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Usually a result of congenital weakness of vein wall or valves predisposing to varicosities. This free study guide is stuffed with the juicy details and important facts you need to know. Note: Easy language and eye-catching formatting. Learning objectives system. Weber agreed with much of what Marx wrote, but he strongly disagreed that economics is the central force in social change.

Cicero, in a series of speeches called the UPhilippics," attacked Antony and cheerful acceptance of an aged stare, Franklin relished the role of an old man and praised his rivals. Once in power, Antony proclaimed Cicero an enemy of the state and had him executed in 43 BC. Mark Antony Roman Imperatorials. Franklin on Aging "I guess 1 don't so much mind being old, as I mind being fat and old. I should l1ave 1zo objection to go over the same life from its beginning to the end: requesting only the advarztage authors have, of correcting in a seco11d edition the foults ofthe first.

Life's Tragedy is that we get old too soon ami wise too late. Wlum you're finished cbnnging, you're finished. He continued his career of inventing, writing, and statesmanship and more into old age, developing a phonetic alphabet at age Later that year, he was dispatched to France as commissioner for the United States and remained there until After his return, Franklin became an abolitionist, freeing both of his slaves and eventually becoming president of T he Society for the Relief of Free Negroes UnJawfully Held in Bondage.

At age 81, Franklin served as delegate to the meetings that would produce the United States Constitution to replace the Articles of Confederation. He is the only Founding Father who is a signatory of all three of the major documents of the founding of the United States: the Declaration of Independence, the Treaty of Paris and the United States Constitution.

On April 17,, he died in his Philadelphia home at age 92, leaving his famous autobiography unfinished. Carried onJy up to the year , it omitted many of the achievements for which he is best remembered. And his words are o ften made more acceptable thro ug h usc o f insig htful humor. In the modern world, with its increased wealth and longevity, a great ma ny people li ve in to gross impairme nt, and othe rs whil e still in great condition are fo rced away from high worldly power whe n they have much life a head o f the m.

The re fore, some cheerful, no n-Buffe tt-like adjustme nt to a re duced worldly role is usually sensible for the old. And, finally, it is wise for most didactic people ro heed the warning, time d tO George Bernard Shaw's death, that the wo rld rewa rds gadflies, but onl y a few, with those usua lly chosen because , lil-.

Munger, Jr. O n the last day o f a family ski vacation in Sun Valley when I was fifteen or so, my dad and I were driving back in the snow when he took a ten-minute detour to gas the red jeep we were d riving. H e was pressed for time to have our family catch the plane home, so I was surprised to notice as he pulled into the station that the tank was still half-full. I to notice, if his jeep had less gas than when he left it. My dad asked my dad why we had stopped still didn't skip a point of fairness and consideration.

So I was when we had plen ty of gas, and he taught that day not only how to get a good friend, but also how admonished me: "Charlie, when you borrow a man's car, you to keep one. My freshman year at Stanford, an acquaintance lent me his car, more because friends we had in common tw isted his arm Family Values at the than that he knew me all that well. H e noticed. We've had My dad often used the a lot of good times since, and he stood as a groomsman at my forum of the family dinner weddi ng.

His favorite staying at Rick Guerin's house and driving Rick Guerin's jeep. Hal Borthwick and professional losses. It has been a fascinating and wonderful fifty years nearly His specialty was the Downward Spiral Tale.

H e could since Charlie and my mother were married. There were many really warm to the topic of apocalyptic consequences. H e opportunities that I offered Charlie for formative education.

Do the job right the first time. He's in a league of his own when it comes to describing negative outcomes and the lessons to be learned from them. This story goes back to Minnesota times. One of my jobs as a driving-age teen was to pick up and deliver the housekeeper His Morality Tales were more straightforward. I remember from the town of Cass Lake. This wasn't just a drive down the story my dad told his kids, then ranging from age five to the street; the boat had to be driven across the lake to the twenty-five, about a financial officer at one of his companies marina where I would hop into the car to drive to town, and who made a mistake that resulted in the loss of hundreds of then the process thousands of dollars to the company.

As soon as this officer was reversed. My dad told us that the in the morning president then said, "This was a terrible mistake, and we don't was to pick up a want you ever to make another one like it. But people make newspaper wruJe mjstakes, and we can forgive that. You did the right thing, I was in town. As it is, we'd like you to stay. His oldest children the question, "Where's my paper? Be responsible. By working on the tennis version each summer.

When she was there, we used her car for of golf's short game, which few others could be bothered to errands. There was but one set of keys, and while I was playing practice, Father, as he's done throughout his life, gave himself w ith friends in a sailing boat on the lake, the keys fell out of a fair if maddening competitive advantage.

I went home and playing against him , especially in doubles where the netplay confessed. Of course, in the Great N orth Woods, there aren't really counts.

Thank God it was tennis, not business. The solution, again in about a second, was: "Go out with your friends and keep diving till you get those keys, and don't come home w ithout them.

T here are a lot of these gems from Minnesota because, in those days when Charlie worked so hard and so long, that was the only meaningful time we spent with him. Thinking about Father made me remember a long-ago humorous TV beer ad in which a smartly dressed man at a table is so engrossed in his glass of beer as to be oblivious to From David Borthwick a rampaging bull charging a bullfighter right in front of him.

H e doesn't flin ch even w hen the bull smashes the table in to Many years ago, Father decided our Minnesota lake cabin matchsticks. The announcer's tagline was "Try. While he certainly wanted the children to groove their groundstrokes, there was Take away the beer and substitute the financial market a bit more to it than that. For it was Father who was out on listings, architectural plans, or a scholarly biography of Keynes, court more than anyone, with the machine positioned so he and you have a dead-on comedic take on Father night after could endlessly practice-volley close by the net.

Before long, night in his favorite chair poring over something, aiJ but deaf. Even when not reading, Father was often so deep in In Minnesota, he found a way to hard-wire the same contemplation that a routine drive to take Molly and Wendy message into our very bodies. H e had arranged for the old back to Pasadena could have turned into an excursion to San Larsen Boat Works to make us an "aquaplane," a heavy wooden Bernardino without Mom calling out the correct freeway affair we stood on as he towed it behind the boat.

He would turnoffs. Whatever was on his mind, it wasn't the outcome of a make sharp turns to see if we could hold on, and the only way football game or a botched golf shot. Father's ability to Ch inese to avoid the disgrace of a fall was to keep shifting weight to wall off the m osr intrusive distractions from whatever mental compensate for the extreme angles.

When I went to college in , I was very lucky to have children to raise, worked in. In an angry and a seedy part of Spring Street,. But h e saw Tl1. People were occupying the dean's office, going to jail. I was in the basement of the Lamont Library learning how to He sent me the allowance of a much richer father, keeping me. From 3, miles away, he continued to help me Daddy raised us to be skeptical, even contrarian, and that keep my balance. Suffice it to say that our father has always maelstrom of the late sixties.

Over many years, sitting in the known what he was doing, as a parent as in so much else. I still do. I looked at My fa ther holds a perfect chicken egg. We've won the him, a little stunned, not by fath er-daughter egg toss, earning me one of my favorite the comparison, bu t by his possessions: a marble cube sprouting gilt acanthus leaves, w ith telepathy.

I had been devising a life-size golden replica of an egg on top. T his trophy sits on a short piece about my father, my desk, remindi ng me of the sunny day when my dad was so and the very subject had been on my mind. I had already noticed that m y oldest son's hands are like his grandfather's, with fin gertips slightly square, and nail My father's hands know the tensile strengtl1 of different.

But it's something fi shing lines by feel. They tie on a chartreuse jig or a plain old. His hands rise to his lips where he cinches his knots. My father, my son, and I all cross our hands with his teeth and bites off the extra line. His hands get wet. They pinch twisting black.

In Minnesota, he there. His fingers wooden bellows. With tl1e fire lit, he might cook blueberry are curled, and his thumbs are pointing at each other, like buckwheat pancakes on the Ben Franklin wood stove, using an handles on a bike. I reach my girl arms up straight, and I grasp old wood-handled spatula with chipped red paint. And when one child is too Bu t if you play Password and give the clue "Charlie big for "thumbs," there is always another, on down through the Munger's hands," anyone will first answer, "books.

One might also answer ''graph paper," for the if he's not known for his discernment about produce, does not buildings he's been designing. Reading it somehow conjures my father for me, When T think of my father's hands, 1 also see them up on even though in the broad outlines of his life, my father has stage, in front of thousands in Omaha every year.

H e did not regard a long drive in a car or a fi shing outing as an opportuni ty to "catch up. His son eventually came to marvel at and guiding story, have molded me as mrely as a sculptor's. Abe Trillin regarded thrift as a moral virtue, sending his messages. If he doesn't like the way his bridge paid his bills the day they arrived , and got up at four in the partner plays ou t a hand, for example, he might say, "You morning, six days a week, to pick the produce for his stores.

H e was skilled at message in an anecdote, preferabl y deli vered in a group setting cards. H e was sardonic, but had an underlying optimism that so that no one is singled out. In both instances, he appears one coLud get along in the world w ith the proper outlook and blunt and avuncuJar- that inimitable Charlie- but at the card character. He's this amusing," my father wrote.

A friend of mine recently began When I finis hed the Trillin book, I sen t i t to my father. The book is written Rushmore At the very least, J thought the book might summon up the image reassure my fath er that his messages were being received, even if of a 5,foot granite they were not always heeded.

T here but my father can. AJJ of the Mu nger children have at one time was no note, so J wasn't sure whether he had read the book or another approached Rushmore to make a request and felt or rejected it.

It seemed untouched, so I concluded that my like Dorothy approaching Oz, except that Oz was more voluble. Rushmore did not always respond. Sometimes my father Not much escapes my father, however. It turned out that he made a low steady noise from somewhere around his larynx, as had simply instructed his secretary to send copies to the whole though Rushmore had gone volcanic, but that was not so easy family.

Can you be more subtle than silent? Unlike Abe Trillin, perhaps, my father really does send messages, in the form of speeches he has written, letters he has From Philip Munger received and sent, and articles from varied sources about social pol icy, psychology, busin ess ethics, and law, among other topics.

Some of my most affectionate m emories of my father are Many of them appear in this book. What doesn't appear is the of shopping for clothes at Brooks Brothers and Marks and note my father scrawled on the enclosure.

The note is usually Spencer. Most people already know that Father is not a big extremely brief, and often just a "send to" list, but every once fashion man. H e once said that h e was nonconformist enough in a while the note wiU have a wry fi llip, like this one from in his behavior and opinions that it made sense to chart a very , which was appended to a long appreciative letter from a straigh t course in attire.

His going along wi th normal social Berkshire H athaway shareholder in Sweden. Durabili ty has always other people. H e never had a desire to change his primary habits, I vividly recall going sartorial or otherwise, once he had, like Franklin, acquired with my Father to them. Brooks Brothers, when it was still housed Tstill shop at Brooks, partly because each year at Christmas in that beautiful Father gives every child a gift card, which is perfectly timed old wood-paneled for the winter sale.

But I always end up going more often building in downtown than that. One year,! My fath er looked at them askance and said, "Do my first serious suit. I think of my father about eleven or every time I go; I'm very attached to the place.

When I went twelve. I can see to study at Oxford, in winter , he gave me an old Brooks those polished brass coat of his, dating from the forties, of a sort of tannish-olive elevator doors opening.

We looked through the racks. Father hue, I think, with a warm zip-in lining. As I walked home from picked out a pin-striped charcoal grey suit. When J was sixteen , the Bodleian Library each night, that nasty damp penetrating we went to buy another suit, this time a three-piece, which I English cold would not get through.

When I returned to the wore religiously during my debate days. It kept the icy wind United States, r realized I had left the coat on a bus.

I wept at blowing off the lake at Northwestern, during a tou rnament, the loss. Even now 1 wish 1 had that coat. We bought, at the same time, a pair of wing-tip shoes for my summer stin t at the Daily journal a coming of age ceremony required by Father for each boy , shoes which have lasted till this day.

There is another theme here. W hen we bought a brown tweed coat at Marks and Spencer in London, Father said, "This will always keep its crease. Maybe th ey're right. Roy Tolles, friend and business associate since H e wants to get to the bottom of everything, whether it's something of serious interest to him or not.

Anything that comes to his attention, he wants to know more about it and understand it and figure out what makes it tick. Glen Mitchel, friend since People will come into the room and pat him on the back or offer him another cup of coffee or something, and he won't even acknowledge their presence because be is using one hundred percent of his huge intellect. I remember that when we were negotiating with Cenfed to have them take over our savings and loan business, Charlie and I went over to their offices to meet with their CEO, Tad Lowrey.

We had a perfectly wonderful meeting-Charlie can put on the charm if he puts his mind to it-and we were winding things up very satisfactorily. Just as we got there, the elevator door opened, and Charlie walked directly inside. He never said goodbye, never shook hands, nothing. Tad and I were left standing there, smiling and speechless. We had come out of the building and were standing on the sidewalk, discussing what had transpired at the meeting.

At least, that's what I thought we were doing, for suddenly I realized that I had been talking to myself for some time. I looked around for Charlie, only to see him climbing into the back of a taxicab, headed off to the airport.

No goodbye, no nothing. I once sat through three sets of traffic lights, and plenty of honking behind us, as Charlie discussed some complex problem at an intersection.

I remember three talks he prepared and presented to our law firm on some of what he referred to as 'the eminent dead' he had encountered through his extensive reading: Isaac Newton, AJbert Einstein, and Simon Marks. In particular, I remember the central message of the talk on Simon Marks of retailer Marks and Spencer : ' Find out what you're best at and keep pounding away at it.

Howard Buffett, son ofWarren Buffett and friend of Charlie,s since I remember having 'conversations' that were essentially one-sided, feeling like I should have a dictionary at my side to look up all the words I didn't understand. I remember not saying much, being scared to ask a question and appearing stupid. He's so darned smart, like my father, in the stratosphere. To keep peace in my family, I have no comment on such reports.

He also warned me not to expect to get a word in edgewise when talking to Charlie because even at a cocktail party Charlie would hold his hand up to prevent others from starting to speak while he took a drink. H e is truly the broadest thinker I have ever encoumered. From business principles to economic principles to the design of student dormitories to the design of a catamaran he has no equal. Our longest correspondence was a detailed discussion on the mating habits of naked mole rats and what the human species might learn from them.

When discussing the intelligence of offspring, he refers to the 'genetic lottery. He lut'i parlayed these accribtHcs inco grcat success in both his personal and business endeavors, especial ly. I Ie is a perfect partner.

T he answer lie.. Just as animals ecosystem. What you need is a latticework of menral models in your julian Huxley's idea that, 'Life is just one head. Things usually die after relatedness and the effects from the relatedness. A Willingness the purpo-;c and narure of life. By applying this framework,. When several models combine, yo u get lollapalooza effects; this is when two, three, or four forces are all operating in the same direction.

And, frequently, you don't get simple addition. It's often Like a critical mass in physics where you get a nuclear explosion if you get to a certain point of mass-and you don't get anything much worth seeing if you don't reach the mass. Sometimes the forces just add like ordinary quantities and sometimes they combine on a breakpoint or critical-mass basis. And you get huge, miserable tradeoffi.

Blll if you can't think in terms of tradeoffs and recognize tradeoffs in what yo u're dealing with, you're a horse's patoot. You clearly are a danger to the rest of the people when serious 1. You have to recognize how these things combine. And you have to realize the truth of biologist Julian Hwdey's idea that 'Life is just one damn relatedness after another.

Legendary fixed income expert Bill Gross world. Our solution, one we rests on my library coffee table is not Peter Lynch's learned at a very early age in the nursery: "'Then I' ll Beating the Street or even my own, but several books do it myself," said the Little Red Hen.

There are answers worth other disciplines, you can correct that folly yourself. Particularly in Talks Two, Three, and Four, Charlie lectures on the value and importance of using multiple models in business. H e explains where he found his unique models and how he mastered them, and he cites specific examples of their application in real-world analysis and decision making.

Charlie painstaking! I lc "ill not c. Jc, iatc from these principles, Darwi n's self-appointed rc. Perhaps the answer is that, for most people, Charlie's multidisciplinary approach is simply roo hard. They don't know how to wait!

Ted Williams is the only baseball player who had a. In the Science ofHitting, he explained his technique. He divided the strike zone into seventy-seven cells, each representing the size of a baseball.

He would insist on swinging only at balls in his ' best' cells, even at the risk of striking out, because reaching for the 'worst' spots would seriously reduce his chances of success. As a securities investor, you can watch all sorts ofbusiness propositions in the form of security prices thrown at you aU the time. For the most part, you don't have to do a thing other than be amused. O nce in a while, you will find a 'fat pitch' that is slow, straight, and right in the middle of your sweet spot.

Then you swing hard. T his way, no matter what natural abili ty you start with, you will substantially increase your hitcing average. One common problem for investors is that they tend to swing too often. However, the opposite problem is equally harmful to long-term results: You discover a 'fat pitch' but are unable to swing with the full weight of your capital.

Phil Fisher And" hilc this behavior can at times appear simply stubborn or contrarian, that is not the defining characteristic. This " lone-wo lf' aspect ofCharlic's temperament is a rarely appreciated rca-,on why he consistently tperforms the larger im cstment community.

Aflcr Buffett 'ihared his thoughts, Charlie chimed. Unlike twenty slots in it so that you had Graham, who typically invested in statistically cheap "cigar-butts" with twenty punches-representing all the investments chc notable exception of GEICO , Fisher preferred to buy and hold che that you get to make in a lifetime. And once you'd stocks of high-quality compa ni es chat could, "grow and grow and grow.

Under those rules, you'd really think carefully about what you did, and you'd be forced to load up on what you'd really thought about. So you'd do so much better. Don't race rraim. In bu-. Yet, within this pllr''illit of rationality and S Stcms such a-; tho-. But in the long run, it is a po. You're dealing with high ly complex systt:ms wherein everything is "Investment is moH successful when it intc. And you may say, on the. That's paradoxical. For thic, rca-. The second way is the way that experience.

And ro some extent, Rembrandu are valued highly bcuusc rhc:y'n: gone: up in price in the past. We look for a horse wirh one chance in two of winn ing and which p. You'n: looking for a mispriced gamble. That's what im-esting is. And 'OU have 10 know enough ro know whether the gamble is mispriced. We're not predicting the Huclllation in the current. Move only when you have an advantage. It's very basic.

You h. To ask the question [of whether you field to onl "-. Jnd wo tout h ro under.. Charlie looks for an t:a! The process is ill[t. Ch arlit: dett. At best. Warren and Charlie on Moats" Buffett: "So we think in terms of that moat and the abiliry to keep irs width and its impossibility of being crossed as the primary criterion of a great busmess.

And we tell our managers we want the moat widened every year. That doesn't necessa rily mean the profit wiU be more this year than it was last year because it won't be sometimes. However, if the moat is widened every year, the business will do very well. We don't know how to evaluate that. And, therefore, we leave it alone. We think that all of our businesses-or virtually all of our businesses- ha ve pretty darned good moa ts.

And we think the managers are widening th em. Munger: " How could you say it better? Buffen: "Sure. I lave some peanut brittle on that one. He app lies equal scrutiny to the liabi lity side of the balance sheer. For example, under the right circun1stances, he might "iew an obligation such as insurance float-premium income that may not be paid out in claims for many years-more properly as an asset.

H e especiall y assesses a company's management well beyond conventional number cmnching-in particular, the degree to wh ich they are "able, trusnvorthy, and owner-oriented. Charlie refers ro a company's you. High Quality. All the papers we deliver to clients are based on credible sources and are quality-approved by our editors. Fast Turnaround. Our writers can complete a standard essay for you within hours and a part of a dissertation — in days.

Why Customers Become Our Regulars. We put decades of writing experience to work for you and are passionate about helping you succeed. Let the figures tell our story! Got an A in this project. I got a B on this project. This chapter explores international trade in the context of the interdependence of nations—what is called the global marketplace. Environmental Laws; Reconstruction after the Civil War Unit 2: Chapter 6 Lessons 4 and 5 and Chapter 7 Lessons 1 and 2 Vocabulary Quiz: terms to know: Reconstruction, drought, sodbuster, Jim Crow, segregation, Exodusters, homestead, prejudice, transcontinental, assassination, Freedman's Bureau, impeach, sharecropping, 13th Amendment, 14th Amendment, and 15th Amendment 4: Use the following diagram for this question.

The ratio at which nations will exchange goods and services is known as the: A. A change in anything else non-price variable that affects demand for financial capital e.

Economics: Chapter 4 Key Terms Flashcards Quizlet An unexpected error has occurred We're really really sorry, something has gone wrong. Unit IV Test Review. In Chapter 3 we used geometry, in the form ofbudget lines and indifference curves, to analyze the behavior ofsomeone consuming only two goods. In Economics, a good is something which, Is a service; Can be a service Skip to Main Content Sign In Human capital influences economic growth and can generate an economy through knowledge and abilities.

Chapter 4 - The Ohio Frontier. It was a period of great optimism, with the possibilities of self-governance infusing everything from religion to politics. Opens a modal Substitution and income effects and the law of demand. Originally, when the price of bus tickets was 50 cents per trip, this opportunity cost was 0. The outcome is a balanced approach to the theory and application of economics concepts. Especially, making good use of time or energy. Economics is best defined as the study of a.

Includes studying games and tools such as flashcards. If he finds a car for ,, what will his consumer surplus be? Select which vocabulary unit s you want to learn. As long as the government is intelligent in regulations, these advantages will be applied. Costs and Cost Minimization. Income Effect. Understand the evolution of the U. Chapter 3 6. Section 4. The main tools economists use are economic theories or models. Demand Schedule. Governments and Markets.

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Try Chegg Study today! The family, religion, law, politics, economics, education, science, medicine, and the military all are social institutions. A fiscal year that extends from January 1 to December 31 is referred to as a calendar year. Concepts: Terms in this set 24 microeconomics. Start studying Economic Chapter 4 Test. Great for teachers and students. Resources Cloze Notes Quizlet is a study tools site for learners in mid-elementary school on up to college level.

Question 9. Opens a modal Price of related products and demand. If you ally habit such a referred quizlet economics chapter 1 books that will manage to pay for you worth, acquire the very best seller from us currently from several preferred authors.

Introduction to Demand and Supply The opportunity cost of bus tickets is the number of burgers that must be given up to obtain one more bus ticket. The most he is willing to pay is , Students also examine government involvement in international trade, how politics affects the global market, and the practical side of doing business abroad.

Prentice Hall: Economics - Principles in Action chapter 7 vocabulary.