A Random Walk Down Wall Street Book Analysis

A Random Walk Down Wall Street Book Analysis A Random Walk Down Wall Street Book Analysis Essay A Random Walk Down Wall Street Book Analysis Essay The book A Random Walk Down Wall Street offers an insight into stock investment with the author aiming at providing an appropriate advice for investors. The book has had ten editions since it was first published in 1973 by Burton G. Malkiel. The author’s main idea is to portray markets as partly efficient and to prove that investors can make appropriate individual investment decisions without the indulgence of financial experts. A Random Walk Down Wall Street Literary Analysis According to the author, the basic secret of investing is committing to stock investment in the long term or diversifying investments in case of short-term investments. The author justifies his assertions by using historical testimonies and expounding on them by using personal experiences. The book has four sections with respective chapters that elaborate on various concepts of investing. The book report will provide the author’s main idea and the insights gained. An analysis will show that Malkiel’s book offers an avenue that allows investors to make sound investment decisions by balancing their investment expectations with options available to them. Part One: Stocks and their Value This part entails the first four chapters that introduce the reader to the world of investments. The part mainly discusses concepts of asset valuation by using theoretical foundations. The author mainly uses the firm-foundation theory and the castle-in-the-air theory to expound on asset valuation. The first chapter is â€Å"Firm Foundations and Castles in the Air† and it offers an introduction to investments. It explains that the firm foundation theory argues that an investor should make investments on the basis of the actual value of the proposed investment. The author uses a real-life example that a person wishing to invest in Coke should base the investment decision on the product’s parent company, the Coca-Cola Corporation. The castle-in-the-air theory asserts that an investor should make investments as a response to actions of the masses. For this reason, the theory argues that an investor usually makes more returns by following the majority who invests based on cu rrent trends or based on the foundations of a firm. The chapter concludes that both theories are right in different investment situations. The explanations of the author of the two theories offer a background for the author to critique them in the following chapters. The second chapter â€Å"The Madness of Crowds† explains historical financial occurrences that prove that actions of the masses have significant investment repercussions. Examples of such occurrences include the Tulip-Bulb Craze, the South Sea Bubble, and the tulipomania. In the three instances, the market expanded in a speedy way and led to the overvaluation of assets. After some time, values of the assets returned to their normal valuation after one or a couple of years. A graphical analysis of the three instances showed that by the end of the overvaluation hype the values of the assets returned to the same values as before the hype. The chapter portrays that investors who just follow the masses blindly tend to lose heavily in the market. The inability of investors to resist the urge of the masses makes them vulnerable to adversities of the market. Chapter three explains the stock valuation between the 1960s and the 1990s. The chapter offers a continuation of the craze that the market experiences. The author uses various examples in the stock market to expound on the modern version of the extremity of markets. He expounds on the multiples of price earnings that formed the base of stock trading at the time. The author also expounds on the roles of underwriters in the issuance of new securities, especially their roles in misleading investors. The misleading happened despite investors having access to the guidelines offered by the United States Securities and Exchange Commission. For instance, the stocks in the 1980s were overvalued. The scenario confirms the assertion of the author in the second chapter that such situations continue to recur. Another example offered by the author is the obsession of investors with blue chip companies in the 1970s. By 1980, the values of the stocks had returned to their normal prices. The cases sh ow how firms often manipulate information to increase their value so that they can attract investors. The author concludes that manipulation is inevitable because even though organizations such as the SEC provide the guidelines, they can do nothing to prevent investors from parting with their money. By offering real examples and enlightening historical occurrences, the author remains authoritative and ensures that the reader grasps the real impacts of the masses in making investment decisions. Chapter four explains the internet bubble that sufficed in the late 1990s. The author argues that the public’s obsession with the internet was fuelled by other bubbles similar to the historical ones covered in the previous chapters. For instance, the author cited the IPO mania that prompted the bubble in the 1960s. Similar instances could be seen in the internet era. The main message of the author is that people tend not to learn from past experiences. After the rise of the internet, small investors gained a platform for investments and firms gained a platform for competing with larger firms. Moreover, people became more interconnected. Due to the excitement of the availability of a new platform of trading, people engaged in stock trading by the use of brokerage firms. As a result of overcrowding, people lost money due to the eventual overvaluation and the return to normal prices. In fact, only brokers benefited. This part highlights significant historical influences of the mass mentality on investments. The main point of the author is that markets remain perfect. The assertion means that even if an imperfection comes up, the market will find a way to go back to its normal status. One of the pieces of advice one gets from the part is that investors need to combine both their intellect and curiosity to succeed in investments. The influence of crown activities was also enlightening. The provision of historical examples that led to the overvaluation of assets enables the reader to grasp the author’s main idea. The examples show that an emotional approach without much consideration towards stock investments can be detrimental for investors in the long run. One of the interesting insights from the examples that the author offers is that investors never seemed to learn. All through the 1960s to the late 1990s, economic bubbles would always recur. There would be some hype created that would i n turn entice people to spend more money on stocks. The hype occurred even after authorities such as the SEC warned investors. The above cases remind me of the 2007/2008 economic depression. The scenario was caused by a similar bubble, only that this time it was a housing bubble. The decade ending in 2006 saw prices of houses drastically rise, thus prompting homeowners to refinance their homes due to the availability of adjustable-rate mortgages extended by lenders. Due to the availability of mortgages, people could access loans at interest rates lower than market rates. However, after 2006 people could not refinance their loans because house prices started falling and interest rates rose at the same time. In effect, financial institutions could not recover their loans extended. The situation kick-started the depression that had adverse effects on investors. The situation in 2007/2008 shows that the market has not yet learned about adverse impacts of following the multitude blindly. Part Two: How the Pros Play the Biggest Game in Town This part makes up the next three chapters. The chapters mainly deal with fundamental and technical analysis techniques. Chapter five tries to expound on the extent of the efficiency of the market. It focuses on the elaboration of the technical and fundamental analysis of financial markets. Technical analysis entails studying trends in market prices of assets and then applying historical trends to predict their future prices. The method uses tools such as trend lines and charts. Fundamental analysis entails analysis of the condition of a business by examining its financial records, the market in which the business operates, and the competition. The chapter does not go into much detail about the theories with the next three chapters serving this purpose. The sixth chapter expounds on the technical analysis concept. The author asserts that technical analysis concentrates on identifying correlations. For this reason, the author seems to discredit the technique by arguing that testing the data of stock prices over time does not necessarily lead to the correct prediction of the stock prices. The author cites that the above aspect of the technique makes it spurious. He even uses a humorous example of finding a correlation in the average hemline length in fashion. He uses the example to explain that looking solely at the charts robs off one’s opportunity to see the broader picture, meaning that there would be a high probability of poor judgment. The author also touches on the random walk theory and states that the theory employs random measures to process random data. He goes on to compare the theory with a humorous example of the use of coin flips to determine future prices of stocks. The author uses more humorous examples to disre gard the theory and the technical analysis because of the theory limitation. Chapter seven concentrates on the fundamental analysis concept. Malkiel seems to support the fundamental analysis. The support, as he argues, arises because the concept bases itself on logical judgment when admitting data for consideration. Another reason the author prefers the fundamental analysis is that the technical analysis only focuses on the stock price, while the fundamental analysis focuses on the worth of the stock. Despite the support for the theory, the author finds it weak as well. The author provides situations where fundamental analysis can have flaws. The examples include random events such as the 9/11 attacks, the consideration of flawed data from firms, and poor analysis. The author also asserts that financial experts are no better than investors. He states that they only have an edge because they can access more information from companies. The author’s information on stock valuation is very insightful. Although I had some knowledge of the two techniques of stock valuation, I had not deeply analyzed them to an extent of identifying their weaknesses. However, the author’s argument convinced me of the flaws of the systems. I enjoyed humorous examples offered because it was a light way of learning about the techniques. The part of the book also offers a lot of lessons when it comes to stock trading. The first lesson is that one should purchase stocks if their expected growth of earnings is above the market average. Moreover, prospected growth should entail a period of more than five years. The second lesson is that it is too risky to purchase multiple stocks whose prospected future growth has been discounted. The last and the most significant lesson is that an investor should consider whether an asset possesses the likelihood of attracting masses to invest in them. The last lesson means that logic is the key when considering a stock purchase. Another interesting conclusion from the understanding is that I have come to question the roles of financial advisors in aiding investors making investment decisions. The author cites that the only difference between them and investors is that they have more information. Prior to reading the book, I viewed experts as a haven and the best avenue for investors to make right investment decisions. After reading this part of the book, I realized that experts might not be significantly different from investors. I find great sense in the claim because some of the historical bubbles came up since investors had more trust in experts than in the authorities. However, despite gaining the knowledge, I partly disagree with the author’s claim because the fa ct that experts have needed information means that they are in a better position to make sound decisions. Part 3: The New Investment Technology This part entails the next three chapters of the book. The section concentrates on the modern portfolio theory that entails combining assets with different risk levels to create a positive returns diversified portfolio. Harry Markowitz came up with the theory in the 1950s, making him win the 1990 Nobel Prize. Chapter eight introduces the modern portfolio theory by asserting that it is essential for investors to diverse their investments and at the same time minimize their risks to obtain positive returns. According to the author, the risk of an asset is a significant determinant of the nature of returns. It is worth noting that the standard deviation of the stock is usually the measure of risks. The author cites that risks are inevitable irrespective of the nature of diversification. The argument of the author portrays that he partly agrees with the theory. Chapter nine expounds on the theory by explaining ideas highlighted in chapter eight. The outstanding addition to the previous chapter’s ideas is introduction of the beta factor. The author introduces the factor while explaining the Capital Asset Pricing Model (CAPM). On the basis of the model, the author argues that investors should avoid diversifiable risks because they do not have premiums. The author also argues that an investor should attain more returns by investing in high-risk assets. However, the risk should be systematic. The premium aspect leads to the introduction of the beta factor. The author explains that the beta factor explains how a stock behaves in the stock market. Specifically, it measures volatility of an asset as compared to the whole market. On the one hand, theoretical application indicates that the price of a stock with a higher beta value will rise at a higher rate than other stocks in case of a bull period. On the other hand, its price will decrease at a higher rate in case of a bear market. However, after introducing the beta concept, the author takes an unprecedented stand by claiming that beta is not a sufficient measure of the relationship between the risk and returns. Chapter ten introduces the concept of behavioral finance. The concept entails application of human cognitive and emotional concepts in making investment decisions. The author argues that behavioral traits such as being overconfident and overreacting often have an influence on investors’ decisions. After explaining the concept, the author concludes that most choices based on personal biases do not reap intended rewards in the long run. Malkiel argues that the common sense aspect of personal biases has a chance of providing a logical judgment on investments that may prove fruitful. Some of the common sense ideas include inner motivation of investors to resist investing in pricey assets in the long run and the desire to avoid overtrading. Another possible aspect of common sense is that an investor should only get rid of stocks that portray a trend of losing value. Chapter eleven entails the author providing a summary of his opinions given in previous chapters. Some of the assertions include that the market is fairly efficient and in most instances corrects discrepancies when they occur. The main attraction point is the author’s use of Benjamin Graham’s argument that investors should always invest in the long-term value stocks. The author does not seem to endorse the Graham’s argument and he goes to the extent of justifying his position. He asserts that in the long run the trends of growth and value stocks do not run parallel to market trends. However, he partly endorses the Graham’s argument by stating that value stocks often tend to perform better during extremities such as bubble and economic depression. After reading the part, I gained more information on the importance of beta. However, after the author providing a lot of information about its importance in determining the risk of an investment, it was surprising for the author to disagree with the beta factor. The author argues that particular differences in the stocks make beta more ineffective. Despite the surprise, I appreciated his insight because it provided a platform for me to read more about the relationship between beta and risk and returns. On the concept of behavioral finance, I have come across real applications of the author’s argument that personal biases affect individual investment decisions. The inner thought that there is an opportunity to make money can urge an individual to make rash decisions. Moreover, the thought of a possible loss can influence similar decisions. The significance of personal biases in investing has led to the creation of various notions in the modern investment world. Some investors have the tendency to disregard the efficient market hypothesis and endorse unproven beliefs. An example is the January effect when people tended to think that stocks perform well in January. Despite their unproven status, beliefs may make an investor invest heavily during the month. In effect, such an investor may end up experiencing losses. Part Four: A Practical Guide for Random Walkers and Other Investors This part aims at giving the reader an insight into the practical side of investing. The part also offers advice to investors by affording them strategies that they can use to choose their investment portfolio. Chapter twelve offers investors advice on how to start an investment venture. The author encourages stock investors to ensure that they have emergency funds available in case their investment decisions lead to losses. Moreover, the author argues that investors should consider investing in â€Å"insurance† investments such as bonds and real estate investments. He argues that ordinary shares and real estate investments provide a viable option for investment. He concludes with the assertion that prior research is vital for investors in coming up with the best portfolio. Chapter thirteen mainly deals with the author’s opinion on the better choice between stocks and bonds. The author argues that an investor should not entirely rely on the past performance of a stock to predict its future performance. However, he states that the past performance partially influences its future value. The author believes that investing in stock in the long run offers more returns than in bonds due to the elimination of risks. Moreover, he asserts that investing in stocks in the long run may provide the needed safety to fight inflation. However, Malkiel insists that the period cannot be shorter than a decade. He states that a shorter period than a decade is too random and investors do not have a choice but to invest in risky stocks. The assertion means that investors who intend to venture into the short-term investments have to choose between risks and adopt the one that they feel comfortable to carry. Chapter fourteen entails the author insisting that investors willing to commit their resources for more than a decade should commit themselves to stocks. He also insists that it would be better for short-term investors to concentrate on a diversified portfolio that include bonds. The author also advises short-term investors to consider retaining some of their resources as cash to cover any case of emergency. The chapter offers guidance on how investors can approach the market. Despite offering the above options, Malkiel encourages investors to venture into long-term investments. He advises investors to consider venturing into long-term stocks as a way of saving a retirement fund. Chapter fifteen is the last one in the section and the entire book. Apart from providing a summary of the book, it goes into the specifics of investing. The author argues that an investor does not have to perform an extremely detailed analysis to make an investment analysis. Instead, the author encourages investors to venture into an index fund. He encourages investors intending to purchase individual stocks to venture for the long term instead of trading them. Moreover, he asserts that investors should concentrate on stocks that have a record of good performance. Concerning managed funds, the author has reservations about them. He asserts that they may not be an advisable option because they may have misleading information. The also advises investors to purchase stocks that create positive stories about their potential to improve their value. After reading the last part of the book, I came to get the picture of intentions of the author. The first intention is to prove that the market efficiency hypothesis offers a realistic guidance in the stock market. The second aim was to reconcile market efficiency and perceptions of the market towards economic bubbles. The last aim of the author was to identify various ways of analyzing the stock market, highlight their weaknesses, and apply lessons from their weaknesses in offering investment advice to investors. The fourth part culminates his aims by combining strengths of different investments theories and techniques and avoiding their weaknesses to come up with a hybrid investment decision-making guideline. In conclusion, investors ought to read the Malkiel’s text. The book is organized in well-thought sections that cover aspects that entail financing progressively. Reading all the parts enriches a reader with information necessary in making appropriate investment decisions. The author came up with investment theories and techniques and highlighted their roles in investments. He aimed at offering the best financial advice. It is undeniable that the author believes in a partly efficient market and he justifies it by giving out real-life historical examples. The book has a lot of lessons for all investors. The main lesson is that an investor should have the courage to make investment decisions instead of relying solely on financial experts. Moreover, investors should apply logic in the decision-making. With the author analyzing crucial investment theories and concepts and then offering their critique, his aim is to communicate that none of them is efficient. For this reason, a hybrid way of the approach that entails picking strengths of the theories and techniques would be the preferable way to approach investments. Personally, I have learned that caution is the key to approaching investments. Moreover, I have learned that over-ambition or moving along with the crowds can be detrimental in some instances. I have also learned that having long-term investments is a preferable way of saving in the long run. The book also teaches that if an investor chooses to invest for a short-term period of fewer than ten years risks are inevitable. For this reason, diversification is the key. Due to the above lessons, investors, whether they believe in the efficiency or the market or not, need to read the book to expand their investment knowledge.

buy custom Cost Minimization Algorithm essay

buy custom Cost Minimization Algorithm essay To ensure that the web services provided are efficient and cost effective, the QoS has to be implemented so as to derive an algorithm with lower and upper limits. Given that S represents the number of inquiries made into the system at any given time t, then the total number of service requests inquired at any given time t, becomes SRt. From this, it can be deduced that the cost of the service, Cs, is given by; Cs = SRt S Since the main goal is to achieve the highest service exploitation at the least cost possible, let Es be the service exploitation and SA be the number of stops reached for every request made. Thus the service exploitation, Es is given by; Es= SAt S From these, the algorithm for the competence of the services, Cs can be derived as; SC = Es = SAt Cs SRt Now since the main objective is to reach as many stops as possible while maintaining the service at a low cost, a conscience should be reached between ES and CS. assuming that the total number of stops is N and that all the stops in the clusters are reachable, then two clusters can be described as 2/3N and 1/3N. Thus when one service request is made, the service competence becomes; 1/3N 2/3N =N/2 Consequently, assuming that there are G (t) groups at any time t, then service competence can be redefined as; SC = Es = SAt Cs SRt Meanwhile, SRt should be maintained at levels that less than or equal to G (t). Analysis Idyllically, in any ad-hoc network that has N number of stops and G (t) groups at any given time t, then there must exists a perfect clustering algorithm that is accurate enough to classify all stops into groups. When one stop is chosen as the representative stop for every group for the purpose of an acclimatizing service, then SC and Cs can be redefined as; SC = SAt and Cs = G (t) G (t) In the case that all the stops are able to reach the representative stops in their respective groups at a time t0, then SAt0 =S, and SC = SAt0 = SA/C (t0) G (t0) This therefore becomes the maximum value of service achieved. However, this may not always be the case since an expected probability that some stops in the same cluster may not be reachable from the service request may exist. This dissertation is intended to be completed in fifteen weeks. The first three weeks will be for making notes on all the research done pertaining to the study as well as identifying the appropriate web services and platforms that will be used for the experiment. A draft will then be made from these notes and the findings. The following three weeks will comprise of further research and preparation of a second draft based on the first research and the results drawn from the experiment. The next seven weeks will be allocated for completion of research and preparation of a final draft. And finally, the last two weeks will be set aside for completion and binding of the final dissertation for presentation. Since the data stored comes in many forms, resides in numerous devices and is accessed by many users, there is no single solution to the protection of this data. The solution is multi-phased just as the problem is therefore appropriate policies should be defined, enforced and monitored so as to ensure maximum data protection. Since it has been discovered from the research that most of the search results are below standard and as a result they do not successfully meet the users requirements. So as to ensure that the search results meet the standards of the users, the current technology used in searching should be improved. Appropriate schema for automatic data classification should be invented so as to enable automatic classification of data into searchable categories. This will not only improve the search but the accuracy of the results as well. Unstructured data that has not been accessed for long periods of time should be deleted from the dynamic databases so as to create more spac e for active data. For as much as new technologies are invented to ensure quality protection of unstructured data, individuals should also be educated on the risks of storing their data in unsecured databases. Governments should impose new policies on privacy of data so as to ensure that data stored in the cloud is well protected. Data protection should be both in transportation and at rest. But before this is put into consideration, apposite tools have to be development so as to determine what the current abilities are e.g. whether they can deliver as expected or they can only work on restricted cases. Data should be categorized in a manner that it will be simple and efficient to locate and search. The eminence of internet-based and rich media applications has led to the sudden growth of unstructured data, formless data that includes PDF files, slide decks, videos, web pages, images, MP4 and Mp3 files and word documents among others, that in turn require secure and more reliable storage and retrieval solutions. Even though several researches have been done, sufficient research has not been conducted on the scalability and dependability of web services. The objectives of this thesis include; the determination of a Confidentiality Integrity Availability (CIA) assurance model as well as to come up with a new algorithm that is scalable for the minimization of web service cost using the Service Level Agreement (SLA) and the Quality of Service (QoS). All the objectives have successful been met; service competence has been obtained while maintaining minimum cost of exploitation. Buy custom Cost Minimization Algorithm essay

15 summaries Assignment Example | Topics and Well Written Essays - 500 words

15 summaries - Assignment Example As such, people need to embrace strife, misery, and folly as harbingers that foster a greater good. Author Voltaire Francois discusses ignorance, philosophy, as well as self-conceit of humanity in his essay â€Å"Micromegas.† In this essay, the author undertakes a satirical exploration in his research about the philosophy principles paraded by humanity, alongside their ignorance and self-conceit towards various aspects of life. Author Voltaire Francois discusses through a satirical approach government corruption, religious doctrines, as well as the injustices and folly perpetrated by the French society in his essay â€Å"The Huron.† In this essay, he explores the above concepts through disusing the story of one man from the tribe of Huron transported to Paris city. Author Voltaire Francois discusses in his essay â€Å"The man of Forty Crowns,† the author Voltaire discusses the various concepts of a crown, and how monarchial hereditariness passes on power from one generation to another. He asserts that some poor leadership traits may sometimes pass on from one lineage to the next during such practices Author Voltaire Francois discusses in â€Å"The Sage and the Atheist,† Voltaire explores the different perspectives of religion and the effect that each has on the belief, faith, and religious practices of an individual, and an entire community at large. A sage is a holy person, while an atheist does not believe in the existence of any supernatural powers controlling the lives and doings of men. Author Voltaire Francois discusses in â€Å"The World as it goes,† Voltaire discusses the vision of Babuoc. In this excerpt, the author explores how the King commissioned his faithful servant, Babuoc to go and visit a far away country in Persia then bring back a report on the under dealings within the city, using his spirit of discernment, as well as the power to inspire confidence. Author Voltaire Francois discusses in â€Å"the study of nature,† Voltaire asserts

Arauco Case study Research Paper Example | Topics and Well Written Essays - 750 words

Arauco Case study - Research Paper Example The overall contribution made by the new proposed pulp manufacturing facility will result into the expansion of the production capacity of the firm by more than 3 millions. This increase in capacity will therefore make the firm one of the leading manufacturers of pulp in the world in terms of overall production capacity. With an estimated investment of $1 Billion, the new project is estimated to produce sales of $350million per year. Since the overall estimated economic life of the plant would be 30 to 40 years therefore overall revenues will be equal to $14.00 Billions over the period of 40 years thus contributing significantly to the value of the firm. Though no specific discount rate is given however, given the sales generating capacity of the proposed project suggest that it will add significant value to the firm and firm’s shareholders will gain value from the proposed investment. Any organization willing to make its strategic move therefore has to look into its core comp etencies and must examine its core strengths. In past firms have made forward integration moves however, such moves proved fatal because of the integrated nature of the process. (Hitt, Ireland and Hoskisson). Suppressed demand for paper can seriously damage the profitability of the pulp business also because of the integrated nature of both the processes. It therefore becomes more critical to look into those aspects of the strategy where they can offer an insight into the ability of the firm to actually utilize its existing strengths in more effective manner rather than spending its energies on the development of new set of skills and competencies in order to compete in a market which has remained relatively untapped by the firm. Firm’s decision to move away from Pulp only could also be the direct result of its decision to diversify the business in other segments. Though the firm has expanded into related businesses however, diversifying from pulp business can be mostly a res ult of capitalizing on firm’s core competencies in manufacturing pulp at relatively low cost. It is also important to understand that the pulp sales of the firm have increased over the period of time suggesting that due to high demand and better cost efficiency, firm is able to sell its pulp products at relatively premium prices in the market. Such acceptability in the export markets therefore indicates that the firm has already established itself in international market in this segment of the business. Pulp is used for just 50% of the paper manufacturing therefore firm will have to acquire new set of skills and efficiency with which to use other remaining material and ingredients to produce better quality and low cost products. This would therefore invariably put the firm on a new learning curve thus slowing down its progress to become the market leader in the business. Recommendations Firm derives its competitive advantage from its low cost production and market reputation in the international market. Since firm is already backward integrated with access to high quality wood to manufacture pulp and other allied products therefore it is recommended that the firm should take the decision of horizontal expansion rather than engaging into forward integration. The proposed move will increase the production capacity of the firm by large

Interracial Marriages Amongst African Immigrants In Hungary Sociology Essay

Interracial Marriages Amongst African Immigrants In Hungary Sociology Essay In many countries throughout the world, marriage is primarily an agreement between two families. An alliance through marriage between two successful families can enhance the power, prestige and well being of all the members in that family. Interracial marriage is a potential venue where both partners can enrich their world-view depending on ones value and ability to accommodate cultural difference. The extent to which interracial marriages are accepted in our global society is a function of the cultural parameters within which these dynamics occur. It is apparent that the figurative shrinking of our globe seems to represent conditions that allow opportunity for the number of intercultural marriages to expand. This paper seeks to provide an overview of interracial marriages, taking into consideration, its reasons, evolutionary historic nature and its importance to African immigrants. History of Interracial Marriages Before discussing how historical changes have influenced interracial relationships, it is imperative to examine how relationships have evolved throughout history. During Medieval times, the families of would be couple arranged their marriage. Much of society placed emphasis on wealth and land ownership. People did not often marry outside of their class. Therefore, it was the role of family to find a suitable partner to make the transition into matrimony (Amt, 1993:77). Also, love was not a factor in the decision making process (Stritof, 2001). In the middle Ages, marriage was seen as a sacrament. Therefore, the transition into marriage was made in order to prevent sin and to procreate as the Bible dictates (Shahar, 1983:15). However, during colonial times, the role of the family was altered. The transition into marriage shifted from the parents control to the individuals control. In spite of this shift, though, the family did still largely influence whom the individual chose to marry . Children were guided and taught on how to choose the most suitable partner. During this time, romance became part of the marriage interest; it was an opportunity to love (Wilkins, 1998:502). Interracial relationships are historically determined. Interracial marriage started in the United State of America. Laws against interracial marriages date back to 1661. These laws were enacted to prevent whites from marrying outside their race. Individuals who married cross-culturally could be arrested (Schwalbe, 2001:23). These laws were not limited to African Americans, for example in Arizona whites and Native Americans were prohibited from marrying each other, on the other hand, in Montana whites could not marry Asian Americans (Schwartz, 2000:114).Similarly, in colonial Mexico, sexuality, marriage, and superstitious love and fertility rituals were subject to control by the Spanish inquisition (Stoler, 1989:134). Moran (2001:29), argued that anti-miscegenation laws established racial boundaries, racial purity, contained ambiguity, and preserved public recognition of sexual decency. Bardaglio (1999) holds that the anti-miscegenation law sought not so much to eliminate interracial sexual contact as to channel them. The main purpose of this law was to keep the black and white race apart. And it is for this reason that Stoler (1994:199) argued that the mà ©tissage (mixed blood) was conceived as a dangerous source of subversion, it was seen as a threat to white prestige, an embodiment of European degeneration and moral decay and represented, not only the dangers of foreign enemies at national borders, but the more pressing affront for European nation-states. This is what the German philosopher Johann Gottlieb Fichte (1962:149) so aptly defined as undermining the essence of the nation, and its interior frontiers. Therefore, sexual meanings and intimacy are social and cultural constructs which are the main forces conditioning human relationships. It is in this light that, Zelizer in Purchase of Intimacy (2005:1) holds that taboo against romantic affaire in workplace and sex for hire both rests on the twinned belief that intimacy corrupts the economy and economy c orrupt intimacy, intermarriage should be forbidden. In addition to the above, Roger (1990:315), holds that the United States is the only country in the New world which has carried its law against interracial marriage from its colonial period into its national one. In this light, Garrison questioned the states right to interfere with the private realm of marriage and he argued that marriage is not a province, and does not belong to the power of legislative assembly, therefore it is a wrong approach for the republican government to decide on the complexional affinity of those who choose to be united together in wedlock, and it may as rationally decree that corpulent and lean, tall and short, strong and weak persons shall not be married to each other as that there must be an agreement in the complexion of the parties ( cf Washington 1986:84). The right to select ones mate is one of the most ancient, most sacred of individual rights, and when the state interferes in this, except in the case of the mentally unfit, it but adds humour to the witticism (Roger, 1988:80) However, in 1967, the Supreme Court Case Loving v. Virginia declared laws against interracial marriages as unconstitutional (Schwalbe, 2001). This allowed individuals to explore other relationship opportunities and thus the rise of interracial marriages. These laws limited the pool of eligible mates and the transition into marriage was directly affected. These laws displayed the views of society; therefore, individuals wishing to make transition into marriage often followed these laws in order to gain societys approval and to avoid adversity. Reason for interracial Marriages As seen above, interracial relationship during the colonial era was considered a taboo or an abominable practice. Association with a European, talk less of marriage or dating a European woman was perceived as a challenge to European supremacy. Europeans regulated social conduct between races, so as to maintain racial purity. In spite of these regulatory mechanisms that were put in place, African immigrants still engaged in interracial marriages. The reasons for interracial marriages among immigrants vary from one person to another. For example, in some cases, the criteria for citizenship acquisition vary considerably between European states. Within the E U., the minimum residency; before aliens are eligible to apply for citizenship varies from three (Belgium), eight (Hungary) and ten (Austria and Hungary) years (Babcock, 2006:12-23).Some states requires shorter periods for applicants from states with whom they have cultural or historic ties. There are also variations in the requirements that states impose on those wishing to become their citizens. This is both natural and permissible. But, those requirements are nonetheless framed by moral considerations, which define their scope and limit (Caren, 1989:13-49).Many states exclude third country nationals from significant social and economic benefits such as employment benefits and health insurance, even if they have lived in their new state for several years. Citizenship, therefore, if only for instrumental reasons, is clearly a status worth having. But it is als o an intrinsically valuable status position, important as it signifies a persons equality under the law, full civic inclusion and ultimately immunity from deportation. As result, third country nationals have adopted various mechanisms to remain within EU member states. Examples of these mechanisms include commodification of sexuality, finding a shelter, or a job (in the formal or informal economy or as family labour), achieve legal status based on marriage terms (e.g. arranged or contract marriages). For instance, irregular immigrants attempt to legalise their residence with the help of various strategies. For most, illegal migrants apprehended by the authorities, entering the asylum process is the major form of legalising their stay in Hungary. In 1999, there were 11,500 asylum applications, with 5,100 submitted by citizens of former Yugoslavia and 6,000 by non Europeans. Thus, Hungary is primarily a transit country for asylum. Economic condition prevailing in Hungary can offer only a partial explanation to this phenomenon. Another equally important factor is the lengthy asylum procedures, and scarce opportunities for integration. For these reason, asylum seekers generally seeks protection elsewhere, many in other member countries of the E.U. Therefore, the most common reason for terminating an asylum procedure is that the applicant disappears (Ejalu, 2008). Similarly, Bledsoe and Sow (2008), carried out a study in Germany, and they argued that, Cameroonians in Germany, engaged in interracial relationship in order to maintain family reunification. Cameroonian women, who stay in Germany, are often those who gain residence rights by bearing a child for a German man, who is willing to recognise the child officially, irrespective of any long term paternal obligations. Using the German Federal Statistical office figures on the children of unmarried parents, Fleisher found that, in 2004, although there were about twice as many Cameroonian men than women in Germany, many more were born to Cameroonian women, than to Cameroonian men, that is, an equivalent of 240: 92, respectively. Among married partners, 49 children born to parents who were both Cameroonians but 169 were born to a Cameroonian and German conjugal pair. Again, there were considerably more, proportionately, children born to a Cameroonian German marriages who were born to Cameroonia n women and their German husbands, than Cameroonian men and their German wives. In addition to the above, for Cameroonian men, the pathway to legal residence in Germany is entirely different. Most German women who strike up relationships with Cameroonian men are substantially older than their partners, and are unwilling or unable to have a child. As well, the likelihood of becoming a parent of a German child, independently of its mother, is almost out of question, for a Cameroonian man. Claiming residence by producing a German child is thus much rarer for a Cameroonian man, than a woman from Cameroon. For a Cameroon man, without a job, the best route to acquire residence, is contracting and sustaining marriage with a German woman for at least three year, after which he can obtain residence, although authorities continue to exert surveillance, and may investigates cases of divorces after years. Fleisher found that, in 2004, there were 163 bi-national marriages between a Cameroonian and a German in Germany, most of them Cameroonian men marrying German women-but ju st six marriages between Cameroonian men and women. The further complexity is that, many Cameroonian men desire children and want to return home eventually. Confronted with the logic of singularity on which family reunification rules of marriage rest, some men quietly retain marriage with a woman back home by which they have borne children, or ask their families members to find a wife, whom they visit periodically before their final return. This is because, a Cameroonian man may come to see marriage to a German woman as a temporary necessity and look to Cameroon for his main family future, he may come to see traditional or at least Cameroonian marriages as the base, and formal marriage in the west as the temporary distortion. (Fleischer,2003). African immigrants may feel inferior due to a mental, physical, social handicap and enter an interracial relationship after determing that acceptance will be found only outside of a culture of birth. A marriage based on this motive may be consciously considered to be a second best or stand-in marriage interracial may be an act of aggression toward another race. Deviance and revenge by one partner can humiliate the in-law. They will either complement this need by feeling personally inferior or angry and rebellious against parents, culture and society (Blau, 1977:31). Leon (1984), suggests that idealism may be a motive ofliberal marrying inter-culturally. Identification with the underdog, an inferiority complex, rebellion, and rescue could be an outgrowth of this idealism. Importance of Interracial Marriages. Throughout history, the structure of interracial relationships has seen a drastic evolution. What once was seen as non-normative and forbidden practice is now seen as common. Specifically speaking, there has been an increase in heterogamous, cross-cultural, relationships. This rise in interracial relationships can be attributed to the reversal of anti-miscegenation laws, the lack of potential mates, the breakdown of segregation, immigration and advancements in technology. These changes in romantic relationships and the transition to marriage have allowed people to explore alternative lifestyles and relationships. Noticeably, interracial romantic relationships and marriages have become commonplace. According to Schwartz (2000:17) an increase in interracial marriages is as a result of immigration, increases the chances of meeting people from different racial backgrounds. For instance, the United States of America is considered a melting pot. The U.S.A. has many different races enmeshed into one society (Schwartz, 2007:23). This has allowed African immigrants to have many different types of romantic relationships/interracial marriages. Immigration has effected the transition into marriage by providing mates from many different backgrounds. Also, immigration has affected many peoples views on marriage by introducing people to new cultures. Interracial marriages among African immigrant is advantageous because it is seem as a gate way to integration and assimilation especially on the part on those immigrants who are being excluded from their societies The degree of social control and the institutionalised discrimination is a function of existing relationships between the majority(host country and minority. An increase in the number of primarily relationship (indicated by interracial marriage) between these groups signals a dissolutions of discriminatory and subordinating practices and less incumbered entrance of minority into social institution of the majority group (Gordon, 1964:35). On the other hand, interracial marriages may indicate a weakening of ethnic cohesion and a loss of highly value ethnic culture (Murguia, 1982). Beaumont (1958[1835]:245), suggests that intermarriages are certainly the best, if not the unique, means of fusing the white and the black races. They are also the most obvious index of equality. While the U.S court of 1873 considered interracial marriages as immoral, others saw it as a cultural betrayal .Opponents of interracial dating contend that those who date or marry outside of their race are betraying their families and abandoning their cultural heritage. Many African immigrants believe interracial marriage erodes the solidarity of the African community. Lawrence Otis Graham feels that interracial marriage undermines [African] ability to introduce our children to black role models who accept their racial identity with pride. Graham also fears that biracial children will turn their backs on their black heritage when they discover that it is easier to live as a white person (cf Sollors, 2000:23-58). On the other hand, proponents of interracial relationships contend that interracial romance is a step towards eliminating racial hatred. According to Mitali Perkins (2007:50), Where exploitation and anger have separated the races in society, an interracial family called by God is a compelling example of the gospel of reconciliation. Yvette Walker believes that Racism . . . will have to be bred out. We cant make policies to change it. And certainly, in an interracial relationship the children are raised in a climate of tolerance. She and others contend that the rising incidence of interracial children will eventually lead to a society where race will no longer matter because everyone will blend into one race, the human race. More importantly, assert many supporters of interracial relationships, colour should not matter when it comes to love. They echo Martin Luther King Jr.s famous sentiment that people should be judged not by the colour of their skin but by the content of their characterà ¢Ã¢â€š ¬Ã‚ ¦ (cf Perkins 2007:206) African immigrants believe that interracial marriages offer the best opportunities for couples and professionals to experience, learn, develop, and educate themselves. Empowerment traits for interracial marriage and intimacy are core ingredients in promoting positive relationships in order that each of the couples families might work towards achieving optimal interracial satisfaction and simultaneously cope with external forces such as nationality, community, family, and individual. (McFadden, 2002:220). In the past, African immigrants were considered as inferior, Buirj (1993:176-179) argued that immigrants are lazy, incompetent, and inefficient because they lack both the cultural and symbolic capital. Michele Lamont (2000) recapitulates the negative feeling toward immigrants and reflects the continuing availability of cultural repertoires stressing the moral failure of immigrants. In the view of historian David Kennedy, in United States on the one hand à ¢Ã¢â€š ¬Ã‚ ¦immigrants were judged to be noble soulsà ¢Ã¢â€š ¬Ã‚ ¦whose talents and genius and love of liberty account for the magnificent American character. On the other handà ¢Ã¢â€š ¬Ã‚ ¦ [they] were thought to be degraded, freeloading louts, a blight on the national character and a drain on the economyà ¢Ã¢â€š ¬Ã‚ ¦(cf Lamont, 2000:105). Scientific opinion at present tends to admit that an African immigrant is not inferior in any essential character of mind; and is approximately equal to other races in his ability to acquire culture (Du Bois, 1899). Despite the long-entrenched, labels to racially categorise African population in history, a trend has emerged towards a more fluid view of racial identification. Schacht and Knox (2000:279) argued that due to an interracial marriage/dating relationship amongst immigrants, there has been a gradual, if not, socially recognised shift in how immigrants are perceived. They have gained recognition. Moreover, interracial relationships are a step toward a more integrated and egalitarian society. For example, the future of Africans belongs to the person who is the product of many different cultures. Through interracial marriage, different cultures will develop their unique identities and come together in harmony. Benefits of interracial marriages would be that an African [immigrant] child would learn more tolerance and respect towards all races. Such children may be open to new ideas, and less hostile regarding ones religious creed or nationality. Many wars are fought over both religion and patriotic fanaticism, and a child of mixed background is not going to really purely identify with either one of the other racial background, thus, the child is less susceptible to being nationalistic to a fanatical degree. (Innocent, Sirefman, 1992). However, interracial marriages enable Africans immigrants to acquire citizenship and to engage in the political affairs of the host country. It is therefore a gateway for immigrants with citizenship status to shape and influence decisions at the national level. Thus, immigrants often view citizenship as crucial for the future prosperity of their children and their immediate relatives. The possibility of reuniting with family members is the major reason for acquiring citizenship. Citizenship also carries with it status and prestige among extended family members in the country of origin. Immigrants who have naturalised tell stories about how parents and relatives at home in Africa boast about their accomplishments. Praise and accolades are given to those who have become citizens (Arthur, 2000:24) Citizenship in other word, affects the shift in the cultural identities of immigrants (Afolabi, Falola, 2008: 49). Furthermore, interracial marriage is seen as strategic for integration and a form of assimilation. Park and Burgess (1969:735) define assimilation as a process of interpenetration and fusion in which person and groups acquire the memories, sentiments and aptitude of other groups and by sharing their experience and history, are incorporated with them in a common life the process of interpenetration is arguably best examplied in intermarriage which is often seen as the final step in the assimilation process. For African immigrants, it is a gate way to better life. Intermarriage is a clear signal that minority groups have adopted the cultural patterns of the host or majority population, such as its language and customs. On the other hand, during the assimilation process, African immigrants tend to lose their distinctive characteristics as they pass through the stages of assimilation, eventually intermarrying with the majority population (Alba 2003; Gordon 1964: 89) Theoretical Framework Using the status exchange theory (Merton, 1941, Davis, 1941), I have argued that interracial marriages would frequently involve an exchange of status characteristics. Highly educated Africa immigrants would trade their educational status in order to reap the benefits associated with the racial status of a potential white spouse. Similarly, whites with low levels of education would trade their racial status for the educational status of a potential black spouse. Consequently, a black-white marriage is likely to involve a black spouse with greater education than the white spouse because these types of individuals would each have something to gain from the union. Interracial marriages involving white spouses with greater education than their black spouses would be much less likely because blacks would have nothing to offer their potential white spouse in return for the white spouse marrying down in terms of race. Both Merton and Davis believed that this process of status exchange was ap plicable only to black male-white female unions because a black mans educational background would be more closely tied to future potential earnings and prestige than would a black womans education. Lacking empirical data to confirm this hypothesis, Merton provided the framework for a future test of the theory. According to Merton, the correct procedure would be to compare the relative frequency of three types of interracial marriage: educationally homogamous unions (Group A), unions in which the white member marries upward (white hyper- gamy) in terms of education (Group B), and unions in which the white member marries downward (white hypogamy) in terms of education (Group C).2 Group B should be the most common type because it involves the expected exchange of status characteristics, and Group C should be the least common type. Numerous scholars have since shown that this test fails because most interracial marriages are educationally homogamous. Individuals have a strong tendency to marry partners of a similar educational background, and this tendency has been increasing over the last half-century (Schwartz and Mare 2005). Thus, to some extend educational status is not the only means used by African immigrants to engaged in interracial relationship but the desire to acquired integration t hrough various means such as citizenship and resident permit is another reason for interracial marriages as already highlighted above. To conclude, in spite some of the miscegenation laws put in placed in the past, the desire to acquired citizenship, resident permits are reason of the that have pushed Africans immigrants to engaged interracial marriages, in order to reap the benefits of the host country in which they find themselves.

Organizational Leadership Essay -- Career Employment Business

Organizational Leadership As a valued and seasoned employee, one is presented with the rare opportunity of determining the type of leadership position that best suits him or her. To some extent this opportunity would be a dream come true. As an experienced employee, one should be familiar with the vision and mission of the organization. One should also be familiar and acclimated to the day to day operations and processes of the company. Identifying ones attributes will better help one define his or her role which will most benefit the success of the organization. When identifying ones strengths and weaknesses, a personal leadership style will assist one in the defining processes for which position will be a perfect fit. Therefore, presented this opportunity sounds awesome, but choosing a career is a tricky business. Where does one start? Is there just one career that would be the perfect match or are there dozens out there waiting to be discovered? â€Å"More often than not, if one chooses a career that doesn’t suit his or her personality one becomes confused, unhappy and burned out† (Lorenz, 2004). No one wants a job he or she dislikes. People want to enjoy going to work because in most cases it takes up a quarter of the day. Settling down with the right career can be as central to your happiness as choosing the right person in a relationship. But with any relationship, there is no right or wrong answers. So instead of choosing a career based on what one thinks he or she should do, self assessments can help one find a career that fits his... ... skills that are needed to lead this new virtual set of team members, I am definitely going to have an immense challenge in my perfect position. References Gratton, L. (2007, June 16). Working Together...When Apart. Retrieved March 13, 2009, from http://online.wsj.com/article/SB118165895540732559-search.html Hefferman, M. (2007, December 19). What You See Is What You Get -- or Is It? Retrieved March 14, 2009, from http://www.fastcompany.com/node/74036/print Lorenz, K. (2004, December 20). Six moves to make more money. Retrieved March 12, 2009, from http://www.cnn.com/2004/US/Careers/08/03/job.burnout/ Shrader, R. W. (2007, Fall). Leadership in a Liquid World. Leadership and Organizational Studies, 49, 96. Retrieved March 14, 2009, from http://sloanreview.mit.edu/smr/issue/2007/fall/17/

Professional Knowledge and Abilities Essay

The AAPT also known as the American of Pharmacy Technicians was founded in 1979. The AAPT is an international non-profit organization that is dedicated to improve the delivery of pharmaceutical services, which includes exchange, development, and dissemination of information. All educational requirements are essential for all pharmacy technicians, due to the exparsions of pharmacy technology. It is important that the value of education continues so the AAPT recognized the importance so they established a continuing education service. â€Å"AAPT CES is the official provider of CE credits for pharmacy technicians. (American Association of Pharmacy Technicians 2009) The contribution that the American Association of Pharmacy Technicians is the continuing education to increase my professional knowledge and abilities. It is required by my state that I have ten CE credits to keep my state certification and I have to have twenty to keep my international certification for me to be able to practice as a pharmacy technician. Continuing these courses it helps me to keep up on the new medications, latest technology, pharmacy laws and policies, and leadership abilities. It is proven that the information that is retained from the continuing education is very important in the operation of pharmacy. Another reason that it is important to continue education because of the constant changes in medication and pharmacy laws. It is believed that the information retained from the CE program can be considered a safety mechanism for everyone such as patients and health care providers is vital for the proper dispense of the medications without doing any harm to the patients, but also giving the best possible way to get and take the medication. In conclusion, for one to obtain professional knowledge and abilities one must go forth in the necessary education courses to be able to obtain what one is looking for. The AAPT is the right place to obtain that knowledge and abilities. Without that additional education then the one person would not be able to obtain the knowledge and abilities that they are seeking for their professional job.