Options Market Quotes

When a value is communicated well, it gives your potential customers an option to choose you over others and to stick to your brand.

The combination of loss aversion with mindless choosing implies that if an option is designated as the “default,” it will attract a large market share. Default options thus act as powerful nudges.

The government is indeed an institution, but "the market" is nothing more than an option for each individual to chose among numerous existing institutions, or to fashion new arrangements suited to his own situation and taste.

Cooking without remuneration" and "slaving over a hot stove" are activities separated mostly by a frame of mind. The distinction is crucial. Career women in many countries still routinely apply passion to their cooking, heading straight from work to the market to search out the freshest ingredients, feeding their loved ones with aplomb. [...] Full-time homemaking may not be an option for those of us delivered without trust funds into the modern era. But approaching mealtimes as a creative opportunity, rather than a chore, is an option. Required participation from spouse and kids is an element of the equation. An obsession with spotless collars, ironing, and kitchen floors you can eat off of---not so much. We've earned the right to forget about stupefying household busywork. But kitchens where food is cooked and eaten, those were really a good idea. We threw that baby out with the bathwater. It may be advisable to grab her by her slippery foot and haul her back in here before it's too late.

When you want to study a larger group of people, surveys become a good option.

Socialism is not really an option in the material world. There can be no collective ownership of anything materially scarce. One or another faction will assert control in the name of society. Inevitably, the faction will be the most powerful in society -- that is, the state. This is why all attempts to create socialism in scarce goods or services devolve into totalitarian systems of top-down planning.

Here is an all-too-brief summary of Buffett’s approach: He looks for what he calls “franchise” companies with strong consumer brands, easily understandable businesses, robust financial health, and near-monopolies in their markets, like H & R Block, Gillette, and the Washington Post Co. Buffett likes to snap up a stock when a scandal, big loss, or other bad news passes over it like a storm cloud—as when he bought Coca-Cola soon after its disastrous rollout of “New Coke” and the market crash of 1987. He also wants to see managers who set and meet realistic goals; build their businesses from within rather than through acquisition; allocate capital wisely; and do not pay themselves hundred-million-dollar jackpots of stock options. Buffett insists on steady and sustainable growth in earnings, so the company will be worth more in the future than it is today.

Those who succeed big at anything all have the same attitude: You keep going until it happens or you die trying. Quitting is not an option.

The stock market is 50% gambling. Futures and options markets (derivatives) are 90% gambling.

I began to wonder what, exactly, mainstream conservatism was conserving. It dawned on me that some of the causes championed by my fellow conservatives—chiefly an uncritical enthusiasm for the market—can in some circumstances undermine the thing that I, as a traditionalist, considered the most important institution to conserve: the family. I

Delta Airlines recently proposed giving frequent flyers a controversial perk: the option of paying $5 extra to speak to a customer service agent in the United States, rather than be routed to a call center in India. Public disapproval led Delta to abandon the idea.

How can a woman believe in merit in a reality like this? A job market that rewards her indirectly as if she were selling her body is simply perpetuating the traditional main employment options for women—compulsory marriage or prostitution—more politely and for half the pay.

If you can distill the essence of GE's stock behavior over the past twenty years, then you can apply it to financial engineering. You can estimate the risk of holding the stock over the next twenty years. You can estimate how many shares of the stock to buy for your portfolio. You can calculate the proper value of options you want to trade on the stock.

Smart Risk will shatter the emotional myths to investing and help Canadians see the opportunities in today's volatile market.

They say don't be afraid to fail, but failure is not an option...failure is a luxury that we all can't afford to make. Work smarter and harder to achieve what you set out to do.

In its infancy, Bitcoin already appears to satisfy all the requirements of Menger, Mises, and Hayek: it is a highly salable free‐market option that is resistant to government meddling.

The story is told of Socrates walking through the market in Athens, with its groaning abundance of options, and saying to himself, "Who would have thought that there could be so many things that I can do without?"4

market leader in interest rate swaps. There was a natural role for a blue-chip corporation with the highest credit rating to stand in the middle of swaps and long-term options and the other risk-spawning innovations. The traits required of this corporation were that it not be a bank—and thus subject to bank regulation, and the need to reserve capital against risky assets—and that it be willing and able to bury exotic risks on its

In the old days, you either had to buy expensive advertising or beg the media to tell your story. Sadly, many organizations don’t realize that they have a much better option—they can tell their story directly to an interested market.

One of the many signs of verbal virtuosity among intellectuals is the repackaging of words to mean things that are not only different from, but sometimes the direct opposite of, their original meanings. 'Freedom' and 'power' are among the most common of these repackaged words. The basic concept of freedom as not being subjected to other people's restrictions, and of power as the ability to restrict other people's options have both been stood on their heads in some of the repackaging of these words by intellectuals discussing economic issues. Thus business enterprises who expand the public's options, either quantitatively (through lower prices) or qualitatively (through better products) are often spoken of as 'controlling' the market, whenever this results in a high percentage of consumers choosing to purchase their particular products rather than the competing products of other enterprises. In other words, when consumers decide that particular brands of products are either cheaper or better than competing brands of those products, third parties take it upon themselves to depict those who produced these particular brands as having exercised 'power' or 'control.' If, at a given time, three-quarters of the consumers prefer to buy the Acme brand of widgets to any other brand, then Acme Inc. will be said to 'control' three-quarters of the market, even though consumers control 100 percent of the market, since they can switch to another brand of widgets tomorrow if someone else comes up with a better widget, or stop buying widgets altogether if a new product comes along that makes widgets obsolete. ....by saying that businesses have 'power' because they have 'control' of their markets, this verbal virtuosity opens the way to saying that government needs to exercise its 'countervailing power' (John Kenneth Galbraith's phrase) in order to protect the public. Despite the verbal parallels, government power is in fact power, since individuals do not have a free choice as to whether or not to obey government laws and regulations, while consumers are free to ignore the products marketed by even the biggest and supposedly most 'powerful' corporations in the world.

You make plans and decisions assuming randomness and chaos are for chumps. The illusion of control is a peculiar thing because it often leads to high self-esteem and a belief your destiny is yours for the making more than it really is. This over-optimistic view can translate into actual action, rolling with the punches and moving ahead no matter what. Often, this attitude helps lead to success. Eventually, though, most people get punched in the stomach by life. Sometimes, the gut-punch doesn’t come until after a long chain of wins, until you’ve accumulated enough power to do some serious damage. This is when wars go awry, stock markets crash, and political scandals spill out into the media. Power breeds certainty, and certainty has no clout against the unpredictable, whether you are playing poker or running a country. Psychologists point out these findings do not suggest you should throw up your hands and give up. Those who are not grounded in reality, oddly enough, often achieve a lot in life simply because they believe they can and try harder than others. If you focus too long on your lack of power, you can slip into a state of learned helplessness that will whirl you into a negative feedback loop of depression. Some control is necessary or else you give up altogether. Langer proved this when studying nursing homes where some patients were allowed to arrange their furniture and water plants—they lived longer than those who had had those tasks performed by others. Knowing about the illusion of control shouldn’t discourage you from attempting to carve a space for yourself out of whatever field you want to tackle. After all, doing nothing guarantees no results. But as you do so, remember most of the future is unforeseeable. Learn to coexist with chaos. Factor it into your plans. Accept that failure is always a possibility, even if you are one of the good guys; those who believe failure is not an option never plan for it. Some things are predictable and manageable, but the farther away in time an event occurs, the less power you have over it. The farther away from your body and the more people involved, the less agency you wield. Like a billion rolls of a trillion dice, the factors at play are too complex, too random to truly manage. You can no more predict the course of your life than you could the shape of a cloud. So seek to control the small things, the things that matter, and let them pile up into a heap of happiness. In the bigger picture, control is an illusion anyway.

Love your neighbor. Love the stranger. Hear the cry of the otherwise unheard. Liberate the poor from their poverty. Care for the dignity of all. Let those who have more than they need share their blessings with those who have less. Feed the hungry, house the homeless, and heal the sick in body and mind. Fight injustice, whoever it is done by and whoever it is done against. And do these things because, being human, we are bound by a covenant of human solidarity, whatever our color or culture, class or creed. These are moral principles, not economic or political ones. They have to do with conscience, not wealth or power. But without them, freedom will not survive. The free market and liberal democratic state together will not save liberty, because liberty can never be built by self-interest alone. I-based societies all eventually die. Ibn Khaldun showed this in the fourteenth century, Giambattista Vico in the eighteenth, and Bertrand Russell in the twentieth. Other-based societies survive. Morality is not an option. It’s an essential.

For these commodity crops to be profitable, they need to be turned into something, and there are two options (or three, if you count biofuel): ‘You can force the crops through a factory-farmed animal to produce meat, or process them into an aggressively marketed UPF.

How can woman believe in merit in a reality like this? A job market that rewards her indirectly as if she were selling her body is simply perpetuating the traditional main employment options for women—compulsory marriage or prostitution—more politely and for half the pay.

ECONOMIC RULES OF THE DYSFUNCTIONAL MEDICAL MARKET More treatment is always better. Default to the most expensive option. A lifetime of treatment is preferable to a cure. Amenities and marketing matter more than good care. As technologies age, prices can rise rather than fall. There is no free choice. Patients are stuck. And they’re stuck buying American. More competitors vying for business doesn’t mean better prices; it can drive prices up, not down. Economies of scale don’t translate to lower prices. With their market power, big providers can simply demand more. There is no such thing as a fixed price for a procedure or test. And the uninsured pay the highest prices of all. There are no standards for billing. There’s money to be made in billing for anything and everything. Prices will rise to whatever the market will bear.

Now, I assume you don’t want me to cart you back to Fjerda or the Shu Han?” It was clear Nina had finished the translation when Kuwei yelped, “No!” “Then your choices are Novyi Zem and the Southern Colonies, but the Kerch presence in the colonies is far lower. Also, the weather is better, if you’re partial to that kind of thing. You are a stolen painting, Kuwei. Too recognizable to sell on the open market, too valuable to leave lying around. You are worthless to me.” “I’m not translating that,” Nina snapped. “Then translate this: My sole concern is keeping you away from Jan Van Eck, and if you want me to start exploring more definite options, a bullet is a lot cheaper than putting you on a ship to the Southern Colonies.” Nina did translate, though haltingly. Kuwei responded in Shu. She hesitated. “He says you’re cruel.” “I’m pragmatic. If I were cruel, I’d give him a eulogy instead of a conversation. So, Kuwei, you’ll go to the Southern Colonies, and when the heat has died down, you can find your way to Ravka or Matthias’ grandmother’s house for all I care.” “Leave my grandmother out of this,” Matthias said.

The options also were a way of shifting enormous risk from Renaissance to the banks. Because the lenders technically owned the underlying securities in the basket-options transactions, the most Medallion could lose in the event of a sudden collapse was the premium it had paid for the options and the collateral held by the banks. That amounted to several hundred million dollars. By contrast, the banks faced billions of dollars of potential losses if Medallion were to experience deep troubles. In the words of a banker involved in the lending arrangement, the options allowed Medallion to “ring-fence” its stock portfolios, protecting other parts of the firm, including Laufer’s still-thriving futures trading, and ensuring Renaissance’s survival in the event something unforeseen took place. One staffer was so shocked by the terms of the financing that he shifted most of his life savings into Medallion, realizing the most he could lose was about 20 percent of his money.

the split-strike conversion strategy. Option traders often referred to it as a “collar” or “bull spread.” Basically, it involved buying a basket of stocks, in Madoff’s case 30 to 35 blue-chip stocks that correlated very closely to the Standard & Poor’s (S&P) 100-stock index, and then protecting the stocks with put options. By bracketing an investment with puts and calls, you limit your potential profit if the market rises sharply; but in return you’ve protected yourself against devastating losses should the market drop. The calls created a ceiling on his gains when the market went up; the puts provided a floor to cut his losses when the market went down.

your audience's needs, desires, and interests on social media - ask yourself what problems you can help them overcome, what questions you can answer, what type of content they prefer (e.g. text, photo, graphics, video), and when they are most likely to be around to see it. Tools like SEM Rush and TrueSocial Metrics are two popular paid options if you

predictive judgments that provide input—for instance, how a candidate will perform in her first year, how the stock market will respond to a given strategic move, or how quickly the epidemic will spread if left unchecked. But the final decisions entail trade-offs between the pros and cons of various options, and these trade-offs are resolved by evaluative judgments.

screening option was created specifically for this book, magicformulainvesting.com. The magicformula investing.com site is designed to emulate the returns achieved in our study as closely as possible. This site is currently available for free. Step-by-step instructions for selecting stocks using magicformulainvesting.com follow. Other options include, but are not limited to, the screening packages available at aaii.com, powerinvestor.com, and smart money.com.

Diversity of opinions is essential for generating ideas and options. Contrarian thinking is essential to innovation. A plurality of opinions among movie critics is a feature, not a bug. Disagreements among traders make markets. Strategy differences among competing start-ups enable markets to select the fittest. In what we call matters of judgment, however, system noise is always a problem. If two doctors give you different diagnoses, at least one of them is wrong.

The options suited the two men’s personalities: They never had to be sure of anything. Both were predisposed to feel that people, and by extension markets, were too certain about inherently uncertain things. Both sensed that people, and by extension markets, had difficulty attaching the appropriate probabilities to highly improbable events. Both had trouble generating conviction of their own but no trouble at all reacting to what they viewed as the false conviction of others.

we are left with a stark choice: allow climate disruption to change everything about our world, or change pretty much everything about our economy to avoid that fate. But we need to be very clear: because of our decades of collective denial, no gradual, incremental options are now available to us. ”(…) That’s tough for a lot of people in important positions to accept, since it challenges something that might be even more powerful than capitalism, and that is the fetish of centrism—of reasonableness, seriousness, splitting the difference, and generally not getting overly excited about anything. This is the habit of thought that truly rules our era, far more among the liberals who concern themselves with matters of climate policy than among conservatives, many of whom simply deny the existence of the crisis. Climate change presents a profound challenge to this cautious centrism because half measures won’t cut it. (…) The challenge, then, is not simply that we need to spend a lot of money and change a lot of policies; it’s that we need to think differently, radically differently, for those changes to be remotely possible. Right now, the triumph of market logic, with its ethos of domination and fierce competition, is paralyzing almost all serious efforts to respond to climate change. (…) It seems to me that our problem has a lot less to do with the mechanics of solar power than the politics of human power—specifically whether there can be a shift in who wields it, a shift away from corporations and toward communities,

Read the notes.Never buy a stock without reading the footnotes to the financial statements in the annual report. Usually labeled “summary of significant accounting policies,” one key note describes how the company recognizes revenue, records inventories, treats installment or contract sales, expenses its marketing costs, and accounts for the other major aspects of its business.7 In the other footnotes, watch for disclosures about debt, stock options, loans to customers, reserves against losses, and other “risk factors” that can take a big chomp out of earnings

If you are going to use probability to model a financial market, then you had better use the right kind of probability. Real markets are wild. Their price fluctuations can be hair-raising-far greater and more damaging than the mild variations of orthodox finance. That means that individual stocks and currencies are riskier than normally assumed. It means that stock portfolios are being put together incorrectly; far from managing risk, they may be magnifying it. It means that some trading strategies are misguided, and options mis-priced. Anywhere the bell-curve assumption enters the financial calculations, an error can come out.

we asked the options exchange to let our traders use programmed hand calculators on the floor. Our request was denied. The newcomers were not to have an advantage over the established old-time traders. We then asked for the next best thing, to be allowed to communicate by walkie-talkies with our floor traders. Denied. It reminded me a bit of what I had run into in Las Vegas with card counting. We then supplied our floor traders with printed trading tables that covered the ever-growing number of listed options. These were run off overnight on our high-speed printers and express-mailed to our offices in Princeton and Chicago. That served nearly as well as hand calculators would have.

A reliable way to make people believe in falsehoods is frequent repetition, because familiarity is not easily distinguished from truth. Authoritarian institutions and marketers have always known this fact. But it was psychologists who discovered that you do not have to repeat the entire statement of a fact or idea to make it appear true. People who were repeatedly exposed to the phrase “the body temperature of a chicken” were more likely to accept as true the statement that “the body temperature of a chicken is 144°” (or any other arbitrary number). The familiarity of one phrase in the statement sufficed to make the whole statement feel familiar, and therefore true. If you cannot remember the source of a statement, and have no way to relate it to other things you know, you have no option but to go with the sense of cognitive ease.

Beyond streamlining operations and introducing cost innovations, a second lever companies can pull to meet their target cost is partnering. In bringing a new product or service to market, many companies mistakenly try to carry out all the production and distribution activities themselves. Sometimes that’s because they see the product or service as a platform for developing new capabilities. Other times it is simply a matter of not considering other outside options. Partnering, however, provides a way for companies to secure needed capabilities fast and effectively while dropping their cost structure. It allows a company to leverage other companies’ expertise and economies of scale. Partnering includes closing gaps in capabilities through making small acquisitions when doing so is faster and cheaper, providing access to needed expertise that has already been mastered. A

If we are serious about moving toward a saner housing future, the options in terms of federal policy are relatively clear: we can prevent land from being subject to market forces, either through government ownership of land (housing projects) or through heavy regulation (rent or land-price control), or we can prevent the ever-increasing value of land from displacing people (programs such as Section 8 vouchers would fall in this category of solution). Instead, we do almost nothing and hope the market works it out. Without major new regulations, we can expect what's happening in San Francisco to continue in virtually all major US cities. In the same way that the suburbs were once inaccessible to the poor, in the near future American cities will become gilded jewel boxes, and the exodus of the poor to the suburbs will continue unchecked - that is, until the rent gaps in cities become too small to make gentrification profitable, and a new form of spatial filtering begins.

The temptation with condors is to wait that one extra day or week to squeeze out even more profit. Almost every trade you exit could possibly do better, perhaps even twice as well, sometimes for just an extra day or two. On the other hand, you might watch profits evaporate into losses and then find yourself scrambling to make defensive adjustments that add weeks to your trade. It is for those few trades that could have really been dangerous that you should be cautious with the rest. There is no point in making a return of 40% if you are going to lose 50% or 100% in a single trade. A good rule of thumb: Don’t try to stare down the market because the market never blinks. What separates the winners from the losers is the exit strategy. The exit strategy that works best is to give back almost all of the credit. If you take in an initial 16% credit and keep only 3%, 4%, or 5%, you’re giving back most of the potential profits. How many trades have you made that can consistently make profits of 3% in a few days regardless of the direction of the market?

China seems to offer a much more serious challenge than Western social protestors. Despite liberalising its politics and economics, China is neither a democracy nor a truly free-market economy, which does not prevent it from becoming the economic giant of the twenty-first century. Yet this economic giant casts a very small ideological shadow. Nobody seems to know what the Chinese believe these days – including the Chinese themselves. In theory China is still communist, but in practice it is nothing of the kind. Some Chinese thinkers and leaders toy with a return to Confucianism, but that’s hardly more than a convenient facade. This ideological vacuum makes China the most promising breeding ground for the new techno-religions emerging from Silicon Valley (which we will discuss in the following chapters). But these techno-religions, with their belief in immortality and virtual paradises, will take at least a decade or two to establish themselves. Hence at present China doesn’t pose a real alternative to liberalism. For bankrupt Greeks despairing of the liberal model and searching for a substitute, ‘imitating the Chinese’ isn’t a viable option.

OPTIONS FOR REDUCING While thrift stores such as Goodwill or the Salvation Army can be a convenient way to initially let go, many other outlets exist and are often more appropriate for usable items. Here are some examples: • Amazon.com • Antiques shops • Auction houses • Churches • Consignment shops (quality items) • Craigslist.org (large items, moving boxes, free items) • Crossroads Trading Co. (trendy clothes) • Diggerslist.com (home improvement) • Dress for Success (workplace attire) • Ebay.com (small items of value) • Flea markets • Food banks (food) • Freecycle.org (free items) • Friends • Garage and yard sales • Habitat for Humanity (building materials, furniture, and/or appliances) • Homeless and women’s shelters • Laundromats (magazines and laundry supplies) • Library (books, CDs and DVDs) • Local SPCA (towels and sheets) • Nurseries and preschools (blankets, toys) • Operation Christmas Child (new items in a shoe box) • Optometrists (eyeglasses) • Regifting • Rummage sales for a cause • Salvage yards (building materials) • Schools (art supplies, magazines, dishes to eliminate class party disposables) • Tool co-ops (tools) • Waiting rooms (magazines) • Your curb with a “Free” sign

It was a wake-up call to me to learn that Airbnb was by no means unique: Instagram started as a location-based social network called Burbn (which had an optional photo feature). It attracted a core group of users and more than $500,000 in funding. And yet the founders realized that its users were flocking to only one part of the app—the photos and filters. They had a meeting, which one of the founders recounts like this: “We sat down and said, ‘What are we going to work on next? How are we going to evolve this product into something millions of people will want to use? What is the one thing that makes this product unique and interesting?’”7 The service soon retooled to become Instagram as we know it: a mobile app for posting photos with filters. The result? One hundred thousand users within a week of relaunching. Within eighteen months, the founders sold Instagram to Facebook for $1 billion. I know that seems simple, that the marketing lesson from Instragram is that they made a product that was just awesome. But that’s good news for you—it means there’s no secret sauce, and the second your product gets to be that awesome, you can see similar results. Just look at Snapchat, which essentially followed the same playbook by innovating in the mobile photo app space, blew up with young people, and skyrocketed to a $3.5-billion-dollar valuation with next-to-no marketing.

Add your typical shower and claw feet Owners claw foot tub, consider incorporating the most traditional sense of joy in the ease and comfort revolutionary shower, governments are mainly engaged in the race just to check in early for power within very ready. Clawfoot tubs wear’s now includes a shower; there are many strategies to use the shower in the bathroom now. Even if a person must be determined in those particular individual hairs, can be costly and impractical. Although the site has a separate shower grow, keep in mind that you want the products and save more modern maintenance. Value management easier and more efficient to add a shower curtain and bath address. The information is not expensive, there are some ideas that you can include in the acquired shower. Contractor or plumber can provide ideas and even to make for you. The original can take water heater shower bath in the direction of the feet and the creation of a rod with an en suite shower room, and when the curtain. Shower curtains apartment surrounded significantly reduces splash of water leaks. Another option would be surplus tiles on the long term, the use of H2O "enemy" and shower rod and curtain also furnished, "L" of the aspects described in determining the bath. What will be more expensive and bathroom alone for a long time, some people are afraid of this option. On the way to the drain in the shower, you could be the cables hidden in the bathroom near the wall. The second course in the HVAC responsible for pre-tube immediately describes the bath to the option in the direction of the traditional classical appearance. There are several different types of decorative lighting and lids which are made in such a way that appears to choose in the hoses pin and presented a lot of good taste on the market. For those who are willing to deal with their own tasks, traders improving the registered owner of the Depot and Lowe's contain a number of "do it yourself" kits are unique measurements. Such kits are barrels and other containers, as defined above use’s shower built for joint legs. Everything requires a few simple policies and lower resistance to the purchase is detected. This kind of "precursors" of the water, you can judge for yourself in the shower longitudinal shower, shower curtains and thoughts. If you take even more concerned that the easiest only independent bathroom each provider in the health of office workers only in the direction of the support of others and crank implementing rules. Have a good friend or spouse and children of a member who keep an eye on your health, as it is commonly known. No need for the resolution, that the decision to migrate to an item in the shower of his classic bathroom was somewhat effortlessly came to rise. It goes in the direction of maximizing claw foot tub, or take an impressive ease of use aerosol own desire. Many decisions wonderful shower curtain in the direction of the changes the rest of the room was coming towards a holistic view of their cosmetics, and a lot of fun to drive in the direction of your claw foot tub.

Internet subscription for $59—seemed reasonable. The second option—the $125 print subscription—seemed a bit expensive, but still reasonable. But then I read the third option: a print and Internet subscription for $125. I read it twice before my eye ran back to the previous options. Who would want to buy the print option alone, I wondered, when both the Internet and the print subscriptions were offered for the same price? Now, the print-only option may have been a typographical error, but I suspect that the clever people at the Economist's London offices (and they are clever—and quite mischievous in a British sort of way) were actually manipulating me. I am pretty certain that they wanted me to skip the Internet-only option (which they assumed would be my choice, since I was reading the advertisement on the Web) and jump to the more expensive option: Internet and print. But how could they manipulate me? I suspect it's because the Economist's marketing wizards (and I could just picture them in their school ties and blazers) knew something important about human behavior: humans rarely choose things in absolute terms. We don't have an internal value meter that tells us how much things are worth. Rather, we focus on the relative advantage of one thing over another, and estimate value accordingly. (For instance, we don't know how much a six-cylinder car is worth, but we can assume it's more expensive than the four-cylinder model.) In the case of the Economist, I may not have known whether the Internet-only subscription at $59 was a better deal than the print-only option at $125. But I certainly knew that the print-and-Internet option for $125 was better than the print-only option at $125. In fact, you could reasonably deduce that in the combination package, the Internet subscription is free! “It's a bloody steal—go for it, governor!” I could almost hear them shout from the riverbanks of the Thames. And I have to admit, if I had been inclined to subscribe I probably would have taken the package deal myself. (Later, when I tested the offer on a large number of participants, the vast majority preferred the Internet-and-print deal.)

Between 2003 and 2008, Iceland’s three main banks, Glitnir, Kaupthing and Landsbanki, borrowed over $140 billion, a figure equal to ten times the country’s GDP, dwarfing its central bank’s $2.5 billion reserves. A handful of entrepreneurs, egged on by their then government, embarked on an unprecedented international spending binge, buying everything from Danish department stores to West Ham Football Club, while a sizeable proportion of the rest of the adult population enthusiastically embraced the kind of cockamamie financial strategies usually only mooted in Nigerian spam emails – taking out loans in Japanese Yen, for example, or mortgaging their houses in Swiss francs. One minute the Icelanders were up to their waists in fish guts, the next they they were weighing up the options lists on their new Porsche Cayennes. The tales of un-Nordic excess are legion: Elton John was flown in to sing one song at a birthday party; private jets were booked like they were taxis; people thought nothing of spending £5,000 on bottles of single malt whisky, or £100,000 on hunting weekends in the English countryside. The chief executive of the London arm of Kaupthing hired the Natural History Museum for a party, with Tom Jones providing the entertainment, and, by all accounts, Reykjavik’s actual snow was augmented by a blizzard of the Colombian variety. The collapse of Lehman Brothers in late 2008 exposed Iceland’s debts which, at one point, were said to be around 850 per cent of GDP (compared with the US’s 350 per cent), and set off a chain reaction which resulted in the krona plummeting to almost half its value. By this stage Iceland’s banks were lending money to their own shareholders so that they could buy shares in . . . those very same Icelandic banks. I am no Paul Krugman, but even I can see that this was hardly a sustainable business model. The government didn’t have the money to cover its banks’ debts. It was forced to withdraw the krona from currency markets and accept loans totalling £4 billion from the IMF, and from other countries. Even the little Faroe Islands forked out £33 million, which must have been especially humiliating for the Icelanders. Interest rates peaked at 18 per cent. The stock market dropped 77 per cent; inflation hit 20 per cent; and the krona dropped 80 per cent. Depending who you listen to, the country’s total debt ended up somewhere between £13 billion and £63 billion, or, to put it another way, anything from £38,000 to £210,000 for each and every Icelander.

The question I've always had about this army of young people with seemingly endless career options who wind up in finance is: What happens to them next? One moment they're young people: They have young people's idealism and hope to live a meaningful life. The next they're essentially old people, at work gaming ratings companies, designing securities to fail so they can make a killing off the investors they dupe into buying them, rigging various markets at the expense of the wider society, and encouraging all sorts of people to do stuff with their capital and their com panies that they should never do.

Trend markets with large movements in an upward or downward direction over an extended period of time. The trend markets see major reversals several

Clip This Article on Location 1397 | Added on Monday, September 1, 2014 4:10:39 PM REVIEW & OUTLOOK An $8.3 Billion Rebuke to the FDA Roche buys a drug approved in Europe but not in America. 359 words Amid this summer's M&A fever, Roche's agreement Monday to buy the San Francisco biotech InterMune deserves special notice. The tie-up is an $8.3 billion guided missile into the fortified bunker that is the Food and Drug Administration. InterMune has never turned a profit in 16 years of existence and other than its clinical expertise the company holds a single asset: an idea for treating a lethal lung disorder called idiopathic pulmonary fibrosis with no known cause, cure or approved therapy—at least in the U.S. An InterMune drug called pirfenidone that slows the progression of irreversible lung scarring is on the market in Europe, Japan, Canada and even China. Bloomberg News But the FDA refused to approve pirfenidone in 2010, despite the 40,000 Americans who are killed annually by lung fibrosis and a positive recommendation from its outside scientific advisory committee. The agency brass claimed the evidence was statistically unsatisfactory, when one clinical trial was inconclusive but another showed strong benefits such as improved lung function. The results of the third trial the FDA ordered were reported earlier this year and confirmed that pirfenidone is even more of a treatment advance than it seemed in 2010, and may prolong life. The agency is expected, finally, to approve the medicine in November. Roche is paying a 38% premium over Friday's closing share price, and 63% over trading before the news of InterMune's corporate suitors broke a few weeks ago. The deal is a big vote of confidence in pirfenidone, not least because a rival lung fibrosis drug is awaiting U.S. approval. Then again, maybe that drug's maker, the German pharmaceutical consortium Boehringer Ingelheim, will have the same FDA experience as InterMune. The Roche deal is a tacit reprimand to the FDA's unscientific and uncompassionate—and wrong—2010 defenestration. Amid medical ambiguity about effectiveness, the humane option is to allow a drug to come to patients and follow on with more research, in particular for a drug with few side effects. Pulmonary fibrosis is a protracted death sentence of three to five years. The FDA denied tens of thousands of dying people better and possibly longer lives in the time they had left. ==========

Amazon could use the data it has about buying behavior to help make these ads much more effective," said Karsten Weide, an analyst at researcher IDC. "Marketers would love to have another viable option beyond Google and Facebook for their advertising.

Enjoy Swimming throughout the Year with Pool Enclosures One of the most fantastic activities that people like to do in all weather is swimming. But harsh winter season makes you sometimes miss that enjoyment and feel regretted of that open swimming pool. For that the technology has made you get a fruitful option. You can have now various type Pool Enclosures available in the market. These are so effective that can get you the feel of indoor swimming with the automated drive systems. You can make your open area as enclosed one with the available automatic retractable enclosures. This comes out to be the smart option to enjoy swimming even in the coldest weather outside year around. Just like an Indoor Pool you are free to enjoy swimming year around. In all climates the pool enclosure works effective as these are easy to open and close. Thus with this feature you can attach it to your home and detach as well. To choose the suitable you are open with two basic alternates that are tracked and trackless enclosures. The features are all clear as with the tracked system there is no tension of opening and closing while the trackless system requires two people to drag the path on both side equally. Not only using it as an enclosed area to enjoy swimming, there are other facilities too that you can get through it. Making it as a Sunroom in the clear weather and sunny day is one of the spectacular notion. There you can enjoy sunbath if the enclosure is made of glass. The glass made enclosures also work with greenhouse effect best for plants as well. The full height is one more specific feature that can make you enjoy walking around the pool area. You can make your pool safe and clean from dust and dirt particles from which the pool comes in contact obviously. Turn you outer Swimming Pool as an enclosed area and an important part of your home with the enclosures available in the market. There are many companies that are providing different range of products to be made as pool enclosure as per your requirements. You are even open with the option having them installed by the experts which many of the companies avail. Search for the suitable option online. The harsh winter season makes you sometimes miss the enjoyment of swimming and feel regretted of that open swimming pool. For that the technology has made you get a fruitful option of pool enclosures.

be familiar to potential participants, such as Passover or Hanukkah. Charge no entry fee to keep the barriers low for participation. 3. As an option, take an event or program already planned and move it into a public space. Or take a longer multisession program and divide it into individual stand-alone events. Also, plan events as part of the secular community-at-large calendar, such as local fairs and parades. 4. Always design events to appeal to a defined target audience. Focus on the needs of the potential participant, not the needs or interests of the sponsoring institution. 5. Make sure the event is convenient for potential participants to attend. Identify arts, music, and cultural venues that your target audience frequents, including bookstores, theaters, concert halls, and athletic centers. 6. Market your programs in secular venues

To see how transfer of antifragility works, consider two scenarios, in which the market does the same thing on average but following different paths. Path 1: market goes up 50 percent, then goes back down to erase all gains. Path 2: market does not move at all. Visibly Path 1, the more volatile, is more profitable to the managers, who can cash in their stock options. So the more jagged the route, the better it is for them. And of course society—here the retirees—has the exact opposite payoff since they finance bankers and chief executives. Retirees get less upside than downside. Society pays for the losses of the bankers, but gets no bonuses from them. If you don’t see this transfer of antifragility as theft, you certainly have a problem.

BBQ Grills There are a number of gas grills which might be obtainable to the market. Grill professionals from different manufactures point out that the grills can either be propane and none propane BBQ grills can be found. Once the necessity to purchase the brand new grill to switch the outdated one, one has to contemplate security components and the mobility of the grill. Gas out of doors grill are ideal for cooking out that saves the consumer an ideal deal on gas vitality giant, future-laden fuel grills have taken over the barbecue backyard what one has to keep in mind is that a better worth doesn’t guarantee performance. Gasoline grills make the most of propane or natural gasoline as gasoline. They're accessible in various textures and sizes. The commonest type of such a grill is the Cart Grill design mannequin. Infrared grills, however, produce built-in grills infrared warmth to cook dinner meals and are fueled using propane or pure gas. Charcoal bbq grills use charcoal briquettes because the gas supply and it generates high ranges of warmth. Electrical grills are much smaller in dimension and they can be simply placed in the kitchen. They offer nice convenience however are expensive to function compared to the other grill types. A grill is cooking gear that cooks by directly exposing meals to heat. The floor where the meals is placed is an open rack with a source of warmth beneath it. There are a number of forms of grills relying on the type of warmth source used.A barbeque grill is a grill that uses charcoal or wooden as the heat supply. Food produced from BBQ grills have gotten attribute grill marks made by the racks where they had been resting throughout cooking. BBQ grills are often used to cook dinner poultry meat. However they will also be used to cook dinner other forms of meat in addition to fish. Manufactures recommendation the grill customers to depart the grill open when u have completed grilling. The fueled propane grill finally ends up burning itself out after the fuel has been used up within the tank. Typically the regulator can develop a leak which may shortly empty the propane bottle. There are significant variations between the grills fueled by pure gases and the ones with propane. Selecting the best grill all is determined by your self upon the uniqueness of the product.one has to take into concern the security points associated to natural gases. Choosing a good quality barbeque grill could be quite a difficult job. Due to this fact, it is crucial that you understand the advantages and features of the different types of bbq grills. In addition, while making your alternative, you want to consider several features. Test the essential options of the grill including the heat management mechanism, ash cleanup and different points that affect the feel and taste of the food. Guantee that the grill framework accommodates a protecting coating for preventing rust.

A call is an option to buy a stated amount of a certain stock at a fixed price—generally near the current market price—at any time during a stated period. Calls on most listed stocks are always on sale by dealers who specialize in them. The purchaser pays a generally rather moderate sum for his option; if the stock then goes up during the stated period, the rise can easily be converted into almost pure profit for him, while if the stock stays put or goes down, he simply tears up his call the way a horseplayer tears up a losing ticket, and loses nothing but the cost of the call. Therefore calls provide the cheapest possible way of gambling on the stock market, and the most convenient way of converting inside information into cash.

Tip #2: Set Clear Expectations Beyond having the right message at the right time, this first one-on-one touchpoint can shape your customers expectations for how they’ll be treated overall – including expectations about the type of content they’ll receive and how frequently they’ll receive it. Forrester found 77 percent of consumers say they should be able to decide how, when, and where marketers communicate with them, yet according to Experian, 60 percent of marketers do not give customers the option to communicate their preferences. The sign-up confirmation

The point is not that angering people should be the goal for every brand. It's that attempting to avoid controversy at all costs is sometimes the riskier option. It can deprive a brand of its distinctiveness and edge. Too often, marketers strive to please the broadest number of people possible. The result can be communications that no one hates. But no one loves either.

financial markets and financial products carry risks which are invisible and which cannot be logically worked out by humans intuitively. Unlike a road or moving cars, financial products are not visible to the human eye – they must be documented or created electronically. You cannot see an 'option' or a 'future', you can only see them in documentation or electronic terminals evidencing their existence. In the same way you cannot physically see what risks an option or a future carries with the human eye.

everything carefully. Although this step is optional, it’s important for determining whether your brand is changing or evolving.

Traders had begun to speak of the ‘Greenspan put’ because having him at the Fed was like having a ‘put’ option on the stock market (an option but not an obligation to sell stocks at a good price in the future).

Ask yourself the following questions to find profitable niches. 1. Which social, industry, and professional groups do you belong to, have you belonged to, or do you understand, whether dentists, engineers, rock climbers, recreational cyclists, car restoration aficionados, dancers, or other? Look creatively at your resume, work experience, physical habits, and hobbies and compile a list of all the groups, past and present, that you can associate yourself with. Look at products and books you own, include online and offline subscriptions, and ask yourself, “What groups of people purchase the same?” Which magazines, websites, and newsletters do you read on a regular basis? 2. Which of the groups you identified have their own magazines? Visit a large bookstore such as Barnes & Noble and browse the magazine rack for smaller specialty magazines to brainstorm additional niches. There are literally thousands of occupation- and interest/hobby-specific magazines to choose from. Use Writer’s Market to identify magazine options outside the bookstores. Narrow the groups from question 1 above to those that are reachable through one or two small magazines. It’s not important that these groups all have a lot of money (e.g., golfers)—only that they spend money (amateur athletes, bass fishermen, etc.) on products of some type. Call these magazines, speak to the advertising directors, and tell them that you are considering advertising; ask them to e-mail their current advertising rate card and include both readership numbers and magazine back-issue samples. Search the back issues for repeat advertisers who sell direct-to-consumer via 800 numbers or websites—the more repeat advertisers, and the more frequent their ads, the more profitable a magazine is for them … and will be for us.

Once you create and dominate a niche market, then you should gradually expand into related and slightly broader markets. Amazon shows how it can be done. Jeff Bezos’s founding vision was to dominate all of online retail, but he very deliberately started with books. There were millions of books to catalog, but they all had roughly the same shape, they were easy to ship, and some of the most rarely sold books—those least profitable for any retail store to keep in stock—also drew the most enthusiastic customers. Amazon became the dominant solution for anyone located far from a bookstore or seeking something unusual. Amazon then had two options: expand the number of people who read books, or expand to adjacent markets. They chose the latter, starting with the most similar markets: CDs, videos, and software. Amazon continued to add categories gradually until it had become the world’s general store. The name itself brilliantly encapsulated the company’s scaling strategy.

The Four Global Options Now that you grasp the BIG picture, which includes your life values, your career values, your T-Bar, and current market conditions, it’s time to consider the four global options. I call these global options because, in reality, these are the only four job or career options you have. Option #1: Same job–same industry. Choosing Option #1 means you enjoy both and, most likely, need only conduct a job transition campaign to seek out a new company or organization. For example, a fifth grade teacher who is teaching in a public school may seek the same job (teacher) in the same industry (public school system); this teacher only needs to look at a new school in the same school district or to apply for a teacher’s position in a new school district. Option #2: New job–same industry. Option #2 means you enjoy the industry but need to identify a new job within that industry. Using the fifth grade teacher as an example again, she might seek a new job as an assistant principal or librarian. Or maybe she wants to earn more money than she would make as a teacher, so she becomes a sales professional and sells textbooks to educational institutions. The job transition campaign will take place within education, but she will identify and pursue a new, more inspiring, and more rewarding job within that industry. Option #3: Same job–new industry. If you select Option #3, it means you enjoy your job or vocation, but you need to identify a new industry or environment to perform that job in. The fifth grade teacher might get a job teaching for a private school (new industry or venue) or a private learning center, or she might even start her own tutoring business. In this case, the job transition campaign will focus on teaching but in a new, more appealing industry or venue. Option #4: New job–new industry. This option means you are ready for a wholesale change. Oftentimes this option is the option of choice if there’s a career or job you’ve always dreamt about. Or possibly you have a nice severance package or the financial means to return to school and prepare for an entirely new career. Possibly the fifth grade teacher always had a passion for antiques. In this case, she might pursue a job as a manager or even an owner of an antique store. Perhaps she’ll make the decision to stay home and be a full-time mom. The job transition campaign will focus on an entirely new job or activity in an entirely new industry or venue.

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But it isn’t the fun of DIY invention, urban exploration, physical danger, and civil disorder that the Z-Boys enjoyed in 1976. It is fun within serious limits, and for all of its thrills it is (by contrast) scripted. And rather obedient. The fact that there are public skateparks and high-performance skateboards signals progress: America has embraced this sport, as it did bicycles in the nineteenth century. Towns want to make skating safe and acceptable. The economy has more opportunity to grow. America is better off for all of this. Yet such government and commercial intervention in a sport that was born of radical liberty means that the fun itself has changed; it has become mediated. For the skaters who take pride in their flashy store-bought equipment have already missed the Z-Boys’ joke: Skating is a guerrilla activity. It’s the fun of beating, not supporting, the system. P. T. Barnum said it himself: all of business is humbug. How else could business turn a profit, if it didn’t trick you with advertising? If it didn’t hook you with its product? This particular brand of humbug was perfected in the late 1960s, when merchandise was developed and marketed and sold to make Americans feel like rebels. Now, as then, customers always pay for this privilege, and purveyors keep it safe (and generally clean) to curb their liability. They can’t afford customers taking real risks. Plus it’s bad for business to encourage real rebellion. And yet, marketers know Americans love fun—they have known this for centuries. And they know that Americans, especially kids, crave autonomy and participation, so they simulate the DIY experience at franchises like the Build-A-Bear “workshops,” where kids construct teddy bears from limited options, or “DIY” restaurants, where customers pay to grill their own steaks, fry their own pancakes, make their own Bloody Marys. These pay-to-play stores and restaurants are, in a sense, more active, more “fun,” than their traditional competition: that’s their big selling point. But in both cases (as Barnum knew) the joke is still on you: the personalized bear is a standardized mishmash, the personalized food is often inedible. As Las Vegas knows, the house always wins. In the history of radical American fun, pleasure comes from resistance, risk, and participation—the same virtues celebrated in the “Port Huron Statement” and the Digger Papers, in the flapper’s slang and the Pinkster Ode. In the history of commercial amusement, most pleasures for sale are by necessity passive. They curtail creativity and they limit participation (as they do, say, in a laser-tag arena) to a narrow range of calculated surprises, often amplified by dazzling technology. To this extent, TV and computer screens, from the tiny to the colossal, have become the scourge of American fun. The ubiquity of TV screens in public spaces (even in taxicabs and elevators) shows that such viewing isn’t amusement at all but rather an aggressive, ubiquitous distraction. Although a punky insurgency of heedless satire has stung the airwaves in recent decades—from equal-opportunity offenders like The Simpsons and South Park to Comedy Central’s rabble-rousing pundits, Jon Stewart and Stephen Colbert—the prevailing “fun” of commercial amusement puts minimal demands on citizens, besides their time and money. TV’s inherent ease seems to be its appeal, but it also sends a sobering, Jumbotron-sized message about the health of the public sphere.

In 2001, my co-workers at PayPal and I would often get lunch on Castro Street in Mountain View. We had our pick of restaurants, starting with obvious categories like Indian, sushi, and burgers. There were more options once we settled on a type: North Indian or South Indian, cheaper or fancier, and so on. In contrast to the competitive local restaurant market, PayPal was at that time the only email-based payments company in the world. We employed fewer people than the restaurants on Castro Street did, but our business was much more valuable than all of those restaurants combined. Starting a new South Indian restaurant is a really hard way to make money. If you lose sight of competitive reality and focus on trivial differentiating factors—maybe you think your naan is superior because of your great-grandmother’s recipe—your business is unlikely to survive.

Another important question is to ask why the problem your new organization is addressing has not been solved already, or won’t be solved in the future. Ask yourself: Why hasn’t this problem been solved by markets? Why hasn’t this problem been solved by the state? Why hasn’t this problem already been solved by philanthropy? In many cases, the answers to these questions will suggest that the problem is very difficult to solve, in which case it may not be the most effective problem to focus on. In other cases, the answers might suggest that you really can make good progress on the problem. If the beneficiaries of your action don’t participate fully in markets and aren’t governed by a well-functioning state, then there is a clear need for philanthropy. For example, we should expect the interests of future people to be systematically underrepresented because they don’t participate in present-day markets or elections. For-profit entrepreneurship can be even more compelling as an option than nonprofit entrepreneurship. Though it generally will be more difficult to focus your activities on the most important social problem within for-profit entrepreneurship, there is a much greater potential to grow quickly, and there is the additional benefit of larger earnings that can be used for good purposes later on in life. Economists also suggest that innovative entrepreneurship is undersupplied by the market.

With such theories, economists developed a very elaborate toolkit for analyzing markets, measuring the "variance" and "betas" of different securities and classifying investment portfolios by their probability of risk. According to the theory, a fund manager can build an "efficient" portfolio to target a specific return, with a desired level of risk. It is the financial equivalent of alchemy. Want to earn more without risking too much more? Use the modern finance toolkit to alter the mix of volatile and stable stocks, or to change the ratio of stocks, bonds, and cash. Want to reward employees more without paying more? Use the toolkit to devise an employee stock-option program, with a tunable probability that the option grants will be "in the money." Indeed, the Internet bubble, fueled in part by lavish executive stock options, may not have happened without Bachelier and his heirs.

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

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From the Bridge” by Captain Hank Bracker Behind “The Exciting Story of Cuba” It was on a rainy evening in January of 2013, after Captain Hank and his wife Ursula returned by ship from a cruise in the Mediterranean, that Captain Hank was pondering on how to market his book, Seawater One. Some years prior he had published the book “Suppressed I Rise.” But lacking a good marketing plan the book floundered. Locally it was well received and the newspapers gave it great reviews, but Ursula was battling allergies and, unfortunately, the timing was off, as was the economy. Captain Hank has the ability to see sunshine when it’s raining and he’s not one easily deterred. Perhaps the timing was off for a novel or a textbook, like the Scramble Book he wrote years before computers made the scene. The history of West Africa was an option, however such a book would have limited public interest and besides, he had written a section regarding this topic for the second Seawater book. No, what he was embarking on would have to be steeped in history and be intertwined with true-life adventures that people could identify with. Out of the blue, his friend Jorge suggested that he write about Cuba. “You were there prior to the Revolution when Fidel Castro was in jail,” he ventured. Laughing, Captain Hank told a story of Mardi Gras in Havana. “Half of the Miami Police Department was there and the Coca-Cola cost more than the rum. Havana was one hell of a place!” Hank said. “I’ll tell you what I could do. I could write a pamphlet about the history of the island. It doesn’t have to be very long… 25 to 30 pages would do it.” His idea was to test the waters for public interest and then later add it to his book Seawater One. Writing is a passion surpassed only by his love for telling stories. It is true that Captain Hank had visited Cuba prior to the Revolution, but back then he was interested more in the beauty of the Latino girls than the history or politics of the country. “You don’t have to be Greek to appreciate Greek history,” Hank once said. “History is not owned solely by historians. It is a part of everyone’s heritage.” And so it was that he started to write about Cuba. When asked about why he wasn’t footnoting his work, he replied that the pamphlet, which grew into a book over 600 pages long, was a book for the people. “I’m not writing this to be a history book or an academic paper. I’m writing this book, so that by knowing Cuba’s past, people would understand it’s present.” He added that unless you lived it, you got it from somewhere else anyway, and footnoting just identifies where it came from. Aside from having been a ship’s captain and harbor pilot, Captain Hank was a high school math and science teacher and was once awarded the status of “Teacher of the Month” by the Connecticut State Board of Education. He has done extensive graduate work, was a union leader and the attendance officer at a vocational technical school. He was also an officer in the Naval Reserve and an officer in the U.S. Army for a total of over 40 years. He once said that “Life is to be lived,” and he certainly has. Active with Military Intelligence he returned to Europe, and when I asked what he did there, he jokingly said that if he had told me he would have to kill me. The Exciting Story of Cuba has the exhilaration of a novel. It is packed full of interesting details and, with the normalizing of the United States and Cuba, it belongs on everyone’s bookshelf, or at least in the bathroom if that’s where you do your reading. Captain Hank is not someone you can hold down and after having read a Proof Copy I know that it will be universally received as the book to go to, if you want to know anything about Cuba! Excerpts from a conversation with Chief Warrant Officer Peter Rommel, USA Retired, Military Intelligence Corps, Winter of 2014.

To meet the demands and marketability of lowering fat in foods while maintaining flavorful options, food manufacturers got busy adding increasing levels of sugars in everything from spaghetti sauce to salad dressings. Labels and packages touted health claims because of low-fat ingredients, while completely forgetting to mention that the fat, that actually wasn’t bad, had been replaced by an overload of Sugar Calories that cause weight gain.

Secret Marketing Techniques For Your Carpet Cleaning Business In Oklahoma Is Here Building a profitable carpet cleaning service business is a big feat for a sole proprietor. Carpet cleaning business in Oklahoma proprietors rarely is in the position to find the most appropriate method for market share improvement and development. Be sure to put your new marketing plans in place as soon as you validate their worth. The following recommendations are designed to help you put together an effective marketing plan. Industry experts are all in agreement; the very best carpet cleaning service business education you receive is usually via personal experience. Experts often say that it is best to learn by doing things in order to get places and do more in general. The resources and techniques you could absorb while in employment could later serve you when you take the step towards finally owning and managing your business. While picking up some business skills could be done through literature, in reality, you may only gain the proper skills through a strong work ethic while under employment. Ensure legal problems won't harm your carpet cleaning service business by making sure that you file all appropriate government forms and also have a general understanding of business laws before you really open your doors. Without an understanding of the fundamentals of business law, you should discuss it with a lawyer who is an expert on this subject. It's recommended to keep in mind that many a successful business have been put out of carpet cleaning service business by only one court case. Prior to you find yourself with legal issues, it's an excellent idea to garner a strong relationship with a business attorney ahead of time. Should you find yourself needing to make hard carpet cleaning service business decisions, discussing it with workers could be a good way to simplify your thoughts. A successful way of cleaning up your planning process is to create a simple list of some pros and cons. This list will help to reveal the very best options for your business, as history has shown. It is advised that you consult with a business development professional if you're unsure just what the next move ought to be for your business. Successful businesses depend on an army of loyal customers. Businesses who certainly have very satisfied staff members will find that their staff members will stay with them for a while, even though the carpet cleaning company is handed down from generations prior to. Effective companies will do whatever it requires to guard and develop their online reputation at every chance. You need to use good online reputation management tools in order to keep negative reviews from being more of a threat than needed. Master Clean Carpet Cleaning

Secret Marketing Techniques For Your Carpet Cleaning Business In Oklahoma Is Here Building a profitable carpet cleaning service business is a big feat for a sole proprietor. Carpet cleaning business in Oklahoma proprietors rarely is in the position to find the most appropriate method for market share improvement and development. Be sure to put your new marketing plans in place as soon as you validate their worth. The following recommendations are designed to help you put together an effective marketing plan. Industry experts are all in agreement; the very best carpet cleaning service business education you receive is usually via personal experience. Experts often say that it is best to learn by doing things in order to get places and do more in general. The resources and techniques you could absorb while in employment could later serve you when you take the step towards finally owning and managing your business. While picking up some business skills could be done through literature, in reality, you may only gain the proper skills through a strong work ethic while under employment. Ensure legal problems won't harm your carpet cleaning service business by making sure that you file all appropriate government forms and also have a general understanding of business laws before you really open your doors. Without an understanding of the fundamentals of business law, you should discuss it with a lawyer who is an expert on this subject. It's recommended to keep in mind that many a successful business have been put out of carpet cleaning service business by only one court case. Prior to you find yourself with legal issues, it's an excellent idea to garner a strong relationship with a business attorney ahead of time. Should you find yourself needing to make hard carpet cleaning service business decisions, discussing it with workers could be a good way to simplify your thoughts. A successful way of cleaning up your planning process is to create a simple list of some pros and cons. This list will help to reveal the very best options for your business, as history has shown. It is advised that you consult with a business development professional if you're unsure just what the next move ought to be for your business. Successful businesses depend on an army of loyal customers. Businesses who certainly have very satisfied staff members will find that their staff members will stay with them for a while, even though the carpet cleaning company is handed down from generations prior to. Effective companies will do whatever it requires to guard and develop their online reputation at every chance. You need to use good online reputation management tools in order to keep negative reviews from being more of a threat than needed.

The structures and initial conditions that are required for successful growth are enumerated in the chapters of this book. They include starting with a cost structure in which attractive profits can be earned at low price points and which can then be carried up-market; being in a disruptive position relative to competitors so that they are motivated to flee rather than fight; starting with a set of customers who had been nonconsumers so that they are pleased with modest products; targeting a job that customers are trying to get done; skating to where the money will be, not to where it was; assigning managers who have taken the right courses in the school of experience and putting them to work within processes and organizational values that are attuned to what needs to be done; having the flexibility to respond as a viable strategy emerges; and starting with capital that can be patient for growth. If you start in conditions such as these, you do not need to see deeply into the future. Attractive choices that lead to success will present themselves. It is when you start in conditions that are opposite to these that attractive options may not appear, and the right choices will be difficult to make.

Mr. Arpit from UK has invested Rs. 100,000,000 in various equity mutual funds that generate 12% annual return, he could save Rs. 10,529,241 in 10 years and Rs. 43,231,465 in 20 years by selecting the direct plan. It would be better to pay an advisor that fee and invest directly than invest indirectly and pay the fee to a MF for marketing, selling and distribution expenses. For more information and which plan to select please refer to most important concepts related to Direct or Indirect option of investing in Mutual Fund.

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The industrial world of pipelines relies heavily on push. Consumers are accessed through specific marketing and communication channels that the business owns or pays for. In a world of scarcity, options were limited, and getting heard often sufficed to get marketers and their messages in front of consumers. In this environment, the traditional advertising and public relations industries focused almost solely on awareness creation—the classic technique for “pushing” a product or service into the consciousness of a potential customer. This model of marketing breaks down in the networked world, where access to marketing and communication channels is democratized—as illustrated, for example, by the viral global popularity of YouTube videos such as PSY’s “Gangnam Style” and Rebecca Black’s “Friday.” In this world of abundance—where both products and the messages about them are virtually unlimited—people are more distracted, as an endless array of competing options is only a click or a swipe away. Thus, creating awareness alone doesn’t drive adoption and usage, and pushing goods and services toward customers is no longer the key to success. Instead, those goods and services must be designed to be so attractive that they naturally pull customers into their orbit. Furthermore, for a platform business, user commitment and active usage, not sign-ups or acquisitions, are the true indicators of customer adoption. That’s why platforms must attract users by structuring incentives for participation—preferably incentives that are organically connected to the interactions made possible by the platform. Traditionally, the marketing function was divorced from the product. In network businesses, marketing needs to be baked into the platform.

If they are looking for a rewarding long term business with a plumber to perform tasks There are many companies who are working to decide what kind of vocational schools, replacement or installation of higher education institutions. For your education initiative must be the only option that is able to provide intensive plumber work relevant by the classic Nationwide Plumbing Code. After completing the program, each providing accreditation to another relevant effort and hard work as a plumber. The program includes training in the relevant programs to install and configure resources. It also includes mechanical design, troubleshooting, piping plans and key ingredients. Bacteriology and sanitation is also part of an important program for plumbers exercise. Although few plumbing works carried out in the classroom, the most important part of the class exercise is comfortable on the stage. The most important bands in principle were supposed to be a plumber in the direction of the company to do the exercises. It is organized in such a way that the student really easy, because you need a plumber's apprentice as an assistant purchasing palms running plumbing parts training. The student gets serious compensated despite the hour discovery replacement rate. He always takes four-year students to get the name of the certificate. In this position, the plumber will be held against the craftsman marketing consultant. When the full study plumbing, plumber charges may choose the next action plan for the office or a plumber, or may be may decide to acquire its own plumber in person in the office. System officeholder has more tasks and also includes all However, more flexibility. He came to power to decide employment opportunities for leadership simply do not want to take, and it can also maintain services in other management plumbers enough to have a lot less work if you need a cute hat.

Hoping to apply what few marketable skills I'd acquired in school, I used my undergraduate's Hebrew to check into options in Israel. I was eager to travel, open to adventure, but as a non-Jew, I found that my possible motives were a cause for concern. In more than one interview I was asked a question that I would eventually hear word for word from Malpesh himself: Are you some sort of missionary? To my prospective employers I tried to explain that if I was to convert anyone it would only be to a nebulous wishy-washy agnosticism, but this honest answer did not earn me many callbacks.

Geithner’s proposed terms for the loan—which drew heavily on the work of bankers he had asked to explore options for private financing for AIG—included a floating interest rate starting at about 11.5 percent. AIG would also be required to give the government an ownership share of almost 80 percent of the company. Tough terms were appropriate. Given our relative unfamiliarity with the company, the difficulty of valuing AIG FP’s complex derivatives positions, and the extreme conditions we were seeing in financial markets, lending such a large amount inevitably entailed significant risk. Evidently, it was risk that no private-sector firm had been willing to undertake. Taxpayers deserved adequate compensation for bearing that risk. In particular, the requirement that AIG cede a substantial part of its ownership was intended to ensure that taxpayers shared in the gains if the company recovered. Equally important, tough terms helped address the unfairness inherent in aiding AIG and not other firms, while also serving to mitigate the moral hazard arising from the bailout. If executives at similarly situated firms believed they would get easy terms in a government bailout, they would have little incentive to raise capital, reduce risk, or accept market offers for their assets or their company. The Fed and Treasury had pushed for tough terms for the shareholders of Bear Stearns and Fannie and Freddie for precisely these reasons. The political backlash would be intense no matter what we did, but we needed to show that we got taxpayers the best possible deal and had minimized the windfall that the bailout gave to AIG and its shareholders.

Examples for warm-market prospects: “When you told me you (hate your job, need more money, wanted to find a new house, etc.), were you serious or were you just kidding around? (They’ll almost always tell you they were serious.) Great! I think I’ve found a way for you to (get it/solve the problem/make that happen).” This is for situations where you know an area of their dissatisfaction, need or desire. “I think I’ve found a way for us to really boost our cash flow.” “When I thought of people who could make an absolute fortune with a business I’ve found, I thought of you.” “Are you still looking for a job (or a different job)? I found a way for both of us to start a great business without all the risks.” “Let me ask you a question, off the record. If there was a business you could start working part-time from your home that could replace your full-time income, would that interest you?” Examples for cold-market prospects: “Have you ever thought of diversifying your income?” “Do you keep your career options open?” “Do you plan on doing what you’re doing now for the rest of your career?” You can follow these cold market scripts or any variation with the following: “I have something that might interest you. Now’s not the time to get into it but…

In response to current events, people often reach for historical analogies, and this occasion was no exception. The trick is to choose the right analogy. In August 2007, the analogies that came to mind—both inside and outside the Fed—were October 1987, when the Dow Jones industrial average had plummeted nearly 23 percent in a single day, and August 1998, when the Dow had fallen 11.5 percent over three days after Russia defaulted on its foreign debts. With help from the Fed, markets had rebounded each time with little evident damage to the economy. Not everyone viewed these interventions as successful, though. In fact, some viewed the Fed’s actions in the fall of 1998—three quarter-point reductions in the federal funds rate—as an overreaction that helped fuel the growing dot-com bubble. Others derided what they perceived to be a tendency of the Fed to respond too strongly to price declines in stocks and other financial assets, which they dubbed the “Greenspan put.” (A put is an options contract that protects the buyer against loss if the price of a stock or other security declines.) Newspaper opinion columns in August 2007 were rife with speculation that Helicopter Ben would provide a similar put soon. In arguing against Fed intervention, many commentators asserted that investors had grown complacent and needed to be taught a lesson. The cure to the current mess, this line of thinking went, was a repricing of risk, meaning a painful reduction in asset prices—from stocks to bonds to mortgage-linked securities. “Credit panics are never pretty, but their virtue is that they restore some fear and humility to the marketplace,” the Wall Street Journal had editorialized, in arguing for no rate cut at the August 7 FOMC meeting.

the most effective way to build buyer personas is to interview buyers who have previously weighed their options, considered or rejected solutions, and made a decision similar to the one you want to influence. Unfortunately,

Arguably the most substantive domestic issue facing the republic is the fate of Social Security, with privatization the most frequently mentioned option. For the first time in history, a familiarity with the behavior of the financial markets has become a prerequisite for competent citizenship, apart from its obvious pecuniary value. Using

Benefits of Going Green The benefits of going green are sometimes not similar to obvious right away. For some people, because of this that going green can be so difficult. They have to see immediate or near immediate results of their green efforts. Unfortunately, some benefits take a while and dedication. Now and dedication can be a good thing about going green in itself. When we become more commited to an environmentally friendly lifestyle we study that lifestyle, the aspects of the life-style that is effective on our behalf and then we study new tips that make the lifestyle much better to create. Other merits of going green can be found especially zones of green lifestyles. Benefits of Going Green at Home Going green at your home is among the few places that green lifestyle benefits are shown quickly or in the next short space of time. The first home benefit that many individuals who go green see, is a drop in utility bills and spending. As people commence to make subtle and full blown changes in the volume of energy they use and the manner they make use of it, the utility bills will drop. This benefit shows itself within the first three billing cycles no matter the effective changes. Spending also reduces. The spending pattern of green lifestyles shows a spending reduction because of switching from disposable items to reusable items, pricey chemical items for DIY natural options and swapping out appliances for higher energy levels effiencent models. Simply not only are the advantages observed in healthier lifestyle options, but on top of that they are seen in healthier financial options. Benefits to Going Green at Work Going green at work is problematic to implement and hard to see immediate results from. However, the avantages of going green in the workplace might be incredibly financially beneficial regarding the business. A clear benefit for businesses going green that is the alleviates clutter and increased organization. By utilizing green techniques in your business such as cloud storage, going paperless and energy usage techniques a business will save many dollars each month. This is a clear benefit, but the additional advantage is increased business. Consumers, businesses and sales professionals love aligning themselves with green businesses. It shows an ecological awareness and connection and it has verified that the green business cares about the approach to life of their total clients. The green business logo and concept means the advantage of a higher customer base and increased sales. Advantages and benefits of Going Green within the Community Community advantages and benefits of going green are the explanation as to why many individuals begin contribution in the green movement. Community efforts do take time and effort to develop. Recycling centers, landscaping endeavors and urban gardening projects take community efforts and dedication. These projects can build wonderful benefits regarding the community. Initially the advantages will show in areas similar to a decrease in waste, increased organic gardening options and recycling endeavors to diminish waste in landfills. Eventually the avantages of going green locally can present a residential district bonding, closer knit communities and environmental benefits which will reach to reduced air pollution. There can also be an increase in local food production and local companies booming which helps the regional economy. There are numerous other benefits of going green. These benefits might be comprehensive and might change the thought of how communities, states and personal lifestyles are changed.

Write your Miracle Mantra: I will _______ (insert your goals and daily actions, here), no matter what. There is no other option.

better option than discounting is to increase the value of your offering. Bundling in bonuses, increasing quantities or adding peripheral services can be of genuine value to your customer but cost you very little to do.

Traders speculating on price moves must forecast not only current and future fundamentals but also how the trading world will react to those fundamentals. One must be able not only to study past supply-and-demand figures and how they affected price but also to know a little about crowd psychology. Predicting where prices will go is like trying to predict the direction of a hurricane. Even the experts can make only vague projections until the storm makes landfall.

5 Thumb Rules to Follow for Outsourcing 3D Character. Outsourcing has become one of the basic requirements of the digital industry. Be it software, websites, architecture rendering or 3D character modelling, companies look forward to outsource these tasks to reliable names. Reason is simple. When it comes to value for money, 3D Art Outsourcing Service stands to be the most viable option as setting up in-house production often isn’t considered a wise ROI choice. But, this necessity has also given rise to possible frauds. There are countless companies waiting to gulp your money in the blink of an eye. There are many more who are ready to lure you with lucrative offers when it comes to 3D character modelling concept. Since not everyone is familiar with the technicalities of this field, companies can easily get trapped with fake promises of giving top notch services well within their reach, only to find out that the whole thing was neither worth their time nor money. However, all the sham can be avoided if companies follow the six thumb rules while Game outsourcing character modelling tasks to animation studios as these will lead them to the right names. 1) Take a Tour of the Website Although you will find expert comments on not to judge a company by its cover, there is no denying the fact that website plays a decisive role in company’s credibility, especially when it comes to art and animation studios. A studio that claims to offer you state-of-art results must first focus on its own. A clean, crisp website with appropriate content can actually say a lot about the studio’s work. A poor design and inappropriate content often indicate the following things: - Outdated and poorly maintained - Negligence towards its virtual presentation - Unprofessionalism - Poor marketing A sincere design and animation studio will indeed feature a vibrant website with all its details properly included. 2) Location Matters Location has a huge impact on hiring charges as it largely decides the price range one can expect. If you are looking forward to countries like India, you expect the range to be well within your budget chiefly because such countries have immense talent, but because of the increasing demand and competition in the field of outsourcing, hiring charges are relatively cheaper than countries like UK or USA. This means that once can get desired expertise without spending a fortune. 3) Know Your Team Inside Out Since you will be spending your hard earned money, you have every right to know the ins and outs of your team. Getting to know the team can assist you in your decision. Do your part of homework and be ready with your queries. Starting from their names to their works, check everything you can, and if need be, go for one-to-one conversation. This will not only help you to know them better, but will also give you an idea of their communication, their knowledge about their work and their sincerity. A dedicated one will always answer you up to the point while a confused one with fidget with words or beat around the bush. 4) Don’t Miss Out on the Portfolio While the website of a studio is its virtual representative, it’s the portfolio which speaks about its execution. Reputed names of 3D modelling and design companies house excellent projects ranging from simple to complex ones. A solid portfolio indicates: - commitment of the studio towards its projects - competency of its team - execution and precision - status of its expertise Apart from the portfolio, some animation studios even feature case studies and white papers in their websites which indicate their level of transparency. Make sure to go through all of them.

High-yield bonds—which Graham calls “second-grade” or “lower-grade” and today are called “junk bonds”—get a brisk thumbs-down from Graham. In his day, it was too costly and cumbersome for an individual investor to diversify away the risks of default.;1 (To learn how bad a default can be, and how carelessly even “sophisticated” professional bond investors can buy into one, see the sidebar on p. 146.) Today, however, more than 130 mutual funds specialize in junk bonds. These funds buy junk by the cartload; they hold dozens of different bonds. That mitigates Graham’s complaints about the difficulty of diversifying. (However, his bias against high-yield preferred stock remains valid, since there remains no cheap and widely available way to spread their risks.) Since 1978, an annual average of 4.4% of the junk-bond market has gone into default—but, even after those defaults, junk bonds have still produced an annualized return of 10.5%, versus 8.6% for 10-year U.S. Treasury bonds.2 Unfortunately, most junk-bond funds charge high fees and do a poor job of preserving the original principal amount of your investment. A junk fund could be appropriate if you are retired, are looking for extra monthly income to supplement your pension, and can tolerate temporary tumbles in value. If you work at a bank or other financial company, a sharp rise in interest rates could limit your raise or even threaten your job security—so a junk fund, which tends to outper-forms most other bond funds when interest rates rise, might make sense as a counterweight in your 401(k). A junk-bond fund, though, is only a minor option—not an obligation—for the intelligent investor.

As I travel around the financial services industry today, the most interesting trend I see is the one toward relationship consolidation. Now that Glass-Steagall has been repealed, and all financial services providers can provide just about all financial services, there's a tendency - particularly as people get older - to want to tie everything up... to develop a plan, which implies having a planner. A planner, not a whole bunch of 'em... You've got basically two options. One is that you can sit here and wait for a major investment firm, which handles your client's investment portfolio while you handle the insurance, to bring their developing financial and estate planning capabilities to your client's door. And to take over the whole relationship. In this case, you have chosen to be the Consolidatee. A better option is for you to be the Consolidator. That is, you go out and consolidate the clients' financial lives pursuant to a really great plan - the kind you pride yourselves on. And of course that would involve your taking over management of the investment portfolio. Let's start with the classic Ibbotson data [Stocks, Bonds, Bills and Inflation Yearbook, Ibbotson Associates]. In the only terms that matter to the long-term investor - the real rate of return - he [the stockholder] got paid more like three times what the bondholder did. Why would an efficient market, over more than three quarters of a centry, pay the holders of one asset class anything like three times what it paid the holders of the other major asset class? Most people would say: risk. Is it really risk that's driving the premium returns, or is it volatility? It's volatility.... I invite you to look carefully at these dirty dozen disasters: the twelve bear markets of roughly 20% or more in the S&P 500 since the end of WWII. For the record, the average decline took about thirteen months from peak to trough, and carried the index down just about 30%. And since there've been twelve of these "disasters" in the roughly sixty years since war's end, we can fairly say that, on average, the stock market in this country has gone down about 30% about one year in five.... So while the market was going up nearly forty times - not counting dividends, remember - what do we feel was the major risk to the long-term investor? Panic. 'The secret to making money in stocks is not getting scared out of them' Peter Lynch.

There’s a lot of water in the sea,* so probably no one will mind if you borrow a little. If your pool is below sea level, and you don’t mind a saltwater pool, this might be an option. All you need to do is dig a channel and let the sea flow in. This has actually happened in real life, by accident, very dramatically. Malaysia was once the world’s largest producer of tin. One of the mines that produced this tin was constructed near the western coast, just a few hundred feet from the ocean. After the tin market collapsed in the 1980s, the mine was abandoned. On October 21, 1993, the water broke through the narrow barrier separating the mine from the sea. The ocean rushed in, filling the mine in a matter of minutes. The lagoon created by the flood remains to this day, and can be seen on maps at 4.40°N, 100.59°E. The cataclysm was recorded by a bystander with a camcorder, and the footage has since been uploaded to the internet. Despite its low quality, it’s one of the most jaw-dropping pieces of video ever recorded.

Your other option is to choose a particular region, or a group of emerging markets by making use of a broad

The Video (optional). A video in which you reiterate much of what was on the website in more dynamic form.         •  Price Choices (optional): The divisions of your company or your list of products.         •  Junk Drawer. The most important part of your website, because it’s where you’re going to list everything you previously thought was important.

Another Option for the Explanatory Paragraph: Overcome Your Client’s Objections

Financial strength and capital structure. The most basic possible definition of a good business is this: It generates more cash than it consumes. Good managers keep finding ways of putting that cash to productive use. In the long run, companies that meet this definition are virtually certain to grow in value, no matter what the stock market does. Start by reading the statement of cash flows in the company’s annual report. See whether cash from operations has grown steadily throughout the past 10 years. Then you can go further. Warren Buffett has popularized the concept of owner earnings, or net income plus amortization and depreciation, minus normal capital expenditures. As portfolio manager Christopher Davis of Davis Selected Advisors puts it, “If you owned 100% of this business, how much cash would you have in your pocket at the end of the year?” Because it adjusts for accounting entries like amortization and depreciation that do not affect the company’s cash balances, owner earnings can be a better measure than reported net income. To fine-tune the definition of owner earnings, you should also subtract from reported net income: any costs of granting stock options, which divert earnings away from existing shareholders into the hands of new inside owners any “unusual,” “nonrecurring,” or “extraordinary” charges any “income” from the company’s pension fund. If owner earnings per share have grown at a steady average of at least 6% or 7% over the past 10 years, the company is a stable generator of cash, and its prospects for growth are good.

To invest successfully, you need not understand beta, efficient markets, modern portfolio theory, option pricing, or emerging markets. You may, in fact, be better off knowing nothing of these. That, of course, is not prevailing view at most business schools, whose finance curriculum tends to be dominated by such subjects. In our view, though, investment students need only two well-taught courses—How to Value a Business, and How to Think About Market Prices.

How much do companies use buybacks to fool shareholders and the markets about the actual health and prospects of their companies? How much do executives, each being paid with stock and options worth millions and sometimes hundreds of millions, use buybacks simply to enrich themselves?