Stocks And Bonds Quotes

But land is land, and it's safer than the stocks and bonds of Wall Street swindlers.

The first thing you learn on the trading floor is that when large numbers of people are after the same commodity, be it a stock, a bond, or a job, the commodity quickly becomes overvalued.

Matters of the heart were important, but people tended to put too much stock in the particular organ when, in retrospect, it was only tissue. It pumped blood and the body couldn’t live without it, sure, but it had no actual bearing on love. The soul was what made a person distinct—the part that lived on after death, how one being connected to another, and what bound essence.

I don’t own any stocks or bonds. All my money is tied up in debt.

The more they overestimated their own skill relative to luck, the less they learned from what the environment was trying to tell them, and the worse their decisions became: the participants grew increasingly less likely to switch to winning stocks, instead doubling down on losers or gravitating entirely toward bonds.

On June 16, 1933, the Senate passed the Glass-Steagall Act whereby banks were forbidden from selling stocks and bonds. The Act also created the FDIC, which insures banks against failure.

Actually, I’m glad I’m not rich. I’ve gotta believe that it’s harder to die if you are. Not only do you lose possession of all those assets, all that cash and those stocks and bonds and cars and antiques and silver and paintings and vacation homes, but in those final days and weeks there can be no denying that a tremendous amount of your life was spent accumulating and fussing over all those assets, time that could have been spent with family and friends or fishing or traveling...

Only people have incomes and they derive them through the market from the resources they own, whether these be in the form of corporate stock, or of bonds, or of land, or of their personal capacity.

In Wisconsin in 1856, the LaCrosse and Milwaukee Railroad got a million acres free by distributing about $900,000 in stocks and bonds to fifty-nine assemblymen, thirteen senators, the governor. Two years later the railroad was bankrupt and the bonds were worthless.

He gave a talk in which he argued that the way they measured risk was completely idiotic. They measured risk by volatility: how much a stock or bond happened to have jumped around in the past few years. Real risk was not volatility; real risk was stupid investment decisions.

No matter what people said they wanted (Real estate! Stocks! Bonds!), their actions always spoke louder. People wanted an escape. They wanted entertainment, a place where they could revel in wonder and forget about the drudgery of everyday life.

Morgan then formed the U.S. Steel Corporation, combining Carnegie’s corporation with others. He sold stocks and bonds for $1,300,000,000 (about 400 million more than the combined worth of the companies) and took a fee of 150 million for arranging the consolidation. How could dividends be paid to all those stockholders and bondholders? By making sure Congress passed tariffs keeping out foreign steel; by closing off competition and maintaining the price at $28 a ton; and by working 200,000 men twelve hours a day for wages that barely kept their families alive. And so it went, in industry after industry—shrewd, efficient businessmen building empires, choking out competition, maintaining high prices, keeping wages low, using government subsidies. These industries were the first beneficiaries of the “welfare state.

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.

Bonds are in our portfolio to provide a deflation hedge. Deflation is one of the two big macro risks to your money. Inflation is the other and we hedge against that with our stocks.

Do not trust historical data—especially recent data—to estimate the future returns of stocks and bonds. Instead, rely on interest and dividend payouts and their growth/failure rates.

But money doesn’t work in the sense that labor or tangible capital expends effort to produce commodities. Credit is debt, and debt extracts interest. Financial salesmen who promise investors, “Make your money work for you” actually mean that society should work for the creditors — and that means for the banks that create credit. The effect is to turn the economic surplus into a flow of interest payments, diverting revenue from tangible capital investment. As the economy’s reproductive powers are dried up, the financialization process is kept going by easing credit terms and lending — not to produce more goods and services, but to bid up prices for the real estate, stocks and bonds being pledged as collateral for larger and larger loans.

The motivation for taking on debt is to buy assets or claims rising in price. Over the past half-century the aim of financial investment has been less to earn profits on tangible capital investment than to generate “capital” gains (most of which take the form of debt-leveraged land prices, not industrial capital). Annual price gains for property, stocks and bonds far outstrip the reported real estate rents, corporate profits and disposable personal income after paying for essential non-discretionary spending, headed by FIRE [Finance, Insurance, Real Estate]-sector charges.

Proper diversification can be achieved with a handful of assets. On the other hand, a poorly selected portfolio with hundreds of stocks and bonds can be inadequate for diversification purposes.

The first colonial teenagers rejected their parents’ values, as teenagers have done ever since Cain and Abel decided to get away from all that hippy nature stuff. They were sober, industrious and, if truth be told, not much fun. They laboured uncomplainingly in the sun, exercised in the fresh air, swam in the sea and were, on average, six inches taller than the malnourished British stock from which they had sprung. Within a single generation, the Artful Dodger had transformed into Chesty Bond.

I visualized my grief if the stock market went way up and I wasn’t in it—or if it went way down and I was completely in it. My intention was to minimize my future regret. So I split my contributions 50/50 between bonds and equities.

investors who pay attention to the economy can be more successful because they can take advantage of impending changes. While everyone else is focused on what’s happening right now, economically savvy investors can focus on what’s coming

Before Volcker’s speech, bonds had been conservative investments, into which investors put their savings when they didn’t fancy a gamble in the stock market. After Volcker’s speech, bonds became objects of speculation, a means of creating wealth rather than merely storing it.

We live in hope that the good we do here on earth will be rewarded in heaven. We also hope to win the war. We hope that right and goodness will triumph, and that when the war is won, we shall have a better world. And we work toward that end. We buy war bonds and put out incendiaries and knit stockings---" And pumpkin-colored scarves, Polly thought. "---and volunteer to take in evacuated children and work in hospitals and drive ambulances" - here Alf grinned and nudged Eileen sharply in the ribs - "and man anti-aircraft guns. We join the Home Guard and the ATS and the Civil Defence, but we cannot know whether the scrap metal we collect, the letter we write to a solider, the vegetables we grow, will turn out in the end to have helped win the war or not. We act in faith. "But the vital thing is that we act. We do not rely on hope alone, thought hope is our bulwark, our light through dark days and darker nights. We also work, and fight, and endure, and it does not matter whether the part we play is large or small. The reason that God marks the fall of the sparrow is that he knows that it is as important to the world as the bulldog or the wolf. We all, all must do 'our bit'. For it is through our deeds that the war will be won, through our kindness and devotion and courage that we make that better world for which we long.

Don’t worry about me,” he said. “The little limp means nothing. People my age limp. A limp is a natural thing at a certain age. Forget the cough. It’s healthy to cough. You move the stuff around. The stuff can’t harm you as long as it doesn’t settle in one spot and stay there for years. So the cough’s all right. So is the insomnia. The insomnia’s all right. What do I gain by sleeping? You reach an age when every minute of sleep is one less minute to do useful things. To cough or limp. Never mind the women. The women are all right. We rent a cassette and have some sex. It pumps blood to the heart. Forget the cigarettes. I like to tell myself I’m getting away with something. Let the Mormons quit smoking. They’ll die of something just as bad. The money’s no problem. I’m all set incomewise. Zero pensions, zero savings, zero stocks and bonds. So you don’t have to worry about that. That’s all taken care of. Never mind the teeth. The teeth are all right. The looser they are, the more you can wobble them with your tongue. It gives the tongue something to do. Don’t worry about the shakes. Everybody gets the shakes now and then. It’s only the left hand anyway. The way to enjoy the shakes is pretend it’s somebody else’s hand. Never mind the sudden and unexplained weight loss. There’s no point eating what you can’t see. Don’t worry about the eyes. The eyes can’t get any worse than they are now. Forget the mind completely. The mind goes before the body. That’s the way it’s supposed to be. So don’t worry about the mind. The mind is all right. Worry about the car. The steering’s all awry. The brakes were recalled three times. The hood shoots up on pothole terrain.” Deadpan.

Would you believe me if I told you that there’s an investment strategy that a seven-year-old could understand, will take you fifteen minutes of work per year, outperform 90 percent of finance professionals in the long run, and make you a millionaire over time?   Well, it is true, and here it is: Start by saving 15 percent of your salary at age 25 into a 401(k) plan, an IRA, or a taxable account (or all three). Put equal amounts of that 15 percent into just three different mutual funds:   A U.S. total stock market index fund An international total stock market index fund A U.S. total bond market index fund.   Over time, the three funds will grow at different rates, so once per year you’ll adjust their amounts so that they’re again equal. (That’s the fifteen minutes per year, assuming you’ve enrolled in an automatic savings plan.)   That’s it; if you can follow this simple recipe throughout your working career, you will almost certainly beat out most professional investors. More importantly, you’ll likely accumulate enough savings to retire comfortably.

Cruelty links all three primitives [pleasure, pain, and desire]: Spinoza defines it as the desire to inflict pain on someone we love or pity. Financial speaking, cruelty is analogous to a convertible bond whose debt and equity depend on three economic underliers: the stock price, the level of interest rates, and the credit worthiness of the company's debt.

An investor who went from the stock market to the bond market was like a small, furry creature raised on an island without predators removed to a pit full of pythons.

Only an income-producing possession, such as a stock, bond, or working piece of real estate is a true investment.

35% Vanguard U.S. Bond Index (Symbol VBMFX) 35% Vanguard Total U.S. Stock Market Index (Symbol VTSMX) 30% Vanguard Total International Stock Market Index (Symbol VGTSX)

most millionaires generally don’t limit themselves to stocks, bonds, and related investments—they invest heavily in private businesses and real estate.

Learning is earning.

Many new investors, eager to see quick profits, need to develop the patience and research skills necessary for successful long-term investing.

The valuation picture is very much affected by our zero-based interest rate structure. Clearly, stocks are worth far more when government bonds yield 1% than when they yield 5%.

Yet he knew that stocks would be better than bonds or cash over the long run.

In the simplest terms: When you buy stock you are buying a part ownership in a company. When you buy bonds you are loaning money to a company or government agency.

Passing down an inheritance is deeper than wealth. It’s passing on the eyes to see with and most of all, what to do with that wealth.

Capital efficiently and frequently flows between bonds and stocks. It pays to keep an eye on yields offered by these markets.

Mandatory allocation of capital between bonds and stocks by mutual funds creates tremendous short-term opportunities for investors.

As we’ll see, the 4% Roman rate of return is about the same as the aggregate return on capital (when stocks and bonds are considered together) in the U.S. in the twentieth century, and perhaps even a bit more than the aggregate return expected in the next century. (The 4% Roman rate was gold-based, so the return was a real, that is, after-inflation, return.) The

Unfortunately, for far too many, focused learning ends at college graduation. They read about stocks and bonds instead of reading books that improve their mind. They compare their cash salary to their peers' instead of comparing lessons learned. They invest in the stock market and neglect investing in themselves. They focus, in short, on hard assets instead of soft assets. This is a mistake.

They became the directing power in the life insurance companies, and other corporate reservoirs of the people’s savings-the buyers of bonds and stocks. They became the directing power also in banks and trust companies-the depositaries of the quick capital of the country-the life blood of business, with which they and others carried on their operations. Thus four distinct functions, each essential to business, and each exercised, originally, by a distinct set of men, became united in the investment banker. It is to this union of business functions that the existence of the Money Trust is mainly due.[1]

. . . the bond bubble, the tech bubble, the stock bubble, the emerging markets bubble, the housing bubble. . . One by one they had all burst, and their bursting showed that they had been temporary solutions to long-term problems, maybe evasions of those problems, distractions. With so many bubbles-so many people chasing ephemera, all at the same time-it was clear that things were fundamentally not working.

The investment banker is naturally on the lookout for good bargains in bonds and stocks. Like other merchants he wants to buy his merchandise cheap. But when he becomes director of a corporation, he occupies a position which prevents the transaction by which he acquires its corporate securities from being properly called a bargain. Can there be real bargaining where the same man is on both sides of a trade?

Diversification, the easy accessibility of funds, and having a skilled professional money manager working to make your investment grow are the three most prominent reasons that mutual funds have become so popular.

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.

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

Investment Owner’s Contract I, _____________ ___________________, hereby state that I am an investor who is seeking to accumulate wealth for many years into the future. I know that there will be many times when I will be tempted to invest in stocks or bonds because they have gone (or “are going”) up in price, and other times when I will be tempted to sell my investments because they have gone (or “are going”) down. I hereby declare my refusal to let a herd of strangers make my financial decisions for me. I further make a solemn commitment never to invest because the stock market has gone up, and never to sell because it has gone down. Instead, I will invest $______.00 per month, every month, through an automatic investment plan or “dollar-cost averaging program,” into the following mutual fund(s) or diversified portfolio(s): _________________________________, _________________________________, _________________________________. I will also invest additional amounts whenever I can afford to spare the cash (and can afford to lose it in the short run). I hereby declare that I will hold each of these investments continually through at least the following date (which must be a minimum of 10 years after the date of this contact): _________________ _____, 20__. The only exceptions allowed under the terms of this contract are a sudden, pressing need for cash, like a health-care emergency or the loss of my job, or a planned expenditure like a housing down payment or a tuition bill. I am, by signing below, stating my intention not only to abide by the terms of this contract, but to re-read this document whenever I am tempted to sell any of my investments. This contract is valid only when signed by at least one witness, and must be kept in a safe place that is easily accessible for future reference.

the utilities and services sectors tend to perform well during an economic downturn; and as that downturn segues into a full recession, the technology, cyclicals, and industrial sectors will start to flourish. As the economy begins

The problem with fiat is that simply maintaining the wealth you already own requires significant active management and expert decision-making. You need to develop expertise in portfolio allocation, risk management, stock and bond valuation, real estate markets, credit markets, global macro trends, national and international monetary policy, commodity markets, geopolitics, and many other arcane and highly specialized fields in order to make informed investment decisions that allow you to maintain the wealth you already earned. You effectively need to earn your money twice with fiat, once when you work for it, and once when you invest it to beat inflation. The simple gold coin saved you from all of this before fiat.

The panic was blamed on many factors—tight money, Roosevelt’s Gridiron Club speech attacking the “malefactors of great wealth,” and excessive speculation in copper, mining, and railroad stocks. The immediate weakness arose from the recklessness of the trust companies. In the early 1900s, national and most state-chartered banks couldn’t take trust accounts (wills, estates, and so on) but directed customers to trusts. Traditionally, these had been synonymous with safe investment. By 1907, however, they had exploited enough legal loopholes to become highly speculative. To draw money for risky ventures, they paid exorbitant interest rates, and trust executives operated like stock market plungers. They loaned out so much against stocks and bonds that by October 1907 as much as half the bank loans in New York were backed by securities as collateral—an extremely shaky base for the system. The trusts also didn’t keep the high cash reserves of commercial banks and were vulnerable to sudden runs.

By buying a share in a “total market” index fund, you acquire an ownership share in all the major businesses in the economy. Index funds eliminate the anxiety and expense of trying to predict which individual stocks, bonds, or mutual funds will beat the market.

The human voice often shatters the beauty of the most tender passions; and when we left Simla next day, and Maureen and Sunil used all the stock cliches to express their love, I was a little disappointed. But the poetry of life was in their bodies, not in their tongues.

Life was a series of ifs—a very different outcome if you’d only played the lottery last night; if you had picked a different college; if you had invested in stocks instead of bonds; if you had not been taking your kindergartner to his first day of school the morning of 9/11.

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.

She was thankful that in her job, she didn’t have to choose sides—she fought against currency counterfeiters, stock and bond forgers, money launderers, diamond smugglers—in short, lowlifes like Spyro Leandrou who engaged in activities that were universally perceived as wrong.

The key to true wealth is putting your money to work for you. Practically speaking, that means spending money on income-producing assets that will supply cash and continue to grow in value over time. The most common assets used to build wealth include: • Stocks • Bonds • Real estate

My thing is...I need you to think about stocks,bonds, currencies, markets and the economy etc. Even in your worst state. Even when living in substandard conditions that do not even allow you to dream big. You are enough. Use what you have and who you are, do not be convinced otherwise

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

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

March 2008 the stock market had finally grasped what every mortgage bond salesman had long known: Someone had lost at least $240 billion. But who? Morgan Stanley still owned $13 billion or so in CDOs, courtesy of Howie Hubler. The idiots in Germany owned some, Wing Chau and CDO managers like him owned some

One man’s real estate crisis is another’s opportunity. All markets work in this way, providing investors with cash the chance to buy—stocks, bonds, real estate, and commodities—when prices are depressed. This reality is devoid of emotional weight and is the basic truth that keeps capitalist economies working.

Every status update you read on Facebook, every tweet or text message you get from a friend, is competing for resources in your brain with important things like whether to put your savings in stocks or bonds, where you left your passport, or how best to reconcile with a close friend you just had an argument with.

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

I understood what you said. I don’t think you understood me. I’m going to bite whatever you stick into my mouth. You can put that razor into my brain, I guess, but you should know that a sudden serious brain injury causes the victim to simultaneously urinate, defecate . . . and bite down.” He looked up at Bogs smiling that little smile of his, old Ernie said, as if the three of them had been discussing stocks and bonds with him instead of throwing it to him just as hard as they could. Just as if he was wearing one of his three-piece bankers’ suits instead of kneeling on a dirty broom-closet floor with his pants around his ankles and blood trickling down the insides of his thighs.

The median (typical) household in America has a net worth of less than $15,000, excluding home equity. Factor out equity in motor vehicles, furniture, and such, and guess what? More often than not the household has zero financial assets, such as stocks and bonds. How long could the average American household survive economically without a monthly check from an employer? Perhaps a month or two in most cases. Even those in the top quintile are not really wealthy. Their median household net worth is less than $150,000. Excluding home equity, the median net worth for this group falls to less than $60,000. And what about our senior citizens? Without Social Security benefits, almost one-half of Americans over sixty-five would live in poverty. Only

From an asset-allocation perspective, when we talk about diversification, we're talking about investing in multiple asset classes. There are six that I think are really important and they are US stocks, US Treasury bonds, US Treasure inflation-protected securities [TIPS], foreign developed equities, foreign emerging-market equities and real estate investment trusts [REITS]. p473

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.

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.

Such was the bridal-hour of Genius and Humanity. Who shall rehearse the tale of their after-union? Who shall depict its bliss and bale? Who shall tell how He, between whom and the Woman God put enmity, forged deadly plots to break the bond or defile its purity? Who shall record the long strife between Serpent and Seraph? How still the Father of Lies insinuated evil into good - pride into wisdom - grossness into glory - pain into bliss - poison into passion? How the 'dreadless Angel' defied, resisted, and repelled? How, again and again, he refined the polluted cup, exalted the debased emotion, rectified the perverted impulse, detected the lurking venom, baffled the frontless temptation - purified, justified, watched, and withstood? How, by his patience, by his strength, by that unutterable excellence he held from God - his Origin - this faithful Seraph fought for Humanity a good fight through time; and, when Time's course closed, and Death was encountered at the end, barring with fleshless arms the portals of Eternity, how Genius still held close his dying bride, sustained her through the agony of the passage, bore her triumphant into his own home - Heaven; restored her, redeemed, to Jehovah - her Maker; and at last, before Angel and Archangel, crowned her with the crown of Immortality. Who shall, of these things, write the chronicle?

The gist of Laszlo’s pitch for the equity department was this question: When you turn on your television at six-thirty and Dan Rather tells you that today the market went up twenty-four points, what market do you think he means? “What!” Laszlo would say. “You think he’s talking about Grade A industrial bonds? Ha! He’s talking about the stock market.” In other words, if you joined the equity department, your mother would know what you did for a living.

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.

Financing is an art form. One of the challenges is how to correctly finance a company. In certain periods of time, more covenants need to be put into deals. You have to be sure the company has the right covenant -- to allow it the freedom to grow, but also to insure the integrity of the credit. Sometimes a company should issue convertible bonds instead of straight bonds. Sometimes it should issue preferred stock. Each company and each financing is different, and the process can’t be imitative.

One common thread ran through the comments: everybody loathes Ticketmaster, for assorted reasons, with the wonderful diversity that makes our country so vibrant. If James Bond movies and other international thrillers weary of their casts of modern stock villains—drug dealers, terrorists, polluting corporations—Ticketmaster is waiting in the wings, universally despised. And if such a movie proved incredibly popular and were then transmuted into a hit Broadway musical, Ticketmaster itself could scalp—sorry, resell—tickets to it.

Because I believed that the choice was between accelerating inflation and deflationary depression, I was holding both gold (which performs well in accelerating inflation) and bonds (which perform well in deflationary depressions). Up until that point, gold and bonds had moved in opposite directions, depending on whether inflation expectations rose or fell. Holding those positions seemed much safer than holding alternatives like cash, which would lose value in an inflation environment, or stocks, which would crash in a depression

Because I believed that the choice was between accelerating inflation and deflationary depression, I was holding both gold (which performs well in accelerating inflation) and bonds (which perform well in deflationary depressions). Up until that point, gold and bonds had moved in opposite directions, depending on whether inflation expectations rose or fell. Holding those positions seemed much safer than holding alternatives like cash, which would lose value in an inflation environment, or stocks, which would crash in a depression.

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.

Forty percent of the thirteen hundred members of Yale’s graduating class of 1986 applied to one investment bank, First Boston, alone. There was, I think, a sense of safety in the numbers. The larger the number of people involved, the easier it was for them to delude themselves that what they were doing must be smart. The first thing you learn on the trading floor is that when large numbers of people are after the same commodity, be it a stock, a bond, or a job, the commodity quickly becomes overvalued. Unfortunately, at the time, I had never seen a trading floor. The

Excerpt from page 113 [On Malaysia's Prime Minster's anti-capitalism and anti-globalization policies in September 1997] "Ah, excuse me, Mahathir, but what planet are you living on? You talk about participating in globalization as if it were a choice you had. Globalization isn't a choice. It's a reality. There is just one global market today, and the only way you can grown at the speed your people want to grow is by tapping into the global stock and bond markets, by seeking out multinationals to invest in your country and by selling into the global trading systems what your factories produce. And the most basic truth about globalization is: No one is in charge. You keep looking for someone to complain to, someone to take the heat off your markets, someone to blame. Well, guess what, Mahathir, there's no one on the other end of the phone!" "The Electronic Heard cuts no one any slack... The herd is not infallible. It makes mistakes too. It overreacts and it overshoots. But if your fundamentals are basically sound, the herd will eventually recognize this and come back. They herd is never stupid for too long. In the end, it always responds to good governance and good economic management.

In the real world of globalised finance, where investment portfolios for the major centres are combined, where the markets (stock, bond, money, real estate, government securities, forex and commodities) tick almost round-the-clock from Tokyo Monday morning to New York Friday 5 pm, via London, Frankfurt, etc, in between (and the digital books are passed at the appropriate times), tracking such practices as “round tripping” – discovering the real footprints – is going to be exceedingly difficult. It would be better to focus on tracing the footprints of the black incomes where they are generated, i e, in India itself.

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

The easiest way to run developmentally efficient finance continues to be through a banking system, because it is banks that can most easily be pointed by governments at the projects necessary to agricultural and industrial development. Most obviously, banks respond to central bank guidance. They can be controlled via rediscounting loans for exports and for industrial upgrading, with the system policed through requirements for export letters of credit from the ultimate borrowers. The simplicity and bluntness of this mechanism makes it highly effective. Bond markets, and particularly stock markets, are harder for policymakers to control. The main reason is that it is difficult to oversee the way in which funds from bond and stock issues are used. It is, tellingly, the capacity of bank-based systems for enforcing development policies that makes entrepreneurs in developing countries lobby so hard for bond, and especially stock, markets to be expanded. These markets are their means to escape government control. It is the job of governments to resist entrepreneurs’ lobbying until basic developmental objectives have been achieved. Equally, independent central banks are not appropriate to developing countries until considerable economic progress has been made.

Nate craned his head to see. The woman was Dominika, dressed in a dark suit and dark stockings, a prison-visitor’s badge was around her neck, and it swung as she walked, her heels clicking unevenly against the white floor tiles because of her slight limp. It was like a dream seeing her now, here, like this. Her hair was up as always, and their eyes met for an instant. It would have been the most natural thing for her to walk up to his chair, kiss him on the lips, order his bonds cut, and walk him out of this basement and through the front gates while holding his hand. She’d give him some khren, some grief, like “Dushka, you cannot manage even this without my help?

One example of a high-tech company that submits to a Graham type of analysis is Amazon.com. Though it does business exclusively on the Web, Amazon is essentially a retailer, and it may be evaluated in the same way as Wal-Mart, Sears, and so forth. The question, as always, is, does the business provide an adequate margin of safety at a given market price. For much of Amazon’s short life, the stock was wildly overpriced. But when the dot-com bubble burst, its securities collapsed. Buffett himself bought Amazon’s deeply discounted bonds after the crash, when there was much fearful talk that Amazon was headed for bankruptcy. The bonds subsequently rose to par, and Buffett made a killing.

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

It was not always the case, of course, that navies paid for themselves. In wartime, costs often exceeded revenues, and those deficits grew over time as fleets and armies got bigger. But this was hardly an insurmountable obstacle for the most dynamic economies in the world. The United Provinces and England were able to borrow all they needed to underwrite their defense budgets. The pressures of war gave a powerful impetus to the growth of stocks, bonds, loans, and paper currencies during the late seventeenth and early eighteenth centuries and helped to turn Amsterdam and then London into international financial centers. To take one example, the Bank of England was established in 1694 to raise funds to allow England to wage war against France.

Django handed her a heap of parsley and she stood next to him, allowing his rhythm to become her own until they were moving together. In the air, the tang of lemons. The aroma of chicken stock. Beeswax mingling with butter. Chocolate melting into oranges. Her spirits rose with the scents swirling through the kitchen. They spoke little; they had no need. They were a team, their minds melded more effortlessly than Stella had imagined possible. They massaged butter into chickens, boned fish, opened oysters. Django set a flat of speckled eggs on the counter. Next to it, a ceramic bowl. He opened his hands and Stella broke the eggs, dozens of them, across his outstretched fingers, watching yolks separate from whites. It occurred to her that she had tortured herself for no reason. She was happy.

Andy smiled and tapped the side of my head. “Not bad. There’s more up there than marshmallows, I guess. But we took care of the possibility that Jim might die while I was in the slam. The box is in the Peter Stevens name, and once a year the firm of lawyers that served as Jim’s executors sends a check to the Casco to cover the rental of the Stevens box. “Peter Stevens is inside that box, just waiting to get out. His birth certificate, his Social Security card, and his driver’s license. The license is six years out of date because Jim died six years ago, true, but it’s still perfectly renewable for a five-dollar fee. His stock certificates are there, the tax-free municipals, and about eighteen bearer bonds in the amount of ten thousand dollars each.” I whistled. “Peter Stevens is locked in a safe deposit box at the Casco Bank in Portland and Andy Dufresne is locked in a safe deposit box at Shawshank,” he said.

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

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.

While Lee believed in slavery, he also profited from it far more than other army colonels. At the age of twenty-four, two years after graduating from West Point, Lee married Mary Custis, the only child of George Washington Parke Custis, the adopted son of George Washington. Custis earned his money through inheritance, and that inherited wealth derived from the work of enslaved labor. Enslaved labor created much of his wealth including the prestigious, Doric-columned Arlington House with its commanding view of the capital. Custis owned two other enslaved labor farms—Romancoke and White House. A year after marrying Mary Custis, Lee inherited enslaved workers from his mother’s estate. During his many years in the army, Lee hired out those enslaved workers and pocketed the profit, creating wealth. By the time he wrote his only will as a U.S. Army officer in 1846 as he headed to fight in Mexico, he estimated his net worth at $40,000 in stocks, bonds, and property, including enslaved workers, or more than $1.3 million today.

Please tell me all the chocolate is for us.' The House had stocked the table between the armchairs with piles of chocolate truffles and confections and bars of it. Along with cookies and small finger cakes. And a platter of cheeses and fruit. And carafes of water and various juices. Gwyn surveyed the table. 'Did you go to all this trouble?' 'Oh, no,' Emerie said, eyes glowing. 'Nesta's been holding out on us.' Nesta scoffed, but Emerie said, 'The House will get you anything you want. Just say it aloud.' At Gwyn's raised brows, Emerie said, 'I'd like a slice of pistachio cake, please.' A plateful of one appeared before her. As well as a bowl of whipped cream topped with raspberries. Gwyn blinked. 'You live in a magic house.' 'It likes to read,' Nesta admitted, patting a stack of the romances. 'We've bonded over that.' Gwyn whispered to the room, 'What's your favourite book?' One thumped on the table beside Emerie's cake, and Gwyn squawked in surprise. But then rubbed her hands together. 'Oh, this is delightful.' 'That smile means trouble,' Emerie said. Gwyn's grin just widened.

IRA funds became a form of play money for the middle class... Because the pool of capital that made up an IRA could not be withdrawn for twenty or thirty years, many people viewed their IRAs as containing money they could experiment with. They could use an IRA to buy their first stock or their first mutual fund. They could put in in a money market fund first, and then, as they got bolder - and the bull market became more irresistible - shift some of it into something a little riskier. IRAs gave people a way to try on the stock and bond markets for size, to see how they felt, and to become slowly comfortable with the idea of investing. The knowledge that the money couldn't easily be withdrawn acted as a psychological safety net, allowing investors to feel as though they could take a chance or two. If they made a mistake, they reasoned, there was still time to recoup - several decades, perhaps.Over time, many people came to believe that it as imperative to maximize the returns they were getting on their IRA account, even at the risk of taking a loss. How else would they ever have enough to retire on? This, surely, is the classic definition of investment capital.

unfairness can take many forms. It can take the form of the inheritance of property—bonds and stocks, houses, factories; it can also take the form of the inheritance of talent—musical ability, strength, mathematical genius. The inheritance of property can be interfered with more readily than the inheritance of talent. But from an ethical point of view, is there any difference between the two? Yet many people resent the inheritance of property but not the inheritance of talent. Look at the same issue from the point of view of the parent. If you want to assure your child a higher income in life, you can do so in various ways. You can buy him (or her) an education that will equip him to pursue an occupation yielding a high income; or you can set him up in a business that will yield a higher income than he could earn as a salaried employee; or you can leave him property, the income from which will enable him to live better. Is there any ethical difference among these three ways of using your property? Or again, if the state leaves you any money to spend over and above taxes, should the state permit you to spend it on riotous living but not to leave it to your children?

Sic Vita I am a parcel of vain strivings tied By a chance bond together, Dangling this way and that, their links Were made so loose and wide, Methinks, For milder weather. A bunch of violets without their roots, And sorrel intermixed, Encircled by a wisp of straw Once coiled about their shoots, The law By which I'm fixed. A nosegay which Time clutched from out Those fair Elysian fields, With weeds and broken stems, in haste, Doth make the rabble rout That waste The day he yields. And here I bloom for a short hour unseen, Drinking my juices up, With no root in the land To keep my branches green, But stand In a bare cup. Some tender buds were left upon my stem In mimicry of life, But ah! the children will not know, Till time has withered them, The woe With which they're rife. But now I see I was not plucked for naught, And after in life's vase Of glass set while I might survive, But by a kind hand brought Alive To a strange place. That stock thus thinned will soon redeem its hours, And by another year, Such as God knows, with freer air, More fruits and fairer flowers Will bear, While I droop here.

All words have to be coined by a wordsmith at some point in the mists of history. The wordsmith had an idea to get across and needed a sound to express it. In principle, any sound would have done - basic principle of linguistics is that the relation of a sound to a meaning is arbitrary - so the first coiner of a term from for a political affiliation, for instance, could have used glorg or schmendrick or mcgillicuddy. But people are poor at conjuring sounds out of the blue, and they probably wanted to ease their listeners understanding of the coinage rather than having to define it or illustrate it with examples. So they reached for a metaphor that reminded them of the idea and they hoped would evoke a similar idea in the minds of their listeners, such as band or bond for a political affiliation. The metaphorical hint allowed the listeners to cotton on to the meaning more quickly than if they had had to rely on context alone, giving the word an advantage in the Darwinian competition among neologisms […] The word spread and became endemic to the community, adding to the language’s stock of apparent metaphors. But then it came to be used often enough, and in enough contexts, the speakers kicked the ladder away, and today people think not a whit about the metaphorical referent. It persists as a semantic fossil, a curiosity to amuse etymologists and wordwatchers [stet], but with no more resonance in our minds than any other string of vowels and consonants.

As an analogy, we used to think of books, music, and movies as distinct. Then they all became represented by packets sent over the internet. Yes, we listened to music in audio players and viewed books in ebook readers, but their fundamental structure became digital. Similarly, today we think of stocks, bonds, gold, loans, and art as different. But all of them are represented as debits and credits on blockchains. Again, the fundamental structure became digital. Now, we are starting to think of different kinds of collections of people –— whether communities, cities, companies, or countries —– all fundamentally as networks, where the digital profiles and how they interact become more and more fundamental. This is obvious for communities and companies, which can already be fully remote and digital, but even already existing cities and countries are starting to be modeled this way, because (a) their citizens48 are often geographically remote, (b) the concept of citizenship itself is becoming similar to digital single sign-on, (c) many 20th century functions of government have already been de-facto transferred to private networks like (electronic) mail delivery, hotel, and taxi regulation, (d) cities and countries increasingly recruit citizens online, (e) so-called smart cities are increasingly administrated through a computer interface, and (f) as countries issue central bank digital currencies and cities likely follow suit, every polity will be publicly traded on the internet just like companies and coins.

Learning to meditate helped too. When the Beatles visited India in 1968 to study Transcendental Meditation at the ashram of Maharishi Mahesh Yogi, I was curious to learn it, so I did. I loved it. Meditation has benefited me hugely throughout my life because it produces a calm open-mindedness that allows me to think more clearly and creatively. I majored in finance in college because of my love for the markets and because that major had no foreign language requirement—so it allowed me to learn what I was interested in, both inside and outside class. I learned a lot about commodity futures from a very interesting classmate, a Vietnam veteran quite a bit older than me. Commodities were attractive because they could be traded with very low margin requirements, meaning I could leverage the limited amount of money I had to invest. If I could make winning decisions, which I planned to do, I could borrow more to make more. Stock, bond, and currency futures didn’t exist back then. Commodity futures were strictly real commodities like corn, soybeans, cattle, and hogs. So those were the markets I started to trade and learn about. My college years coincided with the era of free love, mind-expanding drug experimentation, and rejection of traditional authority. Living through it had a lasting effect on me and many other members of my generation. For example, it deeply impacted Steve Jobs, whom I came to empathize with and admire. Like me, he took up meditation and wasn’t interested in being taught as much as he loved visualizing and building out amazing new things. The times we lived in taught us both to question established ways of doing things—an attitude he demonstrated superbly in Apple’s iconic “1984” and “Here’s to the Crazy Ones,” which were ad campaigns that spoke to me. For the country as a whole, those were difficult years. As the draft expanded and the numbers of young men coming home in body bags soared, the Vietnam War split the country. There was a lottery based on birthdates to determine the order of those who would be drafted. I remember listening to the lottery on the radio while playing pool with my friends. It was estimated that the first 160 or so birthdays called would be drafted, though they read off all 366 dates. My birthday was forty-eighth.

Revolt of solitary instincts against social bonds is the key to the philosophy, the politics, and the sentiments, not only of what is commonly called the romantic movement, but of its progeny down to the present day. Philosophy, under the influence of German idealism, became solipsistic, and self-development was proclaimed as the fundamental principle of ethics. As regards sentiment, there has to be a distasteful compromise between the search for isolation and the necessities of passion and economics. D. H. Lawrence's story, 'The Man Who Loved Islands', has a hero who disdained such compromise to a gradually increasing extent and at last died of hunger and cold, but in the enjoyment of complete isolation; but this degree of consistency has not been achieved by the writers who praise solitude. The comforts of civilized life are not obtainable by a hermit, and a man who wishes to write books or produce works of art must submit to the ministrations of others if he is to survive while he does his work. In order to continue to feel solitary, he must be able to prevent those who serve him from impinging upon his ego, which is best accomplished if they are slaves. Passionate love, however, is a more difficult matter. So long as passionate lovers are regarded as in revolt against social trammels, they are admired; but in real life the love-relation itself quickly becomes a social trammel, and the partner in love comes to be hated, all the more vehemently if the love is strong enough to make the bond difficult to break. Hence love comes to be conceived as a battle, in which each is attempting to destroy the other by breaking through the protecting walls of his or her ego. This point of view has become familiar through the writings of Strindberg, and, still more, of D. H. Lawrence. Not only passionate love, but every friendly relation to others, is only possible, to this way of feeling, in so far as the others can be regarded as a projection of one's own Self. This is feasible if the others are blood-relations, and the more nearly they are related the more easily it is possible. Hence an emphasis on race, leading, as in the case of the Ptolemys, to endogamy. How this affected Byron, we know; Wagner suggests a similar sentiment in the love of Siegmund and Sieglinde. Nietzsche, though not scandalously, preferred his sister to all other women: 'How strongly I feel,' he writes to her, 'in all that you say and do, that we belong to the same stock. You understand more of me than others do, because we come of the same parentage. This fits in very well with my "philosophy".

The diversity of India is tremendous; it is obvious: it lies on the surface and anybody can see it. It concerns itself with physical appearances as well as with certain mental habits and traits. There is little in common, to outward seeming, between the Pathan of the Northwest and the Tamil in the far South. Their racial stocks are not the same, though there may be common strands running through them; they differ in face and figure, food and clothing, and, of course, language … The Pathan and Tamil are two extreme examples; the others lie somewhere in between. All of them have still more the distinguishing mark of India. It is fascinating to find how the Bengalis, the Marathas, the Gujaratis, the Tamils, the Andhras, the Oriyas, the Assamese, the Canarese, the Malayalis, the Sindhis, the Punjabis, the Pathans, the Kashmiris, the Rajputs, and the great central block comprising the Hindustani-speaking people, have retained their peculiar characteristics for hundreds of years, have still more or less the same virtues and failings of which old tradition or record tells us, and yet have been throughout these ages distinctively Indian, with the same national heritage and the same set of moral and mental qualities.    There was something living and dynamic about this heritage, which showed itself in ways of living and a philosophical attitude to life and its problems. Ancient India, like ancient China, was a world in itself, a culture and a civilization which gave shape to all things. Foreign influences poured in and often influenced that culture and were absorbed. Disruptive tendencies gave rise immediately to an attempt to find a synthesis. Some kind of a dream of unity has occupied the mind of India since the dawn of civilization. That unity was not conceived as something imposed from outside, a standardization of externals or even of beliefs. It was something deeper and, within its fold, the widest tolerance of beliefs and customs was practiced and every variety acknowledged and even encouraged.    In ancient and medieval times, the idea of the modern nation was non-existent, and feudal, religious, racial, and cultural bonds had more importance. Yet I think that at almost any time in recorded history an Indian would have felt more or less at home in any part of India, and would have felt as a stranger and alien in any other country. He would certainly have felt less of a stranger in countries which had partly adopted his culture or religion. Those, such as Christians, Jews, Parsees, or Moslems, who professed a religion of non-Indian origin or, coming to India, settled down there, became distinctively Indian in the course of a few generations. Indian converts to some of these religions never ceased to be Indians on account of a change of their faith. They were looked upon in other countries as Indians and foreigners, even though there might have been a community of faith between them.6

In the tumultuous business of cutting-in and attending to a whale, there is much running backwards and forwards among the crew. Now hands are wanted here, and then again hands are wanted there. There is no staying in any one place; for at one and the same time everything has to be done everywhere. It is much the same with him who endeavors the description of the scene. We must now retrace our way a little. It was mentioned that upon first breaking ground in the whale’s back, the blubber-hook was inserted into the original hole there cut by the spades of the mates. But how did so clumsy and weighty a mass as that same hook get fixed in that hole? It was inserted there by my particular friend Queequeg, whose duty it was, as harpooneer, to descend upon the monster’s back for the special purpose referred to. But in very many cases, circumstances require that the harpooneer shall remain on the whale till the whole flensing or stripping operation is concluded. The whale, be it observed, lies almost entirely submerged, excepting the immediate parts operated upon. So down there, some ten feet below the level of the deck, the poor harpooneer flounders about, half on the whale and half in the water, as the vast mass revolves like a tread-mill beneath him. On the occasion in question, Queequeg figured in the Highland costume—a shirt and socks—in which to my eyes, at least, he appeared to uncommon advantage; and no one had a better chance to observe him, as will presently be seen. Being the savage’s bowsman, that is, the person who pulled the bow-oar in his boat (the second one from forward), it was my cheerful duty to attend upon him while taking that hard-scrabble scramble upon the dead whale’s back. You have seen Italian organ-boys holding a dancing-ape by a long cord. Just so, from the ship’s steep side, did I hold Queequeg down there in the sea, by what is technically called in the fishery a monkey-rope, attached to a strong strip of canvas belted round his waist. It was a humorously perilous business for both of us. For, before we proceed further, it must be said that the monkey-rope was fast at both ends; fast to Queequeg’s broad canvas belt, and fast to my narrow leather one. So that for better or for worse, we two, for the time, were wedded; and should poor Queequeg sink to rise no more, then both usage and honor demanded, that instead of cutting the cord, it should drag me down in his wake. So, then, an elongated Siamese ligature united us. Queequeg was my own inseparable twin brother; nor could I any way get rid of the dangerous liabilities which the hempen bond entailed. So strongly and metaphysically did I conceive of my situation then, that while earnestly watching his motions, I seemed distinctly to perceive that my own individuality was now merged in a joint stock company of two; that my free will had received a mortal wound; and that another’s mistake or misfortune might plunge innocent me into unmerited disaster and death. Therefore, I saw that here was a sort of interregnum in Providence; for its even-handed equity never could have so gross an injustice. And yet still further pondering—while I jerked him now and then from between the whale and ship, which would threaten to jam him—still further pondering, I say, I saw that this situation of mine was the precise situation of every mortal that breathes; only, in most cases, he, one way or other, has this Siamese connexion with a plurality of other mortals. If your banker breaks, you snap; if your apothecary by mistake sends you poison in your pills, you die. True, you may say that, by exceeding caution, you may possibly escape these and the multitudinous other evil chances of life. But handle Queequeg’s monkey-rope heedfully as I would, sometimes he jerked it so, that I came very near sliding overboard. Nor could I possibly forget that, do what I would, I only had the management of one end of it.