Many organizations have trouble sustaining Lean. Toyota is one of the few exceptions. According to Jeffrey Liker and Gary Convis in their book "The Toyota Way to Lean Leadership", their secret is their leadership system.
What can other companies learn from Toyota's ingenious mentor-mentee system and Likers' book? Below our findings, and the comments of Jeffrey Liker about that!
Trying to become Lean and going on a diet have many points in common. It is relatively easy to get Lean, or at least to have some initial success. However, it is far more difficult to stay Lean.
The second law of thermodynamics states that the amount of disorder and thus the amount of waste tends to increase. The shining example of Lean, Toyota, seems to defy this law. What is different within this car manufacturer? Their leadership system, state Jeffrey Liker and Gary Convis in their book "The Toyota Way to Lean Leadership"!
What most companies already learned during the last decade is that tools like value stream mapping and Kanban are only one side of Lean. In addition, a cultural change is needed. Compare it with someone who wants to lose weight. A quick-fix diet will not sustain weight loss, a lifelong change in lifestyle is necessary.
When Lean processes slip backward, many managers attribute this to 'resistance to change'. Therefore they ask themselves the following question: 'How can I get the workers on my side?'.
Unfortunately, this is the wrong question! A Lean manager should not try to convince others, but give people chances and challenges to improve themselves. A Lean leader should coach when needed to make his or her people increasingly good problem-solvers, and should make clear which improvements are needed the most. Finally, he or she should oversee that local Kaizen-activities are not conflicting, but complement each other.
Because processes and people are improved simultaneously this way, new leaders are developed continuously. Every leader is not only coached but is also expected to be a coach. This mentor-mentee system extends from the top executives to the plant managers, and from the group leaders to the team leaders and finally the production workers. This last group deserves at least as much respect as all other people, since only production workers add value to the product.
In Toyota there is no boundary between thinkers (managers) and doers (operators). The ideal is that everyone works for 'one Toyota', and continuously improves themselves and the company. Seen in that light, Kaizen and PDCA-cycles are not only for processes, but also for people.
Authors: Jeffrey K. Liker and Gary. L. Convis.
Jeffrey Liker became well-known in the Lean community, after he published his bestseller "The Toyota Way' in 2004. Many other publications about Lean and Lean management followed. He is professor of Industrial and Operations Engineering at the University of Michigan, and also active as a speaker and consultant.
Gary Convis' career in the automotive industry is impressive, it spans more than 40 years. After 20 years at Ford, he became the first General Manager of NUMMI (New United Motor Manufacturing Incorporated), which was a joint venture of GM and Toyota. Later he became president of Toyota's largest plant outside Japan, Toyota Motor Manufacturing Kentucky (TMMK). He left Toyota in 2007 to become CEO of Dana Holding Corporation. This company was successfully restructured and transformed to Lean by him, former GM CFO John Devine, and their team. Today, Convis is COO of Bloom Energy.
++ A very comprehensive description of what Lean leadership development looks like in Toyota, and how this explains why this company not only achieved operational excellence, but also survived many periods of crisis and continued to be successful for more than fifty years.
+- Although well-written, this book might be too complex for people who are not familiar with continuous improvement methods. On the other hand, it contains a lot of new insights for experienced Lean practitioners.
- There seems not much room in this book to be critical of Toyota's leadership system, although the authors do discuss some recent problems within Toyota. For example the recalls a few years ago and the supply chain disruption after the earthquake in Japan.
If you want to become a Toyota-type leader, of course you need some talent. Charisma is not important, understanding what happens on a shop floor is, and you need to be eager to learn and reflect continuously. Within Toyota you are not a born leader, but you become one by practicing for years and years, like someone who is learning to play the violin!
Creating vision and aligning goals.
All 4 aspects remain important during an entire management career. However, in the beginning the focus is more on self-development (1), later this shifts to developing others (2 and 3) and finally to aligning the improvement goals (4).
This way what is called a T-type leader is developed. Such a leader grows like a tree. It starts with the roots: you learn to improve processes in one particular technical area, and help others to do this as well. When you have gained deep-rooted expertise in your "home area", it is time to broaden your leadership skills by branching out to other departments and sometimes even the entire enterprise. Note that this makes it unthinkable that a CEO of Toyota has no practical experience with the process of making cars!
In the beginning of the book I was confused by the term 'self-development'. Later I discovered that this does not mean that you are left to you own devices. On the contrary, you are coached during your entire career by a sequence of more experienced leaders, so-called sensei, to develop Lean thinking and doing. A sensei doesn't provide pre-cooked solutions, but only guides you to solve problems yourself in a systematic way. Put in that way, the word self-development is very well chosen!
"It is certainly true that countries with a collectivist organization, which is not just Japan, will more naturally fit into a team based approach based on contributing to the collective. That does not mean it is impossible to get people in individualistic cultures on board. First, all individualistic countries, like America, have strong traditions of teamwork in many areas such as sports. Second, there is a lot of variation across individuals, so engage those who have more of a collectivist orientation. Third, as you engage people in team Kaizen, they will often discover that they like it. Most of the tools of Lean - value stream mapping, information boards that show target versus actual, kaizen events, A3 problem solving, the obeya rooms - are methods to get people engaged in team activities and cross-functional teams. Over time people develop a commitment to those teams and will find it very stimulating to be part of something bigger then themselves.
Align Kaizen efforts horizontally and vertically is done by a method called Hoshin Kanri, which means compass for management.
Hoshin Kanri resembles Managing by Objectives, but there are three crucial differences. Within Toyota, the leaders and even the CEO spend a lot of time at the Gemba, so they know that what they are asking is fair. Second, target values are not thrown over the fence, but are only set after a two-way conversation which is called the 'catchball' process. Third, metrics are not used to control people, but to help them - in the form of visual management - to measure their own progress.
Parts of the mentor-mentee system of Toyota, which develops leaders and improves processes simultaneously, are also described in books like 'Toyota Kata' and 'Managing to Learn'. For people who read those books not everything in "The Toyota Way to Lean Leadership" is entirely new. However, Liker and Convis succeed in combining all aspects of leadership within Toyota, they add many new insights, and they formalize all their findings in a leadership development model which can be used by other companies. In addition, their book contains many real-life examples of good (and bad) behavior of leaders. Most of these stories are personal experiences of Gary Convis, who had many Lean leadership roles during his long career in- and outside of Toyota.
"The Toyota Way to Lean Leadership" is definitely a good book, be it rather complex for people who are not familiar with process improvement. I definitely recommend it for advanced practitioners of the Lean approach. The leadership model is also valuable for organizations that apply other improvement methods than Lean. This is because the tools that are used to solve problems, are disconnected from the way how you coach people to apply those tools correctly.
Liker and Convis stress that a company that wishes to apply Toyota's leadership model cannot copy it. They should adapt it to their own needs. Just as it is not possible to copy technical Lean solutions, you can also not copy and paste a Lean organization! In other words: you should copy intelligently, or apply yokoten as the Japanese say.
If done that way, is it possible to use Toyota's leadership model in a Western company to develop Lean leaders? The authors say it can be done. To prove that, their book contains a chapter about the Lean turnaround of automotive supplier Dana. This story resembles remarkably the turnaround of the fictitious company in the book The Lean Manager. If someone had told me that both cases where the same I wouldn't have been surprised! Both stories are about managers who want to make their organizations Lean, with a Lean sensei, a T-type leader with a lot of practical experience, as coach. Also, in the beginning aggressive cost reduction, restructuring and lay-offs are needed (which are all not Toyota-like).
Western companies in general do not have senior leaders with practical problem-solving experience. So, what is the message of Liker and Convis to those CEO's? Should they be replaced by engineers who have worked for years and years in their company? In addition, what would their shareholders say when that really happened, since these people often only want quick results?
All CEO's of Toyota spend their entire career in this company. Although this car manufacturer is publicly listed, it resembles a family business in many ways. In my opinion, this makes Toyota-type of leadership more easily attainable in a family business.
First, for the leadership system to function, your workers need to be very willing to learn and contribute to improvements. However, there are also hard-working people who just want to follow orders. I wonder how Toyota deals with them. It is a pity that this is not described in the book.
Second, in contrast to Westerners, Japanese people seem to have a natural tendency to let the group's interest prevail above their own good. This is a prerequisite for the proper functioning of improvement teams. When I visited Japan I saw people preparing to take the subway, by lining-up in blocks where the doors would arrive. That would be unthinkable in my country, the Netherlands. How to deal with these cultural differences?
That said, managers, consultants and future leaders can certainly learn a lot from this book!


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Home » Features and Interviews » Jefferson's Garden to premier in Watford – Sponsored
Julia St John, Carlyss Peer and Anna Tierney in Jefferson's Garden rehearsals - Credit: Richard Lakos
Jefferson's Garden to premier in Watford – Sponsored
Author: Everything Theatre in Features and Interviews 16 January 2015	0 1,543 Views
Rehearsals underway for world premiere production of Timberlake Wertenbaker's latest play.
The first rehearsal images were released this week for Jefferson's Garden, a brand new play from the internationally acclaimed playwright and author of the award-winning Our Country's Good, Timberlake Wertenbaker.
The play will premiere at Watford Palace Theatre next month, opening on 5 February for a limited run of 19 performances. This powerful and timely new production, set during the American Revolution of 1776, is an epic and intimate historical drama about the birth of American Independence.
Christian is a Quaker. His family came to America to live in peace. But he is a young man fired up by dreams of revolution. Should he defy his community and pick up a gun?
Thomas Jefferson is an idealist, with a vision of liberty for all. But America is a fractured coalition of states, in a bloody war for independence. How will he balance the ideal with the reality?
Susanna was born a slave. But the British promise to liberate any slave who joins their fight against the revolution. Where does true freedom lie?
Burt Caesar and William Hope in Jefferson's Garden rehearsals – Credit: Richard Lakos
Bringing the story to life are a cast of stage and screen stars including William Hope (Spooks, BBC) as Thomas Jefferson, Julia St John (Doctors, BBC), David Burnett (The Best Years of Your Life, nabokov / Watford Palace Theatre), Burt Caesar (Romeo and Juliet, Lyric Hammersmith), Gregory Gudgeon (Wendy and Peter Pan, Royal Shakespeare Company), Joseph Prowen (An Ideal Husband, Chichester Festival Theatre), Anna Tierney (Our Country's Good, Out of Joint), Mimi Ndiweni (Midsummer Mischief, Royal Shakespeare Company) and Carlyss Peer (Hamlet, Shakespeare's Globe).
One of Britain's foremost playwrights, Timberlake Wertenbaker has received numerous awards including an Olivier award and the 1990 New York Drama Critics award for Our Country's Good, the Writers' Guild, Critics' Circle and Susan Smith Blackburn awards for Three Birds Alighting on a Field and the Eileen Anderson Central TV Drama Award for The Love of the Nightingale.
Brigid Larmour, Watford Palace Theatre Artistic Director and Jefferson's Garden Director shared her thoughts on this gripping new work: 'It is a powerful contribution to the debate about the place of modern America in the world… Timberlake identifies a fault-line under American democracy that was fought over from the Civil War to the Civil Rights movement and whose tragic consequences are still being played out today.'
David Burnett and Mimi Ndiweni in Jefferson's Garden rehearsals – Credit: Richard Lakos
Tickets are selling fast – don't miss this important, exciting new production from the pen of one of the country's most revered and talented playwrights.
Every revolution starts with hope…
Jefferson's Garden Slider Sponsored Posts Timberlake Wertenbaker Watford Palace Theatre	2015-01-16
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Founded in 2011, Everything Theatre started life as a pokey blog run by two theatre enthusiasts and – thanks to the Entry Pass Scheme for 16-25 year olds – regular National Theatre goers. Today, we are run by part-time volunteers from a wide array of backgrounds. Among our various contributors are people who work in theatre, but also people who work in law, medicine, events, marketing and even psychiatry! We are all united by our love for the London theatre scene.
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Gold Ambassadors
James Tredwell
County debut and long career to date
T20 champions with Kent 2007
County cap 2007
2 test matches 45 ODIs 19 t20s for England.
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James grew up on the Romney Marsh and was educated at Dymchurch Primary and Southlands (Marsh Academy).
He learnt his cricket at Folkestone Cc and followed his father into he game as he played for the club and Folkestone Town Fc.
James progressed into county setup aged 9 and through the age groups to sign as professional aged 19 for Kent. He then went on to represent England in all forms of the game.


Together with Symfonieorkest Vlaanderen, we will welcome classical musicians between 14 and 20 years old to the Grote Sikkel Campus from 17 to 20 April. Goal: to start a real youth orchestra. At the end of the working week, the young musicians will perform an strong repertoire with a contemporary twist, led by conductor Martin Dendievel. In addition to the orchestra coaching, they will be treated to a number of master classes by our classical music teachers.


We are honored to have this opportunity to tell you about our firm, its people, products and services. From the beginning, each of our employees and agents have had a singular vision. That vision, defined in our mission and goal statements will be the continuing driving force in providing our very best efforts in everything we do.
As we continue to grow existing and new relationships, it is our responsibility to keep our eyes firmly fixed on the future while we never forget the lessons we have learned in our past. In doing this we believe we will, together with you, make our businesses and communities prosperous and better places to live with safer environments in which to work and play for generations to come.
As you read our mission and goals, please recognize that these statements are very easy to say, but require perseverance and constant attention to detail to accomplish. It is our commitment to you that we shall continue in the pursuit of maintaining and exceeding the Mission and Goals of our firm.
And remember, WE ARE HERE TO SERVE YOU!!
To continuously work to achieve and repeatedly prove BTTC's focus on existing and new technologies, quality and value in our products and services, through never ending diligence and dedication in providing unique tools, experienced personnel and contribution to our field of endeavor.
To be recognized in the Global marketplace as the highest value partner that a client or association could hope to have. To be THE GEARS OF TECHNOLOGY SERVICING THE WORLD!


Showing 13 reviews of 36.
nice spot, next to canal and lake, you can go fishing, toilets ok, endless space - all for free!
Nice spot, plenty of space even in summer. We stayed two nights in a tent and had nothing to complain.
Two long drops with toilet paper. Lake is clear and not too bad for a refreshing swim. Easy to find, use Google maps coordinates.
Awesome, beautiful place. Plenty of spots with picnic benches and lake views. No sand flies! The toilet was clean. No running water so bring your own. Walk around the lake was nice and the ducks were friendly. Great location - not too hard to find (maybe in the dark). Really fun times here.
A free campsite near Lake Tekapo. And thats all there is to it. There is a little off road bit to the campsite and there are a few toilets on the site itself. It is mostly a passing through campsite where people park there car to get an early start the next morning. Dont expect too much out of it. But expect an overcrowded place after 9 PM.
Good, remote free campsite at the lake with some toilets. Beware mosquitoes. Highly reccomend!
Big place With Clean toilets and Lot of lovely family ducks. Perfect ! Thanks new Zealand for this place. We love you !
Only downside is that it was difficult to find, especially arriving after dark. You have to drive down a long gravel road along the canal off the highway, but then you are there! Seriously great location right near the mt. Cook visitors center where you can get a cup of coffee and use a nice clean restroom. Right next to a pond so it was lovely and secluded.
Beautiful, lake side campsite. The campsite is very chilled and catches the evening sun up until sunset so is nice and warm. It can get busy during summer, so grab your spot as soon as you can! Trees dot the lakeside so you can pitch up either tent or camper somewhere shaded - the trees were perfect for our hammock. Cute, friendly ducks come and say hi too! Basic long drop toilets are dotted through the campsite, but nothing special. The campsite is free, but there are donation boxes too. A lovely nights stay.
Big campsite right next to a beautiful lake, close to Lake Tekapo and Lake Pukaki. Long drop toilets but no water supply, there are public toilets with water supply only 5min by car.
Freedom camping located between the canal and lake (good for fishing). Toilets only no running water, lots of space for camping.
Ideal for a free spot before visiting Mt Cook. Gravel road is the one on the Mt Cook side of the bridge (we went down the wrong side first time). Road is fine for campers. Lots of space to park, one clean long drop, could get busy in summer but no queues in October.
Quiet place during the night with free stargazing. Roads give some noise in the morning. Great views! If there had been a flush toilet it would be 10/10!


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Diamondbacks vs. Dodgers: NLDS Odds and Prediction
Ricky Rothstein | Thu. Oct 05 2017, 01:10 pm
It's an all-NL West affair in the second National League Division Series as the wild-card Arizona Diamondbacks face the Los Angeles Dodgers, the team with the best record in baseball this season. L.A. is a solid series favourite at Sports Interaction.
Arizona Diamondbacks vs. Los Angeles Dodgers
Game 1: Friday, 10:30 p.m. ET Where: Dodger Stadium, Los Angeles Series Line: TBA
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National League Division Series Odds
By the time these division rivals take the field Friday night, the two ALDS series will be through two games. The Dodgers won't ever admit this, but they likely were rooting for Colorado to beat Arizona in the wild-card game as the Diamondbacks were 11-8 against the Dodgers this year, outscored them a combined 99-71 and won the final six games in the series.
Los Angeles is the +125 pennant favorite and Arizona the +450 long shot.
The Diamondbacks are in the playoffs for the first time since 2011 and had one of the biggest turnarounds in baseball this year under first-year manager Torey Lovullo as they were 69-93 last season but flipped that record in 2017. Arizona beat visiting Colorado in one of the better wild-card games since their inception, 11-8. The biggest hit? A two-run triple by relief pitcher Archie Bradley! Arizona had four triples overall, the most by any team in a playoff game in 114 years. The only negative about Wednesday was that the Diamondbacks used their two best starting pitchers in former Dodger Zack Greinke and lefty Robbie Ray, the latter in relief. So neither will be available for Game 1 against the Dodgers.
The Diamondbacks have two NL MVP candidates in first baseman Paul Goldschmidt (who hit a three-run homer Wednesday) and outfielder J.D. Martinez. Goldschmidt hit .297 with 36 HRs and 120 RBIs. Martinez was acquired from the Tigers in mid-July and was one of the NL's best offensive players from that point on, hitting .302 with 29 homers and 65 RBIs in just 62 games.
As hard as it is to believe, the Dodgers haven't played in the World Series since winning the 1988 Fall Classic in an upset over the Oakland A's. L.A. has been in the postseason several times since then, including each of the past four seasons as NL West champions (as they are this year). The Dodgers have the lock 2017 NL Rookie of the Year in Cody Bellinger (.267, 39 HRs, 97 RBIs) and the best starting pitcher of his generation in lefty Clayton Kershaw.
He could win a fourth NL Cy Young after going 18-4 with a 2.31 ERA, the wins and ERA leading the NL. Kershaw surely would have reached 20 victories and locked up the Cy Young if he hadn't missed more than a month with a back injury. He is lined up for Game 1 and potentially Game 5, but Kershaw is just 4-7 with a 4.55 ERA in 89 career postseason innings. Kershaw was 2-0 with a 0.59 ERA in two starts this season against Arizona. Because L.A. led MLB with 104 wins, it would have home-field advantage throughout the World Series if it gets there. The Dodgers are co-favourites with Cleveland to win the Fall Classic at +333.
Diamondbacks vs. Dodgers Series Prediction
If Arizona hadn't used Greinke and Ray on Wednesday it would have a much better shot here, but L.A. wins in five.
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Cannabis Daily
Essential Guide To Understanding Marijuana Concentrates
By Tom Gaffey, The Fresh Toast on Nov 29, 2021
Published in Cannabis Daily
Concentrates should certainly be handled carefully. Just like with any form of THC, one should carefully research and monitor their consumption.
As marijuana business continues to explode in its growth, the methods of its consumption seem to evolve just as quickly. Flower cannabis represents only a small portion of most dispensary retail operations. And as time goes on, concentrates are becoming more popular and diverse.
As this niche market begins to outsell other marijuana products, it is important to understand exactly what marijuana concentrates are. What Are Marijuana Concentrates? Concentrates are just that, concentrated forms. There are several methods, but every form of concentrate represents much more potent THC or CBD content than its flower predecessor. Flower normally has a THC content that ranges from 10% to 25%, but concentrated products can exceed 80%.
The way a concentrate is extracted or made affects the final product. This also affects how it is consumed. Some concentrates are smoked while others are vaporized. Some can be applied to the skin while others can be eaten or even drunk. Common Forms of Concentrates There is a long list of concentrates on the market currently, and the list will likely continue to grow as other niche markets continue to form. There are several concentrate varieties that are popular and worth noting as a starting point of knowledge for those who want to learn more.
Hash is the "OG" concentrate. It has been enjoyed for centuries, and has made quite a comeback with the boom of concentrates. Hash is typically fragrant, and is often pressed into a dense ball before consumption.
Shatter is a form of butane hash oil. Those who seek to find shatter often do so because it is widely considered to be the purest form of concentrate. It is usually a clear solid substance with a smooth texture. It can resemble glass, and just like glass it can shatter — hence the name.
Live resin is extracted directly from a fresh flower after it is flash-frozen. This method preserves a lot of the cannabis aroma and terpenes so it is a great choice for those who love that rich marijuana flavor. But, Is Resin A Good Replacement If Marijuana Supplies Go Dry?
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Corporate entrepreneurial activity: Distilling the concept.
Background: Corporate entrepreneurship (CE) is credited for many positive organisational outcomes, including systemic growth and increased revenue. Several terms associated with CE, including strategic renewal, corporate venturing and intrapreneurship are frequently used interchangeably and often confuse scholars, researchers and practitioners. The lack of clarity about the exact meaning of these terms is detrimental to the synergy in the current body of knowledge and the development of models involving these concepts. Objective: The aim of this paper was to describe CE as a unique concept, distinguishable from related concepts. Methodology: Several definitions of CE as well as the related terms were dissected, to identify core elements associated with each of them. The validity of these comprehensive definitions was tested by requesting 68 master's degree students to classify the definitions. Inter-rater reliabilities were calculated in order to assess the level of agreement in the classification of the constructs. Results: The results indicate that CE is difficult to distinguish from strategic renewal and corporate venturing, but that intrapreneurship seems to be better defined and separate from the other constructs. Conclusion: These results emphasise the conceptual confusion that exists around CE and the need for further clarification of terminology.
Citation: Hind, C. & Steyn, R. (2015). Corporate entrepreneurial activity: Distilling the concept. The Southern African Journal of Entrepreneurship and Small Business Management, 7, 69-87.


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Q: Are cache operations atomic? I'm learning about CPU cache and now I still have misunderstanding of cache coherence protocol (MESI). Imagine that we have 2 cores have a cache line in a shared state. And one of them performs read, another one performs write:
 ;mem is cached in Shared state
 Thread 1 (core 1)          Thread 2 (core 2)
  mov rax, [mem]            mov [mem], dword 1

Can the core 1 observe some intermediate state. I mean something like the following:

*

*Core 2 marks the cache line in L1D as modified and writes change into it.

*The cache line in core 1's L1D cache is still in Shared state, so reading happens to read the stale value.

*After the reading of the stale value has happened already the line in core 1's L1D cache is marked as Invalid.

Is some scenario like this possible in Intel's MESI/MESIF implementation?

A:
The cache line in core 1's L1D cache is still in Shared state

This is the part of scenario that violates MESI.  The store can't commit until the RFO sent by core 2 has completed, so core 1 has the line in Invalid state.
In your example it wouldn't really be an "intermediate" step, though.  Without synchronization, there's no way to distinguish your impossible scenario from simply having the load by core 1 happen before the line was invalidated.  i.e. core 1's load can appear before core 2's store in the global order.
Stores don't become globally visible until well after they execute locally (they have to retire and then the store queue can commit them to L1D), and x86's memory model allows StoreLoad reordering, so stores can be delayed (kept hidden in the private store queue) until after later loads by core 2 become globally visible.  (See Jeff Preshing's Memory Barriers Are Like Source Control Operations for more background on memory reordering, and what StoreLoad reordering means).

In MESI (and all variants like MESIF or MOESI), if one cache has a line in E or M state, no other caches can have a copy of that line.  The state table in the MESI wikipedia article makes this perfectly clear: if one cache has E or M state, the others all have Invalid.
It's never possible for two caches to both have valid copies of a line with differing data.  This is what it means for caches to be coherent, and stopping that from happening is the whole point of the MESI protocol.
If a core wants to modify a cache line, it takes Exclusive ownership of the line so no other cores can observe stale values.  This has to happen before a store can commit into L1D.  Store queues exist to hide the latency of the Read-For-Ownership (among other things), but data in the store queue is not yet committed to L1D.  (Related: What happens when different CPU cores write to the same RAM address without synchronization? has more about the store queue).

And BTW, lets assume that [mem] is naturally-aligned so loads / stores to it are atomic (as guaranteed by the x86 architecture).  Why is integer assignment on a naturally aligned variable atomic on x86?.

Multi-level caches and Modified lines
With multi-level caches, dirty cache lines can propagate up the hierarchy.  So a line can be in Modified state in L1D and L2 of the same core.  This is fine because write-back from L1D goes through L2.
As I understand it, the shared inclusive L3 cache in Intel CPUs doesn't have to write-back to DRAM before it can share out copies of the cache line to multiple cores.  So as far as normal / simple MESI is concerned, think of L3 as the backing store, not DRAM.
Making this work on multi-socket systems is tricky; I'm not sure if things are set up so the L3 in a socket can only cache physical addresses that correspond to DRAM attached to that socket.  In any case, snoop requests are sent between sockets on L3 cache miss, and there are lots of complicated settings you can configure to tweak this on a Xeon system.  (See an Anandtech article about Haswell Xeon for example.)

A: At step 1, before core 2 can mark the line as modified, it has to notify core 1. So at step 2, the line is no longer in core 1 L1D. So at step 2, before accessing the line, core 1 must get the updated value from core 2.

redpajama_set_name: RedPajamaStackExchange


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Men's cross country continues tradition of academic excellence
IT Department | February 23, 2015 | Features, Home Feature | No Comments
by Austin Braddock – Horizon Features Editor
The certificate the men's cross country team was awarded for their GPA accomplishment. Photo by: Eleya Raim
The Hesston College men's cross country team had the highest GPA in the nation last fall, according to an announcement from the NJCAA Cross Country Coaches Association on Feb. 10. Their recorded average of 3.816 earned them the the top position.
"This academic accomplishment is a true testament to the kind of people who make up Hesston College," said Gerry Sieber, head coach for the Larks. Sieber said he was proud of his runners, many of whom take 15, 16, and 17 credit hours in addition to campus jobs and other leadership positions.
But this isn't the first time Hesston College cross country has been at the top of the rankings. Academic excellence in cross country is a kind of tradition, according to Sieber. In 2012, the Women's team took first place with a combined GPA of 3.915 while the men's team landed at at runner-up with a GPA of 3.8333.
Team photo by Larry Bartel, Hesston College Marketing and Communications
International students share thoughts on national holidays
Campus Style Watch: Kiara Boettger's fall comfort and class
Reflections on faith formation from Hesston College faculty and students
Keeping Hesston College running: A behind-the-scenes look


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Q: Word that means avoiding a previously selected item for a certain period? Background: In my line of work, we test samples from certain rivers each year. However, if we tested samples from river x and river y this year, we will leave them out of our sample selection over the next 2 years. That way we do not end up testing any river for consecutive years.
What term best describes this selection method? I have come up with a periodic selection and rotational selection. Are there better words to convey the message?
Thank you.

A: Maybe it's better to explicitly state what is being avoided, such as you did in your first paragraph. There may be words that convey the meaning but that are not as exact. For example, there are a variety of farming terms such as "leave fallow" and a bunch of things like that. These are likely to be inexact and lead to misunderstandings.
Something along the lines of "avoiding sampling the same place two years in a row" might be clunky, long, and awkward, but it seems important to get the entire idea.

A: If you omit them for two years, then it means you test them every third year, so triennial might work.  If it's not always going to be spaced like that, then periodic is descriptive but flexible.  Rotational is good too, if you want to suggest a repeating order:  z,y,z,x,y,z, etc.

A: If all you want to say is that one thing is not tested twice in a row, then you could use the implied word from the question itself: nonconsecutive.

[Merriam-Webster]
: not being in a sequence : not consecutive
// Exercise three times a week on nonconsecutive days.

Possible sentences from the question include the following:

River X is a nonconsecutive selection.
We use a nonconsecutive schedule for our testing.

If you want to emphasize a particular sense of repetition, you  could use cyclic (or cyclical):

[Merriam-Webster]
1 a : of, relating to, or being a cycle
// cyclic changes in the weather
// the cyclical nature of history
cycle
1 : an interval of time during which a sequence of a recurring succession of events or phenomena is completed
// a 4-year cycle of growth and development
2 a : a course or series of events or operations that recur regularly and usually lead back to the starting point
// … the common cycle of birth, growth, senescence, and death.
— T. C. Schneirla and Gerard Piel

Possible sentences from the question include the following:

River X is a cyclic selection.
We use a cyclical schedule for our testing.

A: Systems that are essentially random, but which exclude items selected earlier within a specified time window are quite common. Jury duty in the US is one example. I also worked on a communications system that "locked out" the previous message channel to ensure the entire network was operating properly (and to subvert spoofing attempts).
In the recent context of reality television, this is called immunity. For jury duty, the term is exemption, and for electronics, the term is locked out.
The general term is exclusionary

causing someone or something not to be allowed to take part in an activity or to enter
  a place:
https://dictionary.cambridge.org/us/dictionary/english/exclusionary


Size small, could stretch to a medium also. Light tan and olive green fitted dress with shoulder cut outs. Never worn.
Beautiful silk/satin looking camisole. Size small but can fit a medium also.
Cute lipstick dress from Forever 21 with white collar. Worn once. Size Small.
Hot pink body suit. Size small (stretchy) Mesh sides and cut out at cleavage area.
Pink and grey Adidas original track jacket. Size M youth but fits like a small women size. Worn once. Amazing condition. Mesh lining on the hood and grey wrists with 3 black strips along the waist.
Brand new with tags never worn red off the shoulder tight dress from Fashion Nova. Size Small. Very stretchy material and super flattering- I bought it for a Christmas party but it was not delivered in time.


"You're such a good boy," Jazz Jennings's mother always said.
"No, Mama. Good GIRL," returned Jazz, a transgender child who would grow up to write a picture book about her path to girlhood.
Until that book, I Am Jazz, appeared on the Girls of Summer reading list, I had not thought about introducing the transgender experience to my three-year-old daughter. She's got quite a girl-power library, but this particular narrative of individuality and self-acceptance was not represented. Realizing the omission, I jumped at the chance to read her a book that presented the complexity of gender identity simply enough for a preschooler to understand.
Turns out, it's still not that simple. I read the book without considering how my daughter might receive its revelations; how it might complicate messages I had sent her about gender. I didn't anticipate the confusion that the line, "I have a girl brain but a boy body," would spark for a child whose playroom is conscientiously engineered to defy gender stereotypes. A hammer for every tiara. Blocks before dolls. A counter comment every time she declares blue is for boys.
What is a "girl brain," to a child raised to reject gender categorization of toys and ambitions? The book talks of pink and princess gowns as signs of Jazz's inner girl–reinforcing narrow ideas of femininity, even as it spoke to Jazz's authentic experience. I Am Jazz raised more questions than it answered for my daughter and for me. I didn't know what to make of it.
I've always wanted to share an inclusive roster of books with my daughter to enlarge her heart and her world. What I'm learning now is that the process will expand mine as well. I had picked up the book to prime my daughter to be kind and accepting of a range of human experiences. I put it down craving a greater measure of understanding myself.
So I read Redefining Realness, by Janet Mock, an advocate for trans women's rights, to gain a more nuanced sense of trans experiences than a picture book could deliver. And, girl, did I get an education. I have not read a more truthful, urgent and brave story. I learned that the line, "I have a girl brain but a boy body," represents many journeys, all too frequently sharing an undercurrent of shame, terror, and isolation. My daughter is too young to be introduced to those truths, but our discussions of I Am Jazz and other children's books on similar topics will be informed and enhanced by what I've learned.
As a parent, I will never have all of the answers, but I'm convinced that it's my job to continue seeking them in the pages of good books. On this topic, I Am Jazz and Redefining Realness were great places to start.


Paris Fashion Week kicked off from June 20 until June 24 for Men's Wear Week and a number of Chinese actors attended the sough-after event. Coincidentally, Addiction stars Johnny Huang and Timmy Xu were both in Paris though for different events.
Johnny Huang is somebody who should be walking down for Dior instead of watching it from the sideline. He definitely has the look, the height and the form of a runway model. There's not even a stray hair in sight! I especially loved how he paired his dark blue suit with a clean white/gray kicks for a more casual look.
Huang Xuan is also there to support Dior and he does look dapper in his classic black suit with skinny tie. I love the subtle tie clip which seems to be from Mont Blanc.
Jing Boran graced Paris Fashion Week for Louis Vuitton and he posed with the new Men's Art Director, Virgil Abloh. I think Jing Boran's outfit isn't flattering on him. I also didn't like the sunglasses he wore because I feel it doesn't frame his face well. And the gold necklace feels a bit too much. To be honest, he's coming off like a pimp daddy. Sorry Mr Jing!
Liu Haoran is also in attendance for Louis Vuitton and like Jing Boran, he also takes a photo with Virgil Abloh. This is Virgil's first Fashion Week show. Liu Horan could have been channeling Virgil Abloh's OFF-WHITE collection this season with his comfortable t-shirt and pants look. It was noted that the collection features some elements of workwear and graphic tees with distressed denim.
Timmy Xu Weizhou attends Paris Fashion Week for Dunhill. During the event, Timmy met Dunhill's creative director, Mark Weston. I like his look. It's neat and dressed up but the casual jacket gives it a little laid back vibe so that he's not sacrificing fashion for comfort.
Ma Tianyu also attended Paris Fashion Week for Dunhill. I think he should have dropped the jacket altogether or choose one that's more fit than loose. This jacket seems to big for his slim frame don't you think?
Thanks for the pics and the commentary. LMAO at your comments about "pimp daddy" Jing Boran. Overall they all look pretty good compared to the ugly designer crap you sometimes see male celebs wear for Fashion Week.
I've never seen Ma Tianyu, before. He is gorgeous.. He actually looks a little Korean to me.


Today is the feast of Alphonsus Rodriguez, a Jesuit brother who lived from 1532 to 1617. Alfonso did not have an easy life. He had very little education. His father died when Alfonso was 14. He married at the age of 26, but his wife and 3 children all died before Alfonso reached the age of 40. He suffered poor health. He entered the Society of Jesus in 1571, after many delays because of concerns about his poor health and lack of education.
After his novitiate training, Alfonso was assigned to the Jesuit college in Majorca, Spain. He worked as the porter there for over 40 years, greeting students at the door, giving them advice and encouragement, disbursing alms, and running errands as needed for the school. Perhaps the tragedies of his life gave Alfonso compassion for others, for many students benefited from Alfonso's counsel and wisdom.
Being a porter is humble work. Alfonso imagined, however, that every time he greeted a student, he was welcoming Christ into his life.
Can we, like Alfonso, find joy in humbly serving our Lord? Can we greet everyone as we would greet Christ, and in particular be compassionate to those who are most in need?
Today we hear Paul talk with the Romans about the Spirit. Several verses before our reading this morning, Paul tells the Romans the Spirit actually dwells within them. During mass when the priest prepares the water and wine he says, "By the mystery of this water and wine may we come to share in the divinity of Christ who humbled himself to share in our humanity." God dwells within his people! This is amazing, we actually share in the Divine Life!
As I think about the Holy Spirit dwelling within us, two prayers come to mind. Whenever I am worried about something or trying to puzzle through a tough decision, the last two lines of this first prayer give me great comfort. No matter the troubles I face, through the Spirit I will continue to be created and renewed, as will the entire world!
Enkindle in us the fire of Your love.
And we shall be created.
The second prayer, which we'll close with today (below), is an adaptation of the daily prayer in the Vision 2000 prayer books by Mark Link, SJ. The last two lines challenge me and comfort me. The challenge is to be God's presence in the world today. The comfort is to know it is God and grace, not simply my feeble efforts.
I am created and called.
This is the first thing Jesus does NOT say in today's Gospel: Here is your faith, a mustard seed. Put your mustard seed of faith in your pocket, because that is all the faith you need. This is the second thing Jesus does NOT say in today's Gospel: Here is your faith, yeast. Keep your yeast of faith locked in the refrigerator so that it does not die. Neither one of these are actual images of faith for Jesus—even though they are for us sometimes.
Faith for Jesus is not a noun, it is not a mustard seed, and it is not yeast. Faith for Jesus is a verb in today's Gospel. Faith is a mustard seed that is planted. Faith is yeast that is mixed. For us today what this means is that, when our faith is static or sterile, it is in fact not faith at all. Jesus is challenging us to recognize the active nature of our faith.
—Adam DeLeon, S.J. is a Jesuit scholastic studying theology in preparation for ordination at Jesuit School of Theology in Berkeley, CA.
Lord, whenever we doubt our potential to lead a life of significance help us to remember who sowed us. When we feel unworthy or overwhelmed help us to hear your voice that reminds us that you knew exactly which gifts we needed ( and did not need) to build your kingdom.
Grant us the grace to guard against comparing ourselves to others. And, Lord, should we feel discouraged or begin to underestimate our contribution, remind us that someone needs us to keep on growing!
When reflecting on the readings for today, the last line of the Ephesians passage caught my attention. Jews and Gentiles are no longer to see themselves as separated from each other or from the saints or from God. They are to see themselves as citizens with the saints, members of the household of God, and even part of the structure of God's dwelling place.
What strikes me most is the description of us as "built together spiritually into a dwelling place for God." When I think about my own relationship with God and how I'm doing on my journey of faith and daily/weekly practice, I often focus on what I'm not doing or what virtues I'm sorely lacking. Although I know intellectually that we are interdependent and that this interdependence transcends our own time and place, my self-reflection does not often include this communal element.
By moving my reflection to include the reality of this life and journey as one that is for, with, and alongside others more fully, I am better able to overcome my own sinfulness and unworthiness. It's the women I reflect and pray with each Sunday night via Skype who teach me that together we are more than we might be individually. It's the people from my children's school and our parish who teach me the power of community. It's my colleagues from different faith traditions and disciplines on mission together to serve students who teach me how to cross boundaries.
How do I support those around me in their journey of faith? How do others support my journey? Where do I need to reach out to others more for support? Where do I need to reach out to others more to provide support?
Creator God, give us companions whom we might support and who might support us as we seek to serve you and be your spiritual dwelling place in our part of the world this week.
In today's Gospel, Jesus tells a story about two characters well-known to his listeners. The Pharisee is a man true to the religious norms of his time; he's following all of the rules and is quite proud of himself. All the people listening to Jesus' story would have agreed with the Pharisee that he should be commended for being a good man.
Similarly, the tax collector is rightfully despised for being a traitor and thief. Tax collectors must have had a lonely existence since, having betrayed their own people, they would have been publicly shunned. Their Roman masters would have similarly disdained such men regardless of their usefulness for tax collecting activities. In truth, the tax collector has made bad choices, and he knows it.
Jesus could not have offered a parable that superficially presented two of the most opposite socially situated persons in his culture. And he draws a conclusion that any reflective listener knows is true: the socially reviled man is justified in approaching God, while the Pharisee is not.
It seems to me that Jesus is a genius at making distinctions. He is able to cut through what only appears to be true so as to reveal the core of what is real. What is real in God's view is the disposition of each of the men. The Pharisee approaches God with a sense that somehow he is owed something for following the rules. The tax collector acknowledges his moral failures, and approaches God with the humility of someone who knows he doesn't deserve God's love. Yet he longs to experience that divine love and forgiveness down deep in his heart.
How do you approach Jesus? What is your demeanor and attitude toward other people and the choices they make, even when they're poor choices?
Lord, the depth of your sacrifice is incomprehensible. It is mind-boggling that you accepted the scourge and the thorns, the cross and the nails, and allowed the suffering inflicted by loneliness and abandonment to pierce your heart. Lord, if we cling to anything that mocks at your sacrifice, help us to admit our wrongdoing and to change our thoughts and actions.
Should we falter toward arrogance, help us to realize the truth about our motives. And guide us toward a spirit motivated by service and cautious of service motivated by ego and recognition.
I am so grateful for the spiritual "gardeners" in my life who did not give up on me. Despite my fits and starts, my doubts and many distractions, they cultivated my faith, feeding it with no guarantee that their efforts would ever bear fruit. Their generosity of spirit has been a precious gift to me.
Today's Gospel invites us to reflect on the importance of cultivating our own spiritual growth, but it is also a call to a greater generosity. What does it mean for my life that God expects his faithful people to bear fruit? Each of us, in our own way, affects the faith of others, for better or worse. We do it by the witness of our lives. We create the ground in which the faith of others can thrive. That co-laboring with God to bring people into deeper communion with the divine is the response of a true disciple to God's gift of love.
Can I be the generous gardener who says "Shower your grace on this person, Lord, and I will companion them so their faith may grow."?
Some years ago I asked a Jesuit friend and coworker, Fr. Daniel Flaherty, SJ, to serve as my spiritual director. Fr. Dan—then in his late 70s—agreed, and we got started on a variation of St. Ignatius's Spiritual Exercises for busy people called the 19th annotation.
At the start, Fr. Dan did what any good director does—he put me at ease. "Listen," he said with his booming voice, "there's nothing complicated about the spiritual life. What it comes down to is this: God loves you. Do you love God? If so, are you ready to commit your life to him?
As Fr. Dan and I worked together for the next few months, things seemed to be going well. Drawing from graduate training in theology and many years in Catholic publishing, I was in a solid groove of reflecting on the prescribed passages and doing the daily Examen before bed. My weekly conversations with Fr. Dan were consistently lively and rich.
—Jeremy Langford is the director of communications for the Chicago-Detroit Province Jesuits and author of Seeds of Faith: Practices to Grow a Healthy Spiritual Life ©2007 Paraclete Press, Brewster, MA.
Lord, where will I see your face this day? Where will I pause and ask for your direction? Where do I need your grace to listen better, to focus more on giving than receiving, and to slow down so I recognize the abundant gifts in my life? And when the day draws to a close, let me answer with a bold affirmation, "Yes, because of You, I brought a little more care, a little more happiness, and a little more hope to those whose journey weaved into the framework of my day.
"I came to bring fire to the earth, and how I wish it were already kindled! I have a baptism with which to be baptized, and what stress I am under until it is completed! Do you think that I have come to bring peace to the earth? No, I tell you, but rather division!
Well, Andrew has always been more cautious than I am. The first hint of a storm, and he doesn't want to take the boat out. But, I have to admit, I left the dinner table, a bit upset myself, and headed down to the shore to quell my restless mood.
And there he was, alone by a fire, the waves lapping against the shore, the breeze soft, a sliver of the moon in the night sky. I sat down.
Therefore, do not let sin exercise dominion in your mortal bodies, to make you obey their passions. No longer present your members to sin as instruments of wickedness, but present yourselves to God as those who have been brought from death to life, and present your members to God as instruments of righteousness. For sin will have no dominion over you, since you are not under law but under grace. What then? Should we sin because we are not under law but under grace?
By no means! Do you not know that if you present yourselves to anyone as obedient slaves, you are slaves of the one whom you obey, either of sin, which leads to death, or of obedience, which leads to righteousness? But thanks be to God that you, having once been slaves of sin, have become obedient from the heart to the form of teaching to which you were entrusted, and that you, having been set free from sin, have become slaves of righteousness.
Sin is the subject about which Paul speaks to the Romans in the first reading today. Sin and evil are subjects I tend to downplay in my own thinking and prayer. Confession is a sacrament I do not take advantage of frequently. Paul's comments make me think about two references to sin which cause me to reconsider how little attention I pay to sin and evil.
The first is new and very refreshing. When asked who Jorge Mario Bergoglio is, Pope Francis responded "I am a sinner." He went on to say "I trust in the infinite mercy and patience of our Lord, Jesus Christ." I know several other very holy Jesuits who would respond in the same way as our new Pope. I am certain they have a far deeper appreciation of sin,; an appreciation from which I would greatly benefit.
The second is almost five hundred years old. It comes from the first week of the Spiritual Exercises of Saint Ignatius Loyola. The grace of the first week of the Exercises is to know oneself as a sinner and to know with absolute certainty that God loves me, continues to create me, and invites me into more intimate union despite my sinfulness. It sounds to me like the Lord has given Pope Francis that grace of the first week of the Exercises in great abundance.
So, I resolve to more earnestly consider what sin and evil are in my life. I ask the Lord to bless me with the grace of the first week of the Spiritual Exercises.
Help us, Lord, to live with no regrets. Are there talents we have not explored? Are there dreams that we have toyed with but have not given the proper attention? Are there friendships that we have put to the side until our lives slow down? Has our sense of gratitude become dulled? Do we keep looking to the future when we will finally focus on our spirituality?
This day, Lord, we want to live in the now, present to all the good things in our lives. We ask for your wisdom so we do give priority to that which really matters. Abolish our regrets as we seek to find you in the ordinary twists and turns of the day.


Beautiful property in nice subdivision in Franklin NC / Smoky Mountains with well maintained homes. Absolutely gorgeous year round view! Partially cleared for home and already has shared well, electric and septic availability! A must see for the price!


One of one of the most widespread electrical wiring issues is regarding how to wire a swap. Though applying switches in your house is very quick, wiring one particular might not be that easy for everyone. An ON-OFF switch is definitely quite simple to wire. There are actually different kinds of switches, but for this example, let us say you might be putting in a single-pole toggle switch, an extremely frequent swap (and also the easiest).
You will discover 3 colours of wires in a very common single-pole toggle switch: black, white, and inexperienced. Splice the black wire in two and join them on the terminal screws - just one on top as well as other to the bottom screw from the switch. The white wire serves as being a resource of uninterrupted electrical power which is normally connected to a light coloured terminal screw (e.g., silver). Join the environmentally friendly wire for the ground screw of your respective switch.
These ways would normally be enough to make a typical switch operate with out a challenge. Then again, in case you aren't self-confident that you can complete the undertaking effectively and safely you far better enable the professionals get it done rather. Just after all, there is a rationale why this job is without doubt one of the most commonly encountered electrical wiring concerns questioned by the majority of people.
For some explanation, tips on how to wire a ceiling fan is likewise one of by far the most typical electrical wiring queries. To simplify this activity, you may use just one change for a single ceiling fan. To wire the supporter, it truly is just a matter of connecting the black wire in the ceiling fan to the black wire of your change. When there is a light-weight, the blue wire ought to be linked to the black wire from the swap too.
There are factors why these are definitely by far the most typically questioned electrical wiring queries. A single, lots of believe it is uncomplicated to try and do, and two, these are the prevalent electrical tasks in the home. But then you definately must not place your security at risk with your aim to save money. The stakes could even be considerably bigger for those who seek to cut costs and do an electrical wiring occupation devoid of ample awareness or expertise.


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St. Aidan's
Iglesia Episcopal Santa Cruz/ Holy Cross
2019 Great thou ART Camp!
Counselor Applications
Counselors-in-Training (CIT): Age 14 – 15 years
Junior Counselors: Age 16+
Senior Counselors: Age 18+
Note to Parents about Employment for Students
About The Great thou Art Camp
Camp Policies and Waivers
More Information for Parents
Christianity came into Britain wrapped up in the pax romana but had begun to become less popular and populous within the reach of the Imperial rulers. Instead, the people were returning to their own religions and beliefs and rejecting the religion that had been compelled upon them. In Northumbria, an exiled king—Oswald—returned from Scotland to become ruler once again. He had been forced out of his home land and had taken refuge among the Scottish and Irish Christians near Iona. While at Iona, he had been converted to the Christianity that his companions professed and, so, when he returned to Northumbria he sent for missionaries from Iona and not from Rome.
The first missionary was a man by the name of Corman who experienced little to no success and, eventually, left Northumbria and returned to Iona. He reported to his friends, colleagues, and superiors that the people were too stubborn to be converted and too entrenched in their polytheistic ways. When met with the legacy of bad discipleship and spiritual formation, Corman found that what he had to offer the people was not of interest to them. He gave up when growth was not immediate and went home where he was comfortable. One man openly criticized Corman's methodology and approach to ministry in Northumbria. This man is the one that Iona sent to replace Corman. His name was Aidan.
Aidan was different. When he arrived, he founded a monastery on the island of Lindisfarne and slowly involved himself in the lives of those whom he hoped to minister to. Instead of showing up and simply preaching fiery sermons and expecting the immediate movement of the spirit and explosive growth, Aidan recognized the importance of relationships. He started a monastery and devoted himself to prayer, worship, and investing himself in the lives of others. He wasn't trying to recreate Iona in Northumbria but, rather, recreate the situation and circumstances that gave rise to Iona—committed followers of Christ gathering together in relationships to worship, pray, and devote themselves to the ministry of the Kingdom of God.
Aidan made it a habit to walk between the villages of Northumbria and converse with any who might walk along the way with him. He spent many days simply walking and talking with people and learning to love them as they learned to love him. His conversations were not engineered attempts to "witness" to the people but, rather, he understood his life to be his witness and the relationships he built as ways for others to partake of his life. Oswald gave Aidan a horse, once, because he had heard that Aidan was walking between villages as he went about his ministry. Aidan gave the horse to a nearby beggar and insisted that he'd rather walk. Aidan knew that a horse would disconnect him from the people he loved and was invested in. He knew that spiritual formation and invigoration of people was accomplished slowly and through prayer, worship, and healthy, sincere relationships.
Aidan's monastery grew slowly and steadily and was intentionally composed of people from Northumbria. So, as the people of Northumbria needed more Christian leaders they were provided with people who they knew and trusted already. This was part of Aidan's plan all along—not to make the Northumbrians over in his own image but, rather, to help them follow after God who had made them in God's image. Aidan would die in Northumbria many years later, but his monastery and ministry would continue on as a witness to those who had ears to hear and as an example to all of us.
Diocese of Oregon
Prayer and Process: 11th Bishop of Oregon Search and Transition Update
Congregation Close-up: Emmanuel, Coos Bay
131st Diocesan Convention Registration Now Open
Christ Church, Lake Oswego Seeks Parish Sexton
Update on 2017 Health Care For All Resolution
Episcopal News Service
Episcopal-supported NGO empowers Guatemalan teenagers to take charge of their sexual and reproductive health
Order of the Holy Cross will close monastery and retreat center in Santa Barbara, Calif.
World Council of Churches invites all to support Global Prayer for the Peaceful Reunification of the Korean Peninsula


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Q: Getting user input count I am writing a program in which the random method generates a random number between 1 and 100, and then the user guesses what the number is.
Everything in the code I built works fine so far, except the part where the program also calculates the number of user guess attempts.
I know the general idea of how to get the user attempt count: create a count-tracking variable and then increment it with each user entry. Now matter how or where I apply the count-tracking variables, the number of user attempts is always 2, even though there are far more actual attempts. I Googled this issue, and tried different ideas from results (ex: put count++ into every "if/else" statement), but nothing works.
Can anyone tell what is wrong with my code, and why it is always showing 2 as number of user attempts? Thank you in advance for any help.
System.out.println("Enter a number between 0 and 100: ");
int randomDigit = (0 + (int) (Math.random() * 101));

while (true) {
    Scanner scr = new Scanner(System.in);
    int guess = scr.nextInt();
    int guessCount = 0;
    guessCount++;
    guessCount = guessCount + 1;
    if ((guess < 0) || (guess > 100)) {
        System.out.println("You entered an invalid number. \nPlease enter a valid number.");
    } else if (guess > randomDigit) {
        System.out.println("Your guess is too high. \nPlease enter another guess.");
    } else if (guess < randomDigit) {
        System.out.println("Your guess is too low. \nPlease enter another guess.");
    } else if (guess == randomDigit) {
        System.out.println("Congradulations, you found the number!      It is " + randomDigit
                + ".\nThe number of attempts it took you to guess the correct answer is: " + guessCount + ".");
        break;
    }
}

The above code always has 2 as number of user attempts.

A: Move this line:
int guessCount = 0;
Outside the loop, as you are constantly repeating the initialization of the variable, and thus, not actually counting it.
When you use a counter, always define it outside your while/for loops.
Good luck


So, i've just got back off holiday (don't worry! Holiday posts to follow!) and I thought that to celebrate the release of Doctor who tonight I would have a bit of fun and show you my Doctor Who inspired outfit. Ever since the TARDIS landed and Christopher Eccleston stepped out in 2005, I have loved being taken through time and space each Saturday night.
As my Auntie worked for BBC Worldwide last Christmas its fair to say all my gifts from her that year were Doctor Who related. It was the best Christmas that year! In this post I decided to showcase my TARDIS skirt which is amazing and in a Van Gogh style. To sophisticate the look I thought a plain shirt would look best and decided to put on my white Oxford shirt from Uniqulo. This allowed me to wear my Matt Smith replica bow tie which I accessorised with my TARDIS necklace. To finish the look I put on my amazing gold wedges from Topshop by Ashish. They were another amazing eBay bargain for only £34! They added that final touch of magic that is what Doctor Who is all about!
I hope you have enjoyed this post, I'll be back next week with my holiday looks! And don't forget that Doctor who is back tonight at 7:50pm!
Thank you so much for the follow that has lead to me finding your blog and this outfit because this is amazing! I don't know if I'd have the guts to wear a tardis skirt myself but its so pretty and you've accessorised the bow tie so well. I absolutely love Doctor Who, what did you think of the series opener?
I have to admit I was a little disappointed with the episode. I thought Capaldi was good (and can only get better!) and i've always been a fan of Clara. I liked the relationship between them but I've not enjoyed the series as much since Moffatt took over as lead writer. I find his writing to be too complicated and no where near as good as Russell T's writing. I found the whole pregnant Amy River Song thing to be like a soap... I thought it was fairly entertaining but it had better improve this series!
So in love with your skirt, it's absolutely divine!
Thank you so much! You don't have to look forward much longer. I'll go and look at your blog now!


text:
Rise of Nations – komputerowa strategiczna gra czasu rzeczywistego, wyprodukowana przez amerykańskie studio Big Huge Games. Gra została wydana 19 maja 2003 roku na platformę PC.

Rozgrywka
Na grę składa się pięć kampanii. Występuje w niej osiemnaście nacji (dziesięć z nich jest grywalnych). Gracz może rozwijać swoją nację przez ponad pięć tysięcy lat (osiem epok). Kieruje poszczególnymi aspektami państwa takimi jak rozwój naukowy i technologiczny, dyplomacja, ekonomia, budowa armii, walka oraz ekspansja terytorialna. Istnieje możliwość zawierania sojuszy, układów handlowych, wywierania wpływu na sąsiadów oraz prowokowania przeciwników do wypowiedzenia wojny. W grze występuje 168 typów jednostek. Rise of Nations zawiera też tryb gry wieloosobowej.

Wydanie

Gra została wydana 19 maja 2003 roku na platformę PC. W 2004 roku została wydana Złota Edycja zawierająca podstawową wersję gry oraz dodatek Thrones and Patriots. W 2014 roku została wydana zremasterowana wersja gry Extended Edition zawierająca również dodatek ze Złotej Edycji.

Przypisy

2003 w grach komputerowych
Gry komputerowe wyprodukowane w Stanach Zjednoczonych
Gry na platformę Windows
Strategiczne gry czasu rzeczywistego

redpajama_set_name: RedPajamaWikipedia


text:
Home · Love & Sex
Rah Ali On Losing Her Newborn Daughter: 'I Felt Like I Lost My Soul'
The reality star and stiletto expert describes the grief that followed the unexpected loss of her daughter, whom she delivered at five months pregnant.
By Jasmine Grant	· June 14, 2019 October 23, 2020
In the midst of unimaginable grief, reality star Rah Ali is speaking out on the loss of her newborn daughter in hopes that other mothers who have experienced similar loss feel less alone.
Ali went into labor just five months into her pregnancy. Her newborn baby girl, Sanaa, was born on Sunday, May 27, 2019. Unfortunately, she passed away just a few minutes later. She describes what happened on that tragic day in an interview with PEOPLE.
There's so many hair competitors out these days but I can truly say @WHITELABELHAIR is my favorite. I'm wearing their bone straight middle part unit styled with a soft body wave. I'll show you guys two other great ways you can style this unit to get the most out of yours as well.
A post shared by Rah Ali (@rah_ali) on Mar 17, 2019 at 4:39pm PDT
"I called my husband and he rushed home," Rah shares with the magazine. "The ambulance came and they took me to the hospital. That's when they told me that my cervix was completely open and that my water had broken." Doctors did everything they could to save baby Sanaa's life, but informed the parents that she had a very low chance of survival given how premature she was.
"I held her," Rah reveals. "She slept in the room with us until the morning when they took her away. I felt like I lost my soul."
The loss, understandably, has taken a toll on Ali and her husband. "When you're pregnant with your first child, it's a whole mental thing just knowing that you're going to deliver. Every day you count down and see [your due date] getting closer and closer. At five months, I hadn't even come to the realization that it was going to happen. It was the worst experience of my life."
Despite the outcome, I still want to thank my friends for assisting me with this shoot. Your work wasn't in vain, as we forever have the memories. Thank You @People For Your Continued Support cc: @EchoHattix Hair: @WhiteLabelHair @Tb_HairStylist & @Iam_jonathan_ @MakeupbyLatisha @DiandreTristan @IamPhotoJ #BabySanaa #ILoveYou
A post shared by Rah Ali (@rah_ali) on Jun 9, 2019 at 7:20pm PDT
Though the pain from her loss is still lingering, Ali has uploaded never before seen maternity photos, thanking everyone who made the shoot happen.
According to TMZ, Ali has been comforted by Nicki Minaj, who has been doing everything possible to be supportive during this tragic time.
We wish Ali, her husband and family all the best!
TOPICS: baby grief rah ali


text:
La Liga Leumit 2018-2019 è stata la 63ª edizione della seconda divisione israeliana di pallacanestro maschile. La 19ª edizione con il nome di Liga Leumit.

Classifica finale

Playouts

Playoffs

Collegamenti esterni

Pallacanestro nel 2018
Pallacanestro nel 2019
Liga Leumit 2018-2019


text:
Q: SQL Запрос: Вывести user_id пользователей, у которых единственный активный день выпал на 5 августа Есть таблица:

Нужно найти пользователей (user_id), у которых единственный активный день (хотя бы 1 посещение любого url) выпал на 2022-08-05.

A: select * from table where concat(col1,col2,col3,col4) like '%2022-08-05%'

Для определения колонок
SHOW COLUMNS FROM `table`;

A: Тут в любом случае скан таблицы, так что самое простое
SELECT user_id
FROM table
GROUP BY user_id
HAVING MIN(DATE(timestamp)) = '2022-08-05' AND MAX(DATE(timestamp)) = '2022-08-05'

Если без приведения типов, то можно так(теоритически при индексе на user_id, timestamp будет быстрее):
SELECT user_id
FROM table
GROUP BY user_id
HAVING MIN(timestamp) >= '2022-08-05' AND MAX(timestamp) < '2022-08-06'

Можно более классически с DISTINCT, но тут уже сортировка внутри окна по user_id - так себе по производительности:
SELECT user_id
FROM table
GROUP BY user_id
HAVING COUNT(DISTINCT DATE(timestamp)) = 1 AND MAX(DATE(timestamp)) = '2022-08-05'

Можно ещё множествами:
SELECT user_id
FROM table
WHERE DATE(timestamp) = '2022-08-05'
EXCEPT
SELECT user_id
FROM table
WHERE DATE(timestamp) <> '2022-08-05'

или EXISTS
SELECT DISTINCT t1.user_id
FROM table t1
WHERE DATE(t1.timestamp) = '2022-08-05'
  AND NOT EXISTS(
    SELECT t2.user_id
    FROM table t2
    WHERE t1.user_id = t2.user_id AND DATE(t2.timestamp) <> '2022-08-05'
  )

Попробуйте все, что подойдёт лучше.
ps: последние 2 не советую:) Так привёл, для общего развития...

A: Если у вас в базе идёт сохранение всех входов то можно попробовать таким вот образом. (Если дополнительных условий нет):
SELECT user_id FROM ваша_таблица WHERE timestamp LIKE '2022-08-05%';


text:
kyua_error_t
kyua_env_set(const char* name, const char* value)
{
    kyua_error_t error;

#if defined(HAVE_SETENV)
    if (setenv(name, value, 1) == -1)
        error = kyua_libc_error_new(
            errno, "Failed to set environment variable %s to %s", name, value);
    else
        error = kyua_error_ok();
#elif defined(HAVE_PUTENV)
    const size_t length = strlen(name) + strlen(value) + 2;
    char* buffer = (char*)malloc(length);
    if (buffer == NULL)
        error = kyua_oom_error_new();
    else {
        const size_t printed_length = snprintf(buffer, length, "%s=%s", name,
                                               value);
        assert(length == printed_length + 1);
        if (putenv(buffer) == -1) {
            error = kyua_libc_error_new(
                errno, "Failed to set environment variable %s to %s",
                name, value);
            free(buffer);
        } else
            error = kyua_error_ok();
    }
#else
#   error "Don't know how to set an environment variable."
#endif

    return error;
}

/// Unsets an environment variable.
///
/// \param name Name of the environment variable to unset.
///
/// \return An error object.
kyua_error_t
kyua_env_unset(const char* name)
{
#if defined(HAVE_UNSETENV)
    if (unsetenv(name) == -1)
        return kyua_libc_error_new(
            errno, "Failed to unset environment variable %s", name);
    else
        return kyua_error_ok();
#elif defined(HAVE_PUTENV)
    return kyua_env_set(name, "");
#else
#   error "Don't know how to unset an environment variable."
#endif
}

redpajama_set_name: RedPajamaGithub


text:
Property Entrance
Cleanliness badge
Lobby Sitting Area
Stunning 2 Bedroom Apartment
With a stay at this apartment in Sydney (Darling Harbour), you'll be within a 5-minute walk of Australian National Maritime Museum and Sydney Lyric Theatre. This apartment is 0.3 mi (0.6 km) from Star Casino and 0.4 mi (0.7 km) from International Convention Centre Sydney.
Make yourself comfortable in this air-conditioned apartment, which has a kitchen. Complimentary wireless Internet access keeps you connected, and a flat-screen television is provided for your entertainment. Conveniences include complimentary bottled water and a washer/dryer.
Dip into one of the 2 indoor swimming pools or enjoy other recreational amenities including a sauna and a fitness center. Additional amenities at this apartment include concierge services, a picnic area, and a reception hall.
Number of indoor pools - 2
Computer station
Check-in is from 2:00 PM until 6:30 PM. Guests must be at least 18 to check-in.
There is no front desk at this property. If you are planning to arrive after 6:30 PM please contact the property in advance using the information on the booking confirmation.
Extra-person charges may apply and vary depending on property policy Government-issued photo identification and a credit card, debit card, or cash deposit may be required at check-in for incidental charges Special requests are subject to availability upon check-in and may incur additional charges; special requests cannot be guaranteed Safety features at this property include a fire extinguisher, a smoke detector, a security system, and a first aid kit
Grab a bite from the grocery/convenience store serving guests of this apartment.
Featured amenities include a computer station, complimentary newspapers in the lobby, and laundry facilities. Self parking (subject to charges) is available onsite.
Australian National Maritime Museum - 0.3 km / 0.2 mi
Sydney Lyric Theatre - 0.4 km / 0.3 mi
Star Casino - 0.6 km / 0.3 mi
SEA LIFE Sydney Aquarium - 0.8 km / 0.5 mi
Queen Victoria Building - 1 km / 0.6 mi
Westfield Shopping Centre - 1 km / 0.6 mi
Chinese Garden of Friendship - 1 km / 0.6 mi
King Street Wharf - 1.1 km / 0.7 mi
Powerhouse Museum - 1.2 km / 0.7 mi
The nearest major airport is Kingsford Smith Intl. Airport (SYD) - 11 km / 6.8 mi
Pool access available from 7 AM to 10 PM.
The property affirms that it adheres to the Intertek Cristal (3rd party expert - Global) sanitization guidelines.
Cleaning fee: AUD 99.0 10, per stay
Self parking fee: AUD 35 per night
Late check-in fee
50 Murray St, Sydney, New South Wales 2000, Australia


I'm officially sick of this wet weather. All my local single track (no car travel required) has been a swamp for over a month. Yeah I'm riding a fat bike, but in these conditions it would just make bigger ruts. So I've retreated to deer trails along the Delaware River, and low and behold they're dry! Lots of leaves and only a few diversions where the River has back-flooded feeder streams. Plus, riding to/from I get in a lot more miles of spinning and steady-state heart rate.
Say 10+ years ago there was a trail network built-up by BMX'ers, some really cool sections (like a 20-foot drop-in). The trails are still there but overgrown, flooded multiple times now, and a large section is fenced off by EPA crap. I'll try to re-claim some of them over the Winter.
I've accepted that will have a lot more rain until the ground freezes, so the fatboy is getting front and rear mudguards so I can explore more and keep the crap off my BB! Not sure if I'll like them or not but it's worth it until everything can freeze solid!
It's definitely been a wet 2018 season. So far, we've mainly ridden at Pennypack as it seems to drain fairly well, leaving only a few random mud puddles.
Soggy trails? Beach riding FTW.
Very glad I got to ride on Thanksgiving and black Friday! There was about 1cm of crust over mostly bog, on trails that normally drain fairly well? Under my 4.6" tires, the noise sounded like riding on a trail of bubble-wrap. Absolutely crazy.
Trails returned to mush after Saturdays higher temps, and then back to a bog by Sunday.
Started with the last one first (nasty). The rest is therapeutic. .
Went out for a nice ride today - light drizzle and full-on flooding. No trail access, so I pretty much hit my property and farm fields I have permission to ride. Normally the field grass and stiff weeds are too thick to pass through, but flowing water lays it all down really nice. Fenders on, riding in low-range, kicked-up a wake most of the time, and tried to keep my pedals out on the down stroke.
Can you pop over a link for the fenderz?
Both fenders were around $15 on-sale. The front fender is a Portland Design Works Mud Shovel. So far I like it. Super-easy On/Off, but not much BB mud protection.
Rear fender is still a work in progress, but I started with a Big Buck Board "front" fender, and added a rubber mudflap at the BB. So far I like the mudflap BB protection, but I want to heat/bend/squeeze the Big Buck so it nests between the upper seat stays, and extends coverage up/back. In it's current position it collects mud on top of the fender 'cause it's sitting too low. I have already changed mounting straps so they fasten on the seat tube side (not between the fender/tire). This makes it much easier taking On/Off. When I do repostion it higher I will make a longer mudflap running all the way down to the BB.


FML : He can run, but he can't hide!
He can run, but he can't hide!
You could try the "ignore the bad behavior" thing to see if he get bored, or start taking away his toys one by one every time he does something he isn't supposed to. If you do the second one, tell him that's the rule. Don't give them back until he does chores to earn them back.
Sounds like it's time to start taking toys and movies and all his other favorite things away until he learns that he is not going to get away with that just because you can't physically stop him.
Definitely don't ignore the behaviour, it just allows him to do what he wants without consequences and reinforces the bad behaviour. I agree that you should be taking away his favourite toys, tv shows, or screen time, as he continues. Let him know that you may be slower than him right now, but you're still his mother and the parent, and there are still consequences for his bad behaviour. Depending on his age, if worse comes to worse and the taking of toys away isn't working. Put him on a timeout in his room (empty it of any toys or things he can destroy) and hold the door shut if he continues to try and open it. And most importantly, always follow through with what you say you'll do, or else he'll call your bluff and continue to get away with stuff.
Toddlers don't usually understand consequences like that. Their minds can't piece together abstract concepts like that.
Try a choke collar and a leash... or maybe a shock collar?
That could damage his throat if used too extensively. Shame on you.
Shock collars are considered abusive for DOGS by most decent people that know of them. They would sure as hell be considered abusive to use on a kid, even without considering that they could do permanent damage to the kid's throat, nervous system, and possibly brain. Hell, the kid could bite his tongue off and bleed to death.
Get yourself a nanny to help you around till the delivery or maybe until you're physically fit to handle both the children.
If it that is not affordable, you could ask your mom or friends to help when it gets too bad.
Take care OP. Best wishes on your new baby.
Cut him some slack and spend extra time with him. It probably has to do with the imminent arrival of his baby brother or sister.
Ha, your baby boy is my hero! On the flipside I agree with taking some toys away as his misbehavior continues, he's gotta know that Mommy's got tactics too.


text:
Leveraged finance: poster child or problem child?
By Louise Bowman
Leveraged finance has contributed to plenty of crises over the last 50 years, and the market is bigger and deeper than it has ever been – does that make it more disciplined or more dangerous?
Fifty years of capital markets
The profiles: 22 of the biggest names in capital markets
Euromoney coverage across the decades
The history of innovation
The origins of crises
How leverage transformed M&A
The derivatives explosion
The rise of private capital
How banks might sell tech
Can AI price illiquid credit?
What the future used to look like
When Euro CP was 'invidious'
Recent financial crises have been associated with over-complexity: excessive structuring and derivative exposure that masked the real risk that investors were exposed to. But many of the crises that have hit the capital markets over the last 50 years have been at least partly driven by one pretty straightforward part of corporate finance: the leveraged buyout.
If you over-lever a company on the basis of wildly ambitious revenue forecasts that do not come to pass, then that debt pile will tip the firm over. It isn't rocket science, but it happens again and again and again.
Leveraged finance got its reputation for irrational exuberance from the $25 billion RJR Nabisco sale to KKR in 1989, immortalized in the book 'Barbarians at the gate: the fall of RJR Nabisco,' which was published shortly afterwards. It was the failure of another jumbo LBO later that year, however, that really demonstrated the impact that leveraged buyouts can have on the system when they go wrong.
In October 1989, the mooted $7.2 billion LBO of United Airlines Corp failed, precipitating a stock market crash to echo that of Black Monday in 1987. Euromoney covered the deal in-depth in its November 1989 issue, describing it as the "fiasco of the decade".
Advisers Salomon and Lazard Frères had put together overly optimistic financial projections, while the loan arrangers, Citibank and Chase Manhattan, were over aggressive in taking a loan that no one else would touch, we wrote. This involved a $5.9 billion term loan and a $1.3 billion revolving credit that offered 1% over the Citibank base rate or 2% over Libor for eight years.
Looking for $4.2 billion of commitments, the two arranging banks only managed to raise $1.4 billion. The $25 billion RJR Nabisco sale to KKR, which had closed in February, had offered a six-year deal paying 1.5% over US prime or 2.5% over Libor and better fees. So the reception afforded to UAL should have taken few by surprise.
The impact that the failure of the deal had on the market demonstrated just how destabilizing jumbo LBOs can be. But 20 years later they were again at the heart of financial chaos. The $44 billion 2007 buyout of TXU Corp (subsequently renamed Energy Future Holdings) by KKR, TPG Group and Goldman Sachs Capital Partners was the largest in history. It also swiftly earned the title of the largest non-financial bankruptcy in US history when the firm collapsed just seven years later.
The buyout firms had paid a multiple of 8.5 times ebitda for the firm and loaded it with an unsustainable $40 billion combination of loans and high-yield bonds that it could never repay.
TXU was just one of a series of mid-2000s jumbo LBOs that had heaped cheap debt onto corporates that buckled under the burden when the financial crisis hit. KKR was also behind the 2007 $29 billion LBO of First Data Corp, a deal with an ebitda multiple of 14 times and a debt burden that the firm immediately struggled to cope with.
It is important to remember, however, the faith in the resilience of the credit markets that existed before 2007. Bubbles had persisted for years – such as the one in Japanese real estate – and many believed that things would be no different this time. In leveraged finance there is also an enduring code that the market will always have the ability to recover if things go wrong.
Jean-François Astier,
"I remember that I spent the first two years in leveraged finance working on restructurings [because of the S&L crisis]," Jean-François Astier, global head of capital markets at Barclays, tells Euromoney today. "That is what happens to leveraged finance bankers during down cycles.
"It is the best training anyone could ever get. I got to see very early in my career how things can go wrong when there is too much leverage. I also learned how the high-yield market recovers, it gaps out very quickly when things go wrong but also has a tendency to recover very quickly. By 1993 and 1994 returns were in the high 30s."
These are skills that are invaluable across investment banking.
Credit markets generally and the leveraged finance market in particular had shown great resilience to previous shocks by the time 2007 came along. The credit markets were solid after the junking of General Motors and Ford in mid 2005, and the leveraged finance market barely blinked in 2006 when hedge fund Amaranth was forced into the re-sale of a couple of billion dollars' worth of leveraged finance assets after having been brought low trading in natural gas futures. The market absorbed it all in two days with barely a shift in prices.
Even in June 2007 confidence in market liquidity overrode concerns about weakening structures. "High levels of secondary liquidity essentially underpin investors' behaviour in the primary market," explained Richard Howell, head of European leveraged finance at Lehman Brothers at the time. "If there is a credit that is below plan and is trading at 97 cents or 98c, the manager will invariably just sell it and take a moderate loss rather than rely on covenants to bring him to the negotiating table in a workout."
Wildly optimistic
Twenty years after the UAL LBO collapse, therefore, banks were still bringing deals on the basis of wildly optimistic business plans. The difference this time was this belief that the quality of loan underwriting didn't matter because there was always someone to sell to.
"It's the greater fool theory," Edward Eyerman, managing director in leveraged finance at Fitch Ratings told Euromoney in November 2006. "You can see from the bank plans, many of these leveraged financings are not designed to go to term; they don't show the debtor being de-levered and the debt repaid out of cash flow. Rather, the projections typically show revenue and margin expansion, irrespective of cyclicality, such that the net debt profile de-levers modestly in three to five years and the market assumes refinancing for the B and C tranches will be available. Consequently, everyone is just bridging to the next refinancing with the expectation that the required cash generation will be realized and the market will be as buoyant as it is currently."
History shows how that strategy panned out. Leveraged finance froze along with everything else when the credit crisis hit in 2007, and many investors found that the secondary liquidity they had relied on was suddenly no longer there.
Jim Amine,
"By 2007, I was co-head of the global leveraged finance business, and we had a very large exposure – more than $50 billion of commitments," recalls Jim Amine, chief executive of investment banking and capital markets at Credit Suisse. "We became cautious on the market and sold down lots of risk, whereas others were saying it was just a blip and we were making a big mistake by crystallizing losses. This allowed us to steer the firm through the crisis with minimal damage."
Amine partially attributes this outcome to his long experience in the market.
"We all remembered the S&L crisis, but the market was very different then," he says. "We knew that the ability to move risk would change and that our mark-to-market exposure was significant, so we did learn that if you have a large asset class that gets impaired, then the potential losses can be very substantial.
"I didn't know for sure that we were right, but we made a call on the market. From the point of view of revenue and the outlook for the market, it would have been nice to have been wrong, so I was kind of conflicted on what I wanted to happen. But we made a market call, and only one other firm did the same."
Today, multiples are again on the rise in leveraged finance and a decade of cheap money means that many have started to ask if history is about to repeat itself.
"I may be the longest-tenured person in this space who is still working," says Amine.
"I think we have to be data driven and talk about a number of different things. We look at structure of deals, and it is true that leverage is higher, but the amount of equity is a much higher percentage of the capital structure too. Then look at adjusted earnings – banks are doing a better job of being more careful about adjustments to ebitda.
"Third, a lesson was that if you have five equity investors all doing the acquisition equally, this is not good governance structure if you need to make quick decisions. Most banks now prefer to focus on large deals with only one or two investors and decision makers."
Market discipline
He is also more optimistic about market discipline.
"After the GFC lesson, the kind of conversations that senior people at the banks had with heads of private equity firms, saying: 'Look we know you are taking risk and we will help if you get into trouble', everyone realized that was inappropriate. So, we have detailed letters on terms and conditions today and a much clearer roadmap on how things will play out if there is a problem. Finally, the market for leveraged loans and high-yield bonds is deeper and there are more dedicated investors, which is all positive."
The market is very different today than it was in 2007, but it is also far larger and the impact could thus be more severe if it again spins out of control. Many lessons have been learned, but as sponsors push both banks and now increasingly institutional and private debt investors for ever-more flexible, covenant-lite terms, it is important to remember that personalities matter when things go wrong.
Back in 1987, UAL's chief financial officer, John Pope, stood accused of bullying his bankers into a finely priced deal and that he ended up paying a far higher one when the deal blew up.
"He is a pain in the neck," one banker who knew Pope well at the time told Euromoney. "He's one of those people that like to get a bank down on the ground and then put his foot on its throat."
Capital Markets Euromoney 50th anniversaryWestern EuropeCapital MarketsNorth AmericaFeaturesApril 2019
Louise Bowman is Editor. She joined Euromoney in March 2006 and appointed deputy editor in 2014 and editor in 2020. Louise has worked for Euromoney in London and New York and also spent several years in Hong Kong writing for Asiamoney.
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