text:
Revett Mining Company Inc. (NYSEMKT:RVM)
Q4 2013 Earnings Conference Call
March 28, 2014 11:30 AM ET
Ken Eickerman - CFO
John Shanahan - President and CEO
Doug Miller - VP of Operations
Spencer Lehman - Private Investor
Good morning, my name is Sharon, and I will be your conference operator today. At this time, I would like to welcome everyone to the Revett Mining Company Inc. Year-End Review 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 session. (Operator Instructions) Thank you. Mr. Ken Eickerman, CFO, you may begin your conference.
Kenneth Eickerman
Thank you, Sharon and good day everyone. And thanks for joining our 2013 year-end financial and operations conference call. I am Ken Eickerman, the CFO and joining me today is our President and CEO, John Shanahan; and Vice President of Operations, Mr. Doug Miller. Before we begin, I would like to note that this call contains forward-looking statements that are made pursuant to Safe Harbor provisions of the Federal Securities laws. These statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those anticipated.
Listeners to the call are advised to review the risk factors contained in our most recent annual report on Form 10-K for descriptions of risks, uncertainties and assumptions related to forward-looking statements. Please note this call is intended for investors and may not be reproduced by the media in any part or in whole without prior consent. At this time, I'll turn the call over to our President and CEO, John Shanahan, who will recap the results for the 2013. Following his remarks, Doug Miller will provide an update of operations, and then I'll walk you through the financials, and then John will wrap it up with our outlook before we finish with your questions. John?
John Shanahan
Thanks, Ken. Welcome. My comments this morning I think will be reasonably brief. I think we won't go into a great detail in a recap of 2013 but what I would like to first and foremost say is welcome to our very first call as Revett Mining Company. We are a U.S. company which became effective in mid-February this year and that process really did streamline us as a company with all our assets and employees that are in the U.S. I will be happy to take any questions. We will discuss this a little bit further during question time but it was the quick thing for us to do and I am glad that it's behind us. And the change in jurisdiction and of course came with a name change to Revett Mining was early quite subtle. It was something that we did preemptively just hoping there was going to be no confusion between the Canadian entity Revett Minerals and the U.S. entity Revett Mining.
As it turned out it was seamless and straightforward but I suppose it does better reflect what we do. We are a mining company and speaking of which, I suppose that's a good segway to talk about where we are as a company today. I won't jump too far ahead, Doug Miller, our VP of Operations will provide a more detail report of exactly where we are in our employee redevelopment today. But what I would like to do is really provide a snapshot of where we are today as a company. And I am going to break it down into a couple of areas here. And three critical things to remember here, we own L assets the Troy Mine and operation went back up and running will provide us cash flow and that all important operational base in Northwest Montana.
We own Troy outright, 100%. We also own the Rock Creek project, 100%. It's an exceptional deposit and closer to much higher grade and but this is really more mineable deposit than Troy. But we do need to complete permitting but taken those together is a very good combination. They close in proximity, they have, they share the same geology and geochemistry and those same mining experience is needed to operate both efficiently. So, our investment today in Troy, our reinvestment today in Troy is also an investment in Rock Creek. We must say that we own those assets outright, today we have no debt on our books apart from some capital leases and at the end of March I think they are under a $1 million in total, those capital leases of what we do and we will continue to do operational.
And we have other assets, we have cash following recent private placement this week probably at the end of March, we will be sitting there with just over $9 million in cash. We have other assets. We have mobile equipment and we have non-mining lands to the tune of around $15 million and so when I say non-mining lands, I mean these are lands that we purchased and have identified primarily for mitigation needs at Rock Creek. Once we are through the permitting process, they are critical lands to us and we need them. We just don't need them tomorrow but if you look in total of where we are as a company, we do have some very important assets. Lastly of course, we have an experienced workforce with those critical skill sets that will get us back to mining profitably and safely at Troy. And it's that skill set that's going to enable us to hit the ground running on day one at Rock Creek. We also had very limited downside exposure apart from the capital need that we have at the moment to complete and gets Troy running backup in fully running there is not a lot of downside.
When I talk about cash that we have on hand of $9 million that is not including $6.5 million of cash that we put away at restricted account for eventual Troy reclamation now if we decided, hey we don't want to minus we going to close Troy down tomorrow we would use that $6.5 million we would not have to dip into general process but of course that's not what we're going to do. But just one people to know that there is very little downside on that path and across the Rock Creek we really had spent the largest portion of our requirements for proliferating (Ph) after permitting. But we still have ongoing spending and it varies but it's probably averaging after the balance of this year at about $100,000 a month. But those major items, the big ticket items like the 3D water model and the essential geochemical reports have all been completed.
So clearly our focus now is to get Troy back up and running and to complete Rock Creek permitting. I believe and Doug will talk more about it but we remain on target our focus here is to restart operations in the fourth quarter or restart production in the fourth quarter. It will initially be limited to about 1,000 tons per day as we ramp up. But we still from there we still have ongoing development needs to complement redevelopment efforts and getting access to the high bids, so wont' really be into that mid-2015 that we would hit that full production capabilities. At today's middle process Troy is remains cash flow positive. But I think like most people on this call we really do believe that we will see high metal prices as we head to the balance of this year, and we want to be part of that. So it goes really too far.
We led our work to complete the next leg of our financing needs but I want to be very clear here with everybody we are not going to do something that's silly that is going to be a noose around our neck not something that we're going to sit down we'll have Troy back up and running and really do Rock Creek and all of the [indiscernible] why did we do this we should have done something simpler and we're committed to doing that. Clearly to finish off this next financing need we would like to do something fairly simple or straight forward date or even something convertible but we're not going to do some type of financial structure that we have timely a way after the next five years and it for all the hard work that we do and not getting for the damage of it.
And of course I want to focus here is to complete permitting at Rock Creek. It's a long process and we are near in the end. But the process of now working through the drops and the preliminary drops of the FEIS with the Forest Service reviewing its cooperating agencies and then having a supplemental EIA to out for public comment does take time. But we do clearly see it all coming together. And I think for our shareholders and stakeholders and I think it will needs to remember I think you should look at mining projects around the country in the U.S. There are significant hurdles that need to be overcome and they mainly relate to the Clean Water Act where the EPA enquiry or engineering has reviewing over site or the Endangered Species Act which requires a biological opinion to show that an operation is not going to repeat the recovery goals of actual species.
In our case of course the biological opinion is the critical document that is needed. Now our biological opinion was first issued in 2001 it was challenges and reissued on two occasions and it wasn't until 2011, 10 years later, that that biological opinion was upheld by the Ninth Circuit Court of Appeals, a ultimate court in the U.S., that ruling, a very clear ruling was not challenged again. And so that biological opinion is rock solid and won't be challenged again. And we feel that that is the significant portion of permitting that is out of the way. We do know that our processing is one of the cleanest operations that you are going to find in the country. We're extremely proud of our small footprint and our word of quality at Troy and Rock Creek will do the same that's why we know as detailed as it is as long as the process is as long as it is that we have a project that is going to be a project that is permutable and will stand the test of time.
With that I'd like to pass this call over to Doug Miller. Doug is based at the Troy mine but he is Vice President of Operations with both development of the site at Rock Creek and also operations at Troy. Thank you, and Doug?
Doug Miller
Thank you, John. First, I'd like to start with our [indiscernible] performance. From past 18 months, we've gone with all the reportable acts than all the lost time access and that's in excess of 550 days or 350,000 man-hours. As far the dual decline into the I Bed first of all accessing the North C Bed to get our initial production or that limited production, as John pointed out, in the North C Bed fourth quarter. Those two dual drifts are progressing on budget on target, all in advance and also in cost. We are in excess of about 3600 feet in that drifting process now. One of the first structures that we've encountered just last week was projected from middle courtside above us, so we move Arizona intersect that when the process of going through, it now should be pretty, looks like it'll be a very limited problem for us, nothing that we didn't anticipate. And the next major structure would be the deep haul (Ph) which is probably about 275 to 300 feet out in front of us.
The target to interest the C Bed, North C Bed ore body is in the third quarter, production would be in the fourth quarter of this year. As John pointed out, the decline would continue to spiral down and intersect the I Bed in the second half of 2015 early in the second half of 2015. We're in the process now where we have contractors here extubating borehole for to be used for ventilation and secondary escape way for these I Bed and North C Bed. It's completed the pilot hole and are today in the process of back rimming the borehole, the 10-foot diameter borehole.
Thank you for your time and turn this back over to Ken Eickerman now.
Ken Eickerman
Thanks, Doug. Everybody on this phone call knows that we suspended mining operations Troy in late December 2012 because of ground conditions and consequentially we did not mine any order during 2013. So a comparison between our 2013 results and 2012 results is not meaningful therefore I'd like to discuss other items financial issue. At December 31, we had cash on hand right at $8 million and working capital of 10.6. In that 10.6, it does not include our available for sale, security. During the first quarter of 2014, we've liquidated these securities and increased our available cash by over $800,000. In addition, we settled an insurance claim on some damaged mine equipment and we'll be receiving a check later on today for approximately $2.3 million.
In addition, in late March of 2014 and as John mentioned earlier, we completed by the placement of our common shares and stock purchase warrant for approximately $3.4 million. With this, our current cash position is higher than our 2013 yearend balance. And in during 2013, we continued our efforts to move the Rock Creek permitting forward I would add the expense over 1.2 million for the SESI contractors. For 2014, we signed to continue this financial commitment. I'll turn it back over to John for some final comments. John?
John Shanahan
Well, thanks, Ken. I really don't have any final comments other than, I think as everyone knows, we made a decision to reinvest in Troy and we going to continue doing that and we're very pleased with the progress to-date.
With that, I think we'll turn this back to operator and take some questions, if there are any. Thank you.
Question-and-Answer Session
(Operator Instructions) Your first question comes from Spencer Lehman, Private Investor. Your line is open.
Spencer Lehman - Private Investor
Good report. Just here you've mentioned the price of metals, this copper had been little bit of surprise this year in the downside, how do you feel about that? And what do you look forward to hear in copper prices?
John Shanahan
My personal view Spencer is I think copper has been a little bit weak on the back of Chinese financing in Chinese news and the revelation which I think the market already knew that there was copper stocks in China. But I think sort of that as I think if you could take it all out on a global view, we still remain very convinced that there are the copper units been produced that's needed to sustain growth. And it's very hard for those production rates that are forecast, if everyone meets those it's a great day. But as we know in mining not everyone meets those forecast, and I think some of the great clouds handing over the natural resources sector at the moment and particularly that may attribute to begin a shortfall in production on copper units particularly, what we're seeing in Indonesia at the moment with export taxes and requirements smelting within the country, I think parts of Latin America or would probably what will be somewhere some labor disputes and a whole host of other reasons. I still think we're going to see higher copper prices in the next year or two.
And silver, a little bit different story of course it's so tight to gold. And then so we forced to look at the gold market and when you see pretty much the price of the gold very close to or approaching that cash cost of operating and you feel that is little very downside there. I think with low inflation rates around the world and still the ability and the desire for the bank particularly central banks in Europe to see a cash infusion and pending the monthly policy. There is a little bit of life left in the gold and silver markets. So not as easy as for us to see because it is such a macroeconomic point of view, but looking just at the copper industry and we still feel that we're going to get to see process back toward $4.
Spencer Lehman - Private Investor
Looking forward to the opening of choice, where would you – would have a breakeven for copper a ballpark?
John Shanahan
When we back up running fully we're looking at around 275 for copper and we're looking at probably just over $17.5 for silver. It varies of course Spencer at 1000 tons per day cost higher because it's a volume process for us, but one would back fully up and running with sitting at around that 270 copper and about 17.5 a little bit higher, 17 and 17 on so far.
(Operator Instructions) We have no further question at this time. I will turn the call over to the presenters.
John Shanahan
Well, thank you in closing, once again just appreciate everybody's interest. And we know what we need to do. We are always available, if there are questions. A good day for us is going only in this fourth quarter when we reach out that Troy now. But let everybody know that no one is taking their foot off the gas pedal. We're committed to do what we need to do.
Ken Eickerman
Thank everybody for their time and appreciate it.
This concludes today's conference call. You may now disconnect.
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Anonymoose, LTD
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A few years back I discussed the "Marketing Achievement" of Kayne Anderson in the closed-end fund ("CEF") space. Marketing achievements tend to add to an advisor's revenues whether the shareholders are served by such acts, or not.
This week, CEF Kayne Anderson MLP Investment Company (NYSE:KYN) announced the issuance of 6,200,000 additional shares at $36. The $223.2 million public follow-on offering raised $214.3 million relevant to Assets Under Management ("AUM") for Kayne Anderson. Those figures exclude 930,000 additional shares that the underwriters may purchase pursuant to a 45-day option to cover over-allotments. Such additional shares would be relevant to Kayne Anderson's AUM and revenues for the offering's selling agents, of course.
More info on KYN
There is no shortage of SEC filings for KYN within the CEF Peer Group. Interested parties would be wise to keep up with them all. For purposes relevant to this piece, the following comes from KYN's annual report filing (year ended November 30, 2012).
Technically, the Advisor for KYN is KA Fund Advisors, LLC. Subject to the overall supervision of the company's Board of Directors, the advisor manages the day-to-day operations of, and provides investment advisory services to, the company. For providing these services, said advisor receives a management fee from the company. After deducting a current fee waiver, Kayne Anderson is earning 1.25% on marginal AUM. That is not an expense ratio. Rather, the advisor's billable rate is relevant to forecast the additional $2-$3 million annualized fee Kayne Anderson will be paid based on the additional AUM raised.
Comparing the Adviser Benefits to the Shareholder
Obviously, the precise AUM benefits to the advisor of the offering will vary over time based on performance of the underlying MLPs that Kayne Anderson invests KYN's capital into. Point is, the offering looks like another marketing achievement for Kayne Anderson. Fees are essentially annuities. They are paid not for one year. They are paid in perpetuity, absent the advisor's termination.
The market price of KYN traded down $1.60 per share on news of the offering, in excess of 4%. Based on data at CEFConnect, there was no change to published Net Asset Value ("NAV"). CEFConnect's data lists 88,431,413 shares outstanding. With no apparent change in NAV on an up day in the market, KYN shareholders in the aggregate lost $141,490,260.80 in market value.
I am "short" 100 shares of KYN in my long/short opportunistic style account with my data licensed to Covestor. So, I benefited by $160 yesterday. I don't consider that a large magnitude. I mention this only because I benefit inversely to KYN shareholders. My negative perception of KYN as a marketable instrument should be read with full awareness of my short position. In the case of this offering of course, the long shareholders may be also asking whether Kayne Anderson benefits inversely from KYN's shareholders.
After the decline, KYN traded at approximately a 7% premium to its NAV. Such is suggestive that the assets inside KYN are worth 7% more because of the value added by the CEF's governance and its advisor. If that is appropriate, it is me and others who doubt such who are likely to be the big losers. I actually have a positive view of the MLP sector in general.
Other News in CEFs
Boulder Growth and Income Fund (NYSE:BIF) recently announced a July dividend. It has not paid a distribution other than end of year since its monthly distribution policy was suspended in November of 2008. BIF trades below 80% of its NAV and I'm long in several accounts.
Liberty All Star Equity (NYSE:USA) and American Strategic Income III (NYSE:CSP) are recent subjects of Activist Filings (1, 2). A proposal was submitted to terminate the Advisory Agreement of USA. Such is generally seen as an activist's last resort. A proposal was submitted to consider taking steps to provide liquidity at NAV (ie: open-ending) in CSP. Both trade at discounts in excess of 10% and are long holdings in my CEF Activism Profile account, licensed to Covestor. I am neither an Activist nor a Registered Investment Advisor.
Disclosure: I am short KYN. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Additional disclosure: I am long BIF, CSP, and USA.


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Partly Cloudy ~
High: 61°F ~ Low: 31°F
Monday, Jan. 23, 2017
Early morning car fireFriday, February 1, 2013
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He's the very nice man who own's Dhafer's Restaurant downtown. I hope it was not vandalism. Mr. Al-Makuter is an Iraqi immigrant and he is a wonderful chef and family man....and proud citizen of Dexter, Mo.
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Pico-8 (alpha)
(Alpha v0.1.3 )
Pico-8 is a fantasy console for making, sharing and playing tiny games and other computer programs. When you turn it on, the machine greets you with a shell for typing in Lua commands and provides simple built-in tools for creating your own cartridges.
Mapworks (alpha)
This tool is about fast and pretty map design using data from the wonderful OpenStreetMap.
AOL Alpha (alpha)
Alpha is where we tinker with all kinds of new ideas at Aol. The aim with each new Alpha product is to create experiences that help people connect with each other and the world around them.
Bittorrent Bleep (alpha)
Private instant messaging via secure, distributed technology. No cloud required.
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Easily remove the background from your photos to create masks, cutouts, or clipping paths
(↬ lostfocus)
Page 1 of 43 >>


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Archives for September, 2012
Mindfulness: The Basics
When I first learned about mindfulness, I imagined myself with a shaved head, handing out flowers in an airport. Seeing as how I have a serious aversion to drum circles and incense, I immediately wrote the whole thing off. Boy, was I wrong. So, before I jump into the details of mindful parenting, it seems important to clarify just precisely what mindfulness is, what it isn't, and why it's important. As I mentioned in my previous post, I'm still learning about all of this myself, so please feel free to share your thoughts or questions. According to Jon Kabat-Zinn, a leader in the contemporary mindfulness movement, mindfulness means "paying attention in a particular way; on purpose, in the present moment, and nonjudgmentally." There are a number of different aspects to this definition worth exploring briefly. (I highly recommend Kabat-Zinn's book, Mindfulness for Beginners: Reclaiming the Present Moment--and Your Life for those interested in additional reading.) Rather than just acknowledging what you are doing (whether that's eating dinner, playing with the kids, or folding the laundry) and then letting your mind wander, mindfulness is about consciously choosing to focus your attention to whatever you are doing, while you are doing it. Your thoughts will drift, you will inevitably find yourself ruminating about something that happened earlier in the day or worrying about something that hasn't happened yet. The point of mindfulness practice is to notice when your thoughts wander, be ok with that, and then come back to the children or the dishes or whatever you happen to be doing.
My Journey into Mindful Parenting
Before I became a parent, I thought I had life figured out. You set a goal (for school, work, or whatever), and if you stay focused and work hard, you will achieve it. This approach to my professional and academic pursuits got me through my bachelor's degree, as well as my master's and doctorate in clinical social work. My type-A, slightly (or perhaps more-than-slightly) anal-retentive style helped me stay organized and successful in challenging jobs on an inpatient psychiatric unit and in college counseling. I was working with individuals and families dealing with a range of mental health issues and frequent crises, but with the help of my on-line schedule and trusty to-do list, I got it all done. Like I said, I thought I had it all figured out. From the moment I discovered I was pregnant, I approached parenting like every other job I have had. Whenever questions arose about birth plans or breast-feeding, sleep-training or pacifiers, I immediately researched all of my options, turning to friends, family, websites, and parenting books for advice. I was sure that I could overcome the challenges of parenting if I just worked hard enough.
Welcome to Mindful Parenting
Parenting often takes a lot more stamina and skill than first-time parents realize. That's why some parenting self-help book classics remain popular, even decades after they were first published.
Although the study of and practice of mindfulness are becoming increasingly popular in both scientific research...
Although the study of and practice of mindfulness are becoming increasingly popular in both scientific research...


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Washington is a town that is filled with secrets – some interesting and others not so interesting. I grew up and have practiced law in Washington, DC. all of my career. Nothing really surprises me in Washington, DC.
With the globalization of the economy, a little known process for reviewing proposed foreign investments in the United States is quickly rising in importance.
CFIUS ("The Committee on Foreign Investment in the United States) is an interagency committee responsible for reviewing foreign acquisition of (and investment in) US companies to ensure that the transaction would not threaten US national security. There is no legal requirement to notify CFIUS but CFIUS has the ability to review any transaction before or after closing to make a determination whether the transaction threatens national security. As a result, many companies are voluntarily disclosing the transaction to CFIUS in advance of closing.
In 2012, CFIUS significantly increased the number of transactions it reviewed. Under CFIUS regulations, companies that choose to notify CFIUS must go through an initial thirty-day screening. If any national security issues are identified, companies may have to undergo a second thirty-day period of review.
Nearly half of all filed transactions under go a second-30 day period. Several parties withdrew their notices as a result of unfavorable CFIUS reviews. Some parties revised the proposed transaction and refilled their notices.
An example of a prohibited transaction was a Chinese company's attempted acquisition of four wind farms in the United States which overlapped with United States Navy airspace. President Obama prohibited the transaction and required the Chinese company to divest the wind project companies.
It is rare for a President to reject a foreign investment. Usually the parties will abandon a deal or modify the deal to address national security concerns. In 2012, 20 percent of the CFIUS notices were withdrawn, typically after a second-stage investigation begins.
On the other hand, CFIUS eventually cleared a transaction in which CNOOC, the Chinese state-owned oil company, purchased Nexen, a Canadian company that had exploration and production operations in the Gulf of Mexico. CNOOC had to refile and address CFIUS national security concerns relating to oil production and proximity to a Naval Air station.
The vast majority of CFIUS filings in 2012 related to Chinese acquiring entities. UK investors were second and India was third. CFIUS cleared a Chinese company's acquisition of Smithfield Foods, a US pork processor.
A number of transactions are revised and then approved by CFIUS after mitigation measures are put in place.
As more foreign companies acquire interests in US companies, the CFIUS process will become a more important part of the government approval process.
See more »
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
© Michael Volkov, The Volkov Law Group
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Public racing stable
AMHR show quality arab and thoroughbred type miniatures. We have raised and bred minis for 30 years. Selling down to just a couple.
Breeding quality, registered APHA horses. Located about 20 minutes out of Yakima, WA.
We have 80 acres of ranch property. We run Quater horses and angus simmental cattle.
Training in English and Western Disciplines, including, English/Western pleasure, Trail, Halter training, Problem Solving, and starting on the cow…
We rescue horses that are slaughter bound as well as taking in horses in need from the public.
We specialize in Rescueing slaughter bound horses from auctions along with community outreach..
Vancouver, BC


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MYPCTuneUp 1.3.13
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Quick, easy-to-use system optimizer
MYPCTuneUp helps you find and fix issues that may be affecting your computer's performance and speed.
A standard system scan in MYPCTuneUp includes areas such as the Windows registry, incomplete software uninstallations and the Windows start-up list – that is, the programs that run automatically when you start your computer.
MYPCTuneUp will look for invalid paths, obsolete software entries, empty Registry keys, broken file associations, invalid shared DLLs and other items that make your PC slower and more prone to system failure.
Using MYPCTuneUp is very simple: a click on the Find Errors button is enough to get the analysis started. Once it's done, hit the Repair button to fix all the issues found. Before applying any changes to the system, MYPCTuneUp will create a restoration point just in case.
MYPCTuneUp is easy to use and features a nicely designed interface, but that doesn't make it stand out from similar apps. It feels like it's just another average system optimization tool that makes promises that are too hard to believe.
MYPCTuneUp scans your computer and fixes all sorts of issues that may be affecting your system's speed, stability and performance.
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And we got my computer security back online.
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Tobacco Free N.D. poll shows strong support for smoke-free laws
BISMARCK A statewide poll commissioned by Tobacco Free North Dakota reflects even stronger support as of March 6, 2013, for both the smoke-free law and for Measure 3, each passed by initiated measure in 2012 and 2008, respectively, according to a news release.
In November 2012, 67 percent of North Dakota voters, consisting of a majority in every single county and legislative district of the state, passed Measure 4, creating smoke-free workplaces and protecting all North Dakotans from the dangers of secondhand smoke. The number of North Dakotans who support the smoke-free law, since its implementation only three months ago on Dec. 6, 2012, has risen to 72 percent. In addition, 71 percent of North Dakotans polled responded that they find going to restaurants and bars more enjoyable now that smoking is prohibited.
The poll also showed an overwhelming 89 percent support in favor of Measure 3, which passed with 54 percent of the vote in Nov. 2008. Measure 3 required the state of North Dakota to use a portion tobacco settlement money to fund a comprehensive best practice, guideline-based tobacco prevention program.
"We were thrilled with the level of statewide support the smoke-free law received in November, and we're just as excited to see an increase in that level of support now that it's in place," said Erin Hill-Oban, executive director of Tobacco Free North Dakota.
This poll data is based on 502 live telephone interviews with voters statewide in North Dakota conducted by Keating Research Inc. from February 21-24, 2013.
– Jill Hambek


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Through two weeks of the college football season, the Pac-10 conference has started to distance itself from other conferences in football. You might even say they could be one of the top conferences in football right now.
But while there will be comparisons drawn between this conference and those of the Big Ten, Big 12, and SEC at later dates, this is the newest installment of the power rankings in the Pac-10 from top to bottom.
Oregon, Stanford, Cal, Arizona, Arizona State, and USC remain unbeaten after the first two weeks of the season, but has there been anyone better than the Ducks in the Pac-10 so far?
Here are the power rankings through Week 2.


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University Honors Three for Teaching Excellence
Adair, Kline, Kull receive Metcalf Awards at Sunday's Commencement
Roll over the images above to hear this year's Metcalf winners — (from left) T. Jefferson Kline, Allison Adair, and Andrew Kull — talk about teaching. Photos by Edward A. Brown
When a stack of glowing student evaluations lands on a dean's desk, it usually means one of two things: the teacher is an easy grader, or the teacher has something special.
But when Allison Adair's packet landed on her program director's desk, it was pretty clear which category she fell under.
"She is not satisfied to see an OK piece of work, but rather encourages us to improve our writing beyond our capabilities," wrote one student about Adair, this year's recipient of the University's highest teaching honor — the Metcalf Cup and Prize for Excellence in Teaching — after only five years on the job. It's the first time a Metcalf award has been given to a lecturer.
"I know I have a reputation for being a rigorous teacher and a hard grader, and I understand the word on the street is that I'm tough to satisfy," says Adair, a poet and a lecturer in the College of Arts and Sciences Writing Program. "The truth is that I respect my students too much to let them be easily satisfied with writing or thinking that falls short of their abilities."
The Metcalf Cup and Prize for Excellence in Teaching and the Metcalf Awards, which recognize skilled and engaging faculty members, were presented at Sunday's 135th Commencement exercises. This year's Metcalf Award winners were T. Jefferson Kline, a College of Arts and Sciences professor of French literature and cinema, and Andrew Kull, a School of Law professor who is credited with transforming the typically dry first-year contracts course into a highly entertaining course now known as "Kulltracts."
"One of the things that is very obvious to me now that I didn't realize when I was a student is that the teacher is trying to put himself in the student's position and imagine what it's like to be where you are," says Kull, who received an average score of 4.925 (on a 5-point scale) from his 80 student evaluations for the contracts course.
"He clearly knows the material cold and could recite it in his sleep," wrote a student. "Recitation, however, is the last word to use in describing his lectures. Time with Professor Kull is an intellectual odyssey. His class is an unforgettable journey through the history of contract law, with a particular emphasis on the strange creatures that make contracts."
Similar admiration peppers Kline's folder. "He is passionate, enthusiastic, incredibly knowledgeable, and hilarious," wrote one student. "Not only do I learn French literature in a complete and profound way, but my overall culture gains from this class experience," concluded another.
Kline, who has been teaching at BU for 30 years, says the challenge of making a lasting impact on his students' lives is as fresh as ever. "I confess I am still nervous before I enter each class," he says. "But my nerves no longer have anything to do with self-presentation, but rather with the sense of the immense delicacy and importance of the task I have before me. How could one not feel nervous about walking into a class of 30 eager but extremely varied minds with the project of leading them toward a specific goal, while always remaining open to their issues, needs, and ideas?"
Established in 1973 by a gift from the late Arthur G. B. Metcalf (SED'35, Hon.'74), a former faculty member and chairman emeritus of the Board of Trustees, the awards are a ceremonious public expression of gratitude to the teachers students regard as the defining figures of their academic careers. The Metcalf Cup comes with a prize of $10,000, and the Metcalf Awards with $5,000.
A committee selects the winners by weighing factors such as statements of pedagogy from the nominees and observing their teaching by sitting in on their classes. The letters of recommendation from current and former students are key also, drawing readers into the classroom to experience the professors' energy and enthusiasm.
Edward A. Brown can be reached at email@example.com.


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Middle Mountain
Middle Mountain is a 2,343 ft / 714 m mountain peak near Alpine, California, United States. Based on peakery data, it ranks as the 4591st highest mountain in California and the 42297th highest mountain in the United States. The nearest peaks are Bell Bluff, Gaskill Peak, Lawson Peak, Viejas Mountain, Chiquito Peak, and Poser Mountain. See the Middle Mountain map, 3D fly around, and the Middle Mountain photos to get a better sense of the mountain.
Photos provided by Panoramio are under the copyright of their owners.
Middle Mountain SUMMIT LOG claim the peakery first ascent!
No one has reported climbing or hiking to Middle Mountain summit on peakery. If you've climbed this peak be the first to report it! Share your summit log entry and add Middle Mountain pictures from your climb below. Include the names of the routes or trails you took to the summit and back.
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2,343 ft / 714 m
ProminenceHeight Rank
#4691 in California
#43163 in United States
Summited by
3d Fly AroundShow Bigger »
Nearest peaks see on map »
- Bell Bluff 3,409 ft / 1,039 m 1 mi / 1 km away
- Gaskill Peak 3,836 ft / 1,169 m 4 mi / 6 km away
- Lawson Peak 3,606 ft / 1,099 m 5 mi / 8 km away
- Viejas Mountain 4,173 ft / 1,272 m 5 mi / 8 km away
- Chiquito Peak 4,160 ft / 1,268 m 5 mi / 8 km away
- Poser Mountain 3,891 ft / 1,186 m 5 mi / 9 km away


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text:
Munny From the Black Lagoon: final front view
Finished this guy off the other night. The gills gave me a hard time. They're pretty fragile. Had to repair one. Thank God for super glue*.
*Side note: when using super glue, try not to accidentally glue your hand to the tube. Ripping metal off flesh hurts so much it almost made me throw up.
I've decided to make more movie monsters. Anyone have any requests?
335 views
1 fave
9 comments
Taken on April 12, 2010


text:
Previously, I posted a comment on a paper by Alex Shestopaloff and Radford Neal, after my visit to Toronto two years ago, using a particular version of ensemble Monte Carlo. A new paper by the same authors was recently arXived, as an refinement of the embedded HMM paper of Neal (2003), in that the authors propose a new and more efficient way to generate from the (artificial) embedded hidden Markov sampler that is central to their technique of propagating a set of pool states. The method exploits both forward and backward representations of HMMs in an alternating manner. And propagates the pool states from one observation time to the next. The paper also exploits latent Gaussian structures to make autoregressive proposals, as well as flip proposals from x to -x [which seem to only make sense when 0 is a central value for the target, i.e. when the observables y only depend on |x|]. All those modifications bring the proposal quite close to (backward) particle Gibbs, the difference being in using Metropolis rather than importance steps. And in an improvement brought by the embedded HMM approach, even though it is always delicate to generalise those comparisons when some amount of calibration is required by both algorithms under comparison. (Especially delicate when it is rather remote from my area of expertise!) Anyway, I am still intrigued [in a positive way] by the embedded HMM idea as it remains mysterious that a finite length HMM simulation can improve the convergence performances that much. And wonder at a potential connection with an earlier paper of Anthony Lee and Krys Latuszynski using a random number of auxiliary variables. Presumably a wrong impression from a superficial memory…
Archive for geometric ergodicity
Sampling latent states for high-dimensional non-linear state space models with the embedded HMM methodPosted in Books, pictures, Statistics, University life with tags ABC, arXiv, ensemble Monte Carlo, forward-backward formula, geometric ergodicity, hidden Markov models, HMM, Radford Neal, University of Toronto on March 17, 2016 by xi'an
stability of noisy Metropolis-HastingsPosted in Books, Statistics, Travel, University life with tags geometric ergodicity, Monte Carlo within Metropolis, noisy Metropolis-Hastings algorithm, pseudo-marginal MCMC on April 3, 2015 by xi'an
Felipe Medina-Aguayo, Anthony Lee and Gareths Roberts, all from Warwick, arXived last Thursday a paper on the stability properties of noisy Metropolis-Hastings algorithms. The validation of unbiased estimators of the target à la Andrieu and Roberts (2009, AoS)—often discussed here—is in fact obvious when following the auxiliary variable representation of Andrieu and Vihola (2015, AoAP). Assuming the unbiased estimator of the target is generated conditional on the proposed value in the original Markov chain. The noisy version of the above means refreshing the unbiased estimator at each iteration. It also goes under the name of Monte Carlo within Metropolis. The difficulty with this noisy version is that it is not exact, i.e., does not enjoy the true target as its marginal stationary distribution. The paper by Medina-Aguayo, Lee and Roberts focusses on its validation or invalidation (with examples of transient noisy versions). Under geometric ergodicity of the marginal chain, plus some stability in the weights, the noisy version is also geometrically ergodic. A drift condition on the proposal kernel is also sufficient. Under (much?) harder conditions, the limiting distribution of the noisy chain is asymptotically in the number of unbiased estimators the true target. The result is thus quite interesting in that it provides sufficient convergence conditions, albeit not always easy to check in realistic settings.
ABC à MontréalPosted in Kids, pictures, Running, Statistics, Travel, University life with tags ABC, ABC in Montréal, ABC model choice, ABC-MCMC, ABC-SMC, arXiv, Canada, conference, geometric ergodicity, machine learning, Montréal, NIPS 2014, poster, pseudo-data, Québec, snow, treadmill on December 13, 2014 by xi'an
So today was the NIPS 2014 workshop, "ABC in Montréal", which started with a fantastic talk by Juliane Liepe on some exciting applications of ABC to the migration of immune cells, with the analysis of movies involving those cells acting to heal a damaged fly wing and a cut fish tail. Quite amazing videos, really. (With the great entry line of 'We have all cut a finger at some point in our lives'!) The statistical model behind those movies was a random walk on a grid, with different drift and bias features that served as model characteristics. Frank Wood managed to deliver his talk despite a severe case of food poisoning, with a great illustration of probabilistic programming that made me understand (at last!) the very idea of probabilistic programming. And Vikash Mansinghka presented some applications in image analysis. Those two talks led me to realise why probabilistic programming was so close to ABC, with a programming touch! Hence why I was invited to talk today! Then Dennis Prangle exposed his latest version of lazy ABC, that I have already commented on the 'Og, somewhat connected with our delayed acceptance algorithm, to the point that maybe something common can stem out of the two notions. Michael Blum ended the day with provocative answers to the provocative question of Ted Meeds as to whether or not machine learning needed ABC (Ans. No!) and whether or not machine learning could help ABC (Ans. ???). With an happily mix-up between mechanistic and phenomenological models that helped generating discussion from the floor.
The posters were also of much interest, with calibration as a distance measure by Michael Guttman, in continuation of the poster he gave at MCMski, Aaron Smith presenting his work with Luke Bornn, Natesh Pillai and Dawn Woodard, on why a single pseudo-sample is enough for ABC efficiency. This gave me the opportunity to discuss with him the apparent contradiction with the result of Kryz Łatunsziński and Anthony Lee about the geometric convergence of ABC-MCMC only attained with a random number of pseudo-samples… And to wonder if there is a geometric versus binomial dilemma in this setting, Namely, whether or not simulating pseudo-samples until one is accepted would be more efficient than just running one and discarding it in case it is too far. So, although the audience was not that large (when compared with the other "ABC in…" and when considering the 2500+ attendees at NIPS over the week!), it was a great day where I learned a lot, did not have a doze during talks (!), [and even had an epiphany of sorts at the treadmill when I realised I just had to take longer steps to reach 16km/h without hyperventilating!] So thanks to my fellow organisers, Neil D Lawrence, Ted Meeds, Max Welling, and Richard Wilkinson for setting the program of that day! And, by the way, where's the next "ABC in…"?! (Finland, maybe?)
making a random walk geometrically ergodicPosted in R, Statistics with tags Annals of Statistics, CRAN, geometric ergodicity, métro, MCMC, Metropolis-Hastings, R, R package, random walk, uniform ergodicity on March 2, 2013 by xi'an
While a random walk Metropolis-Hastings algorithm cannot be uniformly ergodic in a general setting (Mengersen and Tweedie, AoS, 1996), because it needs more energy to leave far away starting points, it can be geometrically ergodic depending on the target (and the proposal). In a recent Annals of Statistics paper, Leif Johnson and Charlie Geyer designed a trick to turn a random walk Metropolis-Hastings algorithm into a geometrically ergodic random walk Metropolis-Hastings algorithm by virtue of an isotropic transform (under the provision that the original target density has a moment generating function). This theoretical result is complemented by an R package called mcmc. (I have not tested it so far, having read the paper in the métro.) The examples included in the paper are however fairly academic and I wonder how the method performs in practice, on truly complex models, in particular because the change of variables relies on (a) an origin and (b) changing the curvature of space uniformly in all dimensions. Nonetheless, the idea is attractive and reminds me of a project of ours with Randal Douc, started thanks to the 'Og and still under completion.
dirty MCMC streamsPosted in Statistics, Travel, University life with tags geometric ergodicity, Markov chain Monte Carlo, MCMC, pseudo-random generator, randomness on May 7, 2012 by xi'an
Iain Murray and Lloyd T. Elliott had posted this paper on arXiv just before I left for my U,K, 2012 tour and I did not have time to read it in detail, nor obviously to report on it. Fortunately, during the ICMS meeting, Iain presented an handmade poster on this paper that allowed me a quick tour, enough to report on the contents! The main point of the paper is that it is possible to modify many standard MCMC codes so that they can be driven by a dependent random sequence. The authors show that various if specific dependent sequences of uniform variates do not modify the right target and the ergodicity of the MCMC scheme. As mentioned in the conclusion of the paper, this may have interesting consequences in parallel implementations where randomness becomes questionable, or in physical random generators, whose independence may also be questionable…
How quickly does randomness appear?Posted in Statistics, University life with tags convergence, geometric ergodicity, La Recherche, Metropolis-Hastings algorithms, Nice, randomness, spectral gap, total variation, uniform ergodicity on November 10, 2011 by xi'an
This was the [slightly off-key] title of the math column in the November issue of La Recherche, in any case intriguing enough for me to buy this general public science magazine on the metro platform and to read it immediately while waiting for an uncertain train, thanks to the nth strike of the year on my train line… But this was the occasion for an exposition of the Metropolis algorithm in a general public journal! The column actually originated from a recently published paper by Persi Diaconis, Gilles Lebeaux, and Laurent Michel, Geometric analysis for the Metropolis algorithm on Lipschitz domain, in Inventiones Mathematicae [one of the top pure math journals]. The column in La Recherche described the Metropolis algorithm (labelled there a random walk on Markov chains!), alluded to the use of MCMC methods in statistics, told the genesis of the paper [namely the long-term invitation of Persi Diaconis in Nice a few years ago] and briefly explained the convergence result, namely the convergence of the Metropolis algorithm to the stationary measure at a geometric rate, with an application to the non-overlapping balls problem.
If you take a look at the paper, you will see it is a beautiful piece of mathematics, establishing a spectral gap on the Markov operator associated with the Metropolis algorithm and deducing a uniformly geometric convergence [in total variation] for most regular-and-bounded-support distributions. A far from trivial and fairly general result. La Recherche however fails to mention the whole corpus of MCMC convergence results obtained in the 1990's and 2000's, by many authors, incl. Richard Tweedie, Gareth Roberts, Jeff Rosenthal, Eric Moulines, Gersende Fort, Randal Douc, Kerrie Mengersen, and others…
Random dive MHPosted in R, Statistics with tags geometric ergodicity, Metropolis-Hastings, R, random walk, randomness on September 2, 2010 by xi'an
A new Metropolis-Hastings algorithm that I would call "universal" was posted by Somak Dutta yesterday on arXiv. Multiplicative random walk Metropolis-Hastings on the real line contains a different Metropolis-Hastings algorithm called the random dive. The proposed new value x' given the current value x is defined by
when is a random variable on . Thus, at each iteration, the current value is either shrunk or expanded by a random amount. When I read the paper in the Paris metro, while appreciating that this algorithm could be geometrically ergodic as opposed to the classical random walk algorithm, I was not convinced by the practical impact of the method, as I thought that the special role of zero in the proposal was not always reflected in the target. Especially when considering that the proposal is parameter-free. However, after running the following R program on a target centred away from zero, I found the proposal quite efficient.
for (t in 2:Nsim){
if (runif(1)<prob) x[t]=prop
Obviously, it is difficult to believe that this extension will keep working similarly well when the dimension increases but this is an interesting way of creating a heavy tail proposal.


text:
To streamline the preparation of this salad, cook the potatoes and green beans in the same pot of simmering water. The beans take less time, so add them to the pot after the cooked potatoes are scooped out. You can combine the mayonnaise dressing and store it in the refrigerator overnight. Toss with the potatoes and remaining ingredients just before serving.
4 servings (serving size: about 1 1/4 cups)
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1 1/2 pounds small red potatoes
2 cups (1-inch) cut green beans (about 3/4 pound)
2/3 cup low-fat mayonnaise
2 tablespoons whole-grain Dijon mustard
2 tablespoons rice vinegar
1 tablespoon fresh lime juice
1 teaspoon honey
1/8 teaspoon freshly ground black pepper
Dash of salt
1 garlic clove, minced
1/2 cup finely chopped red onion
1/4 cup chopped fresh basil
Place potatoes in a large saucepan; cover with water. Bring to a boil. Reduce heat; simmer 20 minutes or until tender. Remove potatoes with a slotted spoon; place on a cutting board. Let cool to room temperature. Add beans to simmering potato cooking water; cook 3 minutes or until crisp-tender. Drain; let cool slightly. Cut potatoes into quarters.
Combine mayonnaise and next 7 ingredients (through garlic) in a large bowl, stirring with a whisk. Add potatoes, beans, onion, and basil; toss gently to combine.
Created date
April 2005
Nutritional Information
Calories 232
Caloriesfromfat 14 %
Fat 3.6 g
Satfat 0.6 g
Monofat 1 g
Polyfat 1.7 g
Protein 4.7 g
Carbohydrate 46.1 g
Fiber 5.4 g
Cholesterol 0.0 mg
Iron 1.9 mg
Sodium 610 mg
Calcium 65 mg


text:
The Spear of Tyranny - eBook
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|Format: DRM Protected ePub
Vendor: Thomas Nelson
Publication Date: 2000
Series: Millennium
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The unforgettable sequel to By Dawn's Early Light. A tale of faith, love, terror- and hope.
It seems like a dream come true.
Especially to a world ravaged by war and exhausted by drought. Especially to a society grown fearful from widespread crime and mystified by mass disappearances and unprovoked animal attacks. And especially to a young Israeli couple devastated by their own, very personal loss and unable to reach out to each other in their private pain.
After centuries of war and decades of crime, the prospect of international harmony is tantalizing the tiny nation of Israel. After millennia of waiting, the prospect of a rebuilt Temple on Jerusalem's holy mount seems a miraculous gift. And to Israeli Major Isaac Ben-David, disillusioned by loss and hungry for meaning, the opportunity to work for peace is all but irresistible.
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Just who is Adrian Romulus, anyway?
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A USANATO Soldier and Italian Army officer interact during the NATO 1st German Netherlands Corps 16th anniversary bivouac ceremony.
USANATO and allied Soldiers present information to visiting dignitaries from a NATO Allied Rapid Reaction Corps tactical operations center.
U.S. and allied service members participate in a military parade in the United Kingdom.
A USANATO Soldier is reinlisted at the Allied Forces South Battlion headquarters in Naples, Italy.
U.S. and French service members participate in a marksmanship range near Lille, France.
Allied Soldiers are photographed at the NATO Multinational Corps Northeast headquarters in Szczecin, Poland.
Allied Soldiers assigned to NATO Rapid Deployable Corps Italy conduct language training in Naples, Italy.
Allied personnel attend a counter-terrorism conference hosted by NATO Rapid Deployable Corps Greece in Thessaloniki, Greece.
The NATO Supreme Headquarters Allied Powers Europe deputy chief of staff speaks to USANATO Allied Forces North Battalion Soldiers during a leaders' development seminar in Mons, Belgium.
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