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Nicholas Grove: I'm Nick Grove for Morningstar and today I'm joined by Morningstar's Peter Warnes, who is here to give us a breakdown of the recently concluded half-year earnings season.
Peter, thanks for joining us today.
Peter Warnes: Great to be back, Nick.
Grove: Peter, you described this batch of earnings as being solid and generally better than expected, but what were the key drivers of this performance?
Warnes: Nick, I say solid and a little better than expected, that's probably in terms of a total number, in other words, the total profits of corporates. You saw in the December quarter that company profits were up 20.1 per cent in the national accounts. So, that's what I'm talking about. Individually, we did have some disappointments. But look, broadly speaking, the key driver was still cost out. It's very, very difficult in a below-trend economy for companies to get meaningful organic growth. And so, cost out was the driver of a lot of the bottom-line. And that's reflected in low wages growth and sluggish employment. So, it was really the labour part of the equation that was giving the bottom-line a bit of a boost.
Of the 174 companies that reported that we cover 66 we increased earnings per share estimates, forward estimates; 68 we reduced; and 40 remained unchanged. So, that gives you a broad brush of what we thought of the reporting season. Reasonably good. There were a few standouts, but pretty reasonable.
Grove: Peter, were there any companies whose earnings disappointed and which saw a negative market reaction but you think represent some compelling value at this point in time?
Warnes: Nick, of the bigger companies, those that disappointed and were punished were Brambles and it had been to the confessional beforehand, but still what came out and disappointed even with the result and the cancellation of our targets going forward. Telstra, Medibank Private, all missed their targets. Ramsay Health Care was significantly negative on the reaction to the announcement but the results were good. But the CEO succession muddied the water and what have you.
Now, in terms of those four companies, we do see undervaluation, if you like, in Brambles. We think long term it looks attractive, but I don't think there's any need to chase it. I think you've got time on your side. There's going to be a little bit of time before they work out those problems in the US. Telstra similarly--I mean, the whole telecommunications space is very, very competitive. The NBN is unsettling. And so, again, I don't think any rush to being there--all those companies are ex-dividend as well. So, there's no need to go and say I want to buy those because the dividend is there. Medibank Private, look, NIB shot the lights out. Medibank Private is struggling. Again, a lot of churn there and missing targets, but again cost out--it's a cost-out story.
The one that we do like is Ramsay. They've got deep management, a deep management team. They will find the right person to take over from Christopher and this is an opportunity to buy that stock I believe.
The other stock that has no moat and didn't get belted but we like in the media space, which is unusual, because the media space was disappointing generally, is Nine Entertainment. We think it should be looked at. But again, this is a no moat and high uncertainty. So, you got to be a bit careful there. You can't put all in. But it's attractive on a fundamental basis.
Grove: Conversely, Peter, which stocks and which sectors in the market do you think are looking a little bit frothy at the moment?
Warnes: Nick, I mean, we'd obviously continue to say resources and the related mining services sector, because we have got a long-term quite negative view on commodity prices, iron ore, coke and coal, copper. They are the drivers of those big resources companies. And so, our valuations are significantly below the market. And as I say, they are long-term valuations. So, we believe that they are frothy. And mining services obviously have been rubbing shoulders with it and getting a bit of tailwind from what's happening there. The expectation is that the resources companies have got significant free cash flow and they are going to start reinvesting. We are a little bit more sanguine than that and we suspect that there's quite a bit of froth there.
Strange enough, in the engineering and construction space, that's CIMIC, Downer and Lendlease, they will perform pretty well and they were all rewarded with pretty good--their results were well-rewarded by the market. Again, that's kind of more infrastructure and government spending and what have you rather than direct mining investment.
Grove: Finally, Peter, with the world as it is being in unchartered waters politically and with all the market uncertainty, should investors actually listen to some of the day-to-day noise or should they actually just focus on company fundamentals? And do you think it's probably a good idea to let a bit of cash build?
Warnes: $64 question, Nick, isn't it? Look, there's a lot of noise out there. And strangely enough, despite the noise, and we know where a lot of the noise is coming from, a "Trumpet," the thing is that you must continue to watch the fundamentals and look at the future fundamentals, not the past fundamentals. You always invest in the future. And we continue to say you've got to be investing in moat companies and a lower uncertainty around the fair value, the better.
But having said that, with this noise and also with volatility so low, personally, I think you are allowed to take some insurance and take some insurance by letting cash build. I suspect we're going to have a correction in the market in the not-too-distant future. We in Australia might see the banks hold up don't forget three of the big banks which have got March balances, balance dates, are full of dividend--ANZ, NAB and Westpac--and there could be some buying to get that dividend and of course, that's 20 per cent of the market, isn't it? So, personally, yeah, I think let cash build, be a little cautious. These markets are highly valued.
Grove: Peter, thanks very much for your time today.
Warnes: Pleasure, Nick.
27/06/2017 -- Don't overdo benchmark consideration Glenn Freeman 27/06/2017 http://video.morningstar.com/aus/video/170623_Sareen_MIC_AUDIO.mp4
Transcript will be available shortly./video/transcript/2721 mailto: ?subject=Don't overdo benchmark consideration&body=http://www.morningstar.com.au/video/story/2721 Factor-based investing using ETFs
26/06/2017 Investors should consider style-exposures--such as value, defensive or yield-- they would like in their portfolios, explains Jonathan Shead, head of portfolio strategists – Asia Pacific, State Street Global Advisors Factor-based investing using ETFs Glenn Freeman 26/06/2017 http://video.morningstar.com/aus/video/170623_Shead_MIC_AUDIO.mp4
Transcript available soon./video/transcript/2720 mailto: ?subject=Factor-based investing using ETFs&body=http://www.morningstar.com.au/video/story/2720 Volatility plays to active manager strengths
-- The climate of political volatility in the US holds important implications for investors and the funds they invest in, particularly around Donald Trump's ability to pass legislation through Congress, says Pimco's Libby Cantrill. Volatility plays to active manager strengths Glenn Freeman -- http://video.morningstar.com/aus/video/170621_LCantrill_MIC_AUDIO.mp4
Glenn Freeman: Now, Libby, just firstly, has there always been this much interplay between politics and financial markets or is it something that's more – is it just that we're seeing more in the headlines and it's more front of mind now or what are your thoughts on that?
Libby Cantrill: Yeah, I mean, I think the U.S. politics has always mattered to financial markets to a certain extent. But I would argue that after the financial crisis, after we saw really unprecedented regulations, so more involvement in the US government in companies, in markets and we saw more fiscal expansion, that arguably politics actually had more of an impact on financial markets.
I think an example of that was the debt ceiling crisis in the United States in August of 2011. I think that was sort of proof positive to investors that, yes, they actually hadn't paid attention to what was going on in Washington because it could move markets.
Freeman: And given there is changeability in the political scene how difficult does that make that for companies like PIMCO and for investors to make sort of medium-term and long-term calls?
Cantrill: Yeah, I mean, I think that's a great question. And certainly, this environment is more difficult; there is more uncertainty. But we would argue from an active management perspective it actually creates a lot of opportunity. And our investment process really sort of feeds into this type of market in that we get together on a quarterly basis to talk about what's going on in the next three to nine months. And then once a year, we all come together and talk about what's happening over the three to five years. So, we have a lot of opportunities for us to test both our medium-term and long-term thesis. And then of course, in between those our investment committee is meeting on a regular basis. So, we would say that, yes, a lot of uncertainty, yes, a lot of volatility, but it's sort of the sweet spot, we would argue for a manger like PIMCO.
Freeman: And so, again, for retail investors what do you as perhaps the greatest risk facing them, just on a macro level over the next 12 months?
Cantrill: Well, from a political perspective, which is of course what I cover, there are lots of different political risks, whether it's geopolitical risks with increasing tensions with North Korea, whether it's potentially more increased protectionism from the administration or whether it's something as extreme as draconian as impeachment, which is not certainly what our base case is, but is definitely a possibility with any administration.
What we think is more likely, however, to play out is that President Trump will just see that there are more obstacles to getting his agenda through Congress. So, our base case is that less actually happens, but that some of these draconian risks actually don't come to fruition either.
16/06/2017 Ten years on from the pre-crisis FTSE 100 high, Morningstar UK's Emma Wall examines how UK stocks have fared Is the FTSE 100 Facing Another Market Crash? Emma Wall 16/06/2017 http://video.morningstar.com/aus/video/
Transcript to be available shortly./video/transcript/2718 mailto: ?subject=Is the FTSE 100 Facing Another Market Crash?&body=http://www.morningstar.com.au/video/story/2718 How to guard against retirement threats
16/06/2017 As retirement approaches, even the best-laid plans can go awry, as Tim Steffen tells Christine Benz, Morningstar US. How to guard against retirement threats Christine Benz 16/06/2017 http://video.morningstar.com/aus/video/
Transcript to be available shortly./video/transcript/2717 mailto: ?subject=How to guard against retirement threats&body=http://www.morningstar.com.au/video/story/2717 PIMCO Global Credit Fund
07/06/2017 The PIMCO Global Credit strategy receives a Morningstar Analyst Rating of Silver due to its sizeable and highly capable credit research team. PIMCO Global Credit Fund Tim Wong 07/06/2017 http://video.morningstar.com/aus/video/170605_PIMCO_Global_Credit_Fund_AUDIO.mp4
Tim Wong: PIMCO Global Credit capitalises on its sizable and highly capable credit research team very effectively. We regard long-time portfolio manager Rob Mead highly, while backup manager, Mark Kiesel, has been highly influential in harnessing and applying the team's global credit research views. These key decision makers have been involved for many years and delivered excellent long-term returns. Mead and Kiesel have profited from both opportunistic and defensive calls at different points in the cycle, while ensuring that the best analyst calls form the bedrock of this portfolio.
To start with, analysts examine securities in a highly rigorous fashion. The firm's large credit research team facilitates its rigorous approach. Analysis of security-specific and industry-related issues is the principal step in building this portfolio. While analysis of macroeconomic issues is less influential, PIMCO is nonetheless among the leaders in formulating these views. As a result, it's the firm's rigorous approach at multiple levels that gives us confidence in the repeatability of this process.
PIMCO Global Credit benchmarks itself against the Barclays Global Aggregate ex-Treasury Index and its duration will typically stay within the narrow range about this benchmark. Its duration has typically been about 4.5 to 5 over the years. By contrast, the duration of many competing credit strategies is typically close to zero as they often use a cash or cash-like benchmark.
As a result, PIMCO Global Credit will be influenced by moves in both credit spreads and risk-free interest rates, whereas many other competing credit strategies will be almost wholly influenced by moves in credit spreads. So, in a period when risk-free interest rates are rising, PIMCO Global Credit may trail many of its competitors and vice versa when interest rates are falling. That said, risk-free interest rates and credit spreads do tend to be negatively correlated which can help the smooth PIMCO Global Credit's returns compared to other credit strategies that don't have any interest rate duration.
We believe that credit strategies such as this are best used in a supplementary role in a broader portfolio./video/transcript/2715 mailto: ?subject=PIMCO Global Credit Fund&body=http://www.morningstar.com.au/video/story/2715 PIMCO Income Fund
07/06/2017 Morningstar's Tim Wong looks at the strengths and competitive advantages of this Silver-rated strategy. PIMCO Income Fund Tim Wong 07/06/2017 http://video.morningstar.com/aus/video/170605_PIMCO_Income_Fund_AUDIO.mp4
Tim Wong: PIMCO Income's strengths start with its people. It's managed by highly-qualified long-tenured staff. While the Australian vehicle has only been operating since 2015, group chief investment officer, Dan Ivascyn, has been in charge of the US version of this strategy since 2007 with Alfred Murata, his co-manager, since 2013.
Ivascyn has been highly successful making some astute big-picture calls. He has managed to do so without incurring excessive volatility while continuing to meet the fund's objectives of a regular and steady income distribution. Furthermore, Ivascyn and Murata are supported by a highly capable and deep credit research team, which is particularly helpful in a sector such as mortgages.
PIMCO Income has favoured a variety of credit sectors over time with occasionally meaningful exposure to government-related securities. This fund has historically invested heavily in mortgage-backed securities. Notably, its exposure to non-agency mortgages has often reached more than a quarter of the overall portfolio since 2010. Meanwhile, exposure to emerging markets debt and high-yield credit has grown significantly since 2012. Physical securities and derivatives such as interest rate and credit default swaps are also used in this portfolio.
This fund's rapid growth is an issue that we are monitoring but not one that we see as a meaningful hindrance. We believe that the main complication is this fund's ongoing ability to continue investing significantly into non-agency mortgages, a sector that has been shrinking since the 2008 financial crisis due to a lack of issuance as well as the natural amortizing characteristics of these types of instruments. PIMCO Income has benefited greatly from this call and continuing to sustain its exposure there even as the fund's assets have swelled.
That said, there is more to this fund than non-agency mortgages. Exposure to high-yield credit and emerging markets debt has grown over time, while this fund also has the ability to take currency positions as well as invest into other securitized debt in order to continue meeting its performance objectives.
PIMCO Income is best used as supplementary role in a broader portfolio given its potentially high sensitivity to credit markets./video/transcript/2713 mailto: ?subject=PIMCO Income Fund&body=http://www.morningstar.com.au/video/story/2713 3 pockets of opportunity in fixed income
07/06/2017 The head of PIMCO Australia portfolio management explains his views on active management in fixed income and outlines where he sees most value in this space. 3 pockets of opportunity in fixed income Glenn Freeman 07/06/2017 http://video.morningstar.com/aus/video/170605_Mead_PIMCO_AUDIO.mp4
Glenn Freeman: I'm Glenn Freeman for Morningstar Australia. I'm joined today by Robert Mead, managing director and head of portfolio management with PIMCO Australia.
Robert, thanks for joining us today.
Robert Mead: My pleasure.
Freeman: Now, what's your view on the role of fixed income within retail investment portfolios? Has this changed in recent times?
Mead: I think it's a really good question and the way I sort of think about it is, Australian investors are thinking about three really important issues when they build their portfolios.
The first one is, 'do I have too much exposure to equities or Australian residential property?'.
Second one is, how am I going to generate income in retirement.
And the third one is, there's general fear about interest rates going up even though so far, they have been very steady and actually in more recent times going back down.
So, when you think about the role of bonds or fixed income more broadly in that context to address those three issues, I would say an actively-managed bond portfolio and having that as a part of the mix ticks all three boxes.
So, it's negatively correlated or at least lowly correlated versus other risky assets like property equities.
Bonds generate a stable income stream. And also, if you actively manage bonds, then if there is the fear or there's the likelihood of interest rates going up, the manager can then take preemptive action and start to de-emphasise interest rate risk as a part of that portfolio.
Freeman: Now, Robert, in the current market, do you see any particular pockets of value for retail fixed income investors?
Mead: The high-quality credit part of the marketplace, we think, is still attractive whether that be at the senior level or even further into the subordinated sectors.
In terms of the overall portfolio, I think it's still important to ensure that there is diversification. So, while there is nothing wrong with, say, an Australian bank hybrid, they are fine investments to have as a part of the portfolio mix, they are correlated with other things that we know are in portfolios.
So, again, we always keep stressing that as long as there's diversification in the overall portfolio, that's the most important element.
The other thing we like are things like securities that are backed by US housing, which is much more robust in terms of its price outlook than the very expensive Australian housing market.
We also like looking at the global banking sector, some of that in the subordinated sense, really given the fact that some of the European, Swiss banks, other jurisdictions were really penalised post-crisis and they have had to recapitalise very aggressively since. So, that would stand out as another one of the parts of the credit spectrum.
Finally, we still like Australian high-quality, even Commonwealth government bonds in the three to five-year sector. The RBA is not going anywhere.
We think 1.5 per cent will remain the cash rate and the policy rate for the balance of 2017. And there's enough noise out there to suggest that some really high-quality duration in a portfolio sense makes perfect sense in the mix.
Freeman: What are your thoughts on the quality of Australian credit issuers? Are the prices accurately reflecting the risk?
Mead: I think so. So, if you split the market into industrials and financials, the industrials, many of which they issue in Australian dollars, look like at least fair value, if not marginally cheap versus their global peers.
But when you look at the Australian banks, especially at the senior level, spreads are getting quite tight. So, I would be sort of thinking about the market more bifurcated from industrials to financials, with a preference in Australian dollars more into the industrial space at the moment.
Freeman: What's your view on the active versus passive management debate? How is that reflected within the fixed income environment?
Mead: Yeah, it's a great question. It's obviously a hot topic and there's lots of different views out there. So, I'd make a couple of comments.
First thing is that based on all of our independent data analysis, there's a compelling view based on the data that the fixed income universe of managers has done a lot better job in terms of outperforming their designated benchmarks than in the equity universe. So, then you ask yourself, why. We do think there are some inherent reasons why.
So, first of all, central banks own a large share of various bond markets around the world. They are less focused on outperforming any benchmark. They are really focused on just absorbing some of the bond supply in a quantitative easing scene. So, there are some noneconomic players that are participating in bond markets, much less so in equity markets.
And also, bond markets, bond portfolios, bond indices change quite dramatically. So, every time a new issuer comes to market with a new bond, or a bond matures, the universe changes. So, it's constantly changing, which provides opportunity.
The final thing I would say is, active management is still not easy. So, finding managers that can consistently outperform, I think the role of those managers in portfolios is going to become even more important as some of the other components of an asset allocation move towards passive.
Freeman: Thanks for your time today, Robert.
Mead: It's a pleasure. Thank you.
Freeman: I'm Glenn Freeman for Morningstar. Thanks for watching.
05/06/2017 Even as European political volatility subsides, the US Government remains a considerable threat to financial markets, says Colleen Barbeau, director of equity portfolio management, Franklin Templeton. Trump administration biggest macro threat for investors Glenn Freeman 05/06/2017 http://video.morningstar.com/aus/video/170601_ColeenB_Franklin_Templeton_AUDIO.mp4
Glenn Freeman: I'm Glenn Freeman for Morningstar. I'm joined today by Coleen Barbeau, senior vice president, director of equity portfolio management with Franklin Templeton.
Coleen, thanks for joining us today.
Coleen Barbeau: Thank you for having me.
Freeman: Now, Coleen, you are speaking at the Morningstar Investor Conference, which, this year, has a theme finding order in the new disorder. Can you just talk about how the current global environment is impacting individual investors?
Barbeau: It's kind of interesting because there certainly has been a lot of macro events swirling around the markets. In our perspective and the way that we position our portfolios is not to try to position for those macro events, but rather to continue to focus on the bottom-up, finding good sustainable businesses that generate sufficient cash flow to reinvest in their business over time for growth going forward.
If you try to manage your portfolio from a tail risk perspective, at some level, you are going to try to avoid so much risk that you are not going to take on any risk to produce excess returns.
And so, to us, while there is a lot of noise in the macro environment, it tends to be fleeting and short-term in nature in terms of the impact on the markets and we try to look through that noise and focus on the fundamentals of the companies that we invest in.
Freeman: And within your global growth portfolio, what are some of your favourite sectors and even companies at the moment?
Barbeau: I have to say that probably the sector that has the most exposure today is technology, because it impacts in so many different areas, it's becoming something that companies have to invest in to stay in a competitive position within the industries that they operate in.
And so, I would say there definitely is a focus there. And it's not just in the technology sector but it's in companies like Just Eat, which is an online payments and ordering service for takeaway food. Another example of that would be a company like TAL Education, which is in the consumer space. It operates a tutoring service in China for grades K through 12. One of the things they've done very effectively is to utilise technology to stay ahead of the competition in terms of making themselves relevant in the market.
I guess, another example moving away from consumer and technology would be in the materials space. We often get asked as a growth manager why we would have an overexposure to materials.
And the answer to that is that it's not in the materials that you would typically think of. Like, we are not owning mining companies, but rather, we are looking for companies that are adding some sort of technological expertise that allows their profitability to move up the range in terms of offering that technology.
So, one company we've owned for a long period of time is a company called Umicore. They actually have three lines of business. The first is, they have developed a proprietary technology where they can take in waste materials, extract something like 19 base and precious metals from those waste materials and resell them on to the market.
Their second business is involved in manufacturing catalytic converters. And then final segment they are involved in is rechargeable batteries. So, it's a very unique business model that resides in the materials space, doesn't have the same degree of cyclicality but rather sustainability to their earnings stream and definitely up the chain in terms of profitability.
Freeman: And Coleen, can you talk us through your approach to stock selection, particularly within the mid-cap range?
Barbeau: So, we operate technically in the large-cap space of the market. However, when you look at the average market cap of the companies that we own in the portfolio versus the benchmark, it's just about half in terms of market cap.
The reason for that is that there's kind of a two-pronged approach here. Number one, it's key for us, really the crux of that we do, is trying to find companies that, as I said earlier, have sustainable business models.
But together with that, finding those companies earlier in their growth phase so that we can own them over long periods of time. The turnover in our portfolio is relatively contained at about 30 per cent to 40 per cent a year. And the reason for that is that we're investing for the long term.
I think our average holding period is four to five years, but there are many stocks in our portfolio that we've owned in excess of that, upwards of 10 years as a matter of fact.
On the other end of the spectrum, we have kind of an aversion to conglomerates. We're not interested in buying other people's books of businesses but rather buying companies that are more focused, that have one or two lines of business that, as I said earlier, are definitely earlier in their growth phase and riding them all the way through.
I think a second benefit to taking that type of approach is, there is no doubt that companies that are down further in the market spectrum are less oftentimes discovered, less-researched and so, there is an opportunity to get into companies that still have good upside valuation support in addition to having good growth profiles alongside of that.
Freeman: And just lastly, again on the macro side of things, what do you see as the biggest risk facing investors going forward?
Barbeau: Yes. So, I would say that from a geopolitical perspective, probably the biggest risk that we're facing right now is the unproven administration that's currently in place in the United States, mainly by virtue of the fact that there just isn't a high level of experience. And so, I think that there is uncertainty associated with that and I think that is a risk.
I think from--if I look out over what's gone on in Europe in terms of the populist movement, I think the French election has definitely deflated that a bit. I think that looking forward to the German election, we don't really expect any surprises there. We've seen some local elections that seem favorable to the current administration. So, I really think it's focused more from a political perspective on what's happened in the United States and the administration that's in place there today.
I think from a macro perspective one of the things we worry about is that clearly after the global financial crisis, we had an enormous concerted effort on the part of the three largest central banks in the globe, including the BOJ in Japan, the Fed in the U.S. and the ECB in Europe in terms of injecting liquidity into the system in the form of quantitative easing. I think it's the largest concerted effort we've ever seen historically.
And so, now, we're there and you have the US beginning early signs of starting to unwind that. But I think therein lies the risk. Where do we go from here? How does that fall out?
We have all this liquidity in the system, now we've got pull some of it back out again. And so, I think that just by virtue of the fact that there is a degree of uncertainty about that because we've never been there before historically, I would probably pick that as my biggest macro risk.
Freeman: Thanks very much for your time today, Coleen.
Barbeau: Sure. Thank you for having me.
Freeman: I'm Glenn Freeman for Morningstar. Thanks for watching.
01/06/2017 Antipodes constructs this portfolio based on three major objectives--capital preservation, inclusion of attractively priced businesses, and investment resilience. Antipodes Global Fund: Class P Ross Macmillan 01/06/2017 http://video.morningstar.com/aus/video/170601_Antipodes_Global_Fund_Retail_AUDIO.mp4
Transcript to be available shortly./video/transcript/2708 mailto: ?subject=Antipodes Global Fund: Class P&body=http://www.morningstar.com.au/video/story/2708 Investors Mutual WS Future Leaders Fund
01/06/2017 Investors Mutual Future Leaders is a capable strategy focused on investing in Australian companies outside the top 50. Investors Mutual WS Future Leaders Fund Michael Malseed 01/06/2017 http://video.morningstar.com/aus/video/170601_Investors_Mutual_Future_Leaders_Retail_AUDIO.mp4
Transcript to be available shortly./video/transcript/2707 mailto: ?subject=Investors Mutual WS Future Leaders Fund&body=http://www.morningstar.com.au/video/story/2707 Why the time is right to invest in India
25/05/2017 Indian stocks rallied after the appointment of Narendra Modi as Prime Minister--but then subsequently fell. UK-based investment manager Jonathan Schiessl says now is the time to buy. Why the time is right to invest in India Emma Wall 25/05/2017 http://video.morningstar.com/aus/video/
Emma Wall: Hello and welcome to the Morningstar Series, "Why Should I Invest with You". I'm Emma wall, and I'm joined today by Jonathan Schiessl, Manager of the Ashburton India Equity Opportunities Fund. Hello Jonathan.
Jonathan Schiessl: Hello.
Wall: So, a couple of years ago, everybody was picking India as their top market, the one to watch and that's because there had been seismic political change. However, it hasn't been subsequently done very well after an initial rally, has it?
Schiessl: Yeah. So, I think clearly expectations are very high. Modi comes into power, everybody is expecting suddenly things to be changed in an instant. Clearly that didn't happen. He's been putting a lot of building block in place, a lot of reforms in place that typically take a little bit of time before they start materializing.
The reality is though--and we had two--he came to power three years ago, India did well that year and then after that you saw quite switch in emerging markets away from the likes of commodity consumers like India into some of the more beaten up emerging markets like Russia, Brazil, the commodity producers.
As we saw the rise in commodity prices over the last year, year and half, they outperformed and actually India fell to the wayside and actually year-to-date, it's catching up again. So, it's more catching up trade than actually outperforming.
Wall: So why now--why is now a good time? Why is now the reason to get invested in Indian equities?
Schiessl: So, India is a fantastic top-down and bottom-up story. So, the top-down side is really very simple, and it's not a great complex export story or reliant on global growth or whatever. It's very domestic, and it really comes down to two main factors to my mind.
Demographic, it has a growing young population, that doesn't peak out till, it's estimated roughly 2050. And when you've got a growing working age population, what that's telling you is actually there is less people that they have to carry, so less young and less old proportionately. Therefore, their propensity to consume increases and their propensity to take risk to invest also increase. So, that's one factor.
And the other factor is urbanization. So, India today is 70 per cent rural. Over the next 20 to 30 years, we are expecting hundreds of millions of people to leave rural areas and go to urban areas, and generally historically when that happens, and economy gets a huge productivity boost. So those two factors alone make quite confident of the top-down big picture story is very much in place.
And the final factor is the quality of the companies. When you look at Indian companies versus other emerging market companies, we can genuinely find world-class management, world-class business opportunities. So, that's what makes us excited is the top-down and a bottom-up story.
Wall: Well, I think that second part is very important, because we constantly hear about how emerging markets are growing at a fast pace than developed markets, but unless you can find suitable investments, it doesn't really mean anything for anybody's portfolio.
Having said that, because of the quality of those companies, quite often Indian stocks comparable to say other emerging markets can be expensive. Can't they?
Schiessl: I think that's true. So, you're paying for two things; for the growth opportunity, which is great, but you can find that at another--other emerging markets. But the point is, when we as foreign investors, domestic--sorry, when we as developed market investors, which is what we are, when we invest in these economies, we are minority shareholders.
So, I think sometimes there is a dislocation. People don't understand who they're sharing the shareholder register with. By that what we mean is, usually in emerging markets, there is two main owners; it's the state. And the trouble is, if we as a foreign investor, buy a company, there is majority owned by the state, a lot of the troubles over time usually happen. In that the company will take a decision in the interest of one shareholder, which is the state and it isn't necessarily very efficient from a capital allocation perspective. So, we have to be very careful with that.
And secondly, the other thing you get in the emerging markets is, you invest with entrepreneurial families, who might have been listed recently or even around for a long time. And it's a similar sort of problem. Some of these families, yes, they have a minority now, but they still run the companies that belongs to them.
And the net effect of both of these issues is that the great top-down story that you can find in India, the benefits will accrue to that majority shareholder. And unfortunately, the minority guy is left to one side. So, what we try and look for a company is, well, yes, we have to align ourselves with usually an entrepreneurial family, but the great thing about India and the reason why it is expensive is we can find companies, which treat the minorities properly. And, therefore, that great top-down story accrues equally to the majority and the minority shareholder. And for that reason, they are generally quite expensive.
Wall: Jonathan, thank you very much.
Schiessl: Thank you.
Wall: This is Emma Wall for Morningstar. Thank you for watching./video/transcript/2706 mailto: ?subject=Why the time is right to invest in India&body=http://www.morningstar.com.au/video/story/2706 When should you pay active fund fees?
23/05/2017 When is it worth paying higher fund fees for active fund management? The single most important factor effecting a fund's relative performance is its price. When should you pay active fund fees? Richard Whitehall 23/05/2017 http://video.morningstar.com/aus/video/
Richard Whitehall: One of the main changes in the finance industry in recent years has been an increased focus on costs, when considering investment decisions. At Morningstar, we would consider this as step forward. We have long championed that the single most important factor effecting a fund's relative performance is its price.
But this raises a question of when should cost constrained investors consider paying active management fees. At Morningstar Investment Management, we already manage portfolios with fee caps and there are three areas where we would decide to spend fee budget on active managers.
The first would be when accessing asset classes which can't be accessed through cheap passive vehicles. A good example here might be high yield which is difficult to access passively in funds. In 2015-2016 we saw good value in high yield and therefore decided we wanted to enter the asset class and we did that by accessing active managers and being prepared to pay the fee budget because we felt the opportunity was strong.
The second example would be when accessing active managers where they are in an area which has the best chance to outperform. And a good example here might be small-cap equities. Not necessarily covered widely by sell side investment bank analyst, there is a good opportunity here for active managers to really outperform.
Thirdly and lastly would be where you are accessing a fund manager who is very active taking high amount of relative risk, high amount of active risk and therefore being able to significantly outperform the passive alternative./video/transcript/2705 mailto: ?subject=When should you pay active fund fees?&body=http://www.morningstar.com.au/video/story/2705 Budget 2017: bank levy a potential 4pc hit to big five profits, dividends
10/05/2017 If unable to pass on costs associated with the new levy proposed in the Budget, bank profits and dividends could dive 4 to 5 per cent, in a significant hit to shareholders and customers. Budget 2017: bank levy a potential 4pc hit to big five profits, dividends Glenn Freeman 10/05/2017 http://video.morningstar.com/aus/video/170510_Ellis_Budget_Bank_Levy_AUDIO.mp4
Glenn Freeman: I'm Glenn Freeman for Morningstar, and I'm joined here by David Ellis, our senior banking analyst, to discuss Budget 2017 and the potential implications for Australia's banking sector.
David, thanks for your time today.
David Ellis: It's a pleasure, Glenn.
Freeman: Just first up, what does this mean for the banks in terms of, we've heard this new levy that is going to be introduced as a part of the Budget, what sort of impact will it have for the bank, for its customers, for its shareholders and to the overall value of these institutions?
Ellis: Sure. Well, I was very disappointed with the announcement. It was a surprise, a 0.06 per cent levy on bank deposit balances. If the banks are unable to recoup the additional levy, it would have an approximate 4 per cent to 5 per cent negative impact on profits, and following that would be similar sort of decrease on dividends.
However, and this is a big however, I think the major banks will exercise their pricing power, as they have over many years and they will either fully or partially recoup this additional impost and unfortunately, for bank customers, particularly, residential borrowers, the banks will likely, over time, increase mortgage rates.
I'd probably also see that investor mortgage rates would probably be increased more than owner-occupied rates. But overall, it's not positive. It is a surprise. I'm disappointed in it. It's cumbersome and it's a costly--I expect--it will be a costly tax to administer. And in this day and age of improving productivity and simplification and business efficiency, this is really a backward step for the banks.
Freeman: And David, would it actually affect each of these four banks equally and what of the likes of Macquarie Bank and also, the community banks, the likes of Bendigo and Adelaide Bank?
Ellis: Sure. Well, this proposed bank levy is only on the five biggest banks, so the four major banks, plus Macquarie Group. It doesn't apply to banks with liabilities less than $100 billion. So, the regional banks, the smaller banks, the community banks, are all excluded from this proposed levy.
Freeman: And what are the, sort of, potential flow-on effects for other parts of the financial services sector, so for the likes of Suncorp, for some of the other institutions?
Ellis: Well, theoretically, this is a positive for the non-major banks, so the regional banks and smaller banks.
If as I expect the major banks increase pricing on home loans and reduce interest rates on deposits, in theory, it should lead to greater flows, business flows, to the regional banks and smaller banks. So, it is a mild positive for those institutions. But we'll have to wait and see. I mean, the major banks have dealt with these types of regulatory headwinds for many years and still retained significant market share in the Australian financial services industry.
Freeman: And just lastly, are there any other potential flow-on effects that could be material for the banks from this budget? So, we've seen this other – the banking Executive Accountability order that's been proposed?
Ellis: Well, there's a couple of things. One, there was an announcement that the ACCC will be mandated to take a more active role in investigating the major banks for price increases in the mortgages over the next 12 months or so. So, that's a big uncertainty and I'm not sure how that's going to unfold. But it will put pressure on the major banks increasing pricing.
The second one was the announcement of a productivity commission reviewing to the competition within the banking industry and particularly, the relationship between--with the major banks' wealth businesses. So, that could also have some negative consequences or impacts for the banks.
And as you mentioned, there were further changes in the Budget announced for senior executives of the banks and that will have to be carefully managed by the banks, because the panel is significant for executives going forward. These are sort of the three key ones in addition to the bank levy.
There were a number of other changes relating to superannuation, but I don't think, really they have a material impact or they're likely to have any material impact on bank profitability and dividends going forward.
Freeman: Great. Thank you very much for your time today, David.
David Ellis: It's a pleasure, Glenn.
Freeman: I'm Glenn Freeman for Morningstar. Thanks for watching.
10/05/2017 Tim Wong explains why PIMCO Australian Bond is Morningstar's most highly rated fixed-interest strategy in this market. Why PIMCO Australian Bond is a Gold-rated strategy Tim Wong 10/05/2017 http://video.morningstar.com/aus/video/Tim_Wong_PIMCO_Australian Bond_MCA_AUDIO.mp4
Tim Wong: PIMCO Australian Bond's highly-reputable and stable team led by Rob Mead shows a level of insight into the Australian fixed interest market that few rivals can match. Mead and his team apply an extremely thorough process for identifying the major factors affecting bond yields and currency markets. They apply these views in a sophisticated fashion when constructing the portfolio. In turn, it's led to extremely rewarding results for investors in this strategy for a sustained period of time.
PIMCO aims to get the big picture calls right. To do so staff gather from around the world to share and debate their views on the global economy and form a perspective to apply across all its portfolios. Its Annual Secular Forum aims to identify the medium to longer-term outlook on key macroeconomic variables such as economic growth and inflation, while its regular Quarterly Cyclical Forum aims to identify shorter-term ideas that have attractive risk-return profiles. Each portfolio manager's decisions on interest rates, credit and currency decisions are influenced by these broader views while the portfolio managers also look to its teams of analysts to identify specific sector and issuer-specific ideas.
PIMCO Australian Bond is managed against the Bloomberg AusBond Composite benchmark. It has reasonable latitude in setting its interest rate duration, though it's typically stayed within plus or minus two years of the benchmark. There's also a meaningful latitude to take active positions on government, corporate credit, inflation-linked bonds as well as securitized investments away from the benchmark. There's scope to invest in high-yield instruments, though exposure there has historically been very limited. This strategy can also invest up to 30 per cent in non-Australian dollar securities which differentiates PIMCO from much of its cohort. Much of this exposure is currency-hedged back to Australian dollars. Importantly, PIMCO has utilized the insights of its colleagues and applied this lever judiciously over a sustained period of time.
PIMCO Australian Bond can act as a core fixed interest allocation. It's a portfolio of high-quality bonds that can act as an effective diversifier to riskier assets such as equities./video/transcript/2702 mailto: ?subject=Why PIMCO Australian Bond is a Gold-rated strategy&body=http://www.morningstar.com.au/video/story/2702 2 leisure stocks weather Cyclone Debbie, Dreamworld fallout
02/05/2017 These two companies with large theme park operations have faced significant challenges in recent times. Morningstar senior equity analyst Brian Han explains how they've fared. 2 leisure stocks weather Cyclone Debbie, Dreamworld fallout Glenn Freeman 02/05/2017 http://video.morningstar.com/aus/video/170428_Han_Leisure_AUDIO.mp4
Glenn Freeman: I'm Glenn Freeman from Morningstar and I'm joined today by Brian Han, Morningstar Senior Equity Analyst, covering telco, media and leisure.
Brian thanks for joining us today.
Brian Han: Pleasure.
Freeman: Now Brian, first off: Ardent Leisure has been in the headlines again, this time with a change of CEO. Does this play into Morningstar's outlook for the company?
Han: The first thing to say is the change in management does not impact our stewardship rating which remains standard.
But I do believe that Mr Simon Kelly, the new CEO designate, has the credentials to lead the company forward. He has vast experience especially in areas of financial management and restructuring. And we will be particularly interested in his views on Ardent Leisure's expansion plans in the US with Main Event, which we've consistently considered to be too aggressive, especially in what is a very competitive family entertainment industry.
Freeman: Another leisure company Village Roadshow which operates three theme parks on the Gold Coast issued its second profit warning for the year earlier this week. What was this about and does this affect your outlook for the company.
Han: Village Roadshow's theme parks on the Gold Coast are still suffering collateral impact from the Dreamworld tragedy which happened late last year.
Now, Village does not own Dreamworld, but obviously patron sentiment towards these rides are still quite damn shaky at the moment and therefore Village Roadshow theme parks are getting impacted right now.
Also, as you know a month ago we had Cyclone Debbie sweeping through Queensland and that also pushed down attendances quite significantly. Now these one-off issues really don't impact their long term based fair value estimate.
But what it does is actually has an impact on near-term dividends. Now Village Roadshow in the first half actually suspended their dividends because their debt load is too high. And I believe there were some investors in the market hoping that dividends maybe reinstated in the second half, but I think the reason trading up they basically dashed all hopes of that.
In our opinion Village Roadshow needs to sell some non-core assets to reduce debt, before it even thinks about paying dividends again.
Freeman: And Brian, tourism plays a big part in the success of these companies. How important are Australia's international visitor numbers?
Han: They are important in the sense that they do impact the theme park operations of these two companies. But the first thing to say is when it comes to these theme parks on the Gold Coast domestic visitors are still, they still make up the bulk of the attendances between 60 per cent to 80 per cent.
Having said that, theme parks are essentially fixed cost businesses. So, any increase in international visitors that can get through the gate has a very big favorable impact on earnings.
So, in that way international visitors and the continuing increase has a very good direct impact on earnings of these theme parks.
Freeman: And just lastly more broadly speaking what's your outlook for Australia's tourism and leisure sector over the medium term.
Han: I think people will always go out, spend money and enjoy themselves and in that way I think the leisure sector will always be there.
Having said that, it is a very cyclical, very volatile industry and as you know there are no shortage of options when it comes to leisure activities in the market. And this is the reason why we have no economic moat ratings on any of the leisure companies operating in this space.
Because whenever returns are high you can be sure that there will be competition coming in to compete away those high returns. And as the theme park tragedy last year shows you, it can be very volatile depending on one off instances like that and it can take time to recover.
So, in that way, yes, leisure sector will always be there, people will always spend money to enjoy themselves. But it is a very cyclical and volatile sector.
Freeman: Brian, thanks very much for your time today.
Han: Thanks Glenn.
Freeman: I'm Glenn Freeman from Morningstar. And thanks for watching.
01/05/2017 Long-term investors in Australian shares will continue to find value, but the time for risk-taking on more speculative plays has passed, says Martin Conlon, Schroders' head of Australian equities Schroders stays hot on commodities, cooler on tech and defensives Glenn Freeman 01/05/2017 http://video.morningstar.com/aus/video/170407_Conlon_Schroders_AUDIO.mp4
Glenn Freeman: I'm Glenn Freeman for Morningstar and I'm joined today by Martin Conlon, head of Australian equities with Schroders Investment Management.
Martin, thanks for joining us today.
Martin Conlon: Thanks for having us, Glenn.
Freeman: We're discussing your Australian Equities Fund today, which last month won the Morningstar Fund Manager of the Year Award for its category. What's the role of Australian equities within an investment portfolio?
Conlon: I think probably taking it back to simple building blocks, equities are always for me an important part of any portfolio just on the basis that companies provide the cash flows that provide the returns on just about all investments.
Australian equities clearly just need to be viewed in terms of like any other equity around the world. A business that makes money and is profitable and generates returns over time, that's how investors make money.
Yes, there are some issues there on the diversification in the Australian market and the dominance which banks, et cetera, obviously have in that index courtesy of their profitability over time. But on the positive side, I think, things like franking the extra tax benefits that domestic investors get will still mean that domestic equities will and always should be a fairly significant part of any Australian investor's portfolio.
Freeman: Active management is something that Morningstar measures on a regular basis. How active is your fund and what's your view on the debate around the level of active share in managed funds?
Conlon: I think it's a really good question. But the way we tend to look at it is that you don't want to just be active for the sake of being active. It's got to make sense.
And there will be times that the large companies being large elements of the profit within the Australian economy are undervalued and perhaps they might be the best investments and that means sometimes you want to gravitate towards the index or the bigger constituents in the index. Sometimes you want to gravitate away.
You don't just necessarily want to say, I'm always going to be underweight those big stocks and overweight the smaller end of the market, which is how a lot of people get their active share.
You want to let that outcome fall out rather than be a premeditated outcome. And certainly, with a lot of the trend towards ex-20 funds, et cetera, that has happened over the recent times, we think a lot of money has shifted out of the larger end of the market and towards the smaller end.
And if anything, at the moment, you might be in a situation where most of the overvaluation is actually at the small end.
Freeman: And Martin, which type of retail investor will find most value in your Australian shares fund?
Conlon: It's a bit of everything, but honestly, for us, it's far more about the mentality of the investor and the ability for them to match their timeframe with ours, because we are long-term investors.
We tend to have pretty low turnover. We're looking at making money in the medium to long-term. And that sometimes means that you're prepared to depart a lot from the index and people will have to stomach some volatility versus the index.
Unfortunately, we tend to measure risk relative to the index as the risk list position. That to us is sometimes a bit of a crazy thing to do. But from our perspective, the most important thing is to say, if you want to make money, you got to make sure that your timeframe is focused on investing in a business because it's going to make money in the long run, not because you're speculating and trying to punt, if you like, better than the next fund in the short run.
Freeman: Just finally, what areas of the Australian market are you most bullish on and are there any parts that you think investors should be cautious about?
Conlon: We still probably tend towards finding the most value in resource stocks. Obviously, they've been through significant ups and downs over the last four or five years.
But we often look at it and say, Australia is where it is because we've got good low-cost resources that have made the country money for a long period of time. Yes, commodity prices will always be volatile.
But actually, these are very good long-duration businesses that tend to make good money and as long as you're prepared to take the rough with the smooth, then the long-run outcomes we think will be pretty reasonable. And in terms of where valuations sit, that tends to be where we still find the most value.
At the other end of the spectrum, with very low interest rates and an environment where people still have a reasonably avaricious for yield, then we found a situation where a lot of defensive assets that provide income are trading at elevated valuations.
Sectors like healthcare, albeit that they might have reasonable demographic tailwinds, et cetera, are trading at very aggressive valuations and there is a fair amount of speculation in technology, things like that.
So, we think you got to be a little bit balanced. Risk appetites are pretty high. Speculation is running high in the equity market. It's running high in the property market. That to us says that the opportunity and the time to take risk, an aggressive level of risk is probably not now and you better off looking to more fundamentally-based cash flows that are at more attractive valuations.
Freeman: Thanks very much for your time today, Martin.
Conlon: No worries. Thanks Glenn.
Freeman: I'm Glenn Freeman for Morningstar. Thanks for watching.
27/04/2017 What investors can expect from Morningstar's roll-out of its star rating methodology across Australian and New Zealand stocks, as explained by the regional director of equity research, Adam Fleck. Introducing star ratings to Morningstar Australasia equity research Adam Fleck 27/04/2017 http://video.morningstar.com/aus/video/170421_Fleck_Star_Ratings_AUDIO.mp4
Adam Fleck: We're making a change to our recommendation system away from the buy to sell ratings to our 5-Star Rating system. Importantly though, our system remains forward-looking and based on our analysts' opinion of valuation. It's ultimately still the price to fair value estimate combined with the uncertainty ratio that drives our 5-Star Ratings.
I think it's important to note that a 3-Star Rating, which we previously referred to as a hold, still conveys our opinion that investors are likely to receive a fair rate of return, roughly the cost of equity.
It also means a 5-Star Rating means our analysts think there is a high likelihood that the returns of the company over the next several years will outpace that required rate of return.
Whereas a 1-Star Rating, which we used to call a sell, means that analysts think there is a high likelihood that investors will not enjoy a fair rate of return. That doesn't mean that the company is a poor-quality company. We just don't think the investment opportunity is pricing in a margin of safety at this point.
We're making this change to acknowledge the fact that our investors may use our valuation opinion in conjunction with some of our other ratings. For instance, an investor who is looking for high-quality companies trading at a discount, may seek out wide moat firms with 5-Star ratings. Our current buy, sell or hold recommendation doesn't account for this flexibility in making that decision for investors.
Ultimately, we're approaching our research process the same way as we were before. We seek to answer two questions. Is this company a quality company as measured by our economic moat rating? And is this investment opportunity of the stock a high-quality stock as measured by the price-to-fair value ratio?
Nothing about that is going to change. Our 5-Star Rating will remain forward-looking just like our buy, sell or hold recommendations did.
Nothing about this change will alter how we view the moat rating or our fair value estimate. The economic moat rating remains our confidence in a company's ability to sustain its return on invested capital as driven by its competitive advantage.
That won't change at all nor will our fair value estimate. Our fair value estimate is based on the future cash flows of a company discounted back to today.
What that means, of course, is that our fair value estimate should go up slightly over time as stocks rise with their cost of equity. While we compare the current market price to our fair value estimate to ultimately arrive at our Star Rating, the process behind the estimation of that valuation is not going to change.
All of Morningstar's products will reflect this Star Rating change that includes Morningstar.com.au, Advisor Research Center, Your Money Weekly as well as our Email Distribution System. Ultimately, investors will see our Star Rating instead of our word-based buy to sell rating, but our economic moat, our fair value estimate and importantly, the research that underlies those assumptions will remain exactly the same.
We are aiming to make this change by the end of 2017 sometime in the fourth quarter. We continue to offer our help and communication around this change, but it will ultimately be a change in all of our products.
26/04/2017 Following the first round of the French Presidential elections, the 7 May vote is now between Emmanuel Macron and Marine Le Pen. What does it mean for investors? French elections: Macron versus Le Pen Emma Wall 26/04/2017 http://video.morningstar.com/aus/video/
Emma Wall: Hello and welcome to the Morningstar series, "Ask the Expert." I'm Emma Wall and I'm joined today by Morningstar Investment Management's Cyrique Bourbon to talk about the French election.
Hello, Cyrique.
Cyrique Bourbon: Good morning, Emma.
Wall: So, the French election is in two parts and we've had part one where two frontrunners have emerged which will go head-to-head next month in the second round of the elections and they are two people that perhaps you would assume were the outsiders because what we have in essence, here is the French election with neither of the two major parties.
Bourbon: Exactly. I think, that is the kind of main message. First is that the traditional parties, the left and the right, are not represented. So, this is interesting from the perspective of the view the French people have taken for the future. Obviously, Marine Le Pen was generally expected to be of the final two given the kind of populism movements and the rise we've seen from these types of movements in the last couple of years globally, but also importantly in France.
Emmanuel Macron, very interesting to see him come as first. Clearly, which is good from a political perspective. I think the French have taken the view that the traditional way of looking at politics, left/right, you probably needed to go beyond that. And Emmanuel Macron, his message was clearly to try and harness the best of both in this campaign. And the French seem willing to give him this mandate or at least he is clearly in the lead.
Wall: He is in the lead and he will be the youngest French President since Napoleon I read this morning. He doesn't have a political background unlike Marine Le Pen which has controversial politics but comes from a family of politicians. What do those two things mean for the French people?
Bourbon: I mean, I think, I would divert slightly. I mean, Emmanuel Macron, he doesn't come from a traditional, say, political family but he does have a similar background in terms of his studies. He has been well-trained. Obviously, he is very young. He has risen through the ranks very quickly. So, he is clearly very clever and has very strong views and very interesting ways of being accepted and presenting himself. So, I think it's very refreshing as well for French politics to have a younger candidate who has got strong views, who seems very dynamic and very positive generally.
Wall: Let's boil it down. This is a sort of beginner's guide to French politics. Le Pen is basically the Trump of France, is that fair, anti-EU, anti-immigration, and Macron is much more left-wing, much more pro-Europe, is that fair?
Bourbon: I think on Le Pen, that's definitely fair. She is clearly anti-Europe, anti-euro, anti-European Union and she basically wants to close the borders in light of what's been happening, especially in the last few years. Macron, I'd say, is still quite--I'd say he is economically a bit more close to the right and socially, in terms of values, probably more close to the left. So, I think, it's kind of a good blend that should work quite well for French politics in the future.
Wall: And Macron is the leader so far, but we have learned over the last couple of years not to trust the polls. We've seen that in the US and indeed, in the UK over Brexit. We've also seen a right-wing politician be very positive for markets in the US Le Pen maybe a divisive character, but if she follows the policies and has the same effect on markets that Trump has in the US, it could actually be a positive thing for stocks. What are the likely outcomes in terms of investment both for economics and indeed, stock markets of these two results?
Bourbon: Yeah, I mean--and I think we see it a little bit this morning. We've got about 4 per cent rally in French equities, broadly speaking, European equities, but banks are up about 9 per cent, 10 per cent in a couple of hours. I've personally thought the outcome of Macron/Le Pen was broadly priced in but it clearly seemed it kind of wasn't. So, it would be interesting to see what happens next.
I think the outcome from a Le Pen win in two weeks' time is most likely to be negative. If you start kind of do the math after the scores last night, you still get to about--probably about 40 per cent for Marine Le Pen. Probably the best-case scenario, I think the kind of unity of the French people against the kind of extremism that she represents will probably prevail. That's what's happened before. Of course, a lot of people say, with Trump you never know. But I think it's quite different.
I mean, the type of moves you require for Le Pen to win in two weeks' time are way, way, way, higher than you saw with Trump winning last year in the States. So, kind of, unlikely in my view. So, from a market perspective, yes, it would be negative if Le Pen were to win. For Macron, it's broadly positive, but I thought most of it was priced in, clearly wasn't quite. And just--I mean, my personal view of investments does remain very long term and we don't anticipate any short-term moves based on the outcome of political events.
And it's worth reminding people and investors that political elections and obviously political mandates are by nature short term, they are finite, so therefore, in the case of France, it's five years and that does mean that for investors with long time horizons of five years on the scale of 20 to 30 is actually not that much.
Wall: Cyrique, thank you very much.
Bourbon: Thanks for having me.
Wall: This is Emma Wall for Morningstar. Thank you for watching./video/transcript/2697 mailto: ?subject=French elections: Macron versus Le Pen&body=http://www.morningstar.com.au/video/story/2697 How climate change will impact your portfolio
20/04/2017 Ignore climate change at your portfolio's peril, says Jeremy Grantham, founder of asset manager GMO. How climate change will impact your portfolio Morningstar UK 20/04/2017 http://video.morningstar.com/aus/video/
Jeremy Grantham: To scale some of these issues, $9 trillion to decarbonize electricity completely; $6.5 trillion toward energy efficiency retrofitting buildings. The global revenue of advanced energy industry throwing all these together is currently $1.4 trillion a year, twice the airlines and larger than apparel and growing in America at 5 per cent a year three times the underlying GDP and worldwide at over twice the rate.
The uncertainties of what you ignore at your portfolio's peril. Will there be carbon taxes everywhere and if there are, what are the potential for stranded assets, particularly in the oil industry. And I'm happy to pause for breath.
Jon Hale: So, it's really, Jeremy, a race between resource depletion that's exacerbated by climate change, and I mean, the human's ability to develop through technology and renewable energy the solutions?
Grantham: That's exactly right. And by the way, if we were well-behaved individuals, if we actually lived up to our potential as a species, we would have no problems. We could do away with global poverty, we could have the population gracefully decline over 200 or 300 years back to 2 billion to 3 billion and everything would work out fine. It's because we are not well-behaved. It's the gap between what we're capable of doing and how American alleged democracy works where it is basically owned by large corporations and notably the fossil fuel industry.
Hale: You mentioned the gap. Do you have any sense of the gap between the numbers you showed about what's needed from an investment standpoint and what's actually being invested and available to be invested, is it a private market's, is it capital market's issues, or is it something that takes public investment?
Grantham: At the moment, not only is the investment flow inadequate, but actually the demand for the investment is inadequate. In other words, the plans are not being put on the table. Those that are kicking and screaming tend to be able to raise the money these days. And for a very good reason because many of them have a perfectly decent return associated with them. In my foundation, which has taken virtually all my income for the last 15 years and has 80 per cent of my capital, engages 20 per cent of its money in mission-driven investing. And so, we have a very lively interest in these issues. And we expect to make a very handsome return investing in renewables and efficiency in particular.
Hale: You mentioned carbon tax as one of the uncertainties investors ought to be paying attention to. It seems like that would address demand issues. We got a proposal recently floated by some Republican ... statesmen, I guess, I would call them since they are politicians who are no longer in office, recently and seemed like a reasonable approach and kind of a standard approach to reducing our carbon footprint. How important do you think something like that is to solving the problem?
Grantham: I think a historian 30, 40 years from now looking back would see that if it happened as a watershed event, a decent carbon tax starting at $25 and rising to $100 a ton would change the world as we know it. And if you took that money, it's a real revenue raiser, and rebated it equally to every American or every European, it's a very cost-effective way of solving this problem and bringing on--encouraging improvements and the move to solar cars and so on, sorry, electric cars./video/transcript/2696 mailto: ?subject=How climate change will impact your portfolio&body=http://www.morningstar.com.au/video/story/2696


text:
Fascist Dictator of the Heath Davis Appreciation Society
Supporting Petone's Finest since the very start - Iain O'Brien
Also Supporting the All Time #1 Batsman of All Time Ever - Jacques Kallis and the much maligned Peter Siddle.
Vimes tells it how it is:
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It puts it under a gorilla.
President of SKAS - Kat is King | Proud member of CVAAS - One of the best | LRPLTAS - Rosco rocks!
Go Tigers!
R.I.P. Fardin & Craig
Why are old people like slinkies?
They're both of no real use, but are fun to watch fall down stairs.
Cricket Web's current Premier League Tipping Champion
- As featured in The Independent.
"I don't think that they'll come close to us to be honest."
- Steve Smith before the Ashes
The Future of International Cricket - Rohit Sharma, Suresh Raina, Ravi Bopara, Tim Southee, Ross Taylor, Shahriar Nafees, Raqibul Hasan, Salman Butt, JP Duminy
Proud Supporter of the Bangladeshi Tigers
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Push it down the hill.
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Keep Your Feet on The Ground,Keep Reaching for The Stars!
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text:
The Barn Inn Bed and Breakfast in Millersburg, Ohio will provide an "Early Bird" breakfast for those leaving early for the auction.
Submitted by Loretta Coblentz
The Barn Inn
That's great. Since I missed it, I guess I have to wait four more years for that auction. I think it's definitely worth the wait.
roller shutters perth
They need to have a repeat of this auction. There are a lot of items you can buy including roofing and siding at lower prices.
bathroom remodeling nyc
It may not come from the same source, but auctions even sales coming from these departments are easy to find.
timber flooring perth
This comment has been removed by the author.ReplyDelete
I am really impressed by this blog!Very clear explanation of issues is given and it is open to everyone.It contains true and fair information. Your website is very useful.
New Condo Launch Singapore
Bed and breakfast, I am thinking of investing in this kind of thin. A friend of mine is planning to convert her unit at amore ec to bed and breakfast. I just don't know if the HOA will let her,ReplyDelete


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|Topic Review (Newest First)
With a puppy we shouldn't expect any 'protective' behaviors at all. They don't have the experience for that and it's why we are socializing! Confidence and secure puppy becomes a thinking confident adult who will have a brain to figure out when something is a bit peculiar
I love that she just calmly stops and considers new things. It's key how YOU behave and YOU react at these times so she learns that you have her back and YOUR brain can be trusted to know good from bad. And, frankly, all meetings for the first year (or so) should be good. So you saying happy things, being calm, happy, welcoming and NORMAL when out and about is key to keep your leadership role and a confident, happy puppy!
Keep up the good work but don't put all the pressure on how SHE is reacting. You need to lead the way and SHOW her everything is fine. Don't push her but lead her. It's ok if you meet the 'whatever' first and she's behind to see you didn't get murdered so were right !!!
I always go out with my puppies armed with a ziplock of truly amazing treats that I use all the time when out and about. When a 'scary' person is giving out a chicken liver it turns out they aren't that scary after all !!
|JakodaCD OA
she sounds like a nice puppy she sounds confident and happy..
I would say this, make all her interactions especially with DOGS, positive ones,,don't put her in any situations that another dog can bully/pick on her..
I wouldn't say she is protective, she's to young to even know what that means, It sounds more like she is curious/checking things out, no reaction, which is GOOD...confident
12 week old behavior with strangers
Hi all,
New GSD owner here. I have had my pup Eva for about a month now. She turned three months old on Wednesday.
So far it's been relatively smooth sailing. She is a landshark in the house, but I read that this behavior is completely normal. She seems to be thinking twice about biting my ankles...but not all the time
We have just recently started going for extended walks. She is a very friendly pup and loves to have people we meet pet her and say hi. At this point, she has probably met over 100 people, with the large majority of that number being people at Petsmart, on our walks, at the park, etc. A good combination of old people, children, and people of other genders and races.
I have not once had her bark, be aggressive, or shy away from a person. She loves being petted and sniffing people. Sometimes she only sticks around for a couple sniffs and a quick lick on the hand before she is interested in something or someone else, but she is always friendly.
I think this is obviously good behavior, but I wanted to make sure she is on the right track with dogs/people off in the distance (before we've approached and engaged).
90% of the time, when Eva sees a dog or person off in the distance, she will either sit on the spot and stare intently or kick her back leg out and hold completely still. For example, on our walk today, a dog was off his leash on the other side of the street and ran towards us. Eva planted on the spot and stared at the dog...no barking or growling. The owner called the other dog back and he turned around before crossing the street. I held still and so did Eva as not to distract the dog.
She would probably sit there for quite some time, but I usually am able to tell her 'it's okay' and we continue walking. Just a few moments later, she saw some guys loading a mattress on to a car. She stood with her back leg out and didnt move from her spot.
tl;dr -- is this an appropriate balance of friendliness and protective behavior? I want to make sure she is a friendly dog, but also courageous enough to hold her ground and be confident. The only thing I have seen her really bark at or shy away from is the vacuum cleaner.
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This is, without question, something you could buy right now.
If there is one thing Woot does it is sell things. And this Woot-Off is no exception. You will find all sorts of things being sold here in this Woot-Off. Big things, small things, things you can wear, things you can touch, things you can love. Things are us, you could say.


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Arsenal Ladies can confirm that Alex Scott has signed for Boston Breakers and will join the Massachusetts side early March 2009 ready for the commencement of the Women's Professional Soccer league in April.
Scott (24) who has been with the Club since she was eight, apart from a two-year stint with Birmingham City Ladies FC (2003-2005), has made 172 appearances for the Gunners to date, and has scored 20 times in all competitions including the only goal in the 2007 UEFA Women's Cup Final against Swedish side Umea IK. Alex is also an integral part of the national set up with 43 caps to her name for England and eight goals for the Lions.
Alex's departure in March ensures her availability for the FA Tesco Women's League Cup Final on 26th February at Scunthorpe United's stadium, Glanford Park, where the Gunners will face Doncaster Rovers Belles.
Everyone at Arsenal Football Club wishes Alex the best of luck during her time with Boston Breakers.Copyright 2017 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source


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Conn College alum wins Oscar
A Connecticut College alum won the Oscar for best documentary short Sunday night.
Sean Fine, who graduated from Conn in 1996 with majors in zoology and filmmaking, and his wife, Andrea Nix Fine, made "Inocente." The piece focuses on Inocente Izucar, a 15-year-old who dreams of becoming an artist even as she faces homelessness and life as an undocumented immigrant in San Diego.
"When they called our names, it just seemed really surreal," Fine said in a backstage Oscar interview. Fine said he and Nix Fine were squeezing each other's hands so tight, he had her nail marks in his palms.
The duo founded Fine Films in 2003, and it's based in Washington, D.C. They just screened their latest work, "Life According to Sam," at Sundance.
The Fines were also nominated for an Academy Award in 2008 for "War/Dance." That documentary dealt with Ugandan children trying to win a music competition.


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Jevon Tarantino
Jan. 3, 2004
ATHENS, Ga. -- Tennessee freshman Jevon Tarantino came from behind to grab a first-place finish to highlight a strong opening round at the three-day Georgia Diving Invitational Saturday.
Tarantino claimed the three-meter event in the eight-team meet with junior Phillip Jones placing third.
"I was very pleased with our performances this evening," head diving coach Dave Parrington said. "This was a very exciting competition and a good confidence boost for us."
After the preliminaries Tarantino was 38.5 points behind leader Caesar Garcia of Auburn. But Tarantino kept creeping closer before taking the lead with the final dive.
"I didn't start off well and got behind by a big margin early," Tarantino said. "By the time the final dive came I was only eight points behind and I landed my best dive. That put the pressure on Garcia and he couldn't match."
Today's event was the season debut for Vols' returning All-America Jones.
"Phillip showed a little rust early but came back and did some good things for the team today," Parrington said.
The one-meter preliminaries begin at 11 a.m. Sunday, with the 10-meter to conclude the meet Monday.
Strong start to dual-- Tennessee and Auburn staged the diving competition of the teams' Jan. 16 dual swimming and diving meet at Auburn Saturday because the Vols will be competing at the USA Diving World Cup trials in Charlotte, N.C. that day.


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Charleston, IL (SportsNetwork.com) - Eastern Illinois quarterback Jimmy Garoppolo is one of 30 prospects who has officially accepted an invitation to the NFL Draft set next month.
The three-day draft will be held from May 8-10 at Radio City Music Hall in New York.
Garoppolo, who won the 2013 Walter Payton Award as the outstanding player in the FCS, is a rare FCS player invited to the draft by the NFL.
South Carolina defensive end Jadeveon Clowney, Texas A&M quarterback Johnny Manziel and UCF quarterback Blake Bortles highlight the list of players. Alabama and Texas A&M tied for the most players invited to the draft with three each.
The NFL has typically limited invites to those considered near locks to go in the first round, but it has increased the number of invites this year. A small handful of players did not accept invitations.
Prospects attending the 2014 NFL Draft:
Odell Beckham, WR, LSU
Blake Bortles, QB, Central Florida
Teddy Bridgewater, QB, Louisville
Ha Ha Clinton-Dix, S, Alabama
Jadeveon Clowney, DE, South Carolina
Brandin Cooks, WR, Oregon State
Kony Ealy, DE, Missouri
Eric Ebron, TE, North Carolina
Mike Evans, WR, Texas A&M
Kyle Fuller, CB, Virginia Tech
Jimmy Garoppolo, QB, Eastern Illinois
Justin Gilbert, CB, Oklahoma State
Ra'Shede Hageman, DT, Minnesota
Timmy Jernigan, DT, Florida State
Cyrus Kouandjio, OT, Alabama
Cody Latimer, WR, Indiana
Marqise Lee, WR, USC
Taylor Lewan, OT, Michigan
Khalil Mack, LB, Buffalo
Johnny Manziel, QB, Texas A&M
Jake Matthews, OT, Texas A&M
Jordan Matthews, WR, Vanderbilt
Morgan Moses, OT, Virginia
C.J. Mosley, LB, Alabama
Calvin Pryor, S, Louisville
Greg Robinson, OT, Auburn
Bradley Roby, CB, Ohio State
Ryan Shazier, LB, Ohio State
Jason Verrett, CB, TCU
Sammy Watkins, WR, Clemson


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I'm a Montanan who gets to AZ a couple of times a year. I've been thinking about doing some big game hunting there.
Your game and fish department sucks. They don't know how difficult it is for an out of stater to draw an elk tag, but the woman on the phone said "you won't get one". I won't get one? Well thanks a lot. In addition to incompetent employees one must purchase a year hunting license to even put in for that drawing! I have to drop a couple of hundred dollars for the chance to "not get a tag" according to the woman on the phone?
I thought that some of you might know a little better what the statistics are like. I would like to one day hunt elk somewhere in the Sedona/Cottonwood/Oak Creek Canyon area. What kind of statistics am I loonking at here. I understand that only 10% of the tags go to out of staters, how many out of staters apply? What are the odds like?
I must admit that this is probably equally frustrating for anyone who wants to come to Montana and hunt, and it's probably a lot more expensive here IF YOU DRAW, like $1000 for the tag, but at least you don't have to pay a couple hundred dollars to get in the drawing.
Thanks for your input.


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There is one room in our house that has not gotten much love on the blog. We affectionately referred to it as the junk room. Here is what we started with when we moved in:
And in all the junk room glory:
furniture that needs to be refinished? check
random light fixtures? check
painting supplies? check
bags of clothes that need to go to goodwill? check
honey oak? of course
popcorn ceilings? duh
So we thought it needed a to be cleaned out….not to mention a facelift. The junk room has served it's purpose of holding stuff and a cabinet painting location but it is time to move on.
Because we happy to finally share that we are expecting Baby #1 in July!
Many of you probably guessed by my long unexplained absence, and honestly the first trimester kicked my butt. I have never been so sick and tired for so long. I titled this holiday season the "Christmas of Lowered Expectations." Christmas card? Nope. Cookies? Nope. Decorating the house? I watched Derek do a great job while I sat on the couch. And it all turned out OK even though it was hard to give up control and let things go. And while I am still not 100%, at least I am functioning again.
Anyway….plans for the nursery. We have already started construction and I can't wait to share pics on Monday. Think orange and aqua and window seats. And no more popcorn ceiling. And of course no more junk.


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Secretary of Defense, Robert Gates, told the Los Angeles Times America's allies simply did not know how to gain victory in Afganistan. "I'm worried we're deploying(military advisers) that are not properly trained and I'm worried we have some mlitary forces that don't know how to do counter-insurgency operations." He blamed lack of training regarding insurgency situations has impaired the ability of NATO troops to succeed in Afghanistan. Jaap de Hoop Schefeer, NATO's secretary general,rejected the criticism and appeared surprised the American Secretary of Defense would openly criticize allies. British defence officials said Gates had quickly telephoned them to make clear he was not referring to British troops, but to NATO as a whole.
Ironically, British military leaders consider American tactics in Afghanistan as counter-productive. They disagree with the extensive use of aerial bombing which usually results in the deaths of civilians and gains support for the Taliban among those who are being bombed. The British do not believe Americans have a grasp on how to conduct counter-insurgency operations. For example, the British want to organize self defense militia in villages which has been flatly rejected by American military leaders.
At some point, the United States has to take a step back and examine the results of six years of fighting using tactics that apparently are NOT WORKING. The Taliban continues to expand its control over areas of Afghanistan from which they were driven years ago and the United States insists NATO doesn't know what to do. Perhaps, NATO forces are not well versed in dealing with insurgencies, but the United States can hardly point to its success in confronting such groups as a model of success.
Isn't it time for all involved in the Afghan operation to take a step back, get together some of the best minds on handling insurgencies and come up with a new plan that just might work?


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Hello All,
After getting these, my wifes hours were cut at work. So these have to go. I managed to return the tires thanks to Bridgestones 30-day return policy. Going back to my stockers.... I paid $1600 for the rims only. I had tires mounted on them for about 200-230 miles, that's it. I'll also include some brand new Aluminum Hubcentric rings if you are mounting them up on your VW.
These are Genuine OEM Audi wheels, these are *not* aftermarket. They are in like new condition as you can see in the pictures. Again, only 200-230 miles on them tops.
These are optional Audi Wheels for the 2012 Audi A6.
part number: 4G0-601-025-E
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In case you haven't heard of Got Feedback, you've probably gathered by now that it's a communications initiative that facilitates two-way communication between passengers and TSA.
Passengers find out about Got Feedback through stickers located at our checkpoints as well as the links on our blog and web page. After arriving at the Got Feedback page, you simply go to the map, click on the state you traveled through, and select the airport you want to contact from the drop down box.
After selecting your airport, you simply fill out the form and submit it which sends it to the Customer Support Manager (CSM) for that airport.
You can also check out the blog post from last year for a more detailed explanation.
Many passengers are hesitant or just in too much of a hurry to talk to our supervisors at checkpoints, and the Got Feedback program seems to be just what they need to communicate with TSA.
We asked our CSMs to do their best to reply in 24 hours or less. We understand that doesn't happen sometimes due to scheduled days off and workloads, but it's still a pretty rapid response. In some cases, CSMs have responded to passengers in as little as 5 minutes.
When should you use Got Feedback? Well, anytime you have a question that involves the security portion of your travel at a specific airport. You can use it for kudos, complaints, suggestions, questions, and so forth.
When should you not use Got Feedback? Hmmm... You shouldn't use it for dining recommendations unless you want to be directed to a food court. You shouldn't use it if you're lonely and just want to talk about your garden and your crazy neighbors. Basically, Got Feedback is not a travel agent, and it's not a chat line. It's a human connection at the airport who will contact you via phone or e-mail to help handle your conundrum. Brilliant!
Here is how a few our CSMs feel about the Got Feedback program.
- "Passengers appreciate the feedback immensely and the timeliness of the program. I WISH EVERY PASSENGER WOULD USE GOT FEEDBACK!" ~ Lara PIT
- "Got Feedback is one of many conduits TSA has for gathering feedback from our customers. I'm continually amazed at how people can say TSA isn't listening…We are!" Lynda SAT
- "Got Feedback is an excellent way to stay in contact with the traveling public. I have received great feedback both positive as well as… let's say constructive. I think it gives travelers a safe and convenient avenue to let us know how we are doing." Kevin LIT
Here is an assortment of some responses from passengers after they were contacted by a CSM:
- Thank you very much for your comprehensive explanation and suggestions to my email. And, thank you for your very quick turnaround.
- Thanks for the response - that, in and of itself, is really enough for me!
- Your response and the kindness of the US Air ticket agent in retrieving my bag is proof that there is still kindness in this crazy world. Thanks!
- You totally amaze me! Such a detailed and concerned reply within an hour of writing is a credit to you and TSA.
- Thank you for the email follow-up (which I was not actually expecting).
- Thank you very much for your very prompt and efficient response to my inquiry. Even though you didn't find the item my wife lost, you did everything possible to help in locating our lost piece of jewelry. Having served as a Homeland Security Officer myself since the inception of the department, it pleased me greatly to see someone with such ethical conduct and efficient customer service protecting our nation and serving our citizens. Your treatment and legitimate concern to my issue was outstanding, and you are a pleasure to deal with.
- Thank you for your quick response and appreciate all that your agency is doing. PS - but does this mean that when I travel thru MGM next month I will be now on the terrorist list and find myself in a spread eagle stance before I can board! Again all kidding aside - thank you and TSA is doing a great job!
Blogger Bob
TSA Blog Team


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Lacrosse news straight to your inbox.
Tuesday August 6th, 2013 1:15am
Box Score
HAMDEN, Conn. – Dylan Webster (Brampton, Ontario) scored the game-winning goal with 1.8 seconds remaining in the fourth quarter to lift the Quinnipiac University men's lacrosse team over Wagner, 11-10, on Senior Day at the QU Lacrosse Turf Field Saturday afternoon. The win clinches a playoff spot for the Bobcats as they head into the final weekend with a 3-1 mark in Northeast Conference play.
Playing from behind for most of the game, Wagner scored two goals in the final three minutes of play to tie the score up at 10 apiece – including the game-tying goal with 1:43 left. Webster, who was 16-of-25 for the game on the faceoff, corralled the ensuing faceoff and Quinnipiac carried the ball into Wagner's zone with plenty of time on the clock.
Matt Diehl (Towson, Md.) took Quinnipiac's first shot and missed wide to the right, but the Q maintained possession. Webster took the next shot with 39 seconds left - rattled the pipe - and the Bobcats once again collected the ball to extend their offensive set. Head coach Eric Fekete called timeout with just under seven seconds on the clock, and his team executed his play to perfection in the waning seconds. Pat Corcoran (Stratford, Conn.) raced in from the right side and drew a double team leaving Webster open on the back post. Corcoran found Webster with a perfect pass and the junior slammed home the game-winner with 1.8 seconds left.
Quinnipiac's Michael Sagl (West Islip, N.Y.), who tallied the game-winner in triple overtime against Sacred Heart last week, led the Bobcats once again with a five-point afternoon on three goals and two assists. Corcoran added four points with three assists and a goal, while Diehl continued his hot streak with two goals and an assist. Basil Kostaras (Southlake, Texas) added his 56th and 57th career goals; Webster and Tom Gilligan (Brookfield, Conn.) each had a goal and an assist and Jake Emms (Victoria, B.C.) scored once in the triumph.
Defensively, Gill Conners (Ballston Spa, N.Y.) was outstanding in net as the junior turned aside 16 shots on the afternoon. The backline wreaked havoc forcing 15 Wagner turnovers, 10 of them caused, and enclosed a 39-23 advantage in groundballs.
Quinnipiac did most of its damage in the first quarter, as the Bobcats outscored the Seahawks, 6-0, in the opening frame. However, after the sluggish start, Wagner's goalie Nicholas Gibaldi settled in nicely which gave momentum to the visiting Seahawks. Wagner amassed a 10-4 run until Quinnipiac's final tally of the game.
With the result, Wagner, now 1-11 overall and 0-4 in the league, was eliminated from playoff contention. The Seahawks were led by Colin O'Rourke who finished with seven goals on the day. Billy Battaglia had two goals and an assist.
Prior to the start of the game, the Quinnipiac Department of Athletics and Recreation honored Quinnipiac's six senior class members who played in the last home game of their careers. Basil Kostaras, Jay Binkowski (Bethany, Conn.), Chris Messina (West Islip, N.Y.), Brendan Wilbur (Hingham, Mass.), Dorian Wolff (Fairport, N.Y.) and Sean Damboise (Southington, Conn.) were recognized in a brief ceremony for their contributions to the men's lacrosse program.
Quinnipiac resumes Northeast Conference action next weekend, Saturday, April 27, at Robert Morris University. Faceoff is set for 11:30 a.m. in Moon Township, Pa.


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I'm sure they don't do things like this at NASA: At the moment, I'm downloading Fedora 13 while listening to Neil Young ("Unknown Legend," for those of you keeping score at home) while wondering if that cloud bank is going to clear the hills to the north — my money says "no."
Fedora 13, code named Goddard, cleared the tower and streaked into the FOSS heavens yesterday, on the day I returned from Fedora Ambassador Day in Iowa. So now we go from trains to spacecraft . . .
For the last few weeks, I've been running Fedora 13 Beta on the trusty long-in-the-tooth Fujitsu laptop, which I don't want to part with since the screen is probably the best I've ever seen on any machine. It has run flawlessly so far — so much so that I'm thinking about leaving the beta on here and just going forward.
But, no: I'll install and give a report, since that's what you'd expect. See you in a bit.
(Fedora ambassador Larry Cafiero runs Redwood Digital Research in Felton, California, and is an associate member of the Free Software Foundation.)


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Ever wondered how the world's media report on the action at Emirates Stadium? Well, we're offering one lucky Junior Gunner the chance to find out, with a seat up for grabs in the club's state of the art press box when Arsenal take on Swansea City on December 1.
The winning JG will take in the game alongside Arsenal's very own media team. They will be fed and watered in the Emirates Stadium press area, alongside some of the top names in football journalism, and will be shown how a typical matchday plays out by the Arsenal.com writers.
After taking in the game from the press box, they will head to the post-match press conference to hear Arsène Wenger's thoughts on the action.
To get your hands on the prize, we're looking for a stellar match report on a Gunners game this season. Our Young Reporter competition has already produced loads of great entries, but if you think you've got what it takes, send us your thoughts on this Saturday's clash with Tottenham before Wednesday, November 21.
You will need to submit your piece to firstname.lastname@example.com, along with your name, membership number and group, e-mail address and contact number. The match report can take whatever form you wish; a short article (max 400 words), a colourful drawing or even a YouTube video. Please note that for members of Team JGs (4-11) there is a different type of prize. To shadow an Arsenal.com journalist, you must be in the Young Guns group and be from 12 to 16 years old.
Click here for T&Cs.Copyright 2017 The Arsenal Football Club plc. Permission to use quotations from this article is granted subject to appropriate credit being given to www.arsenal.com as the source


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