Explanation of Investment and Portfolio Management

Question: Discuss about the Explanation of Investment and Portfolio Management. Answer: Introduction The following assignment presents the explanation and concept of share valuation by analyzing the securities of a listed company in Australia. The study aims to determine and present the correct valuation, over valuation or under valuation of securities by considering different methods of share valuation. For the purpose of share valuation and analysis, Woolworths Limited has been selected that is listed on Australian Stock Exchange and included in the top 200 stocks as per market capitalization value (Asx.com.au 2017). Further, share valuation and analysis has been done by considering two types of valuation i.e. absolute valuation and relative valuation. Absolute valuation is considered to measure the intrinsic value of securities based on the fundamentals like cash flow, dividends or growth rate of the organization. On the contrary,relative valuation is considered to present comparable valuation of the securities along with the share valuation of other similarorganizations (Damodar an2016). Accordingly, in order to present the share valuation analysis of Woolworths Limited different models of absolute valuation has been considered. Discussion Background of the company: Woolworths Limited is a public company and second largest organization in Australia in view of the amount of revenue. The company was founded in the year 1924 having its headquarters at New South Wales, Australia while it serves the business in New Zealand and India. According to the current reports on business valuation, the organization has been valued at $30.2 billion whereas the operating income reported at $1.6 billion(Woolworths 2016). It has been observed that the number of locations of the organization reported to more than 3,800 in Australian region. Further, primary business operation of the company includes Australian food and Petrol representing two- third of its total revenue ($39.4 million), revenue from drinks group amounted to $7.58 million and other departmental stores and hotels including the stores of liquor that derives the income of around $6.53 million (Woolworths 2016). Analysis of current valuation: Current valuation of Woolworths Limited involves enterprise valuation that is measured in accordance with the current market valuation by considering the value of liquid assets, outstanding debt and value of equity instrument. Accordingly, the enterprise value of the company is determined by using the value of market capitalization, value of debt deducted by the amount of cash. Currently, the enterprise value of the organization has been reported amounted to $33.56 Billion, which is lower than other sectors in service industry, approximately by 89.26% while 61.55% lower than of the sector involved in grocery industry(Asx.com.au 2017). Currently, the shares of the company have been valued at $24.38 while dividend yield on annual basis reported at 3.16%. It has been noted that the return on assets of the company was 6.56% whereas profit margin reflected negative balance (2.12) percentage and operating margin at 4.40%(Asx.com.au 2017). In order to determine the correct valuation of the securities of Woolworths, absolute valuation would be considered based on the dividend discount model, price earnings ratio, earnings per share model and growth rate model. As per dividend discount model, true valuation of the securities would be measured based on the dividend payment to the shareholders (Andriosopoulos and Lasfer2015). Valuation of securities under this methodology would be considered on the basis of present value of cash value based on the actual payment of dividend amount. It is essential that the payment of dividend should be stable and involves predictable amount considering the growth rate for dividend per share or earnings per share. Valuation of shares as per dividend discount model is estimated by considering dividend growth rate and related rate of discount used to measure the present value (Cornell 2013). Considering the recent data of Woolworths Limited, following equation will be used to measure the present value of securities of Woolworths i.e. Dividend per share/ (Discount rate- Growth rate). As per the current years annual report, dividend per share of the company for the financial year 2011, 2012, 2013, 2014 and 2015 has been 122 cents, 126 cents, 133 cents, 137 cents and 139 cents respectively(Woolworths 2016).The discount rate for Woolworths Limited to be 8% while the growth rate 5% based on the recent years financial information has been assumed. Hence, it can be said that Woolworths dividend payment reflects constant growth over the years in accordance with the earnings. Accordingly, share value of Woolworths for the year 2015 would be measured as $1.39/ (0.08- 0.05) = $46.33 whereas share value for the year 2014 would be $1.37/ (0.08- 0.05) = $45.67(Woolworths 2016). On the contrary, present market value of the securities of Woolworths has been $24.27 hence, the share value of Woolworths as per dividend discount model is said to be undervalued. Since the present valuation of securities of Woolworths has been undervalued, the investors can be recommended to go long on trading the securities. In addition, share valuation can be measured by using another model in absolute valuation i.e. Discounted Cash Flow Model that is used to determine the correct share valuation using future cash flows. This method is mainly preferable to measure the share valuation for the organizations that does not pay dividend. In order to measure the value of business or securities forecasted free cash flow based on the previous years performance as well as based on growth rate (Cumming and Hou2014). As per the financial information of Woolworths Limited, free cash flow during the recent year has been $2,167million; cash flow from operating activities amounted to $4,711.1 million whereas cash flow used in investment activities $1,055.7 million(Woolworths 2016). It was noted that the cash flow from operating activities and used in investing activities declined in the current year in comparison to the previous year. Accordingly, share value as per discounted cash flow model would be determinedby con sidering discounted cash flow of the year along with the use of growth rate i.e. $2,167/ (1+8%) = $ 2,006 i.e. $30.45. As the current price of security of Woolworths has been $24.27 therefore, share valuation of the company as per discounted cash flow model is undervalued and investors either can purchase the shares or can hold the same. For the purpose of appropriate valuation of shares, Earnings per share methodology can be considered, which refers to the amount of net income attributable to the shareholders of the organizations divided by the outstanding shares during the financial year (Raza and Jawaid2014). In certain cases, earnings per share of the company is adjusted by excluding certain non- cash items i.e. amount of goodwill amortization or expenses on stock valuation. For the purpose of appropriate valuation of shares, it is essential to consider volatility of companys EPS for several years (Goodman and McLelland2016). In view of the financial report of Woolworths Limited for the recent financial year, basic earnings per share of the company during the year 2015 was 170.8 cents whereas 196.5 cents during the year 2014. It has observed that the earnings of the company declined in the recent years in compared to the earnings of 2014(Woolworths 2016). On the other hand, price earnings ratio of the companys se curities is important to consider that provides information on stock price in relation to the earnings for a particular financial year. If the computed price earnings ratio of the company is less than the benchmark of the industry, the shares would be considered undervalued whereas if the price- earnings ratio of the company is higher than the industry benchmark, share of the company would be considered as overvalued (Gregory and Whittaker 2013). As per the current financial economy, standard price earnings ratio 15 is considered while P/E ratio of the company Woolworths has been reported at 12.81 that is lower than the industrial benchmark. Therefore, it can be said that as per the earnings per share and price- earnings ratio, share price of Woolworths limited is undervalued and the investors can go long (Asx.com.au 2017). Growth rate on sales and income is also considered for measuring the valuation of shares of the company based on the historical judgments and future prediction. Valuation on shares based on the growth rate would be sales revenue and other income during the financial year and in comparison to the benchmark of the industry. Growth rate is used to determine the appropriate share price along with the factors of discounting rate and dividend per share. If the value of dividend of the company expects to grow over the period, the stock will be considered as constant growth security (Wang 2013). In case of Woolworths Limited, it has been noticed that the companys dividend for the past years along with that in current year has been increasing whereas revenue income of the company declined in the year 2015. Hence, if the method of constant growth model is considered, valuation of share will be measured by using current dividend amount, expected growth rate and required return (Kung and Schmid2 015). Considering the current financial information of Woolworths, current dividend amounted to $139 cents is provided while expected growth rate is 5% assuming the required rate of return on the security investment would be 12% as per the industrial benchmark(Woolworths 2016). Therefore, price of the share of Woolworths Limited would be determined as $20.85 i.e. [$1.39 (1+.05)/12-0.06] whereas current market price of the share is $24.27. In view of the growth rate model, considering the valuation of securities, it can be said that the companys present share valuation is overvalued and the investors are recommended to go short. Overvaluation and undervaluation of shares is determined by considered the percentage of return on organizational capital, assets, sales as well as market capitalization. Return on invested capital is used to measure the amount of investment in terms of capital that provides information on growth level and derivation of capital return against the amount of cost of capital(Pan, Wang and Weisbach2015). If the return on investment capital is higher then it can be said that the company is efficient and ratio on companys income with that of the invested capital would determine the correct valuation of shares (Wachter2013). In case of Woolworths Limited, invested capital during the current year 2015 amounted to $11,132 million whereas the net income amounted to $2,137 million, therefore return on invested capital would be 19.19%(Woolworths 2016). It can be said that the percentage of return on invested capital is higher than the standard required rate of return i.e. 12% and the valuation o f shares can be said to be undervalued and the investors can go long on the shares. Similarly, return on assets provides the measurement of the efficiency of the organization to generate business income from the use of assets. In order to determine the return on assets, total income after tax as well as total value of assets is to be considered during the financial year. Considering the return on assets, if the return is higher than the expected return, the valuation of the shares is said to be overvalued whereas if the return on assets is lower than the expected value then shares would be considered as undervalued (Dechow, Sloan and Zha2013). Considering the current years financial information, total value of assets of the company is $25,336 whereas net income amounted to $2,137 million. Therefore, return on organizational asset to be determined as 8.43% while the expected return considered is 12%, which is higher than the computed value(Woolworths 2016). Since, the expected return on investment of securities is higher than the actual current rate of return from as sets, shares of Woolworths can be considered overvalued and investors are advised to go short. Other factors that are used to measure the correct valuation of securities involves price to sales ratio, market capitalization, enterprise value and sales ratio as well as enterprise value and earnings before interest and tax ratio. Price to sales ratio is used to compare the current market price of the companys shares along with the amount of sales earned during the financial year (Greenwood and Shleifer2014). Sales value of Woolworths during the current financial year amounted to $60,868.40 million or $48.07 per share while the current market price of stock valued to $24.27 therefore, price to sales ratio equals to 1.98. Considering the price to sales ratio of other similar organizations in the same industry, trading value is 2.0, which is higher than that of the value of Woolworths(Asx.com.au 2017). Hence, the shares of Woolworths Limited can be considered as undervalued and are suitable if investors go long on such securities. However, if market capitalization factor is consider ed to determine the share valuation, it represents the value of entire securities of the company. It is measured by considering current price of each stock of the company as well as total number of outstanding shares. Moreover, enterprise value refers to the total value of the organization that is measured by considering market capitalization value and total value of debt involving short- term and long- term debts (Alti and Tetlock2014). As per the current financial report, market cap of the company has been 71.72B whereas enterprise value has been 76.31B hence it can be said that the stock price of Woolworths Limited is undervalued as the market capitalization is lower and the investors are recommended to go long. Conclusion Share valuation analysis is considered to be one of the essential factors for the investors to determine the organizational efficiency for the purpose of making investments. As the study demonstrates different models and methodology for valuation shares, it presents analysis on the overvaluation, undervaluation or correct valuation of shares for the selected company Woolworths Limited. For this purpose, absolute valuation method has been considered that incorporates dividend discount model, discounted cash flow method, growth rate method, earnings per share method. Following the dividend discount model, security valuation has been done based on the dividend paid by Woolworths over the several financial years along with comparison in the current year. As per the methodology, value of shares determined has been undervalued since the current market price of the security reflected lower value. Similarly share valuation as per discounted cash flow method, share valuation has been determined as undervalued because the value of share as per cash flow method has been higher than the market price. Further, share valuation as per other methodology has been determined as undervalued as the current market value of Woolworths security was lower. On the contrary, valuation based on the percentage of return on assets and growth rate considered to be overvalued since the standard return value has been higher. Market capitalization, return on investment, price to sales ratio and enterprise value has also been considered to value the securities based on the current financial report. As the determined value of market capitalization of company is lower, the current valuation of security of Woolworths considered to be undervalued. However, as Woolwor ths Limited provides dividend payment, the most reliable and absolute valuation method would be dividend discount model that determines the stock of the company are undervalued hence investors can go long. Reference: Alti, A. and Tetlock, P.C., 2014. Biased beliefs, asset prices, and investment: A structural approach.The Journal of Finance,69(1), pp.325-361. Andriosopoulos, D. and Lasfer, M., 2015. The market valuation of share repurchases in Europe.Journal of Banking Finance,55, pp.327-339. Asx.com.au. 2017.Home - Australian Securities Exchange - ASX. [online] Available at: https://www.asx.com.au/ [Accessed 7 Jan. 2017]. Cakici, N. and Topyan, K., 2014. Market Capitalization. InRisk and Return in Asian Emerging Markets(pp. 13-27). Palgrave Macmillan US. Cornell, B., 2013. Discounted Cash Flow and Residual Earnings Valuation: A Comparison in the Context of Valuation Disputes.Business Valuation Review,31(4), pp.157-164. Cumming, D. and Hou, W., 2014.Valuation of restricted shares by conflicting shareholders in the Split Share Structure Reform.The European Journal of Finance,20(7-9), pp.778-802. Damodaran, A., 2016.Damodaran on valuation: security analysis for investment and corporate finance(Vol. 324). John Wiley Sons. Dechow, P.M., Sloan, R.G. and Zha, J., 2013. Stock prices and earnings: A history of research.Annual Review of Financial Economics,6, pp.343-363. Dias, A., 2013. Market capitalization and Value-at-Risk.Journal of Banking Finance,37(12), pp.5248-5260. Farrell, M. and Gallagher, R., 2015. The valuation implications of enterprise risk management maturity.Journal of Risk and Insurance,82(3), pp.625-657. Goodman, D.H. and McLelland, M., 2016. The implied private company pricing line (IPCPL): On the nature, scope, and assumptions of IPCPL theory.Business Valuation Review,35(1), pp.18-29. Greenwood, R. and Shleifer, A., 2014. Expectations of returns and expected returns.Review of Financial Studies,27(3), pp.714-746. Gregory, A. and Whittaker, J., 2013. Exploring the valuation of corporate social responsibilityA comparison of research methods.Journal of business ethics,116(1), pp.1-20. Kung, H. and Schmid, L., 2015. Innovation, growth, and asset prices.The Journal of Finance,70(3), pp.1001-1037. Novy-Marx, R., 2013. The other side of value: The gross profitability premium.Journal of Financial Economics,108(1), pp.1-28. Pan, Y., Wang, T.Y. and Weisbach, M.S., 2015. Learning about CEO ability and stock return volatility.Review of Financial Studies, p.hhv014. Raza, S.A. and Jawaid, S.T., 2014. Foreign capital inflows, economic growth and stock market capitalization in Asian countries: an ARDL bound testing approach.Quality Quantity,48(1), pp.375-385. Wachter, J.A., 2013. Can Time?Varying Risk of Rare Disasters Explain Aggregate Stock Market Volatility?.The Journal of Finance,68(3), pp.987-1035. Wang, M.C., 2013. Value relevance on intellectual capital valuation methods: the role of corporate governance.Quality Quantity,47(2), pp.1213-1223. Woolworths 2016.Woolworths Supermarket - Buy Groceries Online. Available at:https://www.woolworths.com.au/[Accessed 30 Nov. 2016].

The Prioress And Women Of Chaucers Time English Literature Essay Essay Example

The Prioress And Women Of Chaucers Time English Literature Essay Essay Geoffrey Chaucer s The Canterbury Tales is a antic piece of literature which tells the narrative of a group of travellers who are on a pilgrims journey. The General Prologue to The Canterbury Tales is a long transition in which Chaucer describes the characters. The characters societal stature and general businesss vary greatly and it is clear to the reader that there are some who Chaucer greatly admires and others who he intends to a jeer of. In making so, he besides assigns gender stereotypes, which can be seen in his favourable portraiture of the Knight character and really unfavourable portraiture of the Prioress character. By comparing the Prioress and Knight s descriptions in the General Prologue, the reader can state this to be true. We will write a custom essay sample on The Prioress And Women Of Chaucers Time English Literature Essay specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Prioress And Women Of Chaucers Time English Literature Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Prioress And Women Of Chaucers Time English Literature Essay specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Upon first reading Chaucer s Prioress description it would look that she is a favourable figure in his eyes: Ther was besides a Nonne, a Prioress / That of hir smile was ful simple and coy./Hir gretteste ooth was but by sainte joy! ( lines 118-120 ) . This shortly turns to a sarcastic tone and we see how Chaucer uses the Prioress to depict his positions on adult females in general: shoal, unfaithful and wanting riches/higher societal position. The Prioress is described as a nun but Chaucer emphasizes her blue mode and public image. The Prioress is seeking to move as if she were in a higher societal stature than she truly is. Her efforts to feign she is something that she is non is Chaucer s manner to demo her superficiality ( and his degrading position towards adult females in general ) . Equally difficult as she may seek to conceal them, Chaucer points out her defects. The Abbess flaunts her instruction and cognition of French as if she had traveled at that place for an drawn-out period of clip and was a worldly traveller. When the storyteller says, And Frenssh she spak ful faire and fetishly, / After the scole of Stratford at the Bowe- / For Frenssh of Paris was to engage unknowe ( lines 124-126 ) , it is Chaucer s manner of stating the reader that she does non cognize her Gallic from her travels, instead from books and schooling. Her efforts to sham herself as sophisticated merely make her character seem even shallower. This form continues when the storyteller remarks on her table manners At mete wel ytaught was she withalle: / She leet no morsel from hir lippes falle, / Ne wette hir fingers in hir sauce deepe ; / wel coude she carye a morsel, and wel keepe / That no drope ne fille upon hir Brest ( lines 127-131 ) and once more two lines subsequently adding Hir over-lippe wiped she so clene / That in hir coppe ther was no firthing seene ( lines 133-134 ) . This was clearly meant to be taken as irony instead than a good quality because no 1 wants to b e remembered or described for their table manners. For this ground the reader can deduce that Chaucer is utilizing the storyteller to defame the Prioress character and adult females in general. At the clip Chaucer wrote this, a adult female of the Prioress stature, a nun, is supposed to act and move a certain manner. That is to state, she should move in a mode that the Church would O.K. of. The storyteller describes her in a few ways as the antonym, which would be clearly known to any reader of the twenty-four hours. The first being when the storyteller is depicting her broach of golde ful sheene ( lines 160 ) which is inscribed with the followers, Cupid vincit omni. The broach is a piece of jewellery, and the lettering fundamentally translates to love conquers all. Since the Prioress is a nun, she should non hold a broach made of gold. She is non supposed to hold anything munificent ; instead, she should populate a life of simple agencies. She has purportedly made this committedness to the church. Love conquers all is normally used as an look between a love shared by a adult male and a adult female. As a nun, the Prioress should hold no cognition of this sort of love and to the people and Church of the twenty-four hours this would be considered profane. Last ( in respect to the Prioress deficiency of following her Church committednesss ) , the storyteller describers her headgear known as a wimple But sikerly she hadde a faire forheed: / It was about a spanne brood ( lines 154-155 ) . Translated this means that her brow is demoing through her headgear when merely her face should be. The reader can presume that she does this in order to do herself more beautiful. Combined, these actions show the Prioresses neglect for the Church, for if she genuinely cared, none of these would be present. Towards the terminal of the Prioress description, the storyteller leaves the reader with and pained hire to countrefete cheere / Of tribunal, and to been statlich of manere ( lines 139-140 ) . This fundamentally sums up the Priores, s and Chaucer s position of adult females: forgery. The Prioress systematically fails to move in conformity with the Chur ches regulations although she is a nun, and pretends to be a true socialite and worldly figure when she is nil more than a pupil and an image of person she wishes to genuinely be. When compared to the Prioress, the male Knight is depicted instead favourably as an honest character. Chaucer s Knight is the true prototype of a soldier. Harmonizing to the storytellers description, he has killed many work forces and has traveled the universe, including Russia, Spain, Prussia, Lithuania, Africa and many other topographic points. Chaucer s description of the Knight has non one negative facet. For this ground, it is apparent that Chaucer is demoing the reader all of the good qualities work forces have as opposed to the qualities females deficiency. The Knight s qualities include award, courage, devotedness to his lands, and honestness. This is shown throughout the storyteller s description of the Knight, including when he states he loved chivalrye. / Troughe and honor, freedom and curteisye ( lines 45-46 ) , He nevere yet no vilainye ne saide ( line 70 ) and a verray, parfit, gentil knight ( line 72 ) . Harmonizing to the storyteller, he has been on more mission s than anyone else, and no 1 can compare in footings of repute. The following extract from the General Prologue shows this clearly: At Alisander he was whan it was wonne ; Flu ofte clip he hadde the broord bigonne Aboven alle nacious in Pruce ; In Lettou had he resised, and in Ruce, No Christian adult male so ofte of his grade ; In Grenade at the sege eek hadde he b Of Algezir, and ridden in Bekamarye ; At Lyeis was he, and at Satalye, Whan they were wonne ( lines 51-59 ) Compared to Chaucer s blemished Prioress, the Knight has traveled all over the universe, and if he had known how to talk Gallic it would be because he had visited the land and learned from experience. The fact that the Knight went on so many missions ( campaigns ) and is held in such high respect by his state shows his dedication to his state, or what he is supposed to make ( it is his duty to make this as a solider ) . Since the Prioress is supposed to follow the guidelines of the Church but systematically does non, she is opposite from the Knight in this manner. This aspect is decidedly integrated by Chaucer deliberately to raise the image of work forces even higher from adult females. He does his responsibility despite the dangers he may faces, since merely work forces could function their state ; Chaucer is utilizing this facet of the Knights character in a double manner to divide work forces and adult females. The concluding comparing between the Prioress and Knight can be shown in footings of secular ownerships and visual aspects. Both a knight and nun should hold small in footings of garments and ownerships. As stated antecedently the Prioress has a desire for munificent points and attempts to do herself more physically appealing. In footings of ownerships and appearances the Knight is described by the storyteller in the undermentioned footings: His hors were goode, but he was non cheery. / Of fustian he wered a gipoun / All bismotered with his haubergoun ( line 74-76 ) , intending the Knight is non really dressed to maintain up with current tendencies, even his armour is worn. This is how it should be for a adult male of his stature. The lone ownership the Knight does hold is his Equus caballus: he would be nil without it. This is a humbling characteristic that is besides lacked by the Prioresses character. An analysis of Chaucer s work reveals blunt differences between his word picture of male ( the Knight ) and female ( the Prioress ) characters. Chaucer ascribes different qualities transporting different intensions to both genders. While Chaucer exposes the Prioress as deceitful and selfish, the Knight is described in much more honest footings, genuinely incarnating aristocracy and attachment to responsibility. Throughout Chaucer s The Canterbury Tales, the reader finds that the storytellers descriptions of the characters are similar, in that the males seem to hold a higher degree of character when compared to the female characters. All of the female characters are described as fallacious, shallow, missing religion, and merely caring for themselves. For this ground, the reader can see that Chaucer s true feelings towards each gender are represented throughout The Canterbury Tales. In fact, many have said that when the storyteller speaks to the reader and says he is depicting the cha racters as he sees them, Chaucer is giving a hint that he has really depicted some world in his work of fiction. Chaucer s description of the Prioress and Knight, peculiarly, can be viewed as his commentary on work forces and adult females, and their general characteristics/commitment to their several functions.

Critisism on Machiavelli essays

Critisism on Machiavelli essays The master figure of Elizabethan drama is Machiavelli. He was only known through the French of Gentillet, if that: but he was the great character of supreme intrigue that, however taken, was at the back of every tudor mind. Elizabethan drama"the first terror-stricken meeting of the England of Elizabeth with the Italy of the late renaissance"was more terrified of Machiavelli than of anybody. The Borgias, Sforzas, Baglionis, Malatestas, Riartes were of far more importance to the Elizabethan dramatists than any of their own eminent countrymen. Familiarity bred contempt in the long run. But during its flourishing period the English stage went constantly to the schoolmaster of manslaughter, Machiavelliand his political paradigms chosen in conformity with his Borgia worshipfor its thrills.... Mr Edward Meyer has catalogued three hundred and ninety-five references to Machiavelli in Elizabethan literature. As to his influence in England, Dr Grosart wrote: I have suggested to the biographer of the renowned Machiavelli (Professor Villari of Florence) that an odd chapter might be written on the scare his name was for long in England: so much so that he came to be regarded as an incarnation of the Evil If three hundred and ninety-five direct references can be found to Machiavelli in Elizabethan literature, it is everywhere steeped in his philosophy and what his philosophy represented. Webster, Massinger, Ford, Marston, Tourneur, Middleton are all indebted to him so heavily that either in the form of revulsion or delight they could be called the children of Machiavelli. The Unnatural Combat, Women beware Woman, Antonio and Mellida, The Insatiate Countess, The Changeling, The Revenger's Tragedy, etc., would not have existed in the form in which they did without the showmanship and propagandist zeal of Machiavelli.... But in the long run the English got over their fright, and "saw through Machiavelli""Machiavel, thou art a...

Biography of Christine de Pizan, Medieval Writer

Biography of Christine de Pizan, Medieval Writer Christine de Pizan (1364 to 1430), born in Venice, Italy, was an Italian writer and political and moral thinker during the late medieval period. She became a prominent writer at the French court during the reign of Charles VI, writing on literature, morals, and politics, among other topics. She  was noted for her unusually outspoken defense of women. Her writings remained influential and oft-printed through the 16th  century, and her work returned to prominence during the mid-20th  century. Fast Facts: Christine de Pizan Known For: Early feminist thinker and influential writer in the royal court of Charles VI of FranceBorn: 1364 in Venice, ItalyDied: 1430 in Poissy, FrancePublished Works: The Book of the City of Ladies, The Treasure of the City of LadiesFamous Quote:  Ã¢â‚¬Å"The man or the woman in whom resides greater virtue is the higher; neither the loftiness nor the lowliness of a person lies in the body according to the sex but in the perfection of conduct and virtues.†Ã‚  (from  The Book of the City of Ladies) Early Life Pizan was born in Venice to Tommaso di Benvenuto da Pizzano, later known by the Gallicized moniker Thomas de Pizan, in reference to the family’s origins in the town of Pizzano. Thomas was a physician, astrologer, and politician in Venice – then a republic in its own right – and accepted a posting to the French court of Charles V in 1368. His family accompanied him there. Unlike many of her contemporaries, Pizan was well educated from a young age, in large part thanks to her father, who encouraged her learning and provided access to an extensive library. The French court was highly intellectual, and Pizan absorbed it all. Wed and Widowed At the age of fifteen, Pizan  married Etienne du Castel, a court secretary. The marriage was, by all accounts, a happy one. The pair were close in age, and the marriage produced three children in ten years. Etienne encouraged Pizans intellectual and creative pursuits as well. Pizans father Thomas died in 1386, with some debts outstanding. Because Thomas had been the royal favorite, the family’s fortunes were not as bright after his death. In 1389, tragedy struck again. Etienne fell ill and died, most likely from the plague, leaving Pizan a widow with three young children. With no surviving male relatives, Pizan was left as the sole supporter of her children and her mother (and a niece, according to some sources). When she attempted to claim the salary still owed to her late husband, she was forced to engage in legal battles to get what was owed. Writer at Court The royal courts of England and Milan both expressed interest in Pizans presence, but her loyalty remained with the court where she had spent nearly her entire life. The natural decision might have been to remarry, but Pizan made the decision to not seek a second husband among the men at court. Instead, she turned to her considerable writing skill as a means to support her family. At first, Pizans  output mainly consisted of love poetry in the favored styles of the era. Several of the ballads were expressions of grief over Etienne’s passing, again highlighting the genuine affection of their marriage. Pizan was highly involved in the production of her books, and her skillful poetry and embrace of Christian morals caught the eyes of many of the wealthy, titled courtiers. Writing romantic ballads was also a crucial means of gaining patrons, given the popularity of the form. As time passed, she gained many patrons, including Louis I, Duke of Orleans, Phillip, Duke of Burgundy, Marie of Berry, and even an English earl, the Earl of Salisbury. Because of her ability to utilize these powerful patrons, Pizan  was able to navigate a time of major turmoil in the French court during the reign of Charles VI, who earned the moniker â€Å"the Mad† due to his bouts of mental illness that rendered him unfit to rule for stretches of time. Pizan also wrote many of her works for and about the French royal family. In 1404, her biography of Charles V was published, and she often dedicated pieces of writing to the royals. A 1402 work was dedicated to Queen Isabeau (Charles VI’s wife) and compared the queen to the historical queen Blanche of Castile. Literary Quarrel Pizans poetry was clearly influenced by her own experience of losing her husband and being left to fend for herself, but some poems had an unusual tone that set her apart. One poem describes a fictionalized Pizan being touched by the personification of Fortune and â€Å"changed† into a male, a literary depiction of her struggles to be her family’s breadwinner and fulfill a â€Å"male† role. This was only the start of Pizans writings on gender. In 1402, Pizan  gained attention as the instigator of a famous literary debate, the â€Å"Querelle du Roman de la Rose† or the â€Å"Quarrel of the Romance of the Rose.† The debate centered on the Romance of the Rose, written by Jean de Meun, and its harsh, misogynistic depictions of women. Pizans writings defended women from these portrayals, using her extensive knowledge of literature and rhetoric to debate at a scholarly level. The Book of the City of Ladies The work for which Pizan is best known is The Book of the City of Ladies (Le Livre de la cità © des dames). In this work and its companion, The Treasure of the City of Ladies, Pizan  created an extensive allegory in defense of women, marking her as one of the earliest Western feminist authors. The central idea of the work is the creation of a great metaphorical city, constructed by and for heroic, virtuous women throughout history. In the book, Pizans  fictionalized self has a lengthy dialogue with three ladies who are the personifications of great virtues: Reason, Rectitude, and Justice. Her rhetoric is designed to critique the oppression of women and the vulgar, misogynistic attitudes of male writers of the day. It included profiles and â€Å"examples† drawn from great women of history, as well as logical arguments against oppression and sexism. Additionally, the book exhorts women of all stations to cultivate their skills and to live well. Even in the production of her book, Pizan advanced the cause of women. The Book of the City of Ladies was produced as an illuminated manuscript, which Pizan herself oversaw. Only skilled women were employed to produce it. Political Writings During Pizans  life, the French court was in considerable turmoil, with various factions constantly vying for power and the king incapacitated much of the time. Pizans writings urged unity against a common enemy (the English, with whom the French were fighting the Hundred Years’ War) rather than civil war. Unfortunately, civil war broke out around 1407. In 1410, Pizan  published a treatise on warfare and chivalry, in which she discussed the concepts of just war, treatment of troops and prisoners, and more. Her work was balanced for her time, adhering to the contemporary concept of war as divinely ordained justice but also critiquing the cruelties and crimes committed in wartime. As her connection to the royal family remained intact, Pizan  also published The Book of Peace, her final major work, in 1413. The manuscript was dedicated to the young dauphin, Louis of Guyenne, and was filled with advice on how to govern well. In her writing, Pizan advocated against civil war and advised the prince to set an example for his subjects by being wise, just, honorable, honest, and available to his people. Later Life and Death After the French defeat at Agincourt in 1415, Pizan  stepped away from court and retired to a convent. Her writing ceased, although in 1429, she wrote a paean to Joan of Arc, the only such French-language work written in Joan’s lifetime. Christine de Pizan died at the convent in Poissy, France in 1430 at the age of 66. Legacy Christine de Pizan was one of the earliest feminist writers, defending women and placing value on the perspectives of women. Her works criticized the misogyny found in classical romances and were seen as vindications of women. After her death,  The Book of the City of Ladies remained in print, and her political writings continued to circulate as well. Later scholars, most notably Simone de Beauvoir, brought Pizans works back to prominence in the twentieth century, studying her as one of the earliest instances of women who wrote in defense of other women. Sources Brown-Grant, Rosalind. Christine de Pizan and the Moral Defence of Women. Cambridge University Press, 1999.â€Å"Christine de Pisan.† Brooklyn Museum, https://www.brooklynmuseum.org/eascfa/dinner_party/place_settings/christine_de_pisanâ€Å"Christine de Pizan Biography.† Biography, https://www.biography.com/people/christine-de-pisan-9247589Lunsford, Andrea A., editor. Reclaiming Rhetorica: Women and in the Rhetorical Tradition.  University of Pittsburgh Press, 1995.Porath, Jason. Rejected Princesses: Tales of History’s Boldest Heroines, Hellions, and Heretics. New York: Dey Street Books, 2016.

The Relevance of Buddhism Essay Example | Topics and Well Written Essays - 1250 words

The Relevance of Buddhism - Essay Example The main goal of Buddhism is to reach the ultimate state of Nirvana, which is through the negation of rebirths and end the human suffering, which is attached to the soul. Siddharta Gautama, who died in the year 400BC, taught the attainment of salvation through the application of an ethical code of conduct, unselfish behavior, ceremonies, devotional practices, meditation, reincarnation of worldly matters, study, physical exercises, cultivation of wisdom and the negation of suffering by understanding the true meaning of our natural phenomena. CIA, The World Factbook shows that While Buddhism is quite popular amongst people in the Asian countries; it also has branches across the globe. It is also believed that Buddhism has over 400 million followers across the world. At present, Buddhism is subdivided into two forms and has two main distinct branches. First being the Theravada branch that is a form of Buddhism which is mostly followed in the Southeastern regions of Asia. And second, the Mahayana that is a form of Buddhism which is widely followed throughout East Asian countries. Theravada is a Sanskrit word which means â€Å"way of the elders† (Reynolds, 2009). Founded in India, spreading in the third century BCE, through to Sri Lanka and Burma then to Laos, Cambodia and southern Vietnam and most recently to Indonesia and Australia. It is the oldest surviving Buddhist school and is a closely guarded school that is supposed to be the closest to the original teachings of Buddhism and is the main religion of Sri Lanka. It is widespread in South East Asia, wherein countries such as Laos, Cambodia, Burma, and Thailand have been following its practices for centuries.

Business Management Essay Example | Topics and Well Written Essays - 750 words - 1

Business Management - Essay Example However, this would attract large capital investments and total relocation which are not feasible at the present juncture. A centralized Storing & Warehousing Department could solve the problem. Under this system, the customer could provide his material requirements electronically through computer to the vendors. All his material supplies could be processed electronically in a central system and requisitions placed to different units that stock these items. All the requisitioned items could then be sent across to a central point used as material collection centre. The buyer needs to collect all his needed materials from this central point. This way, a complete electronic track is kept of all receipts and dispatch of goods to/from different units, however, geographically dispersed they may be. While exerting excellent control over goods, it also serves to reduce the efforts of customers who would otherwise need to move from unit to unit to collect their goods. The arrival pattern of trucks leads to traffic congestion and contributes to gridlock within the unit. This could be seen as an offshoot of the problem mentioned earlier. It is suggested that separate timings and controls are maintained for delivery trucks visiting the unit. These would be parked in areas which are not within normal business parking zones, thus the normal production etc would not be affected by vendors, or delivery activities. Moreover, the use of a centralized warehousing would relieve the congestion in peripheral stores and depots, and exercise more efficient control mechanism. There are concerns about Manufacturing Unit at Pacific Northwest (PN) with regard to rising production costs, higher carrying costs, late deliveries, increasing incidence of scrap and lower product quality standards that need to be urgently addressed to. In all

Primary Education and Trendy Brown Jacket Essay Example for Free

Primary Education and Trendy Brown Jacket Essay The most important qualities of an outstanding teacher are those that improve teaching and enhance student learning. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and  secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting. Key note speeches often have an icebreaker – I thought I would provide the laughs – literally It only seems like yesterday that this photo of my classmates and I was taken? It was the end of my primary education, and secondary school beckoned. They were halcyon days! But, were they the best days of my life? For me they were very special. But I think the best days came later, as a result of my positive, and negative, experiences at school. Mr Halley (there he is in his trendy brown jacket – with elbow pads) was my best teacher – he was well dench! Of course that expression hadn’t been coined yet, but he was. He made learning fun, he made it interesting.