Friday, March 27, 2009

Derivatives and zero-sum games

Futures, forwards, options, swaps; no matter what you call them they fall under one broader label: derivatives. Derivative products, like their name indicates, are products where the return is derived from another instrument. While credit-default swaps have been the most prominent in the news during the The Panic of '08/'09, they are not much different from the rest in one fundamental way: they are a zero-sum game. By zero-sum game, I mean a situation where net losses must always equal net gains. In particular, I am going to talk about options. Today I'm going to illustrate this with options.

For our example, we are going to use a call option sold on Conglomerate A Inc., for expiration in July 2009 at a strike price of $10 and at a cost of $1. That means that the purchaser will have the right to buy from the seller 100 shares of Conglomerate A Inc., for $10 a share until July 2009 if they pay the seller $100 today. If you think that Conglomerate A Inc, is going to be worth $15 in July, you can buy this call option and, if you are right, you'll be able to buy 100 shares at $10 in July and sell then in the open market for $15, netting a cool $400 (remember, you paid $100 for the option). The seller, on the other hand, was obligated to sell you his shares at a discount and lost $400. There is many ways this can play out, but one things is sure, for every dollar a person makes, another person loses a dollar.

I have no problem with options, in fact, I frequently use them to manage volatility and risk, but that doesn't change the facts. For every dollar someone gains, someone else loses $1. This would all be well and good, but every investor knows that, even though they don't exist in economics textbooks, transaction costs are very real in the form of ticket charges and/or commissions. Let's now play out the same scenario under a more realistic setting:
  1. John writes 10 Conglomerate A Inc. calls with a $10 strike price at $1 for gross proceeds of $1,000. After paying a $25 ticket charge and $1 per contract fee, the net proceeds to John's account are $965. 
  2. Daphne is very bullish in Conglomerate A Inc. and wants a leveraged play, but wants to limit her losses, so she buys the 10 calls for $1000 plus $35 in transaction costs for a total of $1035 net cash outflow.
  3. Daphne is spot-on and the share price of Conglomerate A Inc., rises to $15. She exercises the option, buying the shares from John for a total of $10,000 (1 contract = 100 shares) and immediately sells the in the open market for $15,000, netting her a handsome profit of $3965 after factoring in the $1035 paid for the option and fees.
  4. John, unfortunately, had to sell the shares at a loss of $5000, minus the $965 he received for the option, leaving him with a net loss of $4035.
  5. Daphne made $3965, and John lost $4035. This is a zero-sum game, so where did the other $70 go? To your broker dealer. The financial industry facilitated this exchange for you, at no risk, and made $70, or 7% of your total transaction.
After fees, we have a less than zero-sum game, meaning your probability-adjusted payout is negative from the beginning. Remember that the next time you buy or sell options.

282 comments:

  1. It's interesting, how a game can be zero-sum locally but the option to play it can lead to a global positive-sum game.

    The economist's explanation I've heard is that it allows people with different risk preferences to trade risk among each other.

    I don't believe that explanation, but volumes did soar, so it has to be positive-sum in some sense.

    ReplyDelete
  2. Prior to this when you needed to play diversions you played a table game like restraining infrastructure, chess, checkers or you picked cards recreations. The huge arcade amusements amid this period were Pac Man, Galega, Donkey Kong, Asteroids, Zork, Mastermind, Space Invaders, and Luna Lander.
    see here

    ReplyDelete
  3. Many download Wii recreations as often as possible, the same number of likewise download PSP diversions, and amusements for the PS2 and PS3. It is those that offer the diversions that decide their legitimateness. get bb backs now

    ReplyDelete
  4. Physicist William Higinbotham, the designer, goes down in history as creating one of the first electronic games to use a graphical display.
    www.dementalism.com

    ReplyDelete
  5. Much obliged for the significant data and bits of knowledge you have so given here... haasil

    ReplyDelete
  6. In sites advancing diversion trailer thankfulness, it isn't normally the case. The web webpage records all the best diversions.IGGGAMES

    ReplyDelete
  7. Cla Safflower Oil As to precisely the amount you will pick up it relies upon how much exertion you put in.
    http://www.drozhealthblog.com/cla-safflower-oil/

    ReplyDelete
  8. Pretty! This has been an extremely wonderful article. Thank you for providing this information.
    uc browser download for windows 7

    ReplyDelete
  9. Awesome Post I really Like Its.
    Thanks for you sharing such a valueable post
    Valentine Day Cards & Messages

    ReplyDelete
  10. Biogenic Xr whilst this looks like a tall order these days advances in technological know-how have meant that accomplishing a better girth is a ways less complicated than it was once.
    http://www.healthprograme.com/biogenic-xr-reviews/

    ReplyDelete
  11. I read your recent post its great thanks. Waiting for more new update.

    ReplyDelete
  12. Hi,
    Wao Great i Much like this Post really impressed from this
    Haasil Full Video See it and Enjoy

    ReplyDelete
  13. Cla Safflower Oil Not understanding food portion sizes will sabotage your weight loss diet efforts. Again, meals labels are your resource here.
    http://www.drozhealthblog.com/cla-safflower-oil/

    ReplyDelete

  14. Awesome post.I really like it.Thanks for sharing such a valuable post.You can find more beautiful things here
    Coffee Makers

    ReplyDelete
  15. I read that Post and got it fine and enlightening.
    Orders NOW

    ReplyDelete
  16. Awesome article Lot's of data to Read...Great Man Keep Posting and redesign to People..Thanks
    Orders NOW

    ReplyDelete
  17. Hello Admin! What a great post, you have written. I was looking for this information for a very long period of time. You have done it very nicely. Your way of expressing your thoughts is just incredible. I bookmarked your website for future use. Keep up the good work. You must checkout my website as well. You fill find great stuff there.
    <a href=" https://clashroyalhacktool.com/clash-royale-cheats/”> Clash Royale cheats</a>

    ReplyDelete
  18. Testro T3 We concur! The absolute best type of male upgrade is common exercise, and essentially learning basic, vital strategies like jelqing, kegel, height activities and more are a demonstrated way to penile augmentation that has worked for literally....hundreds of years.
    http://www.drozhealthblog.com/testro-t3-uk/

    ReplyDelete
  19. Watch All Episodes of Star Plus Drama Serial Ishqbaaz Online in High Quality HD 720P. Ishqbaaz episode 1 starts from 27th june 2016. Ishqbaaz air timing 10:30 p.m india time from monday to sunday.
    Ishqbaaz Cast: 3 Obroie Brothers.
    Ishqbaaaz is a Hindi drama aired on Star Plus. The story is about three brothers – Shivaay, Omkara and Rudra — who share an unbreakable bond despite their dysfunctional family. Watch all the latest episodes of Ishqbaaaz only on Hotstar.

    ReplyDelete
  20. Much obliged to you for exceptionally usefull data.. visit here for
    Buy Instagram Views

    ReplyDelete
  21. Testx Core What's the "catch"? This wasn't exceptionally sensible, and in this manner numerous guys would surrender and pronounce jelqing was basically a training that did not work. Shouldn't something be said about Jelqing today?
    http://www.usadrugguide.com/testx-core-review/

    ReplyDelete
  22. Thank you for sharing interesting stuff. Loving it

    Valentines Day Quotes

    ReplyDelete
  23. I read your post its great thanks. Waiting for more new update.

    ReplyDelete
  24. Massive Testo In any case, to explicitly focus on the , you can likewise hone straightforward back rub systems which urge the blood stream to that region. Honed routinely as a component of a decent normal upgrade program, these back rub procedures will expand blood stream to the and enhance the nature of your erections.
    http://xtrfact.com/massive-testo/

    ReplyDelete
  25. Vedda Blood Sugar Remedy These modifications motive the level of insulin to drop down.
    http://www.drozhealthblog.com/vedda-blood-sugar-remedy/

    ReplyDelete
  26. Dil Sambhal Ja Zara is a Hindi Drama serial on Star Plus. It’s about Ahana Raichand, who lost her father because of her mother. Years later, she comes across the much-older Anant Mathur and marries him, leading to a chain of events! Sanjay Kapoor and Niki Aneja Walia return to TV with this show. Watch the latest and full episodes of Dil Sambhal Ja Zara, only on Hotstar.

    ReplyDelete
  27. CLA Safflower Oil Numerous individuals who are ceaseless weight watchers have really been keeping their bodies from great sustenance and in spite of the way that they are corpulent, their bodies are sparing increasingly fat since it isn't getting the nourishment it needs.
    http://xtrfact.com/cla-safflower-oil/

    ReplyDelete
  28. CLA Safflower Oil Another advantage of FOS is that it helps in nourishing accommodating microscopic organisms in the colon like Lactobacillus and Bifidus.
    http://xtrfact.com/cla-safflower-oil/

    ReplyDelete
  29. Thanks For Sharing This information …. Really Helpful for us……

    Regards
    Sovil Singh – Hindi Status

    ReplyDelete
  30. Dermagen IQ This is on account of in spite of how compelling every regular protein, chemicals, and plant based concentrates, oils, and waxes are in mending Dermagen IQ for UK the skin and decreasing wrinkles, the vast majority of the beautifying agents organizations decline to utilize them.
    http://www.usadrugguide.com/dermagen-iq/

    ReplyDelete
  31. Much obliged for the significant data and bits of knowledge you have so given here...

    Mehndi Designs for Kids latest

    ReplyDelete
  32. Download Free VPN For Your Window

    Please Visit free http://freevpnnetworks.com/

    ReplyDelete
  33. Watch Dramas Online HD. Watch the Latest Hindi Serials Online in HD Quality. Watch Indian Dramas Online HD, watch online Hindi serials latest Episodes in Ultra HD Quality. Watch Indian Dramas Online. Watch the Latest Episodes of Indian Serials Online Free. Watch Full Episodes of Star Plus, colors TV, Zee TV, Sony TV

    http://www.dramasonlinehd.com/

    ReplyDelete
  34. Dermagen IQ While keeping your skin more youthful looking, you ought to likewise search for approaches to reestablish harmed skin.
    http://www.drozhealthblog.com/dermagen-iq/

    ReplyDelete
  35. Here you Will Get Complete Detail About All Incoming Smartphones Latest Oppo Mobile Prices 2018

    ReplyDelete
  36. D BAL Max simply do nothing at all except for can even reason different issues On the off chance that you begin with the ones.
    http://xtrfact.com/d-bal-max-review/

    ReplyDelete
  37. Slimfire Forskolin Akingly considered before taking such choices At exactly t Forskolin hat point you would have the capacity to settle on.
    http://supplementdigestdog.com/slimfire-forskolin/

    ReplyDelete
  38. Xtrfact proficient, knowledgeable individuals once in a while have misinformed sees about what makes or keeps them sound.
    http://xtrfact.com/

    ReplyDelete
  39. Brilliant article, much obliged for assembling this! This is clearly one incredible post. A debt of gratitude is in order for the profitable data and experiences you have so given here. please visit www.nativenewslive.com to find more interesting content.

    ReplyDelete
  40. Hello Sir,
    Thanks for sharing latest update news
    I am using these websites regularly.
    Thanks You.

    Cricket Update News : latest cricket news

    ReplyDelete
  41. Pure CBD Oil A large number of these are demonstrated fish catchers. And in addition base blends, instant enhanced glues.
    http://www.drozhealthblog.com/pure-cbd-oil/

    ReplyDelete
  42. Your site is truly cool and this is an awesome moving article. Also Visit:
    Short Easter Quotes Sayings, Happy Easter Monday Text Messages, New site is solid. A debt of gratitude is in order for the colossal exertion. , Best Easter Wishes Messages, Easter religious poems , Funny Easter Quotes

    ReplyDelete
  43. Good Friday 2018 : Good Friday, is called “Blessed Friday,” is the Friday quickly going on Easter Sunday. It is praised customarily as the day on which Jesus was executed. Accepting that Jesus was executed and kicked the bucket on a Friday or good friday sms 2018 should Christians recall Jesus’ passing by observing Good Friday Poems 2018. Here is a massive collection of good Friday quotes, good friday wishes, good friday greetings messages

    ReplyDelete
  44. Much obliged for the significant data and bits of knowledge you have so given here...

    ReplyDelete
  45. Lovely post with great style of wording...Loved it

    Pit Pat Nursery Rhyme Lyrics

    ReplyDelete
  46. Your site is truly cool and this is an incredible motivating article. Much thanks to you to such an extent.

    Westlink Cleaning

    ReplyDelete
  47. Nitridexof their backs and bears, and for those men who consider their own prepping important, even into the pubic region and past.
    http://supplementdigestdog.com/nitridex/

    ReplyDelete
  48. Happy Easter Sunday Extremely fascinating web journal. Alot of online journals I see nowadays don't generally give anything that I'm keen on, however I'm most definately intrigued by this one. Recently imagined that I would post and let you know. You may also visit my visit:
    inspirational Easter poem, Happy Easter wishes SMS ,
    inspirational easter quotes

    ReplyDelete
  49. Extraordinary post, and awesome site. Much obliged for the data!

    End Of Lease Cleaning


    ReplyDelete
  50. Zylix Plus There are also girls who do now not exercise masturbation due to the fact they in reality don't have the time.
    http://www.drozhealthblog.com/zylix-plus/

    ReplyDelete
  51. Hey Sir So Amazing things here. I am very glad to see your post. I got some information from your post. I also read your other posts I Like your blog Thanks for sharing such posts with us.
    Bepannaah Full Episode

    ReplyDelete
  52. Very nice Article good information Great post.Do you want to ask any queries related to your Yahoo from our experts will answer you in no time 2018,Zee TV If you really facing an issues in AOL emails service, for more information visit AOL.

    ReplyDelete
  53. Very nice Article good information Great post.Do you want to ask any queries related to your Yahoo from our experts will answer you in no time. For Ishq Pakeezah Zee TV Ishq Pakeezah Serial Zee TV 2018, Star Cast & Crew Promo, Start Date, Timings Ishq Pakeezah Serial on Zee TV Wiki 2018,Ishq Pakeezah Full Episode If you really facing an issues in AOL emails service, for more information visit AOL customer support.

    ReplyDelete
  54. Much obliged for the significant data and bits of knowledge you have so given here... Movierulz

    ReplyDelete
  55. A debt of gratitude is in order for this article extremely accommodating. much appreciated.
    Tasty Food Blog Name

    ReplyDelete
  56. Watch all your favorite Pinoy Channel shows online for free! Our website can provide you with free PinoyTv Full Episode of pinoy tambayan and Pinoy channel tv.

    ReplyDelete
  57. Much obliged for the significant data and bits of knowledge you have so given here... APK apps

    ReplyDelete
  58. Affection to peruse it,Waiting For More new Update and I Already Read your Recent Post its Great Thanks.
    Phones For Kids

    ReplyDelete
  59. Much obliged for the significant data and bits of knowledge you have so given here...
    How To Decide on Just The Appropriate Pair Of Jeans

    ReplyDelete
  60. Free Download Top Most Popular & Best Apps/Games for Androids 2018 Please Visit >>>> Best Apps for Androids2018

    ReplyDelete
  61. Great Article! Thanks for Sharing Such a Valuable Information. also Visit
    Free Download Best apps for Androids

    ReplyDelete
  62. google lead me here i see people coming here and sharing their websites here so i thought why not me and thanks for allowing us to share our thought on this.

    Desi TV

    ReplyDelete
  63. This is a wonderful post.thanks for sharing <a href=" http://www.iam-active.com/monday-offer-fire-hd-8-essentials-bundle/”>news</a>

    ReplyDelete
  64. Such an Amazing Article! Soo Nice Post! Thanks For Sharing Free Download Popular Apps for Mobiles

    ReplyDelete
  65. Much obliged for the significant data and bits of knowledge you have so given here...
    Entertainment

    ReplyDelete
  66. This comment has been removed by the author.

    ReplyDelete
  67. I really enjoy simply reading all of your weblogs. Simply wanted to inform you that you have people like me who appreciate your work. Definitely a great post. Hats off to you! The information that you have provided is very helpful. dooball online

    ReplyDelete
  68. I wanted to say Appreciate providing these details, youre doing a great job with the site...

    Sindhi News
    http://onlineindus.com/Sindhi
    http://www.onlineindus.com/

    ReplyDelete
  69. great post http://www.iam-active.com/barkbox-reviews/

    ReplyDelete
  70. Pinoy Tambayan Live Pinoy Tambayan is another type of filipino TV shows because there are different terms for each of them so Pinoy Tambayan is also a famous Keyword and ASINTADO Pinoy Tambayan shows are also watched and loved by the people of Phillippines.

    ReplyDelete
  71. Watch all your favorite gogo anime shows online for free! Our website can provide you with free gogo animes Full

    ReplyDelete
  72. Awesome article Lot's of data to Read...Great Man Keep Posting and redesign to People..Thanks
    Prediksi BOla
    Sex Porn
    Porn Sex

    ReplyDelete
  73. Energy for the brain
    Breathing is the first source of energy. Thermo Burnalso increases the brain's ability to be alert and vigilant.
    Movement and energy Thermo Burn are closely related. Leave work to mobilize and increase energy.
    Water is the beginning of everything. Thermo Burnis present in all cells and helps the body to work. Other features to increase the ability to concentrate in school or at work.
    Laughter and laughter act us many benefits, and renew us. Thermo Burnalso eliminates the stress and tension, and control anxiety and improve depression, lower cholesterol, relieve pain, improve insomnia and cardiovascular and respiratory problems, among other features. Moreover, Thermo Burnis also for us to transform our thinking helps.
    Ongoing dialogue with ourselves. These comments and questions that do not affect fitness and lifestyle. As we know where we are going, we conquer life.
    Certainly feels limp impressed after sharing time with negative people. On the contrary, when we share with the people, we are full of positive energy. People who affect our energy.
    Awakens the senses, Thermo Burncan have a positive impact at a time when prices are at energy.Food to improve academic performance
    During the consideration of the usual supplements to improve concentration and memory, though mostly ineffective

    https://supplementch3mistry.wordpress.com/2018/06/28/thermo-burn-review/

    ReplyDelete
  74. Much thanks for this helpful article. I like it.
    2018 Technology Trends

    ReplyDelete
  75. Diet Plan Forskolin Heredity remarkably affects bone tissue huge. Whatever the situation, our lifestyle - actual modify, diet, smoking cigarettes - besides all around results the program for our bone tissue fragments. https://dietplanforskolin.com/

    ReplyDelete
  76. The first thing you have to do can be make twobarkbox reviews reddit small holes in the ball by using a scissors or a cutter; you have to make one at each finish line to be able to pass the rope through the center.

    ReplyDelete
  77. Much obliged for the significant data and bits of knowledge you have so given here...

    ReplyDelete
  78. Much thanks for this helpful article. I like it.

    Pinoychannel

    ReplyDelete
  79. Good Morning SMS Messages – good morning quotes have a great day


    https://smsnmessages.com/good-morning-sms-messages/

    Indian Independence Day Whatsapp status and Facebook Status 2018 on 15 August
    https://smsnmessages.com/indian-independence-day-whatsapp-status-and-facebook-status-on-15-august/

    Independence day in hindi on 15 August 2018 Quotes
    https://smsnmessages.com/independence-day-in-hindi-on-15-august-quotes/

    id ul adha mubarak 2018 – eid mubarak wishes | eid mubarak status English, Urdu, Hindi

    https://smsnmessages.com/eid-ul-adha-mubarak-eid-mubarak-wishes-eid-mubarak-status-english-urdu-hindi/

    eid mubarak wishes, Quotes, Status, Greetings, Cards, Shayari


    https://smsnmessages.com/eid-mubarak-eid-mubarak-wishes-quotes-status-greetings-cards-shayari/


    #Chand_Raat_2018 – chand raat mubarak SMS, Images, Wallpapers Wishes


    https://smsnmessages.com/chand-raat-2018-chand-raat-mubarak-sms-images-wallpapers-wishes/


    #Advance_Eid_Mubarak Wishes, Messages Images and Wallpaper Free

    https://smsnmessages.com/advance-eid-mubarak-sms-wishes-advance-eid-mubarak-2018/

    Visit our catagory: https://smsnmessages.com/category/eid-mubarak/

    Indian Independence Day Whatsapp status and Facebook Status 2018 on 15 August
    https://smsnmessages.com/indian-independence-day-whatsapp-status-and-facebook-status-on-15-august/

    Independence day in hindi on 15 August 2018 Quotes
    https://smsnmessages.com/independence-day-in-hindi-on-15-august-quotes/

    ReplyDelete
  80. According to Dnaindia.com Reports are swirling that while Salman Khan will keep on being the host, jodis will go into the house as candidates this time around. Bigg Boss 12 to most recent report in Tellychakkar, the creators are paying special mind to some extremely questionable members this time around. As the candidates will enter in sets, it could be anybody from saas-bahu to manager secretary and the show may have disputable writers, tranquilize addicts, and apparition seekers too.
    Bigg Boss 12

    ReplyDelete
  81. This web site definitely has all of the information and facts I needed concerning this subject and didn’t know who to ask.
    Kaun Hai Drama

    ReplyDelete
  82. Aw, this was a very nice post. Taking the time and actual effort to produce a superb article… but what can I say… I procrastinate a whole lot and never manage to get anything done.
    https://freeustad0.blogspot.com/2018/07/1000-auto-approve-dofollow-backlink.html

    ReplyDelete
  83. Hi, I do think this is a great site. I stumbledupon it ;) I'm going to revisit once again since i have saved as a favorite it. Money and freedom is the best way to change, may you be rich and continue to help others.
    Dil Hi Toh Hai TV

    ReplyDelete
  84. Wonderful post! We are linking to this great post on our website. Keep up the great writing.
    Yeh Hai Chahatein Drama

    ReplyDelete
  85. Our goal is to transform students into 360-degree marketing professionals who can bring about change in a fast-evolving world. Marketing professionals who are currently using digital marketing to meet their objectives. Startups or Entrepreneurs who want to exploit online media to enhance their business goals.


    Digital Marketing Course in Chennai
    Online Digital Marketing Courses
    SEO Training in Chennai
    PPC Training in Chennai

    ReplyDelete
  86. Much obliged for the significant data and bits of knowledge you have so given here...
    Medial ankle ligaments

    ReplyDelete
  87. This is a revenge story. The main characters that are playing their role in season 3 are Surhbi Jyoti as Bela, Pearl V Puri as Mahir and Anita Hassanandani as Vish.
    naagin 3 All Episodes

    ReplyDelete
  88. Much obliged for the significant data and bits of knowledge you have so given here...
    AlphaIndians

    ReplyDelete
  89. Greetings! A debt of gratitude is in order for the immense data you have given! You have touched on crucial focuses!
    Watch Match football Live

    ReplyDelete
  90. It was wondering if I could use this write-up on my other website, I will link it back to your website though.Great Thanks. happyluke

    ReplyDelete
  91. ForskolinThe substance Forskolin is found in the roots of coleus plant. The plant belongs to the mint family. does rapid tone really work
    http://www.cureidea.com/rapid-tone-reviews/

    ReplyDelete
  92. Male Extra Male EnhancementLuteinizing Hormone is one request of masculinity. Gonads in the male body discharge more testosterones when the pituitary organ passes on and discharges a more basic extent of luteinizing hormone. The Phase sustenance supplement passes on such amino ruinous that persuades pituitary organ to work more.

    Sex Hormone Binding Globulin

    Sex Hormone Binding Globulin picks the level of testosterones,the extent of central focuses
    https://www.smore.com/yaenw-male-extra-male-enhancement-pills

    ReplyDelete
  93. The story is about three brothers of the Nazar who have an everlasting bond and how they met their partners.
    Kalyani Dadi is included in the family. She is seen as the ruler of the family.

    ReplyDelete
  94. https://latestgovernmentjob112.blogspot.com/
    https://sarkariresult177.blogspot.com/
    https://armyjobs11.blogspot.com/
    https://sarkariresultnotification45.blogspot.com/
    https://sarkariresult7707.blogspot.com/

    ReplyDelete
  95. i love it thanks for shear check out for more
    add
    mobile

    ReplyDelete
  96. Wonderful post! We are linking to this great post on our website. Keep up the great writing.

    ReplyDelete
  97. PureFit Keto Reviews Enhances the solidness and delicate quality of the skin

    Negative marks

    Each healthy skin cream has a few downsides. It likewise has, for example,

    It is sold online as it were

    PureFit Keto Shark Tank Requires remedy from specialists

    Not get affirmed by the FDA

    Is PureFit Keto Dietsafe to apply?

    Indeed, Ceuticell does not have any negative impacts to the skin. It is a combination of regular and clinically affirmed substances, which are free from negative impacts. All things considered, it is a non-FDA endorsed healthy skin cream, yet it can give you the marvelous and safe outcomes. Allyou need to do is to apply the item frequently by adhering to the correct guidelines from the maker.

    https://www.smore.com/za48x-purefit-keto-diet-reviews-uk-canada
    https://ketorapidtone.com/testo-drive-365-canada/

    ReplyDelete
  98. Watch Online Yeh Teri Galiyan 3rd December 2018 Full Episode 94 Video Serial By Zee Tv, Indian Drama Serial Yeh Teri Galiyan Complete Show Full Episodes in Hd, Watch Yeh Teri Galiyan 3 December 2018 Online.
    Telecast Date : 3rd December 2018
    Distributed By : Zee Tv And Zee5
    Video Source : Standard Video Licence

    ReplyDelete
  99. Watch Online Bigg Boss 12 12th December 2018 Full Episode 88 Video Serial By Colors Tv, Indian reality show   Bigg Boss 12 Complete Show Full Episodes in Hd, Watch Bigg Boss 12 12 December 2018 Online.
    Telecast Date : 12th December 2018
    Distributed By : Colors Tv And Voot
    Video Source : Standard Video Licence

    ReplyDelete
  100. Can I simply just say what a relief to uncover someone that genuinely understands what they are discussing on the web. You certainly know how to bring an issue to light and make it important. A lot more people ought to read this and understand this side of your story. I can't believe you're not more popular given that you surely have the gift.

    Ishq Mein Marjawan Full Episodes

    ReplyDelete
  101. As a rule of thumb, you should endeavor to avoid taking irrelevant or trite pictures, which are commonly seen by people every day. In the word of Nick Bilton who works for the New York Times, (his Instagram account has more than fifty thousand followers) "people are more likely to admire you for quality over quantity - yes you may well take a fancy picture of your Starbucks cup but if I don't know who you are and your photo is generic, I won't be monitoring you. At instagram, "think quality" rules!
    BuyInstagram Followers UK

    ReplyDelete
  102. ketogenic diet calculator Unfortunately, the huge number of scam products sometimes overshadows the effective supplements. Remember that no independent fat burner will make you lose weight.
    https://www.smore.com/e0jgk-keto-ultra-diet-reviews-shark-tank

    ReplyDelete
  103. Instagram is quite popular with everybody these days. It gives all those who are on it an opportunity to display their prized photographs to the world. A feather in its cap, Instagram allows you to add pictures in a timely fashion. What's more is you can make use of hash tags to classify the pictures. Adding the appropriate keywords lets your clients see what they want to see.For you to be popular on Instagram, you are required to have to have many followers. The more the better. One way to do this is to buy followers. This can help you go viral almost instantly.
    BuyInstagram Followers UK

    ReplyDelete
  104. Magnum TRT
    are slower. Also, you will experience extended weight get and weariness. It will even impact your

    sexual execution and your sex drive. In any case, Magnum TRT shouldn't be your fate. There is a way to deal with

    keep up your best testosterone levels really! Magnum TRT can offer you some help with invigorating your body's

    testosterone creation so you can gather muscle brisk and transform into an alpha male.


    https://www.smore.com/cw9d8-magnum-trt-reviews-by-shark-tank

    ReplyDelete
  105. I can't read articles online all the time, however I'm happy I did today. This is extremely elegantly composed and your focuses are all around communicated. Kindly, never quit composing.
    Thai Lottery Result
    Thai Lotto
    Thai Lottery Result

    ReplyDelete
  106. This is such an extraordinary asset, to the point that you are giving and you give it away for nothing. I cherish seeing sites that comprehend the benefit of giving a quality asset to free. It is the old what circumvents comes around schedule.
    Health comes first.

    ReplyDelete
  107. interested in buying social media services. You must check this site to buy uk instagram followers fast

    ReplyDelete
  108. tekken 3 game download for pc for tekken 3 game download for pc
    taken 3 game download for tekken 3 game download for pc
    tekken 3 game download for pc for tekken 3 game download for pc

    ReplyDelete
  109. Mod Apk for best apps and games free download apk revdl

    FarmVille 2 apk mod get download FarmVille 2 apk modfor every mobile
    Lucky Patcher Apk get Lucky Patcher Apkfor every mobile
    Terraria Apk get Terraria Apk
    kinemaster pro apk mod get kinemaster pro apk mod
    FaceApp Pro get FaceApp Pro
    whatsapp plus get download whatsplus

    ReplyDelete

  110. https://www.rexdl.info/ for best apps and games free download apk rexd

    ReplyDelete
  111. apkpure get free apk games and apps

    https://www.freeapkpure.com/ get free apk games and apps

    ReplyDelete
  112. KBC is Indian TV Game Show whocan support you in the times when you want to secure yourself by winning Lottery Prizes to stay you away from bankrupt chances.

    ReplyDelete
  113. Rick And Morty follows the animated, interdimensional adventures of alcoholic scientist Rick Sanchez and his grandson Morty. Due to Rick’s selfish, nihilistic behavior, these adventures often spiral out of control in horrifying ways, leaving Morty and his family with severe mental scars. Rick And Morty’s mix of sharp comic writing and fascinating sci-fi premises quickly saw it become a huge cult favorite.

    Do you like Rick and Morty or Family Guy better?
    Why is everyone so mean to Jerry on 'Rick and Morty'?
    Does Vladmir Putin like Rick and Morty?
    What are some shows that are similar to Rick and Morty?
    Do you like Rick and Morty?


    Fans had a long wait between Rick And Morty season 2 and 3, with the final scene of the second season finding recurring character Mr. Poopybutthole breaking the fourth wall to tease the show might not be back for “a year and a half.” Season 2’s finale “The Wedding Squanchers” ended on a major cliffhanger, with Rick turning himself into the Galactic Federation to save his family. Adult Swim would later shock fans by suddenly airing Rick And Morty season 3 episode 1 on April 1, 2017, on a loop with no promotion. In a meta twist, this also matched the “year and a half” Mr. Poopybutthole had previously warned fans would have to wait.

    ReplyDelete
  114. Straight2voicemail is a technology, which unlike other products, allows you to automatically leave a voice message in your customer’s voicemail inbox, this gives the appearance that you tried to call them personally.

    ReplyDelete
  115. This informative blog is really interesting. It is a good blog I read some posts I was looking article like these. Thanks for sharing such informative article keep it up. Thanks
    Yeh Jaadu Hai Jinn Ka

    ReplyDelete
  116. I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts. hacked arcade games free online

    ReplyDelete
  117. I wanted to leave a little comment to support you and wish you a good continuation. Wishing you the best of luck for all your blogging efforts. hacked arcade games free online

    ReplyDelete
  118. Active Lean Keto Your order is only a few clicks away, and it is going to change your world. If you end up looking in the mirror and looking for the times when you were skinnier, then nowadays is the day that that desire ends. However, due to the intense amount of media attention,
    http://ketoismiracle.com/active-lean-keto/

    ReplyDelete
  119. Literotica is a free suggestive fiction site. It permits any client to enlist as a creator and submit stories and has over a million enrolled clients as of April 2010. Novice writers contribute stories, sonnets, articles, outlined stories and sound stories in an assortment of categories.While there are numerous erotica and sex stories destinations out there on the ever-growing web, the undisputed lord of the slope is literotica ; a huge, rambling, and interminably fulfilling assortment of apparently boundless foul stories, extending from masterworks of suggestive writing to short, hot mash pieces which come to the heart of the matter. Since its origin, Literotica has ruled its specialty, and developed to become by a wide margin the greatest site of its sort. Free, changed, and straightforward in its structure, there's little marvel it is such a behemoth in the realm of erotica and pornography stories, and the numbers represent themselves: site measurements show that a normal year rounds up more than 600,000,000 extraordinary visits on web crawlers.

    ReplyDelete

  120. Sick and tired of literotica Welcome into a crowd? That is clear, and mercifully perhaps not just really a challenge: Simply see Nifty, a niche website using a expansive record of erotica centered about the LGBT neighborhood. You may navigate by means of way of fetish in addition to through sexual orientation. Moreover, this website has existed since 1992, this is simply not its rodeo; so the staying power ought to talk to the top good high excellent of Nifty. Kinkly is ideal for everybody who's seeking to research erotica with no particular category at heart. Article themes include Fem Dom, to Gender Toys, to Fifty Shades of Gray. The website additionally has powerful sections for advice regarding sextoys, gender places, and gender information. Kinkly can be just really actually a huge destination for a start when you are fresh into the area of erotica and would like to think about of your alternatives. Blessed for you, the net is brimming with high excellent erotica. One of enthusiasts, the goto vacation location is Literotica, also a trove of all titillation comprising significantly greater than 300,000 sexual intercourse testimonies (equally literary and actual ), sound tracks, along with examples --most designed at no cost. However, the web also now there are reads over, and is profound. For the advantage, we have gathered the most useful of the very best beneath. (certainly, they truly are all NSFW.) Don't hesitate to broaden your erotica scanning list by simply paying for a call to these websites that are sexy. Afterall the publication is most superior compared to this picture. For all anyone who appreciate the literary element of erotica, then Book Trove will agree with your fancy. Some tales are passionate, some are sensual, some are still authentic, and also a few are literary. There exists a choice , and also a great deal of these are far more than bits you will discover on other websites. The testimonies can be browse by Anybody members ' are invited to publish their particular personal. Book Trove can be an area for a great many erotica fans. Scandarella can be conducted by Ella ScandelElla who attracts you insightful sex-toy critiques and raunchy erotica testimonies. Her inspection department is just one of one of the absolute most thorough with this particular checklist, since it comprises every kind of accessory that you might think about, kegel exercisers lubricants, candles, plus much much more. Save the bizarre encounter of Yelping"very excellent lube" and direct you for the web site.

    ReplyDelete
  121. Perhaps, to make original shots, you can play around with some shooting settings, setting the camera to manual mode or using https://buyfollowerspro.com/ some smartphone apps that allow you to access settings that aren't for sale from the traditional Camera program, like the FV 5 Camera to get Android

    ReplyDelete
  122. Would you think you don't have the abilities to be successful in such a organization. Well, then I suggest you click here consult with the guides where I explain just how to look good in photos, the way to earn professional photos, how to make perfect selfies and steps to create films to fill your gaps. However, Please be aware that you will probably acquire some shots or some not-so-perfect shots.

    ReplyDelete
  123. Hello I am so delighted I located your blog, I really located you by mistake, while I was watching on google for something else, Anyways I am here now and could just like to say thank for a tremendous post and a all round entertaining website. Please do keep up the great work. أخبار التكنولوجيا

    ReplyDelete
  124. Attractive, post. I just stumbled upon Your weblog and wanted to say that I have liked browsing your blog posts. After all, I will surely subscribe to your feed, and I hope you will write again soon!Buy TikTok Likes

    ReplyDelete
  125. Pretty nice post. I just stumbled upon your weblog and wanted to say that I have really enjoyed browsing your blog posts. After all I’ll be subscribing to your feed and I hope you write again soon! http://www.fafa191.com/th/3stepbet

    ReplyDelete
  126. Athens GA Child Custody Lawyer

    Athens child custody attorneys
    If you are getting divorced and have children, part of the divorce agreement will involve determining where and with whom the children will live. An Athens GA Child Custody Lawyer can help you negotiate custody, either by agreement or in court. The custodial parent (the one the child lives with) earns the legal right to make decisions regarding the child’s lifestyle, welfare, and education. Some parents opt for joint custody, which means children divide their time between both parents’ homes, and parents share the right to make decisions on behalf of the children. If you as parents are unable to agree on child custody, a judge will decide for you.
    Child Custody deals with the legal process to determine the amount of time per month a child will spend with each parent and the parent’s right to make important decisions regarding the child. Due to the sometimes complex nature of establishing custody, the use of an Athens GA Child Custody Lawyer may be needed depending on your specific situation.
    States establish a specific process to determine the terms of custody and visitation for a particular family. Depending on your specific situation, you will need to work with your Athens GA Child Custody Lawyer and a judge will determine the terms of your court order based upon what is in the best interest of the child. Once your application and all required documents are complete, a court order will be issued and the custody and visitation arrangement can begin.
    Have Questions About Child Custody?
    For parents, child custody concerns are often the most pressing and challenging issues in a divorce or separation. There are many difficult decisions to make, including:
    • will parents share joint custody, or will one parent have sole custody and the other visitation
    • will both parents share decision-making for the child, or will one parent have the final say on things like medical treatment and education, and
    • how will parents divide parenting time, holidays, and summer vacations?
    If you have questions about child custody, it’s important to speak to an experienced custody attorney, who practices in your area and is familiar with state and local laws and court rules. A seasoned Athens GA Child Custody Lawyer can explain your legal rights and responsibilities regarding your child can guide you toward a solution based on your child’s best interests, and present legal options based on your specific circumstances.
    Look for a custody attorney whose experience matches your needs. Are you considering relocating out of state—or another country—with your child? Then make sure the lawyer you hire has a special focus on move-away cases. Ask questions about your potential attorney’s legal background, specializations, and a number of years spent practicing child custody. When facing these types of emotionally-charged and life-changing issues, it’s essential to find a highly-experienced lawyer you can trust.

    ReplyDelete
  127. Hey everyone I am so excited about this tutorial because it has helped me to& I really appreciate thanks for sharing horse riding tales hack

    ReplyDelete

Do the right thing.