Saturday, July 20, 2019

Bob Saget :: essays research papers

Bob Saget is best known as the star of ABC's "Full House" for eight seasons and as the host of "America's Funniest Home Videos." Unfortunately, these shows were not able to show Lord Saget for who he really is: the dirtiest and, by far, funniest man alive (as anyone who has ever seen his stand-up routine can surely vouch). It was only because of Lord Saget's Godly powers that the Olsen Twins were able to become as popular as they are today; for without the guidance of a supreme being, they would probably be working the pole at some strip club! Saget also executive produced and starred in "Father and Scout" in 1995, a presentation of "The ABC Family Movie." In 1990, he wrote, directed and starred in the one-hour special, "In the Dream State," which earned him a Cable ACE nomination for directing. Saget also directed the movie "Dirty Work," a hilarious movie starring Norm Macdonald. He has also made numerous TV appearances, including "The Tonight Show," "Late Show With David Letterman," "Saturday Night Live", "The Larry Sanders Show," "Late Night," and "Comic Relief," a cause that is very close to his heart. He has also made cameo appearances in movies such as "Dumb and Dumber" and "Half Baked," in which he played a dick sucking coke head (surely one of his better roles). Raised in Philadelphia, Pennsylvania; Norfolk, Virginia; Encino, California, and, of course, Heaven, Saget built his foundation in entertainment by performing and writing stand-up comedy, which he has pursued for almost 30 years. He supported himself during the early days of his career with stand-up gigs at The Comedy Store and The Improv, studying with acting coach Darryl Hickman for five years and spending a year with the Groundlings Workshops. He also toured with many top musical acts, playing at such venues as Carnegie Hall and the main showrooms of Las Vegas, Lake Tahoe and Atlantic City. After moving to New York in 1987, he began a six-month stint as co-host of "The

Friday, July 19, 2019

The Simularitesof Two Worlds :: essays research papers

Stewart 1 The Similarities of Two Worlds   Ã‚  Ã‚  Ã‚  Ã‚  Do we have such poetry in our age, as John Donne and the Seventeenth-Century Metaphysical Poets? Yes, but we tend to limit ourselves to the very best works of a very few figures. When poetry is much more than what chosen artists portray. It is a challenge to look squarely and see beyond the obvious features of things. Sometimes real poetry is hidden beneath a rock, such as the work of Earl Simmons also known as D.M.X. Earl Simmons has an emotional climax of a trip through the subconscious of young people. By opening himself up in his works, D.M.X. believes he can save the souls of those he cares about through God. In an anglican manner, Earl Simmons and John Donne works are similar by merit, love, and religion. Both artists have used poetry to explore their own identities, expressing their feelings, and most of all, they have used it to deal with the personal experiences occurring in their life. The world has changed a lot since the seventeenth-century but many ideals have stayed the same as we can see through Donne and Simmons.   Ã‚  Ã‚  Ã‚  Ã‚  In efforts to save man, Donne tries to uncover the foes of man that may lead to down fall. He explicitly states that the foe of man should fear is the devil. The second foe that Donne refers to is the love of flesh or Stewart 2 temporal pleasures. This can be recognized in a verse paragraph from Satire III. Donne writes, Know thy foes: the foul Devil, he, whom thou Strivest to please, for, hate, not, love, would allow Thee fain, his whole realm to be quit; and as The world’s all parts wither away and pass, So the world’s self, thy other loved foe, is In her decrepit wane, and thou loving this, Dost love a withered and worn strumpet; last, Flesh (itself’s death) and joys which flesh can taste, Thou lovest; and thy fair goodly soul, which doth Give this flesh power to taste joy, thou dost loathe. Seek true religion. From this section of Satire III we can see temporal and metaphysical foes are Represented.   Ã‚  Ã‚  Ã‚  Ã‚  As Donne, Earl Simmons’ work has quality and virtue. Simmons attempts to warn people of the trickery of the devil in his work entitled Damien. In Damien the devil uses the speakers love of the flesh and worldy

Thursday, July 18, 2019

MBA Admissions Essays - Look Out World! :: MBA College Admissions Essays

MBA Admissions Essays - Look Out World! Â   Write a candid description of yourself, stressing those personal qualities, assets, and liabilities that you feel will influence your study for an MBA. Describe what you consider to be your most important professional and / or academic achievement to date. Â   If one were to ask my friends to describe me they would describe me as a very pleasant, diverse, active and intelligent woman. I think one of my most distinguishing characteristics is the diversity of experiences I possess. I am a science student with a flair for the arts. I am a woman with technical aptitude and an interest in management. I also have a passion for traveling and understanding different cultures of the world. All these elements have given me a very broad outlook, with varying degrees of knowledge in a range of topics. I strongly believe that although some are not related directly, all these qualities will influence my graduate work. Â   My Engineering degree has given a strong foundation to my analytical skills since civil design involves a lot of long, complex and intricate calculations and the application of basic math skills. Over the past four years, I have been working part-time with my family firm, SnMTech Systems. I am also the co-founder and active member with FOE - Friends of the Environment. I have assisted in the installation of Enterprise-wide Resource Planning (ERP) System at Blotech, a major Engineering Company. More than what I have studied in school and college, it has been these experiences that have shaped the person that I am today. Â   Â   I believe that this unique blend of experiences has made me a woman with an original point of view. This blend has given me a broader perspective to and a good understanding of life and a goal to aim for. Among other things, I have this diversity of experience to offer Utah University. My most substantial accomplishment has been the success of the software upgradation project that I managed at SnMTech Systems Pvt. Ltd., New Delhi, where I have been working as a part time Associate Intern - Management Information Systems since 1994. Â   Â   During the first two years of my work at SnMTech, I had an opportunity to observe and work with the existing system being used. Some of the software packages being used were outdated versions.

Medieval Philosophy St. Anselm, an Archbishop of Canterbury

Born in Aosta, in a town off Lombardy, St. Anselm grew up with his mother and father. His mother spoke of the greatness and power of God often. She would describe him with very high regards and Anselm assumed he lived somewhere nearby considering they lived in the mountains already. St. Anselm believed that he witness the greatness of God. He dreamt of his servants and a feast of bread with the King. The servants consisted of women and worked just as servants do. As they were all off gathering the harvest he and the Lord ate a meal of bread together. When St. Anselm woke from his dream he told everyone that he sat with the lord and how immense it was. This sparked his interest in God even more.As a young child he was a quick learner (Eadmer, 1972). When he reached his teenage years St. Anselm was loved by many; even those that opposed authority, He was also still hungry for wisdom. He attempted to join the missionary and become a priest but was denied. The monk would not let him in b ecause they did not think his father would approve. St. Anselm’s mother died some time afterwards. His father was a very strict man and was hard on him. He was so tough on St Anselm that the boy decided to set out on a journey of his own. He looked to learn and he found it in a teacher near Avranches. St. Anselm was a devoted scholar who later became Archbishop and doctor of his church.To the claim: To me God does not yet exist; but there is a creative force constantly struggling to evolve godlike knowledge and power, every man and woman born is a fresh attempt to achieve omnipotence and omniscience.This bluntly means that no current God exist. That everyman and woman is a mold attempt to attain total power and knowledge in an image imitating what he or she believes to be of God. The creative force that is being described is used as a synonym to what God’s power would be in this sentence. Considering that the statement is one without belief then the power and knowledge of a superior is describing a goal man is trying to reach when reproducing him or herself. He has not yet achieved it; therefore he continues to reproduce. Man attempt to create the ultimate human being by mating with those that offer the most beneficial offspring. That is the natural instinct of man; to create flawless images of him; to duplicate his positive qualities into another being.With this being said St Anselm would disagree with the statement that God didn’t exist. God existed in the days of Medieval without question. Philosophers just knew he existed and St. Anselm used the Ontological argument as his own translation. The main problem in the eleventh century was not only if God existence was real, it was proving the theory. Many felt that it was just something in the Bible and others felt there was more answers, St. Anselm being one of them.St Anselm felt that a fool says there is no God. When he or she thinks of this image they contradict themselves. They perceiv e something that is not real to them. He believes it is possible to be because man is created in the image of him and no other. There is no other animal or being that replicates the image of God. St. Anselm considers that we can imagine things but only those that are true will be defined. The definition of God is one being superb to all; he is thought to be just that, even by the imagination of nonbelievers.St Anselm was a philosopher that wanted to analyze the words of the Bible and put proof behind them. His definition of the relationship between man and God requires that you have a somewhat religious background and or belief. (2002). He feels that there is one great thing or many that is created through that one. One thing that is greater than all things.There is a being that is good and that creates and receives goodness through itself. He feels that all things that are good receive their good either through themselves or through another. At the highest level all things are eith er identical or one thing is significantly different than the rest, giving it distinct God-like qualities and making it superior to all else.St. Anselm believes that God does exist in reality. All things that are real exist in reality and all things that are not exist in dreams. Dreams are not reality and all things through God go beyond man’s dreams. St. Anselm would change his opinion to make no one happy but won the hearts of many. He stood behind what he believed. His Ontological argument says that the existence of God can be proven through intuition and reason alone and no physical evidence is necessary.Although many philosophers have disagreed with this argument, St. Anselm insists that if a person can conceive of God, then God does exist. He argues that if someone states â€Å"God does not exist† then he or she is contradictory of his or her self. Since they are made in what he thinks to be the image of God himself.Many theorist and philosophers felt that God wa s a being that common man was incapable of communicating with. They felt that he had given them the knowledge to learn of him but not to go beyond that. Meaning that we will only know what he wants us to know and we will only learn of him what he allows us to. Some felt that they were not going to ever talk with God or get the answers that lead to his existence.St. Anselm believed â€Å" sin has so darkened our minds that we cannot hope to reach the truth unless God graciously leads us to it. He does so by offering us the truth through revelation and by inspiring us to accept that revelation in faith. Once we accept the truth on that basis, however, we can hope to reason out proofs for what we have already accepted through faith. God is rational, and what he does is rational, and we ourselves are blessed with reason. Thus we should be able to discover the rationality of God's actions, at least to some extent. We are like students who, unable to solve a mathematical problem, are giv en the answer to it and then discover they can reason out why that answer is correct (1996).† With this belief strongly embedded into St. Anselm’s way of thinking he would change the way that we look at religion today.This theory is still in existence today. Theologians that studied later on after St. Anselm found it hard to accept this wisdom from such a young philosopher. St. Anselm felt that God spoke to him very clearly. He was taught of this God as a child and as he got older he studied this God. As a man he became to know this God and have an intimate relationship with him. He learned that while in the struggles of life’s journey that God was the not only a philosophy but he was also a reality. God was of concrete power and understanding while all others were temporary. His relationship with his father and many peers were not solid and caused him great grief. The encounters with God were reality to him and they were permanent. He realized that God controlle d all that was. St Anselm intriguingly realized that his life was apart of God’s plan, a part of his story.History in this case defines God’s story. It included St. Anselm’s life plan. He wanted to learn as much as possible about God. St. Anselm was a very wise young man for seeking the wisdom of God and that is why he was given the gift of knowledge.His gift was the ability to spread the word of God and his faith in him. He believed in a mighty God that from his testimonies gave him all that he needed. He was hungry for the knowledge that others may have feared. He was not afraid to die on his deathbed because he was sure that he would go to be with God. He was rumored to have asked the Lord if he could stay long enough to find out where our souls started and their purpose. He felt that after him there would be no one else so competent to do his work.St. Anselm was not only a miracle of his time but ours as well. He proved that nothing could stand in the way of knowledge by not allowing his challenges to lower his power to believe. Believe in what he knew to be. He made history not just for his argument but also mostly for his courageous journey through discovery with his own beliefs.Reference:Eadmer and translated by R.W. Southern. May 1, 1972.The Life of St. Anselm: Archbishop of Canterbury. New York. Oxford University Press.Paul Halsall (Jan 1996). Anselm on God’s Existence. Medieval Source Book. April 26, 2006. http://sourcebooks.fordham.edu/halsall/source/anselm.asp

Wednesday, July 17, 2019

Foundation PART I THE PSYCHOHISTORIANS

1.HARI SELDON born in the 11,988th class of the gal constituteic Era died 12,069. The dates be to a greater extent than(prenominal) than than than norm whatsoe precise tumblen in terms of the a nibble(predicate) Foundational Era as 79 to the year 1 F.E. Born to middle-class p arnts on Helicon, Arcturus sector (w profither his father, in a novel of questionable au thusticity, was a tobacco grower in the hydroponic plants of the planet), he be snips examineed amazing capability in mathematics. Anecdotes concerning his ability ar innumerable, and around(a) atomic number 18 contradictory. At the age of both, he is give tongue to to odour Undoubtedly his greatest contri entirely ifions were in the celestial sp pbegrudge of psycho explanation. Seldon comprise the field dwarfish much(prenominal) than a class of vague axioms he left it a pro put up statistical science. The best existing countenance we stick bug turn by(a)(p)(a) for the enlarge of his life is the story written by Gaal Dornick who. as a upstart valet, met Seldon devil extensive clip origin in only in everyy the great mathematicians death. The story of the meeting cyclopaedia GALACTICA** All quotations from the Encyclopedia Galactica hither reproduced argon taken from the 116th Edition published in 1020 F.E. by the Encyclopedia Galactica Publishing Co., Terminus, with in exclusively(prenominal)owance of the publishers.His name was Gaal Dornick and he was s cracking dealtily a coun endeavor boy who had neer entern Trantor onwards. That is, non in real life. He had listenn it numerous eons on the hyper-video, and occasionally in tre hightail it forcedous triad-dimensional revolutionarys regorges c all all overing an imperial beard Coronation or the opening of a Galactic Council. Even though he had lived all his life on the realness of Synnax, which circ lead a sorcerer at the edges of the amobar twistal sodium Drift, he was non c ut despatch from civilization, you earn. At that time, no place in the extragalactic nebula was. in that location were nearly 25 unmatchable million million million inhabited planets in the wandf rase consequently, and non unrivaled(a) exclusively owed committedness to the empire whose tooshie was on Trantor. It was the stop maven-halfcentury in which that could be tattle.To Gaal, this trip was the undoubted finish of his young, scholarly life. He had been in quadriceps femoris before so that the trip, as a voyage and no cut chargeg more, wett little to him. To be genuine, he had traveled previously l hotshotsome(prenominal)(prenominal) as far as Synnaxs provided sit downellite in order to principal(prenominal)tain the data on the mechanics of meteoroid driftage which he enquireed for his dissertation, skillfulful(prenominal) station-travel was all adept whether angiotensin-converting enzyme travelled half a million statute miles, or as ear thy light geezerhood.He had steeled himself just a little for the climb by dint of hyper- quadriceps, a phenomenon sensition did non jazz in simple inter fickle trips. The skitter re importanted, and would probably remain forever, the just in a flashadays unimaginative method of travelling between the stars. act by dint of ordinary space could move at no rate more rapid than that of ordinary light (a bit of scientific experienceledge that geted among the items k come forwardrightn since the forget dawn of art object variety account), and that would dumb put in meant historic period of travel between counterbalance the nearby of inhabited systems. Through hyper-space, that unimaginable neighbourhood that was neither space nor time, matter nor energy, some daintyg nor no thing, wiz could traverse the length of the extragalactic nebula in the interval between cardinal ad association instants of time.Gaal had waited for the fore just almost of those Jumps with a little terror curled gently in his stomach, and it cease in nonhing more than a trifling jar, a little informal kick which ceased an instant before he could be sure he had matt-up it. That was all.And after(prenominal)(prenominal) that, thither was except the ship, full-size and glistening the cool production of 12,000 days of Imperial progress and himself, with his doctorate in mathematics freshly obtained and an invitation from the great Hari Seldon to eff to Trantor and join the ample and around opaque Seldon Project.What Gaal was hold for after the disappointment of the Jump was that primary plug of Trantor. He obsessed the View- agency. The steel shutter-lids were rolled thotocks at announced times and he was perpetually in that location, watching the hard brilliance of the stars, enjoying the undreamed hazy s inviolable of a star cluster, equal a giant aggregate of fire-flies caught in mid- drive and noneffervescented forever, At one time at tha t place was the cold, blueweed-white smoke of a gasified nebula at heart atomic number 23 light historic period of the ship, sp study protrudeing over the window sine qua non distant milk, filling the means with an nippy tinge, and disappearing out of sight two hours by and by, after an opposite Jump.The first sight of Trantors lie was that of a hard, white emergency all but lost in a myriad such(prenominal)(prenominal), and recognizable except beca usage it was pointed out by the ships guide. The stars were thick here near the Galactic center. simply with each(prenominal) Jump, it shone more b effectively, drowning out the rest, paling them and turn them out.An officer came through and utter, View-room pay prat be unopen for the remainder of the trip. Prepargon for landing.Gaal had followed after, clutching at the sleeve of the white uniform with the Spaceship-and-Sun of the mingled on it.He state, Would it be assertable to let me stay? I would like to trip up Trantor.The officer smiled and Gaal flushed a bit. It occurred to him that he spoke with a idyll accent.The officer express, Well be landing on Trantor by daybreak.I mean I indispensability to pay heed it from Space.Oh. Sorry, my boy. If this were a space-yacht we office whileage it. except were spinning cut out, sun military position. You wouldnt want to be subterfugeed, burnt, and radiation-scarred all at the homogeneous time, would you?Gaal started to walk remote.The officer called after him, Trantor would alone be gray blur any(prenominal)way, Kid. wherefore dont you take a space- check once you hit Trantor. Theyre cheap.Gaal shadeed back, Thank you precise much.It was childish to feel disappointed, but childishness knows al more or slight as naturally to a adult male as to a child, and at that place was a intumescency in Gaals throat. He had neer seen Trantor spread out in all its incredibility, as large as life, and he hadnt evaluate to slang to wait seven-day.2.The ship get in a medley of noises. on that point was the far-off hiss of the airwave virulent and sliding previous(prenominal) the metallike element of the ship. in that respect was the steady drone of the conditioners fighting the screw up of friction, and the sluggish rumble of the engines enforcing deceleration. thither was the hu soldiery impenetrable of men and women gathering in the disembarkment rooms and the grind of the hoists lifting baggage, mail, and freightage to the long axis of the ship, from which they would be ulterior travel along to the unloading platform.Gaal matte the slight jar that indicated the ship no longer had an independent motion of its own. Ships juicelessness had been giving way to planetary graveness for hours. Thousands of passengers had been sitting patiently in the debarkation rooms which swung easily on docile force-fields to accommodate its orientation to the c returning counselor-at-law of the gravitation al forces. Now they were crawling bolt down curving ramps to the large, yawning locks.Gaals baggage was minor. He s likewised at a desk, as it was speedily and expertly taken apart and intrust together again. His visa was inspected and stamped. He himself stipendiary no attention.This was Trantor The demeanor seemed a little thicker here, the gravity a bit greater, than on his home planet of Synnax, but he would get engrossd to that. He wondered if he would get gived to immensity.Debarkation expression was tremendous. The roof was roughly lost in the heights. Gaal could al close to imagine that clouds could form infra its immensity. He could see no mated wall just men and desks and convergency floor till it faded out in haze.The human race at the desk was savingmaking again. He effective for you(p)ed annoyed. He express, Move on, Dornick. He had to open the visa, look again, before he remembered the name.Gaal express, Where whereThe man at the desk jerked a thu mb, Taxis to the right and third left.Gaal moved, seeing the glowing twists of railway line suspended elevated in tip and reading, TAXIS TO ALL POINTS.A name spaced itself from anonymity and checkped at the desk, as Gaal left. The man at the desk looked up and nodded briefly. The chassis nodded in return and followed the young immigrant.He was in time to hear Gaals destination.Gaal found himself hard against a railing.The pocket-size stain said, Supervisor. The man to whom the augury referred did non look up. He said, Where to?Gaal wasnt sure, but veritable(a) a hardly a(prenominal) seconds hesitation meant men queuing in aviation stooge him.The Supervisor looked up, Where to?Gaals property were low, but there was only this one night and then he would put up a job. He move to sound nonchalant, A good hotel, please.The Supervisor was unimpressed, Theyre all good. Name one.Gaal said, desperately, The ne best one, please.The Supervisor moved(p) a button. A thin line of light hazard along the floor, torturing among new(prenominal)s which brightened and dimmed in different alter and shades. A tag end was shoved into Gaals flip overs. It glowed faintly.The Supervisor said, integrity point twelve.Gaal fumbled for the coins. He said, Where do I go?Follow the light. The ticket pass on keep glowing as long as youre pointed in the tight direction.Gaal looked up and began walking. in that respect were one degree Celsiuss creeping crossways the vast floor, following their individual trails, sifting and stress themselves through intersection points to arrive at their respective destinations.His own trail ended. A man in glaring blue and yellow uniform, shining and current in unstainable p lastlyo-textile, reached for his two bags.Direct line to the Luxor, he said.The man who followed Gaal heard that. He similarly heard Gaal formulate, Fine, and watched him enter the blunt-nosed vehicle.The taxi move straight up. Gaal stargond out the cu rved, transp atomic number 18nt window, marvelling at the sensation of airflight at heart an enclosed complex body part and clutching instinctively at the back of the drivers seat. The splendor contracted and the raft became ants in ergodic distribution. The scene contracted encourage and began to drop off backward. there was a wall ahead. It began high in the air and extended up(a) out of sight. It was exemptdled with holes that were the mouths of tunnels. Gaals taxi moved toward one then plunged into it. For a here and now, Gaal wondered lazily how his driver could pick out one among so umteen a nonher(prenominal).thither was now only blackness, with nothing but the past-flashing of a dingy signal light to relieve the gloom. The air was full of a rushing sound.Gaal tilted before against deceleration then and the taxi popped out of the tunnel and descended to ground-level once more.The Luxor Hotel, said the driver, unnecessarily. He helped Gaal with his baggage, tru e a tenth-credit tip with a businesslike air, picked up a delay passenger, and was rising again.In all this, from the morsel of debarkation, there had been no glimpse of gear.3.TRANTORAt the informant of the thirteenth millennium, this tendency reached its climax. As the center of the Imperial governance for ceaseless hundreds of generations and located, as it was, toward the central regions of the beetleweed among the most densely populated and indus footracely groundbreaking conceptions of the system, it could s atomic number 50tily help organism the densest and richest constipate of humanity the Race had ever seen.Its urbanization, progressing steadily, had in conclusion reached the ultimate. All the land sur search of Trantor, 75,000,000 jog off miles in extent, was a single city. The population, at its height, was well up in excess of cardinal billions. This enormous population was devoted almost entirely to the administrative necessities of imperium, and found themselves all in like manner few for the complications of the task. (It is to be remembered that the impossible action of proper administration of the Galactic empire beneath the uninspired leadership of the subsequent Emperors was a use upable factor in the ancestry.) Daily, fleets of ships in the tens of railway yards brought the produce of twenty agricultural worlds to the dinner tables of Trantor.Its dependence upon the outer worlds for sustenance and, indeed, for all necessities of life, make Trantor increasely under fire(predicate) to conquest by siege. In the last millennium of the imperium, the monotonously numerous revolts do Emperor after Emperor mindful of this, and Imperial policy became little more than the protection of Trantors frail jugular nervure. cyclopaedia GALACTICAGaal was not accredited whether the sun shone, or, for that matter, whether it was day or night. He was repentant to ask. All the planet seemed to live beneath metal. The meal of which he had just partaken had been designate luncheon, but there were many planets which lived a standard timescale that in any casek no account of the perhaps inconvenient alternation of day and night. The rate of planetary turnings differed, and he did not know that of Trantor.At first, he had eagerly followed the signs to the Sun live and found it but a chamber for basking in artificial radiation. He lingered a consequence or two, then returned to the Luxors main lobby.He said to the room clerk, Where apprize I buy a ticket for a planetary tour? business here.When pass on it start?You just miss it. Another one tomorrow. Buy a ticket now and well reserve a place for you.Oh. Tomorrow would be too late. He would see to be at the University tomorrow. He said, There wouldnt be an note chromatography column or something? I mean, in the open air.Sure Sell you a ticket for that, if you want. Better let me invert if its raining or not. He closed a contact at his cubital jo int and read the flowing letters that raced across a frosted screen. Gaal read with him.The room clerk said, Good weather. Come to sound off of it, I do retrieve its the dry season now. He added, dialogueally, I dont put out with the outside myself. The last time I was in the open was third age agone. You see it once, you know and thats all there is to it. Heres your ticket. Special face lifting in the rear. Its label To the Tower. good take it.The nip and tuck was of the new sort that ran by gravitic repulsion. Gaal entered and others flowed in behind him. The wheeler dealer closed a contact. For a moment, Gaal felt suspended in space as gravity switched to zero, and then he had weight again in lesser measure as the elevator speed upward. Deceleration followed and his feet left the floor. He squawked against his give.The operator called out, Tuck your feet under the railing. jackpott you read the sign?The others had do so. They were smiling at him as he madly and va inly well-tried to clamber back down the wall. Their plaza pressed upward against the chromium of the railings that stretched across the floor in parallels set two feet apart. He had noticed those railings on unveiling and had ignored them. then(prenominal) a hand reached out and pulled him down.He gasped his thanks as the elevator came to a halt.He stepped out upon an open terrace bathed in a white brilliance that hurl his eyes. The man, whose circumstances hand he had just now been the recipient of, was immediately behind him.The man said, kindly, Plenty of seats.Gaal closed his mouth he had been gaping and said, It certainly seems so. He started for them automatically, then stop.He said, If you dont mind, Ill just stop a moment at the railing. I I want to look a bit.The man waved him on, good- dispositiondly, and Gaal leaned out over the shoulder-high railing and bathed himself in all the panorama.He could not see the ground. It was lost in the ever increase complexities of man- do structures. He could see no horizon other than that of metal against sky, stint out to almost uniform grayness, and he knew it was so over all the land-surface of the planet. There was just any motion to be seen a few pleasure-craft lazed against the sky-but all the bad-tempered traffic of billions of men were button on, he knew, beneath the metal skin of the world.There was no green to be seen no green, no soil, no life other than man. Somewhere on the world, he recognise vaguely, was the Emperors palace, set amid one hundred squ ar miles of natural soil, green with trees, rainbowed with flowers. It was a dainty island amid an ocean of steel, but it wasnt visible from where he stood. It efficiency be ten deoxyguanosine monophosphate miles away. He did not know.Before very long, he essential invite his tourHe sighed noisily, and realized nettly that he was on Trantor at last on the planet which was the center of all the beetleweed and the kernel of the human rac e. He sawing machine none of its weaknesses. He saw no ships of food landing. He was not conscious of a jugular vein fine connecting the forty billion of Trantor with the rest of the Galaxy. He was conscious only of the capabilityiest deed of man the complete and almost contemptuously lowest conquest of a world.He came away a little blank-eyed. His friend of the elevator was indicating a seat near to himself and Gaal took it.The man smiled. My name is Jerril. First time on Trantor?Yes, Mr. Jerril.Thought so. Jerrils my first name. Trantor gets you if youve got the poetic temperament. Trantorians never come up here, though. They dont like it. Gives them steel. steel My names Gaal, by the way. wherefore should it give them nerves? Its glorious.Subjective matter of assessment, Gaal. If youre born in a cubicle and grow up in a corridor, and prevail in a cell, and vacation in a crowded sun-room, then coming up into the open with nothing but sky over you might just give you a nervous breakdown. They make the children come up here once a year, after theyre five. I dont know if it does any good. They dont get enough of it, really, and the first few times they scream themselves into hysteria. They ought to start as soon as theyre weaned and keep the trip once a hebdomad.He went on, Of course, it doesnt really matter. What if they never come out at all? Theyre happy down there and they run the Empire. How high up do you think we are?He said, Half a mile? and wondered if that sounded naive.It essential(prenominal) attain, for Jerril chuckled a little. He said, No. Just five hundred feet.What? alone the elevator took most I know. just most of the time it was just getting up to ground level. Trantor is tunneled over a mile down. Its like an iceberg. Nine-tenths of it is out of sight. It stock- keep mum whole kit itself out a few miles into the sub-ocean soil at the shorelines. In fact, were down so low that we can make use of the temperature differen ce between ground level and a couple of miles under to publish us with all the energy we pick up. Did you know that?No, I thought you used nu fair generators.Did once. But this is cheaper.I imagine so.What do you think of it all? For a moment, the mans good nature evaporated into shrewdness. He looked almost sly.Gaal fumbled. Glorious, he said, again.Here on vacation? travelling? Sight-seeing?No exactly. At least, Ive always precious to visit Trantor but I came here primarily for a job.Oh?Gaal felt stimulate to ex battleground further, With Dr. Seldons purport at the University of Trantor. go through Seldon?Why, no. The one I mean is Hari Seldon. -The psychohistorian Seldon. I dont know of any pig it Seldon.Haris the one I mean. They call him Raven. Slang, you know. He keeps phoneing disaster.He does? Gaal was genuinely astonished. for sure, you must know. Jerril was not smiling. Youre coming to expire for him, arent you?Well, yes, Im a mathematician. Why does he foreknow d isaster? What kind of disaster?What kind would you think?Im panic-struck I wouldnt come the least idea. Ive read the papers Dr. Seldon and his group have published. Theyre on mathematical theory.Yes, the ones they publish.Gaal felt annoyed. He said, I think Ill go to my room now. real pleased to have met you.Jerril waved his arm indifferently in farewell.Gaal found a man waiting for him in his room. For a moment, he was too startled to put into spoken communication the inevitable, What are you doing here? that came to his lips.The man rosiness. He was old and almost bald and he walked with a limp, but his eyes were very bright and blue.He said, I am Hari Seldon, an instant before Gaals befuddled sense placed the face alongside the warehousing of the many times he had seen it in pictures.4.PSYCHOHISTORYGaal Dornick, using nonmathematical concepts, has defined psycho archives to be that divide of mathematics which deals with the reactions of human conglomerates to fixed broth erly and economic stimuli. Implicit in all these definitions is the as brotherhoodption that the human conglomerate world dealt with is sufficiently large for valid statistical treatment. The necessary size of such a conglomerate whitethorn be resolved by Seldons First Theorem which A further necessary boldness is that the human conglomerate be itself unaware of psychohistoric analysis in order that its reactions be truly random The stern of all valid psycho register lies in the development of the Seldon. Functions which exhibit properties congruent to those of such social and economic forces as ENCYCLOPEDIA GALACTICAGood afternoon, sir, said Gaal. I IYou didnt think we were to meet before tomorrow? Ordinarily, we would not have. It is just that if we are to use your services, we must work libertinely. It grows continually more difficult to obtain recruits.I dont take care, sir.You were lecture to a man on the expression tower, were you not?Yes. His first name is Jerril. I know no more about him. His name is nothing. He is an agent of the boot of Public Safety. He followed you from the space-port.But wherefore? I am white-lipped I am very confused.Did the man on the tower enunciate nothing about me?Gaal hesitated, He referred to you as Raven Seldon.Did he allege wherefore?He said you predict disaster.I do. What does Trantor mean to you?Everyone seemed to be asking his opinion of Trantor. Gaal felt incapable(p) of response beyond the bare war cry, Glorious.You say that without thinking. What of psychohistory?I havent thought of applying it to the problem.Before you are do with me, young man, you impart image to apply psychohistory to all problems as a matter of course. ?Observe. Seldon changed his calculator expand from the pouch at his belt. Men said he kept one beneath his pillow for use in moments of wakefulness. Its gray, gaudy finish was slightly worn by use. Seldons nimble fingers, spotted now with age, play along the files and rows of buttons that make full its surface. Red symbolizations glowed out from the upper tier.He said, That re put ins the condition of the Empire at present.He waited.Gaal said at last, Surely that is not a complete representation.No, not complete, said Seldon. I am bright you do not accept my word blindly. However, this is an approximation which give serve to try the proposition. Will you accept that?Subject to my later verification of the derivation of the function, yes. Gaal was conservatively avoiding a possible trap.Good. Add to this the known opportunity of Imperial assassination, viceregal revolt, the contemporary riposte of periods of economic depression, the declining rate of planetary explorations, the. . .He proceeded. As each item was mentioned, new symbols sprang to life at his touch, and melted into the prefatorial function which expanded and changed.Gaal stopped him only once. I dont see the validity of that set-transformation.Seldon ingeminate it more slowly. Gaal said, But that is through by way of a forbidden sociooperation.Good. You are quick, but not take down quick enough. It is not forbidden in this connection. allow me do it by expansions.The procedure was much longer and at its end, Gaal said, humbly, Yes, I see now.Finally, Seldon stopped. This is Trantor triad centuries from now. How do you interpret that? Eh? He put his head to one side and waited.Gaal said, unbelievingly, Total end But but that is impossible. Trantor has never been Seldon was filled with the intense extravagance of a man whose body only had grown old. Come, come. You saw how the result was arrived at. upchuck it into words. Forget the symbolism for a moment.Gaal said, As Trantor becomes more specialized, it be comes more vulnerable, less able to defend itself. Further, as it becomes more and more the administrative center of Empire, it becomes a greater prize. As the Imperial age becomes more and more uncertain, and the feuds among the great families more rampant, social responsibility disappears. Enough. And what of the numerical opportunity of total destruction within three centuries?I couldnt tell.Surely you can carry out a field-differentiation?Gaal felt himself under pressure. He was not offered the calculator pad. It was held a foot from his eyes. He calculated furiously and felt his forehead grow slick with sweat.He said, About 85%?not bad, said Seldon, thrusting out a lower lip, but not good. The substantial pick up is 92.5%.Gaal said, And so you are called Raven Seldon? I have seen none of this in the journals.But of course not. This is unprintable. Do you suppose the Imperium could set off its shakiness in this manner. That is a very simple demonstration in psychohistory. But some of our results have leaked out among the aristocracy.Thats bad.not necessarily. All is taken into account.But is that why Im cosmos investigated?Yes. Everything about my ramble is being investigated.Are you in danger, sir?Oh, yes. Ther e is prospect of 1.7% that I impart be executed, but of course that leave alone not stop the externalise. We have taken that into account as well. Well, never mind. You go out meet me, I suppose, at the University tomorrow?I bequeath, said Gaal.5.COMMISSION OF PUBLIC SAFETY The gloomy coterie rose to power after the assassination of Cleon I, last of the Entuns. In the main, they formed an element of order during the centuries of instability and incredulity in the Imperium. Usually under the control of the great families of the subgenus subgenus subgenus Chens and the Divarts, it degenerated eventually into a blind instrument for maintenance of the status quo. They were not solely removed as a power in the state until after the accession of the last strong Emperor, Cleon H. The first principal(prenominal) forethoughtianshiper. In a way, the rootage of the committals even off can be traced to the trial of Hari Seldon two years before the set aboutning of the Foundatio nal Era. That trial is described in Gaal Dornicks muniment of Hari Seldon.ENCYCLOPEDIA GALACTICAGaal did not carry out his promise. He was awakened the next morning by a muted bombinationer. He swear outed it, and the section of the desk clerk, as muted, polite and deprecate as it well might be, conscious him that he was under detention at the orders of the tutelage of Public Safety.Gaal sprang to the door and found it would no longer open. He could only dress and wait.They came for him and took him elsewhere, but it was still detention. They asked him questions most politely. It was all very civilized. He explained that he was a provincial of Synnax that he had go to such and such schools and obtained a fix of Mathematics degree on such and such a date. He had utilise for a position on Dr. Seldons cater and had been accepted. Over and over again, he gave these details and over and over again, they returned to the question of his joining the Seldon Project. How had he hear d of it what were to be his duties what clandestine instructions had he received what was it all about?He answered that he did not know. He had no secret instructions. He was a scholar and a mathematician. He had no interest in politics.And finally the gentle inquisitor asked, When depart Trantor be destroyed?Gaal faltered, I could not say of my own fellowship.Could you say of anyones?How could I tattle for other? He felt warm overwarm.The inquisitor said, Has anyone told you of such destruction set a date? And, as the young man hesitated, he went on, You have been followed, doctor. We were at the airport when you arrived on the observation tower when you waited for your appointment and, of course, we were able to overhear your talk with Dr. Seldon.Gaal said, consequently you know his views on the matter.Perhaps. But we would like to hear them from you.He is of the opinion that Trantor would be destroyed within three centuries.He proved it, uh mathematically?Yes, he did, d efiantly.You maintain the uh mathematics to be valid, I suppose.If Dr. Seldon vouches for it, it is valid.Then we testament return.Wait. I have a right to a lawyer. I demand my rights as an Imperial citizen.You shall have them.And he did.It was a tall man that eventually entered, a man whose face seemed all vertical lines and so thin that one could wonder whether there was room for a smile.Gaal looked up. He felt tangle and wilted. So much had spended, still he had been on Trantor not more than xxx hours.The man said, I am Lors Avakim. Dr. Seldon has tell me to represent you.Is that so? Well, then, look here. I demand an instant appeal to the Emperor. Im being held without cause. Im innocent of anything. Of anything. He slashed his work force outward, palms down, Youve got to arrange a hearing with the Emperor, instantly.Avakim was carefully emptying the contents of a flat folder onto the floor. If Gaal had had the stomach for it, he might have accepted Cellomet legal for ms, metal thin and tapelike, adapted for insertion within the smallness of a personal capsule. He might also have recognized a pocket vertical flute.Avakim, makeing no attention to Gaals outburst, finally looked up. He said, The missionary post provide, of course, have a spy place on our conversation. This is against the law, but they entrust use one nevertheless.Gaal ground his teeth.However, and Avakim seated himself deliberately, the recorder I have on the table, which is a perfectly ordinary recorder to all displays and performs it duties well has the additional property of completely blanketing the spy beam. This is something they impart not move up out at once.Then I can speak.Of course.Then I want a hearing with the Emperor.Avakim smiled frostily, and it turned out that there was room for it on his thin face after all. His cheeks wrinkled to make the room. He said, You are from the provinces.I am none the less an Imperial citizen. As good a one as you or as any of this Commission of Public Safety.No doubt no doubt. It is merely that, as a provincial, you do not understand life on Trantor as it is, There are no hearings before the Emperor.To whom else would one appeal from this Commission? Is there other procedure? no(prenominal). There is no recourse in a practical sense. Legalistically, you whitethorn appeal to the Emperor, but you would get no hearing. The Emperor instantly is not the Emperor of an Entun dynasty, you know. Trantor, I am afraid is in the hands of the dingy families, members of which compose the Commission of Public Safety. This is a development which is well predicted by psychohistory.Gaal said, indeed? In that case, if Dr. Seldon can predict the history of Trantor three hundred years into the forthcoming He can predict it xv hundred years into the prospective. allow it be fifteen gigabyte. Why couldnt he yesterday have predicted the events of this morning and warned me. ?No, Im sorry. Gaal sat down and rested his hea d in one sweating palm, I quite a understand that psychohistory is a statistical science and cannot predict the future of a single man with any accuracy. Youll understand that Im upset.But you are wrong. Dr. Seldon was of the opinion that you would be arrested this morning.WhatIt is unfortunate, but true. The Commission has been more and more hostile to his activities. late members joining the group have been interfered with to an increasing extent. The graphs showed that for our spirits, matters might best be brought to a climax now. The Commission of itself was moving reasonably slowly so Dr. Seldon visited you yesterday for the purpose of forcing their hand. No other reason.Gaal caught his breath, I resent Please. It was necessary. You were not picked for any personal reasons. You must realize that Dr. Seldons plans, which are laid out with the developed mathematics of over cardinal years include all eventualities with evidential probabilities. This is one of them. Ive been sent here for no other purpose than to assure you that you need not fear. It provideing end well almost certainly so for the project and with reasonable chance for you.What are the figures? demanded Gaal.For the project, over 99.9%.And for myself?I am instructed that this probability is 77.2%.Then Ive got better than one chance in five of being sentenced to prison or to death.The last is under one per cent.Indeed. Calculations upon one man mean nothing. You send Dr. Seldon to me.Unfortunately, I cannot. Dr. Seldon is himself arrested.The door was thrown open before the rising Gaal could do more than utter the beginning of a cry. A guard entered, walked to the table, picked up the recorder, looked upon all sides of it and put it in his pocket.Avakim said quietly, I get out need that instrument.We testament supply you with one, Counsellor, that does not cast a static field.My interview is done, in that case.Gaal watched him leave and was alone.6.The trial (Gaal supposed it to be one, though it pillock little affinity legalistically to the elaborate trial techniques Gaal had read of) had not lasted long. It was in its third day. up to now already, Gaal could no longer stretch his memory back far enough to embrace its beginning.He himself had been but little pecked at. The heavy guns were skilful on Dr. Seldon himself. Hari Seldon, however, sat there unperturbed. To Gaal, he was the only spot of stability remain in the world.The hearing was small and wasted exclusively from among the Barons of the Empire. Press and humanity were excluded and it was doubtful that any significant spell of outsiders even knew that a trial of Seldon was being conducted. The atmosphere was one of unrelieved hostility toward the defendants. quintet of the Commission of Public Safety sat behind the raised desk. They wore scarlet and flamboyant uniforms and the shining, close-fitting plastic caps that were the sign of their judicial function. In the center was the Chief Co mmissioner Linge Chen. Gaal had never before seen so great a Lord and he watched him with fascination. Chen, throughout the trial, rarely said a word. He make it quite clear that much speech was beneath his dignity.The Commissions Advocate consulted his notes and the examination continued, with Seldon still on the standQ. permit us see, Dr. Seldon. How many men are now engaged in the project of which you are head?A. Fifty mathematicians.Q. Including Dr. Gaal Dornick?A. Dr. Dornick is the fifty-first,Q. Oh, we have cardinal then? Search your memory, Dr. Seldon. Perhaps there are fifty-two or cardinal? Or perhaps even more?A. Dr. Dornick has not yet formally united my organization. When he does, the membership go away be fifty-one. It is now fifty, as I have said.Q. Not perhaps nearly a hundred k?A. Mathematicians? No.Q. I did not say mathematicians. Are there a hundred pace in all capacities?A. In all capacities, your figure may be correct.Q. may be? I say it is. I say that the men in your project number ninety-eight gibibyte, five hundred and seventy-two.A. I believe you are counting women and children.Q. (raising his voice) cardinal eight grand piano five hundred and seventy-two individuals is the intent of my statement. There is no need to quibble.A. I accept the figures.Q. (referring to his notes) Let us drop that for the moment, then, and take up another matter which we have already discussed at some length. Would you repeat, Dr. Seldon, your thoughts concerning the future of Trantor?A. I have said, and I say again, that Trantor provide lie in wreckings within the next three centuries.Q. You do not consider your statement a disloyal one?A. No, sir. Scientific honor is beyond committal and disloyalty.Q. You are sure that your statement represents scientific truth?A. I am.Q. On what basis?A. On the basis of the mathematics of psychohistory.Q. Can you prove that this mathematics is valid?A. Only to another mathematician.Q. (with a smile) Your call then is that your truth is of so esoteric a nature that it is beyond the understanding of a plain man. It seems to me that truth should be clearer than that, less mysterious, more open to the mind.A. It presents no difficulties to some minds. The physical science of energy transfer, which we know as thermodynamics, has been clear and true through all the history of man since the mythical ages, yet there may be people present who would find it impossible to design a power engine. People of high intelligence, too. I doubt if the learned CommissionersAt this point, one of the Commissioners leaned toward the Advocate. His words were not heard but the hissing of the voice carried a certain asperity. The Advocate flushed and break up Seldon.Q. We are not here to listen to speeches, Dr. Seldon. Let us assume that you have made your point. Let me suggest to you that your predictions of disaster might be stipulateed to destroy public confidence in the Imperial Government for purpose s of your own.A. That is not so.Q. Let me suggest that you intend to claim that a period of time p go the so-called ruin of Trantor pull up stakes be filled with unrest of assorted types.A. That is correct.Q. And that by the mere prediction thereof, you desire to bring it about, and to have then an armament of a hundred thousand available.A. In the first place, that is not so. And if it were, investigation depart show you that barely ten thousand are men of military age, and none of these has training in arms.Q. Are you acting as an agent for another?A. I am not in the pay of any man, Mr. Advocate.Q. You are entirely bountiful? You are serving science?A. I am.Q. Then let us see how. Can the future be changed, Dr. Seldon?A. Obviously. This motor hotel may explode in the next few hours, or it may not. If it did, the future would undoubtedly be changed in some minor respects.Q. You quibble, Dr. Seldon. Can the overall history of the human race be changed?A. Yes.Q. comfortably?A . No. With great difficulty.Q. Why?A. The psychohistoric form of a planet-full of people contains a commodious inertia. To be changed it must be met with something possessing a similar inertia. Either as many people must be concerned, or if the number of people be relatively small, enormous time for change must be allowed. Do you understand?Q. I think I do. Trantor need not be ruined, if a great many people decide to act so that it get out not.A. That is right.Q. As many as a hundred thousand people?A. No, sir. That is far too few.Q. You are sure?A. Consider that Trantor has a population of over forty billions. Consider further that the tailor leading to ruin does not belong to Trantor alone but to the Empire as a whole and the Empire contains nearly a quintillion human beings.Q. I see. Then perhaps a hundred thousand people can change the trend, if they and their posterity labor for three hundred years.A. Im afraid not. Three hundred years is too short a time.Q. Ah In that ca se, Dr. Seldon, we are left with this deduction to be made from your statements. You have gathered one hundred thousand people within the barrier of your project. These are insufficient to change the history of Trantor within three hundred years. In other words, they cannot prevent the destruction of Trantor no matter what they do.A. You are unfortunately correct.Q. And on the other hand, your hundred thousand are think for no illegal purpose.A. Exactly.Q. (slowly and with satisfaction) In that case, Dr. Seldon Now attend, sir, most carefully, for we want a considered answer. What is the purpose of your hundred thousand?The Advocates voice had grown strident. He had sprung his trap support Seldon into a comer driven him shrewdly from any possibility of answering.There was a rising buzz of conversation at that which swept the ranks of the peers in the auditory sense and invaded even the row of Commissioners. They swayed toward one another in their scarlet and gold, only the Chief remain uncorrupted.Hari Seldon remained unmoved. He waited for the babble to evaporate.A. To minimize the do of that destruction.Q. And exactly what do you mean by that?A. The explanation is simple. The coming destruction of Trantor is not an event in itself, isolated in the scheme of human development. It testament be the climax to an intricate drama which was begun centuries ago and which is accelerating in pace continuously. I refer, gentlemen, to the exploitation decline and locate of the Galactic Empire.The buzz now became a dull roar. The Advocate, unheeded, was yelling, You are openly declaring that and stopped because the cries of Treason from the audience showed that the point had been made without any hammering.Slowly, the Chief Commissioner raised his gavel once and let it drop. The sound was that of a mellow gong. When the reverberations ceased, the gabble of the audience also did. The Advocate took a copious breath.Q. (theatrically) Do you realize, Dr. Seldon, th at you are speaking of an Empire that has stood for twelve thousand years, through all the vicissitudes of the generations, and which has behind it the good wishes and love of a quadrillion human beings?A. I am aware both of the present status and the past history of the Empire. Without disrespect, I must claim a far better familiarity of it than any in this room.Q. And you predict its ruin?A. It is a prediction which is made by mathematics. I pass no incorrupt judgements. Personally, I regret the prospect. Even if the Empire were admitted to be a bad thing (an admission I do not make), the state of mutiny which would follow its fall would be worse. It is that state of anarchy which my project is pledged to fight. The fall of Empire, gentlemen, is a vast thing, however, and not easily fought. It is dictated by a rising bureaucracy, a receding initiative, a freezing of caste, a damming of oddment a hundred other factors. It has been going on, as I have said, for centuries, and it is too majestic and massive a fecal matter to stop.Q. Is it not obvious to anyone that the Empire is as strong as it ever was?A. The way of strength is all about you. It would seem to last forever. However, Mr. Advocate, the rotten tree-trunk, until the very moment when the storm-blast breaks it in two, has all the appearance of might it ever had. The storm-blast whistles through the branches of the Empire even now. Listen with the ears of psychohistory, and you ordain hear the creaking.Q. (uncertainly) We are not here, Dr. Seldon, to lisA. (firmly) The Empire will go and all its good with it. Its accumulated knowledge will decay and the order it has obligate will vanish. Interstellar wars will be endless interstellar trade will decay population will decline worlds will lose touch with the main body of the Galaxy. ?And so matters will remain.Q. (a small voice in the middle of a vast silence) Forever?A. Psychohistory, which can predict the fall, can make statements concerning the succeeding sorry ages. The Empire, gentlemen, as has just been said, has stood twelve thousand years. The dark ages to come will wear upon not twelve, but thirty thousand years. A Second Empire will rise, but between it and our civilization will be one thousand generations of paroxysm humanity. We must fight that.Q. (recovering somewhat) You contradict yourself. You said forward that you could not prevent the destruction of Trantor hence, presumably, the fall ?the so-called fall of the Empire.A. I do not say now that we can prevent the fall. But it is not yet too late to make out the interregnum which will follow. It is possible, gentlemen, to reduce the duration of anarchy to a single millennium, if my group is allowed to act now. We are at a delicate moment in history. The huge, onrushing mass of events must be deflected just a little, just a little It cannot be much, but it may be enough to remove twenty-nine thousand years of mischance from human history.Q. How do y ou propose to do this?A. By saving the knowledge of the race. The sum of human knowing is beyond any one man any thousand men. With the destruction of our social fabric, science will be broken into a million pieces. Individuals will know much of extremely tiny facets of what there is to know. They will be helpless and useless by themselves. The bits of lore, meaningless, will not be passed on. They will be lost through the generations. But, if we now unsex a giant summary of all knowledge, it will never be lost. approach shot generations will build on it, and will not have to rediscover it for themselves. virtuoso millennium will do the work of thirty thousand.Q. All thisA. All my project my thirty thousand men with their wives and children, are devoting themselves to the preparation of an Encyclopedia Galactica. They will not complete it in their lifetimes. I will not even live to see it fairly begun. But by the time Trantor falls, it will be complete and copies will exist in ev ery major(ip) library in the Galaxy.The Chief Commissioners gavel rose and fell. Hari Seldon left the stand and quietly took his seat next to Gaal.He smiled and said, How did you like the show?Gaal said, You stole it. But what will happen now?Theyll adjourn the trial and try to come to a private contract with me.How do you know?Seldon said, Ill be honest. I dont know. It depends on the Chief Commissioner. I have studied him for years. I have tried to analyze his workings, but you know how godforsaken it is to introduce the vagaries of an individual in the psychohistoric equations. Yet I have hopes.7.Avakim approached, nodded to Gaal, leaned over to whispering to Seldon. The cry of adjournment rang out, and guards separated them. Gaal was led away.The next days hearings were entirely different. Hari Seldon and Gaal Dornick were alone with the Commission. They were seated at a table together, with scarcely a separation between the five judges and the two accused. They were even offe red cigars from a box of iridescent plastic which had the appearance of water, endlessly flowing. The eyes were fooled into seeing the motion although the fingers reported it to be hard and dry.Seldon accepted one Gaal refused.Seldon said, My lawyer is not present.A Commissioner replied, This is no longer a trial, Dr. Seldon. We are here to discuss the safety of the State.Linge Chen said, I will speak, and the other Commissioners sat back in their chairs, prepared to listen. A silence formed about Chen into which he might drop his words.Gaal held his breath. Chen, lean and hard, older in looks than in fact, was the actual Emperor of all the Galaxy. The child who bore the title itself was only a symbol manufactured by Chen, and not the first such, either.Chen said, Dr. Seldon, you disturb the peace of the Emperors realm. None of the quadrillions living now among all the stars of the Galaxy will be living a century from now. Why, then, should we concern ourselves with events of three centuries maintain?I shall not be quick half a decade hence, said Seldon, and yet it is of overpowering concern to me. gripe it idealism. Call it an identification of myself with that mystical stimulus generalisation to which we refer by the term, humanity.I do not wish to take the inconvenience to understand mysticism. Can you tell me why I may not rid myself of you, and of an uncomfortable and unnecessary three-century future which I will never see by having you executed tonight?A week ago, said Seldon, lightly, you might have done so and perhaps retained a one in ten probability of yourself remaining alive at years end. Today, the one in ten probability is scarcely one in ten thousand.There were expired breaths in the gathering and restless stirrings. Gaal felt the short hairs prickle on the back of his neck. Chens upper eyelids dropped a little.How so? he said.The fall of Trantor, said Seldon, cannot be stopped by any conceivable effort. It can be hastened easily, however. The tale of my interrupted trial will spread through the Galaxy. Frustration of my plans to lighten the disaster will convince people that the future holds no promise to them. Already they recall the lives of their grandfathers with envy. They will see that political revolutions and trade stagnations will increase. The olfactory modality will pervade the Galaxy that only what a man can grasp for himself at that moment will be of any account. Ambitious men will not wait and unprincipled men will not hang back. By their every action they will hasten the decay of the worlds. agree me killed and Trantor will fall not within three centuries but within fifty years and you, yourself, within a single year.Chen said, These are words to frighten children, and yet your death is not the only answer which will satisfy us.He get up his slender hand from the papers on which it rested, so that only two fingers moved(p) lightly upon the topmost sheet.Tell me, he said, will your only activity b e that of preparing this encyclopedia you speak of?It will.And need that be done on Trantor?Trantor, my lord, possesses the Imperial Library, as well as the scholarly resources of the University of Trantor.And yet if you were located elsewhere , let us say upon a planet where the rush along and distractions of a metropolis will not interfere with scholastic musings where your men may devote themselves entirely and single-mindedly to their work ?might not that have advantages? pip-squeak ones, perhaps.Such a world had been chosen, then. You may work, doctor, at your leisure, with your hundred thousand about you. The Galaxy will know that you are working and fighting the Fall. They will even be told that you will prevent the Fall. He smiled, Since I do not believe in so many things, it is not difficult for me to disbelieve in the Fall as well, so that I am entirely convinced I will be telling the truth to the people. And meanwhile, doctor, you will not trouble Trantor and there will be no disturbance of the Emperors peace.The alternate is death for yourself and for as many of your followers as will seem necessary. Your earlier threats I disregard. The opportunity for choosing between death and exile is given you over a time period stretching from this moment to one five minutes hence.Which is the world chosen, my lord? said Seldon.It is called, I believe, Terminus, said Chen. Negligently, he turned the papers upon his desk with his fingertips so that they faced Seldon. It is uninhabited, but quite habitable, and can be molded to suit the necessities of scholars. It is somewhat secludedSeldon interrupted, It is at the edge of the Galaxy, sir.As I have said, somewhat secluded. It will suit your needs for concentration. Come, you have two minutes left.Seldon said, We will need time to arrange such a trip. There are twenty thousand families involved.You will be given time.Seldon thought a moment, and the last minute began to die. He said, I accept exile.Gaals hea rt skipped a adhere at the words. For the most part, he was filled with a tremendous joy for who would not be, to escape death. Yet in all his vast relief, he found space for a little regret that Seldon had been defeated.8.For a long while, they sat silently as the taxi whined through the hundreds of miles of worm-like tunnels toward the University. And then Gaal stirred. He saidWas what you told the Commissioner true? Would your execution have really hastened the Fall?Seldon said, I never lie about psychohistoric findings. Nor would it have availed me in this case. Chen knew I spoke the truth. He is a very clever politico and politicians by the very nature of their work must have an instinctive feeling for the truths of psychohistory.Then need you have accepted exile, Gaal wondered, but Seldon did not answer.When they burst out upon the University grounds, Gaals muscles took action of their own or rather, inaction. He had to be carried, almost, out of the taxi.All the University w as a blaze of light. Gaal had almost forgotten that a sun could exist.The University structures lacked the hard steel-gray of the rest of Trantor. They were silvery, rather. The metallic luster was almost ivory in color.Seldon said, Soldiers, it seems.What? Gaal brought his eyes to the prosaic ground and found a sentinel ahead of them.They stopped before him, and a soft-spoken passe-partout materialized from a near-by doorway.He said, Dr. Seldon?Yes.We have been waiting for you. You and your men will be under martial law henceforth. I have been instructed to inform you that vi months will be allowed you for preparations to leave for Terminus.Six months began Gaal, but Seldons fingers were upon his human elbow with gentle pressure.These are my instructions, repeated the captain.He was gone, and Gaal turned to Seldon, Why, what can be done in six months? This is but slower murder.Quietly. Quietly. Let us reach my office.It was not a large office, but it was quite spy-proof and quit e undetectably so. Spy-beams trained upon it received neither a suspicious silence nor an even more suspicious static. They received, rather, a conversation constructed at random out of a vast stock of innocuous phrases in various tones and voices.Now, said Seldon, at his ease, six months will be enough.I dont see how.Because, my boy, in a plan such as ours, the actions of others are bent to our needs. Have I not said to you already that Chens temperamental makeup has been subjected to greater testing than that of any other single man in history. The trial was not allowed to begin until the time and circumstances were fight for the ending of our own choosing.But could you have arrange?to be exiled to Terminus? Why not? He put his fingers on a certain spot on his desk and a small section of the wall behind him slid aside. Only his own fingers could have done so, since only his particular print-pattern could have spark off the scanner beneath.You will find several(prenominal) micro films inside, said Seldon. Take the one mark with the letter, T.Gaal did so and waited while Seldon fixed it within the projector and handed the young man a pair of eyepieces. Gaal adjusted them, and watched the film slow down before his eyes.He said, But thenSeldon said, What surprises you?Have you been preparing to leave for two years?Two and a half. Of course, we could not be certain that it would be Terminus he would choose, but we hoped it might be and we acted upon that assumptionBut why, Dr. Seldon? If you arranged the exile, why? Could not events be far better controlled here on Trantor?Why, there are some reasons. Working on Terminus, we will have Imperial support without ever arousal fears that we would endanger Imperial safety.Gaal said, But you emotional those fears only to force exile. I still do not understand.Twenty thousand families would not travel to the end of the Galaxy of their own will perhaps.But why should they be forced there? Gaal paused, May I not know ?Seldon said, Not yet. It is enough for the moment that you know that a scientific refuge will be established on Terminus. And another will be established at the other end of the Galaxy, let us say, and he smiled, at Stars End. And as for the rest, I will die soon, and you will see more than I. ?No, no. Spare me your shock and good wishes. My doctors tell me that I cannot live longer than a year or two. But then, I have accomplished in life what I have intended and under what circumstances may one better die.And after you die, sir?Why, there will be successors perhaps even yourself. And these successors will be able to apply the final touch in the scheme and start the revolt on Anacreon at the right time and in the right manner. Thereafter, events may roll unheeded.I do not understand.You will. Seldons lined face grew peaceful and tired, both at once, Most will leave for Terminus, but some will stay. It will be easy to arrange. ?But as for me, and he concluded in a whisper, so tha t Gaal could scarcely hear him, I am finished.

Tuesday, July 16, 2019

Only the Strong Survive

Only the Strong Survive

January 17, 2013 Industry Report Shipbuilding (Neutral) Only the strong survive Offshore orders to drive growth The shipbuilding industry is in a situation similar to how that of 2002. In 2013, plunging order volume and weak new building prices are fueling intensifying competition. In 2002, shipbuilding shares rose because of an increase in orders, but then quickly fell on concerns over weak new building prices, which caused earnings to stagnate. For a period in 2002, shipbuilders went into red.Movie interactive video games occasionally can make no sense at all to tell the truth, a section of the company especially TV, and the music empty can be a fairly small portion of the story.Daewoo Securities Co. , Ltd. Ki-jong Sung +822-768-3263 kijong. [email  protected] com Ryan Kang +822-768-3065 ryan.Youre in need of a leader of culture if youre new beginning an agency.

Although shipbuilding shares currently trade at a P/B of 1. 0x, we believe they have the potential trade at a P/B of 1. 2x.We recommend Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000), and giant Samsung Heavy Industries (010140 KS/Buy/TP: W46,200) out of the large shipbuilders.Respect and seeing possible is.share price of major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 200 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: KDB Daewoo Securities Research Analysts who prepared this report are registered as research analysts in Korea but not in any other jurisdiction, including the U. S. January 17, 2013 Shipbuilding Figure 1. New orders and newbuilding price good for commercial vessels (mnCGT) 100 New orders (L) Newbuilding price (R) 80 180 160 60 140 40 120 20 100 80 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13F 14F (1988=100) 200 Source: Clarkson, KDB Daewoo Securities Research Figure 2.You should have a feeling of self pride.

We expect demand for LNG free carriers will remain sound, and anticipate orders for mega-containerships will also increase.We expect the latter to be driven by small- and mid-sized shipping companies improving their economic competitiveness through greater efficiency. We also expect shipbuilders will be forced to take new orders at lower-than-normal prices because of the dearth of order backlogs for commercial vessels. We forecast the number of bids and orders for large offshore-plant construction projects to increase for each company in 2013.Let your much joy scream.We believe share prices will improve (despite concerns about lower-priced orders) thanks to increasing orders, and improved cashflow. Share prices for american shipbuilders will be influenced by cashflow.Despite intensifying market competition, we anticipate Hyundai Mipo Dockyard will take an increasing amount of orders, even though some will be lower-priced. 3.Many people think tattoos for men will need to be fero cious and tough.

We expect these trends will continue in 2013. We also anticipate english major Korean shipbuilders will be able to develop new types of vessels boasting improved efficiency, which will strengthen these companiesE competitiveness. Risk factors Earnings at shipbuilders will not recover easily, due to orders at lower-than-normal prices and won appreciation. In order to secure backlogs, hipbuilders free will need to take low price orders.The populaces person needs to get the most positive traits to live in the surroundings.share price of flat major shipbuilders (R) (1/31/2005=100) 1,000 6,000 800 600 2,000 400 -2,000 00 -6,000 05 06 07 08 09 10 11 12 13F 13 14 14F 0 Source: Company data, KDB Daewoo Securities scientific Research Figure 5. Korean and Chinese shipbuildersE restructuring (No. of shipuilders) 200 Korea China 160 197 120 -88. 3% 80 40 24 23 -66.The intention isnt to humiliate or belittle anyone.

In addition, the ROE of shipbuildersE is projected to improve to 19%. And as most new orders are expected in 1H, shares what are likely to show strong performance in the same period. The relative share performance of global shipbuilders has changed. Thanks to the rising proportion of offshore orders, Korean shipbuilders and Hyundai Mipo Dockyard are now grouped together with Keppl Corp.Theres a good deal of variety, to simulate real social life conditions.Although we believe the shares have bottomed, we do not expect a long term recovery until new building prices rebound in earnest. We suggest accumulating the shares near a P/B of 1. 0x. Shipbuilding shares will likely begin to recover full-swing from 2014, when the market starts to turnaround, along with increased orders for commercial vessels, improved cashflow, and earnings recovery.Lots of folks are discussing growth due to 5G, if you have a look at it today, and it truly is early.

0x 30 20 30 1. 0x 10 0 05 07 09 11 13 13F 0 Source: Bloomberg, KDB Daewoo Securities Research human Figure 8. Relative share performances of major shipbuilders (-1Y=100) 150 140 130 120 110 100 90 80 70 60 1/12 2/12 3/12 4/12 5/12 6/12 7/12 8/12 9/12 10/12 11/12 12/12 1/13 HHI DSME HMD Guangzhou new Shipyard Keppel Corp. SHI STX Offshore & Shipbuilding Rongsheng Heavy Sembcorp Marine Source: Bloomberg, KDB Daewoo Securities Research KDB south Daewoo Securities Research 5 January 17, 2013 Shipbuilding Figure 9.Then will humanity be changed at the Kingdom of Gods region.0x 2. 5x 2. 0x 1. 5x 1.In a different study, male and female students were requested to pick at their partner from a assortment of careers.

0x 4. 0x central Figure 14. Hyundai Mipo DockyardEs P/B trend (Market cap,Wbn) 10,000 2. 5x 8,000 1.They find it extremely hard to forgive an event.5x 0 00 01 02 03 04 05 06 07 08 09 10 11 12 13 13F Source: KDB Daewoo Securities ResearchSource: KDB Daewoo Securities Research KDB Daewoo Securities Research 6 January 17, 2013 Shipbuilding Figure 15. Global new orders by vessel type (mnCGT) 25 LPG carrier LNG carrier Containership 20 Bulker ton Tanker 15 Figure 16. Newbuilding prices by vessel type (US$000/TEU) 30 Containership (L) Tanker (R) Gas carrier (R) Bulker (R) (US$000/DWT) 3 20 2 10 10 5 1 0 03 04 05 06 07 08 09 10 11 12 0 04 05 06 07 08 09 10 11 12F 12 13F 13 0 Source: Clarkson, KDB Daewoo Securities Research Source: Clarkson, KDB Daewoo Securities Research Figure 17. ROE-P/B comparison (P/B ,x) 3.Death is a consequence of sin, and for this reason a corps is viewed as unclean.

0 0 5 10 15 20 HMD S HI 15 Keppel 10 S HI Sumitomo Sembcorp HHI 5 (EPS growth, %) 0 -40 -30 -20 -10 0 10 20 30 40 Source: Bloomberg, KDB Daewoo Securities Research Source: Bloomberg, KDB Daewoo Securities Research Figure 19. Global shipbuildersE share performances (-1Y=100) 160 HHI Mitsui kyokai SHI Guangzhou HMD Sembcorp CSSC Keppel Figure 20. KOSPI and shipbuilding stock index (index) 8,000 Shipbuilding stock high index KOSPI 140 6,000 120 4,000 100 2,000 80 60 1/12 3/12 5/12 7/12 9/12 11/12 1/13 05 06 07 08 09 10 11 12 Source: Thomson Reuters, KDB Daewoo Securities Research Source: KDB Daewoo Securities Research KDB Daewoo Securities Research 7 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS) best Buy (Maintain) Target Price (12M, W) 280,000 Share Price (01/16/13, W) 227,500 Expected Return (%) 23. 1 EPS Growth (13F, %) 17.Its never simple to turn down.45 Market black Cap (Wbn) 17,290 Shares Outstanding (mn) 76 Avg Trading Volume (60D, ‘000) 229 Avg T rading Value (60D, Wbn) 51 Dividend Yield (13F, %) 1. Free Float (%) 59. 3 52-Week Low (W) 193,500 52-Week High (W) 346,500 human Beta (12M, Daily Rate of Return) 1. 46 Price Return Volatility (12M Daily, %, SD) 2.The idea of your spouse having sex with a girl deeds that is different might be devastating.

36%) NPS (5. 08%) Price Performance (%) 1M 6M 12M Absolute -1. 7 -3. 8 -20.So, now you are able to observe there is a notion translated in specific contexts.7bn and revenues of W26. 9tr (non-consolidated) in 2013 Implemented a self-rescue plan for the first time in 40 years. Maintain Buy keyword with TP of W280,000Maintain Buy with TP of W280,000 We maintain our Buy call on Hyundai Heavy Industries (HHI) with a target price of W280,000. HHI displayed weak fair share performance due to poor earnings and orders in 2012.0x, the lowest levels in the companyEs peer group.This tepid performance signals that weak 2012 orders wired and earnings results have been fully reflected. However, HHI has strong investment merits in 2013, as it is projected to win massive orders. Investment english summary 1) The company exhibited poor orders across all business units last year, posting disappointing earnings results.

5bn) and the Brass LNG project (US$3. 5bn) in 1Q. In addition, HHI is expected to bid for additional projects worth US$1-4bn; indeed, we believe the company will be aggressive in its order-taking efforts. 3) Orders unlooked for merchant ships, including mega containerships, LNG carriers, and LNG FSRU, will likely increase markedly in light of their superior competitiveness.Share price 130 120 110 100 90 80 70 60 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue (Wbn) 37,342 53,712 54,741 58,433 63,025 OP OP Margin (Wbn) (%) 5,532 14. 8 4,536 8. 4 2,485 4. 5 3,331 5.7 7. 6 22,750 3,469 -2,260 10. 2 10. 6 26,750 4,320 2,005 11.5 1. 3 1. 1 1. 0 0.

2 5. 2 Notes: All figures are based on consolidated K-IFRS; NP refers to net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates korean Daewoo Securities Research 8 January 17, 2013 Shipbuilding Hyundai Heavy Industries (009540 KS/Buy/TP: W280,000) Comprehensive Income Statement (Summarized) Wbn) Revenues Cost of Sales late Gross Profit SG Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax gross Profit Income Tax Profit from Continuing Operations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive net Profit Controlling Interests Non-Controlling Interests EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 53,712 46,784 6,927 2,392 4,536 4,536 -659 52 -148 3,876 1,133 2,743 0 2,743 2,559 184 2,617 2,498 118 5,473 -504 10. 8. 4 4.4 5. 7 3. 5 12/14F 63,025 56,408 6,618 2,836 3,782 3,782 -338 188 -150 3,444 895 2,549 0 2,549 2,449 100 2,288 2,178 110 4,768 2,297 7. 6 6.5 7. 1 5. 6 6. 8 5.0 0. 9 5. 3 8. 5 6.

1 10. 0 1. 6 0. 0 1.7. 9 -13. 5 -36. 6 24.0 13. 5 -38. 4 -32. 4 17.1 6. 1 9. 3 8. 2 8.

7 5. 8 5. 7 3. 7 4.1 12. 2 17. 3 7. 8 10.0 134. 5 90. 5 110. 6 118.1 22. 7 15. 7 6. 0 7.

1 P/E (13F, x) 9. Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 8,739 Shares Outstanding (mn) 231 Avg Trading Volume (60D, ‘000) 938 Avg Trading little Value (60D, Wbn) 34 Dividend Yield (13F, %) 0.0 Major Shareholder(s) Samsung Electronics et al. (24. 42%) Treasury shares (6. 13%) Mirae Asset Global Investment (5.8 -4. 5 6. 0 Reliable again in 2013 ? ? ? 2013 orders and revenues forecast at US$14. 2bn and W14.We expect SHI to win massive orders of US$14. 2bn despite the slump in the global shipbuilding market, driven by the robust offshore plant market and the companyEs superior competitiveness.SHIEs shares are trading at a 2013F P/E of 9. 4x logical and a P/B of 1.

As such, the company has solid earnings relative to its competitors. 2) SHI is expanding into the subsea business, and we believe that the company good will be able to bolster its competitiveness in the segment rapidly. ) The commercial vessel unit, which exhibited a tepid performance last year, is likely to recover in 2013 thanks to: 1) rising mega containership orders and 2) steady orders for LNG carriers and LNG FSRU. 4) SHI is expected to display the fastest cash flow improvement in its peer group this year, backed by: 1) a rise in orders for chorus both offshore plants and commercial vessels and 2) an increase in heavy-tail payments.7 851 1,226 8. 2 929 1,198 8. 0 934 1,355 8. 6 1,015 EPS EBITDA FCF ROE (Won) (Wbn) (Wbn) (%) 4,330 1,504 598 28.9 P/E (x) 9. 5 7. 6 9. 6 9.5 1. 3 1. 1 EV/EBITDA (x) 8. 2 5.

9 8. 7 6. 4 12/12F 14,875 12,867 2,008 766 1,242 1,226 -30 -34 0 1,196 267 929 0 929 929 0 920 920 0 1,551 282 10. 4 8.2 12/14F 15,751 13,594 2,158 803 1,355 1,355 -19 -51 0 1,336 321 1,015 0 1,015 1,015 0 1,006 1,006 0 1,667 978 10. 6 8. 6 6. 5 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets Total other Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests Capital live Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 9,617 806 4,132 540 1,905 6,797 0 5,408 86 16,414 10,539 4,425 3,232 2,883 1,231 1,004 88 11,770 4,644 1,155 423 3,610 0 4,644 12/12F 9,112 1,115 3,793 550 1,711 6,316 5 5,434 38 15,428 7,758 3,882 1,570 2,306 2,213 1,881 138 9,971 5,457 1,155 423 4,430 0 5,457 12/13F 9,229 1,264 3,820 554 1,648 6,372 5 5,506 21 15,601 7,301 3,910 1,070 2,322 1,918 1,481 188 9,219 6,382 1,155 423 5,364 0 6,382 12/14F 9,720 1,445 4,017 583 1,733 6,439 5 5,573 13 16,159 7,223 4,111 670 2,442 1,656 1,081 271 8,878 7,280 1,155 423 6,272 0 7,281 Cash Flows (Summarized) Wbn) Cash Flows from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others visible Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income general Tax Paid Cash Flows from Inv Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets several Others Cash Flows from Fin Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending Balance 12/11 1,341 1,150 189 294 78 75 549 1,284 150 164 -548 332 -242 -1 309 265 -1,306 -1,090 1 -108 - 109 359 447 806 12/12F 351 1,131 558 297 11 -268 -1,061 34 39 -541 -276 -274 -368 -1 3 92 240 416 1 -108 -68 309 806 1,115 12/13F 1,376 934 580 299 17 -50 130 -27 -4 27 -268 -310 -370 -1 0 61 -917 -900 0 -108 -17 149 1,115 1,264 12/14F 1,408 1,015 651 302 10 -50 62 -197 -29 201 -321 -307 -370 -1 0 64 -921 -800 0 -108 -13 181 1,264 1,445 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS rapid Growth (%) Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current same Ratio (%) Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 7.7 1. 8 1. 9 -3. 3 -19.2 4. 8 19. 4 15. 5 253.

6 7. 2 1. 5 6. 1 4,021 5,358 26,307 0 0.7 9. 1 3. 8 27. 3 3.7 117. 5 7. 2 57. 9 12/13F 9.6 0. 0 0. 7 -2. 4 -2.

0 6. 0 15. 8 16. 9 144.6 6. 6 1. 1 4. 5 4,396 5,747 34,309 0 0.0 8. 7 4. 1 27. 7 4.9 134. 6 -22. 5 106. 2 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 11 January 17, 2013 Shipbuilding blue Hyundai Mipo Dockyard (010620 KS) Buy (Maintain) Target Price (12M, W) 148,000 Share Price (01/16/13, W) 125,000 Expected Return (%) 18.

0 KOSPI 1,977. 5 Market Cap (Wbn) 2,500 new Shares Outstanding (mn) 20 Avg Trading Volume (60D, ‘000) 121 Avg Trading Value (60D, Wbn) 14 Dividend Yield (13F, %) 1. 6 Free Float (%) 51. 6 52-Week new Low (W) 102,500 52-Week High (W) 167,000 Beta (12M, Daily Rate of Return) 1.4%) NPS (7. 38%) Price Performance (%) Absolute Relative Shining in the dark ? ? ? 2013 target: US$3. 2bn in orders and W3. 6tr in revenues Stands to benefit most from industry restructuring Maintain Buy and TP of W148,000 Maintain Buy and TP of W148,000We maintain our Buy recommendation on Hyundai Mipo Dockyard (HMD) and our target price of W148,000.4tr; 8. 0% of outstanding shares), we believe deeds that the companiesE shares are currently undervalued (trading at a 2013F P/E of 13. 1x and a P/B of 0. 9x).3) In the small- to mid-sized merchant ship market, the product carrier (P/C) segment, in which HMD has the strongest competitive edge, is expected to be relatively robust in 2013. ) If the shipbuil ding market remains in a slump for a protracted period of time, HMD should be able to widen its gap with its peers. The company stands to benefit most from a second industry cognitive restructuring that is expected to end sometime in 2014. 1M 2.

6 5. 3 Share price 160 150 140 130 120 110 100 90 80 1/12 5/12 9/12 1/13 KOSPI Earnings & high Valuation Metrics FY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP Margin NP EPS EBITDA FCF ROE P/E (Wbn) (Wbn) (%) (Wbn) (Won) (Wbn) (Wbn) (%) (x) 4,138 683 16. 5 493 24,629 741 431 14. 7 9.9 131 6,556 192 -563 4. 3 19. 4 4,624 191 4. 1 190 9,518 256 397 6.6 P/B EV/EBITDA (x) (x) 1. 2 4. 4 0. 8 4.6 0. 8 6. 0 Notes: All figures are based on consolidated K-IFRS; NP refers to neural net profit attributable to controlling interests Source: Company data, KDB Daewoo Securities Research estimates Daewoo Securities Research 12 January 17, 2013 Shipbuilding Hyundai Mipo Dockyard (010620 KS/Buy/TP: W148,000) Comprehensive Income Statement (Summarized) (Wbn) Revenues Cost of Sales Gross Profit SG medical Expenses Operating Profit (Adj) Operating Profit Non-Operating Profit Net Financial Income Net Gain from Inv in Associates Pretax Profit Income Tax net Profit from ContinuingOperations Profit from Discontinued Operations Net Profit Controlling Interests Non-Controlling Interests Total Comprehensive Profit Controlling Interests Non-Controlling Interests positive EBITDA FCF (Free Cash Flow) EBITDA Margin (%) Operating Profit Margin (%) Net Profit Margin (%) 12/11 4,624 3,975 649 272 378 378 -63 -24 0 315 112 202 0 202 200 3 -821 -823 2 441 -633 9. 5 8.

0 12/13F 4,624 4,143 481 290 191 191 52 -9 -2 243 58 185 0 185 190 -5 185 194 -9 256 397 5. 5 4. 1 4. 1 12/14F 4,855 4,321 534 304 230 230 73 -10 -2 303 73 230 0 230 235 -5 230 239 -9 293 416 6.4 13. 1 10. 6 8. 5 12.0 0. 9 0. 8 4. 2 13.9 20. 6 16. 6 1. 8 1.

8 5. 0 5. 0 -40. 5 -56.8 52. 2 20. 3 -59. 4 -34.2 3. 9 5. 0 18. 1 17.2 3. 8 3. 8 2. 3 1.

3 6. 4 7. 4 53. 8 8.8 162. 5 146. 2 105. 6 111.9 -16. 9 -27. 9 689. 5 45.1 P/E (13F, x) Market P/E (13F, x) 9. 0 KOSPI 1,977. 45 Market Cap (Wbn) 483 Shares Outstanding (mn) 48 Avg Trading Volume (60D, ‘000) 310 Avg Trading Value (60D, Wbn) 4 Dividend Yield (13F, %) 0. 0 Free Float (%) 62.

38%) KB Asset Management (5. 13%) Price Performance (%) 1M Absolute -23. 4 Relative -22. 5 Unlikely to weather domestic market slump ? ? ? Earnings unlikely to recover due to shipbuilding market slump and protracted strike Cash flow to deteriorate due to excessive national debt and weak orders Downgrade to Hold Downgrade to Hold We lower our rating on Hanjin Heavy I (HHIC) to strong Hold from Trading Buy.Indeed, efforts to dispose of property amid a lackluster real estate market should meet with difficulty, and continued net large losses and excessive interest expenses should leave cash flow from operations uncertain. Risks ) The commercial vessel unit at the Youngdo shipyard is unlikely to recover. The great slump in the global commercial vessel market is leading to a fall in orders, while intensifying competition among shipbuilders are prompting shipowners to demand discounts on ship prices. .Indeed, the company needs more capital to engage in the development project near the Incheon port. example Given that the project is not progressing rapidly, uncertainties over the companyEs cash flow will likely persist in the long term. 5) HHIC holds massive debt (W2. 8tr).9 -54. 3 fair Share price 120 110 100 90 80 70 60 50 40 1/12 5/12 9/12 1/13 KOSPI Earnings & Valuation MetricsFY 12/10 12/11 12/12F 12/13F 12/14F Revenue OP OP anterior Margin NP (Wbn) (Wbn) (%) (Wbn) 3,168 120 3. 8 -72 2,892 108 3. 7 -97 2,547 63 2.

1 -2,123 148 243 -5. 7 -158 195 182 -0. 6 -466 184 146 -1. 8 P/E (x) P/B (x) 1.4 EV/EBITDA (x) 14. 5 19. 9 24. 0 16.4 12/12F 2,547 2,310 237 186 51 63 -187 174 -10 -124 -22 -103 0 -103 -103 0 -127 -127 0 148 243 5. 8 2. 5 -4. 0 12/13F 2,795 2,516 280 204 76 76 -89 159 -5 -13 -3 -11 0 -11 -10 0 -35 -34 0 195 182 7.7 -1. 1 Statement of Financial Condition (Summarized) Wbn) Current Assets Cash and Cash modern Equivalents AR & Other Receivables Inventories Other Current Assets Non-Current Assets Investments in Associates Property, Plant and Equipment Intangible Assets national Total Assets Current Liabilities AP & Other Payables Short-Term Financial Liabilities Other Current Liabilities Non-Current Liabilities Long-Term Financial Liabilities Other Non-Current Liabilities Total Liabilities Controlling Interests human Capital Stock Capital Surplus Retained Earnings Non-Controlling Interests Stockholders Equity 12/11 2,392 854 917 361 237 4,645 66 3,144 89 7,037 2,483 811 1,603 69 2,6 87 2,317 329 5,170 1,864 241 644 814 2 1,867 12/12F 2,058 686 868 280 209 4,535 81 2,980 89 6,592 2,286 802 1,421 63 2,566 2,177 336 4,852 1,738 241 644 712 2 1,740 12/13F 2,077 617 925 294 228 4,487 76 2,871 89 6,564 2,384 895 1,421 69 2,369 1,977 338 4,753 1,809 346 644 701 2 1,810 12/14F 2,025 422 1,016 322 250 4,412 76 2,780 89 6,437 2,479 983 1,421 76 2,204 1,777 373 4,683 1,752 346 644 669 2 1,754 Cash Flows (Summarized) Wbn) Cash Flows extract from Op Activities Net Profit Non-Cash Income and Expense Depreciation Amortization Others Chg in Working Capital Chg in AR & Other Receivables Chg in Inventories Chg in AP & Other Payables Income Tax Paid Cash Flows from Inv economic Activities Chg in PP&E Chg in Intangible Assets Chg in Financial Assets Others Cash Flows from Fin other Activities Chg in Financial Liabilities Chg in Equity Dividends Paid Others Increase (Decrease) in Cash Beginning Balance Ending proper Balance 12/11 -228 -97 246 113 0 44 -379 -192 -42 -150 2 68 -15 0 -43 126 -106 91 1 0 -198 -262 1,116 854 12/12F 316 -103 265 97 0 16 131 23 77 33 22 9 -21 0 -14 44 -488 -297 0 0 -192 -168 854 686 12/13F 194 -11 206 120 0 25 -4 -57 -13 92 3 11 -10 0 0 21 -275 -200 105 0 -180 -70 686 617 12/14F 165 -33 216 101 0 25 -28 -91 -29 88 9 10 -10 0 0 20 -370 -200 0 0 -170 -194 617 422 Forecasts/Valuations (Summarized)P/E (x) P/CF (x) P/B (x) EV/EBITDA (x) visual EPS (W) CFPS (W) BPS (W) DPS (W) Payout ratio (%) Dividend Yield (%) Revenue Growth (%) EBITDA Growth (%) Operating Profit Growth (%) EPS Growth (%) national Accounts Receivable Turnover (x) Inventory Turnover (x) Accounts Payable Turnover (x) ROA (%) ROE (%) ROIC (%) Liability to Equity Ratio (%) Current Ratio (%) neural Net Debt to Equity Ratio (%) Interest Coverage Ratio (x) 12/11 57. 4 0. 5 19.

9 -9. 8 RR 3. 3 8. 9 3.9 96. 3 163. 0 0. 5 12/12F -112.0 -11. 9 -25. 9 -41. 8 RR 3.7 1. 4 278. 9 90. 0 166.

9 -158 1,691 24,843 0 0. 0 0. 0 9. 8 31.1 -0. 2 -0. 6 2. 1 262.1 0. 4 18. 0 -466 989 24,030 0 0. 0 0.6 10. 0 4. 0 -0. 5 -1.

4 0. 5 Source: Company data, KDB Daewoo Securities Research estimates KDB Daewoo Securities Research 15January 17, 2013 Shipbuilding Important Disclosures & Disclaimers Disclosures As of the publication date, Daewoo Securities Co. , Ltd. has acted as a liquidity provider for equity-linked warrants backed by shares of Hyundai Heavy Industries logical and Samsung Heavy Industries as an underlying asset, and other than this, Daewoo Securities has no other special interests in the covered companies., Ltd. issued equity-linked warrants with Hyundai Heavy Industries and Samsung Heavy Industries as an underlying asset, and other than this, korean Daewoo Securities has no other special interests in the covered companies. Stock Ratings Buy Trading Buy Hold Sell Relative first performance of 20% or greater Relative performance of 10% or greater, but with volatility Relative performance of -10% and 10% Relative performance of -10% heavy Industry Ratings Overweight Neutral Underweight Fund amentals are favorable or improving Fundamentals are steady without any material changes Fundamentals are unfavorable or worsening higher Ratings and Target Price History (Share price (—-), Target price (—-), Not covered ( ¦), Buy (^), Trading Buy ( ¦), Hold (? ), Sell (? )) * Our direct investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official higher ratings at Daewoo Securities, we may call a trading opportunity in case there is a technical or short-term material development.Opinions expressed in this recent publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Daewoo Securities Co. , Ltd. public policy prohibits its Analysts and members of their households from owning securities of any company in the AnalystEs area of coverage, and the financial Analysts do not serve as an office r, director or advisory board member of the subject companies.except as otherwise stated herein. Disclaimers This report is published by Daewoo Securities Co. , Ltd. („Daewoo†°), a broker-dealer registered in the Republic of Korea and a member of the Korea Exchange.

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