Read e-book online Expiration Date PDF

By Duane Swierczynski

ISBN-10: 1429985275

ISBN-13: 9781429985277

During this local, make a mistaken turn...

... and you're history.

Mickey Wade is a recently-unemployed journalist who lucked right into a rent-free apartment—his ill grandfather's position. the single challenge: it's in a awful neighborhood—the one the place Mickey grew up, in reality. the single he was once so eager to escape.

But now he's again. useless broke. And simply whilst he thinks he's reached all-time low, Mickey wakes up long ago. Literally.

At first he thinks it's a dream. the entire shops he remembered from his formative years, the vehicles, the rumble of the increased teach. yet as he digs deeper into the previous, trying to find solutions in regards to the grandfather he not often understands, Mickey meets the twelve-year-old child who lives within the condominium below.

The child who will develop as much as sometime homicide Mickey's father

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Several years later he lamented, “What seems really strange now is that I could make a prediction of that kind in all seriousness, yet not have the sense to realize the dangers to which I continued to subject the Account’s capital” (Benjamin Graham, Benjamin Graham: The Memoirs of the Dean of Wall Street, edited by Seymour Chapman [New York: McGraw-Hill, 1996], 259). In mid-1929, the equity in the “Account” was a proud $2,500,000; by the end of 1932, it had shrunk to a mere $375,000. The dismay and apprehension Graham experienced during those three long years he summarized by saying: The chief burden on my mind was not so much the actual shrinkage of my fortune as the lengthy attrition, the repeated disappointments after the tide had seemed to turn, the ultimate uncertainty about whether the Depression and the losses would ever come to an end.

Forgetting to Read Menus from Right to Left As for the analysis of individual businesses, Graham attached great importance to the purchase price, the only variable over which an investor has control (if he has the discipline to patiently wait, and sometimes forgo purchase altogether, so as to pay no more than a price that affords a satisfactory margin of safety). Graham distinguished between financial reasoning and business reasoning as they relate to purchase price: We have here the point that brings home more strikingly perhaps than any other the widened rift between financial thought and ordinary business thought.

The aforementioned conversation Graham had with Baruch, followed later by his words of contrition, are still ringing in our ears. It’s a Numbers Game In examining the confluence of forces that culminated in the Crash of 1929, Benjamin Graham compared the late stages of the phenomenon with the Alaskan Gold Rush. The blurring of distinctions between Wall Street and Main Street that occurred in the last chimerical years of the 1920s became the fetid bog of exaggerated expectations in which an addictive Gold Rush mentality fermented.

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Expiration Date by Duane Swierczynski


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