Prepaid Quotes

Life is not to be taken seriously, as we are really temporary here. We are like a pre-paid card with limited validity. If we are lucky, we may last another 50 years. And 50 years is just 2,500 weekends. Do we really need to get so worked up? It’s ok, bunk a few classes, goof up a few interviews, fall in love. We are people, not programmed devices.

Unemployment insurance is a pre-paid vacation for freeloaders.

I hope you can grow a third kidney, Drew," Erin says. "Because if Mathew, Jack and Steven ever need one at the same time, you're going to have to hand them over." (...) "Book Jack a table at Scores this weekend. One me" Nothing says thank you like a prepaid stripper.

You know how to steer a yacht?" Mr. McIntyre asked Ian worriedly. "I was born knowing how to steer a yacht," Ian said. Then a stricken look came over his face. "But–do you suppose Jonah prepaid the full amount for renting this? Once my dad hears what Natalie and I did, he'll cancel our credit cards." "You mean we're...we're poor now?" Natalie gasped. "Penniless," Ian said grimly. "Actually," Mr. McIntyre said, "I should have mentioned this before the others left. Grace had an addendum to her will regarding everyone who made it through the gauntlet. There were eight of you–you will all receive double the amount you turned down to get the first clue." "It was a million dollars originally," Ian said. "So Natalie and I each get two million dollars? I suppose we could live on that." Natalie beamed. "That is such a relief!" she said. "Being poor wasn't quite as bad as I thought it would be, but still–" "You were only poor for about two seconds!" Dan protested, rolling his eyes.

No, not a prostitute. An ‘escort’ … An ‘Escort’ who’d meet me in a hotel room and do anything I asked in exchange for three hundred prepaid dollars. Not a prostitute at all.

In the sixties, the Commune emerged as a riposte to the nuclear family. This was an autonomic re-creation of not only preindustrial, but pre-agrarian life; it was the Return to Nature, but the Commune, like the colleges from which the idea reemerged, only functioned if Daddy was paying the bills, for the rejection of property can work only in subvention or in slavery. It is only in a summer camp (College or the hippie commune) that the enlightened live on the American Plan—room and board included prepaid—and one is free to frolic all day in the unspoiled woods.

Just says prepaid ticket for Mr. Dirk Gently to Albuquerque, New Mexico, to be collected. Were you not expecting to go to Albuquerque today, sir?” “I was expecting to end up somewhere I didn’t expect, I just wasn’t expecting it to be Albuquerque, that’s all.” “Sounds like it’s an excellent destination for you, Mr. Gently. Enjoy your flight.

In life nothing is ever for sure...so always be prepaid for the worst and always hope for the best! www.bullyingben.com

the Blue Ribbon Inn, no ID is required because Ace of Diamonds prepaid and made certain other arrangements with the management

PROPENSITY OF THE YOUNG TO QUESTION AUTHORITY AND challenge power is now amplified by the More and Mobility revolutions. Not only are there more people than ever under thirty, but they have more—prepaid calling-cards, radios, TVs, cellphones, computers, and access to the Internet as well as to travel and communication possibilities with others like them at home and around the world. They are also more mobile than ever.

next week we have a bunch of horror writers coming from all over the world. That'll be one whole week, fully catered, and pre-paid bar. Those horror writers drink like fshes. Just their beer bill's gonna pay for the upkeep of this place for six months. Motel business is a great business to be in, my boy.

At about the end of the eighteen minutes and twenty miles, I said: “But suppose I don't find anything before election day?” The Boss said, “To hell with election day. I can deliver Masters prepaid, special handling. But if it takes ten years, you find it.” We clocked off five miles more, and I said, “But suppose there isn't anything to find.” And the Boss said, “There is always something.” And I said, “Maybe not on the Judge.” And he said, “Man is conceived in sin and born in corruption and he passeth from the stink of the didie to the stench of the shroud. There is always something.” Two miles more, and he said, “And make it stick.” And that was all a good while ago. And Masters is dead now, as dead as a mackerel, but the Boss was right and he went to the Senate. And Callahan is not dead but he has wished he were, no doubt, for he used up his luck a long time back and being dead was not part of it. And Adam Stanton is dead now, too, who used to go fishing with me and who lay on the sand in the hot sunshine with me and with Anne Stanton. And Judge Irwin is dead, who leaned toward me among the stems of the tall gray marsh grass, in the gray damp wintry dawn, and said, “You ought to have led that duck more, Jack. You got to lead a duck, son.” And the Boss is dead, who said to me, “And make it stick.” Little Jackie made it stick, all right.

At about the end of the eighteen minutes and twenty miles, I said: “But suppose I don't find anything before election day?” The Boss said, “To hell with election day. I can deliver Masters prepaid, special handling. But if it takes ten years, you find it.” We clocked off five miles more, and I said, “But suppose there isn't anything to find.” And the Boss said, “There is always something.” And I said, "“Maybe not on the Judge.” And he said, “Man is conceived in sin and born in corruption and he passeth from the stink of the didie to the stench of the shroud. There is always something.” Two miles more, and he said, “And make it stick.” And that was all a good while ago. And Masters is dead now, as dead as a mackerel, but the Boss was right and he went to the Senate. And Callahan is not dead but he has wished he were, no doubt, for he used up his luck a long time back and being dead was not part of it. And Adam Stanton is dead now, too, who used to go fishing with me and who lay on the sand in the hot sunshine with me and with Anne Stanton. And Judge Irwin is dead, who leaned toward me among the stems of the tall gray marsh grass, in the gray damp wintry dawn, and said, “You ought to have led that duck more, Jack. You got to lead a duck, son.” And the Boss is dead, who said to me, “And make it stick.” Little Jackie made it stick, all right.

The Proofs Human society has devised a system of proofs or tests that people must pass before they can participate in many aspects of commercial exchange and social interaction. Until they can prove that they are who they say they are, and until that identity is tied to a record of on-time payments, property ownership, and other forms of trustworthy behavior, they are often excluded—from getting bank accounts, from accessing credit, from being able to vote, from anything other than prepaid telephone or electricity. It’s why one of the biggest opportunities for this technology to address the problem of global financial inclusion is that it might help people come up with these proofs. In a nutshell, the goal can be defined as proving who I am, what I do, and what I own. Companies and institutions habitually ask questions—about identity, about reputation, and about assets—before engaging with someone as an employee or business partner. A business that’s unable to develop a reliable picture of a person’s identity, reputation, and assets faces uncertainty. Would you hire or loan money to a person about whom you knew nothing? It is riskier to deal with such people, which in turn means they must pay marked-up prices to access all sorts of financial services. They pay higher rates on a loan or are forced by a pawnshop to accept a steep discount on their pawned belongings in return for credit. Unable to get bank accounts or credit cards, they cash checks at a steep discount from the face value, pay high fees on money orders, and pay cash for everything while the rest of us enjoy twenty-five days interest free on our credit cards. It’s expensive to be poor, which means it’s a self-perpetuating state of being. Sometimes the service providers’ caution is dictated by regulation or compliance rules more than the unwillingness of the banker or trader to enter a deal—in the United States and other developed countries, banks are required to hold more capital against loans deemed to be of poor quality, for example. But many other times the driving factor is just fear of the unknown. Either way, anything that adds transparency to the multi-faceted picture of people’s lives should help institutions lower the cost of financing and insuring them.

suggest funding college, or at least the first step of college, with an Educational Savings Account (ESA), funded in a growth-stock mutual fund. The Educational Savings Account, nicknamed the Education IRA, grows tax-free when used for higher education. If you invest $2,000 a year from birth to age eighteen in prepaid tuition, that would purchase about $72,000 in tuition, but through an ESA in mutual funds averaging 12 percent, you would have $126,000 tax-free. The ESA currently allows you to invest $2,000 per year, per child, if your household income is under $220,000 per year. If you start investing early, your child can go to virtually any college if you save $166.67 per month ($2,000/year). For most of you, Baby Step Five is handled if you start an ESA fully funded and your child is under eight. If your children are older, or you have aspirations of expensive schools, graduate school, or PhD programs that you pay for, you will have to save more than the ESA will allow. I would still start with the ESA if the income limits don’t keep you out. Start with the ESA because you can invest it anywhere, in any fund or any mix of funds, and change it at will. It is the most flexible, and you have the most control.

When the attendant at Britz Rentals of Australia whipped around in our prepaid-in-full honeymoon car, my eyes grew wide and I knew we were in trouble. It was an SUV, yes, and a Toyota Land Cruiser at that--just as Marlboro Man had ordered. It was white and clean and very shiny. And painted in huge bright orange and royal blue lettering across the hood, the roof, all four doors, and the tailgate of the vehicle, were scrawled the enormous words: BRITZ RENTALS OF AUSTRALIA. I could see Marlboro Man’s jaw muscles flex as he beheld his worst nightmare playing out in front of his eyes. He could hardly even bear to gaze upon such an attention-grabbing abomination, let alone conceive of driving it all over an entire continent. Unfortunately, our last-minute attempts to trade to another vehicle proved to be futile; even if Britz hadn’t been completely booked that week, it wouldn’t have mattered anyway. Every single car in their fleet was smeared with the exact same orange and blue promotional graffiti. Having no other transportational alternative, we set off on our drive, a black cloud of conspicuousness and, in Marlboro Man’s case, dread following us everywhere we went. Being an attention-seeking middle child, I didn’t really mind it much. But for Marlboro Man, this was more than his makeup was programmed to handle. As far as he was concerned, we were the Griswolds, and the Land Cruiser was our Family Truckster. It was a pox on what might have been the perfect honeymoon. Except for my inner ear disturbance. And the vomiting. And the slightly marsupial undertone to the hamburgers.

Prepaid Rent is an asset account. Over the course of the three months, the $4,500 will be eliminated as the expense is recorded. Assets caused by the prepayment of an expense are known, understandably, as “prepaid expense accounts.

Mobile Virtual Network Operators (MVNOs) have been around in the telecom world since the dawn of the 21st century. However, since their inception, their role has kept on changing. From broadly voice-based service providers to 3G purveyors, MVNOs have evolved in their services with time. Nowadays, in this world of intense competition, the success of MVNO completely depends on their ability to think out of the box. It is their ingenuity in creating customer-driven plans that decides their fate in today’s heavily saturated telecom market. The present-day MVNO subscribers are finicky, moody and disloyal. It is an MVNO’s task to inspire confidence in them, attract them towards their services and ensure that they stay loyal. The Challenge Faced by Different MVNOs Evoking customer trust and then ensuring that it is maintained is probably the toughest challenge faced by an MVNO in telecom. Especially in the competitive world of today that demands a differentiation in service along with an attractive pricing model. Based on their infrastructural capabilities, MVNOs can be divided into: 1. Skinny MVNOs: Equipped with their own voice mail, content applications, SMSC, prepaid and VAS. 2. Thin MVNOs: Apart from the infrastructure above, they also have AUC, EIR, HLR, and IN. 3. Thick MVNOs: Along with infrastructure of a thin MVNO, thick MVNOs also have a VLR and MSC. Regardless of the kind of MVNO that you are running, there are some major challenges that you need to overcome. While a skinny MVNO does not have to worry too much about the infrastructure, he cannot scale his operations as well as a thin or thick MVNO. On the other hand, a thick MVNO may be able to scale his operations well, but he might get too involved in managing the infrastructure with very little time for branding and marketing. The Importance of MVNE/MVNA Partnership for Overcoming Challenges As MVNOs are considerably smaller than a full-fledged MNO (Mobile Network Operator), they need support from MVNEs (Mobile Virtual Network Enablers) to get their job done. A capable MVNE with a comprehensive MVNO software solution like Telgoo5 can provide the following benefits to an MVNO: 1. Better billing – Billing is probably the toughest task for an MVNO to undertake all by itself. Any mistake or inefficiency in billing tasks can have a major bearing on MVNO subscribers. But when you partner with an MVNE like Vcare, you get access to a cutting-edge MVNO billing software solution. With a convergent billing solution by your side, you can create itemized bills with details of all types of services used by your subscribers. 2. Profitable deals with MNOs – Partnership with a competent MVNE/MVNA can help you get better-priced deals with an MNO. This will allow you to deliver the services at a lower rate to your MVNO subscribers while still making a profit. 3. Avoid red tape – Running a successful MVNO operation requires you to get into contracts with different carriers and vendors. By partnering with a competent MVNE like Vcare (who already has fully-licensed platforms and contracts with vendors), you are able to bypass the process of signing new deals, thereby saving considerable time and effort.

We live in a world where takers no longer care about the long-term effects of their selfishness. They are more than willing to keep taking, without even thinking about the needs of the givers. That is why givers need to be well-prepared to look after themselves because if they don’t, nobody can do that for them.

The caller was listed as “unknown” anyway, and probably using a prepaid cell that would be impossible to track.

We also proposed limits on penalties imposed on borrowers who prepaid their mortgages.

Prepaid expenses are expenditures that have already been made for benefits that the company will receive in the near future. Examples of prepaid expenses are advances for insurance policies, rent, and taxes. Prepaid expenses are classified as current assets, not because they can be turned into cash, but because if they had not been prepaid, that cash would have to be spent within 12 months. Some prepaid expenses also result in cost savings, such as paying insurance premiums annually instead of monthly.

Another tactic that encourages thrift, cuts down on endless nagging, and gives kids some sense of autonomy is the use of prepaid debit cards. These

Cricket prepaid/pay as you go. 10$ 25$ 50$ Get the 10$ we ll just keep it short and really sweet this week.walmart has them. Dollar store might have em. Hopefully ill talk to you tomorrow .

All the promises of forgiveness have to do with sins we have already committed, since God is dealing with us in space and time, and He only forgives us for what we have actually done. It’s as if you have a debit card with a prepaid amount of one million dollars, but the account is not charged until you go out and use it. In the same way, the forgiveness of all of our sins has been prepaid, but that forgiveness is not applied in advance. It is applied as needed. Already

view of Cassano’s confession, Lentz’s role in this ordeal was not to have Dr. Crawford murdered, only to have her computer stolen.” Dupree flipped a few more pages. “Cassano stated that after Lentz hired him, Lentz told him that he’d be contacted by someone else to give further instructions and make arrangements for payment. Lentz maintains that Gallo was supposed to make contact with Cassano via a pre-paid cell

Mere moments after stepping foot on French soil Pierre was leaving again. He had left the UK on a French passport identifying him as a 'Guillaume Racine'. The name existed only on that passport, the passenger manifest for the journey, and a prepaid Visa with which he had paid. Both the card and the passport would be shredded shortly.

device banning policy and guaranteed users the right to choose terminals. D. Improvement of the Prepaid Calling Guarantee Insurance System

The KCC established the Prepaid Calling Service Standards on December 24, 2010 and designated the Korea Association for ICT

prepaid calling times issued is now required to be paid as an insurance premium in order to reduce the burden of insurance premium

payment and to promote the prepaid Systemic Improvement to Promote Competition in the Communications Market

legit, a convertible that will take me anywhere—it’s almost overwhelming. But I am jolted back to life when a tall, tanned brunette strolls through the lobby. Her top is what’s left of a string bikini and covers almost nothing. Her bottom is a sheer skirt that covers even less. I hand over a Visa card for the charges. I could also use either cash or a prepaid credit card, but since the Fibbies know where I’m staying, there’s no need to be deceptive. I’m sure the Miami office has been notified, and there’s probably a set of eyes not too far away. If I were really paranoid, I could believe that the FBI has already been in my room and perhaps hidden a bug or two. I get to my room, see no bugs or spooks, take a quick shower, and change into shorts and sandals. I go to the bar to check out the talent. I eat alone in the hotel café and catch the eye of a fortyish woman who is dining with what appears to be a female friend. Later, back in the bar, I see her again and we introduce ourselves. Eva, from Puerto Rico. We’re having a drink when the band starts. Eva wants to dance, and though it’s been years, I hit the floor with all the energy I have. Around midnight, Eva and I make it to my room, where we immediately undress and hop into bed. I almost pray the FBI has the room wired

The Bitcoins bought virtual prepaid cards from Visa, with the help of fake names, addresses, personal details, and occupations at fake companies, generated in seconds on the website fakenamegenerator.com. As long as the contact address matched the billing address, no online store would question its authenticity.

The Chinese government’s antigraft campaign is hurting demand for prepaid cards sold by retailers.

It’s an open secret that the sneakernet is used for a lot more than moving a few dozen terabytes more quickly than you could across the lines. The kids — "chucks" in local argot — pick up your external drive and walk it to wherever you want to send it. Along the way they add on a few other jobs, like grabbing prepaids from some chick and delivering them to the person she owes. Most of the industry uses them.

It’s basically a texting app. You’ll need cell service to get Signal, so just use a prepaid SIM bought with cash. After that, don’t use cell again. Only use it over public Wi-Fi. Also download a VPN from Private Internet Access. Pay for it with a gift card you buy with cash. Keep Wi-Fi turned off when you are not actively using it. In fact, keep the phone turned off when you are not using it. Try to check it at least once a day. They can still get to you if they are specifically targeting you, but this will make it more difficult.

Use cash to buy an iTunes gift card so you can download Signal. It’s a private messaging service from the app store. Make this your username.” Reece took a napkin from the table and wrote down a series of random letters and numbers. He copied the same characters at the bottom of the napkin and tore the paper in half, sticking one half in his shirt pocket. He slid the top half across the table to Katie. “It’s basically a texting app. You’ll need cell service to get Signal, so just use a prepaid SIM bought with cash. After that, don’t use cell again. Only use it over public Wi-Fi. Also download a VPN from Private Internet Access. Pay for it with a gift card you buy with cash. Keep Wi-Fi turned off when you are not actively using it. In fact, keep the phone turned off when you are not using it. Try to check it at least once a day. They can still get to you if they are specifically targeting you, but this will make it more difficult.

우리카지노 ist ein erster wichtiger Schritt in der Strategie des Betreibers, den US-Glücksspielmarkt zu erweitern. Während der Vorbereitung auf den Start in New Jersey hat bet365 im vergangenen April eine Partnerschaft mit dem australischen Prepaid Payments Provider 우리카지노 EML Payments Limited angekündigt. Nach dem mehrjährigen Abkommen zwischen dem Betreiber und dem Anbieter würde die US-Tochterin EML in New Jersey ein bet365-Marke-Reladable Card Programm anbieten. Der Vertrag könnte sich auf andere Staaten ausweiten. New York könnte die nächste US-Stop von bet365 sein. Der Betreiber gebildet Ende letzten Jahres "eine strategische Allianz" mit Empire Resorts für die Entwicklung und den Betrieb eines 우리카지노 physischen und Online-Sportbuchs bei Resorts World Catskills in Nordstate New York. website homepage : savewcal.net

From his headquarters in Los Angeles, Bob Lorsch had entered the prepaid calling card space and built SmarTalk into a success. I was a VP at Salomon at the time and had heard stories about how crazy and fascinating Lorsch was, so I agreed to work with my colleague Mark Davis on a SmarTalk equity offering a year or so after the company’s IPO. We met at their Los Angeles offices at lunchtime. Lorsch burst into the room like a bad caricature of Danny DeVito, and even though I’d been warned that he was an unconventional CEO, I still wasn’t prepared for the encounter. We had put together the standard detailed presentation that analyzed the state of the public equity markets, how the SmarTalk stock had been performing, who owned it, et cetera. A young Salomon analyst who had been pulling all-nighters to assemble the books sat in a chair near the door. Mark and I passed around the presentation books. “So we’ve prepared a—” I started. “Just tell me,” Lorsch interjected. “Do we have Grubman or not?” Jack Grubman, Salomon’s famed equity analyst, had previously endorsed the SmarTalk IPO with a buy rating. “Yes,” Mark said. “We have Jack. We talked to him prior to the meeting and confirmed that he’ll continue to cover the company and support the offering.” “Then you’re hired,” Lorsch said with a smile, pushing his unopened book to the center of the table. “Let’s eat.” It seemed reckless to have made his decision on so little information, and I could only imagine how the analyst kid near the door felt, sleep-deprived and probably proud of his hard work, only to see the book tossed aside without so much as a cracking of the spine. While we ate the catered lunch that was delivered to the conference room, Mark mentioned that I was in the midst of planning my wedding for that summer. “Don’t get married!” Lorsch advised me. “Terrible, terrible idea.” He described a few of his own ill-fated unions, dropping in crude one-liners to punctuate the stories: “Why buy when you can rent? . . . If it flies, floats, or fucks, don’t buy it! . . .” Despite

My friend Bangaly Kaba, formerly head of growth at Instagram, called this idea the theory of “Adjacent Users.” He describes his experience at Instagram, which several years post-launch was growing fast but not at rocketship speed: When I joined Instagram in 2016, the product had over 400 million users, but the growth rate had slowed. We were growing linearly, not exponentially. For many products, that would be viewed as an amazing success, but for a viral social product like Instagram, linear growth doesn’t cut it. Over the next 3 years, the growth team and I discovered why Instagram had slowed, developed a methodology to diagnose our issues, and solved a series of problems that reignited growth and helped us get to over a billion users by the time I left. Our success was anchored on what I now call The Adjacent User Theory. The Adjacent Users are aware of a product and possibly tried using it, but are not able to successfully become an engaged user. This is typically because the current product positioning or experience has too many barriers to adoption for them. While Instagram had product-market fit for 400+ million people, we discovered new groups of billions of users who didn’t quite understand Instagram and how it fit into their lives.67 In my conversations with Bangaly on this topic, he described his approach as a systematic evaluation of the network of networks that constituted Instagram. Rather than focusing on the core network of Power Users—the loud and vocal minority that often drive product decisions—instead the approach was to constantly figure out the adjacent set of users whose experience was subpar. There might be multiple sets of nonfunctional adjacent networks at any given time, and it might require different approaches to fix each one. For some networks, it might be the features of the product, like Instagram not having great support for low-end Android apps. Or it might be because of the quality of their networks—if the right content creators or celebrities hadn’t yet arrived. You fix the experience for these users, then ask yourself again, who are the adjacent users? Then repeat. Bangaly describes this approach: When I started at Instagram, the Adjacent User was women 35–45 years old in the US who had a Facebook account but didn’t see the value of Instagram. By the time I left Instagram, the Adjacent User was women in Jakarta, on an older 3G Android phone with a prepaid mobile plan. There were probably 8 different types of Adjacent Users that we solved for in-between those two points. To solve for the needs of the Adjacent User, the Instagram team had to be nimble, focusing first on pulling the audience of US women from the Facebook network. This required the team to build algorithmic recommendations that utilized Facebook profiles and connections, so that Instagram could surface friends and family on the platform—not just influencers. Later on, targeting users in Jakarta and in other developing countries might involve completely different approaches—refining apps for low-end Android phones with low data connections. As the Adjacent User changes, the strategy has to change as well.

turn money in prepaid visa card through Gpaycard .

Future of Prepaid Instruments Merchants continue to have their closed loop wallets as an easy way for pushing refunds, a tactic for increasing customer stickiness. But with instant refund solutions, these wallets also may lose their charm. Only a few types of prepaid cards have some value: Gift Cards (because these are a lazy person’s gifting choice), Forex cards (Quintessential for overseas trips) and Specialised cards (Sodexo). But this status is changing with the growth of a particular sector – NBFC/LendingTech. As NBFC/LendingTech companies cannot issue credit cards so prepaid cards are used as instruments to lend the money (by doing just in time funding to the prepaid card). In Apr’21, RBI have issued new guidelines for prepaid cards/wallets: Balance limit is increased to Rs. 2,00,000 Interoperability among PPI instruments Cash withdrawal at ATM and POS PPI entities can set-up operations for NEFT/RTGS transfers With these new guidelines and boom in neo-banks & LendingTech companies, prepaid cards and wallets may get another shot at not just revival but a remarkable growth. Let’s wait and watch!

A unique trade: It was a free blue tick Twitter, and now it is a paid or prepaid blue tick Twitter. Buy and become blue.

Billboards Build Freedom of Choice Yegtit? Look See. AMERICA BUILDS BILLBOARDS so billboards kin bill freedoma choice between-yeah between billbores no WAIT its yedoan hafta chose no more between say like trees and billbores lessa course wenna buncha trees is flattint out inta BILLB- yeah yegotit youkin pick between well hey! see! like dat! ALL VYNIL GET WELL DOLLS $6.98 or-watch wasdat comin up? PREPAID CAT? PREPAID CATASTOPHE COVERAGE yeah hell youkin have damnear anythin FREE 48 INCH TV IN EVERY ROOM see! or watchit! OUR PIES TASTE LIKE MOTHERS yeah but look bud no chickenin out because billbores build AM- yeah an AMERICA BUILDS MORE buildbores to build more- sure yougotta! yugotta have FREEDOM TO hey!...

Prepaid expenses are expenditures that have already been made for benefits that the company will receive in the near future. Examples of prepaid expenses are advances for insurance policies, rent, and taxes.

of the USA. When the Group Health Cooperative of Puget Sound, one of the pioneering prepaid group health plans, was organized in the late 1930s, its founders included activists in trade unions and producer co-ops. Because health co-ops were fiercely opposed by organized medicine, their leaders and members necessarily had to become active in progressive politics.

Some of Becker’s most compelling research concerned altruism. He argued, for instance, that the same person who might be purely selfish in business could be exceedingly altruistic among people he knew—although, importantly (Becker is an economist, after all), he predicted that altruism even within a family would have a strategic element. Years later, the economists Doug Bernheim, Andrei Shleifer , and Larry Summers empirically demonstrated Becker’s point. Using data from a U.S. government longitudinal study, they showed that an elderly parent in a retirement home is more likely to be visited by his grown children if they are expecting a sizable inheritance. But wait, you say: maybe the offspring of wealthy families are simply more caring toward their elderly parents? A reasonable conjecture—in which case you’d expect an only child of wealthy parents to be especially dutiful. But the data show no increase in retirement-home visits if a wealthy family has only one grown child; there need to be at least two. This suggests that the visits increase because of competition between siblings for the parent’s estate. What might look like good old-fashioned intrafamilial altruism may be a sort of prepaid inheritance tax. Some governments, wise to the ways of the world, have gone so far as to legally require grown children to visit or support their aging moms and dads. In Singapore, the law is known as the Maintenance of Parents Act. Still, people appear to be extraordinarily altruistic, and not just within their own families.

Trumpeting EBITDA (earnings before interest, taxes, depreciation and amortization) is a particularly pernicious practice. Doing so implies that depreciation is not truly an expense, given that it is a “non-cash” charge. Imagine, if you will, that at the beginning of this year a company paid all of its employees for the next ten years of their service (in the way they would lay out cash for a fixed asset to be useful for ten years). In the following nine years, compensation would be a “non-cash” expense—a reduction of a prepaid compensation asset established this year. Would anyone care to argue that the recording of the expense in years two through ten would be simply a bookkeeping formality?

The Economics of Property-Casualty Insurance With the acquisition of General Re — and with GEICO’s business mushrooming — it becomes more important than ever that you understand how to evaluate an insurance company. The key determinants are: (1) the amount of float that the business generates; (2) its cost; and (3) most important of all, the long-term outlook for both of these factors. To begin with, float is money we hold but don't own. In an insurance operation, float arises because premiums are received before losses are paid, an interval that sometimes extends over many years. During that time, the insurer invests the money. Typically, this pleasant activity carries with it a downside: The premiums that an insurer takes in usually do not cover the losses and expenses it eventually must pay. That leaves it running an "underwriting loss," which is the cost of float. An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds. But the business is a lemon if its cost of float is higher than market rates for money. A caution is appropriate here: Because loss costs must be estimated, insurers have enormous latitude in figuring their underwriting results, and that makes it very difficult for investors to calculate a company's true cost of float. Errors of estimation, usually innocent but sometimes not, can be huge. The consequences of these miscalculations flow directly into earnings. An experienced observer can usually detect large-scale errors in reserving, but the general public can typically do no more than accept what's presented, and at times I have been amazed by the numbers that big-name auditors have implicitly blessed. As for Berkshire, Charlie and I attempt to be conservative in presenting its underwriting results to you, because we have found that virtually all surprises in insurance are unpleasant ones. The table that follows shows the float generated by Berkshire’s insurance operations since we entered the business 32 years ago. The data are for every fifth year and also the last, which includes General Re’s huge float. For the table we have calculated our float — which we generate in large amounts relative to our premium volume — by adding net loss reserves, loss adjustment reserves, funds held under reinsurance assumed and unearned premium reserves, and then subtracting agents balances, prepaid acquisition costs, prepaid taxes and deferred charges applicable to assumed reinsurance. (Got that?)

prepaid call prices (15.5-23%) and the discount for long-term subscribers. Meanwhile, the waiver of the tariff approval requirement is