Category Archives: Anatomy

When the Facts Change, We Change Our Minds (Anatomy of a Sale) – Yahoo Finance

Even before the coronavirus, we were not big fans of the airlines business. Planes are expensive. Airlines have to pay for them whether they are fully occupied during normal economic times or when they are half-loaded during recessions. Their other big cost is fuel - airlines have little control over it. If they hedge the oil price and it goes up, they are heroes. If they hedge oil and it declines, their unhedged competition will have an economic advantage. It is very difficult to develop competitive advantage; customers usually have very little loyalty and price is the deciding factor for most buying decisions.

Warren Buffett (Trades, Portfolio) invested in the airlines industry in the '80s, lost money, and swore he'd never invest in it again. However, after the Great Financial Crisis the industry went through significant consolidation by mergers and attrition, leaving four carriers controlling the bulk of the market. Fewer competitors made competition more rational and turned these airlines into much better businesses. So Buffett changed his mind and bought a 10% stake in all four of the largest U.S. airlines. For a few years it seemed that he was finally right about the airlines.

Airlines were never our cup of tea. The high fixed-cost structure of the industry and its past history of going bankrupt every other recession made our EQ when it comes to airlines very low. When Buffett bought them, for some value investors, the airlines had been blessed by the high priest. We are agnostic (growing up in Soviet Russia has its rare benefits) and have to own our decisions, so we passed on the airlines without spending much time thinking about them.

Typically, when you go into recession you can look at the rear-view mirror earnings for a cyclical company and that becomes your goalpost for future earnings power within a year or two, max. We don't know how long it will take until we'll again see the 2019 earnings power of airlines and the travel industry in general. Here is what we know. Though it is hard to imagine this today, the fear of COVID-19 will eventually go away, either because there is a vaccine or a cure, or because the virus is gone, or because we will simply adapt to its existence.

But even in absence of a vaccine or cure, we'll change our behavior, and that will happen slowly on the margin. After being locked up for a few months, not seeing friends and relatives except on Zoom or Facetime, we'll timidly visit their houses and sit six feet apart on their porches. (My family did this on Mother's Day.) Then we'll invite very close friends - the ones who stuck religiously to social distancing- to our homes for dinner. Then we might chance visiting a restaurant with outdoor seating. Then, on a rainy day, we'll go inside the restaurant and find that it now has huge spacing between the tables. We'll make a lot of small incremental decisions; each will be a tiny compromise that will nudge us out of our fear.

Of course, each time we read about serious virus flareups, we'll take one step back.

Flying is at one extreme in the spectrum of social distancing. It requires finding your way through airports packed with people and then getting on a plane that, even after the middle seats are removed will still have a higher density than a packed bar on Friday night in Manhattan. Thus flying will require a great many little, incremental, marginal decisions before we overcome the fear of boarding a plane.

Vaccine availability would instantly vanquish fear, and our behavior would come back to normal. Well, almost. There will be scar tissue on the economy - trillions in government debt and persistently high unemployment - that will take time to clear up. People are not flying today because we are in lockdown; they'll be flying less than they used to after lockdown is over because they are still afraid; and after their fear is gone they'll still be flying less because they cannot afford the flights.

We imagine that when Buffett bought airlines in 2015, he thought the worst case would be a significant recession where plane occupancy would fall from the usual 80-90% to 50-60% (according to the FT, only four airlines out of a few hundred are profitable at 62% occupancy). His thinking was that the airlines would lose some money for a few quarters, but the recession would be anything but an existential crisis for them. Recessions last months and expansion years, and he thought he had bought them cheap on full-cycle (both recession and expansion) earnings.

Story continues

Despite being the Oracle of Omaha, he did not foresee that one day we might have a different type of recession where 95% of the planes would be grounded, not because people couldn't afford to buy a tickets but because they would be required to stay home by their governments, or would be afraid that close proximity to others would make them sick or even kill them.

Very few businesses can survive when 95% of their revenue goes away for an extended period of time. Even fewer can survive when they have a large fixed-asset base that needs to be paid for whether they are using it or not.

The sad reality is that unless airlines raise new capital, they will go bankrupt. This capital, though it might save them, will reduce the value of their businesses. Equity issuances, especially at today's depressed stock prices, would permanently dilute shareholders, as future earnings will be shared with a much-increased shareholder base.

If the airlines issue debt, it will not be cheap capital, either, and will burden these companies, which already have a lot of fixed costs, with another cost - significant interest payments that will substantially reduce their future earnings power. The longer the fear of the virus lingers on, the more money these companies will lose and the greater the damage that will be done to their balance sheets and thus their future earnings power.

In our thinking about the virus we have three timelines, or eras: BC - before coronavirus, DC - during coronavirus (now), and AC - after coronavirus (the virus is completely gone, or there is a vaccine or effective treatment. The longer the DC era lasts the more impact it has on the AC era. The DC era comes with high unemployment and enormous government spending - larger deficits and an ever-growing debt pile that is no longer counted in billions but in trillions.

The future of the airlines is path-dependent, and they have little control over that path; it is controlled by the virus (or the fear of the virus).

We don't own airlines, so why am I spending so much time talking about them? There are several reasons. First, because they are companies that are antithetical to our portfolio philosophy. Charlie Munger (Trades, Portfolio) says, "Tell me where I am going to die so I won't go there." So it's worth having a clear picture of the types of businesses you don't want to own.

Second, we wanted to point out Buffett's ability to change his mind. Interestingly, Buffett, who was already the largest shareholder of U.S. airlines, bought more airline stocks a few weeks before he sold them. We did something similar this quarter, too: We increased our position in Melrose Industries, just to sell the full position two weeks later. (More about Melrose to follow).

Third, like Buffett, we were playing traditional chess, not realizing that the game had changed to Fischer random chess. We were following the normal recession handbook (mental models) but then realized that this is anything but a normal recession. We have to be incredibly careful about using our past mental models today; they were built in a very different environment. Today, past experience is not useless, but if relied on blindly it can be dangerous. Some things will play out in the future as they have in the past, but many won't.

We needed to start using a first-principles approach - a concept we shamelessly borrowed from physics. We took out a blank piece of paper, assumed we knew nothing, and instead of continuing to think by analogy, started questioning every assumption we make in our analysis.

Our decision to sell Melrose Industries (LSE:MRO) is very similar to Buffett's sale of the airlines. We sold Melrose before the Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) annual meeting. It was a difficult decision, not because we cemented a loss but because we parted with a business we really liked, that was run by good management, and that was significantly undervalued when we bought it.

When we were buying Melrose we stress-tested it for a severe recession; however, the decline that Melrose is probably experiencing today did not occur to us in our wildest imagination. Melrose is a very strong player in two industries that have been impacted tremendously: the airlines space (it makes parts that go into planes and engines) and car parts (it is one of the largest makers of transmissions for cars). We talked to the company. It has credit lines and cash to give it immediate liquidity, but we are not sure if it will be enough.

We had applied the traditional recession mental model to our analysis, and we were wrong. Given the world we are looking at now, we should have sold it sooner.

Buying new planes is the last thing on airlines' minds today. Also, only 20% of Melrose's business comes from replacement parts. Melrose's auto parts business (ironically, the business we worried about the most when we bought the stock) may be okay; it may even generate some profit; but we are not sure it will be able to sustain the company. We simply don't know what the losses are going to be in the airlines space and for how long. We have a tremendous respect for the Melrose management team - they're a big reason why we bought the stock - but at this point the problem that Melrose is facing is bigger than them.

If you look carefully through your portfolio, you'll see that we've positioned it to the opposite side of spectrum from the airlines. Most of our holdings are concentrated in four industries: defense, healthcare, tobacco (where we are permitted by clients), and telecommunications. These industries have one thing in common: They will not be structurally impacted by the virus.

Consumption of goods and services in the four industries is completely insensitive to the virus. These companies all have very stable cash flows and pricing power - in the event of deflation they'll maintain their prices, while during inflation they'll raise them.

And one more thing...

I am not a journalist or reporter; I am an investor who thinks through writing. This and other investment articles are just my thinking at the point they were written. However, investment research is not static, it is fluid. New information comes our way and we continue to do research, which may lead us to tweak and modify assumptions and thus to change our minds.

We are long-term investors and often hold stocks for years, but as luck may or may not have it, by the time you read this article we may have already sold the stock. I may or may not write about this company ever again. Think of this and other articles as learning and thinking frameworks. But they are not investment recommendations. The bottom line is this. If this article piques your interest in the company I've mentioned, great. This should be the beginning, not the end, of your research.

Vitaliy Katsenelson, CFA

Student of Life

I am the CEO at IMA, which is anything but your average investment firm. (Why? Get our company brochure in your inbox here, or simply visit our website.)

In a brief moment of senility, Forbes magazine called me "the new Benjamin Graham."

I've written two books on investing, which were published by John Wiley & Sons and have been translated into eight languages. (I'm working on a third - you can read a chapter from it, titled "The 6 Commandments of Value Investing" here.)

And if you prefer listening, audio versions of my articles are published weekly at investor.fm.

This article first appeared on GuruFocus.

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When the Facts Change, We Change Our Minds (Anatomy of a Sale) - Yahoo Finance

Greys Anatomy Season 17: Greys Anatomy : Official Journal On The Start ? – Auto Freak

Season 17 of Greys Anatomy is in complete preparation. Everybody wonders what will happen to Oj following the passing of Alex.

In a month or two, fans of Greys Anatomy will have the ability to observe the year 17. But we are asked whatll happen to Oj following the departure of Alex. Beware; the report contains spoilers.

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Fans of Greys Anatomy havent been able to see all of the episodes of season 16. In reality, because of the Covid-19, the series runners havent released the previous four episodes of this year.

That the fans have frustrated since the last episode gave a play. Nonetheless, the season has not been without turns and twists, and fans have had to confront the departure of a personality flagship.

In fact, Alex played with Justin Chambers has selected to depart Seattle in order to help his unwell mom. The latter wanted to become present for his family, and hes left behind him, his wife.

It will not seem like Alex when we know that he loves Jo, and they had just gotten married. As well, the fans are disappointed, and everybody is wondering what will happen to Jo from the year 17 of Greys Anatomy.

Jo has created a big depression, and she recovered just out of his trauma from the sequence. Therefore, the departure of Alex could well mark the conclusion of the narrative of the physician. This last one may choose to leave for Greys Anatomy.

Chris Carmack that plays Lincoln, ensures that the character of Jo is strong. Thus, according to him, the woman Karev should recuperate. I do not believe that you can get rid of it easily; shes really tough skin. And she has a great deal to give to the planet and to his patients at Grey Sloan, he explained.

Hence, Oj should be present in Greys Anatomys season 17. Shell be able to rely upon the existence of his family to create a cross on his history with Alex. Additionally, it will be a little nearer to Lincoln.

In fact, Jo is very familiar with Lincoln, and they wish to be accomplices. One may even believe that they may end up going out together from the new season. But until now, Lincoln is in a relationship with Amelia, and they come just to get a child

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Greys Anatomy Season 17: Greys Anatomy : Official Journal On The Start ? - Auto Freak

Anatomy of the School Board Selection of Joy Klineberg – The Peoples Vanguard of Davis

The school board managed to get from 15 candidates to 1 in just three votes.

In round 1 on June 25, each board member had five votes.

Here is how they voted:

Tom Adams: Asmundson, Fulp-Cooke, Jackson, Klineberg and Taylor

Joe DiNunzio: Asmundson, Fulp-Cooke, Jackson, Klineberg and Panigrahi

Alan Fernandes: Asmundson, Jackson, Klineberg, Mauro and Taylor

Bob Poppenga: Asmundson, Darrah, Fulp-Cooke, Jackson, and Panigrahi.

That left Asmundson and Jackson with 4 votes, Klineberg and Fulp-Cooke with three, Taylor and Panigrahi with 2 going onto the next round with the other candidates as well as Darrah and Mauro not making the first cut.

Round 2 each board member had two votes.

Adams voted for Jackson and Klineberg

DiNunzio voted for Asmunson and Klineberg

Fernandes for Asmundson and Klinberg

Poppenga for Asmundson and Fulp-Cooke

That left Asmundson and Klineberg with three votes each.

Round 3 Asmundson versus Klineberg

Klineberg got three votes from Adams, DiNunzio and Fernandes

Bob Poppenga cast the lone vote for Asmundson.

It is worth noting that, at no point in time, did Bob Poppenga vote for Klineberg which meant that Klineberg was not even in Bob Poppengas top 5.

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Anatomy of the School Board Selection of Joy Klineberg - The Peoples Vanguard of Davis

Stunningly Awful Web Overview Demos The Gruesome Anatomy of a Traditional 1-Hour Web Overview Demonstration And Some Solutions – Customer Think

In which we identify a number of common challenges with overview demos and offer solutions.

[Warning graphic and potentially painful content ahead!]

1-Hour Web Overview Demo Timeline

Heres the rough but strangely consistent timeline for most web-delivered 1 hour overview demos:

[Starting time for each element on the left side]:

00:00: Fumbling with Zoom/WebEx/GoToMeeting/Teams

Looks like John/Sue/Page/whoever is just joining now

Can you see my screen?

Looks like youre muted

Were hearing a really bad echo

(This consumption of time is delightfully known as the WebEx Tax).

00:04: Introductions, but generally one-sided

Introductions and brief personal history of each of the vendor participants, but limited information requested or offered regarding customer participants before diving in

00:06: Corporate overview presentation (gag), often including

1. Mission statement

2. Products and services (high level see next section at 00.18 for the gory details)

3. Product history and milestones

4. Founders and origins story

5. The Team

6. Revenue history and financials

7. Office locations

8. Obligatory logos slide(s) (with logos that often have nothing to do with this customers market)

9. Customer testimonials (actually the most useful part of corporate overview presentations, but often ignored by the vendor Why?)

00:18: Product overview presentation (yawn), including

1. Obligatory architecture slide(s), with equally obligatory rectangles and cylinders representing software and database components (how novel)

2. Equally obligatory product-centric slide (showing companys product in the center of a circle of other things (e.g., users, other applications, process steps, you name it so novel, once again!)

3. Key differentiators, presented without context to the customers needs or specific situation (and largely forgotten by the customer, since they havent yet seen a solution that makes remembering anything relevant)

4. Case studies, if any, that are typically skipped over because were short on time (too bad real case studies would be the most interesting section)

00:26: Actual demo, including

1. Slide that says, Demo (which lets the audience know that everything from this point forward is fake)

2. Opening statement that We planned on 45 minutes for the demo, but we only have 30 minutes remaining, so well have to go really fast

3. Followed immediately by, But wed like this be interactive, so please stop me if you have any questions (while the presenter is actually thinking, But please dont stop me because Ive got so much to cover and youll interrupt my flow!)

4. Brief introduction of the plan for a story and 5 fictional characters whose day in the life will be followed in the demo

5. Followed by a firehose-like delivery with the presenter speaking non-stop for 4, 6, or 8 minutes or longer (I just saw an overview demo where the presenter went on for 40 minutes non-stop!)

a) Interspersed with the obligatory, Any questions so far?

Customer response? Nope, were good

b) Or Does that make sense?

Customer response? Um, yes (What else could the customer say to that?)

6. Overview of navigation elements

7. Introduction and definitions of vendor jargon, acronyms and product names (e.g., What we call a _____)

8. Repeated comment that everything is configurable

9. Repeated comment that everything can drill-down to the underlying data

10. Details on how to set up the application, (even though this task is typically done only once, when first implemented, and often by the vendors implementation team)

11. A walk-through of the workflow (a run-through, in fact, since time is really getting short)

a) Exploration of as many if, or, and also options as possible

b) Frequent references to, Remember when I (that arent remembered by the audience)

c) Zippy-Mouse-Syndrome mouse movements exacerbated by a tiny mouse cursor that can barely be seen with the naked eye

d) Made even worse through the lack of use of annotation tools

e) Made yet worse by the vendor presenting from a high-resolution monitor to audience members laptops (I cant read the text)

12. The occasional piling on of a feature description by the salesperson, immediately after a perfectly adequate explanation by the presenter

13. Pre-answering questions that youve heard frequently (but werent asked)

14. Being driven into the weeds by a random question from a low-level customer team member

15. Cutting off customer questions before the customer finishes (because youve heard the question so many times before)

16. Not confirming that you actually answered the customers question, before moving on

17. A rapid verbal description of the canned and custom reporting and dashboard capabilities:

a) Often including the claim that we have over 600 canned reports/dashboards of which a typical user might only consume a few!

b) Discussion of broad report and dashboard editing and creation capabilities

c) Repeated comment that everything can drill-down to the underlying data

18. Showing data that is obviously fake and/or lacks problems to solve, opportunities to exploit, or exceptions to investigate

19. Comment that we didnt have enough time to show you everything

20. No summaries whatsoever just a firehose furiously flinging features, functions, and facts

21. No analogies or metaphors to improve memory retention for the audience

22. No stories to cement memories, either

23. And, of course, absolutely no communication of value

00:58 Salesperson summary, with marketing platitude value proposition statements (that have little or limited bearing on the customers specific situation)

00:60 Salesperson suggests scheduling a deep dive demo or offers a POC

Customer reaction of, Thanks well get back to you

Frightening, gruesome and remarkably common!

If the objective was to show the customer a demo then that objective was achieved but it is very doubtful that other tangible progress was made in the sale.

Very sad; and largely a waste of time for all involved.

Assessment Time Prepare Yourself!

Play a few recordings of your organizations overview demos and see how many of the items identified above you or your team does today. Score 1 point for each item committed above.

[If the recording shows that each item above was exhibited, then your score is (sadly) ~50 the good news is you have LOTS of room for improvement!]

Now for grading how did you do?

0-5 Points: A your demos are delightfully unusual (and you are likely a Great Demo! graduate!)

6-10 Points: B your demos could improve

11-15 Points: C your demos could really improve

16-20 Points: D your demos should seriously improve

20+ Points: F your demos qualify for membership in the Sales Prevention Team!

Sadly, most overview demos rate a C grade or worse. If you are comfortable with the results, read no further (and keep your expectations low!).

Read more:
Stunningly Awful Web Overview Demos The Gruesome Anatomy of a Traditional 1-Hour Web Overview Demonstration And Some Solutions - Customer Think

When the Facts Change, We Change Our Minds (Anatomy of a Sale) – GuruFocus.com

Even before the coronavirus, we were not big fans of the airlines business. Planes are expensive. Airlines have to pay for them whether they are fully occupied during normal economic times or when they are half-loaded during recessions. Their other big cost is fuel airlines have little control over it. If they hedge the oil price and it goes up, they are heroes. If they hedge oil and it declines, their unhedged competition will have an economic advantage. It is very difficult to develop competitive advantage; customers usually have very little loyalty and price is the deciding factor for most buying decisions.

Warren Buffett (Trades, Portfolio) invested in the airlines industry in the 80s, lost money, and swore hed never invest in it again. However, after the Great Financial Crisis the industry went through significant consolidation by mergers and attrition, leaving four carriers controlling the bulk of the market. Fewer competitors made competition more rational and turned these airlines into much better businesses. So Buffett changed his mind and bought a 10% stake in all four of the largest U.S. airlines. For a few years it seemed that he was finally right about the airlines.

Airlines were never our cup of tea. The high fixed-cost structure of the industry and its past history of going bankrupt every other recession made our EQ when it comes to airlines very low. When Buffett bought them, for some value investors, the airlines had been blessed by the high priest. We are agnostic (growing up in Soviet Russia has its rare benefits) and have to own our decisions, so we passed on the airlines without spending much time thinking about them.

Typically, when you go into recession you can look at the rear-view mirror earnings for a cyclical company and that becomes your goalpost for future earnings power within a year or two, max. We dont know how long it will take until well again see the 2019 earnings power of airlines and the travel industry in general. Here is what we know. Though it is hard to imagine this today, the fear of COVID-19 will eventually go away, either because there is a vaccine or a cure, or because the virus is gone, or because we will simply adapt to its existence.

But even in absence of a vaccine or cure, well change our behavior, and that will happen slowly on the margin. After being locked up for a few months, not seeing friends and relatives except on Zoom or Facetime, well timidly visit their houses and sit six feet apart on their porches. (My family did this on Mothers Day.) Then well invite very close friends the ones who stuck religiously to social distancing to our homes for dinner. Then we might chance visiting a restaurant with outdoor seating. Then, on a rainy day, well go inside the restaurant and find that it now has huge spacing between the tables. Well make a lot of small incremental decisions; each will be a tiny compromise that will nudge us out of our fear.

Of course, each time we read about serious virus flareups, well take one step back.

Flying is at one extreme in the spectrum of social distancing. It requires finding your way through airports packed with people and then getting on a plane that, even after the middle seats are removed will still have a higher density than a packed bar on Friday night in Manhattan. Thus flying will require a great many little, incremental, marginal decisions before we overcome the fear of boarding a plane.

Vaccine availability would instantly vanquish fear, and our behavior would come back to normal. Well, almost. There will be scar tissue on the economy trillions in government debt and persistently high unemployment that will take time to clear up. People are not flying today because we are in lockdown; theyll be flying less than they used to after lockdown is over because they are still afraid; and after their fear is gone theyll still be flying less because they cannot afford the flights.

We imagine that when Buffett bought airlines in 2015, he thought the worst case would be a significant recession where plane occupancy would fall from the usual 80-90% to 50-60% (according to the FT, only four airlines out of a few hundred are profitable at 62% occupancy). His thinking was that the airlines would lose some money for a few quarters, but the recession would be anything but an existential crisis for them. Recessions last months and expansion years, and he thought he had bought them cheap on full-cycle (both recession and expansion) earnings.

Despite being the Oracle of Omaha, he did not foresee that one day we might have a different type of recession where 95% of the planes would be grounded, not because people couldnt afford to buy a tickets but because they would be required to stay home by their governments, or would be afraid that close proximity to others would make them sick or even kill them.

Very few businesses can survive when 95% of their revenue goes away for an extended period of time. Even fewer can survive when they have a large fixed-asset base that needs to be paid for whether they are using it or not.

The sad reality is that unless airlines raise new capital, they will go bankrupt. This capital, though it might save them, will reduce the value of their businesses. Equity issuances, especially at todays depressed stock prices, would permanently dilute shareholders, as future earnings will be shared with a much-increased shareholder base.

If the airlines issue debt, it will not be cheap capital, either, and will burden these companies, which already have a lot of fixed costs, with another cost significant interest payments that will substantially reduce their future earnings power. The longer the fear of the virus lingers on, the more money these companies will lose and the greater the damage that will be done to their balance sheets and thus their future earnings power.

In our thinking about the virus we have three timelines, or eras: BC before coronavirus, DC during coronavirus (now), and AC after coronavirus (the virus is completely gone, or there is a vaccine or effective treatment. The longer the DC era lasts the more impact it has on the AC era. The DC era comes with high unemployment and enormous government spending larger deficits and an ever-growing debt pile that is no longer counted in billions but in trillions.

The future of the airlines is path-dependent, and they have little control over that path; it is controlled by the virus (or the fear of the virus).

We dont own airlines, so why am I spending so much time talking about them? There are several reasons. First, because they are companies that are antithetical to our portfolio philosophy. Charlie Munger (Trades, Portfolio) says, Tell me where I am going to die so I wont go there. So its worth having a clear picture of the types of businesses you dont want to own.

Second, we wanted to point out Buffetts ability to change his mind. Interestingly, Buffett, who was already the largest shareholder of U.S. airlines, bought more airline stocks a few weeks before he sold them. We did something similar this quarter, too: We increased our position in Melrose Industries, just to sell the full position two weeks later. (More about Melrose to follow).

Third, like Buffett, we were playing traditional chess, not realizing that the game had changed to Fischer random chess. We were following the normal recession handbook (mental models) but then realized that this is anything but a normal recession. We have to be incredibly careful about using our past mental models today; they were built in a very different environment. Today, past experience is not useless, but if relied on blindly it can be dangerous. Some things will play out in the future as they have in the past, but many wont.

We needed to start using a first-principles approach a concept we shamelessly borrowed from physics. We took out a blank piece of paper, assumed we knew nothing, and instead of continuing to think by analogy, started questioning every assumption we make in our analysis.

Our decision to sell Melrose Industries (LSE:MRO) is very similar to Buffetts sale of the airlines. We sold Melrose before the Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B) annual meeting. It was a difficult decision, not because we cemented a loss but because we parted with a business we really liked, that was run by good management, and that was significantly undervalued when we bought it.

When we were buying Melrose we stress-tested it for a severe recession; however, the decline that Melrose is probably experiencing today did not occur to us in our wildest imagination. Melrose is a very strong player in two industries that have been impacted tremendously: the airlines space (it makes parts that go into planes and engines) and car parts (it is one of the largest makers of transmissions for cars). We talked to the company. It has credit lines and cash to give it immediate liquidity, but we are not sure if it will be enough.

We had applied the traditional recession mental model to our analysis, and we were wrong. Given the world we are looking at now, we should have sold it sooner.

Buying new planes is the last thing on airlines minds today. Also, only 20% of Melroses business comes from replacement parts. Melroses auto parts business (ironically, the business we worried about the most when we bought the stock) may be okay; it may even generate some profit; but we are not sure it will be able to sustain the company. We simply dont know what the losses are going to be in the airlines space and for how long. We have a tremendous respect for the Melrose management team theyre a big reason why we bought the stock but at this point the problem that Melrose is facing is bigger than them.

If you look carefully through your portfolio, youll see that weve positioned it to the opposite side of spectrum from the airlines. Most of our holdings are concentrated in four industries: defense, healthcare, tobacco (where we are permitted by clients), and telecommunications. These industries have one thing in common: They will not be structurally impacted by the virus.

Consumption of goods and services in the four industries is completely insensitive to the virus. These companies all have very stable cash flows and pricing power in the event of deflation theyll maintain their prices, while during inflation theyll raise them.

And one more thing

I am not a journalist or reporter; I am an investor who thinks through writing. This and other investment articles are just my thinking at the point they were written. However, investment research is not static, it is fluid. New information comes our way and we continue to do research, which may lead us to tweak and modify assumptions and thus to change our minds.

We are long-term investors and often hold stocks for years, but as luck may or may not have it, by the time you read this article we may have already sold the stock. I may or may not write about this company ever again. Think of this and other articles as learning and thinking frameworks. But they are not investment recommendations. The bottom line is this. If this article piques your interest in the company Ive mentioned, great. This should be the beginning, not the end, of your research.

Vitaliy Katsenelson, CFAStudent of Life

I am the CEO at IMA, which is anything but your average investment firm. (Why? Get our company brochure in your inbox here, or simply visit our website.)

In a brief moment of senility, Forbes magazine called me the new Benjamin Graham.

Ive written two books on investing, which were published by John Wiley & Sons and have been translated into eight languages. (Im working on a third - you can read a chapter from it, titled The 6 Commandments of Value Investing here.)

And if you prefer listening, audio versions of my articles are published weekly at investor.fm.

Vitaliy Katsenelson

Vitaliy N. Katsenelson, CFA, is Chief Investment Officer atInvestment Management Associatesin Denver, Colo. He is the author of The Little Book of Sideways Markets (Wiley, December 2010). To receive Vitaliys future articles by email or read his articlesclick here.Investment Management Associates Inc. is a value investing firm based in Denver, Colorado. Its main focus is on growing and preserving wealth for private investors and institutions while adhering to a disciplined value investment process, as detailed in Vitaliys bookActive Value Investing(Wiley, 2007).

Visit Vitaliy Katsenelson's Website

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When the Facts Change, We Change Our Minds (Anatomy of a Sale) - GuruFocus.com

‘Grey’s Anatomy’ Star Camilla Luddington is a Britney Spears Lookalike in This Throwback Photo – Showbiz Cheat Sheet

Camilla Luddington of Greys Anatomy is awaiting the birth of her second child with husband Matthew Alan. Always active on social media, the British-born actress keeps her fans posted (pardon the pun!) on how shes spending quarantine with Alan and their 3-year-old daughter Hayden.

One follower of the Greys star recently came across a photo of Luddington that closely resembled a pop icon and decided to post it on Twitter.

Announcing her second pregnancy back in March via Instagram, Luddington communicates regularly with her fans on social media. While on lockdown amid the coronavirus crisis, the Greys actress described her daily routine while expecting a baby and keeping a toddler entertained.

Tired: Growing a human: Running around after another human: she postedon Instagram in April. Looking up baking recipes & never actually making anything: Wearing a bun for 72726 days:

The British star also confessed to feeling anxious during these unprecedented times and expressed her gratitude for her followers.

RELATED: Greys Anatomy Star Camilla Luddington Says She Would Love to Play This Character From Another Shondaland Drama

Keeping daily anxiety in check as best I can: Taking this s*it hour by hour: #saferathome: Luddington posted. thinking of you all and so much love to you and your families.

While Luddington posts plenty of fun pics and information, she also keeps it real when it comes to personal issues in her life. In March, the actress paid tribute to her late mother on social media, who passed away unexpectedly when Luddington was just 19 years old.

My mum died 17 years ago today,Luddington wrotein March on Instagram. I believe she visits me in my dreams whenever she is in them they are always so incredibly vivid and I always remember them in the morning. I miss her everyday but I know she is still with me.

The William & Kate star experienced many unresolved feelings about her mothers death after Haydens birth in April 2017. The past trauma began to cause anxiety for Luddington which prompted her to seek counseling.

RELATED: Greys Anatomy Star Camilla Luddington Posts Touching Mothers Day Photo With Daughter Hayden and a Tribute To Her Late Mom

When I had a child, a lot of my own trauma from losing my mom when I was younger kind of came up with me now being a parent to my own daughter, Luddington toldBustle. I started to get a lot of anxiety. I was constantly afraid that I was going to die early and leave her There was so much strength and, honestly, release in being able to go and seek out a therapist and speak about it to somebody,

With over 3 million followers on Instagram and 650K+ on Twitter, Luddington certainly has a strong fan base. One follower apparently stumbled across an old photo of the Greys star and remarked on the uncanny resemblance to a pop star.

I came across this photo & lmk how, just for a second, I thought this was Britney Spears, the fan captioned the pic of a blond Luddington. ps. I love u Camilla pls dont take it the wrong way haha.

The television doctor was clearly not offended in the slightest, confessing that she intended to replicate the Circus singer.

RELATED:Why Greys Anatomys Camilla Luddington Says Her First Scene With Ellen Pompeo Was Legitimately Terrible

I was 18 in this pic and trust me allllll I wanted was to be @britneyspears Luddington wrote in response.

Though the resemblance is striking, Luddington seems to be sticking with her brunette locks and Grey Sloan Memorial scrubs.

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'Grey's Anatomy' Star Camilla Luddington is a Britney Spears Lookalike in This Throwback Photo - Showbiz Cheat Sheet

Grey’s Anatomy: 5 Times Callie Torres Was An Overrated Character (& 5 She Was Underrated) – Screen Rant

Over the last ten years, Grey's Anatomyhas seen a lot of significant departures from the show. While some of them had very dramatic and eventful exits, some were a little underwhelming and anti-climatic. One of these included Sara Ramrez, wholeft the show after a decade-long arc.

RELATED:Grey's Anatomy: 10 Facts About Callie Torres Many Fans Don't Know

Callie was one of the more memorable characters as fans saw her involved in someimportant and monumental storylines. She was a loyal and supportive friend, who would go to the ends of the earth to protect her loved ones. However, Callie wasn't perfect by any means. While some of her actions were underappreciated, there were also times where she had fans wanting to tear their hair out.

Despite Callie having all the qualities to make a great leader, she failed to step up when it mattered most. Her tenure as Chief Resident didn't last long after she failed to get the respect of her colleagues and made Bailey do most of her duties. When she proposed an unusual approach to operations, Callie needed her colleagues' reassurance to help her through.

Even when she got a seat on the hospital board, Callie wasn't as opinionated or vocal as the other members. Overall, she wasn't very good in pressured situations.

While Izzie and George's affair brought a lot of emotional pain (even for fans), the viewers shouldgive Callie more credit for the way she handled the situation. When most people find out their partners have had an affair, there tends to be a confrontation of some sort.

However, Callie handled the situation with maturity when she decided she wanted to talk things through. Even when Izzie humiliated her in the cafeteria, Callie took the moral high ground and walked away. How Callie managed to remain composed at this moment is anyone's guess...

While most fans believe Callie and Cristina had one of the most underrated friendships, now may be the time to really look at the flaws in the relationship. Despite Cristina being there for Callie in her time of need, the orthopedic surgeon never seemed to return the favor.

RELATED:Grey's Anatomy: 10 Reasons Why Cristina & Callie Aren't Real Friends

When Cristina was struggling with PTSD, Callie tried to pressure her into moving out. When Hunt humiliated Cristina in front of their friends, Callie didn't check in on her. Even when Owen and Cristina split up, Callie failed to show her support. Maybe this friendship is not as iconic as people believe them to be.

When fans rewatch the old episodes, did anyone else notice the special bond Callie and Meredith had? In Callie's final seasons, Meredith and the orthopedic surgeon grew closer as they bonded over their marital woes and children.

It first began when Callie stayed in Meredith's house after splitting with Arizona. While she was there, Callie helped Meredith with Bailey. When Derek and Meredith were struggling with long-distance, Callie took her out drinking and eased her fears. Callie even put her relationship with Penny on hold out of loyalty to Meredith. It's a shamethey never got more scenes before Callie left.

Season 12 saw Calzona fans' loyalty split down the middle as they battled for the custody of Sofia. While Callie has often be seen as one of the friendliest and most accommodating people, she was the complete opposite in this case. She was so cutthroat and ruthless especially when she allowed her lawyer to assassinate Arizona's character.

Not only did she degrade Arizona's social life but she also tried to make out her was a terrible mother. It's a bit ironic considering the case was brought about after Callie tried to move to another city for a woman she barely knew.

Fans have seen a lot of talented surgeons grace the halls of Grey-Sloan. However, only few get the recognition they deserve Callie being one. When it comes to Callie's surgical prowess, people tend to overlook her skills because she hasn't got accolades to her name. Yet, she too has been involved in some extraordinary and groundbreaking surgeries.

RELATED:Grey's Anatomy: Why Miranda & Callie Aren't Real Friends

Remember when she reconstructed Derek's hand by building cartilage from scratch? Or when she made Sunder Atluri walk again despite his polio making it near impossible. Let's also not forget how she made a man walk after experimenting with therapeutic hypothermia.

As evidenced by the partnership she had with Jo, Callie had the potential to be a good teacher if she put her mind to it. However, she was always seen to let herself down when she allowed her personal life to affect her professional judgment.

Remember when she neglected her Chief Resident duties because she was too concerned with Izzie and George? Or when she started treating Leah Murphy differently once she discovered the resident and Arizona had a fling. Let's not forget how she passed Webber's case onto an intern because she was still mad he didn't make her an attending.

When the writers first began exploring Callie's sexuality, the orthopedic surgeon was still in the midst of her journey of self-discovery. However, as the years progressed, the viewers had the pleasure of watching her turn into an LGTBQ+ icon as she became to embrace her bisexuality.

This was particularly resonant in the season 12 premiere, where Callie confronted a bigoted mother over her threats of her sending her daughter to a gay conversion camp. Considering how her parents struggled with her sexuality, it was good to see Callie become a vocal supporter and fight for those who had no one in their corner.

Over her ten years on the show, fans believed Callie was a loyal and attentive partner. However, her relationship with Penny showed she had a bit of a mean streak.

When Callie lost custody of Sofia, it appeared that the orthopedic surgeon blamed Penny. When the resident tried to console her, she shrugged her off and ended the relationship. All around the workplace,Callie treatedPenny coldly and dismissed her. It was a little unfair considering it could have been avoided if she had communicated with Arizona.

Over the course of the series, Callie and Arizona's relationship was tested as the couple faced many trials and tribulations. One of the biggest challenges they faced came in the aftermath of the plane crash, as it was revealed that Arizona had lost her leg. While many sympathized with Arizona's pain, not a lot of people recognize Callie's strength and struggles.

Although Callie wasn't on the plane, she suffered just as much as the "Grey Sloan Seven." She lost her best friend and the father of her child; she struggled with Arizona's recovery; she also had to look after Sofia while balancing her work life. Throughout it all, Callie proved how strong and compassionate she was.

NEXT:Grey's Anatomy: The 10 Best Couples, Ranked

Next Better Call Saul: 5 Reasons Lalo Is The Best Villain In The Breaking Bad Universe (& 5 Alternatives)

A writer, reader and tv fanatic, Kayleigh enjoys reading movie news and your film reviews. She has attained an Undergraduate degree in Creative Writing and is also the creator of the film and television blog 'The Critics' Corner'.

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Grey's Anatomy: 5 Times Callie Torres Was An Overrated Character (& 5 She Was Underrated) - Screen Rant

Kanpur Bloodbath: Understanding the Anatomy of an ‘Encounter of the Police’ – The Wire

From what has appeared in the media, the death of eight Kanpur police officials in the line of duty is being projected as a simple trap or ambush into which an unsuspecting police party had walked in. That was apparently the third attempt that night to get to the notorious criminal, Vikas Dubey. However, a professional analysis of such an incident must not stop at that.

It must be kept in mind that the usual tendency of official departments is to avoid such analysis at all costs, brushing everything under the carpet of routinely made citations for medals. For example, the report of the one-man inquiry committee, headed by the former BSF chief E.N. Rammohan, into the naxal ambush on a CRPF party in Chintalnar, Chhattisgarh, on April 6, 2010 in which 76 personnel were killed, was never shown to CRPF field officers. How then can one expect any course correction from them?

Did darkness put the police to disadvantage?

It is claimed that streetlights were smashed and that the road was blocked with a JCB. The question is, so what? An argument that it was pitch dark and hence the police could not see the assailants is illogical because it was the thirteenth day of the bright half of the lunar cycle, the full moon coming on July 5. Moreover, there is no reason to suspect the assailants had night vision devices.

With the main beams of the headlights of their vehicles which are presumably on compliance with the Central Motor Vehicle Rules the police should have been able to see the JCB from a distance of 155 metres. This should have set alarm bells ringing and they should have got down immediately and taken defensive positions pending the arrival of reinforcements and protective equipment.

The JCB was parked some 50m away from Dubeys house. Had they stopped immediately upon seeing it from a distance and waited for reinforcements, their assailants would have found themselves at a considerable distance, making it very difficult for all but the most skilled shooters to take pot shots at them.

Also read: Police Demolish Mansion But Kanpur Gangsters Clout Was Built on Deep Political Connections

It is also reported that the police searchlights drew more fire. If that is correct, it is was an elementary mistake. In fact, remotely operated searchlights have been developed even by the DRDO precisely for such situations. The police department is answerable as to why such elementary things have not been procured.

Tactical mistakes in the operation

It has been reported that the police party started walking towards the gangsters house. If that is correct, walking in the open without any protection was a fatal mistake.

An earthmover vehicle is used to remove mangled remains of a car during the demolition of the residence of criminal Vikay Dubey, after an encounter in Bikaru village where 8 police personnel lost their lives, in Kanpur, Saturday, July 4, 2020. Photo: PTI

Media reports suggest that the police party did not have bullet resistant jackets or helmets. This is intriguing. If everybody knew that they were going to face a daredevil criminal, why did they not prepare accordingly? Were they under an impression, for whatever reason, that Dubey would give in meekly? The post-incident inquiry must examine this aspect also.

Regarding the death of the DySP Devendra Mishra, it is reported that he took shelter (or was dragged) in a house which unfortunately, turned out to belong to Dubeys maternal uncle, Prem Prakash Pandey, and was shot there in the head. One SI and one constable were also found dead there. Two were found outside the door; and one was found in the verandah of the same house. Five cops are said to have taken cover in a half-built toilet about 20 metres from the rear boundary of the house but that did not help them. Amar Ujala reports that the DySPs body was mutilated with a sharp-edged weapon, whereas the five bodies were piled onto each other.

It has also been reported that the Amar Dubey, nephew of Vikas Dubey, snatched some weapons of the police. In all, an AK-47, an INSAS rifle and two pistols were snatched.

If the DySP was dragged inside some house and if Amar Dubey snatched weapons, it would mean that multiple assailants were on the ground too and were not just firing from the safe sanctuary of rooftops.

Also watch | Kanpur Encounter: How 8 Policemen Were Shot in an Ambush by Vikas Dubeys Men

These accounts, if true, would indicate that there was either little controlled firing by the police party or that they had run out of ammunition by the time the assailants closed in. A post-incident inquiry must examine this.

As it happens in any ambush, those who had planned it must have ensured that, first, they themselves have adequate cover from return fire and concealment; and second, that possible covers, which the targets could take, are subjected to fire in such a manner that the cover is effectively neutralised.

The layout of the ambush must be carefully examined by investigators. It would also give an idea of the time taken in laying the ambush. That would, in turn, given an idea of when they would have got the information regarding the impending raid.

It appears that the police were first taken surprised by hostile fire and then outgunned, making return fire ineffective. In the end, it became an encounter of the police.

Was Information of the impending raid leaked?

That the information about an impending raid might have been leaked is extremely likely. Media sources cite the state DGP admitting this and an SHO ,Vinay Tiwari of Chaubepur PS, has been suspended.

However, that leakage alone was not responsible for the fatalities.

A much more glaring failure was that of the intelligence machinery. They had obviously no idea of the sort of weaponry which this criminal possessed. Given that kind of weaponry, even if the information were not leaked, the criminals could have still poured in deadly fire from inside Dubeys house and inflicted heavy casualties.

His house (demolished by the same JCB on July 4) is believed to have a dozen CCTV cameras. Taking him by complete surprise was not possible.

After all, the options before a police party supposedly going to arrest somebody are limited by law. They could neither bulldoze their way into his house (there was no bulldozer anyway, nor is it legal to do so), nor enter it surreptitiously. Knocking on the door was the only feasible option and that would have given him enough notice to position shooters and weapons before he answered the bell.

Intelligence lacking on weaponry

Much is being made of the alleged use of automatic weapons like the AK series rifles. That raises very serious questions. From where are they getting those rifles? Why could intelligence never make any headway on this issue? They have obviously no clue because if they had any idea, the next question would be why the source of supply was not disrupted.

Also read: Kanpur Gangster Assaulted, Humiliated Police Party Before Gunning Down 8 Policemen

Even before I entered service 34 years ago, we had been hearing that illegal firearms are manufactured in Munger (Bihar), Malda, Howrah (WB), parts of Jharkhand, Dharmpuri, Theni (TN), Mirzapur-Bardah (UP-Bihar), Daulatpur and Baisar (Bihar) and Bamhaur (Azamgarh, UP) etc. Now these places are neither in Antarctica nor, in the words of the opening voice-over of Star Trek, places Where no man has gone before.

What has prevented the police and the intelligence machinery of the states and Centre from identifying them, hunting them down and destroying them during all these decades? Do they mean to tell the people of the nation that these arms manufacturing units are run 100 feet deep underground and have such a secretive network of operatives that no one ever gets any wind of them?

It is either most despicable, rank incompetence or good, old corruption in the ranks of the police and the intelligence department. Odds are in favour of the latter.

Moreover, let no one give an outrageous theory that the AK series rifles could have been made in the bad lands of Munger etc. That would be a crass attempt to hide their incompetence. From an engineering perspective, it is simply not possible. There is no way one could make a complex thing like the bolt of an AK rifle or barrel, without possessing machines made specifically for the job and those machines are not made in India. Making a double barrel shot gun in craft production is one thing; making an automatic rifle quite another.

Uttar Pradesh Chief Minister Yogi Adityanath pays tribute to policemen who lost their lives in an encounter at Bikaru village, at Police Line in Kanpur, Friday, July 3, 2020. Photo: PTI

Making the parts of a modern rifle like the rotating bolt carrier etc. necessarily requires factories and sophisticated machines made specifically for that purpose. Rifling a barrel, for example, requires something called a rifle lathe. The lands and grooves in a typical rifling are cut and measured in a thousandth of an inch. You cannot make such parts with a file or drill in your hands. The bullet fits the rifling of the barrel to within one-thousandth of an inch. The tolerances being so small, this sort of accuracy can come only with sophisticated machines.

Making ammunition for the rifles is even more difficult as it is impossible to make the chemicals required in your backyard. The intelligence should have also known from where they get the ammunition because it is a consumable item; rifles procured once could last for years, but you need ammunition regularly.

Why did Dubey kill the police?

Normally, even hardened criminals avoid killing policemen for fear of obvious repercussions and reprisals. If Dubey did kill as many as eight of them, it obviously means that he might have sincerely believed that the police party had paid a visit not to arrest him but to eliminate him in an encounter. With the elaborate preparations that they made for the ambush, it appears that opening fire on the police was not an act of reckless bravado. He did it deliberately.

The point is, if he had been able to avoid jail all these years and had such clout that he got bail even in a case where he had killed Santosh Shukla, a politician of the rank of minister-of-state, inside Shivli police station and later got acquittal, why would he suddenly become so wary of getting arrested?

If he indeed believed so, it would follow that the culture of encounters that has been so assiduously built up by the UP police as a way of fighting crime can prove to be horrendously counter-productive.

Also read: A Chronicle of the Crime Fiction That is Adityanaths Encounter Raj

The media is now carrying stories how Dubey, in the past, had fired at a police team and taken a circle office captive; how he had slapped a DIG (Prisons); and how he had organised a gherao led by two MLAs of a police station when he was arrested, etc. The question is, when all this was known all these years, why did successive governments soft-pedal on him?

Talking of the political patronage enjoyed by Vikas Dubey is pointless now. If a criminal has survived comfortably in this field for so long, he must obviously have had the right connections at a thousand places, not just a few. Moreover, if he got bail and later acquittal in a murder case, he got it through the courts. Why was the matter not challenged until its logical end, that is, the Supreme Court? To mention political connections as the source of his bail automatically casts aspersions on the judiciary also. Are they prepared to level that allegation and face the consequences?

Lessons for the future

This incident raises serious questions about the preparedness of state police forces for combat in urban areas (as against combat in jungles), also variously known as FIBUA (fighting in built-up areas), UO (urban operations), MOUT (military operations in urban terrain) or by the archaic term CQB (close quarter battle).

The security forces in India habitually shy away from the intellectual exertion needed to master anything new and boast that the mere fact of donning the uniform entitles them to fight anytime, anywhere against anybody. Unfortunately, real life is different.

Indian security personnel do not have any institutional doctrine or detailed tactics, technique and procedures for urban or jungle combat. Whenever they have been obliged to operate in urban areas, they have fumbled and messed up. Their first exposure of urban combat was during Operation Blue Star at the Golden Temple complex in Amritsar in June 1984. They messed it up badly; eventually tanks had to be called in and the repercussions of the extensive collateral damage to the religious structures therein were heavy. One prime minister was assassinated and thousands of innocent people were killed in the communal massacres that immediately followed her assassination.

In almost all the operations that the Army/Rashtriya Rifles have been undertaking against terrorists in Kashmir, they end up blasting entire houses with explosive charges because the science of house intervention is not practiced the way the world does it. This habit of blasting houses has actually led to a great deal of alienation there. No one, not even a child, has ever believed in the pet theory touted for the benefit of ignoramuses that brick-cement houses van catch fire from bullets. It is a matter of simple physical chemistry that bullets cannot start fires or collapse houses.

In my opinion, officers and men of district police forces are mostly unsuitable for undergoing the rigours of the training in combat, both physically and mentally. Moreover, very few would be willing for this kind of thing, leaving the crores of rupees they could make in the districts. A practical solution would be to have a select band of at least a platoon each at the districts. These men must have volunteered for it and they can be especially trained. It is understood that special training infrastructure needs to be developed for both urban and jungle combat and suitable equipment procured. That is a matter of separate detail but can be provided.

Combat is a science that needs to be mastered with great effort. In this realm, the price of error, bravado or ignorance is indeed death.

Dr. N.C. Asthana, a retired IPS officer, has been DGP Kerala and a long-time ADG CRPF/BSF. Amongst his 46 books, he has also authored Ultimate Handbook of Urban Warfare.

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Kanpur Bloodbath: Understanding the Anatomy of an 'Encounter of the Police' - The Wire

The anatomy of a rule-breaker’s mind – News – Khaleej Times

So much has been written about those who care to stay safe and go to great lengths to ensure minimum risk from the Covid-19 fallout. There are some who have literally barricaded themselves against the outside world and if that is what floats their boat so be it. Nothing wrong.

But not much is written on the mindset of those who seem to think the rules are not for them and they can cheerfully defy the advice or orders and do their own thing. This includes making a mash of social distancing at pools and on beaches, dropping the mask at every opportunity, getting together with friends surreptitiously and thinking they are achieving some medal of honour for outsmarting the system, taking chances because what the heck you only live once, so enough already, let's party. There are even those who jeopardise their kids by taking them along otherwise it ruins their fun.

It is pretty much the same mental reasoning (or lack of it) that stops people wearing a seatbelt or lets them drive rashly and under the influence. Psychiatrists says it is intrinsic to human nature to defy authority and it makes folks feel brave and heroic. It is a kind of high and "researchers from the University of Washington, Harvard University and other institutions found rule-breakers feel smarter and more capable along with being in an unexpectedly good mood after breaking a rule".

If freedom is a place where there is nothing left to do then that freedom finds expression in being a maverick. It works in the mind as a strike for the individuality, see I do not care, I am doing my own thing. There is something romantic about being the lone wolf, the class cheat, the free spirit. That it amounts to foolishness is swiftly ignored.

Another factor that drives the rule breaker is laziness. Such people cannot abide inconvenience to themselves and any rules that increase their effort line is met with resistance. Whatever the level of danger the discomfort of staying home is trumped by the need for self gratification. In much the same way many of us are afraid of being left out, left behind, left on the sidelines of life as we see it so we need to give presence even if goes against plain common sense.

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The anatomy of a rule-breaker's mind - News - Khaleej Times