...Yahoo, Warren Buffett and $1 Billion Contest Eric J. McGlashing Feb 10, 2014 TOPICS: Insurance, Risk and uncertainty SUMMARY: A lawsuit involving Yahoo sheds light on the insurance policies that enable contest prizes like the $1 billion Warren Buffett is offering to anybody who predicts the winner of every March Madness basketball game. CLASSROOM APPLICATION: Students can struggle with framing the problem of the uncertainty involved in calculating expected payment and the risk involved in offering a prize for correctly picking the NCAA basket tournament bracket winners. Students can work on a simplified problem of a four-team tournament (as opposed to a 64-plus team tournament) and a small number of fans choosing the winners. Students should be forced to think about the distributions of the fans' probabilistic beliefs about the game winners. QUESTIONS: 1. (Advanced) Suppose in a tournament game between teams i and j that team i is expected to beat team j with probability p. What is the value of p for each of the tournament's games that make it least likely that a gambler can correctly pick of the tournament's winners? 2. (Introductory) Suppose in round 1 of the tournament that one and only one lower-seeded team is going to win a game. What is the probability that a gambler will correctly pick the one team? 3. (Advanced) What is the probability that any one fan will correctly pick all bracket winners? What is the probability that at least one of four fans...
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...Fourth Amendment Summary Jesus Lozano-McNeely Alonso Butts, Blair Smith CJA/364 Criminal Procedures University of Phoenix Mr. Dennis Dougan September 15, 2014 Fourth Amendment Summary Team C will define and explain the common law background of the Fourth Amendment. This paper will break down the basic terminology of the Fourth Amendment in which protects persons, house, paper and effects. From unreasonable search and seizures. Search warrant on a Person A search warrant gives the law enforcement officers permission to search for certain evidence in a specific place. Without a search warrant, police officers may not search a place without its owner’s consent or if the evidence is in plain view. It is supported by the Fourth Amendment “the right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized (Law. Cornell 2012)”. A search warrant is granted by courts where a judge needs to sign of it if he or she thinks the warrant is necessary. The officers must have probable cause when trying to obtain a warrant. When officers put in for a warrant, judges may issue the search warrant. To obtain a warrant, an officer must show that the search is justified and should have sworn statements that support their...
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...Case Background Paint-Pen, Inc. is a company that manufactures and distributes liquid paint dispensed in ball-point tubes. The product is sold under the registered trademarks “Paint-Pen” and “Liquid Embroidery”. Aside from bearing the Good Housekeeping Seal of Approval (awarded in 1973), Paint-Pen distributes its products under the home party plan with exclusive franchise agreements with its distributors. On April 19, 1997, the company was offered for sale to Mr. Warren G. Hamer. Provided with the exhibits that contain the summary of Terms and Conditions of Sale, audited Income Statements and Balance Sheets, and Company History, Mr. Hamer needs to decide whether or not to place a bid, which is due on April 24. However, Mr. Hamer was apprehensive about the deal. Analysis To be able to arrive at a decision, Mr. Hamer needs to assess the value of the synergies the acquisition would offer. Operating Synergy Operating synergies can affect margins, returns and growth. However, in the case, we could not identify the operating synergies of the combined firm. Reason for this is that we do not know the details of Mr. Hamer’s company and to which industry it belongs in. If Mr. Hamer’s firm is also under the crafts and hobby industry, the acquisition would definitely have value by the following possibilities: economies of scale, greater pricing power, positive effect of combining functional strengths, and higher growth in existing markets. For this case, we determine the value of the...
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...RULE 101. SCOPE; DEFINITIONS (a) Scope. These rules apply to proceedings in United States courts. The specific courts and proceedings to which the rules apply, along with exceptions, are set out in Rule 1101. (b) Definitions. In these rules: (1) “civil case” means a civil action or proceeding; (2) “criminal case” includes a criminal proceeding; (3) “public office” includes a public agency; (4) “record” includes a memorandum, report, or data compilation; (5) a “rule prescribed by the Supreme Court” means a rule adopted by the Supreme Court under statutory authority; and (6) a reference to any kind of written material or any other medium includes electronically stored information. RULE 102. PURPOSE These rules should be construed so as to administer every proceeding fairly, eliminate unjustifiable expense and delay, and promote the development of evidence law, to the end of ascertaining the truth and securing a just determination. RULE 103. RULINGS ON EVIDENCE (a) Preserving a Claim of Error. A party may claim error in a ruling to admit or exclude evidence only if the error affects a substantial right of the party and: (1) if the ruling admits evidence, a party, on the record: (A) timely objects or moves to strike; and (B) states the specific ground, unless it was apparent from the context; or (2) if the ruling excludes evidence, a party informs the court of its substance by an offer of proof, unless the substance was apparent from the context. (b) Not Needing...
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...Name: Allison Melbert Class Time: M, W, F 1-1:50 Identifying Data Specific Purpose: To inform my audience about Epperson vs. Arkansas court case dealing with the religious schooling taught in public schools. Central Idea: The Supreme Court case between Epperson and Arkansas deals with the problem of whether it’s ok or not to teach the Evolution theory to children in the state of Arkansas. Type of Speech: Supreme Court Organizational Pattern: Event Introduction: Attention Getter: How many people were taught the Theory of Evolution in a high school class? Thesis: In this speech I will present the facts of the court, the religious views of Evolution, both sides of this argument, including Susan Epperson’s side and Arkansas State’s side, and the judicial decision. Preview Statement: In this speech I will present the facts of the court, with both sides of the argument, and the judicial decision. (Trans: I will begin today by presenting how the theory of evolution contradicts religion). Body: I. In the case of Epperson vs. Arkansas, the driving force behind the ban of the theory of evolution were moral views. A. The population of Arkansas in the 1960’s was made up of rural traditional families with conservative views. 1. The conservative views were mainly affiliate with religious beliefs. 2. The driving force behind the outlaw of the teaching of evolution was the fact that evolution, “contradicts a literal interpretation of the first chapter of Genesis...
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...FIN 4414 Financial Management Course Syllabus Spring 2010 Term INSTRUCTOR: Dr. T. Craig Tapley Graham-Buffett Master Lecturer of Finance Section: Section: Room: 2109 – Monday and Wednesday, Periods 3-4 (9:35 a.m. – 11:30 a.m.) 7111 – Monday and Wednesday, Periods 5-6 (11:45 a.m. – 1:40 p.m.) 112 Matherly Hall Office Hours: Wednesday (2:00 p.m. - 3:00 p.m.) Thursday (1:00 p.m. - 2:30 p.m.) CONTACT INFORMATION: Office: Phone: Fax: E-Mail: 329 David Stuzin Hall (352) 392-6654 (352) 392-5237 ctapley@ufl.edu http://vista.courses.ufl.edu/ Class Webpage: COURSE MATERIALS: TEXTBOOK 1. Financial Management: Theory and Practice (12th Edition), Eugene F. Brigham and Michael C. Ehrhardt, Thompson/South-Western, 2008, ISBN: 0-324-42269-5. The official textbook for the class will be an excellent reference book as you start your career, as you may easily find that there will be times, on the job, when you need to reference prior material, or formulas, covered in your corporate finance classes at UF. However, books have become somewhat expensive, so you may, instead, purchase the 11th or 10th Edition of the book, typically at a cheaper price, through various online booksellers. However, there are minor differences between the 10th, 11th, and 12th editions; mainly in the order of the chapter. These differences should not impact your ability to perform well in this class, but you may need to map the chapters in the 10th or 11th Edition to those assigned in the 12th Edition. This is...
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...Course No: C-501 Course Name: Managerial Communication A Report on Business Communication Method of Warren Buffett Prepared For: Mr. Zahid Hassan Khan Associate professor, Institute of Business Administration University of Dhaka Prepared By: Md.Tazul Islam Roll:133 Batch:46D Date of Submission: 11-12-2011 Executive Summary: Warren Buffett is considered as one of the most successful investors of the market. A man who started his journey as an investor at the age of 13, continued to cross hurdles of his business carrier. It's annual report season, which includes announcements from the CEO and/or chairman of every public U.S. company. Given that Warren Buffett, the chairman of Berkshire Hathaway, is the most successful investor of all time, you might expect that a 23-page communication from him would be jargon-packed and over most people’s heads. In actuality, Buffett's annual letter to shareholders is famously down-to-earth, conversational, and witty. Never mind for now the specific points he makes: how he communicates his message is a lesson for all of us. Warren Buffett writes his letter to shareholders as a letter to his sisters - then crosses out "Dear Doris and Bertie" and replaces it with "To the Shareholders of Berkshire Hathaway". It’s not enough that Warren Buffett has become one of the richest men in the world. He’s also a world-class communicator – and nowhere does this gift go on public display more than in his annual letter to shareholders...
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...UVA-F-1483 Version 2.3 WARREN E. BUFFETT, 2005 On May 24, 2005, Warren E. Buffett, the chairperson and chief executive officer (CEO) of Berkshire Hathaway Inc., announced that MidAmerican Energy Holdings Company, a subsidiary of Berkshire Hathaway, would acquire the electric utility PacifiCorp. In Buffett’s largest deal since 1998, and the second largest of his entire career, MidAmerican would purchase PacifiCorp from its parent, Scottish Power plc, for $5.1 billion in cash and $4.3 billion in liabilities and preferred stock. “The energy sector has long interested us, and this is the right fit,” Buffett said. At the announcement, Berkshire Hathaway’s Class A shares closed up 2.4% for the day, for a gain in market value of $2.17 billion.1 Scottish Power’s share price also jumped 6.28% on the news2; the S&P 500 Composite Index closed up 0.02%. Exhibit 1 illustrates the recent share-price performance for Berkshire Hathaway, Scottish Power, and the S&P 500 Index. The acquisition of PacifiCorp renewed public interest in its sponsor, Warren Buffett. In many ways, he was an anomaly. One of the richest individuals in the world (with an estimated net worth of about $44 billion), he was also respected and even beloved. Though he had accumulated perhaps the best investment record in history (a compound annual increase in wealth for Berkshire Hathaway of 24% from 1965 to 2004),3 Berkshire paid him only $100,000 per year to serve as its CEO. While Buffett and other insiders controlled...
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...Business Plan of a Restaurant for the Wurst Family Table of Contents 1.0 Executive Summary 3 2.0 Justification of the Restaurant 3 3.0 Non-Financial Analysis of the Restaurant 5 3.1 Products and Services 5 3.2 Market Segmentation 5 3.3 Strategies 7 3.31 Competitive Edge 7 3.32 Promotion Strategy 7 3.33 Management Summary 7 4.0 Financial Analysis of the Restaurant 8 4.1 Breakeven Analysis 8 4.2 Cash Flow Data 9 4.3 Income Statement 10 4.4 Balance Sheet 11 4.5 Taxation 11 5.0 Conclusion 12 6.0 References 13 1.0 Executive Summary The main purpose of this report is to generate a business plan for a start-up restaurant for the Wurst family. This report consists of marketing and financial initiatives of the restaurant for about 3 years to 30 October 2013, which have been generated through undertaking research, collecting financial and non-financial data, and analysing them. Supported by Matt’s inheritance of $70,000 from the will of his great uncle, the restaurant will be located on Playford Avenue in Whyalla offering both ethnic and organic food to attract customers from the five main markets of minority ethnic groups, students, young couples, tourists, and those concerned about dieting and health. The competitive edge of the restaurant will be its products themselves while it is necessary to promote the products via brochures, discounts, and others as well. The...
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...Case Study 2: Warren E. Buffett, 1995 This case was prepared by Professor Robert F. Bruner as the basis for classroom discussion rather than to illustrate effective or ineffective handling of an administrative situation. On August 25, 1995, Warren Buffett, the CEO of Berkshire Hathaway, announced that his firm would acquire the 49.6 percent of GEICO Corporation that it did not already own. The $2.3 billion deal would give GEICO shareholders $70.00 per share, up from the $55.75 per share market price before the announcement. Observers were astonished at the 26 percent premium that Berkshire Hathaway would pay, particularly since Buffett proposed to change nothing about GEICO, and there were no apparent synergies in the combination of the two firms. At the announcement, Berkshire Hathaway’s shares closed up 2.4 percent for the day, for a gain in market value of $718 million.1 That day, the Standard & Poor’s 500 index closed up 0.5 percent. The acquisition of GEICO renewed public interest in its architect, Warren Buffett. In many ways he was an anomaly. One of the richest individuals in the world (with an estimated net worth of about $7 billion), he was also respected and even beloved. Though he had accumulated perhaps the best investment record in history (a compound annual increase in wealth of 28 percent from 1965 to 1994),2 Berkshire Hathaway paid him only $100,000 per year to serve as its CEO. Buffett and other insiders controlled 47.9 percent of the company, yet Buffett...
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...Berkshire Hathaway and GEICO Insurance © 2001 Tim Glowa White Paper: Examining Berkshire Hathaway’s 1995 Purchase of GEICO Insurance Tim Glowa Tim@Glowa.ca September 12, 2001 © 2001 Tim Glowa September 12, 2001 -1- Berkshire Hathaway and GEICO Insurance Table of contents © 2001 Tim Glowa Executive Summary.................................................................................................... 3 Introduction................................................................................................................. 4 Review of the case: Berkshire Hathaway purchasing GEICO.................................... 4 Strategic Outcome....................................................................................................... 7 Finance........................................................................................................................ 7 Time Value of Money................................................................................................. 8 Assessment of the GEICO purchase ........................................................................... 8 Time value of money ................................................................................................ 11 An examination of the GEICO acquisition in hindsight........................................... 13 Limitations of Discounted Cash Flow ...................................................................... 15 Limitations of this Analysis ...
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...April 26, 2013 Dear Fellow Stockholder: At the request of the Board of Directors, you are cordially invited to attend the 2013 Annual Meeting of Stockholders of Newpark Resources, Inc., which will be held on Thursday, June 6, 2013, at 10:00 a.m., Central Daylight Time, at The Marriott Woodlands Waterway Hotel & Convention Center, 1601 Lake Robbins Drive, The Woodlands, Texas 77380. Both your Board of Directors and I hope you will be able to attend. There are five items on this year’s agenda: (1) the election of six directors to the Board of Directors; (2) an advisory vote to approve named executive officer compensation; (3) to consider and act upon a proposal for the approval of the amendment and restatement of the Newpark Resources, Inc. 2006 Equity Incentive Plan; (4) to consider and act upon a proposal for the approval of an amendment to the 2008 Employee Stock Purchase Plan to increase the employee discount from 5% to 15%; and (5) the ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the fiscal year 2013. These items are described fully in the Notice of Annual Meeting of Stockholders and the accompanying Proxy Statement. Whether or not you plan to attend the Annual Meeting, it is important that you study carefully the information provided in the Proxy Statement and vote. Please promptly vote your shares by telephone, by the internet or, if the Proxy Statement was mailed to you, by marking, signing, dating and...
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...CALIFORNIA V. PEYER California v. Peyer Case Title: Defendant Craig Peyer Superior Court Case Number CDC# D-93018 Crime: Penal Code 187 (first-degree murder) Offense Date: 12-27-86 Date Convicted: 6-22-88 Judgment: 25 years-to-life Case Location: San Diego SYNOPSIS/EXECUTIVE SUMMARY: In the early morning of 28 December 1986 Cara Knott’s Volkswagen (VW) was discovered abandoned off of the Mercy road off-ramp, East of Interstate 15 (I-15) in San Diego. The keys were in the ignition, and her personal belongings to include a credit card were inside the car, unfortunately there was no signed of the 20 year old university student. The previous night around 8 p.m. Cara had called her parents to notify them that she was on her way home from her boyfriend’s house in Escondido, a drive that normally would take about 45 minutes. When she had not arrived by 10 p.m. her family went out to search for her along I-15. It was Cynthia (Cara’s sister) and her husband that found Cara’s VW on the side of the isolated off-ramp; Cara’s body was subsequently found in a creek bed 65 feet below. Cara had been strangled and thrown off the nearby bridge. A couple of issues troubled the homicide investigators; why did Cara stop her car (which was in good working order) on one of the coldest nights of the year and why did she stop on a road that at that time led nowhere? Also, there was no sign of theft since her belongings were still in the car and there were no signs...
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... had chosen to legalize interracial marriage much earlier. According to a May 14, 2012, Huffington Post article entitled “Interracial Marriage Statistics: Pew Report Finds Mixed-Race Marriage Rates Rising,” the 1980 Census (the first to collect data on interracial marriage) reported that 3% of all married couples were from different races. The number had risen to 8.4% (one in twelve couples) by 2010. Looking at marriages recorded in the years between 2008 and 2010, we find that 22% of newly-married couples in Western states were of different races or ethnicities, compared to 14% in the South, 13% in the Northeast, and 11% in the Midwest. QUESTION 1: Analyze and evaluate each case independently by providing the following (about two paragraphs per case): LOVING V. VIRGINIA CASE. 1. Facts of the case: In 1958, Mildred Jeter, a black woman, and Richard Loving, a white man, were married in the District of Columbia. The two had gone to the District of Columbia to obtain a marriage license and returned to their home state of Virginia afterward. The couple was then charged with and convicted of inter-racial marriage later on they were confronted by police at their home. The police found their marriage certificate and used it as...
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...ABSTRACT SOCIAL CLASSES IN THE SELECTED SHORT STORIES OF F. SCOTT FITZGERALD , Bachelor of Arts in English, Central Mindanao University, Musuan, Bukidnon, March 2015. Research Method Instructor: Mayflor Prantilla-Aramabala, MELL This study is limited only to the study of five (5) selected short stories of Francis Scott Key Fitzgerald “F. Scott Fitzgerald” The Winter Dreams, The Diamond as Big as Ritz, Bernice Bobs Her Hair, The Jelly Bean, and The Offshore Pirates. The researcher used the descriptive study in which the short stories of F. Scott Fitzgerald. This study specifically focused on the discussion of interaction of characters from different short stories. Also, this study will identify and enumerate the different social classes, roles and status using the Marxist theory. The study uses descriptive design. It was found out that in the five short stories of F. Scott Fitzgerald the three types of social classes were present namely: the upper, middle and lower class. Thus, this study concluded that the most common social classes found in the short stories are the upper and middle class. The social roles and status are almost alike. The issues were identify and interpret the interaction of the characters in the short stories. Keyword: Roles, Conflict, Society, Conflict Theory, Marxist Criticism, Short Stories Chapter I INTRODUCTION Reading of short stories is one of the people’s way of spending their spare time. Some are obliged to read such because it is one of...
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