enforced by banks, brokers, etc. • Governance by code, not by people – Nobody to hold accountable – Code is not always well-written – Velocity of transactions is very high, e.g., “flash loans” • Reliance on

of a company relative to its asset-in-place whereas the PE ratio measures company’s market capitalization compared to its earnings. Because of its intuitive appeal and practical simplicity, the PE

lasted through the quarter. 2. Net marketing margin decreased, compared to the previous quarter, as the retail price was unable to keep up with the velocity of rising cost, combined with the government’ s