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Home Latest News 'A journey around the world': Kew Gardens offers visitors an escape
'A journey around the world': Kew Gardens offers visitors an escape
Those unable to satisfy their wanderlust in these uncertain days of lockdown and travel quarantine are invited to immerse themselves in the sights, smells and spirit of faraway places – in a botanical sense at least – here in the UK.
From colossal Californian redwoods, those imposing ancient giants of the plant kingdom, to the balmy fragrance of Mediterranean rosemary and lavender, visitors to Kew Gardens in London will be transported to 10 countries across six continents within just a few hours as part of its Travel the World trail experience from next week.
The essence of a tranquil Japanese tea garden and delights of the Himalayan flora of an undulating Rhododendron dell are still within reach, for a tiny fraction of the real cost, with visitors' senses heightened by accompanying prose, poetry and illustrations specially commissioned from talent across the world.
"In a year when many holidays and travel plans have had to change, Travel the World at Kew will offer visitors a chance to experience the next best thing, a journey around the world inside the safety of our walls," said Richard Barley, the director of horticulture, learning and operations at the Royal Botanic Gardens, Kew.
"Visiting 10 special locations dotted throughout our 320-acres landscape is a perfect way to reconnect with nature after months of lockdown."
Kew's Great Pagoda towers over plant specimens collected in China's Sichuan province. South Africa's bergs and kloofs are replicated in a rock garden stippled with cascading waterfalls. Eucalyptus trees arouse thoughts of Australia, as do spectacular mountain gums.
The monkey puzzle trees – "coiled succulent pine / with saurian arms, bony plates / on reptilian back" in the words of the Latino-British poet Leo Boix – are redolent of the time of dinosaurs. They evoke, too, Argentina's "sub-Antarctic forests" and rivers of "the most radiant turquoise I've seen", writes the Kew scientist Dr Laura Martinez-Suz in her accompanying prose.
Britain's native woodlands of tall grasses, wildflowers and whispering beech and hazel are also on show. Meanwhile, Oscar Martin Centeno's poem The dance of sunrise in the Mediterranean Garden is a dreamscape of flowers swaying in the light of a rising sun.
A centrepiece will be a large-scale humpback whale botanical living sculpture, created by the winner of the Netflix series The Big Flower Fight and on display from 22 August – 18 September.
The specially commissioned poetry and prose by literary award-nominated writers, with a strong connection to each country, are displayed alongside vibrant illustrations by artist Mark Boardman.
Writers include Joe Cottonwood, who lives in the coastal mountains of California, whose words read: "because a redwood with its power / will never preach / makes no demands / sips from the clouds / swallows the sunlight …"
The world-renowned Himalayan poet Yuyutsu RD Sharma has penned Rhododendron's Suitor, which includes the lines: "an eternal lover / jilted by the silver-barked / suitor of the steep cliffs, / the Nepalese alder …"
Paul Denton, the head of visitor programmes at Kew, said the trail highlighted some of the "hidden gems" of Kew Gardens. "You can be reading a beautiful piece of poetry at the same time as seeing the landscape, so you can get a real sense of place and space," he said. "It's like taking the perfect holiday snap."
His favourites? "I love the Californian redwoods. There is something about the colossal nature of these trees. And the monkey puzzle tree, which just has such a strangeness about it."
Travel the World at Kew Gardens runs from 22 August – 16 October 2020. Entry to Kew Gardens is on a pre-booked ticket basis.
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Effective communication and advanced problem-solving skills are at the top of every organization's wish list. Are you prepared to meet the demand? You've already mastered your area of expertise, but now you need to harness the potential of your team, manage change initiatives, and meet needs by persuading stakeholders. In this program, you will enhance and deepen your interpersonal, organizational, and managerial abilities.
Communication professionals can expect a 6% growth through 2026, according to U.S. Bureau of Labor Statistics data.
LinkedIn listed communication and leadership as two of the top in-demand skills needed for 2018, as the two abilities are needed to help you work well with others, communicate effectively, and achieve projects.


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Portuguese Americans (), also known as Luso-Americans (luso-americanos), are citizens and residents of the United States who are connected to the country of Portugal by birth, ancestry, or citizenship.

Americans and others who are not native Europeans from Portugal but originate from countries that were former colonies of Portugal do not necessarily self-identify as "Portuguese American", but rather as their post-colonial nationalities, although many refugees (referred to as retornados) from former Portuguese colonies, as well as many white Brazilians, are ethnically or ancestrally Portuguese. In 2017, an estimated 48,158 Portuguese nationals were living in the United States.

Some Melungeon communities in rural Appalachia have historically self-identified as Portuguese. Given their complex ancestry, individual Melungeons may descend from Portuguese people, but not all do.

History

Bilateral ties date from the earliest years of the United States. Following the American Revolutionary War, Portugal was the first neutral country to recognize the United States.

Portuguese people have had a very long history in the United States, since 1634. The first documented Portuguese to live in colonial America was Mathias de Sousa, a Sephardic Jew. The oldest synagogue in the country, the Touro Synagogue, is named after one of these early Portuguese Jews, Isaac Touro.

Some of the earliest European explorers to reach continental North America in the Age of Discovery were Portuguese explorers, such as João Fernandes Lavrador. Navigators, like the Miguel Corte-Real family, may have visited the North American shores at the beginning of the 16th century.

There is a historic landmark, the Dighton Rock, in Southeastern Massachusetts, that a small minority of scholars believe testifies their presence in the area. Portuguese explorer João Rodrigues Cabrilho explored the California coast for the first time.

During the Colonial period, there was a small Portuguese immigration to the present-day U.S., especially to the islands of Martha's Vineyard and Nantucket.

Peter Francisco, the giant soldier in the Continental Army, is generally thought to have been born Portuguese, from the Azores.

In the late 19th century, many Portuguese, mainly Azoreans and Madeirans, emigrated to the eastern U.S., establishing communities in New England coastal cities, primarily but not limited to Providence, Bristol, Warwick, and Pawtucket in Rhode Island, and Taunton, Brockton, Fall River, and New Bedford in Southeastern Massachusetts.

Another part of Massachusetts that attracted many Portuguese immigrants was Northern Massachusetts, most notably Lowell and Lawrence. In addition, Many Portuguese immigrants also went to nearby Southern New Hampshire. Massachusetts was a key location for Portuguese immigrants due to the availability of low skill jobs. Many migrants came to the United States with little knowledge of the English Language, and textile jobs were frequently available in these areas. Portuguese migrants had to seek out low skill jobs because of education in Portugal and the lack of job availability in the nineteenth century.

A small number of Portuguese immigrants settled in the city of Boston. These Portuguese immigrants mainly settled in East Boston and North End. In addition, Many Portuguese immigrants also went to Cambridge and Somerville.

A Portuguese community existed in the vicinity of the Carpenter Street Underpass in Springfield, Illinois, one of the earliest and largest Portuguese settlements in the Midwestern United States. By the early twentieth century, the project area represented the western extension of a neighborhood known as the "Badlands." The Badlands was included in the widespread destruction and violence of the Springfield Race Riot in August 1908, an event that led to the formation of the National Association for the Advancement of Colored People (NAACP). The Carpenter Street archaeological site possesses local and national significance for its potential to contribute to an understanding of the lifestyles of multiple ethnic/racial groups in Springfield during the nineteenth and early twentieth centuries.

On the West Coast in California there are Portuguese communities in San Francisco, Oakland, San Jose, Santa Cruz, as well as in dairy farming areas in the Central Valley, the Los Angeles Basin, and San Diego, in connection to Portuguese fishermen and settlers emigrating to California from the Azores. There are also connections with Portuguese communities in the Pacific Northwest in Astoria, Oregon, and Seattle, Washington, and British Columbia, Canada as well. Many of the Portuguese communities on the west coast were farming towns. Portuguese who moved to California often saved money to buy land to start farming. Portuguese farmers in California and along the west coast of the United States often hired other Portuguese migrants as farm hands. Aside from farming Portuguese migrants also were able to secure jobs as fishermen in port cities.

Portuguese migration to Hawaii occurred often in the late nineteenth century due to the availability of labor contracts on the islands. Labor contracts paid for the migration of entire families. This was enticing for families looking to migrate without the means or the desire to migrate in stages. This led to families having to work off debt before they could move off of the island. Often times Portuguese migrants decided just to remain in Hawaii despite there being little opportunity for improving their lives.

Whaling
In the 1840s, whaling ships were the way to get to America, after a slow voyage of two to three years. In the early 1700s, Massachusetts dominated the whaling industry with Nantucket, Cape Cod and New Bedford. By the early 19th century, New Bedford had become the center of whaling in America. When whalers were out at sea, they would frequently stop in the Azores to recruit crew members for help. At the end of their voyage, they docked in New England, where crew members often settled as immigrants. Today, one can visit the Whaling Museum in New Bedford, Massachusetts and encounter authentic Portuguese whaling history.

20th century
After World War II, there was another wave of Portuguese immigration to the country, mainly in the northeastern United States (New Jersey, New York, Connecticut, Rhode Island, Massachusetts and Maryland), and also in California. Many were fleeing the right-wing dictatorship of Antonio Salazar. There are Portuguese clubs, principally in the larger cities of these states, which operate with the intention of promoting sociocultural preservation as venues for community events, athletics, etc.

Many Portuguese Americans may include descendants of Portuguese settlers born in Africa (like Angola, Cape Verde, and Mozambique) and Asia (mostly Macanese people), as well Oceania (Timor-Leste). There were around 1 million Portuguese Americans in the United States by 2000.

As with other immigrants that arrived in America, several Portuguese surnames have been changed to align with more American sounding names, for example Rodrigues to Rogers, Oliveira to Oliver, Martins to Martin, Pereira to Perry, Moraes or Morais to Morris, Magalhães to McLean, Souto to Sutton, Moura to Moore, Serrão to Serran, Silva to Silver or Sylvia, Rocha to Rock (or Stone), Madeira or Madeiros to Wood, Pontes to Bridges, Fernandes to Frederick, Costa to Charlie, Emo or Emos to Emma and Santos to Stan.

A general contribution the Portuguese people have made to American music is the ukulele, which originated in Madeira and was initially popularized in the Kingdom of Hawaii. John Philip Sousa was a famous Portuguese American composer most known for his patriotic compositions.

A large amount of mingling took place between Chinese and Portuguese in Hawaii. There were very few marriages between European and Chinese people with the majority being between Portuguese and Chinese people. These unions between Chinese men and Portuguese women resulted in children of mixed parentage, called Chinese-Portuguese. For two years to June 30, 1933, 38 of these children were born; they were classified as pure Chinese because their fathers were Chinese. Curiously, these marriages are in marked contrast to the situation in Macau, where very few Han Chinese married Portuguese settlers; instead, the Portuguese mixed with indigenous Tanka people, leading to the Macanese people.

Capelinhos Volcanic Eruption and the Azorean Refugee Act of 1958
In 1957–58, the Capelinhos volcano erupted on the Azorean island of Faial, causing massive destruction from lava and smoke. In response, then Senators John F. Kennedy and John Pastore co-sponsored an Azorean Refugee Act. President Dwight Eisenhower signed the legislation in 1958, making 1,500 visas available to the victims of the eruption. An extension was enabled in 1962, providing opportunities for even more immigrants. According to the United States Census from 2000, there were 1,176,615 Portuguese-Americans, the majority being of Azorean descent.

This led to the passing of the 1965 Immigration Act, which stated if someone has legal or American relatives in the United States, they could serve as a sponsor and, therefore could be a legal alien. This act dramatically increased Portuguese immigration into the 1970s and 1980s.

Portuguese-American literature
There are four anthologies of Portuguese-American literature: Luso-American Literature: Writings by Portuguese-Speaking Authors in North America edited by Robert Henry Moser and António Luciano de Andrade Tosta and published in 2011, The Gávea-Brown Book of Portuguese-American Poetry edited by Alice R. Clemente and George Monteiro, published in 2013, Writers of the Portuguese Diaspora in the United States and Canada: An Anthology edited by Luís Gonçalves and Carlo Matos, published in 2015, and Behind the Stars, More Stars: The Tagus/Disquiet Collection of New Luso-American Writing edited by Christopher Larkosh and Oona Patrick, published in 2019 by Tagus Press. The list of accomplished writers is considerable: Katherine Vaz, Frank X. Gaspar, Millicent Borges Accardi, Sam Pereira, Nancy Vieira Couto, Alfred Lewis, Charles Reis Felix, Michael Garcia Spring and John dos Passos. In recent years, the Portuguese in the Americas Series at Tagus Press at UMass Dartmouth has been particularly active in publishing works by Portuguese-American authors, the most recent of these being The Poems of Renata Ferreira, by Frank X. Gaspar, published in 2020.

Demography

Portuguese-Americans are the fourth largest ethnic group in the state of Hawaii, fifth largest group in Rhode Island and the eighth largest group in Massachusetts.

Biggest communities
Portuguese-American communities in the U.S. according to the 5 Year Estimates of the (2016 American Community Survey):

U.S. by Ancestry: 1,367,476
U.S. by Country of Birth: 176,286

Top CSAs by Ancestry:

 Boston-Worcester-Manchester, MA-RI-NH CSA: 393,457
 New York-Newark-Bridgeport, NY-NJ-CT-PA CSA: 141,522
 San Jose-San Francisco-Oakland, CA CSA: 124,652
 Los Angeles-Long Beach-Riverside, CA CSA: 49,465
 Sacramento-Arden-Arcade-Yuba City, CA-NV CSA: 40,972
 Modesto-Merced, CA CSA: 38,031
 Miami-Fort Lauderdale-Port St. Lucie, FL CSA: 21,842
 Hartford-East Hartford, CT CSA: 21,599
 Philadelphia-Reading-Camden, PA-NJ-DE-MD CSA: 14,245

Top CSAs by Country of Birth:
 Boston-Worcester-Manchester, MA-RI-NH CSA: 68,875
 New York-Newark-Bridgeport, NY-NJ-CT-PA CSA: 47,964
 San Jose-San Francisco-Oakland, CA CSA: 10,570
 Modesto-Merced, CA CSA: 5,841
 Hartford-East Hartford, CT CSA: 3,873
 Miami-Fort Lauderdale-Port St. Lucie, FL CSA: 3,493
 Los Angeles-Long Beach, CA CSA: 3,153
 Springfield-Greenfield Town, MA CSA: 3,105
 Philadelphia-Reading-Camden, PA-NJ-DE-MD CSA: 2,610

Top States by Country of Ancestry:
 California: 346,172
 Massachusetts: 296,449
 Rhode Island: 96,433
 New Jersey: 76,952
 Florida: 69,147
 New York: 50,657
 Connecticut: 49,167
 Hawaii: 48,634
 Pennsylvania: 19,241
 New Hampshire: 18,170

Top States by Country of Birth:
 Massachusetts: 54,869
 New Jersey: 31,493
 California: 26,107
 Rhode Island: 16,384
 New York: 10,858
 Connecticut: 10,282
 Florida: 9,124
 Pennsylvania: 2,557
 Virginia: 1,751
 New Hampshire: 1,207

Top Cities by Country of Ancestry:
 Fall River, MA: 37,350
 New Bedford, MA: 30,390
 New York, NY: 13,837
 Taunton, MA: 13,825
 East Providence, RI: 13,295
 Dartmouth, MA: 12,907
 San Jose, CA: 11,712
 Newark, NJ: 9,764
 San Diego, CA: 9,307
 Pawtucket, RI: 7,077
 Honolulu, HI: 6,328
 Sacramento, CA: 6,007
 Boston, MA: 5,948
 Turlock, CA: 5,007
 Tiverton, RI: 4,838
 Elizabeth, NJ: 4,558
 San Francisco, CA: 4,518
 Providence, RI: 4,486
 Tulare, CA: 4,046
 Somerville, MA: 3,435
 Kearny, NJ: 3,958
 Philadelphia, PA: 3,366
 Las Vegas, NV: 3,233
 Hanford, CA: 3,071

U.S. states with largest Portuguese populations

Notable people

See also
Portugal–United States relations
Portuguese Australians
Portuguese Canadians
Portuguese Brazilians
Portuguese in the United Kingdom
Portuguese New Zealanders
Portuguese Argentine

References

Further reading
 Barrow, Clyde W. (2002). Portuguese-Americans and Contemporary Civic Culture in Massachusetts.
 Cardozo, Manoel da Silviera Soares (1976). The Portuguese in America, 590 B.C.–1974: A Chronology & Fact Book
 Leal, João, and Wendy Graça (2011). Azorean Identity in Brazil and the United States: Arguments about History, Culture, and Transnational Connections. Dartmouth, Massachusetts, Tagus Press.
 Norden, Ernest E. "Portuguese Americans." in Gale Encyclopedia of Multicultural America, edited by Thomas Riggs, (3rd ed., vol. 3, Gale, 2014), pp. 493–508. online
 Pap, Leo. The Portuguese-Americans (Twayne Publishers, 1981).
 Warrin, Donald, and Geoffrey L. Gomes (2013). Land, as Far as the Eye Can See: Portuguese in the Old West. Dartmouth, Massachusetts: Tagus Press. 376 pages. Traces the experiences of Portuguese immigrants as frontier settlers.
 Williams, Jerry R. (2007). In Pursuit of Their Dreams: A History of Azorean Immigration to the United States (2nd ed.). North Dartmouth, Massachusetts: University of Massachusetts Dartmouth.
 Wolforth, Sandra (1978). The Portuguese in America.
  - Compiled by Robert L. "Bob" Santos - HTML version
  - Compiled by Robert L. "Bob" Santos - HTML version

External links
Portuguese-American Historical & Research Foundation
Portuguese Americans. – Culture, History & People
UMass-Dartmouth Ferreira-Mendes Portuguese-American Archives
Portuguese-American Federation
Portuguese American Journal Portuguese American Journal

American people of Portuguese descent
European-American society
Portuguese American
American
Portuguese neighborhoods in the United States

redpajama_set_name: RedPajamaWikipedia


You want to share with your customers a rich experience from a iOS / Android or Windows Phone device on your monitor that you can project. This give the customer a great immersive experience of what it's like to be an end user and helps you tell that story.
There are a number of tools on the market to share your iOS device on your screen, iTools, Reflector just to name a couple. One of these tools is Airserver. Airserver enables you to project a device to your monitor using Airplay or Miracast. This gives you an opportunity to share the story with your customers. These tools are great and they are powerful to really help explain and demonstrate features.
Go to http://www.airserver.com/Download and click the download for free … when you click that option you will get a chance to register… in the registration use "enter your details below" and put your email address in the email option (you can also use facebook however for this example i have used the registration option).
You will then shortly receive an email to be able to download the software.
If you did not request a free trial of AirServer, please disregard this message.
1. Use airplay, the enables you to use your iOS device connected with the cable or stream over airplay. This requires itunes to be installed.
Your iOS device will now magically appear on your screen and give you a killer demo environment.


Conservativity.com -- They Want War? Let's Make it Nuclear!
They Want War? Let's Make it Nuclear!
Chucky Schumer, leftist Democratic senator from New York, was caught by our friend Matt Drudge using a cell phone to tell an ally that they are planning how to "go to war" over the nomination of any Supreme Court justice. Schumer made it clear that the "gang of 14" compromise was also irrelevant to this nomination: "A Priscilla Owen or Janice Rogers Brown style appointment may not have been extraordinary to the appellate court but may be extraordinary to the Supreme Court." There is only one reasonable way to interpret this conversation: The socialist liberal Democrats are going to renege on the "gang of 14" compromise and go to war to prevent our President from successfully placing any nominee on the presently-leftist Supreme Court.
"The Democrats want to stall and obstruct President Bush to the point where he cannot place any originalist onto the Supreme Court. It's their last, best chance to impose their unpopular and extremist doctrines upon an unwilling American populace."
Rush got hot-and-bothered about this yesterday, and again, I completely agree with what Rush has said. The Democrats want to stall and obstruct President Bush to the point where he cannot place any originalist onto the Supreme Court. It's their last, best chance to impose their unpopular and extremist doctrines upon an unwilling American populace. Now, it is time for our Senate leaders to act. If Chucky Schumer wants a war, we have one option: Let's make it Nuclear.
Now, the gang of 14 will certainly need to be disbanded. If they stand in place, then the nuclear option cannot be fired off. Now the question is this: Will our President nominate Janice Rogers Brown to the court, and thus place the left-wingers on the gang of 14 (they number about -- 14) on the spot? They agreed to allow her to the DC circuit. Why would she be unqualified for the Supreme Court?
"Democrats as a matter of routine abandon honor and integrity in favor of the fine print ('It all depends on what the definition of is is.' -- Bill Clinton)."
Chucky (and yes, I agree with this spelling, reminiscent of the evil puppet of horror movie infamy) Schumer thinks that the Gang of 14 deal is easy to weasel out of because the language is ambiguous. This is unsurprising; Democrats as a matter of routine abandon honor and integrity in favor of the fine print ("It all depends on what the definition of is is." -- Bill Clinton). The extreme socialists in the Gang of 14, Robert Byrd (D-Ku Klux Klan) and Daniel Inouye (D-HI) will be the first to invoke "extreme circumstances." At that point, Lindsey Graham will be the first GOP senator to bolt. Then the other GOP senators up for re-election in 2006, like Olympia Snowe, will also bolt. Then our beloved leader, Bill Frist, will get his 50-51 senators and will nuke the filibuster.
However, expect that any Supreme Court nominee forwarded by our President, short of Hillary Clinton, will be filibustered and the leader will be the actual junior senator (as measured by size of cajones) from New York. At that time, the gang of 14 will fall apart, and the Dems will be in a bad position. Any of the seven Democrats who fail to vote invoke cloture will be seen as unreliable; the seven GOPers will be seen as the fools they are. And Bill Frist will make the senators take to the Senate floor and try to filibuster for real, and then will come that point of order, and the nuclear option will be fired off.
And, with the confirmation of an originalist to the Supreme Court, the end of the evil of liberalism will be in sight. Other socialist holdouts on the Court, Stevens (who is 85) and Ginsburg (in her 70s and in ill health), will see no point in trying to hold out for a socialist president like Hillary Clinton. They will finally retire, and our President will get three or even four nominees onto the court.
Time to be cautiously optimistic.


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Home » About the TGA » TGA basics » TGA plans & reports » Performance reports » Performance statistics reports » Annual performance statistics report: July 2018 to June 2019
Annual performance statistics report: July 2018 to June 2019
Print version of Annual performance statistics report: July 2018 to June 2019 (pdf, 1 MB)
1. Prescription medicines
2. Over-the-counter medicines
3. Registered complementary medicines
4. Listed medicines
5. Biologicals and blood components
6. Medicine and vaccine adverse event reports
7. Medical devices
9. Access to unapproved therapeutic goods
10. Medicines and biologicals manufacturing
11. Recalls
12. Laboratory testing
13. Regulatory compliance
14. Pharmacovigilance inspection program (PVIP)
15. Reporting of medicine shortages
Listed medicines are considered to be of relatively lower risk than other medicines on the basis that they can only contain pre-approved ingredients and indications. Unlike registered medicines, we do not assess each listed medicine before it goes onto the market. However, we do require sponsors to certify that the medicine complies with all relevant legislation, and that they hold evidence at the time of listing (and at all times) that their medicine does what it says it will.
We may select a listed medicine for a post-market review where we require the sponsor to provide evidence of compliance with regulation. This includes assessment of evidence of efficacy and labelling. If we find the medicine does not comply with all applicable regulatory requirements, the medicine's listing may be suspended or cancelled.
On this page: 4.1. New ingredients permitted for use in listed medicines | 4.2. Indications permitted for use in listed medicines | 4.3. Listed medicines
4.1. New ingredients permitted for use in listed medicines
Table 19 New listed medicine ingredient applications by outcome
Application outcome
Approved 24 (86%) 15 (88%)
Rejected 0 1 (6%)
Withdrawn 3 (11%) 1 (6%)
Returned/failed screening 1 (4%) 0
Total completed 28 (100%) 17 (100%)
4.2. Indications permitted for use in listed medicines
Table 20 Permitted indication applications by outcome
Approved 0[a] 2 (18%)
Rejected 0[a] 5 (46%)
Withdrawn 0[a] 4 (36%)
Total completed 0[a] 11 (100%)
This data was not reported in 2017-18 as there were no completed applications.
4.3. Listed medicines
Table 21 New listed medicines
New listed medicines
Subsection 9D(1) of the Act provides for variations to be made to an entry on the ARTG where information included on the ARTG is incomplete or incorrect. These variations are considered by a delegate. Other types of variations to listed medicines are applied for and processed automatically by the online application system.
Table 22 Listed medicine variations under section 9D(1) of the Act
Number (% of Total)
Medicine variation
Approved 91 (95%) 131 (78%)
Rejected 5 (5%) 13 (8%)
Withdrawn N/A[a] 24 (14%)
Total 96 (100%) 168 (100%)
This figure was not reported in 2017-18.
Table 23 Listed medicine applications under section 14/14A of the Therapeutic Goods Act 1989
Exemption granted[a] 9[b] (100%) 11 (85%)
Rejected 0 0
Withdrawn N/A[c] 2 (15%)
Total 9[b] (100%) 13 (100%)
Sponsors can apply for certain exemptions under Section 14 of the Therapeutic Goods Act 1989 . Applications seek consent to import, export or supply a listed medicine that does not comply with the applicable standards.
The data for 2017-18 was incorrectly reported as 5 in the Annual Performance Statistics Report 2017-18.
4.3.1 Investigations
Investigations arise from notifications, complaints and referrals from internal and external stakeholders and screening of recently listed medicines on the ARTG, but can also include products not listed on the ARTG. All investigations are prioritised based on a risk management approach to provide the perceived greatest overall benefit for the Australian public. Investigations may be completed with a number of actions, such as initiating a targeted review or referral to another area of the TGA.
Table 24 Listed medicine investigations and actions undertaken
Initiated investigations
Completed investigations[a]
Initiated compliance review(s) 22 (40%) 20 (55%)
Issued warning or educational letter 0 (0%) 1 (3%)
Advice provided to complainant 0 (0%) 0 (0%)
Referred to another TGA area or government organisation 4 (7%) 1 (3%)
No further action taken[b] 29 (53%) 14 (39%)
Total actions undertaken[c] 55 (100%) 36 (100%)
Investigations with ensuing actions completed. The values for 2017-18 shown here differ from those provided in the Annual Performance Statistics Report 2017-18, which included 9 investigations completed with action still pending (prioritised for targeted review).
The outcome 'no further action taken' includes examples where the investigation was resolved by other means such as the product has been or is currently under review; or the complaint was not justified and did not warrant further action. The values for 2017-18 shown here differ from those provided in the Annual Performance Statistics Report 2017-18 (10) because 19 investigations that had been prioritised for targeted review in 2017-18 were subsequently deemed to require no further action.
An investigation may give rise to more than 1 action.
4.3.2 Compliance reviews
Listed medicines are not individually evaluated by the TGA before they are included on the ARTG. However, a proportion is reviewed post-market to check their compliance against relevant regulatory requirements. Compliance reviews may only review selected listing requirements.
Medicines may be randomly selected or targeted for a review. Medicines are randomly selected for review by a computer, based on a mathematical model. Targeted reviews can originate from a number of signals and are initiated following an investigation.
A compliance review will result in one of the following outcomes:
no compliance breaches are identified against selected listing requirements, the review is concluded and the medicine remains on the ARTG
compliance breaches are identified for the selected listing requirements
the review is not completed as the sponsor has cancelled the medicine
the review is closed due to the unavailability of information in determining its compliance status as the medicine is yet to be manufactured.
Table 25 Listed medicine reviews by type
Initiated reviews
Targeted reviews 82 (36%) 127 (91%)
Random reviews 143 (64%) 12 (9%)
Total 225 (100%) 139 (100%)
Reviews on hand 173 131
Completed reviews
Targeted reviews 162 (67%) 99 (55%)
Random reviews 81 (33%) 82 (45%)
Table 26 Completed listed medicine reviews by outcome
Compliance status determined
Medicines with no compliance breaches 42 (25%) 38 (27%)
Medicines with verified compliance breaches 129 (75%) 102 (73%)
Sub-total 171 (100%)
-70% 140 (100%)
Compliance status unable to be determined
Medicines cancelled by sponsors after request for information 51 (74%) 30 (73%)
Medicines not yet manufactured 13 (19%) 11 (27%)
Other 5 (7%) 0 (0%)
Sub-total 69 (100%)
-28% 41 (100%)
Product not a therapeutic good
Total completed 243 (100%) 181 (100%)
Figure 4 Outcomes of compliance reviews by reason for initiation[a]
In this period, of the medicines for which we were able to determine a compliance status, 89% had verified compliance breaches when initiated by random selection, which is consistent with the non-compliance rate from the previous period (88%). For medicines that were targeted for review and the compliance status was determined, a markedly lower percentage (57%) were found to have compliance breaches; this was attributable to a significant number targeted of reviews to specifically check compliance with a requirement for label warning statements, for which many medicines were compliant.
Figure 4 in table format
Compliance status determination
Unable to be determined
Targeted 70% 30%
Random 87% 13%
Status: Determined
No breaches
Verified breaches
Status: Unable to be determined
Cancelled by sponsor after request for information
Not yet manufactured
Of the completed compliance reviews, the following are the types of issues identified in those medicines where a compliance breach was verified. Individual medicines may have multiple issues identified.
Table 27 Types of listed medicine compliance issues identified
Type of compliance issue
Information provided in ARTG entry[a] 69 (21%) 30 (12%)
Manufacturing, quality and/or formulation 27 (8%) 15 (6%)
Labelling 58 (17%) 49 (20%)
Advertising 59 (18%) 40 (16%)
Unacceptable presentation[b] 63 (19%) 52 (21%)
Evidence[c] 50 (15%) 51 (21%)
Safety[d] 0 1 (0.4%)
Non-response to a request for information[e] 5 (2%) 2 (1%)
Other[f] 2 (1%) 4 (2%)
'ARTG information' broadly refers to situations where the information on the ARTG is incorrect, including indications that are not eligible for listing and ingredients that do not comply with listing requirements.
'Unacceptable presentation' means that aspects such as name, labelling, packaging, advertising or other material state or suggest that the medicine has ingredients, components or characteristics that it does not have.
'Evidence' means the evidence held by the sponsor does not support the claims relating to the medicine.
'Safety' means that the medicine is not safe for the purposes for which it is to be used.
In previous reports 'other' included non-response to a request for information. However this is now being reported separately.
'Other' compliance issues may include the sponsor failing to comply with a condition that the medicine is subject to.
Figure 5[a] Types of compliance issues identified by reason for initiation
Reviews are either randomly selected or targeted for a particular issue. Multiple breaches may be identified for each medicine that is found to be non-compliant; for example, 44% of all randomly-selected non-compliant medicines were found to have insufficient evidence to support the medicine indication, yet this breach accounted for 22% of the total breaches identified across all randomly-selected non-compliant medicines. These figures are not corrected for the nature of information assessed during a review. For example, of those randomly-selected non-compliant medicines for which evidence was assessed, 92% were found to have an 'Evidence' breach.
Compliance issue
Advertising 13% 18%
Evidence 18% 22%
Information provided in ARTG entry 13% 12%
Labelling 19% 20%
Manufacturing, quality and/or formulation 6% 6%
Non-response 4% 1%
Other 1% 1%
Unacceptable presentation 25% 19%
Table 28 Actions taken following listed medicine reviews
Actions following a Request for Information
Medicines found to be compliant and review concluded 42 (25%) 38 (27%)
Medicines cancelled by the TGA without a proposal to cancel notice 0 0
Proposal to cancel notice or warning[a] sent by the TGA 129 (75%) 102 (73%)
Actions following Proposal to Cancel notice[a] by outcome
Medicines no longer on the ARTG 55 (100%)
Cancelled by the TGA 10 (18%) 3 (9%)
Cancelled by sponsors after being notified of compliance breaches 45 (82%) 29 (91%)
Medicines remaining on the ARTG 74 (100%)
Reviews concluded after compliance breaches were addressed 74 (100%) 70 (100%)
In some targeted review projects, sponsors are sent a 'warning' letter instead of a 'proposal to cancel' letter. A proposal to cancel or warning letter is considered the same for reporting purposes.
The figures provided under 'Actions following a Proposal to Cancel notice by outcome' are a breakdown of the corresponding figures provided for the same under 'Actions following a Request for Information'.
Figure 6[a] Outcomes of completed compliance reviews
A significant proportion of listed medicine reviews are concluded after the sponsor has adequately addressed the compliance breaches identified by us. Under the Therapeutic Goods Act 1989 sponsors are given an opportunity to respond to issues raised during a compliance review. There was a slight decrease in the number of listed medicines cancelled by the TGA following a Proposal to Cancel or warning letter (2%) compared with the previous period (5%).
Compliant after Proposal to Cancel or Warning 50%
Cancelled by sponsors after Proposal to Cancel or Warning 21%
Compliant 27%
Cancelled by the TGA after Proposal to Cancel or Warning 2%
Category:Therapeutic Goods Administration (TGA)
Tags:publications/reports

redpajama_set_name: RedPajamaCommonCrawl


text:
Sabela Capital Markets
Invest Smarter: Improve your odds of success
About Dejan
Six Smart Steps
by Dimensional
[blog home]
Imagine it is early January 2010 and you are reading a review of the financial markets. Investors have been on a roller coaster over the past three years, living through the stress of the global financial crisis and market downturn of 2008–2009, then experiencing the recovery that began in March 2009 and is still going strong.
Investors who rode out the market's slide are beginning to be rewarded. But the rebound is 10 months old, and markets have a long way to go to reach their previous highs. Opinions are mixed about what might unfold in the coming year. A December 2009 headline in the Wall Street Journal underscored the uncertainty: "Bull Market Shows Signs of Aging."1 The publication pointed out that, although stocks have rallied and indices are on the rise, worries are mounting in some quarters that the market is running out of steam.
From the vantage point of early 2010, you may be wondering whether to stick with your investment plan or move into cash and wait for more evidence that the markets have recovered. Now, fast forward to today and consider what the global equity markets delivered to investors who stayed the course.
On a total return basis, global stocks more than doubled in value from 2010–2019, as Exhibit 1 shows. The MSCI All Country World IMI Index, which includes large and small cap stocks in developed and emerging markets, had a 10-year annualized return of 8.91%. From a growth-of-wealth standpoint, $10,000 invested in the stocks in the index at the beginning of 2010 would have grown to $23,473 by year‑end 2019.
Growth of Wealth
MSCI All Country World IMI Index, January 2010–December 2019
Past performance is no guarantee of future results. Source: MSCI. In US dollars, net dividends. MSCI data © MSCI 2020, all rights reserved. Index is not available for direct investment. Performance does not reflect the expenses associated with management of an actual portfolio.
Despite positive annual market returns during most of the decade, investors had to process ever-present uncertainty arising from a host of events, including an unprecedented US credit rating downgrade, sovereign debt problems in Europe, negative interest rates, flattening yield curves, the Brexit vote, the 2016 US presidential election, recessions in Europe and Japan, slowing growth in China, trade wars, and geopolitical turmoil in the Middle East, to name a few.
The decade also brought technological advances in electronic commerce and cloud computing, the global embrace of the smartphone and social media, increased automation and enhanced artificial intelligence, and new products like electric cars and early iterations of self‑driving ones.
Looking back, you could conclude that the decade had its share of uncertainty—just like the decades before. But overall, the US equity market experienced moderate volatility compared with previous decades. Exhibit 2 displays this by looking at returns and standard deviation, where a higher standard deviation reflects wider market swings during that decade.
Volatility in Perspective
S&P 500 Index annualized returns grouped by decade (1930–2019).
Past performance is no guarantee of future results. S&P 500 Index data provided by Standard & Poor's Index Services Group. Standard deviation is a statistical measurement of historical volatility.
Benefits of Diversification
Investors who committed to global diversification and to areas of the market associated with higher returns—small cap stocks and value stocks (i.e., stocks trading at low relative prices)—were challenged over the past decade. As shown in Exhibit 3, during the 2000s, investors were generally rewarded for holding emerging markets stocks and developed ex US stocks. During the 2010s, the US market outperformed developed ex US and emerging markets.
The Past Two Decades—2000s vs. 2010s
Annualized returns (%)
Past performance is no guarantee of future results. Market segment (index representation) as follows: US Stocks—Large Cap (Russell 1000 Index), Small Cap (Russell 2000 Index), Growth (Russell 3000 Growth Index), Value (Russell 3000 Value Index); Developed ex US Stocks—Large Cap (MSCI World ex USA Index), Small Cap (MSCI World ex USA Small Cap Index), Value (MSCI World ex USA Value Index), Growth (MSCI World ex USA Growth Index); Emerging Markets Stocks—Large Cap (MSCI Emerging Markets Index), Small Cap (MSCI Emerging Markets Small Cap Index), Value (MSCI Emerging Markets Value Index), Growth (MSCI Emerging Markets Growth Index). Index returns are in US dollars, net of withholding tax on dividends. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2020, all rights reserved. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio.
The performance of value stocks vs. growth stocks (i.e., stocks trading at high relative prices), and small vs. large cap stocks, also varied between decades. Small cap and value stocks outperformed large cap and growth stocks in the 2000s, while the 2010s produced mixed outcomes. Small caps underperformed large capsin the US and emerging markets but outperformed in the developed ex US market. Value underperformed growth in all three market regions. Despite underperforming large cap and growth in the US, small cap and value delivered 11.83% and 11.71%, respectively, for the decade.
Exhibit 4 shows the cumulative investment experience over both decades, with small cap and value stocks outperforming large cap and growth stocks, respectively, across the US, developed ex US, and emerging markets. The annualized 20-year returns illustrate how diversification can help investors ride out the extremes to pursue a positive longer-term outcome.
The Longer View
2000–2019: Annualized returns (%)
Past performance is no guarantee of future results. Market segment (index representation) as follows: US Stocks—Large Cap (Russell 1000 Index), Small Cap (Russell 2000 Index), Growth (Russell 3000 Growth Index), nValue (Russell 3000 Value Index); Developed ex US Stocks—Large Cap (MSCI World ex USA Index), Small Cap (MSCI World ex USA Small Cap Index), Value (MSCI World ex USA Value Index), Growth (MSCI World ex USA Growth Index); Emerging Markets Stocks—Large Cap (MSCI Emerging Markets Index), Small Cap (MSCI Emerging Markets Small Cap Index), Value (MSCI Emerging Markets Value Index), Growth (MSCI Emerging Markets Growth Index). Index returns are in US dollars, net of withholding tax on dividends. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2020, all rights reserved. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio.
Over the past decade, global fixed income also posted returns that may have surprised some investors. In 2010, investors looking at historically low interest rates may have expected rising rates as financial markets and economies recovered from the crisis. But over the decade, short-term rates increased while long-term rates decreased. Realized term premiums were positive, as long-term bonds generally outperformed shorter-term bonds. Realized credit premiums were also positive, as lower-quality bonds generally outperformed higher‑quality bonds.2
Enduring Principles
That brings us to now—January 2020. Stocks and bonds in the US, and in many other developed markets and emerging markets, logged strong returns last year. The US bull market is 10 years old, and current headlines can give investors other reasons to worry about the future—for example, a pushback on globalization, the effects of climate change, the limits of monetary policy, the fate of Brexit, and the vagaries of the 2020 US presidential race. And those are merely the known unknowns. Looking ahead, who can say what the next 10 years will bring? The only certainty is the decade will have its own set of surprises.
Here's what we can learn from the past decade (and the ones that came before it): Despite all the change and uncertainty, the fundamentals of successful investing endured. Diversify across markets and asset groups to manage risks and pursue higher expected returns. Stay disciplined and maintain a long-term perspective. Take the daily news with a grain of salt and avoid reactive investment decisions based on fear or anxiety. Don't try to predict future performance or time the markets. Instead, develop a sensible investment plan based on a strong philosophy—and stick with it.
Investors who follow these principles can have a better financial journey in any decade.
2019 in Numbers
Annual Market Summary
2019 index returns
Past performance is no guarantee of future results. Market segment (index representation) as follows: US Stock Market (Russell 3000 Index), Developed ex US Stocks (MSCI World ex USA Index [net div.]), Emerging Markets (MSCI Emerging Markets Index [net div.]), Global Real Estate (S&P Global REIT Index [net div.]), US Bond Market (Bloomberg Barclays US Aggregate Bond Index), and Global Bond Market ex US (Bloomberg Barclays Global Aggregate ex-USD Bond Index [hedged to USD]). S&P data © 2020 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Frank Russell Company is the source and owner of the trademarks, service marks, and copyrights related to the Russell Indexes. MSCI data © MSCI 2020, all rights reserved. Bloomberg Barclays data provided by Bloomberg. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio.
World Stock Market Performance
MSCI All Country World Index with selected headlines from 2019
Past performance is no guarantee of future results. Graph Source: MSCI. In US dollars, net dividends. MSCI data © MSCI 2020, all rights reserved. It is not possible to invest directly in an index. Performance does not reflect the expenses associated with management of an actual portfolio.
*Annualized
World Market Cap represented by Russell 3000 Index, MSCI World ex USA IMI Index, and MSCI Emerging Markets IMI Index. MSCI World ex USA IMI Index is used as the proxy for the Developed ex US market. Russell 3000 Index is used as the proxy for the US market. MSCI Emerging Markets IMI Index used as the proxy for the emerging market portion of the market. Market segment (index representation) for US as follows: Marketwide (Russell 3000 Index), Large Cap (Russell 1000 Index), Large Cap Value (Russell 1000 Value Index), Large Cap Growth (Russell 1000 Growth Index), Small Cap (Russell 2000 Index), Small Cap Value (Russell 2000 Value Index), and Small Cap Growth (Russell 2000 Growth Index). Market segment (index representation) for developed ex US as follows: Large Cap (MSCI World ex USA Index), Small Cap (MSCI World ex USA Small Cap Index), Value (MSCI World ex USA Value Index), and Growth (MSCI World ex USA Growth Index). Market segment (index representation) for emerging markets as follows: Large Cap (MSCI Emerging Markets Index), Small Cap (MSCI Emerging Markets Small Cap Index), Value (MSCI Emerging Markets Value Index), and Growth (MSCI Emerging Markets Growth Index). All index returns are net of withholding tax on dividends. Frank Russell Company is source and owner of trademarks, service marks, and copyrights related to Russell Indexes. MSCI data © MSCI 2020, all rights reserved. Indices are not available for direct investment. mIndex performance does not reflect the expenses associated with the management of an actual portfolio.
Yield curve data from Federal Reserve. State and local bonds are from the S&P National AMT-Free Municipal Bond Index. AAA–AA Corporates represent the ICE BofA US Corporates, AA–AAA rated. A–BBB Corporates represent the ICE BofA US Corporates, BBB–A rated. Bloomberg Barclays data provided by Bloomberg. US long-term bonds, bills, inflation, and fixed income factor data © Stocks, Bonds, Bills, and Inflation (SBBI) Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). FTSE fixed income indices © 2020 FTSE Fixed Income LLC, all rights reserved. ICE BofA index data © 2020 ICE Data Indices, LLC. S&P data © 2020 S&P Dow Jones Indices LLC, a division of S&P Global. All rights reserved. Indices are not available for direct investment. Index performance does not reflect the expenses associated with the management of an actual portfolio.
Global Fixed Income
One basis point equals 0.01%. Source: ICE BofA government yield. ICE BofA index data © 2020 ICE Data Indices, LLC.
1"Bull Market Shows Signs of Aging," The Wall Street Journal, December 7, 2009.
2Bloomberg Barclays Indices
In USD.
Growth stocks trade at a high price relative to a measure of fundamental value, such as book value or earnings. Value stocks trade at a low price relative to a measure of economic value, such as book value or earnings
UNITED STATES: Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
CANADA: January 6, 2020. These materials have been prepared by Dimensional Fund Advisors Canada ULC. Commissions, trailing commissions, management fees, and expenses all may be associated with mutual fund investments. Unless otherwise noted, any indicated total rates of return reflect the historical annual compounded total returns, including changes in share or unit value and reinvestment of all dividends or other distributions, and do not take into account sales, redemption, distribution, or optional charges or income taxes payable by any security holder that would have reduced returns. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.
AUSTRALIA: This material is issued by DFA Australia Limited (AFS License No. 238093, ABN 46 065 937 671). This publication is provided for information only. No account has been taken of the objectives, financial situation or needs of any particular person. Accordingly, to the extent this material constitutes general financial product advice, investors should, before acting on the advice, consider the appropriateness of the advice, having regard to the investor's objectives, financial situation and needs. Any opinions expressed in this material reflect our judgment at the date of publication and are subject to change.
WHERE ISSUED BY DIMENSIONAL IRELAND LIMITED
Issued by Dimensional Ireland Limited (DIL), with registered office 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland. DIL is regulated by the Central Bank of Ireland (Registration No. C185067).
WHERE ISSUED BY DIMENSIONAL FUND ADVISORS LTD.
Issued by Dimensional Fund Advisors Ltd. (DFAL), 20 Triton Street, Regent's Place, London, NW1 3BF. Company Number 02569601. DFAL is authorised and regulated by the Financial Conduct Authority (FCA) – Firm Reference No. 150100.
Neither DIL nor DFAL as applicable, (each an "Issuing Entity", as the context requires) give financial advice. You are responsible for deciding whether an investment is suitable for your personal circumstances, and we recommend that a financial advisor helps you with that decision. Information and opinions presented in this material have been obtained or derived from sources believed by the Issuing Entity to be reliable and the Issuing Entity has reasonable grounds to believe that all factual information herein is true as at the date of this document.
The information in this material is intended for the recipient's background information and use only. It is provided in good faith and without any warranty or, representation as to accuracy or completeness. Information and opinions presented in this material have been obtained or derived from sources believed by the Issuing Entity to be reliable and the Issuing Entity has reasonable grounds to believe that all factual information herein is true as at the date of this document. It does not constitute investment advice, recommendation, or an offer of any services or products for sale and is not intended to provide a sufficient basis on which to make an investment decision. It is the responsibility of any persons wishing to make a purchase to inform themselves of and observe all applicable laws and regulations. Unauthorized reproduction or transmitting of this material is strictly prohibited. The Issuing Entity does not accept responsibility for loss arising from the use of the information contained herein.
The Issuing Entity issues information and materials in English and may also issue information and materials in certain other languages. The recipients continued acceptance of information and materials from the Issuing Entity will constitute the recipient's consent to be provided with such information and materials, where relevant, in more than one language.
"Dimensional" refers to the Dimensional separate but affiliated entities generally, rather than to one particular entity. These entities are Dimensional Fund Advisors LP, Dimensional Fund Advisors Ltd., Dimensional Ireland Limited, DFA Australia Limited, Dimensional Fund Advisors Canada ULC, Dimensional Fund Advisors Pte. Ltd, Dimensional Ireland Limited, Dimensional Japan Ltd., and Dimensional Hong Kong Limited. Dimensional Hong Kong Limited is licensed by the Securities and Futures Commission to conduct Type 1 (dealing in securities) regulated activities only and does not provide asset management services.
NOTICE TO INVESTORS IN SWITZERLAND: This is an advertising document.
Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original value. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful.
Diversification neither assures a profit nor guarantees against loss in a declining market.
Filed Under: by Dimensional, Issue Briefs, Market Review, Special Postings
The Market Has No Memory
Dimensional Founder David Booth discusses the lessons from 2019 that investors can apply to 2020.
I have worked in finance for over 50 years, and it seems that every January the same thing happens. Lots of folks look back at last year's performance to draw conclusions they can use to predict what markets will do in the year to come. I don't make predictions, but I do think it's worth answering this question: What are the lessons from 2019 that we can apply to 2020?
Let's go back to where we were this time last year. The words running across CNBC's home page were, "US stocks post worst year in a decade as the S&P 500 falls more than 6% in 2018." The Wall Street Journal summarized the state of market affairs with this headline: "U.S. Indexes Close with Worst Yearly Losses Since 2008." Amidst gloomy predictions for 2019, I posted a video on the limitations of forecasting.
Things felt ominous. We started the year with a lot of anxious people. Some decided to get out of the market and wait for prices to go down. They thought that after 11 years, the bull market was finally on its way out. They decided to time the market.
We all know what happened. Global equity markets finished the year up more than 25%1 and fixed income gained more than 8%.2
Missing out on big growth has as much impact on a portfolio as losing that amount. How long does it take to make that kind of loss back? And how is someone who got out supposed to know when to get back in?
The lesson from 2019 is: The market has no memory. Don't time the market in 2020. Don't try to figure out when to get in and when to get out—you'd have to be right twice. Instead, figure out how much of your portfolio you're comfortable investing in equities over the long-term so you can capture the ups and ride out the downs. A trusted professional can help you make this determination, as well as prepare you to stay invested during times of uncertainty.
Not enough "experts" subscribe to this point of view. They're still trying to predict the future. You've probably heard the saying, "The definition of insanity is doing the same thing over and over again and expecting a different result." I've seen people make this same mistake for 50 years.
We'll never know when the best time to get into the market is because we can't predict the future. And if you think about it, that makes sense. If the market's doing its job, prices ought to be set at a level where you experience anxiety. It's unrealistic to think the market would ever offer an obvious time to "get in." If it did, there would be no risk and no reward.
So what should you do in 2020? Keep in mind 2019's most important lesson (which is the same lesson from every year before): Stay a long-term investor in a broadly diversified portfolio. Reduce your anxiety by accepting the market's inevitable ups and downs. Make sure the people advising you align with your perspective. Stop trying to time the markets, and you'll find you have more time to do the stuff you love to do.
1Source: MSCI World Index
2Source: Bloomberg Barclays Global Aggregate Bond Index
This information is for educational purposes only and should not be considered investment advice or an offer of any security for sale.
Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission.
Filed Under: by Dimensional, Issue Briefs, Special Postings
Hindsight Is 20/20. Foresight Isn't.
History shows there's no compelling or dependable way to forecast stock and bond movements. The year 2019 has been a case in point.
The year 2019 served up many examples of the unpredictability of markets.
Interest rates that US policy makers expected to rise fell instead. American consumers' confidence weakened as the year began,1 and news headlines broadcast fears of an economic slowdown. But investors who moved onto the sidelines may have missed the gains in the US stock market. As of the end of October, the S&P 500 was up more than 20% for the year on a total-return basis. That puts it on course for the best showing since 2013 should that gain hold through December.
Outside the US, Greece—the site of an economic crisis so dire some expected the country to abandon the euro earlier this decade, and a country whose equity market lost more than a third of its value last year—has had one of the most robust stock market performances among emerging economies in 2019. On top of that, Greece issued bonds at a negative nominal yield, which means investors paid for the privilege of lending the government cash.
Taken as a whole, it's a reminder that the prediction game can be a losing one for investors.
A closer look at interest rates and the bond market shows just how unpredictable asset performance can be. Going into 2019, Federal Reserve officials expected economic conditions to support raising a key interest rate benchmark twice. Instead, policy makers lowered it three times.
In the market for US Treasuries—where market participants set interest rates—the yield curve that tracks Treasuries inverted for the first time in more than 10 years, as seen in Exhibit 1. Some long-term yields fell below some short-term yields over the summer. What's more, yields on medium- and long-term bonds were at historically low levels at the start of the year, but they fell even lower by the end of October. Investors who made moves based on the expectation yields would rise in 2019 may have been disappointed in how events ultimately transpired.
Exhibit 1: Shifting Curves
Yields on US Treasuries of various maturities since the end of 2018
Source: ICE BofAML fair value government spot yield. ICE BofAML index data © 2019 ICE Data Indices, LLC.
Events weren't any easier to anticipate in the global equity markets, where no evident link appears between markets that performed well last year and those that have excelled this year, as Exhibit 2 shows.
Among the 23 developed market countries,2 only one country was a Top 5 performer for 2018 and 2019: the US. Last year's strongest performing market— Finland—ranked 22nd this year through the end of October. Among emerging markets, Greece swung from a 37% decline last year to a 37% advance this year through the end of October.
Exhibit 2: Changes in the Ranks
Performance of equity markets in 23 developed and 24 emerging economies
Source: MSCI country indices (net dividends) in USD for each country listed. MSCI data © MSCI 2019, all rights reserved. 2019 YTD as of 10/31/19. Note: Emerging economies do not include Argentina and Saudi Arabia, which MSCI classified as frontier and standalone, respectively, prior to May 2019.
Perennial Wisdom
History has shown there's no compelling or dependable way to forecast stock and bond movements, and 2019 was a case in point. Neither the mainstream prognostications nor the hindsight of recent strong performance predicted outcomes in 2019.
Rather than basing investment decisions on predictions of which way debt or equity markets are headed, a wiser strategy may be to hold a range of investments that focus on systematic and robust drivers of potential returns. Investors who were broadly diversified across asset classes and around the globe were in a position to potentially enjoy the returns that the markets delivered thus far in 2019. Last year, this year, next year—that approach is a timeless one.
1Based on readings from the Conference Board Consumer Confidence Survey and the University of Michigan Index of Consumer Sentiment.
2Markets designated as developed or emerging by MSCI.
Filed Under: by Dimensional, Issue Briefs
How Markets Work and the FAANG Mentality
Is the market getting by with a little help from the FAANGs? And does their performance stand out historically? Investors may be surprised that it's common for a subset of stocks to drive a sizable portion of market returns.
The stocks commonly referred to by the FAANG moniker—Facebook, Amazon, Apple, Netflix, and Google (now trading as Alphabet)—have posted impressive gains through the years, with all now worth many times their initial-public-offering prices. The notion of FAANG stocks as a powerful group holding sway over the markets has sunk its teeth into some investors. But how much of the market's recent returns are attributable to FAANG stocks? And does their performance point to a change in the markets?
Over the 10 years through December 31, 2018, the US broad market1 returned an annualized 13.4%, as shown in Exhibit 1. Excluding FAANG stocks, the market returned 12.6%. The 0.8-percentage-point bump resulted from the FAANGs collectively averaging a 30.4% yearly return over the decade.
Exhibit 1: A Little Help from the FAANGs
Annualized US market compound returns with and without Facebook, Amazon, Apple, Netflix, and Alphabet (Google), 2009–2018
Source: Dimensional using data from the Center for Research in Security Prices (CRSP) covering the 10 calendar years since the financial crisis. With FAANGs portfolio formed each month including common stocks listed on NYSE, NYSE MKT, and NASDAQ. Stocks are weighted by market capitalization. Without FAANGs formed similarly but excluding Facebook, Apple, Amazon, Netflix, and Alphabet (Google). Past performance is no guarantee of future results.
Investors may be surprised to learn that it is actually common for a subset of stocks to drive a sizable portion of the overall market return. Exhibit 2 shows that excluding the top 10% of performers each year from 19942 to 20183 would have reduced global market performance from 7.2% to 2.9%. Further excluding the best 25% of performers would have turned a positive return into a relatively large negative return.
Exhibit 2: Weighing the Impact
Global stock market performance excluding top performers, 1994–2018
"All stocks" includes all eligible stocks in all eligible developed and emerging markets at their market cap weights. Eligible stocks are required to meet a minimum market capitalization requirement. REITs and investment companies are excluded. Compound average annual returns are computed as the compound returns of the value-weighted averages of the annual returns of the included securities. "Excluding the top 10%" and "Excluding the top 25%" are constructed similarly but exclude the respective percentages of stocks with the highest annual returns by security count each year. Individual security data are obtained from Bloomberg, London Share Price Database, and Centre for Research in Finance. The eligible countries are: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Republic of Korea, Malaysia, Mexico, Netherlands, New Zealand, Norway, Peru, Philippines, Poland, Portugal, Russia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, Thailand, Turkey, the UK, and US. Diversification does not eliminate the risk of market loss. Past performance is no guarantee of future results.
This lesson also applies to capturing the premiums associated with a company's size and its price-to-book ratio. Research by Eugene Fama and Kenneth French ("Migration," 2006) provides evidence that these premiums are driven in large part by a subset of stocks migrating across the market.
Research has shown no reliable way to predict the top-performing stocks. Looking at the top 10% of stocks by performance each year since 1994, on average less than a fifth of that group has ranked in the top 10% the following year.
The tendency for strong market performance to be concentrated in a subset of stocks is therefore also a cautionary tale about the importance of diversification—investors with concentrated portfolios may actually miss out on the very stocks that deliver the best of what the market has to offer. An investment approach built around broad diversification can help achieve a more reliable outcome for investors over the long term—sharp acronym or not.
What Happens When You Fail At Market Timing?
It's hard to predict the best days in the markets, and the cost of missing them can be high.
The impact of missing just a few of the market's best days can be profound, as this look at a hypothetical investment in the stocks that make up the S&P 500 Index shows. A hypothetical $1,000 turns into $138,908 from 1970 through the end of August 2019. Miss the S&P 500's five best days and that's $90,171. Miss the 25 best days and the return dwindles to $32,763. There's no proven way to time the market—targeting the best days or moving to the sidelines to avoid the worst—so history argues for staying put through good times and bad. Investing for the long term helps to ensure that you're in the position to capture what the market has to offer.
The missed best day(s) examples assume that the hypothetical portfolio fully divested its holdings at the end of the day before the missed best day(s), held cash for the missed best day(s), and reinvested the entire portfolio in the S&P 500 at the end of the missed best day(s). Annualized returns for the missed best day(s) were calculated by substituting actual returns for the missed best day(s) with zero. Performance data for January 1970-August 2008 provided by CRSP; performance data for September 2008-August 2019 provided by Bloomberg. S&P data provided by Standard & Poor's Index Services Group. Indices are not available for direct investment. Past performance is no guarantee of future results.
Dimensional Fund Advisors LP is an investment advisor registered with the Securities and Exchange Commission. All expressions of opinion are subject to change. This article is distributed for educational purposes, and it is not to be construed as an offer, solicitation, recommendation, or endorsement of any particular security, products, or services. Investors should talk to their financial advisor prior to making any investment decision.
Dejan Ilijevski, MS, MBA
Munster, IN
Copyright © 2020 Sabela Consulting Group, Inc.
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American Airlines has cameras in some seat-back screens, but says it won't use them
Singapore Airlines was criticized earlier for having cameras in some of its entertainment systems.
Abrar Al-Heeti
February 21, 2019 3:24 PM PST
Picture Alliance/Getty Images
It turns out some American Airlines seat-back entertainment screens have cameras embedded in them.
A passenger told BuzzFeed News he saw a camera on his seat-back screen during a flight to Tokyo in September. Those cameras can also be seen in a June 2017 review of American Airlines' premium economy option and a video by Business Traveller magazine, BuzzFeed notes.
American Airlines confirmed to CNET that there are cameras in some of its in-flight entertainment screens.
"Cameras are a standard feature on many in-flight entertainment systems used by multiple airlines," a representative said. "Manufacturers of those systems have included cameras for possible future uses such as seat-to-seat video conferencing. While these cameras are present on some American Airlines in-flight entertainment systems as delivered from the manufacturer, they have never been activated and American is not considering using them."
Singapore Airlines landed in hot water last week after a passenger found what appeared to be a camera beneath the seat back screen. The airline company replied to her tweet to confirm that they were in fact cameras but added they'd been disabled with no plans to use them.
At a time when cameras can be easily hacked, one can only hope these screens really aren't capturing our least glamorous moments.
Discuss: American Airlines has cameras in some seat-back screens, but says it won't use them


Philadelphia Union Scores With a Bimbo; Hospitality Sector Adds 25,000 New JobsPlus McDonald's Fruit and Maple oatmeal doesn't actually contain any maple syrup, and concerns over dioxin-tainted animal feed spreads to France and Denmark, all in our morning news roundup.
Farm to Families Provides Farm Fresh Groceries to North Philly; Ace of Cakes toPlus Campbell's Soup finds ways to keep employees fit, and sales from fine dining and fast food are up, all in our morning news roundup.
Vongerichten Stocks ABC KitchenAmid widespread industry job loss, JGV, at least, is hiring for his new project.
Restaurant Sales Will Improve in 2010, But Not by MuchJust how much will the restaurant industry rake in this year?
No, Really: It's the Perfect Time to Open a RestaurantRegina Schrambling tells why.
City Harvest Benefit Brings Lavish Spending But Modest DishesEric Ripert has raised $72,000 for charity by donating a buck per customer.
Beer Love Is ForeverCustomer loyalty gives craft beers a boost in a down economy.
Zagats Agree With Stephen Starr: Certain Restaurants Will PrevailWill casual, lower-priced restaurants thrive because they're more convenient than eating at home?
Danny Abrams Knows You're Lowering Your PricesThe restaurateur says that anyone who claims otherwise is lying.
Platt to the FutureCutty and Platty disagree about the future of the luxury meal.
Sour Economy Continues to Inspire Food JournalistsOne tries to bargain down the price of a slice, another suggests knockoff restaurants, and Flo Fab tells us, again, how restaurants are dealing with the these troubled times.
Crisis? What Crisis?Not all Wall Streeters are crying into cheap beers.
Economic Forecast: Eat Bad Food, Drink MorePair your ramen with a can of beer.


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City Council, 27 Jan 2021
28 January 2021 26 August 2021 / Mockler4Bremerton
DCD presents info on 2nd ADU possible permitting options for Council's review & approval. Public Works contract with AIMS to clean Burwell/ Warren sewer pipe, and renew 5-year contract with Otis for City's 9 elevators. Sadly, due to hunger, I missed the last 30 minutes of this meeting. I will get the video and amend this post in the next couple of days.
CITY COUNCIL STUDY SESSION MINUTES by Anna Mockler 5:00 PM
Current Council Meetings are available for viewing online. Please visit the Bremerton-Kitsap Access Television's Kitsap Government Meetings website. For more information on schedules, committees, etc., visit https://www.bremertonwa.gov/155/City-Council For study session videos, email the address below with special request.
Public questions or comments may be submitted ahead of time to City.Council@ci.bremerton.wa.us
1. Public Works Agreement with Pipeline Video Inspection LLC dba AIMS Companies for Burwell/Warren Sewer Pipe Cleaning and Video Inspection
Bill Davis presents. To complete video inspection of 24″ diam pipes, then prepare contract for bid. 6 (7?) companies submitted a bid. Daugs asks why Bremerton can't do it — Davis explains that traffic and scope are beyond our capacity. She asks what disruptions to residents. Davis: it'll be nighttime work, for about 2 weeks, with one lane closed in each direction. Goodnow asks about noise. Davis: they're not too loud; Knuckey chimes in to say It's Loud. 8pm-4:30am, for 2 weeks, it'll be noisy wherever the VacuumThing (couldn't catch the name) is operating. There'll be a jet with a large nozzle to dislodge debris, then the VaccuumThing sucks up all the debris. It moves from location to location, but it'll make noise in its immediate vicinity. Daugs asks how will we communicate about this upcoming disruption? Davis: door-hangers 48-72 hours before the event. Wheeler says he'll be on call throughout the project and no email will remain in his in-box for more than half a day. Moved to Consent Agenda.
2. Five-Year Contract Extension Addendum to Maintenance Agreement with Otis Elevator Company for Elevator Service, Maintenance and Monitoring
Knuckey presents. 7 locations with elevators, total of 9 elevators. 5 years ago contract with Otis included clause for extension for another five years. Sullivan asks is there any increase to current costs of $30K/yr. Knuckey: Page 19 shows current costs. Page 35 shows the Addendum, which shows CPI (Consumer Price Index) increases. Current, $2700.00 / month – this year, about $33K/yr. Sullivan asks Knuckey to repeat. He does. It has increased a total of $7K over 5 years, a little over $1K/yr in past 5 years. Daugs asks about Convention Center elevators — Riley signs on to say that there is cost-sharing among Convention Center tenants, including Kitsap Transit, and the City. Wheat asks: Have there been any issues with the company's performance, or have we been happy? Knuckey: I just asked this question of the contract manager, who said that there have been zero issues. Simpson, in absentia, presented by Gorman: Was Otis sole bidder? Have we put this out for bid to make sure we're getting best deal? Knuckey: in 2016 we sent out RFPs to five potential bidders, and only one bidder responded. So no RFPs this time around — we're happy. Moved to Consent Agenda.
3. Discussion regarding Potential Zoning Code Amendment to allow two (2) Accessory Dwelling Units (ADUs) per Single Family Lot (Information only)
Allison Satter presents. Discussion, Two ADUs Zoning Code Amendment. Staff has prepared 4-ish different options for Council feedback (sic). Council should give direction to staff on how to proceed regarding 2 ADUs. In Dec 2020, Council adopted changes unanimously for revised standards on: Maximum size increased; reduced design criteria; eliminated parking requirements; removed owner-occupancy requirement. Options — 1) do nothing, and code remains as is, 1 ADU per single-family lot. 2) Adopt Planning Commission recommendation — allow 2 ADUs WITH a requirement for parking space for the 2nd ADU. 3) In Seattle, a 2nd ADU must be either a) affordable, less than 80% AMI, and rent/utilities less than 30% of household income OR b) meet Green Building Standards, like LEED certification. Thus, we have option 3A: Adopt Planning Commission recommendation WITH the affordability requirement standard (as above) AND a 12-year commitment. These are consistent with multi-family tax exemption standards (MFTE). Option 3B — add Green Building Standards, e.g., sustainable resources, energy system, passive solar design, water mgmt. Option 3A+3B — like Seattle's either/or. Option 4 — something else that Council wants to put forth that allows 2 ADUs in some other way.
Daugs asks what do nearby jurisdictions do — County, Poulsbo, Bainbridge, etc. Allison points to correct portion of the packet. Short version — County, and others, are looking at similar Zoning Code amendment. Daugs asks how long affordability will last — Satter repeats: 12 years, follows with title for 12 calendar years. (I ask myself — who will monitor & enforce?) Daugs goes on to ask about existing unpermitted multiple ADUs — what will happen? Parking requirement for 2nd ADU is Planning Commission's recommendation. Daugs wants to make sure it stays affordable, and neighborhoods don't gentrify. [Two minutes missing, 5:36-5:38). Goodnow says other jurisdictions reduce parking space requirements if you are near 7-day, every 15 minute public transit. He worries about unintended consequences — "if we make this too difficult, are we not going to have more housing stock?" Wheat: Shares Daugs concerns about gentrification; Goodnow's concerns about MFTE. If we're going to incentivize adding supply, seems like we'd want to do that. She's done a lot of research on results of adding market-value housing only — result, it appears we will help bring about more affordable housing only by mandating it. Asks Allison Satter about Kitsap Co's ADU proposals — Satter says they're looking to us for a lead. Wheat emphasizes her approval of the Option 3A including both 80% AMI AND 30% max of household income to rent & utilities.It is unfair to assume that simply providing more market value housing is a magic bullet for providing more affordable housing. Because it isn't. Younger: references an article he sent out about unintended consequences of ADUs. The article supports the view that removing the owner-occupancy requirement leads to runaway gentrification. He mentions all the places around us, like Port Orchard, that retained the owner-occupancy requirement. Tacoma has increased ADUs 12-fold since removing the owner-occupancy requirement. Permitting (making legal) the illegal ADUs does, in fact, increase gentrification. Younger supports Option 3A, the affordability standard. He wants to know more about the process that this will lead to a clear permitting process, and he wants assurances that there will be enforcement and oversight. He has ideas about how that can be done. So odd to be in total agreement with Younger on both these points — owner occupancy is important, and affordability is vital, certainly more important than green building standards. Wheeler assures there will be monitoring, even micro-monitoring, based on our inspection program of City commercial buildings. He mentions that 8-year MFTEs are getting no penalty at all, but state law permits him to impose penalties on [agency / situation not clear to me] and he's done so. Sullivan agrees with Wheat that this, by itself, won't fix anything, but if we don't include an affordability component, we won't increase affordable housing stock. Go Sullivan! Impressed by her increasing confidence over the past 2 years. Daugs asks so, these displacement fees: does that money get to actually help the displaced tenants? Wheeler: Yes. Daugs — has that been successful? Wheeler — so far, yes. Nobody has become homeless, we protected them until they could find livable, affordable shelter =- a place where they can be safe. So these fees (MFTEs and code violations) are paid to people who were living in housing not suitable for humans (per Wheeler) and their new place is an upgrade. They get to stay under a lousy roof until the developer and the Mayor's team arrange a new, better home. Pres Gorman intervened to say hey, I think we're getting off the track. Andrea, you were shaking your head, what do you want to say. Spencer makes a heated case for the compassion and humanity shown the displaced tenants, and that ALL the fees collected went directly to housing the tenants, nothing to administrative or overhead costs. Have never seen Andrea Spencer heated before. I was proud of her. Daugs speaks up for the nearby regular public transit option (a powerful statement, since she's on Kitsap Transit Board). Daugs makes a canny comment — when new tenant moves in, who'll do the calculations and paperwork to make sure new tenant is paying 80% AMI & rent/utilities 30% of income, i.e., monthly rental changes from tenant to tenant. Spencer & Satter reassure her. Daugs wants "the parking not to be stressed in this one" which I don't know what that means. Goodnow agrees with Wheat and Younger about unintended consequences. He wants affordability. "As a recovering Planning Commissioner…" he wants to know, what is our goal here? give residents what they want? affordable housing our little bit of ask, or are we trying to really create affordable housing? [2 minutes missed, 6:15-6:17) Younger hammers home the importance of owner occupancy.requirement. [Several minutes missed as smoke alarm went off.] Gorman thinks the affordability requirement won't do anything much, we should build different tiers, "one for "wealth-builders" and one for people who just want a place to live." Asks about green building standard, doesn't think it's "the way I want to go". He wants to guard against Airbnb-ing, and I'm right there with him on that. So, the affordability option of 3A. Wheat has more questions abour 80%AMI — where do we get the stats? Kitsap County standards would call for a single person to pay $1300/month in rent and utilities, so what's the allowable 80% income? Spencer says she'll get back to Council on that exact figure. Wheat deeply doubts that even Option 3A won't truly create affordable housing, as most developers will be discouraged by the requirement. 70% of public comments indicated … something. Sorry. I tore my trapezius and I have to go take ibuprofen now. Wheat goes on to passionate plea for all people to be housed. Several of us on the Council have experienced housing insecurity. She would welcome lots of feedback from others on how well affordable ADUs reduce that insecurity. It bothers her that we're considering affordability only now, with 2nd ADUs, but mot in our every day view of community eeds. She specifically expresses her skepticism that limiting Council action on affordable housing to these second ADUs is a sop to our collective conscience. She calls for a comprehensive plan for affordable housing being available to our community. Because this is a hard, hard, complex issue. She's leaning towards Option 2 because of community support and Planning Commission recommendations. Gorman asks if DCD can proceed from this point. Spencer does a masterly job of recapping — do you want to draft an ordinance, or do you want to do Study Session 2/10, then public hearing 7 days later, or study session 2/10 and defer public hearing to 3 weeks later.
Sadly, due to acute hunger, I missed the answer to this question AND to everythimg following. from about 6:45 onwards.
o Briefing on Agenda for Remote Joint Planning Session – Council President Kevin Gorman
o Briefing on Proposed Healthcare System Legislation – Council President Kevin Gorman
o Race Equity Advisory Committee Briefing (01/14/21 Meeting) – Chair Leslie Daugs
o Public Works Committee Briefing (1/19/21 Meeting) – Chair Eric Younger
o Finance, Investment & Parking Committee Briefing (1/26/21 Meeting)
o Other General Council Business
C. ADJOURNMENT OF STUDY SESSION and so it came to an end, around 7:20 pm.
← Upcoming Events
Council Retreat, 30 Jan 2021 →
4 thoughts on "City Council, 27 Jan 2021"
Phil Kight
29 January 2021 at 11:46 am
I can see why you'd miss the last part of the meeting, item 3 is a lot hard to keep up with
On Thu, Jan 28, 2021 at 11:21 AM Mockler4Bremerton wrote:
> Mockler4Bremerton posted: " CITY COUNCIL STUDY SESSION MINUTES by Anna > Mockler 5:00 PM – Via Zoom Webinar Current Council Meetings are available > for viewing online. Please visit the Bremerton-Kitsap Access Television's > Kitsap Government Meetings website. For more information " >
28 January 2021 at 12:25 pm
Thanks for your detailed report!
Thanks for reading, and I welcome your critique on today's 6.5 hour Council Retreat.


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US Supreme Court Center > Volume 256 > ST. LOUIS & E. ST. LOUIS ELEC. RY. CO. V. HAGERMAN, 256 U. S. 314 (1921)
ST. LOUIS & E. ST. LOUIS ELEC. RY. CO. V. HAGERMAN, 256 U. S. 314 (1921)
St. Louis & E. St. Louis Elec. Ry. Co. v. Hagerman, 256 U.S. 314 (1921)
St. Louis & East St. Louis Electric Railway Company v.
A street railroad company whose tracks crossed and were confined to a bridge between Missouri and Illinois was taxed, under Missouri Laws of 1901, p. 232, by valuing its rolling stock, poles, wires, cash, roadbed and superstructure as such, adding a reasonable valuation of "all other property," and assigning due proportions to Missouri as the basis of the tax. Held that the tax could not be regarded as a direct burden upon the company's franchise to conduct its interstate traffic over the bridge, upon the ground that the "other property " valued consisted solely of that franchise, since it appeared that much of the value of the railway as a going concern
was due to exclusive right on the bridge and lucrative traffic arrangements resulting from private contracts with other companies, which must have been considered by the taxing authorities in making the valuation. P. 256 U. S. 316.
279 Mo. 616 affirmed.
This was an action by the State of Missouri to collect a tax levied on the property of the plaintiff in error railway company. The state courts, including the court below, sustained the tax. The facts are stated in the opinion.
Powered by Justia US Supreme Court Center: ST. LOUIS & E. ST. LOUIS ELEC. RY. CO. V. HAGERMAN, 256 U. S. 314 (1921)


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Apocalyptical Jess shows his class with Ruidoso Derby win
"He's all class," Thedford said. "He left the gate running and I just kept him running."
Apocalyptical Jess shows his class with Ruidoso Derby win "He's all class," Thedford said. "He left the gate running and I just kept him running." Check out this story on ruidosonews.com: https://www.ruidosonews.com/story/sports/2019/06/10/apocalyptical-jess-shows-his-class-ruidoso-derby-win/1410822001/
Ty Wyant, Ruidoso Downs Race Track Published 11:48 a.m. MT June 10, 2019
Bill Robbins' champion and All American Futurity winner Apocalyptical Jess showed his determination with a hard-fought victory over Danjer in the Grade 1, $958,766 Ruidoso Derby on Saturday afternoon at Ruidoso Downs.
In the $100,000 Mr Jess Perry, for horses who did not qualify for the Ruidoso Derby, La Feliz Montana Ranch, LLC's Lethal Lil powered away from her rivals to gain the victory.
Apocalyptical Jess earned $411,950 from his Ruidoso Derby win to push his career earnings to $2,081,772, the fifth-highest career earnings mark for a quarter horse.
Jockey Tanner Thedford guided Apocalyptical Jess to the neck win over Danjer with Cds Wine N Dine third, three-quarters of a length behind Danjer. The winner covered the 400 yards in :19.757.
The powerful gelding raced to his fourth win from four starts this year. He dominated the $319,975 Remington Park Oklahoma-Bred Derby in April as the 7-10 favorite and then came to Ruidoso Downs for the Ruidoso Derby trials.
Apocalyptical Jess won his Ruidoso Derby trial by two dominating lengths and his time of :19.749 for 400 yards topped the 10 trials.
"He's a great horse," trainer Trey Wood said. "They made him run, but he's a winner. He's game."
Last summer at Ruidoso Downs, Apocalyptical Jess earned $1.5 million for taking the Grade 1, $3-million All American Futurity and that win secured his 2018 champion two-year-old gelding title. He then went to Lone Star Park for the Grade 1, $1,015,000 Texas Classic Futurity. He had a terrible start and finished sixth behind stablemate and champion two-year-old colt Flying Cowboy 123.
Paragon Farms, LLC's Flying Cowboy 123 raced to a fourth-place finish in the Ruidoso Derby. Jockey Ricky Ramirez rode Flying Cowboy 123 and Apocalyptical Jess in the Ruidoso Derby trials. He chose to ride Flying Cowboy 123 and that opened up the mount for Thedford, who works closely with the Wood operation at the track and their farm.
Apocalyptical Jess could run in the trials to the $750,000 (est.) Rainbow Derby on July 7 or wait and run in the trials to the Grade 1, $1-million (est.) All American Derby on August 18. "We want to do what is best for the horse," Robbins said. "That will be a decision that Trey makes."
Runner-up Danjer — owned by trainer Dean R. Frey, Downtime Enterprises, LLC and Billy G. Smith — has shown promise and gave Apocalyptical Jess a stout challenge in the Ruidoso Derby with Cody Jensen aboard.
Danjer gained attention when he won last year's $200,000 All American Juvenile by two lengths and then was a close third behind Flying Cowboy 123 in the Texas Classic Futurity.
A gelding by Fdd Dynasty, Danjer made his 2019 debut in the Ruidoso Derby trials. He won his trial by a neck with the second-fastest time of :19.769.
German Amaya's third-place finisher Cds Wine N Dine, trained by Jimmy Guerra and ridden by Jesse Lee Levario, never threatened the top-two finishers. The son of Fdd Dynasty dominated his Ruidoso Derby trial by one-and-three-quarter lengths with the third-fastest time of :19.771.
In a rarity, the top-three qualifiers from the trials came back to finish one-two-three in the Ruidoso Derby.
Lethal Lil started with the leaders in the Mr Jess Perry and then pulled away from her competition to win by a commanding one length as the 27-10 favorite. Buckie Jones finished second by a neck over A Louisiana Fantasy.
Jose Amador Alvarez rode Lethal Lil to the victory in :19.883.
"We're proud," trainer Manny Rodriguez said. "She's classy and likes to win. She's beautiful."
Lethal Lil finished a troubled third in her Ruidoso Derby trial behind Apocalyptical Jess in her 2019 debut.
"She needed the race in her trial." Rodriguez said. "She was tired at the end."
Lethal Lil has been a force at Ruidoso Downs and Los Alamitos Race Course in Southern California. The well-conformed daughter of Corona Cartel was second in last summer's Grade 1, $1-million Rainbow Futurity at Ruidoso Downs and then closed out her freshman year with a third-place run in the Grade 1, $1,878,000 Los Alamitos Two Million Futurity in December.


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redpajama_set_name: RedPajamaGithub


Tiny Farms CEO Andrew Brentano wrote an article for the Asian Productivity Organization based on his presentation to the group at their first ever Sustainable Productivity Summit held in Tokyo in July 2018. He overviews the immense challenges facing agriculture, and presents opportunities to implement high-impact solutions with a focus on animal agriculture.
Tiny Farms works with the USDA to develop more efficient methods for processing crickets into protein powder, highlighted among innovative food companies working with the USDA ARS to bring innovative new healthy options to market.


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La Tyrrell 014 est une monoplace de Formule 1 engagée par l'écurie britannique Tyrrell Racing dans le cadre du championnat du monde de Formule 1 1985, à partir de la septième manche de la saison, en France. Elle est pilotée par le Britannique Martin Brundle et l'Allemand Stefan Bellof, remplacé successivement par l'Italien Ivan Capelli et le Français Philippe Streiff. Elle est mue par un moteur V6 Renault turbocompressé.

En 1986, la Tyrrell 014, toujours pilotée par Martin Brundle et Philippe Streiff, est engagée pour les trois premières manches, ainsi qu'au Canada et à Détroit pour le seul Streiff.

Résultats en championnat du monde de Formule 1

 4 points marqués en 1985 avec la Tyrrell 012.
 9 points marqués en 1986 avec la Tyrrell 015.

Liens externes

014
Formule 1 en 1985
Formule 1 en 1986