Finance Financial Management And Price Earnings Ratios Finance Essay - Free Essay Example

Price earnings ratio (P/E ratio) is the ratio between market price per equity share and earnings per share. Earnings per share is calculated by dividing the net profit after taxes and preference dividend by the total number of equity shares. Earnings per share (EPS) is the portion of a companys profit allocated to each outstanding share of common stock. Note that EPS can be from the last four quarters (trailing P/E) or the sum of the last two actual quarters and the estimates of the next two quarters, but it is important to note that the P/E ratio is a measure of investors expectations as to future earnings and not for current earnings. In many cases, the ratio of a stock price to earnings per share or the price which must be paid for each pound of the firms earnings is used as basis for comparing the investment characteristics of different shares. A share price on its own tells us little or nothing about its investment value. Two companies with identical prospects, assets and aggregate equity value may have different share prices quite simply because one firm has fewer shares outstanding than the other. This may be the result of a company having fewer shares issued at a higher price than the other or it may mean that a company paid out fewer dividends in order to finance its past growth through retentions, while the other company p aid out higher dividends and raised capital by issuing more shares to fund its investment programmes. In other words, two identical companies can have different prices as a result of the number of shares outstanding. Since EPS and share prices can be affected by the number of shares outstanding P/E will neutralize the impact of these differences. By dividing the stock price by earnings per share a simple way has been found of standardizing share prices that otherwise cannot be meaningfully compared. For example, the Barclays PLC which is a major global financial services provider is currently trading (Po) at 315p a share and the Earnings per share expected in the next four quarters (E1) are 34.99p per share. The P/E ratio for the stock of Barclays PLC will be equal to 9 times (315p/34.99p). In our case, which Barclays PLC is currently trading at a multiple (P/E) of 9 times, the interpretation is that an investor is willing to pay 9 pounds for each pound of current earnings. ) a) ii) In order to identify and briefly discuss the theoretical determinants of P/E ratio the Gordon growth model will be utilized. The Gordon growth model, named after its inventor Myron Gordon, makes the dividend valuation model easier to use by combining it with additional assumptions, which will be given later in our discussion. Shares are valued on the basis of the payoffs which they are expected to generate for investors. In principle the value of the payoff expected from holding a share is simply the present value of the cash flows anticipated by investors. What investors expect to get out of any share they hold are dividends (Dt) and the proceeds (PN) from the sale of the share at the end of the planned holding period (N). The present value of the expected cash flows (the dividends expected and the proceeds from the sale) is determined by using a discount rate which is equivalent to the rate of return which investors can earn on investments in other shares of similar risk (r). The v alue of the share (Po) may be determined by using a model of the following nature: A simple valuation equation can also be developed for the shares of a firm that retains some of its earnings to finance investment as long as its assets, earnings and dividends can be expected to grow at a constant rate (g). This produces the following model, referred as the Gordon Model (see Gordon, 1959).- where D1 = D0 (1+g) This model suggests that the price of share is a function of the dividend expected in the next period (D1), the rate of growth of dividends (g) and the discount rate (r). By specifying the dividend, in terms of earnings per share (E1), the retention ratio (b) and the payout ratio (1-b) the above model can be demonstrated as below: Some insights into why price-earnings ratios can be expected to vary from firm to firm can be derived form a consideration of the previous model. This particular model suggests that the prospective P/E ratio will be higher the lower the discount rate (r), the greater the expected rate of growth (g), and the lower the retention ratio (b). In the case that the expected growth rate (g) is the same as the historical growth the prospective P/E ratio can be adjusted to obtain a ratio based on the last reported earnings: At first sight it is evident that there is an inverse relationship between the P/E ratio and the retention ratio (b), but this cannot be true since firms can not influence their P/E ratios by manipulating their retention ratios. Stockholders will pay more per pound of earnings the greater the proportion of earnings paid out in dividends all else being equal, but any reduction in retention will lead to a fall in investment, which will lead to a decrease in the expected rate of growth of dividends. The constant growth model has become the most widely employed theoretical model because of its simplicity. The simplicity of the constant growth model is a reflection of the assumptions on which the model is based, and the awareness of these assumptions is essential for the recognition of its weaknesses and strengths. It is assumed that: all investment is financed from retentions and a constant proportion of earnings is retained in each time period; the rate of return on the firms investments is constant over time, as the rate of return on existing assets; and the cash flow produced from investments is constant in perpetuity. QUESTION 2 a) iii) The differences in P/E ratios reported in the financial press cannot all be explained by the determinants of the P/E ratios identified by the valuation models. For example, one of the reasons for those differences can be the differences in the accounting methods employed by firms. The valuation models are based on an idealised notion of expected earnings per share; the firms expected cash flows minus an allowance for depreciation, calculated on an economic basis, while observed P/E ratios, reflect more pragmatic definitions of earnings. It is well known that differences in accounting methods have a significant impact on earnings per share but do not have any impact on share prices (the market sees through the effect of accounting differences). Generally, differences in earnings per share arise from differences in accounting methods which lead in differences in reported P/E ratios. Those firms employing depreciation policies with high charges have lower reported earnings per share (si nce depreciation is charged against revenues as an operating expense) and higher price earnings ratios than firms using straight line depreciation. Another factor that might influence the value of the companys reported P/E ratio is transitory changes in earnings. Beaver and Morse (1978) at a later study realised that the observed spread of P/E can be explained by the difference between equilibrium and actual earnings. Changes in earnings which are of temporary nature will not lead to proportionate change in the share price but to higher P/E ratio if negative transitory earnings occur and lower P/E ratio if positive transitory earnings occur. As a result, firms with low earnings will have high P/E ratios, without being growth firms at all. QUESTION 2 b) The sample of shares chosen to discuss and explain the possible reasons for the differences in the reported price-earnings ratio belong to the banks operating in the United Kingdom. It is important to choose companies that are in the same industry since this is the only way that P/E ratio analysis can have any significant comparable meaning. The data gathered are presented in the table below: BANK SHARE PRICE EPS P/E HSBC 662.7p 63.43p 10.4 times Royal Bank of Scotland Group 44.66p 3.4p 13.1 times Lloyds Banking Group 62.88p 6.10p 10.3 times Barclays 315p 34.99p 9 times Price earnings ratios were calculated based on the companies current share price and the estimated earnings per share for year 2011. P/E ratios calculated this way are known as forward price earnings ratios. Forward P/E ratios can give investors a more meaningful result than do trailing P/E ratios that are calculated by dividing the current share price by the trailing earnings per share for the last 12 months. Trailing P/E ratio is a historic measure while forward P/E is more useful and informative. After all, it is the future that counts; you are paying what the company will do in the future rather than what the company did in the past. Another reason that forward P/E ratios are used in this case is that the P/E for Lloyds could not be calculated by using EPS of the past 12 months because the firm had a bad year. Lloyds suffered a loss of 0.5p per share and calculation of P/E based on this figure would give a meaningless result. The figures presented at the table above suggest that the market has more confidence in the ability of RBS to continue increasing its earnings, but at the other side it believes the outlook for Barclays is unpromising. A high P/E ratio indicates that investors are paying more for each unit of earnings, so the stock is more expensive compared to those stock with low P/E ratios. The P/E ratio is commonly used to assess the level of confidence investors have in a company. It represents the markets view of the companys growth potential. A high price-earnings ratio indicates that investors have a high level of confidence in a companys future prospects. As we can see from the table presented, RBS has the highest price-earnings ratio, indicating that investors of the Banking sector have a high level of confidence in the companys growth potential prospects, it might equally be considered to be overvalued depending on prevailing market circumstances. RBS has a P/E ratio of about 13, implying that investors are currently willing to pay 13 for every pound of earnings RBS generates. Similarly, Barclays P/E ratio of around 9 implies that investors are currently willing to pay 9 pounds for each pound Barclay makes. For a different perspective, try flipping the P/E ratio to an E/P ratio, commonly referred to as the earning yield. Like a yield on a bond, this number shows a companys annual earnings as a proportion of its market value. Buying one share of RBS at 44.66p, with EPS 3.4p equates to an earnings yield of 7.6% (3.4p divided by 44.66p). For Barclays, the earning yield is 11.1%, because each share, currently trading at 315p is expected to generate a 34.99p in earnings per share. In long run, Barclays investors theoretically should earn a better rate of return than RBS investors for each pound invested. Yet the true outcomes could be different. The question that arises is whether the difference in P/E ratios alone makes one company a better investment than the other. Fundamental problems exist with the P/E ratio. First, the share price (P) doesnt consider debt since it is the equity price of a business. That is fine with companies without debt, like Google or Microsoft but not for the companies chosen. For instance, business with a market cap of 5 billion, with 1 million of net debt on the balance sheet, has an enterprise value of 6 billion. If this company earns 500 million in profit in a given year, the P/E ratio will be 10; but in reality, investors should see 12. The logic embodied in the conventional wisdom that high P/E ratios are good and low P/E ratios bad, is given by the dividend growth rate equation at which dividends (D) is expressed in terms of EPS (E) and retention ratio (b). The firms required rate of return r, can be given as follows: where i is the firms expected rate of return on future investments. From this equation is obvious that for any given r and b, the smaller the fraction [E1/P0] is, the larger i must be. Since [E1/P0] is the inverse of the P/E ratio, a small [E1/P0] corresponds to a high P/E ratio. Therefore, all else being equal, the higher the P/E ratio, the higher must be the expected rate of return on future investments; or, more simply, a high P/E ratio such as RBSs corresponds to good future investment opportunities, while Barclays with the lowest P/E ratio doesnt correspond to good future investment opportunities. Remember the P/E ratios are calculated based on estimated (average) earnings per share. But actual values almost never equal the average. A firm can have a very high P/E ratio during a bad year and a very low during a good year, yet in both cases, the firm may not have changed fundamentally. A high P/E ratio of 13.1 times for RBS is the result of low earnings (3.4p) rather than high expected rate of return on future investment. Note that RBS with the s mallest share value (44.66), has a P/E ratio that is the highest due to very low EPS, the smallest of all companies. The conventional wisdom about P/E ratio can be altered also by the possibility that earnings are not reflecting the actual outcome. For example, a land sold would create large profits due to the large difference between its historic cost listed on its balance sheet and the current market value. Or, the firm recognizing a bad debt that has existed for several years. Another possibility that can alter the conclusions about P/E ratios is changes in the firms accounting procedures. For example, a change of how the firm estimates its inventory, from the First-in-First-out basis (FIFO) to the Last-in-First-out basis (LIFO), lead to a decrease of the firms reported earnings in times of inflation. A change in the measure of earnings can cause a change in the P/E ratio that really indicates nothing new about the value of the firm. It can also be suggested that risk will influence the P/E ratio to the direction of influence needs careful consideration. Responsible for differences between the reported P/E ratios is also the expected growth and the way it depends in part on the level of investment and in part on the profitab ility of the investment. Specifically, one can conclude that a lot more information is needed than just the P/E ratio to estimate the value of a share of stock. QUESTION 3: Rights Issues QUESTION 3) a) i) Almost all quoted companies in UK that wish to raise money do so by means of a right issue. A right issue offers existing stockholders the right to buy new shares in proportion to their existing holdings. Rights issues allow stockholders to maintain their interest or proportionate share, in the ownership of the company, by ensuring that new shareholders are not brought in the company to the disadvantage of existing shareholders. Existing shareholders can exercise or sell their rights to other investors who would like to subscribe to the issue. Specifically, RBS wish to raise 12 billion of new equity capital and will do so by means of a rights issue. RBS shareholders are invited to subscribe to the right issue with an entitlement of 11 new shares for every existing 18 shares they hold at an issue price (PS) of 200p. The subscription price the price of the new shares is pitched below the current market price of 372.5p (P0). The discount offered as an inducement to shareholders to subscribe to the new issue is equal to approximate 46.31% (d). The 200p subscription price is calculated as given below: Once RBS decided on the level of funds (F) to be raised and the subscription price (PS), the number of new shares (ÃÆ'Ã… ½Ãƒ ¢Ã¢â€š ¬Ã‚ N) to be issued can be calculated quite easily: 12 bil / 2 = 6 billion of shares And once the number of new shares to be issued is known, the number of shares [N(R)] which an investor must hold to be granted one right can be calculated: The number of shares outstanding prior to the right issue (N0) must also be calculated in order to determine the ex-rights price. The determination is given below: The ex-rights price will be a weighted average of the pre-issue price and the subscription price: the weights being given by the ratios of the number of pre-issue shares to the total number shares outstanding following the issue: So, 3.07 The market value of a right [V(R)] depends on the difference between the subscription price (PS) and the expected price of the share following the new issue (PX). 1.07 QUESTION 3 a) ii) Rights issues are made at a discount, partly to make them look attractive and plus encourage stakeholders to subscribe, and partly against the risk of a fall in the market price during the offer period. Whether to invest in the rights or to sell them is the best choice for an investor will be analyzed furthermore. Assuming that a shareholder owns 900 shares of RBS, through the rights issue he can buy 550 shares at 200p (11 new shares for every 18 existing). Wealth Effects: the initial wealth with 900 shares at value P0 = 3.72 is: Initial Wealth = 900 * 3.725 Invest in the rights: This will happen only if the shareholder has the resources to acquire the additional shares and believes this is the best way to invest his money. Moreover a shareholder may invest in the rights because there are bi stamp or duty brokers commissions payable, and the desire to maintain ones existing share of voting power. Value of new investment = 3,352.5 + 1,100 = 4,452.5 The value of investment at the ex-rights price will be: Value of investment at PX = (900+550 shares) * 3.07 = 4,452.5 Thus, the impact on the shareholders wealth will be 0. Sell the rights This will happen if the shareholder wants to maintain his existing investment in the company in value terms. In the beginning the shareholder will lose from the fall of the share but he will cover from the loss through selling the rights. If the shareholder sells the rights, the value of his share at the ex-rights price will be: Value of shares at PX = 900 shares * 3.07 = 2,763 The declines in the shareholders wealth will be: Decline in shareholders wealth = 3,352.5 -2,763 = 589.5 The amount that the shareholder will acquire from the sale of the right at VR = 1.07 will be: Value from sale of the right = 550 shares * 1.07 = 589.5 Thus, the impact on the shareholders wealth will be 0 From the above analysis it is obvious that the shareholder wealth remains unchanged after the rights issue ether if e invests in the rights or sells the rights. The wealth of the shareholder will change only when the new issue leads to the re-appraisal of the firms value. This happens because issue of new shares at a discount leads to the fall in the value of existing shares thereby offsetting the value of the right. QUESTION 3) c) The Royal Bank of Scotland (RBS) announced a rights issue in order to raise 12 billion, which is considered the largest UK equity issue at that time. Under the terms of the rights issue, 11 new shares will be offered to existing shareholders for every 18 shares they hold. The subscription price is pitched well below the current market price of 372.5p. The discount offered as and inducement to shareholders to subscribe to the new issue is equal to 46.13%, well above the conventional level o f 15 to 20 per cent. The discount is pitched at this level in order to assure that the subscription price of 200p [372.5 (1-1.46310)] will remain below the market price over the offered period. The size of the typical discount drifted upward since the stock market at that time became more volatile and because of the size of funds needed to be raised. At first sight it might appear that the rights issue mentioned above is an attractive proposition for shareholders. The right issue allows the shareholders to increase their holdings of shares in the company at a discounted price, but a closer look at the mechanics of a rights issue reveals that it leaves the wealth of the shareholder unchanged, because the value of the existing shares falls, and this fall offsets the gains provided by the subscription. If the market price of the shares of RBS remains sufficiently above the subscription price of 200p the issue is likely to be successful, otherwise underwriters guarantee to take up any shares which the shareholders decline to acquire. Specifically, in the case of RBS, the bank agreed with its lead banks that fees would be 1.75 per cent of the proceeds of the average issue. These investment banks that lead the issue will only absorb some of the risk since most of it is passed onto the sub-underwriters of other merchant banks and institutional investors such as insurance companies for a fee of 1%. The question that arises is whether the company will be obtaining value for money for the underwriters fee of 1.75 per cent of the proceeds of the issue. In later study, Marsh (1980) found out that underwriting is highly profitable on an ex post basis. In 671 rights issues, only 35 led to losses with an average loss of 4.2%. In the case of RBS, the underwriters were left with unsold shares of less than 5 per cent since 95.11 percent of the shares offered had been taken by the investors. The remaining 299.4m shares were sold at profit by the underwriters, at a price of 230p a share, raising an additional 688.6m (299.4 m sha res times 2.3p) As Merret, Howe and Newbould (1967) comment in one of their first studies, the underwriting charges in the case of rights issues seems somewhat excessive for the minimal risks actually borne bye the underwriters. To incorporate the effects of risk mentioned above the underwriting contract should be viewed as a put option (Marsh 1980). RBS, the issuing firm is in the same position as an investor holding a put option, while the underwriter of the right issue is considered as the writer of a put option. The potential losses or gains of the underwriter are equal to the potential gains and losses of the issuing firm. Marsh found that the cost of underwriting produced an average excess return to the underwriters of 0.7 percent and only in 14% out of 539 underwritten issues the value of the put option element of the underwriting agreement appears to be greater than the fees charged. It seems logical to conclude that underwriting fees are used to compensate for other services provided by the merchant banks, for which explicit charge is not being made. Underwriting cannot be considered too expensive if this is the case. The profit and loss associated with an underwriting agreement as a function of the share price are illustrated in the figures below: (a) PROFIT LOSS FOR RBS UNDERWRITING FEE (+) profit Market share price (-) loss 0 (b) PROFIT LOSS FOR UNDERWRITERS UNDERWRITING FEE (+) profit (-) loss 0 QUESTION 3) d) Alex Porter of Collins Stewart views that investors should take up the rights offered by RBS because buying shares at 200p is incredibly cheap since the 2009 estimated earnings per share of 37p and a price-earnings of 9 indicate that the price of share will be raised to 333p (374p x 9). RBS rights issue seems as an attractive proposition for shareholders since they are given the right to subscribe to additional shares at a discount above the conventional level of 15% to 20%. On the other hand, RBS has employed a large price discount (46.31%) and faces the risk of the dilution of earnings, dividends and assets. The lower the subscription price the larger the number of shares that must be sold in order to raise the fund required by the company. In the case of RBS, 6 billion shares must be issued in order to raise 12 bil of equity capital. There is a fear that the increased claims of the firms earnings, dividends and assets will lead the stock market to react adversely to this dilution. An adverse reaction implies that the investors are unable to differentiate between nominal and real changes and that the stock market is inefficient. The fall in earnings per share, as more shares have to be issued to raise the funds required, will be matched by the fall in share price. The fall in share price will be compensated by the increase in the number of shares, leaving the earnings yield of the stockholders overall stake in the company unchanged. As a conclusion I believe that Porters statement is misleading and creates a misunderstanding, since it implies a share price of 333p which is far greater than the expected ex-rights price of 307p calculated. The belief that the price of share will have a future value of 333p is very optimistic since the financial crisis of 2007 is considered by most economists the worst financial crisis since the great Depression to the 1930s. There is a fear that the European banking system may collapse as did large financial institutions in the United States. Specifically, S P no longer considers the UK banking sector to be one of the lowest risk and secure banking systems because of the countrys weak economic environment, the reputational damage experienced by the banking industry, and high dependence on state support programs. The risk profile of UK banks is affected by anticipated system-wide, domestic non-performing and impaired loans that will remain high throughout 2009 and 2010, linked to high levels of household and corporate debt. The uncertainty surrounding the banking industry must be taken into consideration in analyzing the statement of Porter which is in my opinion very optimistic. One, b efore deciding buying RBS shares offered at 200p, should consider whether RBS will remain in the following years, structurally strong, and a business that will continue making profits under the conditions discussed above. QUESTION 4: Options QUESTION 4) a) An option gives the holder the right to buy or sell on asset by a certain date for a certain price. The option that gives the holder the right to buy is called call option and the one that gives the holder the right to sell is called put option. The price in the contract is known as the exercise or strike price (x), and the date in the contract is known as the expiration, expiry or maturity date. The fact that distinguishes options from other contracts (futures of forwards) is that the holder does not have to exercise the right that the option gives him. For an option contract an investor must pay an up-front price, known as the option premium (c). In the specific question we are asked to explain why call option traded on Marks Spencer shares are trading in November than those trading in September. There are many factors that influence stock option prices, and the most important are given below: The current stock price (S0) The strike price (x) The time to expiration (T) The volatility of the stock price (ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢) The risk-free rate (r) The dividends expected during the life of the option Specifically in order to give an adequate answer to the question involved, we will discuss what happens to the call option prices of Marks Spencer when one of these factors changes (the time to expiration) while the others remain fixed. Options are referred to as in the money, at the money or out of the money. A call option is in the money when sk, at the money when s=k, and out of the money when sk. Clearly the option will be exercised when it is in the money and the payoff will be the amount by which the stock price exceeds the strike price (s-x0), which is called the intrinsic value of an option. As the stock price increases, than call option becomes more valuable. Therefore the longer the time that a call has to run to maturity, the greater the scope for the price to rise above the exercise price. The probability to notice big variation between the share price at expiration and the strike price is higher, the longer the maturity period of the option. Another important element is that in call options there is a limit to what can be lost which is the call premium while the gains are unlimited. In other words, gains and losses are not symmetrically distributed for a call option. Although European call options usu ally become more valuable as the time to expiration increases, this is not always the case. Consider two European call options on a stock: one with an expiration date in one month, the other with expiration date in two months. If a very large dividend is expected in six weeks, this expected dividend will cause the stock price to decline, so that the short-life option could be worth more than the long-life option. QUESTION 4) b) A straddle is an option strategy that involves taking a position in both calls and puts on the same stock. Specifically, in a straddle, an investor buys a call and a put option which have the same exercise price and expiration date. When the share price at the time of expiration (ST) is greater than the strike price (x), the call option is exercised. The put option is exercised when the strike price (x) is greater than the stock price (ST). The exercise price of 210p has a call premium in November equal to 24.5 (C0) and a put premium equal to 22 (P0). The amount paid from the investor for this specific combination called straddle will be equal to: C0 + P0 = 24.5 + 22 = 46.5 The profit pattern is shown in the following table: Action ST CFT from Call CFT from Pull P/L CF0+CFT Exercise Put 130 0 (210-130)-46.5 33.5 Exercise Put 163.5 0 (210-163.5)-46.5 0 Exercise Neither 210 0 0 (46.5) Exercise Call 256.5 (256.5-210)-46.5 0 0 Exercise Call 290 (290-210)-46.5 0 33.5 Long Straddle -24.5 -46.5 -22 Profit or loss Put only Call only 163.5 210 256.5 Straddle ST This specific long straddle strategy will yield a profit if ST is above the upper breakeven point of 256.5 and below the lower breakeven point of 163.5. Between the two breakeven points (16.5, 256.5) the specific strategy will yield loss with a maximum value of 46.5. An investor might consider worthwhile to invest in a straddle if he believes that there are likely to be big movements in the stock price, and these beliefs must be different from most of the other investors. A straddle seems a natural trading strategy in the case that a big move is expected in the companys stock price because there is a takeover bid for the company or the outcome of a major lawsuit involving the company is about to be announced. In other words, someone may take a long straddle position if he thinks the market is highly volatile, but does not know in which direction it is going to move. This position is a limited risk a purchaser of a straddle may lose the cost of both options but there is an unlimited profit potential. In contrast, a short straddle position is highly risky because the potential loss is unlimited, while profitability is limited to the premium gained by the initial sale of the options since short straddle is a strategy that involves a simultaneously sell of a put and call option. QUESTION 4) c) A zero sum game is one where for every winner you must also have a loser. In other words for every person who turns a profit someone else must suffer a corresponding loss. Financial markets offer many examples of zero sum games. For example the writer of an option can only gain what the holder loses and vise-versa. Specifically, the profit of the writer is a mirror image of the holders loss. This situation is given in the following diagram: Profit graph for a call writer and investor Investor Buyer Long position Seller Writer Short position Profit Loss -c +c ST X When the share price at expiration (ST) is lower than the exercise price (x), the call option will not be exercised by the investor. The investor of the particular option will suffer a loss equal to the call premium (-c). This particular loss will be the profit to the writer of the call option (+c). On the other hand, if the exercise price (x) is not above the share price at expiration the profit of the investor [ST (x+c)] will be the loss of the writer [(x+c)-ST]. All the above are summarized below: Share price Investor Writer Both PL STX -C0 +C0 Æ’Ã ¢Ã¢â€š ¬Ã‚   STX ST-(X+C) [-ST+(X+C)] Æ’Ã ¢Ã¢â€š ¬

Example of Research Proposal Paper

Case of Research Proposal PaperIn a report that is finished by investigate researcher, it is normal that he gives a case of research proposition paper. Furthermore, it can incorporate instances of research approach. Toward the finish of the examination, if an end can be set up, the outcome will be valuable and enlightening for others.The instances of research and procedure that can be given are more than the incredible models that we have in our lab. What's more, there is a purpose behind this. Since these are genuine instances of examinations that can be utilized to show logical rules that can be applied in various regions of the logical research. Such models can be unique in relation to other useful cases, since they incorporate genuine cases that can be utilized to exhibit the standards of science in various fields of science.The perfect science analyze is one that can give results. The common kind of trial that can be utilized is the exhibit of a standard of material science, sci ence, science, or other field of science. This kind of trial can be a presentation of how the standard of the trial applies to different territories of the field. They can likewise be utilized as an introduction of how the standard is utilized in practice.There are numerous kinds of tests that can be utilized. One of them is the exploratory structure where the individual answerable for the examination has the obligation of planning the test. It might be the experimenter or the individual liable for building up the test to achieve the motivation behind the analysis. Another kind of investigation that can be utilized is the structure and gadget tests where the experimenter, the analysis procedure, and the contraption are for the most part not quite the same as each other.The reason that the individual liable for the trials should design out and sort out the test and be inventive is on the grounds that the plan and system of the trial rely upon the item that is being examined. The plan of the examination can incorporate a few things that decide the aftereffect of the test. The articles that will be remembered for the examination can likewise be remembered for the trial. This is important, on the grounds that the articles are not there to watch, just to be utilized as controls.There are a few circumstances that will be probably not going to happen. The nature of the conditions must be checked before the examination is finished. The arrangement for the analysis must remember the path for which the trials should be possible and the conditions. The conditions must be acted in nature of the experiment.There are various ways that a case of research proposition paper should be possible. The best instances of research proposition paper will be founded on logical standards. Be that as it may, when that is unimaginable, a case of research proposition paper will consistently be accessible to be utilized by the individuals who will compose it.

Secret Facts on Cause and Effect Essay Topics List That Only the Pros Know Exist

<h1> Secret Facts on Cause and Effect Essay Topics List That Only the Pros Know Exist </h1> <h2> The Lost Secret of Cause and Effect Essay Topics List</h2> <p>What you seek to train your peruser will pick the sort of your paper. You will perhaps bomb the program. In front of the activity of composing first draft article for your assignments of circumstances and logical results exposition it is indispensable to have a brilliant subject for it. On the off chance that you might want to do an extremely excellent activity, when you have completed your outline, you should return and think about the first article one last second. </p> <p>Non fiction is every now and again an unrivaled example of interpretive composition. Composing can be a startling demonstration, especially on the off chance that you don't do it regularly. Composing articles is a straightforward ability to ace. For instance, you can take convincing paper, explanatory article help and help recorded as a hard copy factious papers as well. </p> <h2> What Everybody Dislikes About Cause and Effect Essay Topics List and Why</h2> <p>Direct Impact A chief immediaty affects a partnership's exhibition in the stock business. Worth might be utilized close by shading. The title that you pick to use for your paper will consistently decide such a great amount about any of this, so unmistakably more than you may even think about. Modest and brilliant assistance is given promptly and that is the motivation behind why Students Assignment Help is famous with understudies of earth.</p> <p>Anxiety for a turmoil is seen in about 8% of young people and children around the world. Expounding on the explanation and impact paper points identified with the school's ubiquity or enduring the underlying year in school may be fine to get the enthusiasm of your friends. Other kids notwithstanding grown-ups may excellently affect a wide arrangement of issues in the youth's life, remembering accomplishment for school. Mind Like not many various exercises, the music includes the utilization of the whole cerebrum. </p> <h2>What Is So Fascinating About Cause and Effect Essay Topics List? </h2> <p>You should remember that cooperating with us is quickly guaranteeing your work will seem proficient and ideal for your prerequisites. You can ensure that your work shows up totally proficient without utilizing a decent arrangement of work. The unrivaled way you're probably going to compose well is should you work at it. Record all that you may think about your subject. </p> <p>The cost of a paper relies on the aggregate sum of exertion the author needs to apply. The absolute initial step of composing a breathtaking intelligent paper is choosing a subject, so pick astutely! Use what you read to help you make some hunt terms, and to help you pick your own position. Recorded as a hard copy your exposition, you should offer foundation data that in truth outfits the theme to the intended interest group. </p> <p>The body would examine the data which you gave in the introduction of the article, in the occasion you are overseeing numerous causes or impacts, you can talk about them individually in unmistakable sections. At definitely a similar time, distinguishing circumstances and logical results connections isn't that simple with respect to the determination of a generally excellent circumstances and logical results paper theme. Each time a renewed individual is talking, you should start another section and indent. </p> <h2> Details of Cause and Effect Essay Topics List </h2> <p>You certainly require a sorted out stream. You might be irate or baffled, yet there may be long haul impacts as well, similar to a potential increment in pulse. Obstinate reactions are to some degree all the more intriguing. </p> <p>You can improve, even if you believe you can't. There are different sorts of circumstances and logical results that somebody may consider. You should take care not to utilize a low-quality help which won't aggravate your work appear. </p>

Using Essay Sample on Your Essay

<h1>Using Essay Sample on Your Essay</h1><p>There are a wide range of ways you can add substance to a paper for school. You can utilize online paper tests, a composing programming, and even feature a mind-blowing pieces that make you unique in relation to different understudies. One way that you can customize an exposition test is to embed data about your inclinations. On the off chance that you are truly keen on finding out about what you like to do in your extra time, you can utilize this chance to discover instances of what you enjoy.</p><p></p><p>For model, on the off chance that you appreciate cultivating, the points you might have the option to use for your exposition test could incorporate things like 'What I Like to Do With a Weed Whacker,' or 'My Love of Gardening,' or even, 'What I Am Good at Doing With the Garden Gnome.' Make sure that you find out about the significance of terms utilized in paper tests so you comprehend what the t erm implies in setting. This will assist you with deciding whether you should attempt to place a particular thought into the essay.</p><p></p><p>When it comes to topics in papers, you will need to realize how to remember more than one thought for your article test. You will need to be cautious when you join such a large number of thoughts since you would prefer not to confine yourself. In the event that you need to find out about how to consider this subject, you will need to peruse a portion of the thoughts that you have about the point and afterward include your own thoughts based your knowledge.</p><p></p><p>On the other hand, on the off chance that you have numerous interests, you might need to investigate premium based articles. In these sorts of articles, you can remember for the paper instances of what you like to do and with whom. This can truly assist with making your point interesting.</p><p></p><p>One of the most fascinating subjects that understudies have concocted is the subject of music. They need to expound on what they like to do with their music assortment. They will likewise need to think about what kind of music they appreciate and how it identifies with their instructive experience.</p><p></p><p>Hiding behind an interest or something that is extremely close to home, can assist with monitoring the paper. While it is anything but difficult to get enveloped with your own life, you can in any case think of incredible articles that manage a subject that you are energetic about. Keep in mind, in the event that you need to add another subject to the paper, you should deal with this first.</p><p></p><p>In the start of the exposition, record a rundown of the things that you know and do and the things that you appreciate doing. From here, you can likewise choose whether or not you might want to discuss how your pastimes identify wit h your coursework. On the off chance that you would prefer to maintain a strategic distance from this, you might need to inquire about your leisure activities and discover which ones you truly enjoy.</p><p></p><p>Writing an exposition for school is one of the most testing things you will ever do. It is significant that you realize how to deal with your exposition, despite the fact that the topic may be something that you aren't acquainted with. At the point when you become alright with your subject, you will find that it won't be close to as troublesome. Remember this when you are getting ready to compose your essay.</p>

Getting Rid of Papers and Books From College

<h1>Getting Rid of Papers and Books From College</h1><p>Gone are the days when understudies were relied upon to simply return home after school and dispose of papers and books from school. This is on the grounds that understudies of today, both on the web and nearby, are frequently excessively occupied with different duties, for example, family or work to consider getting their things together. Most understudies have occupied ways of life and can't stand to put time in arranging their things. Numerous understudies would prefer to pack their things and leave school before returning home to have the option to do these activities.</p><p></p><p>In request to limit the exertion and stress that understudies need to confront, the school they are going to has begun to furnish understudies with different choices. At certain schools, understudies are required to simply return home and pack their things all alone. These understudies can likewise pick to leave school ahead of schedule for reasons unknown or another. In any case, a few schools despite everything demand that understudies must get their things together, since a portion of the books and papers are irreplaceable.</p><p></p><p>In these cases, schools have been attempting their best to change their strategies to all the more likely suit the requirements of understudies on school grounds. One approach to help reduce this issue is by permitting understudies to send the entirety of their trade-in books and utilized archives back to the library. In these circumstances, understudies who basically don't have the opportunity to return to the library to get their stuff are given various choices to browse. These incorporate sending the materials straightforwardly to the library or getting them the campus.</p><p></p><p>Sending an understudy's materials back to the library is normally not permitted in light of the fact that it is accep ted that the books and papers are significant. In the event that these materials don't have any an incentive to the understudy or their family, they ought not be sent back to the library. The utilization of the library is additionally constrained to specific people. There is typically no chance to get for the library to reuse these materials.</p><p></p><p>Some understudies are permitted to utilize their own particular manners to get their stuff. Some school grounds have a reusing focus where the materials can be brought for reusing. These materials would then be able to be reused into new items. The most exceedingly awful thing that can happen is that the materials will wind up in a landfill; notwithstanding, this is more a custom than anything else.</p><p></p><p>Students who need to get their stuff subsequent to leaving school grounds need to ensure that they don't wreck the significant things by utilizing any of the previously mentio ned techniques. On the off chance that there are different understudies in the apartment or the extra room, they should ensure that they discard the pieces. The lost things ought to be come back to the college library without fail.</p><p></p><p>Materials that are increasingly uncommon and have a high money related worth, for example, adornments or PC hardware, ought to be saved for the understudies to keep or for future undergrads to acquire for themselves. These sorts of materials ought to be painstakingly kept, as they can be costly to supplant whenever broken. It is ideal to abstain from tossing these things away.</p><p></p><p>When intending to leave school early, or disposing of papers and books from school, this is a vital advance in accomplishing individual satisfaction. It isn't the obligation of each understudy to pack their things. With the accessibility of the previously mentioned choices, understudies are bound to have the o ption to get past their school involvement in as meager worry as possible.</p>

What Makes The English Essay Samples Upsr Great?

<h1>What Makes The English Essay Samples Upsr Great?</h1><p>The English Essay Samples Upsr offers an easy to use interface, which will permit an understudy to peruse the examples surprisingly fast. There are a few things to note about this software:</p><p></p><p>First, it's exceptionally simple to explore through the means of the paper and discover the example that suits you. The Upsr has a clever auto-propose include. It proposes test letters, paper themes, and recommended exposition inquiries as indicated by your specifications.</p><p></p><p>Second, you will have the option to look over a wide assortment of subjects. This incorporates different kinds of writing, history, phonetics, software engineering, and so on. It additionally has a special component wherein you can reorder starting with one section then onto the next and have the entirety of your progressions spared naturally. This is extremely useful on the off chance that you stall out on a specific point.</p><p></p><p>Third, it's generally speedy in contrast with other altering programming that may take as long as three days to alter a common English article. With the examples upsr, you can have a new beginning on the absolute first section by the utilization of the programmed arranging highlight. As you finish each sentence, you will be given the alternative to change it and spare the overhauled piece.</p><p></p><p>Fourth, the expositions that have been delivered by the paper tests upsr were composed by English majors. Subsequently, in the event that you are chipping away at a perplexing paper, you can utilize the propelled editorial manager capacity to make a revised variant of your exposition. It has an improved visual organization, which makes the entire altering process snappy and easy.</p><p></p><p>Fifth, a large portion of the papers created by the article tes ts upsr were edited by experts who have breezed through the English piece significant tests. Along these lines, you won't need to stress over linguistic mistakes or wrong accentuation. You will likewise find that there are test papers that have been remembered for the example library that you can use for practice.</p><p></p><p>Sixth, the language and spelling rules in the English writings are very severe, in this way, you won't need to stress over amending or adjust your work. In any case, it helps to contemplate and comprehend the standards first before you endeavor to edit.</p>

How to State What Your Writing About in an Essay

<h1>How to State What Your Writing About in an Essay</h1><p>If you're perusing this article, at that point the odds are acceptable that you are considering how to state what your expounding on in an exposition. At any rate, you have a thought of how to do it on the transient premise. Be that as it may, imagine a scenario in which you were approached to do this for a proposition or paper. You're going to need to acclimate yourself with these guidelines.</p><p></p><p>First off, you have to ensure that you put the point first. For example, on the off chance that you were expounding on human instinct, at that point the presentation ought to be based on that. The center is the place you can move into a specific point. What's more, the end is the place you wrap up your topic.</p><p></p><p>Your proposal and the point you are examining ought to be elegantly composed simultaneously. Put your proposition on the left side and the subject on the right. It's practically difficult to look into something that doesn't have a postulation behind it.</p><p></p><p>Make sure that the title you pick is fitting for the subject you are inquiring about. In case you're contemplating Shakespeare, for example, you would prefer not to title your article 'The Prince and the Pauper.' It makes you sound silly and it's simply not a legitimate topic.</p><p></p><p>Your point is what you will utilize your composition for. Use it to help characterize your subject. Obviously, as you keep perusing the papers that others compose, you'll need to begin characterizing your own subject for your own purposes.</p><p></p><p>Don't give an excessive amount of data in case you're just going to talk about a couple of fundamental thoughts. A solitary thought is fine. In any case, in the event that you do wind up looking into various changed subjects, you should be cautious tha t you don't risk excessively. This is particularly evident if the subject has countless factors that may come up throughout the research.</p><p></p><p>Research various things. Never simply depend on the nuts and bolts. As you keep on perusing, you'll begin to understand that there are various points of view to a certain topic.</p><p></p><p>The last thing to recollect is that when you're perusing others' papers, ensure that you focus on what they are stating about the subjects that you're finding out about. Have the option to spot mistakes in syntax and sentence structure, regardless of whether they are because of a paper that you've just perused. Have the option to check whether the essayist is negating their own perspectives on a specific topic. In the event that they are, discover another essayist who is learned on the subject that they are discussing.</p>

Essay Topics For 2nd Graders

<h1>Essay Topics For second Graders</h1><p>Your article themes for second graders ought to be centered around a particular topic. All themes ought to be written such that it tends to be dismantled and comprehended. To assist you with your article points for second graders, here are a few hints to kick you off. The initial step to composing your theme is to choose what subject you need to compose about.</p><p></p><p>Before you pick a point, you have to choose whether it will be a general subject or a claim to fame subject. Your point should be the focal point of your whole exposition, so ensure that you will put forth an admirable attempt to respond to this inquiry. For instance, in the event that you need to discuss pets, you should go to the pet store and discover a book on pet consideration. Having a general theme would be fine, however a forte point may be something more specific.</p><p></p><p>After you have chosen what kind of theme you will expound on, you should now consider optional subjects to add to the point you have picked. This is much the same as the normal and essential data that you would need to discuss in some other subject, yet you should incorporate it with greater explicitness to ensure that your theme has a strong establishment. For instance, on the off chance that you need to discuss sports, you can include an article about the most acclaimed group that played their game before, and how it achieved their objectives, just as how they lost and how they got back up again.</p><p></p><p>Now that you have chosen a general theme and a claim to fame subject, you can begin pondering how to make exposition points for second graders. Start by posting all the themes that you have just decided for your exposition. In the event that there are some that you haven't knew about, investigate it before you start composing your paper. By having a rundown of subjects prep ared, you will have a superior possibility of finishing your undertaking without getting lost and going over themes that are not critical to your topic.</p><p></p><p>After you have recorded all the points you have picked, list all the tips that you know to compose your article points for second graders. This incorporates giving the reasons why the subjects are significant, the effect that they have on your understudies, the points that they learn, and the explanation that they ought to learn them. The greater part of all, you need to show your understudies that you care about them and that you comprehend what is essential to them.</p><p></p><p>You should consistently remember that your primary thought is your point. After you have recorded your subjects, you have to concoct a fundamental thought and an unmistakable completion point. After you have made sense of what your fundamental thought is, begin concentrating on what your paper is going to state by posting down each and every detail that you have to examine. In the event that you have to give models, use models that you can discover in the book that you bought at the pet store and utilize the models as you give your understudy the explanation.</p><p></p><p>The last advance to composing your paper themes for second graders is to dispose of whatever isn't expected to discuss. Ensure that all the data that you utilized is for their advantage and not for yourself. You may be utilizing what you have assembled and learned for the duration of the day to clarify your themes. On the off chance that they don't have to know this data, you shouldn't have the option to utilize it since it is as of now obsolete and useless.</p><p></p><p>You have been provided these tips so as to assist you with thinking of paper points for second graders. The best thing that you can accomplish for your understudies is to utilize them and you won't be sorry you did. Composing for youngsters isn't a simple errand, yet it very well may be made simpler by following these ideas.</p>

Look For Topic Ideas For An Essay Or Course

Look For Topic Ideas For An Essay Or CourseLooking for a topic to write an essay on? Here are some lesson learned essay topics to consider.The first topic to think about is politics. The world is in turmoil and in one of the most famous moments in US history, people are debating who was responsible for the Iraq war. There is a hot debate going on about what would be the best course of action to take. Political leaders from both sides of the political spectrum are advocating different opinions.Another topic to consider is the history of the world. Why do we make these mistakes? If we can figure out how we got into this mess, can we learn something from our mistakes? If we can stop doing the things that caused us to get here, we may be able to figure out a way to avoid this situation.Science and technology are also very popular. They are in a state of constant improvement and if humans were not in charge of them, they would have never been discovered. The speed at which technology has advanced is amazing. Every day there is something new that is discovered that could help mankind and may have some beneficial applications in the future.Next, here are some essay topics that deal with education. Everyone needs to learn something. Teaching our children is important and the world needs to know how great our teachers are and how much they do for our children. We should keep a positive attitude when it comes to learning and raising our children. It is important to learn as much as we can, but the less we learn, the less we grow and the more complicated the world becomes.Another topic is looking for love. If you look around you, you will see many couples who seem happy together and with whom they can raise a family. Each couple has their own life story and that is why they are happy, they have come together to create something special.Another topic is looking for love again. If we all had a chance to go back in time and change our pasts, would we make the right choices? It is important to choose the right one today and see what the future brings. Living a happy life, with many loving relationships is a good thing.Art is a great topic. You may find the world of art more enjoyable than other subjects because of the various styles of the artists. Music is another good subject to write about. There are music producers who make money selling tickets to famous concerts and then they split the money among the performers.

Importance And Significance Of Forgiveness - 2326 Words

The topic of this paper is the importance and significance of â€Å"forgiveness† in resolving conflict. To resolve a conflict, forgiveness is at some point is a must. It may not come immediately but one has to be open to having the ability to both give and receive it in order for reconciliation to be successful. One may ask how forgiving someone they are in conflict with is important to achieving a positive outcome such as reconciliation. This paper is going to explore that question and show that yes, having the ability to forgive, is very significant in finding a resolution to the conflict. It will research viewpoints on forgiveness and its much needed contribution to resolve a conflict. It will look into how the field of psychology views the importance of forgiveness and that of a biblical worldview and even the effects it can have on your daily health. Not everyone looks at forgiveness the same, most all want some kind of resolution or reconciliation when conflicts arise. In some people, forgiveness comes naturally but in others it can be learned. Ephesians 4:32 â€Å"Be kind to one another, tenderhearted, forgiving one another, as God in Christ forgave you† (Holy Bible ESV). The purpose of this paper is providing research to show the importance of forgiveness, both of oneself and to others, because without it, some conflicts become never-ending. Forgiveness is a â€Å"way of healing human relationships and solving human conflicts† (Gopin, 2001, para. 1). Forgiveness comes in manyShow MoreRelatedImportance And Significance Of Forgiveness2610 Words   |  11 Pages The purpose of this research paper is the importance and significance of â€Å"forgiveness† in resolving conflict. In order to resolve a conflict completely, forgiveness is at some point is a must. It may not come immediately, and an ‘I’m sorry’ may not be enough for one person to be able to forgive the other, but one has to be open to having the ability to both give and receive it in order for reconciliation to be completely successful. One may ask how forgiving someone they are in conflict with isRead MoreSimilarities Between Oedipus Rex And The Kite Runner941 Words   |  4 Pagesbeen. One of the most important similarities is the theme. This essay will explore these two works by looking into the similar themes, how the themes are treated, and the importance of similar themes. Themes are one of the most important parts of any form of literature. In these two works, the general theme of sin and forgiveness is shown. In Oedipus Rex, the theme of sin is shown through the prophecy that Oedipus will kill his own parents. The play also uses sin in the sense that the city is pollutedRead MoreAnalysis Of Richard Linklater s The Tempest 896 Words   |  4 Pagesnot yet been realised can become prominent in one s life. The play The Tempest written by William Shakespeare encompasses many personal discoveries, which lead to consideration of the authority the characters rightfully possess and the importance of forgiveness and reconciliation in their lives. Similarly the modern film Boyhood directed by Richard Linklater, also explores these ideas, however, they are depicted in relation to growing from childhood to adulthood and developing an individual ethicalRead MoreImportance of Self Knowledge and Forgiveness in King Lear Essay1215 Words   |  5 PagesThe import ance of self-knowledge and forgiveness is strikingly obvious in the play King Lear. If we accept that the two characters most lacking in self-knowledge are Lear and Gloucester, we can examine how the importance of this quality for them is shown in the play. Whilst these two characters lack self-knowledge, the world around them quickly deteriorates. As a result of their lack of insight, evil is given space to breed and take over, and Lear and Gloucester are forced to suffer as â€Å"love coolsRead MoreAnalysis Of Chris Eyres Smoke Signals1190 Words   |  5 Pagesusing Native American oral tradition storytelling to present insightful interpretation how different and indirect the path to forgiveness works within the movie. Alexie suggests that the importance of authentic cultural filmmaking is best told through the eyes of Native Americans and their acceptance of their given life. Alexie beliefs the storytelling path to forgiveness and acceptance manifests through powerful and humorous flashbacks, through the contrast between the two main protagonists, andRead MoreR elationship Values Between Gender And Sexuality Essay1181 Words   |  5 Pageslife and what you have learned over the years. Gender and sexual identity intersect to shape relationship values. Women will place more significance on traditional relationship values which include love, faithfulness, and life long commitment unlike men. Sexual minorities will place less value in traditional relationship values, but they will convey more importance in nontraditional values such as interracial relationships. Gender and sexual identity will intersect because gender differences foundRead MoreThe Description Of Yahweh From Exodus 34 Essay1493 Words   |  6 Pagessignificant and influential passage from the Old Testament text which is foundational for biblical theology, since it provides the most complete description of both the name and the nature of God found anywhere within the scriptural canon. Its significance can is noted by the fact that this passage is quoted and referred back to at least eleven times throughout the Old Testament including in the books of Jeremiah, Joel, Numbers, Nehemiah, Lamentations, Daniel, and 1 Kings.. In order to fully understandRead MoreFor All Victims by Antjie Krog1490 Words   |  6 Pagesrelationship to the past and to locate their place in the future. Lastly this essay is going to discuss the significance of speaking and listening plays a role in the providing the South Africans with opportunity to redefine the relationship to the past and locate their places in future. Firstly, the speaker’s attitude towards the formation of the new South Africa is all about forgiveness. To ‘forgive’ means to stop feeling angry with somebody who has done something to harm others. In the poem theRead MoreEffects Of Counseling On Women s Depression, Anxiety, And Posttraumatic Stress After Spousal Emotional Abuse1368 Words   |  6 PagesSummary The subject of this article is to review the literature on the effects forgiveness therapy on women who have depression, anxiety, and posttraumatic stress after spousal emotional abuse. Women who have experienced this type of abuse long-after the relationship has ended still are emotionally wounded, fragile and need long-term therapy (Reed Enright, 2006). This type of abuse destroys trust and communication in the relationship as well as causes one partner within the relationship to feelRead MoreFinal Exam on Soteriology830 Words   |  4 Pagesobjectively effective. Include scripture from Hebrews, Leviticus, and Romans 3. If the blood of bulls and goats does not really pay for sin, as the writer of Hebrews (10:1, 4) tells us, what effect did these sacrifices really have? Leviticus promises forgiveness (1:4, 4:20, 26, 5:10, 16, etec). What does that mean? It had to do with the heart attitude of the person giving the sacrifice. 3. Be able to show how Romans 9:13-16 and 11:2 indicate that God’s foreknowledge is not mere knowledge of something

Darkness of the Mind the Emotional Survival of Piscine Patel free essay sample

Pi’s hesitation had to be overcome in order to survive his 227 day ordeal. Pi was strictly a religious vegetarian. His belief that all life is sacred restricted him from taking a life to survive. If he had not adapted to the idea of killing, Pi would have been emotionally and psychology traumatized. Pi was greatly ashamed and sorrowful after killing a flying fish for the first time, stating that all sentient life was sacred. â€Å"I wept heartily over this poor deceased soul. It was the first sentient being I had ever killed. I was now a killer. I was now as guilty as Cain. † (Martel 203) Pi felt guilty because of killing an animal, although it was necessary for his own survival at the time. Pi, being a devout Christian, compares his act of necessity to the heinous crimes of Cain, the first biblical murder who killed his brother out of envy. As his journey across the Pacific progresses, Pi gradually adapts to the unfortunate situation. He begins to accept that he must kill to survive. He killed a dorado with much less discomfort than when he killed the flying fish. He noticed the change, saying that: â€Å"†¦a person can get used to anything, even killing. † (Martel 205) Pi acknowledges the simple and brutal truth. No matter how opposed he was against killing, even Pi a devoutly religious vegetarian could become accustomed to it. Although this may seem bleak, his ability to adapt to the situation saved him psychologically. If he had faced the same emotional torture every time he killed an animal, he would have surely become insane from the emotional and psychological trauma. Pi needed to overcome his hesitation to be able to make effective decisions. He learned to accept hardships and to trust his instincts. Loneliness and lack of human interactions plays a huge role in the emotional struggle of Pi’s story. Pi, losing his family and almost all he held dear, was very lonely on the lifeboat. Although the presence of Richard Parker was a very dear aspect, an animal alone was not enough to sooth Pi’s needs. This could seen when he had declared that he was dying. He had prostrated his body and soul, and was prepared to die. In this exact moment, the true power of loneliness is seen. Loneliness had worn him down so much, that he had imagined a tiger at first talking with him. Martel shows that Pi had gotten to the point of such emotional strain that he had hallucinated a talking tiger! This is the moment the Frenchman comes on board. Immediately, a surge of power radiates from Pi. He seems to have gained more life force, simply by the arrival of this Frenchman. â€Å"My mind made a final attempt at being lucid† (Martel 276). This quote shows that at the thought of somebody being there, he made a desperate attempt at communication. Pi’s loneliness had taken over and wanted to converse with somebody so badly he said â€Å"It was too much – I would go mad†¦ I roared to the elements with my last breath† (Martel 276). He put all his power to try to make contact with this other human, showing how emotionally deprived Pi was at this stage. Pi still maintained a better state of health than the aforementioned state, and seemed much livelier. Although their physical needs were demanding their full attention, they had each other. Both the Frenchman and Pi lacked food, but the gained strength from each others’ company. Come my brother, let us be together and feast on each other’s company† (Martel 282). The conversation between the two was just as satisfying for Pi as any food would have been. Although both of them were physically deprived, their company had given each other power, and emotional satisfaction. Pi learnt to appreciate the presence of human company and that heâ₠¬â„¢d almost gone insane due to solitude. Pi deals with many obstacles and battles that cause him to lose hope in surviving. In the book, Pi lost hope and gave up numerous times because he felt his life was so miserable. He had lost his family, had been stranded on a boat with zoo animals and did not have a sufficient amount of food or water. The result of this led him to think, â€Å"I was giving up. I would have given up† (Martel 163). He was actually thinking about giving up, until a voice said to him that: â€Å"so long as God is with me, I will not die. Amen. † (Martel 164) Just as Pi was about to give up and let death take over, he realized that religion was with him. God brought him comfort and reliability when he needed it. This leads Pi to believe that as long as God is with him then his suffering will be decreased. With all the religion he practiced in the first part of the story, he looked to God in a sense of hope and that He will be there whenever he needs help. In the middle of the book, Pi astonishing sees a ship and screams out to Richard Parker, â€Å"Do you understand Richard Parker? WE’RE SAVED! † (Martel 259) Yet soon after, the ship passes them and Pi feels dread and loneliness once again. He â€Å"expressed longing, hurt, anguish, loneliness. † (Martel 262)and just about as he is going to have the feeling to give up, he sees Richard Parker. Simple, calm, soothing, Richard Parker as he â€Å"settled down to another nap. † (Martel 262) Pi, now realizing that without Richard Parker, he would â€Å"die of hopelessness† (Martel 262) and wouldn’t think he would have made it without him. This is because Richard Parker was like a friend towards him, kept him company and even though he wasn’t human, he gave Pi a sense of hope and determination to keep both of them alive. Losing hope plays a big role in Pi’s adventure, but he overcame his obstacles by keeping his religion in mind and by having Richard Parker as company. He learnt to trust his religions and look towards those around him in times of need. Pi’s sanity relied on his ability to cope with the many uneventful hours of his journey. Mental health relies a lot on being happy, or experiencing other emotions, and as Pi puts it, â€Å"Life on a lifeboat isn’t much of a life†¦You get your happiness where you can. † (Martel 241) Pi extracted happiness from many seemingly boring and repetitive portions of his survival. Pi stated that â€Å" [his] greatest wish – other than salvation – was to have a book to read. A long book with a never ending story. One I could read again and again, with new eyes and a fresh understanding each time†¦At the very least, if [he] had had a good novel! But there was only the survival manual, which [he] must have read ten thousand times over the course of [his] ordeal. † (Martel 230) This quote shows Pi’s desire for reading material during his time on the lifeboat. Pi also stated that he had read the survival manual many times, indicating that he was attempting to occupy his mind with anything, even repetitive reading. A novel is an instrument that could keep the mind entertained and occupied, and to stray thoughts away from the hopelessness of the grim situation. However, despite not having anything interesting to read, Pi kept a diary, keeping record of â€Å" things that happened and how [he] felt, about what [he caught] and what [he] didn’t, about seas and weather, about problems and solutions, about Richard Parker. † (Martel 231) He recorded his life, created his own novel. This was one of Pi’s ways to cope with the boredom at sea. Pi also copes with the boredom by appreciating the small events and victories during his ordeal. During the large thunderstorm, while Richard Parker was frightened by the thunderstorm, Pi was shocked, awed, â€Å"but not afraid. † (Martel 259) Pi regards the thunderstorm as a sign of God, and mutters: â€Å"Praise be to Allah, Lord of All Worlds, the Compassionate, the Merciful, Ruler of Judgement Day. [ ] This is a miracle. This is an outbreak of divinity. † (Martel 259) Pi later states that this was â€Å"one of the few times during [his] ideal when [he] felt genuine happiness. (Martel 259) This shows that even in times of mortal peril, Pi sought to seek happiness, and chose to take the event as a sign of god, and appreciates the storm instead of cursing it. These examples show that Pi’s coping with boredom had been very important to his own mental health, and was essential in his survival. Pi learned to appreciate the small miracles in life. In order to face the challenges that were presented to him, Pi had to face the imperfections within himself. Over the course of the story, Pi encounters many emotional obstacles that hinder him and make the readers feel as if the story is over. However, Pi turns these situations around, and overcomes them. These obstacles are critical to the turnout of the story, and Pi also takes away great lessons from them. He learns to overcome doubt, challenge loneliness, have faith, and keep himself busy. These lessons change Pi’s outlook to survival on the ship, aid him in his emotional journey through the 227 day ordeal.