Roger Knights'  Instablog

I’m posting here a record of my paper trades, with the intention of crowing about them later. (Or eating crow, as the case may be.) The outcome should instruct or amuse readers, depending on whether I’m right or wrong, so it’s a win/win situation for them. I've given myself 1000 "chips" and allocated them across 16 picks, plus cash.

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I posted a few good one-liners as comments on phrases in articles here on the Seeking Alpha site. The quoted material below contains the phrases or article titles I was riposting to.

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Here are some common usage errors that I hope SA contributors will avoid in the future or that SA editors will correct for them. In each entry below, the first line contains a word or phrase that is incorrectly used (with a strike-through), followed by the correct item. The next two lines give the definitions of the two terms. The remaining lines give an example or two of misuse, with the erroneous term struck out and replaced by a boldfaced correction.

 

Adverse / Averse

Adverse = harmful, unfriendly (Adjective);

Averse = opposed (Verb);

“I'm not adverse averse to risk”

Here’s “adverse” used correctly (as an adjective):

“While there will be adverse economic consequences ….”

 

Amount / Number

Amount refers to an item that does not come in discrete units;

Number refers to an item that is countable (comes in units);

“wait till you see the amount of number of retailers closing shop in 1st quarter”

“I came away … pleasantly surprised at the amount of number of homes under construction.”

 

Baited breath / Bated breath

Bated is a contraction of abated, meaning reduced or annulled.

“I'm waiting with baited bated breath to see what happens geopolitically this weekend.”

 

Compliments / Complements 

Compliments = praises, flatters;

Complements = completes or makes perfect;

As a general rule, people compliment each other; things complement each other.

“The Moody’s/REAL CPPI data series is … complimentary complementary to their alternative transaction based index (TBI).”

“insofar as possible, compliment complement rather than compete.”

 

Comprised of / Composed of, or Constitutes

Comprised of = (always an error);

Composed of = made up of;

Constitutes = makes up or composes;

The whole comprises the parts: “The flag comprises the colors red, white, and blue.” The whole is composed of the parts: “The flag is composed of the colors red, white, and blue.” The parts constitute the whole: “Red, white, and blue constitute the colors of the flag.”

Comprise means "includes, exhaustively.” It is a very specialized word that beautifully serves its particular purpose: avoiding the need to tack on "in toto" or “, exhaustively,” after "includes." Hence "comprised of" is as grating as "included of" would be: “The flag is comprised composed of the colors red, white, and blue.” Here are other incorrect examples:

“Puts and calls comprise constitute less than 1% of my portfolio”

“The prime market is not comprised of composed of folks who are better insulated."

“G-20 economies comprise constitute 85% of global production.”

Whenever you see the word comprise, 95% of the time it is being misused. Here’s a rare example of correct use (from Felix, naturally): “The top five now comprise JP Morgan, Bank of America, Goldman Sachs, Morgan Stanley, and Citigroup.”

 

Discreet / Discrete

Discreet = prudent, circumspect;

Discrete = distinct, separate;

“These ‘explanations’ for market direction based on discreet discrete news events are a sad attempt …”

 

Effects / Affects

Effects = (noun) a result or consequence;

Affects = (verb) acts upon;

“I would like to know how the falling dollar effects affects LNG imports”

(Note—Effects can sometimes be used as a verb: “A single glass of brandy may effect (bring about) his recovery.”)

 

Elude / Allude

Elude = avoid, escape;

Allude = refer, cite;

“I think what Jim Rogers was eluding to alluding to with teaching your children Mandarin …”

“The uncharted waters (non-traditional headwinds) Kass is eluding to alluding to …”

 

Exasperating /  Exacerbating

Exasperate = irritate, annoy

Exacerbate = worsen

“If banks continue to pound away at small business the problems in this country will only continue to be exasperated exacerbated.”

“Both the 'Stress test' and the AIG problem will only exasperate exacerbate BAC's problems.

 

Flare / Flair

Flare = a blaze, a widening;

Flair = talent, taste;

“As boutique companies grow and expand their product line, the high end appeal for their products begins to lose its flare flair.”

 

Forego / Forgo

Forego = go before, precede (rare);

Forgo = renounce, do without;

“What city or state will forego forgo the property taxes …?”

 

Horde / Hoard

Horde = a multitude, pack, or swarm;

Hoard = an accumulation of something put away for future use;

“We are far more likely to horde hoard what we have than risk an uncertain payoff.”

“The cash horde hoard does concern me.”

 

Imply / Infer 

Imply = to indicate, suggest;

Infer  = to deduce, conclude;

Generally, the author implies, the reader infers:

“I find results like that, when I imply infer the empirical returns of commodities for the last years.”

Sometimes the error is the reverse:

“Your statement infers implies that real estate values always go up.”

 

It’s / Its

It’s = it is;

Its = belonging to it;

“If the California court reverses it’s its decision …”

This is the most common usage error. Just remember this: “NEVER POSSESSIVE” (i.e., no apostrophe in the possessive instance).

 

Jives with / Jibes with

Jive = nonsensical or meaningless talk;

Jibe = to agree, be in accordance;

“Their own reports, for example, do not jive with jibe with the servicer reports”

“This absolutely jives with jibes with what I see on the street.”

 

Less / fewer

Less is used for things that don’t come in discrete, countable units;

Fewer is used for countable items and numbers;

“Foreigners are buying less fewer U.S. bonds with a maturity date beyond 10 years.”

        

Literally / Virtually or Figuratively

Literally = in accordance with the wording exactly;

Virtually = in accordance with the wording in essence or effect;

Figuratively = not literal, but rather a figure of speech; not in accordance with the wording;

It’s best to just omit literally rather than replace it with one of the alternatives above, but here is how the alternatives might be employed:

“The cash is so huge that prices are literally figuratively running away from fundamentals”

“At a maximum, the sky is literally figuratively the limit.”

“the US (and the rest of western world) is literally virtually choking on their debt …”

Here’s a rare case where the usage is justified:

“10% of the global capesize fleet of 855 vessels was literally sitting dead in the water …”

 

Loathe to / Loath to

Loathe (drawn-out “th”) = abhor;

Loath (short “th”) = reluctant;

“The Federal Reserve will remain loathe to loath to raise interest rates.”

 

Peaked / Piqued

Peaked = having a summit or peak;

Piqued = stimulated or aroused;

“My curiosity was very much peaked piqued when I noticed …”

 

Peek / Peak

peek = glance quickly or surreptitiously

peak = top

“there's slack in the labor markets with unemployment peeking peaking above 10 percent”

 

Pours over / Pores over

Pours = decants;

Pores = studies with care;

“… office workers still pour over pore over paper files; …”

 

Principle / Principal        

Principle = a basic truth, law, force, etc.;

Principal = the capital of an estate; also, “first in rank”;

“Once you add principle principal and interest with a 80% LTV mortgage”

 

That / Who

That refers to things;

Who refers to persons, or sometimes animals;

 “… people that who want to buy homes”

 “it is coming from a firm who that has its hand in all different types of markets.”

 

Tow the line / Toe the line

Toe the line = (From Wikipedia) “an idiomatic expression meaning to conform to a rule or a standard. The term has disputed origins. … In days of sail, ‘toe the line’ was used as a command for the sailors to line up along a crack in deck planking, similar to the modern ‘Attention!’ Over the years the term has been attributed to sports, including toeing the starting line in track events and toeing a center line in boxing which boxers were instructed to line up on either side of to start a match. In modern usage, it appears often in the context of partisan or factional politics, as in, ‘He's toeing the party line.’"

So “tow the line” is always a mistake, although a common one:

“The Japanese, Chinese and OPEC are expected to tow toe the line.”

 

 

Second Group – Matters of Taste:

 

Absent / Without, or Except, or Lacking, or Unless there is

In legalese, “absent” is sometimes used in place of the synonyms listed above. In ordinary use it sounds affected and awkward, and can sometimes momentarily misdirect the reader.

“So, absent without higher interest rates …, a reversion to the mean would fuel a massive rally.”

“Sony is probably leading in the rest of the world absent except China”

“the absurd belief that, absent without exponential productivity gains, the economy can expand …”

“Absent Lacking any evidence to the contrary, we have yet another example …”

 

Begs the question / Raises the question

Begs the question means takes for granted or assumes the truth of the very thing being questioned. For example, “Shopping now for a dress to wear to the ceremony begs the question: ‘Has she even been invited?’” (The definition here is based on one given at Answers.com.)

Raises the question = provokes the question

“Now, the fact that bonds and equities in general are both firm seems to beg raise the question - which rally would end first?”

 

Below chart / Chart below

It’s smoother and more conventional to use the second form:

“I presented the below chart chart below to illustrate this”

 

Grow / Expand or Increase

Grow = to increase itself (lacks an “object”);

Expand = to enlarge something (takes an “object”);

The occasional deliberate use of “grow” in place of “expand” or “increase” can sometimes be fresh, but mostly it’s “ungainly” (R.H. Fiske):

“this company is still growing expanding sales and earnings rather quickly.”

 

The reason is because / The reason is that

It’s redundant to use both reason and because; one of them should be dropped.

“The reason option volumes have surged in the last 5 years is because that they are a great way to hedge …”

I suggest that the gov't. take over where Rex & Co. left off, by offering homeowners a premium in exchange for a share of future profits on the sale of the house. (Say 15% of the house's current valuation in exchange for half the upside above its current market value.) This would buffer the effects of the current crunch on the homeowner, allowing him to make his mortgage payments and/or renegotiate his mortgage, while being a good long-term buy for the gov't. It’s win/win.

Going further, I think the gov't should offer to pay for home-improvement projects for home-owners, again in exchange for a share of future profits on the sale of the house. There are certain desirable home improvements that wouldn’t require skilled labor, such as adding fencing, home security, and earthquake protection. Millions could be hired to do these tasks after a bit of videotaped training.

This technique could also be used to fund purchase and installation of insulation, attic fans, south-side awnings, white-painted roofs, and heat pumps. The US needs to cut its energy consumption, and a little governmental nudging is OK to get us there.

These initiatives would stimulate lots of economic activity; upgrade the country's housing stock; make life pleasanter for home-owners and their neighbors (who'd live in an upgraded neighborhood); reduce crime; and be a good investment for the gov't. in the long run. They would also be politically popular.

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On Nov. 2, 2009, Business Week published a three-sentence version of my letter above. Here's the link to it (hit page-down twice).

http://www.businessweek.com/magazine/content/09_44/c4153feedback078424.htm?chan=magazine+channel_business+views