Bill Miller and Value Trust Free Essays

string(81) " that could be acquired through a close analysis of the company and the economy\." ? 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 (SP 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. We will write a custom essay sample on Bill Miller and Value Trust or any similar topic only for you Order Now 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. You read "Bill Miller and Value Trust" in category "Papers" Many sc holars 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 SP 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? How to cite Bill Miller and Value Trust, Papers

The corporate citizenship and sustainability- Myassignmenthelp.Com

Question: Discuss about the The corporate citizenship and sustainability. Answer: Introduction Sustainable management refers to the activities initiated by the company to sustain the environment. This type of management relates to the environmental activities which shall be implemented by companies. The sustainability aspect has three branches that are environment, needs of present and future generation, and the economy. With the use of these branches, an organization creates the ability to manage the economic viability and nourish the present needs and sustain resources for future. In organizational context sustainability is an important corporate social activity; this type of activities helps a company to run its business process in long run. The below mentioned task explains the managerial activities of the company Intrepid initiated in the market. The report talks about plan and visions of the company for the sustainable management practices in environment. It also talks about the travel approach, HRM practices, leadership and value chain activities which shall be implemented in Intrepid to maintain sustainability in their activities and in the tourism industry as well. Background Information Intrepid Travels is an adventure tourism company which is placed as one of the largest company working on small scale in tourism industry. The company provides more than 1500 routes and destinations in more than 120 countries. Europe, North America, Asia, Antarctica, Latin America, Middle East etc. are some of the eye-catching destinations offered by the company for travel purposes. The companys major objective is to promote the adventure tourism around the globe and hold responsibility of the events which they initiate. The company is a responsible organization which operates tours worldwide under the regulation of United Nations Global Compact so they aim to promote the adventurous tours worldwide. Planning Planning refers to the process of setting objectives, goals and implementation plans for the organization so as to achieve success. This process requires the managers to look after the environmental issues faced by organization and forecast the future aspect (Kerzner, and Kerzner 2017). Further the planning process of Intrepid is discussed below: Vision Vision of an organization refers to the statements which are displayed by the organization which communicates the aim and objective of the company. The Intrepid is engaged in providing adventure tourism services in the small scale market. The company aims to invest in major portion of their revenue in providing rightful services to the people in the market. They want to invest their profits in activities like prevention of human rights, wildlife protection, environmental practices etc. because these aspects only will improve the state of the company (Clegg, Kornberger and Pitsis 2015). Further the primary vision of the company is to promote the real life experience among people. (Erkkil 2014). Mission The company Intrepid has developed a mission to serve advanced and effective services to the people by providing real life experience to them in their tour. With respect to that the companys primary activity is to show people the beauty of nature and pleasant experience to people while travelling. In the current era the scope of adventure tourism has depleted due to which the company develops a vision and mission to deliver real life experience among people so that they take part in the activities related to sustainability of nature (Edgell 2016). Being present in tourism industry the primary motive of the company is to save the nature so that they can implement their business practices and convey real life experience among people. Values of Intrepid Travel Company Values play an important role in the internal activities of an organization. Values come from a common purpose and which guides the customers in the market and employees in the organization about the activities of the company (Kerzner, and Kerzner 2017). The value statement guides the principles of the organization which they adhere to the community; and it also increases the expectation level of society. Intrepid provides real life experience to the travellers so the values which are provide by the business activities are that the company aims to deliver real life experience among people. Real life experience does not mean showing the attributes of nature to the travellers but it means showing the real beauty of the environment. During such tour, the company makes people close to the beauty of nature so that they understand the importance of the environment (Epstein, and Buhovac 2014). So, the values on which Intrepid focus are to develop the environmental sustainability along with community welfare. Intrepid travels goal setting practices and plans The company creates goals and objectives in the environment so as to maintain an identified position in the market. As discussed above that the company is currently working on small scale because there is less scope of the adventure tourism activities in the market. So the company set goals and practices in such a way that their scope of business is expanded in the market. Further it shall also be noted that Intrepid is currently working on the highest position in the market, resulting to which they develop goals for the sustainability of the competitiveness of the organization (Crane, and Matten 2016). The management of the company aims to successfully use the resource available with them, with respect to that the management organizes their goals and practices in a way that all the resources are successfully implemented in the activities of the company. Apart from that another practice which the company is planning to implement shall support the sustainable practices of the adventure tourism market. The organization looking for expanding their business process in such a way that sustainability is introduced in the market. This will also motivate the goodwill of the company (Welford 2016). Thus, in this way plans and practices of the company are implemented to satisfy the requirements of the customers present in the market. Travel approach of Intrepid Travel approach of the company Intrepid refers to the approach which will help the customers to gain maximum level of satisfaction from the services provided by the organization. The company has analyzed through market analyses that it is not important for them to introduce modern and innovative travel approach to sustain in the target market. So, the company implemented the travel approach in a way that it bring the essence of adventure tourisms in the practices and initiate innovative activities in the environment. (Eccles, Ioannou, and Serafeim 2014). Digital media and promotional tools shall be implemented in the market to enhance the demand as well; also the company shall use innovative techniques to promote the services in the target market. Further it shall be noted that the organization uses the modern and innovative travel approach to maintain sustainability in the environment. Modern and innovative approach refers to the approach which uses modern tools and techniques to im plement sustainability in the environment. Further with the help of this approach the organization attracts the customers in market and fulfills their organizational objective as well. Initiation of sustainability in activities of Intrepid Sustainability refers to the activities which are initiated in an organization with a motive to encourage social and environmental friendly activities. Sustainability strategies sustain the growth of company in long run. Thus sustainability is the most important aspect in the adventure tourism business as the activities of the company are directly linked to the environment (Welford 2016). So, if the nosiness does not initiate activities which reflect sustainability in the environment then the business will definitely not sustain in the target market. Various approaches have been initiated by the organization which helps the sustainability of the environment. The company aims to spread awareness regarding the hazardous activities harming the environment and stop them (Beard, et. al., 2012). So, in this way the environment is protected along with which promotion of the company is also implemented. Lastly, efficiency is also initiated in the travel activities to initiate sustainability in the environment. Human Resource Management Human resource management refers to practices of the organization relating to the personnel of the company. These activities support the employees and maximize their level of satisfaction so as to retain them in the organization (Kerzner, and Kerzner 2017). The travel and tourism company Intrepid is known for providing qualitative services in the target market so as to create sustainability in the industry. The company is currently placed on the topmost position in the target market as the company is not only involved in producing profits for the business; but is major aim is to provide customer satisfaction and environmental benefit (Weiler, and Black 2015). The HRM practices of company have adopted the following strategies to gain an identified position in target market: Retention policy for employees Retention policy refers to the policy formed by the organization which helps them to retain the employees in the organization and satisfy them as well. Employees can be retained in the process only if there are satisfied with the activities of the management (Terera, and Ngirande 2014). In order to implement the activities of the adventure travel company Intrepid initiated their functions according to the environmental specifications. They created a bond with the employees so that all their requirements are fulfilled properly. Further this bond helps the employers to communicate and retain the employees in their organization. Performance Management Performance management refers to the process of analyzing and evaluating the skills and capabilities of the employees in such a way that their performance is upraised according to the work performed by them. Intrepid Travel Company has implemented the process of performance management to enhance the skills of the employees. This process motivates the employees to work harder so as to earn appraisal and benefits from the company (Becker 2016). In order to look for the most suitable candidate who is fit for the job, the company initially defines parameters on the basis of which they have to select the candidate for recruitment. This step is strictly followed in the organization, as inefficient caliber can reduce the efficiencies of the company as well. Thus, recruitment and selection process act as most important task for the organization as it helps the company to welcome new and fresh talent in the organization (Grenier 2016). After this process the performance appraisal scheme of th e company helps them to target fresh talent and retain them in the organization as well; due to which subsequently competitive advantage is achieved. The company evaluates the performance of the employees on the basis of all aspects like, caliber and talent, knowledge of course, sincerity in work, work completion etc. (Morgan 2016). On the basis of all these factor the performance is analyzed which give positive results to the employees and make them stay in the organization. Sustainable HRM practices in Intrepid The performance management practice of the company includes the sustainable human resource management practices as well. Sustainable HRM practices include the activities which are implemented in the company while concerning the needs and wants of human resource and satisfying them successfully (Bramwell, et. al., 2017). The organization aims to address the issues which the employees are facing and redress them correctly. Adequately providing rewards too the employees according to work done by them is also regarded as sustainable activities (Wiederkehr 2016). Lastly, initiating informal along with formal communication helps the employees to adapt in a different environment due to which sustainability in the activities of management are embraced. Leadership Leadership refers to the activity initiated by the managers of the company to lead the company in the direction their vision and mission. Leadership helps the management to motivate the employees to work more effectively and efficiently (Kerzner, and Kerzner 2017). Further the fact shall also be noted that being present in the tourism industry, it is important for the company and its employees to initiate leadership activities so that the travellers are inspired by their activities. Leadership activities will enhance the decision and satisfaction level of employees in the market (Edwards 2015). The guides in the organization are those people who are the native of that place and have gained reputed experience in the field of adventure tourism. The coaching leadership and strategic leadership style is adopted by the company so as to enhance the performance of the company in both internal and external environments. Coaching leadership refers to the leadership in which the managers regular check the performance of the employees and correct them to enhance their skills. Whereas strategic leadership style shows that the managers of the company acts as a boss while conducting group activities; the supervisors act as leader and find ways to innovate the managerial activities in the environment (Wearing, Schweinsberg, and Tower 2016). Intrepid is adventure travel company so if they management would not leadership skills in their activities the customers would not trust them while travelling. Also leadership helps the company to adjust and manage the local area activities as well. Lastly it shall be noted that the activities of the company are designed in unique and innovative way so that the customer gets attracted to them. This process also lifts up the position of the company in target market and adequately manages the internal and external issues as well (Schillat 2016). Value Chain in Technology Value chain refers to the process of the organization where the management identifies the primary and support activities that adds value in the final products and reduces cost and increase differentiation of the company in the external market. Value chain includes the analysis of the internal activities of the company which identifies the resources and capabilities of the company and turns them in producing output for the organization (D'heur 2016). Intrepid being world largest adventure tourism service provider has initiated services according to the satisfaction level of customers in the market. The company has worked with around 300,000 travellers per year. Apart from adventure travel the company also famous for providing catering etc. facilities to the customer who attain their packages. The additional services provided depends upon the budget of the customers and he packages which they take. These packages provide ease to the customer to attain all services from one organization only (Shelly 2017). Furthermore as the vision of the company suggests that they want to change the way people see the world, in response to which following value chain and technology services are implemented in the environment (Tourism 2014). Source: (Intrepid Travels 2017) The company diversified its network with more than 1600 employees working with them in more than 100 countries with 24 branches worldwide. This diversified network helps the company to manage their international activities. Technological implementation helps in booking tickets online and getting information about the tour and travel packages organized by the company (Intrepid Travels 2017). Recommendation The following details shall be recommended to the company Intrepid to sustain in the adventure tourism market: The company shall make use of innovative technology in their business process so as to attract more and more customers in the market. Innovation will provide next level satisfaction to the customers of the company. More promotional activities shall be implemented by the management. The company runs their business on small scale because not much people have knowledge about the activities of the company. Both online and offline promotional activities shall be implemented by the company in the target market. It shall promote the adventure tourism activities more than the activities of Intrepid. Conclusion Thus in the limelight of above mentioned events the facts that shall be noted is that sustainability is an important task which shall be implemented by all organization. Further in the company Intrepid, sustainability is an important aspect which shall be fulfilled by the management. The above mentioned task explains about the planning, leadership and human resource etc. activities of the company according to the adventure tourism market capabilities. References Beard, C., Swarbrooke, J., Leckie, S. and Pomfret, G., 2012.Adventure tourism. Routledge. Becker, E., 2016.Overbooked: the exploding business of travel and tourism. Simon and Schuster. Bramwell, B., Higham, J., Lane, B. and Miller, G., 2017. Twenty-five years of sustainable tourism and the Journal of Sustainable Tourism: looking back and moving forward. Clegg, S.R., Kornberger, M. and Pitsis, T., 2015.Managing and organizations: An introduction to theory and practice. Sage. Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press. D'heur, M., 2016.Sustainable Value Chain Management. Springer International Publishing: Imprint: Springer,. Eccles, R.G., Ioannou, I. and Serafeim, G., 2014. The impact of corporate sustainability on organizational processes and performance.Management Science,60(11), pp.2835-2857. Edgell Sr, D.L., 2016.Managing sustainable tourism: A legacy for the future. Routledge. Edwards, A.R., 2015.The heart of sustainability: restoring ecological balance from the inside out. New Society Publishers. Epstein, M.J. and Buhovac, A.R., 2014.Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. Erkkil, J., 2014. Business plan for Eco-Adventure Travel company. Flight Centre., 2018. Flight Centre teams up with Intrepid Travel Cathay Pacific for 2nd Annual Charity Trip. Viewed on February 1, 2018 from https://www.flightcentre.ca/blog/flight-centre-teams-up-with-intrepid-travel-cathay-pacific-for-charity-trip/ Grenier, A.A., 2016. Borrowing Concepts from Expedition Travel to Stimulate Alternative Tourism.Project Management in Extreme Situations: Lessons from Polar Expeditions, Military and Rescue Operations, and Wilderness Exploration, p.87. Intrepid Travels. 2017. Expedition trips: Brand new off-map adventures. Viewed on December 12, 2017 from https://www.intrepidtravel.com/en/theme/expeditions Intrepid Travels. 2017. Small groups, big adventureswith Intrepid Travel. Viewed on December 12, 2017 from https://www.intrepidtravel.com/en Kelly, M., 2016. Intrepid Travel Launches Digital Detox Trips Then Blitzes Digital Media With The News. Viewed on February 1, 2018 from https://www.traveltrends.biz/ttn555-no-irony-here-intrepid-launches-digital-detox-trips-a-marketing-hook-tailored-for-digital-media/ Kerzner, H. and Kerzner, H.R., 2017.Project management: a systems approach to planning, scheduling, and controlling. John Wiley Sons. Kiper, T., 2013. Role of Ecotourism in Sustainable Development. Viewed on February 1, 2018 from https://www.intechopen.com/books/advances-in-landscape-architecture/role-of-ecotourism-in-sustainable-development Morgan, D., 2016. Adventure tourism.Encyclopedia of Tourism, pp.10-11. Schillat, M., 2016. Adventure Tourism Poses New Challenges for the International Association of Antarctica Tour Operators (IAATO). InTourism in Antarctica(pp. 65-74). Springer International Publishing. Shelly, L., 2017. Working Better with Indigenous Tourism Suppliers. Terera, S.R. and Ngirande, H., 2014. The impact of rewards on job satisfaction and employee retention.Mediterranean Journal of Social Sciences,5(1), p.481. Tourism, A., 2014. Global Report on Adventure Tourism. Wearing, S.L., Schweinsberg, S. and Tower, J., 2016.Marketing national parks for sustainable tourism. Channel View Publications. Weiler, B. and Black, R., 2015. The changing face of the tour guide: one-way communicator to choreographer to co-creator of the tourist experience.Tourism Recreation Research,40(3), pp.364-378. Welford, R. ed., 2016.Corporate Environmental Management 2: Culture and Organization. Routledge. Wiederkehr, M., 2016.Analysis of the business strategy of First Light Travel in terms of sustainability(Doctoral dissertation, Haute Ecole de Gestion Tourisme).

Jurors in Twelve Angry Men Essay Example For Students

Jurors in Twelve Angry Men Essay The film, 12 Angry Men (1957), is a drama about a jury that was to decide the fate of a teenaged boy who was facing the electric chair for supposedly killing his father with a switchblade knife. The twelve men were locked into a small, claustrophobic jury room on an unbearably hot summer day until they came up with a unanimous decision either guilty or not guilty. Over the course of the film the votes went from eleven guilty and one not, to a unanimous vote of ‘not guilty’. In the film, there are many different aspects of persuasion that finally lead to a right decision. Effective persuasions are when Juror eight firstly explains his reasons for voting not guilty at the beginning of the play. He effectively persuaded juror nine to vote not guilty by explaining that he had some doubts that needed to be discussed. And then, he explains his doubt about the testimony of the old man about being able to hear the boy yell Im going to kill you while the train was going past the window. He does this by discussing the amount of time it takes for a train to pass the window and how loud it is. Also, he explains his doubt about the old mans testimony about going to his front door and seeing the boy running down the stairs. He does this by acting out how long it would actually take for the old man to get to his front door. Finally, Juror eight establishes that it is possible that the boy told the truth about the switch knife, by purchasing and bringing in an exact replica of the knife in question. On the other side, there are some Ineffective persuasions. For example, Juror three tries to persuade the other jurors to stay with him by talking about his own son. Juror ten tries to persuade the other jurors to vote guilty because of his racist views, etc. Pathos, ethos, and logos can be seen through the story. For example, juror eight uses ethos when he tries to explain to juror ten that the old man could not have heard the boy say â€Å"I’m going to kill you† to his father. He Explains â€Å"Theres something else Id like to talk about for a minute. I think weve proved that the old man couldnt have heard the boy say Im going to kill you, but supposing † he is saying that just because we say something doesn’t mean that were going to do it. Jurors ten demonstrates pathos in the story when he says â€Å"he’s just a common ignorant slob, He don’t even speak good English. † Juror eleven replies â€Å"he doesn’t speak good English† this shows the irony in juror ten’s argument. Juror ten also demonstrates pathos when he is trying to convince the jury that people in general that live in the slums are bad. As we can see from that, he obviously shows great emotion and strong opinion about the people that live in the slums. Logos is used mostly when juror eight convinced the other jurors that the old man could not have moved as swiftly as said in the case because of a previously suffered stroke. This is a logical view at how the old man could not have gotten to the window to see the boy run out of his home. Though out the entire movie though, there are several instances of ageism and racism. The most prominent example of racism would be the fact that the jurors don’t care too much about this case because the boy is a minority and as said by juror ten â€Å"These cases happen so often among them. † There is a hate against this boy on trial just because the other people in his racial group. Movie Analysis - The Breakfast Club EssayJuror ten tries to persuade the other jurors to vote guilty because of his racist views, etc. Pathos, ethos, and logos can be seen through the story. For example, juror eight uses ethos when he tries to explain to juror ten that the old man could not have heard the boy say â€Å"I’m going to kill you† to his father. He Explains â€Å"Theres something else Id like to talk about for a minute. I think weve proved that the old man couldnt have heard the boy say Im going to kill you, but supposing † he is saying that just because we say something doesn’t mean that were going to do it. Jurors ten demonstrates pathos in the story when he says â€Å"he’s just a common ignorant slob, He don’t even speak good English. † Juror eleven replies â€Å"he doesn’t speak good English† this shows the irony in juror ten’s argument. Juror ten also demonstrates pathos when he is trying to convince the jury that people in general that live in the slums are bad. As we can see from that, he obviously shows great emotion and strong opinion about the people that live in the slums. Logos is used mostly when juror eight convinced the other jurors that the old man could not have moved as swiftly as said in the case because of a previously suffered stroke. This is a logical view at how the old man could not have gotten to the window to see the boy run out of his home. Though out the entire movie though, there are several instances of ageism and racism. The most prominent example of racism would be the fact that the jurors don’t care too much about this case because the boy is a minority and as said by juror ten â€Å"These cases happen so often among them. † There is a hate against this boy on trial just because the other people in his racial group. Another instance is the fact that most of men are talking down the older man, juror nine, just because he is old as if he is a senile old man. In fact he is not and he comes up with more evidence that the young boy is innocent than the majority of the men on the jury. A person’ speech affects his credibility. Juror 10 is definitely the most prejudice out of them all. He gives this entire monologue saying â€Å"These people lie, they live that way, they are fighting all the time, they can do anything, and not one of them is any good, these people are dangerous and wild. After his speech, juror eight concludes that â€Å"Prejudice needs to be left out of this situation. It obscures the truth. † That statement should have been stated at the beginning of the jury meeting, though this moment was very important. It completely changed the atmosphere and the decisions of every man on the jury. Finally, as we can see from the film that the facts which are higher class controls a lower class is very prominent in â€Å"12 Angry Men. † The capitalist class or â€Å"The Elite† includes the power of wealth, which has access to the resources to manufacture or produce products. The working class on the other hand is individuals that have no power and their hard work is sold to capitalist class to produce these products. The elite have an advantage over the working class in that they keep this class enslaved, so that they have to rely on the elite for income and they can maintain this power position of wealth. These men in the jury are in a higher class than the young man, so in fact they are in control of his fate, making the men the capitalists and the young man the working class.

Romeo And Juliet With Miracle Worker Essays -

Romeo And Juliet With Miracle Worker "Relationship between Romeo and Juliet and Annie and Helen" Romeo and Juliet is a tragic play written by William Shakespeare. It is a love story between two rival families, the Montagues and the Capulets. Romeo who is a Montague falls in love with Juliet who happens to be a Capulet. It is love at first sight, but if their parents find out there will be no way that Romeo will ever see Juliet again. The Miracle Worker is another play that we read. It is about a little girl named Helen Keller who is both deaf and blind. Her parents pity her and let her do whatever she wants. They want to be able to communicate with her so they write a doctor in Baltimore for help. The doctor sends Annie Sullivan to help Helen, which is worth it because she finally gets Helen to be polite and talk. Three people from Romeo and Juliet compare to three people in The Miracle Worker. To begin with, the Montagues and the Capulets along with Mr. and Mrs. Keller and Annie are the first similar group of people. Because the two families disliked each other so much, it kept their children from being able to date each other openly. It forced their children to keep secrets from their parents and made it hard to see each other. The parents in The Miracle Worker are pretty much the same. Mr. and Mrs. Keller didn't like the way Annie was handling and taking care of Helen. They almost made Annie quit teaching because of that. Annie made Helen eat with a fork instead of her fingers. When she wouldn't hold the fork Annie forced her to hold it. The Kellers didn't like this and told Annie to let Helen eat however she wanted but Annie wanted Helen to learn the proper way to eat and behave. Annie was very strict and made disciplined Helen well. Next there are two people who were dependable and friendly to Romeo and Juliet and Annie and Helen. For example Friar Laurence knew all about the marriage between Romeo and Juliet because he is the one who married them. He thought that if they got married it would end the feuds between the families. In addition he also came up the plan for Juliet to drink the potion to make it look like she was dead and when Romeo came it would look like he save her so the Capulet family would like him. James, Captain Keller's son by his first marriage was the only one who believed in Annie at first. For instance he was the first to see Annie teach Helen the alphabet and also got the ladder for Annie when Helen locked her in the room. Also James lets Annie take Helen to the pump by telling Mr. Keller to let Annie teach Helen her way and that for once he is wrong and Annie can successfully teach Helen. Finally the last two people that influenced the relationships are the Nurse and Doctor. The Nurse knew about the relationship between Romeo and Juliet and could have told someone but never did. If she told someone of their marriage she could have saved the two kids lives. Even though the nurse tried to get Juliet to like Paris she couldn't get her to because she loved Romeo. The doctor told the Kellers that he's never seen a baby with more vitality, which was untrue. However he tells them it was only acute congestion. After he leaves, Mrs. Keller tries to get Helen's attention, but she can't because Helen can't hear or see. If the doctor had been better he would have noticed she was mute and told them before or try to save her. Although two different authors wrote the plays in two different times they still have qualities that can be compared. They all have plots, climaxes and settings. Shakespeare's words and way of writing was more advanced than William Gibson's but they both have good work. Romeo and Juliet's ending wasn't happy like Annie and Helen's but in the end they both got what they wanted. Romeo and Juliet were finally together and the families got over their differences, and Annie got Helen to understand that words have meanings and how to communicate.

Close Reading Analysis Of Last Of His Kind Essays -

Close Reading Analysis of Last Of His Kind The 33rd President of the United States of America, Harry S. Truman, had over ten biographies published about him, each one being different from one another. This book is especially unique due to its style, easy reading, and simple sentence structure. The tone of the book Last of His Kind, by Charles Robbins, is best described as informative and effusive, in other words the book is very outgoing by often giving "fun facts" and a great deal of insight. There is also some juggling of conversation between Harry, his friends, and the author. This "juggling" helps to give the book its own distinct style and also keeps the reader focused. The author's view towards Truman was very admiring. The style is informal for conversations due to the use of jargon like "I put up a whirlwind membership campaign for the Kansas city Automobile Club and made a good living at it." This suggests that Truman is being involved in automobiles and often gives a little insight. Also, it often seems as though Harry is speaking to the reader directly. Slang is also a big part of conversation mostly because of the author's attempts of making the conversations appear more life-like by giving the people the southern accent that they had. Slang sayings like "?you were late and you caught the devil" are also often used, throughout the whole book. Other slang words like "Bum," and "gimpy" are also being used. The formality and informality fluctuates between the author and Harry. When Harry is speaking the style is informal but when the author is speaking the style switches to high formal. The sentence structure is basically simple and conversation-like when Truman or his family/friends are speaking but changes to compound and sometimes complex when the author is speaking. A good example would be "?[s]o I came to the United states senate and went to work? (notice the simple words) Beyond pointing out that both his opponents had not been above seeking Pendergast's help?." Notice the change of style between Truman's sentence and the author's. Figurative language like metaphors and similes are only used in conversations. Most sentences are clear, organized and parallel. They are also very specific when referring to certain actions in the past that will affect the future. The sentences are mainly short thought they sometimes tend to run on. (nobody is perfect) The diction, often formal when the author speaks, tends to push towards formal due to the choice of elegant words used, but when Truman speaks, it tends to be informal and neutral. Denotation and connotation, even though its hardly used, it is used when Truman speaks about his wife, Bess, and daughter, Margaret. The syntax maintains an active voice throughout the whole book and only is passive in a few small spots. The sentences are loose in some parts and become periodic in other parts; it mostly depends on what is going on. A good place to find periodic sentences is around the atomic bomb, and the firing of Gen. MacArthur. Parallel structure is maintained throughout the book and is sometimes not parallel when Truman speak. The syntax is generally simple and only slightly becomes complex when the author speaks. Simple syntax, a peaceful tone, and great insight on Harry S. Truman all contribute to the style of the book making it unique and captivating. The mixture of first and third person point of view combined with all the other good aspects of this book make it not only interesting but also bring it one step closer to grammatical perfection.

Analysis of The Complete English Tradesman Essays - Daniel Defoe

Analysis of The Complete English Tradesman Essays - Daniel Defoe Analysis of The Complete English Tradesman Daniel Defoe's "The Complete English Tradesman", is a good example of his non-fiction writing. The content in the writing is thorough and well presented by Defoe. In the writing, Defoe explains what his opinions on what it means to be an English tradesman. Contrary to some experienced tradesmen, he believes that to be a good tradesman, one needs to acquaint himself with all business in general. According to Defoe, application is of more importance than diligence in business. "Without application nothing in this world goes forward as it should.." Tradesmen of Defoe's day said that there needs to be an aggressive passion in how one handles business, and anger and temper sometimes are necessary. Defoe also challenges this. He believes a "complete tradesman" should not show the least return, signal of disgust, no passions or fire in his temper. A complete tradesman should be soft and smooth, showing little emotion. Basically, Defoe explains how to be by his definition a complete tradesma n. "When a tradesman has thus conquered all his passion, and can stand before the storm of impertinence, he is said to be fitted up for the main article, namely, the inside of the counter." The content of the writing is very comprehensive, covering many aspects of being a tradesman. The content that has already been praised, is presented very well. Defoe organizes the information into letters to all tradesman of England. The writing is a collection of letters to English tradesman, each addressing a different issue. Defoe makes it clear that the information is based on opinion, so there are no false leads. For example, "It its the judgment of some experienced tradesman that no man ought to go form one business to another... I, myself will not enter that dispute here. I know some very encouraging..." Defoe also provides examples by making a story using a script format. "Lady. No I can't he'd use me. Cit. How does your ladship know? Lady. Why, I know...." Defoe uses different techniques and ideas to present the content well in this piece. In Daniel Defoe's "The Complete Tradesman", the description usage is adequate, but in a few cases it is a little too much. There is enough description to explain the whole situation, but it is not overdone to tire the reader. Defoe gives many examples, and support, but the descriptions and adjectives/adverbs are straight to the point. In some of his other writings, he has a tendency to elaborate with many details, but this writing is clearly, and concisely written. The sentences consisted of less adjectives, but more substance. "I know some very encouraging examples of the contrary, and which stand as remarkable instances, or as exception to the general rule." The description was well used throughout the writing. For the most part, the description was well used, but the problem Defoe has with description in this writing is when he crams it all into one sentence, making one long confusing sentence. For example, "It cannot be expected that he should have judgment in the choice of all kinds of goods, though in a great many he may have judgment too; but there is a general understanding in trade; which every tradesman both may and ought to arrive to; and this perfectly qualifies him to engage in any new undertaking, and to embark with other persons better qualified than himself, in any new trade which he was not in before; in which, tho' he may not have a particular knowledge and judgment in the goods they are to deal in or make, yet having the benefit of the knowledge his new partner is master of, and being himself apt to take in all additional lights, he soon becomes experienced, and the knowledge of all the other parts of business qualifies him to be a sufficient partner." By doing this, the re ader gets lost in the sentence and it is hard for the reader to back track. In a few cases, one shown here, the description was overdone by cramming a lot into one sentence.

Abortion Bill essays

Abortion Bill essays To reform abortion in the United States IN THE U.S. HOUSE of REPRESENTATIVES Ms. Blank/Representative introduced the following bill that was referred to the committee on public healthcare and welfare. ______________________________________________________________________________ To initiate an abortion bill that would allow women the choice to decide the fate of their unborn child. 1. Be it enacted by the Senate and the House of Representatives 2. In the United States in Congress Assembled 4. This act may be cited as the "Abortion Freedom Act of 2000" 6. (1) To give a woman free choice regarding abortions 7. (2) To keep public facilitates from restricting abortions. 8. (3) To have abortions readily available for women, regardless of background and such. 10. The following subsections of House of Representatives shall be established to accomplish the said 11. purposes: 13. a. The federal government cannot prevent any woman from having an abortion. 14. b. Funding for abortions would be provided by the government and money would be taken out 15. of the defense budget for select cases. 16. c. Federal government does not have a say on who can and cannot have an abortion. 17. d. Abortions to women under the age of eighteen must have parent notification; however, no 18. parent has the right to make the final decision. 19. e. No state, city, county... can prosecute anyone who preformed or had an abortion. 21. a. Women will be escorted in and out of the building by guards. 22. b. Women will stay in the clinic for a mandatory minium of two days after the operation to 23. ensure that no health or immediate mental problems arise. 24. c. Protestors will be ordered to stay away from the w ...