Stock Exchanges Quotes

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We have become a sloppy bunch of people. We say things we don't mean. We make promises we don't keep. "I'll call you." "Let's get together." We know we won't. On the Human Interaction Stock Exchange, our words have lost almost all their value. And the spiral continues, as we now don't even expect people to keep their word; in fact we might even be embarrassed to point out to the dirty liar that they never did what they said they'd do. So if a guy you're dating doesn't call when he says he's doing to, why should that be such a big deal? Because you should be dating a man who's at least as good as his word.
Greg Behrendt
In Paris there are two dens, one for thieves, the other for murderers. The den of thieves is the Stock Exchange; the den of murderers is the Courthouse.
Pétrus Borel (Champavert Le Lycanthrope)
Some of the New York Radical Women shortly afterward formed WITCH (Women's International Terrorist Conspiracy from Hell) and its members, dressed as witches, appeared suddenly on the floor of the New York Stock Exchange. A leaflet put out by WITCH in New York said: WITCH lives and smiles in every woman. She is the free part of each of us, beneath the shy smiles, the acquiescence to absurd male domination, the make-up or flesh-suffocating clothes our sick society demands. There is no "joining" WITCH. If you are a woman and dare to look within yourself, you are a WITCH. You make your own rules.
Howard Zinn (A People’s History of the United States)
The Stock Exchange is something very different. There is no economy and no production of goods and services. There are only fantasies in which people from one hour to the next decide that this or that company is worth so many billions, more or less. It doesn't have a thing to do with reality or with the Swedish economy.
Stieg Larsson (The Girl with the Dragon Tattoo (Millennium, #1))
How pleasant a world would be in which no man was allowed to operate on the Stock Exchange unless he could pass and examination in economics and Greek poetry, and in which politicians were obliged to have a competent knowledge of history and modern novels.
Bertrand Russell (In Praise of Idleness and Other Essays)
But he recognized that the illusions of the child only differed from those of the man in that they were more picturesque; belief in fairies and belief in the Stock Exchange as bestowers of happiness were equally vain, but the latter form of faith was ugly as well as inept.
Arthur Machen (The Hill of Dreams)
The Press will not be free to tell lies. That is not freedom for the people, but a tyranny over their minds and souls. Much humbug is talked on this subject. What is press freedom? In practice it means the right of a dew millionaires to corner newspaper shares on the stock exchange and to voice their own opinions and interests, irrespective of the truth or of the national interest.
Oswald Mosley (Fascism: One Hundred Questions Asked And Answered)
People know, or dimly feel, that if thinking is not kept pure and keen, and if respect for the world of mind is no longer operative, ships and automobiles will soon cease to run right, the engineer's slide rule and the computations of banks and stock exchanges will forfeit validity and authority, and chaos will ensue.
Hermann Hesse (The Glass Bead Game)
Normally, when you challenge the conventional wisdom—that the current economic and political system is the only possible one—the first reaction you are likely to get is a demand for a detailed architectural blueprint of how an alternative system would work, down to the nature of its financial instruments, energy supplies, and policies of sewer maintenance. Next, you are likely to be asked for a detailed program of how this system will be brought into existence. Historically, this is ridiculous. When has social change ever happened according to someone’s blueprint? It’s not as if a small circle of visionaries in Renaissance Florence conceived of something they called “capitalism,” figured out the details of how the stock exchange and factories would someday work, and then put in place a program to bring their visions into reality. In fact, the idea is so absurd we might well ask ourselves how it ever occurred to us to imagine this is how change happens to begin.
David Graeber
The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
I do my thieving indoors; you do yours on the Stock Exchange.
Maurice Leblanc (The Arsene Lupin MEGAPACK ®: 11 Classic Crime Books!)
In October 2014, Alibaba Group Holding Ltd. went public on the New York Stock Exchange (NYSE) and raised $25 billion, marking it as the largest IPO in history. Alibaba is also one of the largest e-commerce platforms in the world.
Jason Navallo (Thrive: 30 Inspirational Rags-to-Riches Stories)
The idealized market was supposed to deliver ‘friction free’ exchanges, in which the desires of consumers would be met directly, without the need for intervention or mediation by regulatory agencies. Yet the drive to assess the performance of workers and to measure forms of labor which, by their nature, are resistant to quantification, has inevitably required additional layers of management and bureaucracy. What we have is not a direct comparison of workers’ performance or output, but a comparison between the audited representation of that performance and output. Inevitably, a short-circuiting occurs, and work becomes geared towards the generation and massaging of representations rather than to the official goals of the work itself. Indeed, an anthropological study of local government in Britain argues that ‘More effort goes into ensuring that a local authority’s services are represented correctly than goes into actually improving those services’. This reversal of priorities is one of the hallmarks of a system which can be characterized without hyperbole as ‘market Stalinism’. What late capitalism repeats from Stalinism is just this valuing of symbols of achievement over actual achievement. […] It would be a mistake to regard this market Stalinism as some deviation from the ‘true spirit’ of capitalism. On the contrary, it would be better to say that an essential dimension of Stalinism was inhibited by its association with a social project like socialism and can only emerge in a late capitalist culture in which images acquire an autonomous force. The way value is generated on the stock exchange depends of course less on what a company ‘really does’, and more on perceptions of, and beliefs about, its (future) performance. In capitalism, that is to say, all that is solid melts into PR, and late capitalism is defined at least as much by this ubiquitous tendency towards PR-production as it is by the imposition of market mechanisms.
Mark Fisher (Capitalist Realism: Is There No Alternative?)
Go into the London Stock Exchange – a more respectable place than many a court – and you will see representatives from all nations gathered together for the utility of men. Here Jew, Mohammedan and Christian deal with each other as though they were all of the same faith, and only apply the word infidel to people who go bankrupt. Here the Presbyterian trusts the Anabaptist and the Anglican accepts a promise from the Quaker. On leaving these peaceful and free assemblies some go to the Synagogue and others for a drink, this one goes to be baptized in a great bath in the name of Father, Son and Holy Ghost, that one has his son’s foreskin cut and has some Hebrew words he doesn’t understand mumbled over the child, others go to heir church and await the inspiration of God with their hats on, and everybody is happy.
Voltaire
You have to distinguish between two things - the Swedish economy and the Swedish stock market. The Swedish economy is the sum of all the goods and services that are produced in this country every day. There are telephones from Ericsson, cars from Volvo, chickens from Scan, and shipments from Kiruna to Skovde. That's the Swedish economy, and it's just as strong or weak today as it was a week ago... The Stock Exchange is something very different. There is no economy and no production of goods and services. There are only fantasies in which people from one hour to the next decide that this or that company is worth so many billions, more or less. It doesn't have a thing to do with the Swedish economy.
Stieg Larsson (The Girl with the Dragon Tattoo (Millennium, #1))
On the TV screen right now, it's 1975, and Jimmy Page is playing like a man who answers to nobody. A man existing in that seductive state of extended adolescence that rock legends bask in, a man connected to something in the universe larger than even the sum total of the legendary Led Zeppelin, playing guitar because that is so clearly what he was put here to do. And it's wrong to expect that kind of divine moment to last forever, and to expect an artist to stay in 1975. Fact is, ten minutes ago I saw the guy onscreen right downstairs, coming off the trading floor of the stock exchange with a banker carrying his guitar cases for him. I sit cross-legged on the floor on a workday staring into my cereal bowl, thinking about how we all change. We all grow up. We all move on, one way or another, whether we want to or not.
Dan Kennedy (Rock On: An Office Power Ballad)
It's true that private enterprise is extremely flexible, But its only good within very narrow limits. If private enterprise isn't held in an iron grip it gives birth to people who are no better than beasts, those stock-exchange people with greedy appetites beyond restraint.
Aleksandr Solzhenitsyn (Cancer Ward)
Dark pools were another rogue spawn of the new financial marketplace. Private stock exchanges, run by the big brokers, they were not required to reveal to the public what happened inside them. They reported any trade they executed, but they did so with sufficient delay that it was impossible to know exactly what was happening in the broader market at the moment the trade occurred.
Michael Lewis (Flash Boys: A Wall Street Revolt)
I’ve always maintained that if I wasn’t studying psychopaths in prison, I’d do so at the stock exchange,” he enthused. “Without doubt, there’s a greater proportion of psychopathic big hitters in the corporate world than there is in the general population. You’ll find them in any organization where your position and status afford you power and control over others, and the chance of material gain.
Kevin Dutton (The Wisdom of Psychopaths: What Saints, Spies, and Serial Killers Can Teach Us About Success)
Someone out there was using the fact that stock market orders arrived at different times at different exchanges to front-run orders from one market to another.
Michael Lewis (Flash Boys: A Wall Street Revolt)
Take your hallowed halls of Congress or the littered floor of the Stock Exchange, America is built on its pancake houses!
Michael Paterniti (Driving Mr. Albert: A Trip Across America with Einstein's Brain)
Fear and hope remain the same; therefore the study of the psychology of speculators is as valuable as it ever was. Weapons change, but strategy remains strategy, on the New York Stock Exchange as on the battlefield. I think the clearest summing up of the whole thing was expressed by Thomas F. Woodlock when he declared: "The principles of successful stock speculation are based on the supposition that people will continue in the future to make the mistakes that they have made in the past.
Edwin Lefèvre (Reminiscences of a Stock Operator)
One can try to evade the problem by adopting a ‘morality of intentions’. What’s important is what I intend, not what I actually do or the outcome of what I do. However, in a world in which everything is interconnected, the supreme moral imperative becomes the imperative to know. The greatest crimes in modern history resulted not just from hatred and greed, but even more so from ignorance and indifference. Charming English ladies financed the Atlantic slave trade by buying shares and bonds in the London stock exchange, without ever setting foot in either Africa or the Caribbean. They then sweetened their four o’clock tea with snow-white sugar cubes produced in hellish plantations – about which they knew nothing.
Yuval Noah Harari (21 Lessons for the 21st Century)
* Wall Street—so named from a street in ancient New York, where was situated the stock exchange, and where the irrational organization of society permitted underhanded manipulation of all the industries of the country.
Jack London (The Iron Heel)
But there is nothing a man might not do, with you to encourage him. You make me wish to be a hero." He laughed, but Hester did not laugh. She gave him a keen look, in which there was a touch of disdain. " Do you really think," she said, " that the charm of inspiring, as you call it, is what any reasonable creature would prefer to doing? To make somebody else a hero rather than be a hero yourself? Women would need to be disinterested indeed if they like that best. I don't see it. Besides, we are not in the days of chivalry. What could you be inspired to do— make better bargains on your Stock Exchange?
Mrs. Oliphant (Hester)
certain group of people in the United States tried an experiment. They tried the experiment of making a fortune without working, of making a fortune through the stock exchange. They extended the experiment until it exploded and all went down to earth.  “Aspects of World Trade” Thomas J. Watson Sr. July 31, 1930
Peter Greulich (The World's Greatest Salesman: An IBM Caretaker's Perspective, Looking Back)
However, as the consequences of Black Thursday began to settle in investors’ minds, most people attempted to recover their losses and the dramatic selling began again. On Tuesday 29 October, the day of the Wall Street Crash, more than 16 million shares were dumped in an afternoon of trading. On that one single day, as much money was lost on the New York stock exchange as had been spent in its entirety by the US government on fighting the First World War. It was a disaster. Annette
John Boyne (The Thief of Time)
I remember to this day how easily I could grasp what he called his tentative ideas when he talked about the architectural style of the capitalist era, a subject which he said had fascinated him since his own student days, speaking in particular of the compulsive sense of order and the tendency towards monumentalism evident in law courts and penal institutions, railway stations and stock exchanges, opera houses and lunatic asylums, and the dwelling built to rectangular grid patterns for the labor force.
W.G. Sebald (Austerlitz)
In the early 1990s Madoff Securities was reputed to be responsible for almost 10 percent of the daily trading of New York Stock Exchange-listed securities.
Harry Markopolos (No One Would Listen)
Divorce is healthier than the stock exchange, and way more predictable.
Gregory David Roberts (The Mountain Shadow)
He proposed a steam-powered pneumatic tube system to carry telegraph forms the short distance from the Stock Exchange to the main telegraph office.
Tom Standage (The Victorian Internet: The Remarkable Story of the Telegraph and the Nineteenth Century's On-line Pioneers)
Of course for professional traders on the stock exchange, money had always been imaginary - just as notional, just as easy come and easy go, as the points in a video game. Wage earners like Willing's mother thought money was real. Because the work was real, and the time was real, it seemed inconceivable that what the work and the time had converted into would be gossamer.
Lionel Shriver (The Mandibles: A Family, 2029–2047)
I watched the shadow of our plane hastening below us across hedges and fences, rows of poplars and canals … Nowhere, however, was a single human being to be seen. No matter whether one is flying over Newfoundland or the sea of lights that stretches from Boston to Philadelphia after nightfall, over the Arabian deserts which gleam like mother-of-pearl, over the Ruhr or the city of Frankfurt, it is as though there were no people, only the things they have made and in which they are hiding. One sees the places where they live and the roads that link them, one sees the smoke rising from their houses and factories, one sees the vehicles in which they sit, but one sees not the people themselves. And yet they are present everywhere upon the face of the earth, extending their dominion by the hour, moving around the honeycombs of towering buildings and tied into networks of a complexity that goes far beyond the power of any one individual to imagine, from the thousands of hoists and winches that once worked the South African diamond mines to the floors of today's stock and commodity exchanges, through which the global tides of information flow without cease. If we view ourselves from a great height, it is frightening to realize how little we know about our species, our purpose and our end, I thought, as we crossed the coastline and flew out over the jelly-green sea.
W.G. Sebald (The Rings of Saturn)
Soon, challenges against the Post's ownership of two television stations in Florida were filed with the Federal Communications Commission. The price of Post stock on the American Exchange dropped by almost 50 percent. Among the challengers - forming the organizations of 'citizens' who proposed to become the new FCC licensees - were several persons long associated with the President. -- Carl Bernsein, Bob Woodward
Carl Bernstein (All the President's Men)
The realms of dating, marriage, and sex are all marketplaces, and we are the products. Some may bristle at the idea of people as products on a marketplace, but this is an incredibly prevalent dynamic. Consider the labor marketplace, where people are also the product. Just as in the labor marketplace, one party makes an offer to another, and based on the terms of this offer, the other person can choose to accept it or walk. What makes the dating market so interesting is that the products we are marketing, selling, buying, and exchanging are essentially our identities and lives. As with all marketplaces, every item in stock has a value, and that value is determined by its desirability. However, the desirability of a product isn’t a fixed thing—the desirability of umbrellas increases in areas where it is currently raining while the desirability of a specific drug may increase to a specific individual if it can cure an illness their child has, even if its wider desirability on the market has not changed. In the world of dating, the two types of desirability we care about most are: - Aggregate Desirability: What the average demand within an open marketplace would be for a relationship with a particular person. - Individual Desirability: What the desirability of a relationship with an individual is from the perspective of a specific other individual. Imagine you are at a fish market and deciding whether or not to buy a specific fish: - Aggregate desirability = The fish’s market price that day - Individual desirability = What you are willing to pay for the fish Aggregate desirability is something our society enthusiastically emphasizes, with concepts like “leagues.” Whether these are revealed through crude statements like, “that guy's an 8,” or more politically correct comments such as, “I believe she may be out of your league,” there is a tacit acknowledgment by society that every individual has an aggregate value on the public dating market, and that value can be judged at a glance. When what we have to trade on the dating market is often ourselves, that means that on average, we are going to end up in relationships with people with an aggregate value roughly equal to our own (i.e., individuals “within our league”). Statistically speaking, leagues are a real phenomenon that affects dating patterns. Using data from dating websites, the University of Michigan found that when you sort online daters by desirability, they seem to know “their place.” People on online dating sites almost never send a message to someone less desirable than them, and on average they reach out to prospects only 25% more desirable than themselves. The great thing about these markets is how often the average desirability of a person to others is wildly different than their desirability to you. This gives you the opportunity to play arbitrage with traits that other people don’t like, but you either like or don’t mind. For example, while society may prefer women who are not overweight, a specific individual within the marketplace may prefer obese women, or even more interestingly may have no preference. If a guy doesn’t care whether his partner is slim or obese, then he should specifically target obese women, as obesity lowers desirability on the open marketplace, but not from his perspective, giving him access to women who are of higher value to him than those he could secure within an open market.
Malcolm Collins (The Pragmatist's Guide to Relationships: Ruthlessly Optimized Strategies for Dating, Sex, and Marriage)
It is a remarkable fact that the people who do things by hand still find time to add to their work some elaboration of mere beauty which makes it a joy to look on, while our machine-made tools, which could do so at much less cost, are too utilitarian to afford any ornament. It used to give me daily pleasure in Teheran to see the sacks in which refuse is carried off the streets woven with a blue and red decorative pattern: but can one imagine a borough council in Leeds or Birmingham expressing a delicate fancy of this kind? Beauty, according to these, is what one buys for the museum: pots and pans, taps and door-handles, though one has to look at them twenty times a day, have no call to be beautiful. So we impoverish our souls and keep our lovely things for rare occasions, even as our lovely thoughts - wasting the most of life in pondering domestic molehills or the Stock Exchange, among objects as ugly as the less attractive forms of sin.
Freya Stark (The Valleys of the Assassins: and Other Persian Travels (Modern Library))
I was born to the sound of breaking glass. Not because my father was in the trade, but because it was his custom, learned from the Austrian Grand Duchess who nursed him, to smash a glass when he had drunk from it, As there were few glasses in Europe from which he did not drink as soon as he saw them, it may be readily imagined that after the shock of his first big deal on the Stock Exchange had worn off, and the bailiffs were quiescent for the moment, he bought a glass-works.
J.B. Morton (The Best of Beachcomber)
The three of us exchanged glances but said nothing. After all, what was there to say? The truth was that hookers did take credit cards—or at least ours did! In fact, hookers were so much a part of the Stratton subculture that we classified them like publicly traded stocks: Blue Chips were considered the top-of-the-line hooker, zee crème de la crème. They were usually struggling young models or exceptionally beautiful college girls in desperate need of tuition or designer clothing, and for a few thousand dollars they would do almost anything imaginable, either to you or to each other. Next came the NASDAQs, who were one step down from the Blue Chips. They were priced between three and five hundred dollars and made you wear a condom unless you gave them a hefty tip, which I always did. Then came the Pink Sheet hookers, who were the lowest form of all, usually a streetwalker or the sort of low-class hooker who showed up in response to a desperate late-night phone call to a number in Screw magazine or the yellow pages. They usually cost a hundred dollars or less, and if you didn’t wear a condom, you’d get a penicillin shot the next day and then pray that your dick didn’t fall off. Anyway, the Blue Chips took credit cards, so what was wrong with writing them off on your taxes? After all, the IRS knew about this sort of stuff, didn’t they? In fact, back in the good old days, when getting blasted over lunch was considered normal corporate behavior, the IRS referred to these types of expenses as three-martini lunches! They even had an accounting term for it: It was called T and E, which stood for Travel and Entertainment. All I’d done was taken the small liberty of moving things to their logical conclusion, changing T and E to T and A: Tits and Ass!
Jordan Belfort (The Wolf of Wall Street)
Marry—but whom, in the name of light and freedom? The daughters of his own race sold themselves to the Invaders; the daughters of the Invaders bought their husbands as they bought an opera-box. It ought all to have been transacted on the Stock Exchange.
Edith Wharton (The Custom of the Country)
I could speak by then, but neither of us thought it my best trick. Very often my exchanges with Ceno went something like: Sing me a song, Elefsis. The temperature in the kitchen is 21.5 degrees Celsius and the stock of rice is low. (Long pause.) Ee-eye-ee-eye-oh.
Catherynne M. Valente (Silently and Very Fast)
I once had a job where I didn't talk to anyone for two years. Here was the arrangement: I was the first engineer hired by a start-up software company. In exchange for large quantities of stock that might be worth something someday, I was supposed to give up my life.
Ellen Ullman (Life in Code: A Personal History of Technology)
In a world in which everything is interconnected, the supreme moral imperative becomes the imperative to know. The greatest crimes in modern history resulted not just from hatred and greed, but even more so from ignorance and indifference. Charming English ladies financed the Atlantic slave trade by buying shares and bonds in the London stock exchange, without ever setting foot in either Africa or the Caribbean. They then sweetened their four o'clock tea with snow-white sugar cubes produced in hellish plantations – about which they knew nothing.
Yuval Noah Harari (21 Lessons for the 21st Century)
The economic system pressures me to expand and diversify my investment portfolio, but it gives me zero incentive to expand and diversify my compassion. So I strive to understand the mysteries of the stock exchange while making far less effort to understand the deep causes of suffering.
Yuval Noah Harari (21 Lessons for the 21st Century)
And though Russia does officially have a free market, with mega-corporations floating their record-breaking IPOs on the global stock exchanges, most of the owners are friends of the President. Or else they are oligarchs who officially pledge that everything that belongs to them is also the President’s when he needs it: “All that I have belongs to the state,” says Oleg Deripaska, one of the country’s richest men. This isn’t a country in transition but some sort of postmodern dictatorship that uses the language and institutions of democratic capitalism for authoritarian ends.
Peter Pomerantsev (Nothing Is True and Everything Is Possible: The Surreal Heart of the New Russia)
The exchange between plants and people has shaped the evolutionary history of both. Farms, orchards, and vineyards are stocked with species we have domesticated. Our appetite for their fruits leads us to till, prune, irrigate, fertilize, and weed on their behalf. Perhaps they have domesticated us. Wild plants have changed to stand in well-behaved rows and wild humans have changed to settle alongside the fields and care for the plants—a kind of mutual taming.
Robin Wall Kimmerer (Braiding Sweetgrass)
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.
François Chollet (Deep Learning with Python)
Louis was altogether convinced that if the ignorant politicians would keep their dirty hands off banking and the stock exchange and hours of labor for salesmen in department stores, then everyone in the country would profit, as beneficiaries of increased business, and all of them (including the retail clerks) be rich as Aga Khan.
Sinclair Lewis (IT CAN'T HAPPEN HERE: WHAT WILL HAPPEN WHEN AMERICA HAS A DICTATOR ?)
Science has marched forward. But civilization’s values remain rooted in philosophies, religious traditions, and ethical frameworks devised many centuries ago. Even our economic system, capitalism, is half a millennium old. The first stock exchange opened in 1602 in Amsterdam. By 1637, tulip mania had caused the first speculation bubble and crash. And not a lot has changed. Virtually every business stills uses the double-entry bookkeeping and accounting adopted in thirteenth –century Venice. So our daily dealings are still heavily influenced by ideas that were firmly set before anyone knew the world was round. In many ways, they reflect how we understood the world when we didn’t understand the world at all.
Carl Safina (The View from Lazy Point: A Natural Year in an Unnatural World)
Meat may go up in price — it has done — but books won’t. Admission to picture galleries and concerts and so forth will remain quite low. The views from Richmond Hill or Hindhead, or along Pall Mall at sunset, the smell of the earth, the taste of fruit and of kisses — these things are unaffected by the machinations of trusts and the hysteria of stock exchanges.
Arnold Bennett (The Works of Arnold Bennett)
Excluded by my birth and tastes from the social order, I was not aware of its diversity. Nothing in the world was irrelevant: the stars on a general's sleeve, the stock-market quotations, the olive harvest, the style of the judiciary, the wheat exchange, flower-beds. Nothing. This order, fearful and feared, whose details were all inter-related, had a meaning: my exile.
Jean Genet (The Thief's Journal)
Excluded by my birth and tastes from the social order, I was not aware of its diversity. Nothing in the world was irrelevant: the stars on a general's sleeve, the stock-market quotations, the olive harvest, the style of the judiciary, the wheat exchange, flower-beds. Nothing. This order, fearful and feared, whose details were all inter-related, had a meaning: my exile.
Jean Genet
We are researching and developing human abilities mainly according to the immediate needs of the economic and political system, rather than according to our own long-term needs as conscious beings. My boss wants me to answer emails as quickly as possible, but he has little interest in my ability to taste and appreciate the food I am eating. Consequently, I check my emails even during meals, which means I lose the ability to pay attention to my own sensations. The economic system pressures me to expand and diversify my investment portfolio, but it gives me zero incentive to expand and diversify my compassion. So I strive to understand the mysteries of the stock exchange while making far less effort to understand the deep causes of suffering.
Yuval Noah Harari (21 Lessons for the 21st Century)
You have to distinguish between two things – the Swedish economy and the Swedish stock market. The Swedish economy is the sum of all the goods and services that are produced in this country every day. There are telephones from Ericsson, cars from Volvo, chickens from Scan, and shipments from Kiruna to Skövde. That’s the Swedish economy, and it’s just as strong or weak today as it was a week ago.” He paused for effect and took a sip of water. “The Stock Exchange is something very different. There is no economy and no production of goods and services. There are only fantasies in which people from one hour to the next decide that this or that company is worth so many billions, more or less. It doesn’t have a thing to do with reality or with the Swedish economy.
Stieg Larsson (The Girl with the Dragon Tattoo (Millennium, #1))
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.
Jean Baudrillard (Screened Out)
On September 20, the New York Stock Exchange halted trading for ten days. Grant received emergency pleas for purchases of Treasury bonds to add liquidity to national banks, while Thomas Murphy, the former New York customs collector, wired: “Relief must come immediately or hundreds if not thousands of our best men will be ruined.” Not since 1837 had such a spasm of fear flashed through Wall Street.
Ron Chernow (Grant)
The Northern powers are more like administrators, who manipulate other people’s history but produce none of their own. They are the stock-jobbers of history, lives are their units of exchange. Lives as they are lived, deaths as they are died, all that is made of flesh, blood, semen, bone, fire, pain, shit, madness, intoxication, visions, everything that has been passing down here forever, is real history.
Thomas Pynchon (Against the Day)
Ask questions, no, screech questions out loud - while kneeling in front of the electric doors at Safeway, demanding other citizens ask questions along with you - while chewing up old textbooks and spitting the words onto downtown sidewalks - outside the Planet Hollywood, outside the stock exchange, and outside the Gap. Grind questions onto the glass on photocopiers. Scrape challenges onto old auto parts and throw them off bridges so that future people digging in the mud will question the world, too. Carve eyeballs into tire treads and onto shoe leathers so that your every trail speaks of thinking and questioning and awareness. Design molecules that crystallize into question marks. Make bar codes print out fables, not prices. You can't even throw away a piece of litter unless it has a question mark stamped on it - a demand for people to reach a finer place
Douglas Coupland (Girlfriend in a Coma)
In fact, war itself could become a commodity, just like opium. In 1821 the Greeks rebelled against the Ottoman empire. The uprising aroused great sympathy in liberal and romantic circles in Britain - Lord Byron, the poet, even went to Greece to fight alongside the insurgents. But London financiers saw an opportunity as well. They proposed to the rebel leaders the issue of tradable Greek Rebellion Bonds on the London stock exchange. The Greeks would promise to repay the bonds, plus interest, if and when they won their independence. Private investors bought bonds to make a profit, or out of sympathy for the Greek cause, or both. The value of Greek Rebellion Bonds rose and fell on the London stock exchange in tempo with military successes and failures on the battlefields of Hellas. The Turks gradually gained the upper hand. With a rebel defeat imminent, the bondholders faced the prospect of losing their trousers. The bondholders' interest was the national interest, so the British organised an international fleet that, in 1827, sank the main Ottoman flotilla in the Battle of Navarino. After centuries of subjugation, Greece was finally free. But freedom came with a huge debt that the new country had no way of repaying. The Greek economy was mortgaged to British creditors for decades to come.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
It needs some very great disaster, such as prolonged subjugation by a foreign enemy, to destroy a national culture. The Stock Exchange will be pulled down, the horse plough will give way to the tractor, the country houses will be forgotten, but England will still be England, an everlasting animal stretching into the future and the past and like all living things, having the power to change out of recognition and yet remain the same.
George Orwell
Indeed, already today computers and algorithms are beginning to function as clients in addition to producers. In the stock exchange, for example, algorithms are becoming the most important buyers of bonds, shares and commodities. Similarly in the advertisement business, the most important customer of all is an algorithm: the Google search algorithm. When people design Web pages, they often cater to the taste of the Google search algorithm rather than to the taste of any human being.
Yuval Noah Harari (21 Lessons for the 21st Century)
These peasants, who, throughout the world, hold potentates on their thrones, make statesmen illustrious, provide generals with lasting victories, all with ignorance, indifference, or half-witted hatred, moving the world with the strength of their arms, and getting their heads knocked together in the name of God, the king, or the stock exchange-immortal, dreaming, hopeless asses, who surrender their reason to the care of a shining puppet, and persuade some toy to carry their lives in his purse.
Jack London (The People of the Abyss)
The American Revolution and its aftermath coincided with two great transformations in the late eighteenth century. In the political sphere, there had been a repudiation of royal rule, fired by a new respect for individual freedom, majority rule, and limited government. If Hamilton made distinguished contributions in this sphere, so did Franklin, Adams, Jefferson, and Madison. In contrast, when it came to the parallel economic upheavals of the period—the industrial revolution, the expansion of global trade, the growth of banks and stock exchanges—Hamilton was an American prophet without peer. No other founding father straddled both of these revolutions—only Franklin even came close—and therein lay Hamilton’s novelty and greatness. He was the clear-eyed apostle of America's economic future, setting forth a vision that many found enthralling, others unsettling, but that would ultimately prevail. He stood squarely on the modern side of a historical divide that seemed to separate him from other founders. Small wonder he aroused such fear and confusion.
Ron Chernow (Alexander Hamilton)
latest contribution to Dagens Industri’s webcast, on the rise of market prices during the month of May, he said: “The stock exchange is like someone who just came out of a depression. Everything that hurt so badly before suddenly seems far away. I can only wish the market the best of luck.” Obviously he was being sarcastic. For some reason Blomkvist watched the piece twice. Surely there was something interesting there. He thought so. It wasn’t just the way in which Mannheimer expressed himself. It was his eyes. Their sparkle was
David Lagercrantz (The Girl Who Takes an Eye for an Eye (Millennium, #5))
used to produce more robots, and so on. These corporations can grow and expand to the far reaches of the galaxy, and all they need are robots and computers – they don’t need humans even to buy their products. Indeed, already today computers and algorithms are beginning to function as clients in addition to producers. In the stock exchange, for example, algorithms are becoming the most important buyers of bonds, shares and commodities. Similarly in the advertisement business, the most important customer of all is an algorithm: the Google search algorithm.
Yuval Noah Harari (21 Lessons for the 21st Century)
single overarching theory that unifies all the scientific disciplines from musicology through economics to biology. According to Dataism, Beethoven’s Fifth Symphony, a stock-exchange bubble and the flu virus are just three patterns of dataflow that can be analysed using the same basic
Yuval Noah Harari (Homo Deus: ‘An intoxicating brew of science, philosophy and futurism’ Mail on Sunday)
In the nineteenth century, a young woman named Ellen Richards, trained in chemistry and unable to work in her field, announced the foundation of a new science she called oekology, or the science of living. This was the discipline later called domestic science or home economics, involving the effort to professionalize and dignify the work of the housewife by drawing on science and technology.* A single Greek root, oekos, has wandered through changing conceptions of human living, as well as changing fashions in spelling, producing the contemporary fields of economics and ecology, which frequently seem to be at odds. It also offers the less well-known term ekistics, coined by the city planner Constantinos Doxiadis to refer to a science of human settlement that would include the architectural creation of human spaces, their social and economic integration, and their relationship with the natural environment. Each of these latter-day coinages represents an incomplete view, but together they represent a view that includes biology and architecture, kitchens and stock exchanges, the growth of meadows and children as well as the GNP.
Mary Catherine Bateson (Composing a Life)
Mirabeau, the French revolutionary politician, once observed of Talleyrand that he “would sell his soul for money and he would be right, for he would be exchanging dung for gold.”32 Napoleon expressed this sentiment more concisely, calling Talleyrand “a pile of shit in a silk stocking.
Ron Chernow (Alexander Hamilton)
The most-studied evidence, by the greatest number of economists, concerns what is called short-term dependence. This refers to the way price levels or price changes at one moment can influence those shortly afterwards-an hour, a day, or a few years, depending on what you consider "short." A "momentum" effect is at work, some economists theorize: Once a stock price starts climbing, the odds are slightly in favor of it continuing to climb for a while longer. For instance, in 1991 Campbell Harvey of Duke- he of the CFO study mentioned earlier-studied stock exchanges in sixteen of the world's largest economies. He found that if an index fell in one month, it had slightly greater odds of falling again in the next moth, or, if it had risen, greater odds of continuing to rise. Indeed, the data show, the sharper the move in the first, the more likely is is that the price trend will continue into the next month, although at a slower rate. Several other studies have found similar short-term trending in stock prices. When major news about a company hits the wires, the stock will react promptly-but it may keep on moving for the next few days as the news spreads, analysts study it, and more investors start to act upon it.
Benoît B. Mandelbrot (The (Mis)Behavior of Markets)
But even though questions of currency policy are never more than questions of the value of money, they are sometimes disguised so that their true nature is hidden from the uninitiated. Public opinion is dominated by erroneous views on the nature of money and its value, and misunderstood slogans have to take the place of clear and precise ideas. The fine and complicated mechanism of the money and credit system is wrapped in obscurity, the proceedings on the Stock Exchange are a mystery, the function and significance of the banks elude interpretation. So it is not surprising that the arguments brought forward in the conflict of the different interests often missed the point altogether. Counsel was darkened with cryptic phrases whose meaning was probably hidden even from those who uttered them. Americans spoke of 'the dollar of our fathers' and Austrians of 'our dear old gulden note'; silver, the money of the common man, was set up against gold, the money of the aristocracy. Many a tribune of the people, in many a passionate discourse, sounded the loud praises of silver, which, hidden in deep mines, lay awaiting the time when it should come forth into the light of day to ransom miserable humanity, languishing in its wretchedness.
Ludwig von Mises (The Theory of Money and Credit (Liberty Fund Library of the Works of Ludwig von Mises))
Instead, she focused her gaze on some middle distance as the Haruspex called out a series of numbers and letters—stock symbols and share prices for companies traded publicly on the New York Stock Exchange. Later in the night he’d move on to the NASDAQ, Euronext, and the Asian markets. Alex didn’t bother trying to decipher them. The orders to buy, sell, or hold were given in impenetrable Dutch, the language of commerce, the first stock exchange, old New York, and the official language of the Bonesmen. When Skull and Bones was founded, too many students knew Greek and Latin. Their dealings had required something more obscure.
Leigh Bardugo (Ninth House (Alex Stern, #1))
I returned to our surveillance. The houses around us reminded me of Ryan Kessler’s place. About every fifth one was, if not identical, then designed from the same mold. We were staring through bushes at a split-level colonial, on the other side of a dog-park-cum-playground. It was the house of Peter Yu, the part-time professor of computer science at Northern Virginia College and a software designer for Global Software Innovations. The company was headquartered along the Dulles “technology corridor,” which was really just a dozen office buildings on the tollway, housing corporations whose claim to tech fame was mostly that they were listed on the NASDAQ stock exchange. I
Jeffery Deaver (Edge)
Some air-conditioning systems are set at 70 degrees Fahrenheit. Others are set at twenty degrees. Human happiness conditioning systems also differ from person to person. On a scale from one to ten, some people are born with a cheerful biochemical system that allows their mood to swing between levels six and ten, stabilising with time at eight. Such a person is quite happy even if she lives in an alienating big city, loses all her money in a stock-exchange crash and is diagnosed with diabetes. Other people are cursed with a gloomy biochemistry that swings between three and seven and stabilises at five. Such an unhappy person remains depressed even if she enjoys the support of a tight-knit community, wins millions in the lottery and is as healthy as an Olympic athlete.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
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.
Milton William Cooper (Behold a Pale Horse)
I am a man in death. I am not God. I am not man. I am a beast and a predator. I want to make love to prostitutes. I want to live like an unnecessary man. I know that God wants this, and therefore I will live that way. I will live that way until He stops me. I will gamble on the Stock Exchange because I want to do so at other people's expense. I am an evil man. I do not love anyone. I wish harm to everyone and good to myself. I am an egoist. I am not God. I am a beast, a predator. I will practice masturbation and spiritualism. I will eat everyone I can get hold of. I will stop at nothing. I will make love to my wife's mother and my child. I will weep, but I will do everything God commands me to. I know that everyone will be afraid of me and will commit me to a lunatic asylum. But I don't care. I am not afraid of anything. I want death. I will blow my brains out if God wants it.
Vaslav Nijinsky (The Diary of Vaslav Nijinsky: Unexpurgated Edition)
And now we realize what is expected—the Americans want to exchange. It is apparent that they have not long been in the war; they are still collecting souvenirs, shoulder straps, badges, belt buckles, decorations, uniform buttons. In exchange we stock ourselves with soap, cigarettes, chocolate and tinned meat. They even want us to take a handful of money for our dog—but we draw the line there; let them offer what they will, the dog stays with us.
Erich Maria Remarque (The Road Back)
McDougall was a certified revolutionary hero, while the Scottish-born cashier, the punctilious and corpulent William Seton, was a Loyalist who had spent the war in the city. In a striking show of bipartisan unity, the most vociferous Sons of Liberty—Marinus Willett, Isaac Sears, and John Lamb—appended their names to the bank’s petition for a state charter. As a triple power at the new bank—a director, the author of its constitution, and its attorney—Hamilton straddled a critical nexus of economic power. One of Hamilton’s motivations in backing the bank was to introduce order into the manic universe of American currency. By the end of the Revolution, it took $167 in continental dollars to buy one dollar’s worth of gold and silver. This worthless currency had been superseded by new paper currency, but the states also issued bills, and large batches of New Jersey and Pennsylvania paper swamped Manhattan. Shopkeepers had to be veritable mathematical wizards to figure out the fluctuating values of the varied bills and coins in circulation. Congress adopted the dollar as the official monetary unit in 1785, but for many years New York shopkeepers still quoted prices in pounds, shillings, and pence. The city was awash with strange foreign coins bearing exotic names: Spanish doubloons, British and French guineas, Prussian carolines, Portuguese moidores. To make matters worse, exchange rates differed from state to state. Hamilton hoped that the Bank of New York would counter all this chaos by issuing its own notes and also listing the current exchange rates for the miscellaneous currencies. Many Americans still regarded banking as a black, unfathomable art, and it was anathema to upstate populists. The Bank of New York was denounced by some as the cat’s-paw of British capitalists. Hamilton’s petition to the state legislature for a bank charter was denied for seven years, as Governor George Clinton succumbed to the prejudices of his agricultural constituents who thought the bank would give preferential treatment to merchants and shut out farmers. Clinton distrusted corporations as shady plots against the populace, foreshadowing the Jeffersonian revulsion against Hamilton’s economic programs. The upshot was that in June 1784 the Bank of New York opened as a private bank without a charter. It occupied the Walton mansion on St. George’s Square (now Pearl Street), a three-story building of yellow brick and brown trim, and three years later it relocated to Hanover Square. It was to house the personal bank accounts of both Alexander Hamilton and John Jay and prove one of Hamilton’s most durable monuments, becoming the oldest stock traded on the New York Stock Exchange.
Ron Chernow (Alexander Hamilton)
Hastings sat down and braced his arm along the back of the chaise, quite effectively letting it be known he did not want anyone else to join them. “You look frustrated, Miss Fitzhugh.” He lowered his voice. “Has your bed been empty of late?” He knew very well she’d been watched more closely than prices on the stock exchange. She couldn’t smuggle a hamster into her bed, let alone a man. “You look anemic, Hastings,” she said. “Have you been leaving the belles of England breathlessly unsatisfied again?” He grinned. “Ah, so you know what it is like to be breathlessly unsatisfied. I expected as little from Andrew Martin.” Her tone was pointed. “As little as you expect from yourself, no doubt.” He sighed exaggeratedly. “Miss Fitzhugh, you disparage me so, when I’ve only ever sung your praises.” “Well, we all do what we must,” she said with sweet venom. He didn’t reply—not in words, at least.
Sherry Thomas (Ravishing the Heiress (Fitzhugh Trilogy, #2))
They proposed to the rebel leaders the issue of tradable Greek Rebellion Bonds on the London stock exchange. The Greeks would promise to repay the bonds, plus interest, if and when they won their independence. Private investors bought bonds to make a profit, or out of sympathy for the Greek cause, or both. The value of Greek Rebellion Bonds rose and fell on the London stock exchange in tempo with military successes and failures on the battlefields of Hellas. The Turks gradually gained the upper hand. With a rebel defeat imminent, the bondholders faced the prospect of losing their trousers. The bondholders’ interest was the national interest, so the British organised an international fleet that, in 1827, sank the main Ottoman flotilla in the Battle of Navarino. After centuries of subjugation, Greece was finally free. But freedom came with a huge debt that the new country had no way of repaying. The Greek economy was mortgaged to British creditors for decades to come. 40.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
(which was a mistake, for the value of an aristocratic title, like that of a share quoted on the stock exchange, rises when in demand and falls when on offer. Everything we believe imperishable tends toward destruction; a social position, like everything else, is not given once and for all but, just like the power of an empire, is reconstituted from moment to moment through a sort of endless renewed process of creation, which explains the apparent anomalies of social or political history over half a century. The creation of the world did not happen “in the beginning,” it happens from day to day. The Marquise de Saint-Loup thought, “I am the Marquise de Saint-Loup,” in the knowledge that the night before she had turned down three invitations to dine with duchesses. But if to a certain extent her name enhanced the distinctly un-aristocratic circles which she entertained, by an inverse movement the circles which invited the Marquise devalued the name that she bore. Nothing resists such movements,
Marcel Proust (The Fugitive: In Search of Lost Time, Volume 6 (Penguin Classics Deluxe Edition))
There was once a businessman who was sitting by the beach in a small Brazilian village. As he sat, he saw a Brazilian fisherman rowing a small boat toward the shore having caught quite a few big fish. The businessman was impressed and asked the fisherman, “How long does it take you to catch so many fish?” The fisherman replied, “Oh, just a short while.” “Then why don’t you stay longer at sea and catch even more?” The businessman was astonished. “This is enough to feed my whole family,” the fisherman said. The businessman then asked, “So, what do you do for the rest of the day?” The fisherman replied, “Well, I usually wake up early in the morning, go out to sea and catch a few fish, then go back and play with my kids. In the afternoon, I take a nap with my wife, and [when] evening comes, I join my buddies in the village for a drink—we play guitar, sing and dance throughout the night.” The businessman offered a suggestion to the fisherman. “I am a PhD in business management. I could help you to become a more successful person. From now on, you should spend more time at sea and try to catch as many fish as possible. When you have saved enough money, you could buy a bigger boat and catch even more fish. Soon you will be able to afford to buy more boats, set up your own company, your own production plant for canned food and distribution network. By then, you will have moved out of this village and to São Paulo, where you can set up an HQ to manage your other branches.” The fisherman continues, “And after that?” The businessman laughs heartily. “After that, you can live like a king in your own house, and when the time is right, you can go public and float your shares in the Stock Exchange, and you will be rich.” The fisherman asks, “And after that?” The businessman says, “After that, you can finally retire, you can move to a house by the fishing village, wake up early in the morning, catch a few fish, then return home to play with [your] kids, have a nice afternoon nap with your wife, and when evening comes, you can join your buddies for a drink, play the guitar, sing and dance throughout the night!” The fisherman was puzzled. “Isn’t that what I am doing now?
Anonymous
The current ten largest currencies in the foreign exchange markets are listed in Table 4, along with their annual broad money supply increase for the periods between 1960–2015 and 1990–2015.16 The average for the ten most internationally liquid currencies is 11.13% for the period 1960–2015, and only 7.79% for the period between 1990 and 2015. This shows that the currencies that are most accepted worldwide, and have the highest salability globally, have a higher stock-to-flow ratio than the other currencies, as this book's analysis would predict.
Saifedean Ammous (The Bitcoin Standard: The Decentralized Alternative to Central Banking)
He looked like an excited sixteen-year-old with his tousled hair and shining eyes. Barbara could not deny she liked him, even though every word he said was repellent to her. With an eloquence that frequently tied itself in knots but was of an unflagging vehemence he explained to her that the faith for which he was fighting was basically revolutionary. 'When the day arrives and our Führer takes over supreme power, then that's the end of capitalism and the economy of the big bosses. The servitude of usury will be abolished. Big banks and stock exchanges that bleed our national economy white can close their doors, and no one will mourn them". Barbara wanted to know why Miklas did not join the Communists if he, like them, was against capitalism. Miklas explained as eagerly as a child reciting a lesson learned by heart. "because the Communists have no patriotism for the fatherland, but are supranational and dependent on Russian Jews. AndCommunists don't know anything about idealism-all Marxists believe that the only purpose in life is money. We want our own revolution-our German, idealistic revolution. Not one that will be directed by Freemasons and the Elders of Zion.
Klaus Mann (Mephisto)
The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit. This is the fly in the ointment of free-market capitalism. It cannot ensure that profits are gained in a fair way, or distributed in a fair manner. On the contrary, the craving to increase profits and production blinds people to anything that might stand in the way.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
By nature a philosopher is not in genius and disposition half so different from a street porter, as a mastiff is from a grey-hound, or a grey-hound from a spaniel, or this last from a shepherd's dog. Those different tribes of animals, however, though all of the same species are of scarce any use to one another. The strength of the mastiff is not in the least supported either by the swiftness of the greyhound, or by the sagacity of the spaniel, or by the docility of the shepherd's dog. The effects of those different geniuses and talents, for want of the power or disposition to barter and exchange, cannot be brought into a common stock, and do not in the least contribute to the better accommodation and conveniency of the species. Each animal is still obliged to support and defend itself, separately and independently, and derives no sort of advantage from that variety of talents with which nature has distinguished its fellows. Among men, on the contrary, the most dissimilar geniuses are of use to one another; the different produces of their respective talents, by the general disposition to truck, barter, and exchange, being brought, as it were, into a common stock, where every man may purchase whatever part of the produce of other men's talents he has occasion for.
Adam Smith (An Inquiry into the Nature and Causes of the Wealth of Nations)
Probably the first book that Hamilton absorbed was Malachy Postlethwayt’s Universal Dictionary of Trade and Commerce, a learned almanac of politics, economics, and geography that was crammed with articles about taxes, public debt, money, and banking. The dictionary took the form of two ponderous, folio-sized volumes, and it is touching to think of young Hamilton lugging them through the chaos of war. Hamilton would praise Postlethwayt as one of “the ablest masters of political arithmetic.” A proponent of manufacturing, Postlethwayt gave the aide-de-camp a glimpse of a mixed economy in which government would both steer business activity and free individual energies. In the pay book one can see the future treasury wizard mastering the rudiments of finance. “When you can get more of foreign coin, [the] coin for your native exchange is said to be high and the reverse low,” Hamilton noted. He also stocked his mind with basic information about the world: “The continent of Europe is 2600 miles long and 2800 miles broad”; “Prague is the principal city of Bohemia, the principal part of the commerce of which is carried on by the Jews.” He recorded tables from Postlethwayt showing infant-mortality rates, population growth, foreign-exchange rates, trade balances, and the total economic output of assorted nations.
Ron Chernow (Alexander Hamilton)
Some scholars compare human biochemistry to an air-conditioning system that keeps the temperature constant, come heatwave or snowstorm. Events might momentarily change the temperature, but the air-conditioning system always returns the temperature to the same set point. Some air-conditioning systems are set at 70 degrees Fahrenheit. Others are set at twenty degrees. Human happiness conditioning systems also differ from person to person. On a scale from one to ten, some people are born with a cheerful biochemical system that allows their mood to swing between levels six and ten, stabilising with time at eight. Such a person is quite happy even if she lives in an alienating big city, loses all her money in a stock-exchange crash and is diagnosed with diabetes. Other people are cursed with a gloomy biochemistry that swings between three and seven and stabilises at five. Such an unhappy person remains depressed even if she enjoys the support of a tight-knit community, wins millions in the lottery and is as healthy as an Olympic athlete. Indeed, even if our gloomy friend wins $50,000,000 in the morning, discovers the cure for both AIDS and cancer by noon, makes peace between Israelis and Palestinians that afternoon, and then in the evening reunites with her long-lost child who disappeared years ago - she would still be incapable of experiencing anything beyond level seven happiness. Her brain is simply not built for exhilaration, come what may.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
When we talk about finding or having found our soul mate (if we do), we do not believe ourselves to be immersed in the capitalist economy. But this is an even more important terrain for capitalism than the convenience store where we buy a soda and candy bar or the stock exchange floor where companies are financed. The idea of the soul mate plays a crucial role in the promulgation of consumption. If I believe that a perfect commodity exists in the romantic field, this changes my relationship to all commodities. Commodities become more attractive insofar as each one stands in for the perfect partner. Though a hammer at the hardware store most likely cannot function as my soul mate, I will find more pleasure in purchasing it with the idea of an ideal commodity informing the purchase, and this is what the soul mate provides. That is to say, the idea of the soul mate underwrites all consumption within the capitalist universe. The soul mate is the commodity in the form of the subject’s complement. This is why the idea of the soul mate has such importance for capitalism. The subject experiences itself as lacking whenever it desires, and no object can fill this lack. But the promise of the soul mate is the promise of completion, an object that would complement the lacking subject perfectly and thereby ameliorate its lack. No such complement exists outside of ideological fantasies, but capitalism requires subjects who invest themselves in such fantasies.
Todd McGowan (Capitalism and Desire: The Psychic Cost of Free Markets)
Danae and the God of Gold. — Whence arises this excessive impatience in our day which turns men into criminals even in circumstances which would be more likely to bring about the contrary tendency? What induces one man to use false weights, another to set his house on fire after having insured it for more than its value, a third to take part in counterfeiting, while three-fourths of our upper classes indulge in legalised fraud, and suffer from the pangs of conscience that follow speculation and dealings on the Stock Exchange: what gives rise to all this? It is not real want, — for their existence is by no means precarious; perhaps they have even enough to eat and drink without worrying, — but they are urged on day and night by a terrible impatience at seeing their wealth pile up so slowly, and by an equally terrible longing and love for these heaps of gold. In this impatience and love, however, we see re-appear once more that fanaticism of the desire for power which was stimulated in former times by the belief that we were in the possession of truth, a fanaticism which bore such beautiful names that we could dare to be inhuman with a good conscience (burning Jews, heretics, and good books, and exterminating entire cultures superior to ours, such as those of Peru and Mexico). The means of this desire for power are changed in our day, but the same volcano is still smouldering, impatience and intemperate love call for their victims, and what was once done “for the love of God” is now done for the love of money, i.e. for the love of that which at present affords us the highest feeling of power and a good conscience.
Friedrich Nietzsche (Daybreak: Thoughts on the Prejudices of Morality)
Swift came to the table and bowed politely. “My lady,” he said to Lillian, “what a pleasure it is to see you again. May I offer my renewed congratulations on your marriage to Lord Westcliff, and…” He hesitated, for although Lillian was obviously pregnant, it would be impolite to refer to her condition. “…you are looking quite well,” he finished. “I’m the size of a barn,” Lillian said flatly, puncturing his attempt at diplomacy. Swift’s mouth firmed as if he was fighting to suppress a grin. “Not at all,” he said mildly, and glanced at Annabelle and Evie. They all waited for Lillian to make the introductions. Lillian complied grudgingly. “This is Mr. Swift,” she muttered, waving her hand in his direction. “Mrs. Simon Hunt and Lady St. Vincent.” Swift bent deftly over Annabelle’s hand. He would have done the same for Evie except she was holding the baby. Isabelle’s grunts and whimpers were escalating and would soon become a full-out wail unless something was done about it. “That is my daughter Isabelle,” Annabelle said apologetically. “She’s teething.” That should get rid of him quickly, Daisy thought. Men were terrified of crying babies. “Ah.” Swift reached into his coat and rummaged through a rattling collection of articles. What on earth did he have in there? She watched as he pulled out his pen-knife, a bit of fishing line and a clean white handkerchief. “Mr. Swift, what are you doing?” Evie asked with a quizzical smile. “Improvising something.” He spooned some crushed ice into the center of the handkerchief, gathered the fabric tightly around it, and tied it off with fishing line. After replacing the knife in his pocket, he reached for the baby without one trace of self-consciusness. Wide-eyed, Evie surrendered the infant. The four women watched in astonishment as Swift took Isabelle against his shoulder with practiced ease. He gave the baby the ice-filled handkerchief, which she proceeded to gnaw madly even as she continued to cry. Seeming oblivious to the fascinated stares of everyone in the room, Swift wandered to the window and murmured softly to the baby. It appeared he was telling her a story of some kind. After a minute or two the child quieted. When Swift returned to the table Isabelle was half-drowsing and sighing, her mouth clamped firmly on the makeshift ice pouch. “Oh, Mr. Swift,” Annabelle said gratefully, taking the baby back in her arms, “how clever of you! Thank you.” “What were you saying to her?” Lillian demanded. He glanced at her and replied blandly, “I thought I would distract her long enough for the ice to numb her gums. So I gave her a detailed explanation of the Buttonwood agreement of 1792.” Daisy spoke to him for the first time. “What was that?” Swift glanced at her then, his face smooth and polite, and for a second Daisy half-believed that she had dreamed the events of that morning. But her skin and nerves still retained the sensation of him, the hard imprint of his body. “The Buttonwood agreement led to the formation of the New York Stock and Exchange Board,” Swift said. “I thought I was quite informative, but it seemed Miss Isabelle lost interest when I started on the fee-structuring compromise.” “I see,” Daisy said. “You bored the poor baby to sleep.” “You should hear my account of the imbalance of market forces leading to the crash of ’37,” Swift said. “I’ve been told it’s better than laudanum.
Lisa Kleypas (Scandal in Spring (Wallflowers, #4))
I’m Sushi K and I’m here to say I like to rap in a different way Look out Number One in every city Sushi K rap has all most pretty My special talking of remarkable words Is not the stereotyped bucktooth nerd My hair is big as a galaxy Cause I attain greater technology [...] I like to rap about sweetened romance My fond ambition is of your pants So here is of special remarkable way Of this fellow raps named Sushi K The Nipponese talking phenomenon Like samurai sword his sharpened tongue Who raps the East Asia and the Pacific Prosperity Sphere, to be specific [...] Sarariman on subway listen For Sushi K like nuclear fission Fire-breathing lizard Gojiro He my always big-time hero His mutant rap burn down whole block Start investing now Sushi K stock It on Nikkei stock exchange Waxes; other rappers wane Best investment, make my day Corporation Sushi K [...] Coming to America now Rappers trying to start a row Say “Stay in Japan, please, listen! We can’t handle competition!” U.S. rappers booing and hissin’ Ask for rap protectionism They afraid of Sushi K Cause their audience go away He got chill financial backin’ Give those U.S. rappers a smackin’ Sushi K concert machine Fast efficient super clean Run like clockwork in a watch Kick old rappers in the crotch [...] He learn English total immersion English/Japanese be mergin’ Into super combination So can have fans in every nation Hong Kong they speak English, too Yearn of rappers just like you Anglophones who live down under Sooner later start to wonder When they get they own rap star Tired of rappers from afar [...] So I will get big radio traffic When you look at demographic Sushi K research statistic Make big future look ballistic Speed of Sushi K growth stock Put U.S. rappers into shock
Neal Stephenson (Snow Crash)
In other words, money isn’t a material reality – it is a psychological construct. It works by converting matter into mind. But why does it succeed? Why should anyone be willing to exchange a fertile rice paddy for a handful of useless cowry shells? Why are you willing to flip hamburgers, sell health insurance or babysit three obnoxious brats when all you get for your exertions is a few pieces of coloured paper? People are willing to do such things when they trust the figments of their collective imagination. Trust is the raw material from which all types of money are minted. When a wealthy farmer sold his possessions for a sack of cowry shells and travelled with them to another province, he trusted that upon reaching his destination other people would be willing to sell him rice, houses and fields in exchange for the shells. Money is accordingly a system of mutual trust, and not just any system of mutual trust: money is the most universal and most efficient system of mutual trust ever devised. What created this trust was a very complex and long-term network of political, social and economic relations. Why do I believe in the cowry shell or gold coin or dollar bill? Because my neighbours believe in them. And my neighbours believe in them because I believe in them. And we all believe in them because our king believes in them and demands them in taxes, and because our priest believes in them and demands them in tithes. Take a dollar bill and look at it carefully. You will see that it is simply a colourful piece of paper with the signature of the US secretary of the treasury on one side, and the slogan ‘In God We Trust’ on the other. We accept the dollar in payment, because we trust in God and the US secretary of the treasury. The crucial role of trust explains why our financial systems are so tightly bound up with our political, social and ideological systems, why financial crises are often triggered by political developments, and why the stock market can rise or fall depending on the way traders feel on a particular morning.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
The population, who are, ultimately, indifferent to public affairs and even to their own interests, negotiate this indifference with an equally spectral partner and one that is similarly indifferent to its own will: the government [Ie pouvoir] . This game between zombies may stabilize in the long term. The Year 2000 will not take place in that an era of indifference to time itself - and therefore to the symbolic term of the millennium - will be ushered in by negotiation. Nowadays, you have to go straight from money to money, telegraphically so to speak, by direct transfer (that is the viral side of the matter). A viral revolution, then, more akin to the Glass Bead Game than to the steam engine, and admirably personified in Bernard Tapie's playboy face. For the look of money is reflected in faces. Gone are the hideous old capitalists, the old-style industrial barons wearing the masks of the suffering they have inflicted. Now there are only dashing playboys, sporty and sexual, true knights of industry, wearing the mask of the happiness they spread all around themselves. The world put on a show of despair after 1968. It's been putting on a big show of hope since 1980. No more tears, alright? Reaganite optimism, the pump ing up of the dollar. Fabius's glossy new look. Patriotic conviviality. Reluctance prohibited. The old pessimism was produced by the idea that things were getting worse and worse. The new pessimism is produced by the fact that everything is getting better and better. Supercooled euphoria. Controlled anaesthesia. I should like to see the equivalent of Bernard Tapie in the world of business emerge in the world of concepts. Buying up failing concepts, swallowing them up, dusting them off (firing all the deadbeats who are in the way), putting them back into circulation with a dynamic virginity, sending them shooting up on the Stock Exchange and then abandoning them afterwards like dogs. Some people do this very well. It is perhaps better to save tired concepts by maintaining them in a super cooled state like unemployed labour, or locking them away in interactive data banks kept alive on a respirator.
Jean Baudrillard (Cool Memories)
For some reason newspapers are not the laboratories and experimental stations of the mind that they could be, to the public's great benefit, but usually only its warehouses and stock exchanges. If he were alive today, Plato—to take him as an example, because along with a dozen others he is regarded as the greatest thinker who ever lived—would certainly be ecstatic about a news industry capable of creating, exchanging, refining a new idea every day; where information keeps pouring in from the ends of the earth with a speediness he never knew in his own lifetime, while a staff of demiurges is on hand to check it all out instantaneously for its content of reason and reality. He would have supposed a newspaper office to be that topos uranios, that heavenly realm of ideas, which he has described so impressively that to this day all the better class of people are still idealists when talking to their children or employees. And of course if Plato were to walk suddenly into a news editor’s office today and prove himself to be indeed that great author who died over two thousand years ago he would be a tremendous sensation and would instantly be showered with the most lucrative offers. If he were then capable of writing a volume of philosophical travel pieces in three weeks, and a few thousand of his well-known short stories, perhaps even turn one or the other of his older works into film, he could undoubtedly do very well for himself for a considerable period of time. The moment his return had ceased to be news, however, and Mr. Plato tried to put into practice one of his well-known ideas, which had never quite come into their own, the editor in chief would ask him to submit only a nice little column on the subject now and then for the Life and Leisure section (but in the easiest and most lively style possible, not heavy: remember the readers), and the features editor would add that he was sorry, but he could use such a contribution only once a month or so, because there were so many other good writers to be considered. And both of these gentlemen would end up feeling that they had done quite a lot for a man who might indeed be the Nestor of European publicists but still was a bit outdated, and certainly not in a class for current newsworthiness with a man like, for instance, Paul Arnheim.
Robert Musil (The Man Without Qualities)
As I became older, I was given many masks to wear. I could be a laborer laying railroad tracks across the continent, with long hair in a queue to be pulled by pranksters; a gardener trimming the shrubs while secretly planting a bomb; a saboteur before the day of infamy at Pearl Harbor, signaling the Imperial Fleet; a kamikaze pilot donning his headband somberly, screaming 'Banzai' on my way to my death; a peasant with a broad-brimmed straw hat in a rice paddy on the other side of the world, stooped over to toil in the water; an obedient servant in the parlor, a houseboy too dignified for my own good; a washerman in the basement laundry, removing stains using an ancient secret; a tyrant intent on imposing my despotism on the democratic world, opposed by the free and the brave; a party cadre alongside many others, all of us clad in coordinated Mao jackets; a sniper camouflaged in the trees of the jungle, training my gunsights on G.I. Joe; a child running with a body burning from napalm, captured in an unforgettable photo; an enemy shot in the head or slaughtered by the villageful; one of the grooms in a mass wedding of couples, having met my mate the day before through our cult leader; an orphan in the last airlift out of a collapsed capital, ready to be adopted into the good life; a black belt martial artist breaking cinderblocks with his head, in an advertisement for Ginsu brand knives with the slogan 'but wait--there's more' as the commercial segued to show another free gift; a chef serving up dog stew, a trick on the unsuspecting diner; a bad driver swerving into the next lane, exactly as could be expected; a horny exchange student here for a year, eager to date the blonde cheerleader; a tourist visiting, clicking away with his camera, posing my family in front of the monuments and statues; a ping pong champion, wearing white tube socks pulled up too high and batting the ball with a wicked spin; a violin prodigy impressing the audience at Carnegie Hall, before taking a polite bow; a teen computer scientist, ready to make millions on an initial public offering before the company stock crashes; a gangster in sunglasses and a tight suit, embroiled in a turf war with the Sicilian mob; an urban greengrocer selling lunch by the pound, rudely returning change over the counter to the black patrons; a businessman with a briefcase of cash bribing a congressman, a corrupting influence on the electoral process; a salaryman on my way to work, crammed into the commuter train and loyal to the company; a shady doctor, trained in a foreign tradition with anatomical diagrams of the human body mapping the flow of life energy through a multitude of colored points; a calculus graduate student with thick glasses and a bad haircut, serving as a teaching assistant with an incomprehensible accent, scribbling on the chalkboard; an automobile enthusiast who customizes an imported car with a supercharged engine and Japanese decals in the rear window, cruising the boulevard looking for a drag race; a illegal alien crowded into the cargo hold of a smuggler's ship, defying death only to crowd into a New York City tenement and work as a slave in a sweatshop. My mother and my girl cousins were Madame Butterfly from the mail order bride catalog, dying in their service to the masculinity of the West, and the dragon lady in a kimono, taking vengeance for her sisters. They became the television newscaster, look-alikes with their flawlessly permed hair. Through these indelible images, I grew up. But when I looked in the mirror, I could not believe my own reflection because it was not like what I saw around me. Over the years, the world opened up. It has become a dizzying kaleidoscope of cultural fragments, arranged and rearranged without plan or order.
Frank H. Wu (Yellow)
Nobody is ever made happy by winning the lottery, buying a house, getting a promotion or even finding true love. People are made happy by one thing and one thing only – pleasant sensations in their bodies. A person who just won the lottery or found new love and jumps from joy is not really reacting to the money or the lover. She is reacting to various hormones coursing through her bloodstream and to the storm of electric signals flashing between different parts of her brain. Unfortunately for all hopes of creating heaven on earth, our internal biochemical system seems to be programmed to keep happiness levels relatively constant. There's no natural selection for happiness as such - a happy hermit's genetic line will go extinct as the genes of a pair of anxious parents get carried on to the next generation. Happiness and misery play a role in evolution only to the extent that they encourage or discourage survival and reproduction. Perhaps it's not surprising, then, that evolution has moulded us to be neither too miserable nor too happy. It enables us to enjoy a momentary rush of pleasant sensations, but these never last for ever. Sooner of later they subside and give place to unpleasant sensations. (...) Some scholars compare human biochemistry to an air-conditioning system that keeps the temperature constant, come heatwave or snowstorm. Events might momentarily change the temperature, but the air-conditioning system always returns the temperature to the same set point. Some air-conditioning systems are set at twenty-five degrees Celsius. Others are set at twenty degrees. Human happiness conditioning systems also differ from person to person. On a scale from one to ten, some people are born with a cheerful biochemical system that allows their mood to swing between levels six and ten, stabilising with time at eight. Such a person is quite happy even if she lives in an alienating big city, loses all her money in a stock-exchange crash and is diagnosed with diabetes. Other people are cursed with a gloomy biochemistry that swings between three and seven and stabilises at five. Such an unhappy person remains depressed even if she enjoys the support of a tight-knit community, wins millions in the lottery and is as healthy as an Olympic athlete (...) incapable of experiencing anything beyond level seven happiness. Her brain is simply not built for exhilaration, come what may. (...) Buying cars and writing novels do not change our biochemistry. They can startle it for a fleeting moment, but it is soon back to the set point.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
As they worked through the order types, they created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared as if there were three activities that led to a vast amount of grotesquely unfair trading. The first they called “electronic front-running”—seeing an investor trying to do something in one place and racing him to the next. (What had happened to Brad, when he traded at RBC.) The second they called “rebate arbitrage”—using the new complexity to game the seizing of whatever kickbacks the exchange offered without actually providing the liquidity that the kickback was presumably meant to entice. The third, and probably by far the most widespread, they called “slow market arbitrage.” This occurred when a high-frequency trader was able to see the price of a stock change on one exchange, and pick off orders sitting on other exchanges, before the exchanges were able to react. Say, for instance, the market for P&G shares is 80–80.01, and buyers and sellers sit on both sides on all of the exchanges. A big seller comes in on the NYSE and knocks the price down to 79.98–79.99. High-frequency traders buy on NYSE at $79.99 and sell on all the other exchanges at $80, before the market officially changes. This happened all day, every day, and generated more billions of dollars a year than the other strategies combined.
Michael Lewis (Flash Boys: A Wall Street Revolt)
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.
Michael Lewis (Flash Boys: A Wall Street Revolt)
The anarchists cannot consider, like the collectivists, that a remuneration which would be proportionate to the hours of labour spent by each person in the production of riches may be an ideal, or even an approach to an ideal, society. Without entering here into a discussion as to how far the exchange value of each merchandise is really measured now by the amount of labour necessary for its production—a separate study must be devoted to the subject—we must say that the collectivist ideal seems to us merely unrealizable in a society which has been brought to consider the necessaries for production as a common property. Such a society would be compelled to abandon the wage-system altogether. It appears impossible that the mitigated individualism of the collectivist school could co-exist with the partial communism implied by holding land and machinery in common—unless imposed by a powerful government, much more powerful than all those of our own times. The present wage-system has grown up from the appropriation of the necessaries for production by the few; it was a necessary condition for the growth of the present capitalist production; and it cannot outlive it, even if an attempt be made to pay to the worker the full value of his produce, and hours-of-labour-checks be substituted for money. Common possession of the necessaries for production implies the common enjoyment of the fruits of the common production; and we consider that an equitable organization of society can only arise when every wage-system is abandoned, and when everybody, contributing for the common well-being to the full extent of his capacities, shall enjoy also from the common stock of society to the fullest possible extent of his needs.
Pyotr Kropotkin (Anarchism: A Collection of Revolutionary Writings)
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.
Yuval Noah Harari (Sapiens: A Brief History of Humankind)
To summarize my ORB Strategy: After I build my watchlist in the morning, I closely monitor the shortlisted stocks in the first five minutes after the Open. I identify their opening range and their price action. How many shares are being traded? Is the stock jumping up and down or does it have a directional upward or downward movement? Is it high volume with large orders only, or are there many orders going through? I prefer stocks that have high volume, but also with numerous different orders being traded. If the stock has traded 1 million shares, but those shares were only ten orders of 100,000 shares each, it is not a liquid stock to trade. Volume alone does not show the liquidity; the number of orders being sent to the exchange is as important. The opening range must be significantly smaller than the stock’s Average True Range (ATR). I have ATR as a column in my Trade Ideas scanner. After the close of the first five minutes of trading, the stock may continue to be traded in that opening range in the next five minutes. But, if I see the stock is breaking the opening range, I enter the trade according to the direction of the breakout: long for an upward breakout and short for a downward move. My stop loss is a close below VWAP for the long positions and a break above VWAP for the short positions. My profit target is the next important technical level, such as: (1) important intraday daily levels that I identify in the pre-market, (2) moving averages on a daily chart, and/or (3) previous day close. If there was no obvious technical level for the exit and profit target, I exit when a stock shows signs of weakness (if I am long) or strength (if I am short). For example, if the price makes a new 5-minute low, that means weakness, and I consider selling my position if I am long. If I am short and the stock makes a new 5-minute high, then it could be a sign of strength and I consider covering my short position. My strategy above was for a 5-minute ORB, but the same process will also work well for 15-minute or 30-minute ORBs.
Andrew Aziz (Day Trading for a Living)