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Since the summer of 2005, Epoch has been wary of large financial stocks, in particular banks. Leading up to and throughout the crisis, in various papers we highlighted the red flags visible in the space: unsustainably high leverage; poor underwriting and lack of transparency on the asset side; and the equity that would disappear when those assets inevitably crashed. Subsequently, between May 2007 and March 2009, financials in the MSCI World Index lost 79% of their value. Well-known, generations-old banks collapsed, while remaining titans survived with the help of timely government capital infusions and the accommodative policies of central banks.
Since that time, while we have invested in an array of non-bank financials, we have continued to avoid the large banks. But imbalances eventually correct and, more recently, the share prices of these banks have risen faster than the broader market. Throughout, we have asked ourselves: is it safe to get back in? Can we find companies that have sustainable free cash flow and use it to shareholders' advantage in an industry that housed the most epic destroyers of shareholder capital ever seen?
The answer, which may come as a surprise to our long-time followers, is a qualified yes. We're still taking a pass on the big banks of Europe, which have lagged far behind their U.S. counterparts in recapitalizing their balance sheets. But in the U.S., we no longer can rule out the industry as a whole. This is not because the macro factors that drive bank return on equity (ROE) — the most important measure of profitability — are particularly promising. As we will show, they are not. Loan growth, the most vital element necessary for ROE expansion, is slow and may be hindered by new regulations. Leverage will likely never return to its ROE-maximizing heights. Costs have already been cut, new opportunities for non-interest income are few, and the release of loss reserves, which has inflated earnings, will soon run its course.
That said, U.S. banks are extraordinarily liquid, well capitalized and well positioned for an upturn in the economy and an increase in interest rates. Until then, banks will perform like other mature, highly competitive industries, with slow top-line growth, a focus on expense control, perhaps increased M&A (though not among or by the largest banks) and a focus on return of capital to drive shareholder returns.
It is this last element that we believe shows the most promise, and for this we have to thank the Federal Reserve and its stress test. (This is in contrast to the European Banking Authority's stress test, which is widely seen as far less rigorous. In fact, the two main Cypriot banks, which collapsed in March, easily passed these tests in 2010 and 2011.) Beginning in February 2009 (a month before the market's bottom), the Fed began implementing a series of annual stress tests that the largest banks would have to pass by a wide margin to first demonstrate their viability and eventually to obtain permission for dividend payouts and share repurchases. The banks' increasingly strong performance on these tests, which have grown more refined and granular with each year, along with decent operating results have given us confidence that banks can generate excess capital — i.e., free cash flow — and priced correctly are worthy, potentially lucrative investments for our clients.
What is a bank . . . a good business?
What would one pay for a business with an 86% gross margin in its main business line and a 38% pre-tax cash operating margin? That is what the U.S. banking system in its entirety earned in 2012.1 There are myriad reasons, mainly leverage and credit risk, why the answer to that question is "a lot less than a comparable non-bank business." The market bears this out, as the XLF (an S&P financials ETF) trades at 13x forward earnings while the SPY (an S&P 500 ETF) trades at nearly 15x. But that doesn't mean one can't make money in bank stocks, especially since a repeat of the 2008-2009 credit disaster has been taken off the table by the stress test.
At its roots, a bank is a leveraged aggregator of diverse credits funded by low- to no-cost deposits. The leverage and low- to no-cost funding distinguish it from, say, a fixed-income mutual fund. It buys money, marks it up and resells it. There is no other business, not even Warren Buffett's beloved insurance, where customers line up to warehouse their money in an enterprise with little expectation of return, and in the case of checking accounts, full knowledge of no return! Banks do pay for the privilege of housing these deposits via the FDIC insurance wrapper: in 2012, U.S. banks paid assessments of $12.4 billion, on average insured deposits of $7.2 trillion (17 bps). Considering banks earned nearly 4% on earning assets (loans and bonds) in 2012, at an overall interest cost of 54 bps (not including the FDIC assessment), insured deposits are still a very attractive source of funding available only to banks. And we haven't even included interchange income, wire fees and overdraft fees earned in the course of allowing the customer to access his or her funds on a regular basis. It is true banks spend a fair amount of money in gathering and servicing these deposits, be it on large branch networks or IT systems. This is captured, however, in the non-interest expense, with the net result showing a "cash" pre-tax margin of 38%. So far, so good.
The flip side of gathering all of these deposits is that they, by definition, make banking a highly asset-intensive business relative to other industries. The clearest way to demonstrate this is to look at the revenue generated by the financial and non-financial businesses of GE. In 2012, GE Capital generated $46 billion of revenue from average assets of $560 billion, while the rest of GE generated a little over $100 billion of revenue, on average assets of $140 billion. In other words, GE's broad portfolio of industrial and other businesses generated over twice the revenue on a quarter of the assets. So a bank has a portfolio of assets that doesn't turnover very rapidly yet when it does it generates a decent return.
The last component of the classic DuPont ROE model is leverage, and here lies the "good" and the "ugly" of the basic bank model (we skip the "bad" because the effect of leverage on bank performance is almost always ugly, especially during the most recent crisis). Figure 1 depicts system-wide assets to equity of all FDIC banks since 1984, the earliest date for which we have complete combined data for commercial banks and thrifts.
Figure 1: Profit margins have recovered, but leverage, revenue yields and ROE have not
FDIC insured commercial & savings banks: margins, revenue yield, ROE (left scale) and leverage (right scale)
Source: FDIC Quarterly Banking Profiles, Epoch Investment Partners. For a complete data set of net income, gross revenue, assets, equity, net income/gross revenue, revenue/average assets, average assets/equity, industry ROA, industry ROE, goodwill and intangibles, tangible assets, tangible equity and TA/TE, 1984-2012, please see Table 4 in the appendix.
It is easy to see that while banks' profit margins have returned to pre-crisis levels, the decline in leverage (due to debt pay-downs of over $1 trillion as well as write-downs of goodwill) and revenue yield (a function of lower rates, lower investment banking revenue and the regulatory driven reduction in traditional sources of fee income) has led to a sharp decline in ROE compared to pre-crisis levels. The profit margin component rapidly recovered over this time period, surprisingly, for a number of reasons. The most obvious is the decline of interest expense (i.e., cost of goods sold), which more than offset the drop in interest income (which feeds into gross revenue) in absolute dollar terms. Another offshoot of the continuing low-rate environment has been a refinancing boom, which engendered notable increases in gains-on-sale of loans and securities, as well as fixed-income trading profits. The remaining driver of improved profit margin is perhaps the most unpredictable component of the profitability and valuation of banks: credit. Credit losses on highly leveraged assets have been the downfall of many banks through time, as was vividly captured during the recent crisis. Figure 2 shows the historical trajectory of loan loss provisions and charge-offs, and their impact on bank profitability.
Banks over-earned on an accounting basis during the past three years due to the release of reserves, so we focus on what we call economic profit. Economic profit accounts for the wealth lost due to charge-offs — money lent that will never return, and gives banks no credit for reserve releases. Similarly, in years, where banks reserved in excess of actual charge-offs, banks are given credit for the actual economic loss to shareholders in that period. When adjusting for this, ROE in 2012 was 7.79%, compared to a reported ROE of 8.92%. On this basis as well as on reported ROE we see bank ROE improving but still not anywhere close to what was earned prior to the crisis.
Figure 2: Accounting profits inflated by reserve releases
FDIC insured banks: Pre-tax profits, loss provisions and economic profit (in $millions)
Source: FDIC, Epoch Investment Partners' estimates. To determine economic profit, reserve releases (additions) are removed from pre-tax profit and the resulting amount is taxed at that year's effective tax rate. For a complete data set of pre provision operating profits, loss provisions, pre-tax profits, charge-offs, net charge-offs, LLP-NCO, X/O items, economic profit, stated ROE, adjusted ROE and over (under) statement of ROE, 1984-2012, please see Table 5 in the appendix.
Figure 2 also shows significant cyclicality in reserves: under-reserving followed by large losses which lead to over-reserving. Over time, banks have come reasonably close in their estimates of ultimate net charge-offs. Since 1984, cumulative bank provisions were $1.5 trillion, while cumulative net charge-offs were $1.3 trillion. Granted, provisions are forward looking, so losses contemplated by provisions today have not fully materialized, whereas realized charge-offs have, and banks were woefully under-reserved heading into the crisis. FASB put out an exposure draft in late 2012, proposing a new method of bank reserving that
contemplates losses over the life of the loan on day one as opposed to delaying loss recognition until it is probable, at which point an additional reserve is typically taken. Ostensibly this should reduce somewhat the cyclicality of bank earnings and lower their risk premium in the stock market. However, the proposed process presents its own complications (which are beyond the scope of this paper) with the ratings agency Fitch predicting increased volatility should it go through as planned. The banks we've spoken to indicate fears over the complexity of the exposure draft, but do have an interest in reducing the wild swings in
provisions and are likely to counter FASB's proposal with one of their own. Now that we've touched on credit, we turn our attention to net interest margin.
NIM . . . Not improving (even) mildly?
Net interest margin measures the yield on an asset less the cost to fund that asset. Bank net interest margin is a key driver of profitability and revenue yield on assets and hence has a significant effect on ROE. Sustained low interest rates, while generally helpful to bank capital markets operations, have nonetheless had a negative effect on banks' much larger lending operations. Table 1 shows banks' historical revenue yield, cost of funding, and net interest margin.
Table 1: Higher rates do not equate to higher net interest margins
FDIC-insured banks net interest margin
Note: Banks exited 2012 with a 4Q yield on earnings assets of 3.81%, a cost of funds of 0.49% and NIM of 3.32%
One can see that while asset yields and cost of funds are both at historically low levels, the gross profit margin as measured by NIM is not markedly below historical levels (average of 3.6% since 1984). Thus, higher rates in and of themselves won't create higher ROE. This can be viewed most vividly by comparing the industry's stated ROE in 2012 with that of 1986. In both years, banks on average reported ROEs of nearly 9% though the asset turnover component of ROE, driven in large part by yields on earning assets, was substantially higher in 1986, as was leverage. The flip side of this is that profit margins in 2012 were notably higher than in 1986 due to a combination of lower "cost of goods sold" via lower interest expense and the aforementioned reserve releases, which were enough to overcome a large decrease in leverage. The fact that lower rates aren't uniformly bad for ROE can also be seen in the mortgage market, where banks have realized record-high gains-on-sale in the secondary market due to Fed buying of mortgage-backed securities.
It is true banks' profit margins and thus ROE will benefit from the deliberate lag in the re-pricing of deposits versus a corresponding increase in asset yields (which improves gross profit margin) when interest rates increase. The timing of such an increase is difficult to predict given the Fed's and other central banks' determination to keep both short-term and long-term rates low. It is also difficult to ascertain how quickly the lag will be competed away by other banks and intermediaries such as money market funds. With bank net interest margins not particularly low by historical standards, higher rates, while definitely a positive for the group, would not by themselves improve ROE. In addition to the shape of the yield curve, a lot will have to do with the composition of current bank balance sheets, which we will touch on next.
Why are you so (asset) sensitive?
In his recent letter to shareholders, J.P. Morgan Chase CEO Jamie Dimon made a pointed statement in regards to his bank's ability to benefit from higher rates: "As we are currently positioned, if rates went up 300 basis points, our pre-tax profits would increase by approximately $5 billion [around 15% of J.P. Morgan's 2012 pre-tax income] over a one year period." He is likely referring to a parallel shift in the yield curve whereby all points would go up 3%. This is unlikely, and he admits in the same letter that this is if "all things are equal," which wouldn't be the case. There would be dislocations in the market should such an increase occur over such a short period of time. For example, J.P. Morgan would likely face significant markdowns on its inventory of trading and available-for-sale securities. But it does point out that JPM has a lot more assets with short maturities than it does liabilities, making it a so-called "asset sensitive" bank. We have reason to believe most banks of all sizes are in this position. Figure 3 shows the composition of banks' collective balance sheets over time.
Figure 3: Deposit Rich, Loan Poor
FDIC-insured banks' balance sheet composition
Source: FDIC. For a complete data set of FDIC-insured banks' balance sheet composition, 1984-2012, please see Table 6 in the appendix.
Three trends are visible since the crisis: 1) bank loans as a percentage of earning assets declined sharply; 2) cash and securities increased sharply; 3) deposits and equity now make up a larger share of bank funding than at any time in our data series (going back to 1984). We believe number three is permanent. Regulators worldwide have embraced the higher capital requirements embodied in Basel III (discussed later). Debt funding is frowned upon; in a recent speech Chairman Bernanke flatly stated "Notably, supervisors will continue to press banks to reduce further their dependence on wholesale funding [i.e. debt], which proved highly unreliable during the crisis." Thus the cost of funds should decline at any given point of the cycle (debt financing is more expensive than deposits). As for the other two trends, we see nascent signs of loan growth (discussed below), and believe the huge amount of money parked in cash and shorter-term securities provide ample "dry powder" for banks to improve their ROE when redeployed into loans at a higher net interest margin. Looked at another way, were banks simply to move back to 2011's collective NIM on their existing earning assets (i.e., an 18 bp increase in the yield on assets relative to the cost of funds), close to $15 billion of after-tax income would accrue to the industry and push its collective ROE close to 10%.
It is worth noting that a provision in Basel III (a global regulatory framework for mandating minimum levels of capital and liquidity) known as the Liquidity Coverage Ratio (LCR), calls for increased amounts of cash and short-term liquid assets to be held on bank (particularly internationally active bank) balance sheets. The minimum LCR calls for enough liquidity to ensure "that banks have an adequate stock of unencumbered high-quality liquid assets (HQLA) that can be converted easily and immediately in private markets into cash to meet their liquidity needs for a 30-calendar-day liquidity stress scenario." Banks are required to achieve 60% of the target LCR by 2015 and 100% by 2019. Thus, it is unlikely cash and securities will return to the low level they were pre-crisis, as banks begin to hoard liquidity. That said there is considerable excess in the system. For example, Citigroup (which we will discuss later in this paper), disclosed it ended the year at 118% of its 2019 LCR, which equates to $55 billion of excess liquidity over the 100% target, and roughly $31 billion over Citi's internal 110% target. Citi's estimates redeploying the $31 billion in higher-yielding assets or debt reduction would boost annual earnings by 2%, which implies an increase in ROE of nearly 20 bps. Keep in mind, Citi is an extreme example as it is perhaps the most internationally active of the big U.S. banks, but with 50% of domestic assets concentrated in the top five U.S. banks, the LCR (if it is applied in its current form) will play a role in the migration of funds back into lending. Domestic competitors will be less inhibited by LCR, but it is hard to imagine their not being required to hold some kind of liquidity buffer in excess of what they've held historically.
It is clear that banks are fairly liquid, and the right side of their balance sheet is in terrific shape. It is also clear, judging by Mr. Dimon's comments, there is a tremendous amount of earnings leverage to higher rates. A widening NIM boosts ROA. Whether and how quickly this takes place will depend not just on
interest rates but on loan growth.
Let's assume the banking system in the aggregate has excess liquidity similar to Citi and could redeploy it to the same effect. The reported ROE in 2012 would have exceeded 9% and the economic ROE 8%. Better than crisis levels, yes, but likely not enough to exceed their cost of capital and create long-term value. In the absence of higher rates aiding asset sensitive entities, banks must reclaim the left side of their balance sheets by growing loans, i.e. "volume" rather than relying on "price." Contrary to what some governments may think, banks exist to efficiently make loans to profitable endeavors, not to channel deposits into
government securities. With further economic improvement the table is set for a meaningful improvement in bank balance sheet efficiency, which we define as yield per dollar of risk-weighted earning assets, i.e., the most "bang" per "buck" of funding. So how are we doing post crisis?
Banks grew loans at a 2% CAGR over the past three years. In the first quarter, U.S. banks grew loans by 3.6% compared with the first quarter of 2012. Is this cause for celebration? Perhaps, but we are chastened by the fact deposits grew at a 5% CAGR (9% YOY through March) and were deployed into securities (6% CAGR, 5% YOY through March), as well as cash (11% CAGR, 19% YOY through March) at a faster rate and in higher absolute dollars versus loans. On a positive note, debt declined by an 11% CAGR (12% YOY), mitigating some of the decline in net interest margin. The liquidity buffers mentioned above, residual fear post-crisis, higher potential risk weightings, write-downs and regulatory headwinds in the mortgage market all likely played a role in addition to global deleveraging. All are likely to continue to weigh on loan demand and prevent large scale repositioning of bank balance sheets in the absence of substantial economic improvement. So things are better, but not good enough.
Out of levers
What other levers could banks pull to boost ROE? Cost-cutting is one option, which large organizations such as Citi, Bank of America, and KeyBank are pursuing. They could also seek more asset efficient and potentially (but not always) higher margin revenue not directly tied to net interest margin, i.e., non-interest income. They could purchase or develop higher ROA businesses (including asset managers, which carry ROAs well into the double digits with little leverage). However, as mentioned earlier, many avenues of non-interest income generation have been closed or narrowed, perhaps permanently. By and large, as shown in Table 2, the industry is neither particularly "fat" when it comes to expenses, and is already earning a historically normal amount of non-interest income, especially considering regulatory scrutiny on non-interest income (Durbin, Volcker, forced-placed insurance, etc.).
Table 2: Costs have been cut and growth in non-interest income may be limited
FDIC-insured banks non-interest income & expenses 1984-2012
Source: FDIC
Only one thing left
Thus far we've pointed out that bank performance has rebounded since the crisis, due largely to a favorable credit environment and lower cost of funds. Leverage is lower, thus ROE is not likely to come anywhere near pre-crisis levels. Gross margins industry-wide are on the low side but not abnormal, bank expenses are reasonably lean, and banks are performing reasonably well generating non-interest income in a tough regulatory environment. Balance sheets are positioned for loan growth and higher rates, but loan growth has been meager and it is unclear when rates will rise and if they will do so in a manner favorable to banks (i.e., a steepening yield curve). In summary, with some exceptions, there are not many levers they can pull to improve the "R" absent a rapid economic expansion. There is one element of ROE — the denominator — we have not discussed and herein lies the key to improved bank returns, aided and abetted by the Fed's "stress test." In the next section we will discuss how higher returns of excess capital — accumulated and ongoing free cash flow — can boost returns to acceptable levels and make bank stocks worthy investments.
The stress test
On February 10, 2009, less than a month before the S&P 500 bottomed at 666, Treasury Secretary Tim Geithner announced a Financial Stability Plan that included a comprehensive stress test for the 19 largest banks. The test would aim to quantify what at the time seemed to be an infinite amount of losses at the largest banks and increase confidence in the banking system, the lack of which was paralyzing the economy. Alongside the stress test, Geithner announced the Capital Assistance Plan, which would act as a backstop for banks deemed under-capitalized following the adverse scenario contemplated by the stress test that could not raise equity capital on their own. The market yawned and the S&P 500 dropped another 4.5% to 828 that day and another 20% until its beastly bottom on March 6, 2009. While the dates did not exactly overlap (the test results were not announced until April 24, 2009 when the market was well on its way to recovery), we believe the initial stress test was the single most important catalyst for the market as a whole and financials in particular. SCAP (the catchy acronym of the initial stress test) and its subsequent iterations (the CCAR and DFAST) have grown increasingly granular and stringent the past five years and in addition to banks' improving performance each year have given us confidence that the space can no longer be deemed "un-investable." Table 3 shows iterations of the stress test through the years (note that 2011's results for individual banks were not published).
Clearly the health of the industry has improved: pre and post-stress capital ratios are up, projected stressed loan losses are down, and the industry has gone from needing $75 billion of fresh capital to being permitted to return over half of its earnings to shareholders through either dividends or buybacks (though dividends are restricted to 30% of earnings). Equally important is the stress test's methodology. The test has broadened the number of macro parameters it considers when assessing bank capital from a purely domestic framework focused on home prices (except for the six large banks with international trading activities) to one that encompasses market volatility, consumer inflation, and the health of all key global economies. All bank holding companies with greater than $50 billion of assets are now tested as opposed to only the 19 largest, which subjects an additional 11 institutions to scrutiny. Beginning in 2014 non-bank systematically important financial institutions (SIFIs) such as insurance companies will be added to the list. The assumptions embedded in these parameters have also grown more stringent: the 2013 test (DFAST) contemplates a 6% drop in GDP (vs. 2% in the 2009 SCAP), 12% unemployment (vs. 10.3% in 2009), a 20% drop in home prices from then current levels (vs. 10% in 2009), a 1.2% rate on the 10-year Treasury (vs. ~2.5% in the 2011 CCAR) and a 50% drop in the DJIA (vs. 28% in the 2011 CCAR). Banks have also reportedly been asked to consider a scenario of rapidly rising interest rates.
Table 3: U.S. stress tests have become more rigorous
A history of bank stress tests 2009-2013
Source: Federal Reserve, Evercore Partners
There is also less of a "take home test" aspect to the stress test. In 2009, regulators were admittedly "under great time pressure" and "it was not possible to produce completely independent estimates," according to Chairman Bernanke. Banks were given an acceptable range of predicted losses by loan category and told not to submit any estimates outside of that range unless they had good reason. Ten entities failed. Fast-forwarding to 2013, banks still submit their own assumptions of stress test losses using the Fed's parameters, but the Fed also runs their own stress test for each bank using its own models, which are not made available to bank management. Both publish their results. Shockingly (!) most banks' estimates of their post stress capital levels came in substantially higher than the Fed's, sometimes embarrassingly so as in the case of Goldman Sachs (8.6% vs. the Fed's 5.8%). Guess who won that argument? Interestingly, Citigroup, which under the 2009 test required a $5.5 billion capital infusion on top of earlier infusions of $45 billion and later massive government guarantees of its balance sheet, emerged with a post-stress Tier I Common ratio 130-250 bps higher than Wells Fargo, Bank of America, J.P. Morgan Chase and Goldman, and on par with U.S. Bancorp.
The Fed estimates it reviewed individual loan and account level data on over two-thirds of the $4.2 trillion of loans and leases in the 18 bank holding company portfolios over the course of the 2013 stress test and in Chairman Bernanke's words are "close to the point at which we will be able to estimate, in a fully independent way, how each firm's loss, revenue, and capital ratio would likely respond in any specified scenario." In other words, no more take home test. And the Fed also put even the perceived-to-be strongest institutions such as J.P. Morgan and Goldman on notice by only conditionally approving their capital plans, and in the case of American Express, rejecting it (AXP did use its mulligan to get a less aggressive plan approved). In our view, the increased granularity and independence embedded in the stress test is another milestone and heralds increased transparency into the "black box" nature of large bank holding companies. We now have reasonable estimates of worst case, capital consuming credit losses. The question we can now ask is the same we ask for all the companies we invest in: do these businesses generate free cash flow, how much do they generate and how are they using it on behalf of shareholders?
Free cash flow for banks
Those are two terms that aren't usually paired. Unlike most businesses, one can't calculate free cash flow for a bank by simply subtracting capital expenditures from cash flow from operations. For example, a loan charged off is a "non-cash" event but it is absolutely an economic loss for the shareholder. A provision matched to this loss is an add-back to net income in cash flow from operations but represents a real, regulatory-mandated cost of business and is at least temporarily capital that cannot be distributed. Similarly, when a bank makes a loan (technically a cash outflow) equity capital must be held against that loan, depending on its risk level. This does not show up as a capital expenditure on the cash flow statement but it is capital that is not available to the shareholder until the loan is paid down. There are also regulators to answer to, that, most visibly in the stress test, dictate how much the bank is permitted to return to shareholders.
Yet there are ways to estimate how much of a bank's net cash earnings may be distributed. There are three important inputs: 1) required capital (Basel III Tier I Common) level to be maintained; 2) capital generated (net income in its simplest form); and 3) asset growth (risk-weighted). See Figure 4 for a simple model.
Note the top term does not take into account the current capital adequacy of the institution or its relationship with its regulator, which if strained can lead to substantially higher capital requirements and thus lower distributions. Nor does it take into account the capital structure of its holding company, which may require earnings to fund any operating and interest expenses not borne by subsidiaries (thus free cash flow for the holding company, which is the entity we own, would be free cash flow from the bank and other subsidiaries less any holding company requirements). It only addresses the incremental free cash flow generated by the next dollar of earnings. Capital adequacy is captured in the second part of the equation. If the bank or holding company is undercapitalized, that free cash flow must be held to fortify capital. Similarly, if the entity is overcapitalized or very well capitalized, 100% of that free cash flow (plus some excess capital) may be used to fund buybacks and dividends. For example, American Express has received permission to pay out over 100% of its projected earnings in 2013 in this way. As with any model, the degree of accuracy and conservatism in the inputs are vital. For a bank, as with other companies, the first step is to estimate net income, which will make up the lion's share of capital generated. Change in risk weighted assets is extraordinarily difficult to estimate, especially with final Basel III risk weightings yet to be agreed upon and the uncertainty regarding the mix of asset growth. Simplistically, if the bank's business model isn't changing significantly, we can assume the existing relationship between risk-weighted assets and GAAP assets will stay the same. Given tepid loan growth, but rapid deposit growth which is deployed into lower-risk cash and government securities, risk-weighted assets will in almost all cases grow less rapidly than GAAP assets, which ironically improves banks' capital position and frees up capital, all else equal. On-balance sheet loan growth has averaged 0.5x the growth of nominal GDP since 1984, and almost exactly that (around 2% annually) in the 2010–2012 period. Thus, low-single-digit loan growth is the best we can expect from any large bank in the near term.
The most critical governor of bank free cash flow will be its Basel III Tier I Common Ratio. This is a ratio computed using a framework set by the Basel Committee on Banking Supervision, a regulatory group consisting of representatives of global central banks. It is expressed as Tier I common equity divided by risk-weighted assets, adjusted to exclude from equity: intangible assets, certain pension plan assets and a portion of a BHC's deferred tax assets (which may never be realized), mortgage servicing rights (a kind of intangible asset) and stakes in other financial companies. The minimum ratio to be achieved is 7% but complex, internationally active banks (G-SIFIs) must hold B3T1C as high as 9.5%. Individual country regulators have some leeway in setting risk-weightings as well as additional capital surcharges.
At this point it may be helpful to show an example of how this would work in practice. Citigroup ended 2012 with B3T1C of $105 billion and risk-weighted assets of $1.2 trillion, for a B3T1C ratio of around 8.75%. It is required to reach a 9.5% ratio by 2019, though in actuality investors and regulators are demanding they get there yesterday. For conservatism's sake, we've assumed Citi must build up to a 10% ratio by year-end (and 11% by 2016). Thus, there is an extra claim on Citi's free cash flow to boost its capital, i.e., this money is not available for shareholder distributions. Morgan Stanley has projected that Citi will earn over $13 billion in 2013 (we have not assumed any "mitigating" balance sheet actions banks may take to further boost capital). Due to the ongoing sale and wind-down of different business units, Citi's risk-weighted assets are actually projected to fall by $57 billion. In Figure 5, plugging these numbers into our equation yields free cash flow of $3.6 billion.
Thus, regulator permitting, we think Citi could safely distribute $3.6 billion, or roughly 27% of its estimated net income for 2013. In future years, if we held the capital requirement at 10%, Citi could distribute a level of earnings comparable to peers, including J.P. Morgan and U.S. Bancorp (70-75%). Assuming Citi must build to 11% capital by 2016, Citi could distribute 50-55% of earnings to shareholders, similar to Wells Fargo. It's worth pointing out that Citi could free up additional capital for distributions should it begin to utilize its massive U.S. deferred tax asset (admittedly generated by massive losses), which as it stands, is punitive from a Basel III perspective. This is likely, in our view, as loss-making operations in Citi Holdings, which contains its remaining stake in retail brokerage plus detritus from the crisis era, are wound down. Citi Holdings generated a $6 billion loss in 2012 compared to a $14 billion profit for the rest of the company. Every dollar distributed is no longer part of the "E" in ROE. Should Citi be permitted by the Fed to distribute earnings using the 11% threshold, ROE could exceed 9% and return on tangible equity of 10% by 2016, at which point book value per share and TBV/share could approach $85 and $73, respectively. Holding capital to the 10% threshold would boost returns by an additional 50 bps. A 30% payout ratio at that time would produce a $2.25 cash dividend. The two other traditional uses of free cash flow are less likely to be utilized by Citi. They almost certainly will not be permitted to buy another bank. And while they have de-levered similar to other banks, it is possible they will have to take on more expensive forms of debt under provisions of Dodd-Frank still to be determined.
While Citi faces the same NIM and fee income pressures as its peers, its vast international presence (60% of 2012 profit, excluding Citi Holdings) and exposure to emerging markets, plus outsized exposure to credit cards (higher loan yields, plus fees and interchange make this a relatively high revenue turnover business) should enable it to generate better-than-peer loan growth moving forward. It also lags peers such as J.P. Morgan and Wells Fargo in its expense ratio, giving it an additional lever to pull to enhance ROE. Citi's is the house being remodeled in a not-quite-bad neighborhood that used to be a lot nicer.
It is our opinion that despite a mediocre environment, banks can still generate free cash flow and be solid investments. The stress test has increased transparency and reserves could become less volatile if banks and FASB can come to an agreement on a more forward looking reserve process. There are, however, still
regulatory and political risks.
Risk remain . . .
The biggest risk to banks' free cash flow, particularly the large banks, is regulatory. While Basel III and the stress test seem to firmly set a floor of capital, the question is: will that be enough? Recently, a bipartisan bill floated in the U.S. Senate proposed to raise required common equity to 15% of consolidated assets (not risk-weighted) for banks holding greater than $500 billion of assets. For banks below this threshold, the ratio would be 8%. The smallest community banks would be unaffected. If implemented (highly unlikely given the deleterious effect it would have on lending), this would eliminate distributions by large banks for the foreseeable future and reduce distributions by medium-sized banks. Our free cash flow framework would be broken. The intent of the bill is likely driven by a desire to, if not break up large banks, prevent them from getting bigger and prevent medium-sized banks from having aspirations of becoming large banks. Politicians' intents may be (ahem) noble but we doubt they want to stymie the flow of credit. We believe the Basel III process is well on its way to making banks more sound, and additional legislation is by and large unlikely and unnecessary. The Consumer Financial Protection Bureau's Qualified Mortgage rules could slow down the growth of mortgage lending, the single largest category of lending on bank balance sheets (25% of loans). Here too, we think politicians' good intentions will give way to the desire to expand the availability of credit. The Orderly Liquidation Authority (OLA) provision of Dodd-Frank could, perversely, encourage banks to take on more high cost (but not total) debt by mandating more "bail-in-able" capital at the bank holding company level, in the form of subordinated debt (which would likely be used to reduce more senior forms of debt). This would hurt net interest margins. Rating agencies, particularly Moody's, have discussed lowering holding company credit ratings should the OLA succeed in disabusing market participants of the notion the U.S. government will support large banks in a crisis and not dismantle them. In short, banks and their investors face a regulatory wall of worry.
. . . But we're less "stressed"
We posit that while banks are still paying for the excesses that led to the financial crisis and the current macro environment is mediocre, banks are well positioned for the next upturn, and the stress test has addressed much of our concern relating to transparency. Valuations in the sector are not stretched, with many banks trading below both stated and tangible book value, and should ROE increase there is potential for multiple expansion in certain stocks. Due to higher capital levels and less leverage, banks will become more utility-like and less risky. Ample dry powder exists on bank balance sheets, even after accounting for new regulations such as LCR. Much will depend on how quickly the economy grows, which should drive increased lending, and vice versa. In the absence of loan growth, banks will rely more on return of capital to drive adequate returns, not necessarily a bad thing in our investment framework. Provided banks continue to earn an adequate return on whatever balance sheet growth they generate — and judging by performance post-crisis and 1Q results to date, they are — they should generate excess capital, or free cash flow by another name. There are unique opportunities to play simultaneous increases in profit margins and capital distributions. Among the smaller and mid-sized banks, consolidation will take place to reduce costs, presenting a rich opportunity set in small- and smid-cap products. We note that even the acquirers' stocks have been going up when recent deals have been announced.
Our colleague John Reddan aptly titled a prescient report on financial stocks in 2005 "The Wheels Are Coming Off." In the U.S., the wheels have since been repaired, and there is now a governor in place to prevent banks from exceeding their speed limit. They are now boring, but potentially functional entities for investors focused on free cash flow.
Table 4 depicts system-wide assets to equity of all FDIC banks since 1984, the earliest date for which we have complete combined data for commercial banks and thrifts.
Table 4: FDIC insured commercial & savings banks leverage & tangible equity 1984-2012
(Income, revenue, assets, equity, in $millions)
(a) Gross Interest Income plus Non-Interest Income
(b) Uses average quarter end asset balances from 4Q of previous year through 4Q of current year.
(c) For 1984-1995, uses quarter end balances from note (b) to calculate, as FDIC did not publish a single consolidated number for commercial banks and savings banks.
Source: FDIC Quarterly Banking Profiles, Epoch Investment Partners' estimates.
Table 5: FDIC insured banks credit adjustment income 1984-2012
(a) GAAP Pre-Tax Profit plus Loan Loss Provision
(b) Extraordinary items per FDIC Income Statement
(c) Reserve releases (additions) are removed from pre-tax profit and the resulting amount is taxed at that year's effective tax rate.
Source: FDIC, Epoch Investment Partners' estimates.
Table 6: FDIC insured banks balance sheet composition 1984-2012
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Slingshot Life brings owners from all around the country together. Through the Slingshot Community, owners are able to connect and share their passion. Since 2015, Slingshot owners have been traveling to Maggie Valley, NC, to attend Slingshots in the Smokies each year.


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Tata Is Most Valuable Brand Of India, Airtel Enters The List
in Insight
Tata Valuable Brand- Next Big Brand
Brand Finance published its report about Indian Brands.
As the COVID-19 pandemic wreaks havoc on the global and national economy, India's top 100 most valuable brands could lose up to 15% of brand value cumulatively, a potential drop of nearly US$25 billion compared to the original valuation date of 1st January 2020.
The takeaways from the report:-
Tata Group retains title of India's most valuable brand, breaking US$20 billion brand value mark for the first time
Reliance's strategic industry shift pays off, brand value up 25%
14 banking brands grow on average 25% despite NBFC pressure and Central Bank's tightened monetary policy
Luxury hotels giant Taj is the nation's strongest brand, Brand Strength Index (BSI) score 90.5 out of 100
Top 100 most valuable Indian brands stand to lose up to US$25 billion or 15% of brand value following devasting COVID-19 pandemic
Most Valuable Brands- Next Big Brand
Here, We look at the India's Top 10 Most Valuable Brands 2020 –
By a substantial margin, Tata Group maintained its title of India's most valuable brand, reporting a modest 2 percent increase in brand value to US$ 20.0 billion – the first time any Indian brand has crossed the impressive brand value marker. Tata Group is the only Indian company to feature the world's 500 most valuable brands in the top 100 of the Brand Finance Global 500 2020. Operating in over 100 countries spanning 6 continents and employing a whopping 720,000 people, the presence of the Tata Group is truly global.
The Group's strategic decision to leverage the strength of its flagship operating companies is enabling the Group to fund growth across all arms of its businesses, with the ultimate aim of Tata Motors, Tata Steel, Tata Consultancy Services (TCS), its financial services and retail divisions to account for 10-15% of the Group's profits.
Life Insurance Corporation of India
LIC retains its 2nd Place with a valuation of $8.1 billion as opposed to $5.9 billion in 2018.
LIC is the largest insurance company in India headquartered in Mumbai. It is owned by the Indian Government and has been operational for over six decades now. It also has global partnership operations in Nepal, Bahrain, Saudi Arabia, Sri Lanka, and Fiji.
Reliance Industries Limited
Reliance is moving one spot in the ranking from 4th to 3rd after an incredible rise in brand value of 25 percent to US$ 7.9 billion. The strategic decision of Reliance to change its focus from the oil & gas sector to the retail, media, and telecom sectors proved to be fruitful for the company. The company now holds a 34 percent share of Indian telecommunications industry revenue.
Infosys is the fourth most valued brand in India which is a downgrade as compared to third last year. The company registered a 7.7% year-on-year growth. It has a valuation of $7 billion and brand value is up by 9%.
The brand value of India's public sector lender State Bank increased 7 percent to $6.4 billion. It was also ranked at number 216 in the Fortune 500 list of the world's largest businesses employing more than 300,000 employees across 14,000 branches. Also, it has a network of 200 offices established worldwide in 35 countries.
HDFC is one of the two banks that has been placed in the top 10 list after SBI. Its brand value has risen 22% to hit the $5.9 billion mark.
It currently has 5,314 branches and is looking to expand further.
Mahindra Group
Mahindra group has entered the list. Its brand value has grown to $5.7 billion and saw a jump of 9%. The group has recently been trying to grow its business in the U.S.
Indian Oil
Indian Oil Corporation Limited, commonly known as Indian Oil, is an oil and gas company operated by the Indian government with headquarters in New Delhi. It is the country's largest trading oil firm. The brand value has increased by 41 percent to $4.9 billion. It has jumped from 15th to 8th.
HCL saw a decline in its brand value from 8th position last year to 9th position this year. It's operating globally in 44 countries and made a revenue of 8.6 billion during the last financial year.
Bharti Airtel Limited, also known as Airtel, is a global Indian telecom services company based in New Delhi, India. It operates across 18 countries in South Asia and Africa, as well as in the Channel Islands.
You can find the whole report here.
VU Technologies Sells 50,000 TV Sets Amid Ongoing Pandemic
Taj Hotels Is The Strongest Brand In India, Followed Jio: Brand Finance
Soonicorns of India – 26 Indian Startups That May Turn Unicorn in 2022
Startups in Review – Indian Startups Grab Record $36 Billion Funds in 2021
TikTok Stays the Most Downloaded App in 2021
B.O.A.T.S. of Indian EV Market
The Tale of Biryani Delivery Brand – Biryani By Kilo Success Story

redpajama_set_name: RedPajamaCommonCrawl


Home » Archive by category "Poker Stud"
When playing online poker, you are expected to follow a certain level of "poker etiquette". Violation of proper etiquette may result in your online poker account being closed down and you being blacklisted.
Many books have been written on how to play Poker Tournaments. David Sklansky is one of the best authors on Poker today, and I will always recommend his books, but his book "Tournament Poker for Advanced Players" was written in 2000 and is a bit dated. It doesn't really address online Poker Tournaments that well or the exponential growth of Poker Tournaments, that occurred when the World Series of Poker and World Poker Tour were on television. In the following pages, Openings, Mid-Game and End Game, we will discuss strategy but for a simple, down and dirty basic strategy, for No Limit Hold'em, here we go.
Recap of last two months as a pro poker player – reaching Supernova, 2k+ daily swings, my daily routine and more!
Hyper turbo: I finished yesterday with over $1500 in profit after 3 hours of play. It was a great day, but after this past month it didn't even register..
Poker Stud – poker success stories directly from our fans!


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Home News RBDF joins Abaco community in Tribute to Victims of Hurricane Dorian
RBDF joins Abaco community in Tribute to Victims of Hurricane Dorian
Several members of the Royal Bahamas Defence Force were on the island of Abaco when Hurricane Dorian struck exactly a year ago today. It was therefore quite fitting for those stationed there to join in a community effort today with the residents of Marsh Harbour in remembrance of the lives lost during the ordeal last year. Held on the junction of Queen's Highway and Bay Street, this occasion was in observance of the one-year anniversary of the passing of the destructive hurricane.
This tragic event left a gaping hole in the hearts and minds of many Bahamians, and in particular Abaconians. Described as one of the saddest days in Abaco's history, a bystander shared her very vivid recollection of the storm.
"One year ago, almost exactly around this time, most of the houses were already gone. Just about everyone was underwater. Around 1 or 2 pm was about the time the eye came, and those who were still alive tried to find shelter somewhere else." At the event, a small area was set up to invite members of the community to offer flowers in memory of those lost during the storm. The RBDF team in attendance served as the Colour Party at the event and a symbol of the security of the small island, even in the midst of the resilient citizens. The resident who chose to remain anonymous explained the purpose of the community showing.
"It's a day to stop, think, pray, memorialize [those lost] and a day to see our friends. We may not be able to hug, touch or gather because of COVID-19, but we can see each other's eyes and come together. This is really a celebration for Central Abaco." This occasion also served as a quick drive-through for individuals who wished to simply stop their vehicles and place a flower or something tangible on the site in respect of the occasion.
Lieutenant Commander Andrew Bowe, Executive Officer for the RBDF Northern Command expressed that the organization remains committed to the residents of Abaco in particular, who were hardest hit during the hurricane. The Royal Bahamas Defence Force remains committed to its mandate and will continue to serve not in only in the communities in which it is stationed, but the entire commonwealth of The Bahamas.
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Q: What is the proper way to bind a dynamic value from a language file? I have a view model which has the name of an entry in my language resource file.
I tried to bind this value directly to the x:Uid attribute of the TextBlock in my XAML, but got a XAML error.
To get around this limitation I though about changing the property to return the value from the language file, but was concerned that doing so might not be a valid MVVM solution.
I also thought about creating a converter to set the text.
Way that does not work:
<StackPanel Orientation="Horizontal">
    <Image Margin="0,0,20,0" Source="{Binding IconPath}" />
    <TextBlock x:Uid="{Binding LanguageResourceName}" />
</StackPanel>

The view model I am binding to:
class Tab : ViewModelBase
{
    private string _IconPath,
        _LanguageResourceName;
    private ViewModelBase _ViewModel;

    /// <summary>
    /// The path to the icon to show on the tab.
    /// </summary>
    public string IconPath
    {
        get { return _IconPath; }
        set { SetProperty(ref _IconPath, value); }
    }

    /// <summary>
    /// The name of the entry in the language resource file to display on the tab.
    /// </summary>
    public string LanguageResourceName
    {
        get { return _LanguageResourceName; }
        set { SetProperty(ref _LanguageResourceName, value); }
    }

    /// <summary>
    /// The contents of the tab.
    /// </summary>
    public ViewModelBase ViewModel
    {
        get { return _ViewModel; }
        set { SetProperty(ref _ViewModel, value); }
    }
}

So what is the correct way to resolve this issue?

A: Converter is the best way to do it. Check out my answer here for a quick explanation. I've copied the Converter I define there below.
ResourceController is a simple Controller which gets a reference to a ResourceLoader and retrieves values via a method GetString(string resourceId).
public class ResourceTranslationConverter : IValueConverter
{
    public object Convert(object value, Type targetType, object parameter, string language)
    {
        var valString = value as string;

        // If what is being converted is a string, return the resource translation
        // Else return something else, such as the object itself
        return valString == null ? value : ResourceController.GetString(valString);
    }

    public object ConvertBack(object value, Type targetType, object parameter, string language)
    {
        throw new NotImplementedException();
    }
}

Binding then works like:
<TextBlock Text="{Binding LanguageResourceName, Converter={StaticResource ResourceTranslationConverter}}" />

Make sure you've defined an accessible ResourceTranslationConverter. Possibly in the Page.Resources or even in your App.xaml (since you should only need one static reference).
Hope this helps and happy coding!

redpajama_set_name: RedPajamaStackExchange


Northampton Community College is a 2-year community college in eastern Pennsylvania. NCC features 107 programs of study and offers nearly 100 degrees and certificates as well as an Honors Program. Graduates have the opportunity to earn a bachelor's degree without leaving NCC's campus through partnerships with Bloomsburg and East Stroudsburg Universities.
northampton community college is a place where learning is encouraged. professors don't sit in the front of class and read off of power-points, they engage students and change the learning process. also, class sizes are small (usually under 40) so you are more than just a number to teachers, they actually know your name.
a great school that offers many opportunities to all of its students. the staff shows a lot of support to all of the students. they also offer many different ways to help students that are having trouble in classes and wish to receive help in order to get better grades.


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Your propane grill could be a ticking time bomb
Rossen Reports: Your gas grill could be a time bomb
July 21, 2014, 11:40 AM UTC
By Jeff Rossen and Josh Davis
Earlier this month, a taco truck in Philadelphia blew to pieces. Twelve people were injured, five of them critically. Investigators say a leak in the propane tank was to blame.
Many people have barbecue grills in the backyard. Could this happen at your home?
Investigators say yes — it happens more often than you think. There are 7,000 gas grill fires every year, according to the National Fire Prevention Association, many from leaking propane.
Last year, Byron Fuchs was grilling for a Fourth of July party at his home in West Palm Beach, Florida. He bent over to light his propane barbecue when there was an explosion, engulfing his body in a wall of fire. "As soon as I did it, I looked down at my arm and I [saw] the skin melt off," he said.
Want a scam or issue investigated? Email Rossen Reports.
It turned out Fuchs had left the propane on too long, allowing it to build up inside the grill and ignite. Home surveillance cameras rolled as he ran to his swimming pool to put himself out. Moments later, paramedics arrived and rushed him to the ER.
Fuchs got second-degree burns on his arms as well as other burns on his legs, "and of course my face, my hair caught on fire," he said. And he isn't alone: Other dangerous explosions are posted all over YouTube.
To find out just how powerful a blast can be, NBC News set up a demonstration. With Minnesota firefighters standing by, Jeff Rossen's investigative team opened the gas valve on a propane grill to simulate a leak.
After just a few minutes, a giant ball of fire erupted from the grill, blowing the doors open. Flames shot out of the top and poured out of the bottom.
With firefighters standing by, NBC News set up an exploding gas grill demonstration.Today
According to James Novak, a fire investigator for the St. Paul, Minnesota, fire department, the most common mistake people make when grilling is: "They turn on the gas, they leave the cover down, they hit the igniter and they get an explosion from a buildup of gas."
The solution, Novak said, is to keep the lid open before you light the grill: "Turn it and light it right away. Don't wait and let it build up gas. And then you don't want to lean over the top so you singe your face off or worse."
Another tip is the soapy water test: Spray all your hoses and connections with soapy water. If you see the soapy water bubbling, that means you have a gas leak there, "and you either need to tighten that up or you need to replace it if it can't be tightened up," Novak said.
The industry says grills are safe if used properly. And experts say there is even more you can do.
If you keep hitting the igniter switch and your barbecue doesn't light right away, don't keep hitting it: Shut off the gas completely, and wait three to five minutes before trying to light it again. If gas has built up, that'll give it time to dissipate.
Also, keep your grill at least three feet away from your house: That way, if there is a fire, it doesn't spread.
And, of course, follow the instructions on your grill or propane tank — they're always printed right on the side.
Have an idea for a future edition of Rossen Reports? Email us.


In anticipation of its much buzzed-about initial public offering, rumored to take place sometime next year, it looks as though Snap is making a few strategic purchases, this time with Cimagine. The post Snap just snapped up another company, this one in Israel appeared first on Digital Trends .
If you have a new MacBook, you may want to get the new Spotify to go along with it.
Seasonal Affective Disorder (SAD) affects millions of people, but light therapy has proven to be an effective treatment for many. Here are our favorite lamps on the market, whether you're looking for something portable or a device with a built-in timer. The post Beat the winter blues with these life-changing light therapy lamps appeared first on Digital Trends .
BMW and Toyota's collaboration could extend from their sports car project to the Toyota Corolla. Rumors suggest that BMW may build an engine for the Japanese carmaker's compact car.
The Helixot XO 6.2 backpack has been specifically designed for paddlers, sailors, and others who need to keep their gear completely safe from water. The pack can be completely submerged and continue to keep its contents dry.
We're at the end of 2016 and looking toward the horizon, and next year looks to be brimming with interesting new concepts and sequels designed to broaden beloved franchises.


Thank you for submitting your entry form for our Spring Fling Show.
Your Entry is NOT OFFICIALLY CONFIRMED until payment in full has been sent and you have received an email confirmation from the Show Secretary.
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Baja Pro Extreme Desert Racing 30/7.0-15 15.0 Inch Rim Dia 30.0 Inch OD. Mickey Thompson Baja Pro off-road tires are specially designed for desert and short course racing. These tires feature a tough bias belted construction for superior strength and impact resistance. Many off-road racers have won on these time tested treads!


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Lisa Blatt Selected to Washington Legal Foundation's Legal Policy Advisory Board
Williams & Connolly Supreme Court and Appellate Chair, Lisa Blatt, has been selected to Washington Legal Foundation's (WLF) Legal Policy Advisory Board. Established in 1977, WLF is a national public-interest law firm and policy center. WLF's Legal Policy Advisory Board includes nearly fifty distinguished professionals from the legal, academic, and public-policy communities who offer WLF valuable, informal guidance on a volunteer basis.
Lisa began her career at Williams & Connolly as an associate before joining the general counsel's office at the Department of Energy, followed by thirteen years in the Office of the Solicitor General. Her Supreme Court cases have addressed a broad range of issues, including healthcare, antitrust, civil procedure, preemption, employment and ERISA, bankruptcy, and national security. The National Law Journal has called her a "visionary," one of "the 100 most influential lawyers in America," and a "SCOTUS legend."
Click here to view Washington Legal Foundation's press release.
Lisa S. Blatt
lblatt@wc.com


text:
NPD: NAPier Jewelry Hits $2M in Record $1.5M Opening Weekend
Aug 10, 2021 Repeater
NAPIER, N.Y. — NAPIER Jewelry, Inc., a jewelry and collectibles distributor, announced Friday that it has reached a $2.2 million opening weekend for its collection of memorial jewelry.
The jewelry is the first of its kind for the company, which was founded by Jennifer Kowalski, who lives in the New York City borough of Queens.
"I am extremely excited about the opening weekend, and we are looking forward to creating memories and memories for the family, friends and co-workers of the company," said Jennifer KOWALSKI in a statement.
For the year, NAPI will sell commemorative commemorative pieces from its collection in the U.S. at $3,200, with prices available to retailers and online at www.napiersjewelry.com.
A large selection of original and replica beads, necklaces, neckties, earrings, bracelets, ear rings, rings, earbuds, neck and necklids, earmuffs, neck laces, ear muffs, ear and neck rings, neck trims, ear tags and ear pieces is also available at the NAPIESITE.COM site for a minimum of $2,500.
Napier also announced that it will host a special NAPERYMOMENT on September 10 in conjunction with the annual NAPYER Women's Day Parade, to benefit NAPIE and its sister charity, the NAPE Fund.
Each year, the parade brings together the finest local musicians and entertainers to honor and honor the memories of those who have served and sacrificed for this great country.
The parade begins at the Brooklyn Navy Yard and continues on to Manhattan, with more than 150 musicians and artists.
To learn more about the NAPIER community, visit www.namierjewelries.com or call (718) 531-4824.
About NAPER Jewelry Inc. NAPIRI stands for New Approaches to Jewelry.
The company was founded in 2014 by Jennifer and Michael Kowalski.


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Insiporation
Local Commune
Open to Public
Touristy Trap
Untourist
Betty Ban
History, Untourist, Hidden Treasure
Madeline Garden is a bistro & venue in a 1927 French Quarter-style hidden treasure
This European restaurant with old-school flair offers an eclectic menu, high tea & a tapas bar.
Per The Architecture of Entertainment by Robert Winter, the French Quarter-style property was designed in 1927 by Louis du Puget Millar as a studio/office/workshop for renown interior decorator Edgar J. Cheesewright. At the time of its inception, the 2-story, 42-room, 35,000-square-foot complex boasted 3 street-level boutiques, 8 sales rooms, several workshops and offices, a reception hall with a curved staircase, an entrance courtyard with a fountain, a rear garden, leaded glass windows, wrought iron balconies, and a 2-story atrium.
Cheesewright's business suffered financially during the Great Depression and he eventually sold the property. During World War II, the complex was acquired by the U.S. Naval Research Bureau and was utilized to conduct secret military testing. A basement lab was constructed for Albert Einstein during that time, complete with a tunnel that linked it to the California Institute of Technology located about a half a mile away, so that the scientist could venture there and back unseen. In 1983, the Navy relinquished the building and it was transformed into retail/office space once again. Today, the second floor houses apartments known as the Pasadena Green Plaza Apartments. Miraculously, despite its different incarnations over the years, much of the site's original detailing and beauty has been retained.
Madeline Garden Bistro & Venue, which was featured in a Season 4 episode of Mad Men.
Tagged: Pasadena, Los Angeles, hightea, Tapasbar, Romantic, GroupFriendly
Benny Xian
Hidden Gem, Fun, Outdoor
What makes it a Voyadi Spot?
Havasupai Falls is one of the well-kept secrets locally under the control of Havasuai tribe. It's home of the native Havasupai people, people of blue-green water. While Grand Canyon draws in millions of tourists every year, Havasupai Falls is relatively secluded from tourists. The view at the falls is spectacular. The hike getting there is strenuous but worth every step of the way!
Tagged: HavasupaiFalls, Hiking
Bamboo Homes at Bali
You've never seen buildings like this. The stunning bamboo homes built by Elora Hardy and her team in Bali twist, curve and surprise at every turn. They defy convention because the bamboo itself is so enigmatic. No two poles of bamboo are alike, so every home, bridge and bathroom is exquisitely unique. In this beautiful, immersive talk, she shares the potential of bamboo, as both a sustainable resource and a spark for the imagination. "We have had to invent our own rules," she says.
Tagged: VoyadiSpots, Bali, BambooHomes, EloraHardy, Enigmatic
Sky Lantern Festival
It is one of the most enchanting and symbolic experience in Asia. As many as 200,000 lanterns are released into the night sky with each emblazoned with hopes, well wishes, and names of loved ones.
Tagged: Asia, LanternFestival
The history, the architecture, and the story surrounding Pompeii is just incredible! The entire city was buried in a layer of ash and lava from the eruption of Vesuvius in 74 A.D. The thick layer of volcanic material solidified into extremely hard stone. It is as if the whole city was frozen instantly in time for 1,500 years until it was discovered in 1599.
Tagged: Pompeii, LostCity, History, Italy, Architecture
History, Luxury, Lounge
The Edison is called "the living history in Downtown Los Angeles". It is meticulously designed by Andrew Meieran, real estate developer and moviemaker, with love for history and drive for creative and physical exploration. The Edison is a perfect blend of many styles including Victorian (1837-1901), Art Deco (1920s and 1930s), Art Nouveau (1890s), and Gothic (1920's). As Andrew described why he chose this location, "I wanted someplace that could have been in the world of Blade Runner. I wanted a romantic and nostalgic space that looked back at the exuberance of the past (1920s) as well as the future of technology and invention. This place was a perfect mixture of Jules Verne, industrial decay; a peek into the past with a hint of their vision of the future." In addition to the Edison, Andrew also rehabilitated and restored Clifton's Cafeteria, a legendary eatery from the 1930s.
Tagged: Los Angeles, DTLA
Boutique Hotel, Fun, Restaurant
Farmer's Daughter Hotel
It is remarkable to see the transformation of Farmer's Daughter from a "no-tell motel" in the 70s to one of the coolest and hippest boutique hotels in Los Angeles today. The best way to describe it: "distinctly individual and fiercely independent." Owners Ellen and Peter Picataggio have taken an art-driven approach to redesign every element of the hotel while honoring its colorful history and origin. In collaboration with local artists, designers, and makers, Farmer's Daughter is distinctively different and authentically local to Los Angeles. The result is inspirational! It is not just a hotel, it's an unique experience, a creative community, and an amazing story! If you are looking for the authentic Los Angeles experience, start with Ellen and Peter!
Tagged: Los Angeles, Fairfax, The Grove
History, Hidden Gem
Filoli Garden
Filoli provides an inspiring vision of a new Eden, with bountiful land, plentiful resources and an emphasis on self-sufficiency. Filoli represented a desire to create a magnificent and enduring country estate. The name was created by combining the first two letters from the key words of his credo: "Fight for a just cause; Love your fellow man; Live a good life."
Tagged: San Francisco Area, Half Moon Bay, Outdoor, Garden


text:
Era principalmente noto per essere costantemente affamato e in grado di mangiare grandi quantità di cibo oltre a oggetti non commestibili; poiché la sua famiglia non era in grado di sfamarlo, ancora adolescente viaggiò in Francia esibendosi come fenomeno da baraccone ingoiando oggetti di varia natura e anche animali vivi e un intero cesto pieno di mele. Successivamente si trasferì a Parigi, dove lavorò come artista di strada. Si arruolò poi volontario nell'esercito francese ma, con l'aggravarsi della sua patologia, venne ricoverato in ospedale divenendo oggetto di studi ed esperimenti medici. Dimostrò quindi di essere in grado di consumare in una sola volta un pasto sufficiente per 15 persone, di inghiottire gatti e serpenti vivi e altri animali come una anguilla intera senza masticarla. Nonostante la sua dieta, era di dimensioni e aspetto normali e non mostrava alcun segno di malattia mentale se non quello che al tempo fu descritto come un temperamento apatico.
Venne impiegato anche come corriere dall'esercito francese, con il compito di ingoiare documenti per evitare che cadessero in mano ai nemici.
Conclusa l'esperienza militare, accettò di sottoporsi in ospedale a qualsiasi procedura che potesse curare il suo appetito e sperimentò numerosi e fantasiosi trattamenti, tra cui l'assunzione di laudano, di pillole di tabacco, di aceto di vino e uova alla coque. Questi fallirono tutti, senza che i medici riuscissero a tenerlo sotto un regime di dieta controllata. Tarrare tentava infatti di bere il sangue salassato dei pazienti e addirittura di nutrirsi dei cadaveri dell'obitorio e usciva spesso dal nosocomio, nutrendosi scavando tra i rifiuti e rubando le frattaglie esposte fuori dai macelli. Sospettato di aver mangiato un bambino, fu infine espulso dall'ospedale. Riapparve quattro anni dopo a Versailles, sofferente di una grave tubercolosi, morendo poco dopo a seguito di un lungo attacco di diarrea essudativa.

Biografia

Giovinezza
Tarrare nacque nelle regioni rurali della Francia, vicino a Lione, attorno al 1772. Non si conosce l'esatta data di nascita tuttavia si sa che quando morì, nel 1798, aveva circa 26 anni. Non è neanche certo che «Tarrare» fosse il suo vero nome o invece un soprannome.

Sin dalla fanciullezza aveva un appetito pantagruelico, tanto da riuscire a divorare un quarto di vitello di peso maggiore al suo in una sola giornata. Essendo la sua famiglia di modesta levatura, i genitori lo cacciarono presto da casa, imponendogli di provvedere da solo al suo inestinguibile appetito. Il ragazzo peregrinò quindi per qualche anno, unendosi anche a una banda di ladri e prostitute, mendicando o rubando per procurarsi il cibo; solo più tardi riuscì a trasformare la sua bizzarra voracità in un redditizio evento da baraccone, mettendosi al servizio di un ciarlatano itinerante. L'esibizione consisteva nel deglutire, su richiesta del pubblico, ciottoli, pietre, animali vivi, e frutti interi. In queste circostanze, tra l'altro, Tarrare scoprì di essere molto ghiotto di carne di serpente.

Nel 1788 si trasferì a Parigi, dove lavorò come artista di strada. L'esibizione era sempre la stessa, ovvero quella di deglutire qualsiasi cosa il pubblico gli porgesse; tuttavia, fu costretto a interrompere l'attività quando si iniziarono a manifestare i sintomi di una occlusione intestinale. Fu quindi trasferito all'Hôtel-Dieu dove fu curato con potenti lassativi e, per verificare la guarigione, Tarrare si dimostrò disposto a ingerire l'orologio a catena del chirurgo, M. Giraud ma quest'ultimo non si dimostrò impressionato e gli disse che non avrebbe esitato ad aprirgli lo stomaco per recuperare l'oggetto, se questo fosse stato realmente trangugiato.

Carriera militare
Allo scoppio della guerra della Prima Coalizione, si arruolò nell'Armée révolutionnaire française; purtroppo per lui, le razioni offerte dalle milizie francesi si rivelarono ben presto insufficienti per soddisfare il suo appetito. L'insaziabile soldato si dimostrò disposto ad accollarsi compiti sgradevolissimi, come la pulizia delle latrine, pur di ottenere razioni di cibo dai commilitoni. Deperì presto e quindi venne trasferito all'ospedale militare di Soultz-Haut-Rhin. Qui il personale, constatatone l'appetito, gli quadruplicarono le razioni ma, nonostante questo provvedimento, la sua fame non diminuì affatto, tanto che iniziò a pasteggiare con gli avanzi degli altri pazienti, a frugare in cerca di cibo tra i cumuli di rifiuti, e addirittura a intrufolarsi nella farmacia per ingoiare i cataplasmi. I medici non riuscirono a capire le ragioni del comportamento e gli ordinarono quindi di rimanere nell'ospedale, dove venne sottoposto a una serie di esperimenti dal dottor Courville (chirurgo del 9e régiment de hussards) e da George Didier, Baron de Percy, membro del personale medico.

Courville e Percy decisero di verificare fino a che punto si sarebbe spinta l'iperfagia di Tarrare. Nel primo esperimento questi riuscì a consumare tutte le vivande di una mensa imbandita per 15 braccianti, che comprendeva due grandi pasticci di carne, piatti grassi e salati, e quattro galloni di latte (oltre 18 litri), per poi cadere in un sonno profondo. Fu proprio Courville a notare che il ventre di Tarrare, dopo il pasto, si gonfiava «come un enorme palloncino». Successivamente l'uomo fu sottoposto a un altro esperimento: gli fu offerto un gatto vivo a cui Tarrare dilaniò l'addome con i denti, ne bevve il sangue, e lo mangiò per intero apparentemente senza sforzo, scartandone solo le ossa, vomitandone successivamente la pelliccia e la pelle. Da questo momento in poi, la dieta prevista dall'ospedale per Tarrare iniziò a comprendere anche altri animali, come serpenti, lucertole e un'anguilla la quale, in particolare, fu inghiottita senza masticazione dopo che ne ebbe schiacciato la testa coi denti.

Servizio da corriere
Dopo diversi mesi trascorsi in ospedale a subire esperimenti, le autorità militari lo incoraggiarono a ritornare al servizio attivo. Poiché Courville voleva continuare le sue indagini sulle singolari abitudini alimentari e sul suo sistema digestivo, suggerì al generale francese Alessandro di Beauharnais di applicare l'iperfagia di Tarrare alla scienza delle operazioni militari. All'uomo venne quindi assegnato il compito di ingerire una scatola di legno, contenente un documento; questo venne poi recuperato ancora leggibile tra i suoi escrementi due giorni più tardi. Courville quindi propose a Beauharnais di impiegare Tarrare come corriere militare, col ruolo di depositare documenti importanti oltre le linee nemiche, senza il rischio di essere scoperto in caso di cattura.

Beauharnais decise di studiare la fattibilità della proposta di Courville poco prima di un'importante riunione dell'Armata del Reno Superata con successo la prova della scatola, a Tarrare fu quindi offerta come ricompensa una carriola piena di polmoni e fegato di toro crudi, che egli subito divorò davanti ai generali riuniti in assemblea. Dopo questa riuscita dimostrazione, Tarrare fu impiegato ufficialmente come spia. Sebbene Beauharnais ne avesse già verificato con successo la capacità fisica di custodire messaggi nelle proprie budella, rimaneva tuttavia scettico sulle reali facoltà mentali del ragazzo, tanto da dimostrarsi riluttante nel consegnargli documenti realmente importanti. Come primo incarico a Tarrare fu quindi ordinato di consegnare un messaggio a un colonnello francese, imprigionato dalle milizie prussiane nei pressi di Neustadt; gli venne detto che i documenti erano della massima importanza militare, ma in realtà si trattava semplicemente di alcune note che esigevano una conferma che il messaggio fosse stato consegnato con successo e, in tal caso, una risposta contenente informazioni utili sui movimenti delle truppe prussiane.

Tarrare oltrepassò le linee prussiane con il favore delle tenebre, travestito da contadino tedesco. Tuttavia, non sapendo parlare il tedesco, attirò l'attenzione dei residenti locali, che subito allertarono le autorità prussiane: fu così che l'uomo venne catturato nei pressi di Landau. Venne perquisito ma (come già previsto da Courville) la ricerca non diede risultati. I soldati prussiani tentarono quindi di estorcergli le informazioni frustandolo, ma l'uomo si rifiutò di tradire la sua missione. Fu in un secondo momento portato dinanzi alla massima autorità prussiana del luogo, il generale Zoegli, rifiutandosi nuovamente di parlare e fu quindi mantenuto agli arresti. Dopo 24 ore di carcerazione, Tarrare cedette e rivelò il piano ai prussiani che lo incatenarono dentro una latrina, dove la scatola venne finalmente defecata, 30 ore dopo l'ingerimento. Zoegli si infuriò malamente quando scoprì che il messaggio, che Tarrare aveva descritto «di vitale importanza», non era in realtà tale. Altre fonti suggeriscono che in realtà Zoegli non abbia mai letto il documento, in quanto Tarrare avrebbe avuto la prudenza di rimangiarlo prima che i prussiani potessero esaminarlo. Per punirlo Tarrare fu condotto al patibolo e gli venne posto il cappio attorno al collo; in realtà si trattava di una messa in scena, tanto che il malcapitato fu rilasciato all'ultimo momento e riconsegnato alle armate francesi (non prima di esser stato picchiato duramente).

Cure
Avvilito da quest'esperienza, Tarrare si rifiutò di impiegarsi nuovamente come soldato e fece ritorno all'ospedale, dove accettò di sottoporsi a qualsiasi procedura che avesse potuto curare il suo incontenibile appetito. Percy lo sottopose inizialmente a dei trattamenti a base di laudano, che non ebbero successo; vennero quindi sperimentati altri trattamenti basati su pillole di tabacco, aceto di vino e uova alla coque, che si rivelarono tutti inefficaci. Tarrare quindi non riuscì a sottoporsi a una dieta controllata; anzi, spesso fu scoperto mentre sgattaiolava al di fuori della clinica per contendere ai cani randagi carogne, interiora e frattaglie gettate dai macelli nei canali di scolo e tra i mucchi di rifiuti. L'uomo tentò addirittura di bere il sangue salassato di altri pazienti dell'ospedale, e di mangiare i cadaveri ricoverati nella camera mortuaria. Percy, decise di ignorare i vari colleghi che, convinti del fatto che potesse avere una malattia mentale, insistevano per trasferire Tarrare in un ambulatorio psichiatrico, decidendo invece di continuare i suoi esperimenti sulle sue capacità digestive.

Dopo qualche tempo, si registrò la scomparsa di un bambino di 14 mesi dall'ospedale: Tarrare fu immediatamente sospettato. Percy non poté difenderlo, e l'uomo fu quindi espulso dall'ospedale, dove non fece mai più ritorno.

Morte
Quattro anni dopo, nel 1798, un membro dell'ospedale di Versailles, tale M. Tessier, informò Percy che un paziente nutriva il desiderio di rivederlo. Si trattava di Tarrare ormai debole e costretto a letto. Tarrare disse a Percy che due anni prima aveva ingoiato una forchetta d'oro, che egli indicò come presunta responsabile dei dolori; l'uomo sperava che Percy potesse trovare un modo per rimuoverla. Percy, tuttavia, non poté fare altro che diagnosticargli una tubercolosi in fase molto avanzata. Un mese più tardi, Tarrare morì in seguito a un violento attacco di diarrea essudativa.

Il cadavere dell'uomo stava degenerando rapidamente; i chirurghi dell'ospedale, tuttavia, si rifiutarono di sezionarlo. Tessier era però curioso di scoprire come l'organismo di Tarrare differisse dalla norma; inoltre, era desideroso di scoprire se la decantata forchetta d'oro fosse stata effettivamente ingerita, quindi se ne occupò personalmente. Durante l'esame autoptico l'esofago dell'uomo fu scoperto essere anormalmente ampio e, una volta divaricate le fauci, lo studioso poté osservare un ampio canale verso lo stomaco. Il corpo fu trovato pieno di pus mentre il suo fegato e la colecisti erano anormalmente grandi così come lo stomaco, che si presentava coperto di ulcere e riempiva la maggior parte della sua cavità addominale. Vennero così verificate quelle varie caratteristiche organiche che rendevano Tarrare unico, già descritte nel paragrafo § Aspetto fisico e comportamento. La forchetta d'oro, tuttavia, non venne mai trovata.

Aspetto fisico e comportamento
Nonostante la sua singolare dieta, Tarrare era magro e di altezza media. All'età di 17 anni, pesava solo 45 kg. Aveva dei capelli biondi finissimi, ma anche una bocca molto ampia, mentre i denti erano molto macchiati e le labbra praticamente invisibili.

In caso di digiuno la pelle si allentava così tanto che questa si poteva piegare dal suo addome intorno alla vita. Se sazio, invece, il suo addome si gonfiava «come un enorme palloncino». Le sue guance erano rugose e flaccide e, quando distese, il ragazzo poteva contenere dodici uova o mele nella sua bocca. Il corpo era caldo al tocco e presentava un'intensa sudorazione, responsabile dell'odore sgradevole che veniva emanato; puzzava «a tal punto che l'odore diveniva insopportabile già entro la distanza di venti passi». Dopo i pasti, il tanfo aumentava sensibilmente, gli occhi e le guance si iniettavano di sangue, mentre il comportamento assumeva connotazioni letargiche; frequenti erano i rutti e grandi erano le quantità di vapore che si innalzavano dal corpo. Lo smisurato appetito non gli comportò mai il vomito o l'aumento di peso, bensì degli intensi attacchi di diarrea, descritti come «fetidi al di là di ogni concezione». Analogamente, non mostrò sintomi di malattie mentali, anche se aveva un temperamento apatico e «una completa mancanza di forza e idee».

Sconosciute sono le cause del comportamento di Tarrare. Nonostante vi siano stati alcuni casi simili in periodi più recenti, nessuno dei soggetti è mai stato sottoposto a un'autopsia. Si pensa che l'uomo possa aver sofferto di ipertiroidismo, disturbo del sistema endocrino che comporta un estremo appetito, sudorazione, capelli fini e intolleranza al caldo. Bondeson (2006), tuttavia, ritiene che Tarrare abbia avuto un danneggiamento all'amigdala, una parte del cervello che porta all'iperfagia se gli si reca del danno.

Note

Annotazioni

Fonti

Bibliografia

Voci correlate
 Iperfagia
 Charles Domery
 Disturbi del comportamento alimentare
 Appetito
 Erisittone (tessalo)

Altri progetti

Collegamenti esterni
 Mémoire sur la polyphagie, in Journal de médecine, chirurgie, pharmacie (1804): le memorie di Percy sul caso Tarrare.

redpajama_set_name: RedPajamaWikipedia


This page helps you compare Oppo A57 with Vivo Y71. When you see Oppo A57 Vs Vivo Y71 comparison on Pricebaba, watch-out for the specifications of these phones and also the VFM score. With Pricebaba's Value For Money Score, you can know how Oppo A57 stands against Vivo Y71 and which one you should buy. The best price of Oppo A57 is currently Rs. 12,000. The lowest price for Vivo Y71 is Rs. 11,990. The prices for both these products were updated April 19, 2019.


text:
The Panasonic DMR-EX77 is a device that allows its users to watch movies, TV shows or other DVD content. This DVD player has a built-in tuner and offers a hard disk capacity of 160 GB. It sports an HDMI output. The Panasonic DMR-EX77 also has features such as an Electronic Programme Guide that allows you to view and select the TV show you wish to record.
160 GB Hard Drive (150+ Hours Recording Time)
HDMI - 1080p Upscaling
Freeview recorder
Full EPG - Programme Guide


Make An Impact CIC regularly runs training and events, as well as being available to deliver bespoke training on business or finance topics for your event including.
In most cases our workshops combine social accounting and SROI, as we have trained in both of these. The workshops provide you with practical information, so you can undertake the work to implement the systems, collect the data, measure your impact and report on it.
These workshops are focused on techniques and tips for pricing your products or services effectively, so you generate a profit, and running your business from your values.
These workshops focus on identifying where you are now, what is stopping you from progressing, the blocks and subconscious programmes you are running (and removing these), where you want to get to and how you can get there.
We have previously delivered workshops for hundreds of social enterprises, small businesses and charities across the UK, as well as for Social Enterprise West Midlands, SEUK, ISE CIC, Birmingham Mental Health Trust, Birmingham City Council, Aston University, School for Social Entrepreneurs, Shakti Women, National Offender Management Service and many others.
Click here to contact us and book your session.


text:
Gonzo: The Life and Work of Dr. Hunter S. Thompson (2008)
http://hdbest.net/28535-gonzo-the-life-and-work-of-dr-hunter-s-thompson-2008.html
Biography Documentary Genre Music Alex Gibney Alex Ziwak Angela Berliner Bob Braudis Brian Kimmet David Carlo Douglas Brinkley Eugenia Care Gilleon Smith Hunter S. Thompson Jimmy Buffett Joe Cairo Johnny Depp Melissa Otero Muhammad Ali Oscar Acosta Pat Buchanan Pierre Adeli Sonny Barger Victor Ortiz Warren Beatty 2008 7.2 Alex Gibney English United States
Gonzo: The Life and Work of Dr. Hunter S. Thompson: Directed by Alex Gibney. With Hunter S. Thompson, Johnny Depp, Joe Cairo, David Carlo. A portrait of the late gonzo journalist Hunter S. Thompson.
"In the sphere of all the memoirs collected in this post-counter culture portrait of a counter culture icon, narrated by Johnny Depp who played him to some extent in Terry Gilliamu0026#39;s film version of Fear and Loathing In Las Vegas, there was one issue I found noticeably absent: The reality of the unhappiness and suffering of this comic book character of a painfully vague crustacean. The film finds remarkable approach to the people involved in his life, but not even from his two wives do we get a picture of what he was like the inevitable physiological drawbacks caught up with him. He was plainly, intensely addicted to drugs and alcohol, and after a trance-like sleep not much different than passing out at the right time, he would have awakened in a mess of depression and alienation. What did he say on those mornings and afternoons? How did he act?u003cbr/u003eu003cbr/u003eOf course, it is said during the film that he would drink all day or take drugs and there was no discernible effect. I donu0026#39;t think I buy that. What if it was a front? The main thing is, he wasnu0026#39;t killed by day-to-day simultaneous intakes of alcohol and pills, which can really tear up your head, which are said to cause a likelihood of seizures. He was killed by himself, which he himself scripted and all of his friends totally assumed would happen. He took every reckless risk there was to take, and he, not time or drugs or people, ended it all because his own agenda was dried out. As a journalist, for instance, he reported that at some point in a presidential primary Edward Muskie consumed Ibogaine, a psychoactive drug given out by a u0026quot;mysterious Brazilian doctor,u0026quot; information which was entirely fictitious yet was actually learned and passed along as truth. Thompsonu0026#39;s stunt may have been part of the cause of Muskieu0026#39;s furious irritability throughout the 1972 Florida primary. No other journalist could have carried such a fib, but Thompson was fortified by his myth that he could publish anything.u003cbr/u003eu003cbr/u003eHe was an unpredictable, nearly spellbinding writer, with a savage hilarity in his style. He was never aware of impartiality. In 1972 he backed George McGovern as the Democratic nominee, and no slander was too degraded for him to attach to McGovernu0026#39;s rivals in either party.u003cbr/u003eu003cbr/u003eThis documentary by Alex Gibney is notable, to begin with, for recapitulating to us through how many fires Thompson ran of his very own volition. He rode with the Hellsu0026#39; Angels for a year. Ran for sheriff and lost, but came in very close. Covered the 1972 and 1976 presidential primaries, and had an inexplicable personality, so that for instance McGovern, Tom Wolfe and his wives and son think of him lovingly, but also as enormously cruel and spiteful.u003cbr/u003eu003cbr/u003eNobody in the film was around while he was doing things that initially fortified him within the sphere of legend. He became celebrated for writing about that edge of speed going around a bend which you could never pass without killing yourself. He rode loads of edges on his motorcycle, and never got killed. He said persistently that the way he chose to go was by doing the job himself, with a gun, before his success declined. He died that way, using one of his 22 firearms, but he had most definitely declined by that time.u003cbr/u003eu003cbr/u003eWithout doubt he made an impact on his generation like not many other journalists ever have. This documentary is all you could wish for about the manu0026#39;s career and involvement with different people, but there is something at his core that we are inhibited from fully understanding for sure. And it results in you speculating on how so many people liked him when he didnu0026#39;t even seem to have liked himself?"
The Return of Tanya Tucker: Featuring Brandi Carlile (2022)
Untitled KSI Documentary (2023)
Missile from the East (2021)
Calendar Girls (2022)
Lizzo: Live in Concert (TV Special 2022)
The Jangling Man: The Martin Newell Story (2022)
Akashinga: The Brave Ones (Short 2020)
The Great Holiday Bake War (2022)
The Trapped 13: How We Survived the Thai Cave (2022)
Sr. (2022)


ABNEY & MORTON INTERIORS IN COLLABORATION WITH ARTIST ALEX MASON ARE CREATING A DINING ROOM FOR FRITZ PORTER'S MARCH ATELIER.
Alex, inspired by the Lowcountry landscape, will be installing an 8ft mural she has painted; while Boo and Allison will create a dining room that combines traditional and modern aesthetics sourced from local artisans and craftsmen, Shaker Workshops, and the Fritz Porter collective.
Here's a little INSIDE SCOOP by way of visual preview of the gorgeous installation soon to come!


text:
require 'openssl'
require 'securerandom'

module Tome
  class Crypt
    def self.encrypt(opts = {})
      crypt :encrypt, opts
    end

    def self.decrypt(opts = {})
      crypt :decrypt, opts
    end

    def self.new_iv
      new_cipher.random_iv
    end

    def self.new_salt
      SecureRandom.uuid
    end

  private
    def self.new_cipher
      OpenSSL::Cipher::AES.new(256, :CBC)
    end

    def self.crypt(method, opts)
      raise ArgumentError if
        opts.nil? || opts.empty? || opts[:value].nil? ||
        opts[:password].nil? || opts[:password].empty? ||
        opts[:salt].nil? || opts[:salt].empty? ||
        opts[:iv].nil? || opts[:iv].empty? ||
        opts[:stretch].nil? || opts[:stretch].nil?

      cipher = new_cipher
      cipher.send(method)

      cipher.key = crypt_key(opts)
      cipher.iv = opts[:iv]

      result = cipher.update(opts[:value])
      result << cipher.final
      return result
    end

    def self.crypt_key(opts)
      password = opts[:password]
      salt = opts[:salt]
      iterations = opts[:stretch]
      key_length = 32 # 256 bits
      hash = OpenSSL::Digest::SHA512.new

      return OpenSSL::PKCS5.pbkdf2_hmac(password, salt, iterations, key_length, hash)
    end
  end
end

redpajama_set_name: RedPajamaGithub


A new 3-minute video from globalsl.org summarising research insights on good and bad community impacts of international volunteering has been released. I'ts good to see a body of research is being developed to help inform people how to volunteer ethically and assist the people they want to help.
International Volunteering from Kindea Labs on Vimeo.


All right! Do you think this sounds too good to be true? Change your thoughts, boost your self-esteem? Well, it's actually just that easy. Of course, it takes time.
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Here's the kick: YOU CAN'T ACTUALLY RAISE YOUR SELF-ESTEEM. But, this is a GOOD THING!
Self-esteem is defined as your value, your actual worth. Well, folks, we all come with the same amount of worth. And we arrive with all of our worth from day one. The problem is that sometimes we get too busy, or we forget, or we are never taught this.
If ya can't RAISE your self-esteem, what you can do is PRACTICE great self-esteem thoughts!
You can practice these TRUE, self-esteeming thoughts daily. It may seem odd or awkward at first, but KEEP GOING. It will soon become second nature.
GIVE IT 21 DAYS. Three weeks, folks. That's it. And you'll have an excellent self-esteem thought practice.
Thoughts lead to feelings, and feelings lead to actions, and actions lead to results!
I am 100% worthy. Nothing outside of me can increase or decrease my essential value.
This affirmation floored me. Too often we hold the opposite beliefs: that our worth is conditional upon a relationship, perfect job, salary, car, house or anything else. This is conditional self-love. The truth is worth and value are actually unconditional points. We just have to see this!
Excellent self-care is such an important practice. It the the number one thing that we can do for ourselve to affirm that we require time, compassion, compassionate touch, attention, and our own resources.
The best investment I can make is an investment in myself.
By taking excellent care of ourselves, we are able to be fully present and caring for others.
I have a purpose within me. It is beautiful, expansive and bigger than me.
The more I focus on this truth, the more I allow it to organically blossom within me and fill my environment, my relationships and my space.
I deserve love. The greatest love is within me- self love.
It is easy to lose sight of this notion, or even to never learn this at all. The greatest source of love comes from within. As I begin to see this truth and acknowledge it, I begin to flow my energy to ways that I can tap into this beautiful truth.
When I see and live in my light, I inspire others to do the same.
Too often, we play small, afriad of standing in our light. By choosing to nourish our own inner greatness, we inspire those around us to do the same.
And again… I AM 100% WORTHY… already!
Mirror work is some of the best work. And of course, this can feel majorly awkward. But, there is something about not only saying affirmations aloud and hearing yourself, but looking into your eyes while you say these words can be even more powerful.
So, write all 7 (or come up with your own) on a 3×5 card and tape it to your medicine cabinet, and while you're washing your face and brushing your teeth say these affirmations… twice a day!
Stick with it! You are worth it.


text:
Q: Segment git project into submodules I have a git project that is currently growing and several parts are starting to become projects in their own right.
So, I want to create submodules for them, but preserve the history of the files. There were moves between the different folders (eG from partThatIsNotItsOwnProject to partThatIsItsOwnProject and I'd like to have the history for that move too.)
Before:
/.git
/someFiles
/partThatIsItsOwnProject
--/subdirectory
/partThatIsNotItsOwnProject
--/subdirectory

I'd like to have:
/.git
/someFiles
/partThatIsItsOwnProject
--/.git
--/subdirectory
/partThatIsNotItsOwnProject
--/subdirectory

So, I guessed git subtree would do that, but it seems to keep the original git repository and only display a part of it. git submodule seems to be the target of this setup, but how do I do the transition?

A: To do so you'll need to rewrite history of whole repository to exclude everything that is not related to directory you want to put in a separate repo. The git filter-branch command is useful for that. You can find an example of script that does that at [0]. Note that you might need to adjust it to your needs.
In general, git filter-branch [1] allows you to rewrite git history by applying your filters to every commit in the repo sequentially. Note that although using --tree-filter is the simplest way to achieve what you need, it is extremely slow as it does proper checkout of every commit along the way, so editing index directly with --index-filter is better.
[0] https://github.com/openstack/oslo.tools/blob/master/filter_git_history.sh
[1] https://git-scm.com/docs/git-filter-branch

A: Fork you main git, then rename the forked into "partThatIsItsOwnProject", and then remove everything that is not part of that "subdir".
Then add the forked git as a submodule to your main git, all history is preserved.
Repeat for all subdirs that you would like to breakout from the master git.