text:
Loose Lips Sink Jeff
Sometimes as I sit here pondering the Tigers' three game sweep at the hands of the lowly Royals I wonder why, even here in the land of the internet, it has to be like this with the venom and the animosity. I ask myself, is it wrong to detest a team and yet admire a player on that same team? And then I realize that I can't get angry with my friend. No, I know where it all comes from: Demon Rum.
But I hold none of this against my collaborator and conspirator, Mr. Lung. He finds himself flush in the prime of his life with everything going for him: the Cardinals are winning, he has a beautiful woman on his arm and Chicago is always sunny and 85. And even if only one out of those three is true, it's still nothing to scoff at. In fact, I'm pretty sure neither one of us even hit .333 in Little League.
No, it turns out that the loose lips that my colleague flaps about so wantonly are a symptom of something much more disturbing than even distilled spirits. In reality, Jeff is slowly losing ground to the dreaded scourge of senility.
It's not all bad. Sometimes it's quite hilarious. I just hope that the next time this dementia slips my good friend's tenuous grasp on reality it will come out in a more constructive manner. Perhaps a bawdy limerick or an ode to Mr. Pujols. We can always hope afterall.
5 Comments
So I guess if we see a scraggly-bearded Jeff on the streets of Chicago wearing a "Cubbies Rock" t-shirt, we can assume the end is near and that Coco Crisp will be joining the cast of RSBS shortly thereafter?
Biscuits and Fat little leaguers? Priceless!
Haha by the way I hit like .1000 in little league. =)
Easy as Pie, 3.14
Great post again Allen,
Jeff better come back strong.
9/11 post up.
–Ted "TTW/T"
Jeff is just jealous because you can admit you have a man crush on someone who plays for your least favorite team. That takes balls. Someday he'll be able to come out and admit he has a thing for Carlos Zambrano. Maybe after the Cards win the World Series.
You better come back strong.\\
and that TWitter page:
"things my dad always says"
is hilarious!!
I love it to death.
Hmmm.. I have a new post up.
Good luck to everyone here at RSBS,
may times be good,
–Ted "TTW/T"


text:
Approximately 170 students and 56 businesses attended the annual job fair at the Student Union on the Black Hills State University campus.
New this year was a networking reception for the faculty and staff which took place after the fair, hosted by the Career Center. More than 22 faculty and staff members visited with the employers during the networking session and fair.
In addition to full time positions students learned about internships and part-time and summer employment opportunities in a wide variety of fields.
Anything is Possible at Black Hills State University! Faculty, staff, and students are making headlines with their achievements. See what BHSU is in the news for lately. Call 605.642.6215 to share your news item.
Black Hills State University
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subset: commoncrawl


text:
I've been thinking I want to wean my 18 month old, but as I've read through some of the posting here, I've realized what I really want is for the whole family to get a good night's sleep! (Well, several, actually!)
My toddler wakes sometimes three times during the night, but more often it's just once, between 3:00 - 5:00 am. He can be temporarily consoled, but he'll just start crying or yelling 10 to 20 minutes later. This has gone on for up to 2 1/2 hours. Because he's not consistently crying or yelling, he never wears himself out to fall back asleep (it's like he's taking little cat naps between outbursts).
Also, because of these big gaps in crying, I can't use the method of going in after 5 minutes of crying, then 10 minutes, then 15, then 20, etc.
Once, two weeks ago, he slept all night and wow - what a difference the next day! Instead of wanting to nurse three times during the day, he was content with once. He could play by himself for longer periods of time and he napped better (he usually takes one one-hour nap) sleeping 2 hours that afternoon!
The doctor says, in her experience, this might go on til he's 4 years old! On the other hand, I found a website (Kelly something) that says many toddlers at about this age start to wean on their own. Thanks for your reply, Amanda. I'd keep doing what you suggested except for the fact that he's clearly happier during the day when he's slept for 11 hours the night before (we consistently put him to bed between 7:30 and 8:00 pm).
What can I do?:


text:
Why Buy Bonds If Interest Rates Will Rise?
by Hildy Richelson and Stan Richelson
Many individual investors wish to buy bonds to achieve a secure cash flow and to reduce their risks in the stock market.
However, with interest rates at a low level, some investors are concerned that after they purchase bonds, interest rates will rise and their bonds will decline in value. We examine the validity of this concern, certain alternatives to bonds and our proposed solution to low interest rates.
You should not have to wait until the end of this article to get to our proposed solution to the low interest rate problem: We propose a bond ladder of individual bonds structured to take into account your financial needs and objectives. The bond ladder will finesse the possibility of rising interest rates. A bond ladder will also enhance your appreciation of the value of cash flow and power of compound interest.
In this article
- The Problem of "Low" Interest Rates
- Mark-to-Market Accounting
- Alternatives to Individual Bonds
- The Benefits of a Bond Ladder
- Guidelines for Laddering
- Our Current Strategy
- Buy Individual Bonds Not Funds
- Conclusion
Share this article
The Problem of "Low" Interest Rates
We are told by the pundits and brokerage firms that rising interest rates are inevitable, like death and taxes. We believe that at some time in the future interest rates may rise, but no one really knows when this might happen. That does not stop the media from making dire predictions about the losses that will be inflicted on bondholders in the form of lower market values. To minimize these losses, the brokerage firms have been recommending investing in what we consider to be short-term bonds (around five years). If you followed this advice for the last five years, the result would have been a greatly reduced cash flow for many years and a loss of compounding the cash flow, as can be seen in Figure 1. And, interest rates have not yet gone up.
The truth is that no one really knows when or if interest rates will rise from current levels. The U.S. is currently beset with many problems. We are still recovering from the great recession, economic output is growing extremely slowly, real business investment is still slow and the reduction in the unemployment rate is inconsequential. Real median family income growth and middle-class jobs have declined. In view of these economic problems and the fact that the Federal Reserve is suppressing interest rates, it is unclear whether interest rates will spike up any time soon.
If everyone really believed that interest rates were going to rise substantially in the very near future, rates would go up immediately.
There are three possibilities with regard to the movement of interest rates:
- Interest rates in the future may go up,
- Interest rates may go down or
- Interest rates may stay within the current range.
Unfortunately, no one really knows what will happen. We personally come from a place of not knowing—we know we don't know the direction of interest rates, and we have not found anyone with a consistent track record of predicting the direction of interest rates.
Mark-to-Market Accounting
We believe that the mark-to-market accounting concept is clouding individual investors' understanding of the true nature of bond investing. The concept of mark-to-market means that every day, week, month or year (or multiple times a day), the current price of a bond is compared to the price at which you bought the bond. If interest rates go up, the market value of your bonds goes down and you are supposed to feel distressed about your bond investment. If interest rates go down, the market value of your bond goes up and you are supposed to feel happy and contemplate selling and taking your gain.
Although mark-to-market accounting is used by all brokerage firms, we believe that the concept is inappropriate for individual investors who are buying and holding individual bonds until their due date rather than trading their bonds. Why should gains and losses be presented when the bond coupons stay the same? Since the bond coupons remain unchanged, whether interest rates go up or down, the cash flow from the bonds stays the same. You receive the same income stream no matter what the price of your bonds is today or tomorrow.
Mark-to-market accounting is appropriate for bond funds since the funds never come due. The bonds in the fund must be sold when they no longer meet the fund's maturity specifications. Institutions must use mark-to-market accounting, but individual investors are not required to do so. If you use mark-to-market accounting, you will be terrified of rising interest rates. Brokerage firms like mark-to-market accounting because it encourages investors to buy and sell bonds, rather than hold individual bonds to maturity.
The media is hyperventilating over the possibility of long-term interest rates rising. For example, it was reported as news that the Barclays U.S. Aggregate Bond Index (the Agg), which tracks the broader bond market, declined 0.12% in the first quarter of 2013, the first negative quarter since 2006. However, most bonds are not reflected in the index, and most bond funds do not track it. In another example, The Wall Street Journal reported that "The guiding star for many bond investors is starting to flicker." Flicker, by definition means to shine with a wavering light, a light that soon may go out. However, any rise in interest rates has to date (April 5, 2013) been inconsequential.
Alternatives to Individual Bonds
Let's look at the alternatives to buying a portfolio of high-quality individual bonds.
One option is to stay in cash or cash equivalents (short-term Treasuries and insured bank products). Many investors would like to invest in these products to deal with the current uncertainties. However, everyone knows that interest rates are currently so low that the only way these products make sense for anything beyond very short-term (e.g., emergency) savings is if interest rates were to spike up quickly in the near future.
With interest rates low as a result of the repression of rates by Federal Reserve Chairman Ben Bernanke, investors have been encouraged to invest in riskier asset classes to try to improve their returns, even if they can't realistically afford the consequences of bad outcomes. Thus, investors have gone heavily into stocks, commodities, collectibles, junk bonds and other risky investments. Many of these investments are inappropriate for investors who have limited resources and who are nearing retirement or are in retirement because the downside risks are too great. Even dividend-paying stocks come with an uncertain outcome since, unlike bonds, they never mature and are subject to the stock market's volatility.
Floating rate notes have recently gained in popularity because it appears that they might enable you to hedge your bets. For example, one bank offered a step-up certificate of deposit (CD) in April 2013 that matures in 2018. For the first three years the interest rate is fixed at 0.85%, the rate you could get currently on a one-year CD. In year four, the interest rate rises to 1.25%, which is the current rate on a four-year CD. In year five it rises to a 2.00% yield, which is currently an above-average return. The problem with this investment is that you are locked in for five years. However, the issuer is locked in for only three years because the CDs are callable every quarter after April 2016. Keep in mind that for the first three years, you are being paid only 0.85%.
So, if rates are too low on traditionally safe investments, the risks are too great on commodities and junk bonds, and stock prices are subject to the market's volatility, what strategy should investors follow?
The Benefits of a Bond Ladder
Individual investors are not institutions. We don't live forever. We should focus on our finite lifetime needs and goals, taking into account the risks of investments.
We recommend that you consider the benefits of a custom bond ladder. Briefly, a bond ladder of individual bonds is a strategy to have one or more bonds come due in multiple years. Thus, if you have $100,000 to invest, you might have a $10,000 bond come due in each of 10 different years beginning in 2014 and ending in 2033. This is the simplest form of a bond ladder. Alternatively, you might start your bond ladder in 2023 or later years and end in 2036 and have unequal amounts of bonds in each year.
In the strategy of the bond ladder, we find the solution to the problem of losses being generated from rising interest rates when using mark-to-market accounting. Whether interest rates are rising or falling, your bond ladder of high-quality bonds will produce a consistent cash flow that you can rely on.
If your bond ladder is in place before interest rates go up, you have the upside case when rates rise. This is because as interest rates go up, you will be able to increase your cash flow by reinvesting your bond proceeds (from bonds coming due and bonds being called) and your excess interest income in higher-yielding bonds. For example, if you are getting a 4% return and interest rates rise enough over time to give you a 6% return, your cash flow over time will increase by 50%. Thus, if your bond ladder is in place, rising interest rates will not be a concern but will be your upside case.
Guidelines for Laddering
Consider the following guidelines in the design of your buy-and-hold bond ladder.
First, consider whether there are certain years in which you know you will need cash. For example, if your child or grandchild will begin college in six years, you may want to have one or more bonds come due in years six, seven, eight and nine. If you plan to buy a residence in five years, buy bonds that will come due at that time. Always keep enough of a cash cushion so that you can be a buy-and-hold investor.
Second, once you have taken care of your known needs for cash, consider the shape of the yield curve. The yield curve is a chart that plots the interest rates being paid by bonds of the same credit quality but different maturities. In the chart, the interest rate is found on the vertical axis and the maturity on the horizontal axis. A current yield curve for AA-rated tax-free municipal bonds is found in Figure 2.
Third, creating a ladder of short-term bonds will protect you against interest rates rising in the near future. However, whatever kind of bonds you purchase for your short ladder, they will provide only a small return in today's bond market. Since the yield curve is currently very steep, you will receive a lot more return for investing in longer-term bonds than very short-term bonds.
Fourth, keep in mind that every year that passes, the entire bond ladder gets one year shorter. In addition, longer-term bonds provide a greater return and may enable you to reinvest excess cash at a higher rate of return.
Fifth, since we don't know whether interest rates are going up or down, or the timing of such moves, our advice is to get your bond ladder in place as soon as possible. Waiting for interest rates to rise before you establish your bond ladder may result in the loss of a great deal of cash flow while you are waiting, if your timing is not precise.
Our Current Strategy
In the current environment (April 2013), the yield curve is very steep, meaning that long-term bonds yield a great deal more than short-term bonds. In this environment, we suggest the following strategy.
Purchase bonds that are free of federal income tax for your taxable accounts.
All bonds should generally be rated at least AA by Moody's and Standard & Poor's or by at least one of these rating agencies. The bonds should fall into one of the following categories:
- Certain state general obligation bonds generally rated at least AA,
- Certain county and city bonds generally rated at least AA,
- Certain essential services bonds generally rated at least AA or
- Bonds of certain universities generally rated at least AA.
The bonds should be purchased to form a customized bond ladder designed for your financial needs. If you have no special needs, we recommend buying bonds with due dates ranging from 15 to 23 years to maturity with attention paid to first call dates.
Your customized bond ladder of high-quality bonds will result in the following outcomes:
- Preservation of your wealth,
- Creation of a reliable and predictable cash flow,
- Reduction of your federal income taxes and
- Preservation of wealth for your heirs.
Buy Individual Bonds Not Funds
When we speak of bonds, we do not include bond funds. There are many differences between individual bonds and bond funds. The following are a few highlights.
Bond funds are not bonds; they are quasi-equities that don't come due. Individual bonds have a due date. A fund has to sell bonds that no longer meet its objectives and purchase new bonds at current market rates. If interest rates are falling, the bond fund must purchase new bonds at those lower rates. If interest rates are rising and there are many redemptions, the fund must sell bonds into the rising interest rate market in order to meet their redemptions. An alternative is to keep substantial sums in cash earning nothing, which also lowers the fund's returns.
If you purchase bond funds, you are making a bet that interest rates will either stay the same or decline. If interest rates were to rise significantly, you are making a bet that you can time the market—turn and trade out before you lose a great deal of money. By comparison, while individual bonds may have the same market volatility as bond funds, as an individual bond approaches maturity its price will move closer to its face value and its volatility will decrease.
Although you can trade out of a bond fund more easily than individual bonds, since you can hold individual bonds until their maturity and receive a fixed amount (the bond's par value), you will not have to trade them to get your investment back. Trading in and out is expensive and is for professional traders. Individual investors generally find it quite difficult to make two right decisions: when to buy and when to sell. If you sell at a profit, Uncle Sam is the first one to congratulate you and take his share.
It is not possible to determine the cash flow that you will receive on a bond fund because of a number of variables: trading results, future interest rates, expense ratios, trading costs and changes in holdings. Reporting of fund returns varies from fund to fund.
|2013 Tax Bracket
|Return (%)
Many bond funds invest in lower-grade (riskier) bonds to stay competitive with other bond funds and to cover their fees and expenses. Some funds are leveraged (use borrowed money) and thus are more volatile than individual bonds. They may be benchmarked to show performance, but the benchmark may itself keep changing. Some funds also use derivatives in the hope of increasing their returns. This will also magnify their losses.
Here are our recommendations for how you should proceed in today's "low" interest rate environment:
- Define your objectives and financial needs. We always can use more, but if you look at the bottom line, you can provide for what you absolutely need and then work for the rest.
- Determine your asset allocation between how much of your portfolio you wish to keep safe in a custom bond ladder and how much you will use to speculate.
- Don't worry about timing interest rates in the market—you probably can't anyway.
- Set up your custom bond ladder now to generate a consistent cash flow.
- Invest your taxable account in high-quality tax-free municipal bonds.
- Sit back and relax knowing that if interest rates go up after you establish your bond ladder, that is your upside investment case.
A final and important note for investors in a high tax bracket: The yield to maturity on a long-term high-quality municipal bond in April 2013 is now 4.00%. The tax-free equivalent return for a 4.00% yield to maturity for taxpayers in various tax brackets is displayed in Table 1. These may be attractive returns for high-quality investments if predictions of the so-called "new normal" turn out to be accurate.
Stan Richelson is a representative of Scarsdale Investment Group, a registered investment adviser based in Blue Bell, Pennsylvania, that specializes in fixed-income investments. Stan and Hildy Richelson are co-authors of several books on bonds, including "Bonds: The Unbeaten Path to Secure Investment Growth," Second Edition (Bloomberg Press, 2011).
Walt B from FL posted over 3 years ago:
This article advises using individual bonds vs bond funds. You can find a publication ("A topic of interest: Bonds or Bond Funds") on the Vanguard web site that recommends the opposite. Vanguard focuses on increased liquidity,lower transaction costs (bid-ask, wholesale vs retail) and the diversification advantages of funds. They also recognize the control advantages from individual bonds.
It sure would be nice to see some real numerical analysis. Individual bonds are an asset class as are bond funds. When calculating the efficient frontier, you can use either. What's the difference in expected return for a simple asset allocation, viz., 60:40 stock index: bond using the two different bond asset classes?
Howard... from Oregon. posted over 3 years ago:
I hold Oregon mutual's, in an state fund that has a fairly long duration, but covers all taxes
(Oregon tops at 9.3%) The price has increased, as well as the return. My other major holding is
in the Vanguard Hi Yield bond fund. The asset value of this fund has increased nicely, and the return, in an IRA account, defers the taxation.
OK, I am sitting on a time bomb when rates move up. I still recall the hit I took in the 90's sitting on bond funds! However as long as Uncle Ben continues the current policy game I feel ok. When I see a change afoot, I will go to cash. This is easy to do with these funds.
Lee from MD posted over 3 years ago:
Planning on holding a ladder of longer term bonds to maturity in our old age (say 85 plus) may not work so well providing income while we are alive. I would appreciate an analysis proving feasibility of this situation or a caution against using such a ladder should be added. Over which age groups does the article's recommendations apply?
David from Vermont posted over 3 years ago:
As Walt B says, it would be nice to see some numerical analysis - what does happen to a bond fund, in absolute terms, with rising interest rates and redeposited interest dividends? How does that compare to a bond ladder? And does a bond fund merely make immediate the lost interest that is hidden in a ladder? Which in dollar terms returns the more over years of up or down markets? Thank you.
skibutch. from California posted over 3 years ago:
I thought this was a very informative article. When you buy a bond, your principal is protected from market fluctuation. I find this comforting in the current environment.
However, it is important to remember that even with the principal protection, you can loose a lot of valu to inflation.
MP from NY posted over 3 years ago:
If for all those years the High yield bond funds were doing good, if we were to take a hit when interest rates go up, I believe we are still better off then keeping it in cash or low yielding bonds(in tax deferred account). If we are long term investors, I don't see a problem with a quality High Yield Bond Fund.
Jay from California posted over 3 years ago:
Walt - Where is that Vanguard article on their site? I couldn't find it.
Jay from California posted over 3 years ago:
What I don't understand about this article is that it is suggesting laddering your bonds with due dates from 15 to 23 years, while elsewhere in the article it talks about time frames of five to ten years. I don't want to lock up my money for a minimum of 15 years when interest rates may be going up in the next few years - I will want to cash out then and invest in higher-yield bonds. Also I am within about 12 years of retirement age. It would seem to make sense to invest in bonds with a maturity of from 2 to maybe 5 years, no?
Samuel Dollyhigh from SC posted over 3 years ago:
I agree with Jay. I was surprised to read 15 - 23 years as a recommendation. As the article states - shortening up on duration would protect against rising rates. I don't know why you wouldn't want to do this in the current environment. To me the bond ladder should start somewhere between 2 and 5 years and then extend from there to longer duration bonds.
hildy from Pennsylvania posted over 3 years ago:
We recommend bonds in the 15 to 23 year range because that is where the yield is. That is the same reason Willy Sutton gave when he asked why he robbed banks. "That is where the money is." he replied. If the Fed starts to raise short-term interest rates, then our recommendation would probably change. However, if you want some yield 2 to 5 year maturities just doesn't do it! 5-year Treasuries are currently paying 0.83% taxable, while double-A rated munis are paying 0.99%. 20 year munis with the same rating are paying better than 3% currently, federal, state and maybe local tax-free.
SJ from NY posted over 3 years ago:
Buying individual bonds seems to be the way to go, but there is enough literature out there that says that it is not for the retail investor. Unlike stocks, the bond market is not very liquid and that one could get squashed by the bid-ask spread. Few articles seem to address this issue. Of course, if one directly buys from the Treasury, one avoids this problem, but for corporates and municipals one has deal with the spread. I have also noticed the lack of articles, even in the AAII, about how to intelligently go about buying bonds.
Hildy from PA posted over 3 years ago:
The problem with high yield bond funds is that there has been such demand for yield that the spreads between the high yield bonds and investment grade bonds have narrowed. You can expect the spreads to widen as interest rates on higher quality bonds improve and more pressure is put on the strained resources of the issuers of those high yield bonds.
For a bond investor, rising interest rates are the upside case if you can reinvest the interest payments into higher yielding bonds. It is like income averaging up for stock investors.
SJ Please read about buying individual bonds in our book: BONDS: The Unbeaten Path to Secure Investment Growth, 2011 - second edition.
Thank you for your remarks, David.
Lee, losses are not hidden in the ladder because the bonds ultimately come due at face value. The bond funds never come due. This is why bond funds use the concept of modified duration, which is the amount of time it takes to get interest and principal back. Each year implies a 1% change in the price when or if interest rates go up or down 100 basis points.
Thank you for your comments.
Ian from Pa posted over 3 years ago:
This was a very interesting article. I also think that an alternative ladder could be built with some of the new defined maturity ETFs currently offered by iShares and Guggenheim. I wonder if anyone else has any thoughts or experience with these.
Charles Rotblut from IL posted over 3 years ago:
Hi Ian,
I'm starting to look into defined maturity funds for a future AAII Journal article.
-Charles Rotblut
Bernie Tarango from CA posted over 3 years ago:
This is a very one sided article.... there is no mention of transaction costs ( especially with the low amount 100K of investment). Also, there is also the risk of loss ( even with high quality) that are not factored. Very disappointed in the analysis and presentation of facts.....
Harry from PA posted over 3 years ago:
A couple of quick points.
Willie Sutton never said that, but did use it for the title of a book.
If you can't find an article at a web site, for ex. Vanguard, use Google. Google's search is better at finding articles anywhere on the web than VG's search is for just its own web site.
For me the argument that a bond doesn't lose value but a bond mutual fund does is equivalent to sticking your head in the sand. If a I bought a bond yesterday and put it in my safe deposit box, it's easy to ignore the fact that I just "lost" money today because rates went up.
But if you don't sell then you don't lose anything either way.
James Pier from OH posted over 3 years ago:
There's a reason Warren Buffett's asset allocation advice is a whole lot different than 100% bonds.
1. The Richelsons' advice is clearly biased, and AAII owes it to its membership to publish that caveat. If one's entire advisory business is built on advising investors to invest in bonds, not to mention selling books with that advice, then one is not about to come out and say that bonds are the wrong place to be, or even relatively high risk in the current environment.
2. The long-term average returns for stocks and bonds and other asset classes are interesting, but certainly not dispositive in making decisions. One must consider each alternative at the then available market price. Buying high, even if one doesn't intend to sell low, can only lead to lower-than-average returns over time. As the authors rightly point out, one difference between bonds and stocks is that bond prices tell you right up front what the held-to-maturity return will be. Bonds are currently so close to their ALL-TIME highs as to make their purchase at least very questionable. Find a long-term chart of bond prices and see for yourself--buying now looks crazy. In hindsight, buying stocks in late 1999 was a bad idea, but it sure was easy to feel smart doing it then.
It makes no difference that "nobody knows when rates will go up." The fact is that yields are very low--inadequate to build wealth and dangerous vis a vis maintaining wealth while drawing income. Unless one is already quite wealthy, 100% bonds is as sure a loser as one can find among the various asset classes. It is not a question of whether bond prices will fall, only when, how much, and how fast.
3. What difference does it really make if I ladder my portfolio? Suppose I hold 10 bond positions of laddered maturity, and one of them comes due during a higher-rate environment. I can reinvest 10% of my portfolio at a higher rate. Oh good. The other 90% I hold at a loss, whether I want to sell them or not, and I continue to suffer with their dismal yields. Building a bond ladder of 15-23 year duration today means locking in low returns on most of your portfolio for an awfully long time.
Hildy Richelson from PA posted over 3 years ago:
Dear Mr. Pier,
We cannot foresee the future and therefore cannot advise our clients to try one investing alternative rather than another based on prospective outcomes. What we suggest is a low cost strategy that has fairly predictable outcomes. We do not say that it is perfect, nor do we say that this is the solution for every investor.
For high net worth individuals, and investors who follow the credo "Slow and steady wins the race," investing in high quality individual bonds creates a predictable stream of income. As interest rates rise, they can reinvest the income into higher yielding bonds.
I don't know about you, but I prefer to reinvest at higher interest rates. Waiting until they rise has its own costs, as many investors found. They created five year, short-term bond ladders yielding nothing because they knew that interest rates would soon rise. They lost the opportunity to have the interest payments compound - the basis of growth in bond investing.
Stock market investors required extraordinary staying power to wait more than ten years until stock prices picked up. Long term stock investors saw volatility for many years, but it was not until 2012 that the stock market finally rose above the March of 2000 high.
There is no perfect advice for anyone. Each of us has to weigh the information and then chose the best path. Investing in high quality bonds provides greater predictability, and some investors may chose that despite the downsides.
Stephen Sanders from NY posted about 1 year ago:
Very biased article on buying individual bonds---AAII should state a disclaimer.....
I am in all funds---have been for years----doing very well....
Hildy Richelson from PA posted 3 months ago:
I am very happy for those who are doing well. Mutual funds and ETFs are bets that the markets are favorably rising. Both bond and stock market have been doing just that.
Every investment style has advantages and disadvantages. I would much rather see someone with limited understanding and experience invest in a fund than an individual security because they get more diversification and are therefore better protected.
However, there is a real place for investing in high quality individual bonds. Individual bonds are the only investment where the bonds come due. You do not need someone else to buy your position to exit the investment. They pay steady and reliable interest. For those who have an interest, please look me up.
TERRY from TX posted 2 months ago:
I wish to thank everyone for their experience and thoughts mostly for the first.
Let us "know" as the yield goes up the prices goes down. The best is when bond prices are low and yield later (real soon) goes high, "when" it cannot do anything different even if it is a company bond. This only counts if we can sell anytime that happens. Good luck with that. You sell what people globally need and other countries need money and sell first our bonds instead of using it as a safe haven as before. It is your choice I prefer to be safer. Not sure how.
You can get both first from bad companies and ""sometimes' from those who do not want to fall into that group, but no one I know based on fundamentals and growth because of cooked accounting does cannot change garbage in from being garbage out. We need to live a fantasy that we control behind the curtain legally.
Bonds of all kinds are good a small percentage of time now; if they follow 2 principals buy low sell high and have a buyer who can do the same. 99 % of all corporations
are in debt think stock buyouts and insider selling at an all time high, think bankruptcy with laws changing for banks in trouble and not you. Your choice there may be 6 companies to win and at the right time not now I guess for gov or banks thinks pawn shops and rental centers!
Samir Desai from TX posted 2 months ago:
This article is from 2013. AAII should not recirculate out-of-date articles.
As someone else pointed out, this an extremely biased and dangerous article. It also shows the ignorance of authors with regards to the convex nature of the yield curve, and its consequences on duration. Duration of a bond is the value of a tangent at each YTM (yield-to-maturity) point on the yield curve.
When the rates turn up, BONDS OF ALL DURATION LOSE VALUE. LADDERING SIMPLY MEANS "short duration bonds lose less when compared with longer duration bonds for the same credit risk." How much less depends on the steepness of the yield curve. This is an immutable fact, not open for questioning.
So far, bond investors have greatly profited not just in interest, but also in capital gains. The time period between 8/1/15 and 7/31/16 has been extremely abnormal in the sense that so called "risk free" investments such as the US Treasuries have greatly outperformed risky investments such as equities. Modern Portfolio Theory tells me that such abnormality must reverse. Equity investors must be compensated for the risk they took OR the treasury investors must suffer great losses.
Authors should have clearly pointed the great risks in all bonds if the rates were to rise.
James Harless from TN posted 2 months ago:
well, with an article opposed to bond funds at this time, it follows that this view is in opposition to target date vanguard and other such target date funds that use bond funds, not individual bonds, to fill out the need for downside market protection, with some limited percent in stock mutual funds and most in bond funds held by Vanguard or others. So this logic seems to imply increased risk to target date funds , since the rise in interest rates is so slow it will likely be long term up like it has remained long term down on interest rates, so there goes some value added that once did exist for target date funds, like Vanguards funds. They are offered and held by many in my employer sponsored 401K, in my retirement. Change from target date fund to what, most folks who own target date do not wish to own or do not have experience to buy bond ladders or individual bonds, and those are less liquid than the funds appears to be another down side.
Bryan Martz from OH posted about 1 month ago:
Most of my money is in Vanguard and agree with most of their advice. However, we are now at 35 year bull market of fixed income prices (i.e., declining interest rates). My fixed income allocation is to smooth out the crazy declines in my equity allocation, e.g. 2008, so I can sleep at night. Think insurance. I no longer, after 35 years of investing, and also teach investing, use any bond funds. In my IRA, I only use new issue federally insured bank CD's , laddered, for my fixed income allocation.
NO one knows when and how interest rates will move, but the odds are increasing the direction is up. If you are in Vanguard Total Bond Fund, you will be ok IF rates go up very slowly. My current technique, not only covers all future outcomes of rate moves, but also gives you federal backed insurance on all fixed income which the bond fund can only partially do if you have large sum of $. My technique gives full protection for each CD , per individual, per bank, up to $250,000 each.


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Festival to celebrate fly fishing
July 31, 2013 —
LIVINGSTON MANOR, NY — The Catskill Fly Fishing Center and Museum (CFFCM) will present Summerfest, with its Anglers Market, Hardy Cup, Canvas Paint Out, Jubilee Day and more on August 3 and 4 at the center.
The Anglers Market features over 100 tables of fly-fishing and outdoors sports-related equipment, collectibles, fly tying materials, old rods, reels, and more. The market runs Saturday at 8:30 a.m. and Sunday from 9 a.m. until 3:30 p.m.
Once again, CFFCM will host The Hardy Cup, a bamboo-rod casting contest. This event consists of three competitive casts: two for distance and one for accuracy. You'll have a chance to win a Hardy flyreel. After casting for the Hardy Cup is completed, Hardy provides a pig roast barbeque. This no charge and everyone is welcome. On Sunday after casting has been completed, all winners will be announced at 1 p.m.
New this year will be an arts and crafts show, and the first outdoors art show in cooperation with Canvas, a monthly arts, culture and entertainment newspaper distributed in the greater Orange County area. Artists will have their art for sale, and they will also do a Paint Out, which asks each artist to create a theme to complete over the weekend. All paintings will be featured in an art show in the Wulff Gallery and runs from August 15 through October 18.
On Sunday will be the annual Jubilee Day to celebrate events and special occasions that end in three. If you have a birthday, anniversary, or other special day ending in a three, CFFCM will provide the cake at 1 p.m. Although Agnes Van Put's 97th birthday does not end in a three, it will be celebrated. If you would like to be included, call 845/439-4810.
At 3 p.m., in the Wulff Gallery, assemble to celebrate the life of 'Doc' Allan Fried. Join CFFCM for a farewell and celebration.
Visit www.catskillflyfishing.org or call 845/439-4810.


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"We applaud teachers in Prairie Grove District 46 for continuing to work during tough contract negotiations with the school board. Unlike the Chicago Teachers Union, which left students and parents stranded for the better part of two weeks earlier this month when its members went on strike, District 46 teachers are putting children first by staying on the job even though negotiations have stalled."
– Northwest Herald Editorial Board, Sept. 27, 2012
So much for putting children first.
In the wee hours of Friday morning, District 46 teachers decided to walk out on their students, 1,000 or so kindergartners through eighth-graders in Prairie Grove. Friday's classes were canceled, and parents who received automated phone calls about the time they hit "snooze" on their alarm clocks had little time to figure out what to do with their children.
Just like the Chicago teachers before them, it was a selfish decision motivated by their own self-interests and with no concern whatsoever for their students.
Later Friday, after a public bargaining session that lasted almost eight hours, the union and school board reached a tentative agreement on a new contract. The union's 74 members still have to ratify the deal, but teachers will, thankfully, be back to work Monday.
Did the strike force the hands of the school board's negotiating team into making a deal that's not so good for District 46 taxpayers? We won't know that until the details are released after the vote.
Regardless of whose side you were on during the contract talks, teachers should have continued to work.
What message are they sending students by going on strike, even if just for a day? I'm not getting my way, so I'll just take my ball and go home. That's a pretty lousy example to set.
And the District 46 strike might not be the only one that will affect area students this semester.
Teachers from Carpentersville-based District 300 are meeting today to vote on an intent-to-strike measure that could have them walking out on students in a few weeks. While today's vote is largely procedural and doesn't mean teachers will strike, I still urge them to vote against it. By rejecting it, they'd send a message that, in fact, their students come first.
• • •
Election coverage: The Northwest Herald Editorial Board begins its endorsement process on today's Opinion page with recommendations in our area's two contested races for Illinois General Assembly – House District 52 and Senate District 26.
The board's endorsements will resume Tuesday and continue through Sunday. It also will make endorsements in all six McHenry County Board districts, in the county's two new congressional districts (6th and 14th), in the race for U.S. president and in the referendum that asks voters whether they want to change to the county executive form of government.
We don't take our endorsements lightly. We've had an opportunity to meet the candidates (with the exception of President Barack Obama and Mitt Romney). We listened to them discuss a variety of issues pertinent to their races. We've read their responses to our questionnaires. Based on that and any other information available, we make our endorsements.
Remember, though, that our endorsements are simply recommendations. They are not meant to end the discussion. They are part of the discussion.
It's up to each individual voter to make an informed decision. To help you do that, we've uploaded each of the candidates' responses to our written questions onto our website. We're also in the process of uploading videos from our face-to-face meetings. Check them out at NWHerald.com/election.
• • •
Comings and goings: There were a couple of notable news items last week about new hires to important community organizations, and one significant item about a departure ... or soon-to-be-departure, anyway. I'll start there.
For the first time in 12 years, Lake in the Hills will have a new village president after next spring's consolidated municipal election. Three-term Village President Ed Plaza announced last week that he does not plan to seek a fourth term.
When Plaza first took office in April 2001, Lake in the Hills' population was about 25,000. Since then, the village's population has grown about 16 percent to 29,000, with most of that growth coming in his first two terms.
During his tenure, Plaza oversaw land acquisition and construction of the new village hall, improvements to the Lake in the Hills Airport and significant retail growth, particularly along Randall Road.
There will be plenty of time to wish Plaza well on his next endeavor. But let me be among the first of many to do so.
• • •
Now, the comings: Congratulations to Siobhan Cottone, who was hired by the Lakeside Legacy Foundation's Board of Directors as the foundation's executive director.
I worked with Cottone briefly when she was development director at the Pioneer Center for Human Services, whose board I sit on.
As executive director, Cottone will lead the foundation's mission of supporting the arts in the area. Lakeside is located at Crystal Lake's historical Dole Mansion. Among many other events and important projects, the foundation organizes the annual Lakeside Festival on the Dole grounds near the city's namesake lake.
Also congratulations to Robin Doeden of Lake in the Hills, who started her new job as CEO of the McHenry County Community Foundation on Monday. Doeden most recently was executive director of the Chicagoland Lutheran Educational Foundation. As CEO of the Community Foundation, she'll be in charge of fundraising, distributing grants to local nonprofits, and working with those nonprofits to improve their fundraising efforts.
• • •
No Bears: With the Bears on their bye week, many readers will have a few extra hours today to enjoy time with the family, get some additional chores done around the house or in the yard, or just be lazy.
I, on the other hand, will be watching the miserable Browns invent a new way to lose a game they likely had a chance of winning.
Getting an early start on raking actually sounds pretty good right now.
Enjoy your Sunday.
• Dan McCaleb is senior editor of the Northwest Herald. He can be reached at 815-526-4603, or by email at firstname.lastname@example.com.


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Rep. Donna Edwards tries her hand at flying a plane in UMES' flight simulator.
WASHINGTON – (Jan. 28, 2012) - Congresswoman Donna F. Edwards (MD-4th) continued her "2014 HBCU STEM Tour" Tuesday with a visit to the University of Maryland Eastern Shore.
Rep. Donna Edwards tries her hand at flying a plane in UMES' flight simulator.
Edwards met with university President Juliette B. Bell, and toured UMES's 17-acre solar energy collection facility, the Child and Family Development Center and a flight simulation lab used by aviation science students.
As a senior member of the House Science, Space and Technology Committee, Edwards is visiting historically black institutions to tour their facilities and gain additional insight on how best to engage women and minorities in the science, technology, engineering and mathematics fields – collectively known as the "STEM" disciplines.
"I enjoyed the opportunity to witness firsthand the important work being done by President Bell and the University of Maryland Eastern Shore," Edwards said. "We must engage women and minorities in the STEM fields so that they can compete and excel in a 21st century, global economy.
"It was great to see this taking place on Maryland's Eastern Shore. In the coming months, I will be working with my colleagues on the Science Committee to advance legislation that invests in STEM education and promotes innovative approaches to preparing our young people for careers in the sciences," the congresswoman said.
Rep. Donna Edwards and President Juliette Bell
Rep. Donna Edwards and President Juliette Bell
Bell, her cabinet of advisors and senior academic leaders gathered before the tour to brief Edwards on what she could anticipate seeing during her visit, which also took her to stops in UMES' biology department and health sciences.
"As a biochemist and former research scientist, I am delighted to be at the helm of the University of Maryland Eastern Shore, where we have a strong focus on developing the next generation of science, technology, engineering, agriculture, and technology professionals to meet the workforce needs of the state, nation and world," Bell said.
"We applaud Congresswoman Edwards for her leadership and look forward to working with her to advance women and underrepresented minorities" in those fields, Bell said.


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A new opera at Lorain County Community College will tell the timeless story of "Job."
The fresh and energetic opera will be performed at 7:30 p.m., Friday, October 19 and at 3 p.m., Sunday, October 21 at LCCC's Stocker Arts Center. Tickets are $15 each or $10 senior citizens, LCCC students, staff and faculty. Group discounts are also available. Tickets can be ordered online at http://www.stockerartscenter.com/, or by calling the Stocker Arts Center box office at (440) 366-4040 from 12-6 p.m., Monday through Friday. Tickets are also available at the box office, located in the lobby of the Stocker Arts Center.
"Job" is the work of Robert Beckstrom, dean of LCCC's arts and humanities division. The opera breathes new life into the ancient text and addresses the question of why bad things happen to good people. In the Old Testament story of Job, God and Satan make a bet based on the most upright and pious man, Job. Satan wagers that if Job were to lose all his wealth and possessions that Job would then curse God. Job loses everything, except his unsympathetic wife, and later is covered with boils that torture him physically. Three friends come to console him with accusations, insisting that Job's sinfulness is the cause of his misfortune. Job pleads for justice and to have audience with God. Finally, God speaks.
The opera is fully staged with cast, chorus and orchestra. Up-and-coming baritone Mark Wanich will play the role of Job.
Purchase your tickets today for this innovative opera.
For more information about this and other events at LCCC's Stocker Arts Center, visit http://www.stockerartscenter.com/.


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Petite Embellished Novelty Stretch Tunic
Style: 570112559
Out of Stock
Metallic sequins, mixed metal beads and clear rhinestones embellish the neckline of this horseshoe keyhole tunic for a touch of glitz to a laidback look.
- Semi-fitted stretch silhouette.
- 3/4 baby bell sleeves. Horseshoe neckline. Noveltry texture stitch.
- Tunic style. Side slits.
- 77% cotton, 23% rayon. Hand wash, cold. Imported.
- Regular length: 29" from shoulder.
- Petite length: 27 5/8" from shoulder.
Read more… Read less…


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Knee Pain Health Center
Image Collection:
Human Anatomy
© 2014 WebMD, LLC. All rights reserved.
The knee is one of the largest and most complex joints in the body. The knee joins the thigh bone (femur) to the shin bone (tibia). The smaller bone that runs alongside the tibia (fibula) and the kneecap (patella) are the other bones that make the knee joint.
Tendons connect the knee bones to the leg muscles that move the knee joint. Ligaments join the knee bones and provide stability to the knee:
- The anterior cruciate ligament prevents the femur from sliding backward on the tibia (or the tibia sliding forward on the femur).
- The posterior cruciate ligament prevents the femur from sliding forward on the tibia (or the tibia from sliding backward on the femur).
- The medial and lateral collateral ligaments prevent the femur from sliding side to side.
Two C-shaped pieces of cartilage called the medial and lateral menisci act as shock absorbers between the femur and tibia.
Numerous bursae, or fluid-filled sacs, help the knee move smoothly.
Today on WebMD
If you're living with knee pain, try these.
Everything you wanted to know about it.
When it comes to knee pain.
Read this first.


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Kaiser Bakeware Pattisserie Assorted Linzer Cookie Cutter ReviewsPosted: May 28th, 2010 | Author: admin | Filed under: Under Cabinet Tips | Tags: Assorted, Bakeware, Cookie, Cutter, Kaiser, Linzer, Pattisserie, Reviews | No Comments »
Make your own Linzer cookies at home with this set of 5 assorted Kaiser Bakeware Pattisserie Linzer Cookie Cutters. This set includes shapes in heart, star, tulip, flower, and clover, perfect for any time of year.
Technical Details
-Now you can make your own linzer cookies at home
-Includes a heart, star, tulip, flower, and clover with small designs in center of each cookie cutter
-The 2-in-1 cookie cutter set allows your to make your favorite stacked, jam filled cookies with ease
-Recipe card included
-Perfect for year round
Customer Reviews
"Kaiser Bakeware LInzer Cookie Cutter Review"
By R. Rom
Kaiser Bakeware Linzer Cookie Cutter Set
This set is exactly what I was looking for. It came quickly and I was pleased with the quality. I somehow thought that it would come in a clear plastic container box where the cookie cutters could also be stored in (thought I saw it pictured that way on the site although it is no longer pictured that way now). They come in a corrugated cardboard box but that's fine.
It comes with a recipe too.
The cookies came out nice and are quite good!
"What a great cutter!"
By V. Castle (NJ)
I purchased the holiday set (same cutter, different inserts) and let me tell you, I baked over 150 cookies this holiday season (over 300 cookies if you count tops & bottoms). The recipe that it came with was excellent; although the recipe yielded more than it said it would, which was really no problem. I had no trouble with the inserts, but since I was making such large quantities, I did dip the cutter in flour after every 50 cuts or so. I think it's a great cutter and I will purchase the "everyday inserts" as well.
"linzer cookies set"
By Maria S. Colaianni (Florida)
I really loved the linzer cookies set I received, I already made some following they inclosed recipe and the looked professional.
Cuisinart Classic Stainless Steel 8-Piece Cookware Set
KitchenAid Gourmet Essentials 10-Piece Brushed Stainless Steel Cookware Set
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Hallowed Ground
Art Center's Catherine Menard unveils her design for Pasadena's Armenian Genocide Memorial
By André Coleman , Kevin Uhrich 04/25/2013
Details of a long-awaited memorial of the Armenian Genocide were unveiled for the first time Sunday at Pasadena's Art Center College of Design during a special presentation attended by top school officials, Mayor Bill Bogaard and other leaders from the city and the region's Armenian community.
The design, created by 26-year-old Art Center student Catherine Menard, was chosen from 17 applicants reviewed by members of the Pasadena Genocide Memorial Committee (PASAGMC), which includes former Mayor Bill Paparian, former Pasadena Police Chief Bernard Melekian and former state Assemblyman Anthony Portantino of La Cañada Flintridge.
Members of the committee's three-member jury panel — contractor Neshan Peroomian, artist and architect Rouben Amirian of Glendale and prominent Pasadena architect Stefanos Polyzoides — selected the work submitted by Menard, an environmental design major at Art Center.
"The project really fulfilled what we set out to do, which was to meet the expectations of the community in excellence and design," Paparian, host of Sunday's event, said of Menard's work, which still needs approval from the City Council. If approved by the council, the memorial would be placed near the northeast corner of Memorial Park, near Old Pasadena, its construction and upkeep paid for with donations.
Meanwhile, Democratic Congressman Adam Schiff of Burbank renewed his longstanding calls for the United States government to officially recognize the Armenian Genocide, which claimed the lives of as many as 1.5 million children, women and men between 1915 and 1923. On Wednesday, Schiff, speaking in Armenian, introduced a resolution calling on Congress to formally recognize the Armenian Genocide.
"I urge you to acknowledge the Armenian Genocide in your statement this year, to call genocide genocide and to stand with the ever-dwindling number of survivors, as well as the descendants of those who were lost, and who must otherwise continue to suffer the indignity, injury and pain of denial," wrote Schiff in a letter to President Barack Obama.
Schiff's letter to Obama was publicly released a few days before Sunday's ceremony at Art Center, where Menard's designs were revealed to an approving audience. To help promote the project, the committee produced a seven-minute public service announcement about the Armenian Genocide narrated by Portantino, which appears at the Web site, pasagmc.org.
The circular design features a 16-foot-tall tripod at its center. From the apex of the three beams will fall a single drop of water every 21 seconds, totaling 1.5 million drops — tears — a year for each of the victims of the government-sponsored atrocity, considered the first genocide of the 20th century.
"It hit me when I realized it was one drop every 21 seconds," said Menard, who is not Armenian but of Cajun ancestry.
"That it was three deaths a minute, and then internalizing the visual of a death, three in a minute, that's what just floored me. That's when it just got into me. I cried for a whole day," she recalled.
The design was set to be put on display Wednesday — April 24 is considered to be the actual day the killing started — at Pasadena City Hall. The Pasadena City Council has issued an annual proclamation commemorating the Armenian Genocide on April 24 for more than 30 years.
Like every year, Wednesday's events were scheduled not to conflict with events taking place later that night at the Armenian monument in Montebello, where the earliest Armenian settlers in Los Angeles County often congregated, along with many others committed to recognizing the Armenian Genocide.
Menard said she knew nothing of the Genocide before she started the project, which was part of Designmatters, an Art Center program focusing on humanitarian need and social change. However, she spent time researching the event before starting on the creation of the memorial. She was later inspired by a poem by Siamanto, an Armenian poet killed on the first day of the Genocide, which read: "Don't be afraid / I must tell you what I saw / So people will understand / the crimes men do to men / For two days, by the road / to the graveyard."
The poem inspired Menard to propose the tripod, which resembles a death structure from which many Armenians were hanged.
The Genocide — also known among Armenians as the Great Crime — began in 1915 and, by the time it ended eight years later, 1.5 million Armenians had been hanged, poisoned, drowned or marched into the desert to die at the hands of soldiers from the Turkish Ottoman Empire. Along with the Jewish Holocaust and the enslavement of African Americans, it remains one of the darkest episodes in human history, and one which the Turkish government denies to this day.
Turkish Deputy Consul General Arif Celik voiced his opposition to the project on an Aug. 9 visit to Pasadena Deputy City Manager Julie Gutierrez, Paparian said.
"Think about that," Paparian said on Sunday. "A foreign government visited City Hall to try and stop this memorial."
But it didn't work. The memorial is expected to be completed by 2015 — the 100th anniversary of the start of the Great Crime.
"The project is important to all people who want to make sure that human behavior of its worst nature is not repeated," said District 3 City Councilman-elect John Kennedy, who supported the project during his campaign. Memorial Park is within Kennedy's district.
"Never again applies to a whole host of cultures and a whole set of activities we never want to see happen again," Kennedy said. "The fact you will have a memorial here in Pasadena is a physical representation of an internal desire for this type of behavior to never happen again."
Although the park has only been used to memorialize veterans of wars that Americans have fought in, Councilman Gene Masuda, whose East Pasadena district includes the largest Armenian population in Pasadena, said the city has already decided to place the Genocide memorial in Memorial Park.
"It's the appropriate place," Masuda said. "City staff recommended the park and the committee followed that recommendation. The PASAGMC has done everything the right way."
Since the US Census does not classify Armenian as a race and many Armenians register as white, it is difficult to estimate how many Armenians live in Pasadena. However, according to church membership rolls, there are about 20,000 Armenian Americans living locally.
Neighboring Glendale has the highest percentage of residents of Armenian descent in the United States.
"We have such a thriving Armenian-American community locally and throughout Los Angeles County and to see Art Center embrace the project, that young people have been so heavily involved, I can't wait to see it erected," said Portantino.
"This is an amazing project, both for the city of Pasadena and surrounding communities," Portantino said. Memorial Park, he noted, contains memorials to American wars, including Vietnam, a tribute Paparian helped bring about during his time on the council.
"To see that this is so tastefully integrated [with those memorials] I think will make it a very special and important destination for Pasadenans," Portantino said.
No mention was made Sunday of an alternative memorial design put forward by another group headed by former City Council candidate Chris Chahinian, who ran against Masuda in 2010. Chahinian broke off from the PASAGMC and formed the Armenian Community Coalition (ACC). The ACC met in March with city officials to discuss the design, maintenance and upkeep of that memorial, which is also expected to be completed by 2015. That project was designed by Vahram Hovagimyan, whose work was among the 16 others rejected in favor of Menard's work.
Paparian has called Chahinian's submission "a warmed-over reject."
Chahinian did not attend Sunday's event. Masuda said he was confident the city would choose the project that followed established selection procedures.
"I'm delighted and pleased to see what is happening," Masuda said of the warm reception Menard's work received from guests at Art Center. "It's been a long process."
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A Privacy Flaw, Thwarted
My student Brendan Hickey recently identified the following security hole.
A university (let's call it Orange University) wants to let its graduating students vote on their graduation speaker. They used to do it by paper; catching up with the times, they now do it on the Web.
They used to have a box into which you could type the name of your nominee. But that is surely problematic: people misspell names, you have to argue about how to count ambiguous votes, someone will vote for their pet bonobo, etc. Better (perhaps) to give them the names of all the students and let them choose. [Alert: if Orange U adopts a simple naming scheme for email addresses, a student can immediately screen-scrape a pretty plum list to sell a spammer. Brendan and I noticed this in a femtosecond; I don't know why this didn't occur to the university.]
Anyway, now you have a Web page where people are going to choose, and the software that processes the responses must distinguish between these choices. You have to associate a key with each student. You've already got a key for each candidate: their student ID number. So you use that as your key. Now anyone viewing the page source can immediately see which student ID number goes with which student name. So much for confidentiality.
I'd like to point out that Pete Hopkins's
send/suspend/dispatch, and the improved version of it by
Jay McCarthy, identify and solve just this code structuring problem in
a way that the privacy leak can never occur. For the most up-to-date
presentation of it, read section 3.2 and section 4 of
Maybe Orange U should be using Scheme.


text:
Headlines (News Releases)
Communications, Public Affairs & Marketing
Laurier connects Haitian and Canadian school principals
Apr 11/13| For Immediate Release
Steve Sider, Assistant Professor, Faculty of Education
Kevin Crowley, Director, Communications, Public Affairs & Marketing
WATERLOO When Laurier professor Steve Sider first went to Haiti about 10 years ago, he remembers seeing street vendors walking around Port-au-Prince with landline phones connected to a nearby store with a long cord. Today, smartphone vendors and cellphone towers are pervasive in Haiti a change that helped Sider create a Digital Mentoring Project to support school principals in one of the worlds poorest countries.
Sider, an assistant professor in Lauriers Faculty of Education, provides donated smartphones to principals in Haiti, and also connects education leaders in Haiti with principals in Canada on issues such as resources, curriculum development and communication strategies. He is looking for smartphone or charger donations to support the project.
A former school principal, Sider provides professional development to education leaders around the world. In 2003, he started providing workshops to education leaders in different regions of Haiti. But Sider soon realized it wasnt enough.
I would go for one or two weeks, and then six months would pass and there was this huge time lag, he said. I started to think about what I could do in between those visits, and when I realized how much wireless connectivity there is in Haiti, I had that aha moment, and the Digital Mentoring Project was born.
Smartphones also provide a chance for school principals within Haiti to support and connect with one another.
What were hearing from principals in Haiti is that prior to their involvement with the Digital Mentoring Project, they were basically islands unto themselves, said Sider. We have principals in remote schools who would have to travel a few hours to meet face-to-face. This project gives them access to colleagues they would never have otherwise met, and also provides them with support from people outside of the country.
On a recent trip to Haiti, Sider toured schools and universities with the director of the Ministry of Education in Cap-Haitian, Haitis second-largest city. In just a few hours, the director received 40 voice messages and well over 100 emails, which Sider said proves that smartphones are becoming an essential communication tool for educators.
No one knows what the future of any country is, but it seems to me that the foundation of any country has got to be education, said Sider. A population that can read and write, and consider, debate and analyze, is probably going to be a stronger nation. Something as simple as a smartphone has the potential to be part of the transformation of a country.
To donate a smartphone or a charger, please contact Steve Sider at email@example.com by May 2, 2013. You can also watch Sider talk about the Digital Mentoring Project at TEDxSixteenMileCreek.
View all Communications, Public Affairs & Marketing news
View all Laurier news


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Voters will get say on Barre's next big project
BARRE — They may not know it yet, but Granite City voters will soon be facing a make-or-break decision involving Barre's next big redevelopment project.
The city is under the gun to replace 16 units of affordable housing that were demolished to make room for City Place. The solution — a still-evolving project that has been dubbed Summer Street Center — will require voters to weigh in this fall.
Though the special election hasn't yet been scheduled, Mike Miller, the city's director of planning, permitting and inspection services, told city councilors this week a vote on the use of money generated by the city's new tax increment financing district will have to be held by mid-November.
Though the city is a bit player in a redevelopment project that would be financed, built and co-owned by the Central Vermont Community Land Trust and Housing Vermont, the council has committed to making every effort to provide parking for it. At a minimum the multistory building would replace lost housing and create a new ground-floor home for the land trust.
The possibility of relocating the Barre Senior Center to the proposed Summer Street campus remains on the table, though Mayor Thomas Lauzon said grander plans to incorporate a 15,000-square-foot YMCA-type facility are probably out of the mix.
"That's an idea that has quite a ways to go in terms of its viability," Lauzon said, suggesting lingering questions about operating costs, coupled with a schedule that can't wait for answers, meant thinking somewhat smaller than he had originally hoped.
Councilors were told replacing the lost housing isn't optional and a three-year federal clock started ticking under the Uniform Relocation Act in December. That's when the last of the residents were forced from two Merchant Street buildings that have since been demolished to make room for City Place.
Land trust Executive Director Eileen Peltier told councilors that to replace the housing, a development team — including representatives of the city, the land trust and Housing Vermont — will have to move swiftly to finalize a design and start locking down financing.
According to Peltier, the first significant funding application must be filed with the Vermont Housing Finance Agency in January. That, she said, means settling on the size of the proposed building by mid-October so a final design can be in hand by December.
Toward that end, Peltier said she was scheduled to meet Wednesday with representatives of the Barre Senior Center in an effort to better assess the organization's potential interest in relocating to the new complex. Preliminary discussions have included an allowance for 5,000 square feet of ground floor commercial space that could accommodate the senior center.
The city is taking the lead on the parking front, has agreed to deal with potential right of way issues, and must be prepared to apply for a community development block grant on behalf of the project in December.
Peltier said she was comfortable with the compressed schedule given the commitment of a team that includes Lauzon, Miller and City Manager Steve Mackenzie on the municipal side.
"We feel like it's doable," she said.
Lauzon was more emphatic.
"We're going to focus like a laser on this project, and we're going to get it done, simple as that," he said. He predicted the project would change the complexion of the neighborhood, upgrade housing and solidify a successful partnership between the city and the land trust that paved the way for City Place.
"We intend to do for Summer Street what we recently did for Main Street," Lauzon said, crediting the land trust for the role it played in a complex series of land transactions that kept the City Place project on track.
The land trust acquired two Summer Street properties — both home to apartment buildings that would be razed to make room for the complex that is now being discussed.
Though parking is a potential obstacle, the city has reached out to several nearby property owners in hopes of striking a deal with one or more of them. Those conversations are still preliminary but must soon get more serious in order for voters to approve the use of money generated by the city's TIF district to pay for the acquisition of property for parking.
Miller said the city will likely present voters with a request to purchase as yet unspecified properties in the vicinity of the Summer Street project, as well as two parcels on Enterprise Alley that are needed to create parking for City Place. The initial request, he said, would probably cover only the acquisition costs, and a subsequent vote would probably be needed to pay for developing parking.
Miller stressed all of the money in question would come from revenue generated by increased assessments associated with new development and redevelopment within the TIF district and would not require raising property taxes.
Miller said the message to voters will be simple: "This doesn't really cost you anything." He said voters will be told that City Place and Summer Street Center need parking, the city needs the money to give them parking, and the TIF district is the mechanism to get it.
According to Miller, taking advantage of TIF financing to pay for infrastructure improvements needed to accommodate development that expands the city's tax base is a no-brainer.
"The risk is minimal, and the upside is huge," he said.
With the brick façade now going up on City Place, a newly rebuilt Main Street, and the planned redevelopment of Merchants Row in the pipeline, Lauzon said, the city has a track record that he hopes voters can appreciate and outside funding agencies can't ignore.
"We don't overpromise, and we don't overreach," he said. "What we've shown in the last 12 months is funds invested in the city of Barre are funds well invested."
david.delcore @timesargus.comMORE IN This Just In
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Prevailing wage shouldn't hold up transportation bill
A rare meeting of state House and Senate leaders Tuesday was a signal that the Legislature is getting close to approving a transportation bill to improve Pennsylvania's hurting road and bridge system.
But it's also clear that everyone is going to have to give a little to turn the $2.3 billion House proposal into legislation.
On the spending side, it seems to be okay with just about everyone to raise the wholesale gas tax while removing a 12-cents-per-gallon tax paid at the pump.
Unfortunately, another part of the transportation plan includes the holy grail of trade unions, the prevailing wage law.
That law requires contractors on state-funded construction projects costing more than $25,000 to pay specific wages to various tradesmen. The wages are set by the Department of Labor and Industry and generally are tied to labor contracts in particular areas.
Unions are split on whether to give up the advantages of the prevailing wage law.
We like the attitude of Patrick Gillespie, business manager for the Philadelphia Building and Construction Trades Council, who voted in early October to support the change.
He said the change, though difficult, would be a path to putting more union members to work.
And while unions fear the change will lead to more non-union work on smaller projects, the state last year funded just 17 projects costing $100,000 or less.
Hopefully, the value and need for this transportation plan will provide the Legislature with the spine to take long-overdue action doing away with the prevailing wage law.
– Williamsport Sun-Gazette


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The most annoying songs of all-time. Check out our list of the songs that you just can't forget ... no matter how much you try.
The most annoying songs of all-time
Published On: Dec 23 2013 10:55:53 PM HST Updated On: Aug 22 2013 03:53:09 AM HST
The views expressed are not those of this site, this station or its affiliated companies. By posting your comments you agree to accept our terms of use.blog comments powered by Disqus


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Pineapple Upside Down Cake
- Prep Time: 15 min
- Cook Time: 35 min
- Ready Time: 65 min
- Yield: 12 servings
- 1/2 cup butter
- 1 cup firmly packed brown sugar
- 1 (20-oz.) can pineapple slices, well drained
- 10 maraschino cherries
- 1 package Pillsbury™ Moist Supreme® Yellow Premium Cake Mix
- OR Pillsbury™ Moist Supreme® Pineapple Flavored Premium Cake Mix
- 1 cup water
- 1/3 cup Crisco® Pure Vegetable Oil
- 3 large eggs
Preparation Directions
- HEAT oven to 350ºF.
- MELT butter in small saucepan over low heat; stir in brown sugar and heat until sugar dissolves. Spread evenly into 2 ungreased 9-inch round pans. Arrange 5 pineapple slices over brown sugar mixture in each pan; place cherry in center of each pineapple slice.
- COMBINE cake mix, water, oil and eggs in large bowl of electric mixer; mix at low speed until moistened. Beat 2 minutes at medium speed. Pour cake batter over fruit.
- BAKE 30 to 40 minutes or until toothpick inserted in center comes out clean. Immediately invert cakes onto serving plates. Serve warm.
- TIP To make cake in a 13 x 9-inch pan: Spray pan with no-stick cooking spray. Pour brown sugar mixture in pan. Place 10 pineapple rings in pan; insert cherry into center of each pineapple. Prepare cake batter and pour over fruit. Bake at 350ºF 40 to 55 minutes or until toothpick inserted in center comes out clean. Immediately invert onto serving platter.
Nutritional Information Per Serving
Serving Size (1 slice, 1/12 of cake), Calories 410 (Calories from Fat 160), Total Fat 19g (Saturated Fat 7g, Trans Fat 0g), Cholesterol 75mg, Sodium 370mg, Total Carbohydrate 59g (Dietary Fiber 1g, Sugars 24g), Protein 3g; Percent Daily Value*: Vitamin A 6%, Vitamin C 6%, Calcium 10%, Iron 8%.
*Percent Daily Values are based on a 2,000 calorie diet.
* Ensure all recipe ingredients are gluten free by referencing the ingredient labels, as products may vary. If uncertain, contact the ingredient manufacturer.


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Lounge chrome european paper holder
The Lounge™ Collection's floating ball design and slender, shapely posts lend a cool and carefree spirit to their surroundings.
- chrome finish is highly reflective for a mirror–like look that works with any decorating style
- european paper holder
- included template and mounting hardware take the guesswork out of installation
- metal mounting post for extra security
- corrosion resistant
- limited lifetime warranty
Product Specs
- assembled dimensions:
- 6.80"l x 3.40"w x 4.70"h
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Replacement Parts Tool
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We'll have to find out, maybe Morrison has put Coleman on some sort of training programme? If anyone can tell me different then I'll accept all answers
I think pace is the one attribute in the game that cannot be taught. Coleman is undoubtedly a fine player. I have always thought this from the first time I saw him, and have seen nothing to change my mind since. However, he does not have natural pace, and I suspect never will have, rather making up for this with speed of thought.


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America's most/least obese states
Published On: Aug 14 2012 10:30:47 AM CDT Updated On: Sep 23 2015 01:00:00 AM CDT
Obesity now affects nearly one-third of Americans, according to a newly released report. Take a look the latest rankings of the most -- and least -- obese U.S. states.
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The Administration on Aging awards OAA funds for supportive home and community-based services to the State Units on Aging (SUAs), which are located in every state and U.S. territory. SUAs are agencies of state and territorial governments designated by governors and state legislatures to administer, manage, design and advocate for benefits, programs and services for the elderly and their families and, in many states, for adults with physical disabilities. The term "state unit on aging" is a general term: the specific title and organization of the governmental unit will vary from state to state and may be called a Department, Office, Bureau, Commission, Council or Board for the elderly, seniors, aging, older adults and/or adults with physical disabilities. Regardless of the exact title, these state government agencies all share a common agenda of providing the opportunities and supports for older persons to live independent, meaningful, productive, dignified lives and maintain close family and community ties.
Funding for programs is allocated to each SUA based on the number of persons over the age of 60 in the state. Most states are divided into planning and service areas (PSAs), so that programs can be tailored to meet the specific needs of older persons residing in those areas.


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A Board of Water Supply contractor is scheduled to close two lanes at a time on South King Street at the Ward Avenue intersection beginning Monday, March 25, to replace distribution pipeline and appurtenances.
Roadwork will be conducted Monday through Friday from 8:30 a.m. to 3:30 p.m. The contractor will be replacing a 12-inch waterline installed in 1963, and an 8-inch waterline installed in 1959.
The work is being conducted as part of the ongoing Water System Improvement Project on Ward Avenue from Kinau Street to Kapiolani Boulevard. This project will improve fire protection, help to reduce the likelihood of emergency water main breaks, and enhance water service to residents and businesses in the area. Barring any unforeseen circumstances, the work on South King Street is expected to last approximately three weeks.
Motorists are advised to please try to use alternate routes if possible. Drivers traveling through the construction area are asked to please abide by posted traffic signs and allow for additional travel time.
The BWS encourages the community to visit www.boardofwatersupply.com for weekly project updates and traffic patterns, or call 748-5310 to hear a voice recording with the information. Questions and comments may also be directed to Community Planning and Engineering, Inc., at 542-7424 or to the BWS Construction Section at 748-5730.


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The U.S. Consumer Product Safety Commission (CPSC) and the U.S. Food and Drug Administration (FDA) today warned consumers to stop using infant sleep positioners. Over the past 13 years, CPSC and the FDA have received 12 reports of infants between the ages of 1 month and 4 four months who died when they suffocated in sleep positioners or became trapped and suffocated between a sleep positioner and the side of a crib or bassinet.
Most of the infants suffocated after rolling from a side to stomach position. In addition to the reported deaths, CPSC has received dozens of reports of infants who were placed on their backs or sides in sleep positioners, only to be found later in potentially hazardous positions within or next to the sleep positioners.
"The deaths and dangerous situations resulting from the use of infant sleep positioners are a serious concern to CPSC," said CPSC Chairman Inez Tenenbaum. "We urge parents and caregivers to take our warning seriously and stop using these sleep positioners, so that children can have a safer sleep."
The two main types of infant sleep positioners are flat mats with side bolsters or inclined (wedge) mats with side bolsters.
Flat Mat
Both types of sleep positioners typically claim to help keep infants on their backs and reduce the risk of Sudden Infant Death Syndrome (SIDS). The FDA has never cleared an infant sleep positioner to prevent or reduce the risk of SIDS. In addition, CPSC and the FDA are unaware of any scientific studies demonstrating that infant positioners prevent SIDS or are proven to prevent suffocation or other life-threatening harm.
"To date, there is no scientifically sound evidence that infant sleep positioners prevent SIDS," said Dr. Joshua Sharfstein, FDA Principal Deputy Commissioner and a pediatrician. "We want to make sure parents, health care professionals, and childcare providers understand the potential risk of suffocation and stop using infant sleep positioners."
Sleep positioners also typically claim to do one or all of the following: aid in food digestion to ease colic or the symptoms of gastroesophageal reflux disease (GERD); and prevent flat head syndrome (plagiocephaly). In light of the new safety data, FDA believes any benefit from using these devices to ease GERD or prevent plagiocephaly is outweighed by the risk of suffocation.
CPSC and the FDA are warning parents and child care providers to:
The American Academy of Pediatrics does not support the use of any sleep positioner to prevent SIDS.
Manufacturers of infant sleep positioners with medical claims that have not been reviewed by the FDA should stop marketing those products until they submit, and the FDA clears, appropriate premarket review submissions, including necessary safety and effectiveness data.
FDA has informed manufacturers of cleared devices of the agency's serious concern and has requested that they submit clinical data showing the benefits of their products outweigh the risk of suffocation or other serious harm.
Prompt reporting of adverse events can help the FDA and CPSC identify and better understand the risks associated with infant sleep positioners. If you have had a problem with an infant sleep positioner, the agencies encourage you to file a report through FDA's MedWatch program, at https://www.accessdata.fda.gov/scripts/medwatch/
CPSC is interested in receiving incident or injury reports related to these products. Please visit www.saferproducts.gov to file a report.
For more information:
CPSC: Consumer Blog http://www.cpsc.gov/onsafety/2010/09/sleep-positioners-a-suffocation-risk/
FDA: Infant Sleep Positioners Pose Suffocation Risk (Consumer article) http://www.fda.gov/ForConsumers/ConsumerUpdates/ucm227575.htm
FDA: Infant Positioner Initial Communication http://www.fda.gov/MedicalDevices/Safety/AlertsandNotices/ucm227301.htm
FDA: Letter to Manufacturers Concerning Medical Claims About Infant Sleep Positioners http://www.fda.gov/MedicalDevices/ResourcesforYou/Industry/ucm227302.htm
FDA: Letter to Manufacturers of 510(k)-cleared Infant Positioners http://www.fda.gov/MedicalDevices/ResourcesforYou/Industry/ucm227303.htm
NIH: Safe to Sleep Campaign
NIH: Preventing Sudden Infant Death Syndrome (SIDS) Overview
AAP: Policy Statement on SIDS http://pediatrics.aappublications.org/content/116/5/1245.full
Consumers can also view a video about this issue.
About CPSC
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of injury or death associated with the use of the thousands of types of consumer products under the agency's jurisdiction. Deaths, injuries, and property damage from consumer product incidents cost the nation more than $800 billion annually. The CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical, or mechanical hazard. CPSC's work to ensure the safety of consumer products—such as toys, cribs, power tools, cigarette lighters, and household chemicals—contributed to a significant decline in the rate of deaths and injuries associated with consumer products over the past 30 years.
To report a dangerous product or a product-related injury, call CPSC's Hotline at (800) 638-2772, teletypewriter at 800-638-8270, or visit www.saferproducts.gov. Consumers can obtain this press release and recall information at www.cpsc.gov. To join a free email subscription list, go to www.cpsc.gov/cpsclist.aspx
About FDA
The FDA is responsible for protecting the public health by assuring the safety, efficacy, and quality of human and veterinary drugs, biological products, medical devices, the nation's food supply, cosmetics, and products that emit radiation. The agency works to advance public health through initiatives that drive innovation in drug, medical device, and food science. The FDA is committed to providing accurate, science-based information to the public on the products it regulates. For more information, visit www.fda.gov
Visit FDA on Facebook http://www.facebook.com/FDA
The U.S. Consumer Product Safety Commission is charged with protecting the public from unreasonable risks of injury or death associated with the use of
thousands of types of consumer products under the agency's jurisdiction. Deaths, injuries, and property damage from consumer product incidents cost the
nation more than $1 trillion annually. CPSC is committed to protecting consumers and families from products that pose a fire, electrical, chemical or
mechanical hazard. CPSC's work to help ensure the safety of consumer products - such as toys, cribs, power tools, cigarette lighters and household
chemicals -– contributed to a decline in the rate of deaths and injuries associated with consumer products over the past 40 years.
Federal law bars any person from selling products subject to a publicly-announced voluntary recall by a manufacturer or a mandatory recall ordered by the
To report a dangerous product or a product-related injury go online to www.SaferProducts.gov or call CPSC's Hotline at 800-638-2772 or teletypewriter at
301-595-7054 for the hearing impaired. Consumers can obtain news release and recall information at www.cpsc.gov, on Twitter @USCPSC or by subscribing
to CPSC's free e-mail newsletters.
Please use the below phone number for all media requests.
Phone: (301) 504-7908
Spanish: (301) 504-7800
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Human Resource Council
The Human Resource Council advises the chancellor, campus presidents and University System councils on human resource issues. The council also manages the University System's broadbanded staff classification system.
The council is made up the vice chancellor for administrative affairs, human resource directors from each institution and three employee designees: one from a two-year institution, one from a four-year institution and one from either UND or NDSU.
For more information, contact
Jane Grinde
, human resource director for CTS, 701-777-1918.
Human Resource Council Members
Jane Grinde
Human resource director for CTS
North Dakota University System
Rita Lindgren
Chief human resources officer
Bismarck State College
Kara Bowen
Director of business affairs
Dakota College at Bottineau
Gail Ebeltoft
Personnel services coordinator
Dickinson State University
Sandi Lillehaugen
Human resource manager
Lake Region State College
Crystal Beggs
Human resource officer
Mayville State University
Marc Wachtfogel, Ph.D.
Director of human resources
Minot State University
Dennis Gladden
Interim director of human resources
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Director, human resources and payroll
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Pat Hanson
Director of human resources
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Director of human resources
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|Diary of James Peter McPherson,
Dates back to 1850
Courtesy of the Margaret B. McPherson Burmeister Family
Back in the 1990s, when I was a child, genealogically speaking, the first indication of the existence of the diary of James Peter McPherson emerged. A cousin of my McPherson aunties - and my dad, of course -- was interested in updating a variety of family trees. My mother dutifully gathered our family information and sent the family group sheets to cousin Shirley.
|Gravestone for
James P. & Mary B. McPherson,
Verona Cemetery, Verona, Wisconsin
Courtesy of B Mansur and JGH Roots'n'Leaves Publications
I thanked B profusely for agreeing to tote me around Wisconsin and most of all, for being there because I dinna think I could have done it -- at least not completed the project -- without him. He laughed and told me that there would not have been a "project" if I had not come to Wisconsin from Oregon to photograph the Diary. O yeah, we had (and still have) a mutual admiration society going on between the two of us.
Notes from Father's Diary.


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The Dark Roots Of 'The Nutcracker' And The Man Who Wrote It
By Robert Siegel • Dec 25, 2013
This is the time of year when one man's work is widely - if indirectly - celebrated. His name used to be hugely famous, but nowadays, it draws blank stares, even from people who know that work. E.T.A. Hoffman, who lived from 1776 to 1822 in the Kingdom of Prussia, was responsible for a work that is a staple the holiday season, the original author of The Nutcracker. You can read more about the story, which aired last Christmas, here.