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The standard story on insider trading is straightforward. I have knowledge that implies that a stock is going to go up, so I buy it. The seller sells because, absent that knowledge, my offer is more than he, and presumably most of the rest of the market, thinks the stock is worth. There is a problem for this story if we assume that all the players are rational. If there are a significant number of insider traders in the market, the fact that I offered more for the stock than the owner thought it was worth should be evidence to him that I know something about it he doesn't, and so a reason not to sell. To put the point differently, if the insider traders are making a higher return on their invested capital than the market average, which is the point of insider trading, everyone else must be making a lower return than the market average. But anyone who wants can get the market average by buying the whole market, or an index fund, or a random selection of stocks.
All he has to do to protect himself against insider traders is to avoid the strategy of estimating stock values for himself and selling when the price he is offered is above his estimate, buying when below.One possible explanation is that some traders are insiders and some think they are, believe they have better than average knowledge or judgement but are wrong. But I am assuming, as economists often do, that all the players in the game are rational. If buying stock and holding for ten years is practically guaranteed to give you a better return than buying bonds and holding for ten years, one would think that everyone investing for the moderately long term would buy stock and their doing so would drive the price of bonds down and their yield up until the two investments were equally attractive. One could avoid that by assuming that there was enough risk averse money looking for short term investments to drive bond prices up and the yield down to a point where the yield was below the return on stocks. That conjecture could lead to interesting empirical work testing it. But I am by nature a theorist not an empiricist, so I was looking for a different answer and thought I might have found it. Okay, so here's the deal. I am a partner in RidingGravel. There. I said it. Okay, so if you are down we have jerseys, bib shorts, vests, and leg and arm warmers. Reuben was Leah and Jacob's firstborn. He had sex with Bilhah, Rachel's maid, given to Rachel by her father, Laban. In this unseemly arrangement Bilhah was not considered a full, legitimate wife but a concubine, an inferior legal status for a woman. Women had little, if any, rights in this culture and a servant concubine would have almost no rights. We have seen Hagar, Sarah's handmaid, used in such a way, as well, with really only God's mercy assisting her. As all reality and events and behaviors are either part of God's direct and perfect will as what He prefers to happen or a part of His permissive will in that He permits it for a reason often unknown to us we can examine this condition in the light of those facts. This young adult's bigfoot documentary is great. Check out the re-enactment of the famous Patterson/Gimlin bigfoot encounter.
Horror narrator Swamp Dweller is our special & initial guest.An Arkansas deer hunter finds himself in a horrific position after shooting a bigfoot creature in the arm. Here's the report:. How would you like to live here? More documentation from the man who had rocks thrown at him while working in his garden, and now, strange vocalizations. Great stuff from Funny Custom. Ten years ago on the blog I went another whole week without a picture.
So here is some fried chicken! Ten years ago here on the blog there was a lot of news and scuttlebutt going down, but no images! I know.Hard to imagine that even happening anymore here. It is a wonder anyone came and read the blog back then at all. No pictures? Bah! Anyway, like I said, there was a lot to talk about back then. Subsequently, any perceived trend after this was jumped on. No one wanted to miss out on a possible run on another type of bicycle, no matter how oddball it might seem to be. Something that up until that time had not happened before. My blogging will continue, even if intermittently. You may notice the absence of politics for the next while. Here is why. It is Lent. During Lent I also want to give up something else for the sake of the Earth. Read on. I have decided to give up politics for Lent.
This means that I don't want to discuss politics during the entire period, especially not on FB nor on this blog.In a previous post, I already announced that I would stop posting on FB for a while.
That moratorium involves more than politics.How long I will stay off FB remains to be seen, but Lent gives me an opportunity to test my resolve to temporarily leave politics alone in this blog. There are thousands who have made the same decision not to discuss politics during Lent. The chief political lightning rod for many, especially in the USA, is President Trump. .