RLG202H5 Lecture : Lecture #3 - Monarchs, Prophets, and Priests

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purplemanatee685

19 Jan 2012

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The jewish people, whether they experienced the exodus from egypt personally or not, identified with the exodus. Seen as a metaphor of going from slavery to a people with a destiny! Celebrated from antiquity until today through the 8 day passover festival. Late bronze age = 1500-1200 bce (canaanite era) Iron age = 1200-1000 bce (israelite era) 2 ways people identify with conquest of canaan. Through conquest they fulfilled the destiny of god. Domestic tools, weaponry, jewelry, cult and funerary objects, cosmetics, stone vessels. Came into canaan in order to have their sheep and goats to graze in fields. Over time, the hebrew nomads didn"t return to the desert but instead stayed in the city. Entered peacefully with sheep and goats (natural way not sinister plot) Israelites were strengthened and subdued the canaanites. Hebrew bible is a composite work written and edited by anonymous writers. Julius wellhausen and karl heinrich graf (2 german scholars in the late 19th century)

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Short Story
âThe Betâ (or how your money finds its way to Wall Street)

Long Bets was seeded by Amazonâs Jeff Bezos and operates as a non-profit organization that administers just what youâd guess: long-term bets. To participate, âproposersâ post a proposition at Longbets.org that will be proved right or wrong at a distant date. They then wait for a contrary-minded party to take the other side of the bet. When a âdoubterâ steps forward, each side names a charity that will be the beneficiary if its side wins; parks its wager with Long Bets; and posts a short essay defending its position on the Long Bets website. When the bet is concluded, Long Bets pays off the winning charity.

Here are examples of what you will find on Long Betsâ very interesting site:

In 2002, entrepreneur Mitch Kapor asserted that âBy 2029 no computer â or âmachine intelligenceâ â will have passed the Turing Test,â which deals with whether a computer can successfully impersonate a human being. Inventor Ray Kurzweil took the opposing view. Each backed up his opinion with $10,000. I donât know who will win this bet, but I will confidently wager that no computer will ever replicate Charlie.

That same year, Craig Mundie of Microsoft asserted that pilotless planes would routinely fly passengers by 2030, while Eric Schmidt of Google argued otherwise. The stakes were $1,000 each. To ease any heartburn Eric might be experiencing from his outsized exposure, I recently offered to take a piece of his action. He promptly laid off $500 with me. (I like his assumption that Iâll be around in 2030 to contribute my payment, should we lose.)

Now, to my bet and its history. In Berkshireâs 2005 annual report, I argued that active investment management by professionals â in aggregate â would over a period of years underperform the returns achieved by rank amateurs who simply sat still. I explained that the massive fees levied by a variety of âhelpersâ would leave their clients â again in aggregate â worse off than if the amateurs simply invested in an unmanaged low-cost index fund.

Subsequently, I publicly offered to wager $500,000 that no investment pro could select a set of at least five hedge funds â wildly-popular and high-fee investing vehicles â that would over an extended period match the performance of an unmanaged S&P-500 index fund charging only token fees. I suggested a ten-year bet and named a low-cost Vanguard S&P fund as my contender. I then sat back and waited expectantly for a parade of fund managers â who could include their own fund as one of the five â to come forth and defend their occupation. After all, these managers urged others to bet billions on their abilities. Why should they fear putting a little of their own money on the line?

If Group A (active investors) and Group B (do-nothing investors) comprise the total investing universe, and B is destined to achieve average results before costs, so, too, must A. Whichever group has the lower costs will win. (The academic in me requires me to mention that there is a very minor point â not worth detailing â that slightly modifies this formulation.) And if Group A has exorbitant costs, its shortfall will be substantial. There are, of course, some skilled individuals who are highly likely to out-perform the S&P over long stretches.

In my lifetime, though, Iâve identified â early on â only ten or so professionals that I expected would accomplish this feat. There are no doubt many hundreds of people â perhaps thousands â whom I have never met and whose abilities would equal those of the people Iâve identified. The job, after all, is not impossible. The problem simply is that the great majority of managers who attempt to over-perform will fail. The probability is also very high that the person soliciting your funds will not be the exception who does well. Bill Ruane â a truly wonderful human being and a man whom I identified 60 years ago as almost certain to deliver superior investment returns over the long haul â said it well: âIn investment management, the progression is from the innovators to the imitators to the swarming incompetents.â

Further complicating the search for the rare high-fee manager who is worth his or her pay is the fact that some investment professionals, just as some amateurs, will be lucky over short periods. If 1,000 managers make a market prediction at the beginning of a year, itâs very likely that the calls of at least one will be correct for nine consecutive years. Of course, 1,000 monkeys would be just as likely to produce a seemingly all-wise prophet.

But there would remain a difference: The lucky monkey would not find people standing in line to invest with him. Finally, there are three connected realities that cause investing success to breed failure. First, a good record quickly attracts a torrent of money. Second, huge sums invariably act as an anchor on investment performance: What is easy with millions, struggles with billions (sob!). Third, most managers will nevertheless seek new money because of their personal equation â namely, the more funds they have under management, the more their fees. These three points are hardly new ground for me: In January 1966, when I was managing $44 million, I wrote my limited partners: âI feel substantially greater size is more likely to harm future results than to help them. This might not be true for my own personal results, but it is likely to be true for your results. Therefore, I intend to admit no additional partners to BPL. I have notified Susie that if we have any more children, it is up to her to find some other partnership for them.â

The bottom line: When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the managers who reap outsized profits, not the clients. Both large and small investors should stick with low-cost index funds.

In many aspects of life, indeed, wealth does command top-grade products or services. For that reason, the financial âelitesâ â wealthy individuals, pension funds, college endowments and the like â have great trouble meekly signing up for a financial product or service that is available as well to people investing only a few thousand dollars. This reluctance of the rich normally prevails even though the product at issue is âon an expectancy basis â clearly the best choice. My calculation, admittedly very rough, is that the search by the elite for superior investment advice has caused it, in aggregate, to waste more than $100 billion over the past decade. Figure it out: Even a 1% fee on a few trillion dollars adds up. Of course, not every investor who put money in hedge funds ten years ago lagged S&P returns. But I believe my calculation of the aggregate shortfall is conservative.

Much of the financial damage befell pension funds for public employees. Many of these funds are woefully underfunded, in part because they have suffered a double whammy: poor investment performance accompanied by huge fees. The resulting shortfalls in their assets will for decades have to be made up by local taxpayers.

Human behavior wonât change. Wealthy individuals, pension funds, endowments and the like will continue to feel they deserve something âextraâ in investment advice. Those advisors who cleverly play to this expectation will get very rich. This year the magic potion may be hedge funds, next year something else. The likely result from this parade of promises is predicted in an adage: âWhen a person with money meets a person with experience, the one with experience ends up with the money and the one with money leaves with experience.â

Question:
Summarize Buffettâs views on âThe Betâ and passive investment management

tealtiger342

1. (TCOs 2, 4, 5, 6) The idea that the assisted suicide of terminally ill patients should be allowed simply at the patient's direction reflects what type of ethics? (Points: 5)

Hobbes' State of Nature
Rand's Objectivism
Aristotle's concept of Virtue
Thomas Aquinas' concept of conscience
Socrates' concept of excellence

Question 2.2. (TCOs 1, 2, 7) What is the moral ideal of compassion? (Points: 5)

Acts of unmerited kindness
Sentiment in response to the suffering of others
Acknowledging the sufferings of others
Acts of altruism
Acts contrary to Objectivism

Question 3.3. (TCOs 1, 2) One of the common errors in Ethics is that of the double standard. The double standard consists of what? (Points: 5)

Discriminating in the application of ethical criteria based on our own preferences
Setting aside ethical criteria in special cases
Taking steps to avoid condemnation of others
Using one set of criteria for judging cases concerning ourselves and another for all others
Suspending judgment when concerned that the consequences would be too severe

Question 4.4. (TCO 2) Prescriptive language is commonly used in ethics for what reason? (Points: 5)

To indicate what is prohibited or impossible
To indicate that one choice is better than others
To show what actions are legal
To convey requirements and obligations
To indicate that there are really no choices available

Question 5.5. (TCOs 7, 8) Each person ought to do whatever will best promote his or her own interests. (Points: 5)

Utilitarianism
Kant's Categorical Imperative
Social Contract Theory
Ethical Egoism
Gilligan

Question 6.6. (TCOs 2, 4, 9) Free people are motivated toward forming social structures according to a social contract in order to overcome what problem identified by Thomas Hobbes? (Points: 5)

The need to overcome disagreements
A perpetual state of warfare
The establishment of a monarchy
Taxation to support the costs of government
Organized ways to select leaders

Question 7.7. (TCOs 3, 6) Agricultural biofuels are not properly a renewable source of energy in the environmental ethics debate. Which of the following also is not a renewable source of energy? (Points: 5)

Windmill turbines
Hydroelectric power
Tidal flow generators
Biomass waste systems
Solar cells

Question 8.8. (TCOs 3, 6, 7) Where in our course does the following phrase apply: 'The only thing good without qualification is a good will'? (Points: 5)

Personal habits of excellence according to Plato
The social contract according to Locke
Deontological ethics according to Mill
Natural law ethics according to Aquinas
Deontological ethics according to Kant

Question 9.9. (TCOs 8, 9) John Stuart Mill's theory of Utilitarianism is the most common form of ethics in use today. It is used so commonly because it belongs to which of the Primary Schools of Ethics? (Points: 5)

Care-based
Ends-based
Economy-based
Law-based
Efficiency-based

Question 10.10. (TCOs 3, 6, 7) What is the purpose of proving whether a syllogism of formal logic is 'valid'? (Points: 5)

To identify the connecting phrase 'therefore' or a synonym of it before proceeding further
To determine whether the situation described is accurate
To determine whether the premises are true before continuing
To determine whether the conclusion proceeds from the premises
To determine that there are only two premise statements in the syllogism

Question 11.11. (TCOs 1, 2) Solving a dilemma involves realizing what aspect of it? (Points: 5)

You will never be satisfied that the right choice was made
Some choices of action are more realistic than others
In deciding to choose one action, the other possible choices will be lost
Not everybody involved will be happy with the choice
There may be significant personal costs to choosing

Question 12.12. (TCOs 1, 2, 7) According to Thomas Aquinas, what ethical capacity do people of every culture naturally possess? (Points: 5)

Logical thinking
Personal virtues
Self-interest
Ability to learn lessons
Conscience

Question 13.13. (TCOs 2, 8) The single criterion for making decisions in utilitarian ethics is what? (Points: 5)

The experience of pleasure
Accounting for unintended consequences
Fiduciary interests to be honored
The amount of happiness produced
The principle to be honored

Question 14.14. (TCOs 1, 2, 5) The world view of ruthless and unending competition for property and wealth was spelled out in which of these concepts? (Points: 5)

Locke's notion of the natural state of man
Rawls' notion of the veil of ignorance
Aristotle's notion of the doctrine of the mean
Hammurabi's code of law
Hobbes' state of nature

Question 15.15. (TCOs 3, 6, 7) Which school of ethics is primarily applied as a practical matter through rights and duties? (Points: 5)

Objectivism
Normative ethics
Consequentialist ethics
Deontological ethics
Interdisciplinary ethics

Question 16.16. (TCOs 2, 7, 8) Personal development and discovery through the repetition of good acts and study of virtue characterize what ethicist? (Points: 5)

Plato
Aristotle
Luther
Augustine
Socrates

Question 17.17. (TCOs 2, 8) Professional societies with codes of ethics and conduct enforce what standard on members beyond the paying of dues? (Points: 5)

Not to engage in other businesses for profit outside of the profession
Personal standards of behavior for family members
Pricing structures for services
Non-competition among members
Meeting ethical and competency standards in order to practice within a jurisdiction

Question 18.18. (TCOs 2, 7) Aristotle's Ethical Doctrine of the Mean measured personal virtues on a scale that included the virtue itself, the excess of it, and the deficiency of it.

If the virtue is GENEROSITY, and the excess is WASTEFULNESS, what is the deficiency?

(Points: 5)

Carefulness
There is no deficiency
Being broke (having no money)
Stinginess
Moderation

Question 19.19. (TCOs 8, 9) Processes and systems designed to slow down disagreeing behavior and think situations through more deliberately are called (Points: 5)

value clarification processes.
conflict resolution systems.
objectivist tactics.
primary schools of ethics.
care-based ethics.

Question 20.20. (TCOs 1, 2) The Latin term a priori describes the origin of knowledge developed rationally, and the term a posteriori describes knowledge developed through observation and experience. What is produced through a priori rational thought that applies to ethics? (Points: 5)

Analysis systems
Principles of ethics
Concern for outcomes
Emotions
Subjective sense of identity

goldmuskrat363

There are sometimes conflicts within the same code, between the code and the __________ and between the code and a counselor's value system.

		Judgment
		Ethics
		Law
		Value

2 points

Question 2

Section A of the ACA Code of Ethics highlights important issues within the __________________________________.

		Privacy Act
		Confidentiality Act
		Professional's Responsibility
		Counseling relationship

2 points

Question 3

______________________ in a code sometimes lag behind the values of society and of professional associations.

		Laws
		Attitudes
		Values
		Beliefs

2 points

Question 4

Which section was added to the latest edition of the ACA Code of Ethics (2014)?

		Resolving Ethical Issues
		Advocacy and Social Justice
		Distance Counseling, Technology, and Social Media
		Research and Publication

2 points

Question 5

Which of the following is not one of the ethical "hot spots" identified in this chapter?

		Gatekeeping
		Social and Cultural Issues
		Informed Consent
		Technology

2 points

Question 6

Which of the following is not a type of ethical decision-making model discussed in the text?

		Problem-solving model
		Advocacy model
		Social constructivist model
		Developmental model

2 points

Question 7

_______________ has to do with protecting the independences, self-determination and freedom of choice for client.

		Nonmaleficence
		Beneficence
		Justice
		Autonomy

2 points

Question 8

People who have this view of the world, see things in black and white, are very concrete, rigid, and authoritarian.

		Dualistic
		Modern
		Post-modern
		Flexible

2 points

Question 9

Which section of the ACA Ethical Code (2014) offers guidelines on how to report an ethical violation?

		Section B
		Section I
		Section E
		Section A

2 points

Question 10

.__________ is the responsibility under the law for a violation of federal or state criminal statute.

		Beneficence
		Nonmaleficence
		Civil liability
		Criminal liability

2 points

Question 11

To prove that they are following the best practices of their professions, counselors should:

		Know relevant laws
		Maintain good records
		Stay professional with clients
		All of the above.

2 points

Question 12

______________ is the most rigorous form of credentialing.

		Accreditation
		Licensure
		Certification
		Registration

2 points

Question 13

Theories help counselors and other helping professionals in the following way(s):

		conceptualizing clients' problems
		necessary to become a licensed psychotherapist
		offer specific techniques to apply
		both a and c

2 points

Question 14

What is a paradigm shift?

		A change like a universe.
		A change in the way information is perceived.
		A change in theory.
		A change in human nature.

2 points

Question 15

Do psychodynamic theories consider which of the following to be important in understanding a person's functioning?

		Child-rearing practices
		The unconscious and conscious
		Examining the past
		All of the above

2 points

Question 16

Sigmund Freud was trained as a:

		Physician
		Counselor
		Caseworker
		Social worker

2 points

Question 17

Freud believed that there are ____________ structures that make up personality.

		1
		2
		3
		4

2 points

Question 18

Freud, and later his daughter Anna Freud, identified a number of _______________ that help people to cope with anxiety.

		Defense skills
		Coping mechanisms
		Coping skills
		Defense mechanisms

2 points

Question 19

___________ believed that each of us has a unique psychological type which includes the attitudes of extraversion and introversion.

		Freud
		Rogers
		Jung
		Cattell

2 points

Question 20

_______________________ believed that every child was born with innate and unique capabilities and is inherently moving toard the future, not determined by the past.

		Adler
		Freud
		Rogers
		Jung

2 points

Question 21

Existential-humanistic approaches embrace a phenomenological perspective, stressing all but which of the following?

		The subjective reality of the client
		the role of the unconscious
		How the counselor uses his or her personal qualities in counseling
		the importance of consciousness and/or awareness

2 points

Question 22

Although Ludwig Binswanger is generally acknowledged as being the first existential therapist, who is seen as the person who popularized this approach through "logotherapy"?

		Irvin Yalom
		Carl Rogers
		Alfred Adler
		Viktor Frankl

2 points

Question 23

____________________ developed client-centered therapy.

		Carl Jung
		Viktor Frankl
		Carl Rogers
		Ludwig Binswanger

2 points

Question 24

Today, most Gestalt therapists believe that from birth, the individual is in a constant state of ______________ through a process of need identification and need-fulfillment.

		Self-regulation
		Self-actualization
		Existential crisis
		Emotional distress

2 points

Question 25

This therapy was developed by Albert Ellis during the 1950s.

		Psychodynamic therapy
		Behavioral therapy
		Cognitive therapy
		Rational emotive therapy

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RLG202H5 Lecture : Lecture #3 - Monarchs, Prophets, and Priests

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