Stocks Real Time Quotes

For sure, they don't teach you this in history class, but in colonial times, the person who got left in the stocks overnight was nothing less than fair game for everybody to nail. Men or women, anybody bent over had no way of knowing who was doing the ram job, and this was the real reason you never wanted to end up here unless you had a family member or a friend who'd stand with you the whole time. To protect you. To watch your ass, for real.

Who am I? And how I wonder, will this story end? . . . My life? It is'nt easy to explain. It has not been the rip-roaring spectacular I fancied it woulf be, but neither have I burrowed around with the gophers. i suppose it has most resembled a bluechip stock: fairly stable, more ups and downs, and gradually tending over time. A good buy, a lucky buy, and I've learned that not everyone can say this about his life. But do not be misled. I am nothing special; of this I am sure. I am common man with common thought and I've led a common life. There are no monuments dedicated to me, and my name will soon be forgotten, but I've loved another with all my heart and soul, and to me, this has always been enough. The romantics would call this a love story, the cynics would call it a tragedy. In my mind, it's a little bit of both, and no matter how you choose to view it in the end, it does not change the fact that involves a great deal of my life and the path I've chosen to follow. I have no complaints about the places it has taken me, enough complaints to fill a circus tent about other thins, maybe, but the path I've chosen has always been the right one, and I would'nt have had it any other way. Time, unfortunatley, does'nt make it easy to stay on course. The path is straight as ever, but now it is strewn with the rocks and gravel that accumulated over a lifetime . . . There is always a moment right before I begin to read the story when my mind churns, and I wonder, will it happen today? I don't know, for I never know beforehand, and deep down it really doesn't matter. It's the possibility that keeps me going, not the guarantee, a sort of wager on my part. And though you may call me a dreamer or a fool or any other thing, I believe that anything is possible. I realize that odds, and science, are againts me. But science is not the answer; this I know, this I have learned in my lifetime. And that leaves me with the belief that miracles, no matter how inexplicable or unbelievable, are real and can occur without regard to the natural order of things. So once again, just as I do ecery day, I begin to read the notebook aloud, so that she can hear it, in the hope that the miracle, that has come to dominate my life will once again prevail. And maybe, just maybe, it will.

Nothing has changed. The body is susceptible to pain, It must eat and breath air and sleep, It has thin skin and blood right underneath, An adequate stock of teeth and nails, Its bones are breakable, its joints are stretchable. In tortures all this is taken into account. Nothing has changed. The body shudders as it is shuddered Before the founding of Rome and after, In the twentieth century before and after Christ. Tortures are as they were, it’s just the earth that’s grown smaller, And whatever happens seems on the other side of the wall. Nothing has changed. It’s just that there are more people, Besides the old offenses, new ones have appeared, Real, imaginary, temporary, and none, But the howl with which the body responds to them, Was, and is, and ever will be a howl of innocence According to the time-honored scale and tonality. Nothing has changed. Maybe just the manners, ceremonies, dances, Yet the movement of the hands in protecting the head is the same. The body writhes, jerks, and tries to pull away Its legs give out, it falls, the knees fly up, It turns blue, swells, salivates, and bleeds. Nothing has changed. Except of course for the course of boundaries, The lines of forests, coasts, deserts, and glaciers. Amid these landscapes traipses the soul, Disappears, comes back, draws nearer, moves away, Alien to itself, elusive At times certain, at others uncertain of its own existence, While the body is and is and is And has no place of its own.

A Gift for You I send you... A cottage retreat on a hill in Ireland. This cottage is filled with fresh flowers, art supplies, and a double-wide chaise lounge in front of a wood-burning fireplace. There is a cabinet near the front door, where your favorite meals appear, several times a day. Desserts are plentiful and calorie free. The closet is stocked with colorful robes and pajamas, and a painting in the bedroom slides aside to reveal a plasma television screen with every movie you've ever wanted to watch. A wooden mailbox at the end of the lane is filled daily with beguiling invitations to tea parties, horse-and-carriage rides, theatrical performances, and violin concerts. There is no obligation or need to respond. You sleep deeply and peacefully each night, and feel profoundly healthy. This cottage is yours to return to at any time.

Maria, lonely prostitute on a street of pain, You, at least, hail me and speak to me While a thousand others ignore my face. You offer me an hour of love, And your fees are not as costly as most. You are the madonna of the lonely, The first-born daughter in a world of pain. You do not turn fat men aside, Or trample on the stuttering, shy ones, You are the meadow where desperate men Can find a moment's comfort. Men have paid more to their wives To know a bit of peace And could not walk away without the guilt That masquerades as love. You do not bind them, lovely Maria, you comfort them And bid them return. Your body is more Christian than the Bishop's Whose gloved hand cannot feel the dropping of my blood. Your passion is as genuine as most, Your caring as real! But you, Maria, sacred whore on the endless pavement of pain, You, whose virginity each man may make his own Without paying ought but your fee, You who know nothing of virgin births and immaculate conceptions, You who touch man's flesh and caress a stranger, Who warm his bed to bring his aching skin alive, You make more sense than stock markets and football games Where sad men beg for virility. You offer yourself for a fee--and who offers himself for less? At times you are cruel and demanding--harsh and insensitive, At times you are shrewd and deceptive--grasping and hollow. The wonder is that at times you are gentle and concerned, Warm and loving. You deserve more respect than nuns who hide their sex for eternal love; Your fees are not so high, nor your prejudice so virtuous. You deserve more laurels than the self-pitying mother of many children, And your fee is not as costly as most. Man comes to you when his bed is filled with brass and emptiness, When liquor has dulled his sense enough To know his need of you. He will come in fantasy and despair, Maria, And leave without apologies. He will come in loneliness--and perhaps Leave in loneliness as well. But you give him more than soldiers who win medals and pensions, More than priests who offer absolution And sweet-smelling ritual, More than friends who anticipate his death Or challenge his life, And your fee is not as costly as most. You admit that your love is for a fee, Few women can be as honest. There are monuments to statesmen who gave nothing to anyone Except their hungry ego, Monuments to mothers who turned their children Into starving, anxious bodies, Monuments to Lady Liberty who makes poor men prisoners. I would erect a monument for you-- who give more than most-- And for a meager fee. Among the lonely, you are perhaps the loneliest of all, You come so close to love But it eludes you While proper women march to church and fantasize In the silence of their rooms, While lonely women take their husbands' arms To hold them on life's surface, While chattering women fill their closets with clothes and Their lips with lies, You offer love for a fee--which is not as costly as most-- And remain a lonely prostitute on a street of pain. You are not immoral, little Maria, only tired and afraid, But you are not as hollow as the police who pursue you, The politicians who jail you, the pharisees who scorn you. You give what you promise--take your paltry fee--and Wander on the endless, aching pavements of pain. You know more of universal love than the nations who thrive on war, More than the churches whose dogmas are private vendettas made sacred, More than the tall buildings and sprawling factories Where men wear chains. You are a lonely prostitute who speaks to me as I pass, And I smile at you because I am a lonely man.

It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon.

Even a moment's reflection will help you see that the problem of using your time well is not a problem of the mind but of the heart. It will only yield to a change in the very way we feel about time. The value of time must change for us. And then the way we think about it will change, naturally and wisely. That change in feeling and in thinking is combined in the words of a prophet of God in this dispensation. It was Brigham Young, and the year was 1877, and he was speaking at April general conference. He wasn't talking about time or schedules or frustrations with too many demands upon us. Rather, he was trying to teach the members of the Church how to unite themselves in what was called the united order. The Saints were grappling with the question of how property should be distributed if they were to live the celestial law. In his usual direct style, he taught the people that they were having trouble finding solutions because they misunderstood the problem. Particularly, he told them they didn't understand either property or the distribution of wealth. Here is what he said: With regard to our property, as I have told you many times, the property which we inherit from our Heavenly Father is our time, and the power to choose in the disposition of the same. This is the real capital that is bequeathed unto us by our Heavenly Father; all the rest is what he may be pleased to add unto us. To direct, to counsel and to advise in the disposition of our time, pertains to our calling as God's servants, according to the wisdom which he has given and will continue to give unto us as we seek it. [JD 18:354] Time is the property we inherit from God, along with the power to choose what we will do with it. President Young calls the gift of life, which is time and the power to dispose of it, so great an inheritance that we should feel it is our capital. The early Yankee families in America taught their children and grandchildren some rules about an inheritance. They were always to invest the capital they inherited and live only on part of the earnings. One rule was "Never spend your capital." And those families had confidence the rule would be followed because of an attitude of responsibility toward those who would follow in later generations. It didn't always work, but the hope was that inherited wealth would be felt a trust so important that no descendent would put pleasure ahead of obligation to those who would follow. Now, I can see and hear Brigham Young, who was as flinty a New Englander as the Adams or the Cabots ever hoped to be, as if he were leaning over this pulpit tonight. He would say something like this, with a directness and power I wish I could approach: "Your inheritance is time. It is capital far more precious than any lands or stocks or houses you will ever get. Spend it foolishly, and you will bankrupt yourself and cheapen the inheritance of those that follow you. Invest it wisely, and you will bless generations to come. “A Child of Promise”, BYU Speeches, 4 May 1986

Goodness is adorable, and it is immortal. When it is trodden down into the earth it springs up again, and human beings scrabble in the dust to find the first green seedling of its return. The stock cannot survive save by the mutual kindness of men and women, of old and young, of state and individual. Hatred comes before love, and gives the hater strange and delicious pleasures, but its works are short-lived; the head is cut from the body before the time of natural death, the lie is told to frustrate the other rogue’s plan before it comes to fruit. Sooner or later society tires of making a mosaic of these evil fragments; and even if the rule of hatred lasts some centuries it occupies no place in real time, it is a hiatus in reality, and not the vastest material thefts, not world wide raids on mines and granaries, can give it substance.

Having DID is, for many people, a very lonely thing. If this book reaches some people whose experiences resonate with mine and gives them a sense that they aren't alone, that there is hope, then I will have achieved one of my goals. A sad fact is that people with DID spend an average of almost seven years in the mental health system before being properly diagnosed and receiving the specific help they need. During that repeatedly misdiagnosed and incorrectly treated, simply because clinicians fail to recognize the symptoms. If this book provides practicing and future clinicians certain insight into DID, then I will have accomplished another goal. Clinicians, and all others whose lives are touched by DID, need to grasp the fundamentally illusive nature of memory, because memory, or the lack of it, is an integral component of this condition. Our minds are stock pots which are continuously fed ingredients from many cooks: parents, siblings, relatives, neighbors, teachers, schoolmates, strangers, acquaintances, radio, television, movies, and books. These are the fixings of learning and memory, which are stirred with a spoon that changes form over time as it is shaped by our experiences. In this incredibly amorphous neurological stew, it is impossible for all memories to be exact. But even as we accept the complex of impressionistic nature of memory, it is equally essential to recognize that people who experience persistent and intrusive memories that disrupt their sense of well-being and ability to function, have some real basis distress, regardless of the degree of clarity or feasibility of their recollections. We must understand that those who experience abuse as children, and particularly those who experience incest, almost invariably suffer from a profound sense of guilt and shame that is not meliorated merely by unearthing memories or focusing on the content of traumatic material. It is not enough to just remember. Nor is achieving a sense of wholeness and peace necessarily accomplished by either placing blame on others or by forgiving those we perceive as having wronged us. It is achieved through understanding, acceptance, and reinvention of the self.

There was music from my neighbor's house through the summer nights. In his blue gardens men and girls came and went like moths among the whisperings and the champagne and the stars. At high tide in the afternoon I watched his guests diving from the tower of his raft, or taking the sun on the hot sand of his beach while his two motor-boats slit the waters of the Sound, drawing aquaplanes over cataracts of foam. On week-ends his Rolls-Royce became an omnibus, bearing parties to and from the city between nine in the morning and long past midnight, while his station wagon scampered like a brisk yellow bug to meet all trains. And on Mondays eight servants, including an extra gardener, toiled all day with mops and scrubbing-brushes and hammers and garden-shears, repairing the ravages of the night before. Every Friday five crates of oranges and lemons arrived from a fruiterer in New York--every Monday these same oranges and lemons left his back door in a pyramid of pulpless halves. There was a machine in the kitchen which could extract the juice of two hundred oranges in half an hour if a little button was pressed two hundred times by a butler's thumb. At least once a fortnight a corps of caterers came down with several hundred feet of canvas and enough colored lights to make a Christmas tree of Gatsby's enormous garden. On buffet tables, garnished with glistening hors-d'oeuvre, spiced baked hams crowded against salads of harlequin designs and pastry pigs and turkeys bewitched to a dark gold. In the main hall a bar with a real brass rail was set up, and stocked with gins and liquors and with cordials so long forgotten that most of his female guests were too young to know one from another. By seven o'clock the orchestra has arrived, no thin five-piece affair, but a whole pitful of oboes and trombones and saxophones and viols and cornets and piccolos, and low and high drums. The last swimmers have come in from the beach now and are dressing up-stairs; the cars from New York are parked five deep in the drive, and already the halls and salons and verandas are gaudy with primary colors, and hair shorn in strange new ways, and shawls beyond the dreams of Castile. The bar is in full swing, and floating rounds of cocktails permeate the garden outside, until the air is alive with chatter and laughter, and casual innuendo and introductions forgotten on the spot, and enthusiastic meetings between women who never knew each other's names. The lights grow brighter as the earth lurches away from the sun, and now the orchestra is playing yellow cocktail music, and the opera of voices pitches a key higher. Laughter is easier minute by minute, spilled with prodigality, tipped out at a cheerful word. The groups change more swiftly, swell with new arrivals, dissolve and form in the same breath; already there are wanderers, confident girls who weave here and there among the stouter and more stable, become for a sharp, joyous moment the centre of a group, and then, excited with triumph, glide on through the sea-change of faces and voices and color under the constantly changing light. Suddenly one of the gypsies, in trembling opal, seizes a cocktail out of the air, dumps it down for courage and, moving her hands like Frisco, dances out alone on the canvas platform. A momentary hush; the orchestra leader varies his rhythm obligingly for her, and there is a burst of chatter as the erroneous news goes around that she is Gilda Gray's understudy from the FOLLIES. The party has begun.

I just believe,' he said, 'that the whole thing is going to be reduced to the human body, once and for all. I want to be ready.... I think the machines are going to fail, the political systems are going to fail, and a few men are going to take to the hills and start over.... I had an air-raid shelter built,' he said. 'I'll take you down there sometime. We've got double doors and stocks of bouillon and bully beef for a couple of years at least. We've got games for the kids, and a record player and a whole set of records on how to play the recorder and get up a family recorder group. But I went down there one day and sat for a while. I decided that survival was not in the rivets and the metal, and not in the double-sealed doors and not in the marbles of Chinese checkers. It was in me. It came down to the man, and what he could do. The body is the one thing you can't fake; it's just got to be there.... At times I get the feeling I can't wait. Life is so fucked-up now, and so complicated, that I wouldn't mind if it came down, right quick, to the bare survival of who was ready to survive. You might say I've got the survival craze, the real bug. And to tell you the truth I don't think most other people have. They might cry and tear their hair and be ready for some short hysterical violence or other, but I think most of them wouldn't be too happy to give down and get it over with.... If everything wasn't dead, you could make a kind of life that wasn't out of touch with everything, with other forms of life. Where the seasons would mean something, would mean everything. Where you could hunt as you needed to, and maybe do a little light farming, and get along. You'd die early, and you'd suffer, and your children would suffer, but you'd be in touch.

A freshly dead body at your feet is a real eye-opener. It makes a person take stock, assess life choices, confront long-dormant questions repressed by time and habit.

Witnesses can be manipulated, too. They’re not robots. They are manipulated by television, newspapers, friends, corporate interests…Who has the real truth? As far as I understand, the truth is something that’s sought out by specially trained experts: judges, scholars, priests. Everyone else is ruled by ambition and emotions. [A pause.] I’ve read your books…You shouldn’t put so much stock in what people say, in human truth…History records the lives of ideas. People don’t write it, time does. Human truth is just a nail that everybody hangs their hats on.

Of course for professional traders on the stock exchange, money had always been imaginary - just as notional, just as easy come and easy go, as the points in a video game. Wage earners like Willing's mother thought money was real. Because the work was real, and the time was real, it seemed inconceivable that what the work and the time had converted into would be gossamer.

After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.

If you have timed the movement correctly, your first commitment will show you a profit at the start. From then on, all that is required of you is to be alert, watching for the appearance of the danger signal to tell you to step aside and convert paper profits into real money.

Soldiers of the Ninth Century, I am your new centurion, Marcus Tribulus Corvus. From this moment I formally assume command of this century, and become responsible for every aspect of your well-being, discipline, training and readiness for war.’ He paused, looking to Dubnus, who drew a large breath and spat a stream of his native language at the troops. ‘One fucking smile, cough or fart from any one of you cock jockeys, and I’ll put my pole so far up that man’s shithole that it won’t even scrape onthe floor. This is your new centurion and you will treat him with the appropriate degree of respect if you don’t want to lead short and very fucking interesting lives.’ He turned to Marcus and nodded, indicating that the Roman should continue. ‘I can see from the state of your uniforms that you’ve been neglected, a state of affairs that I intend to address very shortly. I have yet to see your readiness for battle, but I can assure you that you will be combat ready in the shortest possible time. I do not intend to command a century that I would imagine is regarded as the laughing stock of its unit for any longer than I have to.' Dubnus cast a pitying sneer over the faces in front of him before speaking again, watching their faces lengthen with the understanding of his methods, passed by whispered word of mouth from his previous century. ‘You’re not soldiers, you’re a fucking waste of rations, a disgrace to the Tungrians! You look like shit, you smell like shit and you’re probably about as hard as shit! That will change! I will kick your lazy fucking arses up and down every hill in the country if I have to, but you will be real soldiers. I will make you ready to kill and die for the honour of this century, with spear or sword or your fucking teeth and nails if need be!’ Marcus cast a questioning look at him, half guessing that the chosen man was deviating from his script, but chose not to challenge his subordinate. ‘You’ll have better food, uniforms and equipment, and soon. Your retraining starts tomorrow morning, so prepare yourselves! Life in this century changes now!’ Dubnus smiled broadly, showing his teeth with pleasure. ‘Your hairy white arses are mine from this second. Get ready to grab your ankles.

If you chart the gambler’s fortunes over time, what you find is the gambler wins for a period, or loses for a period. In other words, everything in the world goes in streaks. It’s a real phenomenon, and you see it everywhere: in weather, in river flooding, in baseball, in heart rhythms, in stock markets. Once things go bad, they tend to stay bad. Like the old folk saying that bad things come in threes. Complexity theory tells us the folk wisdom is right. Bad things cluster. Things go to hell together. That’s the real world.

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

. . . waves of desert heat . . . I must’ve passed out, because when I woke up I was shivering and stars wheeled above a purple horizon. . . . Then the sun came up, casting long shadows. . . . I heard a vehicle coming. Something coming from far away, gradually growing louder. There was the sound of an engine, rocks under tires. . . . Finally it reached me, the door opened, and Dirk Bickle stepped out. . . . But anyway so Bickle said, “Miracles, Luke. Miracles were once the means to convince people to abandon reason for faith. But the miracles stopped during the rise of the neocortex and its industrial revolution. Tell me, if I could show you one miracle, would you come with me and join Mr. Kirkpatrick?” I passed out again, and came to. He was still crouching beside me. He stood up, walked over to the battered refrigerator, and opened the door. Vapor poured out and I saw it was stocked with food. Bickle hunted around a bit, found something wrapped in paper, and took a bottle of beer from the door. Then he closed the fridge, sat down on the old tire, and unwrapped what looked like a turkey sandwich. He said, “You could explain the fridge a few ways. One, there’s some hidden outlet, probably buried in the sand, that leads to a power source far away. I figure there’d have to be at least twenty miles of cable involved before it connected to the grid. That’s a lot of extension cord. Or, this fridge has some kind of secret battery system. If the empirical details didn’t bear this out, if you thoroughly studied the refrigerator and found neither a connection to a distant power source nor a battery, you might still argue that the fridge had some super-insulation capabilities and that the food inside had been able to stay cold since it was dragged out here. But say this explanation didn’t pan out either, and you observed the fridge staying the same temperature week after week while you opened and closed it. Then you’d start to wonder if it was powered by some technology beyond your comprehension. But pretty soon you’d notice something else about this refrigerator. The fact that it never runs out of food. Then you’d start to wonder if somehow it didn’t get restocked while you slept. But you’d realize that it replenished itself all the time, not just while you were sleeping. All this time, you’d keep eating from it. It would keep you alive out here in the middle of nowhere. And because of its mystery you’d begin to hate and fear it, and yet still it would feed you. Even though you couldn’t explain it, you’d still need it. And you’d assume that you simply didn’t understand the technology, rather than ascribe to it some kind of metaphysical power. You wouldn’t place your faith in the hands of some unknowable god. You’d place it in the technology itself. Finally, in frustration, you’d come to realize you’d exhausted your rationality and the only sensible thing to do would be to praise the mystery. You’d worship its bottles of Corona and jars of pickled beets. You’d make up prayers to the meats drawer and sing about its light bulb. And you’d start to accept the mystery as the one undeniable thing about it. That, or you’d grow so frustrated you’d push it off this cliff.” “Is Mr. Kirkpatrick real?” I asked. After a long gulp of beer, Bickle said, “That’s the neocortex talking again.

In the center of the room Elizabeth stood stock still, clasping and unclasping her hands, watching the handle turn, unable to breathe with the tension. The door swung open, admitting a blast of frigid air and a tall, broad-shouldered man who glanced at Elizabeth in the firelight and said, “Henry, it wasn’t necess-“ Ian broke off, the door still open, staring at what he momentarily thought was a hallucination, a trick of the flames dancing in the fireplace, and then he realized the vision was real: Elizabeth was standing perfectly still, looking at him. And lying at her feet was a young Labrador retriever. Trying to buy time, Ian turned around and carefully closed the door as if latching it with precision were the most paramount thing in his life, while he tried to decide whether she’d looked happy or not to see him. In the long lonely nights without her, he’d rehearsed dozens of speeches to her-from stinging lectures to gentle discussions. Now, when the time was finally here, he could not remember one damn word of any of them. Left with no other choice, he took the only neutral course available. Turning back to the room, Ian looked at the Labrador. “Who’s this?” he asked, walking forward and crouching down to pet the dog, because he didn’t know what the hell to say to his wife. Elizabeth swallowed her disappointment as he ignored her and stroked the Labrador’s glossy black head. “I-I call her Shadow.” The sound of her voice was so sweet, Ian almost pulled her down into his arms. Instead, he glanced at her, thinking it encouraging she’d named her dog after his. “Nice name.” Elizabeth bit her lip, trying to hide her sudden wayward smile. “Original, too.” The smile hit Ian like a blow to the head, snapping him out of his untimely and unsuitable preoccupation with the dog. Straightening, he backed up a step and leaned his hip against the table, his weight braced on his opposite leg. Elizabeth instantly noticed the altering of his expression and watched nervously as he crossed his arms over his chest, watching her, his face inscrutable. “You-you look well,” she said, thinking he looked unbearably handsome. “I’m perfectly fine,” he assured her, his gaze level. “Remarkably well, actually, for a man who hasn’t seen the sun shine in more than three months, or been able to sleep without drinking a bottle of brandy.” His tone was so frank and unemotional that Elizabeth didn’t immediately grasp what he was saying. When she did, tears of joy and relief sprang to her eyes as he continued: “I’ve been working very hard. Unfortunately, I rarely get anything accomplished, and when I do, it’s generally wrong. All things considered, I would say that I’m doing very well-for a man who’s been more than half dead for three months.” Ian saw the tears shimmering in her magnificent eyes, and one of them traced unheeded down her smooth cheek. With a raw ache in his voice he said, “If you would take one step forward, darling, you could cry in my arms. And while you do, I’ll tell you how sorry I am for everything I’ve done-“ Unable to wait, Ian caught her, pulling her tightly against him. “And when I’m finished,” he whispered hoarsely as she wrapped her arms around him and wept brokenly, “you can help me find a way to forgive myself.” Tortured by her tears, he clasped her tighter and rubbed his jaw against her temple, his voice a ravaged whisper: “I’m sorry,” he told her. He cupped her face between his palms, tipping it up and gazing into her eyes, his thumbs moving over her wet cheeks. “I’m sorry.” Slowly, he bent his head, covering her mouth with his. “I’m so damned sorry.

We will revisit the effects of sleep loss on emotional stability and other brain functions in later chapters when we discuss the real-life consequences of sleep loss in society, education, and the workplace. The findings justify our questioning of whether or not sleep-deprived doctors can make emotionally rational decisions and judgments; under-slept military personnel should have their fingers on the triggers of weaponry; overworked bankers and stock traders can make rational, non-risky financial decisions when investing the public’s hard-earned retirement funds; and if teenagers should be battling against impossibly early start times during a developmental phase of life when they are most vulnerable to developing psychiatric disorders.

When it comes to people we admire, it is in our nature to be selective with information, to load with personal associations, to elevate and make heroic. That is especially true after their deaths, especially if those deaths have been in any way untimely and/or shocking. It is hard to hold onto the real people, the true story. When we think of the Clash, we tend to forget or overlook the embarrassing moments, the mistakes, the musical filler, the petty squabbles, the squalid escapades, the unfulfilled promises. Instead, we take only selected highlights from the archive-the best songs, the most flatteringly-posed photographs, the most passionate live footage, the most stirring video clips, the sexiest slogans, the snappiest soundbites, the warmest personal memories-and from them we construct a near-perfect rock 'n' roll band, a Hollywood version of the real thing. The Clash have provided us with not just a soundtrack, but also a stock of images from which to create a movie we can run in our own heads. The exact content of the movie might differ from person to person and country to country, but certain key elements will remain much the same; and it is those elements that will make up the Essential Clash of folk memory. This book might have set out to take the movie apart scene by scene to analyse how it was put together; but this book also believes the movie is a masterpiece, and has no intention of spoiling the ending. It's time to freeze the frame. At the very moment they step out of history and into legend: the Last Gang In Town.

Just down the street from his apartment, Allen discovered the perfect independent bookstore. It was the first in the country to sell nothing but paperbacks. Until that time, cheap paperback books were not sold in “real” bookstores, but instead were relegated to spinning racks in drugstores and bus stations. They were usually stocked without any regard for the quality of the literature, and finding a good book was hit or miss. This particular bookstore had been founded in 1953 by Peter Martin, the publisher of a little magazine christened City Lights in honor of the Charlie Chaplin film of the same name. Martin had decided to open a store to subsidize the magazine, and while he was putting the sign over the door, a thirty-four-year-old man passed by and struck up a conversation.

Snacks at sleepovers are a must. Try this one next time your parents forget to stock the snack cupboard. Supplies: brown paper lunch bag stapler measuring cup microwave Ingredients: ¼ cup popcorn kernels 2 tbsp brown sugar 2 tbsp chocolate chips 2 tbsp butter or margarine pinch of salt Pour the popcorn kernels into a brown paper lunch bag then fold the top of the bag ¼ of an inch, twice. Secure two staples (trust me, I Googled it!) at the folded part to seal the bag shut. Lay the bag flat in the microwave and cook on HIGH for about 1:45 (one minute and forty-five seconds, people!). Each microwave is different, though, so you may need to adjust the time. Meanwhile, add the brown sugar, chocolate chips, butter/margarine and salt to a microwave-safe measuring cup. Cook on HIGH for about 15 seconds or until the gooey buttery-chocolaty mixture is melted. Mix well with a fork then pour it over the popcorn.

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.

When Elon was nearly ten years old, he saw a computer for the first time, at the Sandton City Mall in Johannesburg. “There was an electronics store that mostly did hi-fi-type stuff, but then, in one corner, they started stocking a few computers,” Musk said. He felt awed right away—“It was like, ‘Whoa. Holy shit!’”—by this machine that could be programmed to do a person’s bidding. “I had to have that and then hounded my father to get the computer,” Musk said. Soon he owned a Commodore VIC-20, a popular home machine that went on sale in 1980. Elon’s computer arrived with five kilobytes of memory and a workbook on the BASIC programming language. “It was supposed to take like six months to get through all the lessons,” Elon said. “I just got super OCD on it and stayed up for three days with no sleep and did the entire thing. It seemed like the most super-compelling thing I had ever seen.” Despite being an engineer, Musk’s father was something of a Luddite and dismissive of the machine. Elon recounted that “he said it was just for games and that you’d never be able to do real engineering on it. I just said, ‘Whatever.’” While

The quality of the people involved in the company was just as critical. I use the word quality to encompass two quite different characteristics. One of these is business ability. Business ability can be further broken down into two very different types of skills. One of these is handling the day-to-day tasks of business with above-average efficiency. In the day-to-day tasks, I include a hundred and one matters, varying all the way from constantly seeking and finding better ways to produce more efficiently to watching receivables with sufficient closeness. In other words, operating skill implies above-average handling of the many things that have to do with the near-term operation of the business. However, in the business world, top-notch managerial ability also calls for another skill that is quite different. This is the ability to look ahead and make long-range plans that will produce significant future growth for the business without at the same time running financial risks that may invite disaster. Many companies contain managements that are very good at one or the other of these skills. However, for real success, both are necessary.

With our desire to have more, we find ourselves spending more and more time and energy to manage and maintain everything we have. We try so hard to do this that the things that were supposed to help us end up ruling us. We eventually get used to the new state where our wishes have been fulfilled. We start taking those things for granted and there comes a time when we start getting tired of what we have. We're desperate to convey our own worth, our own value to others. We use objects to tell people just how valuable we are. The objects that are supposed to represent our qualities become our qualities themselves. There are more things to gain from eliminating excess than you might imagine: time, space, freedom and energy. When people say something is impossible, they have already decided that they don't want to do it. Differentiate between things you want and things you need. Leave your unused space empty. These open areas are incredibly useful. They bring us a sense of freedom and keep our minds open to the more important things in life. Memories are wonderful but you won't have room to develop if your attachment to the past is too strong. It's better to cut some of those ties so you can focus on what's important today. Don't get creative when you are trying to discard things. There's no need to stock up. An item chosen with passion represents perfection to us. Things we just happen to pick up, however, are easy candidates for disposal or replacement. As long as we stick to owning things that we really love, we aren't likely to want more. Our homes aren't museum, they don't need collections. When you aren't sure that you really want to part with something, try stowing it away for a while. Larger furniture items with bold colors will in time trigger visual fatigue and then boredom. Discarding things can be wasteful. But the guilt that keeps you from minimizing is the true waste. The real waste is the psychological damage that you accrue from hanging on to things you don't use or need. We find our originality when we own less. When you think about it, it's experience that builds our unique characteristics, not material objects. I've lowered my bar for happiness simply by switching to a tenugui. When even a regular bath towel can make you happy, you'll be able to find happiness almost everywhere. For the minimalist, the objective isn't to reduce, it's to eliminate distractions so they can focus on the things that are truly important. Minimalism is just the beginning. It's a tool. Once you've gone ahead and minimized, it's time to find out what those important things are. Minimalism is built around the idea that there's nothing that you're lacking. You'll spend less time being pushed around by something that you think may be missing. The qualities I look for in the things that I buy are: - the item has a minimalistic kind of shape and is easy to clean - it's color isn't too loud - I'll be able to use it for a long time - it has a simple structure - it's lightweight and compact - it has multiple uses A relaxed moment is not without meaning, it's an important time for reflection. It wasn't the fallen leaves that the lady had been tidying up, it was her own laziness that she had been sweeping away. We are what we repeatedly do. Excellence, then, is not an act but a habit. With daily cleaning, the reward may be the sense of accomplishment and calmness we feel afterward. Cleaning your house is like polishing yourself. Simply by living an organized life, you'll be more invigorated, more confident and like yourself better. Having parted with the bulk of my belongings, I feel true contentment with my day-to-day life. The very act of living brings me joy. When you become a minimalist, you free yourself from all the materialist messages that surround us. All the creative marketing and annoying ads no longer have an effect on you.

the markets was much more fun than having a real job. As long as my basic living expenses were covered, I knew I’d be happy. In 1977, Barbara and I decided to have a child, so we got married. We moved into a rented brownstone in Manhattan and I moved the company there too. The Russians were buying lots of grain at the time and wanted my advice, so I took Barbara on a combined honeymoon–business trip to the USSR. We arrived in Moscow on New Year’s Eve and rode by bus from the drab airport through a dusting of snow, past St. Basil’s Cathedral to a big party with a lot of incredibly friendly, fun-loving Russians. My business has always been a way to get me into exotic places and allow me to meet interesting people. If I make any money from those trips, that’s just icing on the cake. MODELING MARKETS AS MACHINES I was really getting my head into the livestock, meat, grain, and oilseed markets. I loved them because they were concrete and less subject than stocks to distorted perceptions of value. While stocks could stay too high or too low because “greater fools” kept buying or selling them, livestock ended up on the meat counter where it would be priced based on what consumers were willing to pay. I could visualize the processes that led to those sales and see the relationships underlying them. Since livestock eat grain (mostly corn) and soymeal, and since corn and soybeans compete for acreage, those markets

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.

Danae and the God of Gold. — Whence arises this excessive impatience in our day which turns men into criminals even in circumstances which would be more likely to bring about the contrary tendency? What induces one man to use false weights, another to set his house on fire after having insured it for more than its value, a third to take part in counterfeiting, while three-fourths of our upper classes indulge in legalised fraud, and suffer from the pangs of conscience that follow speculation and dealings on the Stock Exchange: what gives rise to all this? It is not real want, — for their existence is by no means precarious; perhaps they have even enough to eat and drink without worrying, — but they are urged on day and night by a terrible impatience at seeing their wealth pile up so slowly, and by an equally terrible longing and love for these heaps of gold. In this impatience and love, however, we see re-appear once more that fanaticism of the desire for power which was stimulated in former times by the belief that we were in the possession of truth, a fanaticism which bore such beautiful names that we could dare to be inhuman with a good conscience (burning Jews, heretics, and good books, and exterminating entire cultures superior to ours, such as those of Peru and Mexico). The means of this desire for power are changed in our day, but the same volcano is still smouldering, impatience and intemperate love call for their victims, and what was once done “for the love of God” is now done for the love of money, i.e. for the love of that which at present affords us the highest feeling of power and a good conscience.

The last refuge of the Self, perhaps, is “physical continuity.” Despite the body’s mercurial nature, it feels like a badge of identity we have carried since the time of our earliest childhood memories. A thought experiment dreamed up in the 1980s by British philosopher Derek Parfit illustrates how important—yet deceiving—this sense of physical continuity is to us.15 He invites us to imagine a future in which the limitations of conventional space travel—of transporting the frail human body to another planet at relatively slow speeds—have been solved by beaming radio waves encoding all the data needed to assemble the passenger to their chosen destination. You step into a machine resembling a photo booth, called a teletransporter, which logs every atom in your body then sends the information at the speed of light to a replicator on Mars, say. This rebuilds your body atom by atom using local stocks of carbon, oxygen, hydrogen, and so on. Unfortunately, the high energies needed to scan your body with the required precision vaporize it—but that’s okay because the replicator on Mars faithfully reproduces the structure of your brain nerve by nerve, synapse by synapse. You step into the teletransporter, press the green button, and an instant later materialize on Mars and can continue your existence where you left off. The person who steps out of the machine at the other end not only looks just like you, but etched into his or her brain are all your personality traits and memories, right down to the memory of eating breakfast that morning and your last thought before you pressed the green button. If you are a fan of Star Trek, you may be perfectly happy to use this new mode of space travel, since this is more or less what the USS Enterprise’s transporter does when it beams its crew down to alien planets and back up again. But now Parfit asks us to imagine that a few years after you first use the teletransporter comes the announcement that it has been upgraded in such a way that your original body can be scanned without destroying it. You decide to give it a go. You pay the fare, step into the booth, and press the button. Nothing seems to happen, apart from a slight tingling sensation, but you wait patiently and sure enough, forty-five minutes later, an image of your new self pops up on the video link and you spend the next few minutes having a surreal conversation with yourself on Mars. Then comes some bad news. A technician cheerfully informs you that there have been some teething problems with the upgraded teletransporter. The scanning process has irreparably damaged your internal organs, so whereas your replica on Mars is absolutely fine and will carry on your life where you left off, this body here on Earth will die within a few hours. Would you care to accompany her to the mortuary? Now how do you feel? There is no difference in outcome between this scenario and what happened in the old scanner—there will still be one surviving “you”—but now it somehow feels as though it’s the real you facing the horror of imminent annihilation. Parfit nevertheless uses this thought experiment to argue that the only criterion that can rationally be used to judge whether a person has survived is not the physical continuity of a body but “psychological continuity”—having the same memories and personality traits as the most recent version of yourself. Buddhists

Depression” is a problematic word. We all believe we know what it means because we toss it off so easily: “Oh, I’m depressed; I got a run in my stocking.” At the same time, when we are describing severe psychopathology, we presume that because the word is descriptive, it offers a definition as well. We move to the next step and presume that because we can take a picture of the brain and “see” depression, it therefore is real. It has been occurring to me more and more, not just from these conversations, but also from my work, that when the brain is in clearly different states—and the Diagnostic and Statistical Manual of Mental Disorders80 says they are the same pathology—maybe our definition of the psychopathology is too broad. We need to redefine the nature of suffering to understand how it may be a condition more like dukkha, instead of a disease with a physiological cause as specific as something like a brain lesion. That is not to deny that true psychopathology exists, or that the patients I take care of do not suffer from a brain disease. I believe very strongly that they do. But I also see patients who, with focused attention and by acquiring new skill sets, can bring themselves out of it in the same way that William James did when he decided to focus his attention from inside to outside. The ability to focus attention means your brain is in a different state. Maybe we ought to understand those as different definitions of illness. What I’ve learned from all of you is that maybe we have to start making those distinctions more strongly. That will allow us to focus attention on how to handle ourselves in a world with natural levels of suffering, and help us not stigmatize people who don’t have the brain capacity to even start. Those are two separate items.

History favors the bold. Compensation favors the meek. As a Fortune 500 company CEO, you’re better off taking the path often traveled and staying the course. Big companies may have more assets to innovate with, but they rarely take big risks or innovate at the cost of cannibalizing a current business. Neither would they chance alienating suppliers or investors. They play not to lose, and shareholders reward them for it—until those shareholders walk and buy Amazon stock. Most boards ask management: “How can we build the greatest advantage for the least amount of capital/investment?” Amazon reverses the question: “What can we do that gives us an advantage that’s hugely expensive, and that no one else can afford?” Why? Because Amazon has access to capital with lower return expectations than peers. Reducing shipping times from two days to one day? That will require billions. Amazon will have to build smart warehouses near cities, where real estate and labor are expensive. By any conventional measure, it would be a huge investment for a marginal return. But for Amazon, it’s all kinds of perfect. Why? Because Macy’s, Sears, and Walmart can’t afford to spend billions getting the delivery times of their relatively small online businesses down from two days to one. Consumers love it, and competitors stand flaccid on the sidelines. In 2015, Amazon spent $7 billion on shipping fees, a net shipping loss of $5 billion, and overall profits of $2.4 billion. Crazy, no? No. Amazon is going underwater with the world’s largest oxygen tank, forcing other retailers to follow it, match its prices, and deal with changed customer delivery expectations. The difference is other retailers have just the air in their lungs and are drowning. Amazon will surface and have the ocean of retail largely to itself.

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

In my generation we did a lot of pleasure chasing—we, the generation responsible for today’s twenty-year-olds and thirty-year-olds and forty-year-olds. Before they came into our lives, we were on a pleasure binge, and the need for immediate gratification passed through us to our children. When I got out of the Army in 1944, the guys who were being discharged with me were mostly between the ages of eighteen and thirty. We came home to a country that was in great shape in terms of industrial capacity. As the victors, we decided to spread the good fortune around, and we did all kinds of wonderful things—but it wasn’t out of selfless idealism, let me assure you. Take the Marshall Plan, which we implemented at that time. It rebuilt Europe, yes, but it also enabled those war ruined countries to buy from us. The incredible, explosive economic prosperity that resulted just went wild. It was during that period that the pleasure principle started feeding on itself. One generation later it was the sixties, and those twenty-eight-year-old guys from World War II were forty-eight. They had kids twenty years old, kids who had been so indulged for two decades that it caused a huge, first-time-in-history distortion in the curve of values. And, boy, did that curve bend and bend and bend. These postwar parents thought they were in nirvana if they had a color TV and two cars and could buy a Winnebago and a house on the lake. But the children they had raised on that pleasure principle of material goods were by then bored to death. They had overdosed on all that stuff. So that was the generation who decided, “Hey, guess where the real action is? Forget the Winnebago. Give me sex, drugs, and rock ‘n’ roll.” Incredible mind-blowing experiences, head-banging, screw-your-brains-out experiences in service to immediate and transitory pleasures. But the one kind of gratification is simply an outgrowth of the other, a more extreme form of the same hedonism, the same need to indulge and consume. Some of those same sixties kids are now themselves forty-eight. Whatever genuine idealism they carried through those love-in days got swept up in the great yuppie gold rush of the eighties and the stock market nirvana of the nineties—and I’m afraid we are still miles away from the higher ground we seek.

One other thing. And that's all. I promise you. But the thing is, you raved and you bitched when you came home about the stupidity of audiences. The goddam `unskilled laughter' coming from the fifth row. And that's right, that's right - God knows it's depressing. I'm not saying it isn't. But that's none of your business, really. That's none of your business, Franny. An artist's only concern is to shoot for some kind of perfection, and *on his own terms*, not anyone else's. You have no right to think about those things. I swear to you. Not in any real sense, anyway. You know what I mean?" ... The voice at the other end came through again. "I remember about the fifth time I ever went on `Wise Child'. I subbed for Walt a few times when he was in a cast - remember when he was in the case? Anyway. I started bitching one night before broadcast. Seymour'd told me to shine my shoes just as I was going out the door with Waker. I was furious. The studio audience were all morons, the announcer was a moron, the sponsors were morons, and I just damn well wasn't going to shine my shoes for them, I told Seymour. I said they couldn't see them anyway, where we sat. He said to shine them anyway. He said to shine them for the Fat Lady. I didn't know what the hell he was talking about, but he had a very Seymour look on his face, and so I did it. He never did tell me who the Fat Lady was, but I shined my shoes for the Fat Lady every time I ever went on the air again - all the years you and I were on the program together, if you remember. I don't think I missed more than just a couple of times. This terribly clear, clear picture of the Fat Lady formed in my mind. I had her sitting on this porch all day, swatting flies, with her radio going full-blast from morning till night. I figured the heat was terrible, and she probably had cancer, and - I don't know. Anyway, seemed goddam clear why Seymour wanted me to shine my shoes when I went on air. It made *sense*." ... "... Let me tell you something now, buddy ... Are you listening?" ... "I don't care where an actor acts. It can be in summer stock, in can be over a radio, it can be over television, it can be in a goddam Broadway theatre, complete with the most fashionable, most well-fed, most sunburned-looking audience you can imagine. But I'll tell you a terrible secret - Are you listening to me? *There isn't anyone out there who isn't Seymour's Fat Lady.* That goddam cousins by the dozens. There isn't anyone *any*where that isn't Seymour's Fat Lady. Don't you know that? Don't you know that goddam secret yet? And don't you know - listen to me, now - *don't you know who that Fat Lady really is?*... Ah, buddy. Ah, buddy. It's Christ Himself. Christ Himself, buddy.

One other thing. And that's all. I promise you. But the thing is, you raved and you bitched when you came home about the stupidity of audiences. The goddam `unskilled laughter' coming from the fifth row. And that's right, that's right - God knows it's depressing. I'm not saying it isn't. But that's none of your business, really. That's none of your business, Franny. An artist's only concern is to shoot for some kind of perfection, and *on his own terms*, not anyone else's. You have no right to think about those things. I swear to you. Not in any real sense, anyway. You know what I mean?" ... The voice at the other end came through again. "I remember about the fifth time I ever went on `Wise Child'. I subbed for Walt a few times when he was in a cast - remember when he was in the case? Anyway. I started bitching one night before broadcast. Seymour'd told me to shine my shoes just as I was going out the door with Waker. I was furious. The studio audience were all morons, the announcer was a moron, the sponsors were morons, and I just damn well wasn't going to shine my shoes for them, I told Seymour. I said they couldn't see them anyway, where we sat. He said to shine them anyway. He said to shine them for the Fat Lady. I didn't know what the hell he was talking about, but he had a very Seymour look on his face, and so I did it. He never did tell me who the Fat Lady was, but I shined my shoes for the Fat Lady every time I ever went on the air again - all the years you and I were on the program together, if you remember. I don't think I missed more than one just a couple of times. This terribly clear, clear picture of the Fat Lady formed in my time. I had her sitting on this porch all day, swatting flies, with her radio going full-blast from morning till night. I figured the heat was terrible, and she probably had cancer, and - I don't know. Anyway, seemed goddam clear why Seymour wanted me to shine my shoes when I went on air. It made *sense*." ... "... Let me tell you something now, buddy ... Are you listening?" ... "I don't care where an actor acts. It can be in summer stock, in can be over a radio, it can be over television, it can be in a goddam Broadway theatre, complete with the most fashionable, most well-fed, most sunburned-looking audience you can imagine. But I'll tell you a terrible secret - Are you listening to me? *There isn't anyone out there who isn't Seymour's Fat Lady.* That goddam cousins by the dozens. There isn't anyone *any*where that isn't Seymour's Fat Lady. Don't you know that? Don't you know that goddam secret yet? And don't you know - listen to me, now - *don't you know who that Fat Lady really is?*... Ah, buddy. Ah, buddy. It's Christ Himself. Christ Himself, buddy.

One other thing. And that's all. I promise you. But the thing is, you raved and you bitched when you came home about the stupidity of audiences. The goddam `unskilled laughter' comming from the fifth row. And that's right, that's right - God knows it's depressing. I'm not saying it isn't. But that's none of your business, really. That's none of your business, Franny. An artist's only concern is to shoot for some kind of perfection, and *on his own terms", not anyone else's. You have no right to think about those things. I swear to you. Not in any real sense, anyway. You know what I mean?" ... The voice at the other end came through again. "I remember abouut the fifth time I ever went on `Wise Child'. I subbbed for Walt a few times when he was in a cast - remember when he was in the case? Anyway. I started bitching one night before broadcast. Seymour'd told me to shine my shoes just as I was going out the door with Waker. I was furious. The studio audience were all morons, the announcer was a moron, the sponsors were morons, and I just damn well wasn't going to shine my shoes for them, I told Seymour. I sais they couldn't see them anyway, where we sat. He said to shine them anyway. He said to shine them for the Fat Lady. I didn't know what the hell he was talking about, but he had a very Seymour look on his face, and so I did it. He never did tell me who the Fat Lady was, but I shined my shoes for the Fat Lady every time I ever went on the air again - all the years you and I were on the program together, if you remember. I don't think I missed more than one just a couple of times. This terribly clear, clear picture of the Fat Lady formed in my time. I had her sitting on this porch all day, swatting flies, with her radio goin full-blast from morning till night. I figured the heat was terrible, and she probably had cancer, and - I don't know. Anyway, seemed goddam clear why Seymour wanted me to shine my shoes when I went on air. It made *sense*." ... "... Let me tell you something now, buddy ... Are you listening?" ... "I don't care where an actor acts. It can be in summer stock, in can be over a radio, it can be over television, it can be in a goddam Broadway theatre, complete with the most fashionable, most well-fed, most sunburned-looking audience you can imagine. But I'll tell you a terrible secret - Are you listening to me? *There isn't anyone out there who isn't Seymour's Fat Lady.* That goddam cousins by the dozens. There isn't anyone *any*where that isn't Seymour's Fat Lady. Don't you know that? Don't you know that goddam secret yet? And don't you know - listen to me, now - *don't you know who that Fat Lady really is?*... Ah, buddy. Ah, buddy. It's Christ Himself. Christ Himself, buddy.

Miss Prudence Mercer Stony Cross Hampshire, England 7 November 1854 Dear Prudence, Regardless of the reports that describe the British soldier as unflinching, I assure you that when riflemen are under fire, we most certainly duck, bob, and run for cover. Per your advice, I have added a sidestep and a dodge to my repertoire, with excellent results. To my mind, the old fable has been disproved: there are times in life when one definitely wants to be the hare, not the tortoise. We fought at the southern port of Balaklava on the twenty-fourth of October. Light Brigade was ordered to charge directly into a battery of Russian guns for no comprehensible reason. Five cavalry regiments were mowed down without support. Two hundred men and nearly four hundred horses lost in twenty minutes. More fighting on the fifth of November, at Inkerman. We went to rescue soldiers stranded on the field before the Russians could reach them. Albert went out with me under a storm of shot and shell, and helped to identify the wounded so we could carry them out of range of the guns. My closest friend in the regiment was killed. Please thank your friend Prudence for her advice for Albert. His biting is less frequent, and he never goes for me, although he’s taken a few nips at visitors to the tent. May and October, the best-smelling months? I’ll make a case for December: evergreen, frost, wood smoke, cinnamon. As for your favorite song…were you aware that “Over the Hills and Far Away” is the official music of the Rifle Brigade? It seems nearly everyone here has fallen prey to some kind of illness except for me. I’ve had no symptoms of cholera nor any of the other diseases that have swept through both divisions. I feel I should at least feign some kind of digestive problem for the sake of decency. Regarding the donkey feud: while I have sympathy for Caird and his mare of easy virtue, I feel compelled to point out that the birth of a mule is not at all a bad outcome. Mules are more surefooted than horses, generally healthier, and best of all, they have very expressive ears. And they’re not unduly stubborn, as long they’re managed well. If you wonder at my apparent fondness for mules, I should probably explain that as a boy, I had a pet mule named Hector, after the mule mentioned in the Iliad. I wouldn’t presume to ask you to wait for me, Pru, but I will ask that you write to me again. I’ve read your last letter more times than I can count. Somehow you’re more real to me now, two thousand miles away, than you ever were before. Ever yours, Christopher P.S. Sketch of Albert included As Beatrix read, she was alternately concerned, moved, and charmed out of her stockings. “Let me reply to him and sign your name,” she begged. “One more letter. Please, Pru. I’ll show it to you before I send it.” Prudence burst out laughing. “Honestly, this is the silliest things I’ve ever…Oh, very well, write to him again if it amuses you.

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.

If it is a real movement, in a short space of time the natural, normal reaction will have been recovered, and the stock will be selling in new high territory.

If your needs are not attainable through safe instruments, the solution is not to increase the rate of return by upping the level of risk. Instead, goals may be revised, savings increased, or income boosted through added years of work. . . . Somebody has to care about the consequences if uncertainty is to be understood as risk. . . . As we’ve seen, the chances of loss do decline over time, but this hardly means that the odds are zero, or negligible, just because the horizon is long. . . . In fact, even though the odds of loss do fall over long periods, the size of potential losses gets larger, not smaller, over time. . . . The message to emerge from all this hype has been inescapable: In the long run, the stock market can only go up. Its ascent is inexorable and predictable. Long-term stock returns are seen as near certain while risks appear minimal, and only temporary. And the messaging has been effective: The familiar market propositions come across as bedrock fact. For the most part, the public views them as scientific truth, although this is hardly the case. It may surprise you, but all this confidence is rather new. Prevailing attitudes and behavior before the early 1980s were different. Fewer people owned stocks then, and the general popular attitude to buying stocks was wariness, not ebullience or complacency. . . . Unfortunately, the American public’s embrace of stocks is not at all related to the spread of sound knowledge. It’s useful to consider how the transition actually evolved—because the real story resists a triumphalist interpretation. . . . Excessive optimism helps explain the popularity of the stocks-for-the-long-run doctrine. The pseudo-factual statement that stocks always succeed in the long run provides an overconfident investor with more grist for the optimistic mill. . . . Speaking with the editors of Forbes.com in 2002, Kahneman explained: “When you are making a decision whether or not to go for something,” he said, “my guess is that knowing the odds won’t hurt you, if you’re brave. But when you are executing, not to be asking yourself at every moment in time whether you will succeed or not is certainly a good thing. . . . In many cases, what looks like risk-taking is not courage at all, it’s just unrealistic optimism. Courage is willingness to take the risk once you know the odds. Optimistic overconfidence means you are taking the risk because you don’t know the odds. It’s a big difference.” Optimism can be a great motivator. It helps especially when it comes to implementing plans. Although optimism is healthy, however, it’s not always appropriate. You would not want rose-colored glasses in a financial advisor, for instance. . . . Over the long haul, the more you are exposed to danger, the more likely it is to catch up with you. The odds don’t exactly add, but they do accumulate. . . . Yet, overriding this instinctive understanding, the prevailing investment dogma has argued just the reverse. The creed that stocks grow steadily safer over time has managed to trump our common-sense assumption by appealing to a different set of homespun precepts. Chief among these is a flawed surmise that, with the passage of time, downward fluctuations are balanced out by compensatory upward swings. Many people believe that each step backward will be offset by more than one step forward. The assumption is that you can own all the upside and none of the downside just by sticking around. . . . If you find yourself rejecting safe investments because they are not profitable enough, you are asking the wrong questions. If you spurn insurance simply because the premiums put a crimp in your returns, you may be destined for disappointment—and possibly loss.

I watched the transformation in my father as he picked one winner after another, and I liked what I saw. As he watched the stock climb, he would break into a big, broad smile, until he was literally beaming. He was having a very good time. He was loosening up. He finally felt that he was getting ahead. This was why he had come to America, to make a life for his family. Often I would help him with his decisions. If he was interested in a particular company, I would research it for him, and we would discuss the possibility of buying a few shares. He treated me like an equal, like his partner. Together we learned about buying on margin, about options trading, about puts and calls. Before long I found myself leaping out of bed at the crack of dawn, pouring myself a bowl of cereal, and parking myself in front of the television. I had the morning newspaper to my left and a pad and pencil to my right. The fact is, anyone can do this. It’s just like homework, except it’s the real world. It takes time and effort to get an A, and the same rules apply here, but the difference is that this is worth taking very, very seriously. After all, we’re not talking about grades—we’re talking about serious money.

Ok Kevin," he said to himself, "We were born for this! If we are ever going to find Laura then we can't be scared of the dark, can we?" He knew he had to press on, for both their sakes. He felt so awful thinking of her alone and scared, and probably always in danger. He knew the best help he could give her right now was to never give up. He knew he would find her, but he also knew he needed more supplies. He was going to hurry to his base to stock up, and then resume his journey. Taking a deep breath he said aloud, "On the count of three we'll run... ONE...TWO ... GO!!!" Kevin sprang from the tunnel entrance and launched towards the direction of his home. As he zoomed through the valley, he was pretty sure he passed a dozen spiders, some skeletons (arrows whizzed past his head a few times), and definitely a few zombies (he could hear their deep moans all around him). But it didn't matter; he just kept on running, passing through low-hanging tree branches and leaves as he went. He was so intent on reaching his home that he didn't see the drop off just a few blocks ahead of him, and went flying over the edge before his mind even registered what was happening. Falling

Stock investors should expect periods of time when equities do not make money after inflation. It is the nature of investment risk. This is also why time in the market is critical to stock investors. In the long run, equities have outpaced inflation by a wide margin, and they are expected to remain one of the best real return investments in the future. You have to stay invested during all market conditions to benefit from the gains. U.S.

Gold is often sought as a refuge during times of financial travail. True to form, the price of the precious metal more than tripled in the 1999-2009 decade. But gold is largely a rank speculation, for its price is based solely on market expectations. Gold provides no internal rate of return. Unlike stocks and bonds, gold provides none of the intrinsic value that is created for stocks by earnings growth and dividend yields, and for bonds by interest payments. So in the two centuries plus shown in the chart, the initial $10,000 investment in gold grew to barely $26,000 in realterms. In fact, since the peak reached during its earlier boom in 1980, the price of gold has lost nearly 40 percent of its real value.

Writing surrogate letters wasn’t quite so easily justified; there was something slightly but definitely dishonest about it. To get one placed, you had to sound like the real thing, but not so much that you discredited your own position or insulted the intelligence of the supporter whose name you were hoping to attach to it. You had to start the letter off with some sassy stock phrase or rhetorical question: “Representative So-and-so just doesn’t get it” or “Which constitution is Senator So-and-so reading?” Then you’d make your case without sounding like you knew too much about the topic. That’s where surrogate letters sometimes went wrong. They would refer to specific revenue numbers or to the names of subcommittees or explain the difference between house and senate versions of bills. Average people didn’t know these things, and if a surrogate letter used them, it sounded like what it was, and editors wouldn’t run them. I spent a day writing these wretched things. It wasn’t worth it unless you produced ten or fifteen; newspapers likely wouldn’t print a letter taking a certain view if they got only one, but if they got a handful they’d feel bound to run one or two. It was a mind-numbing exercise: each one had to sound clumsy but not stupid; each had to approach the question from a different angle; and none could use the same vocabulary. We sent them out to the ostensible authors, and over the next two weeks or so I would see my little creations pop up in a variety of newspapers. Sometimes a few words had been changed by the surrogates, but by and large they slapped their names on the letters and forwarded them to their hometown newspapers. I felt the whole exercise was pointless, but perhaps the letters did contribute in a small way to the sense that Knotts’s allegations had been grossly unfair and that the governor had acted properly. Had he? I thought so at the time, but enough time has passed that I can admit I don’t know. One of the melancholy facts of political life is that your convictions tend to align with your paycheck.

The rise of Mohammed bin Salman was as remarkable as it was unexpected. In 2010 he was the unknown younger son of the governor of Riyadh; by 2019 he was arguably the single most prominent leader in the Arab world. In 2010 he had held no official position, spending his time trading stocks, developing real estate, and buying expensive cars—most notably, a multi-million-dollar fire-engine-red Bugatti.

Why can’t I have an ordinary footman like the other ladies have?” “Because you won’t always be going to the places other ladies go.” Gabriel sat on a chair to remove his shoes and stockings. “You’ll be looking for factory space, and meeting with suppliers, retailers, and wholesale traders, and so forth. If you take Drago with you, it will ease my mind about your safety.” As he saw the mulish set of Pandora’s jaw, Gabriel decided to take another tack. “Of course, we’ll replace him if you wish,” he said with a casual shrug. He began to unfasten the buttons of his braces. “But it would be a pity. Drago grew up in an orphanage and has no family. He’s always lived in a small room at the club. He was looking forward to living in a real household for the first time in his life, and seeing what family life was like.” That last sentence was pure conjecture, but it did the trick. Pandora sent him a long-suffering glance and heaved a sigh. “Oh, all right. I suppose I’ll have to keep him. And train him not to scare people.” Dramatically she fell backward on the bed, arms and legs akimbo. Her small, glum voice floated up to the ceiling. “My very own footmonster.” Gabriel regarded the small, splayed figure on the bed, feeling a rush of mingled amusement and lust that made his breath catch. Before another second had passed, he’d climbed over her, crushing her mouth with his. “What are you doing?” Pandora asked with a spluttering laugh, twisting beneath him. “Accepting your invitation.” “What invitation?” “The one you gave me by reclining on the bed in that seductive pose.” “I flopped backward like a dying trout,” she protested, squirming as he began to hike up her skirts. “You knew I wouldn’t be able to resist.” “Take a bath first,” she implored. “You’re not fit for the house. I should take you out to the stables and scrub you like one of the horses, with carbolic soap and a birch brush.” “Oh, you naughty girl . . . yes, let’s do that.” His hand wandered lecherously under her skirts. Pandora yelped with laughter and wrestled him. “Stop, you’re contaminated! Come to the bathroom and I’ll wash you.” He pinned her down. “You’ll be my bath handmaiden?” he asked provocatively. “You’d like that, wouldn’t you?” “I would,” he whispered, touching his tongue to the center of her lower lip. Her dark blue eyes were bright with mischief. “I’ll bathe you, my lord,” she offered, “but only if you agree to keep your hands to yourself, and remain as still and stiff as a statue.” “I’m already as stiff as a statue.” He nudged her to demonstrate. Pandora rolled out from under him with a grin and headed toward the bathroom, while he followed readily.

As I travel around the financial services industry today, the most interesting trend I see is the one toward relationship consolidation. Now that Glass-Steagall has been repealed, and all financial services providers can provide just about all financial services, there's a tendency - particularly as people get older - to want to tie everything up... to develop a plan, which implies having a planner. A planner, not a whole bunch of 'em... You've got basically two options. One is that you can sit here and wait for a major investment firm, which handles your client's investment portfolio while you handle the insurance, to bring their developing financial and estate planning capabilities to your client's door. And to take over the whole relationship. In this case, you have chosen to be the Consolidatee. A better option is for you to be the Consolidator. That is, you go out and consolidate the clients' financial lives pursuant to a really great plan - the kind you pride yourselves on. And of course that would involve your taking over management of the investment portfolio. Let's start with the classic Ibbotson data [Stocks, Bonds, Bills and Inflation Yearbook, Ibbotson Associates]. In the only terms that matter to the long-term investor - the real rate of return - he [the stockholder] got paid more like three times what the bondholder did. Why would an efficient market, over more than three quarters of a centry, pay the holders of one asset class anything like three times what it paid the holders of the other major asset class? Most people would say: risk. Is it really risk that's driving the premium returns, or is it volatility? It's volatility.... I invite you to look carefully at these dirty dozen disasters: the twelve bear markets of roughly 20% or more in the S&P 500 since the end of WWII. For the record, the average decline took about thirteen months from peak to trough, and carried the index down just about 30%. And since there've been twelve of these "disasters" in the roughly sixty years since war's end, we can fairly say that, on average, the stock market in this country has gone down about 30% about one year in five.... So while the market was going up nearly forty times - not counting dividends, remember - what do we feel was the major risk to the long-term investor? Panic. 'The secret to making money in stocks is not getting scared out of them' Peter Lynch.

What they don’t realize is this is because of the inadvertent Coffee Can style of investing that they adopt in real estate as against the trading style in their stock portfolios, i.e. when it comes to real estate, investors are happy to buy and hold for long periods of time. As a result, they end up holding their properties through thick and thin, which is why they are able to see an appreciation in the value. In contrast, in equity, investors typically end up buying at the peak, trade frequently and then exiting at the bottom. The harshness of most investors’ experience of the stock market versus their happier experience in real estate is, therefore, in part self-inflicted rather than being due to the underlying nature of these asset classes.

We lack space here to discuss in detail the pros and cons of market forecasting. A great deal of brain power goes into this field, and undoubtedly some people can make money by being good stock-market analysts. But it is absurd to think that the general public can ever make money out of market forecasts. For who will buy when the general public, at a given signal, rushes to sell out at a profit? If you, the reader, expect to get rich over the years by following some system or leadership in market forecasting, you must be expecting to try to do what countless others are aiming at, and to be able to do it better than your numerous competitors in the market. There is no basis either in logic or in experience for assuming that any typical or average investor can anticipate market movements more successfully than the general public, of which he is himself a part. There is one aspect of the “timing” philosophy which seems to have escaped everyone’s notice. Timing is of great psychological importance to the speculator because he wants to make his profit in a hurry. The idea of waiting a year before his stock moves up is repugnant to him. But a waiting period, as such, is of no consequence to the investor. What advantage is there to him in having his money uninvested until he receives some (presumably) trustworthy signal that the time has come to buy? He enjoys an advantage only if by waiting he succeeds in buying later at a sufficiently lower price to offset his loss of dividend income. What this means is that timing is of no real value to the investor unless it coincides with pricing—that is, unless it enables him to repurchase his shares at substantially under his previous selling price.

Looking back, you can always see exactly when you should have bought and sold your stocks. But don’t let that fool you into thinking you can see, in real time, just when to get in and out. In the financial markets, hindsight is forever 20/20, but foresight is legally blind. And thus, for most investors, market timing is a practical and emotional impossibility.5

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.

You buy a 6% bond at 100, convertible into stock at 25—that is, at the rate of 40 shares for each $1,000 bond. The stock goes to 30, which makes the bond worth at least 120, and so it sells at 125. You either sell or hold. If you hold, hoping for a higher price, you are pretty much in the position of a common shareholder, since if the stock goes down your bond will go down too. A conservative person is likely to say that beyond 125 his position has become too speculative, and therefore he sells and makes a gratifying 25% profit. So far, so good. But pursue the matter a bit. In many cases where the holder sells at 125 the common stock continues to advance, carrying the convertible with it, and the investor experiences that peculiar pain that comes to the man who has sold out much too soon. The next time, he decides to hold for 150 or 200. The issue goes up to 140 and he does not sell. Then the market breaks and his bond slides down to 80. Again he has done the wrong thing. Aside from the mental anguish involved in making these bad guesses—and they seem to be almost inevitable—there is a real arithmetical drawback to operations in convertible issues.

However, the risk of paying too high a price for good-quality stocks—while a real one—is not the chief hazard confronting the average buyer of securities. Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions. The purchasers view the current good earnings as equivalent to “earning power” and assume that prosperity is synonymous with safety.

If your company has any credible strategy for providing equity-based returns with muted volatility, you have not just a value proposition, but one of the most important value propositions of our time.... What's the concept in an operating real estate REIT? Operating real estate (as distinct from net leases or mortgages, which are other financing concepts) has the potential to produce equity-like long-term returns, but isan extremely powerful diversifier, in that real estate correlates positively with inflation while stocks and bonds correlate negatively with it. Inflation, with it attendant higher interest rates, chokes off new supply of real estate: new expensive to build, to expensive to finance at prevailing market rents. When new supply dwindles, normal growth absorbs the available space and puts upward pressure on rents, increasing cash flows to the owners... until rents get to a point where new construction pencils out again. (Meanwhile, in an inflation/interest rate flareup of any consequence, stocks and bonds are usually getting hit, and sometimes hit hard.) This, to me, is a trifecta of a conceptual value proposition: (a) the potential for the equity-like long-term returns investors need, (b) historically correlated positively with inflation, unlike all financial assets, and (c) just when you think this story can't get better, with 90% of available income paid out currently to income-starved investors.... What's the concept for variable life insurance? It's certainly the least expensive long-term form of life insurance, in that, as the investment portion grows, it extinguishes the insurance company's exposure. (As Ben Baldwin gnomically and brilliantly observes, 'All insurance is term insurance.') It may also be, in a given situation, the cheapest way of funding an estate tax liability, leaving the maximum legacy to one's heirs. And, of course, if the ownership is vested in an insurance trust, one may (under current law at this writing) be bequeathing wealth without income or estate taxation. As long as there is an estate tax - any estate tax - there will be a financial planning issue in the life of every affluent household/family: how do you want the heirs to pay it? And it seems likely that, conceptually, VUL will always be an answer.... Small cap equities? The concept is, clearly, higher returns with - and precisely because of - their higher volatility.

Why don’t you have a girlfriend, Matt?” I ask. And I really want to know, because it’s unfathomable to me that he’s single. He’s handsome, and he’s so kind. He shakes a finger at me. “There’s a story there,” he says. I settle into the sofa a little deeper and turn so that my feet are pointed toward him, my legs extended. My toes almost touch his thigh. But then he lifts my feet and slides under them, scooting closer to me. “I was in love with a girl. For a long time.” “What happened to her?” I ask. He starts to tickle across my toes, and then his fingertips drag down the top of my foot. It’s a gentle sweep, and it feels so good that I don’t want him to stop. His fingers play absently as he starts to talk. “When I got the diagnosis,” he says, “she couldn’t deal with it.” “Cancer?” I ask. He nods. His fingers drag up and down my shin, and he slides around to stroke the back of my knee. I don’t stop him when his hand slides beneath my skirt, although I do tense up. He smiles when he finds the top of my thigh-highs, and he unclips the little fastener that attaches them to my garters. He repeats the action on the other side, his hands teasing the sensitive skin of my inner thigh as he frees the stocking and rolls it down. He pulls it all the way over my foot, and does the same with the other side. I am suddenly really glad I shaved my legs this morning. I wiggle my toes at him, and he starts to stroke me again. I don’t ever want him to stop. “This okay?” he asks. But he’s not looking at my face. He’s looking at my legs. “Yeah,” I breathe. “Keep talking. You got diagnosed…” “I got diagnosed, and the prognosis wasn’t good. I went through chemo and got a little better. But then I needed a second round. Things didn’t look good, and we were flat broke. I couldn’t work at the tattoo parlor anymore because my immune system was too weak, so I had no money coming in. I was poor and sick, and she didn’t love me enough to walk the path with me.” He shrugs, but I can tell he’s serious. “She cheated with my best friend.” He shrugs again. “And that’s the end of that sad story.” “You still love her?” I ask. I don’t breathe, waiting for his answer. He shakes his head and looks up. “I did love her for a long time. And I haven’t been looking for a relationship. I haven’t dated anyone since her. But I’m not in love with her anymore. I know that now.” “Why now?” I ask. He looks directly into my eyes and says, “Because I met you, and I feel really hopeful that you’ll want to go after something real with me. I know we just met and all, but I was serious about making you fall in love with me.” He laughs. “Then you hit me in the nose tonight, and I knew it was meant to be.” “What?” I have no idea what he’s talking about. “When my brother Logan met Emily, she punched him in the face. And when Pete and Reagan first started dating, she hit him in the nose.” He reaches up and touches his nose gently. “So, when you hit me tonight, I just knew it was meant to be.” He grins. “I hope you feel the same way, because I really want to see where this thing is going to go.” “So the women your brothers fell in love with, they committed bodily harm to them and that’s how you guys knew it was real?” “We kind of have a rule. If a woman punches you in the face, you have to marry her.” He laughs. “I didn’t punch you.” “Same difference,” he says. “That’s my story and I’m sticking to it.

Some families sell their stock off a little at a time to live high, and then—boom—somebody takes them over, and it all goes down the drain. One of the real reasons I’m writing this book is so my grandchildren and great-grandchildren will read it years from now and know this: If you start any of that foolishness, I’ll come back and haunt you. So don’t even think about it.

Stock up on your emotional capital. Prior to starting our business, my partners and I spent a lot of time calculating our expenses and financial burn rate before we thought we would become profitable. However, when starting a business, the real burn rate is emotional. Be prepared for disappointments and emotional letdowns, and make sure you have partners who are emotionally prepared for the uncertainties associated with any startup.

Gothic is the genre of fear. Our fascination with it is almost always revived during times of instability and panic. In the wake of the French Revolution, the Marquis de Sade described the rise of the genre as 'the inevitable product of the revolutionary shock with which the whole of Europe resounded,' and literary critics in the late eighteenth century mocked the work of early gothic writers Anne Radcliffe and Matthew Lewis by referring to it as 'the terrorist school' of writing. As Fred Botting writes in Gothic, his lucid introduction to the genre, it expresses our unresolved feelings about 'the nature of power, law, society, family and sexuality' and yet is extremely concerned with issues of social disintegration and collapse. It's preoccupied with all that is immoral, fantastic, suspenseful, and sensational and yet prone to promoting middle-class values. It's interested in transgression, but it's ultimately more interested in restitution; it alludes to the past yet is carefully attuned to the present; it's designed to evoke excessive emotion, yet it's thoroughly ambivalent; it's the product of revolution and upheaval, yet it endeavors to contain their forces; it's terrifying, but pretty funny. And, importantly, the gothic always reflects the anxieties of its age in an appropriate package, so that by the nineteenth century, familiar tropes representing external threats like crumbling castles, aristocratic villains, and pesky ghosts had been swallowed and interiorized. In the nineteenth century, gothic horrors were more concerned with madness, disease, moral depravity, and decay than with evil aristocrats and depraved monks. Darwin's theories, the changing roles of women in society, and ethical issues raised by advances in science and technology haunted the Victorian gothic, and the repression of these fears returned again and again in the form of guilt, anxiety, and despair. 'Doubles, alter egos, mirrors, and animated representations of the disturbing parts of human identity became the stock devices,' Botting writes, 'signifying the alienation of the human subject from the culture and language in which s/he is located.' In the transition from modernity to post-modernity, the very idea of culture as something stable and real is challenged, and so postmodern gothic freaks itself out by dismantling modernist grand narratives and playing games. In the twentieth century, 'Gothic [was] everywhere and nowhere,' and 'narrative forms and devices spill[ed] over from worlds of fantasy and fiction into real and social spheres.

Although Arin was eager to see Kestrel, he would have to wait. He caught threads of music from far away. As he came across the grass, the piano’s melody strengthened. It opened within him a happiness that gathered and gleamed…glossy, but the way water is, with weight. A lovely fatigue claimed him. He lay down on the grass and listened. He thought about how Kestrel had slept on the palace lawn and dreamed of him. When she had told him this, he’d wished that it had been real. He tried to imagine the dream, then found himself dreaming. Everything made sense in his dream yet he felt the tenuousness of this perfect reason. The arch of Kestrel’s bare foot. An old tale about the god of death and the seamstress. Arin would lose, upon waking, his understanding of why touching Kestrel would arouse the memory of a story he’d not thought about in a long time. He dreamed: one stocking balled in his fist, and the stray question of how it had been made, who had sewn this? He saw his hands--though they did not look like his hands--measuring and cutting fabric, sewing invisible stitches. A dark-haired boy tumbled from a room, a god-mark upon his brow. When a guest entered and said, Weave me the cloth of yourself, Arin thought that he was the forbidding guest and the child and the sewing girl all at once. She said, I’m going to miss you when I wake up. Don’t wake up, he answered. But he did. Kestrel, beside him on the grass, said, “Did I wake you? I didn’t mean to.” It took him a velvety moment to understand that this was real. The air was quiet. An insect beat its clear wings. She brushed hair from his brow. Now he was very awake. “You were sleeping so sweetly,” she said. “Dreaming.” He touched her tender mouth. “About what?” “Come closer, and I’ll tell you.” But he forgot. He kissed her, and became lost in the exquisite sensation of his skin becoming too tight for his body. He murmured other things instead. A secret, a want, a promise. A story, in its own way. She curled her fingers into the green earth.

For too long the various fields of knowledge have been closed to the majority of people, because of knowledge barriers (such as entrance exams), financial barriers (tuition), class barriers (guilds, unions, and directors of admission), language barriers (each group adopting its own arcane terminology with the supposed purpose of facilitating communication among members but with the effects being a rebuff to the uninitiated). These obstacles are undemocratic in that they do not let an individual have free access to knowledge that society has collected — our common inheritance, the greatest store of wealth to which we are all heirs. Such barriers have resulted in an elite group that understands and a mass of outsiders who are excluded from knowledge. For example, in earlier times the Bible was only available in Latin or Greek and accessible exclusively to priests and scholars. That exclusivity is kept alive today in the medical profession. There are innumerable, hidden psychological and social pressures that keep people from being free to explore the constructive use of their hands and minds. Because of artificial limitations on who shall know, society fails to reap the knowledge, the productivity, and the peace and well-being that come from universal participation. In a very real sense, we are hoarding our wealth rather than investing it in the best blue chip stock on the market — human ability.

AlphaPoint Completes Blockchain Trial Together with Scotiabank AlphaPoint, a fintech company, devoted to blockchain technological innovation, has accomplished a successful proof technology together with Scotiabank, a major international bank based in Barcelone, Canada. From the trial, Scotiabank sought to learn and examine how the AlphaPoint Distributed Journal Platform could be leveraged inside across a selection of use situations. When questioned if AlphaPoint and Scotiabank intended to further build this job, Igor Telyatnikov, president and also COO regarding AlphaPoint, advised Bitcoin Journal that he was not able to comment especially on the subsequent steps in the particular Scotiabank-AlphaPoint effort. He performed, however, suggest that AlphaPoint is about to reveal several additional media shortly. “We have a couple of other significant announcements that is to be announced inside the coming calendar month, including a generation launch using a systemically crucial financial institution, ” said Telyatnikov. “2017 will be shaping around be an unbelievable year for that distributed journal technology market as a whole and then for AlphaPoint also. ” Within the multi-month venture, trade studies were published upon deployment of the AlphaPoint Distributed Journal Platform, which usually ran concurrently on Microsoft’s Azure impair and AlphaPoint hardware. Inside real-time, typically the blockchain community converted FIXML messages to be able to smart deals and produced an immutable “single truth” across the complete network. The particular Financial Details eXchange (FIX) is a sector protocol used for communicating stock options information inside specific digital messages. Including information about getting rates, market info and buy and sell orders. Using trillions involving dollars bought and sold annually around the Nasdaq only, financial providers entities are usually investing seriously in maximizing electronic buying and selling to increase their particular speed monetary markets and decrease costs. Blockchain technology may help them help save $8-12 million per annum, which includes savings up to 70 percent throughout reporting, 50 % in post-trade and 50 % in consent, according to a report by Accenture and McLagan.

Snacks at sleepovers are a must. Try this one next time your parents forget to stock the snack cupboard. Supplies: brown paper lunch bag stapler measuring cup microwave Ingredients: ¼ cup popcorn kernels 2 tbsp brown sugar 2 tbsp chocolate chips 2 tbsp butter or margarine pinch of salt Pour the popcorn kernels into a brown paper lunch bag then fold the top of the bag ¼ of an inch, twice. Secure two staples (trust me, I Googled it!) at the folded part to seal the bag shut. Lay the bag flat in the microwave and cook on HIGH for about 1:45 (one minute and forty-five seconds, people!). Each microwave is different, though, so you may need to adjust the time. Meanwhile, add the brown sugar, chocolate chips, butter/margarine and salt to a microwave-safe measuring cup. Cook on HIGH for about 15 seconds or until the gooey buttery-chocolaty mixture is melted. Mix well with a fork then pour it over the popcorn. Toss like a salad and ENJOY!

On June 9, 2021 President Biden dutifully reiterated the US government’s commitment to procure approximately 1.7 million courses of the NIAID-funded drug from Merck.81 BARDA collaborated with a confederacy of other shady Defense Department operatives, including the DoD Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND) and the Army Contracting Command, on the $1.2 billion purchase. Not only was the drug developed with taxpayer money, but its $712 per dose price to the taxpayer is forty times more than Merck’s $17.64 cost of production. Merck, which expects to make $7 billion per year on the new blockbuster, saw its stock price spike on news of the government contract and after President Biden’s televised plug.

programmer can fully prepare for in advance. It’s impossible for them to upload every single variable. As you observe the market, in real time, you will see those unpredictable moments and you will profit in them. You must be very strategic with every trade you enter. Never forget that in the equally strategic world of chess, Garry Kasparov did win some of his rounds against IBM’s Deep Blue. More recently, even IBM’s Watson got answer after answer wrong when playing on Jeopardy! You must also remember that any one organization’s powerful “black box” is trading against all of the other

In 1988, NDTV got a good contract from Doordarshan to produce a famous weekly show called The World This Week, which was anchored by the owner Prannoy Roy. As per records, Doordarshan granted Rs.2 lakhs ($6000[1]) per episode to NDTV, which was a princely sum in those days. Incidentally the head of Doordarshan at that time was Bhaskar Ghose and his son-in-law journalist Rajdeep Sardesai became the No. 2 in NDTV. The Congress Party was in power then and showed all possible support to NDTV and provided a red-carpet welcome to the private media unit to enjoy the national resources of Doordarshan. Every resource and infrastructure of Doordarshan was used for NDTV’s growth. In fact, in the early days (1995-1997), it is this tax payer money (Doordarshan contract) that got him personal gains again when he did “sweet” private equity deals (for sale of personal stake belonging to him and his wife) to a few global private equity funds. Thus, he built a business from patronage (government money) and then created value and cashed some of it by selling to private equity investors such as Goldman Sachs, Morgan Stanley, Alliance Capital, Jardine Fleming etc.

By this time NDTV had become part and parcel of Lutyens’ cozy club cutting across party lines. Congress and BJP heavyweights were at the disposal of NDTV. Left parties too were silent and complicit on NDTV’s illegalities in wielding power as Prannoy Roy’s wife Radhika Roy was the full blood real sister of Communist Party of India – Marxist (CPI-M) Politburo member Brinda Karat (wife of Prakash Karat, General Secretary of CPI-M). Till 2009, the CPI-M General Secretary Prakash Karat and wife Brinda Karat lived with Prannoy Roy and Radhika Roy. NDTV was basking in the aura of the political and intellectual who’s who in the luxurious Lutyens’ Delhi. By this time, it had many nephews, nieces, daughters, sons, daughters in law, sons in law, et al, of powers that be/people at key places on its rolls masquerading as journalists or in other positions within NDTV to curry favours with the obliged and gratified uncles and fathers in law.

Even after casting aspersions on a BJP Chief Minister – Narendra Modi – in 2002, NDTV got its own TV channel license in 2003, when Atal Bihari Vajpayee was the Prime Minister.  After eating out more than a $100 million from Star News partnership, in 2003, NDTV flipped the bird to media baron Rupert Murdoch. Knowing NDTV’s clout in Delhi, Murdoch did not file any case of cheating against them, as by that time Arun Jaitley had become the Law Minister with hands in several other portfolios and had persuaded Atal Bihari Vajpayee to let NDTV and Prannoy Roy have their way despite the strong ideological opposition of Swaminathan Gurumurthy.

This was an elaborate ruse to get S K Srivastava, off the investigation of NDTV for its tax evasion. After some time, P Chidambaram, much against his wishes, became the Home Minister and got Delhi Police under him. Srivastava says that Chidambaram promptly got false and mischievous criminal cases lodged against him, to get him removed from service. Not only that, Chidambaram got him arrested on the premises of the Court [Patiala House Court, Delhi, Jan 8, 2010]. A few illustrative but not exhaustive instances of such monumental persecution of a member of the Indian Revenue Service S K Srivastava are being listed below: Srivastava had found that his junior Income Tax official Shumana Sen IRS was conniving with NDTV in fudging their accounts[10]. In this, she was also supported by her batch mate and partner-in-crime, Ashima Neb, claims Srivastava. Shumana Sen was Assessing Officer of NDTV’s Income Tax circle and her husband Abhisar Sharma was a news presenter of NDTV being a serious violation of Govt. rules and law governing the conduct of employees of Govt. [MHA OM No.F.3/12/(S)/64-Ests.(B), dated 12.10.1965) and Rule 4 of the CCS (Conduct) Rules, 1965] and despite there being mandatory requirement of serving IRS officers to declare pecuniary interest like employment of spouse, etc., by a Company or Firm to the Govt. and failure of which is to be visited with severest punishment including dismissal from service; Shumana Sen never declared to Govt. that her husband was a staffer of the company which she was assessing to all the Direct Taxes, a serious breach which invites dismissal from service without any benefits. The vicious and criminal vilification of an IRS officer for nothing but doing his duty and protecting the public revenue and public interest which were being prejudiced by NDTV, Minister P Chidambaram and hired mercenaries Shumana Sen and Ashima Neb is something that would send shivers down the spine of any right thinking person. Srivastava was forced to face the allegations and court cases as Minister P Chidambaram was desperate to protect NDTV and hush up its crime, criminality and criminal acts – acts that caused defrauding of public revenue of India running into thousands of crores of rupees.

Russians are rarely in a hurry, and like to have frequent opportunities of eating and drinking. In Russia time is not money; if it were, nearly all the subjects of the Tsar would always have a large stock of ready money on hand, and would often have great difficulty in spending it. In reality, be it parenthetically remarked, a Russian with a superabundance of ready money is a phenomenon rarely met with in real life.

Ticker tape fever. During the run-up to the 1929 crash on Wall Street, many people had become addicted to playing the stock market, and this addiction had a physical component—the sound of the ticker tape that electronically registered each change in a stock’s price. Hearing that clicking noise indicated something was happening, somebody was trading and making a fortune. Many felt drawn to the sound itself, which felt like the heartbeat of Wall Street. We no longer have the ticker tape. Instead many of us have become addicted to the minute-by-minute news cycle, to “what’s trending,” to the Twitter feed, which is often accompanied by a ping that has its own narcotic effects. We feel like we are connected to the very flow of life itself, to events as they change in real time, and to other people who are following the same instant reports. This need to know instantly has a built-in momentum. Once we expect to have some bit of news quickly, we can never go back to the slower pace of just a year ago. In fact, we feel the need for more information more quickly. Such impatience tends to spill over into other aspects of life—driving, reading a book, following a film. Our attention span decreases, as well as our tolerance for any obstacles in our path.

More Sales Does Not Equal More Profit My first product order for Sheer Strength cost me $600. I ordered 100 units at $6 each and we sold it at a $32 price point. The money came out of my savings, and at the time, I was so worried that it wouldn’t sell, and I’d be out $600. To the Ryan of the past, I now say two things. First: Who cares? Put on your big boy pants, Ryan. It’s only $600. Second: This isn’t the real problem. Assuming you follow this process, create a decent product, and identify your customer, your bigger problem is that you won’t be able to keep inventory in stock, as we’ve talked about already. Trust me on this. Keeping inventory in stock so that you can keep building your sales momentum is a real challenge. With Sheer Strength, we kept raising the price until it hit a point where sales were just slow enough that we could keep up with ordering the next round of inventory. We took the money we made from sales, and we bought another 500 units. Then, in the next round, we bought 1,000 units. We just kept rolling the money back in, over and over, as the company grew. It was pure bootstrapping. In retrospect, I wish we’d been even more aggressive at the beginning, but we feared what would happen if we placed that first huge order and the product didn’t sell. For a lot of people, the biggest hurdle is not placing that preliminary order, but rather finding the money to avoid running out of stock faster than it can be replaced.

Employing the small time stringer spouse of IRS officer Shumana Sen [Abhisar Sharma] as a reciprocal consideration to Shumana Sen for taking up the hatchet work of money-laundering by NDTV.

Hiring a novice reporter of Times of India, who was barely drawing a monthly salary of about Rs.7,000 (Rajdeep Sardesai) for about Rs.75,000 a month as Political Editor of NDTV because he got married to the only child of incumbent Information and Broadcasting Secretary (Bhaskar Ghose, IAS West Bengal) or an incompetent small time stringer (Abhisar Sharma) for his IRS spouse Shumana Sen for a whopping salary of Rs.70,000 per month are but a few instances of sinecure appointments or, to be more accurate, an alternate way of paying bribes.

Over the next three weeks Yeltsin’s approval ratings jumped from 22 to 28 percent. For the first time since his campaign began, people started to factor in a real possibility that Yeltsin would win. New buyers entered the stock market, pushing my fund up 15 percent.

As the Danish philosopher Søren Kierkegaard noted, life can only be understood backwards—but it must be lived forwards. Looking back, you can always see exactly when you should have bought and sold your stocks. But don’t let that fool you into thinking you can see, in real time, just when to get in and out.

The latest of these exponentially growing parallel universes is the world of the Internet and the global information systems. Here too, the irresistible growth, the outgrowth of information, could be posted up in real time in terms of millions of individuals and millions of operations - that information now so extensive that it no longer has any connection with the acquisition of knowledge. As of now, we can say that this immense potential will never be redeemed, in the sense of a use or purpose ever being found for it. Things here, then, are exactly as they are with debt: information is as inexpiable as debt, in the sense that we shall never be able to settle our account with it. Moreover, the storage of data, the accumulation and worldwide circulation of information, in every respect resemble the build-up of an irremissible debt. And, here again, as soon as this proliferating information far exceeds the needs and capacities of the individual and the species in general, it has no other meaning than to bind all humanity in a single destiny of cerebral automatism and mental underdevelopment. For it is clear that, though a certain dose of information reduces our ignorance, a massive dose of artificial intelligence can only convince us of the failings of our natural intelligence and plunge us deeper into them. The worst thing in a human being is to know too much and not to be equal to one's knowledge. It is the same with responsibility and emotional capacity: the media, by perpetually assailing us with violence, misfortune and catastrophe, far from firing some kind of collective solidarity, merely demonstrate our real impotence and plunge us into panic and remorse.

One understands, then, why the Americans make such a show of their debt. The initiative is supposed to shame the State for its bad management and alert the citizens to an imminent collapse of the finances and public services. But the exorbitant scale of the figures robs them of all meaning. It is, in fact, just a massive advertising exercise and, indeed, the luminous billboard looks for all the world like a triumphant stock market index that has broken all records. The population contemplate it with the fascination they might accord to a world record (though few gather in front of the Beaubourg digital clock to see the run-in to the end of the century). At the same time, the people are collectively in the same situation as the Tupolev test pilot who right up to the last second could see his aircraft nose dive and crash into the ground on his internal video circuit. Did he, by some last-minute reflex, glance at the image as he died? He could have imagined himself living out his last moments in virtual reality. Did the image survive the man if only for a fraction of a second? Or was it the other way about? Does virtual reality survive the real world's catastrophic end?

Any investment that has become a topic of widespread conversation is likely to be hazardous to your wealth. It was true of gold in the early 1980s and Japanese real estate and stocks in the late 1980s. It was true of Internet-related stocks in the late 1990s and condominiums in California, Nevada, and Florida in the first decade of the 2000s, as well as bitcoin in 2017.

Not only was the drug developed with taxpayer money, but its $712 per dose price to the taxpayer is forty times more than Merck’s $17.64 cost of production. Merck, which expects to make $7 billion per year on the new blockbuster, saw its stock price spike on news of the government contract and after President Biden’s televised plug.

Buybacks: How the Game Works Imagine a company – let’s call it FinEng Corp – with sales of $1 billion and a 5 per cent profit margin. The $50 million of profits are taxed at a 30 per cent rate. The company has 500 million shares outstanding and shareholders’ equity of $500 million. The shares trade at 15 times earnings. The corporate incentive plan provides senior executives with 50 million stock options, which strike at the current market price. At this point, FinEng has no

Some families sell their stock off a little at a time to live high, and then—boom—somebody takes them over, and it all goes down the drain. One of the real reasons I’m writing this book is so my grandchildren and great-grandchildren will read it years from now and know this: If you start any of that foolishness, I’ll come back and haunt you. So don’t even think about

But few gain sufficient experience in Wall Street to command sucess until they reach that period of life in which they have one foot in the grave. When this time comes these old veterans of the Street usually spend long intervals of repose at their comfortable homes, and in times of panic, which recur sometimes oftener than once a year, these old fellows will be seen in Wall Street, hobbling down on their canes to their brokers' office. Then they always buy good stocks to the extent of their bank balances, which have been permitted to accumulate for just such an emergency. The panic usually rages until enough of these cash purchases of stock is made to afford a big "rake in." When the panic has spent its force, these old fellows, who have been resting judiciously on their oars in expectation of the inevitable event, which usually returns with the regularity of the seasons, quickly realize, deposit their profits with their bankers, or the overplus thereof, after purchasing more real estate that is on the upgrade, for permanent investment, and retire for another season to the quietude of their splendid homes and the bosoms of their happy families. If young men had only the patience to watch the speculative signs of the times, as manifested in the periodical egress of these old prophetic speculators from their shells of security, they would make more money at these intervals than by following up the slippery "tips" of the professional "pointers" of the Stock Exchange all the year round, and they would feel no necessity for hanging at the coat tails, around the hotels, of those specious frauds, who pretend to be deep in the councils of the big operations and of all the new "pools" in process of formation. I say to the young speculators, therefore, watch the ominous visits to the Street of these old men. They are as certain to be seen on the eve of a panic as spiders creeping stealthily and noiselessly from their cobwebs just before rain.

I knew what the Equity Office portfolio was worth. And I knew we were undervalued by Wall Street. Every quarter, the management team would do an in-depth analysis of every asset in the portfolio to develop a real-time valuation. The most reliable measure of our buildings’ value remained—and had always been, in my opinion—replacement cost. Replacement cost mattered more to me than rents or comparable prices or vacancies or economic growth or stock price. This was because replacement cost determined the price of future competition.

Throwing even more fuel on this fire was Alibaba’s record-breaking 2014 debut on the New York Stock Exchange. A group of Taobao sellers rang the opening bell for Alibaba’s initial public offering on September 19, just nine days after Premier Li’s speech. When the dust settled on a furious round of trading, Alibaba had claimed the title of the largest IPO in history, and Jack Ma was crowned the richest man in China. But it was about more than just the money. Ma had become a national hero, but a very relatable one. Blessed with a goofy charisma, he seems like the boy next door. He didn’t attend an elite university and never learned how to code. He loves to tell crowds that when KFC set up shop in his hometown, he was the only one out of twenty-five applicants to be rejected for a job there. China’s other early internet giants often held Ph.D.s or had Silicon Valley experience in the United States. But Ma’s ascent to rock-star status gave a new meaning to “mass entrepreneurship”—in other words, this was something that anyone from the Chinese masses had a shot at. The government endorsement and Ma’s example of internet entrepreneurship were particularly effective at winning over some of the toughest customers: Chinese mothers. In the traditional Chinese mentality, entrepreneurship was still something for people who couldn’t land a real job. The “iron rice bowl” of lifetime employment in a government job remained the ultimate ambition for older generations who had lived through famines. In fact, when I had started Sinovation Ventures in 2009, many young people wanted to join the startups we funded but felt they couldn’t do so because of the steadfast opposition of their parents or spouses. To win these families over, I tried everything I could think of, including taking the parents out to nice dinners, writing them long letters by hand, and even running financial projections of how a startup could pay off. Eventually we were able to build strong teams at Sinovation, but every new recruit in those days was an uphill battle. By 2015, these people were beating down our door—in one case, literally breaking Sinovation’s front door—for the chance to work with us. That group included scrappy high school dropouts, brilliant graduates of top universities, former Facebook engineers, and more than a few people in questionable mental states. While I was out of town, the Sinovation headquarters received a visit from one would-be entrepreneur who refused to leave until I met with him. When the staff told him that I wouldn’t be returning any time soon, the man lay on the ground and stripped naked, pledging to lie right there until Kai-Fu Lee listened to his idea.

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

You can now create the user interface of your trading system. Determine which parameters you want to change in real time, and which ones only at start of the system.

An excessively positive outlook can also complicate dying. Psychologist James Coyne has focused his career on end-of-life attitudes in patients with terminal cancer. He points out that dying in a culture obsessed with positive thinking can have devastating psychological consequences for the person facing death. Dying is difficult. Everyone copes and grieves in different ways. But one thing is for certain: If you think you can will your way out of a terminal illness, you will be faced with profound disappointment. Individuals swept up in the positive-thinking movement may delay meaningful, evidence-based treatment (or neglect it altogether), instead clinging to so-called “manifestation” practices in the hope of curing disease. Unfortunately, this approach will most often lead to tragedy. In perhaps one of the largest investigations on the topic to date, Dr. Coyne found that there is simply no relationship between emotional well-being and mortality in the terminally ill (see James Coyne, Howard Tennen, and Adelita Ranchor, 2010). Not only will positive thinking do nothing to delay the inevitable; it may make what little time is left more difficult. People die in different ways, and quality of life can be heavily affected by external societal pressures. If an individual feels angry or sad but continues to bear the burden of friends’, loved ones’, and even medical professionals’ expectations to “keep a brave face” or “stay positive,” such tension can significantly diminish quality of life in one’s final days. And it’s not just the sick and dying who are negatively impacted by positive-thinking pseudoscience. By its very design, it preys on the weak, the poor, the needy, the down-and-out. Preaching a gospel of abundance through mental power sets society as a whole up for failure. Instead of doing the required work or taking stock of the harsh realities we often face, individuals find themselves hoping, wishing, and praying for that love, money, or fame that will likely never come. This in turn has the potential to set off a feedback loop of despair and failure.

That a foreigner and fugitive from English justice should rise to such heights in his adopted country seems scarcely believable. Daniel Defoe, the keenest financial observer of the age, disparaged Law’s success. In order to rise in this world, wrote Defoe, The case is plain, you must put on a sword, kill a beau or two, get into Newgate [gaol], be condemned to be hanged, break prison if you can, – remember that by the way, – get over to some strange country, turn stock-jobber, set up a Mississippi stock, bubble a nation, and you may soon be a great man.

As the modern era came into being, the avarice of the usurer was supplanted by interest in the broader and more abstract sense of a share or stake. This new concept of interest was ethically wide-ranging: it ‘came to cover virtually the entire range of human actions, from the narrowly self-centered to the sacrificially altruistic, and from the prudently calculated to the passionately compulsive’.49 The seventeenth-century English statesman and philosopher Lord Shaftesbury summed up the new thinking with his comment that ‘Interest governs the World.’50 In his Fable of the Bees (1714), Bernard Mandeville exposed the paradox at the heart of the modern world, namely that private vices brought public benefits. Adam Smith incorporated Mandeville’s wicked insights into his political economy. In The Wealth of Nations, Smith describes the individual as one who ‘By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it.’51 A similar thought is expressed in another famous line, in which Smith writes that ‘It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.’ The spirit of capitalism was transmitted across networks of credit that connected lenders and borrowers through bonds of mutual self-interest.52 Daniel Defoe described credit as a ‘stock’, synonymous with capital, while the French in Defoe’s day referred to capital as ‘interest’, in the sense of taking a stake.fn6 From a technical viewpoint, capital consists of a stream of future income discounted to its present value. Without interest, there can be no capital. Without capital, no capitalism. Turgot, a contemporary of Adam Smith’s, understood this very well: ‘the capitalist lender of money,’ he wrote, ‘ought to be considered as a dealer in a commodity which is absolutely necessary for the production of wealth, and which cannot be at too low a price.’53 (Turgot exaggerated. As we shall see, interest at ‘too low a price’ is the source of many evils.)

By placing too low a discount on the future earnings of companies, investors ended up paying too much. The discounting error was widely acknowledged at the time. In early 1928, Moody’s Investors Services declared that stock prices had ‘over-discounted anticipated progress’.30 After the crash, Benjamin Graham and David Dodd wrote in their book Security Analysis that the late 1920s witnessed ‘a transfer of emphasis [in the valuation of stocks] from current income to future income and hence inevitably to future enhancement of principal value’.31 Or, as the market analyst Max Winkler memorably described: ‘The imagination of our investing public was greatly heightened by the discovery of a new phrase: discounting the future. However, a careful examination of quotations of many issues revealed that not only the future, but even the hereafter, was being discounted.

History, it is said, is written by the victors. In the late 1920s, Hayek claimed that monetary policy had taken the wrong course and predicted a deflationary bust. Irving Fisher, on the other hand, saw nothing wrong at the time with either America’s economy or its monetary policy, famously opining in the summer of 1929 that US stocks had reached a ‘permanently high plateau’. If accuracy of prediction is what matters for economic theory, as Milton Friedman later claimed, then Hayek’s interpretation should have become the received wisdom of his profession. Yet the Austrian’s interpretation of the 1920s and its aftermath has been more or less air-brushed from the history books, while Fisher’s monetarist view has become received wisdom.

And the reason people get screwed is that by the time they hear that the stock market (or gold, or the real estate market, or commodities, or any other type of investment) is a great place to go, very often the bubble is just about to end. So you need to put in place a system to make sure you don’t get seduced into putting too much of your money in any one market or asset class or too much in your Risk/Growth Bucket.

In 1984, the creator of Sam Adams beer, Jim Koch, was staring long and hard across the chasm. It was spring. It was the beginning of the baseball season in Boston, and it was about to be “morning in America.” Ronald Reagan was preparing for what would be a landslide reelection to the presidency, the economy had finally turned around after years in recession, the US Olympic team was about to run away from the competition at the Summer Games in Los Angeles, and Jim was in the middle of his sixth year as a management consultant for Boston Consulting Group (BCG), already earning $250,000 per year (that’s more than $600K in 2020 dollars) before his thirty-fifth birthday. By all accounts, Jim Koch had it made. His feet were planted securely on the terra firma of the business consulting world. “We flew first-class. You consulted with CEOs. Everyone treated you really well,” Jim recalled. These were interesting, heady times at BCG. The company had just become fully employee owned, complete with an employee stock ownership plan (ESOP) that forged a real path to truly significant wealth for consultants like Jim. At the same time, he had already worked alongside a quartet of future luminaries:

To be someone or to do something, which would I choose?* A man occasionally reaches a fork in life’s path. One road leads to doing something, to making an impact on his organization and his world. To being true to his values and vision, and standing with the other men who’ve helped build that vision. He will have to trust himself when all men doubt him, and as a reward, he will have the scorn of his professional circle heaped on his head. He will not be favored by his superiors, nor win the polite praise of his conformist peers. But maybe, just maybe, he has the chance to be right, and create something of lasting value that will transcend the consensus mediocrity inherent in any organization, even supposedly disruptive ones. The other road leads to being someone. He will receive the plum products, the facile praise afforded to the organization man who checks off the canonical list of petty virtues that define moral worth in his world. He will receive the applause of his peers, though it will be striking how rarely that traffic in official praise leads to actual products anybody remembers, much less advances the overall cause of the organization. I certainly had options. I can’t say I didn’t. I had outs, and could have walked away from FBX. All I had to do was shut up, keep my head down, go through the motions with whatever shitty product was handed to me after FBX, and read along from the Facebook script about how to be a proper product manager. I might even resurrect my career if one of those products was “successful.” In the rapidly ossifying Facebook culture, one could get along simply by going along. Plus, there were real stakes on the line. Consider the number of shares and the fact that at the time of this writing, in December 2015, Facebook is worth almost four times what it was when I struck my AdGrok deal. I had two children, whose mother’s nine-to-five corporate job provided for them, though just barely. Her London trader heyday was long gone, and now her salary was that of your standard-issue MBA inside the corporate machine. I contributed a slab of cash every month, per California support guidelines, but it would be my Facebook stock vesting yet to come that would pay for private high schools and Stanford, so Zoë and Noah wouldn’t have to sneak into this country’s elite through the back door from cattle class, as I had to do.