text:
StartUpHire is the place to find Senior Product Manager - Web Services jobs. Review the list of Senior Product Manager - Web Services career opportunities to the left. These Senior Product Manager - Web Services jobs represent some of the most rewarding careers available.
You can refine your job search for Senior Product Manager - Web Services career opportunities by adding a job title, company name, or keyword to the search box above … or click the "Advanced Search" link for more options.
Don't see the employment opportunity you're looking for? Check back soon for more Senior Product Manager - Web Services jobs, or sign up for an email alert (link below) to receive periodic updates on new Senior Product Manager - Web Services jobs.
The Senior Product Manager will be a subject matter expert for our client and field team facing tools, reporting and analytics. The product manager will analyze and understand the digital ad ecosystem, and provide guidance to the organization on important6/27/2015 New York, NY Save This Job
Full-time New York , NY , United States About Handy Handy is changing the way consumers buy services. We?ve built mobile apps and a website where users can instantly book cleaners and handymen. We?re growing fast, we?re disrupting a huge industry, and we?re solving real5/17/2015 New York, NY Save This Job
Job Details Level Undisclosed Salary Range Undisclosed Job Location USA-GA-Atlanta Travel Percentage Undisclosed Position Type Undisclosed Job Shift Undisclosed Education Level 4 Year Degree Job Category Undisclosed Description The Senior Product Manager has a key role in6/6/2015 Atlanta, GA Save This Job
Delphix is a rapidly growing Enterprise Virtual Data-on-Demand platform. We are looking for talented Product Managers who are eager to jump into a fast moving organization and assume responsibility for research and coordination across a number of teams, products, and6/2/2015 San Francisco, CA Save This Job
Team Description:Role Responsibilities:Requirements:6/16/2015 New York, NY Save This Job
Job ID 2015-3025 Job Location US-TX-Austin Category Product Management Type Full-Time More information about this job About Bazaarvoice Bazaarvoice is a network that connects brands and retailers to the authentic voices of people where they shop. Each month, more than 5006/6/2015 Austin, TX Save This Job
Job ID 2015-2938 Job Location US-CA-San Francisco Category Product Management Type Full-Time More information about this job: About Bazaarvoice: Bazaarvoice is a network that connects brands and retailers to the authentic voices of people where they shop. Each month, more than6/6/2015 San Francisco, CA Save This Job
Job Purpose: GT Nexus is looking for a bright, creative, and self-motivated individual to take on an active role in the product management activities for our Procure-to-Pay product line. This is a key position within the Products organization, helping to drive the continued5/4/2015 New York, NY Save This Job
Department: Automotive Reports to: Director of Product Management Job Overview: UIEvolution?s Automotive team is passionate about creating software that is so well designed and intuitive that using it disappears into your drive. Imagine a world where information, content and6/18/2015 Kirkland, WA Save This Job
Job ID 2015-1581 Job Location US-GA-Atlanta Type Regular Full-Time Posted Date 1/26/2015 Targeted Job Start Date .. More information about this job: POSITION SUMMARY & RESPONSIBILITIES: Virtustream (www.virtustream.com) is a leading enterprise cloud software and services6/3/2015 Atlanta, GA Save This Job
Alkami is searching for several senior product managers that have experience in building and delivering cloud-based multi-channel (desktop/mobile) financial applications targeted to consumers. The position will report into Alkami?s Director of Product Management and be5/24/2015 Plano, TX Save This Job
Job Description The Senior Product Manager is the product owner for BioIQ?s HEDIS Plans Quality Channel (Healthcare Effectiveness Data and Information Set). This role is in charge of executing the BioIQ Star product vision and product landscape. The Product Manager will manage6/3/2015 Santa Barbara, CA Save This Job
We are looking for a Senior Product Manager to join the team. As a PM, you will be responsible for working on API design, planning & prioritizing sprints, defining the product roadmap and specing out new features and product enhancements. About the job: At Twilio developers5/4/2015 San Francisco, CA Save This Job
Location: San Francisco, CA About us: Twilio is migrating the communications industry from its 150-year-old legacy in hardware to its future in software. With our cloud communications platform, we fundamentally change how businesses build solutions for their communications5/4/2015 San Francisco, CA Save This Job
Summary: HelloWallet is committed to providing all Americans with access to a secure financial future. The Analytics team is responsible for creating innovative data and analytics products to help our members build wealth and make the most of their employer-provided benefits,5/25/2015 Washington, DC Save This Job
Yapta?s groundbreaking solutions ? FareIQ & RoomIQ ? are Intelligent Price Tracking for corporate travel. FareIQ & RoomIQ dynamically monitor price variations on ticketed airfare and on booked hotel, sending instant alerts when savings are significant enough to rebook. The Yapta6/26/2015 Seattle, WA Save This Job
Work Location: Des Moines, IA, or Greater Kansas City Area Position Summary We want high caliber sales professionals who have experience selling to and/or managing large numbers of multiple simultaneous deals for new sales and existing clients. The sales executive will represent5/25/2015 Des Moines, IA Save This Job
A Little About Crowdtap: Crowdtap is a fast-growing, profitable, VC-backed startup that has been named one of America's 100 Most Promising Companies in Forbes in 2013 & 2014. Our platform makes it easy for Fortune 500 brands to inspire consumers to create authentic content,5/9/2015 New York, NY Save This Job
More information about this job: Overview: Accolade Mission Summary: Accolade is a rapidly growing company with the goal of helping clients get better health care in a way that delights them and saves them and their employer money. We do that by simplifying the complex array of5/5/2015 Plymouth Meeting, PA Save This Job
The Senior Account Manager position will be primarily responsible for identifying, developing and managing end user relationships and assist in positioning the organization for sustained profitable growth. Interface with OEM's and Distributors will be5/19/2015 Moffett Field, CA Save This Job


text:
Presidents Message
Peter Emmett, CCCAPresident
IBC and buildingSmart Canada Present:BIM Worldwide: Solutions for Canada
CSC and CSI MasterFormat 2014 Available at www.spex.ca
Canadian Chapter of buildingSMART International Launched New Website
2014 CSC Award Recipients (Presented at Conference 2014 in Kitchener)CSC Design Competition 2014
Share the Experience!I AM
Mission Statement:
CSC (Construction Specifications Canada) is a national multi-disciplinary, non-profit association with chapters across Canada. CSC is committed to ongoing development and delivery of quality education programs, publications and services for the betterment of the construction community
Construction Canada MagazineThe latest interactive, digital edition of Construction Canada is now available. It allows you to search for specific topics, e-mail articles to colleagues, print pages and click on web links to access detailed information about products and services.
Click HERE to begin reading the April 2015 issue.
ONLINE Newsletter: June 10, 2015
CSC Group Insurance
CSC 5-Day Toronto WorkshopsIn just 5 days you can complete CSC's PCD*, SP2 or CCA Course! * PCD is a pre-requisite
Next offering November 2015 (date to be determined) - Toronto locationPrinciples of Construction Documentation (PCD
Next offering March 2016 (date to be determined) - Toronto locationConstruction Contract Administration (CCA)Specifier 2 (SP2)
CSC Online Courses
NOTE: PCD is a prerequisite
Principles of Construction Documentation (PCD) - Code: CNST245 (Next offering September 2015)
Technical Representative(TR) - Code: CNST247 (Next offering January 2016)
Specifier 1 (SP1) - Code: CNST178 (Next offering January 2016)
For Online Course registration:
Insert course code in the "Quick Search by SAIT Code" box Click "OK"
Industry News
Dodge Data & Analytics Completes Sale of Architectural Record, Engineering News-Record, and SNAP to BNP Media
May Construction Starts Increase 3 Percent
Dodge Data & Analytics Agrees to Sale of Architectural Record, Engineering News-Record, and SNAP to BNP Media
Dodge Momentum Index Unchanged in May
ENR Launches Epic Editorial Road Tour, 'Low & Slow Across America's Infrastructure'
New Construction Starts in April Advance 10 Percent
Social Media

subset: commoncrawl


text:
10% bigger battery in iPhone 5s to boost talk, LTE use times by 2 hoursRevamped internal components in Apple's iPhone 5s have allowed the company to cram in a slightly larger battery, resulting in higher projected usage times even with the more powerful A7 processor.
Apple has advertised that its new flagship iPhone 5s will boast up to 10 hours of talk time on 3G, and up to 10 hours of LTE Internet use. Both of those numbers are two hours greater than the estimates Apple provided for its predecessor, the iPhone 5.
Remaining battery estimates are largely the same: Apple estimates the iPhone 5s will offer 8 hours of Internet use on 3G, 10 hours on Wi-Fi, 10 hours of video playback, and up to 40 hours of audio playback.
But the iPhone 5s does gain an additional 25 hours of estimated standby time over the iPhone 5. According to Apple, the iPhone 5s can be in standby mode for up to 250 hours before a recharge will be necessary, compared to 225 hours for the iPhone 5.
The improvements are made possible, in part, by a slightly larger battery in the iPhone 5s that offers nearly 10 percent more capacity. Filings with the U.S. Federal Communications Commission, detailed by AnandTech on Wednesday, reveal that the iPhone 5s will sport a 5.96-watt-hour battery with about 1,570 milliampere-hours, compared to a 5.45 Whr, 1,440 mAh battery in the iPhone 5.
The iPhone 5 battery. Source: iFixit
Battery performance and size gains have also been realized in the iPhone 5c over the iPhone 5, with the new, colorful iPhone sporting a 5.73 Whr, 1,507 mAh battery. Apple advertises that the iPhone 5c offers up to 10 hours of talk time on 3G, up to 250 hours of standby time, and up to 10 hours of LTE or Wi-Fi Internet use.
Battery estimates provided by Apple were conducted in August using preproduction iPhone 5s and iPhone 5c units and software. In Apple's tests, features such as auto-brightness and "Ask to Join Networks" are turned off.
On Topic: iPhone
- Custom iPhone 6 paint job hints at what a rose gold Apple 'iPhone 6s' could look like
- Apple's 'iPhone 6s' again said to be in production as parts leaks continue
- Apple's iPhone gains 2% marketshare in US as competitors falter
- Leaked Foxconn document backs 12MP camera, 2GB of RAM for 'iPhone 6s'
- Judge approves $50 million settlement from Sprint for phone bill cramming


text:
about Todd FlowerdayA Roman Catholic lay person, married (since 1996), with one adopted child (since 2001). I serve in worship and spiritual life in a midwestern university parish.
about John Donaghy
John is a lay missionary since 2007 with a parish in western Honduras. Before that he served in campus ministry and social justice ministry in Iowa. His ministry blog is http://hermanojuancito.blogspot.com
He also blogs reflections on the lectionary and saints/heroes/events of the date at http://walktheway.wordpress.com
He'll be a long-term contributor here analyzing the Latin American bishops' document from their 2007 Aparecida Conference.
Bible Readings
Vatican II pages
Recent Posts
- Desolation
- Dives in Misericordiae 8d: A Perfection of Justice
- PS 107: Pentecost
- A Costly Enrichment
- Laudato Si 20: Pollution, Waste and the Throwaway Culture
- More Jesuits On The Moon
- Dives in Misericordiae 8c: Eschatological Mercy
- PS 106: Popular Piety During the Easter Season
- Laudato Si 19: Heading Into The Review
- The Physician
Recent Comments
Todd on Open Thread For Fundamentalist… Atheist Max on Open Thread For Fundamentalist… Liam on GIRM 86-87: Singing During… Jim McCrea on The Armchair Liturgist: Clergy… Todd on GIRM 86-87: Singing During… joseph on GIRM 86-87: Singing During… Mary on The Armchair Liturgist: Clergy… Todd on Reconciliation Lectionary: 1 P… Dick Martin on Reconciliation Lectionary: 1 P… charlesincenca on The Armchair Liturgist: Clergy…
- … deep in your soul
- A Concord Pastor Comments
- Bill Tammeus "Faith Matters"
- Chant Café
- Confessions of a Dangerous Mind
- dotCommonweal
- Dyspeptic Mutterings
- Fr Richmond
- Gentle Reign
- Gotta Sing Gotta Pray
- Hermano Juancito
- In All Things
- Joy
- Liturgy & Catechesis Shall Kiss
- More Meredith Gould
- Nana Clare's Kitchen
- Optima Musica Dei Donum
- Perspective
- PrayTell
- Science Musings Blog
- St Thomas Aquinas Campus Ministry
- The Parish Blog of St. Edward the Confessor
- The Sacred Page
- The Steeplechase
- There Will Be Bread
- Universe Today
- Vox Nova
- Walk The Way
- WordPress.com
- WordPress.org
Interesting sites
Blog Stats
- 5,146,306 hits
Monthly Archives: October 2007
Blogging Light
The women of the household are sick; both stayed home today, except for a mid-afternoon trip to the doc. My wife apologized for our daughter missing trunk or treat. Brittany's response, "Oh, Mom! It's not like it was your fault … Continue reading
GILH 173-178: Hymnody
We touch on music a bit in this post, but don't get too excited yet. Certainly post comments, though, if you care to do so. 173. A very ancient tradition gives hymns the place in the office that they still … Continue reading
Posted in GILH, Liturgy, Rites 7 Comments
The Girls of Lars
Roger Ebert's review pretty much nails the goodness of this movie, which Anita and I caught last Friday. Lots of other reviewers really missed the boat–which doesn't surprise me. This film is deeply moral and backs it up with a … Continue reading
Posted in film Leave a comment
Just Hold On To Your Hymnals
Two or three times a week I surf over to the NLM web page, scroll down through the antics on fussy vestments, EO and the like, and about two or three times a week I find an interesting post. Like … Continue reading
Blogging Encouraged
One week we're bullies. Now, Cardinal Ruini tells us to get cracking. A priest from Novara told me that the theme of 'Jesus' is very much discussed by youth in blogs. The focus, though, comes from destructive books that … Continue reading
Posted in Commentary Leave a comment
Blessing Young Drivers
Our youth minister spoke to me about doing this at our parish last year. It's a tradition about six years old at St Benedict Parish in Broken Bow, Oklahoma. The Eastern Oklahoma Catholic has a nice feature on it. Father … Continue reading
GILH 169-172: Responsories
We read that the responsory has been drawn from tradition or it has been newly composed for the modern praying of the LH: 169. Its responsory follows the biblical reading in the office of readings. The text of this responsory … Continue reading
Posted in GILH, Liturgy, Rites Leave a comment


text:
Another decade or two, that at least how long Senior Pentagon officials say the U.S. war against Al Qaida and its affiliates will last. Acting General Counsel Robert Taylor and Michael Sheehan, an assistant secretary of defense for special operations, made the point before the Senate Armed Services Committee, while arguing to prevent changes to a law that allows for the broad use of military force in the war against terrorism.
How the US Mint and NIST are perfecting the money-making process.


text:
Member Since: December 06, 2011
December 8, 2014 at 2:13pm
$97,000!!! I've built 2 quadcopters myself for less than $1000, and there's no possible way he's not baking in a LOT of extra cash to that bill for some reason. Even really high end drones don't cost more than $10,000!! But forget about the drones… this guy needs to be investigated for FRAUD!
In reply to the story Sheriff Acquires Drones 'In Secret', Defying Widespread Public Concern
[-1] September 26, 2014 at 2:40pm
I think this is the phrase he is trying to refer to in the fifth amendment but obviously misunderstands it: "No person shall be … compelled in any criminal case to be a witness against himself…"
The "right to remain silent" is something completely different.
June 25, 2014 at 9:41am
"According to the Ordain Women website, Bishop Mark Harrison notified Kelly of the decision via email, detailing both the consequences and the conditions that she needs to consider if the can ever be re-baprised into the church."
In reply to the story The Mixed Reaction Following Excommunication of Mormon Women's Group Leader
May 13, 2014 at 1:49pm
There is SO much wrong here, I can't contain myself. 1. If jobs are going unfilled, the recruiters and hiring managers are doing a poor job. 2. If the reason jobs are going unfilled is that it's financially a better move to leach off the government, aka taxpayers, then we need to wean more people OFF assistance so that the need to work is re-ignited. 3. If the jobs are only low wage jobs that only foreign illegal undocumented workers will take, how much "skill" could they really require. Sounds to me like they're jobs where one has to actually WORK for a living. I am sick TO DEATH of hearing people complain there's no work while employers complain they can't get people to work. Raise your wage offering and make a decent environment for people to work and people will work when they no longer get support from the taxpayers!!
In reply to the story CEO: U.S. Manufacturers Have 600,000 Jobs They Want to Give to Immigrant Workers
April 29, 2014 at 5:02pm
Oops, I knew I'd include at least one typo. "various ways to think about and solve…"
In reply to kgechols's comment on the post Common Core math standards: Fuzzy at best
April 29, 2014 at 4:59pm
Actually, a lot of this is lifted directly from modern business language. Sure, the motivation might have been insidious, but it's not made up, out of the blue nonsense, it seems to me; at least not from these examples regarding math.
In reply to DZ-015's comment on the post Common Core math standards: Fuzzy at best
[1] April 29, 2014 at 4:57pm
Delving this deep into simple addition, subtraction, multiplication and division might be going a bit too far, especially for us oldtimers who memorized our times tables, etc., but I have to admit that I somewhat like the idea of teachers actually teaching various ways to thing about and solve problems and then requiring students to demonstrate proficiency in those methods. If executed properly, with sufficient time, money, and parental support, this could actually turn out to be a good thing. Yeah, I know, there are a lot of "if's" in there… that's on purpose.
In reply to the post Common Core math standards: Fuzzy at best
April 29, 2014 at 5:02pm
kgechols responded:
April 29, 2014 at 7:16pm
zach00000 responded:
[1] April 29, 2014 at 4:53pm
Haha! I noticed that English grammar error as well. But I have to say, just putting apples into bags doesn't make them anymore mine no matter whether the are 4 total apples or 4 apples in each of 3 bags for a total of 12 apples. :)
In reply to e7705's comment on the post Common Core math standards: Fuzzy at best
April 9, 2014 at 2:50pm
@HarryPotter, Actually microphone cables only have one male and one female XLR connecter. It helps ensure that signal direction is clearly indicated. Male XLR connectors are always "output." Female connectors are always "input." Other types of audio cables, such as RCA or 1/4″ are essentially patch cables, connecting one jack to another, and are, therefore, male on both ends. Not that any of this has anything to do with the gay agenda to force everybody else to support their activities, but since you brought audio cables and microphones into the mix, I thought I'd clarify.
October 16, 2013 at 3:47pm
So many things wrong here.
1. Public sex – bystanders should have called the cops immediately whether it was rape or public consensual sex.
2. Underage drinking – she is 20 and so blitzed that she didn't even know she had been raped until she saw pictures of it
3. Social media – sharing pictures of sex, whether consensual or not, is just not something that should come to mind but has become the FIRST thing that comes to mind for this warped and lost generation.
In reply to the story College Student Allegedly Sexually Assaulted While Witnesses Stood By and Took Photos
October 16, 2013 at 4:00pm
Balthazor responded:
October 8, 2013 at 11:10am
While I don't agree with the hypothetical assertion that the Bill of Rights is outdated, this type of critical thinking exercise CAN BE a very useful tool in teaching the validity of the thing the student is required to modify, in this case the Bill of Rights. Without any additional context it is really hard to judge the motivations of the alleged teacher. I agree with previous commenters that teaching understanding of the Bill of Rights before being asked to modify them is more appropriate. It is questionable, however, whether a teacher really handed this assignment out, since it includes obvious grammar errors within the first two sentences, and has used a ridiculously bold typeface for the entire body of the document.
April 8, 2013 at 1:19pm
McCain doesn't understand why Lee, Paul, and Cruz would vow to fillibuster because he is too blind to see what's really going on. What about the language in the 2nd amendment is not clear? "…the right of the people to keep and bear Arms, shall not be infringed."
In reply to the story 'I Don't Understand It': McCain Blasts GOP Threat to Filibuster Gun Bill
April 8, 2013 at 1:12pm
Wow, Vickie! You just blew my mind… I was thinking the EXACT SAME THING!! I love that movie and the message that it really is up to each of us to individually stand up and do what is right, not because it's easy or popular but because it's right.
November 29, 2012 at 1:14pm
That's right, this is the same fool who thought Guam might tip over and capsize if we sent 8000 more troops there. The even BIGGER issue? The freaking idiot voters in his district in Georgia RE-ELECTED HIM after the Guam Might Tip Over incident!!!!! They are probably right there with him, cheering on the restriction of free speech from those evil corporations who are 'stealing' the government.
November 9, 2012 at 9:28am
Actually TheBlaze got one of the facts technically incorrect, as well. The number of "Congressmen" would be 535 because Congress includes both the Senate and the House and since the number of Senators is 100 and the number of Representatives in the House is 435… you see my point. :)
It is sickening just how blindly these idiots follow their Dear Leader and how little they are actually learning at school.
The real question for me, is what is causing the stupidity and how do we fix it? I know, I know… you can't fix stupid, but if we could at least stop little kids from getting stupid, the next generationi after this might have a chance.
November 1, 2012 at 4:34pm
Yeah, because it's always wise to interpret natural disasters as God's will to punish those you don't agree with. Yes, Pat Robertson was a freaking moron for saying the same thing about Katrina being God's punishment for New Orleans. It's especially ironic that both of these religious zealot nuts don't actually believe that God still speaks through living prophets, and thus would have NO WAY of knowing what God's will in relation to current events might be.
In reply to the story Toronto Islamist Website Calls Sandy a 'Divine Slap' in Face of U.S. 'Arrogance'
October 1, 2012 at 3:07pm
The first and fourth are obviously shopped out. Look at the other humans in the picture and you'll notice that their poses are EXACTLY the same in each. You'll also notice how they shopped by women out, if you loo at things like shadows, reflections, where knobs are on mirrors,… kinda like a "find the differences" comic.
That said, per maket accommodations are always made by companies that wish to participate in more than one market.If I were the photographer, however, I would be PISSED! You don't mess with my art without my permission and I would NOT give permission to screw with my photos like that.
September 11, 2012 at 9:34pm
This a$$hol3 doesn't know the difference between racism and cultural differences. Racism is when you judge somebody as inferior based solely on the color of their skin. It is NOT racism to forget to accommodate possible cultural differences such as dietary customs.
August 22, 2012 at 2:45pm
Nope, I was wrong. Obama wears his watch on his left wrist. They just spelled it left to right from their own point of view instead of from the viewers'.
In reply to kgechols's comment on the story Can You Spot What's Wrong With This Picture of Obama?
August 22, 2012 at 2:41pm
Besides the pit stains? Maybe the image was flipped left-to-right.
In reply to the story Can You Spot What's Wrong With This Picture of Obama?
August 22, 2012 at 2:45pm
kgechols responded:
Thanks for the tip!
Submitting your tip... please wait!


text:
A nascent growing conservative Presbyterian denomination has reported rapid growth over the past year.
The Evangelical Covenant of Presbyterians, a new reform body founded in 2012, concluded its National Gathering in Dallas on Wednesday.
The Rev. Dr. Dana Allin, synod executive for ECO, noted that since the last gathering, held in 2013, the Presbyterian denomination had experienced fantastic growth in the number of member churches. more >>
A megachurch based in San Diego is eyeing the usage of a shuttered performing arts center, which may involve paying El Cajon approximately $1 million over five years which the city hopes will help reopen the facility and revitalize the community.
The Rock Church of San Diego and city officials are in negotiations over usage of the closed East County Performing Arts Center.
El Cajon City Council recently gave the nod for negotiations over the usage of Arts Center, in the hopes that it will aid in supporting the city's downtown economy. more >>
The Episcopal Church has sold off to a Baptist church a property once used by a congregation that broke away from the denomination over theological differences.
The Episcopal Diocese of Connecticut sold the property formerly called Bishop Seabury Episcopal of Groton to a local Baptist church.
Stedfast Baptist Church, a congregation also located in Groton, purchased the property and last Friday made it their new home according to an Episcopal Church in Connecticut press release. more >>
Pope Francis urged South Korean Catholics to hold fast to the spirit of evangelization and reject "inhumane economic models" as their country's economy continues growing. The pope was addressing close to 50,000 people at Mass in his first ever visit to Asia.
The pontiff warned against the "allure of a materialism that stifles authentic spiritual and cultural values and the spirit of unbridled competition which generates selfishness and strife," Vatican Radio reported on Friday.
Speaking before a packed crowd at World Cup Stadium in Daejoen, Francis encouraged believers to "reject inhumane economic models which create new forms of poverty and marginalize workers, and the culture of death which devalues the image of God, the God of life, and violates the dignity of every man, woman and child." more >>
Pastor Maria Durso of Christ Tabernacle Church in Queens, New York bared her soul at last week's "Misfit the Conference" event in New York City and discussed horrifying past experiences that did not stop her from embracing her destiny.
The conference took place in Salvation Army Centennial Theater which is just two blocks away from where she grew up in Manhattan. She admitted to passing the building totally "stoned" as a youngster and discussed her addiction to drugs and drinking and God's deliverance from it.
"Twenty-five years of crazy immediately gone," said Durso when explaining how long her life had taken a turn for the worst and how easily God was able to heal that part of her. more >>
For many reasons, religious beliefs have greatly influenced American public policy and political elections. Because of its demographics and history, the United States has numerically more Christians (and more Protestants) than any other country in the world. There are nearly 313 million people in America, making the United States the third most populous country in the world.
According to the 2012 U.S. Census, three quarters of Americans claimed adherence to the Christian faith. (Whether or not they understand Christianity is another matter.) These Christians have various affiliations: 140 million are nondenominational, 62 million are Catholic, 40 million are Evangelical Protestants, and 26 million are Mainline Protestants. The states with the greatest number of religious congregations are Texas, California, and Pennsylvania.
The next largest group categorized by the Census is comprised of those who identify as having no religion. Following this group are those who identify as Jewish, Agnostic, Atheist, Muslim, Buddhist, and Hindu. more >>


text:
Dugout Canoe Discovered in Florida
Friday, September 20, 2013
OCALA, FLORIDA—Seven-year-old Koen Ergle told reporters about his discovery of an old can, old bricks, three golf balls, and a dugout canoe while taking a scuba-diving lesson from his grandfather in Owen Lake. "He was on my secondary respirator and I could hear him making noises and pointing to the wood. I started fanning the sand off and still wasn't quite sure what it was," added his grandfather, Ken Ergle. Archaeologist Julia Byrd of the Bureau of Archaeological Research, Division of Historical Resources, is documenting the canoe (which was found on privately owned land) and beginning the conservation process while waiting for the results of carbon dating testing. But pottery near the canoe could be 2,000 years old. The canoe will be housed in the Marion County Museum of History and Archaeology.
From the Trenches
A Spin through Augustan Rome
Off The Grid
The First Toolkit
Anglo-Saxon Jewelry Box
Wrecks of the Pacific Theater
The Environmental Cost of Empire
One Ring to Bind Them
Cosmic Rays and Australopithecines
Bison Bone Mystery
Rome's Earliest Fort
A Parisian Plague
Finding Lost African Homelands
Neanderthal Necklace
Slime Molds and Roman Roads
Open House
World Roundup
Civil War booze, world's oldest pretzels, Austria's war camels, coral tombs of the Pacific, and a 2.8-million-year-old human
Styling hair in Bronze Age Wales
Recent Issues


text:
RIPE for the PICKING Does alpha grow on trees, and if so, is it being overharvested? I n today's low-return environment, excess return is at a premium, as wit- nessed by the growing demand for absolute-return strategies and other C adding value. / S is it a T 2 0 active methods forF A M A G A Z I N E But E P T - O Ccase0of5 overconfidence or irra- tional exuberance or just plain desperation? Certainly, it flies in the face of what had been conventional wisdom for the past few decades: that active managers cannot beat the market with any kind of regularity (after fees and costs). Passive investing, through which investors simply sought exposure to various asset class "betas," became the default portfolio strategy for many. In recent years, howev- er, investors have begun to rethink their assumptions about alpha and beta, and many are pursuing the former much more aggressively and trying to target it with ever greater precision, treating beta exposure as a commodity. Is the beta manager doomed to irrelevance, or is the new zeal for alpha just a fad? Our two feature stories examine the phenomenon from both perspectives. 26 CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 FRESHand BY CHRISTOPHER WRIGHT JUICY Alpha is sweet, but investors may be trying to squeeze too much from too little R ichard Ennis, CFA, gets a chuckle when- ever he hears pension trustees throw the term alpha around loosely without under- standing what it means. "We need to go into private equity and get some alpha" is the kind of statement he years has alpha assumed such central importance in portfolio management and become part of the popu- hears them make. "Oftentimes, they just mean more lar investing lexicon. return," says Ennis, a principal at Ennis, Knupp & Indeed, much of the thinking in the profession Associates, an investment consulting firm in Chicago. has realigned around the concept of alpha. Many Pension trustees and other investors could use a strategies now call for separating alpha from beta, little more return. The easy 10–20 percent gains of which affects many important aspects of portfolio the 1990s vanished after the US market turned down management including how managers are evaluated in 2000. It's been a low-return environment across and selected, how portfolios are constructed, what standard asset classes ever since, with many observers markets managers consider, what strategies they forecasting more of the same for years to come. employ, and how risk is viewed and budgeted. Active portfolio management has been squeezed on one side by hedge funds with their claims of supe- rior returns and by low-cost indexing on the other, What Is Alpha? hence the search for alpha and the selling of alpha Various experts date the term alpha back to a William Sharpe article setting forth the basic capital asset pricing model products to remain competitive and satisfy the invest- (CAPM) in 1964. Sharpe decomposed total return into the ment objectives of ever-more-demanding clients. risk-free rate plus the volatility of a security relative to its asset Photographs: Double Image Studio Some observers believe managers who cannot pro- class times a market risk premium plus excess return not duce alpha are headed for extinction. explained by the market. In the equation, the term represent- ing relative volatility was symbolized by the Greek beta char- Alpha has gone from academic innovation almost acter. Thus, "beta" is often used to signify the market return. to hackneyed cliché seemingly overnight. The term Likewise, the Greek alpha character symbolized the unex- originated in the 1960s, but only within the past few plained excess return, so alpha has come to mean the excess CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 27 "The fact that [alpha] was bundled [with beta] was completely lost on the manager and on the client. return to active management. Although theoreticians have offered various refinements by which to distinguish "naive" from "true" alpha and have used the word in different ways, the term alpha is used in this article in the unrefined sense of incremental return to manag- er skill over and above what could be earned from passive indexing. Such active returns stem from "the outperformance a skilled manager can bring to the table," says Phil Green, managing director and senior portfolio manager at Merrill Lynch Investment Managers (MLIM) in Plainsboro, N.J. In short, alpha is the amount of return by which a manager beats the market. Or fails to beat the market. Alpha can be negative. Also, as has been pointed out, alpha can arise from luck, not skill. But although disputes remain, commonly cited sources of alpha include security selection, market timing, sector rota- tion, trading prowess, investing outside the benchmark, devi- ating from benchmark or policy weights, portfolio concentra- tion, shorting (described more fully below) — any active process. Where you find alpha depends on market conditions and the skills you have in your organization, according to Lee Thomas III, a managing director at Allianz Global Investors in Newport Beach, Calif. In his view, different firms will find "where the alpha is greatest." If he sees more mispricing in the alpha in different places. currency markets, he will shift somewhat from equities to cur- Where to look? Many observers point to inefficient mar- rencies in the multistrategy funds where he has been given the kets and often give small-cap and international stocks as latitude to sell call options, employ long and short currency examples. But just because you find an inefficient market does strategies, and pursue other techniques. In those funds, he not mean that alpha is guaranteed. For example, Richard says, "we're able to dynamically allocate capital to where the Ennis derides the "small-cap myth," as he calls it. He has opportunity for alpha is greatest." found no evidence that active small-cap managers are able to At the client level, alpha is more about identifying suc- consistently add value after research, trading, and market cessful alpha managers than it is about generating alpha per impact costs. Part of the problem, in his view, is that sur- se. Richard Ennis advises institutional clients that the key vivorship bias and unsatisfactory benchmarks, such as the questions are: "What is the manager's edge? What insights Russell 2000, have skewed database results and put small-cap does the manager have?" managers in a better light than they deserve. Small-cap invest- Some institutional advisors start by identifying successful ing generally is "no more fruitful" than large-cap manage- alpha managers and are agnostic about the arena in which ment, Ennis concludes, although he does not deny that there those managers operate. Barton Waring, a managing director are some managers who can successfully generate alpha in the and head of the client advisory group for Barclays Global small-cap arena. Investors in San Francisco, argued in a 2005 CFA Institute Harindra de Silva, CFA, is opportunistic about where his conference proceedings ("The Future of Active Management," alpha comes from (within the bounds of his assigned invest- Points of Inflection: New Directions for Portfolio Management, ment style and asset classes). As president and portfolio man- available at cfapubs.org) that chief investment officers ager of Analytic Investors, an active quantitative shop in Los "should simply go out and hire the best sources of pure alpha, Angeles with US$4.7 billion under management, de Silva goes regardless of the betas that come with them, wherever they 28 CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 Alpha and beta separability just was not part of the discussion just was not part of the discussion," Barton Waring observed in his presentation "The Future of Active Management." But separability is definitely a hot topic now. — but separability Manager Selection and Evaluation Some investors are systematically weeding out managers who is definitely a hot topic fail to produce alpha. At the 2005 CFA Institute Annual Conference, Mark Anson, CFA, the chief investment officer of now." CalPERS (the mammoth state retirement plan, with US$186 billion in assets), summarized his evaluation process: if the manager's performance record shows beta returns at best, that manager will be terminated. Anson does not accept the excuse that a manager is unable to find good investment opportuni- ties at the moment, because CalPERS has other managers who can. The weeding-out process was "ongoing" at the time of this writing, a CalPERS spokesperson told CFA Magazine. This development is "an inevitable consequence of the separation between alpha and beta," Lee Thomas says. "More and more clients are going to be culling managers who are unable to produce alpha. There's no way of obfuscating because the alpha you make is very obvious to the client." Thus, alpha has made the environment much tougher and more competitive for managers. On the receiving end of this kind of scrutiny is alpha manager Harold Bradley, senior vice president and chief investment officer for small-cap growth equities at American Century Investment Management in Kansas City, Mo., a mutual fund company running US$100 billion. American Century distributes a lot of its funds through third-party can be found." The betas can be fixed later, he says, through financial advisors who hire consulting firms that are now con- hedging techniques (see discussion of portable alpha below). fronting Bradley with questions he's never been asked before. This approach can take a client outside the normal range The gatekeepers evaluate all the managers for alpha in the of markets usually considered. "For the alpha portfolio, if due-diligence process and award limited fund distribution bond managers exist who can actually beat the market and space only to the best candidates. The clients want to know if add alpha, plan sponsors should use them, even if the asset they're getting what they're paying for. "What is your alpha?" allocation calls for zero bonds," Lee Thomas argued in a they ask Bradley, and "How much of this is just high-beta recent presentation ("Asset Allocation in the New product?" Like Bradley, managers who attempt to pass off de Millennium," Exploring the Dimensions of Fixed-Income facto index funds as alpha products are facing tougher going Management, 2004 CFA Institute conference proceedings). these days because clients are getting smarter and figuring out Although the alpha concept has been around for decades, what's going on behind the curtain. managers and clients alike did not begin trying to distinguish And intermediaries aren't the only ones asking about between alpha and beta exposures until relatively recently. "The alpha. Higher-ups in Bradley's own firm now require him to fact that [alpha] was bundled [with beta] was completely lost document where his alpha comes from so they can gauge how on the manager and on the client. Alpha and beta separability his fund will perform over time and through cycles. But he CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 29 welcomes all the new accountability because it adds rigor and the real power of the alpha manager concept resides. discipline to his process. Barton Waring and Larry Siegel, director of research at "It allows our customers, our board of directors, and our the Ford Foundation, advocate using active risk–return opti- investment oversight committee to know what the expecta- mization techniques to identify managers along an efficient tions should be, who's performing, and that we are consistent frontier who provide the highest alpha returns on a risk- in our methodology despite huge temptations from the mar- adjusted basis. As they described in the Journal of Portfolio ket to drag us away from our core discipline," says Bradley, Management ("The Dimensions of Active Management," alluding to style drift. Spring 2003), building a portfolio of alpha managers is like Bradley himself uses alpha to parcel out manager bonus- building a portfolio of anything — they simply treat each es — the most significant part of their compensation. He also manager like a stock. An information ratio (alpha divided by uses alpha in his role as a member of the investment commit- standard deviation of alpha returns) determines where each tee of a local university endowment fund. Some of the endow- manager plots on the graph. The information ratio levels the ment's external managers are "running closet index funds and playing field for managers and allows comparison across asset charging fully active management fees," he says. The first classes, style boxes, and risk levels. By using the familiar question he always asks: "Are we paying them 90 basis points Markowitz mean–variance framework, clients can identify to have exactly the same sector bets and predicted risk as the managers whose forecasted alpha is sufficient reward for the S&P 500?" forecasted active risk involved. All of this stands in stark contrast to traditional methods Waring says BGI has been doing this type of optimization of choosing managers. For the past 30 years, institutional research and educating clients about it for nearly 10 years. investors have been "framing their investment processes The approach has influenced how most of BGI's institutional around the betas expected from various asset classes and seg- clients think about hiring managers, but only about a third of ments of the market," Phil Green says. "By focusing on beta them actually crunch the numbers in the hiring process, first, they would come up with their strategic asset allocations according to Waring's estimates. and then make a decision whether they wanted to use passive portfolio management techniques or bring on an active man- Portfolio Construction ager to fill that beta bucket." If active, "then they would go out Alpha is changing the way portfolios are designed and con- and find the best active manager who fits that bucket. You structed. In what Phil Green calls "the new investing environ- basically had all these beta buckets and looked for best-of- ment," alpha takes center stage and is placed on a par with breed managers to fill the beta buckets." strategic asset allocation as a primary organizing principle. Instead, according to Green, clients should conduct their Lee Thomas uses what he calls an "alpha-centric" approach. alpha and beta searches independently. "If you free the search "What that means simply is that decisions are made as to how for alpha from the constraints of a beta bucket, you'll be able to create alpha and those decisions are applied to accounts to identify a whole new range of skilled managers and oppor- with different benchmarks," Thomas says. "First you make tunities to generate alpha that you don't even see when you the alpha decisions and then you attach them to different just look for certain active managers to fill certain beta buck- betas." In other words, asset allocation is no longer the cen- ets," Green says. "There's a whole universe of skilled man- tral concern and is done as the last, not the first, step. agers out there who run strategies that don't fit neatly into the Thomas is not the only one who has elevated the impor- beta buckets that have been developed over the years." He tance of alpha in the way they build portfolios. "We've gotten offers the example of a sector specialist who has an edge in a lot more specific about how much of the return from a par- technology stocks. ticular strategy is coming from its beta exposure and how Because any manager's alpha may prove fleeting or unsus- much from its alpha exposure," says Analytic's de Silva. He tainable, the next step, in Green's view, is to build a diversified uses two strategies in which he consciously separates alpha portfolio of alpha managers. "The key is how you put them from beta. Enhanced indexing overlays some alpha on top of together," he says. Using managers in combination is where a lot of beta (e.g., S&P 500 plus 200 basis points). His mar- 30 CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 "Because any manager's alpha may prove fleeting or unsustainable, the next step is to build a diversified portfolio of alpha managers." ket-neutral strategy is sort of the reverse. It has "a beta of zero years telling plan sponsors that if they want more alpha in and all the return in the strategy is basically alpha," de Silva their portfolios, they have to allow the manager to go short." says (e.g., T-bills plus 4–6 percent expected alpha). For example, think of the tech bubble. The best that most managers could do, according to de Silva, was park their Portable Alpha and Other Strategies assets in cash and sit out the ensuing collapse. "If you actual- The search for alpha has led managers to consider new strategies ly had the ability to short in the portfolio, you were able to for boosting returns. Some alpha-generating strategies are mov- generate tremendous returns," he adds. ing into the mainstream of traditional portfolio management. Despite the risks of shorting, clients are proving receptive BGI's Waring has called shorting in ordinary portfolios to de Silva's message. Some of his corporate and public pen- "the future of active management." BGI has put a major stake sion clients as well as union Taft-Hartley plans have convert- and much of its research effort into loosening the long-only ed to long–short investing. constraint in market-neutral long–short portfolios. "It has De Silva's "Defensive Equity" fund typically takes four turned out very well for us," Waring says. "We now have long positions for every short position. He uses covered call something on the order of US$10 billion under management options to reduce portfolio beta to 0.3 when he expects mar- in market-neutral long–short funds. Our clients are thrilled kets to go down and to raise it to 0.5 when he expects them with the results that they're getting from following our advice. to go up. "We'll go long the stocks we like, short the stocks we If you are willing to be equally long and short in a market- don't like, and then we'll find overvalued call options and sell neutral long–short portfolio, then you can multiply your those," de Silva says. Thus, the fund has multiple sources of expected alpha by a factor of two or three or sometimes even alpha: stock selection (long and short), selling overpriced more — it's a very powerful amplifier of skill." calls, and market timing (to the extent he is able to forecast Analytic Investors' de Silva agrees that shorting offers market direction accurately). prime opportunities for gaining alpha. "If you restrict the Portable alpha is a big tent comprising a multitude of manager just to going long, the ability to generate alpha is strategies. Many replicate desired market returns synthetical- very limited," he says. "We've been missionaries the last three ly (e.g., with S&P futures), place an unrelated alpha bet with CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 31 Doubts, Fears, and Misgivings the freed-up cash, and use futures or swaps to screen out the B efore the profession goes all alpha, all the time, some observers have concerns. Richard Ennis wor- ries about leverage. "Many of the portable alpha and long–short strategies involve leverage in one way or anoth- er," he says. "I see leverage creeping into institutional invest- beta from the alpha source. The goal is to boost returns by unbundling alpha from one asset class — fixed-income securi- ties, for example — and grafting it onto a beta portfolio from a different asset class where strong market returns are expected. A second type of portable alpha strategy invests the cash in a beta source (e.g., an exchange-traded fund) and leverages ment management in a way that's unprecedented." the alpha source. Because beta is hedged, the arena in which the alpha Ennis and Harold Bradley are concerned that clients have manager operates is essentially irrelevant. The manager's abil- unrealistic expectations for returns that alpha can't deliver. ity to beat whatever the benchmark may be is all that matters. According to Bradley, no traditional manager gets close to pen- As Phil Green puts it, portable alpha "allows you to take the sion plan actuarial assumptions these days. But from Ennis's best managers you can find and fit them into your overall strategic asset allocation. By freeing alpha from the shackles of perspective, clients don't judge managers on whether they beat beta, you can deliver superior performance" over many tradi- their benchmarks or generate alpha. "That just falls on deaf tional investment products. Portable alpha strategies are gen- ears with [investment] committees," says Ennis. "Success in the erally expected to outperform by 100–200 basis points, which final analysis often is gauged on how big a return you got." is considered meaningful, particularly in a low-return envi- ronment. As far as Green is aware, however, no central data- Ennis and Harindra de Silva question whether successful base exists to report performance results for portable alpha. alpha managers will be able to replicate their performance if the Portable alpha had to await the development of swaps world gravitates to the leaders of the pack and hands them big- and futures markets, which only began to gather momentum ger piles of money to manage. "There's every reason to think in the 1980s. Although no one knows when the term "portable alpha" was coined, some portable strategies predate the term, that they won't," says Ennis. "Warren Buffett has been very out- according to Green. For example, PIMCO's StocksPLUS strat- spoken in saying from time to time that he just can't find oppor- egy, which Green calls "the lion" of all portable alpha strate- tunities. At times, he's held significant amounts of cash or gone gies, has been around since the late 1980s and has a lot of into bonds." money behind it, Green says. StocksPLUS purports to com- bine alpha returns from PIMCO's skill in managing short- De Silva points to the problem of diminishing returns. "One duration debt with market returns from the S&P 500. of the challenges of active management is figuring out how much Portable alpha is not without its risks. First and foremost, money you can manage in a strategy before your alpha goes to the manager selected may fail to produce the expected alpha. zero. There's not a strategy in the world that has unlimited scale," Second, there are costs associated with hedging out beta. "Portable alpha is easier said than done," Richard Ennis says. he says, noting that this is why some firms find it more profitable "Liquidity and costs are huge issues." As many have observed, to close their funds to new investment than run more money. acquiring or removing market exposure with S&P 500 futures Lee Thomas has a different view. Some strategies, such as contracts is cheap, but for markets other than large-cap arbitrage, are size limited but others are not. "If what you're stocks, costs go up, liquidity goes down, and hedging vehicles may not even exist. In those areas, "it's not possible to clean- doing is making a timing decision when to buy stocks," he says, ly separate alpha and beta at a price you can afford," Lee "you can buy an awful lot of S&P 500 futures contracts before Thomas says. "If you're dealing with small-cap US stocks, it's you start moving the market." not simple at all; it's expensive." The costs of beta-hedging trades will vary depending on where your skilled managers operate and how much beta 32 CFA MAGAZINE S E P T- O C T 2 0 0 5 exposure is embedded in what they do. Thus, according to Phil Green, alpha will not always exceed the costs of hedging out beta, although optimists say liquidity and cost factors are improving all the time. Direct dealing between institutions interested in taking the opposite sides of a trade may lower costs in the future. "You should have a budget where you know how much of your risk is being taken in beta exposures and how much is being taken in alpha exposures." With regard to swaps, "the main pitfall is counterparty most institutions don't budget risk that way, but according to risk," Larry Siegel says. "When used on a large scale, the Thomas, "it's almost inevitable that's the way it will be done in swaps or other contracts used to add beta exposure to the the future." portfolio of alpha bets are risky, in that the counterparty (bro- Barton Waring also believes that alpha and beta risk ker) might not be able to pay all of the claims against it. This budgets should be consciously set and managed. "Typically, risk has to be monitored very carefully by anyone using today, people only put about 10 percent or less of their risk portable alpha." budget into alpha," he says. "That may be the right answer to Despite the drawbacks, some predict that portable alpha represent the community's confidence about their alpha esti- will sweep through the field of portfolio management and mates. More of your risk budget should go to alpha as your eventually dominate all other strategies. This prediction confidence in your alpha estimates increases." Lee Thomas should come true, Lee Thomas says, "but this is a very con- thinks that clients would ask for more alpha risk if they knew servative profession that we're in, so it could well be that these how low it was relative to their beta exposure. ideas don't catch on." The Elephant in the Living Room? Risk Budgeting It used to be that alpha was considered an "extremely scarce Alpha has also made its mark on the way managers think commodity" and that earning it was "next to impossible," about and budget for risk. Separating alpha from beta allows Peter Bernstein observed in the Journal of Portfolio funds to think about how much active risk they're taking and Management (Summer 2004). But now "it grows on trees, ripe where they think the risk will be adequately rewarded, accord- for the picking." You can expect it, drive it, multiply it, and ing to Richard Ennis. port it, Bernstein wrote with more than a little sarcasm. "You should have a budget where you know how much of Bernstein is not the only one to question whether the your risk is being taken in beta exposures," says Lee Thomas, contemporary discussion of alpha has lost touch with reality. "and how much is being taken in alpha exposures." Currently, "Alpha is much rarer than people want to admit," Richard CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 33 Ennis says. As markets have become more efficient, opportu- weak predictor of future results? How can so much time, nities for finding alpha have diminished, he says. A body of attention, and tool building be wrapped into something that's research supports the view that active managers commonly not available on a reliable basis? Is the entire field of portfolio underperform their passive benchmarks. For example, management being taken off the track by an increasingly Michael Jensen demonstrated in the 1960s that it is difficult reductionist focus on alpha? for mutual funds to beat the market. More recently, Vanguard Maybe, maybe not. In the final analysis, alpha may prove founder John Bogle said in 2005 that 95 percent of all active- to be a scientific advance in obtaining for investors what they ly managed mutual funds underperform the market by the have always wanted: good returns. "If you go right back to amount of their fees. Sharpe '64, alpha is always going to be part of the equation for Ennis's own cost-recovery research indicates that active how to explain returns and there's always going to be an effort management is actually perverse, that the average fund under- to try to beat markets and benchmarks," Barton Waring says. performs the market by more than its costs and fees. "My big "It's a long-term concept. It's an embedded part of the whole bugaboo is that most clients don't have a snowball's chance in reality of the investment experience. Alpha and the search for hell of profiting after costs," he says. alpha are here to stay." Moreover, most persistence studies show that top-per- "As long as people differ in their abilities and in access to forming funds in one period do not repeat in the next, accord- information," says Larry Siegel, "some investors in an asset ing to Ennis. In other words, the weight of the evidence is class will be able to earn alpha at the expense of others. Thus, against the notion that alpha can be generated consistently. In alpha will always be available to somebody, so the search for discussions about money managers who can consistently beat alpha will continue. Plan sponsors will not be content to earn the market, only a few names repeatedly come up, with index returns." Warren Buffett, Peter Lynch of Fidelity, and Bill Miller of Legg Earning alpha is difficult but not impossible. By Waring's Mason chief among them. calculations, there is a better than 40 percent chance of suc- Barton Waring and Larry Siegel have called alpha "rare." cessfully hiring a manager who can generate positive alpha They and many others are of the view that money manage- after fees and costs over a one-year time frame. The figure falls ment is a zero-sum game. In the words of Lee Thomas, "For to 15 percent over 25 years if you hire randomly from the uni- every investment manager earning positive alpha, somewhere verse of active managers. Apparently, this is enough to con- else there's an investment manager earning negative alpha." vince clients to keep trying. As Waring and Siegel wrote in the As Waring observes, the average airline pilot gets you to Journal of Portfolio Management ("The Dimensions of Active your destination and the average restaurant serves you a Management," Spring 2003), the all-passive institutional port- decent meal. But active investment management is the only folio is a rarity. "Hope springs eternal in the human heart," profession he knows where the average professional destroys Waring says, paraphrasing the 18th century English poet value. "This is the hardest profession in the world. You have Alexander Pope. to be above average to deliver value to your clients," he says. The search for alpha is not futile. Some managers will beat Unfortunately, we don't live in Garrison Keillor's fictional the market in any given year through a combination of mar- Lake Wobegon where everybody is above average. Alpha is ket inefficiency, special skill, and luck. Whether a manager not a solution for the entire industry, Harindra de Silva argues, will add alpha in the future depends in part on original think- noting that getting more alpha as a group is impossible (a ing, according to Larry Siegel. "Insights that are correct but thought he attributes to William Sharpe). that are widely known do not add alpha, because the insight All of which prompts the question: if alpha is rare, how is already in the price," he says. Alpha "is not reliable enough can managers depend on it to boost returns? How can portfo- to plan around, but it is very much worth seeking, as long as lios be constructed with alpha as the centerpiece? How can you plan for the possibility that you will not achieve it." managers plan whole strategies around alpha when there's not enough to go around? How can clients select managers based Christopher Wright (www.sinewaveinvestor.com) is a freelance on past alpha performance when past results are, at best, a writer in the Washington, DC, area. 34 CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 A Brave New World W hat's next for alpha? Will it remain an animating force and take the field of portfolio management further, or has it run its course? HAROLD BRADLEY: "The next five years will be very interesting. With the increased scrutiny regarding alpha, the active man- HARINDRA DE SILVA: "Generally in our Defensive Equity fund, what we try to do is maximize the alpha and adjust the beta later using futures. We can dial the beta to whatever we want it to be. Increasingly, the industry is going to go in that direction." "Maybe what we're calling alpha really isn't alpha," he con- tinues. It may turn out that alpha can be partially decomposed agers who are very good, you'll see who they are." into what have come to be called the Fama/French risk factors — LEE THOMAS: "We're in the very early stages of people thinking the small-cap premium, the value–growth spread, the momen- of alpha first and beta as a secondary decision." Watch for some tum effect, etc. Discussion may turn to how the excess returns fund sponsors to increase their alpha risk allocations once they now attributed to alpha are actually coming from such factors. begin to monitor their risks more carefully, Thomas says. Then, the question will become whether managers can structure their exposure to such factors better. "We may go from a world of asset allocation to factor allocation," de Silva says. "The skill becomes how you build portfolios to exploit the correlations between these factors and how these factors pay off at different points in time." As shown by beta, returns to risk factors are not a zero-sum game, and de Silva hopes that repeatable and scal- able ways of capturing excess returns can be devised that will prove sustainable and benefit the entire industry. RICHARD ENNIS: "What if all the current alpha stuff — portable alpha and so forth — doesn't work out? Will everybody put their money in index funds? I don't think so. People will be develop- ing new ways to talk about exploiting security mispricing." "Maybe what we're calling alpha really isn't alpha." CFA M AG A Z I N E / S E P T- O C T 2 0 0 5 35
Pages to are hidden for
"CFA Magazine"Please download to view full document


text:
Classic English Glazed Roast Of Lamb
31 Oct 2009
This English Glazed Roast Of Lamb is an irresistible side dish recipe. Enjoy this English Glazed Roast Of Lamb with your loved ones in the coming weekend party!
|Leg of lamb/Half a leg of lamb / 1 boned and rolled lamb shoulder
|Grated orange rind
|2 , juiced
|1 , juiced
|Soft butter
|60 Milliliter (1/4 Cup)
|Fresh mint
|60 Milliliter, chopped fine (1/4 Cup)
|1 Teaspoon (5 Milliliter)
|1⁄4 Teaspoon (1 Milliliter)
€¢ Place the meat in a 9 x 12-inch (23 x 30 cm) glass dish. Mix the remaining ingredients. Spread over the meat. Wrap the tip of the leg with a strip of aluminum foil.
€¢ Insert the temperature probe into the side of the roast (read instructions given in your oven operation manual), plug opposite end into the oven. Select desired cooking.
€¢ Baste meat twice during cooking.
Rate It
0 Comments
Classic English Glazed Roast Of Lamb Recipe


text:
Facebook 'Add Friend' lapel helps you make new friends in the real world
By Inigo del Castillo in New Products on Monday 27 April 2015
While most of us have taken to social media to make new connections, Toronto-based Dorota Pankowska tries to bring friendships back to the real world with her Facebook-inspired pin.
GoPro camera captures a day in the life of Moxie, the pet therapy dog
By Rachel Oakley in Video on Tuesday 21 April 2015
Meet Moxie, a six-year-old Portuguese water dog whose job in life is to make sick kids smile. She works as a certified therapy dog at The Hospital for Sick Children in Toronto, and spends her days cuddling.
Why did thousands gather on April 4 in public spaces across the world, spoiling for a pillow fight?
By Kenny Ong in New Events on Wednesday 8 April 2015
April 4 this year was International Pillow Fight Day. So it was either fight or flight for the thousands gathered in designated public spaces across the globe in the battle of soft, fluffy fun. From New York to London, Vienna to Hong Kong, this event is held in more than a hundred cities each year.
Steampunk artists collaborate to make a motorcycle and rider entirely out of vintage watch parts
By dan tanenbaum in New Art on Wednesday 25 March 2015
What do you get when you combine two great steampunk artists and a bunch of old watch parts? Some pretty interesting sculptures! Two great steampunk artists – Sue Beatrice and Justin Gershenson-Gates – joined Dan Tanenbaum in a Watch Parts Motorcycles collaboration.
- 23
Sweat it out at this beauty of a sauna with amazing views across the bay
By Kenny Ong in Architecture on Friday 28 November 2014
Compared to the standard four-by-two saunas we sweat it out at gyms and hotels, this beauty designed by Canadian studio Partisans is one of a dream kind that we wouldn't want to get out in a hurry, heated up or not. A large percentage of the prefabricated design was constructed before it was transported and installed on a private island's prehistoric formation by the bay, located at the north of Toronto.
- 21
Poignant installation shows people performing mundane tasks underwater
By Milo Sumner in New Art on Wednesday 19 November 2014
As Climate Change looms and sea levels rise more and more people are affected by flooding. What might it be like if the whole word was under water? This performance installation in Toronto explores just that concept. Holoscenes is a work of art by Lars Jan, founder of Early Morning Opera. The installation involves a large glass tank within which sits a performer.
You'll want a moustache after seeing these manly romance novel posters
By Inigo del Castillo in New Art on Monday 17 November 2014
Two reasons why you should grow out your facial hair for Movember. One, it's for a good cause; you get to raise awareness of men's health issues like prostate cancer. Two, you get to have a luscious, manly moustache keeping your upper lip warm and snug. Now if those aren't good enough reasons, Toronto-based ad […]
Whatever you do, do not pick up that sword! Do NOT pick up that sword, you have been warned
By Nicole Hughes in Video on Saturday 15 November 2014
It's improv season again in Toronto and actors, comedians, performance artists are out on the streets to play. Amongst the many participating, there is a group taking fight improv to a new level. They are fighting strangers! One hooded improver stands behind a sign reading 'Fight me' while holding a fake sword. If the stranger grabs the sword, combat soon follows.
Is your name Elizabeth Gallagher? Are you Canadian? There's a round-the-world ticket with your name on it, literally
By Rachel Oakley in News on Wednesday 5 November 2014
All you have to be is Canadian. All you have to be named is Elizabeth Gallagher. Check both those boxes and you've scored yourself a round-the-world trip with Jordan Axani. So who's this Jordan guy? He's the ex-boyfriend of another woman named Elizabeth Gallagher.
If Star Wars was part of everyday life
By Low Lai Chow in New Photography on Friday 24 October 2014
Well, just how beautiful are these? 'Very' doesn't even come close. According to Toronto-based photographer Thomas Daggs on his site, the series is reminiscent of his young imaginative mind as a young Star Wars fan, who, at the age of eight, saw elements from the trilogy everywhere he turned while growing up. These doctored images […]
- 32
Artist makes witty illustrations around everyday household objects
By Inigo del Castillo in New Illustration on Thursday 4 September 2014
Who knew a slice of orange could also be a slice of pizza? Or that a soda can tab can be a penguin? Toronto-based engineering student Hyemi Jeong takes ordinary, everyday items and gives them a fresh perspective by drawing around them. Some of her works include a croc with a clip for a mouth, […]
- 23
These ads about recycling tell litterbugs what they really are
By Inigo del Castillo in New Design on Friday 29 August 2014
If asking nicely won't work on litterbugs, maybe name-calling would help them clean up their acts! 'LiveGreen Toronto' is currently trying that approach with a series of ads that uses the very garbage these litterbugs throw out to hurl insults, hoping that they'd feel bad enough to have a change of heart.
- 22
The world's most expensive cupcake will cost you about a month's rent
By Rachel Oakley in New Food and Packaging on Thursday 14 August 2014
If you thought paying $3 for a muffin was excessive, you'll hate this next story. Lisa Sanguedolce, the owner of Toronto's Le Dolci bakery has created this monstros…masterpiece. Fortunately, this cupcake isn't about being fancy for the sake of being fancy, but was created for a man's wife-he wanted something extravagant to present her with on her birthday.
Interview with Dimity Azouri and Imogen Chapman: two of the nominees for the annual Telstra Ballet Dancer Award
By Milo Sumner in New Events on Monday 11 August 2014
This year will mark thirty years of collaboration between The Australian Ballet and Telstra. Six nominees are chosen from among the young talent to be judged for the coveted Telstra Ballet Dancer Award (TBDA). The lucky half a dozen are chosen by their fellow dancers and the winner, selected by a panel of experienced industry professionals, will receive $20,000. The People's Choice award is decided by the public and is accompanied with a tasty $5,000 prize purse. [vote for your favourite dancer here]
This is what happens when you invite Jeff Goldblum to your wedding
By Inigo del Castillo in New Photography on Thursday 7 August 2014
Never invite Jeff Goldblum to your wedding – unless you want your entire entourage to be horrifically chased down by a ferocious Tyrannosaurus Rex. The 'Jurassic Park' star and his fiancé were recently invited to the wedding of Jesse and Pamela Sargent in Toronto last weekend. And when life gets Dr. Ian Malcolm to attend your wedding, what do you do? Include him in your bridal photo with matching Tyrannosaurus Rex, naturally!


text:
Catholic Recipe: Carrot Patties
Cook carrots until tender; drain; mash. Add soft bread crumbs, celery, salt, cinnamon, beaten eggs; mix well. Form mixture into 12 patties (1/4 cup mixture for each patty). Melt small amount butter in skillet. Fry patties, turning to brown on both sides. Yield, 6 servingsRecipe Source: Catholic Cookbook, The by William I. Kaufman, The Citadel Press, New York, 1965
Recent Catholic Commentary
Making Moral Progress? July 3
Top Catholic News
Most Important Stories of the Last 30 Days
Archbishop Nienstedt, auxiliary bishop resign CWN - June 15


text:
CAIRO—This week marks the one year anniversary since an Egyptian government run by the Muslim Brotherhood and led by Mohamed Mursi was formed.
John Lloyd
A humble pope in an august office
The most potent symbol to date of Pope Francis' five-month papacy is an empty chair. The chair — a large white throne — was to seat His Holiness in the Vatican this past Saturday. The pope was scheduled to hear a performance of Beethoven's ninth symphony, a long-planned event. But minutes before the performance Archbishop Rino Fisichella told the audience that "the Holy Father cannot be present because of an urgent piece of work which cannot be postponed."
Trusting in our new security state
Big data? No. Vast data, enormous data, unimaginably colossal data ties our world together. Some have said it also ties us down, since departments like the National Security Agency are combing through a part of our huge reservoir for intelligence on foreigners who might threaten the U.S. Yet this behavior is now the status quo, one that will not go away, nor diminish. It's a doleful one if you deem it an open invitation to 1984-style tyranny, or an exhilarating one if you see a world of ever-expanding knowledge and opportunity.
Rumors of democracy's death have been greatly exaggerated
The End of History and the Last Man is 21 years old this year. The book of that name, by Francis Fukuyama, has, in the view of many, matured badly. Published in 1992, it was much lauded for its view that, with the collapse of communism in the Soviet bloc, liberal democracy and free markets were the only long-term politics and economics for the globe.
The special relationship: Putin and Berlusconi
Reviving a European democracy
The rich are always with us, and we'll have more of them soon. A report last week from Boston Consulting Group shows that the global millionaire population is some 13.8 million. That is twice the size of Switzerland, which is, incidentally, where many of them have parked much of their wealth. More will accrue, and more individuals will pass the million-dollar mark. Global private wealth will, says Boston Consulting, grow by almost 5 percent per year over the next five years, reaching $171.2 trillion.
A taxation conundrum
For the giants of Silicon Valley, the fall from freedom's children to social pariah has been something of a Shakespearean reversal of fortunes. Google, Apple and Facebook might be Lear, Othello and Macbeth in the suddenness and completeness of their fall from a grace that was bequeathed to them by the generations that found their technologies liberating, empowering and even beautiful.
The European Union's unending quandary
The pace of European disintegration continues to quicken. Recession deepens in the 17-member euro zone; it is now the longest downturn since the currency was launched in 2000. In Italy, a new left-right government, launched on an anti-austerity program, finds the neighborhood more austere than it had hoped. In France, Maurice Levy, boss of the advertising giant Publicis, did a survey showing that northern Europeans – Poles, Germans, Brits – were moderately optimistic while southerners – Spaniards, Italians, Greeks and the French – were deeply pessimistic. France dipped into recession earlier this month, for the third time in four years. The union is pulling apart.
Scrambling for the immigrant elite
A new era has arrived in immigration. Many countries – the United States, the UK, France, Germany, the Netherlands – have for decades taken in poor immigrants with the express intention that they would do work that native citizens had become reluctant to do. The labor was either too hard, too cheap or too dangerous for the locals.
Russia's reckoning
Russia is now in a hard, even dangerous, place. A series of shocks are coming, and it is not well placed to weather them. It has, to be sure, little debt: Vladimir Putin's administration is proud that the state has borrowed little and has built up a multibillion-ruble national reserve fund. Yet even that is ending, and the basics of the economy are weak. The former Marxists among Russia's ruling class will know that the economic base determines the political and social superstructure. It is not looking good for them.


text:
The OECD Countries With The Most Female Government Ministers [Infographic]
On average, women held just under 27 percent of ministerial positions across OECD countries in 2014. Out of those nations, Finland currently has the highest share of female government ministers – 62.5 percent.
Sweden is in second position with 52.2 percent while France rounds of the top three with 50 percent. At the opposite end of read »Niall McCarthy, Contributor


text:
On the 10th anniversary of the U.S. invasion, see how the war played out on newsstands.
It is no small irony that the 50th anniversary of Catch-22 should coincide so closely with the 10th anniversary of 9/11.
Last year, more than 20,000 pilgrims visited for the November anniversary.
early 13c., originally especially of the day of a person's death, from Medieval Latin anniversarium, from Latin anniversarius (adj.) "returning annually," from annus (genitive anni) "year" (see annual (adj.)) + versus, past participle of vertere "to turn" (see versus). The adjective came to be used as a noun in Church Latin as anniversaria (dies) in reference to saints' days. An Old English word for "anniversary" (n.) was mynddæg, literally "mind-day."


text:
2005 Hyundai Tucson Q&A
2005 Hyundai Tucson Question: Catalytic COnverter and O2 Sensors
My check engine light is on, I had a local muffler place diagnose it, (they said codes "B251 and B252") and they said I need 1 new cat converter and all 4 of my O2 sensors replaced. To the tune of $1499 + tax. Does this sound reasonable? They said my one cat converter went bad because of bad O2 sensors, that O2 sensors need to be replaced every 100,000 miles. I am thinking of getting a second and third opinions.... - MeTexanVT
Answer 1
This sounds ridiculous. I do Emissions work in California and I deal with this stuff every day. First and foremost what is the exact code or codes? Then I can help you. The oxygen sensors don't cause the CAT to fail, it is usually a misfiring engine that wears out the CAT. Some cars just have CATs that wear out sooner than others. Let me know what the codes are and I will help you . - dandd
Related Items:
I have had my 2007 Hyundai Tucson for awhile I have replaced the catalytic converter in it but my check engine light is still on bought preowned from a dealership so I don't think it has a warranty
Related Content
1. pushrod
2. stevieray1
3. globalhelper
4. Shivers
5. csubak30
6. ziptie12
7. Hal...
8. IsraelS
9. goodguy
10. BrianLankford


text:
NVidia GTX 970 vs NVidia GTX 780 Ti vs AMD Radeon R9 290X
Here's our Kingston HyperX Savage SSD review with Kingston HyperX Savage benchmarks
We're going to show you just how easy it is to install a wireless networking card on your PC
Intel SSD excels is in use of older components, promoting reliability
The Crucial MX200 is a good quality SSD, here's our Crucial MX200 review and Crucial MX200 benchmarks
Improve hardware compatibility and performance
Choose what graphics card you want for individual programs
Simple ways to check your laptop- or PC's specifications
We answer this commonly asked question about laptop graphics
AMD is still the underdog, but there's life in both companies yet
Boost your PC with our software and hardware PC and laptop speed tweaks - how to make any PC or laptop run faster
We're going to show you just how easy it is to install a wireless networking card on your PC
Windows's Eject Mass Storage option balks sometimes. Resist the urge to yank out the drive and try one of these solutions instead.
The more displays your computer has, the better--but there are considerations to keep in mind as you move into extreme multi-monitor setups.
Will that big screen look as good on your desk as it does in your living room? Let's dig into the specifics of using an HDTV with your PC.
Improve hardware compatibility and performance
Choose what graphics card you want for individual programs
Put up your feet and let us bring you the best January sales tech deals, bargains, savings and offers in the UK
We put AMD Cape Verde graphics cards to the test
Putting your PC's most critical component to the test
The best external optical drives you can buy
The best optical drives for your PC
We put eight of the best Blu-ray writers to the test
Should I upgrade to Windows 10? 8 reasons why you should upgrade to Windows 10... and 2 why you…
We are being sold the ability to spend money we don't have. And we love it
IKinema aims to banish droopy shoulders and wonky spines in animated CG characters
How to use Apple Music in the UK: Complete guide to Apple Music's features


text:
HARRISBURG, Pa. (AP) — Gov. Tom Corbett's administration remained noncommittal after it received a one-month extension to tell the federal government whether Pennsylvania will be setting up a health insurance market under President Barack Obama's health care law.
Corbett gets more time on health care exchange
U.S. Health and Human Services Secretary Kathleen Sebelius told Republican governors Thursday evening that the administration was responding to their request for more time by delaying a Friday deadline to declare their intentions until Dec. 14. States can still opt to have theirs run by the federal government or join in a partnership with Washington.
Corbett administration officials would not say Friday which direction they plan to take. But they say they have put off development of the online exchange by 2014 because too many questions about its cost and other operational details remain unanswered.
"We are still looking at it and you've heard me say this before, I'm looking at the cost," Corbett said earlier this month. "I'm looking at the cost to Pennsylvania taxpayers and whether we can afford it. I have some ideas of where we're going, but I'm not ready to announce it right now."
There is no penalty for launching a state-run exchange after 2014, Pennsylvania officials also say.
Some states, including New York and California, will run their own exchange. Texas and Virginia are among those that rejected it, meaning the federal government will run the exchange.
Many states put off a decision until after the Nov. 6 election, because the Republican presidential candidate, Mitt Romney, had said he would move to repeal the 2010 law known as the Affordable Care Act. With Obama's victory, Republicans acknowledged that the law would go forward.
In her Thursday letter to the Republican Governors Association, of which Corbett is a member, Sebelius said her agency has given information and guidance to states regarding the law, and that more will be forthcoming.
Some Democratic lawmakers, insurers and hospitals want Corbett to set up a state-run system. The state's two largest health insurers, Pittsburgh-based Highmark and Philadelphia-based Independence Blue Cross, both prefer a state-run market, or at least as much state involvement as possible.
Continue reading this story on the...


text:
June 27, 2015
Exploring the Heritage Vineyards of Sonoma County: A Trip Well Taken Cohn Vineyard Bacigalupi Paris Tasting Block Rochioli Vineyards & Winery West Block Lynmar Estate Quail Hill Vineyard Dehlinger Winery Old Vines Pellegrini Wine Co. Olivet Lane Vineyard Hanzell Vineyards The Ambassador's 1953 Vineyard Patz & Hall Sonoma House Visit & Tasting with James Hall Hyde Vineyard Saturday Night Dinner Bacchanal Pinot Briefs A Reader's Letter Brightens My Day
Vineyard: Wildrose
Articles mentioning wines produced from this vineyard
Wineries sourcing from this vineyard
Reviewed wines produced from this vineyard
2010 DuMOL aidan Russian River Valley Pinot Noir
14.2% alc., 455 cases, $78. Released November 2012. Sourced from the 3-acre Wildrose Vineyard, 115 and 777. Yield 2.5 tons per acre from 11-yearold vines. Aged 14 months in 40% new French oak barrels. · Moderately dark reddish-purple hue in the glass. Shy, but pleasing aromas of darker cherries and berries with complimentary toasted oak and a floral note. On the palate this wine sings with juiciness and vibrancy, offering delicious blackberry, black cherry and spice flavors. A complete wine with balanced, supple tannins, a seductively soft mouth feel, and a lengthy finish that is bursting with fresh, vivid fruit. Reviewed February 27, 2013 WINERY » ARTICLE »
2009 DuMOL aiden Russian River Valley Pinot Noir
14.2% alc., 448 cases, $76. Sourced from the 3-acre Wildrose Vineyard in Green Valley. Dijon clones 115 and 777. · Medium reddish-purple color in the glass. A chameleon of a nose offering glimpses of black cherries, biscuit, and savory oak that come and go. Full-flavored and complex offering notes of blackberries, black raspberries, black tea, leaf, and oak vanillin. The tannins are supple and the wine finishes with bright acidity. A solid, even special wine. Very good. Reviewed January 12, 2012 WINERY » ARTICLE »
© 2003-2015 Rusty Gaffney MD | Contact the Prince: firstname.lastname@example.com
| Admin Login


text:
Choose your preferred language. We speak English (UK) and 41 other languages.
Most often used by people in the United Kingdom
All languages
FREE cancellation on most rooms!
Instant confirmation when you reserve
No booking fees • Save money! • Best Price Guaranteed
Including 304,531 holiday rentals on villas.com
79,794 destinations in 214 countries
It's easy to cancel, make changes or send a request to the property
50,600,000 reviews from real guests
Website and customer service in English and 41 other languages
Join 30+ million other travellers who have downloaded our free mobile apps
Bedford Avenue, Camden, London, WC1B 3GH, United Kingdom (0.1 miles from Tottenham Court Road)
Score from 10651 reviews
There are 13 people looking at this hotel.
69 Gower Street, Camden, London, WC1E 6HJ, United Kingdom (0.4 miles from Tottenham Court Road)
Review score
Score from 212 reviews
34-37 Bedford Place, Camden, London, WC1B 5JR, United Kingdom (0.4 miles from Tottenham Court Road)
Very good
Score from 267 reviews
Gilbert Court, 395 Oxford Street, Westminster, London, W1C 2JX, United Kingdom (0.9 miles from Tottenham Court Road)
Review score
Score from 102 reviews
There are 6 people looking at these apartments.
Bloomsbury Way, Camden, London, WC1A 2SD, United Kingdom (0.3 miles from Tottenham Court Road)
Score from 882 reviews
There are 7 people looking at this hotel.
We've negotiated with thousands of hotels to get the very best deals. We call them Secret Deals and they only last for a limited time.
You can get these deals for free by subscribing to our newsletters. You can even choose your favourite destinations to receive personalised deals.
Get started now by entering your email address. We'll instantly send you a link to our Deal Finder!
Don't worry – your email address is safe with us. We'll never share your private information and you can unsubscribe at any time.


text:
Print Edition · Buy Photos · Breaking News · Place Ad · Subscription Rates · Forms · Contact Us · About Us
Featured Business
Dixie Floors
1520 West 7th
Texarkana, TX 75501
View Map
Featured Business
Artex Electric Service First Pro
610 Division Street
Texarkana, AR 71854
(870) 775-1035
Visit Website / View Map
Business Directory
Economist: Fear will dog investors for years to come
By: Associated Press - Texarkana Gazette
NEW YORK—Investors around the world have retreated from risk before. But this time is different.
So says Arne Holzhausen, a senior economist at Allianz, an insurer ba... Published: 10/06/2013
Published: 10/06/2013
Sign in to view full story or view our Registration Guide.
Leave a Reply
Business Directory Sponsored Articles:


text: Very comfortable room with all the necessary amenities. The staff were very helpful and friendly. We had some tapas in the hotel bar and they were very good. There were plenty of elevators, and our room's air conditioning was very good. The only weak spot was the wifi as it varied from a strong signal to a nonexistent signal at... More


text:
- Remember, fireworks are dangerous
- Wallace asks citizens to fight cuts
- Dispute over state payroll rolls on
- Why fight over free trade confounds partisan divide
- Still no state budget
- Crime control is not the responsibility of landlords
- Fly over to the Poplar Grove Wings and Wheels Museum benefit
- Local leaders warn of budget deadlock's impact
- SHUTDOWN: Illinois preps for the worst
- TRRT Online Edition | July 1-7
Dolphin Swim Club jumps in to help break Guinness World Record for Largest Swim Lesson
Staff Report
LOVES PARK, Ill.—Join the Dolphin Swim Club at its Rockford, Crystal Lake, Skokie or South Beloit location at 10 a.m., Tuesday, June 14, and help break the Guinness World Record for the Largest Swim Lesson.
As part of the World's Largest Swim Lesson (WLSL), Dolphin Swim Club is one of many top swim schools and aquatics facilities participating in this year's program to increase awareness of how starting swimming lessons at an early age can help prevent drowning. Drowning is the second-leading cause of accidental death among children 1 to 14 years old.
"The message we want to help WLSL spread is that the best way to prevent a child from drowning is to teach them how to swim," says Sara Batchelor, facility manager at Dolphin Swim Club in Crystal Lake. "Parents need to take the time to find a good program that emphasizes not only swimming skills, but water safety as well."
Last year, when the first-ever WLSL was held, more than 4,000 participants across 34 states, five countries and three continents set the Guinness World Record for the largest simultaneous swimming lesson. This year, the group is expecting to break its own record and share the importance of teaching more children to swim.
To sign up to be a part of Dolphin Swim Club's WLSC June 14, call (815) 282-3488. Dolphin Swim Club has been offering swim lessons for all ages, including infants and toddlers, for nearly 20 years. The club has ongoing registration at its locations in Loves Park, Crystal Lake, South Beloit and Skokie, so call (815) 854-1300 now to get the class that fits your busy schedule.
From June 1-7, 2011 issue


text:
President Obama got an implicit green light Wednesday to go ahead with writing new environmental rules to limit greenhouse gases, after the Senate failed to pass any one of four separate proposals designed to tie the administration's hands.
Senate Minority Leader Mitch McConnell, Kentucky Republican, nevertheless said the votes don't bode well for Mr. Obama, arguing that when the four votes are taken together, "an overwhelming bipartisan majority" supported some restrictions on the Environmental Protection Agency's authority.
But for now, the sides have been unable to coalesce around a single plan, and so Mr. Obama retains the ability to go ahead with regulating greenhouse gases using the authority he already has under the Clean Air Act.
"The administration is encouraged by the Senate's actions today to defend the Environmental Protection Agency's ability to protect public health under the Clean Air Act," White House press secretary Jay Carney said after the vote. "By rejecting efforts to roll back EPA's common-sense steps to safeguard Americans from harmful pollution, the Senate also rejected an approach that would have increased the nation's dependence on oil, contradicted the scientific consensus on global warming and jeopardized America's ability to lead the world in the clean-energy economy."
The EPA is moving forward to write the rules after Mr. Obama's major energy-overhaul bill failed in the previous Congress despite Democratic control of both the House and Senate.
In the key test, the Senate divided equally on a 50-50 vote on a Republican amendment that would have prevented EPA from using existing laws to curb greenhouse-gas emissions. Under Senate rules for the bill, the amendment needed 60 votes to be adopted.
Three other Democratic amendments to impose less-stringent controls on the EPA all fell well short of passage. The most popular of those Democratic amendments - which still only garnered 12 votes - would have delayed EPA's authority for two years.
Republicans saw a future victory in putting the pieces together.
"Altogether, more than 60 senators voted in favor of four amendments that, to one degree or another, would restrain the EPA's power to regulate carbon emissions from farmers, manufacturers and power plants," Mr. McConnell said after the vote, vowing to push the Senate to vote again.
The Republican-controlled House, meanwhile, was debating a bill Wednesday night that did contain heavy restrictions on EPA. Leaders said the measure is expected to pass later this week.
Environmentalists took heart from the Senate's stalemate.
"The Senate today turned back a wave of assaults on clear air and health, but as the continued overreach in the House shows, this fight is far from over," said Natural Resources Defense Council President Frances Beinecke.
She said, though, that she expects Mr. Obama and Senate Democratic leaders to be the bulwark against future efforts.
Still, Republican strategist and energy lobbyist Michael McKenna said the Hill votes show there is substantial support for restraining Mr. Obama. And he said lawmakers will choose another bill to try to get an agreement that all of the EPA opponents can support.
"If it's not going to happen today in the Senate, it's going to happen on the debt ceiling or somewhere else," he said. "In the last half-hour we learned that more than 60 percent of the Senate do not think that EPA should regulate greenhouse gases without some specific direction from Congress."


text:
Add to Favorite List:
Create a new folder:
Next »
erin stone
Recognize a pornstar in this video?
Help make pornstars easier to find on Tube8 by telling us who is in this video.
Thanks! The pornstar names will be added to this video when enough users submit the same names.
You must enter a pornstar name that already exists in our database.
- Description: erin stone
- Tags: pornstar
- Pornstars: Add Pornstar
- Favorite by: 436
- Featured: 2 years ago
- Report This Video
Video Comments
Top Video Comments
All Video Comments (2)
7 months ago
7 months ago
is it just me or does she look a lot like maggie grace from the taken movies?
- 1 people liked this -
Related Videos
AdBlock blows! Please disable the add-on to ensure you get the most out of Tube8's features and functionality. Read about why you shouldn't use AdBlock. Close


text:
Join a Growing Health Care System
Growing neurosurgery practice in NYC is seeking a new grad Family Nurse Practitioner to join their growing team.
UVA Physicians Group seeks a Nurse Practitioner to assist in the medical and surgical care of neurosurgery patients in both the inpatient and outpatient setting and will participate in all aspects of patient care as indicated.
The Department of Neurology at Lehigh Valley Health Network (LVHN) has a challenging and rewarding Nurse Practitioner opportunity available in overnight neuro critical care.
Lehigh Valley Health Network (LVHN) and The Neurosurgical Associates of LVPG have a challenging and rewarding Nurse Practitioner opportunity available.
Outpatient Neurosurgical Nurse Practitioner opportunity with Baystate Health
Neurosurgery Nurse Practitioner Jobs in Seattle, WA
Empowerment. Making a difference. Collaborating with like-minded providers. At Geisinger, you'll be encouraged to become part of the future of our $2.3 million health system while you reach new levels of clinical excellence.
Neurosurgical Nurse Practitioner Jobs in Seattle, WA
Be a part of Sentara Medical Group, an award winning group in beautiful Norfolk, Virginia! Live Where others vacation!!
Nurse Practitioner Opportunity for Expanding Neuroscience Center in Central Virginia!


text:
Earth: Final Conflict (beware spoiler)
View Single Post
April 30 2013, 10:33 PM
Vice Admiral
Location: Sacramento, CA
Re: Earth: Final Conflict (beware spoiler)
The Wormhole wrote:
I didn't really like the whole "born and grown before the credits" thing either, but I got over it. Interesting idea about promoting Lili. Of course, if they had done that and introduced Liam anyway, he'd probably end up becoming the lead anyway a year later when she was written off. I think that would have likely happened anyway, since it was Lisa Howard's choice to leave the show to focus on her family life.
Lily's character never worked for me. I don't know if it was Lisa Howard's acting skills, or the Direction she was given, but, the character always seemed so wooden to me, not natural at all (And I do like the Sinclair character in B5 who is often called wooden), so I was happy to see Renee take over her spot.
One Day I hope to be the Man my Cat thinks I am
Where are we going? And why are we in this Handbasket?
View Public Profile
Send a private message to Sindatur
Find More Posts by Sindatur