An energy based hedge fund - Free Essay Example

Sample details Pages: 7 Words: 2030 Downloads: 4 Date added: 2017/06/26 Category Uncategorized Essay Type Argumentative essay Level High school Did you like this example? Introduction The concept of trading stocks should not need an explanation for the seasoned high net worth individual (HNWI) or small investment fund owner. However just for the sake of revision we shall reiterate a few important definitions throughout the course of this report and in the glossary at the end. The aims of this brief report are to: Develop a simple technical trading system for a hedge fund of interest to you the HNWI as well as the small investment fund investor. Construct a comprehensive comparison of the data with regards to the daily open/ high/ low/ close/ and volume for both the British Gas [(BG) Symbol: BGMD.OQ] and the National Grid Plc (Symbol: NGG) stocks. To develop the trading system according to a logical rule using training set, test set and a prediction set as the basis for the system recommended for the hedge fund (HF). Background The key factor to developing any kind of financial plan is in understanding the individual or group of individuals for whom it is being designed à ¢Ã¢â€š ¬Ã¢â‚¬Å" in this case it is specifically being designed with HNWIs like CEOs of multinational companies, politicians and the like in mind à ¢Ã¢â€š ¬Ã¢â‚¬Å" who typically indicate a willingness to take a little more risk on investment. According to (Magnum, 2007) à ¢Ã¢â€š ¬Ã…“there is a popular misconception that all hedge funds are volatile that they all use global macro strategies and place large directional bets on stocks, currencies, bonds, commodities, and gold, while using lots of leverage. In reality, less than 5% of hedge funds are global macro funds. Most hedge funds use derivatives only for hedging or dont use derivatives at all, and many use no leverage.à ¢Ã¢â€š ¬Ã‚  Knapp (2004) states that à ¢Ã¢â€š ¬Ã…“Everyone has a different level of risk they are willing to take or time they would have av ailable to dedicate to trading.à ¢Ã¢â€š ¬Ã‚  Lately the modern business trend has been to invest in metals, biotechs and small caps; however energy funds are also very profitable to invest in as you will see in this report. British Gas à ¢Ã¢â€š ¬Ã…“Is the biggest supplier of green power to homes in Great Britain and its electricity has the lowest CO2 emissions of any major UK energy supplier. As a responsible energy provider, it is planning for the future in two ways à ¢Ã¢â€š ¬Ã¢â‚¬Å" by investing in renewable energy and by focusing on improving efficiency and helping its customers reduce their carbon footprint.à ¢Ã¢â€š ¬Ã‚  British Gas (2007) National Grid Plc à ¢Ã¢â€š ¬Ã…“National Grid is dedicated to being the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s premier network utility. Its core skills lie primarily in the management of large and complex energy delivery networks. It owns, operates and develops the high-voltage electricity transmission network in England and Wales a nd Great Britains principal natural gas transportation system. Itsportfolio ofother businesses is mainly concerned with infrastructure provision and related services where it can exploit its core skills and assets to create value. These businesses operate in areas such as Wireless Network Infrastructure for broadcast and mobile telephones, Metering, Grain LNG Import, Interconnectors and Property.à ¢Ã¢â€š ¬Ã‚  Findings BG (BGMD.OQ) Don’t waste time! Our writers will create an original "An energy based hedge fund" essay for you Create order Calendar Year 2006 2005 High Price 805 582.5 Low Price 576 345.22 Close 694.52 571.71 High P/E 1,578.34 1,358.66 Low P/E 1,129.35 805.22 Year End P/E 1,361.73 1,333.51 Dividend Yield 0.01 0.01 Table 1 Source: https://stocks.us.reuters.com/stocks/performance.asp 2nd Dec. 2007 Table 1 above gives a summary of the BG stock over the two year period from the 1st January 2005 to the 31st December 2006. Table 2 below depicts the current year-to-date performance. BG (BGMD.OQ) Calendar Year 2007 Open 1016.00 Close 1018.00 High Price 1036.00 Low Price 1013.00 Volume 3,022,618 Year End Price 1,015.00 High P/E 1,017.00 Low P/E 1,015.00 Year End P/E 1,361.73 Change -0.29%-3.00 Table 2 Source: https://www.lse.co.uk/share-prices.asp 2nd Dec. 2007 The training set, test set and prediction BG and National Grid Plc rank 1 and 3 respectively amongst the top stocks in the UK. The daily closing prices from 01/01/05 to 31/10/07, with a total of 1034 days, were used. S1 is a sample stock showing very few ups and downs on the historical prices. It has a slight drop during the testing period (-3.00%). Figure 1 again reinforces the logic that S1 is generally upward mobile this means that it is a stock with a rising trend and low volatility during the testing period. It has a substantial gain of 46.58% during the testing period. Stock 1 (S1) British Gas: Stock symbol BGMD.OQ Figure 1 Loading Top of Form In order to optimise the parameters of trading rule the other stock sample has also been included as follows: National Grid Plc (NGG) Stock 2 (S2) Calendar Year 2007 2006 2005 Open 820 High Price 827.00 74.15 51.99 Low Price 813.00 48.39 44.18 Year End Price / Close 821.50 72.62 48.69 High P/E 813.00 -155.44 160.96 Low P/E 812.50 -101.44 136.78 Year End P/E 813.00 -152.23 150.74 Change -1.03%-8.50 Volume 1,283,226 Dividend Yield 0.36 0.49 Table 3 Source: https://stocks.us.reuters.com/stocks/performance.asp 2nd Dec. 2007 The ideal sell signals are located at the local maxima of the historical stock prices. We have hold signals when the stock price is neither close to the maxima nor minima. This information serves as criterion for us to construct the target signals for the training of our trading system. We choose continuous values as the output of the system to denote the strength of the trading signals. The actual trading signals are obtained from the threshold strength. The threshold levels can be served as parameters for investors to control the frequency of trading, as some investors prefer to trade frequently and some prefer to trade once in a while. Assuming that as the investors of the hedge fund, small fluctuations of prices would be of little interest to investors; trading would only be considered if the price difference is large enough to cover at least the transaction cost. Therefore, we select on ly those local extreme with a substantial gap in between. The local extreme we extracted has to exhibit the following characteristics: The extreme has to be alternative, i.e. a local minimum has to be followed by a maximum and vice versa. The price at a minimum (maximum) has to be lower (higher) than the prices at its two adjacent maxima (minima). Between every consecutive maximum/minimum pair, there exists a daily drop in price larger than the last. Between every consecutive minimum/maximum pair, there exists a daily rise in price larger than before. Finally, we construct the target trading signals from the extracted extreme. One advantage of this target signal generation over the traditional prediction of stock prices is that à ¢Ã¢â€š ¬Ã…“it has the ability to generate positive returns in both rising and falling equity and bond markets.à ¢Ã¢â€š ¬Ã‚  (Magnum, 2007) Generally there are many benefits to be derived from hedge funds. According to Magnum (2007) they are: à ¢Ã¢â€š ¬Ã…“Inclusion of hedge funds in a balanced portfolio reduces overall portfolio risk and volatility and increases returns. Huge variety of hedge fund investment styles à ¢Ã¢â€š ¬Ã¢â‚¬Å" many uncorrelated with each other à ¢Ã¢â€š ¬Ã¢â‚¬Å" provides investors with a wide choice of hedge fund strategies to meet their investment objectives. Academic research proves hedge funds have higher returns and lower overall risk than traditional investment funds. Hedge funds provide an ideal long-term investment solution, eliminating the need to correctly time entry and exit from markets. Adding hedge funds to an investment portfolio provides diversification not otherwise available in traditional investing.à ¢Ã¢â€š ¬Ã‚  The output is the strength of the trading signal and sigmoid function was used as the activation function. To evaluate the effectiveness of the trading signals, we derived the investment return IR. In specific, we are interested in buy and sell signals. So, for future reference when we need to indicate the IR for SELL signals it will be denoted as IRS and IRB to denote the IR for the BUY signals. For the BUY signals, a large positive IRB is desirable. On the other hand, for the SELL signals, a negative IRS is desirable. We applied the trading system to the previous two stocks as seen below in Table 4. In each stock, the first half of the historical daily closing prices were used as training set and the remainder were used as testing set. The objective now is to verify if the knowledge learned by the trader can be generalized to other stock. Similar to the calculations and tabulations made above, the trader is trained using the training sets. But this time, we tested the trader u sing the testing sets from other stocks. Table 4 summarizes the average result of the cases. It indicates that the trader trained by S1 gave the best performance. Using it to trade S1 gave better performance than the trader using S2 as training set. Another interesting observation is that the trader using S1 and S2 as training sets can make prods using selling signals when applied to testing set S1, which has an overall rising trend. BUYING Training Testing S1 S2 S1 -114.10% 71.30% S2 121.40% -286.80% SELLING Training Testing S1 S2 S1 (-112.5 %) -120.90% S2 9.20% -21.30% Table 4 The information above shows that the trader developed can be applied to other stocks. In particular, we can generate satisfactory results even if the training set and the testing set are data from two unrelated stocks. Conclusion Fidelity (2004) states that à ¢Ã¢â€š ¬Ã…“In order to have an effective technical trading system it is important to have the trading signals directly related to the historical prices.à ¢Ã¢â€š ¬Ã‚  For this hedge fund system we chose to operate mainly along the aggressive growth hedge fund style. According to Magnum (2004): à ¢Ã¢â€š ¬Ã…“Aggressive Growth: Invests in equities expected to experience acceleration in growth of earnings per share. It has generally high P/E ratios, low or no dividends; it is often smaller and micro cap stocks which are expected to experience rapid growth. It includes sector specialist funds such as technology, banking, or biotechnology. It hedges by shorting equities where earnings disappointment is expected or by shorting stock indexes; and it tends to be long-biased. Expected Volatility: Highà ¢Ã¢â€š ¬Ã‚  In this report we developed a simple technical trading system for an energy based hedge fund for the HNWI as well as the small investment fund investor. We also constructed a comprehensive comparison of the data with regards to the daily open/ high/ low/ close/ and volume for both the British Gas [(BG) Symbol: BGMD.OQ] and the National Grid Plc (Symbol: NGG) stocks; and we also developed the trading system according to a logical rule using training set, test set and a prediction set as the basis for the system recommended for the hedge fund (HF). The system tested and recommended is therefore to use price signals to know when to buy or sell. By selling stocks at higher price than they were purchased for, gains will be made. Glossary Hedge Fund A hedge fund is a fund that can take both long and short positions, use arbitrage, buy and sell undervalued securities, trade options or bonds, and invest in almost any opportunity in any market where it foresees impressive gains at reduced risk. Source: Magnum Training set In artificial intelligence, a training set consists of an input vector and an answer vector, and is used together with a supervised learning method to train a knowledge database (e.g. a neural net or a naive bayes classifier) used by an AI machine. In general, the intelligent system consists of a function taking one or more arguments and results in an output vector, and the learning methods task is to run the system once with the input vector as the arguments, calculating the output vector, comparing it with the answer vector and then changing somewhat in order to get an output vector more like the answer vector next time the system is simulated. Source: Wikipedia Bibliography Knapp, V. Test Technical Trading Ideas https://personal.fidelity.com/myfidelity/atn/archives/november2004.shtml Fidelity Investments 29th Nov. 2007 https://finance.yahoo.com/p?k=eupf_1 30th Nov. 2007 https://finance.yahoo.com/personal-finance/article/103918/The-20-Most-Intriguing-Billionaire-Heiresses 29th Nov. 2007 https://www.magnum.com/hedgefunds/abouthedgefunds.asp 30th Nov.2007 https://en.wikipedia.org/wiki/Training_set 1st Dec. 2007 https://www.lse.co.uk/share-prices.asp 2nd Dec. 2007 Cha S.M, and Chan L., Trading Signal Prediction https://64.233.167.104/search?q=cache:StombJ43ejcJ:www.cse.cuhk.edu.hk/~lwchan/papers/iconip00-trading.ps+prediction+set+tradinghl=enct=clnkcd=1gl=tt https://stocks.us.reuters.com/stocks/performance.asp 2nd Dec. 2007 https://www.nationalgrid.com/uk/About 3rd Dec. 2007

Racial And Gender Inequality Scout Finch, A Young Girl

There are countless people who judge others by their image or the words whispered by friends. This has been true since people have begun interacting with one another. Indeed, people feel the need to categorize everything and everyone leading to stereotyping and bias based upon appearances. In today’s society, there are many incidents involving racial and gender inequality demonstrating that little has changed since the 1960s. In this novel, Scout Finch, a young girl, recounts her life as she observes social concerns including racism and prejudice. When her father Atticus, a criminal attorney, agrees to defend an innocent black man, Scout comes to realize that not everything is as perfect as it seems. Appropriately, Scout and her brother Jem learn not to judge others as a result of interactions with three characters that they encounter throughout their childhood. 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Case Analysis of Liquor DC

Question: Discuss about the Case Analysis of Liquor DC. Answer: Introduction Companies are employing a series of strategies in order to globalize their operations and establish competitive advantage(Gold, 2010). Innovation is the primary factor that is driving synergies and creating new advantages which can extend core competencies. The current case analysis deals about the logistic of a Liquor Dc, based in Australia. The Company is a leading retailers with distribution centers located in Melbourne and Sydney. The Company caters to a variety of Australian consumers. There is a large area that is being catered to by the Company and it caters to by adopting innovative techniques to become efficient in its distribution strategy. The competitiveness of the Company is derived from its logistics effectiveness which includes several transportation, employees and dynamic scheduling(Christopher, 2016). The scope of this report analyses the competitiveness that the Company establishes in comparison with other companies and the sustainability that can be rendered form i ts current operations. Reason for Success of Liquor DC, Australia Strategies, planning, leadership, customer segmentation are the most important things to success and failure of any business (Goldsby and Zinn, 2016, p.80). The secret behind success and failure for any retail businesses lies in its potentiality to integrate key functionality in its supply chain processes along with logistics that can help deliver synergies. The scope of the current business operations deals with a retailer of liquor store which has a warehouse and two distribution centers. The Company delivers high volumes of bottles and numbers of customers and is able to cater so during peak locations as well. Though the prime reason attributed for competitive advantage of the current firm as against another is logistics and supply chain, with integrated human resources management. Avoiding instincts and misconceptions regarding businesses and their decisions has to be discarded. Idea, planning, Leadership, customer segment are stands out to be the most important things to success and failure of any business (Goldsby and Zinn, 2016, p.80). The first and the foremost thing is to analysis the reason behind success and failure. There are reason why an entrepreneur starts one successful business and other entrepreneur fails. One of the main reasons of failure is that the entrepreneurs are not unaware of the happening; by the time they notice its too late. It is obvious that a businessman or business woman must know the fact and the mistakes they are doing however realizing late creates the problem. Some business entrepreneurs lives in the form of denial while others are unaware of it. Here one thing is sure enough that a business fails only because of the mismanagement of the entrepreneurs. According to Dr. Graeme Edwards its not the plan that is important, its the planning. The current Company is successful like its competitors as David Jones, adzuna network, Liquor Gaming NSW. Whereas some of the unsuccessful liquor retailers are Liquor market and Chambers Cellar. Among thousands of small business in across globe only fifty percent of them survive. The Liquor retailing business is successful against other competitors who are successful or unsuccessful are as follows; Planning: Planning can be done by short term and long term planning, fault in which the entire business can be shattered. At the Liquor retail store each aspect of the business is planned and clearly laid out such that it can attain highest levels of efficiency. They employ staffs in shifts and accommodate for any type of holidays as Christmas and Easter. Leadership: The Liquor business has a proper leadership structure. A right decision must be made. The financial decision are the most important to make(Yun, 2011). The Company is highly focused on transformational leadership strategy that can enable high levels of business performance. Logistics Planning: It is good to produce great product, innovative product, however to set the target market and target audience is the main function. It is always wise to study the competitors. Business needs to do SWOT analysis for proper product delivery to the market. The current retailer has an organized logistics system wherein manufacturing and deliveries is made to customers within deadlines. Employee Engagement Strategies with Communication and Motivation: The Company engages with extensive employee engagement strategies. It provides headsets to employees and provides advanced ergonomics with television displays(Amos, 2008). The Company takes active interests in the employees and their performances. Active communication is maintained with employees to ensure that they are able to deliver proper production techniques and processes. Employee motivation strategies are followed actively by creation of unique job design and health and safety performance and motivation technique of generation Y. such tactics and methods reduces employee turnover and enhances employee job commitment and retention. Production Technique: The layout of the Company is huge allowing for easy in taking of materials and outgoing materials. Such planned and well-structured layout where work is progressed in batches and shifts enables higher effectiveness of performance. Company Attaining Competitive Advantage According to Cichosz et al. (2017, p.209), the first thing is to figure out what the company is best at. One may not be the best, but not necessarily one need to be the best but all that is needed is to be better than competitors. The next step one need to understand why customer needs to buy from the company. Either the product provided is the best or the better than that of your competitors or is it one of its kind or is the price that makes the difference. Here all that is needed is to give value to the customers requirement. Figure 1: Primary Reasons for Competitive Advantage Source: Author The liquor retail Company has many distribution centers customer can easily avail the product of the Company. There is a high level of customer satisfaction while purchasing from the branded store and relationship with the store. The primary competitive advantage of the Company lies in its distribution and handling logistics of the stores in a dynamic manner. A Company can attain competitive advantage in various ways, it can be through price leadership or differentiation in the market. The scope of the current Company has attained competitive advantage by way of its internal processes by handling its resources effectively and efficiently. Suitable for other Companies The case of the current Company is well suited for its business due to its resource availability, hence cannot be replicated by other businesses. The companys present structure is such that there are more than 400 employees working in two shifts. Semiautomatic machineries are also operative in this firm which enables execution comparative advantage. This enables the firms management to understand the inability or ability to handle situations. An outlook to premature scaling will set a good motive in the management of the firm, however this will help in logistics as products will be available at the right time at the right place(Welch, 2012). The comparative study will help in generating the main stream of the business and thus will help in the segmenting the market, though in this case the target market is grabbed still to increase the market size will be considered. One of the primary comparative advantage will help in not only to understand the market situation but also the interna l analysis of the company. While conducting internal employee safety level, motivation, engagements needs to be determined. If the employees are healthy and happy then efficiency will also increase. Thus the productivity of the company can be developed as well (Marchesini et al. 2016, p6). The effect of comparative study in this case brings to the point where the entrepreneur does not only sell liquor but also cigarettes that to with seventy five percent capacities. This determine the customer segment where with liquor people are also intended to by cigarette thus the idea to producing and manufacture cigarettes will be a good idea in addition. Sustainability of LUQUOR DC The scope of every business is to create sustainability such that it can have a continued existence. The main factor that creates sustainability is that spreading of the business. In retail business value is derived from distribution of products such that it is able to reach customers on time. This liquor company has distribution center around Australia. In-between Sydney and Melbourne they have two distribution centers. As per Zinn and Goldsby, 2017, p.4, they have cigarettes as additional product. They have high street outlets and super stores hence have both segment of customer which includes, one who buy small amount product and another who buys large amount product. The supply chain accesses to a reach different location from south to north in Australia. In order to maintain sustainability they also have semiautomatic machinery to make the work faster(Dekker, 2013). Even more than four hundred employee working with them. With fifty three thousand square feet are for distribution center, which have the capacity to handle about twelve hundreds to two thousand pallets. Add to that they also have a better working environment. Therefore worker may not feel the pressure. In order to make things go easy for the workers they have highly technical ambience like T5 Bluetooth zone where they can lay music hence there is no need to use any head phone. This general information of keeping the track of the health condition, safety and securities all also help in engaging employees. Thus, this will also help in the formation of a good environment. This employee satisfaction will also help in reducing the employee attrition rate. In case the company has less employee attrition rate then the company from one part will sustain and the management must not be loose in any case. They also have the piece of equipment which takes precaution before the worker starts working on that machine. In order to prevent collision one way traffic system is also created. Preservation techniques are also applied, this not only to save the expenditure of the company but also gives respect to the work done and labor given by the employees. Few more CSR activities will add value in the marketing of the product. Activity of existing customer will also help in increasing the brand value. There is a vital part of motivating individual where one can motivate oneself can bring out the confidence. This confidence will help in every step employee takes (Sanders et al. 2016, p.107). Thus, this will help the company meeting its objectives. Meeting customer sat isfaction is vital Getting clarity on what is needed and requirements is the main thing. Proper branding and customer relationship is always a good way to increase sales and establish good market situation. Sustainability can be enhanced by way of such working by increasing and attaining overall customer and employee satisfaction(Hult, 2007). Further, creating unique selling point to grab the market with pricing of a commodity is another big factor people generally look to branded product in discounted price. Changing the pricing strategy to bundle pricing or discounted pricing thus can help. Link product like cigarette can also be a part where people may be attracted to if that comes alone with the liquor. The sustainability factor also determines that the business must not only think about the profit but also should think about some benefits which can keep the employees healthy and happy along with creating impact on the environment. To maintain sustainability Protection of Family will act in a vital element of success. It is one the theory of need, management should give more emphasis on the needs of the employee(Aguenza, 2012). The family of the employee may be taken into consideration properly. If an employee can be assured that the family is safe then the work load on an employee will not be a factor. However from the perspective of marketing the branding and visibility of all the variety of liquors must be showcased properly so that customer can easily get what they need at the super stores. Andt he finance department must take care of the pricing factors of the product even if that requires to reduce the overhead cost of production. Conclusion After analyzing this assignment it can be seen that the company can developed their efficiency and productivity as well as the safety of their employees with adopting some strategies in their business process. The Company has a high level of sustainable advantage that it can establish and extend in the market. The scope of working within the organization can create high levels of impact on the market, customer and ways of working. The current functionality of the business can also render sustainability the business. Reference List Aguenza, B. B. 2012. Motivational factors of employee retention and engagement in organizations. International journal of advances in management and economics, 88-95. Amos, E. A. 2008. An analysis of the relation between employeeOrganization value congruence and employee attitudes. . The journal of psychology, 615-632. Christopher, M. 2016. Logistics supply chain management. . Pearson UK. Cichosz, M., Goldsby, T.J., Knemeyer, A.M. and Taylor, D.F., 2017. Innovation in Logistics Outsourcing Relationship-in the Search of Customer Satisfaction.LogForum,13(2), pp.209-219. Dekker, R. F. 2013. Reverse logistics: quantitative models for closed-loop supply chains. Springer Science Business Media. Gammelgaard, B., 2017. Greetings from the new editor of IJLM.International Journal of Logistics Management, The,28(2). Gold, S. S. 2010. Sustainable supply chain management and inter?organizational resources: a literature review. Corporate social responsibility and environmental management, 230-245. Goldsby, T.J. and Zinn, W., 2016. Technology Innovation and New Business Models: Can Logistics and Supply Chain Research Accelerate the Evolution?.Journal of Business Logistics,37(2), pp.80-81. Hult, G. K. 2007. Strategic supply chain management: Improving performance through a culture of competitiveness and knowledge development. Strategic management journal, 28(10), 1035-1052. Marchesini, M.M.P. and Alcntara, R.L.C., 2016. Logistics activities in supply chain business process: A conceptual framework to guide their implementation.The International Journal of Logistics Management,27(1), pp.6-30. Murfield, M.L.U., Esper, T.L., Tate, W.L. and Petersen, K.J., 2016. Supplier role conflict: An investigation of its relational implications and impact on supplier accommodation.Journal of Business Logistics,37(2), pp.168-184. Sanders, N.R., Fugate, B.S. and Zacharia, Z.G., 2016. Interdisciplinary Research in SCM: Through the Lens of the Behavioral Theory of the Firm.Journal of Business logistics,37(2), pp.107-112. Welch, M. 2011. Appropriateness and acceptability: Employee perspectives of internal communication. Public Relations Review, 246-254. Yun, L. 2011. An empirical study on the relationship between self-leadership and employee innovative behavior: the mediating effect of psychological empowerment [J]. . Studies in Science of Science, 10, 021. Zinn, W. and Goldsby, T.J., 2017. In Search of Research Ideas? Call a Professional.Journal of Business Logistics,38(1), pp.4-5.

The Sun Also Rises Essays (450 words) - The Sun Also Rises

The Sun Also Rises The Sun Also Rises I finished reading SAR around ten o'clock tonight. I could have taken it all in one big gulp when I began a week ago, but I couldn't do that. It wanted me to bring it out slowly, so I often found myself reading five or ten pages and laying it aside to absorb without engulfing. A man gets used to reading Star Wars and pulp fiction and New York Times Bestsellers and forgets what literature is until it slaps him in the face. This book was written, not churned out or word-processed. Again, I thoroughly enjoyed reading. I never noticed it until it was brought up in class, maybe because it wasn't a point for me in In Our Time, but He doesn't often enough credit quotations with, ",he said," or, ",said Brett," or, ",Bill replied." In SAR it stood and called attention to itself. I wasn't particularly bothered by His not telling me who said what, but it was very...pointed. I first noticed around the hundredth page or so. Then I realized I couldn't keep track of who was speaking. By not dwelling on it, though, sort of (hate to say this) accepting it, I managed to assign speech to whomever I felt was speaking. Gradually I came to enjoy it, in another plane of reading, figuring out from whom words were originating. To not notice it, as if it were one of those annoying 3-D posters that you can't see until you make a concerted effort not to try and see, became simple - much like those 3-D pictures are once you know what not to look for. (I abhor ending sentences with prepositions...) His not telling was heightening to the story. It made things come even more alive. As a conversation that you're hearing at a nearby table in a restaurant, the exchanges flowed, with me as a more passive reader than in a story written to be read instead of lived. It has always been troubling for me to read a book with the knowledge that there are things I am supposed to be catching, but not quite. The fish in the pools and the allegory and analogy and symbolism aren't fond of me. Trying to see that the bull-fighters and their purity or lack and how it relates to Him as a writer surrounded by a universe of new fiction printed for the masses, that is all fine and well. The short sentences, the lack of qualifying, "he said"s and "she saids" and such, the tragedy of his love for Brett, those are the things I enjoy reading. Those are the reasons I read and the reasons a man like Him writes. There are stranger things, Horatio...or something like that. I believe Paul Simon read Hemingway at some point in his life.