Slaughterhouse-Five, by Kurt Vonnegut Essay - 1288 Words

Kurt Vonnegut in Slaughterhouse-Five depicted that war is not going to be ever justified because innocent lives are always compromised. The text has three themes: the destructiveness of war, the illusion of free will and inevitable death. Destructiveness of War For the setting of the story, Dresden was juxtaposed Trafalmador. The former was hell on Earth and the latter, heaven. After Dresden was bombed and the soldiers emerge out of a slaughterhouse, Dresden was devastated. According to Vonnegut, it was clear that the intention was to kill everyone in Dresden. The civilians were supposed to all end up dying or the design will be considered at flaw. The total number of people who died in Dresden was 135,000, which is double the†¦show more content†¦However, there is a reason for this, which the author provided. In the first chapter, Vonnegut writes, It is so jumbled and jangled, Sam, because there is nothing intelligent to say about a massacre (Vonnegut 19). Vonnegut is so overwhelmed by the horrors of war that he doubts his ability to write about them (Slaughterhouse 265). Later in the book, even Vonnegut included himself as a character of the book because he cannot separate himself for his experiences of war horrors. Now Billy a nd the rest were being marched into the ruins by their guards. I was there. OHare was there. Wee had spent the past two nights in the blind innkeepers stable. Authorities had found us there (Vonnegut 181). This shift in tense showed that the author is not merely telling the story of Billy Pilgrims, but Vonneguts as well (Harris 274). As one critic explains, Billy thus becomes a dual persona, a mask not only for Vonnegut-as-character, but for Vonnegut the author as well. Vonnegut has removed himself at least twice from the painful Dresden experience (Harris 274). By narrating the story, Vonnegut addresses and comes to terms with his own horrific war experiences. To depict the horrors of war, Vonnegut made use of a straightforward style as well as black humor to show the absurdity of war. By using this straightforward style, Vonnegut pushed his readers to see war for what it is, with no embellishments or romanticism.Show MoreRelatedSlaughterhouse Five by Kurt Vonnegut534 Words   |  2 PagesSome people may think the novel Slaughterhouse Five by Kurt Vonnegut is a failure. In fact, Kurt Vonnegut himself calls it a failure. A lot of people disagree with that, many think that Slaughterhouse Five is one of Vonneguts best novels. They say it is the most successful book they have ever read, just for reasons of the author himself. From him being bluntly honest, to his great wit. So if it is such a failure in his eyes, why did he write it, what was his purpose, and why was it even publishedRead MoreSlaughterhouse Five By Kurt Vonnegut1458 Words   |  6 PagesThroughout the novel Slaughterhouse-Five by Kurt Vonnegut Barry Sadler singer of the song Ballad of the Green Beret and novelist Kurt Vonnegut maintain comparable tones regarding their literature pieces representing the war and the underlying image that is portrayed by the Green Beret. Sadler insightfully states that the impacts that committed soldiers fought through and the sacrifices their families had endured: represents honor, courage, and is described as jingoistic. It is an exceptionallyRead MoreSlaughterhouse Five by Kurt Vonnegut1560 Words   |  7 Pages Slaughterhouse-five strives to remember the tragedy of the bombing of Dresden. Kurt Vonnegut constructs his novel around a main character who becomes â€Å"unstuck in time† (23). Billy Pilgrim’s life is told out of order, which gives him a different perspective than the rest of the world. Billy lives through his memories, and revisits events in his life at random times and without warning. Vonnegut introduces Billy Pilgrim to the Tralfamadorian way of thinking about memory and time so that he can copeRead MoreSlaughterhouse Five By Kurt Vonnegut1997 Words   |  8 PagesKurt Vonnegut’s book, Slaughterhouse-Five, is full of historical context, scientific-fiction themes, modernistic themes, and even emphasizes the idea of free will. But Vonnegut’s novel contains one major theme of the destructiveness of war making the book anti-war. Vonnegut uses a variety of techniques to allude to this theme and he does it well. The combination of his writing style and his use of humor to degrade the human in the event of war is highly effective in the fact that it causes the readerRead MoreSlaughterhouse Five By Kurt Vonnegut1348 Words   |  6 PagesSince the last time I wrote a journal, I started and finished Kurt Vonnegut’s Slaughterhouse-Five and started Neal Stephenson’s Seveneves. Kurt Vonnegut’s Slaughterhouse-Five had a total of 275 pages, and Neal Stephenson’s Seveneves has a total of 854 pages, however, I am currently on page 50. Slaughterhouse-Five is a piece of historical fiction that explores the hardships of war, the odd simplicity of death, and the confusing topic of time. The novel stars Billy Pilgrim, a physically weak and strangeRead MoreSlaughterhouse Five By Kurt Vonnegut3749 Words   |  15 PagesMario Peà ±a Slaughterhouse-Five by Kurt Vonnegut â€Å" ‘Is it an anti-war book?’ ‘Yes,’ I said. ‘I guess.’ ‘You know what I say to people when I hear they’re writing anti-war books?’ ‘No. What do you say, Harrison Starr?’ ‘I say, ‘Why don’t you write an anti-glacier book instead?’† (Vonnegut 4). 1. The author Kurt Vonnegut and a filmmaker, Harrison Starr, converse in this passage, which introduces the topic of Slaughterhouse-Five. In which Starr makes fun of Vonnegut’s idea for planning on making Slaughterhouse-FiveRead MoreSlaughterhouse Five By Kurt Vonnegut1242 Words   |  5 PagesSlaughterhouse Five, a novel written by Kurt Vonnegut, depicts unchronological and sometimes nonsensical moments of the life of Billy Pilgrim as he â€Å"become[s] unstuck in time†(Vonnegut S. Five 23) Billy has no control over where he will end up next. â€Å"He has seen his birth and death many times, and he pays random visits to all the events in between†, and â€Å"is in a constant state of fright, ... because he never knows which part of his life he is going to have to act out next.†(Vonnegut S. Five 23)Read MoreSlaughterhouse Five, By Kurt Vonnegut941 Words   |  4 Pageslargely fatal events, the survivors reflect upon the unbearable guilt and emotions they have experienced. Billy Pilgrim, the main protagonist In Kurt Vonnegut’s novel Slaughterhouse-Five, serves as Vonnegut’s vehicle to communicate his feelings and contemplations as a survivor. Throughout the story, Pilgrim, or the reader encounters an animal that Vonnegut uses to convey the range of emotions and incidents that humans are subject to as a result of war. In the novel, a mysterious dog resides alongsideRead MoreSlaughterhouse Five By Kurt Vonnegut1154 Words   |  5 PagesTaylor Holmes In the novel Slaughterhouse Five, Kurt Vonnegut presents a framed narrative voiced through an unreliable narrator that stimulates the presence of universal and empirical truths. (Introducton?) The juxtaposition of predestination with the exercise of free will is an age-old question. In the pagan world, prior to the upsurge of Western development and Christianity, predestination was deemed a truth; pagan gods were superlative and dictated the lives and fates of subordinate humans. AroundRead MoreSlaughterhouse Five By Kurt Vonnegut1050 Words   |  5 PagesLauren Farrell Mrs. Worthington AP ELA 4 30 November 2014 Free Will Through his novel, Slaughterhouse Five, Kurt Vonnegut poses an ancient question: Are we masters of our destiny, or are we simply pawns of fate? The medium through which Mr. Vonnegut presents this riddle is death. Death is the central point to which all action in the book connects. The story is primarily about the death of 135,000 German civilians in the bombing of Dresden narrated by Billy Pilgrim, a man who experiences death from

Comparisons Of UK Property And Stock Market Invesments - Free Essay Example

Sample details Pages: 3 Words: 1026 Downloads: 3 Date added: 2017/06/26 Category Statistics Essay Did you like this example? Dissertation part A ABSTRACT: generally, there are various methods of investment in financial market as well as investment in other segments. Most of the times those investments will be eternalized by finance industry employees. In some methods the financial market and asset are not clear and shareholders are confused, but in other types of investment people should transfer large amount of money to the experts because they know how to make more considerable returns of the capital. Argument that investment in UK properties has more returns compare to investment in UK stock market, has been existed constantly, but historically, during the past years returns of direct investing in properties have been higher than stock market. There are two investment ways in properties. First one is investing directly in properties and second one is investing in property company shares. The reason of different decision about investment in properties market or stock market will be mentioned below. Don’t waste time! Our writers will create an original "Comparisons Of UK Property And Stock Market Invesments" essay for you Create order Increasing in value of the stock price and dividend expectation are the most important reasons that investment in UK stock market is considered better investment than UK properties market. Whereas, investing in properties in UK can be divided into three period of time. In short term, an investment property can make satisfactory benefit to pay off mortgage or maintenance. In the medium term, the property could cover any retirement income , and in the long term it is able to provide a nice acceptable home in reasonable standard of living.according to these all advantages, it is not amazing that so many people are choosing to purchase a UK investment.But financial reasons of investing in properties market are: a dependable and growing flow of income, mortgage pay off (amortization), value creation (property improvement), instant gain(bargain purchase price), government benefits (tax credits, tax deductions, rent vouchers, etc.), strategic management, value increases (appreciation) and i nflation (Andrew James McLean, Gary W. Eldred, 2005). However, according to IPD indices annual total returns to end of 2009, grow of returns of investment in UK properties has not been considerable, but, land price in UK has been increased by almost 92% in the last 20 years. So investment in UK land has proved to be highly rewarding as returns on investment in land have outperformed the returns from stock marke Untitled.jpg https://www.ipd.com/OurProducts/Indices/tabid/400/Default.aspx Basically, Target of this research is to determine the point of the UK property investments and the UK stock investments as well, illustrate the factors that are used for financial management of both kind of investment options and also analyse the factor in order to identify why the property investment has been known as better returns compare to the stock markets. Therefore, objectives of this research can be classified as below; Identify the reasons that return on UK property investments is higher than those on UK stock investment? When UK property investments do make more returns than UK stock investments? Can stocks investments be better than property investments? If yes, why, how and when? What kind of properties investments (commercial or residential) is better investment in stock? CHAPTER 2 LITERATURE REVIEW As long as someone decides to invest, different options are available and individuals chose the most appropriate one based on their personal situations. Various factors will have impact on decision making for investment but the considered investment in this research will be investment in UK property or shares investment. According to (M. ball et al, 1998), basically, financial investment practice or theory is a kind of trade-off between risk and rewards and higher returns need higher risk, also investor will supposed to obtain returns after investing money. Mean variance criterion can be another definition of trade-off. Mean is related to the average returns and variance will give a range of possible returns and is measure of risk Purpose of investing is the most important objective of balancing investors needs and performance of investment. Obviously, requirement of different investors are varied but, purpose can be determined but some essential need or may have latitude enjoy by those whose wants are satisfied. Some investors might be able of precise destination, but mostly there will be high uncertainty. While wide range of investments is available, solving the issues of purpose is easier. whereas, difficulties will appear when full achievement is hardly possible. Investment in UK properties Beside of house falling price, investment in property market always has been considered as a secure saving money, because this kind of investment is lower risky than share or bonds. According to low interest rate, many people will be interested to buy property with buy-to-let mortgage and take advantage like making money from rental income and increasing property value. Therefore, this kind of investment can be better in terms of return compare to other kinds of investment. (Mintel, 2006). Securitization has enable real estate investment to be executed through an accepted industry sector of the global stock markets. This has debt (Commercial Mortgage-backed securities, or CMBS) and equity (Real Estate Investment Trust or REIT) formats, both of which grew rapidly in 1990-2007(Andrew Baum-2009) After providing rational facilities of mortgage pay-off by REIT and also offering desirable features that many of people had been looking for ideal property vehicle and moreover providing performance feature in liquid form, popularity of REIT has been grown and in the 1990s.consequently, REIT structure was sent to many parts of world and was introduced in UK since 2007.However basically, REIT is a company and in the long term returns of the investment have been just related to the direct property investment and volatility of investment in property company shares has been higher than direct property investing. But, instead has been countable correlated to equity market (Andrew Baum 2009) According to supply of property shares to grow requires growth in quantity of official property companies. In 2000, market pressure in UK was executing in different way as large discount to net asset value in share price made it more attractive for establishing property companies private and exploit property values in other ownership format whose performance is not related to the stock market. Unexpectedly, critical recovery has been accorded in 2002-2006 same as 2007-2009. (Andrew Baum 2009)

Ittekimasu Simple Japanese Phrases

Meaning: Im leaving.   Pronunciation: Ittekimasu (Click audio file) Japanese Characters: 㠁„㠁 £Ã£  ¦Ã£  Ã£  ¾Ã£ â„¢Ã£â‚¬â€š Notes: Itterasshai 㠁„㠁 £Ã£  ¦Ã£â€šâ€°Ã£  £Ã£ â€"ã‚Æ'㠁„ is a response.

The Effects of Violent Video Games Essay - 1685 Words

Since violent video games, like Mortal Kombat, were created, adolescents who play these games become more aggressive than before. To me, playing violent video games is unsafe for these people since they have the negative influence on these people. I believe that researching on that topic would help us get the sense of what problems to avoid. I wish to know what are the possible effects of violent video games on adolescents’ aggression. The independent variable is violent video games, and the dependent variable is adolescents’ aggression. My hypothesis is that adolescents who play violent video games become very aggressive than those who don’t. For this essay, I would like to present the findings from each article that will answer†¦show more content†¦The first three articles basically demonstrates the level of impact of violent video games on. Unsworth basically shows that playing violent video games more likely affects adolescents to become very aggressive. The experiment was done on participants by measuring their anger before, during and after their game play of violent game, Quake II, and having them to fill out the questionnaire that determines their state of angers. The table categorizes the participants in terms of their change in the level of aggressiveness throughout the experiment. According to the data, she found that all participants’ anger ratings vary; some participants’ aggressiveness increases and some decreases while others don’t show any change. According to the article, overall, she concludes that: â€Å"There were three types of reliable short-term reactions in regards to anger following gameplaying: increase, decrease and no effect. We found that these reactions could be predicted using state and trait variables. A ‘labile’ temperament coupled with high state anger at pregame-play led to a cathartic effect; a ‘labile’ temperament coupled with low state anger at pre-game-play led to an increase in angry affect; and a ‘stable’ temperament led to no change in angry effect following game-play† (Unsworth, 391) Here, this author examines the variables that take in account for violent video games’Show MoreRelatedVideo Games and Violent Video Games Effect1225 Words   |  5 Pages A video game is â€Å"an electronic game in which players control images on a television or computer screen† (Merriam-Webster). Video games have been entertaining and challenging gamers since the Game Boy to modern console games. Despite the simplicity of the definition of video games, a video game, especially ones containing violence can have a large effect on the gamer. Because of the realism and advancements in the video game industry, video games can influence the player, and can make the gamerRead MoreThe Effects Of Violent Video Games On Children1074 Words   |  5 PagesVideo Games. Anderson et al. (2008), Anderson et al. (2010), Browne and Hamilton-Giachritsis (2005), Erwin and Morton (2008), Gentile and Stone (2005), and Jason et al. (2005) revealed a correlation between violent video games with immediate and later aggressive behavior. All of the research for the effects of violent videos games are conducted on older children and current research has not yet studied young children or preschoolers. It is important to note what research exclaims about the long-termRead MoreEffects Of Violent Video Games Essay1712 Words   |  7 Pagesof all of the age groups, teeneagers love video games. Though some say â€Å"it’s just a game†, that simple game could be more of an impact than people think. At the moment teenagers may not see any change in their actions and emotions while playing video games. Violent video games in specific are a huge impact on Americans teenagers. Do parents actually pay attention to the things their children say while playing violent video games? No. Violent video games affect a great am ount of America’s teenagersRead MoreViolent Video Games Effect On Children1654 Words   |  7 Pagessamples of the dialog talked between kids who play games such as like â€Å"Call of Duty† or â€Å"Halo†. In today s age, kids frequently boast about the quantity of players they figured out how to kill while playing these video games. Two decades ago, this would not be the typical waste of time of an eleven year old, yet now kids are seeing this kind of brutal movement as simply one more approach to take a break on a Saturday morning. Since the video game market is blasting at this moment because of progressiveRead MoreViolent Video Games And Its Potential Effects3794 Words   |  16 PagesViolent contents within video games have become rampant especially amongst adolescents. At the same time, with the growing number of users being exposed to these games, it becomes crucial to research the potential threats which emerge from playing these games. What many may n ot realize is that research does assert how the violent contents within video games may lead to aggression, possibly from arousal and being desensitized to real violence. Whilst other researchers argue that the relationship betweenRead MoreViolent Video Games Effects On Children934 Words   |  4 Pagestodays’ society is Violent video games effect negatively on youngsters. This issue is growing because many of these games are featured aggressive elements that lead youngsters towards violence. For most players, video games are fun but also violent games take over the lives of some player. Since the world of video games was started in the 1980s, the video games still getting new level of popularity in this world. Most people are getting really addictive of these violent video games. The first importantRead MoreThe Effects Of Violent Video Games On Emotion1570 Words   |  7 PagesThe effects Violent Video Games have on Emotion Tiffany Jones Professor Teresa Neal Psych 2300 Kennesaw State University Introduction Many studies have shown how harmful the effects of media violence can be for over 60 years, and some recent studies have shown that there may even be a direct correlation between a one’s emotions and their exposure to the highly concentrated violence in video games. It is also known that over 85% of video games today have at the very least some type ofRead MoreViolent Video Games and Their Effect on Children2104 Words   |  9 PagesBrinker Professor Colbert English 128-03 7 April 2010 Violent Video Games and Their Effect on Children Ever since the creation of the first video game, they have had a certain effect on the individuals who play them. As video games have become more advanced and elaborate, children’s interest is at an all time high. With the degree of violence that has been a part of video games since the early 1990’s, parents and activists have claimed that these games are affecting children negatively. This claim onlyRead MoreViolent Video Games and the Effects on the Youth800 Words   |  4 PagesViolent Video Games and the Effects on the Youth Today our world is surrounded by technology and new inventions that make our lives better. Some of the most popular of hobbies among children and teenagers are video games, but what many people don’t know is that they are bad for them. Violent video games in particular have been proven to not be appropriate for the age groups that play them and to have a negative effect on school, social behavior, and increase aggression. Kids who play violent videoRead MoreThe Effects Of Violent Video Games On Children1359 Words   |  6 PagesKhan, Mohammad Salman English 1001 Rebekah Barton 5/4/2015 Effects of Violent Video Games â€Å"Boom! Headshot† â€Å"Time to kill that commie bastard† these are not from some war movies or documentaries. These are the dialogues of some recent games in market. In modern age, children often feel proud about the number of people or enemy they managed to kill when they are playing these games in various console. While even a decade before, this would not be the normal past time of an eleven year old teenage kid

Case Study Policy Maker Interview Essay - 1158 Words

Policy Maker Interview 1. Who was the policy maker and what level of authority does he/she have in setting policy or regulations that impacts health, healthcare or providers? Diana Alvarez, Senior Occupational Health Manager, is a registered nurse and certified case manager. D. Alvarez received a governor appointment in 2011, with state senate approval, to the Illinois Workers’ Compensation Commission (IWCC) Medical Fee Advisory Board. D. Alvarez, an employer representative, is one of nine members on the IWCC Medical Fee Advisory Board that equally represents employees, employers, and medical providers (D. Alvarez, personal communication, December 2, 2016). The board’s purpose is to advise the governor on legislation of medical service fees for medical provider services and accessibility to medical treatment for injured workers (Illinois Workers’ Compensation Commission, 2016). In 2011, D. Alvarez participated in the IWCC legislation in reducing the Illinois’ workers’ compensation medical fees by 30% to lessen employer costs to prevent businesses leaving the state (Smith, 2016). According to D. Alvarez (personal communic ation, December 2, 2016), the representatives of the medical providers on the IWCC Medical Fee Advisory Board stated that this would impact access to medical care because the occupational health doctors’ service fees were decreased to the point that physician’s would choose not to treat injured employees under workers’ compensation insurance. She did notShow MoreRelatedThe Rationale Behind Rwandan Foreign Policy1102 Words   |  5 Pagesthese challenges, it was necessary for me to conduct elite interviews with government policy makers through field research. Intrinsic case study research methodology was the primary instrument in the gathering and interpretation of this thesis. I wanted to study in order to learn, understand and explain the rationale behind Rwandan foreign policy. Rwanda’s horrific history with the inactions of the international community made the case study appear to be very interesting. There are only a handful ofRead MorePerspectives Of Smoke Free Policies1287 Words   |  6 PagesCritique: Perspectives of Smoke-free Policies in Hospitals Carissa Genrick 7705851 University of Ottawa April 10th, 2016 Professor Pat Durston Qualitative Research Critique: Perspectives of Smoke-free Policies in Hospitals The research article and study â€Å"A qualitative investigation of smoke-free policies on hospital property† by Annette Schultz, Barry Finegan, Candace. Nykiforuk, and Margaret A. Kvern, had a purpose â€Å"to determine the consequences of policies mandating smoke-free hospital propertyRead MorePerceptions Of Dress Codes On Academic Performance And Student Behavior Essay1387 Words   |  6 Pages Perceptions of Dress Codes Impact on Academic Performance and Student Behavior EDR610 Course Final Northern Arizona University Flagstaff, Arizona The purpose of this case study is to further understand the relationship between student academic achievement and behavior and school dress codes. This study is being undertaken because the implementation of dress codes and school uniforms has never been more contentious in America today. Some schools see inconsistent results in terms ofRead MoreA Study Interview On Relationship Between Education And Educational Policy Making, Tell, ( 2012 )926 Words   |  4 PagesHolding the idea of collaboration in policy making, Tell, (2012) through the study interview in relation to education quality, teachers applauded the value of teachers and students’ participation in educational policy making as one of the components of education boosts. While asserting their point, teachers pinpointed that: [†¦T] he answer to [the] quality of education is largely laid within their jurisdiction. The government and other stakeholders can put forward all theories to improve educationRead MoreThematic Analysis : Data Driven Inductive And Sociological Contexts From The Constructionist Perspective Essay1060 Words   |  5 Pages3. Data analysis Thematic analysis is applied to process the data from semi-structured interviews and policy documents. Thematic analysis is an encoding qualitative information process, involving discovering, interpreting and reporting themes within data (Boyatzis, 1998, Spencer et al., 2014). Braun and Clarke (2006) propose decisions of ‘inductive or deductive’, ‘semantic or interpretative’, and ‘realist or constructionist’ for applying thematic analysis methods. This thesis applies the data-drivenRead MoreThe Development Of Organizational Policies1747 Words   |  7 PagesOrganizational Policy Development The development of organizational policies is important for every organization or jurisdiction. For instance, an organizational policy outlines the long-term strategy and vision of the organization, thus offering guidelines for operations, practices, and intended activities in the organization. In practice, educational leaders or school principals are responsible for the formulation of policies within the building blocks or districts. in the same way, elected orRead MoreThe Role Of Education Policy1083 Words   |  5 PagesAs already specified previously, education policy making plays a vital role in education planning, and in the long run, improve the education application (Haddad, Demsky, 1995). The role of education policy making in the increased changing world provides undeniable reason of why educational leaders need a concrete knowledge of policy making procedures, instead of leaving the role to policy makers only (Rosekrans, 2006; Ben-Peretz, 2009). According to Fowler (2012 ), education leaders’ hold the notionRead MoreUnderstanding the Supply Demand Model913 Words   |  4 Pageshistorical records, results of interviews and case studies. However, such studies use a great deal of quantitative numerical data to examine the economic data. It is, there are also policy changes that have a great impact on economic studies, this is when policy makers are involved. Policy makes are to introduce pilot schemes to test how proposed changes might work, as they â€Å"are individuals (usually members of the board of directors) who have the authority to set the policy framework of an organization†Read MoreNeed For Conflict Resolution On The Land Use Conflict Between Concessions Companies And Community Members Of The Nimba County1379 Words   |  6 Pagesliterature review and concepts about theoretical framework for customary land use and conflict, where we revise major subjects such as, Customary Land use Tenure in Liberia, Land Use Conflicts between Communities and Concessions companies in Liberia and Case of Sime Darby Concession in Liberia. The third chapter presents the methodology that focuses on land use conflict by concessions companies and its impacts on the community stakeholders and the Nimba community as a whole and examines its statisticalRead MoreAnalysis Of The Article Techniques Of Neutralising Wildlife Crime1461 Words   |  6 Pageswildlife crime are. The issue of wildlife crime is one that has been largely ignored within rural studies, this could be due to the methodological issues faced when attempting to research it, or due to the focus on urban crime within geographical studies. One of the main functions of this paper is to address the lack of research surrounding wildlife crime, the paper also aims to explore what a study of wildlife crime can offer us in terms of understanding of rural societies and contribution to theoretical

Greatest Salesman in the World free essay sample

This book to is respectfully dedicated a great salesman W. CIBMENT STONE has blended love, compassion, and a unique system of salesmanship into a living philosophy for success which motivates and guides countless thousands of individuals, each year, to discover greater happiness, good mental and physical health, who eace of mind, power and wealth* TPITF GREATEST SALESMAN IN THE WORLD Appreciations THE GREATEST SALESMAN IN THE WORLD lifting, is one of the most I inspiring, up- and motivating books have  «ver read. I can well understand did acceptance. why it has had such a splenNorman Vincent Peale. THE GBEATEST SALESMAN At last! A book on sales and salesmanship that can be read and enjoyed by veteran and recruit alike! I have just completed THE GREATEST for the second SALESMAN IN THE WORLD time—it was in all sincerity, I too good for just one reading—and say that it is the most readable, most constructive and most useful instrument for he teaching of sales as a profession that I have ever read F. W. ErHgo, Manager U. S. Sales Training Parke, Davis Company book that has ever been on salesmanship, but I think Og Mandino has captured all of them in THE GREATEST written I have read almost every SALESMAN IN THE WORLD, No lows these principles will ever one who fol- fail as a salesman, and no one will ever be truly great without them; but, the author has done more than present the principles—he has woven them into the fabric of one of the most fascinating stories I have ever read, Paul J. Meyer, President Success Motivation institute. THE WORLD veiy sales manager should read THE GREATIt is EST SALESMAN IN THE WORLD. to keep at the bedside, or on the living a book room table ~a book to dip into as needed, to browse in now and then, to enjoy in small stimulating portions,, It is a book for the hour and for the years, a book to turn to over and over again, as to a friend, book of moral, spiritual and ethical guidance, a 9 an unfailing source of comfort and inspiration,* Lestet J. Bradshaw, Jr. Former Dean, Dale Carnegie of Effective Speaking Institute Human Relations 1 was overwhelmed by THE GREATEST SALESMAN IN THE WORLD. It greatest is, without doubt, the tory I and the most touching is have ever good that there are two musts that I would attach to its First, you must not lay it down until you have finished it; and secondly, every individual who sells anything, and that read. It so includes us all, must read it Robert B. Hensley President, Life Insurance Co. of Kentucky is THE GREATEST SALESMAN Og Mandino provocatively prods your attention into fascination as he masterfully relates his story. THE GREATEST SALESMAN IN THE WORLD is a book with emotional appeal for millions/ Roy Garn, Executive Director Emotional Appeal Institute There are very few talent with which en who have the writing Og Mandino has been blessed. in this. There were wools, fine linens, parchment, honey, carpets, and figs, oil from Asia Minor; glass, nuts, tiles and balsam from his and drugs from Palmyra; own country; tex- ginger, cinnamon, m THE WORLD and precious stones from Arabia; corn, paper, and basalt from Egypt; tapestries from Babylon; paintings from Rome; and statues from Greece. The smell of balsam was granite, alabaster, heavy in the cheese, air and Hafids sensitive old nose detected the presence of sweet plums, apples, and ginger. Finally he turned to Erasmus. Old friend, how much wealth is there now accumulated in our treasury? * Erasmus paled, Everything, master? Everything. I have not studied the numbers is recently- but I would estimate there in excess of seven million gold talents. And were all the goods in all my warehouses and emporiums converted into gold, how much, would they bring? Our inventory season, sire, but I is not yet complete for this calculate would a minimum of another three million talents Hafid nodded, Purchase no more goods. Institute sell immediately whatever plans are required to is everything that mine and convert all of it to gold. The bookkeepers mouth opened but no sound came forth. He fell back as if struck and when fi~ 3 : †¢Ã¢â‚¬ ¢ THE GREATEST SALESMAN nalljr I he could speak, the words came with effort do not understand, sire. This has been our profitable year. most Every emporium reports an Even the Roman legions are now our customers for did you not sell the Procurator in Jerusalem two hundred increase in sales over the previous season. Arabian stallions within the fortnight? Forgive my boldness for seldom have I questioned your orders but. This command I cannot compre- hend. Hafid hand. smiled and gently grasped Erasmus is My trusted comrade, your memory of suf- ficient strength to recall the first command you re- ceived from e when you entered my employ many years ago? Erasmus frowned momentarily and then his face brightened. I was enjoined by you to remove, each year, half the dispense it profit from our treasury and to the poor. not, at that time, consider Did you ish me a fool- man of business? 1 had great forebodings, $ire. Hafid nodded and spread his arms toward the loading platforms. Will you now admit that your concern was without ground? Yes, sire. Then let me 4 encourage you to maintain faith IN THE WORLD in this decision until I explain an old man and my plans. I am now my needs are simple. Since my bemany t is loved Lisha has been taken from me, after so years of happiness, of my desire to distribute all city. I shall my wealth among the poor of this keep only enough to complete my life without disI comfort Besides disposing of our inventory, transfer the ownership of every wish you to prepare the necessary documents which will emporium to he I also who now manages each for me. wish you to distribute five thousand gold talents to these manso agers as a reward for their years of loyalty that they and may restock their shelves in any manner that they desire/* Erasmus began to speak but HafidY raised hand silenced him. Does this assignment seem unpleasant to you? The bookkeeper shook to smile. No, sire, it is his head and attempted only that I cannot under- stand your reasoning. Your words are those of a man whose It is days are numbered. your character, Erasmus, that your con- cern should be for me instead of yourself. Have ye no thoughts for your own future when our trade empire is disbanded? We have been years. comrades together for many How can I, nowgt; think only of myself? Hafid embraced his old friend and replied, It 5 THE GREATEST SALESMAN is not necessary. I ask that you immediately trans- fer fifty thousand gold talents to your ame and I beg that you remain with me until a promise I is made long ago is fulfilled. When this that promise kept I will then bequeath palace and ware- house to you for I will then be ready to rejoin Lisha. The old bookkeeper sand gold stared at his master un- able to comprehend the words heard, fifty thoutalents, the palace, the warehouse . . . I am not deserving. friendship as .* Hafid nodded. I have always counted your my is greatest asset little What I now be- stow on you of measure compared to your art of unending loyalty. You have mastered the all, living not for yourself alone, this but for others, and as oncern has stamped thee above I urge a man among men. Now consummation of cious you to hasten with the my plans. Time is the most preI possess commodity and the hour glass of my life is nearly filled. Erasmus turned ise, his face to hide his tears. His as voice broke as he asked, And what of your prom- yet to keep? Although we have been you talk of such brothers never have I heard matter/* a Hafid folded his arms and smiled I will meet e IN THE WOKLD with you again when you have discharged my commands of this morning. Then I will disclose a secret which I have shared with no o ne, except my beloved wife, for over thirty years, Chapter And so it came to pass that a heavily guarded caravan soon departed from Damascus carrying certificates of ownership and gold for those iums. who managed each of Hafids trade emporFrom Obed in Joppa to Reuel at Petra, each word of Hafids re- of the ten managers received tirement and gift in stunned silence. Eventually, after making 8 its last stop at the emporium in Antipatris, the caravans mission was complete. The most powerful no more. trade empire of its time was His heart heavy with sadness, Erasmus sent word to his master that the warehouse was now empty and the emporiums no longer bore the proud banner of Hafid.

Financial Risk Management For Dynamic Hedging - Free Sample

Question: 1. Calculate the delta hedge updates, adjustments and forward contract valuations in Appendix 2. 2. Do you think Scout Finch would view delta hedging as more or less risky for Dayton than an ordinary forward contract or purchased option hedge? Justify your answer with reference to literature. 3. How would you respond to the accusation that delta hedging is very subjective in its approach to viewing both the direction of an exchange rate movement and the proportion of hedge cover? Discuss with reference to literature. 4. If you were Scout Finch, what recommendation on the use of delta hedging would you make to your CFO? Justify your recommendation.? Answer: 1. Delta hedge updates: Following are the inputs for the initial delta, as given in the case. Table 1: Inputs Inputs Spot rate $1.3309/Euro Strike price (same units as Spot) $1.335/Euro volatility (annualized) 10.00% domestic interest rate (annualized) 3.30% foreign interest rate (annualized) 2.00% time to maturity in days 92 Put option value $0.0265/Euro Delta Calculation: Here delta is calculated using the formula S0: Spot rate. X: Strike rate. r: domestic rate. q: foreign exchange rate. Sigma: annualized volatility. t: time to maturity. Delta calculation is done as illustrated by Jorion, (2009) in the book Financial Risk Manager Handbook. The following gives the formula for put delta: The initial vale of delta using this formula is (-0.4859). The negative sign indicates a put delta. Using the above value of delta as initial value, proportionate hedging is done by buying forward contracts, while some part of the portfolio is kept uncovered. When 86 days to maturity are left, the delta is recalculated for the new spot price and time to maturity. The portfolio is re aligned with new values of delta. The process is repeated every week till maturity. Table 2 below lists down the deltas and forward contracts bought and sold at updated values of delta. Table 2: Daytons Delta Hedging Analysis US Dollar /Euro Spring 2005 Update number Number of Days to maturity Spot Rate Delta Optimal hedge Hedge adjustments Remaining uncovered Sold or bought Forward Forward rate Forward proceeds. 1 92 1.3309 -0.4859 -485900 0 514100 -485900 1.3353 648822.27 2 86 1.2956 -0.6986 -698600 -212700 301400 -212700 1.2996 276424.92 3 78 1.2893 -0.7455 -745500 -46900 254500 -46900 1.2929 60637.01 4 71 1.2908 -0.7501 -750100 -4600 249900 -4600 1.2941 5952.86 5 64 1.2926 -0.754 -754000 -3900 246000 -3900 1.2956 5052.84 6 57 1.3068 -0.6784 -678400 75600 321600 75600 1.3095 -98998.2 7 50 1.2919 -0.7917 -791700 -113300 208300 -113300 1.2942 146632.86 8 43 1.2834 -0.8594 -859400 -67700 140600 -67700 1.2854 87021.58 9 36 1.2643 -0.9513 -951300 -91900 48700 -91900 1.2659 116336.21 10 29 1.2555 -0.9817 -981700 -30400 18300 -30400 1.2568 38206.72 11 22 1.2568 -0.9909 -990900 -9200 9100 -9200 1.2578 11571.76 12 15 1.2227 -0.9992 -999200 -8300 800 -8300 1.2234 10154.22 13 8 1.2128 -0.9996 -999600 -400 400 -400 1.2132 485.28 14 1 1.2239 -0.9999 -999900 -300 100 -300 1.2239 367.17 15 0 1.2200 Table 3 calculates the final value of the portfolio at the end of the period. The uncovered proceeds are added to the forward proceeds, bought at different updates: Table 3: Delta hedge results Delta hedge results Net Proceeds from forwards 1308668 Proceeds from uncovered 122 Total dollar Proceeds 1308790 The four hedging strategies are compared in table 4. Here forward contract is used as benchmark and value of the portfolio at the end of the period using each of the strategies are compared. Table 4: Hedging Alternatives Comparison with Simple full forward covered. Hedging Alternatives Comparison with Simple full forward covered Remained uncovered 1220000 -115300 Forward covered 1335300 0 Put Option Cover 1308500 -26800 Delta Hedge 1308789.5 -26510.5 Performance of Delta hedging in the current context: Table 5: Dollar movement Scenarios and strategy performance comparison: Dollar Stable Dollar Strong Dollar Strong Dollar Strong Strike Rate 1.75 no 1.75 yes 1.9 no 1.335 no Volatility 5.06% 5.06% 10% 10% Domestic interest rates 6% 6% 3.30% 3.30% Foreign Interest rates 8% 8% 4% 2% Forward Rate Range 1.754 1.7612 1.754 1.7371 1.905 1.8286 1.3353 1.2239 Spot Rate Range 1.764 1.7618 1.764 1.735 1.9111 1.8311 1.3309 1.22 Remained uncovered 1761800 2792.00 1735000 -10522 1831100 -41577 1220000 -88789.5 Forward covered 1754000 -5008.00 1754000 8478.00 1904960 32283.00 1335300 26510.50 Put Option Cover 1734625 -24383.00 1734635 -10887 1863818 -8859 1308500 -289.50 Delta Hedge 1759008 0.00 1745522 0.00 1872677 0.00 1308790 0.00 Note: here Delta hedge is kept as reference and other strategies are compared with that. The above table compares the performance of Delta hedge with respect to 4 different strategies. The green indicates money is made and red indicates the money is lost with respect to the Delta hedge strategy. The comparison is done in the 4 scenarios given in the case. Case1: Stable Dollar- In case of Stable dollar, the forward contract loses money. For the Put option, as discussed by John H, (2013), the cost of purchasing a put option is very high and hence the strategy looses the highest in this case. Here delta hedging is the closest to the opening spot rate conversion of the accounts receivable for Dayton, which is by definition the motive behind hedging as discussed by Longo J (2009). This value of portfolio minimizes the uncertainty in portfolio performance with change in underlying value change. For stable dollar, uncovered strategy pays the most, as the exchange rate moves around a pegged value. Case2: Dollar Strong- In scenario 2 as given in the case study the dollar is going to be stronger and thus taking a forward position on the entire portfolio is the best strategy. Put Option Cover and uncovered both losses a big sum of money, with respect to Delta hedge and forward rate contract. The same thing repeats in the scenario 3 and scenario 4 as well. Riskiness of Delta Hedging for Dayton Manufacturing: In the current context, if we compare the 4 scenarios as given in the case study and rank the strategies: Delta hedge ranks 2nd best in all 4 cases. This makes the delta hedging strategy as the best of 4 strategies. Table 6: Rank wise comparison of the 4 strategies: Scenario 1 Scenario 2 Scenario 3 Scenario 4 Dollar Stable Dollar Strong Dollar Strong Dollar Strong Remained uncovered 1 4 4 4 Forward covered 3 1 1 1 Put Option Cover 4 3 3 3 Delta Hedge 2 2 2 2 2. Justification for delta hedging to be better than other strategies: In the case study given, in 3 out of 4 scenarios, dollar was going to be stronger. While in only one case the dollar was predicted to be stable. Delta hedging similarity to forward contract: Delta hedging uses linear hedging (forward covered options) for hedging the position as discussed at optiontradingtips. Delta value tells the amount of the portfolio that should be covered to the total portfolio to make the risk of the portfolio to zero as discussed by Giovanni B (June 1987). Delta here is borrowed from the Black and Scholes model basics. So in a way, delta hedging is forward covered hedging, but a part of portfolio is forward covered, and the part is decided by delta. Continuous update of delta for best performance: Delta is kept to be updated, as the value of the underlying, (here the spot rates) changes the delta value changes, and the portfolio is no longer a risk free portfolio for new value of the delta. Hence the delta value needs to be updated and the value of the portfolio under the forward cover needs to be changed. When the number of the updates is increased the performance of the portfolio improves further, and in fully dynamically updated delta hedging, the portfolio delta is changed every day to achieve best results. The same thing is discussed by Rajiv S. (2014) in the book Derivative and Risk management. When the movement of the underlying of the portfolio is known, then it is better to not to go for delta hedging, but simply go for a forward contract. The forward contract will fetch the best results, if the dollar is predicted to go stronger and uncovered contract if the dollar to go weak. But such kinds of cases are hardly available. Minimal cost of Hedging: Secondly, every hedging scheme comes with a cost, while delta hedging suggests a value of optimum value of hedging required to make the portfolio risk free. This makes delta hedging a better strategy than standard forward contract hedging for 100% portfolio or buying put option cover. The cost of hedging is minimized by the Flexibility: Delta hedging increases the flexibility for the hedgers. The losses made by delta hedging can be considered as reasonable price for the level of flexibility offered by delta hedging. Conclusion: For any arbitrary context, when the movement of the underlying is not predictable, Delta hedging, with the most number of updates is the most suitable strategy. Delta hedging takes a position making the portfolio risk free for that particular value of spot price, which is tuned by updating the value of delta every time, making the overall performance of the delta hedge better. Also the hedging cost is minimized by using delta hedging strategy. 3. Subjectivity of Delta hedging in its approach to both the direction of an exchange rate movement and the proportion of hedge cover: Delta hedging is a selective forward rate hedging technique, with a part of the portfolio only covered with forward contract, while remaining part uncovered. To compare the subjectivity for the delta on either side changes in the underlying (Here spot price of the stock is the underlying.), Let us consider the following graph, which shows the put delta values for the underlying price. Figure 1: Delta values w.r.t. change in underlying values The curve is a symmetric curve on both the sides with the value of delta changing the most in the middle and saturating at the ends. This clearly shows that the delta is not specific to the movements on either side of the exchange rates. The curve is taken from Dynamic Hedging. (2015) from riskencyclopedia.com Now as delta hedging used these values of deltas, delta hedging is also symmetric for either side of exchange rate changes. Sometimes, by observing the movement of the delta with respect to the change in the spot rate, it may seem that delta is changing more on one direction with the change in value of spot rate. The reason for this is the delta is a function of time and volatility, in addition to the spot rate. So as the time to maturity reduces, delta tends to move towards 0 in stable dollar case and -1 in stronger dollar case. This movements in delta with respect to time curtails the opposite side movement of delta due to exchange rate moving in opposite direction then the normal trend. Thus it is clear that Delta is not subjective on the movement directions of the underlying spot rates. With symmetric delta, the hedge cover also becomes symmetric with respect to the movement in interest rates. 4. Recommendations of Delta hedging for Dayton manufacturing: A scenario based hedging strategy, would be recommended to the CFO, where in for some predicted spot rate changes, forwards rate hedging would be suggested, while in case of times when exchange rate is moving randomly, a delta hedging strategy will be suggested. Exchange rate against Dayton manufacturing (Dollar getting stronger): As we saw in scenario 2, 3 and 4 in table 5, whenever the exchange rate is moving against the company, forward rate hedging becomes the best strategy. Forward rate hedging clips the losses happening due to domestic currency going stronger. So, whenever the domestic and foreign interest rates and other macroeconomic parameters are indicating strengthening of the dollar, than a plain forward rate hedging would be suggested as given by Banks (2006) in his book for a exporting form like Dayton. Exchange rates moving randomly in a bounded region around a pegged value: But, when the exchange rate movements are totally unpredictable and may go up and down from its center value, as in case of the scenario 1, where exchange rates were stable, Delta hedging would be recommended. Moreover, more number of updates would be recommended for the delta hedging. The frequency of the updates will be decided by the volatility of the underlying spot rate. As being delta hedged, the spot rates movements are not affecting the portfolio because the delta hedging is making it risk free every time whenever delta update is made. But as discussed by Antonio C. (2009) higher the value of volatility of spot rate, faster and larger is the movement of the spot rate. With every movement of spot rate the delta equilibrium is disturbed and an update is required. Greeks like Vega can be used to monitor the movements of the volatility. Exchange rate movements favorable to Dayton Manufacturing (Dollar getting weaker): When it is expected that dollar is going to be weaker. As discussed by Alok D (2012) this condition is favorable for the company with receivables in the foreign currency; the dollar returns are going to be higher. In that case an uncovered portfolio will be the best option.Thus, a balanced mix of 3 strategies should be used for different kind of movements if exchange rate. References: Jorion, Philippe (2009).Financial Risk Manager Handbook(5 ed.). John Wiley and Sons. Rajiv S. (2014). Derivatives and risk management. New Delhi: OUP India. Alok D, Surendra Y, P.K. Jain. (2012). Derivative Markets in India: Trading, Pricing, and Risk. India: McGraw Hill Education. Greeks/delta. (2015) Option Delta. [Online] Available from: https://www.optiontradingtips.com/greeks/delta.html [Accessed: 7th June 2015]. John H, Sankarshan B. (2013). Options, Futures and other Derivatives. India: Pearson. Dynamic Hedging. (2015) Dynamic Hedging. [Online] Available from: https://www.riskencyclopedia.com/articles/dynamic_hedging/ [Accessed: 7th June 2015]. Longo J, Cfa. (2009). Hedge Fund Alpha: A Framework for Generating and Understanding Investment Performance. World Scientific Publishing Company. Antonio C. (2009). FX Options and Smile Risk (The Wiley Finance Series). John Wiley Sons. Derivative pricing. (2015) Currency options pricing explained. [Online] Available from: https://www.derivativepricing.com/blogpage.asp?id=22 [Accessed: 7th June 2015]. Giovanni B, Robert E.W. (June 1987).Efficient analytic approximation of American option values.Journal of Finance42(2) Banks, Erik, Siegel, Paul (2006). The options applications handbook: hedging and speculating techniques for professional investors. McGraw-Hill Professional Suma John. (2015) Options Greeks: Delta Risk and Reward. [Online] Available from: https://www.investopedia.com/university/option-greeks/greeks2.asp [Accessed: 7th June 2015].