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We don't think a sustainable society need be stagnant, boring, uniform, or rigid. It need not be, and probably could not be, centrally controlled or authoritarian. It could be a world that has the time, the resources, and the will to correct its mistakes, to innovate, to preserve the fertility of its planetary ecosystems. It could focus on mindfully increasing quality of life rather than on mindlessly expanding material consumption and the physical capital stock.

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.

In LA, celebrity news was city news. I could turn on the morning news and get weather (almost comic in its lack of variation), traffic (ditto), and celebrity gossip, delivered with the seriousness of a stock-market update.

Nonetheless, if you are trying to change an organization or a society and you do not consider the effects of your changes on moral capital, you’re asking for trouble. This, I believe, is the fundamental blind spot of the left. It explains why liberal reforms so often backfire,43 and why communist revolutions usually end up in despotism. It is the reason I believe that liberalism—which has done so much to bring about freedom and equal opportunity—is not sufficient as a governing philosophy. It tends to overreach, change too many things too quickly, and reduce the stock of moral capital inadvertently. Conversely, while conservatives do a better job of preserving moral capital, they often fail to notice certain classes of victims, fail to limit the predations of certain powerful interests, and fail to see the need to change or update institutions as times change.

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

For what, in actual practice, should the critical, mature modernist Christian do when, for instance, he gathers his children around him to celebrate Christmas? Should he read Luke's Christmas Gospel and sing the Christmas carols as if they were true, even though he believes them to be crude and primitive theology? After all, the rest of his society has no scruples about doing this, the pagans and the department stores. Or if this seems too cynical, too dishonest, ought he rather, in the manner of early socialist Sunday schools, to devise a passionately rationalist catechesis, swap German for German, chant a passage from Bultmann instead of 'Joy to the World!'; ought he rather to gather his little ones about the Crib, light the candles, and read Raymond Brown instead of St. Luke on the virginal conception of Jesus: 'My judgment in conclusion is that the totality of the scientifically controllable evidence leaves an unresolved problem.' How their eyes will shine, how their little hearts will burn within them as they hear these holy words! How touched they will all be as the littlest child reverently places a shining question mark in the empty manger. And how they will rejoice when they find their stockings, which they have hung up to a Protestant parody of a Catholic bishop, stuffed with subscriptions to 'Concilium,' 'Catholic Update,' 'National Catholic Reporter,' and 'The Tablet.

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

Though I am sometimes reluctant to admit it, there really is something 'timeless' in the Tyndale/King James synthesis. For generations, it provided a common stock of references and allusions, rivalled only by Shakespeare in this respect. It resounded in the minds and memories of literate people, as well as of those who acquired it only by listening. From the stricken beach of Dunkirk in 1940, faced with a devil’s choice between annihilation and surrender, a British officer sent a cable back home. It contained the three words 'but if not…' All of those who received it were at once aware of what it signified. In the Book of Daniel, the Babylonian tyrant Nebuchadnezzar tells the three Jewish heretics Shadrach, Meshach, and Abednego that, if they refuse to bow to his sacred idol, they will be flung into a 'burning fiery furnace.' They made him an answer: 'If it be so, our god whom we serve is able to deliver us from the burning fiery furnace, and he will deliver us out of thy hand, o King. But if not, be it known unto thee, O king, that we will not serve thy gods, nor worship the golden image which thou hast set up.' A culture that does not possess this common store of image and allegory will be a perilously thin one. To seek restlessly to update it or make it 'relevant' is to miss the point, like yearning for a hip-hop Shakespeare. 'Man is born unto trouble as the sparks fly upward,' says the Book of Job. Want to try to improve that for Twitter?

Nonetheless, if you’re trying to change an organization or a society and you do not consider the effects of your changes on moral capital, you’re asking for trouble. This, I believe, is the fundamental blindspot of the left. It explains why liberal reforms so often backfire, and why communist revolutions usually end up in despotism. The reason I believe that liberalism – which is done so much to bring about freedom and equal opportunity – is not sufficient as a governing philosophy. It tends to overreach, change too many things too quickly, and reduce the stock of moral capital inadvertently. Conversely, while conservatives do a better job of preserving moral capital, they often fail to notice certain classes of victims, fail to limit the predations of certain powerful interests, and fail to see the need to change or update institutions as times change.

The Oreo cookie invented, the Titanic sinks, Spanish flu, Prohibition, women granted the right to vote, Lindbergh flies solo across the Atlantic, penicillin invented, stock market crashes, the Depression, Amelia Earhart, the atom is split, Prohibition ends, Golden Gate Bridge is built, Pearl Harbor, D-Day, the Korean War, Disneyland, Rosa Parks, Laika the dog is shot into space, hula hoops, birth control pill invented, Bay of Pigs, Marilyn Monroe dies, JFK killed, MLK has a dream, Vietnam War, Star Trek, MLK killed, RFK killed, Woodstock, the Beatles (George, Ringo, John, and Paul) break up, Watergate, the Vietnam War ends, Nixon resigns, Earth Day, Fiddler on the Roof, Olga Korbut, Patty Hearst, Transcendental Meditation, the ERA, The Six Million Dollar Man. "Bloody hell," I said when she was done. "I know. It must be a lot to take in." "It's unfathomable. A Brit named his son Ringo Starr?" She looked pleasantly surprised: she'd thought I had no sense of humor. "Well, I think his real name was Richard Starkey.

Let me state clearly that moral capital is not always an unalloyed good. Moral capital leads automatically to the suppression of free riders, but it does not lead automatically to other forms of fairness such as equality of opportunity. And while high moral capital helps a community to function efficiently, the community can use that efficiency to inflict harm on other communities. High moral capital can be obtained within a cult or a fascist nation, as long as most people truly accept the prevailing moral matrix. Nonetheless, if you are trying to change an organization or a society and you do not consider the effects of your changes on moral capital, you’re asking for trouble. This, I believe, is the fundamental blind spot of the left. It explains why liberal reforms so often backfire,43 and why communist revolutions usually end up in despotism. It is the reason I believe that liberalism—which has done so much to bring about freedom and equal opportunity—is not sufficient as a governing philosophy. It tends to overreach, change too many things too quickly, and reduce the stock of moral capital inadvertently. Conversely, while conservatives do a better job of preserving moral capital, they often fail to notice certain classes of victims, fail to limit the predations of certain powerful interests, and fail to see the need to change or update institutions as times change.

Leonard H. Stringfield 1)Retrievals of the Third Kind: A Case Study of Alleged UFOs and Occupants in Military Custody. The first formal research paper presented publicly on the subject of UFO crash/retrievals at the MUFON Symposium, Dayton, Ohio, July, 1978. Original edition, dated April, 1978, was published in MUFON Proceedings (1978). Address: MUFON, 103 Oldtowne Road, Seguin, Texas 78155. If available, price___________. 2)Retrievals of the Third Kind: A Case Study of Alleged UFOs and Occupants in Military Custody,Status Report I. Revised edition, July, 1978, word processed copy, 34 pages. Available at author's address. See below. Price, USA___________. 3)UFO Crash/Retrieval Syndrome, Status Report II. Published by MUFON. Flexible cover, typeset, illustrations, 37 pages. Available only at MUFON address: 103 Oldtowne Road, Seguin, Texas 78155. Price, USA___________. 4)UFO Crash/Retrievals: Amassing the Evidence, Status Report III, June 1982; flexible cover, typeset, illustrations, 53 pages. Available from author's address. See below. Price, USA___________. 5)The Fatal Encounter at Ft. Dix -- McGuire: A Case Study, Status Report IV, June, 1985. Paper presented at MUFON Symposium, St. Louis, Missouri, 1985. Xeroxed copy, 26 pages. Available at author's address. See below. Price, USA___________. 6)UFO Crash/Retrievals: Is the Coverup Lid Lifting? Status Report V. Published in MUFON UFO Journal, January, 1989, with updated addendum. Xeroxed copy, 23 pages. Available at author's address. See below. Price, USA___________. 7)Inside Saucer Post, 3-0 Blue. Book privately published, 1957. Review of author's early research and cooperative association with the Air Defense Command Filter Center, using code name, FOX TROT KILO 3-0 BLUE. Flexible cover, typeset, illustrations, 94 pages. Available from author's address. See below. Price, USA___________. 8)Situation Red: The UFO Siege. Hardcover book published by Doubleday & Co., 1977. Paperback edition published by Fawcett Crest Books, 1977. Also foreign publishers. Out of print, not available. 9)Orbit Newsletter, published monthly, 1954-1957, by author for international sale and distribution. Set of 36 issues. Some issues out of stock, duplicated by xerox. Available at author's address -- see below. Price of set, USA___________. 10)UFO Crash/Retrievals: The Inner Sanctum, Status Report VI, July, 1991; flexible cover, book length, 81.000 words, 142 (8-1/2 X 11) pages, illustrated. Privately published. Available from author's address. See below. Price, USA___________. Prices include postage and handling. Mailings to Canada, add 500 for each item ordered. All foreign orders, payable U.S. funds, International money order or draft on U.S. Bank. Recommend Air Mail outside U.S. territories. Check on price. Leonard H. Stringfield 4412 Grove Avenue Cincinnati, Ohio 45227 USA Telephone: (513) 271-4248

For an All-Expenses-Paid, one-week vacation anywhere in the world, would you be willing to kill a beautiful butterfly by pulling off it's wings? What about stepping on a cockroach?

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Nonetheless, if you are trying to change an organization or a society and you do not consider the effects of your changes on moral capital, you’re asking for trouble. This, I believe, is the fundamental blind spot of the left. It explains why liberal reforms so often backfire,43 and why communist revolutions usually end up in despotism. It is the reason I believe that liberalism—which has done so much to bring about freedom and equal opportunity—is not sufficient as a governing philosophy. It tends to overreach, change too many things too quickly, and reduce the stock of moral capital inadvertently. Conversely, while conservatives do a better job of preserving moral capital, they often fail to notice certain classes of victims, fail to limit the predations of certain powerful interests, and fail to see the need to change or update institutions as times change. A

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

Shareholders imply passive holding of an enterprise’s stock. Investors highlight their responsibility to invest in the long-term success of a firm through active monitoring or engagement.

The criteria that I found most valuable when making my decisions were the following: What is the size of the investor community invested in other offerings on the platform to-date? Does the platform accept investments via credit card? For example, about 40% of my crowdfunding investors invested with a credit card. Does the platform allow for campaign extensions (if you fall short of your goal within your campaign period, can you extend the campaign until you reach your goal)? I’ve extended my campaigns multiple times. Does the platform allow for multiple disbursements? I prefer to disburse money from my campaign once a month. However, many platforms don’t allow you to disburse the funds until after the campaign is over What are the fees? Platforms can charge between 5-20% of your raise as fees, with some platforms having complicated fee structures that involve taking some of your Securities as part of the offering. Some platforms require you to pay them cash upfront before launching an offering. Does the platform allow you to set your own terms? For example, some platforms don’t allow you to sell convertible notes. Some others don’t allow you to sell non-voting common stock. Some platforms insist that they set the valuation for your startup in order to launch—the logic being that they know their investors, and they want to provide them with a “good deal.” For many reasons, you want to sell the Security that’s right for your startup. Does the platform allow you to have design freedom on the campaign page? You want to make sure that your brand is well represented. The aesthetics and optimization of the page are highly correlated with conversion (how many people invest after visiting your page). Does the platform support analytics? You need advanced analytics to market your offering. Some platforms, for example, allow you to enter a Facebook Pixel and Google Analytics code into the campaign page, while others do not. Does the platform have a good reputation? You will be driving a lot of potential investors and media folks to this platform, and you want to be sure that your platform of choice hasn’t been involved in anything shady in the past. Does the platform allow you to update your investors and prospective investors with campaign notifications? Some platforms have a built-in functionality where you can post updates right on the campaign, download email, and mailing contact lists of your investors (allowing you to contact them by email and allowing you to build Facebook “lookalike audiences”). Whereas, other platforms don’t even share the email addresses of the folks who have already invested in your startup. Does the platform support or plan to support secondary trading for the Securities that it sells on its platform? Will your investors be able to sell the Securities that they buy from you? The ability to sell Securities in a marketplace brings a lot of liquidity and increases its value significantly. In order to allow for secondary trading, the platform needs to obtain an Alternative Trading System (ATS) approval from FINRA.

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.

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.

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.

I believe that liberalism—which has done so much to bring about freedom and equal opportunity—is not sufficient as a governing philosophy. It tends to overreach, change too many things too quickly, and reduce the stock of moral capital inadvertently. Conversely, while conservatives do a better job of preserving moral capital, they often fail to notice certain classes of victims, fail to limit the predations of certain powerful interests, and fail to see the need to change or update institutions as times change.

Minute by minute, over the course of the day, Nike’s stock price was updated. Minute by minute, over the course of the day, thousands of children died from starvation. There was no ticker for them. No news of them.

During the period surrounding the 1987 stock market collapse endowment portfolios first exhibited aspects of disciplined rebalancing in the run up before the crash and then showed signs of perverse market timing in the carnage of the crash.

You can see Musk’s embrace of the car as lifestyle in Tesla’s abandonment of model years. Tesla does not designate cars as being 2014s or 2015s, and it also doesn’t have “all the 2014s in stock must go, go, go and make room for the new cars” sales. It produces the best Model S it can at the time, and that’s what the customer receives. This means that Tesla does not develop and hold on to a bunch of new features over the course of the year and then unleash them in a new model all at once. It adds features one by one to the manufacturing line when they’re ready. Some customers may be frustrated to miss out on a feature here and there. Tesla, however, manages to deliver most of the upgrades as software updates that everyone gets, providing current Model S owners with pleasant surprises.

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if you are trying to change an organization or a society and you do not consider the effects of your changes on moral capital, you’re asking for trouble. This, I believe, is the fundamental blind spot of the left. It explains why liberal reforms so often backfire,43 and why communist revolutions usually end up in despotism. It is the reason I believe that liberalism—which has done so much to bring about freedom and equal opportunity—is not sufficient as a governing philosophy. It tends to overreach, change too many things too quickly, and reduce the stock of moral capital inadvertently. Conversely, while conservatives do a better job of preserving moral capital, they often fail to notice certain classes of victims, fail to limit the predations of certain powerful interests, and fail to see the need to change or update institutions as times change.

Nearly anyone with money in the stock market since 2009 has benefited from the great bull market run. But compared with the overall market, most actively managed stock mutual funds haven’t performed very well or very consistently. Exactly how the funds stack up will depend on the precise measurements you use. If you use the definitions and updated results of a study that I reported on last month, actively managed stock funds as a group look quite weak. In fact, in the six years through March, they did worse than you would have expected if their managers had flipped coins instead of picking stocks. That study,

What Musk had done that the rival automakers missed or didn’t have the means to combat was turn Tesla into a lifestyle. It did not just sell someone a car. It sold them an image, a feeling they were tapping into the future, a relationship. Apple did the same thing decades ago with the Mac and then again with the iPod and iPhone. Even those who were not religious about their affiliation to Apple were sucked into its universe once they bought the hardware and downloaded software like iTunes. This sort of relationship is hard to pull off if you don’t control as much of the lifestyle as possible. PC makers that farmed their software out to Microsoft, their chips to Intel, and their design to Asia could never make machines as beautiful and as complete as Apple’s. They also could not respond in time as Apple took this expertise to new areas and hooked people on its applications. You can see Musk’s embrace of the car as lifestyle in Tesla’s abandonment of model years. Tesla does not designate cars as being 2014s or 2015s, and it also doesn’t have “all the 2014s in stock must go, go, go and make room for the new cars” sales. It produces the best Model S it can at the time, and that’s what the customer receives. This means that Tesla does not develop and hold on to a bunch of new features over the course of the year and then unleash them in a new model all at once. It adds features one by one to the manufacturing line when they’re ready. Some customers may be frustrated to miss out on a feature here and there. Tesla, however, manages to deliver most of the upgrades as software updates that everyone gets, providing current Model S owners with pleasant surprises.

In relative valuation, you price an asset based on how similar assets are priced in the market. A prospective house buyer decides how much to pay for a house by looking at the prices paid for similar houses in the neighborhood. In the same vein, a potential investor in Twitter's IPO (initial public offering) in 2013 could have estimated its value by looking at the market pricing of other social media companies. The three essential steps in relative valuation are: Find comparable assets that are priced by the market; Scale the market prices to a common variable to generate standardized prices that are comparable across assets; and Adjust for differences across assets when comparing their standardized values. A newer house with more updated amenities should be priced higher than a similar-sized older house that needs renovation, and a higher growth company should trade at a higher price than a lower growth company in the same sector. Pricing can be done with less information and much more quickly than intrinsic valuations, and it is more likely to reflect the market mood of the moment. Not surprisingly, most of what passes for valuation in investment banking and portfolio management is really pricing.

How do accountants measure the value of assets? For most fixed and long-term assets, such as land, buildings, and equipment, they begin with what you originally paid for the asset (historical cost) and reduce that value for the aging of the asset (depreciation or amortization). For short-term assets (current assets), including inventory (raw materials, works in progress, and finished goods), receivables (summarizing moneys owed to the firm), and cash, accountants are more amenable to the use of an updated or market value. If a company invests in the securities or assets of another company, the investment is valued at an updated market value if the investment is held for trading and historical cost when it is not. In the special case where the holding comprises more than 50 percent of the value of another company (subsidiary), the firm must record all of the subsidiary's assets and liabilities on its balance sheet (this is called consolidation), with a minority interest item capturing the percentage of the subsidiary that does not belong to it. Finally, you have what are loosely categorized as intangible assets. While you would normally consider items such as brand names, customer loyalty, and a well-trained work force as intangible assets, the most encountered intangible asset in accounting is goodwill. When a firm acquires another firm, the price it pays is first allocated to the existing assets of the acquired firm. Any excess paid becomes goodwill and is recorded as an asset.

I could see reminders of why I had cast aside my phone in the first place. I sat in Café Heaven, a lovely little place in the West End of Provincetown, and ate an eggs Benedict. Next to me there were two men in, I guess, their mid-twenties. I shamelessly eavesdropped on their conversation while pretending to read David Copperfield. It was clear they had met on an app, and this was the first time they had seen each other in person. Something about their conversation seemed odd to me, and I couldn’t place it at first. Then I realized they weren’t, in fact, having a conversation at all. What would happen is the first one, who was blond, would talk about himself for ten minutes or so. Then the second one, who was dark-haired, would talk about himself for ten minutes. And they alternated in this way, interrupting each other. I sat next to them for two hours, and at no point did either of them ask the other person a question. At one point, the dark-haired man mentioned that his brother had died a month before. The blond didn’t even offer a cursory “I’m so sorry to hear that”; he simply went back to talking about himself. I realized that if they had met up simply to read out their own Facebook status updates to each other in turn, there would have been absolutely no difference. I felt like everywhere I went, I was surrounded by people who were broadcasting but not receiving. Narcissism, it occurred to me, is a corruption of attention—it’s where your attention becomes turned in only on yourself and your own ego. I don’t say this with any sense of superiority. I am embarrassed to describe what I realized in that week that I missed most about the web. Every day in my normal life—sometimes several times a day—I would look at Twitter and Instagram to see how many followers I had. I didn’t look at the feed, the news, the buzz—just my own stats. If the figure had gone up, I felt glad—like a money-obsessed miser checking the state of his personal stocks and finding he was slightly richer than yesterday. It was as if I was saying to myself, See? More people are following you. You matter. I didn’t miss the content of what they said. I just missed the raw numbers, and the sense that they were growing.

Be passionate about the business but dispassionate about the stock. Celebrate the big successes of your businesses and reflect on failures. A true feeling of ownership gives an investor the conviction to hold. When you think like a business owner, you no longer view stocks as pieces of paper or buy them with “target prices” in mind. Instead, you view stocks as part ownership in a business and you want to savor the journey alongside the promoters. As companies grow larger and more profitable, their stockholders share in the increased profits and dividends. Invest for the long term. Live fully today. Every day, millions of hardworking people around the world are doing great things at so many companies. As investors, we are thankful.

Under moving average, change the numbers so that you have 10 for 10 weeks, and 40 for 40 weeks. After you input this information, update the chart and decide which stage the market is in. When you are starting out, it is best to only buy stocks when the general market is in Stage 2.

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.

One advantage of real estate investing is that it is less risky than other forms of investing. But like the stock market, fix-it-and-flip-it “strategies” are subject to many economic forces that can change in an instant, making fixing and flipping a volatile investment strategy.

am not suggesting you keep all your money in stocks. No way! My message is that you should keep some money in stocks. If you are in your 50s and 60s today, depending on your situation, you should already have a significant portion of your portfolio—maybe half—invested in bonds. But the other half of your investable assets most likely are in stocks.

A taxable investment is one that requires you to pay taxes on the account’s growth each and every year. Included in this bucket are common, everyday investments like money markets, CDs, stocks, bonds, and mutual funds.

Tesla does not designate cars as being 2014s or 2015s, and it also doesn’t have “all the 2014s in stock must go, go, go and make room for the new cars” sales. It produces the best Model S it can at the time, and that’s what the customer receives. This means that Tesla does not develop and hold on to a bunch of new features over the course of the year and then unleash them in a new model all at once. It adds features one by one to the manufacturing line when they’re ready. Some customers may be frustrated to miss out on a feature here and there. Tesla, however, manages to deliver most of the upgrades as software updates that everyone gets, providing current Model S owners with pleasant surprises.

Today, in 2020, I cannot see the future, but my instincts tell me that we are going to experience a replay of the first Great American Depression of the 1930’s, and that it will happen before the 100 year anniversary of that last one. (Keep in mind the uselessness of such personal premonitions) (Update September 2020 in light of record setting stock market valuations (for some companies) while economies were still under water) The above made so little sense, it became possible to imagine that certain companies had a pipeline to free Federal reserve cash.

HOUSEHOLD MAINTENANCE I’ve written the following list to help you with the maintenance tasks that will have the most impact on the longevity of your belongings. Every day Act fast to clean up spills on furniture or clothing. Update software as needed to avoid getting hacked. Every week Vacuum, dust, and clean the house and furniture. Condition regularly worn shoes. Clean clothes as necessary. Clean out the dishwasher filter. Every month Descale the coffee maker (see this page). Condition regularly used leather bags and shoes worn less often. Fix any garments in the mending pile. Every three months Oil wood cutting boards and spoons. Put frozen vinegar cubes in the garbage disposal. Check the smoke alarms. Check the water softener (if you have one). Every six months Deep clean the house. Turn and vacuum the mattress. Launder the pillows and duvet. Polish wood furniture. Deep clean the fridge. Clean the refrigerator coils. Put petroleum jelly on the fridge seals. Run the cleaning cycle of the dishwasher and washing machine. Inspect the gutters. Every year Take stock of the items in your life (see Chapter 8). Have any leather jackets professionally cleaned. Get the knives sharpened. Clean the filter in the kitchen hood fan. Check the grouting around the tiles in the kitchen and bathroom. Flush the hot-water system and have the boiler serviced. Inspect the roof and exterior of your home (best done in spring/summer). Fix any loose fixings or screws. Clean and consider repainting/resealing the exterior woodwork. Every two years Have a professional deep clean of your upholstery and carpets.

The Bayesian Invisible Hand … free-market capitalism and Bayes’ theorem come out of something of the same intellectual tradition. Adam Smith and Thomas Bayes were contemporaries, and both were educated in Scotland and were heavily influenced by the philosopher David Hume. Smith’s 'Invisible hand' might be thought of as a Bayesian process, in which prices are gradually updated in response to changes in supply and demand, eventually reaching some equilibrium. Or, Bayesian reasoning might be thought of as an 'invisible hand' wherein we gradually update and improve our beliefs as we debate our ideas, sometimes placing bets on them when we can’t agree. Both are consensus-seeking processes that take advantage of the wisdom of crowds. It might follow, then, that markets are an especially good way to make predictions. That’s really what the stock market is: a series of predictions about the future earnings and dividends of a company. My view is that this notion is 'mostly' right 'most' of the time. I advocate the use of betting markets for forecasting economic variables like GDP, for instance. One might expect these markets to improve predictions for the simple reason that they force us to put our money where our mouth is, and create an incentive for our forecasts to be accurate. Another viewpoint, the efficient-market hypothesis, makes this point much more forcefully: it holds that it is 'impossible' under certain conditions to outpredict markets. This view, which was the orthodoxy in economics departments for several decades, has become unpopular given the recent bubbles and busts in the market, some of which seemed predictable after the fact. But, the theory is more robust than you might think. And yet, a central premise of this book is that we must accept the fallibility of our judgment if we want to come to more accurate predictions. To the extent that markets are reflections of our collective judgment, they are fallible too. In fact, a market that makes perfect predictions is a logical impossibility.

Table 4.1 Equities Generate Superior Returns in the Long Run Wealth Multiples for U.S. Asset Classes and Inflation December 1925–December 2005 Asset Class Multiple Inflation 11 times Treasury bills 18 times Treasury bonds 71 times Corporate bonds 100 times Large-capitalization stocks 2,658 times Small-capitalization stocks 13,706 times Source: Ibbotson Associates, Stocks, Bonds, Bills and Inflation, 2006 Year Book.

For the online investor who wants a ‘hands off’ approach to investing, the Wealth Report provides an economic outlook, trading guide and trade advice for Cash Flow strategies and medium-term positioning.Our focus is on the US equity markets, utilizing stock and option strategies such as Covered Calls for an investment portfolio, and Exchange Traded Funds (ETF’s) which provide exposure to global stocks, indices and commodities.To assist in updating you with global market activity, we provide Financial News in terms of the Weekly Economic Outlook written report at the start of each week, outlining our views of market activity, a revision of the previous weeks’ influences, and a discussion of scheduled events for the coming week.

With an extensive range of second hand cars featuring all makes and models, Worcester Used Car Centre can provide the right car at the right price. With so much choice on second hand cars why go anywhere else? Get the best prices and widest choice on quality used cars in Worcester! Contact us today! Our online showroom houses quality used cars with multiple photos and a full description so you can take a good look at our stock before coming to see us. The stocklist is updated constantly so the cars you are seeing are the ones for sale now so you don’t miss out.

ALL RIGHTS RESERVED. No part of this book may be used or reproduced in any matter whatsoever without the written and signed permission of the author. All trademarked names are the property of their owner and are acknowledged by the proper use of capitalization throughout. OTHER ‘Game on Boys’ BOOKS Available on Amazon as eBooks or print books Game on Boys 4 can be read separately or part of a series FREE ebook Game on Boys 1:The PlayStation Playoffs(8-12) Game on Boys 2 : Minecraft Madness (8-12) Game on Boys 3 : NO Girls Allowed Game on Boys 5 : House of Horrors Game on Boys 6 : Galactic Zombie Other books by Kate Cullen FREE Diary Of a Wickedly Cool Witch : Bullies and Baddies(8-13) Boyfriend Stealer : Diary of a Wickedly Cool Witch 2 (8-13) Diary of a Wickedly Cool Witch 3 : Perfect Ten (8-13) Diary of a Wickedly Cool Witch 4 : Witch School for Misfits Lucy goes to the Halloween Party (Early readers) Lucy the Easter Dog (Early readers) Lucy's Merry Christmas Sammy McGann and the Secret Soup People (5-10) Follow KATE on TWITTER at Kate Cullen @ katekate5555 Or email gameonboysseries@gmail.com to receive email updates. (Copy and paste) Or visit her website for new books and giveaways Kate Cullen author website Contents 1. Wow 2. BYODD 3. Secrets 4. News 5. Brats 6. Santa 7. Wishing 8. Blocky 9. Monsters 10. Wolverine 11. Creepy. 12. Arachnophobia 13. Fartblaster 14. Superhero 15. Enderman 16. Teleporting 17. Lost 18. Potions 19. Scared 20. Spells 21. Fireworks 22. Homecoming 1. WOW You know how awesome Christmas is, and birthdays are sick as, Easter is just a big fat chocolate splurge, and even Thanksgiving is like pig-out insanity. Weekends are kinda cool too, but holidays are totally far out man. And when a new PS game comes out and they have a midnight release extravaganza at the game store, it’s like crazy time, coolness overload. All these things are the main reason I exist on this earth. Without all this stuff, life would just SUCK big time. But nothing, I repeat NOTHING comes close to the Christmas I just had. WOW! I repeat WOW! Where do I even start? This Christmas was a like a dream come true. Actually it was sort of like a nightmare too, if that makes any sense. A dream and a nightmare mixed up into one. Totally far out man. Totally gobsmacking, totally awesome, but totally freaking scary. So you’re probably thinking like I won a million bucks or something and then got mugged, or the owner of Sony PlayStation company sent me 1000 free PS games, and then the house got robbed at gunpoint. Or even better, the owner made me the new boss of the Sony PlayStation company. Yeah right! Like that will ever happen! In my dreams!! Although, after what happened, I’m thinking that absolutely anything is possible. 2. BYODD The last day at school before Christmas break was awesome. We had a BYOD day in the afternoon. The first part of the day we had to do all the boring Christmassy stuff like making soppy cards for our families, coloring pictures of Santa and doing boring word searches looking for words like (DER) ‘Santa, Christmas, present, jingle, stocking’. Like BORING. Capital ‘B’ Boring. Why can’t Christmas word finds have proper Christmas words like, console, iPhone 6, PlayStation games, Star wars, BMX, Nerf Modulous Blaster, Thunderblast, Star Wars darth vader vehicle, lego Star Wars Death star?

3 large carrots, diced 2 medium potatoes, diced 1½ tablespoons parsley flakes 1 tablespoon (18 g) salt 1 teaspoon pepper ½ teaspoon garlic 16–20 ounces (455–560 g) brown rice spaghetti 1 cooked chicken, diced Put all ingredients except spaghetti and chicken in a stockpot. Simmer 1 hour. Break spaghetti into 1-inch (2.5-cm) lengths and boil in a separate pot (rice pasta is very starchy). Add chicken to stock pot and simmer 15 additional minutes. Add noodles and serve.

4 cups (940 ml) homemade Chicken Stock (see page 198) or ready-to-eat chicken broth with 1 envelope (1 tablespoon, or 7 g) plain gelatin added ½ cup (80 g) yellow onion, chopped ½ cup (65 g) carrot, chopped 1 tablespoon (4 g) minced fresh parsley ½ teaspoon minced fresh thyme 1 bay leaf ½ teaspoon black pepper 4 ounces (115 g) uncooked GF macaroni or small pasta shells 2 cups (about ¾ pound, or 340 g) cubed cooked turkey 1 cup (180 g) chopped tomatoes In a large sauce pot over medium heat, combine broth, onion, carrot, parsley, thyme, bay leaf, and pepper. Bring to a boil. Stir in macaroni, cover, and reduce heat. Simmer for about 6 minutes. Stir in turkey and tomatoes. Cook until heated through and macaroni is tender. Discard bay leaf before serving.

Americans are six times more likely to suffer than citizens of Shanghai (China) and Nigeria. In general, citizens of English-speaking nations are twice as likely to suffer as those in mainland Europe. This is extremely unlikely to be anything to do with genes since they share the same genetic stock, and I have argued elsewhere that the reason is Selfish Capitalist governance. Likewise, if you compare rates in Singapore and China, the populations of which also share genes, they are far higher in the (Americanized-Anglicized) Singapore.

A low current stock price forecasts a low future price. If today’s price is low, there is a good reason to buy more (it’s cheap) and also a good reason to buy less (it’s likely to stay cheap). The two reasons cancel out and make “buying more when the price is low” no more attractive than “buying more when the price is high.