Rabat is the capital city of Morocco and the country's seventh largest city with an urban population of 580,000 and a metropolitan population of over 1.2 million. It is the capital city of the Rabat-Salé-Kénitra administrative region. Rabat is located on the Atlantic Ocean at the mouth of the river Bou Regreg, opposite Salé, the city's main commuter town. Rabat was founded in the 12th century by the Almohad ruler Abd al-Mu'min as a military town; the city grew but went into an extended period of decline following the collapse of the Almohads. In the 17th century Rabat became a haven for Barbary pirates; the French made Rabat its administrative center. Morocco achieved independence in 1955 and Rabat became its capital. Rabat and Salé form a conurbation of over 1.8 million people. Silt-related problems have diminished Rabat's role as a port. In addition and the presence of all foreign embassies in Morocco serve to make Rabat one of the most important cities in the country; the Moroccan capital was ranked at second place by CNN in its "Top Travel Destinations of 2013".

It is one of four Imperial cities of Morocco, the medina of Rabat is listed as a World Heritage Site. Rabat is accessible by train through the ONCF system and by plane through the nearby Rabat–Salé Airport; the name Rabat comes from الرِّبَاط meaning an Islamic base or fortification. This name is short for رِبَاط الفَتْح meaning the ribat of conquest or stronghold of victory—a title the city acquired in 1170, due to its military importance. Rabat has a modern history compared to the nearby ancient city of Salé. In 1146, the Almohad ruler Abd al-Mu'min turned Rabat's ribat into a full-scale fortress to use as a launching point for attacks on Iberia. Yaqub al-Mansur, another Almohad Caliph, moved the capital of his empire to Rabat, he built Rabat's city walls, the Kasbah of the Udayas and began construction on what would have been the world's largest mosque. However, Yaqub died and construction stopped; the ruins of the unfinished mosque, along with the Hassan Tower, still stand today. Yaqub's death initiated a period of decline.

The Almohad empire lost control of its possessions in Spain and much of its African territory leading to its total collapse. In the 13th century, much of Rabat's economic power shifted to Fez. In 1515 a Moorish explorer, El Wassan, reported that Rabat had declined so much that only 100 inhabited houses remained. An influx of Moriscos, expelled from Spain, in the early 17th century helped boost Rabat's growth. Rabat and neighboring Salé united to form the Republic of Bou Regreg in 1627; the republic was run by Barbary pirates who used the two cities as base ports for launching attacks on shipping. The pirates did not have to contend with any central authority until the Alaouite Dynasty united Morocco in 1666; the latter failed. European and Muslim authorities continued to attempt to control the pirates over many years, but the Republic of Bou Regreg did not collapse until 1818. After the republic's collapse, pirates continued to use the port of Rabat, which led to the shelling of the city by Austria in 1829 after an Austrian ship had been lost to a pirate attack.

The French invasion of Morocco began in the east with General Hubert Lyautey's occupation of Oujda March 1907 and in the west with the Bombardment of Casablanca August 1907. The Treaty of Fes established the protectorate March 1912. Acting as French administrator of Morocco, decided to relocate the country's capital from Fes to Rabat. Among other factors, rebellious citizens had made Fes an unstable place. Sultan Moulay Youssef moved his residence to Rabat. In 1913, Lyautey hired Henri Prost; when Morocco achieved independence in 1955, Mohammed V, the King of Morocco, chose to have the capital remain at Rabat. Following World War II, the United States established a military presence in Rabat at the former French air base. By the early 1950s, Rabat Salé Air Base was a U. S. Air Force installation hosting the 17th Air Force and the 5th Air Division, which oversaw forward basing for Strategic Air Command B-47 Stratojet aircraft in the country. With the destabilization of French government in Morocco, Moroccan independence in 1956, the government of Mohammed V wanted the U.

S. Air Force to pull out of the SAC bases in Morocco, insisting on such action after American intervention in Lebanon in 1958; the United States agreed to leave as of December 1959, was out of Morocco by 1963. SAC felt the Moroccan bases were much less critical with the long range capability of the B-52 Stratofortresses that were replacing the B-47s and with the completion of the USAF installations in Spain in 1959. With the USAF withdrawal from Rabat-Salé in the 1960s, the facility became a primary facility for the Royal Moroccan Air Force known as Air Base Nº 1, a status it continues to hold. Rabat is an administrative city, it does have residential neighbourhoods. The geographically spread out neighbourhoods are as follows: The heart of the city consists of three parts: the Medina. To the west, along the waterfront, there is a succession of neighbourhoods. First, around the ramparts, there is the old neighbou

José Ardines

José María Ardines Douglas is a retired Panamanian football forward. Nicknamed chepe, he is best known for being the all-time top scorer in the Panamanian national football league ANAPROF. Chepe Ardines made his debut in ANAPROF for the 1989 season of the championship with Eurokickers where he enjoyed most of his success. Chepe played 12 seasons with the vikings until the team was relegated to Primera A in 2001 and only interumpting his stay during the ANAPROF 1992 offseason where he was part of Honduran side Marathón. With Eurokickers, Ardines scored a record high total of 191 goals, becoming the top-scorer for six seasons in a row and the player to have scored the most goals in a single season in 1990 with 26 goals. On 20 December 1997, he scored a stunning 11 goals in a 13-2 thrashing of Ejecutivo Jrs. All of these records still stand today and are part of the goalscoring legacy left by Ardines in the national football league. Ardines was voted the league's most valuable player three times in 1990, 1992 and 1993.

He was part of the side, crowned champion in 1993. His 100th goal in ANAPROF was scored on November 13, 1994 against Plaza Amador's goalkeeper Gaspar Pérez in a 2-1 defeat of Eurokickers. After the relegation of Eurokickers in the 2000-01 season, Ardines was signed by San Francisco, he enjoyed a short one-year spell in which he only scored a total of 4 goals, 3 in the Apertura and 1 in the Clausura championship. In 2002, he moved to Alianza where he had a disappointing run scoring 2 goals for the Apertura championship. After that short 6-month stay Adrines would not play in the ANAPROF again after scoring a record total of 197 in the league, he joined Primera A side Orión for the 2002 season. Ardines played his last season of his Panamanian football career with Orión of the Primera A in 2002. For Ardines, he never enjoyed the same success in the Panama national football team as he did with Eurokickers in ANAPROF, he was called up a couple of times between 1992 and 1996 where he only played friendly games but was never part of the team that played World Cup qualification matches.

The main reason behind this is that he was competing with figures like Rommel Fernández, Jorge Dely Valdés and Julio Dely Valdés, all of whom were being successful internationally. ANAPROF: 1993 ANAPROF Top Scorer: 1990, 1991, 1992, 1993, 1994-95, 1995-96 ANAPROF Most Valuable Player: 1990, 1992, 1993

Maslowian portfolio theory

Maslowian portfolio theory creates a normative portfolio theory based on human needs as described by Abraham Maslow. It is in general agreement with behavioral portfolio theory, is explained in Maslowian Portfolio Theory: An alternative formulation of the Behavioural Portfolio Theory, was first observed in Behavioural Finance and Decision Making in Financial Markets. Maslowian portfolio theory is quite simple in its approach, it states. All the rest is logic deduction. For each need level in Maslow's hierarchy of needs, some investment goals can be identified, those are the constituents of the overall portfolio. Behavioral portfolio theory as introduced by Statman and Sheffrin in 2001, is characterized by a portfolio, fragmented. Unlike the rational theories, such as Modern Portfolio Theory, where investors put all their assets in one portfolio, here investors have different portfolios for different goals. BPT starts from framing and hence concludes that portfolios are fragmented, built up as layers.

This indeed seems to be. MaPT starts from the human needs as described by Maslow and uses these needs levels to create a portfolio theory; the predicted portfolios in both BPT and MaPT are similar: In BPT: safety layer, corresponds to the physiological and safety needs in MaPT Specific layer in BPT are the love needs and the esteem needs in MaPT Shot at richness in BPT is the self-actualization level in MaPTOne will notice that the main differences between MaPT and BPT are that: MaPT is derived from human needs, so it is to some extent a normative theory. BPT is a descriptive theory. MaPT generates from the start more levels and more specific language to interact with the investor, it seems that Roy's safety-first criterion is a good basis for portfolio selection, of course, including all generalizations developed later. However in work the author emphasized the importance of using a coherent risk measure; the problem with Roy's safety-first criterion is that it is equivalent to a Value at Risk optimization, which can lead to absurd results for returns that do not follow an elliptical distribution.

A good alternative could be expected shortfall. For many centuries, investing was the exclusive domain of the rich. With this backdrop, Markowitz formulated in 1952 his “Mean Variance Criterion”, where money is the unique life goal; this is the foundation of “the investor’s risk profile” as today all advisors use. This Mean Variance theory concluded; the problem is that this is both meaningless. However after World War II, the investor’s landscape changed and in a few decades more and more people not only could, but had to invest; those people do have to worry about subsistence and real life-goals! This automatically leads to the notion; as Abraham Maslow described, human needs can each get focus at separate times and satisfaction of one need does not automatically lead to the cancellation of another need. This means that Maslow's description of human needs was the first description of the framing effect bias in human behaviour, this means that human needs are observed as in separate mental accounts.

Therefore must be addressed one by each in a separate mental account. In 2001, Meir Statman and Hersh Shefrin, described that people have “Behavioural Portfolios”: not one optimized portfolio, but rather pockets of separate portfolios for separate goals. In 2009, Philippe De Brouwer formulates his “Maslowian Portfolio Theory”; the idea is that for the average investor should keep a separate portfolio for each important life-goal. This created a new, normative theory that gave the justification to goal-based investing and on top of that provides a framework to use it in practice