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(Chicago) Chairman and CEO Joe Mansueto kicked off Morningstar's 2012 Investment Conference in Chicago on June 20 by noting the presence of 1,850 attendees, 75 journalists and 200 exhibitors at this year's show. He then introduced the opening keynote speaker, famed Franklin Templeton fixed-income manager Michael Hasenstab, by highlighting Hasenstab's status as Morningstar's 2010 fixed-income manager of the year.
"When Michael began at Franklin Templeton, he managed $100 million," Mansueto added. "Today, he is responsible for a group that oversees $160 billion in assets. The fund that he specifically manages, the Templeton Global Bond Fund, is second only to PIMCO Total Return in its size."
The soft-spoken Hasenstab then took the stage and quipped, "We're in a period of incredible uncertainty. I'd like a boring summer for a change, but it doesn't look like it will happen. How should we separate the noise from the really key issues? More importantly, should we panic?"
A good argument could be made for panicking, he said, especially if you think the European Union will break up and China will have a hard landing; global markets could not absorb either event and "it would make Lehman look like a warm-up."
"But if we're able to stay calm, we'll need to think through the 'tectonic shifts' happening in the world that have largely been masked by the crisis in Greece," he noted.
As for inflation, "We have this unconventional monetary policy at central banks, which are printing money," he warned. "If this is such a good idea, why weren't we doing it all along? Between 25% and 30% of global GDP has been printed at banks, so this is by no means at the fringe. We need to think about the consequences of those actions, which will not be felt as much in the United States [or] Europe, rather in the rest of the world."
The risk to emerging markets, specifically, is a flood of capital resulting in a "monetary tsunami" in those countries, which will present a major challenge. Here in the United States, the debasing of the dollar could lead to an asset-base distortion that would put upward pressure on commodities, in Hasenstab's view.
But all this risk and uncertainty provide opportunity, he concluded. "In emerging markets, the tables have turned. Those countries that were once high credit risks, like Indonesia, now look very good, so you should upend your traditional risk models. Also, the United States, Japan and Europe printed money, and don't look so good. But non-leveraged countries in the rest of the world weren't printing money, didn't have an asset bubble and as a consequence didn't have to deleverage. We like to get yield with little or no credit or interest-rate risk. This is why Asia currently looks so good."
Fund-Manager Panel
"Investors are asking about stocks, corporate debt and so-called hybrid investment," Michael Herbst said on June 21. "But with volatility, yield and equity returns being what they are, those decisions have been turned on their heads."
Herbst, Morningstar's associate director of fund analysis, hosted a panel of high-profile fund managers for the general session of the company's annual conference. Featuring PIMCO's Mark Kiesel, Invesco's Meggan Walsh and Don Yacktman of Yacktman Asset Management, the panel touched on each manager's investment philosophy and how they identify potential red flags, especially when investing across capital structures.
Herbst began by asking the panel what they are looking for "across the capital structure fence?" Yacktman, an equity manager, said he "tends to look at equities in the same way we look at bonds. If we are to hold on to them for a long time, what type of risk and return would we have? It's almost like holding a bond to maturity."
Walsh added that Invesco focuses on the potential for capital appreciation, and that she "spends a lot of time on figuring out the potential downside," which, given that she's a portfolio manager, was reassuring for the audience to hear.
Kiesel said PIMCO managers take a top-down approach, beginning by asking themselves what areas of the world they feel will perform best. "Currently, we feel it's the United States and Asia," he said, partly agreeing (Asia) and disagreeing (United States) with Franklin Templeton's Hasenstab. "We then consider a particular company's enterprise value and where on the risk/reward spectrum we will then perform best. It's really very simple; it's the best part of the globe, the best sector in that part of the globe and then where we should invest in the capital structure."
Herbst then asked about the managers' red flags. "We favor businesses with a high return on real assets, so we look to the left side of the balance sheet," Yacktman said. "We look to avoid low return, low turnover of assets and companies with off-balance sheet issues like pensions. We feel pensions are the wrong way to fund retirement."
Kiesel noted that most company balance sheets are healthy at the moment, as capital market have "been open" for the past three to four years. "Credit might not be available for governments, but it sure has for companies," he said. "So we look at the stress-free cash flow for the company throughout an entire business cycle."
Herbst then asked the panel about their process for evaluating company management teams, which he said was one of the most frequently asked questions from investors. Kiesel said PIMCO travels frequently to visit companies at their headquarters and specifically asks executive teams about their top three priorities.
"For instance, banks are currently building capital, which means they're not equity friendly and are running a conservative business because governments are trapping capital inside. This means it's a good investment for bondholders. So we'll get on a plane, meet the managers and ask them about it."
Walsh said it's important to "watch what managers do, not what they say," a point to which Yacktman emphatically agreed. "They'll give you standard answers to your questions," she said. "We want to see a proactive method for how they responsibly handle their cash on their balance sheets. Right now, a lot of cash is trapped overseas and managers are looking to make acquisitions in order to grow. But these acquisitions might not be good fits. So we keep their feet on the ground."
"Behavioral patterns are instructive," Yacktman added. "I once spoke with a CEO who said, 'My people are always trying to get me on CNBC. I don't want to go on CNBC. The people that watch are not our investors, and I don't want the investors that do watch. It would be a total waste of time.' That was music to my ears. I said, 'Wow, this guy is focused.'"
As for where the managers are finding alpha from a valuation perspective, Walsh named the housing and homebuilders, consumer discretionary, transportation and lodging sectors. Kiesel likes energy, which he said is a good area for equity and debt investors. He agreed with Walsh that housing has hit bottom, and as a result likes Weyerhaeuser for its timber exposure. Lastly, he pointed to gaming in China.
"If you look at Macau, it's doing five times the business of Las Vegas," said Kiesel. "Five years ago they were essentially even. So this is another area that is good for both equity and debt investors."
Long-Term Take
"We're not going to play the loser's game," David Rolfe, chief investment officer of St. Louis-based Wedgewood Partners, said upon being named an SMA Manager of the Year in April 2011. "Instead of trying to time the markets and getting sucked into short-term volatility, we take a long-term view and let the markets work for us. Too many of our competitors try to do otherwise, and we refuse to play that game. That, quite simply, is our investing philosophy. "
Fast forward a year, and there's not been much change. That adherence to the philosophy in good markets and bad is one reason for Rolfe's success, and why he's now celebrating his 20th year with Wedgewood. "I started with $10 million to $15 million in assets under management," he recalled at the Morningstar event on June 21. "Today we have $1.7 billion in AUM."
"To outperform an index, we believe that our portfolios must be constructed as different from an index as possible," explained Rolfe. "Thinking and acting like business owners reduces our interest to those few businesses which are superior. Both of these views lead to our focused (concentrated) approach."
So far, this philosophy has "worked through complete business cycles," he said. "We don't believe we have an informational advantage. We look for 20 good portfolio finds where the valuations make sense. In this way, clients don't have to sacrifice growth to get value and vice versa."
As for the current situation in Europe, economic issues here in the U.S. and everything else that's happening, Rolfe wasn't all that concerned, at least not from an investment standpoint. "As the market climbs that classic wall of worry, it represents opportunity," he said, "especially for a concentrated portfolio like ours." And concentrated it is, with only 20 companies allowed at any one time, a number which only 2% of all money managers are able to claim, he said.
Rolfe admitted that a possible "Achilles heel" to such a concentrated portfolio is that it's "always one day away from an earnings disappointment." But if he's done his homework, he added, he shouldn't be surprised.
Looking for Legacy
"When you leave this company behind, what will it look like?" That's the most important question Eric Schoenstein asks executives when performing his due diligence. The co-portfolio manager of the Jensen Quality Growth Fund and principal with Jensen Investment Management knows he'll get the standard answers to any questions he might ask. And as the saying goes, "it's not about what they say, but rather what they do."
"We have a quality growth strategy begun by Val Jensen in 1988," he said on June 21 at the Morningstar event. He said to mitigate business risk they look for companies with "a durable, sustainable competitive advantage with a high level of cash flow that delivers returns above the cost of capital."
"In order to create value, we have to ensure the returns are above the cost of capital year after year," Schoenstein added. "In this way, the returns compound over the long term, which leads to our long track record of success."
As to mitigating the second factor, pricing risk, he simply said, "We make sure we don't overpay." Sounds great in theory, but how does it translate to research and investing day-to-day?
The fund's "boot camp" style discipline demands that the fund not consider a company if it has not achieved 15% return on equity for 10 consecutive years (you read that right; when they say quality, they mean quality). The small number of companies that meet this criterion means "it's a limited universe in which to shop," another reason for the fund's relatively low turnover.
"We have a bottom-up due diligence process," Schoenstein said. "It's a long-term strategy that isn't about next week, or even next year. Hence the original question; I want to know what their vision is for the company down the road."
While the portfolio looks to be concentrated, the managers look at it as an advantage, as "they truly have their arms wrapped around each and every position," thus lowering the risk. Companies in which the fund invests include PepsiCo, Procter & Gamble, Emerson Electric, Nike and Microsoft.
"Globally diversified companies are doing well," he noted. "If they're domestically domiciled, an emerging-market component is needed. Even if emerging markets are slowing overall, they're still growing much faster than developed countries. For this reason, emerging markets should be 20% to 25% of the portfolio."
"We look for consistency and predictability," he said. "Only in this way can you smooth volatility and get needed returns with less risk."
Managed Futures
Alternative asset management firm Longboard likes to focus on financial fun. "We observe the oceans of opportunity and catch the wave," Cole Wilcox, CEO of Longboard, at the 2012 Morningstar Investment Conference on June 21. "The tool is right, because longboards are used to surf the large waves, of which we want to get out in front. Short boards are for smaller waves, and we're not interested in them."
In case it wasn't obvious enough, he means long-term cyclical trends—the average duration of one of their trades is one year. "We specialize in ultra-long-term durations of managed futures in the '40 Act space," he said. "We bring a high level of technical expertise to the strategy. We noticed there was really no directly managed, sponsored product, so we responded to that need. It's efficient and really takes advantages of those fat tails along the curve."
Much of the firm's distribution strategy, not surprisingly, relies on advisor and client education. "It's an education approach first," Wilcox said. "We want to explain to them why trend following [i.e. riding the wave] works. We want them to understand why typically there is a small minority of investment winners and a large majority of investment losers, and how they can be a part of the former."
While Longboard has a high level of technical expertise and "pedigree" in the alternative asset space, the latest fund, the Longboard Managed Futures Strategy Fund, Class N shares, launched in late June and will seek positive absolute returns.
"The fund will hold a mix of fixed-income securities and futures and forward contracts," according to the website. "Like other managed futures funds, it will invest globally in equities, energies, interest rates, grains, meats, soft commodities (such as sugar, coffee and cocoa), currencies, and metals sector. It may offer some emerging-markets exposure."
Wilcox ran a managed futures hedge fund for Blackstar Funds for eight years. Blackstar counted the legendary investor Thomas Basso as its lead investor and was set up essentially as a family office to manage his money. Basso, a big proponent of following trends when trading, was president and founder of Trendstat Capital Management. He also authored two books on the subject, Panic-Proof Investing and the self-published The Frustrated Investor. In 1998, he was elected to the board of the National Futures Association.
"No other hedge-fund pedigree is doing a directly managed futures fund," Wilcox noted. "For the advisor, it means reasonable fees and a sustainable investment process. It will be delivered in a mutual fund and will have liquidity. It won't be a '2 and 20' situation and the client won't have to compromise on fees to get performance. They'll have direct access to managers at a reasonable cost."
He concluded "We're like Southwest Airlines, we do one thing and we do it well. You know what you get and, more importantly, you know what you won't get." The minimum initial investment for the new fund is $2,500. Expenses will start at 3.24%, plus a 1% fee of shares held for fewer than 30 days.
Business Value
Money manager Mark Travis will never be all things to all people, and that suits him just fine. "We have capacity constraint, where we can't really manage more than $3 billion," the president and portfolio manager of the Intrepid Capital Fund said on June 20. "If I ever find I'm simply hugging an index and not providing real value, I'll go hunting or fishing or something else."
He has a down-home, good-old-boy attitude that, while charming, masks a sophisticated individual (seemingly intentionally so) who knows how to make money for his clients. In addition to his duties as lead portfolio manager of the Intrepid Capital Fund, he's a member of the investment teams responsible for the Intrepid Small Cap Fund, Intrepid Income Fund and Intrepid All Cap Fund.
"For 17 years, I've been contrarian and valuation sensitive," said the Jacksonville, Fla.-raised Travis. "If I don't find something good in which to invest based on valuations, I'll go to cash."
Intrepid Capital Funds has assets of $1.4 billion, with $370 million in ICMBX. Travis believes price is not always indicative of value, so strategy is driven by internal research that focuses on a business's value—not changing stock prices.
The Intrepid team brags it's good at finding value in stocks not readily covered by Wall Street, and it typically invests in businesses with sustainable competitive advantages, high free cash flows and quality balance sheets. It also believes in financially strong companies that are market leaders in their industries, those have an ability to outperform when "catalysts for change exist" and can be purchased as a sizeable discount.
"We're not set up with infinite amounts of capital, so we feel it's less efficient to be fully invested," Travis added. "With cash on hand, it means we can buy at the most opportune time."
The fund is rated with five stars and resides in the top percentile of its peer group. As for performance, it is the envy of many of the managers at the conference: up 1.6% year to date (as of June 11); 11.1% annualized return over a 3-year period, ranking in the top 21st percentile; and a 5.8% annualized return over 5-year period, ranking in the (aforementioned) top percentile.
"We have consciously built our firm to limit what we do," he said. "We invest in companies with a $300-million market cap up to the Microsofts on the high end. We can go anywhere; we just invested in a number of Japanese video game companies right after the tsunami. What I mean by 'limiting what we do' relates to the size of the fund and the possibility of growing too large."
Travis is finding alpha in the small-cap equity space. On the fixed income side, he likes cash or treasury bills. "I feel we're an all-weather, off-road tire," he added, lapsing back into his southern parlance. "We like our capital to compound without worrying too much about volatility. We're not for everyone, but I believe there's more than one way to get to investment heaven. Let's hope we all get there."


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|Location: Ellesmere Port
|Salary: £14k - 15k per year + OTE £21k-£28k
|Sector: Retail & Sales
|Type: Permanent - Full Time
|Contact: Opal Harrop
Sales Consultant - Ellesmere Port
Basic: (£14,000 - £15,000) + OTE (£21,000 - £28,000+)
Would you like to work for an ambitious company that offers genuine opportunities to progress your career with no limits to what you can earn?
Our client is a well-established and rapidly expanding high street retailer looking to recruit Permanent Sales people for their store in Ellesmere Port.
This is an exciting new opportunity with a forward thinking company that offers award-winning training, and a highly rewarding uncapped commission structure with no limits to what you can earn!
With the substantial growth of the company, there is great freedom and opportunities to progress your career as far as you want!
The Role:
- Building effective relationships which will contribute to the stores success through the deliverance of exceptional customer service.
- Qualifying and understanding the customer's needs, in order to sell the right products which will benefit themselves.
- A fast paced, target driven environment working towards KPI's.
- Ensuring up to date product knowledge to adhere to customer expectations and queries.
- A background in delivering exceptional customer service standards in a sales or service driven environment.
- Possess a positive attitude to work as part of a team and on your own initiative.
- Motivated to achieve targets and goals, possess a 'can-do' attitude, and have an open-mind to learn from the best in the business.
- Experience in working towards sales targets or deadlines.
If you feel that you have the energy, desire and passion to join an excellent sales team then just hit the button below and start this new, epic journey!
Given the nature of this position, it is essential that you are willing to work weekends.
Similar keywords include: Sales Consultant, Sales Advisor, Sales Assistant, Sales Executive, Account Executive, Sales Manager, Business Development, and Field Sales.
Priority Recruitment specialise in retail recruitment. To apply, send your full up to date CV immediately to be considered for the role. We regret that due to current volumes, we are unable to acknowledge every application. All successful candidates will be contacted as soon as possible. If you are contacted, please note that, as part of the registration process, you will be required to provide us with proof of identity and proof of eligibility to work in the UK

subset: commoncrawl


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Looking to be pampered during armageddon? Sign up for a Vivos underground shelter. If Vivos' site is to be believed, you'll be sitting pretty and cavorting with models while the rest of civilization burns to ashy smears.
Vivos head Robert Vicino has the investment for you! For a mere $40,000, you too can secure a space on his subterranean ark, granted you have the right skill set to aid your fellow survivors. (I reserve the right to be snarky about this whole enterprise, as "internet writer" is somewhere between "hand model" and "bassoon player" on the master list of professions well-suited to survive the end of days.)
Here's a recent conversation NBC had with Vicino. More than a 1000 people have applied to spend the last year or so of their existences huddled in what is essentially your elementary school boiler room. After two weeks of this, give me the skin-melting fallout or the space leprosy or the lemur people or whatever made it such that we can't order pizza over the internet anymore.
Reality looks a lot different than this CGI tour of 3D concept art for a finished Vivos shelter. Their interior decorator is apparently the guy who designs rest-stop McDonald's restaurants.
And here's a video of Vivos' facility outside of Barstow, California. I like the upbeat, jangly pop soundtrack - it really makes the end of the world seem like a coming-of-age dramedy.
On the plus side, the bunker will be filled with sexy ladies right out of stock photos from mail-order bride sites! Not skeletal, sallow-eyed survivors who will be competing with you for the last can of minestrone when the bunker's food pantry is empty!
If any of this sounds appealing, you can sign up at Vivos here. I'm going to ride out Armageddon with a handful of Slim Jims, a box of Franzia, and a round of prayers to the Elder Gods (couldn't hurt at that point).


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Decision : 27 COM 6B
Follow-up to Periodic Reporting in the Arab States and Africa ; Preparations in Latin America and the Caribbean and in Europe and North America
The World Heritage Committee,
1. Requests the World Heritage Centre to produce a publication within three months, if possible, to be funded from extrabudgetary funds, on the Arab States Periodic Report carried out in the year 2000 and information on the follow-up actions. This publication is also to be made available through electronic or other appropriate means (CD-Rom and/or on the UNESCO World Heritage Centre's web site);
2. Notes the progress made to date in the preparation for the Periodic Reporting in Latin America and the Caribbean and in Europe and North America.
DocumentsDecisions adopted by the 27th Session of the World Heritage Committee in 2003" > WHC-03/27.COM/24
Context of DecisionWHC-03/27.COM/6B
Activities (1)
See Also (1)
Decision Code: 27 COM 6B
Themes: Periodic Reporting, Working methods and tools
Focal Point: ARB, AFR, LAC, EUR/NA
Year: 2003


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We are small family owned and operated kennel.
Specializing in breeding and training pointing labs.
We got our first Pointing Lab Tig in 2000 and have been in love with these amazing dogs ever since.
We also offer training for other hunting breeds such as pointers, setters, and waterfowl retrievers. Our dogs are AKC and UKC registered, and Microchipped. All dogs in our breeding program are OFA, eye CERF.
With exceptional bloodlines we have Grandmaster Pointing Labs through all our pedigrees. Our dogs excel in upland as well as waterfowl hunting.
Skeptical of the versatility of pointing labs?
We welcome visits from all perspective buyers.
To see our dogs in action, contact us for an appointment.


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Running for Jim, Trailer from Finish Line Features, LLC on Vimeo.
My main man Dan Noyes of KGO-TV — we got to know each other when I did weekly movie reviews for that station in the mid to late Nineties — has co-produced and co-directed a documentary, "Running for Jim," that is doing very nicely on the festival circuit. It just won best documentary at the Soho International Film Festival, and the week before that it picked up an award in Moscow. Tomorrow night at 8, it will be playing as part of the Tiburon Film Festival — its California debut — at the Playhouse Theater. Dan and co-director Robin Hauser Reynolds will be there.
Look at the trailer above. It looks good. It chronicles a San Francisco University High School coach's battle against ALS and how he inspires his runners. You might remember hearing about a girl who crawled across the finish line to win the state championship, because she'd do anything for her coach. This is the story. Call 415-435-1234. And say hi to Dan for me.


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Wiring Americas' Homes created this site to help you understand the potential value and benefits of a networked or "connected home." We want to help ensure your home is equipped with a structured wiring system to support the advanced technologies of today and tomorrow that will help make your house a home.
Whether it's home computing, Sydney IT Support, entertainment systems, comfort/environmental controls, or security and lighting controls, structured wiring could be the key that links all of your home technologies. The assistance of a fully complete Computer Knowledge Base also helps. So, if the answer is structured wiring, then what is the question?
That depends on what's important to you and your family. How can you access e-mail while your kids work on their school assignments online and your spouse talks on the phone? How can you network all of the computers in your home to share files, software and equipment, such as one central printer, scanner and fax machine, without hiring your own MIS director? How can I get the full internet or modem speed that I am supposed to get from my new computer? How can you get high-speed Internet access from any outlet in your home (and, yes, that means taking the laptop al fresco for those all too common work-at-home weekends)?
How can you distribute video from one central location to any TV in the house without investing in multiple DVDs or VCRs? How can you turn the picture-in-picture function on your TV into a video security or baby monitor? How can you make sure your new home is equipped to let you enjoy all the benefits of both today's and tomorrow's new technologies? The applications of a "connected home" are nearly endless. With structured wiring as the backbone of your home.


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In 1987, Maj. Gen. James "Jim" Patterson retired from the U.S. Army as a highly decorated veteran. But after a 28-year Army career, he remained a military man. He was meticulous about keeping his tools in their proper places. His family teased him because he kept his short military haircut. And even more than a decade after his retirement, he was committed to public service, serving from 1993 to 2003 on the Longboat Key Town Commission, including terms as mayor and vice mayor.
"He was not in uniform, but he was still serving," said his daughter, Linda Patterson Italiano. "He wanted to continue serving his country and his community."
Patterson, of Sarasota and formerly of Longboat Key, died Oct. 21. He was 78. His service in the Army earned him more than 30 awards for valor and meritorious service including the Distinguished Service Cross, the second-highest military honor.
Born March 15, 1931, in Canton, Ohio, Patterson wasn't born into a military family. But, from a young age, he was fascinated with airplanes and later decided that he wanted to serve his country.
Patterson graduated from the University of Massachusetts at Amherst and earned a master's of business administration from Auburn University, in Montgomery, Ala. He joined the U.S. Army in 1952 and attended Officer's Candidate School.
Patterson served in Korea in 1960 and began his first tour of duty in Vietnam in July 1966. He seldom spoke about Vietnam, even to his family. But in a May 25, 2000, article in The Longboat Observer,
Patterson recounted his experiences, saying: "Everyone involved in the armed forces has, in some way, had their lives irrevocably harmed."
Three months into his first Vietnam tour, on Oct. 22, 1966, his helicopter crashed. Amid fire from the North Vietnamese, Patterson and 15 other troops fled and hid in the rice paddies until they were evacuated at dawn. That night, his co-pilot was fatally shot while Patterson sat beside him.
"God didn't want me to die that night," Patterson told The Longboat Observer.
Newspapers reported on Patterson's heroism, of how he risked his life that night to pull injured men to safety. The Army awarded him with the Distinguished Service Cross. Every Oct. 22 for decades after that, he and the other men who survived that night spoke on the phone, discussing how grateful they were to have survived together.
Patterson's plane was shot down two more times before he finished his first tour and later returned for a second tour, after being promoted to lieutenant colonel and put in charge of four helicopter units. His second stay lasted only seven weeks, because he broke his ankle after stepping into a foxhole. He volunteered for a third tour, but was turned down because of the injury.
Italiano said that she and her sisters, Carol and Leslie, didn't learn about their father's Vietnam experience until they were adults.
"Probably because he had three young girls, he wanted to protect us from the difficulties of war," she said.
Italiano said that when her father came home at night, he was able to let the military go and focus on his wife, Barbara, and his daughters. But he still insisted on the discipline that came with military life, teaching his daughters to say "yes ma'am" and "no sir," and telling them to never break a commitment, even to piano lessons.
The next 14 years of Patterson's career included a post at the Pentagon, a role as aviation adviser to the secretary of the Army and a position as deputy commander in charge of all aviation training at Fort Rucker.
In 1976, while living in the Washington, D.C., area, Jim and Barbara Patterson drove to Florida, looking for a place where they could bring their sailboat.
"When they came to Longboat Key and they saw the sun set over the bridge, they knew where they wanted to be," Italiano said.
During Patterson's military career, the couple lived in 23 different homes. The Country Club Shores home they purchased on the Key was the first true home they had together; they became full-time residents in 1988.
Patterson retired in 1980 and was hired as vice president of Perceptronics Inc., a military contractor, and later as president and chief operating officer of American Agronomics.
In 1993, drawn again to the opportunity to serve the public, Patterson ran for Longboat Key Town Commission and won.
Commissioner Hal Lenobel, who served with Patterson on the Town Commission, said that Patterson was humble about his military success and took his responsibility to serve the town seriously.
"He was always forthright, and he was always loaded with integrity," Lenobel said.
Former Mayor and Commissioner Jeremy Whatmough, who served with Patterson during his final year on the commission, said that Patterson focused on the long-term when voting on issues.
"He always thought about Longboat Key, not necessarily today, not necessarily tomorrow, but three, five years from now," he said.
In 1996, while serving as mayor, Patterson founded Solutions to Avoid Red Tide (START) to fund and support red-tide research after an intense outbreak that year. Whatmough, whom Patterson recruited to help found START, said that the founding of the organization showed Patterson's commitment to treating red tide as a long-term issue, one that needed control and mitigation. Patterson continued his service on the Town Commission until 2003, when he retired from public life and moved to Sarasota.
Patterson was a member of Bird Key Yacht Club and enjoyed sailing and playing tennis. Every Christmas, his entire family would gather to spend the holiday on Longboat Key. There, he would shuck oysters by the pool before dinner.
Italiano said that her father's war experience caused him to appreciate the small things in life: the weather, animals and the outdoors.
"He appreciated life more than anyone I know," she said.
Patterson is survived by his wife, Barbara; daughters, Carol Patterson, of Fort Worth, Texas, Linda Patterson Italiano, of Tampa, and Leslie Scott, of Rolling Hills, Calif.; brothers, John Patterson, of Genesco, Ill., and William Patterson, of Ocala; and six grandchildren.
A memorial service with military honors was held Sunday, Oct. 25. Burial will take place at a later date at Arlington National Cemetery, in Arlington, Va. Memorial contributions can be made in Patterson's name to Mote Marine Laboratory, 1600 Ken Thompson Parkway, Sarasota, Fla., 34236 or The Michael J. Fox Foundation for Parkinson's Research, attn: Tribute Gifts, P.O. Box 780, New York, N.Y., 10008.
In 1987, Maj. Gen. James "Jim" Patterson retired from the U.S. Army as a highly decorated veteran. But after a 28-year Army career, he remained a military man. He was meticulous about keeping his tools in their proper places. His family teased him because he kept his short military haircut. And even more than a decade after his retirement, he was committed to public service, serving from 1993 to 2003 on the Longboat Key Town Commission, including terms as mayor and vice mayor.


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Breckenridge parking tickets skyrocket
summit daily news
BRECKENRIDGE – Revenues from parking fees are on the rise in Breckenridge with the use of new, more advanced technology credited with improving parking enforcement and efficiency in town.
A series of solar-powered pay kiosks along with an automated license plate reader system have amped up parking rule enforcement in Breck over the last year.
Following last year's launch of the license plate reader system – technology that can recognize when a vehicle has violated the three-hour parking limit – the number of parking tickets issued in Breckenridge increased 38 percent.
The police department also reported a 78 percent increase in the number of three-hour parking warnings issued in town from 2011 to 2012.
Before the system was implemented last year, community service officers frequently walked upwards of six miles per day around town using chalk to mark vehicles, and were generally only able to conduct parking time-limit checks twice daily.
The majority of free parking spaces in Breckenridge are subject to a three-hour time limit, intended to ensure new spots regularly open up for shoppers and diners, town officials have said.
The system has also been able to spot stolen, missing or suspect vehicles parked on Breckenridge streets by their license plate numbers, which had been entered into the program's "hotlist."
The license plate reader system went active a few months before the new payment kiosks were installed. The 13 pay-and-display machines, located at various pay-parking lots around town, process credit cards in real time, increasing revenues once lost when cards declined, officials with the Breckenridge Police Department said.
"Our new pay-parking machines have really been an improvement," police chief Shannon Haynes said. "We haven't had any machine failures and we've seen an increase in revenue data and reporting. Those have just been a complete turnaround for the parking program."
The new machines are also easier for customers to use and designed to function in sub-zero temperatures. Although powered by solar energy, the machines passed the cold weather test in Breckenridge earlier this month, when temperatures fell to -20 and the machines reportedly continued to operate without problems.
The older pay kiosks, replaced in November, were falling into disrepair, Breckenridge officials said.
Parking is an ongoing topic of debate in Breck, with lots and street spaces frequently approaching capacity on busy winter weekends.
The Breckenridge Town Council has added the issue to its list of top priorities for 2013, commissioning staffers to do an analysis of the town's current parking system to determine whether the existing lots are the best use of land.
But town leaders have been vague on possible solutions and this summer face the loss of 17 existing parking spaces from the Tiger Dredge Lot with the construction of a new roundabout at the intersection of Four O'Clock Road and Park Avenue.
Members of the town council say the town's parking problems are still on the radar and that the town is considering possible locations for new parking reserves.
"That little Exchange parking garage is a really nice neighborhood parking solution, and we've been looking hard at whether or not there's a couple of other places around town to have a similar solution," Councilwoman Wendy Wolfe said. "It's musical chairs on the parking. It's a big puzzle."
Wolfe said she hopes to see any parking places lost replaced elsewhere as the town develops.
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The Calgary Board of Education said Tuesday it was investigating an incident this week that saw the confidential information of roughly 500 junior high students released in a mass email sent to parents from the school's principal.
On Aug. 25, the new principal of Georges P. Vanier School wrote an introductory letter to parents and invited them to meet him and teachers at an evening event the following month.
However, when Ross Bushell sent the letter to hundreds of parents in a mass email, the document was inadvertently replaced by a file containing confidential information of nearly 500 students.
That file includes students' full names, Alberta Education identification number, phone number, email address, grade placement, homeroom teacher and primary language spoken at home.
In a subsequent email, Bushell informs parents of the mistake and requests recipients delete the message to respect the privacy of students.
The school, he added, would take steps to prevent similar technology errors from reoccurring.
"We are working closely with senior administration in the CBE and with the provider of the technology service to determine how this error occurred," he said. "Please accept my apology . . . it was not the way I wanted to make my introduction to the GPV family and I deeply regret the matter."
One parent who received the email was stunned the school wasn't safeguarding students' records properly and has filed a complaint with Alberta's privacy commissioner.
"I'm shocked that it made it out there, whether it was an IT mix up or not," said Jaret Kneller, whose son will be attending the school for the first time this fall.
"They're saying if you feel your information was compromised in any way . . . well, it kind of was compromised because anyone can get this information," Kneller added.
On Tuesday, the CBE apologized for the breach and confirmed an investigation by the privacy commissioner is underway.
"The CBE takes these issues very seriously and apologizes to all affected by this breach," spokeswoman Jennifer Thompson said in an email. "Measures are being investigated to help ensure this mistake does not happen again."
The CBE's best practices tip sheet on protection of privacy advises personal information of students should not be saved on personal devices or transmitted over the Internet.
In 2012, the school board was hit by two significant privacy breaches in one month. First, officials removed trustee expense claims and receipts from the CBE website because they contained personal information.
Later that month, an employee's laptop containing the report cards of more than 2,000 students was stolen from a vehicle. The CBE subsequently spent more than $1 million encrypting its computers to protect confidential information.
A local technology expert said the recent incident appears to be a genuine mistake, but highlights the increasing need for vigilance when sending documents via e-mail.
"The No. 1 rule is to pay attention," said Tom Keenan, a professor at the University of Calgary.
Individuals and institutions can take additional steps, such as introducing filters to email systems to prevent confidential information from accidentally — or intentionally — being released, Keenan said.
"It's is becoming more of a risk to divulge peoples' -mails than it was in the early days when the worst that could happen is they would get some spam," he said. "Now, if a bad guy gets that file, he can start hacking eBay or TD Bank."


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| 2020-08-25 12:18:04
Acerinox price target lowered to EUR 7.50 from EUR 8.60 at Morgan Stanley
Morgan Stanley analyst Alain Gabriel lowered the firm's price target on Acerinox to EUR 7.50 from EUR 8.60 and keeps an Equal Weight rating on the shares.
Asian Market Update: » 03:0010/2810/28/20
Asian Market Update:…
Story temporarily locked.
U.S. Advance indicators preview: the goods trade deficit is expected to widen further to -$85.6 B » 02:5510/2810/28/20
U.S. Advance indicators…
Story temporarily locked.
BoC Preview: » 02:5010/2810/28/20
BoC Preview: The Bank of…
Story temporarily locked.
Invesco upgraded to Outperform from Market Perform at Keefe Bruyette » 21:2010/2710/27/20
Keefe Bruyette analyst…
Keefe Bruyette analyst Robert Lee upgraded Invesco to Outperform from Market Perform with a price target of $16.50, up from $15. The company reported better Q3 results as flow headwinds are abating and announced a cost savings initiative, Lee tells investors in a research note.
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EQT Corporation 20M share Spot Secondary priced at $15.50 » 20:4910/2710/27/20
The deal priced below the…
The deal priced below the $16.16 last closing price. Citi, Credit Suisse, BofA and Barclays are acting as joint book running managers for the offering.
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Gatos Silver 21.43M share IPO priced at $7.00 » 20:3910/2710/27/20
The deal size was…
The deal size was increased to 21.43M shares from 18.75M and priced at low end of $7.00-$9.00 target range. BMO Capital, Goldman Sachs and RBC Capital are acting as joint book running managers for the offering.
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Genmab price target raised to DKK 2,320 from DKK 1,112 at Goldman Sachs » 20:2710/2710/27/20
Goldman Sachs analyst…
Goldman Sachs analyst Graig Suvannavejh raised the firm's price target on Genmab to DKK 2,320 from DKK 1,112 and keeps a Neutral rating on the shares. The analyst also introduces a price target of $37 on Genmab ADR's. Suvannavejh states that the company's execution has been "impressive" as he calls it the "best-in-class European biotechnology company" given its royalties from Darzalex, though after the stock's run-up over the past two hears, he sees risk-reward as "balanced" at current levels.
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Notable companies reporting before tomorrow's open » 20:2510/2710/27/20
Notable companies…
Notable companies reporting before tomorrow's open, with earnings consensus, include Mastercard (MA), consensus $1.66... UPS (UPS), consensus $1.86... Boeing (BA), consensus ($2.32)... Anthem (ANTM), consensus $4.15... General Electric (GE), consensus (4c)... ADP (ADP), consensus 98c... Norfolk Southern (NSC), consensus $2.38... Boston Scientific (BSX), consensus 25c... General Dynamics (GD), consensus $2.86... Masco (MAS), consensus 77c... Hess Corp. (HES), consensus (56c)... Dynatrace (DT), consensus 10c... Sealed Air (SEE), consensus 66c... Brinker (EAT), consensus (19c)... Six Flags (SIX), consensus ($1).
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Treasury Market Summary » 20:1510/2710/27/20
Treasury Market Summary:…
Treasury Market Summary: Trading remained nervous Tuesday with increasing worries over spikes in virus cases and tighter restrictions that could retard the economic recovery. The lack of additional fiscal stimulus has been adding to the more bearish outlooks. Treasuries have maintained a steady bid this week on risk aversion with short covering from the month's selloff contributing to the rally. Meanwhile, stocks were mixed thanks to the many crosscurrents and differing directional signals, with expectations for a strong surge in Q3 GDP offset by current realities a slowing in Q4 on the second wave of the virus, along with the lack of stimulus, various earnings reflecting the pandemic-related divisions in the economy, and uncertainties over the elections. The Dow finished -0.8% lower and the NASDAQ rallied 0.6%. The day's data were generally better than forecast, though were largely overlook with the focus on exogenous factors. The 2-year auction results were slightly below average, but there was no market impact either. View the summary.
Mirati Therapeutics 4.33M share Secondary priced at $202.00 » 20:0610/2710/27/20
The deal priced below the…
The deal priced below the last closing price of $209.16. Goldman Sachs, SVB Leerink, Cowen and Evercore ISI are acting as joint book running managers for the offering.
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Allakos sees Q3 net loss of ($50M) to ($40M) vs. ($21.7M) last year » 20:0110/2710/27/20
Allakos estimates that…
Allakos estimates that cash, cash equivalents and investments in marketable securities will be $419.8M as of September 30, 2020.
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Ultragenyx price target raised to $108 from $83 at Piper Sandler » 19:4710/2710/27/20
Piper Sandler analyst…
Piper Sandler analyst Christopher Raymond raised the firm's price target on Ultragenyx to $108 from $83 and keeps an Overweight rating on the shares after its better than expected Q3 results. The company generated "yet another quarter of impressive commercial, clinical and business development execution", with approval gained for its Crysvita inTIO and Dojolvi for LC-FAOD, the analyst tells investors in a research note. Raymond adds that Ultragenyx has developed "one of the most diverse and well balanced portfolios" in the business.
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Sound Financial Bancorp announces stock repurchase program for up to $2M » 19:4410/2710/27/20
Sound Financia announced…
Sound Financia announced that its board has adopted a stock repurchase program. Under this repurchase program, the company may repurchase its outstanding shares in the open market in an amount up to $2 million, based on prevailing market prices, or in privately negotiated transactions, over a period beginning on October 28, 2020, continuing until the earlier of the completion of the repurchase or the next six months, depending upon market conditions.
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Visa to acquire YellowPepper, terms not stated » 19:3610/2710/27/20
Visa announced that…
Visa announced that "it has signed a definitive agreement to acquire YellowPepper, a fintech pioneer with proprietary technology and partnerships supporting leading financial institutions and startups in Latin America and the Caribbean."
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Visa to acquire YellowPepper, terms not stated » 19:3610/2710/27/20
Visa announced that…
Visa announced that "it has signed a definitive agreement to acquire YellowPepper, a fintech pioneer with proprietary technology and partnerships supporting leading financial institutions and startups in Latin America and the Caribbean.
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SAP downgraded to Buy from Conviction Buy at Goldman Sachs » 19:3010/2710/27/20
Goldman Sachs analyst…
Goldman Sachs analyst Mohammed Moawalla downgraded SAP to Buy from Conviction Buy with a price target of EUR 120, down from EUR 160. The analyst warns that as the company enters a transition period moving its core ERP base to cloud products and a subscription model, he sees near-term risks of impact on its financials, leading to "no top line or bottom line growth" in 2021 and 2022.
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QTS Realty Trust price target raised to $73 from $70 at BMO Capital » 19:2410/2710/27/20
BMO Capital analyst Ari…
BMO Capital analyst Ari Klein raised the firm's price target on QTS Realty Trust to $73 from $70 and keeps an Outperform rating on the shares after the company reported a "solid" quarter. Klein said he believes there is conservatism embedded in the outlook, particularly the top line, which will benefit from 55% of backlog commencing during the year, and ultimately elevated capex is related to ongoing leasing demand, a "good problem" in his view.
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Suit claims Grubhub added eateries to platform without consent, Bloomberg says » 19:2310/2710/27/20
Grubhub has been accused…
Grubhub has been accused in a lawsuit of adding 150,000 restaurants to its platform with their permission in an effort to combat growing competition in the food delivery space, Bloomberg's Robert Burnson reports. The suit claims that, in an attempt to disguise the move, Grubhub instructs delivery drivers to place orders with the restaurants themselves and pretend to be the intended customers when they pick up the order, Burnson says. The case was filed as a proposed class-action on behalf of restaurants across the U.S. by the owners of two eateries, namely Antonia's in Hillsborough, North Carolina, and the Farmer's Wife in Sebastopol, California, the author notes. Reference Link
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SPDR Gold Shares holdings rise to 1,266.72MT from 1,263.80MT » 19:2110/2710/27/20
This is the first…
This is the first increase in holdings since October 12th.
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Ecopetrol reports Q2 EBITDA COP 2.0B vs. COP 8.3B last year » 19:1710/2710/27/20
Reports Q2 total sales…
Reports Q2 total sales COP 8.44B vs. COP 18.31B last year. CEO Felipe Pardo says: "In line with the guidance announced at the end of the first quarter, results for the second quarter reflect the impact of the unprecedented situation caused by the global spread of COVID-19. April reported the worst performance of crude prices since the beginning of the crisis. The inventory build-up and the contraction in demand as a result of the lockdown measures implemented worldwide led to a 38% decline in the Brent, compared to 2019 year-end, even with negative levels for WTI, and below USD 20 for Brent during some days. Likewise, during the second quarter, sales of our main products reported a decrease of 46%, mainly in jet fuel (-89%), gasoline (-46%) and diesel (-35%). This new reality required a rapid financial and operational adjustment that we executed decisively, while reinforcing our three strategic pillars: strict capital discipline, cash protection and cost efficiency, as well as reserve growth and profitable production. Thanks to this intervention, along with the gradual improvement in market conditions reported since mid-May, our operating and financial results, although impacted, were positive."
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EPA clears use of Bayer's XtendiMax for five years, Reuters reports » 19:0710/2710/27/20
U.S. Environmental…
U.S. Environmental Protection Agency Administrator Andrew Wheeler said the agency intends to allow farmers for the next five years to spray crops with a Bayer weed killer whose sales were prohibited by a U.S. appeals court in June, Reuters' Tom Polansek reports. Bayer's XtendiMax is known to drift away and damage other crops that are not resistant to the product, Polansek says. "This decision includes a five-year registration, providing certainty to growers as they make future purchasing decisions," Wheeler told reporters on a call. Reference Link
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Raytheon Technologies CEO: Defense is always a bipartisan issue » 18:4010/2710/27/20
In an interview on…
In an interview on CNBC's Mad Money, Greg Hayes said until people feel safe on planes, business will not return to 2019 levels. He does not see commercial air travel returning to 2019 levels until 2023. Hayes said Raytheon is cutting costs to improve margins for the eventual turnaround. "The best thing for us to do is to continue to invest cash in the business," he said. Share buybacks are priority number two, according to Hayes. Big M&A at this point is "not a prudent thing to do," he said. The U.S. has lost its technological edge to China, Hayes noted, and therefore he expects defense spending to be strong in coming years.
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Tyson to replace federal inspectors with own staff at beef plant, Reuters says » 18:3410/2710/27/20
Tyson Foods said it…
Tyson Foods said it intends in January to replace over a dozen federal inspectors at a big Kansas beef plant with company workers, after receiving a U.S. government waiver, Reuters' Tom Polansek reports. The company said that the changes would improve food safety and efficiency, though some activities argue that the changes could lead to less oversight, the author notes. Reference Link
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Bridge Bancorp reports Q3 EPS ex-items 77c, consensus 72c » 18:2410/2710/27/20
Reflecting on the third…
Reflecting on the third quarter results, Kevin O'Connor, President and CEO said, "Our strong quarterly results reflect the solid foundations of our balance sheet and business model. We continue to navigate this turbulent environment, supporting our employees who, in turn, support our customers. Additionally, we are working with our counterparts at Dime Community Bank to deliver a smooth transition for our customers. I want to thank all of the BNB employees-their ability to service our customers at the highest level while dealing with the pandemic, remote work, child-care issues, and a complicated integration, speaks volumes about their dedication and commitment. I could not be prouder to work with this group of professionals."
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Carriage Service raises FY21 adjusted EPS view to $2.08-$2.18 from $1.65-$1.75 » 18:1410/2710/27/20
Raises FY21 revenue view…
Raises FY21 revenue view to $324M-$332M from $312M-$320M at June 30. Consensus is for Q4 EPS $1.53 and for revenue $306.14M. Sees Q4 adjusted Consolidated EBITDA $102M-$108M, up from $95M-$100M; adjusted Consolidated EBITDA Margin of 31.5%-32.5%, up from 30%-31%; Adjusted Free Cash Flow of $56M-$60M, up from $50M-$55M; Adjusted Free Cash Flow Margin of 17.4%-18.2%, up from 15.8%-16.8%; and total Debt to EBITDA Multiple of 3.8 - 4.2 times at September 30, 2021, down from a Rolling Four Quarter Outlook of 4.5 to 4.7 times at June 30, 2021.
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I have been looking forward to NBC's Munsters remake Mockingbird Lane, mostly as an opportunity for Pushing Daisies creator Bryan Fuller to play with some dark tragicomedy. (Fuller's take on the lead: "When you come to The Munsters and have Herman—who's essentially a zombie in a constant state of decay—and he's married to a woman who doesn't age, there's something very poignant there.") Alas, it is probably not to be. Deadline hears that NBC is leaning toward passing on the Mockingbird Lane pilot with the caveat that no final decision has been made yet. Rather than cling to that small glimmer of hope, I will shift my Fuller love to the Hannibal Lecter prequel series Hannibal, which already has a 13-episode order for midseason on NBC.
Mockingbird Lane has been kicking around NBC since the 2010-11 development season. Bryan Singer directed the pilot, led by Jerry O'Connell, Portia de Rossi, and Eddie Izzard. Deadline suggests the hourlong pilot was "lauded for its visual style," but never quite came together. I hope we get to see a bit of footage somewhere down the line. [Update: Fuller has taken to Twitter to assuage some fears, saying "NBC just informed me that the Deadline article regarding #MockingbirdLane was Dead Wrong. Stay tuned for updates!" So, it's still alive! For now.]


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READ about Piers Morgan's long career in journalism here.
As 32 NFL football teams prepare for the official start of the 2013-2014 season, Sarah Thomas is hoping to line up for an opening kickoff of her own.
After refereeing her way up the ranks by working games at the high school and college level, Thomas is now poised to become the first full-time female NFL official.
A week ago the mother of three was seen working a New Orleans Saints scrimmage as she's currently one of 21 finalists in contention for a permanent NFL officiating position.
Joining "Piers Morgan Live" on Tuesday, Thomas revealed the microscope she's been under as she calls off sides and holding penalties this summer:
"I've never worked a preseason where there's been more focus on the next season," she explained. "I'm embracing everything that has been put before me, but really and truly, I'm just focusing on being an official and going out and working the game just like I normally do."
Speaking live with Piers Morgan via satellite in Philadelphia, Thomas shared details of how she's been treated in an otherwise male-dominated industry:
"They're professionals," the 39-year-old explained. "This is their job ... But when they see me in stripes, I'm just one of the officials that's out there. It just so happens that I am a female. But when we're out there working we're a team and just trying to go unnoticed like I said, and I'm just one of the guys."
Watch the clip for more of Piers Morgan's interview with Sarah Thomas, and for the full edition of "Piers Morgan Live" tune in every night at 9pm.
» Follow "Piers Morgan Live" on Twitter
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Blake Lively was out and about in New York City yesterday, filming scenes for Season 5 of 'Gossip Girl'.
The actress looked lovely wearing a multitude of summery colours.
I adore her lemon-and-black Reed Krakoff Spring 2012 belted coat. It's such a chic piece.
Thankfully Eric Damon loves colour as much as I do, as his team accessorized Blake's look with a baby-blue Emily Cho python clutch and baby-pink pumps.
Serena van der Woodsen's looks on the show tend to be tight and short, so it's refreshing to see her in something else for a change.
'Gossip Girl' airs on CW and ITV2 on Monday nights at 8pm.
Credit: Style.com & FameFlynet