Demat Account Essay Example for Free

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 Brokings 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.

To Kill a Mockingbird Chapter Essay Example for Free

To Kill a Mockingbird Chapter Essay At lunch, Scout rubs Walter’s nose in the dirt for getting her in trouble, but Jem intervenes and invites Walter to lunch (in the novel, as in certain regions of the country, the midday meal is called â€Å"dinner†). At the Finch house, Walter and Atticus discuss farm conditions â€Å"like two men,† and Walter puts molasses all over his meat and vegetables, to Scout’s horror. When she criticizes Walter, however, Calpurnia calls her into the kitchen to scold her and slaps her as she returns to the dining room, telling her to be a better hostess. Back at school, Miss Caroline becomes terrified when a tiny bug, or â€Å"cootie,† crawls out of a boy’s hair. The boy is Burris Ewell, a member of the Ewell clan, which is even poorer and less respectable than the Cunningham clan. In fact, Burris only comes to school the first day of every school year, making a token appearance to avoid trouble with the law. He leaves the classroom, making enough vicious remarks to cause the teacher to cry. At home, Atticus follows Scout outside to ask her if something is wrong, to which she responds that she is not feeling well. She tells him that she does not think she will go to school anymore and suggests that he could teach her himself. Atticus replies that the law demands that she go to school, but he promises to keep reading to her, as long as she does not tell her teacher about it.

EHR Implementation Issues

EHR Implementation Issues Melchor Abejon Any adverse event that obstructs the development and success of an organization should be investigated to discover and understand the initiating cause of such event and to consequently establish corrective actions to prevent its recurrence in the future. This paper intends to: Identify the approach to be taken to address the reporting problem at Western Heights Hospital (WHH). To create a flowchart outlining the process to be taken in finding a solution to the organizations reporting problem. Approach to Address the Reporting Problem at Western Heights Hospital As stated in the given scenario, the WHH is unable to report on various state and federally mandated quality measures. Definitely, this problem needs immediate attention as this process is essential to the organization to improve and maintain quality. As the clinical content manager and leader of all reporting efforts in the organization, it is my primary concern to address and find solution to the problem. My approach would be to perform a Root Cause Analysis (RCA). Conducting an RCA would help me discover and understand the initiating cause or causes of the problem and to develop corrective actions to prevent its recurrence in the future. Root Cause Analysis Below is a flowchart showing my steps to performing an RCA for the problem. Identify the problem Charter and appoint team facilitator and members    Describe the incident Identify the contributing factors Identify the root cause or causes Eliminate the root cause or causes Evaluate and measure Identify the problem. This step will include determining the problem to be investigated. The problem statement from the scenario would be, The organization is unable to report on various state and federally mandated quality measures. Also, included in this step is to gather preliminary information about the problem which can be discussed later by my team. Charter and appoint a team facilitator and members of the team.   In this step, a team facilitator will be designated who will work with the leadership to launch a project charter that will guide the team in managing the scope of the project and in implementing changes that are linked to the root causes identified in the RCA process. Also, team members will be selected who are familiar with the systems and processes involved in the problem. Describe the incident. In this step, facts surrounding the problem will be collected and organized, on why the organization fails to do quality reporting measures. The preliminary information gathered in step 1 will be shared and discussed with the team. Identify contributing factors.   The knowledge gained in step 3 will be used to dig deeper into what happened and why it happened. Also in this step, the conditions, circumstances and situations that caused the organization not to be able to report will be identified. A thorough investigation of the organizations current data systems and the processes from patient data capture to electronic reporting will be carried out to determine any lacking or faulty process that have resulted to the incomplete generation of data. Identify the root causes. The contributing factors will be examined to find the root cause of the problem. In the given scenario, there could be many underlying reasons that had caused the organizations failure to report. Contributing factors could be due to (a) incomplete data as mentioned, (b) failure of systems to communicate, (c) poor data quality, (d) lack of data standards. These contributing factors are interrelated to each other to significantly affect the interoperability of systems. Identifying the root cause should be dug deeper by asking repeated why questions of the contributing factors. Eliminate the root causes. This step will also include the design and implementation of changes to eliminate the root cause and to reduce and or prevent the recurrence of the same event in the future. If there are multiple root causes, there will be corrective actions to address each root cause. In the given scenario, the failure to report could probably be due to lack of interoperability or failure of systems to communicate due to poor data quality as manifested by incomplete data generated by the organizations system. This problem could be addressed by improving patient data capture and by developing an efficient data dictionary. Data integration would probably be needed to cleanse all dirty data, and as well as to employ data standards to improve clinical documentation,   and data interchange standards to enable the systems to achieve full interoperability and be able to exchange and integrate data among healthcare applications in a state , regional and nationwide level. Evaluate and measure. In this step, the success or improvement of actions will be evaluated and measured and will be monitored overtime. Reference Center for Medicare and Medicaid Services (CMS) (n.d.). Guidance for performing root cause analysis (RCA) with performance improvement projects.   Retrieved February 20, 2017 from https://www.cms.gov/medicare/provider-enrollment-and-certification/qapi/downloads/guidanceforrca.pdf

The Importance of Setting in The Awakening Essay -- Chopin Awakening

The Importance of Setting in The Awakening  Ã‚        Ã‚  Ã‚  Ã‚  Ã‚     Ã‚   Setting is a key element in Chopin's novel, The Awakening  Ã‚   To the novel's main character, Edna Pontellier, house is not home. Edna was not herself when enclosed behind the walls of the Pontellier mansion. Instead, she was another person entirely-- someone she would like to forget. Similarly, Edna takes on a different identity in her vacation setting in Grand Isle, in her independent home in New Orleans, and in just about every other environment that she inhabits. In fact, Edna seems to drift from setting to setting in the novel, never really finding her true self - until the end of the novel.      Ã‚  Ã‚  Ã‚   Chopin seems highly concerned with this question throughout her narrative. On a larger scale, the author seems to be probing even more deeply into the essence of the female experience: Do women in general have a place in the world, and is the life of a woman the cumbersome pursuit to find that very place? The Awakening struggles with this question, raising it to multiple levels of complexity. Edna finds liberation and happiness in various places throughout the novel, yet this is almost immediately countered by unhappiness and misery. Even at the end, the reader is still left with the question of whether Edna has truly found a setting in which she can finally be herself.      Ã‚  Ã‚  Ã‚   Many readers would argue that Edna finds this niche in her seaside vacation home on Grand Isle. To Edna, the sea is a wide expanse of opportunity and liberation from the constricting socialite world of French Quarter New Orleans. Chopin's lavish descriptions of the sea give us an insight into its powerful effect on Edna:    The voice of the sea is seductive; never ceasing, whis... ...e Awakening." 1899. The Complete Works of Kate Chopin. Ed. Per Seyersted. Baton Rouge: Louisiana State UP, 1969. 881-1000. Delbanco, Andrew. "The Half-Life of Edna Pontellier." New Essays on The Awakening. Ed. Wendy Martin. Cambridge: Cambridge UP, 1988. 89-106. Gilmore, Michael T. "Revolt Against Nature: The Problematic Modernism of The Awakening." Martin 59-84. Giorcelli, Cristina. "Edna's Wisdom: A Transitional and Numinous Merging." Martin 109-39. Martin, Wendy, ed. New Essays on the Awakening. Cambridge: Cambridge UP, 1988. Papke, Mary E. Verging on the Abyss: The Social Fiction of Kate Chopin and Edith Wharton. Westport, CT: Greenwood, 1990. Seyersted, Per. Kate Chopin: A Critical Biography. Baton Rouge: Louisiana State UP, 1969. Showalter, Elaine. "Tradition and the Female Talent: The Awakening as a Solitary Book." Martin 33-55.

Affirmative Action In The United States :: essays research papers

The writer Mary Anne Warren is focusing on describing the current practices in many organizations today in regards to the implementing a goal vs. a quota system for the purposes of affirmative action. She defines a quota as "Those who use the term "quotas" pejoratively tend to assume that the numerical standards will be set so high or enforced so rigidly that strong reverse discrimination-that is, the deliberate hiring of demonstrably less well qualified candidates-will be necessary to implement them." (Warren, 370). Warren then describes goal as "The term "goal", on the other hand, suggests that this will not be the case, and that good faith efforts to comply with the standards by means short of strong reverse discrimination will be acceptable." (Warren, 370). The critical thing that must be understood when exploring the subject is that the writer is describing how affirmative action is being applied in American organizations today in other words the current reality. However, she fails to speak to us about how the law designs this program to function. This is the critical component that American organizations must be educated to understand. Affirmative action as defined by law is most definitively not based on a quota system. In fact, what is not widely known is that this program can be equally used by all individuals provided that an inequality exists in the group that they belong to as not being reflected in the work force. So what is affirmative action? What is it designed to do? It is not designed to provide an opportunity to an unqualified candidate. It is designed as "a way of compensating individuals or groups for past injustices or for present disadvantages stemming form past injustices" (Warren, 373). It is further designed "as a means about bringing about further future goods-for example, raising the status of downtrodden groups." (Warren, 373). The keyword in these quotes is the word "group". Who are these groups? The law has identified them. Some of the groups identified are: race, religious beliefs, blood trait, gender, disability (whether physical or mental), veteran status, national origin, and the list continues. In no way does this require that you have to hire an unqualified person for a position because they fall into one or more of these groups. What it does mean is that you can not discriminate and exclude a person from getting a job, getting promoted, and other factors, just because they happen to fall into that group.

Biking can improve your life Essay -- essays research papers

Biking Can Improve Your Life Exercise is the most important part of a happy life. Americans are some of the fattest people in the world. We are also overly dependant on prescription drugs. These factors stretch from the very young to the elderly. Biking is a great way to introduce activity into sedentary lifestyles. With proper knowledge they will see that biking improves their life.   Ã‚  Ã‚  Ã‚  Ã‚  Ã¢â‚¬Å"Over the last decade children, in the United States have been gaining weight. Obesity is rapidly becoming an epidemic in our youngster’s lives.†(Spataro, 1999) With the added weight comes greater risk of diabetes, heart diseases and many other ailments. Our children must be taught how proper exercise can give them a better future. Biking is a great way to start the learning process, to introduce an active lifestyle to our children. One way to start the introduction is in the early years. They can gain a love for the sport starting very young. Parents can install child seats or pull a trailer to include them in daily workout routines. When children learn to ride a bike themselves they can accompany parents on shorter rides. Riding to a local park is wonderful motivation for a child to go a few extra miles. It is a great way for parents and children to spend quality time together. As children mature into young adults biking becomes a form of free dom and independence.   Ã‚  Ã‚  Ã‚  Ã‚  Obesity of course is not just a problem for today’s youth. Obesity is...

Night World : Secret Vampire Chapter 7

Then you must have had a reason,† Poppy saidflatly. When he looked at her, she shrugged. â€Å"I know you.† She knew him in a way she'd never known anyone. James looked away. â€Å"I didn't have a reason, but there were some †¦extenuating circumstances. You could say I was set up. But I still have nightmares.† He sounded so tired-so sad.It's a lonely world, fullof secrets, poppythought. And he'd had to keep the biggest secret of all from everyone, including her. â€Å"It must have been awful for you,† she said, hardlyaware that she was speaking out loud. â€Å"I mean, all your life-holding this in. Not telling anybody. Pretending†¦Ã¢â‚¬  â€Å"Poppy.† He gave a shiver of repressed emotion.†Don't.† â€Å"Don't sympathize with you?† He shook his head. â€Å"Nobody's's ever understood before.† After a pause he said, â€Å"How can you worry about me? With what you're facing?† â€Å"I guess because -I care about you.† â€Å"And I guess that's why I didn't treat you like Michaela or Jacklyn,† he said. Poppy looked at the sculpted planes of his face, atthe wave of brown hair falling over his forehead like silk †¦and held her breath. Say â€Å"I love you,† she ordered mentally.Say it, you thickheaded male. But they weren't connected, and James didn't givethe slightest sign of having heard. Instead he turned brisk and businesslike. â€Å"We'd better get started.† Hegot up and drew the window curtains shut. â€Å"Sunlight inhibits all vampire powers,† he said in a guest lecturer voice. . Poppy took advantage of the pause to go to the CDplayer. The music had changed to a Dutch club song,which was fine for doing the Netherlands skippydance to, but not very romantic. She punched a but ton and a velvety Portuguese lament began. Then she twitched the sheer hangings around the bed dosed. When she sat down again, she and James were in their own little world, dim and secluded, enclosed in misty eggshell white. â€Å"I'm ready,† she said softly, and James leaned inclose to her. Even in the semidarkness Poppy felt mesmerized by his eyes. They were like windows tosome other place, someplace distant and magical. The Night World, she thought, and tilted her chinback as James took her in his arms. This time the double sting at her neck hurt good. But best was when James's mind touched hers.The feeling of oneness, of suddenly being whole-it spread through her like starshine. Once again she had the sense that they were melting together, dissolving and merging everywhere they touched. She could feel her own pulse echoingthrough him. Closer, loser†¦ and then she felt a pulling-back. James? What's wrong? Nothing,he told her, but Poppy could sense that itwasn't quite true. He was trying to weaken the growing bond between them †¦ but why? Poppy, I just don't want to force you into anything.What we're feeling is-artificial†¦. Artificial? It was the realest thing that she'd everexperienced. Realer than real. In the midst of joy, Poppy felt a surge of hurt anger at James. I don't mean it like that,he said, and there was desperation in the thought.It's just that you can't resist the blood-bond. You couldn't resist it if you hated me. Itisn't fair†¦. Poppy didn't care about fair.Ifyou can't resist it,why are you trying?she asked him triumphantly. She heard something like mental laughter, andthen they were both clinging together as a wave of pure emotion swept them. The blood-bond, Poppy thought when James raisedhis head at last. It doesn't matter if he won't say he loves me-we're bonded now. Nothing can changethat. And in a moment or so she would seal that bondby taking his blood. Try and resistthat,she thought, and was startled when James laughed softly. â€Å"Reading my mind again?† â€Å"Not exactly. You're projecting-and you're verygood at it. You're going to be a strong telepath.† Interesting. . . but right now Poppy didn't feelstrong. She suddenly felt kitten-weak. Limp as a wilting flower. She needed †¦ â€Å"I know,† James whispered. Still supporting her, he started to lift one wrist to his mouth. Poppy stopped him with a restraining hand. â€Å"James? How many times do we have to do thisbefore I-change?† â€Å"Once more, I think,† James said quietly. â€Å"I tooka lot this time, and I want you to do the same. And the next time we do it †¦Ã¢â‚¬  I'll die, Poppy thought. Well, at least I know howlong I have left as a human. James's lips slid back to reveal long, delicate fangs,and he struck at his own wrist. There was something snake like in the motion. Blood welled up, the colorof syrup in a can of cherry preserves. Just as Poppy was leaning forward, lips parted,there was a knock at the door. Poppy and James froze guiltily. The knock came again. In her muddled and weakened state, Poppy couldn't seem to make herself move. The only thought that resounded in her brainwasOh,please. Please don't let it be†¦ The door opened. Phil. Phillip was already speaking as he poked his headin. â€Å"Poppy, are you awake? Mom says-â€Å" He broke off abruptly, then lunged forthelightswitch on the wall. Suddenly the room was illuminated. Oh,terrific,Poppy thought in frustration. Phil waspeering through the filmy draperies around the bed. Poppy peered back at him. â€Å"Whatis going-on?† he said in a voice that would have gotten him the lead role in The Ten Com mandments.And then, before Poppy could gather enough wits to answer, he leaned in and grabbed James by the arm. â€Å"Phil,don't,† Poppysaid. â€Å"Phil, you idiot†¦Ã¢â‚¬  â€Å"We had a deal,† Phil snarled at James. â€Å"And you broke it.† James was gripping Phil's arms now, as ungentlyas Phil was grasping him. Poppy had the dismayed feeling that they were going to start head-buttingeach other. Oh, Lord, if she could onlythinkstraight. She feltso brainless. â€Å"You've got the wrong idea,† James said to Philthrough clenched teeth. â€Å"The wrongidea? Icome in here and find the two of you in bed, with all the curtains drawn, and you're telling me I've got the wrongidea?† â€Å"Onthe bed, Poppy interjected. Phil ignored her. James shook Phil. He did it quite easily and withan economy of movement, but Phil's head snapped back and forth. Poppy realized that James was not athis most rational right now. She remembered the metal chair leg and decided it was time to intervene. Letgo,†she said, reaching in between the two boys to grab for hands. Anybody's hands. â€Å"Come on,you guys!† And then, desperately, â€Å"Phil, I know youdon't understand, but James is trying tohelp me-â€Å" â€Å"Help you? I don't think so.† And then to James:†Look at her. Can't you see that this stupid pretending is making hersicker? Every time I find her with you, she's white as a sheet. You're just making things worse.† â€Å"You don't know anything about it,† Jamessnarled in Phil's face. But Poppy was still processing something several sentences back. â€Å"Stupid? Pretending?† she said. Her voice wasn't very loud but everything stopped. Both boys looked at her. Everyone made mistakes then. Later, Poppy wouldrealize that if any of them had kept their heads, what happened next could have been avoided. But noneof them did. â€Å"I'm sorry,†Philsaid to Poppy. â€Å"I didn't want totell you-â€Å" â€Å"Shut up,†James said savagely. â€Å"But I have to.This-jerk-isjust playing with you.He admitted it to me. He said he felt sorry for you,and he thinks that pretending he likes you makesyou feel better. He's got an ego that would fill Dodger Stadium.† â€Å"Pretending?† Poppy said again, sitting back. Therewas a buzzing in her head and an eruption gathering in her chest. â€Å"Poppy, he's crazy,† James said. â€Å"Listen-â€Å" But Poppy wasn't listening. The problem was thatshe couldfeelhow sorry Phil was. It was much more convincing than anger. And Phillip, honest, straightforward, trustworthy Phillip, almost never lied. He wasn't lying now. Which meant†¦ that James must be. Eruption time. â€Å"You. . .†she whispered to James.,†You . . .†She couldn't think of a swear word bad enough. Some how she felt more hurt, more betrayed than she hadever felt before. She had thought sheknewJames;she had trusted him absolutely. Which made the betrayal all the worse. â€Å"So it was all pretending? Isthat it?† Some inner voice was telling her to hold on andthink. That she was in no state to make crucial decisions. But she was also in no state to listen to innervoices. Her own anger kept her from deciding if shehad any good reason to be angry. â€Å"You just feltsorryfor me?† she whispered, and suddenly all the fury and grief that she'd been suppressing for the last day and a half flooded out. Shewas blind with pain, and nothing mattered exceptmaking James hurt as much as she hurt. Jameswas breathing hard,speaking rapidly.†Poppy-this is why I didn't want Phil to know-â€Å" â€Å"And nowonder,† Poppyraged. â€Å"And no wonderyou wouldn't say you loved me,† she went on, not even caring that Phillip was listening. â€Å"And no wonder you would do all that other stuff, but you never even kissed me. Well, I don't want yourpity-â€Å" â€Å"Whatotherstuff?.Allwhatotherstuff?†Philshouted.†I'mgonna kill you, Rasmussen!† He tore free of James and swung at him. Jamesducked so that the fist just grazed his hair. Philswung again and James twisted sideways andgrabbed him from behind in a headlock. Poppy heard running footsteps in the hall. â€Å"What's happening?† her mother gasped in dismay, regarding the scene in Poppy's bedroom. At almost the same instant Cliff appeared behindPoppy's mother. â€Å"What's all the shouting?† he asked, his jaw particularly square. â€Å"You'rethe one who's putting her in danger,†James was snarling in Phillip's ear. â€Å"Right now.† Helooked feral. Savage. Inhuman. â€Å"Let go of my brother!† Poppyyelled. All at onceher eyes were swimming with tears. â€Å"Oh, my God-darling,† her mother said. In two steps she was beside the bed and holding Poppy.† You boys getoutof here.† The savagery drained out of James's expression,and he loosened his hold on Phillip. â€Å"Look, I'm sorry. I have to stay. Poppy†¦Ã¢â‚¬  Phillip slammed an elbow into his stomach. It might not have hurt James as much as it woulda human, but Poppy saw the fury sweep over his face as he straightened from doubling up. He lifted Phil off his feet and threw him headfirst in the general direction of Poppy's dresser. Poppy's mother let out a cry. Cliff jumped in between Phil and James. â€Å"That's enough!† he roared. Then, to Phil: â€Å"Are you all right?† And to James: â€Å"What's this allabout?† Phil was rubbing his head dazedly. James saidnothing. Poppy couldn't speak. â€Å"All right, it doesn't matter,† Cliff said. â€Å"I guesseverybody's a little jumpy right now. But you'd better go on home, James.† James looked at Poppy. Poppy, throbbing all over like an aching tooth,turned her back on him. She burrowed into her mother's embrace. â€Å"I'll be back,† James said quietly. It might have been meant as a promise, but it sounded like a threat. â€Å"Not for a while, you won't,† Cliff said in a military command voice. Gazing over her mother's arm, Poppy could see that there was blood on Phillip'sblond hair. â€Å"I think everybody needs a cooling-off period. Now, come on, move.† He led James out. Poppy sniffled and shivered, trying to ignore both the waves of giddiness that swept over her and the agitated murmuring of all the voices in her head. The stereo went on blasting out madcorestomping music from England. In the next two days James called eight times. Poppy actually picked up the phone the first time.It was after midnight when her private line rang, and she responded automatically, still half-asleep. â€Å"Poppy, don't hang up,† James said. Poppy hung up. A moment later the phone rangagain. â€Å"Poppy, if you don't want to die, you've got tolisten to me.† â€Å"That's blackmail. You'resick,†Poppy said, clutching the handset. Her tongue felt thick and her head ached. â€Å"It's just the truth. Poppy, listen. You didn't takeany blood today. I weakened you, and you didn't get anything in exchange. And that could kill you.† Poppy heard the words, but they didn't seem real.She found herself ignoring them, retreating into afoggy state where thought was impossible. â€Å"I don'tcare.† â€Å"You do-care, and if you could think, you'd knowthat. It's the change that's doing this. You're completely messed up mentally. You're too paranoid andillogical and crazy toknowyou're paranoid and illogical and crazy.† It was suspiciously like what Poppy hadrea!izedearlier. She was aware, dimly, that she was acting the way Marissa Schaffer had after drinking a sixpack of beer at Jan Nedjar's New Year's party. Making a ranting fool of herself. But she couldn't seemto stop. â€Å"I just want to know one thing,† she said. â€Å"Is ittrue that you said that stuff to Phillip?† She heard James let his breath out. â€Å"It's true thatI said it. But whatI said wasn't true. It was just toget him off my back.† By now Poppy was too upset to even want tocalm down. â€Å"Why should I believe somebody whose whole lifeis a lie?† she said, and hung up again as the first tears spilled. All the next day she stayed in her state of foggy denial. Nothing seemed real, not the fight withJames, not James's warning, and not her illness. Especially not her illness. Her mind found a way toaccept the special treatment she was getting from everyone without dwelling on the reason forthetreatment. She even managed to disregard her mother's whispered comments to Phil about how she was going downhill so fast. How poor Poppy was getting pale, getting weak, getting worse. And only Poppy knew that she could now hear conversations held in the hallway as clearly as if they were in her own room. All her senses were sharpened, even as her mindwas dulled. When she looked at herself in the mirror, she was startled by how white she was, her skintranslucent as candle wax. Her eyesso green and fierce that they burned. The other six times James called, Poppy's mothertold him Poppy was resting. Cliff fixed the broken trim on Poppy's dresser.†Who would have thought the kid was that strong?† he said. James flipped his cellular phone shut and banged a fist on the Integra's dashboard. It was Thursday afternoon. I low you.That's what he should have said toPoppy. And now it was too late-,she wouldn't even talk to him. Whyhadn'the said it? His reasons seemed stupid now. So he hadn't taken advantage of Poppy's innocence and gratitude †¦well, bravo. All he'd donewas tap her veins and break her heart. All he'd done was hasten her death. But there wasn't time to think about it now. Rightnow he had a masquerade to attend. He got out of the car and gave his windbreaker a twitch as he walked toward the sprawling ranch style house. He unlocked and opened the door without callingto announce his presence. He didn't need to announce it; his mother would sense him. Inside, it was all cathedral ceilings and fashionablybare walls. The one oddity was that every one of the many skylights was covered with elegant custom made drapes. This made the interior seem spacious but dim. Almost cavernous. â€Å"James,† his mother said, coming from the back wing. She had jet-black hair with a sheen like lacquerand a perfect figure that was emphasized rather thandisguised by her silver-and-gold embroidered wrap.Her eyes were cool gray and heavily lashed, like James's. She kissed the air beside his cheek. â€Å"I got your message,† James said. â€Å"What do youwant?† â€Å"I'd really rather wait until your father gets home†¦.† â€Å"Mom, I'm sorry, but I'm in a hurry. I've got thingsto do-I haven't even fed today.† â€Å"It shows,† his mother said. She regarded him fora moment without blinking. Then she sighed, turning toward the living room. â€Å"At least, let's sit down†¦.You've been a little agitated, haven't you, these last few days?† James sat on the crimson-dyed suede couch. Nowwas the test of his acting ability. If he could get through the next minute without his mother sensingthe truth, he'd be home free. â€Å"I'm sure Dad told you why,† he said evenly. â€Å"Yes. Little Poppy. It's very sad, isn't it?† The shadeof the single treelike floor lamp was deep red, and ruby light fell across half his mother's face. â€Å"I was upset at first, but I'm pretty much over itnow,† James said. He kept his voice dull and concen trated on sending nothing-nothing-through hisaura. He could feel his mother lightly probing theedges of his mind. Like an insect gently caressing with an antenna, or a snake tasting the air with its black forked tongue. :†I'm surprised† his mother said. â€Å"1 thought youliked her.† â€Å"I did. But, after all, they're not reallypeople,are they?† He considered a moment, then said, â€Å"It's sort of like losing a pet. I guess I'll just have to find another one.† It was a bold move, quoting the party line. Jameswilled every muscle to stay relaxed as he felt the thought-tendrils tighten suddenly, coiling aroundhim, looking for a chink in his armor. He thought very hard-about Michaela Vasquez. Trying to project just the right amount of negligent fondness. It worked. The probing tendrils slipped away fromhis mind, and his mother settled back gracefully and smiled. â€Å"I'm glad you're taking it so well. But if you everfeel that you'd like to talk to someone †¦ your father knows some very good therapists.† Vampire therapists, she meant. To screw his headon straight about how humans were just for feeding on. â€Å"I know you want to avoid trouble as much as Ido,† she added. â€Å"It reflects on the family, you see.† â€Å"Sure,† James said, and shrugged. â€Å"I've got to gonow. Tell Dad I said hi, okay?† He kissed the air beside her cheek. â€Å"Oh, by the way,† she said as he turned towardthe door. â€Å"Your cousin Ashwillbe coming next week. I think he'd like to stay with you at the apartment-and I'm sure you'd like some companythere.† Over my unbreathing body, James thought. He'dforgotten all about Ash's threat to visit. But now wasn't the time to argue. He walked out feeling likea juggler with too many balls in the air. Back in his car he picked up the cellular phone,hesitated, then snapped it shut without turning it on. Calling wasn't any good. It was time to change hisstrategy. All right, then. No more half measures. A seriousoffensive-aimed where it would do the most good. He thought for a few minutes, then drove toMcDonnell Drive, parking just a few houses awayfrom where Poppy lived. And then he waited. He was prepared to sit there all night if necessary,but he didn't have to. Just around sunset the garage door opened and a white Volkswagen Jetta backedout. James saw a blond head in the driver's seat Hi, Phil. Nice to see you.When the Jetta pulled away, he followed it.