. Maybe you need a war. Wars tend to bring out out the best in them. War was everywhere you looked in the sixties, extending into the seventies. Now there are no wars to fight. You know, it's the old argument about why doesn't the press report the good news? Well, now the press is reporting the good news, and it's not as much fun. The press has been taken in by Clinton. And by the amalgamation of politics. Nobody denies that the parties are more alike than they are different. No, the press has failed, failed utterly -- they've turned into slovenly rotters. Particularly The New York Times, which has come to be a bastion of political correctness. I think my place in history as defined by the PC people would be pretty radically wrong. Maybe I could be set up as a target at the other end of the spectrum. I feel more out of place now than I did under Nixon. Yeah, that's weird. There's something going on here, Mr. Jones, and you don't know what it is, do you? Yeah, Clinton has been a much more successfully deviant president than Nixon was. You can bet if the stock market fell to 4,000 and if four million people lost their jobs there'd be a lot of hell to pay, but so what? He's already re-elected. Democracy as a system has evolved into something that Thomas Jefferson didn't anticipate. Or maybe he did, at the end of his life. He got very bitter about the press. And what is it he said? "I tremble for my nation when I reflect that God is just"? That's a guy who's seen the darker side. Yeah, we've become a nation of swine. - HST - The Atlantic , August 26, 1997

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.

Is power like the vis viva and the quantite d’avancement? That is, is it conserved by the universe, or is it like shares of a stock, which may have great value one day, and be worthless the next? If power is like stock shares, then it follows that the immense sum thereof lately lost by B[olingbroke] has vanished like shadows in sunlight. For no matter how much wealth is lost in stock crashes, it never seems to turn up, but if power is conserved, then B’s must have gone somewhere. Where is it? Some say ‘twas scooped up by my Lord R, who hid it under a rock, lest my Lord M come from across the sea and snatch it away. My friends among the Whigs say that any power lost by a Tory is infallibly and insensibly distributed among all the people, but no matter how assiduously I search the lower rooms of the clink for B’s lost power, I cannot seem to find any there, which explodes that argument, for there are assuredly very many people in those dark salons. I propose a novel theory of power, which is inspired by . . . the engine for raising water by fire. As a mill makes flour, a loom makes cloth and a forge makes steel, so we are assured this engine shall make power. If the backers of this device speak truly, and I have no reason to deprecate their honesty, it proves that power is not a conserved quantity, for of such quantities, it is never possible to make more. The amount of power in the world, it follows, is ever increasing, and the rate of increase grows ever faster as more of these engines are built. A man who hordes power is therefore like a miser who sits on a heap of coins in a realm where the currency is being continually debased by the production of more coins than the market can bear. So that what was a great fortune, when first he raked it together, insensibly becomes a slag heap, and is found to be devoid of value. When at last he takes it to the marketplace to be spent. Thus my Lord B and his vaunted power hoard what is true of him is likely to be true of his lackeys, particularly his most base and slavish followers such as Mr. Charles White. This varmint has asserted that he owns me. He fancies that to own a man is to have power, yet he has got nothing by claiming to own me, while I who was supposed to be rendered powerless, am now writing for a Grub Street newspaper that is being perused by you, esteemed reader.

What a joy this book is! I love recipe books, but it’s short-lived; I enjoy the pictures for several minutes, read a few pages, and then my eyes glaze over. They are basically books to be used in the kitchen for one recipe at a time. This book, however, is in a different class altogether and designed to be read in its entirety. It’s in its own sui generis category; it has recipes at the end of most of the twenty-one chapters, but it’s a book to be read from cover to cover, yet it could easily be read chapter by chapter, in any order, as they are all self-contained. Every bite-sized chapter is a flowing narrative from a well-stocked brain encompassing Balinese culture, geography and history, while not losing its main focus: food. As you would expect from a scholar with a PhD in history from Columbia University, the subject matter has been meticulously researched, not from books and articles and other people’s work, but from actually being on the ground and in the markets and in the kitchens of Balinese families, where the Balinese themselves learn their culinary skills, hands on, passed down orally, manually and practically from generation to generation. Vivienne Kruger has lived in Bali long enough to get it right. That’s no mean feat, as the subject has not been fully studied before. Yes, there are so-called Balinese recipe books, most, if I’m not mistaken, written by foreigners, and heavily adapted. The dishes have not, until now, been systematically placed in their proper cultural context, which is extremely important for the Balinese, nor has there been any examination of the numerous varieties of each type of recipe, nor have they been given their true Balinese names. This groundbreaking book is a pleasure to read, not just for its fascinating content, which I learnt a lot from, but for the exuberance, enthusiasm and originality of the language. There’s not a dull sentence in the book. You just can’t wait to read the next phrase. There are eye-opening and jaw-dropping passages for the general reader as Kruger describes delicacies from the village of Tengkudak in Tabanan district — grasshoppers, dragonflies, eels and live baby bees — and explains how they are caught and cooked. She does not shy away from controversial subjects, such as eating dog and turtle. Parts of it are not for the faint-hearted, but other parts make you want to go out and join the participants, such as the Nusa Lembongan fishermen, who sail their outriggers at 5.30 a.m. The author quotes Miguel Covarrubias, the great Mexican observer of the 1930s, who wrote “The Island of Bali.” It has inspired all writers since, including myself and my co-author, Ni Wayan Murni, in our book “Secrets of Bali, Fresh Light on the Morning of the World.” There is, however, no bibliography, which I found strange at first. I can only imagine it’s a reflection of how original the subject matter is; there simply are no other sources. Throughout the book Kruger mentions Balinese and Indonesian words and sometimes discusses their derivations. It’s a Herculean task. I was intrigued to read that “satay” comes from the Tamil word for flesh ( sathai ) and that South Indians brought satay to Southeast Asia before Indonesia developed its own tradition. The book is full of interesting tidbits like this. The book contains 47 recipes in all, 11 of which came from Murni’s own restaurant, Murni’s Warung, in Ubud. Mr Dolphin of Warung Dolphin in Lovina also contributed a number of recipes. Kruger adds an introduction to each recipe, with a detailed and usually very personal commentary. I think my favorite, though, is from a village priest (pemangku), I Made Arnila of the Ganesha (Siwa) Temple in Lovina. water. I am sure most will enjoy this book enormously; I certainly did.” Review published in The Jakarta Globe, April 17, 2014. Jonathan Copeland is an author and photographer based in Bali. thejakartaglobe/features/spiritual-journey-culinary-world-bali

Selfishness, like Jimmy the Shrimp, works underground. Most people don’t even realize it is there, which is precisely why it is so dangerous. Selfishness works in secret, behind closed doors, on the black market, plotting and planning our destruction. Selfishness is the Mob boss of the soul. In fact, without selfishness, you wouldn’t have murder, hate, holocaust, slander, genocide, betrayal, or crooked lawyers—because those are all the convoluted results of Jimmy the Shrimp’s regime. Simply put, selfishness is the sickness behind all other sicknesses.

Some grant programs are structured as competitions. New York City’s Industrial Growth Initiative, now in its second year, is a two-stage process that requires businesses to attend a growth workshop and then apply for a more in-depth workshop series covering topics like human resources and marketing. The program culminates with a business plan competition, where participants put what they have learned to work and create expansion plans to guide their next stage of growth. The plans are pitched to an audience of judges and business leaders, and three winners split a $150,000 prize. One recent winner was Eric Campione, chief administrative officer for P.A.C. Plumbing, Heating, & Air Conditioning. Mr. Campione submitted a plan to bring the third-generation family-owned business on Staten Island into the digital age with new technology, such as iPads for field technicians. It is about more than money, though.

Breaking the bonds Juan Carlos Fábrega, the governor of Argentina’s Central Bank, resigned in the wake of a vituperative speech by President Cristina Fernández de Kirchner, in which she accused him of acting in concert with the banks to weaken the currency. Mr Fábrega was regarded as a pragmatist in an administration that is short of them; his successor, Alejandro Vanoli, is a loyalist. With reserves dwindling, inflation rising, the peso under pressure and foreign capital markets still out of reach after the default in July, the removal of Mr Fábrega adds to the sense of an economy adrift.

Must have been foreign,” said Mrs. Curtin. “Me and my old man went on a coach trip to Switzerland and Italy once and it was a whole hour further on there. Must be something to do with this Common Market. I don’t hold with the Common Market and nor does Mr. Curtin. England’s good enough for me.

The How To Model How to How to even if How to in less than The Surprising Link Model What I learned about from ’s guide to The List Model ways to surprising facts about The top reasons you’re The Secrets Model secret ways to What your doesn’t want you to know about The Questions Model What would happen if you ? Has ever happened to you? Do you know the top reason why ? The Unusual Sentence Model “” (e.g. “You’re fired, Mr Peesker”) (e.g. Dripping blood, sponges and something that may be holding you back)

But back then, she'd tended to focus first on their appearance, and she could remember saying no to a few guys who hadn't been quite cute enough. And maybe that had been the problem. Maybe she'd turned down Mr. Right because he hadn't been tall enough or whatever, and now -- because he was Mr. Right -- he was already off the market. These days, it seemed like Mr. Rights tended to fly off the shelves perhaps because they were as rare as California condos

Mr. Sales: These days, the days are passing very quickly. Mr. Conscience: But you have no work? How do you spend your day? Mr. Sales: Yes, but we have so much to worry about, believe me every hour is passed in worrying about having no work. Mr. Conscience: But what keeps you busy? Mr. Sales: Well,Team-work keeps us busy, we keep ourselves busy by calling other colleagues whose worry level is still not as high as ours, and we try to bring their worry level to our level. Mr. Conscience: But don’t you think we should try harder? Mr. Sales: Yes, I believe we should call them more often and increase the fear factor. Mr. Conscience: No, I am talking about the clients? Mr. Sales: Clients are also doing the same thing within their teams, so they don’t want to listen to our share of worries. Mr. Conscience: No, I am talking about sales? Mr. Sales: Oh sales, yes we do try to extend our service to people who demands our service. Mr. Conscience: But don't you think that you should be calling the clients to show them a picture of better future? Mr. Sales: But the clients ignore our calls, they like politicians never give us a proper reply, they make us call them again & again. Mr. Conscience: So shouldn’t you call them again and again, since you have no better work to do? Mr. Sales: You mean to say apart from petrifying other people about their future, but what about my ego? My ego can’t take a Negative response every time. Mr. Conscience: But they are not saying no to you, they are saying no to your product, which suggests your inability to convince them. Mr. Sales: No, I can convince them about bad market conditions, only thing they don’t get convinced is about buying my product. Mr. Conscience: Don’t you think a positive approach to life can save you from many setbacks? If you start your day positively, encouraging people around you, telling them that things are bad but together we can get-over this phase. You can also spend some time in knowing your clients, reaching out to many, looking for new sources. Remember a body tired of hard work sleeps better than a mind tired of worrying. Try new things, learn new tricks, enlighten your mind with knowledge and you will do good. Mr. Sales: But what about worrying, I must worry also about my future? Mr. Conscience: Yes, worry is good if it involves efforts, only worry is like an opponent provided with every opportunity to win. Win and loss are part of life, but losing without a fight is a sin. Mr. Sales: Calling his colleague, hey listen today my conscience was trying to lecture me about useless worrying, I think we should be more positive. What, you don't have any sales yet, see I told you earlier, the market is very low, everyone is struggling, sales has no future..

At that time I had to keep meeting people and meeting people in case one of them was someone I could marry.

When you have identified your long-term objectives, defined your tolerance for risk, and carefully selected an index fund or a small number of actively managed funds that meet your goals, stay the course. Hold tight. Complicating the investment process merely clutters the mind, too often bringing emotion into a financial plan that cries out for rationality. I am absolutely persuaded that investors’ emotions, such as greed and fear, exuberance and hope—if translated into rash actions—can be every bit as destructive to investment performance as inferior market returns. To reiterate what the estimable Mr. Buffett said earlier: “Inactivity strikes us as intelligent behavior.” Never forget it.

You can gain great insights about investing from a careful study of Buffett’s Generals. He was constantly appraising the value of as many stocks as he could find, looking for the ones where he felt he had a reasonable ability to understand the business and come up with an estimate for its worth. With a prodigious memory and many years of intense study, he built up an expansive memory bank full of these appraisals and opinions on a huge number of companies. Then, when Mr. Market offered one at a sufficiently attractive discount to its appraised value, he bought it; he often concentrated heavily in a handful of the most attractive ones. Good valuation work and proper temperament have always been the two keys pillars of his success as an investor. Buffett

That night, they sat around the hotel room with a bottle of tequila and some salt and limes and talked about names for the new real estate company. A few ideas sprang up right away but got rejected just as fast. A half bottle of tequila later, the name "Real Estate Maximums Incorporated" was tossed around as a possibility. Nobody spoke for a moment because everyone liked it. Maximums meant that everyone would get the most out of the relationship-real estate agents and customers alike. The name did a good job of communicating the everybody wins principle at the heart of the endeavor. But after a few more minutes, they realized it didn't quite work. It wasn't snappy enough for a good brand name, and it was too long to fit on a real estate sign. More tequila got poured. No one could come up with another name that felt as on-target as Real Estate Maximums. Someone suggested shortening it to R. E. Max. That made it snappier and appealing in a brand name sense; but when you wrote it out, it looked too much like a real person's name. You could imagine junk mail arriving at the office in care of Mr. and Mrs. R. E. Max. Collins pointed out that Exxon had formed only a few years before, and the X with a slash through it looked very smart. So Liniger took out the dots and tried a slash through the middle of the word and then capitalized all the letters. They looked at the pad of paper and saw: RE/MAX. A silence came over them, followed by a few backslaps and cheers. Everything about the word looked exactly right, as though they were talking about an established global company. Now, what about colors? They were on a roll. Now was no time to stop. A few more shots of tequila went around while they debated the right look for the new RE/MAX. It didn't take long to figure it out: Everyone in the room was a Vietnam vet and patriotic to the core. The colors, of course, had to be red, white, and blue. When they considered the whole package, they knew they had it. And that's how the idea for the distinctive RE/MAX brand was hatched. Considering the time and resources that get poured into brand development today, their methods might seem unorthodox if admirably effective. No money was spent on advertising agencies, market research, or trademark protection. The only investment was a decent bottle of tequila; the only focus group, a bunch of guys sitting around a room having a good laugh.

When we went on the stock market, it didn’t mean anything to some of us country boys. The chairman always said I came across the Red River barefooted and hunting a job, which is almost the way it was. I didn’t even know what stock was. But I bought some, thank God, because Phil Green said, ‘Hey, you buy some of that stock, boy.’ I bought it and I kept it because I believed in Mr. Walton, and I believed in my store. It’s real simple. I believed him when he said we could do all these things with the company. And we did.” —AL MILES, first assistant manager, store number 6, Fayetteville, Arkansas, now a retired Wal-Mart executive

while ethics is fundamentally important and necessary, it is absolutely insufficient. It shows that the so-called soft stuff is hard, measurable, and impacts everything else in relationships, organizations, markets, and societies. Financial success comes from success in the marketplace, and success in the marketplace comes from success in the workplace. The heart and soul of all of this is trust.

And you say you want a new job, but something keeps you holding on to the old one, justifying why he’ll get better this year,” Mina added, holding her iced almond-milk latte in one hand as she swiped through a dating app with the other. “And he’s so clingy and expects you to be there for him twenty-four seven,” Ellen added. “And when you do finally get another offer, you get cold feet because you can’t even remember who you were without Mr. Wall Street in your life.” “You’ve got to get out,” Mina said, tilting her head to evaluate a digital suitor on her phone. “It’s time,” Ellen agreed. “Sarah agrees with us.” Rae felt the panicked sensation of a door that had closed before she’d managed to reach it, but she avoided interpreting their words as truth. She just went into defensive mode, disliking how the rest of the Scramblettes had apparently started a separate group chat to stage an intervention. “Things have been getting better,” Rae said. “I think I’ll be able to present my market size analysis to a client at a pitch meeting next week.” “You’re doing that thing,” Ellen said, “where the shitty boyfriend does one mediocre thing, but relative to everything else he’s done it’s amazing, and so you think this means he’s really changed.” The glare from Ellen’s engagement ring felt very bright, and Rae didn’t like the sight of it.

Mr. Carnegie’s Master Mind group consisted of a staff of approximately fifty men, with whom he surrounded himself, for the definite purpose of manufacturing and marketing steel. He attributed his entire fortune to the power he accumulated through this “Master Mind.

Y'all know that little gal Kelly Crawford that works down at Tuckers?" Tuckers Jiffy Lube was the only gas station and mechanical shop in town. Jena Lynn's face contorted in disapproval. "You referring to that scantily clad girl who runs the register?" I asked as Jena Lynn hopped up to retrieve the coffeepot. "That's the one." Betsy curled up her lip in disgust. "That girl is barely legal!" I was outraged. "I know! I'm going to tell her granny. She'll take a hickory switch to the girl when she finds out what she's been up to. She was all over Darnell." Betsy wiped her nose with the back of her hand. She was right about that. Her granny wasn't the type to spare the rod; she parented old-school style. Jena Lynn's tone rose as she stirred raw sugar into her coffee. "You caught them?" "Well, I called him after what happened with poor Mr. Ledbetter---" We shook our heads. "---told him I was going to be late 'cause I was taking that extra shift. Guess he thought late meant real late 'cause when I got home, they we're rootin' around on my couch, the one my meemaw gave me last spring when she had her house redecorated." We sat in stunned silence. "I threw his junk out last night. And when he still didn't budge from the TV"---she paused for effect---"I set it all on fire, right there in the front yard." She leaned back and crossed her arms over her expansive chest. "That's harsh." Sam stacked his empty plates. "Maybe it wasn't Darnell's fault." Jena Lynn and I gave him a disapproving glare. He appeared oblivious to his offense, and the moron had the audacity to reach into the container for a cream cheese Danish. "Sam, if you value that scrawny hand of yours, I'd pull it out real slow or you'll be drawing back a nub," Betsy warned. "Sheesh!" Sam jerked backward. It was obvious he didn't doubt her for a second. He marched toward the kitchen and dropped the plates in the bus tub with a loud thud. "He should know better. You don't touch a gal's comfort food in a time of crisis," I said, and my sister nodded in agreement. Jena Lynn patted Betsy on the arm. "Ignore him, Bets. He's a man." I stood. "And if I may be so bold as to speak for all the women of the world who have been unfortunate enough to be in your shoes, we applaud you." A satisfied smile spread across Betsy's lips. "Thank you." She took a little bow. "That's why my eyes look like they do. Smoke got to me." She leaned in closer. "I threw all his high school football trophies into the blaze while he was hollering at me. The whole neighborhood came out to watch." I chuckled. The thought of Darnell Fryer running around watching all his belongings go up in smoke was hilarious. I wished I'd been there. "Did anyone try to step in and help Darnell?" "Hell nah. He owes his buddies so much money from borrowing to pay his gambling debts, the ones that came out brought their camping chairs and watched the show while tossing back a few cold ones." She got up from the counter to scoop a glass full of ice and filled it with Diet Coke from the fountain. "Y'all, I gotta lose this weight now I'm back on the market." Betsy was one of a kind.

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

Michael Artime is CEO & Founder of Ecom Honey which leads a small, focused team comprised of designers, copywriters, and other marketing professionals working together to create email and SMS marketing campaigns that convert. The company boasts significant increases in client revenues and has worked with over 100 popular e-commerce brands. Mr. Artime is a University of Central Florida alum and enjoys golfing. He lives in Nashville, Tennessee where Ecom Honey is headquartered.

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?

In his chapter on the SEC Mr Ney demonstrates an understanding of the esoteric operations of the Stock Exchange. Operations are controlled for the benefits of the insiders who have the special information and the clout to profit from all sorts of transactions, regardless of the actual value of the stock traded. The investor is left out or is an extraneous factor. The actual value of the listed stock is irrelevant. The name of the game is manipulation

The company claimed to have interviewed some 2,210 “experts,” of whom it said 1,184 were exclusive Luckies smokers. Of these, federal investigators tracked down 440 and discovered that more than 100 denied smoking Luckies exclusively, 50 did not smoke at all, and some smoked other brands exclusively, some did not recall having ever been interviewed on the subject by American Tobacco, and some had no connection with the tobacco industry. Such details aside, the campaign and the company’s new media-buying strategy were hugely successful, and by 1941 Lucky Strike would narrowly reclaim the market share lead from Camel and widen it dramatically in ensuing years. “He was a dictator, of course,” Pat Weaver recalled of the newly triumphant George Hill of this period, but now he invited the input of others. “His strength,” said Weaver, “was his tremendous conviction about the importance of the business he was in. His weakness was tunnel vision—he was really obsessed with Lucky Strike, I’m afraid.” But not to such a degree that he failed to recognize the danger of his company’s dependence on a single brand amid the vicissitudes of a fickle marketplace. “One day, I came into his office,” Weaver remembered, “and I said, ‘Mr. Hill, I have a good idea.’ He said, ‘Great, what is it?’—he loved ideas.” Weaver’s was a not entirely harebrained scheme to get around the federal excise tax of six cents per pack of twenty cigarettes by putting out a brand in which each smoke was twice the normal length and the package would include a razor blade for slicing each one in two, thereby saving the customer the equivalent of three cents a pack. Hill listened and nodded,

In their enthusiasm to oppose Mr. Harper and the Conservatives, I think they’ve been getting the big things wrong about this country. For example, Canada’s prosperity depends upon our ability to develop our natural resources and get them to world markets. Every prime minister in our history would agree with that. Today, that means we have to create more environmentally sustainable ways of getting this job done, but it serves nobody to suggest that western Canada’s resource wealth is a “Dutch disease” that weighs down the rest of the economy. My party learned that painful lesson under my father’s leadership. Using western resource wealth to buy eastern votes is a strategy that, ultimately, impoverishes all Canadians.

Once I saw this trend, the paper quickly wrote itself and was titled “Has Financial Development Made the World Riskier?” As the Wall Street Journal reported in 2009 in an article on my Jackson Hole presentation: Incentives were horribly skewed in the financial sector, with workers reaping rich rewards for making money but being only lightly penalized for losses, Mr. Rajan argued. That encouraged financial firms to invest in complex products, with potentially big payoffs, which could on occasion fail spectacularly. He pointed to “credit default swaps” which act as insurance against bond defaults. He said insurers and others were generating big returns selling these swaps with the appearance of taking on little risk, even though the pain could be immense if defaults actually occurred. Mr. Rajan also argued that because banks were holding a portion of the credit securities they created on their books, if those securities ran into trouble, the banking system itself would be at risk. Banks would lose confidence in one another, he said. “The inter-bank market could freeze up, and one could well have a full-blown financial crisis.” Two years later, that’s essentially what happened.2 Forecasting at that time did not require tremendous prescience: all I did was connect the dots using theoretical frameworks that my colleagues and I had developed. I did not, however, foresee the reaction from the normally polite conference audience. I exaggerate only a bit when I say I felt like an early Christian who had wandered into a convention of half-starved lions. As I walked away from the podium after being roundly criticized by a number of luminaries (with a few notable exceptions), I felt some unease. It was not caused by the criticism itself, for one develops a thick skin after years of lively debate in faculty seminars: if you took everything the audience said to heart, you would never publish anything. Rather it was because the critics seemed to be ignoring what was going on before their eyes.

Although over the short term Mr. Market may price stocks based on emotion, over the long term Mr. Market prices stocks based on their value.

Carlos” was Carlos Marcello and that Sheriff T-Jack was actively collecting gambling proceeds for the New Orleans Mafia and its allies, Frank Costello’s mob in New York. Marcello had made his fortune as a young man by distributing Costello’s slot machines throughout Louisiana and Texas using a simple marketing pitch: “We’ll make you rich, or we’ll make you disappear.

Over the short term, Mr. Market acts like a wildly emotional guy who can buy or sell stocks at depressed or inflated prices. • Over the long run, it's a completely different story: Mr. Market gets it right.

Simultaneous superposition of clement brane-universe alternatives made such a mockery of free market capitalism in so many ways. On more than one occasion a mechanism had been purchased with some very foreign currency and twice, to the best of his knowledge, he had been robbed. It all depended on what Mr C expected to find when a customer opened the door from everything outside and came into the shop where all that there was, had been and likely would be was what was in the shop there and then, not What Was outside previously and was probably no longer, for the moment.

Actually,” Matthew said mildly, “the available figures indicate that as soon as soap is mass-produced at an affordable price, the market will increase approximately ten percent a year. People of all classes want to be clean, Mr. Mardling. The problem is that good quality soap has always been a luxury item and therefore difficult to obtain.” “Mass production,” Mardling mulled aloud, his lean face furrowed with thought. “There is something objectionable about the phrase…it seems to be a way of enabling the lower classes to imitate their betters.” Matthew glanced at the circle of men, noting that the top of Bowman’s head was turning red—never a good sign—and that Westcliff was holding his silence, his black eyes unreadable. “That’s exactly what it is, Mr. Mardling,” Matthew said gravely. “Mass production of items such as clothing and soap will give the poor a chance to live with the same standards of health and dignity as the rest of us.” “But how will one sort out who is who?” Mardling protested. Matthew shot him a questioning glance. “I’m afraid I don’t follow.” Llandrindon joined in the discussion. “I believe what Mardling is asking,” he said, “is how one will be able to tell the difference between a shopgirl and a well-to-do woman if they are both clean and similarly dressed. And if a gentleman is not able to tell what they are by their appearance, how is he to know how to treat them?” Stunned by the snobbery of the question, Matthew considered his reply carefully. “I’ve always thought all women should be treated with respect no matter what their station.” “Well said,” Westcliff said gruffly, as Llandrindon opened his mouth to argue. No one wished to contradict the earl, but Mardling pressed, “Westcliff, do you see nothing harmful in encouraging the poor to rise above their stations? In allowing them to pretend there is no difference between them and ourselves?” “The only harm I see,” Westcliff said quietly, “is in discouraging people who want to better themselves, out of fear that we will lose our perceived superiority.

The Thatcher/Major years, as far as Michael was concerned, had wrecked the world that the 1945 Labour landslide had inaugurated. Shortly after the incident with Major, Michael traveled to Manchester from his constituency in Wales. The trip required a change of trains in Abergavenny: I used to go down there when I first got to that part of the world—1930s in the Monmouth constituency was the first place I fought a campaign. Abergavenny was a nice little busy railway town—the best supporters of the Labour Party—a thriving little market town. When I turned up [at the railway station] two days after I heard Mr. Major in London announce we were to have a classless society—the whole place was absolutely deserted. The ticket office was closed. Everything was closed except the lavatory. The only thing that was working was the bloody condom machine with some posh title called Empire—Elite! That’s it! The only thing working in the Major station was the Elite Condoms. I didn’t need one at the time, I may say, but there you are. That was my introduction to Major’s classless society.

John Cryan, the former chief financial officer of UBS, will replace Mr Jain. Mr Fitschen will not be replaced, meaning that from next year, Mr Cryan, a 54-year-old Briton, will be in sole charge. Following Brady Dougan at Credit Suisse and Peter Sands at Standard Chartered, Mr Jain and Mr Fitschen are the latest heads to roll at top banks, which since the financial crisis have been hit by tougher regulation, sluggish markets and conduct problems. The news comes just over a month after Deutsche unveiled a strategy designed to bolster shareholder returns, which were just 2.7 per cent in 2014 and have been hit by a slew of fines, including a $2.5bn penalty for Deutsche’s involvement in the Libor scandal.