No risk free assets

If

1) A security's risk is defined as the variability of return, and
2) US government T-bills' return is not fixed, and
3) a risk-free asset is defined as one with zero risk,

then

T-bills are not risk-free assets.

Governance versus profit

No failure in corporate governance disproves the apodictic axiom of aiming at profit maximizing in every and all properly defined firm or entreprenurial project. What a failure in corporate governance demonstrates is merely the coexistence within the company of several differenciated firms, at least one of which exerts what from the ownership's point of view of the other firms is seen as coercion. This coercion, just to be clear, is different from market competition.

Planned or spontaneous?

Picture 1

Look at the first picture. Can you say, just by seeing this Rubik's cube, whether that combination is purposeful or not?

Picture 2

Now, take a look at the second picture. Is it sorted? Is there order in it?

After seeing the second picture, take another look at the first one again and answer again the first question. Did your opinion change?

Picture 3

Now an (apparent) easy one. Take a look at the third picture. Is the cube on it solved?

Picture 4

Now, observe the fourth picture; this is: for God sake, take an actual look at the damn color disposition of the sub-cubes!

Does this fourth picture somehow change your answer to the question with respect to the third photo? (Once again, compare the third and fourth pictures.)

How many "disordered" cubes there are out of the two?


Is one of them already solved? If so, can you say which one?

Can it be that both are already solved?

Can it be that none is already solved?

Picture 5

Finally (we're almost done), take a look at the fifth picture. Is there a chance that the cube depicted there is disordered? Is there a chance that the cube in Picture 3 is more "ordered" than the cube in Picture 5?