Recent Stock Quotes

Until recently, I was an ebook sceptic, see; one of those people who harrumphs about the “physical pleasure of turning actual pages” and how ebook will “never replace the real thing”. Then I was given a Kindle as a present. That shut me up. Stock complaints about the inherent pleasure of ye olde format are bandied about whenever some new upstart invention comes along. Each moan is nothing more than a little foetus of nostalgia jerking in your gut. First they said CDs were no match for vinyl. Then they said MP3s were no match for CDs. Now they say streaming music services are no match for MP3s. They’re only happy looking in the rear-view mirror.

It may be worth while to illustrate this view of classification, by taking the case of languages. If we possessed a perfect pedigree of mankind, a genealogical arrangement of the races of man would afford the best classification of the various languages now spoken throughout the world; and if all extinct languages, and all intermediate and slowly changing dialects, were to be included, such an arrangement would be the only possible one. Yet it might be that some ancient languages had altered very little and had given rise to few new languages, whilst others had altered much owing to the spreading, isolation, and state of civilisation of the several co-descended races, and had thus given rise to many new dialects and languages. The various degrees of difference between the languages of the same stock, would have to be expressed by groups subordinate to groups; but the proper or even the only possible arrangement would still be genealogical; and this would be strictly natural, as it would connect together all languages, extinct and recent, by the closest affinities, and would give the filiation and origin of each tongue.

But do you know what happened during this period? Where do we begin ... 1.3 million Americans died while fighting nine major wars. Roughly 99.9% of all companies that were created went out of business. Four U.S. presidents were assassinated. 675,000 Americans died in a single year from a flu pandemic. 30 separate natural disasters killed at least 400 Americans each. 33 recessions lasted a cumulative 48 years. The number of forecasters who predicted any of those recessions rounds to zero. The stock market fell more than 10% from a recent high at least 102 times. Stocks lost a third of their value at least 12 times. Annual inflation exceeded 7% in 20 separate years. The words “economic pessimism” appeared in newspapers at least 29,000 times, according to Google.

Several years ago, researchers at the University of Minnesota identified 568 men and women over the age of seventy who were living independently but were at high risk of becoming disabled because of chronic health problems, recent illness, or cognitive changes. With their permission, the researchers randomly assigned half of them to see a team of geriatric nurses and doctors—a team dedicated to the art and science of managing old age. The others were asked to see their usual physician, who was notified of their high-risk status. Within eighteen months, 10 percent of the patients in both groups had died. But the patients who had seen a geriatrics team were a quarter less likely to become disabled and half as likely to develop depression. They were 40 percent less likely to require home health services. These were stunning results. If scientists came up with a device—call it an automatic defrailer—that wouldn’t extend your life but would slash the likelihood you’d end up in a nursing home or miserable with depression, we’d be clamoring for it. We wouldn’t care if doctors had to open up your chest and plug the thing into your heart. We’d have pink-ribbon campaigns to get one for every person over seventy-five. Congress would be holding hearings demanding to know why forty-year-olds couldn’t get them installed. Medical students would be jockeying to become defrailulation specialists, and Wall Street would be bidding up company stock prices. Instead, it was just geriatrics. The geriatric teams weren’t doing lung biopsies or back surgery or insertion of automatic defrailers. What they did was to simplify medications. They saw that arthritis was controlled. They made sure toenails were trimmed and meals were square. They looked for worrisome signs of isolation and had a social worker check that the patient’s home was safe. How do we reward this kind of work? Chad Boult, the geriatrician who was the lead investigator of the University of Minnesota study, can tell you. A few months after he published the results, demonstrating how much better people’s lives were with specialized geriatric care, the university closed the division of geriatrics.

Do not trust historical data—especially recent data—to estimate the future returns of stocks and bonds. Instead, rely on interest and dividend payouts and their growth/failure rates.

As the manager of my hedge fund, I’ve shorted the stocks of over two hundred companies that have eventually gone bankrupt. Many of these businesses started out with promising, even inspired ideas: natural cures for common diseases, for example, or a cool new kind of sporting goods product. Others were once-thriving organizations trying to rebound from hard times. Despite their differences, they all failed because their leaders made one or more of six common mistakes that I look for: They learned from only the recent past. They relied too heavily on a formula for success. They misread or alienated their customers. They fell victim to a mania. They failed to adapt to tectonic shifts in their industries. They were physically or emotionally removed from their companies’ operations.

Our essential difficulty is that we are seeking in a mechanism, which is necessary, qualities it simply does not possess. The market does not lead, balance or encourage democracy. However, properly regulated it is the most effective way to conduct business. It cannot give leadership even on straight economic issues. The world-wide depletion of fish stocks is a recent example. The number of fish caught between 1950 and 1989 multiplied by five. The fishing fleet went from 585,000 boats in 1970 to 1.2 million in 1990 and on to 3.5 million today (1995). No one thought about the long- or even medium-term maintenance of stocks; not the fishermen, not the boat builders, not the fish wholesalers who found new uses for their product, including fertilizer and chicken feed; not the financiers. It wasn't their job. Their job was to worry about their own interests. (IV - From Managers and Speculators to Growth)

If I seem to be over-interested in junk, it is because I am, and I have a lot of it, too—half a garage full of bits and broken pieces. I use these things for repairing other things. Recently I stopped my car in front of the display yard of a junk dealer near Sag Harbor. As I was looking courteously at the stock, it suddenly occurred to me that I had more than he had. But it can be seen that I do have a genuine and almost miserly interest in worthless objects. My excuse is that in this era of planned obsolescence, when a thing breaks down I can usually find something in my collection to repair it—a toilet, or a motor, or a lawn mower. But I guess the truth is that I simply like junk.

shopping became a game of chance played with a string avoska, or “what-if” bag, carried in the hope of stumbling upon a store recently stocked with anything useful—whether sugar, toilet paper, or canned ratatouille from Czechoslovakia.

Entrepreneurs who kept their day jobs had 33 percent lower odds of failure than those who quit. If you’re risk averse and have some doubts about the feasibility of your ideas, it’s likely that your business will be built to last. If you’re a freewheeling gambler, your startup is far more fragile. Like the Warby Parker crew, the entrepreneurs whose companies topped Fast Company’s recent most innovative lists typically stayed in their day jobs even after they launched. Former track star Phil Knight started selling running shoes out of the trunk of his car in 1964, yet kept working as an accountant until 1969. After inventing the original Apple I computer, Steve Wozniak started the company with Steve Jobs in 1976 but continued working full time in his engineering job at Hewlett-Packard until 1977. And although Google founders Larry Page and Sergey Brin figured out how to dramatically improve internet searches in 1996, they didn’t go on leave from their graduate studies at Stanford until 1998. “We almost didn’t start Google,” Page says, because we “were too worried about dropping out of our Ph.D. program.” In 1997, concerned that their fledgling search engine was distracting them from their research, they tried to sell Google for less than $2 million in cash and stock. Luckily for them, the potential buyer rejected the offer. This habit of keeping one’s day job isn’t limited to successful entrepreneurs. Many influential creative minds have stayed in full-time employment or education even after earning income from major projects. Selma director Ava DuVernay made her first three films while working in her day job as a publicist, only pursuing filmmaking full time after working at it for four years and winning multiple awards. Brian May was in the middle of doctoral studies in astrophysics when he started playing guitar in a new band, but he didn’t drop out until several years later to go all in with Queen. Soon thereafter he wrote “We Will Rock You.” Grammy winner John Legend released his first album in 2000 but kept working as a management consultant until 2002, preparing PowerPoint presentations by day while performing at night. Thriller master Stephen King worked as a teacher, janitor, and gas station attendant for seven years after writing his first story, only quitting a year after his first novel, Carrie, was published. Dilbert author Scott Adams worked at Pacific Bell for seven years after his first comic strip hit newspapers. Why did all these originals play it safe instead of risking it all?

Quite recently the human descent theory has been stigmatized as the 'gorilla theory of human ancestry.' All this despite the fact that Darwin himself, in the days when not a single bit of evidence regarding the fossil ancestors of man was recognized, distinctly stated that none of the known anthropoid apes, much less any of the known monkeys, should be considered in any way as ancestral to the human stock.

that the power of technology will keep increasing, while the price for this power will keep decreasing. With Moore’s Law proving to be a reality, it is easier to understand the recent price increases of stocks in the technology sector. Tacking onto this price increase is the realization that perhaps never before have we had this confluence of events: a technological revolution that is industrial revolution sized, and a new type of stock market to trade the stocks, which is the Nasdaq market. This is a major story. This book covers

In recent years, annual trading in stocks—necessarily creating, by reason of the transaction costs involved, negative value for traders—averaged some $33 trillion. But capital formation—that is, directing fresh investment capital to its highest and best uses, such as new businesses, new technology, medical breakthroughs, and modern plant and equipment for existing business—averaged some $250 billion. Put another way, speculation represented about 99.2 percent of the activities of our equity market system, with capital formation accounting for 0.8 percent.

financial markets will become divorced from reality — you can count on that. More Jimmy Lings will appear. They will look and sound authoritative. The press will hang on their every word. Bankers will fight for their business. What they are saying will recently have “worked.” Their early followers will be feeling very clever. Our suggestion: Whatever their line, never forget that 2+2 will always equal 4. And when someone tells you how old-fashioned that math is ---zip up your wallet, take a vacation and come back in a few years to buy stocks at cheap prices.

He wants to hold himself to this and not just disappear into the underground, burying himself beneath a city he no long looks at. Tomorrow he'll walk or take a bus – there must be a bus that follows a direct route across the city from his house to his work instead of describing the peculiar horseshoe around which he travels every day beneath the earth – he will make a journey overland, allowing him to look up and take stock of all that each street has to offer. He will roam from one side of town to the other, like a treasure seeker but with no map or coordinates, with no references or clues, leaving chance to do its work, letting an invisible hand carry him through the city, guiding his determination to rediscover something that, until recently, he didn't even realize he had lost.

Given the ravens’ predilection for poultry of all sizes, I provided my birds a recently killed raven that had been shot by a crow hunter. They reacted to this raven with loud, deep, rasping alarm calls. After some hours, they still ignored it. It was not eaten within minutes, unlike other birds I had given them that were pounced on in seconds. It was not eaten at all. They would easily recognize a live crow. But a dead one? Would they eat that? My curiosity aroused, I had to observe their reaction to a dead crow. I presented a young frozen crow from my stock of roadkill in the freezer to Whitefeather and Goliath. Both birds erupted in harsh, deep, rasping alarm calls, and just as with the dead raven, neither bird fed from the carcass. It eventually rotted in place. They did not even dig for the maggots.

A more recent concern relates to “financialization” and associated short-termism. Financialization is the growing importance of norms, metrics, and incentives from the financial sector to the wider economy. Some of the concerns expressed are that, for example, managers are increasingly awarded stock options to align their incentives with those of shareholders; companies are often explicitly managed to increase short-term shareholder value; and financial engineering, such as share buybacks and earnings management, has become a more important part of senior managers’ jobs. The end result is that rather than finance serving business, business serves finance: the tail wags the dog. What John Kay described as “obliquity,” the idea that making money was a consequence of, or a second-order benefit of, serving one’s customers and building good businesses, is driven out (Kay 2010).

to look around. At first sight, the apartment was perfectly ordinary. He made a quick circuit of the living room, kitchenette, bathroom, and bedroom. The place was tidy enough, but with a few items strewn here and there, the sort of things that might be left lying around by a busy person—a magazine, a half-finished crossword puzzle, a book left open on a night table. Abby had the usual appliances—an old stove and a humming refrigerator, a microwave oven with an unpronounceable brand name, a thirteen-inch TV on a cheap stand, a boom box near a modest collection of CDs. There were clothes in her bedroom closet and silverware, plates, and pots and pans in her kitchen cabinets. He began to wonder if he’d been unduly suspicious. Maybe Abby Hollister was who she said she was, after all. And he’d taken a considerable risk coming here. If he was caught inside her apartment, all his plans for the evening would be scotched. He would end up in a holding cell facing charges that would send him back to prison for parole violation. All because he’d gotten a bug up his ass about some woman he hardly knew, a stranger who didn’t mean anything. He decided he’d better get the hell out. He was retracing his steps through the living room when he glanced at the magazine tossed on the sofa. Something about it seemed wrong. He moved closer and took a better look. It was People, and the cover showed two celebrities whose recent marriage had already ended in divorce. But on the cover the stars were smiling over a caption that read, Love At Last. He picked up the magazine and studied it in the trickle of light through the filmy curtains. The date was September of last year. He put it down and looked at the end tables flanking the sofa. For the first time he noticed a patina of dust on their surfaces. The apartment hadn’t been cleaned in some time. He went into the kitchen and looked in the refrigerator. It seemed well stocked, but when he opened the carton of milk and sniffed, he discovered water inside—which was just as well, since the milk’s expiration period had ended around the time that the People cover story had been new. Water in the milk carton. Out-of-date magazine on the sofa. Dust everywhere, even coating the kitchen counters. Abby didn’t live here. Nobody did. This apartment was a sham, a shell. It was a dummy address, like the dummy corporations his partner had set up when establishing the overseas bank accounts. It could pass inspection if somebody came to visit, assuming the visitor didn’t look too closely, but it wasn’t meant to be used. Now that he thought about it, the apartment was remarkable for what

Joint-stock companies could be similarly flexible. “The absence of close control by the British crown in the early stages of colonization,” Elliott points out, left considerable latitude for the evolution of those forms of government that seemed most appropriate to the people actively involved in the process of overseas enterprise and settlement—the financial backers of the enterprise and the colonists themselves—as long as they operated within the framework of their royal charter. In contrast to Spain’s “new world” colonies—and to the territories that France, more recently, had claimed (but barely settled) along the banks of the St. Lawrence, the Great Lakes, and the Ohio and Mississippi rivers—British America “was a society whose political and administrative institutions were more likely to evolve from below than to be imposed from above.” 10 That made it a hodgepodge, but also a complex adaptive system. Such systems thrive, theorists tell us, from the need to respond frequently—but not too frequently—to the unforeseen. Controlled environments encourage complacency, making it hard to cope when controls break down, as they sooner or later must. Constant disruptions, however, prevent recuperation: nothing’s ever healthy. There’s a balance, then, between integrative and disintegrative processes in the natural world—an edge of chaos, so to speak—where adaptation, especially self-organization, tends to occur. 11 New political worlds work similarly.

The last refuge of the Self, perhaps, is “physical continuity.” Despite the body’s mercurial nature, it feels like a badge of identity we have carried since the time of our earliest childhood memories. A thought experiment dreamed up in the 1980s by British philosopher Derek Parfit illustrates how important—yet deceiving—this sense of physical continuity is to us.15 He invites us to imagine a future in which the limitations of conventional space travel—of transporting the frail human body to another planet at relatively slow speeds—have been solved by beaming radio waves encoding all the data needed to assemble the passenger to their chosen destination. You step into a machine resembling a photo booth, called a teletransporter, which logs every atom in your body then sends the information at the speed of light to a replicator on Mars, say. This rebuilds your body atom by atom using local stocks of carbon, oxygen, hydrogen, and so on. Unfortunately, the high energies needed to scan your body with the required precision vaporize it—but that’s okay because the replicator on Mars faithfully reproduces the structure of your brain nerve by nerve, synapse by synapse. You step into the teletransporter, press the green button, and an instant later materialize on Mars and can continue your existence where you left off. The person who steps out of the machine at the other end not only looks just like you, but etched into his or her brain are all your personality traits and memories, right down to the memory of eating breakfast that morning and your last thought before you pressed the green button. If you are a fan of Star Trek, you may be perfectly happy to use this new mode of space travel, since this is more or less what the USS Enterprise’s transporter does when it beams its crew down to alien planets and back up again. But now Parfit asks us to imagine that a few years after you first use the teletransporter comes the announcement that it has been upgraded in such a way that your original body can be scanned without destroying it. You decide to give it a go. You pay the fare, step into the booth, and press the button. Nothing seems to happen, apart from a slight tingling sensation, but you wait patiently and sure enough, forty-five minutes later, an image of your new self pops up on the video link and you spend the next few minutes having a surreal conversation with yourself on Mars. Then comes some bad news. A technician cheerfully informs you that there have been some teething problems with the upgraded teletransporter. The scanning process has irreparably damaged your internal organs, so whereas your replica on Mars is absolutely fine and will carry on your life where you left off, this body here on Earth will die within a few hours. Would you care to accompany her to the mortuary? Now how do you feel? There is no difference in outcome between this scenario and what happened in the old scanner—there will still be one surviving “you”—but now it somehow feels as though it’s the real you facing the horror of imminent annihilation. Parfit nevertheless uses this thought experiment to argue that the only criterion that can rationally be used to judge whether a person has survived is not the physical continuity of a body but “psychological continuity”—having the same memories and personality traits as the most recent version of yourself. Buddhists

How did wheat convince Homo sapiens to exchange a rather good life for a more miserable existence? What did it offer in return? It did not offer a better diet. Remember, humans are omnivorous apes who thrive on a wide variety of foods. Grains made up only a small fraction of the human diet before the Agricultural Revolution. A diet based on cereals is poor in minerals and vitamins, hard to digest, and really bad for your teeth and gums. Wheat did not give people economic security. The life of a peasant is less secure than that of a hunter-gatherer. Foragers relied on dozens of species to survive, and could therefore weather difficult years even without stocks of preserved food. If the availability of one species was reduced, they could gather and hunt more of other species. Farming societies have, until very recently, relied for the great bulk of their calorie intake on a small variety of domesticated plants. In many areas, they relied on just a single staple, such as wheat, potatoes or rice. If the rains failed or clouds of locusts arrived or if a fungus infected that staple species, peasants died by the thousands and millions. Nor could wheat offer security against human violence. The early farmers were at least as violent as their forager ancestors, if not more so. Farmers had more possessions and needed land for planting. The loss of pasture land to raiding neighbours could mean the difference between subsistence and starvation, so there was much less room for compromise. When a foraging band was hard-pressed by a stronger rival, it could usually move on. It was difficult and dangerous, but it was feasible. When a strong enemy threatened an agricultural village, retreat meant giving up fields, houses and granaries. In many cases, this doomed the refugees to starvation. Farmers, therefore, tended to stay put and fight to the bitter end.

Well, it was a kind of back-to-front program. It’s funny how many of the best ideas are just an old idea back-to-front. You see there have already been several programs written that help you to arrive at decisions by properly ordering and analysing all the relevant facts so that they then point naturally towards the right decision. The drawback with these is that the decision which all the properly ordered and analysed facts point to is not necessarily the one you want.’ ‘Yeeeess...’ said Reg’s voice from the kitchen. ‘Well, Gordon’s great insight was to design a program which allowed you to specify in advance what decision you wished it to reach, and only then to give it all the facts. The program’s task, which it was able to accomplish with consummate ease, was simply to construct a plausible series of logical-sounding steps to connect the premises with the conclusion. ‘And I have to say that it worked brilliantly. Gordon was able to buy himself a Porsche almost immediately despite being completely broke and a hopeless driver. Even his bank manager was unable to find fault with his reasoning. Even when Gordon wrote it off three weeks later.’ ‘Heavens. And did the program sell very well?’ ‘No. We never sold a single copy.’ ‘You astonish me. It sounds like a real winner to me.’ ‘It was,’ said Richard hesitantly. ‘The entire project was bought up, lock, stock and barrel, by the Pentagon. The deal put WayForward on a very sound financial foundation. Its moral foundation, on the other hand, is not something I would want to trust my weight to. I’ve recently been analysing a lot of the arguments put forward in favour of the Star Wars project, and if you know what you’re looking for, the pattern of the algorithms is very clear. ‘So much so, in fact, that looking at Pentagon policies over the last couple of years I think I can be fairly sure that the US Navy is using version 2.00 of the program, while the Air Force for some reason only has the beta-test version of 1.5. Odd, that.

While the following tragedy may be revolting to read, it must not be forgotten that the existence of it is far more revolting. In Devonshire Place, Lisson Grove, a short while back died an old woman of seventy-five years of age. At the inquest the coroner's officer stated that all he found in the room was a lot of old rags covered with vermin. He had got himself smothered with the vermin. The room was in a shocking condition, and he had never seen anything like it. Everything was absolutely covered with vermin.' The doctor said: 'He found deceased lying across the fender on her back. She had one garment and her stockings on. The body was quite alive with vermin, and all the clothes in the room were absolutely gray with insects. Deceased was very badly nourished and was very emaciated. She had extensive sores on her legs, and her stockings were adherent to those sores. The sores were the result of vermin. Over her bony chest leaped and rolled hundreds, thousands, myriads of vermin.' A man present at the inquest wrote; 'I had the evil fortune to see the body of the unfortunate woman as it lay in the mortuary; and even now the memory of that gruesome sight makes me shudder. There she lay in the mortuary shell, so starved and emaciated that she was a mere bundle of skin and bones. Her hair, which was matted with filth, was simply a nest of vermin. If it is not good for your mother and my mother so to die, then it is not good for this woman, whosoever's mother she might be, so to die. Bishop Wilkinson, who has lived in Zululand, recently said, 'No headman of an African village would allow such a promiscuous mixing of young men and women, boys and girls.' He had reference to the children of the overcrowded folk, who at five have nothing to learn and much to unlearn which they will never unlearn. It is notorious that here in the Ghetto the houses of the poor are greater profit earners than the mansions of the rich. Not only does the poor worker have to live like a beast, but he pays proportionately more for it than does the rich man for his spacious comfort. A class of house-sweaters has been made possible by the competition of the poor for houses. There are more people than there is room, and numbers are in the workhouse because they cannot find shelter elsewhere. Not only are houses let, but they are sublet, and sub-sublet down to the very rooms.

The reasonable man adapts himself to the world; the unreasonable one persists in trying to adapt the world to himself. Therefore all progress depends on the unreasonable man.” George Bernard Shaw On a cool fall evening in 2008, four students set out to revolutionize an industry. Buried in loans, they had lost and broken eyeglasses and were outraged at how much it cost to replace them. One of them had been wearing the same damaged pair for five years: He was using a paper clip to bind the frames together. Even after his prescription changed twice, he refused to pay for pricey new lenses. Luxottica, the 800-pound gorilla of the industry, controlled more than 80 percent of the eyewear market. To make glasses more affordable, the students would need to topple a giant. Having recently watched Zappos transform footwear by selling shoes online, they wondered if they could do the same with eyewear. When they casually mentioned their idea to friends, time and again they were blasted with scorching criticism. No one would ever buy glasses over the internet, their friends insisted. People had to try them on first. Sure, Zappos had pulled the concept off with shoes, but there was a reason it hadn’t happened with eyewear. “If this were a good idea,” they heard repeatedly, “someone would have done it already.” None of the students had a background in e-commerce and technology, let alone in retail, fashion, or apparel. Despite being told their idea was crazy, they walked away from lucrative job offers to start a company. They would sell eyeglasses that normally cost $500 in a store for $95 online, donating a pair to someone in the developing world with every purchase. The business depended on a functioning website. Without one, it would be impossible for customers to view or buy their products. After scrambling to pull a website together, they finally managed to get it online at 4 A.M. on the day before the launch in February 2010. They called the company Warby Parker, combining the names of two characters created by the novelist Jack Kerouac, who inspired them to break free from the shackles of social pressure and embark on their adventure. They admired his rebellious spirit, infusing it into their culture. And it paid off. The students expected to sell a pair or two of glasses per day. But when GQ called them “the Netflix of eyewear,” they hit their target for the entire first year in less than a month, selling out so fast that they had to put twenty thousand customers on a waiting list. It took them nine months to stock enough inventory to meet the demand. Fast forward to 2015, when Fast Company released a list of the world’s most innovative companies. Warby Parker didn’t just make the list—they came in first. The three previous winners were creative giants Google, Nike, and Apple, all with over fifty thousand employees. Warby Parker’s scrappy startup, a new kid on the block, had a staff of just five hundred. In the span of five years, the four friends built one of the most fashionable brands on the planet and donated over a million pairs of glasses to people in need. The company cleared $100 million in annual revenues and was valued at over $1 billion. Back in 2009, one of the founders pitched the company to me, offering me the chance to invest in Warby Parker. I declined. It was the worst financial decision I’ve ever made, and I needed to understand where I went wrong.

Mazel Amsel- I have the obsession of destroying Nevaeh, she is so perfect, I cannot stand it! My girls have to be on top, and I am never going to let her be anything, I will make sure of it! That is what I have been doing for years. Nevaeh that no good little pussy licker; even if she knows it is me, she will not be able to ‘Prove it.’ I am just that well-liked by everyone, I am so powerful that no one will ever defeat me. I am the master manipulator, Nevaeh- yes, she is the tower! She is about for a hundred pounds, unnatural blond hair, lime green glowing eyes, and a voice that bellows! To me, she looks like a bulldog in the face, yet evil wicked witch-like also, yet to everyone else she blends in, to the others she looks as they do, just a normal mom, with normal kids. Yet I think she is crumbling, I think some people are seeing through her veil, because of what happened recently. Mazel- I have everyone wrapped around my little finger. Likewise, if they do not bow down to me, I will make their life a living hell. That is the way; I have to have it, all the time for Nevaeh! I have to know what she is doing at all times. I have to hack into her social networking and get her pears to think she is a ‘Creep’ and ‘Stocker’ to young girls. So, she has no friends at all. So, my girls can be the supreme of this area, so that they can do as they please, without anyone stopping them from being the best, no matter what, and from getting what they want, and what I want for them. Besides, foremost I wanted to make sure that she would never date anyone. So, I came up with the story of telling everyone that she was into girls and that she is just plain crazy. I should know my eyes are on her always. I did not want to see her go to proms; I did not want to see her succeed. I did not want her to be loved. I would like to see her die, and not walk away from it. I have dreamed of ways to kill her repeatedly. Like this one, I would like to see her be impaled on a sharp wooden stick, starting through her butt hole, and then slowly have gravity have it go up into her delicious miniature body until it hits her brain, and she screams out my girl’s names, as we get what we need. I would love to see a Nevaeh- kabob! I would love to see her stoned out in the open with rocks! I would love to see my girls bite their nipples off with their teeth! I want to see my girl claw her up to head to toe. I hunger to see them scratch her sweet blue eyes that are so heavenly right out of her face! I want to see her gush that cobalt blood like a waterfall from her naked sliced-up body. Yes, I want us to torture her any way we can until she says yes to us. We are going to get at anything of hers we can until she comes with us! As we would, all dance around her, as we would light her up, cheerfully for the last time. How I would love to bleach and fry that perfect hair with chemicals. I and we all in our family want to fuck her up and down anyways we can! Mwah Ha, ha! Yes, Beforehand, we all would kiss, touch, lick, and stick her, and do what we want to get the life from her by sucking away. We would eat her soul away as it would come down from the heavens then through her body, and into ours, as we would drink it out, the way we do. Yes, yes, hell- yes, I can see it now! Yes, I want her soul! Besides, anything or everything I can get out of her to add to my shrine. We even have a voodoo doll of her with pins in it. I have a few things of hers like her hymen-damaged red blood tarnished pink polka-dotted gym underwear, and her indigo pantiliner she had on. That my girl ripped off of her in school, the more things we have the more we can control her mind, but I want more!

the economy of China will become twice the size of the U.S. economy in 2025 if both countries’ per capita income continues to grow at recent rates.

while the examples of their art and the representations of their form and features, which were also afforded by the diggings at Telloh, proved once for all that the Sumerians were a race of strongly marked characteristics and could not be ascribed to a Semitic stock.

That is to say, the Neolithic Greeks and Neolithic Egyptians were both members of the same "Mediterranean" stock, which quite possibly may have had its origin in Africa, and a portion of which may have crossed the sea to Europe in very early times, taking with it the seeds of culture which in Egypt developed in the Egyptian way, in Greece in the Greek way.

This kind of growth is already having a beneficial impact on numerous industries associated with energy...U.S. Steel, for instance, has struggled in recent decades, undercut by Asian producers and unable to respond creatively, and saw its stock price drop nearly 90 percent. But today it is in the midst of a Phoenix-like resurrection.(58)

Thinking about joining a startup? Ask for a hiring bonus equal to the exercise cost, early exercise rights, and NSOs instead of ISOs. Exercise as soon as possible and ASAP file an 83(b) Election. Recently hired? If you can afford to fully exercise your options and are permitted to do so, ask to get your ISOs converted to NSOs, perform an early exercise, and file an 83(b) Election.

It took just over 15 years to recover the money invested at the 1929 peak, following a crash far worse than Smith had ever examined. And since World War II, the recovery period for stocks has been even better. Even including the recent financial crisis, which saw the worst bear market since the 1930s, the longest it has ever taken an investor to recover an original investment in the stock market (including reinvested dividends) was the five-year, eight-month period from August 2000 through April 2006.

In 2009, a woman who had recently stolen a credit card, decided to stock up on groceries. After doing her shopping, while she was going through the checkout, she remembered that the store had a discount on items when their store card was used.   The woman then handed over her personal store card, which was swiped, along with the stolen credit card. Police were able to track her down, thanks to her using a store card that contained all of her personal information, including her name and address.

With the recent demise of totalitarian communisms, and new rise of capital’sglobal reach and power, it has become fashionable to explain away today’s gross factor imbalance and assume the world has entered a new era of capitalist peace and “new paradigm” of perpetual prosperity. Such assumptions not only run counter to history, and fly in the face of today’s growing wealth disparities, depression, stock debacles, and social backlash but also deny the dismal dynamic set into place.

For an example of how perception of a limited supply can increase sales, look no further than Amazon.com. My recent search for a DVD revealed there were “only 14 left in stock” (figure 18), while a search for a book I’ve had my eye on says only three copies remain. Is the world’s largest online retailer almost sold out of nearly everything I want to buy or are they using the scarcity heuristic to influence my buying behavior?

Yes, and this is something I wrote an article about for CFA magazine recently[9]. Tape reading is more important than it ever was before, especially if you’re trading illiquid stocks. You can see when the internalizers are subpennying the offer, stepping in front of the offer. Sometimes it’s just market making. On a stock like GE, for example, they’re just trying to capture the spread, so I don’t think it means anything there. But if you get into the small or mid-caps, it can definitely give you an idea of the direction the stock will go. If the internalizers are willing to step in front of that offer, that means the smart money is placing its bets that the stock will go down, so you might want to aggressively sell it or hit the bid knowing that information. I believe tape reading is very important, and the subpenny trades provide valuable information for traders.

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!

matured satisfactorily in that climate. Some green foods were available in the summer and some vegetables were grown and stored for winter. This diet, which included a liberal supply of fish, included also the use of livers of fish. One important fish dish was baked cod's head that had been stuffed with oat meal and chopped cods' livers. This was an important inclusion in the diets of the growing children. The oats and fish, including livers, provided minerals and vitamins adequate for an excellent racial stock with high immunity to tooth decay. For the Eskimos of Alaska the native diet consisted of a liberal use of organs and other special tissues of the large animal life of the sea, as well as of fish. The latter were dried in large quantities in the summer and stored for winter use. The fish were also eaten frozen. Seal oil was used freely as an adjunct to this diet and seal meat was specially prized and was usually available. Caribou meat was sometimes available. The organs were used. Their fruits were limited largely to a few berries including cranberries, available in the summer and stored for winter use. Several plant foods were gathered in the summer and stored in fat or frozen for winter use. A ground nut that was gathered by the Tundra mice and stored in caches was used by the Eskimos as a vegetable. Stems of certain water grasses, water plants and bulbs were occasionally used. The bulk of their diet, however, was fish and large animal life of the sea from which they selected certain organs and tissues with great care and wisdom. These included the inner layer of skin of one of the whale species, which has recently been shown to be very rich in vitamin C. Fish eggs were dried in season. They were used liberally as food for the growing children and were recognized as important for growth and reproduction. This successful nutrition provided ample amounts of fat-soluble activators and minerals from sea animal

From the Bridge” by Captain Hank Bracker Appreciation! Appreciation…. One of the nicer things we can get or give is appreciation. It makes what we do worthwhile! It inspires us to work harder, do better and above all, makes us feel better about ourselves. I feel appreciated when someone says thank you…. It’s as simple as that! Of course it’s also nice to receive an award for something I wrote. I recently won two awards for The Exciting Story of Cuba and it made my day! It felt even better to share the moment with my crew because they deserved it and I certainly appreciate them and their contribution, for the effort I got credit for. It’s really very nice when we appreciate people for what they have done for us and remember that it is better to give than receive. Now here is an existential thought that I’ll run past you. You might have heard the ancient chestnut.… “Does a tree make a noise when it falls in a forest with no one around to hear it?” The answer is debatable, with no definitive answer that everyone accepts. Now let’s take this thought one step further by contemplating life itself. Is there really anything, if there is no one to appreciate it? Could this account for our existence? Do we really have to exist at this time and place, within this sphere of infinity, to appreciate everything we are aware of including the universe? To me it’s an interesting thought, since philosophically “I am!” More interesting is that so are you and everyone else. Without us, would there be universe? And if so, would it make any difference, because there would be no one to know. What makes the difference is that we are here and we know that we are here! Therefore, we can appreciate it! I’m not a philosopher. I’m really just another “id” that is contemplating my existence, but what I want to impart is the importance of sharing this existence with others by appreciating them. The English poet John Donne said, “No man is an Island.” I guess the original content is found in prose, not poetry; however it’s the thought that counts. Sigmund Freud's psychoanalytical theory of personality states that, “The id is the personality component made up of unconscious psychic energy that works to satisfy basic urges, needs and desires.” Now the way I see it, is that the reason that we are here is to appreciate each other and our wondrous surroundings. I might even take things a step further by getting religion into the mix. If we are made in our creator’s image, could that mean that our creator, like us, desires the appreciation of his creation and we are here to appreciate what he, or she, has created? The way we as a people are polarized causes me to wonder, if we are not all acting like a bunch of spoiled brats. Has our generation been so spoiled that we all insist on getting things our way, without understanding that we are interdependent. Seeing as how we all inhabit this one planet, and that everything we possess, need, aspire to and love, is right here on this rock floating in space; we should take stock and care for each other and, above all, appreciate what we have, as well as each other. So much from me…. I’ve been busy trying to get Suppressed I Rise – Revised Edition and Seawater One…. Going To Sea!, published before the holidays. It’s been a long time in coming, but I’m hoping that with just a little extra effort, these books will be available at your favorite book dealer in time to find a place under your Christmas tree or Hanukkah bush. That’s right! Just look at your calendar and you’ll see its October and that the holidays are almost here again! Take care, appreciate each other and have a good week. It’s later than you think….

I often point out to hedge fund proponents that their industry used to claim it was targeting absolute returns, with the promise that they'd make money over any reasonably long holding period and were uncorrelated with other major asset classes such as stocks or bonds. The 2008 crash showed how unattainable this was, and hedge fund proponents quietly adopted different descriptions of their objectives. These included generating attractive Relative Returns, and more recently when even this more modest objective proved to be beyond their collective ability the term Uncorrelated Returns gained favor. Since hedge funds have in recent years been worse than just about anything else it's been a good choice.

What is the potential for appreciation? Is the outlook bright for the future financial performance of the acquiring company? Do your homework—check out the stock and its upside potential. If you had received cash instead of stock, would you purchase a large quantity of the company’s stock? Review stock analysts’ reports. Ask the company which analysts follow the company and get copies of recent reports from their brokerage firms.

One recent study provides an answer. Professors Michael J. Cooper of the University of Utah, Huseyin Gulen of Purdue University, and P. Raghavendra Rau of the University of Cambridge studied 1,500 large companies and how they performed, in three-year periods, from 1994 to 2011. They then compared these companies’ performance to other companies in their same fields. They discovered that the 150 companies with the highest-paid CEOs returned about 10 percent less to their shareholders than did their industry peers. In fact, the more these CEOs were paid, the worse their companies did. Companies that were the most generous to their CEOs—and whose high-paid CEOs received more of that compensation as stock options—did 15 percent worse than their peer companies, on average. “The returns are almost three times lower for the high-paying firms than the low-paying firms,” said Cooper. “This wasteful spending destroys shareholder value.” Even worse, the researchers found that the longer a highly paid CEO was in office, the more the firm underperformed. “The performance worsens significantly over time,” they concluded.

The Different Trading Methodologies   In this part of the book, you'll learn about the different methodologies that day traders use.   Basic Moving Averages   Moving averages indicate the average stock price for a specific time period. Traders call these averages “moving” because they reflect the latest information while sticking to the assigned period of time.   The main weakness of this approach is that it lags the stock market, so it doesn't really show trend changes. You can solve this problem by using a short timeframe (e.g. 5 days). This way, you can make sure that the information you're using shows the recent trends in the market. Here are the concepts you need to remember while using this approach:   When the closing price is higher than the average, you should buy shares from that company. When the closing price is lower than the average, you must sell your shares (if any).

study of a 100-bagger recently posted on the Microcap Club’s website by Chip Maloney. This

Small investors typically have had a conventional myth: “stock market is a sick place. All we see are gambling but investment”. In the recent decade or so they have started looking at the market positively in sizable number  by getting out of this myth.  If there are scams of this nature which could potentially unsettle this welcome change in their perception, this great system of capital market would lose its shine very soon.

Mutual fund investors, too, have inflated ideas of their own omniscience. They pick funds based on the recent performance superiority of fund managers, or even their long-term superiority, and hire advisers to help them do the same thing. But, the advisers do it with even less success (see Chapters 8, 9, and 10). Oblivious of the toll taken by costs, fund investors willingly pay heavy sales loads and incur excessive fund fees and expenses, and are unknowingly subjected to the substantial but hidden transaction costs incurred by funds as a result of their hyperactive portfolio turnover. Fund investors are confident that they can easily select superior fund managers. They are wrong.

One technique that can be helpful: See which leading professional money managers own the same stocks you do. If one or two names keep turning up, go to the websites of those fund companies and download their most recent reports. By seeing which other stocks these investors own, you can learn more about what qualities they have in common; by reading the managers’ commentary, you may get ideas on how to improve your own approach.3

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.

We have to think beyond individuals and individual minds and brains, and think about ourselves as mutually influencing beings. So on a simple level, our irritation with each other will raise our stress and increase our vulnerability to a range of health problems and to social discord, while our kindness to each other will lower our stress and impact positively on our well-being and increase our social safeness. At a more complex level, mental illness and criminality are woven from complicated genetic, social mentality and cultural/social interactions. And, of course, at an even higher level, the ways in which our societies operate, seek goods and services, secure trade agreements and enable international companies to extract huge profits from stock markets (and, as the recent crash has shown, exploit them) will greatly affect the lives and pattern the minds of people far away. We are all interconnected minds. It’s clear, however, that we can make choices, too. We can live in a world where we choose to foster our tribal psychology or sit back while it develops in areas of poverty and injustice. We are then faced with angry groups who come after us. We can choose to develop our competitive, ‘have to be the best and have the most’, ‘my interest or my tribe’s interests above yours’ archetypal side. Or we can choose a compassionate approach that’s more thoughtful of others. Ideally, of course, we blend these. We think carefully about our values and try to be the ‘best we can be’ but, at the same time, not ruthlessly exploitative.

Eat butter; drink milk whole, and feed it to the whole family. Stock up on creamy cheeses, offal, and sausage, and yes, bacon. None of these foods have been demonstrated to cause obesity, diabetes, or heart disease. A large and growing body of recent research now points strongly to the idea that these conditions are caused instead by carbohydrates. Sugar, white flour, and other refined carbohydrates are almost certainly the main drivers of these diseases

The price fluctuations of convertible bonds and preferred stocks are the resultant of three different factors: (1) variations in the price of the related common stock, (2) variations in the credit standing of the company, and (3) variations in general interest rates. A good many of the convertible issues have been sold by companies that have credit ratings well below the best.3 Some of these were badly affected by the financial squeeze in 1970. As a result, convertible issues as a whole have been subjected to triply unsettling influences in recent years, and price variations have been unusually wide. In the typical case, therefore, the investor would delude himself if he expected to find in convertible issues that ideal combination of the safety of a high-grade bond and price protection plus a chance to benefit from an advance in the price of the common.

Companies should buy back their shares when they are cheap—not when they are at or near record highs. Unfortunately, it recently has become all too common for companies to repurchase their stock when it is overpriced. There is no more cynical waste of a company’s cash—since the real purpose of that maneuver is to enable top executives to reap multimillion-dollar paydays by selling their own stock options in the name of “enhancing shareholder value.

Companies should buy back their shares when they are cheap—not when they are at or near record highs. Unfortunately, it recently has become all too common for companies to repurchase their stock when it is overpriced. There is no more cynical waste of a company’s cash—since the real purpose of that maneuver is to enable top executives to reap multimillion-dollar paydays by selling their own stock options in the name of “enhancing shareholder value.” A substantial amount of anecdotal evidence, in fact, suggests that managers who talk about “enhancing shareholder value” seldom do. In investing, as with life in general, ultimate victory usually goes to the doers, not to the talkers.

Research and development conducted by private companies in the United States has grown enormously over the past four decades. We have substantially replaced the publicly funded science that drove our growth after World War II with private research efforts. Such private R&D has shown some impressive results, including high average returns for the corporate sector. However, despite their enormous impact, these private R&D investments are much too small from a broader perspective. This is not a criticism of any individuals; rather, it is simply a feature of the system. Private companies do not capture the spillovers that their R&D efforts create for other corporations, so private sector executives in established firms underinvest in invention. The venture capital industry, which provides admirable support to some start-ups, is focused on fast-impact industries, such as information technology, and not generally on longer-run and capital-intensive investments like clean energy or new cell and gene therapies. Leading entrepreneur-philanthropists get this. In recent years, there have been impressive investments in science funded by publicly minded individuals, including Eric Schmidt, Elon Musk, Paul Allen, Bill and Melinda Gates, Mark Zuckerberg, Michael Bloomberg, Jon Meade Huntsman Sr., Eli and Edythe Broad, David H. Koch, Laurene Powell Jobs, and others (including numerous private foundations). The good news is that these people, with a wide variety of political views on other matters, share the assessment that science—including basic research—is of fundamental importance for the future of the United States. The less good news is that even the wealthiest people on the planet can barely move the needle relative to what the United States previously invested in science. America is, roughly speaking, a $20 trillion economy; 2 percent of our GDP is nearly $400 billion per year. Even the richest person in the world has a total stock of wealth of only around $100 billion—a mark broken in early 2018 by Jeff Bezos of Amazon, with Bill Gates and Warren Buffett in close pursuit. If the richest Americans put much of their wealth immediately into science, it would have some impact for a few years, but over the longer run, this would hardly move the needle. Publicly funded investment in research and development is the only “approach that could potentially return us to the days when technology-led growth lifted all boats. However, we should be careful. Private failure is not enough to justify government intervention. Just because the private sector is underinvesting does not necessarily imply that the government will make the right investments.

Labor also dominates stories of elite income at the next rung down. Although only three hedge fund managers took home over $1 billion in 2017, more than twenty-five took home $100 million or more, and $10 million incomes are so common that they do not make the papers. Even only modestly elite finance workers now receive huge paydays. According to one survey, a portfolio manager at a midsized hedge fund makes on average $2.4 million, and average Wall Street bonuses exploded from roughly $14,000 in 1985 to more than $180,000 in 2017, a year in which the average total salary for New York City’s 175,000 securities industry workers reached over $420,000. These sums reflect the fact that a typical investment bank disburses roughly half of its revenues after interest paid to its professional workers (making it a better three decades to be an elite banker than to be an owner of bank stocks). Elite managers in the real economy also do well. CEO incomes—the wages paid to top managerial labor—regularly reach seven figures; indeed, the average 2017 income of the CEO of an S&P 500 company was nearly $14 million. In a typical recent year the total compensation paid to the five highest-paid employees of each S&P 1500 firm (7,500 workers overall) might amount to 10 percent of S&P 1500 firms’ collective profits. These workers do not own the assets—the portfolios or the companies—that they manage. Their incomes constitute wages paid for managerial labor rather than a return on invested capital. The enormous paydays reflect what prominent business analysts recently called a war between talent and capital—a war that talent is winning.

One of the most widely distributed biological products that frequently involved mice or mouse tissue, at least up to recent years, are vaccines, especially vaccines against viruses . . . It is possible that XMRV particles were present in virus stocks cultured in mice or mouse cells for vaccine production, and that the virus was transferred to the human population by vaccination.

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

The Bayesian Invisible Hand … free-market capitalism and Bayes’ theorem come out of something of the same intellectual tradition. Adam Smith and Thomas Bayes were contemporaries, and both were educated in Scotland and were heavily influenced by the philosopher David Hume. Smith’s 'Invisible hand' might be thought of as a Bayesian process, in which prices are gradually updated in response to changes in supply and demand, eventually reaching some equilibrium. Or, Bayesian reasoning might be thought of as an 'invisible hand' wherein we gradually update and improve our beliefs as we debate our ideas, sometimes placing bets on them when we can’t agree. Both are consensus-seeking processes that take advantage of the wisdom of crowds. It might follow, then, that markets are an especially good way to make predictions. That’s really what the stock market is: a series of predictions about the future earnings and dividends of a company. My view is that this notion is 'mostly' right 'most' of the time. I advocate the use of betting markets for forecasting economic variables like GDP, for instance. One might expect these markets to improve predictions for the simple reason that they force us to put our money where our mouth is, and create an incentive for our forecasts to be accurate. Another viewpoint, the efficient-market hypothesis, makes this point much more forcefully: it holds that it is 'impossible' under certain conditions to outpredict markets. This view, which was the orthodoxy in economics departments for several decades, has become unpopular given the recent bubbles and busts in the market, some of which seemed predictable after the fact. But, the theory is more robust than you might think. And yet, a central premise of this book is that we must accept the fallibility of our judgment if we want to come to more accurate predictions. To the extent that markets are reflections of our collective judgment, they are fallible too. In fact, a market that makes perfect predictions is a logical impossibility.

With Parity, International Women's Day and, more recently, the Chiennes de Garde, and, more generally, with every claim to victimal difference, women are making themselves a collective laughing stock, alongside gays, with their demand for a bourgeois, legal, marital status.

Technology stocks crash after forming history’s biggest stock market bubble—the culmination of irrational exuberance, decades of herd-like behavior, and the recent injection of cheap money and moral hazard by the Federal Reserve.

Nevertheless, some analysts on the sell-side have justified Tesla’s valuation. We recently observed a televised analyst say “when Tesla is earning $25 a share. …” That estimate, presumably at some point in the future, is used as an anchor for a target price as the stock shifts into a “concept holding.” The

He was so perplexed that, in spite of everything surrounding him, he stood several times stock still in the middle of the pavement, completely possessed by the thought of his recent horrible humiliation; at that instant he was dying, disappearing; then he suddenly set off again like mad and ran and ran without looking back, as though he were pursued, as though he were fleeing from some still more awful calamity.

Direct-sold retail funds can be great for investors, but sometimes they can work against the fund companies that market them. Throughout the recent bear market, advisor-sold funds did a better job in retaining their assets because financial advisors were able to prevent clients from selling in a panic. A little handholding goes a long way in convincing clients to ride out the turbulent markets.

Groupon is a study of the hazards of pursuing scale and valuation at all costs. In 2010, Forbes called it the “fastest growing company ever” after its founders raised $135 million in funding, giving Groupon a valuation of more than $1 billion after just 17 months.5 The company turned down a $6 billion acquisition offer from Google and went public in 2011 with one of the biggest IPOs since Google’s in 2004.6 It was one of the original unicorns. However, the business model had serious problems. Groupon sometimes sold so many Daily Deals that participating businesses were overwhelmed . . . even crippled. Other businesses accused Groupon of strong-arming them to sign up for Daily Deals. Customers started to view the group discount (the company’s bread and butter) as a sign that a participating business was desperate. Businesses stopped signing up. Journalists suggested that Groupon was prioritizing customer acquisition over retention — growth over value — and that it had gone public before it had a solid, proven business model.7 Groupon is still a player, with just over $3 billion in annual revenue in 2015. But its stock has fallen from $26 a share to about $4 today, and it has withdrawn from many international markets. Also revealing is that the company is suing IBM for patent infringement, something that will not create customer value.8 Many promising startups have paid the price for rushing to scale. We can see clues to potential future failures in the recent “down rounds” (stock purchases priced at a lower valuation than those of previous investors) hitting companies like Foursquare, Gilt Group, Jet, Jawbone, and Technorati. In their rush to build scale, executives and founders search for shortcuts to sustainable, long-term revenue growth.

Over the years I've done everything from small organization units in condo closets with sliding doors, to one massive one-thousand-square-foot duplex closet for a pamper socialite that included a wall of climate-controlled storage for her substantial fur collection, and no lie, a CIA-level fingerprint lock on the door. The only thing that was ever more fun was doing a panic room for a paranoid woman who had recently lost her husband. She wanted to be sure that if someone broke into her Gold Coast brownstone she could survive in comfort for at least a week. We referred to her as the Preppy Prepper, giving her a large panic room with en suite bathroom, which included a mini kitchen stocked with canned caviar and smoked oysters and splits of vintage champagne, completely upholstered in a huge-scale blowsy floral chintz.

8 Lending Terms That Every Entrepreneur Must Know In case you’re recently starting your chase for business financing, you’re likely new somewhere down in new terms and loaning language. Also, it’s sufficient to make even the most energetic business person feel overpowered. Try not to proceed with your inquiry without assessing a couple of the fundamental terms you have to know to settle on an educated choice about financing your business. We’ve separated eight must-know terms underneath. 1. Term credit. Term credits are a singular amount of money you pay back, in addition to enthusiasm, over a settled timeframe. Customary term credits generally offer longer installment terms and lower regularly scheduled installments than here and now advances and different types of crisis financing. Securing a term advance, nonetheless, requires a high level of financial soundness with respect to your business. In the event that your business is extremely youthful, has poor credit, or shows some other sort of hazard to your bank, you may think that its hard to secure a term advance from a customary loan specialist. 2. SBA advance. Independent company Administration advances offer much longer terms and lower costs than customary term remarkably, halfway ensured by the U.S. government. SBA credits are particularly intended to give entrepreneurs the most reasonable financing conceivable as they develop their organizations. (Prepare yourself, in any case, for a long and focused endorsement process and bunches of printed material.) 3. Credit extension. Another mainstream advance item your bank may offer is a business credit extension. This sort of financing gives a borrower spinning credit, enabling you to obtain and pay back that acquired sum again and again while remaining inside a most extreme, as you would with a charge card. Not at all like an advance, a credit extension offers you capital as required, and you’ll just pay enthusiasm on what you pull back. 4. Yearly rate. A yearly rate, or APR, is basically the yearly cost of your credit. It’s cited as a rate, similar to your financing cost, yet gives a more precise perspective of what your advance will cost you. Notwithstanding interest owed, your APR will likewise incorporate any beginning expenses, shutting charges, documentation charges, and so forth. The APR offer you get will differ from bank to moneylender, in view of the advance item you’re chasing and your history as a borrower. On the off chance that you’ve been peering toward an advance, make sure to consider its APR before pushing ahead. The credit’s aggregate yearly cost could be higher than you foreseen. 5. Pay explanation. A pay explanation points of interest your business’ net wage, income and costs for a particular period, for example, quarterly or every year. You’ll run over this term when rounding out your advance application. It’s a standout amongst the most critical segments of your application. You may likewise observe it called a “benefit and misfortune proclamation.” This record outlines your business’ monetary wellbeing and the quality of its main concern to your loan specialist. You can set up your announcement yourself or with the assistance of a bookkeeper. Wage explanations accompany their own arrangement of language, so it acquaints yourself with their vocabulary before making a plunge alone. 6. Security. Guarantee portrays any advantage you promise to a moneylender to help secure a credit. This could incorporate land, hardware, money due, stock – anything a loan specialist could sell in the event that you default. Security limits the hazard to your loan specialist should you neglect to hold up your finish of the deal. In case you’re thinking about a secured advance, hope to set up guarantee when you apply. Unsecured advances won’t require guarantee and commonly accompany less stringent credit prerequisites, yet additionally higher rates.

Usually an upbeat affair, the BCA conference in 2006 proved disturbing. Harvard professor Niall Ferguson asked a strange question: Why hadn’t the recent assassination of a Russian central banker, a Thai coup d’état, and a North Korean nuclear bomb test triggered a stock market rout?

programmer can fully prepare for in advance. It’s impossible for them to upload every single variable. As you observe the market, in real time, you will see those unpredictable moments and you will profit in them. You must be very strategic with every trade you enter. Never forget that in the equally strategic world of chess, Garry Kasparov did win some of his rounds against IBM’s Deep Blue. More recently, even IBM’s Watson got answer after answer wrong when playing on Jeopardy! You must also remember that any one organization’s powerful “black box” is trading against all of the other

One technique that can be helpful: See which leading professional money managers own the same stocks you do. If one or two names keep turning up, go to the websites of those fund companies and download their most recent reports. By seeing which other stocks these investors own, you can learn more about what qualities they have in common; by reading the managers’ commentary, you may get ideas on how to improve your own approach.

Many financial analysts will find Emerson and Emery more interesting and appealing stocks than the other two—primarily, perhaps, because of their better “market action,” and secondarily because of their faster recent growth in earnings. Under our principles of conservative investment the first is not a valid reason for selection—that is something for the speculators to play around with. The second has validity, but within limits. Can the past growth and the presumably good prospects of Emery Air Freight justify a price more than 60 times its recent earnings?1 Our answer would be: Maybe for someone who has made an in-depth study of the possibilities of this company and come up with exceptionally firm and optimistic conclusions. But not for the careful investor who wants to be reasonably sure in advance that he is not committing the typical Wall Street error of overenthusiasm for good performance in earnings and in the stock market.* The same cautionary statements seem called for in the case of Emerson Electric, with a special reference to the market’s current valuation of over a billion dollars for the intangible, or earning-power, factor here. We should add that the “electronics industry,” once a fair-haired child of the stock market, has in general fallen on disastrous days. Emerson is an outstanding exception, but it will have to continue to be such an exception for a great many years in the future before the 1970 closing price will have been fully justified by its subsequent performance. By contrast, both ELTRA at 27 and Emhart at 33 have the earmarks of companies with sufficient value behind their price to constitute reasonably protected investments. Here the investor can, if he wishes, consider himself basically a part owner of these businesses, at a cost corresponding to what the

Investors were worried with the recent stock market ‘correction’. Some fearfully sold their stock, but have hesitated getting back in. Now, the ASX200 has rebounded more than 70% of the decline, and if you weren’t active in the markets, you have missed most of the rebound.

If our people had not gone to war without counting the cost, they were, nevertheless, involved in it without means of providing for its necessities. It has been heretofore stated that we had no powder-mills. It would be needless to say that the new-born Government had no depots of powder, but it may be well to add that, beyond the small supply required for sporting purposes, our local traders had no stock on hand. Having no manufacturing industries which required saltpeter, very little of that was purchasable in our markets. The same would have been the case in regard to sulphur, but for the fact that it had been recently employed in the clarification of sugar-cane juice, and thus a considerable amount of it was found in New Orleans.

Nowadays there are jeans in the most varied styles and cuts. What really matters is what kind of look you want and what will suit your frame best. The shape and cut of jeans is called a fit and there are many different fits. There are four main names to note and, luckily, the various fit names are pretty self-explanatory: A snug fit that's snug against the leg and tapers at the ankle. A little stretch is often added to jeans for comfort. Works best with a slim frame. Still tight but not too tight, this cut wraps around the thighs, knees and calves and is less constricting around the ankle. This is a tight cut that is great for a slender to normal figure. Sometimes referred to as Regular, this is a traditional style of denim that is cut straight from the waist to the hem. Some variations can be narrow at the ankle. Fits normal to athletic physique. Nothing better than good jeans for women, right? It is such a versatile fabric that it only improves with age and wear. We owe the French jeans. Denim is a strong and durable material for all women in their old age. Denim made from 100% cotton. Traditionally, so true denim fabrics have different colors on both sides (for true fabric fanatics, if your denim is the same color on both sides , it's actually denim, not denim! ) We recently started stocking denim, you can see our collection here and we stock a wide range of weights and colors. We also have stretch jeans, which are great for clothing brands. When I look at my jeans options in my closet, I see a lot of dark skinny jeans. While I still think this style of denim always has a place in my closet, I really enjoy seeing the more relaxed, lighter washes for spring. I found a great pair of Target straight leg jeans that I wore a few times. You get the right amount of stress without looking overly casual. I like to wear a chic top with pointy heels to balance the casual character with jeans. But they are also a great “weekend”, a pair of blankets that match a shirt and sneakers. Here are some of my favorite straight leg women's jeans, from chic dark ankle-length jeans to more casual washes in lighter colors with a worn look. Mouse over the image and click on the product to buy the items. I wore my jeans many times this spring. I love the wash and texture of the jeans, and they have good stretch too! Navy makes a really nice straight leg jeans and comes in a classic dark wash. The jeans I'm wearing in the photos above are Universal Thread High-Rise Distressed Straight Cropped Jeans. I would never have bought these based on the image on the internet, but personally they are a great cropped option. I have curves and am wearing a size 7. cut my leg in half. These were just the right length and the skyscraper is also a nice addition. They are comfortable and casual, but I would like them to be a little tighter as they are lighter.

the following ad appeared in Thrasher magazine. CHISELED SPAM is what you will see in the mirror if you surf on a weak plank with dumb, fixed wheels and interface with a muffler, retread, snow turd, road kill, driveshaft, railroad tie, or unconscious pedestrian. If you think this is unlikely, you’ve been surfing too many ghost malls. All of these obstacles and more were recently observed on a one-mile stretch of the New Jersey Turnpike. Any surfer who tried to groove that ’vard on a stock plank would have been sneezing brains. Don’t listen to so-called purists who claim any obstacle can be jumped. Professional Kouriers know: If you have pooned a vehicle moving fast enough for fun and profit, your reaction time is cut to tenths of a second—even less if you are way spooled. Buy a set of RadiKS Mark II Smartwheels—it’s cheaper than a total face retread and a lot more fun. Smartwheels use sonar, laser rangefinding, and millimeter-wave radar to identify mufflers and other debris before you even get honed about them. Don’t get Midasized—upgrade today!

A glance through recent newspaper headlines (see, for example,Globe and Mail, August 17, 1995: A2; Vancouver Sun,August 16, 1995: A1) indicates that not much has changed since 1995. Overfishing and depleted stocks have increased tension among the users, and one group in particular, a relatively powerless group holding only 3 percent of the salmon quota, has been particularly targeted by the commercial interests—the aboriginal fishers. The rationale for doing so may be to shirk responsibility for years of overfishing, greed, poor management and bungling DFO officials. It is much easier and convenient to blame a group that has already been effectively blamed in the past and stereotyped as plunderers. Perhaps the proper word to describe the calculated attacks on the aboriginal fishery is racism, pure and simple.

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

The city is a fad, a shouting, bedazzlement, stupid imitation, damned consumerism. Making demands while not giving anything in return, a meaningless existence. What is worse is the inability to resist life in the city. City inhabitants are unable to resist fashions, even if they do not like them. There is no ability to resist the movement toward loss or voracious consumption. Even if you are an intruder, a recent arrival in the city and not one of its original inhabitants, who have become used to its ways, you will in the end become its laughing-stock. If you wish to maintain what you believe in, maintain your values and your non-urban behaviour, you will become an outcast and find no one who understands you. When you change, though in order to become urban, you will become awkward and fatuous.

Our historical tendency to be overweight the Nordic stock markets has mostly been influenced by the perceived quality of Nordic management teams. Generally speaking, Nordic managers have been able to articulate their case clearly and apply a degree of focus that is not always the case elsewhere in Europe. One can also discern a high degree of adaptability. Scandinavian companies are not just open to foreign excursions. It was striking to note on a recent trip just how many of the large and successful companies are run by foreigners. A Belgian is head of Atlas Copco, a Scot runs SKF, and Nokia and Electrolux have recently recruited American bosses. This openness to outsiders stands in contrast to recent developments in Southern Europe, where Italy and France are engaged in a race to the bottom to redefine strategic industries for protectionist purposes.

The fact is that one person’s growth stock is another’s value stock. Recently, the investment data company Lipper has reported that Citigroup, AIG and IBM are among the top 15 mutual fund holdings in both the large company “value” and “growth” categories. This brings us to our next point, which perhaps best explains why Marathon should never be labelled as a pure value investor. Our capital cycle process examines the effects of the creative and destructive forces of capitalism over time. A growth stock usually becomes a value stock after excess capital, lured in by large current profitability, brings about a decline in returns. When this becomes extreme, as was the case during the technology bubble, the resultant bust can turn growth stocks into value stocks almost overnight. The telecoms sector provides

We can’t tell you how many times we’ve heard people say, when talking about a recently launched Amazon initiative, “You can do that at Amazon because you don’t care about profits.” That simply isn’t true. Profits are just as important to Amazon as to any other major company. Other output metrics like weekly revenue, total customers, Prime subscribers, and (over the long term) stock price—or more accurately, free cash flow per share—matter very much to Amazon. Early detractors mistook Amazon’s emphasis on input metrics for a lack of interest in profits and pronounced the company doomed, only to be stunned by its growth over the ensuing years.

1. Don’t buy stocks that are hitting 52-week lows. We have already discussed this point, but it bears repeating, simply because so many new traders lose a lot of money trying to catch the proverbial “falling knife.” In spite of what everyone will tell you, you are almost always much better off buying a stock that is hitting 52-week highs than one hitting 52-week lows. Has a company that you own just reported some really bad news? If so, remember that there is never just one cockroach. Bad news comes in clusters. Many investors recently learned this the hard way with General Electric, which just kept reporting one bad thing after another, causing the stock to crash from 30 to 7. There is no such thing as a “safe stock.” Even a blue chip stock can go down a lot if it loses its competitive advantage or the company makes bad decisions. A cascade of bad news can often cause a stock to trend down or gap down repeatedly. If you own a stock that does this, it is often better to get out and wait a few months (or years) to reenter. Again, there is never just one cockroach. Never buy a stock after you have seen the first cockroach. When a stock goes down a lot, it can affect the company's fundamentals as well. Employee and management morale will deteriorate, the best employees may leave the company, and it may become more difficult for the company to raise money by selling shares or issuing debt. Conversely, when a stock goes up a lot, it can improve the company's fundamentals. Employee and management morale will be high, everyone at the company will want to work harder, it will be easier to recruit new talent, and it will become easier for the company to raise money by issuing stock or debt. If you stick to stocks that are trading above their 200-day moving averages, or that are hitting 52-week highs, you will do much better than trying to catch falling knives.

For someone who is fifty pounds overweight, losing three to five pounds over half a year is a frustrating drop in the bucket. Accordingly, a stock response to these studies has been to declare exercise futile for trimming your waist. Before we entirely dismiss the weight control benefits of walking, the most fundamental type of endurance physical activity, let’s examine the major arguments behind this contention through the lens of evolutionary anthropology. The first is the specter of compensatory mechanisms, notably fatigue and hunger. If I walk ten thousand extra steps, I’ll be more tired and hungry, so I’ll rest and eat more to recoup lost calories. From an evolutionary perspective, these urges make sense. Because natural selection ultimately favors those who can allocate as much energy as possible to reproduction, our physiology has been tuned over millions of generations to hoard energy, especially fat. Further, because almost no one until recently was able to become overweight or obese, our bodies primarily sense if we are gaining or losing weight rather than how much excess fat we have. Whether you are skinny or stout, negative energy balance—including dieting—causes a starvation response that helps us restore energetic equilibrium or, better yet, gain weight so we can shunt more energy toward reproduction.35 It’s unfair, but losing ten pounds elicits food cravings and the desire to be inactive regardless of whether one is skinny or obese.

A couple recently came to my office. Let’s call them Mark and Elizabeth Schuler. They came in for a consultation at Elizabeth’s request. Mark’s best friend was a stockbroker who had handled the couple’s investment portfolio for decades. All they wanted from me was a second opinion. If all went well, they planned to stop working within five years. After a quick chat about their goals, I organized the mess of financial paperwork they’d brought and set about assessing their situation. As my team and I prepared their “Retirement Map Review,” it was immediately apparent the Schulers were carrying significant market risk. We scheduled a follow-up appointment for two weeks later. When they returned, I asked them to estimate their comfortable risk tolerance. In other words, how much of their savings could they comfortably afford to have exposed to stock market losses? Elizabeth laughed at the question. “We’re not comfortable losing any of it,” she said. I had to laugh too. Of course, no one wants to lose any of their money. But with assets housed in mutual funds, 401(k)s, and stocks, there’s always going to be some measure of risk, not to mention fees to maintain such accounts. We always stand to lose something. So how much could they tolerate losing and still be okay to retire? The Schulers had to think about that for a while. After some quick calculations and hurried deliberation, they finally came up with a number. “I guess if we’re just roughly estimating,” Mark said, “I could see us subjecting about 10 percent of our retirement savings to the market’s ups and downs and still being all right.” Can you guess what percentage of their assets were at risk? After a careful examination of the Schulers’ portfolio, my team and I discovered 100 percent of their portfolio was actually invested in individual stocks—an investment option with very high risk! In fact, a large chunk of the Schulers’ money was invested in Pacific Gas & Electric Company (PG&E), a utility company that has been around for over one hundred years. Does that name sound familiar? When I met with the Schulers, PG&E stock was soaring. But you may remember the company name from several 2019 news headlines in which the electric and natural gas giant was accused of negligence that contributed to 30 billion dollars’ worth of damage caused by California wild fires. In the wake of that disaster, the company’s stock dropped by more than 60 percent in a matter of months. That’s how volatile individual stocks can be.

Financial options were systematically mispriced. The market often underestimated the likelihood of extreme moves in prices. The options market also tended to presuppose that the distant future would look more like the present than it usually did. Finally, the price of an option was a function of the volatility of the underlying stock or currency or commodity, and the options market tended to rely on the recent past to determine how volatile a stock or currency or commodity might be. When IBM stock was trading at $34 a share and had been hopping around madly for the past year, an option to buy it for $35 a share anytime soon was seldom underpriced. When gold had been trading around $650 an ounce for the past two years, an option to buy it for $2,000 an ounce anytime during the next ten years might well be badly underpriced. The longer-term the option, the sillier the results generated by the Black-Scholes option pricing model, and the greater the opportunity for people who didn’t use it.

To live and strive in modern America is to participate in a series of morally fraught systems. If a family’s entire financial livelihood depends on the value of its home, it’s not hard to understand why that family would oppose anything that could potentially lower its property values, like a proposal to develop an affordable housing complex in the neighborhood. If an aging couple’s nest egg depends on how the stock market performs, it’s not hard to see why that couple would support legislation designed to yield higher returns, even if that means shortchanging workers. Social ills—segregation, exploitation—can be motivated by bigotry and selfishness as well as by the best of intentions, such as protecting our children. Especially protecting our children. These arrangements create what the postwar sociologist C. Wright Mills called “structural immorality” and what the political scientist Jamila Michener more recently labeled exploitation “on a societal level.”[27] We are connected, members of a shared nation and a shared economy, where the advantages of the rich often come at the expense of the poor. But that arrangement is not inevitable or permanent. It was made by human hands and can be unmade by them.

My wife has a sweet tooth but is also very health conscious. Over more than two decades, she has followed a simple yet powerful way of avoiding the enticement of desserts. Our fridge just doesn’t have any. In my view, the best way to avoid investing in bad businesses is to ignore them and their stock prices. We never discuss what we consider bad companies or industries in our team meetings. Never. It doesn’t matter if an airline has declared spectacular results recently or if every analyst recommends buying airline shares. We are indifferent to a public sector bank that has hired a new CEO from the private sector and has pushed its stock price to an all-time high. We ignore an infrastructure business that has been awarded a new multibillion-dollar contract and a gold loan business that has announced 30 percent ROE in its latest quarterly result and is touted by the bulls to be the next billion-dollar opportunity. No one on our team is allowed to utter the famous last words of many investors: “This time, it’s different.” If we never discuss a business, how will we ever buy it? No sweets in the fridge: no snacking possible.

The men at the Division Headquarters of Taggart Transcontinental avoided looking at one another, when the break of the telephone line was discovered and reported. They made statements painfully miscalculated to seem to refer to the problem, yet to state nothing, none fooling the others. They knew that copper wire was a vanishing commodity, more precious than gold or honor; they knew that the division storekeeper had sold their stock of wire weeks ago, to unknown dealers who came by night and were not businessmen in the daytime, but only men who had friends in Sacramento and in Washington—just as the storekeeper, recently appointed to the division, had a friend in New York, named Cuffy Meigs, about whom one asked no questions. They knew that the man who would now assume the responsibility of ordering repairs and initiating the action which would lead to the discovery that the repairs could not be made, would incur retaliation from unknown enemies, that his fellow workers would become mysteriously silent and would not testify to help him, that he would prove nothing, and if he attempted to do his job, it would not be his any longer. They did not know what was safe or dangerous these days, when the guilty were not punished, but the accusers were; and, like animals, they knew that immobility was the only protection when in doubt and in danger. They remained immobile; they spoke about the appropriate procedure of sending reports to the appropriate authorities on the appropriate dates.

AIE was founded by Andrew Baxter and shows people how to trade and buy shares on the stock market, along with different trading strategies. AIE main focus in the recent years have been around Options Trading Strategies; mainly Covered Calls. Clients also receive Trade Recommendations, Advice and Tips about the markets, whether it's the Australian Markets (ASX) or the US markets.

The long-term increase in the stock market is entirely the result of the increase in long-term dividends and earnings growth of the companies that make up the market. How much investors are willing to pay for those earnings and dividends will change constantly. Much of these fluctuations have to do with speculation, but most of them have to do with the fact that investors are constantly projecting out the recent past into an uncertain future. That doesn't mean the odds are stacked against individual investors; just the ones who are unable to control their emotions.

Some investment advisors have turned against dollar-cost averaging because, as even Burt Malkiel admits, it’s not the most productive strategy for investing in the stock market when it keeps going straight up—like it’s been doing in the years following the recent Great Recession.

That’s obvious, right? And there have been recent studies, including one by Vanguard in 2012, showing that in rolling ten-year periods over the past 80 years in the US, UK, and Australian stock markets, lump-sum investing has outperformed dollar-cost averaging more than two-thirds of the time.

Few want to consider that a great catastrophe could have erased almost all the evidence of earlier history… We also have a “normalcy bias” that makes it easy to assume that if the last few thousand years have been geologically stable then it always will be.  Most people assume that human civilization has been on a track of upwards, linear progress from the Stone Age to the Space Age – and that the future will see the same stability and progress as the recent past.  The same normalcy bias often destroys stock market investors, who want to believe that many years of a rising market mean it will continue to rise forever – when in fact there are known boom and bust cycles that eventually crush those who aren’t watching for signs that the party is ending soon.

The pretty town of Bolzano is in the mountainous northeastern part of the country, in the Trentino-Alto Adige region, a recent addition to Italy that was chipped away from Austria in 1919 by the Allies as a reward to the Italians for fighting the Germans. Its history is complicated. Its boundaries have been rigged and gerrymandered by whoever happened to have the larger army. Many of its residents consider themselves to be of Germanic stock and certainly look like it. Most speak German first and Italian second, often reluctantly. Other Italians are known to whisper, “Those people aren’t real Italians.” Efforts to Italianize, Germanize, and homogenize the population all failed miserably, but over time a pleasant truce evolved, and life is good. The culture is pure Alpine.

Cultures in scaling startups can fracture in two ways. First, “old guard versus new guard” conflicts may arise if early team members resent the growing power of specialists or some new employees’ lack of initiative and commitment. Recent hires, in turn, may be jealous of early employees who’ve amassed enormous stock option gains (“That engineer in the next cubicle does the same thing I do, and she just made $5 million”). Second, as specialists are added to the staff and their units expand, functions can develop their own subcultures. Employees may feel a stronger sense of attachment to their functional unit—say, marketing or warehouse operations—than to the venture overall.

Dave Packard in 1939 in a garage. Over the years, HP grew to be become a multinational information technology company, with revenues and assets of well over $100 billion. HP has often grown in recent years by acquiring other companies. Just as an individual is making an investment when he or she buys shares of stock, a corporation is making a much larger investment when it buys an entire company. And, just as reliable financial information is critical to individuals when making investment decisions, it is equally important when one company is considering

Hewlett-Packard (HP) was founded by Bill Hewlett and Dave Packard in 1939 in a garage. Over the years, HP grew to be become a multinational information technology company, with revenues and assets of well over $100 billion. HP has often grown in recent years by acquiring other companies. Just as an individual is making an investment when he or she buys shares of stock, a corporation is

Going Public Per my recent comments, I am increasingly concerned about SpaceX going public before the Mars transport system is in place. Creating the technology needed to establish life on Mars is and always has been the fundamental goal of SpaceX. If being a public company diminishes that likelihood, then we should not do so until Mars is secure. This is something that I am open to reconsidering, but, given my experiences with Tesla and SolarCity, I am hesitant to foist being public on SpaceX, especially given the long term nature of our mission. Some at SpaceX who have not been through a public company experience may think that being public is desirable. This is not so. Public company stocks, particularly if big step changes in technology are involved, go through extreme volatility, both for reasons of internal execution and for reasons that have nothing to do with anything except the economy. This causes people to be distracted by the manic-depressive nature of the stock instead of creating great products. For those who are under the impression that they are so clever that they can outsmart public market investors and would sell SpaceX stock at the “right time,” let me relieve you of any such notion. If you really are better than most hedge fund managers, then there is no need to worry about the value of your SpaceX stock, as you can just invest in other public company stocks and make billions of dollars in the market.

The time has come to revise this enigmatic and most important term “Aryan.” It need no longer be flagrantly and prejudiciously bandied by anyone wishing to claim exalted racial status. It need no longer be used as an appellation by those deviants brandishing pseudo-scientific ideologies, and by those who have long misunderstood the facts concerning the origin, identity and fate of the various Indo-European and Semitic races. Importantly, recent discoveries made by Jewish and Gentile investigators alike conclusively prove that the so-called “Israelites” (those arch-enemies of would-be Aryans) were not racially Semitic after all. Like the “Aryans,” they too were racially Indo-European. Their language, Hebrew, was identical with Egyptian. Therefore, in our mind, the term “Semite” must henceforth be dropped as a racial appellation for the Bible’s “Chosen People.” As we show in Volume Two, the terms “Israelite” and “Judite” do not denote races. The terms were religious and theological, and defined cult rather than race. Israelites and Judites were conglomerated groups closely affiliated with and probably blood-related to the Hyksos Pharaohs of old, a fact confirmed by top Jewish historians. Thanks to the researches of Sigmund Freud, Comyns Beaumont, L. A. Waddell, Ahmed Osman, Ralph Ellis and Moustafa Gadalla, the true identity of the Israelites has finally come out into the open. Obviously, the fact that the alleged ancestors of the Jews were racially Indo-European, and of the same racial stock as the antagonists defamed and condemned in the name of spurious racial superiority, has poignant ramifications. It assists us to immediately and swiftly restore the grievously abused term “Aryan.” The term has simply been dragged through the mud by perfidious fools of the same race as the “Israelites” whom they gullibly believe to be inferior. Now that the hydrochloric acid of reason has been applied, now that the term has been thoroughly excavated from its bed of filth, its unadulterated and original meaning may be discerned. They were not an ethnic group or a nation as such, but rather a social category with a common lifestyle – Robert Cornman and J. M. Modrzejewski (The Jews of Egypt: From Rameses II to Emperor Hadrian) Not until Jacob in a somewhat obscure manner was told to call himself Israel was that name adopted and accorded to his twelve “sons:” but if we accept the explanation of Sanchoniathon, a Phoenician of Tyre, Cronus “whom Phoenicians called Israel” was king of Phoenicia, and it signified that these Chaldeo-Phoenician tribes were worshippers of Cronus-Saturn...for Jehovah was a far later importation. The name Israel has subsequently been misappropriated, for those Biblical Christians who term themselves Israelites in fact label themselves followers of a pagan deity – Comyns Beaumont (The Riddle of Prehistoric Britain)

stocks that have done great for the past three to five years are considered winners. Investors assume this past return is representative of what they can expect in the future. Investors like to chase winners and buy stocks of firms that have trended upward in price.5 However, losers tend to outperform winners over the next three years by 30 percent.6 Mutual fund investors also use this same extrapolating heuristic. The mutual funds listed in magazines and newspapers with the highest recent performance receive a flood of new investors. These investors are chasing the winners. Indeed, a study of investor mutual fund trades finds that the investors who follow mutual fund trends are investors who exhibit other behavioral biases in their investment activities.7 As this is not an optimal strategy, the return chasing money is often referred to as “dumb money.

Not all problems can be solved; just because you’ve assembled examples of inputs X and targets Y doesn’t mean X contains enough information to predict Y. For instance, if you’re trying to predict the movements of a stock on the stock market given its recent price history, you’re unlikely to succeed, because price history doesn’t contain much predictive information.

Sugar, my father has begun confessing to me. At first these weird confessions were small and insignificant, and I chalked them up to the fact that he was feeling his own mortality and therefore taking stock of his life. But more recently his confessions have turned into a crimes and misdemeanors festival that’s not fun for me at all. He’s been telling me about the many women he cheated on my mother with, about how he isn’t 100 percent certain that he hasn’t fathered other children, and tawdry sexual details that spawn visuals I do not want to have. He told me that when my mom got pregnant with me she didn’t want a fifth child so she wanted to abort me, but feared someone might find out so she canceled the appointment, but cut him off sex, which led to his first affair