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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. The Telegraph and Argus has further info on the suggested closure of Haworth's Visitor Information Center. The battle-cry was issued this week as Bradford Council launched a public consultation over the future of its tourism service. The product you are looking for Pac Nf-10 10-Amp Deluxe Power Lead Filter Among those vehemently against the move is Haworth trader, Nikki Carroll. "It makes absolutely no sense to close the Visitor Information Centre," she said. "It's a ludicrous proposal. I will do all I can to oppose it and would urge other people to make their views known too. "The council was very eager in its support of the Tour de France when that came through the district and was keen to build on the legacy, plus we've seen a surge in tourists since the BBC screened the To Walk Invisible Brontë drama at Christmas. "Bradford Council should be doing more to promote tourism and bringing people into smaller villages, rather than focussing on the city centre. "
And ward councillor Rebecca Poulsen said the proposal was "nonsensical". "The Haworth building is leased rather than owned by the council which I suspect is a factor behind this," she added. "Haworth is where the tourists go and that's where a VIC is needed. "It's beyond belief that the council would contemplate closing it. Tomorrow, Tomorrow is always a day away. I always have this idea in my head that there is a good ending to every story! But I have seen some sad endings. But we all need to all be a little Pollyanna inside. I am seriously thinking that we are in all overload. Children and adults. Some claim to think it is all about learning and obtaining knowledge. Some think doing and going and being involved is what is needed! We are in such a diverse society now a days, But the fact of the matter is we need to take care of what is ours. Taking on everyone else's problems and struggles can be very taxing. But we all need hope!! I have been so blessed to be at home and to choose and pick what I want to be involved in. WORLD PREMIER WEST SIDE STORY LIVE IN OPEN AIR THEATER ON THE VRIJTHOF AND THE PHILHARMONIC "ZUID-NEDERLAND" ON THE VRIJTHOF IN MAASTRICHT By Jo Cortenraedt: Chief Editor Chapeau Magazine The Theater on the Vrijthof and the philharmonic "Zuid-Nederland" are in ecstasy already. For the first time in the world the famous film West Side Story will be played outdoors by a large philharmonic orchestra while the audience simultaneously can watch the entire film above the stage. "That means that we are able to used "state-of-the-art" equipment both in terms of sound as well as many large digital screens around the square. This also fits entirely in our ambition to not always perform in the usual concert halls, but also to participate in major projects and events which brings our music closer to the people. " Peter Noten, program director of the Theatre on the Vrijthof, can hardly suppress his enthusiasm. "This is going to be fantastic. And all that with this film musical, which has worldwide fame. Two new reviews of Samantha Ellis's biography of Anne Brontë, Take Courage. Understanding Anne is as much a voyage of self-discovery as it is biography or literary analysis. That's both this book's strength and weakness.
Identifying so strongly with Anne makes her a passionate advocate.
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