As reported in the financial statements of each AMC, fund expenses can be divided into
management fees and administrative fees. Expense ratio is the ratio between total fund expenses to
fund’s assets. Administrative or operating expense excluded management fees of AMCs managing
large number of funds are considered to be constant. Thus, when management fee is excluded, fund
expense ratio is lower. Fund expenses excluded management fees indicate fund operation efficiency.
Management fees measures security selection skills of fund manager.
We begin this book during the Fourth of July weekend, 75 days after the
Deepwater Horizon exploded, burst into flames, and sank, killing 11 men.
In the wake of this accident came the worst environmental disaster in U.S.
history. The starting date of our writing is significant because this is a weekend
when normally thousands of people would descend on the beaches and
restaurants of the Gulf Coast. The Gulf is a place of great bounty. A couple
of hours with some traps produces enough blue crabs to make a cauldron of
gumbo that can feed a family and guests for days.
The oil spill required extended closures of fishing areas. These closures not only impact the people
shrimping, crabbing, fishing and harvesting oysters, but also the seafood and hospitality industries as a
whole. Transport companies, stores, sports fishing operations, trappers and restaurants also felt the
impact of the spill.
This book can be used as a general handbook for applying electrical engineering to the oil, gas and
petrochemical industries. The contents have been developed from a series of lectures on electrical
power systems, given to oil company staff and university students, in various countries. The author
has condensed many years of his knowledge and practical experience into the book.
The fact that electric arc could operate was known for over a 100 years. The first ever underwater welding was carried out by British Admiralty – Dockyard for sealing leaking ship rivets below the water line. Underwater welding is an important tool for underwater fabrication works. In 1946, special waterproof electrodes were developed in Holland by ‘Van der Willingen’. In recent years the number of offshore structures including oil drilling rigs, pipelines, platforms are being installed significantly.
We’ve already made progress toward this goal – last year, America produced more oil than we had
in the last seven years. We’re taking steps to encourage more offshore oil exploration and
production – as long as it’s safe and responsible. And, because we know we can’t just drill our way
out of our energy challenge, we’re reducing our dependence on oil by increasing our production of
natural gas and biofuels, and increasing our fuel efficiency.