S&p 500 Quotes

If you imagine the 4,500-bilion-odd years of Earth's history compressed into a normal earthly day, then life begins very early, about 4 A.M., with the rise of the first simple, single-celled organisms, but then advances no further for the next sixteen hours. Not until almost 8:30 in the evening, with the day five-sixths over, has Earth anything to show the universe but a restless skin of microbes. Then, finally, the first sea plants appear, followed twenty minutes later by the first jellyfish and the enigmatic Ediacaran fauna first seen by Reginald Sprigg in Australia. At 9:04 P.M. trilobites swim onto the scene, followed more or less immediately by the shapely creatures of the Burgess Shale. Just before 10 P.M. plants begin to pop up on the land. Soon after, with less than two hours left in the day, the first land creatures follow. Thanks to ten minutes or so of balmy weather, by 10:24 the Earth is covered in the great carboniferous forests whose residues give us all our coal, and the first winged insects are evident. Dinosaurs plod onto the scene just before 11 P.M. and hold sway for about three-quarters of an hour. At twenty-one minutes to midnight they vanish and the age of mammals begins. Humans emerge one minute and seventeen seconds before midnight. The whole of our recorded history, on this scale, would be no more than a few seconds, a single human lifetime barely an instant. Throughout this greatly speeded-up day continents slide about and bang together at a clip that seems positively reckless. Mountains rise and melt away, ocean basins come and go, ice sheets advance and withdraw. And throughout the whole, about three times every minute, somewhere on the planet there is a flash-bulb pop of light marking the impact of a Manson-sized meteor or one even larger. It's a wonder that anything at all can survive in such a pummeled and unsettled environment. In fact, not many things do for long.

Pretend your vagina is worth something of VALUE. Pretend it’s a $500 bill.   Would you give a man you just met a FREE $500 bill?

Nearly every time I strayed from the herd, I've made a lot of money. Wandering away from the action is the way to find the new action.

On a timeline that shows the 15 billion years of the universe as one year, the first human appears only at 10:30p on December 31 (about 3 million years ago). Stonehenge is built and Egyptian civilization arises at 11:50:54p (about 3,000 years ago). The Buddha appears on the timeline at 11:59:55p (2,500 years ago), and Christ shows up at 11:59:55p (2,000 years ago). The European Renaissance occurs at 11:59:59p (450 years ago), on the last day of the year.

Just 2 percent of the world’s population and 5 percent of white people in the U.S. have blond hair, but 35 percent of female U.S. senators and 48 percent of female CEOs at S&P 500 companies are

If you are trading S&P 500 stocks, for example, the average transaction cost (excluding commissions, which depend on your brokerage) would be about 5 basis points (that is, five-hundredths of a percent).

Broad-market indexes like S&P 500 must rise over the long term. The upward path is the only logical direction. Prices can be suppressed for a short period, but eventually, the index will continue its course.

Investors who focus on currencies, bonds, and stock markets generally assume a normal distribution of price changes: values jiggle up and down, but extreme moves are unusual. Of course, extreme moves are possible, as financial crashes show. But between 1985 and 2015, the S&P 500 stock index budged less than 3 percent from its starting point on 7,663 out of 7,817 days; in other words, for fully 98 percent of the time, the market is remarkably stable.

need to know three things to evaluate a CEO’s greatness: the compound annual return to shareholders during his or her tenure and the return over the same period for peer companies and for the broader market (usually measured by the S&P 500).

If you buy an S&P 500 index fund, your investment is highly diversified and its performance will match that of 500 leading U.S. corporations' stocks. Is it possible to lose all of your money? Yes, but the odds of that happening are slim and none. If 500 leading U.S. corporations all have their stock prices plummet to zero, the value of your investment portfolio will be the least of your problems. An economic collapse of that magnitude would make the Great Depression look like Lifestyles of the Rich and Famous.

A sense of duty pursues us ever. It is omnipresent, like the Deity. If we take to ourselves the wings of the morning, and dwell in the uttermost parts of the sea, duty performed or duty violated is still with us, for our happiness or our misery. If we say the darkness shall cover us, in the darkness as in the light our obligations are yet with us.   —Daniel Webster Argument on the Murder of Captain White, APRIL 6, 1830. VOL. VI., P. 105.

500,000 halos outshined the mud and history. We washed and drank in God's tears of joy, And for once…and for everyone…the truth was not a mystery. Love called to all…music is magic. As we passed over and beyond the walls of Nay, Hand in hand as we lived and made real the dreams of peaceful men— We came together…danced with the pearls of rainy weather, Riding the waves of music and space…music is magic…magic is life… Love as never loved before… Harmony to son and daughter…man and wife…

It goes something like this: I am one person among 6.5 billion people on Earth at the moment. That's one person among 6,500,000,000 people. That'a lot of Wembley Stadiums full of people, and even more double-decker buses (apparently the standard British measurements for size). And we live on an Earth that is spinning at 67,000 miles an hour through space around a sun that is the centre of our solar system (and our solar system is spinning around the centre of the Milky Way at 530,000 mph). Just our solar system (which is a tiny speck within the entire universe) is very big indeed. If Earth was a peppercorn and Jupiter was a chestnut (the standard American measurements), you'd have to place them 100 metres apart to get a sense of the real distance between us. And this universe is only one of many. In fact, the chances are that there are many, many more populated Earths - just like ours - in other universes. And that's just space. Have a look at time, too. If you're in for a good run, you may spend 85 years on this Earth. Man has been around for 100,000 years, so you're going to spend just 0.00085 percent of man's history living on this Earth. And Man's stay on Earth has been very short in the context of the life of the Earth (which is 4.5 billion years old): if the Earth had been around for the equivalent of a day (with the Big Bang kicking it all off at midnight), humans didn't turn up until 11.59.58 p.m. That means we've only been around for the last two seconds. A lifetime is gone in a flash. There are relatively few people on this Earth that were here 100 years ago. Just as you'll be gone (relatively) soon. So, with just the briefest look at the spatial and temporal context of our lives, we are utterly insignificant. As the Perspective Machine lifts up so far above the woods that we forget what the word means, we see just one moving light. It is beautiful. A small, gently glowing light. It is a firefly lost somewhere in the cosmos. And a firefly - on Earth - lives for just one night. It glows beautifully, then goes out. And up there so high in our Perspective Machine we realize that our lives are really just like that of the firefly. Except the air is full of 6.5 billion fireflies. They're glowing beautifully for one night. Then they are gone. So, Fuck It, you might as well REALLY glow.

For example, trading in S&P 500-linked futures totaled more than $60 trillion(!) in 2011, five times the S&P 500 Index total market capitalization of $12.5 trillion. We also have credit default swaps, which are essentially bets on whether a corporation can meet the interest payments on its bonds. These credit default swaps alone had a notional value of $33 trillion. Add to this total a slew of other derivatives, whose notional value as 2012 began totaled a cool $708 trillion. By contrast, for what it’s worth, the aggregate capitalization of the world’s stock and bond markets is about $150 trillion, less than one-fourth as much. Is this a great financial system . . . or what!

Pulsaciones - 1,500 Oración de conflicto. B. ojo de águila, 50 = 1,500 T. R. A. C. P. E. M.

The same thing is true with weekday nights. If work can claim hours after 5:00 p.m., then life should be able to claim hours before 5:00 p.m. Balance, remember. Give and take.

The global aid community is mobilised into fighting drought in a district that gets 1,500 mm of rainfall annually. The reverse spiral begins. Donor governments love emergency relief. It forms a negligible part of their spending, but makes for great advertising. (Emergencies of many sorts do this, not just drought. You can run television footage of the Marines kissing babies in Somalia.) There are more serious issues between rich and poor nations—like unequal trade. Settling those would be of greater help to the latter. But for that, the ‘donors’ would have to part with something for real. No. They prefer emergency relief.

While we advance exponentially in technological capability, our spiritual or 'biological technology,' our maturity as a species, is still two or three thousand years in the past. This is because many of us live according to ideas that were original and groundbreaking... in 500 B.C. Most people are unwilling or unable to ask the hard questions- as in, why do we do things the way we do, and what will the end results be?" (p.120) Generation Hex

The world remembers the battle ever since by the taxis. A hundred of them were already in the service of the Military Government of Paris. With 500 more, each carrying five soldiers and making the sixty-kilometer trip to the Ourcq twice, General Clergerie figured he could transport 6,000 troops to the hard-pressed front. The order was issued at 1:00 P.M., the hour for departure fixed for 6:00 P.M. Police passed the word to the taxis in the streets. Enthusiastically the chauffeurs emptied out their passengers, explaining proudly that they had to “go to the battle.” Returning to their garages for gas, they were ordered to the place of assembly where at the given time all 600 were lined up in perfect order. Gallieni, called to inspect them, though rarely demonstrative, was enchanted. “Eh bien, voilà au moins qui n’est pas banal!” (Well, here at least is something out of the ordinary!) he cried. Each with its burden of soldiers, with trucks, buses, and assorted vehicles added to the train, the taxis drove off, as evening fell—the last gallantry of 1914, the last crusade of the old world.

Mayflower-Plymouth has created The Permaculture Index as an alternative to the Dow Jones Industrial Average, the S&P, the Nasdaq and the Nikkei. The purpose of The Permaculture Index is to provide a more holistic representation of the health of the economy. And then we have several sub-indices which aim to present a more holistic representation of specific markets.

So tell me, Ray, what are the percentages you would put in stocks? What percentage in gold? and so on."... "First, he said, we need 30% in stocks (for instance, the S&P 500 or other indexes for further diversification in this basket)... "Then you need long-term government bonds. Fifteen percent in intermediate term [seven- to ten-year Treasuries] and forty percent in long-term bonds [20- to 25-year Treasuries]."... He rounded out the portfolio with 7.5% in gold and 7.5% in commodities... Lastly, the portfolio must be rebalanced. Meaning, when one segment does well, you must sell a portion and reallocate back to the original allocation. This should be done at least annually, and, if done properly, can actually increase tax efficiency. p390

As soon as my watch showed 5:00 p.m., I walked in. Gene was at the lectern of the darkened theatre, still talking, apparently oblivious to time, responding to a question about funding. My entrance had allowed a shaft of light into the room, and I realized that the audience's eyes were now on me, as if expecting me to say something. 'Time's up,' I said. 'I have a meeting with Gene.

Churchill admired the division of powers in the American government, but he thought they were copied from much older British practices. In 1950 he said: [T]he division of ruling power has always been for more than 500 years the aim of the British people. The division of power is the keynote of our parliamentary system and of the constitutions we have spread all over the world. The idea of checks and counter checks; the resistance to the theory that one man, or group of men, can by sweeping gestures and decisions reduce all the rest of us to subservience; these have always been the war cries of the British nation and the division of power has always been one of the war cries of the British people. And from here the principle was carried to America. The scheme of the American Constitution was framed to prevent any one man or any one lot, getting arbitrary control of the whole nation.

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

In cases of invasion or insurrection, if the town-officers neglect to furnish the necessary stores and ammunition for the militia, the township may be condemned to a fine of from $200 to $500. It may readily be imagined that in such a case it might happen that no one cared to prosecute; hence the law adds that all the citizens may indict offences of this kind, and that half of the fine shall belong to the plaintiff. See Act of March 6, 1810, vol. ii. p. 236.

The economic pie of 2014 is far larger than the pie of 1500, but it is distributed so unevenly that many African peasants and Indonesian labourers return home after a hard day's work with less food than did their ancestors 500 years ago. Much like the Agricultural Revolution, so too the growth of the modern economy might turn out to be a colossal fraud. The human species and the global economy may well keep growing, but many more individuals may live in hunger and want. (p. 372)

What else has changes since 1984? Oil's running our, I say Earth's population is eight billion, mass extinction of flora and fauna are commonplace, climate change is foreclosing the Holocene Era. Aparteid's dead, as are the Castros in Cuba as is privacy. The USSR went bankrupt; the Eastern bloc collapsed; Germany reunified; the EU has gone federal; China's a powerhouse- though their air is industrial effluence in a gaseous state - and North Korea is still a gulag run by a coiffed cannibal. p 500

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

Total available Calories divided by Population equals Artistic-Technological Style. When the ratio Calories-to-Population is large—say, five thousand or more, five thousand daily calories for every living person—then the Artistic-Technological Style is big. People carve Mount Rushmore; they build great foundries; they manufacture enormous automobiles to carry one housewife half a mile for the purchase of one lipstick. Life is coarse and rich where C:P is large. At the other extreme, where C:P is too small, life does not exist at all. It has starved out. Experimentally, add little increments to C:P and it will be some time before the right-hand side of the equation becomes significant. But at last, in the 1,000 to 1,500 calorie range, Artistic-Technological Style firmly appears in self-perpetuating form. C:P in that range produces the small arts, the appreciations, the peaceful arrangements of necessities into subtle relationships of traditionally agreed-upon virtue. Think of Japan, locked into its Shogunate prison, with a hungry population scrabbling food out of mountainsides and beauty out of arrangements of lichens. The small, inexpensive sub-sub-arts are characteristic of the 1,000 to 1,500 calorie range.

The last 500 years have witnessed a phenomenal and unprecedented growth in human power. In the year 1500, there were about 500 million Homo sapiens in the entire world. Today, there are 7 billion. The total value of goods and services produced by humankind in the year 1500 is estimated at $250 billion, in today's dollars. Nowadays the value of a year of human production is close to $60 trillion. In 1500, humanity consumed about 13 trillion calories of energy per day. Today, we consume 1,500 trillion calories a day. (Take a second look at those figures - human population has increased fourteenfold, production 240-fold, and energy consumption 115-fold.) (p.275)

Data sliced sufficiently finely begin once again to tell stories. The top 1 percent of the income distribution—representing household incomes in excess of roughly $475,000—comprises only about 1.5 million households. If one adds up the numbers of vice presidents or above at S&P 1500 companies (perhaps 250,000), professionals in the finance sector, including in hedge funds, venture capital, private equity, investment banking, and mutual funds (perhaps 250,000), professionals working at the top five management consultancies (roughly 60,000), partners at law firms whose profits per partner exceed $400,000 (roughly 25,000), and specialist doctors (roughly 500,000), this yields perhaps 1 million people. These are surely not all one-percenters, but they are all plausibly parts of the top 1 percent, and this group might comprise half—a sizable share—of 1 percent households overall. At the very least, the people in these known and named jobs constitute a material, rather than just marginal or eccentric, part of the top 1 percent of the income distribution. They are also, of course, the people depicted in journalistic accounts of extreme jobs—the people who regularly cancel vacation plans, spend most of their time on the road, live in unfurnished luxury apartments, and generally subsume themselves in work, encountering their personal lives only occasionally, and as strangers.

Sample House-training Schedule for a Young Puppy 6:30 a.m. Rise. Walk pup briefly. 7:00 a.m. Feed pup and offer a drink of water. Walk puppy. Return home and play briefly with pup. Pup stays in crate. Midmorning Walk pup. After walk, pup stays with owner fifteen minutes. Pup returns to crate. Noon–1:00 p.m Feed pup second meal and offer water. Walk puppy. Return home and play with pup. Pup returns to crate. Midafternoon Offer pup water. Walk puppy. Pup returns to crate. 5:00 p.m. Feed pup third meal and offer water. Walk puppy. Allow pup to play in kitchen while dinner is being prepared. 7:00 p.m. Walk pup briefly. Return home and play with puppy. Pup returns to create Before bed Walk pup. Puppy sleeps in crate or on a tether (preferably with metal chain) in your bedroom.

Look here, this is a book he had when he was a boy. It just shows you.” He opened it at the back cover and turned it around for me to see. On the last flyleaf was printed the word schedule, and the date September 12, 1906. And underneath: Rise from bed 6:00 a.m. Dumbell exercise and wall-scaling 6:15⁠–⁠6:30 “ Study electricity, etc. 7:15⁠–⁠8:15 “ Work 8:30⁠–⁠4:30 p.m. Baseball and sports 4:30⁠–⁠5:00 “ Practise elocution, poise and how to attain it 5:00⁠–⁠6:00 “ Study needed inventions 7:00⁠–⁠9:00 “ General Resolves No wasting time at Shafters or [a name, indecipherable] No more smokeing or chewing. Bath every other day Read one improving book or magazine per week Save $5.00 [crossed out] $3.00 per week Be better to parents “I came across this book by accident,” said the old man. “It just shows you, don’t it?

Socrates chose to drink hemlock rather than to follow morality in contravention of Athen's laws. As depicted in Plato's Crito dialogue, Socrates had been convicted by a jury of 500 Athenians of impiety and of corrupting the young. He was sentenced to die by drinking hemlock. His friend Crito tried to convince him to escape rather than to accept the immoral judgement of the Athenian state (Socrates had not corrupted the young but educated them.) Socrates responded by pointing out that he had lived in Athens as an Athenian citizen, accepting all of the benefits of its government and laws. On this basis, he had a type of "Social Contract" obligation to continue to accept the Athen's laws and legal judgement. He saw this as a moral obligation, even if the judgment at hand was itself immoral. Thus, for Socrates, and Plato, the law has its own morality, even when its results are immoral.

At the beginning of June 1944 electronics came to Bletchley. I was totally out of my depth there, but with various discreet questions from my esoteric sources, I gathered that our present Bombes were electromagnetic and that Professor Alan Turing, along with the electronic wizard T. E. Flowers of the Post Office Research Station at Dollis Hill, were working together desperately anxious to speed up the process of decipherment. Tommy Flowers decided to employ 1,500 thermionic valves instead of the electromagnetic relays. These apparently propelled the undertaking into the world of electronics and thus Colossus was born. The speed of decryption of this machine was remarkable and Colossus began operating at B.P. in February 1944, followed by Mark II using 2,400 valves. By the end of the war ten Colossi were in service at Bletchley. I am still bemused and confounded but thank God for Tommy Flowers and Alan Turing.

Putting it all together, fluctuations in attitudes and behavior combine to make the stock market the ultimate pendulum. In my 47 full calendar years in the investment business, starting with 1970, the annual returns on the S&P 500 have swung from plus 37% to minus 37%. Averaging out good years and bad years, the long-run return is usually stated as 10% or so. Everyone’s been happy with that typical performance and would love more of the same. But remember, a swinging pendulum may be at its midpoint “on average,” but it actually spends very little time there. The same is true of financial market performance. Here’s a fun question (and a good illustration): for how many of the 47 years from 1970 through 2016 was the annual return on the S&P 500 within 2% of “normal”—that is, between 8% and 12%? I expected the answer to be “not that often,” but I was surprised to learn that it had happened only three times! It also surprised me to learn that the return had been more than 20 percentage points away from “normal”—either up more than 30% or down more than 10%—more than one-quarter of the time: 13 out of the last 47 years. So one thing that can be said with total conviction about stock market performance is that the average certainly isn’t the norm. Market fluctuations of this magnitude aren’t nearly fully explained by the changing fortunes of companies, industries or economies. They’re largely attributable to the mood swings of investors. Lastly, the times when return is at the extremes aren’t randomly distributed over the years. Rather they’re clustered, due to the fact that investors’ psychological swings tend to persist for a while—to paraphrase Herb Stein, they tend to continue until they stop. Most of those 13 extreme up or down years were within a year or two of another year of similarly extreme performance in the same direction.

Our freedom was severely restricted by a series of anti-Jewish decrees: Jews were required to wear a yellow star; Jews were required to turn in their bicycles; Jews were forbidden to use street-cars; Jews were forbidden to ride in cars, even their own; Jews were required to do their shopping between 3:00 P.M. and 5:00 P.M.; Jews were required to frequent only Jewish-owned barbershops and beauty parlors; Jews were forbidden to be out on the streets between 8:00 P.M. and 6:00 A.M.; Jews were forbidden to attend theaters, movies or any other forms of entertainment; Jews were forbidden to use swimming pools, tennis courts, hockey fields or any other athletic fields; Jews were forbidden to go rowing; Jews were forbidden to take part in any athletic activity in public; Jews were forbidden to sit in their gardens or those of their friends after 8:00 P.M.; Jews were forbidden to visit Christians in their homes; Jews were required to attend Jewish schools, etc. You couldn’t do this and you couldn’t do that, but life went on.

Claims were made decades after the campaign by Jérôme and Larrey that Napoleon’s lethargy was the result of his suffering from haemorrhoids which incapacitated him after Ligny.74 ‘My brother, I hear that you suffer from piles,’ Napoleon had written to Jérôme in May 1807. ‘The simplest way to get rid of them is to apply three or four leeches. Since I used this remedy ten years ago, I haven’t been tormented again.’75 But was he in fact tormented? This might be the reason why he spent hardly any time on horseback during the battle of Waterloo – visiting the Grand Battery once at 3 p.m. and riding along the battlefront at 6 p.m. – and why he twice retired to a farmhouse at Rossomme about 1,500 yards behind the lines for short periods.76 He swore at his page, Gudin, for swinging him on to his saddle too violently at Le Caillou in the morning, later apologizing, saying: ‘When you help a man to mount, it’s best done gently.’77 General Auguste Pétiet, who was on Soult’s staff at Waterloo, recalled that His pot-belly was unusually pronounced for a man of forty-five. Furthermore, it was noticeable during this campaign that he remained on horseback much less than in the past. When he dismounted, either to study maps or else to send messages and receive reports, members of his staff would set before him a small deal table and a rough chair made of the same wood, and on this he would remain seated for long periods at a time.78

Your story isn’t powerful enough if all it does is lead the horse to water; it has to inspire the horse to drink, too. On social media, the only story that can achieve that goal is one told with native content. Native content amps up your story’s power. It is crafted to mimic everything that makes a platform attractive and valuable to a consumer—the aesthetics, the design, and the tone. It also offers the same value as the other content that people come to the platform to consume. Email marketing was a form of native content. It worked well during the 1990s because people were already on email; if you told your story natively and provided consumers with something they valued on that platform, you got their attention. And if you jabbed enough to put them in a purchasing mind-set, you converted. The rules are the same now that people spend their time on social media. It can’t tell you what story to tell, but it can inform you how your consumer wants to hear it, when he wants to hear it, and what will most make him want to buy from you. For example, supermarkets or fast-casual restaurants know from radio data that one of the ideal times to run an ad on the radio is around 5:00 P.M., when moms are picking up the kids and deciding what to make for dinner, and even whether they have the energy to cook. Social gives you the same kind of insight. Maybe the data tells you that you should post on Facebook early in the morning before people settle

Here are some of the handicaps mutual-fund managers and other professional investors are saddled with: With billions of dollars under management, they must gravitate toward the biggest stocks—the only ones they can buy in the multimillion-dollar quantities they need to fill their portfolios. Thus many funds end up owning the same few overpriced giants. Investors tend to pour more money into funds as the market rises. The managers use that new cash to buy more of the stocks they already own, driving prices to even more dangerous heights. If fund investors ask for their money back when the market drops, the managers may need to sell stocks to cash them out. Just as the funds are forced to buy stocks at inflated prices in a rising market, they become forced sellers as stocks get cheap again. Many portfolio managers get bonuses for beating the market, so they obsessively measure their returns against benchmarks like the S & P 500 index. If a company gets added to an index, hundreds of funds compulsively buy it. (If they don’t, and that stock then does well, the managers look foolish; on the other hand, if they buy it and it does poorly, no one will blame them.) Increasingly, fund managers are expected to specialize. Just as in medicine the general practitioner has given way to the pediatric allergist and the geriatric otolaryngologist, fund managers must buy only “small growth” stocks, or only “mid-sized value” stocks, or nothing but “large blend” stocks.6 If a company gets too big, or too small, or too cheap, or an itty bit too expensive, the fund has to sell it—even if the manager loves the stock. So

The most popular intermediate-term bond fund, among those advisers monitored by the Hulbert Financial Digest who have beaten the S&P 500 over the past 15 years, is the Vanguard Intermediate-Term Investment-Grade Fund, which charges annual fees of 0.20%, or $20 per $10,000 invested.

Consider the following investing strategy: On the day before a Fed policy announcement, buy the stocks in the S&P 500 index. Sell them a week later, and buy them again the following week. Stick with that pattern until the Fed next meets. Sound ridiculous? A portfolio run this way since early 1994, when the Fed's policy-setting committee began publicly announcing interest rate decisions, would have returned about 650%. That is significantly better than the S&P 500's total return over the entire period of about 505%. The pattern of stocks performing

That last part is key: without negatively impacting the overall returns. Every index will beat the S&P 500 at one point in time or another, but keeping each of those indices in the rotation universe sometimes makes matters worse over the long term.

Ownership is dead. Access is the new imperative. International Data Corporation (IDC) predicts that by 2020, 50 percent of the world’s largest enterprises will see the majority of their business depend on their ability to create digitally enhanced products, services, and experiences. Focusing on services over products is also a sound business strategy. Zuora’s Subscription Economy Index, which you’ll find at the end of this book, shows that subscription-based companies are growing eight times faster than the S&P 500 and five times faster than US retail sales.

No book needs 500 pages, but if it feels like 500 pages, then you're probably doing something right.

We need the implementation of the Smart Waterways Grid across India to harness 1,500 BCM of floodwater and connect the rivers and catchment areas as a single plane. The grid will receive 1,500 BCM of floodwater and act as a water grid so that water can be released to any deficient place and replenished during flood. It would act as a 15,000 kilometres-long national reservoir. It would be able to provide drinking water to 600 million people, irrigation to 150 million acres of land, and generate 60,000 MW of power. Due to ground water recharge, it would also save 4,000 MW of power. Each state can implement this mission with an outlay of approximately 50,000 crores with annual budgetary support, central government assistance, public-private consortia and with support from the World Bank in a BOOT (Build, Operate, Own and Transfer) based PPP model and this can be realized within 2020. Apart from this, an Integrated Water Resource Management system is also required to revive water bodies and tanks and build farm ponds and checkdams across India as well as increase irrigation infrastructure and groundwater potential, thereby enhancing the safe drinking water resources of the nation.

40 percent of S&P 500 CEOs come from sales & marketing backgrounds

More significantly, Google isn’t some sweetly baited trap designed to trick people into staying at the office working all the time. Why would we care how many hours people work, if their output is good? And the reality is that where you work shouldn’t matter at all. It’s absolutely necessary to have teams come together, and we get great product ideas and partnerships resulting from people bumping into each other. But do I want people in the office from 9:00 a.m. to 5:00 p.m.? Is there any reason I’d want them there earlier? Or later? People should and do come and go as they please. Many engineers don’t roll in until 10:00 a.m. or later. After they head home, there’s another burst of activity online in the evenings as people log back in. It’s not up to us to tell people when they should be creative.

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Percentage of Actively Managed Mutual Funds Outperformed by the S&P 500 Index (Periods through June 30, 2012) Sources: Lipper and The Vanguard Group.

Average Annual Returns of Actively Managed Mutual Funds Compared with S&P 500 20 years, Ending June 30, 2012 Sources: Lipper, Wilshire, and The Vanguard Group. S&P 500 Index Fund 8.34% Average Active Equity Mutual Funda 7.00% Shortfall +1.34%

Q. Some of the index fund providers today are charging operating expenses considerably higher than, say, Vanguard ever has. In fact, some are charging more than even active funds! Is there a limit to what one should ever pay for an index product? What should that limit be? A. I would draw the line at 0.20 percent in yearly operating expenses for a broad-market index fund. There's not much reason to pay more than that, and some broad-market index funds charge a lot more. A firm like Morgan Stanley, for example, charges what the traffic will bear, getting away with murder, and their investors are losing greatly in the process. [Author's note: The Morgan Stanley S&P 500 Index fund, A class (SPIAX), charges a front load (commission) of 5.25 percent, a net expense ratio of 0.64 percent, and a 12b-1 fee (ongoing marketing fee) of 0.24 percent.] It's absurd. The whole success of indexing depends on low cost. And there's no reason to charge a lot of money for an index fund, as the fund requires no management. In the case of international developed-world funds, I'd draw the line at 0.30 percent. And in the case of emerging markets, I wouldn't pay more than 0.40 percent. That's not to say that costs should be your only consideration in choosing an index fund — you also want a fund issued by a solid company with good people at the helm — but costs should always be paramount.

All the innovation workshops in the world would not have transformed P&G if A. G. Lafley had not designated a chief innovation officer, increased the number of design managers by more than 500 percent, built the P&G Innovation Gym, created a new approach to partnering with the outside world (“Connect and Develop”), and elevated innovation and design to core strategies of the company.

look no further than Peter A. Lawrence’s developmental biology text The Making of a Fly, which in April 2011 was selling for $23,698,655.93 (plus $3.99 shipping) on Amazon’s third-party marketplace. How and why had this—admittedly respected—book reached a sale price of more than $23 million? It turns out that two of the sellers were setting their prices algorithmically as constant fractions of each other: one was always setting it to 0.99830 times the competitor’s price, while the competitor was automatically setting their own price to 1.27059 times the other’s. Neither seller apparently thought to set any limit on the resulting numbers, and eventually the process spiraled totally out of control. It’s possible that a similar mechanism was in play during the enigmatic and controversial stock market “flash crash” of May 6, 2010, when, in a matter of minutes, the price of several seemingly random companies in the S&P 500 rose to more than $100,000 a share, while others dropped precipitously—sometimes to $0.01 a share. Almost $1 trillion of value instantaneously went up in smoke.

sixty-seven years.14 Not anymore. Today the final three Ds in our chain reaction can disassemble companies and disrupt industries almost overnight, reducing the average life span of a twenty-first-century S&P 500 company to only fifteen years. Ten years from now, according to research done at the Babson School of Business, more than 40 percent of today’s top companies will no longer

anybody buying a qualified plug-in electric car—the list of approved vehicles includes sleek, sporty cars like the $105,000 Tesla Model S P85D and the $138,000 BMW i8—can subtract up to $7,500 from the income tax he or she owes Uncle Sam.

Research from AQR compared the returns of the S&P 500 to those of the S&P 500 with a protective put overlay on top from 1996 through 2016. The annualized return of the S&P over that time was 5.1%. While the protective put strategy reduced volatility, it came with the expense of sacrificing nearly all the returns, with an annualized rate of a measly 1.8%. The resulting Sharpe ratio of the protective put strategy was a mere 0.14, much lower than the 0.32 of the S&P 500.

Two lists of potentially attractive stocks for covered writing are the 30 stocks making up the Dow Jones industrial average and the stocks in the S&P 500 Dividend Aristocrats index mentioned in Chapter 4.

Consumer staples usually underperform the S&P 500 during bull markets and outperform it during bear markets.

One of his first steps was to invite Fredric Wertham to his office for an interview that lasted from 5:00 p.m. until midnight. It wasn’t long before Leibowitz—imagining himself as a jury member listening to “the erudite doctor”—concluded that twelve ordinary men would be utterly “bewildered by the technical terminology of the psychiatrist” and view the concept of “catathymic crisis” as “nothing but psychiatric double talk.” Indeed, just a few years earlier, Wertham’s testimony as an expert witness had failed to save the life of Albert Fish, a man so extravagantly deranged that even some jurors who voted for his conviction believed he was insane. By the time their lengthy conference was over, Leibowitz, despite his high regard for “the sincere and capable doctor,” had eliminated him as a possible defense witness.2

Foster and Kaplan’s somewhat paradoxical finding that as a group, the long-term survivors in the S&P 500 underperformed the average. It is the constant entry of newcomers that keeps the average up.

The seventy-one-year-old Churchill is a creature of habit, rising each morning at 7:30 in his official residence at 10 Downing Street, just a half mile up the road from the Houses of Parliament. He works in bed until 11:00, whereupon he bathes, pours a weak Johnnie Walker Red scotch and water, and then works some more.3 He sips Pol Roger champagne with lunch at 1:00 p.m. Whenever possible, this is followed by a game of backgammon with Clementine at 3:30. He takes a ninety-minute nap at 5:00 p.m. Arising, Churchill bathes a second time, works for an hour, eats a sumptuous dinner at 8:00 p.m., and smokes a post-dinner cigar with a vintage Hine brandy. After that, he goes back to his study for more work until well past midnight.

The AR-57, also known as the AR Five Seven, is available as either an upper receiver for the AR-15/M16 rifle or a complete rifle, firing 5.7×28mm rounds from standard FN P90 magazines. It was designed by AR57 LLC and[3] was produced by AR57 of Kent, Washington, United States. The AR-57 PDW upper is a new design on AR-15/M16 rifles, blending the AR-15/M16 lower with a lightweight, monolithic upper receiver system chambered in FN 5.7×28mm. This model is also sold as a complete rifle, supplied with two 50-round P90 magazines.[1] The magazines mount horizontally on top of the front handguard, with brass ejecting through the magazine well. Hollow AR-15 magazines can be used to catch spent casings. Unlike the standard AR-15 configuration which uses a gas-tube system , the AR-57 cycles via straight blowback.[6] A fully automatic version exists and was marketed as a competitor to the P90 and other personal defense weapons.[7] Manufactured by the eponymous AR57 LLC, and chambered in 5.7x28mm, this upper is less powerful than the standard 5.56mm version, but it has certain tangible advantages, including reduced muzzle blast, a high practical rate of fire, nonexistent recoil, and the ability to use folding stocks. Since the buffer is located within the receiver, folding stocks may also be used for compact storage or carry. To load, place the base plate of a standard FN P90 magazine into the recess on the front of the upper, then press the feed lip side down on the catch located above and slightly back of the bolt. To charge, pull on the right-side nonreciprocating handle and release. The right-side charging hand placement makes it accessible for operation by the strong hand. Since it only has to be operated once every 50 shots, the time penalty for moving the hand off the pistol grip isn’t too great. Empties will eject downward through the nominal magazine well. Some people use a 20-round magazine body with the feed lips, spring and follower removed to act as a brass catcher. The magazine has no provision for activating the bolt lock when empty, but the bolt can be locked open using the catch on the lower. The upper runs very cleanly and reliably, requiring no maintenance after the first 500 shots. The AR57 comes with a medium fluted barrel, reasonable for a varmint rifle but excessive for a defensive carbine. Burning around six grains per shot, 5.7x28mm runs much cooler than 5.56mm, which burns four or more times as much. That yields much reduced muzzle blast and far greater heat endurance, of course at the cost of a roughly 40 percent slower bullet.

Does design pay off? The Design Management Institute partnered with Motiv Strategies to measure the return on design investment where it counts—in stock values. Over a 10-year period, a $10,000 investment in design-centric companies would have yielded returns 228 percent greater than the same investment in the S&P 500. And this is only an average.

In December 1972, Polaroid was selling for 96 times its 1972 earnings, McDonald’s was selling for 80 times, and IFF was selling for 73 times; the Standard & Poor’s Index of 500 stocks was selling at an average of 19 times. The dividend yields on the Nifty-Fifty averaged less than half the average yield on the 500 stocks in the S&P Index. The proof of this particular pudding was surely in the eating, and a bitter mouthful it was. The dazzling prospect of earnings rising up to the sky turned out to be worth a lot less than an infinite amount. By 1976, the price of IFF had fallen 40% but the price of U.S. Steel had more than doubled. Figuring dividends plus price change, the S&P 500 had surpassed its previous peak by the end of 1976, but the Nifty-Fifty did not surpass their 1972 bull-market peak until July 1980. Even worse, an equally weighted portfolio of the Nifty-Fifty lagged the performance of the S&P 500 from 1976 to 1990.

Matins (which Adso sometimes refers to by the older expression “Vigiliae”) Between 2:30 and 3:00 in the morning. Lauds (which in the most ancient tradition were called “Matutini” or “Matins”) Between 5:00 and 6:00 in the morning, in order to end at dawn. Prime Around 7:30, shortly before daybreak. Terce Around 9:00. Sext Noon (in a monastery where the monks did not work in the fields, it was also the hour of the midday meal in winter). Nones Between 2:00 and 3:00 in the afternoon. Vespers Around 4:30, at sunset (the Rule prescribes eating supper before dark). Compline Around 6:00 (before 7:00, the monks go to bed). The calculation is based on the fact that in northern Italy at the end of November, the sun rises around 7:30 A.M. and sets around 4:40 P.M. Prologue

How many times have you started your workday with a schedule and by 10:00 A.M. you were already completely off track or behind? Or how many times have you written a “to do” list in the morning but then found that by 5:00 P.M. the list was even longer? How many times have you looked forward to a quiet weekend at home with the family then found that by Saturday morning you were inundated with errands and play dates and unforeseen calamities? But here’s the good news: there is a way out.

. The Itinerary Friday 4:00 p.m. to 6:00 p.m.: Arrivals 6:00 p.m. to 7:00 p.m.: Cocktail hour/hors d’oeuvres 7:00 p.m.: Dinner on the deck Saturday 8:00 a.m.: Yoga by the pool/continental breakfast 10:00 a.m. to noon: Shopping in town Noon to 5:00 p.m.: Beach, lunch, pool 5:00 p.m. to 7:00 p.m.: Get ready for dinner; cocktails and snacks 7:30 p.m.: Dinner at Nautilus (suggested colors: black and/or white) 10:00 p.m.: Maxxtone at the Chicken Box! Sunday Free morning, continental breakfast Noon: Lunch at Galley Beach (suggested colors: hot pink or orange) 2:00 p.m.: Sail aboard Endeavor 7:00 p.m.: Pizza party 8:30 p.m.: Ice cream truck and fireworks on the beach Monday Departures

Inspired by Sharpe’s work, Fouse in 1969 recommended that Mellon launch a passive fund that would try to replicate only one of the big stock market indices, like the S&P 500 of America’s biggest companies. It got nixed by Mellon’s management. In the spring of 1970, he then proposed a fund that would systematically invest according to a dividend-based model devised by John Burr Williams—who had nearly two decades earlier inspired Markowitz’s work—but that too was summarily squashed. “Goddammit Fouse, you’re trying to turn my business into a science,” his boss told him.14

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

The three pioneering efforts weren’t perfect index funds, in that they didn’t buy every single stock in the S&P 500. Doing so would be too costly at a time when Wall Street firms still charged fixed commissions, and the tradability of smaller stocks in the blue-chip index was still poor. They were also simply too small to be able to buy all the stocks. To varying degrees, they replicated the benchmark through a process known as sampling—picking a broad but smaller subset of stocks that would best match the overall index.

However, inspired by the fund, WFIA in November 1973 launched a simpler fund open to all the bank’s institutional clients—seeded with $5 million from Wells Fargo’s own pension fund and an equal amount from Illinois Bell’s retirement system—that would simply seek to mimic the performance of the S&P 500.* At the time, this accounted for about two-thirds of the entire US stock market anyway,20 and the index was “capitalization-weighted”—in other words, the weighting of each company was according to its overall stock market value, and the fund would just have to buy an equal number of shares in each company. By 1976, Samsonite folded the money in its original vehicle into WFIA’s S&P 500 index fund.

Most’s eclectic background also provided the spark behind the invention of what would become known as the ETF. During his travels around the Pacific, he had appreciated the efficiency of how traders would buy and sell warehouse receipts of commodities, rather than the more cumbersome physical vats of coconut oil, barrels of crude, or ingots of gold. This opened up a panoply of opportunities for creative financial engineers. “You store a commodity and you get a warehouse receipt and you can finance on that warehouse receipt. You can sell it, do a lot of things with it. Because you don’t want to be moving the merchandise back and forth all the time, so you keep it in place and you simply transfer the warehouse receipt,” he later recalled.19 Most’s ingenious idea was to, after a fashion, mimic this basic structure. The Amex could create a kind of legal warehouse where it could place the S&P 500 stocks, and then create and list shares in the warehouse itself for people to trade. The new warehouse-cum-fund would take advantage of the growth and electronic evolution in portfolio trading—the simultaneous buying and selling of big baskets of stocks first pioneered by Wells Fargo two decades earlier—and a little-known aspect of mutual funds: They can do “in kind” transactions, exchanging shares in a fund for a proportional amount of the stocks it contains, rather than cash. Or an investor can gather the correct proportion of the underlying stocks and exchange them for shares in the fund. Stock exchange “specialists”—the trading firms on the floor of the exchange that match buyers and sellers—would be authorized to be able to create or redeem these shares according to demand. They could take advantage of any differences that might open up between the price of the “warehouse” and the stock it contained, an arbitrage opportunity that should help keep it trading in line with its assets. This elegant creation/redemption process would also get around the logistical challenges of money coming in and out continuously throughout the day—one of Bogle’s main practical concerns. In basic terms, investors can either trade shares of the warehouse between themselves, or go to the warehouse and exchange their shares in it for a slice of the stocks it holds. Or they can turn up at the warehouse with a suitable bundle of stocks and exchange them for shares in the warehouse. Moreover, because no money changes hands when shares in the warehouse are created or redeemed, capital gains tax can be delayed until the investor actually sells their shares—a side effect that has proven vital to the growth of ETFs in the United States. Only when an ETF is actually sold will investors have to pay any capital gains taxes due.

This may seem shrill, but in the United States, the birthplace of index investing, the trend is now stark, entrenched, and accelerating. Over the past decade, about 80 cents of every dollar that has gone into the US investment industry has ended up at Vanguard, State Street, and BlackRock. As a result, the combined stake in S&P 500 companies held by the Big Three has quadrupled over the past two decades, from about 5 percent in in 1998 to north of 20 percent today.

Meet one of the leading creative directors Roger Hooks, Jr. He is a renowned “S&P 500 Creative Executive”, who has successfully established his name in the creative industry. He possesses a boasted portfolio in package design of Pacific-Rim makers of entertainment PC peripherals and add-on cards with category best sellers up in down the aisles of Fry's Electronics, Micro Center, Ritz Camera, Best Buy, and Good Guys in their brick-and Mortar Hey-Day. Also, he is a Platinum Award winner in copywriting, a Gold Award winner in advertising campaigns, and a Gold Award winner in special events. So, if you are searching for a professional creative strategist, you must contact Roger Hooks, Jr. Feel free to reach out.

there’s an index that captures the developed world outside of the United States and Canada called the MSCI EAFE Index. MSCI is the company that maintains it, and EAFE stands for “Europe, Australasia, and the Far East.” Like the S & P 500, it works nicely as a market-cap-weighted index of the developed world outside of North America and is the oldest international stock market index out there, having been founded in

there’s an index that captures the developed world outside of the United States and Canada called the MSCI EAFE Index. MSCI is the company that maintains it, and EAFE stands for “Europe, Australasia, and the Far East.” Like the S & P 500, it works nicely as a market-cap-weighted index of the developed world outside of North America and is the oldest international stock market index out there, having been founded in 1969.

Les études littéraires bénéficiaient pour une part importante de l’évolution que nous venons de décrire. Cet élément est particulièrement visible en Tunisie, surtout pour les études d’arabe. Ces étudiants littéraires se destinaient massivement à la carrière d’enseignant (ce qu’attestent plusieurs témoignages ainsi que la brochure de juillet 1953). C’est que l’enseignement de l’arabe avait acquis un prestige très important, aux yeux des Sadikiens tout au moins. Mahmoud Messaadi nous a affirmé être sorti du collège Sadiki avec l’idée de servir l’arabe et la culture arabe. À la suite de Mohammed Attia (premier agrégé d’arabe tunisien en 1934 puis directeur du collège) et de Ali Belhaouane, de nombreux jeunes collégiens des années trente et quarante se sentirent investis d’une mission vis-à-vis de leur langue et de leurs successeurs. C’est ainsi que certains s’engagèrent dans des études d’arabe à l’université française dès les années trente : Mahmoud Messaadi passa sa licence à Paris de 1936 à 1939, et c’est la guerre qui a différé son agrégation (il fut le 4ᵉ agrégé d’arabe tunisien). Ahmed Adessalam lui aussi nous a dit être sorti de Sadiki avec l’ambition des former des jeunes, et certain d’être investi d’une « mission » : rendre l’enseignement de l’arabe aussi attrayant que celui du français. De ce fait, celui-ci a préparé sa licence d’arabe auprès de l’université d’Alger pendant la guerre, a enseigné à Sadiki dès 1944, puis est parti à Paris préparer son agrégation en 1947-1948. C’est aussi en cette période que Mzali, Bakir, Ben Miled et quelques autres ont accompli un parcours identique. Certes, tous les étudiants d’arabe n’étaient pas destinés à préparer l’agrégation (à commencer par les étudiants préparant le diplôme d’arabe de l’IHET qui n’étaient pas titulaires du baccalauréat). Mais ces étudiants sont là pour témoigner d’une sorte de mystique pour l’enseignement qui toucha nombre d’étudiants tunisiens. Les arabisants ne sont pas seuls dans ce mouvement comme en témoigne le succès de la propédeutique littéraire de l’IHET (30 étudiants musulmans en 1951-1952). Il est important de souligner que la profession d’enseignant, qui ne donnait pas un revenu analogue à celui des professions libérales (bien que le salaire soit correct), bénéficiait aussi d’un fort prestige social, et ce d’autant plus que l’enseignement était une denrée rare dans la Tunisie de cette fin de protectorat. Le magistère traditionnel de ulémas avait certainement rejailli en partie sur cette profession sécularisée. Pour conclure sur cette évolution, il est aussi probable que la réforme de la fonction publique tunisienne, et l’ouverture plus grande de l’administration aux Tunisiens, aient favorisé les études menant à la licence, porte d’entrée la plus noble de l’administration. D’autre part, il ne faut pas sous-estimer les pressions de la DGIP en faveur d’études autres que celles des facultés de droit et de médecine. C’est sur un ton très satisfait que l’auteur de la brochure de juillet 1952 conclut ainsi : « Plus de 500 jeunes se destinent à venir, demain, remplir dans la Régence des fonctions de premier plan dans les domaines les plus divers (médecins, avocats, professeurs, pharmaciens, ingénieurs, architectes…) ». (p175-176)

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.

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The magnitude of the underfunding was astronomical. One study of just the 348 companies in the S&P 500 with defined benefit pension programs concluded that this underfunding amounted to between $184 and $323 billion (if non-pension benefits, such as health benefits, are included, the deficit is in the range of $458 to $638 billion). A Merrill Lynch study showed that companies with off-balance-sheet pension liabilities that exceed their total equity value include Campbell Soup, Maytag, Lucent, General Motors, Ford, Goodyear, Boeing, U.S. Steel, and Colgate Palmolive. While the accounting standards may have disguised the true size of the pension liabilities, they were in fact real liabilities, obligations of the corporations to their workers. They represented a potential source of bankruptcy for many of America’s most important companies.

As much as we hate them, tantrums are very much a part of almost every child’s development. As soon as children are old enough to hold an idea in their head, that is, to remember what it was they wanted, they are old enough to have a tantrum about not getting it. Tantrums can begin as early as six months, but you don’t usually see the classic tantrum until the child is around fifteen to eighteen months old. When they end is a bit less predictable, as that variable has to do with your child’s development and with you, but they usually begin to ease up after three or three and a half years, and they certainly diminish in frequency. What causes a tantrum? Usually it is due to frustration or anger. In their mission to learn about the world, test limits, try out their autonomy, and be in control, young children will be thwarted at every turn. Their frustration level is certainly exacerbated by their lack of language skills and their inability to make things work the way they want. Tantrums are completely normal. And they really do make sense when you keep the young child’s agenda in mind: I know what I want. Yesterday at the birthday party I had ice cream. It was great. I want it again…now. You explain why ice cream is not a choice, and he has a screaming fit. But he hasn’t forgotten, and an hour later he tries again. Yes. Ice cream. That’s what I want. And each time he asks, you thwart his desire, over and over again, until he is exhausted and totally frustrated. Here comes the tantrum. It is universally accepted that the worst time of day is from around 5:00 P.M. to 7:00 P.M. or so. Many a parent complains about her child’s behavior being particularly challenging then. Your house becomes a “whinery.” I call it the “Piranha Hour”—that’s when mothers want to eat their young! At the end of the day, everyone in the family is at his worst. Your children have held it together all day, either at school or home, accepting various limits and basically doing what is expected of them. But this can only go on for so long, and there comes a boiling point. The limit testing, the sibling fighting, the back talk has to come out sometime. At the end of the day, it’s game over. Get ready, here it comes. You too have held it together all day long.

《#》 깨^톡: S p o 7 7 7 《#》 1) 토토총판처벌스턴트 식품이나 패스트푸드를 즐겨 먹는 사람 2) 지방질을 전혀 안 먹는 사람 3) 간질환, 담낭질환, 당뇨, 감상선기능 저하증, 정신적 스트레스가 많은 사람 4) 흡연자 아무리 많이 먹어도 안전한가? 하루 30--180mg까지는 장복해도 부작용이 없다. 단, 귤을 좋아하는 사람들은 알겠지만 하루 30mg이상을 먹게 되면 손바닥이 노랗게 된다. 베타카로텐은 주로 지방조직에 축적이 되므로 손-발바닥, 얼굴주름 부위가 노르스름하게 되는 것이다. 이 때 복용량을 줄이면 사라지므로 걱정할 필요는 없다. 항산화 방어벽의 주장격, 비타민C 노벨상 수상자토토총판처벌 Linus Pauling박사의 1970년 연구 발표가 기폭제가 되면서 비타민C는 그 어떤 영양제보다도 일반 대중들의 사랑을 받는 물질이 되었다. 비타민C가 우리 몸에서 하는 작용은 2가지로 하나는 항산화 작용이고, 또 다른 것은 항산화 작용과는 무관한 고유의 작용이다. 예를 들어 오랫동안 배 위에서 생활하는 선원에서 생기는 괴혈병을 고치거나 상처가 빨리 아물도록 해주는 것은 고유의 작용이다. 또 알레르기 증상을 줄여 주며 뼈, 치아, 잇몸, 혈관, 힘줄 등을 튼튼하게 해 준다. 통증을 더 느끼게 하며 철분이 잘 흡수되도록 해주고 스트레스를 이겨내는 호르몬이나 성호르몬의 생성을 돕기도 한다. 또 조직과 조직을 단단하게 엮어 주는 결체 조직을 형성하는 데 관여하며 세균에 대한 저항력을 높여 주기도 하는 등 그야말로 다양한 역할을 하는 중요한 물질이다. 토토총판처벌체가 스트레스를 받으면 이에 대처하기 위한 호르몬이 분비되는데, 이들을 스트레스 호르몬이라 한다. 종류로는 아드레날린, 노어아드레날린, 코르티코이드가 있고, 비타민C를 포함한 여러 비타민들이 이들의 합성과 대사에 관여한다. 또 비타민C는 근육 수축에 필요한 카르니틴이라는 물질의 대사에 관여하므로 부족시에는 피로현상이 오기도 한다. 감기의 경우도 비타민C의 긍정적 효과를 뒷받침하는 증거들이 꽤 많다. 예를 들면 하루 500mg--2g 정도의 양을 먹은 경우에 감기를 앓는 기간이 짧아졌으며 기침, 재채기, 코푸는 횟수 등도 줄어든다는 보고들이 그것이다. 따라서 현재로서는 비타민C 보충이 감기를 예방한다고는 할 수 없지만, 일단 감기에 걸린 경우는 증상이나 앓는 기간을 줄여 줄 수 있다고는 할 수 있으므로 감기에 걸린 경우는 충분한 비타민C를 섭취하도록 하라. 이러한 고유의 작용말고도 비타민C는 프리라디칼 제거를 통한 항산화 작용으로 우리 몸을 보호한다. 혈관에서는 지질이 부패되는 것을 막아서 동맥경화증을 예방한다. 눈이 산화되어 백내장이 생기는 것을 예방해 준다. 폐포를 둘러싸는 조직액 속의 비타민C는 혈액 수치보다 높으며, 오존이나 이산화질소 라디칼 같은 대기 오염물과 흡연의 피해로부터 폐를 보호하는 기능이 있다. 정낭액 내의 비타민C 수치도 혈액 내보다는 높으며 정자가 정상 기능을 하고 정자가 산화되어 불임증이 되는 것도 막는 데에 비타민C가 필요하다는 보고도 있다. 비타민C를 많이 먹으면 암이 고쳐지거나 암환자 수명이 길어진다는 명백한 증거는 아직 부족한 상태이다. 하지만 비타미C를 충분히 섭취하면 이미 생긴 암의 치료보다는 암의 생성을 예방하는 데 도움이 된다고 할 수 있다. 비타민C는 발암토토총판처벌자로 잘 알려진 나이트로사민이라는 물질의 생성을 억제하는 효과가 있다. 이것은 핫도그, 소시지, 햄, 베이컨 등의 가공육을 먹을 때 생기는 나이트라이트라는 물질로부터 만들어진다. 비타민C는 바로 이 나이트로사민이 생기는 것을 막는다. 그 결과 식도, 구강, 췌장, 위암 등의 소화기암은 물론 백혈병, 뇌암 등의 발생 감소에 중요한 기여를 한다. 만일 핫도그나 햄버거, 햄 등의 가공육을 먹을 때에는 가능한 비타민C가 풍부한 과일주스와 같이 먹도록 하라. 또 비타민C는 다른 항산화제를 도와 주기도 한다. 우리 몸 속의 지방이 있는 곳에서 가장 중요한 항산화 방어벽의 선봉장은 비타민E이다. 비타민C는 이런 비타민E가 다시 재생되도록 하는 일까지 한다. 비타민C는 이렇듯 체내 곳곳에서 프리라디칼과 대응하므로 하루에도 엄청난 양이 소모된다. 그래서 우리 몸은 이를 보상하기 위해서 자체로 글루타치온 페록시다제라는 효소작용을 통해 소모된 비타민C를 다시 재생하는 장치를 가지고 있다. 하지만 이것만으로는 한계가 있기 때문에 우리는 더 충분한 양을 보충해 주어야 한다. 비타민C의 기능 1. 각종 약물, 호르몬 등의 대사에 관여 2. 엽산을 안정시키고 효율성을 높이며 세포막에서 토코페롤의 재생 3. 면역 기능의조절 역할 4. 일부 음식물에 들어있는 암유발토토총판처벌자를 파괴한다. 특히 위암의 유발 요토토총판처벌으로 알려진 나이트로사민의 형성을 차단한다(주: 나이트로사민은 질산염, 아질산염, 아민으로부터 생기는 발암물질의 일종). 5. 단일산소와 히드록시 라디칼, 수퍼옥시드 라디칼의 제거 6. 대기오염(오존, 질산화물)이나 흡연에 의한 폐조직 액의 보호 7. 콜라겐(주: 세포 사이를 결합시키는 결합단백질의 일종)의 합성 과정에 필요 8. 식품으로부터의 철분 흡수 능력을 증가시켜 철분 결핍 빈혈 예방 효과 비타민C의 몇 가지 특성 토토총판처벌간은 체내에서 자체로 비타민C를 만들어 낼 수가 없다. 따라서 당연히 외부에서 필요량을 먹어야만 한다. 필요량을 보충할 때 가장 기본적이고 중요한 방법은 신선한 야채와 과일을 매일 먹는 것이다. 하지만 비타민C는 물, 더운 기온, 공기 중의 산소에 닿는 것에 매우 예민하여 파괴되므로 요리할 때 주의하여야 한다. 이미 말했지만 감자를 수확 후 1개월쯤 지난 것을 물에 담갔다가 빡빡 씻어 잘게 잘라서 푹푹 끓여 먹으면 다른 성분은 몰라도 비타민C는 거의 없는 감자가 되는 것이다. 이 점에 유념하여 요리를 하도록 하고 가능한 날로 먹을 수 있는 것은 신선한 채로 그대로 먹도록 하라. 얼마큼을 어떻게 먹어야 하나? 만일 하루도 안 빠지고 매일 매끼마다 신선한 야채와 과일을 먹는 습관을 가지고 있다면 여러분의 세포는 어느 정도 든든한 항산화 방어벽을 가지고 있다고 보아도 된다. 하지만 때때로 프리라디칼의 공격이 거세질 때에는 좀 힘이 겨울 수 있으므로 이를 위해서 약간의 보충제를 곁들이는 것이 바람직하다. 신선한 야채와 과일은 단순히 비타민C를 공급해 주는 것 이상의 효과가 있으므로 가장 먼저 이들에 대해 잘 알고 있어야 한다. 비타민C가 풍부한 식품 1. 야채: 1순위: 열무, 풋고추, 고추임(100g당 90--200mg) 2순위: 피망, 시금치, 연근, 케일 3순위: 양배추, 부추, 고구마, 감자, 양파 2. 과일: 1순위: 딸기(100g당 80--200mg) 2순위: 오렌지, 귤, 키위(오렌지주스 100CC당 15--35mg) 3순위: 사과, 레몬 항산화벽을 튼튼히 하기 위한 비타민C 복용법을 따져보기 전에 우선 비타민C 부족 증상이 이미 생긴 사람은 당장 보충을 시작하여야 한다. 우리 몸에 이미 비타민C가 바닥이 나기 시작했다는 것을 쉽게 알 수 있는 방법은 없을까? 만일 다음과 같은 증상이 있다면 일단 가능성이 있다. 즉, 이유없이 신경이 과민하고 불안, 우울한 사람, 이가 약하고 잇몸에서 피가 잘 나는 사람, 식욕이 없고 사지 근육이나 관절이 쑤시는 사람, 피부가 건조하고 상처가 잘 아물지 않으며 힘이 없는 사람, 감기같은 염증이 잘 걸리는 사람은 비타민C 보유 창고가 바닥이 나기 시작한 것으로 생각하고 보충을 시작하도록 하라. 이때 가장 쉬운 방법은 매일 감귤류, 사과 등을 1, 2개 먹는 것이다.

According to Yale professor Richard Foster, in the 1920s the average life span of an S&P 500 company was sixty-seven years.14 Not anymore. Today the final three Ds in our chain reaction can disassemble companies and disrupt industries almost overnight, reducing the average life span of a twenty-first-century S&P 500 company to only fifteen years. Ten years from now, according to research done at the Babson School of Business, more than 40 percent of today’s top companies will no longer exist.15 “By 2020,” comments Foster, “more than three quarters of the S&P 500 will be companies that we have not heard of yet.

Apple has $194 billion in cash on hand. That’s enough to buy 483 of the S&P 500 companies.

Amazingly, your brain has around 100 billion neurons, averaging around 5’000 connections each, which is similar to having 500 trillion microprocessors wired up together in a single network.

Its offshoot I2a2a1a1a1a (S7753) includes men of several surnames of Irish Gaelic origin, such as McGuinness, Callahan, McConville and McManus, indicating that S7753 arrived in Ireland before the development of surnames. The estimated date of the haplogroup is around AD 500, which makes a neat fit to the earliest reference to the Cruithin in AD 552 (see p. 169).41 84 Tree of Y-DNA haplogroup I2a2a1a1 (M284).

Frame your choices through this lens: season. If your kids are under five, you cannot possibly include the things I can with middle and high schoolers. You are ruled by a tiny army you created yourself. This is just how it is right now. If you have bigs like I do, we run a taxi service from 5:00 to 9:00 p.m. virtually every night. Evening real estate belongs to family for now. In ten years when they are gone, the story will change (sob). Perhaps you have a fabulous trick that no longer works, and you might need to set it aside for a season. Those are often the hardest cuts. The choices you make today may completely change in five years or even next year. Operate in the right-now. What does this season require of you? Unsure? Ask God. He is a wonderful advisor who always, always knows the Best Thing. He will help you sort it out. When you can’t trust your own discernment, you can certainly trust His. God has no agenda other than your highest good in His kingdom. There is no better leader through this minefield.

Mr. Herrmann said he expects the S&P 500 to rise only 5% to 7% in 2015, including about 2% from dividends. If yields keep rising, the 7% could be hard to reach, he said. The S&P 500 is up 1.6% for 2015 to date,

detect a market top, keep a close eye on the daily S&P 500, NYSE Composite, Dow 30, and Nasdaq Composite as they work their way higher. On one of the days in the uptrend, volume for the market as a whole will increase from the day before, but the index itself will show stalling action (a significantly smaller price increase for the day compared with the prior day’s much larger price increase). I call this “heavy volume without further price progress up.” The average doesn’t have to close down for the day, but in most instances it will, making the distribution (selling) much easier to see, as professional investors liquidate stock. The spread from the average’s daily high to its daily low may in some cases be a little wider than on previous days.

Why do investors fail to realize that money placed in a mutual fund that tries to pick “out-performing stocks” is unlikely to yield a better return than money invested in the S&P 500? If fund managers and investment advisers are so good at picking stocks, why are they risking your money rather than their own? Some

Standard & Poor’s Dow Jones Indices published a statistical analysis in 2016 detailing the dismal record of “active” portfolio managers: As is typically the case, about two-thirds of active large-capitalization managers underperformed the S&P 500 large-cap index during 2015. Nor

Index funds generally buy and hold all the securities within a particular index in a market cap—weighted fashion. Thus while an S&P 500 Index fund would own all five hundred stocks that comprise the index, it would not own an equal amount of each of the five hundred stocks. The largest holding might, for example, be 5 percent of the entire portfolio. There

In the competitive world of money management, performance is measured not by absolute returns but the returns relative to some benchmark. For stocks these benchmarks include the S&P 500 Index, the Wilshire 5000, global stock indexes, or the latest “style” indexes popular on Wall Street. But there is a crucially important difference about investing compared with virtually any other competitive activity: Most of us have no chance of being as good as the group of individuals who practice for hours to hone their skills. But anyone can be as good as the average investor in the stock market with no practice at all. The

Women became 50 percent of the college graduates in the United States in the early 1980s.5 Since then, women have slowly and steadily advanced, earning more and more of the college degrees, taking more of the entry-level jobs, and entering more fields previously dominated by men. Despite these gains, the percentage of women at the top of corporate America has barely budged over the past decade.6 A meager twenty-three of the S&P 500 CEOs are women.7 Women hold about 25 percent of senior executive positions, 19 percent of board seats, and constitute 19 percent of our elected congressional officials.8

There a re more than 500,000 types of plant in the world. And each species possesses its own special planning within itself and features particular to that species. Together with the same perfect basic systems found in all of them, there is also an unparalleled diversity in terms of re p ro d u c t i v e systems, defence mechanisms, colour, and design. The only unchanging thing in all this is the reality that the parts of the plants (leaves, ro o t s , stems) and many other mechanisms, must exist at once and with no defects so that the general system, the body, can function.

A little later on, Phil ran what became one of the most famous item promotions in our history. We sent him down to open store number 52 in Hot Springs, Arkansas—the first store we ever opened in a town that already had a Kmart. Phil got there and decided Kmart had been getting away with some pretty high prices in the absence of any discounting competition. So he worked up a detergent promotion that turned into the world’s largest display ever of Tide, or maybe Cheer—some detergent. He worked out a deal to get about $1.00 off a case if he would buy some absolutely ridiculous amount of detergent, something like 3,500 cases of the giant-sized box. Then he ran it as an ad promotion for, say, $1.99 a box, off from the usual $3.97. Well, when all of us in the Bentonville office saw how much he’d bought, we really thought old Phil had completely gone over the dam. This was an unbelievable amount of soap. It made up a pyramid of detergent boxes that ran twelve to eighteen cases high—all the way to the ceiling, and it was 75 or 100 feet long, which took up the whole aisle across the back of the store, and then it was about 12 feet wide so you could hardly get past it. I think a lot of companies would have fired Phil for that one, but we always felt we had to try some of this crazy stuff. PHIL GREEN: “Mr. Sam usually let me do whatever I wanted on these promotions because he figured I wasn’t going to screw it up, but on this one he came down and said, ‘Why did you buy so much? You can’t sell all of this!’ But the thing was so big it made the news, and everybody came to look at it, and it was all gone in a week. I had another one that scared them up in Bentonville too. This guy from Murray of Ohio called one day and said he had 200 Murray 8 horsepower riding mowers available at the end of the season, and he could let us have them for $175. Did we want any? And I said, ‘Yeah, I’ll take 200.’ And he said, ‘Two hundred!’ We’d been selling them for $447, I think. So when they came in we unpacked every one of them and lined them all up out in front of the store, twenty-five in a row, eight rows deep. Ran a chain through them and put a big sign up that said: ‘8 h.p. Murray Tractors, $199.’ Sold every one of them. I guess I was just always a promoter, and being an early Wal-Mart manager was as good a place to promote as there ever was.

Lion Daily Schedule 5:30 a.m.: Wake up, no snooze. 5:45 a.m.: Breakfast: high-protein, low-carb. 6:15 a.m. to 7:00 a.m.: Big-picture conceptualizing and organizing. Morning meditation. 7:00 a.m. to 7:30 a.m.: Sex. If you have kids who need help getting ready for school, make it a quickie. 7:30 a.m. to 9:00 a.m.: Cool shower, get dressed, interact with friends or family before heading to work. 9:00 a.m.: Small snack: 250 calories, 25 percent protein, 75 percent carbs. Ideally, have it at a breakfast meeting. 10:00 a.m. to 12:00 p.m.: Personal interactions, morning meetings, phone calls, emails, strategic problem solving. 12:00 p.m. to 1:00 p.m.: Balanced lunch. Go outside for sunlight exposure, if possible. 1:00 p.m. to 5:00 p.m.: Creative thinking time. Listen to music, catch up on reading and journaling. In a workplace setting, lead or attend brainstorming meetings. 5:00 to 6:00 p.m.: Exercise, preferably outdoors, followed by a cool shower. 6:00 p.m. to 7:00 p.m.: Dinner. Keep it balanced—equal parts protein, carbs, and healthy fats. A carb-heavy meal like pasta might make you crash. 7:30 p.m.: Last call for alcohol. A drink after this hour will knock you out. 7:00 p.m. to 10:00 p.m.: Socialize on the town, or connect with loved ones online while relaxing at home. You bought yourself an extra hour, so make the most of it! 10:00 p.m.: Be in your home environment by now. Turn off all screens to begin the downshift before bed. 10:30 p.m.: Go to sleep.

The superior performance of the original S&P 500 firms surprises most investors. But value investors (as described in Chapter 12) know that growth stocks often are priced too high, and excitement over their prospects often induces investors to pay too high a price. Profitable firms that do not catch investors’ eyes are often underpriced. If investors reinvest the dividends of such firms, they are buying undervalued shares that will add significantly to their return.

Churchill is a creature of habit, rising each morning at 7:30 in his official residence at 10 Downing Street, just a half mile up the road from the Houses of Parliament. He works in bed until 11:00, whereupon he bathes, pours a weak Johnnie Walker Red scotch and water, and then works some more.3 He sips Pol Roger champagne with lunch at 1:00 p.m. Whenever possible, this is followed by a game of backgammon with Clementine at 3:30. He takes a ninety-minute nap at 5:00 p.m. Arising, Churchill bathes a second time, works for an hour, eats a sumptuous dinner at 8:00 p.m., and smokes a post-dinner cigar with a vintage Hine brandy. After that, he goes back to his study for more work until well past midnight. Unless