text:
How to Expand Your Business Globally
Today's global market demands global action, yet, according to the U.S. Department of Commerce (DOC), fewer than 10 percent of American manufacturing and service companies are involved in international trade. However, like it or not, you're probably already competing globally foreign-owned companies are competing with you in your "domestic" markets. You can turn global competition to your advantage by tapping markets and labor supplies across international borders yourself a process that is simpler than you may believe. This Interactive Business Tool will help you understand how to stretch your company's global reach. In addition to this discussion, you will also find valuable information in a related module, How to Enter an Emerging Foreign Market.
A. Why Compete Globally?
Becoming involved in international trade can help your business:
B. Watch Out For ...
In order to participate in global trade, your business will need to incur additional costs, such as developing new promotional material, traveling to foreign locations, modifying your product to meet the needs of a new market, and shipping overseas. For these reasons, the decision to embark on international trade should be done with eyes open.
Back to Outline
II. Methods of Doing Global Business
There are several methods you can use to enter a foreign market, including exporting, importing, licensing, joint ventures and off-shore production. If you have an existing business that creates a tangible product, exporting is the most common method. Start-up costs and risks are limited, and profits can be realized early on. If you are beginning a new venture, the other choices are options that may reduce some of the start-up risks.
There are two basic ways to export: directly or indirectly.
A. Direct Exporting
In direct exporting, your company finds a foreign buyer and then makes all arrangements for shipping your products overseas. This method requires a lot of footwork and infrastructure, and entails more risk, but the potential profit rewards are often higher. If you choose to export directly, you have several options:
Sales Representatives/Agents -- Essentially, you hire foreign-based representatives or "agents" who work on a commission basis to locate buyers for your product, just as you would domestically.
Distributors -- You strike a deal with a foreign distributor, who purchases merchandise from you and resells it with a markup. The distributor maintains inventory and provides after-sales service to the buyer.
B. Indirect Exporting
Your company uses an export intermediary to perform most of the details of the export arrangement. Many small businesses choose this option, at least at the outset. There are several types of export intermediaries:
Commissioned agents - These are brokers who link your product or service with specific foreign buyers, allowing the primary company to fulfill the order and handle packing, shipping and export documentation.
Export Management Companies (EMCs) and Export Trading Companies (ETCs) -- These companies operate in the country where the goods are to be exported. EMCs generally represent your product to promote it to other prospective overseas purchasers, while ETCs usually work according to demand, finding a need and sourcing your product for foreign buyers. Both types of companies usually take care of all aspects of the export transaction (including conducting market research, promoting your product overseas, accessing proper distribution channels, and locating foreign distributors), making them a viable option for smaller companies that lack the time and expertise to break into international markets on their own. EMCs and ETCs usually operate on a commission basis, although some work on a retainer basis and some take title to the goods they sell, making a profit on the markup. Importing and exporting can be done on any scale from a tiny home office or from the World Trade Center. You don't need a license from the United States government in order to do international trade, but the country with which you do business may require a license. What you do need is an international business plan.
Back to Outline
III. Your International Business Plan
If you're already in business, you probably already have a business plan. If so, you'll need to amend it to include the specifics of international business. If not, you'll need to begin from scratch in order to define your company's present status, internal goals and commitment, and to seek financial help if you expect to pursue a bank loan or other types of investment. An international business plan should define:
Back to Outline
IV. Getting Ready to Go Global
For your business to succeed globally, the principles are the same as succeeding domestically: You need to find a product that will fill a targeted need for the purchaser in export markets according to price, value to customer/country and market demand. Do you have a product for which there is a market overseas? Is there a product manufactured overseas that has a market domestically? If so, you need to identify why your product will have a market overseas or why an imported product will sell domestically. What gives your product a competitive advantage for an overseas market? Who are the buyers for your product? Why would they buy from you? Take the following steps to determine the feasibility of your international business plan.
A. Analyzing Your Industry
You need to identify where your industry is today and predict the trends and directions that it will take over the next three years. How competitive is your industry in the global market? To find out, consult the following resources:
B. Analyzing Your Business's Capabilities
If you have an existing business that you are planning to expand globally, you probably are already doing a few things right to have reached this point in your business. However, you'll need to assess your business's strengths and weaknesses to determine what approach to take in the international market. Ask yourself the following questions:
If your product is an industrial good:
If the product is a consumer good:
C. Selecting the Best Markets to Enter
Although the three largest markets for U.S. products are Canada, Japan and Mexico, these countries may not be the largest markets for your product. If you're not sure where to do business, one good indicator is to find out where your domestic competitors have expanded internationally. Another useful resource are three key United States government databases that can identify those countries that represent significant export potential for your product: The Small Business Administration's Automated Trade Locator Assistance System (SBAtlas), Foreign Trade Report FT925 and the U.S. Department of Commerce's National Trade Data Bank (NTDB).
Once you've identified several countries that you think have market potential for your product, you're ready to do serious market research. Research and review data and information for the following factors for each country.
D. Market Factors to Assess
Answer yes or no to the following questions to asses the potential of specific countries.
1. Demographic and Geographic Factors
___ Is there sufficient
population size, growth and density in the correct demographic region?
___ Is the climate compatible with your product?
___ Is the shipping distance economically feasible?
___ Is there a sufficient physical distribution and communication network?
___ Are the natural resources you may need available?
2. Political Factors
___ Is the government
amenable to trade with the United States?
___ Is the country politically stable?
___ Does the government have heavy involvement in business?
___ Are there existing trade restrictions, tariffs, non-tariff barriers or bilateral trade agreements?
3. Economic Factors
___ Is the economy
sufficiently developed to support your product?
___ Is foreign trade a significant part of the economy?
___ Is the country's currency stable? What is the inflation rate, availability, controls and stability of exchange rate?
___ Is the per capita income and distribution of income sufficient to support your product?
4. Social/Cultural Factors
___ What is the
literacy rate and average educational level in the country?
___ Is there a middle class that would support your product?
___ Do the people have sufficient disposable income and a propensity to spend money on products similar to yours?
___ How is the market similar to and different from your domestic market?
___ Are there language and cultural barriers to doing business?
5. Market Access Factors
___ Are there limitations
on trade, such as high tariff levels or quotas?
___ What documentation will you need?
___ Are there local standards, practices and other non-tariff barriers?
___ What is the country's policy on honoring patents and trademark protection?
6. Distribution and Production Factors
___ Are there intermediaries available if you need them?
___ Are there sufficient regional and local transportation and storage facilities?
___ Is there labor available with the skills you may need?
___ What are local manufacturing conditions?
___ What are local labor laws?
When you're determining which foreign market to enter, one of the key factors may be the existence or absence of tariffs and non-tariff trade barriers. Tariffs are taxes imposed on imported goods in order to raise the price of imported goods to the level of domestic goods. Often tariffs become barriers to imported products because the amount of tax imposed makes it impossible for exporters to profitably sell their products in foreign markets.
Non-tariff barriers are laws or regulations that a country enacts to protect domestic industries against foreign competition. Such non-tariff barriers may include subsidies for domestic goods, import quotas or regulations on import quality. Countries with low trade barriers in place are usually not good choices for global trade.
Back to Outline
V. Forming Connections in Your Market
Once you've identified the product or service you want to import or export and the country that interests you, you need to make business connections in the chosen market. That is, you're looking for companies, agents or distributors who are looking for the products you will offer and that may be interested in doing business. You also need to determine whether you will handle your global business directly or choose an agent, distributor or intermediary to act on your behalf, and if so, you need to find someone qualified to do so.
The U.S. federal government, state governments, trade associations, exporters' associations and foreign governments offer low-cost and easily accessible resources to simplify and speed your entry into foreign markets. In addition, almost every industry and product has a corresponding organization and publication, even in developing countries. Consult these organizations and publications for ads, articles and listings for companies that manufacture, buy or sell the product for which you're looking. The Internet is a great boon for locating sources, since many companies that do international business will have English-language Web sites. Keep in mind, however, that Internet usage in most foreign countries lags behind United States usage, so if you limit your sourcing options to what is on the Web, you may not find the prices or selection you need.
The U.S. Department of Commerce (DOC) has a number of contact programs in place that can help you make the connections you need. Here's a run-down:
Export Mailing Lists - These are custom searches of the DOCs databases of prospective overseers customers. You select market criteria, then receive a list of relevant manufacturers, agents, retailers, service firms, government agencies with names, addresses, contacts, products and other information. Output is available as mailing labels or on disk.
Trade Lists - These are directories that the DOC publishes for each country based on the information above.
Trade Opportunities Programs - This service collects sales leads from overseas firms looking for U.S. products. Lead details include specifications, quantities, delivery dates and bid deadlines.
Agent/Distributor Service - This is a matching service that performs a custom search of foreign import agents and distributors, contacts them with your company's literature and products, then prepares a report identifying six prospects that are interested in doing business with you.
Here are a few other options for making contacts (more information about accessing these will follow in the "Resources" section):
International chambers of commerce
Foreign trade ministries
World Trade Centers Association (WTCA)
Foreign industry associations
Foreign industry publications
Trade associations
Thomas Register
Dun & Bradstreet
U.S. Department of Commerce
Domestic industry associations
Domestic industry publications
National Association of Export Companies (NEXCO)
National Federation of Export Associations (NFEA)
Once you've identified potential sources, contact them to seek specific product information, such as specifications, product samples and prices. Contact them by letter, fax, email, telex or cable. At this point, it's best to translate your business's own literature into the language of the country where you plan to do business. Although contacts at most foreign companies that do international business will speak English, it's best to communicate in your potential source's language.
Back to Outline
VI. Pricing Your Product
Pricing a product is always one of the most important parts both of marketing a product and making a business profitable, and, unsurprisingly, pricing a product for the overseas market is one of the most critical factors for entering foreign markets. Prices must be high enough to generate a reasonable profit, yet low enough to be competitive in overseas markets. Naturally, your cost of goods sold must include all the expenses to move product to the port of destination, which hike up the bottom line considerably, but don't forget that doing business internationally affects your overhead as well.
Cost of Goods Sold
In addition to the material and labor used in the manufacture of your product, you must consider:
Export packing
Container loading
Inland freight
Consular legalization
Truck/rail unloading
Bank documentation
Bank collection fees
Terminal charges
Cargo insurance
Ocean freight
Other misc.
Bunker surcharge
Courier mail
International Overhead Costs
Changes in product packaging
Promotional literature
Marketing and advertising
Sales salaries, bonuses and commissions
Foreign market research
Translation, consulting and legal fees
Foreign agent/distributor product information and training
Once you've determined your break-even price based on the additional costs above, you're ready to set your prices. The selected pricing structure should be part of your market penetration objectives. Your goals will vary depending on the target overseas market. Ask yourself the following questions regarding pricing:
Are you entering the market with a new or unique
Are you selling excess or obsolete products?
Can your product demand a higher price because of brand recognition or superior quality?
Are you willing to reduce profits to gain market share for long-term growth?
Obtain as much information as possible on local market prices as part of your market research. Overseas distributors and agents of similar products of equivalent quality can give you some insight.
A. Quoting a Price
The pro-forma (projected) invoice is the most commonly used document to give price quotations to potential customers. The quotation in a pro-forma invoice is usually considered binding, although prices may change prior to final sale. To prepare the invoice, you should give a detailed description of the product, an itemized list of charges and sale terms. Prices should be quoted in United States dollars to reduce foreign exchange fluctuation risks. The invoice should also indicate the period during which the price quotation is valid.
B. Setting Terms of Sale
You should be familiar with the common terms of sale used in international trade before preparing your pro-forma invoice. Terms of the sale that you should spell out include:
Risk of Loss - This clause excuses the exporter from responsibility where a default in performance is caused by events beyond the exporter's control, such as war, acts of God or labor problems.
Payment and Finance Terms - This describes when payment will be made, in addition to providing provisions for late payments, partial payments and remedies for nonpayment.
Warranties - In some cases, the importer will require the exporter to warrant that the goods meet certain standards of construction and performance.
Acceptance of Goods - Frequently, the importer will insist upon the right to inspect the goods upon delivery. If the goods do not meet the standards set in the invoice, the importer can reject them.
Intellectual Property Rights - Protection of the exporter's patents, trademarks or copyrights should be assured in the agreement, in particular since these protections are frequently eroded when goods cross international lines. Get this in writing.
Dispute Settlement - This is always a good clause in any agreement of sale, but in an international agreement, it's especially useful. Spell out how and where any disputes will be resolved and which nation's law should be applied.
Back to Outline
VII. Getting Paid
One of your primary concerns in entering the overseas market is to be paid in full and on time. While the credit of a buyer is always a concern, you may have less recourse when it comes to collecting unpaid international debts, so you should exercise extra caution. Be sure that you and your buyer agree upon the terms of the sale in advance.
The primary methods of payment for international transactions, ranked in order of most secure to the exporter to least secure, include:
Payment in advance - This is the most desirable, but it's usually just an option when the manufacturing process is specialized, lengthy or capital intensive and requires partial or progress payments.
Letters of Credit (LC) - A letter of credit is an internationally recognized instrument issued by a bank on behalf of its client, the purchaser. The LC actually represents the bank's guarantee to pay the seller, provided the conditions specified on it are fulfilled.
Documentary Collection (Drafts) - Documentary collections involve the use of a draft, drawn by the seller on the buyer, requiring the buyer to pay the face amount either on sight (sight draft) or on a specified date in the future (time draft). The draft is an unconditional order to make such payment in accordance with its terms, which specify the documents needed before title to the goods will be passed.
Consignment - In this arrangement, the importer only pays the exporter after the goods have been resold to another purchaser. Title to the goods remains with the exporter until the purchase conditions are satisfied. Consignment is very risky for the seller since there are no guarantees when or if the goods will be sold, and in the meantime, the exporter's capital remains tied up in inventory over which he or she has no control.
Open account - This means that payment is due after the goods are manufactured and delivered (usually within 15, 30 or 60 days). In other words, this is the typical way that business is conducted in the United States. However, this method is considered risky internationally because your recourse to collect unpaid debts is limited.
Back to Outline
VIII. Transporting Goods Internationally
Once you've set terms of sale, the next variation between selling a product domestically and internationally occurs: how to transport the goods. One of the main differences between selling domestically and exporting is the documentation required. Providing proper documentation with your shipments is essential, if the goods are to arrive safely and on time.
Luckily, the role of the international freight forwarder (your shipper) is to act as an agent for the exporter in moving cargo to the overseas destination. These agents are familiar with the import/export rules and regulations of foreign countries, methods of shipping, United States government regulations and the documents connected with foreign trade.
Freight forwarders can help you with your order from the start by advising you on freight costs, port charges, consular fees, costs of special documentation and insurance costs as well as handling fees. Freight forwarders may also recommend the best type of packing for protecting the merchandise in transit and arrange to have the merchandise packed at the port or sealed in shipping containers. If you plan to take advantage of these services, be sure you figure these additional export costs into the price you charge your customer.
When the order is ready to ship, freight forwarders should be able to review the letter of credit, commercial invoices, packing list and other documentation to ensure that everything is in order. Following are the paperwork documents that you may need to fill out to ship an order internationally.
International Shipping Documentation
Commercial Invoice - This proves the exporter's ownership of the goods and promises payment. The description of the goods on the commercial invoice must correspond exactly to the description in the letter of credit or other method of payment. It's usually best to prepare a commercial invoice in English and in the language of the destination country.
Export License - You don't need a license to export goods, unless it's possible that export could threaten United States national security, affect certain foreign policies of the United States, or create short supply in domestic markets. To determine whether you need a license, check with the U.S. Department of Commerce's Bureau of Export Administration (BEA).
Shipper's Export Declaration (SED) - This is used for mail shipments valued at more than $500 and required for other shipments valued at more than $2,500 so that the Bureau of the Census can monitor exports. The SED must be presented to the carrier before the shipment departs.
Certificate of Origin - Although the commercial invoice may contain a statement of origin, some countries require Certificates of Origin. Certificates of Origin allow for preferential duty rates if the exporter's country has an agreement with the importer's country to allow entry of certain products at lower tariffs.
Export Packing List - This itemizes the material in each individual package and indicates the type of package and individual net, legal, tare and gross weights and measurements for each package (in both U.S. and metric systems). A copy of the packing list should be attached to the outside of a package in a waterproof envelope marked "packing list enclosed." The list is used by the shipper or forwarding agent to determine the total shipment weight and volume and whether the correct cargo is being shipped. In addition, customs officials may use the list to check the cargo. The original packing list should be forwarded along with your other original documents in line with the conditions of sale.
Insurance Certificate - Most exporters insure goods for 110 percent of their value.
Inspection Certificate - Many foreign purchasers request that the seller certify that the goods being shipped meet certain specifications. This certification is usually performed by an independent inspection firm.
Dock Receipts - This document transfers shipping obligations from the domestic to the international carrier as the shipment reaches the terminal.
Bill of Lading/Air Waybill - Bills of lading and air waybills provide evidence to title of the goods and set forth the international carrier's responsibility to transport the goods to their named destination.
Training Module Checklist
___ Have you identified the product you wish to
___ Have you decided whether to try direct exporting or indirect exporting?
___ Have you articulated why you're interested in global trade?
___ Have you identified the best market to enter?
___ Have you identified who your potential export markets (or import sources) and customers are?
___ Have you determined how you plan to enter the foreign market
___ Have you calculated additional costs (travel, shipping, marketing, sourcing) you will need to incur to enter the global market?
___ Do you understand the legal requirements to enter the markets that interest you?
___ Have you determined how you plan to transport the goods?
Back to Outline
IX. Resources
Terri Morrison et al., Dun & Bradstreet's Guide to Doing Business Around the World (Prentice Hall, 1997)
Carl A. Nelson, "Import/Export: How to Get Started in International Trade" (McGraw-Hill, 1995)
Jeswald W. Salacuse, "Making Global Deals" (Houghton Mifflin, 1991)
U.S. Department of Commerce, "A Basic Guide to Exporting," (NTC Business Books, U.S. Small Business Administration)
Charles Valentine, "The Ernst & Young Guide to Expanding in the Global Market" (John Wiley, 1991)
Government Resources
of International Trade
U.S. Small Business Administration
409 Third Street, S.W.
Washington, D.C. 20416
Phone: (202) 205-6720
U.S. Department
of Commerce
14th & Constitution Avenue, N.W. Room 3850
Washington, D.C. 20230
Phone: (202) 482-2867
Trade Administration
U.S. Department of Commerce
14th & Constitution Avenue, N.W.
Room 3850
Washington, D.C. 20230
Phone: (202) 482-2867
of Trade and Economic Analysis
Department of Commerce
Room 2815
14th & Constitution Avenue, N.W.
Washington, D.C. 20230
Phone: (202) 482-5145
of Export Administration
U.S. Department of Commerce
Office of Export Licensing
Room 1099, HCH Building
14th & Constitution Avenue, N.W.
Washington, D.C. 20230
Phone: (202) 482-8536
Back to Outline
Copyright © 2013 Virtual Advisor, Inc.


text:
Copley Library
Visit the Copley Library website
The Helen K. and James S. Copley Library, located on the west end of the campus, currently houses over 500,000 books, 6,000 media items, and subscribes to over 2,500 print journals and 125 online databases which provide access to more than 18,000 journals electronically. It also houses the university's media software collection, including video and audio tapes, DVDs, and Cds.
Copley Library is open 114 hours each week. Library faculty with subject specialties offer extensive reference, research and instructional services.
The libraries at USD are members of the San Diego Circuit Library Consortium, which maintains a database linking university libraries in the region. Through this consortium, USD students and faculty can easily access library materials from other campuses.
In addition to its own collection and the San Diego Circuit, Copley Library has connections to libraries throughout the world.
Notable features and services of the Copley Library include:
- Over 80 computer workstations for student use
- Wired and wireless networks for patrons with laptop computers
- Laptop computers are also available for checkout
- Photocopy machines and microform readers/printers are available for student use
- Two printer stations, including laser color printing
- Study spaces are available for over 700 students and include group study areas, quiet carrels and pleasant reading rooms furnished with antiques and contemporary art
Legal Research Center
Visit the Legal Research Center website
The Katherine M. and George M. Pardee Jr. Legal Research Center, located east of the law school, is the region's premier law library. The library collection is available to law students and faculty, members of the USD community and other legal researchers.
The library is open seven days per week on a schedule of 112 hours during the fall and spring semesters, on a reduced schedule during the summer and intersessions, and for extended hours during exam study periods. Librarians trained in the law provide reference service during a majority of the library's operating hours.
Within the beautiful seven-level building, students have access to:
- Ample individual and group study areas
- Convenient power outlets for laptop use
- Reliable wireless Internet access
- Two computer labs with black and white laser printing
- Dedicated computers for research near the print collections
- Laptop computers available for checkout
- Photocopy machines and microform readers/printers
In addition to its extensive collection of print materials, the library offers great historical depth in its microforms and documents collection and subscribes to a wide array of online research databases for current and historical domestic, foreign and international legal materials.

subset: commoncrawl


text:
Get Your Free Audiobook
A Tale of Two Cities & Great Expectations
Non-member price: $43.52
Publisher's Summary
A Tale of Two Cities:
"It was the best of times, it was the worst of times..." So begins this classic, one of the most beloved novels of all time. Charles Dickens brings the French Revolution to life through such vivid characters as Charles Darnay, the Old Doctor, Sydney Carton and Lucy Manette. The action peaks with the storming of the Bastille, the dreaded symbol of government authority. And the blade of La Guillotine falls again...
(P)1986 by Recorded Books, Inc.
Great Expectations:
When the young orphan called Pip encounters the escaped convict Magwitch, the child's life is altered forever - in ways he cannot even imagine. In the course of his story, Pip encounters such memorable characters as the eccentric Miss Havisham and her beautiful ward Estella - and a mysterious benefactor. This recording includes both of the endings Dickens wrote for this classic novel.
(P)1987 by Recorded Books, Inc.
What listeners say about A Tale of Two Cities & Great Expectations
Reviews - Please select the tabs below to change the source of reviews.
- Tony
- 28-08-2012
Great Literature and Great Narration
Great Expectations and a Tale of Two Cities are examples of a master working at his peak. Both books are compelling, thought provoking and stand the test of time.
Great Expectations is populated by some of Dickens' most memorable characters. The spinster Miss Havisham, the convict Magwitch, the lawyer Jaggers and his clerk Wemmick with his "Aged Parent" and the beautiful Estella. Even though some language is out of popular usage, the study of social class and values both real and perceived is still compelling today.
A Tale of Two Cities, one of two historical novels by Dickens (the other the less compelling Barnaby Rudge), is both sweeping in scope and strangely clausterphobic in setting. Dickens story is set during the French Revolution and is a cautionary tale for the English to correct the social injustices present in mid 19th century England before the poor rise to stage a similar revolution for social justice in England. According to recent surveys, A Tale of Two Cities is the most popular book of all time with over 200 million copies sold.
The narration by the late Frank Mueller is stunning. I love both of these books and prefer to hear Mueller's compelling narration rather than read them myself. Just to hear Frank Mueller read these classics is worth the price.
60 people found this helpful
- Linda
- 28-08-2018
Frank Muller
I listened to this book solely because its narrator is Frank Muller. What an extraordinary performance!
8 people found this helpful


text:
Looking for Prom Hair & Makeup in Wallingford? Gone are the days when you need to make the long trek to the salon - just check out our innovative new approach.
At glamdeva.com, we know that women often struggle to find the time to visit their favourite beauty professionals. Similarly, we know that it can be difficult for stylists and therapists in Oxfordshire to fill gaps in their schedule and build up a regular client base. So, we reasoned, why not rackle both problems in one?
Our approach is simple - all you need to do is visit our website or download our app, and we'll connect you with a network of experienced professionals offering on-demand Graduation Makeup Artists services in your area. Just choose the one that's right for you, pick an appointment time - and that's it! You'll soon be enjoying salon-quality pampering in the comfort of your own home!
Need something one-of-a-kind for a wedding or other special occasion? Or perhaps you're just after a regular, everyday hair and makeup consultation? Whatever you're looking for, we provide an easy, convenient and affordable way to look your best in the modern world.
At Glamdeva you can choose from a range of Prom Hair Stylists services, so it's easy to find your favourite for less. Want to find out more? Speak to our team about Prom Hair & Makeup in Wallingford today.


text:
Dr. Frankenstein's Idle Remorse
- Order Reprints
- Print Article
Some years after his monster laid waste to the town, Dr. Frankenstein apparently has reconsidered the wisdom of his creation and has determined it wasn't such a good thing after all.
That's one way to view the conversion of former Citigroup (ticker: C) chief executive Sandy Weill to the counter-reformation sweeping the financial industry calling for the reinstatement of the Glass-Steagall Act. The irony is rich, almost as rich as Weill himself. After all, it was he who swung the wrecking ball to the Depression-era measure that separated commercial banking from investment banking and insurance.
Indeed, Glass-Steagall was still officially the law of the land when Weill engineered the merger of Citi and Travelers Group in April 1998 for what then was a record-setting $70 billion. The Citi-Travelers deal brought Salomon Smith Barney into fold, combining banking and brokerage in a way that would have had Messrs. Glass and Steagall spinning in their graves. That legal formality was taken care of the following year with the passage of the Gramm-Leach-Bliley Act, which swept away the last vestiges of the moribund Glass-Steagall.
But last week, Weill went on CNBC to declare it was all a mistake. "What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans, have banks do something that's not going to risk taxpayer dollars, that's not too big to fail," declared the man who took a second-tier finance company in the mid-1980s and, through a series of acquisitions and roll-ups, created a banking, securities, and insurance behemoth.
Why the change of heart? It's doubtful some of Citi's lowlights of the early 2000s played a role, such as its work with illustrious investment-banking clients Enron and WorldCom. Perhaps it has something to do with Citi's stock-price performance. When Citi and Travelers hooked up in 1998, Citi's stock hit a then-high of $35.63. In 2003, when Weill stepped down as CEO and elevated Chuck ("We're still dancing") Prince, Citi bought back $300 million of Weill's stock at an average price of $47.14.
Citi's shares closed Friday at 27.30, which would imply the stock has lost nearly a quarter of its value since the 1998 merger. Except for one teensy-weensy detail: The stock had a reverse 1-for-10 split last year. Thus adjusted, Bill Gross of Pimco tweeted after Weill's comments, Citi shareholders are down 90% since the merger. Actually, Citi's shares would have to recover to the mid-30s, where they traded in March, which would be about a 30% pop from here. And that's after a 9% surge in the sessions following Weill's video turn, based on the notion Citi and other big banks would be worth more split up.
The repeal of Glass-Steagall is widely blamed for the financial crisis, in that it permitted the creation of too-big-to-fail monstrosities. So reinstating the law passed in the wake of the 1929 crash and subsequent bank failures would seem to make sense, many agree.
WHAT PUZZLES ME IS THAT NONE of the big blow-ups and rescues resulting from the credit crisis involved institutions that were combinations made possible by Glass-Steagall's demise. Indeed, the rescue of Bear Stearns by JP Morgan Chase (JPM) didn't have that regulatory barrier. Moreover, Lehman Brothers wasn't a bank, and it failed spectacularly. Neither was American International Group (AIG), nor mortgage monsters Fannie Mae and Freddie Mac, yet they required billions in taxpayer-funded bailouts.
Indeed, history shows the too-big-to-fail concept originated in the 1980s, when Continental Illinois had to be rescued. That was a bank that took in deposits and made loans, just as Weill and Glass-Steagall fans say banks should. Yet Continental made bad loans, which have sunk banks for centuries. Ditto the myriad savings and loans whose feckless lending in the late 1980s and early 1990s ended up costing taxpayers some $124 billion.
On that score, Edward Yardeni, who leads Yardeni Research, wrote: "The problem with banks is that they tend to blow up on a regular basis. That's because bankers are playing with other people's money (OPM). They consistently abuse the privilege and shirk their fiduciary responsibilities. Whenever they get into trouble, government regulators scramble to bail them out first and then scramble to regulate them more strictly. Without fail, the bankers respond to tougher rules by using some of the OPM to hire financial engineers and political lobbyists to figure out ways around the new regulations.
"In my opinion, banks are the Achilles' heel of capitalism. They really do need to be regulated like utilities if their liabilities are either explicitly or implicitly guaranteed by the government, i.e., by taxpayers. Banks should be permitted to earn a very low utility-like stable return. Bankers should receive compensation in the middle of the pay scale for government employees, somewhere between the pay of a postal worker and the head of the FDIC. It should be the capital markets, hedge funds, and private-equity investors that provide credit to risky borrowers instead of the banks."
Bankers, you'll be shocked to learn, disagree with that sentiment. And they're being subject to increased regulation with Dodd-Frank and the Volcker Rule, which is supposed to put an end to proprietary trading. Not to worry, however. As Yardeni observes, bankers push back with lobbyists. And given the state of campaign finance, politicians won't be turning away bankers' contributions. The monsters will survive.
STOCKS WOUND UP A WINNING WEEK by virtue of jolly runs Thursday and Friday that boosted the Standard & Poor's 500 some 3.6%, leaving the large-cap benchmark up 1.7% for the week. Before that surge in the final two sessions, the market labored under the burden of the never-ending European credit-crisis saga. Then there were a number of less-than-inspiring earnings reports -- among them UPS (UPS) -- that demonstrated weakening global demand and the drag from resilient dollar. Even Apple (AAPL) wasn't immune, suffering a rare earnings miss that had more to do with the long-anticipated iPhone5.
All of this faded from memory Thursday morning, when European Central Bank president Mario Draghi declared the bank was "ready to do whatever it takes" preserve the euro. And if anybody didn't get the message, he added for emphasis: "Believe me, it will be enough." What it will be, he isn't saying. We may get a hint Thursday when the ECB holds its policy meeting.
The markets are hoping the ECB will resume its large-scale purchases of bonds of Spain and Italy, to lower those beleaguered governments' borrowing costs, which had been spiraling steadily higher. Spain's benchmark 10-year yield, which hit a record 7.62% at mid-week, ended Friday at 6.77% -- a huge, 85-basis point drop in two days. Italy's 10-year bond yield tumbled 51 basis points, to 5.97%. Those ECB bond buys (which could be done directly or through the back door, as described in Barron's recent cover story, "The Euro's Fate," July 16) would lower yields, expand euro liquidity and continue to lower the common currency.
EQUAL FOCUS WILL BE ON the Federal Reserve, whose policy-setting Open Market Committee winds up its two-day confab Wednesday amid anticipation of further monetary moves to rouse the U.S. economy. Friday brought news that U.S. gross domestic product grew at a tepid 1.5% real annual rate in the second quarter, down from 2.0% in previous quarter.
Fed officials have indicated they're prepared to keep prodding the economy along. But anything they do is likely to be minimal, says Lacy Hunt, chief economist at Hoisington Investment Management. If the central bank injects liquidity, it can't control where that liquidity goes. "It can go into stocks, but unfortunately in this environment, it will likely fan commodity speculation, buoy energy prices and have deleterious inflation effects" he says. "It may benefit Wall Street, but it will harm the great majority of households that are not doing well."
Over the last 12 quarters since the so-called recovery began, real GDP has grown at a 1.6% annual rate, less than half the post-World War II average. It's vastly worse on the income side: Real disposable income has grown at a miniscule 0.2% annual rate, vastly lower than the 2.9% average pace of post-war recoveries. There's a key difference between those gauges. "GDP measures spending while income measures prosperity," Hunt explains. And the latter has been sorely lacking.
There is little monetary policy can do to reverse this doleful trend. There is no lack of liquidity, Hunt says. That's evidenced by banks' hanging onto $1.5 trillion in excess reserves, on which the Fed pays them 0.25% -- more than the public can earn on its cash balances and more than two-year Treasury notes yield. But prodding banks to make more unproductive loans in an economy already beset with excessive debt won't help the economy. "There are no magic elixirs," Hunt concludes.
Editors Note: This column has been revised to remove a reference to Cisco System's earnings report. Cisco shares were down sharply last week owing to concerns about competitive pressures. Cisco is scheduled to report earnings Aug. 15.
Comments? E-mail: firstname.lastname@example.com
Alan Abelson is on vacation.


text:
Opinion: Deconstructing Anthony Kennedy
Best of the Web Today columnist James Taranto on how Supreme Court justice Anthony Kennedy's seeming reversal on race-based admissions actually marks a substantive change in the law.
This transcript has been automatically generated and may not be 100% accurate.
... I ... Watson the decisions of the Supreme Court this week and we're still going through the de tails of Fisher of the University of Texas ... which was all about racial preferences in university admissions ... and my next guest says that the men to watch ... is as usual Anthony Kennedy ... thus the Web Today columnist James Taranto joins me now to explain ... chains ... that beat them that they ... will focus on justice Kennedy seems to be the swing vote on these decisions ... what did we learn about his jurisprudence in this particular case someone is ... what we learned that much because the position he took in this case why is ... it essentially the same position took ten years in one day earlier Tesco broader versus bones are ... that was the case in which the court upheld the University of Michigan's racial preferences ... I doubt you have the quote I'm sure until we got the best way to put this up on the stream the dissents ... inverter and I quote the court by contrast is going to be satisfied by the law school's profession that some good faith ... the majority admits as much we take the law school is foreign than it was like nothing better ... than to find re stitch on missions for me on and will terminate its race conscious admissions program ... as soon as practicable ... so that's can eat dissenting ... by that decision intruder by the contrast that with the quote from Fisher bristling with us on the screen now quote group did not hold ... that good faith would forgive in in in permissible consideration of race guide James keep this in English for us yes it sounds like justice Kennedy is contradicting himself he says Groeger was axed in ninety two thousandthree greater is not action twenty for ten ... the reason for this is what he's done is ... his Up album murder he's allowed greater precedent to Stansted race based admissions are fine well which said those race based admissions are fine ... and which he said ... I'd ... they just took the universe is worried by ... are a good faith and didn't applies for Target ... well the thing is greater paid lip service to strict scrutiny which is the very exacting standard that supplied all ... policies or laws that make racial distinctions ... salaries saying is well enough to attain greater its word murder said were placed restricted so ... strict scrutiny is the role okay so that means that going forward court if courts take floor courts take this advice will not advise sits in the end of the men working to comment ... on it what does that mean then for universities to apply strict scrutiny of race based admissions policies it means that not only does it have to be justified by what its called a compelling government interest in this case promoting diversity ... but it has to be narrowly tailored and be the least restrictive means of accomplishing that goal specifically what it means a quarter justice Kennedy ... is that in order to how but there are racial preferences Opels ... universities have to demonstrate that made him a quote serious good faith to consideration of workable race neutral alternatives ... are so ... the Lord courts can just take ... the universe is at their word the way the five justices of the Supreme Court did ten years ago ... so if I'm sitting in the universe the administrative office today is that ... the wiring that does that mean that ... I have to do will weigh in with any combinations policies that ... that preference race is a factor or did they not go that far that well you know I it means that hit that such policies as long as the current roster of Supreme Court prices remain intact ... those policies are going to much more difficult ... to buy up holding court now ... if I'm an admissions officer upon the legal counsel University advising the admissions office what to do ... I think what I say so in that the University is committed to you know core record diverse student body ... but what I say is ... not as a Strategic matter ... hunker down don't make any changes ... hope you don't get sued and hope Obama gets to replace Justice Kennedy are just a scaly era ... the problem with what what what the court to hear ... it commanded the majority the court seven one Justice Ginsburg was alone in this app ... R I and it's potentially a very promising decision for those of us who believe in racial equality ... but the problem is it depends on ... of the court's willingness to ... me what it says when it says strict scrutiny which it does now but it didn't tenures EOS CRIC's strict scrutiny ... the most important phrase potentially in admissions policies today thank you for deconstructing justice Kennedy ... James


text:
{*car starts*}
Uhh, for the two g's, for the millenium
Do or die
[johnny p]
Oooohhh hooo-ooooh, ain't gon' pay no bills
Chorus: johnny p + do or die
Police - can't see me ballin
Sippin on hennesey-sey-sey
And i - can never pay your bills
Cause i gotta keep it real, real, real
I got my key on the passenger side
So ain't no scrub in me, me, me
Police - can't see me ballin
Sippin on hennesey-sey-sey
[verse one]
First of all, you can shut it down baby
Better yet i'm original and not a clown baby
Get down for wars an' i'm, livin my life under the gun
And umm, stay calm no harm, i'm alarmin 'em
And that's the victom of the shorties in my grill
Askin me to keep it real, but shorty i don't pay no bills
Do i gots the flex to get wit cha, paint you a cold picture
See - y'all the ones got me slappin out
And all my homeboys jappin out
Crappin out, love that, where my crips and my bloods at?
Lords at, g's at, feedback, need that
Niggaz blaze that weed sack
I'll cop a drop wit that knees fat
Y'all can't see me, best-ta believe that
[verse two]
This shit hit the back door, by the way
Why you tryin' to play that mack fo'?
If a nigga gotta pay a triple x hoe,
Then you gotta be a hellafied nympho
Open up let some air through the window
I could never give my money to a bimbo
Real players get high off endo
Make cash like the owners of the timbo
Chi-town, real player, real true love
20 inch on the rims, fucker says what?
Bet the po' to the next thug
Recognize the queen, you come to me
But you gotta see, you're a what-what?
Gotta sign the puh-puh; flip bitch
Hit the block, i'ma rhyme in the hummer
Better be on some platnium shit
Roley bling bling, keep a gat wanna snap it
Been well known to react quick
When they see i got a star, they pause and they react quick
I'm immune to the hot shit, nevertheless
Shitty-sha(??) just beware of where the hat fit
Yo pimp where the plastic?
This pimp, real pimp, it's the pimp like a maverick
Playerism is a habit
I'm at the club wit 'um wit crystal, what what
[verse three]
Lil' baller be me, can't see me
Never get her with a tv, cause we be
In the five-double-oh, posed with the clothes
(??) dyslexic on the passenger side
Don't mean that i ain't got the keys to ride
She's the pie, my, my, my
We done came to fuck and get gone, pay no bills
Flex the mind to make the bank to bounce
Nigga bounce shit like the dirty south
Watch that shit with a dirty mouth
Know you ain't mad, ain't splurgin out
But if ya heard me out, on the passenger side
Care to bore me with the rest of the guys?
Spittin blunts, droppin jewels
Spittin at hoes, that'll be cool
[johnny p]
Pay no bills, pay no bills
Pay no bills, pay no
I gotta keep it real, so i can't pay this here
Why you all up in my grill?
You can tell me about it, to pay the bill, pay the bill
[johnny p]
I got to keep
One time, uhh from the real, do or die c'mon
A-rock, uhh back-pack, jack-of-love
Uhh uhh, johnny p
Uh down - like - that - what?
Keep it real baby, 2000, millenium, we gone


text:
Phils And Yankees: Not Their Year
CLEARWATER – As the Yankees hoped that after his minor stumble on some balky carpet that Yogi Berra has that insurance, you know, the kind that pays you cash, which is just as good as money, CC Sabathia and Roy Halladay met up in Clearwater in a dream match-up. Literally a dream, because you don't need to spend looking much time at either roster to realize that despite the Phillies' glittering rotation and the Yankees' three Hall-of-Famers in waiting, neither of these teams is going very deep in the post-season (presuming they make it at all). This is contrary to Conventional Wisdom, which was last heard from telling you that Cliff Lee was going to the Yankees last winter, just as it had told you he was going to them last July. Lee is part of the Yankees' most obvious problem: based on performance so far, Bartolo Colon is a) a vampire and b) their number two starter. Colon, with his ten-pitch warm-up sessions and newly refound control, has been a joyous mystery even to his new pitching coach Larry Rothschild. But comebacks like his almost always fizzle before the first of June and the Yanks have a long way to before Manny Banuelos, Andrew Brackman, and/or Dellin Betances join the rotation or buy them a veteran starter. The Yankees are also aging alarmingly. I will spare you my usual pronouncements on how moribund Derek Jeter is, but the recent pronouncement that Jorge Posada would not even be used as a temporary back-up catcher should tell you exactly how little the Yanks think he has left. The joke around here is that Cameron Diaz was feeding Alex Rodriguez popcorn in that Super Bowl luxury suite because he now gets too tired doing it himself. Jesus Montero offers a glimmer of youth but the reality is that in two at bats today, Roy Halladay made him look like he'd never been to the plate before (to be fair, Halladay did the same thing to Robby Cano). The Yanks only matchup with Boston at the back of the bullpen and if their lineup is better than Tampa's, it isn't much better. The Phils have an advantage the Yanks don't – the NL East may be as bad as the AL East is good, but they have two enormous crises. I ran into my old friend Ruben Amaro in the hallway just before first pitch and he swore he felt better than he looked – and he looked exactly like a General Manager of a team with a devastating rotation and no second baseman or right fielder. Chase Utley's injury is a riddle wrapped in an enigma inside some tendinitis and it would be called "indefinite" if only Amaro was that certain. Nobody has any idea what's next, and Utley's absence not only puts a Wilson Valdez or Josh Barfield in the lineup, but it also deranges their batting order and perhaps places Jimmy Rollins hitting in a three-hole for which he is ill-suited. Right field may be a bigger problem still. You could make a viable platoon out of Ben Francisco (who absolutely kills lefties) and John Mayberry, Jr (he homered again today) but both hit right-handed. In news that should terrify every Philadelphian, Domonic Brown's replacement four of the last five days has been Delwyn Young, a scat back of a utility infielder who was not good enough to stick with the Pirates. This is a team that is suddenly in deep trouble on offense – Halladay looked gorgeous for six innings today but they got him only three hits before Sabathia left) and as awe-inspiring as the Four Aces look, having Brad Lidge close for them is like owning four Maseratis and employing a staff of blind valet parkers.
8 Comments
I think the Yankees still have an edge in the lineup as well as the bullpen. They led the league in runs scored last year by a good margin, Martin should be an offensive upgrade over Cervelli, and I think that Rodriguez, Jeter, Granderson, and Teixeira all could have better years than they did last year, and Andruw Jones can't do much any more, but one thing he can still do is crush left handed pitching. While Boston added two star players, they also lost two players who had great offensive years in Beltre and Victor Martinez. Yes, Tampa Bay (and Baltimore as well) could have very good lineups, it's (as always) a tough division.
The Phils' have been doubted before, but in March? Come on…Utley's production was down last year and his replacements did quite well. Pitching is worth alot in baseball and the Phils' have pitching. Is it that Yank fans are hoping for the Phils' to not go deep in the playoffs? Afraid to face Lee?
The NL East – bad? Though Philly fans (oh, my apologies, "phans") may not like to admit it, they're going to be facing stiff competition from both Florida and Atlanta. The Fish have a solid 4 in Johnson (one of the best pitchers in baseball), Nolasco, Vasquez (he'll do well being outside of NY), and Sanchez. Also, Gaby Sanchez, Morrison, and Stanton have another year under their belt. Look out for them in 2011.
As for the Braves, well, they probably some of the deepest pitching in baseball. On top of their starting 5 in Hanson, Hudson, Lowe, Jurrjens, and Minor, they have Beachy, and Lopez waiting with top prospects Julio Teheran and Randall Delgado ready to burst onto the scene mid-to-late 2011. And they imroved that lackluster offense greatly with the addition of Dan Uggla.
Am I saying these teams will win come in, and knock the Phillies down 1-2-3? Absolutely not, but to say that the NL East is "bad" is preposterous.
It is that metaphor in the last sentence! Why could I not have had students like you writing in my comp classes? God, you are great! In other news, I went to a poetry reading last night, and the poet was an award winning Cornell grad who was there in 1975. My question for her (since the audience had exhausted all the good literary questions!) was, "Did you ever see Keith Olbermann?" She had not seen you there…and then I started wondering if you had arrived there yet. She said her sister may have seen you. Finally, the ad newspaper carried a giant color photo on the front page yesteday. Headline: Tampa focal point of baseball spring training. It went on to describe all the different camps and even had directions to all the various fields. The photo shows the crowd getting autographs from Yankees outfielder Ken Swisher…at Steinbrenner Field…where you tweeted us from the other day. A guy in the picture with sunglasses looks just like you! Could it be? Keep having fun there and writing like a champ! YOU, sir, are the English teachers' Babe Ruth!
Make that NICK Swisher. Sorry. No cigar.
Sorry, but I'll take Tex, Cano, Jeter and A-Rod over A-Gon, Pedroia, Scutaro and Youkillis; Russell Martin over Saltalamacchia, and Granderson over Ellsbury. As for DH, I can't really decide but, for the sake of argument, let's give it to Ortiz. Where else does BOS have an advantage over the Yankees? Crawford over Gardner, of course. And the Sox 4 and 5 pitchers may be better than their Yankee counterparts but 1, 2, and 3 are a pretty even match. And the Yankee bullpen is, on paper, the best in the AL. So, where's this huge discrepancy btwn the Yankees and their New England bitter rivals?
As for the Phillies, that starting rotation is massively impressive but they're not gonna have their way w/a slightly improved NL East, especially if their offense is compromised, as it looks to be right now.
Finally, the ad newspaper carried a giant color photo on the front page yesteday. Headline: Tampa focal point of baseball spring training. It went on to describe all the different camps and even had directions to all the various fields. The photo shows the crowd getting autographs from Yankees outfielder Ken Swisher…at Steinbrenner Field…where you tweeted us from the other day. A guy in the picture with sunglasses looks just like you! Could it be? Keep having fun there and writing like a champ! YOU, sir, are the English teachers' Babe Ruth!


text:
Heads Up on Sprinkler Head Spacing
No two snowflakes are alike, everybody has their own unique fingerprint, and no set head spacing fits all lawns. Depending on the sprinkler head, type, water pressure, gallons per minute (gpm) rating, and location, proper head spacing varies and could mean the difference between consistent green lawns, or brown turf.
The time and money that will have to be spent if sprinklers are installed wrong is considerable to say the least. For one thing, it won't help your reputation, your client won't hire you again nor will he recommend you.
Unless you're an out and out crook, no contractor goes out to do a poor job. The problem is that many have never bothered to learn the proper skills. It is just as easy to do the job properly and not. So for the sanity of your client, the health of the lawn, and the soundness of your business and your reputation, it pays-like most things- to install sprinklers right the first time.
To do it right, let's first understand the goal. This shouldn't come as rocket science, but the point is to keep turf uniformly green and healthy, without stress areas. Proper distribution of water achieves this. So what the contractor needs to do is make sure that the whole lawn is getting the proper irrigation to grow properly. Uniform coverage is a necessity.
There are two types of heads that are most commonly used: spray heads and rotors. As expected, these heads apply water in different ways and therefore a few separate considerations apply to each. However, there is one very important and consistent concept to remember.
The number one rule is to overlap the spray from sprinkler head to sprinkler head, known as "head to head coverage." This applies to fixed spray sprinklers and rotors. "The actual distance between sprinkler heads is determined by the gpm nozzle and the water pressure in the system," says a spokesperson of Rain Bird. "If stand alone spacing is used, your lawn will likely develop brown areas where insufficient water is being applied. This can be partially overcome by increasing watering time, but this approach will increase cost of watering and waste considerably more water."
The projected length of spray that manufactures label their sprinklers with should be read with caution. The odds are that the sprinklers were tested inside a building, sans real world interference like wind. Therefore, be sure to compensate for expected or periodic wind conditions by placing sprinkler heads closer than recommended. "Along the coast, we compensate for winds by bringing them even closer to head and head," says Greg Parker, marketing and product manager for the Toro irrigation line of residential, commercial controls and valves products.
Parker, a former landscape contractor and architect for a number of years, knows first hand the trouble that improper head spacing can create. "While coming in for the landing at an airport, maybe you've seen brown rings in the lawn of parks or on the turf of a ball field," relates Parker. "When you see those brown "doughnuts" it is because of improper head spacing."
On that note, there is a reason why golf courses most always look so evenly green and lush. When planning the irrigation system, the irrigation designer will ensure good coverage from the sprinklers. The radius of coverage from the sprinklers has an error margin of only three to five inches. Needless to say, sometimes it pays to be precise.
Pardon the clich?but it's better to be safe than sorry. A contractor will not be doing his client any favors by installing a system that requires him to water the brown spots by hand. Choosing a sprinkler that is rated to have a slightly higher radius than the amount of turf is recommended. "If I am irrigating an area that is 13 feet across, would I use a nozzle with a 12 foot radius? I sure wouldn't. I would use one that sprays 15 feet," Parker said.
The concept of overlapping the sprays of water to head to head coverage is universal. "It doesn't mater if they're rotors, fixed sprays, interchangeable valve heads, etc: it all involves basic physics. For water to be uniformly distributed, the sprays must extend to head to head coverage," says Parker.
With the importance of head to head spacing in mind, there are different styles, rather methodologies that help with placing sprinkler heads onto a property. The two most popular and recommended styles are the "equilateral triangle" method and the "square/rectangle" method. Considerations for picking the method that suits your needs involves taking a look at the size, shape, and climate of the area where you're installing.
The square/rectangular layout method is best for defined geometric spaces, such as rectangle shaped yards and square lawns that may or may not be divided by sidewalks and other paved areas. Overthrow is kept at a minimum, as the sprinklers are placed in the corners and along the perimeters. Toro recommends increasing or decreasing the spacing of spray heads ? 1 foot and rotary sprinklers ? 3 feet. However, if the sprinkler spacing is increased, do not increase the row spacing; nor should you increase sprinkler spacing if row spacing is increased.
For example, if a sprinkler is rated to have a radius of 25 feet (remember, its best to assume that is the maximum distance of spray and adjust according to "reality factors," just to be safe); the recommended spacing from one sprinkler to another would be 25 feet. The row spacing would also be 25 feet. The spacing distance, plant type and wind conditions should go into adjusting spacing between sprinklers and rows to fit the site, which gives the system a rectangular shape in the layout.
For areas that are irregular in shape and where overthrow won't be a big issue, triangle layout is a good choice. This method tends to provide better overall coverage as compared to square spacing, but there will most likely be an oddly shaped sprinkler that is throwing water beyond the edge of the site.
For the mathematically disinclined, the following shouldn't make you cringe. Using triangle spacing, designers usually like to place the sprinklers 50% to 55% of the sprinkler diameter. The row distance is determined by multiplying the actual distance between sprinklers by .866. As with the square spacing, this will give you a general distance to go by, while you may adjust the sprinkler location to the idiosyncrasies unique to an individual project.
Here is another formula recommended by Jess Stryker, a landscape architect and irrigation contractor who owns architect and irrigation designing/consulting firm Jess Stryker and Associates, based in Ventura, California. "The spacing in feet between rotors can never exceed the operating pressure in PSI at the sprinkler inlet," says Stryker. "For example, if the rating is 30 PSI operating pressure, that would equate to a 30 foot maximum spacing. Ignore this rule and you will be very sorry," he warns.
In most cases, if it turns out you did place sprinklers a bit too close together and have too much overlap, as what would more likely be the case with rotor sprinklers, that isn't necessarily a bad thing. "If the sprinkler sprays too far, most rotors have a radius reduction screw that will allow you to easily fix the problem," Stryker says. "But if the rotor does not spray far enough, there is nothing you can do about it without a major expense. It's best to play it safe."
Sometimes, spacing based on geometrical spacing won't work as well on certain projects. An instance where a contractor could run into some difficulty using one of these styles would be on circular patches of turf, or those that are heavily conformed with curves. Jeff Carowitz, marketing manager for Hunter Industries in San Marcos, California, suggests using the 'edge method.' "This method is so named because you begin by placing sprinklers at the edges of the area, and then move inward toward its center," advises Carowitz.
Just like the rectangular method, start by placing sprinklers around the perimeter. It will be easier to determine these locations by converting the curved edge to a series of straight lines; the length of which is determine by the sprinkler radius. Carowitz then recommends placing part-circle heads at each intersection of two lines.
"After this is completed, place full circle spray heads inside the area, from the perimeter toward the center of the area. Instead of using grid lines to place these interior heads, draw the circular spray pattern using the spacing criteria of the manufacturer. Continue this process while moving toward the center of the area," Carowitz says.
If there is still not uniform coverage, additional heads may have to be installed.
A properly designed and installed irrigation system is vital to a beautiful landscape. Leaving the client high and dry (pun intended) when it comes to irrigation will leave him assisting a useless system by having to water himself. If sprinklers are properly spaced right the first time, that system will work for many years to come, and will provide years of green. Which, of course, is what you're all about.