Wednesday, January 30, 2013

How To Become A Dealer / Sales Trader

Follow up on my posting on how to become an equity analyst, this one refers to the very uncertain, multi definition role of who and what a dealer is. It depends on the securities firm, whether they are players in the institutional business.

Let's start by defining the various dealing roles:

a) remisiers - you basically work for yourself, pass the required papers, put down at least RM50,000 or RM100,000 and you can start getting clients onto your account, you probably get 40-60 sharing on commission though some may even get 30-70, the latter being your share, you must treat this as your own business, so the question is what do you bring to the table, buying a stock from any remisier in town is the same thing, its not like buying fresh fish which may differ in quality from one stall to the other ... if you cannot clarify what your value adds are, then you will be a mediocre remisier, are you prepared to face the challenges where more and more people are trading on their own via the internet (yes, they can still be your client but the rates drop substantially)

b) company dealers - they are usually fresh grads trained inhouse to key in the orders once they have passed the requisite papers, if their skills is just in keying in orders with no client list, then they end up working for a dealer who does the sales and marketing, there are good company dealers in that they are quick and efficient, a crucial role in execution, to get to work in elite teams especially for big institutional dealing teams ... the person must be dependable, responsible, meticulous, good at math, can do some excel to tabulate average execution prices, etc...

c) dealers/dealing teams - you can be part of a dealing team that has been built by one or two enterprising dealers, they basically also work for themselves, salaries are deducted from group commissions, structure of profit share depends on negotiation skills and the kind of revenue you can generate, you get to look after private, corporate and institutional clients, again what are your value adds, if you cannot clarify them you will end up in a mediocre team ... the difference here is that usually the team do not need to put up any collateral, dealing teams are better in that you do not exist alone and has the support and newsflow and buy/sell flows from a cross section of the market, the bigger your team is the better the terms, some even get to carry positions over a few days

d) sales trader - top of the food chain, used to be called institutional dealers, but I think sales traders get paid better, employed solely by company but focuses on bigger clients usually foreign based, may concentrate on hedge funds type, usually exist only in the top tier houses and bank backed houses, the very big funds or indexed funds may only be allowed to trade with big top tiered firms and bank backed, sales traders are also part of the placement arm for IPOs and matching orders, must be able to take positions on books to bid/offer for blocks,  do switching strategies (e.g. sell KLK buy FGV) or reweighting by indexed funds

How To Start

Your parents did not spend RM50,000-RM100,000 a year for 3 years for you to come back and sit by a phone or just keying in orders into a terminal, almost like a receptionist. Many see the roles as the easiest way to earn a living. If you think like that, then I can guarantee you will be way below average.

Its a sales job. No matter how good you are if you are working from a second or third tier securities firm, you will never get the big institutional clients. Hence you need to get to a top tier house and positions there are usually not advertised. Usually they are filled by frustrated analysts, frustrated corporate finance people, frustrated xxxxxx within the securities firm. You need to know somebody who knows somebody to get the prime positions. Once inside a big top tier house, you won't want to move too often, and should only move horizontally to another top tier house.

If you are a good sales person, with good skills such as technical analysis, fundamental analysis, good spotter of movers, good trading instinct, has a good network of reliable information flow ... it doesn't matter much which type of securities firm you operate out of, then you are better off building your own team.

Best way for a fresh graduate is to join an established dealing team. You won't amount to anything being a company dealer at a third tier or fourth tier firm. The dealing team may throw you a few small clients to start with but you have to go and get your own to build your rolodex. Once you figure you have outgrown your team, then go and set up your own team. If you just rely on your team leader's clientele, you will be no more than a receptionist.

Can you learn to be a good dealer? Can you learn to be a good trader? To a certain extent yes, but that will never qualify you for success. It has to be inherent in your blood. You need to feel excited by the markets. You must want to better the markets. You must care about making the right calls. You must want to make a lot of money, not just want but really really want.

If you are a sales trader, then EQ skills are very important as you will be dealing with too many clients with big egos and small dicks. In fact that is the number one skill for a great sales trader, the other skills are just tools of trade.

So How ...

Must know why you want to become one. Must be passionate about the markets. Must like reading about stocks and business news, business personalities and business magazines. Must be open to abuse. Will need to handle high stress. Must be able to drink a bit. Must have a bit of an ego. Should be an alpha male for a guy and for a girl must be able to work with dickheads and around dickheads.

This posting ties in well with my previous take on ....


TUESDAY, JULY 17, 2012

How To Behave Like a Badass Sales Trader/Dealer/Broker


Getting into a dealing room is difficult in the first place. After the initiation period, you will have to behave accordingly in order to be a "stockbroker". Most of the behavioural traits will be inculcated via osmosis, but you can always learn some handy tricks.


Yell Occasionally - Its no point being a soft spoken, polite person, in a dealing room. You will be accorded no respect. You have to yell occasionally to voice urgency. Easy targets will be when speaking on the phone to back room or settlements - use phrases like "the deal is done, don't bother me again"; "don't bother me again, just cross it it"; etc... The other easy targets are your execution dealers, some choice phrases include: "just hit the bloody thing to the stupid buyers"; "what do you mean we are still above the average buying price, ..C'MON"; etc...


Foul Language - This is a given, its the vibe, its a must. If you are not using occasional foul language, your bosses and colleagues will think you never do deals big enough or have clients that are big swinging dicks (or dickheads in most cases). No need to do it over the phone as you try not to swear to your clients. Just pick up any research report and exclaim, "these fucking analysts know dick shit", you get the drift ... a good trick is to put the phone down and then yell "Fucker" or "Useless fucker", hey, you might not even be on the line with anyone, but your colleagues and bosses will think you are doing "good work". "Good work" meaning "taking shit from clients".

Slam the phone - You are not a good broker if you have never broken a phone before. Sometimes the PABX system board may be very expensive, in that case, take the receiver and just whack on the table a few times till it can be heard across the room. Nobody will mess with you cause you will be perceived as a badass broker-dealer-trader. Works every time.

Use Useless Abbreviations & Insiders' Lingo - Sprinkle it in your conversation especially among friends not from the industry. Examples: dog with fleas, dead cat bounce, GN4, PN17, ostrich, pig, sheep, DK, Bollinger, arb, bp, CAC40, CFD, DAX30, front loading, front running, alpha, gamma, beta, GTC, RRR, warehousing, Sharpe ratio, theta, XD ...etc..


Badass behaviour in the dealing room is accepted because you are all fighting for the same clients. Some orders you got is some orders the competition did not get. To maintain good service, acute attention must be given to order instructions and execution precision - hence if you have to ensure the down line gets the message, you will yell and shout and curse, as its your head thats on the chopping block, not theirs. 
Getting yelled at by clients are normal, and as the punching bag, you will have to take those punches. Once the phone is down, that accumulated stress has to go somewhere or you will get an early ulcer or some cancerous growth.

Drink like a Fish - Badasses drink almost every other day. Either you have a really bad day in the office - so, need a drink. Or you had a really good day - so, have to drink to celebrate. If you are not a constant drinker when you are a trader/dealer/broker, you'd probably never amount to much. But basically you have to drink like a fish to numb your soul for being around so much money thats not yours, so many assholes, so much false pretences and bad behaviour,and so many devious sycophants. 


If you have read The Prince by Niccolo Machiavelli, you will know that a badass broker/dealer/trade is a true  Machiavellian. A person  who "views and manipulates others" for "personal gain, often against the other's self-interest". By reputation, stockbrokers have manipulative personalities. So do people who sell cars or houses. Its really hard to differentiate between the three.


How To Comfort Yourself - When your clients lose money, its a terrible thing and you will feel bad (for a little while). This always helped me when I was one, you will snap out of it when you repeat the mantra "Well, it could have been worse, it could have been my money, or it could have been me". Always work wonders.


How To Comfort Clients - When clients faced losses, they need to be handled. Tell them, you also suffered losses in your personal account on the same stock. Tell them another fund/client had even bigger losses than them. 

At the end of the day, a badass broker/dealer/trader is a person with high EQ (when necessary) and thinks that there is a vast gap between truth and untruths. Do you lie ??? ..., well, we don't call it lies when we are withholding some facts, ...we don't call it lying when we over exaggerate the attractiveness of a stock, ... we don't call it lying when we underplay the risk, ... we don't call it lying when we shove a placement down a client's throat because we just have to get the thing off our books.
--------------------------------------------

Question:
What does a hedge fund manager with no fund to manage say?
Answer:
Would you like fries with that sir?


A stockbroker is someone who invests your money till it's all gone!

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How to know you are not cut out to be badass:
- when you avoid calls from certain clients, if you can't face the music, you don't have the balls for the industry
- when you can't sleep well most nights worrying about positions
- when you look at yourself in the mirror coming home from work and you hate yourself
- when you feel like Spiderman in a bull market but feel like an idiot during a bear market (market cycles should have little effect on you emotionally, just the place you spend your holidays .. Mauritius or Redang)
- when you have no life apart from the markets

In the end, the financial markets, if you work in them, are just places where you help in the movement of funds from one to another. You live by the flickering lights on the screen. You stare at 4 screens the whole day and go home to stare at another screen, and if you are constantly on FB and Whatsapp, make that 6 screens - that is if you do not go to watch a movie, which would be 7 screens, what a life, screens the whole fucking day. In the end, you take your cut (or commission) with the movement of funds. You hope to value add in your service to clients via "good analysis" or "good execution" or "good information flow" ... mainly its all bull shit, and you know it too, and guess what, the client knows it too.

Tuesday, January 29, 2013

Top 10 Universities in the World for 2013

 #5  University of Oxford           


It’s another pride of the United Kingdom, the University of Oxford which was established in 1200 which was the oldest university on this list, wherein it caters to serve over 130 nationalities of students globally. It’s best known as collegiate university because of the federal system that it actually implements. According to QS report, it got 98.6 overall score rating which a slight difference last year of 98.84 since it has maintained the number 5 spot for this year’s survey. The difference took place under their Engineering & Technology from raw score of 12; it went up to 13 this year which was also their main strength among all other basis for scoring. It’s popularly recognized when it comes to entrepreneurship and innovation since its focus is on discovery and invention. It might the oldest university, but it has the most contemporary approaches, updates, and learning applications for students.


 #4  University College London (UCL)             


It was ranked number 7 last year, and it’s now 3 steps ahead on this year top 10 universities in the world for 2012-2013. Last year, its overall score was 97.33, and this year based on QS’s results it got 98.7 overall score. Hence, according to its ranking details, majority of the areas where surveys were applied really went down. Nonetheless, it also holds the title as part of the top-three multifaculty universities found in the United Kingdom. They are excelling in Engineering & Technology, Social Sciences & Management, and lastly the Natural Sciences. It has received various awards and citations wherein the recent happened in 2009.


 #3  Harvard University             


When one hears Harvard University, it has never waived down the positive impressions that the people has for it since majority of the political leaders were tutored and graduated from this elite university in the world. In fact, it has maintained for years the number one ranking because of its prestige, and recommendation from different renowned people. It was in 2009 that it held the number one spot, and in 2010, University of Cambridge got the first spot, and it was repeated in 2011. Nevertheless, everyone was really in shocked when Massachusetts Institute of Technology grabbed away the number one spot from University of Cambridge leaving away the second spot holder of 2010 and 2011, the Harvard University. Last year, it got 99.34 overall score, and this year, it went down with a slight difference of 99.2 which is not bad at all, but putting the university to 3rd spot, while University of Cambridge took the second spot. It was established in 1636 which is one of the oldest Americas’ institutions wherein their specialty is focused on Engineering & Technology.


 #2  University of Cambridge              


It did enjoy the number one spot for two consecutive years, 2010 and 2011, but this time around, MIT took the limelight. It has an overall score of 99.8, compared last year; it got a perfect 100 overall score which was just a slight difference .2. Its area of strength is under the Social Sciences & Management. It’s the second oldest university found in the United Kingdom since it was established in 1209.


 # Massachusetts Institute of Technology             


It is the very first time that Massachusetts Institute of Technology bravely took away the number one spot from University of Cambridge, and leaving two steps behind the Harvard University. Of course, it got the perfect overall score of 100, compared last year, it received 99.21 overall score. This university was founded in 1861, but first students were admitted by 1865. Their strength lies in Arts & Humanities which is followed by Social Sciences & Management. It has enjoyed its 9th spot since 2008 and 2009, and it gradually stepped up from 9th spot until it has reached the number one ranking for QS. One university that not make it to the top 10, but are still part of the top 15 are University of Pennsylvania which ranked number 9 last 2011, and went down to number 12 this year.



 

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Top 10 Universities in the World for 2013

The Quacquarelli Symonds or QS which is a London-based education firm has released the ranking of universities around the world that did pass the top 300 for 2012 to 2013 list. There were universities that have actually slid down from the list from last year’s ranking, and there are some who went-up and even exceeded others who are already on top.

Out of these 300 universities, here are the top 10 universities in the World for 2012-2013 which were actually garnered through different surveys that they have conducted among 25,000 employers and more than 46,000 academics. Hence, the basis of the results were actually derived from the point of classifications such as academic reputation which has the highest percentage of ranking of 40%, followed by faculty-to-student ratio of 20%, citations per faculty of 20%,  employer reputation  of 10%, international faculty of 5%,  and international students of 5%. 

In fact, in the statement given by Ben Stower who is actually the QS head for the said research that the result shows the rapid changed when it comes to global higher education. Majority of the universities who grabbed the top lists came from Asia, America, and in European countries. Hence, those universities who got a 5-star rating mark actually signifies that they are not just a world-class, but an elite schools which are all based on the guidelines that QS established and implemented. It also means that they have a broader range of educational boosters such as facilities, teaching faculty, reputation, and internationally recognized when it comes to research that applies comprehensive and specialized institutions.

 #10  California Institute of Technology (Caltech)       

Last year of 2011, California Institute of Technology was ranked #12 wherein last year, it’s overall score was 93.02, compared this year, it got 95.1 taking away this spot from Columbia University in the United States that got 95.28 overall score which was actually higher compared to what Caltech got this year. In fact, for 2012 score for Columbia University, it really went down to 94.7 overall score that put the university to number 11 spot. This school was founded since 1891, and the focus of evaluation is classified to the following areas such as Social & Sciences, Management, Natural Sciences, Life Sciences & Medicine and lastly the Engineering & Technology. You could find this university at 1200 East California Boulevard Pasadena California in United States.


 # Princeton University          


It got a complete 5-rating score this year out of the research, internalization, innovation, specialization, and facilities. Its main strength or specialization is in Arts & Humanities. It’s a medium-size type of university which was established in 1746 which was the 4th oldest yet advanced schools found in the United States. It got an overall score of 95.4 wherein the highest is the Life Sciences & Medicines wherein it got a 37 raw score. It ranked # 13 last year wherein it got an overall score of 91.91 which shows that it has improved a lot from the last year’s survey, but then the highest score still falls under the Life Sciences & Medicines with the raw score of 35.


 # University of Chicago              


It still holds the number 8th spot with a little difference when it comes to its overall score. Last year of 2011, it had 96.08 and for 2012, it got 96.3 which a little bit higher since it has improved in two categories as the basis for scoring in Life Sciences & Medicines it went up to 2 points from 40 to 42, and 26 additional points from 2011 134 raw score for Engineering & Technology and just a point for Arts and Humanities. It was founded in 1890 under the management of the American Baptist Education Society.

      
 # Yale University               


This is one of the universities on this list that went down from its high-positioned ranking, but still maintained being part of the top 10 list. This university has been in operation since 1701 and one of the four oldest universities ever built in the United States. Despite of its age, it never fails to improve and make further development just like any contemporary universities, and colleges in the world. In fact, they have proved that indeed an age does not matter because they were in number 4th spot in 2011 with an overall score of 98.84, and for 2012, it got 97.5 that made them slipped 3 steps lower from their previous rank. In fact, all factors for reviews went-up. It so happen that some of the universities on this list have improved a lot compared last year.


 # Imperial College London            


It still maintains its number 6 ranking which it also got last year wherein it has received an overall score of 97.64, compared this year, it went up to 98.3 because of the major improvement in their Social Sciences & Management wherein it got 81 raw score against last year of 69. This was founded in 1907 which was located at South Kensington Campus London in United Kingdom. In fact, it’s one of the top three universities that you could find in the United Kingdom wherein it has 14,000 students from different countries all over the world and maintaining more than 3,000 people who would oversee these students. Hence, it’s best known to healthcare, industry, and commerce.

Anti-Fraud Regulations Come Into Effect June 1

The Ontario Government has made public the regulatory changes that will be made to help combat auto insurance fraud.  The changes were approved on January 21, 2013 and are scheduled to come into effect on June 1, 2013. 

Regulation 14/13 amends the Statutory Accident Benefits Schedule (SABS) - 34/10

The amendments to the SABS include:
  • a requirement for insurers to provide all reasons when denying medical and rehabilitation claims; 
  • providing FSCO with authority to stipulate additional information that insurers must provide in bi-monthly benefit statements to claimants; 
  • giving insurers authority to require claimant confirmation of receipt of goods and services that have been billed; and 
  • providing FSCO with authority to stipulate by Guideline the maximum payable by insurers for goods as well as services.
Interesting that the government chose to only amend section 38(8) which deals with requiring insurers to give reasons for denying medical and rehabilitation claims.  The same language exists in 12 other sections of the SABS (listed in a previous post) and those sections were not amended.  That would suggest there are now two standards for communicating denials to claimants.  As well the language change from “the medical and any other reasons why the insurer considers any goods, services, assessments and examinations, or the proposed costs of them, not to be reasonable or necessary” to “the medical reasons and all of the other reasons why the insurer considers any goods, services, assessments and examinations, or the proposed costs of them, not to be reasonable and necessary” does appear substantially different.

The Cost of Goods Guideline was issued by FSCO in January 2012.

FSCO also plans to issue a standard form prior the regulation coming into effect that insurers will be required to use for the purposes of the bi-monthly benefit statements to claimants.

Regulation 15/10 amends the Unfair or Deceptive Acts or Practices (UDAP) Regulation - 7/00.

The changes to the UDAP regulation include:
  • an offence to request, require or permit a claimant to sign an incomplete claim form and 
  • clarifying the exemption for lawyers and paralegals to ensure the regulation applies to lawyers and paralegals when not acting in a legal capacity.

Regulation 16/13 amends the Disputes Between Insurers (DBI) Regulation - 283/95.

The amendment to the DBI regulation allows for the insurer that receives the initial application for benefits to request one examination of the claimant under oath to assist in the determination of priority issues.

This amendment provides insurers with a second opportunity to request a claimant undergo an examination under oath.  The new DBI requirement is to assist an insurer to determine which insurer is liable to pay the claimant accident benefits.  The SABS provisions continues to assist an insurer to determine whether the claimant entitled to accident benefits.

Monday, January 28, 2013

Stocks For Post Elections - The Flip Side

Starbiz daringly came up with 8 stocks for those who think that the government will stay in power. The reasoning being, you may see volatility or weakness in stocks as the polling date draws nearer. They are of the view that IF you think BN stays in power, the following stocks may be "collected on weakness"

http://biz.thestar.com.my/news/story.asp?file=/2013/1/29/business/12638990&sec=business

They include: Sapura Kencana, MMHE, Handal Resources, Cypark Resources, Prestariang, MYEG, CIMB and Gamuda.

My question is: Does that mean that if the opposition wins, the above 8 stocks will be hammered? Well, I think so. You cannot have your cake and eat it at the same time. The very ingredients that the writers relied upon in assessing the stocks as to why they are in favour, will also work against them if the flip side occurs.

Somehow, nobody seemed to be focused on what stocks to buy and sell should the opposition wins. Here are my selections:

COULD BE GOOD BUYS

1) TENAGA - Obviously, they have been "forced" to leak profits to IPPs. Can safely say that there will be a lot of mutual reviews and  renegotiations, and maybe cancellation when the due date comes up for some IPPs. All will be in favour of Tenaga.

2) Some Banks - If CIMB is a sell, then a more level playing field will favour the ones in 2nd-4th place in IB.


COULD BE SELLS - These are predicated on supposed changes in the competitive landscape for the major industries which will not favour the current crop of industry leaders. Industries most affected should be oil & gas, autos,  toll concessionaires

1) Sapura Kencana
2) DRB Hicom
3) MMC
4) Litrak
5) PLUS
6) Gamuda


Industry Developments

PLANTATIONS Companies - Not many are aware that there are still a number of layers involved for CPO companies when they want to export their products. I assume these layers will be dismantled. However, more rules could be implemented to ensure sustainable agriculture and to meet global best practices. Neutral.

AUTOS - Proton cars are usually around 50% cheaper overseas. Enough said.

MONOPOLIES & FIEFDOMS - Industry which currently are monopolies could be unshackled, such as flour and rice. The water concessionaires are not making our lives easier. Read between the lines.

BIG GOVERNMENT TO BE DOWNSIZED - Industries which are currently very much dominated by GLCs or government presence will be downsized as it is highly ineffective and unreasonable to have such high government presence at the expense of the private sectors. Sectors currently with very high government presence include Utilities (90%), Transportation & Warehousing (80%) and Agriculture, Banking, Communications (more than 60%).

Disclaimer: The content on this site is provided as general information only and should not be taken as investment advice. All site content, shall not be construed as a recommendation to buy or sell any security or financial instrument. The ideas expressed are solely the opinions of the author. Any action that you take as a result of information, analysis, or commentary on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.

Top 10 Strongest & Largest Armies In The World

Armies are for self defense and they ensure the existence of the country against intruders, they protect the goals for existence of every country and they acquire the target. Air, sea and land are the three ways in which the country needs security and for this we have army, Air Force and Navy.


The size of the army depends on the challenges and threats faced by the countries and the hegemonic designs of the country. But if you don’t have any threats from neighboring countries or if the country is surrounded by strong countries then they don’t require having large forces.

Geo political situations of the countries behind that also effect the armies. For example China has to prepare them against the USA and have to make their economy strong and side by side they have t o prepare themselves from the neighboring countries like Taiwan and India. Similarly America needs to maintain their hegemonic design like they have to influence themselves in Middle East, Afghanistan plus Iran etc. They also want to get hold of mineral resources of Afghanistan, Iran, Pakistan and central Asian states.

They also want to keep Russia in their shoes while being in Afghanistan. So to manage all these things they need to have a really strong plus a lot of troops. So, these are the basic contributing factors to the size of the armies of the world. It all makes our government to decide on what security measures and what equipment do we need.
So, here we have this post for you about the top 10 largest armies of the world and number of their activities.
 

 #10  Iran – 320,000          

They have really good and effective army and is among one of the best armies of the Middle East too. They have 14 land divisions and 15 air force squadrons.170 vessels. Their “shihab 3” is the best ballistic missile. Their unavoidable military force is really awesome!

 # Myanmar – 425,000           

They have 425,000 active forces with 72,000 paramilitary forces. Their responsibility is to conduct the military operations. In this year 2011 there is a law in Myanmar that every male or female who has an age of 18 to 35 must be given the military training of 2 years. So, in case of national emergency they should be used.

 #8  Iraq – 450,000             

The active troops are 450,000 with a lot other personal serving and guards. They were quite active in the Anglo-Iraqi War, 1948 Arab-Israeli War, Six Day War, Yom Kippur War, Iran-Iraq War, Gulf War and Iraq War.

 # United States – 550,000          

Their motto is “The We’ll Defend”. The US Army has been very efficient in the Revolutionary War, Indian Wars, War of 1812, Mexican- American War, Utah War, American Civil War, World War I, World War II, Vietnam War, Gulf War, War in Afghanistan and Iraq War.

 #6  South Korea – 560,000         

The Good Korea has the active number of soldiers 560,000 and their military strength is of Terrain Marines, Firebat Shock, Troops, Vulture Anti Personnel Vehicles, 30,000,000 photon canons and many more.

 #5  Pakistan -617,000           

Pakistan is a small country but has one of the best military forces, their army, air force; navy and the paramilitary forces are active for every crisis. They have 48,500,000 male military troops and 44,899,000 female troops. They have the efficient tanks, missiles, fighter jets, submarines and all the best equipment available.

 #4  Russia – 1,027,000            

Russia has the conventional Arms exports of $6,197,000,000, people with 18-27 years have to get military education compulsory. They have the 22,950 tanks and 2,358 aircrafts in Europe and 4,982 battle tanks.

 #3  North Korea – 900,000          

They have the three echelons of armies having 806th and 815th Mechanized Corps and 820th Armored Corps. Their total tank inventory is 4,500 units with 7 categories or more anti tank weapons. Their awesome part was in the major wars like the Korean War, Vietnam War, Gulf War, Afghanistan war and the Iraq War.

 #2  India – 1,325,000          

Indian army is the second largest army in the world their primary mission is to ensure security and defense of the country. Their humanitarian rescue operations are worth praise. Their troops other than the active ones are 1,140,000.

 #1  China – 290,000         

China has the largest army but it is said that they are purely trained and equipped, they have 8,500 tanks, 4,000 fighter jets and still some are under development, 61 submarines and 54 surface ships. They have the squadron of Su27 fighter planes. Their manpower and the financial situation is is letting them in making the country with the largest army size.


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FSCO Arbitrator Further Clarifies Meaning of 'Economic Loss'

In the recent case of Simser and Aviva (FSCO A11-004610, January 16, 2013), Arbitrator Lee examined the meaning of “economic loss” in s. 3(7)(e) of the SABS.

The insured provided a report from an economist regarding the definition of “economic loss”.  He argued that since it was not defined in the SABS it should be defined to include “opportunity cost”, as well as loss of time devoted to labour or leisure. The arbitrator indicated that if a broad interpretation of "economic loss" was accepted, it would negate the intent of introducing the amendment.  The outcome would be no change to the interpretation prior to September 1, 2010.

Aviva argued that economic loss should mean a financial or monetary loss. The arbitrator rejected the insured’s argument and accepted that of the insurer.  As a result, he concluded that no economic loss was sustained and as such the claimed benefits were rejected.

The insured had applied for attendant care and housekeeping benefits following his accident of November 10, 2010. None of the three providers provided supporting documentation to that would have demonstrated an actual loss. The only witness was vague and was unable to sufficiently support the claims. 

The significance of this decision is that it recognizes that the amendment made in September 1, 2010 was intended to narrow the interpretation of incurred expense. For an expense to have been incurred:

(1) the insured person has received the services;

(2) the insured person has paid or promised to pay or is otherwise legally obligated to pay the expense; and

(3) the person who provided the goods or services:
(i) did so in the course of the employment, occupation or profession in which he was ordinarily engaged, but for the accident; or
(ii) the person sustained an economic loss as a result of providing those goods or services to the insured person.
 In this particular case, part 3 of the definition was not met.

8 Ways to Handle Rejection In Life

Rejection is a veritable part of life that you cannot wish away but knowing how to deal with it, will go a long way in ensuring your happiness, no matter what happens to you.


What is Rejection?
Rejection surfaces in different ways and can be painful and tough to handle for most people.
  • You apply for a job alongside a friend and your friend is picked while you’re dropped
  • Your boyfriend calls it quits with your relationship
  • Your spouse asks for a divorce after a minor argument
  • You go to a house to market a product and the lady of the house shuts the door on you
  • You write a novel and send the manuscript to publishers to consider and they all return it saying it’s no good
  • You pick your phone to cold call and the first person you call bangs the phone on you
  • You’re sacked from a job
  • Your biological parents give you up for adoption
I can go on and on but that, in essence, is how rejection shows up in our lives and if we don’t handle it carefully, it blossoms into a sore that affects our self-confidence.

Many times in my life, I have suffered rejection but I’ve found a way to move on despite the rejection. What has helped me, most times when I face rejection is looking at the issues surrounding the rejection objectively. If I look at the issues subjectively, I won’t recover from the rejection, so, I take an honest and dispassionate look at the matter. For instance, if a lover called off a relationship, I’d ask myself questions like: ‘Am I at fault? What did I do wrong? Is he justified?’ After this exercise, I would feel better because I would have been able to identify the true cause of the break-up and decide to move on despite it.

Another way I deal with rejection is to tell myself to fail forward, like John C. Maxwell proposes in his book with the same title. I give myself the freedom to make mistakes (after all, I’m human and the number of mistakes I make will be directly proportional to the level of success I attain) and choose to fail forward afterwards.
Yet another way I handle rejection is to tell myself, ‘life is a game which I can’t always win. I’ll win some, I’ll loose some and if the losses come, I’ll take them in my strides’ and move on.

Why You’re Feeling Rejected?

Our real problem with coping with rejection is the fact that we allow past experiences to control our response to new events. For instance, because your parents gave you up for adoption when you were born, you begin to assume that everyone else doesn’t love you. If you’re not careful, you’ll feel rejected just because you entered a store and the attendant didn’t greet you. If you ask me, it’s too general an assumption to make and can becloud your vision for the future, as everything another person does will become a problem for you.

Yet another reason you’re feeling rejected is you have based your sense of self-worth on the approval of others. It’s understandable, if you do this as our parents teach us to greet and be nice to others, so, they can also be nice to us. When you’re nice to others and they reject you, you begin to start feeling rejected.

Other Ways to Deal with Rejection

  • Don’t Blame Yourself!             
If you’re rejected for a job, business or relationship, don’t blame yourself. Don’t start igniting feelings of self-pity and low self-esteem because you may not be the cause of the rejection. Don’t assume you’re inadequate. Put the past behind you and push for greater and better things. Just accept that you won’t land every job you apply or bid for but there’s one out there for you, if you keep pushing to get it.

  • Don't Make a Rejection Seem Bigger Than It Is      
The fact that you got sacked from your job doesn’t mean you can’t get a better-paying job. The fact that your boyfriend called off your relationship doesn’t mean you won’t meet the man of your dreams. You just have to keep calm and move on with your life.

  • Don't Allow Rejection to Rob You of the Joys of Living and Following Your Dreams           
In his book titled: “Failing Forward -Turning Mistakes Into Stepping Stones for Success”, John C. Maxwell says keep moving despite your failure. Don’t allow rejection to rob you of the joys of living. There are many joys ahead but you can’t see them if you continue to wallow in self-pity.

Maxwell continues, “Think about a recent setback you experienced. How did you respond? No matter how difficult your problems were, the key to overcoming them doesn’t lie in changing your circumstances. It’s in changing yourself. That in itself is a process, and it begins with a desire to be teachable. If you’re willing to do that, you’ll be able to handle failure. From this moment on, make a commitment to do whatever it takes to fail forward.”

He maintains we should get a new definition of failure and success, while quoting Nelson Boswel’s “the difference between greatness and mediocrity is often how an individual views a mistake” and stressing that failure and rejection are an integral part of success (even though we hate them).

  • Determine to Learn from Rejection           
Make up your mind to learn from every rejection you suffer. If your boss sacked you, look at what transpired between the two of you. Were you not up to the task? Or your boss simply refused to see your worth? Maybe you were an excellent employee but your boss didn't have what it takes to value a wonderful person. Rejection is not always a reflection of you, personally. It may be the ignorance of another person who failed to see your value or worth.

  • Build Your Self-Esteem            
Build your self-esteem, you owe yourself that. Once you do, you would never doubt your value and being rejected will not alter what you think and feel about yourself. Don't just while away your time, but learn to LIVE. Do the things you enjoy, surround yourself with positive people, help others and live with purpose, while still celebrating your uniqueness.

  • Develop the Right Attitude towards Life           
Life, like I earlier said, is a game. You win some, you lose some but always have a positive mindset even though things may not always go the way you want them. Knowing that rejection is an unavoidable part of life helps in no small way but anytime you suffer it, dust yourself up and move on. Don’t cry over spilt milk, it’s of no use. Don’t internalize failure or rejection. Anytime it hits you, just say “the job didn’t work out. I didn’t fail” and that will help you move on to bigger projects.

  • Take Advantage of Opportunities             
Anytime an opportunity to attain new heights surfaces, take advantage of it, even if you have been rejected at a similar opportunity in the past. Don’t allow your past to hold you captive, determine to break new grounds. Who knows, you may succeed this time around?

  • Never Ever Give Up            
This is actually a bonus tip but I’d like to quickly say you should hang in there when you start taking advantage of opportunities. You’re one step closer to your success. So, don’t quit because quitters never win and winners never quit.Keep pushing, like the guys who wrote ‘Chicken Soup for the Soul’. I read that it was rejected by over 140 publishers, yet Mike Litman and Jack Canfield didn’t give up. They kept pushing until they got a publisher and the book became a best-seller.


Summary and Action TakeAway

Rejection, no matter how little, hurts. It’s like a sore for most people. But, our attitude towards them will determine if we will allow our rejection to define us or if we’d learn from them and move onto greater, better and honourable things. A whole new world awaits us, only if we get past our rejection!

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