Wife To A Famous Man Essay Example For Students

Spouse To A Famous Man Essay A monolog from the play by Gregorio Martinez Sierra NOTE: This monolog is republished from The Plays of G. Martinez Sierra. G. Martinez Sierra. New York: E.P. Dutton, 1922. MARIANA: I need you to quit talking. You generally lie like a newspaperit doesn matter what kind of story you tell, no ones going to trust you. Yet, just you watch out. Your lucks in for the moment, isn it and you think you e such an individual on the grounds that a couple of pesetas have fallen on you out of the sky. Take advantage of them while they last. Im used to winning what I requirement for myself and my youngsters. Its sufficiently minimal and its difficult to find yet it makes me a sovereign in this realm at any rate. My kingdoms my home. Furthermore, don overlook this. Theres never been any man given come access it however you I love you a long sight more than you have the right to be adored. Be that as it may, lets have this reasonable there aren going to be any ladies for the situation however me either. Also, if you e not pleasing to that well, theres bunches of room on the planet for us both, and its simple to accept the train as to buzz through the air. Off you go at that point and well meet again on Judgment Day. We will compose a custom paper on Wife To A Famous Man explicitly for you for just $16.38 $13.9/page Request now

Gap analysis Essay Example | Topics and Well Written Essays - 500 words

Hole investigation - Essay Example Capability in correspondence as a workmanship can be gotten the hang of relying on inspirations and objectives (Littlejohn and Foss, 2008). The coming of data innovation with electronic methods for correspondence modernized even its learning procedure crossing what used to be restrictions as far as culture, space and morals (Littlejohn and Foss, 2008). Sociopsychologist, Cybernetics, and Sociocultural gatherings may somewhat shift in intrigue, rights, and qualities in the parts of correspondence just as it inspirations, be that as it may, main concern is the hybrid between and among communicators (Littlejohn and Foss, 2008). Being proactive makes an effective administrator realizing adaptability and the capacity to make proper reactions (Harrell, 2003). Being affable realizes regard, trust and trustworthiness, an imprint in exchange that can be an enduring heritage (Harrell, 2003). With the appearance of Information innovation combined with electronic correspondence implies what is left as the hole confronting worldwide interchanges is by all accounts the invaluable belonging which is disposition (Harrell, 2003). It is the individual purpose to flourish as generally speaking disposition decides the personal satisfaction one may live (Harrell, 2003). The hole confronting worldwide correspondence is progressively backing off. Because of the commitments of Information innovation and its most recent electronic correspondence craftsmanship.

Latuda (Generic Lurasidone) Drug Information

Latuda (Generic Lurasidone) Drug Information Bipolar Disorder Treatment Medications Print Latuda (Generic Lurasidone) Drug Information By Marcia Purse Marcia Purse is a mental health writer and bipolar disorder advocate who brings strong research skills and personal experiences to her writing. Learn about our editorial policy Marcia Purse Medically reviewed by Medically reviewed by Steven Gans, MD on June 23, 2015 Steven Gans, MD is board-certified in psychiatry and is an active supervisor, teacher, and mentor at Massachusetts General Hospital. Learn about our Medical Review Board Steven Gans, MD Updated on June 24, 2019 Paul Bradbury/Getty Images More in Bipolar Disorder Treatment Medications Symptoms Diagnosis Latuda (lurasidone) is one of the newer generation of antipsychotic medications that are called atypical. Latuda was first approved for the treatment of schizophrenia in 2010. The Food and Drug Administration then approved its use to help in the treatment of bipolar depression in the summer of 2013.   Common Antipsychotic Warnings Like all antipsychotic drugs, Latuda carries a boxed warning  saying it is not approved for use in elderly patients with dementia due to increased risk of death. There is the potential for developing neuroleptic malignant syndrome  (NMS) when taking Latuda. Symptoms can include abnormally high fever, rigid muscles, profuse sweating, irregular heartbeat, and other symptoms. Kidney failure can result. Although rare, this is an extremely serious and potentially fatal condition, so it is important to recognize the symptoms and seek treatment at once. Although tardive dyskinesia  (TD) is rarer among patients taking the atypical antipsychotics compared to the older  typical  agents, TD may still rarely develop in patients taking Latuda. The most common presentation of tardive dyskinesia is forms of uncontrolled facial movements. Again, know the symptoms of this condition and contact your doctor at once if they appear. There are additional warnings common to all antipsychotics about less serious possible side effects. Read all the literature accompanying your prescription carefully. Weight Issues, Blood Sugar and Fats, and Diabetes All antipsychotic medications also carry warnings about the possibility of weight gain, increased blood sugar, cholesterol and triglycerides, with the potential to lead to diabetes. However, the clinical trials and studies so far have indicated that Latudas effect on weight is more complex. One study found that some patients gained weight while others lost weight. Overall, it is currently considered not to be associated with weight gain. Common Side Effects The most common side effects in clinical trials were: SleepinessNauseaAkathisia, characterized by inner restlessness and the inability to sit or stand still, andParkinsonism, with symptoms including tremor, difficulty walking, stiff muscles and others. The latter two are movement disorders that can be serious and/or extremely distressing, so again, knowing the symptoms is recommended. Dystonia, another movement disorder, was less frequent but still significantly higher in patients taking Latuda than in those who took a  placebo. Dystonia is characterized by muscles contracting parts of the body abnormally. Dystonia, parkinsonism, and akathisia are  extrapyramidal side effects. Use in Pregnancy Latuda has not yet been studied in humans. At this time, the recommendation is that the drug should be used during pregnancy only if the potential benefit justifies the potential risk to the fetus. If you become pregnant while taking Latuda, make sure to discuss this with your physician.

Influence Of Martin Luther King Jr On Americans - Free Essay Example

Martin Luther King Jrs speech I Have A Dream was performed in 1963 at the march on Washington. In this speech Dr. King would take advantage of pathos. He shows that through the power in his rhetoric he can make a difference. King uses many metaphors as a vehicle to deliver an appeal to the emotions of the audience. His demonstration of pathos helps the audience better embrace the concepts and the purpose of the speech. It also amplifies the struggles of black Americans and he uses this to show the pain of his people because he wants a change to made. Dr. King uses repetition, urgency, and inclusiveness to get his message across. Kings speech was all for using metaphors in order to appeal to the audiences emotions. He was talking about the Emancipation Proclamation and said This momentous decree came as a great beacon light of hope to millions of negro slaves who had been seared in the flames of withering injustice. He is very descriptive and gives a profound voice to those that dont have one. With these somber words he can pull the audience in his favor. His words touch you within and bring an energy for change. He wants everyone to be on board with him, but his target audience is black people. Those that feel the same pains and struggles he does because he knows that deep down each and everyone of them had a dream like his, but not everyone can speak it into existence. That is what made him such a good speaker. His rhetoric, influence, and relatability was truly a   treasure for America. Dr. King uses repetition in this speech to further drive the point home. He did this to put a sense of urgency into his audience so that they would act now instead of later. He says things such as I have a dream today and Now is the time to rise from the dark and desolate valley of segregation to the sunlit path of racial justice. King is calling for action for men and women to express their freedom of speech. In his speech he says now a lot to signify that he wants things changed immediately. Even though the Emancipation Proclamation freed the slaves, King says the life of the negro is still sadly crippled by the manacles of segregation and the chains of discrimination.   His speech provides a plethora of metaphors of racism, segregation, injustice and more. All of these constant metaphors are to hammer in the message of his speech. He knew that this would make the audience sad, but it would also make them determined. Determined to put a stop to the injustices that Dr. King procl aims. He also provided the subject of inclusiveness in his speech. Although his target audience was black people he did not want that to discourage anybody from joining his cause. He wants members of all peoples from all nations to walk hand in hand in harmony. Maybe the most famous line from Kings speech was I have a dream that my four little children will one day live in a nation where they will not be judged by the color of their skin but by the content of their character. This resonated with the crowd as it was a sentiment shared among them. He calls for America to live up to the creed We hold these truths to be self evident that all men are created equal. He wants racial harmony and justice. He wants a world where no one is excluded because of their appearance. He really appeals to pathos throughout the entire speech looking back at atrocities and remembering the struggles of their ancestors. It is through this rhetoric that he continuously calls for a change to be made as soon as pos sible. Its worth noting that his target audience is the audience he best appeals too. He relates to black people because they can put themselves in his shoes. When he references oppression and segregation they are the ones who truly understand the harsh realities of being black in America. From this he can guarantee himself an audience of black people. King was also very spiritual in his speech. He was a pastor for Dexter Avenue King Memorial Baptist Church from 1954 to 1960 and this showed in his speech. King says the crooked places will be made straight, and the glory of the Lord shall be revealed, and all flesh shall see it together. This gives king the chance to target a more religious audience. People who are religious dont judge based upon color and are more likely to accept Kings message. King finds a way to talk about all of the pain and sorrows, but still lead the audience to believe there is hope and freedom is near. Through god King can get his message of equality to nearly every American. This is why his rhetoric was so effective. He shows that even through harsh struggles the glory of god will always prevail. He says With this faith we will be able to work together, to pray together, to struggle together, to go to jail together, to stand up for freedom together, knowing that we will be free one day. King is willing to make sacrifices for his cause and he wants everyone to come together. He shows complete dedication to his cause and leads by example. This makes the audience more likely to believe Dr. King and his ideas. He is most interested in appealing to this type of audience because they are the ones who are going to stand up to racial injustice they will be the ones who fight for equality. If King didnt rally around these people they wouldnt have the courage or bravery to stand with the minority. With this speech Dr. King was able to influence millions of Americans through the power of his rhetoric. On that day in 1963 Kings speech would go down in history as one of the most important moments of the civil rights movement. Kings speech had such an impact that it is still making changes to this day. People find their voice through Kings speech to speak out against equality. King along with the touching words in his speech will never be forgotten because of the impact that they had on America and its peoples.

Research Papers about Jesus - Late Antiquity and the Early Middle Ages

How did the church’s way of presenting the good news about Jesus to a wide audience change and not change between Late Antiquity and the Early Middle Ages? Proposed Answer: The time beginning in the 2nd and 8th centuries, A.D., is historically tagged as the Late Antiquity.   Early Middle Ages were between the 5th and 10th centuries.   These were also known as the Dark Ages.   It was a time during which in Europe, specifically the Roman Empire, was faltering.   There were peculiar happenings dealing with Roman Emperor Constantine.   He was having dreams of placing crosses on war shields; he was in constant fear of losing his status; Rome, â€Å"The Ruler† of Europe for so many decades was now losing it’s footing in power struggles with outside entities. Rome was also becoming the center of the Catholic religion’s domain; that power was attached to every single life event that took place and, as Christ bleeds upon the crucifixion cross, this influence bled out to every part of Roman government in existence up until the Middle Ages.   Therefore, Constantine deeply down realized he was but little matter; the prophets and disciples, the Kings of the Old and New Testaments were the true icons of ruling forces. Thus, this writer contends that earlier religious teachings were of mediocre and standard quality and delivery; it was tentative; perhaps there is One God; perhaps there are many gods.   It was still, basically, unclear in the minds of men. In later times, Rome was faltering, the emperor was waning in popularity, and God was a great back up plan for those who wanted desperately to remain in power. As Americans, we understand the concept of the division of Church and State.   In the third century, this was an unknown.   There would never come the question of running the empire without the church foundational policies involved in every decision made by those in charge.   Thus, teaching Jesus Christ’s story,   His life and His crucifixion’s significance to mankind, as well as the implemented laws of State as a result were carved in stone; literally. Roman leaders, chieftains, emperors, they were true atheists.   After crucifying Jesus, they went on to crucify acknowledged Christians.   Roman rule depended upon NOT believing in God’s son being the â€Å"true† Messiah.   Their gods were named, categorized, and filed under certain very precise and detailed stipulation This voracious stubborn belief and their investment into it wavered; Christians were crying out for equality and acknowledgement, and they were quickly gaining notoriety, if only in their numbers.   Thus, the letting go, slowly but completely of Roman gods was, in fact, the virtual undoing of Roman rule. In 311, Emperor Galerius implemented the first of many to come edicts, tolerating Christian life in the Roman Empire, their teachings, and their practices, and this is when these teachings, now actually legal, turned from simple Bible doctrines and hearsay conversations written down in the Holy Bible to actual law; they were now free to inundate the world with doctrinal influence. There was a sort of â€Å"reverse intolerance† now in the hands of Christians; their profound and inexorable belief was this:   There is only one path, and one path only to the Godly life; through his Son, Jesus Christ.   No exceptions; half measures would avail nothing, according to the Holy Bible, the disciples, apostles, prophets, and followers.     Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Church leaders were becoming more prominent.   What loftier church leader than the head of the Roman Catholic Church?   And thus, the bleeding began, the fluid, fast-moving interface, from Jesus to justice.   And once it took hold in a legal way in Rome, the greatest empire in the world thus far, it only gained strength as time marched on.   This came in the form of, the Milan Edict.   The meat of this is as follows: ..it has pleased us to remove all conditions whatsoever, which were in the prescripts formerly given to you officially, concerning the Christians and now any one of these who wishes to observe Christian religion may do so freely and openly, without molestation. ..that you may know that we have given to those Christians free and unrestricted opportunity of religious worship. ..we have also conceded to other religions the right of open and free observance of their worship for the sake of the peace of our times, that each one may have the free opportunity to worship as he pleases ; this regulation is made we that we may not seem to detract from any dignity or any religion. In 316, â€Å"religious persecution† became the good cause of the 3rd century, creating an exact opposite transition intended, it seems, from touting the unconditional compassion of Jesus Christ, Son of God, to wielding a cross-decorated-pennon attached to a saber and sinking it into the chest of the pagan, just because he is a nonbeliever. Christianity at first was a new concept of thought, perhaps, the first existential thinking in the world as we know it.   The barbarically ridiculous outcome of this came in the form of further edicts and mandates; now, this being c. 325, any critical thinking and religious choice at all were forbidden in the new Christian Empire. So doctrines, teachings, laws, and educational mandates were precisely aligned with this new empire’s beliefs.   There was no other way of thinking, behaving, acting, living; it was predestined and you were to follow the order, or else. This included the theory, which necessitated a formal conference in the city of   Nicea, including a gathering of 318 prominent religious leaders attendance. The council issued a major creedal statement that affirmed that the Father, the Son and the Holy Spirit were consubstantial.   This meant that the Holy Trinity (God being One but composed of The Father, The Son, and The Holy Ghost/Spirit) was a tri-composed entity; separate but in union.   This theory was argued over centuries in time.   It still is. This meant that speech, writing, and assembly rights regarding religious issues were under a microscope of some bureaucrat, priest, or both. Other religions were not respected or tolerated and when the tactics of co-opting pagan rituals didnt work, violence and destruction replaced trickery. Over the coming centuries, pagans were ruthlessly attacked and oppressed by the alliance of government and religion, with their beliefs being progressively outlawed and their temples continually demolished, confiscated, and plunder This could not help but be reflected in the educational forums, and strict Old Testament and new Testament preachings ruled classrooms and formal gatherings, whether they be political or not. In 331, churches became the legal beneficiaries of those who died without an heir. This meant citizens gave theirr estate to the church, with or without permission.   Within any educational system, can you imagine the degree in which religious theory was taught and carried out? Exodus 34:11-15:   â€Å"Observe†¦I drive out before thee the Amorite†¦Canaanite†¦Hittite†¦Perizzite†¦Hivite†¦Jebusite.   Take heed to thyself, lest thou make a covenant with the inhabitants of the land whither though goest†¦But ye shall destroy their alters, break their images, and cut down their groves; For though shalt worship no other god; for the Lord, whose name is Jealous, is a jealous God.† Summarizing, this writer can only research and take in just so much historical literature and archives of information, both from internet files and hard copy books.   There must be an innate sense of justice and injustice where religious doctrines are concerned.   There were, it appears, more strict religious requirements of the people living in the Roman Empire as time went on. Whether the Emperor, Constantine, who was, journaletically weak, ineffectual, and acting in a fear-based manner, did succumb to popular demand, without a devout belief in Christianity as texted in the Holy Bible, or not, how could he truly rule effectively? Perhaps the answer of how the teachings of Christianity differed from the span of times stipulated here, Late Antiquity, through to Early Middle Ages could be synopsized as such . . . Any dictatorship political organization will always be questioned as being part of the machinations of unbalanced rule.  Ã‚   The appeal from Jesus Christ, who lived on our earth from the year 1 A.D. through to 33 A.D., dying on the cross by Roman soldiers who were either willing or unwilling.   We do not have personal interview documentation. As time, to repeat, marches on, these theories that are unusual, antiestablishment, unique are considered, and reconsidered.   With time, they become more potent in theoretical meaning.   An â€Å"outbreak† of â€Å"let’s try something new† comes upon the few followers.   Their foundation is a text (the Holy Bible) and true believers (disciples, prophets, followers).   The spread of word is their newly chosen vocation.   They are innocently providing others with the â€Å"true way of life† which in this case, is a new life through Jesus Christ our Lord To teach this is admirable; to insist on this is tyrannical.   It is this writer’s desire that we, as human beings, choose to live, and let live, in the truest sense of the word.

Language of Graphs and Charts for ESL Learners

The language of graphs and charts refer to the words and phrases used when describing results depicted within these formats. This language is especially useful when making presentations  because charts and graphs measure various statistics and are helpful when presenting large amounts of information that need to be understood quickly, including facts and figures, statistical information, profit and loss, polling information, etc. The Vocabulary of Graphs and Charts There are a number of different types of graphs and charts including: Line Charts and GraphsBar Charts and GraphsPie ChartsExploded Pie Charts Line charts and bar charts have a vertical axis and a horizontal axis. Each axis is labeled to indicate what type of information it contains. Typical information included on vertical and horizontal axis include: age - how oldweight - how heavyheight - how talldate - which day, month, year, etc.time - how much time is requiredlength - how longwidth - how widedegrees - how hot or coldpercentage - a portion of 100%number - numberduration - the length of time required There are a number of specific words and phrases used to describe and discuss graphs and charts. This vocabulary is especially important when presenting to groups of people. Much of the language of graphs and charts relates to movement. In other words, the language of graphs and charts often speaks of small or large movement or differences between various data points. Refer to this language of graphs and charts to help improve your ability to speak about graphs and charts. The following list the verb and noun used to speak about positive and negative movements, as well as predictions. Example sentences are found after each section. Positive to climb - a climbto ascend - an ascentto rise - a riseto improve - an improvementto recover - a recoverto increase - an increase Sales have climbed over the past two quarters.Weve experienced a rise in consumer demand.Consumer confidence recovered in the second quarter.There has been an increase of 23% since June.Have you seen any improvement in customer satisfaction? Negative to fall - a fallto decline - a declineto plunge - a plungeto decrease - a decreaseto worsen - a slipto deteriorate - a dip Research and development spending has fallen by 30% since January.Unfortunately, weve seen a decline over the past three months.As you can see, sales have plunged in the northwest region.Government spending has decreased by 10% over the past two years.Theres been a slip in profits this past quarter.Comedy book sales have deteriorated for three quarters. Predicting Future Movement to project - a projectionto forecast - a forecastto predict - a prediction We project improved sales in the coming months.As you can see from the chart, we forecast increased research and development spending next year.We predict improving sales through June. This list provides adjectives and adverbs used to describe how quickly, slowly, extremely, etc. something moves. Each adjective/adverb pair includes a definition and an example sentence. slight - slightly insignificant Theres been a slight decline in sales.Sales have declined slightly over the past two months. sharp - sharply quick, large movement Investment rose sharply during the first quarter.We made a sharp increase in investment. abrupt - abruptly sudden change Sales dropped abruptly in March.There was an abrupt drop in sales in March. rapid - rapidly quick, very fast We expanded rapidly throughout Canada.The company made a rapid expansion throughout Canada. sudden - suddenly without warning Unfortunately, consumer interest suddenly decreased.There was a sudden decrease in consumer interest in January. dramatic - dramatically extreme, very big Weve dramatically improved customer satisfaction over the past six months.As you can see from the chart, the dramatic growth has come after we invested in a new product line. calm - calmly evenly, without much change The markets have reacted calmly to recent developments.As you can see from the graph, consumers have been calm over the past few months. flat without change Profit has been flat over the past two years. steady - steadily no change There has been a steady improvement over the past three months.Sales have improved steadily since March.

Considerations On Passive Portfolio Management Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1523 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? In the last decades, portfolio management became a very important activity on the financial markets. In this way today we could speak about a truly financial industry in US and in Europe, too. Starting with Markowitz [1952][1], modern portfolio theory was developed in order to propose standards for returns, associated risks and for evaluating the quality of the portfolio management. On the financial markets, these activities could be build up in a passive or in an active manner. Passive portfolio approach is recommended especially in the case of efficient capital markets. As long as there are no agents that can acquire systematic abnormal earnings, it is not useful to try to beat the market. The best solution will be to form a portfolio, which will replicate market index. In this way, portfolio return will equal exactly the market return. On the other hand, active portfolio management supposes that not every agent is rational. There are noisy traders (naÃÆ'ƒÂ ¯ve agents), too. In this case, the purpose of active management is to find and to invest in undervalued or overvalued assets and, applying this strategy of investments, the rational agents will reach abnormal earnings buying undervalued assets and selling overvalued assets. Don’t waste time! Our writers will create an original "Considerations On Passive Portfolio Management Finance Essay" essay for you Create order Based on these assumptions, the main question in choosing a right style on portfolio management is if the financial market is efficient. If markets are efficient, it seems to be reasonable to replicate the market index. Thus, every agent will obtain a normal return, equal to the market one. If the investors would follow to gain higher than market return, that it could be possible, according to Fama [1998], only by luck[2]. Practically, the intrinsic logic of passive management is explained by CAPM[3]. Investors will require a higher return only if they will accept a higher risk for their investments. No agents will be able to make judgements in a more suitable way than the other investors will, so no one could achieve abnormal systematic earnings. Certainly, it is possible to reach abnormal earnings, but these ones will have no systematic status. On the other hand, active portfolio could be entirely explained by arbitrage model, based exactly on arbitrage principle[4]. If markets are not efficient, a reasonable hypothesis seems to be that every agent could obtain systematic abnormal earnings. However, this assumption is not true every time. For example, DragotÃÆ'„Æ’ and MitricÃÆ'„Æ’ [2004][5]had proven, for Romanian capital markets, even some tests could validate the market is not efficient, the lack in liquidity offers no possibility to obtain abnormal earnings. More, DragotÃÆ'„Æ’, DragotÃÆ'„Æ’ and Stoian [2004][6]had reveal it is possible that no agent to obtain abnormal earnings, but assets values to be different than the market prices. For these reasons, it could be accepted that, even for inefficient markets, passive portfolio management to be an appropriate solution. Thus, the portfolio manager could justify his own performance based on the market one, which it seems to be a reasonable benchmark. So, it is possible that a 25% portfolio return not to fulfil the investors r equest if the inefficient market give an opportunity for the exact level, but it is sure that a (-25%) portfolio return will not be acceptable for the investors request if the market gain was around (-5%). 2. How to achieve a passive portfolio structure? Portfolio Management construction is based on top-down approach. According to this approach, first, funds are invested on different markets (e.g. capital market, monetary market, real estate market etc.), and then the money allocation for every market will be made relying on portfolio objectives. Second, the money allocated on every market is invested in the most appropriate components (e.g. for capital market the money allocation could be stocks and bonds). Finally, these funds are invested in particular assets, based on some partial objectives (see Figure no.1). Only at this moment the exact assets will be chosen, depending on their performances. ASSET TYPE 1 ASSET TYPE 2 SUB-CATEG. 1.1 SUB-CATEG. 1.2 SUB-CATEG. 1.I SUB-CATEG 2.1 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ .ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ SUB-CATEG. 1.J ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ASSET 1.1.1 ASSET 1.1.2 ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ASSET 1.1.S Figure no.1: Top-down approach in portfolio management Source: DragotÃÆ'„Æ’ DragotÃÆ'„Æ’ [2004][7] To build a passive portfolio, the manager should try to replicate the whole market structure, so to establish what percents should be invested on capital markets, in banks deposits, in insurance policies, etc. After that, for example, capital markets investments could be organised in: (1) stocks markets, (2) bonds markets, and (3) other instruments markets. Next step is to structure stocks markets in: (1.1) listed shares, and (1.2) unlisted shares (see Figure no.2). STOCKS MARKETS BONDS MARKETS OTHER INSTRUMENTS MARKETS ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ .ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ LISTED SHARES UNLISTED SHARES FINANCIAL MARKETS CAPITAL MARKETS ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ Figure no.2: Passive portfolio management In this case, market structure should be known for each component. Financial markets structure could be based on official statistics. For instance, for European Countries based on German financial system, deposits on banks, and, for US, capital markets, could be the most important part. For suitable organising the listed stocks market, the structure of the official Stock Exchange Index for that country could be used as portfolio composition. For example, in Romania, Bucharest Stock Exchange is listing four official indices, named as BET, ROTX, BET-FI and BET-C. For a correct choosing of one or another index for portfolio manager is important to define the proposed liquidity target. Thus, for a portfolio with daily trading, a credible choice would be BET index or ROTX, which contains the most 10, respectively 6, liquid stocks on capital market. If the manager will propose an infrequently trading with portfolio assets, probably the proper index will be BET-C, which contain every stocks listed on BVB. 3. Some questionable solutions Even if passive portfolio management follows a very logical approach some questions still remains open. These questions are related to the extension of the financial markets and to the markets efficiency. Regarding to the financial markets as a whole, it must be pay attention to every opportunity that investors have. Sometimes, it could be interesting to invest, for example, in some physical assets like gold or jewels. If the portfolio has big dimensions, could be considered some direct investments (companies acquiring). One very interesting opportunity is given by real estate market. One real estate property could be considered as an investments, but, also, as a good (for personal use). On the other side, some companies have restrictions related to the ability to invest in specific sectors. A very appropriate example could be the Romanian insurance companies, which has legal restrictions relating to the classes and to the percentage allowed for every class for investing their technical reserves: maximum 60% in municipal bonds, 40% in real estate assets, 50% in listed stocks etc. Because each type of investments could be taking into account for portfolio construction, the market structure should be different from one portfolio to another. Subsequently, we cant discuss about a general market index, because the market is understand in a different manner, as a concept, from an investor to another. Related to market efficiency, the main problem in developing a portfolio structure is that markets are not entirely efficient. There are some markets with a higher level of efficiency (see the listed shares markets), and markets with a lower grade of efficiency (see the real estate markets). In these circumstances, the quantity of available information will affect investors decision. On some markets, investments could follow a clear rule (e.g., a portfolio of listed shares will follow the Stock Exchange Index structure) but this is not the case for other markets (see real estate market). 4. Conclusions Concluding, depending on the market where the passive portfolio management is applied, we will probably have different manner to do this, and the results will be different, too. The most important variables could be the market liquidity, the degree of its efficiency and every investors awareness concerning the financial markets concept. The degree of liquidity will affect the proportion established for every assets class and the quickness associated to every trading, the form of market efficiency (weak, semi-strong or strong) or, by the contrary, its inefficiency will give the degree of importance for passive or active portfolio management. To be more specific, the least aspect could determine the investor to choose a mixed approach, for example to maintain, generally, a passive type of management, but with active accents, because it is difficult to identify a market 100% efficient or inefficient. If the investor had chosen a passive portfolio management, he must find the most appropriate index to replicate its structure. As we mentioned for Romanian case, only for capital market we have four official indices and some other (unmentioned) unofficial ones. At this moment, we can conclude by referring to the third important aspect to take into account, the degree of extension when we talk about financial market concept. Sometimes, based on easiness argument or because the investors are not very well informed, the whole concept of financial markets are reduced to the capital markets one. We sustain the opinion to consider every component of the financial markets first, and finally, based on a rational selection, to build the most appropriate structure for the financial assets portfolio.