Some securities I own are illiquid. A few are very illiquid. When I wrote for, we had a warning that we posted for every security mentioned where the market cap was less than half a billion dollars, because what we wrote could budge the market, and sometimes it did. I remember when I wrote a post about personal lines P&C insurers, and I mentioned Safety Insurance (NASDAQ:SAFT), which was definitely small, as one of the companies that I thought was worth owning, and we did own it at the firm that I worked for. The stock popped about 5% before settling down.

But frenzies to buy are usually tame compared with frenzies to sell. There is an urgency to preserving value that makes the seller particularly zealous in getting out rapidly.

In the last three weeks, I’ve experienced this twice with two securities that I own. In both

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  • The US Air Force now fields some of the most advanced bombers that have ever flown and is working on the next one to join its fleet.
  • Those aircraft, a cornerstone of the US’s ability to dominate battlefields, are the result of decades of innovation. Below you can learn more about the bombers that proceeded them.
  • Visit Business Insider’s homepage for more stories.

Before the first ballistic missiles arrived in 1944, there was only one way a military could deliver large amounts of ordnance to enemy territory: bombers.

Bombers have played an essential part of warfare since their introduction. Their ability to flatten cities and cripple critical infrastructure and their role in the nuclear triad have cemented them as a must-have for any modern military.

The US military knows this well. For over 80 years, it has fielded some of the best bombers the world has ever seen.

The Flying

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