Valuation Quotes

Love is blind, they say; sex is impervious to reason and mocks the power of all philosophers. But, in fact, a person's sexual choice is the result and sum of their fundamental convictions. Tell me what a person finds sexually attractive and I will tell you their entire philosophy of life. Show me the person they sleep with and I will tell you their valuation of themselves. No matter what corruption they're taught about the virtue of selflessness, sex is the most profoundly selfish of all acts, an act which they cannot perform for any motive but their own enjoyment - just try to think of performing it in a spirit of selfless charity! - an act which is not possible in self-abasement, only in self-exultation, only on the confidence of being desired and being worthy of desire. It is an act that forces them to stand naked in spirit, as well as in body, and accept their real ego as their standard of value. They will always be attracted to the person who reflects their deepest vision of themselves, the person whose surrender permits them to experience - or to fake - a sense of self-esteem .. Love is our response to our highest values - and can be nothing else.

And how have I lived? Frankly and openly, though crudely. I have not been afraid of life. I have not shrunk from it. I have taken it for what it was at its own valuation. And I have not been ashamed of it. Just as it was, it was mine.

It is a good idea sometimes to think of the importance and dignity of our every-day duties. It keeps them from being so tiresome; besides, others are apt take us at our own valuation.

Man rarely places a proper valuation upon his womankind, at least not until deprived of them.

Tell me what a person finds sexually attractive and I will tell you their entire philosophy of life. Show me the person they sleep with and I will tell you their valuation of themselves.

She had liked him for himself, that was indisputable. And yet, much as she had liked him she had liked the bourgeois standard of valuation more.

Love is blind, they say; sex is impervious to reason and mocks the power of all philosophers. But, in fact, a man’s sexual choice is the result and the sum of his fundamental convictions. Tell me what a man finds sexually attractive and I will tell you his entire philosophy on life. Show me the woman he sleeps with and I will tell you his valuation of himself. No matter what corruption he’s taught about the virtue of selflessness, sex is the most profoundly selfish of all acts, an act which he cannot perform for any motive but his own enjoyment–just try to think of performing it in a spirit of selfless charity!–an act which is not possible in self-abasement, only in self-exaltation, only in confidence of being desired and being worthy of desire.

Love is blind, they say; sex is impervious to reason and mocks the power of all philosophers. But, in fact, a man's sexual choice is the result and the sum of his fundamental convictions. Tell me what a man finds sexually attractive and I will tell you his entire philosophy of life. Show me the woman he sleeps with and I will tell you his valuation of himself.

It's not new, our valuation of young female people for how they can serve, satisfy, and satiate. Our girls are both the platter and the meal, and we eat them up--we eat their meat, we lap up their sweetness, we covet and control and consume.

Reason and emotion are not separate and opposed. Reason is nestled upon emotion and dependent upon it. Emotion assigns value to things, and reason can only make choices on the basis of those valuations. The human mind can be pragmatic because deep down it is romantic.

Your weak side, my diabolic friend, is that you have always been a gull: you take Man at his own valuation. Nothing would flatter him more than your opinion of him. He loves to think of himself as bold and bad. He is neither one nor the other: he is only a coward. Call him tyrant, murderer, pirate, bully; and he will adore you, and swagger about with the consciousness of having the blood of the old sea kings in his veins. Call him liar and thief; and he will only take an action against you for libel. But call him coward; and he will go mad with rage: he will face death to outface that stinging truth. Man gives every reason for his conduct save one, every excuse for his crimes save one, every plea for his safety save one: and that one is his cowardice. Yet all his civilization is founded on his cowardice, on his abject tameness, which he calls his respectability. There are limits to what a mule or an ass will stand; but Man will suffer himself to be degraded until his vileness becomes so loathsome to his oppressors that they themselves are forced to reform it.

Everyone thinks Goldman is so fucking smart,” he railed. “Just because Goldman says this is the right valuation, you shouldn’t assume it’s correct just because Goldman said it. My brother works at Goldman, and he’s an idiot!

Every business has to prioritize protecting its assets.

What was to be the value of the long looked forward to, Long hoped for calm, the autumnal serenity And the wisdom of age? Had they deceived us Or deceived themselves, the quiet-voiced elders, Bequeathing us merely a receipt for deceit? The serenity only a deliberate hebetude, The wisdom only the knowledge of dead secrets Useless in the darkness into which they peered Or from which they turned their eyes. There is, it seems to us, At best, only a limited value In the knowledge derived from experience. The knowledge imposes a pattern, and falsifies, For the pattern is new in every moment And every moment is a new and shocking Valuation of all we have been. We are only undeceived Of that which, deceiving, could no longer harm.

Image and perception are everything, and those who possess them have the ability to determine their own myth, to be taken at their own valuation.

The value of intangibles derived from intellectual property rights and trademarks from brands, inventions, software code, and programs has never been higher.

The value of a business is a function of how well the financial capital and the intellectual capital are managed by the human capital. You'd better get the human capital part right.

Humans do not simply, innocently, and honestly disagree with each other about the good, the just, the right, the principles and applications of moral distinction and valuation, for they are already caught, like it or not, in a complex dynamic of each other’s desires, recognition, power, and comparisons which not only relativizes moral distinctions and valuations, but makes them a constant and dangerous source of discord.

A genius is a person who, seeing farther and probing deeper than other people, has a different set of ethical valuations from theirs, and has energy enough to give effect to this extra vision and its valuations in whatever manner best suits his or her specific talents.

Exposition is a mode of thought, a method of learning, and a means of expression. Almost all of the characteristics we associate with mature discourse were amplified by typography, which has the strongest possible bias toward exposition: a sophisticated ability to think conceptually, deductively and sequentially; a high valuation of reason and order; an abhorrence of contradiction; a large capacity for detachment and objectivity; and a tolerance for delayed response.

Einstein was right about relativity, but even he would have had a difficult time applying relative valuation in today's stock markets.

Emotion assigns value to things, and reason can only make choices on the basis of those valuations. The human mind can be pragmatic because deep down it is romantic.

People are apt to take you at your own valuation . . . I mean if you lie down on the floor and look like a doormat people can't be blamed for wiping their boots on you.

Insight: all evaluation is made from a definite perspective: that of the preservation of the individual, a community, a race, a state, a church, a faith, a culture.--- Because we forget that valuation is always from a perspective, a single individual contains within him a vast confusion of contradictory valuations and consequently of contradictory drives. This is the expression of the diseased condition in man, in contrast to the animals in which all existing instincts answer to quite definite tasks. This contradictory creature has in his nature, however, a great method of acquiring knowledge: he feels many pros and cons, he raises himself to justice---to comprehension beyond esteeming things good and evil. The wisest man would be the one richest in contradictions, who has, as it were, antennae for all types of men---as well as his great moments of grand harmony---a rare accident even in us! A sort of planetary motion---

Given that all three of us were Londoners, we paused a moment to carry out the ritual of the “valuation of the property.” I guessed that, given the area, it was at least a million and change. “Million and a half, easy,” said Carey. “More,” said Guleed. “If it’s freehold.

Growth requires reinvestment.

Doth any man doubt, that if there were taken out of men's minds vain opinions, flattering hopes, false valuations, imaginations as one would, and the like, but it would leave the minds of a number of men poor shrunken things, full of melancholy and indisposition, and unpleasing to themselves?

A battered wife will invest all her feelings of self-worth in her battering husband. She has totally accepted her husband’s valuation of her, and this is why she stays: She hopes to redeem herself in her husband’s eyes—and therefore in her own.

The urge toward action, i.e., improvement of the conditions of life, is inborn in man. Man himself changes from moment to moment and his valuations, volitions, and acts change with him. In the realm of action there is nothing perpetual but change.

Freud wrote that love involves the undervaluation of reality and the overvaluation of the desired object. While the correct valuation of a person is an odd, if not impossible idea, we might say Freud meant something like this: for various reasons, many of them masochistic, we become involved with others who cannot possibly give what we ask for; we can wait as long as we wish, but they do not have it, and one day, if we bear to abandon our fantasy and see clearly, we might face reality straight on. We will then look elsewhere for fulfillment, to a place where our needs can, in fact, be satisfied.

What sort of cultivation, or civilization and improvement, is ours to boast of, if it turns out that, as in this instance, unhandselled nature is worth more even by our modes of valuation than our improvements are,—if we leave the land poorer than we found it?

Money, it is conventional to argue, is a medium of exchange, which has the advantage of eliminating inefficiencies of barter; a unit of account, which facilitates valuation and calculation; and a store of value, which allows economic transactions to be conducted over long periods as well as geographical distances. To perform all these functions optimally, money has to be available, affordable, durable, fungible, portable and reliable.

All the seemingly positive valuations and judgments of ressentiment are hidden devaluations and negations.

Behind all logic and its seeming sovereignty of movement, there are valuations, or to speak more plainly, physiological demands, for the maintenance of a definite mode of life.

Having too many retail investors present in capital markets causes distortions in valuations.

Valuating is itself the value and jewel of all valued things.

I believe that oligarchy follows next in order. And what manner of government do you term oligarchy? A government resting on a valuation of property, in which the rich have power and the poor man is deprived of it. I

Nature always takes you at your own valuation. Believe that you are the child of God. Believe that you express Life, Truth, Love. Believe that Wisdom guides you. Believe that you are a special enterprise on the part of God—and what you really believe, that you will demonstrate. Beloved, now are we the sons of God, and it doth not yet appear what we shall be … (1 John

Action is, by definition, always rational. One is unwarranted in calling goals of action irrational simply because they are not worth striving for from the point of view of one's own valuations. Such a mode of expressions leads to gross misunderstandings. Instead of saying that irrationality plays a role in action, one should accustom oneself to saying merely: There are people who aim at different ends from those that I aim at, and people who employ different means from those I would employ in their situation.

In this culture we celebrate boys through the lexicon of violence. ‘You're killing it,’ 'you’re making a killing,’ ‘smash them,’ ‘blow them up,’ ‘you went into that game guns blazing,’ and I think it’s worth it to ask the question what happens to our men and boys when the only way they can valuate themselves is through the lexicon of death and destruction? I think when they see themselves as only worthwhile when they are capable of destroying things, it’s inevitable that we arrive at a masculinity that is toxic

Everyone knows about market risk and management risk. But there are a variety of non obvious risks to consider when managing a portfolio of investments. They include political risk, share premiums and discounts risk, Interest Rate risk, Income Risk, Tax law changes risk, valuation risk, and liquidity risk, among others. This is why professional active portfolio management is the way to go.

The world takes us at our own valuation. It believes in the man who believes in himself, but it has little use for the timid man, the one who is never certain of himself; who cannot rely on his own judgment, who craves advice from others, and is afraid to go ahead on his own account.

The valuations which result in determination of definite prices are different. Each party attaches a higher value to the good he receives than to that he gives away. The exchange ratio, the price, is not the product of equality of valuation, but on the contrary, the product of a discrepancy in valuation.

Three tendencies can be observed in the estimation of dreams. Many philosophers have given currency to one of these tendencies, one which at the same time preserves something of the dream's former over-valuation. The foundation of dream life is for them a peculiar state of psychical activity, which they even celebrate as elevation to some higher state. Schubert, for instance, claims: "The dream is the liberation of the spirit from the pressure of external nature, a detachment of the soul from the fetters of matter." Not all go so far as this, but many maintain that dreams have their origin in real spiritual excitations, and are the outward manifestations of spiritual powers whose free movements have been hampered during the day ("Dream Phantasies," Scherner, Volkelt). A large number of observers acknowledge that dream life is capable of extraordinary achievements—at any rate, in certain fields ("Memory").

a person's sexual choice is the result and sum of their fundamental convictions. Tell me what a person finds sexually attractive and I will tell you their entire philosophy of life. Show me the person they sleep with and I will tell you their valuation of themselves. No matter what corruption they're taught about the virtue of selflessness, sex is the most profoundly selfish of all acts, an act which they cannot perform for any motive but their own enjoyment

A society that fails to value communality — our need to belong, to care for one another, and to feel caring energy flowing toward us — is a society facing away from the essence of what it means to be human. Pathology cannot but ensue. To say so is not a moral assertion but an objective assessment. "When people start to lose a sense of meaning and get disconnected, that's where disease comes from, that's where breakdown in our health — mental, physical, social health — occurs," the psychiatrist and neuroscientist Bruce Perry told me. If a gene or virus were found that caused the same impacts on the population's well-being as disconnection does, news of it would bellow from front-page headlines. Because it transpires on so many levels and so pervasively, we almost take it for granted; it is the water we swim in. We are steeped in the normalized myth that we are, each of us, mere individuals striving to attain private goals. The more we define ourselves that way, the more estranged we become from vital aspects of who we are and what we need to be healthy. Among psychologists there is a wide-ranging consensus about what our core needs consist of. These have been variously listed as: - belonging, relatedness, or connectedness; - autonomy: a sense of control in one's life; - mastery or competence; - genuine self-esteem, not dependent on achievement, attainment, acquisition, or valuation by others; - trust: a sense of having the personal and social resources needed to sustain one through life; - purpose, meaning, transcendence: knowing oneself as part of something larger than isolated, self-centered concerns, whether that something is overtly spiritual or simply universal/humanistic, or, given our evolutionary origins, Nature. "The statement that the physical and mental life of man, and nature, are interdependent means simply that nature is interdependent with itself, for man is a part of nature." So wrote a twenty-six-year-old Karl Marx in 1844. None of this tells you anything you don't already know or intuit. You can check your own experience: What's it like when each of the above needs is met? What happens in your mind and body when it's lacking, denied, or withdrawn?

Tell me what a person finds sexually attractive and I will tell you their entire philosophy of life. Show me the person they sleep with and I will tell you their valuation of themselves. No matter what corruption they're taught about the virtue of selflessness, sex is the most profoundly selfish of all acts, an act which they cannot perform for any motive but their own enjoyment....They will always be attracted to the person who reflects their deepest vision of themselves, the person whose surrender permits them to experience - or to fake - a sense of self-esteem .. Love is our response to our highest values - and can be nothing else.

In this culture we celebrate boys through the lexicon of violence. ‘You're killing it,’ you’re making a killing,’ ‘smash them,’ ‘blow them up,’ ‘you went into that game guns blazing,’ and I think it’s worth it to ask the question what happens to our men and boys when the only way they can valuate themselves is through the lexicon of death and destruction? I think when they see themselves as only worthwhile when they are capable of destroying things, it’s inevitable that we arrive at a masculinity that is toxic

Herd-Instinct. - Wherever we meet with a morality we find a valuation and order of rank of the human impulses and activities. These valuations and orders of rank are always the expression of the needs of a community or herd: that which is in the first place to its advantage- and in the second place and third place-is also the authoritative standard for the worth of every individual. By morality the individual is taught to become a function of the herd, and to ascribe to himself value only as a function. As the conditions for the maintenance of one community have been very different from those of another community, there have been very different moralities; and in respect to the future essential transformations of herds and communities, states and societies, one can prophesy that there will still be very divergent moralities. Morality is the herd-instinct in the individual.

The intrinsic value of an asset is determined by the cash flows you expect that asset to generate over its life and how uncertain you feel about these cash flows.

A firm can have value only if it ultimately delivers earnings.

Avoid companies that are cavalier about issuing new options to managers

Intrinsic valuation is the value to be found in any uniquely individual object not subject to limitations of those values shared in common with some class of other individuals

It seems that the uglier the stock, the better the return, even when the valuations are comparable.

Science without philosophy, facts without perspective and valuation, cannot save us from havoc and despair. Science gives us knowledge, but only philosophy can give us wisdom.

people, even well-bred people like those, had a surprising tendency to take you at your own valuation.

What I said was this: ‘Good. You have a religion, a faith in something. It is very good to have faith in something, whatever it may be, even if you don’t know exactly in whom or in what—even if you have not the least idea of the significance and the possibilities of what you have faith in. To have faith, whether consciously or even quite unconsciously, is very necessary and desirable for every being. ‘And it is desirable because it is by faith, and by faith alone, that there can appear the intensity of being-self-consciousness necessary for everyone, as well as the valuation of one’s own personal being as a particle of everything existing in the Universe. ” ‘But what has the destruction of the existence of another being to do with this faith—above all when you destroy it in the name of its Creator? Does not that “life,” which He created as He created yours, have the same value as your own? ” ‘Making use of your psychic strength and cunning, that is, those data with which our Common Creator has endowed you for the perfecting of your Reason, you take advantage of the psychic weakness of other beings and destroy their existence.

Since the values of the market were the highest criteria, persons also became valued as commodities which could be bought and sold. A person's worth is then his salable market value, whether it is skill or 'personality' that is up for sale. [...] The market value, then, becomes the individual's valuation of himself, so that self-confidence and 'self-feeling' (ones experience of identity with one's self) are largely reflections of what others think of one, in this case the 'others' being those who represent the market. Thus contemporary economic processes have contributed not only to an alienation of man from man, but likewise to 'self-alienation' - an alienation of the individual from himself. As Fromm very well summarizes the point: Since modern man experiences himself both as the seller and as the commodity to be sold on the market, his self-esteem depends on conditions beyond his control. If he is 'successful,' he is valuable; if he is not, he is worthless. The degree of insecurity which results from this orientation can hardly be overestimated. If one feels that one's own value is not constituted primarily by the human qualities one possesses, but by one's succes on a competitive market with ever-changing conditions, one's self-esteem is bound to be shaky and in constant need of confirmation by others. [Erich Fromm, Man for himself] In such a situation one is driven to strive relentlessly for 'succes'; this is the chief way to validate ones self and to allay anxiety. And any failure in the competitive struggle is a threat to the quasi-esteem for one's self - which, quasi though it be, is all one has in such a situation. This obviously leads to powerful feelings of helplessness and inferiority. [p.169f]

Your weak side, my diabolic friend, is that you have always been a gull: you take Man at his own valuation. Nothing would flatter him more than your opinion of him. He loves to think of himself as bold and bad. He is neither one nor the other: he is only a coward. Call him tyrant, murderer, pirate, bully; and he will adore you, and swagger about with the consciousness of having the blood of the old sea kings in his veins. Call him liar and thief; and he will only take an action against you for libel. But call him coward; and he will go mad with rage: he will face death to outface that stinging truth.

I think modern education over-emphasizes the intellect. I suppose that comes from the scientific trend of the times. You cannot obtain a useful citizen if you only develop his intellect. We take children from their parents because these cannot give them an intellectual training. So far, good. But we fail to give them that training in character which parents alone can give. Home influence, as Grace Aguilar conceived it " where has it gone? It strikes me that this is a grave danger for the future. We are rearing up a brood of crafty egoists, a generation whose earliest recollections are those of getting something for nothing from the State. I am inclined to trace our present social unrest to this over-valuation of the intellect. It hardens the heart and blights all generous impulses. What is going to replace the home, Mr. Keith?

At the fourth, the fractal (or viral, or radiant) stage of value, there is no point of reference at all, and value radiates in all directions, occupying all interstices, without reference to anything whatsoever, by virtue of pure contiguity. At the fractal stage there is no longer any equivalence, whether natural or general. Properly speaking there is now no law of value, merely a sort of epidemic of value, a sort of general metastasis of value, a haphazard proliferation and dispersal of value. Indeed, we should really no longer speak of 'value' at all, for this kind of propagation or chain reaction makes all valuation possible.

The entrepreneurs of new firms as much as the management of the old (whether modernizing or not) are forced to do whatever is necessary to attract the players in the casino and then worry as much – or more – about the perfor-mance of their stock valuations as about their actual profits. Financial capital reigns arrogant and production capital has no alternative but to adapt to the new rules; some agents with glee, others with horror.

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

The ocean is full of things that would like to kill you. And other things that would ignore or not understand you, and then eventually kill you. Because they do not have the same understanding or valuation of life and death as humans. There are still other things that you would probably kill, simply because you think they are beautiful, and you want to possess beautiful things because you believe that beauty and sentience are mutually exclusive.

Perhaps the grumbler will object on the ground that he considers p a vital commodity, much more important than q, and that therefore the production of p should be expanded and that of q restricted. If this is really the meaning of his criticism, he is at variance with the valuations of the consumers. He throws off his mask and shows his dictatorial aspirations. Production should not be directed by the wishes of the public but by his own despotic discretion.

The problem with fiat is that simply maintaining the wealth you already own requires significant active management and expert decision-making. You need to develop expertise in portfolio allocation, risk management, stock and bond valuation, real estate markets, credit markets, global macro trends, national and international monetary policy, commodity markets, geopolitics, and many other arcane and highly specialized fields in order to make informed investment decisions that allow you to maintain the wealth you already earned. You effectively need to earn your money twice with fiat, once when you work for it, and once when you invest it to beat inflation. The simple gold coin saved you from all of this before fiat.

I should still, paradoxical as it may sound, like to maintain the opposite valuation of the dream in relation to the mysterious foundation of our being, whose phenomena we are. The more aware I become of these omnipotent art impulses in nature, and find in them an ardent longing for illusion and for redemption by illusion, the more I feel compelled to make the metaphysical assumption that the truly existent, the primal Oneness, eternally suffering and contradictory, also needs the delightful vision, the pleasurable illusion for its constant redemption: an illusion that we, utterly caught up in it and consisting of it—as a continuous becoming in time, space and causality, in other words—are required to see as empirical reality.

Alterations in real prices occur slowly as a rule. But this stability of prices has its cause in the stability of the price-determinants, not in the Law of Price-determination itself. Prices change slowly because the subjective valuations of human beings change slowly. Human needs, and human opinions as to the suitability of goods for satisfying those needs, are no more liable to frequent and sudden changes than are the stocks of goods available for consumption, or the manner of their social distribution;

We're kidding ourselves if we think we can opt out of these decisions. Every policy the government adopts, and every individual choice you make, implies that a valuation has been made, even if no one has been honest enough to own up to it or even admit it to themselves.

Taking wildly different positions on the value of assets and using his emotional state to justify those valuations helps explain something else Trump has done repeatedly. Congress requires all presidential candidates to file a financial disclosure statement listing their assets, liabilities, and income. Trump’s ninety-two-page disclosure report valued one of his best-known properties at more than $50 million. But he told tax authorities the same property was worth only about $1 million. He valued another signature Trump property at zero—and demanded the return of the property taxes he had already paid.

Civilization”, and everything that characterizes cities as artificial shelters from nature, works in opposition to the nonhuman environment’s ability to inflict natural selection. While the logical corollary of ending natural selection among humans is the equal valuation of each individual, moral treatment of each individual as an end, as opposed to a slave or a means, works against the selfish gene. While the selfish gene views an individual organism as only a means of perpetuating itself, Biblical-modern valuation of individuals as ends in themselves “in the eyes of God” works like a monkeywrench in the gene machine.

In 1996, Eastman Kodak was a hundred-year-old powerhouse with one hundred forty thousand employees and a valuation of twenty-eight billion dollars. Yet a mere sixteen years later, the company was filing for bankruptcy, a T. Rex dinosaur that had failed to fathom the disruptive power and game-changing impact of the digital photography revolution.

Systemic value is the value of that structure of concepts by which all concepts, including those of value, are brought into a system.

The intension of an analytic concept arises from the abstraction of the common qualities of a group of things.

Growth firms get more of their value from investments that they expect to make in the future and less from investments already made.

People are assets; not expennses.

Extrinsic value is the value objects, empirical things, have to the measure that they meet the demands of belonging to a class as determined by the intension of an analytic concept.

She merely desires to be taken at her own valuation and to be addressed universally as “Mother Teresa.” Her success is not, therefore, a triumph of humility and simplicity. It is another chapter in a millennial story which stretches back to the superstitious childhood of our species, and which depends on the exploitation of the simple and the humble by the cunning and the single-minded.

Scientific axiology arises from the unfolding of the following axiom: Value is the degree in which a thing possesses the set of qualities corresponding to the set of attributes in the intension of its concept.

In a market economy, a main determinant of social standing is participation in the labor market and the associated willingness to 'self-commodify' (e.g., Esping-Andersen 1999), the latter term nicely emphasizing how market economies render all forms of worth, even self-worth, a function of market valuation. When individuals fail to self-commodify, they fall outside the most fundamental institutions of the society, thereby reducing them to nonentities and social ciphers. This is why a mere transfer of income to the underclass... is inconsequential in relieving feelings of social exclusion. If anything, such a transfer only draws attention to the initial failure to self-commodify. although a class map also embodies distinctions of social standing among those who have an enduring commitment to the labor market, the social divide between the underclass and all other classes looms especially large because it captures this fundamental insider-outsider distinction.

Compassion for human hurt, a humble sense of our impermanence, an absolute valuation of justice—all of our so-called virtues only trouble us and serve to bolster, not assuage, horror. In addition, these qualities are our least vital, the least in line with life. More often than not, they stand in the way of one’s rise in the welter of this world, which found its pace long ago and has not deviated from it since. The putative affirmations of life—each of them based on the propaganda of Tomorrow: reproduction, revolution in its widest sense, piety in any form you can name—are only affirmations of our desires. And, in fact, these affirmations affirm nothing but our penchant for self-torment, our mania to preserve a demented innocence in the face of gruesome facts. By means of supernatural horror we may evade, if momentarily, the horrific reprisals of affirmation. Every one of us, having been stolen from nonexistence, opens his eyes on the world and looks down the road at a few convulsions and a final obliteration. What a weird scenario. So why affirm anything, why make a pathetic virtue of a terrible necessity? We are destined to a fool’s fate that deserves to be mocked. And since there is no one else around to do the mocking, we will take on the job. So let us indulge in cruel pleasures against ourselves and our pretensions, let us delight in the Cosmic Macabre. At least we may send up a few bitter laughs into the cobwebbed corners of this crusty old universe.

Some of the variable words, say lunch and supper and dinner, may be highlighted but the differences are not particularly important. When we come to say `we just don't speak the same language' we mean something more general: that we have different immediate values or different kinds of valuation, or that we are aware, often intangibly, of different formations and distributions of energy and interest. In such a case, each group is speaking its native language, but its uses are significantly different, and especially when strong feelings or important ideas are in question. No single group is `wrong' by any linguistic criterion, though a temporarily dominant group may try to enforce its own uses as `correct'. What is really happening through these critical encounters, which may be very conscious or may be felt only as a certain strangeness and unease, is a process quite central in the development of a language when, in certain words, tones and rhythms, meanings are offered, felt for, tested, confirmed, asserted, qualified, changed.

—I cannot, at this place, avoid a sigh. There are days when I am visited by a feeling blacker than the blackest melancholy—contempt of man. Let me leave no doubt as to what I despise, whom I despise: it is the man of today, the man with whom I am unhappily contemporaneous. The man of today—I am suffocated by his foul breath!… Toward the past, like all who understand, I am full of tolerance, which is to say, generous self-control: with gloomy caution I pass through whole millenniums of this madhouse of a world, call it “Christianity,” “Christian faith” or the “Christian church,” as you will—I take care not to hold mankind responsible for its lunacies. But my feeling changes and breaks out irresistibly the moment I enter modern times, our times. Our age knows better… . What was formerly merely sickly now becomes indecent—it is indecent to be a Christian today. And here my disgust begins.—I look about me: not a word survives of what was once called “truth”; we can no longer bear to hear a priest pronounce the word. Even a man who makes the most modest pretensions to integrity must know that a theologian, a priest, a pope of today not only errs when he speaks, but actually lies—and that he no longer escapes blame for his lie through “innocence” or “ignorance.” The priest knows, as every one knows, that there is no longer any “God,” or any “sinner,” or any “Saviour”—that “free will” and the “moral order of the world” are lies—: serious reflection, the profound self-conquest of the spirit, allow no man to pretend that he does not know it… . All the ideas of the church are now recognized for what they are—as the worst counterfeits in existence, invented to debase nature and all natural values; the priest himself is seen as he actually is—as the most dangerous form of parasite, as the venomous spider of creation… . We know, our conscience now knows—just what the real value of all those sinister inventions of priest and church has been and what ends they have served, with their debasement of humanity to a state of self-pollution, the very sight of which excites loathing,—the concepts “the other world,” “the last judgment,” “the immortality of the soul,” the “soul” itself: they are all merely so many instruments of torture, systems of cruelty, whereby the priest becomes master and remains master… . Every one knows this, but nevertheless things remain as before. What has become of the last trace of decent feeling, of self-respect, when our statesmen, otherwise an unconventional class of men and thoroughly anti-Christian in their acts, now call themselves Christians and go to the communion-table?… A prince at the head of his armies, magnificent as the expression of the egoism and arrogance of his people—and yet acknowledging, without any shame, that he is a Christian!… Whom, then, does Christianity deny? what does it call “the world”? To be a soldier, to be a judge, to be a patriot; to defend one’s self; to be careful of one’s honour; to desire one’s own advantage; to be proud … every act of everyday, every instinct, every valuation that shows itself in a deed, is now anti-Christian: what a monster of falsehood the modern man must be to call himself nevertheless, and without shame, a Christian!—

Values did man only assign to things in order to maintain himself -- he created only the significance of things, a human significance! Therefore, calleth he himself "man", that is, the valuator. Valuing is creating: hear it, ye creating ones! Valuation itself is the treasure and jewel of the valued things. Through valuation only is there value; and without valuation the nut of existence would be hollow. Hear it, ye creating ones! Change of values -- that is, change of the creating ones. Always doth he destroy who hath to be a creator.

Precisely because we seek knowledge, let us not be ungrateful to such resolute reversals of accustomed perspectives and valuations...: to see differently in this way for once, to want to see differently, is no small discipline and preparation of the intellect for its future "objectivity"―to be understood not as "contemplation without interest" (which is a nonsensical absurdity), but as the ability to control one's Pro and Con and to dispose of them, so that one knows how to employ a variety of perspectives and affective interpretations in the service of knowledge.

They asked forty-two experienced investors in the firm to estimate the fair value of a stock (the price at which the investors would be indifferent to buying or selling). The investors based their analysis on a one-page description of the business; the data included simplified profit and loss, balance sheet, and cash flow statements for the past three years and projections for the next two. Median noise, measured in the same way as in the insurance company, was 41%. Such large differences among investors in the same firm, using the same valuation methods, cannot be good news.

The “noble” person has a completely naïve and non-reflective awareness of his own value and of his fullness of being, an obscure conviction which enriches every conscious moment of his existence, as if he were autonomously rooted in the universe. This should not be mistaken for “pride.” Quite on the contrary, pride results from an experienced diminution of this “naive” self-confidence. It is a way of “holding on” to one’s value, of seizing and “preserving” it deliberately. The noble man’s naive self-confidence, which is as natural to him as tension is to the muscles, permits him calmly to assimilate the merits of others in all the fullness of their substance and configuration. He never “grudges” them their merits. On the contrary: he rejoices in their virtues and feels that they make the world more worthy of love. His naive self-confidence is by no means “compounded” of a series of positive valuations based on specific qualities, talents, and virtues: it is originally directed at his very essence and being. Therefore he can afford to admit that another person has certain “qualities” superior to his own or is more “gifted” in some respects—indeed in all respects. Such a conclusion does not diminish his naïve awareness of his own value, which needs no justification or proof by achievements or abilities. Achievements merely serve to confirm it. On the other hand, the “common” man (in the exact acceptation of the term) can only experience his value and that of another if he relates the two, and he clearly perceives only those qualities which constitute possible differences. The noble man experiences value prior to any comparison, the common man in and through a comparison. For the latter, the relation is the selective precondition for apprehending any value. Every value is a relative thing, “higher” or “lower,” “more” or “less” than his own. He arrives at value judgments by comparing himself to others and others to himself

It was a wake-up call to me to learn that Airbnb was by no means unique: Instagram started as a location-based social network called Burbn (which had an optional photo feature). It attracted a core group of users and more than $500,000 in funding. And yet the founders realized that its users were flocking to only one part of the app—the photos and filters. They had a meeting, which one of the founders recounts like this: “We sat down and said, ‘What are we going to work on next? How are we going to evolve this product into something millions of people will want to use? What is the one thing that makes this product unique and interesting?’”7 The service soon retooled to become Instagram as we know it: a mobile app for posting photos with filters. The result? One hundred thousand users within a week of relaunching. Within eighteen months, the founders sold Instagram to Facebook for $1 billion. I know that seems simple, that the marketing lesson from Instragram is that they made a product that was just awesome. But that’s good news for you—it means there’s no secret sauce, and the second your product gets to be that awesome, you can see similar results. Just look at Snapchat, which essentially followed the same playbook by innovating in the mobile photo app space, blew up with young people, and skyrocketed to a $3.5-billion-dollar valuation with next-to-no marketing.

The exchangeability that is expressed in money must inevitably have repercussions upon the quality of commodities themselves, or must interact with it. The disparagement of the interest in the individuality of a commodity leads to a disparagement of individuality itself. If the two sides to a commodity are its quality and it s price, then it seems logically impossible for the interest to be focused on only one of these sides: for cheapness is an empty word if it does not imply a low price for a relative good quality, and good quality is an economic attraction only for a correspondingly fair price. And yet this conceptual impossibility is psychologically real and effective. The interest in the one side can be so great that its logically necessary counterpart completely disappears. The typical instance of one of these case s is the ‘fifty cents bazaar’. The principle of valuation in the mode rn money economy finds its clearest expression here. It is not the commodity that is the centre of interest here but the price—a principle that in former times not only would have appeared shameless but would have been absolutely impossible. It has been rightly pointed out that the medieval town, despite all the progress it embodied, still lacked the extensive capital economy, and that this was the reason for seeking the ideal of the economy not so much in the expansion (which is possibly only through cheapness) but rather in the quality of the goods offered; hence the great contributions of the applied arts, the rigorous control of production, the strict policing of basic necessities, etc. Such is one extreme pole of the series, whose other pole is characterized by the slogan, ‘cheap and bad’—a synthesis that is possibly only if we are hypnotized by cheapness and are not aware of anything else. The levelling of objects to that of money reduces the subjective interest first in their specific qualities and then, as a further consequence, in the objects themselves. The production of cheap trash is, as it were, the vengeance of the objects for the fact that they have been ousted from the focal point of interest by a merely indifferent means.

Valuing individual humans as ends in themselves thus opposes biological evolution on many levels. If humanity is collectively treated as end in itself, moreover, then all the rest of the world can be conceived as means at the disposal of humanity’s ends and purposes. From this perspective, one can discern how the Biblical-modern valuation of each individual human life works, both against biological evolution through natural selection, and towards a general technological worldview wherein humans define the ends that justify treating all the rest of the world as technological means. Capitalist economic technological development follows logically from the premise that the entire world should revolve around infinitely valuable human lives created in the image of God.

To the Realists. Ye sober beings, who feel yourselves armed against passion and fantasy, and would gladly make a pride and an ornament out of your emptiness, ye call yourselves realists, and give to understand that the world is actually constituted as it appears to you; before you alone reality stands unveiled, and ye yourselves would perhaps be the best part of it, oh, ye dear images of Sais! But are not ye also in your unveiled condition still extremely passionate and dusky beings compared with the fish, and still all too like an enamoured artist? and what is "reality" to an enamoured artist! Ye still carry about with you the valuations of things which had their origin in the passions and infatuations of earlier centuries! There is still a secret and ineffaceable drunkenness embodied in your sobriety! Your love of "reality," for example oh, that is an old, primitive "love"! In every feeling, in every sense-impression, there is a portion of this old love: and similarly also some kind of fantasy, prejudice, irrationality, ignorance, fear, and whatever else has become mingled and woven into it. There is that mountain! There is that cloud! What is "real" in them? Remove the phantasm and the whole human element therefrom, ye sober ones! Yes, if ye could do that! If ye could forget your origin, your past, your preparatory schooling, your whole history as man and beast! There is no "reality" for us nor for you either, ye sober ones, we are far from being so alien to one another as ye suppose; and perhaps our good-will to get beyond drunkenness is just as respectable as your belief that ye are altogether incapable of drunkenness.

[Some people] think that sex is a physical capacity which functions independently of one's mind, choice, or code of values. They think that your body creates a desire and makes a choice for you–just about in some such way as if iron ore transformed itself into railroad rails of its own volition. Love is blind, they say; sex is impervious to reason and mocks the power of all philosophers. But, in fact, a man's sexual choice is the result and the sum of his fundamental convictions. Tell me what a man finds sexually attractive and I will tell you his entire philosophy of life. Show me the woman he sleeps with and I will tell you his valuation of himself. No matter what corruption he's taught about the virtue of selflessness, sex is the most profoundly selfish of all acts, an act which he cannot perform for any motive but his own enjoyment -- just try to think of performing it as an act of selfless charity! – an act which is not possible in self-abasement, only in self-exaltation, only in the confidence of being desired and being worthy of desire. It is an act that forces him to stand naked in spirit, as well as in body, and to accept his real ego as his standard of value. He will always be attracted to the woman who reflects his deepest vision of himself, the woman whose surrender permits him to experience–or to fake– a sense of self-esteem. The man who is proudly certain of his own value will want the highest type of woman he can find, the woman he admires, the strongest, the hardest to conquer, because only the possession of a heroine will give him the sense of an achievement, not the possession of a brainless slut. He does not seek to gain his value, but to express it. There is no conflict between the standards of his mind and the desires of his body . . .

The case for bitcoin as a cash item on a balance sheet is very compelling for anyone with a time horizon extending beyond four years. Whether or not fiat authorities like it, bitcoin is now in free-market competition with many other assets for the world’s cash balances. It is a competition bitcoin will win or lose in the market, not by the edicts of economists, politicians, or bureaucrats. If it continues to capture a growing share of the world’s cash balances, it continues to succeed. As it stands, bitcoin’s role as cash has a very large total addressable market. The world has around $90 trillion of broad fiat money supply, $90 trillion of sovereign bonds, $40 trillion of corporate bonds, and $10 trillion of gold. Bitcoin could replace all of these assets on balance sheets, which would be a total addressable market cap of $230 trillion. At the time of writing, bitcoin’s market capitalization is around $700 billion, or around 0.3% of its total addressable market. Bitcoin could also take a share of the market capitalization of other semihard assets which people have resorted to using as a form of saving for the future. These include stocks, which are valued at around $90 trillion; global real estate, valued at $280 trillion; and the art market, valued at several trillion dollars. Investors will continue to demand stocks, houses, and works of art, but the current valuations of these assets are likely highly inflated by the need of their holders to use them as stores of value on top of their value as capital or consumer goods. In other words, the flight from inflationary fiat has distorted the U.S. dollar valuations of these assets beyond any sane level. As more and more investors in search of a store of value discover bitcoin’s superior intertemporal salability, it will continue to acquire an increasing share of global cash balances.

It is no different with the faith with which so many materialistic natural scientists rest content nowadays, the faith in a world that is supposed to have its equivalent and its measure in human thought and human valuations—a “world of truth” that can be mastered completely and forever with the aid of our square little reason. What? Do we really want to permit existence to be degraded for us like this—reduced to a mere exercise for a calculator and an indoor diversion for mathematicians? Above all, one should not wish to divest existence of its rich ambiguity; that is a mandate of good taste, gentlemen, the taste of reverence for everything that lies beyond your horizon. That the only justifiable interpretation of the world should be one in which you are justified because one can continue doing research scientifically in your sense (you really mean, mechanistically?)—an interpretation that permits counting, calculating, weighing, seeing, and touching, and nothing more—that is the crudity and naiveté, assuming that it is not a mental illness, an idiocy.

And as a long-short fund, he'd also been obligated to take short positions — betting against companies — which was a tactic that, to most experts in finance, was uncontroversial. The thinking went, when companies were performing poorly, or were mismanaged, or were in an industry that was being overrun, or were simply likely to fail, taking a short position wasn't just logical — it protected the marketplace by pointing out overpriced stocks, prevented fraud by acting as a check against dubious management, and poked holes in potential bubbles. Short sellers also added liquidity and volume to a stock — because they were obligated to buy the stock back at some point in the future. Yes, short sellers profited when companies failed, but usually a short seller wasn't banking on a company failing — just that the stock's price would eventually correct toward its true valuation. Sometimes, though, a trader picked up a short position because the company in question really was going to fail. Because, perhaps, it was in an industry that was dying; had management that seemed completely unable or unwilling to pivot; and had deep fundamental issues in its financing that seemed impossible to overcome.

The chivalric-aristocratic value judgments are based on a powerful physicality, a blossoming, rich, even effervescent good health that includes the things needed to maintain it, war, adventure, hunting, dancing, jousting and everything else that contains strong, free, happy action. The priestly-aristocratic method of valuation — as we have seen — has different criteria: woe betide it when it comes to war! As we know, priests make the most evil enemies — but why? Because they are the most powerless. Out of this powerlessness, their hate swells into something huge and uncanny to a most intellectual and poisonous level. The greatest haters in world history, and the most intelligent [die geistreichsten Hasser], have always been priests: — nobody else’s intelligence [Geist] stands a chance against the intelligence [Geist] of priestly revenge. The history of mankind would be far too stupid a thing if it had not had the intellect [Geist] of the powerless injected into it: — let us take the best example straight away. Nothing that has been done on earth against ‘the noble’, ‘the mighty’, ‘the masters’ and ‘the rulers’, is worth mentioning compared with what the Jews have done against them: the Jews, that priestly people, which in the last resort was able to gain satisfaction from its enemies and conquerors only through a radical revaluation of their values, that is, through an act of the most deliberate revenge [durch einen Akt der geistigsten Rache]. Only this was fitting for a priestly people with the most entrenched priestly vengefulness. It was the Jews who, rejecting the aristocratic value equation (good = noble = powerful = beautiful = happy = blessed) ventured, with awe-inspiring consistency, to bring about a reversal and held it in the teeth of the most unfathomable hatred (the hatred of the powerless), saying: ‘Only those who suffer are good, only the poor, the powerless, the lowly are good; the suffering, the deprived, the sick, the ugly, are the only pious people, the only ones saved, salvation is for them alone, whereas you rich, the noble and powerful, you are eternally wicked, cruel, lustful, insatiate, godless, you will also be eternally wretched, cursed and damned!’ . . . We know who became heir to this Jewish revaluation . . . With regard to the huge and incalculably disastrous initiative taken by the Jews with this most fundamental of all declarations of war, I recall the words I wrote on another occasion (Beyond Good and Evil, section 195) — namely, that the slaves’ revolt in morality begins with the Jews: a revolt which has two thousand years of history behind it and which has only been lost sight of because — it was victorious . . .

In dealing with judgments of value we refer to facts, that is, to the way in which people really choose ultimate ends. While the value judgments of many people are identical, while it is permissible to speak of certain almost universally accepted valuations, it would be manifestly contrary to fact to deny that there is diversity in passing judgments of value. From time immemorial an immense majority of men have agreed in preferring the effects produced by peaceful cooperation—at least among a limited number of people—to the effects of a hypothetical isolation of each individual and a hypothetical war of all against all. To the state of nature they have preferred the state of civilization, for they sought the closest possible attainment of certain ends—the preservation of life and health—which, as they rightly thought, require social cooperation. But it is a fact that there have been and are also men who have rejected these values and consequently preferred the solitary life of an anchorite to life within society. It is thus obvious that any scientific treatment of the problems of value judgments must take into full account the fact that these judgments are subjective and changing. Science seeks to know what is, and to formulate existential propositions describing the universe as it is. With regard to judgments of value it cannot assert more than that they are uttered by some people, and inquire what the effects of action guided by them must be. Any step beyond these limits is tantamount to substituting a personal judgment of value for knowledge of reality. Science and our organized body of knowledge teach only what is, not what ought to be. This distinction between a field of science dealing exclusively with existential propositions and a field of judgments of value has been rejected by the doctrines that maintain there are eternal absolute values which it is just as much the task of scientific or philosophical inquiry to discover as to discover the laws of physics. The supporters of these doctrines contend that there is an absolute hierarchy of values. They tried to define the supreme good. They said it is permissible and necessary to distinguish in the same way between true and false, correct and incorrect judgments of value as between true and false, correct and incorrect existential propositions. 1 Science is not restricted to the description of what is. There is, in their opinion, another fully legitimate branch of science, the normative science of ethics, whose task it is to show the true absolute values and to set up norms for the correct conduct of men. The plight of our age, according to the supporters of this philosophy, is that people no longer acknowledge these eternal values and do not let their actions be guided by them. Conditions were much better in the past, when the peoples of Western civilization were unanimous in endorsing the values of Christian ethics.

Commerce and Nobility.—Buying and selling is now regarded as something ordinary, like the art of reading and writing; everyone is now trained to it even when he is not a tradesman exercising himself daily in the art; precisely as formerly in the period of uncivilised humanity, everyone was a hunter and exercised himself day by day in the art of hunting. Hunting was then something common: but just as this finally became a privilege of the powerful and noble, and thereby lost the character of the commonplace and the ordinary—by ceasing to be necessary and by becoming an affair of fancy and luxury,—so it might become the same some day with buying and selling. Conditions of society are imaginable in which there will be no selling and buying, and in which the necessity for this art will become quite lost; perhaps it may then happen that individuals who are less subjected to the law of the prevailing condition of things will indulge in buying and selling as a luxury of sentiment. It is then only that commerce would acquire nobility, and the noble would then perhaps occupy themselves just as readily with commerce as they have done hitherto with war and politics: while on the other hand the valuation of politics might then have entirely altered. Already even politics ceases to be the business of a gentleman; and it is possible that one day it may be found to be so vulgar as to be brought, like all party literature and daily literature, under the rubric: 'Prostitution of the intellect.

In order for once to get a glimpse of our European morality from a distance, in order to compare it with other earlier or future moralities, one must do as the traveller who wants to know the height of the towers of a city: for that purpose he leaves the city. "Thoughts concerning moral prejudices," if they are not to be prejudices concerning prejudices, presuppose a position outside of morality, some sort of world beyond good and evil, to which one must ascend, climb, or fly―and in the given case at any rate, a position beyond our good and evil, an emancipation from all "Europe," understood as a sum of inviolable valuations which have become part and parcel of our flesh and blood. That one does want to get outside, or aloft, is perhaps a sort of madness, a peculiar, unreasonable "thou must" - for even we thinkers have our idiosyncrasies of "unfree will"―: the question is whether one can really get there. That may depend on manifold conditions: in the main it is a question of how light or how heavy we are, the problem of our "specific gravity." One must be very light in order to impel one’s will to knowledge to such a distance, and as it were beyond one’s age, in order to create eyes for oneself for the survey of millenniums, and a pure heaven in these eyes besides! One must have freed oneself from many things by which we Europeans of today are oppressed, hindered, held down, and made heavy. The man of such a "Beyond," who wants to get even in sight of the highest standards of worth of his age, must first of all "surmount" this age in him self - it is the test of his power - and consequently not only his age, but also his past aversion and opposition to his age, his suffering caused by his age, his unseasonableness, his Romanticism...

To renounce belief in one's ego, to deny one's own "reality" -- what a triumph! not merely over the senses, over appearance, but a much higher kind of triumph, a violation and cruelty against reason -- a voluptuous pleasure that reaches its height when the ascetic self-contempt and self-mockery of reason declares: "there is a realm of truth and being, but reason is excluded from it!" But precisely because we seek knowledge, let us not be ungrateful to such resolute reversals of accustomed perspectives and valuations with which the spirit has, with apparent mischievousness and futility, raged against itself for so long: to see differently in this way for once, to want to see differently, is no small discipline and preparation for its future "objectivity" -- the latter understood not as "contemplation without interest" (which is a nonsensical absurdity), but as the ability to control one's Pro and Con and to dispose of them, so that one knows how to employ a variety of perspectives and affective interpretations in the service of knowledge. Henceforth, my dear philosophers, let us be on guard against the dangerous old conceptual fiction that posited a "pure, will-less, painless, timeless knowing subject"; let us guard against the snares of such contradictory concepts as "pure reason," absolute spirituality," "knowledge in itself": these always demand that we should think of an eye that is completely unthinkable, an eye turned in no particular direction, in which the active and interpreting forces, through which alone seeing becomes seeing something, are supposed to be lacking; these always demand of the eye an absurdity and a nonsense. There is only a perspective seeing, only a perspective "knowing"; and the more affects we allow to speak about one thing, the more eyes, different eyes, we can use to observe one thing, the more complete will our "concept" of this thing, our "objectivity," be. But to eliminate the will altogether, to suspend each and every affect, supposing we were capable of this -- what would that mean but to castrate the intellect?