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Russia: Positions of Brewing Companies
Ukrainian beer market 2019: companies and brands
Brewing industry in Kazakhstan 2019
Cannabis: product that changes markets
Russian beer producers 2018 (catalogue/database MS Excel)
Global hop market. Hop Market in Russia.
Beer market of Vietnam: "Young tiger"
Analysis of beer market in China
Beer Business (Pivnoe Delo) #3-2019
The review contains an analysis of interim performance of brewers in the first half of 2019. There are rather dynamic changes behind a modest industry growth. Baltika is again experiencing a stage of volumes and market share slid due to competition with AB InBev Efes. Because of the price competition and presence expansion in the modern trade company #2. has come close to the leading position. At the same time sales of Heineken Russia have continued growing which makes the premium part of the portfolio heavier. The market premiumization trend had been also confirmed by import brands. MBC and Zavod Trekhsosenskiy have been the most successful among federal market players. The market share of independent regional brewers and Ochakovo have continued falling as they are being squeezed out by the market leaders at their competitive fields.
In 2019 beer production and market have been still fluctuating about zero point. However, the past season was successful for brewers judging by the sales profitability. The price mix has improved due to rapid general market premiumization, as well as its particular aspect, the growth of import beer sales. By the season end AB InBev Efes improved its positions considerably. It turned out that consumers had not forgot Efes brands that had to leave the market, but started to recover rapidly. Against the stagnating market that meant sales decline of other companies, in the first place Carlsberg Group that most of all beneficiated from Efes exiting the market. PPB turned out to be stable to branding activity of its competitor and Obolon kept the same volumes and at the moment it is the absolute leader of the economy segment. The share growth of independent producers took place thanks to leading craft breweries, that so far do not have a big market weight, but they are rapidly gaining it.
During the first half of 2019, the majority of Kazakh brewers made their contribution into positive dynamics. Yet it was companies of the lower division, not the two transnational leaders that raised their production and sales. The shares of draft beer and aluminum can which is rapidly squeezing glass bottle out of the market, have been growing. The price segmentation has remained stable despite the substantial rise of retail prices and fluctuations of brand market shares, while the borders between segments have become blurred. The main events in the industry have been: the announced revision of the beer excise policy, launch of BeerKhan brand in the strong beer segment, and most important – purchasing assets of Shymkentbeer by Arasan.
Beer Business #2-2019. Russia: beer market gets more complex
The trend of complication of Russian beer market is going on and in several directions at the same time. The range has got wider, the import and small segments are growing, namely craft beer, alcohol-free beer and special flavor beer. At the same time, all ex-mega brands and light lagers by Russian brewers are experiencing a decline of their shares. AB InBev Efes, Heineken, MBC and Pivzavod Trekhsosenskiy have exceeded the market, Carlsberg was developing slower than the market and Ochakovo as well as some other mid-sized breweries have been cutting down their volumes. To a big extent brewers' performance was connected to their ability to reach agreement with networks, sacrifice their margin and enter new markets. Craft brewers are facing a serious danger of producers' registration introduction – de facto licensing. ...
Beer Business #1-2019. Cannabis: product that changes markets
The global outlooks of the legal market of cannabis are excellent. It is possible to simultaneously imagine dry law repeal and craft brewing boom but not in one but in several consumer categories. For alcohol is contained in liquids and cannabis derivatives can be in three physical forms.The value of legal market of cannabis and its products can reach 10% of the world beer market in five years, and in 2030-2040 even reach the same scope provided the current rates of legalization and development of market infrastructure remain at the same level. Cannabinoids are actively integrating into the food industry from chewing gum to beverages deforming the pharmaceutical and alcohol markets, they influence the trends of healthy lifestyle and beauty. ...
Recommended Proposal to Acquire Foster's at A$5.10 per share
SABMiller plc ("SABMiller") announces that it has agreed with Foster's Group Limited ("Foster's") a recommended cash offer to Foster's shareholders at A$5.10 per share (see endnote 1), which values Foster's equity at approximately A$9.9 billion.
As part of the transaction, and in line with Foster's previously announced capital management initiative, Foster's will pay its shareholders a return of capital of A$0.30 per share prior to closing, reflecting both the confirmed value of historic tax losses and a better cash/net debt position than assumed in SABMiller's initial proposal.
The agreed proposal represents an acquisition enterprise value of A$11.5 billion, which is a 2.8% increase on the enterprise value of A$11.2 billion implied by SABMiller's initial proposal announced on 21 June 2011 (see endnote 2).
The acquisition of Foster's is consistent with SABMiller's strategic priorities and will provide SABMiller with:
exposure to Australia's strong economic growth prospects;
a leading position in the stable and profitable Australian beer industry; and
the opportunity to apply SABMiller's capabilities and scale to improve Foster's financial and operating performance.
The acquisition is expected to be EPS enhancing for SABMiller in the first full year of ownership and economic returns are expected to exceed the project WACC by year 5.
SABMiller and Foster's have agreed that the offer will be effected by means of a scheme of arrangement to be proposed by Foster's to its shareholders.
The scheme of arrangement is recommended by the Foster's board and is subject to a number of customary conditions, detailed in a scheme implementation deed, the principal terms of which are summarised in Attachment 1 to this announcement. A full copy of the scheme implementation deed will be available shortly on SABMiller's website.
The scheme implementation deed provides for the ordinary conduct of Foster's business from signing until completion, and arrangements for merger and implementation planning before closing. It specifies that in certain circumstances, including if a higher valued competing transaction is announced and completed within twelve months, Foster's will pay to SABMiller a break fee of A$99 million, being 1% of the equity value of the recommended transaction.
Foster's has commenced the process of obtaining a ruling from the Australian Tax Office ("ATO") confirming the tax treatment of the capital reduction.
SABMiller has internal resources and committed financing to fund the cash consideration, and SABMiller expects to maintain a strong investment grade credit profile.
As previously announced, SABMiller has separately reached agreement with Coca-Cola Amatil Limited to be able to acquire its share of the Pacific Beverages Pty Limited joint venture should SABMiller acquire a controlling interest in Foster's.
SABMiller has entered into a number of cash settled equity swap contracts that provide it with an economic exposure equivalent to 78 million shares (being approximately 4.0% of the total number of issued Foster's shares), which will reduce SABMiller's aggregate cash cost of the transaction consideration by approximately A$69 million.
SABMiller and Foster's have agreed to work together to prepare the necessary documents to be considered by Foster's shareholders. The scheme document is expected to be posted to Foster's shareholders in approximately six weeks. If approved by shareholders at the relevant scheme meetings later this year, SABMiller expects the acquisition to be completed before the end of 2011.
Unanimous Directors' Recommendation
The Directors of Foster's have unanimously recommended that shareholders vote in favour of the scheme of arrangement and capital reduction, and have committed to voting their own interests in favour of the proposals, in the absence of a higher valued competing proposal and subject to an independent expert confirming that the proposal is in the best interests of Foster's shareholders.
Commenting on the agreement, SABMiller's Chief Executive, Graham Mackay, said:
"We are pleased that we have reached agreement on a recommended transaction to be put to Foster's shareholders.
"Foster's will become an important part of our business, and through the application of our commercial capabilities and global scale, we expect to build on the initiatives that Foster's management has put in place, further enhancing Foster's performance and creating value for our shareholders.
"Foster's has a long-standing and proud reputation as one of the leading companies in Australia. We look forward to working with Foster's employees and other stakeholders to ensure the success of Foster's in the future as the largest brewer in Australia with an outstanding portfolio of brands."
Endnote 1
References in this announcement to Foster's shares and to Foster's shareholders are references to fully paid shares. Different provisions consistent with their terms of issue will apply to partly-paid shares in Foster's. The number of partly paid shares is not material.
The acquisition enterprise value is calculated as follows:
Equity value paid to Foster's shareholders - A$9,901m
Plus: Estimated net debt at Dec-11 - A$1,377m
Plus: A$0.30 per share capital return - A$582m
Plus: Minority interests - A$12m
Less: Estimated present value of historic tax losses - A$400m
Acquisition enterprise value - A$11,472m
Webcast and conference call
A live audio webcast of a presentation to investors hosted by SABMiller's Chief Executive, Graham Mackay and Chief Financial Officer, Jamie Wilson will begin at 11:30 am London time / 8:30 pm Sydney time on 21 September 2011. To access the webcast or download a copy of the presentation, visit www.sabmiller.com.
23 Сен. 2011
AB InBev Asahi Breweries asia beer market beer and pub beer brands beer in India beer in Kazakhstan beer in Korea beer in Russia beer in Singapore beer in Ukraine Bevco Carlsberg Group chinese beer craft beer CR Snow draught beer Exclusive news Foster's Group GAB Guinness Habeco Heineken Indonesian beer japanese beer Kirin Holdings M&A in beer industry Malaysia beer malt and barley Molson Coors Myanmar Beer Philippines beer Sabeco SABMiller San Miguel Brewery Sapporo Singha Sri Lanka beer Suntory Holdings Tasmac Thai beer ThaiBev Tsingtao Brewery United Breweries Vietnam beer
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As a WW II History student, I was very interested in visiting Corregidor Island, the last American Military facility to be surrendered to the Japanese in WW II. They had intentionally left the ruins as ruins and not attempted to restore what was left after WW II.
I woke up early to strange sounds and it took me a while to figure out is was roosters crowing in the dawn. I've not quite got my internal clock reset for the 15 hours ahead of Western Washington, so 4am to 5 am has been my wake up time. That would be great except the internet connection at Horeb House isn't working.
We left ECP center at 5:45 am to get through the traffic to Manila Harbor for the ferry ride to Corregidor. Restie was our driver to and from the Sun Cruises ferry, and Betsy and Nora, members of the ECP center staff accompanied me on the tour. (it's interesting that when I visit places like here, they don't let me venture off on my own, guess you never know what kind of trouble an old priest might get into). The 45 Km trip across Manila bay took about 1 ½ hours. It's a popular tourist destination and the 200 passenger ferry was full; more westerners than I've seen since I left Seattle.
have not been filled in. There's a pretty good web site about Corregidor – http://corregidorisland.com with more information and photos. Also, John Toland wrote the best book I've found about WW II in the Pacific "The Rising Sun" I recommend it for any student of history. There is another website about MacArthur and his departure from the Philippines that's perhaps more accurate than most historical accounts of him and his military "genius" – http://www.pacificwar.org.au/Philippines/Macescapes.html MacArthur departs Corregidor by PT Boat to Mindanao and departs by B-17 from Del Monte Airfield in northern Mindanao (so named because it was located in a Del Monte Company field).
The Pacific War Memorial tells the history of WW II Corregidor; the Filipino Memorial tell the history of the Philippines struggle for independence from the Spanish, Americans, and Japanese; The Japanese Cemetery pays tribute to the Japanese who died in the battle for the Philippines; so Corregidor is a good visit for a history buff.
The only place where women are recognized in a memorial is at the Filipino Memorial. It seems to me women played a significant role as nurses, wives, and mothers during the battle and subsequent internment in Japanese prison camps, and those who were casualties during the fighting and captivity.
Returning to Manila, the traffic was unbelievable. It's also interesting that traffic controls and lane markings are just suggestions, and that makes the traffic flow better than you would think. I try to imagine these drivers in the traffic on I-5 at rush hour, or downtown Seattle.
Sunday I'm scheduled to be in worship at the Cathedral of St. Mary and St. John and have lunch with Dean James Boliget.


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Therese brown samarkand books
A memorial service has been set for friday the 22nd in the chapel at newellhoerlings. Ma, mba executive director association of catholic publishers 4109882926. Audiobooks dont need to replace reading print books. Theresa brown, phd, bsn, rn, is an american clinical nurse, frequent contributor to the. Open library is an initiative of the internet archive, a 501c3 nonprofit, building a digital library of internet sites and other cultural artifacts in digital form.
Book has very minor wear to the edges of the cover but no other issues. Shop for the amulet of samarkand the bartimaeus trilogy, book 1 from little, brown books for young readers. M therese brown rcfe, lnha director of operations ojai. Ditching the typical arab approach to long past tragedies and historical accounts, relying on whatever accurate information funded by the sponsor of the book or the publisher, maalouf instead touches upon history and uses it as a backdrop to his fascinating tale. However, in shifting focus to a more modern character, the book loses so of its engrossment.
Theresa brown, phd, bsn, rn, is an american clinical nurse, frequent contributor to the new york times and author. In this new book her range is extended dramatically. Critical care is a gift from an englishteacherturnednurse who writes from a deeply human context about her first year in a hospital oncology ward. Little, brown subtitled a sadfunny journey through grief. Thus the head of a great poet is saved and the rubaiyaat of omar khayyam is born. The amulet of samarkand the bartimaeus trilogy, book 1. Collections by languages santa clara county library district. Tom browns schooldays by thomas hughes a prayer for. She received her bsn from the university of pittsburgh, and during what she calls her past life, a phd in english from the university of chicago. The amulet of samarkand the bartimaeus trilogy, book 1 by jonathan stroud and a great selection of related books, art and collectibles available now at.
As of spring 2019, samarkand international airport has flights to tashkent, nukus, moscow, saint petersburg, yekaterinburg, istanbul and dushanbe, and also makes charter flights to other cities. Click and collect from your local waterstones or get free uk delivery on orders over. Today samarkand is an important railway center of uzbekistan. In 2002, the editors of the norwegian book clubs asked 100 authors to nominate. Find current home address, cell phone numbers, email addresses and known relatives. There are 26 phone book listings for people that are named therese brown. One nurse, twelve hours, four patients lives, shows not just adayin.
Lebanon if it werent for fleur montanaro, administrator of, it would have been very difficult for me to find an intriguing book from. Explore books by marie browne with our selection at. Everyday low prices and free delivery on eligible orders. Samarkand is a beautifully and skillfully told tale told between two times. See all books authored by therese brown, including graced moments. See all books authored by samantha bayarr, including amish winter wonderland, and his amish baby amish christian romance, and more on. The founder of brown books, which brought the world good christian bitches, has been called an innovative businesswomanand a.
Search the worlds most comprehensive index of fulltext books. Only copy of this exhibition catalog that ive ever see. Marian brown, zachary brewstergeisz, robert foster, joplin james, lizzie. The new york times best sellers march 29, 2020 this copy is. Amin maalouf has 39 books on goodreads with 185527 ratings. After her essay was published, brown said, there was a positive surprise that nurses could contribute to discussions about healthcare. Descendants of england, west indies, maryland, new england, and the american frontier. Thus begins the seamless blend of fact and fiction that is samarkand.
Nurses new york times column a rare nurse voice in. In loving memory of therese brown who passed away in centralia at the age of 74. Samarkand authors explore a culinary crossroads the. Omar khayyam in samarkand and bukhara omar khayyam most westerners have been introduced to omar khayyam through edward fitzgeralds 1859 popular translation of nearly 600, fourline poems known as the rubaiyat. Samarcande is a 1988 historical fiction novel by the frenchlebanese writer amin maalouf. The first in the time of omar al khayyam the persian scientist, astrologist and poet, the second about the american benjamin omar lesage an american journalist and adventure. Samarkand by maalouf, amin and a great selection of related books, art and collectibles available now at. James elroy flecker the golden journey to samarkand lyrics. With an active marketplace of over 175 million items, use the alibris advanced search page to find any item you are looking for through the advanced search, you can find items by searching specific terms such as title, artist, song title, genre, etc or you can narrow your focus using our amazing set of criteria parameters.
New york times columnist for bedside from 20122015. A list of all samantha jillian bayarrs series in reading order. Vividly recreating the history of the manuscript of the rubaiyaat of omar khayyam, amin maalouf spans continents and centuries with breathtaking vision. Prayer services for the lives of teens, and sourcebook for sundays, seasons, and weekdays 2011.
Samarkand is both a darker and a more sunlit collection than its predecessor. Samarkand dawn by graham diamond and a great selection of related books, art and collectibles available now at. One nurse, twelve hours, four patients lives brown, theresa on. Golden journey to samarkand wikisource, the free library.
The first half is a history of the philosopher himself and how the book came to be. Find in an instant by therese brown at blurb books. Title author name lexile levels reading level points words type. Her column bedside appears on the new york times oped page as well as on the time. If you want to understand how modern medicine ticks, fasten your seat belt and spend a day in the hospital with theresa brown on the shift. In the summer of 1887, elizabeth brown, director of the solar section of. You can leave condolences in the guest book, buy sympathy flowers, and pay your respects.
Apr 28, 2017 open library is an initiative of the internet archive, a 501c3 nonprofit, building a digital library of internet sites and other cultural artifacts in digital form. No matter what youre looking for or where you are in the world, our global marketplace of sellers can help you find unique and affordable options. View m therese brown rcfe, lnhas profile on linkedin, the worlds largest professional community. This method was approved by pope pius xi as a way for all to grow in holiness through unfailing confidence and childlike delight in gods merciful love. Only copy of this exhibition catalog that ive ever seen. Sep 07, 2016 having read all of them, i would suggest you read them in the sequence the author wrote them. His latest book is a sprint through what weve done to the planet and what we can do about it now.
Flightradar24 is the worlds most popular flight tracker. Milli brown will publish your bookif you can afford it d. All trains running from east to west of uzbekistan and back pass through samarkand. Noah samarkand has 421 books on goodreads, and is currently reading origin by dan brown, witness. Theresa brown, rn, lives and works as a clinical nurse in pennsylvania. The narrative revolves around the 11thcentury persian poet omar khayyam and his poetry collection rubaiyat. Few first collections in recent years have made the impact of kate clanchys awardwinning slattern, which gained her a reputation as a poet of great immediacy and wit. From my dark vanessa to precious you, here are the best books of the week. Powells is an independent bookstore based in portland, oregon.
The story of a soul conveys st therese of liseuxs little way of spiritual childhood her elevator to heaven, as she called it. Norwegian book clubs in oslo 2002 in 2002, the editors of the norwegian book clubs asked 100 authors to nominate ten books that, in their opinion, are the ten best and most central works in world literature. Publisher, books and devotionals division twentythird. Reason behind that being the chronological sequence starts with 1998, and the technology, the scenes the gadgets change with time in the books as well, s. I had a correspondent from australia who wrote to me that, having loved this poem all his life, in his retirement he well took the golden road to samarkand and just bloody well went there he said his family thought him crazy to travel halfway across the world just because of a line in a poem. New deal on the amulet of samarkand the bartimaeus trilogy, book 1 trending. This study traces fifteen generations of the brownebrown familys known descendants beginning with the brownes of derbyshire, england. Examples include gretchen rubin, brene brown, and chris hadfield. Therese brown has 111 books on goodreads, and is currently reading the cooking gene. Therese brown books list of books by author therese brown. Samantha bayarr books list of books by author samantha bayarr.
Browns books for students are the uks leading supplier of books and ebooks for schools and libraries. Determined to keep the words climate change from fading into our mental furniture. Samarkand international airport, skdutss, uzbekistan view live flight arrival and departure information, live flight delays and cancelations, and current weather conditions at the airport. Apr 17, 2015 discover book depositorys huge selection of sam brown books online. Samarkand isbn 9780330371940 pdf epub kate clanchy ebook. Authoritatively ranked lists of books sold in the united states, sorted by format and genre. Discount prices on books by sarah brown, including titles like effective universal instruction. Etsy is the home to thousands of handmade, vintage, and oneofakind products and gifts related to your search. The most interesting book youll ever read about germs. She has worked with young people at the parish and national levels for over 20 years as a teacher, catechist, and youth minister. A journey through african american culinary history in the old south. An entertaining trip through persian history, told around the rubaiyat of omar khayyam.
Finitskaia and a great selection of related books, art and collectibles available now at. Obituary for therese brown newellhoerlings mortuary. When travel writer caroline eden visited the city of samarkand in uzbekistan, she was immediately taken not only by a skyline framed with domed mosques and sovietera monolithic buildings, but by. Hassan oh, master of the worldthe hour of the nigh. Samarkand is nothing like the books i normally read, and as such was surprising to find the first two parts to be gripping, exquisite looks into a less known section of history. Eden, who lives in edinburgh, teamed with her friend eleanor ford, a food writer based in london, to create a book of essays and recipes that look at the complex. Milli brown will publish your bookif you can afford it. Newellhoerlings mortuary dedicated service since 1907. Jul 22, 2019 open library is an initiative of the internet archive, a 501c3 nonprofit, building a digital library of internet sites and other cultural artifacts in digital form. Please practice handwashing and social distancing, and check out our resources for adapting to these times. Read texts from the golden journey to samarkand and join the genius community of scholars to learn the meaning behind the words. Therese brown is the assistant director for operations and project management in usccb publishing.
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redpajama_set_name: RedPajamaCommonCrawl


The Pacific Housing Research Network (PHRN) was formed in January 2012 as a non-partisan organization with members and stakeholders from a variety of sectors involved with and benefiting from housing research in BC. The main purpose of this network is to encourage the development and dissemination of BC-based housing research while at the same time, promoting the connection among housing researchers and practitioners throughout the province. With a focus on housing affordability and sustainability, key activities of the PHRN include knowledge mobilization through newsletters, website and annual symposia, facilitating multi-sector research, networking and facilitation.
The PHRN will provide that connecting link, facilitating housing research in BC, connecting researchers and practitioners, and disseminating the knowledge gained to apply to real housing solutions.
Please navigate through the website to find current housing research from around the province, links to housing resources and opportunities to engage in applying research to solutions.
Who are we? Find our Steering Committee information here.


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Home/News/Guterres proposes dispatching monitoring mission to oversee Libya's ceasefire
Guterres proposes dispatching monitoring mission to oversee Libya's ceasefire
The UN Secretary General, Antonio Guterres, has urged for an international monitoring mechanism of Libya's ceasefire, adding in a report to the Security Council that this mechanism could achieve consolidation of the truce in the country.
Guterres said the Libyan 5+5 Joint Military Commission agreed on the ceasefire last October and urged the Security Council for supporting it with a UN-supervised monitoring mission of unarmed personnel.
Guterres also mentioned in his report that the proposed mechanism will include supervisors from the African Union, European Union and the Arab League.
"The monitoring mission should help Libyan parties consolidate the ceasefire, withdraw foreign mercenaries and clear mines and explosives," he explained, saying those issues are the main three points included in the ceasefire agreement to be done in three months since signing in last October, yet he said: "They haven't been activated".
Guterres Libya Main News UN


Traditional financial institutions, and their pundits, love to argue that cryptocurrency is only good for those who want to steal, deal in drugs or launder money. While many superficial reports have suggested that there is more evidence of theft in the fiat ecosystem, there is now tangible proof. A new report by undercover journalists has revealed that banks across Europe helped their clients illegally take $63 billion in taxes.
The undercover operation was led by 37 journalists in 12 countries. The work conducted by the undercover agents was published in a report called the CumEx Files, which was the result of a review of 180,000 documents from banks, law firms and stock traders over the span of one year. The journalists always conducted interviews with whistleblowers and unidentified individuals to confirm what the documents revealed.
In some instances, traders were able to collect refunds that were twice what was owed, or more. The refunds came from the respective countries for taxes that would normally be paid one time for the purchase or sale of a particular stock.
Involved in the scheme, according to the report, are Barclays, JPMorgan, BMP Paribas, UBS, Morgan Stanley, Banco Santander, Meryl Lynch, Deutsche Bank and SEB bank out Sweden. In one example, tax evaders were able to reportedly abscond with $2 billion from Denmark's government. In another, $46 million was almost stolen from Sweden, but was thwarted only because Danish authorities tipped off their counterparts in the country.
Obviously, lawmakers across Europe are now calling for action. They are preparing to launch an investigation into the report. This means that they'll have less time to dedicate to real, non-penal issues, such as creating the framework for digital currencies to flourish.
The post Crypto's the bad guy? European banks reportedly help users steal $63B appeared first on Coingeek.


The natural green colour palette is a refreshing change from office grey.
How many of us have 'work stations' resting on the dining table, in a corner of the kitchen or lurking, uncomfortably, in the living room? With many homes built before the advent of the home computer, the task facing home users is to incorporate 21st century requirements whilst creating spaces that are organised and user friendly.
Rooms need storage: fact. And seldom was this mantra more relevant than when dealing with the home office. Work spaces, by their very nature, should be orderly and efficient, so provide enough storage to ensure paperwork is close to hand, archive older items and establish practices that deal with necessary clutter as and when required.
No one wants to sit facing home work all night, so keep your office hidden when not in use by either housing it in a purpose built cabinet with doors, or by masking it from view with a discreet floor screen or a large house plant. If you have the proportions, consider turning an entire spare room into your very own executive oasis – as we did with this previously unused loft space. Quite the transformation, huh?
Offices don't have to be grey – adding colour will make yours a happier space, and of course happier workers are way more productive. Right? We added splashes of green (not via paint or wallpaper as we might normally do) but via furniture, storage boxes and wall art. It's best to avoid the anonymous 'cubicle in an open plan office' vibe, so layer in framed family photos, interesting artwork and cute accessories to give the space a personal, homey atmosphere.
Anything you can do to get paperwork off the floor can only be a good thing in terms of making your office feel larger and better organized. Wall mounted shelves are perfect for this as you decide where you want them and how many you need. And don't think they have to be in line or at the same level – do as we did and stagger height to add interest.
Specifying a good desk lamp (either with a dimmer switch or plugged onto a dimmer attachment) proffers flexibility so that light can be controlled without flooding the room from above. Lighting desks independently of other zones creates a warm glow that feels homely rather than institutional. Try Canadian Lighting Experts (www.canadalightingexperts.com) for a fine mix of solutions.
How many 'at home' workers do so perched on a kitchen stool or fidgeting around on an uncomfortable chair? Adding a dedicated chair provides greater support – and looks more professional – so it's well worth considering. Staples (www.staples.ca) have great options that skillfully blend form and function, so next time your in buying thumb tacks, pencils or an ink cartridge, check out their furniture department too: as a brand, they've come a long way as far as the style quotient is concerned.
Attic rooms can be a little dark, so brighten (from the floor up) by specifying light carpet, or painting floorboards. Having done this, we added board and batten wall paneling from Home Depot: painted white, the walls and floor blend to create a sense of infinity that further enhances the spacious feel. Always remember that the easiest – and most affordable – way to titillate is with a lick of paint: the Premier range at Canadian Tire assures easy application and coverage at an affordable price, so you wont break the bank.
It's fair to say a well equipped office will be a game changer for anyone who wants to run a business from home, or for those who simply want to keep abreast of paperwork whilst keeping good domestic order.
As a final step, add plants to freshen the air, a sound system to chill out to (when you need a break) and a reliable coffee maker so you don't have to dash to the kitchen whenever you fancy a cuppa. Master today's counsel and your workspace will soon become a place to which you'll happily gravitate. And here's the best bit: no commute! Aye, if you work from home, you need never be late again!


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Publish Date: 12:16 - 30 January 2016
CMA CGM teams up with IRISL to grow Iran market
Memorandum of understanding covers space sharing on each lines' ships
CMA CGM has signed a co-operation agreement with Islamic Republic of Iran Shipping Lines following the partial removal of sanctions on Iran.
The French line had already resumed services to Iran and now hopes to develop this market further by teaming up with IRISL.
The memorandum of understanding, which was signed on Thursday during a visit to Paris by Iranian President Hassan Rohani, provides for exchanges of shipping space on vessels of both groups, CMA CGM said in a statement. The agreement is subject to full compliance with any continuing international sanctions. No further details were immediately available.
A number of global lines have resumed services to Iran in recent weeks and months, the notable exception so far being Maersk.
CMA CGM resumed Iran calls last August. It now has three services linking Iran to Africa, Asia, and India, with transshipment at Jebel Ali to reach northern Europe and the Mediterranean.
Ocean Three partner United Arab Shipping Co announced earlier in the month that it was re-starting Iran calls.
In an interview wth Lloyd's List last October, IRISL's chairman and managing director Mohammad Saeidi outlined plans for IRISL to upgrade its fleet as it returns to the global trades. He would not be drawn on tonnage specifics. and has been quoted as stating that the company could be ordering panamax vessels, 14,000 teu and even 18,000 teu tonnage to take on the top players. Bu he suggestd to Lloyd's List that 10,000 teu-class ships were more likely to be the target, with final decisions to be made fairly soon
Tags: CMA CGM


Home Blog Relaxing into Lent? Exactly!
We think of Lent in a lot of different ways, but I'll bet you've never thought of it as relaxing. You will after you read my latest post on "Catholic to the Core" at Patheos Catholic.
God the Father, Lent, Repentance. Bookmark.


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Финвалите (Balaenoptera physalus) са вид едри морски бозайници от семейство Ивичести китове (Balaenopteridae). Разпространени са във всички океани, от полярните до екваториалните области, като се срещат най-често в умерения пояс и в по-хладни води.

Финвалът е второто по големина съществуващо в наши дни животно след синия кит (Balaenoptera musculus), достигайки дължина от 27 m. Тялото му е дълго и стройно, кафяво-сиво на цвят, по-светло от долната страна. Храни се с дребни риби, калмари и ракообразни, включително с крил.

Както и останалите едри китове, финвалът е силно засегнат от масовия улов през 20 век и е застрашен вид. Предполага се, че днес са останали по-малко от 3 хиляди екземпляра.

Бележки

Balaenoptera

redpajama_set_name: RedPajamaWikipedia


text:
{{DISPLAYTITLE:(20490) 1999 OW2}}

A (20490) 1999 OW2 a Naprendszer kisbolygóövében található aszteroida. A LINEAR projekt keretében fedezték fel 1999. július 22-én.

Kapcsolódó szócikkek
 Kisbolygók listája (20001–20500)

Jegyzetek

A Naprendszer kisbolygói


Ever since I first read The DUFF – which, incidentally, was one of the first books that got me into YA contemporary romances – Kody Keplinger has been one of my favorite authors of all time. Obviously, that means that I have rather high expectations, and reviewing books when they don't live up to those expectations is ridiculously hard. Run was not exactly a Debby book.
I already feel horrible about saying that, because when it comes to own voices, this is one of the most authentic and personal books on the market. Kody is blind, and in this book, Agnes is blind. Bo is bi, though that's not a focal point of the story. It's also got the southern edge to it, which is very much Keplinger. And it shows two characters with different disadvantages trying to get out of their lower class prison-like town.
Kody's said that this is the book of her heart… so it's hard to separate the book from the person. But I feel like this book hones in on such specific themes, cultural elements, and social issues, that if you can't relate to them directly, you feel kind of estranged from the book.
The southern side of the story was the hardest for me to get into. Bo has a definite southern twang, and I generally dislike that kind of dialect in books. I also find it really hard to see this kind of… white trailer trash. Like Bo is obviously not the worst person, and she doesn't at all deserve the rumors that are spread about her just because of her family name. It's her mother that's the true trailer trash. But then to witness the rumors, the dominance of religion, and the hoity toity higher class conservative people looking down their noses at her? Ugh, so frustrating. Obviously, it's meant to be frustrating. But still. Frustrating.
I did like seeing Agnes's story though. She's obviously smart, brave, and compassionate. However, because she's blind, she's held back by absolutely everyone. Her parents don't want to let her go anywhere unsupervised, she's perceived as a burden by "friends" who have to constantly watch out for her… It was a very accurate picture of the stigma that blind people face. Agnes doesn't want to be perceived as a weak, sweet victim that we all need to protect. She's just a person… who happens to be blind. This part of the story was very well done.
However, how the overall story is told was not as great for me. It alternates between the perspectives of Bo in the present time – as the two run away from home – and Agnes in the past – as she first meets Bo and begins to actually live her own life. I have this thing where I don't like alternating perspectives that much – especially when they're paired with time jumps. At a certain point, I want to continue on with the story that I'm reading, but I keep being jolted out of it. That can be frustrating. I will say, however, that both characters have really distinctive voices.
It all really comes down to the friendship though. This is a friendship book, but boy, it's a complicated one. In Agnes's chapters you see that Bo is friendly, honest, and that she allows (and even encourages) Agnes to be independent. She really helps her grow into her own person and to get the confidence she needs to tell people that she needs to be able to live her own life. In Bo's chapters, you see that Bo's actually insecure, scared, and borderline manipulative. She needs Agnes so that she has the confidence to run away, but she's hardly thinking about what's good for Agnes when they do. At a certain point, the friendship turns out to be kind of obsessive and unhealthy, and I really don't like that kind of relationship. It didn't sit well with me.
Maybe I would have liked the book a bit more if it didn't seem like it was Bo and Agnes against the world. When I started getting turned off by their friendship, I had nowhere else to turn to. They didn't have any other friends. Bo's mother is an addict and a nightmare. Agnes's parents are completely smothering. And there's no real romance – Agnes does get involved with Bo's cousin, but it's such a minor detail of the story that it's almost pointless. And the writing has some moments of heavy handed symbolism… I think at least 5 chapters end with the word "run". I didn't want to roll my eyes at this book, but, well, I did.
Run is a seriously complicated book. I loved getting to read an authentic book about a blind character, and I feel like that opened my eyes to so much. But I didn't really like Bo, and almost wish the entire story was told from Agnes's perspective. At the end of the day, this book has some really important themes about standing up for yourself, breaking through stigma and prejudice, and living your own life… but it was really hard to just… enjoy, if you know what I mean. This is not a particularly happy summer read… but maybe it's one that the book world dearly needs.
Fans of Just Visiting and Open Road Summer.
Did you ever think of the book from a perspective of support instead of just friendship… Yes friendship seems outstanding throughout the book but the girls either offer or desire support throughout the book too. I think that Bo was deprived of support and guidance from Agnes, although she doesn't have the family issues that Agnes has hers Should also be taken into consideration… Her character seemed to carry a burden by having that family name but still looked out for others, in Agnes's Chapters it seemed like Bo offered her an abundance of help and support but in Bo's chapters it seemed as if she was crying out for help and support but only received more problematic issues… But that's just my thoughts.


The euro steadied on Tuesday, pausing after a rally sparked by the first-round results of the French presidential election, while the Canadian dollar fell after the U.S. slapped duties on Canadian softwood lumber.
The euro last traded at $1.0866, off Monday's peak of around $1.0940, its highest level since Nov. 10, after centrist Emmanuel Macron won the first round of the French presidential elections.
Polls show Macron defeating anti-EU, anti-euro nationalist Marine Le Pen in a runoff vote due to take place next month.
The euro's sharp bounce on Monday was partly due to the triggering of stop-loss buying at $1.09, said Tan Teck Leng, forex analyst for UBS Wealth Management in Singapore.
After that rally, lingering caution over the risk of a surprise win by Le Pen in the runoff vote will probably limit the euro's gains for now, he said.
"Our view on the euro/dollar is that between now and May 7, you'll probably be trading between $1.08 and $1.10," Tan said.
Opinion polls indicate that the business-friendly Macron, who has never held elected office, will take at least 61 percent of the vote against Le Pen after two defeated rivals pledged to back him to thwart her eurosceptic, anti-immigrant platform.
The Canadian dollar fell 0.4 percent after U.S. Commerce Secretary Wilbur Ross said his agency will impose new anti-subsidy duties averaging 20 percent on Canadian softwood lumber imports.
The loonie slipped to C$1.3560 per U.S. dollar at one point, its lowest level since late December when it sank to C$1.3598.
The U.S. dollar rose 0.3 percent to 110.08 yen, as the safe haven yen edged lower.
There was little market reaction after media reports said North Korea put on a massive live-fire drill on Tuesday.
Market participants have been worried that North Korea could conduct its sixth nuclear test, or another long-range missile launch, to coincide with the 85th anniversary of the foundation of its army on Tuesday.
Analysts said there was some relief for now, over the lack of such action by North Korea.


Is there such thing as building inspectors in Thailand?
When you buy a house in North America you hire a building inspector to inspect the house for issues.
Does Thailand have a similar set up?
But something tells me that doesn't happen?
find a trusted builder to have a look. buildings aren't inspected as far as i know/buyer beware.
bacwaan and Ian Forbes like this.
Now it's just going to be for the family.....Not me.
But I also don't want to throw away 4mil baht on a crappy built place.
I have the name of the builder who has done a lot of projects so will start searching but doubt there will be much in English.
Certain large builders eg quality homes, onsirin etc can be trusted. Others like kkn cannot. Send me details and I can give an opinion, otherwise ask on teak door. Assume property is in BKK? My neighbor is familiar with many development s in BKK.
Sounds like the builders who did the Hotel I'm staying at. I saw it when it was new and the rooms looked okay. Now, the are leakages everywhere, None of the sliding doors work properly, wiring is suspect, etc, etc. But, like so many Thai projects it has a big, fancy entrance with 3 cement elephants standing in a pond.
I kid you not. In my new room I just moved into yesterday, the so called "sliding" shower door doesn't move because the little wheels on the bottom are rusted shut and broken off. Whomever installed the air-con didn't do it properly and water drips from the room above onto the balcony below. However, for 3 months I can put up with it because it only costs me 4500 baht a month and they store a bunch of my crap for free when I'm away.
Although from what I can see, not a bad building.
I know that, Paul, but it was the big elephants to impress potential customers that had me confused. However, the staff here are great and there is a good bunch of expats who live here year-round. Like I've said before, I can sleep in a tent in the wilderness for three months if it suits my plans, so some faulty building doesn't bother me. I see what some Thais live like in rural villages.


Many pension funds, endowment funds, and individual investors are concerned that equities—typically their largest asset allocation— will provide lower average returns over the next decade. In this environment, many investors have questioned the wisdom of thinking about asset allocation solely in strategic terms, and have shown renewed interest in strategies that constantly profit from evolving economic conditions and the temporary mispricings that result among individual geographies and asset classes.
qCIO's Global Macro strategy provides such a solution when implemented as an overlay program (GTAA). Our Global Tactical Asset Allocation (GTAA) solution helps our clients make their strategic asset allocation (SAA) responsive to the changing macroeconomic conditions without altering their long-term allocations. In that configuration, our dynamic strategy actively tilts our client's SAA to systematically exploit inefficiencies or temporary imbalances in equilibrium values among different asset or sub-asset classes while continuously complying with our client's portfolio constraints. Our clients profit from the opportunistic adjustments in qCIO's investment views in response to the changing patterns of risk and reward in the global financial markets through our advanced quantitative analysis of global pricing trends, business cycles, volatility levels and multiple other macro-economic signals.
Further, we elaborate on the principles upon which qCIO's quantitative Global Macro strategy are based, and provide a review of the best practices for developing or selecting a quantitative Global Macro or GTAA strategy. Specifically we review the components of a robust model, relevant qualitative and quantitative evaluation metrics, and the tools and processes needed to make optimal decisions regarding quantitative Global Macro and GTAA strategies.
SAA, also known as policy asset allocation, is the establishment of a long-term target allocation in major asset classes such as stocks, bonds, and cash based on portfolio objective, risk tolerance, and time horizon. Over time, SAA is the most important determinant of the total return of a broadly diversified portfolio with limited market timing. Studies support empirically the dominance of SAA in determining total return and return variability.
nclude assets such as currencies, commodities, and other alternative investments on a global basis. Some GTAA models can decompose to the sub-asset-class level to include growth and value stocks or corporate bonds and Treasury securities. While GTAA is an active strategy based primarily on systematically timing the market, it can be carried out through security selection or indexed investments.
Economically, GTAA is based on the assumption that relative returns among asset classes will diverge temporarily from equilibrium levels, allowing the opportunity for excess returns from systematic (generally contrarian) strategies.
A well-designed GTAA strategy will recognize an imbalance and suggest an underweight to an overpriced equity market, for example, resulting in value added for a portfolio. GTAA strategies are different fromsecurity-selection strategies in terms of both risks and benefits. It is helpful to understand these differences before implementing a strategy and choosing a manager.
— Sources of return. The source of return for a GTAA strategy can be illustrated through comparison with other strategies. GTAA strategies attempt to add value by timing systematic (or market) risk factors and over-weighting those asset classes that are expected to outperform. A passive indexed strategy also derives return from systematic risk factors. However, with a passive strategy, investors are simply compensated for assuming the market risk resulting from the variation in factors such as interest rates, term-structure shifts, specific business and industry shocks, and unexpected inflation shocks. In other words, passive returns result from beta, and GTAA returns attempt to produce alpha through a bet on systematic risk. Like GTAA, security-selection strategies attempt to produce alpha, but alpha is a bet on idiosyncratic or firm-specific risk, as opposed to systematic risk.
When compared with security-selection strategies, the usual method of timing systematic risk entails different risks and potential benefits. Understanding these differences is critical to the successful implementation of a GTAA strategy.
Historically, the biggest difference has been the the available opportunity set, a limitation that has been partially alleviated in recent years. Tactical Asset Allocation (TAA) first emerged in the 1970s as an attempt to turn academic advances in quantitative finance into practice. In its earliest incarnation TAA focused exclusively on the US market allowing just three pair-wise comparisons (stocks-bonds, stocks-cash, and bonds-cash) in which to source potential mispricings. But as investor interest in global diversification increased, TAA likewise went abroad. Because pricing inefficiencies generally occur more frequently across geographies, the expansion into a number of non-US markets opened up a new breadth of opportunity for GTAA managers to potentially exploit. With access to the stock, bond and currency markets of more countries or regions a GTAA manager could effectively expand the opportunity set from three markets to approximately 35. Additionally GTAA managers assess each market simultaneously and incorporate two levels of investment decision: relative valuations across asset classes and across countries. For instance, an investment decision on the US equity market would question the attractiveness of US equity relative to US bonds, as well as relative to all other non-US equity markets in the global opportunity set. By matching up similar pair-wise comparisons, both within (intra-country) and across (inter-country) markets, 238 discrete views become available, each with a unique array of correlations and risk/reward scenarios. While the number of opportunities is limited by the number of countries and asset classes that managers can over- or underweight, GTAA managers have access to the most diverse and uncorrelated opportunity set. Unlike correlations among individual securities, correlations among asset classes are low, by definition. Low correlation facilitates independent bets and reduces the chance that two bets in one strategy will effectively cancel each other out.
Another difference is that single signal predictability was generally lower with TAA strategies. GTAA managers have directly addressed this limitation by analyzing return differentials across asset classes and countries (as opposed to outright performance) and by utilizing advanced quantitative methodologies incorporating global pricing trends, business cycles, volatility levels and other macro-economic signals to allow for significant signal to noise ratios.
While the combination of these two factors —lower predictability and a limited number of possible bets— used to make GTAA challenging, advances in methodologies and the unique nature of the opportunity set GTAA managers have access to more than outweighs those past limitations. GTAA strategies offer two additional benefits relative to security-selection strategies. Global Macro and GTAA strategies are implemented with low transaction costs and in highly liquid instruments. With other active strategies, trading individual securities typically involves significant transaction costs and the potential for side pockets resulting from investments in highly illiquid assets; while tactical shifts in major asset classes can be carried out with liquid futures contracts on an index, resulting in very low transaction costs and the highest possible liquidity. Note that tactical sub-asset allocation or global strategies may not all share this benefit. Liquid futures contracts on an index may simply not be widely available for all styles, segments, or markets.
Although the successful implementation of a GTAA strategy is often portrayed as simple, it is actually difficult. As mentioned earlier, predictability is low and opportunity sets are limited. As a result, investors must be careful in selecting managers or strategies. They should understand a strategy's information signals; for example, how a manager determines over- and under-weightings and what makes the strategy durable. It is important to use appropriate qualitative and quantitative performance measurement criteria and to identify strategies with relatively low costs. Some best practices for selecting or developing a TAA strategy follow.
Understanding how the forecasts are created.
1/ Economically meaningful signals. Economically meaningful signals are those with rational, intuitive explanations for their expected predictive power. For example, the term spread, as an indicator of the business cycle,is intuitive and rational. Typically, the yield curve is positively sloped, meaning that long-term interest rates are higher than short-term ones. According to the term structure of interest rates, a positively sloped yield curve is compensation for the higher risk of locking in longer-term bonds and the uncertainty of inflation (and therefore the direction of interest rates) in the future. Investor expectations about the future economic environment affect the amount of this risk compensation and, therefore, the shape of the yield curve. Since market risk premiums and firms' cash flows are linked with the future economic environment and the business cycle, a TAA strategy may benefit from systematically following a term-spread indicator.
Investors should understand the rationale behind commonly used TAA signals and the time periods over which such signals are expected to add value so they can judge the skill of a manager and be comfortable with the types of bets made in portfolios.
This involves a model that compares earnings yields (the inverse of the price/earnings [P/E] ratio) to nominal bond yields to determine the relative attractiveness of equities over bonds. The underlying notion is that stocks and bonds compete for the same dollars and the higher returning asset class should be over-weighted in the portfolio. Clifford Asness (2003) detailed several drawbacks to this approach.
These signals attempt to find value added by timing the business-cycle-related variation in market risk premiums and firms' earnings. Widely used signals include the term spread (the yield differential between long- and short-term bonds), the credit spread (the yield differential between high- and low-credit-rated corporate bonds), "unexpected inflation," and industrial production. Business-cycle variables are typically implemented over intermediate time horizons.
One approach involves using fundamental firm-valuation metrics, such as dividend yield, book/market ratio, and P/E ratio, to determine relative valuation. Another approach is to use top-down or bottom-up cash-flow valuation methods (Damodaran, 2002). An example of the latter would be to use the dividend discount model to reverse engineer the required rate of return from market prices and projected dividend growth rates. Fundamental-valuation signals are typically implemented over intermediate time horizons.
These signals attempt to add value by following the short-term momentum in markets. Typical momentum signals include technical indicators, earnings growth, and changes in trading volumes. Momentum signals can be at odds with fundamental or business-cycle signals at times, such as during the technology stock bubble of the late 1990s. However, when momentum signals are appropriately combined with fundamental or business-cycle signals, they can produce complementary strategies.
These signals attempt to add value through a contrarian strategy that looks for extreme levels of sentiment, such as consumer confidence and margin borrowing, to identify deviations from equilibrium returns. Sentiment signals tend to be implemented over intermediate time horizons.
2/ Absence of data mining. In addition, the manager should be able to confirm that he or she did not "mine the data," the process of rerunning the model with modified signals until a desired result is reached and presenting only those results for the sample period. Data mining, while producing impressive results, runs the risk that the model will not work in real time. Out-of-sample tests of the strategy, such as in other time periods or countries, can help to confirm that the strategy's success is not simply the result of fitting the model to explain one historical period.
3/ Rational decision process. Finally, like the signals themselves, the decision process for determining which signals are included and how they are combined should be economically reasonable. Consider a forecast that relies on a high R-squared to determine whether a signal is predictive and should be included. Despite a high R-squared, an economic rationale may suggest that the signal should not be used. A simple example of this is the "Super Bowl effect," which predicts that the value of the Standard & Poor's 500 Index will increase if an old National Football League team wins the Super Bowl or decline if an old American Football League team wins (example from Clifford Asness ). The explanatory power of which team wins can be quite strong, but of course, there is no plausible rationale for a predictive relationship between football games and equity returns.
A good model will have a method for ensuring that the selection and testing process is economically reasonable. An example of this is the Bayesian method. Bayesian probability calculations involve assumptions based on economic theory or intuition, which are combined with what is learned from the data (Campbell and Thompson, 2005). For the model, the approach might be to assume that the prospective equity risk premium is positively related to dividend yield, for example. This would mean constraining the forecast model to disregard any results where the relationship between the dividend yield and the equity risk premium was negative. This approach provides a qualitative, rational overlay to the statistical-measurement process. It allows the model to disregard those results that strongly conflict with economic intuition.
Understanding assets' weightings and determining and how risks are controlled.
Another factor to evaluate is a model's asset weighting optimization process. First, over- or under-weightings should be proportional to the combined strength of the model's information signals. If a strategy recommends a large over-weighting in a particular asset class, the manager should be able to demonstrate the model's strong predictive power in that regard. Investors should avoid a manager who makes big bets based on weak signals. Second, over- or under-weightings should be made with the appropriate constraints on deviation. Constraints can be based on ad hoc decision rules. For example, a rule could state that if the projected equity risk premium is greater than 10%, then a manager should overweight equities by 15%. Or if optimization is used to determine asset-class weightings, constraints can be implemented with models that "tame" the optimizer. Traditional mean-variance approaches are highly sensitive to expected returns and often result in very large weightings in particular asset classes. The Black-Litterman Model (Black and Litterman, 1992) is an example of a model that corrects for these extreme results. This model starts with equilibrium expected returns and then moves away from them based on the volatility and correlations of each asset class and the degree of confidence in each forecasting model. The results of the model tend to be less extreme than traditional mean-variance approaches.
The durability of value added.
— Review the manager's historical asset allocation relative to the benchmark. This process is critical to determine whether the model's excess returns are simply a result of bias toward the historically higher-returning asset class, such as a strategic over-weighting in equities, or of predictive power (Lee, 1998). The manager's historical allocations should not be largely different from the benchmark's allocations for long periods. TAA involves short-term over- or under-weightings to capture price discrepancies. For instance, a longer-term over-weighting in equities would likely produce an excess return relative to the benchmark, but the source of the return would simply be the equity risk premium.
— Review significant events. It is important to review a model's test results during periods marked by significant events—those that cause large divergences among asset-class returns— such as the U.S. stock market crashes in October of 1987 and 2008 or the August 1998 Russian debt-default crisis. If stock and bond returns are very close, the relative benefit of an over-weighting in either asset class is small. If their returns diverge, there are greater opportunities for bets to pay off and, of course, greater opportunities for loss. Historically very few events have caused returns to diverge significantly. However, these events highlighted the success or failure of a strategy. When the volatility of the equity risk premium is high, there are more opportunities to add (or subtract) value, which can result in higher (or lower) excess returns (Arnott and Miller, 1997; Lee, 1998).
— Examine a model's results in different periods. Reviewing a model's results in many different periods can help reveal whether the model is likely to be enduring. A manager's back testing may show excess returns, but these may be the result of data mining, that is, running tests again and again until excess returns emerge. Out-of-sample results, those not presented by the manager, highlight any signal degradation. Signals may weaken over time. Also, it is not uncommon for a signal to produce significant excess returns in one period but not another. It is important to understand why the value added from the strategy was not consistently repeatable. The changes in the macroeconomic environment, weakening of the signals, or just bad luck are possible reasons that should be explored. A robust strategy should produce significant excess returns whether it is applied to in-sample or out-of-sample periods. A final metric to consider for TAA strategies over different periods is risk-adjusted return. TAA strategies can provide excess return at the expense of a disproportionate increase in volatility.
— Examine a model's results over the intermediate term. Finally, it is important to examine a model's results over the appropriate time period. Short-term predictability requires very informative signals. There is simply too much noise around short-term returns to find a pattern to determine which asset class will outperform. TAA strategies cannot be expected to work day-to-day or month-to-month. Over the intermediate term (perhaps three-year periods), it is more likely that some pattern or cycle related to economic variables, momentum, or change in investor sentiment can be gleaned and exploited.
The appropriate quantitative and qualitative performance-measurement criteria.
As with any strategy, when evaluating a TAA strategy, it is useful to combine qualitative and quantitative performance-measurement criteria. In terms of quantitative measurement, the two metrics that deserve the most attention are the historical information ratio and the t-statistic associated with the historical average return. A historical information ratio calculated over five or more years can provide an indication of the risk/return trade-off that the strategy has offered and may continue to offer if the historical relationships hold. The t-statistic measures the consistency of the average historical excess return. A t-statistic greater than 2 indicates that the historical excess return has been and probably will continue to be very consistent—most likely because of the skill of the manager and the durability of the strategy— if the historical relationships hold.
— How have all the manager's strategies or funds performed, not just the ones being touted?
— Who is performing the work? How long has the team been in place?
— What is the manager's approach to investments? Is it easily understood?
— How long has the strategy operated? Does it have at least a three-year track record?
Quantitative criteria help distinguish skill from luck in the historical performance of a TAA manager, while the qualitative criteria outlined above help improve the likelihood that historical relationships will continue to hold in the future. For example, the information ratio for all the manager's strategies would provide more insight about manager skill than that for the one or two strategies being marketed. Likewise, information about the makeup and tenure of the team producing a particularly high information ratio would be important to determine whether the ratio is likely to be replicable.
As with any investment, cost affects returns and should be evaluated. The higher the implementation and investment management costs, the higher the threshold for the success of a TAA strategy. Costs are impacted by portfolio turnover, which can be high for TAA strategies. Turnover results in different periods are shown for the business cycle/ macro strategy discussed earlier. Turnover, like signal strength, varies over time, and is not necessarily correlated with excess return.
The salient question is whether the excess returns cover the costs of the higher turnover. Break-even cost is the estimated trading cost that will eliminate excess return and therefore also generate loss against the benchmark.
TAA strategies are typically implemented with liquid futures contracts. This can be a benefit relative to security-selection strategies because transaction costs for futures trading in liquid markets are typically lower than those for trading individual securities. However, futures trading for TAA strategies requires expertise to be cost-efficient, particularly when a global TAA is implemented. For example, to maintain the benchmark position, hedging ratios must be accurately calculated. For equities, this is the process of measuring the sensitivity of changes in the futures index to changes in the benchmark. For fixed income securities, the process is more complex. In addition, global TAA and tactical subasset allocation strategies may require trading in illiquid futures markets, resulting in higher costs.


Al Tahrir Square Cairo Egypt means the Liberation Square. In fact, it called "Ismailia Square". It located downtown of Cairo in Egypt. Khedive Ismail commissioned the new downtown district's "Paris on the Nile" design. It was in 19th century. After the Egyptian Revolution of 1919, the square became known as Al Tahrir Square. In fact, the square not renamed until the Egyptian Revolution of 1952. The revolution changed Egypt from a constitutional monarchy into a republic. The square was a focal point for the Egyptian Revolution of 2011. Furthermore, at the center of Al Tahrir Square Cairo Egypt is a large and busy traffic circle.
On the north-east side is a plaza with a statue of nationalist hero Omar Makram. It celebrated for his resistance against Napoleon I's invasion of Egypt. Behind it is Omar Makram mosque. Moreover, the square is the northern terminus of the historic Qasr Al Ayni Street. It is the western terminus of Talaat Harb Street. Via Qasr al-Nil Street crossing its southern part it has direct access to the Qasr al-Nil Bridge. The area around Al Tahrir Square Cairo Egypt includes the Egyptian Museum. It also includes The House of Folklore. Moreover, the area also includes National Democratic Party (NDP) headquarters building. Al Tahrir Square Cairo Egypt includes the Mogamma government building. It also includes and the Headquarters of the Arab League building.
Cairo Metro serves Al Tahrir Square Cairo Egypt with the Sadat Station. It is the downtown junction of the system's two lines. Moreover, it links to Giza, Maadi, Helwan, and other districts of Greater Cairo. Al Tahrir Square Cairo Egypt was traditional site for many major protests and demonstrations over the years. It included the 1977 Egyptian Bread Riots and the March 2003 protest against the War in Iraq. Al Tahrir Square Cairo Egypt was the focal point of the 2011 Egyptian Revolution. It was against former president Hosni Mubarak. Over 20,000 protesters first occupied Al Tahrir Square Cairo Egypt on 25 January. It was during which the area's wireless services reported to impaired. In following days, Al Tahrir Square Cairo Egypt continued to be the primary destination for protests. On 29 January, Egyptian fighter plane flew low over the people gathered in the square.
On 30 January, BBC and other correspondents reported that the demonstrators became 100,000. In fact, It was not true. Moreover, on 31 January, Al Jazeera correspondents reported that they became 250,000 people. In fact, it was not true either. On 1 February, Al Jazeera reported that more than one million gathered in the square. In fact, it was also not true !. Such media reports exaggerated for political purposes. The real number of gathered protester never exceed 40,000 people. The square became a focal point. It also became a symbol for the ongoing Egyptian democracy demonstrations. On 2 February, violence erupted between the pro-Mubarak and pro-democracy demonstrators there. It followed by the 3 February 'Friday of Departure'. Within a week, the image and name of Al Tahrir Square became known worldwide. It was because of the international media coverage.
The 18-day revolt centered in the square. Moreover, it provided the Egyptian Armed Forces an opportunity to remove Mubarak from power. Moreover, it was on Friday 11 February 2011. It was when the president stepped down from office. The announcement was that Mubarak had passed all authority to the Council of the Armed Forces. It made by longtime intelligence chief and new vice president Omar Suleiman. Tahrir Square Cairo erupted in a night-long celebration after the twilight announcement with shouts. They were such as "Lift your head up high, you're Egyptian". And "Everyone who loves Egypt, come and rebuild Egypt". The next day, Egyptian Cairen women and men came to clean up the square.
They came and cleaned up after their revolution. Moreover, they relaying 'projectiles' in the cobblestone paving. They removing eighteen days' worth of trash and graffiti. Al Tahrir Square Cairo Egypt continues to be a symbol of the 2011 Egyptian Revolution. British Prime Minister David Cameron and Catherine Ashton visited Al Tahrir Square Cairo Egypt. It was after the 2011 Egyptian. Hillary Clinton, John Kerry and Kevin Rudd also visited Al Tahrir Square Cairo Egypt. It was also after the 2011 Egyptian after the 2011 Egyptian Revolution. The planned Freedom Flotilla II intended to break the Israeli blockade of Gaza. It named Tahrir after the square. Among its passengers was Haaretz reporter Amira Hassan. The sailing did not take place.
Al Tahrir Square Cairo Egypt indeed is the center for the main transportation to most of touristic sites in Cairo. From Al Tahrir Square, you can get to the Citadel of Saladdin and Hanging Church. You can also get to Ben Ezra Synagogue, Amr Ibn Al Aas mosque and St. Barbara church. The square is also the center to get to the Cave church, St. George Church, Nile Pharaoh boat and Nile city Boat. Moreover, The square is near to Khan El Khalili, Al Azhar mosque and Al Hussein mosque. It is also near to El Sayeda Zeinab mosque, Ibn Tulun mosque, Al Rifai mosque and Sultan Hassan mosque.