Spunk: Kill and Story

Brianna Walton English 101 What Goes Around Comes Around Men’s role in the eyes of society is to be the head of the house, to provide for the family, and to be physically and mentally strong. They are taught not to show their emotions but to bury them. Society has taught us that the aggressive man will run the bigger business, make more money, eventually have a more successful life. Men who tend to be soft spoken and timid are looked at as weak in the eyes of others as well as in society. In Zora Neale Hurston's â€Å"Spunk,† there is a conflict between Joe and Spunk. Spunk is having relations with Lena, Joe's wife. Joe seeks revenge and Spunk kills him. Ultimately Spunk is killed supposedly by Joe's evil spirit. The language captures the tone in the story, which strengthens the saying â€Å"what goes around comes around†. Spunk is looked at as the town’s hero because he is not afraid of anything and he is physically strong, when in all actuality he should not be glorified by the town’s people because he is nothing but a bully. Joe is the exact opposite of Spunk, he is physically weak but mentally strong. The purpose of this story is to show that the physically bigger male doesn’t always win. Karma is always out looking for revenge and eventually the man that has spunk will be shown. Spunk is first introduced as a giant brown-skinned man that’s known for his bravery. The town’s people rejoice as they see him even though he is walking arm and arm with someone else’s wife. He is seen as the â€Å"ideal† male because he is strong and brave. Joe’s introduction is completely different. He is immediately looked at as weak by the town’s people because at the mention of his wife you could see the pain he was suffering in his eyes, his face, his hands, and even the dejected slump of his shoulders showed the pain he was suffering from the absence of his wife. It is obvious that Joe is not respected by his peers. Joe pulls out the razor to show them that he plans on killing Spunk, they don’t believe that he has what it takes to kill Spunk. They even go as far as laughing boisterously behind his back as they watched him go into the woods. The overall tone used in â€Å"Spunk† is seriousness and irony. The serious tone is shown when its seen that Joe’s wife is having a public affair: â€Å"Now Joe knew his wife had passed that way. He knew that the men lounging in the general store had seen her, moreover, he know that the men knew he knew. † This means Hurston uses this conflict to create a serious tone in the story. Moreover, a bigger conflict with Joe and Spunk occurs: â€Å"Joe came out there wid a meat axe an' made me kill him. This also sets up a serious tone. Hurston uses this conflict to fuel the next part of the tone in the story. There is also ironic tone in the story † But Spunk says twan't no bob-cat nohow. He says it was Joe done sneaked back from hell! † The author sets this tone up by making the story supernatural and spiritual. The mood in the story that seemed to arise was anger. The first part of the anger is towards Lena. â€Å"Lena looked at him real disgusted but s he don't answer and she don't move outa her tracks. She was cheating on her husband in public. She should have divorced him or fully left Joe, instead of mistreating and humiliating him in public. The second part of the anger is towards Joe. â€Å"One could actually see the pain he was suffering, his eyes, his face, his hands, and even the dejected slump of his shoulders. † The reader wonders why Joe let Lena and Spunk make a fool out of him. For that, the reader is angry at Joe’s timid personality. In â€Å"Spunk,† Hurston uses a series of language devices. The allusion element is vividly used: â€Å"Joe came out there wid a meat axe an made me kill him. He sent Lena home and led the men back to Joe-crumpled and limp with is right hand still clutching his razor. † Hurston sets Spunk up to be an over-exaggerator in the story without saying he is. The author also uses the conversation between the Elijah and Walter to exhibit the distinctive dialogue: â€Å"Ah like him fine but tain't right the way he carries on wid Lena Kanty, jus' 'cause Joe's timid about fightin'. This form of down south olden' days slang give a different edge to the story, that the reader does not experience in modern day. The story displays a dramatic irony: â€Å"It was Joe, â€Å"Lige that dirty sneak shoved me†¦ he didn't dare come to mah face†¦ † This makes the reader say isn't that ironic. Hurston displays Spunk to be the bad guy he is that killed the good guy, then is killed. In the beginning of the story an allusion is presented to the reader: † Looka theah folks! cried Elijah Mosley, slapping his knee gleefully. ‘Theah they go, big as life an' brassy as tacks. † This gives the reader the conception that there is going to be some drama in the story. The dialogue in this story establishes realism: â€Å"Gimme some soda water. Sass'prilla, Ah Reckon. † The dialect shows the reader the setting is probably during the days when blacks did not have an education or wasn't really allowed to get educated. The dramatic irony enriches and evokes the central idea: â€Å"If spirits kin fight, there's a powerful tussle goin' on somewhere ovah Jordan, cause Ah b'leeve Joe's ready for Spunk an'aint skeered of anymore†¦ Karma gave the illusion that Joe returned and killed Spunk. However Spunk's guiltiness about killing Joe led him to his fate. The dominant element of â€Å"Spunk† is the central idea, karma. Hurston exhibits karma: † He pushed me ‘Lige-the dirty hound pushed me in the back! † Spunk Banks was claiming Joe Kanty's evil spirit kill him. Spunk took Joe's wife and killed him, nevertheless Spunk died. This is a classic case of what goes around comes around.

Portfolio Management

A PROJECT REPORT ON PORTFOLIO MANAGEMENT AT SHAREKHAN LTD HYDERABAD A PROJECT REPORT SUBMITTED TO [pic] OSMANIA UNIVERSITY HYDERABAD IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE IN MASTER OF BUSINESS ADMINISTRATION SUBMITTED BY SAFIA MOHAMMADI 1238-11-672-015 VILLA MARIE PG COLLEGE FOR WOMEN SOMAJIGUDA- 82 2011-2013 By DEPARTMENT OF BUSINESS ADMINISTRTIONVILLA MARIE POST GRADUATE COLLEGE, SOMAJIGUDA (Affiliated to Osmania University) 2011-2013 DECLARATION I SAFIA MOHAMMADI student of Master of Business Administration, VILLA MARIE PG COLLEGE FOR WOMEN, hereby declare that the project report entitled â€Å"PORTFOLIO MANAGEMENT† has been carried out at â€Å"SHAREKHAN LTD† and submitted in partial fulfillment for the â€Å"Master’s Degree in Business Administration† in the result of my own work and is original. I have not submitted this project to any other university or college for the award of any other degree or Diploma.SAFIA MOH AMMADI ACKNOWLEDGEMENT A project is never the  work of an individual. It is  moreover a combination of ideas, suggestions, review, contribution and work involving many folks. It cannot be completed without guidelines. I wish to express my gratitude to all those who have made significant contribution to the development and presentation of this project. I express my sense of profound gratitude to the Management of â€Å"SHAREKHAN LTD†, Hyderabad for giving me this opportunity to conduct a study on Portfolio Management in their esteemed organization.My sincere thanks to Mr. DEEPAK, Manager and Ms. SWATHI BASA, Assistant Manager for permitting me to pursue this project and for providing their valuable time, suggestions and support for completing my project work successfully. Their patience and invaluable guidance have proved to be very precious without which this project would not be completed. Acknowledgements are also due to all the other staff members and executives in Sha rekhan Ltd. , for providing information at various points of the project, especially the discussions on the market.I am thankful to our Principal and also I would also like to thank my project guide and all the faculty members of the college for guiding me throughout the process. I also wish to extend my sincere acknowledgement to my parents for their moral and financial support. Lastly, I am indebted to the friends and will-wishers who have extended their support to me during the project. Place: Hyderabad SAFIA MOHAMMADI INDEX | | | |LIST OF CONTENTS |PAGE NO. | | | |CHAPTER-1 | | | | | |INTRODUCTION | | | | | |NEED AND IMPORTANCE OF THE STUDY | | | | | |OBJECTIVE OF THE STUDY | | | | |SCOPE OF THE STUDY | | | | | |DATA COLLECTION METHODS | | | | | |LIMITATIONS OF THE STUDY | | | | | |CHAPTER-2 | | |REVIEW OF LITERATURE | | | | | |CHAPTER-3 | | |COMPANY PROFILE | | | | | |CHAPTER-4 | | |DATA ANALYSIS AND INTERPRETATION | | | | | |CHAPTER-5 | | |CONCLUSION AND SUGGES TIONS | | | | | |QUESTIONNAIRE | | | | | |BIBLIOGRAPHY | | CHAPTER-1 INTRODUCTION PORTFOLIO MANAGEMENT: A portfolio is a collection of assets. The assets may be physical or financial like Shares, Bonds, Debentures, Preference Shares, etc. The individual investor or a fund manager would not like to put all his money in the shares of one company that would amount to great risk.He would therefore, follow the age old maxim that one should not put all the eggs into one basket. By doing so, he can achieve objective to maximize portfolio return and at the same time minimizing the portfolio risk by diversification. Investment may be defined as an activity that commits funds in any financial form in the present with an expectation of receiving additional return in the future. The expectations bring with it a probability that the quantum of return may vary from a minimum to a maximum. This possibility of variation in the actual return is known as investment risk. Thus every investment invo lves a return and risk. Investment is an activity that is undertaken by those who have savings.Savings can be defined as the excess of income over expenditure. An investor earns/expects to earn additional monetary value from the mode of investment that could be in the form of financial assets. The three important characteristics of any financial asset are: †¢ Return-the potential return possible from an asset. †¢ Risk-the variability in returns of the asset form the chances of its value going down/up. †¢ Liquidity-the ease with which an asset can be converted into cash. Investors tend to look at these three characteristics while deciding on their individual preference pattern of investments. Each financial asset will have a certain level of each of these characteristics.An investor invests his funds in portfolio expecting to get a good return consistent with the risk that he has to beat. Portfolio management comprises all the processes involved in the creation & maint enance of an investment portfolio. It deals specifically with Security Analysis, Portfolio Analysis, Selection and Revision & Evaluation. Portfolio Management is a complex process, which tries to make investment activity more rewarding & less risky. ? Portfolio management is the management of various financial assets which comprise the portfolio. ? Portfolio management is a decision – support system that is designed with a view to meet the multi-faced needs of investors.According to Securities and Exchange Board of India Portfolio is defined as: â€Å"portfolio means the total holdings of securities belonging to any person†. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. ? DISCRETIONARY PORTFOLIO MANAGER means a portfol io manager who exercises or may, under a contract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. Investment avenuesThere are a large number of investment avenues for savers in India. Some of them are marketable and liquid, while others are non-marketable. Some of them are highly risky while some others are almost risk less. Investment avenues can be broadly categorized under the following head. 1. Corporate securities 2. Equity shares. 3. Preference shares. 4. Debentures/Bonds. 5. Derivatives. 6. Others. Joint stock companies in the private sector issue corporate securities. These include equity shares, preference shares, and debentures. Equity shares have variable dividend and hence belong to the high risk-high return category; preference shares and debentures have fixed returns with lower risk.The classification of corporate securities that can be chosen as investmen t avenues can be depicted as shown below: DESIGN OF STUDY NEED AND IMPORTANCE OF THE STUDY †¢ Portfolio management presents the  best investment plan  to the individuals as per their income, budget, age and ability to undertake risks. †¢ Portfolio management  minimizes the risks  involved in investing and also increases the chance of making profits. †¢ Portfolio managers understand the client’s financial needs and suggest the best and unique investment policy for them with minimum risks involved. †¢ It enables the portfolio managers to  provide customized investment solutions  to clients as per their needs and requirements. It also focuses on important aspects like Stability of Income, Capital Growth, Liquidity, Safety, Tax Incentives, etc. †¢ Main goals of Portfolio Management are To Maximize the value of the portfolio, To Seek balance  in the portfolio and To Keep portfolio projects strategically  aligned OBJECTIVES OF THE STUDY: â⠂¬ ¢ To provide the material frame work of Portfolio Management †¢ To understand how to analyze securities †¢ To know how portfolio management is done. †¢ To study the investment pattern and its related risks & returns. †¢ To help the investors to choose wisely between alternative investment. †¢ To understand, analyze and select the best portfolio. To strike balance between costs of funds, risks and returns. †¢ To find out optimal portfolio, which gives optimal return at a minimize risk to the investor. †¢ To see whether the portfolio risk is less than individual risk on whose basis the portfolios are constituted SCOPE OF THE STUDY: †¢ This study covers the Markowitz model. The study covers the calculation of correlations between the different securities in order to find out at what percentage funds should be invested among the companies in the portfolio. Also the study includes the calculation of individual Standard Deviation of securities an d ends at the calculation of weights of individual securities involved in the portfolio.These percentages help in allocating the funds available for investment based on risky portfolios. METHODOLOGY: Sources of Data Collection The Methodology employed in this study data include both the primary and secondary collection methods. Primary collection methods: This method includes the data collected from the personal discussion with the authorized clerks and members of the exchange. Secondary data collection: It includes the following: †¢ Companies Annual Reports †¢ Information From Internet †¢ Publication †¢ Information provided by Stock Exchanges. Period of Study For different companies, financial data has been collected from the year 2007- 2012 Selection of CompaniesCompanies selected for analysis are:- o Wipro o Indian Tobacco Corporation o Dr. Reddy Laboratories o ACC o Bharat Heavy Electricals LIMITATIONS OF THE STUDY: †¢ This study has been conducted purel y to understand portfolio management for investor and is done for requirement of Certificate of MBA. †¢ For study purpose 5 companies have been taken for calculations. †¢ Study is limited to period from 2007-2012. †¢ There was a constraint with regard to time allocated for the research study, period of one and half month. †¢ Study is limited to only first 3 steps of phrases of portfolio management. †¢ Detailed study of the topic was not possible due to limited size of project. The availability of information in the form of annual reports and price fluctuations of the companies was a big constraint to the study. CHAPTER-2 REVIEW OF LITERATURE INTRODUCTION TO PORTFOLIO MANAGEMENT The term Portfolio refers to any collection of financial assets such as stocks, bonds, and cash. Portfolios may be held by individual investors and/or managed by financial professionals, hedge funds, banks and other financial institutions. It is a generally accepted principle that a p ortfolio is designed according to the investor’s risk tolerance, time frame and investment objectives. Portfolio management is all about strengths, weaknesses, opportunities and threats in the choice of debt vs. equity, domestic vs. nternational, growth vs. safety, and many other tradeoffs encountered in the attempt to maximize return at a given appetite for risk. The art and science of making decisions about investment mix and policy, matching investments to objectives, asset allocation for individuals and institutions, and balancing risk against performance is known as Portfolio Management. ? PORTFOLIO MANAGER means any person who pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or the funds of the client. DISCRETIONARY PORTFOLIO MANAGER means a portfolio manager who exercises or may, under a c ontract relating to portfolio management exercises any degree of discretion as to the investments or management of the portfolio of securities or the funds of the client. FUNCTIONS OF PORTFOLIO MANAGEMENT: ? To frame the investment strategy and select an investment mix to achieve the desired investment objectives ? To provide a balanced portfolio which not only can hedge against the inflation but can also optimize returns with the associated degree of risk ? To make timely buying and selling of securities ? To maximize the after-tax return by investing in various tax saving investment instruments.STRUCTURE / PROCESS OF TYPICAL PORTFOLIO MANAGEMENT In the small firm, the portfolio manager performs the job of security analyst. In the case of medium and large sized organizations, job function of portfolio manager and security analyst are separate. CHARACTERISTICS OF PORTFOLIO MANAGEMENT: Individuals will benefit immensely by taking portfolio management services for the following reason s: ? Whatever may be the status of the capital market, over the long period capital markets have given an excellent return when compared to other forms of investment. The return from bank deposits, units, etc. , is much less than from the stock market. ? The Indian Stock Markets are very complicated.Though there are thousands of companies that are listed only a few hundred which have the necessary liquidity. Even among these, only some have the growth prospects which are conducive for investment. It is impossible for any individual wishing to invest and sit down and analyse all these intricacies of the market unless he does nothing else. ? Even if an investor is able to understand the intricacies of the market and separate chaff from the grain the trading practices in India are so complicated that it is really a difficult task for an investor to trade in all the major exchanges of India, look after his deliveries and payments. TYPES OF PORTFOLIO MANAGEMENT: Discretionary Portfolio M anagement Service(DPMS):In this type of service, the client parts with his money in favour of the manager, who in return, handles all the paper work, makes all the decisions and gives a good return on the investment and charges fee. In the Discretionary Portfolio Management Service, to maximize the yield, almost all portfolio managers park the funds in the money market securities such as overnight market, 18 days treasury bills and 90 days commercial bills. Normally, the return of such investment varies from 14 to 18 percent, depending on the call money rates prevailing at the time of investment. 2. Non-Discretionary Portfolio Management Service(NDPMS): The manager functions as a counselor, but the investor is free to accept or reject the manager‘s advice; the paper work is also undertaken by manager for a service charge.The manager concentrates on stock market instruments with a portfolio tailor-made to the risk taking ability of the investor. Risk of Portfolio Management The re was a time when portfolio management was an exotic term. The scenario has changed drastically. It is now a familiar term and is widely practiced in India. The theories and concepts relating to portfolio management now find their way to the front pages financial newspapers and the cover pages of investments journals in India. Capital markets have become active. The Indian stock markets are steadily moving towards efficiency, with rapid computerization, increasing higher market transparency, better infrastructure, better customer service etc.The markets are mutual funds have been set up the country since1987. With this development investment in securities has gained considered momentum. Professional portfolio management backed by competent research began to be practiced by mutual funds, investment consultant and big brokers. The Securities Exchange Board of India (SEBI), The Stock Market Regulatory body in India is supervising the whole process. IMPORTANCE OF PORTFOLIO MANAGEMENT: ? Emergence of institutional investing on behalf of individuals. A number of financial institutions, mutual funds and other agencies are undertaking the task of investing money of small investors, on their behalf. Growth in the number and size of investible funds – a large part of household savings is being directed towards financial assets. ? Increased market volatility – risk and return parameters of financial assets are continuously changing because of frequent changes in government‘s industrial and fiscal policies, economic uncertainty and instability. ? Greater use of computers for processing mass of data. ? Professionalization of the field and increasing use of analytical methods (e. g. quantitative techniques) in the investment decision – making ? Larger direct and indirect costs of errors or shortfalls in meeting portfolio objectives – increased competition and greater scrutiny by investors.STEPS IN PORTFOLIO MANAGEMENT: ? Specification and qualification of investor objectives, constraints, and preferences in the form of an investment policy statement. ? Determination and qualification of capital market expectations for the economy, market sectors, industries and individual securities. ? Allocation of assets and determination of appropriate portfolio strategies for each asset class and selection of individual securities. ? Performance measurement and evaluation to ensure attainment of investor objectives. ? Monitoring portfolio factors and responding to changes in investor objectives, constrains and / or capital market expectations. Rebalancing the portfolio when necessary by repeating the asset allocation, portfolio strategy and security selection. CRITERIA FOR PORTFOLIO DECISIONS: †¢ In portfolio management emphasis is put on identifying the collective importance of all investor’s holdings. The emphasis shifts from individual assets selection to a more balanced emphasis on diversification and risk-return interrelationships of individual assets within the portfolio. Individual securities are important only to the extent they affect the aggregate portfolio. In short, all decisions should focus on the impact which the decision will have on the aggregate portfolio of all the assets held. †¢ Portfolio strategy should be molded to the unique needs and characteristics of the portfolio‘s owner. Diversification across securities will reduce a portfolio‘s risk. If the risk and return are lower than the desired level, leverages (borrowing) can be used to achieve the desired level. †¢ Larger portfolio returns come only with larger portfolio risk. The most important decision to make is the amount of risk which is acceptable. †¢ The risk associated with a security type depends on when the investment will be liquidated. Risk is reduced by selecting securities with a payoff close to when the portfolio is to be liquidated. QUALITIES OF PORTFOLIO MANAGER: 1. SOUND GENERAL K NOWLEDGE: Portfolio management is an exciting and challenging job. He has to work in an extremely uncertain and confliction environment.In the stock market every new piece of information affects the value of the securities of different industries in a different way. He must be able to judge and predict the effects of the information he gets. He must have sharp memory, alertness, fast intuition and self-confidence to arrive at quick decisions. 2. ANALYTICAL ABILITY: He must have his own theory to arrive at the intrinsic value of the security. An analysis of the security‘s values, company, etc. is s continuous job of the portfolio manager. A good analyst makes a good financial consultant. The analyst can know the strengths, weaknesses, opportunities of the economy, industry and the company. 3. MARKETING SKILLS: He must be good salesman. He has to convince the clients about the particular security.He has to compete with the stock brokers in the stock market. In this context, the marketing skills help him a lot. 4. EXPERIENCE: In the cyclical behavior of the stock market history is often repeated, therefore the experience of the different phases helps to make rational decisions. The experience of the different types of securities, clients, market trends, etc. , makes a perfect professional manager. PORTFOLIO BUILDING: Portfolio decisions for an individual investor are influenced by a wide variety of factors. Individuals differ greatly in their circumstances and therefore, a financial programme well suited to one individual may be inappropriate for another.Ideally, an individual‘s portfolio should be tailor-made to fit one‘s individual needs. Investor‘s Characteristics: An analysis of an individual‘s investment situation requires a study of personal characteristics such as age, health conditions, personal habits, family responsibilities, business or professional situation, and tax status, all of which affect the investor‘s willin gness to assume risk. Stage in the Life Cycle: One of the most important factors affecting the individual‘s investment objective is his stage in the life cycle. A young person may put greater emphasis on growth and lesser emphasis on liquidity. He can afford to wait for realization of capital gains as his time horizon is large. Family responsibilities:The investor‘s marital status and his responsibilities towards other members of the family can have a large impact on his investment needs and goals. Investor‘s experience: The success of portfolio depends upon the investor‘s knowledge and experience in financial matters. If an investor has an aptitude for financial affairs, he may wish to be more aggressive in his investments. Attitude towards Risk: A person‘s psychological make-up and financial position dictate his ability to assume the risk. Different kinds of securities have different kinds of risks. The higher the risk, the greater the opportunity for higher gain or loss. Liquidity Needs: Liquidity needs vary considerably among individual investors.Investors with regular income from other sources may not worry much about instantaneous liquidity, but individuals who depend heavily upon investment for meeting their general or specific needs, must plan portfolio to match their liquidity needs. Liquidity can be obtained in two ways: 1. by allocating an appropriate percentage of the portfolio to bank deposits, and 2. by requiring that bonds and equities purchased be highly marketable. Tax considerations: Since different individuals, depending upon their incomes, are subjected to different marginal rates of taxes, tax considerations become most important factor in individual‘s portfolio strategy. There are differing tax treatments for investment in various kinds of assets. Time Horizon:In investment planning, time horizon become an important consideration. It is highly variable from individual to individual. Individuals in their young age have long time horizon for planning, they can smooth out and absorb the ups and downs of risky combination. Individuals who are old have smaller time horizon, they generally tend to avoid volatile portfolios. Individual‘s Financial Objectives: In the initial stages, the primary objective of an individual could be to accumulate wealth via regular monthly savings and have an investment programme to achieve long term capital gains. Safety of Principal: The protection of the rupee value of the investment is of prime importance to most investors.The original investment can be recovered only if the security can be readily sold in the market without much loss of value. Assurance of Income: `Different investors have different current income needs. If an individual is dependent of its investment income for current consumption then income received now in the form of dividend and interest payments become primary objective. Investment Risk: All investment decisions revolve arou nd the trade-off between risk and return. All rational investors want a substantial return from their investment. An ability to understand, measure and properly manage investment risk is fundamental to any intelligent investor or a speculator.Frequently, the risk associated with security investment is ignored and only the rewards are emphasized. An investor who does not fully appreciate the risks in security investments will find it difficult to obtain continuing positive results. RISK AND EXPECTED RETURN: There is a positive relationship between the amount of risk and the amount of expected return i. e. , the greater the risk, the larger the expected return and larger the chances of substantial loss. One of the most difficult problems for an investor is to estimate the highest level of risk he is able to assume. [pic] TYPES OF RISKS:- Risk consists of two components. They are 1. Systematic Risk 2. Un-systematic Risk 1. Systematic Risk:Systematic risk is caused by factors external t o the particular company and uncontrollable by the company. The systematic risk affects the market as a whole. Factors affect the systematic risk are ? economic conditions ? political conditions ? sociological changes The systematic risk is unavoidable. Systematic risk is further sub-divided into three types. They are a) Market Risk b) Interest Rate Risk c) Purchasing Power Risk a) Market Risk: One would notice that when the stock market surges up, most stocks post higher price. On the other hand, when the market falls sharply, most common stocks will drop. It is not uncommon to find stock prices falling from time to time while a company‘s earnings are rising and vice-versa.The price of stock may fluctuate widely within a short time even though earnings remain unchanged or relatively stable b) Interest Rate Risk: Interest rate risk is the risk of loss of principal brought about the changes in the interest rate paid on new securities currently being issued. c) Purchasing Power Risk: The typical investor seeks an investment which will give him current income and / or capital appreciation in addition to his original investment. 2. Un-systematic Risk: Un-systematic risk is unique and peculiar to a firm or an industry. The nature and mode of raising finance and paying back the loans, involve the risk element. Financial leverage of the companies that is debt-equity portion of the companies differs from each other.All these factors Factors affect the un-systematic risk and contribute a portion in the total variability of the return. ? Managerial inefficiently ? Technological change in the production process ? Availability of raw materials ? Changes in the consumer preference ? Labour problems The nature and magnitude of the above mentioned factors differ from industry to industry and company to company. They have to be analyzed separately for each industry and firm. Un-systematic risk can be broadly classified into: a) Business Risk b) Financial Risk a. Busines s Risk: Business risk is that portion of the unsystematic risk caused by the operating environment of the business.Business risk arises from the inability of a firm to maintain its competitive edge and growth or stability of the earnings. The volatibility in stock prices due to factors intrinsic to the company itself is known as Business risk. Business risk is concerned with the difference between revenue and earnings before interest and tax. Business risk can be divided into. i) Internal Business Risk Internal business risk is associated with the operational efficiency of the firm. The operational efficiency differs from company to company. The efficiency of operation is reflected on the company‘s achievement of its pre-set goals and the fulfillment of the promises to its investors. ii)External Business RiskExternal business risk is the result of operating conditions imposed on the firm by circumstances beyond its control. The external environments in which it operates exert some pressure on the firm. The external factors are social and regulatory factors, monetary and fiscal policies of the government, business cycle and the general economic environment within which a firm or an industry operates. b. Financial Risk: It refers to the variability of the income to the equity capital due to the debt capital. Financial risk in a company is associated with the capital structure of the company. Capital structure of the company consists of equity funds and borrowed funds. PORTFOLIO ANALYSIS:Various groups of securities when held together behave in a different manner and give interest payments and dividends also, which are different to the analysis of individual securities. A combination of securities held together will give a beneficial result if they are grouped in a manner to secure higher return after taking into consideration the risk element. SELECTION OF PROTFOLIO: The selection of portfolio depends on the various objectives of the investor. The selectio n of portfolio under different objectives are dealt subsequently. Objectives and asset mix: if the main objective is getting adequate amount of current income, sixty per cent of the investment is made on debts and 40 per cent on equities. The proportions of investments on debt and equity differ according to the individual’s preferences.Growth of income and asset mix: Here the investor requires a certain percentage of growth in the income received from his investment. The debt portion of the portfolio may consist of 60 to 100 percent equities and 0 to 40 percent debt instrument. The debt portion of the portfolio may consist of concession regarding tax exemption. Appreciation of principal amount is given third priority. For example computer software, hardware and non-conventional energy producing company shares provides good possibility of growth in dividend. Capital appreciation and asset mix: Capital appreciation means that the valu of the original investment increases over t he years.Investment in real estates like land and house may provide a faster rate of capital appreciation but they lack liquidity. In the capital market, the values of the shares are much higher than their original issue prices. Safety of principal and asset mix: Usually, the risk averse investors are very particular about the stability of principal. According to the life cycle theory, people in the third stage of life also give more importance to the safety of the principal. All the investors have this objective in their mind. No one like to lose his money invested in different assets. Risk and return analysis: The traditional approach to portfolio building has some basic assumptions. First, the individual prefers larger to smaller returns from securities.To achieve this goal, the investor has to take more risk. The ability to achieve higher returns is dependent upon his ability to judge risk and his ability to take specific risks. Diversification: Once the asset mix is determined and the risk and return are analyzed, the final step is the diversification of portfolio. Financial risk can be minimized by commitments to top-quality bonds, but these securities offer poor resistance to inflation. Stocks provide better inflation protection than bonds but are more vulnerable to financial risks. PORTFOLIO CONSTRUCTION: Portfolio is a combination of securities such as stocks, bonds and money market instruments.The process of blending together the broad asset so as to obtain optimum return with minimum risk is called portfolio construction. Diversification of investments helps to spread risk over many assets. A diversification of securities gives the assurance of obtaining the anticipated return on the portfolio. APPROACHES IN PORTFOLIO CONSTRUCTION: There are two approaches in construction of the portfolio of securities. They are ? Traditional approach ? Modern approach TRADITIONAL APPROACH: Traditional approach was based on the fact that risk could be measured on ea ch individual security through the process of finding out the standard deviation and that security should be chosen where the deviation was the lowest.Traditional approach believes that the market is inefficient and the fundamental analyst can take advantage of the situation. Traditional approach is a comprehensive financial plan for the individual. It takes into account the individual needs such as housing, life insurance and pension plans. Traditional approach basically deals with two major decisions. They are a) Determining the objectives of the portfolio b) Selection of securities to be included in the portfolio MODERN APPROACH: Modern approach theory was brought out by Markowitz and Sharpe. It is the combination of securities to get the most efficient portfolio. Combination of securities can be made in many ways. Markowitz developed the theory of diversification through scientific reasoning and method.Modern portfolio theory believes in the maximization of return through a comb ination of securities. The modern approach discusses the relationship between different securities and then draws inter-relationships of risks between them. Markowitz gives more attention to the process of selecting the portfolio. It does not deal with the individual needs. In the modern approach, the final step is asset allocation process that is to choose the portfolio that meets he requirement of the investor. The risk taker i. e. who are willing to accept a higher probability of risk for getting the expected return would choose high risk portfolio. Investor with lower tolerance for risk would choose low level risk portfolio.The risk neutral investor would choose the medium level risk portfolio. MARKOWITZ MODEL: Harry Markowitz opened new vistas to modern portfolio selection by publishing an article in the journal of Finance in March 1952. His publication indicated the importance of correlation among the different stocks reruns in the construction of a stock portfolio. Most peopl e agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking, and electronic companies is better than investing all the money on the textile company’s stock. But building up the optimal portfolio is very difficult. Markowitz provides an answer to it with the help of risk and return relationship.Markowitz model is a theoretical framework for analysis of risk and return and their relationships. He used statistical analysis for the measurement of risk and mathematical programming for selection of assets in a portfolio in an efficient manner. Markowitz approach determines for the investor the efficient set of portfolio through three important variables i. e. ? Return ? Standard deviation ? Co-efficient of correlation Markowitz model is also called as an â€Å"Full Covariance Modelâ€Å". Through this model the investor can find out the efficient set of portfolio by finding out the tradeoff between risk and return, betwe en the limits of zero and infinity.According to this theory, the effects of one security purchase over the effects of the other security purchase are taken into consideration and then the results are evaluated. Most people agree that holding two stocks is less risky than holding one stock. For example, holding stocks from textile, banking and electronic companies is better than investing all the money on the textile company‘s stock. Markowitz had given up the single stock portfolio and introduced diversification. The single stock portfolio would be preferable if the investor is perfectly certain that his expectation of highest return would turn out to be real. In the world of uncertainty, most of the risk adverse investors would like to join Markowitz rather than keeping a single stock, because diversification reduces the risk. ASSUMPTIONS: All investors would like to earn the maximum rate of return that they can achieve from their investments. ? All investors have the same ex pected single period investment horizon. ? All investors before making any investments have a common goal. This is the avoidance of risk because Investors are risk-averse. ? Investors base their investment decisions on the expected return and standard deviation of returns from a possible investment. ? Perfect markets are assumed (e. g. no taxes and no transaction costs). ? The investor assumes that greater or larger the return that he achieves on his investments, the higher the risk factor surrounds him. On the contrary when risks are low the return can also be expected to be low. The investor can reduce his risk if he adds investments to his portfolio. ? An investor should be able to get higher return for each level of risk â€Å"by determining the efficient set of securitiesâ€Å". ? An individual seller or buyer cannot affect the price of a stock. This assumption is the basic assumption of the perfectly competitive market. ? Investors make their decisions only on the basis of t he expected returns, standard deviation and covariance’s of all pairs of securities. ? Investors are assumed to have homogenous expectations during the decision-making period. ? The investor can lend or borrow any amount of funds at the riskless rate of interest.The riskless rate of interest is the rate of interest offered for the treasury bills or Government securities. ? Investors are risk-averse, so when given a choice between two otherwise identical portfolios, they will choose the one with the lower standard deviation. ? Individual assets are infinitely divisible, meaning that an investor can buy a fraction of a share if he or she so desires. ? There is a risk free rate at which an investor may either lend (i. e. invest) money or borrow money and There is no transaction cost i. e. no cost involved in buying and selling of stocks. ? There is no personal income tax. Hence, the investor is indifferent to the form of return either capital gain or dividend.The Effect Of Combi ning Two Securities: It is believed that holding two securities is less risky than by having only one investment in a person‘s portfolio. When two stocks are taken on a portfolio and if they have negative correlation then risk can be completely reduced because the gain on one can offset the loss on the other. This can be shown with the help of following example: Inter-Active Risk Through Covariance: Covariance of the securities will help in finding out the inter-active risk. When the covariance will be positive then the rates of return of securities move together either upwards or downwards. Alternatively it can also be said that the inter-active risk is positive.Secondly, covariance will be zero on two investments if the rates of return are independent. Holding two securities may reduce the portfolio risk too. The portfolio risk can be calculated with the help of the following formula: CAPITAL ASSET PRICING MODEL (CAPM): Markowitz, William Sharpe, John Lintner and Jan Mossin provided the basic structure for the Capital Asset Pricing Model. It is a model of linear general equilibrium return. In the CAPM theory, the required rate return of an asset is having a linear relationship with asset‘s beta value i. e. undiversifiable or systematic risk (i. e. market related risk) because non market risk can be eliminated by diversification and systematic risk measured by beta.Therefore, the relationship between an assets return and its systematic risk can be expressed by the CAPM, which is also called the Security Market Line. Lending and borrowing:- Here, it is assumed that the investor could borrow or lend any amount of money at riskless rate of interest. When this opportunity is given to the investors, they can mix risk free assets with the risky assets in a portfolio to obtain a desired rate of risk-return combination. Rp =Portfolio return Xf =The proportion of funds invested in risk free assets 1- Xf = The proportion of funds invested in risky assets Rf =Risk free rate of return Rm =Return on risky assets The expected return on the combination of risky and risk free combination is Rp= Rf Xf+ Rm(1- Xf)Formula can be used to calculate the expected returns for different situations, like mixing riskless assets with risky assets, investing only in the risky asset and mixing the borrowing with risky assets. THE CONCEPT: According to CAPM, all investors hold only the market portfolio and risk less securities. The market portfolio is a portfolio comprised of all stocks in the market. Each asset is held in proportion to its market value to the total value of all risky assets. For example, if Reliance Industry share represents 15% of all risky assets, then the market portfolio of the individual investor contains 15% of Satyam Industry shares. At this stage, the investor has the ability to borrow or lend any amount of money at the risk less rate of interest. Eg. assume that borrowing and lending rate to be 12. 5% and the return from the risk y assets to be 20%. There is a tradeoff between the expected return and risk. If an investor invests in risk free assets and risky assets, his risk may be less than what he invests in the risky asset alone. But if he borrows to invest in risky assets, his risk would increase more than he invests his own money in the risky assets. When he borrows to invest, we call it financial leverage. If he invests 50% in risk free assets and 50% in risky assets, his expected return of the portfolio would be Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x 0. 5) + 20 (1-0. 5) = 6. 25 + 10 = 16. 5% if there is a zero investment in risk free asset and 100% in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = 0 + 20% i. e. 20% if -0. 5 in risk free asset and 1. 5 in risky asset, the return is Rp= Rf Xf+ Rm(1- Xf) = (12. 5 x -0. 5) + 20 (1. 5) = -6. 25+ 30 = 23. 75% EVALUATION OF PORTFOLIO: Portfolio manager evaluates his portfolio performance and identifies the sources of strengths and weakness. The evaluation of the portfolio provides a feedback about the performance to evolve better management strategy. Even though evaluation of portfolio performance is considered to be the last stage of investment process, it is a continuous process.There are number of situations in which an evaluation becomes necessary and important. i. Self-Valuation: An individual may want to evaluate how well he has done. This is a part of the process of refining his skills and improving his performance over a period of time. ii. Evaluation of Managers: A mutual fund or similar organization might want to evaluate its managers. A mutual fund may have several managers each running a separate fund or sub-fund. It is often necessary to compare the performance of these managers. iii. Evaluation of Mutual Funds: An investor may want to evaluate the various mutual funds operating in the country to decide which, if any, of these should be chosen for investment.A similar need arises in the case of individuals or organizations who engage external agencies for portfolio advisory services. iv. Evaluation of Groups: Academics or researchers may want to evaluate the performance of a whole group of investors and compare it with another group of investors who use different techniques or who have different skills or access to different information. NEED FOR EVALUATION OF PORTFOLIO: ? We can try to evaluate every transaction. Whenever a security is brought or sold, we can attempt to assess whether the decision was correct and profitable. ? We can try to evaluate the performance of a specific security in the portfolio to determine whether it has been worthwhile to include it in our portfolio. We can try to evaluate the performance of portfolio as a whole during the period without examining the performance of individual securities within the portfolio. Portfolio management has emerged as a separate academic discipline in India. Portfolio theory that deals with the rational investment decision-making process has now be come an integral part of financial literature. Investing in securities such as shares, debentures & bonds is profitable well as exciting. It is indeed rewarding but involves a great deal of risk & need artistic skill. Investing in financial securities is now considered to be one of the most risky avenues of investment. It is rare to find investors investing their entire savings in a single security. Instead, they tend to invest in a group of securities.Such group of securities is called as PORTFOLIO. Creation of portfolio helps to reduce risk without sacrificing returns. Portfolio management deals with the analysis of individual securities as well as with the theory & practice of optimally combining securities into portfolios. The modern theory is of the view that by diversification, risk can be reduced. The investor can make diversification either by having a large number of shares of companies in different regions, in different industries or those producing different types of prod uct lines. Modern theory believes in the perspective of combinations of securities under constraints of risk and return.PORTFOLIO REVISION: The portfolio which is once selected has to be continuously reviewed over a period of time and then revised depending on the objectives of the investor. The care taken in construction of portfolio should be extended to the review and revision of the portfolio. Fluctuations that occur in the equity prices cause substantial gain or loss to the investors. The investor should have competence and skill in the revision of the portfolio. The portfolio management process needs frequent changes in the composition of stocks and bonds. In securities, the type of securities to be held should be revised according to the portfolio policy.An investor purchases stock according to his objectives and return risk framework. The prices of stock that he purchases fluctuate, each stock having its own cycle of fluctuations. These price fluctuations may be related to e conomic activity in a country or due to other changed circumstances in the market. If an investor is able to forecast these changes by developing a framework for the future through careful analysis of the behavior and movement of stock prices is in a position to make higher profit than if he was to simply buy securities and hold them through the process of diversification. Mechanical methods are adopted to earn better profit through proper timing.The investor uses formula plans to help him in making decisions for the future by exploiting the fluctuations in prices. PASSIVE MANAGEMENT: Passive management is a process of holding a well diversified portfolio for a long term with the buy and hold approach. Passive management refers to the investor’s attempt to construct a portfolio that resembles the overall market returns. The simplest form of passive management is holding the index fund that is designed to replicate a good and well defined index of the common stock such as BSE- sensex or NSE-Nifty. ACTIVE MANAGEMENT: Active management is holding securities based on gthe forecast about the future.The portfolio managers who pursue active strategy with respect to market components are called ‘market timers’. The portfolio managers vary their cash position or beta of the equity portion of the portfolio based on the market forecast. The managers may indulge in ‘ group rotation’s. here, the group rotation means changing the investment in different industries’ stocks depending on the assessed expectations regarding their future performance. FORMULA PLANS: The formula plans provide the basic rules and regulations for the purchase and sale of securities. The amount to be spent on the different types of securities is fixed. The amount may be fixed either in constant or variable ratio. This depends on the investor‘s attitude towards risk and return.The commonly used formula plans are i. Average Rupee Plan ii. Constant Rupee Plan iii. Constant Ratio Plan iv. Variable Ratio Plan ADVANTAGES: ? Basic rules and regulations for the purchase and sale of securities are provided. ? The rules and regulations are rigid and help to overcome human emotion. ? The investor can earn higher profits by adopting the plans. ? A course of action is formulated according to the investor‘s objectives. ? It controls the buying and selling of securities by the investor. ? It is useful for taking decisions on the timing of investments. DISADVANTAGES: ? The formula plan does not help the selection of the security.The selection of the security has to be done either on the basis of the fundamental or technical analysis. ? It is strict and not flexible with the inherent problem of adjustment. ? The formula plans should be applied for long periods, otherwise the transaction cost may be high. ? Even if the investor adopts the formula plan, he needs forecasting. Market forecasting helps him to identify the best stocks. CHAPTER-3 COMP ANY PROFILE SHAREKHAN LTD Sharekhan Ltd. is one of the leading retail stock broking house of SSKI Group which is running successfully since 1922 in the country. It is the retail broking arm of the Mumbai-based SSKI Group, which has over eight decades of experience in the stock broking business.Sharekhan offers its customers a wide range of equity related services including trade execution on BSE, NSE, Derivatives, depository services, online trading, investment advice etc. The firm’s online trading and investment site – www. sharekhan. com- was launched on Feb 8, 2000. The site gives access to superior content and transaction facility to retail customers across the country. Known for its jargon-free, investor friendly language and high quality research, the site has a registered base of over one lakh customers. The content-rich and research oriented portal has stood out among its contemporaries because of its steadfast dedication to offering customers best-of-breed tec hnology and superior market information.The objective has been to let customers make informed decisions and to simplify the process of investing in stocks. On April 17, 2002 Sharekhan launched Speed Trade, a net-based executable application that emulates the broker terminals along with host of other information relevant to the Day Traders. This was for the first time that a net-based trading station of this caliber was offered to the traders. In the last six months Speed Trade has become a de facto standard for the Day Trading community over the net. Sharekhan’s ground network includes over 640 centers in 280 cities in India which provide a host of trading related services. Sharekhan has always believed in investing in technology to build its business.The company has used some of the best-known names in the IT industry, like Sun  Microsystems,  Oracle,  Microsoft,  Cambridge  Technologies,  Nex genix, Vignette, Verisign Financial Technologies India Ltd, Spider Sof tware Pvt Ltd. To build its trading engine and content. The Morakhiya family holds a majority stake in the company. HSBC, Intel &  Carlyle are the other investors. With a legacy of more than 80 years in the stock markets, the SSKI groupventured  into  institutional  broking  and  corporate  finance  18  years  ago. Presently  SSKI  is  one  of  the  leading  players  in  institutional  broking  andcorporate finance activities. SSKI holds a sizeable portion of the market in each of these segments.SSKI’s institutional broking arm accountsfo7%of  the  market  for  Foreign  Institutional  portfolio  investment  and  5%  of  allDomestic  Institutional  portfolio  investment  in  the  country. It  has  60institutional  clients  spread  over  India,  Far  East,  UK  and  US. ForeignInstitutional Investors generate about 65% of the organization’s revenue, with a daily turnover of over US$ 2 million. The Corporate Finance section has a listof very prestigious clients and has many ‘firsts’ to its credit, in terms of the size of deal, sector tapped etc. The group has placed over US$ 1 billion in private equity deals. PROFILE OF THE COMPANY: Name of the company : Sharekhan ltd.Year of Establishment : 1925 Headquarter : ShareKhan SSKI A-206 Phoenix House Phoenix Mills Compound Lower Parel, Mumbai – Maharashtra, INDIA- 400013 Nature of Business : Service Provider Services : Depository Services, Online Services and Technical Research. Number of Employees : Over 3500 Website : www. sharekhan. com Slogan : Your guide to the financial jungle Vision To be the best  retail brokering Brand in the retail business of stock market. MissionTo educate and empower the individual investor to make better investmentdecisions through quality advice and  superior service Sharekhan is infact: †¢ Among the top 3 branded retail service providers †¢ No . 1 player in online business †¢ Largest network of branded broking outlets in the country serving more than7, 00,000 clients Sharekhan's management team is one of the strongest in the sector and has positioned Sharekhan to take advantage of the growing consumer demand for financial services products in India through investments in research, pan-Indian branch network and an outstanding technology platform. Further, Sharekhan's lineage and relationship with SSKI Group provide it a unique position to understand and leverage the growth of the financial services sector.SSKI Corporate Finance Private Limited (SSKI) is a leading India-based investment bank with strong research-driven focus. Their team members are widely respected for their commitment to transactions and their specialized knowledge in their areas of strength ITA CORE SERVICES ARE: ? Equities, and Derivatives trading on the National Stock Exchange of India Ltd. (NSE), and Bombay Stock Exchange Ltd. (BSE), ? Commodities trading on National Commodity and Derivatives Exchange India(NCDEX) and Multi Commodity Exchange of India Ltd. (MCX), ? Depository services, ? Online trading services, ? IPO Services, ? Dial-n-Trade ? Portfolio management services, Fundamental and Technical Research services, ? In addition to this they also provide advisory services and  distributions for  mutual funds. ? Sharekhan ValueLine (a monthly publication with  reviews of recommendations,stocks to watch out for etc. ) ? Daily research reports and market review (High Noon &  Eagle Eye) ? Pre-market Report ? Daily trading calls based on Technical Analysis ? Cool trading products (Daring Derivatives and Market Strategy) REASONS TO CHOOSE SHAREKHAN: ? Experience : SSKI has more than eight decades of trust and credibility in the Indian Stock Market. In the Asia Money Broker’s Poll held recently, SSKI won the ‘India’s Best broking house for 2004’ award.Ever since it launched Sharekhan as its re tail broking division in February in 2000, it has been providing institutional-level research and broking services to individual investors. ? Technology: With their Online Trading account one can buy and sell shares in an instant from any PC with an internet connection. Customers get access to the powerful online trading tools that will help them to take complete control over their investments in shares. ? Accessibility: Sharekhan provides Advice, Education, Tools and Education services for investors. These services are accessible through many centers across the country (over 650 locations in 150 cities), over the internet (through the website www. sharekhan. ltd) as well as over the voice tool. ? Knowledge:In a business where the right information at the right time can translate into direct profits investors get access to a wide range of information on the content rich portal www. sharekhan. com. Investors will also get a useful set of knowledge-based tools that will empower them t o take informed decisions ? Convenience: One can call Sharekhan’s Dial-N-Trade number to get investment advice and execute his/her transactions. They have a dedicated call-center to provide this service via a Toll Free Number 1800 22-7500 & 39707500 from anywhere in India. ? Customer Service: Its customer service team assist their customer for any help that they need relating to transactions, billing, demat and other queries.Their customer service can be contacted via a toll-free number, email or live chat on www. sharekhan. com. ? Investment Advice: Sharekhan has dedicated research teams of more than 30 people for fundamental and technical research. Their analysts constantly track the pulse of the market and provide timelyinvestment advice to customer in the form of daily research emails, online chat, printed reports etc. SHAREKHAN LIMITED’S MANAGEMENT TEAM †¢ Dinesh  Murikya   :   Owner  of  the  company †¢   Tarun  Shah   :   CEO  ofà ‚  the  company †¢ Shankar  Vailaya   :   Director  (Operations) †¢   Jaideep  Arora :   Director  (Products  &  Technology) †¢ Pathik  Gandotra :   Head  of  Research Rishi  Kohli   :   Vice  President  of  Equity  Derivatives †¢ Nikhil  Vora :   Vice  President  of  Research BENEFITS †¢ Free Depository A/c †¢ Instant Cash Transfer †¢ Multiple Bank Option. †¢ Secure Order by Voice Tool Dial-n-Trade. †¢ Automated Portfolio to keep track of the value of your actual purchases. †¢ 24*7 Voice Tool access to your trading account. †¢ Personalized Price and Account Alerts delivered instantly to your mobile phone †¢ Live chat facility with Relationship manager on Yahoo Messenger. †¢ Special Personal inbox for order and trade confirmations. †¢ On-line customer service via web chat. †¢ Enjoy automated Portfolio. Buy or sell even single share. †¢ Anytime orderin g. Sharekhan provides 4 in 1 account: *Demat a/c *Bank a/c: for fund transfer *Dial and Trade: for query relating trading *Trading a/c: for cash calculation DEMAT ACCOUNT: Sharekhan  is  a  depository  participant. This  means  that  we  can  keep  the  shares  in dematerialized form  in  Sharekhan. But  for  this  one  has  to  the  demat  account  in Sharekhan. Dematerialization is the process by which a client can get physical certificates converted into electronic balances maintained in his account with the DP. In Sharekhan, under demat account there are two types of terminals Classic and Trade Tiger. ACCOUNT OPENING:Opening a DP account with Sharekhan-One can open a Depository Participant (DP) account, either through a Sharekhan branch or through a Sharekhan Franchisee center. There is no fee for opening DP accounts with Sharekhan. However a nominal deposit (refundable) is charged towards services which will be adjusted against all future billings. All investors have to submit their proof of identity and proof of address along with the  prescribed account opening form. CLASSICAL ACCOUNT: This is a user friendly product which allow the client to trade through website www. sharekhan. com and is suitable for all the retial investors who is risk averse and hence prefers to invest in stocks or who does not trade too frequently Features Online trading account for investing in equity and derivatives via www. sharekhan. com †¢ Live Terminal and Single terminal for NSE Cash, NSE F&O & BSE. †¢ Integration of On-line trading, Saving Bank and Demat Account. †¢ Instant cash transfer facility against purchase & sale of shares. †¢ Competitive transaction charges. †¢ Instant order and trade confirmation by E-mail. †¢ Streaming Quotes (Cash & Derivatives). †¢ Personalized market watch. †¢ Single screen interface for Cash and derivatives and more. †¢ Provision to enter price trigge r and view the same online in market watch. SPEEDTRADE SPEEDTRADE is an internet-based software application that enables you to buy and sell inan instant.

Tesla Electric Car

| Will the electric car stick? | Tesla Motors|| 8/9/2012| [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. ]| Is the electric car sticky? In the New York Times bestseller â€Å"Made to Stick† Chip and Dan Heath explain why some ideas survive and others die.In today’s constantly changing marketplace along with rapidly evolving technological innovations, how do we create ideas and products that will stand the test of time and possibly benefit humanity and our future as a whole? According to the Heath brothers there are six principles we can use as guidelines for making our ideas stick. These six principles: simple, unexpected, concrete, credible, emotional, and stories, when used together, spell success (minus the last s in success). Now back to my first question is the electric car going to s tick?According to Tesla Motors Inc. Chief Executive Elon Musk the answer is not only yes but Musk was quoted earlier this year saying â€Å"In 20 years more than half of new cars manufactured will be fully electric. I feel actually quite safe in that bet. That’s a bet I will put money on. † So who is this Elon Musk, what is Tesla Motors, and why is he so confident his idea will stick? To answer this question, I’ll use the six principles the Heath brothers laid out for us in â€Å"Made to Stick† and let you be the judge.First, let me tell you a little about the history of Tesla Motors. In 1988, after graduating from high school in Pretoria, South Africa, 17 year old Elon Musk left his home land to come to America telling his family and friends â€Å"It is where great things are possible†. Musk was inspired by great innovators like Thomas Edison and Nikola Tesla and after a few years at Queen’s University in Kingston, Canada he continued on to the University of Pennsylvania with a full scholarship. After receiving a degree in conomics and a second degree in physics Musk decided there were three areas he wanted to be involved in that he believed would† affect the future of humanity† they were the internet, clean energy and space. He spent two days at Stanford’s graduate program in 1995 and dropped out only to go on and help create the global internet payment system known as PayPal. By 2003 Musk and just a handful of others founded Tesla Motors in the Silicon Valley area of Northern California which is home to some of the world’s largest technology corporations.Musk’s vision of eventually being an independent automaker that could mass produce fully electric cars at an affordable price was becoming reality. Today Tesla Motors, Inc. has 31 stores and service locations worldwide, employs over 2,000 people and is on the road in 37 different countries. Not only does Tesla Motors design, develop, manufacture and sell its electric vehicles, it also manufactures electric vehicle powertrain components which it sells to other companies.To show the world that an electric car could not only be efficient but extremely powerful, the companies first vehicle was the Tesla Roadster, a high end sports car that can accelerate from zero to sixty in under four seconds and has a top speed of 125 mph. Once the lithium-ion battery is charged, the car has a range of roughly 245 miles per charge. With the price of the Roadster being out of reach for most people, Tesla knew the next step would be to produce a sedan style vehicle that would be more affordable but still maintain the high level of quality.In 2012 Tesla introduced the much more affordable and practical Tesla Model S sedan. There is also the new Model X suv that will be available sometime in 2014. To give you an idea of Tesla Motors growth rate, the annual revenue for 2010 was $117 million, the annual revenue for 2012 so far is $543 million. So now let’s look at how the six principles of SUCCES in â€Å"Made to Stick† has helped Tesla Motors succeed and continue to grow. The first principle is SIMPLE. The concept behind simplicity in â€Å"Made to Stick† is the importance of getting to the core of your idea and staying true to that core.You must know the core of your idea and convey it as simply as possible. The book uses Southwest Airlines as an example of core simplicity. Southwest Airlines has a Commander’s Intent which is â€Å"We are THE low-fare airline. † This simple statement has guided the success of the airline for over thirty years. Tesla has used simplicity to convey their core mission since their beginning. Tesla Motors core, as they have stated over and over again is â€Å"the belief that an electric car need not be a driving sacrifice. † This is the definition of simple and they have stuck to it.Tesla knows that people have a negative image of electric c ars and it’s their sole purpose to make that image positive. The second principle of a â€Å"sticky† idea is the UNEXPECTED. The main objective of the unexpected is to first get the audience’s attention and to then hold their attention. The book uses the words surprise, what gets our attention, and interest, what keeps our attention. Tesla did the unexpected when they introduced the very first electric sports car to the world. You mean to tell me that you built a car that can go 0 to 60 mph in under 4 seconds with little to no sound and no gasoline?This I got to see! Let’s just say, right off the bat, they got the world’s attention and are still holding it to this day. Tesla made a conscious decision to make their first car a sports car even though they knew they were targeting a smaller elite market. They came out of the gate guns blazing and made the cover of Time magazine for best inventions of 2006. When we hear the word CONCRETE we immediately think of buildings, roads and foundations for homes, things that exist all around us that we can touch and see. In â€Å"Made to Stick† the Heath brothers mention that â€Å"Language is often abstract, but life is not abstract. When we can visualize things in the real world we can put them in context and remember them better. The book uses the example that concrete nouns, like bicycle are easier to remember than abstract ones like justice. If you want your idea to stick with someone, speak in terms of things that people can relate to in their daily life. One way that Tesla uses concrete language to compare their car with other traditional cars is in a statement on their website â€Å"The powertrain, tucked between the rear wheels, uses energy three times more efficiently than a gas-burning engine. You may not know what a powertrain is but we can all visualize using energy three times more efficiently than gas-burning. The fourth principle in making an idea stick is CREDIBI LITY. Credibility is the level that you believe something to be true. If you believe a source of information is highly credible then you will more than likely accept it as the truth. The Heath brothers hit on a few ways we can make our ideas more credible and a couple of them stood out to me while doing my research of Tesla Motors. Authorities and experts can be a reliable source of credibility.The book uses Stephen Hawking as an authority on physics but I prefer to use Carl Sagan as an authority on astronomy, just a personal favorite of mine. Along with the external credibility of authorities, there is internal credibility like the uses of testable credentials i. e. try it before you buy it. Of course all car companies will let you drive it before you buy it and Tesla is no exception. What stood out to me among all the glowing reviews was an article in the Wall Street Journal by Dan Neil, a winner of the Ken Purdy Award for automotive journalism.When Dan was given one of the new Te sla Model S sedans to review he was â€Å"ready to be disappointed†. That was not the case as he went on to compare the 4-door electric sedan with that of a Lamborghini and a Ford GT supercar and the design quality to that of a Jaguar. Sometimes credibility comes from a completely new source as with the example used in â€Å"Made to Stick† of the 1984 Wendy’s commercial â€Å"Where’s the beef? † Wendy’s was using testable credentials buy leaving it up to the consumers to go see for themselves. Where’s the beef?I still remember that commercial from when I was a kid. When we feel strongly about something we not only remember it but we want to do something about it. The fifth principle of â€Å"sticky† ideas is EMOTIONAL. Emotional messages can evoke powerful feelings both good and bad in people. We naturally care more about the things that affect our own personal lives than those things that don’t directly affect us, so ho w do we get other people to care about our own ideas? The Heath brothers suggest three ways that we can make people care.By using the power of association, we can relate to peoples individual lives and show them that we care about the same things they care about. Another way to make people care is to appeal to their self-interest. People have ideas about who they are and who they would like to be and if we can tap into that emotion our message is more likely to stick with them. Appealing to people’s identity is emotionally powerful and Tesla Motors knows just how to do that. Cars have always been more than just a means of transportation, they tell people who you are and what you care about.Tesla has already created strong brand loyalty for being the thinking man’s car of the future. Tesla knows that a growing number of people feel very strong emotions about sustainable energy. To quote Elon Musk â€Å"The overarching purpose of Tesla, and my reason for personally fund ing the company, is to expedite the move from a mine-and-burn hydrocarbon economy towards a sustainable, solar electric economy. † The sixth and final principle of sticky ideas is STORIES. Throughout human history we have used stories to convey important messages.Stories not only grab our attention and entertain us but inspire us to act. One of the examples of the use of stories in â€Å"Made to Stick† is the Subway tale of Jared. In the 90’s Subway used a true and unique story about a young man, who was dangerously over weight, lost over 100 pounds in just three months by eating at Subway. This story had a huge impact on many people and put Subway back on the map. Many people could relate to Jared’s story and were inspired to eat healthier. I believe the story of Elon Musk is inspiring and that through human innovation anything is possible.In 2009 things were not looking good for American car companies, many of which were completely shut down to cut costs . During that same year Bob Lutz of GM said Tesla would never compete effectively as a car company because nobody really wanted and electric car especially at that price. That year Tesla sold 100% of its production and opened a second dealership. In closing, there are many stories like Tesla that inspire us to think outside the box. Human innovation is the foundation of society, without it we would grow stagnant and die out.It’s true that some ideas survive and others die that’s just the nature of things but there are things we can do to make our ideas stick. The principles that Chip and Dan Heath laid out in â€Å"Made to Stick† aren’t set in stone but can be used as a foundation for success (pun intended). Tesla has done a good job of pushing the boundaries of technology and is getting closer every day to making that technology affordable to everyone. With all the haters out there it’s hard to say if Tesla’s electric car will stick, but as long as we all keep aspiring for greater things the world will be a better place.

Commercial speech Research Paper Example | Topics and Well Written Essays - 1250 words - 1

Commercial speech - Research Paper Example Indeed, Cynthia Montgomery asserts that business leaders can appreciate the crucial role of being a strategist for purposes of defining and driving the objectives and advantages of their business in the industry. Indeed, the author teaches businesspersons how to develop the skills and sensibilities that living strategy and real leadership demand. The book, The Strategist: Be the Leader Your Business Needs by Cynthia Montgomery teaches us the need to become strategists in our businesses. Indeed, the author uses relevant examples to show how leaders play vital roles that depict strategists rather than setting a new set of models for learning and applying in a business. Indeed, the book asserts that there is an overlap between strategy and execution. With this information, the author challenges the businesspersons to consider the design and implementation of their current business strategy. The business leaders with thus establish whether they are strategists or they are just setting a new set of models for learning and applying in a business. Indeed, the author encourages business leaders to become strategists rather than just defining a strategy. This will significantly depict strategy as a continuous process in a business and not a chance to manifest leadership. The author equally teaches us that strategy is the most powerful means a leader has for shaping their business and not just a tool for outwitting the competition in the industry. Indeed, through her course, Montgomery derives a better understanding to all established business executives, owners, and CEOs on how to integrate leadership with strategy by being visionary and subjecting to defined values. Indeed, there is abject need for businesspersons to develop the skills and sensibilities that living strategy and real leadership demand for purposes of establishing significant competitive advantage in the industry. Ideally, in absence of strategy, leaders cannot succeed in their objectives since a leader

The Future of Information Systems Research Paper

The Future of Information Systems - Research Paper Example The researcher states that an information system helps the business organization manage and organize these huge volumes of data effectively. These information systems allow them to use these sets of data to run as well as improve the business performance by taking effective decisions. There are various categories of information systems and each category contains particular kinds of information systems for instance management information systems and decision systems. At the present, the success of an organization completely depends on the effectiveness of an information system. The basic purpose of developing and implementing the modern and up-to-date information systems in the business and corporate structures is to enhance the overall corporate performance and enhanced management of the business data. In their book Turban, Leidner and McLean define an information system as a system which collects, processes, stores, evaluates, and distributes information in order to carry out a spec ific task. Additionally, the nature of tasks varies from department to department. For instance, an information system can be used to manage human resource related operations or for managing accounting related functions. However, like any other system, an information system comprises various elements such as inputs (in the forms of instructions and data) and outputs (in the forms of reports, calculations). In addition, it generates the required outputs by performing operations on the given input. In addition, various other authors such as consider an information system in technical perspective.

Awareness of Otherness Essay Example | Topics and Well Written Essays - 750 words

Awareness of Otherness - Essay Example It has become increasingly important for individuals to learn to interact with people belonging to culturally, socially and politically diverse backgrounds in order to become global citizens. Such interactions help in developing a broader mindset which is tolerant towards diversity. Interactions with people from diverse backgrounds help in our personal as well as professional lives, since it provides us an opportunity to learn about their different ideologies. A diverse society offers us an opportunity to interact with other people and connect with them. It helps us in understanding the social and cultural contexts to which they belong, and in the process contribute to our knowledge regarding different countries as well as their political, religious and cultural viewpoints. This leads to our overall cognitive development. Furthermore, such interactions help us in sharing of information and expanding our knowledge base and perspectives regarding different cultures. Also, the rise in s ocial networking has further expanded the scope for information exchange and blurred the geographical boundaries, thus enabling people from across the world to interact and communicate with each other. The era of globalization coupled with the internet boom has created an entirely new world, and has ushered in an era of global citizenship. It is of utmost significance, hence, for individuals to learn to interact and communicate with others in an effective manner in order to survive in this highly competitive and diverse world. Cross cultural interactions help us in learning about different cultures and encourages discussions - a phenomenon which is not likely to be experienced otherwise in a university or school setting. Learning about diversity through personal interactions helps us in becoming culturally tolerant and transforms us into respectful and responsible citizens. It helps in forming meaningful relationships with those around us, and offers interesting opportunities to lea rn about things which cannot be learnt through text books. Such knowledge gained through personal interactions with the people around us may further help us in our workplaces. Today, there are various multinational companies operating in different parts of the world, which are operated and managed by managers who are competent in interacting with and managing a culturally diverse workforce. Our experiences during the early part of our lives help in shaping our identities, which in turn pave way for our future growth. Managers and leaders of tomorrow need to be able to have a deep understanding of people and compassionate about the diversity around us. The fact that diversity enriches the social fabric of our societies has been reaffirmed over the years. However, such diversity also poses several unique challenges which in turn give rise to critical social issues such as racism and prejudice. As a part of a culturally diverse society, I strive to promote and support diversity and ref rain from activities that tend to fuel bias of any kind - be it social, racial, cultural, gender based and the likes. My experiences and interactions with people other than those belonging to the same social and cultural background as mine, have enriched me in more ways than one, and taught me to be tolerant towards those who are different. I use such experiences and apply them in my day-to-day life by behaving in a cordial manner with those around me, and

Comprehensively describe Cicero's On the republic, Marcus Aurelius Essay

Comprehensively describe Cicero's On the republic, Marcus Aurelius Meditations, Job from The Hoy Scriptures, and St. Augustine's the city of god - Essay Example General structure of the treatise is the following: it consists of six books – each two books are dedicated to each day of conversation. Every day is devoted to the discussion of a certain question: books I and II debate over the best state system , reveal the development of constitution, and give outline of Roman history. Books III and IV discuss philosophical justification of concept of the state (proceeding from idea of justice). And, at last, books of V and VI question the qualities of the best statesman. Extensive parts of the text were lost, only fragments have remained from books V and VI. The treatise comes to an end with a certain deification – a dream vision of Scipio Aemilianus in which he meets Scipio Africanus. The last predicts brilliant fortune to the adopted grandsonand, at the same time, explains to him that people who truly serve the fatherland, deserve immortality and eternal pleasure. This part of the whole treatise became the most famous due to the fact that it was commented by Macrobius who excreted the large parties.Cicero speaks about such sources, as Plato, Aristotle, Theophrastos (and in general the school of peripatetics) besides repeated name of Plato, it is possible to find references on Polibio. â€Å"Meditations† of Marcus Aurelius can be considered the culmination of ancient philosophy with its constant reflections about the nature of human soul, God, and destiny. Marcus Aurelius, one of the greatest Roman Emperors, had passion for philosophy, which, in his opinion, allowed revealing the sense of real life. His famous work was written in the last days of his life in continuous process of thinking, and has a form of personal notebook. There is no particular order of the entries, and occasional groups of quotes are used randomly. The topics of reflections may simply be repeated throughout the book. Therefore, taking into account that

Candidate Cancer Meiosis Genes Literature review

Candidate Cancer Meiosis Genes - Literature review Example Some X-chromosome and non-X-chromosome CTAs expressed in normal cells apart from testis and in cancerous cells Literature Review 1. Introduction Carcinogenesis is a complex and multistage process. Cancer is difficult to treat and it is important to detect it early so that therapeutic and surgical strategies can be developed to treat cancer. However, it often happens that by the time the symptoms of cancer are detected in a person, the disease is already at a late stage and it becomes difficult to treat the person at that time. Also, the cancers do not only vary between tissue types but also between patients. Moreover, the cells in a tumor are a complex and diverse mix of cells that have different characteristics. Hence, identifying, detecting and treating cancer becomes difficult because of the heterogeneous nature of the disease and its symptoms. At this juncture what is needed is that such a technology should be developed through which cancer cells can be easily detected or demarke d with markers that are specific to cancer cells. This will help filter cancerous from noncancerous cells because of which it will become easier to detect cancer from a heterogeneous mix of cells. At the moment, high-quality biomarkers or molecular targets that are specific to cancer cells are lacking. The search for such molecules is thus under high significance in the scientific community. A few molecules or antigenic biomarkers have already been identified. One such group of antigens that are gene-encoded are cancer testis antigens (CTAs). CTAs under normal circumstances are present in the testes only because their genes are expressed in the testes. These genes are not expressed elsewhere. Research has shown that some of these genes that are only expressed in the testes are also expressed in other somatic cells when they become cancerous tumor cells. The cells in the testes often escape the cells of immune system, because of which they are protected from antibodies that are direc ted towards cancer-testis antigens. Because of this reason, it is a good option to use immunological therapies for diagnosing CTAs in cancerous somatic cells as the same antigens in the normal cells of the testes will remain unaffected. Therefore, it can be said that CTAs are good targets for both diagnostic and therapeutic strategies, and also immunological-based therapies like adoptive therapeutics. The number of CTA genes that can be used for diagnosis is less because many of these genes are also expressed in a few normal somatic cells. Some candidate CTA genes are generally turned on during the meiotic programme. These are called meiCT or CM genes. As the present research is based on these genes, this literature review will focus on these genes which are CM genes. In the review, the first discussion is on cancer. It is an introduction to cancer, describing the causes and stages of cancer and then moving on to hallmarks of cancer.

Through Media and Technology Essay Example | Topics and Well Written Essays - 1000 words

Through Media and Technology - Essay Example Technology is cold but it is often more efficient than human beings who are more likely to make calculative and academic mistakes or be slowed by human considerations and errors. People are becoming more and more accustomed to getting what they want with a single click. Many experts feel that that elevated exasperation and deteriorated patience are only likely to get worse and separate people even more. The more we favor that perspective the more and more distant from one another people may become. We interact with technology on a regular basis every day. We cannot make a phone call and speak to a person without first speaking to a â€Å"human-sounding† automated system to direct your calls. When we shop at grocery stores several have self-service checkout lanes where a friendly female voice directs you through the process and thanks to you for your patronage. The more commonplace this becomes the more desensitized we become to interacting with technology that sounds, behaves, and functions ever-increasing human ways. Children are being indoctrinated by robotic toys that resemble positive likable things, like dinosaurs and obedient puppies. These pleasing forms only work to make technology more and more appealing. However, they are still machines and are not capable of genuine emotion. It would not take long for humanity to become as empty and superficial as the technology they interact with. Human compassion, sympathy, empathy would likely all fade away in the face of greater efficiency and logic.

Why is HIV-AIDs so prominent an issue in post-apartheid South Africa Essay

Why is HIV-AIDs so prominent an issue in post-apartheid South Africa Does religion offer solutions or exacerbate the problems - Essay Example However, the transition from apartheid to democracy was largely obscured by a HIV/AIDS crisis.1 A large number of the South African population have adopted traditionalists policies aimed at managing sexuality and thus controlling the spread of AIDS. These practices and policies are embedded in religious and ritualistic practices and beliefs that involve circumcising boys and testing girls for virginity prior to marriage.2 This research study analyses the traditionalist religious approach to controlling the spread of AIDS in post-apartheid South Africa and argues that rather than offer solutions, traditionalist religion exacerbates the problems. This research study is therefore divided into three main parts. The first part of the paper provides details of the HIV/AIDS crisis in post-apartheid South Africa and analyses why HIV/AIDS has reached epidemic proportions in post-apartheid South Africa. The second part of this research study defines and analyses traditionalist religion in post -apartheid South Africa. The third part of this paper analyses the role of religion, particularly the traditionalist religion in countering the HIV/AIDS crisis in South Africa. HIV/AIDS in Post-Apartheid South Africa HIV/AIDS ... On average life expectancy in South African fell from 64 years of age in 1994 to 49 years of age in 2001.5 The United Nations reported that the number of children orphaned as a result of AIDS in South Africa by 2001 was 700,000. In 2002, the number of orphans as a result of AIDS was 120,000 and 150,000 in 2003.6 USAID reports that as of 2011, South Africa has the largest number of HIV/AIDS infections worldwide With the first reported case in 1982, the disease has reached epidemic proportions with 5.6 million South Africans living with either HIV or full blown AIDS. Moreover, South Africa’s infant and maternal mortality rate has increased steadily since the 1990s with AIDS largely attributed to the cause of infant and maternal mortality. AIDS is responsible for 42.5 per cent of maternal mortality and 35 per cent of infant mortality cases. While South Africa only represents 0.7 per cent of the global population, it is responsible for 28 per cent of the global HIV population.7 UN ICEF’s report on HIV and AIDs in South Africa notes that â€Å"HIV infection rates† among adolescent girls are â€Å"on average five times higher† than â€Å"among boys†.8 According to UNICEF, â€Å"this is largely due to girls’ biological and social vulnerability†.9 For the most part women depend on men for economic support and usually do not have adequate education facilities and are therefore more prone to â€Å"poverty, sexual exploitation, coercion and rape† and are susceptible to work in the sex trade.10 Complicating matters for women, when they contract HIV or full blown AIDS they suffer heightened levels of gender discrimination. Women typically test

Death of a Salesman by Arthur Miller, Essay Example for Free

Death of a Salesman by Arthur Miller, Essay In the books Death of a Salesman by Arthur Miller, and Fences by August Wilson, there are common themes that run throughout the book. Among these are two, hard working men that can be a bit disillusioned by life. The main character of each book, Willy Loman and Troy Maxson are similar in many ways. They both try hard to be good men and fathers, but unfortunately, they are imperfect in both aspects. Troy distances his self from his youngest son, and many could say that he is too hard and cold towards him. Willy in a way believes that his grown sons could not have done any wrong when they were younger and do no wrong now. But these two fathers are not totally bad. There are many good personal traits that they both display in these books. But as stated as before, they werent perfect at all. In many ways, both Willy and Troy were in fact good fathers. They worked hard to provide for their families and tried to set an example for their sons by their own actions. Willy was extremely supportive of Biffs high school football success and went to all the games. Troy tries to instill certain values such as responsibility into his son Cory and explains to him that he shouldnt go through life worrying if people like him or not. He tells him he takes care of him not because he likes him, but because it is his duty. Troy seems to be a bad father more visibly. He does not encourage Corys high school football career in anyway, in fact he tells him to tell the scout he is not interested and thinks having a job is more important. His attitude toward Cory the majority of the time is cold and harsh, as if he regards his son as someone he must deal with and take care of. Willy had a few problems of his own. First he let himself get caught with his mistress by his son, which devastated him. He also acted like his sons were perfect, which they werent. He should have made sure his son passed math so he could have graduated, but he put that into the hands of their next-door neighbor, Bernard. Willy also sets a bad example telling his sons that being well-liked is very important and holds it as a measure of success. He also leads them to believe that he is doing well financially, when in fact he is not. He has to get $50 from his next-door neighbor and Bernards father Charley. Although Willy and Troy werent the best or worse fathers they did raise their sons. The outcome of these men are different, however. Cory, who did not have a good father-son relationship or interaction with Troy moved out and joined the United States Marine Corps. Seven years later he returns for Troys funeral, no doubt successful and providing for himself. Biff and Happy, on the other hand, who both had a pretty decent relationship with their father ended up with menial jobs living with their parents at the age of 34. Happy is a philanderer with horrible ethics that sleeps with his supervisors girlfriend. Biff is unable to hold a steady job and has a new money making idea every week. It is hard to judge both Willy and Troy as good or bad if we arent in their shoes. Whether others may agree or disagree, it can be said that both fathers raised their sons the best that the could under their circumstances and most likely the best they knew how. The outcome of a person does not wholly depend on his or her parent. Their outlook on life and how much they want to accomplish while on this earth are other factors

How Muhammad Established Islam As A Major Political And Religious Force In The World Essay Example for Free

How Muhammad Established Islam As A Major Political And Religious Force In The World Essay While Muhammad was living with his wife Khadija, he often went to a cave outside Makkah called Hira, where he would reflect and pray. During one night in 610CE, when Muhammad was 40, he was in a cave on Mount Hira. God revealed himself to Muhammad. This was called the night of power, and it relates in Surah 95 of the Quran, which is entitled The Blood Clot. When Muhammad returned home, Khadija became his first believer. Then his cousin Ali, a freed slave called Zayd, and one of his closest friends, Abu Bakr, all became followers. There started one of the great religions of the world. Muhammad had a strong belief that there was only one God, the creator. He believed that all humans should be equal in their relationship with this creator. This undermined the tribes of Makkah who, especially the Quarish, rose up against Muhammad and his followers. All through his life, Muhammad fought to establish Islam, to gather followers, and to create a substantial political force. In the 22 years after the first revelation, until Muhammad died in 632CE, God delivered the Quran to Muhammad, his messenger. By the time that God had finished revealing the Quran, Muhammad had moved to Madinah. Hence we get Makkan and Medinan verses. The Makkan verses are usually shorter, more judgemental, and are found towards the end of the Quran. After the second revelation, the night journey, Muhammad migrated to Yathrib, 40 miles north of Makkah, to settle disputes with the pilgrims from that town. He went there with family and followers in 622CE. When he arrived, he built a house, which was later to become the first mosque. He then renamed the town Madinah. This is where the central community was established. After Muhammad died, no one knew if he had named a successor. Usually, it would pass to his eldest son. In the end the leader was chosen by the Muslim community as a person of great personal integrity. This is the belief of the Sunni branch of Islam, who did not want a government, but they wanted to rely on an authoritative ruler. The Shia branch believes that the early history was biased against Ali, Muhammads cousin. When Ali did become the leader, those who believed Ali to be the true successor formed the separate Party of Ali. The Shia branch wanted a leader from the family of Muhammad. Islam was greatly diversified by the achievements of the first four caliph successors to Muhammad. Here is who they are and what they achieved in their rule: * Abu Bakr (632-634 CE) He and his armies conquered Arab tribes, and they went as far as the Byzantine Empires borders. Abu Bakr had more than a personal belief of Islam and he had a belief of political ideology. * Umar (634-644 CE) He continued after Abu Bakr and captured Jerusalem and North Africa. * Uthman (644-656 CE) After Ali turned down the caliphate, Uthman was chosen and he expanded the empire through North Africa and Eastwards to India and China. * Ali (656-661 CE) He made Muawiya co-caliph, a disastrous move. Two parties were formed, one supporting Ali, the other supporting Muawiya. Islam today is the second largest religion in the world and it is growing fast. It is significant in the modern politics. It also contributes to art, music, architecture and philosophy. The religion has grown to have over 2 billion followers. However recently Islamophobia has stepped in. Islam has been treated very cruelly by the western media in the last few years. However Islam means to surrender, or submit, and it is linked closely to another Arabic word meaning peace. Indeed a Muslim is one who surrenders.