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Third Avenue Value Fund manager, Robert "Chip" Rewey, slashed 696,700 shares of General Motors (NYSE:GM), a 53% reduction to his position, during the second quarter. The sell had a -1.75% impact on the Third Avenue Value Fund portfolio.
Third Avenue Management (Trades, Portfolio) has based its investing on value-driven, bottom-up principles since a recognized leader in the field, Martin Whitman (Trades, Portfolio), founded it in 1986. The firm frequently files its quarterly portfolio update ahead of the deadline of 45 days past the end of the quarter and before many other investors. Third Avenue reported buying one new stock and buying more shares of five of its existing holdings on Thursday, the final day of the second quarter.
Whitman, chairman of Third Avenue, already posted his second-quarter thoughts in a letter on April 30, where he primarily reflected on the shortcomings of one of the central pieces of his investing strategy: buying growth in net asset value at a discounted price. Namely, managements of well-financed companies are in 2016 often hording cash at the expense of getting returns on it or are apathetic because they do not own any stock or have Wall Street pressure.Continue Reading »
Third Avenue Value Fund purchased a 325,700-share stake in Johnson Controls Inc. (NYSE:JCI) on April 30.
Milwaukee-based Johnson Controls is a global technology and industrial leader serving customers in more than 150 countries. The company invented the first electric room thermostat in 1885; since then it has been using the principles of delivering innovative products that help the world run in an efficient, rational and safe manner. The company creates products, services and solutions to increase energy efficiency and lower operating costs for buildings worldwide. The company also creates batteries and energy storage — including advanced batteries for hybrid and electric vehicles as well as stationary energy storage.Continue Reading »
The most common complaint I have heard from investors over my 40-plus years in the financial services industry is as follows: "Everyone wants to tell me what to buy and when, but no one ever tells me when to sell."
Consequently, it seems to me that whether you are a novice investor or a grizzled old veteran, the decision as to when to sell a stock is the most difficult decision investors have to make.Continue Reading »
An example of one of our portfolio holdings which has had, and continues to have, opportunities for self-help is Visteon Corp. (NYSE:VC), a well-capitalized automotive electronics company. The stock was a top contributor to the Fund's performance during the quarter, with a total return of 19.1%.
Visteon provides products to automotive OEMs (original equipment manufacturers) such as Ford, GM, Daimler, BMW, Nissan and Honda for their digital cockpits, i.e., the instrument cluster, information displays and infotainment - each of which has a presence in the connected car. Comparing today's cars to those just five years ago, the amount of additional functionality is amazing - from infotainment that connects to your smartphone to driver assistance safety features such as rear back-up cameras, collision detection, and blind spot and lane departure warnings. Integrated instrument clusters can be personalized if,for example, you'd rather see the weather than your tachometer. There are even over-the-air software upgrades where, instead of having to take your vehicle to the dealer for an update, the upgrade can happen seamlessly while you're asleep and your car is in your own driveway.
The media is abuzz about self-driving cars and the car as an extension of people's mobile life. For the auto OEMs, having connectivity is a strategic differentiator and one that can be the deciding factor to a customer when choosing a particular car. Visteon is an enabler of connectivity with its cockpit electronics products - it enables the information to be gathered from various sources and displayed in the vehicle.
Visteon's roots can be traced back to its role as an automotive supplier to Ford Motor, providing climate control systems, electronics and interiors. The company was spun off in 2000, but then fell upon difficult times during the financial crisis. It reorganized and emerged from Chapter 11 in 2010. Two years later, management embarked upon a path to shift to higher margin products, deciding to exit the commodity interiors business and ultimately deciding to sell its stake in its climate control business to focus solely on electronics. It is here that the Fund got involved with Visteon. Management sold its stake in the climate control business at an attractive 10x EBITDA valuation and committed to return a substantial portion of the proceeds to shareholders. It had also acquired the automotive electronics business from Johnson Controls to bolster its overall electronics business and was actively pursuing new business wins with OEMs as well as reaffirming its technological strength and longer-term roadmap to re-win existing platforms. Further, a new CEO, Sachin Lawande, was brought in. Sachin had previously been the president of the Infotainment division at peer company, Harman. Since his arrival at Visteon, he has brought in additional talent along with a greater focus on software development, a key driver for this business.
Visteon continues on its path to building value. Even after a sizable capital return, the company maintains a net cash position. It remains focused on driving growth with its presence in the connected car. It has won business across various classes of vehicles from luxury to mid/entry level. It achieved its targeted cost synergies related to the acquisition of the JCI automotive electronics business ahead of plan, and has targeted reducing overhead costs further to improve margins. Adjusted EBITDA margins have improved from 7.2% in 2014 to 9.5% in 2015 and 11.9% in the first quarter of 2016.
We remain excited about the prospects for growth at Visteon as it expands its presence in the connected car and believe the stock, at current levels, still represents significant upside to our estimated NAV.
From Chip Rewey's second quarter 2016 Third Avenue Small-Cap Value Fund letter.Continue Reading »
NetScout Systems Inc. (NASDAQ:NTCT) Near-term concerns over a slowdown in carrier spending provided us an opportunity to acquire shares of NetScout common at a substantial discount to our estimate of NAV.
NetScout is a well-financed provider of 24x7 network monitoring solutions to carriers and enterprises. Its offerings provide high-quality performance analytics that help its customers resolve technology issues that could negatively impact service quality and/or result in outages/downtime and compromised security. Last year, the company acquired certain communications assets from Danaher which doubled its addressable market by broadening its product offerings, providing an entrée into the cyber security space and increased its distribution. Cost synergies estimated at around $45-55 million are expected from the elimination of redundancies and economies of scale, with additional synergies generated over time as the company moves toward common infrastructure platforms, distribution and support programs.
In the long term, demands for increasing amounts of data seem to continue unabated (not only Big Data but more and more use of streaming video!), requiring more monitoring and troubleshooting of network traffic which should benefit NetScout. For carriers, the cost of monitoring to keep existing customers happy with their service is a small price to pay compared to the cost to acquire new customers.
From Chip Rewey's second quarter 2016 Third Avenue Small-Cap Value Fund letter.Continue Reading »
Kennedy Wilson Holdings, Inc. (NYSE:KW) During the quarter, the Fund was able to acquire shares of Kennedy Wilson Common at a substantial discount to our estimate of NAV, as the general market sell off, combined with unfounded fears of market liquidity for deals, pushed the stock down significantly.
Kennedy Wilson Holdings (Kennedy Wilson) is a U.S.-based real estate operating company. The company is an integrated global real estate investment and services company with a $2 billion portfolio of investments in a diversified mix of commercial and residential assets. In addition, Kennedy Wilson has more than $18 billion of assets under management (AUM) on behalf of third parties.
The management team owns 18% of the company's stock and has historically been a savvy capital allocator, having made substantial investments in Japan during the 1990s, in the U.S. following the financial crisis, and in Europe and the U.K. in more recent years. The template has been the same in all markets: invest capital in out-of-favor regions or property types at substantial discounts to underlying value, actively manage properties and add value during the holding period, realize profits over the long term, and recycle capital into new opportunistic investments. This model has produced a notable 10-year tangible book value growth CAGR of 13.5%. Our knowledge and due diligence of Kennedy Wilson was aided significantly in partnership with Third Avenue's Real Estate team, who have owned the stock since early in 2015.
At our average cost of just over $17 per share, we not only have significant upside to our NAV estimate of $25, but also what we consider to be a "free option" on performance fees and monetization of low basis (and now entitled) land acquired in conjunction with income-producing properties. The company appears poised to generate sizable NAV growth as it expands third-party AUM and harvests profits (including promotes) from a series of the well-timed investments it made over the past several years.
From Chip Rewey's second quarter 2016 Third Avenue Small-Cap Value Fund letter.Continue Reading »
Interface, Inc. (NASDAQ:TILE) Interface has been on our radar for some time and during the quarter its stock price reached a level we viewed as an attractive entry point, having declined more than 40% within the past few quarters due to investor concern around the company's level of growth. While we agree that growth in the short-term is likely to be muted, we believe the company's core product - modular carpet - is poised for long-term secular growth.
Interface is the world's leading manufacturer of carpet tile. The strength of its brand and its reputation for service, quality, design and performance provide a competitive advantage. Interface's global manufacturing capabilities across four continents also provide an advantage in serving multinational corporate customers quickly and cost-effectively.
Central to our thesis on Interface is the fact that carpet tile has reached the point where it is cost-competitive with traditional 'broadloom' carpet but offers numerous advantages, including efficiency in installation and replacement. In addition, the company is well-financed and well-managed, with a long-tenured management team.
Having made our investment in the company at an undemanding valuation of 13-14x free cash flow and a substantial discount to our estimate of NAV,we believe the market is likely to assign Interface a higher valuation over time as commercial construction levels continue to improve and Interface continues its expansion overseas and into newer verticals such as education. Moreover, we would not be surprised to see Interface become an acquisition target itself if its current depressed valuation in the public markets persists.
From Chip Rewey's second quarter 2016 Third Avenue Small-Cap Value Fund letter.Continue Reading »
Carrizo Oil & Gas, Inc. (NASDAQ:CRZO) Since our initial purchase in February, Carrizo Oil & Gas has been a strong performer. With a solid balance sheet and a significant drilling inventory,we see Carrizo as a multi-year compounder into recovering oil prices, however long that takes.
Based in Houston, TX, Carrizo is an exploration and production company focused on oil and gas plays in the U.S. Its most important acreage is in the high quality core areas of the Eagle Ford shale in South Texas, the Delaware basin in the Permian in West Texas, and the Utica shale in Ohio. Carrizo's share price, like those of all oil and gas production companies, came under extreme price pressure in February, as the market sold off and investors feared sustained oil prices in the low-$20 per barrel range.
Carrizo is unique from our perspective as a small cap company thanks to its high quality acreage (what we call good rocks) and a strong balance sheet. It fits our criteria for creditworthiness, with a disciplined hedging program to forward sell 50% of production, and a recently re-determined borrowing base on its $600 million revolving loan versus $50 million drawn.
As for its acreage, Carrizo rocks aren't just good, their 88,000 acres in the Eagle Ford play in South Texas are great, with about 75% oil cuts and a PV103 break-even of $32.50 per barrel. Further, Carrizo has the ability to respond quickly to higher prices, with drilled but uncompleted inventory of 53 net Eagle Ford wells, which represents upwards of almost 12,000 barrels of oil equivalent production per day (B0Epd), or almost half of their current production run rate. With stronger prices, Carrizo has the balance sheet and the acreage to opportunistically increase production in 30 days through fracking and completing these wells. Moreover, it has a long horizon of drilling visibility with 53 planned Eagle Ford wells in 2016, vs. a base well inventory of 915 drilling locations and potentially an inventory of 2,100 locations with tighter spacing. Indeed, as good oil plays get better,
Carrizo has the sweet spot acreage in one of the best.
From Chip Rewey's second quarter 2016 Third Avenue Small-Cap Value Fund letter.Continue Reading »
Cambrex Corp. (NYSE:CBM) We took advantage of the February sell off in the market to acquire shares of Cambrex at around $38 per share, an attractive discount to our estimate of NAV. We see the combination of a strong balance sheet and a healthy revenue outlook as supportive for book value growth to continue, given the dynamics of Cambrex's business.
Cambrex is a well-financed specialty chemical company focused on life sciences; it develops and commercializes active pharmaceutical ingredients (APIs). Cambrex also produces Generic APIs, Controlled Substance APIs and is expanding into finished-dosage generic API manufacturing. Cambrex's API business is unique in that it manufactures the active ingredient in several leading pharmaceuticals and serves as a supplier to various drug companies. As such, it generates revenues from volumes sold and not price per finished pill. Cambrex's customers focus not only on product purity but also on quality, consistency and documentation of the manufacturing process ascompetitive attributes.
Several long-term drivers support revenue growth for Cambrex.
Dear Fellow Shareholders:
We are pleased to provide you with the report of the Third Avenue Small-Cap Value Fund (the "Fund") for the quarter ended April 30, 2016.Continue Reading »
Dear Fellow Shareholders:
One conservative, but highly productive, approach to long-term common stock investing is to acquire issues which have the following characteristics:Continue Reading »
During the fiscal second quarter, oil prices rallied, credit markets improved and stock prices rebounded as macro fears were replaced by optimism. That trend followed a period when oil prices fell, credit markets deteriorated and stock prices sagged. And that followed a period when…well, you get the idea. There's been no shortage of market volatility.
Some may delight in trying to ride this bucking bronco of a market. But we have never been momentum jockeys. We are value investors, which means we care deeply about company fundamentals. We look for companies with strong management that can deliver long-term shareholder value regardless of macro trends or market movements. We buy securities of quality companies at attractive prices. We hold onto them. For a long time. And we don't pay much attention to what markets may do in the interim, as long as our investment thesis remains intact.Continue Reading »
Marty Whitman, veteran investor and founder of Third Avenue Management (Trades, Portfolio), said in his recent shareholder letter that his team was "taking the opportunity to deploy capital in some of what we believe are the most unduly punished names in the portfolio as well as in new investment opportunities." In the first quarter, he acted on seven of those opportunities.
Whitman's philosophy is to buy stocks of companies based on their credit worthiness, ability to compound book value and share price below intrinsic value. His holding period is about three to five years.Continue Reading »
Martin Whitman (Trades, Portfolio) is founder and former portfolio manager of the Third Avenue Value Fund. Chip Rewey now manages the fund after Whitman stepped down from active management duties. During the first quarter of the year, the fund bought many stocks and the following are the most heavily weighted.
Third Avenue acquired 229,973 shares in Harman International Industries Inc. (HAR) with an impact of 1.45% on the portfolio.Continue Reading »
Martin Whitman (Trades, Portfolio) purchased 229,973 shares of Harman International Industries Inc. (NYSE:HAR) in the first quarter.
Harman International Industries designs and engineers connected products and solutions for automakers, consumers and enterprises worldwide, including connected car systems, audio and visual products, enterprise automation solutions and connected services with leading brands including AKG, Harman Kardon, Infinity, JBL, Lexicon, Mark Levinson and Revel. More than 25 million automobiles on the road are equipped with Harman audio and connected car systems.Continue Reading »
Martin Whitman (Trades, Portfolio) is the founder of the Third Avenue Value Fund (TAVFX), which is now managed by Chip Rewey. The fund sold many stocks during the first quarter including the following.
The fund reduced its stake in Cavco Industries Inc. (CVCO) by 30.57% and the deal had an impact of -2.46% on the portfolio.Continue Reading »
Third Avenue Management (Trades, Portfolio)'s flagship fund, the Third Avenue Value Fund, is led by Chip Rewey and remains dedicated to its principles in value investing after founder Martin Whitman (Trades, Portfolio) stepped down from portfolio management in 2012.
Year to date, the fund is up 0.04% through March 29. During the first quarter of fiscal 2016 ended Jan. 31, the fund added two new holdings to the portfolio.Continue Reading »
Insight Enterprises (NASDAQ:NSIT) is a value added reseller and servicer of hardware and software. The company assists large corporations, and state and federal governments on Information Technology issues such as designs and implementation of networking, data storage practices, disaster recovery, and hardware and software technologies. It distributes products from large vendors such as Cisco, Dell, Hewlett Packard, Apple and Microsoft, selling everything from tablets to network servers to software licensing.
While distribution is a thin margin business, transactions are not based solely on price. The "value-added" characteristic requires the gaining of confidence from technology vendors to be an approved seller as well as from the IT professionals at the clients to be on the first-call basis. This relationship erects barriers to entry and creates recurring sales.Continue Reading »
During the quarter we increased our investment in Multi-Color Corporation (NASDAQ:LABL), a leading label company, after a significant decline in share prices following quarterly results short of Street estimates. While we are attracted to the unusual stability of Multi-Color's business, we were encouraged by management's proactive decision to exit a modest amount of low-margin business during the quarter and continue to view the company as a very high-quality compounder at an attractive valuation. With a very fragmented label industry around the world and Multi-Color's strong cash flows and stellar management team, the company remains very well-positioned to continue growing organically and inorganically across the globe.Continue Reading »
During the quarter, as part of its capital return program related to the sale of its stake in its climate control business last year, Visteon (NYSE:VC) made a $1.75 billion special cash distribution to shareholders ($43.40 per share). The Board also authorized a $500 million share repurchase program, which is in addition to the $500 million repurchased last year. Post these actions, the company is still well-financed, with net cash on its balance sheet. We used some of the proceeds we received from the distribution to increase our position in Visteon common as the shares continued to trade at a material discount to our estimated NAV. Since focusing on being a standalone automotive electronics company, centered on cockpit electronics, Visteon has been successful in re-winning and winning new business, reducing costs and showing margin improvement. We believe Visteon is well-positioned to participate in the growing connected car market.Continue Reading »
Shares of SemGroup Corp. (NYSE:SEMG) declined as investors sold down the Master Limited Partner (MLP) group aggressively. SemGroup is a midstream transportation company that owns the General Partner stake in MLP Rose Rock Partners. Specific worries regarding SemGroup stem from its midstream exposure to independent E&P companies who may cut production or seek pipeline rate reductions. Also, investors worried about the potential competition for SemGroup's White Cliffs pipeline serving the Denver-Julesburg basin. While there is potential for production softness and rate pressure if oil prices remain at current low levels, we feel the market is overlooking the power of SemGroup's in place assets.
The midstream fractionation assets will be required for any E&P production and thus will have solid negotiating power, and similarly, the White Cliffs pipeline has excess capacity that can be marketed to be competitive with new entrants and thus serve as a deterrent to irresponsible capital expansion by peers.Continue Reading »
Anixter (NYSE:AXE) is a value-added distributor of data cables, security products, as well as low-voltage and high voltage electrical wires. It sells some 500,000 different SKUs sourced from thousands of manufacturers. Manufacturers rely on Anixter to reach target customers and the customers depend on Anixter to evaluate and test appropriate products for their particular needs. In a very general sense, Anixter's business model is similar to that of a broker, earning a relatively stable gross margin, without assuming inventory or obsolescence risks. Since most product costs are passed through, gross profit serves as a revenue base to cover the operational expenses such as the company's 230 warehouses and some 3,000 person salesforce.
Over the last few months, investors sold off AXE shares due to weaker economic conditions. Spending on nonresidential construction, oil and gas, and general capital expenditures all have slowed down. The stronger US dollar also weakens foreign sales as well as causing negative financial translation. We see these pressures as transitory and likely abating over 2016. Moreover, we see a long-term visible path to cost reduction and deleveraging spurred by acquisition integration and internal cost controls, which should leverage the benefit of recovering revenue growth.Continue Reading »
Shares of Vancouver, Canada based Interfor Corporation (IFP), which harvests timber and markets lumber products for North American residential and commercial construction markets, was the top detractor of performance for the quarter. Despite its Canadian headquarters, over 64% of Interfor's lumber board feet are sourced in the US. Moreover, a full two-thirds of this is from the US South, where Interfor has spent $400 million since 2013 to build a clustered presence.
Shares sold off as log prices softened into 3Q15 earnings due to weaker than expected US housing starts and fears of weaker log exports to China, although these account for a small portion of Interfor sales. We believe the outlook for Interfor remains strong based on i) accelerating US housing starts, ii) stronger free cash flow in 2016 which will be applied to deleveraging now that the Castlegar new build facility is complete, and iii) a $50 million profit improvement target over 2015 and 2016 including $10 million in Castlegar income, $35 million in US South restructuring savings and $5 million corporate wide best practice savings.Continue Reading »
CSGS (NASDAQ:CSGS) is a premier provider of customer support functions for the cable industry. It manages a full suite of customer service functions, starting from initial activation of accounts to service changes to bill presentment and collection, and receivables management. Through its platform, the company extends its capabilities to adjacent markets such as telecommunication and media and international. As entertainment and communication converge and distribution thus becomes more disintermediated due to digitalization, media distributors are outsourcing more of their customer management, billing and collection to specialists such as CSGS. Based on its existing large investment in software and personnel training, CSGS can process complex, high volume transactions and at the same time provide the human support that enhances customer experience that is so crucial in brand building. Its three largest customers, Comcast, DISH and Time Warner, account for 24%, 14% and 12%, respectively, of total revenue.Continue Reading »
Vail (NYSE:MTN) is the largest publically-traded ski resort company. It owns and operates some of the top ski resorts in the US, including Vail, Beaver Creek, Breckenridge, and Keystone. The company also manages a portfolio of luxury hotels as well as a real estate development company. Due to the world-class nature of its ski resorts, Vail counts 12% of all skiers in the US as customers, despite operating only 11 out of some 620 existing resorts in the country.
As a ski resort company, of course snowfall drives traffic and season pass sales, but management has been every effective in leveraging its franchise to create comprehensive vacation destinations and develop customer loyalty. To diversify geographical coverage, extend its operational expertise and grow earnings power, the company buys and improves less well managed resorts. The most recent acquisitions were Park City in Utah, Perisher, the largest ski resort in Australia, and Wilmot Mountain near Chicago.Continue Reading »
Alamo Group (NYSE:ALG)'s principal activity is to manufacture, distribute and service equipment for right-of-way maintenance and agriculture. Alamo Group was a strong relative performer for the Fund during the quarter after posting solid results for its third quarter against a backdrop of low investor expectations centered mostly on larger agriculture and mining markets where Alamo does not compete. Bucking the trend seen in other companies exposed to agricultural end markets, Alamo's industrial mowing equipment business was resilient and the company reported organic growth and expanded margins, driving profits higher than last year. Alamo also reported a record backlog further reflecting the recovery in the budgets of its municipal customers and the less cyclical, more maintenance nature of much of its product line.
From the Third Avenue Value Fund 1st quarter 2016 letter.Continue Reading »
We initiated a position in Harman International (NYSE:HAR), a leading provider of in-car software solutions for infotainment, high-end audio and telematics with annual revenues of approximately $7 billion. Harman may be better known to many of you through their brand named audio divisions serving automotive, high end consumer and professional markets under the Harman/Kardon, JBL, Mark Levinson and Bang & Olufsen brands.
We have known Harman for many years, and have taken advantage of market fears and misunderstanding about Harman as an automotive exposed stock to initiate a position. Harman has sold off from almost $150 per share in May 2015, to the current price in the mid-$70's as the Street has grown concerned about the current auto cycle approaching 'peak' levels. Investors, based on a primacy of the income statement mentality, have sold the stock off to approximately 10x FY2017(June) EPS, in line with most auto suppliers. However, despite roughly 70% of Harman's revenue coming from automobiles, we think Harman can continue to grow revenues and compound earnings at double digit rates for at least the next several years. This revenue growth, in our opinion, is more secular than cyclical, as automakers accelerate both the penetration and functionality of infotainment and telematics across their vehicle fleet. Harman has historically served the higher end luxury automakers—BMW, Mercedes and VW—who were early adopters due to the price point of more luxury vehicles. However, Harman has developed a scalable platform that will accelerate adoption through the mid and low range of vehicle fleets. Indeed, Harman has won significant business with GM, Fiat Chrysler, Subaru, Hyundai and even Geely in China. We further believe, as has been stated by
Harman and demonstrated with win rates, that Harman's systems will be an enabler of Apple, Google and Baidu automotive products and not a competitive offering, as Harman's software will be the platform to access these offerings, while providing the safety and security features necessary in an automotive environment. Indeed, it is our speculation that at 'only' a $5 billion market cap, Harman would make a nice acquisition for any of these larger players.
Beyond infotainment, Harman has increased its offerings in its home audio lineup, and is now entering high end earphone markets. Even more exciting is Harman's new Connected Car division, which incorporates its recent Symphony Telca and Red Bend acquisitions, which enable 'over-the-air' software updates for any connected device, whether a car, or perhaps a turbine or a dishwasher, and thus is an emerging leader in the nascent 'Internet-of-things' space. This division now has over $735 million in revenues and 15% EBITDA margins, with mid-teens revenue growth and 20% EBITDA margin targets.
We believe Harman is a compelling addition to the portfolio as it meets all three tenets of our investing philosophy. From a creditworthiness standpoint, Harman has a strong balance sheet with a 21.5% Debt to Capital Ratio, made up of approximately $1.0 billion in debt and $438 million in cash. Harman refinanced its senior debt in 2015 into two tranches, $390 million due in 2022 at a rate of 2% and $400 million due in 2025 at 4.15%, providing long -term maturities at low rates. Debt to expected FY16 EBITDA is .74. Harman is returning excess cash to shareholders with a dividend yield of about 2% and has $463 million remaining on its share repurchase authorization; it is looking to step up repurchases on current share price weakness.
Harman has compounded book value growth over the trailing 5 years at 18.2%, when adding back dividends. More importantly, we see Harman well positioned to continue this growth as it has a $23 billion backlog, revenue growth estimated at 14% for 2016 and likely double digit over the next few years, and continued margin expansion driven by price mix and sales leverage. At our average purchase cost of $77, Harman offers over 30% upside to our mid-case NAV of $100, and as such we look to continue to build the position size opportunistically on market weakness.
From the Third Avenue Value Fund 1st quarter 2016 letter.Continue Reading »
Ralph Lauren (NYSE:RL) is one of the crown jewels in retail. It is well capitalized with a net cash balance sheet and has historically earned a premium valuation. Given its compounding history, the premium valuation is justified. Due to short-term factors, the stock price has dropped over 40% from recent highs and now trades at absolute valuation levels last seen shortly after the financial crisis. It is a rare opportunity to buy a well-managed, well capitalized, owner-operator at an attractive price.
Although retail has historically been an area that Third Avenue Management (Trades, Portfolio) (TAM) shies away from, RL is an exception. It meets our three pillar criteria as it is a credit worthy compounder trading at a discount to NAV. Over the past five and ten year periods, RL has grown book value (including dividends) 11% and 13%, respectively. It is a blue-chip asset with a more stable operating history than most players in the space. For example, sales only declined marginally in 2009, following the financial crisis. Although it could be categorized as a retail company, considering that roughly half of RL's sales are wholesale/licensing and its brand strength, it's more comparable to Nike than a typical retailer.
Besides macro concerns about an economic slowdown, company specific issues have soured RL's near-term outlook. We have assessed these risks and feel it is a classic case of investor short-termism. First, the strong USD has impacted sales. One-third of RL's sales are from outside the US, so currency translation has pinched sales and margins. Also, 20% of RL's sales come from foreign tourists shopping in the US. Those sales have been pinched as tourists are choosing to stay home as the costs of traveling to the US have risen with the stronger USD. RL continues to experience double digit same-store sales growth in flagship stores overseas, so it does not appear to be a brand problem.
Another major factor impacting RL is the implementation of its Global Reorganization Plan (GRP). Management is investing for growth by creating a brand based operating structure, implementing a global SAP system (US completed and Europe in-process) and expanding its global footprint and internet presence. All initiatives make sense in the long-run, but have been costly in the short-run. The slower than expected sales and additional costs have pressured margins, creating investor angst. Management projects cost savings of $100 million per year once the initiatives are completed later this year. Investors are struggling to see through the near-term noise which has created a worst-case scenario valuation.
A final catalyst is the hiring of CEO Stephan Larsson. Larsson is a young, ambitious retail executive who had highly successful stints at H&M and Old Navy. With Ralph Lauren now 75 years old, Larsson's hiring makes strategic sense. Lauren will remain a creative force at the company, but Larsson's expertise in understanding the fast fashion landscape (H&M) and turnarounds (Old Navy) might be the shot in the arm RL needs.
In summary, we feel that the favorable long-term prospects heavily outweigh the near-term concerns embedded in RL's current valuation. Higher sales, a weaker USD and lower GRP costs can all contribute to a brighter outlook for RL's operations. With the additional benefit of a highly motivated new CEO, the pace of change has probably been accelerated.
From the Third Avenue Value Fund 1st quarter 2016 letter.Continue Reading »


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Seminary takes first step on path to accreditation
The Association of Theological Schools in the United States and Canada (ATS) is the most prestigious accrediting body for seminaries, and Grand Canyon Theological Seminary already has cleared the first hurdle toward that honor — it was made an associate member at the organization's biannual conference last month. "When people who are accreditors of the academic community take a close look at you and say you have quality programs, that's a big deal," said Dr. Jason Hiles, dean of the College of Theology. GCU Today has the story.READ MORE
A song for Kayla, a message for the world
The memory of Kayla Castro, the GCU freshman who died in April while rock climbing, lives on in "Dancing by Your Side (Home Now)," a touching song written by Worship Arts students Kristyn Roberts and Josh Wathen. Roberts was one of Castro's roommates and talks passionately about her friend who, she says, was always smiling and maintaining a positive outlook on life. "I just wanted to be more like her," Roberts says.READ MORE
Amp Up campers make their own guitars
Photos by Laurie Merrill and Kathryn Scott GCU News Bureau Eight musical students are making their own instruments during Amp Up! Electric Guitars and STEM, one of this summer's STEM camps held at GCU. On Wednesday, they got to tour the GCU recording studio with recording studio manager, Eric Johnson. "It's fascinating looking at at all the science and engineering and math that goes into music," said Amanda Hughens, GCU's K-12 STEM outreach manager. "The thing I like best about STEM is that it's 'life done correctly.' "READ MORE
Ministry Forum to tackle tough topics in 2016-17
The 2016-17 Ministry Forum schedule was announced, and it contains some hotly debated subjects — everything from social justice to religious liberty to immigration. "Students continue to wrestle with the challenging issues of our day, so we've decided to join the struggle by engaging tough topics," said Dr. Jason Hiles, dean of the College of Theology.READ MORE
Grand Canyon Theological Seminary starts this fall
GCU is making another major academic advancement with the unveiling of Grand Canyon Theological Seminary, which is accepting students and will begin classes this fall. The Seminary will teach the same doctrinal principles and Biblical truths as the rest of the University and also will be interdenominational. Unlike many seminaries, it will offer students a rich campus experience and opportunities to serve in the community.READ MORE
GCU 2015-16: Golf course is just one of the big hits
The opening of the Grand Canyon University Hotel and Grand Canyon University Championship Golf Course were big stories in 2015-16, but they were just part of the continued community revitalization. And the rapid growth on campus continued, too. GCU Today Magazine picked the top 10 stories of the academic year just completed.READ MORE
Commencement Day 2: Lifetime achievement award
The commencement ceremony stopped for a few seconds Saturday afternoon so that 73-year-old Diana Dilcher could be properly acknowledged for getting her degree in communications. But if the crowd that was applauding knew the whole story, they would have given her a standing ovation.READ MORE
Commencement Day 1: Afternoon session
Photos by Darryl Webb GCU News Bureau Friday afternoon commencement at Grand Canyon University was for traditional students in the College of Fine Arts and Production, College of Humanities and Social Sciences, College of Nursing and Health Care Professions, and College of Theology.READ MORE
Commencement Day 1: There's a lot to shout about
There were significant messages amid the tears of joy as spring commencement began Friday morning at Grand Canyon University. Speakers emphasized the importance of change, both in how you bring it about and how you deal with its inevitable challenges. "When we find our purpose, will we have the courage to pursue it?" student speaker Brittany Holen asked her fellow graduates.READ MORE
Parents sing praises of Canyon Worship Showcase
It wasn't just that the performances were so good Monday night in the Canyon Worship Songwriters Spring Showcase, it was that they were so varied. Students exhibited a variety of musical styles to a big crowd of peers, parents and University leaders, and the effect was palpable. "I was moved the whole night," one parent said. "It was going through me, around me, coming out of me."READ MORE

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text: There are many restaurants to choose from in Konstanz but I have been coming back to this restaurant for close to 10 years. The food is classic Italian cuisine with some added creativity by chef/owner Maurizio Canestrini and his family team and is always freshly prepared to order. While the food is excellent the magic of this restaurant is that... More


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Go with the Seahawks the Chiefs have lost 2 in a row11:15am Nov 26 from bearspackers5150
seahawks are playing NO and chiefs are playing denver12:44pm Nov 26 from hflex12
neither. LOL! both defenses will get negative points considering the offenses they are playing.8:05pm Nov 26 from skillznoluck
This is a nightmare. Pick up ANYONE off of waivers. BUF, WAS, CLE. All better picks than these two.5:51am Nov 27 from stisaloon
seahawks vs. saints
chiefs vs broncos
saints... great offense .drew brees.
broncos ..... good offense. peyton manning.
your in trouble... if you have to put the seahawks in9:14am Nov 27 from icatchbass
The seahawks will put up around 10 and the chiefs have lost their defensive play makers so they are basically worthless now1:02pm Nov 27 from sirclimaxalot
Ok let's see here seahawksnsecondary no more and chiefs linebackers most likely no more. Both are at home.2:38pm Nov 27 from chiefcrush21
Seahawks play at home and have had the bye week...they will crush NO no problem6:59pm Nov 27 from docfrank18
Yeah….. You are screwed12:02pm Nov 28 from vsoldier579
hey icatchbass u really think broncos are not great? id go seahawks all day look at all the injurys that the chiefs have on defense . i wouldnt touch them with a ten foot pole this week vs the best qb in fantasy this year.4:54pm Nov 29 from ratedrko72
KC's DEF is going down and they lost two of the best DEF players. I would go with SEA. I know they are playing against DREW, but he has throw PICK SIXES too, so they might get you few points than negative like KC.3:45pm Nov 30 from smsrinivas
I have this same problem. I picked up the Chiefs for the sole purpose of the Seahawks' bye week. They're a great defense but the one week I've had them to play they got me -3.00 points. I'm going with Seahawks because they've been super reliable before and they are a very consistent defense.3:52pm Nov 30 from kissarmy321
KC: has lost D players and have a bad Offense so manning will get more time to do his thing. Seahawks: have a healthy D and great secondary and to top it off a good offense that will take time off the board and give Brees less time to work his magic. Both: going against really good offense Answer: you got to go with Seahawks D9:07pm Nov 30 from grydell4
Seattle at home... need you know more?11:23pm Nov 30 from theshadow999
Answer More Start/Bench Questions
RC10:52am Jul 22 from purpleipod15
rc11:57am Jul 22 from gator64
AP12:17pm Jun 16 from purpleipod15
Peterson week one david the second then ap the rest of the way3:04pm Jul 11 from megaepicballer
Johnson4:18am Jul 13 from beardosstavross
BR1:31pm Jun 25 from purpleipod15
Big Ben2:48pm Jun 25 from fdesigner
Rivers sucks vrs Chiefs and Broncos. Always start Big Ben when Rivers plays those 2 teams. Broncos and Chiefs defense are good enough for the Super Bowl.3:22pm Jul 20 from hockeypapa
Go with Cam in revenge game!!!7:17am Jul 1 from purpleipod15
ar11:26pm Jul 25 from jgarner650
sammy11:26pm Jul 25 from jgarner650
Good ques.. both are great options to me.. but if I got to choose one I will probably pick Cam10:19am May 20 from vkshar
Cam10:22am May 20 from kitkatman27
AR10:27am May 20 from gator64
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John Hudak |
November 7, 2013 3:30pm
The Office of Management and Budget released a report detailing the costs of last month's government shutdown. "Impacts and Costs of the October 2013 Federal Government Shutdown" explains the depth, breadth, and cost of Congress' failure to fund the federal government. The verdict? The government shutdown was disastrous for the economy, the budget, the federal workforce, and the public.
The report covers substantial ground, describing the wide variety of federal programs that were affected by the shutdown. It is true, not every action or function of government is popular, and some of the areas that were impacted by the shutdown may be viewed by some as harmless or even beneficial. However, this report highlights the impact on several areas that should alarm most citizens, particularly those who want their government to be efficient and effective. Below, I detail a few.
In the end, the government shutdown affected a variety of government services. The impact was not simply federal workers not getting paychecks (although 6.6 million days of work were lost); it was not simply the World War II Memorial's shutter (though the National Park service lost fees of $450,000 per day and the costs to tourism were estimated at up to $500 million). The effects had profound impacts beyond the popular shutdown talking points.
Too often, what is ignored in political gamesmanship, or in this case political brinkmanship, is that there are substantial human and economic costs from action or inaction. The failure to pass a resolution funding the government affected our nation's most vulnerable, hurt the private sector, and created a managerial mess for the federal government. The government shutdown was a disaster for the American public, and understanding these costs and (un)intended consequences is critical for preventing another shutdown early next year.
John Hudak
Senior Fellow, Governance Studies
Deputy Director, Center for Effective Public Management
John Hudak is deputy director of the Center for Effective Public Management and a senior fellow in Governance Studies. His research examines questions of presidential power in the contexts of administration, personnel, and public policy. Additionally, he focuses on campaigns and elections, legislative-executive interaction, and state and federal marijuana policy.
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The Center for Effective Public Management (CEPM) at Brookings is a research organization focused on identifying and solving political and governance challenges in 21st century America. Housed within the Governance Studies Program, this center strives to reinvigorate the U.S. government – along with public and private sector leadership – to be more effective and capable. CEPM's main research initiatives include:
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If spending your Saturday night listening to audio books sounds lame, you've never been to Novelization: A Reading Series Based on the Original Motion Picture. Essentially it's dramatic readings of the book-versions of cult films like Total Recall, When Harry Met Sally and Bill & Teg's Bogus Journey–nothing boring there–performed by funny people like Rob Sheffield, Bethany Hall and Sarah Knowles, who flex their funny bones working for places like 30 Rock and Rolling Stone. Novelization is hosted by Liam McEneaney, Marlow Riley and Heidi Vanderlee at Union Hall. Tickets are $7 and the show starts at 8pm sharp.
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From the Coney Island boardwalk to the brownstones of Bed-Stuy, the County of Kings has served as the set for numerous iconic films throughout the years. Together with the Brooklyn Historical Society, we've chosen three of these classic films starring our favorite borough for a series called Brooklyn on Screen. This free, indoor film series […]
There are certain things you expect to see in the windows of real estate offices. Donald Trump's hair is not one of them. For the opening and closing of the group art exhibition, Gut Rehab, an installation of the Donald's hair called the Trump Hut (which made an appearance at the Republican National Convention last […]
When Johnny Cash sang about falling into a burning ring of fire, we're pretty sure he was talking about living in New York City in August, which is why this month's culture roundup is replete with ways to keep it chill indoors.
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IMDb > Magical Mouse (Character)
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Magical Mouse (Character)
from "House of Mouse" (2001)
The content of this page was created by users. It has not been screened or verified by IMDb staff.
FilmographyEdit Credits
There may be more credits available for this character. To edit the credits displayed or to add more credits to this character's filmography, click the Edit Credits link.
- "House of Mouse"
... aka "Disney's House of Mouse" - USA (complete title)
- Timon & Pumbaa (2001) TV episode, Played by Jeff Bennett
- "Mickey Mouse Works"
... aka "Mouseworks" - USA (alternative title)
- Episode #3.4 (2000) TV episode, Played by Jeff Bennett
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Commercial Services and Supplies
Company Overview of Teda Travel Inc., Prior to Merger with Fractionair
Company Overview
As of August 19, 2005, Teda Travel Inc. was acquired by Fractionair, Inc. Teda Travel Incorporated does not have significant operations. Previously, the company provided management services to hotels and resorts in the People's Republic of China, as well as invested in real estate development projects in the People's Republic of China. It intends to identify and negotiate for a merger or acquisition with a targeted company. The company is based in Nashville, Tennessee.
30 Burton Hills Boulevard
Suite 310
Nashville, TN 37215
United States
13 Employees
Key Executives for Teda Travel Inc., Prior to Merger with Fractionair
Teda Travel Inc., Prior to Merger with Fractionair does not have any Key Executives recorded.
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Because you are making a Group Booking, there are additional Terms and Conditions that apply. Please read them and click 'I Accept' below to continue with your booking
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The remainder of the amount due will be charged to your credit card 1 week prior to arrival. Should numbers or room selection change, the per person deposit times the number of people who actually travelled will be deducted from the total accommodation charge levvied by the hostel.
Cancellation / No Show & Reduction in Numbers Policy
Si l'annulation est annoncée moins d'une semaine avant l'arrivée, nous gardons 50%.
Si l'annulation est annoncée la veille, nous gardons 80%.
The following group types are not accepted by this hostel: Stag/Hen/Bachelor Party If you have misrepresented the type of group you are booking for, your booking may be cancelled by the hostel.
Additional Info:
Respect du Règlement Intérieur et en particulier : silence à partir de 22h.
Interdiction de fumer et de boire de l'alcool dans les locaux.
Any cancellations resulting from agreement to these terms and conditions under false pretences will result in loss of deposit.
General Group Booking Terms
By making a group reservation through Hostelworld.com you agree to the following terms and conditions as set by Hostelworld.com and as set by the hostel in question.
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RLD not to align with anti-farmer policy parties
Muzaffarnagar: Rashtriya Lok Dal will not align with parties which are anti-farmer in the next Assembly elections in Uttar Pradesh, party president Choudhary Ajit Singh on Thursday said.
Talking to reporters here at Purkazi, the former union minister said that his party had not yet decided about forging electoral pact with any party, including the
Samajwadi Party.
He said that a decision on poll alliance will be taken at an appropriate time.
Uttar Pradesh will go for Assembly polls in 2012.
He also blamed the BSP-led government in the state for its anti-farmer policy.
Singh also criticised the state government over the minimum support price for sugarcane which he said was not acceptable.
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Arena Wednesday 25 September 2013
coming up on Wednesday's show...."Daydreaming with Stanley Kubrick" (art inspired by Kubrick's films), poet Phil Lynch presents his debut collection "In A Changing Light", the Big Bang Festival celebrating cultural diversity and a review of "The Unfortunate Englishman" by John Lawton
Daily arts and popular culture show.
Alan Corr of RTE Ten with tonight's Arts and Entertainment News.
Author Andrew Hughes on his debut novel 'The Convictions of John Delahunt' which is Published by Doubleday Ireland.
Jim Carroll on a new book celebrating the influence of black musicians 'Sounds Like London: 100 Years of Black Music in the Capital' by Lloyd Bradley. The Publishers are Serpent's Tail.
Marcus Youssef and James Long on 'Winners and Losers' the title of a play about friendship and the rivalries and tensions that can arise between two friends. It is on at the Project Arts Centre from Thursday September 26th as part of the Dublin Theatre Festival - www.dublintheatrefestival.com.
Artist Sam Keogh on his new exhibition 'Mop' at Dublin's Kerlin Gallery which is inspired by Oscar The Grouch from TV's Sesame Street.
A new documentary shows the lives of the band 'The Cujo Family'. The film is called 'Where The Blue Flowers Grow' and is being shown as part of the Stranger Than Fiction festival at the IFI in Dublin this week. Film-maker Isolda Heavey and Will Slattery and Gav McCabe of The Cujo Family join Seán Rocks and perform 'Mind Game'
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Monica Grady, The Open University It takes a bold person to declare that interstellar travel is now within our grasp. Physicist Stephen Hawking has shown that he is just that, taking part in the Breakthrough Starshot initiative. The project has
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There's nothing like getting excited for a great vacation. The anticipation mounts as you visit web sites featuring exotic destinations, book a round of 18 holes on the links, or clock out of work for the last time before your
For decades, Cleveland, Ohio, has gotten a pretty bad rap. From the burning Cuyahoga River to the decaying Rust Belt industry to the bitterly cold weather, there's plenty not to like about what many refer to as "the mistake on the
One of the great perks when it comes to traveling is the luxury of a fantastic day spa. There's nothing quite as enjoyable on vacation as a soothing massage or rejuvenating mud bath at a beautiful resort, complete with tranquil sounds and
Since tomorrow is Halloween, we thought it would be fun to write a travel post that's a little different, a little spooky. Nobody ever wants their vacation—or their travel plans—to be described as gruesome, but we'll make an exception on this creepy
A vacation on the road is an exciting adventure—that is, until you realize you forgot to bring something you really need. Remembering to pack essentials like swimsuits, toiletries, and hiking shoes is easy. But what about those important specialty items that
As seasonally-themed Japanese celebrations go, the cherry blossom viewing festival may get all the attention, but the centuries-old autumnal tradition of momiji-gari, literally "red leaf hunting", remains one of Japan's best kept secrets. Where to Go For many Japanese, this yearly
The a clutch of islands that make up the Spanish archipelago – are traditionally the perfect getaway for beach lovers. Peurto Del Carmen is notorious for its heady nightlife, and those that prefer a bit more quiet and elegance head for
There is a tropical sliver of Mexican land where nature's most healing colours have been thrown together on this segment of its earthly palette. This is the Riviera Maya on the region's Yucatan Peninsula. The finger of land juts out
From Summer 2016 travellers will be able to , Peru's capital courtesy of British Airways putting making this South American country more accessible. The three times a week service in the summer months will operate a three-cabin British Airways Boeing 777, with the


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My family just found this place and are just stunned at the quality of the meat. I'm a chef, so I know quality meat when I see it. 2/3rd's Choice and Prime are the only things he carries. Love the marbling and quality. Plus, they are all U.S. farms that the meat comes from. Family owned, which I always love to support instead of the executives at Walmart or some chain store.
Colorado Springs Slaughter House
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1. Andy's Meat Market
2915 E Platte AveColorado Springs, CO 80909
From Business: Welcome to Andy's Meat Market! Family Owned and Operated Since 1952 We offer USDA Choice Beef. We have Custom Made Sausage. And our meet counter offers Pork, Poultr…
2. 8th Street Self StorageServices
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From Business: 8th Street Self Storage is conveniently located by Interstate 25 and Highway 24 in Colorado Springs. Our self storage and mini warehouse has an on site manager and …
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My family just found this place and are just stunned at the quality of the meat. I'm a chef, so I know quality meat when I see it. 2/3rd's Choice …
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24. Super Carniceria Del Norte - CLOSED
The store recently changed ownership and it has not been a good transition. All of the existing staff were let go and the new management are not ve…
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From Business: Home delivery of our products can be a convenient and a more cost effective way to feed your family! Delivery Made Simple Convenience: * Save Trips to Purchase Your…
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581 County Line RdMonument, CO 80132
30. Butcher B's Fresh Prime Cut Meats
Meat was excellent quality first time I tried a butcher instead of just a regular grocery. I recommend Butcher B's to everyone best in the springs a…
The best bone in Rib-eyes that I have had in a long time. Choice cuts with the perfect marbling. They grilled so good, tasted even better! Also, got some excellent smoked Applewood bacon and butcher bacon is always the best. I never shop at walmart, king soopers, or Costco for my meat. Go get it from the source because they get the best cuts from the farm!


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Sustainability Saturday: Take 20% off 1+ yards of Eco Canvas Fabric Through 11:59 PM EDT July 30th.
Preview scale: 21.0 x 18.0 inches

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harlequin designs:
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amarina says:
Thank you Rhonda!- I had a lot of fun putting this one together.
Posted over 5 years ago.
rhondadesigns says:
This is fabulous! You have achieved a remarkable 3-D effect with the theatre "box" part of the pattern. It really gives the design a great feeling of depth. The repeat works well too.
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What: Calcutta Costume Party and Draw Down Premiere
When: Thursday, Nov 1st 7:00PM – 11:00PM
Where: Highlands Brewery
Come dressed up in your favorite Halloween costume and help raise money for Green River Access FundOrganizer: American Whitewater
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Date & TimeNov 01 2012 at 00:00 - Nov 01 2012 at 23:59 UTC
Location & full addressUSA, NC, High Noon, Saluda
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A 3-D carbon nanotube mesh enables rat spinal tissue sections to reconnect in culture.
Do Mine Ears Deceive Me?
September 1, 2015|
A new approach shows how both honesty and deception are stable features of noisy communication.
September 1, 2015|
A new approach shows how both honesty and deception are stable features of noisy communication.
September 1, 2015|
Auditory research advances worth shouting about
September 1, 2015|
The form and function of the ears of modern land vertebrates cannot be understood without knowing how they evolved.
August 10, 2015|
The results of a computational genetic analysis suggest Saccharomyces cerevisiae doubled its genome through species hybridization.
August 5, 2015|
Brazilian officials are trying to determine whether the transformational fossil find was exported illegally from the country.
August 4, 2015|
Did endosymbiosis—and the innovations in membrane bioenergetics it engendered—make it possible for eukaryotic life to evolve?
August 1, 2015|
Among the first to discover epigenetic reprogramming during mammalian development, Wolf Reik has been studying the dynamics of the epigenome for 30 years.
August 1, 2015|
After spending more than a decade developing tools to study patterns in gene sequences, bioinformaticians are now working on programs to analyze epigenomics data.
August 1, 2015|
Assistant Professor, Institute of Biosciences and Technology, Texas A&M Health Science Center, Houston. Age: 35
July 27, 2015|
Researchers discover an unprecedented paleontological relic that may just rewrite the book on snake evolution.


text: AdChoices Terms of Use Privacy Policy Hide STYLE Fashion Trends T-Shirts Of The Week T-Shirts Of The Week James Matheson February 1, 2006 Share Tweet 0 Shares aadilmohamed123 asks Style What colour messenger bag should I get to complement both a navy blue and charcoal grey suit? Answer Now > This article is sponsored in part by DustyBrand.com (What's this?) PRODUCT:Dusty Brand TsQ1: WHAT ARE THEY?Warm days are upon us. Back by popular demand... the T-shirt of the week. Apparently you gentlemen are very fashion-conscious indeed, as four spring wardrobe additions just weren't enough. So I'm giving you some more! Every week for the past month, I've been running additional product reviews to showcase some cool short-sleeve shirts. This week we'll have a look at three new designs from our friends at Dusty Brand. Q2: WHO ARE THEY FOR?The straightforward guy. There's a lot to be said for bluntness, and each of this week's three Ts get their message across fairly directly. Tell the world how fantastic you are, show off your guns and declare your carnal intentions — all without saying a word. Q3: WHY ARE THEY UNIQUE?Fresh summer designs.We're seeing "Breed," "I Am Incredible" and the sleeveless version of the "Guns" shirt all for the first time. Get into one of them soon, and you'll be the spring trendsetter — rather than the midsummer bandwagon jumper. Q4: WHEN DO YOU USE THEM?Plenty of stock. If you've been following up on my T-shirt tips, you must have quite a stash accumulated by now. Q5: WHERE CAN YOU GET THEM?www.DustyBrand.comGet any or all of the three Ts above for less than $20 each, direct from DustyBrand.com. Q6: HOW JEALOUS WILL YOUR FRIENDS BE?RATING 8/10Three new Ts in a single week? They'll have trouble keeping up with that pace. For more info on this product, click here for Dusty Brand's website. clothing T-Shirts Comments Share your opinion Your name More Like This Fashion Trends T-Shirts Of The Week Read More Fashion Trends T-Shirt Of The Week Read More Fashion Trends T-Shirt Of The Week Read More Fashion Trends T-Shirt Of The Week Read More Fashion Trends Ts At Spreadshirt.com Read More Fashion Trends Dusty Brand T-Shirts Read More Around the Web Special Features Guy Gear The Best Watches Under $500 Read More Special Feature The Ultimate Guide To Hooking Up Online Read More


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Sateen Sunday: Take 15% off 1+ Yards of Organic Cotton Sateen Ultra fabric through 11:59 p.m. EDT July 24th.
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Beautiful! I love the high contrast.
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If the sample photos do not show up, please try: http://jadegordon.deviantart.com/gallery/#Fabrics
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This weekend, 6/25-6/26, is the one we have all been anxiously awaiting, the CMA's Centennial Festival Weekend! This weekend-long event will feature a wide array of performances and special programming for museum visitors.
The Thinker: A CMA Blog
treasures of heaven Caravaggio five things happening this week Gauguin community arts performing arts university circle behind the scenes museum playlists The Cleveland Museum of Art Special Exhibition senufo international podcast #get2knowcaravaggio this week at cma visitors wari Contemporary Art Paul Gauguin: Paris art Cleveland interview birthday textiles Collection Exhibition conservation music Video exhibitions Education Photography curator Parade the Circle Events guest artists African Art film


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A semiconductor memory device and fabrication method thereof. In a semiconductor memory device, each memory cell comprises a deep trench and a capacitor disposed on the lower portion thereof. A collar oxide layer having a first second sidewalls is disposed on the deep trench. The top of the first sidewall is at the same height as the surface of the semiconductor substrate. The top of the second sidewall is substantially equal to the top of the capacitor. The memory cell further comprises a buried conductor layer disposed on the second sidewall and the capacitor and a buried strap adjoining the buried conductive layer, and a transistor disposed on the surface of the semiconductor substrate and electrically connected to the capacitor through the buried strap and the buried conductive layer.
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Your Fitbit Is Lying To You
Devices that track your steps and calories are incredibly popular, but just how accurate are they?
Devices that track your steps and calories are incredibly popular, but just how accurate are they?
Rochester, MN (KROC AM News) - A Rochester man has been sentenced to three years in prison for participating in a violent home invasion in February.
Rochester, MN (KROC AM News) - Rochester police were called to a business at the Crossroads Shopping Center late Thursday afternoon after a woman carrying a large pipe came into the store and threatened an employee.
St. Paul, MN (KROC-AM News) - Governor Mark Dayton and top legislative leaders emerged from a meeting this morning and indicated their goal is to call state lawmakers back to St. Paul the third week of August for a special session.
The iPhone leaks just keep coming...
Here's one mom's take on the recent phenomenon that's spread across the world.
I just want to snuggle this sweet little thing! She's young and shy, and ready for her fur-ever home! Could that be you?
Getting eaten alive on a regular basis? Experts explain why!
Pop star Katy Perry has released an electro-pop anthem called 'Rise' for the 2016 Summer Olympics in Rio — and the song truly soars.
A man drove a truck through a huge crowd of people at a beach in Nice, France, killing at least 73 and injuring many more. The driver has been killed by police.


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Alcohol consumption patterns and risk factors among childhood cancer survivors compared to siblings and general population peers
Version of Record online: 28 JUN 2008
DOI: 10.1111/j.1360-0443.2008.02242.x
© 2008 The Authors. Journal compilation © 2008 Society for the Study of Addiction
Volume 103, Issue 7, pages 1139–1148, July 2008
Additional Information
How to Cite
Lown, E. A., Goldsby, R., Mertens, A. C., Greenfield, T., Bond, J., Whitton, J., Korcha, R., Robison, L. L. and Zeltzer, L. K. (2008), Alcohol consumption patterns and risk factors among childhood cancer survivors compared to siblings and general population peers. Addiction, 103: 1139–1148. doi: 10.1111/j.1360-0443.2008.02242.x
Publication History
- Issue online: 28 JUN 2008
- Version of Record online: 28 JUN 2008
- Submitted 23 August 2007; initial review completed 3 December 2007; final version accepted 12 March 2008
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IOC Criticized For Allowing Russia To Field Team Australians Unhappy With Olympic Village USA Gymnastics Agrees To Buy Karolyi Ranch Editorials Call For Complete Russian Oly Ban Tennis Players Drop From Games Citing Zika Russia Expects Rio Decision By Sunday Nissan Creates Rio Games Face-Painting App Brazil Revising Olympics Security Measures Coke's Bea Perez Gets Expanded Authority Top Tennis Players Still Committed To Rio
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Published October 4, 1995
Weiden & Kennedy is "spearheading" advertising for Coca- Cola's '96 Olympics sponsorship with a "massive" campaign touting both "Coca-Cola's hometown of Atlanta and its longtime relationship with the Olympics," according to AD AGE. Gleason & Sloan report Weiden & Kennedy won the assignment because of its work for Coke's for the World Cup last year, "pulled from Creative Artists Agency after it failed to show sports expertise." A spokesperson for Coca-Cola declined to say when the ads will run or what they will look like, but Gleason & Sloan notes that Weiden & Kennedy "have come up with more than a dozen campaign creative concepts" (AD AGE, 10/2 issue).


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"We couldn't control it. At the last minute, you think you're going to move to the right and slam on the brakes, and we did both and kinda slid right into the car. The air bags came out and it was just too late."
Related quotes
"I don't think it is a complete slam dunk given the noises that one of the larger shareholders has been making."
"When it comes down to a grand slam, you've got to be ready. I think I'm ready, that's why I took a rest. Mentally and physically I'm feeling good."
"I'm glad he won the slam-dunk contest, but I don't think they have a scoring system like that when you play a game. And I think he's smart enough to understand that when you have Marbury and Francis and Jamal, you can't play everybody."
"He should be worried about me? I don't think he's worried. His seventh Grand Slam final, he won six of them. But I think it will be a great match. I'll fight for it. I think he will fight for it. May the best win."
"I think it's the toughest grand slam to win because of the traffic getting here and the busy city."


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Today's Devotional
Begging the Question?Do you ever feel pressure to share your faith in ways that seem awkward to you?
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