Investigation On Behavioral Finance And Market Anomalies Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3309 Downloads: 9 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? The aim of this paper is to provide any academic evidence and theories concerning the main drivers of individual investors decision making and their reasons to feel confident over the success of active fund management. Our report weighs against the evidence of rational and measurable explanations supporting active managers and their stock picking skills. Not underestimating the power of communication, there is a provision of research studies to show how media and advertising are employed in selling managers superior skills and their affect on investors decision making. Don’t waste time! Our writers will create an original "Investigation On Behavioral Finance And Market Anomalies Finance Essay" essay for you Create order Next the report tries to understand and solve the puzzle about investors beliefs in managers adding value. For this purpose there is reference on the behavioural finance implications and some of the heuristics and biases that can enrich the explanation for most of the investors behaviour. 2. Rationality 2.1. The benefits from fund managers Investors decision to invest in active funds is primary driven by the benefits of large scale investing. Bodie et al. (2008) identified several important functions that allow small investors to benefit from teaming up their money. Such are the record keeping and administration, diversification, professional management and the lower transaction costs as result of trading in larger blocks of securities. In addition, investors argue that the market is a supply pool of managers with different investing styles and that some of them can outperform the index while others cannot. Platinum Capital fund for example, managed by Kerr Neilson, outperformed MSCI world stock index by 35% in 2009. The funds strategy was based on investing in financial distress companies but with large unexploited potentials for future growth as well as going short on mining companies which he identified as overpriced. Neilson believes that funds success is due to the quality research that avoids noisy public information (Boyd, 2009). Most of the success in active management is a result of momentum investment strategy that takes long positions on securities which is believed to continue to rise in price and short positions in securities which it is expect to have a downtrend (Chen et al., 2000). Fund managers are knowledgeable to use sophisticated software programs that enables them to perform more precise risk analysis and to enhance their stock picking skills (Barber and Odean, 2008). The same paper suggests that in contrast to regular investors, fund managers are less prone to biases that affect decision making meaning also that they are not attention driven. Cici (2005) suggests that managers get aware of their gains less readily than the case of losses. Quite the opposite, investors do not exhibit any stock picking skills and there is evidence that in total the stocks they buy underperform those they sell (Odean, 1999). 2.2. Managers persistence On the other hand, a popular fund like the Long Term Capital Management Fund is an example that concentrated brainstorming power does not necessarily mean that abnormal returns even though achieved, can persist. Little academic evidence is supporting the outperformance of active fund managers. Wermer (2000) backs the momentum strategy. More specifically, his research shows that fund managers can beat the market by 1.3% annually only without accounting for trading costs. However, including the trading costs there is an underperformance of 1% annually. Carhart (1997) observed the performance of equity funds and examined whether funds that have done well will continue to have the same performance in the next period as a result of managers skills. His study provides evidences that funds performance does not reflect managers picking skills and concludes that investment costs account for almost all of the important predictability in mutual fund returns (Carhart, 1997, pp. 81). The same pap er gives valuable guidelines for investing in funds. According to its findings, investors should be aware that no load funds always outperform load funds and should avoid managers who often rebalance their portfolio since portfolio turnover reduces the funds performance. Moreover, Bodie et al. (2008) indicate that high portfolio turnover rate can also be tax inefficient. Regarding the momentum strategy, Carhart characteristically claims that some funds can earn higher returns the following year due to pure luck of holding large positions in last years winners. Finally, Chen et al. (2000) suggest that the evidence of persistence concerning past winners over past losers is weak. 3. Irrationality Statman illustrates irrationality by comparing traditional and behavioural finance approaches: people are rational in standard finance; they are normal in behavioural finance. Rational people care about utilitarian characteristics but not value-expressive ones, and never confused by cognitive errors, have perfect self-control, are always risk averse, and are never averse to regret. Normal people do not obediently follow that pattern (Statman, 1999, pp. 26). It is clear according to the academic evidence that active mangers provide little or no economic value to investors. Surprisingly however mutual fund industry continues to attract more investors, managing around 1.72 trillion dollars (HedgeFund Intelligence, 2009). What are the drivers of such irrationality? 3.1 Investors characteristics Acknowledging their own imperfections is one of the key reasons why investors rely on fund managers. Simon (1978) states that investors present imperfect control and bounded rationality over the uncertain and continuous changing market environment and make final decisions as a result of judgemental errors. Investors are not capable to handle efficiently enormous load of information. Walker (1971) argues that each investor has a certain capacity and upper limit of accumulating information, after which all new information is completely ignored. This indicates that decisions are drawn randomly in an irrational way. Overloaded with information, they tend to follow the financial media that direct their choices. 3.2. Advertising Advertising seems to work. Investors irrationally focus on advertisements since it appears that funds that have been advertised have more liquidity and attract more individual investors (Jain and Wu, 2000). The media often names fund managers as the new masters of the universe which can result in investors believing that superior investing abilities can be achieved through fund managers (Mackintosh, 2007). Sendhil et al. (2008) examined the logic behind the success of mutual fund industry in a situation where industry adds little to investors wealth and charges them high. Their research showed evidence that individuals think coarsely; more concrete investors that tend to categorize situations according to their own beliefs and use same conclusions for each category. They evidence significant influence of persuasion and advertising on coarse-thinking. Using data of all financial advertisements in Business Week (BW) and Money they find out that after the market crash, past return data vanish from advertisements, as shown in figure 1. Moreover, in spite of this selective data approach, in downturn market even funds with good performance choose not to advertise themselves. This finding is in line with their models predictions meaning that enclosure of past return data is used in purpose of selling opportunities, rather than promoting professional advice services or skills. Figure 1: Stock Mutual Fund Ads Returns / Total Stock Mutual Funds Ads[1] 3.3. The role of biases and heuristics The attention grabbing events are often able to drive investors interest and affect their investment decision. Barber and Odean (2008) name such events: any unusually large trading volumes, prior day movements to the stock price or certain media news. Taffler (2002) suggests that the availability heuristic and the familiarity bias are to be blame for noise trading. The representative heuristic works in accordance to the existence of stereotypes. Investors tend to believe that a good company can be a good investment. Accordingly a good manager can generate great returns. Decisions based on gut feelings are due to the affect heuristic. Concerning biases, investors exhibit behaviour that can be explained on the framework of framing judgemental biases and confirmation biases (Taffler 2002). As for the first, their judgements are based on the way information is presented. As for the second investors will seek for confirming evidence to support their decisions and will neglect any opposing argument. Despite mutual fund managers advanced or not investment characteristics, Taffler (2002) suggested that fund managers are also prone to similar cognitive errors, biases and heuristics with investors. More often is the case for fund managers being overconfident and overoptimistic to believe that they have superior investing abilities. 4. Conclusion Stock valuation and investment decisions are difficult tasks to be actualized with success. Primarily, financial markets are complex and uncertain, continuously change and are affected by multiple variables. Secondly, investors prove to behave in an irrational manner using mental shortcuts and are subjected to various biases. Investing is often directed by the financial media or relied to fund managers that are supposed to have a more rational behaviour. Our report provides evidence that although investors might have reason to believe fund managers, the actual performance of the latter cannot yield returns that could beat the market by accounting for all costs in a consistent basis. It is therefore the investors characteristics that lead to have such a rationale and at a lower degree any external factors like the press and advertisements. References Barber, B.M. and Odean, T. (2008), All that glitters: The effect of attention and news on the buying behaviour of individual and institutional investors, Review of Financial Studies, Vol. 21, No. 2, pp 785-818. Bodie, Z., Kane, A. and Markus, A.J. (2008), Investments, McGraw-Hill, New York. Boyd, T. (2009), How Australias richest fund manager beat the market, smartcompany.co.au, August 13 2009, available on the internet at https://www.smartcompany.com.au/index.php?option=com_contenttask=viewid=34279Itemid=27utm_source=feedburnerutm_medium=feedutm_campaign=Feed%3A+smartcompanynews+(SmartCompany+News). Carhart, M. (1997), On Persistence in Mutual Fund Performance, Journal of Finance, Vol. 52, No. 1, pp 57-82. Chen, J.L., Jegadeesh, N. and Wermers, R. (2000), The Value of Active Mutual Fund Management: An Examination of the Stockholdings and Trades of Fund Managers, Journal of Financial and Quantitative Analysis, Vol. 35, pp 343-368. Cici, G. (2005), The Relation of the Disposition Effect to Mutual Fund Trades and Performance, Working Paper. HedgeFund Intelligence (2009), Global Review Autumn Update, InvestHedge Magazine, available on the internet at https://www.hedgefundintelligence.com/ih/Article.aspx?Task=ReportIssueID=73357. Mackintosh, J. (2007), Investors Still Pile In, FT.com, April 27 2007, available on the internet at https://search.ft.com/search?queryText=Investors+Still+Pile+In%E2%80%99. Sendhil, M., Schwartzstein, J. and Shleifer, A. (2008), Coarse thinking and persuasion, Quarterly Journal of Economics, Vol. 123, Issue 2, pp 577-619. Simon, H.A. (1978), Rational decision making in business organization, Nobel Memorial Lecture. Statman, M. (1999), Behavioural Finance: Past Battles and future engagement, Association for investment management and research, Financial Analysts Journal, Vol. 55, No.6, pp15-29. Taffler, R.J. (2002), What Can We Learn From Behavioural Finance, Management Focus, pp 8-11. Walker, J.F. (1971), Decision-making under conditions of information overload: Alternative response modes and their consequences, presented at American Educational Research Association Annual Meeting, New York, pp 4 -7. Wermers, R. (2000), Mutual Fund Performance: An Empirical Decomposition into Stock-Picking Talent, Style, Transactions Costs, and Expenses, Journal of Finance, Vol. LV, No. 4, pp 1655-1695. Assignment Topic 2 Summarise and critically discuss the empirical findings of post earnings announcement drift anomaly in international level. 1. Introduction Since Ball and Brown (1968) identified the post earnings announcement drift (PAD), various other research papers have examined the phenomenon. The aim of this paper is to summarize empirical findings of PAD on a multinational point of view. A crucial research conducted by Fama (1998) although gives reasons for the efficient market hypothesis to be valid, admits that it could be challenged by accounting for the PAD phenomenon. Mendenhall (2004) states three key categories of explaining PAD. First, any unexpected earnings changes might simply be due to the use of different research methods. The second explanation supports the idea of systematic misinterpretation concerning expected returns coming from market expectations following earnings announcements. The third explanation supports the behavioural finance perspective. Many studies imply that PAD is a product of irrational investors and inefficient markets. Interestingly, none of the aforementioned explanations can accurately predict why markets are not reacting to publicly available information, like earnings announcement in a timely way. 2. What is the Post Earnings Announcement Drift To get a clear understanding of the phenomenon most of the studies look into PAD phenomenon in phases. Initially, the impact of the earnings announcement results in stocks moving towards new price level. Then the drift in prices makes its presence. This lasts for approximately two months counting from the earnings announcement day. Finally, one more significant adjustment is made around the following announcement concerning next quarters earnings. Bernard and Thomas (1989) highlighted that the phenomenon could be translated as a portion of price change being lagged in following new information. The research work of Lev and Ohlson (1982) and Bernard and Thomas (1990) concluded that the PAD is inconsistent to the fundamental Capital Asset Pricing Model (CAPM). The reason is that CAPM is not able to capture the drift. If the CAPM represents a mechanistic tool of pricing stocks, such a drift would be impossible for the CAPM to predict. The papers also provide additional evidence to suggest that the PAD is incompatible with the EMH. 3. Methodology of PAD The traditional paper of Bernard and Thomas (1989) captures the PAD using the following methodology. There is a formation of portfolios on the basis of the extent and whether the sign of the earnings surprises is positive or negative. The announcements concern for quarterly earnings. Next a comparison is run on actual market prices of stocks and the prices that have been derived using fundamentals. Accordingly any difference between the two prices resulting from a divergence is documented. Therefore all portfolios that present positive earnings surprises are found to have a positive drift in relation to the normative price prediction. In contrast to this, all portfolios that present negative earnings surprises have a negative drift under the normative price prediction. In addition, the amount of the drift is found to be monotonically positive for increasing positive earnings surprise portfolios and monotonically negative for increasing negative earnings surprise portfolios (Zhao, 200 8, pp. 23). 4. Research in International Level 4.1. Spanish Market Forner and Sanabria (2008) checked for the existence of PAD in the Spanish stock market using a sample that consisted of 172 firms dating from 1992 to 2003. The researchers have applied certain unconditional adjustments both to the CAPM and the Fama and French three factor model. Specifically they added a liquidity factor in order to control for size and book-to-market ratios as well as with a view to control for any momentum impact. Forner and Sanabria employed SUE and REV[2]measures on their effort to test PAD existence. The research findings of the paper showed that in the Spanish stock market, the suggested PAD strategy could offer significant gains over the months that follow the earnings announcements. These findings are robust for SUE and REV. In addition the phenomenon is tested against Jegadeeshs (1993) momentum hypothesis to check whether the PAD can explain much of momentum. For this test the findings proved also to be robust and therefore strengthened the impossibility of a risk-based explanation in line with the EMH. Moreover there is a clear suggestion that the PAD is more likely to be a result of investors under reacting or overreacting on earnings announcements. This behaviour can be explained within the framework of behavioural finance were investors are prone to several biases and psychological pitfalls. This explanation is in line with Bloomfield (2000) where it is suggested that PAD is driven by the overwhelming overconfidence that investors believe to holding valuable and accurate information. 4.2. Finnish and Swiss Market Kallunki (1996) based his research on the behaviour of the stock market when having earnings announcements. For this purpose he employs a method to estimate risk using a sample made of Finnish companies in order to prove whether any possible market reaction delays are varying significantly across positive and negative unexpected earnings. Any significance of the results is interpreted as employing wrong measuring methods of abnormal returns. Geoffrey et al. (2006) paper is a study on whether the PAD is sound when dealing with non institutional trades. The data employed is from the stock market of Helsinki for the period 1996 to 2000. The main finding is that the positive news concerning extreme earnings and their resulting returns are positively correlated. The same holds for negative earnings. They have also show a significant correlation due to PAD. As for the Swiss market the research paper of Isakov and Christophe (2005) investigated the acute volatility observed around the days of an earnings announcement. The hypothesis developed was of a decreasing volatility once the announcements of earnings were set out. It appeared however that the volatility changes were related to the type of news. Lakshmanan (2007) provides additional evidence that when an earnings announcement as an information is being broken down into more news can generate surprisingly higher returns when compared to cases where the news where announced once and concentrated. Such a finding is in line with the under reaction explanation of the PAD phenomenon. 4.3. Hong Kong Market Zhaos (2008) research emphasized on two things: on the way prices are distributed as a result of their reaction to news and on further changes in prices. These two are believed to be able to generate significant explanations concerning the analysis of PAD. The paper is sampling the stock market of Hong Kong through the period 1987 till 2006. The key finding following SUE methodology was that the PAD is a robust phenomenon to that specific exchange as well. Furthermore, the study highlights the need to have more emphasis on negative stock prices reflections on earnings announcements. That is because according to Zhao such an emphasis can undermine significantly the vastly reported under reaction explanation of PAD. Another main point of the paper is that non-earnings information can be valuable in affecting reactions of stock prices and therefore drifting them further. Finally Zhao finds that hedging strategies that based on non-earnings information could yield abnormal returns on lon g periods. As a result in Hong Kong market the corroboration effect between earnings and non-earnings information is significant (Zhao, 2008, pp. 53). 4.4. US Market Abnormal returns after an earnings announcement are examined by Pope (1996). He argues that PAD and the bid-ask spread are strongly correlated and abnormal returns are due to the arbitrage opportunities produced from the market inefficiency. Bernard and Thomas (1989) also documented abnormal returns of 18% per annum which persist for minimum six months. In this direction, they found that expectation of future earning to match last years quarter earnings will be reflected in the stock price. Moreover, the paper indicates that market participant may under react to the earnings news due to the transaction and information costs. Sadka (2005) took into consideration liquidity risk and argues that PAD returns can be viewed as risk compensation created from the unpredictable shifts in the aggregate ratio of informed traders to noise traders. Garfinkel and Sokobin (2008) argue that there is a significant positive correlation between PAD and unexplained friction of the trading volume, indicat ing on existence of deviation among investors opinions. 5. Conclusion The review of aforementioned research papers shows that PAD as a robust phenomenon has international dimension, with its presence documented not only in mature stock markets such as US and Europe, but as well in emerging markets such as Hong Kong and China. Two aspects of PAD draw most of the attention among the academics. Main focus is put on the absence of comprehensive framework about PAD as result of various interpretations of the current earnings impact towards the future earnings. Moreover, market participants do not posses predictive power to future abnormal returns based on earnings announcement, and have little understanding that returns are considered to follow a random walk. Transaction costs also contribute investors to lag in their response to the PAD. The other focus is on the behavioural finance where most researchers concluded that PAD results from deviations in investors behaviour, such as overconfidence and self attribution. Thus, investors will rather rely on their own private information than publicly available information, resulting in overreaction or under reaction to the stock markets.

Immigration A Concept At Odds American Culture - 998 Words

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Violence Among the Youths in Inner Schools Free Essays

Violence among youth, especially in inner city schools, is one of Americas most pressing and controversial concerns. Local studies indicate that youth violence is increasing. In addition, America†s youth, like adults are now more frequently using guns instead of fist to settle their disputes. We will write a custom essay sample on Violence Among the Youths in Inner Schools or any similar topic only for you Order Now While the public is ready to believe that school violence is definitely present, some local leaders and school administrators are not willing to recognize that it is happening in front of their own eyes. They think that people will boycott the communities, their schools will be labeled unsafe and they will be blamed for failing to keep peace and order. Gang activity at school is particularly susceptible to â€Å"the Ostrich syndrome,† as many of the administration ignore the problem. A big loss that occurs is that opportunities to help the youth and reduce violence are lost. Finally, there is sometimes a contradiction between school policies and school practice. Many districts and schools have broad regulations for dealing with violence, and the school enforcement may either be uneven or laidback. This creates a situation where teachers do not feel supported when they necessitate discipline, students do not feel protected and the delinquents will then think that he or she will not be punished. On the other hand, administrators express dismay that the teachers so not enforce policies in the classroom. Despite these inconsistencies, the government, communities and schools have come up with many promising types of anti- violence approach, and social and personal transformation focusing on discipline. Most have originated in urban areas, where youth violence was first identified. The federal government has money set aside for after school programs focused on gang prevention and other recreational community activities. Most of these activities are focused on breaking the cycle of violence. The most effective proved to be the long-term family interventions involving, religious and recreational organizations. For example, programs in parenting and family relationships, especially those focused on non-violence and substance abuse can protect children from learning violence at home. Out of school programs keep youth entertained while the family is unavailable. These programs can also provide youths with attention from caring role models. They also keep the youth away from negative influences on the street. Programs can offer assistance with schoolwork and develop positive values. Helping young people find employment is an important way for communities to reduce property crime and build the youths self-esteem and sense of responsibility. It also helps the youth see how vital it is to their future to stay in school and further their education and career. Another positive aspect to providing jobs and job training is that it can reduce stress that can trigger violence. â€Å"In 1878 economist Carroll D. Wright from Massachusetts Commissioner of Statistics noted that more than 67% of convicts in the state were recorded as ‘having no occupation†: of 220 men sentenced to one year 147 were without trade or any regular means of earning a living† (Currie) Anti-violence and programs that run in the school can run from a range of ideas. From general education improvement to interventions to target specific groups of students. They involve parents in a variety of roles and community leaders and resources. The goal is to create a peaceful non-violence school. A commitment to enforcing violence prevention helps the students and the staffs feel safe. In addition to zero tolerance for guns, some school also have zero tolerance for other types of behavior such as assaulting a teacher were violent students will be removed from the classrooms. It might not affect some students to be expulsed from school so school responses to certain type of acts include legal prosecution. Since there is a strong use of drug sales and violence in the schools by the students, administrators make special efforts to keep the school. To keep students from bringing in weapons some schools use metal detectors and administer random acts of searching students† bodies and possessions. Teachers used to be the most common type of security but with increasing school violence, schools are hiring security guards to patrol the sites. With school security the most common type of measure is monitoring the students in the hallways and places where they get together the most, like cafeterias, bathrooms and the p.e. field. Most violent prone school may even form relations with the police to periodically visit the schools and regularly patrol the halls. Probation officers with on site offices can provide help to students who have already been in illegal trouble. Early intervention is necessary to prevent youth violence. Elementary education training in anger management, impulse control, mediation and conflict resolution skills can prevent youth from participating in violence as they mature. Early discussions about negative consequences of gang membership and providing positive way to get needs met can protect them from future gang recruitment efforts. Some schools have a specially trained safety coordinator whose primary function is to coordinate anti-violence programs and offer crisis counseling and mediation. Other types of programs offer incentives for positive behavior such as recognition and reward system for good citizenship. The goal is to bring about change in the students so that their behavior is constructive. Effective gang strategies involve all school operations and staff. It requires good communications and security and staff trained in crisis intervention. Schools not only need to acknowledge their presence but actively investigate its extent and determine who its gang members are, what they do and where are their hang out spots. The first step is to establish the fact that gang presence such as clothing, paraphernalia, flashing signs or shouting slogans and writing graffiti on school or personal property will not be tolerated. Discipline measures, practiced consistently show the schools seriousness. Staff who takes a personal interest in individual members by holding personal conferences and counseling can help loosen the hold of the gang, by meeting informally with members and show them positive experiences that would otherwise be lacking in their lives. To do this some staff members may need to change certain attitudes about gang members and spend a little more time than they would with them. If that does not work offering counseling in a variety of outside agencies and involving parents and making them aware of the choices and consequences that their child is taking may help change the attitude of the child. If all else fails gang members can be transferred to alternative schools for more intensive support. Concern about increasing youth violence is being routed into a variety of innovative and hopefully effective programs across the country. The most effective programs acknowledge that gang activity and violence exists in their community. Use all available resources like law enforcement and social services. Involve families into both school and community programs, and prepares to engage in long-term effort for positive experiences. In all communities it is likely that sometimes anti-violence work will be compromised by lack of resources and time. Even the most dedicated individuals may experience moments of frustration. Early evaluations in well-organized programs is possible and even though statistics show that youth violence is steadily increasing the effort and slight expenditure are necessary. How to cite Violence Among the Youths in Inner Schools, Essay examples

My First Day in Laos free essay sample

After getting all of luggages, and get everything checked out, like our passport, and some other stuff I don’t remember. When walked out of the airport, the whole family was waiting for us to show up. After everybody gave each others hugs, they were deciding who was going to drive with who, then my cousin told everyone that he will just take me. After he told them that, we took off and my cousin threw me the car keys to his Honda. At first I thought it was for putting the bags into the trunk. When I was about to throw him the keys to the car, he told me what are you doing your driving he also said don’t tell the parents. At first when I got in the car I was nervous because that was my first time driving. When we left the airport we went to the family restaurant, because that is where everyone is headed. We will write a custom essay sample on My First Day in Laos or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page When we got to the restaurant the whole family was already there so when we got out of the car, we got caught by our other cousins. We told them not tell but there was a price to it we had to give them 20 dollars each. Sitting there for a couple of hours. My aunt who lives in Laos told everyone it time to go to work at the restaurant. Usually they open earlier but they had to go pick us up. After hearing her saying it time to go me and my cousin were the first to leave so, I can drive the car. At first in my mind that was the best part of the trip. But I knew there going to be more. When we got to the store me and my cousin had to put in the drinks in the fridge. When I asked if I could get a drink I asked, for a cup and he told me that they don’t put it in cups they use bags. When I thought about it at first I said that strange but when I saw it I thought it was pretty cool. As the time was about to hit twelve oclock my cousin told me that get ready all the kids from school is about to come cause its almost there lunch time. I told them to wake me up in about 10 minutes. They asked me why am I going to sleep I said because I’m still tired from the plane trip. . But before I know it I was already twelve oclock. I was disappointed because I couldn’t get a little nap in I wouldn’t have mind to get a least 5 minutes would be fine with me. Then when I looked over to the front the door I saw a whole bunch of school students coming this way, and I asked my cousin is it going to be like this everyday? he said this is not that much people. Me and my cousin were in charge of the drinks. The restaurant sold all kinds of Asian food. After hours of serving drinks. The rush hour was gone. I thought it was time to close up. Everyone looked at me like I was crazy or something. Then they told me that we still have dinner and it going to get even crazier because a lot of people order out. The time between lunch and dinner, I see people coming in and out. All I was doing was playing some games and chilling with my cousin. As I watched the people walk in and out I thought to myself is that we are lucky because some people in Laos live on the street and when it gets cold it feels like everything is frozen. After while somebody came and tapped me on my shoulder and said it time to go home and rest for tomorrow. I asked my cousin did I sleep threw the dinner rush and he said yeah you did.