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text:
Fjällspegellöpare (Bembidion lapponicum) är en skalbaggsart som beskrevs av Johan Wilhelm Zetterstedt. Fjällspegellöpare ingår i släktet Bembidion och familjen jordlöpare. Enligt den finländska rödlistan är arten akut hotad i Finland. Arten är reproducerande i Sverige. Artens livsmiljö är sjö- och älvstränder. Inga underarter finns listade i Catalogue of Life.

Referenser

Noter

Externa länkar

Jordlöpare

redpajama_set_name: RedPajamaWikipedia


Set your sights on style and step out in the Poetic Licence Birdie Booty. This women's ankle boot features a soft suede upper that complements the shapely silhouette. A stacked heel enhances the look of this women's boot. A flexible man-made outsole lends durable traction and stability. Add a flair of style to your favorite jeans or skirt with the Poetic Licence Birdie Booty.


"We have worked with Ebusiness Guru LTD now for a number of years. They have been apart of our success from early on in our journey. They are not just a company who who provide a service but a company that join your team. They care about our business as if they were employed by us. The team at Ebusiness work hard to ensure we are successful. They also work hard to find technical solutions to drive our business forward."
"eBusiness Guru is one of the most innovative and supportive eCommerce solution providers I've ever worked with in our company's 11 year history. They have provided us with dozens of useful tools which saved us countless daily procedural man hours. Their highly experienced e-marketing professionals also provide us with valuable consultancy services."
"It has been a pleasure working with the eBusiness Guru Team the past 6 months. They have helped me automate our online selling channels. As a bonus I have now been able to incorporate our wholesale side of the business into the software. I am so happy with the service and work provided by eBusiness Guru, that we are now going to invest in a new website which will be launched in 2018. If you are thinking or growing your business, I would definitely recommend these guys to help you along the way!"
I would like to receive marketing communication from eBusiness Guru & partners regarding multichannel solutions, services and events.


text:
Going Dutch? Should we have independent manifesto checks? – Blog
The Chancellor can make great play of the fact that his forecasts are no longer made by the Treasury but by the independent Office for Budget Responsibility (OBR), established shortly after the 2010 election. The Opposition instead has to see its proposals "costed" by government officials, on the basis not of their assumptions, but those made by government special advisers. Not surprisingly, the shadow Chancellor, Ed Balls, would like his sums, based on his interpretation, vetted by the OBR to give them equality of credibility. Is it feasible? Not without some changes to the OBR. Last year, as part of our series on evidence and evaluation in policy making, OBR Chairman Robert Chote made clear he thought this option could be "good for politics" but noted that the OBR was currently specifically excluded from looking at alternative policies. He thought it was worth considering when Parliament reviews the OBR after its first five years – in autumn 2015, just after the May 2015 election. But he also noted that the OBR with just 17 staff – was not currently equipped to do a serious job on opposition manifestos. It would require either a big boost to its staff – or […]
Original source – Blog

redpajama_set_name: RedPajamaCommonCrawl


Two years after having both hips replaced, Jon Pierce shows his primary care nurse, Alicia House, LPN, that he still has the moves that helped him win a disco contest in the 1970s. Pierce, who was confined to a wheelchair before his hip replacements, has regained his independence and can dance again.
Disco's mass appeal faded in the 1980s, but Pierce, 73, never stopped loving the music and the way dancing made him feel.
"Any time disco comes on the radio, I don't care if I'm cooking dinner, I'll do a few fancy moves as I'm moving around the kitchen and take the spatula and toss things up in the air," he said.
Pierce attended his first dance — sponsored by his Boy Scout troop — as a 12-year-old in his home state of Iowa. He was hooked. Despite a bout with polio as a 4-year-old, he was able to swim, golf, wrestle and play football through his teenage years, but dancing has been his favorite lifelong activity.
After college, Pierce taught high school math and science and coached wrestling before switching to a career in medical sales that overlapped the disco era. He and a group of dietitian friends danced the nights away.
A female companion convinced him to switch careers and locations in the 1980s, and he settled in the small Missouri Bootheel town of Blodgett and worked as a nursing home administrator. In recent years, his health deteriorated on several fronts, and he relocated to mid-Missouri to be closer to two of his daughters and his specialists at MU Health Care.
The most painful of his problems was arthritis in both hips that left him confined to a wheelchair at The Neighborhoods by Tiger Place, a skilled nursing facility in Columbia. That is where he met his new primary care physician, MU Health Care's Amitava Dasgupta, MD.
Pierce was referred to MU Health Care's Missouri Orthopaedic Institute, where he was introduced to surgeon Benjamin Hansen, MD.
The only solution was a double hip replacement. Hansen performed surgeries on the left and right hips six months apart in 2016.
In each case, Pierce spent a few nights in the hospital recovering. After each surgery, he needed to use a cane or walker for about six weeks.
Pierce bonded with Dasgupta and House as he recovered. They provided emotional support as he became more independent and got off the pain pills he needed before his surgeries.
The color returned to his face. His gregarious personality re-emerged.
"He has really made an about-face to a degree I've rarely seen," Dasgupta said.
Pierce rehabbed by walking, riding a stationary bike and lifting weights. Still, he wondered if his new hips could swivel like the old ones.
In June 2018, with House as his partner, Pierce returned to the dance floor. Sure enough, when the music started, he was right back in the groove. Pierce hopes to continue dancing as a way to stay young and meet new people.


But the Supplemental Nutrition Assistance Program (SNAP) has been hovering around 46 million participants since 2011. The current figure, as of February 2016, shows average SNAP participation at 45.8 million Americans receiving food stamps in 2015.
Bloomberg Business reported that the last time the unemployment rate was at five percent in April 2008, only 28 million Americans were on food stamps.
Several reasons explain the high numbers. Governments have made it easier to sign up for the program. More than 85 percent of eligible food-stamp recipients took assistance in 2013, the most recent year of available data, compared to 70 percent in 2008. The higher sign-up rate among those qualified accounts for 8.6 million more people on food stamps -- about half of the program's total increase.
Well, at least President Obama put forth one program that has been easy to sign up for.
When we have a government full of enablers telling people that they don't have to work to provide for themselves and their families, they create an atmosphere of dependence and reliance.


Why you need to consider post production at the start!
Comments Off on Why you need to consider post production at the start!
Companies who decide to take filming and editing into their own hands are often very naive in terms of what they expect to be doing. Whilst their imagination runs wild with images of shouting down a megaphone and sitting in a chair with their name of it, the reality is a lot more tiresome, stressful and time consuming. This, of course, refers to post production. The truth of the matter is that the majority of work involved in producing a quality and effective video takes place behind the scenes, whilst the actual shoot ideally only consumes a small part of your time.
In order to create a flawless and effective video, a large proportion of your efforts must be invested into applying the various tricks and effects available after the filming has been completed. Many companies attempting to create their own video content often underestimate the work and time that post production can consume. Despite it often being a lengthy process, it is an essential step in producing a quality piece of work, which is why it is often advisable to seek the assistance of a professional video production company. By hiring professional assistance, you can ensure that the stressful editing stage will become much simpler and time efficient. Although it is common for all members of the production team to be involved in the editing process, it is usually left to the editor to take on the majority of the work, under the guidance and supervision of the director. However, the company that initially hired the production team may desire some input into the final product, and it is vital to keep the purpose of the video in mind throughout post production.
Editing is not a black and white process, and different sections of this work require different methods to be completed. This has led to a large number of promotion companies claiming to be specialists in certain aspects of the editing process. Whenever possible, it is advisable to seek the assistance of a production company that can offer professional services regardless of the work at hand. Why not consider Dragonfly for professional and efficient assistance in this field of work?


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INTERVIEW QUESTIONS MERCANTILE LAW NATURE OF CONTRACTS DETAILS
Question: There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance
(a) Cross Offer
(b) Standing Offer
(c) Counter Offer
(d) Special Offer
Answer: (a) Cross Offer
Description: When two parties exchange identical offers in ignorance at the time of each other's offer, the offers are called cross offers. There is not biding contract in such a case, as one's offer cannot be constructed as acceptance by other.
Category Nature of contracts Interview Questions & Answers - Exam Mode / Learning Mode
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Description: When two parties exchange identical offers in ignorance at the time of each other's offer, the offers are called cross offers. There is not biding contract in such a case, as one's offer cannot be constructed as acceptance by other. Source: CoolInterview.com
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____________ is good in substance, but suffers from some technical defects like absence in writing, barred by limitation etc.
(a) Valid contract
(b) Voidable contract
(c) Illegal contarct
(d) Unenforceable contract View Answer
An offer is made with an intention to have negotiation from other party. This type of offer is:
(a) Invitation to offer
(b) Valid offer
(c) Voidable
(d) None of the above View Answer
Under the Indian Contract Act, 1872, the enforceability at law of an agreement requires:
(a) Lawful agreement
(b) Lawful consideration
(c) Free consent of the parties to the agreement
(d) All of the above View Answer
A contract is an agreement:
(a) Made by the parties who are competent to contract
(b) Not enforceable by law
(c) Enforceable at the option of the aggrieved party
(d) Made without free consent and consideration View Answer
When an offer is made to the world at large, it is ____________ offer.
(a) Counter
(b) Special
(c) General
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:-
(a) Void
(b) Voidable
(c) Valid
(d) Illegal View Answer
A specific offer can be accepted by ___________.
(a) Any person
(b) Any friend to offeror
(c) The person to whom it is made
(d) Any friend of offeree View Answer
An agreement toput a fire on a person's car is a ______:
(a) Legal
"Holiday Packages" announced as an advertisement are an example of _________:
(a) Offer
(b) Counter Offer
(c) Invitation to Offer
(b) Co - Nature of contracts Interview Questions & Answers"> View Answer
H, a coolie in uniform at the railway station carried the luggage of Z, a passenger, from the platform to the taxi stand without being asked by Z to do so and Z did not attempt to stop him from carrying the luggage. In this case, Z _______ to make payment to H:
(a) Is bound
(b) Is not bound
(c) Is free
A match fixing contract between a player and a broker is a:
(b) Unenforceable Contract
(c) Void Contract
(d) Illegal Contract View Answer
M/s Law Book Company made an offer to sell a new law book released recently only to the members of Bar Council. This offer is called:
(a) General Offer
(b) Specific Offer
(c) Implied Offer
(d) Invitation to Offer View Answer
When a bookseller sells a book on cash payment then it is called as ___________:
(a) Unilateral Contract
(b) Bilateral Contract
(c) Executed Contract
(d) Executory Contract View Answer
____________ agreements are created by situation:
(a) Written
(b) Oral
(c) Void
(d) Implied View Answer
Non- fulfillment by an offeree of a condition precedent to acceptance leads to __________.
(a) Completion
(b) Communication
(c) Lapse
(d) Execution View Answer
Only those agreements which _________ are contracts:
(a) Contains a promise
(b) Are not legally enforceable
(c) Are legally enforceable
(d) Are not void View Answer
Legal obligation means a duty enforceable by:
(a) Law
(b) Society
(c) Custom
For a binding contract both the parties to the contract must:
(a) Agree upon the same thing in the same sense
(b) Put the offers and counter offer
(c) Stipulate their individual offer and consideration
(d) Not agree with each other View Answer
A offers to sell his house to B, who agrees to purchase it subject to approval by B's solicitors. Which one of the statements is correct?
(a) B's statement is absolute and unqualified
(b) B's statement is not absolute and unqualified
(c) B's statement is absolute but qualified
(c) All the above statements are correct View Answer
a voidable contract is one which is ______________.
(a) Not enforceable by either of the parties thereto
(b) Enforceable by either of the parties thereto
(c) Enforceable only with the permission of the court
(d) Enforceable at the option of one of the parties thereto View Answer
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7 x 6 inches. Each print is an original handmade lino cut print. Each is signed and numbered with a limited edition of 20 prints.
The print is hand printed from an original hand carved lino block. Due to the hand burnished process, each Lino print will differ slightly making every print unique.
COPYRIGHT © 2018 JASON LOCKYER, ALL RIGHTS RESERVED.


Lisle, IL, April 12, 2019 --(PR.com)-- NetZoom, Inc., a leading provider of DCIM solutions and expertise, demonstrated NetZoom Enterprise with Service Desk software and other solutions at the Future Datacentres & Cloud Infrastructure Summit in Dubai, UAE on April 8th and 9th, 2019.
This informative event reviewed recent IT infrastructure trends in the Middle East and explore the future of the datacentre industry in the region. Over 35 global and regional experts presented and shared their experiences during this two day summit.
"We feel strongly about supporting the emerging datacentre marketplace developing in the Middle East and Africa. This is the perfect event for us to attend as hundreds of regional attendees will be networking, sharing key information, and learning about available DCIM technologies to help optimize and more efficiently manage their datacentres," said Steve Paravola, Senior Marketing Manager at NetZoom, Inc.
All NetZoom solutions are immediately available. For a demonstration, pricing, or additional information, please visit NetZoom.com or email Sales@NetZoom.com. For assistance in the MEA region contact Priyank Verma at Priyank@NetZoom.com.
Founded in 1995, NetZoom, Inc. is an Illinois corporation with headquarters in the Chicago area. The company's NetZoom software enables data center professionals around the world to effectively model, manage, monitor and maximize IT and Facility infrastructure.
For more information, please visit NetZoom.com.


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3 years for Reno man who threatened to kill Obama
Government | February 8, 2017
RENO — A 51-year-old Reno man who told a White House operator last year he hated President Obama and intended to kill him has been sentenced to three years in federal prison.
Steven Eugene Ford faced up to five years in prison and a $250,000 fine after he was convicted in Reno in November of making a threat against the life of the president.
U.S. District Judge Howard McKibben sentenced him Wednesday to three years' probation after three years in prison.
Secret Service agents said in court documents that Ford admitted he made the call to the White House around March 1 and told the operator, "I'm going to kill that president. I hate him."
Nevada's U.S. Attorney Daniel Bogden says his office takes all threats against the president seriously and is committed to bringing anyone responsible to justice.
Grants available for water pollution projects in Nevada
Nevada governor, congressional delegation want Yucca Mountain seismic review
California Gov. Gavin Newsom to keynote Lake Tahoe summit Aug. 20
Former Senate Majority Leader Kelvin Atkinson to be sentenced Thursday
Trump administration: BLM HQ moving to Colorado


text:
package org.ado.minesync.service;

/**
 * Class description here.
 *
 * @author andoni
 * @since 05.12.2013
 */
public enum OperationTypeEnum {

    DOWNLOAD_ALL,
    DOWNLOAD,
    UPLOAD_ALL,
    UPLOAD
}

redpajama_set_name: RedPajamaGithub


Started with software industry 10 years back and being successful into it, we also made a path to SMS industry and have been serving clients since past 3 years.
MSW is an information provider in the field of Technology Services & Advertisement Solutions in English and 15 Indian Languages worldwide. In such a short span of time that we have been around, we have a happy and satisfied clients.
We at MSW spend a great deal of time, effort, & money in updating our technical and media skills to bring safe and reliable resolutions for our clients.


I was commenting on another blog (meant2bme) and shared this quote. I was reminded of all the times in my life when I have been scared and unsure of what I needed to do next. Sometimes I had to remind myself to just breathe and sometimes I had to simply commit to taking the next step. It wasn't big but I had enough faith to just take the next step. I read something once that said you can take an entire journey with just enough light to illuminate your next step. And, really, that's all you need.....just enough to take one step, and then the next, and then the next.
I remember vividly a time in my life when I was devastated. I felt totally alone and unable to bear the thought of a lifetime by myself. Sobbing dramatically, I sat on my outside deck and cried out to God. "I am so lonely, I can't stand this loneliness. How will I endure a lifetime of this?" And a small, still voice answered back "Can you be lonely with Me for just one day?" Yes, I could hold on one more day. So one day became the next, and the next, and the next. Until one day I realized I wasn't lonely anymore.
This moment is all we have, step out in the light you have..... you'll land on something solid....or you'll learn to fly!
I enjoyed this post so much ....very nicely written. Thanks for your comment on my blog...a fellow flyer.
Beautiful. And because of that step into darkness I am now flying and so enjoying the view.
So beautiful and thank you for your encouragement! I'm posting it on my FB fan page (meant2bdesigns) and will probably add it to my email tag line...I will keep in touch. BIG SMOOCHES!


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Soy and breast cancer controversy: Dietary products 'safe and beneficial', study finds
By Gary Scattergood contact
06-Mar-2017 - Last updated on 06-Mar-2017 at 22:52 GMT
Academics did not see a detrimental effect of soy food intake among women who were treated with endocrine therapy. ©iStock
Related tags: Cancer
Dietary soy products are safe and even beneficial for women diagnosed with breast cancer, according to new research which aimed to help resolve the controversy over its link to treatment outcomes.
Previous studies have suggested that the oestrogen-like properties of soy isoflavones may reduce the effectiveness of hormone therapies used to treat breast cancer, while others, including epidemiological analysis in East Asian women, found links between higher isoflavone intake and reduced mortality.
"Because of this disparity, it remains unknown whether isoflavone consumption should be encouraged or avoided for breast cancer patients," said Fang Fang Zhang, of the Friedman School of Nutrition Science and Policy at Tufts University.
Therefore, Dr Zhang and her colleagues looked at the relationship between dietary intake of isoflavones and death from any cause in 6235 American and Canadian women diagnosed with breast cancer.
Over a median follow-up of nine years, women with breast cancer who consumed high amounts of isoflavones had a 21 percent lower risk of dying than women who consumed low amounts.
This decrease was largely confined to women with hormone receptor–negative tumours and women who were not treated with anti-estrogen therapy such as tamoxifen (which blocks the effects of oestrogen).
In contrast to some previous research, high levels of isoflavone intake were not associated with greater mortality among women receiving hormonal therapy.
Protective effect
The investigators noted that they examined only naturally occurring dietary isoflavones, not isoflavones from supplements.
"Based on our results, we do not see a detrimental effect of soy food intake among women who were treated with endocrine therapy," said Dr. Zhang. "For women with hormone receptor–negative breast cancer, soy food products may potentially have a protective effect. Women who did not receive endocrine therapy as a treatment for their breast cancer had a weaker, but still statistically significant, association."
More than 20 percent of all new breast cancer cases with known estrogen and progesterone receptor status are receptor-negative, and they have poorer survival rates than hormone receptor-positive cases.
"Whether lifestyle factors can improve survival after diagnosis is an important question for women diagnosed with this more aggressive type of breast cancer. Our findings suggest that survival may be better in patients with a higher consumption of isoflavones," added senior author Esther John, of the Cancer Prevention Institute of California.
How isoflavones from foods interact with breast cancer cells is unclear, but research has shown that they have antioxidant, anti-inflammatory, anti-angiogenic, and other effects that could influence tumour survival and growth.
This latest research was published in the journal Cancer.
Related topics: Research, Functional foods & beverages, Regulation & legislation
Could soy and cruciferous vegetables reduce breast cancer treatment side effects?
Probiotics boost the kidney benefits of soy milk in diabetic patients, RCT reveals
CoQ10, soy and taurine have potential to help boys with fatal muscle wasting disease
'Great probiotic potential': Korean soy sauce contains bacterial strains with commercial promise


My journey begins with a walk out to my car, a 2001 Toyota Prius. Not quite as cutting edge as when I got it seven years ago, but still a pretty gadgety little car.
Out the driveway and down the hill.
Down a suburban switch-back road to Puget Sound.
driving along the beach at Redondo.
Past a pier and a seafood restaurant, and then back up another hill and away from scenic delights.
An intersection at Pacific Highway South. Through this and on to the freeway.
call home for eight hours each day. I park near a postal distribution center, so dodging mail trucks is part of the fun.


text:
ACCEPTED

#### According to
Index Fungorum

#### Published in
Lichenologist 12(3): 294 (1980)

#### Original name
Sticta condensata Zahlbr.

### Remarks
null


text:
Pearl Harbor and the Rise of Imperial Japan
David Porter charts Japan's heady ascent from secluded feudal dictatorship to Pacific superpower in less than a century.
The unification of Germany between 1864 and 1871, and the proclamation of the German Empire in the latter year, destroyed the balance of power in Europe. The rapid industrialisation of the new Germany created an economic colossus in the heart of Europe; and the imperative to feed that industrialisation turned Germany into a disruptive power striving to seize raw materials and markets by imperial expansion in Central and Eastern Europe.
Japanese history in that period followed a similar trajectory. The Meiji Restoration of 1868 – essentially the overthrow of the old samurai warrior caste by a new, modernising elite – triggered a similar process of industrialisation, militarisation, and imperialism.
Japan, to an even greater extent than Germany, lacked the resources and markets to sustain her economic development. She was soon embroiled in aggressive wars to gain territory in Korea, Manchuria, and China.
But by the late 1930s, the 'Northern Road' was blocked – by the Soviet Union – and Japan's rulers were forced to look to the 'Southern Road'. Especially important were the oil and rubber of the Dutch East Indies.
The Japanese regime was now dominated by the Militarists, a home-grown brand of fascists with a strong base among army officers and middle-class youth. The Militarists combined modern militarism with traditional warrior culture: samurai with battleships.
The expansionism of Imperial Japan brought it into conflict with the European empires with possessions to protect in South-East Asia, and of course with the United States in the Pacific.
Like Nazi Germany, Imperial Japan lacked the resources and manpower to sustain a long war of attrition. Both powers were compelled to launch blitzkrieg wars to grab as much as they could before their enemies could fully mobilise.
The campaigns in the Far East between December 1941 (Pearl Harbor) and June 1942 (Midway) were every bit as spectacular as the Nazi conquests in Europe in the first two years of the war. They created a vast Japanese Empire and imposed upon the Allies a long, expensive, bloody war of attrition to destroy it.
The surprise attack on the US naval base at Pearl Harbor, Hawaii, on 7 December 1941 signalled the start of the Japanese blitzkrieg. It also 'awakened a sleeping giant' and thereby guaranteed the eventual defeat of the Japanese Empire.
In our special this time, David Porter first charts the rise of Imperial Japan between 1868 and 1941 (which you can read below), and then offers a forensic analysis of the attack – one of the greatest triumphs of naval aviation in military history. You can read this second part here: Pearl Harbor: the Attack, 7 December 1941.
The Rise of Imperial Japan
In 1639, the Shogun (military dictator) Tokugawa Iemitsu issued the Sakoku Edict, which marked the effective seclusion of Japan from the outside world. For more than two centuries thereafter, the country remained in a virtual 'feudal time-warp' under the rule of the shoguns, with its emperors no more than revered but powerless figureheads.
Throughout this period, Japan's samurai-led armies were still equipped with traditional bows, swords, and pole arms. Their only European-derived weapons were cannon and matchlock muskets little different from those introduced to Japan by Portuguese traders in the 16th century.
The arrival of a US Navy squadron under Commodore Matthew Perry in July 1853 forced Japan to begin the process of opening up to the outside world and destroyed the prestige of the shogunate. Although the last shoguns made efforts to reassert their authority, the social and political upheaval caused by the sudden influx of Western influence and technology proved too strong to contain.
The last stand of the samurai the Satsuma Rebellion of 1877. Traditionalist samurai warriors on the right, modern state troops on the left.
On 9 November 1867, the 15th Tokugawa Shogun, Tokugawa Yoshinobu, 'put his prerogatives at the Emperor's disposal' and resigned 10 days later. This was effectively the 'restoration' (Taisei Hokan) of imperial rule – though Yoshinobu still retained significant influence and it was not until 3 January 1868, when the young emperor issued an edict formally notifying Japan and the outside world that he was assuming 'supreme authority in all the internal and external affairs of the country' that the Meiji Restoration was completed.
The process of modernising Japanese forces had begun in the 1850s. The shogunate's armies rapidly adopted European-style uniforms and equipment, whilst its first operational steam warship, the Kanrin Maru, was delivered in 1857. Fundamental change, however, had to await the advent of the new imperial regime.
The Imperial Japanese Navy (IJN) was formed in 1869, followed by the foundation of the Imperial Japanese Army in 1871.
The Meiji Restoration of 1868. The Emperor moves from the imperial residence in Kyoto to the modern capital in Tokyo a symbolic resumption of power at the expense of the samurai-based shogunate.
Initially, the Army was given priority for manpower and equipment. In 1873, conscription legislation came into force under which every male between the ages of 17 and 40 served for three years with the field army, followed by a further two years in the first (active) reserve and another two in the second (standby) reserve.
Although many samurai became officers in the new army, they lost their centuries-old status as an elite military caste. In addition, they lost their traditional right to wear swords in public – humiliations that provoked several unsuccessful uprisings, notably the Satsuma Rebellion of 1877.
The new Japanese military and naval forces were supported by a rapid modernisation of the country's economy. In many cases, defence-related industries such as shipbuilding were established with government funding before being sold to private investors. Equally great efforts were made to promote Western-style education in order to create the skilled workforce required by the new industries, with thousands of students being sent to study in Europe and the USA.
Tokyo's modern military arsenal, founded in 1871, pictured here in the 1920s.
Japan sought to emulate Western powers in creating its own colonial empire – in the 1890s, it defeated the moribund Chinese Empire in the First Sino-Japanese War and took control of Taiwan. The country's enhanced status received formal recognition in 1902 with the signature of the Anglo-Japanese Alliance, whilst victory in the Russo-Japanese War paved the way for the annexation of Korea in 1910.
Growing ambition
As Anglo-German relations worsened in the decade before 1914, Japanese ambitions grew to include the acquisition of Germany's Pacific colonies – the Marianas, Caroline, and Marshall Islands – together with her Kiautschou Bay concession on the Chinese coast.
Lack of resources in the Japanese home islands meant that almost all raw materials, such as iron, oil, and coal, had to be imported. (At this time, Taiwan and Korea were primarily agricultural territories.) The increasingly influential Japanese military pressed for control of China's vast resources, especially Manchuria's iron and coal.
The growth of Japanese militarism was aided by the armed forces' freedom from civilian control. In 1878, the Imperial Japanese Army General Staff was established, closely modelled on the Prussian General Staff. The Imperial Japanese Navy (IJN) General Staff was formed in 1893, and both General Staffs were brought under the command of the new Imperial General HQ on 19 May that year. They were responsible for the planning and execution of military operations, and reported directly to the Emperor, bypassing all civilian political control.
In contrast, the Army and the Navy had a decisive voice in the formation (and survival) of any civilian government. The law required that the posts of Army Minister and Navy Minister be filled by active-duty officers nominated by their respective services. There was also a legal obligation on any Prime Minister to resign if he could not fill all of his cabinet posts. This gave the two services the final say on the formation of a government, as well as the power to bring down the administration at any time, by withdrawing their ministers and refusing to nominate successors.
In practice, although this tactic was used only once (ironically to prevent a general, Kazushige Ugaki, from becoming Prime Minister in 1937), the threat was always implicit whenever tensions grew between the military and the civilian leadership.
By 1914, Japan had made great strides in building up a strong naval construction industry. From the 1870s onwards, following a strategy of 'copy, improve, innovate', foreign warships were subjected to detailed analyses to highlight potential improvements before being purchased in pairs to allow comparative testing and further improvements.
In the 1880s, smaller naval vessels began to be built in Japanese shipyards, which soon progressed to larger warships. The last major foreign-built addition to the fleet was the battlecruiser Kongo, which was ordered from the Vickers shipyard in 1911.
The First Sino-Japanese War (1894-1895) the first move in what would become a 50-year onslaught on China.
In the period immediately after the Russo-Japanese War, the IJN, under the influence of the naval theoretician Sato Tetsutaro, became increasingly convinced that the USA rather than Russia posed the greatest long-term threat to Japanese ambitions in the Pacific.
This led to the 1907 construction programme for an 'eight-eight fleet' – eight modern battleships and eight battle-cruisers – in order to ensure parity with any American naval force likely to be deployed in the Pacific. However, the crippling costs of the programme (more than twice the entire Japanese national budget) prevented any attempt to put it into practice.
Japan in the First World War
Japan's decision to join the Allies in the First World War realised some of its ambitions, as it gained most of the former German colonies in the Pacific and achieved a considerable degree of control over much of China as the country fell apart in the aftermath of the collapse of the Manchu regime in 1912.
However, Japan resented the limitations to its ambitions imposed by the Western Allies in the immediate post-war period, especially the Washington Naval Treaty of 1922, which restricted the ambitious IJN construction programme and terminated the Anglo-Japanese Alliance.
Ironically, the very prosperity of the Japanese economy – sustained by the demands of war-torn and post-war Europe between 1914 and the early 1920s – imposed new strains on successive governments as they tried to cope with the demands of a largely urban population, which grew from 45 million in 1900 to 60 million in 1925. These pressures strengthened the military's arguments for seizing control of Manchuria and China.
What transformed the situation, however, were the economic consequences of the Wall Street Crash of 1929 and the Great Depression of the 1930s. The strains sealed the fate of Japan's weak parliamentary democracy.
Japanese soldiers in the Russo-Japanese War of 1904-1905. Japanese victory over a European great power stunned the world and announced the arrival of Japan as one of the world's premier states.
Japan in the 1930s
Since 1906, Japan had maintained a garrison in the Chinese province of Manchuria in order to protect the Japanese-owned South Manchuria Railway. This garrison was gradually expanded to become the Kwantung Army. This became a hotbed of gekokujo – an institutionalised form of insubordination by ultra-nationalist officers.
In 1931, a small group of Kwantung Army officers executed an attack on the railway as a pretext for the complete takeover of Manchuria. The weak Chinese government was in no state to resist the attack effectively, and the Japanese conquered the province in less than six months, transforming it into the nominally independent state of Manchukuo, with the deposed Qing emperor Puyi as its new puppet ruler.
Japanese forces provoked a full-scale war with China (the Second Sino-Japanese War) in July 1937. It lasted until September 1945, and the Japanese eventually overran much of the east of the country.
But this proved an unwinnable war, for Chinese armies could always retreat into the vast interior spaces of the country, the conquest of which was far beyond the logistical capacity of the Japanese.
The conquest of Manchuria strengthened the position of the senior officers and politicians known as the 'Strike North Group' who supported Hokushin-ron ('Northern Expansion Doctrine' or 'Northern Road').
This doctrine held that Manchuria and Siberia were part of Japan's natural sphere of influence and that the economic and strategic value of those territories far outweighed that of other regions.
Hideki Tojo (1884-1948), the leading Japanese Militarist, who became Prime Minister in October 1941.
Strike north or south?
As Japan strengthened its grip on Manchukuo, tensions with Russia grew – 152 border incidents were recorded between 1932 and 1934, with hundreds more reported in later years. Soviet hostility towards Japan became increasingly open, with the Japanese being called 'fascist enemies' at the Seventh Comintern Congress in July 1935.
In June 1938, Genrikh Lyushkov, the NKVD chief of the Soviet Special Red Banner Far Eastern Army, defected to the Japanese with invaluable intelligence on the Red Army's strength in the region and the effects of Stalin's purges. The Japanese perception that the purges had fatally weakened Russian combat capability was a factor in the events leading up to the Battle of Lake Khasan on the Soviet/Manchukuo border in July/August 1938.
Although heavily outnumbered (7,000 to 23,000), the Japanese fought the Red Army to a bloody draw, inflicting 4,000 casualties for the loss of less than 1,500 men and destroying roughly 25% of the 350 Russian tanks engaged.
This lacklustre Soviet performance led the Kwantung Army to adopt an aggressive response to Russian and Mongolian incursions in the summer of 1939, leading to a decisive Japanese defeat at Khalkhin Gol. (Although this fatally discredited the Strike North Group, the heavily outnumbered Japanese still managed to destroy almost 40% of the 1,000 or so Red Army AFVs committed to action.)
Khalkin Gol gave considerable impetus to the Nanshin-ron ('Southern Expansion Doctrine' or 'Southern Road'). This was primarily advocated by the IJN's 'Strike South Group', a strategic think tank based in the Taihoku Imperial University in Taiwan.
It was supported by the 'Study Committee for Policies towards the South Seas' (Tai Nanyo Hosaku Kenkyu-kai), which explored military and economic expansion strategies, and cooperated with the Ministry of Colonial Affairs (Takumu-sho) to emphasise the military potential of Taiwan and Micronesia as advanced bases for further expansion into the Pacific and the South China Sea.
Japanese soldiers march through a Chinese town during the Second Sino-Japanese War (1937-1941).
The insoluble problem that these groups failed to acknowledge was that Japanese shipyards lacked the capacity to produce sufficient naval and merchant vessels to adequately support this policy.
Although the IJN designed each class of its vessels to be superior to their Western counterparts, it could not escape the problem of obsolescence, which was becoming serious by 1941, when 30 of its 111 destroyers dated back to 1921 or earlier and a further 41 were at least 10 years old.
The situation was even worse as far as naval auxiliaries and merchant shipping were concerned. There were only nine fleet oilers in service in 1941, forcing the IJN to charter many civilian tankers on the outbreak of war. This ate into an already inadequate merchant fleet. Pre-war Japan required 10 million tons of shipping but had to charter 40% of this total from foreign sources.
Although some of the shortfall was made up by vessels captured in the first months of the war, attrition soon began to take its toll, with losses running at almost 108,000 tons by May 1942.
Japanese light artillery in action in Nanking in 1937 scene of the notorious Nanking Massacre, in which between 50,000 and 300,000 Chinese were murdered by the Japanese.
The road to war, 1940-1941
The collapse of France in June 1940 offered the Japanese an unexpected opportunity to secure their position in southern China by gaining effective control of French Indo-China (modern Vietnam).
The perceived German and Japanese threat led the USA to pass the Two-Ocean Navy Act in July 1940, which authorised $8.55 billion for a massive naval-construction programme, including 18 aircraft carriers, 7 battleships, 6 battlecruisers, 27 cruisers, 115 destroyers, 43 submarines, and 15,000 aircraft.
The IJN reacted by ordering fleet mobilisation – a lengthy process of refitting and modernisation which would be completed in December 1941 and give it temporary superiority over the US Pacific and Asiatic fleets, but at the cost of imposing immense strain on the already hard-pressed Japanese economy.
Diplomacy also played a key role on the road to war. The Japanese–Soviet Non-Aggression Pact was signed on 13 April 1941, together with a supplementary declaration that the Soviet Union would respect the territorial integrity of Manchukuo, and a reciprocal Japanese undertaking regarding the Russian satellite state of Mongolia.
Ostensibly, the pact was mutually beneficial in that it allowed both Japan and the Soviet Union to avoid fighting on multiple fronts, but in practice Russia gained far more than Japan. As soon as the pact was signed, Stalin initiated Operation Snow, a plot to force Japan into war with the USA and Britain by manipulating Washington into imposing an embargo on exports of oil and other strategic commodities to Tokyo.
The operation was run by Communist agents and sympathisers who had infiltrated the Roosevelt administration during the 1930s, notably Harry Dexter White, chief adviser to Treasury Secretary Morgenthau. In June 1941, White's NKVD contact had him draft a memorandum proposing that Japan should be presented with a de facto ultimatum to 'withdraw all military, naval, air, and police forces from China and French Indo-China'.
Although this did not go any further at the time, it did play a part in the imposition of trade embargoes in the summer of 1941 by the USA, Britain, and the Dutch colonial administration of the East Indies (modern Indonesia) in the aftermath of the Japanese occupation of southern Indo-China. This dramatically increased economic pressure on Japan by cutting off over 90% of its oil supplies, and understandably infuriated Japanese public opinion.
However, there was still a possibility of a diplomatic breakthrough. At a cabinet meeting on 7 November, Roosevelt declared that he intended to 'strain every nerve to satisfy and keep on good relations' with Japan, telling Secretary of State Cordell Hull, 'Let us make no move of ill will. Let us do nothing to precipitate a crisis.'
In mid-November, Tokyo did indeed attempt make a final negotiated settlement, providing two offers, known as 'Proposal A' and 'Proposal B'.
Under Proposal A, Japan would promise to negotiate a peace treaty with Chiang Kai-Shek, to withdraw from Indo-China, and to remove 'all Japanese troops in China' within two years, 'except for garrisons in North China, in the Mongolian border regions, and on the Island of Hainan'.
If this proved unacceptable, Proposal B offered a temporary truce under which Japan would immediately withdraw from Indo-China and enter negotiations for 'the restoration of general peace between Japan and China'.
The possibility that the President might accept the Japanese proposals seriously alarmed White, who persuaded Cordell Hull to effectively sabotage negotiations by drafting the 'Hull Note' demanding the withdrawal of all Japanese military, naval, air, and police forces from China and Indo-China. The note was presented to the Japanese ambassador on 26 November, and, faced with this de facto ultimatum, the Japanese cabinet voted unanimously in favour of war on 1 December. •
David Porter worked at the Ministry of Defence for 30 years, and is the author of nine Second World War books, as well as numerous magazine articles.
Images: WIPL, unless otherwise stated.
You can read the David Porter's analysis of the attack here.
Shops 'of the plainest kind'? The architecture of England's co-operative movement
Peru: a journey in time


Yesterday Salt, the publishers, announced on their twitter feed (which I love) that this week is Salt Summer Reads Week. They invite readers to buy/read/review books published by Salt and spread the world. Salt came on my radar when I read Alison Moore's The Lighthouse and ever since I have kept an eye on what they have been doing. I kinda figure that anyone who would publish The Lighthouse is worth my overenthusiastic attention. This announcement was actually a massively coincidental moment because last weekend I discovered my local bookshop (Kennington Bookshop, which is totally amazing) and in it I found Moore's short story collection The Pre-War House. I finished this spread out in the park as I slowly roasted on Sunday afternoon. So I thought, what better time than Salt Summer Reads week to write and post my review? I couldn't think of a better time so here is my review (took a while to get there, I agree).
I adored Moore's debut because of the mix of simplicity and complexity in her circular narrative. I was not let down by this collection. In fact, Moore is fast becoming one of my favourite authors.
This is a collection of twenty or so short stories of varying lengths and very varying subjects. Yet whilst the subject matter is different in each there are several underlying themes which crop up in each story. Things like the nature of memory, family breakdown, secrets and lies and a general sense of the past creeping up on each of the characters. Some of the stories are soaked in sadness and loneliness and some of the stories are seriously sinister and sent multiple shivers down my spine. But this is not overt 'horror' (for lack of a better word), rather she creates an atmosphere of discomfort pervaded by that niggling feeling that all is not quite as it should be. Clever stuff. I found this in The Lighthouse too; Moore has this skill of saying so much more than she actually does.
As most of you know (because I haven't stopped talking about it for a while), I am reading Anna Karenina. When I finished this collection that famous first line from AK popped into my head and I realised it is perfectly matched to this book. Many of the stories centre around families, all of whom on the surface seem relatively happy (reading some of these stories made me realise that Tolstoy is a complete genius and speaks the truth about families). It is not usually until the end of the story that something is revealed that destroys that assumption of normality. Seriously, some of these revelations felt like a slap round the face, almost like Moore was shaking me and saying 'how did you not see this before?!' A couple of the stories I even re-read after that vital thing had been revealed and it becomes so clear that something is wrong, not obvious, but the word choices are trying to tell you something.
Quite often in story collections there is one that really sticks out as a favourite. Here I find myself unable to pinpoint just one. Every single story is brilliantly written and structured and has a original storyline. There are a couple that I will highlight for a special mention: 'When the Door Closed, it was Dark', 'Overnight Stop', 'Sometimes You Think You are Alone', 'Small Animals', and the title story 'The Pre-War House'. Each of these stories surprised me in some way, made me feel uncomfortable (as only a well crafted story can), and left me questioning my own ability to perceive good and bad or right and wrong.
In a nutshell I would highly, HIGHLY recommend The Pre-War House. It is emotive, it is chilling, it is a gem to read and I could not put it down (no matter how hard I tried to make the experience last). I think exploring Salt's entire catalogue is the only way I can move on from this book. I'm particularly interested in their anthologies of Best British Short Stories. Can anyone recommend a good year to start with?
Great review Ellie. I really want to read some more short stories and this sounds like it could be a great place to start. Salt seem to be one of the few publishers championing short stories, unless I'm mistaken.
Thanks Lindsay. I think this would be a great place to start. I think short stories can be a bit hit and miss and times but this is a constant hit. I think they are and I really like them for that!


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The Future of Financial Services.
Fourth Quarter 2019
In this series of articles, we highlight companies in the Scottish Mortgage portfolio that are taking technological advances to the next level, a new generation of companies who will reshape our world and what is possible in the years to come.
Capital Hill on... Financial planning for a longer life
'Is age 70 the new 65?' That is the question posed in a recent paper by the Office for National Statistics, which highlights the extent to which increasing longevity is changing traditional life milestones. The older generation is now healthier, living longer and retiring at different ages, as Capital Hill reports.
The Future of Healthcare.
The Spirit Of Compromise.
Cement accounts for 5 per cent of global carbon emissions and Cemex, a leading Mexico-based producer lacks governance and sustainability appeal. But we cannot ignore well-financed companies whose products contribute to economic growth, least of all when they promise to travel the road to redemption. Compromise is essential.
Economic Losers Can Be Bond Winners.
Weakening economic conditions are prompting governments in emerging markets to tighten up their policy framework. And that additional rigour is, in turn, creating attractive investment opportunities in some bonds, according to Yannis Lykouris.
Postcards from China.
Can China survive the massive upheaval it is undergoing and emerge unscathed as a leader in the digital economy globally? Dora Bucklucikova addresses this question in Postcards from China, illustrated by Mitch Blunt.
Bond Beats – Ørsted.
Danish government policies in favour of wind power generation have fostered the development of Ørsted over the last decade. The dual-track approach shows how clean energy can become financially resilient, as concerns over climate change increase.
Next Generation of Progress.
The Future of Food.
The Future of Manufacturing.
The Future of Work.
Watsco - A Cool Investment.
Investment manager Toby Ross discusses recent investment, Watsco.
The Digital Archipelago.
Two of Southeast Asia's biggest nations are following China into rapid tech-led growth says Ewan Markson-Brown, manager of Pacific Horizon Investment Trust and co-manager of Baillie Gifford's Pacific fund.
EUROPEAN GROWTH TRUST PLC.
Baillie Gifford are now managers of the re-named Baillie Gifford European Growth Trust plc. In this film, co-managers Stephen Paice and Moritz Sitte outline why they have repositioned the portfolio to focus on the 40 or so companies that they believe are most likely to deliver outstanding growth over the next five to ten years.
Continental Blend – The Case for European Companies.
Managers Stephen Paice and Moritz Sitte on the Baillie Gifford European Growth Trust plc.
Monks - Embracing the Asymmetry of Returns.
Embracing asymmetry is one of the four golden threads that weaves together to form the Global Alpha strategy.
Dominators vs Disrupters - The Future of Industrial Robotics.
The big four incumbents in robotics are gearing up for a challenge. In a reshaping global industry, they are readying themselves for the march of the cobots.
Wanted - Growth Champions.
The opportunities in emerging markets and Asia are vast and varied. Andrew Stobart, portfolio manager of the Baillie Gifford Managed Fund, talks telecoms, semiconductors and ear implants.
Enlightenment.
Our quarterly e-zine featuring the news and views of the teams involved in running our funds.
Bond Beats – Resilience first because that's what matters.
Just because Trump says he might favour a trade deal with China, this doesn't mean he will be supportive a few days on. Macro-noise is a risk to credit analysis and our approach is simple. Except in extremis, we take no view of it whatsoever.
In The Eye Of The Beholder.
The Japanese spend more per person on skincare and cosmetics than any other country. Praveen Kumar, manager of the Baillie Gifford Shin Nippon Investment Trust, tells Gillian Christie what is different about Japanese cosmetic companies.
Bond Beats – A Bird in the Hand.
Paul Dilworth explains why investing in European bank equities may be a better idea than many might think.
Japan Trust - Manager Update.
Investment manager Matthew Brett gives an update on the position of The Baillie Gifford Japan Fund PLC and discusses some examples of companies within the portfolio that show exciting growth potential.
Actual investors look to the future. Not the past.
Baillie Gifford is challenging the investment industry to return to its fundamental purpose.
Learning from Academia.
Our support of inquisitive people plays a crucial role in our investment research. Discover more in our academia anthology.
Bond Beats - Island Time.
Torcail Stewart, investment manager in Baillie Gifford's Credit team, wants those who are investing in bonds to slow down and take some tips from island living.
Capital Hill on… ESG Investing.
ESG investing is gaining real traction. Capital Hill looks at its evolution and potential future.
Finding Explosive Growth in Asia.
Investment managers Roderick Snell and Ewan Markson-Brown believe that Asia is going to be one of the fastest-growing regions over the coming decades. And they argue that the best way to unleash this potential in your portfolio is by buying growth companies in that growth region. They call this 'Growth Squared'.
Electric Medicine.
The oncology firm Novocure is extending survival rates by attacking brain cancer with electric fields. Svetlana Viteva, deputy manager of Edinburgh Worldwide Investment Trust, talks to Linda Geddes about the implications.
Insuring Asia.
The extraordinary expansion of Asia's middle class is turbocharging demand for products that provide a sense of security. Charles Plowden, manager of Monks Investment Trust tells Colin Donald why the region's life insurance giants are well placed to reap the rewards.
Japan's Cutting Edge.
The qualities that give the best companies their advantage are not always obvious. Praveen Kumar, manager of Shin Nippon Investment Trust and deputy manager of the Baillie Gifford Japan Trust, outlines the ingredients of lasting success.
The Virtual Tutor.
From textbook rental to digital teaching, Chegg is disrupting higher education, as Malcolm MacColl joint deputy manager of Monks Investment Trust reports.
The Imperatives Of Growth Investing.
James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about why we need to embrace risk and volatility to achieve long-term rewards.
Positive Conversations.
An accompaniment to our annual Impact Report using a different lens to look at the contribution of the Positive Change portfolio to society.
Engaging on… Responsible Taxation.
Toby Ross on how we engage on responsible taxation.
Writing you can trust.
Curious about our investment thinking? Want to find out more about the entrepreneurs and companies of the future?
US Growth Trust - Manager Update.
Alex Blake talks to investment manager Gary Robinson about the exciting changes in the market and how this impacts investment decisions for the portfolio.
Japanese Income Growth Fund - Manager Update.
Karen See, joint manager of the Japanese Income Growth Fund, discusses the fund since its inception three years ago, and some key characteristics of the portfolio.
Podcast - Finding Europe's Hidden Champions.
There are lots of reasons not to invest in Europe. Its economic growth is uninspiring and much of its stock index is made up of bureaucratic corporate dinosaurs. But beyond the negative headlines, there are still exciting investment opportunities to be found. They include potential tenbaggers – companies whose share price could increase ten-fold.
Disruption in the Automotive Industry.
The automotive sector is seeing considerable change. As co-managers of the Baillie Gifford US Growth Trust, Gary Robinson and Helen Xiong, explain, this is most evident in three areas – the shift to electric vehicles, a move from ownership to on-demand use, and growth in autonomous driving.
Bond Beats – Tracking the Inca Trail.
Peru is no longer the unstable emerging market of the 1990s, but the bond market still views it as a risky place to lend to. Sally Greig explains why this misconception can be rewarding for clients.
Capital Hill On... How To Choose A Financial Adviser.
Tens of thousands of people are entering retirement every year without taking advice – and risk jeopardising their financial security. There are potential benefits of professional advice but choosing the best financial adviser for your needs can be daunting. Capital Hill evaluates how to choose a financial adviser.
Monks Stewardship Report 2019.
Monks' investment process focuses on the long-term ownership of growing businesses. We encourage these companies to invest in growth opportunities and ignore the short-term pressures of the market. In the following report, we set out our approach to stewardship and explain how it fits with our investment style.
Driving Long-Term Dividends.
Buying a car is seldom a smooth process, so why would companies whose focus is on advertising cars for sale pique the interest of the long-term income investor? James Dow, co-manager of SAINTS, investigates.
Baillie Gifford UK Growth Fund plc - Stock Stories.
Investment managers Iain McCombie and Milena Mileva give an update on the Baillie Gifford UK Growth Fund plc and discuss some examples of companies within the portfolio that show exciting growth potential.
Bond Beats – Allfunds.
Our research is thorough, even in the fast-moving high yield bond market.
Podcast - Space: The Final Investment Frontier.
Fifty years on from the first moon landing, entrepreneurs on the west coast of America are stepping up spending on space. To discuss how this new space race might impact investment, Malcolm Borthwick is joined by Luke Ward – space enthusiast and deputy manager of Edinburgh Worldwide Investment Trust and the Global Discovery Fund.
Bond Beats - Equinix.
In this age of the internet, there is round-the-clock demand for instant connection so people can search, shop and share. The internet needs to keep working. With this in mind, we often hear about the inner workings of the so-called 'Cloud', and how Cloud computing servers are housed in futuristic garden sheds in the middle of distant deserts where land is cheap.
Bond Beats – An Ugly Duckling?
Equity investors might well see RBS as an ugly duckling, but through the lens of a credit investor, it looks rather like a swan.
Scottish Mortgage - Annual General Meeting.
The Scottish Mortgage Investment Trust Annual General Meeting (AGM) took place in Edinburgh on 27 June 2019. In addition to the business of the day, there were presentations from the Trust's managers, James Anderson and Tom Slater, which you can now watch here.
Fast Fashion.
Investment Manager, Kate Fox explores how fashion might evolve from eco-culprit to eco-warrior, and where investment opportunities might arise along the way.
Positive Change - Impact Report.
The Positive Change strategy has two objectives: to generate superior investment returns, and to contribute towards a more sustainable and inclusive world. We update on our progress towards the second of these objectives in our annual impact report.
The Hunt For European Tenbaggers.
Investment managers Moritz Sitte and Stephen Paice dispel the negative perceptions of the European market by discussing two exciting companies which exemplify the growth potential in Europe, and their investment strategy which aims to seek out European tenbaggers.
SAINTS Stock Stories: Sonic Healthcare and Edenred.
The managers of SAINTS explain the appeal of two investments which perfectly fit the trust's long-term objectives: a resilient income, with attractive growth.
Capital Hill on... Platforms.
As Baillie Gifford prepares to close its in-house investment trust savings scheme and transfer existing assets to investment platform Hargreaves Landsdown, Capital Hill looks at the benefits platforms bring to investors.
The Hunt for Europe's Tenbaggers.
Stephen Paice disagrees with the conventional wisdom that European companies are uninspiring and stagnant. As he explains, research shows that stock pickers are just as likely to find a 'big winner' in Europe as the US.
Our Stewardship Principles.
Baillie Gifford's over-arching ethos is that we are 'actual' investors. Our approach to stewardship favours a small number of simple principles which help shape our interactions with companies.
A Spotlight on Climate Change.
Governance and Sustainability analysts Michelle O'Keeffe and Laura Thomson answer some of the most common climate change questions they are asked in relation to climate change and Baillie Gifford's position regarding it.
Podcast - Will industrial biotech be the next manufacturing revolution?
Industrial biotech companies can already produce synthetic spider silk and plant-based burgers that taste like meat. Future possibilities include timber produced from yeast. In the latest episode of Short Briefings on Long Term Thinking, Kirsty Gibson tells Malcolm Borthwick why she's fascinated by the opportunities of industrial biotech and its enormous investment potential.
Bond Beats – We need to talk about corporate debt.
Corporate debt is being billed by media pundits as the harbinger of the next financial crisis, but we see things differently.
A Complexified World.
The impact of ever-faster networks and complex systems is all around us. Tom Slater reflects on the implications of our accelerating connectedness in an increasingly 'complexified' world.
Scottish Mortgage Managers' Review.
James Anderson explains why Scottish Mortgage's portfolio makes him optimistic about the future, despite the sound and fury of recent headlines.
Staying Focused on What is Important Since 1987.
Since 1987, the Managed Fund has exemplified that sometimes the simplest solutions can be very successful. Iain McCombie and Steven Hay explain how the fund can help you solve the puzzle of investing in a complex world.
Podcast - Fashion Retailers – The Impact of Online Shopping.
In the fourth episode of Short Briefings on Long Term Thinking, Malcolm Borthwick is joined by Milena Mileva to discuss how profound changes in consumer behaviour are changing the retail landscape both online and in bricks-and-mortar stores.
Global Stewardship Governance and Sustainability Report.
In our first Global Stewardship Governance and Sustainability Report, we reflect on the process of founding Global Stewardship, with particular focus on why we opted to take a slightly different approach to the task of investing responsibly.
Positive Change – Introduction.
Everyone wants to make a difference, and capital thoughtfully and responsibly deployed is a powerful mechanism for change. In seeking out companies whose products and services are providing solutions to global challenges, we believe a proactive investment approach can also be the basis of attractive investment returns. Investment Managers Kate Fox and Lee Qian explain why positive change really matters.
The U.N. Sustainable Development Goals and How We Use Them.
The Positive Change team use the United Nations Sustainable Development Goals to help identify and measure the contribution that individual companies are making to solving the global challenges that are facing our planet. So, what are they? And how do we use them?
Positive Change - Four Themes.
There are many ways in which businesses can support the transition to a more sustainable world for current and future generations, so to make it easier for us to think about and articulate how companies are addressing global challenges, we have created four impact themes. Meet the members of the Positive Change team as they introduce the four themes.
SAINTS on Track for Income and Growth.
Results season has been in full swing for the last few months. James Dow and Toby Ross, co-managers of SAINTS, chalk up the scores at the end of a year that has left them feeling optimistic about the future.
Edinburgh Worldwide Investment Trust - Manager Update Part 1.
Douglas Brodie, portfolio manager of Edinburgh Worldwide Investment Trust, discusses the philosophy that underpins the strategy and the ways in which the team identifies smaller companies with growth potential.
Shin Nippon - Manager Update.
Portfolio manager of Shin Nippon, Praveen Kumar, discusses the main takeaways from his extended trip to Japan and past and potential future activity within the portfolio.
The Whole Story.
In Baillie Gifford we have a very different perspective on 2018, and hence the future, than the one you will be used to reading about.
Bond Beats – Australia.
We chose to buy Australian bonds when they were unpopular – and it has paid off.
Management Metamorphosis.
Almost unnoticed, Japanese management is changing for the better. Head of Japan Donald Farquharson looks at the transformation drawing on the experience of three decades of engagement.
The Death of Alzheimer's.
As lifespans increase, more of us will inevitably encounter Alzheimer's. Thankfully, new advances mean that we may be approaching a breakthrough in treating the disease. The Death of Alzheimer's asks how Baillie Gifford can support this effort.
Capital Hill on... Start of Tax Year Planning.
Forget the end of tax year rush, savvy investors start planning at the start of a new tax year. Capital Hill asks the experts for their top tax-saving tips for 2019/20.
Global Discovery - Manager Update.
Douglas Brodie, portfolio manager of the Baillie Gifford Global Discovery fund, discusses the philosophy that underpins the strategy and the ways in which the team identifies small companies with growth potential.
Since 1987, the Managed Fund has offered one stop access to the best of Baillie Gifford. Lucy Haddow explains how the fund's simplicity, successful approach and good value has helped it stand the test of time.
Podcast - The Differences Between Bond and Equity Investing.
In the third episode of Short Briefings on Long Term Thinking, Malcolm Borthwick is joined by Lucy Isles, joint manager of Baillie Gifford's High Yield Bond Fund. Listen to the podcast to find out the three key deciding factors when choosing resilient high yield bonds and how engagement with companies can differ for bond and equity investors.
Bond Beats – Exploring Emerging Markets.
If you can't see past the clichés, then investing in emerging market bonds is probably not for you. But for those prepared to strip away the labels and look to the future, there are positive stories out there waiting to be found.
Head in the Cloud.
In a final reflection on his future-gazing session in Seattle with Jeff Bezos, Tom Slater considers the fast-growing Cloud business Amazon Web Services.
SAINTS - Manager Update.
Toby Ross, joint-manager of The Scottish American Investment Company, provides an update on the trust and discusses what SAINTS offers to income-seeking investors
Streaming the Future.
In the second in his series of reflections following a meeting with Amazon boss Jeff Bezos in Seattle, Tom Slater considers the online giant's prospects in the changing world of new media.
Capital Hill On… Volatility.
After a rocky road for investment markets in 2018, Capital Hill turns the spotlight on volatility and how investors could make it work to their advantage.
The Resilient Ones.
To impress SAINTS' managers it's not enough to be a high-growth company or a solid payer of dividends. The trust's joint manager Toby Ross tells Colin Donald about the search for companies built for bad times as well as good.
First Quarter 2019.
The way we live is changing the way we eat. Tom Slater, joint manager of Scottish Mortgage Investment Trust, tells Heather Farmbrough how this is opening up investment opportunities.
Trip Notes – Muhanga.
The US medical technology company Zipline has chosen Rwanda to pilot the use of drones to transform the delivery of blood supplies. Gemma Barkhuizen travelled to the country's remote central highlands to watch the life-saving air service in action.
Mind Over Machine.
Are we about to be elbowed aside by a rebel army of our own super-intelligent robots? Professor Sir Nigel Shadbolt, a director of Monks Investment Trust, tells Edward Russell-Walling why we shouldn't fear artificial intelligence.
Venturing Further.
James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about why private companies offer more promising new opportunities than their public counterparts.
Hunting American Unicorns.
Gary Robinson and Helen Xiong, managers of the Baillie Gifford US Growth Trust, talk to Angela Jameson about investing in the stars of the future and four exciting private companies they hope will be winners.
Monks Research Agenda.
With their curiosity for learning undiminished, Monks' investment managers share where they think their quest for learning will take them in the year ahead.
Alexa, how big can you get?
Tom Slater shares some thoughts on the topics that excite Amazon CEO Jeff Bezos – and Scottish Mortgage managers, starting with Amazon's ubiquitous voice-activated assistant.
Bond Beats – Netflix.
Netflix has shaken up the global paid TV market and is on track to becoming an investment grade company.
Podcast - Should Income Investors Go Global?
What are "the good, the bad and the unbelievably great" of global investing? In the second episode of Short Briefings on Long Term Thinking, Malcolm Borthwick is joined by James Dow to challenge the conventional wisdom that if you're investing for a regular income you should stick with blue chip UK companies.
Bond Beats – Global Economic Outlook.
In an ever-changing global economy, the importance of holistic research and collaboration continues to grow and is seen as vital in the process of identifying the best bond opportunities for the Strategic Bond Fund.
Riding the Gravy Train.
The investment management industry is often accused of failing to put clients' interests first. Tom Coutts investigates and considers what we should be doing differently.
Podcast - China Crisis. What Crisis?
Baillie Gifford's 'Short Briefings on Long Term Thinking' podcast brings valuable insights into the benefits of taking the long view. You'll hear frank, often contrarian opinions from our team in Edinburgh and from experts around the world. In Episode 1, Roddy Snell, in conversation with Malcolm Borthwick, goes behind some recent lurid headlines to find out what's really happening with the Chinese economy.
New Year, New Conviction.
Lucy Isles and Robert Baltzer reflect on their team's focus on resilience and good governance.
Short Briefings on Long Term Thinking - Episode 1.
Investment Manager Roddy Snell, in conversation with Malcolm Borthwick, goes behind some recent lurid headlines to find out what's really happening with the Chinese economy.
Listen now (13 minutes)
Scottish Mortgage Stock Stories: ANT Financial.
ANT Financial is a private online payments business that started life as part of the Chinese e-commerce giant Alibaba. Tom Slater explains what attracted him to take a holding in ANT for Scottish Mortgage.
Scottish Mortgage - Invest in Progress.
Joint managers, James Anderson and Tom Slater, believe that the rapid progress in several industries has created some exciting new businesses with deep competitive advantages, targeting large opportunities. These are exactly the types of companies Scottish Mortgage seeks to own for long periods of time. Watch the film to discover how you could invest in this progress too.
Bond Beats – Pinewood Studios.
Hollywood, California might be the first location you think of with regard to large-budget film blockbusters, but if you want to make one, there's another "wood" that's equally important. The fixed income team takes a look at the iconic Pinewood Studios and why they believe it is set to be centre stage in the film and TV industry for many years to come.
A New Era of Exploration.
The search for new investment ideas can be a demanding journey. Joe Faraday draws comparisons with some of history's great explorers and explains why he is excited by opportunities that lie beyond the horizon.
Real excitement about synthetic biology.
The Baillie Gifford US Equities team believes extended research trips are a valuable way of gaining deeper insight into companies and disruptive industries. Kirsty Gibson recently spent time in the US finding out about Synthetic Biology.
The Diamond and the Oasis.
Investment manager Brian Lum explores how their radar framework helps Baillie Gifford's International Smaller Companies team to uncover exciting small businesses around the world.
Bond Beats – PureGym.
In Bond Beats, Baillie Gifford's High Yield Bond team explains the thinking behind some of their investment decisions. In the first Bond Beats, Lucy Isles takes a look at how PureGym has radically redefined a whole industry by breaking down the barriers to gym membership.
The Great Convergence of Medicine.
The future of medicine is likely to be fundamentally different from what we know today. Investment Manager, Rose Nguyen, discusses the technological advances that are likely to transform life science in the coming decades.
Do Politics Matter?
Many things affect the ebb and flow of an economy, especially in these interesting times. Surely what our politicians do and say reflects on the financial markets? Gerald Smith considers how much politics might really matter.
Green Sky Thinking.
Lucy Isles explains how the High Yield Bond team has incorporated ESG into its investment process, seeing it not just as a tool for managing risk, but for identifying investment opportunities too.
SAINTS - Seeking an Income that Stays on Track for Years to Come.
Join Toby Ross and James Dow, SAINTS' joint managers, on their travels as they seek out the companies from across the globe that they believe can deliver a dependable and growing income along with capital growth.
Monks - Attributes of Growth.
Identifying businesses that will produce high levels of long-term earnings growth is critical to creating outperformance over the long term. Monks' managers explain what it is they are looking for.
An End to Kidney Failure.
Many patients with kidney failure face an agonising wait for a donor or a life on dialysis. However, as Julia Angeles writes, new technologies may offer a brighter future.
While the name may have changed, the investment philosophy remains the same. The Baillie Gifford Strategic Bond Fund continues to seek great bond selection to drive differentiated returns.
Indonesia – Waiting for the Boom?
Ewan Markson-Brown recently visited Jakarta, where he found a changing political and technological landscape which could see Indonesia emerge as one of the most exciting growth stories globally in the next few years.
Baillie Gifford US Growth Trust plc.
Gary Robinson and Helen Xiong, discuss the launch of the Baillie Gifford US Growth Trust and explain why the search for exceptional growth companies in America will lead to them investing in both publicly listed and private companies.
Asia – The Stars Align.
After several years of weak global growth, the tide has changed and Asia ex Japan is likely to be one of the big winners. Roderick Snell and Ewan Markson-Brown are confident that the stars are aligning for a strong period of long-term growth in the region.
The World's Most Valuable Companies.
James Anderson and Tom Slater, joint managers of Scottish Mortgage, discuss what is currently exciting them and take a look into the future to offer their views on which companies have the potential to be the world's largest businesses a decade or more from now.
The Overlooked Importance of Corporate Culture.
Catharine Flood talks to James Anderson and Tom Slater, joint managers of Scottish Mortgage, about the value they attach to the corporate culture of a company when making investment decisions and the importance of having access to senior management and good academic sources when conducting their research.
Resolute in the Face of Uncertainty.
James Anderson and Tom Slater, joint managers of Scottish Mortgage, discuss the importance of continuing to have faith in the investment case and to maintain holdings in companies with attractive long-term prospects, even when the profits and the share prices of those companies suffer volatility during bouts of stock market weakness.
Scottish Mortgage Stock Stories: Kering - Ferrari.
Kering is a global luxury brand company which owns big names such as Gucci, Bottega Veneta and Saint Laurent. James Anderson tells Catharine Flood what first attracted him to Kering, also touching on Ferrari as a luxury brand, and why he remains enthusiastic over the company's prospects.
Predicting the future shape of the world.
We view the Emerging Markets Bond Fund not as risking money in emerging markets, but investing in the future shape of the world. We take an active management approach to help us pick the winning countries. Discover how we aim to go about doing just that for our Emerging Markets Bond Fund clients.
The Rules of Engagement.
We are committed to the individual companies in which we invest. So when bad things happen, James Anderson thinks we should be honouring that commitment and our long-term perspective by tailoring our engagement to the specifics of the situation and the company involved.
A Quartet of Ways to Find Growth.
We believe growth comes in many different shapes and sizes. So why settle for just one when you can choose the Monks Investment Trust and let us help you find four different ways to seek out growth, all at the same time?
The Future – Utopia or Dystopia?
Historical precedence would indicate that technological progress doesn't cause long-run unemployment. With the phenomenal progress now being made in artificial intelligence, investment manager Lawrence Burns looks at why the new challenges it presents won't change that.
How the light gets in.
Philippe Sands talks to Chiara Pannozzo-McBryde about the particularly personal journey behind his latest book.
Does Anyone Remember What 'Investing' Actually Means?
Stuart Dunbar discusses the woes of what our industry has become alongside the potential opportunities presented by its somewhat over-evolved state.
An End to Cancer?
Investment manager Julia Angeles strikes an optimistic note as she explores some of the recent developments in healthcare, which one day she hopes will bring an end to cancer.
How to Invest in Equities and Stay Sane.
Investing in equities is a long-term commitment. In this article, we explain why market movements are usually irrelevant and why shareholders should look past immediate events and focus on the long term.
Cities of Tomorrow.
Joe Faraday shares his enthusiasm for the importance of cities as growth drivers, explaining how access to world-leading academics and their research has shaped his thinking.
Genomics: Reasons for Optimism.
Julia Angeles, an investment manager in the EAFE Alpha team, considers how scientific developments have led to changes in the diagnosis and treatment of diseases, and why the current rate of progress is set to accelerate in the coming years. Angeles also explains why she opted to undergo genomic testing.
Scottish Mortgage Stock Stories: Spotify.
Tom Slater shares his enthusiasm for Spotify, a subscription streaming business that has grown to be a global product under the guidance of its founder CEO Daniel Ek.
Scottish Mortgage Stock Stories: Shopify.
Shopify helps companies looking to sell their goods online. It is regarded by Amazon as a partner and, as Tom Slater explains, with a growing number of companies looking to have an online presence, it has a massive potential opportunity.
Bond Beats - WorldPay.
Rob Baltzer of the Baillie Gifford High Yield Bonds team takes a look at how, in a world where cash purchases are on the decline and e-commerce is on the rise, WorldPay is part of the technological backbone supporting digital transactions.
Japan's Return to Dividends.
Japan often has a reputation for low dividend payments. Investment Manager, Karen See explains why this has not always been the case in the past and might not be in the future.
Going for Growth.
Iain McCombie and Milena Mileva, co-managers of the Baillie Gifford UK Growth Fund, talk to Heather Farmbrough about their new portfolio and five of their favourite growth stocks.
Trip Notes - Brussels.
How are regulators thinking about the rapid growth of the tech titans? Spencer Adair, joint deputy manager of the Monks Investment Trust, went to the world's capital of regulation to find out.
The Bright Side of Japan's Labour Crunch.
Innovation is often born out of necessity. Praveen Kumar, manager of Baillie Gifford Shin Nippon and deputy manager of the Baillie Gifford Japan Trust, tells Joji Sakurai that Japan's staff shortages have sparked creativity and investment opportunities.
Room for Growth.
When Tom Slater first came across Airbnb's Brian Chesky, he didn't spot the magic. Here the joint manager of Scottish Mortgage Investment Trust explains why he changed his mind.
Intangible Difference.
The growth of intangible assets changes not only the industrial landscape but also the way investors need to do their homework, as new MPC member Jonathan Haskel explains to Edward Russell-Walling.
A Question of Culture.
A strong company culture is often a source of competitive advantage. Gary Robinson, co-manager of the Baillie Gifford US Growth Trust, talks to Colin Donald about why it's so important to ask companies about their culture.
Extreme Returns.
James Anderson, joint manager of Scottish Mortgage Investment Trust, talks about the implications of Hendrik Bessembinder's extraordinary research.
Scottish Mortgage Annual General Meeting.
The Annual General Meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, co-managers James Anderson and Tom Slater made presentations and you can read the highlights here.
Monks Managers' Annual Review.
Charles Plowden, Malcolm MacColl and Spencer Adair review the last twelve months as managers of The Monks Investment Trust portfolio.
Baillie Gifford UK Growth Fund plc.
Milena Mileva and Iain McCombie, co-managers of the Baillie Gifford UK Growth Fund plc, give an overview of the trust following the board's decision to move the mandate to Baillie Gifford.
UK Market Ripe for Stock Pickers.
As the UK's exit from the European Union looms, there is no shortage of doomsayers taking the view that investing in UK stocks might be a foolish thing to do. Milena Mileva has a more optimistic outlook and examines several exciting British businesses that have the potential for significant long-term growth.
A New Cambrian Explosion.
Why objects that can see will transform society.
Celebrating Inefficiency: The Market's, Not Ours.
By being nimble and patient, by joining the dots to find left of field insights and by looking at the world through both a telescope and a microscope, we can find opportunities in corporate bond markets that others may miss. Discover how we go about this.
Baillie Gifford Strategic Bond Fund - What's in a name?
The Baillie Gifford Corporate Bond Fund is changing its name to the Baillie Gifford Strategic Bond Fund. This is our Marathon to Snickers moment, the name is changing but the great recipe remains the same.
From Brexit to Brazil.
Brazil and the UK might be miles apart, but they do share at least one surprising commonality: a 3% inflation rate. As Sally Greig explains, structural changes in Brazil are starting to have an impact on the country's changing fortunes.
Shin Nippon Seeing Broad Portfolio Strength.
Praveen Kumar, portfolio manager, explains how a tight employment market and developments in healthcare are driving stock selection in the Shin Nippon portfolio. He also outlines some of the areas that contributed significantly to the performance over the past 12 months, as well as those which offer exciting prospects for the future.
Scottish Mortgage Stock Stories: Alibaba & NIO.
James Anderson, joint manager of Scottish Mortgage, shares his thoughts on Chinese car company NIO and the founder-driven, Chinese giant retailing platform, Alibaba.
Scottish Mortgage Stock Stories: Amazon.
James Anderson, joint manager of Scottish Mortgage, shares why he is enthusiastic about investing in Amazon as and why he believes it will remain a dominant company in the future.
Scottish Mortgage Stock Stories: Bolt Threads.
Tom Slater, joint manager of Scottish Mortgage, discusses why he thinks biotech company Bolt Threads has the potential to transform the apparel industry.
Scottish Mortgage Stock Stories: Uptake.
Tom Slater, joint manager of Scottish Mortgage, discusses industrial technology company Uptake, which uses data science to enable people and machines to work better together.
European company Spotify is on its way to becoming a global leader. James Anderson, joint manager of Scottish Mortgage, shares his enthusiasm for Spotify and its founder.
In Search of Exceptional Growth.
Why we are launching the Baillie Gifford US Growth Trust plc.
Regards from Shanghai.
Following a meeting with Jack Ma of Alibaba, James Anderson considers the importance of data to our future, and anticipates the pivotal role China will play in shaping what is to come.
The annual meeting of the Scottish Mortgage Investment Trust took place in Edinburgh on 29 June. In addition to the business of the day, there were presentations from the Trust's managers, James Anderson and Tom Slater. This summary includes several short audio clips recorded on the day.
The Technological Revolution.
Technological evolution continues to occur at an ever-increasing pace. Douglas Brodie looks at some of the areas likely to see the greatest change in the coming years, and the investment opportunities that will open up as a result.
A Future Powered By Artificial Intelligence.
With the power to transform every trade and every industry, artificial intelligence (AI) is the future that is here today. Investment manager Lawrence Burns reflects on some of the recent developments in the field and speculates on what the brave and wonderful new world of AI might mean for us all.
5 key things we thought you'd like to hear.
The 107th AGM of Scottish Mortgage Investment Trust once again saw presentations from the investment managers James Anderson and Tom Slater. We've captured some key points that each made on the day, as audio recordings and wanted you to have the opportunity to hear their thinking for yourself.
© Baillie Gifford 2020
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Super Smash Bros. Ultimate adds Byleth from Fire Emblem: Three Houses
by Ryan Hay
In today's Super Smash Bros. Ultimate-focused Nintendo Direct, series director Masahiro Sakurai announced that not only is the newest character another member of the Fire Emblem series, but six more DLC fighters are on the way.
Byleth is the protagonist from Fire Emblem: Three Houses, bringing with them not only the Sword of the Creator but also the three legendary weapons from the game. Players will be able to choose from both the male and female versions of the character, similar to Wii Fit Trainer and Pokemon Trainer. You can add them to the roster starting Tuesday, Jan. 28.
As this is the eighth Fire Emblem character to make it into the Smash series, Sakurai worked to differentiate them from the other fighters by making their weapons feel unique. Sakurai describes Byleth as a "distance demon" in the video. With poor maneuverability and a short grab, Byleth makes up for such drawbacks with powerful lance, axe, and bow attacks.
All the weapons a professor needs
The text makes a bit more sense in context.
Depending on the direction of the command entered, Byleth's weapon will change. For Neutral Smash and Up Special attacks, they use the Sword of the Creator, which can transform into a whip to give a fair amount of reach. When using Side attacks, Byleth will switch to the Areadbhar, a long-reaching pole-arm weapon that does extra damage at the tip of the blade. For Down attacks, Byleth switches to Aymr, a huge axe that can meteor strike opponents. They also have access to the Failnaught bow, a Neutral Special with a charge that cannot be fired until fully charged and causes heavy damage.
Byleth's Final Smash is called "Progenitor God Ruptured Heaven," which might be the most dramatically-titled attack in the game. With it, Byleth teams up with the god Sothis to deliver a devastating attack.
Along with Byleth, the DLC will include a new stage, the Garreg Mach Monastery, which showcases several characters and locations from the game. The DLC will also include 11 new tracks from Fire Emblem: Three Houses, including reworked versions of the main theme in both Japanese and English. A new Fire Emblem Spirit Board will also be available to obtain spirits from the game.
More DLC packs coming to Super Smash Bros. Ultimate
Sakurai also announced Fighters Pass Vol. 2 today, which will include six new characters and is currently in development. In the video, Sakurai apologizes for releasing the second Fighters Pass when characters have yet to be revealed and asks for players to only purchase the DLC if they are "OK with that". Sakura also states that Nintendo has already decided on the characters for the second Fighters Pass. With a smile on his face, he continues, stating that "even if I receive many requests regarding potential candidates on Twitter, I'm afraid it would be very hard to consider them. But I still hope you look forward to it."
Pre-ordering Fighters Pass Vol. 2 also will grant you the Ancient Soldier Costume for the Mii Fighter character, based on armor from The Legend of Zelda: Breath of the Wild.
The content of Fighters Pass Vol. 2 is currently in development. While a release date for the first of the new characters has not yet been announced, the video states that all six challenger packs will be available by Dec. 31, 2021.
Ryan Hay
Ryan Hay is a writer and content creator currently living in New York. Video games, anime, and Magic: The Gathering have all been strong passions in his life and being able to share those passions with others is his motivation for writing. You can find him on Twitter where he complains about losing on MTG Arena a lot.