Demat Account Essay

I would like to thank my Branch Manager for being a support throughout my Project work. Mr. Deepak Chaudhary has always encouraged me to stay focused towards my project no matter what the conditions are. I have furthermore to thank my respected Project Guide Dr. Renuka Sharma who gave and confirmed this permission and encouraged me to go ahead with my Project. She always guided me in the right direction whenever I asked her for help. I would also like to thank God for giving me the patience throughout my project and my parents who supported me and helped me in all ways. Without all, I could not have successfully completed my project properly in time with adequate data and relevant substance in it. Thanking you, Mehak Mehta CUN120550046 3 Executive Summary This project is about creating a portfolio product that would help Angel Broking. We all know that stock market is a risky investment alternative for all but it is good if investor can make money out of it. The regulatory body for the stock market is SEBI who controls all the activities of the market on daily basis and try to do transaction in a legal way so as to avoid the scams and to protect the interest of the investors. Now days there are many Portfolio managers and Fund managers who invest on the behalf of the investors and they assured them fixed rate of return on their investment in a particular period of time. They all applied various kinds of model to measure the risk available in the market and the tools to manage that risk. There are various kinds of risk which is mainly categorize in two parts 1. Macro level risk 2. Micro level risk I. Macro level risk :- It consist of Systematic and Unsystematic Risk. Systematic risk is that which cannot be reduced but Unsystematic risk can be controlled. Micro Level risk:- It consist of various kinds of risk which are prevailing in the market like Business risk, Market risk, Liquidity risk, Exchange rate risk, Financial risk, Currency risk and Country risk The above are the broad categories of the risk in the market. As we can see from the recession that the global markets also have their impact on the Indian market because now a days companies are doing business at global level so the market of one country can affect the market of other countries also. So we cannot avoid the risk but we can manage the risk and minimize it. In my project I have done the same thing by applying the various models or tools which are helpful to manage the risk while doing an investment. Purpose/Objective of the study:? ? The purpose of the study is to give a portfolio product to Angel Broking as per the needs of the population of Ludhiana region. Endeavour to create wealth over the medium to longer term through investments in equities, across market capitalization by focusing solely on the following:? To measure the risk available in the market, taking into consideration the Nifty 50 stocks. To look deep into the fundamentals of the companies as well as the concerned industry. ? To calculate the expected return from the shortlisted stocks as well as from their concerned industry. ? To measure the risk/reward value of investors’ assets class choices 4 Research Methodology Used in the Project:Type of research project is Descriptive and Exploratory. To make a research project we need to see that whether there would be scope of this study or not, because if our study is not having scope then the whole work done will not be effective. The scope of this study is there in the market because in today scenario everyone looks for the safe and risk free return but they don’t know how to manage the risk which is there in the market so by the help of this study and after seeing the relevance, the Financial managers or the investment companies can take benefit out of it. Because by this they will come to know about the tools to manage the risk and they will be able to sell more investment products because by using it they will be able to give safe return to the investors which will lead to an increase in their goodwill in the market. Methodology used to making of this project is Descriptive research design. Once we decide with the type of research design we need also to know about the collection of data. I have used the secondary method to collect the data from the market. For this purpose different websites are being search out for the relevant information for making the project and various research paper and articles were also studied so as to get reference from those articles. Once I am done with the data collection and fundamental analysis, I then need to apply the tools. In my project I have used mainly four tools BETA, CAPITAL ASSET PRICING MODEL (CAPM), STANDARD DEVIATION and SHARPE INDEX. Sharpe Index tells us the excess return we can generate from the investment. Beta tells about the volatility of the risk. CAPM tells us about the Expected return on the stock, and Sortino ratio tells us that out of the stocks which are giving negative return which will be the stock that will give positive return in near future. Thus by applying all these models we come to know that we can also minimize our risk but for that analysis should be done so as to enjoy the safe return on the investment. Findings:- After applying all the above models I have come to know the Beta of my portfolio, expected return that my portfolio will generate. CAPM help us to know that how much would be expected return on the stock and then we can compare the actual return with the expected return and invest accordingly. Beta helps us to know the volatility of risk in the market and then we can do risk return tradeoff so as to invest in best stock as per our analysis. And Result of Sharpe ratio helps us to compare with the expected return and then do the Sortino ratio if required. 5 Table of Contents I. Introduction to the corporation. Business carried on by parent company and group companies along with brief history, promoters & vision Introduction to the parent firm Main competitors Number of employees Organization Structure Study of functioning of all the departments of the company SWOT Analysis Financial Statement Analysis Trend Analysis Strategies adopted Profitability Analysis Review of Literature ? ? ? Review of articles Need of the study Objectives of the study III. Research Methodology adopted IV. Details of actual work undertaken V. Interpretation & Analysis VI. Conclusion and Suggestions ? ? VII. Findings of the study Recommendations of the study Glossary VIII. Bibliography 6 Chapter-1 Introduction to the corporation and company 7 Business carried on by the parent company 8 Angel Broking Registered Office Corporate Office G-1, Ackruti Trade Center, Road No -7, 6th Floor, Ackruti Star, Central Road – MIDC, MIDC, Andheri (E), Mumbai – 400 093. Andheri (E), Mumbai – 400 093. Tel: (022) 2835 8800 / 3083 7700 Tel: (022) 3935 7600 9 About the company Angel Broking’s tryst with excellence in customer relations began in 1987. Today, Angel has emerged as one of the most respected Stock-Broking and Wealth Management Companies in India. With its unique retail-focused stock trading business model, Angel is committed to providing ‘Real Value for Money’ to all its clients. The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and the two leading Commodity Exchanges in the country: NCDEX ; MCX. Angel is also registered as a Depository Participant with CDSL. Vision To provide best value for money to investors through innovative products, trading/investments strategies, state of the art technology and personalized service. Motto To have complete harmony between quality-in-process and continuous  improvement to deliver exceptional service that will delight our Customers and Clients. 10 CRM Policy. A Customer is the most Important Visitor on our premises. He is not dependent on us, but we are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favour by serving him. He is doing us a favour by giving us an opportunity to do so. † – Mahatma Gandhi Business Philosophy ? ? ? ? Ethical practices ; transparency in all our dealings Customers interest above our own Always deliver what we promise Effective cost management Quality Assurance Policy We are committed to providing world-class products and services which exceed the expectations of our customers, achieved by teamwork and a process of continuous improvement. 11 Evolution of Angel Group ? MR DINESH THAKKAR, CHAIRMAN ; MANAGING DIRECTOR, ANGEL GROUP, started this Journey as a SUB-BROKER in 1987 with 3 Employees and 25 Clients. 1997-2003 ? Dec’97: Incorporation of Angel Broking ? July’98: Angel Research Division started ? Mar’02: Web-enabled back office software developed 2004 ? Apr’04: Incorporation of Commodities Broking ? Sep’04: Launch of internet trading platform 2005 Awarded prestigious â€Å"Major volume driver† award 12 2006 ? ? ? ? Jul’06: PMS function launched Sep’06: Commences MF and IPO distribution Oct’06: Awarded â€Å"Major volume driver† award Dec’06: Crossed 2,500 business associates 2007 ? Oct’07: â€Å"Major volume driver† award for third consecutive time ? Nov’07: Crossed 1. 5 lakh mark in DP account ? Dec’07: IFC acquired 12. 35% stake in Angel Group 2008 ? ? ? ? ? Jan’08: Commences insurance distribution Feb’08: Ranked 1st by NSE for Registered intermediaries May’08: Third party distribution business ramped up Sep’08: Ranked 1st on NSE for largest sub-broker network Major volume driver† award for the 4th consecutive time 2009 ? Jan’09: Ranked 1st on NCDEX on the basis of turnover ? May’09: Awarded the â€Å"Best Retail Broking House† and the â€Å"Broking House with Largest Distribution Network† by Dun ; Bradstreet ? Two Analysts won the ET Starmine Analyst Award ? â€Å"Major volume driver† award for the 5th consecutive time 2010 ? Nov’10: â€Å"Major volume driver† award for the 6th consecutive time 13 2011 ? Mar’11: Awarded the Best Contribution in Investor Education ; Category Enhancement of the Year – Angel Broking Ltd and Broker with Best Commodity Research of the Year – Angel Commodities Broking Pvt. A very strong and dedicated Research and Advisory desk. ? One of the highest success ratios in both technical and fundamental calls. ? An excellent IT infrastructure in place with over 18144 trading terminals and 610 VSATs with a server uptime of 99. 9%. ? 100% Retail centric focus and total commitment towards retail customers. ? Some of the best fund managers running our Portfolio Management Services to enable clients to minimize their risk, enhance return and diversify their portfolios. ? Training Programs to upgrade the knowledge base ; competency levels of our employees, channel partners ; even our end customers. Understanding client’s risk ; return profile Offering the right blend of sector and stock exposure Giving dedicated Investment Advisors Giving a choice of different schemes to suit every individual investor preferences Catering to Individuals, HUFs, Corporate, NRIs, Trusts ? Angel Commodities ? ? ? ? Personalized services through branches ; regional hubs Trading ; Relationship Mgmt. Services in Bullion, Base Metals, Energy ; Agri. futures Opportunities in hedging ; portfolio diversification, speculation ; arbitrage Training ; Educational Seminars on Commodities ? Angel Currency Futures ? ? ? ? Comprehensive coverage on Currencies (‘Rupee’ to ‘Euro’, ‘Dollar Index’ to ‘Yen’). Reports covering in-depth fundamentals of the currencies. Latest economic data releases with their likely impact, along with â€Å"Technical levels† Comprehensive reports on currencies ideally suited for any investor / trader. ? Angel Gold ? ? ? ? Personalized Investment Advisory Portfolio Restructuring ; Continuous Monitoring Guidance from Experienced Research Team Periodic Group Meetings with Investors. ? Specialized Products Margin Funding ? Facility to allow clients to take higher exposure 20 ? ? ? Instant Liquidity for Clients Margin is deposited in Cash as well as Collaterals Enabling Clients grab Earning Opportunity Pre-Paid Brokerage ? ? ? ? ? ? Zero Account Opening Charges Attractive Brokerage Rates Free DP AMC for 1 year Assured gifts worth thousands with every account Easy ; Fast Recharge Free Financial Investment Application with every account ? Depository Services ? ? ? ? ? No physical instruction required for the client’s sell obligations Lowest transaction charges in the country Acceptance ; execution of instruction on fax A combined monthly ‘Bill-Transaction-Holding cum Ledger’ statement Efficient pledge mechanism ? Value Added Services Request response SMS Example – DP Holding, Pool Holding, Ledger update etc ? Insurance ? ? ? Products to meet the triple objectives of risk coverage, investment and tax planning Assessment of your Insurance needs after proper risk profiling A wide array of individual life cover plans to meet your Protection, Savings and Retirement needs ? Mutual Funds ? ? ? ? ? Tie- ups with all major AMCs Dedicated Relationship Manager for Business Partners Exclusive MF Research Reports by Angel (Daily/ Weekly/Monthly Mutual Fund Reports) MF Portfolios as per Investors Financial Goal Common Gateway for all Mutual Funds related queries ? Loans, IPO and Fixed Deposits Products distributed by Angel include: Unsecured Loans ? Personal/Business Loans/Credit Cards Secured Loans ? Home Loans/ Loan Against Properties ? Loan Against Securities / Gold IPO – Distribution, Advisory and Helpdesk Fixed Deposits NHB Term Deposits 22 Distribution Model Short form Full form Details CSO Central Statistical Organization Mumbai RO Regional Offices 24 Branches Branches 190 SB Sub-Brokers 10000+ Clients Clients 1900000+ 23 Business carried on by the particular firm 24 Angel Broking Regional Office. Rewards ; Recognition 27 E-broking Unique Online Trading products customized to suit different Investment / Trading needs – ? ? ? Angel Investor Angel Diet Angel Trade Back-Office Online Client Details includes – ? Ledger balances ? Cash Deposits with Angel ? Securities Holdings ? ? Charges levied/paid in the client’s account Last auction / close-outs effected ? DP Holding for the last 3 transactions 28 Advisory Intraday calls BTST calls Long term calls Angel Trading 29 Positional calls Main Competitors Major players in the region are as follows:- 30 History of broking firms Brief history of some broking firms – The birth of Karvy was on a modest scale in 1981. It began with the vision and enterprise of a small group of practicing Chartered Accountants who founded the flagship company, Karvy Consultants Limited. ? They started with consulting and financial accounting automation and carved inroads into the field of registry and share accounting by 1985. ? Since then, karvy utilized its experience and superlative expertise to go from strength to strength, to better their services, to innovate, diversify and in the process, evolved as one of India’s premier integrated financial service enterprise.

Target Market Strategy Essay Example | Topics and Well Written Essays - 1000 words - 1

Target Market Strategy - Essay Example It’s truly going to be computerized shoes or slippers in everyone’s foots. The microcomputer chips attached to these shoes or slippers can automatically measure one’s walk-distances, count his footsteps, measure his blood-pressure in foots, compute the speed of a sportsman etc. E-Walker will attract indoor players like badminton and tennis because it can electronically track one's footsteps and outdoor players like cricket and football due to that it can help players boost up their sports-ability through the digitized system it has been attached with.E-Walker would offer its products to both sports and footwear suppliers. Sports shoes and other shoes and slippers will be designed and developed differently, and therefore, it will be more economical for the company to use different supply chains to market them. Sports shoes will be supplied to sports suppliers. Other shoes and slippers will be supplied to general footwear suppliers. STP strategy to enter the market s and barrier to itSegmentation strategy of E-WalkerAs Bygrave and Zacharakis (2010, p.170) noted, segmentation is a company's basic marketing dimension for setting the strategic framework and is the key to marketing process of identifying the right customers of the company as well. For effective marketing, it should segment its market by breaking down the total market into sub-groups like geographical, demographic, psychographic and behavioral etc (Lancaster and Reynolds, 2001, p. 68).

Islam communities Essay Example | Topics and Well Written Essays - 1250 words

Islam communities - Essay Example Though his message was initially rejected, by the year 630 he had succeeded in gaining control of Mecca, the economic and religious center of the Arabian Peninsula. Muhammed died after two years, this does not stop the Islam religion to spread rapidly. In 750 A.D. Islam spread out in Spain, India, Asia, and Africa. Some of the well known philosophers and mathematician were believed to be Muslim. In the time of the golden era Christianity and Islam clashed, as a result of the so called science of debate or Kalam. Kalam (literally the science of debate) denotes a discipline of Islamic thought which is referred to as "theology" or as "scholastic theology." This discipline involves the political and the religious controversies that engulfed the Islam community in its formative years, it deals with interpretations of religious doctrine and the defence of the interpretations by means of discursive arguments. The introduction of Kalam came to be associated with the Mu'tazilla, a nationalist school that emerged at the beginning of the 2nd century ah and the rose to prominence in the following century. Rationalism was discreted because of the failure of the Mutazilla, leading to a resurgence of traditionalism and later to the emergence of the Ashariyya School. The Asharite School gained acceptability within mainstream (Sunni) Islam. The Sunni comprises the 90% of all the Muslims, their name derived from the fact that they look both to the Koran and to the sunna in establishing proper Muslim conduct. The "sunna" is the behavior or example of Muhammed and of the early Muslim community. Another group arises in the Islam community is the Shiites. It comprises 10% of the Muslim community and usually lives in Iran and Iraq. The word Shi'ite means partisan and they are referred as the partisan of Ali. Ali is the son in law and cousin of Muhammed and one of the early Caliphs or successors to Muhammed as leader of the Muslim people. They believe that the leader of Islam should be among the descendants of Ali. The last of these divinely appointed leaders, or "imams" most Shi'ites believes to be in "hiding" in another realm of existence. The Ayatollah Khomeini was believed to have been a spokesman for this "hidden imam." The third group of Islam are the Suffis who seek a mystical experience of God, rather than a merely intellectual knowledge of Him, and who also are given to a number of superstitious practices. Beliefs of Islam To Islam there is no God but Allah. The early Islamic Arabs were polytheists. Muhammed is the instrument leading the Muslims to devote themselves solely to the chief God whom they called Allah which means God. They believe that Allah has a magical power and to worship others is considered blasphemy. The Islam religion also believes in angels and jinn. Jinn are spirits being capable of good and evil actions and of possessing human beings. The Muslims believed that they are being accompanied by jinn and angels one on the right to record good deeds and the jinn on the left to record the evil deeds. Muslims has great belief to their God's holy book called Koran. Chief among these are the Law given to Moses, the Psalms given to David, the Gospel (or Injil) given to Jesus, and the Koran given to Muhammed. According to Muhammed the Christian scriptures has been tampered and the real bible is the Koran. Difficulties and

The dissapointment by behn's Essay Example | Topics and Well Written Essays - 500 words

The dissapointment by behn's - Essay Example The writer had approached the 17th century contemporary literary as well as socio-political aspects that were predominant in the restoration world of art and literature. Behn’s treatment of the 17th century discourse of sexuality and morality In the poem Behn took up the topic of the battle of the sexes that was one of the most prevalent topics in restoration literature. Her poem began with the typical act of the male pursuing the female in the game of love. She apparently glorified masculine strength over feminine coyness as the power that initiated the act of love. By describing Lysander as one who made sexual advances to a lady because he was â€Å"By an impatient passion swayed† (I.1), Behn not only pointed out the vain male ego but the crudity of the situation. As a contrast to Lysander’s rakish character Behn created Cloris as the conventional figure of ‘virgin innocence’ who was apparently trying to ward off his charms. But her resistance to L ysander’s approaches as she â€Å"Permits his force, yet gently strove† (II.14) indicated Cloris’ indulgence.

Strategy management - HBR Article Essay Example | Topics and Well Written Essays - 1750 words

Strategy management - HBR Article - Essay Example Companies which gained economies of scale across the borders have been encountered with a strategic shift where a company needs to adapt to the local conditions. Demand would be low for many years and companies needs to be well aware of the emerging competitors and constantly upgrade its reputation. The developing countries provides the best opportunity for companies but now the companies needs to focus more on customized products for that segment of richer countries that are underserved. This would facilitate more of product innovation at lower prices. The companies would even need to manage a diverse work force that would require more investments in new communication technologies and a powerful corporate identity. Any strategy formulation is done by a company in order to gain competitive advantage in the competitive business environment. There exits certain criteria’s that needs to incorporated in the process of strategy formulation. These criteria’s are based on market and products, operations and innovation, people and organization, and identity and reputation. The strategy formulated should encompass the factors of identification of emerging market competitors, investment in appropriate positions, and adaptability to the local differences (Clarke, Bennison and Guy, 1994, pp. 11-20). The component of market and products focus on those segments in every other country that is underserved, the price pressures should be recognized carefully so that the strategy do not only encompass premium pricing strategies rather the prices should be set on the basis of competition and the purchasing power of the consumers of the particular market segment, and addition of more innovative variet ies in the product offerings (Acur and Bititci, 2004, pp. 388-408). The operations and innovation factor deals with simplification of the supply chain activities, exploring the opportunity of off-shoring activities, shift the R&D activities where there exist the market

Depression in mothers Essay Example | Topics and Well Written Essays - 1250 words

Depression in mothers - Essay Example Depression among women has been known to be caused by a myriad of issues that affect the world globally and in the local communities. This is especially in the third world, where poverty is one of the leading causes of depression among mothers and women in general, unlike other factors that affect the first world and other well to do women that have all their basic needs. Poverty has led to depression amongst many women following the lack of basic needs to sustain a comfortable life, even at the lowest level of just being alive and having a meal on the table, as well as clean water to drink. This is in addition to having access, to health and medical facilities in order to cater for the overall wellbeing of women and communities in question. However, due to the sensitivity of the issue, we shall dwell more on the depression of women as they tend to shoulder the burden of poverty, especially in Africa. Studies show that African women are more likely to contract type 2 diabetes than wo men with greater economic resources or wealth only serves to show the impact of poverty on depression in African women (De Groot et al 172). The above studies approach depression in poor African women from the perspective of coming from a poor environment, where their depression is a reaction to the said environment. In addition, poverty is considered to be the strongest factor leading to depression amongst mothers with young children, especially considering their inability to provide for their young (Grant et al 1). This also includes the lack of suitable facilities, in which to live, which, in turn, leads to insecurity. The whole situation of depression revolves around the concept of poverty, especially in the third world, which covers most of the globe and Africa is a major concern followed by parts of Asia. Oxfam as an international organization works towards the wellbeing of the global society by working to eliminate overtly across the globe. As a result, it can be taken to mea n to be an institution that works towards bettering the lives of women and lowering the risks of depression among women and mothers. The Oxfam website can be considered to be substantially user friendly with the ease of use and navigation along the lines of the information it provides. With this in mind, the institution’s website provides bulk of information on its role on an international scale to improve the lives of those caught up in poverty. Considering this, Oxfam labels poverty as a condition that can be eradicated off the face of the earth and have all members of society living comfortably. The above is because; Oxfam works with vulnerable people in the face of poverty to overcome their difficulties in making ends meet in relation to food, education, development and citizens’ rights, as well as climate change, where those affected receive assistance from the organization to improve their lives substantially. The website provides information on how one can work together with Oxfam to alleviate poverty by donating to the organization for the good of the society, a means that can be viewed as a one that caters for the depressed women. This is through the collection of financial and other forms of resources that are used to put up facilities to improve their livelihoods considering their vulnerability to poverty (â€Å"Oxfam†). In the third world, especially Africa, this translates to fewer depressed women following the delivery of

Term “integrity” Essay Example for Free

Term â€Å"integrity† Essay Integrity It is necessary to outline that the term â€Å"integrity† is considered polysemantic meaning it is provided with lots of meanings. Integrity is the most important terms used in virtue ethics, for example. Integrity is used in the scientific and technological fields. Therefore, this term is often puzzling and perplexing. Sometimes people use integrity as a synonym to â€Å"moral† trying to distinguish that person is acting with integrity. However, researchers noted that people of integrity may act immorally, even if they are unaware of their immoral actions. Thus it is necessary to say that a person may be of integrity even if he holds importantly mistaken perspectives on ethics and morality. Firstly, integrity is defined a quality of a person’s character. Then people thinking of integrity of wilderness region or ecosystem, art forms, computerized database, etc. Integrity is applied mostly to the objects and it suggests purity, intactness and wholeness of an object. These meanings are often applied to people. Speaking about regions, integrity means that a region isn’t corrupted by side-effects of development and its advance. Region of integrity suggests wilderness and uncorrupted or virgin. In computer science, integrity means that computer database is able to maintain power and resist to errors, integrity of defense systems suggests that system isn’t breached. In music, for example, musical work has integrity if its musical structure is provided with completeness which is coordinated and has related music ideas. Simply saying integrity in music means that music piece is whole, intact and pure. Integrity is found in many aspects of human’s life. For example, there are ideas of intellectual, professional and artistic integrity. Nevertheless, integrity has found its application mostly in philosophy meaning human’s general character. As it is noted â€Å"philosophers have been particularly concerned to understand what it is for a person to exhibit integrity throughout life†. In philosophy, when a person acts with integrity on a particular occasion it means that integrity is explained as broader feature of person’ character. There is a claim that person should possess integrity. Ordinary discourse about integrity involves two fundamental intuitions: first, that integrity is primarily a formal relation one has to oneself, or between parts or aspects of ones self; and second, that integrity is connected in an important way to acting morally, in other words, there are some substantive or normative constraints on what it is to act with integrity. How these two intuitions can be incorporated into a consistent theory of integrity is not obvious, and most accounts of integrity tend to focus on one of these intuitions to the detriment of the other. Integrity is a matter of persons integrating various parts of their personality into a harmonious, intact whole. Understood in this way, the integrity of persons is analogous to the integrity of things: integrity is primarily a matter of keeping the self intact and uncorrupted. A related approach to integrity is to think of it primarily in terms of a persons holding steadfastly true to their commitments, rather than ordering and endorsing desires. â€Å"Commitment† is used as a broad umbrella term covering many different kinds of intentions, promises, convictions and relationships of trust and expectation. One may be, and usually is, committed in many different ways to many different kinds of thing: people, institutions, traditions, causes, ideals, principles, projects, and so on. The self-integration and identity views of integrity see it as primarily a personal virtue: a quality defined by a persons care of the self. Persons of integrity treat their own endorsements as ones that matter, or ought to matter, to fellow deliberators. Calhouns account of integrity promises to explain why it is that the fanatic lacks integrity. It seems intuitively very plausible to distinguish between fanatical zeal and integrity, but the self-integration and identity views of integrity threaten to make the fanatic a paradigm case of a person of integrity. References Graham, Jody L. (2001). Does Integrity Require Moral Goodness? Ratio 14, 2, 234-251. Harcourt, Edward (1998). Integrity, Practical Deliberation and Utilitarianism. Philosophical Quarterly, 48, 189-198. Herbert, Mark R. (2002). Integrity, Identity and Fanaticism. Contemporary Philosophy 24, 25-29.