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I also am currently without a vehicle.
Also, Agent-AKS is my PSN id; feel free to add if you're looking for someone to play Battlefield, Counter Strike: GO, or Dead Island with. :P
Writing- This is my passion. While I recognize that I could improve in areas, I do believe that I can spin a very entertaining and good story.
Video Games- Typically strategy games, RPGs, ARPGs(like Torchlight), and select FPS'(mostly Counter Strike, Battlefield 3, and Borderlands 2). I'm pretty good at all of these, but I'm best at games where I can sneak around(in particular the Elder Scrolls games.)
Listening- I'm told I have a talent for listening to people's problems, and giving the advice they need, even if it's not the advice they really want.
1. G.R.R. Martin's Song of Ice and Fire series
2. Batman: Knightfall
3. Tolkien's Middle Earth
4. Steven King's The Darktower
5. Herbert's Dune
Top 10 Bands/Artists in Ascending order(with my fav song)
1. The Naked & Famous -Young Blood
2. Red- Lie to Me
3. Sigur Ros- Saeglopur
4. System of a Down- Chop Suey
5. How to Destroy Angels - How Long
6. Imagine Dragons - Radioactive
7. The Joy Formidable - Whirring
8. Nine Inch Nails - Hurt
9. Kid Cudi- Man on The Moon
10. David Bowie - Ziggy Stardust
Top 5 Films in Ascending Order
1. The Great Dictator
2. The Empire Strikes Back
3. Stargate
4. Star Trek VI: The Undiscovered Country
5. Pan's Labyrinth
Top 10 TV shows in ascending order
1. Battlestar Galactica
2. Archer
3. The DC Animated Universe
4. Cowboy Bebop
5. Doctor Who
6. All of Star Trek
7. Blood+
8. Sherlock
9. South Park
10. Kitchen Nightmares with Gordon Ramsay
Top Five Video Games/game series' in, you guessed it, ascending order(with fav character).
1. Borderlands 2
2. Heavy Rain
3. The Metal Gear Solid series
4. Dissidia: Final Fantasy 012
5. Silent Hill 2
And finally my fav sports teams.
American Football: Chicago Bears
Baseball: Chicago White Sox(I enjoy going to Cubs games, but I'll support my team if that's who they're playing. :P)
American Soccer: Chicago Fire
European Soccer: Manchester United
FIFA League: English National Soccer Team
Hockey: Chicago Blackhawks
Basketball: Chicago Bulls
....also my favorite food is a tie between Italian and Chinese Take-out(it's got to be GOOD chinese takeout however.).

subset: commoncrawl


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EAGLE GROVE – Quincy James Babcock, the son of Mike and Candice (Willard) Baker, was born on August 16, 1975, in Fort Dodge, Iowa and was raised and educated in Eagle Grove, graduating from Eagle Grove High School, "Class of 1993". He then attended college at I.C.C.C. (1993-1996) and Westmar College in LeMars (1997-1998). Quincy worked for the Seneca Foundry in Webster City.
Quincy was an avid fan of the Dallas Cowboys, Syracuse basketball and a true "history buff" always relishing a good game of trivia. He excelled in playing football and loved watching games and all sports. You could find him watching ESPN 24/7, movies and playing Madden NFL. Quincy was big into lifting weights, you could always catch him flexing in the mirror and wearing his shirts too small just to show-off his big muscles. He also enjoyed spending time with his kids and get-togethers with family and friends, playing Baggo matches and other competitive activities. Quincy loved his food being very particular about meal time and his all-time favorite food was a Casey's donut. He will be remembered for his "laid-back" personality, always smiling and joking being loved by many.
Quincy passed away on Sunday, July 14, 2013, at the age of 37 years. He was preceded in death by his grandparents, Louis and Jean Willard; grandmother, Helen Babcock; uncles, Brady and Wade Willard and cousins, Steve Willard, Amanda Lalor and Kelsi Marshall.
Quincy is survived by his children, Keegan and Keyenna Loux of Eagle Grove; parents, Candy and Mike Baker of Eagle Grove; brothers, Marcus Babcock and his children, Hayden and Connor of Ohio and Joel Babcock and wife Nikki and their son, Jackson of Eagle Grove; sister, Athena Martinez (Chris Burke) and their children, Olivia, Mateo and Sophia Martinez and Riley and Kylie Burke of Eagle Grove; grandfather, LeRoy Babcock of Eagle Grove; step-grandmother, Kay Miers and husband Marv of Clarinda; step-brother, Michael Baker and wife Kirsten and their children Isabelle, Natalie and Owen of Waterloo and many other aunts, uncles, cousins and friends.
Funeral services will be 2:00 p.m. Thursday, July 18, 2013, at Evangelical Lutheran Church in Eagle Grove with Pastor Mike Agnew officiating. Visitation will be Wednesday from 5:00 to 8:00 p.m. at Foust Funeral Home in Eagle Grove. Burial will be in Rose Hill Cemetery, Eagle Grove.
Memorials may be left to the discretion of the family.


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Christopher A. Sinclair has been named the chairman and interim CEO of Mattel, effective immediately. The company also announced that Bryan G. Stockton has resigned as Mattel's chairman and CEO and resigned from the board of directors. [Read more...]
Bryan Stockton Resigns as Chairman and CEO of Mattel, Christopher Sinclair Named Chairman and Interim CEO
Rubie's Expands Its Dress-Up Line with Marvel, Minions, and More
Imagine by Rubie's, a toy division of Rubie's Costume Company Inc., is expanding its offerings with new products and accessories. Available for children in separates and box sets, every unique ensemble provides kids the opportunity to dress-up as their favorite character 365 days of the year.
Entertainment One Launches Peppa Pig Magazine, Expands U.S. Toy Program
Entertainment One Licensing (eOne Licensing) has partnered with Redan Publishing Inc. for a bi-monthly publication based on Peppa Pig. Fun To Learn Peppa Pig Magazine will launch this month at major retailers throughout the U.S., including Wal-Mart, Barnes & Noble, Books-A-Million, and Kroger.
Based on the animated TV show airing daily on Nick Jr., Fun To Learn Peppa Pig Magazine, for children ages 2 to 7, showcases the adventurous and loveable little pig along with her brother George, Mummy Pig, and Daddy Pig. Every issue will feature 36 pages of Peppa-themed activities designed to reinforce early learning skills as well as fun and inventive crafts projects, puzzles, product giveaways, and more.
In addition, a host of new licensed products are slated to make their retail debut in the spring. Better Toyz will offer a range of licensed sporting goods, including ball pits and tents, play balls, skates, scooters, kiddie pools, and skateboards. Fiesta Toys will produce an assortment of Peppa Pig plush and toys for the amusement park channel, from plush novelty hats and peek-a-boo pillows to Rolley bags and backpacks.
COMMENTARY: Nintendo Is Game for Playing in the Toy World
Since the 1980s, Nintendo has always seemed to be the "family-friendly" choice in video games. With wholesome characters such as Mario and Luigi, Princess Peach, Yoshi, and Toad, and bad guys that make you laugh more often than they scare you (except for Bowser in the original Super Mario Bros. game on NES—he was straight up scary), Nintendo has always given off a welcoming, family-friendly vibe, with games available for kids of all ages, and systems and controllers that are intuitive rather than intimidating.
Despite knowing this—and being a Nintendo fan my whole life—it still caught me a bit off-guard when Nintendo announced that it would be launching amiibo, which are action-figures designed to connect and interact with compatible games. "By holding the amiibo over your Wii U GamePad, you'll open up new experiences within each corresponding game," reads the Nintendo website. [Read more...]
Jeffrey Dunn Named President and CEO, Sesame Workshop
Vincent Mai, chairman of the board of trustees of Sesame Workshop, announced today the appointment of Jeffrey Dunn as president and CEO of Sesame Workshop, effective September 29. Dunn, formerly the president and CEO of Hit Entertainment, will succeed Mel Ming, who announced his retirement earlier this year.
Dunn currently serves as a 2014 Advanced Leadership Initiative Fellow at Harvard University with a focus on media and education. Previously, he served as president and CEO of Hit Entertainment from 2008 until 2012. Before joining Hit, Dunn served as group COO of the Nickelodeon Networks group and the president of Nickelodeon Film and Enterprises, where, among other things, he built Nickelodeon's international networks business and oversaw the growth of Blue's Clues, SpongeBob SquarePants, and Dora the Explorer into three of the world's largest licensed property brands.
LeapFrog's New LeapBand Is Available Now
The LeapBand, a wearable activity tracker from LeapFrog designed for kids ages 4 to 7, which encourages active play and healthy habits through interaction with a personalized virtual pet, is now available both online and at retail.
The LeapBand activity tracker gets kids moving and having fun with 50 different activities and challenges, tracking kids' physical moves so the more active a kid is, the more points they earn with their virtual pets. As kids earn points through active play, they can unlock additional games, challenges, levels of play, and virtual rewards for their on-screen pet.
LeapBand has an aspirational fit-band style that is designed with kids in mind, and high-tech features including a built-in accelerometer, a high-resolution color screen, a rechargeable battery, and a water-resistant design. [Read more...]
Exclusive Pics from 2014 Licensing Expo
Licensing Expo, the annual meeting place for the global licensing industry, occurred last week in Las Vegas. The exhibitors included a number of the top toy companies, which were on-hand showing off upcoming play products and making announcements about new licensing deals.
Check out this exclusive gallery, which features lots of the licensed toys that we're all sure to be excited about in the months ahead. [Read more...]
MGA Appoints Anne Gates as President
MGA Entertainment (MGAE) has appointed Anne Gates as president. Gates joined MGAE in early 2014 and MGA says she has proven to be a strategic and creative leader for the company's portfolio of family entertainment franchises. In her new role, Gates will oversee all of MGAE's global businesses and operations.
"Having Anne Gates as president will allow me to innovate and work more closely with the MGAE team on a vision for an exciting future, while Anne handles the day-to-day operation of the business. Anne and I will work very closely together to take MGAE to new heights," says Isaac Larian, CEO of MGA Entertainment. "Her incredible determination and proven performance in systematically growing businesses, paired with her exceptional management and entertainment experience, will help position the company for continued growth and leadership in the toy and entertainment world." [Read more...]
COMMENTARY: Bath Time Is Play Time in My House
I'm a lucky mom (for many reasons), but in the context of this post I'm lucky because my kids love taking baths. It's one less thing to fight about. However, the reason they don't mind cleaning up is that it's fun. It's not the getting clean part they enjoy (Lena has tried to make me forget about that portion of the experience many times), but the playing. Entertaining a 4-year-old in the tub is very different from distracting an 8-month-old, but bath toys have come a long way since I was a kid (plastic cup and Dawn dish soap, anyone?), and I've got a whole array of toys to get the job done. [Read more...]
COMMENTARY: AllerMates Help Keep Kids with Allergies Safe
As the mother of a preschooler with a newly discovered sesame allergy, I am somewhat unfamiliar to the world of epi-pens and the importance of teaching a young child to speak up for themselves in a potentially lethal—but seemingly innocent—situation. It's scary to be told your child has a serious allergy, and that the next seed to cross her lips could cause her throat to close up. While nut allergies are a known condition that can trigger anaphylaxis with tongue swelling and the inability to breathe, sesame allergies are a somewhat new, albeit growing phenomenon. As a parent, it's my job to keep my children safe, and to make sure that no matter where my daughter is or whose care she is in, she will not be in danger.
My daughter's pediatrician recently stressed to me the importance of teaching Lena to always ask whether there is sesame in any food she is given, and to always ask a parent or teacher if it's okay for her to eat. However, she is 4 years old, and new to this allergy herself. She does not understand the potential consequences of eating sesame, and it is extremely difficult for her to remember and be held responsible for something so serious.
This is why I was so enthusiastic when I was contacted by AllerMates, and introduced to the company's expanding line of products for kids with food allergies. [Read more...]


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L Brands (NYSE:LB) is the holding company that owns the rights to several women's apparel and accessory retailers worldwide. The company, founded in 1963 by Chairman and CEO Leslie Wexner, has, from day one, been focused exclusively on women's apparel and accessories and, under Wexner's vision and leadership, has grown into a company that does $11 billion in annual revenue. The stock, as seen below, has been on a very steady and strong uptrend in the past few years, with shares trading for about $57 as of this writing. Shares hit an all-time high earlier this year and in this article, we'll discuss why I think there is more in LB shares to go higher and also why I think a strategy shift could result in even more value creation.
Before we get into the meat of the analysis, it's instructive to understand what kind of company LB really is. The company, formerly known as Limited Brands, sells women's accessories and apparel through retail and e-commerce channels through five brands: Victoria's Secret, Bath & Body Works, La Sensa, Henri Bendel, and PINK. These brands are focused nearly exclusively on women's lingerie and undergarments with the exception of Henri Bendel, which sells jewelry and other accessories for women. The brands all offer shoppers an upscale shopping experience in exchange for premium prices.
Victoria's Secret and Bath & Body Works make up the lion's share of the consolidated company's revenue and profit and PINK brand is consolidated within the Victoria's Secret line of business.
Metrics, Metrics Everywhere
In beginning the financial discussion, we'll first understand where LB's revenues come from. And as a note, all data presented are from Company Filings and compiled by the author.
Victoria's Secret US
Bath & Body Works US
La Senza
Henri Bendel and Other
As you can see, nearly all of LB's revenues come from Victoria's Secret and Bath & Body Works. The other brands are niche boutique brands with relatively low store counts and limited product offerings. Thus, lower revenue is expected in comparison to the big two as those are well known, mainstream brands.
Hereafter, we'll look at consolidated results, unless otherwise noted, but I wanted to form an understanding of how the consolidated results are derived from the different brands and the relative importance (and unimportance) of certain brands.
As a note, all charts show fiscal years, which have floating year end dates for L Brands depending on when weeks end near the fiscal yearend target. Thus, the charts do not show calendar years, but whatever is defined as the fiscal year for that particular year, which you can find in the company's 10-Ks, if you're so inclined.
Our first performance metrics are revenues and gross margins. These are the most basic metrics of any business and for a retailer in particular, you must understand revenue and margin trends in order to gain an understanding of the business.
Here we see that both revenues and margins have increased substantially in the past five years. During the consumer-led recession in 2009, L Brands suffered mightily, seeing sales and margins trough around $8.6 billion and 35%, respectively. This was due to higher selling costs and lower efficiencies in terms of fixed costs and payroll on a smaller sales base. However, as sales have taken off and efficiencies have materialized, we've seen a rapid improvement in not only sales but margins as well. Prior to last year, margins had increased steadily and rapidly and while margins fell last year, the decline was very slight. The takeaway from this chart is that revenue and margins have rebounded from the recession in a big way and are showing little signs of slowing down.
Next, we'll take a look at operating margins and net income. We know that selling lots of product doesn't mean anything unless you are making more money than it costs you to do so (unless you are Amazon (NASDAQ:AMZN) or Netflix (NASDAQ:NFLX)). To the rest of the world, profits matter and L Brands has that as well.
I like to look at operating profits and net income together because both are very important. Operating profit is a purer measure of profitability than net income as the latter includes all kinds of expenses that have nothing to do with actually running the business. Thus, operating income gives us a better sense of how the business is really performing without the noise of accounting gimmicks and earnings management.
Net income is also important because this is the earnings number that the Street cares about and the number by which the stock price is valued. So although I'm not a big fan of using net income because it is so malleable by talented accountants, the fact is that it matters and we must pay attention to it.
We see what we would expect to see given the first chart showing improving margins and sales; operating and net income both rose very steadily in the past five years with last year producing about $1.8 billion in operating income and around $900 million in net income. Those numbers by themselves don't tell you much but in the context of revenue and market cap (more on that below), they can be very instructive. In addition, we can see quickly that both are headed in the right direction, showing strong and steady growth since 2009.
So we saw that operating profits have risen but in the context of revenue, how is L Brands doing? This chart shows L Brands' operating margins for the same five year period.
We see that not only has L Brands been growing revenues but it is doing so while growing the amount of those revenues that flow to profit. From a base of 10% in 2009, operating margins have grown materially to over 16% last year. That is an enormous improvement in operating margins and this is a big reason why shares in the retailer have risen from under $10 in 2009 to near $60 in 2014. The company is not only growing sales but substantially increasing the amount of profit it derives from those sales. This chart is one of the most important charts you will see from any retailer and its significance cannot be overstated. LB has shown a propensity to grow profits and as long as this chart goes from the bottom left to the upper right, shareholders will continue to do well.
With any retailer you want to know that management is good stewards of inventory dollars. There are myriad ways to do this but my favorite is the gross margin return on investment, or GMROI. This formula takes the amount of money that is invested in inventory and compares it to how much those dollars return in gross margins; the higher the GMROI, the better.
The way it works is that if GMROI is high it means the company has high inventory turnover and/or high gross margins. Obviously, you want both but if one or both of those numbers move up, GMROI will go up. This metric is useful because it will show you if either inventory turnover or margins are declining and can be the warning sign you need to know that either margins are at risk or management is overspending on inventory. If it is stagnant or trends higher, the company is in good shape with its inventory investments.
Finally, the scale is the company's return for one dollar of inventory investment. Thus, a reading of 3 means that the company returned three dollars of gross margin during the year for one dollar of inventory investment. This return is achieved through turning inventory over quickly and by achieving high margins.
In LB's case we see GMROI improve very nicely from the 2009 trough until 2012 when we started to see a slight decline. Last year continued that decline and we've now seen GMROI come down from 4.1 to 3.7, a decline worthy of mention as it means LB is having to invest more in its inventory to achieve its growing operating and net profit numbers.
We've already touched on gross margins and we know that they are very near their highs for the last five years but we see GMROI has come down roughly four tenths of a point since 2011. Thus, since margins are stable and high, the culprit has to be inventory turnover.
In fact, that is exactly what we see here. LB's inventory turnover has declined substantially from the 2011 peak and despite stable margins, we've seen GMROI decline as a result. If you've got to have GMROI decline you want it to be because of excess inventory instead of declining margins but of course, stable or rising GMROI is preferable.
LB still has very high inventory turnover so I'm not worried about it coming in at the 9+ area but if we continue to see inventory turnover slip, I'll be concerned. LB does a remarkable job achieving $10+ billion in sales on average inventory of just over $1 billion so we are a long way from an inefficient retailer. However, as I said, we want to watch GMROI and in particular, inventory turnover, for signs that demand for the company's products is waning or that the company is overspending on its inventory.
So why am I so worried about carrying too much inventory? The problem with that is that carrying inventory is expensive. Not only do you have to buy it but you have to store it, ship it and sell it to get rid of it and turn it back into cash that you can use to buy more inventory or other things. All of those tasks have costs associated with them and you either have to fund those costs through cash flow or debt.
LB produces decent free cash flow, which we'll look at later, but the inventory situation ties into our next metric, long-term debt.
LB has taken on significant long-term debt in just the past four years. In fact, the already-elevated $2.5 billion that LB had in 2010 has nearly been doubled as of earlier this year. LB's $4.7 billion in long-term debt is very high for a company that earns less than one billion dollars per year and has FCF that is significantly lower than that. This is the one red flag that has me worried about LB; five times annual earnings in long-term debt, while not unrealistically high, is still a lot of money to owe. And the amount isn't where the pain stops for LB either.
The weighted average interest rate on this debt is 6.8% and last year's average daily balance of long-term debt was $4.614 billion. That equates to $300 million in cash paid for interest in 2013 and before you write off that amount, that's for a company that earned $903 million in the same timeframe. That's a lot of earnings being drawn away from shareholders and into creditors' hands.
The way this ties into the inventory situation is that paying this much for debt in order to finance inventory purchases is very expensive and adds significant cost to the business model. The financing cost doesn't show up in gross margins as there is no way to know how the money was actually spent. However, if the debt is used at least in part to buy inventory, LB's capital structure is effectively increasing cost of goods sold, diminishing margins without it hitting the financial statements. This is where I'm concerned about LB; the company has a lot going for it but it employs a lot of leverage for a retailer.
On the plus side, LB only has $213 million in principal payments due in 2014 and $700 million in 2017; the balance is due in 2019 and beyond. This means that, while the debt is expensive to service, it isn't going to cause a liquidity crisis any time soon for LB. I do wish, however, that the company would refinance some of this debt in the rock bottom interest rate environment we find ourselves in. Shaving even half a percent from the weighted average debt cost could save ~$25 million annually.
In addition, the company does employ some interest rate swaps as hedges against interest rate movements. The interest rate swap arrangements effectively convert the fixed interest rate on the related debt to a variable interest rate based on LIBOR plus a fixed percentage for $400 million of the shortest duration debt the company has outstanding. This is a decent start and is lowering the cost of this $400 million in debt but it is just a drop in the bucket for now.
Moving back to the retail side of the discussion, LB has posted some very strong comps since the 2009 trough and we'll take a look at sales per square foot now to illustrate just how far its top three brands have come.
All three brands listed, Victoria's Secret, Bath & Body Works and La Senza, have posted robust gains in productivity per selling square foot since the trough. We see that VS' number has grown more quickly than BBW's as they were virtually identical in 2009 but have subsequently risen to $824 and $725, respectively. La Senza, the laggard of the group, has seen increases but most of the gains came in 2013. Still, LS is posting just over $500 in sales per square foot when the others are well into the $700+ range. Overall this bodes extremely well for shareholders as its two largest brands are incredibly efficient at turning selling space into dollars. I'm impressed both with the direction and magnitude of LB's chains' sales per square foot numbers.
Before we finish up with some financing metrics, we'll take a look at the company's consolidated comp sales numbers for the past five years.
We already know that 2009 was a terrible year that saw the stock trade below $10 and, surprising to no one, the comp number was a whopping negative 4%. As ugly as that number is, the most recent four years have seen unbelievable increases in comp sales of 9%, 10%, 6% and 2%, respectively. While last year's number was a bit of a disappointment in the context of these other numbers, it was still solidly positive and shows that, even off of a very strong base, the company delivered sales increases. This speaks to the staying power of the VS and BBW brands and the fact that the chains attract repeat customers again and again. I'd like to see the comp number higher than 2% but a positive comp on the back of a string of comp increases that we see here is quite strong indeed. I'll be concerned if LB starts posting flat or negative comps consistently over the next few quarters but right now, I see nothing to be anxious about here. And don't freak out if we see some soft spots in comps; every retailer has bumps in the road. It's the trend we're interested in.
As promised, we'll finish up the financing discussion now by looking at three more sets of data. First, we'll take a look at the company's cash flow statement.
As you can see, LB reliably produces $1.2 to $1.3 billion in operating cash flows each year, as seen in the red bars above. This is a strong number and speaks to the efficiency of LB's operations. If you see a retailer that shows wildly fluctuating operating cash flow it either means the CFO and Treasurer don't know how to manage the company's cash receipts and disbursements or profitability is an issue. Either way, it's a bad sign. The steadiness of LB's operating cash flow means the company is efficient at buying and selling its inventory and converting it back into cash; I like what I see here very much.
The company's investing cash flows, as seen by the blue bars, is negative every year. The numbers are still relatively large at $500 to $600 million for the past two years but we'd expect a retailer to show negative investing cash flows as the company is spending to grow the business. This is where we see capex show up and for a company that is opening stores every month, that number is going to be robust. We see very small negative investing cash flows in 2009 to 2011 because LB basically stopped opening new stores. However, new stores have been a priority in the past couple of years and consequently, we see investing expenditures rise substantially. Negative investing cash flows are not a big deal for a retailer so long as the numbers are small enough that the company can afford them and given LB's operating cash flow reliability, I'm not concerned at all with its capex. In fact, I like seeing it because the company is investing in the future.
Where this gets really interesting is in the financing cash flows, as seen in the green bars. We see very large outflows every year except for last year in this dataset and the reasons are many. First, this is where any dividends and share repurchases show up in the statement of cash flows. Since LB is very active with both of these activities we see large cash outflows every year due to that (more on that later). The only reason these outflows aren't significantly larger is because of the heavy borrowing we examined earlier. The company has posted net borrowings of $2.5 billion in just the past three years and if you were to take those inflows out of the financing section of the cash flow statement, we'd see a much, much larger negative flow than we do each year.
This is where I become a bit concerned about LB's cash management. We already know that the company's inventory is held in check each year and that the company is efficient at turning its inventory back into cash, so where is all of this money that is being borrowed going? The answer is dividends and to a lesser extent, share repurchases.
As you can see, LB has paid out prodigious dividends since 2009, aggregating to over $15 per share in that time period. On a stock that is trading for $57, that is very significant. I love this and I encourage companies to return extra cash to shareholders. However, I think LB has perhaps gone a bit overboard in borrowing money to finance dividends. Including all special and regular dividends, LB has returned $3 billion to shareholders in cash over the past three years. That is an enormous feat for a company with a market cap of $17 billion and I think it may have been too much. Shareholders are now paying $300 million per year in interest to finance those dividends and I think as a long-term decision, it may have been poorly conceived.
The other, much smaller piece of this is share repurchases.
Anyone who reads my articles regularly knows that I favor buybacks over dividends and while LB has clearly chosen dividends as the preferred capital return method, it is still doing an admirable job returning cash to shareholders via reducing the share count. In the past five years, shares have been reduced from 327 million to 295 million, a reduction of around 10%. While some companies have certainly retired more shares over the same time period, I think it's fair to say most companies likely have more shares outstanding today than in 2009 so I applaud management for shrinking the float. And since management decided to borrow money to return it to shareholders, I wish it had used the bulk to retire shares; we'd be looking at a much higher price today if it had.
This is especially true considering that management was prudent in its timing of the buybacks; most shares repurchased were bought in the $30s and $40s, meaning that significant value has accrued to shareholders as a result. Imagine what the price of shares would be today if the company had used the $3 billion it has spent on cash dividends to buy shares instead.
This is all great but what does it mean in terms of valuing the company's shares? We'll begin by performing a steady state valuation of shares, assuming no strategy shift and a "business as usual" mentality. To do, this we'll use the traditional earnings-based valuation technique.
At its current price of $57 LB is trading for 16 times forward earnings. This is a fair number that is reflective of the lower comp sales the company posted in 2013 and the early part of 2014. For a retailer that was growing as quickly as LB was a higher multiple was in order. However, recent hiccups have derailed the multiple expansion that had been so prevalent over the previous few years.
Analyst estimates have LB earning $3.16 this year and $3.58 next year, indicating strong earnings growth of more than 13%. Subsequent to that, analysts are looking for 11% earnings growth for the foreseeable future. If LB can achieve those numbers, two things will happen that will raise the price of the stock. First, the EPS base will simply get larger at a pretty rapid rate and second, that kind of earnings expansion would warrant a higher multiple than 16.
If those earnings estimates hold true LB would be earning about $4 in fiscal 2016 and a multiple range of 16 to 18 would warrant a price of $64 to $72. While not world beating upside, it's still a nice steady uptrend not unlike what we've seen in the previous few years from LB; shareholders have made a lot of money from this kind of growth since 2009. And don't forget about the cash dividends that boost returns as well.
Now, what could send that number even higher? First, LB owns an investment in a 1,300 acre planned community near its headquarters in Columbus, Ohio. The development integrates residential, recreational, office, retail and hotel space into its plans, including the Easton Town Center. On the balance sheet these investments are carried at $105 million, the cost of the investments. However, I think there could be substantial upside to this number if LB were to divest its interests or simply continue to carry them.
LB recognized a pre-tax gain of $13 million in 2012 based on the Easton investment and I believe there could be much more to come. The reason is that LB owns land and other property in Easton that, once developed, would likely be worth much more than it is carried at on the balance sheet. In addition, LB could simply lease out its owned property and collect cash on it for years to come. Of course, we have no way of knowing what the company's plans are for its investments in Easton but we do know that upside on a $105 million investment would be material for a company that earned $903 million last year.
Consider if LB eventually divested its interests in Easton for $200 million, which would be quite feasible. While only a one-time gain that would amount to roughly 32 cents per share in gains. Or, LB could, as I said, lease out its property in Easton to produce cash receipts in the future. Shareholders should keep a keen eye trained on the company's Easton investment as the upside could be substantial in a sale or be a source of additional cash inflows in the future. It's also important to understand that the Easton investment is not a central tenet of the bull argument for LB; it is simply extra cash the company could come into in the future and should be considered a bonus.
In addition, I'd like to see the company divest itself of the Henri Bendel and La Senza brands as I think a spinoff or sale of those two brands could produce material upside for shares. Let's examine why I feel this way and what it could mean for shares if it were to happen.
First, while La Senza fits the company's brands in terms of product offerings, mirroring Victoria's Secret in many ways, it's very small and produces flat to negative comps on a regular basis. In addition, La Senza is more of a franchisee operation with 300+ franchise locations and only 150 company-owned stores around the world. I just think La Senza is a distraction and is taking company resources away from the profitable brands that make up ~90% of the company's revenue. The La Senza brand doesn't have the same recognition worldwide that Victoria's Secret does and I think at the least, the company should rebrand its La Senza stores to Victoria's Secret stores. In fact, the company has already written down the value of La Senza twice in just the past three years, including goodwill and intangible asset impairments totaling $325 million. The value of this brand just isn't there and it should be separated from the two gems this company owns.
The Henri Bendel brand operates 29 stores and the chain is so small that its financials aren't broken out specifically in the company's filings. However, if we assume that the 5.6% of company sales that were made up of both La Senza and Henri Bendel in the first quarter were spun out or sold, we'd see a company with $630 million in annual sales given 2014's revenue estimate of $11.2 billion. We also know that these companies are unprofitable on an operating basis, posting -$22 million in operating profit in the first quarter.
In terms of what LB could get for its LS and HB brands, that is tricky to understand. Likely the brands would be sold for some multiple of sales if the company could find a buyer. If we assume the brands will produce $600 million in sales this year and could be sold for .75 times sales, LB would stand to bring in $450 million. This is cash it could use to begin paying down its prodigious debt load and bring the company's leverage down.
However, the real value in such a transaction would be removing the drag on earnings HB and LS are currently. Even if LB simply closed the doors on those two businesses we'd see some upside to shares. If we assume HB and LS will lose $80 million this year, which is an educated guess given that these numbers aren't broken out for us, simply removing this drag from the remaining company would produce another $1.3 billion in market cap at 16 times earnings, or roughly 8% upside from today's levels.
Assuming that these two brands were divested we'd see the remaining company assigned a higher earnings multiple due to increased clarity and faster growth once the drag had been removed. Thus, my 18 times earnings target from above would be too low. I think an L Brands that just contained BBW and VS would easily command 20 times earnings and thus, would see even larger upside of perhaps $80 to $90 in 2016 instead of the ~$68 I forecast from the steady state valuation. In other words, even if I'm too optimistic there is still substantial upside from closing the La Senza and Henri Bendel brands.
L Brands is a terrific company. Management has proven to be superior operators in a tough industry by carving out a niche and exploiting it to the fullest of its potential. This company is going to continue to grow into the future at moderate rates if it just continues on with business as usual but I think there is more in the business. I'd like to see a sale/closure/spin off of the two smallest brands, leaving behind a focused company that contains only the best pieces of the current business.
Kate Spade (NYSE:KATE) used to be a disjointed conglomerate of brands with the clear winner, Kate Spade, getting the lion's share of investor attention. Management there certainly did the right thing in divesting itself of its underperforming brands and the stock has been on a tear ever since. I believe similar, if more muted, value creation could be achieved at LB if management simply rethinks keeping its two underperforming brands. You don't, however, need to see this occur to make money with LB; it would just be a lot easier if the divestitures happened. I still like LB with or without the divestitures but the upside is so much greater with a more focused company in the model of Kate Spade.
Disclosure: The author has no positions in any stocks mentioned, but may initiate a long position in LB over the next 72 hours. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it (other than from Seeking Alpha). The author has no business relationship with any company whose stock is mentioned in this article.


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Finlay posted a topic in Celiac Disease - Pre-Diagnosis, Testing & SymptomsHi all, Here's a brief description of symptoms I've been experiencing: Occasional diareha but a constant need to empty my bowels. When I do empty my bowels the smell is really bad. I am constantly flatulent. I often have a foggy feeling in my mind and I can't think very straight at times. I'm constantly hungry. My muscles in my legs/arms often twitch or spasm. It doesn't hurt but its kind of annoying. I don't sleep very well. I've had some or all of these symptoms on and off for around 2 years. I recently went to the doctor and they took a blood test for Graves but this came back negative. I suggested Celiacs disease to my doctor but she said that I would have shown up as anaemic when they did the blood test. Is this true - can Celiacs be ruled out with a blood test. I don't feel very confident with what I'm being told. I feel as though I could have Celiacs and I'm really frustrated. Do people think I should seek a 2nd opinion. Am I better to go for an alergy test or to see a different doctor? Thanks


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Quattroporte relaunched! This is why you should consider buying it
Quattroporte relaunched! This is why you should consider buying it
Quattroporte relaunched! This is why you should consider buying it
Maser GranCabrio Sport is a Maserati-Based Masterpiece by Vilner
Maserati chose the Geneva Show scene to unveil its first ever SUV to the world: the Levante. With a name, inspired by the wind, the fresh vehicle joins the club of luxury SUVs along with Quattroporte, Ghibli, GranTurismo and GranCabrio. So, what makes this vehicle special? We should mention design characteristics, exclusivity and definitely the refined performance. Also, the team has paid special attention to the interior, that has been crafte
Maserati Levante is company's first SUV, which will make its world debut at the Geneva Motor Show. Model's exterior pictures have been finally revealed after it has been talked about the vehicle for so much time now. With its release the SUV is going to complete Maserati's existing range of saloon and sports cars
Last weekend, we witnessed the final round of the 2015 Trofeo World Series. The motorsport event took place at Abu Dhabi's Yas Marina circuit, making it the sixth and final season in Maserati's single-make series to a close. Nevertheless, this isn't the end of company's sporting activities. Maserati has just announced that it will be back on track in 2016 with its super hero Maserati GranTurismo MC GT4. The car will be competing at internat
G&S Exclusive Maserati Ghibli EVO is a very interesting vehicle, based on the newest centenary model, the Ghibli. The unique Ghibli model is characterized by muscular forms and very well-defined contours. Its sophisticated curves speak loudly for its innate power capabilities. Over these qualities step the experts at G&S Exclusive. They offer wide range of accessories for this particular model. As a matter of fact, the German based com
Some of the finest and most luxurious vehicles ever offered at the Mecum Daytime Auction in Monterey, sales measured at $44,335,001 and 387 vehicles changes were achieved in three days of auction acting, Aug. 13-15. Headlined by the jaw-dropping 1969 Lamborghini Miura P400 S and a 1970 Plymouth Hemi Cuda Convertible, the top sales at the auction included seven vehicles that were sold for at least $1 million or higher. Furthermore, the top
Mostro is a name of a car powered by Maserati and created by Zagato. In fact, it is company's latest creation, which is set to be revealed during this year's Concorso d'Eleganza Villa d'Este. The car is not only created to celebrate the centenary of Maserati, but also to honor one of the most iconic racers in Tridente's history, the Maserati 450 S Coupe Zagato Monster. The latter was designed back in 1957 by Frank Costin, who was a speciali
Remember when we told you the story behind the 1970 Dodge Charger R/T from Furious 7? Well, the great news for today is that you are actually given the chance to drive it. At least virtually, since the car has made its debut in Forza Horizon 2, the strenuous Xbox One game. The other good news is that it is actually par
After one of the brand's most important years, Maserati confidently looks forward to bringing us innovative and modern vehicles. After the Ghibli and Quattroporte sedans, the "Trident" is expected to expand the growth with its fresh design and technological tweaks, mixed with precisely built product plan. The resu


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Regina continues to seek a way to regain her powers; David continues his quest to find Mary Margaret and Emma; the seven dwarves discover what happens when one of the townspeople tries to leave Storybrooke's city limits.
Emma Swan arrives in Storybrooke and learns that her destiny is to save the town from the evil queen's curse; characters' back stories and secrets are revealed; a preview of season two.
Emma and Mary Margaret try to find a portal that would bring them back to Storybrooke; Henry tries to talk Jefferson into reuniting with his daughter; on the eve of meeting Prince Charming's mother, King George poisons Snow White.


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20 CFR 422.501 - Applications and other forms used in Social Security Administration programs.
Beta! The text on the eCFR tab represents the unofficial eCFR text at ecfr.gov.
§ 422.501 Applications and other forms used in Social Security Administration programs.
This subpart lists the applications and some of the related forms prescribed by the Social Security Administration for use by the public in applying for benefits under titles II and XVIII of the Social Security Act and the black lung benefits program (Part B, title IV of the Federal Coal Mine Health and Safety Act of 1969, as amended).
[38 FR 11450, May 8, 1973]
Title 20 published on 2015-04-01
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 20 CFR Part 422 after this date.


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The name Beathag is a Hebrew baby name. In Hebrew the meaning of the name Beathag is: To serve God.
People with this name have a deep inner need for quiet, and a desire to understand and analyze the world they live in, and to learn the deeper truths.Expression Number: 8
People with this name are competent, practical, and often obtain great power and wealth. They tend to be successful in business and commercial affairs, and are able to achieve great material dreams. Because they often focus so strongly on business and achievement, they may neglect their private lives and relationships.
And you'll see personalized content just for you whenever you click the My Feed .
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Tato pracovní pozice není aktivní.
Grafton Technologies
SAP HR specialist with German
(referenční číslo: 2-10-215935/JD)
Do you know SAP HR/HCM modules?
Would you like to develop and implement SAP solutions into company systems?
We are looking for SAP HR/ HCM specialist
- Experience with SAP HR - PA, PY and/or PT
- ABAP programming
- Payroll accounting overview
- Good knowledge of HR processes
- Fluent in German and English
- 13th salary
- Meal tickets
- Trainings, certifications
- 5 weeks holiday
- Financial bonuses
- Language courses and more
Are you interested in this position? Please fill in the contact form or send us your CV both in English and Czech language with the ref. number in the subject of your application.
If you have had an interview in Grafton already, please contact your consultant directly via e-mail.
For more related job opportunities visit www.grafton.cz/en/jobs/it-telecommunications/
Please read carefully the text below and attach it to your e-mail/letter.
I agree that company Grafton Recruitment, Na Porici 3a, Praha 1, will process my private personal data towards mediation a job (filing, editing, sorting and its providing to a third party whose identity will be communicated to me) in accordance with legislative act number 101/2000 Sb. "O ochraně osobních údajů" until written form revocation. I confirm being awarded of my rights in connection with access to and protection of information. For exact wording of §12 and §21 please go to http://www.uoou.cz/uoou.aspx?menu=4&submenu=5&loc=20.
|65 000 - 90 000 Kč / měsíc
|Hl. m. Praha
|IT - správa systémů a služby
|Typ nabídky:


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Olbas Therapeutic, Olbas Oil, 0.82 fl oz (25 cc) (Discontinued Item)
Shipping Weight:?0.34 lbsShipping WeightThe Shipping Weight includes the product, protective packaging material and the actual shipping box. In addition, the Shipping Weight may be adjusted for the Dimensional Weight (e.g. length, width & height) of a package. It is important to note that certain types of products (e.g. glass containers, liquids, fragile, refrigerated or ice packed) will often require protective packaging material. As such, these products will reflect a higher Shipping Weight compared to the unprotected product.
- Product Code: OLB-50021
- UPC Code: 715486500219
- Package Quantity: 0.82 fl oz (25 cc)
- Dimensions: 1.3 x 1.3 x 4.9 in, 0.2 lbs
- Original Formula
- Swiss Made
- Aromatherapy Massage Oil and Inhalant
- Penetrating Vapors
- All Natural Essential Oil Formula from Switzerland
- Soothes Tired Muscles
- Invigorates Your Senses
- Penetrating Vapors Stimulate and Enhance Breathing Passages
- Cruelty Free
Olbas from Switzerland
Originating in Basel Switzerland over 100 years ago, Olbas Oil contains six essential oils -- each with a unique value of its own. Essential oils are nature's way of maintaining wellness. These oils extracted from traditional plants and blended by Swiss herbalists, making the formula truly unique.
Benefits of Olbas Oil
Inhalation: Olbas Oil is a completely natural essential oil formula that delivers invigorating and soothing sensations to the nasal and bronchial areas.
Massage: Applied to the body, Olbas Oil tends to stimulate circulation at the surface of the skin. It opens up the pores and provides a comfortable feeling in the muscle and joints.
Sports: Runners, cyclists and other sports enthusiasts praise the value of Olbas Oil. Massaging with Olbas Oil helps loosen muscles and make them supple, while inhaling Olbas vapors may help support endurance and performance.
Suggested Use
Daytime: Inhaling vapors from a tissue sprinkled with Olbas Oil quickly stimulates and enhances the breathing passages. Try adding 20 drops of Olbas Oil to a bowl of hot water, place a towel over the head and breathe vapors in deeply for 5 to 10 minutes. Nighttime: Simply sprinkle 5-10 drops on a tissue and tuck inside a pillowcase.
Body Massage: Apply Olbas Oil generously and gently massage the body. Stimulates surface circulation and delivers comfort to tired muscles and joints. Can be used for full body massage or as a spot massage at pressure points for quick effect. Head: Massage a drop or two directly on the forehead and temples (Avoid contact with eyes). Sore, aching feet: Massage directly on feet or add 25-50 drops of Olbas Oil to a dishpan of hot or cold water and soak feet for 10-15 minutes.
Compress: Add 10-20 drops of Olbas Oil to a bowl of hot or cold water. Submerse a cloth in the water, wring it out and place it on the desired area. Hot compresses feel soothing for aching bodies; cold compresses feel refreshing on the forehead.
For external use only. Avoid contact with eyes. Keep out of the reach of children. In case of accidental ingestion, seek professional assistance or contact a poison control center immediately.
Contains: Essential oils of peppermint, eucalyptus, cajeput, wintergreen, juniper and clove.
Wonderful for back & sinuses
Verified Purchase
Wonderful for back & sinuses
We use it on our backs it feels so so good!! A friend of mine has serious sinus problems and she likes it a lot. It helps to clear sinuses. Even using on the back it feels so good to clear sinuses. Love it. Will order more.
Slow shipping
Verified Purchase
Slow shipping
Very slow shipping service
Wonderful for back & sinuses
We use it on our backs it feels so so good!! A friend of mine has serious sinus problems and she likes it a lot. It helps to clear sinuses. Even using on the back it feels so good to clear sinuses. Love it. Will order more.
I advise all
Posted by Reviewer2328332 on Dec 13, 2012
oil helps with nasal congestion, headaches, as well aromatherapy in the bath, inhalation. it is the product that should be in every. Reminds pharmacy facility in Russia "BREATHE"
Posted by Reviewer2366080 on Jun 29, 2012
This is a great product for my nose .I love the smell and it helps to keep my nose healthy!
very good
Posted by Scilla2009 on Mar 12, 2012
I put a few drops on my pillow and sleep is deep and calm. I love the smell and I add in the aroma lamp.
Works great for colds and soar muscles
Posted by Reviewer1837680 on Mar 16, 2011
Olbas has got to be the best of its product type on the market. It unclogs a stuffy nose, clears and sooths sinuses, and is great mixed with a carrier to rub on sore muscles and achy joints.


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A free, drop-in center for pregnant and breastfeeding moms
Learn the warning signs.
Someone is diagnosed every four minutes. Learn more.
River Falls Area Hospital is a non-profit critical access hospital committed to providing quality, comprehensive care to patients in western Wisconsin – from disease prevention to innovative diagnostic and treatment services for simple to complex medical conditions. The hospital provides a full range of inpatient, outpatient, cancer care and emergency care services, including robotic surgery and a birth center.
The best way to prevent flu to get vaccinated. Everyone over six months of age should receive the flu vaccine. It's especially important if you live with people who are at high risk for developing flu–related complications. Get your flu shot at your local clinic.
You and your baby will stay in our private mother-baby care rooms designed for you and your families' needs. The mother-baby rooms feature a sleeper chair, telephone, TV, DVD/CD player and full bathroom.
Community health and wellness is important at River Falls Area Hospital. Our Wellness Center provides a variety of aerobic and strength equipment in a bright and invigorating work-out area. Membership is open to members of the community and provides you access to a number of wellness classes.
An advance care plan provides information to others about your wishes in case illness or injury prevents you from telling them yourself.
Attend a free class to learn more.
1629 E Division St
River Falls,
View map/get directions
0-30 minutes
31-60 minutes
60+ minutes
Wait times vary by condition. The wait time shown is updated every 15 minutes and represents an average time from patient arrival to being in an emergency department room. Additional time may be needed to be seen by a qualified medical professional.
Wait times can change quickly depending on the urgency and number of patients.
Please remember - you should always dial 911 in an emergency and allow medical personnel to evaluate the seriousness of your condition. When time is of the essence, be sure to get to the closest ER for quick evaluation and treatment.
National average wait time is one hour, according to the Centers for Disease Control and Prevention (CDC).
Community wellness resources Vibrant Health Family ClinicsHudson Physicians Transitional care program Courage Kenny Rehabilitation Institute


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In regards to contracting drilling rigs, some would say it is more of an art than a science. I tend to agree with that statement, but would add that a fair amount of psychology is applied to the game as well. The offshore drilling industry of late has been punished with downgrade after downgrade while a bleak scenario has been painted all the way out to 2015. When establishing a bull or bear case on offshore drilling, you should ask 4 basic questions:
- Do we still need oil?
- What is the oil majors' RRR (Reserve Replacement Ratio)?
- Are well decline rates better on land or offshore?
- Does rig supply exceed demand?
The first three are readily answered, and in our current environment, speak to the long-term demand for offshore oil and gas. The last question is the one in which all current bear cases are being based. The bottom line question all investors face is "how soon do I need the money?" I, for one, think that a significant amount of money is to be made in offshore drilling, and now is the time to accumulate shares of your favorite drilling contractor.
It is no secret that my favorite is Diamond Offshore Drilling (NYSE:DO). The simple version of the thesis is that Diamond Offshore runs its business, as I would hope to, if placed in a similar situation. Diamond Offshore focuses on slow and steady growth, counter-cyclical equipment purchases, and a focus on returning capital to shareholders. This mandate has been given to Diamond Offshore by its superb board of directors led by majority owner, Loews Corp. (NYSE:L).
My take on offshore drilling in general is that investors are probably okay being invested in any of the drillers for the long-term in this environment (ex-ORIG). I do think, however, that having 20 or so un-contracted rigs built on speculation (no contract) and financed at a variable interest rate would make for some sleepless nights for the leadership of Seadrill (NYSE:SDRL).
Diamond Offshore May 2014 Rig Status:
The entire report can be viewed here.
- Ocean Princess ($345kpd) - Very nice to see this rig continue to work in the North Sea. The day-rate increase is impressive, especially when contracted to a new operator, Ithaca Oil and Gas, as well as in this "sky is falling" day-rate environment.
- Ocean General ($255kpd) - Steady day-rate for this Gen 2 rig, specifically in the SE Asia theater where recently rigs have been moved when they could not find work elsewhere.
- Ocean Lexington ($160kpd) - This day-rate for operator PEMEX will be viewed by many analysts as a failure. However, when talking to people who are integrated into offshore drilling, the name of the game is to keep the older rigs working. This Gen 2 rig has been paid off for a very, very long time. The old rate of $300kpd was in my opinion a bit high for this rig. I view this contract as a success because it keeps the rig working in this low rate environment, it keeps its crew working in this low rate environment and it continues to make money for shareholders.
- Ocean Saratoga: Extension.
- Ocean Scepter: Extension.
1. Ocean Star: I would have liked to see a new contract for this very capable 4th Gen rig. I think it is very likely this rig goes to a ready stack status after its current well with Queiroz Galvao is complete.
2. Ocean Titan: This Jackup Rig will be coming out of major maintenance at the end of this month and as of right now does not have a contract. I would expect this rig to be temporarily ready-stacked and then resume work for PEMEX upon receiving a new contract.
Analysts are currently predicting $.61 in Q214 earnings. My model is currently sitting at $687 in drilling revenue (does not count reimbursable income) with $.69 in earnings. This is a worst-case estimate for Q2 and could easily be beaten if the Ocean Valiant and Ocean Victory maintain a skeleton ready stack crew for the quarter, thereby decreasing drilling costs.
This will likely result in Diamond Offshore beating analyst estimates again as it has in 11 of the last 13 quarters.
(TD Ameritrade)
Disclosure: I am long DO. 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.


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Written on: 31/10/2013
Bought on ebay. Head and shaft description and condition ratings were accurate but grip was described as Callaway and condition rating as 6. When the club arrived (very promptly with excellent communication) the grip was in fact a generic and hardly worn.
Written on: 08/11/2013
Thanks for taking the time to leave your feedback. We're disappointed to read your comments as we strive to make sure every product is listed with accurate descriptions. We would appreciate if you could email us at firstname.lastname@example.com,uk with further details so that we can investigate this further.
The Affordable Golf Team
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3 Pages
Defending the Important Reasons for Independence
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Word Count: 2,101
Category: Government and Political Science
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The Western Canada Concept is a separatist party led by Alberta lawyer Doug Christie The party is devoted to a peaceful secession of the four Western provinces and the two territories from Canada By means of four referenda held in each respective western province the Western Canada Concept would establish an independent nation A wide spectrum of reasons encompassing political economic and cultural issues fuels the groups drive for a sovereign united West The Western Canada Concept through referenda and economic stability insists that a sovereign West would better serve the needs of Western Canadians which have been ignored by governments of the recent pastAccording to David Christie leader of the Western Canada Concept reasons for western separation abound touching each area of Western Canadians lives Many of these stem from a deep-rooted feeling of western alienation During the Trudeau era the majority of Liberal seats in the House of Commons was heavily concentrated east of the Manitoba border Through unpopular government decisions such as the management of Albertas petroleum industry some westerners began to feel that the government did not serve their needs Manipulating a famous Abraham Lincoln quote illustrates this belief perfectly - since the government was elected by Central Canada it must be a government of Central Canada for Central Canada This distribution of power in the House of Commons a primary reason for Western Independence has become a platform for many western politicians One concern is that there is little or no checks on the Prime Ministers agenda where regional equality is concerned The Prime Minister is from one province can be elected into power with only the support of a single region and can run the entire country accordingly Christie believes that the only way to keep Central Canada the primary source of power for most recent governments in check is to amend the Senate The system by which Canada should model their Senate is the American
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Guesthouse Nevenka Medjugorje: Find photos, reviews, information, amenities and compare prices for 1 stars hotels in Medjugorje, Bosnia And Herzegovina.
Guesthouse Nevenka Medjugorje offers a comfortable setting when in Medjugorje. It also features a garden and an airport shuttle.
Hotel description
The guest house offers rooms equipped with a shower, plus all the necessities to ensure a comfortable stay.
Guesthouse Nevenka Medjugorje is less than a 35-minute drive from Mostar International Airport. It also is a convenient location to discover Citluk and Capljina.
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Dynamics and Control of Trajectory Tubes
Theory and Computation
This monograph presents theoretical methods involving the Hamilton–Jacobi–Bellman formalism in conjunction with set-valued techniques of nonlinear analysis to solve significant problems in dynamics and control. The emphasis is on issues of reachability, feedback control synthesis under complex state constraints, hard or double bounds on controls, and performance in finite time. Guaranteed state estimation, output feedback control, and hybrid dynamics are also discussed. Although the focus is on systems with linear structure, the authors indicate how to apply each approach to nonlinear and nonconvex systems. The main theoretical results lead to computational schemes based on extensions of ellipsoidal calculus that provide complete solutions to the problems. These computational schemes in turn yield software tools that can be applied effectively to high-dimensional systems. Ellipsoidal Techniques for Problems of Dynamics and Control: Theory and Computation will interest graduate and senior undergraduate students, as well as researchers and practitioners interested in control theory, its applications, and its computational realizations.
Titel: Dynamics and Control of Trajectory Tubes
Autoren/Herausgeber: Alexander B. Kurzhanski, Pravin Varaiya
Aus der Reihe: Systems & Control: Foundations & Applications
Ausgabe: 2014
Seitenzahl: 445
Format: 23,5 x 15,5 cm
Produktform: Hardcover/Gebunden
Gewicht: 916 g
Sprache: Englisch


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