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How to Make Money From Bonds
by Stan Richelson and Hildy Richelson
Editor's note: Portions of this article were excerpted with permission of the publisher, John Wiley & Sons Inc., from "Bonds: The Unbeaten Path to Secure Investment Growth," Second Edition. Copyright © 2011 by Stan and Hildy Richelson.
We endorse a buy-and-hold strategy for bonds because, when following such a strategy, you only need to make one right decision: when to buy.
With high-quality bonds, the variations in a bond's price while you hold it are not a serious concern because, unless there is a default, you will be paid both your scheduled interest and the face value of the bond at its due date. Long-term bonds experience greater price swings and thus more visceral discomfort than shorter-term bonds; but the ups and downs of a bond's price should not matter to you if you can hold the bond until it comes due at face value.
When you trade bonds, however, you must make two right decisions to be successful: when to buy and when to sell. We recommend to investors that they avoid market timing and leave this activity to traders who move big positions and watch the trading action all day, every day. Making one right decision of this nature is hard enough; making two is a risky choice.
Of course, there are exceptions to a buy-and-hold strategy. There are certain times when it may be financially necessary or strategically advantageous for you to buy or sell bonds. Understanding the implications of different yield curves, placed in the context of your own particular needs, can provide insight into bond market opportunities. The yield curve can also help you compare one bond to another and decide which specific maturities, among the many alternatives available in the market, make sense for you to buy.
The Yield Curve
A yield curve is a construct of 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. In the United States, short-term rates are controlled by the Federal Reserve (the Fed), in part by changing the federal funds rate, the rate at which banks borrow and lend to each other. That, in turn, affects the rates banks pay depositors and charge for loans. The London Interbank Offered Rate (LIBOR) is another reference rate of interbank borrowing rates in London that is widely used as a basis for setting short-term borrowing rates. These rates affect short-term rates, which, in turn, affect economic activity and inflation. Borrowers' and lenders' expectations and economic events control long-term rates. The yield curve is a graphic description of borrowers' and lenders' actions in response to the changes in the costs of doing business.
Experts invariably disagree on the direction of interest rates or on what the shape of the yield curve means for interest rates in the future. Although this disagreement is disappointing, you will still get significant information from studying the yield curve, because it can tell you when to be cautious or when an opportunity may appear. The yield curve will help you decide how to maximize your return within the context of your own personal investment plan.
The yield curve has three classic shapes: ascending (or normal), flat, and inverted.
Ascending Yield Curve
In a tranquil world, all yield curves would look like the one that appears in Figure 1. Bonds with the shortest maturities (those on the bottom left) would have the lowest yield (also on the bottom left) because there is less market risk associated with holding them. For long-term bonds, there is more market risk and more uncertainty about the timely payment of interest and repayment of principal and thus additional risk. In this interest rate scenario, bonds with maturities longer than 10 years are more or less lumped together in a benign economic environment, and there is little compensation for purchasing longer bonds.
The greater risk inherent in long-term bonds comes from their price volatility, inflation risk and default risk. Bondholders who take on that extra risk generally are compensated in the form of higher interest rates.
The additional return on longer-term bonds is called the risk premium and is shown in the upper-right part of Figure 1. A steep yield curve is a variant of the ascending yield curve, in that yields increase as the number of years to maturity increases; however, the increase is more dramatic. Short-term yields are really low and long-term rates are much higher. In this situation, the higher yields suggest that you consider extending the maturities of your purchases. Though you may fear that higher interest rates may erode your bond values, it may take many years of much higher interest rates before you break even if you keep your investments short term for what may be an extended period of time.
Actionable Strategy: At times when the yield curve is ascending, consider buying longer-term bonds to capture the additional yield while staying within the parameters of your bond ladder (discussed later).
Flat Yield Curve
When the yield curve is flat, you receive more or less the same interest rate whether you buy a short-, intermediate-, or long-term bond. A flat yield curve is transitional. We know that interest rates are going to change sooner rather than later, but we don't know the direction.
Actionable Strategy: At these times, we generally advise investors, within the context of their financial plan, to purchase short-term bonds if they fit into an investor's bond ladder because there is no compensation for taking on the risk of longer-term bonds. If you have enough bonds coming due in the short term, stay in the intermediate range.
Inverted Yield Curve
If there is an inverted yield curve, bonds with a short maturity have a higher yield than long-term bonds (see Figure 2). An inverted yield curve is infrequent and sometimes indicates that a significant economic change is coming, such as a recession. However, this is not always true.
Bond-buying decisions are more difficult when there is an inverted yield curve. If you buy longer-term bonds, you are not being paid for the risk. You can get the highest yield by taking what appears to be the safest path, buying short-term bonds. However, this strategy might have an unfortunate outcome, because the inverted yield curve does not usually last for a long period of time. Short-term yields may rapidly decline, leaving you reinvesting at ever-lower yields. You also miss the opportunity to lock in the yields available in longer maturities, which may look very appealing in hindsight.
Actionable Strategy: Buy short-term bonds if you will need cash soon. If not, consider purchasing bonds within the five- to 10-year range to even out the longer bonds in your ladder.
Strategies for Deciding When to Sell
We do not recommend market timing, but there are many times when it's appropriate to restructure your bond portfolio and sell bonds before they come due.
Monitor the changes that may occur in your marginal federal income tax bracket. A substantial increase or decrease in your federal income tax bracket might lead you to a decision to sell tax-free municipal bonds and purchase taxable bonds, or vice versa.
Check state tax rates if you move from one state to another. A change in your residence from one high-tax state to another high-tax state or from a low-tax state to a high-tax state can trigger a need for a portfolio change to minimize your state taxes. In each of these cases, you might sell municipal bonds sold by issuers in one state and buy municipal bonds sold by issuers in the other state.
Follow changes in the federal tax code. Some municipal bonds are subject to the alternative minimum tax (AMT). They are called AMT bonds. The interest from AMT bonds might increase the federal income taxes of certain taxpayers who are subject to the AMT. Discussion continues in Congress about modifying or abolishing the AMT; any tinkering with it could affect the desirability of owning or the decision to sell AMT bonds.
Profit from price gains. Consider selling a shorter-term bond if you have a substantial gain from credit improvement or interest rates moving downward. At that point, you might want to purchase longer-term bonds to generate more cash flow.
Strategies for Finding Bargain Bonds
When the general level of interest rates changes, short-, intermediate- and long-term bonds may move in the same direction. However, one bond sector may become relatively cheap compared to others as a result of the supply and demand for that sector.
Study the Treasury bond yield curve. Determine the most desirable maturity range based on the relative returns and your financial needs. Suppose you were considering the purchase of a bond with a five-year maturity. You might find that purchasing a bond in a longer or shorter maturity might provide a better return as well as support your particular situation.
Compare the Treasury yields to tax-exempt municipal bond yields. Even if you are in a lower marginal income tax bracket, municipal bonds might make sense for you if their yields approach those of Treasuries. If yields on tax-free municipal bonds are greater than 90% of Treasuries, the municipals would be a good buy, because they yield almost as much as or more than Treasuries and the income is free of federal income tax.
When buying corporate bonds, compare the returns of sub-sectors in the same maturities. All corporate bonds do not move in unison. Usually, corporate bond yields will skyrocket when issuers have difficulty refinancing and the likelihood of default increases.
Strategies for Avoiding Overvalued Bonds
Just as there are periodic bond-buying opportunities, there are also bond-avoidance situations—times when one or more sectors may be relatively expensive.
Compare the Treasury yield curve to the yield curve of other taxable credit sectors. Professional bond traders always speak of the yield above Treasuries as a way to describe how a bond is priced. If you don't feel that a bond you are considering has enough of a return over the Treasury yield, don't take the risk and buy the Treasury instead. Compare the Treasury to other high-quality bonds and then to lower-quality bonds to determine how the bonds stack up.
Watch out for junk bonds. The yield spreads indicate the market's perception of corporate strength, and they fluctuate based on rumor and market news. If a yield looks too good to be true, it probably is. When the yield spread between Treasuries and junk bonds moves to within 200 basis points (2%), it is an indication that junk bonds are comparatively expensive and should be avoided.
Compare maturities. If the yield curve is relatively flat, there is little or no risk premium being offered for buying longer-term bonds. As a general rule, you want to be in medium-term maturities if you are not getting enough return to warrant longer-term bonds.
Compare asset sectors among corporate bonds. Some sectors are often cheaper as a result of market news, but they may not have been repriced yet to reflect the increased risk. When a sector is being flailed by the media, prices drop substantially.
Strategies for Low or Falling Interest Rates
We love it when interest rates are rising. However, as long as you think strategically, there is also money to be made when rates are falling. Here are some suggestions.
Don't stay in cash. When interest rates are low, you may believe that it would be best to keep your money in a low-yielding money market fund and wait for interest rates to rise. Although this strategy may work out well, many other times staying in cash may prove costly because the longer you wait for rates to go up, the higher the rates must go to compensate you for waiting and earning lower returns. Even if rates do move up later, they must move up enough not only to make up for the lost interest but also to make up for the risk that the rates may not rise, but might fall. Staying in cash is a type of market timing.
Buy EE bonds. EE savings bonds allow you to lock in the current return being paid by the Treasury for 20 years without losing any principal or accrued interest. If interest rates kick up in the future, you can redeem your EE bonds, take your gain, and then buy higher-yielding bonds.
Take a capital gain. Although we generally believe in a buy and hold philosophy, when interest rates are low or falling consider selling some of your bonds to take a capital gain. This strategy works well if you intend to invest the proceeds in another asset class, such as equities or real estate, or have a need for cash for a personal expenditure, such as buying or improving your home.
Consider the secondary market. Investigate the secondary bond market for previously owned bonds. When interest rates are falling, you might consider buying bonds in the secondary market rather than new issues. New issues, being price leaders, may have lower yields at these times.
Buy "kicker bonds." Kicker bonds provide you with a favorable rate to the short call date (the yield-to-call). If they are not called, they "kick" to a higher yield-to-maturity.
Construct a barbell portfolio. In this structure, you split your portfolio between long- and short-term bonds (each constituting one part of the barbell). In doing so, you capture the higher returns of 20- to 30-year long-term bonds and their gains if interest rates decline, while having ready access to the cash in short-term bonds that have maturities of two years or less. The combination of long-term and short-term bonds provides an intermediate-term average maturity and portfolio duration, which may be higher than the return on the intermediate-term bonds.
Strategies for Reducing Market Risk
There are always many investors who are concerned that inflation will rise significantly in the near term, resulting in a rise in interest rates and a substantial decline in the value of long-term bonds. One strategy to deal with this concern is to buy short-term bonds, rather than long-term bonds. These investors equate short-term bonds with safety and longer-term bonds with greater risk. However, by choosing to purchase short-term bonds rather than longer-term bonds, you give up:
- Higher current cash flow generated from higher-coupon bonds. Although you can get high coupons in short-term bonds, these bonds will sell at a high premium.
- Higher yield-to-maturity, which is not available in shorter-term bonds.
- Compounding your investment dollars at a higher rate of return.
The fluctuation of interest rates provides opportunities if you have cash to reinvest. If you have a bond ladder, then you will always have some principal returned to you each year or so. If you can hold your bonds to maturity, then market volatility is not a problem, it is an opportunity.
Implementing a Bond Ladder
Rather than buying only short-term bonds, a better approach to reduce market risk and reinvestment risk is to design and implement a bond ladder.
A bond ladder is a powerful risk-reduction technique that will smooth out the overall interest rate you earn on your portfolio. Laddering a portfolio means you buy and hold a number of different bonds that will come due over a period of years. The period might range from two to 30 years, or any period in between. When the shortest bond in the ladder comes due, it is replaced with a bond of an equal amount at the longer end of the bond ladder.
Let us look at an oversimplified bond ladder. If you want to invest $100,000 in a bond ladder over a five-year period, you might buy $20,000 of bonds coming due in each of five years. When the first $20,000 bond comes due in 2011, you would buy another five-year $20,000 bond coming due in 2016, thus extending your ladder by one year.
The bond ladder is a flexible strategy that can take into account both the structure of the yield curve and your own particular cash flow needs. If you have a particular expense, you can customize your ladder to target particular years so that the required money will be available for each year. There is no requirement that equal amounts come due in each year of the bond ladder. Additionally, your bond ladder can be structured to maximize your income flow. The shape of the yield curve can help guide your purchases.
A laddered portfolio of bonds has several advantages:
- It averages the rates of interest that you earn over a period of years. A ladder provides more overall return in a rising interest rate market because if interest rates are rising, you will replace lower-yielding bonds that come due with higher-yielding, longer-term bonds.
- A ladder reduces duration and results in less market risk than investing only in longer-term bonds. You will be less sensitive to price swings.
- A ladder provides flexibility by giving you access to your funds on a regular basis, because some bonds come due each year or period selected, without the cost of selling. It allows you to buy some longer-term bonds without undue market risk because shorter-term bonds will come due if you need cash.
In short, laddering is a strategy for individual investors who know they cannot predict where interest rates may go. It produces a steady, predictable stream of income that can pay more than a strategy based only on short-term or long-term investments.
When designing a ladder, take into account all your investments in all your accounts, including money market funds, bank CDs and savings bonds. Don't make the mistake of having a separate ladder in your taxable account and another, similar ladder in your tax-sheltered retirement account. You should design one ladder that reflects all your accounts, while keeping in mind your cash flow needs and the restrictions on distributions from your retirement accounts.
Once you have your ladder in place, don't worry about the daily value of your bonds in good or bad times, unless you observe quality deterioration of a bond. Unless you are going to sell your bonds prior to maturity, market fluctuations don't matter if you can hold your bonds until their due dates. In a so-called bear market for bonds (when interest rates are going up and the price of bonds is going down), you can reinvest the cash from your ladder at higher rates. In a so-called bull market for bonds (when interest rates are going down and the price of bonds is going up), you can take capital gains and buy more bonds with the proceeds.
We take laddering one step further and recommend that investors use a custom bond ladder so that bonds are purchased to come due over a period of years, with the amounts of bonds coming due in different years set to match the amounts needed to meet an investor's financial objectives and needs.
Your decisions about how to structure your ladder should blend your personal cash flow needs and where the yield curve indicates you can get the highest yield. The design of your bond ladder can take into account your concern about interest rates and your need for cash flow and liquidity. Specifically, with respect to the shape of the yield curve, you can employ the following strategies:
- If the yield curve is flat, you might want to keep your ladder between one and 10 years. You are not being paid to take on the additional risk of longer-term bonds. You also might be cautious about buying very short-term bonds because interest rates may fall.
- If the yield curve is ascending and steep, you might prefer a five- to 20-year ladder. If you keep your maturities near five years, you will earn very little on your money. If you purchase maturities that are longer, you will be able to increase your return.
- If the yield curve is inverted, you might consider purchasing intermediate-term bonds unless you have a need for short-term cash soon. If you purchase only short-term bonds, you may find yourself reinvesting at much lower rates.
- If you have your bond ladder in place and if inflation occurs, resulting in rising interest rates, it will be the upside case for you: As your bonds come due you will be able to reinvest the proceeds in higher-yielding bonds.
There are multiple strategies for you to employ when you invest in bonds. This article has provided a sampling of some of these techniques from our book "Bonds: The Unbeaten Path to Secure Investment Growth," Second Edition (John Wiley & Sons, 2011). The most powerful of these strategies is to design and implement a custom bond ladder structured with your financial needs in mind.
A bond ladder will reduce your interest rate risk. By focusing on the yield curve and your own financial situation, you can determine where the most profitable sector of the bond market is for you. You will disregard financial reports of bond values rising and falling because you know you will be able to hold your position until your bonds come due. In our practice a major part of our work is to guide investors in the design and implementation of a custom bond ladder to satisfy their particular financial needs and cash flow requirements.
When you know that you don't know what the direction of interest rates will be, a bond ladder will enable you to deal with this major uncertainty in bond investing. Once your bond ladder is in place, you will be able to relax and enjoy your cash flow—the key to all financial and retirement planning.
Hildy Richelson is president of Scarsdale Investment Group, a registered investment adviser based in Blue Bell, Pennsylvania, that specializes in fixed-income investments. Hildy and Stan Richelson are co-authors of several books on bonds, including "Bonds: The Unbeaten Path to Secure Investment Growth," Second Edition (Bloomberg Press, 2011).
Owen from CA posted over 5 years ago:
Please reword your section on junk bonds and avoiding over-valued bonds. You say that junk bonds that move to 200 basis points of treasuries are over priced, but that makes the reader have to guess whether the desired spread is under 200 basis points or above. I would find it clearer to give a rule of thumb on how many basis points above treasuries that I want to make junk bonds worth the extra risk.
Peggy from DC posted over 5 years ago:
I have not invested in corporate bonds but have become interested in a select few. I cannot seem to find information on the Internet and am considering a subscription to Investor Pro if it includes corporate bonds information for term, interest rate, and yield for each company. Where is the best place to find this information?
Thank you for your response,
Peggy Smith
Charles from IL posted over 5 years ago:
Peggy, our Stock Investor Pro program only screens for stocks, not bonds. http://www.investinginbonds.com is a good website for finding information on corporate bonds. I would check with your brokerage firm, as its website may have a bond screening tool. - Charles Rotblut
Dave from WA posted over 5 years ago:
I am one of those investors, "deathly" afraid of long term bonds and I didn't really see anything in your "Strategies for Reducing Market Risk" that made me feel better.
I realize that I have lost out in the last couple years thinking interest rates could not go lower, but it seems to me that holding a bond for 30 years paying 3%, while the rest of the market is doing 6% would not be much fun either. Nor would selling it and losing half my principal.
It just seems like a tuff place to be right now.
Dave from WA posted over 5 years ago:
What is the advantage of creating your own bond ladder, as oppossed to buying a bond fund and essentially letting the professionals do it? Seems like you would get a lot more diversification from a bond fund, especially for those that are not bond experts.
Chris from NJ posted over 5 years ago:
I agree with Dave...how do the various bond funds stack up against a do it yourself strategy...if the difference is just the expense ratio, then my decision is made.
Ina from NC posted over 5 years ago:
My problem is the opposite. I want out of a bond ladder my previous broker set up. I have not been able to get rid of 20+ bond positions because "The Expert" purchased mostly in 1,000 and 2,ooo quantities. More shocking was my "advisor" had 38 options(60%)of my IRA and 2 old American Funds. Needless to say I've moved from there and am using Fidelity to help clean up the mess. Long story. The 20+ bonds I do not want to keep are only traded in 5,000 to 25,000 quantity limits and the company will not deal with 1,000. As above, why have $ tied up for 20 or 30 years at 3% - 5%?
DOES ANYONE have a SUGGESTION how I can dispose of the remainder of my useless ladder? I've talked with the Fixed Income and Bond Desk at Fidelity who have helped me dispose of 2/3 of my ladder but hve no resolution on the remainder.
Never, never, never use a fee based broker even if you're sick or dying. I have yet to total my losses.
Bernard from CA posted over 5 years ago:
I like high yield bonds, which have done well for me over the years. I seldom see any constructive discussion of investing in this asset class. I have made a presentation at an AAII meeting and written an article about this:
Steve from CT posted over 5 years ago:
I own some convertible bonds that are well in the money. However, one is callable in Apr. '12 and its value has fallen from over
$115 to $105 in the past few months.
How do you assess at what point the time value left on a callable bond is not worth holding onto the bond? Even if the stock continues to rise, the bond is likely to be called at $100 at the call date.
Hildy from PA posted over 5 years ago:
Dear Owen from California
It is very hard to tell you how many basis points you need to have before it is worth your risk to invest in junk bonds. Post 2008, high yield corporate bonds yielded as much as 823 basis points or 8.23 percentage point more than comparable Treasuries. Was that a good deal? Only if in retrospect we know that the bonds did not default or lose substantial value. The problem with buying high yield bonds is that they may default, and you may lose some or all of your principal. From our perspective it is not worth taking the extra risk of losing your principal.
One of our California clients worked with a high yield California broker who systematically sold his high quality bonds and purchased high yield Community Development District bonds for him. They are in a very shaky state currently and he cannot sell them. If you want to invest in junk bonds, then your best bet is to purchase a fund.
As we describe in our book BONDS: THE UNBEATHEN PATH TO SECURE INVESTMENT GROWTH, Second Edition, there are many different kinds of junk bond funds. They are not all created equal.
Hildy from PA posted over 5 years ago:
Dear Peggy from the District of Columbia,
Corporate bond analysis is like stock analysis. You must have an understanding of the strength and weaknesses of the company, as well as the position of the bonds in the overall debt structure of the company. There are no reasonable sources of information about them. Most corporate bonds are not rated 'A' or better by the multiple rating agencies, so you can eliminate them altogether.
I saw Charles Rotblut's comment that the service you are referring to is for stock screening and will not give you the details about the bonds.
The real issue is why are you interested in investing in corporate bonds in this difficult economy? It is a dicey time to be taking on more risk. There are other alternatives for taxable income. Please check out our book: BONDS: THE UNBEATEN PATH TO SECURE INVESTMENT GROWTH , Second Edition, for other alternatives.
Hildy from PA posted over 5 years ago:
Dear Dave from Washington,
There is never an easy place to be in placing your funds in the market because interest rates are either going up or down and there is no way of predicting which way interest rates are going. You might want to check out our article on deciding what to do intitled: The Short Term Route to Long Term Failure. Here is the link to it: http://www.allbondportfolios.com/short_term_to_long_term_failure.pdf. This article discusses your fears about investing your cash and then finding yourself in a rising interest rate environment. There is no perfect solution to this problem. Basically it shows that if you sit for a long period of time in short-term instruments paying next to nothing, it will take you a very long time to catch up even if interest rates rise dramatically. Consider a bond ladder discussed in Chapter 21 of our book entitled BONDS: The Unbeaten Path to Secure Investment Growth, Second Edition.
Hildy from PA posted over 5 years ago:
Dear Dave from Washington: The simple answer as to why you should buy individual bonds instead of a bond fund is that individual bonds come due and bond funds do not. Thus, if interest rates rise, and the value of the fund declines, you have lost that principal. The value of your individual bonds may also decline, but every year you hold them they are one year closer to maturing. They will eventually come due at face value.
The extended version of why to buy individual bonds instead of bond funds can be found in our article: Buy Bonds and Not Bond Funds. Here is the link: http://www.allbondportfolios.com/bond_article_11_24_09.pdf
Hildy from PA posted over 5 years ago:
Dear Chris from New Jersey:
The decision to purchase individual bonds versus bond funds is not just the expense ratio. That is only part of the reason. You do pay fees annually for the bond fund, including trading costs and other fees, while you pay none for holding individual bonds. You can be more selective in purchasing your individual bonds and don't have to be concerned about the Alternative Minimum Tax, junk bonds that improve the yield but may lose principal and other concerns. Please read the article cited above. Don't be concerned about diversification if you buy high quality bonds.
Hildy from PA posted over 5 years ago:
Dear Chris from North Carolina:
I am very sorry to hear about your trouble. From what you describe, it sounds like your advisor had a managed account system and divided up the bonds among a number of accounts. We have seen stock accounts like that, but never an account with bonds. Please call me and we can discuss your current situation. You can find my contact information at the website www.allbondportfolios.com.
Hildy from PA posted over 5 years ago:
Dear Steve from Connecticut:
The problem with investing in convertible bonds or other junk bonds is that you have to sell in order to get out of your position. All the information has been factored into the price, so every potential buyer knows that the bonds may be called shortly. You needed to sell when the bonds were selling at 115, but then you were happy with your return and did not want to give up the bonds. We are seeing high quality bonds selling at 115 and more due to price appreciation in the market. If you had purchased high quality bonds, you would not be faced with selling them. If you sell these convertible bonds, you will have to pay taxes on the gain and have to pay a spread to sell and another to purchase new bonds. After all is said and done, you might as well hold the bonds until maturity.
Fabio from IL posted over 4 years ago:
After years studying bonds, I have been obtaining quite good results using bond ETFs. They are very liquide, traded like stocks (hart patterns use to work well)... and they pay dividends (interests). My question is: which type of risk am I facing using this type of artificial trading instruments? Tks
Rick from CA posted over 4 years ago:
I am interested in the mathematical interplay between a "ladder" and a "barbell" strategy. Most sources say "ladder" but no one has mathematical support for the conclusion.
How often are muni bonds called in the real world and under what circumstances?
What is the mathematical interplay between real world calls and duration (since duration is measured by how quickly one receives back their money.,
Hildy from PA posted over 4 years ago:
Hi Owen,
If you were to purchase junk bonds on spread alone it would be hard to determine when it was a good time to buy. When junk bonds are not defaulting because interest rates are low and refinancing is easy, then the spreads are small between investment grade and junk bonds. However, when the default rate is rising, then the spreads widen out because your risk is so much greater. Then you are really swimming with the sharks.
Hildy from PA posted over 4 years ago:
Hi Dave,
What the pros do is purchase bonds with high coupons and pay the premiums in a low interest rate environment. This gives you a high current cash flow that can be reinvested at higher rates if interest rates turn upward. If you are invested in a fund, the bonds in the fund must be replenished and added to as new people buy in. This dilutes your holdings. Also, bond funds compete with each other for best ratings, which means they may take on added risk that you do not want. Please see our article: Buy Bonds, Not Bond Funds at our website www.allbondportfolios.com.
Hildy from PA posted over 4 years ago:
Hi Fabio,
Bond ETFs are really closed end funds that are wearing a new dress. In difficult market conditions, you might be faced with selling below their net asset value.
Hildy from PA posted over 4 years ago:
Dear Frederick,
Munis are called all the time, especially if interest rates are low as they are now. Many of the new issues are for refunding outstanding issues. They are also called for other reasons, such as restructuring debt.
There are times when a barbell is attractive, but with interest rates so low on the short end of the yield curve, it is hard to justify buying bonds there unless you might have a need for the cash in the near term.
Gerald Lanois from FL posted over 3 years ago:
This article would be fine for bonds, for 5-10 yrs ago. Now , it is worthless advice.
Bonds are a terrible investment, and will be for sevral yrs if not longer.
2-3 % payments will not even cover inflation.
AAII should evaluate if this is good advice? I don't think this article is anything but classic, and inappropriate now.
Investors have to move into other market opportuities to earn better returns.
When/if interest rates rise, all the holders of bond funds,cefs, etc, are going to be hurt big time.
Barry from washington posted over 3 years ago:
To reduce complexity, should we only consider non callable bonds?
Where can u get good info on buying and selling bonds when necessary, such as good minimum trade size, trading costs, best buying advice source, cost of advice, who is best to do the trade?
Barry from Washington posted over 3 years ago:
To reduce complexity, should we only consider non callable bonds?
Where can u get good info on buying and selling bonds when necessary, such as good minimum trade size, trading costs, best buying advice source, cost of advice, who is best to do the trade?
PRABHA KARAN from GA posted 16 days ago:


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On April 22, 2014, Girl Scouts throughout the eastern half of Kentucky honored their volunteers on Girl Scout Leader Appreciation Day during National Volunteer Week.
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I am William Ford Threlkeld, the proud father of John Brent Threlkeld. My son is seeking to serve as our next circuit judge in the 15th judicial circuit that includes Carroll, Grant and Owen counties.
I opened my law practice in 1949 and I retired in 2010. I practiced law in front of many judges you may have known - Ward Yager, Jim Ford, Charles Satterwhite and our current judge Stephen Bates - as well as countless other state and federal judges.
I would like to officially ask for your vote and support in the upcoming primary election. I am seeking the office of county clerk. My name is Kimberly "Kim" Smith. I currently work at Commonwealth Credit Union and have been there for over nine years. I deal with auto loans and I am a registered NMLS to assist with mortgage applications. I have worked with many of you over the years and if elected I vow to work hard for you. I have the skills needed to effectively run the clerk's office and oversee the development the staff.
This past Monday, I was proud to vote for a responsible biennial budget which includes higher funding for Owen County schools and pay increases for our hard working state employees as well as our teachers.
As the 2014 General Assembly winds down, the budget process yielded a two year plan that raises the K-12 education SEEK base from $3,827 to $3,981 by 2016. The budget also provides funds to increase internet bandwidth and school safety.
I, Travis Fitzgerald, am excited to be a candidate for fourth district magistrate and I hope I can earn your vote May 20.
I would like to thank Tammy Bishop, Charlie Ellis and Carrol Ellis for their service to help the people of Owen County who are going to doctor appointments or the hospital.
Their Christian love and kindness and prayers are awesome.
They go above and beyond to help others.
I feel so blessed and I'm very thankful to all who are involved in this service. They are always on time and Tammy always calls the night before to remind you!
May we keep them in our prayers and thoughts and may God bless you.
Michel R. Gordon
Copyright © 2016
The Owenton News-Herald is your source for local news, sports, events and information in Owen County and Owenton, KY, and the surrounding area.

subset: commoncrawl


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Climbing dream team Alex Honnold, Mark Synnott, and Jimmy Chin face rugged cliffs, knife-wielding thieves, and deadly waters as they traverse the globe searching for the next great rock to climb.
The National Geographic Live! series brings thought-provoking presentations by today's leading explorers, scientists, photographers, and performing artists right to your YouTube feed. Each presentation is filmed in front of a live audience at National Geographic headquarters in Washington, D.C. New clips air every Monday.


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The celebration will take place near the site of the new development located on 13.5 acres near the intersection of Country Club Drive and West Third Avenue.
The development project plans to include a 44,000 square-foot hotel named "Karnes City Lodge." In addition to 48 "suite" rooms, The Karnes City Lodge Hotel will feature a swimming pool, fitness center and business center.
Also the development plans to include a 20,400 square-foot retail center, two 8,000 square-foot size restaurants, a 5,500 square-foot size bank and an 72-unit apartment complex.
Working together on the Karnes City Business Park project are Kam Mehta with A1 Technologies and Jessica Garcia, director of real estate development.


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"Thank you for the work that you do. This March will mark my third year back in the Catholic Church. By God's grace, he brought me back using Catholic Answers Live and EWTN. I will be forever grateful."
~ JoAnn
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~ Giovanni Bosco; founder of the Salesian Society; established 250 schools for 130,000 poor chidren during his lifetime


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Normalized Sledge Hammer - Pinned Fiberglass Rubber Grip Handle - 7 lbs. (3.2 kg)
Head Weight:
7 lbs. (3.2 kg)
Overall Length:
32'' (813 mm)
9.87 lbs. (4.5 kg)
Wear safety goggles. Strike squarely - avoid glancing blows.
This tool can be made to chip if struck against another tool or other hard object, resulting in possible eye or other injury.


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Home List of Titles Global properties of 'ordinary' early-type galaxies: photometry and spectroscopy of stars and globular clusters in NGC 4494
Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.3/197645
|Download PDF (Accepted manuscript) (Adobe Acrobat PDF, 1011 KB)
- Title
- Global properties of 'ordinary' early-type galaxies: photometry and spectroscopy of stars and globular clusters in NGC 4494
- Author(s)
- Foster, Caroline; Spitler, Lee R.; Romanowsky, Aaron J.; Forbes, Duncan A.; Pota, Vincenzo; Bekki, Kenji; Strader, Jay; Proctor, Robert N.; Arnold, Jacob A.; Brodie, Jean P.
- Abstract
- We present a comprehensive analysis of the spatial, kinematic and chemical properties of stars and globular clusters (GCs) in the 'ordinary' elliptical galaxy NGC 4494 using data from the Keck and Subaru telescopes. We derive galaxy surface brightness and colour profiles out to large galactocentric radii. We compare the latter to metallicities derived using the near-infrared Calcium Triplet. We obtain stellar kinematics out to ∼3.5 effective radii. The latter appear flattened or elongated beyond ∼1.8 effective radii in contrast to the relatively round photometric isophotes. In fact, NGC 4494 may be a flattened galaxy, possibly even an S0, seen at an inclination of ∼45°. We publish a catalogue of 431 GC candidates brighter than i0= 24 based on the photometry, of which 109 are confirmed spectroscopically and 54 have measured spectroscopic metallicities. We also report the discovery of three spectroscopically confirmed ultra-compact dwarfs around NGC 4494 with measured metallicities of −0.4 ≲[Fe/H]& 8818;−0.3. Based on their properties, we conclude that they are simply bright GCs. The metal-poor GCs are found to be rotating with similar amplitude as the galaxy stars, while the metal-rich GCs show marginal rotation. We supplement our analysis with available literature data and results. Using model predictions of galaxy formation, and a suite of merger simulations, we find that many of the observational properties of NGC 4494 may be explained by formation in a relatively recent gas-rich major merger. Complete studies of individual galaxies incorporating a range of observational avenues and methods such as the one presented here will be an invaluable tool for constraining the fine details of galaxy formation models, especially at large galactocentric radii.
- Publication type
- Journal article
- Research centre
- Swinburne University of Technology. Faculty of Information and Communication Technologies. Centre for Astrophysics and Supercomputing
- Source
- Monthly Notices of the Royal Astronomical Society, Vol. 415, no. 4 (Aug 2011), pp. 3393-3416
- Publication year
- 2011
- FOR Code(s)
- 0201 Astronomical and Space Sciences
- Keyword(s)
- Abundances; Dynamics; Kinematics; Galaxies; Haloes; NGC 4494; Star clusters
- Publisher
- Wiley-Blackwell Publishing
- 0035-8711
- Publisher URL
- Copyright
- Copyright © 2011 The Authors. Journal compilation copyright © 2011 Royal Astronomical Society. The accepted manuscript is reproduced in accordance with the copyright policy of the publisher. The definitive publication is available at www.interscience.wiley.com.
- Full text
- Peer reviewed


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7 Days of Spring series coming soon 3/27-4/2…stay tuned.
Only 10 days until I arrive in Phoenix.
It's getting close.
I can feel it.
I need to be on top of my game. For the sake of ballhawks everywhere, I need to perform.
Old faithful (my old glove) is ready.
My new faithful (new glove) is not quite ready. Just doesn't feel right…yet. It will.
My bags are slowly getting packed.
Visualization of ballhawking is in full swing.
I'm ready.
I will provide daily blogs. I will provide daily photos. I will provide daily everything.
From where I go to eat to what I go see. Not just baseball.
You will be right there with me-if you choose.
Beginning March 27th and going until April 2nd, you will be my blogger travel partners.
Please visit my Spring Training blogs daily. You won't be disappointed.
Analysis is gonna sit this one out.
This one's all about ballhawking, baby.
BTW, this was all inspired by my favorite MLBlogger…The Rockpile Ranter.
Thanks, D.
I'm ready to get it on.
(gotta set your goals…)
1. Land safely in Phoenix.
2. Snag 50 baseballs (I do not count them toward my season total).
3. Get a few autographs (Ryan Braun, Prince Fielder, Yovani Gallardo).
4. Get a game used bat from a Milwaukee Brewers player.
5. Take some sweet photos.
6. Have my wife shoot some great ballhawking video.
7. Blog daily.
8. Return safely to Milwaukee.
12 Comments
I can't wait to read all about it! Have a safe and wonderful trip!
thanks, Julia…you're the best!
Well, number 1 on your list is certainly a good goal to aim for!🙂
Sounds like a great trip – I look forward to reading about it!
Rants, Raves, and Random Thoughts
Hey man,
I'm going to Spring Training also. I'm going to try and get behind the outfield wall at McKechnie Field (Pirates). There's no outfield seating there. It won't be much fun though since basically I'd be collecting balls that are hit out, if I can even get back there.
Like you, I do not count spring training balls in my yearly totals. I commented you back by the way on my blog. Thanks for joining that ballhawk league.
I don't take anything for granted🙂
Good luck @ Pirates Field. I look forward to monitoring everyone's success in the ballhawk league…great idea!!
I need some tips for getting autographs! I'm getting down to my last weekends. Can't wait to live "vicariously" through you!
It's all about being in the right place at the right time. Ask staff where players usually sign. Pick a spot where you are close to the field, dugout, railing, clubhouse entrance, etc. It's very important that you are up front (wherever that may be). Spring Training is good for autographs near practice fields and walkways to the fields. I've never been to the Grapefruit League, but in the Cactus League, you just have to spend some time following certain players from field to field and you will get it…just ask them!
Remember: be up front, be upfront and be persistent!
Hey man good luck on your trip. Take good care of the family out there and I will take good care of your mail. It's all under control. Bring me back something nice. 😉 Take care.
Love, Juddy
oh yeah and we will start working on the new glove again since it is finally getting nice out again.
Thanks, man. I'll bring you back one of those dancing hula girls for your dashboard…ha. When you get my mail, you can keep my April copy of "Elle" magazine…throw it next to the toilet. Look forward to breaking in the new glove, as well!
You are slacking, man. It's your third day in Arizona and there hasn't been one update. You reminded me several times to check out your blog to see how my niece and nephew are doing. Wait…why is there so much talk about baseball on here? I think I'm on the wrong page.
I blame it all on the computer!! Now, go back to watching your re-runs of "Friends".


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I tell my clients this so much, I feel like a broken record. If you squeeze a whitehead:
- you inflame it and the tissue around it
- it bleeds and scabs over, making it harder to cover up
- it ends up lasting a week instead of a few days
- you might even damage the skin, leaving you with a scar.
But I get it. You wake up and there's an unsightly whitehead on your chin. You can't go to work or class and subject your peers to it. They'll lose their appetites! But that doesn't mean you should annihilate your face either and walk in with a scab. Here's what you can do instead: (more…)


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Follow-up testing conducted during the past year by the state Department of Environmental Protection has confirmed previous studies indicating radiological levels within safe limits both at the Clyde Mine treatment plant and in the waters of Ten Mile Creek.
A Waynesburg man is in jail after allegedly pointing a loaded, 12-gauge shotgun at his infant son and the child's mother Wednesday afternoon.
Greene County may soon have another sentencing option for minor juvenile offense—peer court.
First Energy Corp. has found a new site to dispose of coal ash from its Bruce Mansfield Power Plant in Beaver County and no longer intends to proceed with a plan to ship the materials to a landfill at its shuttered Hatfield's Ferry Power Station along the Monongahela River in Greene County.
Plans to replace the Sheetz store at Route 21 and Jefferson Road with a larger store that will include an inside dining area were granted conditional approval Tuesday by the Franklin Township supervisors.
Longtime Donora mayor John "Chummy" Lignelli died Thursday at 95.
A man suspected of robbing a Monongahela convenience store early Thursday was nabbed several hours later when he was spotted by a city police officer leaving another convenience store.
Two sisters were arrested Wednesday after getting into a confrontation last month at a Donora home in which one child was threatened and another hit by objects thrown during the dispute.
The Donora senior center will reopen soon, months after mold caused the doors to close.
Monessen Council passed a tentative budget Monday that keeps taxes steady and officials believe the city is on the right financial path.
An Observer-Reporter newspaper carrier was assaulted and robbed early Wednesday morning as she prepared for delivery.
Check your old lottery tickets: A winning Cash 5 lottery ticket worth $112,500 that was sold in McDonald will soon expire.
Opposition was evident at Thursday's Washington County commissioners meeting regarding the possible sale of the county health center.
Attorneys representing an Amwell Township man are seeking to appeal a Commonwealth Court decision last month that affirmed a lower court's finding the man failed to establish a link between contaminants in his water and activity at a nearby natural gas well.
South Strabane Township police have charged an estranged couple with charges including theft and forgery after they allegedly opened bogus bank accounts.
Put the smartphones down and engage with the world.
Historic preservation deserves support.
Cuba will be better off without Fidel Castro.
The Surgeon General offers a report on addiction.
Additional efforts needed to combat childhood obesity.
CINCINNATI – Andy Dalton's most important passes didn't even make it past the line of scrimmage. Mike Nugent missed another extra point.
CANTON, Ohio (AP) — A Milwaukee-based technology company has obtained the naming rights for a large development project around the Pro Football Hall of Fame in Canton.
Steelers concerned about running backs workload, but have to balance that with winning.
Steelers prepping to face Giants' special version of the no-huddle attack.
Steelers head coach Mike Tomlin said somebody is going to lose playing time at outside linebacker.
PITTSBURGH – Steelers running back Le'Veon Bell doesn't feel his offensive line receives the credit it deserves.
Steelers' $20-million investment at tight end starting to pay dividends.
The Observer-Reporter is excited to announce new digital offerings, including our new e-Edition apps, available for download in the iTunes & Google Play stores.
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This is the sun shelter with an adjustable canopy that provides respite from the sun any time of the day without requiring relocation. Two canopy panels slide along the shelter's frame and lock into place to provide shade no matter where the sun is in the sky. The polyester panels earned The Skin Cancer Foundation's Seal of Recommendation for providing superior protection from harmful UV rays. The frame is 7' high and covers nearly 60' sq., enabling set up over a patio table or three beach chairs. The frame is made from durable anodized aluminum and has four 8"-diameter stainless steel feet, providing resistance to winds as strong as 30 mph. Stores in the included 40" bag. Assembly required. Beige canopy. 8 1/4' L x 7 1/4' W x 7' H. (39 lbs.)
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Research in Wellness
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Our dedication to quality allows our company to reduce its environmental footprint, even while we grow, by using characteristic innovation and state of the art management practices to find efficiencies wherever possible.
Our mounts are built to last. Extremely durable, they undergo performance tests establishing the benchmark and exceeding the industry's most rigid testing expectations—unlike competitive offerings, you can expect a product like the LX Arm to perform with the same ease and dependability in its 10,000th motion adjustment as in its first. Moreover, our products' adaptability means that they will continue to be useful when new personnel use a workstation, your computer hardware is upgraded, or you reconfigure a work space.
The key to creating efficient work areas is maximized space utilization while improving user interaction with equipment. In terms of Sustainable Building, our products are compliant with certification criteria. Our highly adaptable and space-saving products can help gain LEED-CI, -NC and -EB credits as defined by the U.S. Green Building Council, or earn Green Star points as defined by the Green Building Council Australia through the implementation of a comprehensive ergonomics program.


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March 24, 2011 —
Damascus supervisor Joe Canfield wanted to remove resident Dolores Keesler as the Damascus representative on the Upper Delaware Council (UDC). The other two supervisors agreed and they voted for her ouster at the Damascus Township meeting on March 21.
Keesler is currently serving as UDC chair, a position that is circulated through the membership every year.
Canfield would not answer several questions put to him as to his reasons for the action. "Just say that she doesn't represent the whole township, that's all." He had no further comment.
It was a reasonable conclusion, judging from the heated discussion that followed and the speculation that Keesler was being taken off the council because of her position on gas drilling. The discussion went on between activist resident Bob Gross, Ernie Matern, the chairman of the planning commission, and Bernie Handler, an avowed drilling opponent who attends every township meeting.
Changing the subject slightly, Gross said, "I object that the township has selected planning commission members who support drilling. There should be a cross section of opinions. You have slanted the board with all pro gas drillers. Whether you were born here or just arrived yesterday, we are a part of this community. Only a third of the people have signed leases and yet you are totally pro-drilling."
Matern supported the selection of members of the planning commission. "We have an excellent group of people on the commission—level-headed people," he said. "Come to a meeting and you will see."
Getting back to the subject of UDC representation, Jeff Dexter, the chairman of the township council, said that there was at least one resident who could be tapped to take Keesler's place, but he would not name him/her.
Dexter was asked, if Keesler was rejected because of her stand on gas drilling, what criteria would be used to appoint a successor? Must the replacement support gas drilling?
Dexter did not reply directly but said that it would be ideal if they could find someone who is neutral about drilling. "That's going to be hard," he said.
Handler staunchly supported Keesler, stating that she was open to other people's positions on gas drilling.
"She has not been outspoken," Handler said. "She asks other people to speak and never expresses scorn. There are a lot of differing opinions on the council and she accepted that."
Keesler could not immediately be reached for comment.
Bill Douglass, the executive director of the UDC, said the vice chairperson, Nadia Rajsz, will step in as chair until the board addresses the vacancy at the meeting on April 7.


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Dear Members,
Keep in mind that Character Bashing is now prohibited. Making fun of certain characters/character pairings leads to a pointless thread filled with insults and general rule breaking.
Also, remember that Versus threads are allowed only in the Versus section.
Thank you, NarutoBase Staff
I think we dont know too much about Minato's other abilites to really say how strong he is
I think that Guy wouldn't win if Minato would've had FTG and other space-time ninjutsu but in this case Guy would've won.
I think peeps here are underestimating the 4th HOKAGE.
Gai for sure with the 6th gate open. But I'm not sure Gai would need to use that many gates against Minato to win without him using fgt.
even with six gates open minato would still win
Dead Deamon Consuming seal is his too and so far its one of the most deadly technich, and the 8 Trigrams seal he used to seal the Fox into Naruto and was even admired by Bee is his too, and don't forget the strong barrier he put when fighting the Kyubi so that no one NOT EVEN Hiruzen would interfere!
he has basically the best possible chakra control (since he created Rasengan) and he has at least one element and those two together result in A or S Rank Ninjutsu!!
And there are his reflexes, he could save Naruto with his own speed before Madara could stab him with his Kunai.
PLZ dont say FTG is everything Minato has its just wrong!! its just his coup de grâce
Originally Posted by raxy
I think peeps here are underestimating the 4th HOKAGE.
Nah, it's called using logic man.
yo yo u people r matching guy wid minato??? :S ....look minato wasnt only ftg...he had his sealing jutsus and his genius mind...and as zetsu said its not abt sheer power but method...a person wid mere pebble can beat a person wid a kunai...and minato is a genius
Originally Posted by Kakashi Fang
Guy will win this no problem and thers no way Minato can drag out this match if he has no FTG.
Why would you give Guy 6 gates but Minato no FTG?
At least you could have matched them up with Guy not having any Gates and Minato cannot use FTG.This would be a better match in my opinion.
yeh it would be a more fair match, but then minato wuld own guy.
Forum Rules


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Armenia web resources
Following is a list of websites for additional information about the Peace Corps and Armenia and to connect you to returned Volunteers and other invitees. Please keep in mind that although we try to make sure all these links are active and current, we cannot guarantee it.
A note of caution: As you surf the Internet, be aware that you may find bulletin boards and chat rooms in which people are free to express opinions about the Peace Corps based on their own experiences, including comments by those who were unhappy with their choice to serve in the Peace Corps. These opinions are not those of the Peace Corps or of the U.S. government, and we hope you will keep in mind that no two people experience their service in the same way.
General Information About Armenia
A wiki site developed by Raffi Kojian with over 5,000 Armenia(n) related articles.
On this site, you can learn anything from what time it is in Yerevan to information about how to convert from the dollar to the dram. Just click on Armenia and go from there.
Visit this site to learn about any country in the world.
The U.S. State Department's website issues background notes periodically about countries around the world. Find Armenia and learn more about its social and political history.
This site includes links to all the official sites for governments worldwide.
This online world atlas includes maps and geographical information, and each country page contains links to other sites, such as the Library of Congress, that contain comprehensive historical, social, and political background.
This United Nations site allows you to search for statistical information for member states of the U.N.
This site provides an additional source of current and historical information about countries around the world.
Armenian Language Resources
Wikipedia Armenian language
Overview of the history and makeup of the Armenian language.
U.S. Peace Corps Armenian language material
eBooks and audios made by the PC and PCV's to learn basic Armenian.
Connect With Returned Volunteers and Other Invitees
Returned Peace Corps Volunteers and Staff who served in Armenia.
This is a forum for current, returned and incoming volunteers to Armenia. It's a place for us to share our experiences, keep in touch with one another, and give support to those who have absolutely no idea where they're going. Armenia, where's that?
This is the site of the National Peace Corps Association, made up of returned Volunteers. This site includes links to all the Web pages of the "friends of" groups for most countries of service, made up of former Volunteers who served in those countries. There are also regional groups who frequently get together for social events and local volunteer activities.
This site is known as the Returned Peace Corps Volunteer Web Ring. Browse the Web ring and see what former Volunteers are saying about their service.
This site is hosted by a group of returned Volunteer writers. It is a monthly online publication of essays and Volunteer accounts of their Peace Corps service.
Online Articles/Current News Sites About Armenia
An Armenian news index.
ArmGate has links to a variety of resources on Armenia.
International Development, Government, and Business Sites
A site maintained by the American University of Armenia, sponsored by Sun Microsystems' worldwide Information and Technology Exchange program.
The site of the U.S. Embassy in Armenia.
Armenia Diaspora, a site developed by the Armenian Ministry of Foreign Affairs.
Armenian International Women's Association.


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Pathfinding help
I'm trying to implement pathfinding into Colonization. However, this is effectively the first real thing I've ever programmed, and I'm in highschool, so I haven't taken any in-depth computer classes. In other words, I am vastly unexperienced. I've written and re-written the algorithm a number of times, even downloaded an A* implementation from the web, but everything has some problem or other. The simulator isn't actually kicking out any errors, there are just some issues. I extracted the script from delirious' Tiled library, and it almost worked. I need help. The map is only 10x10 tiles (100 total, so very small--even an inefficient algorithm will work for me), and it's not vital that the path even be the shortest. Movement includes diagonal, but it wouldn't have to if a script wasn't suited for that. Below is my most recent attempt which, again, isn't working (it seems to loop infinitely, and I think the openList grows beyond 100, which shouldn't happen since there are only that many tiles. I also think it includes duplicates, which the onList() function should prevent), and I can't figure out why. Any help would be greatly appreciated
function findPath(startX, startY, endX, endY) local openList = {}; local closedList = {}; local node = {}; node.x = startX; node.y = startY; node.g = 0;--move cost from parent tile node.h = estimateMoveCost(node.x, node.y, endX, endY);--guess of move cost to target node.sum = node.g + node.h; node.parentX = startX; node.parentY = startY; table.insert(openList, node); while #openList > 0 do table.sort(openList, function(a, b) return a.h < b.h; end); local focusNode = openList[1]; print(gridToIndex(focusNode.x, focusNode.y), focusNode.h); table.remove(openList, 1); table.insert(closedList, focusNode); if focusNode.x == endX and focusNode.y == endY then--found path! print("Found path!"); local pathList = {}; while 1 do table.insert(pathList, 1, gridToIndex(focusNode.x, focusNode.y)); if focusNode.x == startX and focusNode.y == startY then return pathList; else focusNode = closedList[onList(closedList, focusNode.parentX, focusNode.parentY)]; end end end for u = -1, 1, 1 do--across x for v = -1, 1, 1 do--across y if passable(focusNode.x + u, focusNode.y + v, endX, endY) == true and onList(closedList, focusNode.x + u, focusNode.y + v) == false then local onOpenList = onList(openList, focusNode.x + u, focusNode.y + v); if onOpenList == false then node.x = focusNode.x + u; node.y = focusNode.y + v; if u == 0 or v == 0 then--orthagonal node.g = focusNode.g + 10; else--diagonal node.g = focusNode.g + 14; end node.h = estimateMoveCost(node.x, node.y, endX, endY); node.sum = node.g + node.h; node.parentX = focusNode.x; node.parentY = focusNode.y; else--already on openList; check if this is a better path if u == 0 or v == 0 then--orthagonal local score = 10; else local score = 14; end if focusNode.g + score < openList[onOpenList].g then--better path node = openList[onOpenList]; node.g = focusNode.g + score; node.sum = node.g + node.h; node.parentX = focusNode.x; node.parentY = focusNode.y; end end table.insert(openList, node); end end end end --failure if reached this far game.guiList.message = "I can't get there!"; game.guiList.counter = 0; end function estimateMoveCost(startX, startY, endX, endY) return (math.abs(startX - endX) + math.abs(startY - endY)) * 10; end function passable(x, y, targetX, targetY) if x > 0 and x < 101 and y > 0 and y < 101 and game.mapList[gridToIndex(x, y)] == 0 then return true; elseif x == targetX and y == targetY then--since target will always be a building or other "obstacle", must return true or else target will never be added to open list return true; else return false; end end function onList(list, x, y) for index, value in ipairs(list) do if value.x == x and value.y == y then return index; end end return false;--failure if reached this far end
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Tag Archives: Macomb County
By Nathan Lockwood, MCP, Eclipse Consulting Save your money! Don't purchase new hardware or software. Instead, spend your money on your business. Get the technology working for you, rather than just paying to have the technology. Many of our clients … Continue reading
By Ryan Schave, MCP, Eclipse Consulting Can allowing employees to use their own computing device lead to improved employee attraction and retention rates? You bet! I would even venture to say that in the tech industry, the technology used by potential … Continue reading
By Ryan Schave, MCP, Eclipse Consulting There's no doubt about it! The iPad and the cloud were made to work together. The fundamental way that the iPad works is by an app connecting to software that is housed "in the cloud". … Continue reading
The answer is a resounding YES! You can run an entire company virtually, and appear as though you are a larger company and that all your employees are in one location. So, what cloud-based solutions can make all this possible? … Continue reading
Well, the answer to that question is yes and no. The objective is to make IT less expensive while budgeting IT investments as a constant expense versus a capital outlay. So, although the intent was not some grand money-making scheme, … Continue reading
By Nathan Lockwood, MCP, Eclipse Consulting Even if you move to cloud-based networks and software, upgrades of some type will still be required . Instead of upgrading servers and increasing bandwidth, you will need to upgrade the devices that are … Continue reading
By Nathan Lockwood, MCP, Eclipse Consulting As with any big technology-based change, there are early adopters and those that lag behind. To put it into perspective, many companies still rely on hard copy documents even though the PDF technology exists … Continue reading
By Ryan Schave, MCP, Eclipse Consulting One of the questions we get asked at Eclipse Consulting is whether "cloud computing" is a passing fad or is here to stay. The terms "the cloud" or "cloud computing" are bantered about like … Continue reading


text:
Dear Members,
Keep in mind that Character Bashing is now prohibited. Making fun of certain characters/character pairings leads to a pointless thread filled with insults and general rule breaking.
Also, remember that Versus threads are allowed only in the Versus section.
Thank you, NarutoBase Staff
LOL at everyone taking this thread seriously!
Successful troll is Successful! :D
Originally Posted by Narutoisgodly
this is all pathetic where is the proof xD???
you ask that guy "where's the proof?"..
now i ask you ... "where's your proof?"
i totally disagree with you man... not just because Sai didn't lost while Madara had, Sai is greater than Madara... why... Can Sai defeat Hashirama?... don't really on records man.... i doesn't count... the one that counts is the power of their opponent...
Sai can kill anyone by drawing the sage of six paths
probably cuz sai barely fought anyone. thats why he didnt lose
Why did 14 pages worth of people feed the troll. That rule #1 people.
Forum Rules


text:
Use this section to write about yourself - don't be shy - Why should a buyer or seller want to work with you? Do you have any certifications and qualifications? What sets you apart from other agents/loan officers?
Molly Chambers
Services for Real Estate Pros / Zanesville, OH
- Email: Molly Chambers
- My Blog: Molly Chambers's (moch) Blog
Get to know Molly Chambers
Molly Chambers Expertise
Use this section to write about your specific areas of expertise. Do you specialize in first time buyers - listing high end homes - etc. Are there specific market area's that you specialize in? The more you write about your area's of expertise the more knowledgeable you'll sound to a potential buyer or seller.
- English
Introducing a fresh new look for your Profile.
Click the 'Edit Profile' button below to enter 'Edit Mode' and continue the tour.


text:
Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.3/50042
|Download PDF (Published version) (Adobe Acrobat PDF, 421 KB)
- Title
- Simulations and experiments on polarization squeezing in optical fibre
- Author(s)
- Corney, Joel F.; Heersink, Joel; Dong, Ruifang; Josse, Vincent; Drummond, P. D.; Leuchs, Gerd; Andersen, Ulrik L.
- Abstract
- We investigate polarization squeezing of ultrashort pulses in optical fibre, over a wide range of input energies and fibre lengths. Comparisons are made between experimental data and quantum dynamical simulations to find good quantitative agreement. The numerical calculations, performed using both truncated Wigner and exact +P phase-space methods, include nonlinear and stochastic Raman effects, through coupling to phonon variables. The simulations reveal that excess phase noise, such as from depolarizing guided acoustic wave Brillouin scattering, affects squeezing at low input energies, while Raman effects cause a marked deterioration of squeezing at higher energies and longer fibre lengths. We also calculate the optimum fibre length for maximum squeezing.
- Publication type
- Journal article
- Source
- Physical Review A, Vol. 78, no. 2 (2008), article no. 023831
- Publication year
- 2008
- FOR Code(s)
- 0202 Atomic, Molecular, Nuclear, Particle and Plasma Physics; 0204 Condensed Matter Physics; 0205 Optical Physics
- Keyword(s)
- Acoustics; Brillouin spectra; Experimental data; Fiber lengths; Fiber optics; Fibers; Numerical analysis; Numerical calculations; Optical fibre polarisation; Optical fibres; Optical materials; Optical squeezing; Optimum fibre length; Phase noise; Phase space methods; Phonons; Polarisation squeezing; Quantitative agreement; Quantum dynamical; Raman effects; Raman scattering; Raman spectra; Stochastic processes
- Publisher
- American Physical Society
- 1050-2947
- Publisher URL
- Copyright
- Copyright © 2008 The American Physical Society. Published version of this paper reproduced here in accordance with the copyright policy of the publisher.
- Full text
- Peer reviewed


text:
Wichita Falls Police are investigating a robbery in which employees of a fast food restaurant were forced inside the freezer.
Officials say around 11:15 on the night of December the 21st, the Sonic at Kell and Barnett was robbed at gunpoint.
Employees told officers an armed man dressed in black and wearing a mask and gloves came into the restaurant and demanded money.
Police say he forced employees into the freezer, and got away with an undisclosed amount of money.
The suspect is believed to be Hispanic or Asian.
If you have any information, you're asked to call Crime Stoppers 322-9888.
Copyright 2016 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


text:
Headlines (Campus Updates)
Terms of reference: Presidential Task Force on Multi-Campus Governance
Communications, Public Affairs & Marketing
May 7/10
In March 2010 Laurier President and Vice-Chancellor Dr. Max Blouw announced the creation of a task force to study multi-campus governance. The announcement indicated that terms of reference were being drawn up and would be publicized as soon as possible. The terms of reference are now complete and outlined below.
Presidential Task Force on Multi-Campus Governance Terms of Reference
Laurier, as a multi-campus university, is a federation of campuses. However we have not fully determined what type of federation we should be as a university. There are numerous possibilities (just as no one multi-campus model works best, neither is there a perfect model of a federation).
Over the past 11 years decisions about academic programming, provision of services, lines of authority and accountability, and many other matters have been made in the absence of an over-arching federation or governance model. Processes and practices have evolved in an ad hoc fashion, without the benefit of guidance that an overarching governance framework would provide.
Governance: Governance is the process whereby societies or organizations make important decisions, determine whom they involve and how they render account. (Canada Institute on Governance).
Premises: The work of the Task Force is guided by the Vision, Values, and Mission statement of the university. More specifically, the work of the Task Force is founded on the recognition:
1. That Laurier embraces a multi-campus model of operations and that it will be a multi-campus university for the foreseeable future.
2. That Laurier values an intimate and supportive community environment that is most readily achieved when student numbers do not exceed approximately 15,000 in any one locality.
3. That Laurier aspires to excellence in education that engages students in purposeful developmental activities both inside and outside the classroom.
4. That Laurier aspires to increased research intensity in the context of a number of mid-sized campuses, each delivering undergraduate education and a limited number of focused, nationally and internationally recognized areas of research excellence.
5. That Laurier aspires to complementarity among teaching and research foci among its campuses such that synergies are enabled to ensure that the whole university has impact and presence that is greater than the sum of its parts.
Mandate: The mandate of the Presidential Task Force on Multi-Campus Governance is to build on these premises and the Vision, Mission and Values statement to identify and recommend to the university community an overarching model of federation and governance among the existing and potential campuses of Laurier. Considerations should include, but not be limited to:
Identifying principles that should guide the distribution of academic programs across campuses
Principles to guide the allocation of resources among campuses
The functions of academic, administrative, and student leaders (Deans, Chairs, Directors, Managers, etc.) across campuses
Identifying the principles that should be applied to make changes in composition of the Board and Senate as campuses develop and grow
Shifts in representation that should be implemented in university committees as new campuses grow
Expectations of the university community to be participating citizens across campuses as well as at their home campus
Identifying principles to establish the administrative structures that must follow from governance recommendations of the Task Force
Such other matters as the Task Force identifies as fundamental to effective and efficient governance in multiple locations
Timeframe: The work of the Task Force began in March 2010 and is expected to be substantially complete by the end of the calendar year.
Reporting: The Task Force will report to the university community with a report of its findings and it will also report separately to the Board, Senate, Brantford faculty, academic faculties, and such other bodies and groups as are deemed appropriate.
Consultation: The Task Force will consult stakeholder communities widely and appropriately as it conducts its work.
Student experience
Faculty experience
Area of focus (how it is organized)
Other offerings
Organization/decision-making: Governance
Central administration
Campus administration
Organization/decision-making: Senate
Faculty hiring
Faculty tenure & promotion
Among campuses
With local community
With government (town, municipal, regional, provincial, federal)
Partnerships (public, private)
Drivers & desired outcomes
Terms and parameters
At what level(s) are they made? Managed?
To what extent do they impact stakeholder groups?
Pros/cons, benefits/compromises


text:
Submit News
Toyota to Finally Get Onboard With Direct Injection, Turbocharging to Boost Efficiency
Brandon Hill
October 3, 2012 12:38 PM
Recipient E-mail
Sender E-mail
Toyota Camry SE
Toyota is finally going to catch up to the competition
Toyota is known for producing boring family sedans and SUVs that appeal to a large audience. The company is also known for its fuel efficient
Prius family of hybrid vehicles
. Vehicles like the
Prius/Prius c
manage to achieve 50mpg on the highway thanks to a fuel-sipping gasoline engine backed with a continuously variable transmission (CVT) and an electric motor/battery.
Toyota has largely ignored making significant advances in its traditional gasoline engine/powertrain department; with efficient transmission/engine offerings lagging the competition (the Toyota Corolla still uses a 4-speed automatic transmission when the competition has moved to 6-speed units and CVTs).
However, no longer will its traditional vehicles take a backseat to its hybrids according to Takeshi Uchiyamada, Toyota's product development chief. "By 2015, through improvement in the engine and powertrain alone, we aim to achieve a fuel-efficiency improvement of 10 percent to 20 percent on the models adopting the improvements," said Uchiyamada.
The Toyota Corolla still uses an archaic four-speed automatic transmission and lags behind the competition in fuel economy
Competitors like Ford have already embraced direct injection and turbocharging across much of the produce range (see
), and Toyota is following suit. Toyota plans to introduce a direct injection version of its 2.5-liter four-cylinder engine (this new engine will first see duty in hybrid models). The engine will also find its way into vehicles like the Camry, RAV4, and Venza.
In addition, Toyota will also introduce a 2.0-liter, turbocharged four-cylinder engine that will likely take the place of the 3.5-liter V6 currently found in midsize Toyota sedans and crossovers.
Toyota is also looking to add 6- and 8-speed automatic transmission to its vehicles. This should help vehicles like that aforementioned Corolla with its archaic transmission boost fuel efficiency ratings. The company will also add CVTs to more of its models, a move that has long been championed by Nissan. Nissan provides CVTs in everything from its
tiny Versa subcompact
to the large Pathfinder crossover.
All of these moves largely see Toyota playing catch-up with the rest of the automotive industry. Toyota has for too long placed all of its fuel efficiency eggs in the hybrid basket, while neglecting its bread and butter vehicles. With the competition now fiercer than ever, it now looks as though Toyota has finally realized that not everyone wants to purchase a hybrid in order to get increased fuel efficiency.
"Nowadays, security guys break the Mac every single day. Every single day, they come out with a total exploit, your machine can be taken over totally. I dare anybody to do that once a month on the Windows machine." -- Bill Gates
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text:
Fall is tough on parents. It's the season when we instinctually throw candy at children, cheering them on in a delirious sugar binge in the hopes that they'll fatten up and tire themselves out enough to sleep straight through the winter. Sadly, it never quite works that way. (Somehow those idiot bears figured it out but we still can't get the formula right.) Still, moms and dads keep trying every October, enduring the self-entitled tantrums over costumes and curfews, optimistic that this will finally be the year the Kit Kat/Skittle ratio will push their children into a lasting coma, at least through November.
"Don't touch her just ... just leave her there until Christmas."
But that doesn't mean parents only have to patiently absorb the Halloween torture -- they can also dole a little out on their children as well. And if the Internet is to be trusted, homemade costumes seem to be their weapon of choice. There are thousands and thousands of How-To guides online, teaching parents to ignore the pleas from their kids for packaged Spider-Man costumes, opting instead to construct knock-off versions at home made of electrical tape and old sweatshirts. That's not to say that homemade costumes are all bad, some of the DIY jobs are truly spectacular -- but I assume those are for the good kids. Far more look like they were stitched out of resentment and glued together by scorn.
So in the next week, as you hear kids making greedy demands of their parents or whining about how many Snickers they should be allowed to have in a day, there's a good chance those awful children will end up in one of these suits of pure punishment. Like ...
5 This Turtle Costume
Don't let that child's elation fool you, no kid wants to wear this. It's a Halloween costume idea from Reader's Digest, a magazine that's never been in any danger of brushing a finger across the pulse of pop culture. In fact, I suspect the Reader's Digest editors have no idea that not a single kid has dressed up as a turtle in the last 20 years unless it was also a teenager, a mutant and a ninja. But parents do, and it must be a special treat for them to send their awful kid out into the night with his friends as the famous team of Leonardo, Donatello, Michelangelo and that shitty, roastin-pan, regular turtle.
"I'm the sensitive one!"
I will give Reader's Digest credit for dressing up the background of the picture with streamers, fearlessly suggesting that not only is this mediocre costume suitable for wandering around in the dark, but also well-lit costume parties. This costume is so gracelessly cobbled together that whoever wears it is probably more likely to be mistaken for a robot, or a baseball catcher, or a meal. For instance, I'm not sure how the hat helps define him as a turtle. In my experience, turtles hate wearing hats. I assume it's only included so the boy has something to hide his shame behind while standing on porches waiting for adults to guess what he is before they'll just give him some of that goddamn candy already. This isn't a costume parents make for their kids, this is a costume a child makes himself out of garbage when his parents are too drunk or too divorced to remember it's Halloween.
4 This Bear Costume
The introduction of this How-To calls it a, "A head-to-toe bear costume that kids will love" but I refuse to believe that Woman's Day magazine actually believes that. I'm not sure why middle-aged ladies are so dead set on talking in code all the time but fine, Woman's Day, we'll all go on pretending that Brookstone personal massagers are for backs and that this costume is supposed to be anything other than revenge.
No you don't, lady.
Any kid with dreams of being a bear for Halloween wants to look so bloodthirsty and threatening that people lock their doors when they see him coming down the street, pushing all their candy out of mailbox slots in the hopes that he'll move on and maul a neighbor instead. He wants the skin of an actual bear. But this homemade costume is such a bastardization of that dream that I'm certain it's intentionally patronizing.
Any parent who sees the picture already knows there's no way a child can open his mouth while wearing that, which seems like the logical point for Woman's Day to focus on. Additionally, forcing a kid to wear a costume that's 90 percent sweatsuit from the local drug store and 10 percent jagged cardboard that hugs his face is like the last legal loophole for child abuse. This costume is the spanking of the 21st Century.
It's additionally humiliating that the kid is forced to carry around a two-dimensional prop so people know he's not a ground squirrel or something. A mistake I imagine is probably common given that he also has whiskers for some inexplicable reason. I'm no biologist but whiskers don't seem like a defining characteristic of bears. Massive teeth and blood-soaked claws usually do that job. Still, I can't imagine that face paint lasts long with all the jaw-clenched tears that kid will be crying.


text:
We're Redefining the Way New Jersey is Living at Home. Call 1-800-655-2555 to learn more.
Meridian At Home In the HeadlinesHome health care goes high-tech
New technology allows more care to be administered from home
At Your Side When You Need Us, Because Every Moment Counts.
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Learn more about Meridian Hospice, our Qualified & Compassionate Team, and our Pain Control & Symptom Management (Palliative Care) services.


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Learn how your lens choice and different shooting techniques can improve the quality of your portraits. Plus, get a review of popular prime and zoom lenses.
All Courses
- Photography (16)
- Portraits
- Lighting (8)
- Cameras + Gear (4)
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- Creative Spark (2)
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- iPhone, iPod, iPad (1)
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- Beginner (16)
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- Appropriate for all
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See how a world-class photojournalist approaches the challenge of telling a photographic story with less than hour's shooting time.
Learn to retouch and enhance a portrait of a young woman using subtle image adjustments in Photoshop Lightroom.
This documentary follows legendary photographer Douglas Kirkland as he assembles his first career retrospective, A Life in Pictures, and recalls pivotal moments in his career.
Follow photographer Brooke Shaden as she creates one of her painterly, otherworldly images and explains her process, from initial sketch to final Photoshop composite.
Photographer David Hobby visits a conservation center and lights close-ups and portraits using a variety of strobes and light modifiers.
In a photo shoot with a model, photographer and Strobist blog publisher David Hobby demonstrates the basics of lighting with compact flash units.
Renowned photographer Douglas Kirkland explores the process of shooting a series of photos that connect to tell a story.
Do some trekking—photo trekking—with travel and lifestyle photographer Nick Onken.
Follow Lauren Lemon, the online persona for Lauren Randolph, a photographer based in Los Angeles, as she plans and choreographs a photo shoot and talks about the importance of social networks and personal projects in establishing a photography career.
Renowned photographer Douglas Kirkland discusses the art of photographing kids ranging from toddlers to preteens, both alone and together with parents and siblings.
Chris travels to Texas to visit two artists and sculptors, David Cargill and Charles Stagg, taking their pictures and discussing the results.
Chris Orwig travels to New York to visit with photographer Rodney Smith, sharing insights into portraiture and the importance of creating photos that both tell stories and ask questions.
Photographer and teacher Chris Orwig shows how incorporate aspects of a location, such as architecture, natural light, and even passersby, to create authentic, story-filled portraits.
Well-known photographer Douglas Kirkland demonstrates studio portraiture techniques, from lighting to working with a model.
Well-known photographer Douglas Kirkland explains how he works with natural lighting and how to best take advantage of it for portraiture.
"I send my customers to you all the time to learn. If I had more time in the day I would live on your site!" —Alan B.
more from our members »


text:
Casshern Sins
For Whom Do the Flowers Bloom?
Episode 20 | TV-MA
Casshern, Lyuze, and Ringo finally reach Luna's castle, where they find countless robots hoping to be spared from the Ruin. Dune is among their ranks, but Luna's treatment of her former protector is shocking.
Official Site: www.funimation.com/shows/casshern-sinsHide Details


text:
Newly elected Prime Minister the Rt. Hon. Perry G. Christie has released the list of Ministries and his new Executive, as follows:
Ministry of Agriculture, Marine Resources and Local Government
- Minister: The Hon. V. Alfred Gray, M.P.
- Parliamentary Secretary: The Hon. Anthony Moss, M.P.
Ministry of Education, Science & Technology
- Minister: Sen. The Hon. Jerome Fitzgerald, M.P.-Elect
Ministry of The Environment and Housing
- Minister: Kendred Dorsett, M.P.-Elect
Ministry of Finance
- Minister: The Rt. Hon. Perry G. Christie
- Minister of State: Sen. The Hon. Michael Halkitis, M.P.-Elect
- Consultant: James Smith CMG
Ministry of Financial Services
- Minister: The Hon. Ryan Pinder, M.P.
Ministry of Foreign Affairs and Immigration
- Minister: The Hon. Frederick A. Mitchell, M.P.
- Parliamentary Secretary: Cleola Hamilton, M.P.-Elect
Ministry for Grand Bahama
- Minister: Dr. Michael Darville, M.P.-Elect
Ministry of Health
- Minister: Dr. Perry Gomez, M.P.-Elect
Ministry of Labour and National Insurance
- Minister: The Hon. Shane Gibson, M.P.
Ministry of Legal Affairs/Office of the Attorney General
- Minister/Attorney General: Senator the Hon. Allyson Maynard Gibson
- Minister of State: Damian Gomez, M.P.-Elect
Ministry of National Security
- Minister: The Hon. Dr. Bernard J. Nottage., M.P.
- Minister of State: Senator the Hon. Keith Bell
Ministry of Social Services
- Minister: The Hon. Melanie Griffin, M.P.
Ministry of Tourism
- Minister: The Hon. Obediah Wilchcombe, M.P.
Ministry of Transport and Aviation
- Minister: The Hon. Glenys Hanna-Martin, M.P.
- Minister of State: Hope Strachan, M.P.-Elect
Ministry of Works and Urban Development
- Minister: The Hon. Philip Brave Davis, M.P.
- Parliamentary Secretary: Renward Wells, M.P.-Elect
Ministry of Youth, Sports and Culture
- Minister: Dr. Daniel Johnson, M.P.-Elect
Office of the Prime Minister
- Minister of State for Investments: Khaalis Rolle, M.P.-Elect
In finalising his team, PM Christie noted that his new government will begin immediately to implement the programmes set out in the Party's Charter of Governance.
The new session of the Parliament of The Bahamas is slated to be opened on the 23rd May, at which time the Government will move for the appointment of MP-Elect Dr. Kendal Major as the next Speaker of the House of Assembly and of MP-Elect Deon Smith as Deputy Speaker. The Hon. Dr Bernard Nottage, the nation's new National Security Minister, is Government Leader in the House of Assembly, while The Hon. Dr. Hubert Minnis, M.P., is Leader of the Opposition. Senate appointments for both the Administration and the Opposition are expected in due course.