Critical Response to Lackoff and Johnson’s Metaphors Essay Example for Free

Critical Response to Lackoff and Johnson’s Metaphors Essay The metaphor is central to human thought. Clearly this is the principle thesis presented in Metaphors We Live By (1980). Indeed, the thesis is contained very clearly within the title of the text. Yet, perhaps the most striking point about the argument presented by these two linguists is expressed in the idea that language is a powerful weapon of force by which human beings live and through which they interact. â€Å"Argument is war† is one statement that expresses this idea quite clearly and is supported by the various examples of argumentative speech that use verbs associated either with physical conquest and overpowering, or with the direct opposite, destruction and overpowered weakness. One of the most compelling aspects of the argument in Metaphors (1980) is the notion that people subconsciously integrate poetic imagination and elaborate rhetoric into their speech, despite the often mundane everyday tasks about which their thoughts and actions revolve. The role of language, then, is deeply questioned. The underlying problem is how we, human beings, relate to the world and each other. The argument from Lackoff and Johnson may be that we conceptualize our lives and thus we relate to the world around us in a conceptual way. There is, however, a difficult in thus attempting to analyze our use of language using language. After all, definitions and functions of words, the very focus of linguistics, all play an integral role in the analytical process of the human mind. It’s something like the linguistic version of the chicken and the egg. Which came first, concepts or language? When we say that time is money and use expressions like, â€Å"you’re wasting my time†, could it be that the notion that time is money emerged as an actual practical consideration and subsequently developed into a conceptual notion? Just as the example of the â€Å"apple-juice-chair†, an apparently absurd phase in general, can have a viable meaning in a given context, it seems plausible that metaphorical concepts such as â€Å"time is money† and â€Å"argument is war†, leading to the extension of the metaphor in language such as â€Å"you’re wasting my time†, could simply have received their contextual relevance over time.

Modern Portfolio Theory and Capital Asset Pricing Model

Modern Portfolio Theory and Capital Asset Pricing Model Introduction The Capital Asset Pricing Model developed by William Sharpe has significant similarities with Harry Markowitz’s Portfolio theory. In fact, the later is rightly considered as the next logical step from the latter, with both based on similar foundations. There are also differences in how each model/theory is calculated, pertaining to risk considerations. This paper’s main objective is to identify these differences while highlighting the similarities as well to put things into perspective. The report will open with an overview of Markowitz’s portfolio theory and explain it further by means of describing the efficient frontier, the Capital Market Line, risk free asset and the Market Portfolio. The report will then switch its attention to the Capital Asset Pricing Model and explain it further through the Security Market Line. The report will then close by outlining the differences between the two with a view of answering the main objective. What will come through in this report is that Markowitz’s portfolio theory uses standard deviation as its risk measure and takes into account all risk in an efficient portfolio, while the Capital Asset Pricing Model uses the beta co-efficient to measure risk and takes into account both efficient and non-efficient portfolios – further more it measures the risks of individual assets within the portfolio. Modern Portfolio Theory Modern Portfolio Theory (MPT) was introduced by Harry Markowitz, way back in 1952. At a high level it proposes how rational investors use diversification to optimise their investment portfolios and give guidance on pricing risky assets. MPT assumes that investors are risk averse, i.e. given two assets A and B offering the same expected return, investors will opt for asset A if it is less risky. In effect, an investor who expects higher returns would need to accept more risk. The expected trade-off between risk and return depends on the individual’s level of risk aversion. The implication of this is a rational investor (a risk averse investor) will not invest in a portfolio if another one exists offering a better risk-return profile (Fabozzi Markowitz, 2002). For any given level of risk, investors will opt for portfolios with higher expected returns instead of those with lower returns. Another assumption under MPT is that investors are only interested in the expected return and the volatility of an investment, as measured by the mean and standard deviation respectively. Investors do not consider any other characteristics, for example, charges. In effect, based on the assumptions above, investors are concerned about efficient portfolios. To explain portfolio theory further, let us consider the formula for the expected return and risk of a portfolio under MPT. Suppose two assets A and B formed a portfolio in proportion (X) each, the expected return for that portfolio would be: R(p) = X(a)R(a) + X(b)R(b), where: R(p) = expected returns from portfolio R(a) = expected returns from asset A R(b) = expected returns from asset B The standard deviation or risk of that portfolio would be: SD(p) = √(XÂ ²aSDÂ ²a + XÂ ²bSDÂ ²b + 2XaXbRSDaSDb), where: SD(p) = standard deviation of expected returns of portfolio SDa = standard deviation of expected returns of asset A SDb = standard deviation of expected returns of asset B R = correlation coefficient between the expected returns of the two assets The efficient frontier Under MPT, Markowitz examined the efficient frontier curve. The efficient frontier curve gives a graphic presentation of a set of portfolios that offer the maximum rate of return for any given level of risk (McLaney, 2006). According to Markowitz, an efficient investor will opt for an optimum portfolio along the curve, based on their level of risk aversion and their perception of the risk and return relationship (Fabozzi Markowitz, 2002). Figure 1: Efficient Frontier Source: www.riskglossary.com The curve in the diagram above illustrates the efficient frontier. Portfolios on the curve are efficient – i.e. they offer maximum expected returns for any given level of risk and minimum risk for any given level of expected returns. The shaded region represents the acceptable level of investments when risk is compared against returns. For every point on the shaded region, there will be at least one portfolio that can be constructed and has a risk and return corresponding to that point (www.riskglossary.com) As aforementioned, each portfolio on the efficient frontier curve will have a higher rate of return for the same or lower level of risk or lower risk for an equal or better rate of return when compared with portfolios not on the frontier. It is important to note that the efficient frontier is really made up of portfolios rather than individual assets. This is because portfolios could be diversified, i.e. investors can hold assets which are imperfectly correlated (Fabozzi Markowitz, 2002). This will help to ensure that investors can reduce their risks associated with individual asses by holding other assets – a kind of set-off. The Capital Market Line The Capital Market Line (CML) is a set of risk return combinations that are available by combining the market portfolio with risk free borrowing and lending (www.lse.co.uk/financeglossary). The CML defines the relationship between risk and return for efficient portfolios of risky securities. It specifies the efficient set of portfolios can investor can obtain by combining the portfolio (which contains risk) with a risk free asset. The formula for CML is: E (r_c) = r(f) + SD(c)*[E(r_m)-r(f)]/SD(m) Where: E(r_c) = expected return on portfolio c R(f) = risk free rate SD(c ) = standard deviation of portfolio c E (r_m) = expected return on market portfolio SD(m) = standard deviation of market return The CML indicates that the expected return of an efficient portfolio is equal to the risk-free rate plus a risk premium. Both risk and return increase in a linearly along the CML. Figure 2: Capital Market Line Source: www.riskglossary.com In Figure 2 above, the CML is the line touching the efficient frontier curve. It passes through the risk free rate (assumed to be 5%). The point where the CML forms a tangent with the efficient frontier curve is the point called the super-efficient portfolio. The Risk free asset, Sharpe ratio and the Market Portfolio The risk free asset pays a risk free rate and has a zero variance in returns, e.g. government short-term securities. When combined with a portfolio of assets the change in return and risk is linear. The Sharpe Ratio is a measure of the additional return to be obtained about a risk free rate for a given portfolio compared with its corresponding risk. On the efficient frontier the portfolio with the highest Sharpe Ratio is known as the market portfolio. The CML is the result of a comparison between the market portfolio and the risk free asset. The CML surpasses the efficient frontier with the exception of the point of tangency. The Capital Asset Pricing Model While the CML focuses on the risk and return relationship for efficient portfolios, it would be useful to consider the relationship between expected return and risk for individual assets or securities. The Capital Asset Pricing Model (CAPM) would be used for this. CAPM is an extension of Markowitz’s Portfolio Theory or MPT. It introduces the notions of systematic and specific risks. Let us define each: Systematic risk – this is the risk associated with holding the market portfolio of assets Individual assets are affected by market movements Specific risk – this risk is unique to an individual asset and represents that portion of an asset’s return which has no correlation with market movements. CAPM assumes the following (McLaney, 2006, 199): Investors are risk averse and maximise expected utility of wealth The capital market is not dominated by any individual investors Investors are interested in only two features of a security, its expected returns and its variance or standard deviation There exists a risk free rate at which all investors may borrow or lend without limit at the same rate There is an absence of dealing charges, taxes and other imperfections All investors have identical perceptions of each security This lends credence to the assertion that CAPM follows a natural progression from MPT. The assumptions are identical with the main difference being how risks are categorised and treated. This will be explored in detail in a later section. Under CAPM, the market place will compensate an investor for taking a systematic risk but not a specific risk. The rationale for this is that specific risks can be avoided or minimised through diversification. The formula for CAPM is as follows: r = Rf + Beta x (RM-RF), where: r = expected return on an asset Rf = rate of risk free investment RM = return rate of the appropriate asset class Beta is the relative risk contribution of an individual security to the overall market portfolio. It measures the security risk relative to the market portfolio and ignores the specific risk. The beta equation is as follows: Cov (i,M)/(SDm)Â ², where: Cov (i,M) = covariance between market portfolio and security i (SDm)Â ² = variance of the market’s return The betas for all assets are measured in relation to the market portfolio beta which is 1. In effect, if individual beta is greater than 1, then individual asset has a higher risk than the market risk. If individual beta equals 1, then individual asset risk and market risk are the same. If individual beta is less than 1, then the risk of that individual asset is less than the market risk. The value of beta provides an idea of the level or size of the change in an asset’s return when a corresponding change in the returns of an overall portfolio is experienced (McLaney, 2006). Beta has come under criticism from academics and investors who do not appreciate the value of beta as an appropriate risk measure. However, this is somewhat challenged by actual performance of the betas of portfolios and mutual funds. These are regarded as stable and can be used to predict future betas. Security Market Line CAPM can be applied by using the Security Market Line (SML). SML is a graphical representation showing the linear relationship between systematic risk and expected rates of return for individual assets. In the case of the SML, risk is measured by beta. It plots the expected returns on the y axis and the risk as denoted by beta on the x axis. In other words, the SML expresses the linear relationship between the expected returns on a risky asset and its covariance with market returns. Its formula is: Figure 3: CAPM and SML The line in the diagram above is the SML. Differences relating to MPT (CML) and CAPM (SML) To explain the differences, it is useful to consider the relationships between risk and return in the perspective of CML and SML. CML compares the relationship from an MPT perspective, while SML does from a CAPM perspective. The main difference pertaining to MPT’s relationship with CAPM is pertaining to risk. Under Portfolio theory, CML gives an indication of expected returns in comparison with risk. Here the risk is measured in terms of standard deviation of returns. The rationale for this is CML represents the trade-off for efficient portfolios, i.e. the risk is all systematic risk (McLaney, 2006). The SML on the other hand, indicates the risk/return trade-off, using beta as the measure of risk. In this case, only the systematic risk element of the individual asset is taken into consideration. The reason why CML shows no individual security’s risk profile is because all individual securities have an element of specific risk, implying that they are inefficient. CML only looks at efficient portfolios. The table below summarises the main differences between CML and SML Table 1: Tabular difference between CML and SML Summary As has been shown above, CAPM has been developed along the lines of Markowitz’s Portfolio theory. They both use expected returns and risk as the investor’s main determinant of their investment decisions. They both assume that investors are risk averse and do not consider anything else other than risk and returns. However, there are some subtle differences which will now be summarised below: Under Portfolio theory, the CML measures risk by standard deviation or total risk. The SML measures risk by beta or systematic risk under CAPM – it ignores specific risks The CML graph is interested in providing information on efficient portfolios only. The SML graph on the other hand provides insight into both efficient and non-efficient portfolio and securities REFERENCES AND BIBLIOGRAPHY Books Bodie, et al (2006) ‘Investments’ (7th edition), McGraw-Hill/Irwin, London Elton, E et al (2003) ‘Modern Portfolio Theory and Investment Analysis’, Wiley, London Fabozzi, F. Markowitz, H. (2002) ‘Theory and Practice of Investment Management’, Wiley, London McLaney, E. (2006) ‘Business Finance – Theory and Practice’ (7th edition), Prentice Hall, London O’neill, W.J. (2002) ‘How to Make Money in Stocks’, (3rd edition), McGraw-Hill, London Internet Sources www.lse.co.uk www.riskglossary.com www.wikipedia.com

Nike Nature Of The Business Marketing Essay

Nike Nature Of The Business Marketing Essay Nike Incorporation is the worlds leading sporting goods manufacturer. The company produces the sports goods all-encompassing: clothing, footwear, sports equipment and so on. The company headquartered in Beaverton, Oregon. Nike with its impressive performance impresses its founder; Bill Bowerman once said the sentence: As long as you have a body, you are world athletes, and Nike will continue to develop grow. Before the company became Nike, the original name of the company is Blue Ribbon Sports on January 25, 1964. The company then officially became Nike Inc. on May 30, 1978. Nike has been provided the best products to every athlete around the world. The language of movement is the Nike language. The company committed always to create every chance to show themselves after three years. Nike knows: The best products are only produced by the use of advanced technology. So, by the way, Nike put a lot of manpower and material resources for the research and development of new products.   Years ago, a lot of high potential athletes and sports teams around the world have been sponsored by Nike. The Swoosh logo and trademarks of Just Do It are highly recognized. Nike Nature of the Business NIKE, Inc. is a worldwide marketing which engaged in development and design for footwear, equipment and accessory products. It is approximately 18,000 retail accounts by sells its products in the United States. Nearly 200 countries are through a combination of independent distributors, licensees and subsidiaries. Although a few of the products are worn for leisure purposes, NIKEs athletic footwear products are still in specific designed for athletic use. All equipments for men, women and children have been designed and created by the company. Either is indoor or outdoor activities, NIKE have a good market shoes or clothes such as tennis, golf, football, volleyball, wrestling, aquatic activities, hiking and others. Active sports apparel like most of these categories are sold by NIKE, for athletically lifestyle inspired apparel. Objective of the Nike Nikes main objective is to build up all athletes of every different of level of ability to their potential with advance the products. Indeed, it is to create job chances for provide value in its shareholders apart from the competition. Besides that, their aim also is to maintain the costs down which driven by the intense competition. By the way, a lot of other companies also operate these low-wage countries within the athletics industry according on cost reason. Because of difficulty due to less developed countries, their ability is easily moved to become economically dependent on the corporations. Strategies of Nike There are four main categories of strategies of Nike to continue develop growth in this along the years. They are financial perspective, customer perspective, internal perspective, and learning growth perspective. Financial Perspective Growth strategy Focus on Emerging Markets (i.e. BRIC) Products in new niche activities New customer segments Productivity strategy Increase Asset Utilization : increase employee by 5% Reduce Operational Cost Customer Perspective Maintain Product Leadership Provide high quality innovative products Improve Customer Relationship and Service Launch 250-300 Nike retail outlets in next three years Improve image Nike Community for welfare manufacturing workers Align incentives of workers Internal Perspective Follow Cost Out strategy Reduce marketing spent 11% of revenue only, focus on local sport heroes Integrate New Segments Markets and their attributes with current processes like customer Improve Innovation Cycle With smarter and more intelligent customer feedback mechanisms through e-channels Implement CSR Expand its alliance with other non-profit organizations to work together Learning Growth Perspective Retain and Train key employees Ensure attrition rate is between 2-3% Improve IT Assets Enhance CRM, e-channel, social media platform Invests 2-2.5% Rev in IT Systems Create a customer centric culture Executive team to provide a strong and visionary leadership Targeting Market Nikes targeting market is for those who like the higher quality sporting goods, especially footwear. Therefore, Nike focuses on creating premium consumer experiences on product innovation, brand leadership and elevated retail presence. Nike also target market for their shoes, clothes, and other accessories are males and females, especially among 18 and 35 years old. Nike Company has expanded and dominated in the international market. Size of Nike The size or range of the Nike Company is increases throughout the years. The total number of employees of Nike Company is about 38000 people around the world. In 2009, the  company  had a net income of around $1.49 billion. They have offices in 45 different countries. Besides that, the number of Nike stores globally is 700 around the world. Types of products sold Nike Company has a wide range of sports equipment. The first products that Nike produce is track running shoes. Besides that, Nike also offers a range of shoes for sports like, tennis, golf, soccer, baseball, football, bicycling, volleyball, cheerleading, hiking and others. They manufacture  casual clothes, running clothes, yoga clothes, tennis clothes (dresses and skirts),  thongs, socks, caps, aquatic gear, duffel bags, sunglasses, skates, bats, gloves, womens sport bras, ice skates, roller blades, roller skates, protective gear, hockey sticks, hockey jerseys and many more small accessories. http://upload.wikimedia.org/wikipedia/commons/thumb/1/17/Zoom_elite_2.png/220px-Zoom_elite_2.png Nike Pro Core Compression Nike brand, athletic shoes Nike brand, Tennis(Girls shorts) Services Nike Company has a great service which known as NIKEiD. It is a service that allowing customers to customize the products purchased from Nike. It must be through the online purchased. Besides that, The NIKEiD studios give customers have a great personal experience to work with. For iPhone and iPod Touch was released from the NIKEiD App on the iTunes App Store on 14 October 2009 to allow users to search products. Nike PhotoiD service is by taking picture or image with their mobile and sends to Nike so that new software designed will analyze the image, and then based on it designing a shoe. After that, an image of their desired shoe will be received by the customer. Lastly, they can choose to save the image or purchase the new design. Strengths and weaknesses of Nike Strengths Weaknesses Brand recognition High product quality Effective marketing strategy Capacity of innovation Strong distribution chain Strong RD Strong customer relationship Overseas manufacturing dependency Decreasing United States market share High product price compared to Adidas Currency exposure Medium retail presence Competitors Adidas is the major competitor to Nike Company. Adidas is about to launch a new innovative campaign praising the Team Spirit in sports. Any company that produces athletic footwear or athletic apparel is a  competitor  to  Nike such as Puma, Reebok(now is owned by Adidas), Asics, Under Armour, and so on. However, according to graph below, Nike Company is the best sells compete with others. http://cstl.syr.edu/fipse/TabBar/BldCirc/circlgif/fig17.gif Financial Model of Nike Since year 1997, Nike Companys revenues had plateaued at around $9 billion. Net income had fallen from almost $800 million to 580 million. However, market share in US athletic shoes had fallen from 48%, in 1997, to 42% in year 2000. It adverse effect of a strong dollar had negatively affected revenue. The management is concerned about the top-line growth and operating performance. To boost revenue, the company would develop more athletic-shoe products in the mod-priced segment- a segment that Nike had overlooked on the recent years. The company has also planned to push its apparel line. The company has planned to exert more effort on the expense control. Long term revenue growth target is 8%-10%. Earnings growth target is 15%.

The Electric Kool-Aid Acid Test and Takin it to the Streets as Drug-in

The Electric Kool-Aid Acid Test and Takin' it to the Streets as Drug-influenced Literature Art influenced by drugs faces a unique challenge from the mainstream: prove its legitimacy despite its "tainted" origins. The established judges of culture tend to look down upon drug-related art and artists, as though it is the drug and not the artist that is doing the creating. This conflict, less intense but still with us today, has its foundations in the 1960s. As the Beatnik, Hippie, and psychedelic movements grew increasing amounts of national attention, the influence of drugs on culture could no longer be ignored by the mainstream. In an age where once-prolific drugs like marijuana and cocaine had become prohibited and sensationalized, the renewed influence of drugs both old and new sent shockwaves through the culture base. The instinctual response of the non-drug-using majority was to simply write drug-influenced art off as little more than the ramblings of madmen. Some drug-influenced artists tried to ignore this preconception, and others tried to downplay their drug use in the face of negative public scrutiny. For some drug-influenced artists, however, it was imperative to gain popular acceptance by publicly challenging the perception and preconceptions of mainstream America. An article in Newsweek from 1965 included in the anthology Takin' it to the Streets provides a useful indicator of mainstream society's distrust of youth culture in general and drug culture in particular. Citing federal and FCC regulations banning the broadcast of "obscene, indecent, or profane material," the writer of this article appears to be absolutely scandalized by the increasing presence of double entendres in popular music. Here, amid mutterin... ...hanged dramatically since the dawn of the 1960s, granting a sort of semi-legitimacy to drug-influenced art that grows stronger and less self-conscious every year. This pervasiveness of drug imagery in our culture today is no accident-it represents the outgrowth of these artists' introduction of drugs into the popular consciousness. The lingering effects of their efforts to publicize and poetize their altered states of mind can be readily seen in the mainstream culture of America today, which possesses both an awareness of and begrudging respect for the drug experience. Works and Sources Cited Allen, Donald. The New American Poetry. Berkeley: University of California Press, 1960. Bloom, Alexander and Wini Breines. Takin' it to the Streets. New York: Oxford University Press, 1995. Wolfe, Tom. The Electric Kool-Aid Acid Test. New York: Bantam Books, 1968.

Tom Clancy rainbow six :: essays research papers

Well it is easy to see that in Tom Clancy’s book rainbow six there are two main groups the first group is of course Rainbow SIX the second is horizon corp. Now for rainbow six they are our heroes they are the Special Forces assault team created and funded by the United States but it consists of members from across the world. The second group is the horizon corp. now these are the evil ones in the book and when I say evil I mean EVIL. But they were evil in the eyes of society but not in their own eyes. . Now what horizon corp. is planning is truly the embodiment of what can be considered a heinous crime what they planed on doing was to release a bacteria called Shiva is a modified version of the Ebola virus the difference Shiva and Ebola you might ask, well Shiva is twice as effective as Ebola is. Now Horizon corp. really doesn’t fall under either overcoming or submitting but it can be seen as trying to destroy society. They believe that society has become too destructive against nature and so in their bid to save the human race they have to destroy all but a selected few they had made the Shiva virus and planned on letting it out during the Olympics so that it could be spread across the world. So instead of trying to conform to society or overcome it they have gone for option number three the destruction of society its self. Ok now for the heroes of the book a group named of course rainbow six. This group has skill and resources much greater then any other counter terrorist organization they travel to any country that requests their aid and well mops up any messes that they might have. The team encounters many different situations on which they are called in to resolve the problem the way a special forces unit would. So it is my feeling that the rainbow six team its self is meant to embody the will, the laws, and the Ideals of society as they are always called in to those who go against the general will and laws of main stream society. Lead by John Clark ex-Navy SEAL the team consisted mainly of those from USA and Britain but there are two guys from other countries I can’t remember exactly what countries but I think it was Germany, Israel, Britain, and the USA.

Highlight POVs Essay

Doc. 1 – Churchill wants to use United States as a model to structure a new Europe in order to recover from the World War and give power to smaller nations. Doc. 2 – France obviously does not want to cooperate with Germany; they fear that the new Europe would become an enlarged Germany. Doc. 3 – Vyshinsky is clearly against the Marshall plan, for he fears that the Soviets will lose their influence in Europe under the economic and political control of the United States. Doc. 4 – A Soviet propaganda that the U.S. government will implement a form of capitalist approach in Europe, seizing everything under control. Doc. 5 – Schuman believes the best approach in creating a strong economic market in Europe requires a complete unity with the elimination of any residue of hatred between the nations. Inviting Germany into constructing a new Europe would create a positive externality. Doc. 6 – Coming from West Germany, he wants a merged, democratic Europe with the presence of diverse culture and equality. Doc. 7 – Mcmillan believes the UK will benefit greater from favoring the trade route with its Commonwealth system than joining the EEC. However, as a finance minister, he is more in favor of the country’s economic well-being rather than building a unified European community. Thesis is underlined

Strengths of the Event Essay

The group found the event informative. In the feedback forms, they showed that the groups did enjoy some activities more than others but they said that they will that for a Another strength of the event was that all members of the group turned up on time with enough time for us to set up and plan for the event. The meeting one hour before the event meant that the group was able to organise and iron out any flaws in the planning of the event. So we were able to look at any equipment problems and set up of any resources and tables etc, beforehand and make sure we were prepared for the learners to arrive. Everyone was assigned specific tasks and kept up to date with each other’s roles in the class. This meant that everyone was aware of what everyone else was doing, so just in case on the day, or during the planning of the event someone was absent, we could fill their shoes relatively easily by stepping in for them. Everyone wore uniform. Looked professional and the learners were able to see this as something that made our group stand out from the learners. I think this helped them see a level of professionalism and made them want to listen to us as a group and take us seriously. The event was planned but the timings hadn’t been specified in a way that would work well for all the groups. For example, we started off the event with the plan to move groups on every 10 minutes onto the next activity, however the needed more time than just the hour we had to be able to move through and do an activity in every group and then we also needed time to go through prizes and certificates at the end. Another weakness of the event was that the classrooms were quite far apart. This meant that groups were having to spend time walking around the building.