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WATCH: Why You Should Care About the $7 Billion Citigroup Mortgage Settlement
Citigroup paid $7 billion as part of a settlement with the Justice Department, but homeowners affected by toxic mortgages are still struggling.
WATCH: U.S. Men's Soccer Star Alejandro Bedoya on His Biggest Money Mistake
Alejandro Bedoya, midfielder for the U.S. World Cup team, talks about blowing a paycheck, investment strategies, and an important money lesson from his father.+ READ ARTICLE
Bedoya on his biggest money mistake:
My first paycheck, I remember, I put in the bank. And the second one…you know, in Europe everybody is always…they want to look good…and it's probably buying one of those brand name designer things that, I remember, for that month it was like probably my whole paycheck. Buying things like that. I mean, those things are cool to have, but it's not really important."
Bedoya on what he's learned from his father about money:
He's always taught me that it's not what you're worth, it's what you negotiate. That holds true in every aspect. It's really how you handle things and how you go about what you think you deserve. I feel like that has helped me out a lot with the opportunities I've gotten with money and investments."
WATCH: Where Is Inflation Hitting Americans Hardest?
People in New York tell our Mannes on the Street where rising prices are impacting their lives the most.+ READ ARTICLE
Related: 3 Ways to Inflation-Proof Your Life
What's Your Money State of Mind?
Money's exclusive survey reveals mixed emotions when it comes to our personal economy: We're feeling pretty good today, but worried about our prospects for the long run.
At first glance the Brough family of Dallas seems to have emerged from the tumultuous economic events of the past six years unscathed.
Sole earner Richard, 44, a project manager in software consulting, worked steadily throughout the financial crisis — even landing a new job that pays $45,000 a year more than his old one, which pushed his salary comfortably into six-figure territory. The value of the home he shares with wife Kelley, 46, and two of their four children (ranging in age from 15 to 27) has rebounded to pre-2007 levels, and so has his 401(k).
Yet five years after the official end of the downturn, Brough feels anything but confident about his finances.
"I'm more obsessed with security and worried about the future than I was during the recession," he says. "Even though I was making less then, our money seemed to go further. I'm anxious about being able to pay for everything we need, anxious about our savings, anxious about staying out of debt."
The results of MONEY's new national survey of more than 1,000 Americans age 18 and older reveal that most people share Brough's concerns: The Great Recession may be over, but a Great Insecurity seems to have emerged in its wake.
True, the majority of respondents acknowledge that their finances are better now than they have been in some time. About three-quarters report that their situation has stabilized or improved compared with a year ago; less than half felt that way when MONEY posed that question in 2009.
Indeed, in that earlier survey, only about 10% said they were doing better than the year before, vs. 30% now. And far fewer folks seem to feel as if they're teetering at the edge of a financial cliff: Just 24% say their circumstances have gotten worse over the past year, vs. 51% in 2009.
Meanwhile, people are even more optimistic about the year ahead: Almost nine out of 10 expect that their finances will be the same or better 12 months from now.
Yet while the outlook for today and tomorrow has brightened, the day after tomorrow appears decidedly grayer. Six out of 10 respondents own up to being worried about their family's long-term economic security, and even greater numbers register anxiety when getting down to specifics; they're really worried about having enough money for retirement, how they'd manage if a financial emergency arose, whether safety net programs such as Social Security and Medicare will be intact when they need them, and how they'll pay for health care.
Moreover, that undercurrent of anxiety cuts across virtually all groups: Young and old, men and women, married couples and singles, even the affluent — all shared the same concerns.
Related: How we feel about our finances
Some of the fretting may be the result of a lingering hangover from the financial crisis. "People are influenced by what is more recent and most vivid, and that is still the recession," says behavioral finance expert Meir Statman, a professor at Santa Clara University in California. "We fear that what happened in 2008 will happen again."
The current state of the economy is also cause for continuing concern. "The unemployment rate is still pretty high, and there are a lot of questions about what the government is going to do," says Olivia S. Mitchell, a Wharton economics professor who has studied the impact of the financial crisis on U.S. households. "We're in an environment of pervasive uncertainty that's not going to go away for years."
What is causing the most agita about our financial future — and why? How has that affected the way we manage money? And what are the best steps to alleviate our anxiety and move forward? The answers follow, along other insights from the 2014 Americans and Their Money survey.
We've regained some stability — and faith
When MONEY polled Americans about their finances in 2011 and 2009, the nation was hunkered down and wrestling with post-recession panic. Families had pulled back drastically on spending, postponed vacations and major purchases, and even curtailed giving to charity. People were deeply worried about losing their jobs or getting a pay cut, concerned about the eroding value of their homes, and anxious about big losses in the financial markets.
Five years ago, when asked whether they'd be better off putting money under the mattress or in stocks, half of the respondents chose the bed.
Now that home values and stock prices are up and unemployment is modestly down, a lot of that fear has abated. This year, for instance, 71% of those surveyed opted for stocks instead of the mattress. Folks are once again comfortable tuning out the daily movements of the market: Only about a third of those surveyed said they were laser focused on financial news, vs. two-thirds in 2009.
There's also a greater willingness to stretch for risk: In the most recent poll just over half of Americans said it was more important to keep investments safe than to aim for a higher return. While that's a substantial number, it's down from 64% three years ago. In general, concerns about losing money in the market, declining home values, and being laid off have dropped to close to the bottom of the collective worry list.
Related: 5 ways to reduce your financial anxiety
Other signs bolster the notion that Americans are backing away from the financial bunker mentality that swept the nation after the recession. A Challenger, Gray & Christmas analysis of employment data, for instance, found that more Americans are quitting their jobs, reflecting growing confidence in their ability to find a better position elsewhere.
After years of relative frugality, Americans are loosening the purse strings a little. Sales of big-ticket items such as cars and new homes recently hit six-year highs, and the fourth quarter saw the largest quarterly increase in outstanding credit since before the recession.
Among those feeling calmer is Ralph Schmitt, 69, of Fortson, Ga., whose savings fell by a third in the crash.
When the recession arrived, Ralph, who had planned to retire in 2008, decided to postpone that step. He and his wife, Kathleen, did not sell any investments, however, and by late 2009, with their portfolio growing again, Ralph felt confident enough to quit for good.
"I was still worried about the uneven recovery and our retirement savings," he admits, "but I believed in the resilience of the U.S. economy and the momentum of the stock rebound."
Besides, he says, he and Kathleen, 67, who stopped working in 1993, felt they could live on less, having drastically cut back on their spending for travel, fine dining, and theater.
Today the Schmitts' portfolio is back to where it was in 2007, and the couple have "kicked up" their spending accordingly. "I wanted to travel extensively with my wife while we still had our health," says Ralph.
Good habits have held
We may be opening our wallets again, but that doesn't mean we've abandoned the fiscally prudent practices adopted after the crash. Nearly three-quarters of those in the MONEY poll reported that over the past three years they've been cutting back on luxury purchases and eating at home more often — a modest drop from 2011, when consumers were still shell-shocked from the financial crisis, but a big increase from the 2009 survey.
Nearly six in 10 say they feel guilty about buying something they don't need, virtually unchanged from three years ago. And six in 10 say they're trying to beef up their emergency cushion, a huge jump from 2009, when less than a quarter said the same. Indeed, the national savings rate, while down from its post-crash peak, is now 4%, about where it's been for much of the past three years and substantially above the 1% rate of the pre-crisis boom years.
Whether we'll be able to maintain that restraint for good, however, is unclear. "We're not back to a status quo environment that would allow you to make those kinds of judgments," says Scott Hoyt, senior director of consumer economics at Moody's. He thinks consumers will let loose eventually: "Underestimate the desire to spend at your own peril," he says.
It's particularly tough to assess the long-term trend while the recovery is still so uneven, notes Caroline Ratcliffe, a senior fellow at the Urban Institute, pointing out that some groups, such as high-income baby boomers and retirees whose wealth is tied to the stock market, are feeling more flush than others these days.
Jim Durkis says the improving economy has not changed his habits — yet. The government lawyer and his wife, Deborah, an elementary-school teacher, both 50, were looking to buy a bigger house near where they now live in Albuquerque but decided against the move when housing values in the area declined.
Since the recession, the family, which includes Jason, 22, and Kaja, 21, have switched insurance companies, delayed vacations, and cut cable — though they signed up again last summer after Deborah, a former-spender-turned-bargain-hunter, found a good deal.
Though both spouses are working and he has a solid pension plan, Durkis says he's still focused on saving. "I'm not convinced there's been a true recovery," he says. "I'd rather have extra money, just in case."
Part 2 of Money magazine's survey: The long term still looks uncertain
Americans Still Worried About Their Financial Future
Most Americans believe that the Great Recession is over, according to MONEY magazine's new national survey. But a Great Insecurity seems to have emerged in its wake.
Many of us are sticking to the good financial habits we adopted after the crash — a trend explored in Part 1 of this story. One reason for that: Once you look beyond the immediate future, optimism fades and it becomes clear that Americans remain deeply worried about their long-term economic prospects.
Consider: In the MONEY survey, nearly two-thirds of those earning less than $100,000 and roughly half of those making six figures said they were worried about their family's economic security; roughly six in 10 Americans were anxious about how they would pay their health care costs.
The majority fell behind on their savings, given their stage of life, and almost three out of four were concerned that their money wouldn't last through retirement. Other recent studies have found similar concerns: New research from the Consumer Federation of America, for instance, found that only a third of Americans feel prepared for their long-term financial future.
Why does the outlook seem so scary? Some experts think the events of the past six years have shaken the belief in our ability to accumulate wealth over the long haul.
"When the housing market fell, that really scared people," says Michael Hurd, a senior researcher at Rand, who studied the effect of the recession on household finances. Hurd found that a decline in home values caused people to cut back on their spending more than a similar drop in the stock market.
In addition, the erosion of trust in our financial system will have a lasting effect, says Tyler Cowen, professor of economics at George Mason University.
"If you don't believe that your environment will persist, you're not willing to stake out plans," Cowen notes. "For example, you won't buy a home based on the premise that in five years you'll be earning more money. The volatility of the stock market and the government shutdown have only made it harder."
Speech pathologist Janel Butera, 47, is one who isn't counting on anything. A divorced mom of two sons, ages 12 and 13, from Corona, Calif., Butera has made reducing spending and boosting savings a priority over the past five years. Out went the gym membership and vacations; packed lunches and day trips to the beach are the new norm.
"The economy as a whole — I don't put a lot of faith in it," she says. "I'm not counting on getting any retirement help, not even Social Security."
Butera is proud that she's managed to rebuild her finances after suffering the twin hits of divorce and the recession but is still anxious that she might one day become a burden to her boys. "I worry about them having to provide for me when I'm older," she says.
Her concern is shared by many: In the MONEY poll, one in five Americans with children said they would probably need their kids' financial support someday.
We're living close to the edge
One reason we're not feeling so hot: While our 401(k)s may be flush again, our emergency savings are not. Half of the respondents in the MONEY poll confessed to living paycheck to paycheck; roughly six in 10 felt they didn't have enough money set aside for emergencies and didn't think the family's breadwinner would find it easy to get another job if laid off.
And almost all people, it seemed, felt like they'd need a higher income than they now earn to really be financially secure — even those who currently bring home a six-figure income. No wonder that anxiety about how we'd cope with a real financial emergency tied with concerns about outliving retirement savings as the most prevalent money worry.
In fact, money has gotten tighter for many lately. Household income, adjusted for inflation, has dipped 4.7% since the recession, economist Cowen points out.
One thing's for sure: All this stress isn't helping our love life. The MONEY poll found that finances are both the most frequent source of spats between couples and the cause of the most serious arguments — far ahead of the second-place finisher, household chores, and snoring, which came in third.
Edward Martinez of Tyler, Texas, is one of the many who are worried about not having an adequate cushion. Though Martinez, 44, made $140,000 working for a military contractor in Iraq after the recession, he now earns less than six figures as a technical specialist with the Smith County appraisal district.
He and his wife, Jennifer, 38, a professor at the University of Texas, have an 18-year-old daughter living at home and also help support Martinez's 22-year-old daughter from his first marriage.
Right now the family has only about a month's worth of savings, which could easily be wiped out by a run-of-the-mill financial emergency, Martinez acknowledges. He's in the process of getting a pharmaceutical degree, which he hopes will boost his earning power a few years from now.
Like Martinez, many parents these days are helping grown kids, making it even harder to save. More than a third of the parents of children 22 and older in the MONEY survey are helping out at least one of their brood; of those, three in 10 are shelling out $5,000 or more a year. And that's not likely to change anytime soon: In the survey, parents providing such support believed their adult child wouldn't gain full independence until age 30; adult kids supported by a parent put that age at (gulp) 32.
The kids may be all right in the end after all
Such findings are in keeping with alarms many experts have sounded predicting that young adults would bear the most lasting scars from the Great Recession, just as the Depression had a lifelong impact on the way people who came of age at that time managed their money.
Certainly millennials have had a tough slog so far: The job market for this youngest generation of workers is grim (nearly half of those unemployed are under 34, a Demos study has found), and the average student-loan debt for recent college grads is $30,000.
Atlanta resident Courtney Clemons, 25, has a typical millennial story. The Georgia State University grad interned at a travel agency while in school and was hired there full-time after she got her degree. But her earnings, ranging from $25,000 to $35,000, depending on bonuses, aren't enough for her to get by on her own. So her parents provide about $500 a month to cover her car and health insurance, cellphone bill, and some spending money. Contributing to the problem: She has $90,000 in student loans.
"The jobs you get after graduation aren't conducive to living on your own," she says. Morley Winograd, co-author of Millennial Momentum: How a New Generation Is Remaking America, agrees. "Millennials are a very economically stressed generation, and that stress will last for their lifetime," he says.
Yet MONEY's survey, among others, shows a more mixed picture. Today's younger folks do seem at least as value-conscious as their elders, and maybe even more so: A greater percentage of millennials say they are eating at home these days than they were in 2011, for example, while the numbers had dropped slightly for the general population. And for now at least, younger investors also seem more nervous about the stock market, keeping a greater percentage of their portfolios in cash than older people do.
When it comes to other attitudes about spending and saving, however, millennials seem to be pretty much like everyone else. They are just as likely to covet new, innovative products. And they aren't cutting back on luxury spending or postponing vacations with any greater frequency than their elders either. Nor do they place more importance on saving; almost everyone, young and old, affluent or not, says that saving money is more important to them now than it was a few years ago. And for all the lamentation about how dim the prospects are for this generation, younger folks are surprisingly upbeat about their future: The vast majority (86%) expect to live as well as or better than their parents.
For now, though, while millennials may be having difficulty leaving the nest, no one seems particularly unhappy about it.
"Boomers created a helicopter parenting style and went out of their way to be friends with their kids," says Winograd. "Many are delighted to have their adult children home." The kids apparently don't mind either. A recent Pew study found that 78% of adults ages 25 to 34 who were staying with their parents said they were satisfied with their living arrangements.
Some experts believe this turn toward family may be one recession-induced change that truly lasts. Reality is causing more people to let go of the postwar expectation that living standards will naturally just keep getting better, says Stephanie Coontz, a professor of history and family studies at Evergreen State College in Olympia, Wash.
Many may end up caring less about keeping up with the Joneses and more about being with the people who matter the most to them as a result. And indeed, almost 80% of the respondents to the MONEY survey say spending time with family is more important than ever to them, an increase of 10 percentage points over the past five years.
Janel Butera is one of them. The speech pathologist and mom felt her financial situation was secure enough last year to cut back her workweek from five days to four, so she went for it. "Sure, I could use the money," she says, "but spending time with my kids is more important."
How We Feel About Our Finances
Participants in an exclusive Money magazine survey reveal how they feel about their finances. Although the Great Recession may be over, they're not all that confident about their prospects for the long run.
Focusing on what matters most
Who: Janel Butera, Corona, Calif
Profession: Speech pathologist
How she's faring: Over the past five years, Butera, a divorced mom, has focused on spending less, saving more, and teaching her sons, Shane and Seth, how to be responsible and resilient when it comes to managing money.
"It hasn't hurt to cut back on the things we were spending on. We figured out what really mattered to us with the recession."
We're not prepared
Who: Jennifer and Edward Martinez, Tyler, Texas
Professions: Professor, technical specialist
How they're faring: Edward Martinez, who provides about $250 a month in support to his 22-year-old, says the family feels too squeezed to save as much as they should. So he's changing careers — he's in pharmacy school now — to bring in more income.
"If we have a bad accident or a health emergency, we're not prepared," says Edward. "We don't even have three months of income saved."
Buried in student loan debt
Who: Courtney Clemons, Atlanta
Profession: Travel agent
How she's faring: Struggling under the weight of $90,000 in student loans, the 2011 Georgia State graduate relies on her parents to help pay her insurance and cellphone bills and provide a little spending money.
"You pay all this money to get a degree, then can't find a job that pays well enough to really live on your own. It's tough."
Worried about the future
Who: Richard and Kelley Brough, Dallas
Professions: Project manager and homemaker
How they're faring: Despite working throughout the financial crisis — and landing a new job that paid $45,000 more than his old one — sole-earner Richard feels anything but confident about his finances looking forward. He's very worried about his family's future economic security.
"If something were to happen to me," says Richard, "I would have to raid my 401(k) to carry my family through a six- or nine-month loss of income. I could be back at square one, the same as an 18-year-old just starting out."
Finally secure enough to retire
Who: Ralph Schmitt, Fortson, Ga.
Profession: Retired
How they're faring: Schmitt saw his savings drop by a third in the crash, but didn't sell any of his and his wife Kathleen's investments, believing in the economy's resiliency. His faith was rewarded: Today, the couple's portfolio is above where it was in 2007 and they feel secure enough to fulfill their retirement dream of traveling extensively.
"When the financial crisis hit, I continued working longer than I had planned, and we cut back on fine dining, theater, and travel," says Ralph. "But once I felt the recovery was underway, I retired, and we began to kick up our spending to do the things we always wanted to do in our retirement."
Watching every dollar
Who: Jim and Deborah Durkis, Albuquerque, N.M.
Professions: Government lawyer and elementary-school teacher
How they're faring: Jim and Deborah were looking to buy a bigger house near where they now live in Albuquerque but decided against the move when housing values in the area declined. Since the recession, they have have switched insurance companies, delayed vacations, and made other cost-cutting moves.
"Before the economy started turning down, I felt like I had enough," says Jim. "Now I watch every dollar and where it goes. I always try to save something just in case."
Are Stocks Overpriced?
Facing a stock market that has doubled in price over the past five years—and with memories of the last market collapse still vivid—you can't help but wonder: Is another disaster lurking around the corner?
Holding vastly different opinions are two strategists with decades of insight and experience. Richard Bernstein, former chief investment strategist at Merrill Lynch, now an adviser to funds for Eaton Vance, is bullish. James Montier, who helps manage $117 billion at GMO — itself an adviser to two Wells Fargo funds — is bearish.
Both make strong arguments — ones that may challenge your view of today's investing climate.
Are stocks overpriced?
The market is priced roughly at fair value. You have to look at valuations in light of inflation. Our firm uses sophisticated models for that, but a rule of thumb is that the price/earnings multiple and the inflation rate should add up to less than 20.
Inflation is now at about 1.5%. The P/E for stocks in the Standard & Poor's 500, as we speak, is about 17, based on trailing earnings. So a little below 20, or roughly fair value.
Related: American Airline employees locked out of 401(k) funds — here's why
Stocks are not cheap, but that doesn't mean the bull market is over. Pension funds in the U.S. have their lowest equity allocations in 40 years. Wall Street strategists recommend an underweight of equities. I've found, over three decades, that the consensus asset allocation is a very reliable contrary indicator of where the market is headed.
A version of the P/E that carries a lot of weight now is the one championed by Yale's Robert Shiller. By that measure, based on 10 years of earnings, P/Es are very high.
In the past, when these high Shiller P/Es signaled an overpriced market, we've had much higher rates of inflation than we do now.
Related: Tools to make your money grow
When interest rates and inflation decrease, P/Es tend to expand. When rates or inflation rise, P/Es contract. The theory is that inflation eats away at a company's future value, for several reasons. Earnings might rise, but inflation-adjusted earnings might not. Earnings quality tends to decline, in part because you're simply paying off debt with cheaper dollars. And overall investor confidence tends to deteriorate. So you have to adjust for inflation, but professor Shiller doesn't.
If you do adjust for lower inflation, it predicts normal returns — about 8% to 9% a year. We look at more than valuation, though. For example, sentiment is still attractive. We actually think you're going to get above-average returns — say, 10% to 15% a year over the next several years.
Two years? Five years?
I think we're halfway through one of the biggest bull markets of our careers. The stock market has been up for the same reason it always goes up in an early-cycle environment. Expectations are extremely low, monetary and fiscal policies kick in, and the economy begins to grow. That's what happens every cycle, and it happened this cycle too.
Now we are entering a mid-cycle phase in which you get the tug of war between rising rates — a bearish sign — and unanticipated improvement in the economy — a bullish sign. Sentiment isn't exactly ebullient, and the economy keeps improving.
Related: How to get in trouble in your 401(k)
But when your readership believes there's no risk in equities, the bull market is almost over. And in the kiss of death, the yield curve inverts, meaning that long-term interest rates drop below short-term rates. In other words, people are so desperate to lock in long-term rates that they pay more for them than for short-term rates.
Watching for an inverted yield curve will keep you out of trouble. That simple little indicator suggests the bond markets are beginning to expect significantly weaker growth. Generally this occurs before the stock market begins to anticipate slower growth. And we haven't seen it yet.
You've noted that a classic sign of a bubble is increased use of borrowed money to invest. Margin buying of stocks is at a record high.
Nobody knows how much of that is long — betting that stocks will rise — and how much of it is short — betting stocks will fall. In the past, when individuals played a greater role in the market, you assumed that margin was used to be levered long. Today hedge funds are a much bigger force, and my research suggests they're relatively neutral. Some of that margin is being used for shorting. So I don't think increased leverage is driving up prices.
What other bubble indicators do you look for?
When sentiment becomes overwhelmingly bullish to the point where people jettison diversification, that is very, very worrisome.
Related: How we feel about our finances
You see that now in highflying tech, social media, some biotech. Valuations are so out of whack with reality. You'd think that people would have learned from the hot stove.
What do you say to analysts who worry that equities are inflated by the artificial suppression of interest rates by central banks?
I get that question all the time. The point of stimulative monetary policy has always been to artificially inflate asset prices. Interest rates are lowered so that people take more risks and multiples expand. Companies get a cheaper cost of capital, which they can then use to invest.
The notion that the Fed is the only reason the stock market is up is what people claim during the early stages of every bull market. The time to worry is when the Fed inflates asset prices too much and the characteristics of a bubble emerge.
What happens if earnings — the "E" in P/E — drop to historical norms?
Profit margins are at an all-time high. There's no doubt about that. But profit levels are also a function of sales. When margins compress, companies generally start to fight for market share. We think earnings forecasts for large-cap multinationals may be way too optimistic; we are concerned about emerging markets and the impact they could have on multinationals' earnings. But domestic U.S. manufacturing is gaining market share. I'm not talking about 3D printing. I'm talking about ball bearings and grease. Small- and mid-caps.
Examples, please?
I'm not a stock picker. But we believe investors should probably focus on more domestically oriented stocks and avoid emerging-market stocks as much as possible. In addition, since profit margins around the world seem likely to contract, investors should aim at market-share gainers. We like U.S. small-cap industrials. If you know the name of the company, the odds are that they have too much international exposure.
Also, I think that high-yield municipal bonds are a tremendous value play right now.
They yield more than high-yield corporates for the first time in history.
So when will you know your portfolio is overpriced — that it's time to get out of small-cap industrials or high-yield munis?
We look at gaps between perception and reality. Over the past several years, the sentiment toward small-cap stocks, despite their superior performance, has been quite poor. But ultimately that gap between perception and reality will begin to change.
There will be more negative-earnings surprises because expectations get too high. Flows into small-cap funds will pick up. We'll hear people talking about how cheap they are, as opposed to how expensive they are. [Laughs.] Then we'll find other investments that look more attractive.
THE BEAR: JAMES MONTIER (cont.)
Are stocks overpriced?
There is no doubt that the U.S. stock market is exceedingly overvalued.
What makes you so sure?
The simplest sensible benchmark is the Shiller P/E. Right now we're looking at a broad index like the Standard & Poor's 500 trading at something like 26, 27 times the Shiller P/E. Fair value would be 16 or 17 times historical earnings.
But bulls say the Shiller P/E doesn't look so bad if you adjust it for interest rates or inflation.
It doesn't make any sense to do that. The history of stock prices shows that they are good long-run inflation hedges. That's because companies can generally raise their prices when their input costs rise, which protects their profits and dividends from inflation. And since equities are valued based on profits per share, equities are largely immune from inflation too.
Adjusting for interest rates is even more bizarre. Empirical horseraces show that valuation ratios — say, P/Es — unadjusted by current interest rates have predicted long-run returns far better than valuations adjusted by interest rates.
What if you look at P/Es based on expected earnings for the next year?
I spent nearly 23 years working at investment banks surrounded by analysts, and I have to say I think analysts probably were put on this planet to make astrologers look like they know what they're doing.
The idea of basing a valuation on a forward earnings number is laughable. Most analysts spend all of their time being spoon-fed by company management and thinking about the next quarter's earnings release — a horizon that is just not meaningful.
But maybe rising profits will justify higher stock prices. Maybe corporate profit margins will be higher than they used to be.
It is possible. We spend a lot of time worrying about that: What could prevent margins from falling?
[GMO co-founder] Jeremy Grantham puts it very well. For most investors, he says, "This time is different" are the four most dangerous words. But for value investors [who buy stocks they think the market has undervalued], "This time it's never different" are the five most dangerous words. They lead to simple-minded extrapolation — an unchecked belief that the future will be like the past.
For a really good example of that, think of value managers who bought financials in 2008 because they were "cheap." They failed to understand the dangers posed by the bursting of the credit bubble and the way in which earnings had been inflated during the housing bubble.
But profits as a percentage of gross domestic product have indeed been elevated for a sustained period. Now the data show profit ratios are not increasing anymore, and that may be the first sign that they're beginning to peak. Looking forward, more federal budget cuts are coming, which should reduce profits.
Are we in a bubble now?
The technology bubble of '99 was a good old-fashioned mania. People really did believe this time was different — that the dotcoms would change the way the world worked forever. I think what we are seeing today is more of a near-rational bubble.
When you have central banks around the world setting interest rates below the rates of inflation, effectively telling you that cash will earn nothing, then you tend to seek out other vehicles for investing. That distorts pricing across a wide range of assets.
I'd call it a foie gras market, in which investors are the geese being force-fed risk assets by central banks. It isn't pleasant, but it may be the best that you can do given the alternatives that are available to you.
So what should investors do?
Personal investment advice is not our business. But when you look at the S&P 500 at today's valuations, our return forecast is negative 1.5% annually after inflation. Cash will earn something like minus half a percent over the next seven years.
It's hard to find bits of the market that are actually attractive. So we look for high-quality stocks, which have three features: high profitability, stable profitability, and low leverage: the Johnson & Johnsons JOHNSON & JOHNSON JNJ 0.03% , Procter & Gambles PROCTER & GAMBLE COMPANY PG -0.08% , and Microsofts MICROSOFT CORP. MSFT -0.55% of the world. They're certainly not cheap. But they are the best of the bad bunch.
And outside the U.S.?
Globally, European value stocks also probably deserve a place in a portfolio. So do some emerging markets, which is probably a brave call given the events that are unfolding around the world. In our unconstrained portfolios, we have just under 50% in equities spread among those groups, and then the rest in a combination of things like Treasury Inflation-Protected Securities and cash.
Related: How much will I need to retire?
You don't want to be fully invested or else you give up the ability to take advantage of shifts in the opportunities you face. Also, we have found that if you shift assets depending on your opportunities, you've greatly reduced the risk of lifetime ruin — running out of money before you die.
Does that mean timing the market? Or simply having a global portfolio and rebalancing once a year? That is, selling the asset that's performed the best and buying the one that's done the worst?
Rebalancing is the simplest of all valuation-based strategies and a really good start. But I think one absolutely should try to market-time based on valuation.
Ben Graham actually said that in Security Analysis [a classic investing book co-written by David Dodd and first published in 1934]. He said, "It is our view that stock-market timing cannot be done…" and that's the bit everybody quotes. But he goes on to say "unless the time to buy is related to an attractive price level," which I think is exactly right.
Any tips on how to market-time?
My colleague Ben Inker says you should smoothly and slowly enter and exit markets. Rather than trying to pick the top or bottom, which you'll never do, move maybe 5% or 10% of your portfolio in or out each quarter. That's what we're doing.
We are slowly drawing down our equity exposure in recognition of the fact that the markets have been expensive. If they get more expensive, we may sell a little faster, and if they get less expensive, we may stop selling.
Being patient is a massively underestimated virtue when it comes to investing because there is nothing worse than sitting there watching your neighbor get rich because he's been invested and you haven't because you think the market's expensive. But if you can be patient, a valuation-based framework is exactly the right way to do things.
American Airlines Employees Grounded from Trading 401(k) Funds
Jim Irvine had his compass set on an ideal retirement. With two generous pensions and a 401(k) that he maxed out every year, the American Airlines pilot had been on track to retire by 60 and live out his dream of sailing around the world with his family.
Then a fierce squall hit: AA filed for bankruptcy in 2011. Subsequently one of his pensions was frozen, the other paid out. Suddenly Irvine's retirement dream hinged entirely on his growing his 401(k).
"It's all up to me to invest well," says Irvine, now 48.
Not surprisingly, people who fly aluminum canisters at nearly the speed of sound 40,000 feet above the earth tend to be fairly confident. "We're goal-oriented, take-charge guys," says Irvine. So rather than buying mutual funds to hold for the long haul, he responded by ramping up his already aggressive trading style in hopes of growing his money faster.
Irvine took most of his cues from a newsletter called EZ Tracker that he had begun subscribing to a few years earlier. The newsletter had reported solid returns, and Irvine loved the convenience. He could easily follow EZ Tracker's recommendations — making about two dozen trades a year, including a few of his own — and not give up much of the free time between flights that he'd rather spend with his wife, Lisa, and four young kids (ages 4 to 8) in Cleveland.
Related: What's your money state of mind?
He didn't pay much attention to his returns as his balance rose, and he had no idea that trading activity was attracting attention of its own. The first indication of this came in 2012, when he got a warning letter from his 401(k) administrator saying his trading activity was "disruptive" to the T. Rowe Price funds in his plan. Undeterred, Irvine continued to buy and sell on EZ Tracker's advice — until January 2013, when a second letter informed him that he was prohibited from trading into any of the plan's four T. Rowe funds for a full year. "I couldn't believe they actually did it," he says. "It was like one of my kids throwing a tantrum."
He wasn't the only one to get such a letter. From 2011 to 2013, some 1,300 AA employees were barred from trading into T. Rowe funds in their 401(k) plans — some for a year, some for life. Vanguard recently acknowledged that it's had a similar issue with airline workers: For years, the company says, it's been telling Southwest to inform its staffers that their purchases could be blocked if they trade on the advice of investing newsletters.
A strange set of cases, yes — but you may have more in common with these highflying investors than you think. While only 15% of 401(k) participants in the U.S. initiated a trade in 2012, according to benefits firm Aon Hewitt, nearly a third of MONEY readers polled made more than five trades last year, and 17% made more than 10.
Related: How to get in trouble in your 401(k)
Even if you're not trading as often as the newsletter subscribers, you're hardly immune to the pressures that drove them to do so. The percentage of Americans enrolled in traditional pensions is now only 14%, down from 38% in 1979, according to the Employee Benefit Research Institute, leaving workers increasingly reliant on 401(k) savings. And most are falling behind, countless studies show.
So is it really all that wrong that these airline workers took their plans off autopilot in hope of getting a boost? The fund companies argue that it is, since the kind of trading they're doing can hurt long-term investors (that is, most of you reading this). Meanwhile, subscribers contend they should be able to invest any way they please. But they're missing a more important point: Frequent trading probably won't give them the lift they're hoping for. "The terrible irony," says Frank Murtha, co-founder of MarketPsych, a behavioral-finance consulting firm, "is that by trying so hard to achieve superior returns, you virtually ensure that you will underperform."
Where the trouble began
The curious tale of AA trading bans starts in 2002 with two men: Mike DiBerardino, then an AA pilot, and Paul Burger, who'd just left his job as COO of an ad agency in Philly. The pals had met while working as securities dealers in the '70s.
Long after changing careers, DiBerardino often found himself advising his airline colleagues on retirement investing. "I'd show them what I was doing, and they'd say, 'Send me that!' " he recalls. After he mentioned this to Burger, the two hatched a plan for a newsletter aimed at helping AA employees pick funds in their 401(k). Thus was born EZ Tracker.
Today the AA newsletter has more than 3,000 subscribers, and EZ Tracker's publishers — who both work at it full-time since DiBerardino's retirement in 2007 — also produce separate editions for employees of Southwest, JetBlue, United, and US Airways, as well as for pilots of UPS. For pilots, a one-year subscription costs $100; for flight attendants, $85.
On the last Sunday of every month, subscribers get an email containing a link to the newsletter. Each issue offers a market overview, news on plan changes, and, of course, investment picks. Readers can model their investments on one of three portfolios — aggressive, moderate, and conservative — each consisting of about six to eight funds from the plan's offerings (which, in AA's case, number 30). And every month the newsletter recommends a handful of trades.
While DiBerardino and Burger don't like the terms "market timing" or "momentum investing," their advice is essentially that: They suggest buying funds that have performed well over the past 12 months and selling those that are cooling off. To make picks, they look purely at price, rather than the fundamentals of the underlying holdings. They also employ a basic asset-allocation strategy to ensure a diverse mix.
EZ Tracker's publishers are not registered investment advisers. They also acknowledge that they are not offering anything the airline employees couldn't find out for themselves. But they say they save workers time by doing the research.
"We're not gurus," says Burger. "There is no crystal ball. We don't know where the market is going, but we can tell you what are the best-performing funds right now."
Their results, which aren't audited by any third party, certainly look impressive. Over the past 10 years EZ Tracker reports an annualized return of 10.7% in the AA aggressive portfolio, compared with 7.4% for the S&P 500. The newsletter's hallmark year — and the year after which subscriptions "took off," the founders say — was 2008, when the aggressive portfolio fell just 14.6%, vs. the S&P 500's 37% plunge.
Why airline employees bit
Some time after the debut of EZ Tracker, its publishers noticed the appearance of a competitor called 401k Maximizer, that is today targeted at employees of AA, Southwest, US Airways, and Delta. (The publication's founder, who's been reported to be an AA pilot, did not respond to requests for comment.)
Mark Hulbert, who as editor of the Hulbert Financial Digest has studied the investing newsletter industry for three decades, says it's unusual to see a publication focused on one company's retirement plan because it limits the audience. Yet the airline industry seems to be able to support not one but two newsletters for active 401(k) traders. How come?
Ego is probably one factor. People in high-achieving fields like aviation often have the kind of type A personality that makes them think they can beat the market by trading, says MarketPsych's Murtha. He points to a 2011 study by the University of California showing that investors with an inflated sense of their abilities tend to trade more.
Related: How we feel about our finances now
Mike Close, a Southwest pilot from Cape Canaveral, Fla., agrees with Murtha's assessment of his peers: "We all know how to solve the world's problems — we know the answer to everything," jokes Close, who has subscribed to 401k Maximizer for six years and was among those who received a warning from Vanguard. "This makes a pilot a horrible person to take advice from, especially investment advice," he adds. (Nevertheless, he says, he's been happy with how he's done with Maximizer.)
Meanwhile, a culture of trust and conformity may make pilots more inclined than others to put blind faith in advice from a peer, says Andy Simonds, a pilot for a major airline and a writer for Future & Active Pilot Advisors, a career and financial advisory service. Because they must entrust their lives to co-pilots who can be strangers, he says, it follows that they'd trust colleagues with lesser decisions, like investing.
The reasons Brigitte Laurent, 49, an AA flight attendant from Playa del Rey, Calif., started subscribing to EZ Tracker eight years ago could apply to anyone. Until co-workers suggested she try the newsletter, she had her whole nest egg in a single index fund. "But I always felt like I could do better, like I was missing out," she says. "I feel like I'm more in control now, even though I'm following their advice." And after the AA bankruptcy froze her pension, cut her pay, and cost her vacation days, the 25-year vet of the airline says she needed that sense of stability more than ever.
Sometimes when feeling out of control, we reach for a narrative that will help us feel like we're in the driver's seat, says Dan Ariely, a leading behavioral economist, whose latest book is The (Honest) Truth About Dishonesty. "We don't like randomness," he adds. "We try to force order on life around us, so we tell ourselves a story."
The story the newsletters tell is that by trading you can beat the market. Our neurons compound the problem: Studies have shown that the pleasure centers in our brains are activated more when we do something to earn money rather than passively receive it. Add in diminished expectations — such as those following the market plunge, pension cuts, and pay freezes suffered by AA employees — and the temptation to act gets even stronger. "When people expect to achieve a certain level of wealth, they can get emotionally anchored to it," says Murtha. So when your actual wealth falls below where you think it should be, you can get an itch to do something to rectify the situation.
But with investing, as with flying, our instincts can be wrong, warns William Bernstein, the neurologist-turned-investment-guru who also has a pilot's license. "When a pilot comes in for a landing while flying slowly and descending rapidly, the instinct is to pull the nose up, but you actually need to point it to the ground to get enough airspeed to fly again," he says. "Investing is the same way: We instinctively react to danger with fight or flight, which is a useful instinct in nature but all wrong in finance. You shouldn't sell when the fund goes down; you should hold on and do nothing."
Why they were banned
Cole Seckman, 58, an AA pilot since 1990 and EZ Tracker subscriber since 2002, was among the first to be barred. Ignoring a warning letter received in fall 2010, Seckman followed EZ Tracker's advice in June 2011 to sell T. Rowe's Science & Technology Fund. That September he was blocked from transferring money into T. Rowe funds for a year. "It was the most ridiculous thing that's happened to me," he says.
T. Rowe won't say how many letters were sent, but DiBerardino and Burger believe that everyone who made that particular trade soon after the issue was published got barred. (A mutual fund has no way of knowing which of its investors are newsletter subscribers, of course, but it can see which participants in a 401(k) are making the same trades at the same time.)
The editors were defiant. "Who the hell are they to tell us how to run the portfolio?" says DiBerardino. So a month after the first ban ended, in August 2012, they advised buying T. Rowe's New Horizons Fund, and three months later advised selling it. Seckman made those moves — and was promptly barred for another year.
Laurent, who was also banned twice, but on a different timetable, asks the question that plagued many of her fellow subscribers: "T. Rowe Price is huge. How can we disrupt the performance of their funds?"
How indeed? In response to MONEY's inquiry, the company sent a statement: "Collective trading of fund holders acting on the recommendations of others, such as the advice of a newsletter, could cause large cash flows in and out of the T. Rowe Price funds …"
In other words, it's not the frequency of trades that's a problem, but that so many people are trading at once.
AA employees have nearly $11 billion in their 401(k)s, and pilots specifically have an average balance of $370,000, according to BrightScope, which ranks retirement plans. So if many of EZ Tracker's AA subscribers buy one of the T. Rowe funds in the 401(k), the funds' managers may have to invest in lesser-quality companies or park money in cash. Lots of sell orders, meanwhile, could force managers to unload assets before they reach peak value and drive down the market price of those assets. Buy or sell, managers also incur fees for executing trades. All those moves eat into a fund's return and hurt investors who stay put.
A similar dynamic is responsible for Vanguard's frustration with Southwest employees. The company's pilots can generate up to $45 million in trades in a given fund the week after 401k Maximizer publishes, according to John Nordin of the Southwest pilot union's 401(k) committee. "Equity funds are long-term investments," says Michael Buek, a portfolio manager at Vanguard. "If everybody traded like that, our performance would be horrible."
Regardless of whether a plan has specific rules governing "collective" trading — as T. Rowe now does — a fund company can block purchases at its discretion. By all accounts, though, bans such as those received by the airline employees are very unusual. Most 401(k) plans and funds do have rules to curb market timing. But enforcement actions on those are rare too: Only about 0.25% of Fidelity's nearly 13 million 401(k) participants received warning letters for too-frequent trading in 2013.
What's the real damage?
As it turns out, a ban sounds worse than it is: Those who've been barred are still allowed to sell holdings in T. Rowe funds, since by law mutual funds are not allowed to stop a sale. They can even buy into the funds through regular pay-check contributions, since those amounts are smaller and predictable. So the only thing barred employees can't do is transfer an existing balance into the funds. But with 26 other funds to choose from, it's not as if they're out of options.
The real harm of frequent 401(k) trading isn't the trouble you could get into from a fund company, but the fact that you'll likely end up behind the market, says financial adviser and Pace University professor Lew Altfest. To beat benchmarks, you have to time two trades well — selling high and buying low. And that's a hard bar to clear. Individuals tend to move at the wrong times. Even pros have terrible timing, evidenced by the fact that 61% of actively managed U.S. stock mutual funds underperformed indexes over the five years ending in 2013, according to Standard & Poor's.
EZ Tracker — and most investing newsletters for that matter — chases returns, according to Hulbert. But there's a reason the phrase "Past performance is not indicative of future results" has become a cliché. In looking at investor returns from 1995 to 2010, investment firm Gerstein Fisher found that while stocks that rose in the previous 12 months tended to continue rising in the short term, the shares got bid up so much that investors ended up underperforming by one percentage point a year. Further, an analysis of newsletters from 1986 to 2010 by Hulbert found that they underperformed the S&P 500 by an average 2.6 percentage points. "About 20% of the newsletters I track will beat the market, and 80% will not," he says.
MONEY asked Altfest to review EZ Tracker's published results. His finding? "Their record isn't terrible, but it could be better."
Related: Americans still worried about their long-term finances
The newsletter did well from its inception in 2002 to 2010, thanks largely to smart calls in 2008, and overall the 10-year annualized return for its aggressive portfolio topped the S&P 500's by 3.3 percentage points. But from 2011 to the present, its cumulative three-year gain was 22%, vs. 50% for the S&P 500. "Thaaat's the problem with a momentum strategy," Altfest says. "You can have a favorable effect over short periods, but then there's a change in the market, people start saying, 'Get me out!' and you can get bagged."
Paul Burger acknowledges that market volatility hurt the newsletter's returns of late but says, "If you look at the entire period of 12 years, we do outperform the indexes." True, but as often happens when a money manager gets hot, investors piled in after EZ Tracker's great 2008. Those subscribers don't get the benefit of the outperformance.
Altfest also dug into Jim Irvine's performance: In the five years since he began following the newsletter, his return was 9.1%, about half the 18% gain of the S&P 500. He didn't follow EZ Tracker's advice completely — a staunch political conservative who heads a gun-rights group, Irvine made some of his own trades based on his fears of a market downturn after President Obama's reelection — so the newsletter had a better showing at 13.8%. But even a moderate asset-allocation fund in Irvine's plan delivered 14.2% and an aggressive fund returned 17.5%. "Jim did entirely too much trading during the past year," Altfest says. "401(k)s should be operated for long-term appreciation with only occasional judicious changes."
Where they'll go from here
Though EZ Tracker continued to recommend T. Rowe funds after the first round of one-year bans, DiBerardino and Burger stopped suggesting the company's offerings after some subscribers were hit with permanent bans last summer. So now readers who follow the newsletter faithfully will miss out on high-performing funds like T. Rowe's New Horizons T. ROWE PRICE NEW HORIZONS PRNHX 0.08% (33.7% return for the 12 months ending in March) and Science & Technology T. ROWE PRICE SCIENCE & TECH FD PRSCX 0.37% (37% for the same period). "We're definitely at a disadvantage," says DiBerardino, who has filed a complaint with the SEC. "But we've gained subscribers since this happened because of our long-term record."
In spite of everything, Laurent (who reports a five-year annualized return of 15.1%) is unwavering in her loyalty to EZ Tracker. Seckman, too, is satisfied with how he's done (15.3% over the same period). "I'm not trying to beat the market," he says. "They've kept me out of trouble and given me reasonable returns."
Initially Irvine was also committed to EZ Tracker and had shrugged off the ban — "I'll just use other funds," he said in his first interview with MONEY. But he had a different view after hearing Altfest's feedback. The planner estimated that if Irvine continues to underperform, he'd need to work until 72 to hit his savings goal — an impossibility, since the airline has a mandatory retirement age of 65. Altfest suggested Irvine instead opt for a set-it-and-forget-it portfolio with 20% in cash and fixed income and 80% in equities, heavily weighted toward large-cap (38%) and international (25%) funds. With a reasonable 7% return, Irvine could retire at 64.
Related: 5 ways to reduce your financial anxiety
At first taken aback by the critique, Irvine soon saw Altfest had a point. In particular, the planner's advice to buy three T. Rowe funds (now that his ban is over) made Irvine realize how much lingering anger was hurting him. "I was going to work longer just so I can not invest in their funds?" he says. "That's cutting off my nose to spite my face." His new investing plan in place, Irvine has been looking at boats — a 42-foot Jeanneau looks like a beauty — and made a spreadsheet to monitor his progress. "I lost track of the target," he says. "It's embarrassing because I'd never do that in an airplane. This has been a good wake-up call to right the ship."
How to Get in Trouble in Your 401(k)
Make a trade now and again? You should know that the mutual funds in your plan may disallow or penalize certain actions; your plan administrator, with your employer's input, may have set other rules.
Check with HR to find out what applies to you, but beware these often-restricted moves:
Making a "roundtrip" transaction
The rule: Funds or administrators may limit your ability to sell out of a fund and then buy back in within a short period, called a roundtrip.
For example, the first time you sell a Fidelity fund and then reinvest more than $1,000 into the same fund within 30 days, you'll get a warning; subsequent roundtrips result in restrictions on how often you can trade in the future.
(The Fidelity plan at Time Inc. — MONEY's parent company — limits employees to one trade a quarter after the third roundtrip.)
Related: American Airlines employees locked out of 401(k) funds
The reason: Roundtrips require managers to buy and sell assets, and therefore hike up administrative costs for the fund, says Mike Alfred, co-founder of BrightScope, which ranks 401(k) plans.
Selling soon after you buy
The rule: With certain funds, if you sell before owning for a minimum period — usually 30 or 60 days — you'll pay a fee of up to 2% of the price of the shares.
The reason: Redemption fees are often levied on funds with holdings that are not as easily bought or sold, such as small-cap stocks and international equities, says Susan Powers, senior VP of investment consulting at Fidelity. The lack of liquidity could result in such funds taking a big performance hit as a result of short-term trading.
Buying too much company stock
The rule: Public companies often put a cap on how much employer stock that workers can own, says Powers. The restriction is usually built into the plan, so that you wouldn't be able to invest more than, say, 25% of your money with your company.
The reason: In a post-Enron world, says Powers, 401(k) plans are designed to prevent employees from holding 100% of their portfolio in their employer's stock.


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Eggnog Pie
2 Feb 2009
|Plain gelatin
|1 Tablespoon
|1⁄2 Cup (8 tbs)
|Commercial eggnog
|1 1⁄2 Cup (24 tbs)
|Vanilla/Brandy / rum extract
|To Taste
|Heavy cream
|1 Cup (16 tbs)
|Simple crumb crust/Baked pastry shells
|19 Inch
|Chopped nuts
|1⁄2 Cup (8 tbs)
|Chopped candied pineapple
|2 Tablespoon
Soften gelatine in milk, and heat over hot water until melted.
Remove from heat; don't worry if it curdles.
Whisk in eggnog and vanilla slowly.
Chill until mixture thickens.
Fold in 3/4 cup whipped cream.
Pour into pie shell, and chill until set.
Sprinkle center with nuts, and garnish edge with remaining whipped cream and bits of pineapple.
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Eggnog Pie Recipe

subset: commoncrawl


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Pune: It seems that the exam department of University of Pune is going to create a record for goofing up this year. This time around the German language exam question paper reached exam centers a good hour and a half later than scheduled. The university assumed that there are no students taking the exam. While a quick fix was being set up by the University students of first year Bachelor of Commerce were made to wait for an hour and a half for a question paper that was set hasitly.
Speaking to dna, dean of arts and fine arts faculty, Ashok Chaskar said, " There was confusion because we thought that this year, none of the students had opted for the foreign language as a subject." However after receiving calls from some colleges in the city that they had number of students who had opted for the old syllabus, the examination department hastily set the question paper and sent it to the respective colleges within the hour. Because of the goof-up, the German language paper which was scheduled to start at 11 pm, started about an hour and a half later.
Chaskar further added, "For B.Com first year, there were no admissions for German language and only handful of students who had back logs in the papers had come to give the exams at a few colleges." He trivialized the last minute confusion in an attempt to mitigate damages. "The number of students appearing for the exam was only about half a dozen students in all. After the colleges notified us, the paper was set and the examination department sent it to the exam Centre online and their exams did take place."
Examination coordinators at the centers where the German exam was to be conducted had some different numbers to show. They claimed, "15 students in Modern College and 29 students in MMCC were made to wait without any idea of whether or not the exam will be conducted."


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Can we use modem on cm rom atleast?
Thank you eybee. Time for the relaunch of Revolution.
---------- Post added at 02:28 AM ---------- Previous post was at 02:28 AM ----------
Why don't you test it for me?
Eybee, is the Brick bug solved??
Kernel is not safe.
XDA Developers was founded by developers, for developers. It is now a valuable resource for people who want to make the most of their mobile devices, from customizing the look and feel to adding new functionality.
Are you a developer?
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text:
As the old saying (almost) goes, science starts in the home. Try our fun science activities, which parents and their kids ages 6-12 can do together with household items in just a half hour or less. Teachers might like to incorporate them, too.
The Physics of Baseball: How Far Can You Throw?
A sports science activity by Science Buddies
Pucker Up: Sweet and Sour Science
A tasty task from Science Buddies
Chromatography: Be a Color Detective
A colorful project from Science Buddies
Learn More »
Science in Action Award
Scientific American is delighted to help expand the Google Science Fair honors by sponsoring a $50,000 Science in Action award for a project that addresses a social, environmental or health issue to make a practical difference in the lives of a group or community.
Learn More »
Scitable is a free science library and personal learning tool brought to you by Nature Publishing Group, the world's leading publisher of science.
Help make science happen by volunteering for a real research project.
Technology is remaking every aspect of education, reshaping the way all students learnSee More »
1,000 Scientists in 1,000 Days
1,000 Scientists in 1,000 Days is Scientific American's program to help scientists and educators connect. We're looking to match educators with scientists who want to volunteer, for instance, to visit the classroom to conduct a lab or talk about what it's like to be a scientist, explain the latest science, answer questions or act as a resource in other ways. How scientists and educators choose to collaborate is up to them.
Nature Publishing Group (NPG), Scientific American's parent organization, is part of Change the Equation, a CEO-led public-private partnership to cultivate U.S. literacy in science, technology, engineering and math (STEM). Bring Science Home, Citizen Science and 1,000 Scientists in 1,000 Days are part of NPG's Bridge to Science commitment to Change the Equation.ChangeTheEquation.org


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Swine Flu Pandemic Could Trigger Vaccine Battles
A potential squabble is taking shape over the vaccine for the H1N1 virus, as governments fall under pressure to protect their own citizens first before allowing firms who make the virus to ship the vaccine abroad.
Furthermore, some nations could find their vaccine contracts with pharmaceutical firms are easily broken.
With some 70 percent of the world's flu vaccines produced in Europe, only a small number of countries are self-sufficient in vaccines.
Nations such as the U.S., which produces just 20 percent of the flu vaccine it uses, and Britain, which makes none of its vaccines, could face challenges as a result.
Since factories cannot be built overnight, it is a problem that can't be fixed overnight.
"This isn't rocket science," Michael Osterholm, director of the Center for Infectious Diseases Research and Policy at the University of Minnesota, told the Associated Press.
"If there is severe disease, countries will want to hang onto the vaccine for their own citizens," he said.
Politicians would likely succumb to pressure to keep the vaccines in their own country, experts say.
"The consequences of shipping vaccine to another country when your own people don't have it would be devastating," retired vaccine industry executive David Fedson told the AP.
Worldwide, nearly 95,000 cases of swine flu, including 429 deaths, have been reported, the World Health Organization (WHO) said last week.
Should the virus become more deadly this winter, nations will be scrambling for any available vaccines.
"Pandemic vaccine will be a valuable and scarce resource, like oil or food during a famine," said David Fidler, an Indiana University law professor who has consulted for the WHO.
"We've seen how countries behave in those situations, and it's not encouraging," he told the AP.
Britain said it would begin vaccinating people in August, while Italy said it will initiate a vaccination program at the end of the year. Many other countries are adopting similar strategies. However, these plans could get derailed by problems with vaccine production and by other countries' refusal to ship the vaccine abroad.
Indeed, in previous pandemics or global epidemics, vaccines were never exported before the nation that made them got enough for its own population first.
This time, however, many countries have signed contracts with vaccine-makers to guarantee first access to the vaccine.
But some say these contracts may be meaningless in the face of a true global health crisis.
For instance, countries with flu vaccine facilities might choose to seize all vaccines and ban their export. Doing so would prevent the vaccine makers from honoring their contracts to other countries.
According to Fidler, these private contracts are not binding international law, and most vaccine contracts include a provision allowing them to be broken under extraordinary circumstances such as a global health crisis.
If that were to happen, nations that held such contracts would be without the vaccine or any legal recourse.
"There's nothing in international law that helps you resolve this, it's just a political nightmare happening in the midst of an epidemiological nightmare," Fidler added.
Britain has ordered 60 million doses of H1N1, enough to vaccinate its entire population, from GlaxoSmithKline PLC and Baxter International Inc. But production facilities for these firms are in Germany, Austria and the Czech Republic.
Roughly 80 percent of the United States' pandemic vaccine supply will be coming from overseas, according to Osterholm, who said he was concerned when the doses might arrive. The timing of vaccine delivery can be critical during times of a severe flu outbreak.
"It's easy to move vaccine around if the disease is relatively mild. But if it is more severe, countries may not be willing to let it go," he said.
To date, the swine flu has remained relatively mild, with the majority of those who become infected recovering on their own without medical treatment.
But experts worry the virus could mutate into a more lethal form, particularly during the flu season when the virus spreads more easily. If that were to happen more people would likely fall sick and die.
Although government health officials are well aware that "vaccine wars" could emerge if the pandemic worsens, they dread even speaking about the subject.
The European Centre for Disease Prevention and Control told the AP it had no mandate to advise countries in such circumstances. Meanwhile, the WHO said it was not aware of any countries planning to block vaccine shipments, and said they would work to ensure all countries received enough doses to vaccinate their health workers.
It is not yet clear when a swine flu vaccine will be available. The WHO said earlier this week that a fully licensed vaccine might not be ready until the end of the year.
Given the scarce safety data about a swine flu vaccine, governments are taking a risk in rolling out mass vaccination programs since any rare side effects won't appear until millions of people have received the shots.
Experts are skeptical of government timetables for rolling out their vaccination programs.
"Many pieces of the puzzle are missing," Osterholm said.
"Anyone who pretends to have a well-defined schedule of vaccine delivery is obviously very poorly informed," he said.
Experts estimate the swine flu will be about as dangerous as seasonal flu, which typically flu kills up to 500,000 people annually.
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Property Details
House, 4 Bedrooms, 1.5 Baths, 8 Sleeps
Welcome to Inn Harmony Guest Homes - Serenity House. In addition to this house I have 2 other properties located on either side of this house that are Vacation Rentals/Extended Stay Housing. All 3 properties can sleep 23 total. You can view our web site by looking under the 'links' tab. Thank you for visiting Inn Harmony Guest House.
The House is a Eclectic 4 bedroom/ 1.5 bath home on 2 levels with about 1840 sq. feet. 100% Remodeled in 2007 with high end furnishings. Eco Friendly Products are used to clean our homes. Parking for 3 cars is located on property. Wireless Internet access as well.
We are located in a Great location, close to all major attractions, freeways are close by, University of Washington, Children's Hospital and North Seattle Community College are very close by as well.
This is a Beautiful Home and has a manicured lawn. You will be in a Hurry at the end of the day to come HOME!
Recent Review
Highly recommend!
I am Glad that you had a Nice stay! Please keep us in mind for your next trip!!
Josh, David & Patti
About the Owner
Patti Hartley purchased three homes and along with her sons Darrin & Ben (locale contractors and builders) remodeled them to the level of new by creating 5 units that have been providing home stays for Seattle visitors since 2006. One of the units is now used by the property manager (Patti's granddaughter), Lexus. Lexus will take process your reservation and meet and greet you when you come to visit. Her friendly demeanor will welcome you into our homes and answer many of your questions about the area.
2 Reviews
2 traveler reviews
Highly recommend!
I am Glad that you had a Nice stay! Please keep us in mind for your next trip!!
Josh, David & Patti
Wonderful vacation home
From the Owner
"The Maple Leaf area is a desirable area surrounded mostly by residential homes. It's a safe neighborhood and close and convenient to Seattle. There's a bus stop a block away that will take you just about anywhere you want to go. A car is optional though we have 10 parking spots in the back of the property and two in front."
Activity and Interests
Inn harmony guest homes are within 4 miles of downtown Seattle and 1 mile to Northgate shopping center. Centrally located to many restaurants, stores and parks. Green Lake is a large man made lake surrounded by many eclectic shops and different ethnic food choices. There are riding and walking paths surrounding the lake, rollerblading, canoe and kayak rentals and sailboarding available fun.
Rental rates
|Rate Period
|Weekend Night
Apr 1 2015 - Aug 31 2015
3 night minimum stay
My Standard Rate
3 night minimum stay
Payment is usually accepted in the quoted currency (USD) unless the currency and the amount is specifically agreed in advance with the owner / advertiser.
Additional information about rental rates
- Cleaning $100.00 + Tax
- Tax Rate 9.6%
Buy six (6) nights get one (1) FREE!
May 1st until - September 30th, 2015.
Daily Rate is $365.00 with a 3 night Minimum, House sleeps 8
Weekly Stay is $2190.00 and Cleaning Fee is $100.00, Sales Tax is 9.6%
40% non-refundable down to Reserve.( Visa Master Card or Discover as well as Debit cards. Remaining Balance due 30 days prior to check in. Can accept CHECKS in USA with Credit Card on File. Cancellation on final Balance needs to be in an email and/or phone call 30 days prior or you will be charged, No Exceptions. Please also Read all Rules in Contract. Children of any age allowed. Max is 8 Persons, Including Kids and Babies. No Pets, No Smoking or Candles, Shoeless Homes.
I also have 2 other Houses in this location, sleeps 25 total with all 3 for Weddings, Reunions and Corporate Retreats.
Inn Harmony Guest Homes.
Cancellation Policy
- 12
- Available
- 12
- Unavailable
- 12
- Today
From the Owner
"The homes were built in 1925 and it's said that Bing Crosby's music teacher lived here. Each home has it's own unique character. The Serenity home has the original flooring and doors though the almost everything else was replaced. The Prosperity home is an new home in every way built inside of the 1925 walls. The Harmony home has a style all it's own with Patti's art gracing many of the wall. I'm sure you will enjoy which ever home you visit for you stay."
Property Type
- house
- Adventure
- Budget
- Family
- Luxury
- Air Conditioning
- Clothes Dryer
- Fireplace
- Heating
- Internet
- Iron & Board
- Linens Provided
- Living Room
- Parking
- Towels Provided
- Washing Machine
- Coffee Maker
- Dishes & Utensils
- Dishwasher
- Kitchen
- Microwave
- Oven
- Pantry Items
- Refrigerator
- Stove
- Toaster
- Dining Area
- Satellite / Cable
- Television
- Minimum Age Limit for Renters
- children welcome
- non smoking only
- pets not allowed
- wheelchair inaccessible ...
- arboretum
- autumn foliage
- bay/sound
- churches
- cinemas
- coin laundry
- festivals
- library
- live theater
- marina
- museums
- playground
- pond
- recreation center
- restaurants
- synagogues
- zoo
Leisure Activities
- outlet shopping
- paddle boating
- scenic drives
- sight seeing
- walking
Local Services & Businesses
- ATM/bank
- Babysitter
- fitness center
- groceries
- hospital
- laundromat
- massage therapist
- medical services
Sports & Adventure Activities
- cycling
- golf
- hiking
- roller blading
- sailing
- sound/bay fishing
- swimming
- tennis
- wind-surfing
Floor Area
- 1840 sq. ft.
- 1 Bathroom,
- 1 Half Bath
- Bathroom 1 - toilet, combination tub/shower, tub, Original deep cast iron tub great for soaking
- Half Bathroom - toilet, Sink for shaving. Shared with washer and dryer.
- 4 Bedrooms, Sleeps 8
- Bedroom 1 - 1 double, 2 sleep sofa /futon, Smallest room upstairs closest to the bathroom.
- Bedroom 2 - 2 queen, Upstairs with desk
- Bedroom 3 - 1 king, Large room with desk and table
- Bedroom 4 - 1 queen, Private entrance downstairs
- Lawn / Garden
- Outdoor Grill
- Guests provide their own meals
Learn more about this vacation rental at the owner's website
- Smoking Allowed Outside Only!! No Pets allowed at all Please! Beautiful Partially Fenced Yard (90% Organic) Shoeless Houses!! Houses are very well maintained! 80% Eco-Friendly Products used to clean. Gas Grill Available.


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New York City Mayor Michael Bloomberg speaks at the opening ceremony of Four World Trade Center, the first tower to open at the original site of the World Trade Center. The building was designed by Fumihiko Maki, has 72 floors, is 978 feet tall and offers 2,500,000 square feet of space. (Nov. 13, 2013)(Credit: Getty Images)
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A look at New York City Mayor Michael Bloomberg through the years
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NEW YORK ( TheStreet) - Employment data, released Friday, gave much needed direction to global financial markets that had remained range-bound and volatile since the Federal Reserve hinted at a premature end to its quantitative-easing program.
Bond markets reacted sharply to the news, pushing yields a few basis points lower. U.S. equities rose around 1%, and now through the use of intermarket analysis, we can take a closer look at the developing trends in fixed income.
The pair below is of S&P Equal Weight ETF (RSP) over Investment Grade Corporate Bond Index Fund (CORP). It measures investor sentiment on the current economic climate.
As equities raced higher in late 2012, U.S. stocks outperformed corporate debt, signaling strong investor sentiment. The pair briefly consolidated beginning around May 22, the day Fed Chairman Ben Bernanke testified in front of Congress, but has since rushed toward upper boundaries based on the view that the Fed will continue its stimulus efforts. Economic data remain light next week, giving this pair room to move higher.The next pair is of Barclays 1-3 Year Treasury Bond Fund (SHY) over Barclays 20 Year Treasury Bond Fund (TLT). It measures the curvature of the U.S. yield curve. Short-term Treasuries outperform long-term ones during times of economic expansion, resulting in a steeper curve. The chart below shows a consolidation of price action leading into the jobs data last week.
Although the pair looks to have broken higher above support, it is still somewhat suppressed, due to the gradual nature of the U.S. recovery. The curve will flatten when the end of monetary easing becomes more definitive, but until that point, the pair should drift higher. The last chart is of Barclays TIPS Bond Fund (TIP) over Barclays 7-10 Year Treasury Bond Fund (IEF). The pairing signals inflation expectations. As inflation has become less of a threat, commodities and export-driven economies, such as China, have shown profound weakness. The price action has also left some Fed officials proclaiming that stimulus efforts are a long way from being pulled, and the U.S. could see even more loosening in order to drive inflation higher. European and Chinese inflation data will be released this week, but based on the pair below, the data may come out below expectations. Central-bank easing across the world has aimed to defeat low inflation, but until growth in demand returns, investors have no reason to fear rising interest rates. At the time of publication the author had no position in any of the stocks mentioned. Follow @AndrewSachais This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.


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I live in the country and have a gravel driveway.. A couple of days ago I noticed a Killdeer pair paying close attention to some of the stones at a corner of the driveway.. They were taking turns rubbing their tummies on the ground... I took a rough shot out the window of them doing their thing.
Today I went out and see there is an egg. Darn.. Now I have to be careful not to run over it with my lawn tractor. Not only that, but every time I walk out the door, the birds start squawking loudly and flopping around doing the 'injured' act on my driveway to distract me from the nest.
It's not much of a nest.. Kildeers just lay their eggs on the ground......
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Trash into Treasure Drop-in Craft Program
- When: Saturday, June 16, 2012, 1 p.m. to 2:30 p.m.
- Where: Albany Pine Bush Discovery Center, Albany
- Cost: Free - $5
- Age limit: All ages
- Categories: Children|Crafts, Community
Create unique crafts to take home, anytime between 1-2:30 p.m. Cost is $3 per person and $5 per family. Children under 5 free. Registration is required. Albany Pine Bush Discovery Center, 195 New Karner Road, Albany. For information call 456-0655 or visit www.albanypinebush.org.
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More job seekers give up, reducing unemployment
WASHINGTON Where did all the workers go?
The labor force - those who have a job or are looking for one - is getting smaller, even though the economy is growing and steadily adding jobs. That trend defies the rules of a normal economic recovery.
Nobody is sure why it's happening. Economists think some of the missing workers have retired, have entered college or are getting by on government disability checks. Others have probably just given up looking for work.
"A small work force means millions of discouraged workers, lower output in the future and a weak recovery," says Rep. Kevin Brady of Texas, the ranking Republican on the Congress' Joint Economic Committee. "Those are unhealthy signs."
By the government's definition, if you quit looking, you're no longer counted as unemployed. And you're no longer part of the labor force.
Since November, the number of Americans counted as employed has grown by 765,000, to just shy of 139 million. The nation has been creating jobs every month as the economy recovers. The economy added 244,000 jobs in April.
But the number of Americans counted as unemployed has shrunk by much more - almost 1.3 million - during this time. That means the labor force has dropped by 529,000 workers.
The percentage of adults in the labor force is a figure that economists call the participation rate. It is 64.2 percent, the smallest since 1984. And that's become a mystery to economists. Normally after a recession, an improving economy lures job seekers back into the labor market. This time, many are staying on the sidelines.
Their decision not to seek work means the drop in unemployment from 9.8 percent in November to 9 percent in April isn't as good as it looks.
If the 529,000 missing workers had been out scavenging for a job without success, the unemployment rate would have been 9.3 percent in April, not the reported rate of 9 percent. And if the participation rate were as high as it was when the recession began, 66 percent, in December 2007, the unemployment rate could have been as high as 11.5 percent.
A majority of the 42 economists in the latest Associated Press quarterly economic survey said they expect the labor force participation rate to start growing consistently before the year ends. Twelve don't expect it to happen until next year at the earliest. Five think it never will.
It's certainly not happening yet. The labor force grew by just 15,000 in April from March - not even enough to keep up with population growth.
Economists say many would-be job seekers remain daunted by the odds against finding work: There were 4.3 unemployed people for each job opening in March, more than double the ratio before the recession. And job vacancies are running 35 percent below the pre-recession peak.
"I basically have stopped looking for work because there is just nothing out there," says Kim Rinde of Minneapolis, who was laid off in December 2008 from a customer service job at a company that makes cleaning equipment.


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Midland, ON
282 King Street
Midland, ON l4r 3m6
Are you looking for exercise and nutrition education, inspiration & accountability? This progressive program offers the education & accountability without discouraging you when real life takes over.
valid through: open enrollment, sign up now!
We now offer our member's Fitness Screening to help uncover any physical health concerns you may have. Are you a candidate for a lifestyle illness or disease? Get your Fitness Screen today!
valid through: by appoinment
club at a glance
24-hour access
24-hour security
convenient parking
anywhere club access
private restrooms
personal training
wellness programs
physiotherapy & rehab
nutrition counselling
cardio equipment
exercise cycles
rowing machine
spin bikes
strength equipment
free weights
plate loaded
ed hunt
Anytime Fitness Midland is my baby. With my wife Tara we started (what was then) Hunt Fitness. Certainly our business has grown and evolved since then, but our core values remain: To make healthy living and exercise accessible and fun to everyone. I look forward to helping you reach your full potential through diet, exercise and positive self image. :) Ed
tara hunt
Fitness Industry Expert, Active entrepreneur, Busy Mom and Accomplished Athlete. My motto in life, "Savour the sweet in life, you have to experience the sour...work smart, play hard!"
cheyanne campbell
I was a member for a couple of years before I joined the team. Although I would have never pictured myself working at a fitness facility, exercise and healthy living have become such a strong passion of mine. As your member experience coach (MXC), I promise to encourage you, educate you, and coach you to the best of my ability. I will be the one to work WITH you in achieving any and all of your goals. I will listen, understand and help you to overcome any obstacles that get in your way. We are in this together, and one step at a time, WE will get there! "I want to inspire people. I want someone to look at me and say because of you, I didn't give up!" - unknown.
cornelius van vuuren
I am passionate about health and fitness and helping others reach their full potential. My varied background in sport, including running, cycling and triathlon as well as my degree in Sport Science has given me the knowledge and experience to help you become healthier and happier.
jen puddicombe
I recently became a certified trainer through CanFit Pro and I am ready to help get you to a healthier place!! Having been on my own fitness and weight journey for the last 5 years, I am able to empathize and give you the accountability that you need. I also have an extensive health care back ground having been a PSW for 10 plus years. Being part of the Anytime Fitness Team has been very rewarding both personally and emotionally...when you look forward to coming to work, you know that you have chosen the right career :)
laurie holman-ross
Join me for Piloga & cycling as I practice the healthy lifestyle I teach.
mandi bowen
ISSA Certified personal Trainer Certified Gymnastics Coach Certified Trampoline coach I've always had a passion for fitness, health and wellness. Being in love with what I do, having confidence in my training skills and my extensive background in health and wellness as a personal support worker and addictions counsellor have pushed me to become the best trainer I can be always putting my clients needs at the top of my priority list! My goals as a personal trainer are to help every individual improve their fitness and nutrition to live a happier, healthier and stronger life.
rose quesnelle
Rose is an inspiration to us all and has been with our team for almost 8 years. She shows beauty in strength with undying determination. As a long time contributor to the health and fitness industry she walks the talk!
Anytime Fitness is the world's largest 24 hour gym and co-ed fitness center chain
Stop by our Midland, ON health club TODAY!
Always-open convenience of a 24 hour gym
Anytime Fitness of Midland, ON, is the fitness center that fits your on-the-go lifestyle. At our Midland, ON, health club, you can exercise any time using your own security-access key! That's 24 hours a day, 7 days a week, 365 days a year. Talk about no more excuses!
Affordable and low cost gym memberships in Midland, ON
It doesn't cost a lot to achieve your health and fitness goals at the Anytime Fitness gym in Midland, ON. For a low monthly fee, you get far more than you'd expect. Come in and see our fitness center for yourself. We'd love to show you around!
All you need, all you want in a 24 hour gym membership
At the Anytime Fitness center in Midland, ON, you will find amazing amenities—including the best fitness equipment available!. Plus, our health club has a friendly and supportive atmosphere. To help you get started, each new member receives a FREE personal fitness orientation!
One membership, thousands of health clubs
At the Anytime Fitness center in Midland, ON, we're proud to offer the benefit of Anywhere Club Access. With this benefit, you can visit thousands of our fitness centers for the price of a standard monthly gym membership. With Anywhere Club Access, you can exercise whenever—and wherever—it suits you best.


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Notice how the "Biography" section has multiple sections, each with their different background color. I've tried to find something which offers the same, but sadly I haven't come across any such theme yet.
Is there any theme which allows me to do this? Or can I possibly do this via some kind of plugin? Any help would be much appreciated
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The Rape of Europa is about what happened to the art and architecture of Europe during World War II.
It's long for a documentary, almost two hours, but it has a big story to tell.
Actually, it has four stories, layered together.
First, there is the tale of how the Nazi party valued art. More than most governments, it took art seriously, for good and bad, valuing some art highly and decrying other art - mostly contemporary - as degenerate.
The Nazi rhetoric was quite high-flown, while its actions were less so: Some of the high party members had an interest in art for aesthetic reasons, others for the prestige that fine art might bring them. They may have little known the value of great art, but they certainly knew its price.
The second story is how the Germans systematically looted churches, museums, galleries and private collections in those countries they invaded and occupied. Their theft was on an amazing scale: Estimates are that they carried off 20 percent of all the art in Europe, to bring home for a planned national art museum or for the private delectation and financial enrichment of the Nazi elite.
The third part of this epic concerns the destruction of art brought by war and how some treasures survived bombing and artillery fire while others were shattered. War is not kind to children and other living things, but it's no picnic for art, either.
We learn how the Allied forces included art experts with many battle units to try to protect national treasures - and to make sure Allied soldiers minimized looting of their own.
The final chapter, which is ongoing, is about what happened to all the looted art after the war. It's a chapter that can make Americans proud. While the Soviets set up "trophy squads" that re-plundered the German-seized art and shipped it to Moscow, the Americans set up the "monuments men," mostly museum professionals, who chased down, catalogued and repatriated the stolen art. Eighty to 90 percent of the missing art was found and sent back to where it belonged. The rest is missing in action, although new finds continue to raise the issues.
We are not talking only of paintings and sculpture: The Nazis stole everything from jewelry to furniture. One of the most compelling stories in the film is about how one man has spent his life researching stolen Jewish ceremonial pieces, such as Torah crowns, and managed to find descendents of their original owners so they can serve their religious function once again.
You realize, while watching them restored to the Torah scrolls, that art is more than beauty, it is an essential part of culture. Restoring that is worth a great price.
Reach the reporter at firstname.lastname@example.com or 602-444-8823.
From the film 'The Rape of Europa': At Schloss Neuschwanstein in southern Bavaria, Captain James Rorimer supervises the safeguarding of art stolen from French Jews and stored during the war at the castle (April-May, 1945).
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Welcome to Nursing!
This guide gives you access to online databases, journals, books and web resources that will help you with your nursing research.
RN to BSN LibGuide
Are you an RN to BSN student? See our RN to BSN LibGuide for library help and information geared specifically toward students in your program.
Resources for Nursing
Use the links below or tabs above to navigate to different pages in the guide.
- Find Articles Find information from current journals, magazines, newspapers and other sources
- Find Books Find books and other resources in this list of print and online titles
- Full Text Online Journals See information about how to access full text journal articles on the Internet
- Database TutorialsFind brief, helpful tutorials on searching the library's nursing databases
- Instruments Lists and descriptions of nursing instruments
- Nursing Associations and Web Sites Selected associations, Internet sites and Google
- Statistics and Government InformationIncludes U.S. and Louisiana government agencies and sites
- Evidence-Based Practice ResourcesVideo tutorials, journals and web sites on evidence-based practice
- Patient EducationResources for patients and families
- Writing in the Nursing Field Connect to the Purdue Online Writing Lab and the UL Writing Center Moodle Page. Learn what sets a good, reputable web site apart from others.
- Interlibrary LoanFind information on how to order materials through our Interlibrary Loan service.
- Document and Book DeliveryFind information on how to borrow materials through the library's document and book delivery services.
- Statewide BorrowingFind information about LALINC, a reciprocal borrowing program that allows distance learning students to borrow materials from libraries across Louisiana.
UL Lafayette Nursing Department
Your Distance Learning Librarian
Contact Info
(337) 482-1171
Send Email
Distance Learning & Virtual Services
Need Help?
Contact the Reference Desk:
- Call us at (337)482-6030
- Text us at (337)205-7558
- Live Chat
Please visit the library's Ask a Librarian page for more information.


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Medicalodges Paola
Claim Your Listing
Claim your listing.
Call (866) 824-9209
Call (866) 824-9209
Paola, KS 66071
Paola, KS 66071
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Talk to a Family Advisor
(866) 824-8174
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About Medicalodges Paola
Medicalodges Paola is a nursing home in Paola, KS that provides patients with skilled nursing care as well as private or shared accommodations. Contact Medicalodges Paola for more details on housing, services, and rates.
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Medicare Ratings
Medicare provider number: 175413