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Dieting tea
I just bought these dieting herbal teas at a local mall (the box was so pretty and adorable), and I was wondering if it's okay to drink it 'cause afterall, I'm still only 15. The lady from the store told me that the ingredients in the tea are all flowers and herbs, so it should be alright for me. Here's the information that's on the box:
Natural Plus (Slimming Whitening Tea)
Facilitate skin, metabolism, and inhibit melanin synthesis,
improve skin texture, elasticity and moisture, pormote fat burning, and prevent the absorption of excess fat.
Plus Japanese 2nd Generation Dietary Fibre:
Induce more intestinal microflora (bifidus) proliferation,
promote peristalsis to eliminate toxins and remove bad breath.
No causation of diarrhea Specialized for ladies
Sun. Apr 16, 9:29pm
What are the ingredients in the tea?
I'd be careful as to what you're consuming-- because some of the teas act like laxatives!
Sunday, April 16, 2006, 10:51 PM
There are plenty of 'flowers and herbs' that are very potent and some are downright poisonous - so just because something is "just flowers and herbs" doesn't mean it can't have some serious effects on your system. Where do you think most medicine comes from? Medicinal compounds are often a controlled, sythesized (so they can be reliably manufactured in high volume) form of naturally occuring plant compounds (for example asprin originally comes from willow bark).
'Herbal' remedies are not regulated by the FDA, so they can contain unregulated amounts of very potent ingredients. It is up to the consumer to educate themselves on the properties of the substances they wish to take. Although many of these 'remedies' are harmless - it is possible that some are not, so please be careful and try to do a little research on the ingredients.
BTW: "Peristalsis is a series of coordinated, rhythmic muscle contractions that occur throughout the length of the gastrointestinal tract." ie: that's how your body moves food through the intestines. Anything claiming to "promote" it may very well have a laxative effect (as the first poster noted).
Sunday, April 16, 2006, 11:53 PM
Well, Laxative isn't a bad thing isn't it? It only removes toxins. What are the consequences of laxative?
Monday, April 17, 2006, 8:38 AM
"flowers and herbs"
Check out this lovely garden for some not-so-harmless flowers and herbs...
Monday, April 17, 2006, 10:07 AM
I can tell you first hand that if you're not looking for a laxative effect, you may be in for a rude awakening.
Psyliium Husks or Psyllium is sometimes found in some herbal teas and has a laxative effect. For me, that means a clutching pain in my belly that won't let up until I'm rushing to the bathroom....Maybe that's not what other people experience, but I personally don't like the feeling it gives to me...
Too many laxatives can also disrupt your system--I understand that you could also build a dependency, and it could may your natural system not function properly if you abuse or over-use laxatives...
Monday, April 17, 2006, 10:25 AM
No - a laxative does not remove toxins. Your body has much better ways of doing that on it's own. A laxative causes those muscle contractions to speed up - rushing food through your system before your body can break it down and absorb the nutrients. Eventually those muscles won't work normally without a laxative and you are caught in a bad cycle of diarreah and constipation. Certainly you can lose weight this way - but it's through malnutrition and the long-term side effect can be similar to any destructive form of weight-loss (such as bulimia). Taking laxatives in the short-term should not be destructive, but if you keep taking them you run the risk of causing permanent health issues for yourself.
I am watching two members of my family deal with Irritable Bowel Syndrome. Over-use and abuse of laxatives can be a risk factor in developing it (along with age and sex). Please, please exercise some caution with laxative use.
Monday, April 17, 2006, 12:16 PM
Well the ingredients inside the tea are: Oolong Tea, Lotus Leaf, Rose, Arabian Jasmine Flower, Japanese 2nd Generation Dietary Fiber
Monday, April 17, 2006, 12:50 PM
MY experience
Gross, i bought some dieting teas from a store, and I was all excited. For some reason it said on the box that i should only srink a certain amount of it........ which was like way more than half a cup less of what i noprmally drink. That stupid tea stuff totally worked like a laxative!
i was in pain for a few days.
Thursday, May 18, 2006, 6:12 AM
Don't buy weight loss miracles at the mall!!!
If it sounds too good to be true it probably is. This is the mantra we all need to remember when ever we are tempted by the promises of weight loss pills, programs and miracle drugs, including "tea". Most of these are not regulated by the FDA and end up wasting your money and the time you should be spending eating healthy & exercising.
you'd have better results with all the promises on that box if you made sure you drank your 64oz of water every day, and ate more servings of fruits & vegetables. Don't believe me? try it for a week. At your age, these are the best, most effective habits you can get into now, that will help you stay healthy into the future.
I wish I had someone to tell me that when I was 15. Now I'm 30 and paying the price of unhealthy eating and laziness. *sniff*
Good Luck!
Thursday, May 18, 2006, 9:31 AM
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Career and Education Opportunities for Program Directors in Henderson, Nevada
For those living in the Henderson, Nevada area, there are many career and education opportunities for program directors. Currently, 620 people work as program directors in Nevada. This is expected to grow by 30% to 800 people by 2016. This is better than the national trend for program directors, which sees this job pool growing by about 9.8% over the next eight years. In general, program directors direct and coordinate activities of personnel engaged in preparation of radio or television station program schedules and programs.
The income of a program director is about $30 per hour or $64,000 yearly on average in Nevada. In the U.S. as a whole, their income is about $30 per hour or $64,430 annually on average. Program directors earn the same as people working in the category of Theater, Film, and Television generally in Nevada and the same as people in the Theater, Film, and Television category nationally. Jobs in this field include: public service director, program supervisor, and educational programming director.
There is one school within twenty-five miles of Henderson where you can study to be a program director, among nineteen schools of higher education total in the Henderson area. The most common level of education for program directors is some college courses. You can expect to spend a short time training to become a program director if you already have a high school diploma.
CAREER DESCRIPTION: Program Director
In general, program directors direct and coordinate activities of personnel engaged in preparation of radio or television station program schedules and programs.
Program directors monitor and review programming to insure that schedules are met, guidelines are adhered to, and performances are of adequate quality. They also evaluate new and existing programming to gauge suitability and the need for changes, using data such as audience surveys and feedback. Equally important, program directors have to formulate and schedule programming and event coverage, on the basis of broadcast length and other factors, such as community needs and viewer demographics. They are often called upon to monitor network transmissions for advisories concerning daily program schedules or program changes. They are expected to direct and schedule efforts of personnel working on broadcast news or programming. Finally, program directors decide on and maintain programs, music and other needed materials and obtain legal clearances for their use as needed.
Every day, program directors are expected to be able to articulate ideas and problems. They need to listen to and understand others in meetings.
It is important for program directors to design concepts for programs and features that a station could produce. They are often called upon to establish work schedules and assign work to staff members. They also design budgets for programming and broadcasting efforts and monitor expenditures to insure that they remain within budgetary limits. They are sometimes expected to participate in the planning and execution of fundraising efforts. Somewhat less frequently, program directors are also expected to design promotions for current programs and specials.
Program directors sometimes are asked to decide on and maintain programs, music and other needed materials and obtain legal clearances for their use as needed. And finally, they sometimes have to direct efforts between departments.
Like many other jobs, program directors must want to innovate to meet new challenges and believe in an agile approach to problem solving and deal with change.
Similar jobs with educational opportunities in Henderson include:
- Actor. Play parts in stage, television, or motion picture productions for entertainment, information, or instruction. Interpret serious or comic role by speech, gesture, and body movement to entertain or inform audience. May dance and sing.
- Artistic Director. Audition and interview performers to select most appropriate talent for parts in stage, television, or motion picture productions.
- Director. Interpret script, conduct rehearsals, and direct activities of cast and technical crew for stage, motion pictures, or radio programs.
- Editorial Specialist. Perform variety of editorial duties, such as laying out, indexing, and revising content of written materials, in preparation for final publication.
- Producer. Plan and coordinate various aspects of radio, television, or motion picture production, such as selecting script, coordinating writing, directing and editing, and arranging financing.
- Technical Director. Coordinate activities of technical departments, such as taping, editing, and maintenance, to produce radio or television programs.
- Technical Writer. Write technical materials, such as equipment manuals, appendices, or operating and maintenance instructions. May assist in layout work.
EDUCATIONAL OPPORTUNITIES: Program Director Training
University of Nevada-Las Vegas - Las Vegas, NV
University of Nevada-Las Vegas, 4505 S Maryland Pky, Las Vegas, NV 89154. University of Nevada-Las Vegas is a large university located in Las Vegas, Nevada. It is a public school with primarily 4-year or above programs. It has 28,618 students and an admission rate of 73%. University of Nevada-Las Vegas has 2 areas of study related to Program Director. They are:
- Drama and Dramatics/Theatre Arts, bachelor's degree and master's degree which graduated fourteen and ten students respectively in 2008.
- Film/Cinema Studies, bachelor's degree and master's degree which graduated sixty-two and two students respectively in 2008.
Program Management Professional: Project Management Institute's newest credential is specifically developed to acknowledge the qualifications of the professional who leads the coordinated management of multiple projects and ensures the ultimate success of a program.
For more information, see the Project Management Institute website.
LOCATION INFORMATION: Henderson, Nevada
Henderson is located in Clark County, Nevada. It has a population of over 252,064, which has grown by 43.7% in the past ten years. The cost of living index in Henderson, 93, is below the national average. New single-family homes in Henderson are valued at $135,800 on average, which is well below the state average. In 2008, 1,063 new homes were constructed in Henderson, down from 2,224 the previous year.
The three big industries for women in Henderson are accommodation and food services, arts, entertainment, and recreation, and health care. For men, it is construction, accommodation and food services, and arts, entertainment, and recreation. The average commute to work is about 24 minutes. More than 23.7% of Henderson residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 7.9%, is higher than the state average.
The unemployment rate in Henderson is 10.7%, which is less than Nevada's average of 12.6%.
The percentage of Henderson residents that are affiliated with a religious congregation, 36.2%, is less than the national average but more than the state average. The largest religious groups are the Catholic Church, the LDS (Mormon) Church and the Southern Baptist Convention.
Henderson is home to the Amargosa Substation and the Las Vegas Downs as well as Henderson City Park and O'Callaghan Park. Shopping malls in the area include Boulder - Lake Mead Shopping Center and Lake Mead Shopping Center. Visitors to Henderson can choose from The Ritz-Carlton Lake Las Vegas, Railroad Pass Hotel & Casino and Fuego for temporary stays in the area.

subset: commoncrawl


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Golf Cake
Here's the cake I worked on today.
It's an 8" vanilla cake with vanilla buttercream frosting. The golf ball on top is a Rice Krispy treat covered in fondant. Other decorations are also fondant. The water is blue piping gel.
I thought it turned out nice - hope the birthday boy likes it!
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Taken on May 8, 2010


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Results 1 to 3 of 3
- 09-04-2010, 07:24 PM Thread Author #1
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battery gets hot / over heats?
i downloaded and installed a battery monitor app and it comes with a temperature reading of the battery. i dont know if it is accurate, but i do know that when i have the evo plugged in, or just out in the area with the hot sunny days we are having here in so-cal, the battery temp shows like 100* - 120* sometimes. and when its at like 115*-120* it shows a "overheat" notice on the battery app that is running. the back of the phone is hot also, like it is actually that hot. i dont kow if it is 100 degrees or more, but thats what this app is showing, and the phone is hot.
anyone else have this issue? its kinda annoying and concerns me. i dont want this thing to explode in my hand or something...
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- Vaelpak 2.3 Ziggy Kernel
You want to feel hot? run the Navigation app for 45min as you go somewhere
I'm pretty sure the battery getting hot is normal when the phone is in use for a certain amount of time. my iPhone got warm too when I was playing games on it.
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text: 000 FXUS63 KTOP 161716 AFDTOP Area Forecast Discussion National Weather Service Topeka KS 1116 AM CST Mon Jan 16 2017 ...Update to aviation forecast discussion... .SHORT TERM...(Today and tonight) Issued at 318 AM CST Mon Jan 16 2017 Latest water vapor satellite loop shows the negative tilt upper moving northeast into the eastern texas panhandle with a deformation zone across southern Kansas moving north. Profilers show diffluent flow aloft across central and eastern Kansas while regional radar shows a large area of precipitation across southern and central Kansas moving north. Expect widespread precipitation to continue through the bulk of the morning hours as the upper low moves northeast into northeast Kansas by 00Z Tuesday. A surface low pressure moves northeast across northeast Kansas this afternoon in concert with the track of the upper low. Some wrap around precipitation is expected through the evening hours within the trowal as the system moves off to the northeast. Precipitation type still looks to be freezing rain across north central and far northern Kansas into the mid to late morning hours and will continue with the current ice storm warning in those areas through 18Z. Areas just to the southeast will see a mix of rain or freezing rain through 12Z and will keep this area until then. Temperatures should continue to increase through the day across the area ending the threat for freezing rain. Ice accumulations this morning across north central Kansas should range from a tenth to two tenths of an inch. Temperatures should top out in the mid 30s in north central Kansas to the lower 50s in east central Kansas. Tonight precipitation will come to an end in the evening hours as lift shifts off to the northeast as the upper low departs. Winds will shift to the northwest behind the surface low tonight. Cold advection will send temperatures down into the mid 20s to lower 30s across the cwa. .LONG TERM...(Tuesday through Sunday) Issued at 318 AM CST Mon Jan 16 2017 Clearing of low cloud takes place during the day Tuesday on west to northwest winds. Weak cold air advection from tonight keeps highs from the mid 30s to the mid 40s. Flow through much of the troposphere goes to the southwest Tuesday night into Wednesday night as upper energy sinking south through the Great Basin today makes slow east the northeast progress across the Southern Rockies and into the Central Plains. Moisture and forcing with this system are weak at best, keeping skies mainly clear and allowing for warmer temperatures into the late week. Then NAM, and to a lesser extent the GFS, attempt to build in low stratus and perhaps fog Wednesday night, but they seem to keep the boundary layer too cold, likely an artifact of model-produced snow with the ongoing event. Fast westerly upper flow across the eastern Pacific brings a weakening wave into the High Plains Friday, and a stronger wave for the weekend. Precip chances remain low however with lack of quality moisture one limiting factor. Could see light mixed precip Saturday night and Sunday morning, though with amounts appearing light and temps still on the warm side, any impacts look rather low. && .AVIATION...(For the 18Z TAFS through 18Z Tuesday afternoon) Issued at 1112 AM CST Mon Jan 16 2017 LIFR/IFR ceilings will continue throughout the period. Visibilities are varying from a half mile to six throughout the area making for a difficult forecast. Overall, reduced conditions will continue through tomorrow with winds coming from the northwest by 00Z. && .TOP WATCHES/WARNINGS/ADVISORIES... Ice Storm Warning until noon CST today for KSZ008>012-020-021- 034. && $$ SHORT TERM...53 LONG TERM...65 AVIATION...Heller


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Our equestrian tack and supply store has thousands of horse related items for you to browse and compare prices between several online tack stores.
Find Western and English tack, riding apparel, horse vitamins & supplements, as well as a collection of horse toys and gifts.
This series of books is centered around schoolgirls engaged in equestrian competitions at the academy. Ages 9-13.


text:
BOSTON -- Don't let the
name fool you. I'm not much of a hockey guy.
It's nothing against the sport, I actually quite enjoy watching hockey. It's more the elements necessary to play the sport, namely the cold.
I was busy crunching potential playoff scenarios about how the Patriots could meet the Chargers in the NFL playoffs, offering the media a nice January trip to sun-splashed San Diego, when the bosses called Wednesday suggesting I spend a few hours investigating the scene around Fenway Park in anticipation of Friday's Winter Classic.
That meant the guy whose Christmas loot was highlighted by two cold-weather shields -- a remote car starter and a Snuggie -- had to spend a brisk December day wandering around Fenway finding out what all the fuss around the Boston Bruins playing the Philadelphia Flyers was all about.
What I found helped me understand why tickets to the Classic are selling on StubHub from $285 to $1,199 apiece. Some have called this the Super Bowl of hockey and, having been a part of the NFL version (in balmy Phoenix mind you), you can't help but walk away from Fenway feeling a similar atmosphere.
Flyers legend Dave Schultz might have summed it up best during a legends roundtable inside the stadium's EMC Club Wednesday afternoon:
"There's people that will watch this game that probably normally wouldn't watch a lot of hockey. It's such a unique event and I'm sure it will be a great show."
He's right. It doesn't matter who wins or how well Friday's contest is played -- the game is secondary to the event. Heck, it really doesn't even have to be the Bruins playing.
Don't believe it? Bundle up and go take a walk around Fenway Park on Thursday. (If you really can't take the cold, click on the links to check out the scene.) You can't help but marvel at the orange, yellow and green banners that line Yawkey Avenue. Or the posters that line the windows of the area businesses.
Step inside the souvenir shops next to Fenway and you'll see that nearly all Red Sox apparel has been replaced with jerseys, hats, and stuffed animals related to the Winter Classic. There are even snow
globes, an appropriate choice given the weather report for Friday's game.
But the sites are even more amazing inside the venue. Organizers have done an outstanding job of making Fenway Park a hockey venue, no small chore considering it sometimes seems unsuitable for baseball.
Out in right field, the Bruins'
retired numbers now hang with those of the Red Sox. The AL East standings on the Green Monster in left field now reflect the NHL version of that division.
Banners and bunting are everywhere reflecting that -- for at least one day -- the lyric little bandbox belongs to hockey. Zambonis have replaced Jason Bay in left field, where snow mingles with dust along the warning track.
With the snow-crusted logos in the outfield, it's hard to turn away from the field. Somehow a hockey rink looks like it belongs where a baseball diamond normally is found.
The best news is that there's not really a bad seat in the house. I wandered all over the park checking out the sightlines and was surprised with how nice it looks from all angles. Oh, it's freezing on the right-field roof, but the view is gorgeous. In fact, the worst seats in the house might be the front rows, since the ice is slightly elevated. If you've got seats in the grandstand marked with a number rather than a letter, consider yourself lucky.
Actually, if you've simply got a ticket, consider yourself lucky.
I do. I'm not a fan of the cold, but I'll gladly layer up on New Year's Day to be part of the experience. See, the NFL shares my affinity for warm weather, and this might be the only time a Super Bowl comes to Boston.
Chris Forsberg is a roving reporter for ESPNBoston.com. Follow him on Twitter.


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Luminox Mens Atacama Field Day Date Watch - Gunmetal PVD - Carbon Fiber Dial
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text:
Six days before the trial in one defamation case is set to begin, a second defamation lawsuit spawned by the same incident was settled, according to a San Mateo County Superior Court filing.
The lawsuit filed by Mr. Woodell against Ms. Kiraly and Menlo Park resident Chuck Bernstein, who was elected to the fire board after the complaint was made, remains active; that trial is scheduled to start Monday (April 7).
Although the agreement was stamped "Confidential" and a court protective order prohibiting the disclosure of some types of information in the lawsuit has been in place since late last year, the settlement agreement ended up accessible to the public via the court's online database.
California's civil procedures code for this type of offer, known as a "998", requires that it be filed with the court, which typically makes the documents available to view. Judges have even ruled in some cases that including a confidentiality clause in a 998 offer invalidates the agreement -- but it's unclear whether that applies here, given the protective order.
Attorneys for both parties were unable to shed any light on the matter.
"I'm sorry, I would like to comment, but I cannot. I cannot discuss confidential documents even if those confidential documents are improperly filed in open court," said attorney Seth Rosenberg, who represents Mr. Woodell. He added that nothing changes the confidentiality of a document pursuant to a court order other than following the appropriate procedures.
Harmeet Dhillon, representing Ms. Kiraly, likewise said she was not able to comment.
Mr. Woodell filed his complaint in 2012, alleging the pair told the media, police and others that he had vandalized Ms. Kiraly's campaign signs during the 2011 fire board election, after Mr. Bernstein discovered an uprooted Kiraly-campaign sign in his yard lying next to a cellphone that turned out to be Mr. Woodell's. Mr. Woodell has denied vandalizing the sign.
Ms. Kiraly filed her own lawsuit against Mr. Woodell late last year, based on an email sent by Mr. Woodell to a former Menlo Park council member that suggested the fire board director had somehow gotten hold of his phone. She stated in her court filings that she has never had Mr. Woodell's cellphone.
According to Mr. Woodell's attorney, the evidence shows that Ms. Kiraly and Mr. Bernstein set out to create a scandal when the two exchanged emails regarding the sign incident and wondered whether to forget the whole matter, inform the police, or call a newspaper.
For details about the incident and subsequent legal actions, click here.
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As the Chicago Bears look to fill their head coaching vacancy, a couple of Vikings assistant coaches have seen their names thrown into the ring.
The Bears have reportedly looked to set up interviews with Vikings special teams coordinator Mike Priefer and special assistant to the head coach Mike Singletary.
It would appear that a former Vikings assistant, Seattle offensive coordinator Darrell Bevell, is at or near the top of the Bears' wish list. Chicago was granted permission by Seattle to interview Bevell, but, because the Seahawks are still alive in the NFC playoffs, he can't be interviewed until after they lose. As a result, Chicago is doing its due diligence with other assistant coaches.
Interestingly, Chicago's own special teams coach, Dave Toub, is another one of the people being considered for the head coaching position.
Singletary has a long history with the Bears organization as a star linebacker during the Mike Ditka era of the 1980s and has former head coaching experience, having held that post with the San Francisco 49ers prior to coming to the Vikings.
A couple other franchises are also looking at Vikings assistant general manager George Paton for their own G.M. vacancies, according to reports. Paton, who was viewed as a frontrunner for the G.M. job in St. Louis last year before pulling himself out of consideration, is being interviewed this week by both the Cleveland Browns and Carolina Panthers. The Browns fired their coaching staff and general manager a little more than a week ago. The Panthers held onto head coach Ron Rivera but are in the market for a new G.M.
The Browns would be a more attractive short-term position for Paton, since he would likely be hired before a new head coach is brought in and be involved in that process after Oregon head coach Chip Kelly turned down overtures from Cleveland and Philadelphia to remain head coach for the Ducks. In Carolina, the Panthers announced that head coach Ron Rivera will return in 2013, which could create something of a power struggle with his staff in place and Paton potentially taking over a team that already has a power structure in place and a head coach more familiar with the personnel than the new general manager would have.
At this point, Paton looks to be the most likely to leave for a new job elsewhere. His name has surfaced in the past as a potential G.M. candidate elsewhere and some believe it will only be a matter of time before he lands with a new organization. In the case of Priefer and Singletary, it is expected that, unless they wow the Chicago brass in interviews, that they aren't on the top of the list of head coaching candidates.
One of the downsides of success is that it often results in assistant coaches being pilfered off the coaching roster and offered better jobs elsewhere. Over the last couple of seasons, that hasn't been an issue with the Vikings, but, given their rise from 3-13 to 10-6 in one season, there is likely to be more interest from other organizations looking to bottle that kind of success for their own teams.
John Holler has been writing about the Vikings for more than a decade for Viking Update. Follow Viking Update on Twitter and discuss this topic on our message boards. To become a subscriber to the Viking Update web site or magazine, click here.
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Erica Domesek, founder of P.S. - I Made This..."
Cristina's recipes are fun, easy to make, and wildly addictive. This is a 'baking' book you will want to crack open in the middle of a steamy summer's day."
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We share Cristina's passion for eating dessert first, and we love the idea of making bite-size desserts and sweet treats for family and friends. Pancake bites for dessert? Yes, please! No Bake Makery provides so many inspiring ideas and easy instructions with a creative flair. Yum!"
Cheryl and Griffith Day, authors of The Back in the Day Bakery Cookbook"
This is a beautiful book, filled with decadent and fun recipes that are sure to be a big hit in your home." Dawn Casale and Dave Crofton, authors of One Girl Cookies"
No bake, no fake, great taste." Daily Candy


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Career and Education Opportunities for Forestry and Wildlife Managers in Palmdale, California
Forestry and wildlife managers can find many career and educational opportunities in the Palmdale, California area. There are currently 5,800 working forestry and wildlife managers in California; this should grow by 5% to 6,100 working forestry and wildlife managers in the state by 2016. This is not quite as good as the nation as a whole, where employment opportunities for forestry and wildlife managers are expected to grow by about 8.6%. Forestry and wildlife managers generally compile data pertaining to size, content, and other characteristics of forest tracts, under direction of foresters; train and lead forest workers in forest propagation, fire prevention and suppression.
Forestry and wildlife managers earn about $15 per hour or $31,580 yearly on average in California and about $15 per hour or $32,000 per year on average nationally. Earnings for forestry and wildlife managers are not quite as good as earnings in the general category of Life Science Technical in California and not quite as good as general Life Science Technical category earnings nationally. Forestry and wildlife managers work in a variety of jobs, including: soil tester, forestry aide, and forestry technician.
The Palmdale area is home to 210 schools of higher education, including three within twenty-five miles of Palmdale where you can get a degree as a forestry and wildlife manager. The most common level of education for forestry and wildlife managers is a Bachelor's degree. It will take about four years to learn to be a forestry and wildlife manager if you already have a high school diploma.
CAREER DESCRIPTION: Forestry and Wildlife Manager
In general, forestry and wildlife managers compile data pertaining to size, content, and other characteristics of forest tracts, under direction of foresters; train and lead forest workers in forest propagation, fire prevention and suppression. They also may assist conservation scientists in managing, improving, and protecting rangelands and wildlife habitats, and help provide technical assistance regarding the conservation of soil, water, and related natural resources.
Every day, forestry and wildlife managers are expected to be able to articulate ideas and problems. They need to listen to and understand others in meetings.
It is important for forestry and wildlife managers to oversee forest protection efforts, including fire control, fire crew training, and coordination of fire detection and public education programs. They are often called upon to patrol park or forest areas to safeguard resources and avoid damage. They also train and lead forest and conservation staff in seasonal efforts. They are sometimes expected to decide on and mark trees for thinning or logging, drawing detailed plans that include access roads. Somewhat less frequently, forestry and wildlife managers are also expected to furnish technical support to forestry research programs in areas such as tree improvement, seed orchard operations, insect and disease surveys, or experimental forestry and forest engineering research.
Forestry and wildlife managers sometimes are asked to formulate and supervise development of access routes and forest roads. They also have to be able to survey and map access roads and forest areas such as burns, cut-over areas and timber sales sections and conduct laboratory or field experiments with plants, animals, insects, diseases and soils. And finally, they sometimes have to measure distances, clean site-lines, and record data to help survey crews.
Like many other jobs, forestry and wildlife managers must believe in cooperation and coordination and believe in an agile approach to problem solving and deal with change.
Similar jobs with educational opportunities in Palmdale include:
- Agricultural Technician. Set up and maintain laboratory equipment and collect samples from crops or animals. Prepare specimens and record data to assist scientist in biology or related science experiments.
- Biological Sciences Technician. Assist biological and medical scientists in laboratories. Set up, operate, and maintain laboratory instruments and equipment, monitor experiments, and calculate and record results. May analyze organic substances, such as blood, food, and drugs.
- Environmental Technician. Perform laboratory and field tests to monitor the environment and investigate sources of pollution, including those that affect health. Under direction of an environmental scientist or specialist, may collect samples of gases, soil, and other materials for testing and take corrective actions as assigned.
- Food Science Technician. Perform standardized qualitative and quantitative tests to determine physical or chemical properties of food or beverage products.
- Forensic Investigator. Collect, identify, and analyze physical evidence related to criminal investigations. Perform tests on weapons or substances, such as fiber, hair, and tissue to determine significance to investigation. May testify as expert witnesses on evidence or crime laboratory techniques. May serve as specialists in area of expertise, such as ballistics, fingerprinting, or biochemistry.
EDUCATIONAL OPPORTUNITIES: Forestry and Wildlife Manager Training
Los Angeles Pierce College - Woodland Hills, CA
Los Angeles Pierce College, 6201 Winnetka Ave, Woodland Hills, CA 91371-0002. Los Angeles Pierce College is a large college located in Woodland Hills, California. It is a public school with primarily 2-year programs and has 21,832 students. Los Angeles Pierce College has an associate's degree program in Natural Resources/Conservation.
Citrus College - Glendora, CA
Citrus College, 1000 W Foothill Blvd, Glendora, CA 91741-1899. Citrus College is a large college located in Glendora, California. It is a public school with primarily 2-year programs and has 13,501 students. Citrus College has a less than one year and a two to four year program in Forestry which graduated seven and zero students respectively in 2008.
Cerritos College - Norwalk, CA
Cerritos College, 11110 Alondra Blvd, Norwalk, CA 90650-6298. Cerritos College is a large college located in Norwalk, California. It is a public school with primarily 2-year programs and has 22,228 students. Cerritos College has an associate's degree program in Forestry.
LOCATION INFORMATION: Palmdale, California
Palmdale is located in Los Angeles County, California. It has a population of over 143,197, which has grown by 22.7% in the past ten years. The cost of living index in Palmdale, 132, is far greater than the national average. New single-family homes in Palmdale are priced at $218,600 on average, which is far less than the state average. In 2008, three hundred seventy-four new homes were built in Palmdale, down from eight hundred thirty-nine the previous year.
The three big industries for women in Palmdale are health care, educational services, and accommodation and food services. For men, it is construction, transportation equipment, and accommodation and food services. The average travel time to work is about 43 minutes. More than 13.3% of Palmdale residents have a bachelor's degree, which is lower than the state average. The percentage of residents with a graduate degree, 3.8%, is lower than the state average.
The unemployment rate in Palmdale is 15.6%, which is greater than California's average of 12.3%.
The percentage of Palmdale residents that are affiliated with a religious congregation, 58.1%, is more than both the national and state average. The most common religious groups are the Catholic Church, the Southern Baptist Convention and the LDS (Mormon) Church.
Palmdale is home to the Ritter Ranch and the Palmdale City Library as well as McAdam Park and Tejon Park.


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XLR8R Podcast 251 - Iron Curtis
- Date Created 2012-06-11
- Genres Tech House, House, Techno, Deep House
- Description It was more than two years ago when Germany's Iron Curtis (a.k.a. Johannes Paluka) first caught the ear of XLR8R, prompting us to take a closer look as part of our Bubblin' Up series. But while 2010 saw him release a torrent of singles, his original offerings slowed significantly after that—although 2011 did include a fair share of Iron Curtis remixes—most likely because the Berlin-based producer was plugging away on his debut full-length, Soft Wide Waist Band, which finally dropped last month via the Mirau imprint. In celebration of this return, we went ahead and invited Iron Curtis to put together an exclusive mix for the XLR8R podcast series. Despite his chilly surroundings and stark press photos, Iron Curtis' music has always displayed a real sense of warmth while subtly working bits of house and soul into the proceedings. This mix is no different, as he displays a keen knack for going deep while stringing together one infectious groove after another. Iron Curtis clearly has a love for the classics, and though he may have peppered his podcast with vintage tunes and analog sounds, things never feel retro or derivative—his work is far too subtle and nuanced for that.


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2 Pages
An Analysis of Hector Versus Achilles in the Iliad
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Pages: 2
Word Count: 1,311
Category: English
Sub-Category: Ancient Greek Literature
Word Count: 1,311
Pages: 2
Hector vs Achilles In The Iliad many of the male characters display heroic characteristics consistent with the heroic warrior code of ancient Greece They try to win glory in battle yet are often characterized as having a distinctly human side They each have certain strengths and weaknesses which are evident at many times throughout the conflicts described in The Iliad Prime examples of such characters are Achilles and Hector These two characters have obvious differences in their approaches to fitting the heroic mold to which they both try to conform However despite their differences and the fact that they are fighting for opposing armies and meet each other with hatred in battle they also have numerous similar traits that logically lend themselves to a comparison between the two men They both display behavior that could be described as heroism The first way in which Achilles who fights for the Greeks and Hector who fights for the Trojans act differently is how they approach war and the inevitable violence and death that accompany it Although Achilles knows that he is fated to be killed in battle when his faithful and devoted friend Patroclus is mercilessly and dishonorably cut down in combat he puts aside his pride and chooses to temporarily forget about his previous feuds with Agamemnon that have up until now prevented him from participating in the war He joins the fighting with a deadly and vengeful mindset that will likely play a major factor in the outcome of the war Today this lust for revenge might be considered a glaring character flaw However this passion for retribution undoubtedly conforms to the heroic code of Greek society Meanwhile Hector is full of indecision and reluctance about whether to take part in the war He too believes that fate has dictated that he will be killed in battle He spends much time with his pleading wife Andromache who begs him not to go to
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-Aadil Khaskheli and Mehmood Memon working hard as junior developers. Without their commitment it would have not been possible so easily.
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i work at a prison i got assaulted by 15 inmates on may 26 2011 since then my lifes been in a emotinal rolacoaster,till this day i still get headaches blurry visions emotinal i feel like im going to lose it and snap my work has me trough workers comp but it seems like the help they give me is in there favor im still in work restriction but i fill that my job is keeping me isolated,recently out of the 15 inmates that assaulte me only one got charge i did my own little investagtion i got a hold of reports,the video of me getting assaulted and all the paper work i have is inaccurate,such as the police reports have 3 diffrent stories and the prison reports are false affied such i read one report that they couldnt get a hold after me cause i was no longer working which is a lie just need advi
I'm sorry to hear about this. It is always darkest before the dawn. Workers comp is the remedy, but you should have a local workers comp lawyer represent you which will help exponentially.
Yes Mr. Lassen is on point as usual. Go for a consult with a worker compensation attorney Good luck
The first question is whether this is purely a workers compensation injury, or whether there might be other entities involved. You might try speaking to my partner Joel Robbins or my associate Anne Findling. They handled a case involving a prison guard who was held hostage and raped by inmates, and are quite knowledgeable,
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Ellington Residential Mortgage REIT (NYSE:EARN)
Q2 2013 Earnings Conference Call
August 15, 2013 / 11:00 a.m. ET
Sara Brown – Corporate Counsel
Larry Penn – CEO and President
Lisa Mumford – CFO
Mark Tecotzky – Co-Chief Investment Officer
Douglas Harter – Credit Suisse
Steve DeLaney – JMP Securities
Good morning, ladies and gentlemen. Thank you for standing by. Welcome to the Ellington Residential Mortgage REIT Second Quarter 2013 Financial Results Conference Call. Today's call is being recorded. At this time, all participants have been placed in listen-only mode and the floor will be open for your questions following the presentation. (Operator Instructions).
It is now my pleasure to turn the floor over to, Sara Brown, Secretary. You may begin.
Sara Brown
Before we start, I would like to remind everyone that certain statements made during this conference call, including statements concerning future strategies, intentions and plans may constitute forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are not historical in nature and can be identified by words such as belief, expect, anticipate, estimate, project, plan, should, or similar expressions or by reference to strategies plans, or intentions.
As described in Exhibit 99.1 of our quarter report on Form 10-K, filed on June 11, 2013, forward-looking statements are subject to a variety of risks and uncertainties that could cause the Company's actual result differ from its belief, expectations, estimates and projections. Consequently, you should not rely on these forward-looking statements as predictions of future events.
Statements made during this conference call are made as of the date of this call and the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Okay. I have with me today on the call, Larry Penn, Chief Executive Officer of Ellington Financial; Mark Tecotzky, our Co-Chief Investment Officer; and Lisa Mumford our Chief Financial Officer.
Larry Penn
Thanks, Sara. It's our pleasure to speak with our shareholders this morning, as we release our first quarter 2013 results. We appreciate your taking the time to participate today; on this, Ellington Residential Mortgage REIT's first earnings call.
The sequence for today's call will be as follows. First, Lisa will run through our financial results. Then, Mark will discuss how the residential mortgage-backed securities market performed over the course of the quarter, how we positioned our RMBS portfolio, and what our market outlook is. Finally, I will follow with some additional remarks before opening the floor to questions.
As a reminder, we posted a second quarter earnings conference call to our website, www.earnreit.com. That's earnreit.com. You will find it right on the presentations page and for our shareholders section of the website.
Lisa and Mark's prepared remarks will track the presentation. So, it would be helpful, if you could have this presentation in front of you, and turn to page four to follow along.
While you're getting them in front of you, I just like to mention that while the full name of the Company is Ellington Residential Mortgage REIT, sometimes in this call, we'll refer to it as just as Ellington Residential, and sometimes on the call we'll refer to it by its New York Stock Exchange ticker EARN or just EARN.
Hopefully, you now have the presentation in front of you, and open to page four. And with that, I'm going to turn it over to Lisa
Lisa Mumford
Thank you, Larry. Good morning, everyone.
For the second quarter, as you can see on the presentation, we recorded a net loss of $9.7 million or $1.55 per share. The net loss is comprised of the following components; net interest income and net realized and unrealized gains on derivatives of $40.5 million, offset by net realized and unrealized losses on our RMBS securities of $48.8 million and expenses of $1.4 million.
Income from our hedges offset approximately 75%f our net realized and unrealized gains on RMBS asset.
We ended the quarter with book value per share of $18.57, as compared to $19.65 at the end of March, representing a decline of 5.5%.
As you know, we completed our initial public offering in May, along with the concurrent private placement. The IPO and the private placement resulted in net proceeds of $148.5 million. We ended the quarter with total shareholder's equity of $170 million.
Some with other mortgage REIT – many other mortgage REITS, we will report core earnings each quarter. Core earnings is a non-GAAP metric and represents our net income, less the impact of realized and unrealized losses on our RMBS assets and derivates. Core earnings does include the impacts of the net periodic expense that we incur for our interest rates swap. For GAAP, this cost is included as a component of realized and unrealized gains and losses on derivatives.
On that basis, our core earnings for the quarter was $1.3 million or $0.21 per share. Our reconciliation of net income to core earnings appears on slide 22 of the presentation.
Our net interest margin for the quarter was 1.63%, which is derived from the weighted average yield on our assets over the quarter of 2.82%, less our weighted average borrowing cost, including our interest rate swap of 1.19%.
As of the end of the quarter, our net interest margin was essentially the same. We expect our expense ratio on an annualized basis will approximate 3.3%.
We ended the quarter with $1.35 billion in RMBS Holdings, $1.3 billion in agency RMBS, and just under $40 million in non-agency RMBS.
As of June 30th, our agencies are comprised of fixed rate mortgages, predominantly 30-year securities underlying fixed rate mortgages.
We had a repo borrowings outstanding of $1.216 billion at the end of June. And even though we technically didn't finance any of our non-agency holdings, based on our internal measurement of risk capital and liquidity at the end of June, about 85% of our capital was in support of our agency strategy and 15 of four are non-agency strategy.
In terms of our hedges, as of the end of the quarter, we had interest rates swap with TBAs outstanding, and you can see this on page 18 of the presentation. Our interest swaps had a notional value of $781 million, and our net TBAs had a net short notional value of $346 million.
We've been using longer data interest rates swaps, which has been much more effective hedges than shorter data swaps in the current client. Our short TBAs are obviously helpful in hedging basis risks, in addition to interest rate risks, and an important component of our hedging strategy.
We declared the second quarter dividend of $0.40 per share with the paying in July. This dividend was based on our estimate of core earnings at the time, and was based on a partially ramped portfolio.
By the end of the second quarter however, we consider the portfolio to be fully ramped. I will now turn the presentation over to Mark.
Mark Tecotzky
Thanks, Lisa. So on slide 7, at this point in the mortgage REIT earnings cycle, there's been a lot of information about the underperformance of the agency MBS in the quarter through the posted just summarizing that had to show pictorially some of the challenges since we launched in early May, and I'll talk about how we try to mitigate the risk.
This slide shows the price performance of 30-year Fannie 3s, 30-year Fannie 3.5s, the three-year treasury and the 10-year treasury. I've normalized all these prices to a 100 until the day EARN went public.
You can see Fannie 3s in the 10-year notes to two lines at the bottom of the page or each down by 8%. But nearly may Fannie 3s traded over well a $4 price and the mark we're treating them with a five to six-year duration. While meanwhile, the 10-year note had about nine year of the duration.
So, that's 8% downward moving to 10-year note should have implied about 4% to 5% downward moving Fannie 3s for them to be down 8% with the material underperformance.
Now, look at the top – now, look at the line on top. This is the price change of the three-year notes. And there's a weak – it's very tempting to hedge a lot of your interest rate risk in the front end because rates are much lower there that was a support of a higher NIM but the three-year notes had almost no hedging value because it's been largely anchored by the feds.
Shortly, after we went public, the feds essentially reintroduced interest rate uncertainty back into the market, so it's critical to head across the yield curve in a way that (massed your) assets, as opposed to being tempted to just concentrate your hedges in the front end of the curve.
We also on this slide the Fannie 3s asset; a similar phase. They've got 6%.
In early May, they had less than half the duration of the ten-year notes but they dropped 75% as much.
Part of what was going on is that the rates increased, prepayment expectations slowed. And as prepayment expectations slowed, these bonds extended in duration. And when the bonds extend out, they extend in a very steep yield curve. And the value of the yield curve between three and seven years, there's 30 to 40 basis point increase in yield for each one year of this offer.
Now, look at slide 8. This slide shows how many duration we've gone from Fannie 3.5s since May 1st. Basically, it's from four-year security to almost seven-year security.
Let's put this in perspective. On the day of EARN's IPO, the four-year swap rate was 60 basis points. By the end of the quarter, the seven-year swap rate was 215 basis points. So, on note part of the swap curve moved 100 basis points.
You can see the hedging cost of Fannie 3.5s could have increased by 155 basis points so our MBS are a lot wider than spread terms and in particular in what we call option adjusted spread, the (inaudible) price performance will translate dollar per dollar into higher NIM because some of the price declines were not at all related to yield spread widening. Instead, some was durations extending on the steep curve.
So, what are the main ways you can mitigate that risk?
Dynamic hedging, TBA shorts, and options. I think the big mistake to fit with the static portfolio and not manage over the cycles.
So, what's the good news? There's dramatically less extension risk in the market than there used to be. And for a REIT, mitigating the risk was critical in the corner – corridor.
Dynamic hedging. That meant adjusting your hedges as the market is moving, not after it's moved.
Prudent use of TBA shorts. Short positions in TBAs automatically extend in duration in the sell-off up into the control of the rate risk.
And last, what we did to control book value decline was to gradually increase our MBA exposure, keep a healthy NIM of TBA shorts and dynamically change our interest rate hedges draft to core.
Slide 9, prepayment risk. People haven't been talking a lot about this but I think it's a really big deal and I mean the quality of the NIM now much stronger than a few months ago for many true fronts, prepayment risk is completely off the table for at least a 50-basis-point move, and we can now, by a much bigger range of coupon, without having to pay more payments for call protection on specified pool.
In the day one, the amount of pool is great prepayment protection is lower than a pool that's lousy prepayment protection. So, just know that NIM isn't enough.
Today, the NIM you are able to generate can be robust for a broad range of great moves without having to take a lot of pay-up risk, and pool are a big pay-up tend to be less liquid.
To be able to – by quality pools at low pay-ups is one very favorable aspect to the market right now.
As you can see from this graph that the refi index that's plummeted, the other consequence of this is that origination volume is way down, so there are a lot fewer pools that originate at selling into the market.
Let's look at the portfolio, slide 11. So, this is where we are. What we look (inaudible). We are, in some ways, and some ways, there's a lot to be done. As we start ramping up the portfolio and the market start selling loss, we had a view that pay-ups could come down, so we bought some pools that are very modest pay-up to TBAs and expectation is pay-up drops, we would sell those initial purchases and rotate into pools, with more favorable attributes. We have been working on that portfolio. Rotation remains ongoing. We have mostly been getting more involved in both the 15-year market and adjustable rate mortgages, which are starting to look more interesting to us.
Slide 12. Here's some more steps in the portfolio.
At pay-ups for loan balance drops since our IPO, we have been buying more of them.
On the slide 13, so here's a non-agency portfolio. It's mostly all a jumble of products. We've had preference for some lower dollar price securities, we can get the benefit from improving housing market.
Now, on slide 15, the borrowing.
So, over time, we expect our counterparty – we'll be expecting to increase our counterparties and probably increase our dates of maturities.
Slide 16, interest rate hedges.
Two things to note here. We have the core TBA and mortgage hedge, although the market's been volatile, and we have seen aggressive mortgage sum on some invested leverage.
Another important take-away and Larry mentioned it is that we have a lot of our rate hedges on the longer part of the curve.
With that, I would like to turn the call back over to Larry.
Larry Penn
Thanks, Mark. As many of you already know, we brought Ellington Residential Mortgage REIT to market because we believe that there are and always will be excellent long-term opportunity in the residential mortgage-backed securities market.
Most of you know, that we already manage another public company, Ellington Financial, we sometimes refer to by its ticker; EFC.
Amidst our first earnings call for Ellington Residential, to clear up some possible confusion, I just wanted to start by highlighting the two main difference between Ellington Residential and EFC.
First, EFC is not a REIT or rather a publicly traded partnership, and Ellington Residential is, of course, a REIT.
Second, while EFC deploys most of its capital, in mortgage and asset-backed credit-focused strategies, Ellington Residential deploys most of its capital in agency RMBS and with Fannie Mae, Freddie Mac and Ginnie Mae's mortgage pools.
So, the risk of being overly simplistic, Ellington Residential is almost the flipside of EFS, as far as where to deploy the capital.
Now, when we brought Ellington Residential to market, we knew that the REIT model is one that continues for a good reason; to be very popular with investors.
In addition, the agency MBS market, which other than the US treasury market is the deepest and most liquid US fixing sector is always something the investors have a basic understanding of and long history and comfort with.
Now, while the REIT model and poses some constraints in portfolio management in general, and on hedging in particular, the constraints aren't to burn some one-offs in the case on going to residential. Since they are an agency RMBS focused REIT, the primary risk we'd need to manage its interest rate risk, and the REIT model actually allows robust interest rate risk management.
Ellington Residential objective is to deliver attractive dividend yields over market cycles, while mitigating risks, especially interest risk, and all in the form of an agency-focused mortgage REIT.
The agency pool market is one of those ideal market combinations of high liquidity agency pools frayed with a bit off our spread of just a couple of 30 seconds and high complexity. Just look at all the different flavors of specified pools out there. Each one with its unique and highly complex prepayment characteristic, not only involving interest rates, but involving geography, loan balance, loans of value, vital credit score, et cetera, give a slice on all the different types of pools that we invested in.
This makes it a great market for us. The liquidity of the market allows us to very actively manage the portfolio. The depth and breadth of this market allows us to be extremely disciplined about just what kind of pool we choose to be invested in at any given time. And the complexity of this market allows us to apply Ellington's extensive expertise in prepayment and interest modeling and analysis.
So, while Ellington Residential's goal is to form over a market's vitals, little did we know and we priced our idea on May 1st that we're about to face the toughest two-month period for agency mortgage REITs, since the down of the 2008 to the 2009 financial crisis.
Now, we're not happy to say the least that we've lost money for our investors so far but Mark Tecotzky and his team actually did a superb job, under extremely difficult market conditions keeping our book value decline to just 5.5%.
Although, Ellington Residential was less than two weeks old when all this started, it, of course, was able to leverage management's decades of experience trading these securities. Management has been talking for years about the importance of hedging over the entire yield curve, as opposed to just hedging, say, the short end of the yield curve.
But the importance of hedging dynamically as interest rates move, and about the importance of being able to hedge agency pools with short TBA positions, and being able to dial that short TBA exposure up and down, depending on market conditions.
Management's views and experience were put to the test right out of the blocks for Ellington Residential, but we just stop to our core principles and remained extremely disciplined about each of these things hedging across the entire yield curve, rebalancing our hedges with each of these rates, dialing up and down the short TBA exposure.
And as a result of this discipline, we were never any pressure to sell any asset.
When you look at what happened to the book values of other agency mortgage REITS during the quarter, and which, by the way, for those other REITS, including or – it's actually a pretty strong April for agency pools, many of these REITS was in 10% 50% or more book in value. I'm sure you'll agree that our performance actually sets up extremely well.
And importantly, there are lots of silver linings here. Agency pools offer terrific value here. Prepayment and policy risks have gone down, as rates increase them, and meanwhile spreads are actually wider. In fact, we could make back more than half of that 5.5% book value loss with just a 10 basis point tightening in MBS yield spreads.
Furthermore, our competition for assets is noticeably lower now that it's been in a long time and we still have dry powder.
So, all this was a difficult quarter for us, the market move has created many opportunities going forward. We believe a strong endeavor in our approach and our strategy.
We hope to continue to differentiate ourselves, not just by controlling downside and bad markets as we did this past quarter, by tapering upside and the good markets that will inevitably come.
This concludes our prepared remarks. Before I open the call up for Q&A, I would just like to point out that we'll be happy to assign the questions the extend to the directive to matters related either significant to Ellington Residential, more generally to the RMBS market, in which it operate.
We will not be responding to questions on Ellington's prior fund or other activity. Operator?
Question-and-Answer Session
The floor is now open for questions. (Operator Instructions).
Thank you. Our first question comes from the line of Douglas Harter with Credit Suisse.
Douglas Harter – Credit Suisse
Thanks. Any prepared remarks you referenced having some dry powder. Could you maybe expand upon that and see – let us know where you'd feel comfortable taking leverage on this type of environment? Or thank you.
Larry Penn
Sure. Yes. I'd rather not quantify in actual dollar terms but I think in a normal end market environment with sort of our typical mix of, let's say, where we are now, roughly 85% of our capital deployed in agency and 15% on non-agency. No, I think we'll be comfortable taking that leverage closer to, let's say, a little under 8 times on an average basis for now it's 7.2. So, maybe a little more than another half to turn the leverage.
I think one of the reasons that we have kept a slightly lower leverage now that we originally had thought we would was twofold.
Number one, just to, you know, recognize the fact that this is a very volatile market and it's just more prudent to keep your cash balances a little higher.
And then second, just the fact that in a market environment like that, some great opportunities could all of a sudden come along and you wanted to have the flexibility to better pounce on that. But longer term, I could see ourselves increasing that half a churn or so.
Douglas Harter – Credit Suisse
Thanks. And then, can you talk about where you're comfortable running your net duration right now or your sort of book value at risk to rises in rates?
Larry Penn
I mean we don't – in terms of having an outright duration bed, that's something we just try to avoid.
I mean our edge, if you will, is not – or testing where rates are going but other things.
So we will allow ourselves to be short something – so that's not to say that we don't have great interest rates but we try to stay pretty close at home. I'd say we try to stay less than a year in duration or about a year in duration, no more than that, as far as just what the outright duration of portfolio is.
Douglas Harter – Credit Suisse
Great. Thank you.
Our next question comes from the line of Steve DeLaney with JMP Securities.
Steve DeLaney – JMP Securities
Good morning, everyone. Thanks for taking my question, and Larry I think just before I ask my question, I like to note you priced your IPO on May 1, the Fannie Mae 3.5 was 106.6. I think pretty much a recent high and closed June 30 at 101.5.
So, in that context I think down 5% of (NASDAQ:BV) was pretty darn good, so congrats to your team.
Wanted to ask we're going to start modeling your book value now, based on the (6.30) portfolio and hedge information. I guess the question is sort of general.
You look to be pretty well hedged up. I mean if we look at swaps to net MBS, it's about 82% and I think we're probably REIT – even though we're just looking at notional, we're probably close to being somewhat duration matched up there.
Do you feel that the portfolio you had at (6.30) versus where we sit today in mid-August, did you have the portfolio pretty much where you wanted it from a risk standpoint? And if you could answer that first.
And then secondly, I know you mentioned in the press release to adding securities. I – could you comment on the securities you've added versus hedges. Is the construct to the portfolio are reasonably similar today as what we had in June?
Larry Penn
Well, I mean – so let me say that from a hedging perspective. We do try to say, as I said, close to home from a duration perspective. We do mix the TBA versus the interest rate swap. That's something that we'll change dynamically over time, so I don't want to lead people to believe that what you see at June 30 is not necessarily what we'll have. And a point over that, these are very liquid markets, and we can maneuver those – make those maneuvers quickly and sometimes you need to you know...
Steve DeLaney – JMP Securities
Larry Penn
Roll, expand and collapse the relative value of mortgages versus swap changes. So, that's something that moves a lot.
In terms of the asset side of portfolio, we have been in the middle of a rotation. And so, what – so what I would say if you look at that pie chart in terms of on June 30, which types of specified pools we were in...
Steve DeLaney – JMP Securities
Larry Penn
Again, this is a liquid market. And as we've been mentioning, a lot of the prepayment protection stories have gone a lot better, and especially where you need the most, which is in the higher coupons, in terms of – gotten better in terms of where they're priced. You can buy them very cheap without, so Mark, you want to add anything to that?
I – can't. It's too much detail but I will tell you that that – those are the themes that have been going on since June 30.
Mark Tecotzky
Steve DeLaney – JMP Securities
I understand. And I – go ahead, Mark, please.
Mark Tecotzky
Thanks, Steve. I would just add that there are a lot of types of pools that used to trade-up repoints over TBA.
Steve DeLaney – JMP Securities
Mark Tecotzky
You know basically all this year until you know June, and we'd have a bias against those things because – that and quite will past is very hard to hedge, and it's – mixed indirectly with – now, one of the stuff – stuff that yield – pools that used to trade (1.5) that can get up six picks. Pools that used to get at 3 points, you can get up 5, 8s of a point.
So, yes. I mentioned in my comments we've bought some sort of like – most like play for the pools when we started.
Steve DeLaney – JMP Securities
Mark Tecotzky
Because we thought pay-ups could come down, if the market starts selling off. So, we've been selling out of those and buying the pools that have pay-ups that's gone from 3 points to 3.25 and a point because I think – the fed definitely introduced rate uncertainty into the market with their comments since we started EARN.
I think things can go both ways, right? Like there are a lot of things that have been prices though rates can never drop, and maybe that will happen. But you can get this insurance so cheap now that I think it makes sense to do it.
Steve DeLaney – JMP Securities
Mark Tecotzky
So, does that then there's been...
Steve DeLaney – JMP Securities
Yes. That's helpful then. That's where I was going, Mark. I mean you were – in your – your 80% speck pools but within that you were 50-50 between loan balance and harp and just looking at the data we have tracking pay-ups, I'm a little surprised that it looks like to me that the harp pools, the CQs are a lot cheaper than the loan balance pools, so is that – are you seeing that as well?
Mark Tecotzky
Yes. So, those CQs – you know they have a different duration profile.
Larry Penn
Do you want to go ahead and find out those are?
Mark Tecotzky
Yes. So, for – others call it the CQs or pools they have an initial LPV to 105, 125. But as opposed to loan balance, they're not deliverable into TBA.
So because of that they have a longer duration than a loan balance pool, which you might not see on the model but that's how today in the market because the model doesn't go back to TBA foot.
And yes we have exposure to CQs and CQs have been extremely volatile.
You know we will – I wouldn't go full bore into CQs because that extra duration they have in the sell-off, you need to hedge for it right? And the extra duration on the swap curve – it's expense to hedge. You've got to be getting at least another 20 basis points in the CQs I think. So, yes...
Steve DeLaney – JMP Securities
Got you.
Mark Tecotzky
And I agree with you. They definitely gotten cheap.
Steve DeLaney – JMP Securities
And by contrast, you're saying the loan balance pools – are they generally deliverable in the TBA market?
Mark Tecotzky
Yes. They're all deliverable. So...
Steve DeLaney – JMP Securities
Okay. That helps. That helps the difference.
Mark Tecotzky
Well, they...
Steve DeLaney – JMP Securities
Well, thanks for the time and the comments.
(Operator Instructions). Our next question comes from the line of Jim Young with West Family Investors. Jim, your line is open.
That question has been withdrawn.
Our next question comes from the line of (Charles Himo with Point Capital Management).
Unidentified Speaker
Hey, Mark, I was going to just ask I think in your presentation you talked about how you initially are willing to pay a bit of a premium for paper. But generally, is the target to try to limit your prepayment risk by keeping the average cost to your portfolio addable at par?
Mark Tecotzky
No. I wouldn't say that. We look at a range of coupons – 30 years, 15 years and the hybrid space and just try to find we think is the best attributes that's going to give the best total return, the best net interest margin.
So, the discount securities, that's – those are the ones that for the brunt of its selling in the second quarter. So, those securities probably cheap enough all the way to where we're going to look at things a little bit more than some of the higher coupons.
But we look across the curve. And so, when you're in the discount securities, you're almost – it's almost like standing on your head. There are times you look at securities, you think they're going to – you look they're going to prepay a little bit faster, which helps your yields and it shorten your duration a little bit.
But to Larry's point, I think it's a good one that there is such a rich range of opportunity in loan balance, harp, credit score, geography stories, pools at 107, pools at 95. You can really try to hunt around and pick what's going to have the best long-term returns, and that's what we try to do.
So, the market is dynamic and we try to be dynamic in response to that.
Unidentified Speaker
Thank you.
Mark Tecotzky
You're welcome.
That was our final question, and I'd like to turn the floor back over to Larry Penn for any additional or closing remark.
Larry Penn
Okay. No, just thank you, everyone for participating on – this is our first earnings call today, and enjoy the rest of your summer, and we look forward to speaking with you all next quarter.
Ladies and gentlemen, this conclude Ellington Residential Mortgage REIT's second quarter 2013 financial results conference call. Please, disconnect your lines at this time and have a wonderful day.
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