Mean Variance Optimisation in the market - Free Essay Example

Sample details Pages: 15 Words: 4485 Downloads: 9 Date added: 2017/06/26 Category Economics Essay Type Analytical essay Did you like this example? Mean-variance theory was developed in the 50s and 60s by Markowitz, Tobin, Sharpe, and Lintner, among others. It is still called Modern Portfolio Theory (MPT) by some people. Mean-variance theory continues to be the main workhorse on which analytical portfolio management is based. Don’t waste time! Our writers will create an original "Mean Variance Optimisation in the market" essay for you Create order The equilibrium version of mean-variance theory is called the Capital Asset Pricing Model (CAPM). The goal of the theory is to optimally invest funds in wide variety of assets. It is a quantitative tool, allowing making investment decisions by considering the trade-off between risk and return. There are single and multi period mean variance optimisers. Single-Period MVO considers designing of portfolio for single upcoming period and maximising return considering presumed level of risk. Multi-Period MVO is a strategy, rebalancing portfolio at the end of each period. 5.1 Single Period Problem [11]Inputs: o The expected return for each asset o The standard deviation of each asset (a measure of risk) o The correlation matrix between these assets Output: o The efficient frontier, i.e. the set of portfolios with expected return greater than any other with the same or lesser risk, and lesser risk than any other with the same or greater return. 5.2 Multi-period Pro blem Input: o The full historical data set Desired output: o The Geometric Mean Frontier; i.e. the set of rebalanced portfolios with greater geometric mean return than any other with the same or lesser standard deviation, and lesser standard deviation than any other with the same or greater geometric mean return 5.3 Benefits of MV optimiser [12]Satisfaction of client objectives and constraints. It is possible to integrate client constraints and objectives in MVO, which enables individual approach to each client, dependant on his risk acceptance level. Control of portfolio risk exposure. It is possible to control risk exposure of portfolio with the help of MVO. Implementation of style objectives and market outlook. It is possible to reflect company s investment style, philosophy and market outlook in MVO. Efficient use of investment information. MVO is designed to reflect all the relevant information available for the optimisation of the portfol io. Timely portfolio changes. MVO is capable of processing large volumes of data very quickly, which is useful for large organisation, that need to incorporate this information in there portfolios in order to reflect the changes in environment. Portfolio management is the process of managing assets of a mutual fund, including choosing and monitoring appropriate investments and allocating funds accordingly. A mutual fund is an open-ended fund managed by an investment company which raises money from shareholders and invests in a group of assets. Mutual funds raise money by selling shares to the public. [1] In return for the money, shareholders receive an equity position in the fund and, in effecting each of its underlying securities. Investors often hold more shares in more than one company and there are two approaches to portfolio management. The two types are: Active Passive Maximising the expected utility of the excess return over a chosen benchmark is known as active portfolio management, whilst passive portfolio management just tracks the benchmark. The simplest example of passive management is the index fund that is designed to replicate exactly a well-defined index of common stock, such as SP 500.The fund buys each stock in the index in exactly the proportion it represents the index. If J.P. Morgan Chase represents 3% of the index, the fund places 3% of its money in J.P. Morgan Chase stock. Every portfolio manager needs to decide if s/he will approach an active or passive approach to portfolio management. Factors that needs to be considered when choosing a portfolio strategy are the following: Cost/ Fees It s much cheaper to run an indexed portfolio than an actively managed one. Every time a portfolio manager is trading on behalf of an investor and is adjusting the portfolio the investor is charged a fee, which is often a substantial amount of money, and sometimes can prove to be too costly if the returns are not high. Taxes Index funds sell stock only when companies enter or leave the index they re mirroring, which is infrequent, so shareholders rarely incur capital-tax gains tax. In contrast to active management, every time a sale has made a profit shareholders are liable for capital gains tax. State of the economy some firms may be very sensitive to the state of the economy, some not so. The index decreases during a recession, so investors need to be aware of which companies are very susceptible to the state of the economy. For example during a recession share value of Tesco may not decrease as much as share price of a manufacturing firm during a recession. The reason being is that people still need to eat and so Tesco will have sales no matter what the state of the economy. Time Horizon Investors that want to invest in the long term, go for index, and will track the market. For example the SP 500 is higher today (even with the looming depression) at 1360.54 compared to 3 years ago at 1171.36 open on 31/1/05 (FTSE charting) Source: www.ft.com Investors investing over a short time period, such as day traders will actively manage a portfolio and be selling and buying shares very quickly and following the market very closely to make as much money as possible as quickly as possible. The time horizon can coincide with the goals they are trying to achieve, be it long, medium or short term. If the investor is faced with a short term goal, then it is possible that the investor will approach an active management strategy to make the most money as quickly as possible. Having an active approach over a long period of time can prove to be costly. Attitude towards risk an investor s attitude towards risk will play a integral part in the decision of managing a portfolio passively or actively. If I was an investor and my attitude was risk loving I would actively manage a portfolio, as this involves picking stock, based on forecasts of the stock being under pri ced and market timing. The believe, is the higher the risk the higher the return. However if I were a risk averse investor I would not like to run the risk of individually picking stock and would prefer to spread the risk by investing in a well-defined Index. Both strategies have its positive and negative points and the approach taken by the investor is depended on personal preferences to risk and the situation the investor is facing. I, personally, would take the passive approach to portfolio management. The reasons behind this choice is that I am risk averse, so I would not like to run the risk of picking stock in the believe that the market has not been able to price the stock correctly and instantaneously to its true value. The costs of managing an active portfolio are high. These costs include transaction costs and taxes. So to reduce my costs of managing a portfolio I would choose a passive approach so that I am not paying out to brokers and to the government. Lastly I b elieve that the market is efficient and so this does not allow big amounts of profits to be generated as the market corrects any inefficiency. Q1b) The CAPM provides the relationship between an investments systematic risk and its expected return. The treatment of risk in the CAPM refines the notions of systematic and unsystematic risk developed by Harry. M. Markowitz [3] Unsystematic risk is the risk to an assets value caused by factors that are specific to an organisation, such as quality of management, RD, marketing effectiveness. A fundamental principle of portfolio theory is that unsystematic risk can be diversified away. Systematic risk is risk that cannot be diversified away. This risk represents the variation in an assets value caused by economic fluctuations. The market only provides a return for risk that cannot be diversified away. The CAPM assumptions can be divided into two groups. First set of assumptions are for the investors and the second is for the fi nancial market environment within which investments are bought and sold. The assumptions behind CAPM for investors are 1. Investors are rational, risk averse and utility maximisers 2. Investors perceive utility in terms of return. 3. Investors measure risk by the standard deviation of return 4. Investors have a single period investment time horizon 5. Investors have the same expectations about what the future holds. The assumptions for the financial market are perfect and that 1. there are no taxes 2. there are no transaction cost 3. investors can both lend and borrow at the risk free rate of return. As one can see these assumptions are highly restrictive and not a real representation of reality, as we live in complex world. Yet with these set of assumptions the model still gives an accurate picture, to a certain extent, of what investors experience when investing. I will go through all the assumptions in turn and explain what the result will be i f they are untrue. Firstly in reality investors may be rational but not all are risk-averse, some are risk-loving and will be high risk investors in the hope to reap in high returns. This may not be the most efficient portfolio or share and as a result the investor will not be on the Capital Market Line. Secondly if the assumption of investors perceive utility was untrue then it would not be possible to measure the efficient portfolio set. Whilst return is a dominant factor in determining utility other factors come into play. An investor will consider utility factors such as: will this investment complicate my tax calculations Would I be better off consuming this wealth instead? Could the investor gain any lifestyle benefits from this investment (ie. Art) Thirdly, not all investors understand statistics and hence do not know what standard deviation is so investors do not look at the standard deviation of return. Alternatively they can see risk in terms of the st ate of the economy, recent business conditions and trading information. As a result the CAPM should not solely rely on standard deviation of returns, as the measurement of risk is more complex and certain aspects are difficult to measure. In addition, investors rarely have a single time period of investment time horizon. All investors are different and have different time horizons of investment. For this reason this assumption makes the model static, but as we very well know the world is dynamic in which investors are free to manipulate their portfolio. One of the other assumptions of the model is that all investors are homogeneous and have the same expectations of the future. Clearly this is untrue in the real world. Not all investors share the same view; some are optimistic others are not so. As a result this would lead to different investors to hold different portfolio sets. We have seen what the results are if the assumptions of the investors are untrue. Now I will move on to discuss what the results will be if the assumptions of the financial market are untrue. The figure below describes portfolio opportunities. The assumptions under CAPM The CAPM is important as it quantifies and prices systematic risk and expresses it relative to the market portfolio. Thus CAPM provides us with the expected return of any asset or portfolio based on its risk as measured by beta, the risk premium of the market, and the risk free rate. This model is constructed in a hypothetical world based on several rigorous assumptions, but like in any economic model, these simplifications are essential in developing a workable model in a complex and diverse financial world. The assumptions of CAPM and deriving the CAPM through a simple proof, as pointed out in Elton and Gruber[1] are as follows. The first of all assumption to take is there are no transaction costs. This assumption implies frictionless markets; however in reality transaction costs play a varied part in investment decisions. If transaction costs were present, the return from any asset would be a function of whether or not the investor owned it before the decision period. Thus transaction costs play an important role in reality as in most cases as it is not instantaneous shifting one portfolio of assets to another, and also the delivery costs may dissuade an investor even though it might be an included to form an optimum portfolio. Portfolio theory is also called modern portfolio theory which was developed by Harry Markowitz in his famous paper Portfolio Selection in 1952. Before he developed this theory, investors had no specific measurement of risk. It is the theory that explains why the investors should choose several investments, rather than put all of their funds in just one. In his paper, he used some scientific methods and logical reasoning to demonstrate how the efficient portfolio theory works. It includes some assumptions to reinforce the theoretical model and applying the deductive and inductive reasoning to develop the theory. Also he used some mathematical ways to explain how the model works underlying the assumptions. Under these methods, it displays how the investors should select their efficient portfolio of investments. Before analyzing the portfolio theory, I should explain and illustrate some terminology which relates to the scientific and logical reasoning, including theory, model, assumption, inductive and deductive reasoning. One definition of assumption from the Oxford English Dictionary is That which is assumed or taken from the granted; a supposition, postulate . From the definition, we can see the term of assumption is a statement or a fact to consider as the truth. In other words, it is an idea to be accepted without the experimental proof as the basis of argument. Assumption is a basic condition as the part of logical analysis and comes into being before the theory formed. Moreover, the development of theoretical model is underlying the assumptions. So it is a limited statement that cannot be treated as the principle and theory. As the example I mention above, before Newton developed the Gravity Theory, he used the existence of earth gravity as the assumption and then proved it through the lots of experiment. There are lots of explanations of model in the Oxford English Dictionary. One of them relates to the topic I discuss by explaining model is A simplified or idealized description or conception of a particular system, situation, or in the mathematical terms, that is put forward as a basis for theoretical or empirical understanding, or for calculation, prediction, etc . Although model also can be seen as a system, it is not a universal idea like theory. A model is a scientific statement through some experimental proof and is only accurate in the limited situations. In addition, a model also can be seen as a part of proof in the process of inference in the theory and can be described as a mathema tical way. For instance, Helium atom model shows nucleus with two protons and two neutrons orbited by two electrons. There is no doubt that the effective argument needs the premises by logical steps to construct the valid conclusion. For a logical argument can take two shapes: Deductive and Inductive reasoning. In deductive reasoning, if the premises are true, the conclusion is impossible to be false. Although it is valid from the proof, it can also lead a false conclusion, the reason is that the premise is incorrect. So the validity of the deductive reasoning depends on the truth of the premises. For example, the sum of the angles for any triangles is 180 degree, so we can conclude that a triangle whatever the shape is, its angle must be 180 degree. In inductive reasoning, the premise with some degree of the probability supports the conclusion, but do not sure the validity of the conclusion. In fact, it is not logically valid and can never be used to provide proofs, because t he conclusion is drawing under the experience and observations. In some logical terms, it defines as from general to special . For instance, one day you see lots of people who do the presentations wearing the suits in the university. Then you conclude the people who wear the suits in university must have the presentation today. Obviously, the conclusion does not make sense. If people who have the presentation or not, it can not depend on wearing the suits. Instead, inductive reasoning need collect lots of information and evidences, in order to reach an appropriate conclusion. So the development of theory, it needs to construct propriety assumptions and using some theoretical models and logical reasoning to demonstrate them. From the definition of theory, we can conclude the modern portfolio theory is an acceptable general principle to explain the investment behavior and investors can choose the efficient portfolio base on both the expect return and variance of return. In the p aper Portfolio Selection , Markowitz also applied these logical and scientific methods to develop his theory, I will discuss below. Markowitz noted that there are two stages in the process of selecting a portfolio. The first stage starts with observation and experience and ends with beliefs about the future performances of available securities . Stage two starts with the relevant beliefs about future performances and ends with the choice of portfolio. In his paper, he considered the process of second stage. Firstly, he rejected the hypothesis that the investor does (or should) maximize discounted expected, or anticipated returns because it never implies that there is a diversified portfolio which is preferable to all non-diversified . Then he applied the reductive reasoning to explain the rejection of the hypothesis in terms of observed experience and logical reasoning. From the observed experience he referred to diversification is both observed and sensible . However the rule of behaviors does not imply the superiority of diversification . Then he concluded this hypothesis should be rejected. In other words, the argument gives a premise that any acceptable theory attempts to account for investment behaviors must not contradict observed experience. However, the hypothesis contradicts the observed experience. According to the deductive reasoning, the conclusion is the hypothesis is not an acceptable theory to explain the investment behaviors. Markowitz noted that there are two stages in the process of selecting a portfolio. The first stage starts with observation and experience and ends with beliefs about the future performances of available securities . Stage two starts with the relevant beliefs about future performances and ends with the choice of portfolio. In his paper, he considered the process of second stage. Firstly, he rejected the hypothesis that the investor does (or should) maximize discounted expected, or anticipated returns because it never implies that there is a diversified portfolio which is preferable to all non-diversified . Then he applied the reductive reasoning to explain the rejection of the hypothesis in terms of observed experience and logical reasoning. From the observed experience he referred to diversification is both observed and sensible . However the rule of behaviors does not imply the superiority of diversification . Then he concluded this hypothesis should be rejected. In other words, the argument gives a premise that any acceptable theory attempts to account for investment behaviors must not contradict observed experience. However, the hypothesis contradicts the observed experience. According to the deductive reasoning, the conclusion is the hypothesis is not an acceptable theory to explain the investment behaviors. From the logical reasoning, the rejection of the hypothesis also can be proved. Markowitz said the hypothesis implies that the investor places all his funds in the security wit h the greatest discounted value . Then he used the mathematical way to analyze the discounted return of two or more securities and give the conclusion that there is no evidence to show a diversified portfolio preferred to all non-diversified portfolios. So we rejected the hypothesis. It is also an example of deductive reasoning. After the rejection of the hypothesis, Markowitz indicates one of variation of hypothesis that the investor should diversify and that he should maximize expected return . He argued that adjusted hypothesis depended on the assumption that there is a portfolio which gives both maximum expected return and minimum variance . From the observational evidence, the assumption is not unreasonable, because the return on securities are too inter-correlated so that this kind of portfolio is difficult to exist. Then he concluded that the portfolio with maximum expected return is not necessarily the one with minimum variance . It can be seen as the example of reductive reasoning, Due to the hypothesis is inadequate to explain the investors behaviors. Markowitz developed a new hypothesis, which is investor does (or should) consider expected return a desirable thing and variance of return an undesirable thing and used Expected Return-Variance of Return Model (E-V rule) to explain it, Under the E-V model, Markowitz used a number of assumptions to reinforce the theoretical model. Firstly, the investors consider the return on investment alternative as being represented by a probability distribution of rates of the investment outcome. Secondly, investors measure the risk using the variance of return. Also in a portfolio of shares, they calculate the risk by using the covariance computations. In addition, investors are willing to basing on decision on the two parameters the expected return and variance of return in their investment. Finally, it assumed the risk-averse behaviors; an investor will select the efficient portfolio. For a given level of risk, investors prefer maximum expected return. Similarly, for a given expected return, investors prefer minimum risk. (Richard Dobbins, Stephen Witt and John Fielding, 1994) Markowitz argued that the E-V rule is used both as a maxim to guide the investment behaviors and as a hypothesis to explain it. Also using mathematical analysis to show the investors can select the efficient portfolio from the combinations of expected return and variance. One reason of rejecting the expected return rule that is never implies the superiority of diversification. So Markowitz used the deductive logic to conclude it does not mean that the E-V rule never implies the superiority of an undiversified portfolio . He indicated the one particular undeversified portfolio would give maximum expected return and minimum variance . However, most of efficient portfolios are diversified which is underlying the E-V rule. In the end, he concluded not only does the E-V hypothesis imply diversification, it implies the right kind of diversification for the right reason . He also indicated that the adequacy of diversification is not thought by investors to depend solely on the number of different securities held , because in the real world, the same industries have the similar economic characteristics. It is likely for the same industries to performance badly at the same time. Using the point as the premise, according to the inductive reasoning, he concluded that diversification depends on the investment on the different kind of industries. Moreover, the firms in different industry have lower covariance than the firms in the same industry. In order to avoid the high covariance in the portfolio of securities, the investor should select the securities in the different industries. Portfolio theory that was established in the early 1950s has five basic assumptions, which are: Agents prefer more wealth to less. Agents are risk-averse and require a higher expected rate or return for taking on more risk. The rates of return follow a normal distribution. This means that the risk of an individual security can be measured by its standard deviation. The wealth-holder cannot affect the probability distribution of the security held. The theory considers only existing assets not new issues. (Keith Pilbean, finance financial markets, published 1998, page 130). The return of assets on a portfolio can be observed by the next expression: N Rp=SwiE(Ri) I=1 Where we can say, that Rp is the price weighted return on a portfolio of risky assets, wi is the price-weighted proportion of a portfolio spent in asset i, Ri is the return on the asset i in the portfolio and N is the amount of securities in the investors portfolio. Furthermore, the average expected return on the portfolio is shown by the following expression, where E (Ri) shows the average expected return on asset I, and the E (Rp) is the average expected return on the portfolio. N E(Rp )=SwiE(Ri) i=1 isk/standard deviation When a portfolio dominates another, it will happen because either it has the same standard deviation, or it has a lower standard deviation and the same expected rate of return as another portfolio, and this is called the dominance principle. We can read from the graph that portfolio A dominates B and B dominates C and D. But not all combinations are of interest since some of them dominate others. In this case, we can see that A dominates C and E dominates portfolio F, so our attention focuses only in the thick black part of the efficiency frontier. The portfolios that dominates the others portfolios is the so-called efficiency frontier. Furthermore, all dominated portfolios are called inefficient portfolios and the portfolio that for a given level of risk offers the highest possible return is called efficient portfolio. A technique, which is known as quadratic programming, and comes from the Markowitz method, can give us the mathemat ical solution for the portfolio efficiency frontier. The basic ingredient in this technique is to calculate a reachable target rate of return X% and then find a set of weights wi, which attains this target with the minimum of variance, which is illustrated next: N N N s p=Sw i s i +S S wi wj sij I=1 I=1 I=1 i =j Then by using the diversification, the risk can be reduced until the minimum risk of a given return is reached. This can be achieved by minimizing the correlation among the rates of return on two or more securities. However, this method has a major problem, which has to do with the amount of covariances that have to be calculated. In N securities the formula that is used is (N N)/2 and we think of 500 securities then the covariances goes over the number of 120.000. but even in N securities the risk of every combination will be less than the weighted average of the securities that make up the portfolio. The MVO Scenarios Commodities Scenario -1 Bonds and Equity Scenario (2) Commodities Scenario -3 Forex Scenario -4 Minerals Scenario -5 Security scenario 6 Securities Forex Scenario 7 Insurance Scenario 8 Mutual Funds Scenario -9 Real Estate Scenario -10 Elton and Gruber Modern portfolio Theory and Investment Analysis p285 l CAPM Empirical Problems and the Distribution of Returns p. 1 l Eugene F. Fama and Kenneth R. French, The Capital Asset Pricing Model: Theory and Evidence l Cheol S. Eun The Benchmark Beta, CAPM, and Pricing Anomalies Oxford Economics Papers 46(1994) ________________________________________ [1] Elton and Gruber Modern portfolio Theory and Investment Analysis p285 [2] CAPM empirical problems and the distribution of returns p. 1 [3] Elton, Gruber, Das and Hlavka, 1993 [4] Eugene F. Fama and Kenneth R. French, The Capital Asset Pricing Model: Theory and Evidence

Equal Rights for Men and Women - 1266 Words

Equal Rights for Men and Women? Do you believe women should have the same rights as men? - Anthony Schifano (California, USA) Lama: I do believe that women should have the same rights as men because they make up half the society. Sure, I do believe that women should be treated equally and have same rights as men because the only difference between women and men is their sex and biological structure. Saher: Of course; women and men are equal. Both genders are human beings who live their lives, and they should live them equally. I think that nothing should prevent women from doing the same things that men do. Men can work in any field, and women can too. That is my opinion--that men and women should feel equal and should be†¦show more content†¦Also, some scientist said that women are smarter than men. For me, I think that it is better to elect a man to be the president because women have more emotion in these things. Atallah: Yes, I believe that women should have the same rights as men, even though this doesnt exist in my country. The men have the right to do everything, and the women are supposed to follow and obey the man in whatever he says--whether he is wrong or right. Saja: I believe that women should have the same rights as men. Women can accomplish many important achievements that help the community to become better. A woman can work, study, teach, and have a role in building our country, Palestine. She can be the same as a man, or maybe better. So, a woman should have the same rights as a man because she is a human being who can give ideas, work hard and help our country to be better. Ahmad: Sure, women should have the same rights as men. Women are humans like men, and they are a part of society. They must have the same rights as men, such as working at jobs and moving through the cities without fear. I disagree with those who say that men are better and must be treated differently. Nihad: God brought us to this planet as men and women. There is no difference between the two. Women are people like men, and they are living on the same planet, so women should have the same rights as men. Maybe God is a woman; no one knows. In myShow MoreRelatedWomen s Rights On Equal Basis With Men1505 Words   |  7 PagesIf we can remove all the inequities and put women on equal basis with men, we recognize that we can reveal human potential very drastically. This is simply achieved by allowing women the same access and capabilities as men. We are so much closer to achieving equality between men and women than we have ever been before. I believe after the women’s suffrage in the early 1920’s, most women were recognized in politics. 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Firstly, many women are still finding today than men performing the same jobs as they are receiving higher wages. Secondly, men are greatly outnumbering women in high-level, executive positions; this means that men are, as a whole, receiving better jobs than women. Finally, as men primarily run the government, women get onlyRead MoreWomen vs Men in Business. Should They Have the Same Rights? Essay534 Words   |  3 Pagesnumber of women have joined the workforce, resulting in a necessary restructuring of common preconceptions of business. In corporations, as in other manifestations of business, equal rights must be established for men and women based on the physiological consideration s, economic developments including wage equalization, and advancement based on individual potential. The innate physiological discrepancies between men and women must be considered when engaging in the challenge of establishing equal rights

Institutional Affiliation Partnership Agreement

Question: Describe about the Institutional Affiliation for Partnership Agreement. Answer: Issue: The issue that has to be decided in this case is if Peter and Aidan are bound by the contract created by Adrian for the purchase of accounting standards worth $25,000 even when it has been mentioned in the partnership agreement that each partner has the authority to bind the partnership for contracts up to $10,000 and any contracts in excess of this amount need the prior approval of all the partners. At the same time, another issue is related with the purchase of surveying equipment by Adrian for a price of $8000 as Adrian believes that the firm will make a lot of money if it diversifies into surveying. Under these circumstances, it has to be seen if the contracts created with Tom and Edgar R. binding against the partnership. Rule: The partnership law provides that the authority of a partner has to be considered in terms of the capacity of such a partner to bind the firm in case of a contract created by the partner. If the partnership firm is bound by the contract created by one partner, all the partners will be liable under the contract. It is worth mentioning that a partnership is not a legal entity and therefore it cannot enter into contracts with third parties on its own. As a result, a partnership will enter into a contract with outsiders through the partners. In such a situation, two questions may arise. The first issue is if the partnership will be bound by the contract or if the contract can be enforced only is the partner that has created the contract. Similarly the second issue is if the partnership is held to be bound by the contract, if the partnership agreement was breached when the contracting partner has acted beyond the scope of authority provided to the partners (Gillies, 2004). Such an issue may arise in a number of different situations. For instance, an outsider may claim that all the partners are bound by the contract when the contracting party cannot perform the contract (Freeman locker v Buckhurst Park Property (Mangal) Ltd, 1964). In such a situation, it is required that the outsider should establish that the contracting partner has the authority to bind the firm by the contract created by such a partner. Therefore even if such a partner as acted beyond authority, the other partners can ratify the contract and therefore, the partnership can adopt the contract (Kelner v Baxter, 1866). The Partnership Act provides in section 5 (1) that all the partners are treated as we agents of the firm as well as the agents of the other partners. The acts of all the partners that take place while doing the business that is usually carried on by the firm, are binding for all the other partners unless it can be said that the partner has acted without the authority and at the same time, the third party knew regarding the lack of authority or if it did not know or believe that such a person was a partner. The origin of this rule can be traced back to Re Agriculturist Cattle Insurance Co (1870). The authority that has been conferred on the partner can be actual or apparent authority. Therefore in Construction Engineering (Aust) Pty Ltd v Hexyl Pty Ltd (1985), it was mentioned by the High Court that there are two parts of section 5, Partnership Act. The first part of this section is related with the actual authority of the partners and the second part of this provision is related with the apparent authority enjoyed by the partners (Latimer, 2012). Consequently, section 5 provides in this regard that the outsider has to establish the actual or the apparent authority of a partner for the purpose of claiming that the partnership firm is bound by the contract that has been created by the partner. Application: In the present case, two transactions have been made by Adrian with Tom and Edgar. In the first translation, although Adrian had exceeded the scope of authority conferred on him but it can be considered that Adrian had the apparent authority. At the same time, Tom was not aware that a limit has been imposed on the partners of the accounting firm regarding the value of contracts that can be created by each partner without the approval of other partners. At the same time, the accounting generals were related with the nature of business in which the accounting firm was engaged. In this regard him, it has been mentioned by the law that the apparent authority of a contracting partner can be used to bind the partnership only if the partner was performing the usual business of the firm, which is of the nature in which the firm is generally involved (Polkinghorne v Holland Whitington, 1934). In such cases it is necessary that the partnership be aware of the fact that the person is a partner of the firm but the third-party should not know regarding the fact that certain limits have been placed on the authority of the partners (Mercantile Credit Ltd v Garrod, 1962). The reason that can be given in support of this answer is that Tom Was aware of the fact that Adrian is a partner of the accounting firm but he was not aware of the presence of any restrictions that have been placed on the authority of the partners to bind the firm regarding the contracts created by them. Under the law of partnership, the restrictions that have been based on the authority of the partners does not have any impact on the rights of the outsiders in the outsiders are not aware of these restrictions when they enter into connections with the firm. On the other hand, it can be presumed that Edgar was aware of the fact that surveying is not the usual business of the accounting firm. Under these circumstances, it can be said that the contract between Adrian and Edgar is not binding against the accounting firm. Surveying was not the usual business of the firm and therefore, Edgar cannot enforce this contract against the partnership even if it falls within the scope of authority of Adrian. Conclusion: Therefore in conclusion, it can be said that Tom can enforce the contract created by Adrian against the partnership firm but Edgar cannot enforce the contract related with the sale of surveying equipment, against the partnership. 2. Issue: The issues that have to be decided in this case is if the court can pierce the corporate veil and hold that Fat Away Pty Ltd had been formed by Richard only with a view to avoid the clause present in his contract with Nu-Slim Pty Ltd according to which he cannot sell slimming products in Victoria 3 years after leaving the company. Similarly it also needs to be seen if Richard can be held personally liable for the loan $40,000 taken by Frances. Rule: According to the doctrine of corporate veil, the legal identity of a corporation is differentiated from the identity of its shareholders (Salomon v Salomon Co Ltd., 1897). In this way, the notion of corporate veil has been introduced with a view to protect the shareholders from the risk that they may be held personally accountable for the debts of the company. But it is worth mentioning at this point that section provided by the corporate veil is not impenetrable. When the court has arrived at the decision that the company's business is not conducted in accordance with the corporate law if the company has been formed as a facade for illegal activities, the law may hold the members of the company personally liable for the obligations of the company. For this purpose, generally the courts use the concept of lifting the corporate veil. Hence, the notion of piercing the corporate veil can be described as the decision of the court to consider the obligations of the company as the obligations of its members. In this context, the law provides that generally company has to be treated as a separate legal entity. Therefore, a company is liable for its own debts and obligations. Therefore, generally the courts have recognized the separate legal identity of the company but there can be certain rare circumstances where the court may decide that the corporate veil needs to be lifted (Nicholas, 1998). In this regard, if a person has signed a contract with the company according to which, such a person will not compete with the business of the company for a particular period after the person has left the company and such person establishes a company for doing a business that is in competition with his former company, the court may decide that the new company has been formed by such a person only with a view to avoid the breach of the obligation present in his contract with the former company according to which, such person could not compete with the company after he has left the company (Sealy, 2001). In such cases, it may be the decision of the court that the new company is a sham or a facade and therefore, the court may allow the previous company to sue the person for breach of contract. Therefore in such cases, it is available to the court to look beyond the legal fiction of separate identity of the company and consider the reality. The companies are created with a view to protect the personal assets of the shareholders in case the business fails. Therefore as compared to a sole trader or a general partnership, where the owners are considered as being personally liable for the debts of the business, the liability of the shareholders in case of a company is restricted. But during the recent years, the courts have narrowed down the limits of protection that are available to the members of the company and increasingly, the members are being held personally liable for the obligations of the company in a number of situations. For this purpose, the most effective way is to pierce the corporate veil, especially in cases where small privately held business entities are involved or in case of close corporations were only a few shareholders are present and the company has limited assets. Consequently, by treating such a company as a separate entity, that is separate from its members, may provide inequitable results or it may promote fraud. Application: The facts of Gilford Motor Co Ltd v Horne (1933) can be applied to the facts of this case. In this case, the court treated the company and its shareholders as a single entity as the court believed that the company was being used as an instrument of fraud. In this case, Horne was the MD of the company and it has been mentioned in his employment contract that they will not solicit the customers of the company in case he has left the company. Therefore when the companies sacked Horne, he decided to start his personal business. For this purpose, he created a company and the only shareholders and directors of this company were his wife and a friend. But the court decided that there has been a breach of the covenant according to which they cannot solace in the customers of the company. The court also pointed out that the new company has been created by Horne only with a view to prevent being accused of the breach of covenant. On the other hand, United Bank Ltd. cannot claim that the corporate veil should be pierced in its case and hold Richard personally liable for the debt taken by the company. The reason is that in this case there is no fraud. Conclusion: Therefore in this case, it can be said that Richard can be held liable for the breach of the covenant present in his contract with Nu Slim, according to which they should not establish any business that competes with the business of Nu Slim. On the other hand, Richard cannot be held personally liable for the debt taken by Fat Away Ltd. References Gillies, P. (2004) Business Law, 12th ed, Sydney: The Federation Press. Latimer, P. (2012) Australian Business Law, 31st ed, North Ryde: CCH. Nicholas, B. (1998) Principles of Company Law, 3rd ed. Cavendish Publishing Ltd Sealy, L. (2001) Cases and Materials in Company Law, 7th ed. Butterwoths Case law Construction Engineering (Aust) Pty Ltd v Hexyl Pty Ltd (1985) 155 CLR 541 Freeman locker v Buckhurst Park Property (Mangal) Ltd (1964)2 QB 480 Gilford Motor Co Ltd v Horne [1933] Ch 935 Jones v Lipman [1962] 1 WLR 832 Kelner v Baxter (1866) LR 2 CP 174 Mercantile Credit Ltd v Garrod [1962] 3 All ER 1103 Polkinghorne v Holland Whitington (1934) 51 CLR 143 Re Agriculturist Cattle Insurance Co (1870) LR 5 Ch App 725 at 733 Salomon v Salomon Co Ltd [1897] AC 22

Macbeth Quotes from William Shakespeares Famous Tragedy

'Macbeth' Quotes from William Shakespeare's Famous Tragedy Macbeth is one of William Shakespeares great tragedies. Theres murder, battles, supernatural portents, and all the other elements of a well-worked drama. Here are a few quotes from Macbeth. First Witch: When shall we three meet againIn thunder, lightning, or in rain?Second Witch: When the hurlyburlys done,When the battles lost and won.- William Shakespeare, Macbeth, 1.1Fair is foul, and foul is fair.- William Shakespeare, Macbeth, 1.1What bloody man is that?- William Shakespeare, Macbeth, 1.2Sleep shall neither night nor dayHang upon his pent-house lid.- William Shakespeare, Macbeth, 1.3Shall he dwindle, peak, and pine.- William Shakespeare, Macbeth, 1.3The weird sisters, hand in hand,Posters of the sea and land,Thus do go about, about.- William Shakespeare, Macbeth, 1.3What are theseSo witherd and so wild in their attire,That look not like the inhabitants o the earth,And yet are on t?- William Shakespeare, Macbeth, 1.3If you can look into the seeds of time,And say which grain will grow and which will not.- William Shakespeare, Macbeth, 1.3Stands not within the prospect of belief.- William Shakespeare, Macbeth, 1.3Say, from whenceYou owe this strange intelligence? or wh yUpon this blasted heath you stop our wayWith such prophetic greeting?- William Shakespeare, Macbeth, 1.3 Or have we eaten on the insane rootThat takes the reason prisoner?- William Shakespeare, Macbeth, 1.3What! can the devil speak true?- William Shakespeare, Macbeth, 1. 3Two truths are told,As happy prologues to the swelling actOf the imperial theme.- William Shakespeare, Macbeth, 1.3Present fearsAre less than horrible imaginings.- William Shakespeare, Macbeth, 1.3Nothing isBut what is not.- William Shakespeare, Macbeth, 1.3If chance will have me king, why, chance may crown me.- William Shakespeare, Macbeth, 1.3Come what come may,Time and the hour runs through the roughest day.- William Shakespeare, Macbeth, 1.3Nothing in his lifeBecame him like the leaving it; he diedAs one that had been studied in his deathTo throw away the dearest thing he owed,As t were a careless trifle.- William Shakespeare, Macbeth, 1.4Theres no artTo find the minds construction in the face.- William Shakespeare, Macbeth, 1.4More is thy due than more than all can pay.- William Shakespeare, Macbeth, 1.4 Yet do I fear thy nature;It is too full o the milk of human kindness.- William Shakespeare, Macbeth, 1.5What thou wouldst highly,That wouldst thou holily; wouldst not play false,And yet wouldst wrongly win.- William Shakespeare, Macbeth, 1.5Come, you spiritsThat tend on mortal thoughts! unsex me here,And fill me from the crown to the toe top fullOf direst cruelty; make thick my blood,Stop up the access and passage to remorse,That no compunctious visitings of natureShake my fell purpose.- William Shakespeare, Macbeth, 1.5Come to my womans breasts,And take my milk for gall, you murdering ministers.- William Shakespeare, Macbeth, 1.5Come, thick night,And pall thee in the dunnest smoke of hell,That my keen knife see not the wound it makes,Nor heaven peep through the blanket of the dark,To cry, Hold, hold!- William Shakespeare, Macbeth, 1.5Your face, my thane, is as a book where menMay read strange matters. To beguile the time,Look like the time; bear welcome in your eye,Your hand, your t ongue: look like the innocent flower,But be the serpent under t.- William Shakespeare, Macbeth, 1.5 This castle hath a pleasant seat; the airNimbly and sweetly recommends itselfUnto our gentle senses.- William Shakespeare, Macbeth, 1.6The heavens breathSmells wooingly here: no jutty, frieze,Buttress, nor coign of vantage, but this birdHath made his pendent bed and procreant cradle:Where they most breed and haunt, I have observed,The air is delicate.- William Shakespeare, Macbeth, 1.6If it were done when tis done, then twere wellIt were done quickly: if the assassinationCould trammel up the consequence, and catchWith his surcease success; that but this blowMight be the be-all and the end-all here,But here, upon this bank and shoal of time,Wed jump the life to come. But in these casesWe still have judgment here; that we but teachBloody instructions, which being taught, returnTo plague the inventor: this even-handed justiceCommends the ingredients of our poisoned chaliceTo our own lips.- William Shakespeare, Macbeth, 1.7Besides, this DuncanHath borne his faculties so meek, hath beenSo clear in his great office, that his virtuesWill plead like angels, trumpet-tongued, againstThe deep damnation of his taking-off;And pity, like a naked new-born babe,Striding the blast, or heavens cherubim, horsedUpon the sightless couriers of the air,Shall blow the horrid deed in every eye,That tears shall drown the wind. I have no spurTo prick the sides of my intent, but onlyVaulting ambition, which oerleaps itself,And falls on the other.- William Shakespeare, Macbeth, 1.7 I have boughtGolden opinions from all sorts of people.- William Shakespeare, Macbeth, 1.7Was the hope drunk,Wherein you dressd yourself? hath it slept since,And wakes it now, to look so green and paleAt what it did so freely? From this timeSuch I account thy love.- William Shakespeare, Macbeth, 1.7Letting I dare not wait upon I would,Like the poor cat i the adage.- William Shakespeare, Macbeth, 1.7I dare do all that may become a man;Who dares do more is none.- William Shakespeare, Macbeth, 1.7I have given suck, and knowHow tender tis to love the babe that milks me:I would, while it was smiling in my face,Have plucked my nipple from his boneless gums,And dashd the brains out, had I so sworn as youHave done to this.- William Shakespeare, Macbeth, 1.7Screw your courage to the sticking-place,And well not fail.- William Shakespeare, Macbeth, 1.7Bring forth men-children only;For thy undaunted mettle should composeNothing but males.- William Shakespeare, Macbeth, 1.7 Here are more quotes from Macbeth. 38. False face must hide what the false heart doth know.- William Shakespeare, Macbeth, 1.7 39. Theres husbandry in heaven;Their candles are all out.- William Shakespeare, Macbeth, 2.1 40. Is this a dagger which I see before me,The handle toward my hand? Come, let me clutch thee.I have thee not, and yet I see thee still.Art thou not, fatal vision, sensibleTo feeling as to sight? or art thou butA dagger of the mind, a false creation,Proceeding from the heat-oppressed brain?- William Shakespeare, Macbeth, 2.1 41. Now oer the one half-worldNature seems dead.- William Shakespeare, Macbeth, 2.1 42. Thou sure and firm-set earth,Hear not my steps, which way they walk, for fearThy very stones prate of my whereabout.  -William Shakespeare,  Macbeth, 2.1 43. The bell invites me.Hear it not, Duncan; for it is a knellThat summons thee to heaven or to hell.- William Shakespeare, Macbeth, 2.1 44. That which hath made them drunk hath made me bold,What hath quenched them hath given me fire.- William Shakespeare, Macbeth, 2.2 45. It was the owl that shrieked, the fatal bellman,Which gives the sternst good-night.- William Shakespeare, Macbeth, 2.2 47. The attempt and not the deedConfounds us.- William Shakespeare, Macbeth, 2.2 48. Had he not resembledMy father as he slept I had donet.- William Shakespeare, Macbeth, 2.2 49. Wherefore could I not pronounce Amen?I had most need of blessing, and AmenStuck in my throat.- William Shakespeare, Macbeth, 2.2 50. Methought I heard a voice cry, Sleep no more!Macbeth does murder sleep! the innocent sleep,Sleep that knits up the ravelled sleave of care,The death of each days life, sore labors bath,Balm of hurt minds, great natures second course,Chief nourisher in lifes feast.- William Shakespeare, Macbeth, 2.2 51. Glamis hath murdered sleep, and there CawdorShall sleep no more, Macbeth shall sleep no more!- William Shakespeare, Macbeth, 2.2 52. I am afraid to think what I have done;Look ont again I dare not.- William Shakespeare, Macbeth, 2.2 53. Infirm of purpose!- William Shakespeare, Macbeth, 2.2 54. Tis the eye of childhoodThat fears a painted devil.- William Shakespeare, Macbeth, 2.2 55. Will all great Neptunes ocean wash this bloodClean from my hand? No, this my hand will ratherThe multitudinous seas incarnadine,Making the green one red.- William Shakespeare, Macbeth, 2.2 56. A little water clears us of this deed.- William Shakespeare, Macbeth, 2.2 57. Heres a knocking, indeed! If a man were porter of hell-gate he should have old turning the key. Knock, knock, knock! Whos there, i the name of Beelzebub? Heres a farmer that hanged himself on the expectation of plenty.- William Shakespeare, Macbeth, 2.3 58. This place is too cold for hell. Ill devil-porter it no further: I had thought to have let in some of all professions, that go the primrose way to the everlasting bonfire.- William Shakespeare, Macbeth, 2.3 59. Porter: Drink, sir, is a great provoker of three things. Macduff: What three things does drink especially provoke?Porter: Marry, sir, nose-painting, sleep, and urine. Lechery, sir, it provokes, and unprovokes; it provokes the desire, but it takes away the performance.- William Shakespeare, Macbeth, 2.3 60. The labor we delight in physics pain.- William Shakespeare, Macbeth, 2.3 61. The night has been unruly: where we lay,Our chimneys were blown down; and, as they say,Lamentings heard i the air; strange screams of death,And prophesying with accents terribleOf dire combustion and confused eventsNew hatched to the woeful time. The obscure birdClamored the livelong night: some say the earthWas feverous and did shake.- William Shakespeare, Macbeth, 2.3 62. Tongue nor heartCannot conceive nor name thee!- William Shakespeare, Macbeth, 2.3 63. Confusion now hath made his masterpiece!Most sacrilegious murder hath broke opeThe Lords anointed temple, and stole thenceThe life o the building!- William Shakespeare, Macbeth, 2.3 64. Shake off this downy sleep, deaths counterfeit,And look on death itself! up, up, and seeThe great dooms image!- William Shakespeare, Macbeth, 2.3 65. Had I but lived an hour before this chance,I had lived a blessed time.- William Shakespeare, Macbeth, 2.3 66. Theres daggers in mens smiles.- William Shakespeare, Macbeth, 2.3 67. A falcon, towering in her pride of place,Was by a mousing owl hawked at and killed.- William Shakespeare, Macbeth, 2.4 68. Thriftless ambition, that wilt ravin upThine own lifes means!- William Shakespeare, Macbeth, 2.4 69. Thou hast it now: King, Cawdor, Glamis, all,As the weird women promised; and, I fear,Thou playdst most foully fort.- William Shakespeare, Macbeth, 3.1 70. I must become a borrower of the nightFor a dark hour or twain.- William Shakespeare, Macbeth, 3.1 71. Let every man be master of his timeTill seven at night.- William Shakespeare, Macbeth, 3.1 72. Upon my head they placed a fruitless crown,And put a barren sceptre in my gripe,Thence to be wrenchd with an unlineal hand,No son of mine succeeding.- William Shakespeare, Macbeth, 3.1 73. First Murderer: We are men, my liege.Macbeth: Ay, in the catalogue ye go for men,As hounds and greyhounds, mongrels, spaniels, curs,Shoughs, water-rugs, and demi-wolves are cliptAll by the name of dogs.- William Shakespeare, Macbeth, 3.1 74. Leave no rubs nor botches in the work.- William Shakespeare, Macbeth, 3.1 75. Lady Macbeth: Things without all remedyShould be without regard; whats done is done.Macbeth: We have scotched the snake, not killed it;Shell close and be herself, while our poor maliceRemains in danger of her former tooth.- William Shakespeare, Macbeth, 3.2 76. Duncan is in his grave;After lifes fitful fever he sleeps well:Treason has done his worst; nor steel, nor poison,Malice domestic, foreign levy, nothing,Can touch him further.- William Shakespeare, Macbeth, 3.2 Here are even more quotes from Macbeth, by William Shakespeare. 77. Ere the bat hath flownHis cloistered flight, ere, to black Hecates summonsThe shard-borne beetle with his drowsy humsHath rung nights yawning peal, there shall be doneA deed of dreadful note.- William Shakespeare, Macbeth, 3.2 78. Come, seeling night,Scarf up the tender eye of pitiful day,And with thy bloody and invisible handCancel and tear to pieces that great bondWhich keeps me pale! Light thickens, and the crowMakes wing to the rooky wood;Good things of day begin to droop and drowse,Whiles nights black agents to their preys do rouse.- William Shakespeare, Macbeth, 3.2 79. Cancel and tear to pieces that great bondWhich keeps me pale! Light thickens, and the crowMakes wing to the rooky wood;Good things of day begin to droop and drowse,Whiles nights black agents to their preys do rouse.- William Shakespeare, Macbeth, 3.2 80. Things bad begun make strong themselves by ill.- William Shakespeare, Macbeth, 3.2 81. The west yet glimmers with some streaks of day:Now spurs the lated traveller apaceTo gain the timely inn.- William Shakespeare, Macbeth, 3.3 82. But now I am cabined, cribbed, confined, bound inTo saucy doubts and fears.- William Shakespeare, Macbeth, 3.4 83. Now, good digestion wait on appetite,And health on both!- William Shakespeare, Macbeth, 3.4 84. Thou canst not say I did it; never shakeThy gory locks at me.- William Shakespeare, Macbeth, 3.4 85. What man dare, I dare:Approach thou like the rugged Russian bear,The armed rhinoceros, or the Hyrcan tiger,-Take any shape but that, and my firm nervesShall never tremble.- William Shakespeare, Macbeth, 3.4 86. Hence, horrible shadow!Unreal mockery, hence!- William Shakespeare, Macbeth, 3.4 87. Stand not upon the order of your going,But go at once.- William Shakespeare, Macbeth, 3.4 88. Blood will have blood.William Shakespeare, Macbeth, 3.4 89. I am in bloodStepped in so far that, should I wade no more,Returning were as tedious as go oer.- William Shakespeare, Macbeth, 3.4 90. You lack the season of all natures, sleep.- William Shakespeare, Macbeth, 3.4 91. Round about the cauldron go;In the poisoned entrails throw.Toad, that under cold stoneDays and nights hast thirty-oneSweltered venom sleeping got,Boil thou first i the charmed pot.Double, double toil and trouble;Fire burn, and cauldron bubble.- William Shakespeare, Macbeth, 4.1 92. Eye of newt and toe of frog,Wool of bat and tongue of dog.Adders fork, and blind-worms sting,Lizards leg, and howlets wing,For a charm of powerful trouble,Like a hell-broth boil and bubble.- William Shakespeare, Macbeth, 4.1 93. Liver of blaspheming Jew,Gall of goat, and slips of yewSlivered in the moons eclipse,Nose of Turk, and Tartars lips,Finger of birth-strangled babeDitch-delivered by a drab,Make the gruel thick and slab.- William Shakespeare, Macbeth, 4.1 94. By the pricking of my thumbs,Something wicked this way comes.- William Shakespeare, Macbeth, 4.1 95. How now, you secret, black, and midnight hags!- William Shakespeare, Macbeth, 4.1 96. A deed without a name.- William Shakespeare, Macbeth, 4.1 97. Be bloody, bold, and resolute; laugh to scornThe power of man, for none of woman bornShall harm Macbeth.- William Shakespeare, Macbeth, 4.1 98. Ill make assurance double sure,And take a bond of fate.- William Shakespeare, Macbeth, 4.1 99. Macbeth shall never vanquished be untilGreat Birnam wood to high Dunsinane hillShall come against him.- William Shakespeare, Macbeth, 4.1 100. The weird sisters.- William Shakespeare, Macbeth, 4.1. 101. When our actions do not,Our fears do make us traitors.- William Shakespeare, Macbeth, 4.2 102. He loves us not;He wants the natural touch.- William Shakespeare, Macbeth, 4.2 103. Son: And must they all be hanged that swear and lie?Lady Macduff: Every one.Son: Who must hang them?Lady Macduff: Why, the honest men.Son: Then the liars and swearers are fools, for there are liars and swearers enow to beat the honest men, and hang up them.- William Shakespeare, Macbeth, 4.2 104. Stands Scotland where it did?- William Shakespeare, Macbeth, 4.3 105. Give sorrow words: the grief that does not speakWhispers the oer-fraught heart and bids it break.- William Shakespeare, Macbeth, 4.3 106. What, all my pretty chickens and their damAt one fell swoop?- William Shakespeare, Macbeth, 4.3 107. Out, damned spot! out, I say!- William Shakespeare, Macbeth, 5.1 108. Fie, my lord, fie! a soldier, and afeard?- William Shakespeare, Macbeth, 5.1 109. Yet who would have thought the old man to have had so much blood in him?- William Shakespeare, Macbeth, 5.1 110. The Thane of Fife had a wife: where is she now?- William Shakespeare, Macbeth, 5.1 111. All the perfumes of Arabia will not sweeten this little hand.- William Shakespeare, Macbeth, 5.1 112. Whats done cannot be undone.- William Shakespeare, Macbeth, 5. 1 113. Foul whisperings are abroad. Unnatural deedsDo breed unnatural troubles; infected mindsTo their deaf pillows will discharge their secrets;More needs she the divine than the physician.- William Shakespeare, Macbeth, 5.1 114. Now does he feel his titleHang loose about him, like a giants robeUpon a dwarfish thief.- William Shakespeare, Macbeth, 5.2 115. Till Birnam wood remove to Dunsinane,I cannot taint with fear.- William Shakespeare, Macbeth, 5.3 116. The devil damn thee black, thou cream-faced loon!Where gottst thou that goose look?- William Shakespeare, Macbeth, 5.3 117. I have lived long enough: my way of lifeIs falln into the sere, the yellow leaf;And that which should accompany old age,As honor, love, obedience, troops of friends,I must not look to have; but in their steadCurses, not loud but deep, mouth-honor, breath,Which the poor heart would fain deny, and dare not.- William Shakespeare, Macbeth, 5.3 118. Canst thou not minister to a mind diseased,Pluck from the memory a rooted sorrow,Raze out the written troubles of the brain,And with some sweet oblivious antidoteCleanse the stuffed bosom of that perilous stuffWhich weighs upon the heart?- William Shakespeare, Macbeth, 5.3 119. The patientMust minister to himself.- William Shakespeare, Macbeth, 5.3 Here are even more quotes from Macbeth, by William Shakespeare. 120. Throw physic to the dogs: Ill none of it.- William Shakespeare, Macbeth, 5. 3 121. The cry is still, They come!- William Shakespeare, Macbeth, 5.5 122. I have almost forgot the taste of fears.The time has been my senses would have cooledTo hear a night-shriek, and my fell of hairWould at a dismal treatise rouse and stirAs life were int: I have supped full with horrors;Direness, familiar to my slaughterous thoughts,Cannot once start me.- William Shakespeare, Macbeth, 5.5 123. To-morrow, and to-morrow, and to-morrow,Creeps in this petty pace from day to dayTo the last syllable of recorded time,And all our yesterdays have lighted foolsThe way to dusty death. Out, out, brief candle!Lifes but a walking shadow, a poor playerThat struts and frets his hour upon the stageAnd then is heard no more: it is a taleTold by an idiot, full of sound and fury,Signifying nothing.- William Shakespeare, Macbeth, 5.5 124. I gin to be aweary of the sun,And wish the estate o the world were now undone.Ring the alarum-bell! Blow, wind! come, wrack!At least well die with harness on our back.- William Shakespeare, Macbeth, 5.5 125. Those clamorous harbingers of blood and death.- William Shakespeare, Macbeth, 5.6 126. I bear a charmed life.- William Shakespeare, Macbeth, 5. 8 127. Macduff was from his mothers wombUntimely ripped.- William Shakespeare, Macbeth, 5.7 128. Lay on, Macduff,And damned be him that first cries, Hold, enough!- William Shakespeare, Macbeth, 5.8