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A podcast listener asked Michael and I the following:

Wanted to get your thoughts on the concept of stocks for the long run and why the investing world all generally agrees that over long time periods stocks will be up big. Why do stocks generally go up over time and why can we expect them to continue to increase in value over time?

We discuss this question brieflyin this week’s episode (which will be available on Wednesday) but I wanted to flesh this one out a little more.

I’m not sure I agree with the assertion that the entire investing world agrees stocks will be up big over long time periods because of the pervasive negativity that has entered the minds of many investors since the financial crisis. But here is the long-term track record of stocks around the globe courtesy of Elroy Dimson, Paul Marsh and Mike Staunton in the Credit Suisse Global Investment Returns Yearbook 2018 :

These returns are real or net of inflation. They didn’t break things down by other countries this year but they did in last year’s edition :

The real returns vary across different countries based on a number of factors — war, political structure, diversity of the economy, corruption, etc. — but the overarching theme here is a premium in performance for stocks over bonds. These types of very long-term numbers are likely the ones that investors hold onto when assigning high expected returns to stocks.

Although these returns show why investors would assume stocks will offer the highest expected return of the main asset classes (stocks, bonds and cash), this says nothing about why stocks should offer a risk premium over time.

There are two explanations in my mind as to why stocks should offer higher expected returns — one is structural and one is risk-based.

The structural idea is that stocks offer a piece of ownership in corporations. They represent earnings power, dividends, technological progress, innovation, and the human drive to improve. In a lot of ways, it’s kind of insane that something like the stock market even exists in this capacity, allowing anyone with a brokerage account the chance to buy an ownership stake in the global economy.

The other piece is the fact that stocks are the low man on the totem pole when it comes to the capital structure. Stocks are more or less a promise for an extremely unknown future stream of earnings. Bonds, on the other hand, are simply a loan. This means their upside as a security are limited to the interest payments and principal repayment at maturity. Stocks and bonds could both go to zero for any number of reasons but stocks have a much higher ceiling than bonds.

This structural distinction is important to remember when trying to understand asset classes but the ‘risk’ in risk premium is the real key here.

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If the player catches the 000-variant in battle, then it becomes possible to duplicate the sixth item again, given that the quantity of the item in the sixth slot is less that 128 (this can be achieved by using the item in the battle or switching another into its place).

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can be duplicated, but the only Key Items which are practical to duplicate are the Dome Fossil, Helix Fossil , and Old Amber . Key Items will stack, but the number next to the associated Key Item will not be visible. Under normal circumstances, it becomes impossible to remove duplicate Key Items without storing them one at a time in the PC; however, Fossils are an exception to this, because the game allows the player to revive the same Fossil Pokémon more than once.

Every Pokémon has two separate bit lists that tells the game whether it has been seen or caught. If the bit is off, that means it hasn't been caught or seen.

MissingNo.'s Pokédex seen bit is in the same location as the bit that stores how many of the 6th item is in the Bag, as well as Sleeveless Top ART NR 1 by VIDA VIDA Explore For Sale Big Discount wUFPMzsq
's. This is why, when MissingNo. or 'M (00) is encountered, the sixth item slot is increased by 128 if the quantity of the item is less than 128. The glitchy box symbol is a result of the game attempting to display a number greater than 99, which causes it to grab sprites from beyond the number sprites. Sometimes it can appear to be a blank tile, but if one goes somewhere else or out of battle it will revert to an unusual tile.

A way to tell whether " 9" is in fact 9 or [blank tile]9 is to select Toss. The quantity is displayed with a leading zero if the amount is actually 9, and as simply " 9" if not.

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to encounter MissingNo. or 'M (00) , then defeat, run from, or catch the MissingNo. or 'M (00).

After the battle, the player should open the menu and view the items currently in the Bag. If done correctly, the game should show a glitch character followed by a standard number. This glitch character represents a place value of 10 or above.

If the amount of the item in question is already 128 or more, this glitch will not work.

The 255 stack item duplication glitch [1] is a glitch in Generation I that is caused by obtaining 255 of an item, and then tossing an item above it. This creates another stack of 255 items. The only way to obtain a stack of 255 items is via the Pokédex 000 item duplication glitch, making this glitch a subglitch of it.

The player must obtain 255 of an item. The only way to do this is via the Pokédex 000 item duplication glitch to obtain over 128 of an item, then using or tossing items until the player has 127, followed by performing the glitch again to increase the total number to 255. As long as there is exactly 255 of an item, tossing an item above it will cause this glitch. It means that the stack of 255 items is copied to the slot above it, as well as its original slot. Tossing an item below the 255 stack causes no glitch. Swapping the places of two items causes no glitch. When there are two or more non-adjacent item piles of quantity ×255, only the ×255 pile closest after the tossed item duplicates.

Not unexpectedly, bacteria commonly associated with biliary tract infections (primarily cholecystitis and cholangitis) are the same organisms recovered from cases of pyogenic liver abscess (see above and Table 29 ). Parasitic causes include Ascaris and Clonorchis spp or any parasite that can inhabit the biliary tree leading to obstruction [ 166 ]. At a minimum, cultures for aerobic bacteria (anaerobes if the aspirate is collected appropriately) and Gram stain should be requested. When signs of sepsis and peritonitis are present, blood and peritoneal cultures should be obtained as well.

For patients with HIV infection, the list of potential agents and subsequent microbiology evaluations needs to be expanded to include Cryptosporidium , microsporidia, Cystoisospora ( Isospora) belli , CMV, and M. avium complex [ 166 ]. As the identification of these organisms requires special processing, it is important to communicate with the laboratory to determine test availability either on-site or at a reference laboratory.

Most cases of splenic abscess are the result of metastatic or contiguous infectious processes, trauma, splenic infarction, or immunosuppression [ 169 ]. Infection is most likely aerobic and monomicrobic with Staphylococcus spp, Streptococcus spp, Enterococcus spp, Salmonella spp, and E. coli commonly isolated. Anaerobic bacteria have been recovered in 5%–17% of culture-positive cases [ 170 ]. Aspirates should be processed in a similar manner as pyogenic liver abscesses including aerobic and anaerobic culture, Gram stain, and concomitantly collected blood culture sets ( Table 30 ). Unusual causes of splenic abscess include Bartonella spp, Brucella melitensis , Streptobacillus moniliformis , Nocardia spp, and Burkholderia pseudomallei (uncommon outside of Southeast Asia or without suggestive travel history) [ 171 ]. The laboratory should be notified if B. melitensis or B. pseudomallei is possible due to the need for increased biosafety/security precautions since they are potential bioterrorism agents. As in biliary disease, the spectrum of organisms to be considered needs to be expanded to include Mycobacterium spp, fungi (including Pneumocystis jirovecii ), and parasites for immunocompromised patients [ 171 ].

Most cases of acute or chronic pancreatitis are produced by obstruction, autoimmunity, or alcohol ingestion [ 172 , 173 ]. Necrotic pancreatic tissue generated by one of these processes can serve as a nidus for infection [ 172 , 173 ]. Infectious agents associated with acute pancreatitis are numerous and diverse; however, superinfection of the pancreas is most often caused by gastrointestinal flora such as E. coli , Klebsiella spp, and other members of the Enterobacteriaceae, Enterococcus spp, Staphylococcus spp, Streptococcus spp, and Candida spp. Necrotic tissue or pancreatic aspirates should be sent for aerobic bacterial culture and Gram stain and accompanied by 2–3 sets of blood cultures ( Table 30 ). Antimicrobial susceptibility results from isolated organisms can be used to direct therapy to reduce the likelihood of pancreatic sepsis, further extension of infection to contiguous organs, and mortality. Sterile cultures of necrotic pancreatic tissue are not unusual but may trigger consideration of an expanded search for fastidious or slowly growing organisms, parasites, or viruses.

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