Preferred Stock Quotes

I gave up on being Nice. I started putting more value on other qualities instead: passion, bravery, intelligence, practicality, humor, patience, fairness, sensitivity. Those last three might seem like they are covered by “nice,” but make no mistake, they are not. A person who smiles a lot and remembers everyone’s birthday can turn out to be undercover crazy, a compulsive thief, and boring to boot. I don’t put a lot of stock in nice. I’d prefer to be around people who have any of the above qualities over “niceness,” and I’d prefer it if that applied to me, too. I

I would prefer to have one comfortable room well stocked with books to all you could give me in the way of decoration which the highest art could supply.

There’s a stereotype of what we are all meant to find attractive and erotic, but I don’t neatly fall into those categories. Satin lingerie, a heart-shaped tub, flowers and champagne don’t turn me on. You shouldn’t be scrubbed clean before you have sex. I hate boys who are frightened of pee and shit and menstrual blood. I say no to boys who want to wake up next to a fully made-up woman. I say no to boys who prefer stockings and garters to perfect nudity. Who wants a boy who won’t kiss you when you’ve just been sick? I want a man who will let me pee in his belly button. I want a man to accept the beast in me. I don’t want a man who thinks the woman of his dreams doesn’t go to the toilet. One does, you know.

I gave up on being Nice. I started putting more value on other qualities instead: passion, bravery, intelligence, practicality, humor, patience, fairness, sensitivity. Those last three might seem like they are covered by “nice,” but make no mistake, they are not. A person who smiles a lot and remembers everyone’s birthday can turn out to be undercover crazy, a compulsive thief, and boring to boot. I don’t put a lot of stock in nice. I’d prefer to be around people who have any of the above qualities over “niceness,” and I’d prefer it if that applied to me, too. I’m also okay if the most accurate description of me is nervous, and a little salty. But at least I know what I want to strive for.

I shared my office on 57th Street with Dr Jacob Ecstein, young (thirty-three), dynamic (two books published), intelligent (he and I usually agreed), personable (everyone liked him), unattractive (no one loved him), anal (he plays the stock market compulsively), oral (he smokes heavily), non-genital (doesn’t seem to notice women), and Jewish (he knows two Yiddish slang words). Our mutual secretary was a Miss Reingold. Mary Jane Reingold, old (thirty-six), undynamic (she worked for us), unintelligent (she prefers Ecstein to me), personable (everyone felt sorry for her), unattractive (tall, skinny, glasses, no one loved her), anal (obsessively neat), oral (always eating), genital (trying hard), and non-Jewish (finds use of two Yiddish slang words very intellectual). Miss Reingold greeted me efficiently.

If you are genetically endowed with an optimistic bias, you hardly need to be told that you are a lucky person—you already feel fortunate. An optimistic attitude is largely inherited, and it is part of a general disposition for well-being, which may also include a preference for seeing the bright side of everything. If you were allowed one wish for your child, seriously consider wishing him or her optimism. Optimists are normally cheerful and happy, and therefore popular; they are resilient in adapting to failures and hardships, their chances of clinical depression are reduced, their immune system is stronger, they take better care of their health, they feel healthier than others and are in fact likely to live longer. A study of people who exaggerate their expected life span beyond actuarial predictions showed that they work longer hours, are more optimistic about their future income, are more likely to remarry after divorce (the classic “triumph of hope over experience”), and are more prone to bet on individual stocks. Of

Wisdom is really the key to wealth. With great wisdom, comes great wealth and success. Rather than pursuing wealth, pursue wisdom. The aggressive pursuit of wealth can lead to disappointment. Wisdom is defined as the quality of having experience, and being able to discern or judge what is true, right, or lasting. Wisdom is basically the practical application of knowledge. Rich people have small TVs and big libraries, and poor people have small libraries and big TVs. Become completely focused on one subject and study the subject for a long period of time. Don't skip around from one subject to the next. The problem is generally not money. Jesus taught that the problem was attachment to possessions and dependence on money rather than dependence on God. Those who love people, acquire wealth so they can give generously. After all, money feeds, shelters, and clothes people. They key is to work extremely hard for a short period of time (1-5 years), create abundant wealth, and then make money work hard for you through wise investments that yield a passive income for life. Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand. Failure is success if we learn from it. Continuing failure eventually leads to success. Those who dare to fail miserably can achieve greatly. Whenever you pursue a goal, it should be with complete focus. This means no interruptions. Only when one loves his career and is skilled at it can he truly succeed. Never rush into an investment without prior research and deliberation. With preferred shares, investors are guaranteed a dividend forever, while common stocks have variable dividends. Some regions with very low or no income taxes include the following: Nevada, Texas, Wyoming, Delaware, South Dakota, Cyprus, Liechtenstein, Luxembourg, Panama, San Marino, Seychelles, Isle of Man, Channel Islands, Curaçao, Bahamas, British Virgin Islands, Brunei, Monaco, Qatar, United Arab Emirates, Saudi Arabia, Bahrain, Bermuda, Kuwait, Oman, Andorra, Cayman Islands, Belize, Vanuatu, and Campione d'Italia. There is only one God who is infinite and supreme above all things. Do not replace that infinite one with finite idols. As frustrated as you may feel due to your life circumstances, do not vent it by cursing God or unnecessarily uttering his name. Greed leads to poverty. Greed inclines people to act impulsively in hopes of gaining more. The benefit of giving to the poor is so great that a beggar is actually doing the giver a favor by allowing the person to give. The more I give away, the more that comes back. Earn as much as you can. Save as much as you can. Invest as much as you can. Give as much as you can.

The realms of dating, marriage, and sex are all marketplaces, and we are the products. Some may bristle at the idea of people as products on a marketplace, but this is an incredibly prevalent dynamic. Consider the labor marketplace, where people are also the product. Just as in the labor marketplace, one party makes an offer to another, and based on the terms of this offer, the other person can choose to accept it or walk. What makes the dating market so interesting is that the products we are marketing, selling, buying, and exchanging are essentially our identities and lives. As with all marketplaces, every item in stock has a value, and that value is determined by its desirability. However, the desirability of a product isn’t a fixed thing—the desirability of umbrellas increases in areas where it is currently raining while the desirability of a specific drug may increase to a specific individual if it can cure an illness their child has, even if its wider desirability on the market has not changed. In the world of dating, the two types of desirability we care about most are: - Aggregate Desirability: What the average demand within an open marketplace would be for a relationship with a particular person. - Individual Desirability: What the desirability of a relationship with an individual is from the perspective of a specific other individual. Imagine you are at a fish market and deciding whether or not to buy a specific fish: - Aggregate desirability = The fish’s market price that day - Individual desirability = What you are willing to pay for the fish Aggregate desirability is something our society enthusiastically emphasizes, with concepts like “leagues.” Whether these are revealed through crude statements like, “that guy's an 8,” or more politically correct comments such as, “I believe she may be out of your league,” there is a tacit acknowledgment by society that every individual has an aggregate value on the public dating market, and that value can be judged at a glance. When what we have to trade on the dating market is often ourselves, that means that on average, we are going to end up in relationships with people with an aggregate value roughly equal to our own (i.e., individuals “within our league”). Statistically speaking, leagues are a real phenomenon that affects dating patterns. Using data from dating websites, the University of Michigan found that when you sort online daters by desirability, they seem to know “their place.” People on online dating sites almost never send a message to someone less desirable than them, and on average they reach out to prospects only 25% more desirable than themselves. The great thing about these markets is how often the average desirability of a person to others is wildly different than their desirability to you. This gives you the opportunity to play arbitrage with traits that other people don’t like, but you either like or don’t mind. For example, while society may prefer women who are not overweight, a specific individual within the marketplace may prefer obese women, or even more interestingly may have no preference. If a guy doesn’t care whether his partner is slim or obese, then he should specifically target obese women, as obesity lowers desirability on the open marketplace, but not from his perspective, giving him access to women who are of higher value to him than those he could secure within an open market.

Her cat suit consisted of a very flattering black body stocking that revealed an enticingly curvaceous figure, complimented by cat ears and paws, and mascara whiskers. Up until now, I had always considered myself a dog person, but that was a preference I suddenly found myself questioning.

But there is nothing a man might not do, with you to encourage him. You make me wish to be a hero." He laughed, but Hester did not laugh. She gave him a keen look, in which there was a touch of disdain. " Do you really think," she said, " that the charm of inspiring, as you call it, is what any reasonable creature would prefer to doing? To make somebody else a hero rather than be a hero yourself? Women would need to be disinterested indeed if they like that best. I don't see it. Besides, we are not in the days of chivalry. What could you be inspired to do— make better bargains on your Stock Exchange?

Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole; so that teach competitor has to pick not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view. It is not a case of choosing those which, to the best of one's judgement are really the prettiest, nor even those which average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth and higher degrees.

So we ran the experiment. For a period of time, in our control groups of Googlers, people who were nominated for cash awards continued to receive them. In our experimental groups, nominated winners received trips, team parties, and gifts of the same value as the cash awards they would have received. Instead of making public stock awards, we sent teams to Hawaii. Instead of smaller awards, we provided trips to health resorts, blowout team dinners, or Google TVs for the home. The result was astounding. Despite telling us they would prefer cash over experiences, the experimental group was happier. Much happier. They thought their awards were 28 percent more fun, 28 percent more memorable, and 15 percent more thoughtful. This was true whether the experience was a team trip to Disneyland (it turns out most adults are still kids on the inside) or individual vouchers to do something on their own. And they stayed happier for a longer period of time than Googlers who received money. When resurveyed five months later, the cash recipients’ levels of happiness with their awards had dropped by about 25 percent. The experimental group was even happier about the award than when they received it. The joy of money is fleeting, but memories last forever.

The one universal balm for the trauma of war was tea. It was the thing that helped people cope. People made tea during air raids and after air raids, and on breaks between retrieving bodies from shattered buildings. Tea bolstered the network of thirty thousand observers who watched for German aircraft over England, operating from one thousand observation posts, all stocked with tea and kettles. Mobile canteens dispensed gallons of it, steaming, from spigots. In propaganda films, the making of tea became a visual metaphor for carrying on. “Tea acquired almost a magical importance in London life,” according to one study of London during the war. “And the reassuring cup of tea actually did seem to help cheer people up in a crisis.” Tea ran through Mass-Observation diaries like a river. “That’s one trouble about the raids,” a female diarist complained. “People do nothing but make tea and expect you to drink it.” Tea anchored the day—though at teatime, Churchill himself did not actually drink it, despite reputedly having said that tea was more important than ammunition. He preferred whiskey and water. Tea was comfort and history; above all, it was English. As long as there was tea, there was England. But now the war and the strict rationing that came with it threatened to shake even this most prosaic of pillars.

An hour later, thoroughly appalled with the state of the cabin now that she had given it a thorough assessment, Camilla sailed into the shed. She was armed with a long list. "You need supplies." "Hand me that damn wrench." She picked up the tool and considered herself beyond civilized for not simply bashing him over the head with it. "Your home is an abomination. I'll require cleaning supplies - preferably industrial strength. And if you want a decent meal, I'll need some food to stock the kitchen. You have to go into town." He battled the bolt into submission, shoved the switch on. And got nothing but a wheezy chuckle out of the generator. "I don't have time to go into town." "If you want food for your belly and clean sheets on which to sleep, you'll make time.

The bookshop of Kipps is on the left-hand side of the Hythe High Street coming from Folkestone, between the yard of the livery stable and the shop-window full of old silver and such like things—it is quite easy to find—and there you may see him for yourself and speak to him and buy this book of him if you like. He has it in stock, I know. Very delicately I've seen to that. His name is not Kipps, of course, you must understand that, but everything else is exactly as I have told you. You can talk to him about books, about politics, about going to Boulogne, about life, and the ups and downs of life. Perhaps he will quote you Buggins—from whom, by the bye, one can now buy everything a gentleman's wardrobe should contain at the little shop in Rendezvous Street, Folkestone. If you are fortunate to find Kipps in a good mood he may even let you know how he inherited a fortune "once." "Run froo it," he'll say with a not unhappy smile. "Got another afterwards—speckylating in plays. Needn't keep this shop if I didn't like. But it's something to do."... Or he may be even more intimate. "I seen some things," he said to me once. "Raver! Life! Why! once I—I 'loped! I did—reely!" (Of course you will not tell Kipps that he is "Kipps," or that I have put him in this book. He does not know. And you know, one never knows how people are going to take that sort of thing. I am an old and trusted customer now, and for many amiable reasons I should prefer that things remained exactly on their present footing.)

the group, as the knights preferred stallions—and knelt in the sun-dappled mud and grass of a narrow meadow. Raphael and Percival joined her, kneeling on the other side of the run, two steps back. Mongols at this late stage of their campaign often rode horses other than steppe ponies; war, as Feronantus had observed, was hard on horses, and armies continually replenished their stock. When Mongols rode larger and more complaisant Western horses,

in the group, as the knights preferred stallions—and knelt in the sun-dappled mud and grass of a narrow meadow. Raphael and Percival joined her, kneeling on the other side of the run, two steps back. Mongols at this late stage of their campaign often rode horses other than steppe ponies; war, as Feronantus had observed, was hard on horses, and armies continually replenished their stock. When Mongols rode larger and more complaisant Western horses,

Optimists Optimism is normal, but some fortunate people are more optimistic than the rest of us. If you are genetically endowed with an optimistic bias, you hardly need to be told that you are a lucky person—you already feel fortunate. An optimistic attitude is largely inherited, and it is part of a general disposition for well-being, which may also include a preference for seeing the bright side of everything. If you were allowed one wish for your child, seriously consider wishing him or her optimism. Optimists are normally cheerful and happy, and therefore popular; they are resilient in adapting to failures and hardships, their chances of clinical depression are reduced, their immune system is stronger, they take better care of their health, they feel healthier than others and are in fact likely to live longer. A study of people who exaggerate their expected life span beyond actuarial predictions showed that they work longer hours, are more optimistic about their future income, are more likely to remarry after divorce (the classic “triumph of hope over experience”), and are more prone to bet on individual stocks. Of course, the blessings of optimism are offered only to individuals who are only mildly biased and who are able to “accentuate the positive” without losing track of reality. Optimistic individuals play a disproportionate role in shaping our lives. Their decisions make a difference; they are the inventors, the entrepreneurs, the political and military leaders—not average people. They got to where they are by seeking challenges and taking risks. They are talented and they have been lucky, almost certainly luckier than they acknowledge. They are probably optimistic by temperament; a survey of founders of small businesses concluded that entrepreneurs are more sanguine than midlevel managers about life in general. Their experiences of success have confirmed their faith in their judgment and in their ability to control events. Their self-confidence is reinforced by the admiration of others. This reasoning leads to a hypothesis: the people who have the greatest influence on the lives of others are likely to be optimistic and overconfident, and to take more risks than they realize.

Financing is an art form. One of the challenges is how to correctly finance a company. In certain periods of time, more covenants need to be put into deals. You have to be sure the company has the right covenant -- to allow it the freedom to grow, but also to insure the integrity of the credit. Sometimes a company should issue convertible bonds instead of straight bonds. Sometimes it should issue preferred stock. Each company and each financing is different, and the process can’t be imitative.

To my writing classes I used later to open by saying that anybody who could talk could also write. Having cheered them up with this easy-to-grasp ladder, I then replaced it with a huge and loathsome snake: ‘How many people in this class, would you say, can talk? I mean really talk?’ That had its duly woeful effect. I told them to read every composition aloud, preferably to a trusted friend. The rules are much the same: Avoid stock expressions (like the plague, as William Safire used to say) and repetitions. Don’t say that as a boy your grandmother used to read to you, unless at that stage of her life she really was a boy, in which case you have probably thrown away a better intro. If something is worth hearing or listening to, it’s very probably worth reading. So, this above all: Find your own voice.

She preferred wearing the thong under the garter belt instead of over it because she thought it looked better, but that required unfastening the stockings in order to slip it off if he wanted to leave the garter belt on, and he always did. He didn’t mind, but it did slow down the process a bit. This time, he’d circumvented the issue by choosing a thong that tied on each side. Now he yanked on the strings and pulled it right off her, leaving the garter belt in place. He smiled because he always took satisfaction in coming up with a successful work-around.

She single-handedly stocked Leta's entire wardrobe, and although the clothes were flashier than I would normally prefer, I didn't see the harm in having a daughter dressed like a mini Avon World Sales Leader. Plus, we could use the money we saved on baby clothes to buy more chocolate.

If you could take one ride in a time machine, which way would you go? The future or the past? Sally forth or turn back?...Do you prefer the costumed pageant of history or the techno-marvels to come? It seems there are two kinds of people. Both camps have their optimists as well as their pessimists. Disease is a worry. Time traveling while black or female poses special hazards. Then again, some people see ways to make money at lotteries, stock markets, and racetracks. Some just want to relive past loves. Many back travelers are driven by regret—mistakes made, opportunities lost.

We have advised against the purchase at “full prices” of three important categories of securities: (1) foreign bonds, (2) ordinary preferred stocks, and (3) secondary common stocks, including, of course, original offerings of such issues. By “full prices” we mean prices close to par for bonds or preferred stocks, and prices that represent about the fair business value of the enterprise in the case of common stocks. The greater number of defensive investors are to avoid these categories regardless of price; the enterprising investor is to buy them only when obtainable at bargain prices—which we define as prices not more than two-thirds of the appraisal value of the securities.

After all, the names of the principal characters will be quite as much disguised; for though in this history the chronicler would prefer to conceal the facts under a mass of contradictions, anachronisms, improbabilities, and absurdities, the truth will out in spite of him. You uproot a vine-stock, as you imagine, and the stem will send up lusty shoots after you have ploughed your vineyard over.

To my writing classes I used later to open by saying that anybody who could talk could also write. Having cheered them up with this easy-to-grasp ladder, I then replaced it with a huge and loathsome snake: “How many people in this class, would you say, can talk? I mean really talk?” That had its duly woeful effect. I told them to read every composition aloud, preferably to a trusted friend. The rules are much the same: Avoid stock expressions (like the plague, as William Safire used to say) and repetitions. Don’t say that as a boy your grandmother used to read to you, unless at that stage of her life she really was a boy, in which case you have probably thrown away a better intro. If something is worth hearing or listening to, it’s very probably worth reading. So, this above all: Find your own voice.

The natural rights which he retains are all those in which the Power to execute is as perfect in the individual as the right itself. Among this class, as is before mentioned, are all the intellectual rights, or rights of the mind; consequently, religion is one of those rights. The natural rights which are not retained, are all those in which, though the right is perfect in the individual, the power to execute them is defective. They answer not his purpose. A man, by natural right, has a right to judge in his own cause; and so far as the right of the mind is concerned, he never surrenders it. But what availeth it him to judge, if he has not power to redress? He therefore deposits this right in the common stock of society, and takes the arm of society, of which he is a part, in preference and in addition to his own. Society grants him nothing. Every man is a proprietor in society, and draws on the capital as a matter of right.

What if she doesn’t worry about her body and eats enough for all the growing she has to do? She might rip her stockings and slam-dance on a forged ID to the Pogues, and walk home barefoot, holding her shoes, alone at dawn; she might baby-sit in a battered-women’s shelter one night a month; she might skateboard down Lombard Street with its seven hairpin turns, or fall in love with her best friend and do something about it, or lose herself for hours gazing into test tubes with her hair a mess, or climb a promontory with the girls and get drunk at the top, or sit down when the Pledge of Allegiance says stand, or hop a freight train, or take lovers without telling her last name, or run away to sea. She might revel in all the freedoms that seem so trivial to those who could take them for granted; she might dream seriously the dreams that seem so obvious to those who grew up with them really available. Who knows what she would do? Who knows what it would feel like? But if she is not careful she will end up: raped, pregnant, impossible to control, or merely what is now called fat. The teenage girl knows this. Everyone is telling her to be careful. She learns that making her body into her landscape to tame is preferable to any kind of wildness

At the very least, it’s clear the decision to use sex-incongruent language of any sort should normally be a free choice. It’s not acceptable on the part of any organisation to coercively require this on pain of sanction. Trying to encourage social norms of politeness in a company or institution, including encouraging people to use preferred pronouns where sex isn’t relevant, is one thing; having HR departments threaten people with accusations of ‘transphobia’ and ‘hate speech’ if they don’t is quite another. As a trans person, having your preferred pronouns or other sex-incongruent terms used by others is a courtesy on their part and not a right on yours.

After the war, in the early fifties, when the great break-throughs in science followed one after the other so rapidly, there wasn't time to take stock, to ask the sensible questions. Suddenly there were all these new possibilities laid before us, all these ways to cure so many previously incurable conditions. This was what the world noticed the most, wanted the most. And for a long time, people preferred to believe these organs appeared from nowhere, or at most that they grew in a kind of vacuum. Yes, there were arguments. But by the time people became concerned about . . . about students, by the time they came to consider just how you were reared, whether you should have been brought into existence at all, well by then it was too late. There was no way to reverse the process. How can you ask a world that has come to regard cancer as curable, how can you ask such a world to put away that cure, to go back to the dark days? There was no going back. However uncomfortable people were about your existence, their overwhelming concern was that their own children, their spouses, their parents, their friends, did not die from cancer, motor neurone disease. So for a long time you were kept in the shadows, and people did their best not to think about you. And if they did, they tried to convince themselves you weren't really like us. That you were less than human, so it didn't matter.

The kingdom is finally to be identified as the Lord Jesus himself. When we say “Come, Lord Jesus” on this Christmas Day, we are preferring his Lordship to any other loyalty system or any other final frame of reference. If Jesus is Lord, than Caesar is not! If Jesus is Lord, then the economy and stock market are not! If Jesus is Lord, then my house and possessions, family and job are not! If Jesus is Lord, than I am not! That multileveled implication was obvious to first-century members of the Roman Empire because the phrase “Caesar is Lord” was the empire’s loyalty test and political bumper sticker. They, and others, knew they had changed “parties” when they welcomed Jesus as Lord instead of the Roman emperor as their savior.

How about I tell you what I don’t like? I do not like postmodernism, postapocalyptic settings, postmortem narrators, or magic realism. I rarely respond to supposedly clever formal devices, multiple fonts, pictures where they shouldn’t be—basically, gimmicks of any kind. I find literary fiction about the Holocaust or any other major world tragedy to be distasteful—nonfiction only, please. I do not like genre mash-ups à la the literary detective novel or the literary fantasy. Literary should be literary, and genre should be genre, and crossbreeding rarely results in anything satisfying. I do not like children’s books, especially ones with orphans, and I prefer not to clutter my shelves with young adult. I do not like anything over four hundred pages or under one hundred fifty pages. I am repulsed by ghostwritten novels by reality television stars, celebrity picture books, sports memoirs, movie tie-in editions, novelty items, and—I imagine this goes without saying—vampires. I rarely stock debuts, chick lit, poetry, or translations. I would prefer not to stock series, but the demands of my pocketbook require me to. For your part, you needn’t tell me about the ‘next big series’ until it is ensconced on the New York Times Best Sellers list. Above all, Ms. Loman, I find slim literary memoirs about little old men whose little old wives have died from cancer to be absolutely intolerable. No matter how well written the sales rep claims they are. No matter how many copies you promise I’ll sell on Mother’s Day.

The first concerns how an investor should choose among different types of broad-based index funds. The best-known of the broad stock market mutual funds and ETFs in the United States track the S&P 500 index of the largest stocks. We prefer using a broader index that includes more smaller-company stocks, such as the Russell 3000 index or the Dow-Wilshire 5000 index. Funds that track these broader indexes are often referred to as “total stock market” index funds. More than 80 years of stock market history confirm that portfolios of smaller stocks have produced a higher rate of return than the return of the S&P 500 large-company index. While smaller companies are undoubtedly less stable and riskier than large firms, they are likely—on average—to produce somewhat higher future returns. Total stock market index funds are the better way for investors to benefit from the long-run growth of economic activity.

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more than it is selling for. The genus includes bonds and preferred stocks selling well under par, as well as common stocks. To be as concrete as possible, let us suggest that an issue is not a true “bargain” unless the indicated value is at least 50% more than the price. What kind of facts would warrant the conclusion that so great a discrepancy exists? How do bargains come into existence, and how does the investor profit from them? There are two tests by which a bargain common stock is detected. The first is by the method of appraisal. This relies largely on estimating future earnings and then multiplying these by a factor appropriate to the particular issue. If the resultant value is sufficiently above the market price—and if the investor has confidence in the technique employed—he can tag the stock as a bargain. The second test is the value of the business to a private owner. This value also is often determined chiefly by expected future earnings—in which case the result may be identical with the first. But in the second test more attention is likely to be paid to the realizable value of the assets, with particular emphasis on the net current assets or working capital. At low points in the general market a large proportion of common stocks are bargain issues, as measured by these standards. (A typical example was General Motors when it sold at less than 30 in 1941, equivalent to only 5 for the 1971 shares. It had been earning in excess of $4 and paying $3.50, or more, in dividends.) It is true that current earnings and the immediate prospects may both be poor, but a levelheaded appraisal of average future conditions would indicate values far above ruling prices. Thus the wisdom of having courage in depressed markets is vindicated not only by the voice of experience but also by application of plausible techniques of value analysis.

Shareholders have a residual claim on a firm’s assets and earnings, meaning they get what’s left after all other claimants—employees and their pension funds, suppliers, tax-collecting governments, debt holders, and preferred shareholders (if any exist)—are paid. The value of their shares, therefore, is the discounted value of all future cash flows minus those payments. Since the future is unknowable, potential shareholders must estimate what that cash flow will be; their collective expectations about the future determine the stock price. Any shareholders who expect that the discounted value of future equity earnings of the company will be less than the current price will sell their stock. Any potential shareholders who expect that the discounted future value will exceed the current price will buy stock. This means that shareholder value has almost nothing to do with the present. Indeed, present earnings tend to be a small fraction of the value of common shares. Over the past decade, the average yearly price-earnings multiple for the S&P 500 has been 22x, meaning that current earnings represent less than 5 percent of stock prices.

We had heard rumours of what people referred to as a ‘phantom accounting system’, also called zappers and phantom ware. This phenomenon was unheard of in South Africa at the time. The more formal term used to describe this kind of criminal financial-management software is a ‘sales-suppression system’. The Organisation for Economic Cooperation and Development (OECD), in which South Africa has observer status, issued a guide on these systems in 2013.10 On the surface, the technology seems like a supposedly normal accounting system, used mainly by retailers. It has all the expected features: it records stock, sales, invoices, receipts and taxes. It can print daily, weekly and monthly accounting records. Yet the software has a feature that can blank out certain sales and receipts. You can set it to suppress, for instance, every fourth sale, or random sales of a particular value, whichever you prefer. The effect is that, on paper, your stock, sales and receipts would balance for tax purposes. All you would have to do is click on a secret place on the screen, or type a particular code on the keyboard, and the unrecorded sales and receipts would reflect. One would then be able to take this money out of the company’s takings for the day, week or month, and people would be none the wiser.

What if she doesn’t worry about her body and eats enough for all the growing she has to do? She might rip her stockings and slam-dance on a forged ID to the Pogues, and walk home barefoot, holding her shoes, alone at dawn; she might baby-sit in a battered-women’s shelter one night a month; she might skateboard down Lombard Street with its seven hairpin turns, or fall in love with her best friend and do something about it, or lose herself for hours gazing into test tubes with her hair a mess, or climb a promontory with the girls and get drunk at the top, or sit down when the Pledge of Allegiance says stand, or hop a freight train, or take lovers without telling her last name, or run away to sea. She might revel in all the freedoms that seem so trivial to those who could take them for granted; she might dream seriously the dreams that seem so obvious to those who grew up with them really available. Who knows what she would do? Who knows what it would feel like? But if she is not careful she will end up: raped, pregnant, impossible to control, or merely what is now called fat. The teenage girl knows this. Everyone is telling her to be careful. She learns that making her body into her landscape to tame is preferable to any kind of wildness. Dieting is being careful, and checking into a hunger camp offers the ultimate in care.

For a second he thought she might chuckle, and honest to God he didn't know what he would do if she did. "Grey, society didn't give you that scar. A woman you treated with no more regard than your dirty stockings gave you that scar. You cannot blame the actions of one on so many." HIs fingers tightened into fists at his side. "I do not blame all of society for her actions, of course not." "How could you? You don't even know who it was, do you?" "No." But he had suspicions. He was almost completely certain it had been Maggie-Lady Devane. He'd broken her heart the worst of them all. "Of course you don't." Suddenly her eyes were very dark and hard. "I suspect it could be one of a large list of names, all women who you toyed with and cast aside." A heavy chill settled over Grey's chest at the note of censure, and disapproval in her tone. He had known this day would come, when she would see him for what he truly was. He just hadn't expected it quite so soon. "Yes," he whispered. "A long list indeed." "So it's no wonder you would rather avoid society. I would too if I had no idea who my enemies were. It's certainly preferable to apologizing to every conquest and hope that you got the right one." She didn't say it meanly, or even mockingly, but there was definitely an edge to her husky voice. "Is this what we've come to, Rose?" he demanded. "You've added your name to the list of the women I've wronged?" She laughed then, knocking him even more off guard. "Of course not. I knew what I was getting myself into when I hatched such a foolhardy plan. No, your conscience need not bear the weight of me, grey." When she moved to stand directly before him, just inches away, it was all he could do to stand his ground and not prove himself a coward. Her hand touched his face, the slick satin of her gloves soft against his cheek. "I wish you would stop living under all this regret and rejoin the world," she told him in a tone laden with sorrow. "You have so much to offer it. I'm sure society would agree with me if you took the chance." Before he could engineer a reply, there was another knock at the door. Rose dropped her hand just as her mother stuck her head into the room. "Ah, there you are. Good evening, Grey. Rose, Lord Archer is here." Rose smiled. "I'll be right there, Mama." When the door closed once more, she turned to Grey. "Let us put an end to this disagreeable conversation and put it in the past where it belongs. Friends?" Grey looked down at her hand, extended like a man's. He didn't want to take it. In fact, he wanted to tell her what she could do with her offer of friendship and barely veiled insults. He wanted to crush her against his chest and kiss her until her knees buckled and her superior attitude melted away to pleas of passion. That was what he wanted.

Like,” he repeats with distaste. “How about I tell you what I don’t like? I do not like postmodernism, postapocalyptic settings, postmortem narrators, or magic realism. I rarely respond to supposedly clever formal devices, multiple fonts, pictures where they shouldn’t be—basically, gimmicks of any kind. I find literary fiction about the Holocaust or any other major world tragedy to be distasteful—nonfiction only, please. I do not like genre mash-ups à la the literary detective novel or the literary fantasy. Literary should be literary, and genre should be genre, and crossbreeding rarely results in anything satisfying. I do not like children’s books, especially ones with orphans, and I prefer not to clutter my shelves with young adult. I do not like anything over four hundred pages or under one hundred fifty pages. I am repulsed by ghostwritten novels by reality television stars, celebrity picture books, sports memoirs, movie tie-in editions, novelty items, and—I imagine this goes without saying—vampires. I rarely stock debuts, chick lit, poetry, or translations. I would prefer not to stock series, but the demands of my pocketbook require me to. For your part, you needn’t tell me about the ‘next big series’ until it is ensconced on the New York Times Best Sellers list. Above all, Ms. Loman, I find slim literary memoirs about little old men whose little old wives have died from cancer to be absolutely intolerable. No matter how well written the sales rep claims they are. No matter how many copies you promise I’ll sell on Mother’s Day.

Blues Elizabeth Alexander, 1962 I am lazy, the laziest girl in the world. I sleep during the day when I want to, ‘til my face is creased and swollen, ‘til my lips are dry and hot. I eat as I please: cookies and milk after lunch, butter and sour cream on my baked potato, foods that slothful people eat, that turn yellow and opaque beneath the skin. Sometimes come dinnertime Sunday I am still in my nightgown, the one with the lace trim listing because I have not mended it. Many days I do not exercise, only consider it, then rub my curdy belly and lie down. Even my poems are lazy. I use syllabics instead of iambs, prefer slant to the gong of full rhyme, write briefly while others go for pages. And yesterday, for example, I did not work at all! I got in my car and I drove to factory outlet stores, purchased stockings and panties and socks with my father’s money. To think, in childhood I missed only one day of school per year. I went to ballet class four days a week at four-forty-five and on Saturdays, beginning always with plie, ending with curtsy. To think, I knew only industry, the industry of my race and of immigrants, the radio tuned always to the station that said, Line up your summer job months in advance. Work hard and do not shame your family, who worked hard to give you what you have. There is no sin but sloth. Burn to a wick and keep moving. I avoided sleep for years, up at night replaying evening news stories about nearby jailbreaks, fat people who ate fried chicken and woke up dead. In sleep I am looking for poems in the shape of open V’s of birds flying in formation, or open arms saying, I forgive you, all.

Economics today creates appetites instead of solutions. The western world swells with obesity while others starve. The rich wander about like gods in their own nightmares. Or go skiing in the desert. You don’t even have to be particularly rich to do that. Those who once were starving now have access to chips, Coca-Cola, trans fats and refined sugars, but they are still disenfranchized. It is said that when Mahatma Gandhi was asked what he thought about western civilization, he answered that yes, it would be a good idea. The bank man’s bonuses and the oligarch’s billions are natural phenomena. Someone has to pull away from the masses – or else we’ll all become poorer. After the crash Icelandic banks lost 100 billion dollars. The country’s GDP had only ever amounted to thirteen billion dollars in total. An island with chronic inflation, a small currency and no natural resources to speak of: fish and warm water. Its economy was a third of Luxembourg’s. Well, they should be grateful they were allowed to take part in the financial party. Just like ugly girls should be grateful. Enjoy, swallow and don’t complain when it’s over. Economists can pull the same explanations from their hats every time. Dream worlds of total social exclusion and endless consumerism grow where they can be left in peace, at a safe distance from the poverty and environmental destruction they spread around themselves. Alternative universes for privileged human life forms. The stock market rises and the stock market falls. Countries devalue and currencies ripple. The market’s movements are monitored minute by minute. Some people always walk in threadbare shoes. And you arrange your preferences to avoid meeting them. It’s no longer possible to see further into the future than one desire at a time. History has ended and individual freedom has taken over. There is no alternative.

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

BARGAIN-ISSUE PATTERN IN SECONDARY COMPANIES. We have defined a secondary company as one that is not a leader in a fairly important industry. Thus it is usually one of the smaller concerns in its field, but it may equally well be the chief unit in an unimportant line. By way of exception, any company that has established itself as a growth stock is not ordinarily considered “secondary.” In the great bull market of the 1920s relatively little distinction was drawn between industry leaders and other listed issues, provided the latter were of respectable size. The public felt that a middle-sized company was strong enough to weather storms and that it had a better chance for really spectacular expansion than one that was already of major dimensions. The depression years 1931–32, however, had a particularly devastating impact on the companies below the first rank either in size or in inherent stability. As a result of that experience investors have since developed a pronounced preference for industry leaders and a corresponding lack of interest most of the time in the ordinary company of secondary importance. This has meant that the latter group have usually sold at much lower prices in relation to earnings and assets than have the former. It has meant further that in many instances the price has fallen so low as to establish the issue in the bargain class. When investors rejected the stocks of secondary companies, even though these sold at relatively low prices, they were expressing a belief or fear that such companies faced a dismal future. In fact, at least subconsciously, they calculated that any price was too high for them because they were heading for extinction—just as in 1929 the companion theory for the “blue chips” was that no price was too high for them because their future possibilities were limitless. Both of these views were exaggerations and were productive of serious investment errors. Actually, the typical middle-sized listed company is a large one when compared with the average privately owned business. There is no sound reason why such companies should not continue indefinitely in operation, undergoing the vicissitudes characteristic of our economy but earning on the whole a fair return on their invested capital.

Revolt of solitary instincts against social bonds is the key to the philosophy, the politics, and the sentiments, not only of what is commonly called the romantic movement, but of its progeny down to the present day. Philosophy, under the influence of German idealism, became solipsistic, and self-development was proclaimed as the fundamental principle of ethics. As regards sentiment, there has to be a distasteful compromise between the search for isolation and the necessities of passion and economics. D. H. Lawrence's story, 'The Man Who Loved Islands', has a hero who disdained such compromise to a gradually increasing extent and at last died of hunger and cold, but in the enjoyment of complete isolation; but this degree of consistency has not been achieved by the writers who praise solitude. The comforts of civilized life are not obtainable by a hermit, and a man who wishes to write books or produce works of art must submit to the ministrations of others if he is to survive while he does his work. In order to continue to feel solitary, he must be able to prevent those who serve him from impinging upon his ego, which is best accomplished if they are slaves. Passionate love, however, is a more difficult matter. So long as passionate lovers are regarded as in revolt against social trammels, they are admired; but in real life the love-relation itself quickly becomes a social trammel, and the partner in love comes to be hated, all the more vehemently if the love is strong enough to make the bond difficult to break. Hence love comes to be conceived as a battle, in which each is attempting to destroy the other by breaking through the protecting walls of his or her ego. This point of view has become familiar through the writings of Strindberg, and, still more, of D. H. Lawrence. Not only passionate love, but every friendly relation to others, is only possible, to this way of feeling, in so far as the others can be regarded as a projection of one's own Self. This is feasible if the others are blood-relations, and the more nearly they are related the more easily it is possible. Hence an emphasis on race, leading, as in the case of the Ptolemys, to endogamy. How this affected Byron, we know; Wagner suggests a similar sentiment in the love of Siegmund and Sieglinde. Nietzsche, though not scandalously, preferred his sister to all other women: 'How strongly I feel,' he writes to her, 'in all that you say and do, that we belong to the same stock. You understand more of me than others do, because we come of the same parentage. This fits in very well with my "philosophy".

Birch bark lends a mild wintergreen flavor to brewed sodas. Birch beer, flavored with sassafras and birch, is a classic American brew. Birch bark is usually sold in homebrew stores. Bitter Orange (Bergamot) s highly aromatic, and its dried peel is an essential part of cola flavor. The dried peel and its extract are usually available in spice shops, or any store with a good spice selection. They can be pricey. Burdock root s a traditional ingredient in American root beers. It has a mild sweet flavor similar to that of artichoke. Dried burdock root is available in most Asian groceries and homebrew stores. Cinnamon has several species, but they all fall into two types. Ceylon cinnamon is thin and mild, with a faint fragrance of allspice. Southeast Asian cinnamon, also called cassia, is both stronger and more common. The best grade comes from Vietnam and is sold as Saigon cinnamon. Use it in sticks, rather than ground. The sticks can be found in most grocery stores. Ginger, a common soda ingredient, is very aromatic, at once spicy and cooling. It is widely available fresh in the produce section of grocery stores, and it can be found whole and dried in most spice shops. Lemongrass, a perennial herb from central Asia, contains high levels of citral, the pungent aromatic component of lemon oil. It yields a rich lemon flavor without the acid of lemon juice, which can disrupt the fermentation of yeasted sodas. Lemon zest is similar in flavor and can be substituted. Lemongrass is available in most Asian markets and in the produce section of well-stocked grocery stores. Licorice root provides the well-known strong and sweet flavor of black licorice candy. Dried licorice root is sold in natural food stores and homebrew stores. Anise seed and dried star anise are suitable substitutes. Sarsaparilla s similar in flavor to sassafras, but a little milder. Many plants go by the name sarsaparilla. Southern-clime sarsaparilla (Smilax spp.) is the traditional root-beer flavoring. Most of the supply we get in North America comes from Mexico; it’s commonly sold in homebrew stores. Wild sarsaparilla (Aralia spp.) is more common in North America and is sometimes used as a substitute for true sarsaparilla. Small young sarsaparilla roots, known as “root bark” are less pungent and are usually preferred for soda making, although fully mature roots give fine results. Sassafras s the most common flavoring for root beers of all types. Its root bark is very strong and should be used with caution, especially if combined with other flavors. It is easily overpowering. Dried sassafras is available in homebrew stores. Star anise, the dried fruit of an Asian evergreen, tastes like licorice, with hints of clove and cinnamon. The flavor is strong, so use star anise with caution. It is available dried in the spice section of most grocery stores but can be found much more cheaply at Asian markets.

Like,” he repeats with distaste. “How about I tell you what I don’t like? I do not like postmodernism, postapocalyptic settings, postmortem narrators, or magic realism. I rarely respond to supposedly clever formal devices, multiple fonts, pictures where they shouldn’t be—basically, gimmicks of any kind. I find literary fiction about the Holocaust or any other major world tragedy to be distasteful—nonfiction only, please. I do not like genre mash-ups à la the literary detective novel or the literary fantasy. Literary should be literary, and genre should be genre, and crossbreeding rarely results in anything satisfying. I do not like children’s books, especially ones with orphans, and I prefer not to clutter my shelves with young adult. I do not like anything over four hundred pages or under one hundred fifty pages. I am repulsed by ghostwritten novels by reality television stars, celebrity picture books, sports memoirs, movie tie-in editions, novelty items, and—I imagine this goes without saying—vampires. I rarely stock debuts, chick lit, poetry, or translations. I would prefer not to stock series, but the demands of my pocketbook require me to. For your part, you needn’t tell me about the ‘next big series’ until it is ensconced on the New York Times Best Sellers list. Above all, Ms. Loman, I find slim literary memoirs about little old men whose little old wives have died from cancer to be absolutely intolerable. No matter how well written the sales rep claims they are. No matter how many copies you promise I’ll sell on Mother’s Day.” Amelia blushes, though she is angry more than embarrassed. She agrees with some of what A.J. has said, but his manner is unnecessarily insulting. Knightley Press doesn’t even sell half of that stuff anyway. She studies him. He is older than Amelia but not by much, not by more than ten years. He is too young to like so little. “What do you like?” she asks. “Everything else,” he says. “I will also admit to an occasional weakness for short-story collections. Customers never want to buy them though.” There is only one short-story collection on Amelia’s list, a debut. Amelia hasn’t read the whole thing, and time dictates that she probably won’t, but she liked the first story. An American sixth-grade class and an Indian sixth-grade class participate in an international pen pal program. The narrator is an Indian kid in the American class who keeps feeding comical misinformation about Indian culture to the Americans. She clears her throat, which is still terribly dry. “The Year Bombay Became Mumbai. I think it will have special int—” “No,” he says. “I haven’t even told you what it’s about yet.” “Just no.” “But why?” “If you’re honest with yourself, you’ll admit that you’re only telling me about it because I’m partially Indian and you think this will be my special interest. Am I right?” Amelia imagines smashing the ancient computer over his head. “I’m telling you about this because you said you liked short stories! And it’s the only one on my list. And for the record”—here, she lies—“it’s completely wonderful from start to finish. Even if it is a debut. “And do you know what else? I love debuts. I love discovering something new. It’s part of the whole reason I do this job.” Amelia rises. Her head is pounding. Maybe she does drink too much? Her head is pounding and her heart is, too. “Do you want my opinion?” “Not particularly,” he says. “What are you, twenty-five?” “Mr. Fikry, this is a lovely store, but if you continue in this this this”—as a child, she stuttered and it occasionally returns when she is upset; she clears her throat—“this backward way of thinking, there won’t be an Island Books before too long.

… The most important contribution you can make now is taking pride in your treasured home state. Because nobody else is. Study and cherish her history, even if you have to do it on your own time. I did. Don’t know what they’re teaching today, but when I was a kid, American history was the exact same every year: Christopher Columbus, Plymouth Rock, Pilgrims, Thomas Paine, John Hancock, Sons of Liberty, tea party. I’m thinking, ‘Okay, we have to start somewhere— we’ll get to Florida soon enough.’…Boston Massacre, Crispus Attucks, Paul Revere, the North Church, ‘Redcoats are coming,’ one if by land, two if by sea, three makes a crowd, and I’m sitting in a tiny desk, rolling my eyes at the ceiling. Hello! Did we order the wrong books? Were these supposed to go to Massachusetts?…Then things showed hope, moving south now: Washington crosses the Delaware, down through original colonies, Carolinas, Georgia. Finally! Here we go! Florida’s next! Wait. What’s this? No more pages in the book. School’s out? Then I had to wait all summer, and the first day back the next grade: Christopher Columbus, Plymouth Rock…Know who the first modern Floridians were? Seminoles! Only unconquered group in the country! These are your peeps, the rugged stock you come from. Not genetically descended, but bound by geographical experience like a subtropical Ellis Island. Because who’s really from Florida? Not the flamingos, or even the Seminoles for that matter. They arrived when the government began rounding up tribes, but the Seminoles said, ‘Naw, we prefer waterfront,’ and the white man chased them but got freaked out in the Everglades and let ’em have slot machines…I see you glancing over at the cupcakes and ice cream, so I’ll limit my remaining remarks to distilled wisdom: “Respect your parents. And respect them even more after you find out they were wrong about a bunch of stuff. Their love and hard work got you to the point where you could realize this. “Don’t make fun of people who are different. Unless they have more money and influence. Then you must. “If someone isn’t kind to animals, ignore anything they have to say. “Your best teachers are sacrificing their comfort to ensure yours; show gratitude. Your worst are jealous of your future; rub it in. “Don’t talk to strangers, don’t play with matches, don’t eat the yellow snow, don’t pull your uncle’s finger. “Skip down the street when you’re happy. It’s one of those carefree little things we lose as we get older. If you skip as an adult, people talk, but I don’t mind. “Don’t follow the leader. “Don’t try to be different—that will make you different. “Don’t try to be popular. If you’re already popular, you’ve peaked too soon. “Always walk away from a fight. Then ambush. “Read everything. Doubt everything. Appreciate everything. “When you’re feeling down, make a silly noise. “Go fly a kite—seriously. “Always say ‘thank you,’ don’t forget to floss, put the lime in the coconut. “Each new year of school, look for the kid nobody’s talking to— and talk to him. “Look forward to the wonderment of growing up, raising a family and driving by the gas station where the popular kids now work. “Cherish freedom of religion: Protect it from religion. “Remember that a smile is your umbrella. It’s also your sixteen-in-one reversible ratchet set. “ ‘I am rubber, you are glue’ carries no weight in a knife fight. “Hang on to your dreams with everything you’ve got. Because the best life is when your dreams come true. The second-best is when they don’t but you never stop chasing them. So never let the authority jade your youthful enthusiasm. Stay excited about dinosaurs, keep looking up at the stars, become an archaeologist, classical pianist, police officer or veterinarian. And, above all else, question everything I’ve just said. Now get out there, class of 2020, and take back our state!

Keynes was a voracious reader. He had what he called ‘one of the best of all gifts – the eye which can pick up the print effortlessly’. If one was to be a good reader, that is to read as easily as one breathed, practice was needed. ‘I read the newspapers because they’re mostly trash,’ he said in 1936. ‘Newspapers are good practice in learning how to skip; and, if he is not to lose his time, every serious reader must have this art.’ Travelling by train from New York to Washington in 1943, Keynes awed his fellow passengers by the speed with which he devoured newspapers and periodicals as well as discussing modern art, the desolate American landscape and the absence of birds compared with English countryside.54 ‘As a general rule,’ Keynes propounded as an undergraduate, ‘I hate books that end badly; I always want the characters to be happy.’ Thirty years later he deplored contemporary novels as ‘heavy-going’, with ‘such misunderstood, mishandled, misshapen, such muddled handling of human hopes’. Self-indulgent regrets, defeatism, railing against fate, gloom about future prospects: all these were anathema to Keynes in literature as in life. The modern classic he recommended in 1936 was Forster’s A Room with a View, which had been published nearly thirty years earlier. He was, however, grateful for the ‘perfect relaxation’ provided by those ‘unpretending, workmanlike, ingenious, abundant, delightful heaven-sent entertainers’, Agatha Christie, Edgar Wallace and P. G. Wodehouse. ‘There is a great purity in these writers, a remarkable absence of falsity and fudge, so that they live and move, serene, Olympian and aloof, free from any pretended contact with the realities of life.’ Keynes preferred memoirs as ‘more agreeable and amusing, so much more touching, bringing so much more of the pattern of life, than … the daydreams of a nervous wreck, which is the average modern novel’. He loved good theatre, settling into his seat at the first night of a production of Turgenev’s A Month in the Country with a blissful sigh and the words, ‘Ah! this is the loveliest play in all the world.’55 Rather as Keynes was a grabby eater, with table-manners that offended Norton and other Bloomsbury groupers, so he could be impatient to reach the end of books. In the inter-war period publishers used to have a ‘gathering’ of eight or sixteen pages at the back of their volumes to publicize their other books-in-print. He excised these advertisements while reading a book, so that as he turned a page he could always see how far he must go before finishing. A reader, said Keynes, should approach books ‘with all his senses; he should know their touch and their smell. He should learn how to take them in his hands, rustle their pages and reach in a few seconds a first intuitive impression of what they contain. He should … have touched many thousands, at least ten times as many as he reads. He should cast an eye over books as a shepherd over sheep, and judge them with the rapid, searching glance with which a cattle-dealer eyes cattle.’ Keynes in 1927 reproached his fellow countrymen for their low expenditure in bookshops. ‘How many people spend even £10 a year on books? How many spend 1 per cent of their incomes? To buy a book ought to be felt not as an extravagance, but as a good deed, a social duty which blesses him who does it.’ He wished to muster ‘a mighty army … of Bookworms, pledged to spend £10 a year on books, and, in the higher ranks of the Brotherhood, to buy a book a week’. Keynes was a votary of good bookshops, whether their stock was new or second-hand. ‘A bookshop is not like a railway booking-office which one approaches knowing what one wants. One should enter it vaguely, almost in a dream, and allow what is there freely to attract and influence the eye. To walk the rounds of the bookshops, dipping in as curiosity dictates, should be an afternoon’s entertainment.

Their evidence supports life-cycle predictions that older investors hold less risky portfolios. They also show evidence that experience leads older investors to exhibit stronger preference for diversification, trade less frequently, exhibit greater propensity for year-end tax-loss selling, and exhibit fewer behavioral biases. Consistent with cognitive aging effects, they found that older investors exhibit worse stock selection ability and poor diversification skill. As investors both age and gain experience, their investment skill increases. Then, as cognitive aging begins, that skill starts to diminish, even while gaining more experience. The investment skill deteriorates sharply starting at the age of 70. The impact of the declining cognitive ability results in an estimated 3 percent lower risk-adjusted annual returns and that underperformance increases to over 5 percent among older investors with large portfolios. Thus, there are real economic consequences to cognitive aging.

Bilateral (from the Latin for “both sides”) coordination means that we can use both sides of the body to cooperate as a team. A well-regulated vestibular system helps us to integrate sensory messages from both sides of our body. By the age of three or four, a child should be crossing the midline. For the child who avoids crossing the midline, coordinating both body sides may be difficult. When she paints at an easel, she may switch the brush from one hand to the other at the midway point separating her right and left sides. She may appear not to have established a hand preference, sometimes using her left and sometimes her right to eat, draw, write, or throw. It may also be hard to survey a scene or to track a moving object visually without stopping at the midline to blink and refocus. The child with poor bilateral coordination may have trouble using both feet together to jump from a ledge, or both hands together to catch a ball or play clapping games. She may have difficulty coordinating her hands to hold a paper while she cuts, or to stabilize the paper with one hand while she writes with the other. Poor bilateral coordination, a sensory-based motor disorder, is often misinterpreted as a learning disability such as dyslexia. In fact, this difficulty can lead to learning or behavior problems, but it does not ordinarily mean that a child is lacking in intelligence or academic ability.

Gold is for hoarders who expect to trade glittering bars for stale bread after a financial Armageddon. Or it’s for people trying to “time” gold’s movements by purchasing it on an upward bounce, with the hopes of selling before it drops. That’s not investing. It’s speculating. Gold has jumped up and down like an excited kid on a pogo stick for more than 200 years. But after inflation, it hasn’t gained any long-term elevation. I prefer the Tropical Beach approach: Buy assets that have proven to run circles around gold (rebalanced stock and bond indexes would do). Lay in a hammock on a tropical beach. Soak in the sun and patiently enjoy the long-term profits.

Outside the research laboratory, parents and teachers may notice other differences between SPD and ADHD. For instance, many children with SPD prefer the “same-old, same-old” in a familiar and predictable environment, while children with ADHD prefer novelty and diversion. Many children with SPD have poor motor coordination, while children with ADHD often shine in sports. Many children with SPD have adequate impulse control, unless bothered by sensations, while children with ADHD often have poor impulse control. Another difference is that medicine may help the child with ADHD, but medicine will not solve the problem of SPD. Therapy focusing on sensory integration and a sensory diet of purposeful activities help the child with SPD.

One of the frequent attacks on the behavior of the free market is based on the Georgist bugbear of natural resources held off the market for speculative purposes. We have dealt with this alleged problem above. Another, and diametrically opposite, attack is the common one that the free market wastes resources, especially depletable resources. Future generations are allegedly robbed by the greed of the present. Such reasoning would lead to the paradoxical conclusion that noneof the resource be consumed at all. For whenever, at any time, a man consumes a depletable resource (here we use “consumes” in a broader sense to include “uses up” in production), he is leaving less of a stock for himself or his descendants to draw upon. It is a fact of life that wheneverany amount of a depletable resource is used up, less is left for the future, and therefore anysuch consumption could just as well be called “robbery of the future,” if one chooses to define robbery in such unusual terms. Once we grant any amount of use to the depletable resource, we have to discard the robbery-of-the-future argument and accept the individual preferences of the market. There is then no more reason to assume that the market will use the resources too fast than to assume the opposite. The market will tend to use resources at precisely the rate that the consumers desire.

She soaked, washed, and trimmed three artichokes, baby purple Romagnas, which would sadly lose their beautiful hue once they hit hot water, then washed and peeled a bunch of pencil-thin asparagus. She pulled out several small zucchini and sliced them into translucent moons. She washed three leeks, slicing them down their centers and peeling back each layer, carefully rinsing away any sand, then chopped the white, light green, and some of the darker parts into a fine dice. She shelled a couple handfuls of spring peas, collecting them in a ceramic bowl. She chopped a bulb of fennel and julienned one more, then washed and spun the fronds. She washed the basil and mint and spun them dry. Last, she chopped the shallots. With the vegetables prepped, she started on the risotto, the base layer for the torta a strati alla primavera, or spring layer cake, she'd been finessing since her arrival, and which she hoped would become Dia's dish. She'd make a total of six 'torte': three artichoke and three asparagus. The trick was getting the risotto to the perfect consistency, which was considerably less creamy than usual. It had to be firm enough to keep its shape and support the layers that would be placed on top of it, but not gummy, the kiss of death for any risotto. She started with a 'soffritto' of shallot, fennel, and leek, adding Carnaroli rice, which she preferred to arborio, pinot grigio, and, when the wine had plumped the rice, spring-vegetable stock, one ladle at a time. Once the risotto had absorbed all the liquid and cooked sufficiently, she divided it into six single-serving crescent molds, placed the molds in a glass baking dish, and popped them all in the oven, which made the risotto the consistency of a soft Rice Krispies treat. Keeping the molds in place, she added the next layer, steamed asparagus in one version, artichoke in the other. A layer of basil and crushed pignoli pesto followed, then the zucchini rounds, flash-sauteed, and the fennel matchsticks, cooked until soft, and finally, the spring-pea puree. She carefully removed the first mold and was rewarded with a near-perfect crescent tower, which she drizzled with red-pepper coulis. Finally, she placed a dollop of chilled basil-mint 'sformato' alongside the crescent and radiated mint leaves around the 'sformato' so that it looked like a sun. The sun and the moon, 'sole e luna,' all anyone could hope for.

By 1929, Congress passed legislation cutting the immigration quotas for many countries, including European nations such as Germany. Soon, hundreds of thousands of Mexicans would be expelled. Those from China, Japan, Africa, and Arabia were given little chance of gaining US citizenship. At the same time, Congress nearly doubled the quota for immigrants from much of the British Isles. Mary, coming from the preferred stock of British whites, would be welcomed at a time when the United States was closing its doors to many others. As

But Friedrich’s departure ran afoul of German law. A three-year stint of military service was mandatory, and to emigrate, boys of conscription age had to get permission. The young barber didn’t do so, resulting in a questionable status that would undermine any future prospect of return: Friedrich Trump was an illegal emigrant. Luckily, US officials didn’t care about the circumstances under which he left Germany. US immigration law at the time granted Germans preferred status; they were viewed as having the proper white European ethnic stock and an industrious nature.

As such, I don't detest trading. I would rather like to be sure on what I am going to trade on. Otherwise better prefer flying to Los Vegas to try my luck.

NOURISHING TRADITIONAL FOODS Proteins: Fresh, pasture-raised meat including beef, lamb, game, chicken, turkey, duck and other fowl; organ meats from pastured animals; seafood of all types from deep sea waters; fresh shellfish in season; fish eggs; fresh eggs from pastured poultry; organic fermented soy products in small amounts. Fats: Fresh butter and cream from pasture-fed cows, preferably raw and cultured; lard and beef, lamb, goose and duck fat from pastured animals; extra virgin olive oil; unrefined flax seed oil in small amounts; coconut oil and palm oil. Dairy: Raw, whole milk and cultured dairy products, such as yoghurt, piima milk, kefir and raw cheese, from traditional breeds of pasture-fed cows and goats. Carbohydrates: Organic whole grain products properly treated for the removal of phytates, such as sourdough and sprouted grain bread and soaked or sprouted cereal grains; soaked and fermented legumes including lentils, beans, and chickpeas; sprouted or soaked seeds and nuts; fresh fruits and vegetables, both raw and cooked; fermented vegetables. Beverages: Filtered, high-mineral water; lacto-fermented drinks made from grain or fruit; meat stocks and vegetable broths. Condiments: Unrefined sea salt; raw vinegar; spices in moderation; fresh herbs; naturally fermented soy sauce and fish sauce.

Is it really safe to invest in stocks? To answer that question, we would really first need to ask ourselves: what is safe after all? More so, what is safe in business? The answer would be “NOTHING”. Here it is – the stark reality: all businesses have their risks and as far as risks are concerned, the stock market is just another kind of business; that is it! All deep-rooted and unbeaten stock market will advise you on the affirmative. Yet the faint possibility remains that you, at the same time, will without doubt happen upon other stock market players who have done pathetically in the stock market. These traders, when their opinion is sought, will not leave a stone unturned in advising you to steer clear of the stock market. Mystified whose advice you should take? Fine, both are correct in their own points of view. To cross the threshold into well-paid stock market share trading in the marketplace of any place in the human race, it is to a great extent compulsory that you are geared up with the inclusive fluency of the sod above and beyond in receipt of rationalized with the up to date market shifts so that you prefer no less than probable stocks. In essence then can day businesses bear out valuable? If you are in a job in a different place and are unable to have a look at the trade area under conversation well again, it is advisable that you should not make your mind up on daylight trading. You will in point of fact happen upon other forms of trade which do not necessitate your day and night inspection. You in all probability will chew over those as well. Affecting the traders It would also be a reasonable word of warning to say publicly that the stock market affects different types of traders differently. There are cases in point of a lot of investors who have become cleaned out. Putting on next to nothing information and gambling into the share market perceiving others producing immense wealth possibly will provide evidence of being hazardous for you. You could wind up bringing up the rear to your richly deserved wealth and habitual failures will very soon plead your case before you to make your way out from the stock market panorama. Stage-managing and putting on unconditional awareness previous to putting money in will certainly twirl the bazaar in your prop up. Outline your objectives You will of course call for to outline your objectives and endeavor to come across the varied working expenditure alternatives in the stock market. At the beginning decide on fragile investments with the intention that even though you put on or incur fatalities, you will in next to no time gain knowledge of the ins and outs of the deal. Just the once you are contented, you can settle on volume funds. You in all probability will decide on each and every one of the three dealing preferences, specifically day business, short-term trading and enduring investment. At one fell swoop given your institution of resource of profits is exclusively the stock market; you will be able to broaden the horizons of your venture ambitions to a larger extent, for instance conjecture in mutual funds, money futures, product futures, and supplementary endeavor goods. You can accordingly keep up equilibrium of your ventures and disappointments if a few will by a hair's breadth inconvenience you. Seeking singular venture alternatives will additionally comply to you eloquent which one goes well with you the most excellent and you can in that case put in funds in capacity in the unwritten prospect. Make the best use of stock market It often comes to our notice that the stock market if used fine provides us with an exceptionally excellent occasion to put together loads of wealth and in addition utilize the stock market as our principal foundation of revenue. There are also the risks yet the faint possibility remains that risks are everywhere, in every trade.

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

I told Ben I was leaning toward buying preferred stock.

In exchange, the FDIC would get $12 billion in Citigroup preferred stock and warrants, giving it a way to potentially recoup money for its fund.

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

Whatever the reason, the existence of some persistent investment factors is today accepted by almost every (if not all) financial economist and investor. In an ingenious bit of marketing, factors are often called “smart beta.” Sharpe himself grew to hate the term, as it implies that all other forms of beta are dumb.10 Most financial academics prefer the term “risk premia,” to more accurately reflect the fact that they think these factors primarily yield an investment premium from taking some kind of risk—even if they cannot always agree what the precise risk is. An important milestone was when Fama and his frequent collaborator Ken French—another Chicago finance professor who would later also join DFA—in 1992 published a paper with the oblique title “The Cross-Section of Expected Stock Returns.”11 It was a bombshell. In what would become known as the three-factor model, Fama and French used data on companies listed on the NYSE, the American Stock Exchange, and the Nasdaq from 1963 to 1990 and showed that both value (the tendency of cheap stocks to outperform expensive ones) and size (the tendency of smaller stocks to outperform bigger ones) were distinct factors from the broader market factor—the beta. Although Fama and French’s paper termed these factors as rewards for taking extra risks, coming from the father of the efficient-markets hypothesis, it was a signal event in the history of financial economics.12 Since then academics have identified a panoply of factors, with varying degrees of durability, strength, and acceptance. Of course, factors do not always work. They can go through long fallow stretches where they underperform the market. Value stocks, for example, suffered a miserable bout of performance in the dotcom bubble, when investors wanted to buy only trendy technology stocks. And to DFA’s chagrin, after small caps enjoyed a robust year in DFA’s first year of existence, they would then undergo a long, painful seven-year period of trailing dramatically behind the S&P 500.13 DFA managed to keep growing, losing very few clients, partly because it had always stressed to them that stretches like this could happen. But it was an uncomfortable period that led to many awkward conversations with clients.

Covered in Stephen Burrows inside-out chicness or resplendent in Chloé blouses tucked into skinny jeans tucked into $400 boots, she has never underestimated the power of a beautiful thing. She knows, without her yoga instructor’s telling her, that size 4 is the size that’s right for her. The Bendel is subtle and a little shy—she hides her Penelope Tree eyebrows under oversized sunglasses; her swinging straight hair under turbans and berets; her freshly manicured toenails beneath oversized clogs as she looks for the simple throw-on at $275. The Bendel does not eat during the day, except for an occasional asparagus. She prefers her store’s boutiques with their maximum of chic and minimum of stock. The Bendel woman is methodical and thinks ahead, and if she has stayed past the sensible 3:30, thank God for Buster, who will get her a taxi.

From the investor’s standpoint it is probably best for him in most cases that he should have (1) an unconditional right to receive interest payments when they are earned by the company, and (2) a right to other forms of protection than bankruptcy proceedings if interest is not earned and paid. The terms of income bonds can be tailored to the advantage of both the borrower and the lender in the manner best suited to both. (Conversion privileges can, of course, be included.) The acceptance by everybody of the inherently weak preferred-stock form and the rejection of the stronger income-bond form is a fascinating illustration of the way in which traditional institutions and habits often tend to persist on Wall Street despite new conditions calling for a fresh point of view. With every new wave of optimism or pessimism, we are ready to abandon history and time-tested principles, but we cling tenaciously and unquestioningly to our prejudices.

For reference, here are a few ETFs that invest in the preferred share indexes: Name Country Ticker iShares S & P/TSX North American Preferred Stock Index Canada XPF iShares US Preferred Stock USA PFF PowerShares Preferred Portfolio USA PGX

Following the 4 Percent Rule still gives you a 5 percent chance of running out of money, due to a phenomenon known as sequence-of-return risk. Your backup plan is to use the Cash Cushion and the Yield Shield. Cash Cushion: A reserve fund held in a savings account that you can use to avoid doing a full portfolio withdrawal during down years. Yield Shield: A combination of dividends and interest being paid by your ETFs that is delivered as cash without selling any assets. The Yield Shield can be raised by pivoting some of your assets into higher-yielding assets, such as . . . Preferred shares Real estate investment trusts (REITs) Corporate bonds Dividend stocks The size of the Cash Cushion is determined using the following formula: Cash Cushion = (Annual Spending − Annual Yield) × Number of Years

He instead believed that an investor should focus on a relatively small number of stocks if he or she expects to outperform a market. Fisher preferred a holding period of almost forever;

Keynes thought that professional money managers were playing an intricate guessing game. He likened picking the best stocks to a common competition in the male-dominated London financial scene in the 1930s: picking out the prettiest faces from a set of photographs: Professional investment may be likened to those newspaper competitions in which the competitors have to pick out the six prettiest faces from a hundred photographs, the prize being awarded to the competitor whose choice most nearly corresponds to the average preferences of the competitors as a whole: so that each competitor has to pick, not those faces which he himself finds prettiest, but those which he thinks likeliest to catch the fancy of the other competitors, all of whom are looking at the problem from the same point of view. It is not a case of choosing those which, to the best of one’s judgment, are really the prettiest, nor even those which average opinion genuinely thinks the prettiest. We have reached the third degree where we devote our intelligences to anticipating what average opinion expects the average opinion to be. And there are some, I believe, who practice the fourth, fifth, and higher degrees.

Stracciatella alla Romana 8 cups chicken broth, preferably homemade 6 ounces fresh spinach, cut into strips 4 eggs, plus 2 tablespoons water ½ cup grated Pecorino Romano cheese Salt and pepper Boil the stock and add spinach, cooking until wilted, about 3 minutes. In a separate bowl, beat the eggs with the water; add grated cheese. Whisk the egg mixture briskly into the boiling broth, and add salt and pepper to taste, then serve.

For my part, I prefer the ontological argument, the cosmological argument and the rest of the old stock-in-trade, to the sentimental illogicality that has sprung from Rousseau.

Dear Christopher, This is the perfume of March: rain, loam, feathers, mint. Every morning and afternoon I drink fresh mint tea sweetened with honey. I’ve done a great deal of walking lately. I seem to think better outdoors. Last night was remarkably clear. I looked up at the sky to find the Argo. I’m terrible at constellations. I can never make out any of them except for Orion and his belt. But the longer I stared, the more the sky seemed like an ocean, and then I saw an entire fleet of ships made of stars. A flotilla was anchored at the moon, while others were casting off. I imagined we were on one of those ships, sailing on moonlight. In truth, I find the ocean unnerving. Too vast. I must prefer the forests around Stony Cross. They’re always fascinating, and full of commonplace miracles…spiderwebs glittering with rain, new trees growing from the trunks of fallen oaks. I wish you could see them with me. And together we would listen to the wind rushing through the leaves overhead, a lovely swooshy melody…tree music! As I sit here writing to you, I have propped my stocking feet much too close to the hearth. I’ve actually singed my stockings on occasion, and once I had to stomp out my feet when they started smoking. Even after that, I still can’t seem to rid myself of the habit. There, now you could pick me out of a crowd blindfolded. Simply follow the scent of scorched stockings. Enclosed is a robin’s feather that I found during my walk this morning. It’s for luck. Keep it in your pocket. Just now I had the oddest feeling while writing this letter, as if you were standing in the room with me. As if my pen had become a magic wand, and I had conjured you right here. If I wish hard enough… Dearest Prudence, I have the robin’s feather in my pocket. How did you know I needed token to carry into battle? For the past two weeks I’ve been in a rifle pit, sniping back and forth with the Russians. It’s no longer a cavalry war, it’s all engineers and artillery. Albert stayed in the trench with me, only going out to carry messages up and down the line. During the lulls, I try to imagine being in some other place. I imagine you with your feet propped near the hearth, and your breath sweet with mint tea. I imagine walking through the Stony Cross forests with you. I would love to see some commonplace miracles, but I don’t think I could find them without you. I need your help, Pru. I think you might be my only chance of becoming part of the world again. I feel as if I have more memories of you than I actually do. I was with you on only a handful of occasions. A dance. A conversation. A kiss. I wish I could relive those moments. I would appreciate them more. I would appreciate everything more. Last night I dreamed of you again. I couldn’t see your face, but I felt you near me. You were whispering to me. The last time I held you, I didn’t know who you truly were. Or who I was, for that matter. We never looked beneath the surface. Perhaps it’s better we didn’t--I don’t think I could have left you, had I felt for you then what I do now. I’ll tell you what I’m fighting for. Not for England, nor her allies, nor any patriotic cause. It’s all come down to the hope of being with you.

The indefiniteness of finance can be bizarre. Think about what happens when successful entrepreneurs sell their company. What do they do with the money? In a financialized world, it unfolds like this: • The founders don’t know what to do with it, so they give it to a large bank. • The bankers don’t know what to do with it, so they diversify by spreading it across a portfolio of institutional investors. • Institutional investors don’t know what to do with their managed capital, so they diversify by amassing a portfolio of stocks. • Companies try to increase their share price by generating free cash flows. If they do, they issue dividends or buy back shares and the cycle repeats. At no point does anyone in the chain know what to do with money in the real economy. But in an indefinite world, people actually prefer unlimited optionality; money is more valuable than anything you could possibly do with it. Only in a definite future is money a means to an end, not the end itself.

I will still help ye, lass,” he said and winced at the desperate note in his voice. Firmer, he said, “Did ye hear me, Malina? I said I will keep my word to you.” Determined to face her wrath like the warrior he was, he caught her arm. She spun around, and to his dismay, tears stained her cheeks. She swatted at them and wouldn’t look him in the eye. His stomach contracted with regret. Och, he’d never meant to make her weep. He shouldna have pretended ire with her, even if it meant angering Steafan. “Malina—” Her shiny eyes flashed. “Don’t you call me that ever again! You bastard!” He nearly recoiled from the whip of her anger, but he’d faced enough Gunn and MacKay to stand his ground against a wee, fiery woman. “Haud your wheesht, wife,” he growled as he pulled her to him. She’d draw the attention of the whole village, and the last thing he wanted were more witnesses to the debacle he’d landed himself in. Come to think of it, he was not some repentant mutt who ought to be whimpering for his sins. He didn’t regret keeping her and her unborn bairn safe from Steafan’s stocks tonight. He didn’t regret taking full and permanent responsibility for a woman with child lost in a strange land. He didn’t exactly expect her thanks, but he didn’t appreciate his bride calling him a bastard on their wedding night, either. “I willna have ye maligning me for the whole of Ackergill to hear.” “Oh, you willna, will you? And just how do you plan to stop me? Will you dole out your husbandly discipline and make your uncle proud?” “Och, woman. I am not your enemy.” He darted a glance around the road to make sure no one was gawking at them. “You’re not my friend, either, Darcy Keith,” she said in a respectable volume, though the sparks in her eyes suggested she’d prefer yelling at him some more. “You betrayed me. You told me I had to meet the laird in order to spend the night here. You made it sound like a formality. You didn’t say anything about ending up married. Married! Damn it, Darcy.

She thrust the pink box she was holding into Mr. Rutherford’s hands before she opened up her reticule and pulled out a fistful of coins. Counting them out very precisely, she stopped counting when she reached three dollars, sixty-two cents. Handing Mr. Rutherford the coins, she then took back the pink box, completely ignoring the scowl Mr. Rutherford was now sending her. “This is not the amount of money I quoted you for the skates, Miss . . . ?” “Miss Griswold,” Permilia supplied as she opened up the box and began rummaging through the thin paper that covered her skates. Mr. Rutherford’s brows drew together. “Surely you’re not related to Mr. George Griswold, are you?” “He’s my father,” Permilia returned before she frowned and lifted out what appeared to be some type of printed form, one that had a small pencil attached to it with a maroon ribbon. “What is this?” Mr. Rutherford returned the frown, looking as if he wanted to discuss something besides the form Permilia was now waving his way, but he finally relented—although he did so with a somewhat heavy sigh. “It’s a survey, and I would be ever so grateful if you and Miss Radcliff would take a few moments to fill it out, returning it after you’re done to a member of my staff, many of whom can be found offering hot chocolate for a mere five cents at a stand we’ve erected by the side of the lake. I’m trying to determine which styles of skates my customers prefer, and after I’m armed with that information, I’ll be better prepared to stock my store next year with the best possible products.” “Far be it from me to point out the obvious, Mr. Rutherford, but one has to wonder about your audacity,” Permilia said. “It’s confounding to me that you’re so successful in business, especially since not only are you overcharging your customers for the skates today, you also expect those very customers to extend you a service by taking time out of their day to fill out a survey for you. And then, to top matters off nicely, instead of extending those customers a free cup of hot chocolate for their time and effort, you’re charging them for that as well.” “I’m a businessman, Miss Griswold—as is your father, if I need remind you. I’m sure he’d understand exactly what my strategy is here today, as well as agree with that strategy.” Permilia stuck her nose into the air. “You may very well be right, Mr. Rutherford, but . . .” She thrust the box back into his hands. “Since I’m unwilling to pay more than I’ve already given you for these skates, I’ll take my money back, if you please.” “Don’t be ridiculous,” Mr. Rutherford said, thrusting the box right back at Permilia. “Now, if the two of you will excuse me, I have other customers to attend to.” With that, he sent Wilhelmina a nod, scowled at Permilia, and strode through the snow back to his cash register.

I was once asked in one of those meetings to express my views on the stock market. I stated, not without a modicum of pomp, that I believed that the market would go slightly up over the next week with a high probability. How high? “About 70%.” Clearly, that was a very strong opinion. But then someone interjected,“But, Nassim, you just boasted being short a very large quantity of SP500 futures, making a bet that the market would go down. What made you change your mind?” “I did not change my mind! I have a lot of faith in my bet! [Audience laughing.] As a matter of fact I now feel like selling even more!”The other employees in the room seemed utterly confused. “Are you bullish or are you bearish?” I was asked by the strategist. I replied that I could not understand the words bullish and bearish outside of their purely zoological consideration. Just as with events A and B in the preceding example, my opinion was that the market was more likely to go up (“I would be bullish”), but that it was preferable to short it (“I would be bearish”), because, in the event of its going down, it could go down a lot. Suddenly, the few traders in the room understood my opinion and started voicing similar opinions. And I was not forced to come back to the following discussion.

Reading Group Guide  1.   The river town of Hobnob, Mississippi, is in danger of flooding. To offset the risk, the townspeople were offered the chance to relocate in exchange for money. Some people jumped at the opportunity (the Flooders); others (the Stickers) refused to leave, so the deal fell through. If you lived in Hobnob, which choice would you make and why? If you’d lived in New Orleans at the time of Hurricane Katrina, would you have fled the storm or stayed to protect your house? Did the two floods remind you of each other in terms of official government response or media coverage?  2.   How are the circumstances during the Prohibition era (laws against consuming or selling alcohol, underground businesses that make and sell booze on the black market, corruption in the government and in law enforcement) similar to what’s happening today (the fight to legalize and tax marijuana, the fallout of the drug war in countries like Mexico and Colombia, jails filled with drug abusers)? How are the circumstances different? Do you identify with the bootleggers or the prohibitionists in the novel? What is your stance on the issue today?  3.   The novel is written in third person from two different perspectives—Ingersoll’s and Dixie Clay’s—in alternating chapters. How do you think this approach adds to or detracts from the story? Are you a fan of books written from multiple perspectives, or do you prefer one character to tell his/her side of the story?  4.   The Tilted World is written by two authors. Do you think it reads differently than a book written by only one? Do you think you could coauthor a novel with a loved one? Did you try to guess which author wrote different passages?  5.   Language and dialect play an important role in the book. Do you think the southern dialect is rendered successfully? How about the authors’ use of similes (“wet towels hanging out of the upstairs windows like tongues”; “Her nylon stockings sagged around her ankles like shedding snakeskin.”). Do they provide necessary context or flavor?  6.   At the end of Chapter 5, when Jesse, Ham, and Ingersoll first meet, Ingersoll realizes that Jesse has been drinking water the entire time they’ve been at dinner. Of course, Ham and Ingersoll are both drunk from all the moonshine. How does this discovery set the stage for what happens in the latter half of the book?  7.   Ingersoll grew up an orphan. In what ways do you think that independence informed his character? His choices throughout the novel? Dixie Clay also became independent, after marrying Jesse and becoming ostracized from friends and family. Later, after Ingersoll rescues her, she reflects, “For so long she’d relied only on herself. She’d needed to. . . . But now she’d let someone in. It should have felt like weakness, but it didn’t.” Are love and independence mutually exclusive? How did the arrival of Willy prepare these characters for the changes they’d have to undergo to be ready for each other?  8.   Dixie Clay becomes a bootlegger not because she loves booze or money but because she needs something to occupy her time. It’s true, however, that she’s not only breaking the law but participating in a system that perpetrates violence. Do you think there were better choices she could have made? Consider the scene at the beginning of the novel, when there’s a showdown between Jesse and two revenuers interested in making an arrest. Dixie Clay intercepts the arrest, pretending to be a posse of gunslingers protecting Jesse and the still. Given what you find out about Jesse—his dishonesty, his drunkenness, his womanizing—do you think she made the right choice? If you were in Dixie Clay’s shoes, what would you have done?  9.   When Ham learns that Ingersoll abandoned his post at the levee to help Dixie Clay, he feels not only that Ingersoll acted

If a 20% or 30% drop in the market value of your equity holdings (such as BPL) is going to produce emotional or financial distress, you should simply avoid common stock type investments. In the words of the poet—Harry Truman—“If you can’t stand the heat, stay out of the kitchen.” It is preferable, of course, to consider the problem before you enter the “kitchen.

Only those who will be sellers of equities in the near future should be happy at seeing stocks rise. Prospective purchasers should much prefer sinking prices.

For Smith, prudence covers everything in your personal bearing, the “wise and judicious care” of your health, your money, and your reputation. So the modern prudent man doesn’t smoke. He’s physically active and keeps his weight under control. He works hard and avoids debt. He stays away from get-rich-quick schemes. I would suggest that he prefers indexed mutual funds to managed funds and stock picking. In short, he foregoes the potential of a large upside to avoid the downside. But

Myron’s eyes narrowed, swerving from Clip to Calvin Johnson, back to Clip. Their expressions were neutral. “Why do I have the feeling,” Myron asked, “that I’m missing something here?” Clip finally smiled. He looked over to Calvin Johnson. Calvin Johnson forced up a return smile. “Perhaps I should be less”—Clip paused, searched for the word—“opaque.” “That might be helpful.” “I want you on the team. I don’t much care if you play or not.” Myron waited again. When no one continued, he said, “It’s still a bit opaque.” Clip let loose a long breath. He walked over to the bar, opened a small hotel-style fridge, and removed a can of Yoo-Hoo. Stocking Yoo-Hoos. Hmm. Clip had been prepared. “You still drink this sludge?” “Yes,” Myron said. He tossed Myron the can and poured something from a decanter into two glasses. He handed one to Calvin Johnson. He signaled to the seats by the glass window. Exactly midcourt. Very nice. Nice leg room too. Even Calvin, who was six-eight, was able to stretch a bit. The three men sat next to one another, all facing the same way, which again felt weird in a business setting. You were supposed to sit across from one another, preferably at a table or desk. Instead they sat shoulder to shoulder, watching the work crew pound the floor into place.

A recent Economist article on dialysis perfectly illustrates the inflationary impact of cost-plus pricing. Since U.S. clinics are paid on a cost-plus basis, they prefer to use expensive drugs rather than cheaper ones. In fact, many appear to order drugs in units that exceed what a standard dosage requires because they can charge the government for the wastage. Quoting a stock research firm, the article noted that many clinics preferred an injected drug with a price of $4,100 a year over the identical drug in oral form, priced at only $450 a year. Not surprisingly, the manufacturer of the oral drug responded by increasing its price above that of the injected version to make it more competitive!

Only sell short stocks that trade a minimum of 1–2 million shares a day, and preferably more. In general, avoid thinly traded stocks as short-sale candidates, as risk can correlate inversely to a stock's trading liquidity.

Experience teaches that the time to buy preferred stocks is when their price is unduly depressed by temporary adversity. (At such times they may be well suited to the aggressive investor but too unconventional for the defensive investor.)

Another peculiarity in the general position of preferred stocks deserves mention. They have a much better tax status for corporation buyers than for individual investors. Corporations pay income tax on only 15% of the income they receive in dividends, but on the full amount of their ordinary interest income. Since the 1972 corporate rate is 48%, this means that $100 received as preferred-stock dividends is taxed only $7.20, whereas $100 received as bond interest is taxed $48. On the other hand, individual investors pay exactly the same tax on preferred-stock investments as on bond interest, except for a recent minor exemption.

If they follow our prescription they will confine themselves to high-grade bonds and the common stocks of leading corporations, preferably those that can be purchased at individual price levels that are not high in the light of experience and analysis.

Water. Drinking water, water purification system (or tablets), and a water bottle or canteen. Food. Anything that is long lasting, lightweight, and nutritious such as protein bars, dehydrated meals, MREs24, certain canned goods, rice, and beans. Clothing. Assure it’s appropriate to a wide range of temperatures and environments, including gloves, raingear, and multiple layers that can be taken on or off as needed. Shelter. This may include a tarp or tent, sleeping bag or survival blanket, and ground pad or yoga mat. A camper or trailer is a fantastic, portable shelter, with many of the comforts of home. If you own one keep it stocked with supplies to facilitate leaving in a hurry, as it can take several hours load up and move out if you’re not ready. In certain circumstances that might mean having to leave it behind. Heat source. Lighter or other reliable ignition source (e.g., magnesium striker), tinder, and waterproof storage. Include a rocket stove or biomass burner if possible, they’re inexpensive, take very little fuel, and incredibly useful in an emergency. Self-defense/hunting gear. Firearm(s) and ammunition, fishing gear, multi-tool/knife, maps, and compass, and GPS (it’s not a good idea to rely solely on a GPS as you may find yourself operating without a battery or charger). First aid. First aid kit, first aid book, insect repellant, suntan lotion, and any needed medicines you have been prescribed. If possible add potassium iodide (for radiation emergencies) and antibiotics (for bio attacks) to your kit. Hygiene. Hand soap, sanitizer, toilet paper, towel, toothbrush, toothpaste, dental floss, and garbage bags. Tools. Hatchet (preferably) or machete, can opener, cooking tools (e.g., portable stove, pot, frying pan, utensils, and fuel), rope, duct tape, sunglasses, rubber tubing, and sewing kit. Lighting and communications. LED headlamp, glow sticks, candles, cell phone, charger (preferably hand crank or solar), emergency radio (preferably with hand crank that covers AM, FM, and Marine frequencies) and extra batteries, writing implements, and paper. Cash or barter. You never know how long an emergency will last. Extensive power outages mean no cash machines, so keep a few hundred dollars in small bills, gold or silver coins, or other valuables on hand.

SoftBank, however, had invested more than $10 billion into WeWork and gotten nothing in return. The Vision Fund was down nearly $2 billion in the most recent quarter, during which Uber’s stock had slipped. SoftBank shares were down 10 percent since Wingspan’s release. Both WeWork and SoftBank executives were coming to grips with the realization that its IPO might be priced at a level far below its $47 billion valuation. While SoftBank’s preferred shares gave it some protection—it could get its money out before the company’s employees—a valuation below what SoftBank paid for its shares would mean that the firm’s investment was underwater, much as

Arbitrages: The purchase of a security and the simultaneous sale of one or more other securities into which it was to be exchanged under a plan of reorganization, merger, or the like. Liquidations: Purchase of shares which were to receive one or more cash payments in liquidation of the company’s assets. Operations of these two classes were selected on the twin basis of (a) a calculated annual return of 20% or more, and (b) our judgment that the chance of a successful outcome was at least four out of five. Related Hedges: The purchase of convertible bonds or convertible preferred shares, and the simultaneous sale of the common stock into which they were exchangeable. The position was established at close to a parity basis—i.e., at a small maximum loss if the senior issue had actually to be converted and the operation closed out in that way. But a profit would be made if the common stock fell considerably more than the senior issue, and the position closed out in the market. Net-Current-Asset (or “Bargain”) Issues: The idea here was to acquire as many issues as possible at a cost for each of less than their book value in terms of net-current-assets alone—i.e., giving no value to the plant account and other assets. Our purchases were made typically at two-thirds or less of such stripped-down asset value. In most years we carried a wide diversification here—at least 100 different issues.

In a 2018 Populous survey in the UK involving 2,074 respondents (49% male, 51%female, weighted across a range of age groups), participants were asked 'to think about a person who was born male and has male genitalia but who identifies as a woman'. They were then asked: 'In your own personal view would you consider this person to be a woman or a man?' 19% answered 'woman'; 52% of respondents answered 'man', 7% said 'not a man or a woman', 20% said 'don't know', and 3% preferred not to say.

Thus this matter of choosing the “best” stocks is at bottom a highly controversial one. Our advice to the defensive investor is that he let it alone. Let him emphasize diversification more than individual selection. Incidentally, the universally accepted idea of diversification is, in part at least, the negation of the ambitious pretensions of selectivity. If one could select the best stocks unerringly, one would only lose by diversifying. Yet within the limits of the four most general rules of common-stock selection suggested for the defensive investor (on pp. 114–115) there is room for a rather considerable freedom of preference. At the worst the indulgence of such preferences should do no harm; beyond that, it may add something worthwhile to the results. With the increasing impact of technological developments on long-term corporate results, the investor cannot leave them out of his calculations. Here, as elsewhere, he must seek a mean between neglect and overemphasis.

The first, or predictive, approach could also be called the qualitative approach, since it emphasizes prospects, management, and other nonmeasurable, albeit highly important, factors that go under the heading of quality. The second, or protective, approach may be called the quantitative or statistical approach, since it emphasizes the measurable relationships between selling price and earnings, assets, dividends, and so forth. Incidentally, the quantitative method is really an extension—into the field of common stocks—of the viewpoint that security analysis has found to be sound in the selection of bonds and preferred stocks for investment. In our own attitude and professional work we were always committed to the quantitative approach. From the first we wanted to make sure that we were getting ample value for our money in concrete, demonstrable terms. We were not willing to accept the prospects and promises of the future as compensation

If we men were required to wear sized penis stockings outside our pants, our discussions of women’s breasts would be markedly less frequent and our preferences more vaguely defined.

Ingredients 2 tablespoons olive oil 1 large onion, diced 8 cloves minced garlic 2 cups cherry tomatoes 4 large Italian-style sausages, removed from their casings and crumbled 2 cups green lentils (Italian, and specifically Castelluccio, preferred) 6 cups water or stock 1 teaspoon salt, plus additional as needed 14 ounces (or one can) artichoke hearts, chopped 1 1/2 cups kale, finely chopped In a large pot over medium-high heat, add the olive oil, onion, and garlic and stir gently for a

First he searched the cooling bodies of Aclines, his apprentice, and the bodyguard. He set a few things aside to look at later, and tossed several potentially dangerous intentioned items over the side. Then he started a search of the rooms off the upper deck cabin while Tenes found the ship’s chart box and took it out to Ziede. Sanja helped him search, and he showed her what to look for and what to be wary of. Only five of the curtained rooms off the cabin had been occupied, so the work went quickly. Aclines had left no convenient diaries explaining his plans, no letters to his masters, no documents naming Ashem and Ramad as coconspirators. But maybe that sort of thing was only done by the villains in romantic Arike novels or Enalin poetic epics. Kai checked the lavish bathing room on the service deck just below. It had basins that could be filled with water pumped up from the ship’s cistern, and Kai took the opportunity to stick his head under a tap and quickly rinse the saltwater out of his hair. The galley was small, meant only to serve the Immortal Blessed occupying the stern cabin, but it was stocked with dry staples like lentils, chickpeas, and millet, with fresh stores of dates and figs. Provisions for Arike and the other south- and eastlanders, not the kind of food the Immortal Blessed preferred.

Is the venture legal? Are there regulations that might limit or forbid it? Are there risks, including some perhaps previously unseen, that should be considered? Fortunately, in such companies, there are committees of all kinds and armies of lawyers whose main job is to protect the company from those unseen risks, avoid potential lawsuits, and keep its executives out of jail. Why? Many companies' leaders, at their core, don't like risk very much. They prefer as much certainty as they can get their hands on. If the company is listed on a stock exchange, they feel obliged to deliver the earnings that investors expect and deliver them consistently, quarter to quarter. No down quarters, please.

1. If you’re starting a new sales organization, do not offer traditional monthly cash commissions. It’s best to have everyone in your company compensated in the same way—so offer salespeople a competitive salary and sales performance bonuses of additional stock options that vest over time. Stock provides a built-in incentive to stick around and invest in long-term customers who are good for the business. 2. If you’re trying to transition to a relationship-driven culture, you may not be able to kill traditional commissions right away. In that case, any stock or cash (stock is still preferable) that you give as a commission should vest over time. Pay 10–15 percent of the commission at first, then another tranche in a few months, then another a few months after that, etc. If the customer leaves, the salesperson loses the remainder of their commission. 3. Every sale should be a team sale. So if you have a customer success team (the team that actually delivers, sets up, and maintains whatever is sold to the customer), then it should sign off on every deal. Sales and customer success should be under one leader, in the same silo, being compensated in the same way. In this setup, sales can’t just throw a customer over the fence and never think about them again. If there’s no customer success team, then sales should work very closely with customer support, operations, or manufacturing—create a board of people to approve each commitment.

We live in a world where cures are not what Big Pharma is putting their research dollars into, nor are budgets allocated to “un patent-able” molecules like melatonin. What they prefer is a long-term dosing schedule that keeps the dollars rolling in, stock price up, and the shareholders happy. If you’re looking for a miraculous compound that can heal, cure, and prevent disease, you found it with melatonin.

This kind of herd behaviour can be highly contagious and highly uncertain. And it explains the unpredictability not only of the next chart-topping song but also of next summer’s fashion craze—not to mention the ‘animal spirits’ driving boom and bust in stock markets—revealing the strength of social networks in shaping our preferences, purchases and actions.