text:
Sports Fishing (Fiji) operates from its own Jetty located at Kalevu Sport Fishing Jetty at Natadola Bay. We offer range of Sports Fishing, Game Fishing, Handline Fishing, Share Fishing, Popper Casting, Reef Trawling, Private Charters, Island Hopping. Day Trips to Navo Island.Sports Fishing (Fiji) operates with a 25ft Boat fully equipped with latest technology, Ray Marine systems including GPS, VHF Radio, Fish Finder. Private toilet onboard, equipped with all the latest is Rods (Penn International & Shimano), with lates Fishing Lures. Marlin,Tuna,MahiMahi,Baracuda,Coral Trout and many more. We are committed to charity"FOOD FOR CHARITY DRIVE" by donating to Hospitals,Orphanage and villagers.
we don't have time limitation on our fishing.
Sports Fishing (Fiji) operates all year round and provides competitive rates.
Full Day & Half Day Charters, Night Fishing on request available.
We provide Water & Soft Drinks on each trip. Qualified Boat Captains to take you around the beautiful bay of Natadola and the Pacific Ocean.
ContactWe are located at Kalevu Sport Fishing Jetty, Natadola Bay only 45 Minutes from Denarau/Nadi and about 30 minutes from Sigatoka town.
P.O Box 27 Sigatoka Nadroga


text:
Phone: 714.545.7101
Fax: 714.241.1002
In their 2014 ranking of the largest
companies on sustainability and
environmental impact, Newsweek and
Corporate Knights Capita ranked
Masco 23rd out of 435 companies.
One of the guiding principles of the BEHR culture is to "do the right thing." This simple yet powerful guideline extends beyond company walls and reaches out into the communities where we conduct business. Not only has charity and finding ways to reach out to people-in-need been a company focus, it's been an individual team member focus too. In 2003, BEHR team members formalized their charity efforts with the creation of BEHRCares, and with the company's full support, Behr's outreach and philanthropic efforts have been making a positive impact in communities throughout the country.
BEHRCares' mission is to make a positive difference in the lives of the people in our communities, primarily through fundraising, donations and community service. Our dedicated team of volunteers assesses where there are needs and provides solutions. We champion health and well-being through education and donate our time and resources to organizing and participating in charity walks and runs, urban cleanup and renewal projects, disaster relief, food and clothing drives, blood drives, toy drives, playground builds, coatings donations, and so much more!
The opportunities to make a difference are endless. Here is a small sampling of how BEHR team members have been involved.
City of Hope is recognized worldwide for its compassionate patient care, innovative science and translational research, which rapidly turns laboratory breakthroughs into promising new therapies. For nearly 100 years, City of Hope's pioneering research has brought the world closer to cures for many life-threatening diseases, from cancer to diabetes. As an independent medical and research institution, we can break through the barriers that traditionally stand between scientists and physicians, accelerating the application of laboratory findings to more effective treatments. We work with urgency because time matters. Patients with cancer need better options today, not next week or next year.
For many people, City of Hope is where hope begins.www.cityofhope.org
Habitat for Humanity International is a nonprofit, nondenominational Christian housing ministry. Habitat welcomes all people--regardless of race, religion, ethnicity or any other difference--to build simple, decent, affordable houses with those who lack adequate shelter. Habitat affiliates work locally in communities around the world to select and support homeowners, organize volunteers and coordinate house building. Since its founding in 1976, Habitat for Humanity has built 225,000 houses, providing shelter for more than 1 million people in nearly 90 countries around the world.www.habitat.org
Not only do BEHR team members participate in national fundraising efforts, but within their own neighborhoods, the BEHR team has been making a difference. From coaching youth sports teams to mentoring young students to reaching out to homeless people, in communities across the country, BEHR team members can be found - involved, uplifted, and committed.
Whether alone, or with our partners, BEHR finds ways to get involved.

subset: commoncrawl


text:
We oppose Islam, not Muslims. We are against hate, not faith
pr126 wrote:I think the money is coming from Soros.
You don't pretend to be stupid and idiot... All refugees and migrants have been carefully designed and orchestrated to EU by Zionist Jews especially Soros.pr126 wrote:I am not sure if there is any truth in this, but still it could be plausible.
I think the money is coming from Soros.
Ariel wrote:pr126 wrote:I think the money is coming from Soros.
I agree. That man is trying to destroy Europe and America.
Having known it, I shall devise the means of exterminating the snake race.'
manfred wrote:Yes, NS, "white Christians" are really some secret organization with the aim of killing all the Muslims in the middle east, no make black pudding from their blood, sausages from their flesh , shoehorns from their bones and lampshades from their skin...
Poor, poor innocent Muslims they never ever even hurt a fly...
manfred wrote:"Roman war manual"??? "what the Future might hold"? Seriously!
manfred wrote:Because there is no such thing. And the Romans for most of their period had little to do Christianity.
George Washington (1732-1799), the first President of the United States of America, possessed his own copy of De Re Militari (Concerning Military Matters), a compendium of Roman military practice first composed by Flavius Renatus Vegetius around the year AD 390 and revised into its final form about fifty years later. It remained popular and studied throughout the medieval and modern era. The same can be said about other classical works on military affairs.
manfred wrote: It is a text by a rather late Roman writer DESCRIBING Roman military principles and practices of the past. It has nothing whatever to do with Christianity.
De Re Militari (Concerning Military Matters), a compendium of Roman military practice first composed by Flavius Renatus Vegetius around the year AD 390 and revised into its final form about fifty years later.
Valens was soon succeeded by Theodosius I (379-395), one of the strongest of the later Emperors, who drove the Visigoths back and then saw them settled around the Danube again
Well, you should know since you were the first to mention it. I doubt anyone else knows which book you are talkng about.Nosuperstition wrote:manfred wrote:"Roman war manual"??? "what the Future might hold"? Seriously!
Why is that book not available online?Is it available in its full edition?
However, the main reasons why books are not available on line are:
1) The authors want to sell them, not give them away or sell them for a small price
2) Nobody got round to scanning them and putting them on line anyway.
But according to the customs of some countries there are facilities for kings to make love to the wives of other men. Thus in the country of the Andhras , the newly married daughters of the people thereof enter the king's harem with some presents on the tenth day of their marriage, and having been enjoyed by the king are then dismissed. In the country of the Vatsagulmas,the wives of the chief ministers approach the king at night to serve him. In the country of the Vaidarbhas , the beautiful wives of the inhabitants pass a month in the king's harem under the pretence of affection for the king. In the country of the Aparatakas , the people gave their beautiful wives as presents to the ministers and the kings. And lastly in the country of the Saurashtras ,the women of the city and the country enter the royal harem for the king's pleasure either together or separately.
Many more peeping Toms than people who know about this earth-shaking book, let alone want to read it.Nosuperstition wrote:Now there will be many more interested peeping toms who love quotes of rights of first nights of conquered nations from books such as the Kama Sutra as had been given above.Inspite of such huge demand and being immensely profitable,they are available for free on the net,yet noone scanned the most important book of Roman conquests that might hold severe repercussions for the future of mankind?How could it be?
Users browsing this forum: No registered users and 1 guest


text: Korean Job Discussion Forums :: View topic - What do you wear teaching? Speak Korean Now! Korean Job Discussion Forums"The Internet's Meeting Place for ESL/EFL Teachers from Around the World!" FAQ Search Memberlist Usergroups Register Profile Log in to check your private messages Log in What do you wear teaching? Goto page 1, 2, 3 Next Korean Job Discussion Forums Forum Index -> FAQ View previous topic :: View next topic Author Message merrileeJoined: 13 May 2003Location: South Korea Posted: Tue May 20, 2003 8:22 am Post subject: What do you wear teaching? What is your typical dress code? And is it really impossible to get shoes in SoKo? What shoes do I need to bring with me? Back to top posco's trumpetJoined: 20 Apr 2003Location: Beneath the Underdog Posted: Tue May 20, 2003 9:41 am Post subject: Last edited by posco's trumpet on Sat Dec 06, 2003 7:10 pm; edited 1 time in total Back to top BulsajoJoined: 16 Jan 2003 Posted: Tue May 20, 2003 12:13 pm Post subject: Dresscode: Varies from place to place. Shoes: I had no problems getting shoes in Itaewon and Songtan (size 11), and often got them cheaper than I would've been able to in Canada- there ARE good deals to be had for men (don't know about the ladies). Also got custom made shoes for under $100 CDN. Back to top SquaffyJoined: 25 Feb 2003Location: All over the place Posted: Tue May 20, 2003 12:22 pm Post subject: Depends where you're working - I have to wear shirt, tie, cufflinks, nice suit, nice shoes etc. Others get away with looking like tramps (slacks, T shirts, trainers). Itaewon has some good clothes stores - picked up a new Pierre Cardin suit there Also seen some good shoe shops there. Bul: you got bit feet man. I'm size 8 and have no problem finding shoes. And before anyone says - shoe size is proportional to ........ it's a myth (speaking from experience) Back to top K-in-CJoined: 27 Mar 2003Location: Heading somewhere Posted: Tue May 20, 2003 2:00 pm Post subject: Rats! What to wear? merrilee... Koreans claim that they have four seasons, these four seasons being similiar to the seasons in North America. So...as far as shoes go bring the shoes you'd wear at home. I f you hike, bring your boots. If you wear duck/boat shoes to splash around in the rain, bring them. If you wear heels on a night out on the town, bring them. If you're above a North American size 7 then pack up on clothes. Most schools find dressy casual clothes to be suitable attire. A t-shirt with, "Party till you puke," on it would not be suitable attire in pretty well any school, anywhere. :( A lot of Korean women really dress up even to go to Starbucks. This is a great site for tips on life in Korea; however I would suggest that you also lookat some sites that offer articles on Koreans and life in the ROK. Reading the online version of the Korean Herald @www.koreanherald.com and the Korean Times will give you some insight into what is going on in SoKo. Good luck, Kate Back to top rudyflyerJoined: 26 Feb 2003Location: pacing the cage Posted: Tue May 20, 2003 3:05 pm Post subject: at my univ we have everything I wear golf shirts, dockers and nice tennis shoes (that because every other shoe is either too narrow across the toes giving me ingrown nails or the soles are too hard and I get shin splints), wife doesn't "dress up" but will wear a dress/jacket for example. Now as the weather warms up the other guys are starting to dress like me with a few ties. At the other end we have a female teacher who will wear sweats/jeans/t-shirts and generally look like she just came from the gym. despite all of these varieties nobody from the admin has said anything to us, though I feel the Korean faculty doesn't seem to respect any of the foreign faculty here. But that may be a totally different issue bottom line is you really need to check with your boss and go from there Back to top desultudeJoined: 15 Jan 2003Location: Dangling my toes in the Persian Gulf Posted: Tue May 20, 2003 4:52 pm Post subject: I simply cannot buy clothes here. I am in Taegu, I might have better luck in Seoul. I am a size 12 dress, size 10 shoes (woman's). After finding myself in Mexico last year without enough shoes, I made sure I brought plenty to Korea. I have not found anything, aside from men's sports shoes, that comes close to fitting me. I am tall and not at all fat, but none of the female clothes fit me. I know that I can have things custom made, but that takes time and can be risky in terms of style and fit. I don't have enough summer clothes with me, but I am vacationing in Australia and will buy some there. Bring enough clothes and shoes. If you get lucky and find clothes that both fit and that you like, great. A fellow teacher didn't, and she has a miserable time trying to look good. Back to top SamsungJoined: 27 Apr 2003Location: Seoul, Korea Posted: Tue May 20, 2003 5:01 pm Post subject: Quote: Depends where you're working - I have to wear shirt, tie, cufflinks, nice suit, nice shoes etc. Others get away with looking like tramps (slacks, T shirts, trainers). "Depends where you're working" is very apt here - for a University gig then yes, the shirt and tie deal would be more appropriate than a kindergarten/elementary hagwon, don't you think? I don't remember any teachers back home of elementary age kids turning up to school in suits. Then again, I resent the implication that if I were to go to hagwon here in slacks and a t-shirt that I would be a "tramp". If my school are happy with it then I don't see how anyone can claim it's wrong. Just because it upsets you doesn't mean it's wrong. Back to top kimcheekingGuest Posted: Tue May 20, 2003 8:41 pm Post subject: I generally wear cotton slacks and a button up shirt, sometimes polo style in summer. In the adult hogwan I worked at a few teachers were wearing ratty jeans and t-shirts or sweatshirts...I personally was appalled at thier lack of professionalism. Even teaching kids I wouldn't wear jeans with holes or sweat-shirts to class.... semi-professional is best. Wear a tie if you like. I always wear a tie on the first day of class and then periodically. Back to top crazylemongirlJoined: 23 Mar 2003Location: almost there... Posted: Tue May 20, 2003 10:31 pm Post subject: If you teach kindergarten I have some advice. Don't wear dresses/skirts as they will use them as tents Also wear stuff that is easy to wash as you will end up looking like, well you spent a few hours with some 4 year olds really. My school is pretty laid back about what I wear.. I follow my lead from other people in the school. As for what to bring. I bought 6 pairs of shoes with me to the rock but then again, I'm a US size 10 and I have issues finding decent shoes in new zealand let alone here. It all depends on how big your feet are. As for clothes, if your built like a ballet dancer you'll be in seventh heaven, if not you will have some problems. But you can get your clothes tailor made here for less than you pick up a similar item off the rack back home. CLG Back to top itaewonguyJoined: 25 Mar 2003 Posted: Wed May 21, 2003 2:38 am Post subject: what ever I want!! now that sumer is coming, shorts, tshirts.. show my hairy legs and have the kids call me monkey! haaahahhaa TUL TUL TUL~ Back to top whatthefunkJoined: 21 Apr 2003Location: Dont have a clue Posted: Wed May 21, 2003 3:13 am Post subject: My first day of work I showed up in a tie. For the next month I wore a nice shirt and pants without a tie. Now I wear a T-shirt and jeans. I imagine that by the time I leave I'll be in shorts and a Hawaii shirt. My hagwon is pretty laid back though. Back to top steroidmaximusJoined: 27 Jan 2003Location: GangWon-Do Posted: Wed May 21, 2003 4:41 am Post subject: If I'm having lunch in the cafeteria, or planning a trip to the library, or if it's a 'special' day, I'll wear a suit with tie, or collarless dress shirt with slacks. If I'm going to be hiding in my office and teaching night classes, almost whatever, but usually clothes like dockers and a nice top, but occasionally will slip in a pair of jeans and weekend t-shirt, just to shake things up in class. I've become more conservative (i.e. read nerd-like) in my dress since I got married. Back to top ZyzyferJoined: 29 Jan 2003Location: who, what, where, when, why, how? Posted: Wed May 21, 2003 5:27 am Post subject: Speedos. Back to top Blue FlowerJoined: 23 Feb 2003Location: The realisation that I only have to endure two more weeks in this filthy, perverted, nasty place! Posted: Wed May 21, 2003 6:19 am Post subject: Depends what look I'm going for. Today i wore white sleeveless top, black skirt with tulle petticoat, and bright pink stockings. Twas completed by my Wilma flintstone necklace, of huge white beads. Other days my trenchcoat, and a sack of lollies does the trick. As long as you dont look like a bum, you should be sweet. And if you a larger than a toothpick - bring pants, skirts, shorts, etc. Yes you can get them tailor made, but it is easier bringing them with you. As for shoes, if you want to look like the wicked witch of the west, buy them over here, otherwise bring them with you. And if you like jandals, bring some, because they cost 29,000 won, over here, which is absolutely ridiculous. Also bring bras, if you are an A cup, you will be sweet, otherwise, bring a suitcase full, ditto undies. Socks are cheap, and there are all sorts of kick ass socks, so dont worry bout them. Back to top Display posts from previous: All Posts1 Day7 Days2 Weeks1 Month3 Months6 Months1 Year Oldest FirstNewest First Korean Job Discussion Forums Forum Index -> FAQ All times are GMT - 8 HoursGoto page 1, 2, 3 Next Page 1 of 3 Jump to: Select a forum Forums:----------------FAQJob-related Discussion ForumGeneral Discussion ForumOff-Topic ForumTravel ForumCurrent Events ForumTechnology ForumBuy/Sell/Trade Forum You cannot post new topics in this forumYou cannot reply to topics in this forumYou cannot edit your posts in this forumYou cannot delete your posts in this forumYou cannot vote in polls in this forum This page is maintained by the one and only Dave Sperling. Contact Dave's ESL Cafe Copyright © 2018 Dave Sperling. All Rights Reserved. Powered by phpBB © 2001, 2002 phpBB Group TEFL International Supports Dave's ESL Cafe


text:
Template:Communications (Quest Award elective)/req
From MeritBadgeDotOrg
Mobile Menus: Cub Scouts - Scouts BSA - Venturing - Sea Scouts
- Communications.
Complete requirements (a), (b) OR (c), (d), (e), (f), and (g) OR (h).
- Take a communications-related training course consisting of at least 15 hours of training and education. This course could be conducted through your local school, community education system, local hospital, college/university, or your own Venturing crew. It could be an official coaching, referee, sport official, and/or athletic trainer program. It could cover such topics as mass communication, sportswriting, technical writing, newspaper editing, film and/or video production, journalism, or coaching. At the conclusion of the training course, review with your Advisor the information and skills taught in this communications course and how they relate to either a particular sports program and/or health and physical fitness in general.
- Read at least two books approved by your Advisor related to a particular sports program of your choice. Some suggested topics are sports injuries, anti-doping, disabled sports organizations, the U.S. Olympic Committee, the International Olympic Committee, etc. Prepare and submit a written report of not less than 1,000 words on each of these books. The two reports should cover the following items:
- Why did you pick these books over other written material?
- What are the important communication principles and concepts related to the sport that you picked?
- What are specific ways you can apply these principles in your own sporting activities and/or crew events?
- Present your report to your Advisor and/or crew for review.
- Interview two or more individuals (coaches, trainers, referees, umpires, college or university sports information directors, sportswriters, reporters, photographers, amateur and/or professional players, therapists, etc.) associated with a particular sport you have an interest in. Prepare an oral and/or written report of at least 1,000 words to your crew and/or another youth group you are associated with detailing the information obtained from these interviews.
- Make a tabletop display, an oral presentation, or a videotape production for your crew, another crew, a Cub Scout den or pack, Boy Scout troop, or another youth group on the importance of communication in sports. This presentation should emphasize the role that effective communication plays in accurately participating in any sporting event or program.
- Do the following:
- Participate in at least one sports-related ethical controversy.
- Some examples are:
- —Amateur athletics
- —Drugs and steroids
- —Parental involvement
- —Coaching in youth sports
- —Gambling and betting on sporting events
- —Racial/sexual discrimination/biases
- —Sportsmanship: A dying concept?
- Conduct at least one additional sports-related ethical controversy (separate from the one used above) as part of an ethics forum.
- Along with your crew or another youth group, participate in two cooperative games (one in each category)
- —Outdoor activity game
- —Indoor activity game
- Participate in at least one sports-related ethical controversy.
- Prepare a sports communication pamphlet, athletics-related product, or promotional piece emphasizing your BSA local council and/or district sporting event, local school sporting event, or community activity. Some examples are a media and recruiting guide, sports schedule poster and/or schedule card, game program, preseason and post-season media guide, school sports club newsletter, alumni update, game notes for local and/or regional news media, audio/video presentation, or Web site. Include visual as well as written forms of communication in your final product. Have two individuals (one with expertise in this particular sport) review the material and provide written critiques of your work. Make whatever suggested improvements may be suitable based upon this input. Share this information with your Advisor and crew. Then actively promote the event and/or sport with this product.
- Research the role the media has in a specific sport. Provide an oral report and explain to your Advisor or crew the positive and negative impact the media may have on this particular sport and how a person can deal with the perceived conflicts that may arise.
- Research the education requirements necessary for a communications/sports journalism major at your local college and/or university. Prepare a tabletop display or presentation for your crew or another youth group detailing the classes, internships, and career paths available to graduates in this particular major.
Please report any issues with this page.


text:
Warehouse Services
Warehouse Services manages the university's shipping and receiving needs, campus moving services, departmental storage and surplus property. Our mission is to support the university by providing superior customer service at a reasonable price. We are dedicated to our entire customer base.
Desktop delivery to on-campus departments is now available!
Hours of Operation
Closed on University Holidays
Fall and Spring Semesters:
|Monday - Friday
|8 a.m. - 5 p.m.
Summer Hours:
|Monday -Thursday
|7:30 a.m. - 5 p.m.
|7:30 a.m. - 11:30 a.m.
Contact Information
Pete Bloodworth
Warehouse Services Manager
phone 910.962.3620
Receiving Desk
Our Location
We are located on 5179 Lionfish Drive. Find us on the campus map.


text:
1. Bill Self Was There Back When He Had Real Hair. Kansas' toupeed head coach started his coaching career at Oral Roberts in the mid '90s, a mere 10 years ago. He turned the team around, raising their record from 6-21 in 1995 to 21-6 in 1997, after which he went to Tulsa, Illinois and finally Kansas. Self actually once appeared on a one of Oral Roberts' television programs with the televangelist, something that was not required of him in Champaign or Lawrence.
2. The Famous "Club Dread" Joke. OK, so maybe you didn't actually see "Club Dread," but nevertheless, the university was the source of yet another joke about its name in the film. Witness:
Penelope: I go to Oral Roberts.
Juan Castillo: Oral Roberts? Is that like Anal Johnson? Because I have done that a few times. Or was it Dirty Sanchez? Yes. It was that.
This is not particularly amusing, but still earns points for containing the phrase "Dirty Sanchez."
3. Yeah, About The Televangelist Thing. Yes, the school was indeed founded (and humbly named) by Oral Roberts, who is most famous, of course, for telling his parishioners in 1986 that if they did not raise $8 million by March of that year, God would "call him home." (Sadly, we didn't get to find out if Roberts really had such a conversation with the Almighty; they hit the number.) Roberts has claimed to have personally raised the dead and, last year, said that a vision of a "cloud over New York" has told him Christ is coming soon. (After he dies, Roberts has told followers that he plans to return and rule the world with Christ.) March Madness, indeed. — Will Leitch


text:
Giant athletic todger defends Pennsylvania
Google Earth wedding tackle shocker
It's taken 'em a while, but our American cousins appear to have finally realised that enormous profanities are an excellent way to welcome extraterrestrial visitors to our planet:
Magnificent. The outrage in question can be found in Hazleton, Pennsylvania, and is a welcome contribution to the "ET go home" genre which includes the Caledonian fuck you, the farmer's huge arse, the 40-metre Yorkshire profanity and the fat Russian cock.
And if the above don't convince unwelcome intruders not to set foot on this world, then they should note that humanity can deploy lethal culinary force if necessary to repulse any invader. ®
Thanks to James Snowsill for the ejaculatory tip-off.
Sponsored: How to Process, Wrangle, Analyze and Visualize your Data with Three Complementary Tools


text:
The roster for the eagerly anticipated fighting game Marvel Vs Capcom 2 expands today with a pair of warrior women representing both sides of the conflict: Storm and Crimson Viper.
The X-Men's Storm has been a staple in Capcom's Marvel games from day one, bringing her weather controlling powers to bear on Capcom's best ever since X-Men Vs Street Fighter. Crimson Viper, on the other hand, is a relatively new addition to Capcom's stable of characters, making her first appearance in Street Fighter IV last year.
With the addition of two more female characters my hopes for a Squirrel Girl reveal dwindle. Oh well, there's always downloadable content, right?
Marvel Vs Capcom 2: Fate of Two Worlds hits stores on February 15. Thanks Eric for pointing us towards the vids!


text:
Local community support
Involvement embellishes the team spirit and dedication to Ukrainian dance
Class Schedule
Season 2018/19 Yavir Class Schedule, Age groups & Fees
Events Schedule
View the Events Schedule Yavir School of Ukrainian Dance Class
Welcome to the Yavir School of Dance!
Experienced dance faculty, first class facilities and wonderful community atmosphere!
Share the passion dance with the Yavir school of dance!
Yavir offers dance classes in a fun and friendly atmosphere for children of all ages and abilities. Our professional instructors provide expert teaching and training with a strong foundation in Ukrainian dance technique and artistry, while fostering a love of dance and Ukrainian culture. With five performing ensembles the Yavir School of Ukrainian Dance gives dancers many opportunities to experience the excitement of being on-stage while sharing their talents with a variety of audiences.


text:
"We're nothing but a mirror of our consistent thoughts. You tend to manifest what you focus on. If you look around for what's wrong, you'll find it. But as all we know up here in San Francisco, when you focus on what's right, you see it all around you. … There is absolutely nothing wrong with California that can't be fixed by what's right with California. … If you're from another state, you'd love to have the problems of California."
–California Lieutenant Governor-elect Gavin Newsom
Leaving aside the new-age psycho-babble, as well as the fact the more than a few states do have "the problems of California," we couldn't help think of the San Francisco Mayor's recent election-eve musings as we listened to the earnings call of a company that, we submit, gave a pretty good demonstration, if inadvertently, of something that is wrong not merely with California but with all of America.
Now, this large retailing success story has its detractors—zillions of them, if you were to believe the mainstream media, although when you scratch the surface of that mistrust, you find mainly disgruntled union bosses and superficially populist politicians (including our current Vice President, who once actually campaigned against the company's expansion), scared by the company's hyper-efficient operating methods, not to mention the fact that it isn't a union shop.
Thus do people with one agenda look for whatever dark clouds they can find in the silver lining of a company that brings, by our brief calculations, more than ten billion dollars worth of reduced living costs to the American consumer each year.
The company is Wal-Mart, and fully 60% of American adults shop at one of their stores at least once a month. (By way of comparison, Target is shopped by 25% of American adults monthly).
It goes without saying that those 120 million or so monthly visitors to Wal-Mart are hardly a uniform picture of American poverty, as the mainstream media would have us believe. But, then, mainstream media types—not to mention Vice Presidents—don't shop there, so what would they know?
If they did shop at Wal-Mart, however, what they would know is that a basket of typical good purchased at Wal-Mart costs anywhere from 2% less than the competition in the company's original mass merchandise business (think Sears), to 10% less than the competition in the case of groceries, which now account for half the company's U.S. sales.
Applying those savings to the company's $300 million-plus in U.S. sales, you arrive at roughly $18 billion in savings Wal-Mart provides its customers. Each year.
Now you would think that a company that helps consumers save $18 billion a year would be justly celebrated and encouraged to flourish—within the bounds of legal competitive behavior and the rule of law.
But this is America, and America is now governed by trial lawyers—and that's one thing that's wrong with America, which Wal-Mart's latest earnings call illustrated as well as anything we've seen since Congress passed so-called healthcare "reform" legislation without bothering to reform the tort system.
(Hey, when 56 Senators are lawyers—not to mention the President, Vice-President, and 36% of Congresspersons—while only two Senators are doctors, well, the fix on tort reform was in from the start.)
Now, it wasn't so much the earnings discussion, which involved, as it usually does, Wal-Mart's extensive retail operations—from Bentonville to Leeds—that shed a light on the trial lawyer problem in America.
It was the preamble—the so-called "Reg. FD" disclosure statement that public company executives make before launching into a discussion of business.
For the record, we've long thought Reg. FD was one of the really good rules promulgated by the Feds, eliminating, as it did, the kind of selective disclosures companies used to make to Wall Street's Finest.
(We remember well the pre-Reg. FD days when conference calls were restricted to specific Wall Street analysts and specific buy-side investors. The chosen few would, for example, get on the Hewlett Packard earnings call not because they cared a whit about Hewlett Packard: they got on so they could find out what was happening to DRAM pricing—this was in the days before DRAM prices were instantly available on what Tracy Jordan calls "The Interweb"—and then would, while the HP call was still ongoing, trade shares of Micron and other various memory makers.)
The one downside of Reg. FD is that companies use part of the discussion to point out—strictly for the legal record—the obvious: that stuff they are going to talk about on their earnings call could change down the road, thanks to the fact that, well, stuff changes.
You might think this notion is fairly obvious, but whenever a public company announces a sudden, unexpected negative situation, like bad earnings or a lawsuit or an investigation of some sort, the company is invariably hit with lawsuits from trial lawyers looking to dredge up some cash flow.
Just last month, for example, Green Mountain Coffee Roasters was hit with lawsuits from a whole batch of trial lawyers a few days after announcing an SEC investigation into the company's accounting.
Green Mountain made its announcement on Tuesday, September 28. On Friday, October 1, seven law firms announced "investigations" or "securities fraud class action lawsuits." On Monday, three more jumped into the lottery sweepstakes, and by week's end a few more joined in, including one firm that issued a press release with the following headline, which we are not making up:
"….Encourages Investors Who Have Losses in Excess of $500,000 From Investment in Green Mountain Coffee Roasters, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 29, 2010 Lead Plaintiff Deadline"
Now, we're all for good corporate governance, and for companies keeping things on the up-and-up. Short-selling is an investment tool we employ frequently, so it is a part of our business model to find companies that may not be doing all the things they like to say they're doing on earnings calls. Few things in this business are as satisfying as spotting a public company masquerading as something it is not—and making money when the chickens come home to roost and things go kablooey.
The problem with trial lawyers, of course, is that they rarely spot frauds before the frauds go kablooey. They spot the frauds after they go kablooey.
Thus it is that public companies feel pressured to offer Reg. FD "disclaimers" that can be a few short sentences or can verge into Gravity's Rainbow-length missives, and Wal-Mart, being a target anyway, thanks to its fantastically successful non-union operation, goes to great lengths to cover all the bases.
To such great lengths does Wal-Mart go, in fact, that the disclaimer goes on for more than a few minutes: it goes on for more than ten minutes.
We are not making that up: of the 11,369 words spoken on the recent Wal-Mart earnings call, 1,359 of them—12%—came in the disclaimer section.
And if there was ever an example of something wrong with America, we think it is the notion that one of the world's great corporate successes must waste 12% of its time on a prophylactic, legalistic mush of words, not one of which contributes to the general welfare of anyone.
But judge for yourself! Here's the entire legal disclosure, thanks to the indispensible Briefing.com:
Welcome to the Wal-Mart earnings call for the third quarter of fiscal year 2011. The date of this call is November 16, 2010. This call is the property of Wal-Mart Stores, Inc. and intended solely for the use of Wal-Mart shareholders. It should not be reproduced in any way.
This call will contain statements that Wal-Mart believes are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and intended to enjoy the protection of the safe harbor for forward-looking statements provided by that Act.
These forward-looking statements generally are identified by the use of the words or phrases anticipate, are anticipating, are expecting, assume, could be, expect, forecasting, goal, guidance, guided, is expected, is planning, may affect, plan, will accelerate, will add, will be, could save, will drive, will ring, will be growing, will come, will continue, will cost, will experience, will generate, will grow, will improve, will not continue, will remodel, will see, will spend, will take, would represent, or a variation of one of those words or phrases in those statements or by the use of words and phrases of similar import.
Similarly, descriptions of our objectives, plans, goals, targets, or expectations are forward-looking statements. The forward-looking statements made in this call discuss, among other things, management's forecasts of our diluted earnings per share from continuing operations attributable to Wal-Mart for the fourth quarter of fiscal year 2011 and for all of fiscal year 2011; the assumption underlying those forecasts that currency exchange rates will remain at current levels; management's forecasts for the comparable store sales for our Wal-Mart U.S. segment and comparable club sales, without fuel, for our Sam's Club segment, in each case, for the current 13-week period; management's expectation that the comparable store sales of our Wal-Mart U.S. segment will be positive for the holidays and the fourth quarter of fiscal year 2011 and that the fourth quarter of fiscal year 2011 will be another quarter of sequentially improving comparable store sales for our Wal-Mart U.S. segment; management's expectations as to our anticipated tax rate for fiscal year 2011, quarterly fluctuations in that tax rate and factors that will affect that tax rate; management's forecasts for Wal-Mart's capital expenditures in fiscal year 2011 and fiscal year 2012; management's goal for return on investment being maintaining a stable return and management's expectations that Wal-Mart will continue to manage its inventory to be in line with its current business needs; although Wal-Mart will see year-over-year pressure from higher inventories in the fourth quarter of fiscal year 2011, that our Wal-Mart U.S. segment will be the price leader throughout the holidays; that inventory levels at our Wal-Mart U.S. segment will stabilize and Wal-Mart will once again generate even more cash flow; that our operations in Brazil will improve, growth in Wal-Mart's operations in China and India will accelerate, growth in Wal-Mart's Mexican operations will continue and supercentres will be added in Canada; and that the sales momentum of Wal-Mart's Sam's Club segment will continue into the fourth quarter of fiscal year 2011 and into fiscal year 2012; and the Sam's Club segment will leverage expenses in fiscal year 2012.
Those forward-looking statements also discuss management's expectations for the Wal-Mart U.S. segment relating bake centers driving the segment's sales in November and December 2010; supplier recalls in the health and wellness category remaining a headwind in the near term for the segment; a new Medicare Part D prescription drug plan driving incremental pharmacy traffic for the segment; the sales of Straight Talk by the segment in fiscal year 2011; and how the sales of that item could affect comparable store sales of the segment if the full transaction value for those sales was includable in the calculation of comparable store sales; the sales of Straight Talk and third party gift cards will ring through the Company's registers more than $2 billion for the full fiscal year; continued strong online sales in the 2010 holiday season for the segment and the factors to drive those sales; the number of new supercenters and other formats, including new units, to be opened in fiscal year 2012 by the segment; the number of the segment's stores to be remodeled in fiscal year 2012 and changes in the cost and time of those remodels; and the timing of Christmas spending in 2010.
Those forward-looking statements also address management's expectations that our Wal-Mart International segment will experience a very competitive fourth quarter in some of its markets; that such segment's sales will grow, although the segment will experience pressure on its overall gross margin; that the sales of that segment's operations in Mexico will grow by certain means; that such segment's Brazilian operations will continue to see pressure on those operations' results from the operating structure in Brazil, changes thereto and the effects of a conversion to an everyday low price approach, and regarding product offerings by that segment's ASDA subsidiary and the addition of new stores and square footage to that segment through an acquisition by ASDA and the timing for conversion of those new stores to a different format.
Those forward-looking statements also discuss management's expectations that Wal-Mart's Sam's Club segment will not continue to feel the effects of a credit card processing fee in the fourth quarter of fiscal year 2011; that such segment's small business memberships will continue to pressure net membership income in that fiscal quarter and regarding the occurrence of promotional events in the segment's units relating to the holiday season.
The forward-looking statements also discuss the anticipation and expectations of Wal-Mart and its management as to other future occurrences, objectives, goals, trends and results. All of these forward-looking statements are subject to risks, uncertainties and other factors, domestically and internationally, including general economic conditions; geopolitical events and conditions; the cost of goods; competitive pressures; levels of unemployment; levels of consumer disposable income; changes in laws and regulations; consumer credit availability; inflation; deflation; consumer spending patterns and debt levels; currency exchange rate fluctuations; trade restrictions; changes in tariff and freight rates; changes in costs of gasoline, diesel fuel, other energy, transportation, utilities, labor and health care, accident costs, casualty and other insurance costs, interest rate fluctuations, financial and capital market conditions; developments in litigation to which Wal-Mart is a party; weather conditions; damage to our facilities resulting from natural disasters; regulatory matters; and other risks.
We discuss certain of these matters more fully in our filings with the SEC, including our most recent Annual Report on Form 10-K and our most recent Quarterly Report on Form 10-Q, and the information on this call should be read in conjunction with that Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and together with all our other filings, including current reports on Form 8-K, which we have made with the SEC through the date of this call. We urge you to consider all of these risks, uncertainties and other factors carefully in evaluating the forward-looking statements we make in this call.
Because of these factors, changes in facts, assumptions not being realized or other circumstances, our actual results may differ materially from anticipated results expressed or implied in these forward-looking statements. The forward-looking statements made in this call are made on and as of the date of this call, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.
The comp store sales for our total U.S. operations and comp club sales for our Sam's Club's segment and certain other financial measures relating to our Sam's Club segment discussed on this call exclude the impact of fuel sales of, and other amounts for, our Sam's Club segment. Those measures, our return on investment, free cash flow and amounts stated on a constant currency basis as discussed in this call may be considered non-GAAP financial measures. Reconciliations of certain non-GAAP financial measures to the most directly comparable GAAP measures are available for review on the Investor Relations portion of our corporate website at www.Wal-Martstores.com/investors, or in the information included in our current report on Form 8-K that we furnished to the SEC on November 16, 2010.
In other words, "Caveat Emptor."
Which we already knew.
Jeff Matthews
I Am Not Making This Up
© 2010 NotMakingThisUp, LLC
The content contained in this blog represents only the opinions of Mr. Matthews.
Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. Also, this blog is not a solicitation of business by Mr. Matthews: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
Monday, November 29, 2010
Monday, November 22, 2010
A Very Palpable Hit
We poke fun at many companies in these virtual pages, but there is one in particular that we tend to poke fun at more often than most. It is a company that has been immensely successful in its field and in a financial sense, and has certainly added more value to the human condition than any hedge fund or virtual column such as this.
Unfortunately, that value-add has been derived mainly from a now-fading monopoly that has also imparted so much frustration on its choice-hampered customers that the poking of fun is easy.
We speak of Microsoft, whose rigid devotion to its Windows operating system has resulted over the years in such a mind-boggling array of feature-rich, user-unfriendly product families that we wouldn't be surprised to find that there exists, somewhere in a far-off Staples, several copies of "Microsoft Vista Home User Release (Version 2.1) Model-Train Enthusiast Edition™" gathering dust.
Our general contention has been this: so complete is Microsoft's reliance on its Windows monopoly that whenever it ventured outside the confines of that monopoly, it brought the same feature-rich, user-unfriendly approach to everything it touched, yielding one dud after another.
For the genesis of this Windows-obsessed, customer-indifferent mindset, we pointed no further than CEO Steve Ballmer, who famously enjoined his children from using iPods made by Apple and search engines created by Google, thereby running the company more like a Big Three car company from the 1960s rather than a technology company in the 2000s.
How else to explain "Bob" (look it up, kids), the WebTV debacle (look that one up, too), the "Kin" black hole, not to mention a tablet PC operating system that will likely be dead on arrival in a market pioneered by Apple's slick iPad and soon to be invaded by products using Google's Droid OS, which has already taken the smart-phone market by storm.
Nevertheless, the title of this virtual column is "Not Making This Up," and longtime readers know that we are more partial to facts of a case—whatever that case may be—than to the sentiment of the moment.
(Indeed, this is why we do not brook any Yahoo-Message-Board-style of crass, mindlessly lazy and grammatically incorrect comments to make their way into these pages—to the frequent astonishment of those same message-board-trained elements who cry foul when we do not publish inarticulate, sloppy, strident messages, no matter which side of the issue they come down on. We do not apologize for that: in free-market economies, bad money drives out good money; and in free discourse, sloppy commentary drowns out the helpful.)
And given the facts in this particular case, it would be a disservice to let pass without comment something that is happening under our very noses. What is happening is this: Microsoft has a hit product on its hands.
The hit product is "Kinect," the Wii-style add-on to the X-Box video game player that doesn't require physical controls.
Released around the same time as the much-hyped Windows Phone 7 for smart-phones, Kinect flew under the Windows Phone 7 radar until recently, when, in addition to the generally friendly press coverage of the thing, we began hearing distinct rumblings about the Kinect—that it had sold out in two days at a local Best Buy despite the lack of a fully-functioning demo, for example—and went to investigate.
It was a quiet weekday afternoon at a non-descript strip-mall where we came across an otherwise empty electronics store in which the three customers were a father watching his two young children, who were standing in an octagonal pen, facing a large screen, hooked up to a Kinect.
Uncertain at first, the children began participating in the soccer game playing on the screen. They learned quickly—as kids do—how to control the movements of the players with their feet and body movements. Soon the boy was playing goalie and his sister forward. They shed their overcoats and settled in, mesmerized.
A brief talk with the store manager—yes, Kinect is flying out the door; yes, the technology is fantastic; yes, it's easy to set up; yes, it's taking share from the Wii (and, in fact, some customers are trading in their Wii to buy Kinect)—prompted follow-up calls elsewhere to determine whether what we were seeing with our own eyes was being replicated elsewhere.
And it is.
Now, we do not write this column to encourage readers to think highly of Microsoft as an investment. After all, no amount of Kinect sales—whether hardware or software or both—will make more than a meaningful impact on Microsoft overall.
But facts are stubborn things, as John Adams once said. And in the Kinect, as Shakespeare once wrote, Microsoft has scored "A hit, a very palpable hit."
Jeff Matthews
I Am Not Making This Up
© 2010 NotMakingThisUp, LLC
The content contained in this blog represents only the opinions of Mr. Matthews.
Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. Also, this blog is not a solicitation of business by Mr. Matthews: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
Posted by Jeff Matthews at 8:39 AM 4 comments:
Sunday, November 14, 2010
This Just In: Tenured Professor Blasts Monopolies
The most incomprehensible treatise on business monopolies that we have read since…well, ever, appears in today's online Wall Street Journal.
The treatise appears not, however, courtesy of an English professor—as one suspects when reading the half-baked argument that appears to originate more from a deep-seated distrust of the Internet and its most successful progeny, including Google and Facebook, than from an understanding of monopolies—but, as we find at the end of the column, "a professor at Columbia Law School."
And a tenured professor at that.
For the moment we will leave aside the supreme irony that a tenured professor—i.e. a teacher who has been granted a monopoly on his or her area of expertise within a specific institution—hereby seeks to define the current leaders among the extremely competitive meritocracy otherwise known as Silicon Valley as "New Monopolists," and reprint gist of the article itself:
In the Grip of the New Monopolists
Do away with Google? Break up Facebook? We can't imagine life without them—and that's the problem
By Tim Wu
How hard would it be to go a week without Google? Or, to up the ante, without Facebook, Amazon, Skype, Twitter, Apple, eBay and Google? It wouldn't be impossible, but for even a moderate Internet user, it would be a real pain. Forgoing Google and Amazon is just inconvenient; forgoing Facebook or Twitter means giving up whole categories of activity. For most of us, avoiding the Internet's dominant firms would be a lot harder than bypassing Starbucks, Wal-Mart or other companies that dominate some corner of what was once called the real world.
The Internet has long been held up as a model for what the free market is supposed to look like—competition in its purest form. So why does it look increasingly like a Monopoly board? Most of the major sectors today are controlled by one dominant company or an oligopoly. Google "owns" search; Facebook, social networking; eBay rules auctions; Apple dominates online content delivery; Amazon, retail; and so on.
Let's start with the obvious howler—that "Google 'owns' search."
While it is undisputable that Google dominates search, Google had, at last count—as anybody with a computer and an internet connection can find—66.1% of the U.S. search market, with Microsoft, Yahoo, Ask and AOL splitting the remaining 34%.
As anybody with a computer and an internet connection can find the definition of a monopoly, and as that definition includes "Exclusive control of a commodity or service in a particular market"; "the exclusive possession or control of something"; and "the market condition that exists when there is only one seller," it is exceedingly clear to anyone with a computer and an internet connection that Google's two-thirds share of the search market does not constitute a "monopoly."
After all, nobody has to use Google to search for something online.
They can use Bing, or Yahoo!, or AOL, or Safari…. It's just that Google works better for most people in this part of the world. (In China, on the other hand, Baidu is the preferred search tool, with 73% of the searches, while Google—the "New Monopolist"—straggles behind with 25%.)
Indeed, Google does not have "exclusive control" of search any more than Facebook has "exclusive control" of social networking: the professor seems to forget that people network socially every day—via MySpace, or Google Chat, or AOL Instant Message, or Twitter.
Why, people even network socially by telephone and standing in line at the Safeway, for that matter.
How is it, again, that Facebook has a "monopoly" on our social networking?
But our tenured professor doesn't leave well enough alone and end his missive on this somewhat frightening—for a Law School professor—perspective on what constitutes a "monopoly."
He instead aims his case to at even higher level—or lower level, as the case may be—by first arguing that monopolies would be okay if they could be "somehow restricted to, say, 10 years," and then missing exactly the point of this entire exercise in brutal free-market competitiveness—i.e. that Google and Facebook and the rest are only as good as their technology platform, and that they will die when their advantages no longer attract the free choice of consumers:
We wouldn't fret over monopoly so much if it came with a term limit. If Facebook's rule over social networking were somehow restricted to, say, 10 years—or better, ended the moment the firm lost its technical superiority—the very idea of monopoly might seem almost wholesome. The problem is that dominant firms are like congressional incumbents and African dictators: They rarely give up even when they are clearly past their prime. Facing decline, they do everything possible to stay in power. And that's when the rest of us suffer.
African dictators and congressional incumbents do not get booted out of power when their "technical superiority" is lost: internet-based companies do.
Hence Amazon.com improved on eBay's sales model and prospered; Google improved on Overture's key-word bidding model and prospered; Facebook improved on MySpace's social networking model and prospered...the list is too long even for this virtual column.
Nevertheless, while this survival-of-the-fittest world is a reality that even a tenured professor should grasp, he fails to grasp it.
And since the ferocious and wide-open technological meritocracy that dominates Silicon Valley today would not back up his weird theory, Our Tenured Professor must go all the way back to the telephone system founded by Alexander Graham Bell to attempt to prove his point—which he then backs up with an only slightly-more modern example from the Hollywood movie studio system of the 1930s:
AT&T's near-absolute dominion over the telephone lasted from about 1914 until the 1984 breakup, all the while delaying the advent of lower prices and innovative technologies that new entrants would eventually bring. The Hollywood studios took effective control of American film in the 1930s, and even now, weakened versions of them remain in charge. Information monopolies can have very long half-lives.
AT&T, of course, is no comparison to Google, Facebook or anyone else cited by Our Tenured Professor: AT&T was a true monopoly because there was no way to make phone calls other than on an AT&T line.
In other words, AT&T had 100% market share.
As for the Hollywood studio analogy—well, a quick perusal of the top movies of 2010 reveals seven movie studious splitting the top ten grossing movies thus far in 2010—hardly constituting anyone being "in charge."
Thankfully, Our Tenured Professor concludes his dark, error-riddled vision with a relatively upbeat coda—albeit one that only serves to highlight the banality of his case:
The Internet is still relatively young, and we remain in the golden age of these monopolists. We can also take comfort from the fact that most of the Internet's giants profess an awareness of their awesome powers and some sense of attendant duty to the public. Perhaps if we're vigilant, we can prolong the benign phase of their rule. But let's not pretend that we live in anything but an age of monopolies.
Indeed, the internet is young. Facebook was founded all of six years ago. Google, 12 years ago.
Oh, and the dominant—one might say, monopolistic—search methodology (it was not precisely a search engine in those days) the year Google was founded happened to be Yahoo!
And as of September of 2010, Yahoo!'s "monopoly" had shrunk to 16.7% thanks to nothing so enlightened as a benevolent government or "sense of attendant duty to the public."
Yahoo!'s decline was, in fact, due to fierce, ferocious, free competition in which one group of human beings dreamed up, built, executed and perfected a meaningfully better mousetrap that appealed to other human beings.
That is something tenured professors, who have jobs for life and no accountability to any bottom line, don't seem to grasp.
Jeff Matthews
I Am Not Making This Up
© 2010 NotMakingThisUp, LLC
The content contained in this blog represents only the opinions of Mr. Matthews.
Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. Also, this blog is not a solicitation of business by Mr. Matthews: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
Posted by Jeff Matthews at 10:02 AM 4 comments:
Wednesday, November 10, 2010
Don't Tell Ben
Google to Give Staff 10% Raise
—Wall Street Journal, November 10, 2010
That is the headline and this is the story, which we are not making up:
Moving to plug the defection of staff to competitors, Google Inc. is giving a 10% raise to all of its 23,000 employees, according to people familiar with the matter.
The raise, which will be given to executives and staff across the globe, is effective in January.
According to the Journal, there is a competition for talent in Silicon Valley that is forcing Google's hand:
Chief Executive Eric Schmidt disclosed the raise in an email to employees, saying the company wants to lift morale. "We want to make sure that you feel rewarded for your hard work," Mr. Schmidt wrote. "We want to continue to attract the best people to Google."
Mr. Schmidt has apparently not been reading the same, backward-looking economic statistics that recently prompted Fed Chairman Ben Bernanke to announce a second round of quantitative easing, by which he intends to buy Treasury notes yielding less than one-tenth the raise now being showered on Google's rather hefty employee base of 23,000 souls.
What with Kellogg's recent price increase on 40% of its U.S. product lines and a host of positive earnings announcement from railroad companies to watch makers, not to mention Google's voluntary increase in employee compensation at 5x the backward-looking CPI, one might deduce that the outlook for employment is a tad better than Bernanke believes it to be.
And that buying Treasuries at all-time low yields will go down as folly.
But, as is usually the case with officials living in Washington DC, it may be best not to confuse him with the facts. This is, after all, the same Fed Chairman who said—as late as March 2007—the subprime housing crisis was "likely to be contained"....
Jeff Matthews
I Am Not Making This Up
© 2010 NotMakingThisUp, LLC
The content contained in this blog represents only the opinions of Mr. Matthews.
Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. Also, this blog is not a solicitation of business by Mr. Matthews: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
Posted by Jeff Matthews at 8:41 AM 12 comments:
Monday, November 01, 2010
An Open Letter to Ben Bernanke
Dear Mr. Bernanke,
Ours is not an economics column, nor do we profess to grasp the mechanics of how it is, exactly, that you do what you do.
Indeed, the truth is, Macroeconomics was, for us, a snooze-fest—and a fairly literal one at that.
Our impression of the dismal science from those, er, hazy days from 30 years ago, if you get our drift, includes mainly random lines on charts—red lines and green lines and blue lines—and equations of the "GDP = C+ I + G" type, which as best we can recall means Gross Domestic Product equals Consumption plus Ingestion plus Gastronomy, or something.
Nonetheless, while we admit to not being schooled enough to grasp the finer points of your job as Fed Chairman, we do have a strong opinion about your persistence in bemoaning the state of the current unemployment rate, as well as your determination to plow ahead with the purchase of billions of dollars of Federal debt at negligible interest rates in order to, somehow, cure that high unemployment rate.
Our opinion is that your plan it is doomed to look foolish thanks to an impending rise in employment, and corresponding drop in unemployment, that we think will happen even without you buying a single government bond.
How, you may ask, do we dare argue given our own lack of schooling in your own chosen field?
Well, we listen to a lot of earnings calls with companies that do business all over the world. And we think if you bothered to do the same, it would change your mind about the inevitable persistence of that "stubbornly high unemployment rate," to quote the well-worn phrase.
The conference calls we speak of comprise the earnings calls that publicly-listed companies routinely hold on a quarterly basis with investors to review the previous three months' worth of their business activities.
They are free of charge—your minions can find them archived on corporate websites—and only take an hour or so apiece.
If, however, you're in a hurry and don't have an hour to spare, you can fast forward past the usual CEO patter about "executing our strategic plan" and the frequently mind-numbing financial report from the CFO, and get right to the Q&A.
And if you did this, you would hear a few things you are not seeing in the muted employment numbers that seem to have your kickers in a proverbial twist.
For example, you would hear the CEO of one of the world's largest outplacement firms, Manpower, say:
As I've stated before, as early as a year ago, we believed that the, slow but steady, demand for our clients' goods and services, coupled with uncertainty and a will to change the flexibility of their workforce, is creating sustainable positive secular trends for us. The growth we experienced in September, and to date in October, is also very important. As we stated in the past, the ability to see growth after the August break in Europe and the Labor Day break in the US was an extremely important indicator for us, for the health for the rest of the year.
For the most part, we picked up where we left off, with growth rates across all geographies quite strong.
And the CEO of the world's largest private equity firm, Blackstone Group:
Our current portfolio is benefiting from the recovery. It's been underway in commercial real estate. We feel very good about the $15 billion of investments we made during the 2004 to 2008 period, which are now valued above cost including realized proceeds.
Our office markets have generally stabilized. And certain markets such as New York and London are seeing improvements in both leasing activity and asking rents.
New supply remains extremely limited with construction starts 80% below historical averages. In hospitality, RevPAR has been positive for six straight months, benefiting from both improving occupancy and more recently, higher room rates.
Indeed, you'd also hear the CEO of the world's largest advertising group, WPP PLC, say:
So just in terms of summary of the regional growth, United States was the first to recover, and it has had five quarters of improving like-for-like revenues, with 9.7% in quarter three, more like an emerging market status.
Western Continental Europe is our second-largest region, with significant improvement in like-for-like growth, with quarter three up 4.7%. The UK and Asia Pacific, Latin America, Africa and the Middle East and Central and Eastern Europe were both up well over 7% on a like-for-like basis in the quarter.
And in Asia Pacific, Mainland China and India lead the region with like-for-like revenue growth of over 22% and 15%, respectively. Australia has recovered with like-for-like growth of almost 7%. And Japan was up in this quarter, as it was in quarter two. So we've had two quarters of growth from our Japanese business.
And the Chairman of a little railroad called Union Pacific:
As for the third quarter we are reporting record results….our most profitable quarter ever. Similar to last quarter, we achieved volume growth across each of our six business teams. Total third quarter car loadings were up about 14% to more than 2.3 million. That's our highest level in two years but still 9% below our peak in 2007.
Yes, it is a fact that business at the UP is still below peak levels, as is US employment. But things do not seem to be slowing down there, as the company's head of marketing made clear:
Let me give you a quick overview of some the specific growth drivers that we expect to see in the fourth quarter. Our industrial products business look to have the most upside with the best opportunities in markets that are benefiting from improved product production, increasing drilling activity and hazardous waste disposal. International and domestic intermodal segments will continue to drive growth with some indication that the international peak may be slightly longer than we thought. Fall demand for fertilizer is expected to be stronger than last year and petroleum should post gains with crude -- growth of crude oil shipments to St. James and increased residual fuel oil moves.
Also looks like industrial chemicals and soda ash will hold their current run rates and that will close the rate stronger than a year ago. Increased electrical demand and expectation of inventory replenishment following a hot summer are expected to keep our coal trains moving and while feed grain exports will likely not be able to match last year's near record levels, wheat exports should supply a nice boost to our ag products business as we close the year and move into next.
Finally we expect our automotive run rate to hold -- our automotive run rate to hold steady but sales forecast to stay in the mid-$11 million range through the end of the year with production slightly ahead of the fourth quarter of last year. That's how we see the quarter shaping up…
Exactly how, Mr. Bernanke, do you expect to do push the Union Pacific to higher heights than it is achieving without your bond purchases?
Now, the good times are not limited to the western side of the country, from which the UP hails: its eastern counterpart, the Norfolk Southern, is also seeing good things in the heartland:
Volumes in the third quarter improved 15% year-over-year and 2% sequentially from the second quarter. We also posted 52-week highs in several commodity groups …. Against this strengthening economic back drop, we continue to improve productivity as we safely handled increasing traffic levels. As compared to the 15% volume increase, crew starts were up only 8% and total employment up a modest 2%.
We know what you're thinking. You're thinking: 'See! There's the problem! Employment at Norfolk Southern has not risen in line with revenues.'
But, again, we wonder, how exactly would your bond purchases make the good times any better than they are?
If two railroads that cover most of the United States can't convince you that fundamental business conditions are quite decent, let's look at one of the nation's largest industrial distributors—W.W. Grainger:
All segments were up versus the prior year quarter. Specifically, reseller was up in the high 30s related to the Gulf of Mexico oil spill cleanup. Heavy manufacturing was up in the low 20s. Light manufacturing was up in the low double digits. Retail was up in the high single digits. Commercial was up in the mid-single digits. Government and contractor were up in the low single digits.
Not a weak spot in the joint.
Still, after listening to the repeated use of the term "up," you may well wonder why, then, companies have been so slow to hire.
Caterpillar, the heavy equipment maker, sheds some light on that very question:
….we are seeing growth in the developed countries of North America and Europe, albeit off depressed levels from 2009. With weak economic recoveries in the US and Europe and with depressed construction activity, I know it is tough to understand why sales of Cat machines are up so much. And new machine sales in the United States are a good example that illustrates the point.
Here is what is happening - First, sales to users peaked in 2006, then declined in 2007, declined again in 2008 and then declined even more significantly in 2009. From the peak quarter in 2006 to the bottom in late 2009, dealer machine sales to end users in the US declined nearly 80%.
That's right: Caterpillar equipment sales to end customers were off 80% from their peak at the apocalyptic bottom.
Is it any wonder that hiring has not come back as quickly as in years past? Wouldn't you be a little gun-shy about adding FTEs until you were convinced things were trending in the right direction?
Here's how advertising giant WPP PLC described the downdraft during the crisis, and the slow rebound in hiring:
On the other side, taking the headcount down by 12% in 2009 was very severe, and there had to be some bounce-back from what we had done. I think people responded to the challenge very well, but there probably -- there was too much tightness, if that is the right word, in the system. So it had to be -- we had to invest a bit more, particularly when we started to see revenue growth, not so much in the first quarter, but we saw a five-point shift in the second quarter, and we've seen another three-point shift upwards in the third quarter.
And it is not only advertising agencies and equipment makers that are hiring—the Union Pacific is hiring, too:
In terms of employees we have 1100 on furlough while recall rates have averaged better than 80% this year, the current furlough pool has been out of work since late 2008. So we expect only about half of these to return to service. Because of this we were ramping up our hiring efforts systemwide for 2011.
So is Norfolk Southern:
Turning to the next slide, train and engine employment increased by 501, or 4.8%, in the third quarter as we continue to strategically hire to support traffic growth where we had let attrition decrease in employee counts in 2008 and 2009. As I stated last quarter, all T&E employees have been returned from furlough status. To date we have authorized the hiring of 1,550 conductor trainees with the first of those trainees now starting to come off training program ready for placement.
And Manpower as well, albeit slowly:
We're continuing to see the benefits of strong momentum, as we moved into the third quarter. Across all areas our infrastructure is intact and we are quickly filling in the capacity. As you would suspect, not all areas are filling in at the same pace. So, even with excess capacity, we had to increase our staff in areas, adding just over 600 people in the third quarter.
Now, with all this business going around, you'd think hotels would be seeing more business—and they are. Here's the CEO of Marriott International:
The business traveler is back. We're excited to see demand so strong in so many places with prices moving up. But we know what you want to know, essentially where do we go from here? According to the National Bureau of Economic Research, the recession officially ended in June 2009.
Notwithstanding that, many seemed to wonder whether the economic recovery has any strength and about the risk of a double dip. Let's be clear. There is nothing in our business which indicates that sort of weakness. Both business transient and leisure travel remain strong.
If travel is strong, airlines must be better—and here's how Delta described things:
Turning to revenue, our revenue for the quarter was $9 billion, up $1.4 billion, or 18%, on a year-over-year basis against a 2% increase in capacity. Our consolidated passenger unit revenues increased over 16% year-over-year, driven by a higher corporate revenue and international mix. Corporate revenue was up 35% year-over-year, driven largely by a 27% increase in corporate volumes. Our domestic unit revenues increased 10% over the prior year on a two point increase in capacity. Our domestic yields were up 12%.
Turning to international markets, we are seeing continuing strength with unit revenues up 29% year-over-year, with both yields and load factors showing significant improvement. The Transatlantic business is above its 2007 run rates, with unit revenues up 25% year-over-year on a one point increase in capacity. Our Pacific routes have performed very well and we're seeing especially strong results in the beach markets, particularly between Japan and Hawaii. Our overall Pacific unit revenues have increased 45% year-over-year on a six point growth in capacity. Our Latin unit revenue increased 16% on an 8% increase in capacity. South America's performing well driven by the recovery of business traffic.
What is it, exactly, Ben, that are you so panicked about?
If it's deflation, well, outside of the housing market, you won't hear about that. Here's what the Union Pacific had to say about your deflation:
As we close out the year, we continue to feel very positive about our future pricing opportunities and are committed to achieving real pricing gains that will drive higher returns. Let's discuss the expense details starting with compensation and benefits at $1.1 billion in the third quarter, a 9% increase versus last year. Roughly half of the higher year-over-year expense relates to wage and benefit inflation. We also seeing higher costs as train starts increase generating more starts per employee as well as paying more for overtime and training expenses. In addition, equity and incentive compensation was a little higher year-over-year driving about 10% of the increase. Offsetting a portion of these higher costs is our strong employee productivity…
In fact, the UP is starting to see exactly what you'd expect to see at this point in the cycle: upward wage pressure as existing employees work overtime:
We had a lot of overtime. We have been pushing the overtime curve here in terms of absorbing some of the volume. That's out of here. Our health care costs have jumped up pretty substantially here in third quarter. You look out to the future. Our inflation number that we look at is in that 3.5% to 4% range. That's what you have to think about.
Norfolk Southern is seeing higher labor costs:
Slide five reflects the components of the 14% increase in compensation and benefits. First volume related payroll increased $34 million including $18 million for train and engine employees. Second, medical benefits increased $20 million largely related to higher agreement employee health and welfare premiums coupled with increased retiree medical costs. Third, incentive compensation was up $13 million due primarily to stronger financial results. Pension expenses were $8 million higher and payroll taxes increased $7 million. Finally, increased agreement wage rates and other compensation expenses were offset by lower stock based compensation which reflected last year's strong improvement in performance metrics.
And so is Caterpillar:
Before I move on to the full-year outlook, I would like to cover employee incentive compensation in just a little more depth. As you may be aware, a portion of the compensation for management support and some of our hourly employees is at risk and it varies based on the financial performance of the Company. Given the economic environment in 2009, the profit target related to our short-term incentive plan was aggressive and it did not trigger.
Financial performance in 2010 has been much better and based on the newly-revised and higher profit outlook for 2010, we expect incentive compensation to be higher. Our practice is to accrue the expense as we go through the year based on our full-year expectations. That means when we change the outlook, we have a year-to-date catch-up in the provision. And that happened this quarter.
The outlook we provided with our second-quarter release included $600 million in incentive compensation. $300 million of that was in the first half and we had an expectation of about $150 million in each of the third and fourth quarters.
And so is Marriott:
Our corporate G&A spending increased 4% in the third quarter, reflecting higher incentive compensation. There isn't much more to cut but we continue to look for ways of doing things more efficiently.
In fact, we're hearing more about inflation than deflation. Here's what Marriott said:
The recovery is here and we're doing things differently. First, we're reducing discounting and improving our mix. For example, in the third quarter the Marriott Hotels and Resorts brand reduced the availability of rooms at discount and transient rates such as packages, wholesale, government and other similar programs. While we reduced these room nights by 16% in the quarter, they were more than replaced by a 16% increase in corporate and special corporate guests paying $57 more on average than the discounted business. We expect to continue to improve our mix in 2011. And we're raising room rates.
Even in the capital markets, inflation is back. Here's how serial-acquirer WPP PLC put it when discussing acquisition targets:
But I think pricing is an issue. There is a lot of aggressive dealmaking. Investment banking advisers and brokers are being very aggressive on process, and that's a little bit disturbing. It would make the Guy Hands' Citibank-EMI process look relatively pedestrian.
"Disturbing" indeed—especially when a certain Fed Chairman wants to buy half a trillion in Treasury paper at all-time high prices.
Now, we are well aware that you may perceive that the quotes above have merely been selected to prove a point, and thus are likely to view them with suspicion, especially since they do not seem to gibe with months-old economics statistics.
So we wondered if there was a way to somehow put numbers on what we heard.
After minutes of tinkering with our Bloomberg, we came up with the following statistical summary of this conference call season that might help put a less subjective face on the previous body of evidence: it is the first ever NotMakingThisUp Conference Call Survey.
The results of this survey, we think, are illuminating.
For example, in the previous nine weeks (the heart of third quarter earnings season), the phrase "Very weak" appeared in 91 earnings calls—a 29% decline from last year, when the phrase appeared during 150 earnings calls.
Furthermore, the phrase "Very strong growth" appeared in 132 calls this year compared to 112 last year—an 18% increase.
As far as your concern about deflation goes, well, the term "deflation" was used in 61 calls this year, compared to 101 calls last year—a 40% drop.
Meanwhile, "inflation" was spoken of on 399 conference calls, compared to 385 last year—a modest and perhaps statistically insignificant gain of nearly 4%, but more than six-times the number in which "deflation" reared its ugly head.
Encouragingly, too, the use of "layoffs" collapsed, from 78 last year to 48 this year—a 38.5% drop.
Finally, we note with absolutely no surprise that the use of the phrase "executing our strategic plan" did not materially change this year versus last. If you read "My Dog Charles, Executing His Yadda-Yadda"
you would know there is always a bull market in, well, bull.
And so, Mr. Bernanke, we here at NotMakingThisUp sincerely hope you skip today's reading of statistical reports at your quiet lunch in some nuclear-attack-protected bunker deep within the bowels of Washington, and get out and listen to real people discuss real business, before you go and "execute your strategic plan" of buying half a trillion in Treasuries to somehow make employment start to go up at the very moment it looks like it may well start to be moving that way anyhow.
If, however, in the course doing so, you become nauseous at the recurring use of the phrase "executing our strategic plan" by America's CEOs, well, don't say we didn't warn you.
Jeff Matthews
I Am Not Making This Up
© 2010 NotMakingThisUp, LLC
The content contained in this blog represents only the opinions of Mr. Matthews.
Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes investment advice, and should never be relied on in making an investment decision, ever. Also, this blog is not a solicitation of business by Mr. Matthews: all inquiries will be ignored. The content herein is intended solely for the entertainment of the reader, and the author.
Posted by Jeff Matthews at 9:11 AM 24 comments:
Subscribe to: Posts (Atom)


text:
Topical for this time of year (in the northern hemisphere at least), abscission referes to the rejection of plant organs, such as leaves in the autumn.
This occurs at an abscission zone, where hydrolytic enzymes reduce cell adhension. The process can be promoted by abscisic acid and inhibited by respiratory poisons, and is controlled in nature by the proportions and gradients of auxin and ethylene. Other hormones may be involved.
Abscisic acid is a terpenoid compound that is one of the five major plant horones. Althought it is synthesised in the chloroplasts, it occurs throughout the plant body and is particularly concentrated in the leaves, fruits and seeds.
It has a powerful grown inhibiting properties generally and also promotes leaf abscission and the senescence of plants and/or their organs, and induces the closing of the stomata and dormancy in seeds and buds.
Its effect is antagonistic to the plant growth hormones, and it is thought to act by inhibiting the synthesis of protein and nucleic acids.
Source: Oxford Dictionary of Plant Sciences
Filed under: twiglet | Tagged: abscisic acid, abscission, autumn, biology, blog, hormones, leave loss, plant growth, plant growth inhibition, take cover, trees, twigelt |


text:
Posted January 19, 2014
Doc Popcorn's Sinfully Cinnamon flavor is featured in a National Popcorn Day segment.
What's better than Fortnite? Better Butter popcorn.
Sep 10
Need your popcorn fix? @docpopcorn has your back.
Sep 7
Want to #win a FREE tin delicious Doc Popcorn? Click the link to guess how many kernels fit into our teeny tin! https://t.co/dRxYUX7BoS
Aug 20
No use crying over spilled popcorn! Running low? Check out our website to order more today! http://qoo.ly/rfu49
Aug 17
Land of the Free because of the brave. Happy Memorial Day weekend.
May 26
Greenwood Park Mall in Indiana is open and popping, just in time for the long weekend and backyard barbecues!
May 23
We love serving lots of smiles on the weekends at our PopShops #yayfriday
May 19
Time is running out to taste why our Limited Batch Flavor is all the rage!
May 16
Shower Mom with Kisses, Hugs and Doc Popcorn #MothersDay2017 #SuperMom #HappyMothersDay
May 10
Spice up your cinco de mayo celebration with hoppin ' jalapeño. Very Tasty!
May 5
This week we honor our POPrietors--the small business owners that collectively bring Doc Popcorn, jobs and smiles to their local communities
May 2
Help save the Earth on Earth Day and ask your local Doc Popcorn about our Tin Refill Program #earthday
Apr 21
Buy us some peanuts and Doc Popcorn! #openingday #baseballseason2017
Apr 7
We got our Bliss on today with Doc Popcorn's Caramel Bliss and Caramel Kettle fresh popped flavors #nationalcaramelpopcornday #sweettooth
Apr 7
If you need a reason to indulge, we have a great one for you #nationalcaramelpopcornday
Apr 6
#FranchiseNews: Doc Popcorn Pops Into Spring With New Limited Time Ragin' Ranch Flavor! https://t.co/MLMotrJJWm @docpopcorn #ranchpopcorn
Apr 4
Taste the zing in our tangy new limited batch flavor Ragin' Ranch -- it will put just the right amount of spring in your step!
Mar 30
.@docpopcorn pulls into Twin Cities: https://t.co/S8z5ru8VPD
Mar 21
Doc Popcorn is a slam dunk munchie #marchmadness #ilovebasketball #FinalFour
Mar 16
Our Fresh Popped Flavors are as fresh as the farm!
Mar 25
Hop into Spring with Doc Popcorn!
Mar 20
Fill up your Doc Popcorn tins and get ready for the Madness #MarchMadness #FinalFour
Mar 16
Top o' the Monday Mornin' to ya! No rainbows needed to find this pot of gold.
Mar 5
Doc Popcorn: What better companion than the BEST popcorn at your side #Oscars #AcademyAwards
Feb 22
Try your movie knowledge with this Oscar Pop Quiz featuring @docpopcorn on http://tinyurl.com/gr7coyw #GMA #Oscars2017
Feb 25
Award yourself with the Oscar for best snacking #AcademyAwards
Feb 16
Can we pop a corny question? Will you be our valentine?
Feb 14
Need some munchies worthy of the Big Game! We got you covered.
Feb 3
Punxsutawney Phil has made the call
Feb 2
February is National Snacking Month! Enjoy the weekend calm and snack on!
Feb 1
Southland Center is open and popping! Stop in and sample any of our fresh popped flavors #ShopSouthlandCenter
Jan 24
In our opinion, #nationalpopcornday is the BEST holiday of the year!
Jan 12
Ten day countdown to our favorite day of the year.
Jan 9
Bring the New Year in with a POP!
Dec 31
Be the guest that pops by with what we think is the best hostess gift to start the New Year right #newYearParty #NYEParty #popcorn
Dec 29
Kettle, our "Elf in a Tin" is so December 25! Make way for Mench on a Tin! Happy Hanukkah.
Dec 26
Santa is stocked up on Doc Popcorn--he won't go hungry on his long journey.
Dec 20
Throwback Thursday, Happy Holidays 2006! #tbt
Dec 15
Our Elf, Kettle, really gets into his tin.
Dec 9
Rio Grande Valley Premium Outlets is open and popping--just in time for the holidays. Pop in and ask for a free sample!
Nov 30
As you hit the holiday shopping trail this weekend, remember to support local shops. Our locations are individually owned and operated!
Nov 25
The time is right to Gobble Up some Doc Popcorn for your holiday feast.
Nov 23
Shop and snack local this weekend. Our individually owned and operated locations can't wait to make you smile #SmallBusinessSaturday
Nov 25
Our new limited time flavor, Cookies 'n' Cream is this season's most perfect indulgent treat #Oreo #snacks #popcorn #halloween
Nov 11
Show your smile and pop some Doc Popcorn! #docpopcorn
Oct 19


text:
Millo GM Drum Kit
This is a tiny (2.3 MB) acoustic drum kit built using samples from Hydrogen's Millo MultiLayer3 drum kit. The GIG contain both the complete kit and individual drums as instruments mapped according to the General MIDI Drum Map. The complete kit is properly panned while the individual drums are intended to be loaded into sample channels and mixed in your DAW.
N.B.: I find the hihat to be a bit wonky, especially the open hihat. For a proper free kit see G&S Custom Works (which you have to map yourself since I can't legally distribute my GIGs of it).


text:
A multi-award winning Estate Agency is currently looking to grow their team and recruit the best Sales Negotiators that are in the market at the moment. As a market leader and trend setter, this company can offer a shorter commute for most employees due to their 67 offices within the M25. As well as this, they pride themselves on their industry recognised training and development, their social atmosphere and their drive to succeed.
With a commission scheme like no other, this company is structured in a way that makes sure it's employees are rewarded for their hard work and dedication. To say that in your first year you could be earning in excess of £65k is very achievable for the right candidate.
To apply for this position, you must have:
- At least 1 years' experience as a Sales Negotiator
- A proven track record of exceeding targets
- A full, UK driving license
- The ability to work under pressure and prioritise tasks
In return, your package would include:
- A basic salary of up to £22k
- A realistic OTE of £65k
- A company car
- Iphone 7


text:
Carlos Zambrano apologized for telling the truth.
Carlos Marmol said everything's fine.
Yes. Well. Except for the obvious fact that the Cubs still play like a Triple-A team and still are embarrassing. So Cub.
Zambrano went off on the Cubs on Sunday after their sixth straight loss and second straight sweep. You know the deal by now. "Triple-A.'' "Embarrassing.'' "We stink.''
And you could've guessed how Monday's game in Cincinnati would turned out. The Cubs made a winner of those people who had 8-2 in the Flatlined/Braindead Pool.
Truth is, it's embarrassing when "embarrassing'' isn't embarrassing enough to describe the Cubs.
The response to Zambrano's outburst was, well, there was no response. I expected something from an alleged authority figure because that's the way Cubs management usually deals with truth.
But no. Nothing.
The Fanboy Owner had nothing to say, perhaps still stinging from last week's stupid utterance that injuries are the only reason his team has one of the worst records in baseball.
The general manager offered no comment because he was busy drafting the next big prospect that his organization will fail to develop.
The manager said he met with Zambrano, and that was that. No punishment, no fine, no nothing.
And speaking of nothing, that's what the Cubs provided on the field.
And that's that's the killer. That's the biggest embarrassment. The joke's on the players, but they don't seem to know or don't seem to care.
The Cubs took a 1-0 lead in the top of the first against the Reds, and then proceeded to get waxed by a team that had lost 7 of its last 11. The $6 million starter who was traded for three prospects came off the disabled list to allow four earned runs in four innings. The $10 million wide receiver/bad reliever allowed three runs in two innings. The heart of the Cubs' order went 2-for-9 and left six runners on base.
No, wait, that's a misnomer. The Cubs don't have a heart of the order. The Cubs don't have a heart, period.
Latest Sports
That's what it looks like from here. I mean, this is the second time these players have been ripped for playing horrible baseball, and this is the second time they have rolled over and died on the field the next day. Can't get much more gutless than that.
For what it's worth, both shameful responses came in Cincinnati. After the Cubs dumped a 7-4 game to the Reds, manager Mike Quade called a team meeting and charred his players. The next day, his players clowned the new version of Bruce Kimm in a 7-5 loss.
Three weeks later, the Cubs players were called out, but instead of showing pride or refuting the insults by taking action on the field, they validated the criticism. Zambrano went off, and his teammates went into a coma.
Please rise for a moment of silence to mark the passing of the Cubs' self-respect.


text:
PCI-5153 Oscilloscope
National Instruments - PCI Oscilloscopes
Oscilloscope Devices are flexible, softwareېdefined instruments that are versatile enough for both timeې and frequencyېdomain measurements and are offered in industry-standard form factors like PCI and USB. They feature up to eight channels that can sample at speeds up to 2 GS/s. The devices also feature numerous triggering modes, deep onboard memory, and driver software API that includes data streaming and analysis functions.
- Bandwidth: 500 MHz
- Analog Channels: 2
- Max Sample Rate: 2 GS/s
- Max Memory Depth: 512 Mpts
- Operating System: Windows
- Form Factor: Module


text:
Obama Urges Congress to Pass Immigration Reform
(WASHINGTON) -- As the Senate is poised to make a key vote on an immigration compromise Monday, President Obama pressed Congress Saturday to pass immigration reform.
"The United States Senate is debating a bipartisan, commonsense bill that would be an important step toward fixing our broken immigration system," Obama said in his weekly address Saturday. "The bill isn't perfect. It's a compromise. Nobody is going to get everything they want – not Democrats, not Republicans, not me. But it's consistent with the principles that I and others have laid out for commonsense reform."
The president said the bill would lead to "stronger enforcement. A smarter legal immigration system. A pathway to earned citizenship. A more vibrant, growing economy that's fairer on the middle class. And a more stable fiscal future for our kids."
"We can do this, because we are a nation of laws and a nation of immigrants; a place enriched by the contributions of people from all over the world, and stronger for it. That's been the story of America from the start. Let's keep it going," he said.
On Friday, a bipartisan immigration amendment on border security was filed in the Senate, setting up a major vote on immigration reform for Monday to determine whether they should proceed with the full bill.
The amendment enhances the border security provisions in the bi-partisan Gang of Eight plan by doubling the number of border patrol agents from its current size of 21,000 to 40,000 officers as well as completing a 700 mile fence along the U.S.-Mexico border.
The compromise, which was sponsored by two Republican senators – Bob Corker of Tenn. And John Hoeven of N.D. – could help solidify the votes needed for the plan to pass the Senate.
Senate Majority Leader Harry Reid hopes to pass the bill before the July 4 recess, but the plan has an uncertain fate in the House of Representatives as many members are calling for stricter border security measures. House Speaker John Boehner said earlier this week that he would not take an immigration bill to the House floor unless it has support from a majority of House Republicans.
Copyright 2013 ABC News Radio


text:
January 14, 2013
Visitors enjoy a chocolate fountain from Capitol Chocolate Fountains at last year's McLean Chocolate Festival. This year's festival will be Sunday, Jan. 27 at McLean High School.
Stories this photo appears in:
McLean Chocolate Festival Returns
New venue allows for more attendance, vendors.
The McLean Rotary Club will welcome chocolate lovers from all over Sunday, Jan. 27 at McLean High School for the second annual McLean Chocolate Festival.
Use the comment form below to begin a discussion about this content.


text:
7218 Madison St
Forest Park, IL 60130
Experience our inventive cuisine, attentive service, and a friendly atmosphere; come see what makes us one of the most popular restaurants in town.
Be sure to check out our incredible bar and food packages including our limited time only holiday package.
Formerly Duckfat Tavern & Grill. We are the same great place with a new name!
Our microbrews change daily... and sometimes hourly!
Check out our entire selection at beermenus.com