Stock Availability Quotes

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

I also hope to challenge financial thinkers to improve their theories by testing them against the impressive evidence that suggests that the price level is more than merely the sum of the available economic information, as is now generally thought to be the case.

When the question is difficult and a skilled solution is not available, intuition still has a shot: an answer may come to mind quickly—but it is not an answer to the original question. The question that the executive faced (should I invest in Ford stock?) was difficult, but the answer to an easier and related question (do I like Ford cars?) came readily to his mind and determined his choice. This is the essence of intuitive heuristics: when faced with a difficult question, we often answer an easier one instead, usually without noticing the substitution.

So-called Islamic 'fundamentalism' does not spring, in Pakistan, from the people. It is imposed on them from above. Autocratic regimes find it useful to espouse the rhetoric of faith, because people respect that language, are reluctant to oppose it. This how religions shore up dictators; by encircling them with words of power, words which the people are reluctant to see discredited, disenfranchised, mocked. But the ramming-down-the-throat point stands. In the end you get sick of it, you lose faith in the faith, if not qua faith then certainly as basis for a state. And then the dictator falls, and it is discovered that he had brought God down with him, that the justifying myth of the nation has been unmade. This leaves only two options: disintegration, or a new dictatorship ... no, there is a third, and I shall not be o pessimistic as to deny its possibility. The third option is the substitution of a new myth for the old one. Here are three such myths, all available from stock at short notice: liberty; equality; fraternity. I recommend them highly.

Some readers are bound to want to take the techniques we’ve introduced here and try them on the problem of forecasting the future price of securities on the stock market (or currency exchange rates, and so on). Markets have very different statistical characteristics than natural phenomena such as weather patterns. Trying to use machine learning to beat markets, when you only have access to publicly available data, is a difficult endeavor, and you’re likely to waste your time and resources with nothing to show for it. Always remember that when it comes to markets, past performance is not a good predictor of future returns—looking in the rear-view mirror is a bad way to drive. Machine learning, on the other hand, is applicable to datasets where the past is a good predictor of the future.

Since President Trump was elected, the economy has added three million jobs. In fact, today there are more jobs available than there are unemployed. That’s resulted in the lowest unemployment rate in seventeen years. The stock market has roared to new highs despite the Federal Reserve raising interest rates five times since Trump’s election.

Poetry's task is to increase the available stock of reality, R. P. Blackmur said.

The tools and resources used in this book are FREE and readily available on the internet. Details on how to access these tools are shown.

What would Belle do? She would take stock of the situation and think of all the resources available to her and then make use of them in a logical and consistent manner.

And like blue eyes and whiteness, eventually I learned the Blue Eyes White Dragon was simply a construct too. A piece of flimsy card stock, its value ascribed by a mysterious higher power. I could go online and buy a million Blue Eyes White Dragon cards, and similarly, I could walk down the street of our suburb and see blue-eyed white girls everywhere, available a dime a dozen.

Many historians, many sociologists and psychologists have written at lenght, and with deep concern, about the price that Western man has had to pay and will go on paying for technological progress. They point out, for example, that democracy can be hardly expected to flourish in societies where political and economic power is being progressively concentrated and centralized.But the progress of technology has led and is still leading to just such a concentration and centralisation of power. As the machinery of mass production is made more efficient it tends to become more complex and more expensive - and so less available to the eterpriser of limited means. Moreover, mass production cannot work without mass distribution; but mass distribution raises problems which only the largest producers can satisfactorily solve. In a world of mass production and mass distribution the Little Man, with his inadequate stock of working capital, is at a grave disadvantage. In competition with Big Man, he loses his money and finally his very existence as an independent producer; the Big Man has grobbled him up. As the Little Men disappear, more and more economic power comes to be wielded by fewer and fewer people. Under a dictatorship the Big Business, made possible by advancing technology and the consequent ruin of Little Business, is controlled by the State - that is to say, by small group of party leaders and soldiers, policemen and civil servants who carry out their orders.

Alterations in real prices occur slowly as a rule. But this stability of prices has its cause in the stability of the price-determinants, not in the Law of Price-determination itself. Prices change slowly because the subjective valuations of human beings change slowly. Human needs, and human opinions as to the suitability of goods for satisfying those needs, are no more liable to frequent and sudden changes than are the stocks of goods available for consumption, or the manner of their social distribution;

We are afraid to put men to live and trade each on his own private stock of reason, because we suspect that this stock in each man is small, and that the individuals would do better to avail themselves of the general bank and capital of nations and of ages.

A year earlier, no company had been accorded more faith than Enron; by late November, none was trusted less. And so, a gasping gurgle, a desperate SOS: Enron, the emblem of free markets, the champion of deregulation, reached into its depleted treasury and forked over $100,000 to each of the major political parties' campaign war chests. Then, it shuttered its online trading unit - its erstwhile gem. On November 28, Standard & Poor's downgraded Enron to junk-bond level - which triggered provisions in Enron's debt requiring it to immediately repay billions of its obligations. This it could not do. Its stock was seventy cents and falling, and, now, no gatekeepers and no credit remained. Accordingly, in the first week of December, Enron, the archetype of shareholder value, availed itself of the time-honored protection for those who have lost their credit: bankruptcy.

This leaves only two options: disintegration, or a new dictatorship ... no, there is a third, and I shall not be so pessimistic as to deny its possibility. The third option is the substitution of a new myth for the old one. Here are three such myths, all available from stock at short notice: liberty, equality, fraternity.

Lefty had seen Desdemona undress many times, but usually as no more than a shadow and never in moonlight. She had never curled onto her back like this, lifting her feet to take off her shoes. He watched and, as she pulled down her skirt and lifted her tunic, was struck by how different his sister looked, in moonlight, in a lifeboat. She glowed. She gave off white light. He blinked behind his hands. The moonlight kept rising; it covered his neck, it reached his eyes until he understood: Desdemona was wearing a corset. That was the other thing she'd brought along: the white cloth enfolding her silkworm eggs was nothing other than Desdemona's wedding corset. She thought she'd never wear it, but here it was. Brassiere cups pointed up at the canvas roof. Whalebone slats squeezed her waist. The corset's skirt dropped garters attached to nothing because my grandmother owned no stockings. In the lifeboat, the corset absorbed all available moonlight, with the odd result that Desdemona's face, head, and arms disappeared. She looked like Winged Victory, tumbled on her back, being carted off to a conqueror's museum. All that was missing was the wings.

Molds are driven by fantasy and a desire for the spectacular, and our sense of spectacle changes over time. Medieval gingerbread molds, hand carved from wood, might depict harts and does, wild boars and saints. The stock of images available to us now is far larger; but our imaginations are often smaller. In kitchen shops today, you can buy a large cake mold resembling a giant cupcake.

We find the same situation in the economy. On the one hand, the battered remnants of production and the real economy; on the other, the circulation of gigantic amounts of virtual capital. But the two are so disconnected that the misfortunes which beset that capital – stock market crashes and other financial debacles – do not bring about the collapse of real economies any more. It is the same in the political sphere: scandals, corruption and the general decline in standards have no decisive effects in a split society, where responsibility (the possibility that the two parties may respond to each other) is no longer part of the game. This paradoxical situation is in a sense beneficial: it protects civil society (what remains of it) from the vicissitudes of the political sphere, just as it protects the economy (what remains of it) from the random fluctuations of the Stock Exchange and international finance. The immunity of the one creates a reciprocal immunity in the other – a mirror indifference. Better: real society is losing interest in the political class, while nonetheless availing itself of the spectacle. At last, then, the media have some use, and the ‘society of the spectacle’ assumes its full meaning in this fierce irony: the masses availing themselves of the spectacle of the dysfunctionings of representation through the random twists in the story of the political class’s corruption. All that remains now to the politicians is the obligation to sacrifice themselves to provide the requisite spectacle for the entertainment of the people.

What Mr. Rothschild had discovered was the basic principle of power, influence, and control over people as applied to economics. That principle is "when you assume the appearance of power, people soon give it to you." Mr. Rothschild had discovered that currency or deposit loan accounts had the required appearance of power that could be used to INDUCE PEOPLE [WC emphasis] (inductance, with people corresponding to a magnetic field) into surrendering their real wealth in exchange for a promise of greater wealth (instead of real compensation). They would put up real collateral in exchange for a loan of promissory notes. Mr. Rothschild found that he could issue more notes than he had backing for, so long as he had someone's stock of gold as a persuader to show to his customers. Mr. Rothschild loaned his promissory notes to individuals and to governments. These would create overconfidence. Then he would make money scarce, tighten control of the system, and collect the collateral through the obligation of contracts. The cycle was then repeated. These pressures could be used to ignite a war. Then he would control the availability of currency to determine who would win the war. That government which agreed to give him control of its economic system got his support.

All too often high-income-producing UAWs spend countless hours studying the market—but not the stock market. They can tell you the names of the top auto dealers, but not the top investment advisors. They can tell you how to shop and spend. But they can’t tell you how to invest. They know the styles, prices, and availability at various car dealers. But they know little or nothing about the various values of equity market offerings. As

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If the random-walk view is correct, today's stock prices embody all relevant information. The only thing that would make them change is the availability of new information. Since we have no way of knowing what that new information might be, there is no mean for stock prices to regress to. In other words, there is no such thing as a temporary stock price-that is, a price that sits in limbo before moving to some other point. That is also why changes are unpredictable.

What are you doing here?" He shoved one hand in his pocket. "I need a wife." "And you came here..." She searched for an explanation for his outlandish statement. "Because you thought a company that sells feminine care products might also have a supply of women available for marriage? I can go to the stock room if you want and see what we have on the shelf. Are you looking for a blonde or a brunette? I guess it doesn't matter whether she likes you or not." "It's not just for me," Liam explained, pulling his hand out of his pocket. "I need a wife to preserve my family legacy." "So you want to breed her? Good to know. That takes Margie and Joan out of the running. They're both in their sixties." He dropped to one knee and held out a blue velvet box. "I want you. Marry me, Daisy." Of all the things she'd expected him to say, "Marry me," did not even make the top thousand. For a long moment, all she could do was stand and stare. "I think you have me confused with someone who would even want to be in the same room as you, much less wed you after such a romantic proposal.

It is true that the success of the individual in his every-day business, profession, trade or other occupation depends very materially upon the possession of a good memory. His value in any walk in life depends to a great extent upon the degree of memory he may have developed. His memory of faces, names, facts, events, circumstances and other things concerning his every-day work is the measure of his ability to accomplish his task. And in the social intercourse of men and women, the possession of a retentive memory, well stocked with available facts, renders its possessor a desirable member of society.

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

In the center of the room Elizabeth stood stock still, clasping and unclasping her hands, watching the handle turn, unable to breathe with the tension. The door swung open, admitting a blast of frigid air and a tall, broad-shouldered man who glanced at Elizabeth in the firelight and said, “Henry, it wasn’t necess-“ Ian broke off, the door still open, staring at what he momentarily thought was a hallucination, a trick of the flames dancing in the fireplace, and then he realized the vision was real: Elizabeth was standing perfectly still, looking at him. And lying at her feet was a young Labrador retriever. Trying to buy time, Ian turned around and carefully closed the door as if latching it with precision were the most paramount thing in his life, while he tried to decide whether she’d looked happy or not to see him. In the long lonely nights without her, he’d rehearsed dozens of speeches to her-from stinging lectures to gentle discussions. Now, when the time was finally here, he could not remember one damn word of any of them. Left with no other choice, he took the only neutral course available. Turning back to the room, Ian looked at the Labrador. “Who’s this?” he asked, walking forward and crouching down to pet the dog, because he didn’t know what the hell to say to his wife. Elizabeth swallowed her disappointment as he ignored her and stroked the Labrador’s glossy black head. “I-I call her Shadow.” The sound of her voice was so sweet, Ian almost pulled her down into his arms. Instead, he glanced at her, thinking it encouraging she’d named her dog after his. “Nice name.” Elizabeth bit her lip, trying to hide her sudden wayward smile. “Original, too.” The smile hit Ian like a blow to the head, snapping him out of his untimely and unsuitable preoccupation with the dog. Straightening, he backed up a step and leaned his hip against the table, his weight braced on his opposite leg. Elizabeth instantly noticed the altering of his expression and watched nervously as he crossed his arms over his chest, watching her, his face inscrutable. “You-you look well,” she said, thinking he looked unbearably handsome. “I’m perfectly fine,” he assured her, his gaze level. “Remarkably well, actually, for a man who hasn’t seen the sun shine in more than three months, or been able to sleep without drinking a bottle of brandy.” His tone was so frank and unemotional that Elizabeth didn’t immediately grasp what he was saying. When she did, tears of joy and relief sprang to her eyes as he continued: “I’ve been working very hard. Unfortunately, I rarely get anything accomplished, and when I do, it’s generally wrong. All things considered, I would say that I’m doing very well-for a man who’s been more than half dead for three months.” Ian saw the tears shimmering in her magnificent eyes, and one of them traced unheeded down her smooth cheek. With a raw ache in his voice he said, “If you would take one step forward, darling, you could cry in my arms. And while you do, I’ll tell you how sorry I am for everything I’ve done-“ Unable to wait, Ian caught her, pulling her tightly against him. “And when I’m finished,” he whispered hoarsely as she wrapped her arms around him and wept brokenly, “you can help me find a way to forgive myself.” Tortured by her tears, he clasped her tighter and rubbed his jaw against her temple, his voice a ravaged whisper: “I’m sorry,” he told her. He cupped her face between his palms, tipping it up and gazing into her eyes, his thumbs moving over her wet cheeks. “I’m sorry.” Slowly, he bent his head, covering her mouth with his. “I’m so damned sorry.

The older theories, which started from an erroneous conception of the social demand for money, could never arrive at a solution of this problem. Their sole contribution is limited to paraphrases of the proposition that an increase in the stock of money at the disposal of the community while the demand for it rClnains the same decreases the objective exchange-value of money, and that an increase of the demand with a constant available stock has the contrary effect, and so on. By a flash of genius, the formulators of the Quantity Theory had already recognized this. We cannot by any means call it an advance when the formula giving the amount of the demand for money (Volume of Transactions + Velocity of Circulation) was reduced to its elements.

Let us now leave the example of the isolated State and turn our attention to the international movements that arise from a fall in the value of money due to an increase in its amount. Here, again, the process is the same. There is no increase in the available stock of goods; only its distribution is altered. The country in which the new mines are situated and the countries that deal directly with it have their position bettered by the fact that they are still able to buy commodities from other countries at the old lower prices at a time when depreciation at home has already occurred. Those countries that are the last to be reached by the new stream of money are those which must ultimately bear the cost of the increased welfare of the other countries.

This vision is very much in line with the views of the economist John Kay in his book Other People’s Money (2015). As he says, stock markets, when first started, were the vehicles for raising finance often for large infrastructure projects (typically railways) from many dispersed shareholders. But markets no longer provide this function. Almost no new projects are financed via the stock market. (Indeed, the observation that few early-state companies come to the stock market for financing rather confirms the hypothesis that stock markets have significant problems dealing with them.) Rather, stock market trading is dominated by large asset managers trading with each other. In Kay’s view, they are searching for returns over and above those available to the market as a whole (searching for “alpha”) by trying to anticipate what others are thinking about the value of assets rather than the value of the underlying assets themselves.

The ghost was not a ghost at all, or so it claimed - it claimed to be a psychic energy baby, birthed in some ethereal dimension, and pulled into the phone by the powerful magnetism of phone signals. It remembered with perfect clarity how it came to be - remembered coalescing from the membranous surface of the world, streaked with reflected light, humming with surface tension under the pressure of emptiness underneath. The Psychic Energy Baby found form among the emanations of people's minds and the susurrus of their voices, it found flesh in the shapes of their lips and eyes made, the surprise of 'o's and the sibilations of 's's; its skin stretched taut like a soap bubble, forged from the wet sound of lips touching; its thoughts were the musky smells and the nerves twined around the transparent water balloons of the muscles like stems of toadflax, searching restlessly for every available crevice, stretching along cold rough surfaces. Its veins, tiny rivers, pumped heartbeats striking in unison, the dry dallying of billions of ventricular contractions. And it spoke, spoke endlessly, it spokes words that tasted of dark air and formic acid. It could speak long before it took it's final shape. And when it happened, when all the sounds and smells and words in the world, when all the thoughts had aligned so that it could become - then it found itself pulled into the wires, surrounded by taut copper and green and red and yellow insulation; twined and quartered among the cables, rent open by millions of voices that shouted and whispered and pleaded and threatened, interspersed with the rasping of breaths and tearing laughter. It traveled through the criss-crossing of the wires so fast that it felt itself being pulled into a needle, head spearing into the future while its feet infinitely receded into the past, until it came into a dark quiet pool of the black rotary phone, where it could reassemble itself and take stock.

For years the financial services have been making stock-market forecasts without anyone taking this activity very seriously. Like everyone else in the field they are sometimes right and sometimes wrong. Wherever possible they hedge their opinions so as to avoid the risk of being proved completely wrong. (There is a well-developed art of Delphic phrasing that adjusts itself successfully to whatever the future brings.) In our view—perhaps a prejudiced one—this segment of their work has no real significance except for the light it throws on human nature in the securities markets. Nearly everyone interested in common stocks wants to be told by someone else what he thinks the market is going to do. The demand being there, it must be supplied. Their interpretations and forecasts of business conditions, of course, are much more authoritative and informing. These are an important part of the great body of economic intelligence which is spread continuously among buyers and sellers of securities and tends to create fairly rational prices for stocks and bonds under most circumstances. Undoubtedly the material published by the financial services adds to the store of information available and fortifies the investment judgment of their clients.

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

The rapid growth of Message- combined with an outpouring of florists offering consultations in the language of flowers to the streams of brides Marlena and I turned away- caused a subtle but concrete shift in the Bay Area flower industry. Marlena reported that peony, marigold, and lavender lingered in their plastic buckets at the flower market while tulips, lilac, and passionflower sold out before the sun rose. For the first time anyone could remember, jonquil became available long after its natural bloom season had ended. By the end of July, bold brides carried ceramic bowls of strawberries or fragrant clusters of fennel, and no one questioned their aesthetics but rather marveled at the simplicity of their desire. If the trajectory continued, I realized, Message would alter the quantities of anger, grief, and mistrust growing in the earth on a massive scale. Farmers would uproot fields of foxglove to plant yarrow, the soft clusters of pink, yellow, and cream the cure to a broken heart. The prices of sage, ranunculus, and stock would steadily increase. Plum trees would be planted for the sole purpose of harvesting their delicate, clustered blossoms and sunflowers would fall permanently out of fashion, disappearing from flower stands, craft stores, and country kitchens. Thistle would be cleared compulsively from empty lots and overgrown gardens.

Why Did the Stock Market Crash? The most persuasive explanation for the 1929 stock market crash blames the Federal Reserve. Throughout the 1920s, but particularly in 1927, the Fed pumped artificial credit into the loan market, pushing down interest rates from their free-market level. Lower interest rates exaggerated the feeling of prosperity, and misled businesses and investors. In a laissez-faire market where money and banking are not disturbed by the government, the interest rate is a price that tells borrowers how much capital citizens have saved and made available to fund projects. But when the Fed adopts an “easy-money” policy by pushing down interest rates, this signal is distorted and the interest rate no longer does its job of channeling the available capital into the most deserving projects. Instead, an unsustainable boom develops, with firms hiring workers and starting production processes that will have to be discontinued once the Fed slows down its injections of new money. Many economists point to the Fed hikes in interest rates during 1928 and 1929 as the cause of the stock market crash. In a sense this is true, but the deeper point is that the crash was made inevitable by the bubble in the stock market fueled by the artificially cheap credit preceding the hikes. In other words, when the Fed stopped pumping in gobs of new money that pushed up the stock market, investors came to their senses and asset prices plunged back towards their pre-bubble level.

Many historians, many sociologists and psychologists have written at length, and with deep concern, about the price that Western man has had to pay and will go on paying for technological progress. They point out, for example, that democracy can hardly be expected to flourish in societies where political and economic power is being progressively concentrated and centralized. But the progress of technology has led and is still leading to just such concentration and centralization of power. As the machinery of mass production is made more efficient it tends to become more complex and more expensive – and so less available to the enterpriser of limited means. Moreover, mass production cannot work without mass distribution; but mass distribution raises problems which only the largest producers can satisfactorily solve. In a world of mass production and mass distribution the Little Man, with his inadequate stock of working capital, is at a grave disadvantage. In competition with the Big Man, he loses his money and finally his very existence as an independent producer; the Big Man has gobbled him up. As the Little Men disappear, more and more economic power comes to be wielded by fewer and fewer people. Under a dictatorship the Big Business, made possible by advancing technology and the consequent ruin of Little Business, is controlled by the State – that is to say, by a small group of party leaders and the soldiers, policemen and civil servants who carry out their orders.

Then came the so-called flash crash. At 2:45 on May 6, 2010, for no obvious reason, the market fell six hundred points in a few minutes. A few minutes later, like a drunk trying to pretend he hadn’t just knocked over the fishbowl and killed the pet goldfish, it bounced right back up to where it was before. If you weren’t watching closely you could have missed the entire event—unless, of course, you had placed orders in the market to buy or sell certain stocks. Shares of Procter & Gamble, for instance, traded as low as a penny and as high as $100,000. Twenty thousand different trades happened at stock prices more than 60 percent removed from the prices of those stocks just moments before. Five months later, the SEC published a report blaming the entire fiasco on a single large sell order, of stock market futures contracts, mistakenly placed on an exchange in Chicago by an obscure Kansas City mutual fund. That explanation could only be true by accident, because the stock market regulators did not possess the information they needed to understand the stock markets. The unit of trading was now the microsecond, but the records kept by the exchanges were by the second. There were one million microseconds in a second. It was as if, back in the 1920s, the only stock market data available was a crude aggregation of all trades made during the decade. You could see that at some point in that era there had been a stock market crash. You could see nothing about the events on and around October 29, 1929.

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

Suggestions to Develop Self-Help Skills Self-help skills improve along with sensory processing. The following suggestions may make your child’s life easier—and yours, too! DRESSING • Buy or make a “dressing board” with a variety of snaps, zippers, buttons and buttonholes, hooks and eyes, buckles and shoelaces. • Provide things that are not her own clothes for the child to zip, button, and fasten, such as sleeping bags, backpacks, handbags, coin purses, lunch boxes, doll clothes, suitcases, and cosmetic cases. • Provide alluring dress-up clothes with zippers, buttons, buckles, and snaps. Oversized clothes are easiest to put on and take off. • Eliminate unnecessary choices in your child’s bureau and closet. Clothes that are inappropriate for the season and that jam the drawers are sources of frustration. • Put large hooks inside closet doors at the child’s eye level so he can hang up his own coat and pajamas. (Attach loops to coats and pajamas on the outside so they won’t irritate the skin.) • Supply cellophane bags for the child to slip her feet into before pulling on boots. The cellophane prevents shoes from getting stuck and makes the job much easier. • Let your child choose what to wear. If she gets overheated easily, let her go outdoors wearing several loose layers rather than a coat. If he complains that new clothes are stiff or scratchy, let him wear soft, worn clothes, even if they’re unfashionable. • Comfort is what matters. • Set out tomorrow’s clothes the night before. Encourage the child to dress himself. Allow for extra time, and be available to help. If necessary, help him into clothes but let him do the finishing touch: Start the coat zipper but let him zip it up, or button all but one of his buttons. Keep a stool handy so the child can see herself in the bathroom mirror. On the sink, keep a kid-sized hairbrush and toothbrush within arm’s reach. Even if she resists brushing teeth and hair, be firm. Some things in life are nonnegotiable.

Silvanus, the camp prefect, took a step forward. I heard his voice every morning after parade, but had never listened to the tones of it as I did now. He was not afraid, that much was clear; he was angry. "Pathetic. I should cashier you all now and destroy your Eagles." Silvanus spoke quietly; we had to strain to hear his voice. You could have heard the stars slide across the sky, we were so still and so silent. "If General Corbulo were here, he would destroy you. He dismissed half of the Fifth and the Tenth and sent them home. The rest are billeted in tents in the Armenian highlands with barley meal for fodder. He intends to make an army of them, to meet Vologases when he comes. I intend the same and therefore you will be treated the same as your betters in better legions. You will be proficient by the spring, or you will be dead." His gaze raked us, and we wondered which of us might die that night for the crime of being ineffectual. His voice rocked us. "To that end, you will spend the next three months in tents in the Mountains of the Hawk that lie between us and the sea. One hundred paces above the snow line, each century will determine an area suitable for three months’ stay and build its own base camp. You will alternate along the mountains’ length so that each century of the Fourth has a century of the Twelfth to either side, and vice versa. Each century will defend and maintain its own stocks against the men of the opposing legion; you are encouraged to avail yourselves of what you can. You may not remove stocks from camps belonging to other centuries of your own legion, and equally you may not aid in defending them against raiding parties from the opposing men. So that you may tell each other apart, the Twelfth legion will wear" – did I hear a note of distaste there? – "red cloth tied about their left arms at all times. The Fourth will wear blue. You will be provided with raw fleece with which to wrap your weapons that they might strike but not bite. A man who is careless enough to be captured by the other side will be flogged and returned to his unit. Any man who kills another will be flogged until dead and any man who wounds another will be staked out beyond the boundary of his camp for two days and nights; if he lives, he will be returned to his unit. Any man who dies of hunger, cold or fright, or who falls off the mountain, will be deemed to have died by his own hand. You have until the next watch to make ready. You are dismissed.

Leonard H. Stringfield 1)Retrievals of the Third Kind: A Case Study of Alleged UFOs and Occupants in Military Custody. The first formal research paper presented publicly on the subject of UFO crash/retrievals at the MUFON Symposium, Dayton, Ohio, July, 1978. Original edition, dated April, 1978, was published in MUFON Proceedings (1978). Address: MUFON, 103 Oldtowne Road, Seguin, Texas 78155. If available, price___________. 2)Retrievals of the Third Kind: A Case Study of Alleged UFOs and Occupants in Military Custody,Status Report I. Revised edition, July, 1978, word processed copy, 34 pages. Available at author's address. See below. Price, USA___________. 3)UFO Crash/Retrieval Syndrome, Status Report II. Published by MUFON. Flexible cover, typeset, illustrations, 37 pages. Available only at MUFON address: 103 Oldtowne Road, Seguin, Texas 78155. Price, USA___________. 4)UFO Crash/Retrievals: Amassing the Evidence, Status Report III, June 1982; flexible cover, typeset, illustrations, 53 pages. Available from author's address. See below. Price, USA___________. 5)The Fatal Encounter at Ft. Dix -- McGuire: A Case Study, Status Report IV, June, 1985. Paper presented at MUFON Symposium, St. Louis, Missouri, 1985. Xeroxed copy, 26 pages. Available at author's address. See below. Price, USA___________. 6)UFO Crash/Retrievals: Is the Coverup Lid Lifting? Status Report V. Published in MUFON UFO Journal, January, 1989, with updated addendum. Xeroxed copy, 23 pages. Available at author's address. See below. Price, USA___________. 7)Inside Saucer Post, 3-0 Blue. Book privately published, 1957. Review of author's early research and cooperative association with the Air Defense Command Filter Center, using code name, FOX TROT KILO 3-0 BLUE. Flexible cover, typeset, illustrations, 94 pages. Available from author's address. See below. Price, USA___________. 8)Situation Red: The UFO Siege. Hardcover book published by Doubleday & Co., 1977. Paperback edition published by Fawcett Crest Books, 1977. Also foreign publishers. Out of print, not available. 9)Orbit Newsletter, published monthly, 1954-1957, by author for international sale and distribution. Set of 36 issues. Some issues out of stock, duplicated by xerox. Available at author's address -- see below. Price of set, USA___________. 10)UFO Crash/Retrievals: The Inner Sanctum, Status Report VI, July, 1991; flexible cover, book length, 81.000 words, 142 (8-1/2 X 11) pages, illustrated. Privately published. Available from author's address. See below. Price, USA___________. Prices include postage and handling. Mailings to Canada, add 500 for each item ordered. All foreign orders, payable U.S. funds, International money order or draft on U.S. Bank. Recommend Air Mail outside U.S. territories. Check on price. Leonard H. Stringfield 4412 Grove Avenue Cincinnati, Ohio 45227 USA Telephone: (513) 271-4248

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

Have Enjoyable Swimming with the Indoor Pool by Patio Enclosures Whatsoever be the climate outside the craving for swimming always puts you jump into the swimming pool. And if you have an Indoor Pool then the enthusiasm gets doubled. For this you can make your pool inside the area of home. Or if you are already having an open pool then too there is nothing more to worry. These days the technology has made such advancements that can modify your home constructions without even doing any damage to it. This is well illustrated with the pool enclosures available in the market. You can get them to make your pool come into enclosed area to enjoy the enthusiasm fully. It is a well-known fact that weather has three natures but the most furious is the winter when the chillness is almost killing to roam outside. In that case you forget to swim or can say that miss swimming. There the pool enclosures come to be a supporting property that makes your outer pool to be an indoor swimming pool. With this convenience the Patio Enclosures are helpful in making you home look more extravagant with wonderful finishing touch. It is also known as an inexpensive way to decorate your home. There are various materials that can be made use of making these enclosures. The materials that are used in making enclosures most commonly are fiber, glass, timber, plastic, etc. These days many companies are keen in doing fabrication and installation of variety of enclosure present in their stock. So you need not worry for having construction or reconstruction of pools. They supply with most proficient workers expert in their performance. In the time of technology when every small thing you can get as automated then why not these. You can have the eccentric innovation of automatic pool covers present in the market provided by many companies. With the expected feature of covering and uncovering the swimming pool automatically this type of enclosures are in demand mostly. Through this feature you can have swimming in enclosed area in winters along with enjoying the open pool in summers too as required. You can even make the maintenance costs low by covering the pool not to come in contact with dust or dirt. Indoor pools are fabulous but if you have open pools then make them covered with the patio enclosures. This makes you enjoy swimming throughout the year and also makes the maintenance costs for swimming pools lower.

Remind your humans of the traditional value of the newspaper by helping them to read every time they sit down with one. If there are no newspapers available, shred mail, magazines, checkbooks and other documents to point out the value of stocking less permanent media in the feline household. If your computer skills are up to the task, preorder five years of home delivery of the Sunday New York Times. Now there’s a paper you can spend hours killing. Save the magazine and book review for enjoyment later in the week.

shares available, market cap, share price,

small cap" and "big cap" are relative terms. The market today is much larger and is dominated by a list of big players that dwarf smaller companies in their sheer size and share of available investment capital. The fact that these giants are so large does not necessarily mean that small-cap companies are undercapitalized. Many of these companies have no desire to compete with the likes of Wal-Mart and McDonalds, preferring to excel in a niche market that's too small for the big players to bother with.

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

Less than 30 essential medicines are available in India’s public hospitals and often they are out of stock.

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

The number of shares in the hands of the public that are available for trading is called float. (As opposed to shares in the hands of founders and management that are restricted.) Find out what the float is. If only a limited number of shares are available to trade, it will be difficult to liquidate stock. If a founder sold his company for $8 million in stock and later decides to sell the shares in the market, he may find it difficult to sell that many shares without pushing the price of the stock down significantly. What

The availability of a quotation for your business interest (stock) should always be an asset to be utilized if desired. If it gets silly enough in either direction, you take advantage of it.”1 —

The part of national income that is available to families, after taxes have been paid and any transfers received, is personal disposable income, which is the second line from the top. It is a good deal smaller than GDP, but the historical picture of growth and fluctuation is very similar. Much the same is true if we look, not at what people get, but at what they spend. This is consumers’ expenditure, the third line. The difference between personal disposable income and consumers’ expenditure is the amount that people save, and the figure shows that the fraction of their income that Americans save has been falling, especially over the past thirty years. We don’t know exactly why this has happened, and there are several possible explanations: it is easier to borrow than it used to be; it is no longer as necessary as it once was to save up to make the deposit on a house, a car, or a dishwasher; Social Security has perhaps reduced the need to save for retirement; and the average American benefited from increases in the stock market and in house prices—at least until the Great Recession.

For low risk trades, prices and volumes must rise consistently for at least two weeks. Avoid making trading decisions based on a single day’s price rise or a single week’s price rise. A short term price rise can be driven by a large lot of the stock being bought by institutional investors or by the non-availability of enough stock to make up for a large order.

Some people consider day trading as a lucrative pastime. Actually, some individuals think that anyone can just purchase eBooks about day trading and start earning money easily. Well, nothing could be further from the truth. You should think of day trading as a job. You may think of it as a part-time or a full-time job, but you need to give it the same dedication and commitment as any kind of job available to you.

Transforming a car-clogged street into inviting shared space doesn’t always require heavy machinery, complicated reconstruction, or millions of dollars. Planners can reorder a street without destroying a single building, double-decking a street, or building a streetcar, light rail system, or highway interchange. It can be accomplished quickly by using the basic materials that every city has access to—in New York City’s case more than six thousand miles of streets—and the basic stock that all city transportation agencies already have in their supply depots or available through existing contracts. Yes, I mean paint. Hundreds

Some Tips to Preserve Flowers Fresh Longer Receiving new and lovely blossoms is among the most wonderful emotions in the world. It creates you feel loved, and unique, critical. Nothing really beats fresh flowers to mention particular feelings of love and devotion. This is actually the reason why you can tell how a celebration that is unique is from the quantity and type of flowers current, sold or whether available one to the other. Without a doubt the rose sector actually flowers online stores can not slow-down anytime soon and are booming. Weddings, Valentines Day, birthday, school, anniversaries, brand all without and the most significant instances a doubt flowers are part of it. The plants could have been picked up professionally or ordered through plants online, regardless of the means, new blossoms can present in a celebration. The challenge with receiving plants, however, is how to maintain their freshness longer. Really, merely placing them on vases filled up with water wouldn’t do the trick, here are a few established ways you'll be able to keep plants clean and sustained for times:  the easiest way to keep plants is by keeping them inside the refrigerator. Here is the reason why most flower shops have huge appliances where they keep their stock. If you have added place in the fridge (and endurance) you're able to just put the flowers before bed-time and put it within the fridge. In the morning you could arrange them again and do the same within the days.  If you are partial to drinking pop, specially the obvious ones like Sprite and 7 Up, you need to use this like a chemical to preserve the flowers fresh. Just serve a couple of fraction of mug of pop to mix within the water in the vase. Sugar is just a natural chemical and soda has high-sugar content, as you know.  To keep the petals and sepals fresh-looking attempt to apply somewhat of hairspray on the couple of plants or aroma. Stay from a length (about one feet) then provide the blossoms a fast spritz, notably to the leaves and petals.  the trick to maintaining cut flowers new is always to minimize the expansion of bacteria while in the same period give you the plants with all the diet it needs. Since it has properties for this function vodka may be used. Just blend of vodka and sugar for the water that you're going to use within the vase but make sure to modify the water daily using the vodka and sugar solution.  Aspirin is also recognized to preserve flowers fresh. Only break a pill of aspirin before you place the plants, and blend it with the water. Remember which you need to add aspirin everytime the water changes.  Another effective approach to avoid the growth of bacteria is to add about a quarter teaspoon of bleach inside the water within the vase. Mix in a few teaspoon of sugar for the blossoms and also diet will definitely last considerably longer. The number are only several of the more doable ways that you can do to make sure that it is possible to enjoy those arrangement of flowers you obtained from the person you worry about for a very long time. They could nearly last but atleast the message it offered will soon be valued inside your heart for the a long time.

You have a margin of safety when you buy a stock at a price that is substantially less than its value. As Graham noted, the margin of safety “is available for absorbing the effect of miscalculations or worse than average luck.

We select our marketable equity securities in much the same way we would evaluate a business for acquisition in its entirety. We want the business to be (1) one we can understand, (2) with favorable long-term prospects, (3) operated by honest and competent people, and (4) available at a very attractive price. We ordinarily make no attempt to buy equities for anticipated favorable stock price behavior in the short term. In fact, if their business experience continues to satisfy us, we welcome lower market prices of stocks we own as an opportunity to acquire even more of a good thing at a better price. 1977

High-yield bonds—which Graham calls “second-grade” or “lower-grade” and today are called “junk bonds”—get a brisk thumbs-down from Graham. In his day, it was too costly and cumbersome for an individual investor to diversify away the risks of default.;1 (To learn how bad a default can be, and how carelessly even “sophisticated” professional bond investors can buy into one, see the sidebar on p. 146.) Today, however, more than 130 mutual funds specialize in junk bonds. These funds buy junk by the cartload; they hold dozens of different bonds. That mitigates Graham’s complaints about the difficulty of diversifying. (However, his bias against high-yield preferred stock remains valid, since there remains no cheap and widely available way to spread their risks.) Since 1978, an annual average of 4.4% of the junk-bond market has gone into default—but, even after those defaults, junk bonds have still produced an annualized return of 10.5%, versus 8.6% for 10-year U.S. Treasury bonds.2 Unfortunately, most junk-bond funds charge high fees and do a poor job of preserving the original principal amount of your investment. A junk fund could be appropriate if you are retired, are looking for extra monthly income to supplement your pension, and can tolerate temporary tumbles in value. If you work at a bank or other financial company, a sharp rise in interest rates could limit your raise or even threaten your job security—so a junk fund, which tends to outper-forms most other bond funds when interest rates rise, might make sense as a counterweight in your 401(k). A junk-bond fund, though, is only a minor option—not an obligation—for the intelligent investor.

DiPascali, a small terrier-like man with the unpolished speech of his native Queens, came through for Madoff. Using self-taught computer skills and the historical stock and options prices available to any brokerage firm, he created a convincing paper trail covering several years of complex trading activity that almost certainly had never occurred.

Only a stock that many traders were selling short could be cornered; a stock that was in the throes of a real bear raid was ideal. In the latter situation, the would-be cornerer would attempt to buy up the investment houses’ floating supply of the stock and enough of the privately held shares to freeze out the bears; if the attempt succeeded, when he called for the short sellers to make good the stock they had borrowed, they could buy it from no one but him. And they would have to buy it at any price he chose to ask, their only alternatives—at least theoretically—being to go into bankruptcy or to jail for failure to meet their obligations. In the old days of titanic financial death struggles, when Adam Smith’s ghost still smiled on Wall Street, corners were fairly common and were often extremely sanguinary, with hundreds of innocent bystanders, as well as the embattled principals, getting their financial heads lopped off. The most famous cornerer in history was that celebrated old pirate, Commodore Cornelius Vanderbilt, who engineered no less than three successful corners during the eighteen-sixties. Probably his classic job was in the stock of the Harlem Railway. By dint of secretly buying up all its available shares while simultaneously circulating a series of untruthful rumors of imminent bankruptcy to lure the short sellers in, he achieved an airtight trap. Finally, with the air of a man doing them a favor by saving them from jail, he offered the cornered shorts at $179 a share the stock he had bought up at a small fraction of that figure.

The Netscape offering changed that equation. Originally, Netscape planned to sell 3.5 million shares to the public at $14 each, a price that valued the company at about $500 million. Given that Netscape had posted only $17 million in sales—sales, not profits—during the previous six months, a half-billion-dollar valuation seemed highly optimistic. But not to investors looking for the next you-know-what. Netscape’s roadshows were mobbed; tech geeks who had never before bought a stock wanted to own the Navigator. One technology stock analyst said getting a session with Netscape’s management before the offering “was like getting a one-on-one with God.”3 With demand overwhelming, Netscape and Morgan Stanley, its underwriter, increased both the size and price of the offering, eventually selling 5 million shares at $28. Still, demand far outstripped supply; investors placed orders for 100 million shares, and Morgan Stanley had to decide which clients to favor with the limited number of shares it had available. “They don’t get any hotter than this,” the Journal reported the morning that Netscape opened for trading. With so much unmet demand, it was obvious that Netscape would begin trading far above the $28 offering. After struggling for hours to set a price, the Nasdaq’s market makers finally opened Netscape at $71 per share. It rose as high as $75 before settling back to end the day at $58.25. At that price the company was valued at more than $2 billion—one hundred times its trailing sales.

Please see that you are not a victim of any psychological biases of investment such as availability bias, gambler’s fallacy, recency bias, confirmation bias, familiarity bias, representative bias, hindsight bias, consistency bias, commitment bias, disposition effect bias,

Seasoned investors like Warren Buffett, Thomas Rowe Price Jr., John Neff, Jesse Livermore, Peter Lynch, and many more, practice this strategy of finding the best available alternative before investing a considerable sum.

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In the majority of countries, the privilege of creating money has been handed to commercial banks, which create money every time they offer loans or credit. As a result, more money is made available only by their issuing more interest-bearing debt, and that debt is increasingly being channelled into activities such as buying houses, land or stocks and shares. Investments such as these do not create new wealth that generates additional income with which to pay the interest, but instead earn a return simply by pushing up the price of existing assets.

Whether intuition generates delusion or insight depends on whether you work in a world full of valid cues you can unconsciously register for future use. “For example, it is very likely that there are early indications that a building is about to collapse in a fire or that an infant will soon show obvious symptoms of infection,” Kahneman and Klein wrote. “On the other hand, it is unlikely that there is publicly available information that could be used to predict how well a particular stock will do—if such valid information existed, the price of the stock would already reflect it. Thus, we have more reason to trust the intuition of an experienced fireground commander about the stability of a building, or the intuitions of a nurse about an infant, than to trust the intuitions of a stock broker.

When a manager has a criminal record or a history of cheating investors or even just feels above the law, I stop right there. Crooks don’t suddenly sprout a sense of fiduciary duty. When a piece of evidence might or might not tag a bad guy, I use it only if it hints at other investment defects. Glamorous hype stocks are more likely to be scams, but I avoid them because they are usually overpriced and prone to raising capital constantly. Intricate corporate structures make analysis difficult, even if nothing bad is going on. To spot bad guys, look for the fraud triangle: pressure, opportunity, and rationalization. Philosopher Hannah Arendt had it right that “most evil is done by people who never make up their minds to be good or evil.” Watch for when massive option grants or hefty fees compel people to try too hard. Pride can be a dominant motive when an audience believes in someone’s magical powers. Charismatic promoters often suppress the boards of directors, auditors, and other naysayers that might prevent them from doing what they want. They cluster in industries and geographies where capital is abundantly available with little scrutiny or accountability. Lax accounting standards are also a draw. Don’t buy anything someone is pushing hard. By avoiding the bad-guy stocks—and it’s a short list—I slash the possibility of a disastrous outcome but scarcely reduce my opportunity set.

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In the UK, for example, 97 percent of money is created by commercial banks and its character takes the form of debt-based, interest-bearing loans. As for its intended use? In the 10 years running up to the 2008 financial crash, over 75 percent of those loans were granted for buying stocks or houses—so fuelling the house-price bubble—while a mere 13 percent went to small businesses engaged in productive enterprise.47 When such debt increases, a growing share of a nation’s income is siphoned off as payments to those with interest-earning investments and as profit for the banking sector, leaving less income available for spending on products and services made by people working in the productive economy. ‘Just as landlords were the archetypal rentiers of their agricultural societies,’ writes economist Michael Hudson, ‘so investors, financiers and bankers are in the largest rentier sector of today’s financialized economies.

We are afraid to put men to live and trade each on his own private stock of reason, because we suspect that the stock in each man is small, and that the individuals would do better to avail themselves of the general bank and capital of nations and of ages,” Burke writes in the Reflections.

We want products in stock and immediately available to customers, and we want minimal total inventory in order to keep associated holding costs, and thus prices, low. To achieve both, there is a right amount of inventory. We use historical purchase data to forecast customer demand for a product and expected variability in that demand. We use data on the historical performance of vendors to estimate replenishment times. We can determine where to stock the product within our fulfillment network based on inbound and outbound transportation costs, storage costs, and anticipated customer locations.

also like to look for growth stocks, where the float is less than 20% of the total number of shares outstanding. The “float” is simply the number of shares of a stock that are actually available for trading.

If your company has any credible strategy for providing equity-based returns with muted volatility, you have not just a value proposition, but one of the most important value propositions of our time.... What's the concept in an operating real estate REIT? Operating real estate (as distinct from net leases or mortgages, which are other financing concepts) has the potential to produce equity-like long-term returns, but isan extremely powerful diversifier, in that real estate correlates positively with inflation while stocks and bonds correlate negatively with it. Inflation, with it attendant higher interest rates, chokes off new supply of real estate: new expensive to build, to expensive to finance at prevailing market rents. When new supply dwindles, normal growth absorbs the available space and puts upward pressure on rents, increasing cash flows to the owners... until rents get to a point where new construction pencils out again. (Meanwhile, in an inflation/interest rate flareup of any consequence, stocks and bonds are usually getting hit, and sometimes hit hard.) This, to me, is a trifecta of a conceptual value proposition: (a) the potential for the equity-like long-term returns investors need, (b) historically correlated positively with inflation, unlike all financial assets, and (c) just when you think this story can't get better, with 90% of available income paid out currently to income-starved investors.... What's the concept for variable life insurance? It's certainly the least expensive long-term form of life insurance, in that, as the investment portion grows, it extinguishes the insurance company's exposure. (As Ben Baldwin gnomically and brilliantly observes, 'All insurance is term insurance.') It may also be, in a given situation, the cheapest way of funding an estate tax liability, leaving the maximum legacy to one's heirs. And, of course, if the ownership is vested in an insurance trust, one may (under current law at this writing) be bequeathing wealth without income or estate taxation. As long as there is an estate tax - any estate tax - there will be a financial planning issue in the life of every affluent household/family: how do you want the heirs to pay it? And it seems likely that, conceptually, VUL will always be an answer.... Small cap equities? The concept is, clearly, higher returns with - and precisely because of - their higher volatility.

Paccar’s strategy is based on doing something well and consistently over a long period of time. That has created difficult-to-replicate resources: its image, its network of experienced dealers, its loyal customers, and the knowledge embedded in its staff of designers and engineers. This position and these kinds of slow-build resources are simply not available to companies, mesmerized by the stock market, who want big results in twelve months.

I also like to look for growth stocks, where the float is less than 20% of the total number of shares outstanding. The “float” is simply the number of shares of a stock that are actually available for trading. To calculate the float, you just take the total number of shares outstanding and subtract all closely-held shares (those held by founders, employees, and original investors that are locked up and thus unable to be traded).

Salads?” he said. “I don’t usually make a lot of salads.” “I know this,” she said wearily. “But we need to make a couple of changes. Just minor changes. Buy some low-fat, whole-wheat bread for sandwiches. Don’t do pastas, breads and potatoes at every meal. Make salads, stock fresh fruit.” “There’s plenty of fruit around here,” he said. “Yeah, and it’s all in the pies.” “You have pie almost every day,” he pointed out. “You love my pies. You more than anyone, I think.” She scowled, then grimaced. “I’m going to stop doing that. Listen, can you make some lighter meals available, please? Or else I’m not going to be able to eat here all the time. I’ll have to pack a lunch, make my own dinner at home. This madness has to stop. I can’t keep gaining weight like this. I am not going to be fat!” Preacher tilted his head. “Jack complaining about the way you look?” he asked cautiously. “Of course not,” she said in frustration. “He thinks I’m perfect.” “Well, there you go.” “John, I don’t think you’re paying attention here. I have to go on a diet. You want me to write down what I need?” “No,” he said unhappily. “I think I’ve got it.” “Thanks.

Ludwig Wittgenstein famously said that the limits of one’s language were the limits of one’s world. By coming up with fresh and arresting words to describe the world accurately, the writer expands the boundaries of her world, and possibly her readers’ world, too. Real writing can do what R. P. Blackmur said it could: add to the stock of available reality. There

It boasted a "large collection of used and rare books in excellent condition."  Its "knowledgeable staff" could advise instantly if a particular title was in stock.  Dotterling himself was available to "exhaust book acquisition resources worldwide" for clients seeking an especially rare volume.  Apparently Borderline Books was a place for people with too much money and nothing productive to do but pay exorbitantly for literary trophies. In

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For example, only some members of a hunting society have the experience of losing their weapons and being forced to fight a wild animal with their bare hands. This frightening experience, with whatever lessons in bravery, cunning and skill it yields, is firmly sedimented in the consciousness of the individuals who went through it. If the experience is shared by several individuals, it will be sedimented intersubjectively, may perhaps even form a profound bond between these individuals. As this experience is designated and transmitted linguistically, however, it becomes accessible and, perhaps, strongly relevant to individuals who have never gone through it. The linguistic designation (which, in a hunting society, we may imagine to be very precise and elaborate indeed—say, “lone, big kill, with one hand, of male rhinoceros,” “lone big kill, with two hands, of female rhinoceros,” and so forth) abstracts the experience from its individual biographical occurrences. It becomes an objective possibility for everyone, or at any rate for everyone within a certain type (say, fully initiated hunters); that is, it becomes anonymous in principle even if it is still associated with the feats of specific individuals. Even to those who do not anticipate the experience in their own future biography (say, women forbidden to hunt), it may be relevant in a derived manner (say, in terms of the desirability of a future husband); in any case it is part of the common stock of knowledge. The objectification of the experience in the language (that is, its transformation into a generally available object of knowledge) then allows its incorporation into a larger body of tradition by way of moral instruction, inspirational poetry, religious allegory, and whatnot. Both the experience in the narrower sense and its appendage of wider significations can then be taught to every new generation, or even diffused to an altogether different collectivity (say, an agriculture society that may attach quite different meanings to the whole business). Language

For too long the various fields of knowledge have been closed to the majority of people, because of knowledge barriers (such as entrance exams), financial barriers (tuition), class barriers (guilds, unions, and directors of admission), language barriers (each group adopting its own arcane terminology with the supposed purpose of facilitating communication among members but with the effects being a rebuff to the uninitiated). These obstacles are undemocratic in that they do not let an individual have free access to knowledge that society has collected — our common inheritance, the greatest store of wealth to which we are all heirs. Such barriers have resulted in an elite group that understands and a mass of outsiders who are excluded from knowledge. For example, in earlier times the Bible was only available in Latin or Greek and accessible exclusively to priests and scholars. That exclusivity is kept alive today in the medical profession. There are innumerable, hidden psychological and social pressures that keep people from being free to explore the constructive use of their hands and minds. Because of artificial limitations on who shall know, society fails to reap the knowledge, the productivity, and the peace and well-being that come from universal participation. In a very real sense, we are hoarding our wealth rather than investing it in the best blue chip stock on the market — human ability.

Net wages: “It’s not what you make, but what you net” after paying the FIRE sector, basic utilities and taxes. The usual measure of disposable personal income (DPI) refers to how much employees take home after income-tax withholding (designed in part by Milton Friedman during World War II) and over 15% for FICA (Federal Insurance Contributions Act) to produce a budget surplus for Social Security and health care (half of which are paid by the employer). This forced saving is lent to the U.S. Treasury, enabling it to cut taxes on the higher income brackets. Also deducted from paychecks may be employee withholding for private health insurance and pensions. What is left is by no means freely available for discretionary spending. Wage earners have to pay a monthly financial and real estate “nut” off the top, headed by mortgage debt or rent to the landlord, plus credit card debt, student loans and other bank loans. Electricity, gas and phone bills must be paid, often by automatic bank transfer – and usually cable TV and Internet service as well. If these utility bills are not paid, banks increase the interest rate owed on credit card debt (typically to 29%). Not much is left to spend on goods and services after paying the FIRE sector and basic monopolies, so it is no wonder that markets are shrinking. (See Hudson Bubble Model later in this book.) A similar set of subtrahends occurs with net corporate cash flow (see ebitda). After paying interest and dividends – and using about half their revenue for stock buybacks – not much is left for capital investment in new plant and equipment, research or development to expand production.

It nevertheless remains true that, in most countries for which long-run data are available, stocks have out-performed bonds – by a factor of roughly five over the twentieth century.

It nevertheless remains true that, in most countries for which long-run data are available, stocks have out-performed bonds – by a factor of roughly five over the twentieth century.9 This can scarcely surprise us. Bonds, as we saw in Chapter 2, are no more than promises by governments to pay interest and ultimately repay principal over a specified period of time. Either through default or through currency depreciation, many governments have failed to honour those promises. By contrast, a share is a portion of the capital of a profit-making corporation. If the company succeeds in its undertakings, there will not only be dividends, but also a significant probability of capital appreciation. There are of course risks, too. The returns on stocks are less predictable and more volatile than the returns on bonds and bills. There is a significantly higher probability that the average corporation will go bankrupt and cease to exist than that the average sovereign state will disappear. In the event of a corporate bankruptcy, the holders of bonds and other forms of debt will be satisfied first; the equity holders may end up with nothing. For these reasons, economists see the superior returns on stocks as capturing an ‘equity risk premium’ – though clearly in some cases this has been a risk well worth taking.

Seasonings should not begin and end at salt and pepper. Herbs and spices not only are a great source of variety but also add to the nutritional profile of a meal. Fresh or dried basil, oregano, cinnamon, cumin, nutmeg, and dozens of other herbs and spices are available in any well-stocked grocery store.

The endowment would make a second serendipitous investment when Robert Noyce, a Grinnell trustee and alumnus, offered Grinnell stock in his then-private start-up, NM Electronics.22 Noyce had almost been expelled from Grinnell for stealing a pig and roasting it at a campus luau.23 He would have been expelled but for the intervention of his physics professor who felt that Noyce was the best student he’d ever taught. 24 The professor managed to persuade the school to reduce the expulsion to a one-semester suspension.25 Noyce never forgot the favor, and made the stock available to the school if it wanted it.26 Rosenfield told Noyce that the endowment would take all the stock he’d let it have.27 Grinnell’s endowment took 10 percent of the $3 million private placement (Grinnell put up $100,000, and Rosenfield and another trustee put up $100,000 each).28 Shortly thereafter the company, then renamed Intel, went public in 1971. Grinnell started selling the stake in 1974, at which time it was worth $14 million, more than half the value of the $27 million endowment. Noyce was concerned that Grinnell should have so much exposure to a single name associated with him, and cajoled Rosenfield to sell. He recalls, “Bob [Noyce] was trembling about it. He’d say, ‘I don’t want the college to lose any money on account of me.’ But I’d say, “We’ll worry about that, Bob. We’ll take the risk.”29 Noyce eventually wore Rosenfield down, however, and Grinnell fully exited the stake by 1980. On its sale, the Intel investment had generated a profit of 4,583 percent. Rosenfield told Zweig, “I wish we’d kept it. That was the biggest mistake we ever made. Selling must have cost us $50 million, maybe more.”30 Zweig didn’t have the heart to tell the then 96-year-old Rosenfield that the shares he sold would have been worth several billion dollars in 2000. Perhaps this is why Rosenfield “considers selling to be indistinguishable from error.

Retailers actually want a manufacturer to help them sell more, to more shoppers, more often. That's pretty simple isn't it? Yes they do want it to happen from an optimised stock base, efficient logistics operation, with higher cash margins and more favourable payment terms but more, to more people more often is the deal. More = larger shopping baskets and or higher ticket prices that typically carry better cash margins. More shoppers = new customers from the available opportunity pool capable of shopping at that location or in that chain More often = increasing not only the frequency of visit to store by shoppers but increasing in store conversion which drives higher frequency of purchase. Later

First, he seeks “profitable businesses with good returns on capital and not too much leverage.” Second, the management team must have “equal measures of talent and integrity.” Third, the company should have ample opportunity to reinvest its profits at handsome rates of return. Fourth, the stock must be available to him at a “reasonable” price.

introduce them to one of the most fascinating and valuable little volumes in existence. It is Standard & Poor’s Stock Guide, published monthly, and made available to the general public under annual subscription. In addition many brokerage firms distribute the Guide to their clients

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Yet an investigation by the BBC programme Panorama discovered the move was at least partly a way to get around the shortage of protective equipment in the NHS. The problem was that the Health and Safety Executive had earlier ruled that the very top level of PPE should be worn when dealing with a disease ranked as an HCID. The change in classification therefore meant health workers could be kitted out with less protective equipment – making the most of the threadbare stocks available. The government had requested that the Advisory Committee on Dangerous Pathogens remove Covid-19 from the HCID list.

As developed by trans activists, standpoint epistemology says there are special forms of standpoint-related knowledge about trans experience available only to trans people, not cis people. For instance, only trans people can properly understand the pernicious effects of ‘cis privilege’, and how it intersects with other forms of oppression to produce certain kinds of lived experience. As with some versions of feminism and critical race theory, when transmuted through popular culture this has quickly become the idea that only trans people can legitimately say anything about their own nature and interests including on philosophical matters of gender identity. Cis people, including feminists and lesbians, have nothing useful to contribute here. Their assumption that they do have something useful to contribute is a further manifestation of their unmerited privilege.

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

Call me a dinosaur, but I do not put stock in word processing machines. Writing must be a visceral experience for me. There must be smudges. There must be crossed-out passages; the violence of the slash reminds me of my passion in the moment of self-rebuke. Was I tired or sad when I wrote this or that? The slant of my handwriting tells me so. The forensics available to an analyst of handwriting are limitless.

Again, I violated venture-capital rules, bringing in as new CEO a friend and former LEK consultant, Robin Field, who had no experience in Filofax’s industry (we look at LEK Consulting below). His mission, I said, was to make Filofax a star again and slash costs. Apart from that, I told him, I had no idea what to do. Robin found that the product line had expanded beyond all control. ‘The same basic binder,’ he said, ‘was available in a bewildering variety of sizes and huge assortment of - mainly exotic - skins. I don’t know what a karung is, but I inherited an awful lot of its skin in 1990. Similarly, name a subject - bridge, chess, photography, bird watching, windsurfing, whatever. Filofax had commissioned specialist inserts, had tens of thousands printed, and put them into the warehouse. The result, of course, was not only a huge overhang of worthless stock, not only an administrative burden of vast complexity, but also total confusion among our retailers.

As one factor, Graham had this concept of value to a private owner-what the whole enterprise would sell for if it were available. And that was calculable in many cases. Then, if you could take the stock price and multiply it by the number of shares and get something that was one-third or less of sellout value, he would say that you've got a lot of edge going for you. Even with an elderly alcoholic running a stodgy business, this significant excess of real value per share working for you means that all kinds of good things can happen to you.

Life would be more straightforward if we knew what we needed to find out, if we were told at birth exactly what we need to know to be happy. But in a complex world, it’s impossible to know what might be useful in the future. It’s important, therefore, to spread our cognitive bets. Curious people take risks, try things out, allow themselves to become productively distracted. They know that something they learn by chance today may well come in useful tomorrow or spark a new way of thinking about an entirely different problem. The more unpredictable the environment, the more important a seemingly unnecessary breadth and depth of knowledge become. Humans have always had to deal with complexity; felling a woolly mammoth is not simple. But now that we live in larger, more varied, faster-changing societies than ever before, curiosity is more important—and more rewarding—than it has ever been. This applies to who we need to know, as well as what. Another striking thing about Leonardo’s list is how many house visits he will have to make. His curiosity makes him highly sociable. Montaigne wrote of how travel to different regions and countries allows us to “rub and polish our brains” against others, and Leonardo seems keen to polish his brain against as many others as possible. Out of the fifteen tasks in the complete list, at least eight involve consultations with other people, and two involve other people’s books. It is easy to imagine Leonardo eagerly approaching each expert, intent on drawing out their knowledge, beginning each conversation with “Dimmi. . . .” People who are deeply curious are more likely to be good at collaboration. They seek out new acquaintances and allies in the process of building their stock of cultural knowledge. In the next chapter we’ll look more closely at the curiosity of babies and children and at why some of them are more likely than others to grow into adults who share Leonardo’s passionate curiosity. * Perceptual curiosity, which diversive curiosity encompasses, refers specifically to the seeking out of physical experience—it is what drives people up mountains and down rivers, just to see what’s there. * Of course, one obvious way to reduce the danger of firearms is to restrict their availability, but that debate is beyond the scope of this book. I use guns here simply as an extreme example of the power of diversive curiosity.

He believed in Standard Oil and gladly purchased all available stock from other directors.