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GFI Group (NYSE:GFIG)
Q2 2009 Earnings Call
July 31, 2009 8:30 am ET
Chris Giancaro – Executive Vice President Corporate Development
Michael Gooch – Chairman, Chief Executive Officer
James Peers – Chief Financial Officer
Ron Levi – Global Chief Operating Officer
[Scott Fitzgerald]
Dan Fannon – Jefferies
Daniel Harris – Goldman Sachs
Robert Rutschow – Calyon Securities (NYSE:USA) Inc.
Christopher Donat – Sandler O'Neill
Donald Fandetti – Citi
Chris Allen – Pali Capital
Niamh Alexander – Keefe, Bruyette & Woods
Mark Lane – William Blair & Co.
Welcome to the second quarter 2009 GFI Group Inc. earnings conference call. My name is [Becky] and I will be your coordinator for today. (Operator Instructions). I would now like to turn the presentation over to your host for today's call, Christopher Giancaro, Executive Vice President of GFI Group. Please proceed.
Christopher Giancaro
Good morning. Welcome to the GFI Group second quarter 2009 earnings conference call. We issued a press release yesterday proving the financial results for our fiscal quarter ended June 30, 2009, which is available on our Website at www.gfigroup.com. We have also posted monthly revenue information for the quarter on our Website under Supplementary Financial Information.
To begin this morning's call, Michael Gooch, our Chairman and Chief Executive Officer, will review our business performance in the second quarter of this year, highlight some developments and set our expectations for the current quarter and beyond. Next, Jim Peers, our CFO, will review in greater detail the financial results for the quarter. After Jim, Mr. Gooch will conclude with a few remarks. Thereafter we will open up the call for your questions.
Our discussions during this conference call will include certain forward-looking statements. These statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in such forward-looking statements. More detailed information about the risks, uncertainties and other factors that may cause actual results to differ from such forward-looking statements are discussed in our filings with the SEC, including our most recent annual report on Form 10-K.
Also, the discussions during this conference call may include certain financial measures that were not prepared in accordance with U.S. generally accounting principles. Reconciliations of non-U.S. GAAP financial measures to the most directly comparable U.S. GAAP financial measures were included in the company's earnings press release, which was furnished on a current report on Form 8-K dated July 30, 2009. These reports are available on our Website under the Investor Relations section.
I will now turn the call over to Michael Gooch, Chairman and Chief Executive Officer of GFI Group.
Michael Gooch
Our financial performance improved sequentially in the second quarter of 2009. Brokerage revenues increased 2% sequentially and our non-GAAP net income increased 13% sequentially from the first quarter of 2009 with further improvement in our pre-tax margin.
And while our total non-GAAP revenues were down 16% year-over-year, we realized 6% growth in the credit products brokerage category. Our results for the second quarter of 2009 reflected further stabilization and recovery in our markets in the quarter including credit markets where we see signs of normalcy in the form of narrowing credit spreads and strong corporate bond issuance.
Our results also benefited from our past initiatives including our investment in cash, fixed income brokerage and the cost restructuring we have implemented over the past few quarters. Looking more closely at our performance by product category, our revenues from credit products represented 40% of total brokerage revenues in the second quarter of 2009 up from 38% in the first quarter of 2009 and 31% in the second quarter last year.
In addition to increasing 6% year-over-year, credit products revenues rose 9% sequentially. The continued strong performance of our cash fixed income brokerage business drove that growth. In the second quarter of 2009, our revenues from cash fixed income products increased 140% year-over-year and 20% from the first quarter of 2009.
As a result, cash fixed income brokerage revenues represented 25% of total non-GAAP revenues in the second quarter of 2009. Revenues from credit derivative products represented just 12% of total non-GAAP revenues in the 2009 second quarter.
While many of the credit derivative markets are liquid and operating smoothly, they continue to be challenged by uncertainty from rapidly evolving legislative, regulatory and structural issues as well as from lower capital commitment to the market by a number of dealers in hedge funds.
At the same time, competition in our industry continues to be strong. Despite these challenges, we expect to see a return to growth in credit derivative transaction volumes next year aided by the anticipated benefits from advances in clearing, standardization and transparency and the promising traction we are seeing in certain electronic trading in the U.S.
However, there is a whole range of proposed regulatory and legislative initiatives that could have a greater or lesser effect on the credit derivatives market. Therefore, on balance, I see more upside for GFI from the potential legislative developments in credit products as certainty reenters the markets than I see downside from the risks that legislators may enact legislation that restricts trading activity in credit derivatives.
Financial products, which represented 17% of total brokerage revenues in the second quarter of 2009, were the second category in which we saw sequential growth in the quarter. Financial product revenues declined 28% from the second quarter of 2008 due to lower revenues from emerging markets generally, from currency derivatives and interest rate derivatives broadly. However, financial product revenues increased 7% from the first quarter of 2009 with growth in each region including Asia, where we are seeing renewed activity and have hired additional staff.
Equity product revenues represented 24% of total brokerage revenues in the second quarter of 2009 down from 27% in the first quarter and 28% in the second quarter of 2008. The effect of depressed share values in Europe, where commissions are based on notional values for certain cash equity and equity derivative products and the adverse foreign currency translation continue to weight on our results in equity products. Those factors led to declines in equity product revenues of 30% year-over-year and 9% sequentially.
However, countering this trend, equity product revenues in North America were up 10% year-over-year, and we are continuing to build out our cash equity business in all regions and to develop new products and services in cash equities and equity derivatives. We are positioning ourselves for more competitive posture in equity products globally.
Commodity product revenues represented 19% of total brokerage revenues in the second quarter of 2009 compared to 20% in the first quarter of 2009 and 22% in the second quarter of 2008. Commodity product revenues decreased 29% year-over-year and 3% sequentially, mainly due to continued weakness in the dry freight business in Europe and Asia and the negative effect of the economic recession and other variables on trading in the long [abated], more complex energy derivatives.
At the same time, we saw year-over-year and sequential growth in emissions brokerage and while it is not a significant revenue factor thus far, we do see it as indicative of future opportunities in emissions brokerage, data and analytics and trading systems.
Looking at our revenues by geography, brokerage revenues in all regions decreased in year-over-year comparison with the Americas down 3%, Europe, Middle East and Africa down 26%, Asia-Pacific down 31%. On a sequential basis, revenues in the Americas were nearly level with the first quarter of 2009. Europe, Middle East and Africa rose 3% and Asia-Pacific rose 13%. The strength of the U.S. dollar continued to negatively impact the value of our overseas revenues affecting the year-over-year comparisons.
Revenues from trading software, analytics, and market data products were approximately level with both the second quarter of 2008 and the first quarter of 2009 and represented 7% of our total revenues in the second quarter of 2009.
Within that category, revenues from data and analytics rose 7% from the second quarter of 2008 due to our FENICS Enterprise Solution, a suite of products able to handle FX derivative pricing, trading and risk management.
Software revenues from our Trayport subsidiary, totaled $7.3 million, which was 6% lower on a reported basis than the second quarter of 2008. But when measured in the British pound, its functional currency, Trayport's year-over-year software revenue growth was 23% due to the continued success of its global vision gateway products.
I shall now turn my review to our progress in controlling costs. As I mentioned on our last call, we took additional action in the first quarter through front and back office restructuring to build on our cost reduction initiatives in the second half of 2008.
Employee compensation expenses increased as a percentage of total revenues to 66.5%, compared with the second quarter of 2008 due to our active restructuring of our business and product focus as we adjust to rapidly changing market dynamics, lower revenues in some historically higher margin derivative markets and amortization of previously paid sign-on bonuses.
Employee compensation expenses as a percentage of revenues were generally in line with the first quarter of 2009. The balance of our expenses decreased 20% from the second quarter of 2008 and remained level with the first quarter of 2009 on a non-GAAP basis.
We saw strong improvement in non-compensation expenses as a percentage of revenues both year-over-year and sequentially due to our cost control, restructuring initiatives and product mix. In comparison to the second quarter last year the biggest improvements came in reduced spending on travel and promotion, professional fees, clearing fees and interest expense.
Turning to our outlook for the third quarter of 2009 we currently expect total non-GAAP revenues to decline by approximately 20% to 23% compared to the third quarter of 2008, which was a strong quarter for us marked by pronounced trading activity precipitated by the credit crisis. We are expecting more traditional seasonal summer patterns this year based on our preliminary results to date for July.
From a broader perspective the global regulatory and legislative changes underway will continue to affect our market and GFI in ways that are not yet determined. At the outset of the credit crisis when a stream of proposals emerged to regulate OTC derivatives, we immediately became engaged in dialogue directly with regulators and legislators in the U.S., including my testimony before the House Agricultural Committee as well as our meetings with the CFTC, the SEC and the New York Fed to offer our perspective and experience to the decisions being shaped.
Our discussions have extended to London and Brussels as well and we are active in trade groups that represent our interest and those of the broader financial community. I am optimistic that some of the market structure changes, such as central clearing and greater use of electronic execution that are likely to emerge will be generally beneficial to many of the broader financial markets.
I'm also optimistic that new opportunities will emerge for GFI to capture. In the meantime we are continuing to pursue opportunities based on our ongoing strategy and market strengths. As we discussed at this year's Investor Day we're expanding our customer base by adding complementary products and by providing services to non-traditional clients such as institutional investors for cash equities, algorithmic traders in hedge funds for commodities and tier one banks in hedge funds through our FENICS and market data products.
It continues to be our goal to embed our technology into the workflow of new and existing customers to create additional value. Before offering my concluding remarks, I would now like to turn the call over Jim Peers, our CFO, for his comments.
James Peers
On a GAAP basis, GFI's total revenues decreased in the second quarter of this year, compared to the second quarter of last year, by $36.8 million to $224.7 million, compared to $261.5 million for the prior year. On a non-GAAP basis our revenues for the second quarter of '09 are $220.5 million, compared to $261.5 million in the same quarter last year.
In the second quarter of this year brokerage revenues totaled $201.1 million and total revenues for Trayport were $7.3 million. On a sterling basis, Trayport revenues were $4.9 million for the second quarter of this year, compared to $3.9 million for the second quarter of last year.
In the first half of the year, non-GAAP revenues decreased by $143.3 million as compared to the first half of 2008. On a GAAP basis the second quarter net income was $16.4 million, compared to $23.6 million in the second quarter of '08. On a non-GAAP basis the second quarter of '09 net income was $14.6 million, compared to $26 million in the same quarter last year.
On a non-GAAP basis the second quarter net income increased to $14.6 million, compared to $12.9 million in the first quarter of '09. The first half of the year net income decreased to $27.5 million from $64.1 million for the same period in 2008 on a non-GAAP basis.
On a GAAP basis our diluted earnings per share for the second quarter of '09 was $0.13, compared to $0.20 in the second quarter of last year. On a non-GAAP basis our earnings per share for the current quarter was $0.12, compared to $0.22 for the second quarter of '08. The first half of 2009 diluted earnings per share on a non-GAAP basis was $0.23, compared to $0.54 for the same period in 2008.
Non-GAAP brokerage revenues decreased by $44.6 million in the second quarter, compared to the second quarter of '08. Credit was up 6.3%, CDS [desks] though were down approximately 52% which was offset though by 140% increase in fixed income. Financials were down approximately 28%, equity was down approximately 30% and commodities were down 29.4%.
Brokerage revenues decreased by $3.5 million in the second quarter compared to the first quarter of this year. Credit was up 9%, financials were up 7.4%, equities were down 8.5% and commodities were down 2.6%.
Sign-on bonuses paid in the second quarter of '09 were $9.3 million, compared to $31 million in the second quarter of '09 and $17.5 million in the first quarter of '09. Sign-on bonuses expensed in the second quarter of this year were $11.4 compared to $9.3 million in the second quarter of last year and $11 million in the first quarter of '09.
Our brokerage personnel headcount at the end of the second quarter stands at 1,069, up four people from the second quarter of '08 and up 30 from the first quarter of '09. Our broker productivity has decreased to $191,000 for the second quarter this year, compared to $231,000 in the second quarter of last year, but is up slightly in the first quarter which was $188,000.
Our pre-tax margin for the second quarter of '09 was 11.7%, compared to 13.9% for the same quarter last year on a GAAP basis. On a non-GAAP basis the pre-tax margin for the second quarter of '09 was 10.6%, compared to 15.3% for the same quarter last year.
For the first half of the year our pre-tax margin was 10.1%, compared to 16.3% the first half of last year on a GAAP basis. On a non-GAAP basis the pre-tax margin for the first half of the year was 10.1%, compared to 17.5% for the same period in 2008.
In summary our key performance drivers on a non-GAAP basis on as follows. Revenues for the second quarter of this year are down $41 million, compared to the second quarter of '08, and Trayport total revenues for the second quarter were $7.3 million.
Our comp costs are at 66.5% of total revenues for the second quarter, compared to 60.7% for the second quarter of '08 and 66.7% for the first quarter of '09. The first half of the year compensation costs are 66.6%, compared to 61.1% for the same period in 2008.
Our non-compensation expense in the second quarter of this year as a percentage of revenues were 22.9%, compared to 24% the same quarter in the prior year and 23.8% for the first quarter of this year. Our non-compensation ratio for the first half of the year was 23.3%, compared to 21.4% for the first half of '08.
GFI's effective tax rate for the first half of the year is now 37%, compared to 36.5% for the first half of last year.
I would now like to highlight some other areas that will be of interest to you. The number of weighted average diluted shares for the quarter were 122.2 million shares. As I've highlighted on previous calls, we are long euros on the revenue side and short sterling on the cost side in Europe.
Accordingly in the fourth quarter of last year, as in the second quarter of this year, GFI entered into a number of FX forward contracts which serve as an economic hedge of our exposure to certain euro and sterling cash flows in 2009 and 2010. These hedges were mark-to-market at the end of the second quarter, resulting in an unrealized non cash pre-tax gain of $4.2 million with no accounting offset for future cash flows.
As discussed in our last call, on April 28 of this year we amended our bank facility as follows. Revolver was decreased from $265 million to $175 million. The definition of EBITDA now better reflects our cash earnings, and our leverage ratio was lowered from 2.5 times to 2 times, and our borrowing rate is LIBOR plus 250 BPS.
Given the increased level of cash GFI has, we were comfortable lowering the revolver commitment and we additionally paid down $25 million of outstanding borrowings in the second quarter of this year. That concludes my remarks and now I will turn the presentation back to Mickey for some closing comments.
Michael Gooch
Thank you, Jim. In conclusion, our improved performance in the second quarter of 2009 reflects the further stabilization of our markets, as well as our strategic in cost control initiatives. While uncertainty about potential regulatory and legislative actions continue to weigh on our markets, we have been actively engaged in dialogue with the decision makers in the U.S. and Europe and in analyzing the implications and opportunities for GFI.
My optimism about the solutions that will emerge is based on this knowledge and in my confidence that we have the experience, agility and technology advantage to capture the new opportunities created. Due to adjustments we are making in our product offerings and our reduced exposure to any potential negative developments in the credit derivative markets, we clearly see more upside than downside in the future environment for GFI.
We are also pursuing immediate opportunities in line with our ongoing growth strategy and deep market strengths. We also will continue to focus on controlling direct and indirect costs. We have taken recent steps to improve our working capital management and thereby further strengthen our balance sheet and cash position.
We are pleased this quarter to declare our seventh consecutive quarterly cash dividend and so continue to return value to our investors. Thank you for your time and attention today. We are now ready to take your questions.
Question-and-Answer Session
(Operator Instructions). Our first question comes from Dan Fannon – Jeffries & Co.
Dan Fannon – Jeffries & Co.
Good morning and thanks for taking my questions. Mickey, you've mentioned previously in the year that you talked beyond the third quarter, you'd highlighted a return to year-over-year growth by year end. Can you update us on your thoughts there about how you think about, you know, the fourth quarter or 2010 in terms of growth returning?
Michael Gooch
Yes, I still see that. I'm still confident that we'll see year-over-year growth in the fourth quarter. Of course at that point the comp is becoming less challenging. One of the things about the third quarter of '08 was that it was very much in the run up to the, you know, peak of the credit crisis eventually culminating with the bankruptcy of Lehman.
So we're on a difficult comp this quarter and so that's why we're looking at this 20% to 23% projection down year-over-year because of the tough comp. Although even just with the activity within the last few days, I'm already leaning towards the lower end of that projection.
Of course, what is sort of uncertain to all of us right now is how August is going to be simply because it's August with potentially large European holidays and things like that, and we just without anything significant happening in the market it's difficult to really say where that's going to come out. But we're pretty confident that September's going to be a good return to business month, and then a solid quarter in the fourth quarter that will be a growth year over year.
And then 2010, I'm still fully expecting to see year over year growth over 2008. I think that by then there will be more certainty in the marketplace. One of the things that hangs over the market is uncertainty and as long as the various regulatory initiatives are being debated and some of the politicking is going on and some of the various discussions that you've probably been reading about today in the various press, vis-à-vis compensation on Wall Street and derivative trading, etc.
As long as those uncertainties are hanging over the market I think that it does depress potential trading volumes. But once the certainty – once the legislation has moved forward and we know where we'll stand – I really do think that the market will rebound very healthily.
Dan Fannon – Jeffries & Co.
And then in your supplemental data for the monthly stuff, it shows that essentially you're tracking slightly above kind of slightly above 2006 revenue levels. But if you go back and you look at your EBIT margins, you're about 300 basis points below that. And if we go back and compare to 2006, does this reflect more product mix today or is it something where the kind of comp structure and the payouts have changed and it's going to take longer to really get back to those higher margins?
Michael Gooch
Well I think if you're making a sensible comparison to 2006, if we thought our revenues were going to remain at those levels we'd probably scale back some of our infrastructure, but we don't expect that to be the case, so we've continued to invest at full speed in our technology initiatives. And on top of that, of course, along the way, as we were growing the credit business and including the the circumstances of last year with defections that we had in the credit business we do have some hangover from amortization of signing bonuses that were a function of our optimism about growth levels before the credit crisis hit.
So if you're making a comparison to 2006, I think you just have to see that 300 basis points is really a function of what I just described. It's not a function of there really being any change in the way brokers are getting paid, it's just that it's a hangover, and that is going to be washing out. And of course, if we didn't see the volume growth we would scale back the infrastructure.
But we're not doing that at this point because we generally do believe that our technology is going to be a big part of our improved performance as we go forward. Once the legislations come forward, I strongly suspect that we will see a lot more take up in some of our electronic offerings. And so the fact that we're well positioned for that I think is going to be good for us in the marketplace.
At the same time we are dynamically acting to changing market conditions. So you can see that we invested in corporate fixed income in the cash side of the market. With the uncertainty in the derivative market, clearly if you squeeze the balloon in one spot it pops out somewhere else. And so we've taken advantage of restructuring our business to do more cash corporate fixed income and cash equities and more listed products. And there's some cost associated with that which runs through the amortization on the compensation side.
So I think that we will be back to 2006 pre-tax profit margins some point by the latter part of 2010 in my opinion.
(Operator Instructions). Our next question comes from Daniel Harris – Goldman Sachs.
Daniel Harris – Goldman Sachs
So cash fixed income for you guys has certainly been a big benefit over the last year, but it seems like you started investing in that, I think according to your comments two years ago, so while CDS is still growing pretty rapidly. And I'm wondering if you can sort of talk about to some extent where you're investing today with a view out to the future, and if you can even maybe go a little bit further. It seems like you've hired thirty people sequentially. Where are you actually hiring people today to sort of grow in the more near term?
Michael Gooch
Certainly. Well the thing is, right, that we were this broker that wasn't really involved largely in the cash fixed income market, but we found ourselves an early niche in credit derivatives. So we very successfully grew a strong credit derivative business. And being the leader in that market, the natural opportunity for us there, with our thoughts about how capital market arbitrage would work, between credit derivatives and cash fixed income and equities as we all saw over the last couple of years, it inspired us to want to build a cash equities and cash fixed income business to complement that strong derivatives position.
So that was the initial 2007, and even slightly before that, but 2007 initiatives in investing in our cash fixed income business and hiring cashed fixed income brokers to complement our credit derivatives business.
Now, what has happened, of course, is the credit derivate business has taken a back seat. There's been some decline in trading volumes and credit derivatives, and the spreads in the cash fixed income have popped out and, with a lot of the dealer community committing less capital to the market and with Lehman going out of business and Bear Stearns being bought by Goldman and Merrill merging with Bank of America, it actually created an opportunity for us to take our cash fixed income business and expand our customer base.
So in dynamically reacting to market circumstances, fortunately we'd invested in this cash fixed income and cash equities business, as a result of our strong credit derivatives presence, and were then able to add to that business by actually changing our customer base and going after more institutional investor-type clients for that business.
So it's created a whole opportunity for us to restructure our business on the fly, so to speak. And that is the story behind why that is occurring. So when you talk about the 30 that we've added, we've actually added more like 100, because we've downsized a number of brokers in areas that we didn't think were going to be growing in this environment and added brokers in areas where we thought we would see growth.
It resulted in a net plus 30, but the areas where we are adding is Asia equities, Asia financials, U.S. credit in whole loans, loan CDS and, also, obviously in the cash corporate bonds. And then in Europe, we're in the financials adding in Dubai in FX, in short-term swaps in Paris. And then in credit in Europe, we've added European convertible bonds, fixed income sales. Once again, this is going towards the more institutional side of the business.
European government bonds, where we're seeing increased activity which we expect to see more of, with the significant amount of additional government debt that's being issued, credit in Paris, which includes cash, corporate fixed income in Paris, and, also, Christopher Street Capital, which is our division within the company that services the buy-side clients in European and North American fixed income. And then further, in commodities, we've been adding some brokers in the U.K. gas markets.
So we're just dynamically reacting, Dan, to where we're seeing the business potential. Downsizing where we think business will struggle to rebound and upsizing where we see areas that we think will do well in the new environment.
Our next question comes from Rob Rutschow – CLSA.
Robert Rutschow – CLSA
I was hoping you could talk a little bit more to the competitive landscape and how that's changed over, say, the past couple of quarters and more recently and what that's done to spreads and, also whether you're considering possibly committing capital to trades?
Michael Gooch
In terms of the competitive landscape in the IDB space, I would say that the hiring frenzy that was occurring in the peak of the credit bubble has subsided, so we're under less pressure from our core IDB competitors to pay bonuses to people to re-sign contracts and things like that. So that's less competitive.
But at the same time we're expanding our business with a whole new customer base of institutional buy-side accounts and that's quite a competitive business. We're sort of competing, in fact, with a broader audience of competitors because we're competing with more regional, smaller investment bank-type organizations that sell fixed income and equity products with potential research and other types of buy-side environment.
So as we're looking to expand that business, it is entirely possible that we will at some point commit a little more capital to the market, in terms of being willing to make two-way markets in certain marketplaces, but we haven't actually done that yet, Rob, but it is certainly something that would be on the horizon for us as we look to expand our business with the buy side.
Robert Rutschow – CLSA
Generally, we've seen sort of a de-risking in the market and you're obviously more involved in the cash markets than you were before. How does that, in the long term, affect your pre-tax margin, in terms of on a run rate basis and sort of when everything is optimized?
Michael Gooch
I think, as I mentioned to the question from Dan Harris from Goldman, in looking at where we'll be in terms of pre-tax profit margin, we're still dealing with the cost of restructuring of a very dynamic change in the marketplace that occurred, but the potential margins in the business, with our investment in the technology, as we think there'll be more electronic trading, more use of our RFQ, request for quote platforms, particularly in things like FENICS and through the Trayport platform.
I believe that once we get through this amortization hangover, the amortization of the signing bonuses that are still running through our P&L that are money spent but nevertheless have to run through that P&L, I believe that we will get back to pre-tax profit margins that will be in the high teens.
Our next question comes from Chris Donat – Sandler O'Neill.
Christopher Donat – Sandler O'Neill
Just one question from me on the expenses and particularly on the non-comp side, do you feel like there's much more room for trimming expenses here? And I understand a lot of this depends on your outlook for what the revenue opportunities are in the future, but is there much room to cut in terms of, say, travel and promotion? Is it possible that we'll see sort of a snapback in future quarters as people have delayed marketing and entertaining in a tougher environment and maybe some of those constraints come off? Any color there?
Michael Gooch
I was going to suggest maybe even putting Ron Levi onto the call for the question, our global COO, who has been most responsible for our cost cutting measures, to talk about areas where he still sees opportunity for us to reduce costs.
And just to quickly answer the question on the T&E, now the T&E is not going to – it's our intention, I should say, it's our strong intention, to very actively manage the T&E side of the business and even our clients are in a different mindset.
I mean there's a different mindset about entertaining right now. Now, maybe that will wash away. Like I said, Wall Street has a short memory, but right now even our clients aren't looking to be that heavily entertained. It's almost like a corporate image thing at this point. So I do believe that we're going to keep our T&E level under control and even reduce it as a percentage of revenue, as we go forward.
Ron's not actually in the office with me, I think he's on the call though. Is Ron there?
Ron Levi
I think Mickey answered the question pretty well earlier on. If we are to cut more direct costs, it would mean biting into investment spend that we make in technology. So as long as [inaudible] the investment in technology then will stay pretty much the same. There's probably a few million we could really squeeze down on, but the bulk of the indirect now, with the bulk of saving in indirect now would come from reduction in investment.
Michael Gooch
And as long as we have confidence that we're going to see year-over-year growth in 2010 and as long as we see the marketplace moving towards more electronic trading and more exchange-type reporting requirements and more electronic RFQ, we're not likely to cut into that technology spend.
Our next question comes from Don Fandetti _ Citi.
Donald Fandetti – Citi
Not bad. I know you're doing more cash these days but just thinking as you look at the OTC derivatives market over the next two to three years, I mean how do you see it shaping up or is it possible we're in sort of a slow secular decline or is there very good growth? It's just that going to be the sort of infrastructure looks a little bit different?
Michael Gooch
Yes, I think OTC derivatives don't go away. There's a lot of reasons as members of the U. S. Chamber of Commerce reported to the government boards recently, there's a lot of reasons why corporate America needs OTC derivatives for hedging that can't simply be hedged with totally standardized exchange type instruments. At the same time though, we do expect that more of the standardized OTC derivatives will be ultimately centrally cleared and will be reported to essential environment.
But with the position that the government is taking and it's slightly more aggressive in the U. S. than it is in Europe, but with the position the governments' taking we still feel very strongly that our platform which will qualify as a RETES, a regulated electronic trading platform for the purposes of transparency and reporting in the marketplace.
With the correct type of OTC clearing will actually open opportunities for us to broaden our client base and so, I think that the margins will get tighter in OTC derivatives and it'll be – it's that semantic thing about what's OTC and what's exchange when we cross the trade OTC and then post it on exchange? We've been doing that for years in equities, equity derivatives and in energy. But I think that these OTC derivatives will be crossed by us on our platform.
Some of it through the RSQ mechanism, some of it through direct bids and offers on electronic trading platform, but the central clearing mechanism and the reporting will ultimately make the market a better market for us to participate in.
Our next question comes from the line of Chris Allen – Pali Capital.
Chris Allen – Pali Capital
Just I had a quick question on the other income. Once you back out the FX hedge it's still about $6 million of premium sequentially, I wonder if you could just get some color on that.
James Peers
Sure I can do that. Of that $6 million on the non-GAAP basis, but $1 million of it is from various equity pickups which you should see on an ongoing basis from quarter to quarter. Obviously then the remaining $5 million relates to net FX gains and with, I'd say with the weakening of the dollar in the second quarter, our FX positions resulted in gains.
But since our hedges are not considered hedges for GAAP purposes as you know, we must mark to market these hedges and take the gains and losses through the P&L rather than retained earnings. So given the continued volatility though in the FX rates especially with the dollar against the euro and the sterling, it is kind of difficult to predict what the other income levels would be in future quarters.
Chris Giancaro
[Becky], just a follow up to our questioners, if they have follow-up question if they would get back into the queue we will try to entertain it before we close the call at the end, at the bottom of the hour.
Thank you very much. (Operator Instructions). Our next question comes from Niamh Alexander –KBW.
Niamh Alexander – Keefe, Bruyette & Woods
Hi, thanks for taking my question. I'd like to get back to the OTC and the regulatory headlines, Mickey, if I could, because there's probably a lot of opportunities for our GFI with kind of your investment in electronic, but with respect to the products that will not trade electronically, there's already I think it's about 60% of what you do is clear it centrally, but a lot of what you do is adding value for the less liquid products.
And it looks like the regulators are really going to start increasing capital requirements and that could spell like lower liquidity, but it could also spell wider spreads. And do you think that there's an offset for you in bills that get standardized and centrally cleared. The volume goes up and that helps offset maybe where you see liquidity get more challenged in some of those more customized derivatives as they're being classified.
Michael Gooch
Yes, Niamh, I think that you answered the question yourself correctly there, that there will be the offset. I also think that the significant increase in government debt and the corporate refinancing calendar is going to keep us busy for some time and there will be certain pockets of the market that are just not going to lend themselves to any kind of standardized electronic or centrally cleared environment, and we're going to service those markets as well so we're going to look for opportunities there.
Certainly our business has had to change from where we were a couple of years ago and I think that we're doing a really good job of dynamically changing our business to the current environment.
And there's obviously a cost associated with that which you're seeing currently in the profit margin which is most clearly evident in the jump from 60% to 65% in compensation. It's not that we're paying our brokers more; it's a function of the dynamic restructuring of the business.
And so within the next 18 months or so we should be washing through that and getting those numbers back down to closer to 60% and should therefore see our pre-tax margin getting back up into the mid to high teens.
Our next question comes from the line of Mark Lane – William Blair & Co.
Mark Lane – William Blair & Co.
Yes, good morning. I just have a quick follow-up on the expense side. Mickey, you've quantified your view on margin kind of over a longer period of time, but, Jim, if you look at your revenue guidance for the third quarter and revenue's up in the fourth quarter, and we look a modest improvement in revenue growth in 2010, say something like 5% or 10%, I mean where does comp kind of fall out in that scenario given some of the commitments you've made on the signing bonuses? Can it move down a couple of percentage points next year or what's the?
James Peers
Yes. No, let's talk about the near term first and then I think as we go forward I think with the upcoming quarter, as we said with our revenues down because of the summer, obviously the percentage on the comp will stay I think in the 66% to 67% range again. And then I think as our revenues start to increase in the fourth quarter and next year that ratio will start coming down.
We still are adding brokers and therefore we still have sign on bonuses and everything else which we're bleeding or amortizing through the next two or three years so that sort of put some fixed cost into that. But I would see as our revenues go down that comp ratios will start to come down as well as a percentage, as revenues go up, sorry.
Our next question is a follow-up question from the line of Chris Allen – Pali.
Chris Allen – Pali Capital
I just wanted to ask on, in terms of July. Mickey, you mentioned it's giving you confidence in the outlook towards the goal under the range which I assume is 20% down year-over-year. Just where is July tracking on a monthly basis right now?
Michael Gooch
That's a good question. I don't have that in front of me right now. Anyone have that handy, Jim?
James Peers
Yes, we don't normally give out those numbers until they're finalized, but right now it's fair to say sequentially July is down about 8%, second quarter.
Our next question is a follow up question from Christopher Donat – Sandler O'Neill.
Christopher Donat – Sandler O'Neill
Yes, thanks for taking the follow up. Just in terms of the amortization hangover that Mickey mentioned. Jim, is that solely the $11.4 million of bonuses that were expensed this quarter or is there anything else there for that amortization?
James Peers
Well, no that's the, well, there's two parts of our amortization. We've got RSU expense and the sign-ons. But the number I gave you on the phone was sign-ons and retention bonuses. So what was expense versus what was paid-out. And you can see so the amount last year we paid out quite a substantial amount in 2008 in total payouts of about a little shy of $80 million and with an expense of $42 million, so that still has to bleed through, plus whatever new ones we have in the current period.
And but so far this year we're down. Payments were only in the second quarter were $9.3 million compared to $31 million last year, so we're down but I still would anticipate that we could be somewhere in the, for the year, around $30 million payout.
Our next question is a follow-up from Niamh Alexander – KBW.
Niamh Alexander – Keefe, Bruyette & Woods
Thanks, if I could go back to credit derivatives. I know it's a smaller part of your business now, but you are leaders in the space, so how do I think about the clearing because it seems like a very small proportion of the total notion of value is kind of moved into the clearinghouse. So it's kind of a long, slow draw. There doesn't seem to be any rush on the dealers' part to get this done.
Is Europe going to be very different? Is there some kind of big bang expected and that might encourage single name products? If you could give us any update on that that would be really helpful. Thanks.
Michael Gooch
Sure. As I've always – as I've been saying all along since the first talk about clearing of credit derivatives, and I think I said way back that it was going to require the cooperation of the dealer community. And that does appear to be the case, which is why ICE Trust has succeeded where others have failed because they had the cooperation of the dealer community.
Meanwhile, I hear noises from the New York Fed that they would like to see competition in clearing. And that would mean that maybe there will be some efforts to persuade the banks to utilize other clearing mechanisms.
And from our perspective that's good news because the more completive the clearing function is the better it is for us because in some other markets where there's competitive clearing we actually get rebates from certain clears for steering business toward them.
So there seems to be an effort in Europe to move towards a central clearing mechanism. I have a gentleman here on the call who is representing us with the regulators and talking to Luxemburg and London about what they want to achieve in credit derivatives.
And I'll just put him on the call quickly to speak about that. His name is [Scott Fitzpatrick]. He has a strong Scottish accent. So listen up here.
[Scott Fitzpatrick]
Thank you. Yes, I –
Pardon the interruption. This is the operator. Mr. Giancaro you may want to check to see if you accidentally hit the mute function on the phone.
[Scott Fitzpatrick]
Yes, sorry. I was in – I returned yesterday from a session with a European commission, which was the final session prior to the July 31 goal set for clearing here in Europe. The position, at the moment there are two clearinghouses that have been given regulatory approval in the regions that they require it, namely Europe and the U.K. Those are EURX and obviously ICE Clear Europe.
ICE Clear Europe are actively now uploading or back loading some of the clearable trades into their clearing facility. EURX have less participation right now because some of the dealers are still in testing mode with them.
As far as the speed by which the trades could enter the clearinghouses, the dealers through, as they represented that they commenced this process in March in the U.S. and have now got something in the region of $1.6 trillion of notional and [CDS] trust.
The commission here didn't feel that there was any requirement to put any deadline dates in place for the dealers because they've been particularly impressed by how quickly they've met requirements and deadlines set for the introduction of the clearing mechanism. But what they did state was that they expected the dealers to participate and push as much as they can into the clearinghouses as quickly as possible.
James Peers
I think we seem to be having technical difficulties. So I think we have most of the questions period, pretty well come to an end. So before we finish then, what I would like to do is just clarify a point. But I think Chris Allen asked me about the July revenues and just make sure I clarify. The July revenues, as I said, we don't give out that information till the month is done and the quarter's over.
But based on the trend that we've seen in the month of July and the anticipated summer slowdown, we're anticipating that the brokerage revenues for the third quarter on a sequential basis compared to the second quarter would be down approximately 8%. So that given I think we'd like to end call and want to thank everyone for joining us.
Thank you for your participation in today's conference. This concludes the presentation. You may now disconnect. Have a great day.
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Annual Appeal: Please make a donation (tax deductible in USA) to keep the OEIS running. Over 5000 articles have referenced us, often saying "we discovered this result with the help of the OEIS".
This sequence is strictly monotonically increasing.
Table of n, a(n) for n=1..60.
Cf. A000005, A090481, A175144.
Sequence in context: A186689 A186350 A189829 * A171508 A049068 A185602
Adjacent sequences: A175143 A175144 A175145 * A175147 A175148 A175149
Leroy Quet, Feb 24 2010
Extended by Ray Chandler, Mar 04 2010

subset: commoncrawl


text:
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1. Preheat the waffle iron.
2. Spread one slice of bread with butter, only on one side.
3. Place the cheese slices on top of the slice of bread, then spread the other slice of bread with butter, only on one side. Place the unbuttered side against the cheese, then place this entire sandwich on the waffle iron. Close the top of the waffle iron, but do not press down and smash the sandwich. Let this cook for 3-5 minutes or until the bread is brown and crispy and the cheese has melted.
4. Serve and enjoy!
Serving size: Complete recipe
Calories 693 Calories from Fat 477
% Daily Value*
Total Fat 54 g83.5%
Saturated Fat 33.8 g168.9%
Trans Fat 0 g
Cholesterol 153.8 mg51.3%
Sodium 993 mg41.4%
Total Carbohydrates 26 g8.7%
Dietary Fiber 1.4 g5.4%
Sugars 0.9 g
Protein 26 g51.7%
Vitamin A 32%
Vitamin C
Calcium 65.9%
Iron 11.4%
*Based on a 2000 Calorie diet


text:
THIS IS A DIRECTORY PAGE. Britannica does not currently have an article on this topic.
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compilation of encyclopaedia
...work of the period is the largely historical and biographical Ershisishi jiu tong zhengdian leiyao hebian (1902). The Qingchao xu wenxian tongkao (1905), compiled by Liu Jinzao, was revised and enlarged in 400 volumes in 1921. It includes contemporary material on fiscal, administrative, and industrial affairs and gives some attention to technical matters. Lu...


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Odoo Help
This community is for beginners and experts willing to share their Odoo knowledge. It's not a forum to discuss ideas, but a knowledge base of questions and their answers.
How to dynamically set the domain of custom filter of top search bar using python?
I want to set different domains for my custom filter depending on the login customer. I have successfully created a custom filter with static domain as:
<filter help="My Partners" name="my_partners" icon="terp-personal+" domain="[('user_id','=',uid)]"/>
But now I want to dynamically assign the domain to this custom filter using python. Thanks in advance
Your Answer
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Om Shanti Om Yoga School has designed this course to involve students deeply in the spiritual teaching and practice of traditional Hatha and Ashtanga yoga, breathing techniques, awareness, meditation and practical philosophy to utilize your body and soul in the world of yoga. This course will get a yoga teacher's qualification by Yoga Alliance USA-RYS 200. Youll learn proper adjustment of each postures how practice and teach for beginner level to advance level. You will also get 2 nights complimentary stay (one night before the course start date and one night after the course completion).
Ashram based rooms with comfortable bed, study table, hot water bathroom, view close to nature, walking distance to any shopping, groceries needs, or restaurants. The ashram kept in a silence place close to nature in the foot of the hills. All rooms are fully ventilated to open air and atmosphere.
The course inclusive of relevant subjects to yoga path of life such yoga philosophy, yoga anatomy, yoga therapy, teaching methodology, Ayurveda class with nutrition and yogic diet, meditation, pranayama, satsang class and mantra chanting.
Class starts at 06:00 to 19:00. There will be three breaks for food, refreshment and self-study. Each day you should attend all six classes, which comprises in eight hours a day without fail. Attendance is taken seriously in this course. Classes will be from Monday to Saturday, Sunday is the rest day. You will have a retreat on Sundays.
You will be given one assignment test, one theory test and finally one practical test in order to prepare you to be qualified as a yoga teacher in all the areas. At the end of the course you will be awarded with a Yoga Alliance US certificate.
Asanas are yoga postures and the physical movements of yoga practice and, in combination with pranayama or breathing techniques constitute the style of yoga referred to as Hatha yoga. Traditionally asanas are positions, which make us fit and healthy in all the way. In the yoga sutra, patanjali describes asana as a "firm, comfortable posture", referring specifically to the seated posture, most basic of all the asanas. Normally asanas will be held for an average of two or three minutes. Besides being held steadily they should also be held comfortably. No pain should be experienced while holding the posture or in the hours or days that follow. Hindu shastras tell us of 84 lakhs asanas. A lakh being equal to 100,000, this brings the number of yoga postures to 8,400,000. There are three types of asana.
Cultural posture
Pranayama is a Sanskrit word meaning "extension of the praa or breath" or "extension of the life force". The word is composed of two Sanskrit words: prana, life force, or oted particularly as the breath), and ayma, to extend or draw out. (Not "restrain, or control" as is often translated from yam instead of ayama). It is a yogic discipline with origins in ancient India. Pranayama is traditionally viewed as a practice involving a lot more than just breathing for relaxation. It is a term having a broad range of meanings and connotations Pranayama is the foundation for our body because it refreshes our breathing system and makes fit our respiratory system. It is a term having a broad range of meanings and connotations. The sage patanjali, in yoga sutras, defines pranayama as regulation of incoming and outgoing breath coupled with retention.
Nadi shodhana
Anuloma viloma
Surya bedhi
Chandra bedhi
Despite all its popularity, today very few of us truly know what meditation is. Some regard meditation is the mental concentration on something; others consider that we meditate when we imagine something that gives us peace or satisfaction. All these methods are being with one goal to slow down and, eventually, completely stop the incessant activity of our minds. These exercises are not really meditation they are substitutes for meditation because it is normally very difficult to stop your mind all together. In reality, meditation is a state of thoughtless awareness. The real meaning of meditation is transforming our mind. By engaging with a particular meditation practice you learn the patterns and habits of your mind, and the practice offers a means to cultivate new, more positive ways of being. With regular work and patience these nourishing, focused states of mind can deepen into profoundly, peaceful and energized states of mind.
Om meditation
Mantra chanting meditation
Soham meditation
Shiva meditation
Yoga Nidra meditation
Tratak (candle) meditation
Chakra meditation
The word mantra has two parts; man, which is the root of the Sanskrit word for mind; and tra, which is the root of the word instrument. A mantra is therefore an instrument of the mind, a powerful sound or vibration that you can use to enter a deep state of meditation. A combination of certain codified sounds is a mantra. The correct chanting of mantras under the guidance of the Siddha (Guru) brings about manifestation of thoughts and desires, and even of devs and devis. It is originated from Ved, which was written by Lord Brahma. The teachings of the Vedas consist of various mantric chants or hymns cognized by different seers or rishis from the cosmic mind. The body gets effect from mantra chanting in a good way. It removes all the diseases from your body and keeps away your body from other negative energy.
Ganesha mantra: it stays prosperous at our home.
Guru mantra: by chanting this mantra we can enhance our knowledge.
Mritunjaya mantra: this mantra keeps us fit and healthy.
Santhi mantra: shanti mantra keeps our mind cool and tension free.
Gayatri mantra: it improves immunity and grows up your learning and concentration skill.
Santhosham santhi mantra: it keeps calm our mind and helps to grow up.
Yoga mantra: yoga mantra helps to reduce anxiety and depression and releases neuroses.
Vedika santi mantra: this mantra is related to welfare of humanity and helps in spreading peace all over the world.
Surya mantra: this removes carbon dioxide from the lungs and replaces it with fresh oxygen.
Surya namaskarar: it stimulates and balances all the systems of the body, including the endocrine, circulatory, respiratory, and digestive systems.
The main philosophy of yoga is simple: mind, body and spirit are all one and cannot be clearly separated. Yet there is a multitude of philosophical ideas developed by looking into the deeper dimensions of the body, mind and spirit. Yoga is a set of spiritual practices but in itself is not an institutionalized religion, per se. Hinduism is related to yoga through a common recognition of the Vedas as an authoritative source, and both Buddhism and Jainism share many of the core values of the yoga tradition. But classical yoga is best understood as a system of spiritual practice, rather than a particular religion.
Yogic philosophy I
Description of nadis
Yogic philosophy II
Pancha (five) pranas
Five sheaths of bodies
Effect of the yogi practice
Yoga sutra
Introduction of yoga
Ashtanga yoga
Chitta vrtitti
FIive klesha
Hatha yoga pradipika
Seven folds systems of yoga introduction
Qualification of a yogis
Place, time, food and lifestyle for yoga shadana
Nada anusamdhana
Bandha is a term for the body locks in Hatha yoga, treated under the heading of mudra. Specific bandhas are: mula bandha, contraction of the perineum, uddiyana bandha, contraction of the abdomen into the rib cage, jalandhara bandha, tucking the chin close to the chest, maha bandha, combining all three of the above bandhas. Among these I will give you a short description of the few important ones. You can select that which suits you well and practice regularly. Cough, asthma, enlargement of spleen and liver, sex-sublimation, venereal diseases, consumption, chronic constipation, leprosy and all sorts of incurable diseases are also cured.
Moola bandha
Uddiyana bandha
Jalandhar bandha
Maha bandha
Nasagra mudhra
Gyana mudhra
Hridaya mudhra
Ayurvedic medicine is a system of traditional Hindu medicine native to the Indian subcontinent. Contemporary practices derived from Ayurvedic traditions are a type of alternative medicine. Ayurveda is a discipline of the upaveda or "auxiliary knowledge" in Vedic tradition. The origins of Ayurveda are also found in the Atharvaveda, which contains 114 hymns and incantations described as magical cures for disease. Since then Ayurveda has stood for the wholesome physical, mental and spiritual growth of humanity around the world. Today, it's a unique, indispensable branch of medicine, a complete naturalistic system that depends on the diagnosis of your body's humors - vata, pitta and kapha - to achieve the right balance.
Basic of Ayurveda and definition of health
The three doshas and prikriti (part 1)
The three doshas and prikriti (part 2)
The prikriti analysis
The daily routine and seasonal routine in Ayurveda
Kriya most commonly refers to a "completed action", technique or practice within a yoga discipline meant to achieve a specific result. Another meaning of kriya is an outward physical manifestation of awakened Kundalini, such as a spontaneous body movement related to kundalini energy flow. Kriya shakti is "a power of thought" said to be greatly studied by yogis. Purity of body encourages purity of the mind. Yoga has developed six cleansing techniques or shat kriyas for purification of the physical body. Through these simple exercises, nature is assisted in the elimination of waste products and mucus. Many mental and physical ailments may be alleviated through the practice of kriyas.
Jala neti
Sutra neti
Bahya kumbha
President of Om Shanti Om Yoga School, begin yoga at a very young age and has 15 years of learning and teaching yoga experience in India and many countries abroad such Russia, Hong Kong, China, Thailand, Indonesia. Yogi Dinesh was born at Paonti Sirkhon Almora, Himalaya Hill into Brahmans Orthodox family. When he was 12 years old, he obtained his education in Hinduism culture in Rishikesh Ashram (Parmath Niketan Sivananda). He studied all the mantras, Vedas, Sanskrit, Bhagavath Gita and in deep the Hindu tradition, yogi life and culture. He has a bachelor in Sanskrit and obtained the title of Sashtri.
In 2005 Dinesh Sashtri completed his master in Sanskrit and successfully obtained the title of Ashariya and he proudly lead many poojas today in many homes and temples. He also name as Yogacharya. He is an experienced, loving, generous, friendly and humble natured person. He is well versed in Hatha yoga in Rishikesh, Asthanga yoga, Sivananda yoga, Sukshambyayam yoga and Laughter yoga. He is the close disciple of his guru, the great Himalayan yogi, Swami Yogananda Maharaj Ji, 106 years who is still residing at the Himalaya mountain. He learned many types of yoga from his guru and even till at present.
Swami Yogananda Maharaj Ji was born on 14th September 1908 in Madhya Pradesh. Swami Ji started the path of yoga at very early life in the age of 17. He attributed his good health to the efficacy of the practice of Sukshumavyayam Yoga, ancient regime that combined subtle yogic warm-up with gentle stretching, breathing, relaxation and simple exercises. Believe it or not even at this age, 106 years old, Swamiji's faculties were still functioning at optimum level. He was a very good eye sight without the need of glasses and even healthier teeth.
He was a living example for all of us today of the benefits of doing regular Yoga practice in life. Swami Ji did Hatha Yoga in Rishikesh as well as teached Sukshumavyayam Yoga to student at Om Shanti Om Yoga School every Sunday.
Swami Yogananda Ji had never taken medication in his 106 years of life on earth. He was such an expert at preserving the energies he gained through yoga that he ate only
once a day and after three days of food he took up fasting for a week! Physically he was very much fit and healthy, mentally alert as well. He still teaches Yoga at the age of 106 years on 17 th December 2014 before he achieved Maha Samadhi peacefully on 3 rd January 2015. His teaching and his knowledge always stay in our memories and continue with us in our life long journey.
Guru Buddhi Prakash Ji was born in the year 1953. He is an M.A. degree holder in Hindi Literature and Yoga Philosophy. He got the first experience of Samadhi at the age of 7 years. He had a clear vision of his past life in the Himalayas. He completed his higher education from Agra and Haridwar Universities. He got initiation in Shansaracharya Tradition through his Master Maharishi Mahesh Yogi and he spent many years with his guru and practiced the Transcendental Meditation. For deep practice he went to a cave in the Uttarkashi Himalayas for a few years. He taught Yoga in many other countries and now he is teaching Yoga at Om Shanti Om Yoga Teacher Training in Rishikesh, India. From all over the world the spiritual seekers come to him for different level of practicing Meditation and Indian Philosophy.
Yogi Budhi Prakash has 40 years teaching experience of Yoga in all over the world. He is invited by many colleges and Yoga school as a guest teacher. He has such an extensive knowledge of Indian Philosophy like Patanjali Yoga Sutra, Shiv Sutras, etc. He has been known to conduct various Yoga seminars in Rishikesh as well as other parts of India.
Swami Yogendra Mishra Ji hold master degree in Philosophy M.A (Philosophy) from Agra University. He also has D.Y.Ed (Yoga) Kaivalyadham and B.PEd (physical Ed.) from Amaravathi University. He is a Yogi with more than 25 years of experience in Yoga and meditation. He has taught Yoga in many countries around the world. We proudly convey this message that Acharya Yogi Yogendra Mishra Ji has founded the International Yoga and Mediation Academy as well as acting as an advisor for many institutions around the world. He is usually invited with special invitation by Yoga Centre operator in overseas. Currently he is residing at Vill-Tapovan, Talli Badrinath Dham Road, Near – B.K. Associates P.O. – Tapovan. Distt – Tehri Garhwal, Rishikesh, Himalaya.
Here, I would like to share this, one of his philosophy sentences that touched my heart is: I was so sad for losing my shoes,until I found a man without feet.
Dr. Usha Vaishnava Having Studied disciplines in Ayurveda & Herbal Medicine, Dr Usha Vaishnava completed her 5 1/2 year recognized BAMS, an internationally recognized degree in Ayurveda from famed 150 year old Ayurveda University in India. Then she specialized in Panchakarma Therapy at world recognized Arya Vaidhya Sala,
Kottakkal (kerala). For the last 14 years she is engaged in Ayurveda Treatment,Teaching and Training.
Spending his life in the field of yoga, Yogi Vivek, is considered to be the best teacher of Hatha Yoga, Raja Yoga, Swara yoga and Human Anatomy. Seeking knowledge under the guidance of renowned yogis and acharyas, he has done his masters in yoga and psychology and currently pursuing PhD. in yoga itself. Naturopathy, Pranic healing methods and acupressure are some of the other methods he has received his education in.
His thirst of wisdom has made him quite knowledgeable in philosophies of many religions and believes in religions like Buddhism, Jainism and Sufism. From North India to Himalayas, he as drank waters of various spiritual fountains for 15 years to be able to be so proclaimed as a yogi. In 2002, he took a step further and went to Himalayas to find meaning to his practice. With a notion of serving god is to serve the human race, he now a yoga teacher truly dedicated to the world of yoga.
Swami Amarna Anand, has done Osho Meditation Training Course in and quot;OSHO INTERNATIONAL MEDITATION RESORTand quot;, IN PUNE , MAHARASHTRA, India. He has well versed experienced in different level of osho Meditation and has been teaching many years in almost all the places all over Indias.
Swami Amarna goes on felicitating, sharing Osho Meditation, Osho Visions too. Currently he is residing in Rishikesh and continues serving and sharing his knowledge from his Guruji Osho or Bhagwan Shree Rajneesh to the students from all over the world. Students really enjoy his class the dynamic way of teaching and performing which in tally with modern world and needs. Students love him and his dancing Osho Meditation which makes them to learn more and more techniques.
The yoga teacher training will take place in Om Shanti Om Yoga School in Rishikesh India. The school is located in Laxman Jhula Rishkesh at Sakshi Gopal Guest House.
Three daily vegetarian meals are served for every student. Meals are included in the price of this teacher training course.
Rishikesh is the place of sages. It is a celebrated spiritual town on the banks of river Ganga, located at an altitude of 365 meters above sea level; it is surrounded by Shivalik range of the Himalayas on three sides. Rishikesh is an ideal destination for those who want to dwell deeper in meditation, yoga, and other aspect of Hinduism. Rishikesh, has numerous yoga centers that also attract tourists. It is believed that meditation in Rishikesh brings one closer to attainment of moksha, as does a dip in the holy river that flows through it. International yoga week, which attracts participation from across the world, is held here, every year, in February on the banks of the holy Ganga.
Rishikesh is world famous for rafting and adventure. Rafting season starts from the month of March and ends in July. Rishikesh is also home to the 120-year old Kailas Ashram Brahmavidyapeetham, an institution dedicated to preserve and promote the traditional Vedantic studies.
There is an International Yoga Festival at Parmath Niketan Ashram every year. It is world famous gathering of many yoga learners from all over the world who came here to obtain more knowledge in yoga. Dont be surprised that in Rishikesh the world famous yogi, the great Himalayan yogi, Swami Yogananda Maharaj Ji, is in Rishikesh too, in who is currently residing in Himalaya and also world traveler.
"I will write the review according to different areas :"
"1. School and Teachers"
"According to information from your website, it stated that we will be taught by very much experienced teachers, but when we started the course, we had teachers having 4-5 years of experience - this was not as given on website neither conveyed to us earlier. It was told that yogi Dinesh had some personal problems so the course is taken by Akshi yoga school which is his brother's school. This was told only when we asked him as we could not see any transparency."
"But the teachers were really good, had knowledge, but there was no coordination in between teachers, so we are taught the same thing multiple times by different teachers, so we learnt same things again and again. As teachers were absent we missed many classes. We did proper yoga learning only for 15 days, so it was waste of money. It was teaching for the last 15 days and we didn't learn anything new."
"2. Study material"
"After asking for 4-5 times, we finally got the study material one day before the end of course."
"3. Accommodation and Food"
"It was away from the crowd noise, so it was pleasant to stay and do yoga. But, the rooms had no mirror, I had to ask 5 times to the manager to give me mirror and then got one, there was problem with flush which was not resolved at all. There was no generator / inverter and there were many times when electricity was not there. It was very difficult to sleep without fans, even after getting tired doing yoga. Food was really good for the first 2 weeks with lots of variety but the last 2 weeks of course, it was spicy, no variety, no quality unlike it was in first 2 weeks."
"4. WiFi"
"We had WiFi problems throughout the course. First, because the monkeys broke the wire and secondly, the internet never worked properly even if the WiFi was connected."
"5. Transport from airport to school"
"Many people got free transport from Delhi airport to the school, but it was not conveyed to me, nor did they agree after i asked them about it. After asking other students, it was understood that there was free service."
"6. Environment"
"It was really positive environment in our school and all teachers had enough knowledge about yoga and were positive."
"But finally, it was not worth for paying so much money and you get to learn only for 15 days because the last 15 days were for student teaching."
"Organizer Response:"
"Thanks for joining us and providing a review. We always do our best in organising this teacher training course however we will try to clear this point of view from the customer."
"Teachers are knowledgeable according to their understanding and maturity but never judge teacher with their years of experience. Presentations to students is more important than the years of experience."
"The accommodation is well equipped however some technical problem cannot be avoided and it commonly occur during the usage, so customer please give time to resettle the matter. "
"Foods are prepared according to different cuisine and seasonally."
"The airport transfer is stated clearly that it is chargeable and not free."
"According to the schedule, students teaching was given only 7 days so that all students should participate in the teaching in order to build their self confidence when completed the course."
"I am sure students get deep knowledge in end of this course , apart from this minor problems. However those issues are highlighted will be upgraded. Thank you."
BookYogaRetreats.com, edited
"Wonderful yoga school! Here, I got the best yoga experience I have ever had before! Good asanas practice, as well as spiritual practice. Dinesh Ji is an amazing teacher, very good, skilled, and with a splendid personality! And Dinesh's Guru Swami Yogananda Maharaj Ji is a really divine soul! I practiced yoga at Om Shanti Om in 2014 and hope to come again this winter!"
Om Shanti Om Yoga School Facebook page, edited
"Doing my 200-hour teacher training course at Om Shanti Om was such a great experience! Dinesh is an amazing teacher, informative and fun! He changed my life. Rishikesh is the place to come. I will definitely come back to Om Shanti Om to complete my 300-hour teacher training course!"
Om Shanti Om Yoga School website, edited
"I did my 200-hour yoga teacher training here, it was a challenging but amazing and rewarding experience. It was a professionally-run course with wonderful teachers. Thank you, Dinesh and Priya, for everything I learned from you."
Om Shanti Om Yoga School website, edited
"What a lovely place! The three yoga classes are amazingly good and the atmosphere is warm. Everybody is welcome! I give it five stars!"
Om Shanti Om Yoga School website, edited
"I really enjoyed this course and got so much out of it! I highly recommend it and I am already trying to plan a way to come back to do my 300 hours. The yoga is well taught and pushes you to levels where you can only improve. Thanks to Pria and Dinesh for the amazing experience!"
Om Shanti Om Yoga School Facebook page, edited
"Wonderful school and warm generous couple. Priya and Dinesh made my stay in Rishikesh very enjoyable and rewarding. The course was more than I expected and the quality of the yoga was excellent. I will be forever grateful for this experience. I highly recommend this school for an authentic learning experience."
Om Shanti Om Yoga School Facebook page, edited
"Everything was great. It was the best experience ever!"
Om Shanti Om Yoga School website, edited
"This was a fabulous yoga teacher training program. You will not be disappointed!"
Om Shanti Om Yoga School website, edited
"Excellent location, fantastic teachers, and very good and creative organic food. I was looking for a true Hatha yoga school and this is what you will find here. The yoga classes conducted by Yogi Dinesh are truly inspiring and have a very professional approach. The teacher training course is packed, diversified and keeps you busy during the long day. I find I have been extremely lucky to have chosen to take my teacher training course here! I warmly recommend this place."
Om Shanti Om Yoga School website, edited
"I did my 300-hour training course in six weeks in February and March 2016 with Om Shanti Om. I had already done the first 200 hours in France, and the teachings I have received with Om Shanti Om and the different teachers have really helped me to improve my practice and knowledge on yoga and philosophy. Dinesh and his lovely wife Priya teach with love and professionalism, they do their best to give the students a very good yoga training and knowledge about India. On Sunday, they took us to visit Rishikesh. I spent six very beautiful weeks with them and I plan to come back to Rishikesh very soon. Lots of thanks to them. Om Namah Shiva."
Om Shanti Om Yoga School website, edited
"The best yoga teacher training school in Rishikesh, India. I did the yoga training here, it was so awesome. I love it!"
Om Shanti Om Yoga School website, edited
"I only want to say it is the best school for yoga students in Rishikesh. They have good teachers."
Om Shanti Om Yoga School website, edited
"I did my teacher training at Om Shanti Om school and it was a really great experience! It is the best place in Rishikesh to learn yoga. I loved the mantra, adjustment, meditation, and practice classes. A good place to do your training. Thank you, Dinesh and Priya."
Om Shanti Om Yoga School website, edited
"Om Shanti Om Yoga School is a very professional place to study yoga. Their teacher training is great. Dinesh and Priya are taking such good care of everyone and are so helpful with everything you may need during your stay. The food from Soulkitchen, where you eat if you book everything included, is vegan, different every day, and delicious. All the teachers are real professionals, each one in their subject. The meditations with Priya are wonderful. I can only recommend Om Shanti Om for a teacher training. Rishikesh is the best place to do this, anyway. Thank you!"
Om Shanti Om Yoga School website, edited
"A professional yoga teacher training school in Rishikesh: I just heard this after joining Om Shanti Om's yoga teacher training course, which I really loved a lot. Thank you, Om Shanti Om Yoga School, for changing my life by yoga!"
Om Shanti Om Yoga School website, edited
"Professional yoga teacher training school in Rishikesh. A real yoga guru I have really met. Thanks, Om Shanti Om Yoga School, Rishikesh."
Om Shanti Om Yoga School website, edited
"Very beautiful classes with precise and gentle adjustments from a very dedicated yogi, Yogi Dinesh. I wish you all the best."
Om Shanti Om Yoga School Paper Written Reviews, edited
"Om Shanti Om has fantastic teachers. I feel like flying like an eagle after two weeks here. I wish you peace, light, and love."
Om Shanti Om Yoga School Paper Written Reviews, edited
"A professional yoga teacher school in Rishikesh, Uttarakhand."
Om Shanti Om Yoga School website, edited
"The best yoga school in Rishikesh. I loved the way you teach. Thanks, Om Shanti Om Yoga School!"
Om Shanti Om Yoga School website, edited
"I can tell from my own experience that this is the best yoga training school. It is lovely!"
Om Shanti Om Yoga School website, edited
"Thank you so much, Dinesh and Priya! Eight weeks ago, I came here with so little flexibility and very basic knowledge. Now, after five weeks of teacher training course, I will go home with so much more. More silence inside my mind and body, more flexibility, and much more detailed knowledge about yoga philosophy. The Ayurveda lessons were very helpful and I also have so much more experience in asanas, meditation, and breathing techniques."
"I was not planning to teach, I started this course just as an intensive one for myself, but I wish to thank you for your love, your confidence, and your funny and authentic techniques. I will really continue for myself and I have already invited some friends for free classes to practice teaching and keep in yog, union, with myself."
"Thanks again so much!"
Om Shanti Om Yoga School website, edited
"Dearest Dinesh and Priya,"
"I would like to thank you from the bottom of my heart. Thank you for your patience, wisdom, kindness, knowledge, love, and compassion. I feel truly grateful and blessed for being able to receive your knowledge and being your student at Om Shanti Om. You are both beautiful souls, stay that way."
"Much love and light."
Om Shanti Om Yoga School Paper Written Reviews, edited
"Thank you for the amazing five weeks in this teacher training course. I learned so much, I cannot explain it in words. This place is made with love and I could feel it in my first yoga lesson with Yogi Dinesh. I now have a lot of tools to help me continue my practice in my country and to share this knowledge with other people. I will be grateful to you forever for the peace and real happiness that I found here at Om Shanti Om."
"You say that we are not supposed to get attached but I did! I cannot wait for my next visit here!"
Om Shanti Om Yoga School Paper Written Reviews, edited
"Om Shanti Om Yoga School is the best choice I could have made! Yogi Dinesh, Priya, and the whole team of gurujis not only shared their knowledge with us, but they took care of our personal needs as well! You will feel welcome here and take home a heart full of health, happiness, and peace!"
Om Shanti Om Yoga School Paper Written Reviews, edited
"Dinesh Ji, the yoga class was awesome. Doing this made me very happy. I hope to do this again, you are the best."
Om Shanti Om Yoga School Paper Written Reviews, edited
"I had an absolutely amazing time during the 200-hour yoga teacher training at Om Shanti Om registered yoga school in Rishikesh, January 2016. Traveling to India to learn yoga was one of best decisions in my life. Many thanks to Yogi Ji Dinesh Shastri for the meditation classes, to Mrs. Priya for the yoga philosophy classes, to Guru Buddhi Prakesh Ji, who was a student of Maharshi Mahesh yogi's ashram for 20 years, known as The Beatles ashram, and to Swami Yogi Yogendra Mishra for the Ayurveda classes. Thanks to Dr. Ushs Vaishnava for all your support. They are all Indian and were raised with the philosophies that they teach at the school. I also had the chance to meet people from all around the world who came here to join the yoga teacher training course. There is no need to mention the delicious food and comfortable accommodation provided by the school. I will definitely come back. Namaste."
Om Shanti Om Yoga School website, edited
"Doing yoga with Yogi Dinesh is not like doing an exercise class. He takes your body and soul on a whole new journey every time, where you get to experience yourself on a different level. You always leave his class with sadness that it has ended but also with a smile of the inner joy it has produced. Thank you, Yogi Dinesh and your whole team, for the best support. I want to give a title name for your school: professional yoga teacher training in Rishikesh."
Om Shanti Om Yoga School website, edited
"Professional yoga teacher training school in Rishikesh; I heard this term from all the students from here and I really knew it was true when I came here. Thanks, Om Shanti Om Yoga School!"
Om Shanti Om Yoga School website, edited
"Such friendly people and really great classes!"
Om Shanti Om Yoga School website, edited
"The best yoga teacher training school in Rishikesh. Join here now, hurry up!"
Om Shanti Om Yoga School website, edited
"The teachers are great! The subjects are interesting, there are Ayurveda classes, where you can find your type of dosha; pranayama to explore your breath; meditation, you should try the best one, yoga Nidra; mantra chanting; and yoga philosophy. Thanks to the teachers for the interesting presentations and anatomical yoga therapy. There is yoga practice every day, we had three hours of yoga and special subject yoga teaching methodology. Big thanks to Yogi Dinesh Chander for Sunday pranayama. Thanks a lot to Om Shanti Om!"
Om Shanti Om Yoga School Paper Written Reviews, edited
"When I came, I was a student. Today, I am leaving as a teacher but I will always be a student of Om Shanti Om. Thank you for everything!"
Om Shanti Om Yoga School Paper Written Reviews, edited
"After weeks of research, I finally decided to do my 200-hour teacher training course at Om Shanti Om Yoga. I arrived at Om Shanti Om's idyllic yoga village with a warm welcome and a cup of chai. The course started the next morning at dawn; it was a day filled with intense yoga practice, insightful lectures, and self-discovery within your own practice and others. The relaxed atmosphere at the shala and vast knowledge and experience of the teachers were truly inspiring."
Om Shanti Om Yoga website, edited
"What an amazing experience! I completed the 200-hour yoga teacher training course in December and absolutely loved every minute of it. My practice has never been so good and I left the course much stronger than before. The teachers had me working harder than ever and I achieved so much during the four weeks. I completed the course and stayed in Putnem to teach drop-in classes at Om Shanti Om Yoga. I cannot wait to return!"
Om Shanti Om Yoga School website, edited
"I came to Om Shanti Om yoga teacher training course for one month and underwent a life-changing experience. I saw my physical practice improve greatly over the four-week course, as well as my attitude and understanding of yoga and the philosophy behind it. Om Shanti Om has a unique style of teaching, which encourages you to push yourself to your personal maximum using their knowledge and support."
Om Shanti Om Yoga School website, edited
"I did the three-week intensive course at Om Shanti Om Yoga like a yoga holiday in India. Having been practicing yoga for less than a year, my intention was to practice more intensively so that I would become more flexible on my tight hamstrings and back. What l have learned was much more profound than just loosening my tight hamstrings. Thank you very much and I hope to see you again on the mat!"
Om Shanti Om Yoga website, edited
"Five weeks passed so quickly for me because every day was so interesting. I enjoyed learning new things in my yoga teacher training course. Om Shanti Om is a warm place that gives their students as much help as possible. The course was professional with important classes for me. I learned a lot and have many things to take with me for my life and for my teaching experience."
Om Shanti Om Yoga School Paper Written Reviews, edited
"My experience at Om Shanti Om was wonderful. I studied in a very calm and peaceful environment and with excellent teachers. We started with yoga asanas and satsangs with Yogi Dinesh, then, we went through yoga Nidra meditation with Sarah, and, finally, we took Ayurveda classes with the best doctor around here. I have improved a lot physically and spiritually and got a lot of practical knowledge to take with me back home. I recommend this school to everyone who is looking for deep yogic knowledge or just wants to feel nice with their body to come, study, and enjoy your stay at Om Shanti Om."
Om Shanti Om Yoga School website, edited
"Great thanks to all the teachers from Om Shanti Om Yoga School and especially to Dinesh for wonderful, unforgettable yoga classes and all the knowledge I got during my study! Om Shanti Om is gorgeous, filled with skilled teachers, high-level yoga practice, and a real magical atmosphere. I sincerely wish all people who have begun to study yoga, both beginners on the great yoga path and those who are already in love with yoga, meet Dinesh and his Om Shanti Om Yoga School. Once you come to Om Shanti Om, you will always love this school. We love you, Dinesh!"
Om Shanti Om Yoga School website, edited
"I have known Dinesh for a long time and my dream about the perfect yoga course came true when I visited Rishikesh again. My teacher training course of five weeks was an incredible experience in my yoga life. Each day was unrepeatable. The course helped me to improve my asanas, to get more knowledge about philosophy, to meet a lot of new friends, and to understand more about Indian culture and lifestyle. Great thanks to all the teachers at Om Shanti Om, who know the best way to learn yoga and everything about that. And special thanks to Sarah; without you, Om Shanti Om would never be what it is, you make Om Shanti Om have peace. I wish Dinesh and Om Shanti Om keep being the best yoga school in Rishikesh forever."
Om Shanti Om Yoga School website, edited
"From my first few classes at Om Shanti Om, I already felt as if I was a member of the family. I will cherish the memories of the three months I spent with this family for the rest of my life. I look forward to returning to Om Shanti Om over the years to harvest the valuable and vast knowledge that Yogi Dinesh has to offer. I feel that after my three months of learning under the guidance of Yogi Dinesh, I have learned not only the practice of asanas, meditation, and mantra, but I even learned a way of life that brings me closer to God with each moment."
Om Shanti Om Yoga School Paper Written Reviews, edited


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LAKELAND, Fla. — Crispers here said Tuesday that a private equity firm has completed the previously announced acquisition of the fast-casual restaurant chain from Publix Super Markets [3]. Terms were not disclosed.
Crispers said the private equity firm, Miami-based Boyne Capital, will operate the chain through the newly formed Healthy Food Concepts. Crispers operates 36 restaurants in Florida offering soups, salads and sandwiches.
"Healthy Food Concepts hopes to expand the Crispers offering inside and outside the state of Florida in several test markets over time," the company said in a prepared release.
A spokesman for Crispers told SN the company was considering several possibilities for ways to expand the chain.
Publix, also based here, made an initial investment in Crispers in 2002 and again in 2004, before purchasing it outright in 2007. Crispers said it would continue to offer all Publix employees a 10% discount.


text: $1,295,000 136 acres 8135 SW Sunnybreeze RD, Arcadia, FL 34269 - De Soto County 136 acres Arcadia, FL Development opportunity, 136+/- acres with potential for 330 +/- residential units adjacent to the peace River. Sunnybreeze is currently an operating 18 hole par 71 championship golf course with an additional 9 hole par 3 course. 10 miles to I-75 and close proximately to downtown Punta Gorda 15 min., Arcadia 20 min. and Lake Suzy / Kings Highway area 20 min. The new Thornton Creek Motor Coach Resort is adjacent bringing high end RVs and additional residents. Water & sewer are nearby. Many options are available: purchase the entire property with golf course or sections for development into estate homes, patio homes, cluster homes, etc. Owner has run the course for decades and has many development scenarios. Complete purcha


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Blog Posts in Category: Equipment Rentals
January 8, 2014
Are you an outdoor adventure enthusiast? Interested in seeing what the great outdoors can offer you for physical activity? Well the University of New Hampshire offers extremely discounted rental prices for students! Try out kayaking for only $10, or snowshoeing for $8, or all the equipment for a weekend hiking trip! The Hamel Recreation Center tons of great rental equipment, so that you can try out whatever you are interested in without committing to the high prices of buying your own gear!... Read More
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Hugh Jackman got into character for his new role in "Pan," the Joe Wright-directed update of the classic fairytale. Jackman was cast as Blackbeard, and by the looks of his latest Instagram, he's ready to make someone walk the plank. Just a few days after he hosted the Tony Awards, Jackman now sports a bald head and beard for the role. "Blackbeard is born. #PAN," he wrote.
At the time Jackman's casting was announced, Warner Bros. president Greg Silverman said, "We know he will create a Blackbeard who will be a powerful presence in this original Peter Pan adventure." Written by Jason Fuchs, "Pan" also stars Amanda Seyfried, Rooney Mara, Levi Miller and Garrett Hedlund.
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