...8 Threats to Portfolio Performance The last decade has been a challenge for many investors, especially those investing for the long term and retirement. Given declines in global stock markets, many investors have seen little to no real growth in their portfolios over this period. For example, $10,000 invested in the S&P 500 Market Index in 2000, was worth just $10,456 at the end of 2010. And this does not take into account inflation, investment fees and taxes.1 This White Paper explains why investors’ portfolios may underperform in both bear and bull markets and incur substantial costs in the process. It also details the impact this chronic underperformance can have on achieving long-term financial goals. Threat 1: The Expenses of Active Management Most us would like to beat the market, but as we’ll explore in this whitepaper, even many professional money managers have had a hard time performing better than the market. To understand why, it is helpful to begin with some definitions. Active investors (and active money managers) attempt to out- perform stock market rates of return by actively trading individual stocks and/or engaging in market timing — deciding when to be in and out of the market. Those investors who simply purchase “the market” through index or asset class mutual funds are called passive or “market” investors. Active mutual fund managers are typically compared to a benchmark index. For example, large cap mutual funds are often compared to the...
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...Topic: AN ANALYSIS ON CASH MANAGEMENT AND ITS OPERATING CYCLE AT MARRIOTT HOTEL Submitted by SHRUTHI.H USN:1BF12MBA36 In partial fulfillment of the requirements for the award of the degree of MASTER OF BUSINESS ADMINISTRATION Mrs.Shaheen Shariff (Internal guide) (External guide) To Visvesvaraya Technological University Belgaum Department Of Management Studies BMS College Of Engineering, Bull Temple Road Bangalore-560 019 INTRODUCTION: Cash management is a broad term that refers to the collection, concentration and disbursement of cash. It encompasses a company’s level of liquidity, its management of cash balance, and its short-term investment strategies. In some ways, managing cash flow is the most important job of business managers. A company should aim at maximizing the wealth of its shareholders. In its endeavor to do so, a firm should earn sufficient return from its operation. Earning a steady amount of profit requires successful sales activity. The firm has to invest enough funds in current asset for generating sales. Current asset are needed because sales do not convert into cash instantaneously. There is always an operating cycle involved in the conversion of sales into cash. OBJECTIVES: * To analyze the Cash management and to determine efficiency in cash, inventories, debtors and creditors...
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...CFA Institute Fundamental Indexation Author(s): Robert D. Arnott, Jason Hsu and Philip Moore Source: Financial Analysts Journal, Vol. 61, No. 2 (Mar. - Apr., 2005), pp. 83-99 Published by: CFA Institute Stable URL: http://www.jstor.org/stable/4480658 . Accessed: 24/02/2014 01:32 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . CFA Institute is collaborating with JSTOR to digitize, preserve and extend access to Financial Analysts Journal. http://www.jstor.org This content downloaded from 134.117.10.200 on Mon, 24 Feb 2014 01:32:09 AM All use subject to JSTOR Terms and Conditions FinancialAnalysts Journal Volume 61 . Number 2 ?2005, CFAInstitute X Fundamental Indexation Robert D. Arnott,Jason Hsu, and PhilipMoore to A trillion-dollar industryis basedon investingin or benchmarking capitalization-weighted the This literature indexes, eventhough thefinance rejects mean-variance efficiency suchindexes. of measures whether stockmarket indexesbasedon an arrayof cap-indifferent study investigates of than...
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...Introduction Wouldn't you love to be a business owner without ever having to show up at work? Imagine if you could sit back, watch your company grow, and collect the dividend checks as the money rolls in! This situation might sound like a pipe dream, but it's closer to reality than you might think. As you've probably guessed, we're talking about owning stocks. This fabulous category of financial instruments is, without a doubt, one of the greatest tools ever invented for building wealth. Stocks are a part, if not the cornerstone, of nearly any investment portfolio. When you start on your road to financial freedom, you need to have a solid understanding of stocks and how they trade on the stock market. Over the last few decades, the average person's interest in the stock market has grown exponentially. What was once a toy of the rich has now turned into the vehicle of choice for growing wealth. This demand coupled with advances in trading technology has opened up the markets so that nowadays nearly anybody can own stocks. Despite their popularity, however, most people don't fully understand stocks. Much is learned from conversations around the water cooler with others who also don't know what they're talking about. Chances are you've already heard people say things like, "Bob's cousin made a killing in XYZ company, and now he's got another hot tip..." or "Watch out with stocks--you can lose your shirt in a matter of days!" So much of this misinformation is based on a...
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...Calculators, lemmings or frame-makers? The intermediary role of securities analysts Daniel Beunza and Raghu Garud Introduction As Wall Street specialists in valuation, sell-side securities analysts constitute a particularly important class of market actor.1 Analysts produce the reports, recommendations and price targets that professional investors utilize to inform their buy and sell decisions, which means that understanding analysts’ work can provide crucial insights on the determinants of value in the capital markets. Yet our knowledge of analysts is limited by insufficient attention to Knightian uncertainty. Analysts estimate the value of stocks by calculating their net present value or by folding the future back into the present. In so doing, they are faced with the fundamental challenge identified by Frank Knight, that is, with the difficulty of making decisions that entail a future that is unknown. These decisions, as Knight wrote, are characterized by ‘neither entire ignorance nor complete . . . information, but partial knowledge’ of the world (Knight, [1921] 1971: 199). The finance literature has not examined the Knightian challenge faced by analysts. Indeed, existing treatments circumvent the problem by adopting one of two extreme positions. In the first, put forward by orthodox economists, it is assumed that Knightian uncertainty is non-existent and that calculative decision-making is straightforward. Analysts are presented as mere calculators in a probabilistic world...
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...Stock Basics Tutorial http://www.investopedia.com/university/stocks/ Thanks very much for downloading the printable version of this tutorial. As always, we welcome any feedback or suggestions. http://www.investopedia.com/investopedia/contact.asp Table of Contents 1) 2) 3) 4) 5) 6) 7) 8) 9) Introduction What Are Stocks? Different Types of Stock How Stocks Trade What Causes Prices To Change? Buying Stocks How to Read a Stock Table/Quote The Bulls, the Bears, and the Farm Conclusion and Resources Introduction Wouldn't you love to be a business owner without ever having to show up at work? Imagine if you could sit back, watch your company grow, and collect the dividend checks as the money rolls in! This situation might sound like a pipe dream, but it's closer to reality than you might think. As you've probably guessed, we're talking about owning stocks. This fabulous category of financial instruments is, without a doubt, one of the greatest tools ever invented for building wealth. Stocks are a part, if not the cornerstone, of nearly any investment portfolio. When you start on your road to financial freedom, you need to have a solid understanding of stocks and how they trade on the stock market. Over the last few decades, the average person's interest in the stock market has grown exponentially. What was once a toy of the rich has now turned into the vehicle of choice for growing wealth. This demand coupled with advances in trading technology has opened up the markets so that...
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...arch 341 Selected Issues/Problems Paper Team “B” University of Phoenix RES/341 Paul Mahajan Introduction Compiling statistical information for the housing market has been a challenging task. There are many forms, articles, publications, and internet sites that provide information on the current state of the housing market. The following paper will illustrate a consolidation of all of the research information gathered from various sources. This paper will show the measures of central tendency, dispersion, and skew for all of the data collected. The research gathered will also display descriptive statistical data using graphic and tabular techniques. With all information gathered, this paper will discuss the best measures of central tendency and dispersion of all the statistical data collected. Purpose of the Research The purpose of the research is to show the current trends in the housing market. To own a home or business of which somebody can call their own is the American dream. American’s search far and wide to find the right home or business location that fits perfectly for their family’s or business needs. People looking for homes are constantly doing research on prices of homes, number of bedrooms, and number of Individuals looking for a place to establish their business must decide on which location works best for their new business. Real Estate agents use the same research to get the specific details of homes or office buildings so they can sell...
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... Except äs permitted under the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in any form or by any means, or stored in a data base or retrieval System, without the prior written permission of the publisher. 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 DOC/DOC DOC/DOC 909 909 7 6 5 4 (HC) 7 6 5 4 (PBK) ISBN 0-07-048059-1 (hc) ISBN 0-07-048017-6 (pbk) The Sponsoring editorfor this book was Philip Ruppel, the editing Supervisor was Fred Bernardi, and the production Supervisor was Suzanne Babeuf. It was set in Baskerville by McGraw-HiU's Professional Book Group composition unit. Printed and bound by R. R. Donnelley & Sons Company. This book is printed on recycled, acid-free paper containing a minimum of 50% recycled, de-inked über. Contents Preface ix Part l A Winning System: C-A-N S-L-I-M Introduction: Learning from the Greatest Winners 1. C = Current Quarterly Earnings Per...
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...Careers in Investment Banking WetFeet Insider Guide 2005 Edition The WetFeet Research Methodology You hold in your hands a copy of the best-quality research available for job seekers. We have designed this Insider Guide to save you time doing your job research and to provide highly accurate information written precisely for the needs of the job-seeking public. (We also hope that you’ll enjoy reading it, because, believe it or not, the job search doesn’t have to be a pain in the neck.) Each WetFeet Insider Guide represents hundreds of hours of careful research and writing. We start with a review of the public information available. (Our writers are also experts in reading between the lines.) We augment this information with dozens of in-depth interviews of people who actually work for each company or industry we cover. And, although we keep the identity of the rank-and-file employees anonymous to encourage candor, we also interview the company’s recruiting staff extensively, to make sure that we give you, the reader, accurate information about recruiting, process, compensation, hiring targets, and so on. (WetFeet retains all editorial control of the product.) We also regularly survey our members and customers to learn about their experiences in the recruiting process. Finally, each Insider Guide goes through an editorial review and fact-checking process to make sure that the information and writing live up to our exacting standards before it goes out the door. Are we perfect...
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...Kevin Keller-Goralczyk refinpb@yahoo.com Research Paper: Trends Upend the Global Energy Industry Recent history has shown energy commodities to be a fairly unstable industry, and petroleum products are certainly no exception as they dominate the global marketplace. The factors affecting supply around the world are almost innumerable, ranging from political stability to exhausting reserves. At the same time, demand for petroleum based energy has become very inelastic in the modern world, and its supply has at times both propelled and suppressed economic growth. When these two realities clash, it is sure that a shortage of supply ultimately brings one certain result: skyrocketing prices. At the heart of this circumstance is the issue of security, and its associated effects on economies and living standards often bring it to the forefront of political stages around the industrialized world. The gravity of this reality is so substantial that even forecasted supply can have dramatic effects on the market. Anxiety and speculation over oil and gas futures cause prices to rise and fall exaggeratedly, creating a perilous game of long and short for money managers willing to take the risk. Today, the market is no less volatile. The most recent developments are raising hopes that energy security is becoming a worry of the past for the largest consumers around the world. The growth of global energy demand has all but come to a grinding halt, a result of economic and social circumstances...
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...How did the Great Depression occur? A Review of the Literature Khair Chibly New Jersey City University This paper was prepared for ESL English Composition 2, taught by Professor Monroe. How did the Great Depression occur? A Review of the Literature The Great Depression The Great Depression was a downfall of the U.S. economy which had gone into a terrible period six months earlier and has been said to have started with a shattering collapse of the stock market prices on the New York Stock Exchange in October 1929. Furthermore, throughout the next three years stock prices in the United States continued to fall, until in late 1932 they had decreased to about 20 percent of their worth in 1929. Ruining many thousands of investors, this swift decline in the price of the assets worried banks and other financial institutions, mainly those who hold stocks in their portfolios. In addition, many banks were forced to be ruin and by 1933, 11,000 of the United States' 25,000 banks had fallen. The failure of so many banks, combined with a general and nationwide loss of confidence in the economy, led to bring down the levels of spending, demand and later of production. The result was enormously falling production and rising unemployment and by 1932, U.S. manufacturing output had fallen to 54 percent of its 1929 level, and unemployment had risen to between 12 and 15 million workers. Cochran (1968) reported that “By this time it was clear that the decline in the economy was accentuated...
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...ICMR Case Collection C op y ICFAI Center for Management Research ot Governance Issues at the New York Stock Exchange N BECG 035 D o This case was written by K. Subhadra, under the direction of Sanjib Dutta, ICFAI Center for Management Research (ICMR). It was compiled from published sources, and is intended to be used as a basis for class discussion rather than to illustrate either effective or in effective handling of a management situation. 2004 ICFAI Center for Management Research. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means electronic or mechanical, without permission. For enquiries regarding bulk purchases and reprint permissions, please call 91-40-23430462/63 or write to ICFAI Center for Management Research, 49, Nagarjuna Hills, Panjagutta, Hyderabad 500082, India or email icmr@icfai.org. Copies of this case can also be purchased online from the ICMR website, www.icmrindia.org. BECG/035 GOVERNANCE ISSUES AT THE NEW YORK STOCK EXCHANGE “The New York Stock Exchange is long overdue for a very serious and thorough examination and overhaul of its governance. The very fact that they nominate their own board without any input from anyone else should not be tolerated.” - Nell Minow, Editor, Corporate-Governance Research Firm - The Corporate Library in August 2003.1 op y “Today, we take an important...
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...VAULT CAREER GUIDE TO INVESTM E NT BAN KING 2008 EDITION is made possible through the generous support of the following sponsors: Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library The media’s watching Vault! Here’s a sampling of our coverage. “For those hoping to climb the ladder of success, [Vault’s] insights are priceless.” – Money magazine “The best place on the web to prepare for a job search.” – Fortune “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” – Library Journal “The granddaddy of worker sites.” – U.S. News & World Report “A killer app.” – New York Times Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library One of Forbes’ 33 “Favorite Sites” – Forbes “To get the unvarnished scoop, check out Vault.” – SmartMoney Magazine “Vault has a wealth of information about major employers and jobsearching strategies as well as comments from workers about their experiences at specific companies.” – The Washington Post “A key reference for those who want to know what it takes to get hired by a law firm and what to expect once they get there.” – New York Law Journal “Vault [provides] the skinny on working conditions at all kinds of companies from current and former employees.” – USA Today Customized for: Triston Francis (tfran@wharton.upenn.edu) SEO Online Career Library ...
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...THE INTELLIGENT INVESTOR A BOOK OF PRACTICAL COUNSEL REVISED EDITION B E NJAM I N G RAHAM Updated with New Commentary by Jason Zweig To E.M.G. Through chances various, through all vicissitudes, we make our way. . . . Aeneid Contents Epigraph iii Preface to the Fourth Edition, by Warren E. Buffett viii A Note About Benjamin Graham, by Jason Zweig x Introduction: What This Book Expects to Accomplish COMMENTARY ON THE INTRODUCTION 1. 1 12 35 The Investor and Inflation 47 COMMENTARY ON CHAPTER 2 3. 18 COMMENTARY ON CHAPTER 1 2. Investment versus Speculation: Results to Be Expected by the Intelligent Investor 58 65 COMMENTARY ON CHAPTER 3 4. A Century of Stock-Market History: The Level of Stock Prices in Early 1972 80 General Portfolio Policy: The Defensive Investor 88 COMMENTARY ON CHAPTER 4 5. 101 124 Portfolio Policy for the Enterprising Investor: Negative Approach 133 COMMENTARY ON CHAPTER 6 7. 112 COMMENTARY ON CHAPTER 5 6. The Defensive Investor and Common Stocks 145 iv 155 COMMENTARY ON CHAPTER 7 8. Portfolio Policy for the Enterprising Investor: The Positive Side 179 The Investor and Market Fluctuations 188 v Contents COMMENTARY ON CHAPTER 8 9. Investing in Investment Funds COMMENTARY ON CHAPTER 9 213 226 242 10. The Investor and His Advisers 257 COMMENTARY ON CHAPTER 10 272 11. Security...
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...GRASS AS THERMAL INSULATING MATERIAL KRISELLE ANNE A. GERPACIO A Thesis Outline Submitted to the Department of Civil Engineering, College of Engineering and Computing, University of Southern Mindanao, Kabacan, Cotabato in Partial Fulfillment of the Requirements for the Degree of BACHELOR OF SCIENCE IN CIVIL ENGINEERING DECEMBER 2014 INTRODUCTION Significance of the Study Cogon grass known as Imperata cylindrical is considered as the one of the worst weed because it destroys the land where it grows. It deteriorates the nutrients of the soil thus creating problems to farmers. Hence, the researcher would like to study if this grass can be a substitute as thermal insulating material. If it can be an alternative, this research would really give great help to many farmers. Objectives of the Study The main objective of this study is determine whether Cogon grass can be a substitute as thermal insulator as compared to other traditional thermal insulating materials. Specifically, this study aims to: 1. determine the thermal resistance (R) of Cogon grass as thermal insulating material; 2. determine the thermal conductivity (k) of Cogon grass as thermal insulating material; 3. determine how much heat (Q) trasmit to the layer of the Cogon grass per second; and, 4. determine how much is the temperature gradient or temperature difference per unit thickness of piled Cogon grass. Scope and Limitation of the Study The study will be limited only...
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