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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. We are grateful to Penguin Random House for sending us a review copy of this book. Take Courage. Before we discuss the book, let us mention how glad we have been to see Anne Brontë's name and achievements all over the national and international press. Even if the book has been published three years early, we sincerely hope that the enthusiasm for Anne and the vindication of her life and work keeps up until then and never wanes again. One of our first thoughts, when we heard about this book, was the proximity to the release of Nick Holland's biography In Search of Anne Brontë. But far from worrying about it, we were obviously delighted. But these two approaches couldn't be more different: Nick Holland's is more traditional, a biography in the classic sense, while Samantha Ellis's is more of a personal story with Anne. President Trump in his inauguration speech promised to reach out to "struggling families" and to benefit "American workers and American families," and promised all Americans "you will never be ignored again. " Yet the Trump transition team, and now presidential administration continues to consider individuals for health care policy leadership roles remarkable for their conflicts of interest, which often did not merely arise from small financial transactions but from their roles as corporate insiders, and in some cases, association with dubiously ethical practices. They are particularly remarkable for their lack of interest in, if not ignorance of American workers' and families' health, except perhaps as a vehicle for personal profit.

Discussed in order of increasing potential power.

Thus he is a frequent traveler through the revolving door, going from the Department of Health and Human Services to Covidien, and now back to the DHHS. We are so excited to be "hopping" with our friends at CardMaker Magazine today! We are sharing some sweet Valentine's Day inspiration! CardMaker Magazine is an awesome resource for inspiration and ideas for cardmakers and papercrafters.

You can subscribe to CardMaker Magazine by visiting their website HERE.

The hop starts at the CardMaker Blog and includes their talented design team. New ASL posters and ephemera. Various sizes, colours and card stocks. Printed in limited editions Distributed to associates worldwide. Keighley News tells about the new book by Karen Perkins, Parliament Of Rooks: Haunting Brontë Country. Emily Brontë features in the latest Yorkshire ghost story by novelist Karen Perkins. Parliament Of Rooks is described as a haunting tale of Brontë country, showing that no matter how hard life is, humanity has the power to make it better or worse. The book is the latest historical paranormal novel in the award-winning Yorkshire Ghosts series by Karen, who also writes Caribbean pirate adventures. Karen said the story contrasted the beautiful and inspiring village of Haworth today with the slum – or 'rookery' – that it was during the Industrial Revolution. Karen said: "Nine-year-old Harry Sutcliff hates working at Rooks Mill and is forever in trouble for running away to the wide empty spaces of the moors – empty but for the song of the skylark, the antics of the rabbits, and the explorations of Emily Brontë.

An off-duty trooper with the Texas Department of Public Safety was shot during a home invasion in Kirby, officials confirmed early Friday morning.

According to information provided by DPS, the trooper was investigating an intruder in his backyard when he was attacked by a man who tried to force his way into the residence. During the struggle the trooper's firearm discharged and the round was stopped by a protective vest he was wearing, the DPS said. DPS said the male suspect fled on foot following the shooting. According to the Kirby Police Department, the trooper suffered a non life-threatening wound and was taken to San Antonio Military Medical Center for treatment. The Texas Rangers are investigating and are being assisted by the Bexar County Sheriff's Office, the San Antonio Police Department and the Kirby Police Department. An East Texas inmate didn't score any points with a bizarre shot on a basketball goal in jail.

Instead, Gustavo Zavala-Garcia got wrestled down by firefighters.

And, there he sat for about two hours, as sheriff's deputies looked on. The inmate didn't respond to deputies who tried to talk him down. Texas Sized Barbeque Grills So, a local store, Cindy's Balloons Party Store, donated a bounce house to put under the goal, in case Zavala-Garcia fell or jumped. As usual our area missed the bad weather affecting many other parts of the country, in fact it was quite a pleasant day. . themetapicture. Sigh. have been trying to get a blog post up for over a week. not enough hours in my day, and the older I get, the fewer hours I seem to have. I really it and it has gotten me into the habit of a daily ten minutes of meditation, which seems to be all I can manage right now. We are having fun around here, though.

The Sunday before last, we had another snow fun day here with horses and skidoos and inner tubes, and kids on skis and snowboards being pulled over jumps in the snow by riders on horseback! Really fun to watch.

Jaguar Country has been hit by a tragic, devastating and unexpected loss of life this weekend. Even though it has been broadcast far and wide across social media, I am not ready to jump in. I just received the Stearns County sheriff's report on the one-vehicle accident. Too much is swirling in my head for me to even pretend that I know what to say. The kids are grieving through differing formats of social media. I hope they take time to put their phones down, look at one another, hug one another and spend time with one another actually talking to each other, face-to-face, without the endless distractions of their devices. Had a nice visit with Stormy a few days ago, she was visiting from her home in Seattle. Goes perfectly with the hostess set Love you lots! a great way to use up some of your Non-Valentine paper from the Sending Love Paper stack. Stamps: Love you Lots, Suite Sentiments Paper: Real Red, black and Sending Love paper stack Ink: Black Accessories: Real Marker for coloring, bakers twine, circle punches. Milo suffers from the occupational hazard of a professional provocateur. You keep spinning that web until you have no escape route. All the threads are sticky. If he looked like John Lennox, he wouldn't have the same following. He wouldn't have any following at all. Figlia di un capo pagano e di una schiava cristiana, portava il nome della dea del fuoco. A sei anni aveva deciso, in cuor suo, di diventare monaca dopo aver sentito predicare San Patrizio. Ma quando regalò la sua spada regale a un lebbroso, la lasciò entrare in convento. Brigida divenne Badessa e fondò labbazia di Kildare. La leggenda narra che il capo pagano, suo padre, era morente e i parenti la chiamarono. Life imitates art. It's so blatant I really am appalled that they seem to get away with it. Some of the documentation being distributed via on-line reports is essentially illegible. These reports are on the Woolwich Township website and they are impossible to read on the monitor and equally as bad when you print them off. .