Third thing to notice is, there's a flow of control. The order which these things are going to happen.

第三件事情就是,我有一个控制流,这些事情有个要做的先后顺序。

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They still sell order flow, but the price for order flow has dropped by more than 50% in the last year.

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If the character of the order flow changes, the outgoing order monitoring device should immediately cut off the orders.

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Many believe capital deployment should follow a "pecking-order theory" that prescribes that managements should apply their cash flow, in order of priority, to fix their balance sheet if overleveraged, fund organic investments, pay dividends, fund acquisitive growth and, only when there is additional cash left over, to distribute it via share repurchases.

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