...Supertoys last all summer long Where do we draw the line? Is it okay to medicate feelings away? Who is responsible for the actions undertaken by autonomous systems? With the increasing development on genetic modification, autonomous machines and the knowledge about our brain and nervous system’s chemistry, things we see in science fiction movies are beginning to seem possible and this poses questions to ethicists and scientists. In the short story “Super toys last all summer long”, Brian Aldiss is questioning what is real and what makes something real, through a story about a woman struggling to love her son. Already in the start of the short story, where it says, "She had tried to love him"(p. 32, l. 19), Brian Aldiss shows us that there is something, which is not right in the relationship between the mother Monica and the son David. A mother’s love for her child is endless, therefore this makes us question whether David is Monica’s real child or not. Later on in the short story, Brian Aldiss alludes to the fact that David is not a normal boy. “He went with her without protest into the house, his dark head bobbing at the level of her waist. At the age of three, he showed no fear of the ultrasonic dryer in the kitchen.”(p. 32 l. 28-32). It is not normal for a three-year-old boy to do as his mother says without protest or not to be afraid of the ultrasonic dryer, which properly is big and noisy. Through the short story, more and more tells us that the communication between Monica...
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...Super-toys last all summer long How is artificial love different from the love one human can have for another? And if a robot truly could love a human, what responsibility would that human have towards the robot? Those are just some of the thought-provoking questions Brian Aldiss raises in his short story “Super-toys last all summer long”. Artificial intelligence of that caliber will not be achieved before many years into the future, but with technology still improving day by day, it is not a future further away than we can imagine, and the ethical questions raised are something we will have to take a stand on sooner or later, whether we like it or not. Brian Aldiss shows us a slightly dystopian future in his Science-Fiction short story “Super-toys last all summer long”. It is a world where three-quarters of the world are starving, and the only way of preventing that is to implement population control. This means you cannot have a baby without winning the weekly parenthood lottery, and hereby takes away one of the most basic human instincts, to pass along our genes. Obesity is also a big problem where Monica and Henry live. Even in our time it is a substantial problem, but in the story it seems like they have almost promoted the problem. “I guess there is nobody around this table who doesn’t have a Crosswell, working for him in the small intestine, a perfectly safe parasite tape-worm that enables its host to eat up to 50 percent more food and still keep his or her figurine”...
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...Why did Prohibition last so long? 30 Marks Prohibition of Alcohol in America was introduced in 1920 with the 18th amendment of the constitution and was finally revoked in 1933. Prohibition was always considered a failure, due to the way it was policed, the fact the American people at the time liked to drink and the fact that alcohol was very easily accessible. Therefore the fact it lasted thirteen years, despite it being obvious within the first five that things were not working, seems incomprehensible. There are a number of factors which worked together to make prohibition last as long as it did. The most important being morale reasons behind introducing it at first, but the popularity of prohibition, the time it to repeal a law and the fact it didn’t really affect people’s lives too much also had an effect. Firstly, a reason why prohibition lasted so long was due to morale reasons. Reasons that were used to get the law passed in the first place still stood and people sympathised with them. For example many women’s groups saw alcohol as a means by which men oppressed them, and also though that the money spent on drink could be better used amongst the family with raising children and other general necessities. This attitude didn’t stop during the prohibition years as people were still drinking and hence propaganda regarding prohibition still bore the pictures of families with mothers and children longing for their husbands/fathers to support prohibition. Also drinking alcohol...
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...Fighting the scams, frauds and charlatans The Original T urtle Trading Rules ORIGINALTURTLES.ORG The Original T urtle Trading Rules 2003 OrignalTurtles.org T able of Contents Volatility Adjusted Position Units Examples F O R E W O RD 14 14 Free Rules? Are you kidding? 1 The Importance of Position Sizing 15 The Origin of the Free Rules Project 1 Units as a measure of Risk 16 The Ugly Truth about the System Sellers 2 Adjusting Trading Size 17 Rules You Won’t Follow Don’t Matter 3 The Genesis of the Project 3 C H A P TE R F O U R Entries Breakouts The Turtle Experiment C H A P TE R 5 18 Adding Units 19 Consistency I N T R OD U CT I ON 18 20 O N E A Complete Trading System 7 C H A P TE R The Components of a Complete System 8 Stops 21 Markets – What to buy or sell 8 Turtle Stops 21 Position Sizing – How much to buy or sell 8 Stop Placement 22 Entries – When to buy or sell Alternate Stop Strategy – The Whipsaw 23 Benefits of the Turtle System Stops 24 8 Stops – When to get out of a losing position9 F I VE Exits – When to get out of a winning position 9 C H A P TE R Tactics – How to buy or sell 9 Exits 25 Summary 9 Turtle Exits 26 These are Difficult Exits 26 C H A P TE R S I X T W O Markets: What the Turtles Traded 10 C H A P TE R S E VE...
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...the purchase price. After the merger is completed, the target's stock will be converted into stock of the acquirer based on the exchange ratio predetermined in the merger agreement. The arbitrageur delivers the converted stock into his short position to complete the arbitrage. In an efficient capital market, the price of the target and acquirer will fully and immediately reflect the terms of the merger. However, risk arises from the possibility of deals failing to go through. Such possibility put the risk in the term “risk arbitrage”. Green circle had USD 500 million in AUM with 5% upper bound of position in a distinct investment (or 25 million). Smith arbitrage position was within the bounds or 13.5 million in short Abbot and 12.5 million in long position for Alza stocks. The proportion between Abbot and Alza shares was determined by the appropriate market prices of Abbot and Alza shares and announced exchange ratio of 1.2 Abbot sahres per 1 Alza share under the merger deal agreement. The potential return on investment could be up to 10% (or 19% annualized). Such high potential return on the investment is balance by the risk of deal break. For calculations...
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...pound Grade A ostrich carcasses. The daily Price cannot be $0.05/lb. above or below the previous day’s settlement price. 2. i) According to world – ostrich organization (http://www.world-ostrich.org/demand.htm), the current demand for ostrich meat is way far more than supply. Therefore, there will be a constantly increase in the price of ostrich meat. Investors are reluctant to take short positions of ostrich meat futures; however, there would be a lot of people willing to take long positions. Thus, the long positions will be in far excess of short positions. Was the market exist, it would not be balanced. ii) Breeders of the ostrich meat, such as rancher, who tend to avoid the risk of ostrich disease or to offset the rising of feed price, will undertake short position of the future contract. The users of the ostrich meat, such as the food processor, who expect the price to rise, will undertake long position. For example, an investor who expects the ostrich meat to be in excess of demand will long the contract. 3. i) The deliverable grades of the contract are specific, it includes the weight, grade, and the pack standard of the meat, this will help the contract to be better executed. ii) The daily price limit of each contract is 5 cents per pound ($3,000/contract) above or below the previous day’s settlement price (expendable to $0,075/lb) which could secure the loss of both sellers and buyers. 4. i) The trading unit of 60,000 lbs. is not appropriate for a meat...
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...Cover Letter Advice When writing a Cover Letter to send to a potential employer, try to include the following elements: 1. State what are you applying for eg. "I am writing to apply for the position of Marketing Assistant..." 2. Say why are you applying for this specific position. eg. "I am passionate about marketing and feel that this position would enable me to develop my skills further..." 3. Elaborate on why you want to work for this specific company. eg. "... in your company, to become part of such an iconic brand..." 4. Give some basic pesonal information. eg. "I am a third year ESPEME student at EDHEC Business School, Nice,.." 5. List a few of your best qualities and motivations. eg. "I am highly motivated, hard-working, with great attention to detail..." 6. Let them know that relocation isn't a problem, if the position involves moving to another country or city.eg. "London is an interesting city, and I would enjoy working in such a vibrant environment..." 7. Specify that you are enclosing (post) or attaching (email) your CV eg; "Please see my attached CV for your consideration..." 8. End the letter hopeful and confident of a response.and ususally signed "Yours sincerely" eg "I look forward to hearing from you." 9. Re-read your Cover Letter and ensure that it is concise, polite and formal. 10. Remember, you need to try to "stand out from the crowd"! The person receiving your application may receive hundreds of applications...
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...capitalization rate). Liquidity – the ability to convert an asset into cash easily and at fair value * Long position – if you are “Long” a stock, you own it. * Short position -- If you are “Short” as stock, you have shorted it. Order Type | Purpose | Trigger price | Market Order | Trade (buy, sell or short) at current price | N/A | Limit buy | Buy at an attractive price | Below current price | Limit sell | Sell at an attractive price | Above current price | Stop-loss | Limit loss on a long position | Below current price | Stop-buy | Limit loss on a short position | Above current price | * Limits and Stops are called contingent trade orders because the trade is contingent on the price. * Margin percentage = equity/stock * Equity=Assets-Liabilities * For long positions the stock is an asset rf= 30 year treasury (thay E(rm)-rf = MRP) * When the constant growth DDM holds, the stock price will grow at the same rate as dividends * Capital Gains Yield equals ‘g’ * The Expected HPR then is: * Growth Rate: g= ROE * b * b= plowback ratio= (1- payout ratio) * payout ratio = div/EPS * ROE = Net Income/Shareholder’s Equity * The capital asset pricing model (CAPM) defines the relationship between risk and return E(RA) = Rf + A(E(RM) – Rf) * Risk-free rate Analysts and Corporations typically use current market yields on long-term bonds * The expected risk premium of an asset depends on the market risk premium and the...
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...1.10 x 0.35 x 2 2x 0.85 cu.m. F.A. 2x 2.31 sq.m. Cutting List To be purchased Converted into Kilograms ALONG SHORT SPAN 2x 12pcs-12mmdia x 1.10m 3pcs-12mmdia x 9.00 24.00 kgs ALONG LONG SPAN 2X 12pcs-12mmdia x 2.20m 3pcs-12mmdia x 9.00 24.00 kgs -------------------------------------------------------------------------------------------------------------------------------------------------------- F ALONG LONG SPAN 1X 116pcs-10mmdia x 0.30m 6pcs-10mmdia x 6.00 24.00 kgs C-1 2-units (Foundation up to top of Roof Beam Level) Volume 0.15 x 0.40 x 6.60 x 2 2x 0.40 cu.m. F.A. 2x 7.26 sq.m. C Concrete : cu.m. F.A. : sq.m. Structural Grade 33 : Intermediate Grade 40 : S-1 Volume 0.115x 3.45x 4.40 1x 1.75cu.m. F.A. 17.00 sq.m. Cutting List To be purchased Converted into Kilograms Remarks Along Short span Excess 1x 34pcs-12mmdiax 3.45m 17pcs-12mmdiax 7.50m 113.27 kgs 1x 8pcs-12mmdiax 2.10m 2pcs-12mmdiax 9.00m 16.00 kgs Extra Bars Along Short span 1x 88pcs-12mmdiax 1.00m 15pcs-12mmdiax 6.00m 80.00 kgs Along Long span 1x 27pcs-12mmdiax 4.40m 13 1/2pcs-12mmdiax 9.00m 111.93 kgs 4.60m 1x 6pcs-12mmdiax 2.50m 2pcs-12mmdiax 7.50m 13.33 kgs Extra Bars Along Long span 1x 64pcs-12mmdiax 1.20m 13pcs-12mmdiax 6.00m 69.29 kgs -------------------------------------------------------------------------------------------------------------------------------------------------------- ...
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...If you just had a new parking lot poured for your business, you probably want your investment to last. Here are some things that you need to pay attention to over the years in order to make sure that you get as many years as possible out of your new parking lot. #1 Always Clean Up Debris One of the easiest ways to extend the life of your new parking lot is by keeping it clean. Don't let dirt, weeds, leaves and trash build up and accumulate in your parking lot. This type of debris can get into cracks in your pavement and cause them to expand. Leaving debris sitting for an extended period of time can also damage the surface of your parking lot. Assign an employee to sweep and clean your parking lot at least once a week. Keeping your parking lot clean will prolong its life....
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...The topic I choose to research on is the effect of short selling on economy. Short selling is when an investor borrows shares of trading security fro his or her brokers, sell the stock immediately, and use the proceeds to buy back the stock at a lower price. Essentially, it is a way for investor to profit when the price of a trading security goes down. Since I am finance major, this topic is highly relevant to me an I want to know more about it. I first used Google to search for information about short selling. I used the search terms “short selling article.” Google returned a large amount of links, mostly website explaining and discuss the concept of short selling. Many popular articles about the topic showed up. However, when I tried to find scholarly article about the topic, the results were very limited. Most of time, it took me to a site with an abstract of scholarly articles. I then tried using a search limiter such as putting quotation marks around “short selling” and “scholarly articles.” All it returned were sites that want me to pay for the scholarly articles. I guess using Google is great when one needs to get acquainted with new topic and read popular articles, but is very ineffective in find scholarly articles that are relevant to a topic. Next, I tried using a meta-search engine call called Dogpile. Dogpile displays the combined results from general search engines such as Google, Yahoo, Bing, Yandex. The results were much more comprehensive...
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...BUS 415: Investment and Portfolio Management SPRING 2011, AUBG Quiz 1(a) 1. If you place a stop-loss order to sell 100 shares of stock at $55 when the current price is $62, how much will you receive for each share if the price drops to $50? A. $50 B. $55 C. $54.87 D. Cannot tell from the information given Answer B. The broker will sell at current market price, after the first transaction at $55 or less. 2. You wish to sell short 100 shares of XYZ Corporation stock. If the last two transactions were at $34.12 followed by $34.25, you can sell short on the next transaction only at a price of: A. $34.12 or higher B. $34.25 or higher C. $34.25 or lower D. $34.12 or lower Answer B. 3. If you buy 100 shares at $20 per share with 50% margin, the cash you must put in your brokerage account is _______________. A. $2,000 B. $1,500 C. $1,000 D. $500 Answer: C 50% = (100*20 – L) / (100*20) Liability =1000 Initial Cash outlay = 1000 4. If you originally bought 100 shares at $20 per share with 50% margin, and the price of the security falls to $15 per share, your margin now is ____________________. A. 100% B. 67% C. 50% D. 33% E. 0% Answer: D 50% = (100*20 – L) / (100*20) => Liability = 1000 Margin = (100*15 - 1000) / (100*15) Margin = 33% 5. Suppose you short sold 100 shares of DIS at $40 per share, and that the broker required 50% margin. On the next day...
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...Julius Chen George Chiu Armen Odadjian Mengyang Wu FBE459: Stock-Trak End of Semester Report Our portfolio had a return of +6.97% as of November 28th compared with a +3.86% return on the S&P 500 in the same time period. We ended with a Sharpe Ratio of 4.30 and portfolio beta of 0.23. Over 136 trades, we employed various option strategies, longed and shorted equities, speculated on commodities with futures, and invested in fixed income securities. Listed below are a few highlights and in-depth analysis of the strategies that we used. Protected Put Ticker | Position | Cost | Strike | S0 | ST | Profit/Loss | MU | Long | | | 30.61 | 34.30 | +$369.00 | | Buy Put | 1.72 | 31 | 30.61 | 34.30 | -$172.00 | DVN | Long | | | 59.02 | 67.20 | +$818.00 | | Buy Put | 1.60 | 57.5 | 59.02 | 67.20 | -$160.00 | SSYS | Long | | | 116.63 | 102.42 | -$1,421.00 | | Buy Put | 6.70 | 115 | 116.63 | 102.42 | +588.00 | *where S0= price at position open and ST=price at position close On October 22, we entered into three protect put strategies for Micro Technology (semiconductor maker), Devon Energy Corp. (energy company), and Stratasys, Ltd. (3-D printer maker). Our team believed that each company would outperform their peers in their perspective industries. Each company, however, operates in volatile industries. The semiconductor industry suffers from cyclical demand and producers often see margins slashed due to constant price wars. The stock prices of energy companies often...
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...funds strategy. Also known as the short extension strategy, the 130/30 is basically investing long 130 $ for each 100 $ of equity and take a short position on 30$. Based on the results of a previously published research, stock portfolios with low volatility have been showing persistent low volatility in the ensuing years as well. On top of that, these same portfolios showed comparable returns to the broad based stock indexes like the S&P 500 and the Russell 1000. Jacques wants to exploit this strategy in their investment portfolios. An investor considering a 130/30 fund should weigh several factors: • What is the exact size of the short position, and any additional portfolio constraints?: Managers may attempt larger shorting ratios as they become better at identifying investment opportunities, but this also leads to a larger emphasis on management skill and potentially greater market risk. • How large is the historic tracking error rate?: Larger shorting ratios lead to a larger tracking error, or a deviation of the portfolio from the market performance. Does the fund exceed the typical 3-4% tracking error? • What are the tax implications created by the fund?: Are funds being borrowed or only obtained through short sales to cover the extra-long position? Funds that borrow money for the long position incur additional tax liability. • Are there enough dividends in the long position to cover the short dividend obligation?:...
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...Tony Loton STOP ORDERS A practical guide to using stop orders for traders and investors Hh Stop Orders A practical guide to using stop orders for traders and investors by Tony Loton HARRIMAN HOUSE LTD 3A Penns Road Petersfield Hampshire GU32 2EW GREAT BRITAIN Tel: +44 (0)1730 233870 Fax: +44 (0)1730 233880 Email: enquiries@harriman-house.com Website: www.harriman-house.com First edition published in Great Britain in 2009 by Harriman House. Copyright © Harriman House Ltd The right of Tony Loton to be identified as the author has been asserted in accordance with the Copyright, Design and Patents Act 1988. 978-1-906659-28-8 British Library Cataloguing in Publication Data A CIP catalogue record for this book can be obtained from the British Library. All rights reserved; no part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the Publisher. This book may not be lent, resold, hired out or otherwise disposed of by way of trade in any form of binding or cover other than that in which it is published without the prior written consent of the Publisher. Printed in the UK by CPI Antony Rowe, Chippenham No responsibility for loss occasioned to any person or corporate body acting or refraining to act as a result of reading material in this book can be accepted by the Publisher, by the Author, or by the employer...
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