Stock Warrant Quotes

Pedigree was the centerpiece of Supreme Court chief justice Roger B. Taney’s majority opinion in the Dred Scott decision (1857). Though this case assessed whether a slave taken into a free state or federal territory should be set free, its conclusions were far more expansive. Addressing slavery in the territories, the proslavery Marylander dismissed Jefferson’s prohibition of slavery in the Northwest Ordinance as having no constitutional standing. He constructed his own version of the original social contract at the time of the Revolution, the Declaration of Independence, and the Constitutional Convention: only the free white children of the founding generation were heirs to the original agreement; only pedigree could determine who inherited American citizenship and whose racial lineage warranted entitlement and the designation “freeman.” Taney’s opinion mattered because it literally made pedigree into a constitutional principle. In this controversial decision, Taney demonstrably rejected any notion of democracy and based the right of citizenship on bloodlines and racial stock. The chief justice ruled that the founders’ original intent was to classify members of society in terms of recognizable breeds.

We define a bargain issue as one which, on the basis of facts established by analysis, appears to be worth considerably more than it is selling for. The genus includes bonds and preferred stocks selling well under par, as well as common stocks. To be as concrete as possible, let us suggest that an issue is not a true “bargain” unless the indicated value is at least 50% more than the price. What kind of facts would warrant the conclusion that so great a discrepancy exists? How do bargains come into existence, and how does the investor profit from them? There are two tests by which a bargain common stock is detected. The first is by the method of appraisal. This relies largely on estimating future earnings and then multiplying these by a factor appropriate to the particular issue. If the resultant value is sufficiently above the market price—and if the investor has confidence in the technique employed—he can tag the stock as a bargain. The second test is the value of the business to a private owner. This value also is often determined chiefly by expected future earnings—in which case the result may be identical with the first. But in the second test more attention is likely to be paid to the realizable value of the assets, with particular emphasis on the net current assets or working capital. At low points in the general market a large proportion of common stocks are bargain issues, as measured by these standards. (A typical example was General Motors when it sold at less than 30 in 1941, equivalent to only 5 for the 1971 shares. It had been earning in excess of $4 and paying $3.50, or more, in dividends.) It is true that current earnings and the immediate prospects may both be poor, but a levelheaded appraisal of average future conditions would indicate values far above ruling prices. Thus the wisdom of having courage in depressed markets is vindicated not only by the voice of experience but also by application of plausible techniques of value analysis.

he offered his money, but at the enormous interest rate of 14 percent. He bargained for warrants to buy 16 million shares of Times stock in six years for $6.36 a share, which would give him a 17 percent stake in the company. This would make him one of the paper’s largest shareholders and its largest creditor. For Slim, the warrants were the most important part of the deal. For the Times, facing the possibility of insolvency, six years seemed like an eternity. The warrants were approved.

Whatever the truth of this story, it is certain that one of the very first acts of the Long Parliament in 1640 was to abolish the Court of Star Chamber, in which evidence obtained by torture was received, and since then no torture warrant has been issued in England. By one of the first enactments of the Westminster Parliament following the Act of Union in 1707, Scotland followed suit. But in continental Europe the practice continued for many years: drawings survive of handsome young men in wigs and fine stockings inflicting horrific torments on their bound victims. In France, torture was abolished in 1789; in different parts of

The First Autonomous Teams Autonomous teams are built for speed. When they are aligned toward a common destination, they can go a long way in a short time. But when they are poorly aligned, the team can veer far off course just as quickly. So they need to be pointed in the right direction and have the tools to quickly course-correct when warranted. That’s why, before any proposed two-pizza team was approved, they had to meet with Jeff and their S-Team manager—often more than once—to discuss the team’s composition, charter, and fitness function. For instance, the Inventory Planning team would convene with Jeff, Jeff Wilke, and me to ensure that they were meeting the following criteria: The team had a well-defined purpose. For example, the team intends to answer the question, “How much inventory should Amazon buy of a given product and when should we buy it?” The boundaries of ownership were well understood. For example, the team asks the Forecasting team what the demand will be for a particular product at a given time, and then uses their answer as an input to make a buying decision. The metrics used to measure progress were agreed upon. For example, In-stock Product Pages Displayed divided by Total Product Pages Displayed, weighted at 60 percent; and Inventory Holding Cost, weighted at 40 percent.

In exchange, the FDIC would get $12 billion in Citigroup preferred stock and warrants, giving it a way to potentially recoup money for its fund.

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

But in other cases, making allowance for conversion rights—and the existence of stock-purchase warrants—can reduce the apparent earnings by half, or more.

All forms of complex causation, and especially nonlinear transformations, admittedly stack the deck against prediction. Linear describes an outcome produced by one or more variables where the effect is additive. Any other interaction is nonlinear. This would include outcomes that involve step functions or phase transitions. The hard sciences routinely describe nonlinear phenomena. Making predictions about them becomes increasingly problematic when multiple variables are involved that have complex interactions. Some simple nonlinear systems can quickly become unpredictable when small variations in their inputs are introduced.23 As so much of the social world is nonlinear, fifty plus years of behavioral research and theory building have not led to any noticeable improvement in our ability to predict events. This is most evident in the case of transformative events like the social-political revolution of the 1960s, the end of the Cold War, and the rise and growing political influence of fundamentalist religious groups. Radical skepticism about prediction of any but the most short-term outcomes is fully warranted. This does not mean that we can throw our hands up in the face of uncertainty, contingency, and unpredictability. In a complex society, individuals, organizations, and states require a high degree of confidence—even if it is misplaced—in the short-term future and a reasonable degree of confidence about the longer term. In its absence they could not commit themselves to decisions, investments, and policies. Like nudging the frame of a pinball machine to influence the path of the ball, we cope with the dilemma of uncertainty by doing what we can to make our expectations of the future self-fulfilling. We seek to control the social and physical worlds not only to make them more predictable but to reduce the likelihood of disruptive and damaging shocks (e.g., floods, epidemics, stock market crashes, foreign attacks). Our fallback strategy is denial.

Katelyn blows Cindy Lou a kiss with a big "Mwah! You wanna stay with Auntie Katelyn tonight, sweet girl?" Cindy Lou smiles, kicking her pink-striped stock-covered feet, and then returns the kiss. Except it's more like she blows a raspberry, and orange baby food goes everywhere, getting all over James and dribbling down Cindy Lou's chin. "Sum of a bifch!" he shouts in shock, disgust wrinkling his brow. "Oh gawd, it's in ma mouf! I 'eed a 'apkin!" We're all fighting back laughter as Sophie, who hasn't missed a beat of her own dinner, hands him a paper towel. To his credit, he wipes his daughter down first then scrubs at his own face. "Language," Mama Louise corrects. You'd think she'd give up on that by now. We're all pretty rough around the edges, even though we have some decent manners. The language rule just doesn't seem to be one that stuck ... to any of us. Hell, I've even heard the girls go off worse than any of us boys before, depending on the topic and their level of excitement or fury. Mama Louise's fighting a losing battle on a sinking ship, but she combats every instance in her presence and says what we do when she's not around is something we'll have to make our own peace with. "I think it was warranted, Mama. Do you know how gross those carrots are? Blech,

The ordinary operator must always endeavor to get comparatively large profits. He should not buy unless he feels warranted in believing that the stock which he selects will go up four or five points, so that when he makes he will get double his loss when he loses. In trading for five or ten point turns, the operator at an interior city has one advantage. He does not hear the rumors and see sudden movements in prices which are the bane of the office trader. Wall Street is often full of people to-day who have been long of the market for a month, but who have made little or no money, because they have been scared out by rumors and by small relapses. The man who does not see the market escapes this.