Conrail Case

Conrail G455: Corporate Restructuring Team 7 1) Why does CSX want to buy Conrail? In an industry beset by limited options to consolidate domestic rail traffic, CSX looked at Conrail as an avenue to increase market share and gain access to the North East rail network. With air travel, road travel and trucking taking an increasing share, significant revenue growth became difficult. As Conrail became profitable, Congress explored ways of privatizing it, giving CSX an opportunity to acquire Conrail.Though Conrail suffered from performance inefficiencies it had certain strengths relative to CSX and Norfolk with respect to highest revenue per mile of track operated, per carload originated etc. Conrail with operating revenue of $3,686 million and 29. 4% of Eastern rail freight traffic was attractive enough for CSX to consider the merger. The joint entity would have $8. 5b in rail revenue and would control the Eastern market with a market share of 70%.CSX estimated the acquisition to also cr eate synergies resulting in consolidation of overlapping operations and not only increase the joint entity’s revenue through service improvements, but also the operating incomes through economies of scale. Cost synergies was expected to help in increasing the annual operating income by $370m and revenue increases was expected to help increase annual operating income by $180m. (Based on valuation of synergies, taking PV of terminal value, we estimate the gains in Operating Income to be equal to $3,047. 13. CSX expected the acquisition to improve the joint entity’s competitive position vis-a-vis Norfolk Southern as the joint entity’s rail networks would facilitate long-haul, contiguous and therefore low cost service. As Norfolk Southern lacked access to Northeast market it would be less able to provide long-haul routes from South or Mideast. The purchase of Conrail would thus provide CSX with control of the Eastern rail network. From a financial perspective, the p rojected revenue gains and cost savings was expected to make the joint entity become more efficient than Norfolk Southern.Likelihood of a rival (Norfolk Southern) acquiring Conrail, resulting in competitive disadvantage for Conrail was also a factor. 2) Based on multiples and a premiums paid approach, how much should CSX be willing to pay for Conrail? We took Sales, EBITDA, Book Value Multiples and Four week acquisition Premiums from Exhibit 6. We use number of Conrail’s shares outstanding as 90. 5 million at the share price of $32. 46 from the same Exhibit 6. Conrail's Value Sales EBITDA Book Value Premium % $3,722 $1,017 $32 $6,516 Multiples High Low 3. 6 1. 7 13. 1 8. 5. 5 1. 7 73. 0% 34. 0% Conrail Market Price Low Average $ 1,032 $ 3,712 $ 3,350 $ 5,465 $ (301) $ 5,398 $ 8,731 $ 9,986 High $ $ $ $ 8,104 8,028 10,862 11,273 See ‘Calculations’ spreadsheet for details. As the Conrail is fairly attractive resource for CSX it should be willing to pay on the high side of the Conrail Market Price. We have highlighted the High Price in the above table. We 2 have also calculated the price by various methods (sales ratio, EBITA, etc). The price calculated by these methods is reasonably close to the bid price of CSX.Within the high price too, there seems to quite a difference in valuations. The multiple analysis methodology assumes that all companies within an industry have similar characteristics. As expected there is wide variance is between low, high and average. Within the rail industry there is wide variance in capital structures, profitability etc, which is reflected in Conrail Market Price. Other than multiple and premium methods, CSX should be detailed financial analysis based on synergies etc. to come up with the price. The synergies given in the case are stated as â€Å"Gains in Operating Income. This is not an unambiguous term. For purposes of this and subsequent questions, assume that these synergies are net of costs (COGS and Capita l Expenditures) and the after-tax payment to bondholders. The term operating income is likened to net income or the taxable income to stockholders. Further assume that none of these acquisitions will affect the acquirer’s equity cost of capital. 3) Based on the data in Exhibit 7 and the definition of operating income gains given above, how much should CSX be willing to pay for Conrail? Support your answer with appropriate analysis.According to operating income gains we can value a firm’s market price as its pre-merger value and the present value of gains in operating income. Let’s assume that value of Conrail before the merger is equal to its market cap. Then taking Conrail share price as $71. 94 (average of year end and high stock price) and number of shares outstanding as 90. 5 million shares (Exhibit 6) we get Conrail market value equal to $6,510. 57 million ($71. 94 x 90. 5 million). We assume G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds r ate, which is 6. 3% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, which is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 11% Now we can find Conrail’s synergy value as present value of gains in operating income. 1997 Total Gain in Operating Income Total Gain in OI after 40% Tax Gain in OI (discounted @ rE) $ $ $ 1998 $ 88 $ 12. 80 $ 7. 15 $ $ $ 1999 396 237. 60 176. 26 $ $ $ 2000 550 330. 00 210. 84 2001 $ 567 $ 340. 20 $ 187. 21 Value of estimated gains = $671. 46 Terminal value = $2,673. 83 Present value of Terminal Value = $2,365. 67 Conrail’s Synergy Value is equal to $3,047. 13.See ‘Calculations’ spreadsheet for details. The maximum price, which CSX should be willing to pay for Conrail is $6,510. 57 + $3,047. 13 = $9,557. 70 3 The optimal price of the merger is somewhere in between of $6. 5 and $9. 5 billion. We’d advise a price closer to Conrail’s market value rather than the average of t hese two figures. In this case both Conrail and CSX shareholders win from the merger. If they take price closer to the high CSX shareholders can lose due to over estimated synergy gains. 4) Analyze the structure of CSX’s offer for Conrail. CSX offered a two-phased deal for Conrail worth $8. 3 billion at the nnouncement. CSX would purchase 90. 5 million (100%) of Conrail shares to complete the deal. In the first phase, CSX originally offered $92. 50/share for 40% of Conrail’s shares. This front-end offer would be completed in two stages for regulatory reasons, purchasing 19. 7% in stage one and the other 20. 3% once approved by the shareholders. Once all of phase one was completed, CSX would purchase the remaining 60% of Conrail’s shares by exchanging shares in a ration of 1. 85619:1. 0 (CSX: Conrail), yielding shareholders roughly $89. 07/share (blended value) based on recent Conrail and CSX stock performance.In addition, the merger agreement contained provision s related to break-up fees, lock-up options, poison pills, and â€Å"no talk† clauses. These provisions provided some level of protection against advances from NorfolkSouthern or other competitors looking to purchase Conrail. Notably, the no-talk clause required Conrail to abstain from any conversations related to buy-out with other firms; though this could be disputed where the board’s fiduciary duty to protect investors superseded said restrictions. 5) Why did CSX make a two-tiered offer? What effect does this structure have on the transaction?Pennsylvania’s fair value statute required all bidders holding 20% or more of stock to offer the same price to all shareholders unless target shareholders agreed to explicitly nullify this position. Also the same statute limited any shareholders (with a 20% or larger stake) voting rights unless management approved it. Finally, the law required management to consider and protect the interests of employees and the communit y. This two-tiered structure affected the timing and the cost of the deal. As a result of the deal’s structure, Norfolk Southern had two opportunities to block with a hostile takeover driving up the price of the acquisition.By close of business prior to the shareholder votes to opt-out of the fair value statute, CSX’s bid was up to $110/share, resulting in an offer that was $321,500,000 more than originally planned for the remaining 20. 3% in phase I. The structure of the deal also allowed CSX to pay for 40% of Conrail in cash (in two phases) while paying for the remaining 60% of the target with CSX stock. This meant that changes to CSX or Conrail’s stock price prior to the transaction completing could impact the cost of the entire deal 6) Why did Norfolk Southern make a hostile bid for Conrail? Conrail is considered a â€Å"scarce jewel†.Conrail was the sole class I railroad serving the Northeast market of the United States with control of 29. 2% of the rail freight market east of the Mississippi river. Although Conrail was inefficient and not very profitable, its revenue per mile of track operated, per carload originated, and per ton originated were the highest in the industry. If the merger between CXS and Conrail succeeded, Norfolk Southern would be negatively impacted with estimates of up to $320 million by 2001. This is clearly a battle Norfolk can not afford to lose as it may impact its very existence in the long run. 7) How much is Conrail worth? In a bidding war, who should be willing to pay more, Norfolk Southern or CSX? Again, note the previous definition of operating income when interpreting the data in Exhibits 6a and 6b. We use the same logic of gains valuation as we did it in question #3. Assumptions for CSX-Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged CSX-Conrail equity beta as average of CSX and Conrail equity betas, whic h is 1. 33. rE = rf + MRP ? E = 6. 83% + 7% x 1. 33 = 16. 1% Now we can find CSX-Conrail synergy value as present value of gains in operating income. 1998 240 144. 00 (66) 210. 00 1999 521 312. 60 (123) 435. 60 323. 14 $1,260. 76 $5,086. 73 $4,655. 08 $5,915. 84 $12,426. 41 2000 $ 1,811 $ 1,086. 60 $ (189) $ 1,275. 60 $ 400. 60 2001 $ 752 $ 451. 20 $ (196) $ 647. 20 $ 356. 15 Total Gain in Operating Income Total Gain in OI after Tax (40%) CSX Total Loss in OI CSX Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX Value of Merger for CSX $ $ $ $ $ $ $ $ $ 180. 87 Assumptions for Norfolk Southern–Conrail Merger: We assume the same G =3%, MRP = 7%. We take risk free as 30-year maturity US Bonds rate, which is 6. 83% (Exhibit 8); merged Norfolk Southern–Conrail equity beta as average of Norfolk Southern and Conrail equity betas, which is 1. 23. rE = rf + MRP ? E = 6. 83% + 7% x 1. 23 = 15. 41% Now we can find Norfolk Southern–Conrail synergy value as present value of gains in operating income. 1998 $ 231 $ 139 $ (130) $ 269 $ 233 1999 $ 429 $ 257 $ (232) $ 489 $ 367 $1,468. 67 $6,044. 6 $5,531. 72 $7,000. 39 $13,510. 96 2000 $ 660 $ 396 $ (308) $ 704 $ 458 2001 $ 680 $ 408 $ (320) $ 728 $ 410 Total Gain in Operating Income Total Gain in OI after Tax (40%) Norfolk Southern Total Loss in OI Norfolk Southern Total gain in OI from merger Total Gain in OI (discounted @ rE) Value of estimated gains in OI Terminal Value of estimated gains in OI PV of TV Total value of gains in OI for CSX = Value of Merger for CSX 5 From the calculation above we see that value of Conrail acquisition is much, over 1 billion higher for Norfolk Southern than for CSX.Moreover, the loss in acquiring Conrail leads to significant loss in revenues and market share for both of bidders but more for Norfolk Southern. Not surprisingly that they have seri ous intention to wage a bidding war. 8) As a shareholder, would you vote to opt-out of the Pennsylvania anti-takeover statute? In the case of conrail as a shareholder, we would not vote to opt-out of the Pennsylvania antitakeover statute. The PA statute provides Conrail shareholders with a fair value statute provision on their stock ownership.Specifically, bidders holding 20 percent or more of a company’s stock are required to offer all shareholders the same price unless the target shareholders opt-out of the statute. The CSX two-staged offer had a blended value which clearly demonstrates that Conrail shareholders would have been given different pricing for each stage in the offer. The poison pill provision under the CSX and Conrail merger agreement does not give Conrail shareholders the rights to buy discounted shares since the merger agreement required Conrail to suspend its poison pill.Therefore, the poison pill favors the acquirer and not the Conrail shareholders. Finally , as a shareholder, the best strategic position is to allow the bidding war to commence and observe how CSX and Norfolk Southern compete against one another for the Conrail business. It is obvious that there will be an acquisition and it is obvious based on both acquisition proposals, that each company will issue multiple offers in an effort to acquire Conrail due to its strategic location in the Northeast United States. In general, however this statute could be disadvantageous to shareholders in certain cases.The statute tries to protect the interests of employees and community where the target company was located in addition to meeting their fiduciary duty to the shareholders. The statute frees companies from any obligation to sell itself to the highest bidder. Conrail used the statute to blunt Norfolk’s offer though it was better for shareholders. The ‘fair value statute’ aspect helped the shareholders of Conrail (as parties in support of merger still needed 1 4. 6% of acquisition shares to vote in favor of opting out. ) 6

Comment closely on the following poem Essay

The Self-Unseeing portrays Hardy reminiscing over his childhood life with his parents. In the first stanza, the setting – their old house – is described in a way that conveys a sense of age and weariness, through such words and phrases as ‘ancient’ (emphasizing the age), ‘footworn and hollowed and thin’ (alluding to the emptiness which has overtaken it through the passage of time after it has been abandoned), ‘former’ (revealing the extent of change in the house, eg. by the door no longer being there), and ‘dead feet’ (those of his parents). At this point in the poem Hardy speaks in the present tense from the outside of the house, in order to convey its emptiness to the reader. The second stanza ignores these aspects of the house, instead focusing on his memories of his parents, which contrast with the first stanza by filling the house with life and action. A happier mood is created here, through a sense of warmth created by the fire, and his mother’s smile, which, along with his father’s playing the violin (‘bowing it higher and higher’), shows the happiness he felt while living with his parents. The musical effect of the violin is also complemented by that of the smooth-flowing ‘abab‘ rhyme scheme. The present tense verbs ‘smiling’ and ‘bowing’ imply that these memories were vivid, as if by introducing the setting to the reader he is reliving them. Hardy’s reference to his parents using the pronouns ‘she’ and ‘he’ rather than their actual names transforms the personal tragedy of the death of his parents to a universal one to which the reader can more easily relate. However, this tragedy is buried beneath the warm, welcoming mood established by the aforementioned use of language in this stanza. Hardy illuminates these memories in the final stanza with light imagery – ‘blessings’ (which tend to be associated with heaven and therefore light), ‘day’, ‘glowed’, ‘gleam’, which underscore the joyful feelings previously evoked. This use of light imagery serves as a metaphor to reveal how Hardy, ‘childlike’, ‘danced in a dream’, and overall, the diction shows that his memories had a dazzling and pensive quality. However, it can be seen from the concluding line, ‘Yet we were looking away! ’, that he feels remorseful for not fully appreciating what he had at the time. It is this line which gives meaning to the poem’s title – he (the ‘self’) was ‘unseeing’ and could not see the true value of his life with his parents. This makes the light imagery all the more powerful, as Hardy uses it to show that he is now able to see what he was unable to in his childhood. His newfound appreciation for his memories is also evident in the first stanza, where ‘here is’ and ‘here was’ sorrowfully reveal the setting of which he is about to reminisce. Overall, Hardy’s memories are presented in this poem with both regret and happiness. The phrase ‘hollowed and thin’ in the first stanza, in light of this regret, describes the likely state of his soul following the loss of his parents. The regret is subtle at first, but becomes much more apparent after reading the last line; it is as if Hardy uses this line to allow the reader to look back (as he had looked back on his past) and be filled with regret through this reflection. The past-tense verbs ‘walked’, ‘sat’, and ‘stood’, which are simply describing what once was, become tinged with regret (as if mourning) upon a second glance. In contrast, the passive verbs ‘danced’, ‘emblazoned’, and ‘glowed’ preserve their cheerful connotations, which suggest that to Hardy, reminiscence is a bittersweet experience. This idea is supported by the structure of the poem: three quatrains with ‘abab’ rhyme schemes; although the rhyme scheme establishes a sense of reminiscence, there are emotions both positive and negative associated with it. The simple pattern of it also mirrors the simplicity and naivety of childhood. The structure, rhythm, and diction of the poem thus convey a powerful message – that pleasant experiences will eventually become memories, carrying both the happiness of their past occurrence and the regret and sadness of knowing that their time is past.

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Influence of Hindu and Arabs in Mathematics Essay

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Enterprise Architecture Final Exam Assignment Example | Topics and Well Written Essays - 1500 words

Enterprise Architecture Final Exam - Assignment Example For the said paradigm of homogeneity to take place in the running of the Enterprise Architecture, it is important to have key deliverables in place. These deliverables are tangible tasks that must be performed to ensure the successful implementation of the company’s operating model (Schekkerman, 2004). There could indeed be as many of these deliverables as possible but classifying them is also possible. Classifications could bring about key deliverables such as road maps, made up of technology, process and people road maps; application portfolio management; IT risk management; standards and polices; and scenario planning may all be mentioned. Enterprise architecture framework is generally a tangible manifestation of the mindset of the enterprise architect towards the implementation of the enterprise architecture. To this end, an enterprise architecture framework may be said to be system for the provision of principles and practices that come together to constitute the architec ture description for the organization (Paras, 2005). Because of the differences in organizational structures, organizational demand for enterprise architecture and of course differences with preferences of enterprise architects, there are major types of enterprise architecture frameworks that may be used. ... There is also solution architecting mechanism (SAM), which is commonly used by architects who want to achieve set of integral modules. But for whichever form or example of enterprise architecture framework that is used, an outstanding identity is that these frameworks are made up of matrices and diagrams that manifest the domains, layers and models that the architect uses in initiating the enterprise architecture. Principles in general are rules and guidelines that inform the parameters based on which the achievement of organizational missions and goals is approached. In this regard, enterprise principles can be said to be the standardization of decision-making options within the organization for the common good of achieving governance stratification. On the other hand, architecture principles could be said to be rules and regulations that gives a level of uniformity in the across the enterprise and decisions on how enterprise architecture should be developed and maintained (Ross, We ill and Robertson, 2006). It is based on these premises that Weill, Subramani and Broadbent (2002) have identified enterprise architecture principle as a coordinated paradigm used for determining the focus of any given enterprise will utilize and deploy its scope of IT resources and properties (McGovern, Stevens and Sharan, 2004). There exist different examples of enterprise architecture, depending on what an organization wants to achieve. In the simplest forms however most organizations make use of examples of enterprise architecture principles including business principles, data principles, and application principles. Business principles cater for such areas of the enterprise architecture such as primacy of principles, information management as

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Message in the music paper This Train Don't Stop by Elton John Essay

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Nurse Leader Interviews Essay Example | Topics and Well Written Essays - 1000 words

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Substance abuse trends US Essay Example for Free

Substance abuse trends US Essay Drug trends have changed over many years and new drugs are always evolving. It is difficult for enforcement agencies to keep up with the new drugs and the form they are used. Drugs include methqualonein the 1970’s then in the 1980’s fluniyrazepam and more recently oxycodone hydrochloride. (Kozel, N. Sloboda, Z. 2003) The use of cannabis, methamphetamine and heroin has observed an upward trend. . (Kozel, N. Sloboda, Z. 2003) One of the new methods of delivery was by filling cigars with cannabis were observed by African American teenagers in the 1990’s and its use has spread. It was usual to have a malt liquor with them and it was called a blunt and is observed in many movies as well. . (Kozel, N. Sloboda, Z. 2003) Columbian heroin was gaining popularity as it was stronger then that from Asia and could be snorted. Marijuana was the most popular by far and crack cocaine became popular because it doesn’t require to be injected and so less risk of acquiring HIV. (CBS news 2007) However injecting crack cocaine by mixing it with vinegar or lemon juice was observed. . (Kozel, N. Sloboda, Z. 003) In 2007 Cocaine and methamphetamine use among young adults declined significantly last year as supplies dried up, leading to higher prices and reduced purity, and the government reports. Overall use of illicit drugs showed little change. (Freking, K. 2008) The higher user of drugs in Hispanics and Poet Ricans. (Valdez, A. 2005) It is also more common amongst males in these groups who see it as macho or manly amongst Hispanics and a part of their identity . Also these groups face a lot of problems and poverty. There is higher unemployment and low emphasis on education. Access to health is limited. Hispanics have a cholo identity which is street based identity with a street based social network. This is often through generations and the most common drug abused is Heroin. (Valdez, A. 2005) Cholo Identity which was an oppositional culture in these communities that developed a distinct language patterns, style of dress, tattoos, car culture, music. Sometimes referred to as a pachuco lifestyle (e. g. oot suit 1940’s) (Valdez, A. 2005) Drug use is a means to act out macho values or risk taking, excess, to demonstrate socially valued toughness and craziness. Hypermasculinity in its exaggerated form includes fighting, daring deeds, seducing women, asserting independence from women, etc. (Valdez, A. 2005) there has been a victimisation of these groups and arrests due to drug laws have targeted Hispanics making a lot of them beyond the reach of organisations willing to help. About one in five adults in the U.  S acknowledge the use of drugs Drug use in the 50-59 age group increased as more baby boomers join the category . (CBS,2007) In Mexican culture, men often feel honour and pride when they are the protectors of their families. These traditional attitudes are influenced by the Catholic faith and the importance of family in the Mexican culture. Yet, embracing these traditional attitudes may lead to a greater risk for problems such as depression, substance abuse, violence and reluctance to seek psychological assistance. (Nauert, R. 2008) The use of drugs in school age children is an increasing problem . here is it leading to serious damage. (Califano, J. 2007) According to the National Institute on Drug Abuses 2002 monitoring the Future Study, 53% of high school seniors reported using an illicit drug at least once in their lives, 41% within the past year, and 25. 4% within the past month (Drug data summary 2003) . A lot of criminals are on drugs and acquiring in 2000, Americans spent an estimated $36 billion on cocaine, $11 billion on marijuana, $10 billion on heroin, $5. billion on methamphetamine, and $2. 4 billion on other illegal substances (Drug data summary 2003) Drug related crime can be due to its use or selling and acquiring drugs. Drugs modify individual behaviour and can generate violence and illegal activity. In 2006 5. 3percent of homicides were drug related. In the 2004 Survey of Inmates in State and Federal Correctional Facilities, 32% of state prisoners and 26% of federal prisoners said they had committed their current offence while under the influence of drugs. Among state prisoners, drug offenders (44%) and property offenders (39%) reported the highest incidence of drug use at the time of the offence. Among federal prisoners, drug offenders (32%) and violent offenders (24%) were the most likely to report drug use at the time of their crimes. (BJS, 2006) It can be seen that the cost to the society can be immense. From small robberies to the fear of gangs and gun crime to murders. It is hard to say the total impact to a society in the form of lost labour . there is the spread of HIV, HBV and HCV which are hard to cure and can be transferred to families. The costs in terms of health and financing healthcare for these diseases can be extremely expensive and emotionally difficult as often these diseases are terminal. It is a high price to pay for the occasional thrill that some drug abusers seek. Dealing with the problem has always been difficult as new drugs emerge and drugs become cheaper to have wider appeal. Also the culture of night clubs and alcohol has seen a college and university students embrace drugs without much thought as to the consequences. Drinks get spiked in clubs and often result in sexual exploitation of young women . Arrests and drug laws to prevent drugs being freely available may increase the availability on the black market but this results in supplies being unsafe and even further danger to drug users. Education in schools and at risk communities doesn’t often create the impact it should. For example in the Hispanic groups where a lot of arrests on drug laws were targeted often don’t want to trust authorities who are trying to tackle this problem. In conclusion the costs to any society are high and drug use is increasingly a problem of developed countries according to the WHO. Legal and illegal use of drugs was most strongly associated with age, sex, and income. Higher income was associated with a greater likelihood of drug use for all drug types examined, which is perhaps not surprising given that drug use requires disposable income. Relationship status was linked to illegal (but not legal) drug use: both cocaine and cannabis use were more likely among persons who had never been married or previously been married. These associations remained statistically robust after adjustment for age, sex, and the other variables considered here. The US, which has been driving much of the worlds drug research and drug policy agenda, stands out with higher levels of use of alcohol, cocaine, and cannabis, despite punitive illegal drug policies, as well as (in many US states), a higher minimum legal alcohol drinking age than many comparable developed countries. The Netherlands, with a less criminally punitive approach to cannabis use than the US, has experienced lower levels of use, particularly among younger adults.

Evaluation of Effectiveness For Fedex Advertisement

Evaluation of Effectiveness For Fedex Advertisement According to FedEx China (2009), Ex Corporation was set up in 1973 and it is the biggest express transportation company in the world. The company offers a series of overall services including transportation, electronic business and business operations to global consumers and enterprises. As a brand it has a great reputation. Therefore it provides general business applications and solutions by competing with other companies to work smoothly. According to FedEx China (2009), FedEx has a $32 billion income per year and it encourages its 260,000 staff to pay a high degree of attention to safety problems, moral and business ethics of the highest standard, and also to satisfy the requirements of clients and society completely. In addition, FedEx Express now provides about 3.4 million packages per day. The company operates a fleet of about 654 aircraft and some 43,000 motorized vehicles and trailers.  Moreover, the global FedEx names are: FedEx Express, FedEx Ground, FedEx Freight, FedEx Office, FedEx Custom Critical, FedEx Trade Networks and FedEx Services, (About FedEx, 2009). It has been ranked the most admired and trustworthy company and provides fast and faithful express services to more than 220 countries and regions. There is a world airline and a land network to speedily transport the packages, needing only 24 hours or 48 hours to received (FedEx China, 2009). 1.2 Theories In this report, two theories will be used, Market Segmentation and Market Mix. According to Hall et al (2008:66), Market Segmentation is the break down a market into sub-groups with similar characteristics. Moreover, producer may then create products and services for them. Behavioural segmentation is one of the ways of Market Segmentation; segment markets based on how consumers relate to a product, (Hall et al, 2008:69). Loyalty is an example of behavioural segmentation, where the company separates, and divides consumers into different categories. Apart from Market Segmentation, another theory is Marketing Mix, which includes product, price, place and promotion. The Product requires producers have to know clearly what things are required by customers. The price indicates a business must know the worth of its product. It can make a high price if sold as a luxurious item, but not because of its high cost, (Hall et al, 2008). The promotion includes TV advertising (above the line) and pe rsonal selling (below the line). Place means that the products have to be sent to the consumers at the right place and right time, (Hall et al, 2008). 1.3 Aims The aim of this report is firstly to show how the advertisement is related to market segmentation and Marketing Mix. The second aim is to explain how the advertisement has been created to appeal to consumers. Finally to discuss how this advertisement has been created to target a specific market segment. 2. Findings Figure1: Epromos (2008) The FedEx logo was created by Lindon Leader of Fandor Associates in 1994 (Logoblog, 2008). The Fed is usually purple and the Ex has different colors in different logos, giving different meanings. In this advertisement, the logo is the original one in which the Ex is orange. The background of the logo is white, White means safety, (Color Wheel Pro, 2008). Purple conveys power, nobility, luxury, and ambition (Color Wheel Pro, 2008). Orange symbolizes enthusiasm, fascination, happiness, creativity, determination, attraction, success, encouragement, and stimulation (Color Wheel Pro, 2008). The shirt is blue, which conveys faith, confidence, trust and loyalty, (Color Wheel Pro, 2008). 3. Discussion 3.1 Marketing segmentation Demographic segmentation, Hall (2008:68) states that markets are often divided by social class. Most target audiences of FedEx are enterprises. Business needs effective, reliable and secure service, thus FedEx provides faithful and safe product delivery and is appropriate to business requirements. Furthermore, the quality, speed and convenience of FedEx appeals to consumers to enjoy their services. The great reputation makes FedEx have a vast range of consumers and businesses all over the world, and enterprises trust FedEx. The lasted successes are a result of the progress of market segmentation done by FedEx. Marketing mix 3.2.1 Price From the advertisement, it seems FedEx provides the service to the average citizen; therefore the price should be low. A FedEx overnight letter cost $11, it is cheaper than UPS and DHL, which cost $12 and $13, ( Oppapers, 2009). 3.2.2 Promotion As mentioned in the introduction, FedEx is the largest express transport company in the world, (FedEx China, 2008). The promotion of FedEx is above-the-line promotion (Hall, 2008). Thus the company publicizes through TV or newspapers. According to Hall (2008), good advertising should raise (AIDA) awareness and interest, desire and action. This advertisement is likely to reach the I of AIDA. In this advertisement, the person is not an attractive or a well-known model, who just an average man in the street. It presents FedEx in a popular style. In addition, this middle aged man in that shirt is making a phone call, he may be a trader. This may show FedExs target audiences to be enterprises. The logo of FedEx is on the shirt, in other words, the person in this advertisement is promoting for FedEx. Overall, the advertising promotes in an original and interesting way. 4. Conclusion 4.1 Summary To sum up, the color usage of the FedEx advertisement (blue) displays the faith, trust and loyalty, because most of their target groups are enterprises. Therefore they use this advertisement to promote their products to these enterprises. It shows the purpose of FedEx, which is ensuring to people their services are consistently reliable and safe. FedEx makes use of Marketing Mix and Market Segmentation in their advertisement to satisfy consumers. 4.2 Recommendations From this advertisement, FedEx use an average man to promote their brand. It would be strategy that FedEx may consider is to find a famous model to advertise, that may appeal more to some consumers. Another recommendation is that the shirt in the advertisement is too blank. FedEx could add several banners to show what they want to promote. Last but not least, the logo of FedEx has different colors which has different meanings, thus they should make use of different colors shirts to appeal to consumers.

determinism Essay -- essays research papers fc

Free Will Imagine if you found yourself in a state of bondage where every action desire and feeling was planned on an inexorable agenda that you could not help but comply with. Although this seems like a dark and fantastical world, if the idea of determinism is fully accepted than it may not be as distant as you might think. The idea of Free Will is one of the most timeless and dubitable philosophical questions and is imposable to disregard. The idea of Free Will has three prevailing schools of thought, consisting of Determinism, (The belief that every action is determined and therefore, not free.), Liberalism (the belief that our actions are not causally determined and therefore, free.)and lastly, Compatibilism (The belief that Determinism is Compatibilism with Free Will.). Each outlook has its points as well as dissentions, but of all the angles, the one I must believe in is Compatibilism and this is why. Although Compatibilism is what I choose to believe, the other arguments are based on pr incipals that cannot be ignored. The first view that I am going to deal with is that of the Determinist, namely the â€Å"Hard† one. Determinism is the belief that every action is the result of a previous action, and was therefore determined to occur. If all actions are determined by previous actions than no actions can be made freely. Like the cosmological argument, determinism rests on the logical fact that no uncaused event can occur. What separates a DeterministËÅ" from a compatibilist is the belief that any action that occurs could not of happened in any other way. If this were the case then it would be theoretically possible to predict the future simply by observing the past and present. Because nobody can successfully and consistently predict the future, some people believe that this is an argument against determinism. The determinist easily dismisses this argument with the response that humans don’t have the power to see let alone interpret the myriad of event s that lead to an action. Another common argument is the idea that if you were told what the future had in store for you, you could therefore consciously alter this out come. This argument is smashed with the fact that if you were told the future and you altered it, the future you were told was not the future because what actually occurred was different than what was predicted. Although, the strongest argument... ...cause you ran out of gas, the reason you ran out of gas is because you were driving your car, the reason that you were driving your car was because you had to drive to work, the reason that you had to go to work was because you needed to feed and shelter yourself. As you can see, even the most mundane task of going to the gas station can be linked back to basic human survival. Now imagine that you are at the gas station and you realize that your oil is very low. As a result you go inside and find two brands of oil, neither of which you have seen before. Both brands cost the same, have the same ingredients, have the same general appearance, (ex. color, shape and texture) and are both equally accessible. Even though it was causally determined that you are in the gas station making this decision, the decision it’s self is under no constraint and can go one way as easily as the other and is there fore a free, as well as causally determined decision. Even though the writing of this paper was causally constrained and did not answer a single question, I hope that it helped you as much as it helped my self get a grasp on the most enduring question of all. bibliography: sparknotes

Reducing Sex Segregation at Work and Home :: Womens Studies

Reducing Sex Segregation at Work and Home Paula England in her article "Work for Pay and Work at Home: Women's Double Disadvantage" treats women's lives in our society. She presents us a double disadvantage in women's lives: disadvantage at work and disadvantage at home. A sex segregation exists. Almost all jobs are filled by one of the sexes. Because of socialization and employer's discrimination there is a gap in earnings between men and women. Also at home women do the bulk of child rearing and other work. Compared to 40 years ago the men have increased their contributions at home. Also sex segregation and the pay gap are reduced, but they still exist. However, because roles are changing the truth is in most families people are now negotiating about the work at home. According to David Molpus, studies show that especially among two-job couples there is an agreement about equal sharing at home when the man and the woman both work full time. Mothers and fathers find different ways to contribute to childcare and other household work. They like equal parenting and don't want to leave their children in the hands of strangers. Equal sharing at home gives the fathers opportunity to stay more with their children and to know more about their lives. To do so, working-class couples try alternating their work shifts, and middle-class couples try working at home for one or two days. They both share enjoyment and the sacrifices of their family. I like and support the changes that are taking place now in our society. Equal sharing in both child rearing and domestic work is the best thing couples can do in their family. Children at home are such a joy and happiness. They need both the mother and the father to take care of them. I think the parents should have the same feelings. It is so important for fathers to spend more time with their children, to know what they like and dislike. This way they will enjoy their kids and their love. It is a sacrifice for some parents to work different shifts, but sacrifices also keep the family close. When you go home tired from work, their hugging and kissing is such a joy and rest for you. Smiles in their faces are love and life. Fathers that share child rearing have more love in their family. Also equal sharing in other domestic work like cooking and cleaning, fixing things and paying bills or shopping is important for family.

The Importance of Being Earnest :: Comedy Irony Papers

The Importance of Being Earnest ALGERNON. You have always told me it was Ernest. I have introduced you to every one as Ernest. You answer to the name of Ernest. You look as if your name was Ernest. You are the most earnest-looking person I ever saw in my life. It is perfectly absurd your saying that your name isn't Ernest. It's on your cards. Here is one of them. [Taking it from case.] 'Mr. Ernest Worthing, B. 4, The Albany.' I'll keep this as a proof that your name is Ernest if ever you attempt to deny it to me, or to Gwendolen, or to any one else. [Puts the card in his pocket.] JACK. Well, my name is Ernest in town and Jack in the country, and the cigarette case was given to me in the country. ALGERNON. Yes, but that does not account for the fact that your small Aunt Cecily, who lives at Tunbridge Wells, calls you her dear uncle. Come, old boy, you had much better have the thing out at once. JACK. My dear Algy, you talk exactly as if you were a dentist. It is very vulgar to talk like a dentist when one isn't a dentist. It produces a false impression. ALGERNON. Well, that is exactly what dentists always do. Now, go on! Tell me the whole thing. I may mention that I have always suspected you of being a confirmed and secret Bunburyist; and I am quite sure of it now. JACK. Bunburyist? What on earth do you mean by a Bunburyist? ALGERNON. I'll reveal to you the meaning of that incomparable expression as soon as you are kind enough to inform me why you are Ernest in town and Jack in the country. JACK. Well, produce my cigarette case first. ALGERNON. Here it is. [Hands cigarette case.] Now produce your explanation, and pray make it improbable. [Sits on sofa.] JACK. My dear fellow, there is nothing improbable about my explanation at all. In fact it's perfectly ordinary. Old Mr. Thomas Cardew, who adopted me when I was a little boy, made me in his will guardian to his grand-daughter, Miss Cecily Cardew. Cecily, who addresses me as her uncle from motives of respect that you could not possibly appreciate, lives at my place in the country under the charge of her admirable governess, Miss Prism. ALGERNON. Where in that place in the country, by the way? JACK. That is nothing to you, dear boy.

Descartes Meditation Essay

Descartes holds that you are more mind than body. Do you agree? What sort of priority does he intend? † In the Meditation Two: Concerning the Nature of the Human Mind, Descartes describes himself â€Å"as if I had suddenly fallen into a deep whirlpool† (pg. 492), expressing the need to work his way up and pick up where he left off the day before. He basically exclaims that he will put off all doubts and â€Å"suppose that everything is false (492)†. In this meditation he plays on the concept that the mind is greater than the body. In some respects’ I do agree with what Descartes is saying about dualism concept and how we are â€Å"thinking things (493)†. I believe the mind is more important in some manner than the body because the power the mind has to think, reason, create, dream, imagine, believe, memorize, react, desire, feel, and the ability to know and have endless ideas. Descartes agrees that he â€Å"doubts, understands, affirms, denies, wills, refuses, and that also imagines and senses (494). †In this section I do agree with Descartes on his view of this â€Å"thinking thing†. The mind is so incredible that we humans can’t grasp the intricate complexes that the mind has. When Descartes describes the wax example I was rather confused but after critiquing the concept I have come to realization that it does make sense. I think Descartes was desperate to find away, some way to describe the importance of the mind and using this illustration was a creative way to do so. So he describes this piece of wax how it’s hard and cold, malleable, has a slight honey flavor (494). Then he describes what happens to this wax when it goes through the different temperature cycles and how the structure of the wax changes etc. So we know that when the piece of wax is going through those physical changes it still remains to be the same piece. So seeing that we understand that the hard piece of wax and now melted piece of wax have the same properties’ must not just come from the senses because all of the sensible properties were changed. As Descartes describes that â€Å"the sense of smell, sight, touch or hearing has now changed; and yet the wax remains (495). † So from this one may think that the imagination is what this piece of wax is, but Descartes exclaims, â€Å"Therefore this insight is not achieved by the faculty of imagination. Instead he concludes that â€Å"I (Descartes) perceive it through the mind alone. † Learning this illustration is shows the importance of the mind and the corporeal body. That the body can take on many different changes, yet the mind is beauty behind everything. I can’t say that I agree with everything that Descartes is trying to express, but I do agree with the fact there are hard concepts to grasp and understand. We each have unique mind, and understanding the mind will take time and will take patience.

Mortiz Schlick: the Meaning of Life in Play Essay

I do not agree with Schlick’s contention that the meaning of life is grounded in the act of play and not work. I disagree for three main reasons. First, I find Schlicks account of forgetting the purpose of activities to be somewhat flawed. He demonstrates how the purpose of an activity does not yield meaning and that work is a means to a goal. I find a discrepancy in this in regards to his acceptance of Goethe’s rule. Schlick also holds that in order for us to understand how to lead a meaningful life through creative-play, that we do it by emulating children or youth. I disagree with Schlicks supposed template for meaningfulness due to the feelings associated with creative-play and what it is to feel meaning in something. I argue that he is appealing to emotions rather than the quality of meaning. Finally, I discuss Schlicks understanding of youth and what it means to attempt to emulate it. I believe that he is too presumptuous and assumes that all youth is experienced in a similar manner; this is not the case each individual possesses a different aspect of what youthful living is and was. Schlick holds that creative play may produce valuable goods in the same way that unpleasurable activity or work can. He then goes on to say that the more activities become play, the more work would be accomplished and value would arise from it. He finishes by saying that work is human action because we think of the outcomes or benefits, and not because we arrive at them. He uses examples such as the artist using the act of creation as a means of forgetting the rewards of the project he toils away at. I disagree with Schlick, or his understanding of forgetting the fruits beared from the act of creative play. In this sense, Schlick is assuming that we cannot have a goal in mind in order to derive meaning from the moment. He stresses that purposeless activities are the key to deriving meaning but what gives rise to the initiation of these activities? If there is no reason for the artist to pick up a paint brush then why bother do it? Schlick may argue that the artist finds meaning through painting because the entire process of creation is a joyful moment, even the tasks that are required to prepare to make art. I question what made the person become an artist then. There will be a precursor to each individuals decision that will be a reason as to why they decided to pursue something. I believe that Schlicks idea that the artist may lose himself in the moment of creation and derive meaning from it holds true to his theory, but I argue that it was necessary for a goal or purpose to be understood prior to seeking it. The goal provides a means to deriving meaning out of the appreciation of the activity. Unfortunately, not all goals or purposes can necessarily be thought of as a moment in which one could be enthusiastic about. I find it hard to believe that life threatening situations could be regarded as moments in which someone became enthusiastic or finds bliss to derive meaning. Certain goals, such as survival, provide stressors necessary for we as humans to complete a goal. It is in these moments of high stress that I would argue the meaningful moment be derived from the outcome or completion of the goal. Schlick may argue that life loses the power of creation when focused on distant goals but prior to that he mentions Goethe’s rule of working hard to play hard. It seems Schlick is willing to accept the possibility of individuals working towards goals so long as they never forget the value of joy and festivities. I believe this to be a flaw because he is considering work as a means to the meaning life, if the outcome of work is to be joyous and playful. This potentially contradicts his previous contention that the meaning of life is grounded in play. It does not specifically depict work as a meaning to life, but describes how it can be a necessary component of it. The combination of work and play grounding a meaning in life seems to be the result of this flaw. Secondly, Schlick emphasizes that children are living the most profound, meaningful lives because they do not have a work centered perspective of life. Complementary to his argument that life’s meaning lies in creative-play and not work, we can learn from the essence of what it is to be a child to appreciate creative-play as a child does. With this in mind, we find meaning by losing ourselves in the moment while completing activities, or rather change our attitude towards the activities we are doing so that we disregard the goal and appreciate the moment. Children are used as a template in order for older individuals who do not believe they are experiencing meaningful events to learn how to perform purposeless activities that yield meaning subjectively. Youth in this sense however is coined more properly as enthusiasm. Youth can be attained at any age because it represents a state in life referring to the purposeless enjoyment, learned from children’s play. I do not agree with Schick’s argument in terms of youthful living accounting for a meaning in life. I disagree with this notion because although the state of youthful living may bring about the acknowledgement of meaningfulness while captured in a moment, it is still very much a feeling of meaningfulness. This feeling is an emotion that we appeal to in order to enjoy, perplex or anger us for example to experience the meaningful moment. We may find meaning in creative play by tickling our brains with complicated conundrums or releasing our anger during a workout at the gym, but this meaning is not understood subjectively unless we feel it is meaningful. To lose oneself in a moment of purposeless activity that provides a sense of meaningful existence is still relying on a subjective enjoyment of the situation, which is translated through our senses and perceived by however we view the activities ourselves. In this sense, it seems that the ultimate goal of living youthfully is to appeal to the feelings which we find the most beneficial while performing activities that seem without purpose. These activities do have purpose in that they warrant desired feelings and results. To summarize this point, meaningful activities or purposeless activities derive meaning through subjectively losing oneself in the moment or becoming enthusiastic about the activity, which is transcribed into the emotions which one feels in order to understand that the moment or activity has meaning. Thus living youthfully is a cycle in which we attempt to experience feelings or emotions through activities that we subjectively feel are meaningful. Although the creative-play theory holds that intrinsically valuable activities are meaningful, I believe based on these notions that living youthfully in Schlick’s sense demonstrates how one can find enjoyment in life at all stages. It does this by changing our paradigm of work being a task of frustration, and allows us to enjoy the menial aspects of life by appreciating everything about it. Thirdly, I find a different flaw in Schick’s argument towards youthful living making for a meaningful life. Youth in Schlick’s analogy is represented by a sort of enthusiasm for doing things where the aim of the activity is lost, and meaning is derived from being in the moment. This term youth is not universal all over the world. In many underdeveloped countries youthful living is complicated by class or caste distinction, race and sex. By appealing to a state which he claims is supposedly shared universally by children or youth world-wide, he is saying that they all are able to bring to fruition a meaningful activity. What about areas where child labour is a regular staple to the economy? Do individuals learn youthful behaviour from children or who have work centered lives without play? Are young girls who lack rights and are married off at an early age demonstrating the very same youthful behaviour that enables creative-play? Would experiences such as these not depict a sour view of childhood and youth? It seems to me that youthful behaviour could be drastically different, parallel to our own area. In this case, creative play is subjective to different regions of the world. No one person will share the direct aspects of youth that is described by Schlick, because there is no precise cookie-cutter depiction of youth to be embodied. He states that â€Å" The more youth is realized in life,the more valuable it is, and if a person dies young, however long he may have lived, his life has ad meaning†(71). This cannot be true if youth is not understood in the sense that Schlick assumes the world shares, because no youth would yield no value. Therefore, Schlick’s contention that the meaning in life is grounded in play and not work requires revision based on my arguments. There can be reason for our goals if we proceed to enjoy and celebrate our success from work. Although we benefit from creative-play during the moment we are still able to endure menial or mundane tasks so we may succeed and appreciate life itself and derive meaning from the moment. Schlick should also account for our emotions being a possible vector for the meaning of life in his understanding. We can appeal to feelings to make those meaningful moments seem as meaningful as they are. It’s not necessarily what we do but what we feel when doing it that may make for a meaning in life at the given moment. In order for us to appeal to creative play through youth, we must first understand that youth is not a fixed term in the sense that Schlick implies. Experiences of youth are various in scope and do not yield the same type of play that Schlick believes is a model for learning creative play. Schlick must redefine this template to encompass a fundamental feature that we all share as individuals. That way an objective feature of people will provide means to subjective meaningfulness in life in accordance with Schlicks model. References Klemke and Schlick. On the meaning of life. New York, NY: Oxford University Press Inc. , 2008.

One of the Main Messages in “a Christmas Carol” Is That Love Elevates and Money Corrupts. Discuss. Essay

ONE OF THE MAIN MESSAGES IN â€Å"A CHRISTMAS CAROL† IS THAT LOVE ELEVATES AND MONEY CORRUPTS. DISCUSS. The allegory of Charles Dickens’ â€Å"A Christmas Carol† can be shaped by a variety of different outlooks. Dickens incites the reader by including a riddle of messages, some messages may be more imperative than others. One of the most outstanding messages within the novella is centred on money and love. The crux of Scrooge’s life is based on money, greed and gain twisted his ideals so to make him a wicked and corrupt man. Alternatively, love was also heavily included within the novella. Dickens illustrated how the love of a family and one another elevated all, and ultimately elevated Scrooge. Scrooge was a depraved man â€Å"squeezing, wrenching, grasping, scraping, clutching, covetous old sinner!† majority of the townsfolk would cower at this presence. He based his morality and life purely on money; greed and gain were his most prominent qualities. Love was a mere inkling of what was in Scrooge. His nephew Fred can be described as an outstanding foil to Scrooge, Fred was poor but lived a comfortable life; whereas Scrooge was rich and corrupt. â€Å"Though it has never put a scrap of gold or silver in my pocket, I believe it has done me good†, Fred commended Christmas even if there was no profit in it, whilst Scrooge condemned its every quality â€Å"bah humbug†, alongside the fact that it made people happy. In Stave 1 when Scrooge is approached by Marley’s ghost he was exposed to his former business partner’s consequence. His spirit wore the â€Å"chain (he) forged in life†, a chain linked by the â€Å"dealings of (his) trade†¦ a drop of water in the comprehensive ocean of (his) business†. Marley and Scrooge’s ideals were parallel; they were hand in hand business partners.

A Game of Thrones Chapter Eleven

Daenerys Daenerys Targaryen wed Khal Drogo with fear and barbaric splendor in a field beyond the walls of Pentos, for the Dothraki believed that all things of importance in a man's life must be done beneath the open sky. Drogo had called his khalasar to attend him and they had come, forty thousand Dothraki warriors and uncounted numbers of women, children, and slaves. Outside the city walls they camped with their vast herds, raising palaces of woven grass, eating everything in sight, and making the good folk of Pentos more anxious with every passing day. â€Å"My fellow magisters have doubled the size of the city guard,† Illyrio told them over platters of honey duck and orange snap peppers one night at the manse that had been Drogo's. The khal had joined his khalasar, his estate given over to Daenerys and her brother until the wedding. â€Å"Best we get Princess Daenerys wedded quickly before they hand half the wealth of Pentos away to sellswords and bravos,† Ser Jorah Mormont jested. The exile had offered her brother his sword the night Dany had been sold to Kbal Drogo; Viserys had accepted eagerly. Mormont had been their constant companion ever since. Magister Illyrio laughed lightly through his forked beard, but Viserys did not so much as smile. â€Å"He can have her tomorrow, if he likes,† her brother said. He glanced over at Dany, and she lowered her eyes. â€Å"So long as he pays the price.† Illyrio waved a languid hand in the air, rings glittering on his fat fingers. â€Å"I have told you, all is settled. Trust me. The khal has promised you a crown, and you shall have it.† â€Å"Yes, but when?† â€Å"When the khal chooses,† Illyrio said. â€Å"He will have the girl first, and after they are wed he must make his procession across the plains and present her to the dosh khaleen at Vaes Dothrak. After that, perhaps. If the omens favor war.† Viserys seethed with impatience. â€Å"I piss on Dothraki omens. The Usurper sits on my father's throne. How long must I wait?† Illyrio gave a massive shrug. â€Å"You have waited most of your life, great king. What is another few months, another few years?† Ser Jorah, who had traveled as far east as Vaes Dothrak, nodded in agreement. â€Å"I counsel you to be patient, Your Grace. The Dothraki are true to their word, but they do things in their own time. A lesser man may beg a favor from the khal, but must never presume to berate him.† Viserys bristled. â€Å"Guard your tongue, Mormont, or I'll have it out. I am no lesser man, I am the rightful Lord of the Seven Kingdoms. The dragon does not beg.† Ser Jorah lowered his eyes respectfully. Illyrio smiled enigmatically and tore a wing from the duck. Honey and grease ran over his fingers and dripped down into his beard as he nibbled at the tender meat. There are no more dragons, Dany thought, staring at her brother, though she did not dare say it aloud. Yet that night she dreamt of one. Viserys was hitting her, hurting her. She was naked, clumsy with fear. She ran from him, but her body seemed thick and ungainly. He struck her again. She stumbled and fell. â€Å"You woke the dragon,† he screamed as he kicked her. â€Å"You woke the dragon, you woke the dragon.† Her thighs were slick with blood. She closed her eyes and whimpered. As if in answer, there was a hideous ripping sound and the crackling of some great fire. When she looked again, Viserys was gone, great columns of flame rose all around, and in the midst of them was the dragon. It turned its great head slowly. When its molten eyes found hers, she woke, shaking and covered with a fine sheen of sweat. She had never been so afraid . . .. . . until the day of her wedding came at last. The ceremony began at dawn and continued until dusk, an endless day of drinking and feasting and fighting. A mighty earthen ramp had been raised amid the grass palaces, and there Dany was seated beside Khal Drogo, above the seething sea of Dothraki. She had never seen so many people in one place, nor people so strange and frightening. The horselords might put on rich fabrics and sweet perfumes when they visited the Free Cities, but out under the open sky they kept the old ways. Men and women alike wore painted leather vests over bare chests and horsehair leggings cinched by bronze medallion belts, and the warriors greased their long braids with fat from the rendering pits. They gorged themselves on horseflesh roasted with honey and peppers, drank themselves blind on fermented mare's milk and Illyrio's fine wines, and spat jests at each other across the fires, their voices harsh and alien in Dany's ears. Viserys was seated just below her, splendid in a new black wool tunic with a scarlet dragon on the chest. Illyrio and Ser Jorah sat beside him. Theirs was a place of high honor, just below the khal's own bloodriders, but Dany could see the anger in her brother's lilac eyes. He did not like sitting beneath her, and he fumed when the slaves offered each dish first to the khal and his bride, and served him from the portions they refused. He could do nothing but nurse his resentment, so nurse it he did, his mood growing blacker by the hour at each insult to his person. Dany had never felt so alone as she did seated in the midst of that vast horde. Her brother had told her to smile, and so she smiled until her face ached and the tears came unbidden to her eyes. She did her best to hide them, knowing how angry Viserys would be if he saw her crying, terrified of how Khal Drogo might react. Food was brought to her, steaming joints of meat and thick black sausages and Dothraki blood pies, and later fruits and sweetgrass stews and delicate pastries from the kitchens of Pentos, but she waved it all away. Her stomach was a roil, and she knew she could keep none of it down. There was no one to talk to. Khal Drogo shouted commands and jests down to his bloodriders, and laughed at their replies, but he scarcely glanced at Dany beside him. They had no common language. Dothraki was incomprehensible to her, and the khal knew only a few words of the bastard Valyrian of the Free Cities, and none at all of the Common Tongue of the Seven Kingdoms. She would even have welcomed the conversation of Illyrio and her brother, but they were too far below to hear her. So she sat in her wedding silks, nursing a cup of honeyed wine, afraid to eat, talking silently to herself. I am blood of the dragon, she told herself. I am Daenerys Stormborn, Princess of Dragonstone, of the blood and seed of Aegon the Conqueror. The sun was only a quarter of the way up the sky when she saw her first man die. Drums were beating as some of the women danced for the khal. Drogo watched without expression, but his eyes followed their movements, and from time to time he would toss down a bronze medallion for the women to fight over. The warriors were watching too. One of them finally stepped into the circle, grabbed a dancer by the arm, pushed her down to the ground, and mounted her right there, as a stallion mounts a mare. Illyrio had told her that might happen. â€Å"The Dothraki mate like the animals in their herds. There is no privacy in a khalasar, and they do not understand sin or shame as we do.† Dany looked away from the coupling, frightened when she realized what was happening, but a second warrior stepped forward, and a third, and soon there was no way to avert her eyes. Then two men seized the same woman. She heard a shout, saw a shove, and in the blink of an eye the arakhs were out, long razor-sharp blades, half sword and half scythe. A dance of death began as the warriors circled and slashed, leaping toward each other, whirling the blades around their heads, shrieking insults at each clash. No one made a move to interfere. It ended as quickly as it began. The arakhs shivered together faster than Dany could follow, one man missed a step, the other swung his blade in a flat arc. Steel bit into flesh just above the Dothraki's waist, and opened him from backbone to belly button, spilling his entrails into the dust. As the loser died, the winner took hold of the nearest woman—not even the one they had been quarreling over—and had her there and then. Slaves carried off the body, and the dancing resumed. Magister Illyrio had warned Dany about this too. â€Å"A Dothraki wedding without at least three deaths is deemed a dull affair,† he had said. Her wedding must have been especially blessed; before the day was over, a dozen men had died. As the hours passed, the terror grew in Dany, until it was all she could do not to scream. She was afraid of the Dothraki, whose ways seemed alien and monstrous, as if they were beasts in human skins and not true men at all. She was afraid of her brother, of what he might do if she failed him. Most of all, she was afraid of what would happen tonight under the stars, when her brother gave her up to the hulking giant who sat drinking beside her with a face as still and cruel as a bronze mask. I am the blood of the dragon, she told herself again. When at last the sun was low in the sky, Khal Drogo clapped his hands together, and the drums and the shouting and feasting came to a sudden halt. Drogo stood and pulled Dany to her feet beside him. It was time for her bride gifts. And after the gifts, she knew, after the sun had gone down, it would be time for the first ride and the consummation of her marriage. Dany tried to put the thought aside, but it would not leave her. She hugged herself to try to keep from shaking. Her brother Viserys gifted her with three handmaids. Dany knew they had cost him nothing; Illyrio no doubt had provided the girls. Irri and Jhiqui were copper-skinned Dothraki with black hair and almond-shaped eyes, Doreah a fair-haired, blue-eyed Lysene girl. â€Å"These are no common servants, sweet sister,† her brother told her as they were brought forward one by one. â€Å"Illyrio and I selected them personally for you. Irri will teach you riding, Jhiqui the Dothraki tongue, and Doreah will instruct you in the womanly arts of love.† He smiled thinly. â€Å"She's very good, Illyrio and I can both swear to that.† Ser Jorah Mormont apologized for his gift. â€Å"It is a small thing, my princess, but all a poor exile could afford,† he said as he laid a small stack of old books before her. They were histories and songs of the Seven Kingdoms, she saw, written in the Common Tongue. She thanked him with all her heart. Magister Illyrio murmured a command, and four burly slaves hurried forward, bearing between them a great cedar chest bound in bronze. When she opened it, she found piles of the finest velvets and damasks the Free Cities could produce . . . and resting on top, nestled in the soft cloth, three huge eggs. Dany gasped. They were the most beautiful things she had ever seen, each different than the others, patterned in such rich colors that at first she thought they were crusted with jewels, and so large it took both of her hands to hold one. She lifted it delicately, expecting that it would be made of some fine porcelain or delicate enamel, or even blown glass, but it was much heavier than that, as if it were all of solid stone. The surface of the shell was covered with tiny scales, and as she turned the egg between her fingers, they shimmered like polished metal in the light of the setting sun. One egg was a deep green, with burnished bronze flecks that came and went depending on how Dan y turned it. Another was pale cream streaked with gold. The last was black, as black as a midnight sea, yet alive with scarlet ripples and swirls. â€Å"What are they?† she asked, her voice hushed and full of wonder. â€Å"Dragon's eggs, from the Shadow Lands beyond Asshai,† said Magister Illyrio. â€Å"The eons have turned them to stone, yet still they burn bright with beauty.† â€Å"I shall treasure them always.† Dany had heard tales of such eggs, but she had never seen one, nor thought to see one. It was a truly magnificent gift, though she knew that Illyrio could afford to be lavish. He had collected a fortune in horses and slaves for his part in selling her to Khal Drogo. The khal's bloodriders offered her the traditional three weapons, and splendid weapons they were. Haggo gave her a great leather whip with a silver handle, Cohollo a magnificent arakh chased in gold, and Qotho a double-curved dragonbone bow taller than she was. Magister Illyrio and Ser Jorah had taught her the traditional refusals for these offerings. â€Å"This is a gift worthy of a great warrior, O blood of my blood, and I am but a woman. Let my lord husband bear these in my stead.† And so Khal Drogo too received his â€Å"bride gifts.† Other gifts she was given in plenty by other Dothraki: slippers and jewels and silver rings for her hair, medallion belts and painted vests and soft furs, sandsilks and jars of scent, needles and feathers and tiny bottles of purple glass, and a gown made from the skin of a thousand mice. â€Å"A handsome gift, Khaleesi,† Magister Illyrio said of the last, after he had told her what it was. â€Å"Most lucky.† The gifts mounted up around her in great piles, more gifts than she could possibly imagine, more gifts than she could want or use. And last of all, Khal Drogo brought forth his own bride gift to her. An expectant hush rippled out from the center of the camp as he left her side, growing until it had swallowed the whole khalasar. When he returned, the dense press of Dothraki gift-givers parted before him, and he led the horse to her. She was a young filly, spirited and splendid. Dany knew just enough about horses to know that this was no ordinary animal. There was something about her that took the breath away. She was grey as the winter sea, with a mane like silver smoke. Hesitantly she reached out and stroked the horse's neck, ran her fingers through the silver of her mane. Khal Drogo said something in Dothraki and Magister Illyrio translated. â€Å"Silver for the silver of your hair, the khal says.† â€Å"She's beautiful,† Dany murmured. â€Å"She is the pride of the khalasar, † Illyrio said. â€Å"Custom decrees that the khaleesi must ride a mount worthy of her place by the side of the khal.† Drogo stepped forward and put his hands on her waist. He lifted her up as easily as if she were a child and set her on the thin Dothraki saddle, so much smaller than the ones she was used to. Dany sat there uncertain for a moment. No one had told her about this part. â€Å"What should I do?† she asked Illyrio. It was Ser Jorah Mormont who answered. â€Å"Take the reins and ride. You need not go far.† Nervously Dany gathered the reins in her hands and slid her feet into the short stirrups. She was only a fair rider; she had spent far more time traveling by ship and wagon and palanquin than by horseback. Praying that she would not fall off and disgrace herself, she gave the filly the lightest and most timid touch with her knees. And for the first time in hours, she forgot to be afraid. Or perhaps it was for the first time ever. The silver-grey filly moved with a smooth and silken gait, and the crowd parted for her, every eye upon them. Dany found herself moving faster than she had intended, yet somehow it was exciting rather than terrifying. The horse broke into a trot, and she smiled. Dothraki scrambled to clear a path. The slightest pressure with her legs, the lightest touch on the reins, and the filly responded. She sent it into a gallop, and now the Dothraki were hooting and laughing and shouting at her as they jumped out of her way. As she turned to ride back, a firepit loomed ahead, directly in her path. They were hemmed in on either side, with no room to stop. A daring she had never known filled Daenerys then, and she gave the filly her head. The silver horse leapt the flames as if she had wings. When she pulled up before Magister Illyrio, she said, â€Å"Tell Khal Drogo that he has given me the wind.† The fat Pentoshi stroked his yellow beard as he repeated her words in Dothraki, and Dany saw her new husband smile for the first time. The last sliver of sun vanished behind the high walls of Pentos to the west just then. Dany had lost all track of time. Khal Drogo commanded his bloodriders to bring forth his own horse, a lean red stallion. As the khal was saddling the horse, Viserys slid close to Dany on her silver, dug his fingers into her leg, and said, â€Å"Please him, sweet sister, or I swear, you will see the dragon wake as it has never woken before.† The fear came back to her then, with her brother's words. She felt like a child once more, only thirteen and all alone, not ready for what was about to happen to her. They rode out together as the stars came out, leaving the khalasar and the grass palaces behind. Khal Drogo spoke no word to her, but drove his stallion at a hard trot through the gathering dusk. The tiny silver bells in his long braid rang softly as he rode. â€Å"I am the blood of the dragon,† she whispered aloud as she followed, trying to keep her courage up. â€Å"I am the blood of the dragon. I am the blood of the dragon.† The dragon was never afraid. Afterward she could not say how far or how long they had ridden, but it was full dark when they stopped at a grassy place beside a small stream. Drogo swung off his horse and lifted her down from hers. She felt as fragile as glass in his hands, her limbs as weak as water. She stood there helpless and trembling in her wedding silks while he secured the horses, and when he turned to look at her, she began to cry. Khal Drogo stared at her tears, his face strangely empty of expression. â€Å"No,† he said. He lifted his hand and rubbed away the tears roughly with a callused thumb. â€Å"You speak the Common Tongue,† Dany said in wonder. â€Å"No,† he said again. Perhaps he had only that word, she thought, but it was one word more than she had known he had, and somehow it made her feel a little better. Drogo touched her hair lightly, sliding the silver-blond strands between his fingers and murmuring softly in Dothraki. Dany did not understand the words, yet there was warmth in the tone, a tenderness she had never expected from this man. He put his finger under her chin and lifted her head, so she was looking up into his eyes. Drogo towered over her as he towered over everyone. Taking her lightly under the arms, he lifted her and seated her on a rounded rock beside the stream. Then he sat on the ground facing her, legs crossed beneath him, their faces finally at a height. â€Å"No,† he said. â€Å"Is that the only word you know?† she asked him. Drogo did not reply. His long heavy braid was coiled in the dirt beside him. He pulled it over his right shoulder and began to remove the bells from his hair, one by one. After a moment Dany leaned forward to help. When they were done, Drogo gestured. She understood. Slowly, carefully, she began to undo his braid. It took a long time. All the while he sat there silently, watching her. When she was done, he shook his head, and his hair spread out behind him like a river of darkness, oiled and gleaming. She had never seen hair so long, so black, so thick. Then it was his turn. He began to undress her. His fingers were deft and strangely tender. He removed her silks one by one, carefully, while Dany sat unmoving, silent, looking at his eyes. When he bared her small breasts, she could not help herself. She averted her eyes and covered herself with her hands. â€Å"No,† Drogo said. He pulled her hands away from her breasts, gently but firmly, then lifted her face again to make her look at him. â€Å"No,† he repeated. â€Å"No,† she echoed back at him. He stood her up then and pulled her close to remove the last of her silks. The night air was chilly on her bare skin. She shivered, and gooseflesh covered her arms and legs. She was afraid of what would come next, but for a while nothing happened. Khal Drogo sat with his legs crossed, looking at her, drinking in her body with his eyes. After a while he began to touch her. Lightly at first, then harder. She could sense the fierce strength in his hands, but he never hurt her. He held her hand in his own and brushed her fingers, one by one. He ran a hand gently down her leg. He stroked her face, tracing the curve of her ears, running a finger gently around her mouth. He put both hands in her hair and combed it with his fingers. He turned her around, massaged her shoulders, slid a knuckle down the path of her spine. It seemed as if hours passed before his hands finally went to her breasts. He stroked the soft skin underneath until it tingled. He circled her nipples with his thumbs, pinched them between thumb and forefinger, then began to pull at her, very lightly at first, then more insistently, until her nipples stiffened and began to ache. He stopped then, and drew her down onto his lap. Dany was flushed and breathless, her heart fluttering in her chest. He cupped her face in his huge hands and looked into his eyes. â€Å"No?† he said, and she knew it was a question. She took his hand and moved it down to the wetness between her thighs. â€Å"Yes,† she whispered as she put his finger inside her.

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