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Direct current magnetic levitation of a liquid droplet: numerical solutions
Bojarevics, V., Easter, S. and Pericleous, K. (2010) Direct current magnetic levitation of a liquid droplet: numerical solutions. In: Civil Comp Proceedings. Civil-Comp Press, Dun Eaglais, Stirling, Stirlingshire, UK, pp. 1-10. ISBN 978-1-905088-41-6 ISSN 1759-3433 (doi:10.4203/ccp.94.71)
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A high DC magnetic field can be used to levitate liquid droplets in terrestrial conditions, as is known from experiments [1,2]. The DC magnetic levitation mechanism is considerably different from the AC case [3], where an intense turbulent flow is generated as a consequence of the rotational nature of the electromagnetic force. In DC magnetic levitation the force distribution is a potential function, which permits analytical solutions in particular cases [4]. The dynamic interactions of the flow with the oscillating interface, confined by the magnetic force, are analysed using a multi-physics numerical model for simulating the time dependent liquid metal and the magnetic field generated by currents in the coil system [5]. The numerical simulations demonstrate the possibility of levitating diamagnetic droplets in strictly controllable conditions permitting the material properties measurement from experimental observations.
Two different coil arrangements are analysed using the numerical code to model the DC magnetic levitation of a water droplet. The levitation of liquid in controllable conditions is achievable but requires careful optimisation of the electromagnetic and gravity force balance. The fluid velocities, generated by the magnetic force modification due to the liquid surface oscillation in the strong gradient field, are small in magnitude and remain in the laminar regime.
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I can understand how much a woman suffer, if she never conceive pregnancy specially for the older woman above 40. This is because, when I used to sell a product from SOLVAY PHARAMCEUTICAL, Holland, called DUPHASTON, it was acknowledged.

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Hi! My name is Chitah
I am a Norwegian Forest Cat from brooklyn, NY
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Coat: short haired
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My favorite tricks and treats are: I do sit and beg! and I also like peices of chiken as my rewards.
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On my birth day my mom promised me a cat and her friends cat had another litter so we went to choose the kitten, at first I didnt see her but then my mom almost tripped over her and I liked her the best of all kittens, and the tripping my mom thing kind of became a habbit becuose when she walks and Chitah is on the floor she still trips over her.
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Buying a high end gaming PC, I need help
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My budget is 2,000.
I want the fastest, most reliable machine that 2,000 can pay for, something that will be able to max settings games coming out for the next couple years as well as now.
Must be an Intel system, I hate AMD.
Must be built, I cannot build my own PC.
Must have Windows 7 64bit, I hate Windows 8.
I also have a question, does the Speed of the RAM really effect gaming & FPS? Is there a significant difference? I'll be updating this topic as I start building and finally buy the computer based on your recommendations, thank you!
Level 36: Ancient of TrollFAQ's
On a side note I already know a few posts will say don't go with IBP but my last 2 PC's were from there and I've never had any problems with either so I'm dead set on going with them even if it means I pay more.
Level 36: Ancient of TrollFAQ's
Read up, then go to ecollegepc.com and build it there.
i7-920 @ 3.8 // 12GB G.Skill Sniper // 770 GTX // Corsair 650HX // HAF 932
FiiO e9+17 // AD700 + M50 // Xonar DG // Z-5500 // Deck Legend + 82 // DAS Ultimate S
Building your own is so easy. You're waisting a lot of money buying pre built and by saying you can't do it you're just selling your self short. Did you play with Legos as a kid? Then you can build your own pc. It's not hard at all.
"Sing of Manetheren, the sword that could not be broken
...Weep for Manetheren. Weep for what is lost forever"
Windows 8 is going to give you better performance in some games. Also have you tried Windows 8 for any length of time? Literally the only major difference is the new start menu. Everything else is just a tweaked and slightly faster version of Windows 7.
15.4" Retina MacBook Pro (Mid 2012) | Node 304 mITX | Gigabyte Z87N-WIFI | Intel Core i5-4670K | Asus GTX 760 | Corsair 1x8GB | EVGA 600W | 120+64GB SSDs
2000 what? 2000 Yen? 2000 Pounds? 2000 Dollars? I'm going to assume you mean dollars?
Brothers and Sisters are sworn enemies Like PC Gamers and Xbox Gamers, or PC Gamers and Sony Gamers, Or PC Gamers and PC Gamers, Damn PC Gamers ruined PC gaming
foodeater4 3 years ago#7
Dragnfyr posted...
Windows 8 is going to give you better performance in some games. Also have you tried Windows 8 for any length of time? Literally the only major difference is the new start menu. Everything else is just a tweaked and slightly faster version of Windows 7.
Basically this. Does Ibuypower still offer windows 7 anyways? You might be stuck with 8.1 either way.
But I've had 2 pc's from ibuypower and one from cyberpower pc which is basically the same company all were fine. The only issue is one had a quality control issue that should been caught before shipping but it wasn't the end of the word.
You probably going to want a gtx 780 no matter what system you buy since its basically one of the best video cards out right now. If you want to spend even more upgrade tot he gtx 780 ti.
That Olympic intel extreme special is basically what you need for you budget right now. The only thing I would change is, I would probably upgrade the cpu cooling to one of the corsair ones instead of the generic they give you. Also check out the PSU they give you, if the reviews are good keep it, if not upgrade to a different one.
League IGN [OCE]: theLEECH
Honestly though just build it. Its easy.
League IGN [OCE]: theLEECH
Games_Analyst 3 years ago#10
Cyberpower is pretty reliable and cheap (haven't bought from them in years when I started building my own, but they were decent at the time) if building is not really your thing.
But it's easy.
Buy a case, screw in the motherboard. Mount a Power Supply Unit. Jam in some RAM and a Video Card (kids stuff). Lookup a youtube but basically place the processor in the captain obvious spot and close the hatch. Mount the CPU fan like the manual says (you can get into diff. fans and/or thermal paste later).
Plug in the wires according to the directions on the motherboard manual. It's pretty darn simple. The only thing I would say that requires any 'technique' is applying the thermal paste (various preferences on this, youtube video it) and umm....... wire management?
Tools you need:
Chips, gotta have chips. Use chopsticks so you don't get greasy hands all over your stuff.
Beer/alcohol recommended for quick memory free build given experience. Great to wake up to a working product with no recollection.
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Barron's 2013 Roundtable -- Part I (Jan. 21)
Barron's 2013 Roundtable -- Part II (Jan. 28)
Tables: 2012 Roundtable Report Card
2012 Midyear Roundtable Report Card
What does it say about the markets and the times when the world's top bond-fund manager names gold his No. 1 investment pick of 2013? We kid you not, though everyone at this year's Barron's Roundtable thought Bill Gross surely was joking -- until he delivered an impassioned and thoroughly convincing case for owning hard assets in an age when central banks are busily manipulating financial ones.
If you read Parts 1 and 2 of this year's Roundtable, you know that macro issues, including central bankers' unprecedented attempts to drive down interest rates to juice economic growth, weigh heavy on the minds of our nine market sages, who gathered in New York on Jan. 14 to give us their 2013 investment views. Extraordinary circumstances provoke colorful, controversial, and sometimes bracing commentary, and there is no dearth of all of the above in this year's final Roundtable issue.
Bill, founder and co-chief investment officer of bond behemoth Pimco, gets the ball rolling this week by explaining the currently lousy economics of bonds, compared with which, he argues, the underside of the mattress might make a better repository for your money. That said, he's recommending a handful of fixed-income funds that yield more than Treasuries without much risk, along with a play on gold.
Meryl Witmer, a general partner at New York's Eagle Capital, usually manages to ignore the economic and political scenery by burying herself in books -- typically, the books of companies with cheap shares, rich prospects, savvy managements, and copious cash flow. This year, she has found three names that make for excellent reading, including Tribune, fresh out of bankruptcy court.
Bill Gross (left), Meryl Witmer (center) and Fred Hickey (right) Brad Trent for Barron's
Fred Hickey, editor of the High-Tech Strategist, wraps up the issue, and the Roundtable, with his typically astute take on the tech sector's haves and have-nothings. He espies one bargain in the information-technology bin, plus some promising junior gold stocks, and an emerging-market play that picks up where China left off. For the details, please read on.
Barron's: Bill, what looks good this year?
Gross: At Pimco, we don't see a bear market for stocks or bonds in 2013. Stocks will do better than bonds, but neither will return what they have in the past. We're looking at maybe 5% returns from stocks and 3% from bonds, because we're in a 'new normal' economy that isn't growing at the 3% to 4% rate to which investors historically were accustomed. Low yields are also due to the artificial pricing of financial assets by central banks, which have been buying up bonds to drive down interest rates. How long do central-bank purchases of bonds continue?
That's our question.
Gross: Most of us would agree that if the Federal Reserve put an end to quantitative easing and allowed interest rates to rise, financial-asset values would be at risk. To reframe the question, how long will central banks continue to be the buyers of first and last resort? Fed officials have indicated they will continue buying assets until the economy is normalized. That objective might be unattainable, but it is likely the Fed and other central banks will continue to raise prices and lower yields artificially for at least several years, and maybe longer.
The Fed is buying 80% of the Treasury market today. It is remarkable to think that when the Treasury issues debt in the trillion-dollar-plus category, the Fed ends up buying most of it. The Treasury sells it to the banks and primary dealers, who sell it back to the Fed at a higher bid. This is a very different financial system from the free-market capitalism we've come to know. And it will continue until inflation exceeds the upper end of the central bank's target of 2.5% or, by some miracle, we get real economic growth.
What is an investor to do under these circumstances?
Gross: With yields so minimal, an investor is obliged to ask whether investing is worth the risk, given the possibility that the central bank misjudges the situation. Five-year Treasuries yield 78 basis points [a basis point is one-hundredth of a percentage point] now, and will yield 78 basis points a year from now. Ten-year Treasuries yield 1.9%, and will yield close to 1.9% a year from now. Investing with yields at these levels makes sense only if you think the Fed and other central banks will be on the same course a year from now. A good bond manager can probably get returns of 3% to 4% from investment-grade corporate bonds, but it is almost impossible to squeeze more juice from this orange. As Felix suggested this morning, when all this money-printing by central banks ends, it won't be pretty. But it probably won't end in 2013.
Bill Gross: "Bonds are artificially priced, but aside from long-term bonds, there don't appear to be the elements necessary to pop the bubble." Jennifer Altman for Barron's
Is a bubble forming in junk bonds?
Gross: All bonds have a bubbly aspect to them. If the economy grows by 2%, plus or minus, this year won't be Armageddon for junk bonds because there won't be a lot of defaults.
Hickey: In order to have a bubble, you usually need euphoria, and we don't have that. Instead, people feel forced into buying bonds at these levels. They aren't enthusiastic about it, but they need the yield, and that produces the same effect.
Zulauf: As Bill just explained, the Treasury yield is mispriced. Therefore, all other fixed-income assets are also mispriced. We are seeing tremendous fund flows into emerging-market bond funds. Although emerging markets have better fundamentals than developed markets, when markets get flooded by too much money, misallocation occurs, and problems begin. Emerging-market bond funds are 10 times as large as they were 10 years ago. At some point, this build-up is going to be a problem.
Gross: The public doesn't realize that when yields come down, prices go up, and when yields go up, prices go down.
Witmer: Do you really think they don't get it?
Gross: Yes. They don't understand this aspect of the bond market.
Cohen: There is another level of complexity to what Bill is talking about, which involves buying bonds through bond mutual funds. If someone owns an individual bond with a rising yield and a falling price and holds it to maturity, there is an opportunity cost, but they don't lose their capital. In a bond mutual fund, however, if someone sells when prices are down, the capital loss is locked in for the remaining mutual-fund shareholders.
Bill Gross' Picks
|SPDRGold Trust / GLD
|Pimco Total Return / BOND
|109.25 / 2.5%
|BlackRock Build America Bond
|Trust / BBN
|22.98 / 7.2
|Pimco Corporate&Income
|Opportunity / PTY
|20.22 / 12.5
|Source: Bloomberg
Some bubbles are just more recognizable than others.
Gross: At a certain level, a bubble is easy to spot in the bond market. Recently, yields on one-to-two-year German and Swiss bonds went negative because investors considered them havens. U.S. Treasuries have come close to having negative yields. When this happens, it is safer to put your money in a mattress than in a bond.
Zulauf: People don't understand what a terrific bull market we have had in bonds. Many institutional investors missed a great part of it because, from a certain level downward, they stopped participating. They didn't have the historical experience to believe that yields could go as low as they did. In Switzerland, when the 10-year government-bond yield fell to 3.5%, the whole pension-fund industry stopped buying bonds. Then yields fell over several years to 50 basis points. I stayed in the market, but sold all my bonds last summer.
Gross: Let me be clear. Bonds are artificially priced, but aside from long-term bonds, there don't appear to be the elements necessary to pop the bubble. That's because central banks are buying the majority of bonds, and the cash flow from the existing stock of bonds, when reinvested, as most is, is more than the supply of bonds. A supply/demand squeeze at near-zero interest rates is nearly inconceivable. Yet that is close to where we are now.
The manager of the world's largest bond fund explains to Barron's Online Editor Jack Otter why he likes inflation-protected securities as well as bonds from two nations south of the border.
Zulauf: And the Ponzi scheme continues until inflation becomes a problem.
Gross: That's right. Ultimately, that is what will cause investors at the margin to desert bonds. They will sell long-term bonds, but keep five-year Treasuries.
Bubbles burst when it becomes evident to people that they aren't making money, or something is wrong. It is a sentiment thing.
Hickey: It is psychological. No one can point to anything that occurred in March 2000 to pop the dot-com bubble. The psychology just turned overnight. One day -- we don't know what day or year -- the psychology changes. Investing in bonds now is like playing Russian roulette. The bullet is going to go off. It could be sooner than we think.
Gross: Actually, the public is down on the list of vigilantes.
There are no vigilantes. They all retired.
Gross: The two big holders of bonds are central banks and sovereign-excess-reserve countries. The Chinese and Japanese authorities, who have huge Treasury-bond holdings, might at some point become disenchanted with inflation, or the dollar, or U.S. fiscal or monetary policies. As bondholders, mom and pop and Goldman Sachs and Pimco have some influence, but are really at the behest of the big buyers. The big risk is that the Chinese would rather own something else. Investors can choose between artificially priced financial assets or real assets like oil and gold or, to be really safe, cash. The real risk to the financial markets is the marginal proclivity of investors to put their money in real assets, or under the mattress. Thus, my first recommendation is GLD -- the SPDR Gold Trust GLD -0.34108035218529387% SPDR Gold Trust U.S.: NYSE Arca 125.64 -0.43 -0.34108035218529387% /Date(1475283600004-0500)/ Volume (Delayed 15m) : 10815794 AFTER HOURS 125.65 0.01 0.00795924864692773% Volume (Delayed 15m) : 388467 P/E Ratio N/A Market Cap N/A Dividend Yield N/A Rev. per Employee N/A More quote details and news » exchange-traded fund. It has a fee, but it is an easy way for investors to buy a real asset.
Lots of things go into pricing gold, but real interest rates [adjusted for inflation] and expected inflation are two dominant considerations. Gold probably won't move much from current levels unless real rates decline more or inflationary expectations rise from the current 2.5% to 3%, or higher. That's what gets gold off the dime. It is a decent hedge. It doesn't earn anything, but not much else earns anything either.
Hickey: The GLD is great for larger investors, but the fee is 40 basis points. Smaller investors can choose the IAU [ iShares Gold Trust IAU -0.31421838177533384% iShares Gold Trust U.S.: NYSE Arca USD12.69 -0.04 -0.31421838177533384% /Date(1475283600003-0500)/ Volume (Delayed 15m) : 6300785 AFTER HOURS USD12.66 -0.03 -0.2364066193853428% Volume (Delayed 15m) : 913 P/E Ratio 9.992125984251969 Market Cap 9596812500 Dividend Yield N/A Rev. per Employee N/A More quote details and news » ], which charges only 25 basis points. If you don't need huge liquidity, the IAU is a better play.
Gross: I'll defer to you, but I'm on record recommending the GLD.
Zulauf: It's a special sign of our times that the head of the leading bond fund picks gold as his first recommendation.
Gross: All central banks are trying to reflate their economies. If they are successful, gold is an inflationary hedge and bonds, at least long-term bonds, aren't.
Next, I'm recommending three bond exchange-traded funds to be used as bond substitutes. Future returns will be only 3% to 4% in my first recommendation, but that is better than cash, and will help you escape a potential bear market. My first pick is Pimco Total Return BOND 0.01853052904660428% PIMCO Total Return Active ETF U.S.: NYSE Arca 107.95 0.02 0.01853052904660428% /Date(1475269198522-0500)/ Volume (Delayed 15m) : 317230 AFTER HOURS 108.05 0.1 0.09263547938860583% Volume (Delayed 15m) : 500 P/E Ratio N/A Market Cap N/A Dividend Yield 4.007410838351088% Rev. per Employee N/A More quote details and news » [BOND], our new ETF. It trounced the competition by 800 basis points in its first 10 months. I manage it on a daily basis. BOND is a $4 billion ETF launched last February. It has been a huge success story, matched only by the launch of the QQQ [ PowerShares QQQ QQQ 0.7467752885268161% PowerShares QQQ Trust Series 1 U.S.: Nasdaq 118.72 0.88 0.7467752885268161% /Date(1475269200286-0500)/ Volume (Delayed 15m) : 23659718 AFTER HOURS 118.75 0.03 0.02526954177897574% Volume (Delayed 15m) : 1883482 P/E Ratio N/A Market Cap N/A Dividend Yield 0.9901280323450135% Rev. per Employee N/A More quote details and news » ] and the SPY [ SPDR S&P 500 SPY 0.7546115148127446% SPDR S&P 500 ETF Trust U.S.: NYSE Arca 216.3 1.62 0.7546115148127446% /Date(1475283600004-0500)/ Volume (Delayed 15m) : 98749662 AFTER HOURS 216.5 0.2 0.09246417013407304% Volume (Delayed 15m) : 18453252 P/E Ratio N/A Market Cap N/A Dividend Yield 2.001050392972723% Rev. per Employee N/A More quote details and news » ]. It is a way for investors to earn a 3% to 4% return at a low fee.
BOND earned 10% in the past 10 months, although I can't promise that in the future. It invests in investment-grade bonds and doesn't take a lot of risk. The Securities and Exchange Commission had prohibited actively managed ETFs from using derivatives -- namely, options, swaps, and futures -- and the ban was just lifted in December. Competitors would say Pimco's returns are due to the use of derivatives, and I challenge them to match the performance of BOND without the use of derivatives for the past 12 months.
Witmer: How do you do it? Good credit selection?
Gross: We moved away from Treasuries and into municipals at the appropriate time, buying non-agency mortgages at low levels that will improve in quality as the housing market improves. We bought TIPS [Treasury inflation-protected securities]. There are lots of ways to skin a cat by doing things index funds can't do.
Zulauf: Can you be flexible in the market?
Gross: It was easier 10 months ago. With $4 billion under management, it is harder, but that's what active management can do, when done well.
Gabelli: What are your declining fees on that?
Gross: The non-declining fees are 55 basis points, and worth every penny. [Last week's Roundtable issue featured a heated debate about money-management fees between Gross, who predicted fees will fall, and Gabelli, who insisted they won't.]
Gabelli: Actually, it is a bargain.
Gross: My next pick, the BlackRock Build America Bond Trust BBN 0.798990748528175% BlackRock Taxable Municipal Bond Trust U.S.: NYSE 23.97 0.19 0.798990748528175% /Date(1475269321067-0500)/ Volume (Delayed 15m) : 145370 P/E Ratio N/A Market Cap N/A Dividend Yield 6.598247809762203% Rev. per Employee N/A More quote details and news » [BBN], is riskier. It has a market capitalization of about $1 billion, and was launched a few years ago when Build America bonds were issued. The beauty and the risk is that it is invested in long-term bonds. I just talked about how they will be the first to get clipped. Also, the fund uses leverage, like most closed-ends. It borrows at 25 basis points and invests at 4% or 5%. It yields 7%, but these aren't junk bonds. This is a levered, high-quality, taxable municipal-bond fund, with bonds issued by California, New York State, the Port Authority of New York and New Jersey, and so on. They are A-rated and AA-rated. For an investor who needs a 7% yield and can take some risk in maturity and leverage, this is a decent vehicle.
Gabelli: Does it sell at a discount or premium to net asset value?
Gross: It sells at a 2% discount. My last pick, which I have recommended before, is Pimco Corporate & Income Opportunity PTY -0.5445881552076243% PIMCO Corporate & Income Opportunity Fund U.S.: NYSE 14.61 -0.08 -0.5445881552076243% /Date(1475269321590-0500)/ Volume (Delayed 15m) : 193796 P/E Ratio N/A Market Cap N/A Dividend Yield 10.677618069815194% Rev. per Employee N/A More quote details and news » [PTY]. I challenge any of you, without researching it, to tell me about another fund or stock that has paid more in dividends in the past five years than you could have bought it for five years ago, and, at the same time, has doubled its book value or net asset value. In the past five years, this fund has paid $12 in dividends. It sold for about $12 in December 2007. Now it trades around $20.
Witmer: That is excellent, but I can think of a lot of stocks that are up that much or more from their 2009 bottom.
Gross: PTY had a 12% yield last year, including regular and special dividends. It will yield about 8% in the future, and probably more if the board authorizes more special dividends. I recommend the fund as a yield substitute, with a greater degree of safety than BlackRock Build America.
Brian Rogers: And the management fee?
Gross: It is 80 to 90 basis points.
Gabelli: You could help shareholders reinvest at an efficient cost by doing a rights offering, and you would probably raise another billion dollars.
Gross: Thank you for the idea.
Thank you, Bill. Let's move on to Meryl.
Witmer: My first stock is Spectrum Brands SPB 0.9901716297491565% Spectrum Brands Holdings Inc. U.S.: NYSE USD137.69 1.35 0.9901716297491565% /Date(1475269320711-0500)/ Volume (Delayed 15m) : 382556 AFTER HOURS USD137.69 % Volume (Delayed 15m) : P/E Ratio 29.61075268817204 Market Cap 8179474426.95312 Dividend Yield 1.1039291161304379% Rev. per Employee 330600 More quote details and news » [SPB]. It has 53 million shares. It trades for $48.11 and has an equity capitalization of $2.5 billion. Spectrum is a diversified seller of branded consumer products. Its brands include Rayovac and Varta batteries; it is No. 3 in the business in North America, and No. 1 in Latin America. It also sells Remington electric razors and personal-care products, and is No. 2 in the category in North America, the U.K., and Australia. In small kitchen appliances, with brands such as Farberware, Black & Decker, George Foreman, and Russell Hobbs, it is No. 2 in the U.S. and No. 1 in the U.K. Spectrum also is active in pet supplies; its brands include Tetra, FURminator, Nature's Miracle, and Dingo. It is No. 1 in fish supplies, No. 2 in global pet supplies. In the home-and-garden segment, it sells insect repellants, and is No. 2 in the U.S.
A key consideration for us in any investment is the quality of the management team, and its focus on allocating capital wisely. Spectrum recently completed an acquisition that may turn out to be brilliant. It bought a division of Stanley Black & Decker SWK 1.0268627289903887% Stanley Black & Decker Inc. U.S.: NYSE USD122.98 1.25 1.0268627289903887% /Date(1475269224553-0500)/ Volume (Delayed 15m) : 845065 AFTER HOURS USD123.5 0.52 0.42283298097251587% Volume (Delayed 15m) : P/E Ratio 19.185647425897034 Market Cap 18499389354.4574 Dividend Yield 1.88648560741584% Rev. per Employee 220086 More quote details and news » [SWK], whose brands include Kwikset, Weiser, and Baldwin doorknobs and locks. It is No. 1 in locks in the U.S. and Canada, and No. 1 in luxury hardware in the U.S. Other brands include Stanley hardware, No. 1 with residential builders in the U.S., and Pfister faucets, No. 4 in the U.S. The benefits from this acquisition are twofold. Spectrum has a fantastic global distribution system and, over time, can introduce the Stanley Black & Decker products worldwide. Also, it will gain increased scale with customers.
What is the financial impact?
Witmer: If the only benefit of the merger is the $10 million in cost savings that management outlined, and there is no growth, reported earnings per share would climb from an estimated $3.64 in 2013 to $4.20 in 2015, mainly from paying down debt. To square GAAP accounting [accounting according to generally accepted accounting principles] with real life, we add back incremental cash flow of 80 cents a share from NOLs [net operating-loss carryforwards, a deferred-tax asset]. That brings us to $5 a share in after-tax free cash. The excess of depreciation and amortization over capital spending adds another $2 in cash. In all, after-tax free cash flow grows from an estimated $6.44 a share in 2013 to $7 in 2015. The stock is a real bargain at seven times after-tax free cash.
Meryl Witmer: "Our excitement [about Tribune] begins with the Food Network." Jennifer Altman for Barron's
A few things could happen to boost earnings. Spectrum could continue to grow at a 4% annual rate, which would add another 80 cents to earnings over two years. In 2014, it could refinance some expensive debt on which it is paying 9.5% at, say, 6%, which would save another 65 cents a share. Add it up and you get $8.45 a share. Plus, the company has NOLs of more than $1 billion. And these numbers don't include the benefits of broader distribution of the Stanley Black & Decker brands, or a significant increase in homes built in the U.S., which we expect.
How high could the stock go?
Witmer: Our two-year price target is $75 to $100. Spectrum emerged from bankruptcy protection in 2009. It is 57.7%-owned by Harbinger Group HRG 0.5765534913516976% HRG Group Inc. U.S.: NYSE USD15.7 0.09 0.5765534913516976% /Date(1475269323735-0500)/ Volume (Delayed 15m) : 900522 AFTER HOURS USD15.69 -0.01 -0.06369426751592357% Volume (Delayed 15m) : P/E Ratio N/A Market Cap 3152293136.44733 Dividend Yield N/A Rev. per Employee 345176 More quote details and news » [HRG], which is controlled by Harbinger Holdings, a private investment firm run by Phil Falcone. Spectrum represents the majority of the value of Harbinger Group. Falcone is controversial, and Harbinger's ownership stake could explain why Spectrum is a good value. Harbinger might have to sell its Spectrum shares at some point. If a forced sale were to occur, it might remove the taint from Spectrum, and bring it more attention.
CB&I, or Chicago Bridge & Iron CBI 1.0818608005769925% Chicago Bridge & Iron Co. N.V. U.S.: NYSE USD28.03 0.3 1.0818608005769925% /Date(1475269549326-0500)/ Volume (Delayed 15m) : 1689614 AFTER HOURS USD28.12 0.09 0.3210845522654299% Volume (Delayed 15m) : P/E Ratio N/A Market Cap 2891518730.42465 Dividend Yield N/A Rev. per Employee 284980 More quote details and news » [CBI], trades around $47. It is an engineering and construction company that builds some of the largest energy and petrochemical-infrastructure projects globally. It also licenses process technology in the petrochemical, gas-processing, and refining fields. There will be significant infrastructure and manufacturing capacity built to take advantage of oil and gas shale production in the U.S. and natural-gas finds elsewhere. CB&I and Shaw Group [SHAW], which it plans to acquire, could be huge beneficiaries. After the deal is completed, there will be 110 million shares outstanding and $1.2 billion of net debt.
The crown jewel of CB&I is its Lummus Technology division, which licenses proprietary technology and garners an annuity-type stream of earnings. Lummus licenses the most widely used ethylene technology, and has about a 40% market share. It also licenses technology for other petrochemicals. CB&I's ability to provide both engineering and construction expertise and process technology is a competitive advantage.
Who are some of its customers?
Witmer: Westlake Chemical WLK 1.441031475161168% Westlake Chemical Corp. U.S.: NYSE USD53.5 0.76 1.441031475161168% /Date(1475269426401-0500)/ Volume (Delayed 15m) : 1625356 AFTER HOURS USD53.5949 0.0949 0.17738317757009345% Volume (Delayed 15m) : P/E Ratio 13.308457711442786 Market Cap 6889890754.69971 Dividend Yield 1.4250467289719626% Rev. per Employee 1001660 More quote details and news » [WLK] and Williams Partners WPZ -1.7696777601690439% Williams Partners L.P. U.S.: NYSE USD37.19 -0.67 -1.7696777601690439% /Date(1475269351678-0500)/ Volume (Delayed 15m) : 2433427 AFTER HOURS USD37.19 % Volume (Delayed 15m) : P/E Ratio N/A Market Cap 22494653918.8542 Dividend Yield 9.142242538316752% Rev. per Employee N/A More quote details and news » [WPZ] have announced plans to expand, and both have chosen Lummus. Dow Chemical DOW 0.19331142470520007% Dow Chemical Co. U.S.: NYSE USD51.83 0.1 0.19331142470520007% /Date(1475269393149-0500)/ Volume (Delayed 15m) : 6377765 AFTER HOURS USD51.83 % Volume (Delayed 15m) : P/E Ratio 7.633284241531665 Market Cap 58403598685.6017 Dividend Yield 3.5500675284584218% Rev. per Employee 932707 More quote details and news » [DOW], ConocoPhillips COP -0.4351809436555199% ConocoPhillips U.S.: NYSE USD43.47 -0.19 -0.4351809436555199% /Date(1475269425685-0500)/ Volume (Delayed 15m) : 8436600 AFTER HOURS USD43.48 0.01 0.023004370830457786% Volume (Delayed 15m) : P/E Ratio N/A Market Cap 53837814074.1028 Dividend Yield 2.3004370830457788% Rev. per Employee 1515790 More quote details and news » [COP], and ExxonMobil XOM 0.9484154522322461% Exxon Mobil Corp. U.S.: NYSE USD87.28 0.82 0.9484154522322461% /Date(1475269309492-0500)/ Volume (Delayed 15m) : 14819239 AFTER HOURS USD87.21 -0.07 -0.08020164986251145% Volume (Delayed 15m) : P/E Ratio 34.63492063492063 Market Cap 361919598414.734 Dividend Yield 3.4372135655362053% Rev. per Employee 2716960 More quote details and news » [XOM] are all planning major greenfield expansions later in the decade. Lummus is enjoying terrific growth. CB&I has guided analysts to expect operating income from Lummus of $225 million in 2013, up from $120 million last year and $96 million in 2011. This division alone may be worth $2.5 billion, or about half the equity capitalization of the entire company. In addition to petrochemical expansions, LNG [liquefied natural gas] export terminals and large-scale natural-gas processing plants are fertile ground for CB&I. The company is working on major LNG projects in Australia and western Africa.
With the tremendous amount of business coming up for bid, contract terms are improving across the industry. A dearth of fixed-price bids and an increase in less risky cost-plus contracts is a great development for companies such as CB&I, Bechtel, and Fluor FLR 1.2428486881041625% Fluor Corp. U.S.: NYSE USD51.32 0.63 1.2428486881041625% /Date(1475269561154-0500)/ Volume (Delayed 15m) : 885252 AFTER HOURS USD51.32 % Volume (Delayed 15m) : P/E Ratio 22.6079295154185 Market Cap 7146207373.88672 Dividend Yield 1.636788776305534% Rev. per Employee 465331 More quote details and news » [FLR]. To determine a run rate of near-term earnings potential, we calculated the pro-forma trailing 12-month earnings of CB&I and Shaw combined, and added some savings from synergies and the increase in Lummus earnings. That leads to $4.60 a share in after-tax free cash flow, supporting a price for CB&I at least 25% higher than the current one. If the stock were to trade at 13 times our earnings estimate, it would be about $60 a share. If you add CB&I's earnings projections, and Shaw's, all listed in the merger proxy filing, you get $8 a share of forecast earnings in 2016. We see the stock trading at about $100 at the end of 2015.
Meryl Witmer's Picks
|Spectrum Brands Holdings / SPB
|Chicago Bridge&Iron / CBI
|TribuneCompany/ TRBAA
|Source: Bloomberg
Hickey: How big a piece of CB&I will Shaw be? Shaw is struggling with two major nuclear power plants, which are experiencing delays.
Witmer: Shaw has an issue in Georgia. If it lost on every issue involving that plant, we estimate it would have a negative effect of $3 a share, versus what it would otherwise earn on the project. But it has a cost-sharing arrangement with Westinghouse on that plant, so things look OK. Shaw has already disclosed some information on its liability. Shaw is well regarded as a servicer of nuclear-power plants, and has a 40% market share, which has grown dramatically. Also, there is a labor shortage among sophisticated engineers.
Hickey: Shaw has cut back on hiring and hours among engineers, so things might not be as tight as you think.
Witmer: They should move to Houston. They could get a job easily. My last pick is Tribune [TRBAA], which emerged from bankruptcy protection at the end of 2012 with an attractive portfolio of media assets and a new leadership team. It took four years to work out the bankruptcy process. The stock trades at $49.25 a share, and there are about 100 million shares. The company now has net debt of about $1 billion. Its assets include a broadcast segment with 23 local TV stations in 19 markets, including New York, Chicago, Houston, and Los Angeles. Tribune also owns WGN America, a cable network seen in 76 million homes. It has a publishing segment with a total circulation of 1.8 million, including the Los Angeles Times and the Chicago Tribune. Other assets include its 31% ownership of the Food Network, and 32% of CareerBuilder, a jobs Website.
The hedge fund investor believes engineering firm CB&I is poised to benefit from the shale oil and gas rush.
Our excitement begins with the Food Network, one of the most attractive cable networks in the world. It is seen in nearly 100 million homes in the U.S., and is believed to generate among the highest operating profits in the industry. Revenue has compounded in the low teens in the past five years, and profits have grown even faster. The business will report more than $900 million in revenue and an estimated $500 million in operating profit for 2012. Scripps Network SNI -0.7037847982483578% Scripps Networks Interactive Inc. Cl A U.S.: Nasdaq USD63.49 -0.45 -0.7037847982483578% /Date(1475269200224-0500)/ Volume (Delayed 15m) : 944212 AFTER HOURS USD63.49 % Volume (Delayed 15m) : P/E Ratio 10.779286926994907 Market Cap 8193224696.1641 Dividend Yield 1.5750511891636478% Rev. per Employee 953578 More quote details and news » [SNI] owns 68% of the Food Network and does a superb job running the business. Tribune gets paid a portion of the profits as a dividend. Some big Tribune holders are looking to sell its minority stake back to Scripps. We would loathe a sale at anything but a very dear price.
What price would make you happy?
Witmer: Tribune's stake in the Food Network is worth at least $20 a share. The company's broadcast segment consists of 13 CW, seven FOX, one ABC, and two independent stations. In the next two years, two-thirds of the subscriber base will be negotiating retransmission revenue with cable providers. Right now the cable channels are getting programming for free, and Tribune wants to be paid. In the past year, the company successfully negotiated meaningful retransmission fees with DirecTV [DTV] and Cablevision [CVC].
Within broadcast, WGN has great upside. Its subscriber base is a valuable launch pad from which the new management can create value. The team, led by CEO Peter Liguori, has a track record of building and developing great content. Peter built the FX Network from a channel that showed reruns into one featuring original content and netting $600 million in annual revenue.
The publishing assets include eight major properties. It is likely they will be sold, and the proceeds used to pay down debt.
What happens to Tribune if the cable industry moves to à la carte pricing?
Gabelli: The strong will get stronger and the weak will disappear. It isn't a very complicated formula. Isn't everybody going to cut the cord on cable anyway? That is the more interesting question.
Black: Meryl, give us the numbers. I want to see whether, ex-political advertising, broadcast revenue at Tribune has grown in the past year.
Witmer: Broadcast revenue went from $1.1 billion in 2011 to $1.124 billion in the 12 months ended September. Ebitda [earnings before interest, taxes, depreciation, and amortization] went from $384 million to $410 million in the same period.
Hickey: "VMware is one of the most exciting tech companies around." Jennifer Altman for Barron's
Liguori is going to do a lot with WGN. That is where he can add a lot of value. We estimate Tribune will have about $6 a share of free cash flow in 2013, of which 40 cents is excess depreciation and amortization over capital spending. The Food Network and other assets contribute $2 of the $6. The publishing and broadcast segments earn $4 of free cash flow, and we value them at nine times after-tax cash flow, or $36 a share. That is a conservative number. The split is about one-third publishing and two-thirds broadcasting. Then we add $20 to $25 for the Food Network and another $7 to $8 for CareerBuilder and some other online assets and real estate. We deduct a couple of dollars for pension liabilities, and get a low-end target price of $60 a share.
The retransmission payments that Tribune might garner from negotiations with cable providers could add a dollar to earnings over time, which would add $10 or more to the value of the stock. The turnaround at WGN is difficult to value, but given management's track record, it could be worth at least $10 a share. Add it all up, and we get a range of $60 to $80 a share, plus free cash generated in the interim, which adds another $6 a share per year. We see the stock at $90 in three years.
Your forecasts for publishing and cable may be too optimistic.
Witmer: Tribune has a lot of cost-cutting still to do, so although revenue might go down, they can cut a lot on the cost side.
Gabelli: The Tampa Tribune was worth about $400 million some time ago. It is a pre-eminent paper in a growing state. It was recently sold for less than $10 million.
Don't depress us, Mario. Fred has been patient. It is finally his turn to speak.
Hickey: First, a few words about technology stocks. It is difficult right now to find tech stocks that are reasonably priced or have a reasonable growth rate. The end markets are bad. The personal-computer market fell 8% in units sold in the third quarter, and 6% in the fourth quarter. This is the worst environment for PC companies in a decade or more. The mobile-phone market fell 2%. Smartphones are growing, but even that growth rate has slipped. Enterprise-IT [information technology] spending started declining last year, and by the third quarter computer-server sales were down 2%, year over year. NPD, a research firm, reported that holiday sales of electronics were down 7%.
Fred Hickey's Picks
|Gold (spot, per ounce)
|AuRico Gold / AUQ
|NewGold / NGD
|Market Vectors Vietnam / VNM
|Source: Bloomberg
This is bad enough, but now we have concerns about government spending cuts, and the government is the largest buyer of enterprise IT products. I don't see things improving much. End markets in Europe are in recession. Even Germany has started to slip. There were winners in tech last year, but they were all concept stocks -- companies without earnings, or with minimal earnings. Cloud companies, big-data companies, and 3D-printing stocks went crazy, but they sell at triple-digit P/Es. I can't buy those.
Could you buy Apple AAPL 0.7755393118202888% Apple Inc. U.S.: Nasdaq USD113.05 0.87 0.7755393118202888% /Date(1475269200474-0500)/ Volume (Delayed 15m) : 34283649 AFTER HOURS USD113.05 % Volume (Delayed 15m) : P/E Ratio 13.20677570093458 Market Cap 609163483021.371 Dividend Yield 2.0168067226890756% Rev. per Employee 1990500 More quote details and news » [AAPL]?
Hickey: I'll get to that. Salesforce.com CRM 0.18258426966292135% Salesforce.com Inc. U.S.: NYSE USD71.33 0.13 0.18258426966292135% /Date(1475269249534-0500)/ Volume (Delayed 15m) : 5640709 AFTER HOURS USD71.18 -0.15 -0.21029020047665778% Volume (Delayed 15m) : P/E Ratio 230.09677419354838 Market Cap 48326076240.5396 Dividend Yield N/A Rev. per Employee 393399 More quote details and news » [CRM] sells for $170 a share. If you consider stock-option-based compensation a cost, as I do, the company lost money last year.
Black: Much of the reported earnings were wiped out, even at conventional companies like Cypress Semiconductor CY 1.4178482068390326% Cypress Semiconductor Corp. U.S.: Nasdaq USD12.16 0.17 1.4178482068390326% /Date(1475269200465-0500)/ Volume (Delayed 15m) : 8075389 AFTER HOURS USD12.15 -0.01 -0.08223684210526316% Volume (Delayed 15m) : P/E Ratio N/A Market Cap 3905560908.02292 Dividend Yield 3.6184210526315788% Rev. per Employee 283967 More quote details and news » [CY] and LSI LSI -1.6041597521849762% Life Storage Inc. U.S.: NYSE USD88.94 -1.45 -1.6041597521849762% /Date(1475269321279-0500)/ Volume (Delayed 15m) : 434063 AFTER HOURS USD88.94 % Volume (Delayed 15m) : P/E Ratio 25.631123919308358 Market Cap 4126460345.12878 Dividend Yield N/A Rev. per Employee 277985 More quote details and news » [LSI].
Hickey: Semiconductor sales are declining, yet semiconductor stocks have risen. It makes no sense. Some parts of the market are acting almost like it's 1999. And other parts, including computers and PCs and the Hewlett-Packards and Intels of the world, are all down and don't seem to want to get up. I'm recommending only one tech stock today. You can't short anything in this market because of the amount of money-printing.
EMC [EMC] is the largest data-storage company in the world, and is still growing by about 6% a year. That is down from its prior growth rate. Both sales and earnings grew by double-digits for 10 consecutive quarters prior to the latest quarter, when the company missed estimates slightly, although it still grew. EMC gained market share against the major storage competitors such as IBM IBM 0.4680285876921131% International Business Machines Corp. U.S.: NYSE USD158.85 0.74 0.4680285876921131% /Date(1475269282541-0500)/ Volume (Delayed 15m) : 3389840 AFTER HOURS USD159.1 0.25 0.15738117721120554% Volume (Delayed 15m) : P/E Ratio 12.85090203058005 Market Cap 151835824303.247 Dividend Yield 3.525338369531004% Rev. per Employee 212467 More quote details and news » [IBM], Hewlett-Packard HPQ 0.9096816114359974% HP Inc. U.S.: NYSE USD15.53 0.14 0.9096816114359974% /Date(1475269384511-0500)/ Volume (Delayed 15m) : 11031276 AFTER HOURS USD15.53 % Volume (Delayed 15m) : P/E Ratio 8.304812834224599 Market Cap 26569903459.1625 Dividend Yield 3.193818415969092% Rev. per Employee 213986 More quote details and news » [HPQ], and Oracle ORCL 0.40899795501022496% Oracle Corp. U.S.: NYSE USD39.28 0.16 0.40899795501022496% /Date(1475269231283-0500)/ Volume (Delayed 15m) : 12070537 AFTER HOURS USD39.28 % Volume (Delayed 15m) : P/E Ratio 18.704761904761906 Market Cap 161269731355.414 Dividend Yield 1.5274949083503055% Rev. per Employee 273485 More quote details and news » [ORCL]. There are concerns that EMC will miss fourth-quarter estimates when it reports at the end of January, which is why the stock is at the low end of its 52-week trading range. [EMC reported results Jan. 29. It earned 54 cents for the quarter, two cents above analysts' expectations.] It is trading for $24, and the range has been $22 to $30. The company has a market cap of about $50 billion, and a price/earnings ratio of 12.6 times this year's expected earnings of $1.91 a share. [Earnings estimates have since fallen to $1.87.] That is well below its average P/E of about 16 in recent years.
Black: If you back out EMC's $3.11 a share of cash and equivalents [at the end of the third quarter], the stock is a lot cheaper.
Hickey: EMC owns 79% of VMware [VMW]. Buying EMC is a way to buy VMware cheaply. VMware has a $41 billion market capitalization, and accounts for $30 billion of the market cap of EMC. That means you're getting the rest of EMC for $19 billion. VMware provides virtualization and cloud infrastructure technology, and one fear is that it will start to cannibalize EMC's storage business. VMware is one of the most exciting tech companies around. It has few competitors, Microsoft MSFT 0.34843205574912894% Microsoft Corp. U.S.: Nasdaq USD57.6 0.2 0.34843205574912894% /Date(1475269200578-0500)/ Volume (Delayed 15m) : 27119358 AFTER HOURS USD57.59 -0.01 -0.017361111111111112% Volume (Delayed 15m) : P/E Ratio 28.097560975609756 Market Cap 448848916234.564 Dividend Yield 2.7083333333333335% Rev. per Employee 742939 More quote details and news » [MSFT] being most important. In addition to its stake in VMware, EMC has strong positions in other fast-growing segments, such as security software and storage software. The stock can bounce back to around $30 if the economy is decent. If it doesn't, you're not going to lose a lot. It's a relatively safe pick in a market where there are few safe picks.
Gabelli: VMware is selling for around $100 a share. Why won't EMC spin it off or do a share exchange?
Hickey: EMC wants to control it. It is a threat to EMC's business.
Gabelli: Does VMware's stock go to $150 before it goes to $40?
Hickey: The stock might not go much higher because you're already paying a high multiple. Sales could continue to grow at a double-digit rate, but the P/E could contract. Black: We own EMC, as well. Growth in the traditional storage business has slowed. Revenue is growing by 6% to 8% a year. The consensus earnings estimate has come down in the past few months. But VMware still is a legitimate 20% top-line grower.
Gabelli: Let's talk about Apple.
Hickey: Apple has dropped from $700 and change to $500. [It now trades around $450.] Apple is under pressure for good reasons. The stock is down today [Jan. 14] because suppliers for iPhone screens say their orders are getting cut by 50%. This isn't the first time we've heard about suppliers getting orders cut. There is too much smoke here. The fourth quarter will probably be good because Apple introduced many new products then, including the iPad mini. The company lowered its earnings estimates sharply, and will probably make its revised number. [Apple met expectations when it reported quarterly earnings of $13.81 a share on Jan. 23, but the stock fell sharply on disappointment with the company's slowing growth rate.] But the market is looking forward; the order cutbacks suggest a big dropoff in growth in the first quarter.
Another problem is that Samsung [005930.Korea] is gaining share. The Android market is gaining share. Mobile-phone carriers have an incentive to push non-Apple products, on which they make a lot more money. They don't have to subsidize Android phones as heavily. If customers are willing to buy non-Apple products, this can feed on itself. Also, Steve Jobs is no longer there, and Apple had some hiccups with some of its product introductions. The stock is risky here. It could fall another $100. The company has $130 a share in cash, so it probably won't drop more, but it might not be able to get going again. Eventually, the types of products Apple sells get commoditized. If there is real competition, as appears to be the case, prices decline. A lot of players are moving into the Android market at very low prices. It will be difficult for Apple to maintain its margins in the future.
The editor of the High Tech Strategist newsletter believes money printing by governments around the world will lead to no good, and sees gold as a good place to hide. Apple, not so much.
Gabelli: Fred, you're a CEO with all that cash and $50 a share in earnings. You're not just going to sit there. What are you going to buy? Google [GOOG], Microsoft and Oracle all bought other companies.
Hickey: There is talk that Apple is trying to get into the TV business, but that could be a problem. Margins are very low in television, and TV turnover is usually 10 years. They have to go against tough competitors who will have the advantage of a low yen, if Felix's prediction of a weaker yen is right. The question is, can Apple come up with something else? Can they continue to come up with great products that will allow them to sustain their margins? It could be hard.
Gabelli: So, you think of this as a margin play rather than an opportunity to use cash to find new avenues of growth?
Hickey: Apple should increase its dividend. It currently yields 2.4%. It trades for 10 times earnings -- even less, if you back out the cash.
Black: A lot of the company's cash is overseas. They can't bring it back without taking a tax hit.
Hickey: The downside risk in Apple isn't that great because the P/E is so low and the company pays a dividend. But the stock could be dead money for a long time, stagnating like many other tech stocks have been doing for years.
Dell [DELL] isn't stagnating. It is up sharply on rumors it might go private.
Hickey: I am wary of the rumors. Dell has been moving away from the low-margin PC business and concentrating on enterprise computing, networking, software, and services. It is trying to make itself into a mini-IBM, and it might be successful. But that is a long-term story.
So you aren't a buyer?
Hickey: I'm not a buyer here, but I am watching the company because there is a chance they could succeed in other areas.
Black: Let's go back to your investment picks.
Hickey: I am recommending gold, as I have done for many years. I will continue to do so until the gold price hits the blow-off stage, which is nowhere in sight. I am excited about gold because sentiment is so negative. Gold could have a sharp rally at any time. The Hulbert Gold Newsletter Sentiment Index went deeply negative last week, indicating that gold-newsletter writers are recommending net short positions. When that happens, gold almost always rallies. The daily sentiment index for gold is at a 12-year low. Short positions by large speculators have doubled in the past few months. Sales of American Eagle coins hit a five-year low in 2012. Yet, the environment for gold couldn't be better. We talked today about massive money-printing by all the major central banks. Real interest rates are negative. These are the best possible conditions for a gold rally.
Felix said gold could rally to the $1,800-an-ounce level, and I agree. If it breaks that, it will go to $2,000 or more. As long as we have unlimited quantitative easing, we have the potential for unlimited gains in the gold price. Gold could go to $5,000 or even $10,000. You can buy gold through the GLD or IAU, as we discussed. This year I recommend physical gold. You can buy American Eagle coins, or gold bars. Everyone should have some physical gold, and almost no one in the U.S. does.
Do you also like gold-mining stocks?
Hickey: I like two mid-tier miners. Gold was up 7% last year. It had been averaging 15% annual gains previously. Gold-mining shares dropped 16% in 2011 and 10% in 2012. The junior miners are down 50%, on average, since their 2011 highs. There are good reasons for the bear market. It has been difficult to find gold. Grades produced have been lower. Production costs are rising. Miners face the threats of nationalization and higher royalty payments and tax rates. There are labor issues in South Africa, a big supplier of gold. Investors should stay away from South Africa and Russia and places like Venezuela. The U.S., Canada, Mexico, and Chile are still safe. Gold mines in these countries won't be nationalized or your profits taxed away.
Which stocks do you like?
Hickey: AuRico Gold [AUQ] trades for $8 a share on the New York Stock Exchange. It has a market capitalization of $2.2 billion. It changed its name in 2011 from Gammon Gold, divested assets and brought in new management. Yet, there is still the sour taste of past difficulties and earnings misses. AuRico is one of the cheapest gold stocks you can find. It sells at book value.
The company has two main mines. El Chanate, is an open-pit mine in Mexico. Underground mines are much more difficult to operate. Management has cast off all the high-cost mines and retained lower-cost mines. This mine has had steady production for several years, and that will continue. The other mine, Young-Davidson, is where the growth is. It is mostly underground. It has a high level of gold grams per ton. It is hard to find mega mines with such good grades of gold. Young-Davidson started producing in 2012, and everything seems to be going well. AuRico also has some development assets in Mexico and Canada. It has sold off assets for about $1 billion.
What will it do with that cash?
Hickey: It will pay off debt, which is just under $300 million. Also, it is holding a Dutch auction to buy in $300 million of stock between $8.30 to $9.30 a share. AuRico thinks its stock is significantly undervalued. It plans to buy back 13%. [The company announced on Jan. 29 that it had completed the Dutch auction, buying in 12.8% of its stock at $8.30 a share.]
AuRico will produce about 200,000 ounces of gold this year. That could grow to 310,000 ounces by 2015, a 55% increase. It is hard to find gold miners with increasing production. Cash costs are expected to fall steadily from about $600 an ounce in 2012 to under $500 an ounce. If the gold price is at $2,000, their cash margin would be $1,500 an ounce. AuRico could earn 39 cents a share for 2012 and 52 cents in 2013. [On Jan. 18 AuRico announced a timing-related accounting change that reduced 2012 estimates to 37 cents and 2013 estimates to 40 cents.]
Black: What is the reserve life of the mines?
Hickey: Young-Davidson has a reserve life of 21 years. El Chanate's reserve life is seven years. But there is upside at both, and another potentially major project in British Columbia.
Gabelli: AuRico doesn't hedge the gold price?
Hickey: That's right. Almost no one is hedging in this business anymore, because they all expect gold to rise. My second stock is New Gold [NGD], another Canadian miner. It sells for $10.95 a share and has a market cap of $5 billion. It has four major mines, located in Canada, the U.S., Australia, and Mexico. It also has a joint venture with Goldcorp [GG] in Chile called El Morro. New Gold sells for two times book value and 20 times 2012 expected earnings, but earnings are expected to rise by almost 70% this year, to 74 cents a share, putting the P/E at 14.8. Most of this growth will come from the New Afton mine in British Columbia, where commercial production began last July, ahead of schedule.
New Gold is well managed, and has been able to achieve production and cost targets for three consecutive years. It expects to double its gold production by 2017 from 400,000 ounces to 800,000 ounces a year. There is no growth elsewhere in the industry, and some forecasters expect mining production to fall in 2013. Many mining companies are canceling or delaying projects. New Gold has a world-class project called Blackwater in Canada, which could come online around 2017. It has at least 10 million ounces of gold and 65.2 million ounces of silver, and a 15-year life. Margin per ounce has been growing yearly, and rose from $297 in 2008 to $1,014 in 2011. Also, the company currently has the highest cash balance in its history. New Gold deserves a significant premium to other gold miners.
Do you have any other recommendations?
Hickey: It is important for U.S. investors to diversify beyond heavily indebted, mature money-printing countries. A lot of money has been pouring into emerging-market bonds, but people should consider emerging-country stocks. Market Vectors Vietnam VNM 0.4657351962741184% VanEck Vectors Vietnam ETF U.S.: NYSE Arca 15.1 0.07 0.4657351962741184% /Date(1475283600002-0500)/ Volume (Delayed 15m) : 171546 P/E Ratio N/A Market Cap N/A Dividend Yield N/A Rev. per Employee N/A More quote details and news » [VNM] is an exchange-traded fund trading for $19.80. The average P/E of its 32 companies is 11. The yield is 2.2%. Vietnam has been in a multiyear bear market, like China. The ETF sold for $32 in October 2009. It fell to $14 in early 2012, but it looks like the bear market has ended.
Vietnam's economy has been growing ever since the country initiated political and economic reforms in 1989. For a while, the economy grew by a too-rapid 8% a year, and inflation hit a high of 23%. The central bank raised interest rates six times to ratchet back lending. The government has announced reform measures to try to privatize state-owned businesses. All of this is leading to a return of optimism among investors.
Witmer: It is a vibrant young country.
Hickey: The average age is 28. Tech production is moving to Vietnam from China because the labor force is younger and costs are lower. Samsung has moved 40% of its mobile-phone production to Vietnam. The Vietnamese economy could grow by 5% or 6% a year. Felix thinks China is a good play, and Vietnam could be even better, although with more risk.
Rogers: Vietnam had a credit bubble that dwarfed ours.
Hickey: But they tightened up lending.
Let's debate this over dinner. Thanks, Fred, and everyone.
E-mail: email@example.com


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2003 Honda Insight 2dr Hatchback (1.0L 3cyl gas/electric hybrid 5M)
This car is great...I wish there were more cubbyholes in the car to put change, DL, etc. The car is tiny but it performs extremely well. Drives like a normal car but half the price at the station.
Greatest feature has to be plain and simple...it's a hybrid.
More cubbyholes...
This is the most fun car to drive and for a 6'4" guy, comfortable and zippy.I want to buy another in a different color it is so much fun. I have a Mercedes convertible, a Lexus Wagon and my daughter a new Cabriolet. You can have all of them. I like driving alone and have as much space in the back of my Insight as my Lexus. I am going to dump my others and get a blue one. I may not drive that much, but I get there faster than the huge SUVs who try and kill me out of jealousy. Never seem to put gas..what high prices? It is so quiet I never know if it is running. This is the least written or reviewed hybrid because it isn't a family car. I am glad I got rid of them.
The smoothness and so quiet. Good automatic transmission, lots of headroom and tons of storage and it handles like a sports car. Great dashboard and space. I also had great carpeting added. I have never seen an Insight advertised on TV. I walked into the showroom, drove it 4 blocks and wrote a check.
Maybe a leather interior, but I have custom covers which are really hot looking.I hate music in cars but would think about a CD player. Air conditioning is almost too cold but I love it cold. It is so low, maybe they should put a signaling device when parking close to concrete stop barriers.
Bought this car in 2003 so I could retire my 1987 BMW convertible to preserve it. Interior layout and "look,touch,feel" very similar to BMW, so I was at home right away. Acceleration is zippy, but not faster than the rest of the pack. Handling is really good and suspension is very taut (like performance-oriented European cars). Lifetime average fuel economy has been about 56 mpg and 60+ on the highway is the norm. Tires are the biggest problem with stock setup-the OEM Bridgestone Potenzas stink. Am now using 1+ size Kuhmo Solus so handling is vastly improved esp. under wet/snowy road conditions. Totally reliable car, and outstanding dealer support (way better than Audi/BMW dealers).
It's a hoot to drive, reliable, and great on gas. My preferred "long trip" car. I like the "techno dash" with all the digital readouts. Few others own one--it's unique and a conversation starter at gas stations and other places... I get lots of "it's so cute!!!"
The OEM tires--they ride rough and stink in rain/snow. Bear in mind this car was designed for fuel economy and it delivers--so don't expect it to do everything. While a 2-seater is not for everyone, if you analyze your driving you might realize a 2-seater is all you need 95% of the time.
If you're looking for a car that is great on gas mileage but you don't need a ton of cargo room, this is the vehicle for you! Even with only 3 cylinders, this little buggy has a good amount of get-up-and-go. Driving in the snow is trickier; you just have to take it easy and give yourself more time. Some say it's uncomfortable, but I don't think it's that bad - and I spend about 75-80 minutes driving one way. Repairs don't cost any more than other cars, despite the hybrid technology.
-Gas mileage, of course! I get 45-50mpg. -Very eye-catching. Everyone thinks it's adorable! -Cabin design is comfy and intuitively organized. -Auto Stop is fun!
-Cruise control would be nice. -the 2003 model doesn't have an in-dash cd player, so I had to get an aftermarket one. -optional 4wd or some other traction control that you can turn on/off would be cool.
I just bought this Insight yesterday
and I can sum it up so far by saying
WOW! This car is spacious for 2
adults, comfortable (almost like my
Civic and much better than my Miata),
fun to drive, gets great mileage (55
mpg with CVT so far after 900 miles and
during the winter), has award-winning
engineering and design, has the typical
Honda fabulous build quality and
attention to detail, and has slick
cutting-edge technology everwhere you
look (hybrid IMA system, silky smooth
CVT transmission, electric power
steering, automatic HVAC system, ABS
brakes, and the list goes on-and-on).
Spacious interior and all-day comfort,
eye-catching looks, great mileage,
Honda design and build quality.
Better sound system and center arm rest
would be a plus.
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Michael Cera in Talks to Join Aaron Sorkin's Poker Drama, Unless He's Bluffing
He would join Jessica Chastain and Idris Elba in the Sorkin-helmed biopic.By Jordan Crucchiola
He would join Jessica Chastain and Idris Elba in the Sorkin-helmed biopic.By Jordan Crucchiola
Cera produced whatever "twentyfortyeight 2.0" is.By Dee Lockett
Cera produced whatever "twentyfortyeight 2.0" is.By Dee Lockett
Huh?By Jackson McHenry
Like all your favorite indie movies merged into one.By Jackson McHenry
That's Robin the superhero sidekick, not the singer-songwriter.By Nate Jones
"He digs so far into the character's drugged-out disappointment you see only the shadows of it rippling the surface."By Jesse Green
"None of it is really professional or anything. It's just kind of like an effort."By Nina Stoller-Lindsey
He released it Beyoncé style.By Jesse David Fox
Yet another string to her bow.By Véronique Hyland
With Kieran Culkin.By Margaret Lyons
"Smart casual."By Erica Schwiegershausen
Franco, Hill, Cera, Krumholtz, Wiig. Papa Apatow would be proud.By Jesse David Fox
"Every time I turned my back he'd hit something and we'd be like, 'Uh-oh, we just killed Michael Cera.'"By Jada Yuan
For FX.By Margaret Lyons
Which commandment will he get?By Margaret Lyons
Cera plays a pot dealer who disappoints his customers in Cross's directorial film debut.
Starring Michael Cera and Gaby Hoffmann.By Bilge Ebiri
"I started acting at 5 because we had no money."By Kyle Buchanan


text:
As I go into my last year of high school. I find myself in a hard spot to be in. I REALLY want a ps3 I even went out and bought a nice LCD 720p HD Monitor. At e3 I heard the great news that the ps3 the only one I would ever consider buying because of the tv I just bought me would run for the nice price of $600. I jokingly looked at the situation that I could either go to college or by a ps3 but that's pretty much how its come down. I now need to figure out what I should do. Basically I am f'd over anyway I go. Xbox 360 Hate it no socom . The Wii no Hd. And Sony I won't be able to afford my first year of school because it will put me behind by way to much money. So if you have read this what would you do?
Justin Johnson
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- AIM Name: YGlegolas1982
- Bond-007: Socom 3
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600 Bucks is the jucie worth the Money
600 Bucks is the jucie worth the Money
Aug 04, 2006 7:15PM PST
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Erie-area residents with ties to Iraq decry terrorist uprising
The toll from the eight-year U.S. war in Iraq is staggering. More than 36,000 Americans suffered casualties. That includes 4,500 deaths -- 19 of whom were from this region's tri-state area.
Tens of thousands of Iraqis died.
And the U.S. has spent about $1 trillion to rebuild the country's infrastructure and try to establish a viable democracy.
But now Americans watch in horror as gains made in Iraq are being erased by Islamic extremists and other Sunni militants who have overrun much of the country as civilians flee to escape the onslaught.
The terrorists are known as the Islamic State of Iraq and Syria (ISIS), sometimes referred to as the Islamic State of Iraq and the Levant (ISIL).
Some Erie-area residents with ties to Iraq have a personal stake on the potential unraveling of a nation.
Here are their stories.
Safety's sake
Saad Albidhawi can't believe it.
"When I see the news, I see it a little bit different. I'm shocked, speechless. I cannot explain what they are doing," said Albidhawi, 47, an Erie resident who got his U.S. citizenship in 2000.
He said the terrorists are worse than wild animals because they slaughter innocent Shia, based on "old hatreds from old days that go back thousands of years."
But some Iraqi people welcome the extremists because they have no other choice. "If they don't welcome them, they will kill them," he said.
Albidhawi, the owner of Al Bidhawi Auto Service, 2502 Parade St., isn't just making an observation from afar.
About three weeks ago, he visited his native country to get three cousins and their families in Mosul out of harm's way. An al-Qaida splinter group has seized control of Mosul, Fallujah and other cities that U.S. troops had risked their lives to protect.
Albidhawi said he first took the 17 family members north, close to the Iranian border, before going on a circuitous route south to a house that he still owns in Al Diwaniyah, about 150 miles south of Baghdad. Albidhawi and his cousins are Shia.
Despite the current tragedy, Albidhawi said he doesn't think the U.S. involvement in Iraq was a wasted effort because it removed Saddam Hussein and his murderous regime.
"Under Saddam's regime, people were being killed but nobody would know. There was no press to know what was going on. He was doing it undercover," Albidhawi said.
And when the U.S. occupied the country, people could do what they wanted, including practicing their religion as they wished.
"Now people think if the U.S. was still there, things would be (mostly) stable," he said.
What does he see for the future of his native land?
"The country is going through a storm, like a hurricane. ... But we are a very strong people. We will survive it," he said.
A soldier's story
Former Army Staff Sgt. Josh Weunski, of Millcreek Township, served three tours of duty in Iraq and one in Afghanistan.
He finished his 11-year army service at Fort Lewis, Wash., a couple of weeks ago and is vacationing in Portland, Ore. In about one week he will return home, where his parents, Robin and Tom Weunski, the owners of the Pittsburgh Inn, plan a low-key homecoming.
"He's been through enough already. I just want to get him home," said Robin Weunski, who collects and mails cotton socks, razors, coffee, movies and other goods to about 200 members of the military overseas.
Josh Weunski, 28, suffered serious injuries in Afghanistan on May 23, 2012, when a terrorist detonated a buried roadside bomb, which struck his all-terrain vehicle while he was standing out of the gunner's hatch.
He suffered a traumatic brain injury, broken facial bones, a broken nose and a broken left elbow. Weunski said he still gets bad migraines and suffers from memory loss.
During his tours of Iraq, Weunski said he saw a "devastating number of civilian casualties" from suicide bombers and roadside bombs.
Asked what effect that had on him, Weunski said, "It just gave me a different outlook on the reality of what it's like to be in a Third World country and made me care more about other countries in a similar situation."
Weunski said he saw progress from his first tour of Iraq in 2004 to his last tour that ended in 2011.
"I got to see basically the collapse of the government and the economy, and rebuilding the government and security across the country. It almost seemed like a success story," he said.
Almost is the operative word.
"But myself, I knew deep down inside that ... they wouldn't be able to succeed without an outside influence because of a lack of education, and sectarian violence," he said.
"It's disappointing knowing that it will continue to be a miserable place to live. I had interpreters there that I befriended and still communicate with. They say how worse it's getting," he said, referring specifically to Diyala province in eastern Iraq.
Despite the turmoil and bloodshed, Weunski doesn't think the U.S. involvement in Iraq was wasted "because we went there for the right reasons and we continued to stay and try to rebuild the government and make a difference, so that Iraq could help us out in the future. It just didn't work in our favor, but at least we gave it the effort."
Those right reasons, Weunski said, were to help liberate oppressed people, "whether it be the Kurdish up north or anywhere in the country suffering from Sunni and Shia sectarian violence."
Weunski foresees continued instability in Iraq, without "America interdicting and helping along."
'A great battleground'
Erie resident Maitham Basha-Agha escaped Iraq with his family in 1999. The former refugee became a U.S. citizen in 2004, which he called one of the happiest days of his life.
Basha-Agha, 25, directed a short film that he showed at East High School in April. The film focused on the lives of three refugees from Iraq, Sudan and Somalia.
Now he's back in his native country to see family and former students that he worked with in 2013 through an Iraqi-American exchange program. But he's primarily in Iraq to work on three photo journals, including one on Syrian refugees in the Kurdish region of Iraq and a protest from Shia Iraqis after ISIS took over Mosul.
"The protest journal was very intense because there were guns everywhere," he said in an e-mail.
Basha-Agha said he is no longer a Shia Muslim but considers himself an Iraqi-American. "I took a trip to Baghdad and I realized how religion has ... Iraq in such a turmoil. I witnessed sectors where people lived. Sunnis lived in one section and Shia live in another. There is no longer living among each other," he wrote.
"One of the many people I talked to stated to me, 'We no longer say hi or shake each other's hand.' That saying really broke my heart and I just continue to have hope," he said.
But Basha-Agha said he believes genocide is "in the making" in his former homeland. He said the ISIS fighters are foreign born, coming from countries such as Saudi Arabia and Qatar, and those countries' main religion is a Sunni movement of Wahhabism, which he called "very cruel and very extremist."
He added: "The Islamic State (members) are very dangerous human beings and they have no mercy. Iraq is on the (verge) of a great battleground."
Questions remain
Harborcreek Township residents Samuel Oaks, 73, and Donald Oaks Sr., 53, remain bitter over the death of U.S. Army Sgt. Donald Oaks Jr., who was 20 when he was killed during a friendly-fire aerial bombing April 3, 2003, while serving in Iraq.
"He had already made sergeant in that time. He only had four months to go in which he was going to re-up anyhow. He loved the army," Samuel Oaks said.
Donald Oaks said the military gave the family a written report of the circumstances surrounding his son's death, but most of it was redacted, or blacked out. The military never admitted to making a mistake in the death of his son and two other soldiers.
His son was the shooter on a three-man crew that operated a multirocket launch system.
Donald Oaks is also bitter because the gains that were made in Iraq appear to be slipping away with the extremist insurgency.
In light of recent turmoil, he said, "I don't see where we made anything better. I really don't. ... What did we win? We killed a bunch of men, women and children. We lost a bunch of our troops. We destroyed their infrastructure. And now we're rebuilding it with the taxpayers' money. So what did we really win, to be honest with you?
"Those people have been fighting for 3,000 years. It's survival of the fittest over there. It's not anything like the United States," he said.
But Donald Oaks said his son didn't die in vain. "He died for his country, protecting his country. ... He was a good patriot. And he was doing his job."
He said his son had been scheduled to be on a brief leave for rest and relaxation, but he volunteered to replace a soldier who had a death in his family.
But he said his son knew his time was near. "In his journal ... he just (wrote), 'God, if I'm taken, just let me be sitting (at) your right hand,' " he said.
Oaks was the first soldier from the Erie region to die in the Iraq War.
But time doesn't heal that wound, the father said.
"The good die young and the old have to stay here and deal with life," he said.
"You think it gets better with time, but it doesn't. It gets worse. You see what he missed out on," he said.
He said he believes that God controls everything, but that doesn't mean he won't have questions.
"Someday, that's the first thing I'm probably going to ask God: 'Why did I have to lose my son?'''
JOHN GUERRIERO can be reached at 870-1690 or by e-mail. Follow him on Twitter at twitter.com/ETNguerriero.


text:
IBIS chrome YS-082 Features: -Soft upholstered seat and backrest.-Wide comfortable seat and backrest.-Solid chromium plated metal frame.-Stacking max 4 pieces. Assembly Instructions: -Assembly require...
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For people interested in folk magic. The Sixth and Seventh Books of Moses, arguably one of the most....
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published 04/07/2016
DisadvantagesPrice for singe person
published 26/12/2014
AdvantagesGood value for money, breakfast was nice, centrally located
DisadvantagesRoom was on the small side and didnt like colour scheme
published 19/10/2014
Advantagesgood room facilities, nice bar, good breakfast, nice view
Disadvantagessocket placement, lack of proper air conditioning


text:
Nickname given to really funny people. Used in making crack cocaine, so the nickname is very punny!
"Yo, that joke Aj said was hilarious! we should call him Pyrex!
Beküldő: tokenfro 2011. november 25.
Trending Now
Can you define these popular missing words?
Top Definition
A particular brand of cookware that is commonly used for making crack cocaine.
"Back to the kitchen, that PYREX vision" -Juelz Santana
Beküldő: teensex. 2006. március 11.
nice glass smoke peices
Beküldő: sky 2003. május 7.
A term used by Miss Shand, Evil Eyes and Co. This is the secret evil code which means, do everything you can to sabotage Jordan, Vuka, and Beau's Cooking.
"Hey evil eyes, PYREX". Says Miss Shand.
"Okay Shand, I'll stop their microwave and destroy their chicken." Says Evil Eyes.
"Okay Shand, I'll stop their microwave and destroy their chicken." Says Evil Eyes.
Beküldő: Bob Jane 2003. november 2.


text:
The Supreme Court on Tuesday began hearing oral arguments on whether thefleeting use of expletives on live television should be banned by the FCC.Neither lawyers or the justices uttered the expletives themselves during thehearing, referring only to "the f-word" or "the s-word." Two of the justice,John Roberts and Antonin Scalia, seemed to favor the FCC ban, with Robertsobserving that the words are used for "shocking value" and are "associatedwith sexual or excretory activity." Scalia commented that broadcasters havecontributed to a "coarsening" of society. On the other hand, Justice JohnPaul Stevens observed that the occasional use of such words may be "reallyhilarious, very, very funny." And Justice Ruth Bader Ginsburg took note ofthe fact that the FCC failed to chastise broadcasters when they aired themovie Saving Private Ryan , expletives included. "There seems to be norhyme or reason when the commission says that one of these words is OK andwhen it says it isn't."
There's already an Oscars buzz surrounding this movie.


text:
here's mine. Inbox if you'd like to see more...
WISDOM is the Knowledge you've gained ... After you could have used it! _Me
My first. Do u like it ?
Last edited by ronboy; July 25th, 2012 at 12:00 PM. Reason: pictures removed-poster is underage
I like very much! Great pix of a wonderful hard cock.
Last edited by ronboy; July 25th, 2012 at 11:59 AM. Reason: pics removed, see note on previous posting
"Reading should be easy. Only the reader should be hard." -- hardreader
The Three Musketeers... Bashful, Chrisglass, and Ronboy!
"Reading should be easy. Only the reader should be hard." -- hardreader
Hah, thank you guys. I honestly only put this picture up for a friend on here as I couldn't upload it in a message to him.
But since I've received such positive attention, I'll leave it up.
I'm pretty exclusively a bottom by the way so my dick wouldn't necessarily "lead the way" haha.
But seriously thanks for the comments very kind x
Yes, please leave your picture up. You have everything going for you...and I mean everything! You are very attractive and I love that trail leading down to that gorgeous dick. We'd love to see more photos, but only if you are comfortable posting them. I was shy at first too, but now kind of enjoy it. The human body is a beautiful thing.
@curiousunistudent. Gorgeous picture. Your hidden face looks totally cute. Hoodie adds secrecy, but then the exposed abs just adds sexy which ends with a fabulous dick.
precummy after sexting with a friend
Great pictures everyone
The Three Musketeers... Bashful, Chrisglass, and Ronboy!
^ i do
Check out my very own Body Hair Lovers and Photography Groups!
Sexy Would like to see more of your pubes :POriginally Posted by airman
airman, would love to suck on that wood.
RovDav your cock is awesome! Love that thick meat!
what about a cummy hard on?
Very nice pictures guys!!!!
Thanks jase, myhardcock, ronboy, and armastus4all for your support. If this keeps up maybe I'll have to think about starting a thread of my own.
"Reading should be easy. Only the reader should be hard." -- hardreader
I did once, hardreader, it was "cocks in cars". I believe it's last post was in November. Unfortunately hasn't seen any traffic as of late.
What kind of topic are you thinking of doing hardreader?
Couple of morning wood pics from me
Bathroom wanking


text:
Home > Eyeglasses > Liu Jo > LJ2607 (524)
LJ 2607 is available in 5 additional attractive styles
New Releases
Size and availability
Free outbound and return shipping
30-day money-back guarantee
Low prices
Free outbound and return shipping
30-day money-back guarantee
Low prices
LJ2607/524 Eyewear
As a customer of Edel-Optics, you are totally aware that eyewear can crown your style. This accessory makes you look very smart when you are out and about and convincing in the office and in your leisure time. The new Liu Jo underlines that you are a trendsetter. For the current season the renowned label sets the standards with its collection for 2016. The LJ2607 is available in the Edel-Optics online shop in other styles from Liu Jo collections 2015 and 2016.
Expressive lines add character to the classical approach, making the glasses a must-have for women. Eyewear is in. Full rim is extremely popular, because you feel that you get more eyeglass for your money. It is not just about their resilience, but also about the visibility of material and design, which are of the highest quality. The quadratic shape makes the face appear longer, due to its straight outer edges. The frame is, therefore, particularly advantageous for more rounded facial features.
With the help of our digital dispensing optician, your prescription lenses can be configured according to your own requirements. Anti-reflective and cleaning coatings, antistatic and lotus effect are included as standard for plastic lenses.
The model has already been ordered and will shortly be back in stock. If you order now, you will get the reduced price and once the goods arrive, we will send you your new Liu Jo on the same day. In our online shop we have consistently low prices. You won't get LJ2607 at such a low price, not even in the sale.
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