Stocks And Shares Quotes

In a society in which nearly everybody is dominated by somebody else's mind or by a disembodied mind, it becomes increasingly difficult to learn the truth about the activities of governments and corporations, about the quality or value of products, or about the health of one's own place and economy. In such a society, also, our private economies will depend less and less upon the private ownership of real, usable property, and more and more upon property that is institutional and abstract, beyond individual control, such as money, insurance policies, certificates of deposit, stocks, and shares. And as our private economies become more abstract, the mutual, free helps and pleasures of family and community life will be supplanted by a kind of displaced or placeless citizenship and by commerce with impersonal and self-interested suppliers... Thus, although we are not slaves in name, and cannot be carried to market and sold as somebody else's legal chattels, we are free only within narrow limits. For all our talk about liberation and personal autonomy, there are few choices that we are free to make. What would be the point, for example, if a majority of our people decided to be self-employed? The great enemy of freedom is the alignment of political power with wealth. This alignment destroys the commonwealth - that is, the natural wealth of localities and the local economies of household, neighborhood, and community - and so destroys democracy, of which the commonwealth is the foundation and practical means.

Don't look for the needle in the haystack. Just buy the haystack!

invest only if you would be comfortable owning a stock even if you had no way of knowing its daily share price.3

A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.

Mr. Darling used to boast to Wendy that her mother not only loved him but respected him. He was one of those deep ones who know about stocks and shares. Of course no one really knows, but he quite seemed to know, and he often said stocks were up and shares were down in a way that would have made any woman respect him.

I feel your hands on your phone when you read my texts. I go to the Stock after your shifts just to stand where you’ve stood. I fall asleep on the pillow you used when you were in my bed. I need to share whatever piece of the world you’re in. Tell me you don’t feel the same.

The means of production being the collective work of humanity, the product should be the collective property of the race. Individual appropriation is neither just nor serviceable. All belongs to all. All things are for all men, since all men have need of them, since all men have worked in the measure of their strength to produce them, and since it is not possible to evaluate every one's part in the production of the world's wealth. All things are for all. Here is an immense stock of tools and implements; here are all those iron slaves which we call machines, which saw and plane, spin and weave for us, unmaking and remaking, working up raw matter to produce the marvels of our time. But nobody has the right to seize a single one of these machines and say, "This is mine; if you want to use it you must pay me a tax on each of your products," any more than the feudal lord of medieval times had the right to say to the peasant, "This hill, this meadow belong to me, and you must pay me a tax on every sheaf of corn you reap, on every rick you build." All is for all! If the man and the woman bear their fair share of work, they have a right to their fair share of all that is produced by all, and that share is enough to secure them well-being. No more of such vague formulas as "The Right to work," or "To each the whole result of his labour." What we proclaim is The Right to Well-Being: Well-Being for All!

The greatest enemy of a good plan is the dream of a perfect plan.” Stick to the good plan. Traditional

When there are multiple solutions to a problem, choose the simplest one.

And back in the spring of 1720, Sir Isaac Newton owned shares in the South Sea Company, the hottest stock in England. Sensing that the market was getting out of hand, the great physicist muttered that he “could calculate the motions of the heavenly bodies, but not the madness of the people.” Newton dumped his South Sea shares, pocketing a 100% profit totaling £7,000. But just months later, swept up in the wild enthusiasm of the market, Newton jumped back in at a much higher price—and lost £20,000 (or more than $3 million in today’s money). For the rest of his life, he forbade anyone to speak the words “South Sea” in his presence. 4

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.

The grim irony of investing, then, is that we investors as a group not only don't get what we pay for, we get precisely what we don't pay for. So if we pay for nothing, we get everything.

The story is told that when Joe was a child his cousins emptied his Christmas stocking and replaced the gifts with horse manure. Joe took one look and bolted for the door, eyes glittering with excitement. 'Wait, Joe, where are you going? What did ol' Santa bring you?' According to the story Joe paused at the door for a piece of rope. 'Brought me a bran'-new pony but he got away. I'll catch 'em if I hurry.' And ever since then it seemed that Joe had been accepting more than his share of hardship as good fortune, and more than his share of shit as a sign of Shetland ponies just around the corner, Thoroughbred stallions just up the road.

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.

Buying funds based purely on their past performance is one of the stupidest things an investor can do.

The two greatest enemies of the equity fund investor are expenses and emotions.

No man can always have adequate reasons for buying or selling stocks daily - or sufficient knowledge to make his play an intelligent play.

He was one of those deep ones who know about stocks and shares. Of course no one really knows, but he quite seemed to know, and he often said stocks were up and shares were down in a way that would have made any woman respect him.

In many ways, the idea of a shared stock of genes drifting through the galaxy is far easier to accept than the daunting notion that none of us may ever have the intellectual capacity to understand how life truly works.

There is no such thing as the Queen’s English. The property has gone into the hands of a joint stock company and we own the bulk of the shares!

When you were making excuses someone else was making enterprise.

MOTHER TIME: Life goes by so very fast, my dears, and taking the time to reflect, even once a year, slows things down. We zoom past so many seconds, minutes, hours, killing them with the frantic way we live that it's important we take at least this one collective sigh and stop, take stock, and acknowledge our place in time before diving back into the melee. Midnight on New Year's Eve is a unique kind of magic where, just for a moment, the past and the future exist at once in the present. Whether we're aware of it or not, as we countdown together to it, we're sharing the burden of our history and committing to the promise of tomorrow.

What sets one Southern town apart from another, or from a Northern town or hamlet, or city high-rise? The answer must be the experience shared between the unknowing majority (it) and the knowing minority (you). All of childhood's unanswered questions must finally be passed back to the town and answered there. Heroes and bogey men, values and dislikes, are first encountered and labeled in that early environment. In later years they change faces, places and maybe races, tactics, intensities and goals, but beneath those penetrable masks they wear forever the stocking-capped faces of childhood.

Moderately fast growers (20 to 25 percent) in nongrowth industries are ideal investments. • Look for companies with niches. • When purchasing depressed stocks in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt. • Companies that have no debt can’t go bankrupt. • Managerial ability may be important, but it’s quite difficult to assess. Base your purchases on the company’s prospects, not on the president’s resume or speaking ability. • A lot of money can be made when a troubled company turns around. • Carefully consider the price-earnings ratio. If the stock is grossly overpriced, even if everything else goes right, you won’t make any money. • Find a story line to follow as a way of monitoring a company’s progress. • Look for companies that consistently buy back their own shares.

Stock and flow” is an economic concept that writer Robin Sloan has adapted into a metaphor for media: “Flow is the feed. It’s the posts and the tweets. It’s the stream of daily and sub-daily updates that remind people you exist. Stock is the durable stuff. It’s the content you produce that’s as interesting in two months (or two years) as it is today.

We can't all be bakers or chefs. Many of us have modest ambitions. But we can all buy a piece of the pie.

Having a coach or mentor is nothing more than sharing life’s experiences, no amount of education can substitute true life experience

Your money habits and investment strategy is not all about what you do, but much about who you are. Become the person it takes to do, succeed, and innovate.

Owning the stock market over the long term is a winner's game, but attempting to beat the market is a loser's game.

Buying, Selling or Hold in a Share are very-very personal decisions ...

Invest in a share what you can afford to lose.

The true investor . . . will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.

You can turn your flow into stock.

One of life's primal situations; the game of hide and seek. Oh, the delicious thrill of hiding while the others come looking for you, the delicious terror of being discovered, but what panic when, after a long search, the others abandon you! You mustn't hide too well. You mustn't be too good at the game. The player must never be bigger than the game itself. It's like making a joke which is so subtle that it goes unnoticed and you are reduced to explaining it. Can we draw some other lesson from this? There exists, between people in love, a kind of capital held by each. This is not just a stock of affects or pleasure, but also the possibility of playing double or quits with the share you hold in the other's heart. One of the strategies can be to sacrifice it at just the right moment and be the first to say: 'I'm not playing any more', since you then collect all the stakes.

I shared my office on 57th Street with Dr Jacob Ecstein, young (thirty-three), dynamic (two books published), intelligent (he and I usually agreed), personable (everyone liked him), unattractive (no one loved him), anal (he plays the stock market compulsively), oral (he smokes heavily), non-genital (doesn’t seem to notice women), and Jewish (he knows two Yiddish slang words). Our mutual secretary was a Miss Reingold. Mary Jane Reingold, old (thirty-six), undynamic (she worked for us), unintelligent (she prefers Ecstein to me), personable (everyone felt sorry for her), unattractive (tall, skinny, glasses, no one loved her), anal (obsessively neat), oral (always eating), genital (trying hard), and non-Jewish (finds use of two Yiddish slang words very intellectual). Miss Reingold greeted me efficiently.

Entrepreneurship is when an individual retrieves a red hot idea from the creativity furnace without the constraint of the heat of lean resources, and with each persistent blow of the innovation hammer shapes the still malleable idea against the anvil of passion, vision, insight, strategy, and principles to forge a fitting vessel of a creative concern.

Wisdom is really the key to wealth. With great wisdom, comes great wealth and success. Rather than pursuing wealth, pursue wisdom. The aggressive pursuit of wealth can lead to disappointment. Wisdom is defined as the quality of having experience, and being able to discern or judge what is true, right, or lasting. Wisdom is basically the practical application of knowledge. Rich people have small TVs and big libraries, and poor people have small libraries and big TVs. Become completely focused on one subject and study the subject for a long period of time. Don't skip around from one subject to the next. The problem is generally not money. Jesus taught that the problem was attachment to possessions and dependence on money rather than dependence on God. Those who love people, acquire wealth so they can give generously. After all, money feeds, shelters, and clothes people. They key is to work extremely hard for a short period of time (1-5 years), create abundant wealth, and then make money work hard for you through wise investments that yield a passive income for life. Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand. Failure is success if we learn from it. Continuing failure eventually leads to success. Those who dare to fail miserably can achieve greatly. Whenever you pursue a goal, it should be with complete focus. This means no interruptions. Only when one loves his career and is skilled at it can he truly succeed. Never rush into an investment without prior research and deliberation. With preferred shares, investors are guaranteed a dividend forever, while common stocks have variable dividends. Some regions with very low or no income taxes include the following: Nevada, Texas, Wyoming, Delaware, South Dakota, Cyprus, Liechtenstein, Luxembourg, Panama, San Marino, Seychelles, Isle of Man, Channel Islands, Curaçao, Bahamas, British Virgin Islands, Brunei, Monaco, Qatar, United Arab Emirates, Saudi Arabia, Bahrain, Bermuda, Kuwait, Oman, Andorra, Cayman Islands, Belize, Vanuatu, and Campione d'Italia. There is only one God who is infinite and supreme above all things. Do not replace that infinite one with finite idols. As frustrated as you may feel due to your life circumstances, do not vent it by cursing God or unnecessarily uttering his name. Greed leads to poverty. Greed inclines people to act impulsively in hopes of gaining more. The benefit of giving to the poor is so great that a beggar is actually doing the giver a favor by allowing the person to give. The more I give away, the more that comes back. Earn as much as you can. Save as much as you can. Invest as much as you can. Give as much as you can.

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.

If you do chose to invest in a share, invest for the lifetime.

If you work on something a little bit every day, you end up with something that is massive.” —Kenneth Goldsmith “Stock

There is no such thing as "the Queen's English." The property has gone into the hands of a joint stock company and we own the bulk of the shares!

I love supporting the blue-chip companies’ revival. Shows wise when you are on the top and you are still not ignorant & arrogant to realise your weaknesses.

Liking or disliking a Share you are hoding is not a function of its price movement!

Investment is somewhat like cricket, where you change your game plan as per the format.

It’s amazing how difficult it is for a man to understand something if he’s paid a small fortune not to understand it.

Gunning for average is your best shot at finishing above average.

No,” said a third student. “Novartis is a public company. It’s not the boss or the board who decides. It’s the shareholders. If the board changes its priorities the shareholders will just elect a new board.” “That’s right,” I said. “It’s the shareholders who want this company to spend their money on researching rich people’s illnesses. That’s how they get a good return on their shares.” So there’s nothing wrong with the employees, the boss, or the board, then. “Now, the question is”—I looked at the student who had first suggested the face punching—“who owns the shares in these big pharmaceutical companies?” “Well, it’s the rich.” He shrugged. “No. It’s actually interesting because pharmaceutical shares are very stable. When the stock market goes up and down, or oil prices go up and down, pharma shares keep giving a pretty steady return. Many other kinds of companies’ shares follow the economy—they do better or worse as people go on spending sprees or cut back—but the cancer patients always need treatment. So who owns the shares in these stable companies?” My young audience looked back at me, their faces like one big question mark. “It’s retirement funds.” Silence. “So maybe I don’t have to do any punching, because I will not meet the shareholders. But you will. This weekend, go visit your grandma and punch her in the face. If you feel you need someone to blame and punish, it’s the seniors and their greedy need for stable stocks.

Consider this scenario. You own shares in Company A. During the past year you considered switching to stock in Company B but decided against it. You now find that you would have been better off by 1200$ if you had switched to the stock of Company B. You also owned shares in Company C. During the past year you switched to stock in Company D. You now find out that you'd have been better off by 1200$, if you kept your stock in Company C. Which error causes you more regret? Studies show that about Immune to Reality nine out of ten people expect to feel more regret when they foolishly switch stocks than when they foolishly fail to switch stocks, because most people think they will regret foolish actions more than foolish inactions. But studies also show that nine out of ten people are wrong. Indeed, in the long run, people of every age and in every walk of life seem to regret "not" having done things much more than they regret things they "did", which is why the most popular regrets include not going to college, not grasping profitable business opportunities, and not spending enough time with family and friends.

The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more.* Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons’ mistakes of judgment.†

A man sits in an office deciding what stocks to buy. He imagines, no doubt, that he is planning his purchases according to his own judgment. In actual fact his judgment is a melange of impressions stamped on his mind by outside influences which unconsciously control his thought. He buys a certain railroad stock because it was in the headlines yesterday and hence is the one which comes most prominently to his mind; because he has a pleasant recollection of a good dinner on one of its fast trains; because it has a liberal labor policy, a reputation for honesty; because he has been told that J. P. Morgan owns some of its shares.

In the conditions of this “New World Order,” a crucial part of the contemporary world economy is a criminal economy, in which the excess profits are accumulated not by the production of material comforts, but by drug-traffic, arms trafficking, and human trafficking, including prostitution. The contemporary world economy is an economy of the global organized criminality whose eminently form is the modern capitalist state. The contemporary world economy is an economy not of the real commodity production, but an economy of the jobbery; this is expressed directly in supply and demand of the capital of the speculation, i.e., in the fictitious capital trade, in the antagonistic games with share capital in the stock exchange. Just Wall Street’s stock exchange, i.e., the world speculative capital market, is the contemporary tremendous pump for inflation of the balloons of the world economic crises, the last one of which began in 2007. The aggregate amount of the bonds on the world market, as many economists know, is over one hundred trillion US dollars! Without taking in mind the derivatives! If including those, the aggregate amount is several times more! This is an enormous balloon as inflated as a red giant star! And when added to this amount the world market of the shares, the passing each other between real and fictitious capital grows to cosmic dimensions! This cosmic balloon will burst very soon! That means the most destructive capitalist crisis in human history lies just round the corner, the global economic apocalypse is just forthcoming! This ruin will be due to the stock exchange antagonistic games, the stock exchange that is, as a matter of fact, a gambling house! Because the securities and shares’ trading is sheer gambling! This becomes clear by the direct proportionality between risk and profitability, the more risk—the more profitability, and vice versa! However, this is gambling in which the stakes are not simply money, but millions and billions of human fates. So, this is a destroying-the-civilization-world crime economy!

When good things are so low that no one wants them, I buy them and lay them away in the safe; when owing to some new development, they go up and my shares are so needed that men will pay well for them, I am ready to sell.

«“So, Sally, what’s new around here?” “Jeff Bezos just sold off two million shares.” “So, why would our sci-fi paperback bookseller need to sell that much Amazon stock?” “I think Jeff needs the cash for his private space rocket.”»

It was an old hunter in camp and the hunter shared tobacco with him and told him of the buffalo and the stands he'd made against them, laid up in a sag on some rise with the dead animals scattered over the grounds and the herd beginning to mill and the riflebarrel so hot the wiping patches sizzled in the bore and the animals by the thousands and the tens of thousands and the hides pegged out over actual square miles of ground the teams of skinners spelling one another around the clock and the shooting and shooting weeks and months till the bore shot slick and the stock shot loose at the tang and their shoulders were yellow and blue to the elbow and the tandem wagons groaned away over the prairie twenty and twenty-two ox teams and the flint hides by the hundred ton and the meat rotting on the ground and the air whining with flies and the buzzards and ravens and the night a horror of snarling and feeding with the wolves half-crazed and wallowing in the carrion. I seen Studebaker wagons with six and eight ox teams headed out for the grounds not hauling a thing but lead. Just pure galena. Tons of it. On this ground alone between the Arkansas River and the Concho there were eight million carcasses for that's how many hides reached the railhead. Two years ago we pulled out from Griffin for a last hunt. We ransacked the country. Six weeks. Finally found a herd of eight animals and we killed them and come in. They're gone. Ever one of them that God ever made is gone as if they'd never been at all. The ragged sparks blew down the wind. The prairie about them lay silent. Beyond the fire it was cold and the night was clear and the stars were falling. The old hunter pulled his blanket about him. I wonder if there's other worlds like this, he said. Or if this is the only one.

the great British economist John Maynard Keynes, written 70 years ago: “It is dangerous . . . to apply to the future inductive arguments based on past experience, unless one can distinguish the broad reasons why past experience was what it was.

Most changes in perception are gradual: we grow to hate or love an idea, a person, or a place over a period of time. I had certainly nursed a hatred of Nora Jansen over many years, placing much of the blame for my situation on her. This was not one of those instances. Sometimes, rarely, the way we see something is subject to alchemy. My emotions changed so rapidly, and I felt so strongly all the things I had in common with these two women, there was no way not to take immediate notice and stock of what was happening. Our troubled history was suddenly matched by our more immediate shared experience as prisoners on an exhausting journey. We huddled together

Here is a key insight for any startup: You may think yourself a puny midget among giants when you stride out into a marketplace, and suddenly confront such a giant via litigation or direct competition. But the reality is that larger companies often have much more to fear from you than you from them. For starters, their will to fight is less than yours. Their employees are mercenaries who don’t deeply care, and suffer from the diffuse responsibility and weak emotional investment of a larger organization. What’s an existential struggle to you is merely one more set of tasks to a tuned-out engineer bored of his own product, or another legal hassle to an already overworked legal counsel thinking more about her next stock-vesting date than your suit. Also, large companies have valuable public brands they must delicately preserve, and which can be assailed by even small companies such as yours, particularly in a tight-knit, appearances-conscious ecosystem like that of Silicon Valley. America still loves an underdog, and you’ll be surprised at how many allies come out of the woodwork when some obnoxious incumbent is challenged by a scrappy startup with a convincing story. So long as you maintain unit cohesion and a shared sense of purpose, and have the basic rudiments of living, you will outlast, outfight, and out-rage any company that sets out to destroy you. Men with nothing to lose will stop at nothing to win.

The simple fact is that selecting a mutual fund that will outpace the stock market over the long term is, using Cervantes’ wonderful observation, like “looking for a needle in the haystack.” So I offer you Bogle’s corollary: “Don’t look for the needle in the haystack. Just buy the haystack!

[W]hat people truly desire is access to the knowledge and information that ultimately lead to a better life--the collected wisdom of the ages found only in one place: a well-stocked library. To the teachers and librarians and everyone on the frontlines of bringing literature to young people: I know you have days when your work seems humdrum, or unappreciated, or embattled, and I hope on those days you will take a few moments to reflect with pride on the importance of the work you do. For it is indeed of enormous importance--the job of safeguarding and sharing the world's wisdom. All of you are engaged in the vital task of providing the next generation with the tools they will need to save the world. The ability to read and access information isn't just a power--it's a superpower. Which means that you aren't just heroes--you're superheroes. I believe that with all my heart.

Images Used: Some images were used under the license of royalty free stock photography websites.  As part of this license, these images cannot be shared, formatted, or modified in any way.  Other images are included as part of the Creative Commons license.  These sites have been included with full attribution.

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

Stocks are intangible things that are priced in terms of cash, but the price of a stock is not legitimately backed by anyone. If you have a $1,100 share of Google, the only money you are entitled to from Google is the par value of $0.001. This also means if you are holding $110,000 in Google stocks, you are technically only owed $0.10.

If you can distill the essence of GE's stock behavior over the past twenty years, then you can apply it to financial engineering. You can estimate the risk of holding the stock over the next twenty years. You can estimate how many shares of the stock to buy for your portfolio. You can calculate the proper value of options you want to trade on the stock.

But even work stops at some point. And you find yourself looking around, taking stock of your life, and you realize that you don’t give a shit about where you worked, or what you did to bring in money, but you care about the lives you touched. The love you shared. The family you created. You care about who is standing beside you when the shit hits the fan.

He was completely detached from every thing except the story he was writing and he was living in it as he built it. The difficult parts he had dreaded he now faced one after another and as he did the people, the country, the days and the nights, and the weather were all there as he wrote. He went on working and he felt as tired as if he had spent the night crossing the broken volcanic desert and the sun had caught him and the others with the dry gray lakes still ahead. He could feel the weight of the heavy double-barreled rifle carried over his shoulder, his hand on the muzzle, and he tasted the pebble in his mouth. Across the shimmer of the dry lakes he could see the distant blue of the escarpment. Ahead of him there was no one, and behind was the long line of porters who knew that they had reached this point three hours too late. It was not him, of course, who had stood there that morning, nor had he even worn the patched corduroy jacket faded almost white now, the armpits rotted through by sweat, that he took off then and handed to his Kamba servant and brother who shared with him the guilt and knowledge of the delay, watching him smell the sour, vinegary smell and shake his head in disgust and then grin as he swung the jacket over his black shoulder holding it by the sleeves as they started off across the dry-baked gray, the gun muzzles in their right hands, the barrels balanced on their shoulders, the heavy stocks pointing back toward the line of porters. It was not him, but as he wrote it was and when someone read it, finally, it would be whoever read it and what they found when they should reach the escarpment, if they reached it, and he would make them reach its base by noon of that day; then whoever read it would find what there was there and have it always.

J. P. Morgan tells the story of how he would get his shoes shined every Wednesday at the same shop around the corner from his office. One day the shoe shine attendant asked him if he and his friends could buy some stock through Morgan’s brokerage. The three friends had about $40—a lot of money in 1929. Morgan politely refused, hurried back to his office, and ordered that his company was not to have a single share of stock on its books by the end of the day. Morgan simply asked, “If the shoe shine boys are buying stocks, who else is left?” Of course, the 1929 stock market crash was only a few days away, and Morgan looked like a genius. He was not a genius; he noted that the order flow was likely running out on the buy side. It wasn’t his army of analysts that showed him that. It was a public investor.

It wasn’t ENOUGH that I was working beside him like an idiot; it wasn’t enough for him that I was wasting the few good hours left in my life—no, he also wanted me to share his own mind-soul, to sniff his dirty stockings, to chew on his angers and hates with him. I was not PAID for that, the fucker. And that’s what killed you on the job—not the actual physical work but being closed in with the dead. I

What Greenspan was saying, in other words, was that there was absolutely nothing wrong with bidding up to $100 million in share value some hot-air Internet stock, because the lack of that company’s “physical value” (i.e., the actual money those three employees weren’t earning) could be overcome by the inherent value of their “ideas.” To say that this was a radical reinterpretation of the entire science of economics is an understatement—economists had never dared measure “value” except in terms of actual concrete production. It was equivalent to a chemist saying that concrete becomes gold when you paint it yellow. It was lunacy.

Reliability investing requires finding companies trading below their inherent worth--stocks with strong fundamentals including earnings, dividends, book value, and cash flow selling at bargain prices give their quality.

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.

Be greedy when others are fearful and fearful when others are greedy.' Easier said than done for the vast majority of stock traders. ... On every stock trade there is someone who wants to sell and someone who wants to buy, at least at a particular price. ...the person who is selling thinks that she is getting out just in time while the person buying thinks that he is about to make good money. ... The truth is that the market doesn't really reflect some magical perfect valuation of a stock under the efficient market hypothesis. It reflects the mass consensus of how actual individual investors value the stock. It is the sum total of everyone's hopes and fears...

It's funny the things you think will last forever when you're young. I figured I'd work until I died. But even work stops at some point. And you find yourself looking around, taking stock of your life, and you realize that you don't give a shit about where you worked, or what you did to bring in money, but you care about the lives you touched. The love you shared. The family you created. You care about who is standing beside you when the shit hits the fan.

Well,’ Elodie said with a sigh, ‘since Hannah has successfully ruined the appetites of her male relatives, that means more dessert for us girls. We’re having sticky toffee pudding and ice cream.’ ‘Och … well … you know, I’m feeling much better all of a sudden.’ Adam gestured to Braden, whose cheeks had warmed at the mention of dessert. ‘I could go for some pudding.’ Braden nodded solemnly. ‘Funnily enough, me too.’ Determined to stock up on good food before I returned to my diet-food-laden fridge back at the flat, I wasn’t sure I wanted to share pudding with the boys. No, I wasn’t sure about that at all. I looked over at Hannah and asked evilly, ‘What was that about boobs and hormones?

Prince Aenys was the first to marry. In 22 AC, he wed the Lady Alyssa, the maiden daughter of the Lord of the Tides, Aethan Velaryon, King Aegon’s lord admiral and master of ships. She was fifteen, the same age as the prince, and shared his silvery hair and purple eyes as well, for the Velaryons were an ancient family descended from Valyrian stock. King Aegon’s own mother had been a Velaryon, so the marriage was reckoned one of cousin to cousin. fruitful. The following year, Alyssa gave birth to a daughter. Prince Aenys named her Rhaena, in honor of his mother. Like her father, the girl was small at birth, but unlike him she proved to be a happy, healthy child, with lively lilac eyes and hair that shone like beaten silver.

Independent bookstore are a valuable asset to any city, town or village. They offer us the latest literary releases, a meeting point where authors share their work and meet new readers and fans. They offer us a rich ‘bookish’ environment in which to browse before we buy. I love to sip coffee and leaf through my new purchase. I can be sure that independent booksellers know their stock, they suggest new authors and broaden my reading. Along with public libraries they are key to our communities.

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.

When I heard about the ease with which the Four had been removed, I felt a wave of sadness. How could such a small group of second-rate tyrants ravage 900 million people for so long? But my main feeling was joy. The last tyrants of the Cultural Revolution were finally gone. My rapture was widely shared. Like many of my countrymen, I went out to buy the best liquors for a celebration with my family and friends, only to find the shops out of stock there was so much spontaneous rejoicing. There were official celebrations as well exactly the same kinds of rallies as during the Cultural Revolution, which infuriated me. I was particularly angered by the fact that in my department, the political supervisors and the student officials were now arranging the whole show, with unperturbed self-righteousness. The new leadership was headed by Mao's chosen successor, Hua Guofeng, whose only qualification, I believed, was his mediocrity. One of his first acts was to announce the construction of a huge mausoleum for Mao on Tiananmen Square. I was outraged: hundreds of thousands of people were still homeless after the earthquake in Tangshan, living in temporary shacks on the pavements. With her experience, my mother had immediately seen that a new era was beginning. On the day after Mao's death she had reported for work at her depas'uuent. She had been at home for five years, and now she wanted to put her energy to use again. She was given a job as the number seven deputy director in her department, of which she had been the director before the Cultural Revolution. But she did not mind. To me in my impatient mood, things seemed to go on as before. In January 1977, my university course came to an end. We were given neither examinations nor degrees. Although Mao and the Gang of Four were gone, Mao's rule that we had to return to where we had come from still applied. For me, this meant the machinery factory. The idea that a university education should make a difference to one's job had been condemned by Mao as 'training spiritual aristocrats.

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.

The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more.* Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons’ mistakes of judgment.

That a system evolved in a given environment only proves it’s best at replicating itself in that environment. […] That doesn’t make it a system that we should want to live in, nor, more importantly, is it any indication of its ability to survive over the longer term. Environments change, sometimes rapidly, sometimes because of the system’s own ill-effects. Out-competing other systems rather than living harmoniously with them can eventually be self-destructive. Viruses are a good case and point. [...] The question is not whether share-trading and capitalism have out-competed other systems up until now, but whether their effects are consistent with their hosts’ survival.

many people mistaken for entrepreneurs fail to have true skin in the game in the sense that their aim is to either cash out by selling the company they helped create to someone else, or “go public” by issuing shares in the stock market. The true value of the company, what it makes, and its long-term survival are of small relevance to them. This is a pure financing scheme and we will exclude this class of people from our “entrepreneur” risk-taker class (this form of entrepreneurship is the equivalent of bringing great-looking and marketable children into the world with the sole aim of selling them at age four). We can easily identify them by their ability to write a convincing business plan.

The Memoirs became the most celebrated unfinished, unpublished, unread book in history. But Chateaubriand was still broke. So Madame Récamier came up with a new scheme, and this one worked - or sort of worked. A stock company was formed, and people bought shares in the manuscript. Word futures, I guess you could call them, in the same way that people from Wall Street gamble on the price of soybeans and corn. In effect, Chateaubriand mortgaged his autobiography to finance his old age. They gave him a nice chunk of money up front, which allowed him to pay off his creditors, and a guaranteed annuity for the rest of his life. It was a brilliant arrangement. The only problem was that Chateaubriand kept on living.

company and for similar companies in the same industry. • The percentage of institutional ownership. The lower the better. • Whether insiders are buying and whether the company itself is buying back its own shares. Both are positive signs. • The record of earnings growth to date and whether the earnings are sporadic or consistent. (The only category where earnings may not be important is in the asset play.) • Whether the company has a strong balance sheet or a weak balance sheet (debt-to-equity ratio) and how it’s rated for financial strength. • The cash position. With $16 in net cash, I know Ford is unlikely to drop below $16 a share. That’s the floor on the stock. SLOW GROWERS • Since you buy these for the dividends (why else would

Our Constitution is not good. It is a document designed to create a society of enduring white male dominance, hastily edited in the margins to allow for what basic political rights white men could be convinced to share. The Constitution is an imperfect work that urgently and consistently needs to be modified and reimagined to make good on its unrealized promises of justice and equality for all. And yet you rarely see liberals make the point that the Constitution is actually trash. Conservatives are out here acting like the Constitution was etched by divine flame upon stone tablets, when in reality it was scrawled out over a sweaty summer by people making deals with actual monsters who were trying to protect their rights to rape the humans they held in bondage. Why would I give a fuck about the original public meaning of the words written by these men? Conservatives will tell you that the text of laws explicitly passed in response to growing political, social, or economic power of nonwhite minorities should be followed to their highest grammatical accuracy, and I’m supposed to agree the text of this bullshit is the valid starting point of the debate? Nah. As Rory Breaker says in the movie Lock, Stock and Two Smoking Barrels: “If the milk turns out to be sour, I ain’t the kind of pussy to drink it.” The Constitution was so flawed upon its release in 1787 that it came with immediate updates. The first ten amendments, the “Bill of Rights,” were demanded by some to ensure ratification of the rest of the document. All of them were written by James Madison, who didn’t think they were actually necessary but did it to placate political interests.

The right to issue unlimited quantities of anonymously tradable shares, along with the institution of a liquid market for them, created something new: corporations with power so immense, it dwarfed that of their countries of origin, and could be deployed in faraway places assiduously to exploit people and resources. Shareholding and well-governed share markets fired up history, separating ownership from the rest of the East India Company’s activities unleashed a fluid, irresistible force. Unchecked, the East India Company grew more powerful than the British state, answerable only to its shareholders. At home, its bureaucracy corrupted and largely controlled Her majesty’s government. Abroad, its 200,000-strong private army oversaw the destruction of well-functioning economies in Asia and a number of Pacific islands and ensured the systematic exploitation of their peoples.

A more recent concern relates to “financialization” and associated short-termism. Financialization is the growing importance of norms, metrics, and incentives from the financial sector to the wider economy. Some of the concerns expressed are that, for example, managers are increasingly awarded stock options to align their incentives with those of shareholders; companies are often explicitly managed to increase short-term shareholder value; and financial engineering, such as share buybacks and earnings management, has become a more important part of senior managers’ jobs. The end result is that rather than finance serving business, business serves finance: the tail wags the dog. What John Kay described as “obliquity,” the idea that making money was a consequence of, or a second-order benefit of, serving one’s customers and building good businesses, is driven out (Kay 2010).

Far am I from denying in theory, full as far is my heart from withholding in practice, (if I were of power to give or to withhold,) the real rights of men. In denying their false claims of right, I do not mean to injure those which are real, and are such as their pretended rights would totally destroy. If civil society be made for the advantage of man, all the advantages for which it is made become his right. It is an institution of beneficience; and law itself is only beneficience acting by a rule. Men have a right to live by that rule; they have a right to do justice, as between their fellows, whether their fellows are in public function or in ordinary occupation. They have a right to the fruits of their industry, and to the means of making their industry fruitful. They have a right to the acquisitions of their parents; to the nourishment and improvement of their offspring; to instruction in life, and to consolation in death. Whatever each man can separately do, without trespassing upon others, he has a right to do for himself; and he has a right to a fair portion of all which society, with all its combinations of skill and force, can do in his favor. In this partnership all men have equal rights; but not to equal things. He that has but five shillings in the partnership, has as good a right to it, as he that has five hundred pounds has to his larger proportion. But he has not a right to an equal dividend in the product of the joint stock; and as to the share of power, authority, and direction which each individual ought to have in the management of the state, that I must deny to be amongst the direct original rights of man in civil society; for I have in my contemplation the civil social man, and no other. It is a thing to be settled by convention.

Immanuelle stared at him—this man who’d used his lies to make himself a martyr. He thought he was the one who made the true sacrifice, but he couldn’t be more wrong. It was not the Prophet who bore Bethel, bound to his back like a millstone. It was all of the innocent girls and women—like Miriam and Leah—who suffered and died at the hands of men who exploited them. They were Bethel’s sacrifice. They were the bones upon which the Church was built. Their pain was the great shame of the Father’s faith, and all of Bethel shared in it. Men like the Prophet, who lurked and lusted after the innocent, who found joy in their pain, who brutalized and broke them down until they were nothing, exploiting those they were meant to protect. The Church, which not only excused and forgave the sins of its leaders but enabled them: with the Protocol and the market stocks, with muzzles and lashings and twisted Scriptures. It was the whole of them, the heart of Bethel itself, that made certain every woman who lived behind its gate had only two choices: resignation, or ruin. No more, Immanuelle thought. No more punishments or Protocols. No more muzzles or contrition. No more pyres or gutting blades. No more girls beaten or broken silent. No more brides in white gowns lying like lambs on the altar for slaughter. She would see an end to all of it.

It was not these policies alone that turned things around; it was also the energy behind the policies: the six-week tour, the firing and hiring, the tough decisions made about the fleet and the fields. A light was burning in the pilothouse, a firm hand had taken hold of the tiller. United Fruit’s stock price stabilized, then began to climb. It doubled in the first two weeks of Zemurray’s reign, reaching $26 a share by the fall of 1933. This had less to do with tangible results—it was too early for that—than the confidence of investors. If you looked in the newspaper, you would see the new head of the company landing his plane on a strip in the jungle, anchoring his boat on the north coast of Honduras, going here and there, working, working, working. In a time of crisis, the mere evidence of activity can be enough to get things moving. Though Zemurray would stay at the helm for another twenty years, United Fruit was saved in his first sixty days.

Sound investing is not complicated. Save a portion of every dollar you earn or that otherwise comes your way. The greater the percent of your income you save and invest, the sooner you’ll have F-You Money. Try saving and investing 50% of your income. With no debt, this is perfectly doable. The beauty of a high savings rate is twofold: You learn to live on less even as you have more to invest. The stock market is a powerful wealth-building tool and you should be investing in it. But realize the market and the value of your shares will sometimes drop dramatically. This is absolutely normal and to be expected. When it happens, ignore the drops and buy more shares. This will be much, much harder than you think. People all around you will panic. The news media will be screaming Sell, Sell, Sell! Nobody can predict when these drops will happen, even though the media is filled with those who claim they can. They are delusional, trying to sell you something or both. Ignore them. When you can live on 4% of your investments per year, you are financially independent.

Spring Lane burned with a mythology of chipped slates, pale wash-water blue and flaking at the seam. The summer yellow glow of an impending dawn diffused, diluted in the million-gallon sky above the tannery that occupied this low end of the ancient gradient, across the narrow street from where Phyllis and Michael stood outside the alley-mouth. The tannery’s high walls of browning brick with rusted wire mess over its high windows didn’t have the brutal aura that the building had down in the domain of the living. Rather it was softly iridescent with a sheen of fond remembrance – the cloisters of some mediaeval craft since disappeared – and had the homely perfume of manure and boiled sweets. Past the peeling wooden gates that lolled skew-whiff were yards where puddles stained a vivid tangerine harboured reflected chimney stacks, lamp black and wavering. Heaped leather shavings tinted with corrosive sapphire stood between the fire-opal pools, an azure down mounded into fantastic nests by thunderbirds to hatch their legendary fledglings. Rainspouts eaten through by time had diamond dribble beading on their chapped tin lips, and every splinter and subsided cobble sang with endless being. Michael Warren stood entranced and Phyllis Painter stood beside him, sharing his enchantment, looking at the heart-caressing vista through his eyes. The district’s summer sounds were, in her ears, reduced to a rich stock. The lengthy intervals between the bumbling drones of distant motorcars, the twittering filigree of birdsong strung along the guttered eaves, the silver gurgle of a buried torrent echoing deep in the night-throat of a drain, all these were boiled down to a single susurrus, the hissing tingling reverberation of a cymbal struck by a soft brush. The instant jingled in the breeze.

I walked back into the bedroom. Amar was standing by the foot of the bed, playing lazily with the cuffs of his sleeves. I tensed. That foolish disappointment was gone. “Are you frightened?” he asked. Don’t cower. I straightened my back. I would’ve stared him in the eyes if I could. “Should I be?” “I should hope there are more frightening things than sharing a bed with me,” he said. He flourished a bow. “Did I not promise you that we would be equals? Your will is where I lay my head. I will not touch you without your permission.” I moved to the bed, taking stock of the unnecessary amount of cushions. I could feel Amar’s gaze on me and rather than tossing the cushions to the ground, I stacked them in the middle of the bed. Amar followed me and slid onto the opposite side. The fire in the diyas collapsed with the faintest of sighs. “A daunting fortress,” he said lazily, prodding one of the pillows. “Have you so little faith in me?” “Yes.” He laughed and the sound was unexpectedly…musical. “The dark is a lovely thing, is it not? It lets us speak in blindness. No scowls or smiles or stares clouding our words.” I lay in bed, my body taut. Amar continued: “I spoke no falsehoods in the Night Bazaar,” he said. “I would rip the stars from the sky if you wished it. Anything for you. But remember to trust me. Remember your promise.” I fell quiet for a moment. “I remember my promise.” After that, I said nothing. The air between us could have been whittled in steel. An hour passed before I ventured a glance at Amar. His face was turned from me, leaving only dark curls half visible in the light. Moonlight had limned his silhouette silver. The longer I stared at him, the more something sharp stirred within me and I was reminded of that strange ache in my head, where forgotten dreams jostled for remembrance.

For all their shared boundaries, the experiences of fiction and nonfiction are fundamentally different. In the traditional short story or novel, a fictive space is opened up that allows you the reader to disappear into the action, even to the point of forgetting you are reading. In the best nonfiction, it seems to me, you’re always made aware that you are being engaged with a supple mind at work. The story line or plot in nonfiction consists of the twists and turns of a thought process working itself out. This is certainly true for the essay, but it is also true, I think, for classic nonfiction in general, be it Thucydides or Pascal or Carlyle, which follows an organizing principle that can be summarized as “tracking the consciousness of the author.” What makes me want to keep reading a nonfiction text is the encounter with a surprising, well-stocked mind as it takes on the challenge of the next sentence, paragraph, and thematic problem it has set for itself. The other element that keeps me reading nonfiction happily is an evolved, entertaining, elegant, or at least highly intentional literary style. The pressure of style should be brought to bear on every passage. “Consciousness plus style equals good nonfiction” is one way of stating the formula.

Social traditions, Burke pointed out, are forms of knowledge. They contain the residues of many trials and errors, and the inherited solutions to problems that we all encounter. Like those cognitive abilities that pre-date civilisation they are *adaptations*, but adaptations of the community rather than of the individual organism. Social traditions exist because they enable a society to reproduce itself. Destroy them heedlessly and you remove the guarantee offered by one generation to the next. .... [F]or Burke, traditions and customs distil information about the indefinitely many strangers living *then*, information that we need if we are to accommodate our conduct to the needs of absent generations. Moreover, in discussing tradition, we are not discussing arbitrary rules and conventions. We are discussing *answers* that have been discovered to enduring *questions*. These answers are tacit, shared, embodied in social practices and inarticulate expectations. Those who adopt them are not necessarily able to explain them, far less justify them. Hence Burke described them as 'prejudices', and defended them on the grounds that, though the stock of reason in each individual is small, there is an accumulation of reason in society that we question and reject at our peril.

It was an old hunter in camp and the hunter shared tobacco with him and told him of the buffalo and the stands he’d made against them, laid up in a sag on some rise with the dead animals scattered over the grounds and the herd beginning to mill and the riflebarrel so hot the wiping patches sizzled in the bore and the animals by the thousands and tens of thousands and the hides pegged out over actual square miles of ground and the teams of skinners spelling one another around the clock and the shooting and shooting weeks and months till the bore shot slick and the stock shot loose at the tang and their shoulders were yellow and blue to the elbow and the tandem wagons groaned away over the prairie twenty and twenty-two ox teams and the flint hides by the ton and hundred ton and the meat rotting on the ground and the air whining with flies and the buzzards and ravens and the night a horror of snarling and feeding with the wolves half crazed and wallowing in the carrion. I seen Studebaker wagons with six and eight ox teams headed out for the grounds not haulin a thing but lead. Just pure galena. Tons of it. On this ground alone between the Arkansas River and the Concho there was eight million carcasses for that’s how many hides reached the railhead. Two year ago we pulled out from Griffin for a last hunt. We ransacked the country. Six weeks. Finally found a herd of eight animals and we killed them and come in. They’re gone. Ever one of them that God ever made is gone as if they’d never been at all.

Given the country’s low birth rate, more Germans will have to follow Mr Gerloff’s example if companies are to avoid crippling shortages of skilled labour in the coming years. At 21 per cent, Germany already has a higher share of its population over the age of 65 than any other country, bar Japan. Despite a large increase in immigration last year, there are already skills shortages in some sectors, particularly in machine building and healthcare and at small and medium-sized companies in rural areas. But this is only a harbinger of the difficulties to come when German baby boomers begin retiring over the next 15 to 20 years. Between 2010 and 2030 the stock of economically active people is set to decline by almost 10 per cent to 39.1m, according to a 2012 report by the Federal Institute for Vocational Education and Training.

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.

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?

Cohen continued to struggle with his own well-being. Even though he had achieved his life’s dream of running his own firm, he was still unhappy, and he had become dependent on a psychiatrist named Ari Kiev to help him manage his moods. In addition to treating depression, Kiev’s other area of expertise was success and how to achieve it. He had worked as a psychiatrist and coach with Olympic basketball players and rowers trying to improve their performance and overcome their fear of failure. His background building athletic champions appealed to Cohen’s unrelenting need to dominate in every transaction he entered into, and he started asking Kiev to spend entire days at SAC’s offices, tending to his staff. Kiev was tall, with a bushy mustache and a portly midsection, and he would often appear silently at a trader’s side and ask him how he was feeling. Sometimes the trader would be so startled to see Kiev there he’d practically jump out of his seat. Cohen asked Kiev to give motivational speeches to his employees, to help them get over their anxieties about losing money. Basically, Kiev was there to teach them to be ruthless. Once a week, after the market closed, Cohen’s traders would gather in a conference room and Kiev would lead them through group therapy sessions focused on how to make them more comfortable with risk. Kiev had them talk about their trades and try to understand why some had gone well and others hadn’t. “Are you really motivated to make as much money as you can? This guy’s going to help you become a real killer at it,” was how one skeptical staff member remembered Kiev being pitched to them. Kiev’s work with Olympians had led him to believe that the thing that blocked most people was fear. You might have two investors with the same amount of money: One was prepared to buy 250,000 shares of a stock they liked, while the other wasn’t. Why? Kiev believed that the reluctance was a form of anxiety—and that it could be overcome with proper treatment. Kiev would ask the traders to close their eyes and visualize themselves making trades and generating profits. “Surrendering to the moment” and “speaking the truth” were some of his favorite phrases. “Why weren’t you bigger in the trades that worked? What did you do right?” he’d ask. “Being preoccupied with not losing interferes with winning,” he would say. “Trading not to lose is not a good strategy. You need to trade to win.” Many of the traders hated the group therapy sessions. Some considered Kiev a fraud. “Ari was very aggressive,” said one. “He liked money.” Patricia, Cohen’s first wife, was suspicious of Kiev’s motives and believed that he was using his sessions with Cohen to find stock tips. From Kiev’s perspective, he found the perfect client in Cohen, a patient with unlimited resources who could pay enormous fees and whose reputation as one of the best traders on Wall Street could help Kiev realize his own goal of becoming a bestselling author. Being able to say that you were the

That black horse we used for packin’ up here is the most cantankerous beast alive,” Jake grumbled, rubbing his arm. Ian lifted his gaze from the initials on the tabletop and turned to Jake, making no attempt to hide his amusement. “Bit you, did he?” “Damn right he bit me!” the older man said bitterly. “He’s been after a chuck of me since we left the coach at Hayborn and loaded those sacks on his back to bring up here.” “I warned you he bites anything he can reach. Keep your arm out of his way when you’re saddling him.” “It weren’t my arm he was after, it was my arse! Opened his mouth and went for it, only I saw him outter the corner of my eye and swung around, so he missed.” Jakes’s frown darkened when he saw the amusement in Ian’s expression. “Can’t see why you’ve bothered to feed him all these years. He doesn’t deserve to share a stable with your other horses-beauties they are, every one but him.” “Try slinging packs over the backs of one of those and you’ll see why I took him. He was suitable for using as a pack mule; none of my other cattle would have been,” ian said, frowning as he lifted his head and looked about at the months of accumulated dirt covering everything. “He’s slower’n a pack mule,” Jake replied. “Mean and stubborn and slow,” he concluded, but he, too, was frowning a little as he looked around at the thick layers of dust coating every surface. “Thought you said you’d arranged for some village wenches to come up here and clean and cook fer us. This place is a mess.” “I did. I dictated a message to Peters for the caretaker, asking him to stock the place with food and to have two women come up here to clean and cook. The food is here, and there are chickens out in the barn. He must be having difficulty finding two women to stay up here.” “Comely women, I hope,” Jake said. “Did you tell him to make the wenches comely?” Ian paused in his study of the spiderwebs strewn across the ceiling and cast him an amused look. “You wanted me to tell a seventy-year-old caretaker who’s half-blind to make certain the wenches were comely?” “Couldn’ta hurt ‘t mention it,” Jake grumbled, but he looked chastened. “The village is only twelve miles away. You can always stroll down there if you’ve urgent need of a woman while we’re here. Of course, the trip back up here may kill you,” he joked referring to the winding path up the cliff that seemed to be almost vertical. “Never mind women,” Jake said in an abrupt change of heart, his tanned, weathered face breaking into a broad grin. “I’m here for a fortnight of fishin’ and relaxin’, and that’s enough for any man. It’ll be like the old days, Ian-peace and quiet and naught else. No hoity-toity servants hearin’ every word what’s spoke, no carriages and barouches and matchmaking mamas arrivin’ at your house. I tell you, my boy, though I’ve not wanted to complain about the way you’ve been livin’ the past year, I don’t like these servents o’ yours above half. That’s why I didn’t come t’visit you very often. Yer butler at Montmayne holds his nose so far in t’air, it’s amazin’ he gets any oxhegen, and that French chef o’ yers practically threw me out of his kitchens. That what he called ‘em-his kitchens, and-“ The old seaman abruptly broke off, his expression going from irate to crestfallen, “Ian,” he said anxiously, “did you ever learn t’ cook while we was apart?” “No, did you?” “Hell and damnation, no!” Jake said, appalled at the prospect of having to eat anything he fixed himself.