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IF11: The Value Proposition Driving Recyclebank's Explosive Growth
Published: October 14, 2011
We talk a lot at GreenBiz.com about engaging employees for sustainability, but what about consumers? How do you engage them to change behavior when pocketbook issues have moved sustainability issues to the back burner?
Reward them. That's the innovative approach Recyclebank takes to engaging consumers to eliminate waste and take other environmentally friendly action. Also, don't forget the value proposition.
"Unless they feel like they're making a tangible, real-world improvement in their day-to-day lives, you've got nothing," said Recyclebank CEO Jonathan Hsu.
In a keynote interview this morning at the GreenBiz 2011 Innovation Forum, Hsu described to Senior Editor Marc Gunther how Recyclebank cuts through the clutter to spur behavioral changes in a population going through a recession and bombarded with green messaging and products.
"How do we make members feel rewarded, recognized, and feel like they're part of a larger conscious and community, that what they're doing day to day makes a real impact?" Hsu said. "That is really the key proposition."
Here is how Recyclebank works: As mentioned, the company gives discounts and deals from its business partners to consumers who earn points for green actions. Recyclebank has a couple revenue streams, including a share of the net savings realized by municipal partners from increased recycling rates and reduction in waste going to landfills, to advertising, sponsorships and partnerships.
This business model has attracted venture capital funding from the likes of Kleiner Perkins and Generation Investment Management.
"The reason why they are investing in us is that we are the first company that they feel can do good and do well simultaneously at scale," Hsu said.
It turns out those in the VC community aren't the only ones to see the potential in scaling Recyclebank's business model. Shortly after Hsu's interview, Recyclebank announced a major deal with Waste Management that will vastly increase the company's reach.
"This is going to be step-function scale for the company," Hsu told GreenBiz Managing Editor Matt Wheeland today. "First and foremost, it makes Recyclebank the winner, go-forward platform within green incentives. Second, it not only provides us scale of operations, but also scale of resources to really expand across all the pillars of sustainability very quickly now."
You can also check out this article over at GreenBiz.
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|[jira] Commented: (HADOOP-574) want FileSystem implementation for Amazon S3
|Tue, 14 Nov 2006 22:27:40 GMT
[ http://issues.apache.org/jira/browse/HADOOP-574?page=comments#action_12449831 ] Tom White commented on HADOOP-574: ---------------------------------- I forgot to mention that the code relies on the (Apache licensed) jets3t S3 toolkit (https://jets3t.dev.java.net/), which in turn requires commons-codec-1.3.jar and commons-httpclient-3.0.1.jar. (I wasn't sure whether I should attach these dependencies or not.) > want FileSystem implementation for Amazon S3 > -------------------------------------------- > > Key: HADOOP-574 > URL: http://issues.apache.org/jira/browse/HADOOP-574 > Project: Hadoop > Issue Type: New Feature > Components: fs > Affects Versions: 0.9.0 > Reporter: Doug Cutting > Attachments: HADOOP-574.patch > > > An S3-based Hadoop FileSystem would make a great addition to Hadoop. > It would facillitate use of Hadoop on Amazon's EC2 computing grid, as discussed here: > http://email@example.com/msg00318.html > This is related to HADOOP-571, which would make Hadoop's FileSystem considerably easier to extend. -- This message is automatically generated by JIRA. - If you think it was sent incorrectly contact one of the administrators: http://issues.apache.org/jira/secure/Administrators.jspa - For more information on JIRA, see: http://www.atlassian.com/software/jira
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"Peep, peep," Thomas said at the weekend when asked about the flotation. "Hurry up, hurry up, hurry up." The comment is characteristic of Thomas, a fussy, impatient, cheeky little engine who has always had a desire to make a big run in the wider world beyond his home station.
Since his first appearance in print in 1946, Thomas the Tank Engine has been the favourite character in The Rev W Awdry's books, The Railway Series. A Hollywood feature film currently in development should cement his position alongside such 20th-century icons as Mickey Mouse, Bugs Bunny and Fred Flintstone.
Mrs Allcroft, the company's founder, says she recognised Thomas's star potential when they first met in 1979, while she was doing research for a documentary film on railway preservation societies. The introduction was made by The Rev Awdry. "Thomas had leadership capability," she recalls. "He's very good at cheering the other engines up when they've displeased the Fat Controller and morale gets low."
Brian Sibley, author of The Thomas the Tank Engine Man, a biography of Awdry, suggests another reason. "Perhaps the secret of Thomas's success is that, of all the railway engine characters, his personality is closest to that of a child." Prince Charles adored Thomas when he was a boy, and so did his sons.
Such easy identification with the character, combined with high production values and a canny marketing campaign, have made Thomas a commercial success. In 1994, children demanded so many licensed Thomas products that the company was estimated to be worth pounds 50m. This year's flotation will probably value it at pounds 25m, with pounds 5m of new cash being raised. The company made a pre- tax profit of pounds 2m on turnover of pounds 11.5m in the year to June.
So it's not just the Fat Controller who's getting rich on the back of Thomas. The books, followed by the television programmes, have been a huge success. With sales of pounds 50m, Wilbert Awdry is the biggest children's writer of the century. Mrs Allcroft's 104 10-minute television episodes of Thomas the Tank Engine are now seen in 50 countries. More than 800 spin-off goods ranging from models to mugs and sweets to sheets are available.
Thomas was not the first of The Rev Awdry's engines, however. That honour goes to Edward, closely followed by Gordon and Henry. The Three Railway Engines was originally told to his son Christopher while he was ill with measles in 1943. Awdry's wife's insisted the three stories, and later a fourth bringing them all together, should be sent off to publisher Edmund Ward, whose company is now part of Reed Children's Books. Later he began making models of the trains in his stories, with sawn-off broom handles for boilers. He also added a fourth model, which became Thomas.
Thomas's early works were, however, plagued with problems, particularly with regard to the illustrations. The Rev Awdry is a railway buff, and was determined that both the stories and the pictures should be as accurate as possible. His plots were derived from real events on British and overseas railways. But while Thomas and his colleagues faithfully followed his direction, the illustrators were not always so diligent. In some cases extra wheels were added to locomotives, or buffers and windows changed so that, in the worst example, Henry ended up looking like Gordon.
The original series, published between 1945 and 1972, consisted of 26 titles, although Christopher Awdry, the lad with measles, has since added another 14. Critical acclaim followed popular adulation. Mary Cadogan, an authority on children's literature, said: "His engaging cast of headstrong or shy, boastful or understanding engine 'characters' have flourished and become archetypal." Brian Doyle, another expert, puts it down to the size of the books. "They can be slipped into small pockets without any trouble at all, to be taken out at convenient moments."
Thomas's first ventures into other media were not very successful. An early attempt to bring the series to television in 1953 ended in disaster. The programme was broadcast live, and the technicians proved they couldn't run a model railway. The illusion was completely undone when one of the trains derailed, and a god-like hand intruded into the shot to set it back on the track.
Radio and records, particularly a reading by John Gielgud in the early 1980s, were more favourably received, but an option on the television rights sold to Andrew Lloyd Webber, the West End musical producer, led nowhere. It was Mrs Allcroft's purchase of Thomas's television and marketing rights in 1979 that shot him to stardom. Until her programmes first aired 12 years ago, Thomas and his colleagues had sold 750,000 copies. During the first year of television the series sold 2 million, according to Mrs Allcroft.
Thomas the Tank Engine and Friends was shot at Shepperton Studios with a new technique that Mrs Allcroft calls "live action animation" and which her partner, Angus Wright, describes as "playing with trains and filming it". Thomas's fortunes have continued to roll along nicely ever since Shining Time Station, a series of longer television programmes incorporating the animated films, was produced for the US. And Thomas's biggest market is now Japan.
At first, persuading companies to invest in Thomas was as difficult as getting Gordon up the hill. At the Harrogate Toy Fair Mrs Allcroft was called mad. She recalls being told: "Today's generation haven't ridden on a train, let alone seen a steam engine."
There have been other operational hiccups, and even complaints that Thomas's railway has become a Very Bad Railway. One group of critics consisted of railway preservation societies which had begun running Friends of Thomas days to raise funds and public awareness of their activities. Many of these groups had strong ties to The Rev Awdry, and were alarmed when Mrs Allcroft raised the licence fee for use of Thomas from a nominal pounds 1 to pounds 100 plus 5 to 10 per cent of the gate.
When the third series of programmes came out The Rev Awdry was upset to discover that the etiquette of railway operation had been abandoned. New stories showed engines stopping in forests because they had made good time, something no engine would do in the real world. On one memorable occasion, in Mrs Allcroft's presence, he said: "That such rubbish should be credited to me is a gross insult." The producer, however, insists that "being famous has not changed Thomas at all".
Even more worrying in the long run could be the threat of political correctness. The stories have been attacked as sexist, with male engines in control, and female coaches following passively behind. Mrs Allcroft dismisses the distinction, noting that girls are just as keen on Thomas, and that in France he is known as Thomasine.
Although Thomas remains the face of the company, there are no plans to produce more TV programmes. The possibility of a Hollywood film aside, his main new works in future years seem likely to come from The Rev Awdry's son Christopher, should he decide that he still wants to maintain such a high profile.Reuse content


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Joe Gilette, organizer of the Bergen Beachh, Mill Basin and Marine Park chapter of Relay for Life, sent us a note and some photos of this year's event, in which they raised approximately $100,000 for the American Cancer Society during their June 7 event.
Gilette writes:
We recently held our 3rd annual Relay for Life on June 7th. I am proud to say we expect our final tally this [year is] to total $100,000!! We owe a great deal of success to our FIGHT BACK WITH FITNESS program in which we brought volunteer fitness instructors into over 24 schools to hold fitness classes. This was all in furtherance of our agenda of spreading cancer awareness and prevention through the positive message of fitness and a healthy lifestyle.
By comparison, the 2012 Relay for Life event brought in $50,000.
Featuring live entertainment, food, raffles, and a variety of interactive and fun activities for the whole family, community members form teams and walk around Aviator Sports Center's outdoor track for eight continuous hours, symbolically conveying their message that, until there is a cure, the fight against cancer never ends. It's highlighted by the Luminaria Ceremony, in which paper bags decorated by neighborhood children are illuminated in memory of loved ones who have passed away from cancer.
The whopping $100,000 total is in addition to the $20,000 the group raised by putting together Brooklyn SINGS!, an inter-school SING! competition that pitted Murrow, Midwood and Madison high school students against each other for a good cause and bragging rights. The events Gilette organizes just keeps getting more diverse. Last year he also helped put together the world's largest indoor zumba class, with more than 400 people participating.
Keep up the good work for a good cause!
To learn more about the Bergen Beach, Mill Basin & Marine Park Relay for Life, contact Nancy Colt of the American Cancer Society at (718) 622-2492 extension 5134 or visit their website.


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Watch Insidious Chapter 2 Online Free 2013 Putlocker
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Part Three - The Core Reason
Over all, getting better at martial arts isnt a particularly complex task - find the best coach you can and train hard. On the other hand, were also on a human journey, and we hope I hope - to become wiser, better people via our connection to the things we love our families and interests. So on the one hand, I know we sometimes make martial arts overly complex; on the other everything worthwhile has depth, and its worth gaining all the profit we can from our endeavours in life. Which includes the wider knowledge about ourselves and other people that we can get from our martial arts training.
Recently, Ive seen a few people talk about being honest about your motivations for training. Its not a new idea by any means. Im reminded of those splendid Baroque paintings of Dutch militia men, resplendent in feathered hats and fancy uniforms, drinking great mugs of beer. They didnt get together for hard training they got together for hard drinking, and for roaming the town, showing off their handsome clobber! As long as youre honest, it doesnt matter. As long as youre not really expecting an attack, and have no real interest in preparing for it, it doesnt matter if you dont. If you train for breathtaking forms, what matters is you find the best, most effective ways to do that. If you train for the ring, or self defence heck, whatever you want the more honest you are about your goal, the better you can plan your training regime. Coaches are very useful for that quite obviously partly because a good coach can be honest about us in ways we cant always be honest about ourselves. Fact of life, seems to be, that its ten times easier to be honest about other people than about ourselves. One of the common difficulties faced in martial arts is not having a coach in being a teacher, a master, a sifu, but having no external, honest perspective commenting on your training. You may have a master, or loyal students but those are often not honest like a coach; theyre often people who say the right things, to tickle our egos for various reasons, often financial. So the people who are in the best positions to progress such as martial arts instructors in their late twenties, early thirties - have often not got the most useful resource of progress available to them an honest assessment.
Honesty about your training isnt a moral issue its just a technical issue. Know where youre going and its easier to get there. Of course, there are those people who lie about their training and level, for various reasons, but who cares about them, really? Its probably because they feel no one cares about them that they lie in the first place.
The thing is, even when people begin talking about being honest, some times even that gets warped. Recently I read an article by a young man relating his realisation that many so called traditional experts simply lie and obfuscate when it comes to talking about actual usability of their arts. He should have worked that out just by the title traditional. Not to say that traditional stylists lie, just that it tells you something when traditional (or sometimes authentic or original) is seen as a better recommendation than effective. Effective martial arts, you would think, is a far better idea than traditional for traditionals sake. You would think.
I dont know why people see traditional as so much better. Actually, thats a lie I know exactly why. Jacques Derrida taught and this is very Taoist as well - that were culturally hard wired to make sense of the vast, random pools of information the world presents us with by first of all dividing things in to two (and this is very Biblical too) such as traditional/modern, good/evil, and especially us/them and then we resolve one way or the other, as in, we take a side we associate ourselves with, or choose to believe, or think better of, one side or the other. Its like making an artificial structure out of the chaos, to make it easier to perceive or cope with. No one likes to watch a football match when they support both sides, or neither or at least, its no where near as much fun. Now thats also about ego as Castanedas don Juan said, humans are addicted to self importance and everything comes back, ultimately, to the Self and our one true religion Cult of Self. Meaning, we take a side and that gives us a sense of belonging to something like a kennel for the self A little home of their own as Pink Floyd said. Or, its like choosing to be a mod or a rocker either way, its about self image and belonging far more than its about modding or rocking. (And the greatest band of all, The Beatles, were famously Mockers, dont forget! What Derrida would call Undecidables.)
Once weve made that division, that yin/yang split, Derrida taught finally getting back (almost) on point that were also hard-wired to perceive the temporally earlier half of the division as superior. Or rather, we tend to think that the earlier half is superior, or frame our understanding of things to make the earlier half better. For example, its no coincidence that Adam exists before Eve, or that the Devil is made after God.
Its not strictly a Taoist two halves to everything idea. Part b of this Derridarian theory is that the temporally later half of the division be it the Devil, woman, Contemporary Wushu, etc. is often seen as a counterfeit copy/version of the original. Woman is a copy of man; the Devil a counterfeit of God; contemporary wushu a counterfeit of traditional kung fu.
Its not always wrong it just points to a foible we have, of arranging our world view to see the past as better. The good old days one might even say.
So, many people inexplicably (or, explicably now) use traditional or original (funny, isnt it Jeet Kune Do is hamstrung in to not being able to say traditional JKD because that so obviously tips them in to Bruce Lees classical mess pit. But the same issues Derrida talked about underwrite all egos so in JKD some people prefer Original, and inexplicably see that as either better than, or even equivalent to, effective) to advertise their martial art as opposed to effective, state of the art, easy to learn
Only, it isnt inexplicable at all theyre doing that old thing of defining themselves by what they arent; by emphasising whats wrong with Them as opposed to explaining just exactly what it is thats so good about Us. See, traditional actually means Those over there are NOT traditional! far more than it means Weve got something effective and special here!
Its a fairly simple psychological observation that defining yourself by attacking others, and saying whats wrong with them, is far easier than self-definition through pure self achievement. (There are two sides of course as always. Its vital to be aware of, and negate, false training practice. But if the substance of a persons art is only criticism of others, without using that criticism positively, to avoid the same mistakes and find better ways, then they have nothing but their own hot air.)
That being by the bye this young man had become disillusioned, and had finally decided to sit down and have a real think about exactly why he was training. What were his goals, his motivations, his ambitions? And was he being honest about them?
For a few sentences I couldnt help but root for him. I thought he was going to make it! But it all soon began to sink and my heart with it (because every failed attempt at honesty is a shame in this world of liars) as it became clear I should have known - that he was going through the false, evil twin version of the honesty process; and so I wasnt at all surprised when he announced, somewhat pompously, that he was training for spiritual reasons.
Oh well, maybe at another time hell have another epiphany, and realise that training for spiritual purposes is really just a euphemism for I need an excuse to not train seriously, and yet still be considered as a martial artist for what that gives to my ego. Maybe then at another point, hell have yet another epiphany, and realise that whatever there is that is spiritual in martial arts comes only from the challenge of real training the human spirituality of blood, sweat and tears, of hardship and celebration, highs and lows, achievements and failures, carrying on regardless, and being forced to face honest truths, stripped of ego BS and lies, such as I train for spiritual purposes to come to real, honest self awareness. Thats what seasons a mans core. And you can only go through that process if youre training with commitment, honesty and courage. Thats spiritual thats a challenge to a mans or a womans (or indeed transgendered persons) spirit. A challenge to overcome, to experience and I suppose to grow wiser.
Actually, training for spiritual purposes is a fat porky-pie its the very opposite of spiritual. It couldnt even be any less spiritual, because its an explicit statement that youre training for reasons of a superficial façade literally just to see yourself, or have others see you, as spiritual. (In the same way that some people train just to have others see them as Sifu or Master.)
As a side note, one of the worst effects of the spiritual lie is all those so-called (mostly) Chinese style martial arts people who actually take this mendacity so far that they come to believe that as they train for spiritual reasons they are in fact not useless, but indeed somewhat superior to people who train realistically. You hear these self deluded bozos on Youtube, or martial arts forums, calling real fighters animals and thugs, excusing their poor conditioning, mouthy egos and useless techniques on the grounds of superior spiritual status. They are, in truth, as far from spirituality as you can get. Wheres the spirituality without honest, real training? Wheres the honesty in lying about yourself, or using the clothing of martial arts falsely, to dress up your ego in clobber that it doesnt deserve to wear? Something like wearing a soldiers uniform, for the sake of kudos, but when it comes to a war refusing to fight on the grounds that youre too spiritual for that kind of thing.
Not to say that training cant have what wed call spiritual results just that those results come from honesty and challenge in martial arts, and you cant have honesty and challenge without real training. A smack on the nose is far more spiritual than years of parading around in a faux-Chinese robe spouting half-understood Buddha quotes, because its honest, and cuts through the ego to give you a direct, unquestionable taste of truth which is the entire point of Buddhist and Taoist spirituality.
Spiritual purposes isnt a training aim and thats the danger. A training aim has to be something like fitness, fight effectiveness, superb forms, astounding physical dexterity something that is actively challenging and achieved via the processes of honest, hard training. You cant challenge yourself to be spiritual, you can only challenge yourself to carry on, to get up and go training, to face fear and hardship. Spiritual is the side product, not the goal within the process. The goal within the process is a concrete thing.
For some years Ive said, when talking to other martial artists, that its important to understand your core reason for training. For the sake of expediency I usually kept that simple such as self defence or fitness or fight effectiveness or to have bitchin forms. But actually, those arent really reasons for training - theyre objectives. Objectives are external theyre things youre aiming for or claim you are aiming for. Reasons are far more deeply embedded, and often require the most astounding levels of honesty to admit.
I train for spiritual purposes isnt honest. I train because I want to be seen as spiritual is honest. I want to be seen as spiritual because in the centre of my psychology there is a lack a sense of being lonely and unwanted that Im trying to fulfil in some way by presenting the façade of a spiritual person. Thats honest.
I train because I want to smash peoples faces in seems honest, so, the question becomes why do I want to smash peoples faces in? Obviously, when people talk like that what theyre really asking you to believe is that theyre a mean bad-ass. And you know, some people are. Honesty for them would be I train because I want to be perceived as a mean bad-ass. The reason I want people to think that is because at the centre of my psychology, quite obviously, I feel fear, or weakness, or a terrible sense of powerlessness, so I try to intimidate you before you intimidate me.
Its often the real fighters who are most honest (show-boating for commercial publicity purposes aside) about their nerves, their fears, their motivations and ambitions because theyre people whove trained honestly, and had to face and question these things many times usually at the darkest, most challenging times. The fight is honest. Real training is honest. We can hide in lies in our mind, but we cant hide from the external punch, or the truth of whether we got up and went training or gave up and went to sleep.
Its easy to see what peoples core issues are. Its no big deal really. But how does it relate to martial arts? Well, because ultimately, you will achieve your aim. Not your stated aim not the lies we tell others but the core aim. All experienced martial artists know that some people train only because they want fake kudos, or titles, position, false respect, façade, etc. But we rarely ask ourselves why those people need those things. Its easy, really almost exclusively, their real personality issue is exactly the opposite of what they are trying to make you think about them.
The more fear someone feels, the more theyll try to intimidate others with front or else, sometimes, be crippled with it (theres always two halves give in to the core issue or build a false face of opposite quality.) If fear is your issue, that can skew a lot of things in your training. It can be a good friend, but unacknowledged, un-faced, it can rear up at bad times, or make you too aggressive, not tactical or technical enough (simply attacking blindly) and then, when your aggression is powerfully repelled, fear can overwhelm you, because your one tactic attack has failed. Or it can make you build such a façade of bad-assness that you cant ever train properly, because so much is invested in the façade you dare not risk it.
The more inferior someone feels, the more they build, or seek, the false face or façade of senior expert, with ridiculous titles, and followers made to grovel before them. Diverted like that, a person steps further and further away from real training, concentrating ever more on the superficial aspects of their status.
And the more worthless someone feels, sometimes the more they hate and attack those things that have real worth, so deep and painful is the feeling. Every person who has real worth becomes an enemy to them, highlighting their own sense of lack. Even when, in truth, they dont lack.
For me, my issue was that I felt an enormous sense of alone-ness that caused me to focus on flash over substance not that I was ever very good at flash; but flash has many aspects. For example, I was too eager to be a loyal student; not out of personal quality, but out of desire to be respected for my loyalty.
All false. All diversions. If you really want the heart of the art, you have to know that you truly want it and they only way to truly know is to identify and face down your core issues your real, possibly subconscious reasons for training. You cant have two destinations and youll always head towards the sub-conscious one if youre not aware of it. What, really, are you trying to get out of your training? Why, really, do you cling to titles, or image?
Its fairly simple sports psychology. Know and understand where you are truly going, and what you truly want. Is your training aim in conflict with your personality aims? If it is, it will take a real honesty to address it but the result could be a far more effective training regime, focussing away from superficial issues, and towards concrete goals.
The idea is taken from a guy called John Bradshaw. Its only an idea were fairly simple beings in many ways, but we are, obviously, far more complex in reality than a single word like worthless. But it can help, as a guide, to start to make us aware of subconscious issues and directions in our training. Identify your core reason for training. Be honest - is it really true knowledge of Quan ?
We all have our issues. I have mine, the people sending me hate mail for these articles have theirs. The difference is, I know what my issues are and I know what theirs are too. Temei nosce, and good luck!
Great articles. Thanks.
set your sights high, so high in fact, that even failure will have an echo of glory
A few , for me personally, inspiring words there. Thank you
you are so right at the moment i'm facing my core issues i'm aware of my various insecurities and i try my best to rule them and nt have them control me i wish that other instructors would face their core issues. I'm glad however that i have not at least for now succumed to them and put on a facade that would be lowering myself and dishonouring my kwoon.
Your grasp of Taoism in particular and the spiritual aspects of training in general appears to be rather tentative. To say that Taoism splits everything into 2 shows little knowlege of the principles of yin yang which is not a black and white, on and off principle but that of a cycle of constant change and flow.
You state that people who say "I train for spiritual purposes' isn't honest. 'I train because I want to be seen as spiritual' is honest". This may be true in your limited knowledge of what is spiritual but may it not also be the case that there are teachings and schools that teach spiritual paths through martial arts training that may be beyond the scope of your article but still deserve recognition and not dismissed so lightly?
Spirituality means so many different things to different people and to negate any form of spirituality in martial arts as being some kind of excuse for not training hard or some kind of self delusion shows little understanding of the paths that many follow
As an example, for me spirituality starts by learning to open up to yourself to a much higher degree than you stated in your article. There is a path that is followed (one of many spiritual paths espoused by Taoists) where we open up the body first from the inside out, learning to release deep seated tensions that get in the way of efficient movement and good health and wellbeing. Then we open up the emotions and come face to face with our darkest fears, anger and so on. There are other stages beyond this and it all has relevance to martial training enabling the practitioner to go beyond fear and eventually to subjugate the ego etc opening ourselves up to true communication with our inner selves and the people and world around us. This to me is spirituality in the martial arts. A quest to become a better person, one not closed off from his fellow man and the universe in which he lives.
Yes there is indeed too much flash over substance in the martial world as in many other forms of human endeavour but that doesn't mean that substance no longer exists. I agree that we shouldn't hide behind titles, lineages or dogma but feel too much martial arts training is spent developing yet more emotional shielding which we use to further isolate us from the people and world around us. This can only be detrimental to our physical, emotional and dare I say spiritual health and progress.
My artlicles series will now be continued in my journal. Thanks.
I hope you continue writing.Fire-quan!
The life force can only do spray gun, but has not given up Martial Arts
I train to face and overcome my fears.
That being said why do people want to be strong?
Are they afraid of being weak? or weak because their afraid.
Beautiful text!
Wow...great article. I thought the same thing, but couldn't put it into words like you did, a real good job.
For me my training is about a few things together - I want to be able to defend myself + to work out + to look awesome when doing this stuff.
Being honest is cool.
There is no "better" or "worse" martial art...the question simply is how you are good at it.
That was a really good article, probably the best martial arts article I've read in six years.
Honestly, I'd have to say that I love learning martial arts for the culture, mindset, and relaxing effect it has on me. That being said, I crave becoming a 'true master'. I want incredible power and much recognition and praise. I also want total freedom in my body's movements; I want to be able to do anything. I want to completely overpower my opponents, and I want to capture the world with my power and be looked at like a god among men.
I love Sanda and UFC but hate actually causing pain to other people. That's why I can't join the military, as much as I'd like to. It also doesn't help that I really like to look pretty, so I don't want my face getting too messed up.
I want to be like an anime character. Super powerful, super beautiful, etc.
I'd like to do something real and fulfilling with martial arts, but would prefer learning the "flashy" stuff.
I've had eight years of martial arts experience, and I'm at a crossroads. I'm 19 years old, and I don't know what to do with my life.
Is that honest enough?
I couldn't agree with this man more.
I'd rather die on my feet then live on my knees. - Emiliano Zapata
What's important and interesting is what keeps us practicing and studying CMA's after many years. It can be habit, but hopefully it's more than that... subtle internal evolution.
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... ourselves!
We drove to the UP (Michigan talk for Upper Peninsula) and enjoyed visiting St. Ignace and Mackinaw City. These areas are like others we've seen with cute main streets and lots of restaurants and shops. The Mackinaw Bridge was interesting to go across. It was the longest suspension bridge in the world when it was complete in 1957. We saw it in the distance when we rode the ferry over to Mackinaw Island back in June so it was good to ...
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soo.. this concludes our Michigan travels... which as it turns out, proved to be more than we ever expected..
getting to mostly camp on the ...
Michigan Fist Boil
We went to dinner last night with our friends Don & Dar at the Black Star Farms Winery for a Michigan fish boil. The food was great. We had never been to a Michigan fish boil before. It is a lot like the ones we do in the south but they use lake trout and white ...
Farewell, Charlevoix!
... for tomorrow's departure. We're headed out tomorrow for Escanaba, Michigan. We'll be spending one night at OB Fuller State Park, then head on into WIsconsin and Minnesota. It's going to be a hard four days of driving between here and the Black Hills of South Dakota. We're not looking forward to the drive, but we know that next weekend will see us at Dad and Susan's, who we haven't seen in far too long. Tomorrow's going to be a busy day, so It's off to bed for me! 'Night, ...
"...and then it felt like my ass was on fire!"
... five o'clock. I repeated my routine of yesterday by taking a 45 minute nap on the mat we had stretched out while Cindy visited with Denea and Jenna, who were back from the splash pad by this time. When I got up from my nap, Cindy and I were getting hungry, so we wandered up for some pulled pork sandwiches from the local "Pigs Eating Ribs" truck. By the time we were done eating, everyone was back, the shadows were lengthening, and the park was ...


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text: Adorned with a stunning new 'Fiji Airways' authentic Fijian brand mark and design both inside and out, the new A330s will feature comfortable seats with excellent leg room and in seat power and entertainment in Pacific Voyager/economy, and TV size entertainment screens and angled lay flat beds in Tabua/Business Class."We are delighted that the Airbus A330 was chosen as the "canvas" on which to launch the airline's new brand 'Fiji Airways', said John Leahy, Airbus' Chief Operating Officer – Customers. The A330 offers the best operating economics and the most sumptuous cabin of any aircraft in its category and will serve Air Pacific, soon to be Fiji Airways, well in their ambitions growth plans." The aircraft now begins an approximately 18,000 kilometer journey from Airbus' manufacturing centre in Toulouse, France to Nadi, Fiji via Hong Kong. It will arrive in Nadi on Tuesday, March 19 at a welcome event at the airline's facilities at the Nadi International Airport. "We've been preparing for our new Airbus A330 aircraft for almost 18 months now. Our initial cadre of pilots, engineers, and cabin crew are trained and ready to go and all of Fiji is eagerly awaiting our first owned and uniquely designed wide-body aircraft" said Dave Pflieger, Air Pacific's Managing Director & CEO. The airline will re-launch as "Fiji Airways" in June of this year, and the roll out of the carrier's new product and service offering including new brand, new aircraft interiors and liveries, updated business lounges, new crew uniforms, new website will continue until the end of 2013 when its last B747 is returned to its overseas owner. For additional updates and exciting news about the soon to be launched "Fiji Airways" and "sneak peeks" of the new plane in various markets, please visit us at fijiairways.com.


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Deus Ex: The Fall is set in 2027– a golden era for science, technology and human augmentation, but also a time of great social divide and global conspiracy. Powerful corporations have seized control from governments and command the drug supply needed by augmented humans to survive.Read full description
Deus Ex: The Fall is set in 2027– a golden era for science, technology and human augmentation, but also a time of great social divide and global conspiracy. Powerful corporations have seized control from governments and command the drug supply needed by augmented humans to survive. In this chaos Ben Saxon, a former British SAS Mercenary who underwent physical augmentation, is desperate for the truth behind the drug conspiracy. Betrayed by his private military employers, the Tyrants, not only is his own life at risk but for all augmented humans, time is running out…
Developed in collaboration with the original DEUS EX: HUMAN REVOLUTION® team at Eidos-Montréal and N-Fusion; Deus Ex: The Fall includes full Steam Achievements, Mouse & Keyboard control configurations, and Control Pad support.
The search for the truth spans from mafia hideouts in Moscow to the slums of Panama
Every action has a consequence
Hours of gameplay with multiple ways to play
Play the way you want- high-impact action or stealth
Original, immersive storyline
Numerous side quests
Fully explorable environments
Social and hacking skills
High impact action and combat
Unique visual design
Full Mouse & Keyboard control scheme
Microsoft Controller support
28 Steam achievements
Steam Trading Cards and Badges
Adjusted Artificial Intelligence
Revised game tutorial
Removal of auto-target options
Revised aiming reticule
Removal of in-game purchase options, with rebalanced game economy
Revised cover options - now matches Deus Ex: Human Revolution (HOLD or Toggle)
Resolution, Anti-Aliaising and Vertical Sync options
Deus Ex:The Fall © Square Enix Ltd 2014. All rights reserved. Developed by N-Fusion Entertainment Inc. Published by Square Enix Ltd. Deus Ex:The Fall and the Deus Ex logo are trademarks of Square Enix Ltd. Square Enix and the Square Enix logo are trademarks or registered trademarks of Square Enix Holdings Co. Ltd. N-Fusion and the N-Fusion logo are trademarks of N-Fusion Interactive Entertainment Inc. The rating icon is a registered trademark of the Entertainment Software Association. All other trademarks are the property of their respective owners. All rights reserved.
For a game that was released for android/mobile, it is pretty good, because there are not that high expectations, mostly because of the platform. Here, though, it is completely unchanged port of the mobile game - it's short, lacks any real conclusion, and while it is well known it was supposed to be first in the trilogy, followup are nowhere to be found. The only good thing about it to say is it's based on Human Revolution and it's a prequel to it. Grab it when on sale, because for full price it is completely not worth it.
The problem with this game, is that it's the android version of a great game, re-ported to PC. The core is the same as human revolution, yet everything just feels off. The graphics aren't that bad, and the controls are kinda ok, but what it really bothers me, is that the enemies are somehow too stupid, and easy to deal with, while the levels are bland, and short. Yeah, this is an android title alright. I really don't recommend it. For the same price, you should seek out Vampire the Masquerade Bloodlines, which is an older game, but a million times better then this. Or, just play Human revolution again, or the sequel. Seriously, this one is bad.
The story from The Fall feels incomplete, your inventory is a shop, no longer you need to bring stuff with you, and there's NO JUMPING! A complete waste of money in my opinion, if you want Deus Ex game this is not the one you should look for, even Invisible War was better than this!
I played this game on my z1 compact. but two weeks ago i started on pc. and the feel is different. this game never lose its story. game is so simmilar to mankind divided, so it gets everyone in who know deus ex series.
This is the first game of what was supposed to be a trilogy, but at least so far the developers have yet to move on with the second game. What's here is amazing though and worth buying, but just know it ends on a cliffhanger that might not be resolved. This is a side story to the other Deus Ex games with a new lead character. It plays identical with the ability to go stealth or guns blazing and has the conversations with branching paths, etc. The graphics are great, the gameplay is very fun, and the soundtrack is pretty good. The biggest downside other than the cliffhanger ending, is the length. You can beat the game in a couple hours. Once you know where to go, you can even finish the game in under an hour, doing only main quests. There's a few side missions but not a lot. You gain experience points and can upgrade various augments as you wish. I would definitely recommend this game to anyone who loves Metal Gear or Deus Ex, but be warned that you are buying it more for the gameplay than the story since it doesn't seem like the sequels are ever coming out.
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My father (Bill Rudland) lived in Broadstairs from 1914, and except for WW2, he lived there until he died. I lived there from 1944 to 1962. I remember St. Mildreds School, Uncle Mac, Mr. Broadstairs, the chalets being built in the Main Bay, the Viking Ship landing in 1949, Dickens festivals, the cinema down the High Street (forgotten it's name), the old jetty roof, a girl named Rosemary nearly getting drowned in the 50's, jiving in the Arcade, sharing a bottle of coca cola between 6, and running the Hot Spot for 18 months, (this was a disco in the Memorial Hall, before discos were invented, and before St. Lo.). Does anyone else remember all this?
A memory shared byon Jun 9th, 2012.
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New Stationary.
Just something, nothing in particular. A beginning.
I bought new stationary. Pens lay scattered across the desk, even a simple choice of colour seemed impossible when it came to writing. I jumped, frightfully, as the doorbell rang, interrupting the unproductive silence and causing me to jump so much as to knock the reams of paper on my desk flying. A sheet in every inconceivable colour flew through the air, a swarm of sheets buzzing towards the floor, eventually carpeting the whitewashed boards with a carpet reminiscent of a rag rug from a far off land.
My brain tousled with the idea of answering the door, however the idea of moving from my desk and breaking my cycle of procrastination was unbearable. It mustn't have been that urgent, seen as there was no knock,as perhaps there would have been if the visitor, presuming the rusty old bell was merely a decoration, had made a second attempt to alert me of their presence. This made me curious. Why would someone climb up the unreliable wooden staircase to my flat, only to press the bell, pause and leave?


text: Meta Battle Subway PokeBase - Pokemon Q&A Login Register All Activity Questions Unanswered Tags Users Ask a Question Rules Chat Mystery dungeon bosses 0 votes 267 views What determines how much hp a boss has because every boss has loads like once I counted the amount of damage wigglytuff can take and it was around 1200. I can kind of guess why they've done this (so its not easy) but is there a way of finding out how much hp they have maybe possibly a link saying how much they can have Plus when you befriend a boss such as mew or girintina they have normal hp explorers-of-sky mystery-dungeon boss asked Jan 6, 2012 by Blobyolo edited Jan 6, 2012 by Blobyolo Please log in or register to add a comment. Please log in or register to answer this question. 1 Answer 1 vote Best answer The Boss has that much HP because it's a boss. You think beating Darkrai is going to be easy? Also, i changes when you recruit it because running around with a Dialga at 750 HP just is too easy. The Boss HP is always the same, it isn't determined by anything. answered Jan 6, 2012 by Ninja Please log in or register to add a comment. Related questions Is there a list of recruitment rates for all Pokemon in "Pokemon Mystery Dungeon: Explorers of Sky"? Of Pokemon Mystery Dungeon: Explorers of Time, Darkness, and Sky, which should I get and why? How do I evolve my starters in Pokemon Mystery Dungeon- Explorers of Sky? How do you evolve Riolu into Lucario in Pokémon Mystery Dungeon: Explorers of Sky? What's a good team for Pokemon Mystery Dungeon Explorers of Sky ? Differences between Mystery Dungeon: Explorers of Sky and Mystery Dungeon: Explorers of Time/Darkness? How does eevee evolve in Mystery Dungeon? Do shinies ever appear in Pokemon Mystery Dungeon: Explorers of Sky except for the pink Celebi? Useful Meta Posts Vote for Sun/Moon moveset questions How to change your username How to add a user avatar Why was my post hidden? The points system Question etiquette Flags vs Downvotes Anime FAQ


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Dry Shampoo
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zea mays (corn starch)*, maranta arundinacea (arrowroot) powder*, kaolin clay, sodium bicarbonate, rosmarinus officinalis (rosemary) oil*, mentha piperita (peppermint) oil*. *certified organic ingredient
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Love This Product
I decided recently to replace my daily products with more natural ones, and this is one that I will be buying again. I recently cut my hair short and feel like it gets greasier quicker than ever before. This is the first time I have used a powder dry shampoo (as opposed to an aerosol one) and I tried to use it as most people direct, which is to gently poof it on to your hair. That doesn't do anything for me, so one day, I just started shaking it on to my roots before bed. I didn't brush it in and just slept on it. The next morning, my hair looked clean and had some nice texture (it is usually very limp). Now, when I'm at about three days post-wash, I shake this onto my roots at night and I'm good to go the next day. As someone with dyed red hair, washing as little as possible is pretty essential. :)
- J Wrz
I am a dry shampoo junky - but found out the aerosol one I was using, contained aluminum ! This is so much better, and it adds volume!
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Great product
This dry shampoo is easy to use and does the job well. It can take a little while to work it into my hair but the white cast comes out with a few brushes. Overall I really like this product and love that it's non-toxic.
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This dry shampoo is the bomb. I haven't used many, some aerosol samples that were okay. I like the puff dispense, i open it only halfway and it works great. The ingredients seem pretty great.
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Surprisingly good!
I was skeptical because this dry shampoo looks like baby powder, and I have dark hair. But I am so pleasantly surprised! Other dry shampoos made my hair feel like it had a lot of dry shampoo buildup. But this one actually makes my hair feel close to clean! So glad to have discovered this.
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I've tried many dry shampoos and this one is by far the best. And non-toxic which is a bonus!!
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I've tried a few natural dry shampoos and this one is by far the best! It has a light, clean smell and application is simple and smooth. Other formulas I've tried were clumpy with uneven application. I will definitely be purchasing this product regularly.
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good but...
I liked this dry shampoo. It worked well for my hair and helped me stretch a few days between washes. I also like the "puff" delivery system on it because you can puff a little or a lot and it's pretty easy to use. But...I must be allergic to something in it because my head itches like crazy by the end of the day. But i do have very sensitive skin so this is probably my issue, not the product's.
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The dry shampoo is hard to get out of the container, and therefore difficult to apply. I also found it doesn't do the greatest job. It left some oil behind in my hair and by the end of the day there was a residue where I had applied it. On the plus side, I found it blended in easily to my blonde hair.
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"Clean" alternative (pun intended)
Five stars for product ingredients. So glad to have found a dry shampoo free of toxic ingredients! Can't say that it outperforms any other dry shampoos- but does what it is meant to do!
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I usually love everything from Acure but the dry shampoo was a disappointment . It is the container, super hard to get out the dry shampoo. Great concept poor design.
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Since I don't wash my hair daily, I use dry shampoos to make my hair look fresh. I've tried the typical aerosol dry shampoo sprays but don't like the fumes or the strong perfumes. Most recently I've used the standard baby powder but have concerns about talcum powder being linked to cancer. When I found the Acure Dry Shampoo available through Thrive, I ordered it right away and I'm so pleased with the product! It's so simple to use by gently squeezing the bottle to "poof" out small amounts of the powdery product. You can control the amount based on how hard you squeeze the bottle. I just love it and I feel safe using it because of the quality ingredients!
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FYI for fine hair
Full disclosure: I have super-fine, stick-straight hair that gets greasy really easily. I exercise every day, but I try not to wash my hair every day because it is color-treated. This product definitely soaks up some of the oil, but I'd say the main effect on my (again, super fine, silky hair) is to build volume. The texture of my hair becomes less silky to the touch, but it helps me build fuller braids, which can be a nice way to deal with less-than-fresh locks.
- Michaela
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- Odyssey
- could refer to:
- USS Odyssey (NCC-71832)
- USS Odyssey (NCC-71832-A) (Galaxy-class) as seen in Star Trek: Unity (fan film series).
- USS Odyssey (NCC-71832-A) (Nebula-class)
- USS Odyssey (NCC-75309)
- USS Odyssey (Sovereign-class)
- USS Odyssey (NCC-81302)
- USS Odyssey (NCC-81639)
- USS Odyssey (NX-97000), the prototype for the Odyssey-class from Star Trek Online.
- Disambiguation page: If you followed a link to Odyssey that brought you here, you might want to go back and change it to link to a more specific title. (For example: Odyssey (some other term), or choose from one of those listed above.)


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2015 Leadership Conference Reflection: Aaron Bayes
I have been a big fan of CFI since I started reading Skeptical Inquirer as a kid. When I eventually started a skeptics club on my campus, CFI was eager to help; they sent boxes of swag and connected me with amazing guest speakers. This summer, they were gracious enough to invite me to the CFI Leadership Conference at CFI headquarters in New York state. I really wanted to go, but I figured that it was too far away as I live in Vancouver, Canada. Imagine my delight when CFI offered to pay for my travel expenses! In my mind, it would have been both foolish and rude to decline.
Humanists Against the Confederate Flag
On June 17, 2015, white nationalist Dylann Roof entered the Emanuel African Methodist Episcopal Church and shot nine members of that church's black congregation. Upon being arrested, Roof was discovered to have made numerous online postings about his racial views, including photographs of him draped in the flag of the Confederate States of America. As such, the past few months have seen the reigniting of a debate which has been going on since our Civil War: is it right for southern states to continue waving their flag of secession and slavery?
2015 Leadership Conference Reflection: Nicole Niebler
What did I enjoy at the 2015 CFI Leadership Conference? So much! Seriously, I can't quantify how much leadership training and information was packed into that weekend, and I think my lack of sleep over the weekend can attest to that. I don't have the space, and you probably don't have the time to read all of the things I've learned, so I'll just share some of my favorite parts of the conference.
Thomas Jefferson and the Origins of US Secular Humanism
With the recent passing of the 239th Anniversary of the United States' Declaration of Independence from Great Britain, it is important for Secular Humanists to look back at history and learn from our forefathers, especially those whose thoughts helped develop what we call Humanism today. Of course, in the United States, one such figure would without a doubt be Thomas Jefferson, the author of the Declaration of Independence.
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At the end of every school year the dreaded student group sustainability conversation comes into play. The group outlines their priorities for the summer, creates a conference schedule, sets goals for the coming year. And by the time summer ends, everything has come to fruition, just as planned.


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My Name is Julia, I'm 21 and entering my fourth year of College. I love meeting new people, and talking. Sometimes I have trouble getting outside of my comfort zone, and I feel that by traveling and/or hosting people, I can try new things and see the world like I've always dreamed. I'm currently studying International Affairs and Political Science with a minor in Chinese. The only tentative plan that I have for after college is to hopefully join the Peace Corps and volunteer abroad, maybe also go to Graduate School to look into either education or public health.
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Seems like an easy way to meet new people!
Reading, lots of Netflix, volunteering with kids of all ages- I currently do Jumpstart and work with 3-5 year olds, Blood Drives, learning about religions other than Catholicism/Christianity which I was raised in, going to music shows to meet new people!
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Futurama, Archer, House of Cards, and that 70's Show, plus lots of guilty pleasures like Say Yes to the Dress and ANTM
books: Siddhartha by Herman Hesse, Frankenstein by Mary Shelley, the Harry Potter Series, the Blood Jack Pirate series, Pride and Prejudice, A Song of Ice and Fire series, and just anything I pick up at the local library or on my kindle.
Music- Happy music, lately i've been really into indie pop, chillstep, and trap music because it's so cheerful sounding
One Amazing Thing I've Done
After the Boston Marathon Bombing, when the entire city was shut down on that Friday and the bomber was caught at around 8 or 9 at night, the majority of Northeastern students clamored onto the streets and just came alive. There was shouting, singing, flags waving, people dancing, and cheering for the cops that were half heartedly trying to restrain us. It was pretty beautiful.
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I have to offer my friendliness, and my willingness to go out and learn right alongside with whoever i'm hosting/staying with. I want to see new things, or even old things through new eyes. Plus I love hearing people's life stories.
What I Can Share with Hosts
My experiences growing up thoroughly middle class and sheltered in suburban America
Countries I've Visited
Cambodia, Canada, China, Hong Kong, Japan, Myanmar, Russian Federation, Singapore, Thailand
Countries I've Lived In
China, United States


text:
Early in my friendship with my only friend from the South, she said to me, "You are the friend I touch the least. You visible cringe when you see me coming." It was an alarming statement—not because she said it, but because it was true.
Affection makes me nervous. When my own brothers hugged me the day of my college graduation, I felt awkward. When I visited my parents and they embraced me at the airport, I always held back. It felt odd to feel so uncomfortable, but I chalked it up to being Midwestern and coming from a family more likely to express emotions in an outburst on the written page than through hugs and kisses. We knew we loved each other, so why did we need to say it?
In the early months of my relationship with my husband, when he constantly told me that he loved me, my response was that if he said it too much it would lose meaning. Yes, ladies, I told the man I loved to stop telling me he loved me! And guess what, he stopped saying it so much, and 16 years later, I still regret that bonehead move.
My friend's statement was a wakeup call. Thankfully, she hugged me regardless of my obvious discomfort—she can't help but hug the people she loves. Eventually, the running joke in my group of friends changed from, "Don't hug Heidi. She doesn't like to be touched." to "Don't worry. You can hug her—A, finally broke down all her barriers."
Because that's what good friends do. They break down the barriers that need to be broken. They push us to grow and become better. If not for A., would I hug and kiss my own sweet daughter with wild abandon? Maybe not. And where once a hug felt like an awkward moment that I simply wanted over as soon as possible, I now find myself squeezing back hard. So to those who know me, bring it on—your hugs no longer scare me. I can see them for what they are: an expression of love and affection—and that no longer scares me either.
More from living


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The data and analytics firm MSCI (MSCI) initiated the first dividend payment in the company's history as part of a broader plan to return $1 billion to shareholders by 2016. The company will pay a regular quarterly dividend of 18 cents a share and increase its existing share repurchase authorization to $850 million from $300 million.
The news sent the shares rising $2.71, or 5.8% to $49
Covanta (CVA) sweetened its quarterly cash dividend, adding 7 cents to the per share payment. The 39% hike now puts the dividend at 25 cents a share.
Covidien (COV) hikes its quarterly dividend by 13% to 36 cent per share from $0.32 per share.
Since Windstream [WIN] shook up telecom valuations by spinning off assets into a real-estate investment trust, things have gotten so wacky that the historically high-yielding CenturyLink [CTL] yesterday saw its dividend yield fall below that of staid telecom stalwart AT&T [T]. Morgan Stanley says yesterday's 5.31% closing yield for AT&T marked the first time it yielded more than CTL (5.30%) since CTL established its high payout policy back in 2008, saying the market "has generally demanded a higher yield from the RLEC space than from the Bells to compensate for the lower growth prospects." And in fact T's yield slipped back below CTL's yield on Tuesday.
Looking ahead, Morgan Stanley says CenturyLink is seen as more likely than AT&T to consider (and benefit from) a REIT spinoff similar to what Windstream did. AT&T is a bit cheaper in P/E terms, but CenturyLink offers nearly double the free cash flow yield. But on balance Morgan Stanley sees more upside in AT&T:
While we rate both stocks Equal-weight, we have modest 4% upside to our AT&T base case of $36, while our CenturyLink base case valuation is $37 (-9%, or 4% total one year return net of dividends). We see several factors driving the relative performance in coming weeks: 1) Progress of wireless wars, as Sprint and others tweak pricing ahead of the iPhone 6 rollout, 2) Spectrum auctions, particularly AWS-3 in November where AT&T is expected to be active, 3) REIT rollout, as investors, regulators and others digest Windstream's actions further.
Citi strategists today cast a skeptical eye on Windstream Holdings Inc.'s (WIN) plan to spin off certain network assets into a real-estate investment trust. With the historically high-yielding telecom company expected to release its second-quarter results on Thursday, Citi's Michael Rolling and Kevin Toomey today say they remain Neutral on WIN but add that WIN's dividend cut "may forebode direction of operational headwinds." More from Citi:
[I]ts proposed REIT conversion does improve cash flow to reinvest in its operations, but we are interested to learn more about the timing to suddenly shift its direction by cutting the dividend and raising its future capital intensity expectations. We are concerned that operating performance is unlikely to improve near-term and could degrade further given its recent financial decisions. We recognize greater tax efficiency and the value arbitrage from PropCo (pending the spin) could help to offset the potential risk to value within the OpCo. We remain neutral on WIN shares.
Last week Moody's Investors Service called the REIT spin-off "a near-term credit positive" but said it removes future financial flexibility, and that the unorthodox structure could have long-term risks:
The creation of the REIT (PropCo) will complicate Windstream's corporate structure and could ultimately weaken both companies' credit. The structure may result in unintended consequences or invite capital market or corporate governance risks as Windstream attempts to fund its operation from separate entities whose profit motives could diverge over time.
Moody's said it expects to see more REIT spin-offs in the wake of this one, but not from the major telecom companies:
We believe that additional wireline telcos, such as Frontier Communications Corp. (Ba2 review for downgrade) and, to a lesser extent, CenturyLink Inc. (Ba1 negative), could pursue this structure to reduce their future taxes and common dividends in a way that is opaque to shareholders. However, we do not believe that AT&T Inc. (A3 review for downgrade) or Verizon Communications Inc. (Baa1 stable) will pursue such a structure due to the headline risk and potential regulatory challenges it could create. We also believe that AT&T and/or Verizon would overwhelm what we view as a niche asset class and dilute the current valuation premium on triple-net REITs.
Shares in high-yielding telecom company Windstream Holdings Inc. (WIN) have surged 21% to $12.72 Tuesday on plans to spin off certain network assets into a real-estate investment trust. Windstream said the transaction will allow the REIT, which will own Windstream's existing fiber and copper network and other fixed real estate assets, to expand its network and diversify its assets through acquisitions.
"This transaction will make Windstream a more nimble competitor in today's increasingly dynamic communications marketplace and accelerate our deployment of advanced communications services," said Jeff Gardner, president and CEO of Windstream, in a statement. "Additionally, the REIT will have geographically diverse, high-quality assets and sustainable cash flows with the ability to grow and diversify over time."
Windstream expects a 70-cent aggregate annual dividend per share for the two companies (down from WIN's $1 current annual dividend), consisting of a 10-cent dividend for WIN and a 60-cent dividend for the REIT. Jefferies analysts called the plan an "elegant way" for WIN to cut its dividend. Windstream said its shareholders will retain their existing shares and receive shares in the REIT commensurate with their Windstream ownership.
From Oppenheimer analysts Timothy Horan and Jonathan Michaels:
The REIT will pay a $0.60 annual dividend, which we expect will trade at less than a 4% yield or $14+ and the services company will have a $0.10 dividend which will probably trade at a 10% yield or so. Our best guess at this point is that the company is worth at least $15/share with this structure, but potentially as much as $18….
We have seen the REIT Data centers and Towers trade 30-40% higher than non-REITs by avoiding taxes… For our sector, we believe this means that every network stock we cover is roughly 20% undervalued at this point, as they should be able to largely avoid paying taxes going forward.
Wells Fargo Securities' analyst Jennifer Fritzche was more perplexed, calling it a "surprising move" and a "very confusing transaction" but still "a positive for WIN shares" that simplifies WIN's core business focus and capital structure.
Here's Citi's Michael Rollins:
Windstream's proposed structure could improve its tax efficiency which could help its ability to invest and pay dividends over the longer term. However, the proposed structure represents a 30% reduction in the dividend. This could infer that operations are not turning around as quickly and represents a possible area of fundamental concern for us. The lower dividend amount could also limit the upside potential in the share price from the change in structure.
We have many questions about the specifics of using a REIT structure for traditional telecom assets such as: 1) which assets are actually included in the REIT structure; 2) the amount of tax efficiency; 3) implications for future M&A; 4) transferability of the structure to other telecom companies within the sector; 5) risk of competing self-interests between the operating company and the property company; 6) Windstream's future financial outlook in light of today's announcement; & 7) amount of incremental capital required for the companies augmented broadband deployments.
WINs' board of directors approved the plan following the receipt of a favorable private letter ruling from the Internal Revenue Service.
Bonds are outperforming stocks so far this year, and even among stocks, dividend yield is trumping other factors in equity returns. So says Deutsche Bank quantitative equity strategist Javed Jussa today. Jussa looks at factors that determine equity investor strategies - such as momentum, growth, volatility, etc. – to see which is doing the best this year. Here's Jussa:
Dividend yield, a more defensive strategy, is in fact the best performing factor YTD in the US and globally. This is somewhat concerning because dividend yield tends to be the best performing factor during turbulent market episodes. This could indicate that investors are preparing for a pronounced period of uncertainty and sustained equity volatility. However, analyzing more recent factor performance (on a daily basis) still shows signs that the reversal in factor performance would likely not exacerbate into market wide turmoil.
Dividend-paying stocks have been a huge component of income-investing strategies over the past several years, as investors fed up with historically low bond yields looked increasingly to the equity market for yield, despite its extra volatility. Of course stocks in general returned 30% last year while bonds on average lost 2%.
Income investors seeking better yields than bonds offer these days, take note. Citi equity researchers today updated their "Global Bond Refugees" screen, which they came up with last year to help investors dissatisfied by low bond yields but wary of stock volatility. Citi says its list highlights bond-like stocks with "premium" dividend yields and low drawdowns – a measure of price volatility – at a time when bond yields are still low by historical standards and stocks yield more than government bonds in all major DM markets outside the US. Here's Citi explaining its methodology:
We screen the 500 largest (by market cap) stocks from the MSCI AC World Index with dividend yield at least 10% premium to the market, where the drawdown over the previous three years was in the lowest quintile and where the company has not been a net issuer of stock over the previous three years.
Citi says the global screen results in 28 companies that are tilted towards defensive stocks, with Consumer Staples, Health Care and Telecoms emerging as the most represented sectors. Here are the 16 U.S companies that make the cut, listed with their 12-month trailing dividend yields (each at least 2.7%):
If you're an income investor in search of rising dividends, you were in luck during the first quarter, which saw a record 1,078 companies raise their dividends, according to S&P Dow Jones Indices. It was 14.2% more than in the same quarter a year ago, and it beat the previous Q1 record of 1,069 set in 1979.
S&P DJI says U.S. domestic common stock dividend net increases (increases less decreases) rose by $17.8 billion during the Q1, a 22.9% gain over the Q1 2013. Of the roughly 10,000 U.S. traded issues, 102 companies decreased dividends in Q1 2014, down from 139 in Q1 2013.
Howard Silverblatt, senior index analyst at S&P DJI, says increases outnumbered decreases more than 10-to-1, and estimates that payments for the first quarter increased by 15% over Q1 2013. Silverblatt says the weighted dividend yield grew to 2.48% at the end of the first quarter from 2.44% at the end of 2013, attributing the increase to the strong dividend market with a moderate Q1 stock performance. "Dividend payments continue to increase, and remain one of the few income generating alternatives available to investors," Silverblatt says.
Forty-seven percent of non-S&P 500 domestic common issues (ASE, NYSE, NASD) paid a dividend decreased in the first quarter, up from 46.1% in Q1 2013, per S&P DJI. Payout rates, which historically average 52%, continue to remain near their low at 36%.
Moody's Investors Service says tech companies face downward pressure on their credit ratings as their borrowings rise and as shareholders increasingly call for more aggressive capital returns, even as the tech sector maintains a healthy cash stockpile.
Moody's says this week that the total cash hoard for tech companies with at least $2 billion of cash has reached $604 billion, up for a seventh straight year since totaling $204 billion in 2006. Apple (AAPL). with $147 billion, holds 24%, of that total, with the top 10 cash holders holding 78% of the sector's cash.
The problem, as Moody's sees it, is that roughly 70% of that cash is held overseas, with Moody's expecting overseas cash to grow significantly over the next three years, while debt among those same companies has grown by $153 billion since 2006, led by an $18 billion increase at both International Business Machines Corp. (IBM) and Oracle Corp. (ORCL), a $17 billion increase at both Apple and Hewlett-Packard Co. (HPQ), and a $16 billion rise at Microsoft Corp (MSFT).
Meanwhile, Moody's says the tech sector's cash reserve has enabled many companies to increase or launch dividend payments or to make large acquisitions, such as Google Inc.'s (GOOG) pending $3.2 billion purchase of Nest Labs and Oracle's purchase of Acme Packet for $2 billion. From Moody's:
We don't expect that tax legislation will change over the next year to encourage repatriation of offshore cash…. Overseas cash would be subject to federal taxes if repatriated to the US, a limitation that has restrained companies from making credit-weakening decisions, such as paying large dividends or aggressively buying back common stock.
We now see growth in overseas cash holdings as an emerging credit challenge. An expanding chorus of calls for more aggressive returns of capital by raising debt has set the stage for potential credit rating downgrades in the tech sector….
But even as tech companies increase dividend payments, their payout ratios average a relatively low 25%, versus 50% among non-technology sectors. As a result, technology issuers including Apple and Microsoft have faced calls for more aggressive capital returns.
Because US companies are keen to avoid the tax hit they would face if they repatriate cash, boosting dividends and/or share repurchases much further would require many of them to fund capital returns by taking on more debt. Apple raised $17 billion in 2013 to support a program to return more cash to shareholders. Another example is Altera Corp., which, without the provocation of activist investors, raised $1 billion of debt in 2013 to support more aggressive capital returns, prompting us to lower its rating by two notches in October 2013.
Investors seeking income through dividends did pretty well last quarter, with dividend net increases (increases less decreases) for U.S. domestic common stock rising by $12.7 billion in the fourth quarter of 2013, S&P Dow Jones Indices said today, up from an $8.4 billion increase in the fourth quarter of 2012. The latest quarter saw 885 dividend increases, significantly lower than the 1,266 companies that raised dividends in Q4 2012 (a figure boosted by tax incentives) but up 36.4% from the 649 companies that raised dividends in the same period in 2011. For full-year 2013, 2,895 issues increased their dividend rate, virtually unchanged from the 2,887 that did so in 2012, but up over 48.2% from the 1,953 increases of 2011.
"Dividends had a great year, with the actual cash payment increasing over 10% to set a new record," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices, in a statement. "Even the fourth quarter payments increased 6% year-over-year which speaks to the growth given how many companies paid their Q1 2013 dividend in Q4 2012."
Silverblatt said payout rates, which historically average 52%, continue to remain near their low at 36%, and he expects Q1 2014 "to be a very busy positive period for dividends, with 2014 setting another record for payments."
The percentage of non-S&P 500 domestic common issues paying a dividend increased to 47.7% in the fourth quarter from 47.4% in Q3, 47.3% in Q2 2013, 46.1% in Q1 2013, and 44.9% in Q4 2012m while 418 companies (83.6%) in the large-cap S&P 500 pay a dividend. All 30 members of the Dow Jones Industrial Average pay a dividend.
Silverblatt said weighted dividend yield declined to 2.44% from 2.60% in Q3 and 2.80% at the end of 2012, attributing this decline to the strong market price increase. "Dividends continue to be one of the few income generating alternatives available to investors," he said. "Interest rates have risen significantly [in 2013], but are still historically low with alternative income producing instruments also low."
S&P Dow Jones Indices says the low payout ratio, record earnings and cash levels should permit companies to continue to grow dividends, saying this "should translate into another strong, record setting dividend year for 2014 and a strong increase in share buybacks."
Market pundit Howard Silverblatt has a suggestion for activist inventors pressuring companies to return more cash to shareholders. He says, back off.
Granted, corporate American has a record amount of cash on its balance sheet. Industrial issues in the S&P 500 index are awash with $1.25 trillion in cash on the books, which equates to 93 weeks of net income or 10.6% of market value.
But Silverblatt, the chief index analyst for S&P Dow Jones Indices, argues that "just because you have it, doesn't mean you should use it." In a note published today, he writes:
Corporations do not want to sit on such a large asset, especially considering the low return that their market instruments are making (I don't see any companies bragging about getting 1.2% annually on the money). So what is a company to do? The answer may be 'not much', or 'as little as it needs to'. While shareholder returns have increased, earnings and cash-flow remain strong. What remains weak is commitment: commitment to the economy, commitment to higher production, and commitment to new hiring. And the reason for this lack of commitment (in my opinion) appears to be the lack of clarity in the economy, and a lack of faith in government. The bottom-line is that the 'greedy, capitalists, let them eat cake, 1%' corporate leaders want to make money, so, if for the short-run 'even they' are shying away from commitment, maybe they should be given a little rope (but too much), to do their job.
Silverblatt's note comes as activist investor Carl Icahn is pushing technology giant Apple (AAPL) to boost its stock buyback plan, threatening a proxy fight. His campaign has been sharply criticized by not only PIMCO's Bill Gross, but also the California Public Employees' Retirement System.
Companies are returning loads of cash to shareholders. In 2013, record highs have been set for share buybacks and dividends, according to Silverblatt. Aggregate dividends paid by companies in the S&P 500 hit a new record in 2013 of $310 billion.
Dividend payout ratios, however, are near a record low at 36%, Silverblatt says.
Barrons.com's Income Investing blog helps readers find undervalued securities that offer attractive yields, with an emphasis on dividend-paying stocks, preferred shares, bonds, REITs, Master Limited Partnerships and closed-end funds.
Amey Stone is Barron's Income Investing blogger and Current Yield columnist. She was formerly a managing editor at CBS MoneyWatch, MSN Money and AOL DailyFinance. Her responsibilities included overseeing market coverage and personal finance topics. Prior to those roles, she was a senior writer at BusinessWeek where she authored the Street Wise column online and contributed to the magazine's Inside Wall Street column. Topics covered included economics, corporate finance, Fed policy, municipal bonds, mutual funds and dividend investing. She co-authored King of Capital, a biography of Citigroup Chairman Sandy Weill. She is a graduate of Yale University and Columbia University's Graduate School of Journalism.
Write to Amey at firstname.lastname@example.com


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Having problems with your Toshiba Satellite A135-S2276 Notebook ?
Toshiba A135-S2386 won't boot up
\015 Tried the JOPEN procedure with no success. Never heard a click during the procedure and tried a number of times. Any ideas?\015
Answers :
Take your laptop to your local computer repair shop for diagnostic testing.
\015\012Good Luck.
\015\012Good Luck.
Repair Help & Product Troubleshooting for Toshiba Satellite A135-S2276 Notebook
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Toshiba A135-S2386 will not boot up. The power light comes on as well as the battery lights. The fan and harddrive kick in for about 3 seconds before turning off.
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Won't boot I bought a used toshiba A135 laptop from a guy and it worked when i bought it, but now when i press power button, LED's come on but all i hear is a popping noise from speakers. Optical drive has no power and monitor wont show up. Any suggestions? Did i get burned? lol
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