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[lakshmishree]

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[aadityawealth]

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[mostlysignssomeportents]

FCC strikes a blow against prison profiteering

TOMORROW NIGHT (July 20), I'm appearing in CHICAGO at Exile in Bookville.

Here's a tip for policymakers hoping to improve the lives of the most Americans with the least effort: help prisoners.

After all, America is the most prolific imprisoner of its own people of any country in world history. We lock up more people than Stalin, than Mao, more than Botha, de Klerk or any other Apartheid-era South African president. And it's not just America's vast army of the incarcerated who are afflicted by our passion for imprisonment: their families and friends suffer, too.

That familial suffering isn't merely the constant pain of life without a loved one, either. America's prison profiteers treat prisoners' families as ATMs who can be made to pay and pay and pay.

This may seem like a losing strategy. After all, prison sentences are strongly correlated with poverty, and even if your family wasn't desperate before the state kidnapped one of its number and locked them behind bars, that loved one's legal defense and the loss of their income is a reliable predictor of downward social mobility.

Decent people don't view poor people as a source of riches. But for a certain kind of depraved sadist, the poor are an irresistible target. Sure, poor people don't have much money, but what they lack even more is protection under the law ("conservativism consists of the principle that there is an in-group whom the law protects but does not bind, and an out-group whom the law binds but does not protect" -Wilhoit). You can enjoy total impunity as you torment poor people, make them so miserable and afraid for their lives and safety that they will find some money, somewhere, and give it to you.

Mexican cartels understand this. They do a brisk trade in kidnapping asylum seekers whom the US has illegally forced to wait in Mexico to have their claims processed. The families of refugees – either in their home countries or in the USA – are typically badly off but they understand that Mexico will not lift a finger to protect a kidnapped refugee, and so when the kidnappers threaten the most grisly tortures as a means of extracting ransom, those desperate family members do whatever it takes to scrape up the blood-money.

What's more, the families of asylum seekers are not much better off than their kidnapped loved ones when it comes to seeking official protection. Family members who stayed behind in human rights hellholes like Bukele's El Salvador can't get their government to lodge official complaints with the Mexican ambassador, and family members who made it to the USA are in no position to get their Congressjerk to intercede with ICE or the Mexican consulate. This gives Mexico's crime syndicates total latitude to kidnap, torture, and grow rich by targeting the poorest, most desperate people in the world.

The private contractors that supply services to America's prisons are basically Mexican refugee-kidnappers with pretensions and shares listed on the NYSE. After decades of consolidation, the prison contracting sector has shrunk to two gigantic companies: Securus and Viapath (formerly Global Tellink). These private-equity backed behemoths dominate their sector, and have diversified, providing all kinds of services, from prison cafeteria meals to commissary, the prison stores where prisoners can buy food and other items.

If you're following closely, this is one of those places where the hair on the back of your neck starts to rise. These companies make money when prisoners buy food from the commissary, and they're also in charge of the quality of the food in the mess hall. If the food in the mess hall is adequate and nutritious, there's no reason to buy food from the commissary.

This is what economists call a "moral hazard." You can think of it as the reason that prison ramen costs 300% more than ramen in the free world:

https://pluralistic.net/2024/04/20/captive-market/#locked-in

(Not just ramen: in America's sweltering prisons, an 8" fan costs $40, and the price of water went up in Texas prisons by 50% during last summer's heatwave.)

It's actually worse than that: if you get sick from eating bad prison food, the same company that poisoned you gets paid to operate the infirmary where you're treated:

https://theappeal.org/massachusetts-prisons-wellpath-dentures-teeth/

Now, the scam of abusing prisoners to extract desperate pennies from their families is hardly new. There's written records of this stretching back to the middle ages. Nor is this pattern a unique one: making an unavoidable situation as miserable as possible and then upcharging people who have the ability to pay to get free of the torture is basically how the airlines work. Making coach as miserable as possible isn't merely about shaving pennies by shaving inches off your legroom: it's a way to "incentivize" anyone who can afford it to pay for an upgrade to business-class. The worse coach is, the more people you can convince to dip into their savings or fight with their boss to move classes. The torments visited upon everyone else in coach are economically valuable to the airlines: their groans and miseries translate directly into windfall profits, by convincing better-off passengers to pay not to have the same thing done to them.

Of course, with rare exceptions (flying to get an organ transplant, say) plane tickets are typically discretionary. Housing, on the other hand, is a human right and a prerequisite for human thriving. The worse things are for tenants, the more debt and privation people will endure to become home-owners, so it follows that making renters worse off makes homeowners richer:

https://pluralistic.net/2021/06/06/the-rents-too-damned-high/

For Securus and Viapath, the path to profitability is to lobby for mandatory, long prison sentences and then make things inside the prison as miserable as possible. Any prisoner whose family can find the funds can escape the worst of it, and all the prisoners who can't afford it serve the economically important function of showing the prisoners whose families can afford it how bad things will be if they don't pay.

If you're thinking that prisoners might pay Securus, Viapath and their competitors out of their own prison earnings, forget it. These companies have decided that the can make more by pocketing the difference between the vast sums paid by third parties for prisoners' labor and the pennies the prisoners get from their work. Remember, the 13th Amendment specifically allows for the enslavement of incarcerated people! Six states ban paying prisoners at all. North Carolina caps prisoners' wages at one dollar per day. The national average prison wage is $0.52/hour. Prisoners' labor produces $11b/year in goods and services:

https://www.dollarsandsense.org/archives/2024/0324bowman.html

Forced labor and extortion are a long and dishonorable tradition in incarceration, but this century saw the introduction of a novel, exciting way of extracting wealth from prisoners and their families. It started when private telcos took over prison telephones and raised the price of a prison phone call. These phone companies found willing collaborators in local jail and prison systems: all they had to do was offer to split the take with the jailers.

With the advent of the internet, things got far worse. Digitalization meant that prisons could replace the library, adult educations, commissary accounts, letter-mail, parcels, in-person visits and phone calls with a single tablet. These cheaply made tablets were offered for free to prisoners, who lost access to everything from their kids' handmade birthday cards to in-person visits with those kids.

In their place, prisoners' families had to pay huge premiums to have their letters scanned so that prisoners could pay (again) to view those scans on their tablets. Instead of in-person visits, prisoners families had to pay $3-10/minute for a janky, postage-stamp sized video. Perversely, jails and prisons replaced their in-person visitation rooms with rooms filled with shitty tablets where family members could sit and videoconference with their incarcerated loved ones who were just a few feet away:

https://pluralistic.net/2024/02/14/minnesota-nice/#shitty-technology-adoption-curve

Capitalists hate capitalism. The capital classes are on a relentless search for markets with captive customers and no competitors. The prison-tech industry was catnip for private equity funds, who bought and "rolled" up prison contractors, concentrating the sector into a duopoly of debt-laden companies whose ability to pay off their leveraged buyouts was contingent on their ability to terrorize prisoners' families into paying for their overpriced, low-quality products and services.

One particularly awful consequence of these rollups was the way that prisoners could lose access to their data when their prison's service-provider was merged with a rival. When that happened, the IT systems would be consolidated, with the frequent outcome that all prisoners' data was lost. Imagine working for two weeks to pay for a song or a book, or a scan of your child's handmade Father's Day card, only to have the file deleted in an IT merger. Now imagine that you're stuck inside for another 20 years.

This is a subject I've followed off and on for years. It's such a perfect bit of end-stage capitalist cruelty, combining mass incarceration with monopolies. Even if you're not imprisoned, this story is haunting, because on the one hand, America keeps thinking of new reasons to put more people behind bars, and on the other hand, every technological nightmare we dream up for prisoners eventually works its way out to the rest of us in a process I call the "shitty technology adoption curve." As William Gibson says, "The future is here, it's just not evenly distributed" – but the future sure pools up thick and dystopian around America's prisoners:

https://pluralistic.net/2021/02/24/gwb-rumsfeld-monsters/#bossware

My background interest in the subject got sharper a few years ago when I started working on The Bezzle, my 2023 high-tech crime thriller about prison-tech grifters:

https://us.macmillan.com/books/9781250865878/thebezzle

One of the things that was on my mind when I got to work on that book was the 2017 court-case that killed the FCC's rules limit interstate prison-call gouging. The FCC could have won that case, but Trump's FCC chairman, Ajit Pai, dropped it:

https://arstechnica.com/tech-policy/2017/06/prisoners-lose-again-as-court-wipes-out-inmate-calling-price-caps/

With that bad precedent on the books, the only hope prisoners had for relief from the FCC was for Congress to enact legislation specifically granting the agency the power to regulate prison telephony. Incredibly, Congress did just that, with Biden signing the "Martha Wright-Reed Just and Reasonable Communications Act" in early 2023:

https://www.congress.gov/bill/117th-congress/senate-bill/1541/text

With the new law in place, it fell to the FCC use those newfound powers. Compared to agencies like the FTC and the NLRB, Biden's FCC has been relatively weak, thanks in large part to the Biden administration's refusal to defend its FCC nomination for Gigi Sohn, a brilliant and accomplished telecoms expert. You can tell that Sohn would have been a brilliant FCC commissioner because of the way that America's telco monopolists and their allies in the senate (mostly Republicans, but some Democrats, too) went on an all-out offensive against her, using the fact that she is gay to smear her and ultimately defeat her nomination:

https://pluralistic.net/2023/03/19/culture-war-bullshit-stole-your-broadband/

But even without Sohn, the FCC has managed to do something genuinely great for America's army of the imprisoned. This week, the FCC voted in price-caps on prison calls, so that call rates will drop from $11.35 for 15 minutes to just $0.90. Both interstate and intrastate calls will be capped at $0.06-0.12/minute, with a phased rollout starting in January:

https://arstechnica.com/tech-policy/2024/07/fcc-closes-final-loopholes-that-keep-prison-phone-prices-exorbitantly-high/

It's hard to imagine a policy that will get more bang for a regulator's buck than this one. Not only does this represent a huge savings for prisoners and their families, those savings are even larger in proportion to their desperate, meager finances.

It shows you how important a competent, qualified regulator is. When it comes to political differences between Republicans and Democrats, regulatory competence is a grossly underrated trait. Trump's FCC Chair Ajit Pai handed out tens of billions of dollars in public money to monopoly carriers to improve telephone networks in underserved areas, but did so without first making accurate maps to tell him where the carriers should invest. As a result, that money was devoured by executive bonuses and publicly financed dividends and millions of Americans entered the pandemic lockdowns with broadband that couldn't support work-from-home or Zoom school. When Biden's FCC chair Jessica Rosenworcel took over, one of her first official acts was to commission a national study and survey of broadband quality. Republicans howled in outrage:

https://pluralistic.net/2023/11/10/digital-redlining/#stop-confusing-the-issue-with-relevant-facts

The telecoms sector has been a rent-seeking, monopolizing monster since the days of Samuel Morse:

https://pluralistic.net/2024/07/18/the-bell-system/#were-the-phone-company-we-dont-have-to-care

Combine telecoms and prisons, and you get a kind of supermonster, the meth-gator of American neofeudalism:

https://www.nbcnews.com/news/us-news/tennessee-police-warn-locals-not-flush-drugs-fear-meth-gators-n1030291

The sector is dirty beyond words, and it corrupts everything it touches – bribing prison officials to throw out all the books in the prison library and replace them with DRM-locked, high-priced ebooks that prisoners must toil for weeks to afford, and that vanish from their devices whenever a prison-tech company merges with a rival:

https://pluralistic.net/2024/04/02/captive-customers/#guillotine-watch

The Biden presidency has been fatally marred by the president's avid support of genocide, and nothing will change that. But for millions of Americans, the Biden administration's policies on telecoms, monopoly, and corporate crime have been a source of profound, lasting improvements.

It's not just presidents who can make this difference. Millions of America's prisoners are rotting in state and county jails, and as California has shown, state governments have broad latitude to kick out prison profiteers:

https://pluralistic.net/2023/05/08/captive-audience/#good-at-their-jobs

Support me this summer on the Clarion Write-A-Thon and help raise money for the Clarion Science Fiction and Fantasy Writers' Workshop!

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/07/19/martha-wright-reed/#capitalists-hate-capitalism

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[brf-rumortrackinganon]

New to your blog, and I’m so happy that you think around the issues rather than ‘bat shit crazy’ being the go to reason/excuse. Anyway I have always thought that one of the major problems was Andrew basically had a half in/half out deal, he had his Pitch at the Palace, a commercial operation which totally exploited the Royal connections. It was also said that whenever a tech company applied to ‘pitch’ they had to sign over a percentage of equity just to get a foot in the door.

So given that as a template it’s not surprising that Harry thought he could do the same, particularly if he believed his own publicity that he was ‘the favoured grandchild’, like his uncle was allegedly the favoured second son. Plus of course Andrew lives in the imposing Lodge, was ex-military, and if you believe the press ‘air miles Andy’ spent a lot of time in private planes piggybacking royal duties with a round of golf.

As with Harry’s uncle/godfather I believe there was genuine confusion when he was told he couldn’t have what he wanted and I think the stroppy exit was only supposed to force the Queen to bring him back and give him what they wanted. Harry seems obsessed with fairness, whether that’s Balmoral sausage distribution, the income from the Duchy of Cornwall, or getting the same deal as his uncle. You would think that someone with a world class education, coming from a thousand year old dynasty would have at some point grasped that life just isn’t fair, and you make the most of the cards you are given which though considerable aren’t enough for the DoS.

That's a really good point - Andrew had half in/half out for a really long time. Before Pitch at the Palace, he also had that Trade Representative gig where he basically flew around on private jets to private holidays drumming up business for the UK.

That seems to be where Harry and Meghan got some of their audacity from - if Andrew can do it, why can't we? Where they misstepped was probably in how aggressive their demands were and how aggressively they made them, which most likely caused the discussions to become hostile.

I think the stroppy exit was only supposed to force the Queen to bring him back and give him what they wanted. -> I agree. Harry probably didn't expect The Queen to call his bluff and that also caught him completely off-guard.

My theory is that Harry and Meghan only agreed to the one-year review period thinking that everything would go to shit without them and the palace would be begging them to come back. Well, that didn't happen so when it came time for the one-year review and no one was begging them to return, it made them angry and they began negotiating with Oprah for a tell-all to get their revenge. (The press release announcing the "no, they're still out" result of the one-year review was on February 19, 2021, and Oprah wasn't finalized until around that same time.)

[thoroughlymodernminutia]

This Christmas - Prequel

Pairing: Benny "Borracho" Magalon x F!Reader

Word count: 8,219

Summary: This is a prequel of sorts to this from last year. It’s basically the how Benny and the reader met, etc

Warnings: Mostly Hallmark-style fluffy stuff, lots of pining, but brief mention of loss, guilt, some foul language. If I missed anything else let me know and I'll add it in. 

A/N: I don’t know folks, I started writing this and was really chugging along and had a whole plan for how I wanted this to be. Then I got sick with everyone’s favorite illness from 2020 and lost a lot steam. I found, I think, a happy compromise with myself because I wanted to post this before Christmas (self imposed deadlines am I right?) and realized I can always I don’t know, post more parts of it later?? I am my own worst critic so if you read this and it isn’t your jam, please don’t say anything lol I’ve probably already thought it, so it would be redundant! Also, clearly, I do not know the proper use of a semicolon, or an em dash and I don't have an editor, so we'll all just have to deal. Anyways, Merry Christmas, Happy Holidays, all that jazz

-----------

It’s a little after six in the morning and they still haven’t rolled in. Usually, the five of them would have been here for an hour already; a few hungover, one still drunk, and the fifth one acting like an adult babysitter for the other four. It’s weird how this happens–people come into your little donut shop and after a while, instead of you becoming part of their routine, they become part of yours. Eventually they start to feel like stand-ins for the friends you hardly ever get to see. You’re busy with your business and they’re busy with their jobs and families.

It could feel lonely, but you have people like Noreen, who comes in every Friday to buy three dozen assorted donuts for her team. Noreen is kind and not the type of person you envision working at a private equity firm. When you were thinking about expanding into the small space next door, she looked at your plan and helped you figure out where you were being too aggressive and in some cases too shortsighted. She didn’t ask for anything in return, but you made sure her next three dozen donuts were on the house. 

There’s Will, a retired teacher, who comes in every Sunday. He used to come in with his partner, Charles, and they would sit at the table you have set up near the front window. They traded off different sections of the newspaper while drinking their coffee and sharing one old-fashioned donut and one raspberry jelly donut; they never strayed from those. Charles passed away six months ago and it was unexpected. You didn’t expect to see Will for a while, but routine is hard to give up especially when it’s the only thing you have left. Every Sunday morning you set a 'reserved' sign on the table near the window. 

There’s Stuart, who hangs out in the plaza your shop is located in. You’re not sure if he’s unhoused or just likes to spend his day outside, but it felt strange to always see him and not interact with him. One day you invited him to come by for coffee and a donut but he turned you down. You told him the offer was good for any time and that you hoped you’d see him in there soon. He came in a few days later and it made you feel like you were doing some good; and then you felt bad for feeling like that. Stuart’s reserved and not much of a talker so you just let him sit at a table while you go about your work. Some days he’ll start a conversation; it’s rare but it feels like you both trust each other enough to make more than small talk. If you don’t see him in his usual spot outside, you worry. He usually turns up a few days later, but you're concerned that at some point he won’t turn up and what are you supposed to do then?

There’s a handful of people that fall into this category of if they never came back you would notice. It’s because some of them are smart and kind like Noreen. Some because they sit in the same spot, newspaper sections still divided in two, like Will. Some because their silence fills your little shop, like Stuart. And some whose absence you would notice because they don’t fit into these boxes. Sometimes they can be loud or irritating; but they can also be entertaining. And they’re are always five of them, but only one that makes you feel like you’re thirteen and just saw your middle school crush.

They started coming in sometime in February. You only remember because the biggest one said he’s 'not eating a fucking, prissy, heart-shaped donut.' Some men are like that, afraid if they come in contact with something feminine that’s not a woman, that their dick will fall off. He was loud and obnoxious and only one of the other four looked truly embarrassed for the guy and for himself. He apologized for his friend and ordered five large coffees and a dozen glazed donuts. 

“You sure glazed are going to be manly enough for your friend over there?” 

You ticked your head over towards the table where his friends were sitting. He laughed and it was a surprisingly warm laugh for a man with neck tattoos. 

“He won’t even remember being here, let alone what kind of donuts he ate.”

He sounded annoyed but used to the behavior. You remembered having friends like that, in your twenties, but you were well past that age and so were these guys by the look of it. You saw him eyeing an apple fritter so you grabbed it from the case, put it on a plate, and set it on the counter next to the box of donuts. 

“On the house, since it doesn’t look like you’re getting paid for your babysitting duties.”

He smiled, said thank you, and then went to sit with his loud friends. You noticed he was quiet in comparison and thought it would be nice if they were all quiet like that. 

When they were getting ready to leave you saw that the quiet one made sure all the trash was thrown away and all the dishes went into the right bin. At the door as they were leaving he gave you a small wave thanking you again. There was something about his smile that made it feel like flowers were blooming in your stomach. That feeling carried you for a week. You’d think of that moment of him at the door and a fog would enter your brain and the flowers in your stomach would grow larger. 

The feeling would start to subside after a while and you would get caught up in your real life–your business, the rare time with your friends, the occasional bad date. It would slowly drift from the front of your mind to the back. Then they would show up and the cycle would continue. 

The one who had the soft smile and neck tattoo, you learned his name was Benny. And that if you gave him a choice between the apple fritter and anything else, he would choose the apple fritter one hundred percent of the time. The loud drunk, that was Big Nick and he’s only been not drunk five percent of the time they’ve come in. There’s Connors, Zapata, and Henderson–you’ve only heard them referred to by their last names. A thing that you’ve only ever heard men do. They all come in once or twice a month–usually early, usually hungover. It makes you wonder what they do before they end up at your place. You never ask because to know would be to probably ruin your crush on Benny.

Benny always pays and there’s a part of you that hopes he’s doing it just for the chance to talk to you. When he leaves he always gives you a wave goodbye and a thanks again. The flowers in your stomach have bloomed and blossomed to an embarrassing degree by the end of May. And that’s when they stopped coming in. 

—-

Benny shakes his head no at Connor’s who’s trying to hand him a beer, “Not feeling it tonight.”

Benny isn’t feeling it any night, but he keeps that to himself. The drinking, the cocaine, the women, none of it interests him and it hasn’t for a while. Since February if he’s being honest with himself. 

They had ended up at your donut shop, Glazy for You under random circumstances. The usual place they would go to sober up after one of these parties had been closed down by the health department. He should have known it was bound to happen, the place was dim and oddly seedy for a diner. Benny was the designated driver that night, since he hadn’t been feeling well he didn’t drink and spent most of the night ushering random women out of a grim motel room. When he saw Glazy for You as he was driving by, it looked like the complete opposite of his evening; it was bright, there were Valentine’s decorations on the window. It looked comforting and warm, two things he felt like he was missing in his life.

Nick of course was an asshole and Benny felt like he spent a lot of time silently apologizing to you. His apologies must have entered you mind telepathically because you gave him an apple fritter–the best apple fritter he’s ever had in his whole fucking life. There must have been some kind of magic in because that moment lodged itself somewhere in his heart and reappears when he’s feeling low. Like now–sitting in this motel room, on this couch that probably hasn’t been cleaned in two decades, watching his friends lose their fucking minds over shit they should have outgrown. 

Benny hasn’t seen you in months, ninety-seven days to be exact, not that he’s counting. They’ve been working on one case after the next and it’s left time for little else. No post drug test parties, no early mornings sitting in a donut shop waiting for everyone to sober up, no you. It’s been sleep and work for three months straight. Last time he saw you, it seemed like you were happy to see him. Maybe he imagined that feeling; misunderstood the warmth in your smile. Maybe that’s the smile that you’ve practiced in order to be able to perform it for everyone. Maybe everyone feels what he feels when they see you.

Benny sinks further into the couch and looks up at the ceiling. It’s a drop ceiling which brings back memories of a case he had worked on. While securing a crime scene, they were in the living room of a run down apartment. It had this same type of ceiling and a body fell right through it onto the floor. He thinks that maybe this is how it ended up being called a drop ceiling, because shit just drops right out. That thought, that memory makes him realize that he doesn’t want to be in this room anymore. He gets up, grabs his jacket off the back of the couch, and leaves. He hears Connors call after him as he’s closing the door but he doesn’t care. He only has one place that he wants to be right now.

—-

You’re putting a tray of bear claws in the display case when you hear the door open. It’s still early, the sun is barely up, pink and purple hues are still in the sky. You get a lot of municipal workers that come in at this time, barely past opening. So it’s a little bit of a surprise when you get a glimpse through the display case of Benny walking in, alone.

There’s a second while you’re crouched down, adjusting the tray that you let yourself be excited; allow yourself to give into the childish feeling of getting a glimpse of your crush. Your knees are wobbly as you stand up–unsure if it’s because you’re getting old or because he’s looking right at you.

“Oh hey, how’ve you been?” You wipe your palms on the front of the apron you’re wearing. “It’s been a while.”

You try to sound neutral, neither excited to see him or disappointed that it's been so long. He smiles and that familiar sensation of flowers blooming returns. 

“We’ve been working on a lot of cases and it’s been hard to find time for anything else.” 

You lean forward and rest your arms on top of the bakery case. 

“Cases? You guys are lawyers?” As the words leave your mouth you realize how truly stupid it sounds. You’ve never in your life seen any lawyers that look like these guys. 

Benny chuckles and rubs the back of his neck, something he does when feels embarrassed or self conscious.

“No, definitely not lawyers. Detectives. We work for the Los Angeles Sheriff’s Department.”

You fail at suppressing a laugh, “I’m sorry. All of you are detectives? Even your friend Nick?”

Benny knows your laugh isn’t mean spirited and if he were you, he’d probably laugh too, knowing what he knows about the people he works with. He moves closer to display case and leans in. 

“Even Nick. You seem surprised.”

“It’s just. I.” You pause, trying to choose your words with care, because you like Benny and you don’t want to insult him, “I mean, it’s hard to imagine being a victim of a crime or something and like Nick is the person taking your statement, trying to help you. That is my nightmare.”

You hope you don’t sound like an asshole, but the idea of Nick serving and protecting seems like a stretch. If you offend Benny, he doesn’t show it, he just laughs.

“The way that you’ve seen him, I can understand the sentiment. He’s not like that a hundred percent of the time. I promise.” 

You give Benny a joking look, “Okay, but what percentage are we talking here?”

You’re both laughing when the rest of the guys walk in. The rowdiness is a shock to your system after not dealing with it for a while. You look at Benny and he’s no longer leaning in towards you and maybe you’re projecting, but you think he looks a little disappointed too.

Benny’s disappointed, but he tries his best to hide it. The guys may be drunk, but they are cops and they are perceptive. Benny already knows he has a reputation among them as being soft. It used to bother him, but it hasn’t for a while. He knows he would rather be soft than be the type of man that can’t feel anything other than bitterness and rage. 

“Borracho, you fucking asshole, you left us.”

Nick, is of course loud and slurring his words. Benny hopes you can’t understand Spanish–he doesn’t want to be known as a ‘drunk’ to you.

Benny turns from you to look at the guys. Connors is propping Nick up; Henderson and Zapata are stumbling towards a table. 

“I was hungry.”

Benny hopes it’s enough to shut Nick up. He knows it’s not because he sees Nick loosen himself from Connors and stumble towards him. He claps a large, drunk hand on Benny’s shoulder and the force almost knocks him backwards. 

“Fuck, Borracho. You’re no fun anymore.”

Nick is a mess and that’s not really that surprising to you. What is surprising is how uncomfortable Benny looks. He has the look of a man who would give anything to disappear. You can’t really blame him, these guys, Nick especially, are exhausting to be around and you only deal with them for a few hours a month.

“Can I get you guys something or are you just going to loiter?”

Benny looks towards you and you give him a sympathetic smile. He shakes Nick off of him and is about to order when Nick lurchers towards the counter that you’re standing behind. You step back as he unsuccessfully tries to paw at you.

“I know what you can get me, sweetheart.”

Benny groans and runs a hand over his face, “Jesus Christ, Nick. Shut the fuck up.”

You step closer to the counter and lean forward, putting a hand on Nick’s shoulder.

“What did I tell you about calling me ‘sweetheart’?”

Nick tilts his head to the side and mutters, “That the next time I do it, you’ll put my head in the deep fryer.”

You pat his shoulder, “Good, you remember.”

You hear Zapata, Henderson, and Connors–who’s joined them at their table laughing and chanting do it, do it.

You gently push Nick away from the counter, “Go sit down unless you’re willing to see if I’m serious.” You look over at Benny, who no longer looks like he wants to disappear. “Benny, five coffees and a dozen glazed, right?”

Benny nods his head, “Yeah, that’s good.”

Nick turns around and starts walking towards where Connors, Zapata, and Henderson are sitting. He jerks his thumb back towards you, “She’s no fun either.”

Benny feels awkward standing here, watching you gingerly place twelve glazed donuts in a box and then pour five large coffees. It’s calming though, watching you do routine things, like you’re slowly rooting out the anxiety of being around drunk idiots. You put the coffees in a tray and place it down on the counter next to the donuts. 

Benny pulls out his wallet to pay, “Uh, sorry,” he pauses, he’s sorry about a lot suddenly, “sorry about Nick. He was acting like an asshole.”

You shrug and hand Benny his change, “Don’t worry about it.”

Benny is sitting with the guys and can’t help feeling like he’s messed something up. You didn’t give him an apple fritter like you normally do. He wonders if you’re mad that he didn’t do something more when Nick was acting like an asshole. Maybe he’s overthinking it–he can’t expect you to give him a free donut every time you see him. It’s possible he’s misread the situation entirely, that you’re just friendly and nothing more. He watches you behind the counter adjusting things, bagging up donuts for customers that have come in. When Benny checks his watch for the time, he misses seeing you slip an apple fritter in a bag and write 'Benny' in a tidy script. 

You watch the guys start filtering out of your place; Nick and Connors are first and from the store window you can see them getting into separate cabs. Benny is still throwing trash away as Henderson and Zapata leave. They share a cab and you imagine that maybe they rallied enough to start drinking again at 7:30am. You see Benny heading towards the door and it looks like he’s leaving without giving his usual wave goodbye. Your stomach sinks a little–maybe he’s mad at you for not joking around more with Nick or the other guys. Or it could just be that he’s tired and wants to go home and you’re creating feelings that aren’t there. 

You grab the bag with the apple fritter from below the counter and hold it up, “Hey, you forgot something.”

Benny looks at the bag with his name on it–it’s the nicest handwriting he’s ever seen. He walks over to the counter and takes the bag from your hand, your fingers overlapping for a fraction of a second. 

“So this means you’re not mad at me?”

“Why would I be mad at you? Wait, you think because of Nick?” You look at him strangely as he nods his head yes, “He’s the idiot, I’m not going to hold that against you.”

Benny smiles, “That’s good to know.” He starts walking away, but stops when he gets to the door, holding up the bag with the donut, “Thanks again. I’ll see you later.”

“Take care, Benny.”

—-

“You like that girl at the donut place?”

It sounds less like Connors is asking you a question and more like stating a fact. Benny’s a little caught off guard and pretends to start looking for something on his desk.

“What?” 

Benny tries to sound confused, like he’s never even heard the word donut before.

“At the donut place. The girl who runs it, are you into her or something? You always act fucking weird when we’re in there.”

Benny thinks back to all the times they’ve been at Glazy for You, trying to remember his behavior. Did he look at you for too long? Say ‘goodbye’ in a way that sounded like he didn’t want to leave. Benny opens the bottom drawer of his desk and pretends to look for something. 

“I don’t know what you’re talking about.” 

Benny knows he doesn’t sound convincing and Connors must hear it too because he keeps going.

“Really?” Connors sounds incredulous. “You’re always lingering at the counter. She’s always giving you free donuts. Any of this ringing a bell for you?”

Benny can feel Connors staring at him. He closes the desk drawer and goes back to looking at the file on his desk.

“Maybe she likes giving away free donuts. I really couldn’t tell you.”

Connors crumbles a piece of paper into a ball and lobs it at Benny’s head, hitting him just behind the ear. 

“Whatever you say asshole.”

—-

The summer goes by quickly–it’s one of your busier seasons. School is out, the weather is nice–there are day camps, company off-sites, and sleepovers. All the types of occasions where the people in charge don’t want to make breakfast but need to provide it. Benny and the guys come in a few times throughout the summer. It feels a little different from before. Benny doesn’t linger at the counter as much anymore and sometimes one of the other guys pays. It’s stupid little things that you shouldn’t notice, but you do, because they used to be part of your routine. It’s embarrassing thinking you let this crush on Benny become such a big part of your life that you’d notice he didn’t pay last time or the time before that. It’s that embarrassment that makes you start building a wall around that garden in your stomach so the flowers can’t reach your heart.

It’s the end of October when you’re opening up one morning and it registers for you that you haven’t seen Stuart since some time around June or July. His absence gnaws at you. You feel like a bad person for not noticing sooner; that feeling that you failed someone even though they weren’t your responsibility. You don’t know what to do or if there’s anything you actually can do. So when you see Benny a few weeks later it feels like a little bit of a last resort when you ask for his help.

—-

You were hoping that Benny would be the person paying this time when they all came in, so you could mention Stuart without having to pull him aside. But he doesn’t and it makes you a little anxious trying to figure out the best way to talk to him about something serious. So it’s a relief when it looks like he’s going to be the last one to leave. He’s behind Connors and when Connors makes it out the door, you stop Benny who’s close behind.

“Benny, hey. Do you have a second?”

You come out from behind the counter, nervously smoothing the apron tied around your waist in short downward strokes. Benny stops and lets the door go from his hand. You look upset and he hopes it’s not because he’s been acting standoffish lately. Ever since Connors asked about you, he’s been trying his best to act normal–whatever that means–around you. 

“Did Connors’s card get declined again?”

You let out a small laugh, “No. Um, I was actually wondering if you could help me with something.”

Benny steps a little closer to you. You have some powdered sugar on your cheek and he has to stop himself from brushing it off. 

“Yeah, of course. What’s going on?”

“This is probably going to sound weird, or stupid. Maybe both. But there’s this  guy who h—”

Benny cuts you off; his voice is a little rougher, “If someone is bothering you, I’ll take care of it.”

You laugh awkwardly, “Oh no, it’s nothing like that. It’s this guy, Stuart. He usually hangs out around here and I have him come in sometimes for coffee or donuts and I haven’t seen him in…since maybe July, I think? I’m just a little worried.” You pause and try to read Benny’s face to see what he’s thinking, “Sorry, this probably sounds stupid to you. I don’t even know what I’m asking.”

Benny scratches his jaw piecing together what he thinks you’re getting at, “Do you know his last name?”

You notice that Benny’s voice has gone back to the soft tone that you’re used to. He’s looking at you with compassion and not like you’re stupid or some kind of burden. Benny is the kind of person that you would want helping you in a crisis and it makes you wish there were more people like him in his line of work.

“I don’t, but I printed a photo from the security camera I have.” You walk over to the counter and lean over, grabbing the photo from under the register. “I don’t even know if you can do anything with that. I watch a lot of crime shows. Don’t judge me.”

Benny laughs and shakes his head as you hand him the photo.

“I don’t want to get your hopes up, but I’ll see what I can find out.”

“Yeah of course. It’s…I don’t know. I’d feel like a bad person if something were to happen to him and I could have helped.”

Benny feels bad because he knows how these things generally end up. Usually there are no happy endings.

“You can’t put that on yourself.”

You nod your head, “I know, but still, you know?”

Benny understands the feeling and also understands it’s easier to tell someone something isn’t their fault than to know it yourself. 

As Benny leaves you start to feel a bit lighter. Like someone has taken some of your worry, some of your concern and is carrying it for you; so you aren’t so weighed down.

—-

“What was that about?”

Benny is surprised to see Connors waiting for him in the parking lot. 

“Nothing. Well, I guess there’s some guy, homeless, I don’t know. He usually hangs out around here. She hasn’t seen him for a while. She’s worried.”

Connors flicks a cigarette on to the pavement, “Figures she’s one of those bleeding heart types. What did you tell her?”

Benny pats his jacket and then his pants pockets feeling around for a pack of cigarettes, forgetting briefly that he’s trying to quit. Connors pulls his pack from his pocket and tosses them to Benny.

Benny pulls a cigarette out, “I told her I’d look into it.”

Connors laughs and hands Benny a lighter, “Chump.” He waits a beat for Benny to light his cigarette, “But, if you want. We can start looking into it now.”

Benny’s grateful it’s Connors out here and not one of the other guys. Benny and Connors go back further than just Major Crimes and he’s someone Benny would trust with his life.

—-

Benny’s worried that he’s going to have to deliver you bad news. Best case scenario seems like Stuart is in jail. Not great, but it would mean that he’s alive. Worst case scenario is that he can’t find Stuart and that usually doesn’t mean anything good. Benny is suddenly hoping for some kind of miracle for a person he doesn’t even know. 

The photo you gave him does turn out to be useful. Connors is able to find him in the system through facial recognition. Stuart Morton has a record; a few arrests for driving while under the influence and some time in a county jail. Benny is able to get a last known address but it’s over a year old. It’s a sober living house that’s not actually that far from Glazy for You. He doesn’t have much hope that going there will bring him any closer to finding Stuart. 

It takes a couple of weeks, but Benny is finally able to meet with David, the director of the sober living facility. He finds it’s better to meet with people in person. Talking with people over the phone, he’s learned, makes it easier for them to not give you the information you need. David of course is a little guarded at first with Benny; not wanting to share anything that could get Stuart in trouble, which Benny can’t really fault him for. Benny explains the situation, that the owner of a donut shop near here is worried because they haven’t seen him in a while. When Benny mentions your name to David, he lights up.

“Her glazed old fashioneds are the best ones in this entire state.” He pauses and to Benny it looks like he’s getting lost in the memory of a donut, a feeling he knows well. 

“I didn’t realize you two knew each other.” 

David turns away from Benny to look through a drawer in a filing cabinet, “Just this year we got to talking and she’s been generous enough to donate breakfast here every month. And recently she’s been working with us on a job training program at her bakery.” 

Benny thinks back to Connors calling you a ‘bleeding heart’ and is glad he came here by himself. 

“She didn’t mention anything about knowing Stuart lived here.”

David pulls a folder from the cabinet and thumbs through it, “Stuart is the type to not overshare, so that doesn’t surprise me.” He pauses to write something down on a piece of paper and hands it to Benny, “Here. This is his sister Noreen’s information. When he left, he was going to be staying with her for a while. Might still be there.”

Benny barely makes it to his car before calling the number that David gave him. 

—-

“Wait, so you’re saying that Noreen, the Noreen that comes in here, is Stuart’s sister?”

It’s late in the day, near the time that you close up. You and Benny are sitting across from each other at the table near the window. It’s hard to believe what he’s telling you, that Stuart used to be a resident at the sober living facility, the one where David works; that Noreen is Stuart’s sister and somehow all these dots never got connected for you.

“She didn’t realize that you two were,” Benny pauses looking for the right word, “friends. She feels terrible that you didn’t know he had moved out of the state and were worried. She said he’s doing well.”

You’re quiet for a moment, trying to take in everything Benny has been telling  you. It’s a lot to process, considering you had been preparing yourself to hear bad news. You can feel your eyes fuzzy with a few tears and feel a little embarrassed to be getting so emotional over the good news.

“It’s such a relief to know that he’s doing okay.” You feel a tear slide down your cheek and quickly brush it away hoping that Benny didn’t see it.

Benny can tell you’re trying to keep yourself from crying and he wants to tell you that it’s okay, that there wouldn’t be any judgment from him. He has the overwhelming urge to wrap his arms around you, but he knows it would be wildly inappropriate. He feels awkward sitting here, looking around, trying to figure out what he should say.

“I like the Christmas decorations you have up.” It’s lame and he knows it, but it seems better than freaking you out with a hug. You smile at him and that feels reassuring.

“You do?” You look over at Benny, nodding his head, “I know it makes me basic, but I love Christmas. The lights, the decorations, the movies, the music. Expect to see a lot of green and red frosted donuts until December 31st.” 

Benny laughs, “I’m looking forward to it.” He looks at his watch and starts to get up, “I should probably leave, so you can close up.”

You get up and follow Benny to the door, you put your hand on Benny’s forearm to stop him for a second and he feels a little spark through this jacket.

“Thank you, again, for everything.”

“I’m glad I could help. And that everything turned out okay.”

You’re not sure what it is that compels you to hug him, but you do. Maybe it’s the gentleness of his voice, or how he’s looking at you in a way he hasn’t before. It feels intimate and dreamy and it’s hard for you to recall the last time anyone has looked at you like that. It happens so fast that Benny barely has time to register what happened.

It hits him as he’s walking to his car–the delayed feeling of your arms around him. It strikes Benny that maybe there’s a chance you like him, that maybe you’re both kind of stupid and clumsy, and afraid to ask the other one out. There’s the realization that one of you will have to make the first move or it will go on like this forever. That he will see you every few months at your job, that he’ll get a free donut occasionally. It’s not enough for Benny and he knows that he can’t be stupid about this much longer.

—-

It’s the last piss test party of the year–the week before Christmas. The concept is idiotic–sure it made sense at one point when Benny wasn’t wading into the deep end of forty. Going to a cheap hotel to get drunk and high, have sex with women that Nick found God knows where. It was never appealing to Benny but he used to understand the idea of celebrating after your mandatory drug test. Now he usually just sits, drinks a beer or two, and tries to avoid contact with everyone. There’s something especially depressing about it during this time of year.

Benny’s spent the last few days mulling over the best way to ask you out. He regrets not asking you when he was giving you the news about Stuart. Although there’s a part of him that thinks maybe you would have felt obligated to say yes given the circumstances. He thinks about asking you tonight, if they end up there, but he doesn’t want to do it in front of the guys because you might feel obligated then too, maybe even feeling sorry for him and not wanting to embarrass him in front of everyone by saying no. If you say yes, he wants it to be because you actually mean it, he doesn’t want there to be any room for doubt.

His decision is made for him, because when they get to Glazy for You, you aren’t there. Benny can’t remember if there’s ever been a time when you haven’t been there, behind the counter, greeting him warmly. It’s a little bit of a shock to his system to see a middle-aged man in a goofy Christmas sweater in your place. Benny’s good at thinking up doomsday scenarios and imagines one in which you’re trying to avoid him, so you no longer work this early in the morning. But then he thinks of when you hugged him and that even though it was quick, it was like your touch had gone directly to his heart. He doesn’t stay much longer, opting to go home, lay in his bed, and try to figure out what he’s going to do.

—- 

You used to hate working during the holidays. Maybe it’s because you were working for other people and not yourself. Maybe it was because the work you were doing felt unimportant and people expected you to care even when everything else around you was winding down. Five years ago the thought of working on Christmas Eve would have made you want to walk into traffic. Now it feels different, like maybe you’re contributing to the holiday experience versus missing out on it entirely. You’ve always loved Christmas, but Christmas Eve is your favorite day of the year. It just feels more special somehow. There’s anticipation and excitement in the air. It’s possible it’s a product of all the Christmas movies you’ve watched over the years where there’s the idea that anything seems possible on this day. There’s something about the idea of your life changing for the better, surrounded by twinkle lights and ornaments that you find very appealing.

The morning is kind of slow–you spend most of it watching holiday episodes of tv shows on your phone. Around 11am you start cleaning up–taking trays out of cases, boxing up the donuts that are left to drop off at the comic book shop next door. You’re looking forward to going home and laying on the couch the rest of the day, queuing up your standard Christmas Eve movies. You’re ready to watch Scrooged and feel abnormally homesick, but then put on Christmas Vacation and remember why it’s never a good idea to spend Christmas with your entire family.

You’re in the back when you hear the bell on the door jingle, letting you know someone is out front. You consider just staying where you are, pretending no one is here so you can wrap up your day. You don’t want to have to tell anyone that you can’t help them with their donut emergency–getting yelled at on Christmas Eve is not something you’ve prepared yourself for today. So it’s a pleasant surprise when you make your way back out to the front and you see Benny.

“Hey, this is a—hi.” You’re not sure why you’re suddenly unable to put together a decent sentence.

Benny rubs the back of his neck with his hand, “Is this a bad time?”

“No. No, well. I mean, unless you were looking for a few dozen donuts. Then it definitely is.”

Benny smiles, “Actually,  I, um, was,” he pauses and tries to collect himself, he can suddenly feel his heart beating in his ears, “I wanted to ask you out. On a date.” The feeling has spread to his skull.

When he says it, it’s almost like the words traveled through your brain and you can’t comprehend what’s actually happening. Benny, the guy you’ve been harboring your fragile middle school crush on, is here asking you out. It makes little, if any sense to you.

“Are you just trying to get more free donuts?”

Benny shakes his head no, “I promise I’m not.”

You’re quiet as you consider what he’s asked–trying to reprocess the information in your mind so that it makes sense. When all the words are finally in place and you repeat them in your mind, you feel some of those flowers that you’d walled up in your stomach starting to push through the cracks.

“Yeah, okay.” You grab a business card from the counter, write your number on the back, and hand it to Benny.

Benny’s not sure he’s ever heard anything better than yeah, okay in his life, it’s like a bolt of lightning right to his core. He puts the card with your number in the chest pocket of his jacket, the safest place he can think of.

“Great. Amazing.” Benny laughs nervously. “I need to get back to work. I’ll text you.” 

“Okay. Well, have a good Christmas, Benny.” 

“You too.” 

Benny gives his standard small wave as he leaves and you lock the door after him. When he’s out of sight you let out a squeal and excitedly dance in place. Your phone vibrating in your back pocket interrupts you mid-happy dance. 

Hey, it’s Benny. Are you free for dinner on the 27th at 7?

Benny watches dots appear and then disappear on his phone. It feels a little bit like torture as he sits in his truck waiting for you to respond.

 Dinner on the 27th at 7 sounds great

Benny releases a breath he didn’t realize he was holding, Let me think of a place and I’ll text you the address

Sounds good. And you meant Dec 27th right?

Benny laughs to himself, Yes dec 27. I’m not going to wait until jan to take you to dinner

Just making sure 🙂

You read his last text at least ten more times before finally going back into the kitchen like you had intended. Each time you read it, there’s a sensation in your stomach like bricks dissolving and flowers blooming again.

—-

Benny texts you on the morning of the 26th with a restaurant name and an address. You already have the sense that he’s different, the type of person who has follow-through. You try to temper your excitement about dinner with him, not wanting to do that thing you sometimes do where you make something out to be more than it is. You keep telling yourself that it’s just dinner, nothing more. But as you pull up to the restaurant a few minutes late and see Benny standing outside, looking nervous in dark denim and a green flannel, you let yourself think that maybe it could be a little more than just dinner. 

“Sorry I’m a little late, I hope you weren’t waiting long?”

Benny smiles when he sees you standing in front of him, “I just got here a few minutes ago.” 

It’s a lie; the last one he’ll tell tonight; but he doesn’t want you to know that he was so amped up about this evening that he got to the restaurant thirty minutes early. On the way in, when you pass in front of him, your perfume delicately floats by him. It’s earthy, but slightly sweet, with cinnamon and vanilla blending neatly in–he’s sure it’s the most beautiful thing that he’s ever smelled. 

It’s a French restaurant, one that you’ve never been to before, but it’s cozy and still in the Christmas spirit. There are multicolored lights strung up and silver tinsel hanging from the ceiling. 

“Have you been here before?” Looking at Benny from across the table and you can see flecks of silver in his facial hair catching the light of the candle on the table. 

“My sister and her husband had their tenth anniversary party here last year. Most of my restaurant choices come from wherever she has an anniversary party.” 

You laugh, “Nice. Do you just have the one sister?”

Benny has just the one sister, you learn, among other things. You find talking to Benny is easy, he doesn’t give one word answers to questions like some men you’ve gone out with. Where trying to get to know them is like trying to get to know a slab of pavement. He’s funnier than you thought, something that you didn’t expect, but is a nice surprise.

“Did you always want to be a detective?”

Benny butters a piece of bread, “To be honest, the only thing I wanted to be growing up was a magician. I guess I saw one too many David Copperfield specials as a kid.”

You start laughing, “Do you know any magic tricks?”

“Wouldn’t you like to know. What about you?”

“I don’t know any, no.” You shrug jokingly as Benny laughs. “But, yeah, I guess I’m doing what I’ve always wanted to be doing. I’m lucky that things have worked out how they have.” 

Benny’s curious now, “You didn’t always work in a bakery?”

“Nope. I actually used to work in tech. It’s kind of a long story.”

“Well, I’m not in any hurry to end the evening.”

There’s something about Benny that puts you at ease, that makes you comfortable enough to want to open up to him. Something that you would never normally consider doing on a first date. You don’t feel the need to downplay that you made a lot of money when a company you worked for in New York was bought out. He doesn’t flinch when you tell him that the reason you moved to California was because of your now ex-husband. He tells you about his own divorce and for the first time in a long time you don’t feel so unlike yourself on a first date. It doesn’t feel scary telling him that you felt insignificant in your own life because of your work and your marriage. That every conversation with your husband made you feel like a burden.There’s a moment when you start to apologize, out of habit, but he stops you. He smiles when you say that the divorce was the best thing to happen to you because it–and you hate to say it like this–gave you your power back. 

“I always wanted to own my own business and I love donuts, so when the divorce happened, I just said fuck it, and went for it. Just threw myself into it.”

“I’m glad you did, I don’t know where else I’d get an apple fritter that good. And for free.” 

“Yeah, about that.” You smile playfully, “I’m going to have to start charging you before you put me out of business.” 

Benny makes a show of looking at his watch, pretending to want to leave, “I guess we should probably call it an evening then?”

He likes the way you laugh, how it’s kind of loud and fills the room. It makes him feel good, to hear you laugh, to see you smile; like he’s responsible for some bit of happiness you’re experiencing.

“See, I knew this was a scam.”

As the waiter clears the table and they wait for the check, Benny asks you what your favorite donut is. 

You don’t even have to think about it, “Definitely a maple bar.”

Benny watches as your eyes light up, telling him how you first had one when you spent the summer between fifth and sixth grade visiting your aunt in Seattle. He listens to you describe how your mom was, in the nicest terms you can find, an extreme dieter, who tried her best to pass all of her food issues down to you, and never let donuts in the house. But your aunt didn’t care and the first thing she did once she would pick you up from the airport was take you to her favorite bakery. It was the highlight of every summer after that until you graduated high school. It was the first donut you learned how to make because on the east coast they’re hard to find. You laugh when you say the best part of moving to the west coast is that every donut place has maple bars, but you’d like to think that yours are the best. Benny can’t help but think it’s cute.

Benny doesn’t want the night to end; he knows that you took a cab to the restaurant so he offers to drive you home. You try not to sound too eager in accepting his offer, but fail.

“Yeah, I’d love that.”

You ask him if he wants you to put your address into google maps for directions, but he doesn’t need them. Benny spends so much time driving all over the city that he knows every street, every highway, every interstate. The map exists in his head; he can get anywhere without really having to think about it. Benny drives you through some unfamiliar, but beautiful neighborhoods. The homes are still decorated and lit up, it’s like driving through the set of a Christmas movie–the only thing missing is snow.

You ask him more about his job, the guys he works with. You like hearing the stories that Benny has about them. You can tell by the way he talks about him, that he’s closest with Connors. You finally learn everyone’s first names and how Benny got his nickname–which you had previously googled out of curiosity. You ask if it bothers him to be called a drunk.

“Knowing the shit they all get into, not really.”

He says that it doesn’t matter what they call him because he knows that in any situation they’ll have his back and he’ll have theirs. That’s what he cares about.

When he pulls up to your house; a small, one-story home, string lights along the frame and around the windows; it looks exactly like he’d imagined. You both sit quietly for a few minutes unsure what to do next. 

Eventually you unbuckle your seatbelt, “I had a really good time tonight, Benny.”

“Me too. Come on, I’ll walk you to your door.” he looks over at you, “protect and serve, you know.” Benny knows it’s a dumb joke, but you laugh anyway.

When you get to the top of your steps, you find it hard to say goodbye. His face is illuminated by the Christmas lights and you can tell he doesn’t want to say goodbye either. You start to say something, you’re not even sure what, but no words come out because Benny’s mouth is on yours, his hands gently cradling your face. His lips are soft and you can feel the warmth of his tongue asking for permission. You drop your keys onto the porch and pull him closer to you by his belt loops.

It feels like hours have passed when Benny finally pulls away, “Sorry. I’ve been wanting to do that for months.”

You rest your hands on his chest, “Next time,” you gently tug on his shirt collar, “don’t wait so long.”

Benny smiles as he watches you crouch down to pick up the keys you dropped. When you stand back up, he reaches towards your face, his fingers grazing behind your ear, “Hold on, you have something in your—” Benny sweeps his fingers against your hair and when he brings his hand in front of you, he’s holding a small, folded piece of paper. 

You take it from him, unfolding it. When you see the words ‘what are you doing for new years?’ written down you start grinning, “So you do still know some magic tricks.”

Benny places his hand on your neck, his thumb stroking your cheek, “A few.”

[tradebrainsportalsblog]

The Role of Diversification in Mitigating Investment Risk

Investing is one of the most critical strategies you can use to minimize your investment risk and this is why diversity is essential. In other words, it means spreading your investments across various types of assets so that you do not suffer great losses due to poor performance in any one share or investment. This article focuses on how diversification can help reduce investment risks while giving practical tips on how to diversify portfolios effectively.

Understanding Diversification

You do not put all your baskets in one egg carton. Therefore, by investing in different assets like stocks, bonds, real estate and commodities, if one investment fails then it will save a lot from losing anything with a greater amount. The rationale behind this system is simple: different kinds of investments usually react differently to market conditions. For example when some are going down others may be growing hence ensuring an overall stable return.

Importance of Diversification

Mitigates risk: diversification helps spread the risks. Investing everything into a single share which collapses leads to losing mostly all one's money. However if he had a diversified portfolio such a situation would not have affected much on the entire portfolio since before there used to be good gains in some areas but now as compared it seems lesser than before.

Smooth Returns: A portfolio that has good diversification would experience lesser fluctuations. This implies that you will not experience vast changes in values brought about by investing in just one category of assets. By doing this, your profits are likely to be constant even as time passes.

The Possibility of Higher Returns: Even though the assumption of constant returns from different classes is not true, yet on average it leads to stability over all returns. If you have different kinds of financial tools some may perform well making other investments more profitable.

Conduct a proper market research and analysis like fundamental analysis, technical analysis etc. There are lot of websites which provides various tools to conduct analysis. One of the best websites for fundamental analysis is Trade Brains Portal. Trade Brains Portal has various tools like Portfolio analysis, Stock compare, Stock research reports and so on. Also the website provides fundamental details of all the stocks listed in Indian stock market.

How to Create Diversification

First Invest In Different Asset Classes: The initial stage of diversifying is distributing investments among diverse asset classes. You might include:

Shares: For instance invest into various sectors and industries which protects against any concentration risk.

Debts: Join corporate and state obligations that have various due terms.

Property: Purchase land or consider REITs which will go a long way in further diversity for the filling

Blacksmith’s tools: This allows one to hedge against stock price fluctuations since there are shares made from gold or liquid petroleum.

Asset Classes: Inside Each, Diversify More: Inside every asset class, further diversification should be encouraged. For instance, your stock portfolio may comprise both large, mid- and small-cap stocks pulled from various industries such as technology, health care or finance. Conversely, for fixed income investments you could consider both short- and long-term bonds from different issuers.

Geographic Diversification: Don’t confine your investments to just one country; consider allocating funds to global equities and debts so that you can ride on worldwide growth spurts at the same time lowering chances of going broke due to national downturns only.

Utilize Index Funds and ETFs: Index funds along with exchange-traded funds (ETFs) create fantastic platforms for diversification. Basically, these are investment vehicles which collect funds from numerous investors to buy a spectrum of stocks or bonds which automatically leads to diversification in the fund itself. As such; investing in index or ETF money market accounts results in an instantily diversified portfolio.

Strategic Diversification

Design Balanced Portfolios: A balanced portfolio will include stocks, bonds and other assets. The exact mix of these three categories depend on your risk appetite, investment objectives and time frame. For example; if you are young with an extended investment period ahead like 30 years or more, then perhaps you could have a greater percentage of equity shares. Conversely before retirement age it is likely that one would move towards more fixed income securities and other low-volatility options. Inorder to reduce the risk, one can invest in large cap companies or also investing in companies which has good dividends, bonus and splits can be a better choice.

1. Re Judiciously: With the passage of time, every investment’s worth may change thus creating an uneven portfolio. “Rebalance” refers to the act of bringing back into line one's desired proportions of investments as stocks, bonds or other such asset categories. This ensures that risk levels correspond with individual investment objectives.

2. Follow Up and Amending: Literacy needs one given fiscal policy to always differ and be changing as per preferences of that certain individual in the market at a particular time upon follow up from it regularly. Periodic adjustments may be required so as to keep an overall investment mix in balance hence giving opportunity for some time before buying any new ones.

Common Mistakes

Over Diversification: It is evident that although diversification matters; it can also harm your profit margins through excessive dilution. Avoid extensionalizing too thin your assets or choosing funds too far too many Aim for a balanced approach based on few investments.

Ignoring Asset Correlation: Diversification works well when these assets are not related closely. Investing in closely related assets ends up negating the effects on one’s portfolio during downturns and making this strategy less beneficial. All your assets ought to have different levels of risks as well as respond independently to different market conditions.

Minimizing Hazardous Behavior: Asset allocation must be aligned with your appetite for risk as well as your investment objectives. Don’t just diversify simply for the purpose of it. Ensure that your portfolio represents your comfort with risk and conforms to your financial aims.

Conclusion

A potent strategy for curtailing investment risks and obtaining more steady returns is diversification. When you spread out investments throughout various asset classes, industries and regions, the effect of bad performance on one specific investment will be reduced thus enhancing stability of the entire portfolio. Remember to diversify within asset classes, utilize index mutual funds along with ETFs then periodically check and adjust the mix in order to have an ideal level of diversification throughout your life cycle; this way you will be able to handle any changes in the marketplace hence working towards fulfilling all your dreams.

[omegaphilosophia]

Aspects of the Philosophy of Consumerism

The philosophy of consumerism explores the ethical, social, and environmental implications of modern consumer culture. It delves into the philosophical underpinnings of consumption, the nature of materialism, and the impact of consumerist attitudes and behaviors on individuals, society, and the planet. Here are some key aspects of the philosophy of consumerism:

Nature of Consumption: Consumerism involves the consumption of goods and services beyond basic needs, often driven by desires for status, identity, and fulfillment. Philosophically, consumerism raises questions about the relationship between material possessions and happiness, the role of advertising and marketing in shaping desires, and the ethics of conspicuous consumption.

Economic Systems: Consumerism is closely tied to capitalist economic systems, which prioritize production, consumption, and economic growth. Philosophically, consumerism prompts inquiries into the values and principles that underlie capitalist economies, such as free market competition, individual choice, and the pursuit of profit. It also examines alternative economic models and critiques of consumer capitalism, including socialism, environmentalism, and degrowth movements.

Identity and Selfhood: Consumerism influences how individuals define themselves and their identities through consumption choices. Philosophically, consumerism raises questions about the authenticity of self-expression in a consumer-driven society, the commodification of identity, and the relationship between material possessions and self-worth. It also explores the potential for alternative forms of identity formation and self-realization beyond consumer culture.

Environmental Sustainability: Consumerism has significant environmental consequences, including resource depletion, pollution, and climate change. Philosophically, consumerism prompts inquiries into the ethics of resource consumption, the concept of sustainable development, and the responsibilities of individuals, corporations, and governments in addressing environmental challenges. It also examines the potential for ethical consumption practices, such as minimalism, ethical sourcing, and circular economies, to mitigate environmental impacts.

Social Justice: Consumerism intersects with issues of social justice, including income inequality, labor exploitation, and global economic disparities. Philosophically, consumerism raises questions about the ethics of production and supply chains, the rights of workers and consumers, and the distribution of wealth and resources. It also explores the potential for consumer activism, fair trade practices, and ethical consumerism to promote social justice and economic equity.

Hedonism and Materialism: Consumerism is often associated with hedonistic and materialistic values, emphasizing pleasure, luxury, and the pursuit of wealth and possessions. Philosophically, consumerism prompts inquiries into the nature of happiness, the pursuit of meaning and fulfillment, and the relationship between material wealth and human flourishing. It also examines critiques of hedonism and materialism from philosophical traditions such as Stoicism, Buddhism, and environmental ethics.

Philosophical Perspectives: The philosophy of consumerism draws upon various philosophical traditions and perspectives, including ethics, political philosophy, environmental philosophy, and cultural criticism. Philosophers such as Karl Marx, Thorstein Veblen, and Herbert Marcuse have critiqued consumerism from Marxist, sociological, and psychoanalytic perspectives, while others have explored the existential and ethical dimensions of consumption in contemporary society.

Overall, the philosophy of consumerism invites us to critically examine the values, assumptions, and consequences of modern consumer culture. By engaging with philosophical inquiries into consumerism, we gain deeper insights into the complexities of human desires, values, and aspirations, as well as the challenges and opportunities of living in a consumer-driven world.

[infamousbrad]

They had "pig butchering" scams in the 1930s.

Please tell your friends and family about this, because you don't know who doesn't know this. I forget how many people don't know this, too, but then I remember that I learned about it from a 1940 non-fiction best-seller that I only heard about because it was popular among 1940s and '50s science fiction authors. (And then later made into a movie called "The Sting," which, via a long chain of copies, also got made into a long-running TV series called Leverage.) The story goes like this:

The Roper identifies and ropes the Mark, who gets handed off to the Grifter, who Shows the Mark the Store. The Store Baits the Hook, then puts the Mark On the Send, and then Stings the Mark when they get back to the Store, and then Blows them Off.

I just got around to watching the John Oliver episode about what the FBI now calls "pig butchering" scams, and, having read David Maurer's original 1940 book about the professional jargon of long-con confidence artists, The Big Con, I recognized every step of it. I spent the whole segment saying the same thing over and over again: "Oh, is that what they're calling that now?"

Do you believe that basically every rich person in the world got rich because they got away with some scam? Of course you do. But are you more jealous than angry? Do you wish someone who knew you would like you enough to let you in on the scam? That's why you're a Mark.

A Roper is a person who's trained in how to go into places where it's normal to have conversations with strangers (back then, cross-country trains and inter-continental ocean liners; nowadays, your smartphone) and easily make friends. Most of the Roper's new friends quickly get ignored; what they're looking for is a resentful, jealous middle or upper middle class person who wishes someone would tell them the illegal way to get rich.

That's when the Mark finds out that the Roper is in the middle of getting rich him/herself! Thanks to The Grifter! And asks the Mark would you like to meet the Grifter?

The Grifter works out of the Store; Ropers bring Marks to him/her. The Store looks entirely convincingly like a place (or an app or a site) where someone dirty, on the inside, could easily cheat people out of tons of money, by doing things like trading on secret information. And the Mark is happy to find out that the Grifter could easily make tons of money for them if they had anything to invest in the Store. The Mark hands over the small amount of money they have on them and, very quickly, the Grifter Baits the Hook: gives them their winnings, and apologizes for how small they were. If only the Mark had more money to invest ...

At which point the Mark, who is On the Send, goes back home and empties out savings, takes out one or more equity loans, maybe even embezzles from his/her work (fully intending to put the money back) and brings it all to the Store.

At which point, instead of getting back winnings, the Mark gets Blown Off. If the Grifter does it smoothly, they can sting the same Mark over and over again: "It's not our fault, you did it wrong." Or "it's not our fault, this time the cops intervened, you're lucky you weren't arrested."

Any newly met "friend" who offers to tell you how to get rich is not your friend. You're the Mark and they're the Roper. The "way to get rich" method they offer you, that looks like it couldn't possibly be fake, too many people would have to be in on it? Is a Store, and they're making so much money off of Marks like you that they can easily hire that many people to play their parts. Oh, but the first time you tried it, you made money? Of course you did; how else would they put you On the Send? And when you come back from being put On the Send, you're not going to get rich, you're going to get Blown Off.

[beholdimhisbeloved]

1) RFBT

· Partnership

· Corporation

· Cooperatives

· FRIA

· E-Commerce Act

· Ease of Doing Business Act

· Intellectual Property Law

· Data Privacy Act

2) MAS

· Basic Considerations

· Cost Behavior and CVP

· Variable & Absorption

· FS Analysis

· Budgeting

· Standard Costing

· Performance Evaluation

· Pricing

· Relevant Costing

3) AFAR

· Partnership

· Corporate Liquidation

· Revenue Recognition – PFRS 15

· Long Term Construction Contract

· Franchise & Consignment Sales

· Home Office and Branch

· Business Combination

· Separate Financial Statements

4) TAX

· Introduction to Taxation

· Income Tax Fundamentals

· Final Tax & Capital Gains Tax

· Gross Income – Exclusions and Inclusions

· Special Gross Income Rules

· Deductions Principles

· Deductions from Gross Income

· Individual Income Tax

5) AT

· Practice and Regulations of the Profession

· Code of Ethics

· Fundamentals of Assurance Services

· Introduction to Auditing

· Overview of Audit Process and Pre-engagement

· Audit Planning

· Study and Evaluation of Internal Control

· Auditing in an IT Environment

· Business Processes Part 1

6) FARAP

· Review of Accounting Process, Single Entry and Correction of Errors

· Cash and Cash Equivalents, Bank Reconciliation, Proof of Cash and Audit of Cash

· Trade and Other Receivables, Notes Receivable and Audit of Receivables

· Loans Receivable, Impairment and Receivable Financing

· Inventories, Biological Assets and Audit of Inventories

· PPE - Initial and Subsequent Measurement, Borrowing Costs and Government Grants

· Wasting Assets, Intangible Assets, Impairment and Audit of PPE and Intangible Assets

· Investment in Equity Securities, Associates and Debt Securities

· Investment Properties, Other Investments and Audit of Investments

[qadirakhan07]

indian stock market

Title: Navigating the Stock Market: A Beginner's Guide

Introduction

The stock market is a dynamic and complex financial ecosystem where investors buy and sell shares of publicly-traded companies. It's a place where fortunes can be made and lost, but understanding the fundamentals can significantly reduce the risk associated with investing. In this beginner's guide to the stock market, we'll explore the basics, terminology, and strategies to help you embark on your investment journey with confidence.

Chapter 1: What is the Stock Market?

Definition: The stock market is a marketplace where buyers and sellers trade ownership in companies through stocks (equity).

Historical Perspective: Learn about the origins and evolution of stock markets.

Types of Stock Markets: Understand the differences between major stock exchanges (e.g., NYSE, NASDAQ).

Chapter 2: Stock Market Participants

Investors: Discover the various types of investors, from individual traders to institutional investors.

Public Companies: Explore why companies go public and what it means for investors.

Regulators: Learn about the regulatory bodies that oversee stock markets.

Chapter 3: Stock Market Basics

Stocks and Shares: Differentiate between stocks and shares and understand their value.

Market Indices: Discover how indices like the S&P 500 and Dow Jones work.

Market Orders: Learn about market orders, limit orders, and stop orders.

Trading Hours: Know the opening and closing times of stock markets.

Chapter 4: Investment Strategies

Long-Term Investing: Explore the benefits of buy-and-hold strategies.

Day Trading: Understand the fast-paced world of day trading.

Value Investing: Learn about the principles made famous by Warren Buffett.

Risk Management: Discover strategies to mitigate risk and protect your investments.

Chapter 5: Analyzing Stocks

Fundamental Analysis: Evaluate a company's financial health and performance.

Technical Analysis: Study price charts and indicators to make short-term predictions.

Sentiment Analysis: Understand how market sentiment can affect stock prices.

Chapter 6: Diversification and Portfolio Management

Diversification: Learn how to spread risk by investing in various asset classes.

Building a Portfolio: Explore the process of constructing a well-balanced investment portfolio.

Rebalancing: Understand the importance of periodically adjusting your portfolio.

Chapter 7: Tax Implications and Regulations

Capital Gains Tax: Discover how profits from stock trading are taxed.

IRA and 401(k): Learn about tax-advantaged retirement accounts for long-term savings.

Chapter 8: Common Pitfalls and Mistakes

Overtrading: Avoid the urge to make excessive, impulsive trades.

Ignoring Research: Stress the importance of thorough research before investing.

Emotional Decision-Making: Learn to manage emotions when making investment decisions.

Chapter 9: Staying Informed

Financial News: Keep abreast of financial news and its impact on the market.

Investment Resources: Explore useful websites, books, and forums for learning and advice.

Conclusion

The stock market can be an exciting and rewarding place for investors, but it's crucial to approach it with knowledge and a well-thought-out strategy. With a solid understanding of the basics, a clear investment plan, and the discipline to stick to it, you can navigate the stock market and work towards achieving your financial goals. Remember that, like any other endeavor, successful stock market investing takes time, patience, and continuous learning.

[financialflare]

Investing in Stocks 101: A Beginner's Guide to Building Wealth with Confidence

I. Introduction to Investing in Stock

Investing in stocks can be a powerful tool for building long-term wealth. By acquiring ownership in companies through stock ownership, individuals can participate in the profits and growth of these businesses. This comprehensive guide aims to provide beginners with a solid foundation to navigate the complex world of stock investing, enabling them to make informed decisions with confidence.

Understanding the Basics of Investing in Stocks

Before diving into the intricacies of stock investing, it is crucial to grasp the basic concept of stocks. Stocks, also known as shares or equities, represent a portion of ownership in a company. When individuals purchase stocks, they become shareholders in that company, which entitles them to a share of its profits and assets.

Why Investing in Stocks is Essential for Wealth Building

Investing in stocks offers numerous advantages for wealth building. Unlike traditional savings accounts, stocks have the potential to generate substantial returns over the long term. Additionally, investing in stocks allows individuals to diversify their portfolios and participate in the growth of different industries and sectors. By harnessing the power of compounding returns, investors can exponentially increase their wealth over time.

II. Getting Started in Stock Investing

Embarking on a journey of stock investing requires careful planning and consideration. Before delving into the world of stocks, beginners should lay a strong foundation by following these steps:

Setting Financial Goals and Time Horizon

Determining financial goals is paramount in creating a roadmap for successful investing. Whether the objective is saving for retirement, buying a home, or funding education, setting clear goals helps investors tailor their investment strategies accordingly. Additionally, identifying the time horizon, or the length of time an investor plans to stay invested, plays a crucial role in selecting suitable investment options.

Assessing Risk Tolerance and Investment Options

Understanding personal risk tolerance is vital when considering investment options. Risk tolerance refers to an individual's willingness and ability to withstand fluctuations in investment values. It is essential to strike a balance between risk and potential returns to align investment choices with personal comfort levels. Furthermore, investors should explore different investment vehicles such as stocks, bonds, and mutual funds to diversify their portfolios and manage risk effectively.

Building a Solid Foundation: Budgeting and Emergency Funds

Before entering the world of stock investing, it is imperative to establish a solid financial foundation. Implementing a budgeting system enables individuals to monitor their income, expenses, and savings. By creating a clear picture of their financial health, investors can allocate funds for stock investments without compromising their overall financial stability. Additionally, building emergency funds safeguards against unforeseen circumstances, ensuring the availability of funds for emergencies rather than withdrawing invested capital prematurely.

III. Demystifying the Stock Market

The stock market can be an intimidating concept for beginners. However, gaining a fundamental understanding of its key aspects can help demystify the process of stock investing.

Exploring the Stock Market: Definitions, Exchanges, and Indexes

The stock market refers to the platform where investors can buy and sell stocks. It is an organized marketplace where buyers and sellers meet to trade shares of publicly listed companies. Stock exchanges, such as the New York Stock Exchange (NYSE) and NASDAQ, facilitate these transactions. Indexes, such as the S&P 500 and Dow Jones Industrial Average, track the performance of specific groups of stocks, enabling investors to gauge overall market trends.

How Stock Prices are Determined

Stock prices are determined by supply and demand dynamics in the stock market. When there is high demand for a particular stock, its price tends to rise, while low demand leads to price declines. Various factors, such as company performance, economic conditions, and investor sentiment, contribute to the fluctuations in stock prices.

Key Players in the Stock Market: Brokers, Investors, and Analysts

Several key players participate in the stock market, each with distinct roles and responsibilities. Brokers act as intermediaries between investors and the stock exchange, facilitating the buying and selling of stocks. Investors, who can be individuals or institutions, purchase and own stocks based on their investment objectives. Analysts play a pivotal role by analysing companies, industries, and economic factors to provide insights and recommendations to investors.

IV. Different Types of Stocks

Understanding the different types of stocks available in the market is essential for investors seeking to diversify their portfolios effectively.

Common Stocks vs. Preferred Stocks: Understanding the Differences

Common stocks and preferred stocks are the two primary types of stocks available to investors. Common stocks represent ownership in a company and provide individuals with voting rights in corporate matters. Preferred stocks, on the other hand, typically do not carry voting rights but offer higher priority for dividends and liquidation proceeds.

Growth Stocks, Value Stocks, and Dividend Stocks: Choosing Investments

Within the stock market, investors can select from various categories of stocks based on their investment objectives and strategies. Growth stocks are shares of companies with high growth potential but may not necessarily pay dividends. Value stocks, on the other hand, are stocks that are considered undervalued compared to their intrinsic worth. Dividend stocks are shares of companies that regularly distribute a portion of their profits to shareholders in the form of dividends.

V. Fundamental Analysis: Evaluating Stocks

Fundamental analysis plays a crucial role in evaluating the financial health and performance of companies, enabling investors to make informed decisions about their investments.

Introduction to Fundamental Analysis

Fundamental analysis focuses on assessing the underlying factors that drive a company's financial performance and stock value. By analyzing financial statements, economic factors, and industry trends, investors can gauge the intrinsic value of a stock.

Examining Financial Statements: Balance Sheets, Income Statements, and Cash Flow

Financial statements provide a comprehensive view of a company's financial health. The balance sheet showcases a company's assets, liabilities, and shareholders' equity. The income statement presents the company's revenues, expenses, and profits or losses. The cash flow statement illustrates the movement of cash into and out of the company, providing insights into its liquidity.

Key Financial Ratios for Stock Analysis

Financial ratios offer valuable insights into a company's financial health and performance. Ratios, such as price-to-earnings (P/E), return on equity (ROE), and debt-to-equity (D/E), can help investors assess a company's profitability, efficiency, and financial leverage.

VI. Technical Analysis: Analysing Stock Price Patterns

Technical analysis complements fundamental analysis by examining stock price patterns, trends, and indicators to predict future price movements.

Introduction to Technical Analysis

Technical analysis revolves around the belief that historical price and volume data can provide insights into future price movements. It involves studying stock charts, trend lines, and technical indicators to identify patterns that can guide investment decisions.

Understanding Stock Charts, Trends, and Patterns

Stock charts display the historical price movements of stocks over different time frames. Trend lines help identify the direction and strength of a stock's price movement. Various chart patterns, such as head and shoulders, double bottoms, and triangles, indicate potential reversals or continuations in stock prices.

Utilising Technical Indicators for Decision Making

Technical indicators, such as moving averages, relative strength index (RSI), and MACD (moving average convergence divergence), provide additional insights into stock price movements. These indicators help investors identify overbought or oversold conditions, as well as potential trend reversals, aiding in strategic decision-making.

VII. Building a Diversified Stock Portfolio

Diversification is a principle that mitigates risk by spreading investments across various stocks, sectors, and industries.

The Importance of Diversification

Diversifying a stock portfolio protects investors against the risk of holding a concentrated position. By investing in stocks across different industries and sectors, individuals can reduce the impact of negative events affecting a specific company or sector.

Choosing Stocks across Different Industries and Sectors

When building a diversified stock portfolio, it is crucial to allocate investments across various industries and sectors. This strategy ensures exposure to different economic cycles, reducing the potential vulnerability of the portfolio to specific events or industry downturns.

Allocating Portfolio Weightings and Risk Management

Determining the allocation of investments within a portfolio requires careful consideration. By diversifying holdings based on risk tolerance, investment goals, and time horizon, investors can achieve an optimal balance between risk and return.

VIII. Investing Strategies for Long-term Growth

Investing in stocks for long-term growth involves adopting specific strategies that capitalize on compounding returns and market cycles.

Buy and Hold Strategy: Investing for the Long Run

The buy and hold strategy entails purchasing stocks with the intention of holding them for an extended period, often years or even decades. This approach relies on the long-term growth potential of well-established companies and minimises the impacts of short-term market fluctuations.

Dollar-Cost Averaging: Regular Investing Regardless of Market Conditions

Dollar-cost averaging involves investing a fixed amount of money regularly, regardless of market conditions. This strategy allows investors to buy more shares when prices are low and fewer shares when prices are high, potentially reducing the overall average cost of investments.

Understanding Market Cycles and the Role of Patience

Markets experience cycles of expansion, consolidation, and contraction. Recognizing these cycles and maintaining patience are integral to long-term investment success. By avoiding knee-jerk reactions to short-term market movements, investors can harness the power of compounding returns over time.

IX. Performing Due Diligence: Researching and Selecting Stocks

Researching and selecting stocks requires thorough due diligence to make informed investment decisions.

Identifying Sources of Investment Information

Accurate and reliable information is crucial when researching stocks. Investors can access various sources of information, such as financial news websites, company annual reports, SEC filings, and industry reports, to gather insights and make informed decisions.

Evaluating Company Fundamentals and Industry Performance

Analysing a company's fundamentals, including revenue growth, profitability, competitive advantages, and management, helps assess its potential for long-term success. Additionally, understanding industry trends, competition, and market dynamics provides a broader context for evaluating a company's performance.

Selecting Stocks for Your Portfolio

The process of stock selection involves filtering potential investments based on established criteria, such as financial strength, growth prospects, and valuation. By carefully evaluating stocks, investors can assemble a portfolio that aligns with their investment goals and risk tolerance.

X. The Art of Buying and Selling Stocks

Executing buy and sell orders requires understanding various types of stock orders and maintaining a disciplined approach.

Placing Stock Orders: Market Orders, Limit Orders, and Stop Orders

Investors can place different types of orders to buy or sell stocks. Market orders execute immediately at the prevailing market price, while limit orders allow investors to specify the desired price at which to buy or sell. Stop orders are triggered when the stock reaches a specific price, aiming to limit losses or secure gains.

Timing the Market vs. Time in the Market

Timing the market, or attempting to buy stocks at the lowest price and sell at the highest, is extremely challenging and often unsuccessful. Instead, the time spent in the market is a more reliable strategy, allowing investors to benefit from the long-term upward trend of the stock market.

Emotional Pitfalls to Avoid

Emotions can significantly impact investment decisions. Fear and greed often lead to irrational behaviour, such as panic selling during market downturns or chasing speculative investments during market euphoria. Avoiding emotional pitfalls and maintaining a disciplined approach based on the investment plan is key to long-term success.

XI. Managing and Monitoring Your Stock Portfolio

Regularly managing and monitoring a stock portfolio ensures it remains aligned with evolving financial goals and market conditions.

Regular Portfolio Review and Rebalancing

Periodic portfolio reviews are essential to evaluate the performance of individual stocks and the overall portfolio. Rebalancing involves adjusting the portfolio's weightings to maintain the desired allocation and risk level.

Tracking Performance and Monitoring News

Monitoring the performance of individual stocks and the broader market is crucial for making informed decisions. Additionally, staying abreast of relevant news, such as company announcements, industry developments, and economic indicators, allows investors to react to potential opportunities or threats in a timely manner.

Tax Considerations and Investment Record-Keeping

Investors should be mindful of tax implications related to their stock investments. It is important to keep accurate records of transactions and consult with a tax professional to maximize tax efficiency. Maintaining proper documentation also facilitates overall investment record-keeping and simplifies the tax filing process.

XII. Potential Risks and Mitigation Strategies

Investing in stocks involves inherent risks. By understanding them and implementing appropriate mitigation strategies, investors can safeguard their portfolios.

Understanding Volatility and Market Fluctuations

Volatility refers to the degree of variation in stock prices over time. Market fluctuations can be driven by a wide range of factors, including economic events, geopolitical risks, and investor sentiment. Investors should be prepared for the occasional turbulence and remain focused on long-term objectives.

Assessing Systematic and Unsystematic Risks

Systematic risks, also known as market risks, affect the overall stock market and cannot be diversified away. Unsystematic risks, on the other hand, impact specific companies or sectors and can be mitigated through diversification. By diversifying across industries and sectors, investors can mitigate unsystematic risks while accepting the broader market risks.

Hedging and Protective Measures

Hedging involves employing strategies to offset potential losses in a portfolio. Options, futures, and exchange-traded funds (ETFs) are common hedging instruments. Protective measures, such as utilising stop-loss orders or setting trailing stops, enable investors to limit potential downside risks.

XIII. Investing in Stocks for Retirement

Stocks play a crucial role in retirement planning, providing long-term growth potential and income generation.

The Role of Stocks in Retirement Planning

Incorporating stocks in retirement investment portfolios can help counteract the effects of inflation and generate long-term growth. As stocks historically outperform other investment options over extended periods, they play a vital role in ensuring adequate retirement savings.

Considerations for Different Retirement Ages

The appropriate allocation to stocks within a retirement portfolio varies depending on an individual's age and risk tolerance. Younger individuals may have a higher allocation to equities due to their longer time horizon, while older individuals may opt for a more conservative allocation.

Balancing Risk and Income in Retirement Investment Portfolios

Retirees often seek a balance between risk and income in their investment portfolios. This involves diversifying holdings to mitigate potential volatility while considering income-generating assets, such as dividend-paying stocks, to meet ongoing financial needs.

XIV. Investing in Stocks for Specific Goals

Beyond retirement planning, stocks can be utilised to achieve various financial objectives.

Investing for Education: College Funds and 529 Plans

Investors can leverage stocks through college funds, such as 529 plans, to save for their children's education. By starting investments early and adopting a long-term perspective, individuals can potentially accumulate substantial funds for educational expenses.

Investing for a Home Purchase or Down Payment

Stock investments can serve as a means to save for a home purchase or down payment. Aligning investment strategies with the desired time frame and risk tolerance allows individuals to accumulate funds for this significant financial milestone.

Stocks as Passive Income: Dividend Investing

Dividend investing involves selecting stocks that regularly distribute a portion of their profits as dividends. By building a portfolio centred around dividend-paying stocks, investors can generate passive income and

[incarnateirony]

The Entertainment industry has been enjoying a 10% annual growth in earnings, while Warner Bros. Discovery has been facing a sharp decline of -53.3% per year, as reported by SimplyWall St., a site that offers financial data and analysis. However, the company has been reporting increases in its revenues at an impressive rate of 27.9%, yearly.

Warner Bros. Discovery’s debt-to-equity ratio is 102.3%, which means its total debt of $48.9 Billion exceeds its total shareholder equity of $47.8 Billion, as shown by the data from SimplyWall St., a site that offers financial data and analysis. The company has $130.6 Billion in total assets and $82.7 Billion in total liabilities.

The market capitalization of WBD stock is $31.499 Billion and the total revenue is $33.82 Billion. Moreover, the stock’s basic EPS is -$3.75 and the price-to-earnings ratio is -3.5. Whereas, the average volume is 67.994K and the current volume is 556.827K – the current volume is above average volume.

Moreover, the stock has done well this month, increasing by 6.07%. It surged by 3.11% in the last six months. Warner Bros. Discovery Inc. (NASDAQ: WBD) stock has a positive year-to-date return of 33.99% and a negative 1-year return of -9.77%.

Technical Analysis of Warner Bros Price in 1-D Time Frame

The price action shows that Warner Bros Discovery stock (NASDAQ: WBD) price bounced back from the demand zone and the all-time low of $8.83 at the beginning of 2023 and soared by 85% to $16.32 in three months.

However, the WBD stock price faced rejection and dropped to a new support level at $10.84, from where Warner bros price reversed and met the nearest resistance at $14.55. 

Since then, the WBD price has stayed in a contraction zone and formed a symmetrical triangle pattern between the upper and lower trendlines. This pattern shows that the WBD stock price is consolidating and could break in either direction, depending on the buyers and sellers. 

As of now, the WBD price is stable. This means that if the WBD stock price gets more pressure from the bears, it could fall below the nearest support levels which are $10.84 and $8.83.

(following that it proposes "if it can hold it could go up" but good luck in this market)

[so-much-for-subtlety]

Today I found out that our company offers an employee benefit where they will reimburse us for citibike (nyc bike ride share service).

Lyft acquired citibike (and several other bike share services in other major cities) and you have two annual membership options:

1. Citibike membership $205 per year

2. Lyft Pink All Access (LPAA) membership $199 per year

LPAA has same membership benefits of citibike, plus you get some lyft benefits, plus grubhub/seamless membership, plus membership to all the other major city Bike share services, plus other random benefits.

If you’re a citibike member already you can also transfer your membership to Lyft pink for free to get those benefits.

So why does LPAA cost $6 less than getting citibike membership alone?

There’s an argument that if you have a discount that you might be more likely to use a service they you wouldn’t have before. Maybe I don’t use grubhub now, but because now I get fees waived I’ll start using it (or use it more).

There’s probably truth in that, but it seems odd that they’ve only priced at $6 difference.

Someone mentioned in a Reddit thread a much more likely reason: it will greatly inflate the metrics for number of Lyft Plus members, which will look great on annual reports and make it look like they are more attractive investments.

It’s amazing to realize that these are not profitable companies: Lyft spends about $4 billion each year to make $3 billion of revenue. That’s like having a business model where I buy cans of soda for $1 each and sell them to people for $0.75 each. That’s great for the consumer but not sustainable!

The original assumption was that AI would allow for self driving cars in the ‘next 5 years’ but it seems to be looking like this is increasingly becoming less likely to happen anytime soon (at least not without killing a lot of passengers and pedestrians).

Lyft and Uber aren’t startups anymore, they are publicly traded companies but they still receive capital either by taking in debt or from PIPE (Private Investment in Public Equity) and basically they’re in bite-each-others-dicks-off type fight for a monopoly- as soon as one grids the other into dust there’s the possibility of making a profit- by janking up the prices! If you think Uber/Lyft fares are expensive now wait until you see what they’d be like when there’s no competitors!

Despite all this analysts are still saying that Uber/Lyft are great investments to buy right now (Uber technically *has* made profits in the past).

It’s so weird to be living in late-stage capitalism!

[thestandardoilcompany]

Portfolio Management

By. Jacinda T. Thomas, Masters of Science in Wealth Management { An American in Switzerland }

#jacindathomas #wealthmanagement

Let's discuss portfolio management. My expertise.

Portfolio management requires the ability to weigh strengths and weaknesses, opportunities and threats across the full spectrum of investments. The choices involve trade-offs, from debt versus equity to domestic versus international, and growth versus safety.

Our fav: https://www.investopedia.com/terms/p/portfoliomanagement.asp

What Is Portfolio Management?

Portfolio management is the art and science of selecting and overseeing a group of investments that meet the long-term financial objectives and risk tolerance of a client, a company, or an institution.

Some individuals do their own investment portfolio management. That requires a basic understanding of the key elements of portfolio building and maintenance that make for success, including asset allocation, diversification, and rebalancing.

KEY TAKEAWAYS

Investment portfolio management involves building and overseeing a selection of assets such as stocks, bonds, and cash that meet the long-term financial goals and risk tolerance of an investor.

Active portfolio management requires strategically buying and selling stocks and other assets in an effort to beat the performance of the broader market.

Passive portfolio management seeks to match the returns of the market by mimicking the makeup of an index or indexes.

Investors can implement strategies to aggressively pursue profits, conservatively attempt to preserve capital, or a blend of both.

Portfolio management requires clear long-term goals, clarity from the IRS on tax legislation changes, understanding of investor risk tolerance, and a willingness to study investment options.

What Is Portfolio Management?

Portfolio management is the art and science of selecting and overseeing a group of investments that meet the long-term financial objectives and risk tolerance of a client, a company, or an institution.

Some individuals do their own investment portfolio management. That requires a basic understanding of the key elements of portfolio building and maintenance that make for success, including asset allocation, diversification, and rebalancing.

KEY TAKEAWAYS

Investment portfolio management involves building and overseeing a selection of assets such as stocks, bonds, and cash that meet the long-term financial goals and risk tolerance of an investor.

Active portfolio management requires strategically buying and selling stocks and other assets in an effort to beat the performance of the broader market.

Passive portfolio management seeks to match the returns of the market by mimicking the makeup of an index or indexes.

Investors can implement strategies to aggressively pursue profits, conservatively attempt to preserve capital, or a blend of both.

Portfolio management requires clear long-term goals, clarity from the IRS on tax legislation changes, understanding of investor risk tolerance, and a willingness to study investment options.

Understanding Portfolio Management

Professional licensed portfolio managers work on behalf of clients, while individuals may choose to build and manage their own portfolios. In either case, the portfolio manager's ultimate goal is to maximize the investments' expected return within an appropriate level of risk exposure.

Portfolio management requires the ability to weigh strengths and weaknesses, opportunities and threats across the full spectrum of investments. The choices involve trade-offs, from debt versus equity to domestic versus international, and growth versus

Portfolio Management: Passive vs. Active

Portfolio management may be either passive or active.

Passive management is the set-it-and-forget-it long-term strategy. It may involve investing in one or more exchange-traded (ETF) index funds. This is commonly referred to as indexing or index investing. Those who build indexed portfolios may use modern portfolio theory (MPT) to help them optimize the mix.

Active management involves attempting to beat the performance of an index by actively buying and selling individual stocks and other assets. Closed-end funds are generally actively managed. Active managers may use any of a wide range of quantitative or qualitative models to aid in their evaluations of potential investments.

Active Portfolio Management

Investors who implement an active management approach use fund managers or brokers to buy and sell stocks in an attempt to outperform a specific index, such as the Standard & Poor's 500 Index or the Russell 1000 Index.

An actively managed investment fund has an individual portfolio manager, co-managers, or a team of managers actively making investment decisions for the fund. The success of an actively managed fund depends on a combination of in-depth research, market forecasting, and the expertise of the portfolio manager or management team.

Portfolio managers engaged in active investing pay close attention to market trends, shifts in the economy, changes to the political landscape, and news that affects companies. This data is used to time the purchase or sale of investments in an effort to take advantage of irregularities. Active managers claim that these processes will boost the potential for returns higher than those achieved by simply mimicking the holdings on a particular index.

Trying to beat the market inevitably involves additional market risk. Indexing eliminates this particular risk, as there is no possibility of human error in terms of stock selection. Index funds are also traded less frequently, which means that they incur lower expense ratios and are more tax-efficient than actively managed funds.

Passive Portfolio Management

Passive portfolio management, also referred to as index fund management, aims to duplicate the return of a particular market index or benchmark. Managers buy the same stocks that are listed on the index, using the same weighting that they represent in the index.

A passive strategy portfolio can be structured as an exchange-traded fund (ETF), a mutual fund, or a unit investment trust. Index funds are branded as passively managed because each has a portfolio manager whose job is to replicate the index rather than select the assets purchased or sold.

The management fees assessed on passive portfolios or funds are typically far lower than active management strategies.

Portfolio Management: Discretionary vs. Non-Discretionary

Another critical element of portfolio management is the concept of discretionary and non-discretionary management. This portfolio management approach dictates what a third-party may be allowed to do relating to your portfolio

[veebeemedia]

Best Stock broker in India

Best Stockbroker in India There are several benefits to choosing a reputed stockbroker in India. These include the fact that they offer a wide range of services. They also offer products for a variety of asset classes. In addition to this, they have a significant presence in different business and retail segments. Moreover, they have won several awards and were named as one of the most promising brands in India.

Parasram Parasram is the best Stock Broker in India. PARASRAM, a renowned & customer focused Financial Market player, is among the top stock broking groups in India, having memberships of leading Stock Exchanges. The group is a Depository Participant with NSDL and CDSL. We are One Stop Financial Supermarket currently caters to more than 130,000 High Net-worth Investors, NRIs, Corporate and retail clients through nationwide web of branch offices and business associates.

Upstox Upstox is one of the leading discount brokers in India. It offers a free trading platform and waives off the account opening fees. However, it does charge a fee for call & trade, auto square off, and research. There are also some downsides to Upstox, such as their lack of NRI trading options and monthly unlimited trading plans.

Upstox is one of the largest online brokerage firms in India and has been in business for 11 years. It provides trading in stocks, mutual funds, forex, IPOs, and commodities. It also provides important information for investors including market analysis, technical data, and equity derivatives. In addition, the company charges a low flat commission of Rs20 per trade, which is considerably lower than other online brokers in the country.

Motilal Oswal The following article compares Nj Wealth and Motilal Oswal, two full service brokers in India. We compared brokerage charges, trading platforms, customer support, and complaints to see which one is better for your needs. Nj Wealth has a reputation for being the best broker in India for investors, but if you're looking for an affordable option, Motilal Oswal is the way to go.

Motilal Oswal offers several different types of products for retail investors. In addition to stock trading, investors can also trade in a variety of commodities including bullion and agro commodities. These products are available on the MCX and NCDEX.

Sharekhan Sharekhan is a 21-year-old trading platform with over 2 million registered clients across India. It offers a range of products that help investors create a diversified portfolio. The platform also provides guidance and relationship managers who help clients with their investing. Furthermore, the website offers market news updates, auto investing, and learning resources.

Sharekhan is a subsidiary of BNP Paribas and is regulated by the Securities and Exchange Board of India. Sharekhan is also one of the oldest online brokers in India. It is part of the global BNP Paribas group, which is a publicly listed company. It is crucial to research a broker's background before deciding which one to use.

Sharekhan offers full service stockbroking and a range of investment and trade products. Its large network of branches covers more than 600 cities throughout India. The company is also renowned for its high-quality customer care and support. Sharekhan also offers excellent online trading platforms.

Zerodha Zerodha is a discount broker that's fast gaining in popularity. They offer a variety of investment options, including stocks and futures. The company is registered with the Securities and Exchange Board of India, which means that they're regulated by the government. In addition, Zerodha offers educational resources that can help new investors understand the basics of investing.

Unlike other brokerage firms, Zerodha offers a digital platform for investing. You can open an account within 24 hours, and use Aadhar-Esign to speed up the process. You'll also need to submit income proof, a net worth certificate, and a form 16 acknowledgment.

Angel broking Angel Broking offers multiple services to its clients. It is headquartered in Mumbai and has over 11,500 offices throughout India. Founded in 1987, Angel Broking makes money through the brokerage fees it charges on each trade it executes. These fees are part of the brokerage the client pays for the services he or she receives. In addition, Angel Broking offers free research tips and excellent offline support.

Angel Broking is a regulated broker and follows the National Commodity and Derivatives Exchange Limited (NCDEX) and Multi-Commodity Exchange of India (MCX). The company is a custodian of the CDSL, which regulates the brokerage industry. However, Angel Broking does not offer any form of segregated account or financial compensation in case of ruin. Clients can deposit and withdraw funds using their bank accounts or via a debit card.

[mariacallous]

Editor’s Note: This report is an excerpt, with minor edits, from Addressing Inequities in the US K-12 Education System, which first appeared in Rebuilding the Pandemic Economy, published by the Aspen Economic Strategy Group in 2021.

This report reviews the basics of the American elementary and secondary education system: Who does what and how do we pay for it? While there are some commonalities across the country, the answers to both questions, it turns out, vary considerably across states.1

Who does what?

Schools are the institution most visibly and directly responsible for educating students. But many other actors and institutions affect what goes on in schools. Three separate levels of government—local school districts, state governments, and the federal government—are involved in the provision of public education. In addition, non-governmental actors, including teachers’ unions, parent groups, and philanthropists play important roles.

Schools

Most 5- to 17-year-old children – about 88%– attend public schools.2 (Expanding universal schooling to include up to two years of preschool is an active area of discussion which could have far-reaching implications, but we focus on grades K-12 here.) About 9% attend private schools; about a quarter of private school students are in non-sectarian schools, and the remaining three-quarters are about evenly split between Catholic and other religious schools. The remaining 3% of students are homeschooled.

Magnet schools are operated by local school districts but enroll students from across the district; magnet schools often have special curricula—for example, a focus on science or arts—and were sometimes designed specifically to encourage racial integration. Charter schools are publicly funded and operate subject to state regulations; private school regulations and homeschooling requirements are governed by state law and vary across states. Nationally, 6.8% of public school students are enrolled in charter schools; the remainder attend “traditional public schools,” where students are mostly assigned to schools based on their home address and the boundaries school districts draw. Washington, D.C. and Arizona have the highest rates of charter enrollment, with 43 and 19% of their public school students attending charter schools. Several states have little or no charter school enrollment. Prior to the COVID-19 pandemic, nearly all public schooling took place in person, with about 0.6% of students enrolled in virtual schools.

Local School Districts

Over 13,000 local education agencies (LEAs), also known as school districts, are responsible for running traditional public schools. The size and structure of local school districts, as well as the powers they have and how they operate, depend on the state. Some states have hundreds of districts, and others have dozens. District size is mostly historically determined rather than a reflection of current policy choices. But while districts can rarely “choose” to get smaller or larger, district size implicates important trade-offs. Having many school districts operating in a metropolitan area can enhance incentives for school and district administrators to run schools consistent with the preferences of residents, who can vote out leaders or vote with their feet by leaving the district. On the other hand, fragmentation can lead to more segregation by race and income and less equity in funding, though state laws governing how local districts raise revenue may address the funding issues. Larger districts can benefit from economies of scale as the fixed costs of operating a district are spread over more students and they are better able to operate special programs, but large districts can also be difficult to manage. And even though large districts have the potential to pool resources between more- and less-affluent areas, equity challenges persist as staffing patterns lead to different levels of spending at schools within the same district.

School boards can be elected or appointed, and they generally are responsible for hiring the chief school district administrator, the superintendent. In large districts, superintendent turnover is often cited as a barrier to sustained progress on long term plans, though the causation may run in the other direction: Making progress is difficult, and frustration with reform efforts leads to frequent superintendent departures. School districts take in revenue from local, state, and federal sources, and allocate resources—primarily staff—to schools. The bureaucrats in district “central offices” oversee administrative functions including human resources, curriculum and instruction, and compliance with state and federal requirements. The extent to which districts devolve authority over instructional and organizational decisions to the school level varies both across and within states.

State Governments

The U.S. Constitution reserves power over education for the states. States have delegated authority to finance and run schools to local school districts but remain in charge when it comes to elementary and secondary education. State constitutions contain their own—again, varying—language about the right to education, which has given rise to litigation over the level and distribution of school funding in nearly all states over the past half century. States play a major role in school finance, both by sending aid to local school districts and by determining how local districts are allowed to tax and spend, as discussed further below.

State legislatures and state education agencies also influence education through mechanisms outside the school finance system. For example, states may set requirements for teacher certification and high school graduation, regulate or administer retirement systems, determine the ages of compulsory schooling, decide how charter schools will (or will not) be established and regulated, set home-schooling requirements, establish curricular standards or approve specific instructional materials, choose standardized tests and proficiency standards, set systems for school accountability (subject to federal law), and create (or not) education tax credits or vouchers to direct public funds to private schools. Whether and how states approach these issues—and which functions they delegate to local school districts—varies considerably.

Federal Government

The authority of the federal government to direct schools to take specific actions is weak. Federal laws protect access to education for specific groups of students, including students with disabilities and English language learners. Title IX prohibits sex discrimination in education, and the Civil Rights Act prohibits discrimination on the basis of race. The U.S. Department of Education issues regulations and guidance on K-12 laws and oversees grant distribution and compliance. It also collects and shares data and funds research. The Bureau of Indian Education is housed in the Department of the Interior, not the Department of Education.

The federal government influences elementary and secondary education primarily by providing funding—and through the rules surrounding the use of those funds and the conditions that must be met to receive federal funding. Federal aid is typically allocated according to formulas targeting particular populations. The largest formula-aid federal programs are Title I of the Elementary and Secondary Education Act (ESEA), which provides districts funds to support educational opportunity, and the Individuals with Disabilities Education Act (IDEA), for special education. Both allocate funding in part based on child poverty rates. State and school district fiscal personnel ensure that districts comply with rules governing how federal funds can be spent and therefore have direct influence on school environments. Since 1965, in addition to specifying how federal funds can be spent, Congress has required states and districts to adopt other policies as a condition of Title I receipt. The policies have changed over time, but most notably include requiring school districts to desegregate, requiring states to adopt test-based accountability systems, and requiring the use of “evidence-based” approaches. 

IDEA establishes protections for students with disabilities in addition to providing funding. The law guarantees their right to a free and appropriate public education in the least restrictive setting and sets out requirements for the use of Individualized Educational Programs. Because of these guarantees, IDEA allows students and families to pursue litigation. Federal law prohibits conditioning funding on the use of any specific curriculum. The Obama Administration’s Race to the Top program was also designed to promote specific policy changes—many related to teacher policy—but through a competitive model under which only select states or districts “won” the funds. For the major formula funds, like Title I and IDEA, the assumption (nearly always true) is that states and districts will adopt the policies required to receive federal aid and all will receive funds; in some cases, those policy changes may have more impact than the money itself. The federal government also allocated significant funding to support schools during the Great Recession and during the COVID-19 pandemic through specially created fiscal stabilization or relief funds; federal funding for schools during the COVID crisis was significantly larger than during the Great Recession.

The federal tax code, while perhaps more visible in its influence on higher education, also serves as a K-12 policy lever. The controversial state and local tax deduction, now limited to $10,000, reduces federal tax collections and subsidizes progressive taxation for state and local spending, including for education. As of 2018, 529 plans, which historically allowed tax-preferred savings only for higher education expenses, can also be used for private K-12 expenses.

Non-Governmental Actors

Notable non-governmental actors in elementary and secondary education include teachers’ unions and schools of education, along with parents, philanthropists, vendors, and other advocates.The nation’s three million public school teachers are a powerful political force, affecting more than just teachers’ compensation. For example, provisions of collective bargaining agreements meant to improve teachers working conditions also limit administrator flexibility. Teachers unions are also important political actors; they play an active role in federal, state, and school board elections and advocate for (or, more often, against) a range of policies affecting education. Union strength variesconsiderably across U.S. states.

Both states and institutions of higher education play important roles in determining who teaches and the preparation they receive. Policies related to teacher certification and preparation requirements, ranging from whether teachers are tested on academic content to which teachers are eligible to supervise student teachers, vary considerably across states.3 Meanwhile, reviews of teacher training programs reveal many programs do not do a good job incorporating consensus views of research-based best practices in key areas. To date, schools of education have not been the focus of much policy discussion, but they would be critical partners in any changes to how teachers are trained.

Parents play an important role, through a wide range of channels, in determining what happens in schools. Parents choose schools for their children, either implicitly when they choose where to live or explicitly by enrolling in a charter school, private school, participating in a school district choice program, or homeschooling, though these choices are constrained by income, information, and other factors. They may also raise money through Parent Teacher Associations (PTAs) or other foundations—and determine how it is spent. And they advocate for (or against) specific policies, curriculum, or other aspects of schooling through parent organizations, school boards, or other levels of government. Parents often also advocate for their children to receive certain teachers, placements, evaluation, or services; this is particularly true for parents of students with disabilities, who often must make sure their children receive legally required services and accommodations. Though state and federal policymakers sometimes mandate parent engagement, these mechanisms do not necessarily provide meaningful pathways for parental input and are often dominated by white and higher-SES parents.      

Philanthropy also has an important influence on education policy, locally and nationally. Not only do funders support individual schools in traditional ways, but they are also increasingly active in influencing federal and state laws. Part of these philanthropic efforts happen through advocacy groups, including civil rights groups, religious groups, and the hard-to-define “education reform” movement. Finally, the many vendors of curriculum, assessment, and “edtech” products and services bring their own lobbying power.

Paying for school

Research on school finance might be better termed school district finance because districts are the jurisdictions generating and receiving revenue, and districts, not schools, are almost always responsible for spending decisions. School districts typically use staffing models to send resources to schools, specifying how many staff positions (full-time equivalents), rather than dollars, each school gets. 

Inflation-adjusted, per-pupil revenue to school districts has increased steadily over time and averaged about $15,500 in 2018-19 (total expenditure, which includes both ongoing and capital expenditure, is similar but we focus on revenue because we are interested in the sources of revenue). Per-pupil revenue growth tends to stall or reverse in recessions and has only recently recovered to levels seen prior to the Great Recession (Figure 1). On average, school districts generated about 46% of their revenue locally, with about 80% of that from property taxes; about 47% of revenue came from state governments and about 8% from the federal government. The share of revenue raised locally has declined from about 56% in the early 1960s to 46% today, while the state and federal shares have grown. Local revenue comes from taxes levied by local school districts, but local school districts often do not have complete control over the taxes they levy themselves, and they almost never determine exactly how much they spend because that depends on how much they receive in state and federal aid. State governments may require school districts to levy certain taxes, limit how much local districts are allowed to tax or spend, or they may implicitly or explicitly redistribute some portion of local tax revenue to other districts.

Both the level of spending and distribution of revenue by source vary substantially across states (Figure 2), with New York, the highest-spending state, spending almost $30,000 per pupil, while Idaho, Utah, and Oklahoma each spent under $10,000 per pupil. (Some, but far from all, of this difference is related to higher labor costs in New York.) Similarly, the local share of revenue varies from less than 5% in Hawaii and Vermont to about 60% in New Hampshire and Nebraska. On average, high-poverty states spend less, but there is also considerable variation in spending among states with similar child poverty rates.

Discussions of school funding equity—and considerable legal action—focus on inequality of funding across school districts within the same state. While people often assume districts serving disadvantaged students spend less per pupil than wealthier districts within a state, per-pupil spending and the child poverty rate are nearly always uncorrelated or positively correlated, with higher-poverty districts spending more on average. Typically, disadvantaged districts receive more state and federal funding, offsetting differences in funding from local sources. Meanwhile, considerable inequality exists between states, and poorer states spend less on average. Figure 3 illustrates an example of this dynamic, showing the relationship between district-level per-pupil spending and the child poverty rate in North Carolina (a relatively low-spending state with county- and city-based districts) and Illinois (a higher-spending state with many smaller districts). In North Carolina, higher poverty districts spend more on average; Illinois is one of only a few states in which this relationship is reversed. But this does not mean poor kids get fewer resources in Illinois than in North Carolina. Indeed, nearly all districts in Illinois spend more than most districts in North Carolina, regardless of poverty rate.

Figure 4 gives a flavor of the wide variation in per-pupil school spending. Nationally, the district at the 10th percentile had per-pupil current expenditure of $8,800, compared to $18,600 at the 90th percentile (for these calculations we focus on current expenditure, which is less volatile year-to-year, rather than revenue). Figure 4 shows that this variation is notably not systematically related to key demographics. For example, on average, poor students attend school in districts that spent $13,023 compared to $13,007 for non-poor students. The average Black student attends school in a district that spent $13,485 per student, compared to $12,918 for Hispanic students and $12,736 for White students.4 School districts in high-wage areas need to spend more to hire the same staff, but adjusting spending to account for differences in prevailing wages of college graduates (the second set of bars) does not change the picture much.

Does this mean the allocation of spending is fair? Not really. First, to make progress reducing the disparities in outcomes discussed above, schools serving more disadvantaged students will need to spend more on average. Second, these data are measured at the school district level, lumping all schools together. This potentially masks inequality across (as well as within) schools in the same district.

The federal government now requires states to report some spending at the school level; states have only recently released these data. One study using these new data finds that within districts, schools attended by students of color and economically-disadvantaged students tend to have more staff per pupil and to spend more per pupil. These schools also have more novice teachers. How could within-district spending differences systematically correlate with student characteristics, when property taxes and other revenues for the entire district feed into the central budget? Most of what school districts buy is staff, and compensation is largely based on credentials and experience. So schools with less-experienced teachers spend less per pupil than those with more experienced ones, even if they have identical teacher-to-student ratios. Research suggests schools enrolling more economically disadvantaged students, or more students of color, on average have worse working conditions for teachers and experience more teacher turnover. Together, this means that school districts using the same staffing rules for each school—or even allocating more staff to schools serving more economically disadvantaged students—would have different patterns in spending per pupil than staff per pupil.