Volatile Short Quotes

Now, I learned a long time ago how to be quiet on the outside while I'm freaking on the inside. How to turn away like I don't see all the things that need to be seen, just to keep peace. How to lie low and act like I want nothing, expect nothing, and hope for nothing so I don't become more trouble than I'm worth. I'm five months short of eighteen and I know how to be cursed and ignored and left behind, how to swallow a thousand tears and ignore a thousand delibarate cruelties, but it's two in the morning on New Year's Eve and I'm mad and scared and bone tired and really, really sick of acting like I'm grateful to be staying on a hairy, sagging, dog-stained couch in a junky, mildewed trailer with a fat, dangerous, volatile drunk who sweats stale beer and wallows in his own wastewater, and who doesn't think there's one thing wrong with taking his crap life out on his dog, who comes bellying back for forgiveness every single time, no matter how rotten the treatment-

He gave a talk in which he argued that the way they measured risk was completely idiotic. They measured risk by volatility: how much a stock or bond happened to have jumped around in the past few years. Real risk was not volatility; real risk was stupid investment decisions.

How, in so short a time, she had passed from intoxication to disgust we will only seek to explain by supposing that this mysterious composition which we call society, is nothing absolutely good or bad in itself, but has a spirit in it, volatile but potent, which either makes you drunk when you think it, as Orlando thought it, delightful, or gives you a headache when you think it, as Orlando thought it, repulsive. That the faculty of speech has much to do with it either way, we take leave to doubt. Often a dumb hour is the most ravishing of all; brilliant wit can be tedious beyond description. But to the poets we leave it, and so on with our story.

Real risk was not volatility; real risk was stupid investment decisions.

It is widely accepted that anything that reduces short-term volatility must also reduce long-term return.

Gideon was quickly checking through her muscular structure and then weaving very gently into the complexities of her reproductive system. Suddenly Legna cried out again, her hands hitting his chest and grabbing fistfuls of his shirt, her entire body trembling from head to toe. This time Gideon gave the reaction his full attention. He looked into her wide eyes, the pupils dilating as he watched. Her mouth formed a soft, silent circle of surprise. “What are you doing?” she asked, her breath falling short and quick. “Nothing,” he insisted, his expression reflecting his baffled thoughts. “Merely continuing the exam. What are you feeling?” Legna couldn’t put the sensation into words. Her entire body felt as if it were pooling liquid fire, like magma dripping through her, centering under the hand he had just splayed over her lower belly. So, being the empath she was, she described it in the only way she could with any efficiency and effectiveness. She sent the sensations to him, deeply, firmly, without preparation or permission, exactly the way she had received them. In an instant, Gideon went from being in control of a neutral examination to an internal thermonuclear flashpoint of arousal that literally took his breath away. His hand flexed on her belly, crushing the silk of her dress within his fist. “Legna!” he cried hoarsely. “What are you doing?” She didn’t even seem aware of him, her eyes sliding closed and her head falling back as she tried to gulp in oxygen. His eyes slid down over her and he saw the flush and rigidity of erogenous heat building with incredible speed beneath her skin. And as it built in her, it built in him. She had created a loop between them, a locked cycle that started nowhere, ended nowhere. All it did was spill through and through them. “Stop,” he commanded, his voice rough and desperate as he tried to clear his mind and control the impulses surging through him. “Legna, stop this!” Legna dropped her head forward, her eyes flicking open and upward until she was gazing at him from under her lashes with the volatile, predatory gaze of a cat. A cat in heat.

(BDO) October 22: The Dollar Squeeze A debt is a short cash position—i.e., a commitment to deliver cash that one doesn’t have. Because the dollar is the world’s reserve currency, and because of the dollar surplus recycling that has taken place over the past few years…lots of dollar denominated debt has been built up around the world. So, as dollar liquidity has become tight, there has been a dollar squeeze. This squeeze…is hitting dollar-indebted emerging markets (particularly those of commodity exporters) and is supporting the dollar. When this short squeeze ends, which will happen when either the debtors default or get the liquidity to prevent their default, the US dollar will decline. Until then, we expect to remain long the USD against the euro and emerging market currencies. The actual price of anything is always equal to the amount of spending on the item being exchanged divided by the quantity of the item being sold (i.e., P = $/Q), so a) knowing who is spending and who is selling what quantity (and ideally why) is the ideal way to get at the price at any time, and b) prices don’t always react to changes in fundamentals as they happen in the ways characterized by those who seek to explain price movements in connection with unfolding news. During this period, volatility remained extremely high for reasons that had nothing to do with fundamentals and everything to do with who was getting in and out of positions for various reasons—like being squeezed, no longer being squeezed, rebalancing portfolios, etc. For example, on Tuesday, October 28, the S&P gained more than 10 percent and the next day it fell by 1.1 percent when the Fed cut interest rates by another 50 basis points. Closing the month, the S&P was down 17 percent—the largest single-month drop since October 1987.

The Delusion of Lasting Success promises that building an enduring company is not only achievable but a worthwhile objective. Yet companies that have outperformed the market for long periods of time are not just rare, they are statistical artifacts that are observable only in retrospect. Companies that achieved lasting success may be best understood as having strung together many short-term successes. Pursuing a dream of enduring greatness may divert attention from the pressing need to win immediate battles. The Delusion of Absolute Performance diverts our attention from the fact that success and failure always take place in a competitive environment. It may be comforting to believe that our success is entirely up to us, but as the example of Kmart demonstrated, a company can improve in absolute terms and still fall further behind in relative terms. Success in business means doing things better than rivals, not just doing things well. Believing that performance is absolute can cause us to take our eye off rivals and to avoid decisions that, while risky, may be essential for survival given the particular context of our industry and its competitive dynamics. The Delusion of the Wrong End of the Stick lets us confuse causes and effects, actions and outcomes. We may look at a handful of extraordinarily successful companies and imagine that doing what they did can lead to success — when it might in fact lead mainly to higher volatility and a lower overall chance of success. Unless we start with the full population of companies and examine what they all did — and how they all fared — we have an incomplete and indeed biased set of information. The Delusion of Organizational Physics implies that the business world offers predictable results, that it conforms to precise laws. It fuels a belief that a given set of actions can work in all settings and ignores the need to adapt to different conditions: intensity of competition, rate of growth, size of competitors, market concentration, regulation, global dispersion of activities, and much more. Claiming that one approach can work everywhere, at all times, for all companies, has a simplistic appeal but doesn’t do justice to the complexities of business. These points, taken together, expose the principal fiction at the heart of so many business books — that a company can choose to be great, that following a few key steps will predictably lead to greatness, that its success is entirely of its own making and not dependent on factors outside its control.

Names A name is a letter optionally followed by one or more letters, digits, or underbars. A name cannot be one of these reserved words: abstract boolean break byte case catch char class const continue debugger default delete do double else enum export extends false final finally float for function goto if implements import in instanceof int interface long native new null package private protected public return short static super switch synchronized this throw throws transient true try typeof var volatile void while with Most of the reserved words in this list are not used in the language. The list does not include some words that should have been reserved but were not, such as undefined, NaN, and Infinity. It is not permitted to name a variable or parameter with a reserved word. Worse, it is not permitted to use a reserved word as the name of an object property in an object literal or following a dot in a refinement. Names are used for statements, variables, parameters, property names, operators, and labels.

different meanings of safety to different investors. For someone needing a lump of money in a year’s time, the only safe investment is a cash deposit or a short-term government bond. For someone with no imminent need of the money and a desire to accumulate capital and increase purchasing power in the long-term, it may be safer to invest in equities – volatile but with the historic and likely future characteristic of a high return after inflation – than to put money on deposit with the risk that over the years the real value of the investment will be eroded by inflation.

currency peg can mean higher volatility in short-term interest rates, as the central bank seeks to keep the price of its money steady in terms of the peg. It can mean deflation, if the supply of the peg is constrained (as the supply of gold was relative to the demand for it in the 1870s and 1880s).

A second method of rebalancing involves the creation of expansion bands. With this method of rebalancing, you create a window, such as plus or minus 5 percent from your desired allocation. You would rebalance whenever the asset class exceeds those bands. For example, if our desired equity allocation was 60 percent, we’d only need to rebalance whenever the equities in our portfolio fell below 55 percent or rose above 65 percent. However, if you plan to use the expansion band method and intend to rebalance as soon as your allocation touches either band, this would require more frequent monitoring of one’s portfolio than the predetermined time-interval method, especially in a volatile market. In addition, if strict expansion band rebalancing were to be done in a taxable account, it could create short-term capital gains which are taxed at a higher rate than long-term capital gains. Therefore, you may want to consider delaying your rebalancing until you have held the asset for more than 12 months.

homosexuality a curable perversion. She professed to disdain men and insisted women had been “enslaved by the institution of marriage.” Yet she loved many men and married twice: she treated her first husband abominably, and was physically and emotionally abused by her second. She considered sex degrading, but was an enthusiastic advocate, and energetic exponent, of free love. “Out here I’ve had chances to sleep with all colours and shapes,” she wrote to a friend, shortly before meeting Ursula. “One French gunrunner, short and round and bumpy; one fifty-year-old monarchist German who believes in the dominating role of the penis in influencing women; one high Chinese official whose actions I’m ashamed to describe, one round left-wing Kuomintang man who was soft and slobbery.” She was a communist who never joined the party; a violent revolutionary and romantic dreamer; a feminist in thrall to a succession of men; a woman who inspired intense loyalty, yet inflicted enormous damage on many of her friends; she supported communism without considering what communist rule involved in reality. She was passionate, prejudiced, charismatic, narcissistic, reckless, volatile, lovable, hypercritical, emotionally fragile, and uncompromising. “I may not be innocent, but I’m right,” she declared. Ursula was entranced. Agnes Smedley seemed to embody political passion and energy, the very antithesis of the smug complacency she found in the bourgeois boudoirs of Shanghai. “Your very existence is not worth anything at all if you live passively in the midst of injustice,” Smedley insisted. Agnes was everything Ursula admired: feminist, anti-fascist, an enemy of imperialism and defender of the oppressed against the forces of capitalism, and a natural revolutionary. She was also a spy.

By their society's rigid standards, Annora was no beauty, for she bore no resemblance whatsoever to the tall, willowy, golden-haired maidens so admired by their minstrels and poets, fair maidens demure and docile and unfailingly deferential to male authority. No bards would be singing Annora's praises; she was short and dark and stubborn and so volatile that her brothers called her Hellcat. So did Ranulf, but on his lips, it became an endearment. He wished now that he could have unbraided her hair; when loose, it put him in mind of a hot summer night, so black and sultry-soft was it.

Petroleum is, of course, an extraordinarily convenient source of energy, as it can be transported easily, even in weight-sensitive aircraft. Chemists have long contributed to the refinement of the raw material squeezed and pumped from the ground. They have developed processes and catalysts that have taken the molecules provided by Nature and used them to cut the molecules into more volatile fragments and reshape them so that they burn more efficiently. But burning Nature’s underground bounty might by future generations be seen as the wanton destruction of an invaluable resource, akin to species extinction. It is also finite, and although economically viable new sources of petroleum are constantly, for the time being at least, being discovered, it is proving hazardous and increasingly expensive to extract it. We have to accept that although an empty Earth is decades off, one day it will arrive and needs to be anticipated.

Shadow will be long or short depending upon volatility.

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.

By the end of the 1970s real GDP growth was around 2 percent, inflation was around 14 percent, short-term interest rates were around 13 percent, and unemployment was around 6 percent. Over the decade, gold surged and commodities kept up with rising inflation, returning around 30 percent and 15 percent on an annualized basis, respectively. But the high rate of inflation wiped out the modest 5 percent annual nominal return for stocks and 4 percent return for treasuries matched to equity volatility.

In the realm of financial markets, volatility is an inherent characteristic. Prices of stocks, commodities, and other securities can experience significant fluctuations within short periods. To manage such volatility and protect the interests of investors, circuit breakers are implemented. These circuit breakers impose upper and lower limits on price movements, which temporarily halt trading. In this blog post, we will explore the concept of upper and lower circuit limits, their purpose, and how they impact the functioning of financial markets. Defining Upper and Lower Circuit Limits Upper and lower circuit limits are predetermined price thresholds that trigger temporary trading halts. These limits are set by exchanges or regulatory bodies to prevent extreme price movements and provide stability to the market. When the price of a security reaches or breaches the upper or lower circuit limit, trading is paused for a specified period. This allows market participants to reevaluate their positions and absorb the information driving the price volatility. The Purpose of Circuit Breakers: The primary objective of circuit breakers is to safeguard the financial markets from excessive price volatility and potential panic selling or buying. These mechanisms help prevent extreme price movements that could be detrimental to market stability and investor confidence. By temporarily halting trading, circuit breakers provide a cooling-off period, allowing participants to assess new information and avoid making impulsive decisions. Moreover, circuit breakers ensure orderly trading and prevent the market from being dominated by high-frequency trading strategies that thrive on short-term price fluctuations. They offer investors an opportunity to reassess their strategies and risk exposure, reducing the likelihood of knee-jerk reactions based on short-term market movements. Understanding the Upper Circuit Limit : The upper circuit limit represents the maximum price movement permitted for security within a trading session. When the price of a security reaches or surpasses the upper circuit limit, trading in that security is halted. The upper circuit limit aims to prevent excessive speculative buying and provides a pause for market participants to analyze the new information or demand driving the price surge. During the trading halt, market participants can evaluate the situation, adjust their strategies, and determine whether to buy, sell, or hold the security when trading resumes. The duration of the halt varies depending on the exchange or regulatory body and is typically predetermined. Understanding the Lower Circuit Limit: Conversely, the lower circuit limit represents the minimum price movement allowed for security. When the price of a security falls to or breaches the lower circuit limit, trading is halted. The lower circuit limit is designed to prevent panic selling and provides market participants with an opportunity to reassess their positions. Similar to the upper circuit limit, the duration of the trading halt triggered by a lower circuit limit breach is typically predetermined. During this time, investors can evaluate the reasons behind the price decline, analyze market conditions, and make informed decisions. Impact of Circuit Breakers on Financial Markets: Circuit breakers play a crucial role in maintaining market stability, particularly during periods of heightened volatility and uncertainty. By temporarily halting trading, they allow time for market participants to process new information, reassess their positions, and avoid making impulsive decisions based on short-term price movements. Circuit breakers also facilitate the restoration of liquidity in the market. When trading is halted, market makers and other participants have an opportunity to recalibrate their pricing and liquidity provision strategies, which can help smooth out price discrepancies and enhance market efficiency.

Understanding Financial Risks and Companies Mitigate them? Financial risks are the possible threats, losses and debts corporations face during setting up policies and seeking new business opportunities. Financial risks lead to negative implications for the corporations that can lead to loss of financial assets, liabilities and capital. Mitigation of risks and their avoidance in the early stages of product deployment, strategy-planning and other vital phases is top-priority for financial advisors and managers. Here's how to mitigate risks in financial corporates:- ● Keeping track of Business Operations Evaluating existing business operations in the corporations will provide a holistic view of the movement of cash-flows, utilisation of financial assets, and avoiding debts and losses. ● Stocking up Emergency Funds Just as families maintain an emergency fund for dealing with uncertainties, the same goes for large corporates. Coping with uncertainty such as the ongoing pandemic is a valuable lesson that has taught businesses to maintain emergency funds to avoid economic lapses. ● Taking Data-Backed Decisions Senior financial advisors and managers must take well-reformed decisions backed by data insights. Data-based technologies such as data analytics, science, and others provide resourceful insights about various economic activities and help single out the anomalies and avoid risks. Enrolling for a course in finance through a reputed university can help young aspiring financial risk advisors understand different ways of mitigating risks and threats. The IIM risk management course provides meaningful insights into the other risks involved in corporations. What are the Financial Risks Involved in Corporations? Amongst the several roles and responsibilities undertaken by the financial management sector, identifying and analysing the volatile financial risks. Financial risk management is the pinnacle of the financial world and incorporates the following risks:- ● Market Risk Market risk refers to the threats that emerge due to corporational work-flows, operational setup and work-systems. Various financial risks include- an economic recession, interest rate fluctuations, natural calamities and others. Market risks are also known as "systematic risk" and need to be dealt with appropriately. When there are significant changes in market rates, these risks emerge and lead to economic losses. ● Credit Risk Credit risk is amongst the common threats that organisations face in the current financial scenarios. This risk emerges when a corporation provides credit to its borrower, and there are lapses while receiving owned principal and interest. Credit risk arises when a borrower falters to make the payment owed to them. ● Liquidity Risk Liquidity risk crops up when investors, business ventures and large organisations cannot meet their debt compulsions in the short run. Liquidity risk emerges when a particular financial asset, security or economic proposition can't be traded in the market. ● Operational Risk Operational risk arises due to financial losses resulting from employee's mistakes, failures in implementing policies, reforms and other procedures. Key Takeaway The various financial risks discussed above help professionals learn the different risks, threats and losses. Enrolling for a course in finance assists learners understand the different risks. Moreover, pursuing the IIM risk management course can expose professionals to the scope of international financial management in India and other key concepts.

Ambiguities, paradoxes, uncertainties, and volatilities are the order of the universe and life. Those who dare to solve, resolve, and dissolve them make bold leaps into the future.

just seven years later Henry Ford began to sell his Model T, the first mass-produced affordable and durable passenger car, and in 1911 Charles Kettering, who later played a key role in developing leaded gasoline, designed the first practical electric starter, which obviated dangerous hand cranking (fig. 2.2). And although hard-topped roads were still in short supply even in the eastern part of the US, their construction began to accelerate, with the country’s paved highway length more than doubling between 1905 and 1920. No less important, decades of crude oil discoveries accompanied by advances in refining provided the liquid fuels needed for the expansion of the new transportation, and in 1913 Standard Oil of Indiana introduced William Burton’s thermal cracking of crude oil, the process that increased gasoline yield while reducing the share of volatile compounds that make up the bulk of natural gasolines.

In the 1920s, Oswald Falk was Keynes’s main partner in moneymaking. They started speculating on currencies immediately after the war, and continued in commodities. Despite three major reverses – in 1920, 1928–9, and 1937–8 – Keynes increased his net assets from £16,315 in 1919 to £411,238 – £10m in today’s values – by the time he died. Over the interwar years, his investment philosophy shifted from currency and commodity speculation to investment in blue-chip companies in line with his changing economic theory. The failure of his ‘credit cycle’ investment theory to make him money led him to the ‘animal spirits’ theory of investment behaviour of The General Theory, and to a personal investment philosophy of ‘faithfulness’. (To counter investment volatility he urged that the relationship between an investor and his share should be like that of husband and wife.)

If a religious community lacks cohesion, it will lose members. But other problems—from isolation to aggression—arise when a religious community is too cohesive, when it is so tightly bound there is no space for adhesive forces to form ties with the wider culture and members of other communities. When inward-looking groups face outward with fear or fury, they can become, to coin a term, dehisive, a bond-breaking social force. The history of religion provides myriad examples of volatile religious movements that overemphasized in-group solidarity and escalated tensions with outsiders.

2. Don’t trade penny stocks. A penny stock is any stock that trades under $5. Unless you are an advanced trader, you should avoid all penny stocks. I would extend this by encouraging you to also avoid all stocks priced under $10. Even if you have a small trading account ($5,000) or less, you are better off buying fewer shares of a higher-priced stock than a lot of shares of a penny stock. That is because low-priced stocks are most often associated with lower quality companies. As a result, they are not usually allowed to trade on the NYSE or the Nasdaq. Instead, they trade on the OTCBB ("over the counter bulletin board") or Pink Sheets, both of which have much less stringent financial reporting requirements than the major exchanges do. Many of these companies have never made a profit. They may be frauds or shell companies that are designed solely to enrich management and other insiders. They may also include former “blue chips” that have fallen on hard times like Eastman Kodak or Lehman Brothers. In addition, penny stocks are inherently more volatile than higher-priced stocks. Think of it this way: if a $100 stock moves $1, that is a 1% move. If a $5 stock moves $1, that is a 20% move. Many new traders underestimate the kind of emotional and financial damage that this kind of volatility can cause. In my experience, penny stocks do not trend nearly as well as higher-priced stocks. They tend to be more mean-reverting (Mean reversion occurs when a stock moves up sharply from its average trading price, only to fall right back down again to its average trading price). Many of them are eventually headed to zero, but they are still not good short candidates. Most brokers will not let you short them. And even if you do find a broker who will let you short a penny stock, how would you like to wake up to see your penny stock trading at $10 when you just shorted it at $2 a few days before? I learned that lesson the hard way. It turned out that I was risking $8 to make $2, which is not a good way to make money over the long term. To add injury to insult, a penny stock might appear to be liquid one day, and the next day, the liquidity dries up and you are confronted by a $2 bid/ask spread. Or the bid might completely disappear. Imagine owning

Jobs that used to come with some guarantees, even union membership, have been transformed into gigs. Temp workers are not just found driving Ubers; they are in hospitals and universities and insurance companies. The manufacturing sector—still widely mistaken as the fount of good, sturdy, hard-hat jobs—now employs more than a million temp workers. Long-term employment has declined steadily in the private sector, particularly for men, and temp jobs are expected to grow faster than all others over the next several years. Income volatility, the extent to which paychecks grow or shrink over short periods of time, has doubled since 1970. For scores of American workers, wages are now wobbly, fluctuating wildly not only year to year but month to month, even week to week.

The machinery and supply chains that Dubose oversaw were exceedingly complicated. But the economic rules that he lived by remained relatively simple. The rules had not changed for him since he had been an oil gauger roving the backwaters of the bayou on a skiff back in the early 1970s. Dubose knew that his career still hinged on whether he was over or short. When he was an oil gauger, Dubose made sure he was over when he drained small oil tanks. Now he had to make sure he was over on a shipping network that covered many states. The reasons for this had to do with the nature of the pipeline business. Koch made its money in the transportation business by moving oil, not just by selling it. The actual value of the oil in its pipeline was of secondary importance to Koch Industries. What really mattered was ensuring that the oil was moving. When the oil was moving, Koch was paid to collect it and to deliver it. This means that Koch was somewhat protected from the volatility in prices that continued to roil markets during the 1980s.

Pound for pound, the Repo market is one of the most volatile markets around.

There are many fundamental factors that contribute to Repo market volatility. There’s clearly more volatility on quarter-end and year-end. But why? That’s easy: window dressing.

People mock how much short-term thinking there is in the financial industry, and they should. But I also get it: The reason so many financial professionals stray toward short-termism is because it’s the only way to run a viable business when customers flee at the first sign of trouble. But the reason customers flee is often because investors have done such a poor job communicating how investing works, what their strategy is, what they should expect as an investor, and how to deal with inevitable volatility and cyclicality. Eventually being right is one thing. But can you eventually be right and convince those around you? That’s completely different, and easy to overlook.

Jumping from Opportunity to Opportunity is going to be a wild ride - There is nothing as volatile as the Crypto market. As a new investor, you need strategies NOT get-rich-quick schemes. Aside from watching out for RUG PULLS, you should Dollar Cost Average and buy Bitcoin — this means resisting any temptation to get into short-term hype and lose your hard earned money. In Bitcoin, a passive long play investment has a better chance of succeeding than an active trading company.

If Benartzi and Thaler are right, the implication is critical: Long-term investors (individuals who evaluate their portfolios infrequently) are willing to pay more for an identical risky asset than short-term investors (frequent evaluation). Valuation depends on your time horizon. This may be why many long-term investors say they don’t care about volatility. Immune to short-term squiggles, these investors hold stocks long enough to get an attractive probability of a return and, hence, a positive utility.

As the period over which returns are measured is lengthened, the short-term volatility in returns caused by fluctuating changes in the discount rate becomes less and less important and the expected dividend stream or interest payments, which are much more stable, become more and more important.

Andrew, don’t you have some place to be? Something else to do?” He actually had the good grace to blush. “I suppose you’d like some… privacy.” “I suppose we might,” she said, a touch of impatience in her voice. “You have protected me long enough, dear brother. But you have given me to Ruaidri here and that is now his task, not yours.” “At the moment, he’s not fit to protect a fly from a spider, let alone—” “I’m fine,” Ruaidri insisted, yet again. Nerissa sighed and crossed her arms. “And just what do I need protecting from, Andrew?” Andrew’s color deepened. “Right. I understand. I’ll… leave you two to it, then.” He moved to the door and there, paused to look one last time at Ruaidri. “Remember my warning, O’ Devir. Be gentle with her.” Ruaidri raised a brow. He supposed he ought to take offense at such a remark and a few short years ago when he’d been younger, his temper hotter and his moods more volatile, perhaps he would have. But Andrew was her brother, a family member who loved her very much, and having been in a similar situation with his own sister not so very long ago, Ruaidri knew just how hard it was to turn and walk away, leaving your little sister in the care of a man who was anything but a brother and who had every intention of making her a woman. Yes, he understood. He smiled. “Ye have my word on it, Andrew,” he said reassuringly. With a last warning glance at Tigershark’s captain, Lord Andrew left the cabin.

So you’ve run off from him, have you?” Beatrix asked, smoothing the wiry ruff on his head. “Naughty boy. I suppose you’ve had a fine old time chasing rabbits and squirrels. And there’s a damaging rumor about a missing chicken. You had better stay out of poultry yards, or it won’t go well for you in Stony Cross. Shall I take you home, boy? He’s probably looking for you. He--” She stopped at the sound of something…someone…moving through the thicket. Albert turned his head and let out a happy bark, bounding toward the approaching figure. Beatrix was slow to lift her head. She struggled to moderate her breathing, and tried to calm the frantic stutters of her heart. She was aware of the dog bounding joyfully back to her, tongue dangling. He glanced back at his master as if to convey Look what I found! Letting out a slow breath, Beatrix looked up at the man who had stopped approximately three yards away. Christopher. It seemed the entire world stopped. Beatrix tried to compare the man standing before her with the cavalier rake he had once been. But it seemed impossible that he could be the same person. No longer a god descending from Olympus…now a warrior hardened by bitter experience. His complexion was a deep mixture of gold and copper, as if he had been slowly steeped in sun. The dark wheaten locks of his hair had been cut in efficiently short layers. His face was impassive, but something volatile was contained in the stillness. How bleak he looked. How alone. She wanted to run to him. She wanted to touch him. The effort of standing motionless caused her muscles to tremble in protest. She heard herself speak in a voice that wasn’t quite steady. “Welcome home, Captain Phelan.” He was silent, staring at her without apparent recognition. Dear Lord, those eyes…frost and fire, his gaze burning through her awareness. “I’m Beatrix Hathaway,” she managed to say. “My family--” “I remember you.” The rough velvet of his voice was a pleasure-stroke against her ears. Fascinated, bewildered, Beatrix stared at his guarded face. To Christopher Phelan, she was a stranger. But the memories of his letters were between them, even if he wasn’t aware of it. Her hand moved gently over Albert’s rough fur. “You were absent in London,” she said. “There was a great deal of hullabaloo on your behalf.” “I wasn’t ready for it.” So much was expressed in that spare handful of words. Of course he wasn’t ready. The contrast would be too jarring, the blood-soaked brutality of war followed by a fanfare of parades and trumpets and flower petals. “I can’t imagine any sane man would be,” she said. “It’s quite an uproar. Your picture is in all the shop windows. And they’re naming things after you.” “Things,” he repeated cautiously. “There’s a Phelan hat.” His brows lowered. “No there isn’t.” “Oh, yes there is. Rounded at the top. Narrow-brimmed. Sold in shades of gray or black. They have one featured at the milliner’s in Stony Cross.” Scowling, Christopher muttered something beneath his breath.

Stablecoins The ground is currently being laid to set the way for a new type of currency –the stablecoin. What is the stablecoin? The stablecoin is an asset that typically features price stability. Cryptocurrency is notoriously unstable, with volatile prices that are often difficult to predict. The advantage of them is that they give the user total control over their holdings. On the other hand, the US dollar is a great example of a fiat stablecoin, as it offers low volatility and so provides a reliable unit of money to invest in both the short term and the long term. However, the US dollar doesn’t give the user any form of control, as it is monitored by the Federal Reserve Bank and is dependent on the banking network in the US for commercial use. To get a combination of the two –full user control and reduced volatility –is an exciting prospect. Maker is a company that is currently working on a project to make this happen by creating a currency known as the Dai, which is set to become a stablecoin that combines user control with price stability. Social Networks

Just before Thanksgiving, I met with Bunker Hunt, then the richest man in the world, at the Petroleum Club in Dallas. Bud Dillard, a Texan friend and client of mine who was big in the oil and cattle businesses, had introduced us a couple of years before, and we regularly talked about the economy and markets, especially inflation. Just a few weeks before our meeting, Iranian militants had stormed the U.S. embassy in Tehran, taking fifty-two Americans hostage. There were long lines to buy gas and extreme market volatility. There was clearly a sense of crisis: The nation was confused, frustrated, and angry. Bunker saw the debt crisis and inflation risks pretty much as I saw them. He’d been wanting to get his wealth out of paper money for the past few years, so he’d been buying commodities, especially silver, which he had started purchasing for about $ 1.29 per ounce, as a hedge against inflation. He kept buying and buying as inflation and the price of silver went up, until he had essentially cornered the silver market. At that point, silver was trading at around $ 10. I told him I thought it might be a good time to get out because the Fed was becoming tight enough to raise short-term interest rates above long-term rates (which was called “inverting the yield curve”). Every time that happened, inflation-hedged assets and the economy went down. But Bunker was in the oil business, and the Middle East oil producers he talked to were still worried about the depreciation of the dollar. They had told him they were also going to buy silver as a hedge against inflation so he held on to it in the expectation that its price would continue to rise. I got out.

IT may seem counterintuitive to use uncertainty to quell volatility. But a small amount of uncertainty surrounding short-term interest rates may act much like a vaccine immunizing the stock market against bubbles. More generally, if we view humans as embodied brains instead of disembodied minds, we can see that the risk-taking pathologies found in traders also lead chief executives, trial lawyers, oil executives and others to swing from excessive and ill-conceived risks to petrified risk aversion. It will also teach us to manage these risk takers, much as sport physiologists manage athletes, to stabilize their risk taking and to lower stress.

The problem with long-term investing is the short term. Nothing destroys a good long-term plan like extreme short-term volatility. That throws people off track, and they often do things that are emotional rather than rational.

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When playing a bear market, the same rules hold: You want to diversify your risks, especially knowing that collapses move even faster than rallies. You need to decide how much safe cash or near cash you want to hold to sleep at night and to handle financial emergencies, like the loss of your job or your house. Then decide how much to put into longer-term high-quality bonds, like those 30-year Treasuries and AAA corporates, but I think it’s still premature to make this move at the time of this writing, in August 2017. Then decide how much you want to put into a dollar bull fund or the ETF UUP, which tracks the U.S. dollar versus its six major trading partners. If you’re willing to risk part of your wealth, you can also bet on financial assets going down—from stocks to gold. Stocks are the one type of financial asset that goes down in either a deflationary crisis, like the 1930s, or an inflationary one, like the 1970s. So shorting stocks is the best way to prosper in the downturn, either way. But don’t leverage this bet. The markets are simply too volatile. You can short the stock market with no leverage by simply buying an ETF (exchange-traded fund) like the ProShares Short S&P 500 (NYSEArca: SH). It’s an inverse fund on the S&P 500, so if the index goes down 50 percent, you make 50 percent. The ProShares Ultrashort (NYSEArca: QID) is double short the NASDAQ 100, which is likely to get hit the worst. If you make this play, just do a half share, to avoid that two-times leverage (hold the other half in cash or short-term bonds). Direxion Daily Small Cap Bear 3X ETF (NYSEArca: TZA) is triple short the Russell 2000, which is also likely to lead on the way down. So buy only a one-third share of this one, to remain without leverage. (That means the money you allocate here should be one-third in TZA and two-thirds in cash, to offset the leverage.) And unlike the gold bugs, I see gold collapsing. It’s an inflation hedge, not a deflation hedge. If gold rallies back as high as $1,425—on my predicted bear-market rally—then it could easily drop to around $700 within a year. Your last decision is whether to risk some of your funds betting on gold’s downside, for the greatest potential returns. You can buy DB Gold Double Short ETN (NYSEArca: DZZ)—double short gold—at a half share, to offset the leverage, or just simply short GLD, the ETF that follows gold. There you have it. How to handle the coming crash.

In the short run, however, stock returns are very volatile, driven by changes in earnings, interest rates, risk, and uncertainty, as well as psychological factors, such as optimism and pessimism as well as fear and greed.

With that said, if you were to be a long-term investor in Ethereum, you have to focus on the long-term timeline, with short-term volatility being a necessary even to find traction within the market, and for value to solidify. Thus, if you believe that the demand for Ethereum will be higher in one, two, five, or ten years (your duration in which you plan to hold), then you need not worry about the fluctuations that occur in the interim. Let’s

Christopher. It seemed the entire world stopped. Beatrix tried to compare the man standing before her with the cavalier rake he had once been. But it seemed impossible that he could be the same person. No longer a god descending from Olympus... now a warrior hardened by bitter experience. His complexion was a deep mixture of gold and copper, as if he had been slowly steeped in sun. The dark wheaten locks of his hair had been cut in efficiently short layers. His face was impassive, but something volatile was contained in the stillness. How bleak he looked. How alone. She wanted to run to him. She wanted to touch him. The effort of standing motionless caused her muscles to tremble in protest. She heard herself speak in a voice that wasn't quite steady. "Welcome home, Captain Phelan." He was silent, staring at her without apparent recognition. Dear Lord, those eyes... frost and fire, his gaze burning through her awareness. "I'm Beatrix Hathaway," she managed to say. "My family-" "I remember you." The rough velvet of his voice was a pleasure-stroke against her ears. Fascinated, bewildered, Beatrix stared at his guarded face. To Christopher Phelan, she was a stranger. But the memories of his letters were between them, even if he wasn't aware of it.

Financial options were systematically mispriced. The market often underestimated the likelihood of extreme moves in prices. The options market also tended to presuppose that the distant future would look more like the present than it usually did. Finally, the price of an option was a function of the volatility of the underlying stock or currency or commodity, and the options market tended to rely on the recent past to determine how volatile a stock or currency or commodity might be. When IBM stock was trading at $34 a share and had been hopping around madly for the past year, an option to buy it for $35 a share anytime soon was seldom underpriced. When gold had been trading around $650 an ounce for the past two years, an option to buy it for $2,000 an ounce anytime during the next ten years might well be badly underpriced. The longer-term the option, the sillier the results generated by the Black-Scholes option pricing model, and the greater the opportunity for people who didn’t use it.