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Bombay stock market's key index, SENSEX (i.e., Sensitive Index, which is composed of 30 companies), should be comfortably placed at 15,622 on March 31, 2010, and around 50,130 in December 2015
Evalueserve Article \\ SENSEX is likely to touch 50,000 by December 2015 Background On January 8, 2008, Bombay stock market?s key index, SENSEX (Sensitive Index, which is composed of 30 companies), touched an all-time high of 20,873 and almost all analysts expected it to touch 25,000 before the end of 2008. Indeed, the market sentiment was overly buoyant and an uninterrupted rise of the Indian stock market seemed inevitable to market analysts, stockbrokers, businessmen, politicians, as well as the ordinary man. None of these analysts suspected that SENSEX would drop precipitously or that the Indian Rupee (INR), which had also appreciated to 39 INR to 1 USD, may ?drop like a rock? with respect to the US Dollar (USD) and other currencies. Evalueserve took a contrary view by publishing an article on January 08, 2008, titled ?The Indian Stock Market ? Continued Boom or Impending Bust?? This article outlined a very high likelihood of the following scenario unfolding: ?Because of a sudden crisis of confidence, there would be a flight of Foreign Institutional Investor (FII) money out of the country. According to Evalueserve?s models and analysis, if USD12 billion of FII money were to leave within a quarter, the stock market would drop by approximately 30% and the Indian Rupee would depreciate by about 6%. This would imply a level of 14,000 for SENSEX, which was the level of SENSEX around a year ago (i.e., January 2007) and was already causing anxieties among market participants, regulators, and the Indian government. Fortunately, an immediate 6% depreciation of the Indian currency would not be catastrophic for the economy, although it would lead to a bout of inflation and a short- term negative impact to the current account deficit.? By July 08, 2008, Evalueserve?s predictions had come true. The ?irrational exuberance? that existed in January 2008 with respect to the Indian stock markets, the appreciation of the Indian Rupee, and the Indian economy in general had disappeared. The SENSEX was already hovering around the 14,000 mark. Further, INR had depreciated by 10% to 43 INR to 1 USD. During 2004 and 2007, India enjoyed a substantial inflow of FII money (USD 49 billion) most of which found its way into the Indian stock market, but in a reversal of fortune, an outflow of USD 9.2 billion of FII money had already taken place during January and June 2008. Of course, then came The Great Recession1 worldwide that lasted until the third quarter of 2009, resulting in the SENSEX dropping to 8,451 on November 20, 2008, before it recovered to 17,464 on December 31, 2009. Similarly, the Indian Rupee depreciated from 39 INR to 1 USD in January 2008 to 53 INR on March 15, 2009, but then recovered substantially and was trading around 46 INR on February 28, 2010. Another USD 9.9 billion of FII money had left India by March 2009 when SENSEX had reached its nadir. Since the lowest point for SENSEX in March 2009, again there has been a substantial in-flow of approximately USD18.1 billion (during April and October 2009) of FII money to India, and most of this has again gone into the Indian stock market. This leads to the following question, Will this new infusion of FII money be the primary cause of SENSEX going up from 8,160 on March 9, 2009 to 17,000 on March 3, 2010 or is the current boom in the Indian stock markets justified by underlying fundamental strength of the Indian economy? We attempt to answer this question in this article. We believe that the Indian stock market which was grossly overvalued two years ago, is now more reasonably priced simply as a result of India?s continued economic growth. If we assume that a country?s market capitalization as a proportion of global market capitalization mirrors its share of World GDP, India?s stock market seems to be within 15-20 % of where it should be. According to a recent analysis by The Bespoke Investment Group, India?s market cap was 2.7 % of World market cap while India accounted for 2.2% of World GDP in 2009. After conducting extensive research, our analysis shows that SENSEX and other Indian stock indices seem to be trading within 10% of where they should be (at least from a theoretical 1 A term coined by Peter Morici an Economist and Professor at the R.H. Smith School of Business at the University of Maryland, College Park, Maryland, U.S.A. www.evalueserve.com © 2010 Evalueserve, Ltd. All Rights Reserved 1 SENSEX is likely to touch 50,000 by December 2015 perspective), and if the Indian economy continues to grow at an average of 8.5% per year until December 2015, if there is no double-dip recession in developed countries, if the Indian Rupee continues to trade around 46 INR to one US Dollar, then SENSEX should be comfortably placed at 15,622 on March 31, 2010, and around 50,130 in December 2015. Similarly, BSE-100 should be comfortably placed at 8,378 on March 31, 2010, and 30,247 in December 2015. Also, other Indian market indices (e.g., BSE-500) seemed to be placed within the 10-15% ?theoretical range? and are likely to grow at an average annual rate of 20-22% per year for the next 5-6 years. Finally, although the Indian stock markets will continue to be fairly volatile for the next few years, an investor who takes a long-term ? a five to six year ? view is likely to be rewarded very well, especially after taking dividends into account. Given below are some highlights of our analysis as well as the assumptions and caveats made therein. The Indian Economy and the Stock Market ? The Next Six Years The future of Indian stock market is heavily dependent upon the following three parameters, which we will discuss in the subsections given below: (1) future growth of the Indian economy, annual inflation, and productivity related improvements; (2) the in-flow and out-flow of Foreign Institutional Investment; and (3) any movements of price-earnings ratios. Future Growth of Indian Economy India?s economy grew at an annual rate of 9.4% during the three years, 2005-08, with agriculture averaging around 5% per year. India also survived The Great Recession of 2008-09 due to minimal exposure of financial sector to sub-prime lending and domestic demand driven growth. According to our estimates, its economy?s average annual growth rate during the two years, 2008-10, is likely to be around 7% (in real terms), with the current fiscal year outperforming the last one by over 1%. Favorable demographics, high savings rate, rising middle class, and underleveraged households suggest that domestic demand, and the economy, will continue to grow strongly. Taking a long-term view and assuming an exchange rate of 46 INR to 1 USD, an annual growth rate of 7% in 2009-10 and 8.5% during 2010-16, the market sentiment being overly buoyant, an inflation of 6% per year, the size of the Indian economy in nominal terms is likely to be USD 1,250 billion in 2009-10, USD 2,400 billion in 2014-15, and USD 4,640 billion in 2019-20. This implies a cumulative nominal annual growth of 14% and an approximate four-fold increase in the coming decade. During 2009-10, the services sector would account for approximately 56% of the Indian economy; the manufacturing and industries sector would contribute about 29%; and agriculture about 15%. Between 2005 and 2008 both the services and the industries sectors grew at approximately 14-15% on a nominal basis and 9-11% in real terms. We expect these sectors to grow between 15-16% in the next six years, wherein the growth would be particularly driven by three groups of industry verticals, which together dictate the Indian stock markets, briefly mentioned below. The first group consists of services that are mainly geared towards the Indian domestic markets and include retail, travel and hospitality (e.g., airlines, hotels, theme parks), financial services, healthcare (including medical tourism, alternative medicinal centers and spas, hospitals, pharmacies, and laboratories), entertainment (including the Indian movie and TV industries), and private education. Many sub-sectors within this group are likely to grow at 25-30% per year, and overall, this group is expected to grow at an annual rate of 21-22% per year. The second group likely to exhibit rapid growth consists of hi-tech services and products, some of which are currently being exported. These hi-tech services and products include information technology (IT) and application development, business process outsourcing (BPO), knowledge process outsourcing (KPO), drug www.evalueserve.com © 2010 Evalueserve, Ltd. All Rights Reserved 2 SENSEX is likely to touch 50,000 by December 2015 research and clinical research outsourcing (CRO), engineering services outsourcing (ESO), software and solutions related to the consumer Internet, software as a service (SAAS), open source, software-cum- services, and telecommunications (both wireless and wire-line) products and services. This group is expected to grow at an annual rate of 17-18% annually. Finally, the third group consists of products and services related to high-end manufacturing and infrastructure. It includes automobiles, automotive components, electrical and electronic components, specialty chemicals, pharmaceuticals, gems and jewelry, textiles, and sectors related to construction, real estate, and infrastructure. This group is also expected to grow at an annual rate of 17-18% per year. There would be considerable fluctuations in the growth rates over the years and within the sub-components of each group, but each group would continue to claim an important place in dictating the SENSEX level. Since productivity in Public Sector Undertakings (i.e., PSUs or companies where the federal and state governments own more than 50% equity) and family owned businesses has improved at a very fast pace, these two sectors have become particularly important for the investing community. For example, Evalueserve?s analysis shows that on an average, the productivity improvement for the 500 companies listed in BSE-500 was approximately 8% per year during 1991-2005, and it was more than 10% per year for most family-owned businesses. These improvements were mainly driven by penetration of IT in all sectors and management and organizational innovations. For PSUs that are listed in the Indian stock markets, productivity improvements were significantly higher. For example, during April 1991 (i.e., when the Indian economy started liberalizing) and March 2005, the average net profit per employee for the PSUs that are a part of BSE-PSU index went up from USD 1,000 per employee to USD 11,500 per employee and the average revenue per employee went up 8 times during the period. Although these figures are quite impressive, according to our estimates, an additional 80% in productivity improvements would occur during 2005-15 on an average for a typical firm listed in the Indian stock markets. Clearly, such an improvement of 6% a year by itself would not increase the valuations of these firms since the productivity of other good competitors would proportionately also increase. Nevertheless, such a productivity increase would help these firms compete more effectively in a global market place. There are also some fundamental issues that must be addressed for continuing the Indian economic growth story. One area of concern is the lack of infrastructure, and more so, the lack of investment in it. Currently, 56% of India?s GDP is generated in the services sector, but lack of reliable power, transportation, and the logistics related infrastructure will begin to hamper its GDP growth rate, unless it is improved substantially and quickly. During FY 1991-2005, the Indian government spent approximately 3.8% of GDP on improving infrastructure. This spending went up to around 4.5% per year for FY 2006-08 and is expected to be about 5% per year for FY 2009-10. Although the investment on infrastructure is improving, it is still substantially short of the 8%-9% of its GDP that China was spending after 18-19 years of liberalizing its economy. Fortunately, the Indian government has realized this bottleneck and is planning to spend 9% of India?s GDP in infrastructure during the five-year period, 2010-15. Indeed, if the government keeps its promise, then this investment would approximately equal USD 990 billion (assuming 46 INR = 1 USD) during this five-year period, which of course, would go a long way in improving India?s infrastructure. Another related subject is that of shortage of skilled labor both in the services and the manufacturing sector, which directly relates to the education-related infrastructure. So far, government has forcibly restricted the entry of private players by creating legal and administrative constraints. The issue of liberalization of restrictions and transparency in financial support for educational institutional is now entering the Indian discourse and is being debated in policy circles (both within the government and outside) that, as a fist step, bodes well for the Indian economy. Overall, the economic reforms have been good for the country and fear of reversal is not serious. The challenge is for the Indian Government to implement reforms in the labor-intensive manufacturing sector and in agriculture (which continues to employ more than half of the labor force). As China is beginning to exit the textile sector and would also soon move out of apparel sector because of rising wages, India would do well to capitalize on such opportunities. www.evalueserve.com © 2010 Evalueserve, Ltd. All Rights Reserved 3 SENSEX is likely to touch 50,000 by December 2015 Expected inflation during the next six years The built up of inflationary pressure in the past one year has primarily been a result of rise in food prices. Food constitutes more than half of the consumer price basket in India, and any increase in food prices stokes inflation. The relentless increase in food prices underscores underinvestment in agricultural infrastructure, supply chain, food processing and related technology, and irrigation; all of these are imperative so that the supply increases more rapidly than the demand. Not only will such improvement reduce inflationary pressure, it will also increase rural income, which in turn, will reduce the pressure on various government-aided programs to rural areas. On the other hand, if these bottlenecks are not removed, the situation will become even more precarious since India, like many other fast growing economies, is running close to full capacity. Therefore any inflationary pressure is likely to translate into a wage-price spiral. Although the current fiscal deficit is approximately 4%, this figure does not include several ?off balance sheet? liabilities such as subsidies (e.g., oil, fertilizers, etc). The actual figure comes close to 9% of India?s GDP. The fiscal picture only gets worse as oil prices rise because the oil subsidies in various forms alone can add up to about 3% of its GDP. Monetary policy, which often is the first line of defense against many internal and external shocks, in India is also an adjunct to fiscal policy. Under such circumstances, the Central Bank of India (called the Reserve Bank of India or RBI) would come under pressure to carry out monetary tightening to align the money growth with real economic growth. The RBI has already taken note of the issue at hand and has shifted its focus to inflation containment. However, RBI is constrained as the tightening would automatically begin to create a ?credit crunch?, which would imply higher interest rates that would translate into higher cost of capital for firms, lowering their profit margins, investments, and earnings, and eventually slowing down the growth of the Indian economy. We believe, removing some supply side constraints such as opening up the retail sector to FDI, reforming labor laws, allowing greater private participation in power generation and distribution, investment in agriculture sectors are a better remedy against high inflation. These measures are unlikely to be implemented quickly and would not have an immediate impact and our analysis shows that inflation is likely to remain at 6% or more per year for the next six years. Of course, double-digit inflation in India will send the entire economy into a tailspin because most people in India still live on approximately USD 3 per day and would simply not be able to buy food and other essential items, which in turn can destabilize the government and the on-going economic reforms. P/E ratios in India during 1995 and 2005 As of December 31, 2009, there were 23 government-recognized stock exchanges in India and there were more than 9,700 companies listed on these exchanges. The Bombay Stock Exchange (BSE) lists about half of these companies (4,929). This exchange happens to be the oldest in Asia, having been established as "The Native Share & Stock Brokers Association" in 1875. As of December 31, 2009, the market capitalization of the companies listed on this exchange was approximately USD 1,400 billion (approximately 1.1 times India?s annual GDP). Since BSE has the most well-known indices within the Indian stock market, we focus on a few of these indices in this article: SENSEX (with a base of 100 in 1978-9), BSE-100, and BSE-500 (with a base of 1,000 in 1999 and comprising 500 listed companies in various Indian stock exchanges). Ignoring dividends, both SENSEX and BSE-100 have grown by 12.5% annually in USD terms between April 1, 1991, and March 31, 2005, although they have fluctuated fairly wildly during this period. In contrast, NYSE 100 and Dow Jones grew at annual rates of 9.6% and 9% respectively. Again, ignoring dividends, both SENSEX and BSE-100 have grown by 13.4% annually in Indian Rupee terms during April 1, 1991 and March 2005. On March 31, 2005, SENSEX was valued at 6,492.82 (with a price earnings ratio of 16.05) and BSE-100 was valued at 3,481.86 with a price/earnings ratio of 13.72. This growth rate can be partitioned into the following three components: www.evalueserve.com © 2010 Evalueserve, Ltd. All Rights Reserved 4 SENSEX is likely to touch 50,000 by December 2015 1. The companies comprising SENSEX and BSE-100 have individually grown at an average annual rate of 9% or more (in real terms) and 15% (in nominal terms). 2. As shown in Table 1 given below, the price-earnings ratio for companies listed in SENSEX went down from 19.68 in March 1991 to 16.05 in March 2005, i.e., an average drop of approximately 1.5% per year. Similarly, the price earnings ratio for companies listed in BSE-100 dropped by approximately 2.4% per year. 3. The difference between (1) and (2) approximates the average annual growth rate of SENSEX and BSE- 100 (of 13.4%) as mentioned above. Predictions Regarding the Indian Stock Markets during 2005 and 2015 To summarize the above discussion, the following three main components are likely to result in a strong upward movement of these markets: As discussed above, during April 2005 and March 2015, companies listed in SENSEX, BSE-100, and BSE-500 are expected to grow at an annual average rate of 11% (in real terms) and 17% (in nominal terms). In March 31, 2005, the firms in SENSEX were trading at an average price/earnings ratio of 16.05 whereas they were trading at an average price earnings ratio of 22.8 during 1991 and 2005. Our analysis shows that by December 2015, these firms (that are part of SENSEX, BSE-100, and BSE-500) are likely to trade at an average price/earnings ratio of 22.8 also, partly because of volatility and partly because the annual growth rates of these companies is quite high when compared to their counterparts in the United States and other developed countries. As a comparison, during the past fifteen years, an average firm in China?s stock market has been trading at an average price-earnings ratio of 23. Clearly, on one hand, since the stock markets in the United States are much bigger and more mature, the companies listed there likely to command a higher premium; on the other, since these earnings are computed on the ?last twelve month? basis and since the companies in India (and other emerging countries) are growing more rapidly ? as much as 7-8% more ? than their counterparts in the United States, we believe that the SENSEX, BSE-100, and BSE-500 will trade at an average price/earnings ratio of 22.8 (during 2005 and 2015). Table 1: Price/Earnings Ratios for Bombay Stock Exchange (1991?2009) Sensex BSE-100 P/E Sensex Closing BSE-100 Y Number of Listed ear P Value Closing Value /E Companies March 31, 91 19.68 19.11 1,167.97 589.48 NA March 31, 93 29.32 27.08 2,280.52 1,021.40 NA March 31, 95 30.30 34.66 3,260.96 1,605.57 NA March 31, 97 14.57 13.84 3,360.89 1,463.69 NA March 31, 99 14.59 13.88 3,739.96 1,651.37 5,860 March 31, 01 19.72 20.39 3,604.38 1,691.71 5,955 March 31, 03 13.74 11.76 3,048.72 1,500.72 5,650 March 31, 05 16.05 13.72 6,492.82 3,481.86 4,731 March 31, 07 19.84 17.22 13,072.10 6,587.21 4,821 March 31, 09 12.68 14.25 9,708.50 4,942.51 4,929 www.evalueserve.com © 2010 Evalueserve, Ltd. All Rights Reserved 5 SENSEX is likely to touch 50,000 by December 2015 Since, on March 31, 2005, SENSEX was valued at 6,492.82 (with a price earnings ratio of 16.05) and BSE- 100 was valued at 3,481.86 with a price/earnings ratio of 13.72, our analysis shows that from a theoretical perspective: On March 31, 2010, SENSEX should be valued at 15,622 assuming a P/E ratio of 18 and BSE-100 should be valued at 8,378 assuming a P/E ratio of 18 also. This is because the companies that constitute these indices grew by an average of 17.5% for three years and 15% during the remaining two years (during 2005-10). On December 31, 2015, SENSEX should be valued at 50,136 assuming a P/E ratio of 22.8 and BSE- 100 should be valued at 30,247 assuming a P/E ratio of 22.8 also. This is because the companies that constitute these indices grew by an average of 18 for the next five years and nine months. Similarly, other Indian market indices (e.g., BSE 100, BSE 200) seemed to be also placed within 10% of the ?theoretical range? and are likely to grow at an average annual rate of 20-22% per year. Finally, although the Indian stock markets will continue to be fairly volatile for the next few years, an investor who takes a long- term ? five to ten year ? view is likely to be rewarded very well, especially after taking dividends into account. Assumptions and Caveats in Our Analysis Of course, the future rise and fall of the stock markets is almost impossible to predict especially because even seasoned investors trade as much using their emotions (and the ?momentum? in the market) as the underlying fundamentals. In addition to not taking any emotional aspects into account or the scenario of a war with a neighboring country, a massive terrorist attack or some other calamity, our analysis does not take into account the following three scenarios (although the likelihood of at least one of them occurring is quite high): Potential of a double-dip recession or stagflation during 2010-12 in some developed nations During 2002 and 2007, consumers in the United States and other developed economies borrowed money by providing their houses as collateral and they were unable to return this money when the prices of these homes plummeted in 2007-08; eventually, this is what caused the Great Recession of 2008-2009. Whereas, consumers spending contributed only 66% to the U.S. economy in 2002-03, it contributed 71% in 2007-08, i.e., USD 700 billion more (which is 5% of the U.S. economy of $14,000 billion). In 2009, the U.S. government provided a stimulus package of more than USD700 billion, which has been able to offset the corresponding loss in consumer spending at least for now and for perhaps for the next six months. It is unclear as to where the next USD700 billion will come from (once this money is exhausted). Since the growth in some developed economies (e.g., U.S., U.K.) is likely to be quite anemic with unemployment hovering around 10%, if no additional stimulus money is provided by their governments, these countries could go into a recession starting July 2010 or later or these countries may face prolonged stagnation (which is quite similar to what has happened in Japan during the last fifteen years). On the other hand, if these governments decide to put additional stimulus money, the fiscal deficits may create massive problems (including a run-away inflation or stagflation) in the long run. Both recession and stagflation in these economies are likely to have a ripple effect in India with a substantial out-flow of FII money, an overall negative sentiment with respect to price/earnings ratios in the Indian stock markets, and an inability of Indian firms to export their goods and services to these developed economies. www.evalueserve.com © 2010 Evalueserve, Ltd. All Rights Reserved 6 SENSEX is likely to touch 50,000 by December 2015 FII money flooding the Indian stock market The inflow of FII money during April-December 2009 is due to the following three reasons: FIIs consider India, China, and other emerging markets as regions of significant growth and where wealth would be created during the next decade; the interest rates that central banks are charging in many developed economies (e.g., the United States) is close to zero and therefore it is cheaper for FIIs to borrow money in their home-countries and then invest in emerging countries like India; and the stock markets in the U.S. and other developed countries may have already peaked at least for now. If these reasons continue to hold for the next six to twelve months and especially if the stock markets in developed economies continue to move sideways or downwards, this in-flow of FII money can flood the Indian stock market again, whose inability to absorb so much money will make it extremely volatile and eventually fall massively. The fundamental trouble with this ?hot money? is that it can cause massive imbalances. For example, in the stock market, an indiscriminate buying by FII money can move prices away from fundamentals, which in turn, causes investors to feel more bullish and this sentiment can spill over to other sectors such as real estate. Interestingly, this is what brought about the Asian crisis in 1998 and there are already signs of overheating in India ? on a per square foot basis several neighborhoods in Delhi and Mumbai are already far more expensive than Manhattan (in New York City)! In spite of a substantial in-flow of FII money and remittances by Non-Resident Indians (NRIs) living abroad, India already has a current account deficit that is approximately USD24 billion per year. If the Indian Rupee appreciates significantly ? for example, as it appreciated in 2007 to 39 INR to one USD ? then this current account deficit will become much worse, especially because the import bill for crude oil will rise significantly. Furthermore, since the Chinese currency is pegged to the USD and artificially kept lower by 15% to 20% of its ?real value,? India will be unable to compete with China with respect to exporting products and services. This, in turn, will substantially impede the growth of the Indian economy. Persistent Fiscal and Current Account Deficit Another risk that may eventually hold back India?s growth is the persistence of structurally high fiscal deficits. Fiscal stimulus, which was critical for sustaining economic growth given the global crisis, has further worsened the deficit picture. Increasing fiscal deficit led S&P to lower India?s long-term sovereign credit rating from stable to negative while retaining it at BBB- (the lowest rung of investment grade) in February 2009. Current account deficit, which stands at USD 12.5 billion in Q3/09 (it is almost 100% increase quarter- on-quarter) is also at a risk of increasing due to a rise in crude oil prices and non-oil imports, while the growth in exports is expected to remain weak due to a slack external demand and due to Indian Rupee appreciating with respect to the USD by almost 15%. A current account deficit even for long periods may not be necessarily bad in itself if is used to build long-term productive assets. If everyone gets caught up in the market euphoria, there is always a risk that it could find its way into speculative investments such as real estate. About the Author Dr. Alok Aggarwal, the author of the article, is the Co-founder and Chairman of Evalueserve. Prior to starting Evalueserve, Dr. Aggarwal was the Director of Emerging Business Opportunities for IBM Research Division worldwide. 0f SENSEX, BSE-100, Dow Jon Evalueserve Contact Email: email@example.com www.evalueserve.com © 2010 Evalueserve, Ltd. All Rights Reserved 7


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Tuesday, March 15, 2016
Wag Expands To Austin
Los Angeles-based on-demand, dog walking marketplace Wag!, which was founded by Jason Meltzer and Josh Viner, said today that it has expanded to Austin, to coincide with the SXSW tech gathering in that city this week. The startup says that Austin is the eighth city it has launched in so far. Wag currently also serves Los Angeles, San Francisco, New York City, Seattle, Chicago, Orange County and San Diego. The company is venture backed by Freestyle Capital, Greylock, CrunchFund, Slow Ventures, Social Leverage, and RRE Ventures. Wag's smartphone driven servie provides GPS tracking of dog walkers, and pictures and videos of your pet, including a "pee and poo report".

subset: commoncrawl


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This is the last chapter. It's sooo sad that such good things come to an end.
Chapter 18
I could feel her gaze on me, and I knew she was contemplating what I had said. I turned to her, and gave her a look that told her I knew what she was thinking.
"We'd better go and see if they need any help." I stated plainly, getting up and offering my hand. She gratefully took it, and we slowly made our way back.
What I didn't realize until we reached the edge of the carnival, that I was still holding her hand. I went a light shade of pink, and went to let go. But as I did, she grasped it tighter, and wrapped her other hand around them. I looked at her, and I sighed in defeat. We went to the carnival, and stared in awe at the result.
It was like nothing had ever happened, except for the ship still sitting in its place, and kids were playing in the mountains of candy.
"Well, what are we waiting for?" I asked.
"Well, I'm waiting for you." Virginia replied with a smirk. "So, are we going to start the night again? Because I think they're resetting more fireworks for later."
"Well, ok then." I replied, and we decided to start again. We went to the game arcade area, and one extra tent had been made. We found some of our friends there, trying to dunk Mr. Boss into the water. He was no longer in a business suit, but in a swimsuit. Fanny picked up a ball, and grinned evilly.
"Don't worry daddy, this is only for fun." She stated before hitting the bulls eye.
He was dunked, and the spectators started laughing loudly.
"Well, at least he didn't completely ruin the night." I said as we continued down to the bottle game. I looked at her, and we decided we'd try again.
"Well, it's all you." Virginia stated, handing me the ball. I flicked it p once, and flung it at the bottles. I had won yet again, and so I yet again picked the prize.
This time, I found a heart plushie, one side being black, and the other being red. I handed it over to Virginia as we left, and she seemed to turn as red as the heart. I smiled, and I knew this time would be different.
"So, what do you want to do now?" I asked deviously.
"I think we should go on the ferris wheel now." She replied with a wink. "They'll be setting off the fireworks now, and we'll get the best view."
"Well then, after you." I gestured. She giggled, and we made our way to the ride. We both got settled in to the seat, and it ascended upwards. We both admired the work that everyone had put in to the carnival, and suddenly the ferris wheel came to a halt
I looked up, and saw they were letting the firework display off. Virginia saw too, and I noticed a glistening in her eye. We both turned to each other, and smiled. Before I could react to anything, Virginia hastily leant in and caught my lips with hers. I was shocked at first, but then joined in as the ride started to move again. We came down, and the guy was about to stop it.
"One more time." I said quickly, before going back to our activity. And then a thought crossed my mind.
Hoagie wasn't as crazy as I thought.


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|Reviews for Dependence
| ishala8 chapter 1 . 10/26/2009
Hmm, I wonder how it all started between the two...
| Hesunohana chapter 1 . 5/20/2009
a drug, that is.
| kimbi chapter 1 . 1/1/2009
awsome go sesshomaru and kagome! sesshomaru is my older brother and inuyasha is my ha;f and naruto is my cusin, i want them all happy but sometimes beat inuyasha with a stick i swear
| Shoomy2003 chapter 1 . 8/6/2008
| Megan Consoer chapter 1 . 7/17/2008
I really like this story alot. Can you please write some more chapters?
| Sweetfly Phoenix chapter 1 . 6/1/2008
This was very well writen. I love how you said everything without saying them like everyone else does. This was amazing!
| etturtle chapter 1 . 5/19/2008
yup.. another great one! Two stories have not held my attention with the style of writing as well as the content. I'm thinking that you just may end up on my fav list!
| Tsurara-hime chapter 1 . 5/17/2008
love it :D
| Kura-sama chapter 1 . 5/14/2008
Waa, that was fierce.
| Snowfalcon chapter 1 . 5/13/2008
Interesting, but I like it. Leaves room for the readers to continue the story however they like. And it leaves enough unsaid for you to write a whole story from it too. Self-contained, but leaves a few idea strings hanging loose. The quote was awesome too, I think I'll save it.
| Muggle Minx chapter 1 . 5/12/2008
Can we please have a sequel to that. I think it's an interesting story; depite the fact you just wanted to "get it out of your system."
If you do write another about it; the prequel could be a one-shot of how it started. Then a long or short chapter fic for the sequel (depends on your plot, like whether you want to add to what happens with Naraku and everything. Or just about what happens with Kagome and Sess and how the Inu-tachi reacts.).
Please just at least consider it!
| Ida Cippo chapter 1 . 5/12/2008
O.O! ... wow that was impressive somehow I am speachless. It was great, and wonderful but at the same time disturbing ;) probably it was too deep into human mind D
| Hajnalmadar chapter 1 . 5/12/2008
This was one of the best SessKag stories (together with Perception and Divergence) I've ever read! You took my breath away.. when you described Sesshoumaru I could imagine him like never before.. you're amazing! Is it futile to ask for more in the future?:) A sequel, or a second chap to Dependence (I know Divergence is not completed yet) I just can't get enough of your wonderful writing, although I guess it might be an impossible challenge to write a non-tragic ending to Dependence (it just screams for more;)
| serasvictoria666 chapter 1 . 5/12/2008
that was an excellent one-shot. I really enjoyed it. thanks! -
| Captain Annie chapter 1 . 5/12/2008
Interesting one shot. I liked the steamy'ness'.


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Make an investing strategy that's right for YOUR needs with a personal investment plan
Even after the worst stock market crash in nearly a century, stocks managed to return an annualized 7.4% over the ten years to 2013. Even bonds did pretty well as ever lower interest rates helped corporate debt to an annual return of 4.6% over the period.
Average them out and an investor with a 50/50 portfolio should have made about 6% a year over the decade.
You probably won't be dining on caviar every night on 6% but it's a respectable investment return and all most people need to reach their dreams of financial freedom.
Unfortunately, actual investor returns fall far short of these investment averages.
The average investor with a stock & bond portfolio earned just 2.6% a year over the decade to 2013. That's just 0.2% over the average rate of inflation! At that rate, it would take 168 years to accumulate a $1 million portfolio by saving $5,000 a year.
Why do individual investors do so poorly investing in their financial future?
A personal investment plan is one of the most important concepts in personal finance. It is also one of the least understood and most often neglected.
A personal investment plan is your road map for where you want to go with your finances and how to get there. It helps you understand what kind of return you need on your investments and how much risk you are willing to accept. Your personal investment plan also helps to understand your own specific constraints like taxes, time, legal restraints, spending needs and unique circumstances.
Without a personal investment plan, most people buy into the current investment fad only to get nervous and sell when the market crashes. They end up paying enormous fees from frequent trading and penalties for early withdrawals. They lose more money to taxes than they should and just generally under-perform the market.
Without a personal investment plan, you risk forever being lost with your money and too bull-headed to ask for directions.
What is a Personal Investment Plan?
A personal investment plan, also called an Investor Policy Statement (IPS), is a formal and personalized document detailing your personal finance needs and constraints. It is a critical step in the investment process and a requirement for most financial advisors.
A personal investment plan starts off by looking at your current savings and how much you need to meet spending needs in the future. This helps establish what kind of return you need on your investments to reach your goal of financial freedom. With your return in mind, the plan also looks at your investment risk tolerance.
This is a combination of your ability and willingness to tolerate risk. Many investors ignore their own risk tolerance and end up investing in assets with way too much volatility. Inevitably, the value of their investments takes a hit and the investor ends up panic-selling at the bottom.
Beyond your own need for return and tolerance for risk, your personal investment plan factors in other investment constraints specific to your circumstances. With a plan in place, you'll have a better idea of the investments you need to meet your need for return at the lowest risk.
A personal investment plan also helps keep you on your path to financial future. It helps you measure your progress to your ultimate goals and keep from trading in and out of investments. Besides the end result of outlining your path to financial freedom, a personal investment plan is also an educational tool.
Actually thinking through the parts of the plan, you'll get a better understanding of yourself as an investor. You'll understand an appropriate stock market investment strategy and won't blindly follow what you hear on TV or in the financial media.
Setting Investing Goals in your Personal Investment Plan
Your personal investment plan starts with comparing your current investments with what you need in the future and the return you'll need to get there. It's easiest to work backwards from your financial goals to estimate the investment return you'll need.
- Estimate the living expenses you'll have in retirement. The rule of thumb is 80% of your current spending but this can be way off depending on how much traveling you want to do and other expenses.
- Are there any other large expenses you need to plan for like tuition or a gift?
- How many years until you plan on full-retirement and living off of your investments
- How much do you estimate you can save each year until retirement?
- What is the current value of your total wealth, not including primary residence
The actual calculation of the return you need is best left to the time-value of money function on a financial calculator. This involves putting in the amount you need at retirement, years left to retirement, how much you plan on saving each year and the present value of your portfolio. The calculator will then estimate the return you'll need to reach your future value goal.
We'll use my own return needs as an example. I need a portfolio of $1,100,000 by the time I am 67 to live comfortably. That includes helping to pay for my son's college expenses and some travel plans during the first few years of retirement. I am 38 years old now so I have 29 years left to retirement. My total wealth of $240,000 includes two rental properties and a portfolio of stocks, bonds and other investments. I am able to save and invest $5,500 each year until retirement.
Future Value = $1,100,000
Payments (annual saving) = $5,500
Time to retirement (N) = 29
Present Value = $240,000
Return needed = ? = 4.2%
A return of 4.2% is easily achievable with even a low risk portfolio of investments. Imagine if I didn't know that I only needed a 4.2% annual return to meet my financial goals. I might be chasing higher returns in stocks or other risky investments, risking the possibility of a market crash and not meeting my goal. Knowing my need for return is so low, I can either invest very safely and secure my financial future or adjust my retirement plans slightly higher and invest for a little higher return.
Check out the investing calculators on Motif Investing, including tools to estimate your retirement needs and money for college costs. Motif can save you thousands a year in investment fees and help create a diversified portfolio.
After your required return is found, you need to consider your tolerance for investment risk. This is broken into two components, your ability and willingness to tolerate risk.
- Ability to tolerate risk depends on the size of your current portfolio and the importance of your financial goals. If some of your financial goals are not critical, i.e. buying a vacation home, then you are able to tolerate a little more risk compared to someone that absolutely must meet their goals. If you already have a sizeable investment portfolio, then you may be able to tolerate a little more risk and still meet your financial goals.
- Willingness to tolerate risk is much more an emotional preference. Are you comfortable with large swings in your portfolio value or do you get nervous if the stock market tumbles? Are you a gambler or someone that prefers the insured and certain path? Knowing your willingness to tolerate risk is all about being able to sleep at night, no matter what the market does.
I put together a 10-point questionnaire to determine your investment risk tolerance in a prior post. It covers ideas within your ability and willingness to tolerate risk and is helpful in finding your own tolerance.
If you have a low tolerance for risk but need a high annual return to meet your financial goals, you may be in trouble. Higher returns generally mean higher risk in investing. Few investments offer annual returns over 10% over the long-term and it's not without significant risk. Investors with lower risk tolerance that push for higher returns in these investments usually end up missing the mark because they sell at the first sign of volatility.
The graphic below places the most common asset classes by general volatility. Treasury bonds guaranteed by the United States government are considered the risk-free investment but yield very little after inflation. Investments in commodities and stock options hold the potential for high returns but also carry more risk than most investors are able to handle.
A diversified portfolio means holding a mix of assets from several classes; i.e. holding bonds, real estate, and stocks from the U.S. and abroad. Holding a mix of these investments can actually help lower the overall risk in your portfolio because each investment class will react differently to market conditions.
The proportion you hold in each asset class is why you need your personal investment plan. If your tolerance for risk is low and you only need a moderate annual return, you will want to hold more bonds in your portfolio and less stock. If you have a higher risk tolerance and need stronger returns, you will need to hold more stocks and a smaller proportion of bonds.
Constraints on your Personal Investment Planning
While risk and return are the most important pieces of your personal investment plan, there are five other factors that will help you think about your own circumstances and put everything in context. These are liquidity, time horizon, taxes, legal & regulatory environment and unique circumstances.
Liquidity is the ability to sell or convert investments to cash quickly to meet regular expenses or for emergency needs. While you may not be retiring for many more years, you may need cash soon to buy a home or pay for tuition. Certain investments like stocks are easily sold and generally do not involve high transaction fees. Other investments like real estate might take a while to sell and will cost more in fees. If you do not need money to help pay normal living expenses and you have set up an emergency savings fund, you probably do not need a high level of liquidity in your investments.
Time horizon is the measure of how much time you have left to major spending decisions like tuition, home purchase or retirement. The idea is that, your investment risk should decrease as you get closer to needing your money.
One of the biggest mistake investors make is putting their money in high-risk stocks even though they need that money within a couple of years. Any money you are going to need within the next year or two should be set aside in very safe investments like bonds and money market funds.
I know it sucks to sit there watching the down-payment on a new home earn less than a percent but imagine having that money in stocks when a crash occurs. As confident as you are that the market will continue higher, you absolutely must protect the money you are going to need near-term.
More than a few people have had to put off retirement because they were fully-invested in stocks when the market lost half its value to March 2009. Had they shifted their short-term needs to the safety of bonds, they would be sipping Pina Coladas on a sandy beach by now.
Time horizons longer than 15 years are generally considered long-term and can bear more investment risk. If you are within three years of a major spending need, your time horizon is considered fairly short and you need to adjust your investment risk.
Taxes are a tough subject to generalize because rates vary so much by individual and by location. Taxes can hit your portfolio in the form of capital gains when you sell investments or as income taxes on dividends or distributions. About the only general advice that can be given on taxes is to take advantage of every form of credit or deduction.
- Max out the match on your company's 401k plan and contribute up to the limit into an individual retirement account (IRA). The downside to not being able to withdraw your money until you reach 59 ½ is more than offset by the tax advantages. Your company is giving you FREE money with its match, that's the best investment return you'll ever earn. You need to save for retirement anyway, you might as well let the government help you by giving you a tax break.
- Invest a portion of your portfolio in tax-advantaged assets like real estate investment trusts (REITs) and master limited partnerships (MLPs). These special corporate structures do not pay income taxes if they pass income through to investors. That sets them up for higher returns than other taxable corporations. We took a detailed look at REITs as a part of an indirect real estate investing strategy in a prior post.One of the most promising new ways to invest in real estate is through crowdfunding platforms like RealtyShares. The site gives you the opportunity to invest in real estate projects with as little as $5,000 and instant diversification. Returns are in the double-digits and higher without all the hassle of managing your own properties.
- Higher income investors may want to consider holding municipal bonds since the interest payments are generally tax-free.
- Losses on some investments may be used to offset other investment gains through tax-loss harvesting in a given year. It's generally best to buy-and-hold your investments even through temporary losses but tax-loss harvesting might offer a good opportunity to lower current taxes.
The legal and regulatory constraints in your personal investment plan will vary depending on where you live. These will affect how you pass money to heirs, property rights and how your income or gains is taxed.
Unique circumstances in your personal investment plan are a sort of catch-all for other constraints on your investments. These might include personal preferences for types of investments or restrictions on investments.
- Some investors do not want to hold stock in companies within gambling, tobacco or fossil fuel industries
- You may be restricted from selling company stock or other investments
Putting together your own personal investment plan can be quite a challenge. Even if you do not plan on working with a financial advisor over the long-term, you might consider paying an advisor to help you put your plan together. You can still do all the investing yourself but the advisor will be able to help you understand each part of your personal investment plan and how it relates to different investments. Whatever you decide, do not neglect writing up a personal investment plan or procrastinate it simply because it will take some effort. Having a plan is one of your first steps to financial freedom and getting on the path to meeting your financial goals.


text: Scenes of devastation in Seaside Heights Add to ... AP Video Published Thursday, Nov. 01, 2012 3:46AM EDT Last updated Thursday, Nov. 01, 2012 3:46AM EDT The police chief of Seaside Heights, N.J., describes his town as 'total devastation.' Superstorm Sandy wrecked the town's boardwalk and left homes broken into splinters and buried under sand. Watch More Video: Christie reopens New Jersey beaches for July 4th Chris Christie takes heat after Sunday beach break Man comforted New Jersey train victim during death Passenger says New Jersey train 'just never stopped' 'Nice guy...it's just a shock:' New Jersey residents describe bombing suspect New York City Mayor Bill de Blasio: No Evidence of Terror Cell Raw: Video of Elizabeth, New Jersey Explosion Watch as New Jersey transit cop saves man from oncoming train 'Horror, sadness, grief, disgust': Sandy Hook relative opens up at gun trial A final embrace: Filibuster ends with Sandy Hook victim's story Annual sand castle competition produces moving works of art New Oiler Connor McDavid happy to keep his No. 97 Bus Crash in NY's Lincoln Tunnel, 18 Hurt Gov. Chris Christie berates heckler who interrupted a Hurricane Sandy event Video: Gov. Chris Christie berates heckler who interrupted a Hurricane Sandy event Ottawa student housing plans concerns residents N.J. town bans baggy pants: 'Children don't need to see that' Incredible cat returns home six months after Hurricane Sandy Cat finds its way home, 6 months after Hurricane Sandy Students, staff shot at Sandy Hook Elementary School, police say Comments Share via email Share on facebook Share on twitter Share on LinkedIn Print More Related to this Story Video: Sandy busts up New Jersey, rebirth promised Video: Obama, Christie tour New Jersey's damaged streets Video: Seaside Heights roller coaster tossed into ocean


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login with
Cool!!! I'm sure it's a ton of work, but how pretty :)
Comment deleted
i wanted a sea horse too!! but theyre really hard to take care of and your tank needs be seasoned for awhile.. although we must be doing something right because our 2 crabs and our pistol shrimp hasnt died yet!! and our 1 fish seems to be doing well.
Here's one of the crabs.. Theyre getting ready to molt so the other one is hiding and heres our Bengali Cardinal
this will be our next fish.. the Mandarin Dragonet.. so beautiful and hard to take care of..
About Randi
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Current: South Bend, Indiana
Birth: November 18
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a 23 year old stay at home mommy.. My days are filled with drool and poopy diapers, But my paycheck comes in kisses and hugs. Looking for a work from home job is hard work when raising a 1 year old!! phew**


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Those names and more litter Hollywood's boulevard of broken couples.
But Will Smith says celebrity marriages such as the one he has with his wife of seven years, Jada Pinkett Smith, don't have to be endangered by fame.
"The pressure is applied if you accept it as pressure," he says, sounding as sage as the love doctor he plays in his new film Hitch. "We feel very little pressure to be a Hollywood couple."
What they do have going for them is what he refers to as raw honesty. "It's the lack of truth for us that would be the kiss of death."
Though the pair try to avoid making headlines, that doesn't mean the gossip pages don't try to invent dirt.
"One of the tabloids here in New York ran a story after I did the kissing scene with Eva Mendes," he says of his Hitch co-star. "They took a picture of me kissing Eva and took one of me kissing Jada, and then asked, 'Which one do you think is better?' "
Smith says that the trust he shares with his wife puts any doubts to rest.
"Eva Mendes is beautiful. Do I think it would be fun to sleep with Eva Mendes? Uh, yeah. Am I going to try to sleep with Eva Mendes? Of course not. Jada understands completely that I am a man of my word. That's all you've got. You can't have a successful relationship if you don't have it."
The love doctor has spoken.


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A beautiful authentic old windmill houses this popular restaurant on the outskirts of Santa Maria, in the centre of the island. There are a few different levels to the restaurant and about four or five different small rooms. In addition there is a charming patio with mature trees which provide welcome shade in the summer months.
Molí des Torrent
English, German, Spanish
Children are welcome here and there is enough space in the grounds for the kids to have some fun playing in the garden or in the small playground within the large parking area. The restaurant is a family affair run by the Himberts. The food is considered a bit heavier than the true Mediterranean, with a strong influence from Peter Himbert's German roots.
The cuisine is an interesting mix of Mallorcan and German, with favourites like apple strudel and ice cream, and draft German Dom Kölsch beer on offer, as well as local specialities such as Sóller prawns.
The menu is adapted on a daily basis, using available seasonal ingredients. Molí de Torrent tends to be more popular in winter because of its location and type of cuisine. Service is friendly and one notes how experienced the waiters are – with a keen anticipation of customers' needs. This is an all-round good restaurant, with consistent high standards of cuisine and service.
We love: Eating in an authentic former windmill.
Opening Hours
Tuesday 13:00 - 15:00 h & 19:30 - 23:30 h
Wednesday Closed
Thursday Closed
Friday 13:00 - 15:00 h & 19:30 - 23:30 h
Sunday 13:00 - 15:00 h & 19:30 - 23:30 h
Note: Open all year.
Make a reservation at Molí des Torrent Restaurant
Street Map
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The guide to abcMallorca's recommended restaurants for 2017 in each area of the island. Sea front, city, or countryside… Bon profit! […] Best Restaurants on Mallorca 2017
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Get to know the best restaurants on Mallorca, by region or type. Gourmet trends, hot recommendations and the most talented chefs – it's all here!
We hope you have found this article about Molí des Torrent Restaurant useful and that you have many memorable meals as a result of our recommendations.
There are always new restaurants opening and unfortunately others closing down so while we do our best to maintain this information up-to-date, it can change without notice – if so please advise us at email@example.com.
Bon Profit as the locals say!!


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The Auntie Anne's soft pretzel chain is making a name for itself in Japan by offering a constant rotation of seasonal flavors such as strawberry, maple, milk cream and their most recent addition, matcha green tea.
Their most popular item is said to be a 420 yen (US$3.75) Matcha Cheesecake pretzel roll, which consists of Auntie Anne's pretzel dough with layers of matcha cream and cream cheese cake topped with crushed almonds.
Yeah, I can see why that would be popular.
Beverages are also on the menu, including a 480 yen Frozen Driink Uji Matcha with whipped cream sprinkled with green tea powder, and a 380 yen Uji Matcha Latte.
While the Uji Matcha Latte is reportedly a regular product, the Matcha Cheesecake Roll and Frozen Driink Uji Matcha are limited time offerings that will reportedly stick around only until May 31.
(via RN 24)


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Casino camps going all-in to get out vote
Credit: Mark Garfinkel
Supporters and opponents of the proposed Suffolk Downs casino are locked in a battle for votes on this final weekend before Tuesday's crucial referendum on the $1 billion gaming palace.
Suffolk Downs has mobilized hundreds of volunteers to knock on doors and call voters in an effort to get out the vote.
"We've had thousands of one-on-one conversations with voters in Revere and East Boston," said Chief Operating Officer Chip Tuttle. "Those are continuing all weekend and into Tuesday."
|The article you requested has been archived
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LINWOOD — A pair of workers carefully put a coat of finish on the hardwood floor in the Mainland Regional High School gymnasium recently, as others worked away in the new Board of Education office.
The $40 million renovation project was to have been done by the end of the year, but unforeseen issues — including the threat of Hurricane Irene — combined to slow down the project.
Now, the current work, the last major tasks of the renovation, is not expected to be completed until early next year. But the impact on the school's student body of what has been done can already be seen throughout the school.
The library, for instance, used to be underutilized and falling apart. Books would tumble down on students from outdated shelving, while other parts of the library were used as storage instead of for learning. Now, it is one of the most popular rooms in the school. On a weekday morning, a line of students extended from a new cafe in the middle of the library, while dozens of other students sat around discussing everything from national headlines to, yes, schoolwork.
In the area at the back of the library once used for storage, a class was learning about performing arts on a state-of-the-art projector.
"We've always looked for ways to encourage kids to come into the library," said longtime librarian Gordan Mann. "But since the renovation, we've got kids looking to come here every chance they can get, especially during lunch when it can get pretty packed."
Superintendent Thomas Baruffi said the entire project was a mix of renovating the old and new construction.
The renovation presented "its own set of headaches," said Baruffi, but the few aspects of the project that were "new" construction, such as the new Board of Education office, were much more seamless.
"But we are getting close to the end, that's for sure."
The project also was overshadowed by the tragedy that befell the school in August when four students were killed in an accident on the Garden State Parkway.
"We certainly went through a period there when everybody's focus was on the tragedy that we dealt with. Obviously, it did take some focus off of (the renovation), and I think it was appropriate that it took some of the focus off," Baruffi said. "Have we returned to a state of normalcy yet? I don't know. But we have started trying to move forward again."
The next phase of the project to be completed — or completed enough to be used — will be the varsity gym.
"That's big for us, because it will be done in time for basketball season," Baruffi said. "But we will still have to get by with temporary bleachers in there until the permanent ones can be installed over the summer."
And even though specifics on other aspects of the overall project have yet to be finalized — such as details pertaining to the installation of a new perimeter fence, new windows, and the repaving of the parking lot — Baruffi said the project is still projected to finish under budget. Benefiting from the slumping economy, the school district has already allocated $500,000 that will be used for debt service.
"We won't know exactly how much we're under until everything is done," he said.
But from functionality of upgrades such as seven new state-of-the-art classrooms — two science labs and five regular classrooms — to the aesthetically pleasing new entranceways and upgraded corridors, Mainland's student body seems pleased with the results, regardless of the price tag.
"It's awesome," senior Tia Mandic, 17, said of the renovation while sitting in the new library. "It has definitely made a big difference."
The project has had such a positive impact on the student body, that it has even become a source of envy.
"I wish it had been like this the whole time," senior Andrew Rowe, 17, said. "This place is going to be banging, and, of course, it's happening just as we're leaving."
Contact Robert Spahr:


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Kid Galaxy My First RC Radio Control Garbage Truck w/ Sound
Make way for this cool My First RC Garbage Truck from Kid Galaxy.
Construction has never been more fun! The two button radio controller is made for preschoolers to operate!
Left button- go forward/straight!
Right button-go reverse/turn right!
27 MHz. Truck measures approx. 8" x 5.5".
For ages 3 years and up.
Requires 1 x 9V battery for controller and 3 x AA batteries for vehicle (Not included).


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As a member of Scoobypedia, I got one thing to say.
What this wiki page needs is an increase in episode galleries, not just for Scooby-Doo shows like Where Are You? or What's New? but also direct-to-video movies like Zombie Island and more.
Do you think there should be an episode gallery? If not, why not?


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It only takes a minute to get started. Fill out our uncomplicated sign up form and login to the site.
This step is up to you but will drastically increase your chances of your profile being viewed by others. Write about yourself, your pasttimes and upload some good photos of yourself.
Utilise our website's cutting-edge search to find members who satisfy your needs. Or just browse through listings and find daters that attract you.
Discovered someone who you like the look of? Send them a message or just a wink and see how you get along. With a little luck you'll be on your way to uncover that special someone for you.
It'll only take a few minutes


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Fit carpet in whole house and Karen dean.
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Satellite TV providers are capable of providing you with an entertaining experience in your recreational vehicle as they have created wonderful portable satellite TV devices for RV use. You may purchase a plan that will allow you use of the satellite TV system, and you will receive a tuner that works just as those in your home. You get a replica of the experience at home, and this article explains how you must ensure you have chosen the firm that provides the best watching experience. You may have quite a television in your RV, and you must set it up so that you have a living room-style experience in your RV. You may slide out the accessories on your RV, and you may set up the TV using the portable satellite TV unit for everyone. The satellite TV providers you are currently working with offer everything from the local stations to the highest-caliber premium movie channels. You will use a transmitter that was provided by the satellite TV company solneu.com, and the satellite TV for RV will make you feel quite home. It is quite simple to use the newest portable satellite TV systems as they are designed for mobile use in cars, boats and RVs. You will have the picture come in easily, and you may set up a speaker system that supports the device. Your guests may watch sports over the weekend, or you may catch your regular shows when you are on the road.
The installer who visits you to install your satellite TV on the RV will arrive with kits used to install the system, and you will have a receiver that comes with its own remote control. You will notice the system feels just as it did at home, but the satellite TV for your RV is not the same as it is at home. A small dish will be set up on your RV, and the installer will give you a very clear instruction for positioning the RV when it is parked. You have a very good opportunity to receive a clear satellite TV signal on the road, but you must ensure you have parked the RV to point the dish where you must. The system inside your RV may be connected and disconnected as many times as you choose, and you must ensure you have the owner's manual in-hand if you ever choose to move the device. The installer solneu.com will provide you with extra cables that help with installation outside the RV, and you must ensure you have kept the tuner and TV out of inclement weather. You will have a clear picture when you have parked the RV properly, and you will have happy passengers who are watching TV while you drive. You will feel at home, and the TV will help you have the comforts of home even though you are on the road.
You may select satellite TV providers based on the packages you wish to watch, but you must be well-versed in the offerings they have. The satellite TV company solneu.com must be prepared to offer the best satellite TV for dollar, and you must select the company that provides a much smaller unit to use in your RV. The best satellite TV for RV use is the one that fits comfortably into your living room, and you may pull it out quickly. Small units are so simple to use that you may teach the children to use them, and you must ask for cables that suit the size of the unit. Satellite TV providers send their installers with a whole host of options, and they will provide you with the cables that work in your RV. You may share the space with your installer, and the installer will continue their installation using the size of the space to make decisions about equipment. You must allow the installation professional quite a lot of time to fit the satellite TV solneu.com in USA unit into your RV, and you must ask them if there is a method they prefer to use. There are satellite TV units for cars, for boats and for RV use. One setup will work in your RV, and you must allow adequate time for the installer to complete an installation you will appreciate.
A portable satellite TV system must be used on the go as you drive your RV, and you must have it set up when you are prepared to drive. One of the most relaxing things your guests and passengers can do is to sit back and watch their television shows on the TV before they are asked to leave the RV for a stop. Your trip with the portable satellite TV system will become much more enjoyable, and you may patch the sound into the sound system into your RV. Ask the installation team that visits your RV how to connect to the sound system, and you will have the sound from every TV show coming through the system as you drive. You will hear the sound quite clearly, and you will no longer waste time wondering what was said during the last part of a movie or show. Movies and TV will bring quite a lot of life to the party when you are driving your RV, and you may purchase satellite TV that will help you enjoy the ride quite a bit more. You may cycle through a long list of television shows or movies, and you will have a group of people in the RV who are talking over every show and movie as you drive. The drive becomes much less stressful when you are using USA satellite TV, and you may choose the best satellite TV in USA for RV using installation as a consideration.


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(970) 493-7283
RJM Automotive
5 years in business736 Whalers Way Ste G110
Fort Collins, CO 80525-7579
Additional Phone Numbers
- (970) 988-5959
Additional Email Addresses
- email@example.com
Additional Website Addresses
Find a Location
BBB File Opened: 02/13/2013
Business Started: 02/14/2012
Business Incorporated: 01/27/2012 in CO
Type of EntityLimited Liability Company
Business Management
- Mr. Greg Musto, Owner
Business Category
- Auto Services
- Loan Modification - Auto
- Auto & Truck Brokers
- Consultants - Automobile Purchase
- Auto Parts & Supplies - New
- Auto Accessories
- Auto Detailing
- Auto Renting & Leasing
- Auto Repair - Maintenance
- Auto Warranty Service
- Auto Warranty Plans
- Car Buying Service
- Car Service
- Auto Auctions
- Auto Parts & Supplies - Custom Wheels/Rims
- Auto Parts & Supplies - Wholesale & Manufacturers
- NAICS: General Automotive Repair
- Referral - Auto Repair
Products & Servicespre-owned, new vehicles, motorcycle, boat, RV, financing, warranties, trade-in, negotiate, agent, broker, dealer
Service AreaFort Collins, Loveland, Greeley, Windsor, Wellington, Evans, Johnstown
Alternate Business Names
- RJM Automotive Buyers Agency LLC
Licensing, Bonding or RegistrationThis business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
This business specializes in locating vehicles for purchase, supplying market analysis, negotiating financing, arranging trade-ins and warranties and overseeing contract and delivery of new or pre-owned vehicles.
BBB Reason for Ratings
Licensing information is provided in the BBB Business Profiles to inform the public about industries that may require professional licensing, bonding, or registration. Better Business Bureau encourages you to check with the appropriate agency to be certain any requirements are currently being met.
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BBB promotes truth in advertising by contacting advertisers whose claims conflict with the BBB Code of Advertising. These claims come to our attention from our internal review of advertising, consumer complaints and competitor challenges. BBB asks advertisers to substantiate their claims, change ads to make offers more clear to consumers, and remove misleading or deceptive statements.
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Artikel und PräsentationenSofern Sie eigene, inhaltlich interessante Artikel und Präsentationen zum Thema haben, dann nehmen wir diese gerne hier auf. Bitte kommen Sie auf uns zu!
Eigene Artikel und PräsentationenKosteneffektive Qualitätsverbesserung von Softwaredokumenten durch Perspektivenbasierte Inspektionen
by O. Laitenberger
Cost-Effective Detection of Software Defects Through Perspective-based Inspections
by O. Laitenberger
Fraunhofer IRB Verlag, 2000
An Encompassing Life-Cycle Centric Survey of Software Inspection
by O. Laitenberger and J.-M. DeBaud
Journal of Systems and Software, 50 (1), pp. 5-31, 2000
Software Reviews: The State of the Practice
by M. Ciolkowski, O. Laitenberger and S. Biffl
IEEE Software, vol. 20, no. 6, pp. 46- 51, 2003
Using Inspection Technology in Object-Oriented Development Projects
by O. Laitenberger, C. Atkinson and K. El Emam
An Internally Replicated Quasi-Experimental Comparison of Checklist and Perspective-based Reading of Code Documents
by O. Laitenberger, K. El Emam, and T. Harbich
IEEE Transactions on Software Engineering, 2001
Perspective-based Reading of Code Documents at Robert Bosch GmbH
by O. Laitenberger, J.-M. Debaud
Information and Software Technology 39(11): 781-791, Nov. 1997
Experimentelle Bewertung von Software-Lesetechniken in der industriellen Praxis
by O. Laitenberger
The Empirical Investigation of Perspective-Based Reading
by V. R. Basili, S. Green, O. Laitenberger, F. Lanubile, F. Shull1, S. Sørumgård, M. V. Zelkowitz
Journal of Empirical Software Engineering, vol. 1. No.2: 133-164, 1996
Systematic Improvement of Technical Reviews in Large-Scale Systems Development
by O. Laitenberger, M. Leszak, W. Brunck, D. Stoll
1st Inspection Workshop, WISE, Paris, 2001
Evaluating a Model of Review Success Factors in an Industrial Setting
by O. Laitenberger, M. Leszak, D. Stoll, and K. El Emam
Proceedings of the International Symposium on Software Metrics, 1999
Using Simulation to Build Inspection Efficiency Benchmarks for Development Projects
by L. Briand, K. El Emam, O. Laitenberger, T. Fussbroich
Proceedings of the International Conference on Software Engineering, 1998
The application of subjective estimates of effectiveness to controlling software inspections
by K. El Emam, O. Laitenberger, T. Harbich
Journal of Systems and Software, Volume 54, Number 2, 15 October 2000 , pp. 119-136(18)
Decision Models for Controlling Software Inspections
by K. El Emam and O. Laitenberger
The Optimal Team Size for UML Design Inspections
by S. Boodoo, K. El Emam, O. Laitenberger, N. Madhavji
A Comprehensive Evaluation of Capture-Recapture Models for Estimating Software Defect Content
by L. Briand, K. El Emam, B. Freimut, O. Laitenberger
IEEE Transactions on Software Engineering, Volume 26, No 6, June 2000
An important requirement to control the inspection of software artifacts is to be able to decide, based on more objective information, whether the inspection can stop or whether it should continue to achieve a suitable level of artifact quality. A prediction of the number of remaining defects in an inspected artifact can be used for decision making. Several studies in software engineering have considered capture-recapture models, originally proposed by biologists to estimate animal populations, to make a prediction. However, few studies compare the actual number of remaining defects to the one predicted by a capture-recapture model on real software engineering artifacts. Thus, there is little work looking at the robustness of capture-recapture models under realistic software engineering conditions, where it is expected that some of their assumptions will be violated. Simulations have been performed but no definite conclusions can be drawn regarding the degree of accuracy of such models under realistic inspection conditions, and the factors affecting this accuracy. Furthermore, the existing studies focused on a subset of the existing capture-recapture models. Thus a more exhaustive comparison is still missing. In this study, we focus on traditional inspections and estimate, based on actual inspections' data, the degree of accuracy of relevant, state-of-the-art capture-recapture models, as they have been proposed in biology and for which statistical estimators exist. In order to assess their robustness, we look at the impact of the number of inspectors and the number of actual defects on the estimators accuracy based on actual inspection data. Our results show that models are strongly affected by the number of inspectors and, therefore, one must consider this factor before using capture-recapture models. When the number of inspectors is too small, no model is sufficiently accurate and underestimation may be substantial. In addition, some models perform better than others in a large number of conditions and plausible reasons are discussed. Based on our analyses, we recommend using a model taking into account that defects have different probabilities of being detected and the corresponding Jackknife estimator. Furthermore, we attempt to calibrate the prediction models based on their relative error, as previously computed on other inspections. Although intuitive and straightforward, we identified theoretical limitations to this approach, which were then confirmed by the data.
Evaluating Capture-recapture Models with Two Inspectors
by K. El Emam, O. Laitenberger
NRC Report, 1999, IEEE Transactions on Software Engineering, v.27 n.9, p.851-864, September 2001
Building Resource and Quality Management Models for Software Inspections
by L. Briand, I. Wieczorek, O. Laitenberger
Proceedings of the International Software Consulting Network, 1997.
Ursprung von Software Inspektionen:
A History of Software Inspections
by Michael Fagan
sd&m Conference 2001
The Best Influences on Software Engineering
IEEE Software, January/February 2000
Advances in Software Inspections
IEEE Transactions On Software Engineering, July 1986
"Design and code inspections to reduce errors in program development," by Michael Fagan
IBM Systems Journal, Vol. 15, No. 3, pp. 182-211
Copyright 1976 by International Business Machines Corporation. Reprinted with permission of the IBM Systems Journal, Vol. 15, No. 3


text:
Public site shouldn't be used for Islamic school: lobby group
A public schools lobby group has criticised the possible relocation of Canberra's only Islamic school.
The ACT Government is investigating the idea of moving the school from Watson to the former CIT site in Weston so it can expand to accommodate high school students.
The Save Our Schools group says the Government rejected a previous proposal to turn the CIT site into a public education training facility for students in danger of dropping out.
Spokesman Trevor Cobbold says the Government should not be handing over public education facilities to private schools.
"Last week the Education Minister said it wasn't Government policy to hand over former school sites to private schools," he said.
"Yet now the Government's considering handing over a multi-million dollar facility to a private school. It's not a former school but is a former public education facility."
Topics: states-and-territories, schools, activism-and-lobbying, weston-2611, act
First posted


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Jay Aguiniga
Jay Aguiniga (Scottsbluff Nebraska)
Comments about Jay Aguiniga
Angels Letter
We always knew,
chance might come some day.
Like a whisper in the wind,
I might have to go far away.
I know it must,
hurt you so.
But let me open my wings,
so I may go.


text:
The use of Internet of Things (IoT) technologies enables retailers and manufacturers to better track their products from the beginning of the manufacturing process at their source vendors all the way through delivery to the end customers. It can alert the retailer and manufacturer of discrepancies as they happen, saving them from discovery by the retailer or customer after delivery, says Dan Mitchell, director of the Global Retail Practice at SAS.
There's no doubt that the IoT has had a profound effect on the supply chain, adds David Hood, director, Technology Marketing, with Mimecast, as the ability to harness data points and apply Big Data technologies makes companies far more responsive and adaptable to shifting demand. "Collaboration inter-company has never been easier with platforms that promote sharing information, documents and key data. The challenge is doing so while still being cognizant of the security and data risks that exist."
Sue Marquette Poremba has been writing about network security since 2008. In addition to her coverage of security issues for IT Business Edge, her security articles have been published at various sites such as Forbes, Midsize Insider and Tom's Guide. You can reach Sue via Twitter: @sueporemba
Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance
Biometrics are changing the way we think about security. Here are some of the more innovative ways biometrics are being used and what we can expect in the future. ... More >>
IT staff, organization leaders, and the average citizen have all expressed levels of concern over the FCC about-face in regard to ISP privacy. Here's what the security experts say. ... More >>
Executives at several top tech firms outline the skills they need now and in the near future, including IaaS and IoT security expertise. Other skills listed may surprise you. ... More >>


text:
MATLAB Newsgroup
Noticed the parfor source is actually included in the 2008b. It's so complicated and no wonder it's deadly inefficient for most apps and there are so many restrictions. I have gone through the multi-core code on MFE, which is not very useful if the parallel loop executes within a few seconds.
Are there any Matlab expert out there interested in helping to create something simple, if possible. We can limit it to be used on local multi-core and multi-CPU only. I am thinking something alone the line:
1) at the parallel loop entry assign each thread to do only staggered stride N (# of threads) loops.
2) create one binary semaphore for each of the variable assignment within the loop. Could do better here if preferred, say, there is no need for the semaphore if the variable is or can be made to be temporary and local to each of the threads.
3) create the N threads which will all run using the same client environment and addressing space. They will need to take and release the semaphores before and after updating corresponding variables.
4) at the end of the loop, the main thread will wait for all othes to complete
and continue.
Mex may be used to implement this. Am I thinking too simple here?
Also, a question: is mexCallMatlab() or mexEval() type of calls interact with the dlls directly, or it somehow communicates with the "engine" equivelant or the main process.
finally someone decided to act on that $?%@ parfor
good luck
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Delicious Jello Recipes!!
Created January 2012
Spring is just around the corner and Jello recipes are common in every household. Here are some of the most delicious various recipes of Jello or desserts using jello in the recipe.
Lovingly Compiled by
Karla Everett
Get Your Copy!
Order a professionally printed, perfect bound cookbook with a full color glossy cover and 50 recipes.
Or Read It Now On Your...


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Executive Pay: Is it too high and should we care?
While the occupy movement likes to associate North America's income distribution problems with what they feel is excessive executive compensation, the two have almost nothing to do with one another. Is executive pay a red herring? Executive compensation expert, Ken Huggesen, demystifies this issue and more at the TWU School of Business Speaker Series "Executive Pay: Is it Too High and Should We Care?"
This second TWU Speaker Series event, presented by Great West Life, will be held at the Terminal City Club in Vancouver on Thursday, January 24, 2013.
Ken Hugessen, an expert in executive compensation, has over 30 years experience advising clients on executive pay and is CEO of Hugessen Consulting, with offices in Toronto and Calgary. The firm is the trusted advisor to many of Canada's leading companies, including one-fifth of the TSX 60, and large pension funds in Canada, the US, and the UK. It is the only firm exclusively committed to serving boards and their compensation committees
Event: TWU School of Business Speaker Series presents Ken Hugessen
Date: January 24, 2013
Time: 4:30 – 5:45 p.m.
Location: Terminal City Club, Vancouver
Tickets: $50; purchase online at twu.ca/speakerseries
TWU School of Business
Ranked by its students as the top business school in BC, according to The Globe and Mail 2012 Canadian University Report, Trinity Western University's School of Business stands out as one of the most desirable schools for students seeking a first-class business education. At the core of TWU's innovative business program is a holistic, values-based curriculum. By combining real-world experience, globally-focused education, and an emphasis on ethical business practices, graduates of the School are well equipped to meet all the challenges of the workplace.


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"In order to improve our Brazilian online shop, we needed to discover more on how our customers behave and interact with our service. Due to the deep understanding of the Brazilian market, Mercedes Sanchez' researchers were able to help us find pain points, improve our flows and wordings and increase user engagement.
Mercedes Sanchez brought valuable information to our company."
"I have worked with Mercedes Sanchez Usabilidade many times, on projects and through the UX Alliance, and everytime I have been immensely impressed. Projects are always completed to high-standards and with tons of enthusiasm, from research through to delivery. The local knowledge provided is also invaluable. Mercedes is the go to person for user experience research in Brazil."
"We have done Usability testing on a mobile app in Brazil with Mercedes Sanchez local researchers and we got rich information not only about usability improvements but also on cultural issues that could affect Brazilian users."
"I have worked with Mercedes and her team on two projects and both times I have been extremely pleased with the results. They have an extremely thorough approach and have delivered great results with very tight timescales."
"I have had the pleasure of working with Mercedes and her team on a number of projects and bids and within our UX company network. If you need help with usability testing and consulting in Brazil, she certainly is the person to go to."
"Mercedes and team has supported ExperienceLab when our clients require research in Brazil and is always been a welcoming and reliable host, making sure our sessions run smoothly and keeping our consultants happy!"