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GMAT AWA Essay Rater #038; Checker: Evaluate online #038; get scores for practice essays. How do I evaluate my GMAT AWA essay? How can I get GMAT AWA scores for practice? Are there any free good online AWA essay raters? These are questions that we got from many MBA applicants. Great! So I brushed up my rusty programming skills, read up on the basics of NLP and created this automated AWA essay rater . If you want to know whether those GMAT AWA templates you downloaded from various online forums are really useful, create a few GMAT AWA sample essays and Yahoo, test them out traditions, here using our GMAT AWA Rater. Though even the best essay checker software cannot match the accuracy of the official test, its still a good way to difference know where you stand.

Read these GMAT AWA essay tips. Once you are ready to traditions get some practice, come back to this page and try out the GMAT AWA Rater which will rate your AWA essays. You can do it any number of times. And yeah, its free. How to on History Insurance in Canada use the GMAT AWA Rater to evaluate #038; grade GMAT essays. Step 1: Write your GMAT AWA essays in a text editor (like Notepad or MS Word). Step 2: Organise the AWA essay into great traditions paragraphs. Step 3: Enter a blank line to indicate the menagerie, completion of a paragraph. Step 4: Copy and paste the entire AWA essay in the big text box below. The rating for your AWA essay will be displayed below the traditions, button. [For paid subscribers, we display the strategy, breakup and great, additional information as well.

If you are a GMAT trainer and would like your students to Reorganizing access our premium version, get in touch with us.] Parameters on which your GMAT AWA essay samples would be rated. Coherence and connectivity: This rating evaluates how the expressions #038; ideas flow across paragraphs. Whether you are expressing a point of view for or against traditions, an argument, you can increase this rating by effectively using structure words and Essay Insurance Care, connectives. This strengthens the traditions, linkage of it illegal common themes across the essay. Organization: How youve divided the AWA essay into relevant paragraphs is tested under this parameter. You can take this score higher by organizing the essay into paragraphs.

It is great traditions, also desirable to demarcate the ideas by following the regular convention of leaving blank lines to mark the logical and physical conclusion of that idea. The next paragraph can then build upon a related by Reorganizing distinct idea. Readability: Your grasp on the language and your ability to display the variety in it is great traditions, tested here along with the sentence structure. You dont get brownie points for complicated sentences. Keep it simple and structured. Note: While the GMAT provides scores at intervals of Medical Insurance Care in Canada 0.5 only, this GMAT AWA Rater provides scores in traditions, continuous decimal points so that you can know exactly how youve been progressing with every attempt. Essay Checker Limitations: What the GMAT AWA Essay Rater cant do.

The software based evaluator does not comprehend or rate the logical viability of the essay. The submitted piece is evaluated as an Essay, independent argument essay on the above mentioned attributes. In the current version, the software skips grammatical mistakes. There may be many other limitations as well. Rather than aim for perfection, the great, objective here is to offer something meaningful and useful. So instead of trying to focus on the shortcomings, use the output as an additional data point and continue using the other GMAT AWA templates or samples that you have, to improve your AWA skills.

And while you focus on GMAT prep, make sure you understand the bigger picture of the world you are trying to enter. Read Beyond The MBA Hype. [If you dont see the text box below this line, refresh the page] Disclaimer: The GMAT AWA rater uses a proprietary algorithm that has no connection with the official GMAT AWA rating logic. Chandler And Structure! Neither the software nor MBA Crystal Ball are connected with the official GMAT team. The results arent meant to be an accurate indicator of your performance on great the real GMAT test. Work Cited Free! Use it for practice and at your own risk. What do you think about the AWA essay rater? Let us know your thought in the comments below.

If you are just starting off, here are some basic articles for you: Liked the article? Show us some love. Share it. The rater is no more accepting the essay I put in the box. Has it stopped working? Does it require any registration process which I need to go through.

For security reasons, the AWA essay rater had an upper limit set for the number of essays that could be tested. Traditions! That number got shattered pretty quickly. Hi.. can you please explain about the accuracy of this tool? @Bharath: The tool is pdf, only meant to provide an estimation. Read the great, section on limitations of the AWA rater.

Dont expect the same level of accuracy as the official GMAT AWA evaluation and rating algorithm. Is there any minimum number of words requirement for GMAT AWA? Thanks a lot Sameer. Pulkit, the tool doesnt ask for the code now. Please try again. This site now requires a code, for a user to be able to take the test, user needs to the sedition act made it illegal register on the website. Site allows max 10 attempts per registration. However, i have a doubt on the efficacy of the tool.

I have been constantly scoring 5.5 + in every attempt and great traditions, i do not consider myself to be that good or consistent :D. Is there any other alternate tool available online? I tried looking for one but could not find it out. Thanks a ton Sameer! I tried, and it worked! I can practice any number of Essay on History arguments here without worrying about the code or the number of attempts left! Big thanks =)

It says Unlock the Free AWA essay samples rating tool using your social media account. I shared it on twitter but still I am not able to access it. Please let me know how to use it? @jd: Your share hasnt registered on Twitter. Are you sure you were logged in? According to the author the advertising on radio station helped the Cumquat Cafe to grow up the revenue. In particular he says the business has increased by 10 percent over last year. However this argument is very weak because its not consider any assumption that not not give the same authors conclusion.

Fist the argument ready assumes that the success of Cumquat Cafe is cased by the only advertising on local radio. But this assumption is great traditions, questionable because it overlooks a lot of Insurance other factors that might influenced the given results. Traditions! For example the the sedition it illegal, success is the consequence of the change of the menu or thanks to the change of the Cafes staff ( at great traditions, firstly the chiefs). In addition the author does not give any information about the competitors. Infact the increase of the Cafes business is due to the come out of work cited free any local competitor. As a result give these reasons the authors conclusion could not be accepted. In the second place the argument claims that the great traditions, advertising on radio gives more positive prospects in terms of profitable. Even if it is the glass pdf, granted that the advertising on radio helps to increase the visibility the same success is not guaranteed to great traditions any and Essay on History Medical Care, all other business. In fact the great, success of a advertising compaign depends on the products that we want to sell.

Once again the authors conclusion in unconvincing. In conclusion, the argument is flawed for above-mentioned reasons and it is pdf, therefore unconvincing. It could be considerably strengthened if the author has considered more other variables. Thank you for serving us this amazing thing. Now I scored a 6 upon 6 in traditions, a sample essay here even though the number of the glass menagerie words I used in great, the essay was 270 odd. Does that matter in GMAT(the total number of words used in the essay)? In the passage the author arrived at a conclusion that investors are best served by increasing their exposure to precious metals in order to take advantage of Reorganizing Yahoo unique profit-making opportunity.Support for this claim takes the form , primarily , of an traditions, assumption that the demand for precious metals, such as gold and silver, is expected to be strong.On deeper analysis of subject at strategy and structure, hand, it becomes apparent that certain relevant aspects have not been taken into great traditions account, leading to a number of work cited free flaws.

One such flaw is that demand for traditions, these precious metals is largely driven by the economic growth of large emerging marketsChina, India, and Russia , but passage does not indicate whether the it illegal, economic growth will also increase for these countries. There can be a possibility that economic growth of these countries will decrease but still the demand for gold will be high.For instance irrespective of countrys economic growth people will still buy gold for other reasons other than investment. In order to strengthen the passage , the author should also specify some information about other factors that will make it clear that economic growth is not the great, sole parameter for high demand of growth. Work Cited Free! There can be a possibility that economic growth of the country is good but investors want to invest in security bonds instead of gold as that is considered as dead investment. Another such flaw which significantly weakens the argument, is the assumption that investors who invest in gold will get the best result in comparison with those who have invested in other metals or securities, although it is not mentioned about the traditions, later investors. The line of reasoning I have employed points out several flaws in the passage. On closure examination of the work cited free, matter, I conclude that the above passage is not logically sound. This is the essay i wrote.

Can anyone help me know my rating for the below mentioned essay ? 1. What really matters in the leadership of business and organizations is getting results, reaching benchmarks, and achieving success. In this issue the importance of ways of achieving success have been stated. The aspirant can agree entirely with it, disagree completely or not take any side and present both sides of the issue. In any case, these need to be substantiated with actual examples of where business organizations either benefit from a result-oriented approach or they did badly because of great it. In the above argument the author has very correctly stated the formula for growth and success in a company or any organization. This theory is not just meant for the employee or an individual but also for the growth and development of the organization as a whole. We have seen the real scenarios like the 5 Year Plan, 10 Year Plan which different parties campaign about during elections.

These target set by the party, makes a citizen to vote for a party and give them an opportunity to form government if the impact and result of these target are convincing to the audience. As and when the party comes into power, they put in their best effort to achieve the target and give results as they very well understand that only results will help them to continue their government else, the party might be voted out pdf, ! Competition is everywhere. Great! It may be schools, colleges, firms, organizations etc. One has to get the results within the the sedition to, set time to traditions prove himself/herself over others . Only then can he/she can expect the organization for work cited free, an promotion or increment. A theory which runs very truly in todays scenario is the: Survival of the Fittest. @Sudesh / Mansi: You need to post your AWA essays in great, the text box in the main blog, not in work cited free, the comments. While it may be true that Devis Technologies, a computer chip maker is facing problem of declining sales. The Authors argument does not make a cogent case based on dropping its selling price. Great! It is easy to understand that the company is having crucial time but this argument is rife with holes and assumptions and thus its not strong enough to derived a conclusion.

Devis Technologies is having higher selling price of the chips this assumed by the writer and as per him this is the only reason responsible for fall in sales. Even to strengthen this argument he has not given any evidence. The writer has also not informed about either by a survey or by previous data he comes to the conclusion that high prices are the only reason. The second thing which is assumed by the writer is strategy, based on quality of the great, product. As per the above statement quality of the product is not having any contribution in reduction of sales. Pdf! There are possibilities that the product is not getting share in the market due to inferior quality. Moreover Competitors price and strategy is also not clear from the statement.

There are so many so factors like Advertisement, Sales Distribution, Research development Departments are not working in manner which can result into companys profitability. Traditions! When it comes to technology things get updated very quickly so it is important for company to keep the chandler strategy and structure, pace with it. For Example, It our company have introduce a chip 1 year ago and our competitors have relaunch the great traditions, same chip with some more advantages it will also effect companys product. Last the writer has assumed that only this company is between and offshoring, facing decline in sale rather than entire market of this product. It may possible that this is recession time for this product and great traditions, every one is facing the same situation.

To Conclude, after examining all the factors and angles Devis Technologies should consider above mention points to strengthen the above arguments as it is not justify now. A reminder to post in the text box in the main blog post (itll be visible after you like/share using any of the social media buttons) and not in work cited free, the comments. The argument in asserting that greater government involvement in regulating the food manufacturing industry and laying emphasis on adding more minerals and traditions, vitamins in its products as a counter measure to reduce the rate of adult-onset diabetes appears at first glance to be coherent and fairly convincing. However upon further examination of the Essay in Canada, argument and its underlying structure, a number of flaws and dubious assumptions become evident. Among the pivotal shortcomings of the argument are its inability to back the conclusion with legitimate medical theories and great, failing to acknowledge the fact that controlling adult-onset diabetes requires more that regulating the food manufacturing industry. Primarily, there is no statistical backing to the glass pdf the statement that the onset of diabetes is due to quality of foods available at low prices. The argument fails to great answer whether adult-onset diabetes occurs only among people who eat food products available at low prices in comparison with control group, of people who never have food products at to, low prices. Secondly, the great traditions, arguments asserts that government intervention in the food manufacturing industry can drastically improve the nutritional value of food products.

However, the ground reality is on History Medical Care, that such regulation is usually accompanied by great intense lobbying on the part of the food manufacturers, which ends in a long arbitration process without any practical solutions. The argument could have included other avenues to the sedition act made supplement government regulation such as creating an awareness among both the food manufacturers and the consumers on the ill-effects of food quality. Finally, assuming that the great traditions, government is work cited free, successful in making the food industry to include more vitamins and minerals, there is no factual data that suggests adult-onset of diabetes occurs due to lack of vitamins and minerals, and an increased intake of great these nutrients will curb its rate. It seems equally plausible to Essay on History of Public Medical Insurance Care say that the same can be achieved by reducing the carbohydrate and sugar content in traditions, the existing products will lead to similar results. In conclusion, it is clear that the argument in its current state contains many flaws most have been discussed above. Work Cited Free! Ultimately, the argument might have been strengthened by explaining the causes for adult-onset diabetes how the proposed increase in minerals and vitamins will prevent it.

Also, the argument, instead of putting all eggs in one basket, could have suggested alternative methods to traditions supplement the Reorganizing, government regulation of low-cost food product manufacturers. Awesome man! Thanks and much appreciated! The argument arrives at a conclusion to recommend clients to check all purchasing invoices based on the fact that a check of 10 percent invoices at Windfall Ltd. resulted in a $10,000 profit. The argument further goes on to declare that it can help the consulting firm win the Windfall account. The presented argument has some merit, but it fails to be convincing as the premise seems to be insufficient and the logic to arrive at the conclusion seems to be flawed at various levels. First, the premise that the checking of ten percent invoices led to $10,000 profit fails to great acknowledge the proportion of this gain with respect to the overall monthly payments or the monthly gains of Windfall Limited.

For example, if the work cited free, firm makes about $100 million in payments every month and achieves about $50 million in net profit, then the $10,000 gain might not be very significant to the firm. Second, the argument also fails to recognise whether the cost involved in checking 10 percent of invoices was less than $10,000. The resources spent on checking these invoices could have been used to other productive areas within the great traditions, company. Thus, there is an angle of cost benefit analysis that the argument fails to address. Thirdly, the recommendation made by strategy and structure the author fails to address the cause of incorrect billings. Instead of recommending its clients to check invoices, an traditions, alternative approach to improving billings systems and processes should have been explored. Finally, the conclusion that this approach will help the consulting firm gain an account of Windfall Limited also seems to follow a weak logic. The client will not be won solely on a recommendation that demonstrates a rigorous approach instead a sound financial analysis and a strong supporting logic will be appreciated by the client.

Hence, if the argument answers the and offshoring, concerns raised above it can be more persuasive and complete. The assistant manager presents the evidence that when music of a particular country is played, the great, sale of wine from that country is greater than the sale of wine from another country. He then concludes that the speciality food from a particular country should be put on sale for a week and the music from that country should be played. He believes that this will result in an increase in the stores profits and between outsourcing and offshoring, that the store will be able to ascertain in advance what items they should stock up on. However, the assistant manager uses non relevant evidence to form his conclusion. Great Traditions! The argument lacks any solid evidence and will be refuted with examples. The comparison of wine sales to the sale of difference outsourcing other items is not valid, as the wine is not on discount whereas the manager recommends that the other items be put on discount. A consumer will buy items on sale, irrespective of the music played.

For instance, a store selling german sausages at a discount, will be able to attract customers because of the lower price of the sausages compared to regular rates, irrespective of whether german music is played. The manager concludes that by selling items on sale through the entire week, the store will make a profit. Surely, even if this were true it cannot be the best case scenario as an even more substantial profit could be made by selling the items at full price, and hence receiving a larger margin of profit. Great! Further, to work cited free sell items on sale for a whole week the store would have to have a phenomenal amount of great traditions stock in its warehouse, of items from that particular country whose produce is on sale. Generally, stores do not have old stock in bulk from a particular country and hence will be providing fresh stock on sale, which will further dig into what could have been potentially high profit margins.

Finally, while the manager cites the effect of music on wine sales, he concludes about the work cited free, effect of music on sales of great all food from a country. This is an invalid assumption. For instance, while Italian music may uplift a customers mood and edge him or her to reminiscent of good times and purchase Italian wine, it may not make the same consumer purchase everything from between outsourcing Italian Wine to Italian Bread, Italian Cheese, Italian Pasta, Italian Ice cream and so on. Only a very niche customer would be likely to do so, while the majority will be satisfied with their wine purchase, and then move on to buy their regular grocery from other countries, while listening to great traditions the soothing Italian music. The assistant manager, uses vague reasoning and between and offshoring, is erroneous in his conclusion. Great Traditions! To strengthen his conclusion he would have to cite relevant facts. His recommendation is ill-logical and is unlikely to work cited free be carried out into action. The end result he claims to believe would be impossible to achieve via the proposed course of action. The Argument presented here arrives at the conclusion that to improve the companys profitability and enhance the perception of the consumer more reduction in traditions, prices should take place. In order to support this conclusion the author presents a case of one of the energy drinks reduction in prices and the effect which it had on the perception of the target consumers.The Author explains reasons of the increase in particular Energy drinkss Unit sales is the sedition, comprehended to traditions this changed perception and the way the promotional offer is well received by many of the customers.

The Author in order to come to this conclusion has made many basic assumptions which when negated could actually weaken this argument.Firstly, he tries to assume that the Energy drink market is fairly uniform and equivalent to all sections of society. Secondly, he assumes that the Customer base for all the energy drink is comparable and the target groups for all the energy drink is pdf, same.Finally, he fails to great consider the Overall increase in sales of the energy drinks with regards to his competitors by mistakenly assuming that only his energy drink has increase in the sales without considering the market share increase of his drink. These basics assumptions could weaken his argument making him vulnerable to critics.However answering few questions or giving more information about the Reorganizing Essay, energy drink and his target market could quite strengthen his argument.Information about the market share of the energy drink is required.Also it would be good basis to great traditions give the data of the Competitors sales which could make the Unit sales of the company more comparable and more strong with statistics.He could define the word Perception and how the customer sees his energy drink and what are the different Perceptions about the other energy drinks in market.He could also target and list down what are the other perceptions which could enhance these perceptions about his energy drinks. Thus the argument by the author is quite on a week platform which has many assumptions and is very vulnerable to critics. Its lacking many data point and information which could have strengthened the case of the argument.However with some more study of the argument and inclusion of some more viewpoints and data this argument can be made more solid and debatable. Q. The following appeared in a memorandum from the business department of the Apogee Company: When the Apogee Company had all its operations in one location, it was more profitable than it is today. Therefore, the Apogee Company should close down its field offices and conduct all its operations from a single location.

Such centralization would improve profitability by of Public Medical Insurance in Canada cutting costs and traditions, helping the company maintain better supervision of all employees. Discuss how well reasoned you find this argument. In your discussion be sure to analyse the line of reasoning and the use of evidence in the argument. For example, you may need to consider what questionable assumptions underlie the thinking and what alternative explanations or counterexamples might weaken the conclusion. You can also discuss what sort of evidence would strengthen or refute the argument, what changes in act made to, the argument would make it more logically sound, and what, if anything, would help you better evaluate its conclusion. In the passage, the business department of the Apogee Company argues that the company should have centralised operations from a single location to improve profits and to maintain a better supervision of all employees. This argument is great, based on the premises that centralisation will reduce cost, and that the reason for the erstwhile profitability of the company has a direct co-relation with its central operations. The argument also seems to rest on the premise that supervision of the employees is act made it illegal, always done by central agencies, thus rendering it easier and better when the great, operations are concentrated in one central location. However, on closer examination, it becomes apparent that certain relevant aspects have not been taken into account, leading to a number of mistaken assumptions and logical flaws. One such flaw is the questionable assumption that the company was earlier more profitable because all its operations were in one location.

However, no data has been given in support of chandler this assumption. Great Traditions! It is possible that earlier the cost of its raw material was less due to more availability or that the chandler strategy, Apogee Company could command higher prices in the market due to less fierce competition. There could be several other reasons as well. Great! In order to strengthen this assumption, the company should analyse the relevant data to find out exactly what the reason for higher profitability was and whether it had anything to menagerie pdf do with centralised operations or some other factors (such as demand, cost of the input material, change in taxation, etc.) Moreover, the company argues that centralisation will bring down the cost.

This may not be true as the companys logistics and travel cost may go up due to having just one central location. Great! A comparative analysis of relevant data points such as reduction in the cost of real estate and maintenance of various operations vis-a-vis increased travel cost and freight cost would help better understand whether the aforementioned assumption is a sound one. The company also argues that supervision of menagerie pdf employees will be easier and more effective in great traditions, a central location. The Sedition To! This assumption is flawed as many employees, especially those involved in sales and market development may need to be travelling to far off areas and if the company has all its supervisors centrally located, it may lead to poorer rather than better supervision. The company should analyse similar situations in other organisations and the effectiveness of centralised supervision to determine the nature of impact of the centralisation on employee supervision before concluding. After close examination of the traditions, passage presented, it is apparent that there are many logical flaws. The Sedition It Illegal! The recommendations in the essay show how the argument could be strengthened and made more logically sound. It says failed to load :( Can you copy paste it for me and tell me my result? While the passage provides a valid fact that the Apogee Company was doing well before decentralization, it fails to make a cogent case.

There are various compelling evidence that should have been evaluated before reaching the conclusion. Firstly, the argument fails to traditions consider various other factors that could have been the reason behind the company being less profitable. Perhaps the macro-economic factors such as the economy facing a decline in the previous year affected profitability. The department might not have accounted for the costs of relocation and the costs to develop the field offices. The argument would be severely weakened if we remove the fixed cost expenses and then compared the profitability as there is a significant chance that profits were hurt by opening the satellite offices. Also, if the company closes the field offices and chandler strategy and structure, moves back to great a single location, it would incur further relocation costs that would continue to chandler strategy and structure affect profitability. It discounts the traditions, fact that field offices in multiple location has its merits; diversification lowers risks and would increase the reach of the company. The argument would be weakened if there are figures that reveal how their competitors improved communication with customers and increased brand recall by opening multiple offices. Furthermore, the argument assumes a few factors that might not necessarily be true.

One assumption is work cited free, that the company would be profitable if it moves to one spot; there is a significant chance that external factors continue to traditions drain profits. It also assumes that better supervision of the employees would improve profitability; it is menagerie pdf, certainly plausible that the great, employees are diligent workers and supervision would not have a profound effect. The argument would hold more water if the writer had given figures pertaining to the exact costs that would be cut; also, it would have helped if he had given specific examples of effective supervision. The metric behind judging profitability is unclear, and the writer would be able to bolster his claim if the exact metrics are made clear and relevant examples are given to demonstrate how operations from a single location improved profitability. This memorandum is from the business department and a more holistic approach to the issue with input from multiple departments would make the argument more valid. It would have been helpful if the author had mentioned reasons why the the sedition act made, company opened multiple locations in the first place; perhaps it was forced by pressing concerns that would render this particular centralization argument void. Thus it can be agreed upon traditions, that asserting that centralization is the on History of Public Insurance Care, sole factor behind profitability as the ultimate truth is fallacious. Education comes not from books but from practical experience. The author says that Education comes not from books but from practical experience.

First, the argument readily assumes that the education does not comes from books but from practical experience.This statement is a stretch and not substantiated in any way. There are numerous examples in other areas of great traditions education that proves learning is done via books and is rather successful. For instance, mathematics is the subject which can be taught from practical knowledge and learning through books is the best bet. Another example is the subject History. One cannot travel back in time or to the glass pdf those places to teach through practical knowledge. Books are the great traditions, most standard and reliable way to Essay on History of Public Insurance Care in Canada study history and its importance. Clearly with above examples, one can definitely say that it is wrong to assume that education is best fed though practical knowledge.The argument could have been much more clearer if it would have talked about specific field of education where practical experience is more important that bookish knowledge. Second, there are examples where practical knowledge is important to have better understanding of a subject. But this in no way allows to scrape out the learning from books.

For example take MBBS, where practical sessions are key to master that field but for great, that also, one needs to have thorough theory knowledge that comes from books. The Glass Pdf! In addition , from above example it is clear that practical experience is great traditions, important but it cannot stand strong alone. It has to work cited free be combined with good theory lessons. In fact there is no direct correlation evidence given to prove that practical knowledge is directly proportional to traditions better education. If any such cases would have been given or demonstrated, the author would have sounded bit more convincing. Finally , what I personally feel that any education without theoretical knowledge is incomplete. Practical experience can polish your skills and make you more professional and expert in any field. For that to happen, ones theory base has to be really strong to excel. Is it possible to make primary school pass out the sedition act made it illegal, , a manager of a company ? Or why do every school or education system is designed to have a theory classes in traditions, the beginning of the course followed by a practical sessions? Without having convincing answers to these questions, one is left with the impression that the claim is more of a wishful thinking rather than substantive evidence. What really matters in the leadership of business and organizations is getting results, reaching benchmarks, and achieving success.

The argument claims that the What really matters in the leadership of business and organizations is getting results, reaching benchmarks, and achieving success. Stated in difference between outsourcing and offshoring, this way the argument fails to mention several key factors, on the basis of which it could be evaluated. Great! The conclusion of the argument relies on the assumptions for Reorganizing, which there is no clear evidence.Hence argument is weak and great traditions, has several flaws. First, the act made to, argument readily assumes that getting results , reaching benchmarks and great traditions, achieving success are the prime most important factors to define success in business.This statement is the stretch and chandler, is not substantiated in any way. There are numerous examples in other areas of business and commerce where these factors vary from person to person and great traditions, one cannot define the benchmark for success. Work Cited Free! For instance, take an example of a small cafe or restaurant which provides good food, elegant ambiance and great customer satisfaction. There may not be many people knowing about this place or it may not be that famous but still,it might have got loyal regular and happy customers and makes enough profit margin.

The restaurateur can say that his business is running successfully as hes happy with the customers comments and decent profit his cafe is great, making.On the Reorganizing, other hand, take an example of McDonalds, we all know how much popular it is across the globe and traditions, thousands of customers visit it daily , making the profits in millions. So if that small restaurateur looks at and structure, this success, he may get intimidated and must not have achieved the benchmarks as compared to McDonalds. Thus the great, argument would have been much more clearer if it explicitly gave examples of and structure a particular company and great, its benchmark considerations. Second,there are many organizations who do not even consider monetary gain to chandler strategy and structure define their success. The happiness or the pleasure of giving back to great society defines their success. Their benchmark and success would be summed by the no of people who have gained from work cited free it . Great! One such example is Teach for India. The Sedition Act Made It Illegal To! This organization was not established to make profits like most of the other organizations. They help children from great all parts of India getting basic education with the aim of making everyone educated and menagerie, make them stand on their own legs. This may be success for them and this would be the case of many other similar organization. So every person and organization may have different parameters to measure their success and results. For some, it may be money, for some it may be eternal happiness of great traditions helping others.

If any such particular case would have been given or demonstrated, the author would have sounded bit more convincing. Finally, one cannot simply define the parameters of getting success or achieving results. This may vary from individual thinking and cannot be declared as the standard thumb rule. So author should have specified it more clearly with examples. Making money may be success for one but not for other. Essay! Having satisfied feeling of helping and doing for people even at your own cost can be blissful for one but may be bitter for other. so what is the parameter , that author has assumed to define success or meeting results should have been mentioned explicitly. In conclusion, the argument is flawed for great, the above-mentioned reasons and is therefore unconvincing. It could be considerably strengthened if the author clearly mentioned all the work cited free, relevant facts supporting the various parameters he is considering to define success and meeting benchmarks .In order to assess the merits of a certain situation/decision, it is essential to have full knowledge of all contributing factors. Great Traditions! Without this information, the argument remains unsubstantiated and open to difference outsourcing and offshoring debate.

Discoveries and inventions are not born from nothingness. Great! If necessity is the mother of pdf invention, then an equally competent father would be a combination of traditions curiosity, scientific temperament, and research skills. With the firm belief that I possess these skills, I aspire to fulfill my dream of pursuing advanced research in Essay on History of Public Medical Care, an application-oriented field, by obtaining my Masters degree in Electrical engineering. As a stepping-stone towards this dream, I am pursuing my Bachelor of Technology degree in Electronics and great, Instrumentation Engineering from SRM University, ranked first among many private institutions in the glass, India. This has laid a strong foundation for my graduate studies.

There are two reasons why I believe that a graduate study in an esteemed university, such as yours, is necessary for a person aspiring for a research career. Great Traditions! Firstly, working under the guidance of experts whose work would inspire and the glass menagerie pdf, mould a student effectively into a creative and liberal thinker and researcher. Secondly, the emphasis on independent learning is an ideal way of making students capable and knowledgeable in a specialization and keeping abreast of the latest technological developments. Keeping the aforementioned points in mind, I have chosen Signal Processing as my field of specialization. Great! I believe that graduate studies in on History of Public Medical Insurance in Canada, this area will help me achieve my career goals. I am fortunate to belong to traditions a family that places my education as a top priority. I hail from an upper middle class Indian family of advanced degree holders. My late mother was a gazetted officer (high-ranked executive in Indian government and the glass, a member of Chamber of Commerce). My father is an traditions, administrative official in the Indian law ministry. My parents have been my role models in Insurance in Canada, the way they have brought up my sister and me in a conservative Indian society, with modern thoughts and progressive ideas.

They have managed to provide me with top quality education, rich cultural values and sowed the seeds of passion for higher education in me. My elder sister is great traditions, pursuing her PhD in Bio-engineering at Chicago and I have always admired her dedication and on History Medical in Canada, perseverance in her area of interest. I also have many cousins in the USA pursuing graduate studies or working as engineers in great, exciting fields. Their guidance and advice, along with constant motivation by the professor (Dr. Work Cited Free! Joselin Retna Kumar) who taught me Digital Signal Processing in college, strengthened my desire to pursue graduate studies. Great! Dr.

Kumar described his graduate years as one of Yahoo Essay his most fulfilling times, his passion resonated with me and I knew that conducting research geared towards creating knowledge was the academic and professional path I sought. My enthusiasm to great traditions participate in research on Signal Processing, and mainly Image Processing stemmed from my love for event photography. My curiosity to understand the difference between and offshoring, gestures, relationships and actions involved in traditions, social events spiked my interest. I believe images allow us to store, retrieve, communicate, and chandler strategy, transmit data and also serve as a medium to understand the world around us. In my opinion, one has to traditions strike a balance between gaining technical knowledge and translating that into practical applications. I am confident about my ability and chandler strategy, scientific acumen to apply the knowledge I gain and improve myself on a daily basis. Signal processing is the tool that would help us tackle daily challenges and simultaneously convey scientific solutions in universal jargon across varied sections of society. Great! It is said that a picture speaks a thousand words and an understanding and analysis of each of them is very important. I wish to the glass study in detail about image processing and computer vision, along with machine learning methods to frame new algorithms.

The mathematics and science involved in great traditions, this aspect are great in scope, and work cited free, comprises of great abundant uncharted areas for the sedition it illegal to, research. I hope to integrate technologies from various fields, such as machine learning and great traditions, algorithms, into image processing. With successful image processing, we can automate a lot of Reorganizing Essay tasks such as medical surgeries and video surveillance using visuals this is the driving force of my research. My innate passion to learn new concepts and my enthusiasm to apply them motivated me to traditions seek relevant opportunities and gain hands-on experience. My first practical encounter with Electronics was during my sophomore year, when I built a digital cymometer using a zero-crossing comparator. I converted sine, square, sawtooth, and other cycle waveforms to Transistor-Transistor Logic (TTL) form followed by micro-controller-based frequency computing. I optimized the code and algorithm to guarantee accuracy.

This boosted my confidence to take up more challenging projects that included constructing a traffic light control system using 89S51 micro-controller and building an difference outsourcing, A/D and D/A converter using basic components such as ICs, diodes, transistors, and resistors. Also, I successfully built an obstacle detector and great, a line-following robot using Arduino Uno as the on History of Public Medical Care, micro-controller. Such projects along with courses like Digital Signal Processing, Robotics and Automation, Power Electronics, and Microprocessor and Micro-controller bolstered my idea of pursuing graduate studies in this specialization. My interest in the field of traditions signal processing has been instrumental in conceptualizing two very crucial, interdisciplinary projects that would directly impact our lifestyle and well being. The first one was designing a cost-effective temperature-controlled baby incubator, and incorporating an auditory system that would fill the incubator with maternal heart sounds, while reducing background noise by Medical in Canada employing microphones and speakers to capture and send audio signals. The biggest challenge was to ensure that the products efficacy and great traditions, safety is obtained at an economical cost. Currently, we are in talks with a hospital that would let us experiment with the prototype. Work Cited Free! The other significant project I undertook was to devise a stress meter using fuzzy logic and Case Based Reasoning (CBR). The concept involved developing a wearable galvanic skin response meter for sweat level monitoring in patients. This response meter will detect anxiety and stress levels.

I analyzed hundreds of patient records to understand the usage behavior based on age, sex, occupation, and other parameters. After successfully constructing the response meter, I wrote a paper describing my research, which I plan to great submit to a relevant journal soon. Outsourcing! Presently, I am trying to integrate a control action such as playing soft music when the person is under stress. My undergraduate capstone project is focused on replacing the repetitive pick and place motion performed by humans by great traditions an automatic material handling system. The proposed solution employs image-processing techniques along with a robotic arm using a universal gripper to classify and sort the objects on a running conveyor belt. The greatest supplement to menagerie pdf my academic experience has been the great, opportunity to be part of difference and offshoring service-learning. Apart from maintaining my academic position within the top 5% students in my class, I have actively and zealously pursued my hobbies. One persons life can influence the lives of an unbelievable number of great people, this is pdf, one of the most important lessons I learnt, being a part of a non-profit organization Make A Difference (MAD). I held major positions such as Finance Controller for MAD Chennai, and a mentor for children at traditions, risk. Work Cited Free! I was involved in tutoring underprivileged adolescents, managing finances, and counseling 11th and 12th graders towards a chosen career goal.

In addition to community service, extra-curricular activities and college clubs were a fundamental part of my education. My extensive involvement in various quizzes, concerts, technical and non-technical fests illustrate this. Great! Along with singing, I am also a keen basketball and a throw-ball player. I have led my team in numerous tournaments and competitions. My interpersonal skills and leadership qualities helped me sustain through the work cited free, varied roles and traditions, emerge out as a team player, every time. Having grown up in a country with a rich potpourri of ethnicity, diverse beliefs and religious practices, I have learned to appreciate the fact that racial harmony requires respect, tolerance and open-mindedness towards accepting cultural differences, rather than drawing comparisons or sensing disparities.

Prevalence of a diverse and inclusive culture at SRM University has also improved my ability to work in diverse groups. Each student brought his or her own unique cultural background and experience. Living and learning together instilled. self-confidence and a spirit of camaraderie within me. My undergraduate years have made me experience something similar to it illegal a Copernican inversion of my inner being. My quest for answers drove me towards reading and analyzing different scientific concepts, learn about the latest research in the field and think about the gaps in knowledge. Seminars and conferences pushed me in the best ways to broaden, question, and to evolve my ideas and approaches suitably. I have always striven hard to achieve deep understanding of concepts in all the courses I took and traditions, the research projects I pursued. The research carried on signal processing under Dr. Charles Boncelet, Dr.

Kenneth E. Barner and Dr. Gonzalo R. Arce and in particular the act made it illegal, techniques concocted by them in the field of image processing best suits my pursuits. I believe that I possess the desire, the intellectual ability, and the preparation to do justice to a demanding graduate program and to make significant contributions to the ongoing research at your University as a student, as a researcher and great traditions, as a teaching assistant. It is strategy and structure, my belief that all success stories are built on partnerships, symbiotic relationships between the subject and great traditions, people or entities that come in contact. Similarly, the essence of university education lies in the success of the symbiotic relationship between the student, and his/her department. With your reputation in the field of my choice, I am sure working under you would be greatly beneficial to me. At the same time, I am confident of contributing meaningfully to the research endeavors at work cited free, University of Delaware. It is with this in mind that I am looking forward to a long and great, rewarding relationship with you. The conclusion, recent surge in violence in the west of the work cited free, city is great, because of shortage of police officers could be right, as a neighborhood prone to difference between continuous violence requires an adequate number of police force to keep a check on those, who indulge in fomenting tension. However, to conclude that the only way to great traditions end the problem of violence is, doubling the police force is chandler and structure, a serious mistake. To affect permanent peace requires more than doubling the police force, and traditions, here the passage-writer makes a series of faulty conclusions about the chandler, problems in the west side of the city, and therefore suggests flawed solutions.

The first major flaw of the argument is great traditions, comparing two sides of cities, without providing any clue if they are similar or different. If, the two sides of the the glass menagerie, city are similar, than a reduction in the budget and the police force in the north side, at least for a long time, is not advisable. Great Traditions! However, if the north side of the city is not witnessing any violence due to composition of the society, than perhaps, its budget and Essay Insurance Care in Canada, the police force is just adequate to traditions maintain the peace. Therefore, before making a suggestion to reduce the budget and the police force in the north side of the city, only because there is no violence, a proper assessment of the probable eruption of violence should be conducted. The argument points towards few characteristic features of the west side of the city: lack of political leadership, people of act made it illegal different culture and society are living there, and mostly young population. Great! Thus, creates a picture of a place with extremely high likelihood of violence. Further, to say that educational development and creating job opportunities are peripheral issues reinforces image of a place, where violence can be controlled by work cited free force only. The problem with continuous low-intensity violence is that sometimes it surges to great traditions a threatening level in Reorganizing Yahoo Essay, very short period of time.

In the case of sudden surge in great, violence in any place, increasing the number of the police officer is only solution. But to deal with a place, as defined by the passage-writer requires some creative thinking. The lack of political leadership can be substituted by difference between outsourcing and offshoring increasing dialogue among communities. The argument, the violence is also due to great traditions the lack of leadership is right. Had there been communities leaders available at strategy and structure, the time of great need, violence might not have surged to a threatening level. Thus, the city mayor should take steps to encourage dialogue among people of Yahoo different culture and different faith. The mostly young population- the word, young is misleading, as it hides the actual age composition the society. However, if the word young refers to age group of 15 to 30, than the city mayor is right to focus on educational development and creating job opportunities- as idle youths often take to crime and great, violence. Sometimes, a problem requires multiple solutions; similar is the case of the violence.

The argument errs to focus on only one aspect of the violence that is lack of enough police officers. The city mayor has to look into various aspects of work cited free a problem. Thus, the city mayor is traditions, right to focus on educational development and creating job opportunities. However, the mayor should take steps to increase dialogues among different communities, as only trust among communities ensures lasting peace. Get the best-selling MBA Book that the Top B-School Admission Officers are praising. Join thousands who've shattered the hype. Read more.

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Theory meets practice as our mens wear critic tries out the clothes that he has only viewed from the front row. Duckie Brown made me do it. Last July, while reviewing the labels latest collection of mens wear, I found myself heaping praise on traditions the designers Steven Cox and Daniel Silver for breaking out ahead of the Care local competition with an traditions audacious collection comprising suits of Brobdingnagian proportions in a show that challenged some hoary notions about gender, played games with shape and work cited free, proportion, and wholeheartedly embraced drama of movement and sensuality. Then I laid down my pen and asked a question occasionally put to me by readers: Who in the world would wear this stuff? It struck me that the task of great traditions, reviewing clothes stands at some distance from the experience of the sedition act made it illegal to, wearing them. And so I hit upon a solution to try bridging the traditions gap between theory and difference outsourcing, practice: I would wear the stuff. Not only would I try out Duckie Browns upholstery-size runway garments, but also the great traditions latest from Essay Insurance in Canada, four other designers. What would it be like, I wondered, to spend time in great traditions get-ups I had admired in the abstract but had seldom contemplated putting on my back? Would I still be me in a Ralph Lauren suit? How would it feel to take my godson to school while clad in cool-kids layers from act made to, Public School?

Could I pull off walking the dog while buttoned up in one of Thom Brownes Puritanical suits, with their taut bum-cooler proportions and traditions, high-water pants? And what of the rigid double-breasted suit from Italo Zucchellis most recent Calvin Klein collection? Would the cheetah pattern occasion spit-takes at the coffee shop? This may be the place to mention that becoming Instagram catnip has never been a particular goal of mine. Strategy! Having cycled through a variety of sartorial identities over the decades high-school longhair, platinum-blond crew cut Warhol Factory kid, Take Ivy prep I eventually settled on traditions a sort of uniform. Its constituent parts are Levis worn with custom-made button-down shirts from my favorite haberdashery, AD56 in Milan, and a Brunello Cucinelli vest or else one of several well-cut, understated blazers from L.B.M. 1911. That its a look unlikely to have street-style photographers blocking my path I consider a definite plus. Yet I was about to change things up with my George Plimpton-style experiment, road-testing new garments to experience what some social scientists have termed enclothed cognition, a theory proposing that the clothes we wear affect not just how others see us, but how we ourselves think and behave.

Clothes, that is, may not merely proclaim a man to Reorganizing Essay the world, as the Shakespearean windbag Polonius had it; they may actually make him. Anyway, that was the notion I presented to the designers of five labels that I have reviewed over the years. The delight I experienced when they agreed to great traditions my proposal the loan of a head-to-toe look for a day was rapidly replaced by the sedition it illegal to, fashions version of flop sweats. My first step was to great traditions make an appointment with Ryan Dichter, an unflappable Coloradan so deeply attuned to the Ralph Lauren ethos that his title as director of work cited free, employee experience at the designers New York flagship store has shaded into something closer to unofficial brand ambassador. It was fully my intention, upon traditions entering that Madison Avenue mansion, to assume the the glass menagerie pdf mantle of Mr. Great! Laurens brand message, to slip into the West Egg fantasy of being the sort of fellow who keeps his Herreshoff moored at Seawanhaka or drinks Southsides on the baize-green lawn of the Meadow Club. Yet the fantasia retailed in Mr. Laurens latest ad campaign the between outsourcing one featuring his filmmaker son, Andrew, wearing pinstripes and chalk stripes and great, polka dots proved too daunting. Work Cited Free! I thought I might end up looking like a roadshow Gatsby in those duds. It was when explaining this to Mr. Dichter that I was first introduced to transfer of emotion, his practiced salesmans term for the magical moment when a consumer becomes one with a garment he has just met.

If a customer isnt feeling it, theyre not feeling it, Mr. Dichter said brightly. Great Traditions! If it isnt right for you, we have no problem walking you down the street to Brunello Cucinelli or Tom Ford. Saying this, he extended a charcoal gray jacket from Ralph Laurens Purple Label line, part of a suit made in fabric proprietary to the sedition it illegal the label. Traditions! He encouraged me to Reorganizing Essay slip it on. It would understate things to say that an emotional transfer kicked in when I put on the sleek two-button suit, whose details pick-stitched lapels; deep double vents; waist adjusters (to eliminate a belts bisecting ugliness); a superfluous yet appealingly anachronistic ticket pocket contributed to the spell. I thought at the time of great traditions, a remark the designer Tom Ford once made to me about the way certain of his favored models Ujjwala Raut, Jon Kortajarena looked like money when they wore his clothes. Seldom have I felt more like money than I did while riding the R train to work on the morning I took the suit for its test ride, or when sluicing through the Times Square mobs and Elmos wearing Mr. Laurens $5,995 suit.

If enclothed cognition means one feels somehow more competent, assured and even smarter in clothes that denote professional status (lab coats were used to work cited free conduct the great study), it is unquestionably the menagerie pdf case that the traditions suit made me smarter, in several shadings of the word. The contrast from that sensation was stark when, for my next act, I spent a day in Thom Browne. For a start, that singular designers clothing requires a commitment to his vision, as Mr. Browne himself suggested to me one morning at his TriBeCa store. You get stared at a lot, but you get used to it, said the designer, who was wearing one of his signature suits with short pants. Women, it seems to me, understand something about clothing that may lie beyond the grasp of most male consumers. They know that in changing clothes, it is easy to try on Essay of Public fresh identities.

It was a lesson clarified for me when I put on a Thom Browne suit and felt suddenly like a different person, as if I were a uniformed conscript in a delightful, if slightly kooky, secular cult. I had seen this happen to other people the regulars at Mr. Great Traditions! Brownes fashion shows, and his partner, the Medical in Canada fashion curator Andrew Bolton, who dressed well (and yet in a nondescript fashion) before the two met but began wearing Mr. Brownes designs exclusively once they were together. What I couldnt have fully gleaned before trying on the Browne suit was how subtly a designer can use technique to mold a consumer to his way of experiencing the world. Exposing ankles and behind in a manner that forces you to stand up straighter, a Thom Browne suit dictates that its wearer make certain postural adjustments. Setting the waistband of the trousers at mid-abdomen, the fitness-conscious Mr. Browne effectively disciplines his consumers into sucking in their guts or heading immediately to a gym.

If there is an antidote to traditions the slob trend termed athleisure, surely a Thom Browne suit is it. When I took a friends dog for work cited free a spin in Central Park, I also discovered something else about clothes I had forgotten: their sonic dimension. Zola, among others, lavished sensual descriptions upon the sounds made by clothing the swish of great, a silk skirt, the fallen-leaves rustle of a womans crinolines trailing across parquet. Chandler Strategy And Structure! Somehow, in an age of traditions, stretch fabrics and sneakers, this aspect of dress got lost. Stomping around in a pair of Mr. Reorganizing! Brownes heavy-soled wingtips brought it back for me. The trigger was Mr. Brownes custom of adding metal taps to his shoes, on both toe and heel. And while its true that Harrison a friends poodle, with an great traditions Upper East Side blow-out garnered most of the notice as we crossed Fifth Avenue, I was conscious of the way Mr. Brownes shoes rendered it impossible for Reorganizing Yahoo me to traditions walk the pavement unheard or unobserved. While Mr.

Brownes clothes announce themselves a block away, those I borrowed from Dao-Yi Chow and Maxwell Osborne of Public School had a much different effect. In the the glass menagerie eight years since this duo formed their label, they have scooped up accolades and traditions, prizes, snagged a side gig as creative directors for DKNY and on History Medical Care, assembled a passionate following among guys not comfortable dressing like Florentine dandies or the Paul Bunyans of Brooklyn. Its like an urban uniform, their longtime stylist Eugene Tong once told me, although urban incognito may be a more precise term. The typical elements of a Public School uniform include layered shirts and tunics, sweaters with uneven hemlines, slouchy overcoats, hip-hop ball caps, all in traditions a palette of subdued monochromes. A lot of the guys who turned out for the Public School presentation at Medical Insurance Care, New York Fashion Week: Mens last July were already comfortably attired in Public School designs, stuff you might characterize as Helmut Lang meets Supreme. They looked natty, yet not strenuously so, wearing assemblages very much like the outfit Mr.

Osborne and great traditions, Mr. Chow had chosen for me. Far from proclaiming their presence or provoking visual confrontation with my fellow pedestrians, the long-tailed shirt, dark turtleneck and outsourcing and offshoring, belted overcoat with softly sloping shoulders skewed toward anonymity. An added factor was that, in walking my 10-year-old godson through the West Village to great traditions school early one morning, mine was not the outfit likely to chandler and structure catch anyones eye. With his floppy red camouflage shorts, Run-D.M.C. Great Traditions! T-shirt and of Public Insurance in Canada, honking big LeBron XII sneakers, Jake was rocking the traditions more notable of our two fashion statements.

As we made our way to P.S. 41, I was just a fifth graders accessory. If playing at being a consumer of designs I usually regard in between and offshoring mostly formal terms taught me something about the art and craft of fashion, it also served to remind me of great, my hometowns place in chandler the overall scheme of things. New York, we all know, is often derided as a mere commercial capital. It is the great place designers go to chandler strategy and structure earn the money their compatriots in Paris or London are too busy indulging flights of creativity to great bother about. Yet it is to immigrant-built New York that people like the strategy and structure Italian-born Italo Zucchelli continue to fetch up, among others who arrive with their ideas for traditions radicalizing commercial design. A stealth talent at Calvin Klein for on History of Public in Canada almost two decades, Mr. Traditions! Zucchelli has spent his years at the label using blaring chromatics, unorthodox materials (bicycle seat foam) and outsourcing, silhouettes so graphically simplified they almost read as cartoonish to revitalize the minimalism that was a legacy of the great traditions brands founder. The double-breasted suit Mr. Zucchelli selected for me conformed to his brief: stiff, structured and so slim as to leave no room for indulgence in breakfast doughnuts. All designers, of course, make clothes for some skinny ideal man; yet even as a natural beanpole, I feared bursting a seam.

Does this gym make me look fat? said my trainer, Rob Morea, gently mocking me as I stepped out of a changing room and onto the sedition it illegal to the gym floor. As with Mr. Brownes suit, the Calvin Klein one was unapologetic in making certain demands. Still, as I walked toward a favorite lunch place, the great Smile, on cobbled Bond Street, I eased into of Public Insurance, the suit and forgot altogether the trepidation I had initially felt about its cheetah pattern. And I enjoyed how the traditions thick-soled Calvin Klein boots anchored me on the sedition it illegal the cobblestones, lending me both superfluous added height and great traditions, a certain resemblance to an extra from The Night Porter. That my fellow citizens took no particular note of between outsourcing, my somewhat unusual get-up also pleased me.

It was the blase reception I got that eventually gave me courage enough to wear Duckie Brown out in public, to waltz through NoHo in a pair of traditions, lightweight woolen trousers that reminded me of my mothers 1960s palazzo pants. I paired them with a white Prada dress shirt that seemed vaguely appropriate to the season and that also set off another Duckie Brown piece, the satin chiffon Harrington jacket, which reminded me of a bed jacket from a George Cukor film. Something unexpected happened to strategy and structure me wearing those clothes and, no, it was not a secret yen to try cross-dressing. Liberated from my own safe tastes, I was reminded of great, some of the reasons fashion interested me in the first place. You would hardly guess it from all the conformist stuff that fills the fashion magazines, runways and Instagram feeds, but playfulness, experimentation and instruction are also the job of work cited free, fashion.

What interests me most about Oscar Wildes famous line Fashion is traditions, a form of work cited free, ugliness so absolutely unbearable that we have to alter it every six months! is its reference to temporality. Walking around Manhattan in great what constitutes the style of this precise moment, I felt so squarely rooted in Reorganizing the present that I momentarily let go of my habitual anxieties about the future. Within six months, something just as interesting as the stuff I wore will roll around. Designers will see to that. And what of the doomsayers who have been prophesying the end of the great traditions current mens wear moment? My little experiment left me convinced that they are talking through their porkpie hats. Rather than making a single, ceremonial commitment, unwedded couples must choose each other every day. Larger-than-life sites, lots of the glass menagerie pdf, waterworks and more highlights from the final leg of fashion month. Its easy to mock an Instagram poet.

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50 Inspiring Resume Designs: And What You Can Learn From Them. Great. Your resume or CV may be one of the most important projects you ever design. The Sedition To. It can make or break job applications, open doors to new careers, make a great (or dismal) first impression. When you send out your resume, youre really sending out a piece of yourself. Great Traditions. So make sure its representing you to work cited free your best advantage. Just like how you dress your best for an interview, its important to give your resume the great, same treatment to make sure its polished and presentable. The 50 resume designs below span a wide range of styles, from strictly businesslike to ultra creative browse through them to get some ideas for updating your own resume.

Designing your own is easy with our wide collection of beautiful resume templates. Click the image to see more resume templates. Starting off your resume strong with a bold header, like in it illegal to, this design by Shed Labs for Loft Resumes, draws attention to your name and makes it more memorable. You can also include a few keywords or descriptors under your name that sum up who you are as a candidate. Great Traditions. This chessboard-style layout is certainly striking, giving each category its own distinct space.

But Mikha Makhouls resume is still somewhat subdued thanks to the simple black-and-white color scheme; it doesnt sacrifice professionalism for visual interest. Strategy. Some well-placed shadows can make your resume pop, literally giving it a 3D appearance and creating the illusion of great depth. Errol Veloso explains how he chose the colors of his design purposefully: blue to symbolize his creative side and red to the glass symbolize his analytic side. Try using shapes and traditions, frames for emphasis. Menagerie Pdf. You can experiment with geometric shapes (circles, squares, rectangles), ribbons, or solid or dashed lines. Here, Michael Long frames his name and great traditions, his role to help them stand out. A cohesive color scheme of cool blues and minty hues gives this information-packed, infographic-style resume by Reorganizing Essay, Joseph Acena a visual theme and an orderly, coordinated look. Using a horizontal orientation (instead of the great, traditional vertical format) immediately gives your resume an the glass menagerie pdf, edge in terms of attracting attention. Other strong points of great traditions this design by Justin Schueler include a balanced, un-crowded layout and plenty of negative space. There seems to Reorganizing Yahoo Essay be a trend, at least in industries where you can take some risks with your resume, to forget the stuffy business lingo and show that theres a human behind the piece of paper.

Using a more conversational tone, as David Elgena has done with his Hello, nice to meet you. Heres a little about me header at the top of traditions this resume, may help you create rapport with the on History of Public Care in Canada, person whos reviewing your application before you even meet them. This resume by great, Kyle Robertson features a custom crest with Kyles name and a catchy tagline. Creating a distinctive personal brand or style for yourself (such as a personal logo, a color scheme, a nice selection of fonts, etc.) gives your work an extra sheen of professionalism (and an opportunity to show off your abilities). It Illegal. Plus, once you put the traditions, work in, this brand is something you can use over and over again on letterhead, business cards, social media profiles, you name it.

For a unique take on traditional resume colors, try light text on a dark background, as Abdullah Al Mamun has done here. Just make sure that your font is weighty enough to be easily readable and not get lost against the background. This clean resume by Patrick Rogan uses a bright splash of color and whittles down the Essay on History Care in Canada, information to only the basics (skills and great traditions, past positions). Icons in the skills section provide a visual reference that still complements the simplistic style. Printing your resume on textured paper can give an impression of quality, craftsmanship, or luxury.

If a color other than white seems inappropriate for your industry, try a white or cream-colored paper with a slight texture for an ultra-professional, upscale look. Between Outsourcing. This example by great traditions, S.N. Carter, printed on Essay of Public Medical Insurance Care, a recycled or kraft-style paper, gives the traditions, resume a custom, hand-printed feel. Chandler Strategy And Structure. When applying for a position where a more creative approach isnt appropriate, its always a safe bet to traditions opt for a simple, text-based resume with clean fonts. Strategy And Structure. Here, Frank Schamhart has embellished his resume slightly with minimal use of an accent color and a small personal portrait.

If youre after a job in the arts or some other highly visual industry, make your resume a mini portfolio like illustrator Rianti Hidayat has done here. Bradley Brooks keeps his resume businesslike with a classic black-and-white color scheme, but livens things up with a modular layout and a personal logo. Traditions. Infographic-style resumes have become popular, and they can be effective when done well. But they should be more than a collection of pretty pictures; the images should, at a glance, tell something about you and complement or enhance the the glass pdf, text, like in great, this resume design by Rachel Winter. If youre seeking work in an industry where appearance is important, or the job has asked you to include a portrait, try integrating it into your resume. Strategy. It doesnt have to be the great traditions, center of attention, though you can make it a bit more subtle by using a small picture or placing it behind a colored screen, like in Egotypes resume template.

Mailing out some resumes? Make opening yours up a memorable experience, like Amber Van Mieghem has done with this clever folding resume. Difference Between Outsourcing And Offshoring. Wishing you could infuse a little creativity into your plain, corporate resume? Try a monogram with your initials, like Bill Mawhinney has done for this resume template. It adds a little style while still keeping the overall presentation very businesslike. You can use the great traditions, same graphic on your cover letter to to give your application a polished, pulled-together look. If you have some creative leeway in traditions, creating your resume, using a non-rectangular shape will be sure to attract attention, like John Mujicas round resume does here. If you do format your resume in work cited free, any unusual shape, just make sure all the text is readable. Traditions. Youve only got one name. Make it memorable.

If its unique, highlight it. Make it big and bold, like Fredrik Andresen did on his resume. Give the hiring manager something to zero in on. Your font choices can change the whole character of the sedition your resume. For instance, the rounded fonts with soft edges that Louis Omari has used for his resume have a more casual, friendly feel than sharper, serif fonts might have. Traditions. Need to show your qualifications on the run? Post your resume online and make it mobile-friendly, like Julien Renvoye has done. You can include your resume on your personal website or even post it to networking platforms like LinkedIn. Use blocks of color and/or lines to difference separate different sections of your resume, give it structure, and traditions, make it easy to navigate visually.

This template from Beautiful Resumes features vibrant colors, but you could just as easily get the same effect with a more subtle color scheme. If youre going the infographic route, think of effective ways that you can use different types of graphs to represent your skills, experience, or background, like Martin Suster did here. Organizing your resume with columns, like this three-column layout Anton Yermolov used, keeps the information tidy, creates clear divisions between sections, and helps you keep everything sharply aligned. Use a sidebar in your resume to call attention to extra (or extra important) information that you want to Essay on History of Public Insurance Care highlight. Great Traditions. Here, Ola Hamdy used a colored sidebar to separate her personal and contact information from her educational and professional details. Although this resume design is the glass pdf text-heavy, Gershom Charig mixes things up with a two-color scheme and a word cloud to creatively represent the breadth of his skills and experience. Similar in function to traditions the word cloud above, various sizes of circles represent Silviu Schiaus proficiency in various areas, such as management and work cited free, design. The size of the great traditions, circles corresponds with his amount of experience a fresh way to illustrate core competencies. Give the the sedition to, person looking at your resume an excuse to find out more about you. Including a link to your website or portfolio (or even a QR code, as Krysten Newby has done here) acts as a good prompt. Great. If your job history includes working for big companies with recognizable logos, feature them on your resume.

Tamas Leb has included space to do so on this resume template, and it makes an impressive statement, even at Essay a glance. For creative resumes, a theme can give you a starting point to build a one-of-a-kind design and think about innovative ways to present your information. Here, Peter Kistemans laboratory theme makes a strong visual statement and traditions, gives his artistic background a scientific, experimental dimension. Putting your resume in the sedition it illegal to, a folder or other kind of holder gives you more space to great traditions showcase your experience and accomplishments, plus the extra tactile feature makes it memorable, as with this design from S1M. Reorganizing Yahoo. The vertical timeline on the outside offers an immediate visual representation of the candidates career history.

This traditional black, white, and great, gray design by Brice Seraphin brightens up quite nicely with some turquoise as an accent. This can be done with any color (and you may want to tone it down depending on your industry), but vibrant hues have particular impact. Yahoo. Besides being another nice example of using an accent color, this design by Adam Rozmus keeps things clean and simple, showing that resumes dont have to great be fancy to make a good impression. If competition is stiff, try standing out with a resume package that gives you some space to demonstrate your abilities, develop a personal brand, and include more information than the limited area of between a one-page resume allows for. Here, Sabrae Precure uses a distinct color scheme and great, custom illustrations to stand out Yahoo Essay, from the crowd. This resume by great, Gabriel Valdivia combines a traditional format (the typical positions, dates, and short descriptions) with pictorial elements that provide a more personal touch. As if to say that a normal paper resume just wont cut it, Alison Root got clever with her resume presentation, which demonstrates that she thinks outside the box. This sample resume from Rahul Chakraborty features bold typography and bright colors for chandler, a high-impact look that will make people take notice. There may be times when its ok to let your sense of traditions humor shine through in your resume; it makes you more relatable, more likable. For instance, check out the work cited free, pronunciation guide Nick Iannuccilli provided for his difficult last name. Using a border is great traditions a good way to add a little bit of color to your resume, as Evelien Callens has done here, without worrying about looking unprofessional.

Stylistically, this design is a good compromise between customary and more creative resumes. The two-color, mostly traditional layout uses graphic elements sparingly but purposefully. Reorganizing Essay. As a nice touch, Dan Hernandez has branded his cover letter with the same style, which is a smart idea if your job application involves submitting multiple documents. Traditions. Sometimes you have to do what you can to get noticed. For an illustrator like Lucia Paul, hand-drawing her resume is both appropriate for her industry and on History of Public Insurance, gives her a standout way to display her skills. Big, bold typography, a high-contrast color scheme, and a well-organized presentation all combine to make sure Joao Andrades resume gets looked at. No long-winded explanations of job roles here.

Just the essentials enough to get someone interested in traditions, wanting to know more about chandler strategy and structure, Gianina Santiago and her background. Clean, sans-serif fonts, relatively little text, and lots of white space give Maxat Malbekovs resume a sleek look thats easy to achieve if you condense your resume down to great only the most relevant information. If you have a lot of information you need to chandler strategy and structure fit on traditions, one page, take a tip from this design by Halle Rasco and use easy-to-read fonts and chandler strategy and structure, clear headings for each section. Need to keep your resume fairly conservative? A two-column layout with a businesslike blue-gray accent color gives this otherwise traditional resume from great traditions, ResumeBaker some extra interest. Syril Bobadillas illustrations are whimsical and kid-friendly, and her resume reflects that style. Notice how she also created matching business cards for a cohesive personal brand. Even if your industry doesnt allow as much creative expression as someone in and offshoring, the arts, you can express your personality in more subtle ways, like through font choices or an accent color.

Resumes dont always have to read from great, left to right, top to bottom. You can play with the layout of your resume to make the the glass, best and most visually interesting use of the traditions, space you have available, like Milena Filipova has done here. You can use a grid structure to organize your resume and make it easier to navigate, similarly to how Orlando Silva designed this template. Menagerie Pdf. If applicable, you might also try including some pieces from your portfolio right on the resume (so your abilities are on display at first glance). As you can see from the examples above, there are many approaches you can take to designing your resume. But no matter what style or format you choose, there are a few things you want to make sure to get right: Readable text Industry-appropriate style (if unsure, play it safe with a conservative design.) Updated and great, accurate information No spelling/grammar errors. Work Cited Free. Now it#8217;s your turn. Put these skills into action! Bring great design to your entire workplace. Great Traditions. Janie is Essay a freelance writer and traditions, graphic designer and the owner of Design Artistree Creative Studio.

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competence essay Berkshire's Corporate Performance vs. the SP 500. Annual Percentage Change. Average Annual Gain ? 1965-2001. Overall Gain ? 1964-2001. Notes: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended 12/31.

Starting in 1979, accounting rules required insurance companies to value the equity securities they hold at market rather than at the lower of cost or market, which was previously the requirement. In this table, Berkshire's results through 1978 have been restated to conform to the changed rules. In all other respects, the results are calculated using the traditions, numbers originally reported. The SP 500 numbers are pre-tax whereas the Berkshire numbers are after-tax . If a corporation such as Berkshire were simply to have owned the SP 500 and accrued the difference outsourcing and offshoring, appropriate taxes, its results would have lagged the great traditions, SP 500 in years when that index showed a positive return, but would have exceeded the SP in years when the index showed a negative return. Over the on History Medical Insurance Care, years, the tax costs would have caused the aggregate lag to be substantial. BERKSHIRE HATHAWAY INC. To the Shareholders of great Berkshire Hathaway Inc.: Berkshires loss in net worth during 2001 was $3.77 billion, which decreased the per-share book value of both our Class A and Class B stock by act made it illegal 6.2%.

Over the last 37 years (that is, since present management took over) per-share book value has grown from traditions $19 to $37,920, a rate of work cited free 22.6% compounded annually.* * All figures used in this report apply to Berkshire's A shares, the great traditions, successor to the only stock that the company had outstanding before 1996. The B shares have an economic interest equal to 1/30th that of the outsourcing, A. Per-share intrinsic grew somewhat faster than book value during these 37 years, and in 2001 it probably decreased a bit less. Traditions. We explain intrinsic value in our Owners Manual, which begins on page 62. I urge new shareholders to of Public Insurance Care in Canada, read this manual to become familiar with Berkshires key economic principles.

Two years ago, reporting on 1999, I said that we had experienced both the worst absolute and relative performance in our history. I added that relative results are what concern us, a viewpoint Ive had since forming my first investment partnership on May 5, 1956. Meeting with my seven founding limited partners that evening, I gave them a short paper titled The Ground Rules that included this sentence: Whether we do a good job or a poor job is to be measured against the general experience in securities. We initially used the traditions, Dow Jones Industrials as our benchmark, but shifted to the SP 500 when that index became widely used. Outsourcing. Our comparative record since 1965 is chronicled on great traditions the facing page; last year Berkshires advantage was 5.7 percentage points.

Some people disagree with our focus on strategy relative figures, arguing that you cant eat relative performance. But if you expect ? as Charlie Munger, Berkshires Vice Chairman, and I do ? that owning the SP 500 will produce reasonably satisfactory results over great time, it follows that, for chandler long-term investors, gaining small advantages annually over that index must prove rewarding. Just as you can eat well throughout the year if you own a profitable, but highly seasonal, business such as Sees (which loses considerable money during the summer months) so, too, can you regularly feast on investment returns that beat the averages, however variable the great, absolute numbers may be. Though our corporate performance last year was satisfactory, my performance was anything but. I manage most of Berkshires equity portfolio, and my results were poor, just as they have been for several years. Of even more importance, I allowed General Re to take on strategy business without a safeguard I knew was important, and on September 11 th , this error caught up with us. Ill tell you more about my mistake later and what we are doing to correct it. Another of my 1956 Ground Rules remains applicable: I cannot promise results to partners. Great Traditions. But Charlie and I can promise that your economic result from Berkshire will parallel ours during the period of your ownership: We will not take cash compensation, restricted stock or option grants that would make our results superior to yours.

Additionally, I will keep well over 99% of my net worth in Berkshire. The Glass Pdf. My wife and great traditions, I have never sold a share nor do we intend to. Work Cited Free. Charlie and I are disgusted by the situation, so common in the last few years, in which shareholders have suffered billions in losses while the CEOs, promoters, and great traditions, other higher-ups who fathered these disasters have walked away with extraordinary wealth. Indeed, many of work cited free these people were urging investors to buy shares while concurrently dumping their own, sometimes using methods that hid their actions. To their shame, these business leaders view shareholders as patsies, not partners. Though Enron has become the traditions, symbol for shareholder abuse, there is no shortage of egregious conduct elsewhere in corporate America. One story Ive heard illustrates the all-too-common attitude of managers toward owners: A gorgeous woman slinks up to a CEO at a party and through moist lips purrs, Ill do anything ? anything ? you want.

Just tell me what you would like. With no hesitation, he replies, Reprice my options. One final thought about Berkshire: In the future we wont come close to replicating our past record. To be sure, Charlie and I will strive for above-average performance and Medical in Canada, will not be satisfied with less. But two conditions at Berkshire are far different from what they once were: Then, we could often buy businesses and traditions, securities at work cited free, much lower valuations than now prevail; and more important, we were then working with far less money than we now have. Some years back, a good $10 million idea could do wonders for us (witness our investment in Washington Post in 1973 or GEICO in 1976). Great Traditions. Today, the combination of pdf ten such ideas and a triple in the value of each would increase the great, net worth of and offshoring Berkshire by great only of 1%. We need elephants to make significant gains now ? and they are hard to find.

On the Yahoo, positive side, we have as fine an array of great traditions operating managers as exists at any company. (You can read about the glass menagerie, many of great traditions them in the sedition act made to a new book by Robert P. Miles: The Warren Buffett CEO .) In large part, moreover, they are running businesses with economic characteristics ranging from good to superb. The ability, energy and loyalty of these managers is great traditions, simply extraordinary. We now have completed 37 Berkshire years without having a CEO of an operating business elect to the sedition to, leave us to work elsewhere. Our star-studded group grew in 2001. First, we completed the purchases of two businesses that we had agreed to buy in 2000 ? Shaw and Johns Manville. Then we acquired two others, MiTek and XTRA, and contracted to buy two more: Larson-Juhl, an great traditions acquisition that has just closed, and Fruit of the Loom, which will close shortly if creditors approve our offer. All of the sedition act made to these businesses are led by smart, seasoned and trustworthy CEOs. Additionally, all of our purchases last year were for cash, which means our shareholders became owners of great these additional businesses without relinquishing any interest in the fine companies they already owned. On History Care In Canada. We will continue to follow our familiar formula, striving to increase the value of the excellent businesses we have, adding new businesses of similar quality, and issuing shares only grudgingly. Acquisitions of great 2001. A few days before last years annual meeting, I received a heavy package from St.

Louis, containing an unprepossessing chunk of metal whose function I couldnt imagine. Difference Outsourcing And Offshoring. There was a letter in great the package, though, from Gene Toombs, CEO of a company called MiTek. He explained that MiTek is the worlds leading producer of this thing Id received, a connector plate, which is used in and structure making roofing trusses. Gene also said that the U.K. parent of MiTek wished to sell the company and that Berkshire seemed to him the ideal buyer. Liking the sound of his letter, I gave Gene a call. Traditions. It took me only a minute to realize that he was our kind of manager and MiTek our kind of the glass pdf business. We made a cash offer to the U.K. owner and before long had a deal. Genes managerial crew is exceptionally enthusiastic about the company and wanted to participate in the purchase. Therefore, we arranged for 55 members of the great traditions, MiTek team to buy 10% of the company, with each putting up a minimum of $100,000 in cash. Many borrowed money so they could participate.

As they would not be if they had options, all of these managers are true owners . They face the Reorganizing Essay, downside of great traditions decisions as well as the upside. They incur a cost of capital. Work Cited Free. And they cant reprice their stakes: What they paid is what they live with. Charlie and I love the high-grade, truly entrepreneurial attitude that exists at great, MiTek, and we predict it will be a winner for all involved. In early 2000, my friend, Julian Robertson, announced that he would terminate his investment partnership, Tiger Fund, and that he would liquidate it entirely except for four large holdings. And Structure. One of these was XTRA, a leading lessor of truck trailers.

I then called Julian, asking whether he might consider selling his XTRA block or whether, for that matter, the companys management might entertain an offer for the entire company. Julian referred me to Lew Rubin, XTRAs CEO. He and I had a nice conversation, but it was apparent that no deal was to be done. Then in great June 2001, Julian called to say that he had decided to menagerie pdf, sell his XTRA shares, and I resumed conversations with Lew. The XTRA board accepted a proposal we made, which was to be effectuated through a tender offer expiring on September 11 th . Traditions. The tender conditions included the usual out, allowing us to withdraw if the stock market were to close before the offers expiration. Throughout much of the 11 th , Lew went through a particularly wrenching experience: First, he had a son-in-law working in the World Trade Center who couldnt be located; and second, he knew we had the option of backing away from our purchase. The Glass Pdf. The story ended happily: Lews son-in-law escaped serious harm, and Berkshire completed the transaction. Trailer leasing is a cyclical business but one in great traditions which we should earn decent returns over time. Lew brings a new talent to Berkshire, and we hope to expand in leasing. On December 3 rd , I received a call from Craig Ponzio, owner of Larson-Juhl, the U.S. leader in custom-made picture frames. Craig had bought the company in 1981 (after first working at its manufacturing plant while attending college) and thereafter increased its sales from $3 million to $300 million.

Though I had never heard of act made it illegal to Larson-Juhl before Craigs call, a few minutes talk with him made me think we would strike a deal. He was straightforward in describing the great traditions, business, cared about who bought it, and was realistic as to to, price. Two days later, Craig and Steve McKenzie, his CEO, came to Omaha and in ninety minutes we reached an agreement. In ten days we had signed a contract. Larson-Juhl serves about 18,000 framing shops in the U.S. and is also the traditions, industry leader in Canada and much of and structure Europe. Traditions. We expect to see opportunities for making complementary acquisitions in the future. As I write this letter, creditors are considering an offer we have made for Fruit of the Loom. The company entered bankruptcy a few years back, a victim both of menagerie pdf too much debt and great, poor management. And, a good many years before that, I had some Fruit of the Yahoo, Loom experience of great traditions my own. In August 1955, I was one of five employees, including two secretaries, working for the three managers of Graham-Newman Corporation, a New York investment company. And Offshoring. Graham-Newman controlled Philadelphia and Reading Coal and Iron (PR), an traditions anthracite producer that had excess cash, a tax loss carryforward, and a declining business.

At the time, I had a significant portion of my limited net worth invested in PR shares, reflecting my faith in the business talents of my bosses, Ben Graham, Jerry Newman and Howard (Micky) Newman. This faith was rewarded when PR purchased the Union Underwear Company from Jack Goldfarb for $15 million. Union (though it was then only a licensee of the name) produced Fruit of the Loom underwear. The company possessed $5 million in cash ? $2.5 million of which PR used for Yahoo Essay the purchase ? and was earning about $3 million pre-tax, earnings that could be sheltered by the tax position of PR. And, oh yes: Fully $9 million of the remaining $12.5 million due was satisfied by non-interest-bearing notes, payable from 50% of traditions any earnings Union had in excess of $1 million. ( Those were the days; I get goosebumps just thinking about such deals.) Subsequently, Union bought the the glass, licensor of the Fruit of the Loom name and, along with PR, was merged into Northwest Industries. Fruit went on to achieve annual pre-tax earnings exceeding $200 million. John Holland was responsible for Fruits operations in its most bountiful years. Great Traditions. In 1996, however, John retired, and management loaded the company with debt, in part to make a series of acquisitions that proved disappointing. Reorganizing. Bankruptcy followed.

John was then rehired, and he undertook a major reworking of operations. Before Johns return, deliveries were chaotic, costs soared and great, relations with key customers deteriorated. While correcting these problems, John also reduced employment from difference outsourcing and offshoring a bloated 40,000 to 23,000. In short, hes been restoring the old Fruit of the great, Loom, albeit in a much more competitive environment. Stepping into Fruits bankruptcy proceedings, we made a proposal to creditors to which we attached no financing conditions, even though our offer had to remain outstanding for many months. We did, however, insist on a very unusual proviso: John had to be available to continue serving as CEO after we took over. Essay On History Medical Care In Canada. To us, John and the brand are Fruits key assets. I was helped in this transaction by my friend and former boss, Micky Newman, now 81.

What goes around truly does come around. Our operating companies made several bolt-on acquisitions during the traditions, year, and I cant resist telling you about one. In December, Frank Rooney called to tell me H.H. The Sedition To. Brown was buying the great traditions, inventory and trademarks of Acme Boot for outsourcing $700,000. That sounds like small potatoes. But ? would you believe it? ? Acme was the second purchase of PR, an acquisition that took place just before I left Graham-Newman in the spring of 1956. The price was $3.2 million, part of it again paid with non-interest bearing notes, for a business with sales of traditions $7 million. After PR merged with Northwest, Acme grew to be the worlds largest bootmaker, delivering annual profits many multiples of what the company had cost PR. But the business eventually hit the skids and never recovered, and that resulted in our purchasing Acmes remnants. In the frontispiece to Security Analysis , Ben Graham and Dave Dodd quoted Horace: Many shall be restored that now are fallen and many shall fall that are now in honor. Fifty-two years after I first read those lines, my appreciation for what they say about business and and structure, investments continues to great, grow.

In addition to bolt-on acquisitions, our managers continually look for ways to grow internally. Essay On History Insurance In Canada. In that regard, heres a postscript to traditions, a story I told you two years ago about R.C. Willeys move to Boise. As you may remember, Bill Child, R.C. Willeys chairman, wanted to extend his home-furnishings operation beyond Utah, a state in which his company does more than $300 million of business (up, it should be noted, from $250,000 when Bill took over 48 years ago). The company achieved this dominant position, moreover, with a closed on Reorganizing Sunday policy that defied conventional retailing wisdom. I was skeptical that this policy could succeed in Boise or, for that matter, anyplace outside of Utah. After all, Sunday is the day many consumers most like to shop. Bill then insisted on great something extraordinary: He would invest $11 million of his own money to build the Boise store and would sell it to Berkshire at cost (without interest!) if the difference outsourcing, venture succeeded. If it failed, Bill would keep the store and eat the loss on its disposal.

As I told you in great the 1999 annual report, the store immediately became a huge success ? and it has since grown. Shortly after the Boise opening, Bill suggested we try Las Vegas, and this time I was even more skeptical. How could we do business in a metropolis of that size and be closed on Sundays, a day that all of our competitors would be exploiting? Buoyed by the Boise experience, however, we proceeded to work cited free, locate in Henderson, a mushrooming city adjacent to Las Vegas. The result: This store outsells all others in the R.C. Willey chain, doing a volume of great business that far exceeds the strategy, volume of great any competitor and that is twice what I had anticipated. I cut the ribbon at the grand opening in October ? this was after a soft opening and a few weeks of exceptional sales ? and, just as I did at Boise, I suggested to work cited free, the crowd that the new store was my idea.

It didnt work. Today, when I pontificate about retailing, Berkshire people just say, What does Bill think? (Im going to draw the line, however, if he suggests that we also close on Saturdays.) The Economics of Property/Casualty Insurance. Our main business ? though we have others of great importance ? is insurance. To understand Berkshire, therefore, it is necessary that you understand how to evaluate an insurance company. The key determinants are: (1) the great traditions, amount of the glass menagerie float that the business generates; (2) its cost; and (3) most critical of all, the traditions, long-term outlook for both of these factors. To begin with, float is money we hold but don't own. In an insurance operation, float arises because premiums are received before losses are paid, an interval that sometimes extends over many years. During that time, the insurer invests the Essay on History Medical Care, money.

This pleasant activity typically carries with it a downside: The premiums that an insurer takes in usually do not cover the traditions, losses and expenses it eventually must pay. Reorganizing Yahoo Essay. That leaves it running an great traditions underwriting loss, which is the cost of float. An insurance business has value if its cost of float over time is less than the cost the company would otherwise incur to obtain funds. Care In Canada. But the business is great traditions, a lemon if its cost of float is higher than market rates for money. Historically, Berkshire has obtained its float at a very low cost. Indeed, our cost has been less than zero in about half of the years in the glass menagerie which we've operated; that is, we've actually been paid for holding other people's money. Traditions. Over the last few years, however, our cost has been too high, and in 2001 it was terrible. The table that follows shows (at intervals) the float generated by the various segments of Berkshire's insurance operations since we entered the work cited free, business 35 years ago upon acquiring National Indemnity Company (whose traditional lines are included in the segment Other Primary).

For the table we have calculated our float ? which we generate in traditions large amounts relative to our premium volume ? by adding net loss reserves, loss adjustment reserves, funds held under reinsurance assumed and unearned premium reserves, and then subtracting insurance-related receivables, prepaid acquisition costs, prepaid taxes and deferred charges applicable to assumed reinsurance. Essay Of Public Care In Canada. (Got that?) Yearend Float (in $ millions) Last year I told you that, barring a mega-catastrophe, our cost of great traditions float would probably drop from its 2000 level of menagerie pdf 6%. I had in mind natural catastrophes when I said that, but instead we were hit by great a man-made catastrophe on September 11 th ? an event that delivered the insurance industry its largest loss in on History history. Our float cost therefore came in at a staggering 12.8%. It was our worst year in float cost since 1984, and a result that to a significant degree, as I will explain in the next section, we brought upon ourselves. If no mega-catastrophe occurs, I ? once again ? expect the cost of our float to be low in the coming year. We will indeed need a low cost, as will all insurers. Some years back, float costing, say, 4% was tolerable because government bonds yielded twice as much, and traditions, stocks prospectively offered still loftier returns.

Today, fat returns are nowhere to be found (at least we can't find them) and difference between and offshoring, short-term funds earn less than 2%. Under these conditions, each of our insurance operations, save one, must deliver an underwriting profit if it is to great, be judged a good business. The exception is our retroactive reinsurance operation (a business we explained in last year's annual report), which has desirable economics even though it currently hits us with an annual underwriting loss of about $425 million. Principles of Insurance Underwriting. When property/casualty companies are judged by their cost of work cited free float, very few stack up as satisfactory businesses. Great Traditions. And interestingly ? unlike the situation prevailing in many other industries ? neither size nor brand name determines an insurer's profitability.

Indeed, many of the to, biggest and best-known companies regularly deliver mediocre results. What counts in great traditions this business is underwriting discipline. Act Made. The winners are those that unfailingly stick to three key principles: They accept only those risks that they are able to properly evaluate (staying within their circle of competence) and that, after they have evaluated all relevant factors including remote loss scenarios, carry the expectancy of profit. These insurers ignore market-share considerations and are sanguine about losing business to competitors that are offering foolish prices or policy conditions. They limit the business they accept in a manner that guarantees they will suffer no aggregation of losses from a single event or from related events that will threaten their solvency. They ceaselessly search for possible correlation among seemingly-unrelated risks.

They avoid business involving moral risk: No matter what the rate, trying to write good contracts with bad people doesn't work. Great. While most policyholders and clients are honorable and the sedition act made to, ethical, doing business with the few exceptions is usually expensive, sometimes extraordinarily so. In pricing property coverages, for example, we had looked to the past and taken into account only great traditions, costs we might expect to incur from the sedition act made windstorm, fire, explosion and earthquake. But what will be the largest insured property loss in history (after adding related business-interruption claims) originated from none of these forces. In short, all of great traditions us in the industry made a fundamental underwriting mistake by focusing on experience, rather than exposure, thereby assuming a huge terrorism risk for which we received no premium. Experience, of course, is a highly useful starting point in underwriting most coverages. For example, it's important for insurers writing California earthquake policies to know how many quakes in the state during the past century have registered 6.0 or greater on the Richter scale. This information will not tell you the exact probability of a big quake next year, or where in work cited free the state it might happen. But the statistic has utility, particularly if you are writing a huge statewide policy, as National Indemnity has done in recent years. At certain times, however, using experience as a guide to pricing is not only useless, but actually dangerous. Traditions. Late in a bull market, for Essay of Public Medical Insurance Care example, large losses from directors and officers liability insurance (DO) are likely to great, be relatively rare.

When stocks are rising, there are a scarcity of targets to menagerie pdf, sue, and both questionable accounting and management chicanery often go undetected. At that juncture, experience on high-limit DO may look great. But that's just when exposure is likely to be exploding, by way of ridiculous public offerings, earnings manipulation, chain-letter-like stock promotions and a potpourri of other unsavory activities. When stocks fall, these sins surface, hammering investors with losses that can run into great traditions, the hundreds of billions. Juries deciding whether those losses should be borne by small investors or big insurance companies can be expected to chandler strategy, hit insurers with verdicts that bear little relation to those delivered in bull-market days. Even one jumbo judgment, moreover, can cause settlement costs in later cases to traditions, mushroom. Consequently, the correct rate for DO excess (meaning the chandler strategy and structure, insurer or reinsurer will pay losses above a high threshold) might well, if based on exposure , be five or more times the premium dictated by experience . Insurers have always found it costly to ignore new exposures. Doing that in the case of great terrorism, however, could literally bankrupt the industry. No one knows the probability of a nuclear detonation in work cited free a major metropolis this year (or even multiple detonations, given that a terrorist organization able to great, construct one bomb might not stop there).

Nor can anyone, with assurance, assess the probability in this year, or another, of deadly biological or chemical agents being introduced simultaneously (say, through ventilation systems) into multiple office buildings and manufacturing plants. An attack like that would produce astronomical workers' compensation claims. Here's what we do know: The probability of such mind-boggling disasters, though likely very low at present, is not zero. The probabilities are increasing, in an irregular and immeasurable manner, as knowledge and act made to, materials become available to those who wish us ill. Traditions. Fear may recede with time, but the danger won't ? the war against terrorism can never be won. The best the nation can achieve is a long succession of stalemates. There can be no checkmate against hydra-headed foes.

Until now, insurers and reinsurers have blithely assumed the financial consequences from the incalculable risks I have described. Under a close-to-worst-case scenario, which could conceivably involve $1 trillion of damage, the insurance industry would be destroyed unless it manages in some manner to dramatically limit its assumption of terrorism risks. The Sedition Act Made It Illegal To. Only the U.S. Government has the resources to absorb such a blow. Traditions. If it is unwilling to do so on a prospective basis, the general citizenry must bear its own risks and count on the Government to come to its rescue after a disaster occurs. Why, you might ask, didn't I recognize the chandler strategy, above facts before September 11 th ? The answer, sadly, is that I did ? but I didn't convert thought into action. I violated the Noah rule: Predicting rain doesn't count; building arks does. Great. I consequently let Berkshire operate with a dangerous level of risk ? at General Re in particular. I'm sorry to say that much risk for which we haven't been compensated remains on our books, but it is running off by the day.

At Berkshire, it should be noted, we have for some years been willing to assume more risk than any other insurer has knowingly taken on. That's still the case. We are perfectly willing to lose $2 billion to $2 billion in a single event (as we did on work cited free September 11 th ) if we have been paid properly for assuming the risk that caused the loss (which on great traditions that occasion we weren't). Indeed, we have a major competitive advantage because of the sedition our tolerance for great traditions huge losses. Berkshire has massive liquid resources, substantial non-insurance earnings, a favorable tax position and a knowledgeable shareholder constituency willing to accept volatility in earnings. This unique combination enables us to assume risks that far exceed the appetite of even our largest competitors. Over time, insuring these jumbo risks should be profitable, though periodically they will bring on the glass menagerie pdf a terrible year.

The bottom-line today is that we will write some coverage for terrorist-related losses, including a few non-correlated policies with very large limits. But we will not knowingly expose Berkshire to losses beyond what we can comfortably handle. Traditions. We will control our total exposure, no matter what the competition does. Insurance Operations in 2001. Over the years, our insurance business has provided ever-growing, low-cost funds that have fueled much of Berkshire's growth. Charlie and I believe this will continue to be the case. Essay On History Medical Insurance In Canada. But we stumbled in a big way in 2001, largely because of underwriting losses at General Re. In the past I have assured you that General Re was underwriting with discipline ? and I have been proven wrong.

Though its managers' intentions were good, the great, company broke each of the three underwriting rules I set forth in the last section and has paid a huge price for doing so. One obvious cause for its failure is on History Medical Care, that it did not reserve correctly ? more about this in the next section ? and therefore severely miscalculated the cost of the traditions, product it was selling. Not knowing your costs will cause problems in any business. Work Cited Free. In long-tail reinsurance, where years of unawareness will promote and prolong severe underpricing, ignorance of true costs is dynamite. Additionally, General Re was overly-competitive in going after, and retaining, business. While all concerned may intend to underwrite with care, it is nonetheless difficult for able, hard-driving professionals to traditions, curb their urge to prevail over competitors. If winning, however, is equated with market share rather than profits, trouble awaits. On History Medical In Canada. No must be an important part of any underwriter's vocabulary.

At the great, risk of sounding Pollyannaish, I now assure you that underwriting discipline is being restored at General Re (and its Cologne Re subsidiary) with appropriate urgency. Joe Brandon was appointed General Re's CEO in September and, along with Tad Montross, its new president, is work cited free, committed to producing underwriting profits. Great. Last fall, Charlie and I read Jack Welch's terrific book, Jack, Straight from the Gut (get a copy!). In discussing it, we agreed that Joe has many of Jack's characteristics: He is smart, energetic, hands-on, and expects much of both himself and his organization. When it was an independent company, General Re often shone, and now it also has the considerable strengths Berkshire brings to Essay on History, the table. With that added advantage and with underwriting discipline restored, General Re should be a huge asset for Berkshire. I predict that Joe and traditions, Tad will make it so. At the National Indemnity reinsurance operation, Ajit Jain continues to add enormous value to Berkshire. Working with only work cited free, 18 associates, Ajit manages one of the world's largest reinsurance operations measured by assets, and the largest, based upon the size of individual risks assumed. I have known the great traditions, details of work cited free almost every policy that Ajit has written since he came with us in 1986, and great, never on even a single occasion have I seen him break any of our three underwriting rules.

His extraordinary discipline, of course, does not eliminate losses; it does, however, prevent foolish losses. And that's the difference outsourcing and offshoring, key: Just as is the case in investing, insurers produce outstanding long-term results primarily by avoiding dumb decisions, rather than by making brilliant ones. Since September 11 th , Ajit has been particularly busy. Among the great traditions, policies we have written and retained entirely for our own account are (1) $578 million of work cited free property coverage for traditions a South American refinery once a loss there exceeds $1 billion; (2) $1 billion of non-cancelable third-party liability coverage for losses arising from acts of terrorism at several large international airlines; (3) 500 million of the sedition act made it illegal to property coverage on traditions a large North Sea oil platform, covering losses from terrorism and sabotage, above 600 million that the insured retained or reinsured elsewhere; and (4) significant coverage on the Sears Tower, including losses caused by terrorism, above a $500 million threshold. We have written many other jumbo risks as well, such as protection for the World Cup Soccer Tournament and the 2002 Winter Olympics. Menagerie Pdf. In all cases, however, we have attempted to avoid writing groups of policies from great which losses might seriously aggregate. Reorganizing. We will not, for example, write coverages on a large number of office and traditions, apartment towers in a single metropolis without excluding losses from both a nuclear explosion and Essay on History Medical Insurance Care in Canada, the fires that would follow it. No one can match the speed with which Ajit can offer huge policies. Great Traditions. After September 11 th , his quickness to between and offshoring, respond, always important, has become a major competitive advantage. So, too, has our unsurpassed financial strength. Some reinsurers ? particularly those who, in turn, are accustomed to laying off much of great their business on a second layer of reinsurers known as retrocessionaires ? are in a weakened condition and Insurance Care in Canada, would have difficulty surviving a second mega-cat.

When a daisy chain of retrocessionaires exists, a single weak link can pose trouble for all. In assessing the soundness of their reinsurance protection, insurers must therefore apply a stress test to all participants in traditions the chain, and must contemplate a catastrophe loss occurring during a very unfavorable economic environment. After all, you only find out who is swimming naked when the tide goes out. At Berkshire, we retain our risks and chandler and structure, depend on no one. And whatever the great, world's problems, our checks will clear. Ajit's business will ebb and flow ? but his underwriting principles won't waver.

It's impossible to overstate his value to Berkshire. GEICO, by menagerie far our largest primary insurer, made major progress in 2001, thanks to great traditions, Tony Nicely, its CEO, and his associates. Quite simply, Tony is an owner's dream. GEICO's premium volume grew 6.6% last year, its float grew $308 million, and and structure, it achieved an underwriting profit of great traditions $221 million. This means we were actually paid that amount last year to hold the $4.25 billion in and structure float, which of great traditions course doesn't belong to Berkshire but can be used by us for investment. The only disappointment at work cited free, GEICO in great traditions 2001 ? and it's an the glass pdf important one ? was our inability to great, add policyholders. Our preferred customers (81% of our total) grew by chandler strategy and structure 1.6% but our standard and non-standard policies fell by 10.1%. Overall, policies in great traditions force fell .8%. New business has improved in recent months. Our closure rate from Essay on History of Public Medical Insurance Care in Canada telephone inquiries has climbed, and our Internet business continues its steady growth. We, therefore, expect at least a modest gain in policy count during 2002.

Tony and I are eager to commit much more to marketing than the $219 million we spent last year, but at the moment we cannot see how to do so effectively. Great. In the meantime, our operating costs are low and far below those of our major competitors; our prices are attractive; and our float is cost-free and chandler strategy, growing. Our other primary insurers delivered their usual fine results last year. These operations, run by Rod Eldred, John Kizer, Tom Nerney, Michael Stearns, Don Towle and great, Don Wurster had combined premium volume of $579 million, up 40% over chandler strategy 2000. Great Traditions. Their float increased 14.5% to $685 million, and they recorded an between underwriting profit of $30 million.

In aggregate, these companies are one of the finest insurance operations in the country, and their 2002 prospects look excellent. Loss Development and traditions, Insurance Accounting. Bad terminology is the chandler and structure, enemy of good thinking. Great Traditions. When companies or investment professionals use terms such as EBITDA and pro act made it illegal to, forma, they want you to unthinkingly accept concepts that are dangerously flawed. Traditions. (In golf, my score is frequently below par on a pro forma basis: I have firm plans to restructure my putting stroke and therefore only count the swings I take before reaching the green.) In insurance reporting, loss development is a widely used term ? and one that is seriously misleading. And Offshoring. First, a definition: Loss reserves at an insurer are not funds tucked away for a rainy day, but rather a liability account. Great Traditions. If properly calculated, the work cited free, liability states the amount that an insurer will have to pay for all losses (including associated costs) that have occurred prior to the reporting date but have not yet been paid. When calculating the reserve, the insurer will have been notified of many of the losses it is destined to pay, but others will not yet have been reported to traditions, it. These losses are called IBNR, for incurred but not reported. Indeed, in some cases (involving, say, product liability or embezzlement) the insured itself will not yet be aware that a loss has occurred.

It's clearly difficult for an insurer to Medical in Canada, put a figure on the ultimate cost of all such reported and unreported events. But the ability to do so with reasonable accuracy is vital. Otherwise the insurer's managers won't know what its actual loss costs are and traditions, how these compare to the premiums being charged. GEICO got into huge trouble in the early 1970s because for several years it severely underreserved, and therefore believed its product (insurance protection) was costing considerably less than was truly the work cited free, case. Consequently, the company sailed blissfully along, underpricing its product and selling more and more policies at ever-larger losses. When it becomes evident that reserves at past reporting dates understated the traditions, liability that truly existed at the time, companies speak of loss development. In the year discovered, these shortfalls penalize reported earnings because the catch-up costs from Essay on History of Public in Canada prior years must be added to traditions, current-year costs when results are calculated. Reorganizing Yahoo Essay. This is what happened at General Re in 2001: a staggering $800 million of loss costs that actually occurred in great traditions earlier years, but that were not then recorded, were belatedly recognized last year and charged against current earnings. Reorganizing. The mistake was an honest one, I can assure you of great that. Nevertheless, for several years, this underreserving caused us to believe that our costs were much lower than they truly were, an error that contributed to woefully inadequate pricing.

Additionally, the overstated profit figures led us to Reorganizing Yahoo, pay substantial incentive compensation that we should not have and to incur income taxes far earlier than was necessary. We recommend scrapping the term loss development and its equally ugly twin, reserve strengthening. (Can you imagine an insurer, upon finding its reserves excessive, describing the reduction that follows as reserve weakening?) Loss development suggests to investors that some natural, uncontrollable event has occurred in the current year, and reserve strengthening implies that adequate amounts have been further buttressed. The truth, however, is that management made an error in estimation that in traditions turn produced an Yahoo error in the earnings previously reported. Traditions. The losses didn't develop ? they were there all along. What developed was management's understanding of the losses (or, in the instances of chicanery, management's willingness to work cited free, finally fess up). A more forthright label for the phenomenon at issue would be loss costs we failed to recognize when they occurred (or maybe just oops). Underreserving, it should be noted, is a common ? and serious ? problem throughout the property/casualty insurance industry. At Berkshire we told you of our own problems with underestimation in 1984 and 1986. Generally, however, our reserving has been conservative.

Major underreserving is common in cases of companies struggling for survival. In effect, insurance accounting is great, a self-graded exam, in that the insurer gives some figures to its auditing firm and generally doesn't get an argument. Of Public Medical Care. (What the great, auditor gets, however, is a letter from management that is designed to take his firm off the hook if the numbers later look silly.) A company experiencing financial difficulties ? of a kind that, if truly faced, could put it out of business ? seldom proves to be a tough grader. Who, after all, wants to prepare his own execution papers? Even when companies have the Yahoo Essay, best of intentions, it's not easy to reserve properly. I've told the story in the past about the great traditions, fellow traveling abroad whose sister called to tell him that their dad had died. The brother replied that it was impossible for him to get home for the funeral; he volunteered, however, to shoulder its cost. Upon returning, the brother received a bill from the mortuary for $4,500, which he promptly paid.

A month later, and a month after that also, he paid $10 pursuant to chandler strategy, an add-on invoice. Great. When a third $10 invoice came, he called his sister for an explanation. Oh, she replied, I forgot to tell you. We buried dad in a rented suit. There are a lot of rented suits buried in the past operations of insurance companies. Sometimes the Reorganizing Essay, problems they signify lie dormant for decades, as was the case with asbestos liability, before virulently manifesting themselves. Great Traditions. Difficult as the job may be, it's management's responsibility to adequately account for all possibilities. Conservatism is strategy and structure, essential. When a claims manager walks into the CEO's office and great, says Guess what just happened, his boss, if a veteran, does not expect to hear it's good news.

Surprises in the insurance world have been far from symmetrical in their effect on earnings. Because of Yahoo Essay this one-sided experience, it is folly to suggest, as some are doing, that all property/casualty insurance reserves be discounted , an approach reflecting the fact that they will be paid in great traditions the future and that therefore their present value is Reorganizing Yahoo Essay, less than the great, stated liability for them. Discounting might be acceptable if reserves could be precisely established. They can't, however, because a myriad of forces ? judicial broadening of policy language and medical inflation, to name just two chronic problems ? are constantly working to make reserves inadequate. Discounting would exacerbate this already-serious situation and, additionally, would provide a new tool for the companies that are inclined to fudge. I'd say that the effects from telling a profit-challenged insurance CEO to the glass pdf, lower reserves through discounting would be comparable to those that would ensue if a father told his 16-year-old son to have a normal sex life. Neither party needs that kind of push. Sources of Reported Earnings.

The table that follows shows the main sources of Berkshire's reported earnings. Great. In this presentation, purchase-accounting adjustments (primarily relating to goodwill) are not assigned to the specific businesses to which they apply, but are instead aggregated and shown separately. This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them. Difference And Offshoring. In recent years, our expense for goodwill amortization has been large. Going forward, generally accepted accounting principles (GAAP) will no longer require amortization of great goodwill.

This change will increase our reported earnings (though not our true economic earnings) and simplify this section of the report. of Net Earnings. (after taxes and. (1) Includes Acme Brick from chandler and structure August 1, 2000; Benjamin Moore from December 18, 2000; Johns Manville from February 27, 2001; and MiTek from July 31, 2001. (2) From date of great traditions acquisition, January 8, 2001. Here are some highlights (and lowlights) from menagerie 2001 relating to our non-insurance activities:

Our shoe operations (included in traditions other businesses) lost $46.2 million pre-tax, with profits at H.H. Brown and work cited free, Justin swamped by losses at traditions, Dexter. I've made three decisions relating to between outsourcing and offshoring, Dexter that have hurt you in a major way: (1) buying it in the first place; (2) paying for it with stock and (3) procrastinating when the need for changes in great traditions its operations was obvious. I would like to lay these mistakes on difference between outsourcing Charlie (or anyone else, for traditions that matter) but they were mine. Dexter, prior to menagerie pdf, our purchase ? and indeed for a few years after ? prospered despite low-cost foreign competition that was brutal. I concluded that Dexter could continue to great, cope with that problem, and I was wrong. We have now placed the Dexter operation ? which is it illegal, still substantial in size ? under the management of Frank Rooney and Jim Issler at traditions, H.H. Brown. These men have performed outstandingly for Berkshire, skillfully contending with the extraordinary changes that have bedeviled the footwear industry.

During part of 2002, Dexter will be hurt by unprofitable sales commitments it made last year. After that, we believe our shoe business will be reasonably profitable. MidAmerican Energy, of which we own 76% on a fully-diluted basis, had a good year in of Public Insurance 2001. Its reported earnings should also increase considerably in 2002 given that the company has been shouldering a large charge for the amortization of goodwill and that this cost will disappear under the new GAAP rules. Last year MidAmerican swapped some properties in England, adding Yorkshire Electric, with its 2.1 million customers. We are now serving 3.6 million customers in the U.K. and great, are its 2 nd largest electric utility. We have an equally important operation in Iowa as well as major generating facilities in work cited free California and traditions, the Philippines. At MidAmerican ? this may surprise you ? we also own the second-largest residential real estate brokerage business in the country. Chandler And Structure. We are market-share leaders in a number of large cities, primarily in the Midwest, and have recently acquired important firms in Atlanta and great traditions, Southern California. And Structure. Last year, operating under various names that are locally familiar, we handled about great, 106,000 transactions involving properties worth nearly $20 billion. Ron Peltier has built this business for us, and it's likely he will make more acquisitions in 2002 and the years to come.

Considering the recessionary environment plaguing them, our retailing operations did well in 2001. Work Cited Free. In jewelry, same-store sales fell 7.6% and pre-tax margins were 8.9% versus 10.7% in great traditions 2000. Return on invested capital remains high. Same-store sales at work cited free, our home-furnishings retailers were unchanged and so was the margin ? 9.1% pre-tax ? these operations earned. Great Traditions. Here, too, return on invested capital is excellent. We continue to on History Insurance in Canada, expand in both jewelry and home-furnishings. Of particular note, Nebraska Furniture Mart is great, constructing a mammoth 450,000 square foot store that will serve the greater Kansas City area beginning in Essay of Public Medical Insurance in Canada the fall of 2003. Despite Bill Child's counter-successes, we will keep this store open on great Sundays. The large acquisitions we initiated in late 2000 ? Shaw, Johns Manville and Benjamin Moore ? all came through their first year with us in great fashion. Charlie and I knew at the time of our purchases that we were in good hands with Bob Shaw, Jerry Henry and the glass pdf, Yvan Dupuy, respectively ? and we admire their work even more now. Great. Together these businesses earned about work cited free, $659 million pre-tax.

Shortly after yearend we exchanged 4,740 Berkshire A shares (or their equivalent in B shares) for the 12.7% minority interest in Shaw, which means we now own 100% of the traditions, company. Shaw is our largest non-insurance operation and will play a big part in work cited free Berkshire's future. All of the traditions, income shown for Flight Services in 2001 ? and Essay, a bit more ? came from FlightSafety, our pilot-training subsidiary. Its earnings increased 2.5%, though return on invested capital fell slightly because of the $258 million investment we made last year in simulators and other fixed assets. Great. My 84-year-old friend, Al Ueltschi, continues to run FlightSafety with the same enthusiasm and competitive spirit that he has exhibited since 1951, when he invested $10,000 to start the company. If I line Al up with a bunch of 60-year-olds at the annual meeting, you will not be able to pick him out. After September 11 th , training for commercial airlines fell, and today it remains depressed. However, training for business and general aviation, our main activity, is at near-normal levels and the glass menagerie, should continue to grow. Great Traditions. In 2002, we expect to spend $162 million for 27 simulators, a sum far in excess of our annual depreciation charge of menagerie pdf $95 million. Great Traditions. Those who believe that EBITDA is in any way equivalent to true earnings are welcome to chandler strategy, pick up the tab.

Our NetJets® fractional ownership program sold a record number of planes last year and also showed a gain of 21.9% in service income from management fees and great, hourly charges. Nevertheless, it operated at a small loss, versus a small profit in 2000. We made a little money in the U.S., but these earnings were more than offset by European losses. Measured by the value of our customers' planes, NetJets accounts for about half of the industry. We believe the other participants, in aggregate, lost significant money. Maintaining a premier level of safety, security and between and offshoring, service was always expensive, and the cost of sticking to those standards was exacerbated by September 11 th . No matter how much the cost, we will continue to be the industry leader in all three respects. An uncompromising insistence on delivering only the great, best to his customers is embedded in and structure the DNA of great traditions Rich Santulli, CEO of the company and the inventor of fractional ownership. I'm delighted with his fanaticism on these matters for both the company's sake and my family's: I believe the Buffetts fly more fractional-ownership hours ? we log in excess of work cited free 800 annually ? than does any other family. In case you're wondering, we use exactly the great, same planes and crews that serve NetJet's other customers. NetJets experienced a spurt in new orders shortly after September 11 th , but its sales pace has since returned to chandler strategy and structure, normal. Per-customer usage declined somewhat during the great, year, probably because of the recession.

Both we and our customers derive significant operational benefits from our being the Yahoo, runaway leader in the fractional ownership business. Great. We have more than 300 planes constantly on the go in the U.S. and it illegal to, can therefore be wherever a customer needs us on traditions very short notice. The ubiquity of our fleet also reduces our positioning costs below those incurred by operators with smaller fleets. These advantages of scale, and others we have, give NetJets a significant economic edge over competition. Under the work cited free, competitive conditions likely to prevail for great traditions a few years, however, our advantage will at the glass menagerie pdf, best produce modest profits. Our finance and financial products line of business now includes XTRA, General Re Securities (which is in a run-off mode that will continue for an extended period) and traditions, a few other relatively small operations. The bulk of the assets and liabilities in this segment, however, arise from a few fixed-income strategies, involving highly-liquid AAA securities, that I manage. This activity, which only makes sense when certain market relationships exist, has produced good returns in the past and has reasonable prospects for continuing to pdf, do so over the next year or two.

Below we present our common stock investments. Those that had a market value of more than $500 million at the end of 2001 are itemized. (dollars in millions) We made few changes in our portfolio during 2001. Great. As a group, our larger holdings have performed poorly in the last few years, some because of Yahoo disappointing operating results. Charlie and great, I still like the the glass, basic businesses of all the companies we own. But we do not believe Berkshire's equity holdings as a group are undervalued. Our restrained enthusiasm for these securities is matched by decidedly lukewarm feelings about the prospects for stocks in general over the next decade or so. I expressed my views about equity returns in a speech I gave at an Allen and Company meeting in July (which was a follow-up to a similar presentation I had made two years earlier) and an edited version of great traditions my comments appeared in a December 10 th Fortune article. I'm enclosing a copy of menagerie that article. Traditions. You can also view the Fortune version of my 1999 talk at our website . Charlie and I believe that American business will do fine over work cited free time but think that today's equity prices presage only great traditions, moderate returns for investors.

The market outperformed business for a very long period, and that phenomenon had to end. Work Cited Free. A market that no more than parallels business progress, however, is likely to leave many investors disappointed, particularly those relatively new to the game. Here's one for those who enjoy an great odd coincidence: The Great Bubble ended on March 10, 2000 (though we didn't realize that fact until some months later). On that day, the NASDAQ (recently 1,731) hit its all-time high of menagerie pdf 5,132. That same day, Berkshire shares traded at great traditions, $40,800, their lowest price since mid-1997. During 2001, we were somewhat more active than usual in junk bonds. These are not, we should emphasize, suitable investments for the general public, because too often these securities live up to their name. Reorganizing Yahoo Essay. We have never purchased a newly-issued junk bond, which is the only kind most investors are urged to buy. When losses occur in this field, furthermore, they are often disastrous: Many issues end up at a small fraction of their original offering price and some become entirely worthless. Despite these dangers, we periodically find a few ? a very few ? junk securities that are interesting to us.

And, so far, our 50-year experience in distressed debt has proven rewarding. In our 1984 annual report, we described our purchases of Washington Public Power System bonds when that issuer fell into disrepute. We've also, over the years, stepped into other apparent calamities such as Chrysler Financial, Texaco and RJR Nabisco ? all of great which returned to grace. Still, if we stay active in junk bonds, you can expect us to have losses from time to the glass menagerie, time. Occasionally, a purchase of distressed bonds leads us into something bigger. Early in great traditions the Fruit of the Loom bankruptcy, we purchased the company's public and bank debt at about 50% of Reorganizing face value. Great Traditions. This was an unusual bankruptcy in that interest payments on senior debt were continued without interruption, which meant we earned about Yahoo Essay, a 15% current return. Our holdings grew to 10% of Fruit's senior debt, which will probably end up returning us about 70% of traditions face value. Through this investment, we indirectly reduced our purchase price for the whole company by a small amount. In late 2000, we began purchasing the obligations of FINOVA Group, a troubled finance company, and that, too, led to our making a major transaction.

FINOVA then had about $11 billion of debt outstanding, of which we purchased 13% at about two-thirds of difference between and offshoring face value. Great. We expected the company to go into difference between outsourcing and offshoring, bankruptcy, but believed that liquidation of its assets would produce a payoff for creditors that would be well above our cost. As default loomed in early 2001, we joined forces with Leucadia National Corporation to present the company with a prepackaged plan for bankruptcy. The plan as subsequently modified (and I'm simplifying here) provided that creditors would be paid 70% of face value (along with full interest) and traditions, that they would receive a newly-issued 7% note for the 30% of their claims not satisfied by of Public Care cash. To fund FINOVA's 70% distribution, Leucadia and Berkshire formed a jointly-owned entity ? mellifluently christened Berkadia ? that borrowed $5.6 billion through FleetBoston and, in turn, re-lent this sum to FINOVA, concurrently obtaining a priority claim on its assets. Berkshire guaranteed 90% of the Berkadia borrowing and great, also has a secondary guarantee on the 10% for which Leucadia has primary responsibility. (Did I mention that I am simplifying?).

There is a spread of about two percentage points between what Berkadia pays on its borrowing and what it receives from the glass menagerie pdf FINOVA, with this spread flowing 90% to Berkshire and 10% to Leucadia. As I write this, each loan has been paid down to $3.9 billion. As part of the great, bankruptcy plan, which was approved on to August 10, 2001, Berkshire also agreed to offer 70% of face value for up to $500 million principal amount of the great, $3.25 billion of new 7% bonds that were issued by FINOVA. (Of these, we had already received $426.8 million in Reorganizing Yahoo Essay principal amount because of great our 13% ownership of the original debt.) Our offer, which was to work cited free, run until September 26, 2001, could be withdrawn under a variety of conditions, one of which became operative if the New York Stock Exchange closed during the offering period. When that indeed occurred in the week of September 11 th , we promptly terminated the offer. Many of FINOVA's loans involve aircraft assets whose values were significantly diminished by the events of September 11 th . Other receivables held by the company also were imperiled by the economic consequences of the attack that day.

FINOVA's prospects, therefore, are not as good as when we made our proposal to the bankruptcy court. Nevertheless we feel that overall the transaction will prove satisfactory for Berkshire. Traditions. Leucadia has day-to-day operating responsibility for FINOVA, and we have long been impressed with the business acumen and managerial talent of work cited free its key executives. It's déjà vu time again: In early 1965, when the investment partnership I ran took control of Berkshire, that company had its main banking relationships with First National Bank of Boston and a large New York City bank. Previously, I had done no business with either. Fast forward to 1969, when I wanted Berkshire to buy the Illinois National Bank and Trust of great Rockford. We needed $10 million, and I contacted both banks. There was no response from New York.

However, two representatives of the Boston bank immediately came to Omaha. They told me they would supply the money for our purchase and that we would work out the details later. For the next three decades, we borrowed almost nothing from banks. Strategy. (Debt is a four-letter word around Berkshire.) Then, in February, when we were structuring the FINOVA transaction, I again called Boston, where First National had morphed into traditions, FleetBoston. Chad Gifford, the company's president, responded just as Bill Brown and Ira Stepanian had back in 1969 ? you've got the money and we'll work out the details later. And that's just what happened. FleetBoston syndicated a loan for Essay of Public Insurance Care in Canada $6 billion (as it turned out, we didn't need $400 million of it), and it was quickly oversubscribed by 17 banks throughout the traditions, world. Sooooo . . Strategy. . if you ever need $6 billion, just give Chad a call ? assuming, that is, your credit is AAA.

One more point about our investments: The media often report that Buffett is traditions, buying this or that security, having picked up the fact from act made it illegal reports that Berkshire files. These accounts are sometimes correct, but at other times the transactions Berkshire reports are actually being made by Lou Simpson, who runs a $2 billion portfolio for GEICO that is quite independent of me. Traditions. Normally, Lou does not tell me what he is buying or selling, and I learn of his activities only menagerie, when I look at a GEICO portfolio summary that I receive a few days after the traditions, end of each month. Difference Between Outsourcing And Offshoring. Lou's thinking, of traditions course, is quite similar to mine, but we usually end up in pdf different securities. That's largely because he's working with less money and can therefore invest in smaller companies than I. Oh, yes, there's also another minor difference between us: In recent years, Lou's performance has been far better than mine. Berkshire follows a highly unusual policy in traditions respect to charitable contributions ? but it's one that Charlie and Reorganizing Yahoo Essay, I believe is both rational and great, fair to owners. First, we let our operating subsidiaries make their own charitable decisions, requesting only that the owners/managers who once ran these as independent companies make all donations to act made, their personal charities from traditions their own funds, instead of Essay on History of Public Medical in Canada using company money.

When our managers are using company funds, we trust them to make gifts in a manner that delivers commensurate tangible or intangible benefits to the operations they manage. Last year contributions from Berkshire subsidiaries totaled $19.2 million. At the parent company level, we make no contributions except those designated by shareholders. We do not match contributions made by directors or employees, nor do we give to the favorite charities of the Buffetts or the Mungers. However, prior to our purchasing them, a few of our subsidiaries had employee-match programs and we feel fine about their continuing them: It's not our style to tamper with successful business cultures. To implement our owners' charitable desires, each year we notify registered holders of A shares (A's represent 86.6% of our equity capital) of a per-share amount that they can instruct us to contribute to as many as three charities. Shareholders name the charity; Berkshire writes the check.

Any organization that qualifies under the Internal Revenue Code can be designated by shareholders. Last year Berkshire made contributions of traditions $16.7 million at the direction of 5,700 shareholders, who named 3,550 charities as recipients. The Glass Menagerie. Since we started this program, our shareholders' gifts have totaled $181 million. Most public corporations eschew gifts to great traditions, religious institutions. These, however, are favorite charities of our shareholders, who last year named 437 churches and synagogues to receive gifts. Additionally, 790 schools were recipients. A few of our larger shareholders, including Charlie and me, designate their personal foundations to get gifts, so that those entities can, in turn, disburse their funds widely. I get a few letters every week criticizing Berkshire for contributing to Planned Parenthood.

These letters are usually prompted by an organization that wishes to work cited free, see boycotts of Berkshire products. Traditions. The letters are invariably polite and strategy, sincere, but their writers are unaware of great traditions a key point: It's not Berkshire, but rather its owners who are making charitable decisions ? and these owners are about as diverse in their opinions as you can imagine. For example, they are probably on Essay Medical Care in Canada both sides of the abortion issue in traditions roughly the same proportion as the American population. We'll follow their instructions, whether they designate Planned Parenthood or Metro Right to Life, just as long as the charity possesses 501(c)(3) status. It's as if we paid a dividend, which the shareholder then donated. Chandler And Structure. Our form of great disbursement, however, is more tax-efficient. In neither the purchase of goods nor the hiring of personnel, do we ever consider the religious views, the gender, the race or the sexual orientation of the persons we are dealing with. It would not only work cited free, be wrong to traditions, do so, it would be idiotic. We need all of the strategy, talent we can find, and traditions, we have learned that able and trustworthy managers, employees and suppliers come from a very wide spectrum of humanity. To participate in our future charitable contribution programs, you must own Class A shares that are registered in the name of the actual owner, not the nominee name of a broker, bank or depository. Shares not so registered on of Public Insurance August 31, 2002 will be ineligible for traditions the 2002 program.

When you get the contributions form from us, return it promptly. Designations received after the the glass pdf, due date will not be honored. The Annual Meeting. This year's annual meeting will be on great Saturday, May 4, and we will again be at the Civic Auditorium. The doors will open at 7 a.m., the menagerie pdf, movie will begin at 8:30, and the meeting itself will commence at 9:30. There will be a short break at great traditions, noon for Essay of Public Care in Canada food. (Sandwiches can be bought at the Civic's concession stands.) Except for that interlude, Charlie and I will answer questions until 3:30. Give us your best shot. For at great traditions, least the next year, the Civic, located downtown, is the only site available to Essay of Public Medical Insurance Care in Canada, us. We must therefore hold the meeting on either Saturday or Sunday to avoid the traffic and parking nightmare sure to occur on a weekday.

Shortly, however, Omaha will have a new Convention Center with plenty of parking facilities. Assuming that we then head for the Center, I will poll shareholders to see whether you wish to great, return to the Monday meeting that was standard until 2000. We will decide that vote based on a count of shareholders, not shares. (This is not a system, however, we will ever institute to decide who should be CEO.) An attachment to the proxy material that is chandler, enclosed with this report explains how you can obtain the credential you will need for great traditions admission to the meeting and other events. As for plane, hotel and car reservations, we have again signed up American Express (800-799-6634) to give you special help. Essay On History In Canada. They do a terrific job for us each year, and I thank them for it. In our usual fashion, we will run buses from the larger hotels to traditions, the meeting. Afterwards, the buses will make trips back to the hotels and to Nebraska Furniture Mart, Borsheim's and the airport. Even so, you are likely to find a car useful. We have added so many new companies to Berkshire this year that I'm not going to on History of Public, detail all of the products that we will be selling at the meeting.

But come prepared to carry home everything from bricks to candy. Traditions. And underwear, of course. Assuming our Fruit of the Loom purchase has closed by May 4, we will be selling Fruit's latest styles, which will make you your neighborhood's fashion leader. Buy a lifetime supply. GEICO will have a booth staffed by a number of its top counselors from around the country, all of work cited free them ready to supply you with auto insurance quotes. In most cases, GEICO will be able to give you a special shareholder discount (usually 8%). This special offer is permitted by 41 of the 49 jurisdictions in great which we operate. Bring the details of your existing insurance and check out whether we can save you money. At the Omaha airport on Saturday, we will have the difference between outsourcing and offshoring, usual array of aircraft from NetJets® available for your inspection. Just ask a representative at the Civic about great, viewing any of these planes.

If you buy what we consider an appropriate number of items during the weekend, you may well need your own plane to take them home. And, if you buy a fraction of a plane, we might even throw in a three-pack of briefs or boxers. At Nebraska Furniture Mart, located on a 75-acre site on 72 nd Street between Dodge and Reorganizing Yahoo Essay, Pacific, we will again be having Berkshire Weekend pricing, which means we will be offering our shareholders a discount that is traditions, customarily given only to employees. Between. We initiated this special pricing at NFM five years ago, and sales during the Weekend grew from $5.3 million in great traditions 1997 to $11.5 million in 2001. To get the discount, you must make your purchases on Thursday, May 2 through Monday, May 6 and also present your meeting credential. The period's special pricing will even apply to the products of several prestigious manufacturers that normally have ironclad rules against discounting but that, in the spirit of work cited free our shareholder weekend, have made an exception for you. We appreciate their cooperation. NFM is open from 10 a.m. to 9 p.m. on weekdays and great traditions, 10 a.m. to 6 p.m. on Saturdays and Sundays. Borsheim's ? the largest jewelry store in the country except for Tiffany's Manhattan store ? will have two shareholder-only events. The first will be a cocktail reception from 6 p.m. to 10 p.m. on Friday, May 3. Essay Insurance. The second, the traditions, main gala, will be from the sedition act made it illegal 9 a.m. to great traditions, 5 p.m. on work cited free Sunday, May 5. Shareholder prices will be available Thursday through Monday, so if you wish to avoid the large crowds that will assemble on great Friday evening and Sunday, come at other times and identify yourself as a shareholder.

On Saturday, we will be open until 6 p.m. Borsheim's operates on a gross margin that is the sedition act made, fully twenty percentage points below that of great traditions its major rivals, so the more you buy, the more you save (or at difference outsourcing and offshoring, least that's what my wife and daughter tell me). Great Traditions. Come by and let us perform a walletectomy on you. In the mall outside of Borsheim's, we will have some of the Medical, world's top bridge experts available to great, play with our shareholders on Sunday afternoon. We expect Bob and Petra Hamman along with Sharon Osberg to chandler strategy and structure, host tables. Traditions. Patrick Wolff, twice U.S. chess champion, will also be in the mall, taking on all comers ? blindfolded! Last year, Patrick played as many as six games simultaneously ? with his blindfold securely in place ? and this year will try for seven.

Finally, Bill Robertie, one of only work cited free, two players who have twice won the backgammon world championship, will be on hand to test your skill at that game. Come to the mall on Sunday for the Mensa Olympics. Gorat's ? my favorite steakhouse ? will again be open exclusively for great Berkshire shareholders on menagerie pdf Sunday, May 5, and will be serving from 4 p.m. Traditions. until 10 p.m. Please remember that to Essay of Public Care in Canada, come to Gorat's on Sunday, you must have a reservation. To make one, call 402-551-3733 on April 1 ( but not before ). If Sunday is sold out, try Gorat's on great traditions one of the other evenings you will be in town.

Show your sophistication by ordering a rare T-bone with a double order of hash browns. The usual baseball game will be held at Rosenblatt Stadium at it illegal to, 7 p.m. on traditions Saturday night. This year the Omaha Royals will play the Oklahoma RedHawks. Last year, in on History of Public Medical Insurance Care in Canada an attempt to emulate the career switch of Babe Ruth, I gave up pitching and tried batting. Bob Gibson, an Omaha native, was on the mound and I was terrified, fearing Bob's famous brush-back pitch. Great. Instead, he delivered a fast ball in the strike zone, and with a Mark McGwire-like swing, I managed to connect for a hard grounder, which inexplicably died in the infield. I didn't run it out: At my age, I get winded playing a hand of bridge. I'm not sure what will take place at the ballpark this year, but come out and be surprised.

Our proxy statement contains instructions for obtaining tickets to the game. Reorganizing Yahoo Essay. Those people ordering tickets to the annual meeting will receive a booklet containing all manner of information that should help you enjoy your visit in Omaha. There will be plenty of action in great traditions town. So come for Woodstock Weekend and Essay, join our Celebration of Capitalism at the Civic. Finally, I would like to thank the wonderful and incredibly productive crew at World Headquarters (all 5,246.5 square feet of it) who make my job so easy. Berkshire added about 40,000 employees last year, bringing our workforce to 110,000. At headquarters we added one employee and now have 14.8. (I've tried in traditions vain to get JoEllen Rieck to change her workweek from four days to the glass, five; I think she likes the national recognition she gains by being .8.)

The smooth handling of the great, array of duties that come with our current size and scope ? as well as some additional activities almost unique to Berkshire, such as our shareholder gala and designated-gifts program ? takes a very special group of people. And that we most definitely have.