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The Concept & Advice on Growth Investments
By Simplus September 1, 2012 October 7th, 2014 Blog
MUTUAL FUND INVESTMENTS
Mr. Gerard Colaco: Mutual funds are a hybrid way of investing in real estate, debt, commodity and equity markets. Instead of investing directly, you pool resources with other investors and invest.
As in the case of stock market investments, a lot of wrong advice is given in mutual fund investments, too. Very often, terrible products like new fund offers (NFOs) are sold, not because they are good for investors, but because mutual fund distributors earn maximum brokerage from them. Similarly, a lot of fads like sector funds are recommended, whereas the only two types of equity mutual funds worth investing are well diversified equity funds and index funds.
THE SIX AREAS WHERE WE SEE VALUE IN MUTUAL FUND INVESTMENTS
1: Emergency Funding and Short-term Parking of Funds:
The four types of funds that I would choose for these purposes are liquid funds, short-term funds, short-term floating rate funds and quarterly interval fixed maturity plans.
Liquid funds are chosen when an investor is not at all sure about the duration of investment. In other words, a liquid fund is used as a glorified savings account. It is generally recommended for investments of up to 3 months.
A short-term fund is ideal for investment of between six months and a year.
A short-term floating rate fund is good for any period of investment up to a year, especially when the investor is more or less sure that funds are not needed for the first month, but may be needed anytime thereafter.
A quarterly interval fixed maturity plan (FMP) is ideal when an investor does not know when he requires the funds but is sure that he does not require them for at least the next 3 months.
Liquid, short-term and short-term floating rate funds currently yield between 6.5% and 8% p.a. Quarterly interval funds yield approximately 7.5% p.a. Please note that these yields can change, depending upon the state of the debt market from time to time. None of the above funds have anything to do with the stock market. They invest in the inter-bank call money market, short-term government bonds, short-term corporate loans, short-term financial institution loans, etc.
Non-resident Indians (NRIs) or Persons of Indian Origin (PIOs) can make investments in mutual funds funds from their NRE accounts. When they withdraw, the redemption proceeds get credited directly to the NRE accounts. Investments in mutual funds can also be made on a non-repatriable basis, by investment from the NRO account.
2: Intermediate-term investment of between one and three years:
The second area where we see value in mutual fund investments, is in intermediate-term investment of between one and three years. Undoubtedly, here there is nothing like FMPs of more than twelve months duration, especially on the tax-efficiency front for residents, and higher returns for NRIs. We need to dwell on this a little bit, because most non-residents are totally unaware of FMPs and keep their money in low-return NRE bank fixed deposits.
Fixed maturity plans (FMPs) buy and hold a diversified portfolio of debt securities, all of which are designed to be redeemed in line with the term of the plan. There is no trading in the securities held by FMPs. The yield on each security is known in advance. The expenses of the plan are also known in advance. Therefore, mutual funds are able to indicate what the yield is likely to be just before each plan closes for subscription.
We have found the indicated yields to be quite accurate. It does not mean however that the said indicative yields are exactly what you will get. If a bank deposit stipulates that you earn 9%, you earn 9%. If an FMP indicates that you earn 9%, you could earn 8.5% or 9.5%. Generally, the variations would not be more than 0.5% of the yield indicated on the last day the FMP is open for subscription.
If all this is confusing, think of mutual fund FMPs as the mutual fund equivalent of a cumulative bank deposit of more than 12 months' duration. FMPs have zero investments in the stock market. They invest in corporate and government bonds and other debt instruments. They therefore have a safety equal to bank fixed deposits.
Now, let us assume a very low yield of just 8.25% per annum on FMPs of more than one year. Unlike NRE bank FDs, FMPs are not tax-free. They are subject to long-term capital gains tax deduction of 10.3%. So, net of tax, you get an yield of 7.4% p.a. after tax. This is appreciably higher than the tax-free yield of 4.85% or so that is being offered on NRE deposits.
Where a resident Indian is concerned, bank FDs may be better for persons who are not paying tax, if at the time you are investing, the bank FD rates are higher than the FMP indicated rates. This is also more or less true for residential investors in the 10.3% income-tax slab. But for resident tax-payers in the 20.6, 30.9 and 33.99 brackets of tax, FMPs would be significantly better.
For NRIs, they have to only compare the present NRE deposit rates with the indicative yield of intermediate-term FMPs, after deducting 10.3% from the indicative yield of FMPs.
Understand one thing – both bank FD rates and FMP yields are dynamic and not static. They change and constantly compete with each other. However, the key factor in the investment decision is the post-tax rate at the time of investment. There are times when FMP rates were higher than domestic bank deposits. Right now, BFDs average 9.25%for residents, and FMP rates are in the range of 8.25 to 8.5%. But these rates are only the starting point of analysis. The deciding factor is the post-tax rate of FMPs vs the post-tax rate of other competing investments.
A final example to illustrate the above. Let us say you are a resident Indian, in the 30.9% tax-bracket. You invest Rs 1 lakh in a 9% FMP of a year and a day. You earn Rs 9,000/- upon maturity. The long-term capital gains tax at 10.3% is Rs 927/-.So your net return is Rs 9,000/- minus Rs 927/- = Rs 8,073/-.
Now let us assume you also invest another Rs 1 lakh on the same day in a bank fixed deposit yielding 10% p.a., a clear 1% more than the FMP. You earn Rs 10,000/- as interest. You pay Rs 3,090/- as tax, being in the 30.9% tax bracket. You are left with a net return of Rs 6,910/-, significantly lower than the Rs 8,073/- that you got as net return from the FMP.
So it is this Rs 8,073/- versus Rs 6,910/- that is important, not the 10% BFD interest versus the 9% FMP yield. In financial jargon, this habit of always looking at the final yield, net of taxes and expenses, is called "LOOKING AT THE BOTTOMLINE". It is also called the post-tax rate. This is one of the best habits that an investor can cultivate.
Now, we take an example of a non-resident investing in NRE Bank deposits. The NRI invests Rs 1 lakh in an NRE bank deposit giving 4.85%. There is no income-tax on interest earned on these deposits. So, he earns Rs 4,850/- tax free. If he invests the same in a 8.25% FMP of one year, he earns Rs 8,250/- upon maturity. The long-term capital gains tax at 10.3% is Rs 850/-. So his net return is Rs 8,250/- minus Rs 850/- = Rs 7,400/-, appreciably higher than the Rs 4,850/- on the 'tax-free' NRE bank FD.
There is one other class of safe mutual funds called arbitrage funds. These funds carry on a business of buying shares in one market and selling them in another market where the prices are higher. The deals are entered into in the two markets simultaneously and so there is no speculation or risk.
For example, if a particular stock is traded at Rs 600/- in the Bombay Stock Exchange cash market and at Rs 606/- in the National Stock Exchange 30-day futures market, the stock is bought on the BSE and sold on the NSE simultaneously. If this position is settled after a month, the profits are Rs 6/- on Rs 600/- or about 1% per month or 12% per annum.
There are mutual funds that specialise in such operations. When there are no such opportunities, the funds are kept in safe debt instruments. Returns on these funds have been between 7% and 9% per annum, for an investment horizon of a year or more. Now comes the important part. Because arbitrage funds are considered 'equity funds', there is no tax whatsoever on profits made, provided the investment is held for a year at least.
A mix of FMPs and arbitrage funds is the best bet for intermediate-term, risk-free investments. We hope this has thrown some light on the subject of FMP investments in particular and debt investments in general.
3: Equity Linked Savings Schemes (ELSS)
ELSS investments are more relevant to Indian residents. Section 80C of the Income-tax Act, enables an investor to get a tax exemption of Rs 1 lakh, in addition to the basic exemption of Rs 1.8 lakh given to all male assesees. For females, the basic exemption is Rs 1.9 lakhs. For senior citizens (60 years and above), the basic exemption is Rs 2.5 lakhs. What this means is, for example, if a non-senior citizen female earns Rs 15,000/- salary per month and has no other income, she does not have to worry about tax, because her total income is Rs 1.8 lakhs, which is less than the basic exemption of Rs 1.9 lakhs.
Now, non-residents are not taxed in India on their foreign income. They are also not taxed on the interest they earn on NRE bank deposits. However, Indian income-tax laws assume very great importance when non-residents decide to return to India on permanent transfer of residence. At that time if proper tax planning is not done, it can result in non-residents having to pay unnecessarily high taxes, when they start filing income-tax returns as resident Indians. Therefore, what we advise NRI couples is that both husband and wife must have individual NRE and NRO accounts.
The husband must have an NRE account and an NRO account in both of which he is the first holder, with his wife as second holder. The wife must in turn have an NRE account and an NRO account, in both of which she is first holder and the husband is second holder. This must be done even if only one of them is working and the other is not, although both are residing abroad. Before returning to India on permanent transfer of residence, the husband and wife must split their savings more or less equally between themselves and make two separate inward remittances to their respective NRE accounts, from abroad.
Now let us see the implications of not doing this as well as of doing this, by taking 2 or 3 examples.
Example 1: All investments are brought to India in the name of the husband only:
Let us say the husband invests Rs 80 lakhs in resident bank deposits at 9.5% interest per annum. He earns Rs 7.60 lakhs of income. He will pay tax as follows:
On the 1st Rs 1.8 lakh: Nil
On the next Rs 3.2 at 10.3%: Rs 32,960/-
On the next Rs 2.6 lakh, at 20.6%: Rs 53,560/-
Thus the total tax he will pay on the income of Rs 7.6 lakhs is Rs 86,520/-
Example 2: Husband and wife have split their savings and transferred them to India in equal proportions:
Each of them invests Rs 40 lakhs in 9.5% bank fixed deposits, each of them earns Rs 3,80,000/-. The total family income will be the same as in example 1, that is Rs 7,60,000 lakhs, except that it is now earned by two individual income-tax assessees equally.
The tax paid by the husband will be:
On the next Rs 2,00,000/- at 10.3%: Rs 20,600/-
The total tax payable by the husband amounts to Rs 20,600/-.
The tax paid by the wife will be:
On the 1st Rs 1.9 lakhs: Nil
On the next Rs 1,90,000/- @ 10.3%: Rs 19,570/-
The total tax payable by the wife amounts to Rs 19,570/-.
The total, tax payable by husband and wife will be Rs 40,170/-. Compare this to the tax figure of Rs 86,520/- that would have to be paid by the husband if the inward remittance of their savings had not been split between the two of them.
Example 3: This is the same as example 2, but we now assume that from the earnings of Rs 3,80,000/- of each of them, they also invest in instruments like ELSS which give them a further exemption of Rs 1 lakh each.
In this case, the tax that each of them pays will be as follows:
On the first Rs 2.8 lakhs: Nil
On the next Rs 90,000/- @ 10.3% : Rs. 9,270/-
The total tax payable by the wife amounts to Rs. 9,270/-
Therefore, on a total family income of Rs 7.60 lakhs, the total tax is only Rs 19,570/-.
Compare this to the tax figures of Rs 40,170/- and Rs 80,520/- in examples 2 & 3 respectively. Now you probably see the importance of good financial planning. Actually, what we have given above is an example of tax planning. Tax planning is one small part of financial planning.
For eligibility under Section 80C, ELSS is not the only available avenue. There are numerous other avenues, of which the best two are the Public Provident Fund (PPF) and ELSS. Non-resident Indians cannot open PPF accounts. Anybody can invest in ELSS. Non-resident Indians may require tax saving under Section 80C, in case their Indian income exceeds the basic exemption limit prescribed from time to time.
For example, if a non-resident Indian owns an apartment in Bangalore from which he earns rent of Rs 25,000/- per month, his total Indian income will be Rs 3 lakhs, far higher than the present basic exemption of Rs 1.8 lakhs. Such a person will definitely need tax saving avenues like ELSS. With its good long-term earnings potential, limited risk and tax saving features, ELSS schemes constitute the third area of mutual fund investment in which we see value.
4: Systematic Investment, especially into equity and balanced mutual funds
If you have read and digested our paper on equity investment, you will appreciate that for a normal investor, to have a meaningful equity portfolio today, she/he will need to purchase Rs 20,000/- worth of each stock in at least the first 30 stocks in our recommended list. That would be a one-time outlay of Rs 6 lakhs. Actually, to totally take care of the unsystematic risk in the stock market, we recommend 60 stocks and not 30. This means an outlay of Rs 12 lakhs, at the minimum.
Now if an investor wants to invest systematically in our model, he would have to purchase at least Rs 20,000/- worth of one stock per month. There are a number of small investors who will not be able to afford this amount of monthly investment. Thus, the fourth area where I see value in mutual fund investments is in systematic investments into non-ELSS equity and balanced funds, especially for small investors.
For large investors, it can probably be argued that they can purchase one or two stocks or more, of Rs 10,000/- or Rs 20,000/- each per month directly in the stock market. For example, we have several clients from whom we have standing instructions to purchase Rs 10,000/- or Rs 20,000/- worth of stocks per week/fortnight/month from our list of about 60 recommended stocks. But what about a very small investor who can only afford to salt away Rs 500/-, Rs 1,000/- or Rs 2,000/- per month? For such persons, there is nothing like a sustained systematic investment into equity/balanced mutual funds.
The value of systematic investment into a diversified equity fund is that with as little as Rs 500/- or Rs 1,000/-, you can purchase a diversified portfolio of stocks through the mutual fund route. It is time to understand the benefits of systematic investment, especially in a fluctuating avenue of investment such as the stock market. So, let me give you a primer on systematic investment.
Systematic investment is a method by which fixed or varying sums of money are invested in one or more avenues of investment at regular intervals. If you examine this definition, you find that it is quite flexible on both the amounts to be invested, as well as the avenues of investment.The only area where there is rigidity and no compromise, is in the "at regular intervals" portion of the definition. This is because the objective of systematic investment is to make investing a habit.
We are used to poor quality systematic investment plans such as recurring deposits into post office or bank recurring deposits. Actually, the greatest benefit of systematic investment is felt when it is made in investments whose values fluctuate. Let me give you an example of the difference between what a normal stock market investor does and how the same strategy would look in systematic investment.
Let us assume that there is a good stock market investor. He is not a speculator. He does the minimum amount of study required, invests in good stocks and does not panic when the stock markets falls. Let us assume he has identified a stock which is currently quoting at Rs 100/- per share in the market. He considers it a good buy and purchases 100 shares, paying Rs 10,000/- for them. Unfortunately, he has made his purchase at the market peak. The market now falls heavily and in 3 months' time, he finds the share quoting at Rs 70/- per share.
This investor does not panic. He examines the new situation. His conclusion is simple. Three months back he found the share attractive at Rs 100/-. Now he finds it quite a bargain at Rs 70/-. So he buys another 100 shares, investing Rs 7,000/- this time. Unfortunately for him, the economy of the country is going into a 2 or 3 year recession. Three years later, he finds the same stock quoting at a miserable Rs 40/- per share. Once again he does not panic, nor does he buy again blindly. By now, he is a shareholder of the company for a little over 3 years and has been receiving the company's annual reports and financial statements.
He concludes that even in a general recession, the company is making some profits and paying some dividends, although the profit and dividend levels are much lower than in the boom time. Now, our investor argues that if this company can keep its neck above the water in the bad times, it should certainly do very well when the next boom occurs. So he purchases a third lot of 100 shares, paying Rs 4,000/- for them. The summary of his investments is as follows:
Purchased 100 shares at Rs 100/- per share, investing Rs 10,000/-;
Purchased 100 shares at Rs 70/- per share, investing Rs 7,000/-;
Therefore, purchased 300 shares totally, for a total consideration of Rs 21,000/-, or an average price of Rs 70/- per share.
Now let us convert the above example into systematic investment. In normal stock market investment, the investor's focus is generally on quantities or numbers of shares to be bought or sold. In systematic investment however, the focus is not on quantities, but on equal amounts at regular intervals. In the above example, Rs 21,000/- has been invested in 3 transactions. To convert that operation into systematic investment therefore, Rs 21,000/- should be divided into 3 equal portions of Rs 7,000/- each.
The rest of the example is the same. You invest the first Rs 7,000/- when the price of the stock is Rs 100/-. You get 70 shares. You invest the next Rs 7,000/- when the price of the stock is Rs 70/-. You get 100 shares. You invest the final Rs 7,000/-, when the price of the stock is Rs 40/-. You get 175 shares. Now when you total this 70 + 100 + 175 shares, you get a total of 345 shares for the same Rs 21,000/- as opposed to 300 shares in the normal investment that you made in the earlier example.
In the systematic investment, you end up holding 345 shares at an average price of approximately Rs 61/- per share, against 300 shares at Rs 70/- per share in lump sum investment. There is no magic in this. It is simple mathematics.
By shifting your focus from a specified quantity of shares to be purchased per transaction, to investing equal amounts at regular intervals, you automatically tend to buy a lesser number of shares when the market is high and a greater number of shares when the market is low. This helps you obtain a favorable weighted average instead of a neutral simple average, as in the first example.
When we buy the same stock or the same kind of investment (for example a particular diversified mutual fund, at different times, we will have a high price at which we purchase the stock or units and a low price. The median point between the high price and the low price will be the simple average. For example, in the first case of normal stock market investment, the high price was Rs 100/-, the low price was Rs 40/- and therefore the mid-point between these two prices, or the simple average was Rs 70/-. Here prices changed, but our quantities remained the same.
However, by using the superior technique of systematic investment, you end up with an actual price of Rs 61/-, which is below the simple average. In short, you have achieved better pricing, by an automatic process, without relying upon research and deep study. Systematic investment always and without exception enables you to get a final purchase price that is below the simple average price of the high and low rates during the period you made the investment. Here prices changed, and the quantities that we purchased also changed in response to the change in prices.
Quantities purchased were greater when prices were down and lesser when prices were up. In real life also, wouldn't we tend to consume or use more of a product when its prices are down? The same common sense is automatically applied in a technique like systematic investment.
To sum up, systematic investment plans (SIPs) in mutual funds are useful because:
1. They enable even a small investor with modest means to make systematic investments with amounts which can even be as low as Rs 500/- or Rs 1,000/- per month.
2. They afford convenience and ease of operation in making the investment. You can give standing instructions to your bank that a certain amount must be systematically invested every month into a certain mutual fund investment plan.
3. Even with very small amounts, you can achieve diversification across all major sectors and stocks. For example, three of the best diversified equity funds in India which invest in the main, large, blue chip companies are the Franklin India Bluechip Fund (from Franklin Templeton Mutual Fund), the HDFC Top 200 (from HDFC Mutual Fund), and the Fidelity Equity Fund (from Fidelity Mutual Fund). One of the best diversified mutual funds which invests in mid and small capital companies is the Sundaram Select Midcap Fund (from Sundaram Mutual Fund). At any given time, the above funds would be investing in something like 30, 50, 80, and 100 stocks respectively. Now, if a small investor is even putting Rs 500/- per month in the HDFC Top 200 through a systematic investment plan, each purchase of this Rs 500/- enables investment in the average of 50 companies that the fund is holding. Such a facility can be obtained only through mutual fund investment.
4. You have heard of diversification across sectors and companies. Systematic investment enables such diversification but also performs another very important function. It enables diversification to be complete.Systematic investment and diversification are very closely related. In fact, systematic investment is a part of diversification. Systematic investment is diversification across time.
5. Systematic investment automatically enables right pricing.
6. Systematic investment makes investment a habit.
There is an old saying in investment: If you work on an investment, it will work for you.
There is another old saying: A winner is not one who never fails, but one who never quits.
Systematic investment in diversified equity funds, especially over the long term achieves and fulfills the spirit of these two sayings.
We conclude this note on systematic investment, by tackling the most important aspect of the risk involved in systematic investment into fluctuating avenues like index or diversified equity funds. Investment in diversified equity funds carries a risk in the short-term. Equity investment is however safe in the long-run. Systematic investment certainly does not eliminate risk. But it definitely reduces risk quite significantly.
The maximum risks in equity indices almost never exceed 50%. In quality portfolios such as the ones recommended in our paper on equity investment, the risk is generally not more than 35%. But in systematic investment, the risk does not exceed 25%, 17%, and 10% in the first, second and third years. Let's look at an example.
If you have a systematic investment of Rs 1,000/- per month into a diversified equity fund, and you have completed 12 months during which there has been a massive fall in the stock market, your maximum risk will not exceed 25% of the total of Rs 12,000/- that you have invested. 25% of Rs 12,000/- is Rs 3,000/-. This can be the maximum depletion in your investment.
In 2 years, you would have invested Rs 24,000/-. Seventeen percent of this is approximately Rs 4,000/-. This can be your maximum risk in an SIP in two years time, in a worst case stock market scenario.
In 3 years, you would have invested Rs 36,000/-. The maximum risk will not exceed 10% or Rs 4,000/- approximately.
Ever since the modern era of the Indian stock markets began in 1979, we have not seen any risk in SIPs of more than 3 years. Once you start, however, it is good to continue an SIP for at least the equity time horizon of 5 years.
5: SYSTEMATIC TRANSFER PLANS:
This area involves an asset allocation strategy that has been described in Option 3 of our paper on good investment avenues in the Indian equity and debt markets. The strategy is called a 'ZERO RISK SYSTEMATIC TRANSFER PLAN.' It addresses a very important issue that most investors confront, and that is risk in equity investments.
There are many investors who shy away from equity investments because of the risk involved. What they don't realize is that the stock markets have a history of slightly more than 400 years. During this period, not a single stock market system of any country has ever collapsed. On the other hand during the same period, countless banks, including some of the best banks in the world have gone under.
When we talk about risk in the stock market, the so called risk is only in the short-term. History has shown repeatedly that there is absolutely no risk in equity investments in the long-term, especially in a well diversified portfolio of even reasonably good stocks.
What if a stock market investor is given an opportunity to invest in equity without the accompanying risk? This was a question that fascinated us when we started our career sometime in 1985. We then came across many studies worldwide, which established that using an asset allocation strategy which combined both, debt and equity investments, risk could be fine tuned to the level desired by the investor.
You will understand this better with a simple example. Assume that Rs 100,000/- is invested in a safe avenue of investment which gives a return of 5% p.a. Now, 1% of this principal that is Rs 1,000 /- per month is transferred to a reasonably well diversified bunch of stocks. If such a strategy is put in place, there will be no risk to the capital of the investor, regardless of the state of the stock market over any period of time.
Using this strategy therefore, an investor can participate in the market without taking a risk to his capital. The systematic transfer plan (STP) combines all the benefits of systematic investment, and in addition makes use of the asset class of debt, which is non-correlated to equity. Non-correlated means that equity and debt will generally not move together, where their returns are concerned. Short-term debt, which is the safest form of debt, will give low and steady returns. Equity can move up or down in the short-term, but gives higher returns in the long-term. To sum up, the rationale behind an STP can be explained in the following table:
Asset Class Short-term (< 5 years) Long-term (> 5 years)
Short-term Debt Safe Safe
Diversified Equity Risky Safe
What you see above is that debt is safe whether in the short-term or the long-term. Equity is safe in the long-term, but can be quite risky in the short-term. Therefore, the table shows 3 areas of safety and one area of risk. The systematic transfer plan attempts to avoid this one area of risk by placing the corpus available (in our example Rs 100,000/-) in a short-term debt fund and systematically transferring 1% of this corpus per month to an avenue of investment that is safe in the long-term, namely equity. While debt is also safe in the long-term, it should be borne in mind that equity gives far higher returns than debt, in the long-term.
Investing in an asset allocation strategy whereby a corpus is placed in a safe debt avenue of investment, and 1% of the corpus per month is transferred to a diversified equity avenue, is called a "zero risk systematic transfer plan." This discussion brings us to an interesting point. Risk can be of two types. You can have a risk to capital. You can have a risk to return. Let us assume you have invested Rs 1 lakh in equity. After one year, your investment is worth Rs 90,000/-. This is a risk to capital.
Now, let us assume that you have invested Rs 1 lakh in a zero risk STP strategy and another Rs 1 lakh in a resident bank deposit. After one year, the stock market performs very badly. Your STP strategy is worth Rs 1.03 lakhs. Your bank deposit has earned you 9% p.a. and is worth Rs 1.09 lakhs. If you argue that you earned lesser returns of Rs 6,000/- in the STP strategy, the extent to which you earned lesser returns than a competing avenue of investment, is your risk to return. This example is given for illustrative purposes only, as an STP strategy involving debt and equity is totally different from a pure debt investment like a bank deposit.
Over period of 5 years or more, STP strategies have repeatedly proved that they will give higher returns than most other avenues of investment, without taking a risk to capital. Hence to earn higher returns in a longer time frame, it is worth taking a risk to return. First time investors in the stock market would certainly do well to avoid a risk to capital at all costs.
There are many risk-averse investors who do not mind a short-term risk to return, if they can be compensated by long-term returns which will beat almost all other avenues. Their main fear is of a risk to capital, not a risk to return. We fully support any investor who does not want to take a risk to capital. As Warren Buffett put it so beautifully: "The first rule of investing is: do not lose. And the second rule is: do not forget the first rule. And that's all the rules there are."
The zero risk STP has one other outstanding feature. At any time during the period of your investment, if the stock market falls by more than 25% from its last peak and remains below this level for at least a month, then we advise you to double your monthly systematic transfer from Rs 1,000/- to Rs 2,000/-. Generally, you get a chance to do this at least once in a period of 5 years. If you do avail of this opportunity, it can substantially enhance your returns.
As things stand in India at present, zero risk systematic transfer strategies are designed to quadruple your money in a period of 10 years, even if you do not get an opportunity to double your systematic transfer when the markets fall by 25% from their peak. If you do, the returns will of course be higher.
Viewed from any angle, the zero risk STP remains one of the best strategies in mutual fund investment. Its value lies in first, enabling a risk-averse investor to invest in the stock market without taking a risk to capital. Second, while capital is protected, returns are not compromised. Third, there will generally be an opportunity to substantially increase your returns when the markets descend 25% or more from their last peak.
6:INVESTMENTS:
The definition of a mutual fund is that it is a common pool of money to which investors contribute, for investment in accordance with a stated objective. Therefore, mutual funds are not limited only to financial assets such as equity shares, government bonds, corporate bonds and other debt instruments. Mutual fund plans can also be formulated to invest in real estate, bullion, other precious metals, derivatives and so on.
When we study the history of investments, we find that where long-term, investment-beating and wealth-enhancing returns are concerned, the only two worthwhile avenues of investment are equity and real estate. Since real estate requires a lot of capital and considerable expertise, real estate mutual funds can offer a good alternative for investment. Similarly, there are certain asset allocation funds which rebalance between various types of assets on a periodical basis.
For example we can have a fund that follows Benjamin Graham's 50:50 rebalancing strategy. To understand this strategy, let us assume that the mutual fund has a corpus of Rs 2 lakhs. Rs 1 lakh is invested in let us say the Nifty Index and the other Rs 1 lakh is invested in a liquid fund, thereby maintaining a 50:50 balance between debt and equity. Let us say 6 months down the line, the debt component has grown to Rs 1.04 lakhs and the equity component has grown to Rs 1.10 lakhs. The total portfolio value is now Rs 2.14 lakhs. To maintain a 50:50 balance now, there should be Rs 1.07 lakhs in debt and Rs 1.07 lakhs in equity.
So, the fund now shifts Rs 3,000/- from equity to debt, in order to realign itself to the 50:50 balance. Such a fund would certainly be worth investing in, especially if it has a regular programme for rebalancing its portfolios at fixed intervals of say 6 months or a year. Regular rebalancing is perhaps the finest way of investing. It takes care of all normal questions of an investor like when to invest, where to invest, when to book profits, what is the quantum of profits to be booked, etc.
To conclude, real estate mutual funds and certain clear cut asset allocation and rebalancing funds are definitely to be considered in the overall investment portfolio of an investor.
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Many of the world's top universities are in the UK and the USA. Fluency in English opens the door to these elite institutions.
The vast majority of journals and other academic study papers are written in English.
Find out about our programmes which can gain you entry to the top universities in the UK and USA.
Go to a top university in the USA Go to a top university in the UK
The global language of law
Law is a huge global service-based industry.
Global businesses, governments and the not-for-profit sector all require legal expertise (advisory or enforcement).
Global law is conducted in English. The top 5 biggest law firms in the world are based in English speaking countries.
They have a combined annual revenue of over US$14 billion.
English is the language of the internet. An estimated 565 million people use the internet every day.
An estimated 55.5% of the world's most visited websites are in English.
Tech giants and start-ups use English as the most widely used language for programming and coding.
Since the mid 20th century English has been the default language of science and medicine.
English in popular culture
Much of the world's most popular literature and cinema is in English.
Learning the language will mean you can enjoy and appreciate them in their original form.
Watching and reading English language media will help to develop your core language skills
Enjoy some of the most widely-appreciated music, films and books in the world.
English is the official language in over 60 countries.
It's also the most widely-spoken second language in the world.
Wherever you go, English will be your passport to communicating with new friends from all over the world.
BPPE Resources
Kings BournemouthKings BrightonKings LondonKings Los AngelesKings Oxford

redpajama_set_name: RedPajamaCommonCrawl


Untitled manuscripts on the Theory of Knowledge by Reyburn Watres. Typescript is divided into four books, with an appendix and miscellaneous materials also present. Titled sections include: "Postulates, Our Habitation," "Thought the Habitant," "Wholeness," "Complemental Reasoning," "The Possibility of Metalogic," "Self," "Expression," "Logic and Metalogic," and "Creative Thinking."


Please join us for the next PERT Webinar on January, 9, 2018 at 6 pm (Eastern Standard Time). We are pleased to have Dr. Geno Merli and Dr. Elias Haddad present.
and will present a case that should add a great deal to our knowledge base in the care of patients with pulmonary embolism.
which will challenge our group.
We sincerely hope that you will be able to not only attend, but actively participate in the discussion which is usually lively, challenging, and always civil.
Our committee is assembling a group of people that are interested in presenting cases for future webinars. If this is of interest, please send us your names and we will ultimately prepare a roster of people with scheduled dates well in advance of the quarterly sessions.
We appreciate your continued interest and participation in this important educational program. Remember, prevention is as important as PERTINENT treatment!!


When brewing a pot of premium loose tea, every step counts including using the right tea accessory for a particular type of tea.
To choice the right tea accessory, a basic knowledge about the tea is required. It then come to personal taste and preference. An experience Chinese tea drinker will know which is the exact teapot for his/her favourite tea and it comes with many years of tea drinking and experimenting.
We (Chinese) always use small teapots as this ensures the teas are freshly brewed and severed. A traditional big teapot has the tendency to soak the tea to produce a bitter taste and rough texture.
A Zi Sha teapot (purple sand teapot) is considered by the Chinese as the premium teapot for brewing premium teas. The micro-cavities in its unique clay allows teas to breathe through the teapot wall during the brewing process. All experienced Chinese tea drinkers will agree that the premium tea brewing is a dynamic and vivid process: different teas require different water temperature, tea leaf volume, sequence of adding the water and the leaves, and each infusion of the same leaves has its own character and taste. The unique micro-cavities in Zi Sha clay facilitate this process better than any other material on earth. It is especially recommended for teas that require a 'good brew', teas made of mature tea leaves such as Oolong tea, black tea and pu-erh tea, although I personally still prefer Zi Sha teapot over others when brewing teas made of young leaves such as green tea and white tea.
We also use small tea cups in glass or with white inner lining for drinking. This is for the convenience of inspect the tea brew. A premium tea's brew should be brightly clear, in whatever colour the tea is supposed to be in. This is the very reason that many Zi Sha tea set have unglazed teapots, but cups lined with white ceramic. The teapot is to ensure the quality of the tea brew and the tea cup is more for tasting and inspection.
The tea infuser all-in-one is designed to be used in the office with limited space so that people do not need a tea set to brew premium loose leaf teas.
As you can see tea accessories serve more purposes than just functionalities. By selecting the right tea accessories, your tea consuming experience will be largely enhanced.
It then comes to collection. For example, many tea lovers have a collection of Zi Sha teapots based on the theory that the micro-cavities in the clay actually trap certain tea flavours and therefore use one teapot for one tea type only. This is the exciting part of tea consumption, the depth is unlimited. It is a love, passion, journey and life style.
Remember, there are not many life time habits on earth that offer not only enjoyment, but health at the same time and tea dinking is one of them.


The people mover trains operated daily at Darling Harbour conducting site tours incorporating all the major attractions within the Darling Harbour precinct. These attractions include the Aquarium, Madam Tussauds, Harbourside Shops, Imax, Chinese Garden, Powerhouse Museum, Maritime Museum, Sydney Wildlife World and many more. In addition, we have a permanent people mover service at Taronga Zoo and Sydney Olympic Park.
At Darling Harbour, we had a seating capacity of 240 passengers in six people movers trains. Our trains did tours of the site from 10am to 5pm, later in summer daylight saving time. Prices A$5 - C$4 for a 30 minute tour or to be taken from one end to the other at this very large precinct. Apart from our usual daily service we catered for after hours bookings - weddings, tour groups, corporate transfers, cruise groups, Christmas parties, hens nights and many more. If you have an event simply call us to enquire as to how we can assist.
Taronga Zoo tours are also A$5 and C$4 (discounts for Zoo friend members) with the new attractions now open the Zoo Train tour is special and much loved by the kids.
Sydney Olympic Park is a varied service, prior to the 2000 Games we offered site tours but these days we cater for parties, Expos, or the site tours as required. WE CATER FOR ANY TOUR/HIRE REQUEST AT SOP. Call to see the SOP 2000 Olympic Games venues in comfort on our 1 hour tour.
Weddings are now catered for and the trains look great with the streamers and bridal flowers attached. If you have a Darling Harbour wedding (Or elswhere, we can bring a train or two to you,) make it complete by moving your guests in comfort and be applauded by passer-bys as you head to your reception in your very own Wedding Train.
Use any number of Trackless Trains - Jumping Castles or choose any number of amusements to cater for your event. We have it all - ANY YES, IT IS ALL NOW FOR SALE. CALL OR EMAIL FOR ENQUIRIES AND COSTS.


Stellar Edge Solutions Pvt Ltd., a leading Training Company that offers Six Months Industrial Training program in Android to IT Engineering students (B.Tech/MCA). Our Android course focuses on practical as well as the theoretical aspects of learning.
Class Schedule: 1 Hour Theory on week days (Mon-Fri) and 2 Hrs Practical.
6 Months Industrial Training Certificate By Stellar Edge Solutions Pvt Ltd.
Use various Java programming language constructs to create several Android technology applications.


BEIJING - Xiang Junbo, chairman of China Insurance Regulatory Commission (CIRC), is currently under probe, according to China's top anti-graft authority.
The Central Commission for Discipline Inspection of the Communist Party of China said in an online statement Sunday that Xiang was being investigated for suspected serious violation of the Party's code of conduct.
Xiang is also Party chief of CIRC.


We all think differently, a different perspective to us all. I'm glad. If we all thought the same way life would be pretty boring.
The photo with the lines and words was similar to the test I took – but my test, I swear, had many more lines and angles. I scored the lowest in the class, but passed.
What I saw when the paper was handed to me was a night stick with GEOMETRY all over it. Lines and angles and panic! I hated geometry and barely passed it in high school. It's the way my brain processes – or doesn't process it – total panic, No comprende! I think if they had given me an oral test with PR24 in hand I would have done better. Or put in into Algebraic equations – loved Algebra.
So that brings us to acronyms. I hate them. I cannot process them immediately. I stare at them and try to figure out the puzzle. Ugh! It's so hard for me. I get a few ( like IHOP – the pancake people) but when I use them people look at me as if I am speaking a foreign language. Welcome to my world.
I once attended a church that loved acronyms. In the morning announcements they would use at lest 5 in a small paragraph. I couldn't solve the mystery so I never joined any of their extra groups. How could I? I could not speak the language.I actually google them now when people post them in Facebook or emails so I don't appear too stupid.
Hey, I have an idea, why not speak full words so we don't have to wonder what the heck is being said in a conversation or so we don't have to pretend we know what is being said. Hmmm. Just a thought.
KEY = Just take it out of your pocket and open the door!!!
This entry was posted in Random and tagged acronyms, algebra, geometry, hate, key, law enforcement, love, night, night stick, people, perspective, police, PR24, random, session, stupid, training, writing on March 21, 2013 by Cate B.


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Quick, Name the #1 Reason People Don't Walk or Bike To Work…
Sandy James Planner 6
business Walk/Bike to Work
The New York Times takes on the top reason cited by Americans for not biking or walking to work, from a recent survey on active commuting.
That issue? Time.
But, as the Times suggests, the 97 per cent of Americans who don't use active transportation for commuting may want to rethink their reasoning.
New Westminster Councillor Invites You to Innovation Week February 23-Mar 2
business climate change Patrick Johnstone~Innovation Week sustainability
Patrick Johnstone is a city councillor for the City of New Westminster as well as a cyclist, writer, and engaged citizen. He's going to be posting items on New Westminster's Innovation Week, and has invited everyone to attend the events for the City's eight day events for Innovation Week. You can also go to Patrick's website here at https://patrickjohnstone.ca . Here's Patrick's first post:
Starting on February 23, New Westminster is running its second annual Innovation Week, an 8-day-long series of events celebrating how innovation in technology and organization can transform a City.
New Westminster is investing in becoming a smarter city through what it calls an Intelligent City Initiative. Innovation Week is a showcase for this model, and an opportunity to bring people from around the region together to dream about the cities of a rapidly-arriving internet-empowered information-dependent future.
The opening on Friday evening demonstrates how varied the topic of "innovation" can be. A free public reception in City Hall (511 Royal Ave) will include a digital media show by local students and artists where data from the City's award-winning Open Data Portal is translated to digital signals that are in turn worked into video and musical performances. If that's not enough, a local craft brewery will be there to release a Limited Edition brew formulated with the help of the Mayor of New Westminster – Jonathan Cote.
There are many events over the week that should be of interest to people across the region. The theme for 2018 is Transportation, so there will be forums and dialogues on topics like regional transportation and mobility pricing. But there are also discussions about digital inclusion, a livable Cities symposium, Public Art tours and a PechaKucha evening featuring regional transportation and planning thought leaders.
The interactive events of the week include classes for youth on coding and a Hack-a-Thon where teams of programmers will compete to use the City's Open Data Portal to create apps to solve local government problems or gamify everyday municipal operations. A Business Expo will concentrate on the Tech economy, and a pitch event and forums will bring together Angel Investors and government funding agencies interested in helping new start-ups or established businesses. Through the week, you will be given reasons to dream, and information and resources to make that dream work.
A list of the several events is available on the Innovation Week website:
https://www.newwestcity.ca/innovation-week
Innovation Week
Various Locations in New Westminster
Open to the public, most events free (but please register first to help organizers out!)
Street Level Toronto Film: The Honest Ed's Site and "Why I Became a Planner"
business climate change landscape real estate Toronto and Honest Ed's~The Film
The iconic Toronto "Honest Ed" site is being redeveloped by Westbank at Bloor and Bathurst in the Annex area. The City of Toronto has gone with a straight up tower form without the podium massing commonly used in Vancouver. The development will have 801 units in five thin towers, the highest tower being 29 storeys. And no, they did not keep the Honest Ed's sign intact, it was demolished. Spacing Toronto had a draw for a few light bulbs from the sign, as well as part of the sign with the letter "O".
The City of Toronto has also launched a film series called "Street Level" and in the first film "Senior Planner Graig Uens explains how the redevelopment plans for Mirvish Village evolved based on community feedback & the City's own planning policies".
It is a fascinating take on how Toronto sees itself, its policies (the bike lanes!) and its processes. Graig's talk describes the public process to get to the 29 storey tower massing, and mentions some of the heritage facade retention. The short film has a feel like the City of Angels film where Nicholas Cage viewed Los Angeles from the roof tops. Films on what city planners actually do are scarce~kudos to the City of Toronto for including their planner.
Yaletown Retail Businesses To Lose On~Street Parking with Axing of City Metered Cash Cow
Sandy James Planner 32
business landscape social issues Vancouverism Yaletown stripped of Cash Cow Meters for Safety Reasons
Various media sources including the Vancouver Sun have reported on the City of Vancouver Engineering's plan to reduce 80 to 90 city metered parking spaces in Yaletown's five blocks around the rather funky Mainland and Hamilton Street retail area. The area to be impacted is the metered angle parking that serves the commercial businesses. One, a flower shop, needs the space for commercial deliveries that occur several times a day. The Yaletown Business Improvement Area's executive director, Annette O'Shea calls this parking reduction "absolutely devastating" and stated "There's been no consultation whatsoever. The residents don't know what's going on, businesses don't know what's going on. We know we're going to lose some parking. We totally accept that we're going to lose some parking," she said.But to have this slash-and-burn mentality of we're going to lose all the parking, it's totally unacceptable."
The metered parking spaces to be chopped are among the top cash cow performers in the City of Vancouver parking meter stable, which brings in $50 million dollars a year, or over $4 million dollars a month.
The rationale for the stripping of metered parking is "safety" according to the City of Vancouver Fire Department. Unlike the rest of the downtown, these Yaletown streets uniquely have a street on the front and back of each building instead of a skinny back lane. This means that any fires can be accessed and fought from both sides of the building.
Street space been an ongoing issue for the last thirty years where the Fire Department has consistently asked the Engineering Department for less parking and even street widening for their vehicles in the West End. Traffic circles were considered bad for fire trucks until computer programs proved that they could easily negotiate around them, or use their edges. Speed bumps were also considered bad for fire trucks, not because of elapsed emergency time, but because firemen hit their heads on the truck roofs with the bumps.
Price Tags Vancouver has already reported about the City of San Francisco obtaining eight new fire trucks that are ten inches shorter and can make a u-turn in twenty-five feet. These trucks are being commissioned for the less wide and more curving street network in the downtown area. The new trucks also have cameras that give a 360 degree view around the engine for pedestrian and cyclist safety according to Vision Zero principles.
The City of Vancouver is holding a public meeting on February 22 at the Roundhouse Community Center between 2:00 and 8:00 p.m to discuss proposed changes.
The Rise of the TSP: Uber targets cycling
Gordon Price 1
business providers Uber
Gord Price: I've been predicting the rise of the "Transportation Service Provider" – a consolidator of every mode of movement imaginable, integrated with technology, and designed to provide consumers with a suite of services for which they pay, as with telecommunications, one provider with a lot of money. Assuming a single provider or oligopoly can emerge.
So look to see some of the giants try to get even bigger and more diverse as fast as possible in order to dominate the market. Here's the latest example.
SAN FRANCISCO — It's Uber, but for bicycles.
For the first time in Uber's history, the company is offering rides on roads in the United States using something other than cars. Starting next week, it will let certain users in San Francisco reserve pedal-assist electric bicycles through its app. The idea is that people will see the bicycles as a cheaper and faster alternative — not a huge stretch of the imagination for anyone who has been stuck in Friday evening gridlock traffic in San Francisco.
Uber is not supplying its own bicycles. It is working with Jump Bikes, a bike-sharing service that secured a permit in January to put 250 motorized bicycles — making it easier to tackle San Francisco's steep hills — in locations throughout the city.
The pilot program is the latest indication of Uber's ambitions to move beyond its ride-hailing origins. It is also working on autonomous trucking services, while aggressively expanding into the food delivery market with Uber Eats.
Bike Lanes, Vancouver and the 21st Century
Bike lanes and public policy business landscape
No one will argue with advocating for better walking facilities~wider sidewalks, brushed concrete with non-glare finishes, benches and amenities to make walking and wayfinding by foot in Metro Vancouver safe, comfortable and convenient. The very same can be said about having separated bike lanes so that cyclists no matter what their age and ability can safely and conveniently cycle. Studies have shown that people who walk or cycle to local shops and services go more often and spend more on a monthly basis than people who travel by cars. Biking instead of driving reduces air pollution, provides exercise and increases health. Being active is vital for personal and community health, connection and society. Biking does that. It's the right thing to encourage.
So why is it that this is not universally recognized as something that all members of Vancouver City Council advocate? Why is the NPA, one of the parties on Vancouver Council voting against bike lane development, most notably on the Cambie Street bridge that has already seen a decrease in vehicular traffic since 2010 and an increase in people choosing to cycle? At most, car traffic will experience a ten second delay with the implementation of the recently approved trial bike lane.
Adrienne Tanner in the Globe and Mail observed that "It seems that almost everyone in the world except the NPA accepts that separated bike lanes are safer – and cities are rushing to build them. Manhattan is spending millions on more protected bike lanes (they already have 725 kilometres), and Portland has made them the default design for all new construction. Other Canadian cities, such as Calgary and Edmonton, are adding separated lanes. And Montreal's new mayor has plans to more than double the number of protected lanes in her city."
Jimmy Thompson in The Tyee makes it even clearer. Protected bike lanes reduce cyclist injuries and increase the volumes of people cycling. Women are more likely to commute by bike with protected bike lanes. Bike lanes mean fewer conflicts, and in Toronto driving times actually decreased by several minutes in the Bloor Street Bike Lane Study..
In the Vancouver NPA's policy page from the summer of 2017 they maintain the "support of properly planned bike lanes that do not negatively impact our city, its residents, or businesses. We believe bike lanes can be built with the safety of residents in mind, while also having a positive effect on traffic flow and mobility that does not negatively impact the movement of goods and services or sacrifice ease of access to local businesses." Why are they not supporting them?
Having separated bike lanes means that people who normally drive can try biking, and those that do not give up driving will have less congestion on the road. In a Canadian city with arguably one of the best year round climates for biking, the development of separated bike lanes should be championed, not discouraged. It's time to get on the same page for developing a city that is safe, comfortable and convenient for all active transportation users, many of whom will be looking at party policy for voting in the next municipal election.
photo credit: Jean @cyclewriteblog
Canadian Shopping Mall Report Card Released~Urban Malls are "In"
business City Conversations landscape metro vancouver Peak Car sustainability Urban Malls Are "In"
The Retail Council of Canada has released its annual report on how Canada's shopping malls are doing. Canada's top malls continue to thrive, but "disruption and re-invention" has been key while "e-commerce" (the Amazoning of retail space) continues to grow. With Sears Canada declaring bankruptcy there's going to be over 15 million square feet of space available in malls across Canada. That's the size of fifteen Tsawwassen Mills mega malls.
The report notes that shopping centres are now featuring "food halls" and full-sized restaurants, and are creating "experiences" that are entertaining and enjoyable. Pop up retail is continuing in popularity, and some of the top mall developers are reviewing options to add housing and other institutions to their shopping mall locations.
Of the top thirty malls in Canada, eight of them have sales of over $1,000 a square foot with Toronto's Yorkdale Shopping Centre ranked first with the highest annual sales per square foot. Eleven of the top 30 malls are in the Greater Toronto Area, and seven are in the Greater Vancouver area "making it the top region per capita for the most productive malls in the country." Newcomer Tsawwassen Mills owned by Ivanhoe Cambridge is not included in this stable, as Ivanhoe Cambridge is not releasing statistics on the mall's performance. Oakridge, Pacific Centre, Metropolis, Richmond,Guilford, Park Royal and Coquitlam shopping centres are in the top thirty for sales by square foot.
What is interesting is that most of these high achieving locations are not suburban malls, but are in urban locations close by density and good transit accessibility to shops and services. Four of the busiest malls nationally are in urban cores-Toronto Eaton's Centre, Vancouver's Pacific Centre, the Rideau Centre and the CORE shopping centre in Calgary. As the report notes "In the United States, none of the country's top 10 malls are downtown. This can be attributed to factors including stronger urban cores in Canada as well as a combination of history, culture, downtown population concentration and mix, investment priorities, and transit access when compared to most cities south of the border."
While Oakridge makes the most of B.C. malls at $1,579.00 per square foot, the lowest performing B.C. mall in the top thirty, Coquitlam reaps $879.00 per square foot. Compare that with the early indicators from Tsawwassen Mills which used to be available on the Ivanhoe Cambridge site, showing a meagre $279.00 per square foot on retail space.
You can take a look at the report available here on pedestrian traffic to shopping malls and other details. The Metro Vancouver region continues to have the highest average total sales productivity in Canada with $1,051 per square foot. It will be interesting to see how Tsawwassen Mills built on the most arable floodplain farmland in Canada, away from density and good transit will stack up next to Vancouver's high performance more urban malls once the developer releases the sales per square foot statistics.
Without any official stats on Tsawwassen Mills Price Tags Vancouver is sharing a youtube video by Ivanhoe Cambridge. The video features a bunch of similar looking men, no women, no diversity as talking heads describing the developer's philosophy and how this 1.2 million square foot mall was designed and built. It's worth noting that in this video the talking heads state that the mall will be the centre of the community which "will build around it". Here's hoping they will share Tsawwassen Mills' retail statistics soon. https://youtu.be/T12IGP5u2GA Read more »
Van Bikes interviews Cycling Advocate and Price Tags Vancouver Co~Editor, Ken Ohrn
Active transportation business Ken Ohrn in Van Bikes landscape
The Van Bikes. ca blog is a lovely collection of stories about cycling advocacy and people that have supported advocacy, some for decades. Written by Colin Stein, you can take a look at the website at http://www.VanBikes.ca
The website has followed up on some pretty interesting advocates. Recently, Ken Ohrn, the co-editor of Price Tags Vancouver was featured with his story about living in Vancouver and becoming a cycling advocate. It's a testament about will, being determined, giving back, and achievement. It's so fun we've included the entire interview below.
Ken Ohrn
A veteran of the Air Force, an engineer, and a former aerospace sector executive, Ken's side hustle had typically been physical fitness. Not local politics. Life's too short. So he didn't really know what he was getting into when, in his sixth decade and no longer interested in knee-punishing, charley-horse-inducing long distance runs, he pulled his old bike out of the basement and dusted it off.
It started out innocuous enough.
"I discovered that a bike is a wonderful way to maintain fitness. You can get into cardio to as great or as little extent as you want.If you're just going to go to the grocery store for a litre of milk, it's leisurely and easy. If you want to do a long ride, you can push it, you can go up hills and so on. So you can peg your cardio wherever you want. A downtown resident today, at that time he lived nine kilometres outside the core — about 30 minutes, an ideal distance for breaking a sweat and getting the heart rate up."
So one day he decided to go for it.
"I was thinking about going to the library downtown, and I thought, what the hell I'll take my bike. It turned out to be easy, and fast — just as fast as taking my car, parking it, walking to the library, and so on. But I was really anxious about it. I didn't really know all the unspoken and all the unwritten rules, and even the written rules about how to ride in a busy city. There were parts of it that were just horrifying — riding on Homer, narrow parked cars…it was just awful. But I made it. Give up? Not exactly. That's what I like about engineers, they keep thinking about ways to get around the problem. Whereas I would have taken that as a signal that I didn't belong there. I might have gone back to my artsy hovel and written slam poetry about the experience, or baked an angry-looking banana bread. "
But to generalize as broadly as I possibly can, most engineers (or fine, ALL engineers) are problem solvers. So Ken did what any good problem-solver does.
"I thought, somebody knows more about this than me. There's always somebody who knows more. And I started looking around and, lo and behold, I found the Vancouver Area Cycling Coalition, who had a course. So I signed up. And I nearly walked out in the first half hour. Because I thought what the instructor was saying was crazy and dangerous.
"You belong on the road. If you're coming to an intersection and you need to make a turn, take the lane. Get in there, position yourself in the lane, signal, make your turn."
I thought that's nuts. That's totally crazy. Even if you're comfortable cycling on the road, you may also be familiar with the style of cycling he was used to. It's a style that now, upon reflection, was a terribly strange thing for someone to get used to."
If you're an urban planner, you live for this kind of stuff (or you're responsible for it, you smack your forehead).
"I was cycling as a kind of enhanced pedestrian.
If I came to an intersection and I needed to make a left turn, I would stop, get off my bike, cross in the crosswalk, wait for the light, cross — unless there was absolutely no traffic."
Problem-solver that he was, Ken took the information the VACC instructor gave him, compared it to the evidence, and came to a conclusion.
The Gordies 2017-Potentially Most Polarizing Planning Work~Amazon HQ2
business climate change Gordies 2017~Most Polarizing Planning Work inequality metro vancouver Price Tags seattle social issues
A unanimous pick by the Price Tags editors for the most Potentially Polarizing Planning Work~The Amazon solicitation from cities right across North America for its first location outside of Seattle. Why? Amazon says it will invest 5 billion dollars (those would be American dollars) in the construction of its second headquarters. Of course over 238 proposals came from cities putting in a bid to Amazon to become the second headquarters. Amazon has had those bids since the middle of October and plans to make the grand announcement in 2018.
And here is where it is polarizing. Of course Vancouver put in a bid, as reported by Price Tags Vancouver here. But there is a good side and a bad side to this. While 50,000 Amazon staff workers would be located here, they will all need a place to live. And while Amazon will bring in new money and salaries, will those tens of thousands of high paying jobs also raise the salaries of local Vancouverites not working with Amazon? Or will those high paying jobs in Amazon make the Vancouver market more unaffordable?
Amazon did have some basic requirements, asking for a city with a one million person population, an international airport and a place that was "stable and business-friendly". Oh of course, one more thing~Amazon also said "Incentives offered by the state/province and local communities to offset initial capital outlay and ongoing operational costs will be significant factors in the decision-making process."
Price Tags Vancouver's Gordie 2017 for most potentially polarizing planning work.
The Daily Durning: Millennials and the "Missing Middle" in Housing Form
affordability business City Conversations Millennials and the Missing Middle real estate social issues
Tom Durning of the Daily Durning sends this article from the Washington Post which quotes our very own City of Vancouver Planner, Gil Kelley. The article is about the millennial age group, the eldest now in their mid thirties. This population cohort stayed in cities, lived in apartments, eschewed vehicle ownership in favour of walking, cycling, car share and transit, and led the way to how we look at cities today, as urban fabrics of connectivity based upon walkable proximity to work, shops and services. It is no surprise that city planners and thinkers want to keep this population of people in cities instead of suburbs as they begin having families and buying houses.
As many are now priced out of buying single family housing in cities, the "missing middle" form of density is coming back into vogue. " Urban planners, developers and architects are reviving the kinds of homes that might be more familiar to millennials' great-grandparents: duplexes, triplexes, bungalows, rowhouses with multiple units, and small buildings with four to six apartments or condos. It's the kind of housing that fell out of fashion after World War II, when young families and others fled cities for the houses, driveways and ample yards of the burgeoning suburbs… It hits the middle in scale — larger than a typical detached single-family home but smaller than a mid- or high-rise — and typically serves people with middle-class incomes."
The City of Vancouver is now looking at new housing forms in duplexes and townhouses, which will provide more of the 'missing middle" of housing density. "I think it's very significant that we're understanding people want to live in the core of urban areas again," Kelley said. "We're reversing a 60- to 70-year trend of people moving out to suburbs . . . This is not just a fad for a decade. This is a multi-decade shift."
There is evidence that millennials do not want to "drive until you qualify" for home ownership, and in the United States this population outnumbers the baby boom generation in population. In the words of Gil Kelley ""It's a huge wave. They're demanding a place in the cities and housing that's affordable to them."
This ten minute video with University of British Columbia's Patrick Condon and Scot Hein filmed in early 2017 discusses the "missing middle" housing form, and how it would fit into the Vancouver context.
Price Talks: The Podcast
To Gian Singh Sandhu, Success Means Not Taking a Back Seat to Anybody
Greens' Adriane Carr on Working with Communities to Prepare for Sea Change
No Days Off for Sarah Blyth or the Downtown Eastside
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A Livable Region Plan for the Province January 15, 2020
West Pacific: What We Wear January 14, 2020
The World's Richest People – and their education January 13, 2020
Climate Change and its Costs January 7, 2020
The Vancouver Life and Times of Postman and Usher Vern Frick January 7, 2020
Being a Citizen in a Suffocating City January 6, 2020
Women are More At Risk In Car Crashes Because Vehicles Are Not Designed for Them January 6, 2020
West Pacific: How We Protest January 6, 2020
How Passive the Suicide January 4, 2020
Climate Change: The End of the Harper Strategy January 3, 2020
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Ravikiran Avvaru
John Walp
Matthew M. Speare
Data Breach Prevention and Response Summit , Events , Fraud Management & Cybercrime
Toronto Summit - Closing Panel and Look Ahead
This panel will review some of the key themes discussed during the first day of the summit, and foreshadow how those key themes and others will be carried over into the next day. Which sessions will be hot, and how will tomorrow's speakers expand on the topics raised today?
See Also: Panel | Realities of Choosing a Response Provider
Additional Summit Insight:
Hear from more industry influencers, earn CPE credits, and network with leaders of technology at our global events. Learn more at our Fraud & Breach Prevention Events site.
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Data Breach Prevention and Response Summit
Fraud Summit
Geo-Specific
Next-Generation Firewall Buyer's Guide
Tracy Kitten
Former Director of Global Events Content and Executive Editor, BankInfoSecurity & CUInfoSecurity
Richard Parry
Principal, Parry Advisory; former Risk Management Executive, JPMorgan Chase
Special Counsel, Cyber/Data/Privacy Practice Group, Cooley LLP
Robert Schwentker
Co-founder and President, Blockchain University
Michael Theis
Chief Counterintelligence Expert, Carnegie Mellon University CERT Insider Threat Center
Session Rating
Attendee Comments
" Very interesting topics "
" An emerging conversation that is upon us now, well presented and clearly an expert in this field, great session! "
" The closing seemed a bit chaotic. Couldn't really follow where things were going. Also, except for Tracey at the podium I could not hear the other speakers when they were in their chairs on stage "
" Technical challenges as we couldn't hear some of the panelists very well (eg Richard) "
" The topics covered was of interest to me and value add to my interest. Additionally, the speakers was clear and concise. "
IN-PERSON EVENT: Join us for Security Innovation Day @ Cisco Live!
OnDemand | Understanding Human Behavior: Tackling Retail's ATO & Fraud Prevention Challenge
The Perfect Storm of Insider Threat: How to Mitigate and Adapt to the Evolving Security Landscape
Shutting the Dark Web Is Impossible: Inside an Investigator's Notebook
Kitten was director of global events content and an executive editor at ISMG. A veteran journalist with more than 20 years of experience, she covered the financial sector for over 1 years. Before joining Information Security Media Group in 2010, she covered the financial self-service industry as the senior editor of ATMmarketplace, part of Networld Media. Kitten has been a regular speaker at domestic and international conferences, and was the keynote at ATMIA's U.S. and Canadian conferences in 2009. She has been quoted by CNN.com, ABC News, Bankrate.com and MSN Money.
Parry is a career risk manager, with experience that spans the globe for international financial institutions such as Visa, Citigroup and JPMorgan Chase. Parry's expertise includes executive roles in fraud operations, fraud policy and oversight, customer authentication and identity management. After his tenure with Chase, Parry co-founded Turnkey Risk Solutions, an identity risk management company specializing in identifying synthetic identities and first-party fraud. Most recently, he created Parry Advisory, an advisory firm focused on identity risk and cybersecurity thought leadership.
A former NSA crypto-engineer, Sabett brings to Cooley LLP his extensive experience in data security, privacy, licensing and IP. Sabett has managed numerous data breach responses involving major retailers, financial and healthcare organizations, and on-line service providers. He served on the Commission on Cybersecurity for the 44th Presidency and has been recognized as a leader in privacy and data security in the 2007-2014 editions of Chambers USA. Sabett is a member of the board for the Georgetown Cybersecurity Law Institute and the Northern Virginia chapter of ISSA. He also is a frequent lecturer and author, and has appeared on or been quoted by a variety of national media sources.
Schwentker is a technology executive, evangelist & educator with a passion for working with developers, entrepreneurs, innovators & startup communities to build prototypes & products. He has extensive developer relations, programming & systems experience at financial service organizations like PayPal, American Express & Citigroup. Robert recently founded Blockchain University to educate & inspire the first wave of distributed ledger technologists to create ground breaking innovations. Over the last year, Blockchain University has educated 350 entrepreneurs and inspired 60 projects in Silicon Valley, Tokyo & four cities in India.
Theis is chief counterintelligence expert at Carnegie Mellon's CERT Insider Threat Center. Theis has more than 25 years of experience as a counterintelligence supervisory special agent supporting the U.S. intelligence community, and more than 30 years of concurrent computer systems engineering experience. At Carnegie Mellon's CERT Insider Threat Center, Theis focuses on research and development of socio-technical controls in computational endoparacology. Previously, he was the first cyber counterintelligence program manager for the National Reconnaissance Office, where he served as chief of cyber-CI investigations and operations for more than six years.


Within the last few months, I scored a purse spray of vintage Vol de Nuit extrait de parfum, a Guerlain masterpiece. I had previously been able to buy what I think is actually the most beautiful Vol de Nuit bottle, which doesn't contain liquid at all — it is the limited edition shimmer powder's blue-green flacon, the twin of the famous propeller bottle of the original parfum.
But honestly, when would one have the opportunity to wear them? What occasion? What ensemble to wear with them?
Last night was the night.
My husband and I went to a benefit auction last night, and after much pondering, I decided that a simple cocktail dress in black velvet with tiny black sequins and short sleeves would be my outfit, combined with a necklace of white baroque pearls that was given to me by one of my dearest friends. I couldn't decide what fragrance to wear, though. Amouage Gold EDP was a leading contender, as I've worn it before to dressy events and I always enjoy it. Then I thought of the Alaia extrait de parfum I bought last year, which is also beautiful. And it hit me — I could finally use the shimmer powder! And now I had the parfum to go with it! So Vol de Nuit it was.
The powder itself is tinted a silvery shade closer to mother of pearl than polished metal. It is a complex color, with peach and blue creating an ethereal effect. Although Guerlain suggests using the powder for both face and body, I find that it is too cool for my warm complexion. However, it looks beautiful sprayed lightly on the shoulders and chest. The sparkling particles are quite fine, so the impression is opalescent and soft, rather than disco ball glitzy.
I took her advice and sprayed it on my neck and chest, plus a bit on my arms. It is possible to apply it very lightly, for just a hint of glimmer. I think it's important to have well-moisturized skin before using it, but the moisturizer should be unscented. as the powder itself is scented, albeit lightly. The baroque pearls looked beautiful against the slight shimmer on my neck.
The parfum went on the pulse points behind my ears and inside my elbows. I often apply on my inner elbows instead of my wrists when wearing short sleeves. It's easier to control the spray, and I can diffuse it on my skin just by bending the crook of my elbow instead of rubbing wrists together (which some perfumistas discourage).
My theater artist daughter did my makeup for me; I don't usually wear much makeup, so I'm not the best judge of what will work. I may never look so chic again!
Vol de Nuit limited edition shimmer powder from Guerlain.
What fragrance makes you feel most glamorous? When do you wear it?


Basheer Ahamed, founder of Basheer Graphic Books in Bras Basah Complex, Singapore, passed away last year.
The late Basheer Ahamed has left his iconic bookstore in the hands of his son, Abdul Nasser.
According to The Straits Times, the late Basheer Ahamed retired to his hometown in India right up till his death in December 2018. The news of Basheer's passing was reported only on February 25, 2019, as the family had kept the news private. It was only when regular customers to the bookstore started asking Nasser about his father that the news of Basheer's death spread.
Singapore's creative community, in particular, holds a soft spot for Basheer Graphic Books. Many would recall it was one of the only bookstores in Singapore in the early '90s that sold books on art, design, architecture and photography.
Many have fond memories of the late Basheer. Since the news broke, customers have taken to social media to pay tribute to the man. One Facebook user, James Leong, whom The Straits Times interviewed for their report, posted: "Today, I came to know that this great man has passed. I always remember him as the muscular man who brought suitcases of graphic books to agencies. He patiently introduced us books which were either hard to find or highly sought after. Of coz, I bought countless of books from him and continue to buy from his son. You will be remembered, sir. RIP".
While all that's left are memories of the late Basheer Ahamed, thankfully his bookstore lives on. Check out the iconic Basheer Graphic Books store at Bras Basah Complex (231 Bain St, #04-19, Singapore 180231) this weekend – or tomorrow.
Follow @basheergraphic on Instagram for updates.


CHOOSE YOUR DESTINATION AND BOOK!
Located in the heart of Naples, the Terminus transmits the Mediterranean warmth of the city and its culture.
Enjoy the magical atmosphere of Florence. Our three hotels, among classic style and contemporary elegance, await!
A romantic getaway in the most romantic city in the world. Enjoy an unforgettable stay in the heart of the city at the Splendid Venice.
Romance in the Eternal City...our Rome hotels located in the historical center and Vatican City, are waiting for you!
Six exclusive hotels, located in various strategic parts of the city, await you for a romantic and bubbly stay in the fashion capital.
Enjoy a romantic stay in the heart of Parma at Starhotels Du Parc, right next to the beautiful Parco Ducale.
Let the luxury of our Savoia Excelsior Palace conquer you. Just a few steps away from the seaside, with a magnificent view of the Gulf of Trieste, all to share by candlelight.
A mix of tradition and style in our 4 star hotel Majestic, located in the heart of Turin, just steps away from the prestigious shopping streets and museums.
Helvetia & Bristol, Firenze - Starhotels Collezione. Book your romantic escape in the heart of Florence.
Grand Hotel Continental Siena - Starhotels Collezione. Book your romantic escape in the heart of Siena.
Hotel d'Inghilterra Roma - Starhotels Collezione. Book your escape in the historical centre of the city.
Elegant and sophisticated, with a splendid view of the city, Starhotels President in Genoa offers you a romantic package in great style.
Strolling under the porches and admiring the antique palazzos of Bologna: all this at Starhotels Excelsior, for a romantic break in the name of love.
Our Cristallo Palace in Bergamo, well connected to the city and airport, awaits you to discover the charm of the antique city.
Very well connected with the Malpensa airport and the city of Milan, Starhotels Grand Milan is ideal for those who also want to visit touristic locations like Lake Como and Canton Ticino.


Our wooden narrow boat was completed in 2006. It is 57 feet long and is now moored on our landing stage.
Maid of Oak's hull was launched into an icy canal on the 30th of January 2004. A cabin has since been built and the interior fitted out.
This shows the hull being built in September 2003.


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Please delete post. Thank you.
Really nice, the textures are really well done that you almost can't tell from certain angles that it is low poly.
I started work on a pixel based point and click adventure game in where the character awakes from cryogenic sleep to find himself alone aboard a massive spaceship.. my sticking point was the spaceship art itself and I pretty much shelved the project..
Would I be able to use simple side view of one your excellent battleships, pixelate it and restart the project?!


text:
Q: Copy & Paste folded Code in Visual Studio Code When I copy folded code it just pastes the beginning line (that's visible).
For example if I copy this code when it's folded:
Expanded(
  flex: 2,
  child: Image(
    image: AssetImage('images/dice1.png'),
  ),
),

It will just paste the starting code:
Expanded(

A: You have to select also the end of the folded range to successfully copy all the folded content.
See this issue.
A workaround could be to add this line in settings.json:
"editor.foldingStrategy": "indentation"

That would make visible that ending range making it possible for you to select up to it and including it.

A: in Visual Studio Code
just press ( Ctrl + Shift + [ ) to fold  code and  ( Ctrl + Shift + Down ) to selected code.
and then copy selected code ( Ctrl + c ).

in mac:
Command = ctrl
Options = alt

redpajama_set_name: RedPajamaStackExchange


text:
package org.keycloak.representations.account;

/**
 * Created by st on 29/03/17.
 */
public class ClientRepresentation {
    private String clientId;
    private String clientName;
    private String description;
    private boolean userConsentRequired;
    private boolean inUse;
    private boolean offlineAccess;
    private String rootUrl;
    private String baseUrl;
    private String effectiveUrl;
    private ConsentRepresentation consent;

    public String getClientId() {
        return clientId;
    }

    public void setClientId(String clientId) {
        this.clientId = clientId;
    }

    public String getClientName() {
        return clientName;
    }

    public void setClientName(String clientName) {
        this.clientName = clientName;
    }

    public String getDescription() {
        return description;
    }

    public void setDescription(String description) {
        this.description = description;
    }

    public boolean isUserConsentRequired() {
        return userConsentRequired;
    }

    public void setUserConsentRequired(boolean userConsentRequired) {
        this.userConsentRequired = userConsentRequired;
    }

    public boolean isInUse() {
        return inUse;
    }

    public void setInUse(boolean inUse) {
        this.inUse = inUse;
    }

    public boolean isOfflineAccess() {
        return offlineAccess;
    }

    public void setOfflineAccess(boolean offlineAccess) {
        this.offlineAccess = offlineAccess;
    }

    public String getRootUrl() {
        return rootUrl;
    }

    public void setRootUrl(String rootUrl) {
        this.rootUrl = rootUrl;
    }

    public String getBaseUrl() {
        return baseUrl;
    }

    public void setBaseUrl(String baseUrl) {
        this.baseUrl = baseUrl;
    }

    public String getEffectiveUrl() {
       return effectiveUrl;
    }

    public void setEffectiveUrl(String effectiveUrl) {
        this.effectiveUrl = effectiveUrl;
    }

    public ConsentRepresentation getConsent() {
        return consent;
    }

    public void setConsent(ConsentRepresentation consent) {
        this.consent = consent;
    }
}

redpajama_set_name: RedPajamaGithub