text:
Affirmative Action: One Size Does Not Fit All
This paper identifies a new reason for giving preferences to the disadvantaged using a model of contests. There are two forces at work: the effort effect working against giving preferences and the selection effect working for them. When education is costly and easy to obtain (as in the U.S.), the selection effect dominates. When education is heavily subsidized and limited in supply (as in India), preferences are welfare reducing. The model also shows that unequal treatment of identical agents can be welfare improving, providing insights into when the counterintuitive policy of rationing educational access to some subgroups is welfare improving.
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|Date of creation:
|Oct 2013
|Publication status:
|published as Kala Krishna & Alexander Tarasov, 2016. "Affirmative Action: One Size Does Not Fit All," American Economic Journal: Microeconomics, American Economic Association, vol. 8(2), pages 215-52, May.
|Contact details of provider:
| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Phone: 617-868-3900
Web page: http://www.nber.org
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Qiang Fu, 2006. "A Theory of Affirmative Action in College Admissions," Economic Inquiry, Western Economic Association International, vol. 44(3), pages 420-428, July.
- Lance Lochner & Alexander Monge-Naranjo, 2012.
"Credit Constraints in Education,"
Annual Review of Economics,
Annual Reviews, vol. 4(1), pages 225-256, 07.
- Lance Lochner & Alexander Monge-Naranjo, 2011. "Credit Constraints in Education," NBER Working Papers 17435, National Bureau of Economic Research, Inc.
- Lance Lochner & Alexander Monge-Naranjo, 2011. "Credit Constraints in Education," Working Papers 2011-036, Human Capital and Economic Opportunity Working Group.
- Lance Lochner & Alexander Monge-Naranjo, 2012. "Credit Constraints in Education," University of Western Ontario, Centre for Human Capital and Productivity (CHCP) Working Papers 20121, University of Western Ontario, Centre for Human Capital and Productivity (CHCP).
- Verónica C. Frisancho Robles & Kala Krishna, 2012. "Affirmative Action in Higher Education in India: Targeting, Catch Up, and Mismatch," NBER Working Papers 17727, National Bureau of Economic Research, Inc.
- Phelps, Edmund S, 1972. "The Statistical Theory of Racism and Sexism," American Economic Review, American Economic Association, vol. 62(4), pages 659-661, September.
- Loury, Linda Datcher & Garman, David, 1993. "Affirmative Action in Higher Education," American Economic Review, American Economic Association, vol. 83(2), pages 99-103, May.
- Jesse Rothstein & Albert H. Yoon, 2008.
"Affirmative Action in Law School Admissions: What Do Racial Preferences Do?,"
NBER Working Papers
14276, National Bureau of Economic Research, Inc.
- Jesse Rothstein & Albert H. Yoon, 2007. "Affirmative Action in Law School Admissions: What Do Racial Preferences Do?," Working Papers 20, Princeton University, Woodrow Wilson School of Public and International Affairs, Education Research Section..
- Raquel Fernández & Jordi Gali, 1999. "To Each According to …? Markets, Tournaments, and the Matching Problem with Borrowing Constraints," Review of Economic Studies, Oxford University Press, vol. 66(4), pages 799-824.
- Andrea Moro, 2003. "The Effect Of Statistical Discrimination On Black-White Wage Inequality: Estimating A Model With Multiple Equilibria," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 44(2), pages 467-500, 05.
- Roland Fryer & Glenn Loury, 2005. "Affirmative action in winner-take-all markets," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 3(3), pages 263-280, December.
- Andrea Moro & Peter Norman, "undated".
"Affirmative Action in a Competitive Economy,"
Penn CARESS Working Papers
ca48ba70927f48a4e11034658, Penn Economics Department.
- Moro, Andrea & Norman, Peter, 2003. "Affirmative action in a competitive economy," Journal of Public Economics, Elsevier, vol. 87(3-4), pages 567-594, March.
- Andrea Moro & Peter Norman, "undated". ""Affirmative Action in a Competitive Economy''," CARESS Working Papres 96-08, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Jimmy Chan & Erik Eyster, 2003. "Does Banning Affirmative Action Lower College Student Quality?," American Economic Review, American Economic Association, vol. 93(3), pages 858-872, June.
- Hector Chade & Gregory Lewis & Lones Smith, 2014.
"Student Portfolios and the College Admissions Problem,"
Review of Economic Studies,
Oxford University Press, vol. 81(3), pages 971-1002.
- Chade, H. & Lewis, Gregory & Smith, L., 2014. "Student Portfolios and the College Admissions Problem," Scholarly Articles 12363836, Harvard University Department of Economics.
- Peter Arcidiacono & Esteban Aucejo & Ken Spenner, 2012. "What happens after enrollment? An analysis of the time path of racial differences in GPA and major choice," IZA Journal of Labor Economics, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 1(1), pages 1-24, December.
- Tolga Yuret, 2008. "An Economic Analysis of Color-Blind Affirmative Action," Journal of Law, Economics and Organization, Oxford University Press, vol. 24(2), pages 319-355, October.
- James Fain, 2009. "Affirmative Action Can Increase Effort," Journal of Economic Interaction and Coordination, Springer;Society for Economic Science with Heterogeneous Interacting Agents, vol. 30(2), pages 168-175, June.
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text: Kompleks - Loraine (Linton Kwesi Johnson Edit) by Plimsoll Records published on 2011-06-08T23:48:08Z Excellently re-worked reggae music perfect for festivals... Vinyl out mid July via PLIMSOLL Digital release via GRAND BUFFO soon after Genre reggae edit Comment by The Blacklight Special original is great... classy edit :) 2012/09/04 03:49:19 +0000 Comment by The Stinking Bishop love this bit 2011/10/22 20:58:58 +0000 Comment by hugoy I loved the original, but I also love this edit. Great work! 2011/10/22 20:43:17 +0000

subset: commoncrawl


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HTC one m7 not updating to 4.4
My dad just bought a new HTC one m7 unlocked from eBay. When we got it we downloaded the update. When it finished downloading we installed. The screen the showes a phone with a green symbol with a blue line at the bottom. But halfway then the phone turns into a red exclamation point and then reboots to normal. Plz help I'm a beginner at this types of things.
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Re: HTC one m7 not updating to 4.4
Sounds like the update is failing during the install.
I wonder if the phone has been tampered with since you mentioned bought off eBay.
If you boot into your bootloader it will give you a Tampered flag at the top of its been hacked in any way.
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The caches for per-font/word shaped glyph data (introduced in bug 703100, replacing gfxTextRunWordCache) should observe the memory-pressure notification and discard cached words when memory is low.
This would have been difficult to do in the old gfxTextRunWordCache world, because of the complex ownership and referencing of the glyph data, but with the per-gfxFont shaped-word caches, it should be simple. This will then allow us to keep shaped-word data in the cache longer for potential re-use, knowing that it will be evicted if necessary.
I love this idea. Do you plan on having this land together with the cache changes, or after?
No reason we shouldn't land it at the same time, I think - I'll post a patch shortly. It's pretty trivial to implement in the new model.
Created attachment 580010 [details] [diff] [review]
observe memory-pressure notification and discard cached gfxShapedWord records.
Backed out of inbound for crashes:
Created attachment 588347 [details] [diff] [review]
patch, v2 - observe memory-pressure notification and discard cached gfxShapedWord records
Well, that lit up the tree like it's still Christmas.
This patch passes try without complaint :) .... marking for re-review as it's somewhat restructured from the previous version.


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Buddha Bowl
This Buddha Bowl from "a modern way to cook" by Anna Jones is chock full of good-for-you things and a rich curry, fragrant with a homemade curry paste and peanuts, all served over over brown …View Full
Japanese Chicken Curry
For our final meeting of the year, the World Spice Cookbook Club is taking on recipes from The Flavour Principle: Enticing Your Senses With Food And Drink. This cookbook, containing recipes from around the world, focuses …View Full
Black Cardamom Pastries
The World Spice Cookbook Club is taking a trip through the varied cuisines of Eastern Europe this month… our selection for September is Mamushka: Recipes from Ukraine and Eastern Europe, by Olia Hercules! We always …View Full
Sultry Spiced Short Ribs
Slow cooked short ribs are the perfect vehicle for spices and the secret ingredient for this recipe is black cardamom. Black cardamom is a milder cousin of the better known variety and has a deep …View Full
Cardamom Pear Upside-Down Cake
This ultra moist cake is rich and delicious with almond flour and coconut oil forming the base. The cardamom and a hint of ginger complement the pears, and when you bring all these layers of …View Full
Sri Lankan Banh Mi
The World Spice Cookbook Club is grilling, steaming and frying at the August 2015 Meet & Eat. We are all cooking from Andrea Nguyen's classic Asian Dumplings: Mastering Gyoza, Spring Rolls, Samosas, and More and her …View Full
Curry Bread Pudding with Cardamom Cream
Who says you have to make curry with your curry? No one! This warm winter pudding was inspired by our friends at Hunger Restaurant, and since trying theirs we have come up with some delightful …View Full
Chef Andrea's Cardamom and Olive Oil Cake
Recently, Holly admitted her powerlessness over the char grilled prawns at the West Edge's favorite eatery, Lecosho. She recommended following the dish with this fantastic cardamom olive oil cake for dessert, and my ears perked …View Full
Superhero Shawarma – Just Ask the Avengers!
PrintLamb Shawarma Ingredients1 tablespoon cumin 1/4 teaspoon ground fenugreek seeds 1 teaspoon ground fennel seeds 2 teaspoons ground Tellicherry black pepper 1 star anise 1/2 teaspoon cloves 1 teaspoon allspice 1 teaspoon ground cardamom seeds …View Full
Continental Curry Biryani
It's almost Buddha's birthday! Buddha's birthday is celebrated on the eighth day of the fourth month of the Chinese lunar calendar in nearly all east-Asian countries, and this year it falls on Friday May 17th in …View Full
Corned Beef and Caraway Cabbage
Spring is in the air! This is my favorite time of year: spring training baseball is on the radio, Mother Nature is providing us with some gorgeous sunny days between all the rain, and one …View Full
Rose 75 Cocktail
Blending the tart flavor of sumac and the heady sweetness of rose, this cocktail tickles the palate with a full spectrum of flavors. As is so often the case, we perfected the recipe by happy …View Full


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Bosses should treat departing employees with respect, even if they feel betrayed by their resignations, writes Dave Balter. It's possible you'll deal with the worker in the future, so it's important to stay on good terms. "Bad memories will fade. What remains is a bond from shared experiences," Balter writes.
Full Story:Inc. online (free registration)


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At T&S: Go the Distance - At T&S, a Conference post from Kent expanding on Elder Renlund's statement, ""The greater the distance between the giver and the receiver, the more the rec...
10 months ago
The truth shall set you free... knowledge is power... etc. etc. etc. Cool post!
Thanks Katie.
I saw something similar in Holland: a church converted into a bookstore since they just don't need as many churches as they used to.
I love it. Indeed, I think my church is now books. There is so much to learn now!
One can only hope.
Mr. Brent...
It sounds like your loving living in UTAH! hehehhe... :)
Hope all is well~ Tell Colleen Howdy for me..
Did you by chance visit Belfast? I found it to be quite a different atmosphere from Dublin, for entirely religious reasons.


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The issue of trade, and whether our deals are helping or hurting American workers, is resonating with many prospective voters this election season. For a closer look at how U.S. trade policy is playing out in the presidential race, Hari Sreenivasan talks to Thea Lee of the AFL-CIO and Matthew Slaughter of Dartmouth University. Continue reading
Is making pollution expensive the best way to combat climate change? Economist Yoram Bauman thinks so — he's spearheading a campaign for a carbon tax in Seattle. But the proposal is raising opposition, and has brought together some unlikely bedfellows on both sides of the debate. Economics correspondent Paul Solman reports. Continue reading
On Friday, we're offering a special opportunity to talk to headhunter Nick Corcodilos. At 4 p.m. EDT on our Facebook page, Nick will be sitting down with NewsHour's P.J. Tobia for a Facebook Live to offer a few pieces of headhunting advice and take your questions. Continue reading
In Washington state, a grassroots campaign to tax carbon emissions has gained steam. But how does a carbon tax work? For that, we turn to cartoons. Continue reading
The Panama Papers raise an age-old debate on how to balance privacy and transparency. Is Bitcoin technology, known as "blockchain," the answer? Continue reading
A handful of ZIP codes illustrate how very differently Minneapolis-St. Paul and the Washington metropolitan area have organized into elite enclaves. Continue reading
If your optimal Social Security lifetime benefit maximization strategy requires you to file for retirement benefits and immediately suspend them, make sure you do so by April 29. Continue reading
The weather's getting warmer. People want to get out of the office. So they schedule interviews in restaurants and at the local watering hole. There's nothing wrong with this, but be careful. Continue reading
Inclusion of women on juries was followed by large changes in conviction rates for sex offenses and violent crimes against women. Continue reading
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Rhino FACE-OFF!!
These two adolescent bull Rhinos had been friends up until today. But now, they decided it was time to decide who would be the alpha male. The zookeeper wasn't yet aware of the change. The rhinos were really going at it, chasing each other around at surprisingly fast speeds, and battling it out for dominance.
If you look at the larger image, you can see all the wounds and blood on their faces from the battle. I have never seen so much action at the zoo before.
I guess they forgot to tell them that this is just a zoo...
(Whoever said that zoo animals are not wild?!)
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Deuteronomy 31:8 - And the LORD, he [it is] that doth go before thee; he will be with thee, he will not fail thee, neither forsake thee: fear not, neither be dismayed.
Deuteronomy 31:6 - Be strong and of a good courage, fear not, nor be afraid of them: for the LORD thy God, he [it is] that doth go with thee; he will not fail thee, nor forsake thee.
Hebrews 13:5 - [Let your] conversation [be] without covetousness; [and be] content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee.
Joshua 1:9 - Have not I commanded thee? Be strong and of a good courage; be not afraid, neither be thou dismayed: for the LORD thy God [is] with thee whithersoever thou goest.
1 Peter 5:7 - Casting all your care upon him; for he careth for you.
Hebrews 13:5-6 - [Let your] conversation [be] without covetousness; [and be] content with such things as ye have: for he hath said, I will never leave thee, nor forsake thee. (Read More...)
Matthew 28:20 - Teaching them to observe all things whatsoever I have commanded you: and, lo, I am with you alway, [even] unto the end of the world. Amen.
Hebrews 13:6 - So that we may boldly say, The Lord [is] my helper, and I will not fear what man shall do unto me.
Philippians 4:6-7 - Be careful for nothing; but in every thing by prayer and supplication with thanksgiving let your requests be made known unto God. (Read More...)
Isaiah 41:10-13 - Fear thou not; for I [am] with thee: be not dismayed; for I [am] thy God: I will strengthen thee; yea, I will help thee; yea, I will uphold thee with the right hand of my righteousness. (Read More...)
Psalms 55:22 - Cast thy burden upon the LORD, and he shall sustain thee: he shall never suffer the righteous to be moved.
Romans 8:28 - And we know that all things work together for good to them that love God, to them who are the called according to [his] purpose.
Joshua 1:5 - There shall not any man be able to stand before thee all the days of thy life: as I was with Moses, [so] I will be with thee: I will not fail thee, nor forsake thee.
2 Timothy 1:7 - For God hath not given us the spirit of fear; but of power, and of love, and of a sound mind.
1 Chronicles 28:20 - And David said to Solomon his son, Be strong and of good courage, and do [it]: fear not, nor be dismayed: for the LORD God, [even] my God, [will be] with thee; he will not fail thee, nor forsake thee, until thou hast finished all the work for the service of the house of the LORD.
Hebrews 4:16 - Let us therefore come boldly unto the throne of grace, that we may obtain mercy, and find grace to help in time of need.
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Posted: 2016-05-17
The Global Water Partnership (GWP) Sponsoring Partners have announced the appointment of Dr. Oyun Sanjaasuren as the new Chair of GWP, effective July 1, 2016. Dr. Oyun is a Member of Parliament of Mongolia, former Minister of Environment and Green Development, and former Minister of Foreign Affairs. She currently serves as President of the United Nations Environment Assembly of UNEP.
With an academic background as a geochemist, Dr. Oyun entered politics in 1998, following her professional career as a geologist with Mongolia-Czech exploration JV and as a project geologist with Rio Tinto, UK. Serving five consecutive terms in the parliament, she has led a number of governance reforms of the country, including green development and in the water sector.
"Her hands-on experiences in the water field will help her to galvanize, in concrete ways, the actions of GWP's 3,000 partners that are working to improve water in diverse settings in 172 countries," said Kenzo Hiroki, Chair of the GWP Nomination Committee, as he announced the unanimous decision of the search committee. "Dr. Oyun's leadership style is characterized by her deep listening, logical understanding, thoughtful deliberation, and sympathy for the poor and deprived. She demonstrates passion, purposeful dedication, and determination."
Dr. Oyun – who will leave Parliament in June 2016 – will keep some of her domestic portfolios when she assumes the position of GWP Chair. Dr. Oyun is Founder and Head of the Zorig Foundation, a leading Mongolian NGO dedicated to the advancement of democracy and supports youth and education. She is also Chair of the Special Olympics Mongolia and Chair of the Mongolia Chapter of Women Corporate Directors, the largest global community of women corporate directors.
In accepting the position, Dr. Oyun said, "The world today is facing a number of challenges that are complex in nature and require a concerted effort of all of us. Ever-increasing population growth and demand for food, energy, and water will need solutions. If we continue the same path, we will need multiple planets by the end of the century! Water is both at the centre of the challenge and the potential solution. I am honored and humbled to accept the role of the Chair of GWP and will do my best to contribute to its progress."
GWP Interim Chair, Drs. Alice Bouman-Dentener, said on behalf of the global Steering Committee, "I am happy to leave GWP in such capable hands and am confident that under her inspiring leadership GWP will prosper and live up to its full potential. Given Dr. Oyun's background, GWP's multi-stakeholder network of diverse partners will be well-supported to contribute to water security and the implementation of the 2030 Sustainable Development Agenda."
Dr. Oyun holds a Ph.D. in Earth Sciences from Cambridge University, and a B.A. and M.Sc. in Geochemistry from Charles University, Prague. She is fluent in English, Russian, Czech, and Mongolian.
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The Best of FrenemiesThe relationship between Gates and Jobs was always complicated, sometimes nasty, and, in the end, surprisingly tender.
The Wilderness YearsThe bleakest time in Jobs's career would turn out to be his most productive.
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Silver Plated Heart Shaped Rose Quartz Ring
A flirtatious ring with a strong feminine centre and a hard outer. The uniquely coloured and cut rose quartz gem stone add charm and a feminine finish to a beautifully created ring. The show stopping rope chain detail adds to the not only functional design but, presents itself beautifully to the woman who likes her accessories to include the upmost intricate detail no matter how big, or small her accessories may be.
|Care Instructions:
If ordered before 9pm, delivered by courier next working day. Available on orders placed before 9pm (2pm weekends and Bank Holidays) for delivery next business day. Applies to most delivery addresses within mainland UK.
Please remember to add postal time (2-3 working days) to obtain a complete estimate of delivery to your door.
You will receive an email to confirm when your item has been sent.
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Please allow 10 working days from dispatch of your order before notifying us of any late deliveries.
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European Court Rules Employers Can Monitor Your Private Messages
The European Court of Human Rights says reading messages sent at work is permitted for employers.By Michael Moore Workers may need to take extra care about who they are speaking to after a top European court ruled that companies are within their rights to monitor and read private messages sent by their employees during work hours. The European Court of Human Rights (ECHR) said a firm that read one employee's private chats sent while he was on the clock was within its rights to sack him for not completing his professional duties within his contracted hours. However, it warned that such policies must also protect workers against widespread snooping, and recommended that companies draw up policies to define exactly what information they are allowed to monitor and collect.
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The new Carbon G3 Series feature all of our new 2013 technologies and advancements, including our revolutionary, patent pending AirShox system for a dead-quiet, no vibration shot. Available in 2 killer configurations and powered by the game-changing RKT Cam & ½, the Carbon Element G3's compact frame is perfect for those wanting short and sweet, while the Carbon Matrix G3 offers a 35" platform for those who prefer a longer bow or have a longer draw length.
Take a look at the Hoyt Carbon Element G3 compound bows that have been offered for display below and make a selection in order to get more information about each.
Hoyt Carbon Element G3 For Sale
Hoyt Carbon Element G3 Specs
Draw Weights : 40-80 lbs
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Now that the Hoyt Carbon Element G3 compound bow has been available to buy for a few years now the price has started to drop and the bow is occasionally available for sale at under $750. When you consider that this is still a bow that is packed full of high quality components and carbon technology this must be considered a bargain.
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This is your resource to discuss support topics with your peers, and learn from each other.
If I create a BBPlatformSession in my app using MessagingService.createSession . What is the life time of the session ? If 10 users have joined user's session and user close the app. The session is destroyed ? If not then how my app can access the session on next run ?


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There are no customer reviews yet. Be the first to write a review!
Amazon Best Books of the Month, February 2010: You don't have to be a follower of those mysterious winged creatures to love this unique fairy tale from 2009 Newbery Medal-winner Laura Amy Schlitz. The book's heroine, Flory is certainly not your garden variety fairy. After losing her wings in a run-in with a bat, she must learn to survive among the hungry daylight creatures of the Giantess's garden. Between pesky squirrels, cagey spiders, and stubborn hummingbirds, Flory''s got her work cut out for herself. But, this fearless fairy quickly learns how skills like quick thinking, diplomacy, compassion, and acts of bravery can take her farther than her lost wings ever could. The Night Fairy makes an enchanting read-aloud story, as well as a gem to be treasured in the hands of readers of all ages. From its petite format and shimmering blue interior to Angela Barrett's exquisite illustrations, every detail of this little volume is perfectly suited to its small, but mighty subject. --Lauren Nemroff
From 2008 Newbery Medalist Laura Amy Schlitz comes an exhilarating new adventure — and a thoroughly original fairy who is a true force of nature.What would happen to a fairy if she lost her wings and could no longer fly? Flory, a young night fairy no taller than an acorn and still becoming accustomed to her wings — wings as beautiful as those of a luna moth — is about to find out. What she discovers is that the world is very big and very dangerous. But Flory is fierce and willing to do whatever it takes to survive. If that means telling others what to do — like Skuggle, a squirrel ruled by his stomach — so be it. Not every creature, however, is as willingto bend to Flory's demands. Newbery Medal winner Laura Amy Schlitz and world-renowned illustrator and miniaturist Angela Barrett venture into the realm of the illustrated classic — a classic entirely and exquisitely of their making, and a magnificent adventure.


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Sole Meuniere With Orange
|Sole fillets
|4 (skinned)
|1 Large
|2 Ounce
|100 Gram
|To Taste
|To Taste
Sprinkle the sole with salt and pepper and then with flour to coat it lightly.
Heat half the butter in a pan and fry the fillets until lightly browned.
Place on a hot dish.
Arrange slices of orange on each, the orange being very carefully peeled and as much white pith removed as possible.
Heat the rest of the butter until light brown, pour over the fish and serve at once.
Rate It
Nutrition Rank
Nutrition Facts
Serving size: Complete recipe
Calories 1460 Calories from Fat 487
% Daily Value*
Total Fat 55 g85%
Saturated Fat 31.2 g155.9%
Trans Fat 0 g
Cholesterol 436.8 mg145.6%
Sodium 936 mg39%
Total Carbohydrates 100 g33.2%
Dietary Fiber 7.5 g30.1%
Sugars 18.6 g
Protein 136 g271.7%
Vitamin A 41.7% Vitamin C 168.6%
Calcium 23.3% Iron 40%
*Based on a 2000 Calorie diet


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Now Foods, Acetyl-L-Carnitine, 3 oz (85 g)
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Expiration Date:?Jun 2019Expiration Date
The length of time for the expiration date or "best used before" date depends on the type of product, as well as the brand.
Perishable items (such as flax oils or certain probiotics) generally have shorter expiration dates. Although our warehouse is fully air-conditioned, these more fragile items are put in cold storage (freezer or refrigeration unit) for maximum freshness.
Our receiving department does its best to verify and then enter the correct expiration dates for all incoming products. However, discrepancies do occur from time to time. This being said, the exceptionally high turnover at iHerb ensures that our inventory is among the freshest in the industry.
Shipping Weight:?0.35 lbsSwitch to Metric units
- Product Code: NOW-00208
- UPC Code: 733739002082
- Package Quantity: 3 oz (85 g)
2.5 x 2.5 x 4.4 in, 0.3 lbsSwitch to Metric units
|Combo Discount:
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- Cognitive Support
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Acetyl-L-Carnitine is a modified amino acid that supports cellular energy production by assisting in the transport of fat into the mitochondria where it is oxidized and converted into ATP (chemical energy for the cell). Acetyl L-Carnitine is in a highly bioavailable form of L-Carnitine that can cross the blood-brain barrier, where it exerts an antioxidant effect, helps to maintain healthy cellular energy metabolism and supports brain function.
Suggested Use
As a dietary supplement, take 1/4 level teaspoon 1 to 3 times daily as needed. Consider taking these other NOW products: Pantothenic Acid, Choline and Brain Elevate.
Other Ingredients
Store in a cool, dry place. Please recycle.
This product is sold by weight not volume.
Caution: For adults only. Consult physician if pregnant/nursing, taking medication, or have a medical condition. Keep out of reach of children.
Do not eat freshness packet enclosed.
|Supplement Facts
|Serving Size: 1/4 Level Teaspoon (750 mg)
|Servings Per Container: 113
|Amount Per Serving
|% Daily Value
|Acetyl-L-Carnitine (from Acetyl-L-Carnitine HCl)
|620 mg
|* Daily Value not established.
Possible Assistance for Sufferers of Diabetic Peripheral Neuropathy
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Being a diabetic with this painful and debilitating condition I fortunately had a friend who sent me a medical article dealing with this product and its use in treating Diabetic Peripheral Neuropathy. I first found some locally (at a much more expensive price) and took it home and tried 1/4 tsp in juice at noon. And (True Story) by 2:00pm my neuropathy was GONE. I am amazed that more sufferers are not made aware of this product as it has the potential to work in over 90% of those tested thus far. Try it. It's worth a try. Seriously, my pain is Totally Gone.
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Appears to sharpen the saw as well.
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Play MP3: Sample
Gentle Music for Massage Max Highstein Vol.3 CD
On Gentle Music for Massage Volume Three, Highstein shares his healing touch through twelve solo piano pieces. Combined with delicate synthesizer voices and the sound of a high mountain stream, these gentle melodies will touch the heart, and soothe the soul.
Play Sample .mp3
Specific Content: Part One
Specific Content: Part Two
Running Time: 60 minutes
Not ideal for a massage playlist when it's two 30 minute songs.
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Online Banner (SWF) Creator
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I would like to get a quote on a partial clone of [url removed, login to view] . In particular I want the ability to create an online flash banner (see [url removed, login to view])
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Diff b/w Dao's and valueobjectpattern?
raghuram bikkani
Posts: 16
Daniel Rhoades
Ranch Hand
Posts: 186
posted 11 years ago
The Value Object pattern was an older name for what is now known as Data Access Object pattern
Drinking more tea is the key...
karthikeyan Chockalingam
Ranch Hand
Posts: 259
posted 11 years ago
I believe DTO (Data Transfer Object) is a.k.a Value Object not Data Access Object. DAO is used to retrieve data from persistent storage (like database, files)


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England > Greater London > London > Hotels > Oxford Hotel
Oxford Hotel
London, Greater London, England
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About Oxford Hotel
Located a short walk from London's famous Hyde Park, Oxford Hotel provides accommodation close to Notting Hill. Free WiFi is accessible in public areas. Oxford Hotel offers en suite rooms, decorated in calming, neutral tones.
Nearby towns & villages..
Kensington (86 Pictures)(0.9 miles, 1.5 km)
The attractive Royal borough of Kensington has many special places. Most prominent is Kensington Palace, birthplace of Queen Victoria...
Notting Hill (35 Pictures)(1.2 miles, 1.9 km, direction W)
This area of London is known throughout the world as the scene of London's biggest annual street party...
Mayfair (33 Pictures)(1.3 miles, 2.1 km, direction E)
Mayfair has it all, it is the haunt of the rich and famous, with elegant houses and apartment buildings that are the sole province of the wealthy...
Marylebone (6 Pictures)(1.3 miles, 2.1 km, direction E)
Marylebone is one of London's more affluent area's, it is home mostly to the well to do, and yet only a couple of centuries ago a large workhouse was built here to give shelter to the poor and homeless, often foundlings were discovered on the workhouse doorstep...
Piccadilly (18 Pictures)(1.7 miles, 2.7 km, direction E)
One of the Capital's most noted places, Piccadilly sweeps uphill with handsome houses on one side and Green Park on the other...
Chelsea (173 Pictures)(1.9 miles, 3.1 km, direction S)
Chelsea is a district in London which in recent times gained fame as the 'home' of the 'swinging sixties' . The swinging sixties was defined on the Kings Road, which runs the length of the area and both the Beatles and the Rolling Stones lived here at one time...
Westminster (131 Pictures)(2.2 miles, 3.5 km, direction SE)
Of all the jewels in the City of Westminster, none shines more brightly than Westminster Abbey, stunning setting for the coronation of almost every English monarch since William the Conqueror was crowned there in 1066...
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Hyde Park (82 Pictures)(0.6 miles, 1.0 km)
One of the Royal parks of London, Hyde park is one of London's finest historic landscapes...
Albert Memorial (33 Pictures)(0.7 miles, 1.2 km)
The Albert Memorial is a commemorative sculpture of Prince Albert commissioned by Queen Victoria. Whilst the structure was.....
Royal Albert Hall (24 Pictures)(0.8 miles, 1.3 km)
Impressive venue for Gala concerts and National celebrations. The Albert Hall was built in Kensington Gardens to a design by.....
Marble Arch (10 Pictures)(0.9 miles, 1.4 km)
Marble Arch was was designed by John Nash and purpose built in 1828 to be the grand entrance to Buckingham Palace. It is.....
Kensington Palace (36 Pictures)(1.1 miles, 1.7 km)
Kensington Palace is not only the private residence for several members of the Royal Family, it also has designated areas that.....
The Science Museum (8 Pictures)(1.1 miles, 1.7 km)
The Science Museum, situated in South Kensington, first opened in 1857 and holds the world's largest collection illustrating both.....
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Luca Trevisani
Interview to one of the finalist in the Premio Italia Arte Contemporanea | MAXXI - Rome
Born in Verona in 1979.
He divides his time between Milan and Berlin.
Of the four artists in contention for the second Premio Italia Arte Contemporanea being held by MAXXI, Luca Trevisani is the only one who, to put it bluntly, has got his hands dirty. The other finalists – Giorgio Andreotta Calò, Patrizio Di Massimo and Adrian Paci – have worked extensively with the language of video, but Luca has chosen instead to present a composite work. The materials he's used include – oddly enough – eggs. The piece on show has a title that seems like a description of a mechanism, il dentro del fuori del dentro (The inside of the outside of the inside): it explores concepts like the idea of limits and the borders between the different elements making up matter.
What is the work you're bringing to the Premio Italia?
The work consists of images in movement, sounds and forms. What I have in mind is an archipelago. Images don't exist anymore, only chains of images, a rhythm and a sound, heterogeneous and changeable.
You've used many different media in this work, from video and sculpture to photography. What is the theme you're developing?
It's about the idea of the limit, the skin and the borders between things. The world we live in is made up of relationships, which are in reality open to flux and different energies. It's just a matter of freeing them and letting them flow. Some people persist in dividing them and dividing us and don't appreciate that the boundary – between things and between us – is an idea that's there to explore.
You've used eggs too…
Egg shells are made of calcium, like marble, but they're fragile and you have to break them to make an omelette!
What do you mean by "discovering the boundary" between the different elements comprising matter?
The boundary is not something that we have to discover – it just is. I use things to talk about us. Identity is a cloud. We should try to make the weather and not to follow it.
Nature and culture: which of these two aspects dominates your work?
Nature is a reflective surface that shows humanity its own image. I love nature. Nature does not exist.
Premio Italia Arte Contemporanea | II Edition
Giorgio Andreotta Calò, Patrizio Di Massimo, Adrian Paci and Luca Trevisani
27 January – 20 May 2012
MAXXI– National Museum of XXI Century Arts
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More Videos...
HOT ROD TV: Hollywood Muscle
When the subject is Hollywood and muscle cars its all about Eleanor, the Bullet Mustang, General Lee, and Bandit, to name just a few. On this episode of Hot Rod TV find out why the Muscle car is still the star of the silver screen.
https://www.facebook.com/hotrodmag http://www.hotrod.com/ Here it is...Two of the most famous cars of all time in a an all out car chase! No matter which car is your favorite, everyone wins with this feature video shot in the Arkansas countryside with A REAL GENERAL LEE. Crank up your speakers and enjoy! Special thanks to Mark Osborne of Southern Coating & Nameplate, Inc. ( http://www.southerncoating.com/contact.html ) for letting us beat the crud out of his cars and his wife for making us some of the best Southern fried chicken we've ever had! Look for this story on the cover of the November 2011 issue of Hot Rod Magazine...buy two or three copies, seriously it's that good! Video Shot and Edited by Jason Lewis (firstname.lastname@example.com)
HOT ROD TV: Big Dog Muscle
Jay Leno is known as an avid student, collector and restorer of cars. Join Hot Rod TV as we get a rare opportunity to visit with the King of night time television as he takes us on a journey in his garage and shows us some Big Dog muscle.
HOT ROD Goes Drifting With Vaughn Gittin Jr. 's RTR-X
Mike Finnegan takes a ride with Vaughn Gittin Jr. in two of his badass Mustang drift cars! One of them is the 1969 Mustang Fastback caled RTR-X, an all-new Dynacorn body powered by a Motec-injected Boss 302 Coyote.


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Coral Gables Walk
Like grains of sand in an hourglass, they squeezed from one side to the other. People — lots of hungry, slightly drunk ones — bottlenecked into the narrow entrance of Books & Books (265 Aragon Ave., Coral Gables; 305-442-4408). What pulled them was not gravity, but a force equally strong: free food and alcohol. Inside, the bar was surrounded by a wall of grubbing hands. At the center sat a middle-age blond woman taking glass after glass of champagne, occasionally passing the bubbly to someone and saying, "You owe me."
Visitors mobbed the concession stands — pushing, snatching, nearly growling. Heck, it had been 25 years since the book shop's founding, about time Miami's embodiment of culture and education brought out the animal in its patrons. Mellow harmonies on the soundtrack countered the mad scene as an acoustic band performed yards away on Aragon Avenue. Pedestrian traffic congested the rest of the closed street.
The minutes did not pass much quicker a few blocks away at The Bar (172 Giralda Ave., Coral Gables; 305-442-2730). In fact they seemed to drag once typical bar band C.O. Jones took the stage. The group, comprising older dudes with day jobs, covered songs by the Doors and Doobie Brothers, among others. There were no empty seats, and imbibers had no choice but to stand. When the band asked the crowd for a request, Nancy, a young mom out for a night on the town, shouted, "Wu-Tang!" Unfortunately that was not in the band's repertoire. Instead the quartet broke out into an Aerosmith song and everyone began puking simultaneously. Well, not really, but they probably wanted to. A swaying man asked if it was okay if he leaned on Nancy's chair. "Of course; I don't want you to fall," she replied. "Don't worry — I've stood through worse bands than this," he said. "Sweet Emotion" indeed.
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No 211 - Weekly - 02 February 2007
Commission proposes an integrated energy and climate change package to cut emissions for the 21st Century
[ Transport ]
[ Energy ]
Green Paper on Urban Transport: a new role for urban
transport within the European transport policy
The debate on the Green Paper on Urban Transport started on January 31 with a major stakeholders conference in Brussels on Urban Transport: Problems, Solutions and Responsibilities. The conference was organised in the context of the EU Sustainable Energy Week. Around 400 representatives from all sectors that have an interest in urban transport were present. High level representatives from European cities and from the European Institutions presented the expectations of local authorities from the Green Paper and addressed the added value of actions at the European level.
(31/01/07) Commission launches the preparations of a Green Paper on urban transport
Strengthening transport cooperation
with neighbouring countries
The European Commission adopted on
January 31 a Communication on "Guidelines for transport
in Europe and neighbouring regions". It outlines an
ambitious policy in view of creating an effective transport
market involving the EU and its neighbours and of spreading
the principles of internal market. The Communication
identifies the five most important transport axes for
international trade between the Union and the neighbouring
countries and beyond. It also puts forward a package of
measures to shorten journey times along these axes including
improvement of infrastructure, streamlining of customs
procedures and reducing administrative obstacles.
(09/06/2006) Single market for air transport between EU and Singapore
(16/12/2005) Marrakesh Conference: new boost for transport cooperation between both sides of the Mediterranean
Blackout of November 2006: important lessons to be drawn
The final report on the incident of 4
November 2006, released today by the Union for the
Coordination of Transmission of Electricity (UCTE),
demonstrate that common action at European level is urgent.
Energy Commissioner Andris Piebalgs stated, "Europe should
draw lessons from this Blackout that left millions of
Europeans in various Member States without electricity and
develop stronger network security standards".
(06/11/2006) Energy Commissioner Andris Piebalgs reacts to Saturday's blackouts
Preparation of Eurogroup and Economic and Finance Ministers Council, Brussels 29 and 30 January
Eurogroup ministers met at 17:00 hrs on Monday 29 January. Joaquín Almunia, Commissioner responsible for Economic and Monetary Affairs, and European Central Bank Governor Jean-Claude Trichet took part in the conference.
Commissioner Piebalgs and Minister Enoksen discuss EC-Norway cooperation on carbon capture and storage (CCS)
Energy Commissioner, Andris Piebalgs and the Norwegian Minister of Petroleum and Energy, Odd Roger Enoksen, met on February 2 to discuss ways to enhance the development of carbon capture and storage technologies, in the framework of the EC-Norway energy cooperation. "If we want to achieve the ambitious environmental goals of the European Energy Policy, the EU will have to develop carbon capture and storage technologies. The extensive experience of Norway in this area could have a very positive impact[1]" stated Commissioner Piebalgs and Minister Enoksen.
(13/05/2005) European CO2 Capture and Storage Conference, speech by Commissioner Andris Piebalgs
In this section you will find the newest calls for submissions to public consultations in fields of energy and transport.
The internet service of the DG for Energy and Transport has developed a web page announcing the Calls for tenders & Calls for expression of interest concerning the Directorate General for Transport and Energy. In this new section you will find not only contract notices published in the Official Journal but also, prior information notices, calls for expressions of interest, and the list of contracting parties.
|Please note that the announcement of technical reports and documents recently produced in specific energy and transport sectors can be found on the "What's New" pages of the corresponding chapters of Energy and Transport on the EUROPA website.
This FREE weekly digest is published by :
European Commission, Directorate-General for Energy and


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Dismiss NoticeAre you a gamer? Come join us at GameNotOver.comIf you are a gamer, then GameNotOver is your new home! Whether you are a PC, PlayStation, Xbox, Nintendo, mobile or web gamer, you will find other gamers to talk with on GameNotOver where you can get help, share reviews of the latest games and gaming technology or even wax nostalgic over the gaming days of old. Come join us and help us grow GameNotOver into a wonderful community for gamers!
Recommended Cowboys cuts and Roster Moves - Ratliff to PUP, Cook, Crawford to IR
Discussion in 'Fan Zone' started by unionjack8, Aug 27, 2013.
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Nikon 1 J1 Review
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More Videos...
1988 Chevy Camaro IROC-Z 5.7 L98 TPI
1988 Chevy Camaro for sale $13,000.00 with only 24,160 miles *****SOLD*****
Camaro Jack doing donuts & burnout
Ripping up the airstrip with an 86 Camaro. No touch and goes here, only rubber and smoke. 355 small block, 4 bolt mains with a 5 speed transmission.
3rd Gen Camaro Build
A (lotta) work in progress. I started this project to swap a 191cubic inch V6 to a 350 V8 (along with performance parts, and swapping & upgrading the transmission) in 2009. (see modifications list below.) These are pictures and videos as I progressed and the very first engine start and test drive. I applied primer to protect the metal as I knew I would have to put the project on hold, which is where it has been since. Plan to start again by gutting & redoing the interior here in 2012. --------------- 350 block swap moddified Vortec heads CompCams XE268 cam Edelbrock Performer RPM Vortec intake Edelbrock 750cfm AVS carb Headman 1 5/8 headers 700R4 transmission - .500" line pressure Boost valve - huge servos - servo release check valve - TCI throttle valve - TCI Breakaway 2400 stall converter (lockup) - B&M ratchet shifter, front oil cooler, TrickShift oil.
86 Iroc
My brothers Camaro coming out the garage for some sun, getting ready to hit the streets very soon! 355sbc sbc 355


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13 threats found
13 threats removed
Download OSHI Defender and scan your PC for freeDownload and scan now
|A Pe_magistr.b can have such a destructive effect on your computer that you may need to replace hardware to complete rid your system of its malicious effects. The Pe_magistr.b will start up every time your computer starts up and may run secret programs in the background as your operating system runs normally.
|W32.magistr.39921@mm I-worm.magistr.b W32.magistr.b@mm W32.magistr.32768@mm W32.magistr-b
How to manually remove Pe_magistr.b guide. Only for ADVANCED users.
Check running processes on your system. Usually you can find Pe_magistr.b process running. Use the Ctrl+Shift+Esc buttons combination to open system information window and click Processes tab. Scroll down the whole list and try to find the process named like Pe_magistr.b. If you find Pe_magistr.b process running, right click on it and choose "End Process". It will disable Pe_magistr.b for the current Windows session, but remember that if you do not completely remove Pe_magistr.b using next steps, then your PC will stay vulnerable to malware attack. Next steps are much more important in removing Pe_magistr.b.
Prevent the malware from leaking or spreading your personal data. Malware usually uses the Internet to transfer all possible and important information you have. Some Malwares are not so "Active" and they can simply disable some Windows features and options. To disconnect your PC from the Internet you need to plug-off LAN cable (if you use LAN connection) or to turn of the Wi-Fi module (if you use Wi-Fi Internet connection). Most of (not 100%) Malwares can not access Wi-Fi module preferences. Turning off the Internet will disable Pe_magistr.b from transferring any data from your PC.
The next step is very important in removing Pe_magistr.b. After turning off the Internet and disabling Pe_magistr.b process you will need to reboot your PC in so-called Safe Mode. Safe Mode is a Windows mode which allows you to start the System using only important applications and services. Safe Mode does not usually allow Pe_magistr.b to load when the system boots (!!!but exceptions can appear!!!). Choose Restart in Windows Start menu and wait until the screen turns off.
After that you have to follow the next instructions according to the versions of Microsoft Windows you use:
Press the F8 key repeatedly when the first screen appears.
Select Safe Mode from Windows Advanced Options Menu and press ENTER.
Press the F8 key repeatedly when the first screen appears.
Use the arrow keys from Windows Advanced Options Menu in order to select Safe Mode and press ENTER.
Press and hold the Shift button when left-clicking the Restart button on Windows log-on screen.
Select Safe Mode from Windows Troubleshooting boot screen and press ENTER.
Having booted your PC in Safe mode you have to start cleaning your PC manually by deleting every file associated with Pe_magistr.b one by one. Here is the list of all files associated with Pe_magistr.b. Delete all files listed below using the Shift+Delete buttons combination. Always double check the file name as sometimes Malwares use very similar filenames as very important system files do and you can mistakenly remove important system file what will harm your system and you will not be able to boot your PC at all.
Please, remember that viruses are always progressing and sometimes new files can appear. If you are using our offline PDF guide on How to remove Pe_magistr.b, please check if you have it's latest version.
We do not guarantee that Pe_magistr.b has the same file structure at the moment of deleting.
After removing all files associated with Pe_magistr.b that were listed above, reboot your system in normal mode and check if your PC works fine or you still have any troubles.
It it is OK – congratulations! You have made a great job!
If it is still NOT ok – use OSHI Defender to check your PC.
Similar threats
|Adload.pe Tr.dldr.adload.pe.1 Trojan-downloader.win32.adload.pe Agent.pe Email-worm.bat.alcobul.b.b.bat Email-worm.bat.pics.b.b Adspy.bho.2search.b Tr.bho.ak.12.b Backdoor-awq.b Email-worm.vbs.junkboat.b.b
Associated threats
|Win64/webbar.a PUA Riskware ( 0040eff71 ) Conduit (fs) Mywebsearch.j PUA Unwanted-program ( 004deff11 )
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Pe_magistr.b may not necessarily need user interaction to get installed. It can get into your system by exploiting weak spots in your browser or operating system. In most cases, though, Pe_magistr.b needs to be installed manually (open a file, install software, etc).
I detected Pe_magistr.b on my computer. What do I do?
Start OSHI Defender or another antimalware program to immediately remove Pe_magistr.b. Remember that widely used antivirus software may not detect Pe_magistr.b in your operating system.
What damages can Pe_magistr.b do to my computer?
Hackers may use Pe_magistr.b to hold your data hostage and extort money from you, steal personal and valuable data from your computer or get access to your bank accounts.
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Extra HD activity
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Unusual browser settings
Pop-up windows
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To install Pe_magistr.b on other computers in your network, you must perform the same action you did on your infected computer.
Countries with the highest Pe_magistr.b infection rates.
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Unless you've been living on Mars for the past few days, you've probably heard the news that Twitter has filed to go public. This is big news as I have been looking forward to this IPO. Mainly because I view it as a significant catalyst for Sina (NASDAQ:SINA) shares, but also because Twitter is a company whose model I am particularly fond of. The platform is like a breaking news network, gossip site, virtual publicist, financial rumor mill, and celebrity fan club all rolled into one. I've always seen it as a potential data goldmine, and have consistently felt that it was the best opportunity in social investing because of its lagging monetization initiatives relative to its social platform presence. The stock has always had an OTC value that looked dirt cheap to me. But outside of negotiating a multi million dollar stake in a private transaction, (something I tried but failed to convince a former employer to do at a $3 billion valuation) there are limited practical ways to get exposure to the company. It is for this reason as well as factors such as mobile engagement in China, relative valuation, and liquidity that I have spent so much time focusing on Sina. But now that the cat is out of the bag, it's time to take a closer look at what Twitter is worth.
3 Ways to Value Twitter Ipo from $20 billion to bust
Twitter IPO could Yield $16 billion Valuation
Twitter Tweets IPO filing; Could be Worth $12 billion
Does Twitter Have a Growth Problem
"I would think that given the whole momentum behind them….[they will price in the] low-to-mid 20's… giving them an overall valuation between $10.5 billion to $11 billion" Santosh Rao, Greencrest Capital
Valuing Twitter's IPO
Suffice to say there is a lot of confusion out there surrounding this name, and based on my experience with Weibo this is not a big surprise. The big microblog platforms scaled rapidly, but they have been very slow to get going on monetization. This has created a good deal of market confusion as enthusiasm around exploding user growth gave way to skepticism regarding monetization. For example, as of 2009 Twitter didn't even generate revenue. And up until about 12 months ago, you could say the same thing about Weibo. Both platforms had huge users bases, but unlike LinkedIn (NYSE:LNKD) and Facebook (NASDAQ:FB), didn't seem to know how to make money off of them.
See, the microblog platforms are all about mobile, and for the most part smartphone ubiquity is really a phenomena of the last 18-24 months. Thus, the market has had little to go on revenue potential wise, and until recently had become increasingly skeptical of mobile ad/fee leveraged models. (I personally shared some of that skepticism with respect to platforms/models that I don't believe port too well onto mobile, however, that never got in the way of my optimism regarding the microblogs.) This has all started to change over the past few months, but as you can see from the above articles there is still a good deal of confusion out there. And since I didn't come across a single article or sell-side report that I think did a good job of nailing this down, I have decided to weigh in on the matter.
Date of IPO
Shares Offered as % of total Outstanding
Market Value At IPO Pricing ($ billions)
Value end of 1stDay
TTM Rev at IPO ($ billions)
Market Cap to TTM Revenue after 1stDay of Trading
Rev Growth
1yr post
May 18, 2012
May 19, 2011
(Note outstanding shares include deep in the money stock options on listing that don't make it into the official outstanding count in the S-1)
I put together this table because I think figuring out Twitter's 'fair' initial price to sales (as far as valuation, revenue multiples is about the only way to go with these names for now) multiple isn't that difficult. I am going to go on record that the stock will trade at a minimum multiple of 40x ttm revenue on day one. I am now very confident of this floor. What I can't predict is just how far above this floor the initial ceiling ends up being.
So, why 40x you may ask?
Well, the best way to answer this question is by focusing on the differences between the previous two major social IPOs, and figuring out where Twitter falls on the spectrum. The factors that matter are overall market sentiment, scarcity of the offering, and timing of the IPO relative to where the company is in their revenue growth curve.
1) Market Sentiment- LinkedIn's IPO coincided with a much more troubled equity market as Eurozone issues had just started to really gain steam. Facebook's timing was much better, but it still was more of a standalone IPO, as market demand for IPO's remained weak. Twitter will be listing in a very strong equity market environment as well as a heating up IPO market for tech. So, overall the advantage multiple wise falls to twitter.
2) Pricing- LinkedIn was priced to create future demand. They sold 8% of their shares in their IPO versus 18% for Facebook. They then over the next two years sold another 11% at an average 3.5x their initial offering price. Facebook went a different route and chose to take advantage of huge hype and maximize their exit on IPO day. The consequences of such a decisions are measured in subsequent performance, but the rationale is usually quite clear. If you are early in your revenue growth curve, the LinkedIn approach makes sense because your ability to leverage an abnormal phase growth multiple is significant. However, if you are already on a multi-billion revenue run rate, maximizing your exit opportunity based on past growth rates matters more than ensuring secondary market interest remains strong. Twitter clearly falls into the LinkedIn category as it will be going public at well below the $1 billion revenue level. This means that what is effectively a staggered IPO is more likely. Though I wouldn't rule out the possibility that a strong market, investor IPO enthusiasm, and Twitter mania won't tempt them to consider a one-time shot. Overall, my expectation here is that Twitter's underwriters aim for a 25x-30x price to sales multiple for pricing, and bank on the market to deliver something north of 40x on the open. This would translate into a 30-50% pop on day one.
3) Growth Curve- The main driver behind my floor is that Twitter is going public very early in its growth curve. To put this in perspective, Facebook filed its IPO with $4 billion TTM revenue and over 900 million users. Go back three years and the company had slightly less than 200 million users and TTM revenue of less than $500 million. Twitter as a growth company is a lot closer to the Facebook of Q1 2009 than the FB of Q1 2012, which is why LinkedIn is the better comparable here. LinkedIn has delivered a good portion of its abnormal revenue growth sweet spot as a public company. By the end of this year, LinkedIn will have gone from its $290 IPO ttm revenue to an annual rate of $1.5 billion. That's a five fold increase in revenue over 2.5 years which has largely been driven by flipping on the monetization switch and not exponential user growth. (LNKD has gone from 100mln MAU to 180mln over this time period) Now considering the fact that advertisers favor Twitter over every other social platform, the platform has a good shot at even exceeding LinkedIn's performance.
But for now let's simply assume that on IPO day Twitter looks a lot more like LinkedIn than Facebook, and hence should be able to pull off a trailing sales multiple at least equal to what LinkedIn delivered. Performance from then on will really depend on how much above and beyond that multiple Twitter ends up trading. And if you are wondering what FB-esque priced for perfection looks like, consider that based on LNKD's growth the stock could have arguably supported twice its actual IPO valuation on its 1st day.
Putting all three of these factors together, I conclude Twitter will end up commanding the highest 'social big three' revenue multiple out of the gate. And for those looking for other premium factors, I'd also add in the intangibles here of Twitter's recently acquired video app Vine being in the midst of its user growth sweet spot and the mobile advertising market suddenly being en vogue.
Cracking The Revenue Mystery
Now that we have a multiple, we need a revenue estimate to get at a valuation. I personally don't believe in using forward estimates for any IPO exercise as I bake growth expectations into the trailing multiple. But as Twitter is in emerging stealth company disclosure mode, we don't have actual revenue numbers yet. Not exactly a big deal as I am guessing we get these numbers within a month, but this is still an obstacle for the purpose of this analysis. Anyway, eMarketer's estimates on the name are pretty well known by now with the firm predicting roughly $600 million in 2013 revenue and $1 billion plus for 2014. I chose to ignore these estimates and go right to some reliable sources for the actual data. What I discovered is that Twitter 2012 revenue was at least $300 million, and that current ttm is at least $450 million. So, applying my minimum 40x trailing multiple to $450 million produces an $18 billion valuation. That being said I think the actual number will be closer to $500 million so expect Twitter to trade in the $20 billion plus range on day one. (I'm estimating $25 billion as the market cap)
Sina Is Still the Best Way to Play This
It still is the best way to play this IPO, and the only social web platform play worth buying in this crazy environment. My logic behind this is that either Twitter ends up selling such a small slice that getting an allocation will be either very difficult or relatively pointless as far as potential return on deployable capital goes. And if that doesn't happen, you will most likely be stuck with what will be a priced to perfection IPO which as Facebook investors can now tell you is a not a pleasant experience. Sina on the other hand allows microblog/Twitter bulls to maximize the Twitter IPO upside in what remains a relatively mispriced asset. This is because Wall Street (several sell-side analysts) has been valuing Weibo based on a 50-60% discount to Twitter's current value, and they have generally been pretty conservative by using Twitter valuations based on its last capital raise.
That is going to have to change. If your Sina price target is based on a SOTP using a $8-$10 billion Twitter valuation, well, a $20-$25 billion market cap will require a significant revision. Not that the analysts are right in going this route, but either way 'value' estimates will be going up. And remember that this market is still somewhat Facebook shell shocked, and has forgotten just how CRAZY things can get when the herd gets behind something. For those with a short memory, I need only to remind you of Renren's (NYSE:RENN) IPO. The stock priced $7.2 billion, opened over $10 billion, traded as high as $12 billion, and closed at $9 billion. This was for a company with ttm revenue of $70 million. So, Renren's price to sales multiple range on ipo day was between 100x and 175x. This turned out to be a top and the stock really blew up fast as there was no real traction behind the platform, but it still serves as a good reminder of what can happen when things get stupid. Anyway, assuming a mean $22.5 billion market cap for Twitter, Weibo is worth between $9- $11 billion at a 50-60% discount. That works out to about double Sina's current market cap. So, whether you're bullish or not, you don't need to stretch to make a 'cheap' stock argument here.
Really, the only headache you have with Weibo is the on again off again concerns regarding government crackdowns on the microblogs. This is something that I think is overstated as China has already embraced these platforms, and has no way of turning back. That is not to say they won't work hard at controlling them, but this is cost of investing in Chinese Internet companies.
Don't Chase the GSV Capital Trap
It's been a while since I wrote anything about GSV Capital (NASDAQ:GSVC), but what I had to say then still holds true today. You want to avoid these closed end pre-IPO funds because they typically do nothing more than enrich the people running them. This is going to be difficult for most retail investors to do because 14% of GSVC portfolio is made up of Twitter shares, but it's the right move. Since going public in April of 2011, GSVC has seen its NAV decline for every single quarter except the most recent one. Furthermore, stocks like these tend to trade at a persistent discount to NAV because of the portfolio mix. See, the problem with this model is that the upside in portfolio is nowhere near what it should be to offset the downside. Late stage pre-IPO investing means you are buying premium valued private companies with near term liquidity event expectations. The upside relatively speaking is not what it should be as a best-case scenario like Twitter usually translates into doubling your money. Meanwhile the downside tends to be a complete total write-off. Yet, you are paying the manager what amounts to 4% simply to hold the positions, and another 20% if they ever make money. Do you want to pay these fees for a passive strategy of simply buying what the VCs have made hot? The complete lack of dynamism makes this model very unappealing, and it is one that has a long market track record (going back 100 years) of epic failure. When the IPO window dries up, companies like this are no different than a real estate flipper sitting on a portfolio of off plan units at the peak of a market.
Anyway, despite my Twitter infatuation, I am personally very wary of the growth complex now as the amount of new supply coming to market (IPOs and Secondaries) and irrational pricing in existing listed names is hitting extremes. It is at times like these that you need to be very picky with your 'growth' related longs as the smarter big picture move is now shift to a solid and sustainable short bias in this complex.
Disclosure: I am long SINA. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.


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Ensembles are the public face of Miami's Department of Music. In a given semester more than 10% of all Miami students participate in a music ensemble or performing group. Student ensembles frequently travel and have been received warmly from the halls of Europe to Carnegie Hall.
Miami University music ensembles are open to all Miami students regardless of major. Please consult the individual ensemble pages or the Ensemble Auditions page for detailed audition requirements. The directors of the ensembles welcome all students interested in auditioning and try to make the auditions a comfortable experience. If you have additional questions, please email or call the director of the ensemble.


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Possible applications that could be built on the Infinity middleware platform include traffic-monitoring, disaster recovery and basic data search applications, Schoenauer said. In a traffic-monitoring scenario, cell phones could get data by directly contacting other mobile devices that are along the route a driver is planning to take. Data would be relayed from mobile devices to mobile devices directly via Bluetooth or GPRS (General Packet Radio Service). In a disaster recovery scenario, where cell phone towers might be damaged, Infinity would allow for direct communications between cell phones."This is something the enterprise needs and will use," said Theresa Lanowitz, founder of Voke Media, in Minden, Nev. "However, this type of technology should go well beyond mobile. Mobile is an important and critical component, but the emphasis should really be on connecting all devices, not just mobile. The middleware should be designed to work with device software, otherwise known as embedded software." Lanowitz added, "There are countless devices roaming the enterprise [not all mobile]. Having the ability to connect these devices, which are often seen as rogue, to the network via a variety of communication modes is the firs step in really completing the enterprise supply chain." Mark Dean, an IBM Fellow and vice president of the Almaden Research Center, said of technology developed as part of the Extreme Blue program, "Its usually something we intend to put into the market quickly." Indeed, Dean said the programs goal is to solve "real-world" problems by creating technology, then "ship it or provide it as a service quickly." Dean said he sees a number of potential uses for Infinity, from Web 2.0 scenarios to use in IBMs core middleware platform. "The Infinity project could yield opportunities for us in WebSphere," he said. "I could see us putting the Infinity capabilities to use to enable mobile devices and game consoles to access information accessible to particular devices." However, "youd have to be able to selectively enable access" to certain information on the devices, he said, something that IBM does with the privacy and security technology that is being integrated into Infinity. That technology includes IBMs Hippocratic Database technology, which takes consumer privacy into account in the way it stores and retrieves information, Schoenauer said. "The enterprise is still largely disjointed and disconnected," Lanowitz said. "The ability to tie all applications, i.e. traditional IT, back office, device [and] embedded software, some of which are mobile, is truly a need that has not been conquered." Check out eWEEK.coms for the latest news, reviews and analysis on mobile and wireless computing.
Meanwhile, in an enterprise scenario, the platforms privacy and security features stand out. For instance, clients data can only be shared with a specific units members via phone-to-phone direct communications. Or in a hospital scenario, patients information could be shared with authorized doctors, nurses and care providers only.
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The Education Secretary Michael Gove is drawing up proposals to scrap GCSE exams and replace them with revamped O-levels for the brightest students.
Under the plans, pupils would begin studying for "explicitly harder" exams at 16 in English, maths, physics, chemistry and biology from 2014.
But Mr Gove is likely to face strong opposition to his idea – not least from his Liberal Democrat Coalition partners – who fear that linked proposals to bring back easier CSE exams for "less intelligent" pupils will hamper social mobility. He will also be accused of pandering to the Tory right, who have long been unhappy with the Government's failure to back the widespread reintroduction of grammar schools.
GCSEs were first introduced to end the social and academic divide between O-Levels and CSEs which required teachers to separate pupils into streams at 14. But critics have argued that GCSEs dumbed down Britain's education system and have clamoured for the reintroduction of what they believe is a "gold standard" qualification.
Under Mr Gove's proposals, leaked to the Daily Mail, the new exams would "meet or exceed the highest standards in the world for that age group".
Mr Gove has understood to have already discussed his plans with the exams regulator Ofqual and will announce them later this month.
Under draft proposals – which have not yet been cleared with the Conservative Coalition partners and have emerged while the Deputy Prime Minister Nick Clegg is out of the country:
* The National Curriculum in secondary schools would be abolished to give heads freedom to teach what they like when they like;
* The Government will scrap the requirement that pupils obtain five good GCSEs graded A* to C to encourage uptake of the new O-Levels;
* Less intelligent pupils who currently get F or G grades at GCSE will sit new simpler exams like the old CSE.
A document, seen by the Mail, reveals: "Those starting GCSEs in 2013 are the last pupils who will have to do them," sitting their exams in 2015.
More than two-thirds of pupils who begin in September 2014 will be expected to take O-Levels in English, maths and science in 2016. There will be individual O-Levels in physics, chemistry and biology. In a bid to end the slide in standards, pupils will have to study complex subjects like calculus to get an A grade in O-Level Maths. English students will be banned from taking set texts into exams and will be expected to write longer essays.
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