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Browse:Home Allegany County Shreve birdies No. 6, holds on for modified doubles win
Shreve birdies No. 6, holds on for modified doubles win
Published by AlleganyPlayground.com on November 28, 2021 | 0 Comment
Raynor 2nd, E. Shreve and Spradlin tie for 3rd
Doubles play resumes Dec. 5 in Cumberland
* Western Maryland Disc Golf FB page
* AlleganyPlayground.com FB page
CUMBERLAND — No tie. No Scott Mallery. No problem for Bill Shreve.
The 45-year-old Cumberland man and his partner, son Ethan Shreve, birdied No. 6 on the front nine, propelling Shreve to an individual lead in modified doubles play to wrap up Week 6 in the Western Maryland Disc Golf Fall/Winter Doubles League at Central Assembly of God in Cumberland.
Kevin Spradlin photo | AlleganyPlayground.com
Bill Shreve throws from No. 6 on the red tee. He and partner Ethan Shreve birdied the hole in two strokes.
It was a lead Bill Shreve, who played one day earlier in the inaugural Ace Race event at Mile Lane Disc Golf in Mount Savage, built on over the remaining 12 baskets. Shreve finished with a score of 46, followed by Keith Raynor, 45, of Vale Summit, in second place with a round of 50. Ethan Shreve, 18, of Cumberland, and Kevin Spradlin, 42, of Frostburg, each scored a 53 to tie for third. Josiah Spradlin, 12, of Frostburg, rounded out the field with a 55. It was the younger Spradlin's first time throwing from the white tees on the back nine, so his second-half score of 28 was even more impressive.
With five people registered for the 2 p.m. tee time, Bill Shreve pulled a magic trick from the hat of disc golf veteran and administrator Scott Mallery, leaning on the Week 2 format which made the odd man out be a rotating position over 18 holes. During play on Oct. 31, Shreve tied with Mallery (48 each).
Josiah Spradlin, 12, tees off on No. 8. His partner was Ethan Shreve but, at least for this hole, Josiah did not need him.
At each tee on Sunday, the pairs alternated — it started out with the two Spradlins, then the Shreves, with Raynor on his own for the first hole. The odd player out was able to have a mulligan on one shot during each hole, similar to a doubles team having the option to choose between partners' throws.
Raynor and Bill and Ethan Shreve each shot solo four times, while Kevin and Josiah Spradlin each played the odd man out three times. Comparing each player's first three solo holes, the scoring looked like this:
Kevin (2, 3, 5 = 10)
Josiah (4, 4, 3 = 11)
Bill (2, 3, 2 = 7)
Ethan (3, 3, 4 = 10)
Keith (2, 3, 3 = 8)
Kevin was the only player to shoot solo only once on the shorter red nine, scoring a birdie on No. 5.
With the help of his rotating partners, Kevin Spradlin stayed even with Bill Shreve through the first five baskets. Then Shreve and his son birdied No. 6. Bill Shreve gained another stroke on No. 9 — another birdie — for a two stroke lead over Spradlin and Raynor at the midway point (21 to 23). Ethan Shreve was at 24 while Josiah Spradlin threw a 27.
Keith Raynor tees off from No. 10, the first white tee on the back nine.
Fall/Winter Doubles League action continues on Sunday, Dec. 5 at Central Assembly of God in Cumberland with a tee time of 2 p.m. for all players, members and non-members alike. Registration begins at about 1:30 p.m. The registration fee is $5 per player ($2 goes to the league, $1 goes into the ace fund and $2 goes into the weekly winner's purse).


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International Journal of Communication Publishes a Special Section on Women's Rights and Gender Equality in Turkey
Posted on October 29, 2020 by bellgarc
Zeren Göktan, "Deep Blue", #1, 2017
Turkey, once a democracy, has slid into authoritarianism, and has now severe restrictions on its media which prompts the question:
What does this mean for women's rights and gender equality in Turkey?
Guest-edited by Esra Özcan, this Special Section on Women's Rights and Gender Equality in Turkey brings together eight original papers (plus an editorial introduction) on current research in gender and media in Turkey. The articles investigate a wide a range of historical and contemporary issues about women's rights and gender equality in different types of media:
• Women's representation in early modern Turkish newspapers
• Women's films
• The promotion of a neo-liberal gender ideology in Islamized self-help books
• The media coverage of violence against women and LGBTQ+ communities
• Online activism against violence
• Anti-feminism
• Gender stereotypes in advertising
The Special Section explores ways to push against gender conservatism in a restricted media environment. We invite you to read these Special Section articles that published in the International Journal of Communication on October 28, 2020. Please Ctrl+Click on the article titles below for direct linking.
Women's Rights and Gender Equality in Turkey: Struggles Over Media Representations and Discourses in the Past and Present — Editorial Introduction
Esra Özcan
The Image of Turkish Women as the Antithesis of the Ottoman Past: Representations of Women in the Newspapers of the Early Republican Era
Esra Ercan Bilgiç
Cinema Has Split the Girl's Soul into Pieces: Scrutinizing Representations of Women in Films from Turkey
Esin Paça Cengiz
Gender in Turkey's Islamic-Oriented Self-Help Literature: Constructing Self-Regulating Female Subjectivity
Feyda Sayan-Cengiz
"The Public Immoralist": Discourses of Queer Subjectification in Contemporary Turkey
Eser Selen
The Politicization of Rape as a Consequence of Western Modernity and Religious Conservatism: Competing Media Narratives on Gender
Ece Algan
Use of Social Media in the Struggle Surrounding Violence Against Turkish Women
Christine Ogan, Özen Baş
Voices Against Misogyny in Turkey: The Case of a Successful Online Collective Action Against a Sexist Commercial
Özden Melis Uluğ, Özen Odağ, Nevin Solak
Framing the Alimony Debates in Turkey: Struggle Between Feminist and Antifeminist Discourses to Represent "Women's Rights"
Kasia Anderson, Managing Editor, Special Sections
Esra Özcan, Guest Editor
According to the latest statistics from Google Scholar, IJoC ranks 3rd among all Humanities, Literature & Arts journals, and 5th among all Communication journals.
← International Journal of Communication announces the publication of 32 papers that published in SEPTEMBER
International Journal of Communication announces the publication of 24 papers that published in OCTOBER →

redpajama_set_name: RedPajamaCommonCrawl


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By Ari Herstand
ResourcesLennon Cihak - 11-25-2020 0
Which print on-demand merch company is best for musicians: Gooten, Printful, Printify, Teelaunch, or Teespring?
IncomeAri Herstand - 10-15-2020 0
This is the most comprehensive and accurate digital distribution review comparison piece on the web. By far. I checked. Who is the best digital distributor? Read on…Amuse vs. AWAL vs. CD Baby vs. DistroKid vs. Ditto Music vs. Fresh Tunes vs. Horus Music vs. Landr vs. Octiive v...
Ari Herstand
Ari Herstand is a Los Angeles based musician, the founder and CEO of Ari's Take and the author of How to Make It in the New Music Business.
Former Major Label Executive is Creating a New Investment Model | New Music Business w Ari Herstand
Listen on your favorite podcast platform: Spotify | Apple Podcasts | Stitcher | Acast
Today's guest is Nick Gatfield. He has been in the music industry for decades. He was a major label executive for 25 years, most recently Sony Music UK, which he left in 2014. He's worked at various majors over the years, including Universal and EMI. He was there when they signed Radiohead and was also part of Amy Winehouse's team.
But now he's out of the major label game and runs an investment company called Twin Music. They invest in artists, recordings, and various artists' assets. I will let Nick explain how it all works because he is so knowledgeable on this due to his decades worth of experience in the industry. It's clear that he cares about artists and this new model. One of the first artists he signed to this new deal was Allie X, who was on the show about a month ago. I encourage you to check out her episode to learn how this deal works from an artist's perspective.
+Allie X on Creating Her Artist Package, Breaking Into LA and Staying Independent
3:53 – How London is doing amidst the pandemic and how the industry is shifting
10:55 – What is Twin Music and what's the business model?
22:22 – What does the exit strategy look like for Twin Music / the artist?
25:03 – Does Twin Music just put up the money or is there a team that helps the artists?
27:18 – Who are Twin Music's distribution and publishing partners?
29:54 – Is Nick's business model scalable or is it just a wave that will eventually pass?
35:42 – Will major labels always have their place in being the driving force behind popular culture or is the industry shifting away from them?
37:50 – What percentage of artists that Nick signed when working at the major labels made their advance back on their first album?
46:38 – What does an investment look like? How does someone invest in an artist?
53:42 – What can an artist expect from an investment deal? Does it work like an advance?
56:25 – What does it mean to Nick to make it in the new music business?
Nick Gatfield
Twin Music
Previous articleVictoria Canal on Releasing Music During COVID and Staying Inspired
Next articleParadigm Fired Them So They Started a New Booking Agency With an Impressive Roster
PodcastsAri Herstand - 10-28-2020 0
Anwar and I talk about being a producer/songwriter and writing thousands of songs and even how he got his publishing deal. We also talk about developing Audrey Nuna.
Paradigm Fired Them So They Started a New Booking Agency With an Impressive Roster
Podcasts Ari Herstand - 10-28-2020 0
This episode is for all of you orchestra nerds out there. I'm guilty of that. I played in an orchestra for most of my life. For those of you who don't know, I'm a trumpet player. I love going to the LA Phil and love orchestra music. It features Nu Deco Ensemble founders Sam Hyken and Jacomo Bairos.
Marshall Betts is an agent formerly of Paradigm, but after Paradigm dissolved its entire music division and laid off hundreds of employees he along with a few of his co-workers at Paradigm launched a new agency... TBA Agency. Get it?


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gladstone partners london 2021


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Another Industry-Backed Effort to Delay Crucial Safeguards and Undermine the Regulatory Process
Tania Matsuoka,
Center for Effective Government
Effective public safeguards protect all of us from toxic chemicals, air pollution, water contamination, and unsafe food. Streamlining the process of strengthening and updating these standards would help us fight new and emerging dangers. But earlier this year, Sen. Mike Rounds (R-SD) quietly introduced a resolution that would inject Congress into the federal regulatory review process and slam the brakes on a rulemaking system that is already fraught with delays that put people's lives and health at risk.
Rounds and his co-sponsors claim that the measure, the Regulation Sensibility Through Oversight Restoration (RESTORE) Resolution, would address issues raised in an industry-backed report on the cost of regulations. But that publication and its findings ignore the immense benefits of public protections and were debunked by the Washington Post Fact Checker as "misleading" and having "serious methodological problems."
Rounds' proposal would create a temporary Joint Select Committee that would "conduct a systematic review of rules enacted by federal agencies" and would hold potentially wide-ranging hearings on these rules. The committee would submit recommendations to Congress to sunset rules it doesn't like and would impose a process for federal agencies to submit rules to Congress for review before they are enacted.
RESTORE would also require Congress to consider creating a permanent "Joint Committee on Rules Review," which would further broaden the scope of standards and safeguards subject to unnecessary delay and possible repeal.
RESTORE is redundant, unnecessary, and a backdoor way to prevent the implementation of popular laws.
Our regulatory process is already overloaded with roadblocks that slow the enactment of crucial public safeguards. It already takes years for agencies to develop even uncontroversial and pressing standards. During these delays, people may die or suffer serious injuries and illnesses, and communities and our natural resources can be irreparably harmed.
The Office of Management and Budget's Office of Information and Regulatory Affairs (OIRA) currently reviews rules that agencies develop. Congress created OIRA through the Paperwork Reduction Act and tasked it with overseeing the federal regulatory process. The office focuses on evaluating the economic impacts of rules and avoiding inconsistent and duplicative policies among agencies. RESTORE essentially gives the Joint Select Committee some of the same functions as OIRA, rendering the resolution redundant and wasting staff time and resources of executive agencies and Congress.
RESTORE is a "solution" in search of a problem because Congress already has extensive oversight of the regulatory process. It may make recommendations to agencies, hold hearings and pose questions to agency heads, impose restrictions through funding bills that prevent agencies from enforcing specific rules, or enact legislation concerning a proposed rule. Should an agency issue a final regulation that Congress disagrees with, it can pass a joint resolution of disapproval by a simple majority under the Congressional Review Act. This can overturn a rule if the president signs it.
At a recent hearing, Senate Republicans tried to cite the shrinking capacity of OIRA to take on expansive regulatory review as a justification for the RESTORE resolution, but their own witness, former OIRA Administrator Susan Dudley, pointed to an easier fix: Congress could just provide the office with more resources.
Legislators don't have the time or the expertise to review all significant rules, and RESTORE is likely unconstitutional.
Members of Congress have scant time to review rules – whether they're newly proposed or already adopted. Incredibly, Rounds proposes a review of all existing federal regulations to identify rules and sets of rules that should be repealed, which could subject every regulation ever enacted to an undefined standard of congressional review.
Further, the resolution would drag more proposed rules into the review process by lowering the economic standard for defining a "significant" rule, from an annual impact on the economy of $100 million or more to $50 million. Even the current standard is unreasonably low; it was set in 1978 during the Carter administration and has not been changed since. Adjusted for inflation, the equivalent impact on the economy would be $713 million today.
As Rounds himself points out, there is no way Congress can review over "ten thousand regulations per year" unless such an undertaking is institutionalized. He is absolutely correct, and that's why Congress delegated this responsibility to the executive branch.
It is also highly unlikely that legislators appointed to the Joint Select Committee would have the necessary expertise to review technical and scientific rules. In addition to OIRA, the current rulemaking review process allows other federal agencies with expertise and interest in a rule to provide their input. However, congressional review would allow industry-backed legislators to overrule scientific experts and roll back decades of vital public protections.
RESTORE represents a transparent and likely unconstitutional power grab that is unworkable and creates more problems than it purports to solve. Congress should reject this proposal.
Tania Matsuoka
Tania Matsuoka is an intern with the Center for Effective Government and the Coalition for Sensible Safeguards.


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These businesses reacted to covid with automation and AI
During the pandemic, AI has played a vital role in demand forecasting, supply chain optimization of essential services to healthcare services.
Riya Pahuja
Updated: July 23, 2021, 17:08 IST
AI has played a silent role in our lives for many years now- medical research is a key example. However, the applications of AI are now more visible to people mainly because of consumer applications such as e-commerce, ride sharing, app-based food delivery, OTT platforms, etc. that they use in their daily lives.
"Globally, industries such as retail, e-commerce, healthcare, life sciences, insurance, banking, consumer goods, utilities, telecom, media and direct to consumer services have been increasing their investments in AI over the past decade. Driven by benefits ranging from productivity gains and cost reduction to strategic goals such as deepening customer engagement, finding new ways of growing revenue, expanding into new markets and getting better insights for product development, enterprises are adopting a more strategic approach to how they leverage AI to achieve their business goals," said Senthil Ramani, Head - Accenture Applied Intelligence for Growth Markets.
While India as a market was trying to understand the applications of Digital, Automation and AI, pandemic spurred the growth of these powerful technologies across all industries. During the pandemic, AI has played a vital role in demand forecasting, supply chain optimization of essential services to healthcare services.
"Our latest research found that 59% of technology leaders accelerated investments in AI and machine learning during the pandemic and 60% in robotic process automation. Scaling up their investments in key technologies including AI during the pandemic has helped leaders not only absorb impact quickly but also refocus on growth. All indications point to a continued investment in this area." Ramani added.
Pre-Covid, while some businesses were in the early adoption stage, some were just chatting about the technology but today, almost every major organization is automating its process and making its system artificial intelligence.
With work from home, things were moving slowly and so were the business processes. Taking this opportunity, Puneesh Lamba, CTO, Shahi Exports turned a lot of manual run tasks into automated ones.
"We saw that wherever the processes were physical or had manual touch points were either slower now because of the lockdown or not possible at all. So we had to move to virtual processes," said Lamba.
"The number of processes automated by the company in the last year is much more than the total automation done in the last 3 years. Given the base the company still has, I am sure that in the coming 6-9 months all the eligible processes will be automated using multiple technologies whether it is RPA or AI, or workflow technologies," he added.
Also Read: How automation helped Shahi Exports survive two big pandemic waves
In addition to the processes going slow, another biggest challenge in the supply chain functions was inventory management. With orders flowing in from all the channels, it was difficult for the retailers to keep track of the inventory. Business found the solution to this problem, once again, in technology.
For example, to optimize its supply chain functions and customer orders, IKEA is doing goal-driven AI. IKEA wanted to optimize its supply chain for a smooth flow of products in the store and to customer's homes.
"We needed to optimize the way we were managing our inventory. We are doing a lot of goal driven AI where we optimize the supply chain functions. The question was, if the customer orders online or gets it from the store, from which warehouse or store do we deliver the product from? So we have worked with AI to know the best way to do this so that the product reaches the customer in the shortest time possible with the best availability," explained Divya Kumar, Global Digital Chief Financial Officer, IKEA
Citing an example she further explained, "I want to keep sofas in a place. I may want to keep them all at one place and deliver from there or may want to distribute them to a warehouse or different store. So the AI algorithm built underneath the model helps me decide where to keep my inventory such that it's the optimum way and it helps me in managing the cost."
On the supply chain side, Kumar believes there are huge quantitative benefits in AI, especially when it comes to the end-to-end operations.
(With inputs from Dhrumil Dhakan)
Shahi Exports
Omni channel trade
Divya Kumar
cs rpa
cs AI
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Posted on December 28, 2021 byAdam Wallace
Modern eclectic combat systems, otherwise known as Mixed Martial Arts (or MMA), appear to be attracting far more adherents today than the traditional Chinese systems. What are the reasons for this? Are traditional martial arts, as detractors claim, really outdated, obsolete and doomed to extinction? Why the division? What then still attracts students to traditional styles over modern martial arts? And what do traditional styles offer that the modern arts do not? These questions will be addressed over the coming parts.
MMA appears to hold the view that traditional Chinese martial arts "have no place in today's world". This is patently absurd as traditional Chinese martial arts have been "battle-tested", literally on the battlefield! Hand-to-hand combat has not really changed much over the centuries, except for firearms replacing traditional weapons. As Bruce Lee said, "A punch is just a punch. A kick is just a kick"!
MMA considers itself to be the next step in the "evolution" of martial arts, as it covers all ranges, including the ground, and claims to employ the best techniques from all the various arts. The emphasis on ground fighting is one of the major differences between Traditional Chinese Martial Arts and MMA. Fighting on the ground is not really a component of Chinese arts whereas for MMA it is the cornerstone. All martial artists today, and even the armchair fans of sport MMA have been conditioned by the medium of television Ultimate Fighting Championship (UFC) events and reality shows, to believe that a fight almost invariably goes to the ground, and that this is where a fight "really begins". In reality, all fights begin standing up. And, for the winner, they certainly end standing up. Yet, MMA considers that any martial art without ground fighting is "incomplete" or inferior, and that every fighter must be well versed in groundwork, covering Jiu-Jitsu, Judo or wrestling.
Chinese martial artists are expected to remain upright. This is why emphasis is placed on various types of stance training, as foundation, so leg strength, balance, inner awareness, stability and mobility, and positional recovery are equally developed. True striking power comes from the legs, and not many MMA fighters seem to know this, considering how much time they spend on training the arms and upper body strength. Should a traditionally trained martial artist lose balance, or slip and fall, or manage to be taken to the ground, and find himself on his back, he simply returns to upright as quickly as possible. He is under no obligation to remain there, and if untrained in groundwork, then opting to remain on the floor would be like falling into the river and not knowing how to swim. The notion of rolling around and thrashing about in the mud, dust or dirt during a confrontation is considered "undignified". The Chinese are a highly pragmatic race of people. During centuries of wars and gang fighting, if ground techniques had been considered a necessity, then techniques would most certainly have been developed for this situation. Forms of grappling and throwing (Shuai Jiao) and joint locking (Qin Na), as a means to control or finish the opponent, do exist within most styles of traditional Chinese martial arts, but unlike MMA, they are not applied from the ground, so the training does not begin with both fighters in the supine or prone positions, straddling each other on the floor.
With MMA, a fighter's objective is to forcibly take his opponent to the ground where he can apply his repertoire of wrestling skills, grappling, chokes, and joint locks, or else he is quite content to allow himself to be taken to the floor by his opponent, whereupon he will attempt to turn the tables and ply his trade. So, one way or the other, as they all fully expect to end up on the floor, it is their conscious or subconscious intention, through action or passivity, that inevitably leads them there. This is the invariable result with MMA solely because both parties tacitly agree to it. Seldom do we find the situation in which one skilled combatant is uncooperative and refuses to play the game.
If one possesses trained strength with stability and balance, internal awareness and sensitivity to changes, and the ability to turn and neutralize force, together with footwork/ mobility to maintain advantageous position, along with knowledge of counter measures to prevent going to ground, then he simply cannot be taken down. And, not without energy sapping effort expended by the opponent.
UFC (the televised public face of MMA) has played the role of culture creationist, helping shape thought and opinions on martial arts, in general, by judging all other martial arts against it. But, with respect, UFC itself really is competition sport. Of course, competition sport does not mean to denigrate it, but the purpose of traditional Chinese martial arts is not for competition or sport. They were purely for survival.
The main problem with combat sports (including boxing) is that knockouts are not guaranteed and without a knockout (KO) or technical knockout (TKO), a clear winner cannot always be determined without the input of the judges' scorecards. Even so the bout can and often does result in a draw, and decisions awarding a winner, by the smallest margin of points, can often be at odds with what the audience has witnessed, leading to accusations of fraud and match fixing, especially when big money and betting is involved. So, altogether, not a reliable or satisfactory result. Through ground fighting, wrestling and Jiu-Jitsu, the MMA/ UFC fighter can apply a lock or choke hold that will cause the opponent to submit or concede by "tapping out" and this provides another avenue for a winner to be determined. People always want a winner, so this is one reason why UFC has become so popular with the television audience. It is the influence of televised MMA events which has instilled the belief that this is how all real-life confrontations on the street must unfold and conclude.
But, going to ground also allows for a protracted and drawn-out confrontation. Only in Hollywood movies do fights last for several minutes. Real life encounters are generally much quicker than that, lasting maybe only five or ten seconds at most. Even half a minute is quite unusual. In fact, 17th generation Chen Taijiquan Grandmaster Chen Fa-Ke claimed a fight should last no longer than three seconds! This is quite different than UFC/ MMA where fighters trade a few blows, then become propped up against the sides of the cage, trying to out-muscle each other, before rolling around on the floor for a time. UFC sanctioned title matches last for five rounds of five minutes each, with one minute rest in between. So, one fight without a knockout of submission can last up to half an hour! For sport, on television, this is normal and expected. A headline fight lasting only three seconds is not good value for those that paid exorbitant sums of money to spectate live (blink and you may miss it!) and for television broadcast this is not good for generating advertising revenue. Fights on television must be, above all else, both entertaining and lucrative.
In real situations, going to ground to gain submission through pain compliance (or risk a bone break and tendon tear) may be useful to avoid lawsuits resulting in physical damage, and hospitalization etc. so this is preferable for bodyguards, security guards, doormen/ bouncers, and law enforcement officers. However, choking someone, even if you are the victim, can lead to a prison sentence, in certain US states! So, this too is not always a viable alternative outside the ring, cage, sport arena or gym. But, in an actual street fight, for self-protection, this is not the fail-safe solution or be-all-and-end-all for every situation that MMA fighters are conditioned to believe it is. When there is the threat of multiple opponents, with and without weapons, it is not wise to concentrate and devote time attempting to tie up one person on the ground as this only invites the rest of the group to attack simultaneously. Often, perceived solo attackers are predators with friends or associates that are lurking out of sight, in the shadows or blending with a crowd in the background, ready to "sucker punch", act cowardly and gain advantage once the defender has been distracted, wrestling around on the ground with the "bait". Alternatively, the terrain may be covered with dangerous items from broken glass to used hypodermic needles to feces or other toxic materials. So, opting to take an opponent to ground in these conditions would be ill-advised. In the ring, or cage, this is not a concern, but in real-life encounters on the street we need to use situational awareness to avoid the ground.
Today's MMA fighters are quick to criticize or deride practitioners of Chinese martial artists that decline to step into their ring and compete under their rules. They consider their ring as the only truth. But, if traditional martial artists cannot use the techniques they train and must abide by another's rules then the game is somewhat rigged against them and the cards are stacked. Wing Chun and Taijiquan, for example, require sensitivity and skin contact for grabbing and controlling, so wearing gloves becomes a hindrance and a handicap. Some of the very best street fighters, gypsies and bare-knuckle fighters are neither professionally trained MMA fighters nor Chinese martial artists, and if they competed under such rules they may not fare as well either.
In the past, if one traditional Chinese martial artist wanted to challenge another to gain a reputation, or settle a dispute, waivers would be signed to remove blame, resulting in law involvement or repercussions if either party died or suffered serious injury as a result. Such was the seriousness of some of these challenges. They would take it to the very end, without any referee to step in and end the fight, and none of the protections afforded to UFC/ MMA fighters. Sometimes "friendly competitions" might be arranged between schools. Of course, they were not all that "friendly" as losing meant losing face and the entire school's reputation would be at stake. But, when schools competed in the past, the aim was to improve and strengthen by finding weaknesses and to evolve the style. While good health and Qi are the by-product of internal training (which MMA foregoes altogether), traditional Chinese martial arts were only concerned with developing skills in life threatening situations for self-protection, and protection of the clan, during feudal, chaotic times against marauders, and much later, defense of the nation against foreign invaders. Martial arts were purely for survival and not the belt or trophy, not for fame, recognition or personal glory (not to springboard a movie career), or for the "purse" (money). The skills contained within these systems included techniques designed to end fights quickly, to incapacitate, maim or fatally injure, and were not intended to be long drawn-out affairs decided by points awarded by judges.
While UFC bouts are real in the sense that two warriors go in to battle with the actual intention to do the other harm, it is not a real matter of life-and-death survival. Both parties have prior agreement to meet at a pre-arranged future date, with months of mental and physical preparation in advance to train before the event. This is in stark contrast to a real life-threatening survival moment that is neither mutually agreed upon nor is there any warning given beforehand or time to prepare. Adrenaline aside, UFC events are simply two professionals going to work (to entertain the masses), in order to do a job to the best of their abilities: in other words, it is just "business as usual". UFC fighters (and professional boxers) know and can take comfort in the fact that there are numerous rules and safeguards in place "to protect them – at all times".
Headbutting, eye gouging, biting, fish hooking (the mouth), hair pulling, strikes to the spine or back of the head, strikes to the throat or grabbing the trachea, downward elbow strikes, groin attacks, kneeing or kicking the head of a grounded opponent, small joint manipulation, or clawing, pinching or twisting flesh are all forbidden. Kicks to the body, including the legs, are permitted, but stomping the knee is not. The very practical and effective self-protection techniques, that may be needed or called upon to disable an opponent and remove mobility in real life would be regarded as "unsportsmanlike conduct" in UFC/ MMA sports competition, leading to warnings, point deductions and even forfeiture and disqualification. (Many incapacitating techniques are found within traditional forms. Some are obvious and some are secret and need a teacher to explain.) Then, there is the protective gear, like the gum shield, groin cup, and padded gloves. Although gloves won't protect the brain from concussion, but by preventing bone-on-bone contact, they do offer protection to cheeks, jaw, eye sockets, ribs, and breastplate, from breaks and fractures and minimize lesions and contusions. And, lastly, fighters are protected by a referee who will step in and end the fight the moment he decides one fighter is incapable of defending himself or is in grave physical danger. Once such rules and regulations, protections and limitations such as this are introduced, can it really be regarded as "real" in the realest sense any longer? Or at least any more real than any traditional Chinese martial arts partner training?
All of these protections give the competing fighters added sense of security and remove some portion of the naked fear, unpredictability, and sheer ferocious violence that is present within an encounter outside of the ring or cage, or dojo, thereby changing the activity from true combat to sport. In a real street encounter or street fight you could literally die and must be mentally prepared for this. As it was reported on the news, Anthony Smith, an established UFC/ MMA fighter, was the victim of a home invasion by a drug addict in April, 2020. Smith was 6ft 4in and 205 pounds, and a trained professional. The invader was 170 pounds and unskilled, but under the influence of narcotics and seemingly impervious to pain. Smith was asleep and unprepared at the time he was alerted. He described the ordeal as the "toughest fight of my life" and "terrifying". For over five minutes, until the police arrived and subdued the man, he struggled to control the situation. He claimed the attacker "took everything I gave him – every punch, every knee, every elbow….and kept fighting me". So, a seasoned, trained, professional UFC fighter, despite fighting for his life and those of his wife, mother-in-law and daughters, failed to overcome an attacker that he referred to as "just an ordinary Joe". Perhaps it was the mindset of being drilled in fighting for sports competition instead of finishing in three seconds that led to failure? He was used to applying techniques on others playing by the same rules, and not a wild, unpredictable and uncooperative desperado. He did not use the very techniques found within Chinese martial arts designed to end fights quickly that would be banned in his "sport".
Perhaps it was Smith's mindset of panicking (which he freely admitted to)? There is no shame in this, and this is a perfectly "normal" reaction for a normal person in this type of situation. But, panicking, with Qi in disorder, impacts timing, focus and accuracy, and decision-making. Traditional Chinese martial arts include stillness training (including breath control) for the mind, instilling within the student a mental state that is relaxed and empty, unclouded by emotions of apprehension or anger, or doubt, and to treat life and death in these situations with equanimity. Of course, many students of Chinese martial arts today fail to devote sufficient time on this aspect and do not attain this mental state, in which case they would be no different than Smith in this situation. With the mind trained in this manner, the body and striking tools react just as they should, without any impediment. In fact, for most traditional skills this can be the foundation, while MMA does not understand and considers this aspect of training a "complete waste of time". The Chinese are wise, resourceful and pragmatic. If training mind and stillness did not benefit or enhance the senses, perception, and combat potential and Qi, they would never have included it. Fighting implies struggle. The Chinese word for martial art is "Wushu". This is comprised of two words that together literally translates as "Stop Fighting Technique", so the idea is not to struggle and scrap, but to end the confrontation quickly and decisively without "fighting".
Anyone could find themselves in this terrifying ordeal, and there is no guarantee a martial artist from any other style would necessarily have fared any better. But that is the point. It is the individual and not the style that counts. And, MMA, for all its claims to be the "complete" martial art with ground fighting, and delusions of superiority over the "outdated" Chinese martial arts, it cannot guarantee winning a confrontation, even against an untrained person, and winning one that is far more important to win than in the ring or cage as one's family, possessions and life are at stake. MMA is therefore no more effective or more relevant in today's world than the traditional Chinese martial arts, which offer so much more to their practitioners than fighting alone.


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'Nymphomaniac' Red-Band Trailer: "We Say Sex Addict"
Posted on Friday, November 22nd, 2013 by Angie Han
After several tantalizing "appetizers," including one deemed too hot for YouTube, the first full-length trailer has arrived for Lars von Trier's Nymphomaniac. And yes, it's everything we've come to expect: beautiful, unsettling, explosive, steamy, chaotic, and wildly NSFW. (Like, really, super, completely not safe for work.)
Charlotte Gainsbourg stars as Joe, who is beaten and left for dead on a cold evening. A stranger named Seligman (Stellan Skarsgard) takes her in, and she gives him her very sexy life story. Stacy Martin plays the younger version of Joe, and gets almost as much screentime here as the older one does. Check out the trailer after the jump.
There was some recent controversy over the decision to cut von Trier's five-and-a-half-hour cut down to four hours, in an attempt to make the movie more marketable. Producer Peter Aalbaek Jensen said at the time that the edits were "purely for commercial reasons" and not to tone down the explicit sex, and the trailer seems to back him up. There's lots of sex here, in all forms from coy come-ons to sadistic spanking. Not much of it looks happy and healthy, but then it wouldn't be a von Trier film if that were the case.
The star-studded cast also includes Shia LaBeouf, Christian Slater, Jamie Bell, Uma Thurman, Willem Dafoe, Mia Goth, Sophie Kennedy Clark, Connie Nielsen, Udo Kier, Jens Albinus, and Nicolas Bro. No U.S. release date has been set, but the film opens in December in Denmark and Norway.
NYMPHOMANIAC is the wild and poetic story of a woman's erotic journey from birth to the age of 50 as told by the main character, the self-diagnosed nymphomaniac, Joe. On a cold winter's evening the old, charming bachelor, Seligman, finds Joe beaten up in an alleyway. He brings her home to his flat where he tends to her wounds while asking her about her life. He listens intently as Joe over the next 8 chapters recounts the lushly branched-out and multi faceted story of her life, rich in associations and interjecting incidents.
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/Tweeted, Drama, Movie Trailers, Lars-von-Trier, Nymphomaniac


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More Health:
No excuses: Philly startup offers personal training on demand
WeTrain sends personal trainers to your home any time for a flat fee
By Sharon Lurye
Fitness Business
Ed Newton/for PhillyVoice
Chris Whittle performs a situp while WeTrain co-founder Zach Hertzel (center, in tan hat) coaches him at a special training event hosted by the Greater Philadelphia Veterans Network on Tuesday, May 10, 2016, near the steps of the Philadelphia Museum of Art.
People who want excuses not to exercise are going to absolutely hate WeTrain.
It used to be that you could say that personal training is way too pricey and way too inconvenient. This startup fitness company based in Philadelphia, however, has crafted an app where you can call up a certified trainer to come to your house at any time, whether it's four in the morning or four in the afternoon.
The obvious comparison is to call it Uber for personal training — but there's no surge pricing. It's a flat membership fee of $50 per month, plus an unlimited number of sessions that cost $15 for a half-hour or $25 for an hour. Virtual sessions are available anywhere, while in-person sessions are offered in Philadelphia and parts of New Jersey.
"If you can do a jumping jack, our trainers can train you, with or without any weights or expensive equipment," said CEO Jon Sockol.
Sockol started the company after his own struggles to get fit. Though now quite trim, he used to weigh 200 pounds, partially because he had a job that required sitting at a desk all day. Even when he was working in finance on Wall Street, however, he didn't want to shell out the money for private training.
Co-founder Zach Hertzel came from the opposite side of the fitness community: He was a trainer in a gym, and before that, served nine years as an Army medic in Iraq and Afghanistan.
WeTrain co-founder Zach Hertzel, himself a veteran, leads a workout for veterans near the steps of the Philadelphia Museum of Art.
"It was very frustrating because the gyms don't care about how well you treat your clients," said Hertzel.
He said he felt like the gyms where he worked only cared about the question, "How are you going to make them take more money out of their wallet and keep paying us?"
Plus, the majority of a client's fee at a gym goes to that gym, while trainers get paid only around $10 to $15 per training session. Sockol called that "highway robbery."
"Applying concepts from the military, where you reward soldiers based off of performance and based off their dedication to the team and our mission, our mission at WeTrain is to provide the best possible service at the lowest possible price...we reward our trainers and keep them motivated," said Hertzel.
WeTrain fitness trainers get paid significantly more than the national average and also get rewarded for good work through a program called "sweat equity." Each employee can earn points that translate into a percentage of the financial value of the company.
"We're not only paying more upfront cash but also the opportunity to be part of something larger than yourself," said Sockol.
The company started offering its services in February and, for now, offers basic fitness training. It plans to branch out eventually to more specialized fields like yoga and Pilates.
There hasn't been any incident yet where the company didn't have trainers available for someone who wanted one.
"It's very similar to my experience in the military," Hertzel said. "When you think about air ambulance coverage, if someone's injured, there always has to be a helicopter ready to pick up that soldier."
So sorry, soldier, if you wanted an excuse to stay home from the gym.
Correction: A previous version of this article misidentified a person in a caption.
Sharon Lurye
Read more Fitness Business Philadelphia Exercise Startups
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Betta Go For The Gold! Get A Front Row Seat To These Adorable "Fish Olympics" Games.
Many people enjoy keeping betta fish as pets, but they don't really expect much of them.
Fish typically just swim around, eat, and occasionally give us the stink eye if their tank needs cleaning, but did you know they can also be trained to do tricks? A woman named Louisa runs a popular Instagram page showcasing her talented fish, and she's changing people's minds about the "lowly" betta fish.
"Betta fish are a special kind of fish," Louisa told The Dodo. "They're brightly colored, highly curious, and they can be trained to do tricks. But, best of all, they have unique personalities."
On her page, Louisa shares tips and information about fish keeping and aquascaping, which is making a living piece of artwork using plants, rocks, and other materials in a fish tank. She often shares videos of her many betta fish, but says it was a multicolored betta named Pepsi that opened her eyes to all that these fish are capable of learning and doing.
Over time, Louisa earned Pepsi's trust so much that he would even come "cuddle" in the palm of her hand. She used food treats to teach him how to perform tricks, like jumping out of the water through a hoop, nudging a football with his nose, and even doing an agility course through plastic betta tubes and other obstacles.
Her special bond with Pepsi gave her an idea to help other fish owners bond with their pets, too. She started a fun online competition called Fish Olympics, and it's incredible to see how many smart bettas are out there!
A post shared by Aquascape.Art (@aquascape.art)
Winners of the Fish Olympics win prizes like a glass trophy, 3D-printed Olympic rings, medals, and other ornaments for their tank. Oh, and bragging rights, of course!
"The Olympics have shown that these fish are actually very smart," an owner of a Betta fish contestant said. "And they have their own little personalities."
Louisa says she's "delighted" to see other betta owners enjoying building a bond with their pets. The next Fish Olympics will be held in January, so we'd better start training!
Watch the video below to learn more about Louisa's adorable project, and don't forget to share.


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Emily Haigh
Emily Haigh is an English actress born in Devon. She has won 10 Best Actress Awards and the 'One To Watch' Award, as well as awards for filmmaking. Her acting credits include Georgiana Reed in the Oscar nominated feature film 'Jane Eyre', guest lead in BBC's hospital drama, Casualty and American teenager, Molly Jackson in 'The Dare.'
Feature film 'G-Loc', where Emily plays Riley opposite Stephen Moyer (True Blood) and John Rhys-Davies (The Lord of the Rings) is due to be released in 2020.
Emily recently wrapped playing, co-lead Sarah in feature film 'Sorority' opposite BAFTA winners Sophie Kennedy Clark and Kate Dickie.
At 18 years of age, with no prior filmmaking experience, Emily made her writing/directorial debut with the short film 'Dead Wrong' which received an exclusive screening at the Lee Strasberg Institute. This led to Emily being asked to produce environmental animation 'The Velvet Abstract', where she attached narrator Tobias Menzies (The Crown, Outlander).
After securing the lead role in 'The Inuring' Emily was asked to join as producer - she went on to win best producer and 5 best actress awards for her leading performance.
Her third film as writer/director 'Beautified' has won 26 awards to date and continues a strong festival journey.
Voice-Over Artist
Siren Call Films
© 2020 Emily Haigh All rights reserved


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Estonian entrepreneurs should keep their eyes on Norway even in times of crisis
Ryte Venckuviene, who is the Export Adviser of Enterprise Estonia in Norway, writes about the current situation in Norway, how the crisis has affected the exchange rate of the Norwegian krone, how the government has responded, and what export options are available.
Today's situation in Norway is similar to that of many other Nordic countries. According to the latest information, more than 6,200 people have contracted the coronavirus and over 100 people have died. All public events have been cancelled until at least Easter and all schools are closed. From 20 April, it is planned to ease the measures, meaning that kindergartens and some schools will be opened. However, various rules will be introduced there as well. Enterprises operate remotely to the extent possible. All people who have been abroad must stay in home quarantine and, essentially, it can be said that Norway has been locked down. Only citizens and foreigners with a residence permit are allowed to enter the country.
The value of the Norwegian krone reached an unprecedented level in mid-March, meaning that the Euro exchange rate was 13 kroner. For comparison, at the end of last year it was 9.8 and currently 11.3. The weak krone, in turn, makes the purchase of imported products (and travelling abroad in the future) unreasonably expensive for ordinary Norwegian consumers, which is why it will certainly affect Estonian exporters as well. Although the Norwegian Central Bank spends 2 billion Norwegian kroner a day in April to boost its currency, the real impact can only be assessed after the crisis.
The Norwegian government has developed a number of aid packages to alleviate the crisis, including lowering VAT on certain services and making changes to tax and excise policies. In order to support the cluster activities and boost innovation support, 150 million Norwegian kroner will be allocated, and as much as one billion Norwegian kroner will be invested in the infrastructure. For the success of major road works, the Norwegian Road Administration has, for the first time, announced negotiated public procurements to openly communicate with road construction enterprises of the impact of COVID-19 on prices and contract terms and to reduce unforeseen risks for both contractual parties.
Given the sparsely populated areas in Norway, it is frustrating for employers there that many employees have to be quarantined in their home areas and that traffic between some areas is severely restricted. In addition, Norway's dependence on foreign labour has come to the fore – major construction projects rest on valuable workers from Poland and Lithuania who are currently back in their home country, waiting for the situation to calm down. Upon returning to Norway, they must undergo a mandatory 14-day quarantine before starting work, which may, in turn, further delay the deadlines.
However, a few exceptions have been made in case of some major projects. For example, an exception has been made for the construction of the Tana Bridge, meaning that the construction site has been declared a quarantine zone and foreign workers can also work there during their 14-day quarantine.
The number of unemployed people in Norway is growing at a record rate. Since 12 March, more than 400,000 people in need have applied for unemployment benefits in this oil-rich country, where every citizen is theoretically a millionaire thanks to sovereign wealth funds. The number of redundancies and unemployed in Norway has risen to its highest level since World War II, accounting for almost 15% of the working age population. The confusing situation of oil prices on the world market does not simplify the situation either, as the income of the Norwegian state largely depends on oil exports.
Hundreds of Norwegian enterprises have gone bankrupt due to the deteriorating economic situation caused by the coronavirus. The clear priority of the local tax office is the prevention of bankruptcies, so there is a tendency to postpone tax arrears and consider exceptions, and the collection of contractual penalties has also been temporarily suspended.
Future trends and options
The digitalisation of business has already been on the agenda in Norway before, however, the current events have forced Norwegian enterprises to reorganise their operations earlier than planned. It is not just a question of teleworking, but a new way of resetting is required by almost all industries, where dependence on raw materials or migrant workers from distant lands has become a millstone for enterprises in the midst of the constraints established due to the virus. This will certainly lead to a rethinking of existing supply chains, and here, thanks to their positive reputation as an excellent cooperation partner, Estonian enterprises may have the opportunity to get their foot in the door.
The Norwegian government's plan to increase investment in the development of environmental technologies and to accelerate projects related to carbon capture and storage that contribute to Norway's climate goals can also be considered important for Estonian entrepreneurs. This will create business opportunities for enterprises operating in the field of environmental technology and will hopefully give more wind to the wings of Estonian wooden house manufacturers for whom Norway is one of the most important export markets.
The task of the Norwegian representative of Enterprise Estonia is to help Estonian entrepreneurs identify those possible market niches where it would be possible to achieve success even in the post-crisis period. To be successful in the Norwegian market, a product or service must be distinctive, sustainable, and environmentally friendly. Although Norway's economic situation is currently in a rather poor state, it is not to be expected that Norwegians are willing to make a discount on demand. Norwegians value high quality above all and they are rarely guided by a more favourable price. Thorough preliminary work is vital in conquering the Norwegian market. To this end, in addition to the representative of Enterprise Estonia, it is worth contacting other enterprises operating in the local market, where potential cooperation partners could be seen instead of competitors. It should not be forgotten that Norway is not a member of the European Union, so there are many peculiarities here in terms of contracts, legal frameworks, and business communications.
This project is co-funded by the European Regional Development Fund.
Ryte Venckuviene (ryte.venckuviene@eas.ee)
Export Adviser in Norway
Export adviser of Enterprise Estonia: the ICT sector could be among the first ones to emerge from the crisis
Enterprise Estonia established a list of Estonian manufacturers of personal protection and disinfection equipment
Enterprise Estonia (EAS):


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What Scotland Thinks > Opinion Polls > Scotland Poll Results > Do you think that an independent Scotland controlling growth in spending in its early years in order to reduce the expected spending deficit would be the right or wrong thing to do?
1 June 2018	- 5 June 2018
Full question: The Growth Commission report also suggested that in early years an independent Scotland should control growth in spending in order to reduce the expected spending deficit. Do you think this would be the right or wrong thing to do?
If Scotland were to become an independent country, then in the long term (that is, the next twenty-five years or so), do you think Scotland would have more or less economic growth than if it remained part of the UK?
If Scotland were to become an independent country, then in the short term (that is, the next ten years or so), do you think Scotland would have more or less economic growth than if it remained part of the UK?
Do you think an independent Scotland prioritising attracting more skilled immigrants of working age would be the right or wrong thing to do?
Do you think the level of immigration into Scotland in recent years has been too high or too low? (5-point scale)
Do you think that an independent Scotland controlling growth in spending in its early years in order to reduce the expected spending deficit would be the right or wrong thing to do?
Do you think continuing to use the UK pound in the short term, but setting up a Scottish currency in the longer term would be the right or wrong thing to do?
Were Scotland to become independent, what currency would you most like to see an independent Scotland use?
Do you think that Richard Leonard is doing well or badly as leader of the Scottish Labour party?
How would you be likely to use your regional vote in a Scottish Parliament election? (asked 2016-21 Scottish Parliament)
How would you use your constituency vote in a Scottish Parliament election? (asked 2016-21 Scottish Parliament)
How would you be likely to vote in a UK General Election? (asked between 2017 and 2019 General Elections)
Would you support or oppose having a referendum on Scottish independence after Britain has left the EU?
Would you support or oppose having a referendum on Scottish independence after Brexit negotiations have concluded, but before Britain actually leaves the EU?
In principle, do you think there should or should not be a referendum on Scottish independence at some point in the next five years?
Do you think that Theresa May is doing well or badly as Prime Minister?
How likely would you be to vote in Scottish Parliament elections on a scale of 0 to 10?
On a scale of 0 to 10, how likely is it that you would vote in a General Election?


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Elector Services in Remote Indigenous Communities (ESRIC) – 43rd General Election
During the 2015 federal general election, some remote Indigenous communities experienced ballot shortages and long wait times due to higher-than-expected voter turnout. To address this situation and improve elector services in remote Indigenous communities that were served the least, Elections Canada piloted the Elector Services in Remote Indigenous Communities (ESRIC) project. The pilot took place during the 18 months leading up to the 2019 federal general election. Based on service criteria defined after the 2015 federal general election, Elections Canada identified Indigenous communities in 26 electoral districts and provided the returning officers in those regions with access to additional time, opportunity and tools to engage with those communities earlier in the election cycle. ESRIC aimed to strengthen relationships between participating communities and local Elections Canada staff in order to better understand and respond to the needs of these remote communities.
The pilot resulted in some notable achievements in reducing barriers to information and access for remote Indigenous communities as well as several lessons learned. For example, most returning officers (19 out of 26) reported that relationships with the Indigenous communities they served were stronger. In addition, the number of polling places provided in ESRIC Indigenous communities increased for the 2019 federal general election; and indicators on the convenience of polling places also showed slight increases. While the project did not result, as hoped, in improved registration rates before election day, there was some evidence that the gap in registration rates on election day between ESRIC and non-ESRIC communities may have narrowed since the last election—which would suggest an improved voting experience in those areas. Unfortunately, due to data collection difficulties, Elections Canada could not verify whether Indigenous electors in those communities felt their voting experience was improved.
The lessons learned from the ESRIC project will inform the agency's future efforts regarding complex issues of this kind, which require an agency-wide approach. The successful elements of the pilot have been integrated into Elections Canada's general service offering and, as such, the pilot will not be continued. Key initiatives of the pilot that will be carried out across all electoral districts include: early engagement with local leaders; greater efforts to recruit community members in the delivery of elections; and stronger information-sharing about the ways to register and vote. The goals of the ESRIC pilot remain essential to the agency's mandate, and Elections Canada continues to work with Indigenous electors to identify and test ways to meet the needs of Indigenous electors in remote communities.
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Date Modified: February 23, 2021


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Mentally Unstable Millionaire Gives Out More Than $800k in Gifts to Strangers
Opposing Views Staff
A 'mentally unstable' multimillionaire is suing Bank of America after they allowed him to give out more than $800,000 in gifts to two strangers.
Jeffrey Horan, of Manhattan, gave a $460,000 Lamborghini to a contractor and a $72,000 Mercedes-Benz to a woman in Queens. He also gave the woman $300,000 in cash. According to him, during the time he gave the gifts, he was exhibiting "strange, illogical and self-destructive behavior," and that the bank knew of his mental instabilities but allowed him to make "improper and erratic financial transactions."
Horan has spent time in Bellevue Hospital and New York Presbyterian Hospital for his mental conditions. He was committed against his will in both cases.
He is now seeking millions in compensation and punitive damages from the bank.
Horan first started feeling altruistic when he paid Alexander Gershowitz $600,000 for construction work on his apartment. Thinking that wasn't enough to show his gratitude, he then bought Gershowitz the Lamborghini.
Horan later met Elizabeth Ortiz of Queens, and gave her the Mercedes. She also received a $300,000 money transfer from him.
All of this spending raised no red flags with the bank.
"The Bank defendants…ignored suspicious and inexplicable activity in J. Horan's accounts and/or its monitoring system failed to alert the Bank defendants to the unusual activity," the suit says.
Bank of America collected "large sums of money for fees" as Horan emptied his accounts with the gifts.
Sources: NY Daily News, Daily Mail
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Why Value Investing Sucks
Illustrations by Leonardo Santamaria
Indexing, the Fed, private equity: Value investors blame many things for a decade of underperformance. Is their misery at an end?
By Amy Whyte
Eleven years ago, Institutional Investor proclaimed "The Death of Value Investing."
It was November 2008. II columnist Edward Chancellor believed the ongoing credit crisis had revealed "a profound weakness" in the investment discipline popularized by Benjamin Graham, the economics professor widely known as the father of value investing.
"The credit bust is bringing fundamental changes to the economy at a mind-numbing speed," wrote Chancellor, then a senior member of GMO's asset allocation team. "As the credit crisis continues and the global economy worsens, things could get a lot worse for Graham's disciples."
Eleven years later, things certainly haven't gotten much better.
Value stocks — traditionally defined as companies that trade at low prices relative to characteristics like earnings and book value — have largely underperformed since 2007, trailing throughout an explosive bull market for growth stocks, rapidly growing companies with rising valuations.
There's no single reason for this unprecedentedly bad run for value investing. Down-on-their-luck value investors point the finger at everything from interest rates to index funds to antitrust regulation. Many blame exorbitant private market valuations and FAANG stock euphoria. Softbank is a name that comes up a lot.
Whatever the precise cause of the underperformance, value's proponents insist that it won't last forever. Many argue that current valuations indicate that the strategy is on the cusp of a comeback. Some say it may already be here — just look at September.
Others, however, believe that the problems that have plagued value investors for a decade-plus are not cyclical, but structural. These investors and market observers claim that popular indicators of value no longer work — that the market and the companies that operate in it have fundamentally changed in a way that renders ineffective the approach outlined in the bible of value investing, Graham and David Dodd's Security Analysis.
Even defenders of value, like GMO's Ben Inker, acknowledge that some of the strategy's return drivers have deteriorated since the financial crisis. Value stocks today are trading at a much larger discount than they have in the past — and these cheap stocks have stayed cheap as high-flying growth stocks keep growing. "Something clearly has changed," Inker says.
If value investing truly died 11 years ago, as Inker's former colleague suggested, what will it take to resurrect it?
A large sect of value evangelists have pinned their hopes on another tech bubble — a bubble they see as ready to burst.
This group of investors is eager to point out how very cheap value stocks currently appear in comparison to growth stocks, especially the so-called FAANG companies: Facebook, Apple, Amazon, Netflix, and Google. These investors view value stocks' long period of underperformance as merely a painful side effect of the decade-plus-long rally in growth stocks — a run of outperformance that has pushed stock valuations to the extremes, with these tech giants leading the way.
"In order for a real rotation to happen, you have to look not at value, but at growth, and see where the cracks start appearing," says Alex Roepers, founder and chief investment officer of Atlantic Investment Management. Some of the most noticeable cracks have appeared in what the value-oriented investor describes as "the most frothy part of the market: pre-IPO unicorn companies." Usually tech companies — or at least firms marketed as tech companies — these are venture capital–backed start-ups that have ballooned to valuations above $1 billion in the private market before going public. Although private market valuations have been climbing for several years now, it was the 2017 launch and rapid deployment of Softbank's $100 billion Vision Fund that really pushed things over the edge, according to Roepers.
"We've seen Uber and Lyft and WeWork try to go public. WeWork turned out be a complete disaster," Roepers says. "If I have one word for the rotation, it's 'WeWork.'"
The Softbank-backed office space leasing company, once valued at $47 billion, nearly went bankrupt after its initial public offering failed in September. Roepers thinks the WeWork debacle will curtail Softbank's ability to raise a "relevant" second fund — "which means there will be less ammunition to continue this lunacy of throwing money around," he adds.
The chilly reception for unicorn IPOs, combined with "a lot of wobbling" by growth stocks in September, has Roepers feeling confident that a rotation to value is not just imminent, but already underway.
"It could be that September was a false signal, but I'm encouraged by what's happening to some of the frothy parts of the market," he says.
Other value believers are feeling similarly optimistic, if slightly more cautious. "It's hard to predict," notes Stacie Mintz, a quantitative equity portfolio manager at PGIM-owned QMA. The multiasset and quant specialist has been tracking the widening spreads between the cheapest and most expensive stocks — spreads that have recently become "stretched to an extreme," Mintz says.
For example, when Mintz's team recently analyzed the implied earnings growth of current stock prices, they found that the median expensive company "would have to grow 25 percent every year for the next ten years to justify its price," she explains. "For data like that, it feels like we must be near a turning point."
Not everyone agrees that the market is overvalued.
"A lot of people think the stock market is expensive today because of the PE multiples," says Brad Neuman, senior vice president and director of market strategy at growth investment firm Alger. Wrong, he says. "The stock market is actually cheap on a price-to-free-cash-flow basis."
Neuman argues that the traditional ways investors classify which stocks are cheap and which are expensive have become "dramatically skewed" as business practices have outpaced U.S. accounting standards.
"There's been a dramatic change over the past several decades in how companies invest," he explains. "Historically, when companies invested, most of their assets were tangible assets. Today companies invest in more intangible assets." These intangible assets — patents or intellectual property, for example — aren't accounted for in the same way that tangible assets are. "They're expensed, not capitalized, which means they don't show up in book value," Neuman notes.
This inherent flaw in book value — and, relatedly, earnings — has lately been attracting a lot of notice in finance and academic circles, as investors and market observers have attempted to figure out why value investing strategies haven't been working.
Bernstein analyst Inigo Fraser-Jenkins and his colleagues in June flagged the increasing importance of intangible assets as one of several structural challenges facing value investors, arguing that the usefulness of book value and earnings as value indicators has become "questionable."
This accounting problem was also the subject of a recent academic study by New York University business school professor Baruch Lev and the University of Calgary's Anup Srivastava. The two accounting professors found that a simple value strategy relying on the price-to-book ratio had underperformed not just for the past dozen years, but for the better part of the past three decades.
"This expensing of intangibles, leading to their absence from book values, started to have a major effect on financial data (book values, earnings) from the late 1980s, due to the growth of corporate investment in intangibles," they wrote. Speaking to II, Lev explains that this "madness of accounting" has dragged down the performance of value investors ever since.
"All the important investments like R&D and IT are immediately expensed, and people are left with highly misleading ideas about profitability and about value," he says. "Especially with respect to small companies and medium companies that are not followed by a lot of financial analysts and not written up by the media, people rely on the financial reports. And they are terrible."
Still, when value investors are asked about this potential flaw in their investment approach, most are what can charitably be described as dismissive. Although the book-to-value ratio is a prominent measure of value —it's the one used in the famous factor model developed by Eugene Fama and Kenneth French — it's not the only, or even the primary, measure used by value investors, particularly those following the teachings of Benjamin Graham. Roepers, for example, says Atlantic Investments has "never" used price-to-book, opting instead to focus on other measures like cash flow.
"Selecting low price-to-book or low price-to-earnings companies is not value," argues Eben Otuteye, a finance professor at Canada's University of New Brunswick. Otuteye has spent the past several years studying value — the Graham and Fama-French definitions — alongside Mohammad Siddiquee, an assistant professor of finance at Mount Saint Vincent University. Although there is a large degree of overlap between the two approaches, the two professors point out that value investing, as laid out in Security Analysis, involves finding companies that are not just cheap but also have other desirable characteristics like profitability and financial stability. GMO's head of asset allocation makes a similar point, noting that the Fama-French definition is "less close to the platonic idea of value."
Says Inker, "I do think there should be some deterioration in the long-term performance to Fama and French–type value factors."
In any case, U.S. accounting issues can't explain the international dominance of growth stocks, according to Research Affiliates CIO Chris Brightman, who points out that international accounting standards call for the capitalization of many intangible assets. The book value theory is "correct as far as it goes, but it's not large enough to account for the magnitude of what we're seeing," he says.
As Brightman views it, value's extended run of underperformance is mainly because of the "extraordinary increase in corporate profits" that's occurred in the wake of the financial crisis.
"Sales over the last ten years since the crisis have not grown all that much faster than the economy — and that makes sense, of course," he explains. "However, earnings before interest and taxes have been growing much faster than sales. Companies have had a really successful run in improving margins."
The growth of corporate profits has partly been fueled by a combination of low interest rates, low taxes, and stagnant wages. But Brightman primarily attributes the "fabulous run for profitability" to companies' pursuing business strategies that allow them to earn high profits with minimal investment. Some call this strategy building a moat. Others call it rent seeking, or creating a monopoly.
Whatever term you choose, the result has been an increase in industry concentration, with the largest, most dominant players in each industry taking on bigger shares of the aggregate profits. It's a trend that's been detrimental to value strategies, which generally make money when there's turnover — when growth stocks stop growing or cheap stocks start becoming more expensive.
"High-growth companies have been able to retain growth for longer, and the really somewhere-between-boring-and-crappy cheap companies have had a harder time generating excitement about them," explains Inker of GMO. "Historically, at least a couple of these highfliers would have fallen from grace by now, and they haven't."
Inker, for his part, believes that the more static prices are likely a "temporary feature" of the market and will eventually regress toward longer-term averages. Still, change may require intervention by forces outside the market.
"If the environment stays the same, I think you will find rational CEOs and rational boards of publicly traded companies will continue to do what's been so well rewarded, which is to build moats and extract rents," Brightman says. "Unless regulation and antitrust policy changes, I don't see the present environment changing."
Next year's presidential election in the U.S. could usher in a new regulatory regime, one that cracks down on monopolistic behavior. "I don't think you'd want to be long Facebook the day Elizabeth Warren is sworn in," Brightman notes. But even if the 2020 election doesn't trigger value's comeback, the strategy's proponents are certain that something eventually will.
"It would be extremely odd if there was any group doomed to underperform forever or win eternally," Inker says. "If nothing else, prices would adjust."


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FireKeepers Casino Hotel Details
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Busy Full House ready for spotlight
By Howard Stutz
LAS VEGAS, Nevada –- Full House Resorts has quietly flown under the radar.
But the Las Vegas-based casino operator is making enough noise that investors could soon notice.
Two weeks ago, Full House opened the FireKeepers Casino in Battle Creek, Mich., which it manages for the Nottawaseppi Huron Band of Potawatomi Indians. Full House oversaw the 15-month development, design and construction of the property.
FireKeepers has 107,000 square feet of gaming space, including 2,680 slot machines, 78 table games, a poker room, bingo hall and five restaurants. The resort is off busy Interstate 94 between Chicago and Detroit.
The property is a step up from the 8,400-square-foot Stockman's Casino in Elko, which Full House bought in January 2007, and a 2,100-slot machine casino the company manages at the Harrington Raceway in Delaware.
Full House told investors last week it had enrolled more than 100,000 customers into its players' club, well above analysts' initial expectations.
"The construction of FireKeepers came in ahead of schedule and under budget despite increasing the number of slot machines and parking spaces from the original plan," Full House Chairman and Chief Executive Officer Andre Hilliou said. "Traffic at the casino is currently at capacity levels."
MorganJoseph gaming analyst Justin Sebastiano is sold. He believes Full House, which is traded on the American Stock Exchange, could double earnings per share over the next year because of FireKeepers.
Full House has $4.5 million in cash, $7.9 million available under a credit agreement and an estimated free cash flow of $6 million this year. Sebastiano expects the company, which is working with the Northern Cheyenne Nation to develop a casino on tribal land in Montana, will actively explore expansion opportunities.
"Full House continues to peruse the acquisition market and is likely to make (one) on its own or joint venture with another entity for a larger property," Sebastiano said.
Full House is best known for having former auto industry executive Lee Iacocca on its board of the directors. But the company's profile may soon be elevated.
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PRESS RELEASE: Circulate San Diego Congratulates MTS for Adopting Free Transfers in New Fare Policy
posted by Colin Parent | 2498.80sc
FOR IMMEDIATE RELEASE – March 11, 2021
Contact: Colin Parent, Executive Director and General Counsel
Circulate San Diego Congratulates MTS for Adopting Free Transfers in New Fare Policy
Today, Circulate San Diego is pleased to congratulate the Board of Directors for the Metropolitan Transit System (MTS) for voting to allow free transfers for bus and trolley riders.
"MTS made the right decision to allow bus and trolley riders to seamlessly transfer with the price of a one-way fare," said Colin Parent, Executive Director and General Counsel with Circulate San Diego. "Free transfers make transit easier to access, and fairer for riders that take more than one bus or trolley to get where they're going."
Circulate San Diego has advocated for free transfers since 2018. Research from Circulate San Diego showed that MTS is one of only two of the twenty largest transit agencies in the United States to not provide free or reduced-price transfers.
On January 19, and again on March 9, 2021, Circulate sent a letter to the MTS Board of Directors, urging them to implement free transfers as a part of the current update to the region's transit fare policy.
In addition to free transfers, the fare policy approved by the MTS board today includes a number of significant improvements, combining to become a cutting edge and progressive fare structure. Those elements include "best fare" functionality to avoid over-charging riders, and lower prices for one-way youth fares. The policy is online here at Page 235.
About Circulate San Diego
Circulate San Diego is a regional nonprofit organization dedicated to advancing mobility and making the region a better place to move, work, learn and play. Our work focuses on creating great mobility choices, more walkable and bikeable neighborhoods, and land uses that promote sustainable growth. For more information, go to www.circulatesd.org.
Colin Parent published this page in Press Room 2021-03-11 11:03:11 -0800


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Cerebral Function Unit
The Cerebral Function Unit, located in Greater Manchester Neuroscience Centre at Salford Royal NHS Foundation Trust, is a regional referral centre for the investigation and diagnosis of degenerative neurological disorders.
The unit was set up with the aim of improving clinical services to patients with degenerative neurological disorders through greater accuracy of clinical diagnosis and better understanding of the cognitive and behavioural symptoms of these conditions.
The unit has an international reputation for its multidisciplinary research, which spans the fields of neurology, neurobiology, neuropathology, neuropsychology, psychiatry and genetics.
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