Sellers Market Quotes

So smile when you read a headline that says “Investors lose as market falls.” Edit it in your mind to “Disinvestors lose as market falls—but investors gain.” Though writers often forget this truism, there is a buyer for every seller and what hurts one necessarily helps the other. (As they say in golf matches: “Every putt makes someone happy.”)

Every day, to earn my daily bread I go to the market where lies are bought Hopefully I take up my place among the sellers.

A critical test of any product: Does it have a purpose? Does it add value to the world? How will it improve the lives of the people who buy it?

In the City Market is the Meet Café. Followers of obsolete, unthinkable trades doodling in Etruscan, addicts of drugs not yet synthesized, pushers of souped-up harmine, junk reduced to pure habit offering precarious vegetable serenity, liquids to induce Latah, Tithonian longevity serums, black marketeers of World War III, excusers of telepathic sensitivity, osteopaths of the spirit, investigators of infractions denounced by bland paranoid chess players, servers of fragmentary warrants taken down in hebephrenic shorthand charging unspeakable mutilations of the spirit, bureaucrats of spectral departments, officials of unconstituted police states, a Lesbian dwarf who has perfected operation Bang-utot, the lung erection that strangles a sleeping enemy, sellers of orgone tanks and relaxing machines, brokers of exquisite dreams and memories tested on the sensitized cells of junk sickness and bartered for raw materials of the will, doctors skilled in the treatment of diseases dormant in the black dust of ruined cities, gathering virulence in the white blood of eyeless worms feeling slowly to the surface and the human host, maladies of the ocean floor and the stratosphere, maladies of the laboratory and atomic war... A place where the unknown past and the emergent future meet in a vibrating soundless hum... Larval entities waiting for a Live One...

Each new work competes for customers with everything that came before it and everything that will come after.

This place isn't a town — I shouldn't call it that. It's a shopping mall. And the only people here are the buyers, the sellers, and the products.

Nothing has sunk more creators and caused more unhappiness than this: our inherently human tendency to pursue a strategy aimed at accomplishing one goal while simultaneously expecting to achieve other goals entirely unrelated.

People claim to want to do something that matters, yet they measure themselves against things that don’t, and track their progress not in years but in microseconds. They want to make something timeless, but they focus instead on immediate payoffs and instant gratification.

From sacrifice comes meaning. From struggle comes purpose. If you’re to create something powerful and important, you must at the very least be driven by an equally powerful inner force. If

All these words from the seller, but not one word from the sold. The Kings and Captains whose words moved ships. But not one word from the cargo. The thoughts of the “black ivory,” the “coin of Africa,” had no market value. Africa’s ambassadors to the New World have come and worked and died, and left their spoor, but no recorded thought.

A propaganda model has a certain initial plausibility on guided free-market assumptions that are not particularly controversial. In essence, the private media are major corporations selling a product (readers and audiences) to other businesses (advertisers). The national media typically target and serve elite opinion, groups that, on the one hand, provide an optimal “profile” for advertising purposes, and, on the other, play a role in decision-making in the private and public spheres. The national media would be failing to meet their elite audience’s needs if they did not present a tolerably realistic portrayal of the world. But their “societal purpose” also requires that the media’s interpretation of the world reflect the interests and concerns of the sellers, the buyers, and the governmental and private institutions dominated by these groups.

Did you ever think our misfortune is directly related to your good fortune? Maybe the house your parents bought was on the market because the sellers didn't want my mama in the neighborhood. Maybe the good grades that eventually led you to law school were possible because your mama didn't have to work eighteen hours a day, and was there to read to you at night, or make sure you did your homework. How often do you remind yourself how lucky you are that you own your house, because you were able to build up equity through generations in a way families of color can't? How often do you open your mouth at work and think how awesome it is that no one's thinking you're speaking for everyone with the same skin color you have? How hard is it for you to find the greeting card for your baby's birthday with a picture of a child that has the same color skin as her? How many times have you seen a painting of Jesus that looks like you? Prejudice goes both ways, you know. There are people who suffer from it, and there are people who profit from it.

If you do something and it turns out pretty good, then you should go do something else wonderful, not dwell on it for too long. Just figure out what’s next.

People are really buying the value created by the product or service, as opposed to the product or service itself.

Romance novels constitute 46 percent of all mass market paperbacks sold in the United States, and according to Harlequin, over half its customers buy an average of 30 novels a month

For any project, you must know what you are doing—and what you are not doing. You must also know who you are doing it for—and who you are not doing it for—to be able to say: THIS and for THESE PEOPLE. In

For there is no friend like a sister In calm or stormy weather; To cheer one on the tedious way, To fetch one if one goes astray, To lift one if one totters down, To strengthen whilst one stands. —Christina Rossetti, “Goblin Market,” 1862

You must be able to explicitly say who you are building your thing for. You must know what you are aiming for—you’ll miss otherwise. You need to know this so you can make the decisions that go into properly positioning the project for them. You

creating more work is one of the most effective marketing techniques of all.

Working on improving your product until it screams “Share me with everyone you know”—that’s less fun than buying a back-page ad that everyone (who still reads newspapers) will see.

Advertising can add fuel to a fire, but rarely is it sufficient to start one.

Knowing what your goal is—having that crystal clear—allows you to know when to follow conventional wisdom and when to say “Screw it.

Customers will not come just because you build it. You have to make that happen and it’s harder than it looks. —Peter Thiel

As a general rule, however, the more accessible you can make your product, the easier it will be to market. You can always raise the price later, after you’ve built an audience.

The more you do, the harder you work, the luckier you seem to get.

Principles are better than instructions and “hacks.” We can figure out the specifics later—but only if we learn the right way to approach them.

People have to be able to access your businesses product or service. They have to notice your product or service among alternatives. And they have to feel an authentic connection.

Selling is a sacred trust between buyer and seller.

People claim to want to do something that matters, yet they measure themselves against things that don’t, and track their progress not in years but in microseconds.

Phil Libin, the cofounder of Evernote, has a quote I like to share with clients: “People [who are] thinking about things other than making the best product never make the best product.

In the way that a good wine must be aged, or that we let meat marinate for hours in spices and sauce, an idea must be given space to develop. Rushing into things eliminates that space.

Spring declares itself solely in the quality of the air or the little baskets of flowers that street-sellers bring in from the suburbs; this is a spring that is sold in the market-place.

5)​Brokerage Systems Brokers bring buyers and sellers together and facilitate transactions. They are market-makers for a particular industry and earn money typically on each transaction.

The fundamental priority of every business is to create value for its customers or clients — to improve their lives in some way through the products or services being sold by the business.

For anyone who thinks "profit" is evil, I have a challenge for you: try NOT to get any profit in the next week. Profit simply means increasing how much valuable stuff you have, and if you don't profit, you die. Literally. For example, don't buy any food for a week, because when you buy food (or anything), it's because you value the food MORE than you value the money you trade for it. If you didn't, you wouldn't make the trade. So you PROFIT (and so does the seller) every time you buy something. And every time you sell something, or work for money, etc. So before condemning "profit" (or "greed" or "selfishness," for that matter), see if you can survive without it. Then stop repeating vague collectivist BS, and learn to distinguish between "win/win" events (voluntary exchange) where BOTH sides profit, and "win/lose" events, where one side benefits by harming the other side. By the way, "government" is ALWAYS the latter.

We are all complicit. We've allowed the "market" to define what we value so that the redefined common good seems to depend on profligate lifestyles that enrich the sellers while impoverishing the soul and the earth.

We are all complicit. We 've allowed the 'market' to define what we value so that the redefined common good seems to depend on profligate lifestyles that enrich the sellers while impoverishing the soul and the earth.

There are too many famous Steve Jobs anecdotes to count, but several of them revolve around one theme: his unwillingness to leave well enough alone. His products had to be perfect; they had to do what they promised, and then some. And even though deadlines loomed and people would have to work around the clock, he would regularly demand more from his teams than they thought they could provide. The result? The most successful company in the history of the world and products that inspire devotion that is truly unusual for a personal computer or cell phone.

Marketing is the art of allocating resources—sending more power to the wheels that are getting traction, sending it away from the ones that are spinning. And investing in each strategy until the results stop working. Then find the next one!

People buy perceived value. It’s not just about having a good product or service, it’s also about making sure your potential customers perceive the value your product or service can provide them. And you do this by communicating its value effectively.

As infuriating as it may be, we must be rational and fair about our own work. This is difficult considering our conflict of interest—which is to say, the ultimate conflict of interest: We made it. The way to balance that conflict of interest is to bring in people who are objective.

Free and cheap helps.” So does making the entire process as easy and seamless as possible. The more you reduce the cost of consumption, the more people will be likely to try your product. Which means price, distribution, and other variables are not only essential business decisions, they are essential marketing decisions.

Did anyone of those bullish investors ever think what would happen to the Treasury market if the Fed ever became a net seller of bonds?

Focusing on smaller, progressive parts of the work also eliminates the tendency to sit on your ass and dream indefinitely. There

Creating is often a solitary experience. Yet work made entirely in isolation is usually doomed to remain lonely.

No one is entitled to relationships only because their work is genius. Relationships have to be earned, and maintained.

Paul Graham explains, “The best way to increase a startup’s growth rate is to make the product so good people recommend it to their friends.

The idea that you won’t have to work to sell your product is more than entitled.

Ben Horowitz: “There is no silver bullet. . . . No, we’re going to have to use a lot of lead bullets.

To create something is a daring, beautiful act. The

For jobs and men, it’s a seller’s market. There are no other fish in the sea.

Google controls two-thirds of the US search market. Almost three-quarters of all Internet users have Facebook accounts. Amazon controls about 30% of the US book market, and 70% of the e-book market. Comcast owns about 25% of the US broadband market. These companies have enormous power and control over us simply because of their economic position. They all collect and use our data to increase their market dominance and profitability. When eBay first started, it was easy for buyers and sellers to communicate outside of the eBay system because people’s e-mail addresses were largely public. In 2001, eBay started hiding e-mail addresses; in 2011, it banned e-mail addresses and links in listings; and in 2012, it banned them from user-to-user communications. All of these moves served to position eBay as a powerful intermediary by making it harder for buyers and sellers to take a relationship established inside of eBay and move it outside of eBay.

In the way that a good wine must be aged, or that we let meat marinate for hours in spices and sauce, an idea must be given space to develop. Rushing into things eliminates that space. Another

Since the values of the market were the highest criteria, persons also became valued as commodities which could be bought and sold. A person's worth is then his salable market value, whether it is skill or 'personality' that is up for sale. [...] The market value, then, becomes the individual's valuation of himself, so that self-confidence and 'self-feeling' (ones experience of identity with one's self) are largely reflections of what others think of one, in this case the 'others' being those who represent the market. Thus contemporary economic processes have contributed not only to an alienation of man from man, but likewise to 'self-alienation' - an alienation of the individual from himself. As Fromm very well summarizes the point: Since modern man experiences himself both as the seller and as the commodity to be sold on the market, his self-esteem depends on conditions beyond his control. If he is 'successful,' he is valuable; if he is not, he is worthless. The degree of insecurity which results from this orientation can hardly be overestimated. If one feels that one's own value is not constituted primarily by the human qualities one possesses, but by one's succes on a competitive market with ever-changing conditions, one's self-esteem is bound to be shaky and in constant need of confirmation by others. [Erich Fromm, Man for himself] In such a situation one is driven to strive relentlessly for 'succes'; this is the chief way to validate ones self and to allay anxiety. And any failure in the competitive struggle is a threat to the quasi-esteem for one's self - which, quasi though it be, is all one has in such a situation. This obviously leads to powerful feelings of helplessness and inferiority. [p.169f]

We’ve allowed the “market” to define what we value so that the redefined common good seems to depend on profligate lifestyles that enrich the sellers while impoverishing the soul and the earth.

I always prefer to start from a place of reality, not from my own projections and preferences. Humility is clearer-eyed than ego—and that’s important because humility always works harder than ego.

Ignore what other people are doing. Ignore what’s going on around you. There is no competition. There is no objective benchmark to hit. There is simply the best that you can do—that’s all that matters.

ALL THESE WORDS FROM THE SELLER, BUT NOT ONE WORD FROM THE SOLD.”" “All these words from the seller, but not one word from the sold. The Kings and Captains whose words moved ships. But not one word from the cargo. The thoughts of the “black ivory,” the “coin of Africa,” had no market value. Africa’s ambassadors to the New World have come and worked and died, and left their spoor, but no recorded thought.

I’m alarmed at how many creators gloss over creating. They fritter away their time on Twitter and Facebook—not killing time, but believing that they are building up followers to be the recipients of their unremarkable work.

Monopoly is a market, or part of a market, reserved to the exclusive possession of one or more sellers by means of the initiation of physical force by the government, or with the sanction of the government. Monopoly exists insofar as the freedom of competition is violated, with the freedom of competition being understood as the absence of the initiation of physical force as the preventive of competition. Where there is no initiation of physical force to violate the freedom of competition, there is no monopoly. The freedom of competition is violated only insofar as individuals are excluded from markets or parts of markets by means of the initiation of physical force. Monopoly is thus a market or part of a market reserved to the exclusive possession of one or more sellers by means of the initiation of physical force. It is thus something imposed upon the market from without—by the government. (Private individuals—gangsters—can initiate force to reserve markets only if the government allows it and thereby sanctions it.) Thus, monopoly is not something which emerges from the normal operation of the economic system, and which the government must control.

Successfully finding and “scratching” a niche requires asking and answering a question that very few creators seem to do: Who is this thing for? Instead, many creators want to be for everyone . . . and as a result end up being for no one.

So we ask ourselves: Why are things the way they are? What practices should be questioned and which should remain sound? This allows us to be both exotic and accessible, shocking but not gratuitous, fresh without sacrificing timelessness.

To be great, one must make great work, and making great work is incredibly hard. It must be our primary focus. We must set out, from the beginning, with complete and total commitment to the idea that our best chance of success starts during the creative process.

S-type loonshots are so difficult to spot and understand, even in hindsight, because they are so often masked by the complex behaviors of buyers, sellers, and markets. In science, complexities often mask deep truths: mountains of noise conceal a pebble of signal.

Value is determined by individual buyers and sellers. There is no item or service which has a fixed or definite value. Because circumstances, scenarios, and objectives vary indefinitely; value also varies indefinitely. Peacoats are very valuable to people in Michigan, but have much less value to the residents of Texas. The reason why is simply because it gets much colder more often in Michigan than it does in Texas, and coats of any kind are rarely required in the warm climate of Texas. If a regulator were to say that sellers in Michigan can not sell peacoats for a higher price than they are sold in Texas, they would be perverting the market. Without price fixing, the price for peacoats would likely be higher in Michigan simply because the demand for that product is higher there. Value is subjective in the same way that needs are subjective

Some private treaty activity is initiated by dealers, who are forced to partner with auction houses to gain access to their client lists. Only Christie’s can identify the underbidders at most recent Francis Bacon auctions—and in a thin market, a seller needs access to this information.

What is a price? It is a proposed point of agreement between a buyer and seller. The proposal is the key. It is not a marching order. Past prices represent deals done in history. Current prices represent possible deals in the future. Prices embed vast information about perceived realities: resource availability, consumer demand, cultural biases and habits, speculations about the future. The price is also an amazing tool. It provides an objective basis for accounting and the assessment of profit and loss. Without prices, real prices rooted in real market experience, we’d been lost.

The less transparent the market and the more complicated the securities, the more money the trading desks at big Wall Street firms can make from the argument. The constant argument over the value of the shares of some major publicly traded company has very little value, as both buyer and seller can see the fair price of the stock on the ticker, and the broker’s commission has been driven down by competition. The argument over the value of credit default swaps on subprime mortgage bonds—a complex security whose value was derived from that of another complex security—could be a gold mine.

You can pay for influence the way you can pay for sex, but from what I understand neither is quite the same as when you get it the old-fashioned way. Just as earned media is always better than paid media, cultivating real influence and relationships is far better than paying for eyeballs and fake friends.

domestic production. Yet the concern about Russia’s potential leverage from gas exports does not fully recognize how much both the European and world gas markets have changed. The gas market in Europe has become a real market of buyers and sellers, rather than a system based on inflexible long-term contracts.

In an ethical sales transaction, the buyer and seller should be equally pleased. Each party should feel like thanking the other. Ethical marketing is nothing more than letting people who might like your product know it exists — and, ideally, giving them some sort of a deal that makes the offer better for the potential buyer.

Not only should you be testing your project as you create it, you must most seriously test your creation as it begins to resemble a final product. So you know what you have—so you can improve it. So you know what you have—so that you might figure out what to do with it. So you know what you have—so you can adjust your expectations.

Under bilateral competition, market-price is determined within a range whose upper limit is set by the valuations of the lowest bidder among the actual buyers and the highest offerer among the excluded would-be sellers, and whose lower limit is set by the valuations of the lowest offerer among the actual sellers and the highest bidder among the excluded would-be buyers.

Yet far too many people set out to produce something that, if they were really honest with themselves, is only marginally better or different from what already exists. Instead of being bold, brash, or brave, they are derivative, complementary, imitative, banal, or trivial. The problem with this is not only that it’s boring, but that it subjects them to endless amounts of competition.

Sometimes management thinks it must determine a minimum acceptable price upfront. This is not possible when selling an intangible company. The price, the real price, is determined by the market and not by any other means. I suggest to sellers that they not worry so much about the valuation right now but rather that we go out to the market, contact all the good buyers, get offers, and negotiate the best price that we can and then accept the highest offer. People

As with other kinds of markets, popular operating systems quickly get more and more popular, as they attract both new buyers and new sellers. In time, they become de facto industry standards—meaning they essentially establish a marketplace in which products (new applications) can be sold. Once this happens, they can, at least for a time, so completely dominate their markets that competing operating systems can’t attract enough users and developers to be anything but niche offerings.

Mexico, the land of pyramids and palaces, deserts and jungles, mountains and beaches, markets and gardens, boulevards and cobblestoned streets, broad plazas and hidden courtyards, is now known as a slaughter ground. And for what? So North Americans can get high. Just across the bridge is the gigantic marketplace, the insatiable consumer machine that drives the violence here. North Americans smoke the dope, snort the coke, shoot the heroin, do the meth, and then have the nerve to point south (down, of course, on the map), and wag their fingers at the “Mexican drug problem” and Mexican corruption. It’s not the “Mexican drug problem,” Pablo thinks now, it’s the North American drug problem. As for corruption, who’s more corrupt—the seller or the buyer? And how corrupt does a society have to be when its citizens need to get high to escape their reality, at the cost of bloodshed and suffering of their neighbors? Corrupt to the soul. That’s the big story, he thinks. That’s the story someone should write. Well, maybe I will. And no one will read it.

For once the commodities have been sold that were already on the market when their price was authoritatively fixed at a level below that demanded by the situation of the market, then the emptied store-rooms are not filled again. Charging more than a certain price is prohibited, but producing and selling has not been made compulsory. There are no longer any sellers. The market ceases to function. But this means that economic organization based on division of labour becomes impossible. The level of money-prices cannot be fixed without overthrowing the system of social division of labour.

WHAT DOES IT ALL MEAN? The lessons of market history are clear. Styles and fashions in investors’ evaluations of securities can and often do play a critical role in the pricing of securities. The stock market at times conforms well to the castle-in-the-air theory. For this reason, the game of investing can be extremely dangerous. Another lesson that cries out for attention is that investors should be very wary of purchasing today’s hot “new issue.” Most initial public offerings underperform the stock market as a whole. And if you buy the new issue after it begins trading, usually at a higher price, you are even more certain to lose. Investors would be well advised to treat new issues with a healthy dose of skepticism. Certainly investors in the past have built many castles in the air with IPOs. Remember that the major sellers of the stock of IPOs are the managers of the companies themselves. They try to time their sales to coincide with a peak in the prosperity of their companies or with the height of investor enthusiasm for some current fad. In such cases, the urge to get on the bandwagon—even in high-growth industries—produced a profitless prosperity for investors.

Every project needs to go through this process. Whether it’s with an editor or a producer or a partner or a group of beta users or just through your own relentless perfectionism—whatever form it takes is up to you. But getting outside voices is crucial. The fact is, most people are so terrified of what an outside voice might say that they forgo opportunities to improve what they are making. Remember: Getting feedback requires humility. It demands that you subordinate your thoughts about your project and your love for it and entertain the idea that someone else might have a valuable thing or two to add.

It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses.

No more noisy, loud words from me---such is my master's will. Henceforth I deal in whispers. The speech of my heart will be carried on in murmurings of a song. Men hasten to the King's market. All the buyers and sellers are there. But I have my untimely leave in the middle of the day, in the thick of work. Let then the flowers come out in my garden, though it is not their time; and let the midday bees strike up their lazy hum. Full many an hour have I spent in the strife of the good and the evil, but now it is the pleasure of my playmate of the empty days to draw my heart on to him; and I know not why is this sudden call to what useless inconsequence!

a perfectly competitive industry is an utter impossibility in the real world. The requirements for this status are numerous and ridiculously otherworldly: completely homogeneous products; an indefinitely large, not to say infinite, number of both buyers (to stave off monopsony)5 and sellers (to preclude monopoly); full and complete information about everything relevant on the part of all market participants; zero profits and equilibrium. The reductio ad absurdum of this objection is that, not only could roads not be privatized under such impossible criteria, but neither could anything else be. That is, this is a recipe for a complete takeover by the government of the entire economy; whether by nationalization (communism) or regulation (fascism), it matters little.

All you have to do to make money in Indonesia is to figure out what no one else is doing,' Ade said. It made me think of how often I had noticed copy-cat businesses in smaller Indonesian towns. I was caught out by it early on. In Waikabubak, for example, every third shop prints photos. Even the little tailor opposite the market has a sideline in photo printing. This made me lazy; having promised to print photos and send them to people before I left Waikabubak, I thought: I'll do it in the next town I go to. But the next town is all pharmacies- there's not a single photo printer. Here it's wall-to-wall perfume sellers, there it's all hair salons... 'People see a business doing well, and they just copy it,' said Ade. 'The concept of market saturation is not well understood.

The maker of an advertised article knows the manufacturing side and probably the dealers side. But this very knowledge often leads him astray in respect to customers. His interests are not in their interests. The advertising man studies the consumer. He tries to place himself in the position of the buyer. His success largely depends on doing that to the exclusion of everything else. This book will contain no more important chapter than this one on salesmanship. The reason for most of the non-successes in advertising is trying to sell people what they do not want. But next to that comes lack of true salesmanship. Ads are planned and written with some utterly wrong conception. They are written to please the seller. The interest of the buyer are forgotten. One can never sell goods profitably, in person or in print, when that attitude exists.

Revenue Multiples. In the section on myths we also discussed the problems associated with revenue multiples and why they are poor indicators of value. Multiples of revenues are bogus for four reasons. First, because the range of multiples is too wide to be useful. Second, because comparisons using the multiple are simply not valid. Just because one company sold for a certain multiple of revenue does not mean that another company will sell for that same multiple, even if the companies are similar. Third, revenue multiples do not consider cost structures, management talent, pricing, profitability, or growth. And fourth is the problem of narrow markets; there are only a limited number of strategic buyers who can benefit from the seller’s key assets. These buyers care only about the strategic fit with their company, not some revenue multiple. WHAT

Commerce is considered by classical economists to be a positive-sum game. The act of selling and buying always benefits both the seller and the buyer. It is unfortunate that popular culture has propagated the Marxist myth that one person gains in business at the expense of another, that capitalism is evil because it is a zero-sum game—somebody wins while someone else loses. When liberals make the argument that capitalism is the cause of all of our problems, they are either speaking out of abject ignorance or being totally disingenuous to protect their interests. We have not had true free-market capitalism in this country on any wide scale. Where we have had economic successes in this nation’s history, it has been those times when people have done something outside of the government’s involvement. Every time the federal government has been involved, it has created chaos, waste, and corruption.

MAKING MARKETS SAFE is one of the oldest problems of market design, going back to well before the invention of agriculture, when hunters traded the ax heads and arrowheads that archaeologists today find thousands of miles from where they were made. More recently, one of the responsibilities of kings in medieval Europe was to provide safe passage to and from markets and fairs. For healthy commerce, buyers and sellers needed to be able to participate in these markets safely, without being waylaid and robbed (or worse) by highwaymen. Indeed, the word waylay captures the act of robbing travelers carrying money or valuables on their way to or from a market. Without some assurance of safe passage, these markets would have failed; they would have been too risky to attract many participants. And if the markets had failed, the kingdoms would have been deprived of the prosperity that markets, and the taxes on them, bring.

This move by President Nixon completed the process begun with World War I, transforming the world economy from a global gold standard to a standard based on several government-issued currencies. For a world that was growing increasingly globalized along with advancements in transportation and telecommunications, freely fluctuating exchange rates constituted what Hoppe termed “a system of partial barter.”13 Buying things from people who lived on the other side of imaginary lines in the sand now required utilizing more than one medium of exchange and reignited the age-old problem of lack of coincidence of wants. The seller does not want the currency held by the buyer, and so the buyer must purchase another currency first, and incur conversion costs. As advances in transportation and telecommunications continue to increase global economic integration, the cost of these inefficiencies just keeps getting bigger. The market for foreign exchange, at $5 trillion of daily volume, exists purely as a result of this inefficiency of the absence of a single global homogeneous international currency.

Because so many people were betting against GameStop —and brick-and-mortar retail in general — the overall short position was enormous, almost comically so. At certain points over the past six months, it had bounced between 50 and even 100 percent of the overall float, meaning nearly all the shares of GameStop in existence had been borrowed and sold by short sellers, all of whom had an obligation to rebuy those shares at some point in the future. So, what if Keith was right, and the stock went up instead of down? It would be like watching investors trying to get out of a burning building, through a single, narrow door. The stock would rocket. As a financial educator, Keith knew that short selling could be one of the riskiest plays on the market. You really needed to be certain a stock was going down, because your upside was limited, but your losses could, theoretically, be infinite. The fact that so many competent investors were short selling GameStop could mean the stock really was a dog; but it also meant the stock was loaded with rocket fuel, and it wouldn't take much to ignite and sent it right to the moon.

What ensued was a game of Coyote and Roadrunner that dragged on for more than a decade. Sixty letters went back and forth among Beaumont, St. Martin, and various contacts at the American Fur Company who had located St. Martin and tried to broker a return. It was a seller’s market with a fevered buyer. With each new round of communications—St. Martin holding out for more or making excuses, though always politely and with “love to your family”—Beaumont raised his offer: $250 a year, with an additional $50 to relocate the wife and five children (“his live stock,” as Beaumont at one point refers to them). Perhaps a government pension and a piece of land? His final plan was to offer St. Martin $500 a year if he’d leave his family behind, at which point Beaumont planned to unfurl some unspecified trickery: “When I get him alone again into my keeping I will take good care to control him as I please.” But St. Martin—beep, beep!—eluded his grasp. In the end, Beaumont died first. When a colleague, years later, set out to bag the fabled stomach for study and museum display, St. Martin’s survivors sent a cable that must have given pause to the telegraph operator: “Don’t come for autopsy, will be killed.

Which meant, if somehow GameStop did start to go up, the people who had shorted the company would begin to feel pressure to buy; the more the stock went up, the heavier that pressure became. As the shorts began to cover, buying shares to return them to their lenders, the stock would rise even higher. In financial parlance, this was something called a 'short squeeze.' It didn't happen often, but when it did, it could be spectacular. Most famously, in 2008, a surprise takeover attempt of the German automaker Volkswagen by rival Porsche drove Volkswagen's stock price up by a factor of 5 — briefly making it the most valuable company in the world — in two quick days of trading, as short selling funds struggled to cover their positions. Similarly, a battle between two hedge fund titans — Bill Ackman, of Pershing Square Capital Management, and Carl Icahn — led to a squeeze involving supplement maker — and alleged pyramid marketer — Herbalife, which cost Ackman a reported $1 billion. And perhaps the first widely reported short squeeze dated back a century, to 1923, when grocery magnate Clarence Saunders successfully decimated short sellers who had targeted his nascent chain of Piggly Wiggly grocery stores.

As they worked through the order types, they created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared as if there were three activities that led to a vast amount of grotesquely unfair trading. The first they called “electronic front-running”—seeing an investor trying to do something in one place and racing him to the next. (What had happened to Brad, when he traded at RBC.) The second they called “rebate arbitrage”—using the new complexity to game the seizing of whatever kickbacks the exchange offered without actually providing the liquidity that the kickback was presumably meant to entice. The third, and probably by far the most widespread, they called “slow market arbitrage.” This occurred when a high-frequency trader was able to see the price of a stock change on one exchange, and pick off orders sitting on other exchanges, before the exchanges were able to react. Say, for instance, the market for P&G shares is 80–80.01, and buyers and sellers sit on both sides on all of the exchanges. A big seller comes in on the NYSE and knocks the price down to 79.98–79.99. High-frequency traders buy on NYSE at $79.99 and sell on all the other exchanges at $80, before the market officially changes. This happened all day, every day, and generated more billions of dollars a year than the other strategies combined.

... her teeth had begun to dance. They twitched in her jaw like living things. She shrieked, not in pain but in horror, her mouth suddenly full of wiggling bone, as if she were in one of those nightmares where all her teeth fell out at once. It was like chewing and squirming and wiggling a loose tooth, wrapped all together, in time to the pennywhistle's tune. She tried to bite down hard, hoping to still the awful dance, but it was worse, much worse, all the teeth rattling against each other, her skull filling up with the sounds of chattering. Oh god oh god no no no no NO! It most of her teeth were dancing, the one bad molar was kicking. It felt as if it were battering against her cheek and the rest of her teeth, like a bird at a window, slam, slam, slam. The Toothdancer leaned in closer and played more quickly. Marra wanted to scream in denial, but if she opened her mouth, all her teeth would dance out. Oh god this was worse than anything worse than the blistered land, that had been outside, and this was inside her skin inside her face- With a popping sensation, the bad tooth pulled itself free of her jaw. It landed on her tongue, bouncing like an insect and began to batter against the backs of her lips. Marra yelped at the sensation of hard, crawling life loose inside her mouth. She tried frantically to spit. The Toothdancer dropped the pennywhistle, leaned in, and plucked the tooth neatly from the surface of her tongue with his beak. He turned and dropped the tooth, wet and glistening, in to the tooth seller's palm. Then he bowed very politely to Marra, patted her arm, and walked away.

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

In his job as a financial educator, Keith had spent a fair amount of time breaking down the act — and sometimes art — of short selling, in a way that less savvy customers could understand. When a trader believed a company was in trouble, and its stock was overvalued, they could 'borrow' shares, sell them, and then when the stock went down as they'd predicted, rebuy the shares at a lower price, return them to whoever they'd borrowed them from, and pocket the difference. If GameStop was trading at 5, you could borrow 100 shares, sell them for $500; when the stock hit 1, you bought back the 100 shares for $100, returned them, pocketing $400 for yourself. You paid a little fee to the lender for their trouble and came out with a tidy profit. But what happened if the stock went up instead of down? What happened if GameStop figured out how to capitalize on its millions of nostalgic customers, who spent billions on video games every year? What if the stock went to 10 instead of 1? What happened was, the short seller was royally screwed. He'd borrowed those 100 shares and sold them at 5. Now the stock was at 10, but he still needed to return his 100 shares. Buying them on the market at 10 meant spending $1000. And what was worse, when he'd borrowed the shares, he'd agreed on a timeline to return them. There was a ticking clock hanging over his head, so he had a choice — buy the shares back at 10 now, losing $500 on the deal — or wait a little longer, hoping the stock went back down before his time limit was up. And what if he waited, and the stock kept going up? Sooner or later, he had to buy those shares back. Even if the stock went to 15, 20 — he was on the hook for those 100 shares. Theoretically, there was no limit to how much he could lose.

We have looked at some of the things that a female might do if she has been deserted by her mate. But these all have the air of making the best of a bad job. Is there anything a female can do to reduce the extent to which her mate exploits her in the first place? She has a strong card in her hand. She can refuse to copulate. She is in demand, in a seller's market. This is because she brings the dowry of a large, nutritious egg. A male who successfully copulates gains a valuable food reserve for his offspring. The female is potentially in a position to drive a hard bargain before she copulates. Once she has copulated she has played her ace — her egg has been committed to the male. It is all very well to talk about driving hard bargains, but we know very well it is not really like that. Is there any realistic way in which something equivalent to driving a hard bargain could evolve by natural selection? I shall consider two main possibilities, called the domestic-bliss strategy, the he-man strategy. The simplest version of the domestic-bliss strategy is this. The female looks the males over, and tries to spot signs of fidelity and domesticity in advance. There is bound to be variation in the population of males in their predisposition to be faithful husbands. If females could recognize such qualities in advance, they could benefit themselves by choosing males possessing them. One way for a female to do this is to play hard to get for a long time, to be coy. Any male who is not patient enough to wait until the female eventually consents to copulate is not likely to be a good bet as a faithful husband. By insisting on a long engagement period, a female weeds out casual suitors, and only finally copulates with a male who has proved his qualities of fidelity and perseverance in advance. Feminine coyness is in fact very common among animals, and so are prolonged courtship or engagement periods. As we have already seen, a long engagement can also benefit a male where there is a danger of his being duped into caring for another male's child.

If one looks at modern society, it is obvious that in order to live, the great majority of people are forced to sell their labour power. All the physical and intellectual capacities existing in human beings, in their personalities, which must be set in motion to produce useful things, can only be used if they are sold in exchange for wages. Labour power is usually perceived as a commodity bought and sold nearly like all others. The existence of exchange and wage-labour seems normal, inevitable. Yet the introduction of wage-labour involved conflict, resistance, and bloodshed. The separation of the worker from the means of production, now an accepted fact of life, took a long time and was accomplished by force. In England, in the Netherlands, in France, from the sixteenth century on, economic and political violence expropriated craftsmen and peasants, repressed indigence and vagrancy, imposed wage-labour on the poor. Between 1930 and 1950, Russia decreed a labour code which included capital punishment in order to organise the transition of millions of peasants to industrial wage-labour in less than a few decades. Seemingly normal facts: that an individual has nothing but his labour power, that he must sell it to a business unit to be able to live, that everything is a commodity, that social relations revolve around market exchange… such facts now taken for granted result from a long, brutal process. By means of its school system and its ideological and political life, contemporary society hides the past and present violence on which this situation rests. It conceals both its origin and the mechanism which enables it to function. Everything appears as a free contract in which the individual, as a seller of labour power, encounters the factory, the shop or the office. The existence of the commodity seems to be an obvious and natural phenomenon, and the periodic major and minor disasters it causes are often regarded as quasi-natural calamities. Goods are destroyed to maintain their prices, existing capacities are left to rot, while elementary needs remain unfulfilled. Yet the main thing that the system hides is not the existence of exploitation or class (that is not too hard to see), nor its horrors (modern society is quite good at turning them into media show). It is not even that the wage labour/capital relationship causes unrest and rebellion (that also is fairly plain to see). The main thing it conceals is that insubordination and revolt could be large and deep enough to do away with this relationship and make another world possible.

By pointing to the captain’s foolhardy departure from standard procedure, the officials shielded themselves from the disturbing image of slaves overpowering their captors and relieved themselves of the uncomfortable obligation to explain how and why the events had deviated from the prescribed pattern. But assigning blame to the captain for his carelessness afforded only partial comfort, for by seizing their opportunity, the Africans aboard the Cape Coast had done more than liberate themselves (temporarily at least) from the slave ship. Their action reminded any European who heard news of the event of what all preferred not to contemplate too closely; that their ‘accountable’ history was only as real as the violence and racial fiction at its foundation. Only by ceaseless replication of the system’s violence did African sellers and European buyers render captives in the distorted guise of human commodities to market. Only by imagining that whiteness could render seven men more powerful than a group of twice their number did European investors produce an account naturalizing social relations that had as their starting point an act of violence. Successful African uprisings against European captors were of course moments at which the undeniable free agency of the captives most disturbed Europeans—for it was in these moments that African captives invalidated the vision of the history being written in this corner of the Atlantic world and articulated their own version of a history that was ‘accountable.’ Other moments in which the agency and irrepressible humanity of the captives manifested themselves were more tragic than heroic: instances of illness and death, thwarted efforts to escape from the various settings of saltwater slavery, removal of slaves from the market by reason of ‘madness.’ In negotiating the narrow isthmus between illness and recovery, death and survival, mental coherence and insanity, captives provided the answers the slave traders needed: the Africans revealed the boundaries of the middle ground between life and death where human commodification was possible. Turning people into slaves entailed more than the completion of a market transaction. In addition, the economic exchange had to transform independent beings into human commodities whose most ‘socially relevant feature’ was their ‘exchangeability’ . . . The shore was the stage for a range of activities and practices designed to promote the pretense that human beings could convincingly play the part of their antithesis—bodies animated only by others’ calculated investment in their physical capacities.

refuge imagine how it feels to be chased out of home. to have your grip ripped. loosened from your fingertips, something you so dearly held on to. like a lover’s hand that slips when pulled away you are always reaching. my father would speak of home. reaching. speaking of familiar faces. girl next door who would eventually grow up to be my mother. the fruit seller at the market. the lonely man at the top of the road who nobody spoke to. and our house at the bottom of the street lit up by a single flickering lamp where beyond was only darkness. there they would sit and tell stories of monsters that lurked and came only at night to catch the children who sat and listened to stories of monsters that lurked. this is how they lived. each memory buried. an artefact left to be discovered by archaeologists. the last words on a dying family member’s lips. this was sacred. not even monsters could taint it. but there were monsters that came during the day. monsters that tore families apart with their giant hands. and fingers that slept on triggers. the sound of gunshots ripping through the sky became familiar like the tapping of rain fall on a window sill. monsters that would kill and hide behind speeches, suits and ties. monsters that would chase families away forcing them to leave everything behind. i remember when we first stepped off the plane. everything was foreign. unfamiliar. uninviting. even the air in my lungs left me short of breath. we came here to find refuge. they called us refugees so, we hid ourselves in their language until we sounded just like them. changed the way we dressed to look just like them. made this our home until we lived just like them and began to speak of familiar faces. girl next door who would grow up to be a mother. the fruit seller at the market. the lonely man at the top of the road who nobody spoke to. and our house at the bottom of the street lit up by a flickering lamp to keep away the darkness. there we would sit and watch police that lurked and came only at night to arrest the youths who sat and watched police that lurked and came only at night. this is how we lived. i remember one day i heard them say to me they come here to take our jobs they need to go back to where they came from not knowing that i was one of the ones who came. i told them that a refugee is simply someone who is trying to make a home. so next time when you go home tuck your children in and kiss your families goodnight, be glad that the monsters never came for you. in their suits and ties. never came for you. in the newspapers with the media lies. never came for you. that you are not despised. and know that deep inside the hearts of each and every one of us we are all always reaching for a place that we can call home.