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.

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!

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

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.

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!

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.

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

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 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.

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

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.

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

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

When you were making excuses someone else was making enterprise.

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!

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.

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.

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.

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.

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

Invest in a share what you can afford to lose.

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

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.

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

You can turn your flow into stock.

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.

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.

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.

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.

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.

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.

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.

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

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!

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

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!

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

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

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

Women are told we’re risk averse, but we’re not. We’re just risk aware.

For investors as a whole, returns decrease as motion increases.

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.

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.

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.”»

Why focus on cash flows? Because a share of stock is a share of a company’s future cash flows, and, as a result, cash flows more than any other single variable seem to do the best job of explaining a company’s stock price over the long term.

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

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!

God to Hungry Child Hungry child, I didn't make this world for you. You didn't buy any stock in my railroad, You didn't invest in my corporation. Where are your shares in standard oil? I made the world for the rich And the will-be-rich And the have-always-been-rich. Not for you, Hungry child.

[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.

It is a an astounding thing to have to tell, but this man, though he knew about stocks and shares, had no real mastery of his tie. Sometimes the thing yielded to him without contest, but there were occasions when it would have been better for the house if he had swallowed his pride and used a made-up tie.

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.

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.

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.

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.

Always remember, the minority dictates the price. A company may have billions of shareholders, but it only takes one shareholder to change the price.

Diversification does not guarantee protection from losses. It provides a weighted-average return of the portfolio.

It is a common misconception that if you diversify, you don’t need to learn anything. Just buy a bunch of stocks, and you will be good. Nothing can be further from the truth.

No amount of diversification can replace investment research. If you want to invest, you have to learn.

Always write down all the reasons of why you are buying an asset. Review the list periodically and only sell when the majority of reasons are not valid anymore.

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.

The stock market, as a whole, has and will recover from every downturn.

Prices are adjusted up to the cumulative perception of risk of all market participants.

The perceived risk and actual risk are two different things.

If you decide to buy a stock solely based on price action, you cannot and will never have any faith in the company’s business.

If your bull case to buy a stock is “a sharp price drop” or "price is going to the moon”, you don’t have a bull case.

When you buy a stock, you buy a piece of business, not a quote from a broker. As long as the company is doing good, your investment is safe.

There is an excellent characteristic of stock investment that it can only go to zero.

The most important thing is to invest and buy shares in successful businesses. The second most important thing is to buy right and do not pay excessive amounts.

Stocks are not market tickers represented by daily quotes but proportionate ownership of businesses and should be viewed accordingly.

Annual performance means nothing to individual investors.

Markets can be volatile from time to time; however, stock prices follow earnings accumulation over the long term.

Generally, a cheap stock is cheap for a reason. If you don’t know the reason, you will be better off investing your capital elsewhere.

Trading is buying and selling to exploit a change in the price. Investing is acquiring assets for economic reasons.

You don't need to chase wealth, just become a real entrepreneur and the world is your oyster.

मान लीजिए जिसको शेयर बाजार के बारे में इतना बुझाएगा ...उ बैठ के टीवी पर बताएगा कि खुद पैसा बनाएगा ?

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

The winning formula for success in investing is owning the entire stock market through an index fund, and then doing nothing. Just stay the course.

An investment in knowledge always pays the best interest. Learning is to the Studious, and Riches to the Careful. If a man empties his purse into his head, no man can take it away from him.

The hobbies and personal passions we cultivate on our own—whether studying history, creating ink pen doodles, speculating in stocks and shares, playing the piano, or gardening—play a crucial role in shaping meaning in our lives. The creative person is constantly seeking to discover himself, to remodel his own identity, and to find meaning in the universe through what he creates.

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.

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

I am holding around $50,000 in my trading account and I usually choose 2,000 shares to trade. My daily goal is $500 or around $120,000/year. That is sufficient for my lifestyle. What is your trading goal?

Every all-time high of the stock market proves that the market has eventually recovered from all downturns, 100% of the time. This strategy is the only one that worked every time without a single failure for centuries.

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...

Proper diversification means investing in uncorrelated assets, and investing in multiple assets needs multiple sets of knowledge, more hours of research, and more market following. It is definitely more work for an investor.

Investing styles may differ among successful market players, but without exception, winning stock traders share certain key traits required for success. Fall short in those qualities and you will surely part ways with your money.

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?

Selecting twenty to thirty good stocks in unrelated industries is not an easy task. It takes immense efforts to follow twenty shares, so investors take the shortcut. They try to replace the efforts with more shares, hundreds of those.

If you have some working knowledge of business and accounting and have a lot of patience to ride out market ups and downs, you can be a stock picker. You just need to understand that stocks are proportionate ownership of earning businesses.

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.

A stock selling at $100 per share with earnings of $10 per share would have the same P/E multiple (10) as a stock selling at $40 with earnings of $4 per share. It is the P/E multiple, not the price, that really tells you how a stock is valued in the market.

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.

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.

Art is more like real estate than stocks. Some Warhols are like studio apartments in midblock buildings with northern exposures, while other Warhols are penthouse properties with 360-degree views. A share of Cisco, however, is always just a share of Cisco.” Judging

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.

The funny thing about using the last transaction price as a proxy for the fair value is; that even the two people, buyer, and seller, who caused the transaction do not agree that the transaction price is the fair value of that stock. They have opposite views about the real value.

Apple went public the morning of December 12, 1980. By then the bankers had priced the stock at $ 22 a share. It went to $ 29 the first day. Jobs had come into the Hambrecht & Quist office just in time to watch the opening trades. At age twenty-five, he was now worth $ 256 million.

Our stock was worth twenty-two dollars a share. That was the number. We’d earned that number. We deserved to be on the high end of the price range. A company called Apple was also going public that same week, and selling for twenty-two dollars a share, and we were worth as much as them,

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.

Outsiders can do very little harm to a Share, the real harm is done by ‘suspecting shareholders’ and the rest follows! If you are suspicious, just sell the damned share and move to the one you can feel confident & comfortable! Life becomes much easier for yourselves and the rest of shareholders. No!?

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.

Thumb-rule in Equity markets is that big boys chase either your shares or your money ... In former case, they will beat down the share so cheap that you will be forced to sell it ... In latter case, they will balloon the prices to an extent that you will be lured to buy!! Either way, heads they win, tails you lose!!!

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.

In order to have more control in my life, in order to have the freedom to live in alignment with my goals and values, and in order to be able to walk away from situations that did not serve me, I needed to be financially free. I realised it wasn't wrong to care about or be ‘focused on’ money. Money affects every aspect of our lives. It affects our life expectancy, our health outcomes, our access to better resources. It affects our stress and mental health, our relationships with our families, partners and children. It affects our ability to enjoy our day-to-day activities, but, more importantly, it affects our freedom, our choices and what control we have over our lives.

There’s no way to do business in the Third World without enriching government leaders,’ said Calil. He explained how the practice of greasing the palms of African potentates evolved: ‘You used to give a dictator a suitcase of dollars; now you give a tip on your stock shares, or buy a housing estate from his uncle or mother for ten times its worth.

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.

If my favorite Internet company sells for $30 a share, and yours sells for $10, then people who focus on price would say that mine is the superior company. This is a dangerous delusion. What Mr. Market pays for a stock today or next week doesn’t tell you which company has the best chance to succeed two to three years down the information superhighway.

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

Code Section 1031 lets taxpayers roll the gain from the sale of their old investment property over to their new investment property; therefore, they do not have to pay capital gains tax on the increase at that time. This is one of the tremendous advantages of owning real estate over owning stocks and bonds because there is no comparable code section for stocks and bonds.

It will also tell you how easy it is to do just that: simply buy the entire stock market. Then, once you have bought your stocks, get out of the casino and stay out. Just hold the market portfolio forever. And that’s what the index fund does. This investment philosophy is not only simple and elegant. The arithmetic on which it is based is irrefutable. But it is not easy to follow its discipline. So

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.

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.

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.

Like all financial schemes, the Mississippi Scheme was constructed upon the volatile foundation of confidence. For the public to continue to use the Banque Royale’s banknotes, it had to remain confident that those banknotes would retain and represent their stated face value. And for the public to continue to invest in Mississippi Company shares, it had to remain confident that the prospects of the Mississippi Company justified the market price of the shares.

The East India Company was no apparition though; it was the template for many subsequent corporations […] Liberals betray themselves […] the moment they turn a blind eye to this kind of hyper-concentrated power. […] This is why trading in apples does not come even close to trading in shares. Large quantities may produce, at worse, lots of bad cider, but large amounts of money invested in liquid shares can release demonic forces that no market or state can control.

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.

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.

Companies with billions of dollars employ some of the most intelligent, creative humans on the planet to mastermind new ways to lure us into spending our lives on their apps and in their platforms. Remember, stock prices rely on keeping engagement metrics high. Many tech companies’ survival is based on continuously inventing ways to capture an ever-growing share of your time and attention. If you think you’re a customer of these products and platforms, think again. Your time, attention, and data are their product.

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.

The orders resting on BATS were typically just the 100-share minimum required for an order to be at the front of any price queue, as their only purpose was to tease information out of investors. The HFT firms posted these tiny orders on BATS—orders to buy or sell 100 shares of basically every stock traded in the U.S. market—not because they actually wanted to buy and sell the stocks but because they wanted to find out what investors wanted to buy and sell before they did it. BATS, unsurprisingly, had been created by high-frequency traders.

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.

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, still less to 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.

Then what, please, did Harry like? “I see. Do you have other investments?” She took a deep breath and suddenly looked worried. “I can trust you, right, Mr. Latch?” “Of course. I’m your lawyer, duty bound to keep everything confidential.” Simon noticed a slight flutter in his intestines, as if some truly wonderful and unexpected facts might be in the works. He’d had a few surprises in the past eighteen years as a pseudo estate lawyer, but nothing significant. “Well, you see Mr. Latch—” “Please call me Simon.” “Simon, what a nice name. You see, Simon, Harry worked for almost forty years as a district sales rep for Coca-Cola. I think that’s what killed him. He got his blood sugar up, had a stroke at sixty-nine, never recovered. We always had plenty of Coke, the real thing, not diet, in the fridge and he drank too many, at least in my opinion. Anyway, he qualified for stock options, a few at a time, and he bought every share of Coke he could get his hands on. Never sold a share, just enjoyed watching it pile up. And boy did it. Then about thirty years ago, he began selling Coke products to Wal-Mart and became fascinated with the company. It

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.

Instead, she focused her gaze on some middle distance as the Haruspex called out a series of numbers and letters—stock symbols and share prices for companies traded publicly on the New York Stock Exchange. Later in the night he’d move on to the NASDAQ, Euronext, and the Asian markets. Alex didn’t bother trying to decipher them. The orders to buy, sell, or hold were given in impenetrable Dutch, the language of commerce, the first stock exchange, old New York, and the official language of the Bonesmen. When Skull and Bones was founded, too many students knew Greek and Latin. Their dealings had required something more obscure.

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.

is equally useless to ask what might have happened if Mrs. Seton and her mother and her mother before her had amassed great wealth and laid it under the foundations of college and library, because, in the first place, to earn money was impossible for them, and in the second, had it been possible, the law denied them the right to possess what money they earned. It is only for the last forty-eight years that Mrs. Seton has had a penny of her own. For all the centuries before that it would have been her husband’s property—a thought which, perhaps, may have had its share in keeping Mrs. Seton and her mothers off the Stock Exchange.

I think she's a lovable little woman," said Paul. "Margaret Bonford!" exclaimed Clara. "She's a great deal cleverer than most men." "Well, I didn't say she wasn't," he said, deprecating. "She's lovable for all that." "And of course that is all that matter," said Clara witheringly. He rubbed his head, rather perplexed, rather annoyed. "I suppose it matters more than her cleverness," he said; "-which after all would never get her to heaven." "It's not heaven she wants to get - it's her fair share on earth," retorted Clara... "I thought she was warm, and awfully nice - only too frail. I wished she was sitting comfortably in peace-" "'Darning her husband's stockings'," said Clara, scatchingly.

The divorce of control, or power, from ownership has been due in large part to the growth of public corporations. So long as a single person, family or comparatively small group held a substantial portion of the common shares of a corporation, the legal “owner” could control its affairs. Even if they no longer actually conducted the business, the operating managers were functioning as their accountable agents. But when the enterprise became more vast in scope and at the same time, the stock certificates became spread in small bundles among thousands of persons, the managers were gradually released from subordination to the nominal owners. De facto control passed, for the most part, to non-owning management.

if I can buy shares in a joint stock company, that promises a constant supply of revenue, then why not buy shares, in a similar way, in the king’s debt? If you wanted your money back you could sell your share to another, who would receive the interest in your place. There was no reason why the king should repay the principal for twenty years, as long as he could continue the interest. It was perpetual, like Myddelton’s water supply, or the Virginia Company, or the East India, or any of the other great joint stock companies. His appreciation of the idea was not so much mathematical as instinctive: a sense of endless flow. The flow of money, like a golden river, through the city. Julius Ducket had just invented government debt.

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.

She had a collection of matchbooks from extravagant places, dropped here and there on tables in the dingy apartment she still shared with Gregg. They made it look as if she lived a gay, mad life. What a typical picture for anyone from out of New York: career girl's apartment, stockings drying over the shower rod, clothes flung helter-skelter in the rush to get to the office on time, to a date on time, a bottle of wine there too, wads of dust lying under the studio couch because you couldn't clean except weekends and sometimes not even then, and all those brightly colored matchbooks with names of well-known eating places, so that even if one managed only two good and sufficient meals a week one could still light one's cigarettes for the rest of the week with the memory.

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 Big Three own, which include America’s major airlines (American, Delta, United Continental), much of Wall Street (JPMorgan Chase, Wells Fargo, Bank of America, Citigroup) and car makers such as Ford and General Motors. Together, the Big Three are the largest single shareholder in almost 90 per cent of firms listed in the New York Stock Exchange, including Apple, Microsoft, ExxonMobil, General Electric and Coca-Cola. As for the dollar value of the Big Three’s shares, it has too many zeros to mean much. At the time of writing, BlackRock manages nearly $10 trillion in investments, Vanguard $8 trillion and State Street $4 trillion. To make sense of these numbers: they are almost exactly the same as the US national income; or the sum of the national incomes of China and Japan; or the sum of the total income of the eurozone, the UK, Australia, Canada and Switzerland.

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.

Since I entered the business world, conglomerates have enjoyed several periods of extreme popularity, the silliest of which occurred in the late 1960s. The drill for conglomerate CEOs then was simple: By personality, promotion or dubious accounting — and often by all three — these managers drove a fledgling conglomerate’s stock to, say, 20 times earnings and then issued shares as fast as possible to acquire another business selling at ten-or-so times earnings. They immediately applied “pooling” accounting to the acquisition, which — with not a dime’s worth of change in the underlying businesses — automatically increased per-share earnings, and used the rise as proof of managerial genius. They next explained to investors that this sort of talent justified the maintenance, or even the enhancement, of the acquirer’s p/e multiple. And, finally, they promised to endlessly repeat this procedure and thereby create ever-increasing per-share earnings.

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any

Silence, silence. Then he switched his stool, turned his back to me as much as possible and continued working. I got up and walked to the men’s crapper and stuck my head out the window for fresh air. The guy was my father all over again: RESPONSIBILITY, SOCIETY, COUNTRY, DUTY, MATURITY, all the dull-sounding hard words. But why were they in such agony? Why did they hate so much? It seemed simply that they were very much afraid that somebody else was having a damn good time or was not unhappy most of the time. It seemed that they wanted everybody to carry the same damn heavy rock they were carrying. 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.

(which was a mistake, for the value of an aristocratic title, like that of a share quoted on the stock exchange, rises when in demand and falls when on offer. Everything we believe imperishable tends toward destruction; a social position, like everything else, is not given once and for all but, just like the power of an empire, is reconstituted from moment to moment through a sort of endless renewed process of creation, which explains the apparent anomalies of social or political history over half a century. The creation of the world did not happen “in the beginning,” it happens from day to day. The Marquise de Saint-Loup thought, “I am the Marquise de Saint-Loup,” in the knowledge that the night before she had turned down three invitations to dine with duchesses. But if to a certain extent her name enhanced the distinctly un-aristocratic circles which she entertained, by an inverse movement the circles which invited the Marquise devalued the name that she bore. Nothing resists such movements,

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit.

In 1832, Andrew Jackson, today a folk hero to American free-marketeers, refused to renew the license for the quasi-central bank, the second bank of the USA - the successor to Hamilton's Bank of the USA (see chapter 2). This was done on the grounds that the foreign ownership share of the bank was too high -30% (the pre-EU Finns would have heartily approved!). Declaring his decision, Jackson said: 'should the stock of the bank principally pass into the hands of the subjects of a foreign country, and we should unfortunately become involved in a war with that country, what would be our condition?........Controlling our currency, receiving our public moneys, and holding thousands of our citizens in dependence, it would be far more formidable and dangerous than the naval and military power of the enemy. If we must have a bank...it should be purely American.' If the president of a developing country said something like this today, he would be branded a xenophobic dinosaur and blackballed in the international community.

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?

Because so many people were betting against GameStop —and brick-and-mortar retail in general — the overall short position was enormous, almost comically so. At certain points over the past six months, it had bounced between 50 and even 100 percent of the overall float, meaning nearly all the shares of GameStop in existence had been borrowed and sold by short sellers, all of whom had an obligation to rebuy those shares at some point in the future. So, what if Keith was right, and the stock went up instead of down? It would be like watching investors trying to get out of a burning building, through a single, narrow door. The stock would rocket. As a financial educator, Keith knew that short selling could be one of the riskiest plays on the market. You really needed to be certain a stock was going down, because your upside was limited, but your losses could, theoretically, be infinite. The fact that so many competent investors were short selling GameStop could mean the stock really was a dog; but it also meant the stock was loaded with rocket fuel, and it wouldn't take much to ignite and sent it right to the moon.

To summarize my trading strategy for VWAP False Breakouts: Once I’ve made my watchlist for the day, I monitor the price action around VWAP at the Open and during the morning session for the Stocks in Play. A good Stock in Play shows respect toward VWAP. If the Stock in Play sells off below the VWAP but bounces back and breaks out above the VWAP, it means the buyers are gaining control and short sellers perhaps had to cover. However, if it loses the VWAP again in the Late-Morning (from 10:30 a.m. to 12 p.m.), it means that this time the buyers were mostly weak or exhausted. This provides a short opportunity with a stop loss above VWAP. The profit target can be the by then low of the day, or any other important technical level. I try to go short when a Stock in Play has lost the VWAP. Sometimes I go short before the price loses the VWAP, to get a good entry while it is ticking down toward VWAP in the anticipation of a VWAP loss. However, be very careful, for the job of a trader is identification and not anticipation. Take small size and add more shares on the way down if you have truly identified a good trading setup.

Shareholders have a residual claim on a firm’s assets and earnings, meaning they get what’s left after all other claimants—employees and their pension funds, suppliers, tax-collecting governments, debt holders, and preferred shareholders (if any exist)—are paid. The value of their shares, therefore, is the discounted value of all future cash flows minus those payments. Since the future is unknowable, potential shareholders must estimate what that cash flow will be; their collective expectations about the future determine the stock price. Any shareholders who expect that the discounted value of future equity earnings of the company will be less than the current price will sell their stock. Any potential shareholders who expect that the discounted future value will exceed the current price will buy stock. This means that shareholder value has almost nothing to do with the present. Indeed, present earnings tend to be a small fraction of the value of common shares. Over the past decade, the average yearly price-earnings multiple for the S&P 500 has been 22x, meaning that current earnings represent less than 5 percent of stock prices.

The public offering occurred exactly one week after Toy Story’s opening. Jobs had gambled that the movie would be successful, and the risky bet paid off, big-time. As with the Apple IPO, a celebration was planned at the San Francisco office of the lead underwriter at 7 a.m., when the shares were to go on sale. The plan had originally been for the first shares to be offered at about $14, to be sure they would sell. Jobs insisted on pricing them at $22, which would give the company more money if the offering was a success. It was, beyond even his wildest hopes. It exceeded Netscape as the biggest IPO of the year. In the first half hour, the stock shot up to $45, and trading had to be delayed because there were too many buy orders. It then went up even further, to $49, before settling back to close the day at $39. Earlier that year Jobs had been hoping to find a buyer for Pixar that would let him merely recoup the $50 million he had put in. By the end of the day the shares he had retained—80% of the company—were worth more than twenty times that, an astonishing $1.2 billion. That was about five times what he’d made when Apple went public in 1980.

It is possible that the next economic downturn--or stock market crash--will bring on further developments. During the recession at the end of the 1980s, ex-Ku Klux Klan leader David Duke gathered strong support from disgruntled citizens in Louisiana for his gubernatorial and US Senate races. Voters did not seem to be bothered by his record, which included plenty of statements like: "The Jews have been working against our national interest. . . . I think they should be punished." Bertram Gross and Kevin Phillips had each foreseen part of a process that engendered remarkable tolerance for authoritarian political solutions. Gross correctly identified the kind of authority that the corporate world wanted to exercise over working- and middle-class Americans. Phillips was perceptive about the way ordinary Americans would participate in actually constructing a more harsh and restrictive social milieu. By the 1990s the two strands were coalescing into something we could call "Authoritarian Democracy." Today it is clear that the goals of the corporate rich can be furthered by the enthusiasms of the popular classes, especially in the realms of religion.

Which meant, if somehow GameStop did start to go up, the people who had shorted the company would begin to feel pressure to buy; the more the stock went up, the heavier that pressure became. As the shorts began to cover, buying shares to return them to their lenders, the stock would rise even higher. In financial parlance, this was something called a 'short squeeze.' It didn't happen often, but when it did, it could be spectacular. Most famously, in 2008, a surprise takeover attempt of the German automaker Volkswagen by rival Porsche drove Volkswagen's stock price up by a factor of 5 — briefly making it the most valuable company in the world — in two quick days of trading, as short selling funds struggled to cover their positions. Similarly, a battle between two hedge fund titans — Bill Ackman, of Pershing Square Capital Management, and Carl Icahn — led to a squeeze involving supplement maker — and alleged pyramid marketer — Herbalife, which cost Ackman a reported $1 billion. And perhaps the first widely reported short squeeze dated back a century, to 1923, when grocery magnate Clarence Saunders successfully decimated short sellers who had targeted his nascent chain of Piggly Wiggly grocery stores.

Humanism thought that experiences occur inside us, and that we ought to find within ourselves the meaning of all that happens, thereby infusing the universe with meaning. Dataists believe that experiences are valueless if they are not shared, and that we need not – indeed cannot – find meaning within ourselves. We need only record and connect our experience to the great data flow, and the algorithms will discover its meaning and tell us what to do. Twenty years ago Japanese tourists were a universal laughing stock because they always carried cameras and took pictures of everything in sight. Now everyone is doing it. If you go to India and see an elephant, you don’t look at the elephant and ask yourself, ‘What do I feel?’ – you are too busy looking for your smartphone, taking a picture of the elephant, posting it on Facebook and then checking your account every two minutes to see how many Likes you got. Writing a private diary – a common humanist practice in previous generations – sounds to many present-day youngsters utterly pointless. Why write anything if nobody else can read it? The new motto says: ‘If you experience something – record it. If you record something – upload it. If you upload something – share it.

The slave trade was not controlled by any state or government. It was a purely economic enterprise, organised and financed by the free market according to the laws of supply and demand. Private slave-trading companies sold shares on the Amsterdam, London and Paris stock exchanges. Middle-class Europeans looking for a good investment bought these shares. Relying on this money, the companies bought ships, hired sailors and soldiers, purchased slaves in Africa, and transported them to America. There they sold the slaves to the plantation owners, using the proceeds to purchase plantation products such as sugar, cocoa, coffee, tobacco, cotton and rum. They returned to Europe, sold the sugar and cotton for a good price, and then sailed to Africa to begin another round. The shareholders were very pleased with this arrangement. Throughout the eighteenth century the yield on slave-trade investments was about 6 per cent a year – they were extremely profitable, as any modern consultant would be quick to admit. This is the fly in the ointment of free-market capitalism. It cannot ensure that profits are gained in a fair way, or distributed in a fair manner. On the contrary, the craving to increase profits and production blinds people to anything that might stand in the way.

If there are costs to becoming legal, there are also bound to be costs to remaining outside the law. We found that operating outside the world of legal work and business was surprisingly expensive. In Peru, for example, the cost of operating a business extralegally includes paying 10 to 15 per cent of its annual income in bribes and commissions to authorities. Add to such payoffs the costs of avoiding penalties, making transfers outside legal channels and operating from dispersed locations and without credit, and the life of the extralegal entrepreneur turns out to be far more costly and full of daily hassles than that of the legal businessman. Perhaps the most significant cost was caused by the absence of institutions that create incentives for people to seize economic and social opportunities to specialize within the market place. We found that people who could not operate within the law also could not hold property efficiently or enforce contracts through the courts; nor could they reduce uncertainty through limited liability systems and insurance policies, or create stock companies to attract additional capital and share risk. Being unable to raise money for investment, they could not achieve economies of scale or protect their innovations through royalties and patents.

Despite the lack of such biological instincts, during the foraging era, hundreds of strangers were able to cooperate thanks to their shared myths. However, this cooperation was loose and limited. Every Sapiens band continued to run its life independently and to provide for most of its own needs. An archaic sociologist living 20,000 years ago, who had no knowledge of events following the Agricultural Revolution, might well have concluded that mythology had a fairly limited scope. Stories about ancestral spirits and tribal totems were strong enough to enable 500 people to trade seashells, celebrate the odd festival, and join forces to wipe out a Neanderthal band, but no more than that. Mythology, the ancient sociologist would have thought, could not possibly enable millions of strangers to cooperate on a daily basis. But that turned out to be wrong. Myths, it transpired, are stronger than anyone could have imagined. When the Agricultural Revolution opened opportunities for the creation of crowded cities and mighty empires, people invented stories about great gods, motherlands and joint stock companies to provide the needed social links. While human evolution was crawling at its usual snail’s pace, the human imagination was building astounding networks of mass cooperation, unlike any other ever seen on earth. Around

As they worked through the order types, they created a taxonomy of predatory behavior in the stock market. Broadly speaking, it appeared as if there were three activities that led to a vast amount of grotesquely unfair trading. The first they called “electronic front-running”—seeing an investor trying to do something in one place and racing him to the next. (What had happened to Brad, when he traded at RBC.) The second they called “rebate arbitrage”—using the new complexity to game the seizing of whatever kickbacks the exchange offered without actually providing the liquidity that the kickback was presumably meant to entice. The third, and probably by far the most widespread, they called “slow market arbitrage.” This occurred when a high-frequency trader was able to see the price of a stock change on one exchange, and pick off orders sitting on other exchanges, before the exchanges were able to react. Say, for instance, the market for P&G shares is 80–80.01, and buyers and sellers sit on both sides on all of the exchanges. A big seller comes in on the NYSE and knocks the price down to 79.98–79.99. High-frequency traders buy on NYSE at $79.99 and sell on all the other exchanges at $80, before the market officially changes. This happened all day, every day, and generated more billions of dollars a year than the other strategies combined.

Life as an Enron employee was good. Prestwood’s annual salary rose steadily to sixty-five thousand dollars, with additional retirement benefits paid in Enron stock. When Houston Natural and Internorth had merged, all of Prestwood’s investments were automatically converted to Enron stock. He continued to set aside money in the company’s retirement fund, buying even more stock. Internally, the company relentlessly promoted employee stock ownership. Newsletters touted Enron’s growth as “simply stunning,” and Lay, at company events, urged employees to buy more stock. To Prestwood, it didn’t seem like a problem that his future was tied directly to Enron’s. Enron had committed to him, and he was showing his gratitude. “To me, this is the American way, loyalty to your employer,” he says. Prestwood was loyal to the bitter end. When he retired in 2000, he had accumulated 13,500 shares of Enron stock, worth $1.3 million at their peak. Then, at age sixty-eight, Prestwood suddenly lost his entire Enron nest egg. He now survives on a previous employer’s pension of $521 a month and a Social Security check of $1,294. “There aint no such thing as a dream anymore,” he says. He lives on a three-acre farm north of Houston willed to him as a baby in 1938 after his mother died. “I hadn’t planned much for the retirement. Wanted to go fishing, hunting. I was gonna travel a little.

What’s an IPO, exactly? A company decides it wants to “float” part of its equity on the public markets, allowing employees and founders to sell private shares to pay them off for years of service, as well as sell shares out of the corporate treasury to have some money in the bank. Large investment banks (such as my former employer Goldman Sachs) form what’s called a “syndicate” (“mafia” might be a better term) wherein they offer to effectively buy those shares from Facebook, and then sell them into the capital markets, usually by pushing it via their sales force onto wealthy clients or institutional investors. That syndicate either guarantees a price (“firm commitment”) or promises to get the best price it can (“best effort”). In the former case, the bank is taking real execution risk, and stands to lose money if it doesn’t engineer a “pop” in the stock on opening day. To mitigate the risk, the bank convinces the offering company to expect a lower price, while simultaneously jacking up what real price the market will bear with a zealous sales pitch to the market’s deepest pockets. Thus, it is absolutely jejune to think that a stock’s rise on opening day is due to clamoring and unexpected interest. Similar to Captain Renault in Casablanca, Wall Street bankers are shocked—shocked!—that there should be such a large and positive price dislocation in the market they just rigged.

This kind of speculation reached a high point with the Pentagon's initiative of creating a 'futures market in events', a stock market of prices for terrorist attacks or catastrophes. You bet on the probable occurrence of such events against those who don't believe they'll happen. This speculative market is intended to operate like the market in soya or sugar. You might speculate on the number of AIDS victims in Africa or on the probability that the San Andreas Fault will give way (the Pentagon's initiative is said to derive from the fact that they credit the free market in speculation with better forecasting powers than the secret services). Of course it is merely a step from here to insider trading: betting on the event before you cause it is still the surest way (they say Bin Laden did this, speculating on TWA shares before 11 September). It's like taking out life insurance on your wife before you murder her. There's a great difference between the event that happens (happened) in historical time and the event that happens in the real time of information. To the pure management of flows and markets under the banner of planetary deregulation, there corresponds the 'global' event- or rather the globalized non-event: the French victory in the World Cup, the year 2000, the death of Diana, The Matrix, etc. Whether or not these events are manufactured, they are orchestrated by the silent epidemic of the information networks. Fake events.

Statisticians say that stocks with healthy dividends slightly outperform the market averages, especially on a risk-adjusted basis. On average, high-yielding stocks have lower price/earnings ratios and skew toward relatively stable industries. Stripping out these factors, generous dividends alone don’t seem to help performance. So, if you need or like income, I’d say go for it. Invest in a company that pays high dividends. Just be sure that you are favoring stocks with low P/Es in stable industries. For good measure, look for earnings in excess of dividends, ample free cash flow, and stable proportions of debt and equity. Also look for companies in which the number of shares outstanding isn’t rising rapidly. To put a finer point on income stocks to skip, reverse those criteria. I wouldn’t buy a stock for its dividend if the payout wasn’t well covered by earnings and free cash flow. Real estate investment trusts, master limited partnerships, and royalty trusts often trade on their yield rather than their asset value. In some of those cases, analysts disagree about the economic meaning of depreciation and depletion—in particular, whether those items are akin to earnings or not. Without looking at the specific situation, I couldn’t judge whether the per share asset base was shrinking over time or whether generally accepted accounting principles accounting was too conservative. If I see a high-yielder with swiftly rising share counts and debt levels, I assume the worst.

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

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

To summarize my trading strategy for the ABCD Pattern: When I find a Stock in Play, either from my Gappers watchlist or from one of my scanners, or when I’m advised by someone in our chatroom that a stock is surging up from point A and reaching a significant new high for the day (point B), I wait to see if the price makes a support higher than point A. I call this point C. I do not jump into the trade right away. I watch the stock during its consolidation period. I choose my share size and stop loss and profit target exit strategy. When I see that the price is holding support at point C, I enter the trade close to the price of point C in anticipation of moving forward to point D or higher. Point C can also be identified from a 1-minute chart. It is important to look at both time frames in order to gain a better insight. My stop is the loss of point C. If the price goes lower than point C, I sell and accept the loss. Therefore, it is important to buy the stock close to point C to minimize the loss. Some traders wait and buy only at point D to ensure that the ABCD Pattern is really working. In my opinion, that approach basically reduces your reward while at the same time increases your risk. If the price moves higher, I sell half of my position at point D, and bring my stop higher to my entry point (break-even). I sell the remaining position as soon as my target hits or I sense that the price is losing steam or that the sellers are acquiring control of the price action. When the price makes a new low on my 5-minute chart, it is a good indicator that the buyers are almost exhausted.

In his job as a financial educator, Keith had spent a fair amount of time breaking down the act — and sometimes art — of short selling, in a way that less savvy customers could understand. When a trader believed a company was in trouble, and its stock was overvalued, they could 'borrow' shares, sell them, and then when the stock went down as they'd predicted, rebuy the shares at a lower price, return them to whoever they'd borrowed them from, and pocket the difference. If GameStop was trading at 5, you could borrow 100 shares, sell them for $500; when the stock hit 1, you bought back the 100 shares for $100, returned them, pocketing $400 for yourself. You paid a little fee to the lender for their trouble and came out with a tidy profit. But what happened if the stock went up instead of down? What happened if GameStop figured out how to capitalize on its millions of nostalgic customers, who spent billions on video games every year? What if the stock went to 10 instead of 1? What happened was, the short seller was royally screwed. He'd borrowed those 100 shares and sold them at 5. Now the stock was at 10, but he still needed to return his 100 shares. Buying them on the market at 10 meant spending $1000. And what was worse, when he'd borrowed the shares, he'd agreed on a timeline to return them. There was a ticking clock hanging over his head, so he had a choice — buy the shares back at 10 now, losing $500 on the deal — or wait a little longer, hoping the stock went back down before his time limit was up. And what if he waited, and the stock kept going up? Sooner or later, he had to buy those shares back. Even if the stock went to 15, 20 — he was on the hook for those 100 shares. Theoretically, there was no limit to how much he could lose.

We begin with an onion soup as smoky and fragrant as autumn leaves, with croutons and grated Gruyère and a sprinkle of paprika over the top. She serves and watches me throughout, waiting, perhaps, for me to produce from thin air an even more perfect confection that will cast her effort into the shade. Instead I eat, and talk, and smile, and compliment the chef, and the chink of crockery goes through her head, and she feels slightly dazed, not quite herself. Well, pulque is a mysterious brew, and the punch is liberally spiked with it, courtesy of Yours Truly, of course, in honor of the joyful occasion. As comfort, perhaps, she serves more punch, and the scent of the cloves is like being buried alive, and the taste is like chilies spiced with fire, and she wonders, Will it ever end? The second course is sweet foie gras, sliced on thin toast with quinces and figs. It's the snap that gives this dish its charm, like the snap of correctly tempered chocolate, and the foie gras melts so lingeringly in the mouth, as soft as praline truffle, and it is served with a glass of ice-cold Sauternes that Anouk disdains, but which Rosette sips in a tiny glass no larger than a thimble, and she gives her rare and sunny smile, and signs impatiently for more. The third course is a salmon baked en papillote and served whole, with a béarnaise sauce. Alice complains she is nearly full, but Nico shares his plate with her, feeding her tidbits and laughing at her minuscule appetite. Then comes the pièce de résistance: the goose, long roasted in a hot oven so that the fat has melted from the skin, leaving it crisp and almost caramelized, and the flesh so tender it slips off the bones like a silk stocking from a lady's leg. Around it there are chestnuts and roast potatoes, all cooked and crackling in the golden fat.

To summarize the strategy: An Angel is a low float Stock in Play which is gapping with heavy volume in the pre-market. At the market Open, our Angel makes a new high of the day but sells off quickly. You do not want to jump into the trade yet, not until it consolidates around an important trading level such as the low of the pre-market, or moving averages on your daily or 5-minute chart. This is where our Angel will have fallen to. As soon as the stock is coming back up with heavy volume, that is the place you take the trade to the long side. The entry signal is to see a new 1-minute or 5-minute high after the consolidation with MASSIVE volume only. You must remember that the volume on the way up needs to be significantly higher than previous candlesticks. The stop loss is below the consolidation period. The profit target can be (1) VWAP, (2) the then high of the day, (3) the high of the pre-market, and (4) any other important level nearby such as Y High or Y Low. If you don’t see an obvious support level and consolidation, do not trade the stock. If you see a breakout but it does not have strong volume, do not trade the stock. Fallen Angel is generally a difficult strategy to trade, especially since it is difficult to manage the risk in. You will have seen in the above examples that most of the drops are sharp, and if you are not quick in getting out of a losing trade, you may get stuck in a very bad position and be forced to accept a heavy loss. Remember, these stocks often gapped up significantly and can lose the majority of their gap during the day, so holding them during the day may not be a good idea, especially if volume is dropping during the day. I recommend trading this strategy in the simulator for some period of time before trading it live. When you go live, make sure to take small size. I know, it is easy to take a 10,000 share on a $1 stock, but remember, every cent up and down in a $1 stock is the equivalent of a 1% swing in your position. I usually take 4,000 shares for low float stocks below $10.

To summarize my ORB Strategy: After I build my watchlist in the morning, I closely monitor the shortlisted stocks in the first five minutes after the Open. I identify their opening range and their price action. How many shares are being traded? Is the stock jumping up and down or does it have a directional upward or downward movement? Is it high volume with large orders only, or are there many orders going through? I prefer stocks that have high volume, but also with numerous different orders being traded. If the stock has traded 1 million shares, but those shares were only ten orders of 100,000 shares each, it is not a liquid stock to trade. Volume alone does not show the liquidity; the number of orders being sent to the exchange is as important. The opening range must be significantly smaller than the stock’s Average True Range (ATR). I have ATR as a column in my Trade Ideas scanner. After the close of the first five minutes of trading, the stock may continue to be traded in that opening range in the next five minutes. But, if I see the stock is breaking the opening range, I enter the trade according to the direction of the breakout: long for an upward breakout and short for a downward move. My stop loss is a close below VWAP for the long positions and a break above VWAP for the short positions. My profit target is the next important technical level, such as: (1) important intraday daily levels that I identify in the pre-market, (2) moving averages on a daily chart, and/or (3) previous day close. If there was no obvious technical level for the exit and profit target, I exit when a stock shows signs of weakness (if I am long) or strength (if I am short). For example, if the price makes a new 5-minute low, that means weakness, and I consider selling my position if I am long. If I am short and the stock makes a new 5-minute high, then it could be a sign of strength and I consider covering my short position. My strategy above was for a 5-minute ORB, but the same process will also work well for 15-minute or 30-minute ORBs.

If Jim was back at the imaginary dinner party, trying to explain what he did for a living, he'd have tried to keep it simple: clearing involved everything that took place between the moment someone started at trade — buying or selling a stock, for instance — and the moment that trade was settled — meaning the stock had officially and legally changed hands. Most people who used online brokerages thought of that transaction as happening instantly; you wanted 10 shares of GME, you hit a button and bought 10 shares of GME, and suddenly 10 shares of GME were in your account. But that's not actually what happened. You hit the Buy button, and Robinhood might find you your shares immediately and put them into your account; but the actual trade took two days to complete, known, for that reason, in financial parlance as 'T+2 clearing.' By this point in the dinner conversation, Jim would have fully expected the other diners' eyes to glaze over; but he would only be just beginning. Once the trade was initiated — once you hit that Buy button on your phone — it was Jim's job to handle everything that happened in that in-between world. First, he had to facilitate finding the opposite partner for the trade — which was where payment for order flow came in, as Robinhood bundled its trades and 'sold' them to a market maker like Citadel. And next, it was the clearing brokerage's job to make sure that transaction was safe and secure. In practice, the way this worked was by 10:00 a.m. each market day, Robinhood had to insure its trade, by making a cash deposit to a federally regulated clearinghouse — something called the Depository Trust & Clearing Corporation, or DTCC. That deposit was based on the volume, type, risk profile, and value of the equities being traded. The riskier the equities — the more likely something might go wrong between the buy and the sell — the higher that deposit might be. Of course, most all of this took place via computers — in 2021, and especially at a place like Robinhood, it was an almost entirely automated system; when customers bought and sold stocks, Jim's computers gave him a recommendation of the sort of deposits he could expect to need to make based on the requirements set down by the SEC and the banking regulators — all simple and tidy, and at the push of a button.

Is power like the vis viva and the quantite d’avancement? That is, is it conserved by the universe, or is it like shares of a stock, which may have great value one day, and be worthless the next? If power is like stock shares, then it follows that the immense sum thereof lately lost by B[olingbroke] has vanished like shadows in sunlight. For no matter how much wealth is lost in stock crashes, it never seems to turn up, but if power is conserved, then B’s must have gone somewhere. Where is it? Some say ‘twas scooped up by my Lord R, who hid it under a rock, lest my Lord M come from across the sea and snatch it away. My friends among the Whigs say that any power lost by a Tory is infallibly and insensibly distributed among all the people, but no matter how assiduously I search the lower rooms of the clink for B’s lost power, I cannot seem to find any there, which explodes that argument, for there are assuredly very many people in those dark salons. I propose a novel theory of power, which is inspired by . . . the engine for raising water by fire. As a mill makes flour, a loom makes cloth and a forge makes steel, so we are assured this engine shall make power. If the backers of this device speak truly, and I have no reason to deprecate their honesty, it proves that power is not a conserved quantity, for of such quantities, it is never possible to make more. The amount of power in the world, it follows, is ever increasing, and the rate of increase grows ever faster as more of these engines are built. A man who hordes power is therefore like a miser who sits on a heap of coins in a realm where the currency is being continually debased by the production of more coins than the market can bear. So that what was a great fortune, when first he raked it together, insensibly becomes a slag heap, and is found to be devoid of value. When at last he takes it to the marketplace to be spent. Thus my Lord B and his vaunted power hoard what is true of him is likely to be true of his lackeys, particularly his most base and slavish followers such as Mr. Charles White. This varmint has asserted that he owns me. He fancies that to own a man is to have power, yet he has got nothing by claiming to own me, while I who was supposed to be rendered powerless, am now writing for a Grub Street newspaper that is being perused by you, esteemed reader.

But being short something where your loss is unlimited is quite different than being long something that you’ve already paid for. And it’s tempting. You see way more stocks that are dramatically overvalued in your career than you will see stocks that are dramatically undervalued. I mean there — it’s the nature of securities markets to occasionally promote various things to the sky, so that securities will frequently sell for 5 or 10 times what they’re worth, and they will very, very seldom sell for 20 percent or 10 percent of what they’re worth. So, therefore, you see these much greater discrepancies between price and value on the overvaluation side. So you might think it’s easier to make money on short selling. And all I can say is, it hasn’t been for me. I don’t think it’s been for Charlie. It is a very, very tough business because of the fact that you face unlimited losses, and because of the fact that people that have overvalued stocks — very overvalued stocks — are frequently on some scale between promoter and crook. And that’s why they get there. And once there — And they also know how to use that very valuation to bootstrap value into the business, because if you have a stock that’s selling at 100 that’s worth 10, obviously it’s to your interest to go out and issue a whole lot of shares. And if you do that, when you get all through, the value can be 50. In fact, there’s a lot of chain letter-type stock promotions that are sort of based on the implicit assumption that the management will keep doing that. And if they do it once and build it to 50 by issuing a lot of shares at 100 when it’s worth 10, now the value is 50 and people say, “Well, these guys are so good at that. Let’s pay 200 for it or 300,” and then they could do it again and so on. It’s not usually that — quite that clear in their minds. But that’s the basic principle underlying a lot of stock promotions. And if you get caught up in one of those that is successful, you know, you can run out of money before the promoter runs out of ideas. In the end, they almost always work. I mean, I would say that, of the things that we have felt like shorting over the years, the batting average is very high in terms of eventual — that they would work out very well eventually if you held them through. But it is very painful and it’s — in my experience, it was a whole lot easier to make money on the long side.

Between 2003 and 2008, Iceland’s three main banks, Glitnir, Kaupthing and Landsbanki, borrowed over $140 billion, a figure equal to ten times the country’s GDP, dwarfing its central bank’s $2.5 billion reserves. A handful of entrepreneurs, egged on by their then government, embarked on an unprecedented international spending binge, buying everything from Danish department stores to West Ham Football Club, while a sizeable proportion of the rest of the adult population enthusiastically embraced the kind of cockamamie financial strategies usually only mooted in Nigerian spam emails – taking out loans in Japanese Yen, for example, or mortgaging their houses in Swiss francs. One minute the Icelanders were up to their waists in fish guts, the next they they were weighing up the options lists on their new Porsche Cayennes. The tales of un-Nordic excess are legion: Elton John was flown in to sing one song at a birthday party; private jets were booked like they were taxis; people thought nothing of spending £5,000 on bottles of single malt whisky, or £100,000 on hunting weekends in the English countryside. The chief executive of the London arm of Kaupthing hired the Natural History Museum for a party, with Tom Jones providing the entertainment, and, by all accounts, Reykjavik’s actual snow was augmented by a blizzard of the Colombian variety. The collapse of Lehman Brothers in late 2008 exposed Iceland’s debts which, at one point, were said to be around 850 per cent of GDP (compared with the US’s 350 per cent), and set off a chain reaction which resulted in the krona plummeting to almost half its value. By this stage Iceland’s banks were lending money to their own shareholders so that they could buy shares in . . . those very same Icelandic banks. I am no Paul Krugman, but even I can see that this was hardly a sustainable business model. The government didn’t have the money to cover its banks’ debts. It was forced to withdraw the krona from currency markets and accept loans totalling £4 billion from the IMF, and from other countries. Even the little Faroe Islands forked out £33 million, which must have been especially humiliating for the Icelanders. Interest rates peaked at 18 per cent. The stock market dropped 77 per cent; inflation hit 20 per cent; and the krona dropped 80 per cent. Depending who you listen to, the country’s total debt ended up somewhere between £13 billion and £63 billion, or, to put it another way, anything from £38,000 to £210,000 for each and every Icelander.

I never dreamed it would be as amazing as that,” she whispered. “I did.” “Really?” Her soft voice was a caress. Everything about her was as smooth and silky and sweet as whipped cream. Well, except for her tart opinions. And her fierce determination to make him tell everything in his soul. Though he had to admit that after confessing his secret fears to her earlier, he felt freer, as if the boulder he’d been carrying for years had dropped from his back. “I knew it would be perfect.” He gave her a lingering kiss, then drew back to cup her pinkening cheek. “With you it could be nothing less.” Shyly avoiding his gaze, she finger-combed his short hair. “Nancy always said that sharing a man’s bed was something to ‘endure.’ That marriage was more pleasant without it, but it was required for having children so she’d had to put up with it.” He skimmed a hand down her lightly freckled arm. “And what do you think, now that you’ve experienced it for yourself?” “I think I could ‘endure’ it with great enthusiasm.” Jane flashed him a mischievous smile. “But I’m not really sure. Should we try it again so I can make certain?” Stifling a laugh, he tried to look stern. “We’re lucky none of the grooms have stumbled over us already.” He managed to sound even-toned, though the prospect of taking her again--here, now--was already making him hard. “Speaking of that, we’d better get dressed, before someone finds us here naked.” A sigh escaped her. “You do have a point. Though I don’t know how you can be so sensible and industrious when all I feel is lazy and content.” “I’m not being sensible and industrious at all.” Reluctantly he slipped from her arms to go hunt up his drawers. “I’m simply being selfish. The longer you stay naked, the more chance that I will attempt to ravish you again.” “That sounds perfectly…awful,” she said as she struck a seductive pose. God save him. He swept his gaze over her thrusting breasts, her slender belly with its delicate navel, and her auburn thatch of curls. The taste of her was still on his lips, the smell of her still in his nostrils. He wanted her again. And again and again… Muttering a curse under his breath, he tossed her shift at her. “Put some clothes on before I combust.” She laughed, a delicate tinkling sound that tightened his cock. Fortunately for his self-restraint, she did as he bade and donned her shift. Only then was he able to breathe, to concentrate on putting on his trousers rather than on the erotic sight of her drawing her stockings up those luscious legs. He turned and nearly stumbled over the carriage lamps. “These are a lost cause, now that I recklessly dashed them to the floor in my…er…enthusiasm, sweeting.” “Good,” she said cheerily. “Now you can’t run off to London without me tonight.

8:00am The sun is shining, the cows are mooing, and I am ready for the mines. I hope I find something awesome today. Steve has told me about some pretty crazy things I had no idea existed. According to him, I must find empty tombs in the desert. That’s where the real treasures are. For today, I will stick to regular mining. Who knows, maybe I will come across an abandoned mine shaft; could be my lucky day.   12:30pm I was forced to come home for lunch today because I had too much stuff to carry. I was getting low on my iron ore, gold, and lapis lazuli stocks before this mine trip. It’s amazing how quick lapis goes when you are busy enchanting everything but the kitchen sink. I’d enchant that too if I had one. I wonder what an enchanted kitchen sink would do. Would it do my dishes for me? That would be so cool.   I have plenty of both now. I can make some new armor and enchant it! I love mining.   Steve decided to join me for lunch and we ate a couple of pork chops and some cake. I love cake! We ate until no more food could fill us up. Then, Steve had the guts to brag about how, when he mines, he takes a horse with extra storage so he can stay down there all day long. Well fancy you, Steve.   He also went on to tell me about how well the crops are doing these days. He thinks it’s because he is looking after them half of the time. What he doesn’t know is I throw bone marrow on them when I am working. Makes my job faster and gives me more free time so whatever you need to tell yourself, Steve.   Life may be easier switching every day between mines and farming, but it still doesn’t make me his biggest fan. I just don’t think he needs to fall in a hole, either. At least… Not right now. I would consider us to be frienemies; Friendly enemies. Yes. At times we pretend to get along, but most of the time, we are happiest doing our own thing.   6:00pm Mining this afternoon was super fun… Not! I got attacked by a partially hidden skeleton guy. I couldn’t see him enough to strike back until half of my life hearts were gone. I must not have made the space bright enough. Those guys are nasty. They are hard to kill too. If you don’t have a bow and arrow you might as well surrender. Plus, they kind of smell like death. Yuck.   Note to self: Bring more torches on the next mining day.   On the other hand, I came back with an overshare of Redstone, too much iron for my own good, and oddly, quite a few diamonds. I won’t be sharing the diamonds with anyone. They are far too precious. They will go to some new diamond pickaxes, and maybe some armor. Hmm, I could enchant those too! The iron and Redstone though, I am thinking a trip to the village may be in order. See what those up-tight weirdos are willing to trade me.   For now, it’s bedtime.   6:10pm You can only sleep at night. You can only sleep at night. You can only sleep at night.   6:11pm That stupid rule gets me every time. Why can’t I decide when it’s bed time?   First, I will go eat a cookie, then I will go to sleep. Day Thirty-Three   3:00am I just dreamt that our world was made of cookies.

By now, though, it had been a steep learning curve, he was fairly well versed on the basics of how clearing worked: When a customer bought shares in a stock on Robinhood — say, GameStop — at a specific price, the order was first sent to Robinhood's in-house clearing brokerage, who in turn bundled the trade to a market maker for execution. The trade was then brought to a clearinghouse, who oversaw the trade all the way to the settlement. During this time period, the trade itself needed to be 'insured' against anything that might go wrong, such as some sort of systemic collapse or a default by either party — although in reality, in regulated markets, this seemed extremely unlikely. While the customer's money was temporarily put aside, essentially in an untouchable safe, for the two days it took for the clearing agency to verify that both parties were able to provide what they had agreed upon — the brokerage house, Robinhood — had to insure the deal with a deposit; money of its own, separate from the money that the customer had provided, that could be used to guarantee the value of the trade. In financial parlance, this 'collateral' was known as VAR — or value at risk. For a single trade of a simple asset, it would have been relatively easy to know how much the brokerage would need to deposit to insure the situation; the risk of something going wrong would be small, and the total value would be simple to calculate. If GME was trading at $400 a share and a customer wanted ten shares, there was $4000 at risk, plus or minus some nominal amount due to minute vagaries in market fluctuations during the two-day period before settlement. In such a simple situation, Robinhood might be asked to put up $4000 and change — in addition to the $4000 of the customer's buy order, which remained locked in the safe. The deposit requirement calculation grew more complicated as layers were added onto the trading situation. A single trade had low inherent risk; multiplied to millions of trades, the risk profile began to change. The more volatile the stock — in price and/or volume — the riskier a buy or sell became. Of course, the NSCC did not make these calculations by hand; they used sophisticated algorithms to digest the numerous inputs coming in from the trade — type of equity, volume, current volatility, where it fit into a brokerage's portfolio as a whole — and spit out a 'recommendation' of what sort of deposit would protect the trade. And this process was entirely automated; the brokerage house would continually run its trading activity through the federal clearing system and would receive its updated deposit requirements as often as every fifteen minutes while the market was open. Premarket during a trading week, that number would come in at 5:11 a.m. East Coast time, usually right as Jim, in Orlando, was finishing his morning coffee. Robinhood would then have until 10:00 a.m. to satisfy the deposit requirement for the upcoming day of trading — or risk being in default, which could lead to an immediate shutdown of all operations. Usually, the deposit requirement was tied closely to the actual dollars being 'spent' on the trades; a near equal number of buys and sells in a brokerage house's trading profile lowered its overall risk, and though volatility was common, especially in the past half-decade, even a two-day settlement period came with an acceptable level of confidence that nobody would fail to deliver on their trades.

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.