Here are some extracts from the biography of a mountain climber, Daniel Hurst. Write before or until in the spaces, or before/until if both are possible
1.He stayed in the tent………..the fog cleared. Only then was he able to go on.
2.He didn't believe that climbing the south face would be possible……….he spoke to local villagers who knew of a possible route.
3.By taking a shorter but steeper route, he reached base camp………his fellow climbers.
4.He climbed……..he was exhausted and could go no further.
5.He had to wait five years………….he had another opportunity to climb Everest.
6. Hurst waited with his companion………….the rescuers came, and then helped them carry her back down the mountain.
7. Fortunately, he had left the summit………..the storm started.
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Application of Chaos Theory to Markets
Capital markets go through alternating periods of calm and storminess. However, they are not always chaotic, and the shift between calm and chaos is often sudden and unpredictable. Some believe that these concepts of chaos theory can be used to understand how financial markets operate.
Markets tend to grow bubbles that eventually pop with drastic consequences. Financial bubbles often grow because of positive feedback. When investors make money during a rise in the financial markets, other observers think the investors must have made a smart decision, which leads the observers to invest their own money in the markets. The result is more buying and stock prices going higher. The positive feedback loop leads to prices beyond any logical or justifiable level. The loop eventually ends, and the last investors in are left hanging with the worst positions.
The same concept can explain volatile bear markets. The markets can suddenly shift due to outside factors, which causes investors to pay attention only to negative news. Initial selling leads to more selling as market participants liquidate their positions. The negative feedback loop tends to accelerate quickly, often resulting in a market full of undervalued stocks.
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