text:
Barron's 2013 Roundtable -- Part I (Jan. 21)
Barron's 2013 Roundtable -- Part II (Jan. 28)
Tables: 2012 Roundtable Report Card
2012 Midyear Roundtable Report Card
What does it say about the markets and the times when the world's top bond-fund manager names gold his No. 1 investment pick of 2013? We kid you not, though everyone at this year's Barron's Roundtable thought Bill Gross surely was joking -- until he delivered an impassioned and thoroughly convincing case for owning hard assets in an age when central banks are busily manipulating financial ones.
If you read Parts 1 and 2 of this year's Roundtable, you know that macro issues, including central bankers' unprecedented attempts to drive down interest rates to juice economic growth, weigh heavy on the minds of our nine market sages, who gathered in New York on Jan. 14 to give us their 2013 investment views. Extraordinary circumstances provoke colorful, controversial, and sometimes bracing commentary, and there is no dearth of all of the above in this year's final Roundtable issue.
Bill, founder and co-chief investment officer of bond behemoth Pimco, gets the ball rolling this week by explaining the currently lousy economics of bonds, compared with which, he argues, the underside of the mattress might make a better repository for your money. That said, he's recommending a handful of fixed-income funds that yield more than Treasuries without much risk, along with a play on gold.
Meryl Witmer, a general partner at New York's Eagle Capital, usually manages to ignore the economic and political scenery by burying herself in books -- typically, the books of companies with cheap shares, rich prospects, savvy managements, and copious cash flow. This year, she has found three names that make for excellent reading, including Tribune, fresh out of bankruptcy court.
Bill Gross (left), Meryl Witmer (center) and Fred Hickey (right) Brad Trent for Barron's
Fred Hickey, editor of the High-Tech Strategist, wraps up the issue, and the Roundtable, with his typically astute take on the tech sector's haves and have-nothings. He espies one bargain in the information-technology bin, plus some promising junior gold stocks, and an emerging-market play that picks up where China left off. For the details, please read on.
Barron's: Bill, what looks good this year?
Gross: At Pimco, we don't see a bear market for stocks or bonds in 2013. Stocks will do better than bonds, but neither will return what they have in the past. We're looking at maybe 5% returns from stocks and 3% from bonds, because we're in a 'new normal' economy that isn't growing at the 3% to 4% rate to which investors historically were accustomed. Low yields are also due to the artificial pricing of financial assets by central banks, which have been buying up bonds to drive down interest rates. How long do central-bank purchases of bonds continue?
That's our question.
Gross: Most of us would agree that if the Federal Reserve put an end to quantitative easing and allowed interest rates to rise, financial-asset values would be at risk. To reframe the question, how long will central banks continue to be the buyers of first and last resort? Fed officials have indicated they will continue buying assets until the economy is normalized. That objective might be unattainable, but it is likely the Fed and other central banks will continue to raise prices and lower yields artificially for at least several years, and maybe longer.
The Fed is buying 80% of the Treasury market today. It is remarkable to think that when the Treasury issues debt in the trillion-dollar-plus category, the Fed ends up buying most of it. The Treasury sells it to the banks and primary dealers, who sell it back to the Fed at a higher bid. This is a very different financial system from the free-market capitalism we've come to know. And it will continue until inflation exceeds the upper end of the central bank's target of 2.5% or, by some miracle, we get real economic growth.
What is an investor to do under these circumstances?
Gross: With yields so minimal, an investor is obliged to ask whether investing is worth the risk, given the possibility that the central bank misjudges the situation. Five-year Treasuries yield 78 basis points [a basis point is one-hundredth of a percentage point] now, and will yield 78 basis points a year from now. Ten-year Treasuries yield 1.9%, and will yield close to 1.9% a year from now. Investing with yields at these levels makes sense only if you think the Fed and other central banks will be on the same course a year from now. A good bond manager can probably get returns of 3% to 4% from investment-grade corporate bonds, but it is almost impossible to squeeze more juice from this orange. As Felix suggested this morning, when all this money-printing by central banks ends, it won't be pretty. But it probably won't end in 2013.
Bill Gross: "Bonds are artificially priced, but aside from long-term bonds, there don't appear to be the elements necessary to pop the bubble." Jennifer Altman for Barron's
Is a bubble forming in junk bonds?
Gross: All bonds have a bubbly aspect to them. If the economy grows by 2%, plus or minus, this year won't be Armageddon for junk bonds because there won't be a lot of defaults.
Hickey: In order to have a bubble, you usually need euphoria, and we don't have that. Instead, people feel forced into buying bonds at these levels. They aren't enthusiastic about it, but they need the yield, and that produces the same effect.
Zulauf: As Bill just explained, the Treasury yield is mispriced. Therefore, all other fixed-income assets are also mispriced. We are seeing tremendous fund flows into emerging-market bond funds. Although emerging markets have better fundamentals than developed markets, when markets get flooded by too much money, misallocation occurs, and problems begin. Emerging-market bond funds are 10 times as large as they were 10 years ago. At some point, this build-up is going to be a problem.
Gross: The public doesn't realize that when yields come down, prices go up, and when yields go up, prices go down.
Witmer: Do you really think they don't get it?
Gross: Yes. They don't understand this aspect of the bond market.
Cohen: There is another level of complexity to what Bill is talking about, which involves buying bonds through bond mutual funds. If someone owns an individual bond with a rising yield and a falling price and holds it to maturity, there is an opportunity cost, but they don't lose their capital. In a bond mutual fund, however, if someone sells when prices are down, the capital loss is locked in for the remaining mutual-fund shareholders.
Bill Gross' Picks
|SPDRGold Trust / GLD
|Pimco Total Return / BOND
|109.25 / 2.5%
|BlackRock Build America Bond
|Trust / BBN
|22.98 / 7.2
|Pimco Corporate&Income
|Opportunity / PTY
|20.22 / 12.5
|Source: Bloomberg
Some bubbles are just more recognizable than others.
Gross: At a certain level, a bubble is easy to spot in the bond market. Recently, yields on one-to-two-year German and Swiss bonds went negative because investors considered them havens. U.S. Treasuries have come close to having negative yields. When this happens, it is safer to put your money in a mattress than in a bond.
Zulauf: People don't understand what a terrific bull market we have had in bonds. Many institutional investors missed a great part of it because, from a certain level downward, they stopped participating. They didn't have the historical experience to believe that yields could go as low as they did. In Switzerland, when the 10-year government-bond yield fell to 3.5%, the whole pension-fund industry stopped buying bonds. Then yields fell over several years to 50 basis points. I stayed in the market, but sold all my bonds last summer.
Gross: Let me be clear. Bonds are artificially priced, but aside from long-term bonds, there don't appear to be the elements necessary to pop the bubble. That's because central banks are buying the majority of bonds, and the cash flow from the existing stock of bonds, when reinvested, as most is, is more than the supply of bonds. A supply/demand squeeze at near-zero interest rates is nearly inconceivable. Yet that is close to where we are now.
The manager of the world's largest bond fund explains to Barron's Online Editor Jack Otter why he likes inflation-protected securities as well as bonds from two nations south of the border.
Zulauf: And the Ponzi scheme continues until inflation becomes a problem.
Gross: That's right. Ultimately, that is what will cause investors at the margin to desert bonds. They will sell long-term bonds, but keep five-year Treasuries.
Bubbles burst when it becomes evident to people that they aren't making money, or something is wrong. It is a sentiment thing.
Hickey: It is psychological. No one can point to anything that occurred in March 2000 to pop the dot-com bubble. The psychology just turned overnight. One day -- we don't know what day or year -- the psychology changes. Investing in bonds now is like playing Russian roulette. The bullet is going to go off. It could be sooner than we think.
Gross: Actually, the public is down on the list of vigilantes.
There are no vigilantes. They all retired.
Gross: The two big holders of bonds are central banks and sovereign-excess-reserve countries. The Chinese and Japanese authorities, who have huge Treasury-bond holdings, might at some point become disenchanted with inflation, or the dollar, or U.S. fiscal or monetary policies. As bondholders, mom and pop and Goldman Sachs and Pimco have some influence, but are really at the behest of the big buyers. The big risk is that the Chinese would rather own something else. Investors can choose between artificially priced financial assets or real assets like oil and gold or, to be really safe, cash. The real risk to the financial markets is the marginal proclivity of investors to put their money in real assets, or under the mattress. Thus, my first recommendation is GLD -- the SPDR Gold Trust GLD -0.3300043421623969% SPDR Gold Trust U.S.: NYSE Arca 114.77 -0.38 -0.3300043421623969% /Date(1419026400221-0600)/ Volume (Delayed 15m) : 4477247 AFTER HOURS 114.75 -0.019999999999996 -0.017426156661148384% Volume (Delayed 15m) : 175086 P/E Ratio N/A Market Cap N/A Dividend Yield N/A Rev. per Employee N/A More quote details and news » exchange-traded fund. It has a fee, but it is an easy way for investors to buy a real asset.
Lots of things go into pricing gold, but real interest rates [adjusted for inflation] and expected inflation are two dominant considerations. Gold probably won't move much from current levels unless real rates decline more or inflationary expectations rise from the current 2.5% to 3%, or higher. That's what gets gold off the dime. It is a decent hedge. It doesn't earn anything, but not much else earns anything either.
Hickey: The GLD is great for larger investors, but the fee is 40 basis points. Smaller investors can choose the IAU [ iShares Gold Trust IAU -0.1725625539257981% iShares Gold Trust U.S.: NYSE Arca USD11.57 -0.02 -0.1725625539257981% /Date(1419026400158-0600)/ Volume (Delayed 15m) : 7309806 AFTER HOURS USD11.575 0.004999999999999 0.043215211754537596% Volume (Delayed 15m) : 3576 P/E Ratio 10.238938053097344 Market Cap 6204412500 Dividend Yield N/A Rev. per Employee N/A More quote details and news » ], which charges only 25 basis points. If you don't need huge liquidity, the IAU is a better play.
Gross: I'll defer to you, but I'm on record recommending the GLD.
Zulauf: It's a special sign of our times that the head of the leading bond fund picks gold as his first recommendation.
Gross: All central banks are trying to reflate their economies. If they are successful, gold is an inflationary hedge and bonds, at least long-term bonds, aren't.
Next, I'm recommending three bond exchange-traded funds to be used as bond substitutes. Future returns will be only 3% to 4% in my first recommendation, but that is better than cash, and will help you escape a potential bear market. My first pick is Pimco Total Return BOND 0.2857669616519174% PIMCO Total Return Active ETF U.S.: NYSE Arca 108.79 0.31 0.2857669616519174% /Date(1419026400321-0600)/ Volume (Delayed 15m) : 113995 AFTER HOURS 108.79 % Volume (Delayed 15m) : 45 P/E Ratio N/A Market Cap N/A Dividend Yield 12.354076661457855% Rev. per Employee N/A More quote details and news » [BOND], our new ETF. It trounced the competition by 800 basis points in its first 10 months. I manage it on a daily basis. BOND is a $4 billion ETF launched last February. It has been a huge success story, matched only by the launch of the QQQ [ PowerShares QQQ QQQ 0.4398189579965722% PowerShares QQQ Trust Series 1 U.S.: Nasdaq 104.32 0.45681 0.4398189579965722% /Date(1419026400069-0600)/ Volume (Delayed 15m) : 49763283 AFTER HOURS 104.17 -0.149999999999991 -0.1437883435582822% Volume (Delayed 15m) : 1656629 P/E Ratio N/A Market Cap N/A Dividend Yield 1.4831671779141105% Rev. per Employee N/A More quote details and news » ] and the SPY [ SPDR S&P 500 SPY 0.42793230888932116% SPDR S&P 500 ETF Trust U.S.: NYSE Arca 206.52 0.88 0.42793230888932116% /Date(1419026400423-0600)/ Volume (Delayed 15m) : 210304320 AFTER HOURS 206.42 -0.100000000000023 -0.0484214603912454% Volume (Delayed 15m) : 34780270 P/E Ratio N/A Market Cap N/A Dividend Yield 2.198179353089289% Rev. per Employee N/A More quote details and news » ]. It is a way for investors to earn a 3% to 4% return at a low fee.
BOND earned 10% in the past 10 months, although I can't promise that in the future. It invests in investment-grade bonds and doesn't take a lot of risk. The Securities and Exchange Commission had prohibited actively managed ETFs from using derivatives -- namely, options, swaps, and futures -- and the ban was just lifted in December. Competitors would say Pimco's returns are due to the use of derivatives, and I challenge them to match the performance of BOND without the use of derivatives for the past 12 months.
Witmer: How do you do it? Good credit selection?
Gross: We moved away from Treasuries and into municipals at the appropriate time, buying non-agency mortgages at low levels that will improve in quality as the housing market improves. We bought TIPS [Treasury inflation-protected securities]. There are lots of ways to skin a cat by doing things index funds can't do.
Zulauf: Can you be flexible in the market?
Gross: It was easier 10 months ago. With $4 billion under management, it is harder, but that's what active management can do, when done well.
Gabelli: What are your declining fees on that?
Gross: The non-declining fees are 55 basis points, and worth every penny. [Last week's Roundtable issue featured a heated debate about money-management fees between Gross, who predicted fees will fall, and Gabelli, who insisted they won't.]
Gabelli: Actually, it is a bargain.
Gross: My next pick, the BlackRock Build America Bond Trust BBN 0.6099028227672374% BlackRock Build America Bond Trust U.S.: NYSE 21.7418 0.1318 0.6099028227672374% /Date(1419026392665-0600)/ Volume (Delayed 15m) : 159978 AFTER HOURS 21.72 -0.0218000000000025 -0.10026768712802069% Volume (Delayed 15m) : P/E Ratio N/A Market Cap N/A Dividend Yield 7.274466695489794% Rev. per Employee N/A More quote details and news » [BBN], is riskier. It has a market capitalization of about $1 billion, and was launched a few years ago when Build America bonds were issued. The beauty and the risk is that it is invested in long-term bonds. I just talked about how they will be the first to get clipped. Also, the fund uses leverage, like most closed-ends. It borrows at 25 basis points and invests at 4% or 5%. It yields 7%, but these aren't junk bonds. This is a levered, high-quality, taxable municipal-bond fund, with bonds issued by California, New York State, the Port Authority of New York and New Jersey, and so on. They are A-rated and AA-rated. For an investor who needs a 7% yield and can take some risk in maturity and leverage, this is a decent vehicle.
Gabelli: Does it sell at a discount or premium to net asset value?
Gross: It sells at a 2% discount. My last pick, which I have recommended before, is Pimco Corporate & Income Opportunity PTY 1.3781697905181918% PIMCO Corporate & Income Opportunity Fund U.S.: NYSE 18.39 0.25 1.3781697905181918% /Date(1419026524389-0600)/ Volume (Delayed 15m) : 245965 AFTER HOURS 18.42 0.0300000000000011 0.1631321370309951% Volume (Delayed 15m) : 78 P/E Ratio N/A Market Cap N/A Dividend Yield 8.482871125611746% Rev. per Employee N/A More quote details and news » [PTY]. I challenge any of you, without researching it, to tell me about another fund or stock that has paid more in dividends in the past five years than you could have bought it for five years ago, and, at the same time, has doubled its book value or net asset value. In the past five years, this fund has paid $12 in dividends. It sold for about $12 in December 2007. Now it trades around $20.
Witmer: That is excellent, but I can think of a lot of stocks that are up that much or more from their 2009 bottom.
Gross: PTY had a 12% yield last year, including regular and special dividends. It will yield about 8% in the future, and probably more if the board authorizes more special dividends. I recommend the fund as a yield substitute, with a greater degree of safety than BlackRock Build America.
Brian Rogers: And the management fee?
Gross: It is 80 to 90 basis points.
Gabelli: You could help shareholders reinvest at an efficient cost by doing a rights offering, and you would probably raise another billion dollars.
Gross: Thank you for the idea.
Thank you, Bill. Let's move on to Meryl.
Witmer: My first stock is Spectrum Brands SPB 1.0867293625914316% Spectrum Brands Holdings Inc. U.S.: NYSE USD96.74 1.04 1.0867293625914316% /Date(1419026773895-0600)/ Volume (Delayed 15m) : 326795 AFTER HOURS USD96.7385 -0.00149999999999295 -0.0015505478602439529% Volume (Delayed 15m) : 16743 P/E Ratio 23.76904176904177 Market Cap 5095392566.23932 Dividend Yield 1.2404382881951623% Rev. per Employee 330515 More quote details and news » [SPB]. It has 53 million shares. It trades for $48.11 and has an equity capitalization of $2.5 billion. Spectrum is a diversified seller of branded consumer products. Its brands include Rayovac and Varta batteries; it is No. 3 in the business in North America, and No. 1 in Latin America. It also sells Remington electric razors and personal-care products, and is No. 2 in the category in North America, the U.K., and Australia. In small kitchen appliances, with brands such as Farberware, Black & Decker, George Foreman, and Russell Hobbs, it is No. 2 in the U.S. and No. 1 in the U.K. Spectrum also is active in pet supplies; its brands include Tetra, FURminator, Nature's Miracle, and Dingo. It is No. 1 in fish supplies, No. 2 in global pet supplies. In the home-and-garden segment, it sells insect repellants, and is No. 2 in the U.S.
A key consideration for us in any investment is the quality of the management team, and its focus on allocating capital wisely. Spectrum recently completed an acquisition that may turn out to be brilliant. It bought a division of Stanley Black & Decker SWK 0.5082460325692355% Stanley Black & Decker Inc. U.S.: NYSE USD96.9 0.49 0.5082460325692355% /Date(1419026738389-0600)/ Volume (Delayed 15m) : 1426815 AFTER HOURS USD96.899 -0.00100000000000477 -0.0010319917440660474% Volume (Delayed 15m) : 50849 P/E Ratio 22.491469953345867 Market Cap 15179578341.1438 Dividend Yield 2.146542827657379% Rev. per Employee 223560 More quote details and news » [SWK], whose brands include Kwikset, Weiser, and Baldwin doorknobs and locks. It is No. 1 in locks in the U.S. and Canada, and No. 1 in luxury hardware in the U.S. Other brands include Stanley hardware, No. 1 with residential builders in the U.S., and Pfister faucets, No. 4 in the U.S. The benefits from this acquisition are twofold. Spectrum has a fantastic global distribution system and, over time, can introduce the Stanley Black & Decker products worldwide. Also, it will gain increased scale with customers.
What is the financial impact?
Witmer: If the only benefit of the merger is the $10 million in cost savings that management outlined, and there is no growth, reported earnings per share would climb from an estimated $3.64 in 2013 to $4.20 in 2015, mainly from paying down debt. To square GAAP accounting [accounting according to generally accepted accounting principles] with real life, we add back incremental cash flow of 80 cents a share from NOLs [net operating-loss carryforwards, a deferred-tax asset]. That brings us to $5 a share in after-tax free cash. The excess of depreciation and amortization over capital spending adds another $2 in cash. In all, after-tax free cash flow grows from an estimated $6.44 a share in 2013 to $7 in 2015. The stock is a real bargain at seven times after-tax free cash.
Meryl Witmer: "Our excitement [about Tribune] begins with the Food Network." Jennifer Altman for Barron's
A few things could happen to boost earnings. Spectrum could continue to grow at a 4% annual rate, which would add another 80 cents to earnings over two years. In 2014, it could refinance some expensive debt on which it is paying 9.5% at, say, 6%, which would save another 65 cents a share. Add it up and you get $8.45 a share. Plus, the company has NOLs of more than $1 billion. And these numbers don't include the benefits of broader distribution of the Stanley Black & Decker brands, or a significant increase in homes built in the U.S., which we expect.
How high could the stock go?
Witmer: Our two-year price target is $75 to $100. Spectrum emerged from bankruptcy protection in 2009. It is 57.7%-owned by Harbinger Group HRG 1.7647058823529411% Harbinger Group Inc. U.S.: NYSE USD13.84 0.24 1.7647058823529411% /Date(1419027072005-0600)/ Volume (Delayed 15m) : 1262148 AFTER HOURS USD13.84 % Volume (Delayed 15m) : 18172 P/E Ratio N/A Market Cap 2781923025.05585 Dividend Yield N/A Rev. per Employee 375054 More quote details and news » [HRG], which is controlled by Harbinger Holdings, a private investment firm run by Phil Falcone. Spectrum represents the majority of the value of Harbinger Group. Falcone is controversial, and Harbinger's ownership stake could explain why Spectrum is a good value. Harbinger might have to sell its Spectrum shares at some point. If a forced sale were to occur, it might remove the taint from Spectrum, and bring it more attention.
CB&I, or Chicago Bridge & Iron CBI 1.748768472906404% Chicago Bridge & Iron Co. N.V. U.S.: NYSE USD41.31 0.71 1.748768472906404% /Date(1419027059684-0600)/ Volume (Delayed 15m) : 1678861 AFTER HOURS USD41.49 0.18 0.4357298474945534% Volume (Delayed 15m) : 32192 P/E Ratio 7.510909090909091 Market Cap 4473542661.15234 Dividend Yield 0.6778019849915274% Rev. per Employee 225465 More quote details and news » [CBI], trades around $47. It is an engineering and construction company that builds some of the largest energy and petrochemical-infrastructure projects globally. It also licenses process technology in the petrochemical, gas-processing, and refining fields. There will be significant infrastructure and manufacturing capacity built to take advantage of oil and gas shale production in the U.S. and natural-gas finds elsewhere. CB&I and Shaw Group [SHAW], which it plans to acquire, could be huge beneficiaries. After the deal is completed, there will be 110 million shares outstanding and $1.2 billion of net debt.
The crown jewel of CB&I is its Lummus Technology division, which licenses proprietary technology and garners an annuity-type stream of earnings. Lummus licenses the most widely used ethylene technology, and has about a 40% market share. It also licenses technology for other petrochemicals. CB&I's ability to provide both engineering and construction expertise and process technology is a competitive advantage.
Who are some of its customers?
Witmer: Westlake Chemical WLK 2.2954091816367264% Westlake Chemical Corp. U.S.: NYSE USD61.5 1.38 2.2954091816367264% /Date(1419026896123-0600)/ Volume (Delayed 15m) : 941778 AFTER HOURS USD61.4985 -0.00150000000000006 -0.0024390243902439024% Volume (Delayed 15m) : 27988 P/E Ratio 12.324649298597194 Market Cap 8184604042.05322 Dividend Yield 1.0731707317073171% Rev. per Employee 1923230 More quote details and news » [WLK] and Williams Partners WPZ -0.3409090909090909% Williams Partners L.P. Un U.S.: NYSE USD43.85 -0.15 -0.3409090909090909% /Date(1419026861087-0600)/ Volume (Delayed 15m) : 2285374 AFTER HOURS USD43.86 0.00999999999999801 0.02280501710376283% Volume (Delayed 15m) : 171506 P/E Ratio 66.43939393939394 Market Cap 19281107150.7172 Dividend Yield 8.469783352337513% Rev. per Employee 1351190 More quote details and news » [WPZ] have announced plans to expand, and both have chosen Lummus. Dow Chemical DOW 0.7915567282321899% Dow Chemical Co. U.S.: NYSE USD45.84 0.36 0.7915567282321899% /Date(1419026556188-0600)/ Volume (Delayed 15m) : 12169148 AFTER HOURS USD46.05 0.209999999999994 0.4581151832460733% Volume (Delayed 15m) : 479760 P/E Ratio 14.980392156862745 Market Cap 54025238031.3966 Dividend Yield 3.6649214659685865% Rev. per Employee 1098870 More quote details and news » [DOW], ConocoPhillips COP 1.7634408602150538% ConocoPhillips U.S.: NYSE USD70.98 1.23 1.7634408602150538% /Date(1419026572059-0600)/ Volume (Delayed 15m) : 17302049 AFTER HOURS USD70.82 -0.160000000000011 -0.22541561003099464% Volume (Delayed 15m) : 521362 P/E Ratio 9.351778656126482 Market Cap 87370206307.3861 Dividend Yield 4.113834883065652% Rev. per Employee 2993590 More quote details and news » [COP], and ExxonMobil XOM 2.7204914436156207% Exxon Mobil Corp. U.S.: NYSE USD93.64 2.48 2.7204914436156207% /Date(1419026399724-0600)/ Volume (Delayed 15m) : 36700829 AFTER HOURS USD93.639 -0.00100000000000477 -0.0010679196924391287% Volume (Delayed 15m) : 1768125 P/E Ratio 11.78855135774804 Market Cap 396521275052.167 Dividend Yield 2.9474583511319947% Rev. per Employee 5338160 More quote details and news » [XOM] are all planning major greenfield expansions later in the decade. Lummus is enjoying terrific growth. CB&I has guided analysts to expect operating income from Lummus of $225 million in 2013, up from $120 million last year and $96 million in 2011. This division alone may be worth $2.5 billion, or about half the equity capitalization of the entire company. In addition to petrochemical expansions, LNG [liquefied natural gas] export terminals and large-scale natural-gas processing plants are fertile ground for CB&I. The company is working on major LNG projects in Australia and western Africa.
With the tremendous amount of business coming up for bid, contract terms are improving across the industry. A dearth of fixed-price bids and an increase in less risky cost-plus contracts is a great development for companies such as CB&I, Bechtel, and Fluor FLR 0.5370929842228936% Fluor Corp. U.S.: NYSE USD59.9 0.32 0.5370929842228936% /Date(1419026889195-0600)/ Volume (Delayed 15m) : 5462742 AFTER HOURS USD59.899 -0.000999999999997669 -0.001669449081803005% Volume (Delayed 15m) : 157017 P/E Ratio 20.726643598615915 Market Cap 9357637721.58965 Dividend Yield 1.4023372287145242% Rev. per Employee 586634 More quote details and news » [FLR]. To determine a run rate of near-term earnings potential, we calculated the pro-forma trailing 12-month earnings of CB&I and Shaw combined, and added some savings from synergies and the increase in Lummus earnings. That leads to $4.60 a share in after-tax free cash flow, supporting a price for CB&I at least 25% higher than the current one. If the stock were to trade at 13 times our earnings estimate, it would be about $60 a share. If you add CB&I's earnings projections, and Shaw's, all listed in the merger proxy filing, you get $8 a share of forecast earnings in 2016. We see the stock trading at about $100 at the end of 2015.
Meryl Witmer's Picks
|Spectrum Brands Holdings / SPB
|Chicago Bridge&Iron / CBI
|TribuneCompany/ TRBAA
|Source: Bloomberg
Hickey: How big a piece of CB&I will Shaw be? Shaw is struggling with two major nuclear power plants, which are experiencing delays.
Witmer: Shaw has an issue in Georgia. If it lost on every issue involving that plant, we estimate it would have a negative effect of $3 a share, versus what it would otherwise earn on the project. But it has a cost-sharing arrangement with Westinghouse on that plant, so things look OK. Shaw has already disclosed some information on its liability. Shaw is well regarded as a servicer of nuclear-power plants, and has a 40% market share, which has grown dramatically. Also, there is a labor shortage among sophisticated engineers.
Hickey: Shaw has cut back on hiring and hours among engineers, so things might not be as tight as you think.
Witmer: They should move to Houston. They could get a job easily. My last pick is Tribune [TRBAA], which emerged from bankruptcy protection at the end of 2012 with an attractive portfolio of media assets and a new leadership team. It took four years to work out the bankruptcy process. The stock trades at $49.25 a share, and there are about 100 million shares. The company now has net debt of about $1 billion. Its assets include a broadcast segment with 23 local TV stations in 19 markets, including New York, Chicago, Houston, and Los Angeles. Tribune also owns WGN America, a cable network seen in 76 million homes. It has a publishing segment with a total circulation of 1.8 million, including the Los Angeles Times and the Chicago Tribune. Other assets include its 31% ownership of the Food Network, and 32% of CareerBuilder, a jobs Website.
The hedge fund investor believes engineering firm CB&I is poised to benefit from the shale oil and gas rush.
Our excitement begins with the Food Network, one of the most attractive cable networks in the world. It is seen in nearly 100 million homes in the U.S., and is believed to generate among the highest operating profits in the industry. Revenue has compounded in the low teens in the past five years, and profits have grown even faster. The business will report more than $900 million in revenue and an estimated $500 million in operating profit for 2012. Scripps Network SNI -1.2810755961440894% Scripps Networks Interactive Inc. Cl A U.S.: NYSE USD77.83 -1.01 -1.2810755961440894% /Date(1419026602406-0600)/ Volume (Delayed 15m) : 1629757 AFTER HOURS USD77.829 -0.00100000000000477 -0.0012848515996402416% Volume (Delayed 15m) : 18444 P/E Ratio 21.44077134986226 Market Cap 10671440377.4789 Dividend Yield 1.0278812797121932% Rev. per Employee 1204860 More quote details and news » [SNI] owns 68% of the Food Network and does a superb job running the business. Tribune gets paid a portion of the profits as a dividend. Some big Tribune holders are looking to sell its minority stake back to Scripps. We would loathe a sale at anything but a very dear price.
What price would make you happy?
Witmer: Tribune's stake in the Food Network is worth at least $20 a share. The company's broadcast segment consists of 13 CW, seven FOX, one ABC, and two independent stations. In the next two years, two-thirds of the subscriber base will be negotiating retransmission revenue with cable providers. Right now the cable channels are getting programming for free, and Tribune wants to be paid. In the past year, the company successfully negotiated meaningful retransmission fees with DirecTV DTV 0.3286770747740345% DIRECTV U.S.: Nasdaq USD85.47 0.28 0.3286770747740345% /Date(1419026400246-0600)/ Volume (Delayed 15m) : 4230934 AFTER HOURS USD85.469 -0.00100000000000477 -0.00117000117000117% Volume (Delayed 15m) : 311427 P/E Ratio 15.625228519195613 Market Cap 42926196961.3489 Dividend Yield N/A Rev. per Employee 1038860 More quote details and news » [DTV] and Cablevision CVC -0.7897334649555775% Cablevision Systems Corp. U.S.: NYSE USD20.1 -0.16 -0.7897334649555775% /Date(1419026864828-0600)/ Volume (Delayed 15m) : 5187996 AFTER HOURS USD20.099 -0.00100000000000122 -0.004975124378109453% Volume (Delayed 15m) : 1050027 P/E Ratio 17.17948717948718 Market Cap 5499956620.01152 Dividend Yield 2.985074626865672% Rev. per Employee 417293 More quote details and news » [CVC].
Within broadcast, WGN has great upside. Its subscriber base is a valuable launch pad from which the new management can create value. The team, led by CEO Peter Liguori, has a track record of building and developing great content. Peter built the FX Network from a channel that showed reruns into one featuring original content and netting $600 million in annual revenue.
The publishing assets include eight major properties. It is likely they will be sold, and the proceeds used to pay down debt.
What happens to Tribune if the cable industry moves to à la carte pricing?
Gabelli: The strong will get stronger and the weak will disappear. It isn't a very complicated formula. Isn't everybody going to cut the cord on cable anyway? That is the more interesting question.
Black: Meryl, give us the numbers. I want to see whether, ex-political advertising, broadcast revenue at Tribune has grown in the past year.
Witmer: Broadcast revenue went from $1.1 billion in 2011 to $1.124 billion in the 12 months ended September. Ebitda [earnings before interest, taxes, depreciation, and amortization] went from $384 million to $410 million in the same period.
Hickey: "VMware is one of the most exciting tech companies around." Jennifer Altman for Barron's
Liguori is going to do a lot with WGN. That is where he can add a lot of value. We estimate Tribune will have about $6 a share of free cash flow in 2013, of which 40 cents is excess depreciation and amortization over capital spending. The Food Network and other assets contribute $2 of the $6. The publishing and broadcast segments earn $4 of free cash flow, and we value them at nine times after-tax cash flow, or $36 a share. That is a conservative number. The split is about one-third publishing and two-thirds broadcasting. Then we add $20 to $25 for the Food Network and another $7 to $8 for CareerBuilder and some other online assets and real estate. We deduct a couple of dollars for pension liabilities, and get a low-end target price of $60 a share.
The retransmission payments that Tribune might garner from negotiations with cable providers could add a dollar to earnings over time, which would add $10 or more to the value of the stock. The turnaround at WGN is difficult to value, but given management's track record, it could be worth at least $10 a share. Add it all up, and we get a range of $60 to $80 a share, plus free cash generated in the interim, which adds another $6 a share per year. We see the stock at $90 in three years.
Your forecasts for publishing and cable may be too optimistic.
Witmer: Tribune has a lot of cost-cutting still to do, so although revenue might go down, they can cut a lot on the cost side.
Gabelli: The Tampa Tribune was worth about $400 million some time ago. It is a pre-eminent paper in a growing state. It was recently sold for less than $10 million.
Don't depress us, Mario. Fred has been patient. It is finally his turn to speak.
Hickey: First, a few words about technology stocks. It is difficult right now to find tech stocks that are reasonably priced or have a reasonable growth rate. The end markets are bad. The personal-computer market fell 8% in units sold in the third quarter, and 6% in the fourth quarter. This is the worst environment for PC companies in a decade or more. The mobile-phone market fell 2%. Smartphones are growing, but even that growth rate has slipped. Enterprise-IT [information technology] spending started declining last year, and by the third quarter computer-server sales were down 2%, year over year. NPD, a research firm, reported that holiday sales of electronics were down 7%.
Fred Hickey's Picks
|Gold (spot, per ounce)
|AuRico Gold / AUQ
|NewGold / NGD
|Market Vectors Vietnam / VNM
|Source: Bloomberg
This is bad enough, but now we have concerns about government spending cuts, and the government is the largest buyer of enterprise IT products. I don't see things improving much. End markets in Europe are in recession. Even Germany has started to slip. There were winners in tech last year, but they were all concept stocks -- companies without earnings, or with minimal earnings. Cloud companies, big-data companies, and 3D-printing stocks went crazy, but they sell at triple-digit P/Es. I can't buy those.
Could you buy Apple AAPL -0.7723035952063915% Apple Inc. U.S.: Nasdaq USD111.78 -0.87 -0.7723035952063915% /Date(1419026400393-0600)/ Volume (Delayed 15m) : 77087568 AFTER HOURS USD111.85 0.0699999999999932 0.06262300948291287% Volume (Delayed 15m) : 11342202 P/E Ratio 17.265186970019926 Market Cap 655571790575.147 Dividend Yield 1.6818751118268027% Rev. per Employee 1969180 More quote details and news » [AAPL]?
Hickey: I'll get to that. Salesforce.com CRM 0.8933086128434181% Salesforce.com Inc. U.S.: NYSE USD59.86 0.53 0.8933086128434181% /Date(1419026589702-0600)/ Volume (Delayed 15m) : 9164073 AFTER HOURS USD59.859 -0.000999999999997669 -0.001670564650851988% Volume (Delayed 15m) : 386097 P/E Ratio N/A Market Cap 37771660385.1318 Dividend Yield N/A Rev. per Employee 381520 More quote details and news » [CRM] sells for $170 a share. If you consider stock-option-based compensation a cost, as I do, the company lost money last year.
Black: Much of the reported earnings were wiped out, even at conventional companies like Cypress Semiconductor CY 0.06983240223463687% Cypress Semiconductor Corp. U.S.: Nasdaq USD14.33 0.01 0.06983240223463687% /Date(1419026400328-0600)/ Volume (Delayed 15m) : 4068439 AFTER HOURS USD14.25 -0.0800000000000001 -0.5582693649685974% Volume (Delayed 15m) : 301285 P/E Ratio N/A Market Cap 2324111002.64092 Dividend Yield 3.0704815073272855% Rev. per Employee 208581 More quote details and news » [CY] and LSI [LSI].
Hickey: Semiconductor sales are declining, yet semiconductor stocks have risen. It makes no sense. Some parts of the market are acting almost like it's 1999. And other parts, including computers and PCs and the Hewlett-Packards and Intels of the world, are all down and don't seem to want to get up. I'm recommending only one tech stock today. You can't short anything in this market because of the amount of money-printing.
EMC EMC 0.6343906510851419% EMC Corp. U.S.: NYSE USD30.14 0.19 0.6343906510851419% /Date(1419026548632-0600)/ Volume (Delayed 15m) : 23402623 AFTER HOURS USD30.139 -0.00100000000000122 -0.0033178500331785005% Volume (Delayed 15m) : 2686767 P/E Ratio 24.04659326631562 Market Cap 61332157754.5721 Dividend Yield 1.5262110152621102% Rev. per Employee 376510 More quote details and news » [EMC] is the largest data-storage company in the world, and is still growing by about 6% a year. That is down from its prior growth rate. Both sales and earnings grew by double-digits for 10 consecutive quarters prior to the latest quarter, when the company missed estimates slightly, although it still grew. EMC gained market share against the major storage competitors such as IBM IBM 0.5263825469304921% International Business Machines Corp. U.S.: NYSE USD158.51 0.83 0.5263825469304921% /Date(1419026468877-0600)/ Volume (Delayed 15m) : 8144258 AFTER HOURS USD158.8 0.29000000000002 0.18295375686076587% Volume (Delayed 15m) : 720592 P/E Ratio 12.960752248569092 Market Cap 197865186741.902 Dividend Yield 2.775850104094379% Rev. per Employee 229711 More quote details and news » [IBM], Hewlett-Packard HPQ 0.20090406830738322% Hewlett-Packard Co. U.S.: NYSE USD39.9 0.08 0.20090406830738322% /Date(1419026648440-0600)/ Volume (Delayed 15m) : 16747315 AFTER HOURS USD39.899 -0.000999999999997669 -0.002506265664160401% Volume (Delayed 15m) : 1849258 P/E Ratio 15 Market Cap 73179875845.4621 Dividend Yield 1.6040100250626566% Rev. per Employee 351036 More quote details and news » [HPQ], and Oracle ORCL 1.4332965821389194% Oracle Corp. U.S.: NYSE USD46 0.65 1.4332965821389194% /Date(1419026576366-0600)/ Volume (Delayed 15m) : 37290386 AFTER HOURS USD45.92 -0.0799999999999983 -0.17391304347826086% Volume (Delayed 15m) : 4491805 P/E Ratio 18.852459016393443 Market Cap 203839993164.062 Dividend Yield 1.0434782608695652% Rev. per Employee 318205 More quote details and news » [ORCL]. There are concerns that EMC will miss fourth-quarter estimates when it reports at the end of January, which is why the stock is at the low end of its 52-week trading range. [EMC reported results Jan. 29. It earned 54 cents for the quarter, two cents above analysts' expectations.] It is trading for $24, and the range has been $22 to $30. The company has a market cap of about $50 billion, and a price/earnings ratio of 12.6 times this year's expected earnings of $1.91 a share. [Earnings estimates have since fallen to $1.87.] That is well below its average P/E of about 16 in recent years.
Black: If you back out EMC's $3.11 a share of cash and equivalents [at the end of the third quarter], the stock is a lot cheaper.
Hickey: EMC owns 79% of VMware [VMW]. Buying EMC is a way to buy VMware cheaply. VMware has a $41 billion market capitalization, and accounts for $30 billion of the market cap of EMC. That means you're getting the rest of EMC for $19 billion. VMware provides virtualization and cloud infrastructure technology, and one fear is that it will start to cannibalize EMC's storage business. VMware is one of the most exciting tech companies around. It has few competitors, Microsoft MSFT 0.2946127946127946% Microsoft Corp. U.S.: Nasdaq USD47.66 0.14 0.2946127946127946% /Date(1419026400822-0600)/ Volume (Delayed 15m) : 60205993 AFTER HOURS USD47.66 % Volume (Delayed 15m) : 4345189 P/E Ratio 18.472868217054263 Market Cap 392854350753.959 Dividend Yield 2.601762484263533% Rev. per Employee 714094 More quote details and news » [MSFT] being most important. In addition to its stake in VMware, EMC has strong positions in other fast-growing segments, such as security software and storage software. The stock can bounce back to around $30 if the economy is decent. If it doesn't, you're not going to lose a lot. It's a relatively safe pick in a market where there are few safe picks.
Gabelli: VMware is selling for around $100 a share. Why won't EMC spin it off or do a share exchange?
Hickey: EMC wants to control it. It is a threat to EMC's business.
Gabelli: Does VMware's stock go to $150 before it goes to $40?
Hickey: The stock might not go much higher because you're already paying a high multiple. Sales could continue to grow at a double-digit rate, but the P/E could contract. Black: We own EMC, as well. Growth in the traditional storage business has slowed. Revenue is growing by 6% to 8% a year. The consensus earnings estimate has come down in the past few months. But VMware still is a legitimate 20% top-line grower.
Gabelli: Let's talk about Apple.
Hickey: Apple has dropped from $700 and change to $500. [It now trades around $450.] Apple is under pressure for good reasons. The stock is down today [Jan. 14] because suppliers for iPhone screens say their orders are getting cut by 50%. This isn't the first time we've heard about suppliers getting orders cut. There is too much smoke here. The fourth quarter will probably be good because Apple introduced many new products then, including the iPad mini. The company lowered its earnings estimates sharply, and will probably make its revised number. [Apple met expectations when it reported quarterly earnings of $13.81 a share on Jan. 23, but the stock fell sharply on disappointment with the company's slowing growth rate.] But the market is looking forward; the order cutbacks suggest a big dropoff in growth in the first quarter.
Another problem is that Samsung [005930.Korea] is gaining share. The Android market is gaining share. Mobile-phone carriers have an incentive to push non-Apple products, on which they make a lot more money. They don't have to subsidize Android phones as heavily. If customers are willing to buy non-Apple products, this can feed on itself. Also, Steve Jobs is no longer there, and Apple had some hiccups with some of its product introductions. The stock is risky here. It could fall another $100. The company has $130 a share in cash, so it probably won't drop more, but it might not be able to get going again. Eventually, the types of products Apple sells get commoditized. If there is real competition, as appears to be the case, prices decline. A lot of players are moving into the Android market at very low prices. It will be difficult for Apple to maintain its margins in the future.
The editor of the High Tech Strategist newsletter believes money printing by governments around the world will lead to no good, and sees gold as a good place to hide. Apple, not so much.
Gabelli: Fred, you're a CEO with all that cash and $50 a share in earnings. You're not just going to sit there. What are you going to buy? Google GOOG 1.0271962433965955% Google Inc. Cl C U.S.: Nasdaq USD516.35 5.25 1.0271962433965955% /Date(1419026400163-0600)/ Volume (Delayed 15m) : 3206123 AFTER HOURS USD516 -0.350000000000023 -0.06778348019754042% Volume (Delayed 15m) : 474025 P/E Ratio N/A Market Cap 351524858768.675 Dividend Yield N/A Rev. per Employee 1355410 More quote details and news » [GOOG], Microsoft and Oracle all bought other companies.
Hickey: There is talk that Apple is trying to get into the TV business, but that could be a problem. Margins are very low in television, and TV turnover is usually 10 years. They have to go against tough competitors who will have the advantage of a low yen, if Felix's prediction of a weaker yen is right. The question is, can Apple come up with something else? Can they continue to come up with great products that will allow them to sustain their margins? It could be hard.
Gabelli: So, you think of this as a margin play rather than an opportunity to use cash to find new avenues of growth?
Hickey: Apple should increase its dividend. It currently yields 2.4%. It trades for 10 times earnings -- even less, if you back out the cash.
Black: A lot of the company's cash is overseas. They can't bring it back without taking a tax hit.
Hickey: The downside risk in Apple isn't that great because the P/E is so low and the company pays a dividend. But the stock could be dead money for a long time, stagnating like many other tech stocks have been doing for years.
Dell [DELL] isn't stagnating. It is up sharply on rumors it might go private.
Hickey: I am wary of the rumors. Dell has been moving away from the low-margin PC business and concentrating on enterprise computing, networking, software, and services. It is trying to make itself into a mini-IBM, and it might be successful. But that is a long-term story.
So you aren't a buyer?
Hickey: I'm not a buyer here, but I am watching the company because there is a chance they could succeed in other areas.
Black: Let's go back to your investment picks.
Hickey: I am recommending gold, as I have done for many years. I will continue to do so until the gold price hits the blow-off stage, which is nowhere in sight. I am excited about gold because sentiment is so negative. Gold could have a sharp rally at any time. The Hulbert Gold Newsletter Sentiment Index went deeply negative last week, indicating that gold-newsletter writers are recommending net short positions. When that happens, gold almost always rallies. The daily sentiment index for gold is at a 12-year low. Short positions by large speculators have doubled in the past few months. Sales of American Eagle coins hit a five-year low in 2012. Yet, the environment for gold couldn't be better. We talked today about massive money-printing by all the major central banks. Real interest rates are negative. These are the best possible conditions for a gold rally.
Felix said gold could rally to the $1,800-an-ounce level, and I agree. If it breaks that, it will go to $2,000 or more. As long as we have unlimited quantitative easing, we have the potential for unlimited gains in the gold price. Gold could go to $5,000 or even $10,000. You can buy gold through the GLD or IAU, as we discussed. This year I recommend physical gold. You can buy American Eagle coins, or gold bars. Everyone should have some physical gold, and almost no one in the U.S. does.
Do you also like gold-mining stocks?
Hickey: I like two mid-tier miners. Gold was up 7% last year. It had been averaging 15% annual gains previously. Gold-mining shares dropped 16% in 2011 and 10% in 2012. The junior miners are down 50%, on average, since their 2011 highs. There are good reasons for the bear market. It has been difficult to find gold. Grades produced have been lower. Production costs are rising. Miners face the threats of nationalization and higher royalty payments and tax rates. There are labor issues in South Africa, a big supplier of gold. Investors should stay away from South Africa and Russia and places like Venezuela. The U.S., Canada, Mexico, and Chile are still safe. Gold mines in these countries won't be nationalized or your profits taxed away.
Which stocks do you like?
Hickey: AuRico Gold AUQ -1.4970059880239521% AuRico Gold Inc. U.S.: NYSE USD3.29 -0.05 -1.4970059880239521% /Date(1419026972599-0600)/ Volume (Delayed 15m) : 22056483 AFTER HOURS USD3.2884 -0.00159999999999982 -0.0486322188449848% Volume (Delayed 15m) : 18128826 P/E Ratio N/A Market Cap 910795491.174031 Dividend Yield 0.2735562310030395% Rev. per Employee 208611 More quote details and news » [AUQ] trades for $8 a share on the New York Stock Exchange. It has a market capitalization of $2.2 billion. It changed its name in 2011 from Gammon Gold, divested assets and brought in new management. Yet, there is still the sour taste of past difficulties and earnings misses. AuRico is one of the cheapest gold stocks you can find. It sells at book value.
The company has two main mines. El Chanate, is an open-pit mine in Mexico. Underground mines are much more difficult to operate. Management has cast off all the high-cost mines and retained lower-cost mines. This mine has had steady production for several years, and that will continue. The other mine, Young-Davidson, is where the growth is. It is mostly underground. It has a high level of gold grams per ton. It is hard to find mega mines with such good grades of gold. Young-Davidson started producing in 2012, and everything seems to be going well. AuRico also has some development assets in Mexico and Canada. It has sold off assets for about $1 billion.
What will it do with that cash?
Hickey: It will pay off debt, which is just under $300 million. Also, it is holding a Dutch auction to buy in $300 million of stock between $8.30 to $9.30 a share. AuRico thinks its stock is significantly undervalued. It plans to buy back 13%. [The company announced on Jan. 29 that it had completed the Dutch auction, buying in 12.8% of its stock at $8.30 a share.]
AuRico will produce about 200,000 ounces of gold this year. That could grow to 310,000 ounces by 2015, a 55% increase. It is hard to find gold miners with increasing production. Cash costs are expected to fall steadily from about $600 an ounce in 2012 to under $500 an ounce. If the gold price is at $2,000, their cash margin would be $1,500 an ounce. AuRico could earn 39 cents a share for 2012 and 52 cents in 2013. [On Jan. 18 AuRico announced a timing-related accounting change that reduced 2012 estimates to 37 cents and 2013 estimates to 40 cents.]
Black: What is the reserve life of the mines?
Hickey: Young-Davidson has a reserve life of 21 years. El Chanate's reserve life is seven years. But there is upside at both, and another potentially major project in British Columbia.
Gabelli: AuRico doesn't hedge the gold price?
Hickey: That's right. Almost no one is hedging in this business anymore, because they all expect gold to rise. My second stock is New Gold NGD 3.6613272311212817% New Gold Inc. U.S.: NYSE MKT USD4.53 0.16 3.6613272311212817% /Date(1419026400167-0600)/ Volume (Delayed 15m) : 12096682 AFTER HOURS USD4.4 -0.13 -2.869757174392936% Volume (Delayed 15m) : 6510728 P/E Ratio N/A Market Cap 2583183379.76135 Dividend Yield N/A Rev. per Employee 485878 More quote details and news » [NGD], another Canadian miner. It sells for $10.95 a share and has a market cap of $5 billion. It has four major mines, located in Canada, the U.S., Australia, and Mexico. It also has a joint venture with Goldcorp GG -2.869287991498406% Goldcorp Inc. U.S.: NYSE USD18.28 -0.54 -2.869287991498406% /Date(1419026400267-0600)/ Volume (Delayed 15m) : 20695095 AFTER HOURS USD18.38 0.0999999999999979 0.5470459518599562% Volume (Delayed 15m) : 9113850 P/E Ratio N/A Market Cap 17338199378.9673 Dividend Yield 3.2822757111597376% Rev. per Employee 423193 More quote details and news » [GG] in Chile called El Morro. New Gold sells for two times book value and 20 times 2012 expected earnings, but earnings are expected to rise by almost 70% this year, to 74 cents a share, putting the P/E at 14.8. Most of this growth will come from the New Afton mine in British Columbia, where commercial production began last July, ahead of schedule.
New Gold is well managed, and has been able to achieve production and cost targets for three consecutive years. It expects to double its gold production by 2017 from 400,000 ounces to 800,000 ounces a year. There is no growth elsewhere in the industry, and some forecasters expect mining production to fall in 2013. Many mining companies are canceling or delaying projects. New Gold has a world-class project called Blackwater in Canada, which could come online around 2017. It has at least 10 million ounces of gold and 65.2 million ounces of silver, and a 15-year life. Margin per ounce has been growing yearly, and rose from $297 in 2008 to $1,014 in 2011. Also, the company currently has the highest cash balance in its history. New Gold deserves a significant premium to other gold miners.
Do you have any other recommendations?
Hickey: It is important for U.S. investors to diversify beyond heavily indebted, mature money-printing countries. A lot of money has been pouring into emerging-market bonds, but people should consider emerging-country stocks. Market Vectors Vietnam VNM -2.094240837696335% Market Vectors Vietnam ETF U.S.: NYSE Arca 18.7 -0.4 -2.094240837696335% /Date(1419026400175-0600)/ Volume (Delayed 15m) : 342552 AFTER HOURS 18.6 0.0600000000000023 -0.5347593582887701% Volume (Delayed 15m) : 454 P/E Ratio N/A Market Cap N/A Dividend Yield 2.727272727272727% Rev. per Employee N/A More quote details and news » [VNM] is an exchange-traded fund trading for $19.80. The average P/E of its 32 companies is 11. The yield is 2.2%. Vietnam has been in a multiyear bear market, like China. The ETF sold for $32 in October 2009. It fell to $14 in early 2012, but it looks like the bear market has ended.
Vietnam's economy has been growing ever since the country initiated political and economic reforms in 1989. For a while, the economy grew by a too-rapid 8% a year, and inflation hit a high of 23%. The central bank raised interest rates six times to ratchet back lending. The government has announced reform measures to try to privatize state-owned businesses. All of this is leading to a return of optimism among investors.
Witmer: It is a vibrant young country.
Hickey: The average age is 28. Tech production is moving to Vietnam from China because the labor force is younger and costs are lower. Samsung has moved 40% of its mobile-phone production to Vietnam. The Vietnamese economy could grow by 5% or 6% a year. Felix thinks China is a good play, and Vietnam could be even better, although with more risk.
Rogers: Vietnam had a credit bubble that dwarfed ours.
Hickey: But they tightened up lending.
Let's debate this over dinner. Thanks, Fred, and everyone.
E-mail: email@example.com


text:
Local doctor fighting cancer taken aback by drug bill: Each treatment costs $44,000 at Dover hospital
Thursday, April 4, 2013
ROCHESTER — A year ago, city physician Dr. Terry Bennett was diagnosed with cancer.
Noreen Biehl, vice president of community relations at Wentworth-Douglas Hospital, said there are several factors that go into the mark-up for the medication.
He added that $44,000 is an unreasonable amount to charge for cancer medication, and most cancer patients can't afford it.
Anne Doerr, media manager at Dana Farber in Boston, did not respond to questions about Kadcyla and its pricing of the drug. She promised to look into it, but thus far has not come back with information. Foster's got a similar response from Frisbie Memorial Hospital in Rochester.
HER-2 positive cancer tends to be more aggressive than other types of cancer.
Wilson said that while Kadcyla is now only available in the United States, the Roche Group, which owns Genentech, has applied to have the medication available in Europe.

subset: commoncrawl


text:
Hang tight!
Recipe by stefychefy
"Who knew Brussels sprouts could ever taste this good! Caramelized and crispy, these sprouts gain a nutty flavor from the roasting process."
Hmm. None of these ingredients are on sale today.
Show ingredients on sale
Sort stores by
Save money at local stores when ingredients are on sale!
Watch video tips and tricks
1 pound
Brussels sprouts, trimmed
1/4 cup
extra-virgin olive oil
3 tablespoons
pure maple syrup
4 slices
bacon, cut into 1/2-inch pieces
1/2 teaspoon
1/4 teaspoon
freshly ground black pepper
I have made this a handful of times and it's always been a big hit. I do make a few adjustments though; first I pre-cook the bacon until it's about half done, I don't like mushy sprouts and that's what you get in order for the bacon to crisp up. Next I pour the bacon, any grease from the pre-cooking, the syrup, sprouts and s&p in a bowl and mix it all up, then I add just enough olive oil to coat usually only a couple of tablespoons is needed. I definitely line my baking sheet with foil because the syrup really gets sticky and I cook at 400 for only about 20 minutes. These small adjustments make it perfect every single time.
We love brussel sprouts but I had some issues with this recipe. First of all the 40 minutes at 400 degrees is WAY to long. You end up burning the syrup. Next time I will half them and they should be done in about 15 minutes (the minimum time I think you need for the bacon to cook) I took mine out way before the 40 minutes and they where whole and they were cooked through to tender. I would also just put the olive oil to coat maybe several tablespoons 1/4 of a cup is a lot especially with the bacon rendering out fat. Make sure you line your pan with foil or you will need a jack knife to clean your pan. I would be willing to try this again with these modifications.
19 Ratings
My brussels hating husband has requested these again and I did not even have bacon! Soak sprouts in salted water for 1/2 hour first. And line the pan with foil. Possible cut down on the oil too if bacon is fatty.
Trimmed off bottoms and cut sprouts in half lengthwise. Tossed all ingredients together in bowl (loosely measured ingredients) to coat, then spread out in stoneware baking dish. Baked till sprouts were browned all over and tender, and bacon crisp. Teenage kids loved it. Not a drop leftover.
First of all, I am a B sprout lover! 2nd, it was Way too hot in the kitchen to roast this so I nuked the whole thing and it was Very tasty! Can't wait to try this again when it cools down. Thank you for sharing Stefychefy!
I've made this several times after eating something like it at a restaurant one night. A couple of variations are interesting. Tossing in either some chopped walnuts/pine nuts and/or craisins. Or good just the way it's written.
Made this several times, including Thanksgiving. When doing a big batch, I had problems getting the bacon crispy, but flavor is always great.
Made this recipe tonight for dinner. First time I have ever made Brussels Sprouts, second time I have ever eaten them. Recipe was easy and turned out very well. I mixed the oil, maple syrup, salt and pepper before tossing the brussels sprouts. The rest of my dinner wasn't done in time and the out leaves burned, so make sure you don't over cook them! My mother-in-law (not a big fan of brussels sprouts) even liked them.
* Percent Daily Values are based on a 2,000 calorie diet.
Maple Roasted Brussels Sprouts with Bacon
Serving Size: 1/6 of a recipe
Servings Per Recipe: 6
Amount Per Serving
Calories: 175
Calories from Fat: 109
Magnificent main dishes for your holiday table are here, from roast beef to a Christmas goose.
Dozens and dozens of appetizers perfect for the winter season.
Delicious recipes, party ideas, and cooking tips! Get a year of Allrecipes magazine for $5!
See how to make simple Brussels sprouts with a warm bacon dressing.
See how to make roasted Brussels sprouts and cipollini onions.
See how to make a simple, healthy veggie side dish.


text:
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
To receive a free e-mail notification whenever Camden National Corporation makes a similar move, sign up!
Other recent filings from the company include the following:
Current report, items 5.02 and 9.01 - Dec. 19, 2014
Camden National Corporation'S Board Announces An 11% Increase In Its Quarterly Dividend - Dec. 16, 2014


text:
Find Us on Facebook
Follow Us on Twitter
Share Site with a Friend
HR Professionals! Here is the latest information to help you maintain compliance, avoid legal issues and stay up-to-date on important industry trends.
Day 1 | Tuesday, September 25
Compliance During Hiring & Firing: A Side of Social Media
Facilitated by Michael Bell
Pre-approved for 1.25 general credit hours.
It may seem straightforward to "hire correctly" and "fire correctly", but there can be much more involved while staying compliant with both Michigan and Federal Laws, as well as following some time-tested best practices. Social Media has added some new twists and created plenty of possible pitfalls. Take this opportunity to discover whether an initial employment application is really important, at what age does age discrimination become an issue, is it legal to terminate an employee for no reason and the latest ins-and-outs related to social media dos and don'ts.
From Aspiration to Action:
Innovation as a Key to Performance
Facilitated by Jackson Hataway
Pre-approved for 1.25 general credit hours.
If nothing else, one fact has become clear in the wake of the Great Recession: the traditional banking business model will never recover. Credit unions are now expected to do much more (in the forms of products, services or delivery channels) with much less, all while maintaining the core focus of service excellence. For managers and trainers, this can seem like an almost impossible burden to manage using the tried and true systems. What many don't realize however, is that the key to this precarious balance is intelligent and effective innovation – innovation that capitalizes on the existing resources of the credit union and that helps to build a bench of capable leaders for the future. Discover a new model for maximizing the innovative potential of people, a model that is crucial to staying adaptive to the increasingly fast tempo of the modern financial marketplace. Attendees will be introduced to methods for implementing new, dynamic internal communication channels that will allow credit unions to develop a culture of innovation, a culture that focuses on moving from aspiration to action at every stage of development.
Healthcare Reform: From Capitol Hill to Main Street to the Voting Booth
Facilitated by Jim Fournier
Pre-approved for 1.25 general credit hours.
Get the latest information about Healthcare Reform (PPACA). From the legislative perspective to discussing the Supreme Court's decision, this session will get you up to date on what employers need to know now and look beyond to the November elections and into 2014.
Day 2 | Wednesday, September 26
SBC and Other Important PPACA Issues
Attorney Tim Tornga
Take a closer look at the Summary of Benefits and Coverage (SBC) and other Patient Protection and Affordable Coverage Act issues employers need to understand. This insightful session will including information on the content, who provides, who receives, distribution events, distribution methods and important compliance issues.
Diversity in the Workplace
Facilitated by Marie McKendall
Pre-approved for 1.25 general credit hours.
Discover techniques to help credit unions define and assess whether they have an appropriate level of diversity in their workforce. From recruiting and selecting diverse employees, to covering the benefits and challenges of employing a diverse work force, this session will demonstrate the why and how of bringing together the best group of people (and outstanding talent) from different races, ages, genders and physical abilities.
Note: The use of this seal is not an endorsement by the HR Certification Institute of the quality of the program. It means that this program has met the HR Certification Institute's criteria to be pre-approved for recertification credit.


text:
The PorkBarrel is located in the National Parliamentary Rose Gardens adjacent to the long-established Lobby Restaurant.
Traditionally, politicians are lobbied by the public to make decisions, and politicians pork barrel the public to gain electoral favour.
The Lobby Restaurant and PorkBarrel form the ying and yang of Canberra's political and dining centre.
PorkBarrel, an artisan bakery and eatery offers a simple, stylish and fresh venue serving breakfast, lunch, salads, pizzas and daily blackboard specials. The aroma of the bakery and feature display of European breads, pastry, Pan de Cea, sourdough and handmade brioche are baked daily and available seven days a week.
The PorkBarrel serves terrific coffee and a great range of wine by the glass and world class beers, making it the perfect place to enjoy the blossoming of spring with friends and family.
2 for 1 pizza's every Monday and Tuesday for lunch, and Thursday and Friday from 5pm.


text:
'Real Housewives Of Atlanta' Cynthia Bailey On ATL Drama
Glamorous Cynthia Bailey of Bravo's "The Real Housewives Of Atlanta" resides in Atlanta with her 11-year-old daughter, Noelle, and new husband, Peter.
The Alabama-born beauty moved to New York City eighteen years ago to pursue her dream of modeling. At 44-years-old, Cynthia is still a working model and is using her decades of experience to help the next generation.
By opening The Bailey Agency School of Fashion, Cynthia seeks to take Atlanta's most promising girls, teach them about the industry, and help foster connections between the aspiring models and power players in the fashion world.
Her marriage to Peter is barely one-year along, but the shadow of the marriage-certificate wedding debacle still hangs over the Bailey-Thomas household.
Cynthia's sister Malorie and Peter still haven't addressed her attempted wedding sabotage, and Cynthia finds herself in an uncomfortable position between her husband and her sister.
For more information, visit www.bravotv.com.Copyright © 2014, Hartford Courant


text:
December 21, 2014
Kennedy Space Center (AP) - When does a toilet cost $19 million? When it's being used in space.
NASA has agreed to pay $19 million for a Russian-built toilet system for the International Space Station. NASA says it would cost even more to build its own system, plus astronauts already use a similar one at the space station.
The space station toilet physically resembles those used on Earth, except it has leg restraints and thigh bars to keep astronauts and cosmonauts in place. Fans suck waste into the commode.
Crew members also have individual urine funnels which are attached to hoses, and the urine is deposited into a wastewater tank. The new system will be able to transfer urine to a device that can produce drinking water.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
To comment, the following rules must be followed:
Comments may be monitored for inappropriate content, but the station is under no legal obligation to do so.
If you believe a comment violates the above rules, please use the Flagging Tool to alert a Moderator.
Flagging does not guarantee removal.
Multiple violations may result in account suspension.
Decisions to suspend or unsuspend accounts are made by Station Moderators.
Links require admin approval before posting.
Questions may be sent to email@example.com. Please provide detailed information.
Click Here to access the online Public Inspection File
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or email@example.com.


text:
Wallabies banking on Brisbane boost?
September 1, 2009
Australia's Matt Giteau dives in to score a try during the Wallabies' 49-0 victory over the Springboks in Brisbane in 2006 © Getty Images
Australia entertain South Africa at the Suncorp Stadium in Brisbane on Saturday in the 71st meeting of the two sides.
The Springboks hold the historical advantage over the Wallabies with 43 victories to their rivals' 26 since their first meeting in Sydney in 1921 - won 25-10 by the visitors. The only draw between the two sides came in Perth in 2001 while South Africa recorded the most recent victory with a 32-25 success in their Tri-Nations clash at the Subiaco Oval last week.
Prior to South Africa's readmission to international sport in 1992, Australia had won just seven of the 31 matches played. The scoreboard stands 19 wins each, along with the draw, in the time since then. South Africa have prevailed only four times on Australian soil since 1992; and just three times in the 16 matches of the Tri-Nations era, which kicked off in 1996.
South Africa has won ten of their last 11 Tests since losing 15-27 at home to Australia in Durban last year. The only defeat sustained since was a 9-28 reverse against the British & Irish Lions in the 'dead' third rubber of that series, when the Boks fielded a much changed side from that which had won the two earlier Tests.
Since 2000, the countries have also competed for the Nelson Mandela Challenge Plate - named after South Africa's first post-apartheid president, Nelson Mandela. South Africa reclaimed the trophy for the first time since 2005 with victory over their rivals last weekend.
The two sides have clashed in Brisbane on nine previous occasions with Australia claiming seven victories to South Africa's two. At the Suncorp Stadium that will play host to Saturday's clash, Australia have won the five previous matches dating back to their first meeting at the formerly-named Lang Park in 1965.
Suncorp Stadium is one of four Test venues that have been used in Brisbane. The others are Ballymore, the Brisbane Exhibition Ground and the Woollongabba Ground, which is better known as the city's venue for cricket.
At the most recent meeting between the two teams in the city, Australia won by a record 49-0 scoreline, scoring six tries in the process. Matt Giteau, who also appeared at inside centre that night and scored two tries, George Smith, Rocky Elsom and Mark Chisholm (who came off the bench and also scored a try) are Australia's only survivors from that occasion.
Wallabies skipper Stirling Mortlock holds the record for the most points scored in clashes between the sides with a personal tally of 150 points.
All-time record: South Africa won 43, Australia won 26, drawn 1
Biggest winning margin: SA: 45, 53-8 at Johannesburg, 2008; Aus: 49, 49-0 at Brisbane, 2006
Highest score: SA: 61 (61-22) at Pretoria, 1997; Aus: 49 (49-0) at Brisbane, 2006
Most tries: SA: 8 (53-8) at Johannesburg, 2008, (61-22) at Pretoria,1997, (28-3) at Johannesburg, 1961; Aus: 6 (49-0) at Brisbane, 2006
Longest winning sequence: SA: 7 (1953-1963) and (1969-1971); Aus: 4 (1999-2000)
Most points (individual) : SA: Percy Montgomery 140; Aus: Stirling Mortlock 150
Most tries (individual) : SA: 7 Breyton Paulse; NZ: 7 Stirling Mortlock
Most points in a Test: SA: 26 Jannie de Beer at Pretoria, 1997; Aus: 29 Stirling Mortlock at Melbourne, 2000
Click Here for South Africa's Test record courtesy of Statsguru
Click Here for Australia's Test record courtesy of Statsguru
Click Here for a record of all Australia v South Africa matches courtesy of Statsguru
Click Here for the Australia v South Africa record at the Suncorp Stadium courtesy of Statsguru
© Scrum.com
|Live Scores
'Peace and love. I just don't like c***s'
From Burgess to Boudjellal, Haskell to Honey Badgers and retirees to Retallick, here's the Quotes of 2014
Stats right: the big numbers from 2014
It was another bumper year of rugby action in 2014; join us as we take a look back at some of the season's top statistics
Focus on the salary cap shambles
Salary caps, Saints, sinners and scrums - Monday Maul looks back at the key talking points from an eventful weekend


text:
MIRPAL is a community of migration and remittance practitioners and policymakers from the ECA countries. This peer-learning network was officially launched in May 2010 at a conference in Moscow, Russia. A series of GDLN events organized prior to the May 2010 launching conference served as a foundation for the development of the network.
Migration XXI Century, a Moscow-based NGO, acts as a MIRPAL Secretariat.
The MIRPAL Logo picture mirrors the variety of effects migration can potentially have on the source and destination countries. The governments face an uneasy challenge of adopting migration policies, which being restrictive in nature, respect the basic human rights and ensure fairness and justice towards the freedom of human choice to move across countries. Balancing between benefits and costs of both migrant sending and receiving countries remains a key issue in migration agenda. With population aging in high and middle income countries migration becomes highly important in providing the necessary labor supply, while, at the same time, generating burden for these countries' public expenses in social sectors such as education and health. Benefits of migrant sending countries are tremendous especially with regard to remittances which impact all aspects of human life of their native populations. There is empirical evidence, that remittances are channeled to meeting the basic needs of migrant sending households, including for education, health, housing and utilities. In addition, the Diaspora abroad highly contributes to the development of trade and financial linkages between migrant sending and receiving countries leading to an increase in export, inflow of foreign direct investments, and transfer on knowledge and technology. These benefits outweigh the costs of labor mobility the poor countries face with outflow of their capable labor known as brain drain and brain waste phenomenon.
The main goal of MIRPAL in 2011 is to provide a forum for cross-country collaboration as a means to refine and harmonize approaches to initiate and guide CIS migration policies and practices. In 2011, MIRPAL was one of the World Bank initiatives highlighted for the results produced. Read "MIRPAL: Supporting Migration Reforms in Europe and Central Asia" and World Bank - A Catalyst for Labor Migration Discussion".


text:
Home :: Brands :: Shaw Industries Rug
Transitions is a new collection of unique transitional and contemporary rugs. The inspiring palette features rich reds, warm neutrals, as well as golds, soft greens, and accents of eggplant, brown, and vintage blue. Even greater sparkle and depth are brought to the designs when married with colors like onyx and beige. Made from machine-woven olefin, Transitions showcases geometric shapes and artistic color combinations, whimsical structures and organic circles, to a contemporary twist on tropical leafs, and coastal patchwork of fanciful fronds.
Browse Rugs in Collection


text: Koehne started at RT but Moore replaced him at some point. IF ESPN concentrated on what is going on, on the field, instead of phantom targeting and the other stuff they obsess about, maybe they would tell us when events like that occur. But, they didn't, and you the video covarge makes it hard to follow the whole line on a continuing basis. So, I don't know when it occurred, even though I like to track the line's makeup and performance. You would think also that someone in the media would be interested enough in the key parts of the game to ask Champ about the oline rotation in the post-game. I tend to suspect that they tried to give Moore another week to recover, but made the change for unknown reasons--Kohene injured, or just couldn't do the job at tackle? I think UK was supposed to have one very good individual rusher. Of course, I imagine with the instability on the right side of our line, that teams target them for blitzes and stunts. Koehne is a great resource, but there have to be limits to his versatility. Obviously, neither Brown nor any other options are up to snuff right now. However, 15 of 18 passing; 250+- yds rushing speaks to decent line play along the way.


text:
This item is temporarily out of stock. However, we can notify you as soon as this product becomes available.
Thank you
We have received your request and you will be notified as soon as this product becomes available.
Description: Clover Embroidery Stitching is a fun craft that has been used through the ages to decorate clothing, home decor and more. Now Clover has a variety of tools that make Embroidery Stitching quick and easy. You can stitch a picture just as quickly as if you were drawing it. Needle Threader 2pc- 5" long threader makes threading your needles quick and easy.
See more Clover Embroidery Stitching Tool.
Review this product and Enter
to Win a $100 shopping spree!


text:
Electronics & Entertainment
false pdp {"scheme":"product1_cr"}
false pdp {"scheme":"product2_cr"}
Money Maze Game™ 12 12
Great Gifts I bought several for Christmas presents and all our family members loved it! January 18, 2012
Crazed parent That's what my children called me, after they realized that they had to work for their "gift." Little do they realize that there are other mazes and games to come. January 6, 2014
Fun gift This was the most fun everyone had at Christmas. Great idea when giving someone money or a gift card. January 3, 2014
Fun maze! This was a fun way to give money this year to my sons for Christmas. They enjoyed the challenge and humor that went with the gift to open it. December 29, 2011
hard to figure out can't wait to give it to my granddaughter. I'm sure she can figure it out. February 21, 2012
Money Maze Game Best money spent this Christmas, the hilarity that ensued watching the 8 and 11 year old work to solve the puzzle to release the gift cards for their favorite book store was priceless. The quality of this product was good. No complaints. December 26, 2012
Not worth it We purchsed this for our 10 yr grandson. He solved it in less then 5 mins and when it opened the entire box literally fell apart. A big disappointment for us but at least our grandson didn't care because he received the contents ($$$) that was inside.! January 7, 2014
very dissapointed in the quality; this is the first time I have been dissapointed with Improvements product don't waste your money; buy the pinball model; I bought 5 of these for Christmas and only 2 opened as instructed; poorly made; really dissapointing for the children; had to pry them open; latch didn't work; January 2, 2012
Product:312125-Money Maze Game™


text:
Synapse offers a wide range of wireless modules that have been especially designed for ease of use and to speed up your product design time. Synapse designs modules with great care to ensure the best range possible. In addition to power amps to increase the transmit power we also use receive amps to provide 10 dBm additional link margin. We are also very careful to ensure that the maximum RF energy gets to the antenna instead of being wasted with poor antenna matching.
Detailed Comparison Chart for RF Module Products
Our Through-Hole Modules can be interchanged so that you can see how your project works at 2.4 GHz and then try it at 900 MHz using the same base board design.
Synapse's modules offer a broad range of computing performance. From the entry level 8051 CPU all the way up to an ARM7 CPU, you have plenty of options regarding compute speed as well as available memory sizes. A SNAP Mark™ score showing the number of SNAP Python instructions per second gives you an idea of the relative performance of each of these CPU's.
North America
Manufacturing Reps:
|Synapse RF Engine Family
Product Brief
RF Engine Data Sheet
|RF200PD1 RF Engine
Product Brief
RF Engine Data Sheet
|SM200P81 RF Engine
Product Brief
RF Engine Data Sheet
|Synapse Component
Product Warranty
|Mature Products Collateral
|Customer Support Forum


text:
Office 365 Developer Podcast: Episode 027 update from developer marketing team
Office 365 Developer Podcast: Episode 026 on ECM PnP Samples with Frank Marasco
Office 365 Developer Podcast: Episode 025 on Solutions, Scenarios & Samples in PnP github repo
Visio webcast December 16—tips and tricks for Project 2013
Join us Tuesday, December 16th at 9:30 a.m. PST/12:30 p.m. EST for this exciting and practical webinar that will demonstrate tips and tricks for building and maintaining a proactive project schedule. Read on to register and learn how to qualify to receive a complimentary copy of Microsoft Project Professional 2013!
Microsoft Virtual Academy course—Office 365 identity management
The Office 365 Team has developed a new course on focused on identity management, featured within Microsoft Virtual Academy. The course titled, Office 365 identity management, includes seven 45-90 minute modules. Watch these modules to learn about user and identity management concepts, examine the available options, and explore how to configure and manage user identities.
Office 365 Developer Podcast: Episode 024 on testing AngularJS Office 365 apps with Protractor
Garage Series: A developer's view of transitioning to the apps for Office model
This week long-time developer and VP of Product, Ryan Duguid from Nintex describes what it took to make the shift going from full trust code to the apps for Office model. He explains the architectural changes, integration with other cloud services and platforms as well as how the development and servicing model has evolved for Nintex. Ryan also demonstrates the Nintex Workflow app for Office 365 and how it compares it to the on…


text:
Return Policy
Turtle Fur works hand in hand with knitters in the mountains of Nepal to hand knit our Artisan made collection of hats. This arrangement allows for economically disadvantaged artisans from a remote region of the world to enter into the global market.
Turtle Fur Electra Fleece Lined Earflap Hat Features:
1075 North Main Suite 120 Logan, UT 84341
Store Phone: 1-435-752-5151


text:
Smarter Decisions,
Better Care
UpToDate synthesizes the most recent medical information into evidence-based practical recommendations clinicians trust to make the right point-of-care decisions.
Choose from the list below to learn more about subscriptions for a:
Subscribers log in here
Related articles
|AuthorLawrence B Schwartz, MD
|Section EditorF Estelle R Simons, MD, FRCPC
|Deputy EditorAnna M Feldweg, MD
Topic Outline
Anaphylaxis is a serious systemic allergic reaction that is rapid in onset and may cause death [1]. The diagnosis of anaphylaxis during the acute event is based on the clinical presentation and a history of a recent exposure to an offending agent [1]. There are no laboratory tests available in an emergency department or clinic setting to confirm a diagnosis of anaphylaxis in real time. (See "Anaphylaxis: Rapid recognition and treatment".)
Laboratory tests in serum, plasma, and possibly urine obtained during or shortly after the acute event, can, however, help to support the clinical diagnosis of anaphylaxis. These tests can also help identify anaphylaxis in the presence of other disorders that have overlapping clinical presentations, such as severe asthma or myocardial infarction. In addition, these tests may provide evidence for anaphylaxis as a cause of death.
This topic reviews the laboratory tests that can be used to support the clinical diagnosis of anaphylaxis in both adults and children. These tests are different from those that identify sensitization to the inciting allergen, namely measurements of allergen-specific immunoglobulin E (IgE), which are reviewed elsewhere. (See "Overview of skin testing for allergic disease" and "Overview of in vitro allergy tests" and "Anaphylaxis: Confirming the diagnosis and determining the trigger(s)", section on 'Testing for allergen trigger(s)'.)
The principal effector cells of systemic anaphylaxis are mast cells and basophils. The various preformed and newly-generated mediators secreted by these cells cause many of the signs and symptoms of systemic anaphylaxis. The pathophysiology of anaphylaxis is reviewed in detail separately. (See "Pathophysiology of anaphylaxis".)
Two of the most abundant and best-characterized preformed granule mediators released by these cells during anaphylaxis are tryptase and histamine. Elevations in tryptase and histamine can sometimes be detected in blood samples obtained shortly after the onset of symptoms. Also, elevated levels of histamine, histamine metabolites (N-methylhistamine and N-methylimidazole acetic acid), the prostaglandin D2 (PGD2) metabolite, 11-beta-prostaglandin F2-alpha (11-beta-PGF2-alpha), and the leukotriene C4 (LTC4) metabolite, leukotriene E4 (LTE4) can be measured in urine after an anaphylactic event.
Subscribers log in here


text:
Summary: This full-color handbook is a quick-reference guide to all aspects of documentation for every nursing care situation. It covers current documentation systems and formats, including computerized documentation, and features scores of sample filled-in forms and in-text narrative notes illustrating everything from everyday occurrences to emergency situations. Coverage includes timesaving strategies for admission-to-discharge documentation in acute, outpatient, rehabilitation, long- ...show moreterm, and home care environments and special documentation practices for selected clinical specialties: critical care, emergency, perioperative, maternal-neonatal, and psychiatric. The book includes advice on legal safeguards, dangerous abbreviations, and compliance with HIPAA guidelines and JCAHO requirements. ...show less
14 more offers below.
Filter by: All (14) | New (7) | Very Good (2) | Good (4) | Acceptable (1)
Free ShippingGet Free Shipping on orders over $25 (not including Rental and Marketplace). Order arrives in 5-10 business days.
Need it faster?We offer fast, flat-rate expedited shipping options.
Take advantage of Guaranteed Cash Back. Send your book to us in good condition before the end of the buyback period, we'll send YOU a check, and you'll pay less for your textbooks!
When you're done with this book, sell it back to Textbooks.com. In addition to the best possible buyback price, you'll get an extra 10% cash back just for being a customer.
We buy good-condition used textbooks year 'round, 24/7. No matter where you bought it, Textbooks.com will buy your textbooks for the most cash.
Being online is not required for reading an eTextbook after successfully downloading it. You must only be connected to the Internet duringthe download process.
Minimum Requirements:
What is the Marketplace?It's another way for you to get the right price on the books you need. We approved every Marketplace vendor to sell their books on Textbooks.com, so you know they're all reliable.
What are Marketplace shipping options?Marketplace items do not qualify for free shipping. When ordering from the Marketplace, please specify whether you want the seller to send your book Standard ($3.99/item) or Express ($6.99/item). To get free shipping over $25, just order directly from Textbooks.com instead of through the Marketplace.
FREE UPS 2nd Day Air Terms


text:
Lifetime Members
Honorary Lifetime Membership may be granted to those persons of prestigious stature who are nominated by the Association President and approved by the Executive Committee and Association Board of Directors, including but not limited to:
Persons designated as Lifetime members shall receive all benefits and privileges of Regular membership at no cost to the individual, as all levels of dues are waived.
Kenneth R Adams CDP
Springfield, IL
Capitol Chapter
Nita Adams CISSP
Michael Armstrong
Corpus Christi, TX
San Antonio Chapter
Eddie M Ashmore
Indiv. Memb. Reg. 07
Delbert W Atwood CDP
South Jordan, UT
Indiv. Memb. Reg. 01
Richard C Barnier CDP, CCPM
Wheaton, IL
AITP Chicago
Coney J Barre
Baton Rouge, LA
Baton Rouge Chapter
Louis J Berzai CSP, CCP
Notre Dame, IN
Honolulu Chapter
Gerry H Biedenbender
Germantown, WI
Southeast Wisconsin Chapter
Donald L Bitzer
Cary, NC
Indiv. Memb. Reg. 18
Alan F Blanche CDP
North Charleston, SC
Charleston Chapter
William L Bonney
Troy, NY
Indiv. Memb. Reg. 13
Frederick P Brooks
Chapel Hill, NC
Joseph T Brophy
Sunapee, NH
Charles L Brown CCP
Spring Valley, CA
San Diego Chapter
Jerry Buckland
Dryden, NY
Indiv. Memb. Reg 13
Robert E Burns
Omaha, NE
Omaha Chapter
Grady F Burrow CDP
Birmingham, AL
Birmingham Chapter
Robert P Campbell CDP
Washington DC Chapter
James A Campise CDP
Canyon Lake, TX
Houston Chapter
Carol Carter
Suwanee, GA
Nashville Chapter
David Chapin
Mill Creek, WA
Puget Sound Chapter
Robert C Cheek
Indiv. Memb. At Large
Joseph M Copp CCP
Hudson, FL
Tampa Chapter
Willis L Daniel
Colonial Heights, VA
Richmond Chapter
Ruth M Davis
John DeLauriea CDP
Woodridge, IL
John Diebold
Bedford Hills, NY
C. E Diesen
Bristow, VA
Eugene T Dolan CDP
Falls Church, VA
Irene Edge
Ashtabula, OH
Northeastern Ohio
James E Eldridge
Gainesville, FL
North-Central Florida
Terrance H Felker
Midlothian, VA
Billy R Field
Fort Worth, TX
Indiv. Memb. Reg. 03
William W Fly CCP, CDP
Garland, TX
AITP Dallas Chapter
John H Foertschbeck
Woodbine, MD
Baltimore Chapter
Kenneth L Frey CDP
Clinton Township, MI
Indiv. Memb. Reg. 05
Betty J Friedlander
Nolensville, TN
Robert A Gamel CDP
Randolph, MA
Boston Chapter
Bill Gates
Redmond, WA
Darlene Gerber
Geneva, OH
Northeastern OH Chapter
Mark Gilfand CDP
Bloomington, IL
Twin City Chapter
Robert S Gilmore CDP
Torrance, CA
Long Beach Chapter
Edward L Glaser
Cleveland Chapter
Ira S Gottfried CDP
Los Angeles, CA
Los Angeles Chapter
Eugene A Haessig CDP
Saint Louis, MO
St Louis Chapter
John A Hage
Toledo, OH
Michael R Hall
Gilbert R Hedger CSP
Prescott, AZ
Phoenix Chapter
Robert Heimann
Green Bay, WI
Northeastern Wisconsin Chapter
Kathleen Hennessey
Jim R. Henry
Anchorage, AK
Anchorage Chapter
Ronald C Herman
Charleston, SC
Teresa K Hickerson
Mountain Park, OK
Oklahoma City Chapter
George L Ilkka
Glenshaw, PA
Pittsburgh Chapter
Robert L Jenal
Vero Beach, FL
Paul E Jeremiah
North Canton, OH
Akron-Canton Chapter
Kevin J Jetton CDP
San Antonio, TX
Lawrence A Johnson CDP
Fort Atkinson, WI
Ralph E Jones
Elmer F Judge CDP
Apache Junction, AZ
Gary D Keller CDP, CCP
Racine, WI
Mark P Kleine CCNA
Norman, OK
Allan V Kotmel CDP
Schenectady, NY
Joseph A Krehlik
Saint Clairsville, OH
Greater Wheeling Chapter
Kenneth R Krugh CCP
Pittsburgh, PA
Norbert J Kubilus CCP
Marina Del Rey, CA
Lance Kull CDP
Pfafftown, NC
Tarheel Chapter
William R Lackey
West Palm Beach, FL
Anthony E LaCrosse
Oak Creek, WI
Suzanne Lattimore CDP
Nashville, TN
Ralph Leatherman CDP
Christine Leja CDP
Belleville, IL
George C Leong CDP
Pearl City, HI
Carroll L Lewis CDP
Memphis, TN
Dr. Joyce Currie Little, CDP, CCP
Baltimore, MD
Anthony J Long CDP
Northeastern Ohio Chapter
Deborah R Lovell
Sam C Luke CSP
Honolulu, HI
Ellen Mahoney
Robert J Marrigan CDP
Bedford, MA
William A McCall
Milton, FL
Larry McCanless
Wichita, KS
Wichita--The Air Capitol Chapter
Edward R McCracken
Mountain View, CA
Greater San Jose Chapter
Jim McCraw
Jackson, MS
Jackson Chapter
Patricia M McMurray
Christian G Meyer CDP
Tampa, FL
Alan Miller
Tulare, CA
Ind. Mbr. Southwestern Region 1
Elaine Miller
Denver, Co
Mile High Chapter
Georgia B Miller
Columbus, IN
Frank W Miralgio
Plainfield, IL
AITP Chicago Chapter
Vincent A Morelli
Havertown, PA
Montgomery County
William D Munch
Pleasant Hill, CA
Indiv. Memb. Reg. 02
Walter E Nierzwicki CDP
Greendale, WI
Ernest E Nolan CDP
Evansville, IN
Greater Evansville Chapter
Cecil B Oster
Orlando, FL
Central Florida Chapter
Emmett Paige
Fort Washington, MD
Denise A Patrizio
Ben A Paulson
Bay City, MI
West Michigan Chapter
H. Ross Perot
Roger M Phillips
Winter Haven, FL
Polk County Chapter
Beth Pirrie
Seattle, WA
Donald E Price Ed.D., CDP
Huntington Beach, CA
Sam J Price
Sacramento, CA
Frank Proctor
Indian Rocks Beach, FL
Bernard R Purslow CDP
Scarborough, ON
Mary Reager
Lincoln, NE
Cornhusker Chapter
Vern Reed CDP
Akron, OH
Nick Regopoulos
Brian J Reithel CDP
Oxford, MS
Theodore Rich
Louisville, KY
Charles A Richardson
William Rooney
Chicago, IL
Herbert B Safford CCP
Paul R Saunders CDP, CSP
Larry W Schmitz CCP
Menasha, WI
Harvey Schoenman
Barbara Shaver
Uniontown, OH
I. J Sitkin
Aventura, FL
David R Smith CSP
Urbandale, IA
Indiv. Memb. Reg. 04
Dorothy J Smith CDP
San Jose, CA
Howard L Smith
Charlotte Chapter
Karan S Smith
Lakeland, FL
Robert L Smith
Douglassville, PA
Montgomery County Chapter
James W Stace CSP, CCP
Medford, MA
James F Stankovsky
Brookfield, WI
David A Susi
Lady Lake, FL
Southern New England Chapter
John K Swearingen CDP
Napa, CA
Las Vegas Chapter
James F Towsen
Harrisburg, PA
York-Lancaster Chapter
J. Crawford Turner CDP
Dandridge, TN
Eric Ustad CCP
Abbotsford, BC
Gerald E Wagner CDP
Elko, NV
Donny Wall
Evans, GA
Willis H Ware
Santa Monica, CA
Michael L Welch CDP
Jay T Westermeier CDP
Reston, VA
Robert W Wheeler
Lincoln Park, MI
Jack M White ACP
New Orleans, LA
New Orleans Chapter
T. C Willoughby CDP
W. Paul Ziems
Coram, NY
Long Island Chapter
Remember Me
Forgot your password?
Haven't joined AITP yet?
12/16/2014AITP Welcomes New Members from November 2014
12/16/2014AITP Welcomes New Members from October 2014
12/16/2014The secret behind every HUGELY successful person
12/31/2014AITP Distinguished Information Sciences Award (DISA) Documentation Due
Copyright © 2011-2014 Association of Information Technology Professionals, All Rights Reserved. Use of this web site constitutes acceptance of the Terms of Use and Privacy Policy. AITP Headquarters, 1120 Route 73, Ste 200. Mount Laurel, NJ 08054-5113Phone: 1.800.224.9371 or 856.380.6910 · Fax: 856.439.0525 · Email: email@example.com