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10 Years Of Lindsell Train Global Equity
Next month sees the tenth anniversary of Lindsell Train Global Equity, one of the UK's most popular funds. At the time of writing, it's up 373% since it launched which represents an annualised return of 17%.
I've been invested in this fund since April 2016, so roughly half the time it's been available.
However, it marginally underperformed world markets in both 2019 and 2020 and that's led many people to ask whether it's best days are behind it.
The Lindsell Train stable
Lindsell Train Limited was formed in 2000 and it manages three open-ended funds and two investment trusts:
Lindsell Train Global Equity is its youngest but largest fund with assets of £8.1bn.
Lindsell Train UK Equity, launched in 2006, is slightly smaller at £6.4bn.
Finsbury Growth & Income (FGT) has been managed by Lindsell Train since 2000. It has assets of £1.9bn, up from £100m when Lindsell Train took over. This trust dates back in 1926 and was previously known as Scottish Cities.
Lindsell Train Japanese Equity was launched in 1998 but has only been managed by Lindsell Train since 2004. It has £600m in assets.
Lindsell Train Investment Trust (LTI) was launched with just £20m in 2001 and now has £240m in assets. Nearly half of its portfolio is a 24.2% stake in Lindsell Train Limited, the company that manages all these funds.
There's quite a lot of overlap between these funds and trusts.
The UK fund and Finsbury Growth & Income have nearly identical portfolios.
The Global Equity fund owns a lot of the same UK companies and also has many holdings in common with both Lindsell Train Investment Trust and the Japanese Equity fund.
Lindsell Train Limited looked after a total of £22bn in assets as of September 2020 suggesting there's around £5bn managed outside of these main retail funds.
Lindsell Train North American Equity was launched last April but this isn't public-facing at this time. Lindsell Train Investment Trust has a £15m holding in this embryonic fund while co-founders Michael Lindsell and Nick Train have put money in as well.
Investing strategy
The Lindsell Train playbook is pretty well known at this point:
Its funds and trusts typically have between 15 and 25 holdings so they are highly concentrated.
The aim is to find "durable, cash generative business franchises" and to hold them for the long term.
The funds very rarely buy new positions or sell existing ones (more on just how rarely later).
Certain sectors tend to be favoured, namely Consumer Branded Goods, Internet/Media/Software, Pharmaceuticals and Financials.
Nick Train has clarified the themes behind the company's investment choices in recent interviews. In order of portfolio weighing, he splits them into:
Digital winners – "not only obvious data analytics or technology businesses … but companies in other industries that are doing value-creating things with data or technology to deepen their relationships with their customers"
Beloved and trusted consumer brands – such as those owned by Diageo and Unilever
Luxury or premium brands – e.g. Burberry and Remy Cointreau
Stock market proxies – "specifically asset management companies with growing private wealth franchises"
How Lindsell Train Global Equity has developed
Let's take a look at how the Global Equity fund has evolved over the last decade.
Companies owned 24 26 26 26 26 26 27 26 26 24
B share performance 5.3% 11.3% 30.2% 10.5% 19.5% 23.8% 26.1% 11.1% 19.4% 11.7%
MSCI World -1.3% 10.7% 24.3% 11.5% 4.9% 28.2% 11.8% -3.0% 22.7% 12.3%
Relative to MSCI World 6.6% 0.6% 5.9% -1.0% 14.6% -4.4% 14.3% 14.1% -3.3% -0.6%
Cumulative return 5.3% 17.2% 52.6% 68.6% 101.5% 149.5% 214.6% 249.4% 317.2% 366.0%
Fund size (£m) 44 127 350 678 1,250 2,069 3,702 5,266 8,435 8,305
The number of portfolio positions has remained remarkably consistent over time.
When I did a similar piece on Fundsmith Equity last year, I noted it started with 22 companies but has since grown to 30. Fundsmith is about three times the size of Lindsell Train Global Equity, though, so has needed to broaden its net a little more.
The absolute performance of Lindsell Train Global Equity has been excellent throughout. 2011 was not a full year but was still positive, and every year since has seen double-digit returns.
The relative performance against world markets has been a little inconsistent, trailing in four years out of ten. And a lot of its lead over world markets arose in just three years: 2015, 2017, and 2018.
The worst annual underperformance was 4.4%, which is impressive over a decade of returns.
And despite recent concerns that Lindsell Train is 'under-teched', for want of a better expression, the underperformance over the last two years combined is just 4%.
Fundsmith has been more consistent, outperforming world markets every year from 2011 to 2020 and just underperforming by 1% in the last two months of 2010, immediately after it launched.
However, it's worth pointing out that the Lindsell Train strategy has two decades of public numbers behind it whereas Fundsmith just has the one.
The Lindsell Train Investment Trust returned 8.9% a year in its first decade from 2001 to 2011 versus 2.2% per annum for world markets. That's a lead of 6.7% a year. Lindsell Train Global Equity has outperformed by around 5% a year since 2011.
Lastly, Lindsell Train Global has grown in size nearly 200 times since the end of 2011 although the rate of growth has slowed and then reversed in recent years.
The reverse was partially caused by Hargreaves Lansdown removing Lindsell Train Global Equity from its infamous Wealth 50 list in July 2019 in the wake of the Woodford scandal. As Lindsell Train held a large stake in Hargreaves Lansdown there were concerns over a potential conflict of interest.
Since mid-2019, Lindsell Train Global Equity has shrunk in size by about £1bn. It's returned about 3% over this period, so on a net basis it would seem just over £1bn has been withdrawn from the fund.
How the portfolio has changed since 2011?
The short answer to this is hardly at all.
The full portfolio for December 2020 is yet to be published so I have used June 2020 in its place.
I don't think any companies have been bought or sold outright since then as nothing has been mentioned in its monthly factsheets.
The latest top ten positions (January 2021) are also very similar in size to those as of June 2020.
Astellas Pharma 4.0% 3.9% 2.1% 1.9% 2.1% 2.6% 2.3% 1.9% 2.5% 2.6%
Brown-Forman 3.1% 2.0% 1.9% 1.4% 1.3% 0.9% 1.0% 1.2% 1.2% 1.3%
Canon 3.9% 2.7% 1.9% 1.8% 2.0% 1.3% 0.9% 0.5% 0.2% –
Celtic 0.3% 0.4% 0.4% 0.2% 0.2% 0.1% 0.1% 0.2% 0.1% 0.1%
Diageo 6.4% 5.1% 5.0% 7.1% 8.1% 7.6% 7.6% 7.9% 7.6% 7.1%
Dr Pepper Snapple 4.5% 4.5% 4.0% 3.4% 2.6% 1.8% 1.8% – – –
eBay 5.0% 4.8% 5.1% 5.3% 2.4% 3.3% 3.2% 3.0% 2.9% 3.8%
Hargreaves Lansdown – – – – – – 2.2% 2.7% 4.0% 3.9%
Heineken 6.4% 6.9% 7.3% 6.7% 7.5% 7.2% 7.6% 7.1% 7.3% 7.5%
Hershey 1.5% 1.3% 0.8% 0.5% – – – – – –
International Speedway 0.7% 0.7% 0.9% 0.9% 0.7% 0.7% 0.6% 0.6% – –
Intuit 4.7% 4.9% 4.9% 5.2% 4.8% 4.8% 4.8% 4.9% 4.8% 4.8%
Ito En 4.4% 4.1% 3.9% 2.5% 1.5% 1.4% 1.1% 1.1% 0.6% 0.7%
Japan Exchange (Osaka SE) 4.8% 5.9% 6.0% 3.4% 2.6% 2.3% 1.9% 2.0% 2.3% 3.1%
Juventus 0.2% 0.8% 0.8% 0.9% 0.8% 0.9% 1.5% 1.9% 1.7% 1.4%
Kao 6.6% 5.6% 4.8% 5.3% 4.9% 4.9% 4.9% 5.1% 4.9% 4.5%
Kraft 4.8% 1.5% 1.6% 1.5% – – – – – –
London Stock Exchange 4.9% 5.4% 5.1% 5.4% 4.9% 6.0% 5.4% 5.0% 6.6% 7.0%
Meiko Network Japan 2.1% 2.0% 1.0% 0.7% 0.5% 0.3% 0.2% 0.1% 0.1% –
Mondelez – 2.9% 4.1% 4.9% 5.0% 4.9% 4.8% 4.8% 5.0% 4.7%
Nintendo 4.6% 5.2% 5.6% 5.0% 4.7% 5.9% 5.4% 4.9% 5.3% 6.6%
PayPal – – – – 4.2% 4.9% 4.8% 5.2% 4.9% 4.8%
Pearson 6.5% 6.9% 7.5% 8.3% 6.3% 5.5% 4.4% 4.9% 3.3% 3.2%
Prada – – – – – – – – 2.2% 2.2%
PepsiCo – – – – 4.0% 4.9% 4.8% 4.8% 4.8% 4.8%
RELX (Reed Elsevier) 4.4% 4.9% 4.9% 5.0% 4.9% 5.0% 4.9% 5.0% 5.0% 4.7%
Shiseido – 4.1% 4.2% 5.0% 4.4% 4.8% 4.8% 5.0% 4.9% 4.7%
Unilever 6.4% 6.6% 7.4% 7.3% 8.3% 7.7% 8.0% 8.0% 7.8% 8.2%
Walt Disney 3.6% 3.0% 5.0% 5.1% 4.8% 4.9% 4.8% 4.9% 5.1% 4.5%
WWE 1.9% 2.0% 2.7% 2.4% 3.3% 3.2% 3.0% 5.1% 4.0% 3.1%
Total in equities 95.5% 98.0% 98.8% 97.0% 96.7% 97.8% 96.8% 97.7% 99.1% 99.1%
The portfolio started with 24 companies back in 2011.
Two more positions were created as a result of demergers (Mondelez from Kraft and PayPal from eBay).
Four brand new positions were added over the past decade, namely Shiseido (2012), PepsiCo (2015), Hargreaves Lansdown (2017), and Prada (2019).
Six positions have been sold. One of these was Kraft, while the larger, chocolate-powered Mondelez was retained. International Speedway (NASCAR) was taken private and Dr Pepper Snapple was merged with Keurig which prompted Lindsell Train to take their leave.
Hershey, Meiko Network, and Canon were sold but the last two of these positions hadn't been added to for years and had become tiny holdings due to the growth in the overall size of the fund.
The end result is that we have a portfolio of 24 companies again, right back where we started.
What's more, around 85% of the current portfolio by weighting consists of companies that were held back in 2011.
Low, low turnover
It's an astonishingly low level of portfolio turnover.
On average, each year has seen one position change with either a new position bought or an old one sold.
When you look at how the individual position sizes have changed over the years, there has been very little movement there as well.
Diageo, Heineken, and Unilever have remained among the largest positions throughout. London Stock Exchange, Nintendo and the eBay/PayPal combo have all grown in importance but were around 5% since the beginning.
A second tier of Intuit, Kao, RELX, and Disney have remained important positions over the whole decade.
However, a number of major initial positions have been allowed to dwindle somewhat, such as Astellas Pharma, Brown-Forman, Ito En, Japan Exchange, and Pearson, although they have remained part of the portfolio.
Pearson is probably the position that Lindsell Train has attracted the most grief for in recent years. That's partly because its profile is higher being a UK-based business. It was the fund's largest position at 8.3% as recently as 2014 after its share price rose from around £10 to nearly £15. It's now below £8.
The four brand new positions are all pretty sizeable, with Lindsell Train taking a meaningful stake at the outset rather than building slowly over time.
The liquidity question
One issue with funds of this size is have they grown so big that it's started to affect their investing style?
To examine this, I made a rough estimate of the ownership stake held by Lindsell Train Global Equity, based on current market cap and its position size as of June 2020.
It's rounded to the nearest percentage point to hide the crudeness of my maths.
£bn
L/T Global
Astellas Pharma 23 1%
Brown-Forman 25 0%
Celtic 0.1 7%
Diageo 72 1%
eBay 43 1%
Hargreaves Lansdown 8 4%
Heineken 44 1%
Intuit 80 0%
Ito En 5 1%
Japan Exchange 9 3%
Juventus 1 12%
Kao 24 2%
London Stock Exchange 46 1%
Mondelez 56 1%
Nintendo 61 1%
PayPal 251 0%
Pearson 6 4%
Prada 12 2%
PepsiCo 133 0%
RELX 36 1%
Shiseido 22 2%
Unilever 164 0%
Walt Disney 250 0%
WWE 3 9%
There are a lot of chunky companies here. Two-thirds are valued in excess of £20bn.
The vast majority of stakes held are 2% or less, so routine buying or selling should be relatively straightforward.
The main exceptions are Celtic (a sub-£100m AIM company), Juventus (£1bn), and WWE (£3bn). Collectively, these three positions only make up 5% of the portfolio so that wouldn't seem to be a major concern.
Diageo, Unilever, RELX, London Stock Exchange, Hargreaves Lansdown, Heineken, and Mondelez are held by the UK Equity fund and Finsbury Growth & Income as well.
But even when you add these positions together, I'd say only Hargreaves Lansdown would be of concern from a liquidity point of view. Lindsell Train owns 13% of Hargreaves Lansdown across all its funds.
Back in May 2019, a short document from Michael Lindsell said that the estimated capacity for the Global Equity fund was around £15bn. That's almost twice its current size, so there's plenty of room on that front.
The three co-managers have a decent amount invested here.
Based on 30 June 2020 holdings and current prices, Michael Lindsell has £5.5m invested, Nick Train has £0.9m, while heir apparent James Bullock has £0.25m.
For both Lindsell and Train, these stakes are small beer of course. Train has a lot more invested in Finsbury Growth & Income (£28m) and Lindsell & Train's combined 72% stake in Lindsell Train Limited is worth some £340m.
Three directors of the Global Equity fund own a collective £0.8m as well.
Most of them have been increasing their holdings over the past few years, which is encouraging to see.
Picking the 2016 accounts at random to make a comparison, Lindsell's holding has more than quadrupled and Bullock's has risen even more, albeit from a much lower base. However, Nick Train has reduced his holding by a quarter.
Two of the three directors have increased their positions and the other owns the same amount.
Costs: decent but not the cheapest
Before starting this exercise, I was under the impression that Lindsell Train had been pretty good at passing on cost savings as the fund increased in size.
However, that doesn't seem to be the case. Instead, they started fairly low and they've largely remained that way.
There are five units in the fund.
The management charge for the A and B £ versions was 1.15% and 0.65% respectively when they were introduced in 2011. These were reduced to 1.10% and 0.60% in July 2019.
The C $ shares and E € shares have been 0.65% since their launch in 2014 and 2017.
The D £ shares (just available through Hargreaves Lansdown as far as I know as their minimum investment is £200m) have been 0.45% since 2014.
Most of the money invested in the fund is in the B units (£3bn) and D units (£4bn) so the overall cost including admin charges has shrunk over the last decade from around 1.3% a year to 0.7%.
In other words, it's about halfway between the cheap-looking Scottish Mortgage (0.4%) and expensive-looking Fundsmith Equity (1.0%).
Still, such is the size of this fund, Lindsell Train was able to generate nearly £45m in fees from it in 2019.
I've stuck with this fund throughout its recent bumpy patch. And thanks to its longer-term growth, it's become one of my larger positions.
I like the fact Lindsell Train has stuck to their gameplan and they seem genuine in their enthusiasm for the prospects of many of their holdings.
But with the likes of Blue Whale and Baillie Gifford doing so well, we're now seeing a lot more competition in the quality investing space that Lindsell Train and Fundsmith seem to dominate for some time.
Smaller trusts like Mid Wynd and Martin Currie Global Portfolio are also proving their worth.
Here's how Lindsell Train Global and Fundsmith Equity rank over various time periods:
Lindsell Train Global 172 89 49 6
Fundsmith Equity 136 56 39 3
Number of global funds 339 296 260 171
Lindsell Train Global hasn't quite completed a full decade yet, so I've put in its position based on its performance since inception.
Even after the last two years, both funds still have highly respectable long-term records. As I aim to trade as little as possible, that's what I am most interested in.
I'm still of the view that the returns in the 2020s for these funds will struggle to match the heights of the 2010s but I'm happy to keep holding both of them.
Categories: BlogTags: Global sector, Lindsell Train, Michael Lindsell, Nick Train
19 Replies to "10 Years Of Lindsell Train Global Equity"
Another great write up. Years ago for myself and a couple of family members portfolios with a windfall I went thirds into Fundsmith, Train and of course Woodford. Fundsmith has done very well and Train pretty well with poor old Woodford just about returning the original investment it seems. Ive been recycling the Woodford liquidations into Blue Whale. Im only intending holding these 3-4 for the next 10 years. Now I have a bit more time I shy away from Funds and search out ITs with a discount and approaches I like plus the occasional individual stock.
diy investor (uk) says:
Nice write up as ever IT. I held the FGT trust for several years with a decent return but became a little disillusioned with their lack of interest in climate change and related issues. I did email the company on a couple of occasions but failed to get a satisfactory response.
I was also becoming concerned about the risks associated with a concentrated portfolio following the fallout from the Neil Woodford affair and HL so decided to offload the shares back in 2019.
Good luck with your holding and I hope the trust managers will re-evaluate their position on climate and adopt a more positive stance in the future.
tom_grlla says:
Great write-up. Funds need careful evaluation when they've had a couple of sub-optimal years, to check whether it's 'them' or 'the market'. It's naive to expect a fund to perform perfectly in all market conditions.
I would argue that Lindsell is more on the defensive side with its Consumer holdings, and so the past couple of years are times you'd expect them to outperform. Assuming that things come down at some point (Retail investors with FOMO about Bitcoin & Tesla…???) then I would expect Lindsell Train to do better than Baillie Gifford for example.
And that's why arguably it makes sense to hold both, as it's impossible to time these things.
I suppose the joke is that 5 years ago or so, everyone used to argue that Lindsell/Fundsmith stocks were overpriced! How's that looking now, relative to Tech and SaaS stuff?!
Finally, to offer a different slant so as not to seem like too much of a fanboy, I do think they have felt a little sleepy in the past few years – only because of the rate of innovation occurring. I would like to see one or two more 'new' companies in the portfolio like Fevertree (which they did a brilliant job of timing their purchase btw).
Thanks DIY. I glossed over the environmental angle on this one admittedly but it strikes me as one of those funds that tends to own decent companies on this front without saying so explicitly.
I think LT's UK-only funds have a little more in the way of liquidity issues but nothing too concerning.
I'd say Woodford's problem wasn't so much an issue of concentration but that he had overly large stakes that he essentially couldn't get out of – both on the quoted and unquoted side. That and being incapable of admitting when he had made a mistake of course!
And, of course, having an closed-end structure in the case of FGT means you don't have to sell because of redemption issues.
Thanks J. Breaking even on Woodford sounds like a decent achievement in the circumstances!
Thanks, Tom. I'm leaning towards the LT style being out of favour temporarily rather than an ongoing and fundamental issue. I'm adding a bit of Baillie Gifford via Keystone (late to the party as usual!) so I'm taking the multi-manager approach too I guess.
Sleepy is probably fair though although that's kind of their thing I guess!
Global Investor says:
Thanks for that write up which is very informative. I don't hold any stakes in the Funds/Trusts mentioned mainly because the charges are very high particularly on Fundsmith which seems to me has gone very lazy at 1% against SMT at 0.4%. As regards performance neither of the two funds are stellar when you look at the new funds set up in recent years at BG – Positive Change Fund, PHI and now Keystone to replicate in Trust form the Positive Change Open Ended Fund. Recently bought into Keystone on the basis that BG will want a good start to this fund in the first year so fingers crossed. Mention was made of Woodford and we now hear of the return again to Fund Management of Neil Woodford. This action I feel will not help the reputation of funds and wonder does the FCA realise the potential damage to Funds/Trusts in the future. Expect that Funds will start to invest more in Bitcoin related listed shares which will be interesting to see if Regulators/Investors accept such a move as valid/acceptable.
This is such a fab writeup. I am currently in the process of starting a blog. Where do you get all your data from? Is this looking at investor relation website or is there a specific system? Thanks
Thanks, Fred. All the data comes from the annual reports on the Lindsell Train website although I had to ask them for the ones for the first few years. I just picked out the bits I wanted.
I've covered this fund a few times now (too many times some people might say!) so a lot of the information was already in a spreadsheet and just added the extra bits where needed.
I tend to save reports as and when I come across them as you never know when they might disappear from the websites concerned.
Hope that's useful and best of luck with your blog. I found it took a while to get going and in the first year or so you tend to experiment with various different things, some of which work well but much more that doesn't. Perseverance is definitely key!
Some good analysis here and I like your writing style.
I've often looked at FGT and LTI over the years but never actually bought them! (I run an IT only portfolio so ignore the UT's).
LTI put me off thanks to its often large premium (currently c13%) and the large holding in the management company (currently c47%).
FGT is more difficult for me to explain away, but it's more to do with the question "how would this fit in my existing portfolio?" The yield has always been relatively low (under 2%) and I have higher yielding equity income trusts. The growth has been good, but I have more obvious growth trusts. So it never got in!
I'm interested to see that you and "Global Investor" bought into KPC (Keystone) recently; I did this week too, off the back of BG's announcement of the restructure. I have high hopes for this for the long term. It was either this or Impax Environmental and the latter is on a 10% premium and I like the BG approach.
Thanks, Nick.
Yes, LTI strikes me as something that would be difficult to buy and sell in much volume and the widely varying premium would have me second-guessing as to whether I should sell or trim any position, assuming I did have one. I did consider it when initially buying LT Global though.
FGT's greater UK focus wasn't what I was looking for at the time. It hasn't done as well as the Global fund in the last five years, due to that UK influence. LTI has done a lot better than Global, though, thanks to that big stake in the management company and the increase in assets managed over that time.
Going to be interesting to see how KPC develops. The open-ended version seems to be retaining its big stake in Tesla while a few other BG trusts and funds have reduced it somewhat. That doesn't necessarily mean the initial KPC portfolio will follow suit of course.
BuildTheWall says:
Great write up as usual! And like others, I like the writing style!
I'll probably be one of the few who won't be investing in LT trust. The investment in management company is a big black hole for me. Why should we invest in LT's ability to extract fees from other investors? Also how frequently and accurately is this investment valued? I generally stay away from trusts that have large unlisted investments.
Also any persistent discount or premium is a huge red flag.
Have they given reasons for holding on to same stocks?
Thanks, BuildTheWall. I looked at the valuation process for the stake in the asset management business in this article last year. It seemed fairly conservative to me and it's updated monthly based on the business's earnings and the value of assets managed.
https://www.itinvestor.co.uk/2019/07/whats-a-sensible-premium-for-lindsell-train-investment-trust/
As for the low portfolio turnover, that's just their style of investing, believing that trading too much typically leads to lower returns and it racks up additional costs.
Dear Stuart: Thank you for the terrific post. Thorough and insightful as always. In the 'quality investing' space, you mentioned Blue Whale and Martin Currie as smaller funds making their mark. I would be really interested in your views about Equitile Resilience Fund which I think is similar but receives scant coverage. Concentrated portfolio (35 holdings) of high-quality growth companies. Best, DS.
Thanks, DS.
Just had a very quick look at that Equitile fund and it seems a little less concentrated than the likes of Fundsmith, Blue Whale, and Lindsell Train and that may be why it hasn't performed quite as well since it started almost five years ago.
It seemed to have a very poor year in 2016 when it started — up just 3% while the MSCI World did 29%. Admittedly it only launched at the Feb 2016, but it still seems to be playing catch-up a little. It looks like it will end its first five years up 90% or so, just behind a global tracker like the Vanguard World ETF.
I didn't see any mention of a benchmark in the documentation I looked at, which is a little concerning, but I didn't dig very deep so I may just have missed it.
I did notice the brochure mentioned the fund used a "stop-loss discipline" and the website says "we don't believe in buy-and-hold" so I suspect the portfolio turnover could be quite high.
Those who are wary of LTI – I agree the premium is offputting, though it was at par last year for a while – you do need to be patient (also given the illiquidity).
Some of you may know the investment classic, 'Where Are the Customers' Yachts?' by Fred Schwed. Owning a big chunk of Lindsell Train seems a way of playing this i.e. don't be the customer – be the business.
The NAV has not been as stellar as usual in the past couple of years – probably due to their AUM not moving much (it was racing up beforehand) and this is the biggest factor to watch out for.
Otherwise I think of it as their 'best ideas' portfolio – it is how they began and they own a ton of shares in it.
It also has a very decent yield which more importantly has grown and compounded beautifully over time.
I do see it's not for everybody (the portfolio is highly concentrated) but I think it may be good for some people if bought at the right time.
Thanks for your views on the Equitile fund. The point about lack of a benchmark is a good one; I should have picked up on that!
Roy Edmonds says:
In a recent article the headline read :
'Michael Lindsell warns investors over LTIT's burgeoning premium'
This is the 2nd time I have read of such a warning from the mangers of this trust the other being back in June 2019 where the premium was even higher than it is now
Back then , I seem to remember it was reported Investors had got excited with the contents of Lindsell Train Limited making up near half of LINDSELL TRAIN INVESTMENT TRUST .
Does this extreme up and down of the premium not show poor management of the fund . I thought well run ITs had control measure
Yes, the board at LTIT has regularly warned about this. In general, trusts will issue more shares to address large premiums but the circumstances of LTIT make this more difficult to do. They've said they don't want to dilute the holding in the LT asset management company, which is what would happen if they issued more shares as they wouldn't be able to buy more shares in the asset management company.
I don't think that's an unreasonable stance but it's something shareholders (and potential shareholders) of LTIT need to appreciate as it can mean the premium moves around a lot.
Previous Post: Passing It On
Next Post: BB Healthcare Trust: Curing The Health System
What's A Sensible Premium For Lindsell Train Investment Trust?
Comparing Lindsell Train's Funds
Fundsmith Equity vs. Lindsell Train Global
Fundsmith Equity And Lindsell Train Global: A Year Of Two Halves
Combining Fundsmith Equity And Lindsell Train Global Equity


text:
The New Republic Staff/ July 3, 2007
Today The Nhs, Tomorrow The Queen Mother?
"...it would be interesting to see if the proportion of overseas doctors in Britain's National Health Service has increased over time. If so, this could be a leading indicator of Europe's demographic decline. These terrorist-doctors were young, in their twenties. Are they being imported, in part, because there are simply fewer young Britons around to go to medical school? If that's not already the case, it is likely to become so as Britain ages. So here's an example of Europe's dilemma. Restrict the inflow of foreign doctors at a moment when the baby-boom cohort of doctors are about to retire and NHS could suffer. Increase the flow to compensate for an aging population and risk more terror."
New York Timesarticle
Alex Massie
The Plank, Health, Labor, Social Issues, National Health Service

redpajama_set_name: RedPajamaCommonCrawl


Puerto Rico is a blend of American, Spanish, Indian and African culture. It is primarly Spanish much of the cuisine as well as holiday traditions. Many cities in Puerto Rico still preserve the colonial Spanish architecture. The original native-American people, known as Tainos, can still be seen in the faces of many people. Some Taino traditions and cuisine still survive today. Similar to nearby Cuba, the African influence forms a large part of the national identity. You can still hear Yoruba drums in the countryside, and Salsa music has become a major export to the world. Finally, being a US Commonwealth, Puerto Rico enjoys many conveniences and efficient infrastructures found on the mainland, while preserving its unique Caribbean charm. Locals on horseback riding right alongside the cars are an everyday sight around here! Yacht charter in Puerto Rico and the Spanish Virgin Islands is secluded and beautiful destinations for sailing. Vieques and Culebra are about 3-4 hours away from Fajardo sailing. They are much of what was the Caribbean 20 years ago: a laid-back and inexpensive place populated by colorful locals and American "expats" that have chosen the slower pace. Seeing another boat on the water is the exception, not the rule. People respect each other and are very welcoming. You will discover many wild, under-populated and fabulous beaches: Flamenco Beach in Culebra is considered the second most beautiful beach in the world by Discovery Channel. Excellent snorkeling in healthy coral reefs is possible directly from the beach. There you can find leatherback turtles and many colorful fish.
Puerto Rico enjoys a summery tropical climate. Temperatures year-round average 82°F (28°C). The tradewinds provide constant breezes for cool evenings and nights.


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Austrian Airlines Presents Plan for a New Start After the Coronavirus Crisis
posted on 22nd April 2020 by Eddie Saunders
Flight operations of Austrian Airlines have been temporarily at a standstill since March 18, 2020 as a consequence of the coronavirus crisis. The employees of the country's national airline continue to be on short-time work. At the present time, it is not yet possible to precisely forecast when the complete freedom to travel will be restored.
This year Austria's flag carrier predicts a 25-50 percent drop in demand. A maximum of 75 percent of the pre-coronavirus level is expected by the end of 2021. Austrian Airlines Executive Board member Andreas Otto comments: "The entire airline industry is pessimistic. We have to assume that we will reach the 'pre-corona level' again in 2023 at the earliest."
Austrian Airlines is now preparing to realign its fleet to reflect the decrease in demand. Last Friday the Executive Board presented its "Plan for a New Start" to the Supervisory Board. The plan was outlined to the airline's 7,000 employees today within the context of a digital information event.
Redimensioning of the fleet: Dash, A319 and three B767 aircraft will be taken out of service
In order to adjust capacity to the changed demand from Corona, Austrian Airlines has decided to make some fleet changes. In addition to the phase-out of the original 18 Dash turboprops, which was decided and started in 2019, all seven A319 jets and three of the six B767s are to be retired by 2022. The Boeing 767 aircraft are OE-LAT, OE-LAW and OE-LAX, which are among the oldest aircraft in the fleet with an average age of 28 years. The other three B767s are between 19 and 21 years old. The entire fleet currently has an average age of 15.4 years. By phasing out older aircraft, the age will decrease to 14.6.
The entire Austrian Airlines fleet currently numbers around 80 aircraft. The phase-out of the turbo-prop fleet and the phase-in of A320s would have reduced the fleet to 70. The restart plan now envisages a fleet of around 60 aircraft in 2022, nine of which will be long-haul aircraft. The adaptation of the fleet is to take place in stages. Since it is mainly smaller aircraft that are being decommissioned, this corresponds to a capacity reduction of around 20%.
"We will part with the oldest and smallest aircraft," explains CCO Andreas Otto. After sentence: "also for ecological reasons."
Despite the reduction of the fleet, as many jobs as possible are to be maintained. Appropriate talks are already underway with the works councils. "We got into this crisis through no fault of our own. Now it is our responsibility to make Austrian Airlines fit for the future after Corona. We want to retain our long-haul hub, even if we have no other choice for the time being but to adapt to the somewhat smaller market. Being fit for the future also means that we must be in a position to finance our aircraft, charges, wages and investments, and of course also to repay any charges and loans from Corona grounding," emphasizes Austrian Airlines CEO Alexis von Hoensbroech.
"We now have a plan, and hope for the support of everyone involved", the Executive Board agrees unanimously.
Spirit Airlines appoints Linde Grindle as Chief Human Resources Officer
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airBaltic Receives ch-aviation Europe's Youngest Aircraft Fleet Award 2022


When we are installing CentOS 6.3 or centos 5 on it, in the middle of the installation it shows an error.
"Your boot partition is on a disk using GPT partitioning scheme but this machine cannot boot using GPT"
If the drive is less than 2TB its MBR, if more than 2TB its GPT partition.
By this error, its saying that it cannot install on GPT partition, you may have to make a partition which is less than 2TB and try.
CentOS may not be able to install on GPT partition, do refer to CentOS documentation for more information.
Was the post useful? Click on the white KUDOS! Star.
Thanks for your update, can you please guide me how to disable raid array? so that I can linux on normal HDD instead of HP raid array.
As I know, we cannot disable RAID and use hard drives as normal hdd, just like in Desktops.
1. Out of total storage, make a partition which is less than 2TB for OS and the rest for DATA.
2. Out of 5 hard drives, make two logical drives, first two hdd as Raid 1 and remaining 3 hdd as Raid 5.
You may try all these combinations by going into Intelligent Provisioning at POST.
if this is a Dl380p Gen8 you cannot disable the Smart Array controller. Use Intelligent Provisioning to run the Array Configuration Utility.
You have a couple of options. Put two drives into RAID 1 for the OS, and the other 3 drives into a RAID 5 for Data, each only having one logical drive in the array.
Keep it like it is currently with all 5 drives in a RAID 5 array and make multiple logical drives, a smaller one for the OS, and a larger one for your data. The OS will see each logical drive as a seperate hard drive.


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How to Watch Madonna's 'Madame X' Documentary in Australia
Paramount Plus
If you're a fan of Madonna — and who wouldn't be, given the way she has dominated the music world for the better part of 40 years — then you won't want to miss the chance to catch her highly-anticipated documentary film, Madame X.
In an unprecedented intimate streaming experience, the compelling film will showcase the exceptional performance of the pop icon in her awe-inspiring sold-out tour show.
The new music experience will take viewers on a journey through Madonna's daring persona Madame X — a secret agent travelling around the world, changing identities, fighting for freedom, and bringing light to dark places.
Filmed in Lisbon, Portugal, the 2-hour film will celebrate music from the seven-time Grammy Award winner's fourteenth studio album of the same name, alongside previous hits and fan favourites in this celebration of exceptional artistry and performance.
Over the course of her incredible career, Madonna has sold 300 million records worldwide and has been crowned the best-selling female recording artist of all time by Guinness World Records.
She is also the most successful solo artist in the history of the U.S. Billboard Hot 100 chart and holds the record for the most number-one singles by a female artist in Australia, Canada, Italy, Spain, and the United Kingdom.
On top of that, she is the highest-grossing solo touring artist of all time, a Rock and Roll Hall of Fame inductee and the winner of seven Grammy Awards.
Madonna has also starred in films such as Desperately Seeking Susan, Dick Tracy, A League of Their Own and Evita, and lent her directing skills to the films Filth and Wisdom and W.E.
The singer is also known for her humanitarian efforts, having founded the Ray of Light Foundation in 1998 and Raising Malawi in 2006.
Madame X will premiere globally on Paramount + on October 8, 2021.
Check out the trailer for the documentary below.
Tags: Documentaries, Entertainment, Music, Streaming
Lyndsey Rodrigues October 8, 2021


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HomeTechPolice Use of Clearview AI's Facial ID Tech Spiked After Capitol Raid
Jan. 10, 2021 at 11:05 pm
Police Use of Clearview AI's Facial ID Tech Spiked After Capitol Raid
martinward 1 week ago no commentAIsCapitolClearviewFacialpoliceraidspikedtech
Pro-Trump insurgents storm the U.S. Capitol following a rally with President Donald Trump on January 6, 2021 in Washington, D.C.
Photo: Samuel Corum (Getty Images)
Clearview AI's controversial facial-recognition app has seen a spike in use as police track down the pro-Trump insurgents who descended on the Capitol on Wednesday. With so many of those idiots snapping selfies and livestreaming the raid as if it was a school field trip, I'm surprised police even needed the help.
First reported by the New York Times, Clearview AI CEO Hoan Ton-That confirmed to Gizmodo that the app saw a 26% jump in search volume on Jan. 7 compared to its usual weekday averages. Given the aforementioned treasure trove of potential evidence documenting the attack—from live cable news broadcasts to hundreds of images and videos—the Federal Bureau of Investigation and Washington, D.C. police have called for the public's help in identifying participants. Roughly 2,400 polices agencies nationwide have contracts to use Clearview's facial recognition software, according to the company, and several of them have reportedly been turning to it to assist federal investigators.
Detectives at the Miami Police Department are using Clearview's tech to identify rioters in images and videos of the attack and forwarding suspect leads to the FBI, per the Times. Earlier this week, the Wall Street Journal reported that an Alabama police department was also employing Clearview's tech to ID faces in footage and sending potential matches along to federal investigators.
"We are poring over whatever images or videos are available from whatever sites we can get our hands on," said Armando Aguilar, the assistant chief of Miami Police and head of the department's investigations arm, in an interview with the Times.
A Clearview spokesperson did not immediately respond to Gizmodo's inquiry about whether usage data fluctuated on any other days since the insurgency.
Of course, even when arguably used for good in cases like this, that doesn't make Clearview's tech any less of a privacy nightmare. Other facial recognition tools used by police rely on databases of government-provided photos, i.e. driver's license photos and mug shots. However, Clearview has said its database uses some 3 billion images scraped from social media sites and other public servers, a quasi-legal practice that's straight out of dystopian fiction and has come under fire from civil liberties activists who argue that the data is gathered without the consent of the people being profiled.
As a result, the company's currently fighting legal battles on multiple fronts. Clearview suspended operations in Canada after the federal Office of the Privacy Commissioner of Canada opened an investigation into whether the company violated the country's laws protecting personal information online. The state attorney general of Vermont filed a lawsuit against the company alleging violations of multiple state laws. Tech giants like Twitter and Google have sent Clearview cease-and-desist notices to keep them from scraping data from their platforms.
Some police departments have banned officers from using third-party facial recognition software altogether. And honestly, that's for the best given the host of current problems with facial recognition technology in general, which include often being wildly inaccurate and misidentifying people of color.
Tags :AIsCapitolClearviewFacialpoliceraidspikedtech
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Dynamics CRM Jobs in the North of England
Dynamics CRM Vacancies
The following table provides summary statistics for permanent job vacancies advertised in the North of England with a requirement for Dynamics CRM skills. Included is a benchmarking guide to the salaries offered in vacancies that have cited Dynamics CRM over the 6 months to 22 January 2020 with a comparison to the same period in the previous 2 years.
Microsoft Dynamics CRM (formerly Microsoft CRM)
England > North of England
Rank 277 283 272
Rank change year-on-year +6 -11 +34
Permanent jobs citing Dynamics CRM 113 176 239
As % of all permanent IT jobs advertised in the North of England 0.70% 0.91% 1.00%
As % of the Business Applications category 10.47% 16.39% 11.99%
Number of salaries quoted 89 134 200
North of England median annual salary £47,500 £45,000 £47,500
Median salary % change year-on-year +5.56% -5.26% +18.75%
England median annual salary £50,000 £50,000 £55,000
% change year-on-year - -9.09% +15.79%
Dynamics CRM is in the Business Applications category. The following table is for comparison with the above and provides summary statistics for all permanent job vacancies advertised in the North of England with a requirement for business application skills.
All Business Application Skills
Permanent vacancies with a requirement for business application skills 1,079 1,074 1,993
Number of salaries quoted 781 798 1,457
% change year-on-year +4.76% - +5.00%
Job Vacancy Trend in the North of England
Job postings citing Dynamics CRM as a percentage of all IT jobs advertised in the North of England.
Salary Trend in the North of England
This chart provides the 3-month moving average for salaries quoted in permanent IT jobs citing Dynamics CRM in the North of England.
Salary Histogram in the North of England
The salary distribution of IT jobs citing Dynamics CRM in the North of England over the 6 months to 22 January 2020.
Job Locations in the North of England
The table below looks at the demand and provides a guide to the median salaries quoted in IT jobs citing Dynamics CRM within the North of England region over the 6 months to 22 January 2020. The 'Rank Change' column provides an indication of the change in demand within each location based on the same 6 month period last year.
North West +20 84 £49,000 +8.89% 38
Yorkshire +7 28 £27,000 -29.87% 12
North East +3 1 £40,000 +3.23% 13
Top 30 Co-occurring IT Skills in the North of England
For the 6 months to 22 January 2020, IT jobs citing Dynamics CRM also mentioned the following skills in order of popularity. The figures indicate the absolute number co-occurrences and as a proportion of all permanent job ads across the North of England region with a requirement for Dynamics CRM.
1 113 (100.00%) CRM
2 57 (50.44%) Microsoft
3 55 (48.67%) C#
4 50 (44.25%) .NET
4 50 (44.25%) SQL Server
5 46 (40.71%) Agile Software Development
6 41 (36.28%) SQL
7 39 (34.51%) Azure
8 37 (32.74%) Dynamics 365
9 32 (28.32%) JavaScript
10 30 (26.55%) Problem-Solving
11 23 (20.35%) Analytical Skills
12 22 (19.47%) SharePoint
13 21 (18.58%) Finance
14 19 (16.81%) DevOps
15 17 (15.04%) .NET Core
15 17 (15.04%) CSS
16 15 (13.27%) Microservices
16 15 (13.27%) Windows
17 14 (12.39%) BDD
17 14 (12.39%) RESTful
18 13 (11.50%) Visual Studio
18 13 (11.50%) Salesforce.com
18 13 (11.50%) Decision-Making
19 12 (10.62%) ASP.NET
19 12 (10.62%) Waterfall
20 11 (9.73%) RabbitMQ
20 11 (9.73%) SOLID
20 11 (9.73%) Fintech
20 11 (9.73%) Octopus Deploy
Co-occurring IT Skills in the North of England by Category
1 22 (19.47%) SharePoint
2 10 (8.85%) BizTalk Server
3 7 (6.19%) CMS
4 6 (5.31%) IIS
5 5 (4.42%) SharePoint 2013
6 3 (2.65%) Sitecore CMS
7 1 (0.88%) Confluence
1 8 (7.08%) Microsoft Office
1 6 (5.31%) Dynamics AX
1 6 (5.31%) Oracle ERP
2 5 (4.42%) Dynamics NAV
3 3 (2.65%) Raiser's Edge
4 2 (1.77%) NetSuite
3 10 (8.85%) Cloud Computing
3 10 (8.85%) Power Platform
4 8 (7.08%) AWS
5 4 (3.54%) Office 365
6 3 (2.65%) SaaS
7 2 (1.77%) GitHub
8 1 (0.88%) GCP
8 1 (0.88%) IaaS
8 1 (0.88%) Microsoft Flow
8 1 (0.88%) OneDrive
8 1 (0.88%) PowerApps
1 7 (6.19%) Internet
2 6 (5.31%) Data Warehouse
2 6 (5.31%) SQL Server 2016
2 6 (5.31%) SQL Server Integration Services
2 6 (5.31%) SQL Server Reporting Services
3 5 (4.42%) Power BI
5 1 (0.88%) BusinessObjects
5 1 (0.88%) MySQL
5 1 (0.88%) OLAP
5 1 (0.88%) Oracle Database
1 13 (11.50%) Visual Studio
2 11 (9.73%) Octopus Deploy
3 9 (7.96%) Team Foundation Server
4 8 (7.08%) Selenium
5 7 (6.19%) Jenkins
6 4 (3.54%) JIRA
7 2 (1.77%) Axure RP
8 1 (0.88%) Atlassian Bamboo
8 1 (0.88%) SpecFlow
8 1 (0.88%) TestRail
8 1 (0.88%) WebDriver
1 21 (18.58%) Finance
2 6 (5.31%) Public Sector
3 5 (4.42%) Marketing
4 2 (1.77%) Banking
4 2 (1.77%) Retail
5 1 (0.88%) Advertising
5 1 (0.88%) Billing
1 58 (51.33%) Developer
2 21 (18.58%) Analyst
2 21 (18.58%) CRM Developer
3 17 (15.04%) C# Developer
4 16 (14.16%) Dynamics CRM Developer
5 14 (12.39%) IT Analyst
6 9 (7.96%) Consultant
7 8 (7.08%) Architect
7 8 (7.08%) Software Developer
8 7 (6.19%) C# Programmer
8 7 (6.19%) Programmer
9 6 (5.31%) .NET Developer
9 6 (5.31%) C# .NET Developer
9 6 (5.31%) Dynamics AX Developer
9 6 (5.31%) Microsoft Developer
9 6 (5.31%) Team Leader
10 5 (4.42%) SQL Developer
11 4 (3.54%) .NET Programmer
11 4 (3.54%) Functional Consultant
11 4 (3.54%) Solutions Architect
2 17 (15.04%) .NET Core
2 17 (15.04%) CSS
3 14 (12.39%) RESTful
4 12 (10.62%) ASP.NET
5 11 (9.73%) RabbitMQ
6 10 (8.85%) HTML
7 7 (6.19%) COM+
8 4 (3.54%) Web Services
9 3 (2.65%) AngularJS
9 3 (2.65%) XML
10 2 (1.77%) ASP.NET MVC
10 2 (1.77%) Middleware
10 2 (1.77%) REST
11 1 (0.88%) COM
1 23 (20.35%) Analytical Skills
2 1 (0.88%) Cloud Native
2 1 (0.88%) Data Protection Act
2 1 (0.88%) Driving Licence
2 1 (0.88%) Enterprise Software
2 1 (0.88%) iPhone
2 1 (0.88%) Management Information System
2 1 (0.88%) Mobile App
2 1 (0.88%) Self-Motivation
2 1 (0.88%) W3C
1 15 (13.27%) Windows
2 8 (7.08%) Windows Server
3 6 (5.31%) Windows Server 2012
4 1 (0.88%) CentOS
4 1 (0.88%) Linux
4 1 (0.88%) Solaris
3 30 (26.55%) Problem-Solving
4 19 (16.81%) DevOps
5 15 (13.27%) Microservices
6 14 (12.39%) BDD
7 13 (11.50%) Decision-Making
8 12 (10.62%) Waterfall
9 11 (9.73%) Fintech
9 11 (9.73%) SOLID
10 10 (8.85%) Business Analysis
10 10 (8.85%) Customer Engagement
10 10 (8.85%) OO
11 9 (7.96%) Scrum
11 9 (7.96%) TDD
12 8 (7.08%) ERP
13 7 (6.19%) Continuous Improvement
13 7 (6.19%) Multithreading
13 7 (6.19%) MVC
13 7 (6.19%) SDLC
4 5 (4.42%) VB.NET
4 5 (4.42%) X++
5 3 (2.65%) PHP
6 2 (1.77%) C++
6 2 (1.77%) PowerShell
7 1 (0.88%) Java
7 1 (0.88%) T-SQL
1 3 (2.65%) Degree
2 2 (1.77%) Microsoft Certification
3 1 (0.88%) Computer Science Degree
3 1 (0.88%) Security Cleared
1 5 (4.42%) QA
1 1 (0.88%) Active Directory
1 1 (0.88%) VMware Infrastructure
2 13 (11.50%) Salesforce.com
3 7 (6.19%) Oracle
4 4 (3.54%) Sitecore
5 3 (2.65%) SAP
6 2 (1.77%) JD Edwards
7 1 (0.88%) Adobe
7 1 (0.88%) Aerohive Networks
7 1 (0.88%) Apple
7 1 (0.88%) Atlassian
7 1 (0.88%) Cisco
7 1 (0.88%) Fortinet
7 1 (0.88%) NetApp
7 1 (0.88%) Red Hat
7 1 (0.88%) ServiceNow
7 1 (0.88%) Siebel
7 1 (0.88%) Veeam
7 1 (0.88%) VMware
63 Dynamics CRM job vacancies in the North of England
Dynamics CRM Vacancies in the North of England| Privacy Policy| Copyright| Disclaimer| About us| Contact us


The meeting with the women of Jerusalem that gives us the eighth Station is mentioned only by Luke. If he is the evangelist most concerned with conveying compassion and mercy to his readers, then this episode serves that aim. Even in the midst of his own ordeal, Jesus takes the time to address others in distress.
The women also have something to tell us about mourning, as James Crampsey SJ suggests – as much as by what they don't do as what they do: 'They don't accompany him to the cross, so they do not allow the name written there to take root in their hearts and minds.' And, as he goes on to observe, that naming within our hearts of one for whom we grieve is what enables remembrance to be a powerful and positive process.
But the women are primarily identified as the recipients of a caution from Jesus: 'do not weep for me, but weep for yourselves and for your children. For the days are surely coming when they will say, "Blessed are the barren, and the wombs that never bore, and the breasts that never nursed."' (Luke 23:28-30) Modern ears might prick up at the imagery that Jesus employs here. One can easily imagine the outcry today if a stark warning of a bleak and desperate future was delivered using the vocabulary of women's reproductive choices. Jesus's final words to the women, too – 'For if they do this when the wood is green, what will happen when it is dry?' – also carry overtones now of an ecological crisis, in which the dwindling fruitfulness that Jesus uses metaphorically is coming to pass.
Today, many of us tend to place more value on air-conditioned capsules than on timber. We so often instrumentalise the 'natural', the created world, in order to pursue our 'ventures' in technology, business, science that the latter now dominate the former, as Pope Francis observes in Laudato si'.[ii] Thomas seems to speak to this concern at the end of his poem: he worries whether there will exist 'a garden for the Judas/ of the future to make his way through/ to give you his irradiated kiss'. This reads now as a prescient call for the integrated vision of humanity and ecology that was the hallmark of Laudato si'. So when we contemplate Jesus's words to the women, we might find a new way of hearing them as a warning against abusing the gifts of the created world. If we do not cherish the wood while it is green, what will happen – to our common home and all who inhabit it – when it is dry?
[i] R. S. Thomas, 'What Then?', Mass for Hard Times (Bloodaxe Books, 1992).
[ii] Pope Francis, Laudato si' (2014), §108.


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text:
36% of Nepal's children under
the age of 5 are stunted.
info@baliyonepal.com
EN ने
Our First Program
Instant Meal Pvt. Ltd. (IMPL)
Vikash Flour Mill Pvt. Ltd.
Shreenagar Agro Farms Pvt. Ltd.
Leadership Academy Nepal (LAN)
Nepal Technical Assistance Group (NTAG)
South Asian Infant Research Network (SAIFRN), Nepal
Sanepa-2,
Tel : 977-1-5544150
Baliyo Bulletin
If every child was as strong as Everest, what could our Nepal be?
#ChildrenLikeEverest
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Envisaging a national movement – tackling malnutrition in Nepal via collective action
Inspired by the belief 'access to right nutrition will enable next generation to realize their dreams', Baliyo Nepal Nutrition Initiative (BNNI) aims to marshal all forces: government, private sector, international and non-governmental organizations, civil society and the people of Nepal to end malnutrition by increasing awareness among general public.
Many individuals and companies have already joined the
movement, we look forward to welcoming more.
"Healthy children make a healthy nation."
Ani Choying Dolma
"To build a truly 'Baliyo Nepal' we have to start by building strong healthy Nepalis, and to do that it is critical that we ensure proper nutrition of all Nepali women during pregnancy and infants for the first two years from their birth! If we miss this window of time, both the cognitive and physical development will be stunted for life. Baliyo Nepal is a movement that aims at making this a part of the DNA of Nepali society. The Baliyo Nepal initiative aims at forging unique partnerships between the government, public sector and private enterprises to effectively communicate the need for proper nutrition during this critical time frame, along with creating an environment and standards for making 'Baliyo Foods' available to the Nepali population. Like achieving the herculean task of summiting Mount Everest, I believe together we will be able to overcome the mountain of malnutrition in Nepal."
Anil Shah
"Across Nepal's diverse provinces, the share of children who are stunted ranges from about one-third to more than half. Under-nutrition of this scale is a life-sentence of under-achievement and a national shame. Lack of early care cumulates over time into irreversible cognitive deficiencies. Many answers to intergenerational persistence of poverty and inequality in Nepal lie in improved availability and quality of nourishment."
Dr. Swarnim Wagle
"Our children are the foundation of our future and without ensuring their well-being and development, both physically and cognitively, we certainly cannot ensure a bright and prosperous future for our nation. Therefore, it is of paramount importance that we as citizens, members of the business community, social workers, the Government and NGOs join forces to ensure our children are nourished and actively work towards creating a strong foundation for a Baliyo Nepal. The K.L. Dugar Family is proud to be part of this movement and I look forward to supporting and working with the Baliyo Nepal team to successfully achieve their goals."
Kumud Dugar
"Overcoming Malnutrition with Egg Nutrition……….. Shreenagar is really happy to join hand with Baliyo Nepal in this great movement to promote egg nutrition for the children of Nepal with a mission to build strong children who are the future of Nepal. Partnership with private sector in this kind of initiative is a unique collaboration to bring change and awareness in the mind set of people. Together we are trying to make a big impact in the health of the children along with the growth in the business and agri economy."
Moushumi Shrestha
"One couldn't agree more with the spirit guiding Baliyo Nepal. It is more than a laudable mission. Children are the building block of a Nation. Like most developing nations, Nepal too sees its future in its children. That can be possible only if we are able to ensure balanced nutrition for pregnant women and infants for a sustained period of time. It is, therefore, imperative that the government and all sections of the society rise to the occasion and join hands in this task of nation building. I, personally, and on behalf of my group of companies, BL Conglomerate (BLC), commit to always support Baliyo Nepal activities."
Mr. Basant Chaudhary
"If we become 'Baliyo', our Nepal will also be 'Baliyo'"
Mr. Jeetu Nepal
"Its been an honor to join hands with the Baliyo Nepal team and I am very excited about what lies ahead. Nutrition is important for us to prosper as a healthy and productive nation. Hence, the topic needs utmost importance from every single individual. Helping every single Nepali citizen in this journey is a huge challenge. Nevertheless, Baliyo Nepal has come up with this Movement which has given me and the entire nation an opportunity to be a part of this journey. I personally commit to ensure this issue remains top of mind and shall endeavour to make it everyone's priority. I am confident that the movement will serve as a benchmark for the generations to come."
Paras Khadka
"Good nutrition is essential for a good quality of life- we need to spread this message to every corner and every single household in Nepal. Civil Society Organizations will lead amongst the change agents of the nation who will do this work effectively and efficiently."
Prof. Uma Koirala, Ph.D
Member, Executive Board
Baliyo Nepal Nutrition Initiative
Chairman, Executive Board
Baliyo Nepal
K.L Dugar Group
Shreenagar Agro Farm Pvt. Ltd.
Stunted children under 5
Chronic Malnutrition (Stunting) affects brain development and limits
children's potential. It is irreversible by the age of two.
What is Chronic Malnutrition (Stunting)?
Chronic malnutrition (Stunting) is the impaired growth and development experienced by children, often originating before birth, and is largely attributed to malnutrition. Its impact, which is said to be irreversible by the age of two, affects physical growth and brain development, therefore limiting a child's true potential.
Although Nepal has achieved significant progress in reducing stunting, from 57.1% in 2001 to 36% in 2016 – the journey ahead is long. According to Nepal's Sustainable Development Goal, the nation faces a daunting challenge of reducing stunting in children less than 5 years of age to 15% by 2030 – our movement is in solidarity with this vision.
Imagine the light bulb is the brain.
When an individual is fed the right food, the nutrients help foster brain development, therefore contributing towards the individual's overall growth and development.
What is hidden hunger?
"You might not feel it in the belly, but it strikes at the core of your health and vitality".
Kul C Gautam (UNICEF) on 'Hidden Hunger'
Hidden hunger occurs when the quality of our food lacks the required nutrient requirements, usually micronutrients such as vitamins and minerals.
Micronutrients are essential for growth and development. In the context of Nepal, our dietary intake is often focused on filling our stomach rather than feeding our vitality – therefore leading to hidden hunger.
Raise awarness about hidden hunger
Increase intake of nutritious food within the population of Nepal.
In Ecuador, eggs changed the lives of kids.
Children between the ages of 6 to 9 months in Ecuador were randomly assigned to groups – one group received an egg per day for 6 months, and the other received no intervention. The results were astonishing –introduction of eggs was shown to reduce stunting by 47%.
But most importantly, now these children, if they continue with the right nutrition, have an open future in front of them.Eggs will play a big role in our first program – they are a good source of Iron, vitamin A and B12. We will also gradually introduce other programs over time for adolescent girls and women of reproductive age – each inspired by the latest nutritional studies.
Chronic Malnutrition (Stunting)
Hidden Hunger
First Program-Complementary Feeding
BNNI believes that with the right nutrition, the children of Nepal will be in better position to reach their potential and 'be as strong as Everest'. Our commitment is towards raising a generation of Nepali where the potentials and ambitions are not restricted due to lack of nutrients and therefore, our first program starts with the under 2s where the importance of the right nutrition and intake of nutritious food through complementary feeding along with Mothers' milk, will have a lasting impact that is irreversible after the age of 2.
Reduce Nutritional Deficiencies/ Increase intake of nutritious foods
Introduce eggs and fortified porridge in diet complimenting mother's milk
Our first activation program will be done in Province 5, Nepal
Over the time, BNNI will develop a "basket of Baliyo foods" that would consist of fortified packaged products meeting Australian Health Star Rating (HSR) 3 and other traditional nutritious foods. BNNI will work with our food partners to ensure these products are available, accessible and affordable to lower income populations to meet the nutritional needs of all Nepalis.
BNNI will also be working on awareness programs to tackle Anemia that is affecting more than 40 percent of women in Nepal. All our programs will be designed and developed on reduction and prevention of Anemia, in tandem with the government plans and program.
BNNI will also support the Government on effectively regulating the food market.
Support governments for effective regulation of nutrition market
Introducing Baliyo basket (traditional and modern foods)
Campaign against Anemia
Starting the Movement
We are building a collective force from all sections of society
All working together, for the future generation to reach their potential, by tackling malnutrition and making Nepal, a Baliyo
4 Food Companies
A Pioneering Chief Minister
Sporting Legends
The People of Nepal
Infant young child feeding
Infant young child feeding indicators
Join The Baliyo Movement
Share Our Message
Share our Everest film and commit to children around you that you will do your best to make them as strong as Everest.
Share Our Film
At BNNI, we need individuals and partners to ensure our programs reach all corners of the nation. Get in touch with us here and we can work together towards making Nepal stronger.
Copyright © 2023 Baliyo Nepal. All rights reserved.
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text:
Category: Conditions
Patient had been to multiple facilities with no clear diagnosis and lot of work up for other unrelated diagnosis. (Sign of failed Healthcare System of America.. Lot of tests but no physician time that can save the patient from harm)
Patient presented to the clinic with complaint of cough and then during the discussion said "I also have swelling in the legs" . Physical examination revealed swollen lymph nodes and we saw that patient's earlier clinician(non-physician) missed the signs and instead diagnosed the swollen lymph nodes as a mass (it was not. It was lymphadenopathy) and planned a biopsy and did that too (probably) with no conclusions.
Long story short we rescue the patients and we diagnosed active TB in the very first visit itself and hence this post.
First. TB is a preventable disease and, barring instances of extreme drug resistance, is 100% treatable. But making sure patient adheres to the treatment plan is the key.
Unlike other practices we focus on getting things right so we order Quantiferon gold test and only when required we order radiology tests to confirm.
We have found that skin tests are prone to false positives due to earlier exposure to the TB disease.
Once we have diagnosed, we make sure patient gets the best treatment at the Denver's best TB clinic and continue to monitor patient for all the primary care needs other than TB treatment.
Symptoms of TB
Typical symptoms of TB include:
a persistent cough that lasts more than three weeks and usually brings up phlegm, which may be bloody
high temperature (fever)
tiredness and fatigue
swellings in the neck
You should see a Dr. Kamat if you have a cough that lasts more than three weeks or you cough up blood.
TB that affects the lungs (pulmonary TB)
Most TB infections affect the lungs, which can cause:
breathlessness that gradually gets worse
TB outside the lungs
Less commonly, TB infections develop in areas outside the lungs, such as the small glands that form part of the immune system (the lymph nodes), the bones and joints, the digestive system, the bladder and reproductive system, and the brain and nerves (the nervous system).
persistently swollen glands
pain and loss of movement in an affected bone or joint
a persistent headache
fits (seizures)
TB affecting other parts of the body is more common in people who have a weakened immune system.
Treating TB
With treatment, TB can almost always be cured. A course of antibiotics will usually need to be taken for six months.
Several different antibiotics are used because some forms of TB are resistant to certain antibiotics.
If you're infected with a drug-resistant form of TB, treatment with six or more different medications may be needed.
If you're diagnosed with pulmonary TB, you'll be contagious for about two to three weeks into your course of treatment.
You won't usually need to be isolated during this time, but it's important to take some basic precautions to stop the infection spreading to your family and friends.
You should:
stay away from work, school or college until your TB treatment team advises you it's safe to return
always cover your mouth when coughing, sneezing or laughing
carefully dispose of any used tissues in a sealed plastic bag
open windows when possible to ensure a good supply of fresh air in the areas where you spend time
avoid sleeping in the same room as other people
If you're in close contact with someone who has TB, you may have tests to see whether you're also infected. These can include a chest X-ray, blood tests, and a skin test called the Mantoux test.
Care Plan.
We work in Denver's TB Clinic to create an individualized care plan to treat and cure you. Please talk to Dr. Kamat on what is your care plan and keep your follow ups with Dr. Kamat.


But so much teams on the final tournament is waste of time and lack of quality on the tourney.
So what was the purpose of Nation's League again?
Winners of A, B, C and D leagues are qualifying directly if I am not mistaken.
Nobody qualifies directly, but if you won your group then you get an extra chance at qualification with a play-off if you mess up normal qualification.
Thx. Doesn't seem all that much incentive to win then. What about that final 4 tourney in march then? For prestige?
It's also better that teams of relatively close level meet each other more often on every level. Not much fun from Germany vs San Marino.
Although it seems that teams did take those matches more seriously than an average friendly. Wonder if it lasts, when gains are not that great.


text:
Printed from https://ideas.repec.org/p/zbw/vfsc16/145491.html
Income in Jeopardy: How Losing Employment Affects the Willingness to Take Risks
Hetschko, Clemens
Preuß, Malte
Clemens Hetschko
Using German panel data, we assess the causal effect of job loss, and thus of an extensive income shock, on risk attitude. In line with predictions of expected utility reasoning about absolute risk aversion, losing one's job reduces the willingness to take risks. This effect strengthens in previous hourly wage, begins to manifest itself as soon as an employee perceives the threat of job loss and is of a transitory nature. The change in stated risk attitude matches observable job finding behaviour, confirming the behavioural validity of our results.
Hetschko, Clemens & Preuß, Malte, 2016. "Income in Jeopardy: How Losing Employment Affects the Willingness to Take Risks," Annual Conference 2016 (Augsburg): Demographic Change 145491, Verein für Socialpolitik / German Economic Association.
Handle: RePEc:zbw:vfsc16:145491
File URL: https://www.econstor.eu/bitstream/10419/145491/1/VfS_2016_pid_6281.pdf
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D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
J65 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment Insurance; Severance Pay; Plant Closings
NEP-UPT-2017-03-19 (Utility Models & Prospect Theory)
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