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In 2011 about the same percentage of the lots sold at or below their low estimates, and only 25 percent matched or exceeded their high estimates.
The question is, What happens to the rest of them?" At least 3,000 racehorses come off the track annually in need of homes, the Thoroughbred Retirement Foundation estimates, and only about one-third of them are as fortunate as Tour of the Cat. Many more are abandoned, euthanized or slaughtered.
Plus, earnings were pretty good last quarter, with Facebook, Amazon, and Alphabet beating estimates and only slight misses by Apple and Netflix.
Operating margins were roughly a 20% beat over analyst estimates, and only part of the better-than-expected EPS was a result of a more favorable tax rate.
Analysts factored the downturn in consumer spending and rising commodity prices into estimates and only expected earnings of 2 cents a share and sales of $1.0 billion.
Let's assume Google earns $15 this year ($0.12 below current estimates) and only manages 20% growth in 2008, to $18 in earnings per share ($1.25 below current estimates).
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An inflation gauge tied to the gross domestic product, the so-called personal consumption expenditure price index, rose at an annual rate of 2.5percentt, unchanged from the previous estimate and only slightly above the 1.8percentt rate recorded in the third quarter.
It's caused by: if people bid taking into account their own estimate and only their own estimates of the number of coins in the jar or the amount of oil in the oil well, then the winner ends up being the person with the highest estimate, which means the person with the highest error.
For it seems to me that the real racial and religious problem in France, the real time-bomb quietly ticking away at the heart of 21st century French society, is not anti-semitism, but France's absolute failure, over the past 50-odd years, to properly integrate its Muslim community (estimated, and only estimated, at 5-6 million strong).
Here, the vaccine arrived later than estimated, and only about 80 million Americans received it — not nearly enough, but a far higher proportion of the population than in many developing countries.
G.M.O.s are at the extreme of that scale, high in dread and possible impact, while being low in familiarity: though an estimated eighty per cent of packaged food in the U.S. contains G.M.O.s, only thirty-five per cent of the population thinks G.M.O.s are safe, according to one recent estimate, and only a quarter say they understand what genetic engineering of food actually entails.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com