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Can New CEO Repair Bear?
As Investors Dump the Stock, One Clear Option for Schwartz Is to Purchase a Hedge Fund
Bear Stearns Cos.' new chief executive, a veteran investment banker, will need all his deal-making skills to restore the Wall Street firm.
That was the message investors delivered yesterday amid the news, reported Monday by The Wall Street Journal, that longtime Bear CEO James Cayne, 73 years old, would relinquish his CEO post and remain as chairman. The board met yesterday evening and named Bear President Alan Schwartz, the 57-year-old architect of the firm's small but distinguished investment-banking business, as Mr. Cayne's successor.
Bear shares gyrated throughout the day before sinking nearly 7%, or $5.08, to $71.17 in 4 p.m. New York Stock Exchange composite trading, their lowest level in four years.
Top of mind for investors and analysts was a simple question: How would Mr. Schwartz turn around the company, which is now trading at a level below its stockholders' equity?
In an interview late yesterday, shortly after his official promotion to CEO, Mr. Schwartz laid out a threefold plan: continue exiting from unwanted positions in leveraged loans and in mortgages; find new ways to make profits in the changing fixed-income business; and nurture Bear's healthier business units, like its growing international operations and energy unit.
"We probably have the lightest inventory of leveraged loans in the industry," said Mr. Schwartz. In the mortgage arena, "the markets have offered us the opportunity to reduce our positions," he said. "Fixed-income activity is still slow," he added, but with the changing dynamics in markets like municipal bonds, among others, "there are opportunities to profit."
Some analysts, remained skeptical as to whether Mr. Schwartz's elevation would move the needle, given that he had a large hand in running the firm even before becoming CEO. Continuing tumult in the credit markets and entrenched problems at Bear, which is strongly dependent on the mortgage business, they suggested, still posed tough challenges. "We think this move does not really change much about Bear's current situation," wrote UBS AG securities analyst Glenn Schorr in a note to investors prior to the board meeting, given that Mr. Cayne "was a fairly hands-off CEO." The move could "open the door a bit" for a "strategic transaction," Mr. Schorr added, but "the backdrop remains challenging."
In an interview yesterday, Bear Director Henry Bienen, who is president of Northwestern University, praised the new corporate structure. "Alan knows the firm very well," he added, but "Jimmy's contacts, his knowledge, are very important, and I wouldn't want Bear Stearns to lose that."
Mr. Bienen and others say Mr. Cayne started considering a departure last month. At a Bear board meeting held shortly before its fourth-quarter loss was announced Dec. 20, Mr. Cayne asked the non-management directors to stay afterward for a private discussion, recalls Mr. Bienen. There, during a conversation that lasted more than an hour, Mr. Cayne expressed his desire to hand Mr. Schwartz the reins, says the university president.
Some board members had also become worried about Bear's weakening position. Mr. Cayne's absences from the office during critical junctures amid the meltdown of two internal hedge funds last July also didn't sit well with some directors. "Being absent at a time of crisis is not a good thing," said Mr. Bienen. "At a time when things are going very haywire in the credit markets...it's really important to be seen."
Rolodex Spinning
Mr. Schwartz, a longtime investment banker with a fat Rolodex of corporate clients including the likes of Time Warner Inc. Chairman Richard Parsons and former Walt Disney Co. chief Michael Eisner, is expected to take a much more hands-on role. Already, he is looking broadly at Bear's strategic options, say people who have spoken with him. "We're not in need of capital for capital's sake," said Mr. Schwartz. "If there are opportunities that enhance existing businesses, and give us stable cash flows and good returns, and we think we can put [them] together, we're going to look" at them, he added.
Moves under consideration, say Wall Street executives, range from the purchase of an asset-management firm that could expand Bear's reach in alternative investments like hedge funds, to looking for additional joint ventures like the one struck last fall with Citic SecuritiesCo., the Beijing investment bank that Bear hopes will expand its presence in Asia. Mr. Schwartz declined to comment on any specific plans.
Mr. Schwartz's negotiating touch may be needed inside the firm, as well as with clients and investors, as he seeks to share top responsibilities with Mr. Cayne. The departing CEO has told associates he wants to stay closely involved with Bear's efforts in Asia, especially its soon-to-close venture deal with Citic, which he helped broker on a trip to Beijing over Labor Day weekend.
Some question whether an investment banker will have the chops to lead a firm best known for its trading operations -- particularly mortgages and other bonds. Mr. Schwartz shrugged off the notion. "I'm not exactly a novice when it comes to markets," he said. "When everybody thinks of me as a banker, they have to realize that banking was the third or fourth thing I did in my career," he added, after working in sales, research and portfolio strategy.
Cayne, the Investor
As Bear's fifth-largest shareholder, with 5.5% of the company's stock, Mr. Cayne will remain an investor to be reckoned with. (Mr. Schwartz is the firm's 20th-largest stockholder, according to data from FactSet Research Systems Inc., with 0.9%.)
Mr. Schwartz, a pitcher on the Duke University baseball team, joined Bear's Dallas office in 1976 as an institutional sales manager. Having spent many years in the firm's small but respected advisory business, he is closely associated with Bear's investment-banking arm. Last year, that unit accounted for $1.1 billion, or 19%, of the firm's net revenue. In Dealogic's 2007 rankings of mergers-and-acquisition advisers for U.S. deals, Bear ranked just 13th, with $74 billion in transactions to its credit.
The value of deals it worked on fell almost 50% -- in the best year ever for world-wide M&A. Bear also slipped to 11th from ninth in debt underwriting; in equities, it rose to 11th from 12th, the data show.
Working with prominent clients, many of whom were in the media business, Mr. Schwartz made a name for himself as a go-to adviser for besieged companies. In recent years, he helped both Messrs. Parsons and Eisner fend off unwanted advances -- in Disney's case, when Comcast Corp. tried to purchase it; and in Time Warner's case, when corporate raider Carl Icahn threatened to force out board members with a proxy fight.
In an interview yesterday, Mr. Parsons, who has known the Bear banker for 15 years and considers him a friend, praised the Bear board's decision to promote Mr. Schwartz.
'People Trust Alan'
"Most people see him as the most suited and most qualified to get Bear back in the top tier of investment banks in New York," said Mr. Parsons. "People trust Alan. He's one of the few investment bankers who will tell you not to do a deal."
Mr. Schwartz may want to expand Bear's footprint in money management. Before Mr. Cayne's recent decision to step down, Bear had considered the idea of merging with a trading firm, both to bulk up the securities firm's internal investment portfolio and to bring additional manpower with capital-markets experience, according to people familiar with the situation.
One firm that Bear had approached, according to two people, was Avenue Capital Group, the $20 billion New York-based hedge fund run by Marc Lasry, an experienced distressed-markets manager. An Avenue spokesman declined to comment. In 2006, Morgan Stanley MS 0.34 % took a 15% stake in Avenue.
Hedge-Fund Purchase?
Another option for Bear would be to acquire a prominent hedge fund, showing investors that it is replacing the lost revenue of the mortgage business and also bolstering Bear's asset-management operation, which has suffered from the highly publicized collapse of two of its hedge funds earlier this year. It would also deepen Bear's talent bench at a time when it has lost executives including Warren Spector, who used to oversee the asset-management unit before Mr. Cayne removed him several months ago.
For hedge funds, the attraction could be being part of a public company. A number of hedge funds had hoped to go public, but the rocky markets have prompted some to shelve their plans.
As such, a deal with Bear could give a hedge fund a back door to a public-share listing. It would not be the first time a hedge fund went public through a merger deal. London hedge-fund manager GLG Partners Inc., the largest alternative-asset manager in Europe, became a publicly traded company last year after being purchased by Freedom Acquisition Holdings Inc., a so-called special-purpose acquisition company.


text: Ate the classic hamburger and have nothing negative to say. Big portion of fries (can even ask more!) and nice (big) hamburger. I am so happy I haven't taken the double portion, one slice of meat was really more than enough! Next time I have a craving for 'junk food' I'm really going back... read more

subset: commoncrawl


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Day tripin in Kathmandu valley
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Studly Adventurer
Joined: Nov 2006
Location: Currently in Australia
Oddometer: 545
Bikes are certainly the most convenient way to get around in Nepal. The import tax makes them expensive and means you only see, s
small engine imports from India, China and Japan. I rented a little 125 yamaha for 400r for the day, about $4.50!
Kathmandu is an amazing city. From over a thousand years ago its been a main trading route from China and Tibet. Walk down any street or alley and you'll find some little entry way to ancient old courtyards.
The view from Patan over Kathmandu with the valley in the background and the Himalayas beyond.
Absolutely nothing wrong with this place, got years of good service left in her. Just dont take those 4x4's away.
Ok enough of the tourist shit, lets go ridin. heading out on the road north up into the hill's and it gets rural very fast.
since everyday has been a holiday for the last year, Id forgoten it was a Saturday and everyone was heading for the hills.
Doesnt matter what day of the week it is, the buses are always packed. In Pokhara I rode the roof of a jeep for about 30 miles through the mountains.
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Is it just me...
...Or do Cyptic Points cost WAY too much frikkin dilithium? :mad:
I think they are a bit pricey compared to other games out there.
It depends on your point of view. If you're selling dilithium, it certainly seems that way. However, Dilithium is free, it's given away in the game. Cryptic points are bought with real world money. If I were selling them, I'd want a substantial dilithium reward. You could always just buy some Cryptic points at $0.0125 a point.
Though, the prices are steadily decreasing since the build went live the other day, as people are trying to under cut the person who listed before them. Wait a while and you might be rewarded (or not.) it's kind of like the stock market, you have to guess when to buy and when to sell. ;)
Keep in mind that there are ways of getting pre-refined dilithium too.
Also, bear in mind that there's a huge amount of dilithium available to all players due to the currency conversion. This means that cstore prices are high due to increased demand.
I'm not one to say "I told you so..."
The thing is, Cryptic points represent real money. Dilithium, as earned through grinding, does not. People seemed to take far too much away from Tribble with regards to the apparent worth of "test" currencies, and kept forgetting that the C-Points being sold there were given to players by Cryptic.
No one paid for them, thus they were 'worthless'.
And now that C-Points once again come from people's wallets (Holodeck) there is somehow surprise that they are worth so much?
Anyone paying a subscription is going to want as much value out of it as possible. If this means exchanging that investment for a large amount of in-game currency to acquire end-game gear, then so be it. I don't have a problem with it.
Heck, I just had a character I logged into for the first time since the update who I didn't figure wouldget much because I had spend nearly all his emblems on iitems. And, although I was bummed he wouldn't get the new BO because of it, he actually still did get over 160,000 dilithium and got it.
Is it just you? No. Is it everyone? No. As already stated, it depends on how you look at it.
This issue is kind of out of Cryptic's control. This is a great example of supply and demand. The supply of dilithium exceeds the current demand. This will start to move the other direction once the CP stipends start being released.
Thank you all. I forgot about the fact that dilithium is a replacement for real world money, so I guess it was a bit of an overreaction.
"8000 dilithium refined per day"??? I'm sorry...I kinda...have things to do...O.o I can't be on STO all day, not even every day, so forget that idea.
Yeah, they're trying to get people to play more, so that they can do their "dailies" and get their dilithium, and get either in-game items or C-store points. Of course, for most of us that won't be happening (I know I have better things to do than play this game every day) but some people will relish the thought of getting dilithium every day. BTW, the 8000 dilithium refinement per day is also per character. So, if one truly had no life, one can fill all of one's character slots and refine that much with each character, and then sell that on the exchange. ;)
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text: Quick View save 9% Plain Kate by Erin Bow August 1, 2012 | Trade Paperback In stock online from $9.92 Erin Bow''s acclaimed, award-winning fantasy novel is now in paperback! Plain Kate lives in a world of superstitions and curses, where a song can heal a wound and a shadow can work deep magic. When Kate''s village falls on hard times — crops fail, and even Kate''s father falls victim to a… See Details $10.44 / $9.92 lowest price*was $10.99


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Featured car - It's a Lamborghini Transformer!
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Footage from Tokyo Toy Show screen of self-transforming robot. Want this badlyVideo: Camaro toy transforms ITSELF
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You need to watch this before you start writing your Christmas list...Video: amazing transforming robot
Someone has built a real-life Transformer...
...and it's absolutely incredible. Watch the video here.Someone has built a real-life Transformer...
New Transformers 3 trailer released
Video: the Big Fighty Robots return for an almighty CGI-shaped ruckus…Watch the new Transformers 3 trailer
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Bumblebee Camaro KOs cop car
Filming for Transformers 3 has hit the wrong side of the law. Literally. No disassemble!Watch video of the Bumblebee Chevrolet Camaro crash while filming Transformers 3
New Citroen C4: first look
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Pontiac takes big-screen inspiration for new Solstice CoupeRead more about the Pontiac Solstice Coupe


text: Performances by Colorado Dancesport and 3rd Law Dance/Theater will highlight The Denver Ballet Guild's Girls' Night Out Wednesday at Chloe Mezze Lounge, 1445 Market St. The event, 6:30 to 9:30 p.m., will include an informal fashion show with looks from Mariel in Cherry Creek North. A silent auction, food and drink are also part of the individual ticket price of $50 (if purchased by Monday). The girlfriend package is $250 (buy five tickets and get one free). The "Double Diva" patron package at $150 per person includes a choice of valet parking or car service to and from the event provided by Uber with a minimum of two Double Diva Patrons per car from a location within a 15- mile radius of Chloe. The money raised will fund programs of the Denver Ballet Guild supporting community dance. Tickets at denverballetguild.org/events


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Archive for Thursday, December 21, 2006
Museum to close for Christmas
December 21, 2006
Lansing Historical Museum has announced changes in its hours of operation for the Christmas holiday.
The museum, which is closed Mondays, also will be closed Friday, Dec. 22, through Sunday, Dec. 24. It will reopen at 10 a.m. Tuesday, Dec. 26.
The museum is currently showing a special exhibit, "A Time to Remember: A Salute to Veterans."
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Indefiniteness Before the PTAB
Compiling Successful IP Solutions for Software Developers
Protecting IP Through Employment Law
Collaborating Before The PTAB
Is Biotech Patentable Subject Matter?
The U.S. Trademark Use Requirement and Associated Risks and Strategies for Chinese Applicants
Wearables and the Future of Intellectual Property Law
BakerHostetler Partner Paul Karlsgodt Discusses Privacy Class Actions
Polsinelli Podcasts: Cloud Computing, From Cybersecurity to Confidentiality Issues
BakerHostetler Partner Alan Friel Talks Big Data and Data Collection
Is The Deck Stacked Against Patent Owners In The PTAB?
BakerHostetler's Tanya Forsheit Discusses Cloud Computing
Drafting Software Patents In A Post-Alice World
Enforcement Challenges For Biotech Patents
The Future of Patent Damages
Polsinelli Podcasts - FDA Denies Amgen Citizen Petition in Biosimilar Dispute
Polsinelli Podcasts - Hedge Funds Now Using IPR Challenges
Polsinelli Podcasts - Hear How the SCOTUS Ruling May Impact Patent-Eligible Subject Matter for Software
Are website terms of use enforceable?
For a second time this year, the Washington Court of Appeals has rejected claims that pricing and other information contained in contracts between private companies and government agencies are trade secrets not subject to...more
In a recent decision by the British Columbia courts (Equustek Solutions Inc. v Jack , 2014 BCSC 1063), Google has been ordered to de-index a website selling goods that were the subject of intellectual property (IP)...more
2013 will be remembered as a watershed year for trade secret protection in China.
In January 2013, China's Amended Civil Procedure Law came into force, giving courts discretion to issue interlocutory injunctions (1)...more
Although headlines have focused on foreign cyberattacks, plenty are U.S.-based—and can be remedied. Over the past year the national press has repeatedly reported on the vulnerability of our intellectual property to...more
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Table of Contents:
- Pearson Education Inc. v. Almgren -
Eighth Circuit affirms bankruptcy court's order striking textbook publishers' demand for jury trial on copyright infringement damages, granting minimum...more
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Court of Appeal of England and Wales Considers "Best" and "All Reasonable" Endeavours
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FTC, Facebook Reach Settlement Over Privacy Violations; Suit Alleges DISH Violated TCPA – Again; New Trademark Suits Implicate Muhammad Ali, President Obama; OBA Accountability Program Releases First Six...more
- Let's Get Ready to Rumble – Muhammad Ali Steps Back in the (Legal) Ring
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PATENTS; TRADE MARKS; COPYRIGHT; COMMUNITY DESIGN; CONFIDENTIALITY; DATA PROTECTION; INTELLECTUAL PROPERTY; E-COMMERCE; and EU.
Musion Systems Ltd v Activ8-3D Ltd: Disposal, Making and Offer...more
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Manatt's Advertising, Marketing & Media Practice Receives National Ratings for Excellence in Chambers USA 2011; State Legislators Reject Law Regulating Social Networks; Pharmaceutical Companies Face Impact...more
In this issue: False Marking Claims Must Be Pled with Particularity; PTO Confirmation of Validity in a Related Reexamination Proceeding, Even If Later Revoked, Can Provide Evidence of a Reasonable Basis for Patentee's...more
In this issue: The Buzz Over Privacy Continues with Google FTC Settlement; Power Balance Reaches $57 Million Settlement Over False Marketing; FTC Commissioner: Do-Not-Track Not Endorsed by Agency; LinkedIn Sued Over Cookies;...more
In Liberty Media Holdings, LLC. v. Does 1-59, 2011 WL 292128 *3 (S.D.Cal. Jan. 25, 2011) unknown individuals hacked into Liberty Media Holdings' web servers and obtained "certain motion pictures" that it...more
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In This Issue:
Copyright Designs and Patents Act 1988 (Amendment): PPL Licence Exemptions Abolished
The Newspaper Licensing Agency Ltd v Meltwater Holding BV: Online Commercial Media Monitoring Services...more
In American Family Mutual Insurance Co. v. Hollander, 2010 WL 2851639 *1 (N.D. Iowa, July 20, 2010) the court denied the defendant employee's motion for summary judgment on the Computer Fraud and Abuse...more
The Computer Fraud and Abuse Act ("CFAA") is the omnibus federal computer crime statute outlawing theft and destruction of data, hacking, use of viruses, theft of passwords and extortionate threats to damage computers. 18...more
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It was a unique sporting event, combining brain and brawn. Well, when Kolkata hosted the first National chess boxing championship recently it did evoke more questions about the exact nature of the competition. But after the Andhra Pradesh team emerged victorious, the sports fraternity realised that the discipline had already three world championships hosted in the last couple of years.
When Andhra Pradesh won nine gold, three silver and five bronze medals, it was a stunning display as the team was selected and trained by SAAP coach Omkar Yadav at his boxing hall at the Lal Bahadur Stadium.
What exactly is the sport about?
"Basically, each bout involves three rounds of chess (three and two-minute duration games, in which a player has to checkmate) and two rounds of boxing bout," explained Omkar in a chat with The Hindu. If a player does not checkmate, the chess pieces will not be disturbed as the players will resume the battle in the next round.
Coaching camp
"Well, we took the help of AP Chess Association secretary Kanna Reddy to organise a coaching camp in chess for my boxers before the Kolkata Nationals, and it really worked well," says the former national silver medallist.
Like many such events, this National does not have the patronage of the Government of India for obvious reasons. But, this did not deter Omkar as he managed to lead a 20-member team which returned with 17 medals in all.
"I tell you this is the sport which is bound to catch the imagination of spectators in the days to come. It not only sharpens the mind of the boxers to ensure higher level of focus but also is very spectator-friendly because chess is played in the boxing ring itself," says the SAAP boxing coach.
With Dr. Pradhan, president of the Chess Boxing Organisation of Andhra Pradesh, taking a lot of interest, there is a serious drive now to see that boxers and chess players will take it up in a big way.
And the delight of these young competitors when they met Chief Minister N. Kiran Kumar Reddy on Wednesday said it all – they are going to enjoy this novel sport for a long, long time to come.
Keywords: chess boxing championship, AP Chess Association, Chess Boxing Organisation of Andhra Pradesh,


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Mandatory Newsletter
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Drink up the truth.
The truth hurts.
We just prefer to power through it.
Brugal rum is not like the others.
Don't worry, you don't have to do all of them at once.
Yep, no alcohol here. Just cats. Lots and lots of cats.


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26 Reviews
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5 of 5 people found the following review helpful
5.0 out of 5 stars Luck Is for Rabbits
Goldratt has been an especially prolific author in recent years. This is the second of three books; the others are The Goal (1992) and Critical Chain (1997). In The Goal, Goldratt's primary focus is on the a-pplications of what he calls a Theory of Constraints (TOC) to the manufacturing process. In that book and in this one, he presents his ideas in the form of fiction...
Published on March 28 2002 by Robert Morris
3.0 out of 5 stars Alex Rogo and His Team to the Rescue Again!
It's Not Luck is the sequel to Eliyahu Goldratt's great business novel, The Goal. After their success in The Goal, Alex and his team have all been promoted into the key positions in the faltering Diversified Businesses group in their conglomerate. The whole company is faltering, and great pressure is put on Alex and the team to turn their businesses around. The story...
Published on Feb. 22 2001 by Donald Mitchell
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5 of 5 people found the following review helpful
5.0 out of 5 stars Luck Is for Rabbits,
Robert Morris (Dallas, Texas) - See all my reviews
This review is from: It's Not Luck (Paperback)
Goldratt has been an especially prolific author in recent years. This is the second of three books; the others are The Goal (1992) and Critical Chain (1997). In The Goal, Goldratt's primary focus is on the a-pplications of what he calls a Theory of Constraints (TOC) to the manufacturing process. In that book and in this one, he presents his ideas in the form of fiction (as a novel), complete with a cast of characters, a multi-dimensional narrative (or plot), a variety of settings, and perhaps most important of all, a series of conflicts. Few other authors with sufficient business acumen would attempt, much less succeed (as Goldratt does) in combining the two genres. Long ago, someone suggested that luck is the residue of preparation. Goldratt seems to agree. In this volume, he devotes much of his attention to demonstrating the relevance of TOC to marketing, sales, inventory control, distribution channels, strategic alliances, and conflict resolution. I believe it was Carl Rogers who suggested that one of the most effective strategies for conflict resolution is to set aside all points on which both parties agree, each party then makes whatever concessions are appropriate (i.e. terms and conditions of lesser importance); thereby, the parties involved can then concentrate on what are, for both sides, the most important differences. And do so with mutual respect and with goodwill. Goldratt applies the "Rogerian Model" to countless situations in this book, suggesting that conflict resolution is the result of sustained effort and patience, not luck.
It is occasionally said of an especially well-written business book that "it reads like a novel." What we have here IS a novel. Never before have executives had more to read and less time for reading. One of this book's most appealing qualities is that it is so easy to read. (The challenge is to make effective applications of TOC in an increasingly more competitive marketplace.) Goldratt is an authority on the business subjects he discusses as well as an excellent teller of tales. That's a rare combination.
For whom will this book have greatest value? Obviously, decision-makers who now have one or more of the following needs: to set or re-set the direction of their organization; to formulate appropriate marketing and sales strategies; to improve production, logistics, and distribution; to launch or improve project management initiatives; and/or to strengthen the skills of line managers.
Those who share my high regard for this book are urged to read Goldratt's other books, The Goal and Critical Chain; also, to check out David Maister's Practice What You Preach and David Whyte's The Heart Aroused. With all due respect to the core concepts Goldratt examines in this volume, they are worthless unless and until embraced by everyone involved. Master and Whyte can help managers to achieve that "buy in."
1.0 out of 5 stars Disappointment,
Roland Buresund (Stockholm, Sweden) - See all my reviews
This review is from: It's Not Luck (Paperback)
It's not luck is another novel about Mr. Rogo and his career. Where the first novel (the Goal) introduced a number of concepts relating to manufacturing, this one tries to convince us that the nowadays VP of a group magically discovers the definition and use of Marketing halfway through the book (who promotes a guy to a VP position without the guy knowing at least the basics about marketing?). Another revelation he magically puts on us is that Knowledge Managament is a very important concept, as well as the revelation that the book value of a company is different from the real value. Sigh, this is taught in every MBA course in existence (at least it should be). Furthermore, we should believe that the main character who is obviously severely brain-damaged (together with his apple-pie family), yet manages to become CEO of a large conglomerate? The author is hailed like a genius that has discovered so much truths... like the resource based-view of the firm (even though he doesn't understand that this is what he has discovered).
If you do find this believable, I have some dotcom stocks to sell you, I promise that they will soon rebound...
The Goal is worth reading, but this book is a waste of paper and money, buy something else, like a Barbara Cartland novel.
3.0 out of 5 stars Alex Rogo and His Team to the Rescue Again!,
Donald Mitchell "Jesus Loves You!" (Thanks for Providing My Reviews over 127,000 Helpful Votes Globally) - See all my reviews
This review is from: It's Not Luck (Paperback)
It's Not Luck is the sequel to Eliyahu Goldratt's great business novel, The Goal. After their success in The Goal, Alex and his team have all been promoted into the key positions in the faltering Diversified Businesses group in their conglomerate. The whole company is faltering, and great pressure is put on Alex and the team to turn their businesses around. The story emphasizes the Thinking Processes from The Goal, and the importance of using them in business and in personal life. The problems addressed are primarily ones of (1) tailoring the bundle of business product and service offerings for customers in ways that create profit margin advantages across the business (2) by building on benefits from adding value for customers in improved ways and (3) creating these advances in ways that competitors cannot easily duplicate. The examples include a printing business for packaging, a beauty salon products business, and providing a service and parts intensive product.
The book's main story is interesting, and will keep you turning the pages. If you only read this as a novel about the caring manager and parent as a hero, you will find this to be a five star book.
If you want the book to help you learn new methods, you will find it not too beneficial. The examples are developed at such a level of generality that you will probably learn little from them. I graded the book down two stars for this weakness. Most readers won't know any more about how to create advantaged business models at the end of the book than they did at the beginning, except that they are to remember to apply the lessons from The Goal to all of their businesses.
The concepts that the book suggests are all perfectly valid and helpful ones. The first notion is to think of your customer and yourself as one entity. How can the two entities be combined in order to create the most value for both? The second notion is to then think about combining your business with acquisitions or being acquired by others so that the new business model can be applied to all these enterprises. I hope you do learn how to develop these commendable ideas.
After you finish reading this book, I suggest that you think about all of the ways that current measurements in your business cause you to optimize the performance of parts of your enterprise rather than the whole business and that of your customers. If you can locate those flaws, you can then begin to change the measurements to become those that reward the correct enterprise-customer optimization goal. The rest of the benefits will tend to flow from making that change, even if you never become very good at using the Thinking Process described in this book. Self-interest can take you a long way.
Become truly symbiotic with your customers in ways that enhance vitality for all!
And don't be afraid to think about how to include employees, suppliers, shareholders, and the communities you serve in this consideration of optimization!
4.0 out of 5 stars Goldratt attacks sales, marketing, and segmentation,
Adam F. Jewell (Pittsburgh, PA USA) - See all my reviews
This review is from: It's Not Luck (Paperback)
It's Not Luck is the follow up to the Goal. Written in the form of a Novel, it examines different value perceptions of the market. You'll learn about ultra variable costing, utilizing excess capacity to serve seemingly unprofitable market segments, and how to break down barriers to achieve new avenues to profitability. Priceline is a perfect example of an entire company built on exploiting constraints in the marketplace, and wringing every last bit of revenue (maybe one day profitably) out of previously unused capacity.
The book provides a brief introduction to the Thinking Processes, which are used to examine conflicting logical arguments, and develop a workable solution, satisfactory to both sides. Within the book, the methodology of the Thinking Processes is applied to both business dilemmas, and to that of parent/teenager relationships. It's all about building understanding between people with differing perspectives, and the variety of situations to which it is applied clearly illustrates the versatility of Goldratt's methods.
If you found "The Goal" valuable, you'll like this one, though w/o Jeff Cox, the writing isn't quite as good as the Goal. To continue your journey into the world of TOC and the TP (Theory of Constraints and Thinking Processes) look for books by H. William Dettmer. No novel formats in Dettmer's books, that I've read, but much more thorough explanation of TOC.
For TOC on project management, check out Goldratt's "Critical Chain"!
5.0 out of 5 stars Great human relations techniques!,
By A Customer
This review is from: It's Not Luck (Paperback)
While I enjoyed "The Goal", Goldratt's latest, "It's Not Luck" was hard to put down! Alex Rogo saved the day again, or more specifically saved his companies again, and once again Goldratt told his story in a manner that mixed fiction with solid business and human-relations principles. I am a marketing and business consultant, and after reading this book, I immediately declared it required reading for the executives and key-man employees of each company I am working with. Without exception it met with rave reviews. One of the managers, wife and half-owner of a manufacturing facility, made some major changes in company policies and used the techniques in this book to present these changes to the employees of the company. The rationale behind every single change was easily understood by even the most under-educated employee, and met with virtually no resistance! Revenues the following month increased by 150% and everyone employed by this company felt more rewarded, and more prideful, by their own contribution to the production process than ever before. Needless to say, this company rewarded me with a liberal bonus just for introducing them to this book! On the homefront, I have found several opportunities to use Alex Rogo's techniques to negotiate conflicts with my children, to the mutual satisfaction of all: a rarity indeed
4.0 out of 5 stars Useful lessons in competitive strategy taught in fiction.,
By A Customer
This review is from: It's Not Luck (Paperback)
Review of "It's Not Luck" by Eliyahu M. Goldratt:This story is about marketing and competitive strategy. Alex Rogo, Mr. Goldratt's fictional hero, has to save three of his companies and hundreds of employees from the chopping block of corporate divestiture by applying logic and persuasive skills. Mr. Goldratt conducts his unique style of logical examination in a field different from that of the "The Goal", his first and more famous book. While "The Goal" says run your production operation for cash, "It's Not Luck" says the value of a product, or an entire business, is in the eye of the buyer, not the supplier. A management book without the jargon and trendiness you get elsewhere.
5.0 out of 5 stars An Excellent easy approach,
loay sehwail (Stillwater, Oklahoma, United States) - See all my reviews
This review is from: It's Not Luck (Paperback)
This book is about common sense. This book is the second "Must Read" for Industrial engineers and MBA students in the Eliyahu Goldratt books.
It talks about the possibilities of the state of the art distribution networks to lead to new marketing solutions. Although this book talks about marketing solutions but it is targeted for managers coming out of manufacturing toward upper level management. Some of the solutions are common sense, but the problem it reflect a lot of the problems in the outside world, were commonsense is not common any more.
I recommend reading this book after reading "The Goal".
4.0 out of 5 stars Almost Perfect,
R. D. Hanson "rdhanson1" (Atlanta, GA USA) - See all my reviews
This review is from: It's Not Luck (Paperback)
This book describes Goldratt's method of solving problems, resolving conflicts, and how to apply his methods to sales, marketing (there is a difference), and general business management.
As a novel, it doesn't really hold my attention. But the ideas do. Presenting them as a book is a, ahem, novel way of doing it. It holds my attention better than reading a how-to book.
The process is hinted at, but not completely described. This is different than "The Goal," which came right out and told you what to do. I think that Goldratt was trying to promote his consulting company as much as sell a book.
5.0 out of 5 stars Rigor made Rational - an introduction for the textbook,
Gary "Tool Geek" (Rochester, MN United States) - See all my reviews
This review is from: It's Not Luck (Hardcover)
This book, in novel form, is a description of the "Thinking Process" of Theory of Constraints. This Thinking Process is really a bookkeeping process to provide rigor in rational thought. The story line is a bit weak, but as others have observed, it makes reading the dry processes fun. Once you have read this book, and are convinced that moving from a current reality [tree] to a future reality [tree] with the clouds removed is going to require the construction of a transition plan [tree], but you need some help, read "Thinking for a Change", by Lisa J. Scheinkopf - ISBN: 1574441019
4.0 out of 5 stars Inspiring,
Jim Grey (Indianapolis, IN USA) - See all my reviews
This review is from: It's Not Luck (Paperback)
Goldratt has written an inspiring novel that illustrates how his Thinking Processes can help you find common-sense solutions to problems. In the story, protagonist Alex Rogo keeps three of his company's unprofitable units from being sold by applying the Thinking Processes to devise startling turnaround strategies, and then by seeing that those strategies were implemented. He also successfully applied the Thinking Processes to challenges he faced at home.
This book gives some insight into how to use the Thinking Processes, but does not explain them in detail.
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It's Not Luck by Eliyahu M. Goldratt (Paperback - Jan. 1 1994)
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Hal is already pimping McKeon - *Sigh*
I can't imagine he is even on the radar. But that won't stop the local writers from pushing his candidacy no matter how silly. They are still in love with the guy for whatever reason.
Hal is already pimping McKeon - *Sigh*
I can't imagine he is even on the radar. But that won't stop the local writers from pushing his candidacy no matter how silly. They are still in love with the guy for whatever reason.
They like old guys.Originally Posted by CrackerJack
Go Gators!
Originally Posted by CrackerJack
Jack was accessible to the sports writers. After the last two years of Dan O'Brien, you know they are going to want someone who will give them a story.
My dad got to enjoy 3 Reds World Championships by the time he was my age. So far, I've only gotten to enjoy one. Step it up Redlegs!
After two years of O'Brien you know they'll want someone who can stay awake.After the last two years of Dan O'Brien, you know they are going to want someone who will give them a story.
Jack as GM these days would be like Mortie Seinfeld working at J. Peterman.
Last edited by westofyou; 01-24-2006 at 12:20 PM.
I think most of these guys would axe the tandem rotation disaster so we can't go wrong, right?
Antonetti and Farrell both received interest from Boston, but ,iirc, Antonetti was not keen on the Boston job.
I tend to doubt these lists. For one thing, virtually nobody on the lists (perhaps except McKeon and Beattie) have had substantial experience as a major league GM. RCast doesn't strike me as a guy who wants a young wiz kid. Rather, I would guess he wants someone who has been a GM or held a similar top position.
From the Enquirer list, I can see Krivsky (because he was so highly thought of last time) and Beattie being considered.
I don't see Wren (one year as Oriole GM) and Moore seems wedded to the Bravos. I doubt that Kullman, Naehring or Alvaraz is a serious candidate. Other assistant types (Wilder, Antonetti) wouldn't seem to fit Cast's description. The candidate who is from the Cincy area won't get a lot of credit for that under this ownership (it seemed essential when Lindner hired DanO).
If an assistant is to be included, my guess is that the Cardinal guys are most likely because ownership probably knows them. But other than Beattie (already mentionied by Cast) and perhaps Krivsky, I doubt that the most serious names have surfaced yet.
Last edited by Kc61; 01-24-2006 at 02:21 PM.
Two guys I'd consider for the job, although I'm sure they won't get any run, are Mike Rizzo and Peter Woodfork, both of the D'backs.
Rizzo has completely turned around the D'backs farm system, from one of the worst to arguably one of the best in just a few years. While he didn't get much of a chance at the D'backs GM gig before Josh Byrnes got the job, I know the fans out here were hoping he'd be considered.
Woodfork was an integral part of the Red Sox contingent, along with Byrnes and Epstein, who led the Red Sox front office. He came out to Arizona to ba an assistant to Byrnes, after Boston finally relented and let him go. He probably would be the Red Sox GM right now if he'd stayed there.
With all that being said, I gotta believe that Jim Beattie will be our next GM.
As I mentioned on another thread, Castellini declined to name individuals on his 6-8 name list. He said he'd identify them as they came in for interviews. Therefore, I doubt he's shared his list with the media. This is nothing but speculation.
"Enjoy this Reds fans, you are watching a legend grow up before your very eyes" ... DoogMinAmo on Adam Dunn
a little something on Marlins Assistant GM Mike Hill:
He is a fantastic guy with a real knowledge of the game(obviously). He has been the main guy behind alot of the Marlins trades. He has a unique style of GMing, going with both the statheads way and the "watch with your eye" way. If he gets the GM job, I might soon be working for your Reds. I have known Mike for a little over 2 years and I speak to him on the phone about 3 times a month, while emailing him every other day. Ill be rooting for you guys to pick him up, for he is one of the great baseball minds out there that hasnt gotten a shot at really running a team.
woo woo woo, you know it
Thanks for the info Ramp - you guys are going to be really bad this year (I think) but the trades made have insured that the bad years will be short and the Marlins future appears really, really bright
"I came here to kick ass and chew bubble gum... and I'm all out of bubble gum."
- - Rowdy Roddy Piper
"It takes a big man to admit when he is wrong. I am not a big man"
- - Fletch
Id rather watch these guys with no expectation who are gonna bust their asses every single night, than endure last years debacle of showing no heart with very high expectationsOriginally Posted by Puffy
woo woo woo, you know it
Anybody know anything about Dave Wilder? Anyone associated with player development from the White Sox intrigues me.
We'll burn that bridge when we get to it.
I love the Enquirer list. Antonetti, DePodesta, Krivsky, Kullman, Dayton Moore, and Hill are all guys I would be happy to have as the new GM. Just say no to Beattie and Naehring.
Or Marv Levy as an NFL GM...oh wait, thats real...Originally Posted by westofyou
Nothing to see here. Please disperse.
Thats good to hear I've been reading up on him, he does sound intruiging:Originally Posted by ramp101
Also found this:Interview with a Champion
Indy talks with Marlins assistant GM Michael Hill '93 (extended online version)
By: Victor Hu
Issue date: 5/6/04 Section: Sports
Article Tools: Page 1 of 1
So there I was. On a Saturday morning, sitting in the bleachers next to O'Donnell Field, watching the Brown Bears pound out a 9-3 lead in the fourth inning of the Harvard-Brown doubleheader. The two teams were scheduled to play another doubleheader the next day, and Harvard really needed to win three out of four to be in good shape when they play leader Dartmouth next weekend to determine the winner of the Red Rolfe Division in the Ivy League. But at this point, things were looking bleak. All of my friends took off after Brown extended the lead to six, but as I've never been one to leave a game early, I decided to stick it out and hope for a comeback. (Incidentally, I didn't have to pay for a ticket, so I wasn't trying to get my money's worth.) I figured the weather was nice, and fittingly enough, I was waiting for a return call from Michael Hill '93, assistant GM of the Marlins, and a former Crimson baseball player.
It turned out to be well worth the wait. In the eighth, Harvard scored six runs to tie it; most of the players reaching on walks, hit batsmen, or Brown errors. Then, in the ninth, they held the Bears scoreless, and Trey Hendricks '04 won it for the Crimson with a walkoff double to score Bryan Hale '04. From lost season, to tremendous victory in minutes. Absolutely amazing.
Of course during all of this, I miss Hill's call and only until after the game do I sheepishly return his call, carefully explaining the situation. He seems to forgive me gracefully, and we launch into the interview.
Indy: Tell me a little bit about your background.
Michael Hill: I graduated from Harvard in '93, and I was drafted by the Texas Rangers in the 31st round. After graduation, I played two and a half years of minor league baseball, and really saw an opportunity for myself to get into the front office because of my educational background and the fact that I had played the game on a professional level. I was fortunate enough that the Tampa Bay franchise had just been awarded the expansion, and they were starting to fill their team, make their hires. I sent my resume in, and took an entry-level baseball operations position.
I: What kind of work did you do in that position?
MH: Just about everything. When you come in on any entry-level standpoint, you do everything administrative you can imagine. I was fortunate enough that I was in Tampa Bay that I went out and evaluated players. I would do scouting reports and evaluated players at the high school, college, and professional levels. So from that standpoint, it was great experience because I got to see some of the most talented players in the country come through Florida.
I: In your very first job you were able to scout players? That doesn't sound like a bad job at all...
MH: My official title was Scouting and Player Development Assistant. So obviously I had administrative duties within the office to assist our scouting director and all of our scouts in the field in doing their jobs, our minor league, our farm director and our minor league team. It was really great exposure for me to everything in baseball operations and it definitely sped up the curve in terms of my growth in the game.
I: How do you think you were able to get such a lucky break? Was it just the situation you ended up in, or were you purposely aiming for something like with the Tampa Bay organization where they were just starting up?
MH: I think you always have what your goals and aspirations are, and I've always worked towards becoming a general manager of a major league ball club. Over the course of my years in the game, you just try to prepare yourself the best that you can to eventually do that. And my first job was a great introduction because it exposed me so much and gave me experience in all of the aspects of baseball operations. I was promoted within Tampa Bay, and if you follow my development in the game, I went from Baseball Ops Assistant to Assistant Scouting Director, to Director of Player Development in Colorado. So gradually you try to build your resume and knowledge base within the game, and you hope people take notice and give you opportunities to progress within the game.
I: Going back to the beginning, how did you first get bitten by the baseball bug?
MH: I was born and raised in Cincinnati, Ohio, so I grew up in the era of the Big Red Machine. Cincinnati's a huge sports city so I grew up playing three sports and I actually played two sports at Harvard, football and baseball. I've always been around athletics and when it came decision time when I was at Harvard as to whether I would try to pursue a career in football or baseball, it was an easy decision for me considering my love and passion for the game.
I: Who are some of your first influences?
MH: In the Big Red Machine, Tony Perez, Dave Concepcion, Ken Griffey, Sr., Pete Rose, and Joe Morgan. Those guys are all pretty special athletes and I was able to see them at the prime of their careers. I had an appreciation for Pete Rose who played the game the right way, and it made a mark as that's what I wanted to do.
I: How did you rise through the organizations you worked for so quickly to become assistant GM of the Marlins?
MH: I would really say determination, persistence, and hard work. There are a lot of sacrifices you make in this game, a lot of hours on the road traveling away from friends and family. You have to commit yourself to see as much as you can, learn as much as you can, and that's the approach I take.
I: Can you tell me about some of the things you've done with the Marlins, or the Rockies, or any of your past clubs?
MH: As director of player development as I was in Colorado, you oversee the minor leagues. You oversee two hundred players, domestically and internationally, oversee their development, and make sure they're on track for their rise into the major leagues.
I: Any specific players that you had a fondness for or particularly wanted to sign?
MH: The player I'm most proud to be associated is the starting center fielder here; his name is Juan Pierre. As soon as I came on board with the Rockies, I went through a winter league where he was actually playing left field. As part of my position, I changed his position to center field and we worked on different things with his approach offensively and defensively. The following season, he came into the league and went from A-ball to Double-A. In August of that year, 2000, he was called up to the minor leagues. I was fortunate to be a part of his development in the minor leagues and I was actually the one who was able to make the phone call to tell him he was coming to the major leagues.
I: That's real nice. Were you involved in his trade to Florida?
MH: That's another story. I had just come over to Florida in October of 2002. Just as you go through your off season planning and your team evaluation of what your needs are, it was a good fit with Colorado in terms of what Colorado needed to do in terms of getting a power-hitting center fielder in Preston Wilson, and what Florida wanted to do, in terms of building the team around speed and defense. It was a pretty easy assessment, and it worked out nicely that there was a fit between the two clubs.
I: Before we go on to more Harvard-related questions, let me sneak a few more baseball questions. What do you think were some of the keys to the Marlins' success last year?
MH: A lot of people were maybe not expecting the Marlins to go all the way.
The so-called baseball experts, no one believed in the Marlins. But from an organizational standpoint, we knew exactly what we put together in terms of talent, chemistry and character. Obviously you give a lot of credit to the players because they go out and do the job, but we felt like we put together a mix of players, talent-wise, character-wise, that could compete with any team in major league baseball. If you pitch you're going to be in more games than not. Then we went out and filled some holes from an offensive standpoint, with Juan Pierre, with Pudge Rodriguez. After the injury to Mike Lowell, we went out and got Jeff Conine. Really, it was taking advantage of what your strengths are, and trying to build a team around that.
I: The Marlins are off to a great start this year. Do you think the loss of players like Ivan Rodriguez will hurt the team, or are they strong enough to overcome these losses?
MH: Unfortunately, we all have our parameters and our budgets that we have to work within. As great a player as Pudge is, and as he was for us last year, within our payroll constraints we couldn't keep in. We were really comfortable moving forward with our catching combination that we have in place now, and obviously it would have been nice to retain Pudge, but understand that it's a business, and you try to build a team as strong as you can. Bringing this club this year keeping the core position-wise together, and most importantly, all our pitching, we feel like we're in a position to defend our crown.
I: Well, you're definitely off to a great start.
MH: Yeah, knock on wood. Solid pitching, that's really how we're built. We're not going to score a ton of runs and hit a lot of balls out of the park, but we're going to pitch, we're going to play defense and do all of the little things to be successful.
I: Fair assessment. Now a few things about your Harvard background. Did you ever feel as though there was a stigma in baseball attached to being an Ivy Leaguer?
MH: I've never really thought about that. I know what kind of person I am, I know my abilities. The fact that I went to Harvard, I would hope that nobody would ever stereotype me or label me as anything. My experiences are different from other Ivy Leaguers within baseball. There are Ivy Leaguers who are GM's, who never played the game beyond high school or junior high. I'm proud of the fact that I played in the minor leagues, I rode on the buses, and from that standpoint, I feel like I have a perspective in dealing with players that some other people may not have.
I: You point out there are a lot of other Ivy Leaguers in baseball. Is that a relatively recent trend, or just something that people have been noticing more?
MH: I think that in any industry you want to hire the best people available. If you look at baseball, you have to look at the money involved in the game. The game will always be about what happens on the field, but in terms of building a team and putting a team together for long-term success, you have to do more than just the talent evaluation because of how much money is involved. Clubs are running their teams like Wall Street business in terms of how they operate within those budgets, and I think they are trying to find the most qualified people. In more instances than not, they feel like those people have Ivy League backgrounds.
I: Finally, what kind of advice would you have for people who are trying to get into baseball now, just like you were a few years ago?
MH: I think there are a few common denominators outside of experience and exposure to baseball, and that's really a dedication and commitment to doing whatever you need to do to get involved. There are only thirty clubs, and if you're looking to get involved on the baseball operations side, there's normally anywhere from five to ten positions within each front office. There's limited opportunity. If you are fortunate enough to get your foot in the door, just be open to any and everything. Your education doesn't necessarily prepare you for everything that you're going to come across working for a major league organization. So keep your eyes and ears open, try to absorb as much as you can, and analyze as much as you can.
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I am a first-time race director for a new 5K. Does anybody know where I could find a generic race director to-do list? I have made what I feel is a fairly exhaustive list, but I'm sure I'm missing something. All help is appreciated!
USA Track & Field has resources for event directors. Check out their website at
2015 highlights...
@ 5K: Ontario Mills 5K, Ontario, CA, 25:17
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Angels Baseball Foundation 5K, Anaheim, CA, 24:24
@ 10K: LA Chinatown Firecracker 10K, Los Angeles, CA, 52:15
Great Race of Agoura - Old Agoura 10K, Agoura Hills, CA, 51:40


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Jasper County Advertiser
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The Election Commission on Monday issued a show-cause notice to former Maharashtra chief minister Ashok Chavan in a paid news case which. If proven guilty, Chavan may lose his seat and also be barred from fighting election for three years.
Empowered by a recent Supreme Court ruling to take corrective measures to tackle paid news, the poll panel has asked Chavan to appear before it on May 23. In 2010, Chavan had to step down from the CM's post in the wake of the Adarsh scam.
"Both Ashok Chavan and Madhu Koda have been asked to appear before the Commission. If the allegations are proved correct, a candidate can lose his seat and be disqualified for a period of three years from fighting an election," said Deputy Election Commissioner P K Dash.
Dismissing Chavan's petition questioning the Commission's authority to probe the allegations, the SC on May 5 had directed the poll panel to go ahead with the case as per Representation of People's Act.
Following Chavan's victory from Bhokar seat in Nanded in 2009, Madhav Kinhalkar, an independent candidate, had moved the Commission, accusing the former of hiding expenses on a 'paid' supplement titled Ashok Parva in a leading Marathi daily.
After the Commission took up the case, Chavan had approached the Delhi High Court, seeking a stay on the proceedings, but his request was rejected. He then moved the SC in November 2011.


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Short Summary:
My name is Anton Orlov and I am a photographic artist based out of San Diego, California. I love traditional photography and have been printing my own black and white images for the past 23 years.2012 saw the birth of The Photo Palace Bus - traveling darkroom and gallery. This was my dream for the past 15 years and I am very happy to see it come to life.
The aim of The Photo Palace Bus is public education about the beauty and importance of traditional printmaking methods with the goal of inspiring the use of analog photography. While traveling Photo Palace offers the following programs:
• History of the Photographic Medium Exhibits
• Magic Lantern Slide Shows
• Worshops in Darkroom Techniques
• Alternative Printing Methods Workshops and Demonstrations
• Portrait With Instant Imaging Technology
• Darkroom Consultations
and more....
You can get a good idea of my personal dedication by taking a look at the BLOG, which I kept during construction and the inaugural 9.300mi journey from California to Maine and back.
During the second journey I would also like to compile a comprehensive survey of the state of analog photography today. This will be done by conducting interviews with people associated with fine art photography focusing on traditional means of printmaking. The interviews will appear on the blog and eventually published in a limited edition book.
The first of the interviews are already being conducted in San Diego area.
What We Need & What You Get:
The $10.000 goal will go toward the following:
• Construction of a foldout portrait studio mentioned in the kickstarter campaign - to make it RIGHT it's going to cost in the range of $3500-4000 (while converting the bus my personal funding simply ran out just short of being able to do that)
• Fuel and other traveling expenses
• Limited edition book publication
• Printing supplies such as paper and chemistry
• The rest will go to indiegogo and Paypal fees and expenses of printing and shipping the perks
After the end of the campaign you will receive the wonderful perks that you chose. The list is on the right so feel free to take a look and see what you feel tickles your fancy.
Books will be printed at the end of the project (I project that to happen at the end of the summer) . Please read through the list carefully and make a selection (or two or three - nothing says you can't contribute more than once, right?)
Are you in Continental United States? One of the perks involves Gilli swinging by your town and giving a private lecture on historic processes illustrated by my collection of prints.
The $700 Perk - Unique Gelating Silver Mural Prints.
Here is a link to the gallery of prints where you can chose one for yourself:
The first two prints (Self Portrait and Incense Seller have been sold and are NOT available)
The rest of the imges are printed in edition of 1 each (except for Lake Atitlan which was printed in edition of 2). These 30x30in fiber base silver ptints are truly beautiful and were printed on Foma Chamois Cream Tone paper giving them a wonderful old-world feel. They were all captured on Rolleiflex TLR cameras and have stunning detail and clarity. These are some of the best prints I have ever made (definitely the best mural prints by me). It is impossible to reproduce them as the paper manufaturer has switched paper base and it no longer has the luster and texture that it used to have.
As soon as a print is sold I will post a note about it here so you know what you have left to chose from.
Here is an example of the amazing detail of these prints. Take a look at the image called 'Memory' and then take a look at this little close-up which is still not really as sharp as the real print.
The Impact:
My blog has been getting an ample amount of hits from all over the planet. Readers come from all over the planet - North and South America, Europe, Asia and occasionally Africa and Australia as well. Along with enjoying the adventurous and raw style of my writing I hope it inspired them to pick up that old Brownie, dust off their fathers Leica or invest into a 4x5.
By exposing the passion and the impetus of the artists working manually I hope to inspire a new generation of printers and innovators. By providing folks with a list of both photo educational facilities and manufacturers of analog products I aim to give more business to them in the long run.
In the age when digital technology is expanding and changing faster than any one person can keep up with I hope to inspire people to discover the rewards that are brought by devoting their time and labor to making a print via analog means. The magic of seeing a print emerge in a developer still touches many hearts.
As I pointed out my dedication to this cause is 110% - did the unsuccessful end to the kickstarter campaign stop me from investing every dime of my savings into this unique project? No way! I labored for months and spared no expense in making the presentation area and darkroom into an inviting and pleasant place to be in. After that I took Gilli-the-Gillig on the road. Thousands of people were exposed to and educated about the history of photography though impromptu lectures and demonstrations. The warm reception I received along the road inspired me to keep going and now I need your support.
Other Ways You Can Help:
There are a few ways you can help other than financial support (though that is what this project needs most)
• Let me know who you think I should interview. Do you know someone who makes exquisite photo gravures? Maybe you are friends with the manager of the film division of Kodak or Lomography? Perhaps you know a high school or university photo teacher who has been inspiring young minds for decades now and loves what they do?
• HUGE help would be you posting this campaign on your Facebook page, in photo groups there or on other sites or just e-mailing the link to it to a good friend or family member who you know is in the fortunate position to be able to offer financial support to a dedicated artist.


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In fall 1993, a coming-of-age comedy called "Boy Meets World" premiered on ABC's "TGIF" Friday night lineup; 21 years later, its sequel series, "Girl Meets World," is debuting on the Disney Channel with many of the original cast members reprising their roles for a new generation.
Few could have anticipated the enduring popularity of the family sitcom -- which starred Ben Savage as Cornelius "Cory" Matthews and Danielle Fishel as his first love and eventual wife, Topanga Lawrence -- but ABC's TGIF block was responsible for a number of iconic comedies during its initial run between 1989 and 2000, many of which still live on in syndication today. And, as with all networks, the roster was also responsible for some spectacular trainwrecks, with concepts so surreal, you'd think a kid pitched them while on a sugar high.
Before we meet Cory and Topanga's precocious daughter, Riley (Rowan Blanchard), take a trip down memory lane with us and remember the hits and misses of ABC's TGIF programming, which spawned competition from CBS' short-lived Friday night "Block Party" and pre-dated NBC's "Must See TV" Thursday comedy lineup by four years.
The Worst
"Going Places" (1990)
Between "Dynasty" and "Melrose Place," Heather Locklear's career took a pit-stop with "Going Places," a self-referential series about four television comedy writers who worked on a hidden camera show. Locklear's co-stars were fellow breakout stars of the era Alan Ruck ("Ferris Bueller's Day Off"), Jerry Levine ("Teen Wolf") and Hallie Todd (Showtime's "Brothers"). Like many inhabitants of Los Angeles, the show had something of an identity crisis and reinvented itself at midseason, canceling the show-within-a-show that the foursome worked on and sending their careers in wildly different directions. The makeover wasn't enough to lift the laffer's ratings and it was canceled in May 1991.
"Hi Honey, I'm Home!" (1991)
Even more metatextual than "Going Places," the series centered around the Nielsens (named after the Nielsen ratings system), a family of fictional characters from a canceled 1950s sitcom who moved to a New Jersey suburb to try and live in the real world. The show often featured guest appearances by actors from classic TV comedies reprising their iconic roles, such as Ann B. Davis visiting the Nielsens in character as Alice Nelson from "The Brady Bunch," and Barbara Billingsley stopping by as June Cleaver from "Leave It to Beaver." Whether the show was bad -- or just ahead of its time in terms of breaking the fourth wall -- is debatable, but it aired only six episodes before disappearing from the TGIF lineup, with seven more installments airing solely on Nick at Nite until its cancellation in July 1992.
"Baby Talk" (1991)
Loosely based on Amy Heckerling's "Look Who's Talking" movie, this adaptation focused on single mother Maggie and her baby, Mickey (voiced by Tony Danza). The project was plagued with behind-the-scenes drama, with showrunner Ed. Weinberger replaced by Saul Turteltaub and Bernie Orenstein after a critically derided (but highly rated) first season, and the role of Maggie recast three times during the show's two-season run. Original star Connie Sellecca left a few episodes into production, then her replacement, Julia Duffy, grew tired of the criticism the show was receiving and exited when "Baby Talk" was renewed for a second season, with Mary Page Keller assuming the role until the series' cancellation in spring 1992. The series also featured a young George Clooney as Maggie's love interest in season one, but he and the rest of the supporting cast were jettisoned with Weinberger's ouster, leading to the hiring of Scott Baio in season two.
"Billy" (1992)
Billy Connolly may be a British national treasure, but this "Head of the Class" spinoff was shipped off to Saturday nights after seven episodes, and was permanently deported from ABC's lineup after its initial 13-episode order. The show centered around teacher Billy MacGregor's Green Card marriage to single mom Mary Springer (Marie Marshall) and his attempts to outwit the immigration officials trying to prove his relationship was a sham. The series also featured future "Big Bang Theory" star Johnny Galecki as Billy's stepson, David.
"Aliens in the Family" (1996)
Aside from giving us a glimpse of pre-"Dawson's Creek" James Van Der Beek being eaten by a puppet alien dog, this surreal sitcom's main contribution to pop culture was its use of puppets created by Jim Henson's Creature Shop and its distinction as the shortest-lived show on the TGIF lineup, being pulled from the air after only two episodes. Check out a guest appearance from a 5-year-old Hayden Panettiere in the clip below.
"You Wish" (1997)
While ABC struck gold with "Sabrina, the Teenage Witch," it couldn't recapture the magic with this fantasy comedy, which was seen as a spiritual successor to "I Dream of Jeannie" -- just without the ratings success. John Ales played a genie (named Genie, naturally) who was released from a magic rug by single mother and her two kids. The show lasted seven episodes before being yanked from the TGIF lineup.
"Teen Angel" (1997)
Perhaps the most depressing premise for a comedy series ever, "Teen Angel" followed Marty DePolo (Mike Damus), a high schooler who died from eating a 6-month-old hamburger and was sent back to Earth to serve as his best friend's guardian angel. While it lasted slightly longer than "You Wish," the sitcom (which also featured Ron Glass in the role of Rod, God's cousin, who appeared as a giant floating head) was axed after 17 episodes.
The Best
"Perfect Strangers" (1986)
The show introduced us to iconic comedy odd couple Larry Appleton (Mark Linn-Baker) and his distant cousin Balki Bartokomous (Bronson Pinchot), who enjoyed eight seasons of adventures together. While the long-running series technically predates the TGIF lineup -- originally airing on Tuesdays and then shifting to Wednesdays before it became the anchor for ABC's new Friday-night block in 1989 -- it is still one of the most memorable shows from the roster, maintaining a top 40 ranking in Nielsen ratings for much of its run before a calculated move to Saturdays sheared its viewership. The show was also responsible for spinning off fellow TGIF mainstay "Family Matters" (though interestingly, neither show featured a direct crossover with the other -- although Steve Urkel did visit "Full House") and both live on in syndication to this day. All together now -- "Standing tall, on the wings of my dream..."
"Full House" (1987)
Anyone who lived through the '80s and '90s can probably easily finish the lyric "Whatever happened to predictability?" "Full House," which aired until 1995, brought us the Olsen twins (who went on to star in their own TGIF comedy, "Two of a Kind," 11 years later), endless catchphrases and the first crush for many young girls in John Stamos' Uncle Jesse. The show followed Danny Tanner's (Bob Saget) efforts to raise his four daughters with the help of his friend and brother-in-law, and became one of the most enduring staples of ABC's TGIF lineup. While the cast went in various directions after the show ended and many of the jokes seem a little cheesy a couple of decades later, there's no denying the show's pop culture impact -- who didn't steal a joke from Uncle Joey?
"Family Matters" (1989)
Centered around the middle-class Winslow family, the series didn't set the ratings alight until the introduction of the Winslows' nerdy neighbor Steve Urkel (Jaleel White) midway through season 1. Since Urkel immediately became a pop culture sensation, the show was tweaked to focus more heavily on his exploits as it went on, and subsequently ran for nine seasons. The series was a centerpiece of the TGIF lineup until 1997, when it was sold to CBS along with "Step by Step." The Eye network slotted the two TGIF shows in direct competition with their former ABC timeslot companions on Fridays as part of CBS' rival "Block Party" schedule -- but the two were canceled after one season, along with the rest of the "Block Party" roster.
"Step by Step" (1991)
ABC was banking on the winning combination of "Dallas" star Patrick Duffy and Suzanne Somers of "Three's Company," two of the most popular TV stars of the period, to help them hit ratings gold -- a formula that paid off fairly well, at least in the show's first four seasons. The series -- which featured two single parents who spontaneously got married and combined their families after meeting on vacation -- was a TGIF mainstay until it was sold to CBS with "Family Matters," where it was canceled after season seven. "Step by Step" is perhaps best known for its repeated, barely concealed implications that Duffy and Somers' characters were heading to the bedroom at every opportunity -- and while it may not hold up too well to repeated viewings, many fans still hold a nostalgic affection for the sly family comedy.
"Dinosaurs" (1991)
Originally the brainchild of Jim Henson -- who died before the show made it to air -- the innovative sitcom focused on a family of anthropomorphic dinosaurs, the Sinclairs, who were fairly typical for a television sitcom family -- aside from their difference in species. Stuart Pankin provided the voice for patriarch Earl, while Jessica Walter lent her dulcet tones to his wife, Fran, and all the characters' physical performances came courtesy of puppeteers. The show was known for tackling a number of topical issues over its four-season run, including environmentalism and deforestation, racism, drug abuse, religion and women's rights. The series is also notable for its surprisingly bleak ending, which saw the characters facing extinction after their society's irresponsible business practices killed all plant life on the planet and brought about the Ice Age.
"Boy Meets World" (1993)
The 1993-2000 show that spawned "Girl Meets World" followed Cory Matthews from a pre-pubescent sixth-grader to a married man in college. Along with its sometimes bizarre, often fourth-wall-breaking comedy, the coming-of-age sitcom included its fair share of heart-warming moments. We laughed at Eric Matthews' (Will Friedle) moments of stupidity, cried at the struggles of the troubled but good-hearted Shawn Hunter (Rider Strong) and learned from the endless wisdom of Mr. Feeny (William Daniels). It's no wonder the expectations are high for "Girl Meets World" -- only time will tell if it can measure up to the legacy of the original.
"Sabrina, the Teenage Witch" (1996)
The show that made a star out of Melissa Joan Hart also managed to outlive the end of TGIF. The sitcom aired from 1996-2000 on ABC, and after TGIF ended, it spent its last three seasons on the WB. Hart was the titular spellcaster who had to juggle typical high school problems with the secret of her magical powers after discovering she was a witch on her 16th birthday. She got by with the help of her 600-year-old aunts and their delightfully snarky black cat, Salem, who was most often portrayed by a hilariously stiff animatronic puppet. Hart now stars with another '90s icon, Joey Lawrence, on ABC Family's "Melissa & Joey." Check out Britney Spears' cameo on the comedy below.
While there were many more gems on the groundbreaking programming block, including fan favorites like "Clueless," "Sister, Sister," "Just the 10 of Us" and "Hangin' With Mr. Cooper," we attempted to narrow things down to the very best and the very worst for the sake of expediency -- but feel free to dispute our selection and stump for your favorites in the comments. Which TGIF comedies do you miss the most?
Related storiesTV Review: 'Girl Meets World'Jenny McCarthy, Sherri Shepherd to Leave ABC's 'The View'In Gloomy Upfront Market, TV Nets Seek Ray Of Light 2014 Variety Media, LLC, a subsidiary of Penske Business Media; Distributed by Tribune Content Agency, LLCCopyright © 2015, Daily Press


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Student Enrolment
All UCL Qatar programmes are currently open for applications. We are pleased to confirm an application deadline of 1 June 2015 for the Library Studies and Diploma programmes, and an extended deadline of 1 June 2015 for the Archaeology, Conservation and Museum Studies programmes.
We recommend that candidates apply as soon as possible before the deadline, particularly students from overseas who will require a visa to study in Qatar, and students who will be applying for any of the UCL Qatar Scholarships on offer.
All courses will commence on 30 August 2015. Please follow the 'Apply Now' link below to submit an application. For further guidance, contact email@example.com.
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UCL Qatar wins Prestigious Grants from Qatar National Research Fund
14 June 2012
UCL Qatar is delighted to announce it has secured two awards in this year's Qatar National Research Fund (QNRF). The grants, awarded under the National Priorities Research Programme (NPRP), are focused on the investigation of the origins of Doha as well as the study of the ancient industries in Sudan.
The investigation of the origins of Doha will be under the leadership of UCL Qatar senior lecturer, Dr. Robert Carter while the study of the ancient industries of Sudan will be directed by Professor Thilo Rehren, Director of UCL Qatar.
According to Professor Rehren, "We are delighted that already our first attempts at the NPRP funding round have borne fruit. This will enable us to start two major research projects in the first year of UCL Qatar's existence."
The Origins of Doha project, which was awarded $876,000, will combine archaeological, historical and ethnographic data to delve into the foundation and growth of Doha. The aim of the project is to clarify and document the date of Doha's foundation, establish the nature of historic occupation, and define Doha's expansion and integration into regional and global networks. Led by Dr. Carter of UCL, fellow colleagues from Qatar University, The Ministry of Culture, Arts and Heritage, VCU Qatar, and the University of Exeter will work together and exercise their technical skills according to their respected disciplines.
As for the Ancient Industries of Sudan, Professor Rehren obtained a grant of $1 Million to study the raw material sources of Sudan. This important three year research project will complement an existing project on the reconstruction and dating of the smelting technology used in iron production more than 2,000 years ago. UCL Qatar will field a world-class team of archaeologists and scientists to conduct field surveys and partial excavations of ancient mining and quarrying sites found in the vicinity of Meroe.
The project has considerable significance in the fields of industrial archaeology and African archaeology, and underlines Qatar and the Qatar Foundation's international standing as investors in research and global cultural heritage.


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As a dividend investor, you have the luxury of receiving regular cash infusions into your portfolio on a regular basis. During the accumulation stage, you will also have extra cash that you would need to deploy on a regular basis. Even once you become retired however, you might still find a trickle of excess cash finding its way to your bank accounts, that you might decide to put to work in your dividend portfolio. You then have the opportunity to deploy this cash in one of two ways that you believe are the most optimal for your portfolio. The two options are to reinvest automatically (DRIP), or reinvest manually. Another option could be to mix and match both strategies.
Each of those strategies has its pros and cons. The major negative about DRIPing is that investors risk reinvesting distributions into shares without regards to valuation or opportunity cost. It could be very costly in the long run, if you mindlessly allocate dividends received into the overvalued companies that generated them, particularly if more attractive places for this cash are available. This is one of the reasons why I usually combine new cash with dividends received every month, and then make a purchase in my best ideas at the time.
One of the positives of DRIPs is that you are taking immediate advantage of the power of compounding, by putting cash dividends received into more shares right away. That way, you are not wasting time trying to accumulate enough cash so that it is cost effective to make an investment. Plus, you can set it and forget it, and take a more passive approach to compounding your wealth and passive income.
Another advantage of automatic dividend reinvestment is that you are not charged a commission when putting money back into the same stock that distributed cash for you. I do not advise anyone to pay more than a 0.50% in commissions before investing in dividend paying stocks. If you lose a portion of dividend income to excessive brokerage fees, you are shooting your compounding process in the foot. This is why automatic dividend reinvestment is ideal for situations where your dividend income is low, or you cannot add money to this account, in order to justify waiting for a set amount of capital to accumulate in cash.
I only reinvest dividends automatically for my Roth IRA account, which I started in 2013. This is because I can only put $5,500 per year in it, and the amount of dividend income generated per year is a couple hundred dollars. Therefore, it is not cost effective to wait for cash to accumulate and pay an exorbitant commission of over 2%, which would stump the turbocharging effect of growing dividends that are being reinvested. It is much better to reinvest dividends back into the company that paid them for free, rather than taking the time and paying a steep fee in order to reinvest elsewhere. Manual dividend reinvestment is quite inefficient for smaller portfolios with no new additions of capital. For my taxable portfolios, which are the lions share of everything however, dividends are reinvested selectively.
Full Disclosure: None
Relevant Articles:
- How to be a successful dividend investor
- How to identify your dividend investment goals
- Where to search for investment opportunities?
- When to buy dividend paying stocks?
- How to analyze investment opportunities
Friday, April 11, 2014
How to deal with new cash from dividend payments
Posted by D at 1:00 AM
Labels: dividend strategy
7 comments:
Thanks for your blog. I am new to DGI and your blog is very helpful. Perhaps you know but Scottrade (which I use) has DRIP with a twist called FRIP the F being flexible. It allows you to accumulate all your dividends into one pot and reinvest it in up to 5 stocks of your choice. This can have many advantages such as re-investing dividends with regards to valuation and saving commission fees.ReplyDeleteReplies
Unfortunately, I do not have a Scottrade account. I have heard about the FRIP option, which sounds awesome - what is better than having the option to reinvest dividends for free in the best values of your choice!Delete
- AnonymousApril 11, 2014 at 12:10 PM
my broker does not charge management fees so I could wait to invest my dividends, BUT, if I do that, then I pay a purchase fees, thus I reinvest dividends into the stock as I receive them. I am not the sharpest tool in the draw and do not want to pick a date to reinvest and also pay a buying fee. I follow the thought to avoid making as many decisions as possible. Making a decision is an opportunity to also make a mistake so I make as few decisions as possible. I do use a lot of time to select new shares to buy with new money as that is another time to make a mistake. I have seen over the years that it matters little at what price I buy, today or next week as over time it seems more important to own the stock and the dividend than if I save a few pennies at the buying price.ReplyDeleteReplies
That is a pretty good comment. Some studies have shown that most individual investors are not as good at making decisions as they think they are. Knowing yourself is the best strategy to limit downside, and reach out for success.Delete
I make a lot of mistakes myself, but I think that reinvesting into companies without thinking about valuation is not the most optimal decision for my money.
Good luck in your journey!
Our family's dividend stock portfolio is approx. $50K so its only generating approx. $2,100 in dividends per year. If I we didn't get 100 free trades per year, I would probably have chosen a DRIP to avoid paying a high commission rate. But I agree with you, .05% sounds like a good limit for paying commission.ReplyDeleteReplies
How do you receiving 100 free trades per year? Who is your broker - I have not heard about that deal. The only free broker I know of is Loyal3 - but they don't have all companies I am interested in, and their trades take a while to get executed.Delete
- AnonymousApril 5, 2015 at 12:46 PM
I reinvest my dividends in a different fashion.ReplyDelete
As soon as I collect dividends, I automatically buy an ETF (VOO). My broker, like many others, allow me to buy ETFs for free. I stash up all incoming dividends this way. My money stays on the market instead of decaying in idle mode. As soon as I have collected enough dividends AND I spot a decent dividend growth stock, I sell the ETF and buy the stock.
This strategy ends up costing me about 5$ (I pay for selling the ETF, but not for buying it). The upside is that I ride the S&P500 while waiting for an opportunity, and even collect dividends from the ETF when the timing is good.
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Event Name- OR - Select an option below
Chef Josh Eden returns to his love of Asian food (he formerly cooked at Xing and 66) at this new 24-seat eatery whose cuisine explores all corners of the Far East. Smaller bites like juicy pork and shrimp potstickers and a cold tofu salad glistening with sesame oil are the most successful; larger dishes, like longevity noodles with pork, sometimes fail to hit their mark. The grub is pricier than the corner chow mein joint, but the ingredient quality is certainly better. Only counter seating is available, and because the ambiance is rather spartan, take-out is the way to go here.