Not Risk Averse Essay Online For Free - Free Essay Example

I often hear finance managers say an investment related proverb that goes like this; be risk diverse, not risk adverse. An inquisitive, or even not so inquisitive mind may wonder what does this concept really mean? and why is it so important when investing? This paper seeks to provide answers to the querying mind and to explain, not only by definition but also via demonstration the importance of having a diversified portfolio. It will also include reasons why investors should be risk diverse and not risk adverse. Part 1: Diversification, Risk Management Market Cycles Investopedia defines diversification as a technique that reduces risk  by allocating investments among various financial instruments, industries and other categories. Its main aim is to maximize returns hence the reason it is invested in different area that will each react differently when exposed to similar conditions. . In short, diversification denotes the old saying dont put your eggs in one basket. The article some sample portfolios emphasized the importance of having a diversified portfolio. It sees diversification as the spreading of ones money among various sorts of investments to limit risk and maximize growth potential. These investments are primarily categorized by stocks, bonds and cash. Most investment professionals agree that, although it does not guarantee against loss, diversification is the most important component of reaching long-range financial goals while minimizing risk (Investopedia). Risk Management If one caught a whale the first time he or she ever picked up a fishing pole, perhaps theyd think of themselves as being lucky. If they year after year they reeled it back in with the same result, theyre assume that pond was the right place to be. Likewise, investors who purchased their first stock during one of the most extraordinary bull market in history (1982 -1999) conditioned themselves to believe that their pond (the equity market) was the correct place to be for year to year returns. What these investors discovered later though is the fact that markets move in cycles and like fishermen, they must monitor and adapt to the changing conditions. More than 100 years of equity market history has shown that there are uncertain cyclical movements in the market. With that fact being established, it is paramount that investors prepare for risk and build a portfolio that can withstand any economic environment. In doing so, they (the investors) should diversify among assets that hav e been historically proven to be defensive against risks that may be encountered in the three major economic environments; noninflationary growth, inflationary growth and recession. The article Rethinking Risk states that a properly diversified portfolio can help preserve principal while taking advantage of opportunities that arise as the economy transitions across cycles. While history repeatedly shows the cyclical movements of the market, many investors today view bull markets as normal and therefore tend to chase returns at the expense of risk management with the reason being, prior to 2000s; no person significant losses were experienced. The term baby boomer is used to describe the generation that lived through the bear market (1966 to 1982). These boomers began to seriously invest during the bull period from 1982 1999. There they had consistently gained high levels of return with low volatility. What many of these investors faired wasnt losing money; rather it was missing o ut on gains. For those who considered the bull markets to be the norm, the two bear markets of 2000s really did come as a shocker. Investors are therefore advised to rethink their assumptions about the equity market as it related to investing and risk. All investments involve risks. The closer the investor is to retirement the riskier the asset becomes because their compensation, savings and assets will generally decrease (outliving savings). Phases of Investing Asset Accumulation Pre-Retirement Retirement Time until retirement 10+ years Less than 10 years Retired Risks -Not enough growth to out space inflation -Losses may lead to abandoning strategy -Lots to lose and less time to recover -Purchasing power -Inflation -Portfolio longevity -Limited contributions Diversification It is important that investors prepare themselves in the event that for one of the economic environment were to occur. Different asset classes have historically outperformed during different economic environments, hence portfolio diversification is importance when one intends to pursue financial goals across market cycles. Diversification is the key to risk management. As aforementioned, it is simply investing in a variety of assets which in turn assures investors that if a situation like the bull market fails and some asset classes were to fall, other assets in the portfolio will be able to offer stability. Analysis of the markets history indicates that the allocation of assets needs a logical approach with sound knowledge of risk. In the 1990s the market moved upward and hence investors, due to their growth potential were attracted to stocks within the technology and communications industries. Technology then went downhill causing the investor that invested only in that sector to pay the price. When the market recommenced its gain between 2003 and 2007, investors no longer invested in one sector; rather, they included international and emerging markets stocks and private equity to their portfolios. But as we can remember, when the market went into recession in 2007, all the asset classed plummeted together. What happened then can be simply explained. In the investors quest of returns, they evaded assets such as cash and long term government bonds that offered lower growth potential than of equity but they have been proven to withstand the pressure of recession. What happened there therefore was a case which involved them diversifying their sources of returns but failed to do so according to risk. Investors should therefore diversify among asset classes that have been proven to defend against risks that may arise from the three major economic environments mentioned earlier. Equities and other equity-like investments have historically been proven to perform well when noninflationary growth is existent. These investments seek growth, which helps protect against shortfall risks in retirement. Currency hedged government bonds and cash are investors best market downturn defense during recessionary periods. While the fact that they lower growth potential is evident, they are also good defendants of steep market loss risks. Commodities have during inflationary periods, revealed its capabilities of protecting against the risk the inflation poses towards corroding ones buying power. Commodities are unpredictable and may not meet the suitability requirements of all investors. The table below taken from Invesco Portfolio Principles: Rethinking Risk, shows the annualized performance of various asset classes stating from the year, 1929. The data is presented within six time periods that represents five distinct market environments. The importance of Diversification Time Frame 1929- 41 (13 yrs) 1942 65 (24 yrs) 1966- 81 (16yrs) 1973- 81 (9yrs) 1982-99 (18yrs) 2000 -09 (10yrs) Market Environment Deflation Low-inflationary growth Inflation Low inflationary growth Credit Supply Reduction* Corporate bonds 6.30% Stocks 15.93% Inflation 6.93% Commodities 16.87% Stocks 18.77% Long-term government bonds 8.81% Long-term government bonds 4.76% Inflation 3.05% T-Bills 6.38% Inflation 9.32% Corporate bonds 13.61% Corporate bonds 7.01% T-Bills 0.82% Corporate bonds 2.61% Stocks 6.35% T-Bills 7.53% Long-term govtbonds13.51% T -Bills 3.02% Inflation -1.60% Long-term govtbonds2.16% Corporate bonds 3.07% Stocks 6.11% Commodities 7.63% Inflation 2.60% Stocks -2.47% T- Bills 1.61% Long-term govt bonds 2.57% Corporate bonds 2.86% T-Bills 6.30% Commodities 2.28% Commodities index was not incepted Long-term govt bonds 2.84% Inflation 3.32% Stocks -4.00% The period den oted by * did not represent true deflationary period because consumer prices did not fall. The reduction in credit supply however led to economic contractions somewhat similar to what would be experienced in a deflationary environment. Sources: Ibbotson, Lipper Inc. Stocks are represented by the SP500 Index; inflation by the consumer Price Index; Commodities by the SP 500 GSCI Index; long-term government bonds by the Ibbotson U.S. Long-Term Government Bond Index; T-Bills by the Ibbotson U.S. 30 Day T-Bill Index; and corporate bonds by the Ibbotson U.S. Long-term Corporate Bond Index. An Investment cannot be made directly in an index. Past performance is not a guaranteed future result. Part 2: Risk adversity vs. Risk Diversity Risk is often defined as a measure of the probability and severity of adverse effects [Lowrance 1976]. It is the fundamental of investment and is also very essential. An investor trade to make money, and the only way that can happen is by taking some form of risk. If excessive risk is taken however, it can be very disastrous. There is nothing wrong with being risk adverse (risk friendly), however, problems exist where there is undiversified risk in a portfolio that may lead to it being risk-free hence return-free. Must I note that there is nothing wrong with an investor that is both willing and able to take a more that average level of risk, however, it must be done rationally. It must also be noted that a higher risk level does not signify putting all your eggs in one basket since higher-risk portfolios are customarily comprised of various classes of assets that are sensibly managed. Risk adverse investors dislike risk, as a result, they tend to avoid adding high risk investmen ts to their portfolio which will consequently make them lose higher rates of return opportunities. Such safer investments seeker investors generally prefer investments with low returns such as index funds and government bonds. The Risk Reward trade off Financial Dictionary defines risk reward tradeoff as The concept that every rational investor, at a given level of risk, will accept only the largest expected return. In a circumstance where two investments are given at the same risk level, ceteris paribus, rational investors will chose the asset that with the highest return. It is because of this concept; riskier bonds pay a higher coupon rate and bonds pay lower returns than that of stocks reason being that bond investments are safer because they are less risky. (Finance-Dictionary). It is basically deciding the amount of risk one can take when developing their portfolio. The risk-return tradeoff is the balance an investor must decide on between the desires for the lowest possible risk for the highest possible returnsÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ low levels of uncertainty (low risk) are associated with low potential returns and high levels of uncertainty (high risk) are associated with high potential returns (Investopedia). H ere is an example taken from Investopedia.com that explains how the risk-reward theory works. The risk-free rate of return is usually denoted by the quoted yield of U.S. Government Securities. For this purpose the risk-free rate is assumed to currently be 7%. Therefore, for having no established risk, an investor can earn 7% per year on his or her money. However if the index funds are averaging 13 -15.5% per year, no one will settle for 7%. It must be noted that index funds dont return 15.5% every year, instead they return -5% one year and 25% the next. Putting that example in simple terms, in order to receive higher returns, investors must be willing to take on considerably more risk. Sample Historical Portfolios The graph inserted below highlights the historical performances and risk of portfolios ranging from 100% stocks to 0% stocks. It shows the average return and standard deviation, which is also a measure of risk) for the portfolios individually. The data in this portfolio ranges from the period 1927 to 2007. (Crackerjack) The graph depicts the risk-return tradeoff where the higher the percentage of stock in the portfolio increases the returns and the risk. Higher returns symbolize the involvement of risk and obviously, a lowered risk level will signify lower returns. It is also good to note that as the investment fluctuated so did the range of returns. The Pie chart below represents a portfolio that I will recommend which consist of the allocation of 60% stocks Crakerjack The graph below highlights the historical returns for the portfolio above from 1927 to 2007 Crackerjack Facts about that portfolio From 1927 to 2007, the average annual return for a diversified 60% Stock portfolio was 9.5%. During any consecutive 3 years from 1927 to 2007, this portfolio lost money 8 times out of a possible 79 periods. In 2 of those 8 times, it lost less than 1.2% of its original value. The two worst 3 year periods were 1929-1931 and 1930-1932 (Great Depression), when the portfolio lost about 46% of its original value. From 1927 to 2007, the average annual return for a diversified 60% Stock portfolio was 9.5%. During any consecutive 3 years from 1927 to 2007, this portfolio lost money 8 times out of a possible 79 periods. In 2 of those 8 times, it lost less than 1.2% of its original value. The two worst 3 year periods were 1929-1931 and 1930-1932 (Great Depression), when the portfolio lost about 46% of its original value. (https://www.crackerjackgreenback.com/category/diversified-portfolios/) Recommendations When investing it is important that investors include securities from all the asset classes. This ensures at least a portion of the investors holdings is doing well. One can also invest in securities of the same asset class that are not affected by the same variables When investing it is advised that one should not invest in variables that may increase or decrease in price at the same time Diversified portfolios are less volatile with sounder returns so it is therefore advised that portfolios be diversified. Conclusion There is no success without risk. If people could have predicted the future, they would have known when there will be a recession, inflation or a great depression. Since predicting the future is virtually impossible investors have to let faith be their guide. They have to take the risk and wait to see how the market will play out. Risk is good, it is importantÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦it is essential.

E-Commerce at Yunnan Lucky Air - 5422 Words

08-076 August 11, 2008 E-commerce at Yunnan Lucky Air Inaki Berenguer, Cai Shijun, Li Liang, Liu Jing, Ningya Wang Preserve the essence of traditional Chinese culture while learning from successful models of the world. - Yunnan Lucky Air, statement of corporate culture Fortune had favored Yunnan Lucky Air. Four years after its founding in 2004, Lucky Air had grown into a US$104.3 million (RMB720 million) low-cost airline, serving domestic routes from its hub in Kunming, the capital of southwestern China’s Yunnan province. Yunnan was one of China’s top tourist destinations, famous for its beautiful landscape and multi-ethnic culture, and Lucky Air had successfully attracted over 1.2 million Yunnan-area travelers in 2007 alone – more†¦show more content†¦A wave of new low-cost airlines had emerged, making domestic travel more affordable for everyone. Analysts estimated that about 780 routes were appropriate for low-cost flights, based on route popularity, trip length, and similar factors, and that by 2013 25% of passengers would be carried by low-cost airlines with a p rojected growth rate of 20% per annum.1 The growth potential attracted many new entrants and intensified competition. Government regulations restricted airlines’ ability to reduce ticket prices, yet the sheer abundance of low-cost airlines pressured each to lower its ticket prices as much as possible. Some airlines opted to expand beyond offering flights alone. Spring Airlines, launched in 2005 and based in Shanghai, flew to 23 destinations within China and had achieved US$72 million in revenue and US$4.3 million in net profit by the end of 2006. The key to Spring’s growth strategy had been the decision to pursue the large Shanghai tourist trade by offering discounted tour packages. By bundling with hotels and other travel services, Spring was able to offer a fare 34% lower than average market price. Company History Lucky Air was founded in 2004 with an initial capitalization of US$2.2 million (RMB15 million). As one of China’s most popular domestic tourist dest inations, Yunnan province was seeing significant growth in the number of tourists. Between 2007 and 2008, the number of projected arrivals was predicted toShow MoreRelatedE Commerce at Yunnan Lucky Air1685 Words   |  7 PagesE - Commerce at Yunnan Lucky Air: Introduction: Backed by the Hainan Airlines of the China, Yunnan Airlines was founded in 2004 as one of the most cost-effective domestic airline operating from its hub in Kunming, in the province of Yunnan. The limited route license added to the airline’s competitive advantage and maintained its monopoly within the region. Its major competitors include Air China and China Southern Airlines among others. As Yunnan is one of the most attractive tourist destinationsRead MoreYunnan Luck Air Case Study Essay1721 Words   |  7 Pages1. What are Yunnan Lucky Air’s best options? Luck Air had a great business model, and that was to follow the same model as Southwest Airlines in the United States. Because Luck Air is considered a domestic airline in China they operate on a small scale compared to major competitors and so it made economical sense to offer low-cost, high-efficiency to their customers. In 2007 Lucky Air was able to more than double the amount of passengers from the year before by using a low-cost tactic. HoweverRead MoreLucky Air the Beginning727 Words   |  3 Pages1. What are Yunna Lucky Air’s best options? Lucky Air chose to follow the model of the Southwest Airlines in the United States. Lucky Air is a domestic airline located in China. Because it is a low-cost and high-efficiency airline it doubled the amount of passengers since 2007. E-commerce was a risk Luck Air decided to take on because other airlines were now offering low-cost high-efficiency flights. E-commerce by definition is commercial transactions conducted electronically on the internet. This

The Modal Model Of Memory - 838 Words

The modal model of memory was initially introduced by Richard Atkinson and Richard Shiffrin (1968) because they believed that once data enters the brain it must either be contained or put away. They additionally recommended that data is kept into three particular memory frameworks i.e. the sensory register, short-term memory and long-term memory. This model was developed to clarify the process of our memory, its capacity and how long the memory is able to hold a data. Furthermore, they carried out a multi-score model which described memory in terms of information flowing via systems and this research was successful in terms of the amount of research it consisted of. As a result, of this Baddeley and Hitch (1974) developed an alternative model of short-term memory which was also known as the working memory. The modal model memory is an explanation as to how the memory process functions, although William James (1890) justified a dissimilarity amid the primary and secondary memory because primary memory comprised of thoughts which held for a short term in consciousness, whereas the secondary memory consisted of a permanent unconscious store. The sensory memory gathers data via our senses, ears, eyes, mouth and due to this information only remains in store for a very small amount time, thus the model suggests that if consideration is given to the senses then the memory exchanges to the short term capacity. An evidence of the sensory store was provided by Sperling (1960); asShow MoreRelatedThe Atkinson And Shiffrin Modal Model Of Memory2042 Words   |  9 PagesMemory is a very crucial topic not everyone understands. We might hear an individual saying â€Å"He has a great memory,† or others mentioning they have a â€Å"bad memory† whenever they have forgotten an important subject. 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University of Virginia), an experiment has been set up to draw a conclusion fromRead MoreEvaluate the Working Memory Model1310 Words   |  6 PagesWorking Memory Introduction Human memory is a complex cognitive structure, which can be defined in many ways. One would argue that memory is 1.) The mental function of retaining information about stimuli, event, images, ideas, etc. after the original stimuli is no longer present. 2.) The hypothesized storage system in the mind that holds this information is so retained. A clear distinction is made between different types of memory systems and can be divided into subclasses. The first model ofRead MoreChemistry Of My Long Term Memory1137 Words   |  5 Pages1. I am storing chemistry in my long term memory. General Chemistry just had a test last week so I am attempting to store new information, specifically from Chapter 10 tilted Chemical Bonding. We have covered bond theories and have worked extensively on the Lewis Dot structure. 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The Spanish Conquest and the Aztec Culture free essay sample

A descriptive essay showing through fictitious newspaper articles and other media sources the Spanish conquest on Mexico and the character of the local Aztecs. The author of this paper uses an original style to produce this essay which brings across the story of Spaniard Hernan Cortezs conquest of Mexico and the local Aztecs with which he fought. By conducting an interview with the Chronicler Juan de Pomar and Hernan Cortez and writing an article about Cortezs success in the Mexican conquest, the paper gives an overall picture of the events of the 1519 era and the culture of the Aztec people. Montecuhzoma allowed Cortez and his men into Tenochtitlan, which was not his normal policy of caution. Great diplomatic overtures were made on both sides, and at first the two warring parties almost seemed as though they might find peace. Unfortunately that was not to be. The Spaniards were coarse, ignorant of local customs, and rude. We will write a custom essay sample on The Spanish Conquest and the Aztec Culture or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page They cared little for protocols and pleasantries. In the end, this disregard for the Aztec culture may have been what created their successful attacks and eventual takeover of Tenochtitlan- while the Aztecs were sacrificing warriors to their gods during battle, the Spaniards were killing them off in large numbers.

Why do students order essays, and why does it save a lot of time

Most likely there was a period that you didnt have room schedule-wise to do your geology homework, you didnt comprehend your math or material science activities, or you would not like to do the science venture, and you chose to pay somebody to do it for you. Or then again perhaps you were the one that charged for doing the activity. Each students longing will free lodging all their exploration papers and homework done when they wake up. These days this can work out as expected, you merely require a PC or cell phone with web get to. Numerous sites offer these services at reasonable costs. The Internet is a Goliath world where you can see conspicuous written work services locales like paperell.com where you can enlist a group of gifted journalists that can deal with any errand paying little mind to its review, point, and level of trouble. Among the written work, services are Essay Writing, Research Papers, Dissertation, Term Paper, Coursework, Case Studies, Book or Lab Reports, Thesis, and so forth. They have involvement in different fields and subjects, and they are prepared to cover any point you require. Students go to that or same sites since they dont have room schedule-wise to do this errands for some, reasons like individual issues, low maintenance work or because they have a bustling week at school or college. Having somebody that can do these undertakings for you is exceedingly helpful since it enables you to put that time in different exercises. These destinations have fondly qualified individuals equipped for composing on any given point inside relatively every field of the scholastic train. The general method for the utilization of the vast majority of these sites is exceedingly primary: the student transfers the task, the site tells the most qualified individuals to play out this task, and they quote the service; in the wake of achieving an understanding, the student pays for it and sit tight for the work to be finished. The state charges a 10% expense, and the rest goes to the individual who took the necessary steps. Costs rely upon the multifaceted nature of each assignment. Scholarly assignments are a crucial component in the learning cedure of most youngsters and adolescents, even though they are not generally exceptionally generally welcomed by students or even by a few guardians. Assignments are expected to enhance the learning obtained in the classroom. They are necessary for students since they help to make pensity for work, duty, train, exertion and they likewise enhance your memory limits. Albeit scholarly assignments are an extraordinary commitment to the academic advancement of students, it is essential that students likewise have enough available time to do recreation exercises. It is necessary and exceptionally prescribed to set up plans that are arranged by the requirements of every student. You ought to dependably attempt to do your assignments, yet if you are in a rush and need to spare time, you can go to one of these sites. On the off chance that you choose to contract one of these composition services it is essential that although you have not done the task, you should read it two or three times so you can find out about it and if your instructor makes inquiries, you can answer them adequately.

Prejudice essays

Prejudice essays Watkins v. United States (1957) 354 U.S. 178 Facts: Watkins was subpoenaed to testify in a congressional hearing to investigate alleged wrong doings of the Attorney General and the department of justice. Throughout the questioning the congressional committee asked questions that could result in Watkins incriminating himself because of his political beliefs. Due to this Watkins evoked his 5th Amendment right not to answer the question. By doing so the congressional committee indicted him and the Court of appeals upheld Congress's claim. Question: Does Article one of the Constitution bestow to congress the power to interrogate citizens out of a court of law? And can the 5th amendment be used in a congressional committee hearing? Decision: The decision was to reverse the judgement of the Court of Appeals and to dismiss the indictment. Reason: Congress must be able to conduct investigations especially into "surveys of defects in our social, economic, or political system," claimed Chief justice Warren, in order to allow congress to relive those issues. With that in mind Congress has no authority to expose private affairs of persons without it being pertinent to the legislation in question. The Bill of Rights was applied to the Constitution to ensure safety of individual rights from and overbearing Congress. Congress can not ask vague questions to accidentally fall onto the answer(s) they want, specific questions must be used to retrieve the needed information. Barenblatt v. United States (1959) 360 U.S. 109 Facts: Lloyd Barenblatt was a college professor called to testify before the congressional subcommittee House of Un-American Activities. When questioning began Barenblatt refused to answer regarding any past involvement with the Communist Party, firmly believing that past political beliefs are protected under the 1st Amendment of the Constitution. The Supreme Court vacated hi ...

Candide by Voltaire Essay Example | Topics and Well Written Essays - 750 words

Candide by Voltaire - Essay Example These events are highlighted in the as the author tries to depict the evil in the society. Voltaire needed to highlight that Candide’s society needed critical reforms. This paper will highlight the significance of the battlefield and the earthquake in terms of social identity. In chapter three, Voltaire describes the battlefield in Bulgars. Candide witnessed the adverse effects caused by war. He was there when two armies harmoniously arranged themselves with music that Voltaire describes, as â€Å"hell itself had never heard† (Voltaire 10). The satirical manner in which Voltaire describes the war speaks volumes about the attitudes of the society. The men in the army used cannons and bayonets to slay the people. In a few seconds, Candide witnessed over 30,000 people killed in the war. Both the kings of the armies were desperate to win the war. Therefore, they expected the soldiers to murder more people. Candide was unable to bear with the reality of the situation. He sought to move away from the battlefield and be able to reflect on both the causes and the effects of the war. He highlights that he saw many dead bodies as well as other people on the verge of death. He witnessed the desperation with which men saw their wives and children die. Even in death, women held firmly to their children. It is unfortunate that the Bulgarian heroes also raped the women. The scene was devastating and Candide had never witnessed such evil. Without a doubt, there were no justifiable reasons for the war. The two kings needed to enjoy the glory of winning a war without any noble causes. Unfortunately, the war led to the death of over 30,000 innocent people. Evidently, the society of the Bulgars needed redemption, so that they can restore peace. The society needed reforms if it were to maintain peace and avoid war (9). Candide reflection on the causes and effects of the war demonstrates that the society had to calculate the cost of the war and face the