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Theory of the Firm. Winter Semester 2009 / Economics of Strategy - Prof. Dr. Christian Ernst
- Corey Clarke
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1 - Economics of Strategy - Winter Semester 2009 / 2010
2 Contents I. Introduction & Basics I.I Introduction: Strategy and Economics Why do we adopt an Economics Perspective? The need for principles I.II Economic Primer: Economic Concepts for Strategy Costs Economic Costs and Profitability Demand and Revenues - Pricing and Output Decisions Perfect Competition Game Theory II. The Evolution of the Modern Firm Doing business in 1840 (U.S.) Doing business in 1910 (U.S.) 2
3 Literature and further Reading Besanko, David et al. (2007): Economics of Strategy, 4th Ed., Evanston, Illinois. Saloner, Garth/ Shepard, Andrea/ Podolny, Joel (2001): Strategic Management, 2nd. Ed., New York. Brickley, James A./ Smith, Clifford W./ Jerold L. Zimmermann (2008): Managerial Economics and Organizational Architecture, 5th Ed., New York. 3
4 Further Information Homepage: Password: Nonprofit22 Exam: To be determined 4
5 Further Information/ Schedule Guest Lecture Pharmaceutical Industry Studies Drug Discovery Processes has been postponed from December 8 th ( ) to December 9 th ( ). The lesson will take place at HS 09. 5
6 Introduction Introduction: Strategy & Economics WHY ECONOMICS? 6
7 Why do we adopt an Economics Perspective? Firms (corporations) can be analyzed from numerous perspectives Possibilities include: Game theory (choice situations that involve rivalry) Psychology (what individual motivations and behaviors shape organizations and their performance?) Organizational Perspective (Need for performance measures in expert dominated organizations like universities, hospitals) Political Science, Anthropology etc. etc. 7
8 Why do we adopt an Economics Perspective? Something to be said for multi-discipline approach BUT danger that we sacrifice depths for breadth deep knowledge permits powerful hypotheses on firm decision making firm behavior. Economics perspective requires analyst be explicit about key elements of the process considered, for instance: Decision makers (who are active players? Whose decisions are fixed?) Goals (what are dm s objectives, profit maximizers vs. multiple objectives) Choices (what possible actions?, what strategic variables like prices (DRGs)?, time horizon for decision under consideration) Relationship between choices and outcomes (Uncertainty?, complexity?) 8
9 Why do we adopt an Economics Perspective? Economic theory is distinctive answers to these questions almost always obtained as part of theory development clear link between assumptions and conclusions Audit trail of thought that allows to distinguish between logically-derived propositions and mere conjectures. Example: Profit-maximizing (goal), monopolist (decision maker), Cournot (quantity) competition (choices) under certainty (relationship): Demand function: p = A-b x; A > o, b > 0, x > 0 (relation) Cost function: K(x) = K f + k v x; Kf > 0, k v > 0 and A k v > 0 (relation) Profit: p(x) = p x- K(x) Max p(x) = A-2 b x- k v = 0 (p <0) x*(a,b,k v ) = (A- k v )/ 2 b = 0 Logically-derived proposition: Fixed costs K f are not decision-relevant in a Cournot-monopoly situation u. certainty Conjecture 1: Fixed costs K f are not decision-relevant under oligopolistic competition Conjecture 2: Fixed costs K f are not decision-relevant under uncertainty and risk-aversion Conjecture 3: Firms that base short-term decisions on variable costs are always correct (Cost accounting 101) 9
10 The need for principles Multi-billion $ question: What drives business success? Often-made (fallacious) assumption: Watch and imitate successful firms Whole industry and management concepts based on this (Benchmarking) Peters/Waterman (1982) In Search of Excellence, NY Harper N = 43 long-term superior performing firms (profitability and growth) Success-drivers: close to customer, Stick to the knitting and Bias for action Wiersema (2001), The New Market Leaders, NY Free Press Studies leading firms in the New Economy (Internet, IT) New market leaders are close to customer, skilled at segmenting markets. Develop new products, intensive advertising, Outsource core activities 10
11 The need for principles Collins (2001) Good to Great NY Harper Firms that went from good (above-average) performance to 15 years of great performance (stock return 3 x that of general market) Walgreens, Wells Fargo, Phlipp Morris and Abbott qualified. Success-drivers: leaders shun spotlight and work for firm, Staffing is crucial = right people in right place, Technology supports strategy. So what s the problem? Using currently successful firms as a standard for action Conjecture: Other firms can obtain similar results by mimicking them. Problem 1: Reasons for success often unclear and complex The Rise and Fall of the New Economy s Darling: The Enron Story 11
12 Why do we adopt an Economics Perspective? Example: August 2000: Enron Stock trades for $90.56 on NYSE Praised as one of the most innovative and firms in the world great example for other firms January 2002: Enron, in Chapter 11 bankruptcy (what is that?) ceased trading at NYSE at $ 0.67 per share Until then: biggest bankruptcy in U.S. history (until Lehmann Brothers 2008) More than people lost jobs, life-savings and health care benefits Investors lost more than $ 75 billion Most of Enron success stories relied on accounting tricks (off the balance sheet financing; special purpose entities) Auditor Arthur Andersen convicted ending of a world-famous accounting firms A good brief summary of the complete story is: Wikipedia, Entry Enron scandal More details at: Healy, Paul M.; Krishna G. Palepu (Spring 2003). "The Fall of Enron" (PDF). Journal of Economic Perspectives 17 (2) Real danger that you look up to the wrong idols 12
13 Why do we adopt an Economics Perspective? Problem 2: Successful firm may have a great internal management system that promotes innovation (not easily identifiable from outside) Problem 3: Are industry situation and market conditions comparable for would-be imitators? Problem 4: Idiosyncratic factors (an engineering or design genius is impossible to imitate!) Problem 5: Successful strategies vs. unsuccessful ones that have been tried Example: The problem of hindsight : XYZ Inc. considers adoption of risky but innovative new technology, (business software other than Oracle or SAP ) Scenario 1: Gamble pays off huge success technology supports its strategy (good thing: gurus will praise it) Scenario 2: Software is a disaster but it may be rational to stick with it (sunk costs) gurus: this firm lets technology determine its strategy (bad thing) Real mistake was selecting the bad technology, not its ongoing application. Managers cannot decide what to invest in/what people to hire after the fact that s why manager work is risky and well-paid Conclusion: There is value in studying firm behavior to identify general principles, NOT to develop al list that is a blueprint for success (there is no such list) 13
14 Why do we adopt an Economics Perspective? Further problems: For every winner, there is a loser, often using the same approaches (Wal-Mart vs. KMart) Bewildering variety of successes and failures (strategies) Markets change: Time-traveling manager (U.S. Steel) from 1901 when firm was first whose annual sales exceeded $ 1 billion, today USX has to sell oil to stay in top 25 of U.S. firms Interpretation 1: Firm success and firm strategy is so complex that it is a matter of luck (lecture ends here) Interpretation 2: Firm succeeded because their chosen management strategies best allowed them to exploit profit opportunities that existed at the time or adapted to changing circumstances I (and you since I am the professor ) buy into interpretation 2 firm success can be understood by studying decision-making in terms of consistent principles of market economics and strategic action odds for success increase when managers apply these principles to the conditions and opportunities they face. What are these consistent principles? 14
15 Why do we adopt an Economics Perspective? Principles concern the big issues a firm faces: Boundaries of the firm: What should the firm do? How large should it be? What business should the firm be in? Market and competitive analysis: Nature of markets in which firm competes? What Competitive interactions prevail in those markets? Position and dynamics: How should the firm position itself to compete, what should be The basis of its competitive advantage, and how should it adjust over time? Internal organization: How should the firm organize its structure and systems internally? 15
16 Why do we adopt an Economics Perspective? Boundaries of the firm: Boundaries define what the firm does in three dimensions: Horizontal: how much if its product market does firm serve (size)? Vertical: what does the firm do itself, what is purchased from specialty firms? Corporate: what is the set of distinct businesses the firm competes in? Examples: Boston Consulting Group 1960s Learning curve & market growth addresses horizontal boundaries Planning tools like growth-share-matrices (BCG-matrix) address corporate boundaries Virtual corporations (Amazon) address vertical boundaries 16
17 Why do we adopt an Economics Perspective? Market and competitive analysis: Role of industry structure: M. Porter (1980) in Competitive Strategy : Performance across industries is not a matter of chance or accident! Examples: Even mediocre firms in the pharmaceutical industry have (by economy wide standards) impressive profitability performance Even top performing airlines achieve low profitability in the best of times Why is that? 17
18 Why do we adopt an Economics Perspective? Position and dynamics: Position (static): Is the firm (at a given point in time) competing as a cost leader or using a differentiation strategy? What resources and capabilities are in place? Dynamics: How does the firm accumulate resources and capabilities over time? How does the firm (over time) adjust to changing circumstances? (J. Schumpeter: the impulse of alluring profit & creative destruction ) Examples: Think up some of your own (position and dynamics) and fill them in! (Boeing vs. Airbus?, Pharmaceuticals? Car Industry?) 18
19 Why do we adopt an Economics Perspective? Internal Organization: If concepts exist for boundaries, markets, position, (expected) dynamics, firms must decide what organizational structure is needed to implement concepts Examples: Direct monetary incentive and reward systems vs. intrinsic motivation? Resource allocation within the firm? (Internal capital markets) Divisional organization vs. centralized structures Flow and processing of information within organization (not IT!) 19
20 Economic Primer Economic Primer: ECONOMIC CONCEPTS FOR STRATEGY 20
21 Economic Primer: Economic Primer This chapter lays out the basic economic tools that will be used to develop the principles you will study in this course. The five main parts will be: Costs Demand, prices and revenues The theory of price and output determination by a profit-maximizing firm The theory of perfect competitive markets Game Theory Basic Equation: Profit = Revenue Costs 21
22 Economic Primer: Costs Costs Statement of Costs Presentation of costs most Managers are familiar with Information about what happened during the past year Essentially retrospective information But what if a firm needs to know how its total costs would change if it increased production above the previous year s level? 22
23 Economic Primer: Costs Total Cost Function Total cost function TC(Q) represents the relationship between a firm s total costs (TC), and the total amount of output (Q) it produces in a given time period. For each level of output the firm might produce, the graph associates a unique level of total cost Efficiency relationship between total cost and output (assuming that the firm produces in the most efficient manner possible, given its current technological capabilities) The only way to achieve more output is to use more factors of production (labor, machinery, materials) therefore the total cost function must slope upward 23
24 Economic Primer: Costs Fixed and Variable Costs Variable Costs direct labor commissions to salespeople Variable and Fixed Costs maintenance advertising and promotional costs Fixed Costs general and administrative expenses property taxes Semifixed Costs interval costs (cargo per truck) Casting moulds Fixed costs affected by other dimensions of the firm s operations Electric utility the costs to hook up houses to the local grid depend primarily on the numbers of subscribers to the system (not to the total amount of electricity sold) Whether costs are fixed or variable ultimately depends on the time period in which decisions regarding output are contemplated. 24
25 Economic Primer: Costs Average Cost Functions The average cost function AC(Q) describes how the firm s average or per-unit-of-output costs vary with the amount of output it produces: If total costs were directly proportional to output for example: or more generally: then average cost would be a constant. This is because: 25
26 Economic Primer: Costs Average Cost Functions Often, however, average cost will vary with output. Average cost may rise, fall, or remain constant as output goes up. When average cost decreases as output increases, there are economies of scale When average cost increases as output increases, there are diseconomies of scale When average cost remains unchanged with respect to output, we have constant returns to scale A production process may exhibit economies of scale over one range of output and diseconomies of scale over another. Output level Q is the smallest level of output at which economies of scale are exhausted and is thus known as the minimum efficient scale. 26
27 Economic Primer: Costs Marginal Cost Functions Marginal cost may be thought of as the incremental cost of producing exactly one more unit of output. When output is initially and changes by output level, marginal cost may be calculate as fallows: units and one knows the total cost at each Example: 27
28 Economic Primer: Costs Relationship Between Total Cost Function and Marginal Cost Marginal cost often depends on the total volume of output. The marginal cost function MC(Q) is based on the total cost function TC(Q). Because the total cost function becomes steeper as Q gets larger, the marginal cost curve must increase in output. Therefore, at higher levels of output, such as Q, a oneunit increase in output has a greater impact on total cost, and the corresponding marginal cost is higher. 28
29 Economic Primer: Costs Average and Marginal Cost Functions Businesses often use information about average cost to estimate the marginal cost of a change in output. But average cost is generally different from marginal cost. The exception is when total cost vary in direct proportion to output: Basically: When average cost is a decreasing function, marginal cost is less then average cost When average cost is an increasing function, marginal cost is greater than average cost When average cost neither increase nor decrease in output because it is either constant or at a minimum point marginal cost is equal to average cost. 29
30 Economic Primer: Costs Long-Run versus Short-Run Average Cost Functions The curves labeled,, are the short-run average cost functions associated with small, medium and large plants, respectively. For any level of output, the optimal plant size is the one with the lowest average cost. The long-run average cost function is the lower envelope of the short-run average cost functions. This curve shows the lowest attainable average cost for any output when the firm is free to adjust its plant size optimally. The long-run average cost function exhibits economies of scale. 30
31 Economic Primer: Costs Long-Run versus Short-Run Average Cost Functions Short-run average costs are the sum of average fixed costs (AFC) and average variable costs (AVC) : As the volume of output increases, average fixed costs become smaller, which tends to pull down SAC. Offsetting this is the fact that average variable costs rise with output, which pulls SAC upward. 31
32 Economic Primer: Costs Sunk versus Avoidable Costs Sunk costs are investment costs incurred before a certain activity takes place which cannot be recovered by the possible sale of the asset they produced. Highly specific investment (e.g. R&D) are usually sunk costs Sunk costs represent barriers to exit. A firm which has incurred high sunk costs will have difficulties in deciding to exit the market even if it sees good opportunities outside Therefore, when weighing the costs of a decision, the decision maker should ignore sunk costs and consider only avoidable costs A firm that is deciding whether to enter into a certain business will have to consider with a particular attention the sunk costs and the risk that during the operations period they might not be recovered. Sunk costs, in this perspective, represent barriers to entry In the case of an exporter, an example of sunk costs could be the costs of analyzing the market and of exploring opportunities and seeking commercial partners. 32
33 Economic Primer: Economic Costs and _Profitability Economic versus Accounting Costs Accounting costs, like statements of costs, are grounded in the principles of accrual accounting, which emphasize historical costs. But accounting statements are designed to serve an audience outside the firm, for example, lenders and equity investors. Business decisions require the measurement of economic costs, which are based on the concept of opportunity costs! This concept says that the economic cost of deploying resources in a particular activity is the value of the best foregone alternative use of those resources. Consider the resources that have been purchased with funds that stockholder provide to the firm. To attract these funds, the firm must offer the stockholders a return on their investment that is 33
34 Economic Primer: Economic Costs and _Profitability Economic versus Accounting Costs Consider the resources that have been purchased with funds that stockholder provide to the firm. To attract these funds, the firm must offer the stockholders a return on their investment that is at least as large as the return that they could have received from investing in activity of comparable risk. Example: Firm s asset (could have been liquidated) : $100 million By tying their funds up in the firm, investors lose the opportunity to invest in an activity providing an 8 percent return. Because of wear and tear of plant and equipment, the value of the assets decline by 1 percent over the year. The annualized cost of the firm s assets is then: ( ) x $100 million = $9 million per year 34
35 Economic Primer: Economic Costs and _Profitability Economic Profit versus Accounting Profit Accounting Profit = Sales Revenue Accounting Cost Economic Profit = Sales Revenue Economic Cost = Accounting Profit (Economic Cost Accounting Cost) Example: Consider a small software development firm that is owner operated. Revenue of Incurred expenses on supplies and hired labor of Owners best outside employment opportunity - a salary of Accounting Profit: = Economic Profit: = The Software business destroyed of the owner s wealth. 35
36 Economic Primer: Economic Costs and _Profitability Economic Profit and Net Present Value Economic Profit is closely related to the concept of net present value from finance. Example: Consider a firm that contemplates constructing a plant with capacity to produce 100,000 units per year: Production expenses (when producing at capacity) are $5 per unit of output Market price is $25 per unit Cost of building the plant is $15 million Infinity long live (i.e., it does not depreciate) Cost of capital is 10 percent This rate reflects what the firm s investors could make from alternative investments and thus reflects the appropriate opportunity cost for evaluating the investment in the plant. 36
37 Economic Primer: Economic Costs and _Profitability Economic Profit and Net Present Value Should the firm build the plant? Economic Profit Total Revenue: Total production cost (accounting cost): Annualized opportunity cost: $2.5 million per year $500,00 per year $15 million x 0,1 = $1,5 million Economic Profit: 2.5 0,5 1.5 = $0.5 million per year Since the investment in the plant is expected to yield a positive economic profit year after year, the firm should build it. 37
38 Economic Primer: Economic Costs and _Profitability Economic Profit and Net Present Value Net Present Value (NPV) The Present value of a cash flow C received in t years at an interest rate i is equal to the amount of money that must be invested today at the interest rate i, so that in t years the principal plus interest equals C: The present value of a stream of cash flow received over a period of years is the sum of the present value of the individual sums: Which can be written more compactly: 38
39 Economic Primer: Economic Costs and _Profitability Economic Profit and Net Present Value Net Present Value (NPV) The net present value of an investment is simply the present value of the cash flows the investment generates minus the cost of the investment: The term in the summation is the present value of perpetuity. A perpetuity is a level cash flow received each year forever. The present value of a perpetuity is equal to the cash flow divided by the interest rate, C/i. With this formula, we can rewrite NPV as: Since the net present value is positive, the firm should undertake it. Note that the calculation NPV and economic profit are similar (What is exact relation?) 39
40 Economic Primer: Demand and Revenues Demand Curve The Demand function describes the relationship between the quantity of product that the firm is able to sell and all the variables that influence that quantity. Of special interest is the relationship between quantity and price. The demand curve is generally downward sloping: The lower the price, the greater the quantity demanded This relationship is called the law of demand The law of demand may not hold if high prices confer prestige or enhance a product s Image or if price signals quality. 40
41 Economic Primer: Demand and Revenues The Price Elasticity of Demand The price elasticity of demand η is the percentage change In quantity brought about by a 1 percent change in price: Thus over the range of price between $5,00 and $5,75, quantity demanded falls at a rate 1.33 percent for every 1 percent increase in price. If η is less then 1, we say that the demand is inelastic D A If η is greater then 1, we say that the demand is elastic D B 41
42 Economic Primer: Demand and Revenues High price sensitivity: - standardized products (airfare, movie tickets, paper for printers) - durable consumer goods (cars, major appliances) - price of inputs for sensitive end products (gold jewelry, crude oil gasoline) Low price sensitivity: - information-intensive products, products with spot demand (legal/tax services) (search goods vs. experience goods vs. credence goods) - Goods subject to Moral Hazard (Health Insurance, Subsidies) - Goods with high switching costs - Goods with commitment effects (DVD, Blu-Ray and relevant disks) 42
43 Economic Primer: Demand and Revenues Brand-Level versus Industry-Level Elasticities Just because the demand for a product is inelastic, the demand facing each seller of that product doesn t have to be inelastic, too. Example: Demand for Cigarettes well below one General increase in price only modestly affect overall cigarette demand Only one brand increases prices demand for that brand would probably drop substantially because consumers would switch to the now lower priced brands. Brand-Level elasticities are higher than industry-level elasticities because consumers can purchase other brands when only one brand raises its price. 43
44 Economic Primer: Demand and Revenues Total Revenue and Marginal Revenue Functions A firm s total revenue function, denoted by TR (Q), indicates how the firm s sales revenues vary as a function of how much product it sells: A firm s marginal revenue MR(Q) is analogous to its marginal cost. It seems plausible, that total revenue would go up as the firm sells more output, and thus MR would always be positive. But with a downward sloping demand curve, this is not necessarily true. 44
45 Economic Primer: Demand and Revenues Total Revenue and Marginal Revenue Functions To sell more, the firm must lower its price. Thus, while it generates revenue on the extra units of output it sells at the lower price, it loses revenue on all the units it would have sold at the higher price. In general, whether marginal revenue is positive or negative depends on the price elasticity of demand: When demand is elastic, so that η > 1, it follows that MR > 0. In this case, the increase in output brought about by a reduction in price will raise total sales revenues. When demand is inelastic, so that η < 1, it follows that MR < 0. Here, the increase in output brought about by a reduction in price will lower total sales revenue. 45
46 Economic Primer: _Pricing and Output Decisions Pricing and Output Decisions The theory of the firm assumes that the firm ultimate objective is to make as large profit as possible. But how is the optimal output determined? Change in Total Revenue Change in Total Cost Change in Total Profit If MR > MC, the firm can increase profit by selling more (QΔ > 0), and to do so, it should lower its price. If MR < MC, the firm can increase profit by selling less (QΔ < 0), and to do so, it should raise its price. If MR = MC, the firm cannot increase profits either by increasing or decreasing output. It follows that output and price must be at their optimal level 46
47 Economic Primer: _Pricing and Output Decisions Pricing and Output Decisions An alternative way of thinking about these principles is to express MR in terms of the price elasticity of demand. Then the term MR = MC can be written as: Total variable costs are supposed to be directly proportional to output, so that MC = c. The percentage contribution margin PCM on additional units sold is the ratio of profit per unit to revenue per unit, or PCM = (P-c) / P. Algebra establishes that: A firm should lower its price whenever the price elasticity of demand exceeds the reciprocal of the PCM on the additional units it would sell by lowering its price. A firm should raise its price when the price elasticity of demand is less than the PCM of the units it would not sell by raising its price 47
48 Economic Primer: _Pricing and Output Decisions Pricing and Output Decisions Example: P = $10 c = $5 PCM = 0.50 The firm can increase profits by lowering its price if its price elasticity of demand η exceeds 1/0.5 = 2. P = $10 c = $8 PCM = 0.20 In this case, the firm should cut its price if η > 5 The lower a firm s PCM (e.g., because its marginal cost is high), the greater its price elasticity of demand must be for a price-cutting strategy to raise profits. 48
49 Economic Primer: Perfect Competition Perfect Competition A special case of the theory of the firm is the theory of perfect competition: An industry with many firms producing identical products (consumers choose among firms solely on the basis of price) Firms can enter or exit the industry at will Because firms in a perfectly competitive industry produce the same identical products, each firm must charge the same price. The firm takes the market price as given and thus faces a horizontal demand curve at the market price. This horizontal line also represents the firm s marginal revenue curve MR. 49
50 Economic Primer: Perfect Competition Perfect Competition A single firm s supply curve is shown in the graph on the left. The industry s supply curve SS is shown in the graph on the right. These graphs an industry of 1,000 identical firms. Thus, at any price the industry supply is 1,000 times the amount that a single firm would supply. 50
51 Economic Primer: Perfect Competition Perfect Competition Complemented by the demand curve: At the price P*, each firm is producing its optimal amount of output q* The quantity demanded equals the quantity Q* supplied by all firms in the industry Each firm is earning a positive profit because at q*, the price P* exceeds cost AC(q*), resulting in a profit on every unit sold New firms would thus like to enter this industry. 51
52 Economic Primer: Perfect Competition Perfect Competition At price P*, new entrants are attracted to the industry. As they come in, the industry s supply curve shifts to the right, resulting in a reduction in market price Entry ceases to occur when firms are earning zero economic profit (price equals average cost) Firms are choosing the optimal output and earning zero economic profit when they produce at the point at which market price equals both marginal cost and average cost (also at minimum efficient scale). 52
53 Economic Primer: Perfect Competition Perfect Competition When Demand falls, the demand curve shifts from D 0 to D 1, and price would initially fall to P. Firms would earn less than they could earn elsewhere and would eventually begin to leave the industry As this happens, the supply curve shifts to the left from SS to SS 1 The industry shakeout ends when price is again P** (Implications of zero profit) 53
54 Economic Primer: Game Theory Game Theory The perfect competitive firm faces many competitors, but in making its output decisions it does not consider the likely reactions of its rivals. This is because the decisions of any single firm have a negligible impact on market prices. The key strategic challenge of a perfectly competitive firm is to anticipate the future path of prices in the industry and maximize against it. But in many strategic situations there are only a few players: Power Supply Pharmaceutical Industry In such cases, the firm has to get inside the minds of its competitors. Game theory is most valuable in precisely such contexts. It is the branch of economics concerned with the analysis of optimal decision making when all decision makers are presumed to be rational, and each is attempting to anticipate the actions and reactions of its competitors. 54
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Auto parts firm closing Indiana plant
There are 84 comments on the The Indianapolis Star story from Jul 25, 2007, titled Auto parts firm closing Indiana plant. In it, The Indianapolis Star reports that:Intec, a manufacturer of automotive components, announced Monday it will be closing its flagship Morocco facility by year's end.
Join the discussion below, or Read more at The Indianapolis Star.
#1 Jul 25, 2007
Globalization at it's finest...
#2 Jul 25, 2007
Another auto manufacturing facility moving overseas,,, imagine that. Why keep jobs here in the US when they can pay people in China a dollar an hour. It'll still be cheaper to ship the stuff back. The days of big money in the automotive manufacturing industry are LONG gone. It's all about the almighty dollar, not jobs for Americans.
#3 Jul 25, 2007
I just wish employers could be competitive even though they hire Hoosiers.
#5 Jul 25, 2007
I understand the global economy. I understand it's cheaper to manufacture things in Mexico and China and then make a hefty profit selling them at market prices in the US. But how much longer is it going to be before these companies realize that unless people in the US have good paying jobs - like the ones you are moving overseas - then they won't be able to afford to buy your products? At some point, what's good for America has got to trump the "what's good for me" attitude - or there will be no America.
"We're all Bozos on this bus"
Since: Jan 07
#6 Jul 25, 2007
"We need to be close to our customers and as they move to China, so we are moving too."
If your customers jumped off a cliff, would you jump too?
United States
#7 Jul 25, 2007
Did they just get a 300% raise???
#8 Jul 25, 2007
Another NAFTA thanks!!!!
#9 Jul 25, 2007
Someone ... tell me again how Mitch is bringing jobs to Indiana. One plant opens -- two plants close.
#10 Jul 25, 2007
Are Intec and Delphi going to sell their products in China? Not enough to amount to anything in the short run, I'm sure. When will our elected officials wake up and realize that it is destructive public policy to allow manufacturing technology to be transferred to any location outside of the U.S., let alone China. When we are militarily confronted by The People's Republic of China, and we will be, we will be easily defeated because they will be our sole supplier for military parts. This is not about global markets. Chinese workers cannot afford to purchase the consumer goods they make. China is not a significant market on a per capita basis nor are India and Mexico for that matter. The argument that American workers must compete globally is propaganda intended to facilitate the transfer of wealth from the middle class to the elite. They are systematically turning the United States into a third world country. In my opinion, what Mr. Pearlman and his ilk are doing borders on treason. But what do they care what I think? The fat cats are laughing all the way to the bank even as they declare bankruptcy in order to avoid living up to the obligation to fund the pensions of their zAmerican workers.
#12 Jul 25, 2007
Can't blame all this on Mitch? If so, you have been living in a cave for the last 30 years. The downfall of the American auto industry has been going on since at least the 1970s.
#13 Jul 25, 2007
This i a high tech market now so we need to go school lenny.
#14 Jul 25, 2007
If the company moves out of the US, does that mean, like so many other companies that do this, they don't have to pay US taxes? When China is in the middle of a 'safety' crisis with food and other products, these moves are also taking place not only for the low wages, but for the lack of laws in China to ensure a product made safely, in a safe environment for the employee as well. This from a country who sees fit to kill their death row inmates on what appears to be a human organs for sale business.
#15 Jul 25, 2007
These plants were going to close no matter who sits in the Governor's office. A governor of a lil' ole state like Indiana can't make China's labor costs increase by 1000% overnight! Mitch's main goal has to be bringing in new opportunities, not putting band-aids on the cracked Hoover Dam of old-economy manufacturing jobs that are DOOMED to move out of this country. The sooner the unions and small town governments realize this, the sooner we can move on to the next market sector that can still exist in a high-cost labor market.
United States
#16 Jul 25, 2007
I wonder how long America will survive with its service-based economy? Since our leaders have allowed our manufacturing base to leave the US, we no longer produce things that generate income from abroad. Now, all we have are Subway shops and Starbucks employing our people.
Our economy is living on borrowed time.
#17 Jul 25, 2007
This has nothing to do with NAFTA.
#18 Jul 25, 2007
Look, as a business you do what you have to do to ensure survival of your business or maintain value for your shareholders. I don't blame any business for that.
It's not just manufacturing that faces these challenges. If any American thinks their job is safe from foreign competition, think again. Stay on top of things and prepare accordingly. Manage your future. You are not helpless.
#20 Jul 25, 2007
Now your thinking like a socialist.
This is a good example of the free enterprise system at work. It's supposed to encourage competition to keep prices down but it does nothing for the common laborer.
United States
#21 Jul 25, 2007
1. sky rocketing health care costs
2. lawsuits left and right
3. false workmans comp claims
4. 35-40% corporate income tax
5. Worthless EPA regualtions that do nothing for the environment, but cost buiness millions.
6. Wrothless OHSA regulations that cost businesses millions but don't make workers safer.
7. Rising energy prices because of short supply.
8. Unrealistic union demands.
And you wonder why they are moving to China.
Moving to China only cuts costs by about 25-30% because of other factors besides labor. Those problems above easily add that much to labor costs.
Cut regulations and taxes and this stuff will be reduced.
#22 Jul 25, 2007
Please be sure to take some English lessons while you're there.
#23 Jul 25, 2007
If that's true, how can Honda and Toyota afford to move their manufacturing plants to Indiana?
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"I didn't really know too much about them, but after I got the offer, I was watching their highlights and I like the defense, they're real up-tempo, and that's how I like to play," he said.
Howard is just getting started with his recruitment, but the 5-foot-10, 170-pound standout said coaches like his aggressive style.
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Oviedo (Fla.) has stared off the season 3-0 and Howard is enjoying the team's success so far.
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We've helped our client, Wall Street Systems, with their exhibition stands for a number of years now. Everything from design, project management and on-site build is taken care of for their attendance at a range of worldwide financial exhibitions. So much so, that the next few months are known to the Escapees involved as 'Wall Street Season'.
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As last years' stand worked so well, we used the same design and configuration this time around, and refurbished the stand we'd built (and kept in storage for them), to ensure it still looked tip-top. After a 'polish-up', we transported all the individual stand elements over, including the wall and canopy panels, glass meeting room walls, reception desk and demo pods, ready to piece it all together to create the finished masterpiece on-site.
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The stand itself had a solid canopy which was very much brand led, using light to create colour differentiation and ambience. The high level branding definitely made Wall Street stand 'head and shoulders' above the rest in the crowded exhibition hall.
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Maharashtra declares drought in 14,708 villages
The Maharashtra government has declared a "drought-like condition" in 14,708 of the state's 43,000 villages. This means the drought covers 34% of the state.
This is the second successive year of drought in Maharashtra. In fact, the state has experienced three such calamities in the last four years. The region of Marathwada has been worst-hit, with a drought-like condition declared in every single village. As many as 8,522 villages in the region have been impacted. This accounts for 58% of the drought area in the state.
North Maharashtra, which includes Nashik and Jalgaon districts, follows next with 4,869 villages impacted. This accounts for 33% of the drought area. The region of Konkan has been spared, with not a single village affected by the calamity. The Konkan region experienced a plentiful monsoon this year.
While Vidarbha reports the highest farmer suicides in the state, cases have been spiralling in Marathwada too which earlier faced a drought in 2012 and 2014. Crops had also been destroyed in the region which had been ravaged by hailstorms in 2013.
The state can declare a drought-like condition only after an assessment of crop yield. Villages where the harvest is less than half the average yield come under this category.
The government has announced a series of measures for drought-affected farmers, including the waiver of land revenue and school fees for their children and a 33% waiver in the bill amount of agricultural pumps. The government has also said it will provide water tankers in scarcity-prone villages and take steps not to disconnect agricultural pumps. So far, Rs 920 crore has been provided for drought relief, of which Rs 556 crore has come from the Centre. Another Rs 556 crore is expected from the government.


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Great way to vacation
Sail Date: October 06, 2014
Reviewed: 2 years ago
Traveled As: Singles/Friends
Room Type: Suite
Our 'gal' foursome takes an annual trip together. Cruising was a first time experience for three of us.
We booked an owners suite & it was wonderful. Great concierge, butler & steward.
I had cruised before so I knew that if we took this trip; the other three would be hooked!
We have already booked a 7 day cruise in an Owners Suite (no other way to go now) for next
Category Ratings
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|Ship Quality
|Altho I had read that the Sky was wearing I thought she was in good condition.
|Food and Dining
|We had purchased the UDP & ate in the specialty restaurants every nite.
|Service and Staff
|Loved our Le Bistro waiter Garry (with two R's) He's the reason we ate there twice.
|We only had time to see one show. And it was entertaining.
|Children's Programs
|Onboard Activities
|Casino & shopping.....satisfied us all.
|Destinations and Excursions
|Two of the traveller did an NCL excursion. Dolphin encounter & said it was the thrill of a lifetime.
|Cabin / Stateroom
|LOVED this room. Lots of cupboard space. When you're travelling with 3 other women; it's all about the closet space!
Port Ratings
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|Miami, Florida
|We spent precruise nite @The Best Western Marina. Bar was great, rooms were not
|Freeport, Grand Bahama Island
|Shared a van to the Lucayan Resort. Had lunch, shopped & back to the ship.
|Nassau, Bahamas
|Did a day pass at British Colonial Hilton Hotel. Walked from the shio. Great place.
|Great Stirrup Cay (Cruiseline Private Island), Bahamas
|Small cabana...drinks....food...swimming. Couldn't have asked for better
Disembarkation. I know that they now allow walk off with your luggage. What a zoo...so many
people trying to get into elevators with huge pieces of luggage. Do yourself a favour & let NCL handle the luggage.


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22 April 2010,
London, South Kensington
Price realised GBP 1,250
Estimate GBP 600 - GBP 800
BIANCANI, Giuseppi (1566-1624). Sphaera mundi seu cosmographia demonstrativa, ac facili methodo tradita: in qua totius mundi fabrica, una cum novis, Tychonis, Kepleri, Galilaei, aliorumque astronomorum adinventis continentur. Constructio instrumenti ad horologia solaria describenda per opportuni. Modena: Giuliano Cassiani, 1635. Two parts in one volume, 2° (288 x 205mm). Woodcut device on titles, initials, head- and tailpieces, diagrams, 3 plates (2 folding), folding table. (Lacking last leaf of second part, possibly errata leaf.) Contemporary speckled calf (rubbed, upper joint cracked at tail of spine). Provenance: Earls of Macclesfield (bookplate and blindstamp, sale Sotheby's, 10 June 2004, lot 350).
Third edition of Biancani's treatise on the shape of the earth and structure of the cosmos, and includes the FIRST EDITION OF HIS WORK ON SUNDIALS. Biancani, a Jesuit, adhered to the traditional Ptolemaic model of the universe and rejected the movement of the earth. This copy lacks the inserted illustrated leaves called for by Cinti between A3 and A4 and between A6 and B1 of the second part, but includes an illustrated leaf, unmentioned by Cinti, between K2 and K3 of the first part. Carlo-Favaro 31 (146); Cinti 194 (95); Houzeau-Lancaster 11443 (second part only); Riccardi I 127.
New York +1 212 636 2000
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James Hyslop
+44 (0)20 7752 3205
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+44 (0)20 7752 3291
Special Notice
No VAT will be charged on the hammer price, but VAT at 17.5% will be added to the buyer's premium, which is invoiced on a VAT inclusive basis.
Pre-Lot Text
Atlases & Globes
(lots 59-101)


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Richard is an excellent Action International Coach. If you want someone to make sure you know where you are going and to keep you on track to make sure you get there, then Richard's your man.
- Mr Nik Plevan (3/29/08)
Peer Assessment:13
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richard norris
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Not able to sleep
I have done night shifts for continuous 8 years and now I am not able to sleep at night without a sleeping pill. Please advise if there is any solution.
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Hi It could be due to altered sleep awake cycle for long duration.... Taper medication ( sleeping pills ) slowly and finally stop it.... Sudden and abrupt stoppage will not help... Engage yourself in busy work entire day... Avoid sleeping day time ... It will help you...
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Protecting your accounts is a top priority for Navy Federal. Whether you bank on your mobile* device or online, your personal data could be vulnerable to identity theft and other attacks. Using state-of-the-art fraud prevention systems, our dedicated staff constantly monitors your accounts for suspicious activity.
Here are some tips for creating strong sign-in credentials:
We work around the clock monitoring your account for fraudulent activity. Learn what it takes to protect yourself from becoming a victim and what to do if your accounts are ever compromised.
Read More »
Scammers will try to get you to share your personal information through email, telephone, text and even social media attacks. Report any suspicious messages you receive to firstname.lastname@example.com.
Read More »
Cyber security attacks can take many forms and utilize all web-capable devices to access and compromise your personal data. Arm yourself against the
threat and immediately report questionable activity.
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We want our members to know they're secure, no matter which ATM they use. Learn how we protect our members and what
more you can do to ensure you're protected.
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You might notice a strange transaction on your card statement, or you received medical bills for a doctor you never visited. If you suspect you're a victim of identity theft, find out how to report the incident, and we'll help you prevent any further damage. Read More »
How you can protect yourself and your finances from dishonest ticket-selling practices.Learn More »
Safeguard your identity with special discounts on Equifax products and services.


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Elections, Politics, Videos
Republican Senate Candidate Ted Cruz, a Strong New Conservative Voice from Texas
I'd heard of Ted Cruz, and I'd seen endorsements for him, but until he appeared today (August 5) on Fox News Sunday, I'd never heard him speak. Cruz, of course, is the candidate that stunned the GOP establishment by coming from the very back of field to win a Texas runoff election for the Republican nomination for US Senator.
Chris Wallace's 10-minute interview with Cruz shows that another strong Conservative voice will be added to the Senate in 2013. Democrats and big-government/big-spending Republicans will soon be hearing more from Cruz.
Especially encouraging is Cruz' description of how he won the nomination. As much as Obama, Pelosi, Reid, Axelrod, and Plouffe might wish it to be so, grassroots and Tea Party activism is far from "dead."
See also the 3-minute video below where veteran pundits Charles Krauthammer, Byron York, and Juan Williams comment on the Cruz victory.


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Photoactive Concrete Pavilion To Scrub Smog From Milan's Air
The Italian Pavilion will act like a giant sponge that absorbs pollution and cleans up the city's air.
We've heard of biodegradable buildings, a building that blends into the sky and even ones that fly but what about a one that soaks up smog? At next year's Milan Expo you can expect to see just that in the form of a 13,000 square-meter building that will act as an air purifier for the city.
Milan Expo 2015 is based on the theme of 'Feeding the Planet, Energy for Life' and, as the first prize winner, the Italian Pavilion is being constructed especially for the event. It will play an important role in the exposition's aim to educate people on the planet's precious resources and the dwindling food supply.
Designed by Milan-based architects Nemesi & Partners, the Italian Pavilion will be made with photocatalytic concrete which absorbs air pollutants and turns them into inert salts. Taking its sustainability even further, the building's mortar will be made of 80% recycled materials and it will also feature a canopy of solar panels to generate power during the day.
The building not only tackles nitric and nitrogen oxides in the same way as a forest, it's shaped like one too. Visitors will be invited to walk from the ground-level roots to the upper foliage on the fourth floor of the building. The Expo's 20 million expected visitors will have the chance to journey through the pavilion's exhibition, taking in stunning views of the city from its branches.
Nemesi & Partners worked with engineers Proger and BMS Progetti as well as Sapienza University of Rome professor Livio de Santoli to create this ambitious design. The collaboration is reflected by the building's stunning credentials from both an aesthetic and a scientific point of view.
The Italian Pavilion is the latest in a series of exciting initiatives in sustainable architecture that we've been following at PSFK. These include an energy-saving skyscraper that controls the climate within, an underground park lit by sunlight and swappable capsule homes. These all point towards a future in which, instead of damaging their surroundings and wasting resources, buildings can be zero impact and even benefit the environment.
The Italian Pavilion is set to be a permanent fixture in Milan, after the Expo it will be the city's center for technological innovation.
You can find out more about the future of nature-inspired architecture here.
[h/t] Co.Exist


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Fabuluous Time
Sail Date: November 02, 2014
Reviewed: 2 years ago
Traveled As: Singles/Friends
Room Type: Inside
I cruise so I can get together with friends I would otherwise not have a chance to visit. The staff, the ship overall, and my room were outstanding in every way. The food was very good as were the cocktails! We all thoroughly enjoyed a show each night ---excellent. It is amazing to me how pleasant, efficient, and professional the staff is in any situation in which I found them. I hope that Royal Carribbean recognizes every staff's contribution and understands it is the "Staff" that is their bread and butter so to speak. Thank you for a wonderful, fun filled and relaxing week.
Category Ratings
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|Ship Quality
|Food and Dining
|Service and Staff
|Cabin / Stateroom
So glad to see that Royal Caribbean is embracing people taking their luggage on and off the ship themselves. Their program is expanding.


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Navman Wireless leads the industry with vehicle tracking solutions.
The system that operates nation wide and tracks vehicles using satellite tracking to locate the vehicle. The solution is backed up with internationally proven enhancements developed to enable efficient operation of your business.
The Navman Wireless system utilises the GPS system to provide a consistent update on the vehicle location and speed.
This information is then transferred to the Navman Wireless server database via the mobile telephone network. In Australia this is the Telstra network.
The system can be run completely hands off with reports delivered to your email account
Or you can monitor, communicate and dispatch task and locations with all your fleet on a minute by minute basis.
The Navman Wireless system is deployed across all industry segments.
gotjagps as a dealer and Navman Wireless together have clients in these sectors and welcomes the opportunity to discuss your needs further.
Example of industry segments and facilities deployed are:
- Health and community services.
- service dispatch, communication and navigation, service delivery tracking and reporting, health worker safety
- Environment, waste management, hard waste pickup
- route planning, route verification, pickup verification, bin lift verifications, OH&S, man down alerts, truck tracking, time sheet reporting.
- Bus and Coach lines
- bus tracking, time schedule check, rout plotting, charter bus confirmation, charter bus routing, time sheeting
- General Transport
- logistics tracking, freight delivery, truck tracking, OH&S, man down alerts, bulk materials and grain delivery management, near rollover alerts, engine management, IAP
- Crane trucks,
- logistics, truck tracking and location, invoicing on time and travel, idle time billing, job dispatch, OH&S , Man down alerts, time sheet reporting.
- Secured transport services
- real time vehicle tracking and communications
- Telecommunication services
- service callouts, fault location identification, vehicle and service man location, job allocations, OH&S, man down alerts
- Industrial services e.g. sand blasting
- service callouts, time on job tracking, OH&S, time sheet reporting, vehicle usage, service dispatch.
- Land care, Landscaping, garden suppliers and agricultural services
- job dispatch, material dispatch and tracking delivery, staff location, job location.
- Plumbing, electrical, air conditioning.
- service callouts, time and materials tracking and accounting, service rosters verification and reporting.
- Sales, sale staff, promotional staff, sales representatives, sales consultants
- salesperson performance monitoring, sales enquiry tracking, sales leads dispatch.
- Security services
- security vehicle locations, man down alerts, security alerts. OH&S, security roster verification and reporting.
- Earth moving civil contractors
- tracking earth moving machinery, managing bobcat security, managing excavator security. Managing unauthorised access and after hours movement or theft. Time sheet reporting, engine and plant efficiency reporting and tracking, tracking and locating road profilers and pavers, float management, job dispatch, pick and delivery dispatch, float navigation, hands free communication, man down alerts, OHS management
Give Neil or his staff at gotjagps a call and we can pass by and provide an active demonstration on how the system works with valuable references to our growing client base.


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|Message view
|« Date » · « Thread »
|« Date » · « Thread »
|Christopher Schultz <ch...@christopherschultz.net>
|Re: Interrupting tomcat threads.
|Thu, 19 Jul 2007 21:09:41 GMT
-----BEGIN PGP SIGNED MESSAGE----- Hash: SHA1 Kief, keif wrote: > I'd like to find a way to stop the first request from processing when a > second one is recieved. So the first request comes in and the container > starts a thread to process it. Then the second request comes in and before > it is processed, I want it to cancel processing the first request. For the record, I think this is a terrible idea. Why would you want to stop an existing thread when a new one comes in? (I assume you mean that you want to cancel an already-running thread /for a given user/ if a second one comes in). > Can this be accomplished by interrupting threads? Should I spawn new threads > for such processing and manage them instead of working with threads given by > the container? I think you can do this (but I still don't understand why you'd want to). You could do something like this: 1. Writer a filter that stores the currently-running thread into the user's session, then chains to the next filter, then removes the thread from the session. (Remember to watch exception handling AND check to make sure that it's the same thread you stored before you remove it!) 2. Modify the filter in #1 to check for an existing thread in the session. If such a thread exists, grab it, interrupt() it, and then proceed to store/chain/remove the thread. A few notes: 1. If you are running Tomcat under a SecurityManager (or maybe even if you're not!), you might not be able to call interrupt() on another thread. Beware! 2. Tomcat might misbehave if you call interrupt() on a request processing thread. Beware! 3. It might be perfectly reasonable for two threads to be executing at once on behalf of a legitimate client. For instance, the browser decides to launch two separate requests to request page components instead of using a single keep-alive connection. Or, you might have some AJAX thing going on while the main page is loading (or re-loading). In these cases, you're going to get all kinds of weird errors and your users will be unhappy. Again... why do you want to do this? - -chris -----BEGIN PGP SIGNATURE----- Version: GnuPG v1.4.7 (MingW32) Comment: Using GnuPG with Mozilla - http://enigmail.mozdev.org iD8DBQFGn9MV9CaO5/Lv0PARAh0JAJ9B2VtmQDhGtV5ZQj/PhefLhTZnvQCghh2z gXjGUHD6Ts3KJRcTjp46QJE= =D9HM -----END PGP SIGNATURE----- --------------------------------------------------------------------- To start a new topic, e-mail: email@example.com To unsubscribe, e-mail: email@example.com For additional commands, e-mail: email@example.com
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Lee Priest
Publication Statistics
- Publication period start
- 2006
- Publication period end
- 2010
- Number of co-authors
- 5
Number of publications with favourite co-authors
Productive Colleagues
Most productive colleagues in number of publications
Nayak, Laxman U. S., Priest, Lee, White, Allan P. (2010): An application of the technology acceptance model to the level of Internet usage by older . In Universal Access in the Information Society, 9 (4) pp. 367-374. http://www.springerlink.com/content/e864u90650606533/
Nayak, Laxman, Priest, Lee, Stuart-Hamilton, Ian, White, Allan (2006): Website design attributes for retrieving health information by older adults: an applicatio. In Universal Access in the Information Society, 5 (2) pp. 170-179. http://dx.doi.org/10.1007/s10209-006-0029-9


text: Houston used a bye week to get healthy before hosting Tulane - winless in American Athletic Conference action - on Saturday. The Cougars are focused on that task and not looking ahead to next week's showdown with Louisville, a matchup that has lost some luster after Houston lost two games in October.The Cougars rank 10th in the country in total defense (299.1 yards per game) but the Green Wave comes with a twist on the triple-option offense. Houston struggled to stop Navy's triple option - giving up 306 yards in a 46-40 loss - and Tulane runs the offense out of different looks. "Their offense is very unique," Houston coach Tom Herman said Monday. "It will be a great test for our defense. We don't need to change our defense completely ... but on every snap on defense we have to ensure that we have someone for the pitch and quarterback if they run triple option." Houston has won 13 straight at home while Green Wave haven't won a road conference game since a visit to Houston on Nov. 8, 2014.TV: 3:30 p.m. ET, CBS Sports Network. LINE: Houston -24ABOUT TULANE (3-6, 0-5 AAC): The Green Wave are third in the conference in total defense (360.7 yards) and tied for fifth nationally with 21 turnovers gained (12 fumbles, nine interceptions). Tulane's ground attack averages 251.6 yards and has tallied 20 touchdowns, led by Dontrell Hilliard's 80.4 yards and nine touchdowns and Josh Rounds' 63.4 yards and five scores. Terren Encalade (28 catches, 397 yards) has caught six of the eight TD passes thrown by quarterback Glen Cuiellette (885 yards, seven interceptions).ABOUT HOUSTON (7-2, 4-2): Greg Ward Jr. - who is 25-4 as Houston's starter - has 2,419 passing yards with 14 TDs and eight interceptions to go with a team-high 432 rushing yards and eight scores. Duke Catalon adds 361 rushing yards and two scores while Linell Bonner has caught 59 passes for 677 yards and two TDs. The Houston defense - ranked third nationally in rush defense (92.0) - forced four turnovers in its last game and has 14 takeaways.EXTRA POINTS1. Tulane is tied for 16th nationally in turnover margin (plus-7) despite losing five turnovers to Central Florida - including three returned for touchdowns - last week.2. Houston freshman DT Ed Oliver (team-high 51 tackles) is second in the AAC with 15 tackles for loss while Tulane senior LB Nico Marley (team-high 67 tackles) is tied for seventh with 9.5.3. Ward needs two rushing touchdowns to tie Bryce Beall's school record of 39 (2008-11).PREDICTION: Houston 42, Tulane 13


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RACE POSITIONS 0930 GMT: SKANDIA 7th, to north east of Cape Horn progressing up towards the Falkland Islands, and 499 miles behind Virbac. PRB extending out hour by hour, now with a 138 mile lead over BONDUELLE, and 228 over ECOVER, the leaders now touching the South East Trade Winds. TEMENOS now in to 4th ahead of VMI.
RACE UPDATE GOING IN TO 71st DAY
NICK SAILS IN TO THE ATLANTIC OCEAN, ALL CHANGE: After rounding Cape Horn, it took another day almost for Nick to start seeing the wind abating, and the seas changing their style…but there was in fact a very sudden moment at the end of yesterday when the seastate went from 'a boiling cauldron of water', to a longer surfable sea. It wasn't to last that long though, by late last night he had sailed in to an area of overfalls [short breaking waves created by a tidal current under the surface, and an uneven ocean bottom] to the north east of Statton Island. The extremely dangerous conditions for the boat forced Nick to wind the mainsail and boom in to the centre of the boat, even though the wind was from behind, 'just to try and avoid breaking it in the violent motion'. In a quick call to OC Mission Control, one could hear the water crashing on the deck every few seconds, not the regular wave pattern action. All change again this morning…upwind in not much of it…
The cumulation of fatigue starting to show, as Nick fell in to a deep 90 minute sleep this morning, and awoke to find the boat heading back towards the south! See conversation below…
WHAT IS COMING UP FOR NICK NEXT? The good south westerly flux has evaporated for now, but might come back in as Nick gains ground to the north west. The Falkland Islands are just 90 miles to his north, and he should see better breeze by midday.
TEMENOS OVERTAKES VMI TO TAKE 4TH PLACE as the two boats sail in sight of each other, and VMI struggles on without water ballast (due to his engine failure, which runs the pump that puts the water in the ballast tanks – VMI has ballast instead of a swing keel).
Having a shocker, I fell in to a deep sleep, woke up to find myself sailing south east as the wind had shifted…have tacked back straight away…an hour and a half, longest sleep I've had since the Cape Horn, and for a very long time before that [probably since the Cape of Good Hope]. But the cost was pretty high, sailing in the wrong direction for the whole of that period. Now doing only 6 knots, very light, very slow, I should get back in to the south westerlies as the low pressure system moves away. I can't believe I fell asleep…
Still very cold, absolutely freezing, after I just did this tack my hands were in pain…
Didn't get across those overfalls last night until about 2300…seemed like forever, so worried I was going to break something.
Can't complain, got flat water, had the longest sleep I've had in a long time and I'm heading north.
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