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"Return = Cash + Beta + Alpha": An Inside Look At The World's Biggest And Most Successful "Beta" Hedge Fund
Some time ago when we looked at the the performance of the world's largest and best returning hedge fund, Ray Dalio's Bridgewater (split roughly evenly between his Pure Alpha and All Weather strategies), it had some $138 billion in assets. This number subsequently rose by $4 billion to $142 billion a week ago, however one thing remained the same: on a dollar for dollar basis, it is still the best performing and largest hedge fund of the past 20 years (assuming of course, JPM's $350 billion AUM Whale office has finally been "beached" and its positions unwound), and one which also has a remarkably low standard deviation of returns to boast. This is known to most people.
What is less known, however, is that the two funds that comprise the entity known as "Bridgewater" serve two distinct purposes: while the Pure Alpha fund is, as its name implies, a chaser of alpha, or the 'tactical', active return component of an investment, the All Weather fund has a simple "beta isolate and capture" premise, and seeks to generate a modestly better return than the market using a mixture of equity and bonds investments and leverage.
Ironically, as we foretold back in 2009, in the age of ZIRP, virtually every "actively managed" hedge fund would soon become not more than a massively levered beta chaser however charging an "alpha" fund's 2 and 20 fee structure. At least Ray Dalio is honest about where the return comes from without hiding behind meaningless concepts and lugubrious econospeak drollery. Courtesy of "The All Weather Story: How Bridgewater created the All Weather investment strategy, the foundation of the "risk parity" movement" everyone else can learn that answer too.
And while we absolutely agree with Dalio that "there is a way of looking at things that overly complicates things in a desire to be overly precise and easily lose sight of the important basic ingredients that are making those things up" (they need those Econ PhDs for something), we certainly don't agree with Bob Prince's assessment that the entire world is merely a "machine" which can be understood, in terms of its cause-effect linkages.
While this may be true in simple two actor environments, and in theoretical, textbook markets, it is certainly not the case in a enviornment filled with irrational actors, who respond in times of crises - so vritually all market inflection points - with their feelings, instincts, phobias and gut reactions, than with anything resembling logic and reason. And especially not in times of "New Normal" central planning.
Then again, it is Prince and Dalio who are multi-billionaires and run a $125 billion hedge fund, so perhaps they are on to something...
The annotated presentation of how one half of Bridgewater's bread and butter operates:
And the unabridged:
The All Weather Story
How Bridgewater associates created the all weather investment strategy, the foundation of the 'risk parity' movement
President Richard Nixon sat in the Oval Office staring into a television camera and addressed the nation: "I directed Secretary Connelly to suspend temporarily the convertibility of the dollar into gold." After 27 years of relative monetary stability, the United States was breaking from the Bretton Woods system of fixed exchange rates that had tied the dollar's value to gold.
Ray Dalio, fresh out of college, was then a clerk on the New York Stock Exchange. Watching Nixon's speech in his apartment, he tried to fathom the implications. Paper money derived its value from being a claim on gold. Now those claims wouldn't be honored. The next morning he walked on to the chaotic floor of the NYSE expecting stocks to plummet. Instead the Dow Jones Industrial Average rose almost 4% and gold shot higher in what was later dubbed the "Nixon rally." Ray had heard Nixon's announcement but misunderstood its implications.
This event transformed Ray's thinking about markets. Nothing like it had ever happened to him before, so it came as a shock. He quickly realized he couldn't trust his own experience: anyone's lifetime is too narrow a perspective. So he began to study the cause-effect linkages at work in the dollar devaluation and subsequent market pop. He discovered the Bretton Woods breakup was one of many seemingly unique occurrences that, in truth, are more infrequent than unprecedented. A broader perspective revealed that currency devaluations had occurred many times throughout history and across countries, and were the result of the same essential dynamics playing out under different circumstances. Ray dedicated himself to understanding what he would in time call the 'economic machine': the timeless and universal relationships that both explain economic outcomes and repeat throughout history.
Ray is now in his 60s. He founded Bridgewater Associates four years after the Nixon speech. Reflecting back on that incident, Ray said, "that was a lesson for me. I developed a modus operandi to expect surprises. I learned not to let my experiences dominate my thinking; I could go beyond my experiences to see how the machine works."
Ray realized he could understand the economic machine by breaking down economies and markets into their component pieces, and studying the relationships of these pieces through time. This type of thinking is central to All Weather. For instance, any market move can be broken down into a few key components. Markets move based on shifts in conditions relative to the conditions that are priced in. This is the definition of a surprise. The greater the discrepancy, the larger the surprise. That explained the Nixon rally. When countries have too much debt and their lenders won't lend them more, they are squeezed. They, in this case the US, invariably print money to relieve the squeeze. The unexpected wave of new money cheapens its value and alleviates the pressure from tight monetary conditions sending stocks and gold higher. What Ray observed was 'another one of those' - a shift in conditions relative to what people had expected.
The principles behind All Weather relate to answering a deceptively straight-forward question explored by Ray with co-Chief Investment Officer Bob Prince and other early colleagues at Bridgewater - what kind of investment portfolio would you hold that would perform well across all environments, be it a devaluation or something completely different?
After decades of study Ray, Bob, Greg Jensen, Dan Bernstein and others at Bridgewater created an investment strategy structured to be indifferent to shifts in discounted economic conditions. Launched in 1996, All Weather was originally created for Ray's trust assets. It is predicated on the notion that asset classes react in understandable ways based on the relationship of their cash flows to the economic environment. By balancing assets based on these structural characteristics the impact of economic surprises can be minimized. Market participants might be surprised by inflation shifts or a growth bust and All Weather would chug along, providing attractive, relatively stable returns. The strategy was and is passive; in other words, this was the best portfolio Ray and his close associates could build without any requirement to predict future conditions. Today the All Weather strategy and the concepts behind it are fundamentally changing how the biggest capital pools in the world manage money. What began as a series of questions has blossomed into a movement. This article tells the story of how All Weather came into being. It recounts how a series of conversations hardened into principles that are the foundation of a coherent and practical investment philosophy.
A Discovery Process
Ray founded Bridgewater in 1975 in his New York City brownstone apartment. At the time, he actively traded commodities, currencies and credit markets. His initial business was providing risk consulting to corporate clients as well as offering a daily written market commentary titled Bridgewater Daily Observations that is still produced. The competitive edge was creative, quality analysis.
Among his clients were McDonalds and one of the country's largest chicken producers. McDonalds was about to come out with Chicken McNuggets and was concerned that chicken prices might rise, forcing them to choose between raising their menu prices or having their profit margins squeezed. They wanted to hedge but there was no viable chicken futures market. Chicken producers wouldn't agree to sell at a fixed price because they were worried that their costs would go up and they would then take a loss on their supply contracts. After some thought, Ray went to the largest producer with an idea. A chicken is nothing more than the price of the chick (which is cheap), corn, and soymeal. The corn and soymeal prices were the volatile costs the chicken producer needed to worry about. Ray suggested combining the two into a synthetic future that would effectively hedge the producer's exposure to price fluctuations, allowing them to quote a fixed price to McDonalds. The poultry producer closed the deal and McDonald's introduced the McNugget in 1983.
This early work reflected a truth. Any return stream can be broken down into its component parts and analyzed more accurately by first examining the drivers of those individual parts. The price of poultry depends on the price of corn and soymeal. The price of a nominal bond can be broken down into a real yield and an inflation component. A corporate bond is a nominal bond plus a credit spread. This way of thinking laid the groundwork for constructing All Weather. If assets can be broken down into different component parts and then summed up to a whole, so too could a portfolio.
Portfolio Building Blocks
In time, Ray and Bob set their sights on managing liabilities, not merely advising on what to do with them. For any asset there is a corresponding liability and, relative to asset management, liability management appeared to be an underserved market. There was a long education process to convey the value proposition to a corporate treasurer, however. To do so, Ray, Bob and others would write a "Risk Management Plan." These were tailored analyses that generally followed three steps; a) identify the risk neutral position for the corporation b) design a hedging program to reach that exposure and c) actively manage around that exposure, hiring Bridgewater and paying them based on performance around this neutral position. Over time this approach had Ray, Bob and others managing $700 million in corporate liabilities.
The evolution to managing assets occurred in 1987. The World Bank pension fund had been following Bridgewater's research. On the basis of this research and Bridgewater's track record managing liabilities, they opened a $5 million bond account. Given the decade plus of experience managing liabilities, Bridgewater approached the asset portfolio in the same way. The bond benchmark was the risk neutral position; the active management was the value added, or alpha, gained from deviating from the benchmark. The two are completely separate.
This is an important insight. While there are thousands of investment products, there are only three moving parts in any of them. Consider buying a conventional mutual fund. The investment may be marketed as a 'large cap growth fund.' The reality is that the return of that product, or any product, is a function of a) the return on cash b) the excess return of a market (beta) above the cash rate and c) the 'tilts' or manager stock selection (alpha). The mutual fund blurs the distinction between the moving parts, which makes it hard to accurately assess the attributes of any one part or the whole. In summary:
return = cash + beta + alpha
Many people, perhaps most, don't look at investment returns from this perspective and as a result miss a lot. The cash rate is after all controlled by a central bank, not the investor, and can move up or down significantly. In the US after peaking above 15% in the 1980s, cash rates are now zero. Stocks and bonds price relative to and in excess of cash rates. A 10-year bond yield of 2% is low relative to history but high relative to 0% cash rates. What is unusual about the recent environment is the price of cash, not the pricing of assets relative to cash.
The characteristics of betas and alphas are distinct. Betas are few in number and cheap to obtain. Alphas (i.e. a trading strategy) are unlimited and expensive. The most important difference is the expected return. Betas in aggregate and over time outperform cash. There are few 'sure things' in investing. That betas rise over time relative to cash is one of them. Once one strips out the return of cash and betas, alpha is a zero sum game. If you buy and I sell, only one of us can be right. The key for most investors is fixing their beta asset allocation, not trading the market well. The trick is to figure out what proportion of stocks, bonds and commodities to hold such that a static portfolio is reliable. That is the question ('what kind of investment portfolio would you hold that would perform well across all environments") Ray, Bob, Dan and others were trying to answer. The first step was to separate out the beta from cash and alpha.
Balancing and Risk-adjusting Assets
By this time Bridgewater had decamped from Manhattan to rural Connecticut, eventually ending up in Westport. Now that Bridgewater was managing pension assets, other pension funds began exploring Bridgewater's capabilities. Among those for whom Bridgewater provided advice was Rusty Olson, the CIO of a large US-based consumer goods manufacturer pension plan. Rusty asked what Bridgewater thought about his plan of using long duration zero coupon bonds in the pension portfolio. Ray gave a quick answer on the spot, suggesting it was a great idea but that they should use futures to implement it so that they could create any duration they desired. Ray said he would get back to Rusty with a more fully fleshed out idea. The brainstorming happened on a Friday. Merely getting asked the question was a coup. Not that long ago Bridgewater had been a niche investment adviser and at the time it had very little money under management. Now an iconic CIO was asking their counsel. Ray, Bob, Dan and a few other Bridgewater employees at the time worked all weekend to get Rusty an answer on how to do this best.
Step one in the pension analysis was breaking down this manufacturer's pension portfolio into the three key components described above (cash or the risk free position, beta, and alpha). The typical institutional portfolio had (and still has) roughly 60% of its dollars invested in equities and as a result almost all of its risk. The rest of the money was invested in government bonds as well as a few other small investments, which are not as volatile as the stocks. This is the type of asset allocation many investors held at the time and remains the basic advice many investors still adhere to. Rusty was an innovative thinker and had begun deviating from conventional wisdom by trying to construct a high-returning portfolio out of uncorrelated returns, while maintaining a high commitment to equities. Rusty was struggling with what to do about nominal zero coupon government bonds. He thought they had too low a return to justify a place in his portfolio and were cash intensive, yet, at the same time, he correctly feared his portfolio was vulnerable in a deflationary economic contraction. So he had begun a program to protect his portfolio using long duration treasury bonds, which used much less cash than normal bonds. He wondered what Bridgewater could add to this approach.
Bridgewater's response documented two key ideas that would later reappear in All Weather – environmental bias and risk balancing assets. Ray, Bob and others knew that holding equities made an investor vulnerable to an economic contraction, particularly a deflationary one. The Great Depression was the classic example of this. Stocks were decimated. It was also true as Rusty suspected that nominal government bonds provided excellent protection in these environments. The goal was an asset allocation that didn't rely on predicting when the deflationary shift would occur but would provide balance nonetheless.
The 1990 memo to Rusty put it this way, "Bonds will perform best during times of disinflationary recession, stocks will perform best during periods of … growth, and cash will be the most attractive when money is tight." Translation: all asset classes have environmental biases. They do well in certain environments and poorly in others. As a result, owning the traditional, equity heavy portfolio is akin to taking a huge bet on stocks and, at a more fundamental level, that growth will be above expectations.
The second key idea stemmed from their work helping corporations hedge unwanted balance sheet exposures. Ray, Bob, Dan and others always thought first about risk. If the risks didn't offset, the client would be exposed. Due to his equity holdings Rusty was exposed to the risk that growth in the economy would be less than discounted by the market. To 'hedge' this risk, the equities needed to be paired with another asset class that also had a positive expected return (i.e. a beta) but would rise when equities fell and do so in a roughly similar magnitude to the decline in the stocks. The Bridgewater memo agreed that Rusty should hedge this risk with long duration bonds that would have roughly the same risk as his stocks. Quoting from the study: "low-risk/low-return assets can be converted into high-risk/high-return assets." Translation: when viewed in terms of return per unit of risk, all assets are more or less the same. Investing in bonds, when risk-adjusted to stock-like risk, didn't require an investor to sacrifice return in the service of diversification. This made sense. Investors should basically be compensated in proportion to the risk they take on: the more risk, the higher the reward.
As a result of this work, Ray wrote Rusty, "I think your approach to managing the overall portfolio makes sense. In fact, I would go so far as to say that I think it makes more sense than any strategy I have seen employed by any other plan sponsor." The long duration bonds, or futures equivalents, would make the portfolio roughly balanced to surprises in economic growth while not giving up return. Bridgewater began managing Rusty's bond portfolio and also overlaid their own alpha (this portfolio became their first 'alpha overlay' account).
Balancing Growth and Inflation
Over time these discrete discoveries - breaking a portfolio into its parts, recognizing environmental biases, risk adjusting asset classes – began to harden into principles, concepts that could be applied over and over again. Running these portfolios in real time, particularly through economic shocks ranging from stock market crashes to banking crises to emerging market blow ups reinforced a confidence in the principles. Yet, there were a few additional insights that would come before All Weather would grow into a mature concept. A key step was framing growth and inflation as the environmental drivers that mattered and mapping asset classes to these environments.
Ray, Bob and their other close associates knew stocks and bonds could offset each other in growth shocks, such as they had mapped out for Rusty. They also knew there were other environments that hurt both stocks and bonds, such as rising inflation. That was obvious because they lived through these shifts. For a 1970s style environment it was much better to hold commodities than it was to hold stocks and nominal bonds. This notion was rattling around in conversations and became fully formed for Bob in a simple experiment.
Since the invention of the PC early Bridgewater employees had utilized technology to collect and chart data and process decision rules. They called these rules 'indicators.' These were the 'timeless and universal' linkages Ray had set out to understand in the 1970s. A PC was a big step up in efficiency from a slide rule or an HP hand-held calculator and graphs plotted by hand with colored pencils, which was what they used early on. Bob was fiddling around with a new computer program, Microsoft Excel. Microsoft had released the first windows based version of it in 1987. With these tools Bob began playing around to see how shifting asset weights would impact portfolio returns. He found that the best performing portfolio was 'balanced' to inflation surprises. This made some sense coming after the inflationary 1970s and the dis-inflationary 1980s. It also held true for more extreme shocks, like the 1920s German hyperinflation or the US Depression. Bob shared his discovery with Ray. "I showed it to Ray and he goes, 'that makes sense,'" Bob recalled years later. "Then he goes, 'But it really should go beyond that, it should really also be balanced to growth.'"
This was classic Bridgewater. Though the 'data' indicated one thing (to balance assets via inflation sensitivity) common sense suggested another. The message - don't blindly follow the data. Ray proceeded to sketch out the four boxes diagram below as a way of describing the range of economic environments any investor has faced in the past or might face in the future. The key was to put equal risk on each scenario to achieve balance. Investors are always discounting future conditions and they have equal odds of being right about any one scenario.
This diagram tied key principles together and became a template for All Weather. Much as a portfolio can be boiled down to three key drivers, economic scenarios can be broken down to four. There are all sorts of surprises in markets, but the general pattern of surprises follows this framework, because the value of any investment is primarily determined by the volume of economic activity (growth) and its pricing (inflation). Surprises impact markets due to changes in one or both of those factors. Think about any stress scenario and it ends up putting a portfolio in one or two of these sectors unexpectedly. The 1970's oil shocks, the disinflation of the 1980's or the growth disappointments post 2000 were all shifts in the environment relative to expectations. This framework captured them all. More importantly, it captured future, yet unknown surprises. There were many economic surprises after Bridgewater started running All Weather, and they were different from the surprises that preceded the strategy but the strategy weathered them all. The framework is built for surprises in general, not specific surprises, the very issue Ray had been wrestling with at the outset.
Initially the four box framework was used to explain alpha diversification with prospective clients. The framework explained the concept in such an intuitive and clear way that it became the starting point of their conversations. To be sure, at this time the focus of the key Bridgewater personnel was on alpha, not beta. To do so, Ray, Bob and Dan were obsessed with identifying and articulating timeless and universal tactical decision-making rules across most liquid financial markets. The tactical strategy that resulted from this work, Pure Alpha, was launched in 1991, years before All Weather came into being.
The final ingredient: inflation-linked bonds
If Bridgewater is the pioneer of risk parity, it is also true the firm played a critical role in the acceptance of inflation-linked bonds in institutional portfolios. Inflation-linked bonds play an important role in All Weather. The concept of a security whose principal value is tied to inflation dates to at least the 18th century but in the early 1990s inflation-linked bonds were not playing a significant role in institutional portfolios. Like the other discoveries along the way, this one came out of a conversation, or a series of them. A US foundation came to Bridgewater with a question: how could they consistently achieve a 5% real return? By law the foundation had to spend 5% of its money every year, so for it to keep operating in perpetuity it had to generate a 5% real return.
Going back to the building blocks of a given portfolio, the client's "risk-free position" was no longer cash, but rather a portfolio that provided a real return. Inflation-linked bonds, bonds that pay out some real return plus actual inflation, would 'guarantee' this 5% hurdle, as long as one could find bonds paying 5% real coupons. The main problem, however, was that there weren't any of these bonds in the US at the time. They were issued widely in the UK, Australia, Canada and a few other countries. As currency and bond managers, Ray, Bob and Dan knew how to hedge a bond portfolio back to dollars, eliminating the currency impact. The three of them sought to construct a global inflation-linked bond portfolio and hedge it back to the US dollar as a solution for the endowment. At the time, global real yields were around 4% so a little bit of leverage had to be applied to the inflation linked bonds to reach the endowment's target.
Through their work for the foundation it became clear inflation-linked bonds were a viable, underutilized asset class relative to their structural correlation benefits. Inflation-linked bonds do well in environments of rising inflation, whereas stocks and nominal government bonds do not. As a result, the bonds filled a diversification gap that existed (and continues to exist) in the conventional portfolio. Most investors do not hold any assets that perform well when inflation surprises to the upside outside of commodities, which tend to comprise a tiny fraction of their overall portfolio. From the environmental perspective Bridgewater established, inflation-linked bonds helped balance out both boxes and other asset classes in a way no other asset class could (inflation-linked bonds are also negatively correlated to commodities relative to growth, an added benefit). Unsurprisingly, when the US Treasury decided to issue inflation-linked bonds, officials came to Bridgewater to seek advice on how to structure the securities. Bridgewater's recommendations in 1997 led to TIPS being designed as they now are.
25 years in the making:
The All Weather Strategy
The fully formed All Weather emerged in 1996 as Ray, Bob and by this point the third CIO, Greg Jensen, who had joined Bridgewater out of college, sought to distill decades of learning into a single portfolio. The impetus was Ray's desire to put together a family trust and create an asset allocation mix that he believed would prove reliable long after he was gone. The accumulation and compounding of the investment principles Bridgewater had discovered, while hedging McNuggets, helping Rusty balance his portfolio, or managing inflation-linked bonds, came together into a real portfolio. The ultimate asset allocation mapped asset classes onto the environmental boxes framework, as shown in the diagram below.
Bridgewater had learned to map asset classes to the environments through study. They also knew that all the asset classes in the boxes would rise over time. This is how a capitalist system works. A central bank creates money, and then those who have good uses for the money borrow it and use it to achieve a higher return. These securities by and large come in two forms: equity (ownership) and bonds (loans). As a result, the boxes don't offset each other entirely; the net return of the assets in aggregate are positive over time relative to cash. The environmental exposures cancel each other out, which leaves just the risk premium to collect.
Ray described creating the portfolio "like inventing a plane that's never flown before." It looked right, but would it fly? He started running a pilot with his assets, and it was someone's part-time job to rebalance the portfolio from time to time. The portfolio flew the way Bridgewater expected, but it remained purely for Ray's trusts. All Weather was never envisaged as a product. It was profound enough that no one was doing it but at the same time so straightforward that anyone could seemingly do it for themselves. While US equities were in the early stages of the tech bubble, Ray and others began propounding the concepts of balance, initially to rather indifferent interest.
The crash of 2000 changed that. With the bursting of the bubble came the realization that equities were by no means a "sure thing." The tech bubble implosion shifted the mindset of the average investor, reminiscent of the disruptions of Bretton Woods, the oil shocks and the 1987 stock market crash. Many money managers began shifting towards alpha (tactical bets) as a way to cope with what they perceived as a now-unstable stock market.
Early Investors
Around that time, Bob began talking with Britt Harris, then CIO of a major corporate pension fund, which was a client of Bridgewater's. Bob and Britt knew each other from coaching their children together and their children's' common nursery school. Britt called Bob up one Sunday and asked about inflation-linked bonds and how they would fit into an investment portfolio. Bob told Britt, "Let me tell you what I would do if I were in your shoes." The portfolio he described and they built for Britt's pension plan – as you might expect – was All Weather. It was so unorthodox that Britt insisted on a massive due diligence process, which further helped codify the principles underlying the All Weather approach. As Bob recounts, "Britt said, 'when the regulators come and ask me the question, I want to be able to pull the book off the shelf and show them all the work we did to show that this makes sense.'" The pension fund started with a $200mm allocation.
The second large client to adopt the All Weather approach was a major automobile company. They had just issued pension obligation bonds because they were severely underfunded in the aftermath of the 2001 stock market crash. The CIO wanted to manage this "new money" from the bond issuance in a "new way." The CIO sent out perhaps 30 letters to the top institutional money managers in the world and ended up hiring five to manage his "new money"; Bridgewater was one of them.
Ray, Bob and Greg advised this company to build a portfolio based on principles the CIO could use for the entire fund: find the best asset allocation, find the best alpha, and then combine the two in such a way so as to reflect your relative confidence in each. The eventual total portfolio ended up being a roughly 70/30 split between beta and alpha (All Weather and Pure Alpha, Bridgewater's actively-traded portfolio). The novelty was the All Weather component. It was slowly becoming apparent that some of their clients were recognizing the benefits of environmental balance and diversification and would be willing to hire Bridgewater to implement this for them.
To be sure, there was still resistance to the All Weather concepts. Peer risk dissuaded some investors for fear that they wouldn't track their benchmark or peer group. The idea of leverage also raised questions. Some were wholly unfamiliar with the concepts of financial engineering and therefore were initially uncomfortable with derivative instruments (e.g., futures and swaps). And last, there was a big question over where exactly All Weather would fit in or who would own the profit and loss. However, after nearly a decade of poor performance and the credit crises of 2008, investors were hungry for an alternative. A clever consultant adopted the term "Risk Parity" and created an asset allocation bucket thereby opening the floodgates to strategies that one way or another seek to balance risks in a portfolio.
Gradually objections surrounding All Weather eased. As investors grew accustomed to looking at leverage in a less black-and-white way – "no leverage is good and any leverage is bad" – many have come to understand that a moderately-levered, highly-diversified portfolio is less risky than an unleveraged, un-diversified portfolio. Leverage is an implementation tool. If you can't predict the future with much certainty and you don't know which particular economic conditions will unfold, then it seems reasonable to hold a mix of assets that can perform well across all different types of economic environments. Leverage helps make the impact of the asset classes similar.2
The Elegant Solution
Fast forward to today. There is no limit to how the All Weather principles of balance can be applied and over time could perhaps contribute to a more stable financial system. One of the largest Canadian pension plans adopted All Weather as the benchmark for their entire plan. Other organizations have completely revamped their structure into alpha and beta teams. Some are introducing these concepts into defined contribution plans as an investment choice. A recent survey indicated most institutional investors are familiar with the concept and 25% are using it in their portfolio, though that of course means the vast majority of investors aren't yet using what is effectively new technology.
All Weather grew out of Bridgewater's effort to make sense of the world, to hold the portfolio today that will do reasonably well 20 years from now even if no one can predict what form of growth and inflation will prevail. When investing over the long run, all you can have confidence in is that (1) holding assets should provide a return above cash, and (2) asset volatility will be largely driven by how economic conditions unfold relative to current expectations (as well as how these expectations change). That's it. Anything else (asset class returns, correlations, or even precise volatilities) is an attempt to predict the future. In essence, All Weather can be sketched out on a napkin. It is as simple as holding four different portfolios each with the same risk, each of which does well in a particular environment: when (1) inflation rises, (2) inflation falls, (3) growth rises, and (4) growth falls relative to expectations.
Overconfidence often pushes people to tinker with things they do not deeply understand, leading them to over-complicate, over-engineer, and over-optimize. All Weather is built very intentionally to not be that way. With the All Weather approach to investing, Bridgewater instead accepts the fact that they don't know what the future holds, and thus choose to invest in balance for the long-run. Often Bridgewater people are asked at a cocktail party or a family gathering what to invest in. They don't delve into the active alpha portfolio. That wouldn't be useful anyway – the portfolio moves around. What the average person needs is a good, reliable asset allocation they can hold for the long-run. Bridgewater's answer is All Weather, the result of three decades of learning how to invest in the face of uncertainty. Ray's trust assets remain invested in All Weather.
1. As an example, if you invest $10 in the S&P 500 and $10 in US bonds, the portfolio risk is dominated by the S&P because it is much riskier than the bonds. If instead you invest $5 in the S&P and $15 in 10 year bonds the portfolio is much more balanced, though with a lower return. Invest $5 and $15 in the manner described and add a bit of leverage and the portfolio has the same return as the stocks but less risk.
- advertisements -
Is it in Reno Nevada? I'll hedge the weather there all day & night.
I like Ray Dalio (I genuinely do), but I've read approximately 2/3's of this article, and I would need a stack of index cards and a few pens to track the bullshit and misnomers, mark them, and then elaborate on why they are precisely bullshit & misnomers as claimed in this infomercial.
Bridgewater runs a huge amount of AUM. I'm not naive to the point that this surprises me.
I'll elaborate on some of the most glaring, incredible points of bullshit in this infomercial after I can tolerate finishing reading the rest of it, and when I have more time (okay, one teaser; the point about "inflation linked" bonds is laughable. Maybe it wouldn't be so if the rate of inflation wasn't one of the most intentionally manipulated data sets, and the government or quasi-governmental agencies that report it didn't have a near monopoly in "deducing" the rate of inflation & reporting it in the way they deem fit for consumption - there is a pun in there).
And, yes, Ray Dalio is wealthier than I am in terms of monetary means.
Then again, so are some people who fall ass end first into massive inheritances, some people that literally trip over an actually useful discovery & so is Jon Corzine (for the time being).
I am asking this question in all seriousness. Shouldn't there be a box for central bank activities (interference, manipulation, whatever you wan tot call it. If you accept the idea that bonds and arguably stock are priced off of QE as opposed to inflation and growth, doesn't that render the matrix useless?
TruthinSunshine, I look forward to you post outlining your objections to this article. Anyone else, feel free to chime in
Yes, there should be a box for CB activities.
And therein lies the rub.
The conceit of "All Weather" is that the mapping of asset classes to boxes is static.
While this has been approximately true since - say - 1952 - we are in for a major regime change.
The mapping of asset classes to boxes will no longer work. In fact this is why this whole "informercial" is being put together.
Ray and Co are the real deal and the smartest guys in the room - and Ray's genius is to recognize when he can't figure stuff out. Know what's predictable, and what is not; know the difference, and balance the outcomes. Great stuff...
...but: What happens when the whole "machine" stops working?
There is no "box" for what's coming. And by now we all know what's coming...
Specifically: There will be no return on holding assets instead of cash - at least those assets which are publicly tradable. And there will be no way to preserve real purchasing power.
- Biflation: wage destruction combined with commodity inflation (combined with effective default on inflation linked bonds via official sector stat manipulation).
- Public market destruction: another bifrucation. "Successful" (read: surviving) companies will continue to buy back stock until they effectively go private. The rest will go to zero. The public float will be a fraction of what it is today. ZIRP is causing the public equity market to evaporate like snow on a dry, clear, cold day. Equity will continue to exist as an asset class and it will trade at a discount (risk premium). It will be available, and a vehicle to build and maintain wealth - just not for you. Private equity will be the only real equity and there will be a velvet rope.
- Bond market manipulation / QE: stuff we all know about. Credit spreads will compress to nothing (for those companies that survive).
- Another bifrucation: money will be "tight" for regular people and "loose" for the government and its cronies. Harsh penalties for not having enough - but no benefit to having an excess. No independence from the state, no benefit outside the state.
The result will be a perfect oligarchy: the means for the public to save and grow assets in return for providing capital to the economy will be gone. The "capitalist system" will remain, all will be intact: it's just that you have to be state sanctioned and have a few hundred million to play.
"State capitalism" will be capitalism for the state. For you: bread, circus, propaganda. Forwardism. The kewl kids, wonk-bloggers, MMTers, Krugmanites - those who cheer Keynes' euthanasia of the rentier (read average saver) - will welcome this. Finally, the smart set can dispense with finance and just rule by fiat.
Ray's secret formula will be of no use to the masses, so the broadcast embargo is lifted.
I don't trust any of these motherfuckers.
The entire market is rigged.
I smell insider trading.
That's how these scumbags make their money.
I got a McNugget for you. FUCK YOU Bernanke.
He can hustle with that divided by 25% spread on mega bucks. Most can't.
2022.............A barren wasteland filled with sorrow and misery and suffering and pain and death. Now you know.
What a bullshit! All weather info from reliable sources.
Incremental rise in transfer payments. Translated means larger straws stuck in taxpayers dripping taxpayer blood for the MIC since Eisenhower and ipads for the idiots watching brown people vaporised.
Where were Bridgewater's biggest winnings?
What are the laws regarding insider trading regarding fx? None. Ben Bernanke could literally tell you he is going to be raising/lowering interest rates on a certain date and you could trade on that information without breaking a single law.
Congrats to Ray Dalio for figuring out the best way to trade on insider information....by being wired into central banks.
Bridgewater is "smarter" than the jpy/eur market by several standard deviations. Congrats!
How many currency bets did BW win vs. lose?
Spoken like a true moron. Yeah, Ray Dalio made all his money by "insider" trading foreign exchange by talking with Bernanke. Really, do you hear yourself? Have you even looked at Bridgewater's 13-F? Not a whole lotta currency in there. Are you or anyone you know an investor at Bridgewater, and receive any letter or attend any meetings with Dalio or representatives? Do you personally know a former associate there? No, you don't. You're an uninformed jackass.
That's on top of the fact that insider trading is not a property violation and shouldn't be a crime; but on this site idiots like you never surprise me. It's a finance blog, and yet we have plenty of people who just come here and bash anybody who makes money in finance. I despise central bankers (but that's the government) and those that rely upon government to make money. Why is it so hard for people like you to accept that there are indeed legitimate and intelligent people in finance who are very successful? Go join the occupy whatever, I mean, lazy educated idiot society, if you feel differently. You'll find plenty of envious, useless hacks like yourself with no capacity to think logically.
Most of the hedge fund operators are crooks, liars or front runners. ZH usually brings some of the best people in the space and points out the crooked jerks. The good ones include Ray, Hugh Hendry, Kyle Bass, James Chanos and a few others plus pundits like Jim Grant, Rogers, Faber and a few I am forgetting. I also like Reggie and Celente.
Ray Dalio and Bridgewater have done a prety incredible job in being the oldest and biggest hedge funds. It appears, and I may be wrong, that they did it by being a little smarter, working harder and looking at problems in a unique way. My impression is that Ray and his system tries to get as much ego out of the way as possible. He does not appear to be an arrogant jerk but I could be wrong.
PS: Ray likes gold - bitchez! He said Buffett was making a mistake not owning it.
Most are crooks, really? Maybe what, 0.50% (and that's a high estimate) have actually committed fraud. You're so full of shit it's unreal. By the way, Celente/Faber/Grant aren't hedgies. You've probably never worked for one, invested in one, nor ever spoken to anyone who has or does. Most people manage money to the best of their abilities and do it without deceit and fraud. Sure, plenty are not wildly successful, that's the exception not the norm (just like not many baseball players get 3,000 hits). Claiming that 51% of a profession (outside of government) are "crooks, liars, or front runners" is seriously one of the dumbest things that's been said. It doesn't surprise me though considering that your posts all convey that you're enough of a fool to believe there's a difference between the two major parties in the US; something laghable in and of itself.
Zh'ers , I would like to share my personal info with you: Email message quoted.
Spoke with you this afternoon. Please see attached LOC to waiver the need for pre-payment. My better half has sent a check to cover your pre-paid requirements. We ask that that check # *****will be not cashed [see attached].
Lee county bond market must be upside down due to public sector pension obligations. Collier county doesn't require pre-payment to set up utilities. I'm beginning to think this house purchase was a mistake. Show me I'm wrong..
Archived CAFR Reports in Fort Myers
Looks like you don't operate under a budget, just as Washington DC. Give me a call to confirm that you will not post payment under check #*****. My number, ***.***.****.
As of September 30, 2011, the 3 month LIBOR was 0.37200 for Fort Myers, FL. Read long term debt, pg. 92/230
How about a translation? If emailed this to some unionized govt worker in Fort Myers then good luck. They probably have no clue what you are asking.
Lee County bond market or bond portfolio for the county pension? Pre-payment to set up utilities by the county? WTF? The electric or water utility usually does. The counties often run the water utility. My guess is with all the foreclosures they require it.
Maybe if you wrote less cryptic emails to clueless bureaucrats you might be less frustrated.
I'll get myself some "trusts",then start portfolio modeling. Oh wait...
I don't know...I've been digging into this a bit in the last few days and it all seems a little too pat. Coorelated asset classes are useful tools until the coorelations break down and hedges are great until they don't actually hedge what they're supposed to.
If this strategy is so great and so simple, they'll be 17 "risk-parity" ETFs by next week. And if all the big, important money piles into the same strategy because it's just so awesome and everyone wants to show that they "get it"....look out below.
Besides, Warren Buffet works the cash float that his insurance business throws off, Bill Gross is very plugged in, Steve Cohen cheats and Bernie Madoff just plain steals. I suppose it's possible that the biggest hedge fund manager in the world is just a pure alpha machine but that wouldn't be my first guess.
My two cents analysis tells me that part of the reason why the All-Weather/Risk Parity concept did so well is an accident of history. These strategies ended up allocating much more to fixed income assets than traditional asset allocations at a time when a) equity returns were below historical norms; and b) one of the largest bull runs in fixed income was evolving.
We will now see an environment of likely still underperforming equities and rising interest rates ... It will be interesting to see what will happen to this concept ...
Incidentally, the bull market in fixed income has made other titans like PIMCO ... although Bill Gross and Ray Dalio deserve credit for having figured it out.
In a completely manipulated market NO financial analysis, no matter how brilliant or rich the analyst, works.
It works perfectly until you act on the analyst's recommendations or buy into his fund.
We have had a 20 year bull market in bonds. They appear to be 60% in bonds. Of course they have done well. Let's see how well they do with this portfolio when bonds return nothing over the next 10 years. Past performance is indicative of the past.
Actually, it was a 30 year bull market in bonds - 1981 to present. The Treasury interest rate cycle is a very long one. From WW II to 1981 rates were going the other way - rising. It all comes down to -- when does the next up cycle start?
Wile E Coyote sell off awaits...
As mentioned – central bank intervention prolongs and postpones but can not oppose natural market forces indefinitely.
apple's made in cash what they have in assets, yet zh holds nothing but contempt, very interesting when you think about it, apple just had the 5th best earnings in the history of the world and it's down 10%
I am 'Alpha' !
If you want to see a real pair of 'Betas' (mine for instance) you should get over to my blog on http://alpha-dog-food.com and tell us about your hedging ;-)
Tyler - BW does not charge 2/20 on All Weather. This is now a commoditized product where they charge a low fixed mgmt fee and no incentive fee (like a mutual fund). Not a hedge fund product.


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Discover time travel with the Innovations of Cambridge Tour! Learn about the past and explore the future of science and technology in one of the most innovative cities on the planet. As the nation's center of learning, Cambridge has been home to some of the most inventive minds and influential technological advances in history. From British North America's first printing press, through the first two-way telephone call, to high-capacity trains, the Human Genome Project, understanding the movement of the stars, RADAR, Lunar exploration, we'll take you through the history of innovation in Cambridge and the history being made today in our laboratories and universities.
Begin your journey in Harvard Square at the nation's oldest institution for higher learning. Follow the pursuit of knowledge from the Puritans through Harvard's first medical school. Then a short ride on the T, the nation's first active subway system, takes you to Kendall Square, home of MIT and the most innovative square mile on the planet.

subset: commoncrawl


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High school football: Jason Goff guards the blind side for OCS
It's not surprising that "The Blind Side" is Jason Goff's favorite movie.
"I've seen the movie 100 times," said Goff, the 6-6, 290-pound offensive tackle for Oklahoma Christian School. "When that movie came out, people finally understood what I did."
Protecting the blind side of Saints quarterback Austin Brooks is what Goff does, and does well.
Goff anchors an OCS offensive line that has allowed just three quarterback sacks all season. He hasn't allowed any.
As a result, Brooks has been able to throw 49 touchdown passes, leading the Saints into the Class 2A state championship game against Davis at 7:30 p.m. Saturday in Stillwater.
"It's very comfortable back there in the pocket just seeing Jason up there on the line," Brooks said. "He is huge."
Goff, who has been a four-year starter on the offensive line, has dwarfed most of his combatants across the line of scrimmage.
"I am always the bigger man across the line," he said. "I take a lot of pride in not letting Austin get sacked. You have to have the mindset of never letting the guy in front of you beat you. I absolutely enjoy putting someone on the ground."
Turner said OCS' opponents often try to counter Goff's size with a quicker defense end or linebacker.
"They try to put a guy on him to speed rush him," Turner said. "But that doesn't work because he has really good feet and technique. He can hold his own with those kids."
Goff has grown three inches and gained 50 pounds since his freshman season. He has been getting attention from college recruiters since he was a sophomore.
"All of these colleges, they are looking for capable pass blockers," OCS coach Derek Turner said. "He has got the ability. That blind side is an important deal."
Tulsa, Utah State, and the Colorado School of Mines are among the schools on Goff's list of potential colleges.
Goff, who plans to be a doctor, is considering the school in Golden, Colo., because of its biomedical engineering program. He has a 3.8 GPA and is the senior class president at OCS.
"He is a really smart guy," Brooks said. "He is doing most of the talking on the line, telling guys where to be."
Goff's brother, Jared, is a 6-3, 180-pound starting outside linebacker for the Saints.
"The shortest person in my family is 5-10," Goff said. "My dad is 6-5 and about 320 pounds. (Jared) is the skinny one."
Goff also plays nose guard on the Saints' defense, alternating at the position with Palmer Rice, who is 5-6 and 170 pounds. They provide quite a contrast for the opposing center, as Goff uses his strength while Rice relies on his quickness.
"By the end of the game, the center wants to be carried off in a wheelchair he is so tired," Goff said.
OCS pounded previously unbeaten Frederick, 55-32, Friday night to reach the state championship game for the first time since the school moved up from eight-man to 11-man football in 2001.
Goff and the Saints (13-1) on Saturday night will face a Davis defense that shut out Vian, 22-0, in the other Class 2A semifinal. Vian had been the highest scoring team in the state until that game.
"We are definitely ready for them," Goff said. "I can't wait to play at Boone Pickens Stadium."


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Ace Frehley and Paul Stanley Premiere "Fire and Water" Video
June 2016 Guitar World cover star Ace Frehley—who was born on this date in 1951—has premiered his new music video for "Fire and Water," his cover of a classic Free track from 1970.
Bob Mould Unveils New 'Tym Sky Patch' Distortion Pedal
Ex-Husker Du and Sugar guitarist has collaborated with Australia's Tym Guitars on a new signature distortion pedal.
'How to Shred with Guitar God Yngwie Malmsteen'
Check out this video that was created and posted by the gang at Spin. In the clip, Yngwie Malmsteen teaches Spin senior editor—and self-declared guitar novice—David Marchese everything you need to...
Megadeth Premiere 360-Degree "Poisonous Shadows" Video
Megadeth have premiered a new 360-degree video for "Poisonous Shadows," a track off their well-received new album, Dystopia.
Jericho Guitars Unveils Edge Series Electric Guitars
Jericho Guitars has unveiled its new Edge Series electric guitars.
Watch B.B. King and Gary Moore Play "The Thrill Is Gone" in 1992
In November 1992, B.B. King joined Gary Moore for a one-of-a-kind rendition of the Roy Hawkins classic, "The Thrill Is Gone."
New Magic Instruments Guitar Lets You "Pick Up and Play Instantly"
Earlier this month, a company called Magic Instruments posted a link to their new product, the MI Guitar, to Facebook.
Daddy Mojo's Ozark Guitar Incorporates Formica and 85-Year-Old Pine
Two years ago I moved on the lower level of a 1920s three-story building. Having been caringly preserved, with its Art Deco elements, hardwood floors and elaborate moldings, it became a source of...
Sick Puppies Talk Gear and New Album, 'Fury'
Sick Puppies have sold more than a million records since bursting onto the scene more than a decade ago.
A Little Thunder and Marconi Lab Announce Signature Guitar
Two emerging companies with a shared vision for the future of guitar have collaborated on a unique instrument that's as versitile as it is visually stunning.
Watch Prince Perform Led Zeppelin's "Whole Lotta Love"
Last Thursday (April 21), the day Prince's death was announced, a YouTube user uploaded a rarely seen pro-shot clip of Prince performing Led Zeppelin's "Whole Lotta Love."
Bruce Springsteen Opens Show with "Purple Rain"
Saturday night (April 23), Bruce Springsteen and the E Street Band paid tribute to Prince, who died Thursday at age 57.
Mandroid Echostar Premiere "The Lotus" Playthrough Video
Today, GuitarWorld.com presents the premiere of a new playthrough video by Canadian prog-metal band Mandroid Echostar. You can check out "The Lotus" below.


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Workforce Development and Education (WDE)
Preparing educators for the future in schools, the workplace, and organizations.
The Workforce Development and Education section offers academic programs and courses to prepare professionals in human resource development and adult learning, career and technical education, business education and family and consumer sciences education.
We conduct cutting edge research on the connections between work and learning, and publish the results to transform professional practice and organizational behavior.
WDE is committed to quality instruction, accessibility to our programs, research, and international engagement through research and service.
WDE Undergraduate Programs
- Career and Technical Education
- Family and Consumer Sciences Education
- Integrated Business Education
- Associate of Arts Degree in General Studies/CTE (PDF)
WDE Graduate Programs
- Career and Technical Education
- Human Resource Development and Adult Learning
- Family and Consumer Sciences Education
Teacher License/Endorsement
- Career and Technical Education
- Family and Consumer Sciences Education
- Integrated Business Education
- Career Based Intervention Endorsement
Graduate Student Planning and Annual Review Forms
- Master's Adult Education/Human Resource Development (PDF)
- Master's Family and Consumer Sciences Education (PDF)
- Master's Career and Technical Education (PDF)
- Master's Integrated Business Education (PDF)
Section Head
Chris Zirkle, PhD
Associate Professor
The Ohio State University
College of Education and Human Ecology
For more information about WDE, please:
Email: firstname.lastname@example.com
Phone: 614.247.6227
WDE Links
WDE in the News
- U.S.News & World Report Technical/Vocational Specialty Rankings
- WDE Careers Featured on CNNMoney.com


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Synopsis: Adapted from the 1951 non-fiction account by psychoanalyst Georges Devereux, "Psychotherapy Of A Plains Indian," the film follows the true story of Picard (Del Toro), a Plains Indian of the Blackfeet nation, as he returns from WWII and begins experiencing unexplainable symptoms shortly thereafter. He travels to the famous Winter Hospital in Topeka, Kansas, where he meets Devereux (Amalric), thus beginning a professional and personal friendship guided by compassion and understanding of Native American culture.
IFC Films announced today that it has acquired the U.S. distribution rights to the Franco-American drama "Jimmy P.: Psychotherapy of a Plains Indian," from director Arnaud Desplechin.Read More »


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Reviews for B C's Restaurant
Latest Yelp Reviews
Overall Rating:
Based on 10 Reviews
Based on 10 Reviews
Linda C. posted on 07/10/2014
Rating & Review:
You know you're in a dive bar when even the women's restroom smells like piss. There is video poker, a couple of TVs for visual entertainment, enough... read more
Ashanti H. posted on 01/02/2015
Rating & Review:
Well now that there's no music there and they've replaced the friendly staff with other people, B.C.'s isn't as fun of a place to go to. If you like to... read more
John L. posted on 04/21/2013
Rating & Review:
I've only been here on nights that they have djs and it's been a little cramped. However, there seem to be fewer and fewer smaller venues for that... read more
Write a Review


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Some fine dining in the heart of Downtown Duncan. Yup, I did just use "fine dining" and "Duncan" in the same sentence. My apologies to anyone I have just offended, but I was just as surprised as anyone to find such a budding food scene in the Duncan/Cowichan area. So, Duncan, my apologies.I first came across the chef, Dan Hudson, and his delicious gourmet creations at a Island Chef's Collaborative dinner in September. He prepared the second course of that dinner, a corn and lobster mushroom soup, which blew me away. The memory of that meal lingered on so I decided to check out the restaurant for myself on a little road trip up island.
Hudson's on first is a charming house converted into a restaurant. The décor is elegant yet comfortable. We made a reservation for Brunch on a Saturday afternoon. The restaurant was quite full so if you're travelling up from Victoria I would highly recommend making a reser to avoid disappointment. My friend and I ordered two dishes, both to share. We started with the duck poutine with a fried egg added. Oh my goodness! How can I put this into words? Hands down the best poutine I have ever had. Just a tad on the salty side, otherwise sheer perfection. The flavour was phenomenal but I think what really stood out to me was the texture of the fries, they weren't soggy and just firm enough to hold up to the gravy and cheese curds. Next we order the brioche French toast. Also a great dish, I can't fault it, I'm just more a fan of savory breakfast dishes so I'm a little biased towards the poutine.
Our server was very attentive and gave us some great vineyard recommendations. My only complaint would be that we waited a long time for our food to come out (25-30mins for our first dish). Hudson's menu truly reflects west coast cuisine by showcasing some of the ingredients farmed in our local area such as seafood items, locally raised chicken, and BC duck for example. The food is 'high end' without straying far from comfort.
I'm already making plans to visit Hudson's On first again. Such a great find!
Note: To anyone not from the island Duncan is about a 45-50 minute drive from Victoria.


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By: A.K. Anderson
Number of Reviews: 1179
Average Score: 66
Explicit Lesbians
We no longer link to this site.
We no longer link to this site.
What are the best kinds of lesbians? Well, according to this site it would have to be the Explicit Lesbians. After checking out some of the pictures and videos, I have to agree. In just a few minutes browsing around, I saw a babe with a blindfold on while masturbating, a chick with huge tits doing another one from behind with a strap-on and one horny gal slamming a dildo up some other lady's hot butt.
There is plenty more where that came from. ExplicitLesbians has 774 videos, but be warned that they are far from consistent in quality. In the end, they're mostly mediocre to average in quality while around 16 percent are good to stellar looking. Many can also be downloaded for your iPhone. Some of the oldest scenes still have license-protected files and they don't seem to work. You can still stream many of them though.
The girl-on-girl scenes are always hot, of course, not to mention the threesomes and lesbo group sex you can find. Some shoots are all sweetness and light, while others get a little more intense thanks to strapons pounding away at pussies. The performers are predominantly white, but there are some Latinas and Asians. I didn't see any ebony lezzies though.
There are 611 photo galleries that can be downloaded in Zip files. Many of the sets have high-res or even super-high-res images to enjoy. There are lesbian couples and quite a few groups of babes playing together. You often see the ladies having a few drinks beforehand. It's as if the social lubrication gets out of hand and sends drunken chicks over the horny brink.
There are six full-access bonus sites, including HD Internet Hookups, Indecent Massage, Dick In Dash Out, My Lesbian Secret and Stunt Cock Tryouts. The sites on this network often repeat the same content though. You can also check out over 500 extra DVDs and 17 have lesbo sex.
Updates are probably about once every two weeks, but nothing is dated, so that's just a guess based on how much the site has grown in the last year or so. Explicit Lesbians would be a much better site if a larger number of the movies were in better-quality formats.
* Please include a pro and a con about the site. Balance is essential in making a comment worthwhile. Scores without comments will be deleted.
* Watch out for ratings of zero and 100. In our opinion, there is no such thing as a site that is absolutely perfect or completely worthless.
Score: 75% Date: 05/12/2010
good looking pink pussies
Score: 5% Date: 04/17/2009
biller is storm pay, not epoch, cross sales and monthly bill total up to over $120 on join, this is one to avoid completely!
Score: 5% Date: 01/04/2009
Thanks god, there is a 3 day trial for 4.99 $.
The free tour on the site is totally misleading (did not seee these films on the actual site).
The site is really bad : boring films (endless preludes, no creativity, bored performers). In addition most filmscannot be previewed before they are fully downloaded. Even at 5$ it is too expensive.
There are tons of other category films (boobs, cum, etc) all the same old unsellable type of crap.
Common Rabbit ! Don't let your readers be so much fooled.


text: Hello all, i just recently came across a schwinn 564 from i believe 1990? Its an aluminum frame road bike that is surprisingly light, and upon further inspection, i noticed that there is the schwinn paramount emblem on portions of the frame. I tried researching this bike and could find almost nothing. Is this a rare bike? Is it made in the paramount factory? What would you say it is worth? Also, the metal schwinn emblem on the front of the frame says "chicago" under the schwinn symbol. Any knowledge given is most appreciated. Thank you


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About 511
511 is your one-stop phone and web source for up-to-the-minute Bay Area traffic, transit, rideshare, and bicycling information. It's FREE and available whenever you need it – 24 hours a day, 7 days a week – from anywhere in the nine-county Bay Area. Call 511 or visit 511.org.


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A mitt that is built like a tank but has a volume similar to a park glove, the Burton Men's Podium Mitten will make dominating the mountain much easier. The Podium gives you reliable warmth and the proven waterproof and breathable Gore-Tex technology, so it finishes first in both inbounds and outbouds riding. This low-profile mitt can fit under your sleeves to lock out the cold, and the fixed fleece lining adds to the warmth extravaganza. And there's no need to depart this cozy embrace when the phone rings, thanks to the Screen Grab touchscreen-compatible material in the palm.
- Gore X-TRAFIT Technology
- DryRide Ultrashell 2-Layer stretch fabric
- Fixed Fleece lining
- Screen Grab Toughgrip palm
- Ergonomic pre-curved fit
- Reviews
What do you think about this product?
Have questions about this product?
Not for cold conditions
- Familiarity: I've used it once or twice and have initial impressions
Though I have a lot of faith in Burton and Gore-Tex products, I would not recommend these mittens for cold-weather snowboarding. I tried them out for a 10-minute walk outside on a 20-degree night, and found my hands getting cold and the inside surface of the mitt liner feeling chilly.
Burton's tag has the additional information, "Rides Best In: Cooler Conditions", as opposed to the un-checked options "Warmer Conditions" and "Ice Cold Conditions".
The cuff is quite short but reaches under your jacket sleeve cuff, and has a Velcro closure you can use to make it snug. It also has snap tabs that might be for attaching them to the inside of your sleeve, and the clips for storing the pair together.
My hands are 7 inches long and the Men's size L is about right, with a roomy fit.


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what does HT and ST stand for?
Printable View
what does HT and ST stand for?
Head tube and seat tube angles.
Thank you!
Also anyone know if the unkwn lv1 is worth $150?
The frame itself is supposed to be stiff and reliable but the welds are big and ugly. If I were in the market for an aero-tubed track frame I would consider it.
We have 2 LV1s and so far no complaints, the welds do show but at least the beads are even and don't look so bad "dime roll" .
When I was looking for a frame, I didn't buy one.
My shop isn't an Unknown dealer for a reason.
Are we still not allowed to just say "kilott"?
Good luck with your build man, if that's the frame you like then get it so be it !!!
A frame is just a component like any other. If you like it, buy it, it's not as though it's expensive. If you build a nice bike around it and then decide the frame was the wrong choice, buy the right frame, swap the bits and sell this frame.
As for Scrod not being a dealer, maybe they DO have standards :roflmao2:


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08/21/2008, Hilton Head
With a bit of time on my hands this afternoon, I got some help servicing my knot meter. This is a mechanical bit that turns as the water goes past the boat. It is an important component because it helps me determine the difference between my speed over ground (obtained by the GPS) and the speed through the water, which ultimately tells the tide speed. I've been having trouble with the knot meter. It sometimes hasn't worked and sometimes it just comes on randomly after a bit of cruising. It is designed to be serviced by pulling the unit out and sticking a sophisticated plug in its place but I was reluctant to do it myself for fear of flooding the boat. With some help, I was able to get the unit out and the plug in. Sure enough, it was heavily blocked with gunk. There was even a complete barnacle growing between one of the blades. I cleaned the whole apparatus with Q-tips so that it works like a top again. The stuff that came off it it smelled very fishy. Supposedly they are bringing some special paint to protect the paddle wheel from further growth. From what I've seen so far, I don't think there's a good way to avoid build up. It is placed in a spot that will catch a lot of water and thus also all the microscopic sea life that lives along the way. Anyway, its still blowing away and raining from time to time, but we're technically ready to travel. Maybe one or two more mechanical fixes before we head out in a day or two. In the meantime, I've been puttering around and watching movies off the of the internet. It's been so long since I watched movies. What a relaxing treat. The dogs have been great, just hanging out with me. Later tonight I'm invited to dinner with the kind and generous German couple.
08/21/2008, Hilton Head, SC
Some of you may be wondering, what's with all of this engine work. He's only getting started and he's already having all these problems. Well, I don't think so. This boat is 12 years old. I would have liked to buy a new Catalina 36, but it would have cost double what I paid to get this boat and there still would have been maintenance issues to work out. Although I'm started on the cruising adventure, this is really just the testing out phase for all of the boat systems. If I can get everything in good running order before I leave for the Bahamas, I will have a lot more confidence when we do more offshore type sailing. Speaking of which, I expect that at some point there will be another refit to get the sails, standing and running rigging, and mast the once over. That probably won't be necessary until later when we actually start using the sails more. Although I would rather be cruising, getting all the maintenance and mechanical kinks worked out now is a good thing. Also, I'm learning a lot about the boat that may help me when I get farther from outside help. So here's to lemonade!
This certainly would not have been a nice day to be on the water. There are periods where it stops raining, but the bad weather is slowly coming more and more. No big deal. We are cozy inside the boat. I just heated up the leftover chicken and vegetable fried rice I made this morning (from the stir fry last night) in the microwave. The mechanic is coming back after lunch to finish some more things.
08/21/2008, Hilton Head Near The Boat Ramp
Every once in a while you see an abandoned boat at low tide. I just thought this made a nice photo. Jake naturally walked down into the mud to check out what I was so interested in so I had him wash off down the boat ramp nearby.
We're not going to get a hurricane here this time but it is getting rather blowy outside. I wouldn't want to be traveling some of the more technical and narrow parts of the ICW with gusty conditions - especially not our next leg through Georgia, where the ICW is reputed to be in its worst state in terms of unmaintained shoaling. No, we are stuck here and the system is presently stationary - just sitting there churning out bad weather. It's going to be cloudy, windy, and rainy for the next few days or more according to the forecast while the thing moves slowly west. Part of me wishes I didn't have so much information from the internet about the weather so I could assure myself however falsely that I'm leaving real soon. But, as I said before, there are certainly worse places to get stranded. I've got four secure dock lines and 5 bumpers between the boat and the dock. The a/c is still working. It seems we'll survive this first serious storm of our sailing adventures.
Thems my homemade grits and, of course, low fat turkey sausage and finally the hand picked (from Sam's Club) blueberries.
08/20/2008, Hilton Head
It's going to be a rainy gloomy next several days. We'll keep ourselves busy (at least I will - the dogs mostly hang out whether we are at shore or at sea).
It's raining here now, but the photo above is what it looked like before we started experiencing the leading edge of a tropical storm. Whow, we just took some wind and the boat leaned over at the dock. I think I will secure the boat even better today to minimize the chance that it will be damaged by rubbing. Back to Jake, he's always been one to roll in things like mud or much worse, but since we've been away from home, he just rolls because he can and to express the joy of life and the ability to run free for some time.
08/20/2008, Palmetto Bay Marina, Hilton Head
We've been in Hilton Head just about a week, believe it or not. Time flies. I'm officially getting work done on the boat but unofficially I'm waiting out the remnents of Fay in a safe and comfortable location. We are already starting to get the outer bands. Nothing serious, just rainy unsettled weather. I've been trying to get non-boat things done, but that work is slow going. So is the boat work for that matter at this point. My mechanic told me straight out that he is deliberately slowing down on the final things so I will stay through the storm. I can't complain. Free dock space near the Hilton Head Yacht Club to get fixed up and to wait out a storm. The dogs have gotten excellent walks with and without their friend Monty (I just saw him go by for his morning walk but Jake and Anne are sleeping and I am blogging, so we'll go later). Sleep is good, including a nap on occasion. Frankly I'm ready to head on and have been for days, but if we're going to get stranded somewhere, here is better than good.
08/18/2008, Hilton Head
Sunday was, as usual in these parts, a relaxed day. Last night after midnight it rained heavily but the boat remained cool and dry, which was really comfortable. There's something about being in a boat when it's pouring outside but dry inside that is very satisfying. If we weren't on shore power, it would have gotten muggy inside with all the hatches closed, but we had ac, so it was cool and dry inside. We had better enjoy it while we have it because I suspect the hottest and most humid phase of this summer's cruising adventures is ahead of us. Today so far we are replacing the oil and the rest of the oil and fuel filters. This diesal engine has three filters for the fuel and a filter for the oil. We are also going to replace the water impellor and seals, and replace and properly tighten the belt. That should put the engine in order for the next 500 - 1000 miles or more. There are some other little projects that will take us perhaps until tomorrow and then Tropical Dreamer will be ready to head on. However, about that time, Fay or its remnents will be headed our way, so we may stick around. We'll see. I've got a court hearing that I'm appearing at telephonically early this afternoon, so it's good to be parked here for today. Starting to feel the urge to continue cruising, but again with Fay coming, we can't just boldly go south. Perhaps it will dissapate in a harmless direction... Nobody here thinks it will be very much when it gets this far north.


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: FireRed hack:
Pokemon: Rocket's Revenge
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July 21st, 2007 (11:32 AM).
Black Charizard.
Crystal Tier
Join Date: Mar 2007
Age: 23
Gender: Male
Nature: Relaxed
Posts: 701
Originally Posted by
I am now looking for someone, who can go through my game, and battle EVERY trainer, and then WRITE DOWN, there names. The Trainer's name that is. So, I can go back and edit them all.
Requirements for the Job:
100+ Posts
AIM Screename
PM me, if you see yourself doing this job, I will set it up for you so you can do it.
I'll sort through the applications and pick 1-2 people.
I like to test the first beta got over the 100 posts and my msn to contact me is
[email protected]
If you traded with me and want to leave a review for me I would really appreciate it! :D
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Laura Oppenheimer. David Weir
Mobile Craigslist Gets Hyperlocal With Blockboard
For many city-dwellers, there's a huge disconnect between the number of friends we have on Facebook, and the number of friends we have in our neighborhood.
Yet when you really need a friend, it is at least helpful and sometimes critical that that person lives nearby.
Blockboard is a hyperlocal startup on a mission to do something about that problem, first in San Francisco, and then in other cities across the country.
When you download this free iPhone app, it recognizes your location via GPS and suggests which of 38 separate neighborhoods that make up this 49- square-mile city where over 800,000 of us call home might be yours.
"Neighborhoods are more emotional than physical, in many ways," notes co-founder Stephen Hood. "So although Blockboard will suggest which neighborhood we think is yours, it's up to you to choose."
SoMa-Based StumbleUpon Provides a "Forward Button" for Discovery on the Internet
One of the top tech companies in San Francisco floating just below the surface of broader consumer consciousness is StumbleUpon, the discovery engine that co-founder and CEO Garrett Camp calls the "forward button for the internet."
StumbleUpon helps you find and share great content out along The Long Tail, and the more you use it the better it becomes at finding those gems that make the web, at its best, so entertaining and informative.
It's a bit unusual among startups in that it's about ten years old, and has already been through a major acquisition (for $75 million by eBay in May 2007) followed by an even more unusual event in April 2009, when its founders, including Camp and his co-founder Geoff Smith, bought it back from eBay at a deep (though undisclosed) discount.
SoMA-Based Formspring Thrives on Curiosity
The San Francisco Bay Area may be the global center of technology entrepreneurism, but not every big idea originates here, of course, although most do seem to find their way here sooner or later.
That's the case with Formspring.me, the social network that helps people find out more about each other and themselves by asking and answering questions.
"It's a vehicle for self-discovery and also for self-expression, says CEO Ade Olonoh, the soft-spoken computer scientist who started Formspring in Indianapolis late in 2009 and moved the company to SoMa last year.


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Fun and games
Organizing activities for children means adults will be able to relax and have a good time, too. Here are some simple games and projects that will make for a memorable day.
* Give the teenagers (or a creative mom or dad) an assortment of face paints and treat the kids to a session of face painting. If it's Canada Day, use white face paint and draw maple leaves on cheeks and foreheads with bright red lipstick. Or follow the garden theme and make butterfly and spider faces.
* Set up a small table with squares of heavy cardboard, sheets of waxed paper and a few bricks for pressing flowers. Let children select four or five blooms (pansies, daisies and ferns work well) and arrange them between two sheets of waxed paper. Place the cardboard on top and below, then put the "press" on a flat surface and weigh it down with bricks. At the end of the evening, they can take their mementoes home.
* Croquet is a game for all ages and it's easy to set up a course, as long as you have a reasonably level playing surface; precise measurements between stakes are not required.
* Hand out small sketchbooks and boxes of crayons, and encourage children to play artist in the garden. As each sketch is finished, clip it to a line of twine strung along a railing for everyone to admire. (Keep crayons out of the hot sun when not in use.)
* In lieu of white tablecloths, cover tables with white craft paper (be sure to tape the edges) and let children loose with the crayons to make one-of-a-kind tablecloths.
Lawn pick-me-up
If too much foot traffic has left your lawn looking downtrodden, these tips will perk it right up.
1. Use a spring-loaded fan rake to fluff it up.
2. Water well.
3. Aerate the most compacted areas using a core aerator while the soil is still slightly moist—wait a couple of hours after you water.
4. Fertilize with a quality lawn food (appropriate for the season).
5. Replace heavily worn areas with new sod, or top-dress and seed (fall or spring) thin areas.
Read more in Food & Entertaining and Entertaining
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January 16, 2012
Lost Snowshoer Burned Cash, Socks To Survive
A 66-year-old snowshoer who spent two nights on Mount Rainier survived by burning his cash and his socks. Yong Chun Kim said he survived by using fire starters to burn leaves, eventually moving on to cash and socks, KOMO TV … Continue reading
Last Night's 4th Star: Cody Hodgson
Well, that game happened. Last night the Vancouver Canucks took on the lowly Anaheim Mighty Ducks at Rogers Arena and former rocker Gene Simmons from the band KISS was in the house. You remember KISS, right? They were that reaaaally … Continue reading
Young Canadian becomes first woman to ski jump at an Olympic Games
INNSBRUCK – If women ski jumpers had their way, 2010 would have been the year their sport made the Olympics. It didn't. The sport has, however, since made the program for the 2014 Sochi Winter Olympic Games. But Calgary's Taylor … Continue reading
UFC 142: DQ Loss Not All Bad for Welterweight Prospect Erick Silva
RIO DE JANEIRO, BRAZIL - JANUARY 14: Erick Silva (R) reacts to referee Mario Yamasaki (not pictured) decision for calling the welterweight bout in favor of Carlo Prater during UFC 142 at HSBC Arena on January 14, 2012 in Rio de Janeiro, Brazil. (Photo by Josh Hedges/Zuffa LLC/Zuffa LLC via Getty Images)
Could Erick Silva actually benefit from his controversial loss at UFC 142? E. Spencer Kyte argues his disqualification loss isn't all bad in the latest from Keyboard Kimura. Continue reading
Elton John loses "Madonna won't win" Golden Globes bet
Pop superstar Sir Elton John lost his bet that Madonna wouldn't win the Golden Globe award for Best Original Song Sunday night. Actually, his ticket was already sunk, as he had it parlayed with Tim Tebow and the Denver Broncos … Continue reading
Thordarson to coach in India
Former Vancouver Whitecaps head coach Teitur Thordarson has landed a job in India. A press release from Cassius Management states that the affable Icelandic boss will be one of six foreign coaches to lead teams in India's new Premier … Continue reading
Timing might be a Tad off
Timing the marketplace is no less easy for stock speculators than football players, proof of which was rendered again by the Lions Monday. A decision made last July by Tad Kornegay may have looked like a smart move at the … Continue reading
Freestyle skier had cardiac arrest before airlift to hospital
Hospital officials in Utah confirmed Monday that Squamish freestyle skier Sarah Burke went into cardiac arrest and had to be resuscitated on the hill after her crash during a halfpipe training run at Park City Mountain Resort in Utah, … Continue reading
Gordzilla in the City: Don't go to Maui unless you can risk the horrors of PPSD
Strolling down the Ka'anapali boardwalk at sunset a few times will make strolling anywhere else feel like a tedious march of blahness. (MCT FILES)
I have a warning for everyone. Do not, I repeat do not, go to Hawai'i on vaca'ation, particu'ularly if you ca'are about your me'ental he'ealth. I've just returned from a family vacation to Ka'anapali on Maui and I've never been … Continue reading


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Things to see and do - Boca Chica
Leaving for Dominican Republic
Where to sleep?
Boca Chica Hotel tips
Condominio Bella Rimini from17 $Book
Hotel Mango from36 $Book
Hotel Hamilton from23 $Book
Boca Chica Travel guide
Boca Chica : Michelin's recommendations
Boca Chica owes its fame to a coral reef that forms a shallow lagoon of turquoise seawater. The heyday of this seaside resort, founded by a sugar magnate in the 1920s, occurred under the rule of Trujillo. Spoilt by the tourist boom in the 70s, Boca Chica also suffered from its reputation as a hub of prostitution. Today, the authorities are trying very hard to eradicate this problem and many of the most dubious establishments have been closed down.
Hotels Boca Chica
Hotel Hamilton
Jose Francisco Pena Gomez, 15 DOM - 15700 Boca Chica
Featuring an outdoor swimming pool, a casino and free Wi-Fi, Hotel Hamilton is located 300 metres from Boca Chica Beach and 15 minutes' drive from Las Americas International Airport. The air-conditioned rooms offer colourful décor, cable TV, a seati..
Condominio Bella Rimini
Juan Alberto Ozoria #35 DOM - 15700 Boca Chica
Offering an outdoor pool, Condominio Bella Rimini is located in central Boca Chica and features free Wi-Fi access and a 24-hour front desk service. The bright rooms and apartments offer functional décor, pool views and a private bathroom with a show..
Hotel Mango
Arismendy y Valenzuela 2 DOM - 15700 Boca Chica
Hotel Mango is located in the tropical town of Boca Chica and features an outdoor pool and a 24-hour snack bar. This colourful hotel is just 650 metres from the beach. The air-conditioned rooms at this property come equipped with a cable TV, a safet..


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May 24, 2016
Attorney selected the jury to hear the case of John Glen Pryor. Pryor was convicted of shooting and killing a friend named Michael Strickland in July 2001.
During his first trial in February 2002, Pryor claimed he shot Strickland in self-defense after a night of drinking. Jurors didn't buy it, sentencing Pryor to life for first-degree murder.
But the district court of appeals ordered a key prosecution witness was discredited.
The man claimed to have half a dozen DUI convictions, when in fact he had eight other convictions including aggravated assault, escape and burglary.
Click Here to access the online Public Inspection File
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.com.


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Obenshain Says Herring Victory Claims Are Premature
The Republican nominee for attorney general says his Democratic rival's victory claims are premature. Mark Obenshain (pictured) believes with Herring holding a 164-vote lead, both candidates should hold off talk about a recount until November 25th. Both men have also named transition teams. The two major parties are asking for help to pay for lawyers. Democrats and Republicans hired attorneys who have election law experience following the 2005 contest for the same office. Republican Bob McDonnell edged Democrat Creigh Deeds in that recount eight years ago.


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See All Contributors »
Can't wait to see what he hasta say
Self proclaimed 2012 CF Newcomer of the Year
Is it the Jim Rome is burning show then?
"The greatest risk in life is not taking one"
I would assume it's his radio show.
Originally Posted by CysRage
Is it the Jim Rome is burning show then?
it's his radio show. his show on espn ended in jan. and he will have a new show on cbs sports network or showtime in April JUNGLE KARMA BABY Kentucky going down.
Originally Posted by BoxsterCy
Dude, you are Gameday Rulzzz and could probably post about anything.
Like Jim Rome and I like Fred Hoiberg, so I guess I'll tune in.
oh but KXNO is interupting his show for NCAA tourney. Thankfully I get rome's stream so I can listen live and download the interview as well.
I remember listening to Rome on IHeart radio station out of soCal, anyone know where I can get it?
Follow me on Twitter at twitter.com/MarkHanrahan20
Check out my blog
and tune into "Extra Innings" Thursdays at 6pm on 1460kxno
Originally Posted by cybsball20
I remember listening to Rome on IHeart radio station out of soCal, anyone know where I can get it?
Click on your state:
Radio Stations - The Jim Rome Show
IHeart or TuneIn for non-ClearChannel station.
It's KB today, oh well better than nothing!
Chris Everett.
Jime Rome not there today.
Originally Posted by BloodyBuddy
Jime Rome not there today.
This sucks. Kyle Brandt aka Mr. Days of our Lives Star.
I hope he has a take and does not suck.... Arrrrrrrgggggghhhhhh!
I hate Jim Rome.
can't fins a live stream... all the ones that i try on iHeartRadio are playing fox sports stuff. anyone find one that works? Rome is definitely not worth $6/month to be an "insider" i really can't stand his mind-numbing monologs but he does a good interview every now and then.
Go Braves!
KxNO has it. That's where I'm listening.
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1,5-Pentanediol, PDO
1,5-Pentanediol, PDO is a building block for saturated polyesters, unsaturated polyesters and polyurethanes, solvent for inkjet ink formulations. It's suitable for polyesters for solvent-borne paints (stoving enamels, two-components paints, can & coil coatings), polyester plasticizers and for soft segments for polyurethanes.
- 1,5-Pentanediol, PDO Datasheet (English)
BASF Corporation, Chemical Intermediates develops and produces the largest range of intermediates in the world specifically adapted to the Coatings industry. These include amines, diols, polyalcohols, acids and specialties. Along with being used as starting materials for coatings, innovative BASF intermediates also help improve the properties of the final product and production process efficiency.


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I recently re-sold a 21 year old bike that I had won in an Ebay auction this spring. The bike had a complete description and including the following "key" descriptions from the guy who sold it to me:
"Not ridden for the past 12 years."
"Frame has been touched up in many places due to small nicks and some rub spots on the paint (I did not want to take the chance of the steel rusting so I was always careful to get these scratches and rubs touched up with paint as soon as I spotted them)."
"New items: brake pads, brake and derailleur housings and cables, Forte GT2 27" X 1.25" tires, tubes, KMC HP 20 chain, bearing sets, alloy water bottle cage, gel bar wrap, Forte men's Contour seat. Fully tuned and ready to ride!"
"Have your own piece of history on this fully functional bike! This bike shows signs of wear but is running very nicely."
And I added the following"
"*NOTE:Most of the above is from the original EBAY seller. I purchased it on EBAY this Spring as a touring bike but I built up a Stumpjumper instead. There is some minor surface rust on the rear cassette and chain but the chain was brand new when I recieved the bike. The new gel tape has a very small tear on the left handlebar. There is MINOR surface rust on a few items on the bike like the reflector mounts. I did not ride the bike after I won the auction but everything works. "
Well they claim that the front skewer was missing- it wasn't. I distinctly remember putting it into the bag that held the pedals and seat. I live in an RV and boxed the bike inside the RV... if the skewer wasnt there it would be here and it isn't. I did offer to pay for the alleged skewer if they sent me a dated photocopy of the reciept.
The biggy is that they claim that after pedaling not more than 5 times the derailleur went into the rear spokes and caused a huge mess.
Now I checked the bike out very carefully before shipping it. I cleaned everything, adjusted the headset(it was loose), and gave it a good once over including checking the shifting and brake action before boxing up the bike. They want me to do "something" about it. I feel that they purchased the bike as described and that I could have absolutely no knowledge that the derailleur would misbehave.
This is their exact complaint:
Well, I received the bike today and with some assembly
(including a trip the bike store to purchase a font wheel quick
release) went for a ride. And, literally not more than five petals
in, the rear derailleur caught hold of something and ended up
snagged on the spokes in a mangled mess, bent in several
places and rendered useless. Considering you advertised the
bike as "fully functional" and "running very nicely," I can't help
but feel a little misled and more than a little disappointed. How
do you think we should we proceed?"
What would you do??????


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Published 27/01/2013 12:00
Scottish forward Mark Garside opened the scoring at 4.48 and the lead was doubled within minutes when Craig Peacock converted on a powerplay.
A third goal came on 7.41 through Darryl Lloyd as the Giants extended their lead going into the intermission.
Strikes from Davey Phillips and Colin Shields completed the scoring for the Elite League champions - they keep up pace with leaders Nottingham Panthers who stayed on top of the table this weekend with an 8-3 victory over Coventry Blaze.
"Last night we didn't compete, it's as simple as that - we didn't play to the best of our ability," coach Doug Christiansen told UTV after the game.
"We have to keep winning games to put pressure on Nottingham but the reality is our destiny is in our own hands.
"I'm definitely happier with the defensive side of things. I would have liked to tap in a few more but we got the job done and we move forward to next weekend."


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Insured. Certified in American Red Cross Pet First Aid, Veterinarian recommended. Member, Asheville Area Professional Pet Sitters Association. Member, Pet Sitters Associates, LLC. Years of experience working in an animal shelter. And "dad" to his own cats.
Full service
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Peace of mind
When you travel you can be sure that your beloved pets are cared for and that your home is respected with the highest possible level of professionalism. Simon\'s Cat Sitting is insured and vet recommended. Years of experience working with animals means you can travel with peace of mind.
Get started!
Click to get started, or just email or call today!
Simon Woodrup
Email email@example.com


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Jersey Shore
MTV's Girl Code Sneak Peek: How to Avoid Awkward Silences (VIDEO)
How do girls avoid awkward silences? By dishing out compliments, of course! In an all-new episode of MTV's Girl Code, the funny ladies of Girl Code — with some help from The Show With Vinny star Vinny Guadagnino — tackle the all-too-important subject of egregiously complimenting your girlfriends.
"Complimenting is uniquely a girl thing," says the former Jersey Shore star in Wetpaint Entertainment's exclusive clip from the episode. "Girls can own that. I don't want it. I'm never going to go in the locker room at the gym, and say, 'Yo, your biceps are looking really good, bro.'"
Watch the hilarious clip above, and don't forget to check out Girl Code on Tuesday nights at 9:30 p.m. and 10:30 p.m. ET/PT on MTV.


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John Knight
Since the late 1960s, Los Angeles-based artist John Knight has pioneered the practices of site-specificity and institutional critique, always interested in interrogating the underlying geopolitical and economic systems implicit in everyday convention.
LA TIMES RAVE Review of Teatrocinema's "Historia de Amor"
and save on ticket purchases all year!
Become a REDCAT MEMBER today and receive benefits for a full-year including discounts on tickets and REDCAT publications, special invites and more. Click for details


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10 and 30 min key relearn is not working. The "Security" light comes on when the key is turned to run and start but immediately goes out. It does not flash or stay on when the key is left in the run position. The car is seldom used and this has happened before. The 30 minute relearn worked the last time. Any suggestions?
by Shayla in Troy, ID on December 02, 2012


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Just want to share for anyone who experience with same problem : "su: incorrect password" and then follow with LDAP initializing failed. I got the problem if fail to install Zimbra at the first attempt (missing of library, incorrect setting of /etc/hosts or something like that). I try to uninstall the broken Zimbra installation but the weird problem is still exist.
I've searching various link on the forums, investigating the /etc/sudoers as suggested on a thread but same problem still exist after finally I issued this command with root acces :
and then typing the root password (in others word, changing the Zimbra password). After that the weird problem dissapear and I got a successful Zimbra installation 5.0.20 and 6.0.3 on openSUSE 11.1 & 11.2Code:passwd zimbra