Streaming Stock Quotes

Until recently, I was an ebook sceptic, see; one of those people who harrumphs about the “physical pleasure of turning actual pages” and how ebook will “never replace the real thing”. Then I was given a Kindle as a present. That shut me up. Stock complaints about the inherent pleasure of ye olde format are bandied about whenever some new upstart invention comes along. Each moan is nothing more than a little foetus of nostalgia jerking in your gut. First they said CDs were no match for vinyl. Then they said MP3s were no match for CDs. Now they say streaming music services are no match for MP3s. They’re only happy looking in the rear-view mirror.

it was a beauty fire, it contained soul, the sides of sunshine mountains, hot streams of smiling fish, warm stockings smelling a bit like toast. I held my hand over the little flame. I had beautiful hands. that one thing I had. I had beautiful hands.

Flow gently, sweet Afton, amang thy green braes, Flow gently, I'll sing thee a song in thy praise; My Mary's asleep by thy murmuring stream, Flow gently, sweet Afton, disturb not her dream. Thou stock dove whose echo resounds thro' the glen, Ye wild whistly blackbirds in yon thorny den, Thou green crested lapwing thy screaming forbear, I charge you, disturb not my slumbering fair. How lofty, sweet Afton, thy neighboring hills, Far mark'd with the courses of clear winding rills; There daily I wander as noon rises high, My flocks and my Mary's sweet cot in my eye. How pleasant thy banks and green valleys below, Where, wild in the woodlands, the primroses blow; There oft, as mild evening weeps over the lea, The sweet-scented birk shades my Mary and me. Thy crystal stream, Afton, how lovely it glides, And winds by the cot where my Mary resides; How wanton thy waters her snowy feet lave, As, gathering sweet flowerets, she stems thy clear wave. Flow gently, sweet Afton, amang thy green braes, Flow gently, sweet river, the theme of my lays; My Mary's asleep by thy murmuring stream, Flow gently, sweet Afton, disturb not her dreams.

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

Shamrocks And roses In an ever green flock Now Up to your noses Turning into a high stock! People nice and seen All around you green! These lucky streams Realizing major dreams. In strives, when in pain Call oh call up my name, Know it isn't in vain...

The whole scope of the essay is to recommend culture as the great help out of our present difficulties; culture being a pursuit of our total perfection by means of getting to know, on all the matters which most concern us, the best which has been thought and said in the world, and, through this knowledge, turning a stream of fresh and free thought upon our stock notions and habits, which we now follow staunchly but mechanically, vainly imagining that there is a virtue in following them staunchly which makes up for the mischief of following them mechanically. This, and this alone, is the scope of the following essay.

Number 99 was an eviscerated ceramics plant. During the war a succession of blazing explosions had burst among the stock of thousands of chemical glazes, fused them, and splashed them into a wild rainbow reproduction of a lunar crater. Great splotches of magenta, violet, bice green, burnt umber, and chrome yellow were burned into the stone walls. Long streams of orange, crimson, and imperial purple had erupted through windows and doors to streak the streets and surrounding ruins with slashing brush strokes. This became the Rainbow House of Chooka Frood.

The day Emilienne met Satin Lush, she was wearing her cloche hat, newly painted with red poppies. Her hair was curled and peeked lightly out from under the hat to cup the curve of her chin. There was a rip in her stocking. It was May and heavy wet lines of spring rain streamed down the windows of the café where Emilienne had just spent her day serving black coffee and sticky buns to dreamless Irishmen. The smell of glazed sugar and folded pride still lingered on her clothes. As she waited for the rain to let up, the bells of Saint Peter’s chimed five times and the water fell only harder upon the awning over her head. She

It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. A speculator buys stocks hoping for a short-term gain over the next days or weeks. An investor buys stocks likely to produce a dependable future stream of cash returns and capital gains when measured over years or decades.

Then he looked down, and saw that the blood streamed so much from the shoe, that her white stockings were quite red. So he turned his horse and brought her also back again. 'This is not the true bride,' said he to the father; 'have you no other daughters?' 'No,' said he; 'there is only a little dirty Ashputtel here, the child of my first wife; I am sure she cannot be the bride.' The prince told him to send her. But the mother said, 'No, no, she is much too dirty; she will not dare to show herself.' However, the prince would have her come; and she first washed her face and hands, and then went in and curtsied to him, and he reached her the golden slipper. Then she took her clumsy shoe off her left foot, and put on the golden slipper; and it fitted her as if it had been made for her.

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.

Let us now leave the example of the isolated State and turn our attention to the international movements that arise from a fall in the value of money due to an increase in its amount. Here, again, the process is the same. There is no increase in the available stock of goods; only its distribution is altered. The country in which the new mines are situated and the countries that deal directly with it have their position bettered by the fact that they are still able to buy commodities from other countries at the old lower prices at a time when depreciation at home has already occurred. Those countries that are the last to be reached by the new stream of money are those which must ultimately bear the cost of the increased welfare of the other countries.

In the deep woods of the far North, under feathery leaves of fern, was a great fairyland of merry elves, sometimes called forest brownies. These elves lived joyfully. They had everything at hand and did not need to worry much about living. Berries and nuts grew plentiful in the forest. Rivers and springs provided the elves with crystal water. Flowers prepared them drink from their flavorful juices, which the munchkins loved greatly. At midnight the elves climbed into flower cups and drank drops of their sweet water with much delight. Every elf would tell a wonderful fairy tale to the flower to thank it for the treat. Despite this abundance, the pixies did not sit back and do nothing. They tinkered with their tasks all day long. They cleaned their houses. They swung on tree branches and swam in forested streams. Together with the early birds, they welcomed the sunrise, listened to the thunder growling, the whispering of leaves and blades of grass, and the conversations of the animals. The birds told them about warm countries, sunbeams whispered of distant seas, and the moon spoke of treasures hidden deeply in the earth. In winter, the elves lived in abandoned nests and hollows. Every sunny day they came out of their burrows and made the forest ring with their happy shouts, throwing tiny snowballs in all directions and building snowmen as small as the pinky finger of a little girl. The munchkins thought they were giants five times as large as them. With the first breath of spring, the elves left their winter residences and moved to the cups of the snowdrop flowers. Looking around, they watched the snow as it turned black and melted. They kept an eye on the blossoming of hazel trees while the leaves were still sleeping in their warm buds. They observed squirrels moving their last winter supplies from storage back to their homes. Gnomes welcomed the birds coming back to their old nests, where the elves lived during winters. Little by little, the forest once more grew green. One moonlight night, elves were sitting at an old willow tree and listening to mermaids singing about their underwater kingdom. “Brothers! Where is Murzilka? He has not been around for a long time!” said one of the elves, Father Beardie, who had a long white beard. He was older than others and well respected in his striped stocking cap. “I’m here,” a snotty voice arose, and Murzilka himself, nicknamed Feather Head, jumped from the top of the tree. All the brothers loved Murzilka, but thought he was lazy, as he actually was. Also, he loved to dress in a tailcoat, tall black hat, boots with narrow toes, a cane and a single eyeglass, being very proud of that look. “Do you know where I’m coming from? The very Arctic Ocean!” roared he. Usually, his words were hard to believe. That time, though, his announcement sounded so marvelous that all elves around him were agape with wonder. “You were there, really? Were you? How did you get there?” asked the sprites. “As easy as ABC! I came by the fox one day and caught her packing her things to visit her cousin, a silver fox who lives by the Arctic Ocean. “Take me with you,” I said to the fox. “Oh, no, you’ll freeze there! You know, it’s cold there!” she said. “Come on.” I said. “What are you talking about? What cold? Summer is here.” “Here we have summer, but there they have winter,” she answered. “No,” I thought. “She must be lying because she does not want to give me a ride.” Without telling her a word, I jumped upon her back and hid in her bushy fur, so even Father Frost could not find me. Like it or not, she had to take me with her. We ran for a long time. Another forest followed our woods, and then a boundless plain opened, a swamp covered with lichen and moss. Despite the intense heat, it had not entirely thawed. “This is tundra,” said my fellow traveler. “Tundra? What is tundra?” asked I. “Tundra is a huge, forever frozen wetland covering the entire coast of the Arctic Ocean.

You, my dear, do not know how to have fun." "I do, too!" "You do not. You are as bad as Lucien. And do you know something? I think it's time someone showed you how to have fun. Namely, me. You can worry all you like about our situation tomorrow, but tonight ... tonight I'm going to make you laugh so hard that you'll forget all about how afraid of me you are." "I am not afraid of you!" "You are." And with that, he pushed his chair back, stalked around the table, and in a single easy movement, swept her right out of her chair and into his arms. "Gareth!  Put me down!" He only laughed, easily carrying her toward the bed. "Gareth, I am a grown woman!" "You are a grown woman who behaves in a manner far too old for her years," he countered, still striding toward the bed. "As the wife of a Den member, that just will not do." "Gareth, I don't want — I mean, I'm not ready for that!" "That? Who said anything about that?"  He tossed her lightly onto the bed. "Oh, no, my dear Juliet. I'm not going to do that —" She tried to scoot away. "Then what are you going to do?" "Why, I'm going to wipe that sadness out of your eyes if only for tonight. I'm going to make you forget your troubles, forget your fears, forget everything but me. And you know how I'm going to do that, O dearest wife?"  He grabbed a fistful of her petticoats as she tried to escape. "I'm going to tickle you until you giggle ... until you laugh ... until you're hooting so loudly that all of London hears you!" He fell upon the bed like a swooping hawk, and Juliet let out a helpless shriek as his fingers found her ribs and began tickling her madly. "Stop!  We just ate!  You'll make me sick!" "What's this? Your husband makes you sick?" "No, it's just that — aaaoooooo!" He tickled her harder. She flailed and giggled and cried out, embarrassed about each loud shriek but helpless to prevent them. He was laughing as hard as she. Catching one thrashing leg, he unlaced her boot and deftly removed it. She yelped as his fingers found the sensitive instep, and she kicked out reflexively. He neatly ducked just in time to avoid having his nose broken, catching her by the ankle and tickling her toes, her soles, her arch through her stockings. "Stop, Gareth!"  She was laughing so hard, tears were streaming from her eyes. "Stop it, damn it!" Thank goodness Charlotte, worn out by her earlier tantrum, was such a sound sleeper! The tickling continued. Juliet kicked and fought, her struggles tossing the heavy, ruffled petticoats and skirts of her lovely blue gown halfway up her thigh to reveal a long, slender calf sheathed in silk. She saw his gaze taking it all in, even as he made a grab for her other foot. "No!  Gareth, I shall lose my supper if you keep this up, I swear it I will — oooahhhhh!" He seized her other ankle, yanked off the remaining boot, and began torturing that foot as well, until Juliet was writhing and shrieking on the bed in a fit of laughter. The tears streamed down her cheeks, and her stomach ached with the force of her mirth. And when, at last, he let up and she lay exhausted across the bed in a twisted tangle of skirts, petticoats, and chemise, her chest heaving and her hair in a hopeless tumbled-down flood of silken mahogany beneath her head, she looked up to see him grinning down at her, his own hair hanging over his brow in tousled, seductive disarray.

The rapid growth of Message- combined with an outpouring of florists offering consultations in the language of flowers to the streams of brides Marlena and I turned away- caused a subtle but concrete shift in the Bay Area flower industry. Marlena reported that peony, marigold, and lavender lingered in their plastic buckets at the flower market while tulips, lilac, and passionflower sold out before the sun rose. For the first time anyone could remember, jonquil became available long after its natural bloom season had ended. By the end of July, bold brides carried ceramic bowls of strawberries or fragrant clusters of fennel, and no one questioned their aesthetics but rather marveled at the simplicity of their desire. If the trajectory continued, I realized, Message would alter the quantities of anger, grief, and mistrust growing in the earth on a massive scale. Farmers would uproot fields of foxglove to plant yarrow, the soft clusters of pink, yellow, and cream the cure to a broken heart. The prices of sage, ranunculus, and stock would steadily increase. Plum trees would be planted for the sole purpose of harvesting their delicate, clustered blossoms and sunflowers would fall permanently out of fashion, disappearing from flower stands, craft stores, and country kitchens. Thistle would be cleared compulsively from empty lots and overgrown gardens.

You shouldn't confuse “stock trading” with “stock investing.” The former requires the stockholder to purchase, hold, or sell stocks to earn profits. The latter, on the other hand, allows the stockholder to get a regular stream of income just by acquiring stocks.   Trading stocks can help you reap large profits on a daily basis. If you will purchase or sell the right stocks, you can secure huge revenues every day. Here, you won't have to study corporations deeply. You just have to observe the trends in the stock market, make some predictions, and purchase or sell stocks according to your predictions.

But if you can understand the chapter’s central point—that the value of a stock or a bond is simply the present value of its future income stream—then you will have a better grasp of the investment process than most professionals. As

The jellycrusts, scorning the protection of travelling within armoured trucks, walked in the dry lands in ragged groups, pushing or dragging their belongings in carts or sledges. Their skins were concealed by thick, insulating gel once manufactured for military use. Since then, the jellycrusts had bought up all the remaining stocks of the stuff, slapping it on their own integrement, where it accumulated the dust and debris of the desert lands; hence their nickname. It reminded Leila of certain larval creatures who once lived in freshwater streams, and which perhaps still did somewhere, who attached stones and water rubbish to their skins, making a shell to live in. The jellycrusts could look like that: frightening, peeling, gaunt creatures. She used to wonder whether they ever washed it all off and started again from a clear skin. Did they make love? It was not a pleasant image. The gel had a strange smell, rather like a room that had been locked up too long; a wooden room beaten by sunheat, rotted by rain, stale and with the promise of hidden corruption. Jellycrusts always wore bulky, colourless clothes, quasi-military in appearance, heavily adorned with totemic ornaments, constructed from the desert trash.

Why is owning equity in a business important to becoming rich? It’s ownership versus wage work. If you are paid for renting out your time, even lawyers and doctors, you can make some money, but you’re not going to make the money that gives you financial freedom. You’re not going to have passive income where a business is earning for you while you are on vacation. [10] This is probably one of the most important points. People seem to think you can create wealth—make money through work. It’s probably not going to work. There are many reasons for that. Without ownership, your inputs are very closely tied to your outputs. In almost any salaried job, even one paying a lot per hour like a lawyer or a doctor, you’re still putting in the hours, and every hour you get paid. Without ownership, when you’re sleeping, you’re not earning. When you’re retired, you’re not earning. When you’re on vacation, you’re not earning. And you can’t earn nonlinearly. If you look at even doctors who get rich (like really rich), it’s because they open a business. They open a private practice. The private practice builds a brand, and the brand attracts people. Or they build some kind of a medical device, a procedure, or a process with an intellectual property. Essentially, you’re working for somebody else, and that person is taking on the risk and has the accountability, the intellectual property, and the brand. They’re not going to pay you enough. They’re going to pay you the bare minimum they have to, to get you to do their job. That can be a high bare minimum, but it’s still not going to be true wealth where you’re retired but still earning. [78] Owning equity in a company basically means you own the upside. When you own debt, you own guaranteed revenue streams and you own the downside. You want to own equity. If you don’t own equity in a business, your odds of making money are very slim. You have to work up to the point where you can own equity in a business. You could own equity as a small shareholder where you bought stock. You could also own it as an owner where you started the company. Ownership is really important. [10]

The fundamentals of the economy remain strong.' That cliche is repeated by authorities as they try to restore public confidence after every major stock market decline. They have the opportunity to say this because just about every major stock market decline appears inexplicable if one looks only at the factors that logically ought to influence stock markets. It is practically always the stock market that has changed; indeed the fundamentals haven't. How do we know that these changes could not be generated by fundamentals? If prices reflect fundamentals, they do so because those fundamentals are useful in forecasting future stock payoffs. In theory the stock prices are the predictors of the discounted value of those future income streams, in the form of future dividends or future earnings. But stock prices are much too variable. They are even much more variable than those discounted streams of dividends (or earnings) that they are trying to predict.

It would have been easy for Donald to be a hero. People who have hated and criticized him would have forgiven or overlooked his endless stream of appalling actions if he’d simply had somebody take the pandemic preparedness manual down from the shelf where it was put after the Obama administration gave it to him. If he’d alerted the appropriate agencies and state governments at the first evidence the virus was highly contagious, had extremely high mortality rates, and was not being contained. If he’d invoked the Defense Production Act of 1950 to begin production of PPE, ventilators, and other necessary equipment to prepare the country to deal with the worst-case scenario. If he’d allowed medical and scientific experts to give daily press conferences during which facts were presented clearly and honestly. If he’d ensured that there was a systematic, top-down approach and coordination among all of the necessary agencies. Most of those tasks would have required almost no effort on his part. All he would have had to do was make a couple of phone calls, give a speech or two, then delegate everything else. He might have been accused of being too cautious, but most of us would have been safe and many more of us would have survived. Instead, states are forced to buy vital supplies from private contractors; the federal government commandeers those supplies, and then FEMA distributes them back to private contractors, who then resell them. While thousands of Americans die alone, Donald touts stock market gains. As my father lay dying alone, Donald went to the movies. If he can in any way profit from your death, he’ll facilitate it, and then he’ll ignore the fact that you died.

A speculator buys stocks hoping for a short-term gain over the next days or weeks. An investor buys stocks likely to produce a dependable future stream of cash returns and capital gains when measured over years or decades.

Every airplane, no matter how far it is up there, I send love to it. I picture the people in their seats with their plastic cups of soda or orange juice or Scotch, and I love them. I really love them. I send a steady, visible stream of it—love—from me to them. From my chest to their chests. From my brain to their brains. It's a game I play. It's a good game because I can't lose. I do it everywhere now. When I buy Rolaids at the drugstore, I love the lady who runs the place. I love the old man who's stocking shelves. I even love the cashier with the insanely large hands who treats me like shit every other day. I don't care if they don't love me back. This isn't reciprocal. It's an outpouring. Because if I give it all away, then no one can control it. Because if I give it all away, I'll be free.

The winter garden turned out to be a glass conservatory, two stories high and at least one hundred and twenty feet long. Lush ornamental trees, ferns, and palms filled the space, as well as artificial rock formations and a little streamlet stocked with goldfish. West’s opinion of the house climbed even higher as he looked around the winter garden. Eversby Priory had a conservatory, but it wasn’t half as large and lofty as this. An odd little noise seized his attention. A series of noises, actually, like the squeaking of toy balloons releasing air. Bemused, he looked down at a trio of black-and-white kittens roaming around his feet. Phoebe laughed at his expression. “This room is also the cats’ favorite.” A wondering smile spread across West’s face as he saw the sleek black feline arching against Phoebe’s skirts. “Good Lord. Is that Galoshes?” Phoebe bent to stroke the cat’s lustrous fur. “It is. She loves to come here to terrorize the goldfish. We’ve had to cover the stream with mesh wire until the kittens are older.” “When I gave her to you—” West began slowly. “Foisted,” she corrected. “Foisted,” he agreed ruefully. “Was she already—” “Yes,” Phoebe said with a severe glance. “She was a Trojan cat.” West tried to look contrite. “I had no idea.” Her lips quirked. “You’re forgiven. She turned out to be a lovely companion. And the boys have been delighted to have the kittens to play with.” After prying one of the kittens from his trousers as it tried to climb his leg, West set it down carefully.

Stock and flow” is an economic concept that writer Robin Sloan has adapted into a metaphor for media: “Flow is the feed. It’s the posts and the tweets. It’s the stream of daily and sub-daily updates that remind people you exist. Stock is the durable stuff.

Pour the egg mixture into the simmering stock in a thin stream while gently stirring the soup with a fork. Avoid overmixing, which will cause the eggs to break up into tiny, unappetizing bits, instead of the stracci, or rags, for which the soup is named. Let the egg mixture cook for about 30 seconds, then ladle the soup into bowls. Garnish with more Parmesan, and serve immediately. Cover and refrigerate leftovers for up to 3 days. To reheat, gently return soup to a simmer.

Roomba, made headlines when the company’s CEO, Colin Angle, told Reuters about its data-based business strategy for the smart home, starting with a new revenue stream derived from selling floor plans of customers’ homes scraped from the machine’s new mapping capabilities. Angle indicated that iRobot could reach a deal to sell its maps to Google, Amazon, or Apple within the next two years. In preparation for this entry into surveillance competition, a camera, new sensors, and software had already been added to Roomba’s premier line, enabling new functions, including the ability to build a map while tracking its own location. The market had rewarded iRobot’s growth vision, sending the company’s stock price to $102 in June 2017 from just $35 a year earlier, translating into a market capitalization of $2.5 billion on revenues of $660 million.1 Privacy

Stock and flow” is an economic concept that writer Robin Sloan has adapted into a metaphor for media: “Flow is the feed. It’s the posts and the tweets. It’s the stream of daily and sub-daily updates that remind people you exist. Stock is the durable stuff. It’s the content you produce that’s as interesting in two months (or two years) as it is today. It’s what people discover via search. It’s what spreads slowly but surely, building fans over time.” Sloan says the magic formula is to maintain your flow while working on your stock in the background.

At the end of the article the author explains that some targets provide such large sources of ego fuel that they may remain in the idealize phase for years, depending on what the sociopath desires out of the relationship. The article calls this “narcissistic supply” and states that all sociopaths are also narcissists. I read the next line: If a target is providing a constant stream of supply, they may be overvalued and idealized by the sociopath for many years. However, when their supply eventually decreases, they will be quickly devalued and discarded. Oh my God. Green card. Restaurant. Wedding. Travel. Reputability. Maine. Money. Family. I was an almost never-ending source of supply for Marco until I had a baby and suddenly, my stock plummeted. I would no longer be feeding his ego if I was taking care of a newborn.

The interior of Toast was just as charming as the outside. White walls reflected the light streaming in through the huge picture windows, and the wooden floor was painted a pale jade green. A jumble of endearingly mismatched tables and chairs dotted the main room, each decorated with a vintage cut-glass vase of winter branches. The entire back wall of the restaurant had floor-to-ceiling shelves stocked with local edible goods. Jars of East Sussex honey. Bottles of cider. Bunches of lavender and sage. It was cozy and serene and tidy. For so many years I'd dreamed of this place, and to see it here in real life was overwhelming. I felt a swell of emotion as I took it all in, pride mixed with sorrow, bittersweet.

Since the Firm’s IPO, the Founder and the partners have realized that the listed market seems to value more highly the stable, recurring management fees that the Firm brings in, come rain or shine—the two percent—over the larger, supposedly more volatile performance fees that crystallize when investment gains are monetized—the twenty percent. The stock price is largely driven by a regular stream of management fees under long-term contracts, and as assets under management grow for the Firm, the stock’s attractiveness to public market investors increases because this fee pile grows alongside the assets. Of course, there is a strong track record of delivering performance fees on top, because the funds perform well, but these are incremental to the equity story; they do not underpin it. For the stock market, the Two is mission-critical. The Twenty is important, but it is not taken for granted.

Look at stocks as part ownership of a business. 2. Look at Mr. Market—volatile stock price fluctuations—as your friend rather than your enemy. View risk as the possibility of permanent loss of purchasing power, and uncertainty as the unpredictability regarding the degree of variability in the possible range of outcomes. 3. Remember the three most important words in investing: “margin of safety.” 4. Evaluate any news item or event only in terms of its impact on (a) future interest rates and (b) the intrinsic value of the business, which is the discounted value of the cash that can be taken out during its remaining life, adjusted for the uncertainty around receiving those cash flows. 5. Think in terms of opportunity costs when evaluating new ideas and keep a very high hurdle rate for incoming investments. Be unreasonable. When you look at a business and get a strong desire from within saying, “I wish I owned this business,” that is the kind of business in which you should be investing. A great investment idea doesn’t need hours to analyze. More often than not, it is love at first sight. 6. Think probabilistically rather than deterministically, because the future is never certain and it is really a set of branching probability streams. At the same time, avoid the risk of ruin, when making decisions, by focusing on consequences rather than just on raw probabilities in isolation. Some risks are just not worth taking, whatever the potential upside may be. 7. Never underestimate the power of incentives in any given situation. 8. When making decisions, involve both the left side of your brain (logic, analysis, and math) and the right side (intuition, creativity, and emotions). 9. Engage in visual thinking, which helps us to better understand complex information, organize our thoughts, and improve our ability to think and communicate. 10. Invert, always invert. You can avoid a lot of pain by visualizing your life after you have lost a lot of money trading or speculating using derivatives or leverage. If the visuals unnerve you, don’t do anything that could get you remotely close to reaching such a situation. 11. Vicariously learn from others throughout life. Embrace everlasting humility to succeed in this endeavor. 12. Embrace the power of long-term compounding. All the great things in life come from compound interest.

To apply first principles thinking to the field of value investing, consider several fundamental truths. Understand and practice the following if you want to become a good investor: 1. Look at stocks as part ownership of a business. 2. Look at Mr. Market—volatile stock price fluctuations—as your friend rather than your enemy. View risk as the possibility of permanent loss of purchasing power, and uncertainty as the unpredictability regarding the degree of variability in the possible range of outcomes. 3. Remember the three most important words in investing: “margin of safety.” 4. Evaluate any news item or event only in terms of its impact on (a) future interest rates and (b) the intrinsic value of the business, which is the discounted value of the cash that can be taken out during its remaining life, adjusted for the uncertainty around receiving those cash flows. 5. Think in terms of opportunity costs when evaluating new ideas and keep a very high hurdle rate for incoming investments. Be unreasonable. When you look at a business and get a strong desire from within saying, “I wish I owned this business,” that is the kind of business in which you should be investing. A great investment idea doesn’t need hours to analyze. More often than not, it is love at first sight. 6. Think probabilistically rather than deterministically, because the future is never certain and it is really a set of branching probability streams. At the same time, avoid the risk of ruin, when making decisions, by focusing on consequences rather than just on raw probabilities in isolation. Some risks are just not worth taking, whatever the potential upside may be. 7. Never underestimate the power of incentives in any given situation. 8. When making decisions, involve both the left side of your brain (logic, analysis, and math) and the right side (intuition, creativity, and emotions). 9. Engage in visual thinking, which helps us to better understand complex information, organize our thoughts, and improve our ability to think and communicate. 10. Invert, always invert. You can avoid a lot of pain by visualizing your life after you have lost a lot of money trading or speculating using derivatives or leverage. If the visuals unnerve you, don’t do anything that could get you remotely close to reaching such a situation. 11. Vicariously learn from others throughout life. Embrace everlasting humility to succeed in this endeavor. 12. Embrace the power of long-term compounding. All the great things in life come from compound interest.

In two years of research the best example of self-disruption I can find is Netflix. Netflix’s transition to streaming from DVD rental by mail was not nearly as smooth as many would like to remember it, but in hindsight it appears genius. Netflix was founded in 1997 as a DVD mail service and pretty rapidly rose to take huge market share from local video stores who could not compete with its vast range of titles. People soon appreciated the appeal of no late fees, the ability to have several movies out at the same time, as well as its unlimited consumption tariff. Always keen to keep abreast of the latest technology, in 2007 Netflix spent about $40 million to build data centres and to cover the cost of licensing for the initial streaming titles (Rodriguez, 2017). When internet speeds allowed, it introduced streaming as an additional service for its existing subscribers. Monthly fees remained the same, but those with more expensive tariffs were given access to more hours of streamed content. While it added something for free, it also helped give people a reason to upgrade to more expensive plans. Growth was impressive, the video libraries of streamed content rose, the share price rose impressively from $3 in 2007 to over $42 in 2011, and life was good. In September 2011 Netflix made a very bold move. It created two tariffs, and moved all its US subscribers onto two separate plans: the original DVD-by-mail service was to be called Qwikster; the other was a streaming service for a lower monthly fee. The market was shocked, and by December the stock price was below $10 and the company was in pieces. The company rapidly lost higher revenue DVD subscribers and within nine months profits were down by 50 per cent (Steel, 2015). And yet slowly things changed. First, the lower prices suddenly appealed to a much wider market, bringing in far more paying customers, allowing Netflix to buy more content and to slowly raise prices. Then Netflix started making its own original content, clearing out global streaming rights, and then at a flick of a switch it was able to expand globally. If Netflix had not disrupted itself it would be a very different company. It would rely on a massive physical distortion system, with very high costs. It would probably have lost out massively to YouTube and would have withered away as a mail-order DVD supplier. Instead, Netflix’s share price is now nearly $200, five times more than it was when it bravely self-disrupted, it operates in 190 countries, makes nearly $9 billion in revenue from over 110 million customers (Feldman, 2017). Today DVDs represent only 4 per cent of Netflix’s users. It seems that in 2011, when Wall Street was demanding the resignation of Reed Hastings for reinventing the business, they were wrong. From this you can see the pressure this approach places on leaderships, the confidence you need to have, the degree to which this antagonizes the market and everyone around you. This move takes balls. The confidence, conviction, and aggression, to change before you have to create your own future, is remarkable.

Mind thus becomes to me a continuous stream of impulses, the significance of each and every contribution of which is determined by the place in the pattern of channels through which they flow within the pattern of all available channels—with newly arriving afferent impulses, set up by external or internal stimuli, merely diverting this flow into whatever direction the whole flow is disposed to move. . . . I liked to compare this flow of “representative” neural impulses, largely reflecting the structure of the world in which the central nervous system lives, to a stock of capital being nourished by inputs and giving a continuous stream of outputs—only fortunately, the stock of this capital cannot be used up.

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.)

The theory stresses that a stock’s value ought to be based on the stream of earnings a firm will be able to distribute in the future in the form of dividends or stock buybacks.

Like spendthrift youths in spring's new fashions dressed, Its bare thin branches burst in glorious flower. Snow no more falls, but a bright rosy cloud Tints hills and streams in one long sunset hour. Through this red flood my dream-boat makes its way, While flutes sound chill from many a maiden's bower. Sure from no earthly stock this beauty came, But trees immortal round the Fairy Tower.

His morning hours were set apart for the nourishment of his own soul; not, however, with the view of laying up a stock of grace for the rest of the day--for manna will corrupt if laid by--but rather with the view of "giving the eye the habit of looking upward all the day, and drawing down gleams from the reconciled countenance." He was sparing in the hours devoted to sleep, and resolutely secured time for devotion before breakfast, although often wearied and exhausted when he laid himself to rest. "A soldier of the cross," was his remark, "must endure hardness." Often he sang a psalm of praise, as soon as he arose, to stir up his soul. Three chapters of the Word was his usual morning portion. This he thought little enough, for he delighted exceedingly in the Scriptures: they were better to him than thousands of gold or silver. "When you write," he said to a friend, "tell me the meaning of Scriptures." To another, in expressing his value for the Word, he said, "One gem from that ocean is worth all the pebbles of earthly streams." His chief season of relaxation seemed to be breakfast time. He would come down with a happy countenance and a full soul; and after the sweet season of family prayer, immediately begin forming plans for the day. When he was well, nothing seemed to afford him such true delight as to have his hands full of work. Indeed, it was often remarked that in him you found--what you rarely meet with--a man of high poetic imagination and deep devotion, who nevertheless was engaged unceasingly in the busiest and most laborious activities of his office. His

Dollar cost averaging naturally provides steady employment for fund managers and most everyone else associated with the stock market. Regular contributions are therefore sold to the public as something that is beneficial. In reality, dollar cost averaging is a double-edged sword. Proponents usually imagine a scenario of an initial market decline that recovers. In this case, even though the starting and ending price are the same, the average cost is lower, thus resulting in an overall investment gain. Now consider the scenario of a rising market that subsequently declines. In this case, the average cost is higher than the start and ending price, and the investor will have lost money. In fact, given that markets rise much more slowly than they drop, a dollar cost averaging investor is more likely to make an entry and invest larger amounts while the market is rising than during its decline. At its best, dollar cost averaging provides no benefit, but regardless, dollar cost averaging is an excellent way of providing steady work for Wall Street, which collects fees and commissions to invest the steady stream of money from workers.