the pillars of creationism
creationism's trojan horse the wedge of intelligent design
Ngày tải lên :
08/04/2014, 01:10
... of the glad tidings of intelligent design is entirely unjustified by either the scientific, the mathematical, or the philosophic weight of any evidence offered THE WEDGE’S HAMMERS Under cover of ... to be in the forefront of opposition to the Wedge There is, of course, the further—and very real— possibility that the demographics of the judiciary will shift toward creationism should there be ... to the ideas of the other side” have become the cherished, even the indispensable, characteristics of our civilization Their insistence on the equal worth of all earnestly held opinions—whether...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_2 ppt
Ngày tải lên :
20/06/2014, 20:20
... A History of Interest Rates.) The tradeoff between the variability of bill payouts and the interestrate risk of consols reverses during the twentieth century With the abandonment of the gold standard ... probability (the bell-shaped curve) predicted by the laws of statistics As you can see, the agreement is quite good 26 The Four Pillars of Investing Long-term risk the probability of running out of money ... to the non-academic reader, as they subtract out the return due to inflation, and further not include dividends.) Now look on the left-hand portion of the graph These are the markets with the...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_3 potx
Ngày tải lên :
20/06/2014, 20:20
... DR The total present value of the mine—in effect, its “true value”—is the sum of all of the future dividends, discounted to the present This is the sum at the bottom of the table: $8,225 The ... rate of inflation: The higher the rate of inflation, the less value in terms of real spending power you can expect to receive in the future 46 The Four Pillars of Investing • The “impatience” of ... stocks is the equivalent of wearing a Nehru jacket over a pair of bell-bottom trousers 38 The Four Pillars of Investing The data on the performance of value and growth stocks run counter to the way...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_4 pdf
Ngày tải lên :
20/06/2014, 20:20
... that the 2% expense doesn’t matter that much But because of the 2% drag, instead of 50% of the chimps beating the market each year, only about 40% of them With the passage of time, however, the ... subtracted The thick vertical black line in the middle of the graph represents the market performance The bars on the left represent the number of funds underperforming the market, and the bars on the ... what the condition of the economy or their employment On the other hand, the earnings and dividends of auto manufacturers are notoriously sensitive to economic conditions Because the purchase of...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_5 docx
Ngày tải lên :
20/06/2014, 20:20
... Obviously, the magnitude of impact costs depends on the size of the fund, the size of the company, and the total amount transacted As a first approximation, assume that it is equal to the spread The ... PIMCO, or Goldman Sachs It’s like a game of tennis in which the players on the other side of the net are invisible The bad news is that most of the time, it’s the Williams sisters It never ceases ... miles of seabed But when their estimates were averaged together, its position was pinpointed to within 220 yards In other words, the market’s estimate of the proper price of a stock, or of the...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_6 pot
Ngày tải lên :
20/06/2014, 20:20
... is then funneled into a long pipe From the perspective of the person at the pump handle the innovator and the wealthy firstadopter the water is clearly coming in spurts But to the person at the ... at the 132 The Four Pillars of Investing end of the pipe the average consumer, and, more importantly, the investor the water is flowing evenly To illustrate the point, I’ve plotted the real gross ... consisted of a cluster of coffeehouses in the neighborhood of Change Alley By the late seventeenth century, these coffeehouses became the most active and advanced exchanges in the world The average “stock...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_7 doc
Ngày tải lên :
20/06/2014, 20:20
... On the other hand, the societal benefit of the railroads was immeasurable, allowing the settling and growth of the breadth of the continent The financial rewards from the railroads went to the ... drop of 90%? Of course, there were plenty of individual stocks that were ridiculously overpriced, some the result of rampant speculation and others of outright fraud But the history of the 1920s ... and, by the time of the pool, was head of the Democratic National Committee The second unique institution of the 1920s was the “investment trust.” Like the modern mutual fund, it had professional...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_8 ppt
Ngày tải lên :
20/06/2014, 20:20
... think that you’re smarter and faster than all of them? On top of that, there are tens of thousands of professional investors using the kind of software, hardware, data, technical support, and ... long-term returns for the simple reason that we are not aware of just how bad they are 178 The Four Pillars of Investing The Country Club Syndrome This is the peculiar affliction of the very wealthy ... In another study, 82% of young U.S drivers considered themselves in the top 30% of their group in terms of safety (In selfdoubting Sweden, not unsurprisingly, the percentage is lower.) The factors...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_9 pdf
Ngày tải lên :
20/06/2014, 20:20
... for the tech collapse of 2000 The story of Select Technology is emblematic of the nature of fund flows First, they are most often contrary indicators—funds in high-performing sectors of the market ... dependent on the good will of the company If analysts are too critical of the companies they are covering, that vital information the lifeblood of their craft—could dry up in a heartbeat So the recommendations ... Seen from the inside, the brokerages appear 198 The Four Pillars of Investing geared almost entirely to excessive trading and the resultant fees and spreads The most shocking aspect of the brokerage...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_10 doc
Ngày tải lên :
20/06/2014, 20:20
... generalized lack of knowledge of three of the four pillars investment theory, history, and psychology Toss in the inevitable luck of the draw, and many will have long-term real returns of less than ... knew the ins and outs of the fund playbook the Investment Company Act of 1940—as well as Jack Bogle Among other things, the Act mandated that the fund directorship be separate from that of the ... and the like On the other hand, the folks at the top of the greasy pole the regular columnists for the major national periodicals—are usually wellinformed and smart enough to understand the futility...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_12 doc
Ngày tải lên :
20/06/2014, 20:20
... within the sheltered (retirement) part of the portfolio she chooses On the other hand, if she invests all of the money in stocks, then she will be able to invest only the tax-sheltered 10% of it ... deferral of taxation, the all-taxable investor will want a higher portion of stocks than the all-sheltered investor, all other things being equal Finally, there is the all-too-common situation of the ... dealt? There are the obvious questions of how much you will have and what your needs will be (and even more importantly, the ratio of the former to the latter), but in terms of portfolio design, the...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_13 potx
Ngày tải lên :
20/06/2014, 20:20
... most of what these poor folks traded, and my guess is that many of them had recently been on the phone to Momma inquiring about the availability of their old room On the other hand, if only 2% of ... 1.0741 Therefore, the unrebalanced return is 7.41% The calculation of the unrebalanced return is the source of not a little mischief Many mistakenly calculate it as the weighted average of the annualized ... which were the runaway winner in 2000 The three-year return of the rebalanced portfolio was 8.48% Had you not 290 The Four Pillars of Investing rebalanced back to equal weighting at the end of 1998...
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The Four Pillars of Investing: Lessons for Building a Winning Portfolio_14 docx
Ngày tải lên :
20/06/2014, 20:20
... exist, then the atheist roasts eternally in Hell The rational person thus chooses to believe in Him The financial markets work the same way, and the canyons of Wall Street are littered with the ... Duh The laws of arithmetic continue to apply: since professional investors are the market, in the aggregate they must receive the market return minus expenses I’m not going to bore you with the ... with them The place to be? Emerging markets, of course, with their blistering economies This line of reasoning has more than a few flaws First of all, it turns out that, on average, the stocks of...
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the best-in-class pillars of next-generation expense management
Ngày tải lên :
05/11/2014, 23:29
... stakeholders); (4) technology (the selection of the appropriate tools and the effective deployment of those tools); and (5) performance management (the ability of the organization to measure its ... determine the following: The degree to which T&E expense management is deployed in their retail operations and the financial implications of the technology The structure and effectiveness of existing ... into all of their T&E-related spending against their corporate budgets Competitive Assessment Aberdeen Group analyzed the aggregated metrics of surveyed companies to determine whether their performance...
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