The Individual is Rising – Third Edition

submitted by jwithrow.
Click here to get the Journal of a Wayward Philosopher by Email

Journal of a Wayward Philosopher
The Individual is Rising – Third Edition

November 18, 2016
Hot Springs, VA

Dear Journal,

A specter is haunting the modern world…

Society has undergone a massive change over the past several decades – the type of change from which there is no return. This change has been the transition from the Industrial Age to the Information Age; a transition which is still in its infancy. Most people may not know this yet, but they can feel it.

The rules have changed, and many are rapidly falling behind because they still cling to the old paradigm. Yet a world of opportunity awaits those who understand what is taking place.

Continue reading “The Individual is Rising – Third Edition”

The Zenconomics Report August Issue

submitted by jwithrow.
Click here to get the Journal of a Wayward Philosopher by Email

Journal of a Wayward Philosopher
Zenconomics Report August Dispatch

August 31, 2016
Hot Springs, VA

The S&P closed out Tuesday at $2,176. Gold closed at $1,314 per ounce. Crude Oil closed at $46.42 per barrel, and the 10-year Treasury rate closed at 1.57%. Bitcoin is trading around $573 per BTC today.

Dear Journal,

The August issue of the Zenconomics Report has gone out to members of our network. In this issue:

Low trading volumes and little volatility in the financial markets this month… The state of the sovereign debt markets… Two large banks pass on negative interest rates to clients… The latest on monetary-financed fiscal programs in Japan… Global investment demand for gold the highest on record for the first half of 2016… All eyes on the Federal Reserve next month… A quiet change to IMF’s special drawing right currency… A correction hits the gold stocks sector… the Zenconomics Report Model Portfolio updates… Two new additions to our model portfolio

This month we added two new positions to our model portfolio which is constructed according to the Beta Investment Strategy. This portfolio is designed to capitalize on the prominent macro trends in the world of finance, and it is built to be fluid and flexible when trends change.

The Zenconomics Report is 100% independent, and all opinions are our own. It is also 100% free, though it is only available to members of our network. For access, simply sign-up using the form below or at http://www.zenconomics.com/report.

New members receive access to all previous monthly issues, and we will also send you two free reports as a ‘thank you’ for subscribing.

Assess, Mitigate, Implement, and Prosper is a report detailing the concept and implementation of asset allocation. Asset allocation is about strategically spreading your capital out across several different asset classes, and it is a critical part of the Beta Investment Strategy. This report also covers the ins-and-outs of managing an investment portfolio, including the risk management techniques that everyone should understand before putting a dime into the stock market.

The Zenconomics Guide to the Information Age is a 28 page report covering money, commerce, jobs, Bitcoin wallets, peer-to-peer lending, Open Bazaar, freelancing, educational resources, mutual aid societies, the Infinite Banking Concept, peer-to-peer travel, Internet privacy, and numerous other Information Age tips and tricks with an eye on the future. This guide is designed to be very practical – each section is loaded with action items – but it is also written to be entertaining as well.

To financial freedom!






Monthly Market Analysis and a Model Stock Portfolio – Free Newsletter!

Build a small fortune in 3-5 years by capturing this major macroeconomic trend!

We respect your email privacy

The Beta Investment Strategy

submitted by jwithrow.
Click here to get the Journal of a Wayward Philosopher by Email

Journal of a Wayward Philosopher
The Beta Investment Strategy

July 22, 2016
Charlotte, NC

Most people think the secret to making money by investing is to find the stock that will go up. They all want to be an alpha investor, the big man on campus… That’s the whole game, they believe – seeking alpha… But the trouble with alpha is that it is unreliable… In the long run, it’s beta that makes fortunes, not alpha. Every study proves it… A beta strategy is completely different from an alpha strategy. Instead of trying to beat the market, you make the market your friend. It’s not your enemy. You don’t try to beat it; your just want to join it. And go along with it.” – Bill Bonner, Family Fortunes: How to Build Family Wealth and Hold on to It for 100 Years

The S&P closed out Thursday at $2,165. Gold closed at $1,332 per ounce. Crude Oil closed at $44.56 per barrel, and the 10-year Treasury rate closed at 1.56%. Bitcoin is trading around $655 per BTC today.

Dear Journal,

Wife Rachel and I are back in the Queen City for the weekend with little Maddie in tow. Accustomed only to mountains, pastures, and the wide-open spaces of the countryside, Madison stares up in awe at the tall buildings that loom overhead. Accustomed only to backwood country roads, her father tries very hard not to curse at all of the other motorists he shares the highway with.

We travel back to the city of our marriage this weekend to celebrate a soon-to-be new addition to the world of humanity. Friend Wade will soon be a poppa!

Rachel comes bearing gifts for the mother-to-be Kristi and her soon-to-be son, Thomas. I come to share a stiff drink with Wade and tell him how amazingly hard child-rearing is. Madison has been instructed to wake up crying at 3:00 am to hammer home my point. Continue reading “The Beta Investment Strategy”

Bitcoin and the Crypto Revolution

submitted by jwithrow.
Click here to get the Journal of a Wayward Philosopher by Email

Journal of a Wayward Philosopher
Bitcoin and the Crypto Revolution

June 22, 2016
Hot Springs, VA

Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative. ” – Nassim Taleb, Author of Antifragile: Things That Gain from Disorder

The S&P closed out Monday at $2,088. Gold closed at $1,271 per ounce. Crude Oil closed at $48.95 per barrel, and the 10-year Treasury rate closed at 1.70%. Bitcoin is trading around $670 per BTC today.

Dear Journal,

Bitcoin flirted with $800 last week before dropping all the way down to $630. Today it is hovering around $670. Such volatility is usually feared by the general public, and it is often cited as one of Bitcoin’s weaknesses. To me, this volatility is a beautiful example of price discovery in one of the freest markets on Earth. Continue reading “Bitcoin and the Crypto Revolution”

The Option Game: Safe Income in Any Market

This one-hour long program focuses exclusively on a conservative financial strategy designed to generate hundreds, maybe thousands of dollars every single month.

Why the Option Game:

Are you looking for strategies to consistently earn extra income each month without quitting your job or taking on a ton of risk?

In the past, people have used money market accounts, certificates of deposit, and bonds to generate a little extra income while they spent their time on other endeavors. But these tried-and-true strategies for income just aren’t true anymore.

You will be extremely lucky if you can find a money market account paying more than 1% annually, and the highest tiered CD might net you 1.25% or so.

Today, U.S. Treasury bonds are paying less than 2% annually, and one-third of the world’s sovereign bonds are now in negative-yield territory!

Simply put, tying up your capital for such measly returns is a losing proposition…. but that doesn’t mean you don’t have options!

Enter: The Option Game: Safe Income in Any Market

This course is all about how to use options to generate safe monthly income no matter the market conditions. The strategies we will use to generate income with options do not involve speculating or taking on a ton of risk, however. In many cases, these strategies can actually reduce the risk of your overall portfolio.

Now we aren’t talking about day trading. We aren’t talking about chasing little moves in prices. We aren’t talking about cutting losses and trying to hit a big gain once in a while. We are talking about a comprehensive, long-term strategy to generate extra income, month in and month out.

By the way, this extra income will only require 20 minutes or so worth of work each month. That’s it. Again, this is a conservative approach so it does not require aggressive action.

These are the strategies used by hedge fund managers, proprietary Wall Street traders, and even Warren Buffet on occasion. But guess what – generating income with options is as easy as buying stocks normally if you know what you are doing!

This course will go over all of the fundamentals you need to know before getting started. The course will present live demonstrations to show you exactly how to implement the strategies discussed. The course will present a comprehensive example to show you exactly how you can use the strategies to generate extra income every single month. Finally, the course will go over the risks and good practices you need to know before implementing the Option Game.

To add additional value to this course, the instructor is completely willing to answer any questions you may have as you go through the material.

Now to be clear, this course is not about getting rich quick. It is about generating extra income month in and month out. Over and over again.

The Option Game is not about hitting home runs; it is about hitting for singles and maybe a double every now and then. Thus, this course is best suited for people who are self-disciplined and willing to stick with a simple strategy.

So if you are ready to turbo-charge your monthly income without taking big-risks do not hesitate to enroll in the Option Game today!

Takeaways:

• Internalize the fundamentals of options – what they are, how they work, and what they were designed to do
• Understand the intricacies of call options and put options
• Execute the Covered Call Canter to generate income on high quality stocks without taking on any additional risk
• Execute the Naked Put Promenade to sell “insurance” to traders and get paid to build a portfolio of high quality stocks
• Pair the Covered Call Canter and the Naked Put Promenade to generate safe, consistent income every single month

Get this course now:income

Click here to be routed to the sales page!

Click the button below to purchase directly with PayPal:





The Majesty of Mindfulness

submitted by jwithrow.
Click here to get the Journal of a Wayward Philosopher by Email

Journal of a Wayward Philosopher
The Majesty of Mindfulness

March 11, 2016
Hot Springs, VA

“What if you could be more than you ever thought you could be? To be better than you thought you could be? Would you do it?”
– Paul Rosenberg, A Lodging of Wayfaring Men

The S&P closed out Thursday at $1,989. Gold closed at $1,273 per ounce. Crude Oil closed at $37.84 per barrel, and the 10-year Treasury rate closed at 1.93%. Bitcoin is trading around $412 per BTC today.

Dear Journal,

The 2016 presidential election cycle is now in full-force here in the United States. The yard signs are out, the politicians are demagoguing, the talking heads are raving, and the neighbors are arguing.

We need a socialist in office!”, some say. “We need to stick it to the Chinese!”, say others. “We need a knowledgeable leader who can get things done!”, others chime in. “We need more irish creme in my coffee!”, says I.

In my view, politics is a distraction for individuals at the micro level and the bane of human civilization at the macro level. Politics runs on fear, anger, hatred, envy, and intolerance – the emotions that bring out the absolute worst in people. Continue reading “The Majesty of Mindfulness”

Non-intervention is Comprehensive

submitted by jwithrow.non-intervention

Journal of a Wayward Philosopher
Non-intervention is Comprehensive

February 27, 2015
Hot Springs, VA

The S&P opened at $2,110 today. Gold is checking in at $1,216 per ounce. Oil is floating around $49 per barrel. Bitcoin is up to $253 per BTC, and the 10-year Treasury rate opened at 2.02% today.

Yesterday we discussed the merits of the non-intervention philosophy specifically as it relates to natural childbirth. We realized what is true about non-intervention in childbirth is just a true about non-intervention in the rest of health care. Non-intervention is just as applicable to the fields of personal finance, economics, education, and the role of government as well. Let’s examine this in a little more detail today.

To start with, think long and hard about what you value in this life. Clear your mind and think about what’s important to you.

Notice the clutter and the conflict?

We are constantly assaulted with polarized messages on a daily basis competing for our support. Every single advertisement you see or read is designed by very skilled people to convince you that you want that particular product or service. The corporate media constantly inundates you with messages designed to drum up your support for a particular idea, policy, or position. The various institutions you are a part of (school/work/church/community service/political party/etc.) all convey different expectations for how you should live and what you should spend your time doing.

When we accept and identify with these external expectations we shift away from self-reference and end up with a piecemeal system of values and a hodgepodge of beliefs. Then we say things like:

-This religion is absolutely right and that religion is absolutely evil.

-People should spend their time doing these things but they shouldn’t be allowed to do those other things.

-Government should force everyone to comply with these policies and it should stop people from engaging in alternatives.

Why do we say these things? Because that’s what our institutions say; we substitute our own values for the values of our chosen institutions when we identify with external expectations.

The non-intervention philosophy is about getting back to what’s best for you. It’s about a self-referential reawakening. Modern society tells us that self-reference is selfish but nothing could be further from the truth. If we look within and decide it is acceptable to stand on our own values and pursue our own wants regardless of what modern culture says then we necessarily recognize that others are free to do the same. This understanding sparks a respect for non-aggression and tolerance in a world that has seemingly forgotten these ideals.

”Do unto others as you would have them do unto you.” “Love thy neighbor as thyself.” “Hurt not others.” “Live and let live.” “Laissez-faire.” Moral thinkers have come and gone throughout history and they each arrived at some variation of this same message. Let’s apply this message to our world today.

Non-intervention in personal finance is about thinking a lot but doing very little. Contrast this with mainstream personal finance which is frantic and disorganized. Jim Cramer epitomizes this on his television show where he runs around screaming “buy, buy, buy” or “sell, sell, sell”. We are sold the idea that a sophisticated financial portfolio involves moving in and out of the right stocks and that this is the key to reaching a retirement “number”. If we don’t want to do the stock picking for ourselves then we can purchase target date mutual funds that are actively managed by professionals who move in and out of stocks for us.

All of this buying and selling churns up commissions and fees and, if we follow mainstream analysis, likely gets us into stocks when they are popular and expensive and out of stocks when they are unpopular and cheap. That is to say we buy high and sell low. The rationale behind this is simple – if a stock is popular enough to warrant coverage on CNBC or in the Wall Street Journal then it is popular enough to draw a lot of attention. It would be far better to buy the stock when it is obscure, hated, and cheap then sell it to someone else if it becomes popular enough for mainstream financial publications.

When it comes to investing in equities, studies suggest it is the beta – the big picture idea – that is more important than the alpha – the individual security. In other words identifying sectors that have been beaten up but are beginning to trend higher, buying those sectors while they are cheap, and then sitting on your hands until the trend changes is the application of non-intervention in personal finance. Of course, stocks should only make up a small percentage of your asset allocation model as we have touched on numerous times here at Zenconomics.

We have also harped on the importance of non-intervention in economics on many occasions. The ‘free market’ is an incredibly complex web of exchanges created by individuals who, by acting of their own free will, engage in production and commerce. The free market sets price levels based on individual activity and these prices fluctuate in response to continued individual activity. This economic system is self-regulating and to intervene in any capacity is to distort the entire free market system.

Simply put, free markets require absolute non-intervention by definition. The moment you intervene is the moment the market ceases to be free. Somehow, however, we have accepted the idea that Ivy League graduates should be pulling strings and pushing levers to manage the economy. We put these “experts” in front of expensive computers in big government buildings and tell them to keep unemployment low and prices stable as if the economy were a simple child’s game of connect the dots. And we pretend like this is still a capitalist system.

I suspect we put up with intervention in our economy largely because our educational system conditions us to accept intervention every step of the way. Public education in the United States very clearly emphasizes invasive authoritarianism. Instead of allowing children to learn naturally by pursuing their interests, discovering their passions, and cooperating with one another, the public school system segregates children by age and lumps them into a classroom where they are told to be quiet and listen to the teacher. In school students are told what they will learn, when they will learn it, and they are permitted very little free time during the day. Then they are loaded with homework that eats up their free time after school and prevents them from pursuing their own interests. Their textbooks are homogenous, boring, and designed to be read and memorized unquestioningly. The textbooks have also been scrubbed by the Department of Education to ensure no politically incorrect material can be found on the pages. In this environment learning is seen as something to be forced on students – such is the interventionist approach.

Intervention in education promotes group-think and dependency. Non-intervention promotes self-education and self-responsibility. There is a reason why many wise and ‘successful’ people prior to the 20th century never went to school at all and it is the same reason that numerous prominent people since the 20th century dropped out of school before becoming ‘successful’ in their own way. Even Albert Einstein loathed the interventionist approach to education: ”Education is what remains after one has forgotten everything he learned in school”, said he.

Which brings us to the role of government. Regulatory democracy works hand in hand with coerced collectivism to convince people that government is some type of benevolent service organization. People have been sold the notion that the U.S. government should take care of everyone from cradle to grave, regulate all aspects of the economy, prohibit immoral or unhealthy behavior, maintain a military empire with 300 bases in 170 countries, and fight wars on poverty, drugs, and terror.

Government is more than happy to oblige by intervening in virtually every aspect of your life and the lives of those living in foreign nations that become a “strategic interest” for the military-industrial complex. The corporate news stations (CNN, MSNBC, Fox News) work diligently to promote public support for all of this government intervention and their success is nothing short of amazing. The corporate media’s marketing genius is the promotion of the left-right paradigm. These stations divide the public into a “blue” team and a “red” team and they promote the idea that the other team is the enemy. The fact is each “team” supports government intervention on a massive scale; they differ only in the prescription and distribution of this intervention.

The predictable result of all this government intervention is poverty and misery as the economy is wrecked and the currency is destroyed. F.A. Hayek pointed this out way back in 1944 in ”The Road to Serfdom” as central planning and government intervention really began to rise in popularity.

How different is this from that which is truly American? The American vision was a divergence from the mercantilist statism and bureaucratic despotism of the ancien régime. The best of the American revolutionaries envisioned a society free from politics and indeed free from any visible signs of government. They called this Liberty.

“Government is not reason; it is not eloquent; it is force”, said Washington. “Like fire, it is a dangerous servant and a fearful master.”

Sure the American experiment wasn’t perfect – there were prejudices and inconsistencies – but there was a vibrant and healthy respect for non-intervention. We would be wise to rekindle this understanding and respect.

More to come,

Signature

 

 

 

 

 

Joe Withrow
Wayward Philosopher

For more of Joe’s thoughts on the “Great Reset” and the paradigm shift underway please read “The Individual is Rising” which is available at http://www.theindividualisrising.com/. The book is also available on Amazon in both paperback and Kindle editions.

How to Insulate Your Portfolio from the Fed’s Financial Destruction

submitted by jwithrow.zen garden portfolio

Journal of a Wayward Philosopher
How to Insulate Your Portfolio from the Fed’s Financial Destruction

January 16, 2015
Hot Springs, VA

The S&P opened at $1,992 today. Gold is up to $1,267 per ounce. Oil is back down under $47 per barrel. Bitcoin is checking in at $210 per BTC, and the 10-year Treasury rate opened at 1.72% today. Famed Swiss economist Marc Faber went on record at a global strategy session this week saying he expected gold to go up significantly in 2015 – possibly even 30%.

Yesterday we examined the Fed’s activity since 2007 and we noticed $3.61 trillion dollars sloshing around in the financial system that didn’t exist previously. Then we put two and two together and realized the answer was four… not five as the mainstream media claims. We came to the conclusion that the entire financial system is now dependent upon exponential credit creation out of thin air and that financial destruction cometh once the credit expansion stops.

Today let’s discuss some ideas for insulating our balance sheet from the ongoing financial crisis and the inevitable crack-up on the horizon.

The first and most important thing to understand is the difference between real money and fiat money. The Fed (and other central banks) issue fiat money at will – created from nothing. Dollars, euros, yen… none of them are real money; they are all fiat. These currencies do not represent real work, savings, or wealth and they certainly are not backed by anything of substance.

Most of these currencies exist as digital units out in cyberspace but if you read one of the paper notes in circulation it is completely honest with you:

”This note is legal tender for all debts, public and private.”

That means central bank notes are really good for paying debts but that’s about the extent of it.

All of these currencies depreciate over time in terms of purchasing power because they have no intrinsic value and their supply is unlimited. Even when a currency is “strong” as the U.S. dollar is currently, it is only strong measured against other currencies. Measure the dollar against your cost of living and you will see the real picture.

The point is we can’t trust central bank money.

Which leads us to the first way to insulate your portfolio from the Fed’s carnage: convert fiat money into real money – gold and silver. Gold and silver were demonetized in the late 60’s and early 70’s and the establishment has been downplaying their significance ever since. But there is a reason every central bank in the world still stockpiles gold. Gold and silver have been money for centuries and that is not going to change in a brief fifty year time span. Maybe one day cryptocurrencies will take the torch from gold and silver but that day is not today.

It is wise to maintain an asset allocation of 10-30% in physical gold and silver bullion. Precious metals will skyrocket in price measured against fiat currency as the Fed’s financial destruction plays out but in reality they are just a store of value. Precious metals will skyrocket in price only in terms of the fiat currency that is depreciating so dramatically.

Energy and commodity stocks, especially well managed resource companies, stand to boom as the monetary madness plays out as well. This is not a long-term strategy, however, so any gains captured during the commodity boom should be converted into hard assets or blue-chip equities after they have finished falling in price. There is enormous risk in the stock market so equities should make up a smaller portion of your asset allocation: 10-15% perhaps.

Despite everything said about fiat currency above, cash should still make up a large percentage of your portfolio; probably 20-30%. Cash loses purchasing power over time but it is still the primary medium of exchange so it is necessary to remain liquid. Ideally you should keep 6-12 months worth of reserve funds in cash and any cash above that threshold can be used to acquire assets as they go on sale. And plenty of assets will go on sale when the credit expansion stops.

The remainder of your asset allocation should be in real estate, provisions, other hard assets, and anything else that improves your quality of life. With all of the unjust systems and institutions to contend with it is easy to forget most of us are far richer than the wealthiest individuals living at the beginning of the 20th century. We have central heating and air in our homes, reliable auto travel over long distances, affordable air travel to anywhere in the world, way too much entertainment, cheap access to the internet which opens the door to all manner of information/commerce/entertainment, pocket-sized computers that double as telephones, and many other modern comforts that would be considered futuristic luxuries by the wealthiest of the wealthy one hundred years ago.

After properly aligning your portfolio to weather the Fed’s financial storm, focus on aligning your life to maximize fulfillment, purpose, and peace of mind. After all, your most valuable asset is time and time cannot be measured in financial terms.

More to come,

Signature

 

 

 

 

 

Joe Withrow
Wayward Philosopher

For more of Joe’s thoughts on the “Great Reset” and the fiat monetary system please read “The Individual is Rising” which is available at http://www.theindividualisrising.com/. The book is also available on Amazon in both paperback and Kindle editions.

Of Gold, Energy Stocks, and Bitcoin – Opportunities for the New Year

submitted by jwithrow.bitcoin

Journal of a Wayward Philosopher
Of Gold, Energy Stocks, and Bitcoin – Opportunities for the New Year

January 2, 2015
Hot Springs, VA

Welcome to the first business day of 2015! The S&P opened at $2,055 today. Gold is down to $1,171 per ounce. Oil is down to $52 per barrel. Bitcoin remains rather flat at $315 per BTC, and the 10-year Treasury rate opened at 2.20% today.

We spent our time yesterday going over how fiat money enslaves society and we agreed that this was critical to understand if we are going to have a chance at being financially independent. Wife Rachel said it was a rather dreary journal entry so today we will endeavor to be more positive.

Let’s take a look at some of the financial opportunities we have for 2015.

First, the precious metals are as cheap in dollar terms as they have been in several years. Gold and silver could still drift lower in 2015 but the fundamental case for owning them is as strong as ever. This is a great time to pick up some ounces if you are a little short on your precious metals asset allocation.

Over in the equity markets, energy stocks of all sorts have taken a beating with plummeting oil prices. Fund managers accentuated the crash in energy stocks as they sold at a loss for tax purposes and to show little exposure to the sector at year-end. This is a great opportunity for a contrarian to add some energy exposure to his or her portfolio. It is advisable to be very diligent in this endeavor, however, as marginable producers will be squeezed if oil prices remain this low for an extended period of time. Be sure to go with the companies that can survive at current prices, keep position sizes reasonable, and stick to your stop-losses.

Several notable analysts expect the Fed to launch QE4 the moment the S&P starts to tumble which would send stock prices soaring even further. Some of these analysts think this will occur in 2015. The Day of Reckoning will eventually come for the current fiat monetary system as the Great Reset continues to unfold, but that day is not here yet. 2015 may provide an opportunity to capture gains in the market and convert those gains into hard assets.

Even more speculative is Bitcoin which plummeted from a 2014 high of $939 in January all the way down to its current price of $315 over the course of the year. Maybe $315 is a good entry point, I don’t know. Of course Bitcoin opened 2013 at $13 so maybe it is still reverting back to the mean.

Personally, I am not sure what to make of Bitcoin. Free market advocates are die-hard in their belief that Bitcoin has the potential to rid the world of fiat money by eliminating the need for any middlemen and thus eliminating transactional friction. Free market detractors are pretty adamant in their belief that Bitcoin is a pump and dump scheme that will not be relevant for long because it does not meet all of the standard qualifications for hard money.

I am in the middle somewhere – Bitcoin’s functionality fascinates me but I don’t think it eliminates the need for precious metals within the monetary system. I think a small dollar-cost-average approach may be a reasonable method of testing the Bitcoin waters.

Of course there is no room for speculation until you have built a sensible level of resiliency and have a sturdy asset allocation model in place. Having debt cleared out, cash on hand, precious metals for insurance, a back-up energy source, and some food and wine stored in the cellar will insulate you from any storm that comes your way, regardless of how your speculation works out. Throw in good family and friends and you will be in great shape no matter what happens in 2015 and beyond.

What else could you ask for?

More to come,

Signature

 

 

 

 

 

Joe Withrow
Wayward Philosopher

For more of Joe’s thoughts on the “Great Reset” and the fiat monetary system please read “The Individual is Rising” which is available at http://www.theindividualisrising.com/. The book is also available on Amazon in both paperback and Kindle editions.