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December 28, 2011 By: azrienoch
Today, Peter Chou makes good on his word to no longer lock the bootloaders on HTC Android phones. Just in time for those New Year's Resolutions.
XDA Junior Member nightwings noticed, when trying out HTCDev's bootloader unlocking tool on his HTC Rezound, his bootloader was successfully unlocked. Similar reports came in on the HTC Vivid forum, even though neither were named on HTCDev.com's list of supported devices.
And it's bigger than just the HTC Rezound and Vivid. I just tried out the tool on the HTC Rhyme. I asked RussellHolly to try it on his HTC Thunderbolt. We now both have unlocked bootloaders. With the backing of an unnamed source at HTC, I feel comfortable going out on a limb to say at least every device released after HTCDev launched is now supported by their bootloader unlocking tool. Scratch that, HTCDev just posted this:
All HTC Android devices launched after September 2011 are unlockable. The website will be updated accordingly to reflect this in the coming weeks. We continue to work on models launched prior to September 2011, please check back often for the status of older devices.
For now, head over to HTCDev to unlock your device. If you find that your device doesn't unlock, let us know so we can get a clear picture of how far the unlocking goes.
Congratulations to all persistent consumers who knew what they wanted. And congratulations to HTC and HTCDev for making it happen. We know it wasn't easy.
December 28, 2011 By: Former Writer
A little boot-looping on your brand new HTC Rezound got you down? Well, it's time to turn that frown upside down because there's now a fix for it.
XDA Senior Member jayochs has released a how-to on getting the boot loops stopped without requiring a factory reset. Initially, no one knew what caused the boot loops but after some digging, it was found out that it was network-related. jayoch says:
*#*#4636#*#* Under phone info you will find that the network is factory set to WCDMA Preferred… I guess the SIM card decides sometime along the way that it doesn't like that much… Setting the network to CDMA EVDO/LTE – Auto completely corrects the problem
Oh those silly SIM cards, when will they learn? If you're having some HTC Rezound boot-looping woes and need some help fixing it, you can find a complete set of instructions, explanations and even a nifty little Android app that will get you to the phone menu without needing to type codes into the phone dialer right here in the original thread . If the fix happens not to work, there's a plethora of other methods in the user comments to try out as well. There's more than one way to skin a cat, the old saying goes.
December 14, 2011 By: mic_888
Owners of the HTC Rezound who want to clean up the bloat on their Android devices should check out CleanTOOL – a script written by XDA Recognised Developer scrosler. The script uses temp root to disable most bloat and the bloat will not come back on reboot. Note that the bloat will come back upon hard reset.
Of course, since not all the bloat that the script removes may be considered bloatware by everyone, the dev has helpfully detailed how to modify the script to not remove some of the apps.
For a full list of bloat removed, and instructions on how to modify the script, head on over to the application thread where you can download CleanTOOL.
November 22, 2011 By: Sam Caplat
I wrote an article two days ago slating HTCdev and their tardiness in GPL compliance. I was harsh and unforgiving, and quite right too. We're not here to play devil's advocate or apologise on their behalf. The article listed phones the kernel source code hadn't been published for. Some devices remain unpublished, but a small collection have been published today, including the Rezound, Amaze, Explorer, and Desire S.
Well done, HTC, hopefully we'll see full GPL compliance soon. Please visit www.htcdev.com to download your required resources.
November 10, 2011 By: egzthunder1
This one is more directed to devs and cooks out there than anyone else. It seems that XDA member xboxexpert has been able to fully identify the mount points in the memory map for the HTC Rezound. Basically, what this does is to let a kitchen or a rom builder know where everything is located and how much space is available to flash something. Every piece of memory inside of the device has a specific location and knowing which location this is basically enables you to flash a rom in the correct partition, a kernel in the correct partition, etc.
The dev, due to not having a device with him at this point, was unable to provide the sizes for each part of the map. However, we are certain that once this device becomes more available to people, all the missing gaps will be filled in. If you are using a kitchen like XDA Senior Moderator's dsixda, you will need to update the script manually with the values provided. XDA Recognized Developer JoelZ9614 does this in a post in the second page of the thread.
So, what are you waiting for? If you were simply waiting for this to start cooking, get to it!
$ mount
rootfs / rootfs ro,relatime 0 0
tmpfs /dev tmpfs rw,relatime,mode=755 0 0
devpts /dev/pts devpts rw,relatime,mode=600 0 0
proc /proc proc rw,relatime 0 0
You can find more information in the original thread.
Want something published in the Portal? Contact any News Writer.
November 9, 2011 By: egzthunder1
It looks like full steam ahead was given the moment the HTC Rezound got a home here on xda. Things could not be more active at this point. Several devs have already gotten down and dirty working on getting this device ready for the masses by the time they get it. For instance, XDA member drellisdee just released a Recovery Image for this device that is completely based upon the immensely successful AmonRa recovery, which was available for devices such as the EVO 4G and others. Going into this, you will be able to do all the things that you love and are used to such as flash, back up and restore, messing with partitions either in ext3 or ext4 format, and much more.
The installation of this must be done via fastboot due to this device currently being unlockable via HTCDev only. Because of this, the boot partition is locked and must have the boot.img flashed via this method. The Revolutionary team is rumored to be working on making this device compatible with their unlocking app (although these are just rumors), but for the time being, the only available way is via HTC's service. Please share your experiences with this new Recovery if you managed to get it installed.
Recovery Features:
ADB as root user
USB-MS Toggle :mounts sdcard or internal_sd as mass storage
You can find more information in the original thread.
Want something published in the Portal? Contact any News Writer.
November 9, 2011 By: egzthunder1
As we said last time, we are getting closer to the all mighty holiday (shopping) season and because of that we will likely see a flurry of new devices coming at us from all different directions. Several manufacturers started this game a tad early, HTC and Samsung to be more precise. However, there are a few odd manufacturers who will release new devices in order to stay competitive, even if you don't expect them to. Barnes & Noble is one such company. They just released a brand new device into their already famous Nook family of devices. This time, the Nook Color received a big brother dubbed as the Nook Tablet, which boasts a dual core 1 GHz processor, 1 GB of RAM, 16 GB of on board storage, and a low glare, quasi-180º viewing angle screen capable of 1080 playback. This neat piece of technology is aimed to be a direct competitor to the Kindle Fire by Amazon. Let's see who wins this race.
On other news, HTC released a new Verizon device named HTC Rezound, which aside from being similar to the Sensation XE in a few areas such as the 1.5 GHz dual core processor, this one comes loaded with much heavier specs in other departments such as a boost to 1 GB of RAM, and 16 GB of internal storage. However, the biggest feature on this device is the HD (not qHD but actual HD) Super LCD screen with resolution of 1280×720, which really is a first for any mobile phone out there.
Last but not least, we also added a new forum for the HTC Vivid. This device is pretty much up to par with the Rezound in most departments with the exception of the screen resolution (not that a qHD screen is a bad thing). However, what it doesn't have in the resolution department, it makes up in size. The Vivid offers a slightly larger screen at 4.5 inches (as opposed to 4.3 on the Rezound). So, if you needed an excuse to get out of your old Inspire 4G, now you got one.
If you already have any of these devices or are planning on getting one (or all 3), make sure that you visit the new fora for up to date news, hacks, tips, and more.
You can visit the Nook Tablet forums here.
You can visit the Vivid forums here.
You can visit the Rezound forums here.
Want something published in the Portal? Contact any News Writer.
November 8, 2011 By: azrienoch
I was thinking about the HTC Rezound today. I do that sometimes–sit down and let my thoughts wander. I thought about its three-way fight within Verizon against the Samsung Galaxy Nexus and Motorola Droid RAZR, and how it will fare this Christmas season. I also thought about TrevE's work on HTC's astounding Carrier IQ screw-up. And I came up with a target market based on privacy and security to whom no manufacturer has managed to sell phones yet: the hopeless-paranoid.
See, on one extreme, there's the non-paranoid. These people either think they have everything under control or don't care if they have control. They're the ones who buy crappy phones on contract. They have no interest in phones, it's just something they use and could easily afford at the moment.
At the opposite extreme, there's the empowered-paranoid. These are developers and other early adopters who use independent development. They constantly seek the best phones either because it shouldn't have the flaws of crappier phones, or because, if it does have problems, they can do something about it and not feel like they're wasting time developing for sub-par hardware.
If we imagine a square to give a two-dimensional range to my envisioned market, in another corner are the paranoid-curious. These people don't worry too much, but their brains pump out thoughts often enough that they can at least spare a few to consider the advice of developers and early adopters. That means worrying about privacy and security to some degree. They buy higher-end phones because the empowered-paranoid–who are, again, developers and early adopters–encourage it.
Then there's the hopeless-paranoid. These people have all the security and privacy concerns of developers, yet feel they have no way to correct it. Which phones do they buy? They don't. The only thing they know to do when they're worried about their privacy is to avoid the thing that makes them worry. They aren't worried about specific security issues–they don't actually know enough to worry like that. They're worried about everything. They say things like, "I don't want people to be able to call me no matter where I am." We've all heard lines like that, and we all know it's silly. If you don't want to talk to people at a certain time, turn off your phone. No, they're worried about more than being so accessible.
Now, you may be asking, is there actually any reason to be paranoid? I guess that depends. I reread some of the articles egzthunder1 wrote covering all TrevE's amazing work exposing the dirty little secrets of HTC and the carriers. And while he focuses on HTC phones, make no mistake that other manufacturers are doing the same.
Nevermind the security flaws that allow any app with Internet access to intercept the data that Carrier IQ, HTCLogger, etc. collect. HTC and the carriers collect enough data to know pretty much everything about your phone habits. Verizon changed their privacy policy to say that while you can opt out of letting them sell your information to other companies, they're still collecting and keeping that data. And Sprint… Sprint doesn't even let you opt out. They're giving away information about you to whomever they like. That could be companies. That could be law enforcement. You don't get to say who they give it to, you don't get to say what information they give, and you don't get to say that they cannot collect it.
So yes, I think paranoia is justified. And thank goodness for all the developers that work so hard to strip Carrier IQ and their ilk from ROMs. To a certain extent, thank goodness for the manufacturers and carriers that openly support development by not locking down devices. To the carriers and manufacturers who try to keep us from developing their devices, let me introduce you to the above four target markets. I suggest you change your minds. To HTC specifically, we see how developer-friendly you're trying to be, but we see your devotion to carriers like Verizon more. You need to decide that Peter Chou lied and bootloaders will not be unlocked, or you need to stand up for yourselves.
There is a point to all this. As I said, I was thinking about the HTC Rezound, announced last week. And since it's on Verizon, its bootloaders will probably be locked. That's a clear move to prevent development. So do something for me: pretend the bootloader can't be unlocked through exploits. We can't get S-Off, we can't get root, no custom bootloader, no custom kernels or custom ROMs. To put it simply, developers can't develop. All that paranoia and nothing can be done about it.
Which of those four groups of people does that sound like? That's right. The hopeless-paranoid. The people who don't buy phones. Except, in this case, they don't buy your phones. The only difference is, developers influence the buying habits of that large group of paranoid-curious people. The HTC Rezound? Great specs. Too bad the bootloader won't be unlocked. And doubly too-bad, HTC, that you made the Rezound exclusively for Verizon, the US carrier certain to get the Samsung Galaxy Nexus.
Merry Christmas, HTC. Perhaps you'll remember us in your New Years resolutions.


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Better Video Monitoring Toolkit Download
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Better Video Monitoring Toolkit 4.0
The program has been designed as universal software for surveillance cross platforms working all together with wireless and wired IP cameras, TV-cards, capture cards, power-line, and USB cameras. It has web interface with the similar appearance and controls on the local and remote workstations. Users view MPEG-4 coded video and have full management of the program using network that security station can be operated without screen, keyboard, and mouse attached. Program`s modular configuration considerably increases reliability because all modules proceed as autonomous applications. If one part freezes, other units go on working. For example if the `capture` module stops working, `watchdog` starts over it immediately that viewers don`t notice anything because they are viewing video using a `playback` component. The program makes `repeated` recording that the `disk full` situation never occurs. The recording can be constant or it can be triggered by motion, human face detection, or by timetable. The program has pre-alarm and post-alarm recording. Playing back recorded video is pretty simple and performs on the surveillance workstation as well as on distant pc using Web interface. The software makes simultaneous video playback for event analysis from multiple cameras simultaneously. Also recorded data can be searched by date, time or by face detected. All recorded files can be encrypted and password protected.
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subset: commoncrawl


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The west valley city of Avondale has a population of about 78,000 people. But this weekend, a city inside that city has popped up.
About 100,000 people are expected to pack into Phoenix International Raceway as NASCAR comes to town.
FOX 10's Steve Krafft reports from PIR.
WJBK-TV | Fox 2 16550 West Nine Mile Rd.Southfield, MI 48075Main Station: (248) 557-2000Newsroom: (248) 552-5103


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Spinal cortisone and painkiller injections
View Single Post
Dec13-11, 06:13 PM
PF Gold
Quote by
Thanks. my fear of gaining a tolerance to pain pills (I'm not the addictive type) limits my intake of pain killers to less than a half pill per day. A bottle of forty 10/650 percoset has been known to last me 11 months. I'm taking at least a half pill a day now since my doctor told me that the stress from the pain was more damaging than taking the pills and to TAKE THEM AND STOP SUFFERING SO MUCH.
Yep, been there. After gall bladder removal a few months ago, those six little holes and the bloating pain were enough to keep me from sleeping so I took what they gave me on day two after surgery, they barely took the edge off, so I just toughed it out. To be honest in about a week, the pain was manageable. I hate pills too, and only use them when I lose sleep for extended periods or am in serious agony from kidney stones. There is no choice in the matter when that happens unfortunately.


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5 month ago
SNSD Jessica and Sooyoung and More Participate in Yellow Ribbon Campaign
More and more stars have been participating in the yellow ribbon campaign. Girls' generation (snsd)'s sooyoung posted a picture of yellow ribbon on her instagram along.
5 month ago
JYJ Kim Jae Joong, SNSD Sooyoung, Kim Gyuri and More Participate in Yellow.
With everyone wishing for the miraculous return of those missing from the tragedy of the sunken Sewol ferry, more stars are participating in the
5 month ago
SNSD′s Sooyoung, Lee Yeon Hee, Daniel Henney and More Attend Raum.
Preview nextview 1/5 preview nextview lee yeon hee gets into the spring spirit in a floral frockthe stars rolled out to celebrate the renewal opening of the raum flagship.
5 month ago
Sooyoung is Feeling 50% Worried and 50% Blessed with Continuous SNSD.
Congratulations!" but soon she came back on track, saying, "i'm feeling half worried and half blessed. As the mc of an entertainment news show, girls' generation.
5 month ago
CN Blue, SNSD′s Sooyoung and More Attend Bruno Mars Concert
Photo credit: newsen/kim chang hyun snsd′s sooyoung goes for a laidback preppy lookthe stars rolled out to catch bruno mars at his seoul concert on his 2014 the moonshine.
6 month ago
SNSD′s Sooyoung Takes ′Styling Talk Concert′ to Konkuk University
Photo credit: newsen/lee ji suk sooyoung poses for a few photos snsd′s sooyoung continued her styling talk concert series at konkuk university on april 2, where she shared.
6 month ago
SNSD′s Sooyoung Meets with College Students at ′Styling Talk Concert′
Photo credit: newsen/kim chang hyun sooyoung gives a final wave before heading in to talk to studentssnsd′s sooyoung met with students at sungshin women′s university.
6 month ago
SNSD's Sooyoung to Hold Styling Talk Concert for College Students
Girls' generation (snsd)'s sooyoung will be holding a styling talk concert for college students to share her tips in fashion. For the upcoming talk concert, the snsd.
6 month ago
SNSD Sooyoung Speaks Up about Her Relationship with Jung Kyung Ho
Appearing on sbs' healing camp, girls' generation's sooyoung finally opened up about her boyfriend and actor jung kyung ho, addressing why they hid their relationship.
6 month ago
SNSD's Yoona and Sooyoung to Talk About Their Boyfriends on 'Healing.
Girls' generation (snsd)'s yoona and sooyoung will be speaking up on their now public relationships on the air. During the recording, yoona shared about her secret dates.
6 month ago
SNSD's Sooyoung Takes Selfies in Class, SUJU Ryeowook's Cheeks Explode.
" meanwhile, sooyoung was in class, as indicated by the above selfie she posted on her instagram on march 4, writing "at lecture. On march 3, super junior's donghae.
7 month ago
Kim Tae Hee, Park Hae Jin, SNSD's Sooyoung and More Participate in.
Han ji hye and kim hee sun also participated in the photoshoot, and kim hee sun said, "i'm really happy for this opportunity to help out someone, in such a simple way.
7 month ago
SNSD's Sooyoung Turns 25
In honor of the stylish snsd member's birthday, we picked a few of sooyoung′s most memorable editorial shots, so read on! when sooyoung wants to feel like a boss, she.
7 month ago
Happy birthday to SNSD's Sooyoung
Stage name: sooyoung (수영) real name: choi sooyoung (최수영) japanese name: che suyon. A trax member taught her how to play the drums while sungmin taught her how.
7 month ago
SNSD party all night to celebrate Sooyoung's birthday
Snsd members are complete and partied all night to celebrate sooyoung's 25th birthday. Fans are so happy to see them all together as they commented, "they look drunk but.
9 month ago
Girls' Generation's Sooyoung and Jung Kyung-Ho are Dating +.
While i am giving positive words and want them to be happy and all, should the news media at least stop coming out with information that is probably not true and let the.
9 month ago
SNSD's Got The Boys: Sooyoung Dating Jung Kyung-ho
But at the end of the day, this is still a real relationship: so, congratulations to sooyoung and kyong ho, and all the best for their relationship! (nate[1][2], sportsseoul.
9 month ago
[BREAKING] SNSD's Sooyoung and actor Jung Kyung Ho are dating... for.
This time, it's sooyoung, who reportedly dating actor jung kyung ho. According to the media outlet, the two have been spending great time with each other for one year already.
1 Year ago
SNSD"s Sooyoung Says She Wants to Sing for "Cyrano"
The singer said she′s "willing to sing an ost" at the press roundtable event held on the set of dating agency; cyrano on june 10. Sooyoung is all for singing for dating.


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Was £59.00
Now £39.00
33% Off
Save a total of £20.00
Embellished Neck Cardigan
Item No.54488_030635187
Perfect co-ordinated with Planet's new season dresses, the Embellished Neck Cardigan is a glamorous finishing touch for special occasions. Use to add sparkle to your look.
- Fabric 81% Viscose 17% Polyester 2% Elastane
- Length 16.8 Inches (43cm)
- Handwash
Debenhams is happy to exchange or refund your purchase within 28 days providing the goods are in a fully resaleable condition (including tags) and not within the exclusion policy*. This policy does not affect your statutory rights. You can return unwanted items either by visiting your local store (the fastest way to get a refund), by arranging a courier collection or returning by post. Exclusions apply to selected products. For instructions on how to return products and information on Debenhams refund policy visit the returns and refunds section of the website.


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Hang tight!
Recipe by DOLE
"These granola and yogurt parfaits with pineapple chunks make a great snack or quick breakfast."
Hmm. None of these ingredients are on sale today.
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1 cup
granola or banana nut crunch cereal
1 (20 ounce) can
DOLE® Pineapple Chunks, drained
1 (6 ounce) container
strawberry yogurt or any flavor
1 (8 ounce) tub
light thawed whipped topping
* Percent Daily Values are based on a 2,000 calorie diet.
Yogurt Crunch Parfaits from DOLE(R)
Serving Size: 1/6 of a recipe
Servings Per Recipe: 6
Amount Per Serving
Calories: 294
Calories from Fat: 132
Get healthier takes on your favorite between-meal snacks.
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Start your day with a yogurt parfait with lots of fresh fruit & crunchy granola.
A fresh blueberry pie with a sour-cream custard and crunchy streusel topping.
This creamy homemade cheese perks up bagels and sandwiches.


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Hurricanes - Say You're Mine
For fans of Noah And The Whale and Set Sail.
Sometimes it's easy to overlook the music made on your doorstep when you're searching far and wide for music. That's what happened to me until I stumbled upon the Hurricanes, a six piece group from Adelaide. The indie pop song features some radio friendly harmonies and a sweet message.
The group have just released a three track demo EP and judging from the quality so far, there will most definitely be an audience and a demand to hear more from this promising band in the near future.
Download - Say You're Mine
Lighthouse And The Whaler - Venice
The track reminds me of the types of the violins of Ra Ra Riot, the glockenspiels of Freelance Whales & the vocals of Set Sail.
Recently I haven't heard any new bands that have grabbed my attention. That was of course, until I came across Lighthouse And The Whaler, a quartet (minus 1 in this pic) based out of Cleveland, USA.
I'm not sure I can technically classify the group as "new" considering they have played over 200 shows, having opened for the likes of Sufjan Stevens, The Temper Trap, The Dodos & Best Coast. But Lighthouse And The Whaler remain relatively unknown (although I expect that to change). Their new album This is An Adventure is due to be released on September 18th.
Interview with Set Sail
Set Sail are a band based out of Sydney who have an irrepressible upbeat sound to their music. The trio are known for their city busking shows and their combination of violin, guitar/uke and makeshift percussion at such performances. Set Sail are on the verge of releasing their debut mini-album on June 15th and have just premiered the lead single Charleston today. I had a quick chat with Josiah from the group.
Q1: I understand you've been busy gallivanting around Europe. What have you been doing over there?.
Josiah: Hey! We got back from Europe and the US last September actually, we had a mad time over there travelling around filming guerilla shows. Played in an old spy base, under the Eiffel Tower, on a plane, heaps of places. Super budget trip (we ate rice for a solid month haha) but great fun.
Q2: You are working on your debut album. Tell us a little about it.
Josiah: It ended up just being a mini-album, it's got a much more developed and less radio-pop sound than the last one. We wanted to explore some more classic sounds and arrangements for some of the songs, definitely has some Beach Boys influences on some of the songs. The process has been hectic, we started demoing last December and have been working solid since then, we're very excited to finally be releasing it!
Q3: Do you have any favourite songs on the new record?
Josiah: I quite like 'Kids'
Q4: I've seen videos of you playing on the streets in Melbourne and Sydney and there seems like there's a lot of positive energy at your shows. Do you prefer playing in venues or outdoors to unsuspecting crowds?
Josiah: That's a tough question, the vibe is so different between them. I'd have to say I love doing both, it's mad fun hanging out at the street shows but the energy of the shows at places like Oxford Art Factory or the HiFi in Melbourne is pretty incredible as well.
Q5: What 5 artists have you been listening to lately?
Josiah: Grimes, Balam Acab, Django Django, Broken Social Scene & Calvin Harris
Thanks again to Set Sail for the interview and keep an eye out for upcoming shows and their mini-album Hey! which will be released June 15th in Australia.
Set Sail - Skin And Bones
Set Sail have released a new track today that is available for a free download from their Bandcamp in exchange for your email address.
Recorded in Stockholm, Skin and Bones is a song full of sentiment, strumming and some violin too. The band also announced via their Facebook page that their debut album is due to be released on May 25th. People who are new to the group should expect to hear a lot more of the Sydney trio as I anticipate they have the kind of accessability and potential to gain mass appeal.
To hear the song live check out the group's Tumblr page.
Set Sail - I'm Yours / Somewhere Over The Rainbow (Live)
Sounds like: Jinja Safari, Jason Mraz
Damn Sydney! How do you keep raising choice bands in your lovely city ¿ Regardless of that and regardless of whether or not you liked Jason Mraz's original version of 'I'm Yours,' Set Sail have done a sterling job reimagining the pop/reggae song live on a street that I venture daily. It's pretty bad luck on my behalf for missing this performance considering that I've been spending almost a good hour every day going back and forth on Swanston St for months, but I should count my blessings.
On another note, almost everything about this group is likable. The animated playing style of the violinist, the bohemian procession arrangement and the carefree energy of the lead vocalist. According to a friend who caught a spontaneous free gig of theirs, Set Sail went traveling around the world instead of knuckling down to polish off a debut album, so fans of their music will have to be content with the EP they released before taking flight.


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There's one issue on almost everyone's mind in the riding of Davenport, and that's the Union-Pearson Express, also known as the UPX. Number one, it will send hundreds of diesel-powered trains through our community, raising serious health concerns.
Number two though, the UPX is another example of Liberal mismanagement on a hugely important file, in this case, rapid transit. Think of what they've done with this potential game-changer:
- They built an express train that will pass through very communities it should serve, in a race to get to Union Station.
- It will cost a projected $20 or more per trip which, for a family, will mean the same or more that it costs for a taxi right to their doorstep.
- The Liberals chose a foreign supplier of diesel locomotives instead of made-in-Canada electric trains.
- The Liberals also chose diesel, which across the board performs worse than electric on the most important criteria that matter, such as pollution, cost to maintain and operate, journey time, and ability to start and stop quickly.
And they knew all this from a 2010 Metrolinx report. You could not ask for a greater amount of incompetence.
Now, after committing half a billion dollars to complete the UPX, the Liberals have promised to convert to electric at some unspecified point in the future.
This means millions of wasted dollars in an attempt to satisfy an interesting demographic: the people running the Pan Am Games. This is the reason diesel was chosen in the first place. Delayed decision-making made it the only option that could be done by 2015, on time to service the tourists expected for that event.
The Pan Am Games. The Liberals placed the interests of people who will come and leave the GTA in a week or so over the needs of its residents and put off a solution to the gridlock that is choking this city.
And, believe it or not, but the UPX platforms at Union Station may not even be ready for the games.
It's hard to downplay the transformation that could take place with electrification. First of all, if the Liberals had acted on Metrolinx's report, the UPX would have been done by now.
More importantly, a rail link to Pearson on the GO corridor could provide rapid transit to more than a million people in Toronto. Electrified, fast, two-way service with stations up and down the line, at places like Queen West, Brockton, the Junction, St. Clair and Keele, joining up with the Eglinton Crosstown LRT (the "Mt. Dennis" station), and onwards through Etobicoke.
You can see the kind of change that could happen by looking at this mock-up of a Union-Pearson line that actually serves the community. You can click on it for a larger version.
Instead of something like this, the Liberal-executed UPX will have two stations, Weston and Dundas West. Why? Because diesel trains can't start and stop quickly.
Great express line, Premier Wynne. A great waste of our time, money, and opportunity.
Over in NDP-land, Andrea Horwath is just as responsible for the present situation as the premier. For two and a half years, she had a veto over Liberal policy. The Liberals bent over backwards to give in to NDP demands.
For two consecutive budgets, NDP representatives at Queen's Park propped up the Liberals without getting action on the UPX, an issue that the they campaigned on here in Davenport.
Then, in 2014, Andrea Horwath and her colleagues walked out on a budget that finally offered electrification.
By doing so, they abandoned Davenport residents and may hand the government over to the Tories who, under Tim Hudak, have ruled out electrification.
I won't do the same thing to the people in my riding. If they send me to Queen's Park, electrification of the Union-Pearson line will be a minimum cost for my support.
It's not an empty promise. Last time around, the Liberals were one MPP short of a majority.
Time to get real and shake things up at Queen's Park.


text:
GreatSchools Rating
Teacher quality
Principal leadership
Parent involvement
My son has gone to this school since he was in Kindergarten. They have focused more on his behavior than on his actual studies. They complain that he moves around while they are walking to and from the portables and he is often left alone outside the lunchroom because he was "talking" a few times they even forgot to let him go and eat his lunch. The Principle is unfriendly and rarely communicates directly to the parents. Outside of band, there are no extra curricular activities offered unless your child gets into TAG, the TAG teacher is not friendly and only selects the students that he likes whether they test into it or not. I find the school a very unprofessional environment overall. There are a few teachers who want to make a difference but most seem satsified with the status quoe. I can't wait until I am able to move out of this school's boundaries.
Because the teachers and staff really care about our kids and the community we live in.
The overall climate of the school is very positive. The PTA and community are very supportive of the school.
All my three children attended Laurel Elem School. My eldest son is now at University of Maryland with excellent grades- a reflection of good elementary education. My second son is at Laurel High with a consistent GPA of 3.5. I still have a 6th grader at LES. The school has been one of the best in the area- exclusively known for it's high expectations for students. In my opinion, it's a five star school with distinctive discipline, safety, teacher quality, parent involvement and principal leadership. I have no regrets sending my children to the school.
I can agree that administration/teachers at Laurel Elementary are more concerned with the discipline aspect of my childs school day then the learning aspect. I send her to school, not bootcamp...and I can't get over that the school administration is so ill prepared for the start of every school year!! This is my childs 2nd year at Laurel, and she's now in 2nd grade, and I haven't met her teacher officially yet. It seems the the teachers, have extended summer vacations for a number of reasons, and the school doesn't find that to be an issue, that students and the parenst have to get adjusted and comfortable with their teacher....only to have to do it again! And I am not at all impressed with the teachers, curriculium, or the so called extracurricular, Laurel Elementary offers
My child attended Kindergarten at Laurel Elementary School, I was very disappointed with the curriculum. My husband and I had to spend a significant amount of time supplementing our child's academic development because she was so bored with what was being taught as the basics and fundamentals. The homework for the week my 'gifted & creative' child was given was so easy that it was done within 15 minutes of the close of the school day on Monday afternoon. The teachers are more concerned with getting the children to follow the rules and regulations and organized structure of the school day and less concerned about creatively challenging them academically. The school does allow opportunities for parent involvement, however given the wide variety of students who attend the school, they tend to treat all like they are on the lower, disadvantaged, or behaviorially challenged side of life and less like individuals.
My child started at Laurel Elementary in the middle of the second grade. He is now attending the 3rd grade at Laurel and I hope it will be the last year at this school. I hope to move, get him transferred or enter private just so he no longer has to go to this horrible school. I agree with the previous poster regarding their childs' academics being worse after attending tLaurel. My son was way above grade level in Kindergarten, 1st and the beginning of second grade before Laurel. He has not done well since being at Laurel and the teachers even grade papers wrong and make excuses by saying 'we havwe alot of papers to grade!! Horrible.
I have a child in 3rd grade and a child in 4th and a child who is now in middle school who attended Laurel. The best thing about Laurel is that the teachers communicate quickly when there is a problem with either learning or discipline quickly. They really want to help the kids excel in learning and I appreciate that.
This is one of the great school. Teachers are very much dedicated to uplift the quality of education. They continuously monitor pupil's progress and allow them to participate in a lot of diverse activities. They have awards to keep student committed to discipline and dedication. Their monthly reports about all the activities are very good to review about strength and weakness of student. They are able to generate curiosity to learn something new on science, which, I think, will help a lot more to build good career of their students.
Two of my children attended this school. One attended from Kindergarten to 3rd grade, and the other from Pre-K to Kindergarten. I was extremely happy with both the Principal, and the Assistant Principal, the office staff and the teachers. I could go into the school anytime with my concerns, and if I ever needed to talk to one of my children's teachers, they were happy to meet with me and address my concerns. Academically I feel the school is also doing a wonderful job. They challenged my older son who was able to work his was onto the Honor Roll for the first time by the third marking period. Prince George's County has a bad rap for education/schools, but this school is a huge credit to PG County in my eyes.
My child is now a second grader at Laurel Elm., and the experience that we've had has been horrible. Before coming to this school he was doing great academically. As this year went by his academics have deteriorated. The school really needs to figure out a program to work with the teachers, especially the newer ones. They need a lot of guidance with class control and ideas on their teaching methods. The quality is poor.
Community ratings and reviews do not represent the views of GreatSchools nor does GreatSchools check their accuracy or verify the reviewers' identities. Use your discretion when evaluating these reviews.
The Community Rating is the school's average rating from its community members (e.g., parents, students, and school staff). The highest possible rating is five stars; the lowest is one star.
516 Montgomery St
Laurel, MD 20707
Phone: (301) 497-3660
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Have you seen the new Kraft Zesty salad dressing ad campaign? Like so many other products mostly bought by frazzled women trying to balance work, family, and sleep, they feature a little harmless beefcake to go with your greens. The commercials show the "Zesty Guy" making some of his favorite reci ... More >>
Quick! What's the one candy that's been hated by children since the beginning of time? That's right kiddies...candy corn. These tasteless little bits of wax and sugar have long been the stuff of childhood nightmares. Why these candies are still around is beyond us since they only seem to ... More >>
See also "The 15 Richest Musicians: From Jay-Z to Rihanna, Justin Bieber, and Dr. Dre" -- plus "Ten Richest DJs: From Pauly D to Deadmau5, Swedish House Mafia, Skrillex, and Tiesto." These days, Elton John isn't the only one treating Madonna like a "fairground stripper." Despite the 53-year-old p ... More >>
I don't like the online activist group Color of Change. The namby-pamby, can't-we-all-just-get-along-as-long-you're-a-vegan, Obama-loving, Christian-hating, war-protesting, Democratic-donkey-defending, liberal members are all a bunch of imbeciles.I know that's a pretty broad generalization. And I'm ... More >>
Supermarkets have long been the domain of women, who traditionally do the grocery shopping. Walk through the aisles of any market and you'll see most items are targeted with women in mind -- floral-scented detergents designed to remind you of a soft summer rain, foods marked low-fat or sugar-free ... More >>
Astronauts chowing down at zero gravityAccording to NASA, the last Space Shuttle Launch of STS-135 will take place at 11:26 a.m. this morning (be sure to put on the TV). Just as space flight has evolved, so has the Astronaut's diet of what used to be Tang and tubes of ham salad and c ... More >>
The relationship between Miami-based Burger King and Coconut Grove-based ad agency Crispin Porter Bogusky has officially come to an end. After announcing in March that CP B's services would no longer be needed, the fast-food chain has announced that New York-based McGarryBowen will take ove ... More >>
Stem Cells - scientific marvel or evil?The Christian media is swarming with accusations that Senomyx, a San Diego-based research and development company, whose clients include food heavy-hitters Nestle, Campbell's Soup, Kraft Foods, and PepsiCo, is conducting research with HEK293, originall ... More >>
Did you know that pasteurized milk is "more natural" than raw milk? Or that lactose-sensitive people should not avoid all milk and other dairy foods? Neither did I until partaking of the Dairy Nutrition Quiz in yesterday's Miami Herald health section (the "wellness" page, to be precise). ... More >>
Making school lunches healthy is an uphill battle
Wire editor and former club owner Andrew Delaplaine wants to be the next mayor of Miami Beach. Is this guy tilting at windmills?


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Georgia State will be bolstered by the return of several players for this week's game against Murray State who have missed all or parts of some of the past few games.
Center Ben Jacoby (knee), injured during the loss to Old Dominion, will return. Saftey Brandon Jones (undisclosed), who has missed the past two games, is healthy. Wide receiver Jordan Giles and tackle Clyde Yandell, who picked up injuries in the recent loss to Houston, should be back, as should running back Donald Russell (knee), who missed the Houston game after suffering a minor injury in practice. Wide receiver Albert Wilson (hamstring), the team's fastest player, is doubtful.
Bo Schlechter may also punt for the first time since the season-opening win against Clark Atlanta. He has played quarterback but hasn't been able to punt because of a foot injury.
QB shuffle
Drew Little and Kelton Hill will split time at quarterback, but Curry said it hadn't yet been decided how much either will play. He said that will depend upon situations.
The two split most of the snaps in the loss to Houston. It was the most playing time either had received this season. Schlechter started and played most of the first three games. He has received some snaps in practice this week, according to Curry.
After an outstanding 2010 season in which he passed for more than 2,100 yards with 18 touchdowns, Little is off to a slower start in 2011. He has passed for 240 yards and has more interceptions (4) than touchdowns (0).
– Doug Roberson, AJC
October 5th, 2011
12:09 pm
Call me crazy but I feel Schlecter is our best chance to win considering how Hill and Little fared in their last outing. Schlecter has shown he can throw and run… I think we should of given him more time to prove himself.
October 5th, 2011
12:31 pm
You're crazy
October 5th, 2011
12:41 pm
Bo has only one game. Drew has won many. They didn't perform that awesome in their first games against an FBS team. How do you think Bo would have done?
October 5th, 2011
1:19 pm
Came in here thinking it was about GSU football and found Ga State. Whoops.
October 5th, 2011
1:23 pm
Surprised Curry wised up and decided that we shouldn't have a punter for a QB. Too bad it took a third of the season to do so.
October 5th, 2011
1:37 pm
Tricked again; you're obviously an idiot as this is listed as "Georgia State Sports"
October 5th, 2011
2:05 pm
You are crazy.
October 5th, 2011
3:08 pm
Yes crazy indeed. Bo missed wide open receivers by several feet. He has a very strong arm but has trouble harnessing it. He also is limited in his read progression, something that will get him sacked (and it has).
Drew is a sharper QB. While not as athletic, he can click through his progressions. His stats have been a bit deceiving as he was a victime of two tipped balls at the line of scrimmage and at LB in the ODU and JSU game, respectively.
October 5th, 2011
3:30 pm
Have to remember that before this whole shuffle the depth chart was 1) Drew , 2) Kelton, 3) Star, 4) Bo. Except for Star leaving nothing has changed.
October 5th, 2011
3:32 pm
Haha, except that Bo somehow rocketed to the #1 position…what a freaking joke.
October 5th, 2011
3:56 pm
Bo gives us the best chance to win… little is slow and has proved his accuracy is absolutely awful this year. Kelton needs more snaps because of his speed, but he cant throw. Bo has the middle ground. He can run and pass. Drew is scared in the pocket and the game is to fast for him
October 5th, 2011
3:59 pm
Just as long as Drew never punts again. Ever.
October 5th, 2011
4:22 pm
Maybe we can try Bo at offensive line next? Free safety?
October 5th, 2011
4:38 pm
@GSU4EVER- We really need a NG. Bo can do it…
October 5th, 2011
5:01 pm
Go Drew!!!!!
October 5th, 2011
5:10 pm
Tricked again…..you are not going to get much Ga Southern football news from the AJC. The AJC stopped delivering the paper to that part of the state years ago. Thats a shame! But it is what it is!
October 5th, 2011
5:47 pm
Bo needs to be punting, not playing 2nd string WR or 3rd string QB. As for the GaSo complaints, get used to it. Google "GSU", "GSU Sports", or "GSU Football" and see what comes up first (Hint: it isn't the school with the longer football history, but it is the school that generates the most interest).
October 5th, 2011
9:41 pm
I forgot to mention. GPB ( Georgia Public Broadcasting) is showing So Con games this year.
You can see Ga Southern-Chattanooga game this Sat.
October 5th, 2011
9:43 pm
If you aren't in range of a radio station that carries GaSo football you can stream it here
Pun an Eagle 6 on it!!
October 5th, 2011
9:53 pm
So, why hasn't this been locked for comments yet? I thought that was the new rule around here?
October 5th, 2011
10:12 pm
We have a NG (two actually) who have played very well. People who criticize our DL know nothing about a 3-4 defense.
This should help with that: http://www.panthertalk.com/2011/10/02/looking-for-trends-breaking-down-the-defense/
October 5th, 2011
10:52 pm
Bo rocketed to #1 because 2 QBs were suspended and a 3rd quit. Bo is great athlete but Drew is a better QB.
October 6th, 2011
8:54 am
Why would you want to block it? I didn't say anything bad about your football program.
As long as the AJC continues to use GSU as a shorthand for Ga State there is going to be confusion as to whether they are referring to State or Southern.
I just gave directions to information about the other GSU.
October 6th, 2011
10:48 am
you really can't get that confused on the ajc about whether they are reporting on ga. state or southern because ever section header for state actually says Ga. State or Georgia State. What a typical ga. southern comment. and it's obvious why we would want your comments blocked- it has nothing to do with you saying bad things about state, but rather about how you are advertising another team on this team's blog. Please go back to being irrelevant and post on the statesboro herald or wherever it is that will make you feel better.
October 6th, 2011
10:51 am
GStateAlum11- just ignore it. Every time we reply, it just adds to the problems.
October 6th, 2011
10:59 am
Agreed. It also makes them look even more ridiculous. Anyways- regarding the Murray game, I'm super pumped about the white out, Jacoby & Russell getting back in, and I can only hope one of our QBs will deliver. I still think Drew can do well-him and Kelton are much cooler under pressure than Bo.
Go Panthers!
October 6th, 2011
11:03 am
Agreed. It also makes them look even more redic. Anyways, regarding the Murray game-I'm glad to see a white out, glad to see Jacoby & Russell back in, and I can only hope that one of our QBs will deliver. I still think Drew will do well-him and Kelton at least clearly perform much better than Bo under pressure.
Go Panthers!
October 6th, 2011
11:22 am
We have had only 2 drives of 10 plays or more. That is why our defense struggles against the run. Other than the UH game, we have been in every game until the second half. Our defense is small as it is, and with all the time of the field our most talented players are often on the sideline for a breather in the second half.
If the offense can sustain some drives with Drew and Kelton having 2 weeks of practice with the first team, I think we will see much improved team the rest of the way.
October 6th, 2011
11:45 am
Lol @ peachie for the effort. Don't worry everyone, more comments on our blog (regardless of who they're from) is good for us.
October 6th, 2011
11:55 am
I really hope that Jacoby is up to speed. We really need his help on the line. As for QB, I still think Little is our guy. I hope for good performance after the bye week.
October 6th, 2011
2:15 pm
I'm usually pulling for GSU. However, I'm a Murray State alum as well as a Hatcher fan. This week it's go Racers!
October 6th, 2011
3:58 pm
[...] appears as if the Bo Schlechter experiment is over. According to AJC's Georgia State Sports blog, Drew Little and Kelton Hill are expected to split time at QB. Playing time will be dictated by [...]
October 7th, 2011
4:13 pm
October 7th, 2011
8:22 pm
A Defense cannot stay on the field forever and survive. We must get the Offense moving and controlling the football and I agree with GStateBen until we have the personnel the 3-4 is not our Defense. Make adjustments on Defense and play to our strengths! We must and will improve this week against Murrray State. Get on Guys and show us what you're made of. YOU CAN DO IT!!! GO GSU PANTHERS!!!


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Dinah Rose QC hailed for actions that led her to apologise in torture hearing
22 February 2010 | By Katy Dowell
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An apology from a leading barrister to the country's most senior judiciary in the Court of Appeal is not an everyday occurrence, but that is exactly what happened earlier this month (The Lawyer.com, 11 February).
The apology came from Dinah Rose QC of Blackstone Chambers. Those who were in court at the time say it was not volunteered, but that Rose was forced into a position where she had to be courteous and apologise.
The situation arose following a legal submission made by Brick Court Chambers' Jonathan Sumption QC on behalf of Foreign Secretary David Milliband. Sumption represented Milliband in a claim brought against him by former Guantanamo Bay inmate Binyam Mohamed.
Mohamed's lawyer, Leigh Day & Co partner Richard Stein, instructed Rose to help get his client out of the detention camp in which he had been incarcerated for three years without trial.
The case snowballed into a wider campaign to show through the courts that the UK's secret services had participated in the unlawful treatment of Mohamed.
In December 2009 the Government appealed against a High Court ruling that found it should disclose evidence relating to the alleged torture of Mohamed.
In the lower court the Treasury Solicitor instructed Blackstone Chambers' Pushpinder Saini QC, who led 18 Red Lion Court's Max Hill QC and 11KBW's Karen Steyn. For the Court of Appeal, however, the Treasury Solicitor brought in Sumption to lead Saini and Steyn.
One lawyer with knowledge of the case says: "They wanted a heavyweight, somebody who had the ear of the judiciary, so there was a shake-up."
Sumption received a draft copy of the Mohamed judgment a week before it was made public. Lawyers acting as interveners in support of the appellant were also shown the draft.
"It was a racy document," one partner states.
On Monday 8 February Sumption's letter, which requested that certain paragraphs of the judgment be redacted, was delivered to Master of the Rolls Lord Neuberger. But the letter was not copied to the other counsel involved in the case. It did not arrive at Blackstone until the following day, at which point other lawyers involved in the case were still in the dark. A request was then sent by Neuberger's clerk asking for Sumption's letter to be forwarded to Blackstone's Thomas de la Mare (instructed by the Treasury Solicitor's Special Advocate Support Office for Mohamed) and to Doughty Street's Gavin Millar QC, who represented members of the UK press.
Doughty Street's Geoffrey Robertson QC, who acted for foreign press, and Blackstones' Michael Beloff QC, instructed by Liberty and Justice, were not informed about the letter until late on 9 February.
"Nobody knew about the letter or the amendments made by Neuberger until it was a done deal late Tuesday afternoon," an insider claims. "There were discussions about the submission in court, so everybody assumes it was a public document. When the press started asking about what Neuberger was referring to, Dinah told them. It was the right thing to do."
When court reconvened and the press had gone back to write their stories, Rose was questioned about her conduct by Lord Chief Justice Judge and was told that an apology was necessary.
"There's a time when advocates need to take a stand," she retorted.
One poster on The Lawyer.com comments: "It's always been my understanding that the letter should have been disclosed to all the parties before the handing down so that they might
put forward their views. Therefore if anyone has made a mistake it's (dare I say it) the Master of the Rolls."
Others believe Rose was justified in taking a stand for transparency and that Sumption was "playing politics" when he wrote the letter.
Despite having to apologise Rose has not lost her fans at the bar. Instead she has reinforced her reputation as a forthright barrister who is unafraid of standing up to her peers. Sumption, meanwhile, has found himself in the uncomfortable position of being the story.
Rose to the challenge
It is not the first time that a clash between Jonathan Sumption QC and Dinah Rose QC has created a public storm.
The pair met in the House of Lords in 2008 when Rose was instructed by campaign groups The Corner House and Campaign Against Arms Trade in their bid for a judicial review into the decision to drop an SFO investigation into BAE Systems' arms deals with Saudi Arabia. Sumption represented the SFO and won. The case against BAE was dropped.
The outcome was seen as a strategic victory for Rose as she managed to force former Prime Minister Tony Blair to admit that the Saudis had effectively forced the UK into withdrawing the case by threatening to withdraw intelligence-sharing.
When the judgment was handed down it was one of her proudest professional moments. "It was five to two and we were waiting for the panel to come in, and I remember thinking there was never a better place to be," Rose told The Lawyer at the time (The Lawyer, 13 July 2009).
Readers' comments (1)
Robert Morgan | 25-Feb-2010 0:10 am
It wasn't Sumption QC who was playing politics but his client, Millipede.
Rule of Law, anyone?
Unsuitable or offensive? Report this comment


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text:
Check out this week's Danger Zone interview with Chuck Jaffe of Money Life and MarketWatch.com.
Apple Inc. (AAPL) is in the Danger Zone. Too many investors see AAPL through the rear view mirror and assume that its sky-high profits and return on invested capital (ROIC) are sustainable. As detailed in my Jan 25, 2013 CNBC interview, Apple is not cheap and investors should not underestimate the impact of losing Steve Jobs. Without another ground-breaking innovation like the iPhone, Apple is destined to be just another consumer electronics company. And the stock is very expensive relative to other technology and consumer electronics stocks.
Almost a year ago, I wrote a bullish article on Apple, arguing that its sky-high ROIC made it a great value for investors even at such a high price. Since then, the company's ROIC fell from 340% to 271%. Add the lack of innovation and issues with new products, and I see the recent drop in ROIC as a new trend. Without significant product differentiation, Apple cannot maintain the ultra high profit margins and ROICs.
Comparing Apple's ROIC to its competitors and industry averages provides fair benchmarks for what might be a more reasonable future level of ROIC for AAPL.
Figure 1 compares Apple's ROIC to competitors Microsoft (MSFT), Google (GOOG), Blackberry (BBRY) and Dell (DELL) as well as the market-weighted average ROICs of different industry segments. This figure shows just how far Apple's ROIC could fall if it returns to more normal levels, which I think is inevitable after the departure of Steve Jobs. The problem is that AAPL is priced to maintain a sky-high ROIC of 124%. Here is more detail on why a 124% ROIC is unsustainable.
Figure 1: Apple Versus its Competitors
People think AAPL is a value stock, but that's only the case if one assumes its current ROIC is sustainable. AAPL's current valuation of ~$452.97/share implies a long-term ROIC of 124%. I think that level of profitability is still too high to maintain.
If we assume Apple can maintain an ROIC close to Microsoft's, around 75%, then the stock is only worth ~$295. If Google's 34% ROIC is the benchmark, the stock is worth only ~$191. If we assume Apple can maintain a long-term ROIC of 20%, which is still high in the consumer electronics sector, the stock is worth ~$162.
The "value" in Apple is an illusion. Astute investors need to look at Apple through the lens of what is a reasonable ROIC in the future.
Super high ROICs are a blessing and a curse. On the one hand, a 340% ROIC is an unprecedented achievement for a company Apple's size. On the other hand, it invites lots of competition from businesses seeking to get in on those high margins.
For years, Apple's superior products could demand premium pricing. Today, other phone and tablet makers are quickly narrowing the gap between their products and Apple's. The differences between an iPhone and a Samsung Galaxy or a Motorola Droid are no longer enough to justify a major difference in price.
The loss of Steve Jobs hits Apple extremely hard when it comes to innovation and product quality. His energy, creativity, and attention to detail played a critical role in enabling Apple to stay ahead of the pack for as long as it did. Without him, Apple has not come up with any significant new innovations and appears to be falling a bit behind the competition. The Apple Maps fiasco last year revealed how much the company missed his attention to detail.
Taking the competition to court does not stop them. It only slows them down – at best. Apple's $1 billion verdict in its patent infringement lawsuit against Samsung last year was encouraging, but that amount was reduced 50% on appeal. Patent suits are very expensive (time and money) and difficult to prosecute. As hard as it tries, Apple will not be able to sue its competitors out of business. Google, Samsung, Blackberry, Microsoft and many other firms will continue to put out phones, computers, and tablets that will be increasingly competitive with or better than Apple products. Apple needs another ground-breaking new product to maintain margins and profit growth.
Do not get me wrong. Apple is still a great company and an American icon that gave us amazing new devices. My point is that a great company does not make a great stock. And AAPL is not a good stock.
Figure 2: ROIC Has Peaked
Normally I end these articles by warning investors to avoid the ETFs and mutual funds that allocate significantly to the stock in the Danger Zone. With AAPL, there are too many funds to include in this report.
An astounding 664 of the 7,000 ETFs and mutual funds I cover allocate at least 5% of their value to AAPL. Mutual fund managers have caught a serious case of groupthink when it comes to AAPL. No fund manager or ETF provider wants to have to explain to investors why they did not own AAPL if the stock takes off again. So, they keep the allocation rather than do more independent research.
Mutual fund managers and ETF providers are too often focused on performing in line with their peers. That strategy helps protect them from losing market share. In the event of a market downturn or a big drop in a widely-held stock, they are protected from losing assets as long as all or a majority of other funds underperform along with them. The goal is to avoid being singled out and risk losing more assets than peers.
Sam McBride contributed to this article
Disclosure: David Trainer owns MSFT. David Trainer and Sam McBride receive no compensation to write about any specific stock, sector, or theme.
What value does your model give GOOG, NLFX, DELL, CRM and AMZN?
please provide the same spreadsheet for the assumptions. I think this should provide some clarity to help people who question the approach,
Patiently waiting…
Helpful? No, not helpful at all. His "model" makes unproven assumptions, and tortures/misrepresents/"adjusts" data, to arrive at a claimed present value–which no one in his right mind believes. He doesn't just "make some assumptions which could be considered bearish", he makes some assumptions which could be considered nuts. And, without those unrealistic assumptions–his skyhook–he couldn't come up with his headline grabbing/CNBS pushing $240 valuation. And that's being kind.
You're welcome. Interesting approach; if you were involved in CS/HOLT I guess you don't need reminding about CAP! But I do reckon even a couple more years of super-normal returns might have an impact on the valuation (although the high cash balance will dampen down the impact on the overall equity value).
Then again I guess the whole point of the last six months is that the market has dramatically reassessed its view of AAPL's competitive advantage period!!
Def a worthwhile prism tho. Need to revisit my valuation over the next few weeks anyway will be interesting to see if the EVA and the PE are telling me different things. That might be a solution to the perennial "oh its cheap on an ex-cash PE" dilemma.
All the best
PS Was having a look a NVDA the other day – the opposite a stock that's dead cheap on an ex-CASH PE but also has a good record of producing excess returns!
I wouldn't consider a 70% or 52% ROIC assumption to be particularly nuts or unrealistic.
Let me walk you through it. The ROIC is the annual payment you get for investing your capital. So the 2% interest on your checking account – thats the ROIC on the cash you have stashed in there. Similarly the long run return on US equities is – what? 10%? Something in that ballpark or used to be (obviously slightly depends on your time period). So in that context making even a 50% or 70% ROIC assumption is pretty heroic. Tell me another asset you can invest your capital in that will produce those returns…
You also need to think about the sustainability of those returns. With the bull case not only are you arguing that you get very high returns but they are sustainable for a number of years (Competitive Advantage Period). That is definitely tricky.
For context a good asset-light business model (say a software company) could probably do you 20%+ ROICs sustainably. But that's pretty damn good. Again link it back to your bank account – how easy is it to find places to put your capital that increase it by a fifth every year.
Now as I pointed out there as a couple of issues with DTs model. In particular its massively sensitive to the initial NOPAT number you are capitalising – perhaps enough to make it useless. I'd like to see it rebuild as a standard HOLT-type EVA with a longer fade and an adjustable CAP to sense-check.
But I don't think his basic approach is unsound, or he's particularly misrepresenting anything (woulnd't mind checking IC calc to be sure on that).
All the best
I continue to patiently wait for the value your model would peg GOOG, DELL, AMZN, NLFX and CRM.
You've answered other questions; my simple question shouldn't really be that hard to answer.
"In particular its massively sensitive to the initial NOPAT number you are capitalising – perhaps enough to make it useless."
"The problem is that AAPL is priced to maintain a sky-high ROIC of 124%."
The problem with your problem is that your graph shows that AAPL has been above that "sky-high ROIC of 124%" since 2004/2005. Your entire adjusted model simply boils down to your assumption that Apple can't keep going, and you make up ("adjust") numbers to bootstrap your assumptions.
I think based on Mr. Trainor's model that I can roughly answer my own question from above – suppose that Apple invests another $20 billion of excess cash in the business and ends up with a 70% ROIC? That implies:
- Additional $14 billion of NOPAT;
- Capitalized at his WACC of 6.5% (which I actually think seems low, BTW) is $215 billion of additional value
- Removing that $20 billion of excess cash means a net value increase of $195 billion
I believe that equates to a value of roughly $490 per share.
Yes, this includes a lot of assumptions, but I fail to see how they are any less plausible than Mr. Trainor's assumptions. His implicit assumptions are (i) that ROIC plummets and (ii) that Apple stops investing in its business – basically that it cannot find any way to put capital to use productively. In other words, not only is average ROIC 70%, but Apple's incremental ROIC is dramatically south of that. He is making the first assumption explicit but not the 2nd assumption.
The point is that playing around with this type of model is illustrative of certain scenarios, but it is also extremely sensitive to changes in assumptions around ROIC, WACC, and amount of invested capital.
I ask Mr. Trainor to say where my analysis is wrong.
I continue to patiently wait for the value your model would peg GOOG, DELL, AMZN, NLFX and CRM.
You've answered other questions; my simple question shouldn't really be that hard to answer.
Buy? What no public service ala AAPL? Why is that?
No one paid him to squeeze out an attention grabbing link-bait story as a "public service" on those others.
Apple reported net income of $13.1 billion in the December 2012 quarter, $9.5 billion in the March 2013 quarter and I am projecting $37 billion for the year. However, in Trainer's analysis he has NOPAT (which is close to net income) of only $8 billion for the year. Unless he is expecting Apple to lose money for the rest of this year, I don't think the analysis makes sense.
In studying David Trainer's valuation, I've come to the conclusion that his assumptions and model are quite nonsensical.
Let me start out with a question. What's something that is really unusual about Apple compared to all other companies? Answer: They have MASSIVE amounts of cash. This large cash position will not continue to exist into the future. They will distribute it to shareholders or make acquisitions, but for now, they have it sitting on their balance sheet. Now David's main rationale for why AAPL is overvalued is that their ROIC is unrealistically high. But he's looking at the wrong financial ratio. That's because;
ROIC is calculated as (Net Operating Profit – Adjusted Taxes)/(Invested Capital)
And Invested Capital is calculated as: Total Debt and Leases + Total Equity – Nonoperating Cash and Investments
As you can see, Invested Capital is greatly influenced by the amount of Nonoperating Cash and Investments which the company possesses. In the case of Apple, they have a TON of Nonoperating Cash. David uses an ROIC of 271% that was calculated by a data provider which may include the debt Apple just added to the Capital Structure. But just to show you how much non-operating cash skews the ROIC calculation, let's just see what the ROIC looked like before they added $17B of debt to the capital structure.
ROIC prior to debt comes out to:
(Net Operating Profit – Adjusted Taxes) = $38.685B
Invested Capital = ($135.5B in Book Value of Equity + no Debt + $3.87B in Leases – $144.7B in Cash) = -$5.33B
So considering Apple's massive cash position, it's not possible to calculate anything BUT a nonsensical number for ROIC. Additionally, it's a terrible financial ratio to use if you want to conduct a relative analysis. David compares Apple with Microsoft and other competitors, yet each of them has their own cash issues, therefore making them impossible to compare using ROIC.
Perhaps most disturbingly, instead of doing a DCF valuation, which is the appropriate thing to do for Apple, David does a perpetuity cash flow valuation. In addition, he uses NOPAT, which is only an estimation for FCFF. But you can't use NOPAT if there's going to be any growth. That's because, among other things, investments in CAPEX and depreciation don't match up. So instead of dealing growth and future investments in CAPEX, working capital, etc., he decides that starting TOMORROW, Apple does not grow and its margins will plummet. That way he can use NOPAT and a perpetuity formula that models zero growth. Additionally, Under the perpetuity assumption, Apple is going to suddenly start paying out all available cash to shareholders. Meaning all cash that's left over after they cover all debt obligations and maintenance CAPEX (where CAPEX = Depreciation). Apple doesn't have a history of doing any of these things, nor have they shown any desire to start doing it now. So why would he model that in his valuation?
Next, David's rationale for slashing Apple's margins is that profitability levels should naturally revert towards the mean in a free market economy, to which I agree. HOWEVER, this doesn't happen overnight. He's completely ignoring market forces, economics, and general common sense.
I estimated his valuation breakdown looks something like this:
Perpetuity Value = NOPAT/Cost of Capital
$108.6 Perpetuity Value
+ $150 cash per share
- $17 debt (The debt they just took on)
- $1.6 option value per share
Now hold on as I explain just how extreme David's assumptions are:
The perpetuity value based on NOPAT is calculated assuming that Apple's NOPAT will fall from $41.7 Billion last year to $7.69 starting TOMORROW. That means that the NOPAT Margin falls from 26.6% to 4.9% IMMEDIATELY. Then, to discount this cash flow estimate, it appears that he used an average of the WACC from the last two years that he obtained from a data provider and came up with a 7.15% cost of capital. Which seems aggressively low considering Prof. Damodaran's WACC (before the addition of debt) is 11.29%. Had he used the same WACC as Prof Damodaran, he would have found a price per share of $176.50. Well below the $428 it is trading at today and close to the $150 it has in cash. At the end of the year, Apple will probably have $176.50/share in cash alone!
Summary of his assumptions
- Zero growth starting tomorrow.
- Maximum dividend payouts starting tomorrow.
- Massive reduction in operating margins starting tomorrow.
Now, If David wanted to do a better comparison, how about ROE which is not skewed by cash holdings. Microsoft's ROE is 22.58% and Apple's is 33.34% according to yahoo finance. Now you could suggest that Apple's will skew down below MSFT overtime because AAPL is a hardware and software manufacturer and they tend to make lower ROE. If he went with ROE instead of ROIC, his report would have more credibility.
So I decided to determine what a "worst" case might look like. Using Prof. Damodaran's DCF valuation spreadsheet for Apple. I Changed two of his normal case assumptions; First I changed growth to the following pattern: -5% growth for years 1-5 and for years 6-10, growth slowly recovers from -5% growth to 1.73% growth at the Terminal Date (Year 10). Using this assumption, Apple's sales fall from the most recent year, $169B, to $126B in the terminal year (year 10). Also, their Operating Margin lowers in a straight-line manner from 31% in their current year to 12% in year 10. Under this scenario, the stock is worth $334.72/share. According to these assumptions, the stock would be 28% overvalued. But keep in mind, they are "worst" case assumptions. Under Prof. Damodaran's valuation, the stock is 37.3% undervalued based on his intrinsic value of $588/share.
David's "valuation" = $240/share, or 44% overvalued.
My worst case scenario = $334.72/share, or 28% overvalued.
Damodaran's normal case scenario = $588/share, or 37.3% undervalued.
I still feel quite comfortable with Apple's current risk/return profile, especially considering the fact that David's valuation holds no water. So I'm content to keep Apple in my portfolio moving forward.
> What's something that is really unusual
> about Apple compared to all other
> companies? Answer: They have MASSIVE
> amounts of cash.
The point of a ROIC/EVA is to only analyse the returns the company is generating on the capital that's deployed in its operations. That is why the cash is stripped out of the numerator (note that NOPAT is calculated on a pre-interest basis) and the denominator (IC) strips out cash and debt.
Imagine if the Bill & Melinda Gate Foundation ran a souvenir shop which make $1000 of NOPAT a month. To calculate the ROIC you'd divide that by the assets it had (the shop, the stock etc). You wouldn't divide it by the total cash and assets of the foundation.
> David compares Apple with Microsoft and
> other competitors, yet each of them has
> their own cash issues, therefore making
> them impossible to compare using ROIC.
That's precisely why you strip non-op cash out of IC. To ensure comparability with other companies.
re: Your point about debt see the IC calc posted above – note this is calculated from the 2012 balance sheet so there is no debt issuance to cloud the issue.
> Perhaps most disturbingly, instead of
> doing a DCF valuation, which is the
> appropriate thing to do for Apple, David
> does a perpetuity cash flow valuation.
Errr, why is a DCF not a perpetuity cashflow calculation? When you have your terminal value +10 years out and you capitalise it at (WACC-terminal growth) that looks to me a lot like a perpetuity cashflow calculation. Or am I missing something?
The answer is that DT is doing a DCF valuation – he is just assuming zero growth. That's what you call a perpetuity.
> Next, David's rationale for slashing
> Apple's margins is that profitability
> levels should naturally revert towards the
> mean in a free market economy, to which I
> agree. HOWEVER, this doesn't happen
> overnight.
Yes, this is the Competitive Advantage Period issue I flagged above.
However we can do some back of fag packet sensitivities around this.
DT's run-rate of NOPAT is $10bn. Consensus net income (ignore interest for sake of simplicity) is roughly $30bn. Therefore each year of ongoing competitive advantage assuming current return levels is worth about $30bn or $32 /share.
Assume this fades linearly over a five year period (believe me that's more than enough to see a CAP eroded – viz Nokia / Blackberry) that implies an additional $90 /share of cash generation on top of the $240 base case. That gets you to $330, or 24% below the current share price.
This roughly correlates with your worst case DCF. That's not surprising as effectively when you cut margins to 10% you are doing the same this as DT cutting ROIC to 70%, you are just inputting it into the model from different cells. Remember the DCF and EVA are mathematically identical, just the cells have been reordered.
So reconciling the two: If you believe AAPL will lose its competitive advantage over the next five years, then AAPL's shares are worth roughly $330 on either DT + Fade or lower-margin DCF analysis.
A thought experiment: What competitive advantage does the iPhone + Siri + iCloud have over the Galaxy SIV + Google Now + Google? If you are saying Apple's current ROICs are sustainable you are implicitly saying the Apple package has an overwhelming competitive advantage over the Android package.
I someway agree with your opinion of apple loosing its charisma of coming up with innovation or new magnetic functionalities in existing products. Competitors like Google, Samsung and Amzon are catching up fast on phone, ipod kind of products. Apple is facing too much market share issue from Samsung in developed and emerging markets, as Samsung is fast in producing good phone stuff, thanks to Android software.
Let's wait and watch in next 2-3 months when apple hold its marketing gimmick show to show what it is holding under wrap. If it is something that no one has expected then IT IS ALL APPLE.
Having billion of cash in pocket has not much worth if company cannot use it to improve future earnings and at the end of day, they have to distribute it to shareholders.
Mr David Trainer, Greetings from Argentina. What are your comments about your statement on May 14 2013 almost 2 months later ?. Thanks a million and all the best.


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GeForce GTX 590 SLI review -
Graphics card temperatures
Graphics card temperatures
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With today's graphics cards, please make sure your PC is well ventilated at all times, this will seriously help you on the overall GPU temperature.
In this review we take the Palit GeForce GTX 750 Ti KalmX. Palit's offering is the most slinet of them all, as it uses passive cooling. That's right, just a big heatsink is being used. The KalmX ru...
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Reader Comments (Page 1 of 1)
Thanks for the great answers.
I think it's odd you guys call it a bug - seems to me it's more a case of a poor/unbalanced mechanic - but glad I understand it more clearly.
Rogues have always been a very "technical" class in PvP compared to others - you play a lot more on the fringes of of the code - Vanishing Death coils, using the ability to get out of combat to allow restealth, use sap etc.
As a result I suppose it makes sense that something like this would be seen as a "bug" rather than just a balance issue. I think most other classes would not call it a "bug", but I think that's a matter of class culture - I don't mean this in any kind of derogatory way.


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ShammyHeals said...
Does anyone else feel that over the last 4 weeks the majority of responses to the new resto shaman posts have been very negative and critical?
Part of me wants to remind everyone that THEY could have applied for the position and have written better content, but the other part of me really thinks that these past resto shaman posts are very, VERY bad.
Makes me wonder: who the hell applied for this position and where did they find this writer? What are the editors doing in response to the negative reactions. Is there any accountability or must be forever now deal with a weekly, unthorough postings that are incite contempt more than insight?


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