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FEI Group's 20th Anniversary - Aug/Sep 18
By Kimberly Gavin
Flooring dealers have many good reasons to join a group-rebates, purchasing power, programs and merchandising, to name a few. But the reason that tops the list for members of the builder-focused FEI Group (formerly FloorExpo) is the value they get from sharing ideas. It's not just that they are on the same team; it's the culture of openness that encourages them to share their most closely held practices. And that, members say, leads to real value, bottom-line contribution and business efficiency they could not get alone.
FEI was founded in 1998-by Dave Gheesling, the current CEO; Tim Joyce, who is no longer with the company; Andy Hogan, vice president and chief product officer; and Randy McNatt, CFO-to serve a market that was untapped by the rising tide of buying groups in the 1990s, the residential contract market. Companies in this realm are large, deal with national players and often serve multiple markets, providing flooring and installation services to homebuilders, property managers and general contractors, often across state lines.
What started as a focus just on flooring branched out into cabinets, countertops and other kitchen and bath products. Today, FEI Group has four divisions: Home Solutions focuses on single-family new home construction; MultiFamily Solutions targets apartment/condominium construction and replacement; KBx services cabinet and countertop dealers; and Kitchen & Bath Alliance (K&BA) serves decorative plumbing and hardware showrooms.
In total, the membership breaks down like this: Home Solutions has about 50 member companies serving approximately 125 metro markets; MultiFamily Solutions has approximately 50 members covering 150 metro markets; KBx has 30 members with 110 showrooms; and KB&A has about 40 members with 120 showrooms.
The company is always willing to add new members, provided it's the right fit. Many of the members overlap in territory and markets. "New membership is something we are always evaluating," says Gheesling. "If we were in the business of selling geography, it wouldn't work. We are mainly interested in good, quality competitors." No rock-bottom pricing strategies to gain marketshare; high service levels required.
Most members come by word of mouth either through members or suppliers. "We are not always looking for the biggest, but we want the best," Gheesling says. "The culture is one where we check our egos at the door." The key is the willingness to share and be open with the group. And it's as much the intangibles they look for as the balance sheet.
FEI GROUP AT-A-GLANCE
Headquarters: Marietta, Georgia
Affiliate programs: Home Solutions, MultiFamily Solutions, KBx, KB&A
Dave Gheesling, CEO
Andy Hogan, VP and CPO
Graham Howerton, VP
Randy McNatt, CFO
Jay Smith, President
Allison Rea, Director of Marketing
Tonya Land, Executive Assistant
GENESIS OF THE GROUP
FEI Group came about both in response to industry events and to fill a void in the market, Gheesling explains. A major event, perhaps the major event, was Shaw Industries' move to buy contractors and retailers in 1995. Interface and DuPont announced similar moves in the commercial flooring markets. "There was a lot of consolidation," Gheesling says.
Groups and affiliations were proliferating at this time, but no one had targeted the residential contract market. There was a need, as well, for this group of companies-for these regionally based, smaller companies that were trying to communicate with national companies on the supply and customer side. That was proving difficult. What the residential contract market-both single and multifamily-had in common was size and market focus. "They were and continue to be substantially larger than other channels," Gheesling notes. They were also focused on serving the new home construction market, a market with its own unique challenges.
"As manufacturers were getting bigger and consolidating, the [residential] flooring contractor community needed to have a vision together," Andy Hogan says. Thanks to industry consolidation, profits were being challenged, and that was a "call to action."
"The biggest piece was that communication had become difficult for these companies," says Gheesling. "You had large national manufacturers and large national home builders capable of communicating on that level. Our members were not capable of doing that." Nor were they talking to each other. That was something FEI set about to change.
Initially, the idea of gathering larger builder dealers into a group was not without some skepticism, and Gheesling admits the challenge of it also fueled him. "There was a belief that it was laughable, if not impossible, to bring these players together," he recalls. "Personally, I love hearing that something is impossible."
Gheesling quickly discovered that the opposite was true. "The notion that the egos were huge and wouldn't work together was completely false," Gheesling says. "The quality of the people we began meeting in 1998 is beyond my reach for words. They work hard; they play hard. There is great integrity and intelligence and a real family mindset-since day one."
Gheesling and his team met with a handful of companies in 1998 and all signed up. Concurrently, FEI set about creating the programs that would make it indispensible to the membership. To that end, in 2000, the group formed a strategic partnership with CCA Global Partners that exists to this day. The two companies collaborate where it's possible to maximize efficiencies and economies of scale.
FEI also went about the task of adding new members to grow critical mass. At first the effort was focused on single-family. But soon the membership caused the group to branch out and MultiFamily Solutions was born in 2003.
Thank a member for that expansion. Redi Carpet, based in Stafford, Texas, now has 25 locations in 17 states and Washington, D.C. Two additional locations will open next year, according to Brian Caress, CEO. The company employs 427 and will do over 375,000 installations this year. When Redi Carpet joined FEI in April 2000, there was only the Home Solutions division. Redi's president, Jerry Hosko, got in touch with Gheesling to discuss expansion. The matter idled until 2002, when Redi reopened the discussion. In 2003 there was an exploratory meeting with five prospective members. They all agreed to join.
Caress says, "When we joined, I was the general manager of our Houston branch. One question our customers regularly asked was: Can you service us in the fill-in-the-blank market?" At the time, Redi had only five branches. He adds, "From my perspective, joining the group was an opportunity to be part of an organization with a national footprint. While it didn't actually exist yet, we envisioned being a part of a network of contractors working together to exceed our customer's expectations. It turned out to be that and so much more."
NAVIGATING THE RECESSION
It's impossible to talk about the residential construction market without eventually coming around to what happened in 2008. The housing bubble burst, costing many companies their existence and others a significant portion of business that took years to recover.
"I think that was a moment that's indicative of what's important to us," says Jay Smith, president, who joined FEI Group in 2000. "In one moment we watched a third of our business go away. We didn't like it, but there was no hesitation in getting down to work and moving forward. I look back on it with fondness. It made us more resilient as a company."
Hogan believes that moment made FEI Group more valuable than ever for the members. "Their business was off 50% or even more," he says. "So cutting costs, procurement efficiency, best practices, buying well-all of that became more important. In certain terms it redefined what we did for them. They all saw the value of the group even more."
That's about the time that Nonn's Flooring, based in Middleton, Wisconsin, joined the group. "Home Value/Drexel had just filed for bankruptcy," recalls Adam Nonn, CEO and president. "They had been the main supplier in our market." Nonn's was a potential member for Home Solutions and MultiFamily Solutions (and the KBx division), as they cover all markets.
"We thought we knew what we were doing, but you don't ever know what you don't know," Nonn says. "When I looked at the other members-some larger-and thought, 'They are getting something out of it. What am I not doing?'" The opportunity to talk to some of the best in the business, especially in such tough times, convinced Nonn it was the right decision. "In 2009 what we were going through was crazy," he notes. "It was great to talk openly and candidly about what was going on."
BEYOND FLOORING
The addition of KBx in 2009 gave a formal program for countertops and cabinets that many members were either already doing or adding to their mix to offset declines from the housing recession. In 2015, FEI created KB&A to add plumbing and accessory products and programs to the mix.
Kitchen Art of South Florida, today a $50 million business with 81 employees, joined FEI Group in 2008. The company had benefited from sharing best practices, as well as access to key suppliers and rebates, says Jeff Collamore, CEO. "I am constantly surprised by the value of the information I receive through the network," he adds. "The level of knowledge and professionalism is amazing and priceless."
Benefits for Collamore's company include the rebates as well as the access to key suppliers. That's the financial benefit anyway. "The access to top players is even greater to advancing our company," he says. "The FEI/KBx Group offers such a rich environment of top kitchen and bath professionals in our industry. Another proof that if you believe, surround yourself with like-minded people and bring positive energy to the table, it will drive high-performing results."
Doug Chadderdon, CEO of Great Floors, based in Coeur d'Alene, Idaho, has been a member for over a decade. "You can't have a conversation about being part of a group without talking about rebates and the monetary side," he says. "And they exceed our expectations. But of the four reasons to join, that's fourth."
Chadderdon continues, "They've added top-line growth for us. They've put us in touch with national accounts that have become repeat customers." Great Floors has 21 locations and can service three states.
Another benefit is access to information. "We have updates on what's happening in the industry within hours, long before it hits the trade press," he adds. "To be more nimble, we have to have information as early as possible to make adjustments. But maybe the most important is networking. None of us have all the answers. Together we make better decisions."
Larry Barr, president and CEO of Floors, Inc., based in Southlake, Texas, and co-CEO of Artisan Design Group-a consortium of ten companies across the country-was a part of the second tier asked to join in the late 1990s, perhaps the eighth or ninth member, he recalls. "I know that information is the key to success, and we would rather be on the inside than the outside," he says, adding that they were already part of another group, but quickly realized the potential for this one when dealing with national business.
"At the time we were an upstart $40 million company and thought we owned the world," Barr recalls. "It was a mild shock to see that there were people doing more volume than we were." He also saw that he was in the company of the likes of Tim Coleman of Coleman Floors, among other industry giants. "We were ready to write the check, right then," he adds. Today, Floors, Inc. is a $100-million-plus company that includes the new construction market, several retail stores and a new multifamily operation.
"I learned quickly that the benefit was the networking," Barr says. "We already buy well and get rebates," But sitting in the same room with others that share the same triumphs and challenges, something else starts to happen. "We travel with them, we drink with them, and we break bread with them. It's a family, and the family makes you money. We pick up ideas whether other companies are smaller than we are or larger. We have made more money getting ideas from the group than we would have on our own."
"I was looking to be a part of something that would allow me to interact with other dealers," says Nick Freadreacea, president of The Flooring Gallery, which is headquartered in Louisville, Kentucky. The company has five locations serving markets from Columbus, Indiana to Louisville. He joined in 2000, as soon as he bought the company.
"I also wanted someone I could trust and feel was ethical in business," says Freadreacea, who was left with a bad taste from a prior group experience. "I could tell right away that they were a completely different deal. Their goals and approach to doing business was completely in line with what I wanted our company to be." He felt FEI was focused on growing the business and not just buying the latest sample display each season.
For Redi Carpet, being part of FEI has made the company a better operator, Caress notes. Around 2006, FEI began offering a program called Project Multi-Facet, which included 85 best practices for multifamily flooring contractors. "There were numerous practices we implemented that increased our efficiencies and made an immediate impact on our bottom line," Caress says.
MultiFamily Solution's national accounts program has helped Redi Carpet grow revenue and the account base. Caress adds, "We work directly with other members to help each other secure smaller regional and local opportunities for growth through referrals in markets we don't service."
Chadderdon also lauds the national accounts program. "It's a very big deal," he says. "It's not easy to garner the faith and confidence of a national account. All of us in the membership work hard to fulfill those commitments. I can't go to Pittsburgh and meet directly with that customer, but I can service him in Seattle."
In addition, FEI's commercial insurance program has saved Redi Carpet a substantial amount of money with no reduction in coverage or benefits. A forklift program has reduced costs by an additional 15% over what Redi had negotiated on its own.
Nonn reports a lot of benefit from the group's supplier list. "We deal with the larger ones and we get a lot of access to the company; you know who you are dealing with," he says. And a new program called Site Photos has made a huge impact on his business. The company uses the program for all deliveries. Photos taken upon delivery are geofenced and timestamped. They are also using the program for job completion to make sure the work is done. "It's one of the unique ones," he says. "It works well."
While the programs are important, it's more than that keeping the members engaged and happy. "It's not any one program," says Barr, "but the voice of the collective we benefit from the most. There is a buying advantage, but everyone buys within pennies of one another, even though the industry would like you to believe otherwise." When issues come up, changing terms, for example, FEI Group's management is on it. Barr adds, "They bring collective discussions. They have your back."
"FEI puts on a spectacular convention where the focus is on learning more about the business as well as product introduction," Freadreacea says. "They also have regional meetings that are a huge benefit for a more localized position. But if I had to narrow it down to a couple of specific things, I would say their consumer credit program and builder-finance programs. They are second to none in the industry and provide both money savings and protection from collection."
"The biggest surprise is how open the membership is to helping each other," Freadreacea says. "You are not the only company having constantly changing issues to deal with."
"Being part of a group where you can openly discuss ideas and issues with your peers always provides a new perspective and helps us all grow," Caress says. "Whether it's a phone call with another member, attending a regional MFS Meeting or participating in FEI's national conference, we always walk away with more than we walked in with."
WHAT MAKES FEI GROUP UNIQUE?
While FEI Group has things in common with most any group, it also stands apart in several ways. "We've been in other groups before," says Nonn. "The thing that makes this one better is truly the people and the members of the group. If you look at the top 100 largest dealers, half of them are FEI guys. To put all of them in a room and see what they are doing is something pretty special. Every meeting I get five to eight different things that help me run my business better. That's the most important thing."
Mark Tucker, vice president of Shaw Industries' builder and multifamily division, says FEI's careful selection process distinguishes the group. "They are very selective in who they pick and go through a detailed background check," he says. "They just don't let anyone in-on purpose. They will go into a market and say no more than yes. It's quality over quantity."
Tucker adds that members' willingness to share information also sets them apart. "You and I know that when you get competitors in a room, they tend to compete. But these guys share and really work as a group."
Doing business with FEI Group pushes manufacturers on both a product and service level, suppliers say. "They have 100 influential members that are independently owned and operated," notes Keith Ziegler, North American sales manager for Contract Sales at Bravo Services. "They limit their sources of supply and are very deliberate about who they align with, both from a supplier and member standpoint."
The group's strength is that it drives the specification in a lot of markets. Ziegler notes that it's important for a supplier to be active in their "house business" or non-specified business, which is "still the king in today's flooring contractor segment."
"The beauty of FEI is that they allow each individual company to still operate as an entrepreneur while having the support of a national organization," Freadreacea says. "When they look to add a member, it is not only for the volume the dealer will bring, but their knowledge base and their ability to make an impact on the other members."
A genuine family feel is one of the group's strengths, notes Dan Butterfield, vice president for Dal-Tile's builder/multifamily channel. "FEI leadership has the very best interest in each of their members and vendors to succeed in this ever-changing industry," he says. "I've always believed that one's own success comes from taking a genuine interest in one's customer's best interest. When they're successful, we're successful. That's a core value we find within FEI Group's entrepreneurial spirit."
Notes Great Floors' Chadderdon, "The talent, energy and intellect at FEI is without question the best of all the groups. A lot of guys just want to scalp the vendors. These guys want to build value for everyone."
One of the reasons for joining any group is the ability to have help when times get tough or challenging issues arise, and not just from management, but also from the membership. FEI Group is no different in that respect.
Labor is a great example. "With unemployment at record lows, finding sales, administration and operational help is a challenge," Caress says. "But even more difficult is maintaining a sufficient base of qualified independent contractors, especially at the high point of our business cycle." The shortage is nationwide and Caress doesn't see it improving, "unless we can find a way to increase installer income and attract a new generation to the trade."
Labor is an issue for all segments in the flooring business, but this segment is sensitive not only to its labor, but labor for other trades as well. "The lack of quality trades ahead of us is our biggest issue today," Floors, Inc.'s Barr says. "Crews are getting older. No one wants to work as hard." If the drywall doesn't get done, the flooring can't go in on time.
"Today it's a shortage of bodies," Chadderdon says. "In the 80s, there were plenty of carpet installers, but then hard surface happened." It was more a matter of "I don't install that," as the product mix changed. Now, Chadderdon says, it's just a shortage of people to install anything. "That continues to affect our top line," he adds. Great Floors has established an in-house apprentice program to train its own installers. "We have to take control of the issue or we will be victims."
Price increases remain a challenge as well, according to Caress. "While I understand and support the need for occasional price increases, the way the manufacturers go about implementing them wreaks havoc on our business," he says. Multiple increases in a calendar year are difficult to manage. Caress would like to see a single annual price increase before the selling season begins. "This would allow our customer to better budget for their flooring needs and save an enormous amount of work for our dealers and our team."
Consolidation of end users is a big challenge for the segment, notes Bravo's Ziegler. "National/production homebuilders are getting bigger and large property manager companies continue to expand their footprint," he says. "As they get bigger, they get smarter."
The strengthening of this segment is putting more pressure on manufacturers to produce quality, innovative products. Ziegler adds, "The same pressure is put on flooring contractors to ensure quality service of installation with minimal call-backs. Doing things right the first time still holds true in a margin-squeezed environment."
FEI Group helps members with these challenges, he believes, by creating and continuing a standard of excellence for flooring contractors. "Their sharing of best practices within the group feeds the supplier community," says Ziegler. Those expectations extend to manufacturers. "Servicing a Floor Expo member comes with certain pressures that makes us a better supplier," Ziegler adds.
The guys who started FEI were in their thirties. They are now in or approaching their fifties and things look a little different, they admit. In another 20 years, they will be in their seventies, but they expect to be creating opportunities for their membership. "Our foot is on the gas pedal," Smith says.
"What does our customer look like?" Hogan asks. "What does the property manager look like? What do homes look like? How will that impact the flooring contractor?" For example, 20 years ago, no one would have thought LVT would be emerging as such a massive, dynamic category. In other words, things are always changing. And FEI expects to change along with them.
Looking ahead, expect to see FEI Group taking its expertise to new areas. Barr hints at new directions. "We are taking the same model and putting it at play in different arenas," he says."There is no end to the opportunity."
Early on, FEI Group defined the core values the company lives by, according to Dave Gheesling, CEO.
• First class for coach
• Inspect what you expect
• Listen
• Leadership is action, not position
• I'm outside the box
• Teamwork wins
• Under commit and over execute
• Physically fit before mentally fit
Copyright 2018 Floor Focus
Related Topics:Shaw Industries Group, Inc., Interface, FEI Group, Daltile, Redi Carpet, The International Surface Event (TISE), Great Floors, Artisan Design Group


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SUPPLY SIDE, DEMAND SIDE, OR INNOVATION SIDE? / PROJECT SYNDICATE
| Etiquetas: Economics, Stagnation, World Economic And Political
Supply Side, Demand Side, or Innovation Side?
Edmund S. Phelps
NEW YORK – It has become impossible to deny the so-called secular stagnation gripping the world's most developed economies: Wealth is piling up, but real wages are barely rising and labor force participation has been on a downward trend. Worse yet, policymakers have no plausible idea about what can be done about it.
Behind this stagnation is the slowdown in productivity growth since 1970. The wellspring of such productivity gains – indigenous innovation – has been badly clogged since the late 1960s (mostly in established industries) and was even more so by 2005.
Ronald Reagan and Margaret Thatcher viewed the stagnation that was gripping economies by the 1970s from the supply side. They pushed through tax cuts on profits and wages to boost investment and growth, with debatable results.
But today, with tax rates much lower, cuts of that size would result in huge increases in fiscal deficits. And with debt levels already high and large deficits ahead, such supply-side measures would be reckless.
So now the best and brightest view things from the demand side, using the theory built by John Maynard Keynes in 1936. When "aggregate demand" – the level of real expenditure on final domestic goods that households, businesses, the government, and overseas buyers are willing to make – falls short of output at full employment, output is limited to the demand. And innovation won't happen.
But the demand-siders' conception of the economy is strange. For them, private investment demand is autonomous, governed by forces that Keynes dubbed "animal spirits." Consumer demand is essentially autonomous, too, because the so-called induced part is yoked to autonomous investment through the "propensity to consume." Thus, government measures are the sole way to boost employment and growth when autonomous demand falls short and jobs are lost.
This conception grasps neither growth nor recovery. In healthy economies, a contractionary demand shock sets off two types of responses fueling recovery.
Adaptations to emerging opportunities are one such response. When firms hit by reduced demand contract operations, the space they give up becomes available for use by entrepreneurs with better ways of running the business – or with better businesses. Some of the employees they let go will start firms (and hire employees) of their own. With every recession, many shops on Main Street disappear; and, over time, new shops – generally more successful – appear.
The other response is indigenous innovation – new ideas springing from the brows of various businesspeople. When firms hit by reduced demand stop hiring for a time, some people who would have joined established firms use their situation to dream up new products or methods and organize startups to develop them.
The growing number of aspiring innovators toiling in home garages may self-produce some of their capital goods. More important, the accumulation of new startups will gradually generate rising investment demand – induced demand! – and growth, too.
Some may doubt this. Can new products and methods fare well in the market if demand is deficient? As an innovator said to me amid the financial crisis, his objective was to take over a market – it mattered little that the targeted market was only 90% of its former size.
Can capital be raised where incomes are depressed? Small firms and startups must always struggle for credit, and the Great Recession that followed the 2008 financial crisis made it harder for them. Yet the recession did not prevent droves of such firms from finding financing in Silicon Valley, London, and Berlin. No wonder Germany, the United States, and the United Kingdom are more or less recovered. In the US, total factor productivity growth set records in the 1930s, when the economy fell into and then grew out of the Great Depression.
Recovery has fallen woefully short in two kinds of economies. France and Italy are lacking young people who want to be new entrepreneurs or innovators, and those few who do are impeded by entrenched corporations and other vested interests. Greece has no lack of would-be entrepreneurs and innovators, but it lacks a system of angel and venture capital. Some Greeks have formed startups, though not in Greece.
The demand-siders say that innovation only makes recovery harder, because it enables firms to meet existing demand with fewer employees. Thus, they call for annual public-sector investment up to the level needed for full employment. But such infrastructure investment would go far beyond what would ever have been undertaken had the economy been left to regain high employment through the workings of adaptive or innovative activity. Indeed, such investment is costly beyond the expense because it preempts the adaptation and innovation that would have brought higher employment and faster growth.
Moreover, as long as Western innovation remains narrowly confined, a demand-side commitment to a large, sustained flow of infrastructure investment – and, likewise, a supply-side commitment to a similar flow of private investment – must bring ever-diminishing returns, until, ineluctably, the economy reaches its near-stationary state.
Supplying more of the same old goods never "creates its own demand," as Keynes thought. But supplying new goods can. It is the impediments to adaptation and innovation – not fiscal austerity – causing our stagnation. And only renewed dynamism – not more fiscal irresponsibility – offers any hope of a durable way out.
http://prosyn.org/rxzf1Jz
IS THIS THE END OF THE ROAD? / THEGOLDANDOILGUY.COM
| Etiquetas: Economics, Stock Markets, U.S. Economic And Political
By: Chris Vermeulen
In May of 2008, there was a very similar stock market 'rally' as compared to todays' 'rally'.
Investors believed that the 'turmoil' during the latter part of 2007 and the early part of 2008 was permanently over and that we were headed towards a strong economic growth!
In actuality, it merely masked the 'declining economic collapse'. The same situation is happening, all over again, even as you are reading this article. There are numerous flashing red lights, currently while the stock markets is 'collapsing' once again, just as it did during the beginning of the spring of 2008!
There have now been four consecutive quarters in which corporate earnings have declined. The profits from the SPX were down over 7.1 percent during the first quarter of this year.
The U.S. markets have now entered the next phase - a stock market downturn. The global financial system is now starting to 'unravel' which will have far reaching implications!
In fact, the real truth of the matter, is now about to worsen, from this point of time and onwards!
While this country has 100 million American people, who are unemployed and searching for work, and yet are unable to find any, I say this is a major RED WARNING ALERT that must now need be heard loud and clearly!
According to the FED, forty-seven percent of all Americans are not able to come up with $400.00 in case of an actual emergency situation, that they may incur. They would either need to sell personal belongings or borrow the money, somehow!
The majority of Americans are now living from paycheck to paycheck: (http://www.theatlantic.com/magazine/archive/2016/05/my-secret-shame/476415/).
In December of 2015, when the FED raised their interest rates, for the first time, in almost a decade, they had projected a one percent 'hike' in 2016. I was apprehensive of their prediction and had forecasted that the FED would not "materially" hike rates!
The FED later backtracked their estimates to half of a percentage point 'hike', in 2016 during their March meeting.
The chances of a June 2016 'hike' are low to nil as the "Brexit" referendum is being held only one week after that FED meeting. If the U.K. votes for a "Brexit" from the European Union, then the financial implications may wreak havoc on the already fragile global economies.
Hence, the FED will not chance raising it especially before such a significant and important event.
Similarly, post July 2016, the U.S. Presidential race will 'heat up' and the FED will not want to raise interest rates prior to knowing what the next Presidents' 'economic policy' will be.
However, if the world economy falters, the FED will have to follow the other Central Banks and 'restart' QE.
The timing of a stock market 'crash' is presently within our reach. All signs are pointing towards a higher price for gold; both in the near-term and the long-term. Enforced negative interest rates which are more of the FEDs' Quantitative Easing (QE) and the race to devalue the U.S. dollar. This proves to be quite bullish for gold. The timing of all of these concurrent events are affecting the gold market!
The rise of the stock market is widely viewed today as the result of 'Quantitative Easing'(QE).
A bandage was placed on that financial crisis which was never structurally repaired. Today, I believe that investors have long since given up on the FEDs' bond buying as a means of repairing the economy. There is so much skepticism, at this point, as to what direction the equity-market is trending - Up or Down?
SP500 Weekly Chart
The response from the FED was to 'debase' the U.S. dollar as reflected in its' decline of 4.7% thus far in 2016. Treasury bond yields have dropped well below 2%. Something has truly gone horribly wrong within the economy! However, the FED is trying to put up a brave front. They have asserted that they are considering a 'hike' in their June 2016 meeting, but this is very misleading as there will be no "material" short-term interest rate hike in my opinión.
Monthly US Dollar Index:
Weekly SP500 Stock Index
Daily Gold Chart
These problems that exist within all of these markets are that of the global Central Banks, which are sending their mixed messages. They are actually driving the dollar higher for the time being.
Two weeks ago, the Bank of Japan did not provide more monetary accommodation, as was expected, at that time; whereas last week, BOJ announced they would do so. Therefore, the dollar rose up whereas other currencies, including the Euro and the Yen, fell rather hard. This reaction resulted in both metals and stocks going down.
The three Central Banks have now reversed their prior announcements regarding monetary policy, within the last month. First, the ECB and then the FED and now the BOJ.
The FED is currently working on a different scenario in which they are stress testing negative Treasury bills. This scenario, in which the interest rate on the three-month U.S. Treasury bill becomes negative, in the second quarter of 2016 and then declines to -0.5% remaining at that level until the first quarter of 2019.
The Fed stated, "The severely adverse scenario is characterized by a severe global recession, accompanied by a period of heightened corporate financial stress and negative yields for short-term U.S. Treasury securities." (http://www.bloomberg.com/news/articles/2016-02-02/rates-less-than-zero-is-bank-stress-fed-wants-to-test-in-2016).
Gold prices are surging this year and that has 'the smart money' flocking towards the yellow metal.
During this global contraction, it is only a matter of a very short period of time before the stock market reflects this reality.
Truly, this is the beginning of 'The Great Reset'!
In short, big things have slowly been unfolding that will be not only life changing but will change the entire financial situation of the world.
The good news is that there are many ways to profit and prosper from these events. A few simple and well time positions can yield huge results for the savvy trader and investor.
THE APPEAL OF THE EURO: SELL SIGNALS / THE ECONOMIST
| Etiquetas: Europe Economic and Political, The Euro
The appeal of the euro
SELL signals
Joining the euro is still attractive to some
Another blissful day in the euro zone
HAS the euro crisis dissuaded other countries from adopting the single currency? Not a bit of it.
Since 2009, when euro-zone GDP shrank by 5%, four countries—Slovakia, Estonia, Latvia and Lithuania (let's call them the "SELLs") have joined. Their experience suggests that the euro still has its benefits, but also some familiar risks.
Many thought that joining the euro would spur the SELLs' foreign trade, by removing the friction of exchanging currencies. The Slovakian central bank, for example, predicted a boost of 50%. That was wildly over-optimistic: the euro has made little difference to Slovakia's imports and exports. The problem may have been a confusion of cause and effect. Growing trade between nations is likelier to lead to the formation of a currency union than vice versa.
Baltic firms, meanwhile, have not significantly increased exports to the euro zone, even though the closure of its largest market, Russia, thanks to sanctions in 2014-15, forced many to search for new trading partners. Instead they have exported more to places like the United Arab Emirates and Saudi Arabia.
Happily, a perceived downside of adopting the euro was also overblown. The worry was that shopkeepers would use the changeover as an excuse to put up prices, particularly if doing so got them to a price ending in a "99". But the changeover in Slovakia seems to have boosted inflation by just 0.3 percentage points. In Estonia large retailers joined a snappily titled campaign, "The € will not increase the price". (In fact, a prod to inflation would have been no bad thing for the SELLs, which have fallen into deflation in the past year, thanks to cheaper prices for energy and food.)
The euro does seem to have helped the SELLs' financial stability. Their banks and central banks now have access to emergency funding from the European Central Bank. They are also less vulnerable to turmoil associated with "currency mismatch". On average, roughly 70% of their private-sector debt was denominated in foreign currency (largely euros) prior to joining.
Any depreciation of their currencies would have made those debts much harder to bear—a risk the adoption of the euro has eliminated.
Rimantas Sadzius, Lithuania's finance minister, says euro membership also allows his government to borrow more cheaply. Debt-interest payments have indeed fallen. But had Lithuania joined a decade ago, Mr Sadzius would have been even happier. In the early 2000s, according to the IMF, euro membership was associated with a two-notch improvement in the credit ratings handed out by Standard and Poor's. Since the crisis this premium has shrunk dramatically.
Even as some benefits have dwindled, some drawbacks have got bigger. As a condition of joining, the SELLs are supposed to contribute to the euro zone's bail-out funds. For the man on the street the thought of rescuing Greece is an unwelcome one: its minimum wage is 70% higher than Slovakia's and it is richer than the Baltics. In fact, for the most part members of the euro zone do not pay directly for bail-outs; instead, they guarantee loans or provide collateral for them. And the bail-out funds have benefits as well as costs. The SELLs could turn to them too if they ran into trouble.
Explore our interactive guide to Europe's troubled economies
The big question for the future is whether the SELLs can avoid the mistakes made by other euro-zone countries. In the 2000s low borrowing costs helped inflate a credit bubble in southern Europe.
Happily, the SELLs are not on a borrowing binge, as the Baltics were in the 2000s. Their current accounts are more or less in balance. Private-sector debt has actually fallen since the crisis. Their big banks are now supervised by the ECB. Local management has improved too, says Erik Berglof of the London School of Economics.
Despite this, the SELLs face a familiar problem: declining international competitiveness. Ageing populations and emigration are creating a shortage of skilled workers. The population of the SELLs is expected to decline by 4% by 2030. The result is that wages are rising faster than productivity. In the past year the minimum wage across the SELLs has risen by 9% on average. Joining the club may have contributed, by inducing workers to push for wages more in keeping with the rest of the euro zone, says Robert Juodka of PR1MUS, a Lithuanian law firm.
Governments in the SELLs say they are trying to respond by bringing in structural reforms, such as freeing labour and product markets, to boost productivity and thus maintain competitiveness. With devaluation not an option, such reforms have assumed new importance.
There is still plenty to do.
Much of Lithuania's labour code is inherited from Soviet times, says Rokas Grajauskas of Danske Bank, which makes hiring and firing difficult. The Slovakian labour market has in recent years become considerably less competitive, according to the World Economic Forum, in part because of misguided tax changes. The euro zone's newest members may avoid the same problems that befell southern Europeans in the 2000s—but the single-currency club still makes its members pay their dues.
IS THE GOLD PRICE HEADING TO $ 1,000? / SEEKING ALPHA
| Etiquetas: Gold, The Dollar
Is The Gold Price Heading To $1,000?
by: Macro Investing
Citi believes that gold could be heading to $1,000 per troy ounce.
While we are undecided on this, we do see limited upside now our two key catalysts to driving gold higher are fading.
We have turned our attention to the U.S. dollar and expect a return of up to 9.4 percent this year if certain conditions are met.
We have been long with gold for some time, getting in at $1,150, but we've now decided to close our position in the SPDR Gold Trust ETF (NYSEARCA:GLD) as we're unsure the catalysts which we expected to drive the price even higher will now eventuate. In fact, some market commentators now believe that without these catalysts the price of gold could drop as low as $1,000 per troy ounce.
Right now, or at least up until last week, gold was perhaps the number one safe haven for investors. But with the Federal Reserve now looking like it could raise interest rates at its June meeting, the U.S. dollar (NYSEARCA:UUP) looks set to retake its throne as the ultimate safe haven. At the start of May when many believed US rate rises were off the table until next year at the earliest, gold was climbing as high as $1,300 per troy ounce and even had $1,400 in its sights.
We, like many out there, felt this was the start of even greater gains for the precious metal. As the chart above shows, the gold price was not especially high in comparison to where it had been in recent years. But these were years with zero or near zero interest rates. The price of gold looks very different when we expand the chart to show the last 10 years, which include the years before zero interest rate policies.
While we think it will take some time for interest rates to rise to ~2%, the mere prospect of it being an eventuality will most likely cause the gold price to trend lower and the U.S. dollar to trend higher. For this reason we believe it is better to go with the herd, if you will, and start topping up positions in the U.S. dollar. Just like the gold price rallied when interest rates dropped, so too will the U.S. dollar when interest rates rise.
The Brexit is looking unlikely.
For a while it was looking like there was a reasonably strong chance that Britain could vote to leave the European Union. But as of May 19, the probability of Britain leaving the European Union decreased according to the Financial Times poll tracker.
Sourced from the Financial Times
Although there is still a month to go before the vote, things are looking somewhat settled. While we had always felt that Britain was likely to vote to remain in the European Union, hence why we are long the CurrencyShares British Pound Sterling Trust ETF (NYSEARCA:FXB), we felt it was likely to be a much closer affair in the lead up to the vote.
Due to the global financial turmoil that a Brexit would be likely to cause, we expected a close call with polls would drive the price of gold higher and higher. The reason for this is that its not just markets in the United Kingdom and Europe that are expected to suffer, the G20 have previously warned that a Brexit would pose one of the biggest dangers to the global economy this year. As investors seek safety from these dangers, gold was our preference for a safe haven.
With this looking less and less likely as the days go by, we feel this catalyst is fading.
But will gold drop to $1,000?
Analysts from Citi believe there is a chance that gold will head to $1,000. Gold hasn't been to this level since as far back as 2009, but it is conceivable that it could return eventually. They expect the strengthening U.S. dollar to be the reason, saying:
"We see no reason why gold should not once more trade at $1,050/oz if US$-DXY rises back to the 100-level (now 95.3). Nor do we see anything to prevent gold falling below $1,000/oz if US$-DXY rises above the 100-level."
As the Federal Reserve raise rates we feel it is inevitable for the U.S. dollar index to at least touch on 100 due to the weakness of other currencies. Shown below is the weighting of the index.
Sourced from theice.com
Exactly 79 percent of the currencies the U.S. dollar is weighted against in the index have zero or negative interest rates. The remaining 21 percent (GBP and CAD) have rates of 0.5 percent. If this remains the case then the U.S. dollar is likely to dominate these currencies when it raises rates, leaving very little in the way of the index reaching or breaking through 100 in our view.
So, if Citi believes that this will bring the price of gold down to $1,000, then we have to acknowledge it as a real possibility.
Whether it does or not, time will tell. We may have closed our position, but we certainly wouldn't bet against gold and go short with it. The Brexit vote is in 30 days and a lot could change between now and then. As well as this, rate rises in the United States are far from a foregone conclusion. If the next non-farm payroll data release is a big miss, rate rises could be thrown off the table once again.
Moving over to the UUP.
At this stage we are long the U.S. dollar through the UUP ETF. Our medium-term target is $26.00, but we do feel that it could push on $27.00 this year should rates look like they are going to periodically rise.
A rise to $26.00 would mean a return of 5.3 percent, and $27.00 would mean an even better return of 9.4 percent. Should economic data not support rate rises in 2016, then we would expect the UUP to drop down to $23.00-$24.00. So do bear this downside risk in mind. For us the risk/reward ratio is very appealing and we expect success from this trade.
Once again, best of luck with your trades! We'll keep you updated with any changes in our thinking.
TEN WINNING AND LOSING INDUSTRIES FROM THE PACIFIC TRADE DEAL / THE WALL STREET JOURNAL
| Etiquetas: Global Trade, TPP, U.S. Economic And Political
Ten Winning and Losing Industries from the Pacific Trade Deal
A 788-page report forecasts which sectors would ultimately gain or lose from the pact over 15 years
By William Mauldin
The Trans-Pacific Partnership is expected to boost U.S. agriculture and services industries, but would hurt the manufacturing sector, a report found. Photo: Patrick T. Fallon/Bloomberg
The proposed Pacific trade agreement that has generated so much controversy in the 2016 campaign season would likely benefit the U.S. economy overall, but would distinctly help some businesses and types of workers more than others. A nonpartisan U.S. commission released a 788-page report that estimates the extra economic gains or losses that dozens of industries would incur after 15 years under the Trans-Pacific Partnership, or TPP, assuming it wins passage in Congress and is ratified by other nations.
Here are some findings from the report of the U.S. International Trade Commission, with the figures representing the net economic effect of that TPP on that industry over 15 years:
Passenger cars: +$1.6 billion
Lower barriers to car markets in Vietnam and Malaysia–and special measures designed to get American cars on Japanese roads–would boost the car-assembly industry in the U.S., which includes Detroit and foreign producers. But beyond 2032, the U.S. tariffs on foreign cars would also fall, eliminating an advantage in Detroit.
Apparel: +$425 million
The TPP could result in more fast-fashion items, sports uniforms and other specialty items being produced in the U.S., the ITC says.
Dairy production: +$1.8 billion
American dairy farmers would get some new access to big markets in Japan and Canada under the deal, even though the U.S. agreed to accept more milk products from New Zealand.
Retailers and Wholesalers: +$7.4 billion
Lower tariffs on certain types of clothing and other items mean bigger profits at Wal-Mart and other American stores.
Business services: +$11.6 billion
The services sector that dominates the U.S. economy would get the biggest boost from the TPP, and competitive services provided to businesses in the U.S.—think the big accounting firms—would benefit from new overseas business.
Auto parts: -$1.4 billion
The TPP would lower U.S. import tariffs on parts more quickly than on whole cars and also loosen up existing rules from the North American Free Trade agreement that require much of a car to be produced on the continent in order to be shipped duty-free.
Textiles: -$329 million
Vietnam's presence in the TPP would likely put pressure on less competitive textiles plants, as well as some other manufacturing operations. But specialized and competitive textiles plants could still benefit, and a key industry group supports the deal.
Soybean production: -$407 million
Soybeans and wheat wouldn't get significant new markets under the deal, and the ITC expects the TPP to raise land prices and take resources away from these products.
Transportation and tourism: -$720 million
The TPP wouldn't liberalize air travel, and Americans would likely use the extra income from the TPP to travel abroad, which has the effect of giving other countries additional tourism exports to the U.S., the ITC says.
Chemicals and drugs: -$2.9 billion
The TPP's reduced barriers at the border and complicated trade rules would likely lift U.S. chemical and pharmaceutical imports by $5.3 billion, outpacing gains in exports, the ITC says. The economic hit is small compared with the overall size of the industry.
READY TO MAKE A RISKY DECISION? YOUR WORDS SUGGEST OTHERWISE / KELLOGG INSIGHT
| Etiquetas: Investment Strategies, Psychology
Ready to Make a Risky Decision? Your Words Suggest Otherwise
Mining digital communications for emotions can lead to better decisions.
Based on the research of Bin Liu, Ramesh Govindan and Brian Uzzi
Yevgenia Nayberg
Just after lunch on a Friday afternoon, a professional trader sends instant messages to several colleagues about a big tech-stock bet he is about to make. The messages suggest that he is very excited about the trade, but the transaction ultimately results in major losses for his firm.
Could those losses have been avoided if the trader had a better understanding of his own emotional exuberance and how it may be affecting his judgment? And could his instant messages have provided that understanding?
Possibly, according to new research by Brian Uzzi, a professor of management and organizations at the Kellogg School.
Uzzi, along with Bin Liu of Google and Ramesh Govindan of the University of Southern California, wanted to know if people's electronic communications could offer clues about their emotional state. If so, this could be a powerful tool, as emotions are understood to affect the quality of our decision making.
The researchers analyzed millions of instant messages (IMs) and trades from 30 traders over a two-year period. They observed that the best trading decisions, and highest profits, happened when traders showed a moderate level of emotion in their IMs—that is, not too much, and not too little. Beyond simply improving trades, this finding could help anyone tasked with making risk-related decisions, from air traffic controllers to humanitarian aid groups.
The Rise of Unstructured Data
The study addresses an entirely new way to make informed decisions.
"The architecture, theory, and practice of finance revolve around analysis of quantitative data— expressed in things like balance sheets, income statements, prices, and analyst reports—to help understand where to place investments," Uzzi says. Financial firms and researchers "have figured out how to squeeze every little bit of insight out of structured numerical data."
But these days, structured data are not the only game in town. Over the last decade, emails, text messages, and IMs have provided a deluge of available unstructured data.
"The explosion of unstructured data represents the next frontier of information," Uzzi says. "Because traders are among the many professionals who routinely communicate electronically, we thought it would be of value to analyze the data they generate for insights."
We Need to Talk—About Risky Decisions
The researchers suspected that IMs could provide a snapshot of traders' emotional states as they made trading decisions.
"When people set out to do something risky, they actually like to talk to other people before they do it," Uzzi says. "They chat with others to get a sense of what other people think is risky and incorporate that into their own decision making."
But most of us take an oblique approach to soliciting such feedback. "People want to appear as good decision makers, and in trading, specifically, there is a need to keep your actual trading secret," Uzzi says. So, traders fish for information within their social network without being overt about their intentions. For example, when asking what others think, they can reveal their emotional state in their choice of words. "Do they call the market for a stock 'changeable,' 'shifting,' or 'volatile?' Each word reveals a different level of emotional activation, and when many words over many instant messages are combined, you can develop a revealing picture of the trader's emotional state of mind."
Thus Uzzi and his coauthors propose that when people talk about risky things, they use language that evokes their emotions, even if only subconsciously. "Most of us tend to be unaware of our own emotional states, unless we're raging mad or euphoric," Uzzi says. "So traders may experience a range of emotions that are either beneficial or disadvantageous to their trades without realizing it."
How might emotions be a boon or hindrance for traders?
Previous research by others has shed some light on how emotions affect decision making. One study compared two groups of people—those who had experienced brain trauma that prevented them from experiencing emotion and those who had not experienced such trauma—on a range of mental tasks.
The study found that while both groups could perform quantitative and other rational calculations, only the non-brain-damaged participants could make risk-related decisions easily. This suggests that people need an emotional response to push them toward one choice or another when risk is involved.
The Just-Right Level of Emotion
Observations of traders at work, as well as lab-based studies, confirm that emotions matter. If traders are "too emotional," says Uzzi, "they may make poor decisions; if they're not emotional enough, they may be too slow to make decisions."
But no one had previously tested whether digital communications could be used to measure people's emotional state.
To do so, the researchers analyzed all 886,000 trade-related decisions and 1,234,822 IMs from 30 professional day traders over a two-year period. They also tracked each trader's median daily profit—the best measure of trading performance. IMs were coded for level of emotion, based on the specific words used. For example, "nice," "gold," and "hit" were associated with moderate levels of emotion.
The study showed that traders were more likely to use IMs when making trades—meaning they were eager to talk about their risk-related decision—and that the emotion expressed in IMs correlated with profitability. As predicted, traders made the highest-quality decisions at a moderate level of emotional activation.
Excessive emotion is problematic. "If you're over-activated, your emotional state is drawing cognitive resources away from the analytical brain," Uzzi says. "You then fail to attend to the right information or your perception of the information becomes distorted."
But perhaps surprisingly, zero emotion is also not ideal. "We show that unless you reach a certain level of emotionality, you can't pull the trigger on the trade, and you don't buy the stock at just the right time," Uzzi says. The finding goes against conventional wisdom that an emotionless state—the proverbial poker face—is best for decision making in business. As the authors note, even Warren Buffett emphasizes controlling emotion in investing, rather than channeling the right amount of it.
Training a Better Trader
The findings point to valuable practical applications within the red-hot field of financial technology (FinTech).
One possibility is to provide traders with feedback about their current emotional state, to help guide decision making in the face of risk. "Based on their emotional state, they can decide whether to lean into a trade or lean out of it," Uzzi says.
Traders could also benefit from understanding factors that influence their emotions. "Companies could develop a very sophisticated system that analyzes electronic communication to tell a trader, 'Every time you talk to Joe, you get overly emotionally activated, and that might drag you toward a bad trade,'" Uzzi says. "Or just the opposite: 'Every time you talk to Nancy, it seems to sap you of all emotion and you might be too slow on your trades.' Or that after lunch and on Friday afternoons your emotional activation is not optimal."
Additionally, traders could use this feedback to train themselves to modulate their emotions, learning how to nudge them toward the optimal state for high-stakes decisions. At the organizational level, a smart system could help identify the employees best suited to the emotional elements of their work.
And the benefit of this sort of analysis extends well beyond traders.
Air-traffic controllers make hundreds of high-stakes decisions daily, and understanding how their emotions influence their judgment could potentially save lives. So do emergency response personnel and those in the military.
"Military and security groups deal with highly emotional decision making," Uzzi says. "Do I put 100 boots on the ground? A thousand? When do I pull them out? I need to be in the right emotional state to make those decisions."
Many organizations are already working on smart monitoring systems, Uzzi says. Some are using widely available, unstructured digital data such as Twitter posts to "capture the mood of the masses," Uzzi says. His research could help optimize such systems. As the authors write, "[T]he tracking of IMs or Tweets during an evacuation or natural disaster could indicate which targets of aid are least likely to make good decisions."
Finally, these findings could prove useful to entrepreneurs who aim to serve organizations that care about risk-related decision making. Entrepreneurs might tackle whether wearable devices can capture emotional indicators, for instance, or how emotion-related feedback can most effectively be displayed on computer or phone screens.
"There's lots of blue sky here for creating ventures that take advantage of this science," Uzzi says.
SUPPLY SIDE, DEMAND SIDE, OR INNOVATION SIDE? / PR...
IS THIS THE END OF THE ROAD? / THEGOLDANDOILGUY.CO...
THE APPEAL OF THE EURO: SELL SIGNALS / THE ECONOMI...
IS THE GOLD PRICE HEADING TO $ 1,000? / SEEKING AL...
TEN WINNING AND LOSING INDUSTRIES FROM THE PACIFIC...
READY TO MAKE A RISKY DECISION? YOUR WORDS SUGGEST...


These ETFs are an affordable and easy way to invest in a sector is poised for strong performance.
Though the stock market has been more volatile in recent months, the U.S. economy continues to run strong. The unemployment rate dipped in February to 3.8 percent, according to the Bureau of Labor and Statistics, and consumer spending readings remain near the highest levels in decades.
While nobody knows what the future holds, economic conditions like this bode very well for financial stocks. Americans with a decent job are more likely to splurge on a credit card purchase or take out loans for cars or homes. If you're looking to invest in this trend and tap into the potential strength of the financial sector, here are nine ways to do that through exchange-traded funds.
The largest of all financial sector-focused ETFs with nearly $25 billion in assets under management, the XLF fund is an easy way to put more of America's biggest financial names in your portfolio. Top holdings include JPMorgan Chase & Co. (JPM) and Berkshire Hathaway (BRK/B), the investment giant led by Warren Buffett. This is a market cap-weighted portfolio so the very biggest of the big banks make up the lion's share of holdings. Berkshire and JPM are both more than 10 percent of the portfolio and the top 10 holdings represent a little more than half of all assets. Furthermore, the fund only has 68 holdings. Still, many investors like XLF's focused nature.
The second-largest financials fund, this Vanguard ETF has almost $8 billion in assets. It differs from XLF with a much deeper bench of stocks in its portfolio, with more than 400 holdings. Still, it's worth noting that the same bias toward banking in general still exists with about 28 percent of the fund in large diversified banks like Bank of America Corp. (BAC) and another 16 percent in smaller regional banks such as Citizens Financial Group (CFG). The VFH gives more exposure across more stocks – and a rock-bottom expense ratio of just 0.1 percent, or $10 annually on each $10,000 invested.
Just because you may be after a focus on bank stocks doesn't mean you want the same old list of large brands. KRE is an interesting alternative because it backs out big players like JPMorgan and Bank of America and instead holds about 120 stocks that are lesser-known. These include larger regional players like Fifth Third Bancorp (FITB), an $18 billion bank that has operations in a large swath of the Midwest and the $800 million Lakeland Bancorp (LBAI) that operates only about 50 branch offices in a small New Jersey footprint. These regional banks offer a different strategy since they aren't caught up in the big investment businesses of megabanks.
Another way to widen the scope of a financial sector investment is to include technology or service stocks that may not qualify as traditional banking names. In this age of fintech, it's wise to think beyond the same companies in the sector. Chief among them is payment processor Visa (V), a $340 billion stock that gets a small fee every time you swipe one of its branded credit cards. In an increasingly cashless world, Visa is a dominant global force – and making a big push for the future with mobile payments processing solutions. Also, IYG holds MSCI (MSCI), an investments services company that makes many of the ETF benchmark indexes.
This ETF more diversified, with a total holdings list more than 360 positions long, but no single position makes up more than about 9 percent of its portfolio and regional. The flavor is a bit different because FNCL uses a "representative sampling indexing strategy" to run the fund. That means Fidelity has flexibility to pick and choose names to create a representative sample rather than rigidly follow an underlying index – in this case, a benchmark for the financial sector. Fidelity has made a name for itself by being a more hands-on firm – and with fees of just 0.08 percent, that extra layer of insight comes very cheap.
With 185 holdings and about $1 billion in assets under management, this ETF deploys an "enhanced" index methodology to the sector. There is a screening process that ranks the top financial stocks on various qualitative metrics. These include share appreciation, sales growth and return on assets, among others. The result is a list of top holdings that a typical investor may overlook, including insurance company Assured Guaranty (AGO). Insurance companies represent more than 23 percent of the portfolio because their metrics look more attractive. There are no guarantees this strategy will deliver outsized profits, but it is more thoughtful than simply scooping up the largest financial stocks by market cap.
Speaking of insurance, KIE is a focused portfolio of 48 insurance providers including smaller life insurance provider Unum Group (UNM) as well as big names like Progressive Corp. (PGR) and Allstate Corp. (ALL). It is an equal weight sector fund, too, meaning it is rebalanced regularly so no single stock represents too much of the portfolio. Insurance stocks are an attractive subset of financial stocks because they have stable baseline revenue from the premiums they collect. Also, they aren't as exposed to the ups and downs of the broader economy as traditional banks that rely on originating loans or generating investment income.
Though New York is in many ways the financial capital of the world, hubs in Frankfurt and London certainly are not to be forgotten – particularly in this age of an interconnected global economy. The EUFN fund is a great way to broaden investment exposure outside the U.S. for geographic diversification and to tap in to the growth potential. Top holdings form a list of global financial giants, including the U.K.'s HSBC Holdings (HSBC) and France's BNP Paribas (BNPQY). With 80 total holdings you may not have in your portfolio already, this $700 million fund allows investors to play the financial sector in a new way.
Though not as widely held, KBWB is no slouch with more than $650 million in assets under management. Benchmarked to a slightly different index than the big players, this ETF has a tightly focused list of just 24 total names. You'll find a lot of the familiar big banks near the top of the list, as well as some unique plays like roughly 4 percent of the portfolio in midsized financial Bank of New York Mellon Corp. (BK). Keep in mind this is inherently a less diversified list of holdings and that means you experience more volatility.


text:
30 Days of Night Omnibus, Vol. 1 (Paperback)
By Steve Niles, Ben Templesmith (Illustrator)
The vampire tale that put horror comics back on the map! Collects the original trilogy of stories centered around Barrow, Alaska, and its deadly visitors.
First, in the original 30 Days of Night, dive deep into the nightmare world of Barrow, Alaska, where month-long winter darkness calls a siren song to a band of bloodthirsty vampires. The town's only hope of survival lies in the hands of Stella and Eben, the local husband-and-wife sheriff team.
Then, in Dark Days, Stella and Eben have sacrificed so much, and the world desperately needs to know the truth about the vampire plague, but it's going to take a whole lot more than a pound of flesh to satisfy a bunch of ravening bloodsuckers who don't want their secrets revealed.
Last, we Return to Barrow, where the setting sun ignites a new winter of terror for the beleaguered townspeople. Brian Kitka is desperate to find out what happened to his brother last winter, and becoming the new sheriff may get him the answers he needs. But some things are best left in the dark, and Brian will need more than just help from a few old friends if anyone's going to be alive come sunrise.
30 Days of Night turned writer Steve Niles (The October Faction, Batman: Gotham After Midnight) and artist Ben Templesmith (Wormwood: Gentleman Corpse, Gotham by Midnight) into two of comics' premier creators. Now you can read their original trilogy in one volume.
Collects 30 Days of Night, Dark Days, and Return to Barrow.
Steve Niles is a comic book author and novelist, known for works such as 30 Days of Night, Criminal Macabre, Simon Dark, Mystery Society and Batman: Gotham County Line. He is credited among other contemporary writers as bringing horror comics back to prominence.
Ben Templesmith is a New York Times best selling artist and writer most widely known for his work in the comic book industry where he has received multiple nominations for the International Horror Guild Awards as well as the industry's top prize, the Eisner Award. He also won a Spike TV Scream Award. As a creator, his most notable works have been 30 Days of Night (which spawned a major motion picture) and Fell. His other projects include the critically acclaimed serial Wormwood: Gentleman Corpse, as well as Welcome to Hoxford, and Singularity 7, all of which he also wrote.
Publisher: IDW Publishing
Publication Date: August 16th, 2016
Series: 30 Days of Night Omnibus
Comics & Graphic Novels / Supernatural
Fiction / Horror


I'm very tired today but I definitely wanted to share with you a brand new bento head release from Logo. Tillie is a gorgeous new head and it comes with the Enhanced Makeup which makes the makeup on the head look even more crisp and stunning than usual. You can of course go and try a demo down at the main store to see if Tillie is a good fit for you.
Hair Fair is still going until October 7th and Cole is the last hair I've got to show you from Wasabi. It's a great unisex style so everyone needs to try it. It's made in all the usual colour packs that Wasabi offer and remember that each one of those gives a donation to Wigs For Kids when you buy!
The Simone Top you can find down at Uber in the Just Because booth. It's a great Autumn piece so be sure to grab one to fit the changing weather. I love dressing for the weather in RL in my SL because it helps to make me feel less cold, or less warm in the Summer. It comes in 26 regular colours or you can get the print pack. It's made in fitmesh for Belleza Freya & Isis, Slink Hourglass and Maitreya Lara.


text:
Will Santa's trucks arrive this year?
Image: https://www.truckinginfo.com/
From: SNP Westminster Press Office
The SNP has condemned the Tory government's damaging Brexit deal after new statistics revealed a rise in shop prices – with the British Retail Consortium (BRC) also warning of further price increases and disruption in the coming months due to Brexit.
The BRC's chief executive Helen Dickinson said that: "Food retailers are fighting to keep their prices down as far as possible. But mounting pressures – from rising commodity and shipping costs as well as Brexit-related red tape, mean this will not be sustainable for much longer, and food price rises are likely in the coming months."
She added: "…in the run-up to Christmas the situation could get worse, and customers may see reduced choice and increased prices for their favourite products and presents."
It comes days after Scotland's food and drinks industry also wrote a joint letter warning that the double hit of Brexit and the pandemic has put further pressure on the labour market in Scotland and is "putting the growth, viability and security of many Scottish businesses in jeopardy."
Commenting, the SNP's Consumer Affairs spokesperson Patricia Gibson MP said:
"With each day that passes the damaging and costly impact of the Tory government's Brexit obsession continues to hit.
"Figures revealing rising shop prices coupled with the grim warning that the coming months are likely to see further disruption, reduced choices, and an increase in food prices, fully vindicate the years of warnings that Brexit would do enormous damage to businesses, households and the economy.
"Brexit has been nothing short of an unmitigated disaster – with recent reports also highlighting post-Brexit supply chain issues leading to food shortages and Scotland's vital food and drinks industry under severe pressure.
"This act of economic vandalism has been imposed upon Scotland against our will by a Tory government we did not vote for.
"It's clear that Scotland is increasingly vulnerable under Westminster control and that the only way to keep Scotland safe from the long-term damage of Brexit is to become an independent country."
September 1, 2021 johnrobertson834
One thought on "Will Santa's trucks arrive this year?"
Alasdair Macdonald says:
Reporting Scotland did a feature on problems the haulage industry is facing and empty shelves in shops. However, it did not link this firmly with Brexit and, while it hinted at some vague responsibility of the UK government, it did not interview any UK government spokesperson.
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Die Kupol Moskovskij (e Transkription von ) ist eine Eiskuppel an der Prinzessin-Martha-Küste des ostantarktischen Königin-Maud-Lands. Sie ragt im Schelfeisgürtel nahe der Zaliv Moskovskij auf.

Russische Wissenschaftler benannten sie.

Weblinks
 Moskovskij, Kupol im Composite Gazetteer of Antarctica (englisch)

Prinzessin-Martha-Küste
Eiskuppel

redpajama_set_name: RedPajamaWikipedia


Our story begins on Saturday morning, as I arrived at the convention. My throat was a little sore from a cold I had caught the past few days, but after a lot of rest and medicine, I assumed I was in good enough health to go. I was debuting my cosplay for Nikaido from Ben-To, as I was supposed to meet up with a friend also cosplaying from that series, but I later found out he was unable to make it.
As I picked up my badge, I noticed that the pre-registration line was longer than the at-con registration. This is the second time I've seen this sort of thing happen, contrary to previous years where the pre-reg line is short and quick, while the at-con takes longer. I actually think this is a sign of the growing ages of attendees; when we're young, we have to rely on our parents to get us to the con and provide us with the money to register there. Now that we're older and have jobs, we can sign up ahead of time, thus having more people pre-reg. Of course, this is just my theory.
Anyways, the earlier portion of AOD was spent meeting up and chatting with friends. I got a quick photoshoot of my Nikaido costume at the nearby supermarket (it's a fitting location for the series, and thankfully, the manager was nice enough to let us take photos there), then stopped by the autograph line to get autographs from Neil Kaplan and Cristina Vee. There were several other guests at the con I was unable to meet, but given the lines that they tended to have, I had to pass.
Following lunch and more wandering about, it was time to check in to the hotel. That's where my problems started.
Now let me begin with some good news: you remember my conflict with the Woodlake Hotel? Well, the credit card company ruled in my favor, and I got to keep my money. So that's one problem down, now it's time for another.
You see, the Hotel Kabuki didn't have our reservation. It simply didn't have us on record. Well, it thought we booked a room, yes, but for the weekend before the convention, which we didn't. The friend who booked the room made sure they knew it was for the con when reserving it, and when she called again to add my name to the reservation, she reconfirmed the fact. Yet they still had nothing, and that means we didn't have a room, as they were totally, 100% out.
Of course, the manager said things like, "You should have checked this when you booked the room." Well, we did. Multiple times. Someone on your end screwed up, and we were about to pay the price. They didn't even give us any notification that we'd missed our supposed reservation date, they just didn't say anything until it was too late. We didn't want to cause a fuss, but boy was it hard not to when we were about to be stranded in San Francisco without a place to stay.
Thankfully, Ray, a fellow blogger on this site, and his roommate Jaidin were upgraded to a suite, which meant they had plenty of room for us, and were generous enough to let us stay with them. My thanks once again to the two of them for their kindness, it seriously saved us. It wasn't until that night that we got another e-mail from the hotel with a reservation confirmation for this weekend, and we're still not sure if it was the one we were supposed to get or one for a room that opened up. Either way, it was too late for them to change anything.
So once again, a hotel screwed up, and nearly cost us big. This is an occurrence becoming all too common to me these days, and I can safely say that I do not like it.
At any rate, we were settled in, and I changed into my 11th Doctor costume, since no one was recognizing Nikaido. I noticed how after 5 hours of cosplaying as Nikaido, not one person recognized me or asked for pictures. Within five minutes of cosplaying the Doctor, I was getting called over left and right, and this was even without my fez. People love the Doctor, apparently. No complaints here.
As I spent more time wandering the convention and meeting friends, I noticed that it was even more crowded than last year. I think there's still room to grow, but they need to reorganize the rooms and booths to allow for more room for walking. It was definitely hard to navigate the crowd, and it was so noisy that I had to try and talk over the crowd sometimes, which was really, really bad for someone with a sore throat.
I didn't get to go to too many events, but there were two panels I was sure to check out. First off was Foxberry's "Photoshop for Cosplayers" panel, where she went over the uses of photo editing software for cosplay photos and the various tools and techniques. It was well-done, and her experience really shows, although I couldn't stick around for all of it.
I was also sure to visit the "Rattata: Top Percentage" panel, the partner to the incredibly popular "Magikarp: A History" panel. It discussed the memetic status of the Pokemon Rattata, its potential and abilities, and even the trainer who made it famous. They clearly put a lot of work into researching and preparing for the panel, in spite of it taking much less time than they had planned for. I also bet on the wrong Rattata during the video showing off a racing minigame, which just goes to show why I'm not a gambling man. The panel itself was very amusing, and I can see it becoming just as successful as the Magikarp one.
As the day grew later, I hung out with several friends in our hotel room, chatting and having a good time. At that point, my voice was worn out from all the talking, and became very raspy. In order to save my voice, I started writing down everything I wanted to say, and still managed to carry on a decent conversation.
We split for dinner, intending to return in time for a small mixer. Unfortunately, it took so long to be seated and place our orders that by the time our food arrived, it had already started, and by the time we left, it was long over. I did get to place a reservation under the name "Doctor," though, so I'll still consider it a win.
My voice now thoroughly gone, I returned to the room to rest. We had some other friends over for hanging out and chilling, but with my voice as dead as it was, I couldn't really join in many conversations. Opting to pass on the late night shenanigans for the sake of my health, I called it a night not too long after.
Sunday came along, and my voice did not. I changed into Hatori from Fruits Basket in order to meet up with other friends cosplaying from the same series, although as everyone was packing up to check out, there was plenty of time.
At any rate, my friends and I got lunch at Sapporo-Ya, which unfortunately served all sorts of ramen except for the kinds I enjoyed, leaving me with a meal I didn't particularly enjoy. That happens when you're a picky eater, though, so it's to be expected.
Following that, all of the Fruits Basket cosplayers met up for derping about the con. We got some photos taken, had some in-character shenanigans, and generally had a good time. I had to leave early to change for another cosplay I had scheduled, so I split off to change into Elan from Order of the Stick, with a friend joining me as his evil twin, Nale.
One of the first things we did was go to the gaming room for some Rock Band. Why? Because Elan is a bard, so it's totally in-character. When I was there the previous day, we played "Bohemian Rhapsody" on it, causing a staff member to note that both that song and "Never Gonna Give You Up" would be played constantly that convention. So naturally, the first thing we did once that song was over was play some Rick Astley; they were simply asking for it.
It's at this point that I'd like to mention the extreme irony of my costumes that some people noticed. I cosplayed as two Doctors, yet I was sick. I cosplayed as a bard, but I had no voice. The world has a cruel sense of humor sometimes.
When we left the gaming room, we waited a bit for a photoshoot I had signed us up for with BlizzardTerrak, a friend of ours. The garden behind the hotel was a hot spot for photoshoots, given the scenery, and many people got some excellent pictures there, ourselves included. It was pretty windy, but fortunately, we were wearing cloaks, and wind just makes cloaks look really cool. Once that was over, I said my farewells to friends, and hit the road.
The next day I discovered that my sickness and muteness is due to a nasal infection, which has me bedridden on doctor's orders, so I really hope I didn't spread it to anyone. I was very careful about where I coughed and what I touched, but it's still possible someone got sick from me, in which case, I sincerely apologize.
Now then, how was the convention? In spite of everything, it was actually quite good. The hotel caused me no small amount of stress, but once that was taken care of, I saw plenty of friends to chill with, some incredible costumes, a few good panels, and generally had a good time. I didn't see to many guests or events, but I spent time with people I enjoy seeing and enjoyed myself. Of course it would have been better if my voice managed to last throughout the convention, but these things happen, so the only thing one can do is make the best of it and be safe. There were some flaws, and it wasn't exactly the drama-free con I was hoping for, but it worked.


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Novak Djokovic is the biggest on-court earner in tennis.
The 31-year-old recently won the 2018 US Open, adding $3.8 million to his total career prize money, which is now at $119.1 million.
Djokovic has leapfrogged Roger Federer as the highest-paid on-court athlete in the sport's history.
But Federer still considerably outearns his tennis rival when it comes to endorsements.
Novak Djokovic has just served a huge financial ace.
We're not just talking about the windfall he received for winning the men's US Open final on Sunday, but rather the fact that his $3.8 million winner's check takes his total career prize money to a colossal $119.1 million.
That lofty sum means he has overtaken 20-time Grand Slam tennis champion Roger Federer as the sport's highest earner, as the former world number one has banked $117.51 million in his trophy-laden 20-year career to date.
Djokovic has not won as many majors as Federer, but 13 of his 14 Grand Slam titles have arrived after 2010, so he has benefitted from significantly larger winner's checks. Federer, by contrast, won 75% of his majors before 2010 - and therefore took home less prize money than champions do now.
"The players have played a key role in driving that growth," ATP spokesman Simon Higson said, according to the BBC.
"The sport has seen significant increases in prize money levels over the past 10 years which have seen the players share in the overall commercial growth in the sport."
Where Djokovic still lags behind Federer is sponsorship, as the Swiss veteran makes approximately $65 million a year through endorsements, according to Forbes.
Federer further boosted his earnings away from the court when he famously left Nike for Uniqlo, a lesser-known brand, earlier in the year. The deal is said to be worth $30 million a year.
Federer also endorses Credit Suisse, Rolex, and Moet & Chandon, amongst others.
Djokovic, meanwhile, receives around $22 million a year through sponsorship. His biggest partnership is with Lacoste, according to Forbes.


Turkey closed its Armenian Border and suspended the relations between Turkey and Armenia as a consequence of the Armenian occupation of the Azerbaijani territory of Nagorno-Karabagh, in 1992. Recently a protocol between the Turkish and the Armenian governments has been signed, which may lead to the opening of Borders and normalizations of relations between the two nations, if approved by both nations' parliaments.
To the best of our knowledge, the protocol agreed by the two sides does not have any provisions that indicate that Armenia has promised to meet any of the conditions Turkey has put forth for opening of the Armenian Border and normalization of the relations between the two nations. Quite the contrary, the Armenian Foreign Minister Edward Nalbandian has recently stated that normalization of the relations between the two states should have no preconditions, and that Turkey and Armenia have a mutual understanding to that end.
Drop false "genocide" claims against Turkey that go back almost 100 years and agree to the establishment of a joint committee of historians, as proposed by Turkey, to study and judge the 1915 events. As Turkey has declared it would do so, Armenia should declare that it would consider the findings of such a committee binding.
Remove indirect reference to a Greater Armenia in its Constitution by amending Article 13 of Chapter 1 that describes its national coat of arms.
With regard to items 3 and 4, note should also be made that in its Declaration of Independence in 1990, Armenia declared its support to false "genocide" claims against Turkey and has referred to Eastern Anatolia as "Western Armenia," and as such, considers this area as part of Armenia. That is not a friendly posture toward a neighbor.
TurkishPAC continues to view with apprehension the Turkish Government's signing a protocol with Armenia, which will lead to opening the border and normalization of the relations between the two countries without any preconditions.


Eleven Prairie Public Television mini-documentary music videos of my songs are now available.
You can stream them here, or watch them individually, links below.
And for more educational videos from Prairie Public, click here.


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Docrates specialists have a vast experience in cancer diagnostics and treatment and are ready to offer their help. Among them is the Chief Clincal Director Tom Wiklund, Adj. Prof. of Medical Oncology and Radiotherapy and Specialist in Medical Oncology and Radiotherapy.


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Q: Why constructor is not being called in member function of another class in C++? I have two classes: Age and Animal.
I thought that constructor of Age should be called twice:

*

*first time on Animal a = Animal(13);

*second time on a.getAge(); (because of Age temp(age); in function definition)

But... output of main() is Age constructor! instead of Age constructor!Age constructor!, so it seems like this constructor is called only once (I have checked that it is called on constructing Animal object.). Why?
Here is my code:
class Age {
private:
    int value;
public:
    Age(int a) :value(a) { cout << "Age constructor!"; }
};

class Animal {
private:
    Age age;
public:
    Animal(int a) : age(a) {}
    Age getAge() const { Age temp(age); return temp; }
};

void main() {
    Animal a = Animal(13);

    a.getAge();
}

A: Age temp(age);

It's call to copy constructor, not default. So, write copy constructor and add trace to it, if you want to see, that copy was created.

A: The Age constructor inside getAge() invokes the copy constructor, which is compiler generated in this case. The constructor taking an int is not invoked there.
It's also notable that the construction of the return value out of getAge() is (almost certainly) elided. But again, the elided construction is the copy/move construction, so no output would be produced even if it were not elided.

A: We constructing new object temp based on existing object age so u need to define
copy constructor in your base class

redpajama_set_name: RedPajamaStackExchange


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The Dark Side of the Moon 45th anniversary
Thu 19 July 2018 | 10:30 pm - 11:59 pm
Ozen Bar - King George 48, Tel Aviv, 70 NIS
A special tribute evening. One night festival. Marking the 45th anniversary of the masterpiece
The Dark Side of the Moon.
The Dark Side of the Moon,
Of British progressive rock band Pink Floyd, was published in 1973 and is considered a milestone in the history of rock, both musically and commercially, being for many years among the best selling albums in the world.
Pink Floyd started in 1965 with Roger Waters, Richard Wright, Nick Mason and Syd Barrett, and in 1967, David Gilmour, who eventually replaced Syd Barrett as the band's guitarist, joined the band. Pink Floyd's unique influence has influenced and continues to influence the rock music world wide.
Now, 45 years after the release of the masterpiece, a number of ensembles will be on the Ozenbar stage to honor the album that changed the history of world rock music. In special performance for all the songs of the album + other songs of the band from different periods.


This entry was posted on Tuesday, April 21st, 2009 at 3:27 pm	and is filed under deal structure, leveraged recapitalization, selling a business. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.


text:
Magic Leap grants healthcare startups access to its new AR headset ahead of mid-2022 launch
Updated 2022/01/13 at 12:46 AM
Ahead of a planned corporate launch later this year, Magic Leap provided a group of healthcare companies early access to your second-generation augmented reality headset. One of the companies feel, offers software that allows doctors to see a 3D model of a patient's heart while operating on it. Another company, Brainlab, wants to make its Mixed Reality Viewer software available on Magic Leap 2.
That Magic Leap is making its latest wearable available to digital health startups first is not surprising; CEO Peggy Johnson said this would happen last April. "Augmented reality could transform healthcare more than any other industry, at least in the short term," she said at the time, also noting that the company would focus on enterprise customers at launch.
Magic Leap has struggled since its emergence as one of Silicon Valley's hottest startups. In 2019, the company was discovered to have only sold 6,000 units of its $2,300 Magic Leap One Creator Edition headset in the first six months the device was available. He later spent months laying off employees before a $350 million investment gave him a new lease of life.
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