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Using Currencies to Diversify Your Portfolio
by Axel Merk
Axel Merk is the president and chief investment officer of Merk Investments. I spoke with him in recently about investing in currencies.
Charles Rotblut (CR): When someone talks about investing in currencies, what does that actually involve?
Axel Merk (AM): Obviously, everybody has heard of the U.S. dollar, but other countries and regions have their own currencies—say, the euro or the Swiss franc or the Australian dollar or even the Chinese renminbi [yuan]. And if you want to conduct business in that currency, you have to exchange your money; currencies always trade in pairs, and it's always one currency versus another one.
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There are two main ways that we think about currency investing. One is called directional currency investing, and that would be the U.S. dollar versus a currency, a basket of currencies or a managed basket of currencies—say, the U.S. dollar versus the dollar index, which is a basket of currencies, or versus one of our currency funds, two of which are managed baskets of currencies.
The other way to think about currency investing is in a non-directional sense. Non-directional currency investing might take offsetting positions in currencies outside of the U.S. dollar. As an example, rather than taking a position in the U.S. dollar versus the euro, you might think about the Australian dollar versus the New Zealand dollar. What this entails is taking long or short positions in any one currency.
Think about the returns you may generate when you take a long position in the Australian dollar while you concurrently short the New Zealand dollar. You can't guarantee that you will make money with that position, but you're almost certain that the returns you generate will have very little correlation to anything else that you may be holding in your portfolio. That unleashes the full power of currency investing, in that you can design a portfolio that has a low correlation to the rest of your portfolio. Plus, if you have a profitable strategy, you may be able to add value without substantially adding to the risk of the portfolio.
CR: In terms of actually buying currencies, obviously, anybody can go to a currency exchange and buy euros or buy Canadian dollars, but what exactly are people investing in? Are they investing in futures? Are they investing in bonds?
AM: There are different ways to invest in currencies. In the most straightforward way, you actually go out and buy the currency, and then you hold it typically in a bank in a foreign country. Now, for most investors, it's kind of complicated to set up such capabilities. What we do, for example, in our Merk Hard Currency Fund (MERKX) is go out and buy the currency, and then within that currency, we buy short-term money market types of instruments. So we would buy a German treasury bill, or the remaining days of a Finnish or Australian government bond, and own these cash-like instruments denominated in the foreign currency. That's one way of doing it. In that case, by the way, currency investing is very similar to international bond investing. But unlike a bond fund where you have currency, interest and credit risk, in a directional currency fund, you focus on currency risk while trying to minimize interest and credit risks.
Now, that is how we invest in some of our funds. Another way of investing, which represents the vast volume of currency trading in the world, happens through forward currency contracts. You can use futures or forwards. People may be more familiar with futures trading, which happens on a regulated exchange, but that's actually just a small fraction of the trading volume. The vast majority of the volume is in forward currency contracts. What that means is that you have a customized contract with a brokerage firm or with a bank to, say, buy a million euros one week from now or one month from now (or any specific date in the future). And the difference to taking delivery of the currency is that you retain your dollar cash until you buy that currency at the agreed-upon time. An advantage of doing this is that you can also sell or short a currency with minimal cost. And some people like to use leverage as they proceed with those sorts of transactions.
All together, there is $4 trillion daily volume in the currency markets, and an absolutely staggering volume happens because a lot of people are using derivatives to get exposure to different currency moves, and a lot of people use leverage in doing so.
Now, you don't have to use leverage. When you don't use leverage, the currency market is actually much less volatile than the equity market or even the fixed-income market. When the euro moves, say, from 1.32 to 1.30, the entire world pays attention, because a two-cent move in the euro versus the U.S. dollar is very significant. On a percentage basis, though, it's a very small move. Think about an Internet stock moving from 132 to 130; nobody would even blink. By not employing leverage, the currency market allows you to be a long-term investor. Just like in any other asset class, there are short-term traders and long-term investors, those who use leverage and those who do not.
CR: For an individual investor, what we're talking about is actually investing and not active forex [foreign exchange] trading as promoted by the television commercials?
AM: That's a good question. If you think you know what's going to happen tomorrow in the markets, by all means, you're probably somebody who would like to use leverage, because the currency markets are otherwise too boring. There are plenty of websites out there that allow you to take a speculative position with a lot of leverage. But on the other hand, if you think that there's a long-term trend, say, that the U.S. dollar may weaken because we're better at printing money than other countries are, you don't necessarily want to use any leverage, because like any market, the currency markets are not a one-way street. Things go up and down in these markets. And if you use leverage, the cost of the leverage is going to erode your returns. At the same time, if you want long-term exposure, the question is, how can you achieve it? If you want to get exposure to one currency, you can buy it outright—you can use an ETF (exchange-traded fund) or a mutual fund; the difference is that a mutual fund would more likely be a managed basket of currencies rather than a single currency.
On that note as well, the person who thinks that something specific is going to happen in the market is probably going to have a very good idea about which currency they want to buy or sell. But if people just generally want to take advantage of the currency markets, they may be more inclined to use a basket of currencies to mitigate the risk of any one currency. In our case, for example, we try to add value by managing that basket, because most folks are not currency experts, and by having institutional access, where we get executions that an individual investor simply cannot get. If you're an individual investor, you generally pay enormous commissions to buy and sell currencies, whereas on the institutional side, the commissions are absolutely minimal. There is very little cost involved in moving millions, even tens of millions, of dollars around. This is one of the reasons why speculators are attracted to that segment, because of the low transaction costs. At the same time, you don't have to be a speculator; you can get exposure to baskets of currencies very efficiently through some investment products.
CR: What's actually moving currencies against each other? I realize this gets complicated pretty quickly, but is there a simple explanation you could give?
AM: Sure. Well, most people think currencies are complicated. I would think following thousands of stocks or mutual funds is far more complicated. You have about 10 major currencies, and they are driven by supply and demand, just like anything else is. When more people want to invest in a currency, that currency will increase in value versus another currency. So on the most fundamental basis, it's the same as with anything else.
Some people say that because currencies are a zero-sum game (one currency always has to gain at the expense of another, as currencies always trade in pairs), there is no chance to make money in the currency space. We could not disagree more. It is not a zero-sum game; there are some significant differences. Some countries print more money than others. At the same time, almost everybody who has taken an economics 101 course is told that the difference between currencies depends on the interest rate differential and so forth. While I think those theories are great for textbooks, in practice, studying interest rate moves alone is not going to give you a winning investment strategy.
There are investment strategies in the currency world, just as there are in equities or any other security. You can be a short-term investor, or you can be a long-term investor. You can invest based on technicals, or you can invest based on fundamentals. It turns out that in the currency market, you have more inefficiencies than in other markets. We believe this is due to a significant number of participants who are not profit maximizers. Aside from corporations that hedge their exposure, you have central banks that manage their reserves; you have tourists who are very active in transacting in currencies without trying to optimize the currency component of their transactions. You even have many international equity investors who are not necessarily looking to optimize the currency component of their investments. As a result, you have a lot of folks trying to arbitrage the sort of inefficiencies that come from all these participants.
Many of these strategies are very technically driven. But at the same time, you can also invest in currencies based on macro analysis, based on fundamental analysis. We have these billions of dollars that are being spent and trillions being printed. Well, the markets are moving when so much money is being printed and spent, but why take on the equity risk when the only thing investors are doing is chasing the next move of the policymakers? In the currency markets, you can very clearly express your view by buying the currency where policymakers, in your opinion, are more reasonable and are printing less money. And you can have an investment approach in the currency markets that is very similar to that in the equity markets and any other market. The important thing is of course that you have your own framework in which you're thinking about the market. And then you put your money where your mouth is or where your thoughts are, and you apply the same discipline, you have the same pitfalls and so forth.
|Total Return
Annual Avg
Last 3 Yrs
Annual Avg
Last 5 Yrs
|Merk Absolute Ret Curr Inv (MABFX)*
|Merk Asian Currency Inv (MEAFX)
|Merk Hard Currency Inv (MERKX)
|International Currency Bond Funds Average
|*Comanaged with Kieran Osborne.
|Source: AAII's "Individual Investor's Guide to the Top Mutual Funds," February 2012 AAII Journal. Data as of December 30, 2012.
CR: I know you talked about how corporations hedge. We do have some members who are buying multinational corporations or who might be investing in foreign corporations. But you're arguing that investing in currencies actually gives you a different exposure than buying the stocks outright, correct?
AM: Well, first of all, if you don't use leverage, your volatility is much lower in the currency space than in the equity space. And as I just indicated, there's a lot of noise in the equity space these days because people are just chasing the next move of the policymakers. And so you're not really investing in many stocks because of their fundamentals but because of what you think the policymakers are doing, and I believe the currency space allows you to better express that.
Second is that, by all means, the companies in the S&P 500 index are very active internationally. But according to our studies, about 80% of the earnings of S&P 500 companies are hedged back into the U.S. dollar. So if you're investing in the S&P 500, you're only getting a muted impact of the international component that you're trying to get. Conversely, many people invest in international equities. If you buy an international equity mutual fund that invests in large-cap companies, odds are these companies want to sell to American consumers. They're not only selling here, but it's one of the reasons that the correlation of international equities is so high with the S&P 500. Again, you may not be getting all the diversification that you want.
By choosing a currency fund, you have a pure play on the currency world. If you talk to a currency manager and then, say, an international small-cap equity manager, there's a world of difference in what they focus on. And for good reason: The small-cap equity manager who invests in an Australian law firm is supposed to do fundamental research on the law firm; whereas, the fund manager focusing on currencies ought to think about the monetary policies, interest rate differentials, and fiscal and monetary risk in different countries. So there is very much a complementary effort in trying to access the same markets, but with very different dynamics. In our view, many of these things are complementary. Of course, any investor has to do their homework, with any instrument they look at, be that a mutual fund, a stock, or anything else.
CR: What about, in terms of allocating a portfolio, if someone is holding a portfolio of stocks and bonds, how do they make the decision as to what portion they should allocate to currencies? What's a good percentage?
AM: And then, of course the related question is, where do you take it from, which of your buckets?
Let me answer that question first: Increasingly, investors are considering currency to be its own asset class. And it's an alternative asset class. Especially when you invest non-directionally, as I indicated earlier, it is clearly its own asset class. When investing directionally, some people put it in the bucket of an international bond fund. And, by the way, there's a third way that people use these sort of products these days: If they invest in international equities, for example, but become more cautious on the international equity markets, instead of selling the foreign stocks and going back to the U.S. dollar, some investors may save the international cash. Obviously, they have currency risk. By taking the currency risk but not the equity risk, they are reducing the overall risk profile of their portfolio, but they are still invested.
Now, as far as how much people are deploying, we conduct surveys regularly, and the most common answer that we get is that about 4%–6% of investors' portfolios are allocated to currencies. Some allocate less, and some significantly more. The ones who invest significantly more are either very concerned about the purchasing power of the U.S. dollar, or, and this is in some ways a related angle, they want to have a more comprehensive way of managing the currency risk of their investments. They realize that, yes, they want to be invested in the S&P 500, and they want to be in equities, but they do have currency risk with the entire portfolio that they have, and they are looking for ways to manage that more actively.
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CR: In terms of risk, I know some investors are worried about what's going to happen with the U.S. dollar, particularly with interest rates rising. But if they go overseas to, say, the euro, they're also concerned with what's going on there. So is credit and interest rate risk a consideration?
AM: Well, of course. Ultimately, we believe there's no such thing anymore as a safe asset, and investors may want to take a diversified approach to something as mundane as cash. Obviously, if you invest in the U.S. dollar, the only thing you should be worried about is purchasing power; although when you have your money in a prime U.S. money market fund, odds are that if you look deeply, the fund owns commercial paper issued by a European bank denominated in U.S. dollars. So through your U.S. money market fund, you are actually giving a loan to European banks like, say, Societe Generale. It's within this context that we often say that we'd rather own a German treasury bill than a U.S. money market fund.
A country like China is ever more actively managing its reserves, and that's kind of how an individual investor can think about it. Don't trust your government any more to make sure your purchasing power is being retained. Take charge of your own reserves. Manage them as you deem most appropriate. And, by all means, investing in currencies is not the same thing as investing in Internet stocks. You can expect a different risk and return profile. But why not consider managing the currency risk even of the U.S. dollar by diversifying into baskets of currencies? Obviously, you're taking on the currency risk, which you wouldn't have by staying in the U.S. dollar. However, maybe that's precisely what you want exposure to, given the purchasing power risk that you have, given the monetary policies that are being pursued here in the U.S.
CR: Gold is used as a hedge against inflation, as well. How do currencies and gold work together?
AM: We consider gold the ultimate sound money, the one currency that is very difficult to inflate—and I say very difficult, because it is possible to ramp up gold production, it just takes a long time to do it and it's very expensive to do so. The other key difference between gold and currencies is that the liquidity in the gold market is much lower. As a result, the volatility in gold has to be much higher. The one thing we have observed is that even gold bugs rarely have all their money in gold, even if they have very negative views on the state of currencies. The simple reason is that they have their daily expenses in U.S. dollars, and gold can move quite radically, not just to the upside but also to the downside.
So when you employ currencies, you can spread your risks by using baskets of currencies, say, to get exposure to commodity currencies, for example. Commodity currencies such as the Australian dollar, New Zealand dollar, Norwegian krone, and the Canadian dollar are historically correlated to the price of gold without having the same level of volatility. It comes down to the broader assessment of what risk/return profile you want to have in your portfolio.
Ultimately, I would say, yes, gold does play a very important role in today's portfolio, but at the same time, the first question any investor has to ask themselves is: Can I sleep with that investment at night? And if you cannot, then you are overexposed. That's why the folks who like gold rarely have all their money in gold, because they need to be able to stomach a correction in gold, as well.
CR: In terms of tax implications from owning currencies, what are investors looking at?
AM: Well, it depends on how you own earning currencies, but just the mere fact of buying a currency and owning, say, a foreign cash instrument, of owning cash, you typically have to pay taxes on the gain that you have when you convert the money back into the U.S. dollar. If you buy an international fixed-income security, you have to pay tax on the gain you have in that international fixed-income security. With derivatives, it depends a little bit on the type of derivative you are using, but generally speaking, when there are gains, there are taxes. The futures market has a tad of a different treatment and, generally speaking, having gains in the currency space does generate income and a significant portion of it is likely going to be short-term income. If you, say, buy a short-term debt security, even if you have a long-term investing horizon, it is going to mature within a short period and as such be taxable as a short-term gain.
CR: Is there any time frame people should think about? If somebody's going to allocate some money to foreign currencies, is there a time line they should follow?
AM: Absolutely. Any money that anybody needs in the short term, I would not recommend putting that money at risk, just as a basic rule of thumb.
Beyond that, it really depends on the risk tolerance of any one investor, just like any other investment. As I indicated earlier, I'm not going to dissuade somebody who thinks that they can forecast the markets on a short-term basis from trading. But the folks that we talk to the most, the folks that, I believe, also are in your membership, tend to be the longer-term investors. And one of the things that we believe we have done in our firm is to really educate people that you can use currencies as an investment, not just as a speculative tool. You can use long-term deployments to baskets of currencies, managed baskets of currencies, to mitigate the risk of any one currency. And we see that, especially given recent market turbulence, such as the issues in the eurozone, by actively managing that risk, you can mitigate the risk of any one of these things.
And by the way, we don't think there's a crisis in the eurozone, we think there's a global crisis. This crisis is going to move from one place to the next, so you may want to think about how to position yourself to take advantage of the opportunities that these risks provide. Conversely, of course, it is not so much a question of knowing exactly what will happen, but a question of setting the risks. Is there risk that there will be inflation? Is there credit risk? And do you want to pare down those sorts of risk exposures? When you use currencies, you tend to try to minimize interest risk and credit risk exposures, so in that context, it can be very complementary to other investments that investors already hold.
CR: If investors are holding foreign bonds and they're getting interest on those, is it treated similar to foreign dividends, where there are certain tax treaties, or do they have to worry about foreign taxes as well?
AM: It depends again on what instrument you is using, but say you're investing in a mutual fund. You will get a Form 1099 from the fund, and it will tell you which boxes to fill in on your tax return. There are no foreign taxes to be filled in, so to speak. Typically, the mutual fund will take care of foreign withholdings and whatnot and reclaim those withholdings off mutual funds exempt from any of these things. But at the same time, any withholdings that have been taken will be noted on the 1099, which tells you exactly which lines to fill in on a tax form to make sure that all of those things are handled properly.
CR: Are there any implications for IRAs that individual investors need to be aware of?
AM: Again, it depends on how you buy currencies, but generally speaking, mutual funds are eligible for IRA accounts. If you have a mutual fund that tends to generate short-term gains, it might be advisable to hold it in a tax-deferred account for the simple reason that you would not have to pay the taxes on an ongoing basis as short-term gains are being realized.
Steve from PA posted over 4 years ago:
Investing in currencies is a zero sum game. There is no internal rate of return here. I would have asked Mr. Merk how he can acheive positive long-term returns in this environment. It seems to me that his long-term stategy is to bet against the US dollar (which may be a good bet) against foreign currencies with stronger fundmentals. Is there more to it than this?
Clyde from WI posted over 4 years ago:
I've been investing in Australia government bonds for the past 6-7 years. They are rated triple A and pay (based on my current holdings) about a 5% yield. This is on a 5 year maturity. I believe they are safer than US Treasuries and the yield is a bonus. The downside is the interest payments are in Aussie dollars with zero yield until you rollover the bond when it matures. The upside is the Aussie dollar may just appreciate while you are waiting. The cost is 1.5% to convert your US dollars when you buy the bonds and another 1.5% when (if ever) you convert the Aussie dollars back to US dollars. When i first started doing this the Aussie dollar was worth 70 cents US. Now the Aussie is worth $1.04 US.
Mike from TX posted over 4 years ago:
The only mutual funds I've found for hard currencies are MERKX and ICPHX, and ICPHX has a front-end load. Is anyone aware of another no-load fund for this besides MERKX?
Samir Desai from TX posted over 3 years ago:
It is too easy to simplify currency trades as simply driven by supply and demand. Macro economic factors play a huge role in the direction of movement. To bet $ against Yen, I will need to understand the short term and long term macro factors for Yen.
The same is true for every other currency pair. You need to know a lot about the macro environment as well as government policies to bet against/in-favor of any currency.
And it is a zero sum game (just like options).
Good luck gambling on currency.
Richard English from VA posted over 3 years ago:
Back in the mid 90's I made some nice money trading futures with the Euro which was gaining on the US $. However in today's frantic trading and constant changing financial environment in the world and US, I think it would be a brave soul who would enter the currency arena now.
Al Connelly from NJ posted over 3 years ago:
Looking at the performance figures here, and on the web, it looks like staying in cash is a better bet than getting into currencies. And I agree with Mr. English above that the currency arena is a difficult place.
James Hargreaves from GA posted over 3 years ago:
It would have been interesting to examine whether IRA assets can be moved into "foreign" instruments or currencies such that those assets would be beyond the reach of the US government (in the event that the US government "opts" to seize IRA funds to pay off social security or other debts).
Of course, these seizures would be done in the name of "protecting/helping" those "hapless/helpless" IRS account holders and "fairness".
The idea of the US government "seizing" individual IRA accounts (to pay various US debts) has already been "floated" in Congress by some hard left partisans.
Is there any way the "responsible" individual (who has saved rather than spent their wages and has "larger" IRA balances) can protect themselves (their accounts from seizure) using foreign currency or bond investments (possibly held offshore)?
Peter Rukavena from NY posted about 1 year ago:
Unless you are doing it full time trying to trade currencies is a foolish move. If you think you can out trade the professionals who are parked in front-of these screens day & night good luck !!!
I think currency ETF's are a sucker bet due to the futures roll over issue. The managed funds have performed terribly and have high cost. Just look at the returns of the funds mentioned in this article.
If you must trade currencies probably the best way is futures options strategies you can limit your downside risk , you also limit your upside.
I have done all the above , I do not do currency investing any more to much risk for to little return.


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Fred Maldonado serves as AT&T's Regional Director of External Affairs for Richardson and Dallas, where he is responsible for representing AT&T in all city, county, and state governmental and community affairs. He was appointed to the Dallas area office in June 2008.
Previously, Fred was the Regional Director for External Affairs in Lubbock, Texas. Before that, he served as Senior Operations Manager for West Texas where he was responsible for marketing consumer wireline and wireless products. Fred began his career with Southwestern Bell Telephone in 1993 in the Dallas/Fort Worth market. He has previously held several positions in operator services, call center operations, consumer sales, network installation & repair, and marketing.
As AT&T's representative in the Dallas area community, Fred currently serves as a Board of Director on the Greater Dallas Hispanic Chamber of Commerce, Richardson Chamber of Commerce, Garland Chamber of Commerce, Farmers Branch Chamber of Commerce, Parents Step Ahead, and the Richardson Symphony Orchestra. Fred was recently appointed as Chairman for representing all Corporate Partners for the GDHCC and serves as corporate advisor on Texas LULAC State Board.
Fred and his wife, Mari, have three sons ages 15, 8, and 5. Fred enjoys spending time with his family and pursuing hobbies such as coaching little league baseball, camping, hunting, running, golf, skiing, restoring classic vehicles and working for his father by operating a John Deere tractor when time allows.
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Investing's Odd Couple: Value and Momentum
by Kevin Truitt
For value investors, the sweet spot in investing is being able to buy an undervalued stock right before its value is recognized by the market and just before its stock price begins to take off.
But how can a value investor tell when a stock is in the sweet spot? The answer, according to Brian Nelson, president of investment research company Valuentum Securities, is to identify stocks with good value that are just starting to exhibit good technical/momentum characteristics.
Doing so helps an investor avoid:
In this article
- Research Says Combine Value With Momentum
- Why These Styles Complement Each Other
- How Investors Can Combine the Strategies
- Conclusion
- Key Characteristics for Finding Good Value and Momentum
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- value traps: stocks whose prices continue to fall—so-called "falling knives"—or stocks whose value will never be recognized by the market,
- underperformance due to the opportunity cost associated with holding a stock with great potential, but whose value takes an inordinate amount of time to be recognized by the market and
- speculative momentum or irrational high-yielding stocks whose technicals are unsupported by their fundamental valuation ("greater fool" stocks).
Many investors often base their investment decision on whether a stock is undervalued or overvalued or whether it has excellent competitive advantages or other qualitative measures. Nelson believes this a great start but it's an incomplete assessment, as stocks can stay undervalued or overvalued for decades (and some stocks may never converge to an estimated intrinsic value). Only when there is buying or selling in the stock based on its overvalued or undervalued state does a stock actually converge to its intrinsic value. Investors are highly dependent on other investors' actions (buying a stock drives its price higher, all else equal).
This core market dynamic is why Nelson looks for undervalued stocks that are just starting to be bought by other investors, the latter evidenced by a stock's positive technical/momentum considerations. He does not believe it is enough for a stock just to be undervalued. When it takes too long for a stock's value to be recognized by the market, both the power of compounding and the stock's annualized rate of return are adversely affected. A 30% return in nine months, for example, is far better than a 30% return over five years. Investors who focus only on value, growth or competitive-advantage analysis may not be using everything in their tool kit to maximize returns.
The value school of investing has seen this happen before. For a long time, "value investing" and "growth investing" were mistakenly viewed as separate and incompatible styles of investing. Legendary investor Warren Buffett debunked this myth when he said, "Growth and value investing are joined at the hip. Value is the discounted present value of an investment's future cash flow; growth is simply a calculation used to determine value." Similarly, some value investors have viewed value and momentum as being likewise incompatible investment strategies, even though there is a benefit to combining them.
As a common example, value investors have traditionally been conditioned not to accept technical/momentum analysis. Price movement strategies have often been dismissed as a self-fulfilling prophecy, the belief that they only work because other investors are buying and selling based on technical/momentum indicators. Nelson argues that this isn't a balanced view of the markets. Value investing works sometimes because people buy or sell based on value principles, driving a stock higher or lower, respectively. An understanding of these market dynamics helps investors relate to the theory behind why stocks admired by both value (inclusive of growth) and technical/momentum investors can be attractive. The possibility of price-to-fair-value convergence for this cohort of stocks is enhanced.
Research Says Combine Value With Momentum
Several research studies—most notably a study done by Cliff Asness of AQR Capital, Tobias Moskowitz of the University of Chicago and Lasse H. Pedersen at the New York University in their paper "Value and Momentum Everywhere"—make the argument that value and momentum strategies work well together. In their research, Asness, et al. show that over time combining value and momentum strategies across diverse markets and asset classes results in significantly higher risk-adjusted rates of returns.
Modern portfolio theory indicates that when you combine assets that are not perfectly correlated, or move in opposite directions, both portfolio volatility and overall risk are reduced. By applying this same sort of thinking to combining the best elements of two seemingly incompatible investment strategies—value and momentum—Asness, Moskowitz and Pedersen found that an investor can garner significant benefits of diversification by combining the best elements of value and momentum strategies. In their research, Asness, et al. found "that value (momentum) in one asset class is positively correlated with value (momentum) in other asset classes, and value and momentum are negatively correlated within and across asset classes."
Moskowitz in his October 2012 article "A Better Bet," published by the University of Chicago, makes the point that generally a value investor can expect to outperform the market by about 3% to 4% a year, while a momentum investor is likely to outperform the market by about 4% to 5% per year. He goes on to point out that combining value and momentum strategies outperforms on average by 5% per year. This may not look like much of an advantage over using either value or momentum alone, but portfolio volatility is reduced by about 50%.
Figure 1 is from the Asness, et al. study and shows the cumulative returns and Sharpe ratios for the period from January 1975 through July 2, 2007, for each of the three strategies. The blue Value line represents the returns of a long-short portfolio. This portfolio was long stocks with good value characteristics (a high ratio of book value to market value, or the inverse of the price-to-book ratio) and shorted stocks with poor value characteristics (a low ratio of book value to market value). The Momentum green line is a long-short portfolio that is long stocks that have performed well recently and short those stocks with poor momentum characteristics. The red Combo line shows cumulative return over this period for a portfolio that is a 50/50 combination of value and momentum.
Why These Styles Complement Each Other
Figure 1 shows that the 50/50 combination portfolio of value and momentum produces better cumulative long-term returns and better risk-adjusted long-term performance. The logical question though is, why? The answer that Moskowitz offers in his article "A Better Bet" is that while value and momentum appear to be at odds with one another, it is this very opposition to one another that accounts for the reason they seemingly work so well together. He explains that momentum investing works well in the short term—a year or less—while value investing focuses on the long term. Combining value and technical/momentum characteristics is also a long-term proposition, as it is conditioned on price-to-fair value convergence (the value premise).
The example Moskowitz gives is that during the technology boom of the mid-1990s momentum investors produced much better returns than value investors, who stayed away from technology stocks. But when the technology stocks crashed and burned, value investors generated better returns because they were invested in a completely different group of stocks. He suggests that a strategy that combined value and momentum in a situation like this would have allowed an investor to profit from these market extremes without being exposed to the probability of a major loss.
The conclusion of the Asness, et al. study is that the negative correlation between value and momentum strategies coupled with their high expected returns make a simple strategy of equally weighting a portfolio with value and momentum stocks a powerful strategy that produces higher cumulative long-term rates of return than either value or momentum alone (across every asset class). The Asness study also points out that combining value and momentum results in a significantly higher Sharpe ratio than either a value or momentum strategy alone and makes the portfolio less volatile across markets and time periods. [The Sharpe ratio measures how much return a strategy generates relative to the level of risk it incurs. Higher Sharpe ratios imply a strategy produces more return for each unit of risk. To learn more about the Sharpe ratio, see "Interpreting the Sharpe Ratio" in the May 2013 AAII Journal.]
How Investors Can Combine the Strategies
Though Asness, et al. used a 50/50 combined long-short value and momentum strategy and recommended applying it to a large number of stocks, such a strategy is not practical for the individual investor. Nelson, however, has an idea for a similar strategy that individual investors could follow.
In much the same way that Hall of Fame baseball player Ted Williams wrote about pitches being in his strike zone, Nelson believes it is the cohort of good value and good momentum stocks on the long side and poor value and poor momentum stocks on the short side that are the major drivers of the outperformance when value and momentum strategies are combined. To ferret out those stocks that are likely to be in the investor's strike zone, his methodology utilizes certain value and momentum signals.
Value Signals
To identify stocks that appear to be undervalued, Nelson primarily utilizes a three-stage discounted cash flow (DCF) model. This model is used to estimate a company's intrinsic value by calculating the present value of future expected cash flows. He also utilizes a relative value approach. A stock is considered to be undervalued if it has a low price-to-earnings ratio and a low price-earnings-to-growth (PEG) ratio compared to the median for industry peers. Though an individual investor could simply use a low relative price-earnings ratio and a low PEG ratio to identify stocks with good value characteristics, including a DCF model will provide a more comprehensive valuation analysis.
Academic research and Nelson's research also suggest that value metrics such as a high book-to-market-value ratio (the inverse of the price-to-book ratio) or a low EV/EBITDA ratio are useful indicators for an investor to focus on. Enterprise value (EV) is the cumulative value of market capitalization, short-term debt, long-term debt, minority interest and preferred equity less cash. Earnings before interest, taxes, depreciation and amortization (EBITDA) is often used as a proxy for cash flow. The EV/EBITDA ratio is the valuation ratio a would-be buyer might assign to the entire company.
Nelson's methodology also utilizes a relative value approach and considers a stock to be undervalued if it has a price-earnings ratio and price-earnings-to-growth (PEG) ratio below average for its industry peers. This relative value approach is coupled with the low price-to-book ratio or low PEG ratio metrics to provide a more comprehensive valuation analysis. Based on his research, it appears that a high book-to-market value ratio (a low price-to-book ratio), a low EV/EBITDA multiple, a low relative price-earnings ratio and a low PEG ratio are useful value signals that an individual investor can use to identify stocks with good value characteristics.
Momentum Signals
There is a considerable amount of academic research suggesting that relative returns can signal whether future price performance will be above or below the market's return, particularly over the next six to 12 months. (Examples include "Momentum" by Narasimhan Jegadeesh and Sheridan Titman, 2001, and "Momentum Strategies" by Louis K. C. Chan, et al, 1996). Eugene Fama at the University of Chicago, was quoted in the Financial Analyst Journal last year as saying, "Of all the potential embarrassments to market efficiency, momentum is the primary one."
In trying to identify stocks with good momentum characteristics, Nelson generally uses four factors. The first are moving averages, with an emphasis on situations where the shorter-term moving average crosses a medium- or longer-term moving average from below (a bullish signal). The second is the money flow index (MFI), which is an oscillator that uses price and volume to measure buying and selling pressure. Chartists often look for an overbought signal, above 80, and an oversold signal, below 20, to indicate unsustainable near-term price extremes. The third is the accumulation/distribution ratio. A heavy accumulation (buying) or distribution (selling) week can signal the future near-term direction of the firm's share price as investment dollars continue to move in or out of the stock in the days and weeks ahead and drives the stock price up or down, respectively. The final indicator is upside/downside volume. The level and trend of the upside/downside (U/D) volume ratio indicates whether institutional participation has been bullish or bearish recently.
Low, Not High, Turnover
The biggest benefit of a combined value-momentum strategy is that the approach allows an investor to improve his or her entry and exit points on the most undervalued stocks. A combination of the two strategies can be used to help weed out the value traps and "dead-money" ideas to bolster overall returns. Such a strategy doesn't require value investors to abandon what they're currently doing, but rather simply overlays a timeliness assessment to augment performance. Focusing on the very best (timely) opportunities in the traditional value portfolio can result in an even more concentrated, low turnover portfolio, which can result in less tax and less transaction costs and better long-term performance. For Nelson, most turnover occurs as a result of a value trigger, meaning the stock is no longer undervalued, as opposed to a momentum trigger, such as a negative assessment of a stock's moving averages.
Testing the Strategy
The efficacy and usefulness of any investment strategy are the returns it produces in the real world. Figure 2 shows the results that were achieved with a model portfolio constructed by Nelson. The cumulative return for the model portfolio from May 2011 to May 2013 was 55.9% versus 30.2% for the exchange-traded fund S&P 500 Index (SPY). Valuentum's stock strategy outperformed the S&P 500 Index (SPY) by close to 26 percentage points during this 24-month period.
The research studies by Asness and others provide evidence that combining value and momentum strategies offer investors the opportunity to achieve higher rates of return with lower risk than would be achieved with either strategy individually. Nelson's research adds to these studies by highlighting the fact that the results of combining value and momentum strategies are very likely driven by focusing on a subset or cohort of stocks that possess good value and good momentum characteristics. Nelson believes individual investors can profit from this research by focusing on such stocks.
Currently it does not appear that the strategy of combining good value and good momentum has gained enough popularity to reduce its benefits. (Too much focus on any single anomaly tends to reduce or eliminate the excess returns.) One reason why is that value investors have been conditioned to ignore technical/momentum analysis, while many chartists do not pay significant attention, if any, to valuation multiples. Until combining value and momentum becomes more widely used, it is possible that combining low valuation and upward price momentum will be a useful strategy for individual investors.
Key Characteristics for Finding Good Value and Momentum
- Price-earnings ratio below the industry or sector median
- Price-earnings-to-growth (PEG) ratio below 1.0 and below the industry median
- EV/EBITDA* ratio below or equal to 10.0
- Increasing relative strength over past 52 weeks, 26 weeks, 13 weeks and 4 weeks
- The shorter-term moving averages (5-day, 20-day, or 50-day) are above the longer-term 200-day moving average
- The current price is at least 75% of the stock's 52-week high
*EV/EBITDA is enterprise value (total market capitalization plus total debt) divided by earnings before interest, taxes, depreciation and amortization.
Fernando Robles from FL posted over 3 years ago:
Like this article. For me, when and what to buy has always been a problem. This article helps
Jon Silverberg from NY posted over 3 years ago:
I'm a mutual fund and ETF investor, exclusively. Any suggestions for how to combine these 2 strategies in that world?
Terrence Kulasa from AB posted over 3 years ago:
is there a stock screen that uses these criteria to select stocks?
Frank Klamik from WI posted over 3 years ago:
Bill Gunderson Management, uses this system.He has three portfolios and covers mutual funds and ETF's. It's worth a look
Gerald Scott from MI posted over 3 years ago:
Where do I find the answer to Terrence's quwestion ? i.e. " Is there a stock screen...."
Jean from AAII posted over 3 years ago:
The First Cut column in this issue describes a screen based on the concepts in this article. It's linked under Related Articles above on the right side.
Lee Martin from CA posted over 3 years ago:
The fundamental on QSTR looked good so I bought in about a month ago. The stock is up about 30% for me. It looks like it still has room to run.
Joost Tanis from IL posted over 3 years ago:
It would be nice feature to have the moving average variables in Stock Investor Pro
Wayne Thorp from IL posted 6 months ago:
Stock Investor is a fundamental stock screening and research database program, so to include moving averages would deviate from the program's intended purpose. In addition, the program only has monthly price data, and 120 months at that, so a moving average based off of that data would be of limited use.
Wayne A. Thorp, CFA


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Just like people, cats come with different personalities. Some crave attention, others don't. Some are lap cats, others do not like to be held. Some cuddle, others prefer to have their own space.
While most cats seem to have their leave-me-alone moments, there are some who exhibit continual anti-social behavior. Anti-social cats are not necessarily mean and aggressive; they can be simply avoiding close contact with people. It's the kind of cats who start squirming when picked up, trying to get away, or even recoil as you reach towards them.
Such behavior may be temporary; if your newly adopted cat acts this way, it does not mean they are anti-social. Most cats need time to adjust to new places and people. As you earn the cat's trust, its behavior will most likely change. My first cat adopted from a pet shelter had spent his first week at my home hiding under the bed; later on he would not let me pick him up for a long time. That was years ago. Today, he is the sweetest, cuddliest purring machine I've ever seen.
I have, however, another cat who turned out to be mildly anti-social, and that's permanent, from what I observe. Nixon just does not have this need / desire to be touched and petted, at least not a lot. While he does not mind human company (and even likes it when there is food around), he prefers to be on his own rather than on someone's lap. When I watch TV or work on my computer, Nixon might come and sit somewhere nearby, but if I try to grab him and pull him closer to me, he will most likely leave. It's a shame, really, because he is such a big soft teddy bear - the kind of a cat you just want to hug and hold. Yet that's exactly what he doesn't appreciate. I had hoped at first to teach Nixon to enjoy cuddling, but it did not work. At best, he does not mind sleeping next to me for a while.
How to deal with an anti-social cat? I would say very much like you'd deal with a not very social person. Do not force on them things they don't like - it will only make them avoid you more. Holding a cat against its will may result in it never coming near you again. Instead, make sure the cat feels safe and secure in your home. Do not chase it. Appreciate those rare moments when your anti-social cat does want some fellowship, and try to make it as enjoyable for you both as you can. Who knows? Maybe the cat figures it wasn't so bad, after all, and comes back for more.
Source: http://voices.yahoo.com/cat-behavior-tips-dealing-anti-social-cat-567054.html


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Monday - Thursday - 10:00 a.m. to 6:00 p.m.
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Sundays and Holidays - Closed
An outside book return is at the southeast corner of the building. Please do not put AVs/VIDs/CDs/DVDs in the book return unless they are properly wrapped or held together with a rubberband.
The Elsie S. Hogan library's location and mailing address is 100 North Curtis Ave., Willcox, Arizona 85643.
The library's phone number is 520-766-4250.E-MAIL: Library Director, Tom Miner at email@example.com
New: Self-reservation for computers and self-checkout for library materials.
Borrowing Information & Volunteer Opportunities
The library, staffed by five full-time dedicated bibliophiles, welcomes you and offers you the following information for your browsing pleasure. Our purpose is to provide free library service to all citizens. We attempt to fill the informational, cultural, recreational and educational needs of our users and to encourage non-users to use our services. We continually try to provide new ways to expand our services and provide materials, old and new, in many media.
The Elsie S. Hogan Community Library offers our patrons these services:
* Materials not owned by the library may be borrowed from other libraries at no charge to the patron. Further information is available at the circulation desk.


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I begin to pray and suddenly I have this plethora of ideas and connections and that is not quite what you've got this time, however, two equally good "God" ideas came to me early this morning and I had to write them before I did anything else today.
And, by the way, even though my dog had me up several times last night, I went to bed rather late, and wrangled with the kids to get them to school, I am suddenly bursting with energy. I am talking about God!
I attended a memorial service for a dear, sweet lady who passed on to be with Jesus. There may have been tears, but I didn't see them. I am sure they were saddened by their loss, but there was joy at having known her. There was peace in knowing where she had gone.
One lady spoke about the lady with a joy and gladness so apparent in her being. She spoke of the white stone from Revelations 2:17, and how their loved one now had a white stone with her "new name" that revealed her character.
I had heard the story recently in Bible study, so I thought on that and realized it would make a great mini lesson for my children late at night. I wondered at what my new name would be and hope it is something other than- person who writes cranky things about her mailbox attacks!
Then, she spoke of the glass bluebird and how the woman had her Boy Scout troops make birdhouses. She described how the bluebirds had to be encouraged and "courted" to come.
Lots of lessons there and I realized something else - God is courting us. He has sent His Son to die for us on the cross. He has beckoned us to come to Him throughout our lives in some form or fashion, and Jesus has prepared a place for us, our own "bluebird of happiness" house in heaven. He encourages us through friends, family and circumstances to "Come to Me, all you who labor and are heavy laden, and I will give you rest. Take My yoke upon you and learn from Me, for I am gentle and lowly in heart, and you will find rest for your souls. For My yoke is easy and My burden is light." (Matthew 11:28-30)
I know that I have heard all of these things before, but God's word is ever-changing, new, and fresh each time we read it with a new perspective. Open your mind and your heart to Him and give Him your life.


text: A Soldier's Story: Khe Sanh (4) tv-pg Play video Select your TV provider to log in to have full access to videos Select your TV provider See all providers Don't see your TV provider? Learn more You can access this video on the free HISTORY® app. *You must verify your TV provider towatch this video on the App Your Parental Control settings do not allow you to view this content. A Soldier's Story: Khe Sanh (4 min) tv-pg Amid a siege that would last 77 days, medic Raymond Torres was dropped into central Vietnam.


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Aug 3, 2012 9
They're Unnecessary
Each year, we publish an article about Overvalues & Players to Avoid, but make a point to say that at the right value, anyone is worth drafting. While I agree with that philosophy for the most part, there is always a group of players I want nothing to do with due to injury history, continuing off-the-field issues, too much competition at the position, or a coach who doesn't care about your fantasy team (looking at you, Mike Shanahan). With training camp underway and mock drafts happening much more often, I figured I'd share my 2012 list with you. You'll probably have some disagreements, which is understandable since some of these are based on gut feeling. I asked some of you on Twitter about players on your list and will include them below.
Ahmad Bradshaw – Bradshaw has been one of my favorite players to watch since making a name for himself as part of the Earth, Wind, and Fire backfield for the 2007 Giants. After Derrick Ward departed, Bradshaw got a much-deserved increased role in the offense. I've given him plenty of credit for being a [...]


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Headlines (News Releases)
Faculty of Science
Laurier researchers receive SSHRC public outreach grants
Communications, Public Affairs & Marketing
Jun 22/12| For Immediate Release
Abby Goodrum, Vice-President, Research
Kevin Crowley, Director, Communications & Public Affairs
WATERLOO Laurier professors Kim Roberts and Scott Ensign have been awarded funding through the Public Outreach Grant Program by the Social Sciences and Humanities Research Council of Canada, announced June 21 in Ottawa.
These Public Outreach Grants enable the flow and exchange of knowledge across campuses and the private, public and not-for-profit sectors, which, in turn, produces benefits for Canadians, said Chad Gaffield, president of SSHRC.
Roberts, a professor in Lauriers Department of Psychology, will receive $34,296 to fund her outreach program, Promoting interdisciplinary investigative interviewing research and practice in Canada. Her five-part project will provide public access to information from the May 2012 International Investigative Interviewing Research Group (IIIRG) Knowledge Exchange in Toronto, organized by Roberts and Laurier PhD graduate, Sonja Brubacher.
Roberts, who is also director of the Laurier Child Memory Lab, trains police officers at the Ontario Police College on how to interview children. This grant provides for a presentation on innovative suspect interviewing techniques, a public information event by expert researcher-practitioners, and a tour of the Ontario Police College for international participants. Roberts and her partners will also be maintaining a website forum (www.iiirg.org) and publishing papers from the Knowledge Exchange.
Best-practice guidelines on interviewing child victim/witnesses must be disseminated to investigators in order to improve child well-being in Canada, said Roberts.
Ensign, the Dobson Professor of Innovation and Entrepreneurship in the Laurier School of Business and Economics, will receive $61,400 for his project Entrepreneurial experiences of Aboriginal Canadians: Listening to and learning from others.
Based on his earlier research, he will prepare case studies of entrepreneurial behaviour of Aboriginal Canadians. Suitable for university and college classrooms, the case studies will focus on enterprises in Manitoba, Québec, and Labrador. They will not only contribute to the existing body of knowledge and practice, but address current economic and social needs of First Nations communities, said Ensign.
Through these grants, both Roberts and Ensign will be providing useful and creative community access to their valuable research, said Abby Goodrum, Lauriers vice-president: research. A core value at Laurier is the dissemination of academic research to the public good. We believe strongly in two-way communication between the community and the academy.
SSHRC Public Outreach Grants were designed for researchers to find effective ways to communicate their existing and ongoing research in the social sciences and humanities to a range of audiences beyond academia.


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Rizzy promotes two
April 22, 2010-- Home Textiles Today,
Calhoun, Ga. – Rizzy Home has promoted Sheila Altenstadter to the new position of director of textiles.
Altenstadter has been with Rizzy Home for 16 months as East Coast sales manager and earlier was sales manager for a natural fiber rug company.
She reports to Mark Ferullo, vp of Rizzy Home, and will be responsible for developing the sales force, training and sales tools as well as developing product promotions and marketing strategies.
"Sheila has a strong management ability and has developed many excellent retail relationships. Her experience in the industry enables her to offer additional avenues of distribution which will lead to our continued success," said Ferullo.
Earlier the company named Shauna Snyder creative director – textiles, with primary responsibility for the bedding and decorative pillow business.
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Shimmer Stripe Drapeneck Shell
Style: 570062245
Out of Stock
Pindots of silver shine sketch a diagonal line. Ultra-lightweight matte black jersey shell, cut on the bias for a pretty, fluid drape. 67% Rayon, 29% Polyester, 4% Spandex. Hand wash, cold; lay flat to dry. Do not dry clean. Imported.
- Pullover style; stretch fit.
- Draped neckline. Heat-set silver studs. Contoured silhouette falls over hips.
- Hits at the lower hip (24" from shoulder).
Read more… Read less…


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SpartanNash Family Stores Customer Survey - Welcome
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BARRE A Berlin teen is facing charges after allegedly having sex with a 14-year-old girl.
Kevin A. Taft, 18, pleaded not guilty in Washington County criminal court Thursday to felony lewd and lascivious conduct with a child and furnishing alcohol to a minor. If convicted he faces a maximum sentence of 17 years and a $7,000 fine.
According to the Vermont State Police affidavit, Taft met the girl while they were attending U-32 High School. State police say the girl would sneak out of her parents home in May and June and would be picked up by Taft in his truck. The two would then either go back to Tafts home or to his parents camp on Lake Elmore.
On one occasion, state police say, Taft gave the girl a beer and during at least one tryst the two had intercourse, although the exact date was not specified.
Police say Taft admitted to the acts, as well as giving the girl a Plan B contraceptive pill the day after they had sex.
He was released without bail Thursday.MORE IN This Just InWASHINGTON The House on Thursday cleared bills to keep the government running through April and... Full StorySALISBURY, N.C. Full StoryMEUREUDU, Indonesia Humanitarian organizations descended on Indonesias Aceh province Thursday ... Full Story
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i dont like curry starting at the 4, james shouldnt be starting. id like to see frye or taylor to start to take care of randolph.
This is the Official Game Thread. All game notes,predictions,in-game observations etc. belong in this thread. All game threads are created by Peach_NYK_21, and Brian_Coleman_21
10:00 PM, Wednesday, November 9th, 2005
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i dont like curry starting at the 4, james shouldnt be starting. id like to see frye or taylor to start to take care of randolph.
theyll both get into foul trouble, but curry is guarding zach while james is guarding joel. big differnece in terms of d.
Peter the Russian...back like cooked crack
hey hey hey smoke weed every day
isnt the cousin rivalry matchup gonna be fun to watch... i read in "the jump" that marbury lost to telfair in a one on matchup they had. but marbury dominated in their reg season matchups last yr if i recall
yes the cousin rivalry will be fun to watch and i hope marbs knocks sebitchin' on his ass. telfair and his dad need to shut up and make money off their own name and accomplishments (if they can gather any together) and stop relying on Stephon's life to write them books or make them famous...idiots
#15...So good it had to be retired twice
I am going to go against the grain and say that I like Curry at the 4 spot. I think with James in the low post with him, it will help both of them with their foul troubles.
Listen, both JJ and Curry still need to get into better shape and that probably will help them more than anything else stay out of foul trouble. It will help improve their stamina and in turn, will help them retain quickness into the latter part of the game.... especially Curry. As far as Curry at the 4, he would plow over most 4's in the game today so I think he would end up at the charity line more and he could bully whom ever is guarding him.
i just dont think curry is in the shape to guard randolphs quickness..but randolph isnt in great shape himself. i think frye would be a better match up with him because frye can hit that mid ranger and is a little quicker on his feet. we'll just see
I would start Fyre at PF and Curry at C Fyre had a nice game against the Warriors.
doesnt it make anyone else mad watching vince carter on the highlight reels racking up points and thinking that we easily could have had him - toronto wasnt even asking for much in return - why couldnt isiah have been smart enough to get him? instead he got guys like mo taylor, malik rose, signed james to an MLE, etc...and now hes supposedly working on getting earl watson (unless thats just a rumor made up by someone on this site) - why does isiah keep working on these marginal, useless, maybe even negative deals that will do NOTHING for the team. when he has a chance to land a superstar, he turns him down, but when he hes got a chance to get only a deent player like Q, he jumps at the opportunity.
my 4 year old cousin would have made that trade for vince carter in a heart beat.
how many superstars did Isiah get a chance to land? haha its not like people come crawling to Isiah and say hey we got this guy named Kobe you think you can take him for squat? it was one thing and it was Vince Carter, as yes i would of and anyone else would of made the trade..hes injury prone and maybe thats what Isiah looked out i dont know..i wont defend that move cause i would of done that BUT whats happened has happened...and if we didnt land Malik we wouldnt have Lee so from a negative comes a positive...but this is the trailblazer game thread so let it go...
#15...So good it had to be retired twice
he took a gamble on curry but he was not willing to take one on carter, who arguably is the MOST talented player in the entire league? something seems inconsistent about that.
im not blaming him for not have the opportunity to get guys like kobe or tmac, im blaming him for making USELESS, UNNECESSARY, MARGINAL traades for guys like rose and taylor, and then trying to trade them one year later. im blaming him for wasting MLE's on guys like jerome james and vin baker.
its obviously not his fault that other gm's dont wanna trade away their superstars, because how often does that happen?? and the ONE time that he DID get the offer, he for some retarded reason didnt jump at the opportunity...i dont get it...
its not every day that you get the chance, and then when u do, u dont seize the day...whats up??? wheres your head at???
Curry, Davis, Q, JC, and Steph starting lineup tonight...
Larry said hes primarily doing this to rebuild up JC's confidence more than anything else...doesnt mean hell stay there and DEFINETELY doesnt mean Q will stay at the SF...Larry states he doesnt see Q as a true SF and likes him at the SG...Mo Taylor, damn if hes not starting to look like a KEEPER! haha good first quarter
#15...So good it had to be retired twice
Great first half from the Knicks defensively.. Eddy Curry has shown us what he can do when he stays out of foul trouble 7 pts 5 rebs. Marbury has been shooting well, everyone has scored so far except for davis and james... lets pull this one out now!
0-4...disgusting, we lost to the trailblazers!?! and then we have 5 other tougher western teams to come right after another. this should be fun haha notttttt. maybe after this game larry will have a tirade and let that Antonio Davis for Miles/Patterson trade go through..
#15...So good it had to be retired twice
I think the only thing that can help the knicks now is Jesus! lol
We need a bonafide miracle worker!
Where there is hope, there can be faith
Where there is faith, miracles can occur


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Radio Channel: Cyprus Radio Sfera 96.8
Frequency: 96.8 FM
Country: Cyprus
Genre: Europe
Status: Live
Description: Cyprus Radio Sfera 96.8 Live Radio - Listen Online
Cyprus Radio Sfera 96.8 - Live Radio Online
Radio Tips:
Sometimes the Radio takes time to load. If it does not load, give it a few minutes and click "refresh" on your browser.
If the Radio is extremely choppy and stops every 5 seconds, try listen to this Radio at different time.
Not all Radio Stations function for 24 hours everyday. If you can't listen to any Radio, try to listen at diffrent time as the Radio Station may stop during midnight according to its own country time zone.


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Aminah Brenda Lynn Robinson is one of this city's greatest storytellers — the colorful images in her two- and three-dimensional artwork, like the oral histories that inspired many of them, teach us about Columbus' past.
Robinson, who was born in 1940, was raised in Poindexter Village, one of the country's first federally funded housing developments. For "Songs for a New Millennium, 1812-2012: Works by Aminah Robinson Celebrating 200Columbus," she has created eight new works inspired by the Near East Side neighborhood and other aspects of local black history. Robinson's large map of Poindexter Village is featured prominently in the exhibit space.
Like "Aminah's Mt. Vernon Avenue," her exhibition at the Columbus Museum of Art last year, "Songs" promises to share vibrant stories with visitors.
Credit: Courtesy of the artist


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Worms, Germs, and Dirt: What Can They Teach Us About Allergies and Autoimmune Diseases?
Humans evolved in an environment where they were exposed to animals, dirt, and a variety of pathogens and parasites. Our immune systems evolved to cope with that environment. Now most of us live in a different environment, with safe drinking water, flush toilets, food inspection, immunizations, and public sanitation. This means that we are far less likely than our ancestors to die of infectious diseases or to harbor intestinal worms. But it seems that the cleaner we get, the more likely we are to suffer from allergies and autoimmune diseases. One hypothesis is that our immune systems evolved to require early challenges by parasites and pathogens in order to develop properly. A hygienic environment fails to give our immune system the exercise it needs, resulting in imbalances and malfunctions.
The hygiene hypothesis was first proposed to explain observations like these:
- Hay fever and allergies were less common in large families where children were presumably exposed to more infections through their siblings.
- Polio attack rates were higher in high socioeconomic groups than in lower ones.
- Allergies and many other diseases were less common in the developing world.
Investigation of these and other phenomena is contributing to a better understanding of the immune system, which is a good thing. At the same time, it has led some people to deliberately infect themselves with intestinal worms in an attempt to cure their allergies and autoimmune diseases, which may not be such a good thing. These treatments are far from ready for prime time, are risky, and they have a high yuck factor. The very idea of deliberately infecting yourself with worms is unpalatable, and finding wiggly live creatures in your stool or passing a 20 foot tapeworm are not generally considered to be pleasant experiences. (more…)
Posted in: Book & movie reviews, Epidemiology, EvolutionLeave a Comment (23) →


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Petite Tweed Jacket With Bow
Style: 570106064
Out of Stock
A tweed jacket to channel your inner Jackie-O in bold contrasts and femme bow accent. Structured and chic for a look that exudes sophistication in slight shoulder padding, silvertone coat chain and tiered chiffon at neckline.
- Contour fit.
- 3/4 sleeves with raw edge. Stand collar. Grosgrain and chiffon detail around cuffs. Two functional lower front zip pockets.
- Ponte sides and under arm panels for comfort and movement. Four black hook and eye front closures.
- Ponte, chiffon, and grosgrain detail around neckline and down center front.
- Removable three pinned bow at wearer's left.
- Fully lined.
- 92% cotton, 8% rayon. Dry Clean. Imported.
- Regular length: 21.75" from shoulder at front; 20.25" at back.
- Petite length: 20.75"
Read more… Read less…


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Paralex is a responsive WordPress Theme (try resizing your browser), suited for business websites and users who want to showcase their work on a neat portfolio site. The Theme is built with Themeple Framework V2 with a lot of new options and Page Builder V2 with drag and drop and resizable blocks.
NEW UPDATE !! NEW FEATURES… Please navigate on our pages
It comes with a lot of options so you can modify the layouts, styling, colors and fonts directly from within the Theme Options. You can use one of 7 predefined skins right out from your WordPress Admin Panel or make yours. Fonts, background and color options as well as the dynamic template builder will help you create the Website you need in no time. In addition to the global options you can set unique styling options for each entry as seen in the theme demo
SEO The theme is build with SEO in mind. Build with valid HTML and CSS and your page can be listened easy by search engines. Headlines always wrapped in heading tags. Content is always before the sidebar.The site also uses heavy internal site linking. Practices like this make your site to get a high google ranking.
Both Full Width and Boxed Layout
One Click Demo Install
Drag & Drop – Resizable Page Builder V2 ( New Version )
Theme Options V2 ( More Features )
Layer Slider Included a 15$ Value
7 Ready Skins Or Make Yours
50+ Fonts + Resize
10 HD Help Videos
Version 2.1 – 10.15.2014
- Wordpress 4.0 compatible - LayerSlider vs 5.2.0 included - Slider Revolution 4.6.0 included ChangeLog - style.css - plugins - themeple_framework/js/themeple_options.js - functions-paralex.php


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Topic: NBC
After iAd's death, Apple will move Apple News ad sales to NBCUniversal -- report
11/07/2016, 01:11 pm
Apple is shunting responsibility for the ads seen on Apple News to NBCUniversal's ad sales department, and is keeping all other details of the now defunct iAd service intact for content producers, according to a recent report.
Apple brings iOS 9 Spotlight Suggestions to 7 more markets, adds NBC to Apple TV's universal search
05/24/2016, 07:05 pm
Apple on Tuesday made a pair of improvements to its search services by bringing iOS 9's Spotlight Suggestions to seven more markets and adding NBC as an item in the fourth-generation Apple TV's universal search results.
CBS, NBC round out 'big four' networks on Apple TV, exclusive M2M channel also debuts
10/20/2015, 02:10 pm
Apple on Tuesday added streaming options for the last two of the "big four" U.S. broadcast networks -- CBS and NBC -- to the Apple TV lineup, as well as an entirely new, exclusive fashion channel dubbed M2M.
Talks with major networks for Apple streaming TV service making rapid progress - report
07/14/2015, 10:07 am
After being mired for months, talks with major networks regarding an Apple streaming TV service are finally making major advancements ahead of an anticipated launch this fall, according to a new report.
NBC Sports channel unexpectedly disappears from some Apple TV boxes
05/01/2015, 02:05 pm
In the midst of the NHL playoffs and hype for the Kentucky Derby, a number of users have found that the Apple TV channel to stream those events, NBC Sports Live Extra, has unexpectedly disappeared from their set-top box.
CBS rejected Apple TV streaming service offer over revenue split
11/03/2011, 10:11 pm
CBS boss Les Moonves revealed in an earnings call on Thursday that his company had been approached by Apple about a potential streaming TV service that would share ad revenues, but the network declined to strike a deal because it prefers to license its content.
NBC, TNT and TBS add full TV episode access via iPad apps
09/12/2011, 08:09 pm
Television networks NBC, TNT and TBS recently began offering streaming full-length TV episodes on their respective apps for Apple's iPad, though shows from TNT and TBS are only available to eligible cable or satellite subscribers.
Federal rules ensure Apple's iTunes has right to Comcast's NBC content
02/28/2011, 08:02 am
Comcast agreed to continue licensing of NBC content to online video services like Apple's iTunes in order to receive government approval of its acquisition of broadcast network NBC.
Approval of Comcast-NBC deal could require content deals with Apple
11/15/2010, 09:11 am
As the U.S. government looks to approve Comcast's acquisition of NBC Universal, the purchase could come with "significant conditions" to prevent Comcast from withholding TV and movie content from companies like Apple.
iTunes movies come to Japan, US TV networks blocking Google TV
11/10/2010, 09:11 pm
Apple announced Thursday that movies are now available on the iTunes Store in Japan, while the major TV networks in the U.S. have blocked Google TV from playing content from their websites through the Chrome browser.
Brightcove adds support HTTP Live Streaming for Apple iOS devices
11/02/2010, 05:11 pm
Internet video host Brightcove, among the first to begin supporting iPhone-compatible H.264 video and HTML5, is now moving to support Apple's open HTTP Live Streaming format as well, hammering another nail into the coffin of Adobe Flash and Microsoft's Silverlight.
Time Warner CEO says Apple 99-cent rental model 'jeopardizes' sales
09/29/2010, 09:09 pm
Time Warner chief executive Jeff Bewkes has warned other media execs that low cost rentals from Apple threaten sales of TV shows to branded networks.
Viacom also opposed to Apple's 99 cent TV rentals, CBS will 'see what happens'
09/23/2010, 08:09 pm
Viacom's chief executive explained that Apple's 99 cent TV rental plan "doesn't work" for the company, while CBS is waiting to see the numbers for rentals of ABC and Fox show.
NBC strongly opposed to Apple's 99 cent iTunes rental model
09/22/2010, 04:09 pm
NBC Universal is unlikely join a pair of its peers in serving up a la carte TV show rentals to Apple TV users for 99 cents for pop through Apple's iTunes Store later this year, according to comments from the company's top executive.
Rupert Murdoch may be swing vote in Apple's 99 cent TV rental pitch
08/31/2010, 08:08 am
While most in the TV industry are opposed to Apple's proposed plan for 99 cent episode rentals, its efforts could be saved by News Corp CEO Rupert Murdoch's drive to save the newspaper industry, according to a new report.
Antitrust review of Comcast-NBC deal considers effect on Apple's iTunes
08/30/2010, 11:08 am
As Comcast's bid to purchase NBC Universal goes through a federal review, the U.S. government is investigating the effect the deal might have on Internet-based video services like Apple's iTunes Store.
Apple executives dodge data center, FaceTime questions in earnings call
07/20/2010, 08:07 pm
As usual, Apple's executives kept close to a carefully prepared script on the company's stellar financial results, being careful not to reveal too much about the company's future plans, including its data center cloud services and broader open support for FaceTime video calling.
Apple's TV subscription plan gains potential partners in CBS, Disney
12/21/2009, 08:12 pm
Both CBS Corp. and Walt Disney Co. have shown interest in offering content for Apple's TV subscription proposal slated for roll out sometime in 2010.
Comcast's NBC deal could be roadblock for Apple's subscription hopes
12/06/2009, 10:12 am
While Apple is rumored to be working with TV networks on a subscription plan for shows on iTunes, Comcast's intent to purchase NBC could prevent such a deal with one of the big four U.S. broadcast networks.
iTunes sells 200 million TV shows, adds new HD TV lineup
10/16/2008, 09:10 am
Apple announced Thursday that all four of the major US television networks are offering primetime programs in high definition on the iTunes Store, which has become the world's most popular online TV service with over 200 million episodes sold, including more than one million HD episodes purchased since last month.


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The Original Bloody MaryMarch 2007
Adapted from the King Cole Bar at The St. Regis Hotel in New York City.
Makes: 1 servings
Prep: 5 mins
- 2 ounces vodka
- 4 ounces tomato juice
- Lemon juice
- Cayenne pepper
- Worcestershire sauce
- Salt and black pepper
- Celery stick, for garnish
- In a highball glass, stir together the vodka and tomato juice. Stir in the lemon juice, cayenne pepper, Worcestershire sauce, salt and black pepper to taste. Add a few ice cubes and a celery stick.


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October 30, 2013 —
Halloween—people either love it or hate it, but the holiday is not the only excuse to dress up. This past week marked the 20th anniversary of the Boys and Girls Clubs serving Northern Orange and Sullivan Counties, and to thank the supporting communities and sponsors, the organization (www.bgcorange.org [2]) hosted "Celebrating 20 years of Building Great Futures," a fundraiser extraordinaire held in Middletown, NY (www.westhillscountryclub.com [3]).
The formal affair was elegant, and socializing during the cocktail hour was a great opportunity to not only congratulate the staff and volunteers, but also to admire the evening gowns and tuxedos floating across the dance floor. I hesitate to think that my invitation was an afterthought, but suffice it to say that my place card read "Dharma the Wonder Dog and Guest."
For once, the pooch was not the center of attention, but that did not prevent the servers from bringing her filet mignon on a separate plate and refreshing her water in a crystal bowl every 10 minutes.
A thank you card at every table read, in part, that "The Town of Wallkill Boys and Girls Clubs began as a Saturday morning program in Circleville, NY," and went on to say that "Today, we serve over 3,000 children and teens in 16 locations in Orange and Sullivan Counties…providing before- and after-school programs, summer day camps and community events."
A fantastic multi-course meal, entertainment and dancing ensued, but not before a few speeches, highlighted by executive director Alexis Eggleton's impassioned speech that illuminated her dedication to the kids and how "20 years of impacting lives" began for her.
Eggleton is (IMHO) such an inspiration to the community at large, that words don't do the woman justice. While quick to point out that "it would be impossible without the support of so many," in my eye, it is Alexis who has spearheaded such amazing accomplishments during her tenure with the organization.
"In these challenging economic times" the table card continued "more than 42% of our club kids live at or below poverty. Yet, we serve any child regardless of their family's income or ability to pay. We can do this in large part, thanks to your [the supporters] generosity."
Inspirational and emotional, the evening was a huge success and my hat (and Dharma's chapeau) is off to all who contributed to the glittering soiree and continue to do their part all year long.
Anxious to be admired for something far less meaningful, I decided to give the dog the night off and sally forth on my own to an evening of pure silly fun, celebrating things that go bump in the night at the annual Halloween party at the Catskill Distilling Company in Bethel, NY. Now in its fourth year, the event (www.dancingcatsaloon.com [4]) has grown exponentially in popularity and has quickly become the stuff that legends are made of.
Each year, attendance swells and the endless parade of fantastical costumes was a treat of epic proportions.
Since I was attending stag, hostess-with-the-mostess Stacy Cohen decided to throw me a bone and put me on the judging panel to help select contest winners in a variety of categories. The Herculean task was tough, since there were scores of amazing get-ups.
Bone munching cave dwellers, Geisha girls and courtiers danced the night away with Elvis, Joplin and the assorted ghouls and goblins that are requisite for the holiday, but it was the "T & A Girls" that stole the show, shaking their booty and causing the crowd to howl with approval as they accepted the grand prize toward the end of the evening.
Music provided by Peter Florance and the New Kings elevated the night, as the roaring bonfire outside warmed the faint of heart who were too spooked to remain inside.
It wasn't easy to select a costume that did not include a dog, but I managed to amuse a few with my "generic rock star" ensemble, while endlessly fielding questions as to the animal's whereabouts. With tonight being the official holiday, I plan to hit the streets with the pooch in tow and go door to door, begging for candy, while snapping pics of the kiddies decked out in scary attire. It might be a trick to get folks to look at me while her tail is wagging, but it's a real treat to see the children delight in the age-old traditions that jack-o'-lanterns illuminate throughout the Upper Delaware Valley. Happy Halloween.


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Enjoy Scenic Golf in the Berkshires at Cranwell ResortCranwell Resort's historic 18-hole Massachusetts golf course combines spectacular views with challenging golf. Tree-lined fairways and naturally-contoured greens have been carefully preserved since the course was built by Wayne Stiles and John Van Kleek in 1926.
- Rated 4.5 Stars by 2015 New England Golf Guide
- "Best Places to Play" Golf Digest
- "Best Spa for Golf" Spa Finder Reader's Choice Award


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Suspension, Springs, Sway Bars, Control Arms, Torque Arms, Driveshafts
BMR fabrication is one of the top manufactures of Mustang suspension components that both improve performance and increase traction. With a full line of control arms, panhard bars, shock tower braces, k-members, anti-roll bar kits, and drive shaft safety loops, you can have your muscle car handling better than ever. All BMR components are engineered to fit with precision, hold up to the extreme demands of racing, and give you the edge over your competition!


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Wiseman solos in 'Actionable'
September 29, 2011 —
HIGHLAND LAKE, NY — Canadian musical legend Bob Wiseman will give a solo theatre performance, "Actionable," at NACL Theatre on Saturday, October 1 at 8 p.m.
Wiseman was a member of popular rock group, Blue Rodeo, and has performed in concert with Wilco, Feist, The Wallflowers, Ron Sexsmith and many others.
In "Actionable," Wismean blends music, video, slides and monologue in a play about the sometimes litigious (and often hilarious) results of his songwriting, as he establishes his solo career post Canadian pop group Blue Rodeo. Directed by Sean Dixon, the performance is supported by NACL's Deep Space performance residency program.
Tickets cost $10 to $20 on a sliding scale; pay what you can. Reservations can be made by email at email@example.com or call 845-557/0694.


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Winston Rowntree is the author of Subnormality, the popular webcomic which he describes as containing "weird characters, endless opinions and occasionally huge walls of text."
In this installment of his original Cracked comic Abnormality, Mr. Rowntree shows us that sometimes, just having an answer means that you're wrong.
On Twitter? Enjoy watching people stammer? Well, we're conducting an Abnormality-inspired experiment in awkwardness. Your assignment: Ask someone, "So, who's your favorite porn star?" Share their uncomfortable responses on Twitter with the tag #AwkwardPornStar. Try not to get fired.Check out past updates, in which Winston showed you The Importance of NOT Getting to Know Someone, The Truth Behind Obnoxious Assholes (In Pie Chart Form) and Why Marriage Is Evil. Or travel back to weeks even before those when he showed you Every Album Ever, The Circle of Life for Jocks and Nerds and How To Win At Panhandling.


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The Omaha Police Union is getting national attention after it posted a video on its Facebook page of a toddler being encouraged to curse.
Police Union defends cursing toddler viral video
Published On: Jan 08 2014 07:04:33 AM HST Updated On: Apr 30 2014 08:56:42 AM HST
The views expressed are not those of this site, this station or its affiliated companies. By posting your comments you agree to accept our terms of use.blog comments powered by Disqus


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Compact and versatile Wi-Fi® speaker featuring AirPlay®, DLNA® Wireless Direct and HTC Connect™
- Update: Spotify® Connect now available
- AirPlay built in as well as iPhone/iPod/iPad Digital Connection via USB (Playback and charging)
- Dual 77mm woofers, 20mm tweeter, and dual 10w + 10 w amplifiers
Suggested Price: $149.99 Suggested Price
Manuals & Brochures
*Firmware upgrade needed. Information about this upgrade can be found on the firmware tab
Specifications and design subject to modification without notice.
PIONEER and the Pioneer logo are registered trademarks of Pioneer Corporation.
"Made for iPod," "Made for iPhone," and "Made for iPad" mean that an electronic accessory has been designed
to connect specifically to iPod, iPhone, or iPad, respectively, and has been certified by the developer to meet Apple
performance standards. Apple is not responsible for the operation of this device or its compliance with safety and
regulatory standards. Please note that the use of this accessory with iPod, iPhone, or iPad may affect wireless
Spotify is the registered trade mark of the Spotify Group. Compatible digital mobile devices and premium subscription required where available, see pioneer.eu/spotify
Apple, AirPlay, the AirPlay logo, iPhone, iPad, iPod and iPod touch are trademarks of Apple Inc., registered in the U.S.
and other countries. AirPlay works with iPhone 4S, iPhone 4, iPhone 3GS, iPod touch (4th, 3rd and 2nd generations),
iPad 2, iPad with iOS 4.2 or later, and iTunes 10.1 (Mac and PC) or later.
DLNA, the DLNA Logo and DLNA Certified are trademarks, service marks, or certification
marks of the Digital Living Network Alliance.
HTC, the HTC logo, and HTC Connect are trademarks of HTC Corporation. HTC Connect is defined as interoperability
testing of music streaming performed between HTC Connect-enabled Smartphones and HTC Connect-enabled Home
AV products using the HTC Connect Music Application. Third party music applications (apps other than the HTC
Connect-enabled smartphone's native music player) may not work with HTC Connect. HTC One X and HTC One S will
be enabled for HTC Connect after installation of firmware update, available 3rd quarter 2012.
Wi-Fi is a registered trademark of Wi-Fi Alliance
For details on iPod compatibility, visit http://pioneer.jp/homeav/support/ios/na


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Cell Phone and Cardiac Connection?
By Health Day
Does the constant ringing of your cell phone make your blood boil? It just might, according to new research!
In this small study...94 people with mild-to-moderate hypertension... who were being treated with medication...filled out questionnaires about their daily cell phone use.
Then, each participant had blood pressure readings taken by an automated device at one-minute intervals while sitting alone in a consulting room.
During this time period, researchers called the patient's mobile number three times. If the patient answered at least once, the test was considered complete.
While heart rate wasn't impacted by the phone calls...blood pressure was. On average, readings jumped from 121/77 to 129/82.
Bottom line? Phone calls received during BP testing may increase systolic pressure in people with hypertension...especially when they're trying to get an accurate reading. The best bet is to turn off the phone at testing time.
I'm Dr. Cindy Haines of HealthDay TV with news you can use for healthier living.
Most Popular
Friday, December 9, 2016, Watertown, NY


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Andy Ortiz serves as Senior Vice President, Organization Effectiveness at Warner Bros. Entertainment, a global leader in the creation, production, distribution, licensing and marketing of all forms of entertainment, including feature films, television, home entertainment, digital content, animation, comic books and interactive entertainment as well as product and brand licensing, international cinemas and broadcasting.
In this role, which he has held since March 2008, Ortiz has oversight of the development of Warner Bros.' most important asset—its people. He is responsible for aligning the company's people with its business strategies through recruitment, employee learning and development, leadership development, succession management, diversity initiatives, employee communications, employee relations and change management. Ortiz also oversees all global organization development initiatives.
Prior to joining Warner Bros., Ortiz was Vice President, Talent Management, Diversity and Leadership Development for HealthNet, Inc. While at HealthNet, he was responsible for the leadership of the company's talent pipeline, including workforce planning, recruitment, diversity, associate development, leadership development and succession management. Prior to HealthNet, Ortiz held numerous leadership roles in a variety of industries including financial services, cable and automotive.
Ortiz holds a Master of Arts degree in Organizational Leadership and a Bachelor of Arts degree in Speech Communication. He is a certified executive coach from the Hudson Institute of Coaching, a member of the International Coaching Federation and is involved with a number of nonprofit organizations, including The Point Foundation, where he serves on the Board of Regents and The Hispanic Scholarship Fund where he serves on the Southern California Advisory Board.
I know the importance of a good education and hard work—it is what has enabled me to reach my personal and professional goals. I support HSF because I want every young Latino(a) out there to have the same opportunity that I have had.
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