Vicks bankruptcy
Framed original NEW YORK TIMES newspaper from Aug 18, 1934. 📰 Titled: Treasury Issues Rules On Silver. I am going to be auctioning off this historic conversation piece in January at the local coin show, unless any apes in here want to make me a solid offer before the auction date.
2022.12.21 21:51 Canadian-Hunter Framed original NEW YORK TIMES newspaper from Aug 18, 1934. 📰 Titled: Treasury Issues Rules On Silver. I am going to be auctioning off this historic conversation piece in January at the local coin show, unless any apes in here want to make me a solid offer before the auction date.
 | submitted by Canadian-Hunter to Wallstreetsilver [link] [comments] |
2022.12.02 15:00 Wespp Muh Free Speech™
 | submitted by Wespp to PoliticalCompassMemes [link] [comments] |
2021.11.24 18:54 JeffreyBoswell NFL Week 12 Predictions
Chicago @ Detroit (+3½)
The Bears lost 16-13 to the visiting Ravens, who were without Lamar Jackson. Justin Fields left the game early with a rib injury, and Andy Dalton nearly led Chicago to the upset.
"We're thrilled to be playing on Thanksgiving," Matt Nagy said. "It's the day with turkey, and all the fixings. That pretty much sums up Chicago football — here's a turkey, me, and a lot that needs fixing.
"And speaking of a table full of food, this game is going to ruin some appetites. But loyal Bears fans can all agree that if there's just one thing that needs to be 'eaten,' it's the remaining years on my contract after I'm fired."
The Lions lost 13-10 to the Browns in Cleveland. With Jared Goff out with an oblique injury, backup quarterback Tim Boyle was ineffective, passing for only 77 yards with 2 interceptions.
"I'm not even sure what an 'oblique' is," Dan Campbell said. "In fact, I don't think I even have one, so I can't relate to the pain Jaren is experiencing. Which is only fair, because he can't relate to the agony I experience as head coach watching him play.
"Hey, I wasn't thrilled about Tim making his first NFL start. But I'm not the first coach Jared Goff has pushed to the 'Boyle-ing' point.
"On a bright note, it's Thanksgiving Day in Detroit. It's that day of the year when Lions fans can say 'thanks,' while everyone else at their Thanksgiving celebration can say, 'can we watch something else?'"
Bears win, 20-13.
"I just got outcoached," Mike McCarthy said. "It's not like that hasn't happened many times before, so I know exactly what to do, and that's the opposite of what I think I should do. See, I can't out-think an opposing coach, but I can sure outthink myself. That's easy.
"Jerry Jones and Mark Davis are two of the better well known owners in the NFL. They're very recognizable. If you see Jerry out in public, you immediately place him. If you see Mark out in public, you immediately run."
The Bengals rolled over the Raiders, 32-13, at Allegiant Stadium. Cincy dominated in the trenches, rushing for 159 yards, while their defense held Derek Carr in check.
"That was just a pathetic effort on our part," Rich Bisaccia said. "As a coach, it falls on my shoulders, and I'm quite ashamed. Call it an 'embarrassment of Rich's.'
"We didn't play smart. It hasn't been a season of good decision-making here in Las Vegas. In fact, I'd say the decisions made by members of the Raiders organization this year have made hiring Lane Kiffin as head coach look like a good one."
Despite some key injuries, the Cowboys have never been ones to back down from a fight. But in this case, they "run like hell," with Ezekiel Elliott and Tony Pollard.
Cowboys win, 27-20.
"We just had no answer for Hurts," Sean Payton said. "I have lots of questions for my defense. Like, 'That didn't look like the defense that was the NFL's top-ranked rushing defense. So, 'Who dat?'
"Drew Brees will be honored at halftime of the game. Hopefully, he'll say 'I'm honored' when we present him with a contract to return for the remainder of the season."
Jonathan Taylor and the Colts thundered past the Bills 41-15, as Taylor pounded his way to 204 total yards and 5 touchdowns.
"Defensively," Sean McDermott said, "we showed about as much resistance as a flaming folding table facing the G-forces of an inebriated and overweight member of the Bills Mafia.
"Hopefully, that loss will be our wake-up call. I definitely believe it already was, because giving up 264 yards on the ground is certainly 'alarming.'
"Thanksgiving night in New Orleans will certainly be a test. I hear some are saying the 'Big Easy' was what Super Bowl representatives from the NFC East called the Bills in the 1990s."
Bills win, 28-20.
"That's just not Steeler football," Mike Tomlin said. "We have a standard. And the standard is apparently below the standard.
"Not to make excuses, but we had several defensive starters out, including T.J. Watt, who, it appears, is well worth the $112 million we're paying him, and also worth about 17 points per game."
The Bengals hammered the Raiders, 32-13, at Allegiant Stadium, powered by Joe Mixon, who rushed for 130 yards and 2 touchdowns.
"Joe is running with a purpose this year," Joe Burrow said. "Joe runs best when he's running from his past."
Bengals win, 25-22.
"People often ask what motivates me," Brady said. "'Winning' tops that list, followed closely by 'two straight crappy games.'
"Antonio Brown allegedly tried to obtain a fake vaccination card. I know it may sound crazy, but that's probably one of the more saner things he's done in his life. One of the less sane things I've done is welcome him into my home."
The Colts stunned the Bills, 41-15, in Buffalo, as Jonathan Taylor exploded for 204 total yards and 5 touchdowns.
"Jonathan and Bills coach Sean McDermott have something in common," Frank Reich said. "They've both 'blown up' the Buffalo defense.
"As he showed against the Bills, Jonathan is capable of blowing a game wide open. And that's good, because Carson Wentz is capable of blowing a game."
Colts wins, 27-24.
"Cam brought his A-game," Matt Rhule said. "Our defense brought all the letters in the alphabet except 'D.'
"Signing Cam was a good move for both parties involved. As business decisions go, Cam's made a number of good ones, and one decidedly bad one, which was not even trying to recover his fumble in Super Bowl 50. As they might say on ESPN, 'C'mon Superman!'"
Miami beat the Jets 24-17 at MetLife Stadium, and the Dolphins have now won three in a row.
"Believe it or not," Brian Flores said, "we're just three games behind the Patriots in the AFC East. My guess is you can not believe that it's only three games."
Dolphins win, 24-21.
"We overcame a 25-point deficit to the Falcons in Super Bowl 51," Bill Belichick said. "We ended Thursday's game with a 25-point lead. That's the very definition of going 'full circle.' And a full circle is also known as a zero, which is what Atlanta scored.
"I'm excited to face my former player Mike Vrabel. He's done a great job at Tennessee. If Mike ever wanted to return to New England and join my coaching staff, I would welcome him willingly, and not reluctantly, like I did with Matt Patricia."
The Texans stunned the Titans 22-13 in Nashville, snapping Tennessee's six-game winning streak.
"I think it's safe to say we miss Derrick Henry," Mike Vrabel said. "Frankly, I think having Derrick on one good foot would make me happy. Incidentally, 'one good foot' is about what we average per rush without Derrick."
Patriots win, 22-18.
"Some would call Garrett a 'scapegoat,'" Joe Judge said. "Others would call him 'the first domino.' Still others would call him a 'preview of leaving attractions.'
"Our offense is far from dynamic. Daniel Jones may be the most vanilla of NFL quarterbacks. If he were a Giants receiver from the 1980s, he'd be called 'Phil McHonkey.'"
The Eagles beat the visiting Saints 40-29 behind the legs of Jalen Hurts and a rushing attack that piled up 242 yards. Hurts had 69 of those yards and all three rushing scores.
"Jalen is the latest in a long line of Philadelphia athletes known for their great running ability," Nick Sirianni said. "Like, for example, Randall Cunningham, Michael Vick, and finally, Lenny Dykstra. What, exactly, was Dykstra's running ability, you may ask? Well, not only could he run the bases, but he also ran cars into trees, and businesses into bankruptcy."
Eagles win, 28-19.
"Three points in two games?" Arthur Smith said. "That pretty much underscores our offensive shortcomings."
The Jaguars lost 30-10 to the visiting 49ers, who had their way on the ground and through the air against Jacksonville's overmatched defense.
"Coaching-wise," Urban Meyer said, "Kyle Shanahan took me to school. There are a lot of Jaguars fans, and hell, players, who wish I'd go back to school."
Falcons win, 24-21.
"I thought Joe looked pretty good for a middle-aged, non-vaccinated quarterback," Robert Saleh said. "I can think of another middle-aged, non-vaccinated quarterback I'd like to have as my starter.
"Meanwhile, Joe is out because he was deemed a close contact of Mike White, who tested positive for COVID-19. Long story short, Zach Wilson will start. Zach was the second overall pick in the 2021 draft, and he's certainly lived up to the hype, because he's played like a rookie."
The Texans pulled off a shocker in Nashville, beating the Titans 22-13. Houston forced 5 Titans turnovers, and Tyrod Taylor rushed for 2 touchdowns.
"It was indeed a shocker," David Culley said. "This was truly a surprise party for the Titans, because we hosted it at their house."
Texans win, 27-13.
"It's go time," Vic Fangio said. "It's nice for me to be able to say that for once, as opposed to it being said about me and my coaching.
"We're going to need Teddy Bridgewater to lead us. Say what you will about Teddy, but I think he's got a future as a politician, because issues might be the only thing he's not afraid to tackle."
The Chargers beat the visiting Steelers 41-37 at SoFi Stadium.
"It was estimated that 65% of the fans at SoFi were Steelers fans," Herbert said. "As a Chargers player, I estimated the remaining 35% won tickets in a radio station giveaway.
"Steelers fans travel well. They made themselves heard inside SoFi. I saw hundreds of Terrible Towels waving. Our fans? The only thing they wave is 'goodbye' to the ticket office."
Broncos win, 29-27.
"It's never easy playing at Lambeau Field," Sean McVay said. "We don't feel the need to go there and make some bold statement; we just want to play our game and emerge victorious. I hear you can get away with murder in Wisconsin; we just want to get away with a win."
The Packers lost 34-31 to the Vikings at U.S. Bank Stadium. Aaron Rodgers passed for 385 yards and 4 touchdowns, but the Vikings countered with Kirk Cousins and Justin Jefferson, who connected for 2 touchdowns.
"Cousins is a lot like me," Rodgers said. "With either one of us as your quarterback, you always have a shot, just not in the arm."
Packers win, 27-24.
"Our fans actually boo'd me," Mayfield said. "That really doesn't bother me. I mean, you really haven't truly entered the brotherhood of Cleveland quarterbacks until you've been boo'd by your own fans. So, if you're asking if I know what it feels like to be Tim Couch, the answer is yes. If you're asking if I know what it feels like to play like Tim Couch, the answer is also yes."
The Ravens, without Lamar Jackson, beat the Bears 16-13, as backup quarterback Tyler Huntley led the game-winning drive, which culminated in Devonta Freeman's three-yard TD run with 22 seconds left.
"Tyler knows he has to be ready at a moment's notice," John Harbaugh said. "He's our No. 2 quarterback, which basically means he's in the game should Lamar have to go 'No. 2.'"
Ravens win, 26-23.
"That game brought back a lot of memories," Rivera said. "I remember the day I was fired by the Panthers organization. I also remember the day I was hired by the Washington organization, which was practically the next day."
The Seahawks offense continued to struggle in a 23-13 loss to the visiting Cardinals. Russell Wilson completed only 14-of-26 passes for 207 yards, and doesn't have a passing TD in two games since his return from injury.
"Our offense has scored only one touchdown since Russell returned," Pete Carroll said. "So, we can count those touchdowns on one finger. And it appears one finger is responsible for all that.
"I'm very frustrated. I actually walked out of the post-game press conference. Notice I didn't run out. That was totally my decision, and again, the wrong one."
Washington wins, 21-17.
submitted by JeffreyBoswell to nflcirclejerk [link] [comments]
The Bears lost 16-13 to the visiting Ravens, who were without Lamar Jackson. Justin Fields left the game early with a rib injury, and Andy Dalton nearly led Chicago to the upset.
"We're thrilled to be playing on Thanksgiving," Matt Nagy said. "It's the day with turkey, and all the fixings. That pretty much sums up Chicago football — here's a turkey, me, and a lot that needs fixing.
"And speaking of a table full of food, this game is going to ruin some appetites. But loyal Bears fans can all agree that if there's just one thing that needs to be 'eaten,' it's the remaining years on my contract after I'm fired."
The Lions lost 13-10 to the Browns in Cleveland. With Jared Goff out with an oblique injury, backup quarterback Tim Boyle was ineffective, passing for only 77 yards with 2 interceptions.
"I'm not even sure what an 'oblique' is," Dan Campbell said. "In fact, I don't think I even have one, so I can't relate to the pain Jaren is experiencing. Which is only fair, because he can't relate to the agony I experience as head coach watching him play.
"Hey, I wasn't thrilled about Tim making his first NFL start. But I'm not the first coach Jared Goff has pushed to the 'Boyle-ing' point.
"On a bright note, it's Thanksgiving Day in Detroit. It's that day of the year when Lions fans can say 'thanks,' while everyone else at their Thanksgiving celebration can say, 'can we watch something else?'"
Bears win, 20-13.
Las Vegas @ Dallas (-6½)
The Cowboys offense was shut down by an inspired Chiefs defense in a 19-9 loss at Arrowhead Stadium. Dak Prescott passed for only 216 yards and threw 2 interceptions."I just got outcoached," Mike McCarthy said. "It's not like that hasn't happened many times before, so I know exactly what to do, and that's the opposite of what I think I should do. See, I can't out-think an opposing coach, but I can sure outthink myself. That's easy.
"Jerry Jones and Mark Davis are two of the better well known owners in the NFL. They're very recognizable. If you see Jerry out in public, you immediately place him. If you see Mark out in public, you immediately run."
The Bengals rolled over the Raiders, 32-13, at Allegiant Stadium. Cincy dominated in the trenches, rushing for 159 yards, while their defense held Derek Carr in check.
"That was just a pathetic effort on our part," Rich Bisaccia said. "As a coach, it falls on my shoulders, and I'm quite ashamed. Call it an 'embarrassment of Rich's.'
"We didn't play smart. It hasn't been a season of good decision-making here in Las Vegas. In fact, I'd say the decisions made by members of the Raiders organization this year have made hiring Lane Kiffin as head coach look like a good one."
Despite some key injuries, the Cowboys have never been ones to back down from a fight. But in this case, they "run like hell," with Ezekiel Elliott and Tony Pollard.
Cowboys win, 27-20.
Buffalo @ New Orleans (+4½)
The Saints lost their third straight, falling 40-29 to the Eagles in Philadelphia. Philly rushed for 242 yards, and Jalen Hurts rushed for 3 scores."We just had no answer for Hurts," Sean Payton said. "I have lots of questions for my defense. Like, 'That didn't look like the defense that was the NFL's top-ranked rushing defense. So, 'Who dat?'
"Drew Brees will be honored at halftime of the game. Hopefully, he'll say 'I'm honored' when we present him with a contract to return for the remainder of the season."
Jonathan Taylor and the Colts thundered past the Bills 41-15, as Taylor pounded his way to 204 total yards and 5 touchdowns.
"Defensively," Sean McDermott said, "we showed about as much resistance as a flaming folding table facing the G-forces of an inebriated and overweight member of the Bills Mafia.
"Hopefully, that loss will be our wake-up call. I definitely believe it already was, because giving up 264 yards on the ground is certainly 'alarming.'
"Thanksgiving night in New Orleans will certainly be a test. I hear some are saying the 'Big Easy' was what Super Bowl representatives from the NFC East called the Bills in the 1990s."
Bills win, 28-20.
Pittsburgh @ Cincinnati (-3½)
The Steelers lost a 41-37 shootout to the Chargers at SoFi Stadium on Sunday night. Justin Herbert passed for 382 yards and rushed for 90, while Austin Ekeler scored 4 touchdowns."That's just not Steeler football," Mike Tomlin said. "We have a standard. And the standard is apparently below the standard.
"Not to make excuses, but we had several defensive starters out, including T.J. Watt, who, it appears, is well worth the $112 million we're paying him, and also worth about 17 points per game."
The Bengals hammered the Raiders, 32-13, at Allegiant Stadium, powered by Joe Mixon, who rushed for 130 yards and 2 touchdowns.
"Joe is running with a purpose this year," Joe Burrow said. "Joe runs best when he's running from his past."
Bengals win, 25-22.
Tampa Bay @ Indianapolis (+2½)
The Buccaneers beat the Giants 30-10 on Monday night, halting a two-game skid. Tom Brady passed for 307 yards and 2 touchdowns."People often ask what motivates me," Brady said. "'Winning' tops that list, followed closely by 'two straight crappy games.'
"Antonio Brown allegedly tried to obtain a fake vaccination card. I know it may sound crazy, but that's probably one of the more saner things he's done in his life. One of the less sane things I've done is welcome him into my home."
The Colts stunned the Bills, 41-15, in Buffalo, as Jonathan Taylor exploded for 204 total yards and 5 touchdowns.
"Jonathan and Bills coach Sean McDermott have something in common," Frank Reich said. "They've both 'blown up' the Buffalo defense.
"As he showed against the Bills, Jonathan is capable of blowing a game wide open. And that's good, because Carson Wentz is capable of blowing a game."
Colts wins, 27-24.
Carolina @ Miami (+1½)
The Panthers lost 27-21 at home to Washington, despite 3 total touchdowns from Cam Newton, making his first start of the season."Cam brought his A-game," Matt Rhule said. "Our defense brought all the letters in the alphabet except 'D.'
"Signing Cam was a good move for both parties involved. As business decisions go, Cam's made a number of good ones, and one decidedly bad one, which was not even trying to recover his fumble in Super Bowl 50. As they might say on ESPN, 'C'mon Superman!'"
Miami beat the Jets 24-17 at MetLife Stadium, and the Dolphins have now won three in a row.
"Believe it or not," Brian Flores said, "we're just three games behind the Patriots in the AFC East. My guess is you can not believe that it's only three games."
Dolphins win, 24-21.
Tennessee @ New England (-5½)
The Patriots shut out the Falcons 25-0 in Atlanta on Thursday night. New England's defense recorded 4 sacks and 4 interceptions."We overcame a 25-point deficit to the Falcons in Super Bowl 51," Bill Belichick said. "We ended Thursday's game with a 25-point lead. That's the very definition of going 'full circle.' And a full circle is also known as a zero, which is what Atlanta scored.
"I'm excited to face my former player Mike Vrabel. He's done a great job at Tennessee. If Mike ever wanted to return to New England and join my coaching staff, I would welcome him willingly, and not reluctantly, like I did with Matt Patricia."
The Texans stunned the Titans 22-13 in Nashville, snapping Tennessee's six-game winning streak.
"I think it's safe to say we miss Derrick Henry," Mike Vrabel said. "Frankly, I think having Derrick on one good foot would make me happy. Incidentally, 'one good foot' is about what we average per rush without Derrick."
Patriots win, 22-18.
Philadelphia @ NY Giants (+3½)
The Giants looked terrible in a 30-10 loss to Tampa on Monday Night Football and fell to 3-7, last in the NFC East. On Tuesday, the Giants fired offensive coordinator Jason Garrett."Some would call Garrett a 'scapegoat,'" Joe Judge said. "Others would call him 'the first domino.' Still others would call him a 'preview of leaving attractions.'
"Our offense is far from dynamic. Daniel Jones may be the most vanilla of NFL quarterbacks. If he were a Giants receiver from the 1980s, he'd be called 'Phil McHonkey.'"
The Eagles beat the visiting Saints 40-29 behind the legs of Jalen Hurts and a rushing attack that piled up 242 yards. Hurts had 69 of those yards and all three rushing scores.
"Jalen is the latest in a long line of Philadelphia athletes known for their great running ability," Nick Sirianni said. "Like, for example, Randall Cunningham, Michael Vick, and finally, Lenny Dykstra. What, exactly, was Dykstra's running ability, you may ask? Well, not only could he run the bases, but he also ran cars into trees, and businesses into bankruptcy."
Eagles win, 28-19.
Atlanta @ Jacksonville (+1½)
Atlanta's season hit a new low in a 25-0 loss to the visiting Patriots on Thursday night. The loss came just four days after a 43-3 loss to the Cowboys."Three points in two games?" Arthur Smith said. "That pretty much underscores our offensive shortcomings."
The Jaguars lost 30-10 to the visiting 49ers, who had their way on the ground and through the air against Jacksonville's overmatched defense.
"Coaching-wise," Urban Meyer said, "Kyle Shanahan took me to school. There are a lot of Jaguars fans, and hell, players, who wish I'd go back to school."
Falcons win, 24-21.
NY Jets @ Houston (-2½)
The Jets lost 24-17 to the visiting Dolphins at MetLife Stadium. Joe Flacco passed for 2 touchdowns, but penalties and mental errors ultimately cost the Jets."I thought Joe looked pretty good for a middle-aged, non-vaccinated quarterback," Robert Saleh said. "I can think of another middle-aged, non-vaccinated quarterback I'd like to have as my starter.
"Meanwhile, Joe is out because he was deemed a close contact of Mike White, who tested positive for COVID-19. Long story short, Zach Wilson will start. Zach was the second overall pick in the 2021 draft, and he's certainly lived up to the hype, because he's played like a rookie."
The Texans pulled off a shocker in Nashville, beating the Titans 22-13. Houston forced 5 Titans turnovers, and Tyrod Taylor rushed for 2 touchdowns.
"It was indeed a shocker," David Culley said. "This was truly a surprise party for the Titans, because we hosted it at their house."
Texans win, 27-13.
L.A. Chargers @ Denver (+2½)
The Broncos had a Week 11 bye and face the Chargers in the first of five division games in their next seven matchups."It's go time," Vic Fangio said. "It's nice for me to be able to say that for once, as opposed to it being said about me and my coaching.
"We're going to need Teddy Bridgewater to lead us. Say what you will about Teddy, but I think he's got a future as a politician, because issues might be the only thing he's not afraid to tackle."
The Chargers beat the visiting Steelers 41-37 at SoFi Stadium.
"It was estimated that 65% of the fans at SoFi were Steelers fans," Herbert said. "As a Chargers player, I estimated the remaining 35% won tickets in a radio station giveaway.
"Steelers fans travel well. They made themselves heard inside SoFi. I saw hundreds of Terrible Towels waving. Our fans? The only thing they wave is 'goodbye' to the ticket office."
Broncos win, 29-27.
L.A. Rams @ Green Bay (-1½)
The Rams had a Week 11 bye and return to action hoping to end a two-game losing streak."It's never easy playing at Lambeau Field," Sean McVay said. "We don't feel the need to go there and make some bold statement; we just want to play our game and emerge victorious. I hear you can get away with murder in Wisconsin; we just want to get away with a win."
The Packers lost 34-31 to the Vikings at U.S. Bank Stadium. Aaron Rodgers passed for 385 yards and 4 touchdowns, but the Vikings countered with Kirk Cousins and Justin Jefferson, who connected for 2 touchdowns.
"Cousins is a lot like me," Rodgers said. "With either one of us as your quarterback, you always have a shot, just not in the arm."
Packers win, 27-24.
Minnesota @ San Francisco (-2½)
The 49ers spanked the Jaguars 30-10 for their third win in their last four games. San Fran rushed for 171 yards and Jimmy Garoppolo passed for 2 touchdowns."Jimmy ran the offense to perfection," Kyle Shanahan said. "It's a common misconception that I've got Jimmy on a short leash. Not true. Jimmy's got the green light to do anything, I tell him to."Greg Joseph's 29-yard field goal as time expired gave the Vikings a big 34-31 win over the visiting Packers."I get nervous anytime my kicker sets up for a game-winning field goal," Mike Zimmer said. "I feel like I should call a timeout, to ice my constricted sphincter."Justin Jefferson had an incredible game. He had 8 catches for 169 yards and 2 touchdowns. Randy Moss is his hero. And games like that make it look like Justin could be the next Moss. But he's got a long way to go if he wants to the comparisons to be accurate. So Justin needs to not only step up his game, but also needs to play for four more teams, hit a parking attendant with his car, smoke a little weed, and simulate 'mooning' fans at Lambeau Field. Among other things."San Fran wins, 30-27.
Cleveland @ Baltimore (-3½)
The Browns beat the visiting Lions 13-10 to improve to 6-5. Nick Chubb rushed for 130 yards and added a receiving score, while Baker Mayfield struggled."Our fans actually boo'd me," Mayfield said. "That really doesn't bother me. I mean, you really haven't truly entered the brotherhood of Cleveland quarterbacks until you've been boo'd by your own fans. So, if you're asking if I know what it feels like to be Tim Couch, the answer is yes. If you're asking if I know what it feels like to play like Tim Couch, the answer is also yes."
The Ravens, without Lamar Jackson, beat the Bears 16-13, as backup quarterback Tyler Huntley led the game-winning drive, which culminated in Devonta Freeman's three-yard TD run with 22 seconds left.
"Tyler knows he has to be ready at a moment's notice," John Harbaugh said. "He's our No. 2 quarterback, which basically means he's in the game should Lamar have to go 'No. 2.'"
Ravens win, 26-23.
Seattle @ Washington (-½)
Washington beat the Panthers, 27-21, as Ron Rivera faced his former team."That game brought back a lot of memories," Rivera said. "I remember the day I was fired by the Panthers organization. I also remember the day I was hired by the Washington organization, which was practically the next day."
The Seahawks offense continued to struggle in a 23-13 loss to the visiting Cardinals. Russell Wilson completed only 14-of-26 passes for 207 yards, and doesn't have a passing TD in two games since his return from injury.
"Our offense has scored only one touchdown since Russell returned," Pete Carroll said. "So, we can count those touchdowns on one finger. And it appears one finger is responsible for all that.
"I'm very frustrated. I actually walked out of the post-game press conference. Notice I didn't run out. That was totally my decision, and again, the wrong one."
Washington wins, 21-17.
2021.03.04 17:40 CowLevelMaximum Vick Larry - Bankruptcy Attorney - Houston, Texas 77024 - (713) 239-1062
 | submitted by CowLevelMaximum to u/CowLevelMaximum [link] [comments] |
2021.02.18 14:07 Churlish_Grambungle Vick dan Teufel - PhD in Moral Bankruptcy
 | submitted by Churlish_Grambungle to HouseOfTheMemeMaker [link] [comments] |
2021.02.09 06:02 miracl_e Trading/Investing Reading List
Received some PMs requesting the book list I recommended from ages ago. Full list is below
Mathematics/statistics of games, gambling, and sports
Developing a cognitive edge and avoiding decision-making errors: perception, intuition, judgment, pattern recognition, how experts become experts
Incentives of Management and People Generally
Patterns of industry and company change/evolution
How to identify great companies, competitive advantage, and great managements
Bottom fishing/distress/special situations
Case studies of corporate/investing/personal failure
Forensic accounting and understanding the numbers
How to analyze countries and economies
How to read people and situations between the lines
Meditation/yoga
Markets and crowd behavior
Short Selling
Biographies of great investors and value-creating CEO's/founders
Surveys of various investment styles/philosophies
Financial history/commentary/anecdotes
Psychology of Investing and Trading
How to structure and interpret information/data
Value Investing and Valuation
Understanding price and volume action
Books from other disciplines which provide thought-provoking models/metaphors for investing/business
Some good books for understanding specific industries
submitted by miracl_e to thewallstreet [link] [comments]
Mathematics/statistics of games, gambling, and sports
- The Psychology of Thoroughbred Handicapping: Lessons and Valuable Insights by Thomas Wilson
- The Theory of Gambling and Statistical Logic by Richard Epstein
- Mathematics of Games and Gambling by Edward Packel
- Taking Chances: Winning With Probability by John Haigh
- The Wages of Wins: Taking Measure of the Many Myths of Modern Sport
- The Theory of Poker by David Sklansky
- Calculated Bets by Steven Skiena
- Bet With The Best by Andrew Beyer
- The Zen of Gambling: Lessons from the World's Greatest Gamblers by Paul Pease
- Gambling Wizards: Conversations With The World's Greatest Gamblers by Richard Munchkin
- No Limit Hold 'Em: Theory and Practice by David Sklansky
- Fortune's Formula by William Poundstone
- Moneyball by Michael Lewis
Developing a cognitive edge and avoiding decision-making errors: perception, intuition, judgment, pattern recognition, how experts become experts
- Sources of Power: How People Make Decisions by Gary Klein
- The Thinker's Toolkit: 14 Powerful Techniques for Problem Solving By A Former CIA Analyst by Morgan Jones
- The Mind and the Brain: Neuroplasticity and the Power of Mental Force by Jeffrey Schwartz
- Simple Heuristics That Make Us Smart by Gerd Gigerenzer
- Blink: The Power of Thinking Without Thinking by Malcolm Gladwell
- The Cambridge Handbook of Expertise and Expert Performance by Anders Ericsson et al.
- Intuition: Its Powers and Perils
- Emotional Intelligence by Daniel Goleman
- Educating Intuition
- The Art of Contrary Thinking
- A Technique for Producing Ideas
- Why Smart People Make Big Money Mistakes
- Descartes Error: Emotion, Reason and the Human Brain by Antonio D'Amasio
- Mind Wide Open by Steven Johnson
- The Origin of Consciousness in the Bicamerality of the Human Mind
- The New Drawing from the Right Side of the Brain by Betty
Incentives of Management and People Generally
- Freakonomics by Steven Levitt
- Aligning The Stars by Thomas Tierney
- Foundations of Organizational Strategy by Michael Jensen
- The Magic of Rapport by Jerry Richardson
- The Paradox of Choice by Barry Schwartz
- The Evolution of Cooperation by Robert Axelrod
- Molecules of Emotion by Candace Pert
- The Art of War by Sun Tzu
- Investment Intelligence from Insider Trading by Nejat Seyhun
- The Vital Few vs. The Trivial Many
Patterns of industry and company change/evolution
- The Innovator's Dilemma by Clayton Christensen
- The Innovator's Solution by Clayton Christensen
- Seeing What's Next by Clayton Christensen
- Competition Demystified by Bruce Greenwald
- The Origin and Evolution of New Businesses by Amar Bhide
- Value Migration by Adrian Slywotzky
- The Economics of Strategy
How to identify great companies, competitive advantage, and great managements
- Profit Patterns: How To Anticipate and Profit from Strategic Forces Reshaping Your Business by Adrian Slywotzky
- The Art of Profitability by Adrian Slywotzky
- Granularity of Growth: How to Identify the Sources of Growth That Drive
- Enduring Performance by Patrick Viguerie
- The Profit Zone: How Strategic Business Design Will Lead You To Tomorrow's Profits by Adrian Slywotzky
- How To Grow When Markets Don't by Adrian Slywotzky
- The Breakthrough Imperative: How the Best Managers Get Outstanding Results by Mark Gottfredson
- How Digital Is Your Business by Adrian Slywotzky
- Good to Great by Jim Collins
- Built to Last by Jim Collins et al
- Management Tools 2007 by Darrell Rigby
- The Price Advantage by Michael Marn
- The Ultimate Question: Driving Good Profits and True Growth by Fred Reicheld
- Mergers: Leadership, Performance, and Corporate Health by David Fubini
- Mastering the Merger: Four Critical Decisions that Make or Break the Deal by Sam Rovit
- Blue Ocean Strategy: How To Create Uncontested Market Space and Make Competition Irrelevant
- How Customers Think: Essential Insights Into The Mind of the Market
- The Loyalty Effect by Fred Reicheld
- Winning by Jack Welch
- Creative Destruction by Richard Foster
- Unstoppable: Finding Hidden Assets To Renew the Core and Fuel Profitable Growth by Chris Zook
- Winning: The Answers: Confronting 74 of the Toughest Questions in Business Today by Jack and Suzie Welch
- Jack Welch and the 4 E's of Leadership by Jeffrey Krames
- Jack: Straight from the Gut by Jack Welch
- Lessons from Private Equity Any Company Can Use by Orit Gadiesh
- The Warren Buffet CEO: Secrets from the Berkshire Hathaway Managers
- Essay of Warren Buffett: Lessons for Corporate America by Lawrence Cunningham
Bottom fishing/distress/special situations
- Spin-off to Pay-off: An Analysis Guide to Investing in Corporate Divestitures by Joseph Cornell
- You Can Be A Stock Market Genius by Joel Greenblatt
- The Vulture Investors by Hilary Rosenberg
- Risk Arbitrage by Keith Moore
- Distressed Debt Analysis by Stephen Moyer
- Creating Value Through Corporate Restructuring by Stuart Gilson
- Corporate Financial Distress and Bankruptcy by Edward Altman
Case studies of corporate/investing/personal failure
- When Genius Failed: The Rise and Fall of Long Term Capital Management by Roger Lowenstein
- Why Smart Executives Fail and What You Can Learn From Their Mistakes by Sydney Finkelstein
Forensic accounting and understanding the numbers
- It's Earnings That Count by Hewitt Heisermann
- Financial Fine Print by Michelle Leder
- Profits You Can Trust: Spotting and Surviving Accounting Landmines
- Hidden Financial Risk: Understanding Off Balance Sheet Accounting
- Creative Cash Flow Reporting by Charles Mulford
- The Financial Numbers Game: Detecting Creative Accounting Practices by Charles Mulford
- Financial Shenanigans by Howard Schilit
How to analyze countries and economies
- Tomorrow's Gold by Marc Faber
- A Bull in China: Investing Profitably in the World's Greatest Market by Jim Rogers
- The Power of Prodcuctivity by William lewis
- Dangerous Markets: Managing in Financial Crises
- The Demise of the Dollar
- The Dollar Crisis
- The Economics of Inflation by Constantino Bresciani
- A History of Interest Rates by Sidney Homer
- The Great Wave: Price Revolutions and the Rhythm of History by David Fischer
- Bull's Eye Investing by John Mauldin
- Adventure Capitalist by Jim Rogers
- Investment Biker by Jim Rogers
- Guns, Germs, and Steel by Jared Diamond
- The Competitive Advantage of Nations by Michael Porter
How to read people and situations between the lines
- Emotions Revealed: Recognizing Faces and Feelings by Paul Ekman
- Never Be Lied to Again: How to Get the Truth in 5 Minutes or Less in Any Conversation by David Lieberman
- You Can Read Anyone by David Lieberman
Meditation/yoga
- Zen in the Art of Archery
- Mindfulness in Plain English by Bhante Ghunaratana
- Prana Pranayama Prana Vidya (don't let the scary title fool you. It's user friendly and in english)
- The Light on Pranayama: the Yogic Art of Breathing by BKS Iyengar
- Light on Life by BKS Iyengar
- Yoga and the Quest for the True Self by Stephen Cope
- Moola Bandha: The Master Key
- Kundalini: The Evolutionary Energy in Man by Gopi Krishna
Markets and crowd behavior
- The Wisdom of Crowds James Suriowecki
- Extraordinary Popular Delusions and the Madness of Crowds by Charles MacKay
- Manias, Panics, and Crashes by Charles Kindleberger
- The Crowd by Gustave le Bon
- A Short History of Financial Euphoria by John Kenneth Galbraith
- Fooled by Randomness by Nicholas Taleb
- Speculation as a Fine Art and Thoughts on Life
- The Inefficient Stock Market by Robert Haugen
- The New Finance by Robert Haugen
- Beyond the Random Walk: A Guide to Stock Market Inefficiencies and Low-Risk Investing by Vijay Singal
Short Selling
- The Art of Short Selling by Kathryn Staley
- How to Make Money Selling Stocks Short by William O'Neil
Biographies of great investors and value-creating CEO's/founders
- No Bull: My Life In and Out of Markets by Michael Steinhardt
- Julian Robertson: A Tiger in the Land of Bulls and Bears by Daniel Strachman
- King Icahn by Mark Stevens
- Losing My Virginity by Richard Branson
- Only the Paranoid Survice by Andy Grove
- John Neff on Investing by John Neff
- Buffet: The Making of an American Capitalist
- Damn Right: Behind the Scenes with Charlie Munger by Janet Lowe
- Poor Charlie's Almanack by Charles Munger
- The Making of a Blockbuster: How Wayne Huizenga Built A Sports and Entertainment Empire from
- Trash, Grit, and Videotape by Gail DeGeorge
- Cable Cowboy: John Malone and the Rise of the Modern Cable Business by Mark Robichaux
- The Mind of Wall Street by Leon Levy
- Soros: The Life and Times of a Messianic Billionaire by Michael Kaufman
- The Man Who Beats the S&P: Investing with Bill Miller by Janet Lowe
- In An Uncertain World by Robert Rubin
- Bill Gross on Investing by Bill Gross
- The Bond King: Investment Secrets from PIMCO's Bill Gross by Timothy Middleton
Surveys of various investment styles/philosophies
- Hedge Hunters by Katherine Burton
- The New Investment Superstars
- Money Masters of Our Time
- Inside the House of Money by Steven Drobny
- Masters of the Universe: Winning Strategies of America's Greatest Dealmakers by Daniel Kadlec
- Investment Gurus by Peter Tanous
- Investment Visionaries: A Roadmap to Wealth from the World's Greatest Money Managers by Peter Tanous
- Value Investing with the Masters by Kirk Kazanjian
- Market Wizards by Jack Schwager
- The New Market Wizards by Jack Schwager
- Stock Market Wizards by Jack Schwager
Financial history/commentary/anecdotes
- Bull!: A History of the Boom 1982-1999
- Against the Gods: the Remarkable Story of Risk by Peter Bernstein
- Supermoney by Adam Smith
- More Than You Know: Finding Financial Wisdom in Unconventional Places
- The Battle for Investment Survival
- The New Financial Order
- Hedgehogging by Barton Biggs
- Winning on Wall Street by Martin Zweig
Psychology of Investing and Trading
- Psychology of Trading: Tools and Techniques for Minding the Markets
- Trading In The Zone: Master the Market with Confidence, Discipline, and Winning Attitude
- The Disciplined Trader: Developing Winning Attitudes
- Lessons from the Greatest Stock Traders of All Time by John Boik
- The Education of a Speculator by Victor Niederhoffer
- Psychology of Risk by Ari Kiev
- Trading to Win by Ari Kiev
How to structure and interpret information/data
- The Visual Display of Quantitative Information by Edward Tufte
- Supercrunchers: Why Thinking By Numbers is the New Way to be Smart by Ian Ayres
- Visual and Statistical Thinking: Displays of Evidence for Decision Making by Edward Tufte
- Envisioning Information by Edward Tufte
Value Investing and Valuation
- Valuation: Measuring and Managing the Value of Companies by Tom Copeland
- The Rediscovered Benjamin Graham: Selected Writings of the Wall Street Master
- The Dhando Investor by Mohnish Pabrai
- Hyperprofits by David Goodman
- The Triumph of Contrarian Investing
- The Entrepreneurial Investor by Paul Orfalea
- Contrarian Investment Strategies by David Dreman
- Common Stocks and Uncommon Profits by Phil Fisher
- The Intelligent Investor by Benjamin Graham
- The Warren Buffet Way by Robert Hagstrom
- The Warren Buffet Portfolio by Robert Hagstrom
- The Essential Buffet by Robert Hagstrom
- Super Stocks by Ken Fisher
- The Inefficient Stock Market
- Wall Street on Sale by Timothy Vick
- In The Shadows of Wall Street: A Guide to Investing in Neglecting Stocks
- How to Beat the Market with High Performance Generic Stocks
- The Little Book that Beats the Market by Joel Greenblatt
- The Focus Investor
- Counterintuitive Investing
- A Non Random Walk Down Wall Street
- Stock Market Logic by Norman Fosback
- Margin of Safety by Seth Klarman
- Mosaic: Perspectives on Value Investing
- Contrarian Investing: Buy and Sell When Others Won't
- Expectations Investing
- The 5 Keys to Value Investing by Dennis Jean-Jeacques
- Value Investing: A Balanced Approach by Martin Whitman
- The Aggressive Conversative Investor by Martin Whitman
- Value Investing: From Graham and Buffet and Beyong by Bruce Greenwald
- The Little Book of Value Investing by Christopher Browne
- One Up on Wall Street by Peter Lynch
- Beating the Street by Peter Lynch
Understanding price and volume action
- Studies in Tape Reading by Richard Wyckoff
- Tape Reading and Market Tactics by Humphrey Neil
- Reminiscences of a Stock Operator by Jesse Livermore
- How To Trade in Stocks by Jesse Livermore
- Monster Stocks: How They Set Up, Run Up, Top and Make You Money by John Boik
- How I Made $2,000,000 in the Stock Market by Nicholas Darvas
- How To Make Money in Stocks by William O'Neil
- Way of the Turtle by Curtis Faith
- Trend Following by Michael Covel
Books from other disciplines which provide thought-provoking models/metaphors for investing/business
- Linked: How Everything Is Connected To Everything Else and What It Means by Albert-Laszlo Barabasi
- Emergence: The Connected Lives of Ants, Brains, Cities, and Software by Steven Johnson
- Psychology of the Future: Lessons from Modern Consciousness Research by Stanislav Grof
Some good books for understanding specific industries
- Why We buy by Paco Underhill
- Value Creation: Strategies for the Chemical Industry by Florian Budde
- Achieving Excellence in Retail Banking by Reinhold Leichtfub
- Entertainment Industry Economics by Harold Vogel
2020.04.03 14:16 fuzzyblankeet Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)
Hello, dummies
It's your old pal, Fuzzy.
As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great.
What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. I do my bit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post.
That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way.
We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps.
Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy.
TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle.
Ready? Let's get started.
1. The Tao of Risk: Hedging as a Way of Life
The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows:
Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself.
Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part.
You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus.
That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it.
Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets?
2. A Hedging Taxonomy
The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now.
(i) Swaps
A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one.
Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered.
The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game.
I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging.
There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested.
Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure).
(ii) Forwards
A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me.
Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways.
People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances.
These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them.
(iii) Collars
No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray!
To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts.
(3) All About ISDAs, CDS and Synthetic CDOs
You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years.
First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA.
Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire.
Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking?
Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama.
Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details.
I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here.
Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post.
*EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
submitted by fuzzyblankeet to wallstreetbets [link] [comments]
It's your old pal, Fuzzy.
As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great.
What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. I do my bit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post.
That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way.
We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps.
Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy.
TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle.
Ready? Let's get started.
1. The Tao of Risk: Hedging as a Way of Life
The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows:
Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself.
Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part.
You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus.
That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it.
Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets?
2. A Hedging Taxonomy
The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now.
(i) Swaps
A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one.
Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered.
The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game.
I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging.
There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested.
Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure).
(ii) Forwards
A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me.
Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways.
People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances.
These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them.
(iii) Collars
No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray!
To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts.
(3) All About ISDAs, CDS and Synthetic CDOs
You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years.
First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA.
Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire.
Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking?
Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama.
Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details.
I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here.
Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post.
*EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
2019.04.21 14:20 unremovable TIL when filing for bankruptcy, ex-NFL Player Mike Vick personally elected Chapter 11 Bankruptcy as opposed to Chapter 7, so he would be able to pay back his debt almost in full. Paying $17.4 million of the $17.6 million he owed. “I didn’t want to stiff people who never stiffed me”
 | submitted by unremovable to unremovable [link] [comments] |
2018.02.12 21:39 jeff98379 [TMZ] Mike Vick's Bankruptcy Case Officially Closed After Paying Back $17 Mil https://t.co/AXz2PnfK6g
![[TMZ] Mike Vick's Bankruptcy Case Officially Closed After Paying Back $17 Mil https://t.co/AXz2PnfK6g](https://external-preview.redd.it/Qe0unlyn-8PIDIjTkDx4TcTep6LF4A9511uOCqV-Lfg.jpg?width=108&crop=smart&auto=webp&s=b3ad79aa6b314c0c41ac5ec8242254be1bb37657 "[TMZ] Mike Vick's Bankruptcy Case Officially Closed After Paying Back $17 Mil https://t.co/AXz2PnfK6g") | submitted by jeff98379 to newstweetfeed [link] [comments] |
2018.02.12 09:25 yomjoseki QB Stability and You: Since NFL expansion in 2002, seven teams have not had a QB lead their team in passing for five consecutive years: The Bills, Browns, Cowboys, Broncos, Jets, Bucs, and Redskins.
Note: For simplicity and consistency purposes, if a QB had a streak of five or more seasons end in 2002, they're included in this list, even if some of those seasons happened before 2002.
Last QB to lead them in passing for five or more consecutive years: Jim Kelly (1986-1996)
Ryan Fitzpatrick was close, with four straight years. Drew Bledsoe and Tyrod Taylor each had three straight years.
Cleveland Browns
Last QB to lead them in passing for five or more consecutive years: Bernie "Sanders" Kosar (1985-1991)
Poor Browns. They are the poster children for poor QB play and instability. Tim Couch lead them for four years, from 1999-2002. Since 2002, the Browns have had THIRTEEN different QBs lead the team in passing, with only Cleveland legends Colt "Literally LeBron" McCoy and Derek "idk Derrick Rose?" Anderson stringing consecutive seasons as the Browns passing leader.
As wildly unstable as the position has been for them, they were one or two games at most from missing this list entirely. As mentioned, Tim Couch lead the team from 1999-2002. He lead the Browns to a freaking playoff berth before breaking his leg in the last game of the 2002 season. Butch Davis started Kelly Holcomb in the playoffs, who threw for over 400 yards in a loss, leading to the dreaded QB controversy. In 2003, Holcomb and Couch each started 8 games. If Couch had played better or started one or two more games at Holcomb's expense, he'd have kept the Browns off this list.
Could this be the year they turn it around? Or will they trade all their picks for every pick in the 2020 draft? Find out on next week's episode of Dragon Ball Super!
Dallas Cowboys
Last QB to lead them in passing for five or more consecutive years: Troy Aikman (1989-2000)
"But wait, what about Romo?!"
What about him? He entered the league in 2004 and didn't attempt a pass until 2006 when he was 26. From there, he was the Cowboys starter... when he was healthy.
He actually made it to four years in a row twice (2006-2009 and 2011-2014), but missed five years both times due to injury. In 2010 Kitna lead the Cowboys, and in 2014 Matt Cassel lead them.
Great job, Antonio.
Kidding aside, Tony Romo's the best example of why "five years consecutive years leading your team in passing" isn't exactly a perfect measure of stability. He was the face of the franchise from 2006 to 2015. He was expected to lead the team in 2016 as well, but was injured once again in the preseason. We all know the story from there.
Long time Cowboys fans know there was a dark period between the Aikman and Romo eras. We're talking guys like Quincy Carter and Chad Hutchinson, and washed up vets like Vinny Testaverde and Drew Bledsoe. The team and their fans seem content, if not ecstatic with current starter Dak Prescott, but pressure is mounting for a franchise that has only enjoyed two playoff wins since Aikman left town.
Denver Broncos
Last QB to lead them in passing for five or more consecutive years: John Elway (1983-1998)
Another team you probably wouldn't have expected to be on this list but here they are. Since the smooth jazz stylings of one John Elway, no one has been able to last more than four years as the Broncos lead man.
Brian Griese, Jake Plummer, and Peyton "Fucking" Manning each lead the Broncos for four straight years. Kyle Orton, Jay Cutler, and Trevor Siemian each lead for two years. Oh, and there was this guy named Tebow.
John Elway is a fierce competitor and has served as the Broncos Executive VP of Football Operations/GM since 2012. He oversaw the Josh McDaniels/Tim Tebow era and put an end to that bullshit. The biggest move of his career as an executive was signing Peyton Manning after the Colts moved on from him. Since Manning retired, Broncos QBs have struggled mightily. Look for Elway and the Broncos to go to great lengths to address the QB position this offseason.
New York Jets
Last QB to lead them in passing for five or more consecutive years: Ken O'Brien (1985-1991) yikes
Oof. There's no denying the Jets have had a rough go of it. Their best QB in recent history (aside from a year of Brett Favre) was Chad Pennington. The Jets could have avoided this list if Pennington didn't miss most of 2005, but... he did. So we're here.
The Jets did have some success under Rex Ryan with Mark Sanchez, but most of that success can be attributed to their defense at the time. The J-E-T-E Jets Jets Jets are seemingly ever-searching for their franchise QB.
Tampa Bay Buccaneers
Last QB to lead them in passing for five or more consecutive years: Trent Dilfer (1995-1999)
They won a Super Bowl with Brad Johnson.
Then came Brian Griese. Chris Simms. Bruce Gradkowski. The shambling remains of Jeff Garcia. Josh Freeman. Mike Glennon. Josh McCown.
Jeez. They haven't won a playoff game since they won that Super Bowl, and it's not hard to guess why. They have had uninspiring coaches and QB play for years.
Jameis Winston has shown improvement in each of his three years. The Bucs still only won three games. They're in a brutal division. Time will tell what happens with Winston. They have a lot invested in him. 2018 will be very important year for determining his future with the Bucs and their crappy jerseys.
Washington Redskins
Last QB to lead them in passing for five or more consecutive years: Mark Rypien (1989-1993)
“The story so far: In 1999, the Redskins were bought by Dan Snyder. This has made a lot of people very angry and been widely regarded as a bad move.”
I mean, seriously. I think all of the Redskins woes over the past two decades can be placed squarely on that man. They've made boneheaded coaching hires. They've made boneheaded personnel decisions. They had Jason Campbell. He was not a terrible QB. They didn't think they could win with him. They trade for McNabb. That experiment fails spectacularly. They draft RG3 and fucking ruin him. They luck out and happened to draft Kirk Cousins thanks to Kyle Shannahan, and instead of paying him and just saying "OK, we got a QB we'll build around", they fuck that up, too. Then they spend a third round pick to get Alex Smith. Spoiler alert: Alex Smith isn't going to put the Redskins over the top. Also spoiler alert: Alex Smith is 33 years old so best case scenario, you're probably going to be looking for the next QB whose life you will ruin within the next two years.
Last QB to lead them in passing for five or more consecutive years: Jake Plummer (1997-2002)
Plummer keeps the Cardinals off this arbitrary list by the skin of their bird teeth.
Both Kurt Warner and Carson Palmer were starting QBs in Arizona for more than five years, but both gave way to another QB for a year due to injury.
AtlantaCardinals Falcons
Last QB to lead them in passing for five or more consecutive years: Matt Ryan (2008-present)
Ryan has been a rock since 2008. Before that, it was mostly Vick.
Baltimore Ravens
Last QB to lead them in passing for five or more consecutive years: Joe Flacco (2008-present)
Like Matt Ryan, elite QB Joe Flacco has lead his team in passing every year since 2008. After the 2000 Ravens Super Bowl win, it was dark times at QB, going from Elvis Grbac to Jeff Blake to Kyle friggin Boller. They did have a bright spot in 2006 with Steve McNair, but his stint in Baltimore was short-lived.
Carolina Panthers
Last QB to lead them in passing for five or more consecutive years: Cam Newton (2011-present)
Cam Newton has lead the Panthers for the past seven seasons. The Panthers have enjoyed plenty of QB stability. Since 2002, only three seasons went by where Newton or Jake Delhomme didn't lead the team in yards.
Chicago Bears
Last QB to lead them in passing for five or more consecutive years: Jay Cutler (2009-2015)
Jay Cutler lead the way for seven straight years from 2009-2015. In 2016, he was injured much of the season, paving the way for Matt Barkley. In 2017, they drafted their hopeful long term answer at QB in Mitchell "Titty Kisser" Trubisky.
Cutler was actually a huge outlier for the Bears in terms of QB production and stability. You'd have to go all the way back to Jim Harbaugh in 1993 to find another QB who lead the Bears in passing for three straight years. Cutler's 23,443 yards for the Bears leads the franchise by almost 9,000 yards.
Cincinnati Bengals
Last QB to lead them in passing for five or more consecutive years: Andy Dalton (2011-present)
Andy Dalton and Carson Palmer lead the Bengals in passing in 13 of 16 seasons since 2002. Dalton has lead the Bengals since entering the league in 2011, playing brilliantly at times with an MVP-caliber season in 2015.
As would happen in Arizona, Palmer could not string together five straight years, missing most of 2008 to injury after leading the Bengals since he was drafted in 2004. Interestingly though, Palmer did string together five years of leading his teams in passing from 2009 to 2013, though that five year stretch was with three different teams (CIN, OAK, and AZ)
Detroit Lions
Last QB to lead them in passing for five or more consecutive years: Matt Stafford (2011-present)
Stafford's been in the league since 2009, but only played 13 games in his first two seasons due to various injuries (mostly shoulder). This had many people questioning whether or not Stafford was going to make it as a pro QB, but he has been rock solid, starting every single game since undergoing shoulder surgery in 2011.
Green Bay Packers
Favre. Rodgers. Hundley actually lead them in passing in 2017, but who gives a shit? The Packers have enjoyed hall of fame caliber QB play dating back to 1992.
Houston Texans
Last QB to lead them in passing for five or more consecutive years: Matt Schaub (2007-2013)
The Texans have two QBs that qualify for this in Schaub and David Carr (2002-2006). It's too early to say for sure, but the Texans may have found the most talented QB in their franchise history in Deshaun Watson. He's definitely the best QB since the end of the Schaub/Kubiak era.
Indianapolis Colts
Last QB to lead them in passing for five or more consecutive years: Andrew Luck (2012-2016)
Before Luck, the Colts had another QB you may be familiar with in Peyton Manning, who lead the team from 1998-2010. Lucky bastards.
Jacksonville Jaguars
Last QB to lead them in passing for five or more consecutive years: David Garrard (2006-2010)
The Jaguars haven't always been a very good team, but it hasn't been because of QB instability. They've only had six QBs in franchise history to lead their team in passing. Mark Brunell was the man from the franchise's inception in 1995-2002. Since then, the QBs haven't been great, but they've mostly been good enough not to need replaced immediately. Blake Bortles could make it five years in a row if he returns to lead the Jaguars in passing in 2018, which is no certainty. Many would argue that he's earned the chance after going neck and neck with Tom Brady in the AFC Championship Game.
Kansas City Chiefs
Last QB to lead them in passing for five or more consecutive years: Alex Smith (2013-2017)
The Chiefs have agreed to trade Smith to the Redskins in favor of second year QB Patrick Mahomes. It's the second time Andy Reid has traded a 33 year old QB to the Redskins for a premium draft pick. Before Smith, the Chiefs had a rough go of it since the end of the Trent Green era. Andy Reid and Alex Smith brought some stability and respectability back to the Chiefs, who look to continue and build upon their recent success.
LA Chargers
Last QB to lead them in passing for five or more consecutive years: Philip Rivers (2006-present)
The Chargers join the Steelers and Patriots as the teams with the fewest passing leaders since 2002. Felipe Rios replaced some scrub named "Drew Brees" in 2006 and has been wearing the big boy pants ever since. He's made it to one AFCCG in his career. I think most people would agree he's been a very good QB for a very long time, but similar to Tony Romo, the lack of playoff success mars an otherwise great career.
LA Rams
Last QB to lead them in passing for five or more consecutive years: Marc Bulger (2002-2009)
Sam Bradford misses this list due to injury. It's been a long time since the Greatest Show on Turf. The Rams hit a recent low point at the end of the Marc Bulger era, winning only six games from 2007-2009. Since then, they've been mostly mediocre under Steve Spagnuolo and Jeff Fisher. Bradford has proven himself to be a capable QB when not held back by a poor supporting cast and poor coaching. The Rams have high hopes for Jared Goff to be their next great franchise QB after a very promising 2017.
Miami Dolphins
Last QB to lead them in passing for five or more consecutive years: Ryan Tannehill (2012-2016)
Tannehill's streak ended in 2017 due to a knee injury. He's expected to return as their starter in 2018. Tannehill provides welcome stability to a Dolphins franchise that has gone from QB to QB since Dan Marino hung up his cleats. Tannehill has shown recent improvement in Adam Gase's offense. They hope for Tannehill to return and take the next leap forward, hoping to earn their first playoff win since 2000.
Minnesota Vikings
Last QB to lead them in passing for five or more consecutive years: Daunte Culpepper (2000-2004)
The Vikings are one of the most interesting teams to me because of their success in spite of QB woes.
They made it to the NFCCG this year with Case Keenum, obviously. Brett Favre came to the Vikings in 2009 and took them to the NFCCG as well. They've been 131-124-1 since 2002, which is pretty good for a team that hasn't had a true franchise QB (outside of a 40 year old Favre). Speaking in very general terms, the Vikings have been pretty solid on defense in that timeframe and have had a few Hall of Fame caliber players like Adrian Peterson and Randy Moss.
New England Patriots
Last QB to lead them in passing for five or more consecutive years: Ugh.
The epitome of stability. Brady's been deep-dicking the NFL since 2001. He's been the man in New England since then, serving as the Patriots starter every year except 2008, when he snapped a knee ligament or some bullshit and some guy named Matt Cassel stepped in.
New Orleans Saints
Last QB to lead them in passing for five or more consecutive years: Drew Brees (2006-present)
Drew Brees is obviously a phenomenal QB who will end up in the Hall of Fame some day. He's been a hero for the Saints, a franchise not exactly teeming with rich QB history. Whoever replaces him will have huge shoes to fill.
New York Giants
Last QB to lead them in passing for five or more consecutive years: Eli Manning (2005-present)
Eli Manning was drafted in 2004, the same year Napolean Dynamite was released. COINCIDENCE? I'll let you decide.
This goofy motherfucker has been around for what feels like forever. He's been good enough to outduel Tom Brady twice in the Super Bowl and bad enough to lead the league in interceptions three times. What the hell, man? Make up your mind. The NFL is gonna miss him when he's gone.
Oakland Raiders
Last QB to lead them in passing for five or more consecutive years: Rich Gannon (1999-2003)
Derek Carr will try to make it five years in 2018, bringing some stability to a storied franchise that went through quite a rough patch since losing the Super Bowl after the 2002 season.
Oakland has suffered through a lot the past two decades, like Jamarcus Russell, Lane Kiffin, Al Davis's death, Al Davis's zombie rampage, and Mark Davis's haircut. Jack Del Rio, Derek Carr, Khalil Mack and others have restored respectability to a franchise that was being mocked for years. Now they're moving to fucking Las Vegas. You just can't win.
But if you're still a Raiders fan through all that, there's reason for optimism going forward.
Philadelphia Eagles
Last QB to lead them in passing for five or more consecutive years: Donovan McNabb (2000-2009)
The Eagles only missed the playoffs twice with McNabb. Once was the disastrous 2005 season after losing the Super Bowl, and the other in 2007. Between 2009 and 2016, the QB situation was unsettled at best. Michael Vick looked electric until he didn't. Chip Kelly promised Nick Foles would be the starter for the next 1,000 years, but as we all know now, Chip Kelly's a dirty fucking liar. So the Eagles trade the moon for Carson Wentz, and that looked to pay off until Wentz tore his ACL... and the Eagles won the Super Bowl anyway with Foles... you know, their backup QB who flamed out in St. Louis and almost retired until signing with Kansas City.
So, you know, what the fuck? Maybe QB stability is complete bullshit. Who knows? This year was super weird.
Pittsburgh Steelers
Last QB to lead them in passing for five or more consecutive years: Ben Roethlisberger (2004-present)
I don't know how he's managed to do it, but Roethlisberger has lead the Steelers in passing for 14 straight years. He's done this despite missing an average of 8 games a year due to injury (rough estimate). OK, not really, but seriously. He's only started 16 games three times in his career. He's started 15 games in another five seasons. He's won two Super Bowls and has been a top 10 starter in the league for a long time. The rest of the AFC North can't wait to see him go.
San Francisco 49ers
Last QB to lead them in passing for five or more consecutive years:Jimmy Garoppolo (2017-2039) Jeff Garcia (1999-2003)
Another team to barely make this list, the 49ers aren't exactly known for great QBs (I mean, except for like... Steve Young and Joe Montana, maybe, I guess). So... yeah. Alex Smith had to deal with a metric shitload of coaching turnover and was benched several times during his 45 years with the 49ers. He was finally shipped off to the Chiefs when the 49ers were sure they had their QB savior in Colin Kaepernick. I talk more about Smith here if you're interested: https://www.reddit.com/nfl/comments/7wzdwg/qb_stability_and_you_since_nfl_expansion_in_2002/du4bzu9/
But since the NFL expansion, the 49ers have been riddled with mediocrity (outside of a little thing we like to call the Jim Harbaugh era). Well, fuck that shit! Those days are over. They got Kyle Shannahan, John Lynch, and Jimmy Goat running shit now, and they're not fucking around. No room for pessimism here. Seriously, they're interesting and possibly fun to watch.
Seattle Seahawks
Last QB to lead them in passing for five or more consecutive years: Russell Wilson (2012-present)
The Seahawks have enjoyed success and stability since switching to the NFC West following realignment. Pete Carroll and Russell Wilson brought home the Super Bowl trophy the Holmgren/Hasselbeck tandem failed to get. Seahawks fans don't have too much to complain about here.
Tennessee Titans
Last QB to lead them in passing for five or more consecutive years: Steve McNair (1997-2003)
Another team to barely make this list. For some reason, they let Jeff Fisher coach there for 193 years. Marcus Mariota appears entrenched as the franchise QB. Between McNair and Mariota, there was Vince Young. Young was infuriating to watch at times. Was he just another QB cursed by Fisher? If you believe Vince Young's side of the story, he was. Then again, he seemed to have "bad luck" everywhere he went.
edit: lots of goddamned typos
submitted by yomjoseki to nfl [link] [comments]
Teams called out in the title:
Buffalo BillsLast QB to lead them in passing for five or more consecutive years: Jim Kelly (1986-1996)
Ryan Fitzpatrick was close, with four straight years. Drew Bledsoe and Tyrod Taylor each had three straight years.
Cleveland Browns
Last QB to lead them in passing for five or more consecutive years: Bernie "Sanders" Kosar (1985-1991)
Poor Browns. They are the poster children for poor QB play and instability. Tim Couch lead them for four years, from 1999-2002. Since 2002, the Browns have had THIRTEEN different QBs lead the team in passing, with only Cleveland legends Colt "Literally LeBron" McCoy and Derek "idk Derrick Rose?" Anderson stringing consecutive seasons as the Browns passing leader.
As wildly unstable as the position has been for them, they were one or two games at most from missing this list entirely. As mentioned, Tim Couch lead the team from 1999-2002. He lead the Browns to a freaking playoff berth before breaking his leg in the last game of the 2002 season. Butch Davis started Kelly Holcomb in the playoffs, who threw for over 400 yards in a loss, leading to the dreaded QB controversy. In 2003, Holcomb and Couch each started 8 games. If Couch had played better or started one or two more games at Holcomb's expense, he'd have kept the Browns off this list.
Could this be the year they turn it around? Or will they trade all their picks for every pick in the 2020 draft? Find out on next week's episode of Dragon Ball Super!
Dallas Cowboys
Last QB to lead them in passing for five or more consecutive years: Troy Aikman (1989-2000)
"But wait, what about Romo?!"
What about him? He entered the league in 2004 and didn't attempt a pass until 2006 when he was 26. From there, he was the Cowboys starter... when he was healthy.
He actually made it to four years in a row twice (2006-2009 and 2011-2014), but missed five years both times due to injury. In 2010 Kitna lead the Cowboys, and in 2014 Matt Cassel lead them.
Great job, Antonio.
Kidding aside, Tony Romo's the best example of why "five years consecutive years leading your team in passing" isn't exactly a perfect measure of stability. He was the face of the franchise from 2006 to 2015. He was expected to lead the team in 2016 as well, but was injured once again in the preseason. We all know the story from there.
Long time Cowboys fans know there was a dark period between the Aikman and Romo eras. We're talking guys like Quincy Carter and Chad Hutchinson, and washed up vets like Vinny Testaverde and Drew Bledsoe. The team and their fans seem content, if not ecstatic with current starter Dak Prescott, but pressure is mounting for a franchise that has only enjoyed two playoff wins since Aikman left town.
Denver Broncos
Last QB to lead them in passing for five or more consecutive years: John Elway (1983-1998)
Another team you probably wouldn't have expected to be on this list but here they are. Since the smooth jazz stylings of one John Elway, no one has been able to last more than four years as the Broncos lead man.
Brian Griese, Jake Plummer, and Peyton "Fucking" Manning each lead the Broncos for four straight years. Kyle Orton, Jay Cutler, and Trevor Siemian each lead for two years. Oh, and there was this guy named Tebow.
John Elway is a fierce competitor and has served as the Broncos Executive VP of Football Operations/GM since 2012. He oversaw the Josh McDaniels/Tim Tebow era and put an end to that bullshit. The biggest move of his career as an executive was signing Peyton Manning after the Colts moved on from him. Since Manning retired, Broncos QBs have struggled mightily. Look for Elway and the Broncos to go to great lengths to address the QB position this offseason.
New York Jets
Last QB to lead them in passing for five or more consecutive years: Ken O'Brien (1985-1991) yikes
Oof. There's no denying the Jets have had a rough go of it. Their best QB in recent history (aside from a year of Brett Favre) was Chad Pennington. The Jets could have avoided this list if Pennington didn't miss most of 2005, but... he did. So we're here.
The Jets did have some success under Rex Ryan with Mark Sanchez, but most of that success can be attributed to their defense at the time. The J-E-T-E Jets Jets Jets are seemingly ever-searching for their franchise QB.
Tampa Bay Buccaneers
Last QB to lead them in passing for five or more consecutive years: Trent Dilfer (1995-1999)
They won a Super Bowl with Brad Johnson.
Then came Brian Griese. Chris Simms. Bruce Gradkowski. The shambling remains of Jeff Garcia. Josh Freeman. Mike Glennon. Josh McCown.
Jeez. They haven't won a playoff game since they won that Super Bowl, and it's not hard to guess why. They have had uninspiring coaches and QB play for years.
Jameis Winston has shown improvement in each of his three years. The Bucs still only won three games. They're in a brutal division. Time will tell what happens with Winston. They have a lot invested in him. 2018 will be very important year for determining his future with the Bucs and their crappy jerseys.
Washington Redskins
Last QB to lead them in passing for five or more consecutive years: Mark Rypien (1989-1993)
“The story so far: In 1999, the Redskins were bought by Dan Snyder. This has made a lot of people very angry and been widely regarded as a bad move.”
I mean, seriously. I think all of the Redskins woes over the past two decades can be placed squarely on that man. They've made boneheaded coaching hires. They've made boneheaded personnel decisions. They had Jason Campbell. He was not a terrible QB. They didn't think they could win with him. They trade for McNabb. That experiment fails spectacularly. They draft RG3 and fucking ruin him. They luck out and happened to draft Kirk Cousins thanks to Kyle Shannahan, and instead of paying him and just saying "OK, we got a QB we'll build around", they fuck that up, too. Then they spend a third round pick to get Alex Smith. Spoiler alert: Alex Smith isn't going to put the Redskins over the top. Also spoiler alert: Alex Smith is 33 years old so best case scenario, you're probably going to be looking for the next QB whose life you will ruin within the next two years.
The rest of the teams, in alphabetical order:
Arizona CardinalsLast QB to lead them in passing for five or more consecutive years: Jake Plummer (1997-2002)
Plummer keeps the Cardinals off this arbitrary list by the skin of their bird teeth.
Both Kurt Warner and Carson Palmer were starting QBs in Arizona for more than five years, but both gave way to another QB for a year due to injury.
Atlanta
Last QB to lead them in passing for five or more consecutive years: Matt Ryan (2008-present)
Ryan has been a rock since 2008. Before that, it was mostly Vick.
Baltimore Ravens
Last QB to lead them in passing for five or more consecutive years: Joe Flacco (2008-present)
Like Matt Ryan, elite QB Joe Flacco has lead his team in passing every year since 2008. After the 2000 Ravens Super Bowl win, it was dark times at QB, going from Elvis Grbac to Jeff Blake to Kyle friggin Boller. They did have a bright spot in 2006 with Steve McNair, but his stint in Baltimore was short-lived.
Carolina Panthers
Last QB to lead them in passing for five or more consecutive years: Cam Newton (2011-present)
Cam Newton has lead the Panthers for the past seven seasons. The Panthers have enjoyed plenty of QB stability. Since 2002, only three seasons went by where Newton or Jake Delhomme didn't lead the team in yards.
Chicago Bears
Last QB to lead them in passing for five or more consecutive years: Jay Cutler (2009-2015)
Jay Cutler lead the way for seven straight years from 2009-2015. In 2016, he was injured much of the season, paving the way for Matt Barkley. In 2017, they drafted their hopeful long term answer at QB in Mitchell "Titty Kisser" Trubisky.
Cutler was actually a huge outlier for the Bears in terms of QB production and stability. You'd have to go all the way back to Jim Harbaugh in 1993 to find another QB who lead the Bears in passing for three straight years. Cutler's 23,443 yards for the Bears leads the franchise by almost 9,000 yards.
Cincinnati Bengals
Last QB to lead them in passing for five or more consecutive years: Andy Dalton (2011-present)
Andy Dalton and Carson Palmer lead the Bengals in passing in 13 of 16 seasons since 2002. Dalton has lead the Bengals since entering the league in 2011, playing brilliantly at times with an MVP-caliber season in 2015.
As would happen in Arizona, Palmer could not string together five straight years, missing most of 2008 to injury after leading the Bengals since he was drafted in 2004. Interestingly though, Palmer did string together five years of leading his teams in passing from 2009 to 2013, though that five year stretch was with three different teams (CIN, OAK, and AZ)
Detroit Lions
Last QB to lead them in passing for five or more consecutive years: Matt Stafford (2011-present)
Stafford's been in the league since 2009, but only played 13 games in his first two seasons due to various injuries (mostly shoulder). This had many people questioning whether or not Stafford was going to make it as a pro QB, but he has been rock solid, starting every single game since undergoing shoulder surgery in 2011.
Green Bay Packers
Favre. Rodgers. Hundley actually lead them in passing in 2017, but who gives a shit? The Packers have enjoyed hall of fame caliber QB play dating back to 1992.
Houston Texans
Last QB to lead them in passing for five or more consecutive years: Matt Schaub (2007-2013)
The Texans have two QBs that qualify for this in Schaub and David Carr (2002-2006). It's too early to say for sure, but the Texans may have found the most talented QB in their franchise history in Deshaun Watson. He's definitely the best QB since the end of the Schaub/Kubiak era.
Indianapolis Colts
Last QB to lead them in passing for five or more consecutive years: Andrew Luck (2012-2016)
Before Luck, the Colts had another QB you may be familiar with in Peyton Manning, who lead the team from 1998-2010. Lucky bastards.
Jacksonville Jaguars
Last QB to lead them in passing for five or more consecutive years: David Garrard (2006-2010)
The Jaguars haven't always been a very good team, but it hasn't been because of QB instability. They've only had six QBs in franchise history to lead their team in passing. Mark Brunell was the man from the franchise's inception in 1995-2002. Since then, the QBs haven't been great, but they've mostly been good enough not to need replaced immediately. Blake Bortles could make it five years in a row if he returns to lead the Jaguars in passing in 2018, which is no certainty. Many would argue that he's earned the chance after going neck and neck with Tom Brady in the AFC Championship Game.
Kansas City Chiefs
Last QB to lead them in passing for five or more consecutive years: Alex Smith (2013-2017)
The Chiefs have agreed to trade Smith to the Redskins in favor of second year QB Patrick Mahomes. It's the second time Andy Reid has traded a 33 year old QB to the Redskins for a premium draft pick. Before Smith, the Chiefs had a rough go of it since the end of the Trent Green era. Andy Reid and Alex Smith brought some stability and respectability back to the Chiefs, who look to continue and build upon their recent success.
LA Chargers
Last QB to lead them in passing for five or more consecutive years: Philip Rivers (2006-present)
The Chargers join the Steelers and Patriots as the teams with the fewest passing leaders since 2002. Felipe Rios replaced some scrub named "Drew Brees" in 2006 and has been wearing the big boy pants ever since. He's made it to one AFCCG in his career. I think most people would agree he's been a very good QB for a very long time, but similar to Tony Romo, the lack of playoff success mars an otherwise great career.
LA Rams
Last QB to lead them in passing for five or more consecutive years: Marc Bulger (2002-2009)
Sam Bradford misses this list due to injury. It's been a long time since the Greatest Show on Turf. The Rams hit a recent low point at the end of the Marc Bulger era, winning only six games from 2007-2009. Since then, they've been mostly mediocre under Steve Spagnuolo and Jeff Fisher. Bradford has proven himself to be a capable QB when not held back by a poor supporting cast and poor coaching. The Rams have high hopes for Jared Goff to be their next great franchise QB after a very promising 2017.
Miami Dolphins
Last QB to lead them in passing for five or more consecutive years: Ryan Tannehill (2012-2016)
Tannehill's streak ended in 2017 due to a knee injury. He's expected to return as their starter in 2018. Tannehill provides welcome stability to a Dolphins franchise that has gone from QB to QB since Dan Marino hung up his cleats. Tannehill has shown recent improvement in Adam Gase's offense. They hope for Tannehill to return and take the next leap forward, hoping to earn their first playoff win since 2000.
Minnesota Vikings
Last QB to lead them in passing for five or more consecutive years: Daunte Culpepper (2000-2004)
The Vikings are one of the most interesting teams to me because of their success in spite of QB woes.
They made it to the NFCCG this year with Case Keenum, obviously. Brett Favre came to the Vikings in 2009 and took them to the NFCCG as well. They've been 131-124-1 since 2002, which is pretty good for a team that hasn't had a true franchise QB (outside of a 40 year old Favre). Speaking in very general terms, the Vikings have been pretty solid on defense in that timeframe and have had a few Hall of Fame caliber players like Adrian Peterson and Randy Moss.
New England Patriots
Last QB to lead them in passing for five or more consecutive years: Ugh.
The epitome of stability. Brady's been deep-dicking the NFL since 2001. He's been the man in New England since then, serving as the Patriots starter every year except 2008, when he snapped a knee ligament or some bullshit and some guy named Matt Cassel stepped in.
New Orleans Saints
Last QB to lead them in passing for five or more consecutive years: Drew Brees (2006-present)
Drew Brees is obviously a phenomenal QB who will end up in the Hall of Fame some day. He's been a hero for the Saints, a franchise not exactly teeming with rich QB history. Whoever replaces him will have huge shoes to fill.
New York Giants
Last QB to lead them in passing for five or more consecutive years: Eli Manning (2005-present)
Eli Manning was drafted in 2004, the same year Napolean Dynamite was released. COINCIDENCE? I'll let you decide.
This goofy motherfucker has been around for what feels like forever. He's been good enough to outduel Tom Brady twice in the Super Bowl and bad enough to lead the league in interceptions three times. What the hell, man? Make up your mind. The NFL is gonna miss him when he's gone.
Oakland Raiders
Last QB to lead them in passing for five or more consecutive years: Rich Gannon (1999-2003)
Derek Carr will try to make it five years in 2018, bringing some stability to a storied franchise that went through quite a rough patch since losing the Super Bowl after the 2002 season.
Oakland has suffered through a lot the past two decades, like Jamarcus Russell, Lane Kiffin, Al Davis's death, Al Davis's zombie rampage, and Mark Davis's haircut. Jack Del Rio, Derek Carr, Khalil Mack and others have restored respectability to a franchise that was being mocked for years. Now they're moving to fucking Las Vegas. You just can't win.
But if you're still a Raiders fan through all that, there's reason for optimism going forward.
Philadelphia Eagles
Last QB to lead them in passing for five or more consecutive years: Donovan McNabb (2000-2009)
The Eagles only missed the playoffs twice with McNabb. Once was the disastrous 2005 season after losing the Super Bowl, and the other in 2007. Between 2009 and 2016, the QB situation was unsettled at best. Michael Vick looked electric until he didn't. Chip Kelly promised Nick Foles would be the starter for the next 1,000 years, but as we all know now, Chip Kelly's a dirty fucking liar. So the Eagles trade the moon for Carson Wentz, and that looked to pay off until Wentz tore his ACL... and the Eagles won the Super Bowl anyway with Foles... you know, their backup QB who flamed out in St. Louis and almost retired until signing with Kansas City.
So, you know, what the fuck? Maybe QB stability is complete bullshit. Who knows? This year was super weird.
Pittsburgh Steelers
Last QB to lead them in passing for five or more consecutive years: Ben Roethlisberger (2004-present)
I don't know how he's managed to do it, but Roethlisberger has lead the Steelers in passing for 14 straight years. He's done this despite missing an average of 8 games a year due to injury (rough estimate). OK, not really, but seriously. He's only started 16 games three times in his career. He's started 15 games in another five seasons. He's won two Super Bowls and has been a top 10 starter in the league for a long time. The rest of the AFC North can't wait to see him go.
San Francisco 49ers
Last QB to lead them in passing for five or more consecutive years:
Another team to barely make this list, the 49ers aren't exactly known for great QBs (I mean, except for like... Steve Young and Joe Montana, maybe, I guess). So... yeah. Alex Smith had to deal with a metric shitload of coaching turnover and was benched several times during his 45 years with the 49ers. He was finally shipped off to the Chiefs when the 49ers were sure they had their QB savior in Colin Kaepernick. I talk more about Smith here if you're interested: https://www.reddit.com/nfl/comments/7wzdwg/qb_stability_and_you_since_nfl_expansion_in_2002/du4bzu9/
But since the NFL expansion, the 49ers have been riddled with mediocrity (outside of a little thing we like to call the Jim Harbaugh era). Well, fuck that shit! Those days are over. They got Kyle Shannahan, John Lynch, and Jimmy Goat running shit now, and they're not fucking around. No room for pessimism here. Seriously, they're interesting and possibly fun to watch.
Seattle Seahawks
Last QB to lead them in passing for five or more consecutive years: Russell Wilson (2012-present)
The Seahawks have enjoyed success and stability since switching to the NFC West following realignment. Pete Carroll and Russell Wilson brought home the Super Bowl trophy the Holmgren/Hasselbeck tandem failed to get. Seahawks fans don't have too much to complain about here.
Tennessee Titans
Last QB to lead them in passing for five or more consecutive years: Steve McNair (1997-2003)
Another team to barely make this list. For some reason, they let Jeff Fisher coach there for 193 years. Marcus Mariota appears entrenched as the franchise QB. Between McNair and Mariota, there was Vince Young. Young was infuriating to watch at times. Was he just another QB cursed by Fisher? If you believe Vince Young's side of the story, he was. Then again, he seemed to have "bad luck" everywhere he went.
edit: lots of goddamned typos
2017.11.20 10:22 GoodNewsBot Michael Vick makes final payment on debt from bankruptcy deal
submitted by GoodNewsBot to JustBadNews [link] [comments]
2017.11.19 16:53 KellyfromLeedsUK Michael Vick makes final payment on debt from bankruptcy deal
 | submitted by KellyfromLeedsUK to BreakingNews24hr [link] [comments] |
2017.11.19 16:33 Laurelais-Hygeine Michael Vick makes final payment on debt from bankruptcy deal
Michael Vick makes final payment on debt from bankruptcy deal
http://www.sportingnews.com/nfl/news/nfl-michael-vick-bankrupt-payment-news/qh06cwg2a5cr1mj8kljyl8qmg
Submitted November 19, 2017 at 05:03AM by WheresThaGravy - https://www.reddit.com/news/comments/7e12im/michael\_vick\_makes\_final\_payment\_on\_debt\_from/?utm\_source=ifttt
via /news - http://www.sportingnews.com/nfl/news/nfl-michael-vick-bankrupt-payment-news/qh06cwg2a5cr1mj8kljyl8qmg
submitted by Laurelais-Hygeine to NoFilterNews [link] [comments]
http://www.sportingnews.com/nfl/news/nfl-michael-vick-bankrupt-payment-news/qh06cwg2a5cr1mj8kljyl8qmg
Submitted November 19, 2017 at 05:03AM by WheresThaGravy - https://www.reddit.com/news/comments/7e12im/michael\_vick\_makes\_final\_payment\_on\_debt\_from/?utm\_source=ifttt
via /news - http://www.sportingnews.com/nfl/news/nfl-michael-vick-bankrupt-payment-news/qh06cwg2a5cr1mj8kljyl8qmg
2017.11.19 16:03 WheresThaGravy Michael Vick makes final payment on debt from bankruptcy deal
submitted by WheresThaGravy to news [link] [comments]
2017.01.01 09:04 RedditfalconFan822 Thoughts on Mike Vick coming back tomorrow and his hope to retire as a falcon
I personally am over the dog fighting thing for Vick. He did his time in jail and once he was out he actively tried to help animal abuse charities as much as possible so much that when he wanted to get a dog for his children they gave him the okay to do so. Not only that mike Vick apparently managed to pay off all his debt instead of declaring bankruptcy
I think football fans and Falcons fans are okay with Vick coming back. I think the people who are pissed off are non-football fans who don't know a thing about Vick and only know him for dog fighting charge. What are your thoughts
submitted by RedditfalconFan822 to falcons [link] [comments]
I think football fans and Falcons fans are okay with Vick coming back. I think the people who are pissed off are non-football fans who don't know a thing about Vick and only know him for dog fighting charge. What are your thoughts
2015.07.10 04:02 Promptcopter The cave of dreams
Three friends grew up together in Seattle their names were Mike, Steve, and Davonte. As children the boys had an odd friend in the homeless gentleman that lived in there neighborhood. They used to tell their parents they were going to an arcade, and head down to the park instead. There they would give thean some change and he would tell them stories about "The cave of dreams" and it's endless treasure.
When it came time for the boys to venture out into the world they made one last trip to the park to see their old friend. There they discovered his body laying peacefully in the grass. His spirit having left in his sleep. Next to his body was an old decrepit piece of parchment Steve picked it up for examination. It was a map which revealed that the fabled cave of dreams was in right there in Seattle hidden in plain sight. The three wanting to honor their departed friend (and more than a little curious about the treasure) decided to enter the cave.
After making the trek, they dove into a lake bags in tow with which to carry their riches. The enter the cave they had to dive into a lake and swim down a passage in it'so bed. On the other end of the passage they emerged to a dark damp underground cave with three paths. Mike took the path on the left Steve took the middle path and Davonte took the path on the right.
As Mike walked down his path he noticed standing water getting progressively deeper the further he walked and he was amazed by how long the path was he had been walking for nearly half an hour and decided to take a break when he leaned up against the wall and realized there was water running down the wall the entire length of the path. He thought this was odd but continued walking thoughts of endless wealth pushing him forward. When he finally got to the end of the path the water was up to his neck. There was a door and on the door was a sign, it read "Beyond this door lies a vast treasure but any who enter will meet a horrible demise". Never the overly cautious type Mike opened the door and found a room the size of a theater filled with more treasure than you could imagine gold, jewels, ancient artifacts the whole shabang. The water rushed through the doorway but seemed to drain somehow into the floor if the treasure room. Mike stuffed his bag and pocket with as much treasure as he could carry and discovered an exit at the back of the room.
Steve who took the middle path walked down the path and as he got further down he noticed it getting hotter and hotter. Before too long he had to rest and he went to lean up against the wall but immediately yanked his hand back for the wall was hot like a pan just off the stove. By the time he got to the end of the path it was so hot he could hardly breath. There was an identical door to the one Mike came across but Steve too ignored the cryptic message and entered the next room. Relief washed over him as the cool air from the treasure room overpowered the heat. He gathered as much treasure as he could and exited through the back.
Now all that remained was Davonte he noticed that the floor to his path was slippery and he felt strange occasional tremors in the ground but thought nothing of it and continued down the path. Like his friendson Davonte eventually had to rest and went to lean against the wall the wall too was slippery and he realized the tremors he had been experiencing were caused by the surrounding corridor pulsating like it was a living thing. Davonte was scared but the promise of treasure kept him going until he too came to an identical door with the same sign. He passed through it cautiously on the other side was a similar treasure to what his friends found and after gathering all he could he exited through the back, there he found his friends waiting they told each other all about their adventures on the way back into town.
As the years went by the friends branched off and began to live their own lives. Exactly five years later they were all quite successful the treasure was worth more than the had ever imagined each piece being nearly priceless. Mike was out on his yacht with his third supermodel wife when he went inside to use the rest room. After doing his business he turned n the faucet to was his hands but the moment his skin made contact with the water he evaporated, vanished in thin air. It was assumed his wife pushed him over the edge in hopes of obtaining his wealth, and though saddened by news of their friends demise Steve an Davonte failed to make the connection between it and the cave of dreams.
Another five years pass and Steve is close to bankruptcy. He had managed to squander almost all of his wealth living a lifestyle that an emperor could only describe as lavish and overly self-indulgent. Depressed he had turned to drugs and spiraled downwards to more and more dangerous substances. He ran a spoonful of heroin over a flame so that he could inject it into his arm. For just a moment the flame came in contact with his skin and when it did he evaporated into thin air. A search team was formed but Steve was of course never found. Everyone assumed a drug deal had gone bad and that Steve was at the bottom of the ocean somewhere, everyone except Davonte.
While his friends wasted their money partying, Davonte was building an empire. He made the connection that both of his friend died on the same day and then that it was the day they visited the cave. He didn't know what it was but he knew that there was some force at work, and that the sign on the door had been true, most importantly though he knew he had five years and he wasn't going down without a fight.
Using his vast wealth he began construction on a fortress strong enough to withstand any attack and had his living quarters placed in the center with layers of protection on all sides. He bought out private military corporations and built a private army that rivaled many countries in strength. When the day finally arrived he sat nervously in his room his entire army spread throughout. With orders to report any strange activity. Sure enough a strange geometrical shape appeared on the radar traveling towards the fortress at incredible speeds. When it came in contact with the outer wall it broke through without taking a scratch. It slowed down significantly and started creeping through the fortress Davontes soldiers showered it with ammunition an explosives but nothing seemed to affect it it broke through wall after wall until it came to the innermost layer where Steve waited with his 10 best men. The object was dark brown and floated through the air directly toward Davonte unaffected by the soldiers efforts to stop it. Davonte was terrified he ran into the bathroom and slammed the door but of course the object busted right through. Davonte could now clearly see the object was a box or a coffin to be exact if he hadnt been so scared he may have laughed, his own coff in was coming to kI'll hin. He knew then that it was over but still he weakly struggled against it. He ripped the curtain rod off the shower and threw it at the coffin. He started yelling at it and throwing anything he could at it a scented candle, tylenol, soap, shampoo. When it was only feet away and still creeping forward he grabbed the last thing near him a pack of Vick's Cold and Flu and threw it. The coffin stopped. Davonte let out a nervous laugh, he'd done it he'd cheated the prophecy and survived. He built a family and lived a long joy filled life never once taking any of it for granted, knowing how lucky he was to be alive.
That may seem like the moral of the story, love life you never know when it'll end, but it isn't. The actual moral of the story is that VICK'S. WILL. STOP. YOUR. COFFIN.
submitted by Promptcopter to Jokes [link] [comments]
When it came time for the boys to venture out into the world they made one last trip to the park to see their old friend. There they discovered his body laying peacefully in the grass. His spirit having left in his sleep. Next to his body was an old decrepit piece of parchment Steve picked it up for examination. It was a map which revealed that the fabled cave of dreams was in right there in Seattle hidden in plain sight. The three wanting to honor their departed friend (and more than a little curious about the treasure) decided to enter the cave.
After making the trek, they dove into a lake bags in tow with which to carry their riches. The enter the cave they had to dive into a lake and swim down a passage in it'so bed. On the other end of the passage they emerged to a dark damp underground cave with three paths. Mike took the path on the left Steve took the middle path and Davonte took the path on the right.
As Mike walked down his path he noticed standing water getting progressively deeper the further he walked and he was amazed by how long the path was he had been walking for nearly half an hour and decided to take a break when he leaned up against the wall and realized there was water running down the wall the entire length of the path. He thought this was odd but continued walking thoughts of endless wealth pushing him forward. When he finally got to the end of the path the water was up to his neck. There was a door and on the door was a sign, it read "Beyond this door lies a vast treasure but any who enter will meet a horrible demise". Never the overly cautious type Mike opened the door and found a room the size of a theater filled with more treasure than you could imagine gold, jewels, ancient artifacts the whole shabang. The water rushed through the doorway but seemed to drain somehow into the floor if the treasure room. Mike stuffed his bag and pocket with as much treasure as he could carry and discovered an exit at the back of the room.
Steve who took the middle path walked down the path and as he got further down he noticed it getting hotter and hotter. Before too long he had to rest and he went to lean up against the wall but immediately yanked his hand back for the wall was hot like a pan just off the stove. By the time he got to the end of the path it was so hot he could hardly breath. There was an identical door to the one Mike came across but Steve too ignored the cryptic message and entered the next room. Relief washed over him as the cool air from the treasure room overpowered the heat. He gathered as much treasure as he could and exited through the back.
Now all that remained was Davonte he noticed that the floor to his path was slippery and he felt strange occasional tremors in the ground but thought nothing of it and continued down the path. Like his friendson Davonte eventually had to rest and went to lean against the wall the wall too was slippery and he realized the tremors he had been experiencing were caused by the surrounding corridor pulsating like it was a living thing. Davonte was scared but the promise of treasure kept him going until he too came to an identical door with the same sign. He passed through it cautiously on the other side was a similar treasure to what his friends found and after gathering all he could he exited through the back, there he found his friends waiting they told each other all about their adventures on the way back into town.
As the years went by the friends branched off and began to live their own lives. Exactly five years later they were all quite successful the treasure was worth more than the had ever imagined each piece being nearly priceless. Mike was out on his yacht with his third supermodel wife when he went inside to use the rest room. After doing his business he turned n the faucet to was his hands but the moment his skin made contact with the water he evaporated, vanished in thin air. It was assumed his wife pushed him over the edge in hopes of obtaining his wealth, and though saddened by news of their friends demise Steve an Davonte failed to make the connection between it and the cave of dreams.
Another five years pass and Steve is close to bankruptcy. He had managed to squander almost all of his wealth living a lifestyle that an emperor could only describe as lavish and overly self-indulgent. Depressed he had turned to drugs and spiraled downwards to more and more dangerous substances. He ran a spoonful of heroin over a flame so that he could inject it into his arm. For just a moment the flame came in contact with his skin and when it did he evaporated into thin air. A search team was formed but Steve was of course never found. Everyone assumed a drug deal had gone bad and that Steve was at the bottom of the ocean somewhere, everyone except Davonte.
While his friends wasted their money partying, Davonte was building an empire. He made the connection that both of his friend died on the same day and then that it was the day they visited the cave. He didn't know what it was but he knew that there was some force at work, and that the sign on the door had been true, most importantly though he knew he had five years and he wasn't going down without a fight.
Using his vast wealth he began construction on a fortress strong enough to withstand any attack and had his living quarters placed in the center with layers of protection on all sides. He bought out private military corporations and built a private army that rivaled many countries in strength. When the day finally arrived he sat nervously in his room his entire army spread throughout. With orders to report any strange activity. Sure enough a strange geometrical shape appeared on the radar traveling towards the fortress at incredible speeds. When it came in contact with the outer wall it broke through without taking a scratch. It slowed down significantly and started creeping through the fortress Davontes soldiers showered it with ammunition an explosives but nothing seemed to affect it it broke through wall after wall until it came to the innermost layer where Steve waited with his 10 best men. The object was dark brown and floated through the air directly toward Davonte unaffected by the soldiers efforts to stop it. Davonte was terrified he ran into the bathroom and slammed the door but of course the object busted right through. Davonte could now clearly see the object was a box or a coffin to be exact if he hadnt been so scared he may have laughed, his own coff in was coming to kI'll hin. He knew then that it was over but still he weakly struggled against it. He ripped the curtain rod off the shower and threw it at the coffin. He started yelling at it and throwing anything he could at it a scented candle, tylenol, soap, shampoo. When it was only feet away and still creeping forward he grabbed the last thing near him a pack of Vick's Cold and Flu and threw it. The coffin stopped. Davonte let out a nervous laugh, he'd done it he'd cheated the prophecy and survived. He built a family and lived a long joy filled life never once taking any of it for granted, knowing how lucky he was to be alive.
That may seem like the moral of the story, love life you never know when it'll end, but it isn't. The actual moral of the story is that VICK'S. WILL. STOP. YOUR. COFFIN.
2015.01.20 04:00 I_hate_alot_a_lot Lecture 1.2: Investment Criteria
Lecture 1
Commentary: I've been busy / lazy the past year settled into a new job but I get asked almost every day via PM "When is your next lecture going up?" and I slowly just realized that it's been over year and that those PMs have turned into "Are you going to keep doing lectures?" Well, here it is. This is part of the first lecture getting into some of the basic concepts and definitions. To many, it'll be basic stuff but I'm doing a whole "class" so we got to start somewhere. Give me two weeks and I'll post lecture 2! This is where the fun starts and we start doing a little bit of maths!
Lecture 1.2: Investment Criteria
Investment criteria is when an investor selects an investment asset that the investor will make his/her choice on the basis of a number of criteria. Below, we will discuss the eigh investment criteria.
1 Expected Return - We defined an investment asset as an asset purchased to increase wealth. The return of an asset is the increase in the wealth, commonly measured as a percentage. Expected return is the return that investors expect to receive on the asset purchase. Everything else constant, the higher the expected return, the more desirable the asset is to be purchase. There are two ways to achieve a gain on an asset. The first is through current income, and the second is that increase in the value of the asset, also known as capital appreciation. For common stock, the current income is in the form of stock market dividends, which are usually paid on a quarterly basis but can be paid monthly, semi-annually, yearly or under special circumstances. Not all stocks pay dividends, though. The second source for common stock is the increase in the market price of the stock. For common stock a gain from capital appreciation is usually more important than current income from dividends. For corporate bonds, current income is in the form of the semi-annual interest payments, and the value of the bond may also increase (or decrease). For corporate bonds the current income is by far the most important component of its return, almost always paid semi-annually. Although for some assets current income can be negative for both bonds and stocks, current income can only be positive. The corporation will not ask either stockholders or bondholders to make additional payments to the corporation.
Capital gains can be negative for either bonds or stocks. Stocks will fluctuate in value considerably going up and down, but for stock the general expectation is for an increase in value. For bond, the price will be the face value in maturity. If the bond is bought at a price above the face value, at a premium, of the life of the bond the capital gains will be negative. If the bond is bought at a price below the face value, at a discount, of the life of the bond capital gains will be positive. In both of these cases it is not expected that the price change will be unidirectional. Bonds bought at a premium will likely increase in value sometime before maturity, likewwise, bonds bought at a discount will likely decrease in value sometime before maturity.
2 Risk - In popular thought, risk may be seen as the possibility that something undesirable will occur. But, in fance, risk is defined in a very precise manner. Risk is the uncertainty of future cash flows. Risk has to do with uncertainty of the future, but it will be measured using past data, because future data, obviously, is not available. Compare the graph of the average annual returns for Investment A ("Graph A") versus the graph of average annual returns for Investment B ("Graph B"). Which shows more risk, Investment A or Investment B? The answer is.... INVESTMENT B! There is more "dispersion" in the distribution of the returns for Investment B. How do you measure dispersion? The variance. The variance is the average squared deviation of individual observations from the average value of the series. The standard deviation is the square root of the variance, which is close to the average deviation from the mean. Variance or standard deviation measures the total risk of an investment. No math yet, but keep your eyes peeled. Also, there are other ways of measuring total risk which we will talk about in a future lecture.
Putting 1 and 2 together - Risk-Return tradeoff (Not an investment criteria) - Take investment criteria 1 and 2 and put them together. By far the most important criterions. And for the rest of the lectures our discussion will be most frequently centered around these two criteria. In discussing these criteria, reference is often made to the "risk-return tradeoff." The risk-return tradeoff is not a seperate criteria but rather a relationship between the two. The risk-return tradeoff is based on two assumptions that are typically made about investors; they are greedy and chicken. They want to maximize returns but they are also risk averse. Investors DO NOT like risk, they prefer a gaurantee! Because investors are risk averse, when they perceive more risk, they demand higher returns. There is a precise relationship between perceived risk and required return. The higher the percieved risk, the higher the required return.
It is also true that the higher the percieved risk, the higher the expected returns. Investors, as a group, make expected returen equal to required return. How do they do that? When an investor buys an asset, like a stock, the investor should only pay enough for for the asset so that the return the investor expects, the expected returned, is equal to the return that the investors demands to earn, the required return.
Let's apply these concepts by comparing common stocks and bonds. Which is riskier? Which has more uncertainty about future returns? Bond issuers have a legal obligation to make the promised interest and maturity payments. If these payments are not met, the issuer is in default. A corporation issuing a bond or any bond issuer that does not make its legally required payments can be forced in bankruptcy, as what happened to the City of Detroit. So, except for extreme situation, these payments will be made. A corporation is under no similar obligation to make dividend payments. And the investor does not know what future dividend payments will be. Corporations try to increase dividend payments over time. There is a strong aversion on the part of the coporations to cutting dividends once they have been increased, but again there is no certainty or obligation to maintain or further raise its dividends. Remember, the most important part of the return to common stock is in the form of capital appreciation, or the market price of the stock to increase. Changes in market price for common stock are very uncertain! So investing in common stock is decidedly riskier than investing in bond (generally speaking).
So, this leads to a third type of return, actual return. Actual return is what the return that the investment actually earns. (duh, right?). Is actual return always higher for stocks than for bonds? Casual observation indicates no. The last couple years says it is as stocks have outpaced the return of bonds by a considerable margin. But, BUT in recent years prior (07-08 financial crisis) bonds outpaced the returns to stocks. If returns to stocks were always higher than returns to bonds, stock would not be riskier than bonds (but they are!)
3 Liquidity - Investors want their assets to be "liquid" so they can turn their investments into cash. When asked, students generally give a better definition of liquidity but one that is generally incomplete. There are two components to the concept of liquidity, not just one as student generally provide with their definition.
The first part of the concept of liquidity is often used by itself in a definition of liquidity. Often, liquidity is defined as how quickly an asset can be turned to cash. It is a necessary but not sufficient condition. A liquid asset can be sold at current market value. Here is why the speed of turning an asset into cash is not a complete definition of liquidity. It generall recognized that real estate is not a liquid asset. You know that real estate is not a liquid asset from casual observation and especially if you have ever tried to sell real estate. Homeowners trying to sell their home will with, or without an agent, set a price which is percieved to be fair or at least possible. Advertisements are placed in various places including highly visible signs in the yard. After a month or so, if the owner is lucky, the home may be sold often at a discount from the initially listed price. Real estate is not liquid! But could it sold quickly? Into cash? The answer is yes! All one would have to do is call an agent and indicate a willingness to sell and it could be sold in just a few hours. But what would you have to do in order to accomplish this? All you need to do is take a substantial discount from that price that you would have set. While real estate can be sold for cash quickly, it's not liquid because real estate does not have the ability to turn the asset into cash quickly without the loss of value.
Investors want liquidity because they want to be able to sell their assets for what it is worth and to get their money quickly. Comm stock is typically very liquid. YOu can sell common stock on the market in a matter of seconds at the current market price. You can sell the stock immedietly for its current market value; you sell the stock without loss from its current value; it's liquid! Notice, this does not mean that you can sell common stock for what you paid for it, though. If an investor bought Apple on September 20, 2012, that investor paid $702.10. If that investor sold Apple on July 23, 2013, the investor sold Apple for $443.48. (which was up $25 from the previous day’s close) The investor experienced substantial loss on the investment, but that does not mean that Apple stock is illiquid. On July 23, 2013 the investor sold Apple quickly for its current market value.
For some stocks, or secuirities, there is no active market. That is, there are a scarce number of buyers and sellers. This is true of many municipal bonds, bonds issued by governments lower than the national government. For these types of securities an investor will have trouble finding a buyer and may have to accept a price much lower than what was paid for the security if it is sold for maturity. In active markets, a bid and an ask price are quoted. The bid price is the price at which a trader is willing to buy the security, and the ask price is a price which a trader is willing to sell the security. The bid price, the ask price. The difference is referred to as the bid-ask spread. The lower the bid-ask spread, the more the liquidity the security. For example, on July 23, 2013, at about 2:00pm Yahoo quoted a bid price of $94.56 and an ask price $94.57 for Exxon (XOM). Listed common stock is a very liquid asset. Perhaps, the most liquid market in the world is for Treasury bills, short-term IOU issued by the national government, where the bid-ask spread is often $.13 for a security with a face value of $10,000.
4 Ease of Management - Any investment requires some effort to manage. Obviously, investors prefer assets that are easier to manage. Most financial assets are relatively easy to manage. Active investors expend energy tracking the company in which they are invested to make buy and sell decision, but the effort is optional. An investor can always choose to make the investment through a mtual company, or ETF in which all buy and sell decisions are made by investment professionals.
Real assets on the other hand often take considerable effort to manage. Real estate will require constant attention. Fine art must be maintained in good condition. I, personally, would never want to invest in live cattle! You can make investments in cattle, though, indirectly through financial assets, like a futures contract.
5 Initial Investment Size - All initial investments require some minimum investment amount. The face value of coupon paying corporate bonds is $1,000. Common stock can be purchased for much less but will typicially be bought in rounds of 100 shares, making the initial investment size much more. Commercial paper, a money market instrument issued by large corporations, is issued with a minimum face value of $100,000 but is generally sold in multiples of $1,000,000. You or I won't be buying commercial paper directly, but one could bu a money market fund which invests in commercial paper! But even mutual funds have minimum investment requirements. But because investors face budget constraints, the initial investment size is an important consideration.
6 Transaction Costs - Going along with "Initial Investment Size," transactions refer to the cost for buying and selling investments. Investors want low transaction costs because high transaction costs reduce the return on an investment. In some cases, transaction costs alone can cause a positive return on an investment to become negative. The cost for buying and selling equities in the US has come down tremendously as a result of electronic trade. Currently, an investor can buy a round lot of common stock for $10 or $7 per trade. So the bigger the value of the transation, the smaller the transaction cost, as a percentage of the investment. For real assets the trading costs are much higher. Real estate is generally sold with a transaction cost of 6%. For fine art, the transaction costs are often 30%! The term trading cost is sometimes used to refer to the transaction and liquidity costs.
7 Complexity - Complexity deals with the level of difficulty in understanding the cash flows in a particular investment. Most bonds issued by corporations are among the least complex for investment. A certain payment is promised every sixe months and the face amount is promised at maturity. But not all investments are so straight forward. The relatively recent collapse in the financial markets in the 2007-2008 crisis results from a collapse in the mortgage market, and the consequent collapse in collaterized debt obligations (CDOs). CDOs are financial instruments which were backed by mortgage obligations but the payment from these mortgages followed very complex arrangements. Most investors who held these, including financial institutions, had limited understanding of these investment instrumented. Most notably, Bear Sterns went bankrupt because of this debacle. Simply put, investors should not invest in financial instruments that they do not understand.
8 Ethics - Last but not least. Many investors will consider whether a particular investment appears to be ethical. Of course, ethics will vary with the investor but at minimum most investors will shun investments that are illegal. For instance, even though dog fighting might have lucrative returns, since it's illegal, one might choose not to do it at the risk of going to prison (cough) Michael Vick (cough). Although one would hope most people wouldn't do it anyway! Certain mutual funds are known as socially consious funds and shun certain investments related to alcohol, tobacco, and fire arms. I think the best immediete example of this is Activision's Modern Warfare 2 mission "No Russian" in which you carry out a terrorist activity, and massacre hundreds of innocent individuals at a public airport. People were outraged about this and I'm sure there were at least a few people who pulled their investment out of Activision not because they were going to lose money, but that investing in a killing simulator of innocent people just isn't right. After the events in Connecticut and Sandy Elementary, a number of funds that are not designated as socially conscious sold the holdings of firearm producers and video game makers as a result of Adam Lanza using a firearm to commit his heinous acts, and playing lots of violent video games like Call of Duty.
submitted by I_hate_alot_a_lot to investing [link] [comments]
Commentary: I've been busy / lazy the past year settled into a new job but I get asked almost every day via PM "When is your next lecture going up?" and I slowly just realized that it's been over year and that those PMs have turned into "Are you going to keep doing lectures?" Well, here it is. This is part of the first lecture getting into some of the basic concepts and definitions. To many, it'll be basic stuff but I'm doing a whole "class" so we got to start somewhere. Give me two weeks and I'll post lecture 2! This is where the fun starts and we start doing a little bit of maths!
Lecture 1.2: Investment Criteria
Investment criteria is when an investor selects an investment asset that the investor will make his/her choice on the basis of a number of criteria. Below, we will discuss the eigh investment criteria.
1 Expected Return - We defined an investment asset as an asset purchased to increase wealth. The return of an asset is the increase in the wealth, commonly measured as a percentage. Expected return is the return that investors expect to receive on the asset purchase. Everything else constant, the higher the expected return, the more desirable the asset is to be purchase. There are two ways to achieve a gain on an asset. The first is through current income, and the second is that increase in the value of the asset, also known as capital appreciation. For common stock, the current income is in the form of stock market dividends, which are usually paid on a quarterly basis but can be paid monthly, semi-annually, yearly or under special circumstances. Not all stocks pay dividends, though. The second source for common stock is the increase in the market price of the stock. For common stock a gain from capital appreciation is usually more important than current income from dividends. For corporate bonds, current income is in the form of the semi-annual interest payments, and the value of the bond may also increase (or decrease). For corporate bonds the current income is by far the most important component of its return, almost always paid semi-annually. Although for some assets current income can be negative for both bonds and stocks, current income can only be positive. The corporation will not ask either stockholders or bondholders to make additional payments to the corporation.
Capital gains can be negative for either bonds or stocks. Stocks will fluctuate in value considerably going up and down, but for stock the general expectation is for an increase in value. For bond, the price will be the face value in maturity. If the bond is bought at a price above the face value, at a premium, of the life of the bond the capital gains will be negative. If the bond is bought at a price below the face value, at a discount, of the life of the bond capital gains will be positive. In both of these cases it is not expected that the price change will be unidirectional. Bonds bought at a premium will likely increase in value sometime before maturity, likewwise, bonds bought at a discount will likely decrease in value sometime before maturity.
2 Risk - In popular thought, risk may be seen as the possibility that something undesirable will occur. But, in fance, risk is defined in a very precise manner. Risk is the uncertainty of future cash flows. Risk has to do with uncertainty of the future, but it will be measured using past data, because future data, obviously, is not available. Compare the graph of the average annual returns for Investment A ("Graph A") versus the graph of average annual returns for Investment B ("Graph B"). Which shows more risk, Investment A or Investment B? The answer is.... INVESTMENT B! There is more "dispersion" in the distribution of the returns for Investment B. How do you measure dispersion? The variance. The variance is the average squared deviation of individual observations from the average value of the series. The standard deviation is the square root of the variance, which is close to the average deviation from the mean. Variance or standard deviation measures the total risk of an investment. No math yet, but keep your eyes peeled. Also, there are other ways of measuring total risk which we will talk about in a future lecture.
Putting 1 and 2 together - Risk-Return tradeoff (Not an investment criteria) - Take investment criteria 1 and 2 and put them together. By far the most important criterions. And for the rest of the lectures our discussion will be most frequently centered around these two criteria. In discussing these criteria, reference is often made to the "risk-return tradeoff." The risk-return tradeoff is not a seperate criteria but rather a relationship between the two. The risk-return tradeoff is based on two assumptions that are typically made about investors; they are greedy and chicken. They want to maximize returns but they are also risk averse. Investors DO NOT like risk, they prefer a gaurantee! Because investors are risk averse, when they perceive more risk, they demand higher returns. There is a precise relationship between perceived risk and required return. The higher the percieved risk, the higher the required return.
It is also true that the higher the percieved risk, the higher the expected returns. Investors, as a group, make expected returen equal to required return. How do they do that? When an investor buys an asset, like a stock, the investor should only pay enough for for the asset so that the return the investor expects, the expected returned, is equal to the return that the investors demands to earn, the required return.
Let's apply these concepts by comparing common stocks and bonds. Which is riskier? Which has more uncertainty about future returns? Bond issuers have a legal obligation to make the promised interest and maturity payments. If these payments are not met, the issuer is in default. A corporation issuing a bond or any bond issuer that does not make its legally required payments can be forced in bankruptcy, as what happened to the City of Detroit. So, except for extreme situation, these payments will be made. A corporation is under no similar obligation to make dividend payments. And the investor does not know what future dividend payments will be. Corporations try to increase dividend payments over time. There is a strong aversion on the part of the coporations to cutting dividends once they have been increased, but again there is no certainty or obligation to maintain or further raise its dividends. Remember, the most important part of the return to common stock is in the form of capital appreciation, or the market price of the stock to increase. Changes in market price for common stock are very uncertain! So investing in common stock is decidedly riskier than investing in bond (generally speaking).
So, this leads to a third type of return, actual return. Actual return is what the return that the investment actually earns. (duh, right?). Is actual return always higher for stocks than for bonds? Casual observation indicates no. The last couple years says it is as stocks have outpaced the return of bonds by a considerable margin. But, BUT in recent years prior (07-08 financial crisis) bonds outpaced the returns to stocks. If returns to stocks were always higher than returns to bonds, stock would not be riskier than bonds (but they are!)
3 Liquidity - Investors want their assets to be "liquid" so they can turn their investments into cash. When asked, students generally give a better definition of liquidity but one that is generally incomplete. There are two components to the concept of liquidity, not just one as student generally provide with their definition.
The first part of the concept of liquidity is often used by itself in a definition of liquidity. Often, liquidity is defined as how quickly an asset can be turned to cash. It is a necessary but not sufficient condition. A liquid asset can be sold at current market value. Here is why the speed of turning an asset into cash is not a complete definition of liquidity. It generall recognized that real estate is not a liquid asset. You know that real estate is not a liquid asset from casual observation and especially if you have ever tried to sell real estate. Homeowners trying to sell their home will with, or without an agent, set a price which is percieved to be fair or at least possible. Advertisements are placed in various places including highly visible signs in the yard. After a month or so, if the owner is lucky, the home may be sold often at a discount from the initially listed price. Real estate is not liquid! But could it sold quickly? Into cash? The answer is yes! All one would have to do is call an agent and indicate a willingness to sell and it could be sold in just a few hours. But what would you have to do in order to accomplish this? All you need to do is take a substantial discount from that price that you would have set. While real estate can be sold for cash quickly, it's not liquid because real estate does not have the ability to turn the asset into cash quickly without the loss of value.
Investors want liquidity because they want to be able to sell their assets for what it is worth and to get their money quickly. Comm stock is typically very liquid. YOu can sell common stock on the market in a matter of seconds at the current market price. You can sell the stock immedietly for its current market value; you sell the stock without loss from its current value; it's liquid! Notice, this does not mean that you can sell common stock for what you paid for it, though. If an investor bought Apple on September 20, 2012, that investor paid $702.10. If that investor sold Apple on July 23, 2013, the investor sold Apple for $443.48. (which was up $25 from the previous day’s close) The investor experienced substantial loss on the investment, but that does not mean that Apple stock is illiquid. On July 23, 2013 the investor sold Apple quickly for its current market value.
For some stocks, or secuirities, there is no active market. That is, there are a scarce number of buyers and sellers. This is true of many municipal bonds, bonds issued by governments lower than the national government. For these types of securities an investor will have trouble finding a buyer and may have to accept a price much lower than what was paid for the security if it is sold for maturity. In active markets, a bid and an ask price are quoted. The bid price is the price at which a trader is willing to buy the security, and the ask price is a price which a trader is willing to sell the security. The bid price, the ask price. The difference is referred to as the bid-ask spread. The lower the bid-ask spread, the more the liquidity the security. For example, on July 23, 2013, at about 2:00pm Yahoo quoted a bid price of $94.56 and an ask price $94.57 for Exxon (XOM). Listed common stock is a very liquid asset. Perhaps, the most liquid market in the world is for Treasury bills, short-term IOU issued by the national government, where the bid-ask spread is often $.13 for a security with a face value of $10,000.
4 Ease of Management - Any investment requires some effort to manage. Obviously, investors prefer assets that are easier to manage. Most financial assets are relatively easy to manage. Active investors expend energy tracking the company in which they are invested to make buy and sell decision, but the effort is optional. An investor can always choose to make the investment through a mtual company, or ETF in which all buy and sell decisions are made by investment professionals.
Real assets on the other hand often take considerable effort to manage. Real estate will require constant attention. Fine art must be maintained in good condition. I, personally, would never want to invest in live cattle! You can make investments in cattle, though, indirectly through financial assets, like a futures contract.
5 Initial Investment Size - All initial investments require some minimum investment amount. The face value of coupon paying corporate bonds is $1,000. Common stock can be purchased for much less but will typicially be bought in rounds of 100 shares, making the initial investment size much more. Commercial paper, a money market instrument issued by large corporations, is issued with a minimum face value of $100,000 but is generally sold in multiples of $1,000,000. You or I won't be buying commercial paper directly, but one could bu a money market fund which invests in commercial paper! But even mutual funds have minimum investment requirements. But because investors face budget constraints, the initial investment size is an important consideration.
6 Transaction Costs - Going along with "Initial Investment Size," transactions refer to the cost for buying and selling investments. Investors want low transaction costs because high transaction costs reduce the return on an investment. In some cases, transaction costs alone can cause a positive return on an investment to become negative. The cost for buying and selling equities in the US has come down tremendously as a result of electronic trade. Currently, an investor can buy a round lot of common stock for $10 or $7 per trade. So the bigger the value of the transation, the smaller the transaction cost, as a percentage of the investment. For real assets the trading costs are much higher. Real estate is generally sold with a transaction cost of 6%. For fine art, the transaction costs are often 30%! The term trading cost is sometimes used to refer to the transaction and liquidity costs.
7 Complexity - Complexity deals with the level of difficulty in understanding the cash flows in a particular investment. Most bonds issued by corporations are among the least complex for investment. A certain payment is promised every sixe months and the face amount is promised at maturity. But not all investments are so straight forward. The relatively recent collapse in the financial markets in the 2007-2008 crisis results from a collapse in the mortgage market, and the consequent collapse in collaterized debt obligations (CDOs). CDOs are financial instruments which were backed by mortgage obligations but the payment from these mortgages followed very complex arrangements. Most investors who held these, including financial institutions, had limited understanding of these investment instrumented. Most notably, Bear Sterns went bankrupt because of this debacle. Simply put, investors should not invest in financial instruments that they do not understand.
8 Ethics - Last but not least. Many investors will consider whether a particular investment appears to be ethical. Of course, ethics will vary with the investor but at minimum most investors will shun investments that are illegal. For instance, even though dog fighting might have lucrative returns, since it's illegal, one might choose not to do it at the risk of going to prison (cough) Michael Vick (cough). Although one would hope most people wouldn't do it anyway! Certain mutual funds are known as socially consious funds and shun certain investments related to alcohol, tobacco, and fire arms. I think the best immediete example of this is Activision's Modern Warfare 2 mission "No Russian" in which you carry out a terrorist activity, and massacre hundreds of innocent individuals at a public airport. People were outraged about this and I'm sure there were at least a few people who pulled their investment out of Activision not because they were going to lose money, but that investing in a killing simulator of innocent people just isn't right. After the events in Connecticut and Sandy Elementary, a number of funds that are not designated as socially conscious sold the holdings of firearm producers and video game makers as a result of Adam Lanza using a firearm to commit his heinous acts, and playing lots of violent video games like Call of Duty.
2013.11.14 22:06 rockwood15 Bankruptcy-Free Michael Vick Owns a Fleet of High-End Cars
submitted by rockwood15 to nfl [link] [comments]
2013.09.04 15:18 qp0n Michael Vick set to end bankruptcy, paying back $20M
submitted by qp0n to nfl [link] [comments]
2012.06.06 07:09 tabledresser [Table] I am a pit bull owner/advocate/volunteer in Maryland, dealing with the new law in place rendering my dog "inherently dangerous" Ask Me Almost Anything!
Verified? (This bot cannot verify AMAs just yet)
Date: 2012-06-05
Link to submission (Has self-text)
Link to my post
This post was generated by a robot! Send all complaints to epsy.
submitted by tabledresser to tabled [link] [comments]
Date: 2012-06-05
Link to submission (Has self-text)
Link to my post
This post was generated by a robot! Send all complaints to epsy.
2011.10.04 00:39 robotchampion 50 big name bankruptcies - stephen baldwin, sinbad, national enquirer, michael vick, round table pizza, yellow pages.
submitted by robotchampion to business [link] [comments]
2011.08.31 04:41 curiouscat TIL about post bankruptcy rules: Vick will take home about 11% of his $17 million income after paying former creditors (also agents, lawyers, ex-girlfriend...).
submitted by curiouscat to reddit.com [link] [comments]