J&L and Hedging Essay Example for Free

JL and Hedging Essay JL Railroad should take a long position. They need to purchase diesel fuel in the future, they don’t produce diesel fuel, so they would want to take a future to be able to lock in the price of diesel fuel for future purchases. 2. What problems could the use of heating oil futures for hedging create for JL? Note: I assume this question is asking about heating oil specifically not futures in general. As heating oil is not the same product as diesel fuel, therefore there could still be some exposure (risk) for JL. There has been a historical correlation between heating oil prices and diesel fuel prices, but this might not be true for the future. The futures for heating oil are contracts for delivery of 42,000 gallons – the amount of diesel fuel needed in any month is unlikely to equal 42,000 gallons or a multiple of that amount. As the heating oil futures mature on the last business day of the preceding month and therefore the purchase would have to occur on that day. 3. Explain why the daily settlement of futures contracts can create cash-flow problems for JL? If JL purchases a long future contract, they have to provide the initial margin for each contract. If the price of heating oil goes down (even for a short period) to bring the margin to below the maintenance margin, JL would be required to top up the margin to the initial margin amount. If they don’t have the ready funds to do this their futures contract would be cancelled. This could require JL to maintain a substantial amount of cash or the availability of a line of credit they can draw on, as needed. The costs to hold this much cash or the interest on a line of credit may exceed the value of the hedging of diesel fuel prices. As the contract hasn’t closed yet (and it could be a while until it does depending on the length of the contract) these daily settlements could affect the interim cash needs of the company. If the price goes up there isn’t an issue with cash needs (other than the initially required margin). 4. How do options on futures work? Why can trading options on futures can be preferable than trading options on the physical heating oil? An option on a future is the ability to purchase the future (or sell the future) at a given price. If the future doesn’t reach that price, you don’t have to buy it. An amount called a premium is charged for the options. If instead of trading options on a future, JL could trade options on heating oil. Exercising an option on a future only requires the cash margin to be deposited, exercising an option on heating oil would require the total value of the heating oil exercise price to paid.

Martin Luther King Jr. :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  After the Birmingham, Alabama newspaper published â€Å"The Public Statement by Eight Alabama Clergymen† calling Martin Luther King Jr.’s activities â€Å"unwise and untimely,† King wrote a response back from jail arguing each point the clergymen had made in their â€Å"Public Statement.† In the â€Å"Letter from Birmingham Jail,† King points out that he is not an outsider since the people of Birmingham invited him and that since they are all within the United States, nobody should be even considered an outsider. Being a fighter of injustice, King says, he sought to negotiate with the white community of Birmingham, but they refused to comply. Then, he illustrates to them that the tension amongst the groups is many times good because it leads to action and negotiation. He further explains that calling the actions of Negroes â€Å"unwise and untimely† is denying them justice, which they have been waiting for too long. Moreo ver, King explains that laws can be just and unjust, and that he will only obey just laws that agree with the moral code and disobey laws that do not unlike the white churches, which permit prejudice and hate even though they should preach brotherhood and love. Lastly, King points out that Negroes will win their freedom in the end because it is their right and God’s will. To argue his points in the â€Å"Letter† King uses each of the three rhetorical appeals: ethos, pathos, and logos. In this essay, I will try to prove that one appeal is more effective than the rest, but first in order to help one understand what these appeals mean, I will use Arthur Quinn’s definitions of what the three appeals entail. The first appeal, the ethos, tries to persuade an audience to agree with an argument by using the reputation and character of the speaker or writer. For instance, a well-liked political leader might hold a strong ethos in the eyes of his constituents, and therefore his opinions on issues might convince his constituents to hold the same opinions whether or not they know anything about the issue. In contrast, the pathos appeal attempts to persuade an audience by targeting their emotions in attempt to gain their sympathy for the argument. An example of this appeal can be seen in TV commercials fundraising money for impoverished children. The final appeal, the logos, attempts to persuade an audience using logic and good reasoning.

The Great Gatsby- Immorality

The American Dream—A Road to Immorality â€Å"‘You will not certainly die,’ the serpent said to the woman. ‘For God knows that when you eat from it your eyes will be opened, and you will be like God,  knowing good and evil’† (New International Bible, Genesis 3:4-5). The prevalence of temptation and immorality has been present from the beginning of time. In the Biblical sense, it was the serpent that tempted Eve with his promises for greatness and divinity, but ultimately corrupted her world, as well as the world today. Presently, the lust for power and authority is exceedingly evident amongst today’s society.In The Great Gatsby by F. Scott Fitzgerald, the American dream was a foundation of desires for wealth and supremacy. Throughout the novel, the characters’ greed has a negative impact on their everyday decisions, and leads them down the path of immorality and depravity. Through the examination of the lives of Nick Carraway an d Jordan Baker, Tom and Daisy Buchanan, and Jay Gatsby, the following essay will prove how the tempting and agonizing pursuit of the American dream often leads to a life full of dishonesty and corruption.In the beginning of the novel, Nick Carraway evidenced his mixed emotions towards the rich lifestyle. In the manner he described Tom Buchanan, it is clear that Nick noticed the complacency of the rich lifestyle: Two shining arrogant eyes had established dominance over his face and gave him the appearance of always leaning aggressively forward. . . . His speaking voice, a gruff husky tenor, added to the impression of fractiousness he conveyed. There was a touch of paternal contempt in it, even toward people he liked—and there were men at New Haven who had hated his guts. Fitzgerald 12) Despite his distaste towards the rich, Nick also idolized them. His strong desire to achieve the American dream persuaded him to associate with these people. However, as he got sucked into their world, he became more and more dishonest and immoral. When asked by Tom and Daisy about his rumoured engagement to a woman back home, Nick denied it. However, it is later revealed that he is, in fact, engaged: But I am slow-thinking and full of interior rules that act as brakes on my desires, and I knew that first I had to get myself definitely out of that tangle back home.I’d been writing letters once a week and signing them: ‘Love, Nick,’ and all I could think of was how, when that certain girl played tennis, a faint mustache of perspiration appeared on her upper lip. Nevertheless there was a vague understanding that had to be tactfully broken off before I was free. (Fitzgerald 59) Regardless of this, he pursued an affair with Jordan Baker. As the novel progressed, Nick began to realize how the fast and extravagant lifestyle of the rich was only a cover for the disturbing moral emptiness amongst them.He learned that even Jordan, whom he had developed feelings for, was dishonest and was willing to do anything to ensure her success: Jordan Baker instinctively avoided clever, shrewd men, and now I saw that this was because she felt safer on a plane where any divergence from a code would be thought impossible. She was incurably dishonest. She wasn’t able to endure being at a disadvantage and, given this unwillingness, I suppose she had begun dealing in subterfuges when she was very young in order to keep that cool, insolent smile turned to the world and yet satisfy the demands of her hard, jaunty body. Fitzgerald 58) After gaining much maturity, Nick returned to Minnesota seeking a life structured by more traditional moral values. The lives of Tom and Daisy Buchanan are prime examples of how achieving the American dream often leads to living a low and vulgar life. At a first glance, their home seems to be the perfect family setting. It isn’t long before Tom’s affair with his mistress becomes evident: â€Å"‘Is som ething happening? ’ I inquired innocently. ‘You mean to say you don’t know? ’ said Miss Baker, honestly surprised. ‘I thought everybody knew. ‘I don’t. ’ ‘Why—’ she said hesitantly, ‘Tom’s got some woman in New York’† (Fitzgerald 20). When Daisy sees Gatsby again, she also begins an affair of her own. However this affair is short lived as Tom becomes aware of the infidelity of his wife. Daisy was forced to choose between Tom and Gatsby, but she refused to abandon her â€Å"old rich† lifestyle. After hitting Myrtle while driving Jay’s car, Daisy and Tom decided to conspire a plan in order to avoid responsibility for the tragedy: â€Å"Daisy and Tom were sitting opposite each other at the kitchen table, . . . There was an unmistakable air of natural intimacy about the picture and anybody would have said that they were conspiring together† (Fitzgerald 138). Despite Da isy’s professed â€Å"love† for Gatsby, she allowed him to take the blame for the accident, which eventuated in his death. When Wilson went to Tom and asked him who the car belonged to, Tom had no problem mentioning Jay Gatsby’s name, providing Wilson with the information needed to justify Myrtle’s death: â€Å"‘I told him the truth,’ he said. ‘He came to the door hile we were getting ready to leave, and when I sent down word that we weren’t in he tried to force his way up-stairs. He was crazy enough to kill me if I hadn’t told him who owned the car. . . .’† (Fitzgerald 169). In the end, Daisy chose the American dream over her moral conscience, proving that the rich are not really better than the poor. Jay Gatsby’s quest for the American dream began at the age of 17, when he left his North Dakota farm-life home in pursuit of better life. After meeting Daisy and seeing her wealth, he became obsessed wit h her.Gatsby’s â€Å"love† for Daisy was more of an urgent desire to possess her. He lied to her in order to draw her to him: He might have despised himself, for he had certainly taken her under false pretenses. I don’t mean that he had traded on his phantom millions, but he had deliberately given Daisy a sense of security; he let her believe that he was a person from much the same stratum as herself—that he was fully able to take care of her. (Fitzgerald 142) Gatsby’s desperation drove him to work for Meyer Wolfsheim.He quickly earned a vast amount of money by bootlegging alcohol and associating in other illegal activities under Wolfsheim’s order: â€Å"‘He and this Wolfsheim bought up a lot of side-street drug-stores here and in Chicago and sold grain alcohol over the counter. . . .’† (Fitzgerald 127). Even though Jay seemed to be an unsavory, worldly man with his illegal and immoral tendencies, he had an incredible sen se of loyalty. His unfailing loyalty extended to everyone he cared for, from his own father to Dan Cody to Daisy.Unfortunately, he did not always receive the same measure of devotion in return, demonstrated when Daisy allowed him to take the fall for her foolish actions. Nick Carraway recognized this goodness about him, and reassured Gatsby: â€Å"‘They’re a rotten crowd,’ I shouted across the lawn. ‘You’re worth the whole damn bunch put together’† (Fitzgerald 146). Jay Gatsby’s hunger for the American dream proves how even good-natured people can become corrupted by their lust for money and power. â€Å"‘You will not certainly die,’ the serpent said to the woman. For God knows that when you eat from it your eyes will be opened, and you will be like God,  knowing good and evil’† (New International Bible, Genesis 3:4-5). The prevalence of temptation and immorality has been present from the beginning of time. In the Biblical sense, it was the serpent that tempted Eve with his promises for greatness and divinity, but ultimately corrupted her world, as well as the world today. Presently, the lust for power and authority is exceedingly evident amongst today’s society. In The Great Gatsby by F. Scott Fitzgerald, the American dream was a foundation of desires for wealth and supremacy.Throughout the novel, the characters’ greed has a negative impact on their everyday decisions, and leads them down the path of immorality and depravity. Through the examination of the lives of Nick Carraway and Jordan Baker, Tom and Daisy Buchanan, and Jay Gatsby, the following essay will prove how the tempting and agonizing pursuit of the American dream often leads to a life full of dishonesty and corruption. Works Cited Fitzgerald, F. Scott. The Great Gatsby. Toronto: Penguin Books Ltd. , 1998. New International Bible. New York: Thomas Nelson Publishers, 1982.

Comparison of Evil in Edgar Allan Poe´s The Cask of...

â€Å"The Cask of Amontillado† by Edgar Allan Poe and â€Å"A Good Man is Hard to Find† by Flannery OConnor explore the depths of evil and what makes an individual truly evil. They both question are understanding of evil and the different forms it may present itself in. These stories do an equally good job at getting the reader to see true evil first hand, even though they present evil in much different ways. As humans we can differentiate evil from good most of the time there is usually a clean cut line from a morally just action from one that is not. When we look at Falnnery O’Connors â€Å"A Good Man is Hard to Find† we see many forms of evil even before we meet the criminals. The family has a trip planned to Florida which the grandmother does not approve of because she would rather visit Tennessee. The grandmother then tries to per sway the family by instilling fear bringing up â€Å"The Misfits† who were local criminals that just escaped from prison; although her actions may seem rather insignificant and perhaps even debatable if they are evil, the grandmother’s actions can still be perceived as selfish. The grandmother’s selfish motives can be viewed as a form evil even if it is not the worst evil. This begs the question where precisely does the line lay on what is done through purely evil motives and if the line is really as clear cut as we may possibly think it is? In â€Å"The Cask of Amontillado† the narrator Montresor claims that Fortunato has hurt him a thousand times before, but