Tibetan Medicine Essay -- Tibet Treatment History Illness Papers

Tibetan Medicine Tibetan medicine, developed over the course of over one thousand years in the isolated mountainous terrain of Tibet and preserved despite China’s decimation of Tibetan customs, views healing in a much different way than Western physicians. Tibetan medicine emphasizes science, faith, perception, spirituality, karma, and philosophy, whereas Western medicine is based almost entirely on science. In the West, religion and spirituality are believed to have absolutely nothing to do with healing and medical practice. Without looking at Tibetan medicine in depth, the Westerner could easily dismiss Tibetan medicine as superstitious and unscientific; however, Tibetan Medicine is often very successful at treating illness, and Tibetan physicians can often cure the root of the problem, rather than merely performing a quick fix to a localized part of the body as in the West. Tibetan doctors do not recommend simply popping a pill. Instead, they see illness as a manifestation of the body†™s imbalance and seek to correct this imbalance. In order to cure a disease, behavior, lifestyle, and one’s individual ‘humoral constitution’ (the three humors and the way in which they function in the body will be fully explained later) are all very important. In order to gain a fuller understanding of the Tibetan approach, as well as appreciate why it has remained so unknown to Westerners despite its lengthy existence, one must consider the Tibetan and Western medical traditions simultaneously. One is also inclined to consider if aspects or methods of diagnoses from the Tibetan tradition could be incorporated into Western medicine since each form of practice has own benefits – Western medicine has highly sophisticated technology and the... ...he Source, 131. [8] John Avedon, In Exile from the Land of Snows, 156. [9] Vaidya Dash, Tibetan Medicine, 86. [10] Vaidya Dash, Tibetan Medicine, 87. [11] Vaidya Dash, Tibetan Medicine, 89. [12] Dr. Yeshi Dhonden. Health Through Balance. (Ithaca, NY: Snow Lion Publications, 1986), 142. [13] Dr. Dhoden, Health Through Balance, 148. [14] Dr. Dhonden, Healing from the Source, 129. [15] Christopher Hansard, The Tibetan Art of Living, (New York: Atria Books, 2001), 191. [16] Christopher Hansard, The Tibetan Art of Living, 193. [17] Christopher Hansard, The Tibetan Art of Living, 193. [18] Dr. Dhonden, Health Through Balance, 185. [19] Dr. Dhonden, Health Through Balance, 216. [20] Dr. Dhonden, Healing from the Source, 187. [21] Dr. Dhonden, Healing from the Source, 187. [22] John Avedon, In Exile from the Land of Snows, 155.

Free Essays - Importance of the Houses in The Awakening :: Chopin Awakening Essays

Importance of the Houses in The Awakening In Kate Chopin's novel The Awakening, Edna's two different houses symbolize her life greatly. Her first house, the mansion of which she shared with her husband, symbolized her life before she started to awaken and realize the kind of life she was in. Her second house, the pigeon house of which she lived in alone, shows her life after she starts to awaken and realize what is going on with her life and that she was not happy before. These two houses show very strong meaning of a before and after of her awakening. As the novel starts out Edna is a housewife to her husband, Mr. Pontellier, and is not necessarily unhappy or depressed but knows something is missing. Her husband does not treat her well. "...looking at his wife as one looks at a valuable piece of personal property which has suffered some damage." She is nothing but a piece of property to him; he has no true feelings for her and wants her for the sole purpose of withholding his reputation. "He reproached his wife with her inattention, her habitual neglect of the children. If it was not a mother's place to look after children, whose on earth was it?" Mr. Pontellier constantly brings her down for his own satisfaction not caring at all how if affects Edna. Unfortunately Edna has no clue that she is being treated so poorly in the beginning of this story. With Mr. Pontellier being absent from home so often she finds plenty of time to spend with Robert. Through the whole summer she does not realize the feelings she is developing for Robert and only sees him as a friend. She enjoys spending all of her free time with him and gets along with him much better than her husband. It is not until she is back home and Robert leaves for Mexico that she starts to "awaken" and realize her true feelings not just for Robert but also for life in general. At first Edna only misses Robert greatly and wonders why he never writes her like he promised he would. She does get to read letters in which Robert has sent others instead of her. Free Essays - Importance of the Houses in The Awakening :: Chopin Awakening Essays Importance of the Houses in The Awakening In Kate Chopin's novel The Awakening, Edna's two different houses symbolize her life greatly. Her first house, the mansion of which she shared with her husband, symbolized her life before she started to awaken and realize the kind of life she was in. Her second house, the pigeon house of which she lived in alone, shows her life after she starts to awaken and realize what is going on with her life and that she was not happy before. These two houses show very strong meaning of a before and after of her awakening. As the novel starts out Edna is a housewife to her husband, Mr. Pontellier, and is not necessarily unhappy or depressed but knows something is missing. Her husband does not treat her well. "...looking at his wife as one looks at a valuable piece of personal property which has suffered some damage." She is nothing but a piece of property to him; he has no true feelings for her and wants her for the sole purpose of withholding his reputation. "He reproached his wife with her inattention, her habitual neglect of the children. If it was not a mother's place to look after children, whose on earth was it?" Mr. Pontellier constantly brings her down for his own satisfaction not caring at all how if affects Edna. Unfortunately Edna has no clue that she is being treated so poorly in the beginning of this story. With Mr. Pontellier being absent from home so often she finds plenty of time to spend with Robert. Through the whole summer she does not realize the feelings she is developing for Robert and only sees him as a friend. She enjoys spending all of her free time with him and gets along with him much better than her husband. It is not until she is back home and Robert leaves for Mexico that she starts to "awaken" and realize her true feelings not just for Robert but also for life in general. At first Edna only misses Robert greatly and wonders why he never writes her like he promised he would. She does get to read letters in which Robert has sent others instead of her.

Valentino’s Legacy

Upon walking in to the Gallery of Modern Art, tucked in around the corner from the State Library and well hidden from view, I was astounded by the sudden rush of sight and sound. Despite my sudden sense of claustraphobia, I forced myself inside. The queue to enter the Valentino Retrospective Art Exhibition was beyond massive; curving from the heart of the Gallery, along the back wall, up the side wall, and outside of the door for a good 800 metres. Satisfied with my pre-ordered tickets, I bustled along and entered the exhibition. Valentino Clemente Ludovico Garavani is more than a well-known Italian Fashion Designer: to most fashion students he is a God. Born on May 11th, 1932, this simple Saint has developed several different fashion labels throughout his 5 decades of work; such as Valentino, Valentino Roma, R.E.D. Valentino and, most popularly, Valentino Garavani. Commonly reffered to as only Valentino, he was the founder of the Valentino Spa Brand. The Valentino Retrospective: Past, Present and Future was developed by Les Arts Dà ©coratifs, Paris; and celebrates the renowned and glamorous designs of Valentino himself. This exhibition houses items from Valentino's first ever collection in 1959 up until his more recent ‘Autumn/Winter 2009-2010 collection' (designs by Valentino's appointed creative directors, Maria Grazia Chiuri and Pier Paolo Piccioli as of 2008). Upon entering, I discovered that this Exhibition was split into two major sections; each hosting different fragments of Valentino's most successful collections throughtout his career. The First section, entitled Part 1, was composed mainly of Valentino's earlier designs, with the pieces ranging from 1960 up until 2006. The Second Section, entitled Part 2, housed garments from a much more modern era. With a majority of the pieces pulled from Valentino's collections from 1992 through to 2010. European Royalty, celebrites and many other high-status folk have been seen wearing designs by Valentino, including Nicole Kidman, Elizabeth Taylor, Cate Blanchett and Jacqueline Kennedy Onassis (all of the garments worn by these women can be seen at this exhibition). I was most astounded to come across a dress worn by Julia Roberts to the Academy Awards in 1992 for her hit movie Erin Brockovitch. After viewing the best Valentino Garavani had to offer at this Brisbane Exhibition, I must admit I was fairly disappointed. All up, the exhibition housed approxiamately 100 garments, although it seemed many less to me, and 97 of which I disliked. The designs are timeless; sophisticated. The material used is of the highest quality. But still, I only found 3 dresses that I personally found mildly interesting. Although, to sum up the entire experience, there is only two pieces that could possibly describe the amount of work and timeless culture that has been woven together – despite vintage pieces, the elegant formal attire, and wedding dresses. Firstly; the commonly seen Evening Gown, Haute Couture Spring/Summer 2003, Model 130. Described at GoMA's Exhibition as â€Å"Strapless evening gown with low-set draped pale crimson chiffon sleeves, a train with appliquà © pleated crimson taffeta rosettes and red strass crystals in their centres, and pink and grey taffeta rosettes in its lining.† [Source 2] Made of Buche-Gillaud Fabric and Embroidered by Marabitti. This garment's elegance, formality, timelessness and complexity sums up the entire exhibition in one. The soft Crimson colour supports the mystery; and the flowers seem to support the multi-cultural theme. This piece was rescued from the Valentio Archives to be included in this exhibition. The second signature piece included at this Exhibition was from the Autumn/Winter 2009-2010, collection Although not designed by Valentino Garavani himself, Look 23 stays true to the Nature of Valentino. The extreme amounts of detail included in this piece definitely showcase one of Valentino most intricate pieces; a true piece of artwork. The themes in The Valentino Retrospective have a â€Å"recurrence of geometric patterns and graphic prints, the skilful use of fabric to create dramatic silhouettes and, of course, the distinctive palette of black, white and ‘Valentino red’. The future direction of this most esteemed fashion label is showcased through five creations by the house of Valentino’s new creative directors.† [Source 2] The Valentino Retrospective: Past, Present and Future is a collection of Valentino Garavani's most successful and original designs; located at the Gallery of Modern Art in Southbank, this astonishing exhibition is open to the public from the 7th of August to the 14th of November 2010. Including a lounging area, a cafe, a gift shop and a bar: This is, truly, a fusion of art, fashion and culture that one should not miss. Reference http://en.wikipedia.org/wiki/Valentino_Garavani

Buddhist schools Essay

The earliest and the most basic form of schools were Theravada and Mahayana which have been derived from the basic teachings of Buddha. These are actually same teachings but with different interpretations. Both of them have Dharma which is the basic teaching of Buddha. Both of these schools have some animosity between them. All the southern Asian countries and Vietnam have accepted the principles of Theravada. Any differences between the schools are minor matters are do not hinder in one basic belief of Buddha’s teachings. It is one of the earliest forms of teaching found in the history of Buddhism and is one of the most orthodox also . Theravada school emphasizes on meditation and helps in understanding the psychological nature of a human being. According to Mahayana school of teachings, salvation can only be achieved if we trust Amitabha. Such person longs to be born in the paradise, because he has done good deeds and followed the teachings of Buddha. The philosophy of this school is very unique. According to them in order to gain enlightenment a person should inward and not outward. Intuition is one thing this school emphasizes upon, as intuition is purely inward. Mahayana was previously known as Mahasanghikas and after a few decades of its formation it became so popular that it revolutionized the Buddhist teachings. Sutra and Vinaya were translated according to them, and in the due process they also had to reject some texts. The Mahayana philosophy grew more with the concept that Buddhas are lokottara. This means that they are connected to the world only by some external force and it has no impact internally . Why did Mahayana become more accepted? It is because the Mahayana ritual and imagery attracted the Vietnamese. Its ceremonies were in conformity with original Vietnamese beliefs and rituals. This school of Buddhism also combined folklore with Taoist teachings. The enlightened ones in Buddhism were respected as animist spirits. In 7th century C. E, Mahayana school became a little more developed. It was then called Vajrayana. This had an influence of Hinduism also but had similar teachings as of Mahayana. The aim of Vajrayana is the same as that in Mahayana, that is to attain Buddhahood, but the tantric practices showed a quick way to achieve this end . CONCLUSION From very early period Buddhists are concerned about education. In third century almost 9 Dhamma missionaries were sent to different areas of south East Asia in order to teach people about Buddhism . This is the oldest example telling Buddhists concern about Buddhist studies. These 9 Dhamma missionaries started a wave of missionaries. These were sent to Sri Lanka, Thailand and china etc. Today, due to these missionaries and Buddhist schools, Buddhists are present in very corner of the world. Vietnamese Buddhist education leaders are very much concerned about the global demands and needs of Buddhist education. In 1975, when the country got united, there already was a higher education institution in South; it was named Van Hanh University. This university was popular internationally and had close interaction with many other universities of the world. After 1980s two advanced schools were established in Ha Noi and Ho Chi Minh City. These schools trained monks and nuns at B. A level. Due to growing demand these two higher education schools were later turned in to universities. These now trained monks and nuns at not only undergraduate level but also postgraduate level. In 1997, one more Buddhist university was formed, this time in Hue city. Today, there are almost 40, 000 monks and nuns. There are almost six colleges and 31 high schools teaching Buddhism . Buddhism has made great progress in Vietnam. A national calligraphic system which replaced Chinese was also introduced. This helped everybody get on the same platform and understand each other well. Before that it was difficult to have the entire nation on the same page, as the Vietnamese language lacked its own script. People, who did not understand Chinese, could not read books, as all the books were in Chinese. In Vietnam, the Buddhist studies do not influence just art, philosophy or painting. Theatre also serves as a conveyer of the legends, stories and facts about Buddhism. Buddhism is not only a source which quenches the thirst of the intellectuals. It quenches the thirst of the spirit also. Buddhist studies have changed the past and present of Vietnam. The Vietnamese Buddhists go far and wide in order to give a vent to the knowledge and impart it to the others. Buddhism has prospered leaps and bounds in the country. Though there are many rival religions in the country, Buddhism is by far the most popular one. As mentioned earlier, almost two thirds of the population practices Buddhism. During 968 it was made the state religion. Buddhism in Vietnam is no wonder superior than any other religion there, as it is not only accepted publicly but also helped in the moral and spiritual training of the general public. People believe it and accept it by heart. They call it the religion of compassion. The imprint of Buddhism can be seen in art and literature as well. Music has also been inspired from it. Today there are almost 15,000 worship places in Vietnam as compared to none in the beginning. There are almost ten million Buddhists all over the world. Vietnam alone has some 40,000 nuns. It was only 20,000 twenty years back. The development Buddhist studies have done can be clearly understood from the fact that today there are almost four Buddhist universities as compared to only one in 1981. Van Hanh was the first Buddhist school. Today there are schools all over Hanoi, Hue, Ho Chi Minh City and Can Tho. There are almost six colleges and 31 high schools for Buddhists. There are uncountable numbers of grassroots schools in many other provinces. This clearly shows that Buddhism has made a lot of progress since Buddhism first entered Vietnam . Buddhist monks are now not only studyin Buddhism in monasteries and colleges but are getting higher education all over the world. They are studying various subjects and religion in order to increase their knowledge. Not only have they had attained worldly knowledge, but spiritual knowledge which will lead them to enlightenment. References Anson, Binh. (n. d). Theravada Buddhism in Vietnam. Retrieved January 31, 2008 from: http://www. budsas. org/ebud/vn_thera. htm Brough, John. (n. d). Gandhari Dharmapada. India (n. p). Clark, Laura and Brown, Suzanne. (n. d). Buddhism in Vietnam. Retrieved January 31, 2008 from: http://journals. iranscience. net:800/mcel. pacificu. edu/mcel. pacificu. edu/as/students/vb/INDEX. HTM.

JpMorgan Case Essay

We trust banks to hold our money and to help make use get more in investment and other ways. One of the most trusted banks is J.P. Morgan Chase they are easily one of the most well-known banks that exist. J.P. Morgan Chase on May 10, 2012 disclosed that they had lost more than $2 billion by trading financial derivatives. The administrative agencies like the Securities and Exchange Commission (SEC) or the Commodities Futures Trading Commission (CFTC) take action in order to be effective in preventing high-risk gambles in securities and banking, a foundation of the economy. We have to understand the elements of a valid contract, and discuss how consumers and banks each have a duty of good faith and fair dealing in the banking relationship. Having to compare and contrast the differences between intentional and negligent tort actions. I’ll discuss the tort action of â€Å"Interference with Contractual Relations and Participating in a Breach of Fiduciary duty† and, if the bank I’ve chosen were to behave as JP Morgan did, would I be able to prevail in such a tort action. Lastly let’s discuss how banks have protected the software that allows for online transaction to occur through automation.7 The U.S. Securities and Exchange Commission (SEC) is a federal agency. It holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation’s stock and options exchanges, and other electronic securities markets in the United States. The SEC is divided into four divisions; The Division of Corporation Finance; the Division of Trading and Markets; the Division of Investment Management; and The Division of Enforcement. All the branches within the SEC carry similar  goals in terms of protecting individuals and ensuring financial fairness, each has their own specialty for instance, the Division of Corporate Finance is tasked with the assurance that all imperative disclosure of which represent a corporation are easily accessible by the general public. In addition, the Division of Trading and Markets ensure fairness, order and efficiency in market activities. Much like the design of the SEC, the Commodity Futures Trading Commis sion (CFTC) is also inherently designed to ensure the public, its consumers, and investors are protected from coercion, manipulation, fraud, and/or any other forms of dishonest dealings between manufacturer and consumers/investors. The CFTC is noted to be an independent federal agency established by the Commodity Futures Trading Commission Act of 1974. Again, similar to the design of the SEC, the CFTC is comprised of five different committees, each of which are responsible for a different area of trade and marketing; for example, agriculture, global markets, energy and environmental markets and technology all of which are equally as responsible as the next for ensuring full cooperation and adherence to laws set forth by the SEC. Though banking is the most common method in which most people handle and maintain their finances, there are also equally as many that take their money to invest in stocks, bonds, and the like which do not carry a sound guarantee that they will make a profit or even keep their initial investment monies. Consequently, past dealings with investor types result in unfair and fraudulent losses and even erroneous gains such as the ones reported by JP Morgan Chase, the purpose of the SEC and CFTC alike become abundantly clear. With the utilization of these two particular securities, investors, consumers, and even marketers are able to rest easier knowing that there are serious legal, unfair and blatantly dishonest dealings within the marketplace. In an effort to maintain honest correspondence and dealings with the capital market, both of these require that all earnings and losses should be reported; at which point, there can be a recognition and determination of any imbalanced and deceitful dealings having taken place. The following are the essential elements of a valid contract. Offer and Acceptance. In order to create a valid contract, there must be a ‘lawful offer’ by one party and lawful acceptance of the same by the other party  Intention to Create Legal Relationship. In case, there is no such intention on the part of parties, there is no contract. Agreements of social or domestic nature do not contemplate legal relations. Lawful Consideration has been defined in various ways. The parties to an agreement must be competent the contract. If either of the parties does not have the capacity to contract, the contract is not valid. Free Consent’ means the parties must have agreed upon the same thing in the same sense. In the banking context, this means among other things that a bank could call a loan, refuse to fund, refuse to roll over a loan, set off accounts, etc., no matter how drastic the consequences might be to the borrower. As long as the banks accept them expressly wit hin the granted rights under the controlling loan documents. That may no longer be the case. With the advent of mobile banking, discuss how banks have protected the software that allows for online transaction to occur through automation. The first area, financial accounting, is used mainly for ascertaining the results of any such business on a periodic basis. This should as a result; help the company determine the future course of action, in the long term. From an economic perspective, financial accounting treats money as a factor of production. Management and cost accounting are apparatus used to help management make decisions on a day to day basis. Management and cost accounting aren’t useful simply for their own sake. These two functions help management conduct themselves along with other vital factors involved in the running of a business. Other key factors could be supply, demand, competitors, availability of raw materials, logistics etc. The second area is cost accounting, its primary purpose is to attain the value of direct and indirect costs involved in production. The value acquired, management can make an informed decision on improvement in production performance. From an economic perspective, cost accounting is the measurement of economic performance. This information gives management a clearer indication of the performance of the product resources in the business. Costing also helps the sales manage in setting the correct price. But, because costing is solely a measurement of economic performance, it can’t be considered as an accurate basis for setting prices. Selling prices is more of an economic decision it would not be wrong to mention that pricing is basically determined by market  factors. Prices are influenced mainly on demand, supply and competition, less on costs. High demand plus lack of competition would result in the business charging higher prices for its product, well above the costs. The third area is management accounting, which is related closely to cost accounting. It has evolved from cost accounting; management accounting plays a much broader role in management decisions. It measures the performance, economically, of the whole business, the economic environment that the business operates in. This area of accounting, seeks to combine both financial and cost information into a much broader function. Compare and contrast the differences between intentional and negligent tort actions. Intentional torts and negligence towards both give rise to civil actions. However, there are some important differences to understand about negligence versus intentional torts. Negligence torts do not require intent. To determine if someone should be found liable for a negligence tort, a reasonable person standard is used. If the defendant’s behavior is found to be less careful than behavior a reasonable person would exhibit, that defendant can be found liable for damages. Intentional torts require intent. The person who committed to tort must have intended to cause harm. The harm, however, did not need to be the specific type of harm that was caused to you. The other major difference between intentional and negligence torts, aside from the standard of proof, is that in many cases, a person who is found liable for an intentional tort can be required to pay punitive damages in addition to actua l damages. Discuss the tort action of â€Å"Interference with Contractual Relations and Participating in a Breach of Fiduciary duty† and, if the bank you’ve chosen were to behave as JP Morgan did, would you be able to prevail in such a tort action. The tort of interference with contractual relations and participating protects the right to enjoy the benefits of legally binding agreements. I have chosen a bank like JP Morgan and they did what he I would not took it very well. I invested money and knowing that JP losses that money I would wind up probably suing them. But providing a remedy when the defendant intentionally induces another person to breach a contract with the plaintiff. The defendant must know of the existence of the contract between the plaintiff and the other person, or there must be a sufficient fact that a reasonable person would be led to believe that such  contract existed. Interference with the contractual relations requires an unacceptable purpose. If good grounds are set and exist for the interference then the defendant is not liable. But as for J.P. Morgan there were no good rounds so the defendant is liable. So if I were to go to court over this I would not win and neither would J.P we would just be both out of the loss money that was invested. In conclusion when you invest money in a bank Think to you self is it a good idea or is it not a good idea. We all make investments just need to make sure it in the right bank that you can trust. J.P Morgan had a down fall and loss a ton of money but in the end they had to deal with the fines and the investors. When in drought don’t invest your money unless you really have to. References: Bagley / Savage 2013 Custom Edition http://money.cnn.com/2012/05/10/news/companies/jp-morgan-losses/index.htm http://www.thedailybeast.com/

Bill Miller and Value Trust

? Bill Miller and Value Trust Background Information Bill Miller is one of the most renowned professional fund managers. This can be proven by the outperformance of the Value Trust, which is managed by him, compared to its benchmark index, the Standard & Poor’s 500 Index (S&P 500), for an astonishing 14 years in a row; and this marked the longest streak of success for any manager in the mutual-fund industry. By the middle of 2005, Value Trust is worth $11. 2-billion. Bill Miller’s approach to investment management was research-intensive and highly concentrated. For instance, nearly 50 percent of Value Trust’s assets were invested in just 10 large-capitalization companies. While most of Bill Miller’s investments were value stocks, he was not averse to taking large positions in the stocks of growth companies. In other words, Bill Miller’s investing style is iconoclastic: â€Å"You simply can’t do what he’s done in the supremely competitive, ultra-efficient world of stock picking by following the pack†¦The fact is that Miller has spent decades studying freethinking overachievers, and along the way he’s become one himself. † Mutual Funds Definition A mutual fund is an investment vehicle that pooled the funds of individual investors to buy a portfolio of securities, stocks, bonds, and money-market instruments to meet specific investment objectives; investors owned a pro rata share of the overall investment portfolio (Bruner, 2007). The various investments included in a fund’s portfolio are handled by professional money managers in line with the stated investment policy of the fund. All mutual funds have a portfolio manager, or investment advisor, who directs the fund’s investments according to explicit investment objectives. Mutual Fund Types Investors have different objectives, so various types of mutual funds are needed to help them achieve their goals. Most mutual funds fit into one of three basic categories: money market mutual funds, bond funds, and stock funds. Money market mutual funds hold cash reserves, or short-term debt investments issued by the government, corporations, or financial institutions (i. e. , U. S. Treasury bills and bank certificates of deposit). Bond funds invest in debt instruments issued by corporations or government agencies. Stock funds are one of the most popular types of mutual funds, ranging from relatively conservative equity income funds to value funds, growth funds, aggressive growth funds, small-company funds, and international funds (Hirschey and Nofsinger, 2008). Advantages of Mutual Funds Diversification Using mutual funds can help an investor diversify their portfolio with a minimum investment. When investing in a single mutual fund, an investor is actually investing in numerous securities and spreading investment across a range of securities can help to reduce risk but will never completely eliminate it. If a few securities in the mutual fund lose value or become worthless, the loss maybe offset by other securities that appreciate in value. Professional Management Mutual funds are managed and supervised by investment professionals. As per the stated objectives set forth in the prospectus, along with prevailing market conditions and other factors, the mutual fund manager will decide when to buy or sell securities. This eliminates the investor of the difficult task of trying to time the market. Furthermore, mutual funds can eliminate the cost an investor would incur when proper due diligence is given to researching securities. Convenience With most mutual funds, buying and selling shares, changing distribution options, and obtaining information can be accomplished conveniently by telephone, by mail, or online. Minimum Initial Investment Most mutual funds have a minimum initial purchase of $2,500 but some are as low as $1,000. Disadvantages of Mutual Funds Risks and Costs Changing market conditions can create fluctuations in the value of a mutual fund investment. There are fees and expenses associated with investing in mutual funds that do not usually occur when purchasing individual securities directly. There are drawbacks associated with mutual funds: No Guarantees. The value of mutual fund investment could fall and be worth less than the principle initially invested. The Diversification â€Å"Penalty†. Diversification can help to reduce your risk of loss from holding a single security, but it limits your potential for a â€Å"home run† if a single security increases dramatically in value. Costs. In some cases, the efficiencies of fund ownership are offset by a combination of sales commissions, redemption fees, and operating expenses. If the fund is purchased in a taxable account, taxes may have to be paid on capital gains. Expenses Because mutual funds are professionally managed investments, there are management fees and operating expenses associated with investing in a fund, which is called expense ratios ranging from 0. 2% to 2. 0%. These fees and expenses charged by the fund are passed onto shareholders and deducted from the fund’s return. Taxes As a fund shareholder, you can be taxed on distributions of dividends and/or capital gains made by the fund and profits you make when you sell the fund shares. Research Hypothesis 1. There is a possibility that his overall performance may be affected because of Bill Miller’s choice of concentrating heavily in certain sectors such as financials, health, consumer goods, and telecommunications. 2. By examining and analyzing various theoretical explanations, we will be able to determine whether Bill Miller’s success is dependent on luck and/or skill and whether it is sustainable or not. Evaluation of Bill Miller’s Performance Bill Miller’s results seemed to contradict conventional theories, which suggested that, in markets characterized by high competition, easy entry, and information efficiency, it would be extremely difficult to beat the market on sustained basis. Efficient Market Hypothesis (EMH) There are three levels of market efficiency which were distinguished by the degree of information believed to be reflected in current securities’ prices. The weak form of efficiency maintained that all past prices for a tock were impounded into today’s price. The semistrong form of efficiency held that today’s prices reflected not only all past prices, but also all publicly available information. The strong form of efficiency held that today’s stock price reflected all the information that could be acquired through a close analysis of the company and the economy. Many scholars argued that the sock market followed a â€Å"random walk†, where the price movements of tomorrow were essentially uncorrelated with the price movements of today. They argued that capital markets’ information was efficient, and that the insights available to any one fundamental analyst were bound to be impounded quickly into share prices. If EMH were correct and all current prices reflected the true value of the underlying securities, then arguably it would be impossible to beat the market with superior skill or intellect. â€Å"In such a market,† as one economist said, â€Å"We would observe lucky and unlucky investors, but we wouldn’t find any superior investment managers who can consistently beat the market. Yet, Bill Miller, who over long periods, greatly outperformed the market. In reply, Malkiel suggested that beating the market was much like participating in a coin-tossing contest where those who consistently flip heads are the winners. Malkiel suggested that the success of a few superstar portfolio managers could be explained as luck. Similarly, the stock-market crash on October 1987 had also seemed to undermine t he strength of the EMH. Academic research exposed other inconsistencies with the EMH, for example, January effect, blue Monday effect, etc. Those results were inconsistent with a random walk of prices and returns. Bill Miller was an adherent of fundamental analysis; his approach was research-intensive and highly concentrated. Nearly 50% of Value Trust’s asserts were invested in just 10 large-capitalization companies. Analysis of Bill Miller’s Key Strategies Bill Miller, portfolio manager for Legg Mason Value Trust, had a great track record for an astonishing fourteen years in a row. He was the only active mutual fund manager to have consistently beaten the S&P 500 over the last fourteen years. Bill Miller pointed out that his streak was due to luck; 95 percent luck. This section will evaluate Bill Miller’s investment philosophies and whether he is just plain lucky or it is based on luck and sustainability. The figure below lists the categories in which Bill Miller has invested in and the annual returns each category receives: As can be seen in the figure above, Value Trust has a portfolio that is highly volatile. Although highly volatile, the concentrated portfolio still showed outperformance when judged by calendar years, thus giving an ominous sign that the outperformance is not the result of good stock picking, but merely the result of taking on greater risk than the market as a whole. Bill Miller’s investment philosophy to build up Value Trust is to consistently buy cheap stocks, and focused on established companies suffering through periods of poor performance. These judgments resulted in Value Trust’s outperformance for fourteen years. However, taking risks (i. . having a highly concentrated volatile portfolio) and underperforming the value style (i. e. buying cheap stocks from companies suffering through periods of poor performance) is not a good combination and could hurt him later on. One might think that Bill Miller’s investment philosophy could be a â€Å"value trap†, mistaking a more or less permanent change in value or industry conditions for a tempora ry one. The bulk of Bill Miller’s portfolio is from consumer (i. e. homebuilding) and financial categories. These stocks tend to trade at cheap prices. Furthermore, the housing bubble began inflating in mid 1990’s, thus making it an easy way for investors like Bill Miller to make money. This event led to further success of Value Trust despite the high level of volatility. Investment Philosophies Buy low-price, high intrinsic-value stocks Bill Miller tends to invest in stocks that are undervalued by the market. People believe that a business is broken, scandal, but the company is still able to generate positive future cash flows. He buys low and sell high. The market price in long run still imitates the value of the firm. Take heart in pessimistic markets Bill Miller tends to invest in stocks that have the least promising outlook and sell those stocks that have the greatest opportunity for near-term gain. In other words, Bill Miller is investing in stocks that have the greatest opportunity for long-term gain instead of near-term gain. Remember that the lowest average cost wins The lower the shares go, the higher the future rate of return and the more money you should invest in them. When a stock drops and he believes in the fundamentals, the case for future retunes goes up. Again, market price in long run still imitates the value of the firm. Buy low-expectation stocks When the market’s been down for a while, and it looks bad, then you should be more aggressive, and when it’s been up for a while, then you should be less aggressive. Bill Miller thinks buying low-expectation stocks, buying higher dividend-yielding stocks, staying away from things with high expense ratios. Take the long view Bill Miller tends to hold onto stocks he invested in for a long period of time which results in a low portfolio turnover. According to him, the biggest opportunity for investors is really thinking out longer term. Look for cyclical and secular underpricing Bill Miller tends to invest in stocks that are undervalued or mispriced. He believes that most growth people own stocks that are secularly underpriced; things that can grow for long periods of time. Behavioural Finance Bill Miller’s educational background in Philosophy and Economics and his active involvement in the study of Behavioural Finance reflect his investment strategy. During Bill Miller’s Investment Conference in 2004, he remarked that â€Å"I believe that every exploitable anomaly in the market is behaviourally based. This is the only way that sustainable anomalies can be created. These are the anomalies that are not easily arbitraged away. One of the most remarkable behavioural anomalies that we see is that people take today’s data (e. g. , the GDP report, the unemployment report) and concludes that the market is getting ahead of itself. The market does not look at today’s data. It is looking at the data down the road. † This statement demonstrates that his belief that the market reflects the available information fairly accurately in the short term. In addition, he remarked that â€Å"Because the market looks forward, because the market discounts, and because the market prices reflect, in essence, the data refracted through the decision procedures and emotions of investors, then the market will change as the world changes because it is incorporating new information. † With this statement, it appears that Bill Miller expresses a partial belief in the EMH, unlike Warren Buffet. Value Investing As what was stated in the case, Bill Miller has been following an approach to equity investing and followed a number of strategies, specifically Ben Graham’s. Bill Miller analyzes and evaluates the stocks performance in the long run which explains his strategy of buying low, with high intrinsic value. In addition, he has been holding onto stocks for a longer period than an average fund manager, hence a low turn-over rate which explains his strategy of taking the long view. Conclusion By comparing Miller’s investment philosophy with Warren Buffett’s, there is one thing that makes Buffett’s investment philosophy more applicable and Miller’s philosophy a â€Å"swing-for-the-fences† approach. Miller should look at a company’s financials before making an investment. His view of welcoming negative sentiment about companies and buying stocks as their prices fall failed to look at the company’s liquidity. The company could have issues with high levels of debt and poor financials. Even though if for instance, some of his stocks (due to volatility) have failed to meet his expectations (a â€Å"stinker†), the inflated housing bubble that grew during the 1990s caused high levels of annual return could still make the overall performance of Value Trust successful compared to the others. Thus, given the nature of his concentrated portfolio, his long outperformance can be seen as a random variable, or â€Å"luck†. There are approximately 8,044 mutual funds out there; and 4,600 of these were U. S. equity mutual funds. Thus, there is a 50 percent chance of beating the market. Since Bill Miller has outperformed its competitors over fourteen consecutive years, how come no one has followed in his footsteps?

The Negative Side of Use from CIBC Bank on Social Media Research Paper

The Negative Side of Use from CIBC Bank on Social Media - Research Paper Example    Apparently, the continuously changing business environment and customer needs for a more convenient banking system have altogether motivated CIBC to inculcate social media as a key innovation in its customer services network. Use of Social Media by CBIC In its recent endeavors, CIBC has been rendering a varied range of banking services to its customers using social media in multiple linguistic forms, such as conveying its messages both in English and in French to the Twitter accounts. This, in turn, helped the organization in eradicating the barriers of cultural conflicts or segregation in delivering equal care to its customers in a global context. It is worth mentioning in this context that with the rapid changes taking place in the technology sector worldwide, the need for carrying the business through the social media has become very important for CBIC in achieving its goal of international competency. Subsequently, CIBC uses the most preferred social media in the worldwide c ontext, such as Facebook and Twitter, with the intention to advertise its new offers directly communicating with the targeted customers and also with the aim to deliver online services more effectively and in an informed manner (CIBC Mellon, 2013). In precise, CIBC opted for the inclusion of social media in its customer service network, with an intention to learn about the varied needs of the customers and also to attract a new range of customers towards its technology aided services. Strategically, the main aim of using the social media by CIBC is to preserve its efficiency in customer relationship management with the aid of direct-to-customer approach. The effectiveness of using social media by CBIC A critical examination of the organizational performance reveals that the social media was much effective for CBIC in the initial stages of its implementation. The strategy helped CBIC to attract a new range of customers and stay connected with the customers in the global platform, irr espective of the persisting cultural differences. However, after some years, there was a major problem observed in its usage, which indicated towards the inefficiency of the organization in continuously updating and managing its developmental strategies (Canadian Imperial Bank of Commerce, n.d). To be illustrated as a case example, the bank had engaged many Twitter and Facebook accounts with the purpose of delivering different services to its wide-ranging customer groups. However, owing to the managerial limitations of the bank, an involvement of many Twitter and Facebook accounts created confusion among the customers in availing the services of the bank as information sources became vibrant and multiple. Additionally, customers were also facing the huge problem in the searching the appropriate social media page on its website for availing the intended banking service owing to the deficiency of the bank to manage the technology resources efficiently. In order to mitigate such obstac les in customer service deliverance, the bank adopted the policy of greeting its online customers through Wikipedia.  Ã‚