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By a similar token, wine is often hard to value. Particularly for the most expensive wines, value is tied more to whatever a particular buyer is willing to pay than it is to objective indicators. "Wine is a unique product, much like art is a unique product. It's all in the eyes of the beholder," says Jeff Stevenson, the president and CEO of the company VinoPRO, a company that helps wine producers sell their products. "Trying to figure out how [a wine fund] is going to pay out ... is like rolling the dice."
bactrim f 160 mg 800 mg For reasons not entirely obvious (yet another question for another day), the new rule stimulated a huge amount of stock-market trading. Much of the new volume was generated not by old-fashioned investors but by extremely fast computers controlled by high-frequency-trading firms, like Getco and Citadel and D. E. Shaw and Renaissance Capital, and the high-frequency-trading divisions of big Wall Street firms, especially Goldman Sachs. Essentially, the more places there were to trade stocks, the greater the opportunity there was for high-frequency traders to interpose themselves between buyers on one exchange and sellers on another. This was perverse. The initial promise of computer technology was to remove the intermediary from the financial market, or at least reduce the amount he could scalp from that market. The reality has turned out to be a boom in financial intermediation and an estimated take for Wall Street of somewhere between $10 and $20 billion a year, depending on whose estimates you wish to believe. As high-frequency-trading firms aren芒聙聶t required to disclose their profits (with the exception of public firms, like Knight, which have disclosed profits in the past), and big banks like Goldman that engage in the practice are assumed to hide their own profits on their balance sheets, no one really knows just how much money is being made. But when a single high-frequency trader is paid $75 million in cash for a single year of trading (as was Misha Malyshev in 2008, when he worked at Citadel) and then quits because he is 芒聙聹dissatisfied,芒聙聺 a new beast is afoot.
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