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Janus Capital Group Inc. (NYSE:JNS)
Q4 2010 Earnings Call Transcript
January 27, 2011 10:00 am ET
Dick Weil – CEO & Director
Greg Frost – EVP & CFO
Craig Siegenthaler – Credit Suisse
Cynthia Mayer – Bank of America
Roger Freeman – Barclays Capital
Ken Worthington – JP Morgan
Michael Kim – Sandler O'Neill
Jeff Hopson – Stifel
Bill Katz – Citigroup
Jonathan Casteleyn – Susquehanna
Michael Carrier – Deutsche Bank
Roger Smith – Macquarie
Good morning. My name is Carlando your conference facilitator today. I would like to welcome everyone to the Janus Capital Group's Fourth Quarter and Full Year 2010 Earnings Conference Call.
All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer period. In the interest of time, questions will be limited to one initial and one follow-up question.
Before the company begin, I would like to reference their standard legal disclaimer which also accompanies the full slide presentation located in the Investor Relations area at janus.com.
Statements made in the presentation today may contain forward-looking information about management's "plans," "projections," "expectations," "strategic objectives," "business prospects," "anticipated financial results," "anticipated results of litigation" and "regulatory proceeding" and other similar matters.
A variety of factors many of which are beyond the company's control affect the "operations," "performance," "business strategy" and "results" of Janus and could cause actual results and experiences to differ materially from the expectation and objectives expressed in their statements. These factors include, but are not limited to, the factors described in Janus's reports filed with the SEC, which are available on their Web site, www.janus.com and on the SEC's Web site, www.sec.gov.
Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as for the date on which they are made. Janus does not undertake to update such statements to reflect the impacted circumstances or events that arise after the date these statements were made. Investors should however consult any further disclosures Janus may make in its report filed with the SEC. Thank you.
Now, it is my pleasure to introduce Dick Weil, Chief Executive Officer of Janus Capital Group. Mr. Weil, you may begin your conference.
Dick Weil
Thank you, operator. Good morning, everyone. Welcome to the fourth quarter and full year call for Janus Capital Group. In particular, welcome to those of you who have braved the storm in the northeast, we hope you are safe and well, and we thank you for your interest in our company.
In the fourth quarter of 2010, we generated earnings per share of $0.36 which is up from $0.18 in the third quarter. Importantly, about $0.12 per share of that operating and non-operating items that Greg will talk to you about in some more detail, a little later in the presentation.
Our operating margin in the fourth quarter of 2010 increased to 34.7%, up from 23.4% in the third quarter with assets under management rising to 169.5 billion at 12/31, which is up over 5% from September 30.
The long-term net flows in the fourth quarter were minus 4.7 billion versus minus 2.9 billion in the third quarter. An important part of this net outflow was a very surprising $2.6 billion redemption in fundamental equity by one large non-US institutional client. We were notified in December that this client was redeeming their assets, which was a surprise to us because we had done our job, both in terms of excellent performance and in terms of building a good relationship with the operating folks on the ground level.
This client had serious concerns about fee structures. It's been long time negotiating a performance fee structure and it turned out when our performance was really great. They made the decision to pull those assets in-house. And that was obviously, a deep disappointment to us.
On a run rate basis, projected sort of more normal levels of performance, this would not have been a very significant asset flow, but Greg will talk to you about the effects on our performance fees for this quarter, where we did have exceptional performance in this year later in the presentation.
So full year, adding this quarter with prior, long-term net flows were minus 10.8 billion primarily driven by minus 10.5 billion inflows in our mathematical strategies.
We took important steps forward in our balance sheet during the fourth quarter. We called $121 million of debt in subsequent to the fourth quarter, where we gained our investment grade rating.
Turning to the next page, Page 3, I made some statements in my first year about what our 2010 priorities were on prior calls, and I'd like to review how we're doing against those targets. First, we emphasize we wanted to act with financial discipline. We told you we expected that in time we could deliver margins in excess of 30%. We're pleased to have achieved that level in the fourth quarter.
We also told you it was important for us to strengthen our balance sheet and regain our investment grade rating. And when that happen that is an important message for our clients and our employees, and we're pleased that we've accomplished that important goal.
The next item is superior long-term investment. With 64% and 92% and complex-wide mutual funds assets in top two Lipper quartiles on a three-year and a five-year return basis, we think we're still delivering good performance for our clients, but we must acknowledge that with 33% of our mutual fund assets in the top two Lipper quartiles on a one-year basis, we've some shorter-term challenges that we must effectively address.
We were very proud that Brent Lynn, Manager of our Overseas Fund was named Morningstar's 2010's International Stock Fund Manager of the Year. I think you all know that, that is simply one of the most prestigious honors in our business. Congratulations to Brent on that.
Our mathematical equity performance has markedly improved. That's a very important step in returning health of that business. It is fair to say that that improvement hasn't yet translated into positive net flows in the fourth quarter and that's the next step in that process.
We committed that we wanted to expand our fixed-income franchise. With $4.0 billion of inflows in 2010, we think that's excellent progress. AUM in that business is up to $15.3 billion, which is almost a 50% increase. It's still a small business for us, but that diversification is important, and that growth is essential to our future.
Strategically expanding our global business is another priority I've discussed with you. We launched our Global High-Yield Fund or Global Investment Grade, our Global Bond Fund, and an Emerging Markets Equity strategy to further develop our offerings and make sure that we've the right products of interest for non-U.S. clients.
We also, very importantly, hired Augustus Cheh as President of Janus Capital International. And that means the leader of all of our businesses outside the United States, and Hiroshi Yoh as Portfolio Manager of Asian equity products, an important leader helping us develop our business in Asia. Hiroshi has a terrific record of performance. We're very pleased that we're able to attract both these excellent leaders.
We also said it was important to us, as a strategic 2010 priority to increase institutional acceptance of our fundamental equity and our fixed income products. We are seeing increased consultant buy recommendations on our fixed-income products and on select equity products.
We did see $1.1 billion in fixed income net flows. I think you folks on this call understand that's a slow moving marketplace, but we view that as a very good progress for 2010, and it's important we continue that sort of progress going forward.
With that, I will turn it over to Greg to give you some more detailed information.
Greg Frost
Thank you, Dick. Good morning, everybody. Turning to Page #5, I will cover flows performance and obviously the financials on which Dick noted earlier. I had a few items in it that is worth obviously for the discussion.
On Page #5 for flows, for the quarter, as Dick mentioned, net outflows totaled $4.7 billion, and full year 2010 was obviously disappointing with $10.8 billion in net outflows. The clear driver of this was the 50% increase in firm wide redemptions, led by several significant mandate losses in our fundamental equity franchise that we've talked about throughout the year, and including this last quarter, and continued attrition at INTECH.
On the fundamental equity side, net outflows were $4.3 billion. Perkins value strategies had net inflows of $2.3 billion, which represents a 15% organic growth rate for that firm versus negative 1% for the industry, which was more than offset by Janus equity outflows of $6.6 billion.
Although these outflows are frustrating to us, two important points should be made
One, of the total, over $4 billion of these redemptions arose from two specific mandate losses in the second quarter and in the fourth quarter, as Dick just mentioned. Two, it was not a good year for the actively managed U.S. equity fund industry, with industry data showing a 2% organic decay for the year.
The positive side in the story I believe is that, sales increased 19% year-over-year, demonstrating good momentum on the sales side. In addition to value, we saw positive flows in a number of growth products, where we had strong risk adjusted returns.
At INTECH the story continues to be a lack of activity on the sales side. The improvement in performance has not yet led to meaningful flows, as the environment continues to be extremely difficult with decision makers continuing to move from active to passive, and away from U.S. long-only large cap equity funds.
On the fixed income side, we continue to grow at an accelerated pace in 2010 with $4 billion of positive flows, demonstrating that our bottoms up credit driven franchise is a complement to those macro-driven fixed income investing houses.
On Page #6, the performance story is clearly mixed, as Dick mentioned. We're certainly proud of our long-term track record as it speaks to the quality of our investment teams that we've inside our firm.
Despite some shorter-term underperformance in some of our key fundamental strategies, we're thrilled to see extremely strong performance across our global international products, where we certainly see strong client demand now and in the future.
And in our fixed income business, where we can believe or we believe, we can continue delivering positive growth. In addition, INTECH's short-term performance has clearly rebounded from 0% of strategies within a respective benchmark a year ago to 75% today.
With respect to the longer term numbers, the three-year numbers and five-year numbers, their performance is right about in line with its benchmark.
Page #7, on the financial story; fourth quarter earnings totaled $0.36 versus $0.18 in the third quarter and $0.20 a year ago. As I mentioned before, and as Dick mentioned, there is about $0.12 of items that are worth talking about in the current quarter.
Within operations, we recorded a credit of $6.5 million or roughly $0.02 per share. This is with the insurance recover related to the fund administrative errors that we had last quarter and no further recoveries are expected on this item.
We also had several non-operating items that totaled $0.10 benefit. First, we sold our SIV that we purchased out of the Institutional Money Fund business roughly three years ago, and this transaction yielded a gain of roughly $6 million or $0.02 per share. Second, similar to last quarter, we had a $0.03 reversal of previously recorded income tax reserves.
Finally, we recorded a $0.05 benefit through investment gains from the cumulative effect of correcting the accounting relating to the hedging of our mutual fund awards, which is part of our annual long-term incentive program.
During the quarter we evaluated this technical accounting for this hedge and determine that a different model is more appropriate. We corrected this in the quarter. And I'd expect that we'll have some level of mark-to-market volatility in our non-operating investment line going forward.
On the revenue side, outside of the increase, one would expect with higher average assets, we've recorded $15.0 million of performance fees related to the large institutional non-U.S. account that Dick mentioned earlier. This account was structured to pay performance fees once a year in the fourth quarter, and obviously, will not repeat in '11 as we lost the account.
With the 13% increase in revenue and moderate expense growth, primarily in variable cost, margins exceeded 30% in the quarter. At our current level of assets and including the full-year impact of prior year spending and our moderate level of 2011 planned investments, I'd expect to see margins at or above 30% in 2011.
On the capital side, with the call of our 2012 senior notes, which closed on January 14, remember that we'll take a first quarter charge of approximately $10.0 million, which represents the accelerated interest that we paid. Also with the upgrade from Standard & Poor's, our annual interest expense will step down by approximately $1.0 million per year.
We have clearly worked very hard at strengthening our balance sheet over the past 18 months, and have clearly deployed our excess cash to achieve a structure that we believe can withstand inevitable market volatility and still remain investment-grade.
With that, I will pass the call back to Dick
Dick Weil
Looking forward for how we're going to move ahead in 2011 and beyond, it's an extension of the themes that we've identified for you in 2010. The foundation of our business is investment excellence and that's the most important thing.
Job one around here has to be, to make sure that we attract and retain the best talent on the investment side to deliver for our clients. Effective and efficient operational excellence is another clear plank of the foundation of this business.
We, particularly, with the addition of our new leader in Technology and Operations, George Batejan, are taking important steps to raise the quality level there.
We need to keep a clear focus on our client relationships, because after all, that is the reason for our existence as a business to help our clients. Those are the continuing foundations for our business.
Striving for growth, we need to continue to expand the Janus brand beyond U.S. equities. If you talk to a lot of people, who are clients and prospects in our business, the word 'Janus' tends to mean U.S. growth equities, but in fact, our skills and scope are much larger than that.
Our expertise is much more diverse and much stronger than that. So, we'll be working with some experts to communicate the reality of our company and the direction forward, a bit better in connection with our brand.
We need to continue to defend and increase market share in U.S. equities. We need to continue to grow our fixed-income franchise. We must expand globally. We need to increase our market share in the retirement channel, specifically, in the D.C. market.
I think it's probably not as well appreciated as it could be that we've a very strong platform foundation presence in the D.C. market. Janus has a very strong presence in that marketplace. We need to continue to grow that, because that's crucial for our future.
Finally, we need to expand our alterative product and distribution capabilities. We'll be working on that as we go forward. This line-up obviously raises a question in some of your minds around, how big are all these investments.
Investments in 2011 are going to focus on brand, fixed income and Asian expansion, and in terms of size will be roughly in-line with what we've done in 2010.
With that, we'll turn it over to any questions you might have.
Question-and-Answer Session
Your first question comes from Craig Siegenthaler with Credit Suisse.
Craig Siegenthaler - Credit Suisse
Thanks, good morning, everyone. Just wanted to kind of walk through the INTECH business and kind of dissect both new sales activity and also redemptions? And kind of how do you feel about RFP activity, new sales activity in terms of INTECH business, given the better near-term performance? And also, how do you feel about the redemption trends given that more of the performance sensitive money likely has exited and now your performance is better?
Dick Weil
Logic [ph] tells me that improved performance is going to translate into better flows in terms of reduced outflows and some increased inflows. And the question is when. I think INTECH faces the challenge that they have to continue to strengthen their performance recovery, that's job one.
Number two, I think they have to continue to reach out and explain their process to a marketplace where the investing community has become disenchanted with quantitative and mathematical strategies over the last year or so. And that simply has to heal. And that's taking some time. But I think INTECH is taking excellence steps to communicate the strength in their process and that should bear fruit. I think they are doing the right things.
The question is when do we see that translate into positive flows? We didn't see that in the fourth quarter. And I've said previously on the calls like this that it's very hard to predict when that actually occurs, and we're not going to give guidance on that point I apologize looking forward.
Craig Siegenthaler - Credit Suisse
And then just one follow-up in terms of distribution. When you think of the number of financial supermarkets and broker-dealer relationship and independent relationships you have, really when you talk about Janus fundamental distribution, how does your size compare today versus 2005 and 2006?
And also, how the amount of, not just funds on the platforms, but in terms of funds on select lists? I'm just trying to kind of read how well you're positioned for a recovery in retail flows?
Greg Frost
Craig, this is Greg. I'd say a couple of things. One, from a size perspective, we clearly concentrated our distribution spending and investments over the past several years and building out the intermediary business internally from almost the standing start to where we're today, which is obviously a very big part of our business.
From a number of relationships, I think that has also grown. I'm not sure if we're going disclose the numbers and where we've relationships, but I can tell you that there are deep and pretty robust, and we're working hard to increase those relationships as we go forward.
Dick Weil
The advisor distributed business has become the center of what we do here at Janus. In the old days, obviously, it was direct. And over the last four years to five years Janus has built a very strong presence in these advisor distribution channels. And that remains absolutely at the center of what we do. We're making very good progress in that business by my estimation.
We continue to see that sales per sales professional are increasing. And as we measure the quality of those relationships, we think they're good and improving and expanding, but I don't think we're going to, as Greg said, be able to give you the specifics that you requested.
Craig Siegenthaler - Credit Suisse
Got it, fine. Thank you very much for the qualitative color.
Our next question comes from Cynthia Mayer with Bank of America.
Cynthia Mayer - Bank of America
Hi, good morning. Just on INTECH, I'm just wondering if you think there was any seasonality in terms of the number of clients who review their asset allocations and managers for that kind of strategy either in 4Q or 1Q or do you just view the uptick in redemptions as lumpy or trend?
Dick Weil
I think you do have an increased number of reviews at the start of the year and through the first quarter of a year, but the decision-making process in terms of inflows and outflow decisions tend to be much more distributed throughout the year. So I can't really identify strong seasonal flow trends that I'd underline as important for you to understand.
Cynthia Mayer - Bank of America
You were talking a little about your presence on DC platforms, so I am wondering if you could may be give us a sense of the trend there and also since its 401(k) season would you expect an uptick in equity contributions based just on DC in the first quarter?
Dick Weil
I'm not sure I can give you a perfectly specific answer. I think that a lot of the DC market and frankly, a lot of the investment market is trend following and pro-momentum to a degree. And I think the improved results in equity markets will really bring increased equity investment in this cycle. As a consequence, the challenge for us is to make sure we get a good representation of that increased flow. So we do think that retail and institutional investors, both generally would be putting more money to work in equity markets, and in particular, U.S. equity markets.
We like the relative valuation of large caps versus small and mids to a degree. I think that small and mids have outperformed large caps in the U.S. by such a wide margin that there's going to be some reversal there. I suspect you'll see some more interest in large-cap investing in the U.S. going forward. So, we do anticipate that trend. For us, the challenge is to make sure that we get more than our fair share of that trend. I can't quantify it for you.
Cynthia Mayer - Bank of America
Okay. Maybe one more question if I can. On the performance, really the longer-term performance records are great, it's just really the one year. I'm wondering, as you emphasize more institutional sales, how much of a problem is that? Are you finding still that three-year accounts for the most, or is the one-year an impediment, say, for fixed income or the fundamental equity? How does that compare to what you're seeing in the retail channel? Does one year matter more in one channel than the other?
Dick Weil
I think it's fair to say that one year probably matters more in retail, but the truth is those markets are converging in terms of standards and the differences are decreasing directionally. Our performance challenges are largely in U.S. large-cap space and in terms of the true institutional separate account progress that we're trying to make that's not the center of our institutional push.
We're focusing with institutional consultants and institutional separate account clients on our fixed income business, and on some global opportunities, and on small mid opportunities. And those products are not at the focus of our one-year performance challenge, so, there is a little bit of a separation there.
I think we continue to have very strong track records available in those products for institutions, and the challenge around some of our U.S. large cap products is going to be more focused on the retail side.
Cynthia Mayer - Bank of America
Great, thanks a lot.
Your next question comes from Roger Freeman with Barclays Capital.
Roger Freeman - Barclays Capital
Hi, good morning. I guess just in terms of your investment performance, I was looking at the Lipper returns on your top equity funds, they really had a remarkable improvement almost across the board in December.
I guess listening to your answer I think for a prior question, sounds like that's probably trying to see the impact of more normalized markets, lower evolve [ph], less correlation and maybe sort of your bread and butter in terms of the large cap outperforming, has that continued into January for you?
Dick Weil
I am afraid we don't comment on anything past, the end of the quarter, but I can tell you that I think you're astute in your analysis, we did have some funds that delivered some pretty good returns in December.
If you take a look at our 20 and our 40 funds, it's a concentrated fund, and it's very important to us, but it can move around a fair amount, because of the level of its concentration, and it has bias towards the large cap end, where Ron Sachs, the Portfolio Manager feel strongly that the valuations are more attractive.
We like what we own. We have tremendous confidence in Ron and in tee analyst team that supports his work. And we are optimistic that that will be coming back soon, but you're right, December was a nice recovery.
Roger Freeman - Barclays Capital
Okay. And then I guess my second question will be just around the slide on the 2011 priorities. I notice the institutional is not specifically broken out there. I mean, are you capturing it sort of in your retirement sort of the DC space comments, or is there a change in focus around institutional?
Dick Weil
I think institutional means a number of different things. I think if you look long-term success in DC space is a big part of where institutional is going. The DB world is shrinking and the opportunities there are shrinking to a degree because of LDI type thinking and a refocus on getting closer to liability benchmarks.
So, an increasing portion of the opportunity set in the institutional over the long period of time is going to be DC and rollover kind of relationships, and we need to do well in that space, and we've a good start.
In the more traditional institutional separate account business, I think we've opportunities in the U.S., but also, very importantly, outside the U.S., that's a big part of the business.
As I said, our focus for institutional separate account is continue to defend and hopefully, begin to grow again the INTECH business which is terrifically importantly. And add to that our fixed income and some global and some smaller mid are the highlights in that market for us.
Roger Freeman - Barclays Capital
Great, thanks.
Your next question comes from Ken Worthington with JP Morgan.
Ken Worthington – JP Morgan
Hi, good morning. In terms of capital management, you paid down debt, I think at the balance sheet I think there is some more debt due this year, but I think you've got a treasury note against it. Do you think Janus is in a position and maybe do you feel some comfort that at some point in 2011, you may start to buy back stock? Or is that something that maybe just out of the question?
Dick Weil
I think we've been clear that our first priority restoring the strength of the balance sheet, so that we could be a good strong partner for our clients and for our employees through the full market cycle. And I think we're happy that we've accomplished that. Now that's done, it allows us to turn our obligation to our shareholder to make sure that we put cash flow to use in a most effective and profitable way toward shareholders. That involves an analysis of what should our dividend policy be, and what we should we do with excess cash in excess of that, so, we're undertaking those discussions in a serious way with our Board.
And I can just underline that we're committed to doing the right thing with our cash for generating value for our shareholders. We'll look to invest in the business, where we're confident we can generate above cost of capital returns and we've a real disciple around that and we're trying very hard to be efficient with our shareholder money and after that we've to take a look at dividend policy, buy back of equity, buy back of debt and such other uses of capital and again we're now in a good position to have those serious conversations with our Board and we'll do so.
Ken Worthington – JP Morgan
Maybe for Greg, on performance fees, the $15 million was that 100% margin or did some of that get paid out in terms of comp or other expenses?
Greg Frost
Some of that, Ken, would have been paid out in terms of competition, yes.
Ken Worthington – JP Morgan
Is it possible to maybe just estimate it, since it's kind of a one-time revenue line item just so you can get kind of like normalized comp?
Greg Frost
I think a lot of our compensation is revenue-based as you know, and so there is some of that that we go to pay for that. I'm not sure I'm comfortable going through and figure out how much of that would fall at the bottom-line, but it's fair to say that a fair amount there
Ken Worthington – JP Morgan
Okay, great, that's good enough. Thank you.
Your next question comes from Michael Kim with Sandler O'Neill.
Michael Kim - Sandler O'Neill
Hey, guys, good morning. First, you laid out some broad initiatives looking forward, but just in terms of building out your distribution capabilities either here in the U.S. on DC platforms or overseas, what are some of the things that you're doing specifically to just expand your distribution footprint?
Dick Weil
We have been investing in additional people to help move our U.S. retail distribution forward including in the DC market and we'll continue to do that, but it's not going to be a big financial investment that's the key to success in this area. We're also driving forward efforts in improving thought leadership in making sure that we're building the right kinds of relationships with clients we'll be investing some on that, but again, these are very modest numbers.
The point is not the size of the investment. It's the orientation and the focus getting the folks here aligned behind moving those businesses forward. There will be some modest investments associated with that, but I'd sight people in some thought leadership as key parts to that effort. It will also be underpinned, of course, by our work in branding.
Michael Kim - Sandler O'Neill
I didn't see a slide on the LTI amortization schedule this quarter, any guidance on that line item going forward?
Greg Frost
Frankly, we looked at slide and realized now that the performance schedules have all bit rolled off that with our upcoming 10-K. We'll disclose how much LTI would be granted this year and it'll all be on a four-year ratable investment and you can take the schedule we had in our last quarter, add to it the new grant over a four-year period and get close, so kind of we assumed at this point you didn't need that further.
Michael Kim - Sandler O'Neill
Okay, thanks for taking my questions.
Your next question is from Jeff Hopson with Stifel.
Jeff Hopson - Stifel
Okay, thank you. A couple of questions. In terms of the short-term performance issues, I'm just curious if you think that investors, gatekeepers etc., will focus too much on short-term versus the longer-term track record. And then, are you motivating your wholesalers to concentrate their attention on any particular product, say, beyond the most visible products, I guess as we move forward here?
Dick Weil
I think it's hard to predict the behavior of the gatekeepers. And clearly, we'll be working hard to focus them on the long-term value that we bring, and clearly, the short-term underperformance will be an issue that we've to address.
That said, I think our performance record has been strong enough for long enough and I think the respect build for our investors, analysts and portfolio managers will stand us in good step across those relationships and should stand us in good sense.
In terms of how we direct our sales forces in terms of which products to focus on, etc., we don't do a lot of central planning here. In the different channels, we rely on the professionals leading those distribution efforts to communicate with the client and to understand where the client focus and interest is.
So, we're not the sort of shop where we run big sales campaign focusing on these products X, Y, or Z. We try and be much more client-driven. And therefore, I don't think I can tell you that product A or B is the highlight focus going forward.
Jeff Hopson - Stifel
I guess my point is, as I look at your product suite, it is becoming more diversified and if you look at some of the smaller products in size, you have some excellent performance in some of those areas. So, beyond the desire to get a greater attention on some of these additional areas, what type of specific focus can you have or deliver to those people in sales and marketing to try to focus and get greater attention on those other products?
Dick Weil
I think we've very strong folks in our distribution who recognize that they have a job where a lot of their relationships are focused on the Janus 20 and the Janus 40 in the Perkins Mid Cap Value. They need to defend the turf through the short-term, our performance challenges in those products and they get that. But they're also strongly incented to raise new assets.
And in raising new assets, they're clearly going to continue to think about those funds and they're also going to think about some of the other ones, where the track records are exceptionally strong.
Clearly, Brent Lynn's Overseas Fund will have highlighted role given the nature of their exceptional performance and the award, so it again won't be centrally planned and directed. These folks have a proper incentive structure, which they will follow and they will protect and defend their relationship and then they'll grow the asset base as best they can, and it isn't going to be a centrally directed by me.
Your next question comes from Bill Katz with Citigroup.
Bill Katz - Citigroup
Thank you. Good morning, everyone. Dick, I just want to come back to age old dilemma between volumes and margins. You ticked off like six or seven different strategic initiatives, plus three to four core principles underneath that. And you overlay your commentary that targeted investments against these strategies, yet, if you look at your strategic positioning, you're lagging many of your peers in terms of just your footprint in the United States, in institutional channel, etc., is it really at a point here where you think that the spending may need to accelerate beyond your initial plans here to meaningfully move the sales opportunity for the company?
Dick Weil
I think that's a possibility, but it's not a plan that we've now. I think the addition of Augie Cheh will be very important to the planning cycle. One of the precursors to making big investments offshore is having confidence that those investments will deliver substantial returns above the cost of capital
I think having strength in leadership in our offshore business and additional resource and experience with Augie's addition, will give us a good partner to have increased confidence in our planning in that area. That could result in an increased level of investment, but those plans haven't been laid at this point.
I think it's very important that you maintain a strong discipline around how you invest. And that we shouldn't be doing that sort of overseas investment unless we can see the clear path to returns substantially in excess of the cost of capital.
Bill Katz - Citigroup
You mentioned before the choppiness of performance could be a little bit of an issue, or at least that's what sort of I think take away from the discussion. When you talk with institutional consultants, opportunity or gateway to what's going on outside United States, are they mentioning sort of manufacturing footprint of being more of U.S. centric manufacturer?
It seems like, when you talk to some of your more global peers, what they point to is having this very robust on the ground presence around the world. I'm just so wondering, really more of an eventuality, given you want to become a much more global entity that even with one or two people added at the leadership level, you might need to still broaden out to really get a solid return on that investments?
Dick Weil
I think that's a fair comment. We're behind the folks who successfully developed their non-U.S. businesses a decade ago, and that's just the truth, so, we start where we start. The markets over there are large and developing. The formation of capital pools outside of the United States is a powerful global force. We're late, but we're not too late.
So, we'll continue to invest and grow our efforts in that business. I don't think the right analysis is, somebody else is 10 years ahead of you with a big global footprint. I think the right analysis is, can we take our exceptional investment performance and extend it effectively into those markets and earn money for our shareholders. So, that's what we're focused on.
Some of these other big players, the market is big enough for more than just them and we see really good opportunities for our self to grow substantial business outside the United States. We think that some of our very strong products in global and in fixed income and INTECH are really well suited to be sold over there and that's much more our focus than the sort of to the focus of the question you asked.
Bill Katz - Citigroup
Some of your competitors also sort of talked about little bit of a shift from fixed income toward equity. I know when you first joined the firm you thought it maybe a little bit longer tail for that shift to occur. Just sort of curious, as you think about incremental spend here; you mentioned fixed income a couple of times. Would it be more prudent at this point? Or are you seeing more decisive shift back to equities? So that maybe some of the marketing and investment spending should be back toward the equity footprint to try and maybe take advantage of some of the momentum, or is it still more strategic in your mind in terms of positioning the company?
Dick Weil
I think our brand spend in a lot of what we do in marketing and on the client facing side is inherently most supportive of our equity business, so, I don't think we're disproportionably investing in fixed income, but when you have a business that's growing as fast as our fixed income business is. And when you continue to see very good prospects for continuing that growth, it's foolish not to invest and support that business. And for me, it's not a question of or, it's a question of, and I think we're doing both intelligently.
Bill Katz - Citigroup
Okay. Thanks for taking my question.
Your next question comes from Jonathan Casteleyn with Susquehanna.
Jonathan Casteleyn - Susquehanna
Yes, good morning. Could you expound upon the lost mandate in the quarter? I am just wondering if performance was good, but it was a cost issue from the client side, is that more broadly reflective of potential pricing loss across the franchise, can you just give me some detail there?
Dick Weil
I think that's a smart question. I don't believe it is because this is such a unique circumstance that I don't see it that way, but I can't guarantee it for you. Obviously, in this general category, cost sensitivity was playing a role here and it's playing an important role in our industry.
So, I think your question is a good one, but specifically, this was such an unusual circumstance. We had done just a fabulous job with the client. We had a terrific relationship with the operating level folks, and we're very proud of what we'd accomplished it, and it's quite a rare thing in our business to get fired in that combination of circumstances, so, I don't see that happening again.
Jonathan Casteleyn - Susquehanna
Just broadly, as you look across the macro environment is there anything that makes you more incrementally positive on the current environment, meaning lower volatility, correlation is breaking down for the quant business or do you think that's really a non-event for the quant landscape?
Dick Weil
I don't think I can speak to the whole quant landscape, but I think what our mathematical strategies focus on in terms of volatility, I think they're confident that they have good opportunities and improving opportunities to offer good performance going forward.
It's not really around the same correlations that we describe in the fundamental business, it's around the relationship of the volatility to performance and the diversity in the index. I'm not enough of a mathematician who speaks for Dr. Fernholz and the Princeton folks, but I think it's fair to say that they see improving opportunities in the marketplace going forward.
Jonathan Casteleyn - Susquehanna
Great, thank you.
Your next question comes from Michael Carrier with Deutsche Bank.
Michael Carrier - Deutsche Bank
Thanks, guys. In some of the newer areas that you've been investing in and gaining some good traction particularly on the fixed income side and then on the international, when you look at the landscape, one is where you spending the money to gain the traction, and then two is, where do you see the opportunities worth a demand by certain types of clients that product or that relationships not already out there in the market, so you find your niche and you're able to take advantage of those opportunities?
Dick Weil
On the first part of your question, where are we spending the money, I think we said in the presentation, the current investments are focusing on brand, fixed income and Asian expansion. The Asian expansions are obviously around a new portfolio manager in Singapore and some of the other efforts to build out credit analysts and equity analysts strengths in that region overtime, the biggest number there is probably the brands.
When you think of brand, it's not television advertising on a Super Bowl for certain. Our thought leadership plays a significant particularly. And it's not all by any means, it's not all about advertising.
And then in fixed income, we'll continue to add strength to that team as the opportunity set grows in order to properly support of the new products we've added and the new clients that are coming on board. So, that's where we're adding and maybe you want to repeat the second half of your question.
Michael Carrier - Deutsche Bank
Yes, when you look at those two opportunities, both fixed income and international, you look across the landscape, obviously, performance-wise, you guys are doing well, but it's still a fairly competitive landscape. So, when you're talking to clients, and you're talking to the distribution platforms, where do you see being Janus get the most opportunity given your positioning in the marketplace?
Dick Weil
I think our Asian equity product enters a crowded field. We've hired a gentleman with an outstanding track record in his prior employment, and we expect him to duplicate that. We think globally, there'll be an increased investment demand for Asian products, so, we think that the best offerings in that space we'll do well, so it a little bit depends on your timeframe.
Obviously, starting with a brand new product, it's not going to impact our sales in the first-year or two-year in a material way, but once you get beyond the three-year track record, a lot more becomes possible.
In fixed income, sure, it's a crowded field, but it's a crowded field filled with opportunity. People are looking for diversification from the giants. Sometimes, the giants underperform and you get large flows of money out, and that creates opportunity for new friends to enter the competitive fray. I think we're seeing that now. I think there's great opportunity. I think those clients would like more diversity in terms of their managers on the fixed income side.
I think what we do is a bottom-up credit effort, is a nice complement to some of the macro efforts out there. So, we see that opportunity set as being pretty wide open. I think the red-hot nature of the fixed-income market is cooling off to a degree, and we'll probably see some higher rates, so, that will continue.
I don't think it will remain as red hot as it was over the last 12 months, but the opportunity set for us is a complement to some of the big players as an occasional replacement to some of the big players, given our focus on risk adjusted returns, I think that's a great opportunity.
More generally, our global investing, our international investing is just exceptionally strong with great track record. We have very strong opportunities in that area as well.
Michael Carrier - Deutsche Bank
Okay, thanks for the color.
Your final question comes from Roger Smith with Macquarie.
Roger Smith - Macquarie
Yes, thank you very much. I've three questions for you, first one on the fixed income. Do you expect that fixed income business will gain traction as it gets bigger and is there some size that it needs to become to really attract some of the larger institutional mandates?
And then my second question is on the separate accounts on the $15 million of performance fees. What style was the AUM invested in and can you tell us how much separate account AUM has performance fees?
And then the last third question is on the accounting change that you talked about with the mutual fund hedging. Could you tell us how much assets in the deferred comp guess are in mutual funds and will we see both a non-operating income and also increases in compensation and are those assets fully vested now?
Dick Weil
The first one was fixed income, it was scale?
Roger Smith - Macquarie
Dick Weil
The answer is obviously margins go up significantly as that business grows to scale. And it's at $15 billion plus now. When it gets to $25 billion, the margins get significantly better.
In terms of attractiveness to clients and relationships, there is no doubt that as you get a bigger installed base via the consultants in the institutional market domestically and abroad, it's quite possible and predictable to develop momentum and we're at a bit of a tipping point there. I think we've improved relations with consultants and the opportunities set is expanding, but there is room to get more momentum as those relationships grow, so, yes, I think somewhere around where we're to $25 billion in that zone.
You can get to a tipping point with institutional consultants, where you can see positive momentum and accelerated flows. On the style that this client led the performance fees and unfortunately, terminated us, their style was unique I think to them, they had a mix of very focused sector investing, they had a unique approach to how they used our services, so it wasn't all akin to a single style.
In terms of the amount of assets that we've that are subject to performance fees, I think we've made good disclosure on the fact that our mutual fund complex has recently implemented performance fees across a number of those funds. And I guess I'd direct you to that disclosure for the detail and you can contact us separately and we can walk you through that disclosure and talk to you in detail. But that's really the bulk of the assets here that are subject to performance fees. Finally, on the accounting change, Mr. Frost.
Greg Frost
I'd follow up on that last question. INTECH does have a handful of accounts of performance fees, but they're not near the magnitude that this one was. So, I agree that that plus the Janus mutual funds will cover the performance fees here.
On the hedge issue, think about it, in terms of around $75 million to $80 million of assets that are currently out there that will now be mark-to-market, you will see the majority of the impact below the line as I mentioned. There maybe a smaller impact above running through LTI expense, but I'd view that to be much less significant, as that's just the portion of investing versus the entire assets that sitting down in below the line.
Roger Smith - Macquarie
Excellent. Thanks very much for the answer and the questions.
There are no further questions at this time. I'd now like to turn the call back over to management for any closing remarks.
Dick Weil
Thank you very much, everybody for your time, especially those friends in the Northeast for enduring the hard weather and getting with us. We appreciate your interest in our company and we look forward to talking to you next quarter.
This does conclude today's Janus Capital Group Fourth Quarter and Full Year 2010 Earnings Conference Call. Thank you for participating. You may now disconnect.
Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.
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text:
Federal Courts
KosInteractive LLC
- February 3, 2015
( 7)
This app contains the full text of all of the federal rules of procedure and the local rules for every federal court in the country - including district, bankruptcy, and appellate courts. Also provides access to PACER.
Federal Rules of Appellate Procedure;
Best of all no subscription or in app purchase is required. Ready access to the rules is a crucial part of the legal profession, so don't be caught without them and download this app today.
In addition to all local rules of every federal court in the United States, the following rules of procedure are included:
Federal Rules of Appellate Procedure;
Federal Rules of Bankruptcy Procedure;
Federal Rules of Civil Procedure;
Federal Rules of Criminal Procedure; and
Federal Rules of Evidence.
Needs more work. Downloads and displays the PDFs fine, but several free apps will do that too. I bought this for the PACER app, but logging in freezes the app and requires forced stop. Several re-installs failed to fix the problem. I can log in to PACER from a Web browser so i know the problem is the app. Very disappointing.
Sucks!! This app is so poorly designed, it's painful to interact with it. I'm sure I want my money back. The Pacer login doesn't work, and the interface for the states courts does not render properly, making it an all round pain to try to use. I would give it zero stars if I could!!
Needs work Can't read the titles on my lg g3. Have to guess which court I'm getting the rules for. App was better on ios.
What's New
Updated rules

subset: commoncrawl


text:
Total Agenda
- June 26, 2013
( 381)
***Total Agenda is no longer being developed. For more features and re-designed app please install beOrganized.
In Lite version:
In paid version:
Total Agenda provides intuitive access to Google Calendar and Tasks.
In Lite version:
•Arranging and re-arranging your day made simple and intuitive.
•Everything with as few taps as possible.
•Full sync with both Google tasks and calendar
•Events and to-do's on one, easy-to-view list
•Add items directly on the selected day
•Move tasks to other days with just 2 taps.
•Options: Show/hide completed tasks
•Options: Select default calendar
•Options: Alternative time and date formats
In paid version:
•Elegant widgets
•No ads
Simple and effective Which makes it better than most of the other apps out there. Unfortunately I think the main screen is ugly. I don't need the date bar to be quite so big and the yellow and cork board doesn't quite work yet. The yellow on the event edit screen is bland as well. BUT it works! And the the general interface is great. Widget doesn't work yet?
Can't recommend this enough. Functional, stylish and (most importantly) free! Most other apps make you pay for offline sync, so I wanted to thank you guys for being awesome enough to not charge.
good app works good and helps organize yourself. only problem is that it has trouble synchronizing with phones event calendar and doesn't show them -driod incredible
Good BETA app (update for previous review) User error on my part. App is working fine so far. I would like to be able to manually type in the date and time (scrolling through the date/time can be very cumbersome at times - especially when selecting a year or more ahead) also I'd like to see an option for a 0 and 5 minute reminder time. -HTC Thunderbolt
GREAT ... but Great app BUT an awful icon. So awful I decided not to use the app with my Big Launcher even though I think it's terrific. Did I mention that the icon is awful! Come on ... a black square with a check !@#$
Will be the best calendar/task app out there. stopped force closing after last update (DX), great beta! once it has a workable widget it will no doubt be my go to. Keep up the good work!
What's New
* Added new date format (mm/dd)
* Changed graphics. We finally decided to change the look of the app from "cork board" to a more neutral one. More changes are coming! If you liked the cork board look, it will be available shortly, as soon as we finish the mechanism for skins.
* Fixed some minor bugs.


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Spice World
What parents need to know
Parents Need to Know
Parents need to know that this movie is essentially an ad for the Spice Girls music. Parents should also know that the women in the band play out some old but sexualized stereotypes: Especially disturbing is the Baby Spice look, which is essentially crazy platform boots and pink baby-doll lingerie. There's mild intensity when a newspaper editor attempts to undermine the Spice Girls' careers.
User reviews
Parents say
Kids say
What's the story?
Before Mel B. signed on to be a hoofer on Dancing with the Stars, before Victoria became the most famous (and frighteningly skinny) of the Footballers' Wives by marrying David Beckham, and before both Geri and Mel C. admitted to having had eating disorders, and before all of them talked about a reunion tour, they were just five perky girls with perky music. And for a brief time, they took over the world. Spice Word is a fictional look inside their essentially cheery and PG-rated tour.
Is it any good?
Forget any concept of plot, story development, or character development. Like The Monkees before it, SPICE WORLD is a surreal and wacky, but essentially harmless romp through the fictional world of the Spice Girls at the height of their fame. It's complete with an Austin Powers-style rec room for the girls, Meat Loaf as the driver, and an intercom system on which manager Clifford (the always-loony Richard E. Grant) barks out the orders of the day. But it gets loonier: There's "the boss," played by Roger Moore, who hands out gibberish code for Clifford to interpret, all while petting his cat or feeding a pet pig -- really. There's an evil newspaper editor who, sick of the girls getting good press, commissions a creepy bald guy (the movie's take on Charlie's Angels Creepy Thin Man) to stalk them and make up bad news about them. And then there's an odd subplot about friend Nicola (Naoko Mori) giving birth at any moment, with all five girls as the baby's godmothers.
The best scenes are when the girls switch up their costumes and try on one another's personas (Posh as Baby is hilarious). Also memorable is a look into Ginger's girl-power fantasy world where she changes into Bob Hoskins in a phone booth. They even have a brief homage to Monty Python with their Ministry of Silly Dance Steps German dance instructor. Nothing in this movie makes much sense -- which may annoy some parents watching -- but it's upbeat, pop-music-infused fun for tweens and teens.
Families can talk about...
Families can talk about the different types of girls the singers represent. What's the difference between the roles they play and real girls? Is it easier to fit a mold? How can it be bad for girls still discovering who they are? Do you try on different personalities, kind of like the girls trying on each other's looks?
Movie details
|Theatrical release date:
|September 3, 1998
|DVD/Streaming release date:
|July 17, 1998
|Emma Bunton, Melanie Chisholm, Victoria Beckham
|Bob Spiers
|Sony Pictures
|Music and sing-along
|Run time:
|93 minutes
|MPAA rating:
|MPAA explanation:
|some vulgarity, brief nudity and language.
About Our Rating System
Great handpicked alternatives
Movie rates itself out of an ideal audience.age 12+
'90s James Bond spoof has tons of sex, crude humor.age 14+
Goofy '60s Beatles clones offer kids worry-free laughs.age 7+
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What parents and kids say
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text:
This plugin add a syntax highlighted editor to WordPress Post new/edit screen with Emmet (zen coding) engine.
0.2 Fixed JS errors. swichted to jquery dialog for help. js code was restructured as OOP. added jQuery UI CSS.
0.1 initial release.
Requires: 3.5 or higher
Compatible up to: 3.5.2
Last Updated: 4 years ago
Active Installs: 200+
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|Half Baths
|Property type
|Minimum Stay
|7 nights
Azul Peter Bay is located on the island of St John, US Virgin islands, in exclusive Upper Peter Bay. Situated between world famous Trunk and Cinnamon Bay beaches and bordered by National Park, the villa offers sweeping views of the Caribbean looking north toward Jost Van Dyke with mesmerizing views of Johnson's Reef.
This secluded villa is available year round on a weekly or monthly basis as a one, two, or three bedroom villa with a full kitchen, living room, and a swimming pool. All bedrooms and living areas are air conditioned. All bedrooms have private baths.
Azul Peter Bay is perfect for honeymoons or as a couple's retreat. Groups of family or friends will appreciate that all 3 bedrooms and living areas are air conditioned. The villa's bedrooms are never rented to different parties during the same time period, so whether you are renting the villa as a one, two, or three bedroom, you will enjoy complete privacy and exclusive use of all exterior spaces.
Location: Within 15 minutes of Cruz Bay shopping and dining, the villa is within minutes of St John's world famous beaches. Nearby Cinnamon Bay offers kayak, sail board, paddle board, and Sunfish rentals. Trunk Bay's underwater snorkeling trail is within 5 minutes of the villa.
This secluded villa is situated on an acre of private land bordered on the east by National Park.
The gated property is expertly landscaped. You'll see banana trees out the kitchen window and enjoy pineapples in season.
This is a terrific get away opportunity!
My husband's family have owned land in Peter Bay for 6 generations. This villa is built on land owned by my husband's niece. I manage the property for her.
There is no other place in the Caribbean to match St John and no better place on St John to vacation than Peter Bay. Peter Bay is located on the North side of the islands tucked in amongst some of the best beaches in the world and protected by National Park on both sides. It truly is paradise.
Azul was a wonderful, beautiful, clean, property located on the North Shores of St John with the most amazing views and beautifully styled villa. Azul was perfect for our little getaway and was perfectly furnished inside and out. Everything was thought of including kitchen needs, comfortable sheet and very comfortable beds, beautiful furniture, perfect private pool with floats, noodles, outdoor grill cooler, beach chairs and towels. We had an amazing time here and if you get a chance give yourself a taste of the perfect villa in the perfect spot and close to all the north shore beaches. WOW!!! Diana was a wonderful contact person who even called in the middle of the week to make sure everything was going okay. I'm telling you this is the place!
Searching for THE perfect spot on the North Shore, but don't have the bank account of a celebrity? This villa is for you! You cannot beat a 5 minute drive (I actually timed it) from Trunk Bay or 10 minute drive from Maho Bay (our personal favorite) to your vacation rental. And the views...OH. MY. STARS. Yeah. Does not get better than this. My husband and I spent the best week ever in July 2015 at Azul Peter Bay for our 10 year anniversary and when we arrived, we knew we had found the property will be renting for all of our future St. John trips, until we finally settle down there permanently. We travel and rent vacation rentals a lot and Diana is the kindest, most gracious hostess we've worked with. She made sure we were comfortable, gave us many recommendations for anything and everything we could possibly want to do, see or eat and just made sure that our stay at Azul was as amazing as the pictures suggest. The home is comfortable, has everything you could possibly need, the bed is super cozy and waking up to the views of Mary Point, Whistling Cay, Great Thatch Island, Jost Van Dyke, Johnson's Reef and beautiful Peter Bay is just....bliss. It's great having a refreshing little pool right there to relax in, especially on those toasty summer nights on the island. The villa is completely private and is perfectly placed in Upper Peter Bay. Cruz Bay is an easy 15 minute drive. If you enjoy paddleboarding, the North Shore Beaches are excellent for beginners and advanced paddlers alike. Lucy at sup-stjohn.com was able to deliver our rental boards to the property so that we could take them wherever we wanted for the week. Maho is fantastic for snorkeling, paddling and just taking in the perfection that is the warm, clear waters of the Caribbean Sea. Now, email Diana and get your dates booked already!
We were very happy with our stay at Azul, Peter Bay. Diana couldn't have been more helpful with a dozen questions we asked. The views from the house were incredible! You felt like your were in the middle of a forest, especially at night when all the critters made their symphony of night noises. I would definitely recommend this property.
Thanks to Diana, we had the absolute perfect vacation on St. John. Diana made the transition from ferry to rental car to our villa seamless. Villa Azul is just as described: fabulous views in a gated and very private neighborhood. The central air conditioning was a dream during the hot August time period, and the pool was the perfect temperature after a day on one of the gorgeous National Park beaches. While we had no need to contact Diana during our stay (the villa was that perfect!), we are confident that she would have helped to efficiently resolve any issue.
The location of the villa is outstanding - 7 min to the north shore beaches and to Cruz bay. The villa is very comfortable and clean. LOVED central air in the great room/kitchen/2 bedrooms. We only used it at night and it would take only 25-30 min to cool off the upstairs rooms! The upstairs bedroom is very inviting with quality furnishings and french-doors to a balcony with nice views. The 3rd smaller bedroom downstairs is also very cozy, nicely furnished and the portable air conditioner above the bed is very quiet and efficient (would cool the room in 20 min!). All bathrooms are modern, clean and showers drain well, It was always enough hot water for all 4 of us to take quick showers at the end of the day. The washer/dryer is new and very efficient, but the actual W/D room is a little off with wet/dirty floor, but it keeps off the temptation to overuse it! High quality screened windows throughout the house. The management is excellent, very accommodating, flexible and responsive. The only reason I give 4 stars (not 5) because we had a little problem with strong and persistent moldy smell in lower large bedroom, which prevented us from using it. However, I am sure that the management (which was VERY responsive and understanding) is looking into this and the problem will definitely be solved. After this year's incident on St. John, when the whole family ended up in emergency care (with kids in critical condition) as a result of resort's overuse of some household chemicals in their room, we are very particular about the room air quality. The rest of the villa (great room and 2 other bedrooms} had absolutely no smell and screened opened windows helped a lot during the day. I would highly recommend villa Azul as a very nice and convenient place to stay on St.John.
Thanks to Diana and Villa Azul, we had a wonderful family vacation in St. John. We travelled with our two children ages 15 and 12 and the house was perfect for us. Great location, stocked with everything you could possibly need and in a perfect location for exploring the entire island. Additionally, being close to Cruz bay was super for getting to the grocery store, going out to eat and leaving for various day trips to other islands. I really recommend Villa Azul. We loved our view, the house was very comfortable, stocked with every kitchen gadget you need, beds are comfortable, bathrooms are clean and spacious -- really, it was just perfect for our family!
The villa is located on one secluded acre in private Upper Peter Bay Estates, a private landholding within the Virgin Islands National Park. The gated community of Upper Peter Bay is home to several world class luxury vacation villas.
Peter Bay's private beach is tucked in between famous Trunk Bay and Cinnamon Bay beaches. It's 5 minutes to Trunk Bay and less than 10 minutes to Cinnamon Bay. Cruz Bay shopping and restaurants are 15 minutes away.
Other Activities: St John's north side is home to some of the wold's best beaches. Cinnamon Bay (10 minutes away) has snorkel, kayak, sailboard, paddle board, and Sunfish rentals. Trunk Bay (5 min) has an underwater snorkeling trail. Cruz Bay has fantastic shopping and restaurants (15 minutes). Power boat rentals are available in Cruz Bay. The National Park trails are great for hiking, and history buffs will love visiting the ruins of old sugar and rum plantations. And St John's many funky beach bars are a must at mid day or early evening.
|Third Bedroom per week
|$1,000 + Tax
|Second Bedroom per week
|$1,000 + Tax
|Tax Rate
Rates listed above are for ONE BEDROOM, max 2 people.
Add $1000 per week to the base rate for TWO BEDROOMS (max 4 people).
Add $2000 per week to the base rate for THREE BEDROOMS (max 6 people).


text:
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Freda J. Zimmerman & Associates
1104 N River Ridge Blvd,
99224, United States
+1 20 6915 7490
Freda J. Zimmerman & Associates designs and implements insurance and financial solutions for businessowners and individuals. Tax-favored plans and strategies aim to minimize income tax liability while accumulating and preserving assets.
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할인금액: ₩10,140 (33% 할인)
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It works
Reviewer2292722님께서 Oct 11, 2008 에 작성하셨습니다.
My brothr and I use it in the battle against candida and parasites. They say when you have candida, you might have parasites to. The first day my brother took it, he really had a detox affect. He didn't feel very well. But that's the prove it works! We take 3 pills a day. 1 bottle is anough to fiht parasites. But if you want to attack the candida, you can use it longer. But we are going to take Artemisin only instead of this product. But this product is great to use once a while to get rid of your parasites...
Very Effective
Reviewer2309416님께서 Aug 25, 2009 에 작성하셨습니다.
Seriously considering hospitalization, ordered this and there has been significant healing and relief. So happy to have found this here
Excellent product, fast shipping!
Reviewer2829650님께서 May 28, 2009 에 작성하셨습니다.
Great value for the price. It is so difficult to find a black walnut/wormwood/clove complex without all the other herbs so often added to such parasite-cleansing compounds. Thus this product is suitable for use by animals as well as humans... a fantastic product!
Superior Product
Reviewer3253416님께서 Oct 12, 2007 에 작성하셨습니다.
I love Eclectic Institutes product line because it is totally free of fillers and it is a pure product. Intestinal Support is an excellent support for the gastro and I find it extremely effective.
Works Great!
Reviewer2611231님께서 Jul 04, 2009 에 작성하셨습니다.
I work with very sick dogs and cats in a shelter situation. I constantly have IBS symptoms. My symptoms have cleared up using this product. Every morning I use Now Foods, Fresh Green Black Walnut, Wormwood and cloves extract in my coffee. I hope I do not have any other problems but if I do I have a second bottle of Eclectic Institute, Intestinal Support on hand!!
Black Walnut and Wormwood
Reviewer2144919님께서 Apr 25, 2009 에 작성하셨습니다.
Bitter taste but it's work wonderful, I feel much better.
no stomach upset
Reviewer1600594님께서 Jun 19, 2009 에 작성하셨습니다.
Intestinal Support was much more gentle than I expected. I've been taking it for a couple of weeks as a precaution, and have had no problems at all.
Awesome stuff!
Reviewer2582844님께서 May 01, 2010 에 작성하셨습니다.
This stuff is great. I wish they made bigger bottles or gave you more in it. But I love this. It helped me a lot. I saw a difference in a day. Works good with like products! I will, no, I MUST buy again!
No Itchie Bum
Reviewer1663253님께서 Apr 11, 2011 에 작성하셨습니다.
This definately works. Haven't viewed the results in the toilet pan but can definately say it is nice not to have an itchy bum in bed at night.


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360° vid of the encore from our last Songbook show @RevHallpdx by @PDXStash. Thank you for a great year guys!
Oh heck yeah Seattle - thank you for a sellout show! 🙏🏽❤ And Portland we'll see you tomorrow night @revolutionhall - come get cozy with us for our final #BTSongbook night. We're looking forward to a special night with you guys. 🤘🏼 (at Tractor Tavern)
Saturday Night Marty. Click over to @martymarquis to check out his new release Skookum Sound. #skookumsound
A taste of #BTSongbook via @beehivephotovideo. Nashville tonight at City Winery - let's get cozy. #BTSongbook #storiesandsongs #tour #nashville
Marty by @beehivephotovideo. #BTSongbook rolls into St. Paul tomorrow @turfclubmn - lets cozy up. #storiesandsongs #songbook #tour #mpls #stpaul
Another good one from the awesome @beehivephotovideo in SLC. #BTSongbook rolls into Denver tonight @bluebirdtheater - come cozy up with us. #storiesandsongs #songbook #tour
Thank you Salt Lake City for helping us kick off our #BTSongbook tour - you're always too kind. Here's a taste from the rad @beehivephotovideo. 3 Colorado shows coming up! #songbook #storiesandsongs #slc (at Downtown Artery)
#NowPlaying Dungen "Mon Amour" - driving the Columbia River Gorge headed east in I-84. #BTSongbook starts tomorrow night @thestateroom SLC! Colorado see you soon too. Tickets in bio. #tour #storiesandsongs #songbook #dungen (at Columbia River Gorge, Oregon)
Getting stoked to share these #BTSongbook tunes with you guys - old tunes and new, covers, inspirations and stories all night. Kicking it off in Salt Lake City @thestateroom w/ the amazing @kacyandclayton. And pick up this rad poster by @photocoyote at the merch table. #tour #songbook #storiesandsongs (at Portland, Oregon)
LIVE AT THIRD MAND RECORDS is out! Cut live-to-lacquer at our Nashville show in the Blue Room, get this rare vinyl from your local shop or our friends at Third Man Records. Or stream it at ApppleMusic or Spotify.
Available Now
Garcia's at The Capital Theatre
Sign up for the mailing list and get a free MP3 of "Thirsty Man"!


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Duke MyChart
Duke MyChart benefits
Our secure, online website makes it easy for you to schedule appointments, pay your bills, and send a message to your doctor's office when you have non-urgent medical needs.
- Sign up. If you would like to sign up for Duke MyChart, please call us at 919-620-4555 or 800-782-6945 to receive an activation code. Or, ask to sign up for Duke MyChart the next time you see your Duke provider.
- View your lab and test results (pathology). The majority of lab results are available one business day after they've been released. Some take more time so your provider can have a chance to communicate with you.
- Schedule your annual mammogram. Choose from our five locations.
- Schedule primary care and urgent care visits. See the available slots in your internal medicine, family medicine, or pediatric provider's schedule, then select a date and time for your next visit. Use this option to schedule well or sick visits, as well as appointments with a Duke Urgent Care or Duke University student health provider.
- Send a secure message to your care team. Use this form of communication for your non-urgent medical questions and needs.
- Arrange care for your family. Once authorized as a caregiver, you can schedule primary care appointments for your children or an incapacitated adult, and access their medical records, including test results and immunizations. Please complete this authorization form to become a caregiver for a minor. Please complete this authorization form to become a caregiver for an incapacitated adult. Give the appropriate form to the individual's provider, or fax it to Duke Health Information Management, (919) 384-7148. More information is available in our FAQ section.
- View portions of your medical record. Your health summary, preventive care information, past and current appointments, medications, and test results are easily accessible.
- Pay your medical bills. You can view your account summary and pay your bills from within the secure website. Find out more information about paying for your care.
- Request prescription refills. Conveniently request prescription refills.
Duke MyChart help
- Answers to your questions (FAQs). Please visit our frequently asked questions section if you have trouble logging in, need to reset your password, or have other questions about your account and how to use Duke MyChart.
- Read our privacy policy. We are committed to protecting the privacy of your protected health information. This notice describes how medical information about you may be used and disclosed and how you can get access to this information. Please review it carefully.
- Duke My Chart terms and conditions. MyChart currently provides a convenient way for you to access your health care, and is subject to these terms and conditions and applicable law, rules and regulations
- Contact us. If you have any questions about Duke MyChart, please call Duke Customer Service at 919-620-4555 or 800-782-6945 between 8:00am-5:00pm ET Monday, Tuesday, Wednesday and Friday or 8:00am-4:00pm ET Thursday.
- Understand our refund policy. Transactions processed via Duke MyChart bill payment system may be eligible for refund, if applicable. To request a refund, please contact Duke Health Customer Service at 919-620-4555. Your request will be processed within 2 business days. Depending upon your financial institution, please allow 7 to 10 business days for your credit to appear on your account statement.
Don't use Duke MyChart for emergency or other urgent issues
Duke MyChart should never be used for emergency or other urgent issues. if you are experiencing a medical emergency or need urgent medical care, call 911 immediately if you are in the U.S., go to your local emergency room and/or call your doctor.


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Check in from 14h / Check out prior to 11h
Pollo Resort Sunny Beach: Find photos, reviews, information, amenities and compare prices for 3 stars hotels in Sunny Beach, Bulgaria.
Situated in Sunny Beach, Pollo Resort Sunny Beach is within a 25-minute drive of Burgas Airport and provides a Jacuzzi. Its premium amenities include a steam bath and a fitness room.
Hotel description
This 3-star resort offers a playground, massage services and a kids pool. Guests of can take advantage of the resort's recreational activities, such as a dart board and billiards.
Pollo features 70 rooms, all of which are equipped with a variety of facilities to ensure an enjoyable stay. There are also a number of rooms geared towards families.
There are a range of cafés and restaurants near Pollo Resort, and Nesebar and Sveti Vlas are an easy car trip away. The resort's multilingual staff are available to ensure that every traveller has a comfortable stay.
Hotel features
Restaurant, Air Conditioned, Billiards
Elevator / Lift, 24 Hour Reception, Dry Cleaning, Conference Room(s), Currency Exchange, Multilingual Staff, Safe-Deposit Box, Meeting Rooms, Shops, Photocopier, Luggage Storage, Shops in Hotel, Self Laundry
Fitness Room/Gym, Swimming pool, Massage / Beauty Centre, Garden, Playground, Jacuzzi, Massage, Spa & Wellness Centre, Steam Bath
Airport shuttle
Dart Board, Child Pool, Games Available, Packed Lunches
Availability and Prices
Booking Site
Room Type
Per room
Per night
Per night
Users who viewed Pollo Resort Sunny Beach also viewed these 3 stars Sunny Beach hotels:
Chaika Resort - Chaika Beach / Metropol / Arcadia
., Sunny Beach
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Fregata Amphibia Beach Complex
Sunny Beach, Sunny Beach
Sunny Beach, Sunny Beach
Sea Grace Hotel
Sunny Beach Black Sea Resort, Sunny Beach
Sunny Beach Black Sea Resort, Sunny Beach
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Friendship is deep and mysterious.
Just as myspace.
Just as music.
Tracklist / PLAY
- Dos cincuenta y cuatro Een Pianist?
- Ebony Concerto Shmuel!
- TV Channel 17 [Remixx] MC Ina
- Onions on Your Fingers Musica da cucina
- Cassowary Ergo Phizmiz
- Sinbads Salad Antithetical
- Aargh! Headphoner
- Dr. Delgado's Famous Electrodes Missing Man Foundation
- Chakrasamvara Èmilie Payeur
- The Ghosts of Christmas Presents Thee Moths
- A Fluffing Distortion Plane Atomic Orchestra
- Art-I-Cell Prof. Neutrino
- You Reflect Me Rocket No.9
- Fairytale M3000
- Harlem Clip Gustav Ruppke
- Mi gata Carlota Una niña malvada
- Crazy in Love Antonio Contador
- Phonema Michel Banabila
- II mr&mrsBrian
- Izdih Kobayashii, Breda and Woo
- Thoras Inferno Beneva vs. Clark Nova
- There's no reason to be alone Green.Means.Love
Cover Artwork: Marian Reinig
This download was also released in a limited edition of 25 numbered CDs as a gift for the involved artists.
By the way: Thanks for the add [of your music]!


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Newegg.com - A great place to buy computers, computer parts, electronics, software, accessories, and DVDs online. With great prices, fast shipping, and top-rated customer service - once you know, you Newegg.
If you are reading this message, Please click this link to reload this page.(Do not use your browser's "Refresh" button). Please email us if you're running the latest version of your browser and you still see this message.
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Showing Results: Most Recent
This review is from: LITE-ON DVD Burner 24X DVD+R 8X DVD+RW 8X DVD+R DL 24X DVD-R 6X DVD-RW 16X DVD-ROM 48X CD-R 24X CD-RW 48X CD-ROM Black SATA Model iHAS124-14
Pros: What can I say? It works for a really low price.
Cons: None
Other Thoughts: Unless you want a blue ray drive, no point in spending any more money on an ODD.READ FULL REVIEW
This review is from: Intel Core i5-4440 Haswell Quad-Core 3.1 GHz (3.3 GHz Turbo) LGA 1150 84W BX80646I54440 Desktop Processor Intel HD Graphics 4600
Pros: Great processor for just about everything. From email to gaming this processor is a really good value and will handle most things you throw at it. Also, love how it stays cool and doesn't consume a lot of power. It works just fine with the stock intel cooler, even when gaming.
Cons: None
Other Thoughts: Not quite as fast as other i5's such as the Devil's Canyon 4690k but if you just want a good quadcore at a budget, this is definatley something you should consider.READ FULL REVIEW
This review is from: Rosewill ARC-450, ARC Series 450W Power Supply, 80 PLUS Bronze Certified, Single +12V Rail, Intel 4th Gen CPU Ready
Pros: This powersupply is a great PSU for a small build with a small case. The reason for this is because it does not have a lot of unecessary power cables, which is completely appropriate becaues it is only 450W anyway. The main competetor for this PSU is the Corsair Builder Series 430W power supply, and compared to that one this is much better suited for a small build. Also, it only has one 12v rail at 35A, so it is good for a first time builder who does not want to have to deal with putting the graphics card and CPU on different 12v rails. Overall very good power supply
Cons: None
Other Thoughts: I put this in my dad's new desktop. Inside is a Core i5-4440, H81M micro atx motherboard, an SSD, and an optical drive. This powersupply is probably pretty overkill, as the estimated system wattage is ~150w at load, but I decided to go with this one because it was only $25 after a rebate and rosewill is a good brand.READ FULL REVIEW


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Ric's Lounge and Grill
Le Soleil Spa at Aloft Calgary University Hotel6.63km
Specialized treatments for couples, travellers and locals. Therapeutic massage, facials, pedicures, various body treatments. Access to hottub, pool and...
Canadas Best Value Inn6.64km
Canadas Best Value Inn offers affordable accommodations in Calgary's University Village, a short walk from McMahon Stadium and C-Train station.
Venture Communications6.96km
Marketing and communications. Advertising. Digital. Media planning and buying. Public relations and experiential marketing. Strategic planning.
Shaganappi Point Golf Course7.2km
Shaganappi Point Golf Course is a quick drive from downtown Calgary, just off Bow Trail. The 18-hole, par-68 course is geared toward the intermediate golfer...
Edelweiss Imports Ltd.7.22km
Edelweiss Imports Ltd. sells food, beverages, and specialty gifts from Germany, Austria, Denmark, Holland, Finland, Poland and more.
True Event Management7.58km
TRUE; the simple answer for all your event management needs, with 20+ years experience TRUE has you covered!
Maple Country, Canadian Souvenirs7.67km
Canadian souvenirs: moccasins, maple products, smoked salmon, T-shirts, hoodies, jackets, hats, jewelery, native art, tourist books in different languages,...
Tommy Hilfiger Westhills7.92km
As one of the world's leading premium lifestyle brands, Tommy Hilfiger delivers superior styling, quality and value to consumers worldwide.
National Westhills7.95km
Nestled in the...
Cassis Bistro8.02km
Born near Aix-en-Provence in the south of France, owner/operator Gilles Brassart grew up in the kitchen surrounded by simple, fresh flavours and passion for...
Traveller's Toolkit
- Calgary Maps
Calgary Weather
Current Conditions:
Extended Forecast:
Visitor Guide
View the Tourism Calgary Visitor's Guide online or download a version to your computerView Calgary Guides


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this wiki
"Oh, I never have gas; I'm an alien. OOPS!"
—Keswick, True Spies
Keswick is one of the main characters of T.U.F.F. Puppy. He is best described as the T.U.F.F. (Turbo Undercover Fighting Force) scientist who creates gadgets for the agents working for T.U.F.F. Keswick is also T.U.F.F.'s very nervous resident genius.
The first clues to Keswick's past were said in "Monkey Business." He implied that he came from another universe called Keswickia. However, this sort of contradicts the fact that he has parents, a sister, and a brother-in-law living in Petropolis. It could be said that they too came from that universe and followed him to Earth. This also shows that Keswick could be his own species of extraterrestrial animal form figuring he goes through animal stages throughout his life. In a sense, this means he is an alien. In Pup Daddy, this is also supported by the fact that he goes through different metamorphoses with age. He also refers to his species by what his name is, a keswick. His parents weren't shown going through a metamorphosis, but it's unknown whether the metamorphosis with age is even treated as canon.
Official Description and Species
Keswick is a species confirmed to be under the name Keswick. He has a supposed "pouch", has webbed feet, looks and behaves like a dog, has three hearts, eleven toes on his paws and has gills, and rodent teeth, though he's possibly some sort of space rodent or dog. In Toast of T.U.F.F., there has been misleading facts about him being a common species, like a platypus. He has a pouch, webbed feet, three hearts, and he laid an egg in the end of an episode, though he doesn't really have a pouch as his pants held things that lead Dudley to believe it was a pouch. 'Til Doom Do Us Part, Keswick revealed that strange things happen when you get him wet. One of them is becoming a 'couple'. Keswick has also shown evidence of his species having the same sensitive nose as Dudley Puppy. For instance, in Law and Odor, Keswick smelled the stink bug's stentch at the end of the episode and said the same words Dudley stated: "It's like a hobo with an abssessed tooth driving a garbage truck to Atlantic City!", and True Spies, Keswick revealed that his planet has stink police, and he broke a law by cooking stinky fish at work. Keswick has a notable speech impediment, which causes him to frequently stutter and involuntarily twitch. His eye color is currently shown black, but his eye color was shown in Super Duper Crime Busters as he was in mid-stutter. This confirms that his actual eye color isn't actually black and could possibly be a green alien color or a teal/blue. He can't sing correctly, known for his many attempts of singing "Row, Row, Row Your Boat" and forgetting every other line of the song during "Cruisin' for a Bruisin'". His buck teeth may be a reference to the teeth of Timmy Turner from The Fairly OddParents, another show created by Butch Hartman.
In "True Spies," it is revealed that Keswick is an alien from the planet Keswickia who is wanted by the Keswickian Police for cooking fish at work. This confirms that Keswick's alien species also has a super sensitive nose requiring them to have stink police on their planet.
Keswick is a very smart scientist who has made some major contributions to T.U.F.F. with some of his inventions. However, many of his inventions have also caused some harm to the team in the past as well, such as Rita, (some even spit out acid!). The Wrong Stuff showed that Keswick knows the art of Ninjutsu. He has a tendency to create his inventions very quickly like in Toast Of T.U.F.F.. Keswick tends to behave like a dog in some episodes. For example, in Mind Trap, Super Duper Crime Busters and Organized Crime, he had his tongue out like a dog, and in one episode, he was even panting like one, lovestruck by Tammy. He also seems to have a passion for certain foods as he gobbles them down like a starving coyote such as in Dog House. In Mind Trap, he revealed that he was going through the dumpster for day old scampion. Dudley burped up a bag of Keswick's fishsticks that had a sign saying: DON'T TOUCH! on it in Chilly Dog. He seems to have strained relations with his parents. Contrary to popular culture, he seems to get along well with his in-laws. He also seems to have a strange sense of humor after he makes some sort of joke that no one really seems to get. Keswick also cares about his friends in a valuable way. In "Snapnapped", he has created a machine that makes donuts out of thin air and redesigned D.O.O.M. HQ using only soup cans and a shark tank. He refused to work for D.O.O.M. no matter how badly the other agents treated him. This means he is a caring friend, and will always be no matter what.
Interactions with Other Characters (Alphabetically)
The ChameleonKeswick and The Chameleon seem to have a small standard relationship, as in Hot Dog, Keswick suggested that he wear a coat, much to The Chameleon's chagrin.
The Chief
Keswick is loyal to The Chief in a way. They also seem to share a special friendship. Keswick is also known to be The Chief's voice of reason on many occasions. They even tend to be 'brothers' at times like in the end of Iron Mutt, Keswick said that Chief agreed to play 'Iron Mutt' with him.
Dudley Puppy
Keswick and Dudley became fast friends the day Dudley was hired to work for T.U.F.F. Keswick thinks of Dudley as a nuisance sometimes, but they do get along most of the time and seem to have a very good relationship. In The Wrong Stuff, he helped Dudley spy on Kitty and Jack; under the condition that he dress up like a ninja.
Kitty Katswell
In Internal Affairs, Kitty lost a bet and had to take Keswick to the movies. Other than that they seem to have a standard co-worker relationship. However on Kitty's end, she seems to cherish Keswick not only as a co-worker but as a very valuable friend. She was deeply affected over his supposed death in Toast of T.U.F.F., in which R.I.T.A. was thought to have vaporized Keswick. However, it turned out she only "destroyed" Keswick's Hologram. He may not be as fond of her because of his fear of girls.
Verminious Snaptrap
In Snapnapped, Snaptrap constantly mispronounced his name. In The Wrong Stuff, it is shown that Keswick fears Snaptrap in person. Upon being growled at by Snaptrap when the two were about to fight, Keswick cowardly fled. However, he soon returned in an ice cream truck with his Fudgey Bar Cannon, which he used to barrage Snaptrap into capture.
During the end of the episode Thunder Dog, Keswick was shown to be afraid of Tammy due to his gynophobic nature. However, starting in Organized Crime, he developed a huge crush on Tammy. In T.U.F.F. Love, Keswick tried multiple times to impress Tammy which ended up fearing her. She accepted Keswick's feelings after he saved her from her robot counterpart.
|Turbo Undercover Fighting Force
| Dudley Puppy • Kitty Katswell • Keswick • The Chief
Other Agents: Agent Amoeba • Agent Bacon • Bobby • Agent Bossy • Agent Bull • George Looney • Agent Goldfish • Agent Groundhog • Agent Guinea Pig • Agent Hammerhead • Agent Jumbo • Agent Kid • KIL-R • Agent Moby • Nocturnal T.U.F.F. Agents • Agent Nutz • Percival • Agent Rodentski • Agent Scarecrow • Agent Seabiscuit • Agent Sea Cucumber • Agent Skunk • Scary Jimmy • Sally Mander • Tammy • T.U.F.F. Troopers


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The ASICS 33-M is a natural, highly cushioned daily trainer designed for a neutral or supinated foot motion.
With ample amounts of cushioning on a 4mm platform, the ASICS 33-M offers the protection you need for pounding out the miles. The thick Solyte midsole with a layer of Amplifoam provides a responsive ride that will keep your legs feeling fresh while out on the roads. Your feet will stay fresh as well, with a ComforDry Sockliner with anti-odor properties and a seamless upper construction to reduce irritation.
Model Number:
Weight: 11.1 oz/314.7 g (size 9)
Stack Height: Heel (31mm), Forefoot (27mm)
How It Fits (based on width D)


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Red Hat Bugzilla – Bug 204958
strace does not work with olpc-kernel
Last modified: 2007-11-30 17:11:41 EST
This is build 81. I get:
strace:ptrace(PTRACE_TRACEME,...): FUNCTION not implemented
detach:ptrace(PTRACE_DETACH,...): FUNCTION not implemented
I just enabled utrace (on which ptrace depends) in CVS, it'll be in the next
olpc build that marcelo does.
Reassigning to correct owner, kernel-maint.
Verified fixed in the last kernel. Thanks!


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Getting to Machu Picchu is simple if you follow Justin's tips. Start with the backpacker's train... Watch more videos at Tripfilms.com
photos from Sacred Rides Mountain Bike Holidays' trips to Peru.
Justin tells us the best things to do when you reach the breathtaking Machu Picchu. Watch more videos at Tripfilms.com
Vanessa discovers the amazing site of Machu Picchu and gives us a quick but comprehensive tour. Watch more travel videos at Tripfilms.com
Check out the 4 day long hike up the Inca Trail to Machu Picchu. Watch more videos at www.Tripfilms.com
John & Cara discover the ancient and magical Machu Picchu. John gives some background on the site and describes his experience. Watch more videos at Tripfilms
Freelance writer Skip Kaltenheuser's epic journey through the Peruvian Amazon in search of one of the last remaining medicine men.
Travel articles, books, maps, photography & travel information. Where to go, what to do & great tips and tricks, as well as what to watch out for.


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Lung Disease & Respiratory Health Center
Oxygen Therapy: Using Oxygen at Home
If you need oxygen at home, it is important to learn how to use and take care of your equipment. This information will help you get the most from your oxygen treatment.
- If you have low blood oxygen levels, breathing extra oxygen can help you feel better and lead to a longer, more active life.
- You can travel even though you use oxygen, but you'll need to plan ahead.
- Oxygen is a fire hazard. Follow safety measures to keep you and your family safe.
Up Next in This Action Set:
ByHealthwise Staff
Primary Medical ReviewerE. Gregory Thompson, MD - Internal Medicine
Specialist Medical ReviewerKen Y. Yoneda, MD - Pulmonology
Current as ofSeptember 9, 2014
WebMD Medical Reference from Healthwise
Last Updated: September 09, 2014
This information is not intended to replace the advice of a doctor. Healthwise disclaims any liability for the decisions you make based on this information.
© 1995-2015 Healthwise, Incorporated. Healthwise, Healthwise for every health decision, and the Healthwise logo are trademarks of Healthwise, Incorporated.
Today on WebMD
You may not even know you have it.
Signs of this potentially fatal complication.
When a cold becomes bronchitis.
Causes behind painful breathing, fluid buildup.


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Written on: 05/10/2011 by rpursell (7 reviews written)
My mum bought this book sometime last year and i really aren't into this type of reading as i prefer Crime and Thriller but when i realised that mum only took a week reading it i knew straight away it was a good read.
After passing it on too me it took me a few months to pick it up and start reading.
From page one til the end i couldnt put this book down. I couldnt wait for my day to end so i could relax in the bath and read.
This story is based on revenge, love and heartbreak. Its witty and certainly does give you an idea what you would do if your husband was living a double life.
That last line was a hint! I don't want to give you a description of what its based on as i do think it will spoil it but if you do ever come across this book in the store please do purchase it! You will not regret it!
As rated by our community of reviewers
" It was a brilliant story if you believe in the one and true love an... " Read More
" Took me several chapters to get into this book, mainly I think beca... " Read More
Written by bookie68
" Black Crow - Book - Fabulous " Read More
" You may be up late with the book!! " Read More
" Re-read recently " Read More
Written by bex5000