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Voya Financial, Inc. (NYSE:VOYA) Q4 2015 Earnings Conference Call February 10, 2016 10:00 AM ET
Darin Arita - SVP, IR
Rod Martin - Chairman and CEO
Alain Karaoglan - COO and CEO of Retirement and Investment Solutions
Ewout Steenbergen - CFO
Charlie Nelson - CEO of Retirement
Jeff Becker - CEO of Investment Management
Ryan Krueger - KBW
Suneet Kamath - UBS
Yaron Kinar - Deutsche Bank
Eric Berg - RBC Capital Markets
Erik Bass - Citigroup
Tom Gallagher - Credit Suisse
Jimmy Bhullar - J.P. Morgan Securities
Steven Schwartz - Raymond James & Associates
Good morning and welcome to the Voya Financial Fourth Quarter 2015 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Darin Arita, Senior Vice President, Investor Relations. Please go ahead.
Darin Arita
Thank you Emily, and good morning, everyone. Welcome to Voya Financial's fourth quarter 2015 conference call. A slide presentation for this call is available on our website at investors.voya.com or via the webcast.
Turning to slide 2, on today's call, we will be making forward-looking statements. Except with respect to historical information, statements made in this conference call constitute forward-looking statements within the meaning of federal securities laws, including statements relating to trends in the Company's operations and financial results, and the business and the products of the Company and its subsidiaries. Voya Financial's actual results may differ materially from the results anticipated in the forward-looking statements as a result of risks and uncertainties, including those from time-to-time in Voya Financial's filings with the U.S. Securities and Exchange Commission.
Slide 2 also notes that the call today includes non-GAAP financial measures. In particular, all references on this call to ROE, return on equity; ROC, return on capital; or other measures containing those terms are to ongoing business adjusted operating return on equity or return on capital as applicable, which are each non-GAAP financial measures. An explanation of how we calculate these and other non-GAAP financial measures and reconciliations to the most directly comparable GAAP measures can be found in the press release and quarterly investor supplement available on our website at investors.voya.com.
Joining me this morning on the call are Rod Martin, Voya Financial's Chairman and Chief Executive Officer; Alain Karaoglan, Voya Financial's Chief Operating Officer and Chief Executive Officer of Retirement and Investment Solutions; and Ewout Steenbergen, Voya Financial's Chief Financial Officer. After their prepared remarks, we will take your questions. Also here with us today to participate in the Q&A session are other senior members of management. Charlie Nelson, Chief Executive Officer of Retirement; Jeff Becker, Chief Executive Officer of Investment Management; and Mike Smith, Chief Executive Officer of Insurance Solutions.
With that, let's go to slide 3, and I will turn the call over to Rod.
Rod Martin
Good morning and thank you for joining us today. Let's begin on slide 4 with some key themes. Our full-year ROE was 12.2% excluding items we don't expect to recur. This was an improvement from the 11.7% in 2014. On a reported basis, our ROE was 12.1%. We're executing on the growth, margin, and capital initiatives that we shared with you at the Investor Day in June. These initiatives and the strategic investments we're making will enable us to achieve our plans. Alain will give you an update on our strategic investments and our growth initiatives shortly. Briefly, I would note that we remain committed to our 2018 ROE target of 13.5% to 14.5%. We have a great team, achievable plans, and a strong focus on execution.
Turning to our results, our individual life business had favorable mortality experience in the fourth quarter due to lower claims frequency. This was a nice improvement following our experience in the third quarter of 2015. With the increase in equity and credit market volatility, it's worth noting that our capital position remained strong. We announced this morning that our Board has increased our share repurchase authorization by $700 million. In the fourth quarter, we bought back $250 million of our shares. For the full year, we repurchased $1.5 billion of our common stock. Share repurchases combined with our investments in Voya's future growth represent our commitment to driving shareholder value.
Our investment portfolio also has a high-quality bias and a diverse mix of credits managed by a highly experienced team. Ewout will provide more details. And finally, our closed block variable annuity hedge program once again protected regulatory and rating agency capital from market movements, and it continued to product capital as expected in design through the January market volatility.
Moving to slide 5, you'll see an overview of our fourth-quarter and full-year results. For the quarter, we generated $196 million or $0.91 per diluted share in after-tax operating earnings. Excluding DAC and other intangibles unlocking, results were $0.82 per diluted share. For the full year, we generated $665 million or $2.92 per diluted share. On slide 6, you will see our key sources of shareholder value. We believe our ongoing business positions us well to help Americans get ready to retire better. It makes Voya an attractive investment opportunity. Tax benefits, excess capital, and the potential value in our closed block variable annuity segment continue to be an additional value drivers.
With that, let me turn it over to Alain for more details on our growth initiatives.
Alain Karaoglan
Good morning, let's begin on slide 8. In 2015, our return on equity and return on capital increased 12.2% and 10.1% respectively. This excludes items not expected to recur at the same levels. We are executing on our growth, margin, and capital initiatives to increase our returns. This includes the $350 million strategic investment program that we previously discussed. And in a moment, I'll provide you with an update on these investments and our business growth initiatives.
On slide 9, you can see the attribution of the increased return on capital from 2014 to 2015. Improvement in margin and capital was partially offset by growth and interest rates. With respect to growth, 10 basis points of the negative impact was due to lower equity markets. The remainder reflects the non-renewal of some clients in retirement and performance fees in investment management coming down from an unusually high level in 2014. The equity market volatility that began late last year and that has continued into the first quarter forces a headwind.
As a reminder, we have assumed a 7.5% annual appreciation in the equity market in our plan. Every 1% decline in the S&P 500 has a roughly $3 million to $4 million impact on our annual pretax adjusted operating earnings. While we cannot control the market, we are focused on the execution of our plans. We are confident that we can build upon our progress in 2015 to drive growth through 2018, part of what will enable our growth is our $350 million strategic investment program.
Turning to slide 10, we completed in 2015 the foundational work for much of our strategic investment program. Last year, we invested approximately $80 million of the $350 million. And here, you can see a summary of our actions in 2015 and our plans for the next few years. We began to consolidate our IT platforms by reducing the number of administrative systems across our businesses and functions. This will not only reduce costs, but it will also create an improved experience for our customers and for our employees who are serving them.
We also have began to migrate to a cloud-based environment, which will dramatically speed our time to market. This will allow us to ship from owning and operating a number of datacenters to an environment where we can rapidly scale up or down our needs depending on the requirement of our project. We are also digitizing a number of processes. This will allow us to reduce cost. It will allow us to increase efficiency, and deliver better outcomes for our customers and enhance growth. Overall, we expect cost savings to emerge beginning in 2016. By year-end 2018, we expect our investments to generate approximately $60 million to $70 million in gross cost savings. On a net basis and after factoring in expenses to drive growth, the cost savings would be $30 million to $40 million.
Moving to slide 11, we have changed the format of our business segment slides at year-end to provide you more detail on our growth initiatives. We recognize that we operate in a highly competitive market and that the expectations for US economic growth remain low. Our growth initiatives reflect the following four themes. First, expanded distribution. Second, increased productivity. Third, new customer solutions. And fourth, new client segments.
Beginning with retirement, we are confident in our sales momentum. The expansion of our sales team and increased productivity in 2015 will enable us to win more business in 2016. These wins will translate into increased net flows in 2017 reflecting the typical two to four quarter implementation cycle. On the right side of the slide, we list our growth initiatives by market including results in 2015 as well as goals for 2016.
I will not go through all of these but here are some key points. In small mid corporate, we had record full-service deposits and strong retentions in 2015 due to our expanded sales and service themes. During the first quarter of 2016, we expect deposits of $1.9 billion to $2.1 billion that is down slightly from the first quarter of 2015 when we had a large case win. In full-year 2016, we expect to grow the small-mid corporate deposits by 5% to 10% and this is on top of the record deposits that we had in 2015.
In tax-exempt, we successfully increased the productivity of our advisors and also had record full-service deposits in 2015. Despite the loss of a few large tax-exempt plans in 2015, our competitive capabilities were demonstrated by our win of one of the largest government plans that came to bid in 2015 and which will fund in 2017. During the first quarter of 2016, we expect deposits of $1.0 billion to $1.2 billion, down from the first quarter of 2015 when we had the large government plan fund.
For the full-year 2016, we expect increased salesforce productivity to drive growth of 5% to 10%. This too is on top of the record deposits that we had in 2015. In large corporate, we are well positioned and taking actions to grow by adding to the sales team and making investments in operation and in IT. This led to a 30% increase in client proposals during 2015. For 2016, we plan to expand our presence in the large market were we currently serve plans with $500 million in assets or higher. We plan to expand – to plans with assets of $150 million or higher.
Finally, our margin initiatives from IT simplification and digital will also enable growth and help retention. On slide 12, the return on capital for annuities improved to 9.2% when you adjust for items that we do not expect to recur at the same level. Our story in annuity has been about growing distribution and expanding our capital efficient product portfolio, which help customers plan, invest and protect their retirement savings. An example of our expanding portfolio as well as our focus on driving cross enterprise initiatives is a new retirement income product being jointly created by our annuities and our investment management team to be offered through our retirement platform and we expect to launch this product later this year.
Distribution expansion has helped us drive greater sales. For example, we had $1.6 billion in annuity sales through independent broker dealers last year due in part to our focus on deepening relationships within our Top 10 broker dealers. Expanding our product portfolio continuing to deepen relationships with broker dealers and expanding in the bank channel will enable us to drive further growth in 2016. We expect these initiatives will enable us to increase sales by 10% to 15% for fixed index annuities and investment-only products in 2016.
Moving to slide 13, investment management's operating margin was 29.1% in 2015 when you exclude results from investment capital. The 2014 margin included certain fees associated with a private equity fund launch and higher than expected performance fees. In 2015, investment capital added approximately 10 basis points to the margin, which is below our long-term expected contribution of approximately 200 basis points. We continue to leverage our strong investment performance across a diverse set of strategies to drive our growth. And client interest remains high.
In 2016, we will continue to expand our institutional distribution with global partners and grow further in new markets. For example, in the insurance asset management channel, we have won $600 million in new mandates that we expect to fund in 2016. In addition, we will continue to grow our new products and solutions such as our unconstrained bound fund which just received five stars from Morningstar.
Also helping to drive growth, our productivity enhancement such as the realignment of our intermediary channel to deepen our relationship with retirement focused financial advisors. Compared with 2015, we expect to grow institutional and affiliated sales 10% to 15% and our intermediary sales by 5% to 10% in 2016. Turning to slide 14, the return on capital of employee benefits was 26.6%, excluding items we do not expect to recur at the same level. Employee benefits has achieved significant profitable growth over the past several years due to our effort on implementing our continuous improvement program across the business. This has led to increased productivity of our salespeople and improved claims and service experience for our customers.
We remain focused on building our capabilities to grow in the midmarket. In the private exchange market, we added three new exchange platforms in 2015 and we continue to establish and strengthen relationships to be well positioned should growth in this market accelerate. We expect to grow our in-force premium by 8% to 10% in 2016. This is on top of 14% growth in 2015. Disciplined underwriting will continue to be our foundation as we drive profitable growth.
Turning to slide 15, individual life's return on capital improved significantly from a year ago to 6%, when you exclude items that we do not expect to recur at the same levels. In 2015, we executed across all of the initiatives we articulated at Investor Day. Some of the actions we took last year such as the most recent sale of a block of term life policies will continue to help the return on capital improvement in 2016. Moving forward, we will continue to evaluate opportunities to reduce capital usage. We also will continue to grow sales of less capital intensive, indexed universal life products which represented 72% of our sales last year.
In summary, we have created a strong foundation to grow sales and to further improve returns. We are confident in our ability to execute despite the challenges posed by the equity market or by new regulations. As you know the Department of Labor's fiduciary proposal has been sent to the Office of Management and Budget for review. While the final rule is not yet public, we remain confident in our ability to manage any impact on our existing business and to seize new opportunities that the changed rules may create. As we did with the original return on equity improvement plan, our focus on the execution of our specific initiatives combined with our strategic investments will enable us to provide greater customer and shareholder value.
Now, I will turn it over to Ewout who will provide more detail on our financial results. Ewout?
Ewout Steenbergen
Today, I will discuss our financial performance for the fourth quarter of 2015. Slide 17, we will highlight several key items during the quarter and other items to consider. During the fourth quarter, in general favorable prepayment income largely offset weaker alternative income. We identify the impact by each business segments on this slide. Individual life experienced favorable mortality, relative to expectations due to lower frequency, which marks a significant rebound relative to the last quarter. The business also benefitted from a $21 million reserved refinement related to the adoption of market practices for FAS 133 accounting for IUL policies.
Looking ahead to 2016, we expect to incur $30 million to $40 million of the strategic investments during the first quarter in the corporate sector. In retirement, we expect $40 million quarterly run rate in recordkeeping fees. This estimate reflects case exits due in part to merge activities of our clients and exit from the defined benefit administration market. We are encouraged by the increased momentum of the business and that should lead to revenue growth in 2017.
For retirement, we expect first quarter '16 administrative expenses to be approximately $5 million to $10 million higher than the first quarter of '15 reflecting the expansion of our sales and service teams that occurred primarily in the second quarter of '15. For the full-year however, we expect administrative expenses to be about flat with 2015 as we take actions to right size expenses. For the ongoing business, we expect $14 million of seasonal expenses in the first quarter due to favorable taxes and other annual items. Also closed block ISP and closed block other earnings will not be meaningful in 2016 as these blocks continue to run off.
Slide 18, our retirement net flows were positive in all markets led by continued net inflows in corporate markets where we have generated inflows during 17 of the last 18 quarters.
Slide 19, we have strong net flows in our fixed indexed annuities and investment-only products and we continue to run off capital intensive, less profitable business. Our product and distribution initiatives are the key drivers for growth in 2016.
Slide 20, investment management sourced net outflows of approximately $700 million reflected the lower institutional sales. For the first quarter of '16 we expect positive net flows based on improved client demand across a wide range of asset classes.
Slide 21, we had favorable mortality in individual life due to positive frequency experience. The graph on the right shows our fourth quarter actual-to-expected mortality ratio of 75.6%, a significant improvement relative to the third quarter's unfavorable mortality.
Moving to slide 22, our loss ratios for stop loss and group life continue to be in line or better than our expected range of 77% to 80%. We are focused on continuing to grow the business while maintaining our underwriting discipline.
In slide 23, in the closed block variable annuity segment, our hedge program continued to protect regulatory and rating agency capital as designed. As Rod mentioned earlier, the hedges continue to perform well in January. Our hedge program is designed for volatile markets like these.
Living benefit net amounted risk decreased to $5.2 billion during the quarter primarily driven by improved equity markets and higher interest rates. We have estimated available resources of $5.7 billion and these are all hard assets. The annualized net outflow rate in this closed block was 10.7% in the fourth quarter. We continue to undertake proactive steps to run off this block. For example, we are filing to raise the waiting period for the 2009 vintage of guaranteed minimum income benefits.
Slide like 24, our tax assets represent another source of value for the company. Our new estimate as of year-end 2015 for the net present value of the projected cash tax savings from our deferred tax assets is just under 1.6 billion and this is down slightly from last year primarily due to actual use of tax benefits in 2015.
On slide 25, we have presented details on our energy exposure and here are some key points. First, the portfolio is highly rated with 92% of the credit rated investment grade. Of the below investment grade, nearly all of it is NAIC3 which is roughly equivalent to our BB rating. As a result, our net unrealized loss position of $500 million is small relative to our portfolio.
Second, our exposures in the energy sector in our fixed income investments are designed with high-quality bias. We target credits with strong balance sheets, lower leverage, higher profitability, operational scale and diversified operations. In addition, we diversify our credit risk by subsector as seen in the pie chart on the right. We took action during 2015 and into 2016 to mitigate the effects of potential downgrades. Our asset management teams are continuously looking at opportunities to reposition our exposures to improve the portfolio's risk and capital adjusted income based on the most current market assessment.
Then on slide 26, we have provided details on all of the below investment grade exposures within our investment portfolio. Some key items to note. First, our exposure is approximately 3.6% of our total investment portfolio and that is less than the peer average. Second, we have an investment team that is dedicated to managing high yield bonds for us and external client mandates. The team has a strong track record of performance. And third the team has constructed a highly diversified portfolio with credit selection focused primarily at the BB category. You will see that the portfolio is barely in a net unrealized loss position.
Slide 27, our regulatory and financial leverage ratios remain better than our targets. Our estimated combined risk-based capital ratio increased to 485% at year-end driven by statutory net income, partially offset by an increase in risk-based capital charges and a $90 million ordinary dividend from our Connecticut entity. On the right side of the slide, our debt to capital ratio as of the end of the fourth quarter was largely unchanged at 22 5%.
Slide 28, our capital position remains strong. Holding company liquidity stood at $674 million at the end of the fourth quarter. The middle chart shows our fourth quarter ending excess capital position at $1.1 billion, which consists of estimated statutory surplus and holding company liquidity above target. The chart on the right shows we have repurchased $250 million of shares in the fourth quarter for a full year total of approximately $1.5 billion. Our new share repurchase authorization is $700 million.
Then turning to slide 29, we continue to see opportunity in share repurchases. Since our 2013 IPO, we've shown improvement across many metrics. You will see that our book value per share has increased by 43%. Our ongoing business ROE has increased by 390 basis points. Our financial leverage and financial strength ratings have improved and our businesses are healthy as seen by retirement generating record deposits, investment management achieving strong investment performance and employee benefits growing in force premiums at attractive returns. In addition, we have a plan to drive the ongoing business ROE to higher levels over the next three years.
In summary, we are pleased with our operating performance during the quarter and the year. We increased the ongoing business ROE in 2015 even amidst the challenging markets in the second half of the year. Our closed block variable annuity hedges continues to protect regulatory and rating agency capital. Finally, our capital position remains strong even after returning significant capital to shareholders in 2015 and we plan to continue to return capital in 2016.
With that, I will turn the call back to the operator Emily, so we can take your questions.
Question-and-Answer Session
Thank you. [Operator Instructions] Our first question is from Ryan Krueger of KBW. Please go ahead.
Ryan Krueger
Hey, thanks. Good morning. First, can you discuss your 2016 subsidiary dividend expectations as well as the potential timing around them?
Rod Martin
Sure, Ryan. Good morning. I will have Ewout take that.
Ewout Steenbergen
Good morning, Ryan. If you look at the excess RBC we have in our operating entities, we expect that almost all of that is available in the form of ordinary dividends that we can take out after the filing of the blue books and take to the holding company. So there might be minimal extraordinary distribution activities afterwards, but the majority, the vast majority is available in ordinary dividend capacity.
Ryan Krueger
Okay. Great. And then has – I guess in the past, you've indicated a desire and expectation to deploy all access capital. Is that – in the current, more volatile environment, do you still feel that way or hasn't your thinking changed at all?
Ewout Steenbergen
Ryan, what you should see out of the announcement of our new share repurchase authorization is a balance. On the one hand, our confidence in the excess capital position and on the other hand prudency given where markets are today. Let me expand on that answer a bit. As you are seeing, the capital position of the company is strong. We have excess capital of $1.1 billion, and it is over already very conservative capital standards that we apply. We are holding back $400 million, because we would like to see how markets will develop during this year and we can decide later in 2016 how we will deploy that $400 million. I just want to point out that $700 million in terms of buyback capacity is very significant. Especially if you express it in the market cap of the company today, this would translate into approximately 12% of the market cap in terms of the new authorization.
Ryan Krueger
Understood. And then just real quick, is $110 million to $130 million still the right expectation for the investment spending for 2016?
Ewout Steenbergen
That's correct. That's still $110 million to $130 million that we expect from the strategic investment budget in 2016. We see that we are a little bit front-loading this in the first quarter $30 million to $40 million. If there are opportunities to accelerate the spend, we'd like to do that. This is a timing matter. This total of $350 million will not change, but if we can accelerate, we think it's a good development, so we always will monitor that.
Our next question is from Suneet Kamath of UBS. Please go ahead.
Suneet Kamath
Good morning. Thanks. Just wanted to follow up on Ryan's question about the buyback expectations. So the $400 million, Ewout, that you are "holding back" for market prudence, what in the market are you looking at that is causing you to reach that decision? Is it primarily credit concerns or is there anything else that you are seeing that might lead you to take that level of buyback versus something greater?
Ewout Steenbergen
Suneet, there is nothing particular that we are explicitly concerned about at this moment. What we are doing is just general prudency given the market volatility where we are today. We are confident that the excess capital position of the company is $1.1 billion. As you know, we are very focused on management generating excess capital. We will continue to do that during 2016. We will later in 2016 decide what is the best way to utilize the remaining $400 million, but there is no particular area of concern that we have today.
Suneet Kamath
Okay. And then my follow-up is just on the VA captive. There's been some discussions in the market around obviously potential changes there and just as I talked to investors, an issue comes up a fair amount. So any updated thoughts on some of the changes that are being considered and whether or not that might impact, A, how you hedge the CBVA, and, B, the available resources that you have in the CBVA?
Ewout Steenbergen
Overall, the way how we look at the development with respect to VA captives is that the outcome and timing with respect to new regulation remains very uncertain. Let me expand a bit on that answer. Since last quarter, the main development with respect to the NAIC activities has been that they have appointed Oliver Wyman to do a quantitative impact study of the current draft proposal. Obviously, Voya as a large player is participating in this quantitative impact study. Afterwards, the proposal has to go through the whole governance with the NAIC and is very unclear what exactly will be adopted and in what form. It is also unclear if this will only apply prospectively or also will be applicable retroactively.
We have said before we believe the underlying proposals are constructive especially what the proposals are trying to do has to deal with the underlying root causes some of the issues in current regulation. Facts and circumstances are different by market participants. In our particular situation, I would just like to point out that this is a closed block already for six years. It is in runoff, we don't write any new VA business. So that is very important for our particular circumstances.
Suneet Kamath
Got it. And then just one last follow-up on that. Just as we think about the 13.5% to 14.5% ROE target for the ongoing business, I just want to make sure, I think in the past you've been pretty consistent that that target – achieving that target assumes no capital withdrawal from the CBVA. I just want to make sure that that is accurate.
Rod Martin
Suneet, it's Rod. That is an accurate assumption. What we've said before is not to anticipate any capital release from the closed block sooner than five years and that was obviously from the IPO moment and nothing has changed in that outcome. You have it perfectly correct.
Out next question is from Yaron Kinar of Deutsche Bank. Please go ahead.
Yaron Kinar
Good morning, everybody and thanks for taking my questions. First on CBVA, it seems like the current valuation seems to imply some negative value to the block. I was just curious to hear your thoughts on that, especially with regards to the spread of hard assets over NAR remaining thin relatively to where it had been in prior quarters and with the market moving in the direction it has the first month and a half of this year. So, any update on that or how you are thinking about that?
Ewout Steenbergen
Good morning, Yaron. Obviously I will not comment on market valuations, but what I do can say is two particular considerations with respect to our closed block variable annuity. The first is, as you see, we have significant hard assets over and above our statutory requirements and the hedge programs are performing well. If you look at the actual hedge performance in the month of January relative to the statutory reserve liability movements, we still believe at the end of January we have significant excess assets over our statutory reserves.
Secondly, with respect to your question about net amounted risk, you have to take into account the net amount of risk is quite a simplistic way to express the risk in this particular book. Far more sophisticated are the rating agency models, far more sophisticated are the statutory reserving models. Net amounted risk is a very simplistic deterministic way to look at the risk. So comparing assets to the NAR is not always the best comparison, in fact comparing it with rating agency and regulatory levels is better and is more sophisticated.
Yaron Kinar
Okay. That's helpful. And then just to clarify on that, as of the end of January, you still would not need to tap your credit facility?
Ewout Steenbergen
Well, let me clarify some misunderstandings about the LOC. The LOC we sometimes put up which is actually a risk management approach. That doesn't say anything about are we short in terms of assets or not. The LOC doesn't count for rating agency purposes. Rating agencies do not take the LOC into account for their total assets requirements. The difference between the rating agency view and the regulatory approach is rating agencies look at the total available assets we have across the enterprise for VA on the total aggregate basis.
On a regulatory basis, we have to be fine with respect to assets in each and every entity. So if you put up an LOC it might be that it is purely due to geography with respect to the available assets. So if you put up an LOC, it might be that one entity is short, but in aggregate we could still be fine with respect to our total available assets and that we still have an excess. So where we are, like I said before, according to our latest estimates, by the end of January is that we have still significant assets over and above our statutory requirements.
Yaron Kinar
That's very helpful. And then my second question was on the energy investment portfolio. I think the slides you offered are very helpful. But one thing that I noticed is that your energy allocation relative to book value is slightly above where the group is, and I was curious to hear your thoughts on whether you were looking to manage that down further? And also maybe specifically, one data point what your unrealized loss position was on the below investment grade energy portfolio.
Ewout Steenbergen
Yaron, overall, we are comfortable with our energy exposure and position. We believe we have a high quality book. I already told about the diversified book, high-quality names, higher profitability and all other factors why we are confident in the exposures we have today. What we of course proactively try to manage is the anticipation of potential downgrades. So what you would like to avoid is credit migration and the impact that it would have overtime on the capital charges on this book. We are very actively managing that, the team, the investment management team is really on top of it, we're taking tactical actions there to anticipate on potential downgrades, so that is the actions we are taking, but that has more to do with avoiding additional capital requirements, but overall in terms of the actual exposures, we are confident. Your specific question on what is the unrealized loss on the below investment grade levels in the energy holdings, we have to come back to you on this question later on, so we will get you that answer at another moment.
Our next question is from Eric Berg of RBC Capital Markets. Please go ahead.
Eric Berg
Thanks very much. I wanted to start, too, with the energy area. On slide 25, when you say that approximately 30% of the exposure, Ewout, has a fair market value in excess of book, does this mean that by -- that 70% -- that conversely 70% of the energy portfolio is currently trading or was currently trading at December 31? 70% was trading below its book value?
Ewout Steenbergen
That will be at or below and Eric, as you know, that is very much driven by credit spreads widening in this sector. This has nothing to do with the actual losses; there is no need for us to realize those losses. Over time, we will have a buy and hold strategy and once those securities will mature, we will just get the principal paid back. So the fact that there is an unrealized loss shouldn't be of a concern for an investor like us that has a buy and hold strategy.
Eric Berg
I wanted to follow up. My follow-up question relates to a comment that Rod made a moment ago regarding the release of capital from the closed block and variable annuities, CBVA. I certainly heard his comments, which he has made in the past; I think that it will be several years before capital could be released. But does that preclude a possible -- I interpret that comment to mean that this is how things will sort of play out as the business runs off. But I also want to know does it continue to be possible? Do you continue to look at strategies to release capital relating to some sort of event prior to 2018? For example, a sale of part or all the business, reinsurance or securitization?
Rod Martin
Eric, it's Rod. Thank you and I'm glad I was clear on the first part, because that's what we said at the moment of the IPO and that was simply on that book to not expect sooner than the five-year period of time. In relation to the second part of the question, we have and we will continue to actively look at a range of alternatives. By way of example, we have done a number of enhanced annuitization offers and we talked about on this call another filing for another yet consideration of that.
I've said on a number of different prior occasions and I think important to repeat interest rates do matter with this block of business, so depending on one's view of interest rates over the next one, two or three years, that will make a real difference in terms of that, we will continue and have as evidenced by the actions we've taken, Eric, with our life insurance in-force block of business look at actions. We did one in 2015 as you know and we did one in 2014 on the life insurance side and we'll continue to apply that same discipline and focus as it relates to this book of business also.
Eric Berg
Thank you.
Our next question is from Erik Bass of Citigroup. Please go ahead.
Erik Bass
Thank you. For the retirement and investment management businesses, can you just talk about how you are balancing making growth investments with maintaining margins, particularly given the market headwinds on revenues that we're likely to see in 2016?
Darin Arita
So Charlie and -- Jeff will take that question on the investment management side and Charlie on the retirement side.
Jeff Becker
Sure. Good morning. This is Jeff. From the investment management perspective, number one, we remain committed to our strategic spending and as outlined on slide 13, that's an investment in distribution, new products and channels and continued infrastructure renewals. About a third of the investment management expense base is variable, so that is a factor, and we're also managing expenses very carefully as you know, the investment management business is a human capital business. So we evaluate and adjust hiring on an ongoing basis in line with revenue development as we did in the second half of 2015. So, we remain committed to our strategic investments. It's important to remain competitive, but we do have mechanisms to manage the expense line and structure in line with revenue development.
Charlie Nelson
Yes. And from a retirement side, we too remain very confident on our initiatives to execute on those yet. We are very realistic in terms of some of the challenges that the environment presents to us and I think if you look at our culture of prudent expense management across Voya for many, many years, I still do see some opportunities to improve our expense management discipline in the years ahead, and in some of these difficult and challenging times we may have, but they will really be more around kind of positioning ourselves for our gross margin and capital initiatives.
Some of the initiatives are not going to necessarily impacted per se by the market, but will provide us some long-term cost efficiencies, i.e., some of the things that we're doing, IT simplification and some of the digital initiatives and those types of things. So we're going to prudently pursue all of our initiatives to improve the retirement readiness for our participants, which we think will drive our growth and ultimately shareholder value.
Rod Martin
And Eric, if you're thinking about the 350 million strategic investment program, that is going to continue as that is going to allow us as some of the items that Charlie mentioned to reduce our fixed cost structure and improve our variable structure going forward that provides us flexibility and opportunity for growth as well.
Erik Bass
Thanks. And on that point, when you talked about some of the expense savings, am I right to think that the expenses will occur in the corporate segment, but the savings would show up in the business lines?
Rod Martin
Yes. That is correct. Until 2018, where everything will go into the operating segment.
Erik Bass
Got it. Thank you. And then if I could just ask one follow-up for Ewout. You mentioned the risk of downgrades and the increases in required risk-based capital. Do you have any sensitivity that you could provide for the RBC ratio from downgrades? Whether it's BBBs to below investment grade broadly or specifically within the energy space?
Ewout Steenbergen
If you would see a one notch downgrade across all of our securities with respect to our energy holdings, the impact on our RBC ratio will be 15 to 20 basis points. Again, we will proactively manage that to avoid that that is happening and to avoid that particular capital impact, but that will be the sensitivity. I also would like to take the opportunity to come back to the question of Yaron. The answer, Yaron, on your question is the following, the net unrealized loss of our below investment grade energy fixed income holdings is 200 million net unrealized loss by year-end '15.
Our next question is from Tom Gallagher of Credit Suisse. Please go ahead.
Tom Gallagher
Good morning. Just wanted to come back on –
Rod Martin
Tom, we could hear the first three sentences, but nothing further, or first three words. Are you muted?
Tom, your line is live.
Rod Martin
Emily, let's circle back to Tom and go to the next one. Sorry, we couldn't hear Tom.
Sure. And the next question is from Jimmy Bhullar.
Jimmy Bhullar
Hi. Good morning. You discussed expectations for deposits and sales in the retirement and asset management businesses. Should we assume commensurate growth in net flows, or are you expecting any material changes in your withdrawal rates in those two businesses?
Rod Martin
Jeff will take the investment management and Charlie on the retirement's one.
Jeff Becker
Good morning. As you can see, investment management source net flows were negative in the fourth quarter of '15. And that said, our overall recent flows have been pretty well diversified, driven by our strong investment performance across the board. There was a timing element to the fourth quarter as a number of large institutional mandates and their funding timing can vary. There were several mandates that funded in the first few weeks of January that we actually expected in the fourth quarter. We also priced a new CLO in January and we have visible unfunded wins as Alain mentioned that we expect to fund in the first and second quarter.
So we are optimistic about the first half of the year and the net flow aspect of it and our sales pipeline continues to be robust and strong with a number of different capabilities, ranging from target date to fixed income core plus, securitized credit, senior bank loan, which is our floating-rate strategy, private credit and we've also begun fundraising for our next private equity funds. So we have a very diverse pipe and we expect a different net flow picture in the coming year.
Jimmy Bhullar
I think we've had negative flows for two quarters now, so with the level of deposit growth that you're expecting, are you expecting flows to turn positive in 2016?
Jeff Becker
Yes, we expect positive flows in Q1.
Jimmy Bhullar
Charlie Nelson
Excuse me. And on the retirement side, obviously, our deposits were up a strong 12% in 2015, relative to 2014, and from a net flows perspective, we did experience some lumpiness, primarily driven by a few non-renewals as has been articulated. As we look forward into 2016, I think the net flows should remain to be strong. We have no significant major large plans that we think are going to be non-renewed, so we've got a good pipeline, both on our sales in the large as well as in our small and tax-exempt marketplaces. So we think we are in a strong position as we enter into 2016.
Jimmy Bhullar
Okay. Thanks. And just on your -- and the expense savings trajectory -- spending trajectory slide that you had, slide 10. I just want to make sure I'm reading 2018 correctly. So beyond 2017 or so beginning in 2018, you will have expenses of $70 million to -- $60 million to $70 million that will go from -- instead of being in corporate, those will be in the businesses. But then net of those expenses, you expect cost savings of about $30 million to $40 million, right?
Ewout Steenbergen
Jimmy, that's not a correct way how you should interpret those numbers. $60 million to $70 million is the gross savings we expect from the strategic investment programs. So, going up from $5 million to $20 million to $30 million to $60 million to $70 million. In 2018, we start to push down some of the development and operating expenses related to those programs to the businesses, so net of those additional expenses in the business, the net expense saved in 2018, therefore, will be $30 million to $40 million.
Jimmy Bhullar
So about $30 million of expenses is what you are implying, which is the difference between gross and net savings, right?
Ewout Steenbergen
Approximately $30 million. That is of course also volume dependent of the additional growth of the businesses that will be generated and there, of course, is also a revenue benefit offset to that.
Jimmy Bhullar
And they will be allocated to the businesses, not going in corporate?
Ewout Steenbergen
Jimmy Bhullar
And then just lastly, I don't know if you mentioned anything on the timing of the completion of the buyback program, but I'm assuming it's for 2016, right?
Alain Karaoglan
Well, obviously, Jimmy, we will take into account the attractive valuations of our stock price today. We will not be able to give you specific commentary on our tactics with respect to the buyback program. We will be measured in our normal course, what we always do; we have a valuation grid that will determine acceleration of slowdown of buybacks, relative to valuation of our stock in the period before. Again, the valuation is very attractive today, so we will take that into account with respect to the timing, how quickly we will use utilize the 700 million.
Our next question is from Steven Schwartz of Raymond James & Associates. Please go ahead.
Steven Schwartz
Thank you, operator. Good morning, everybody. I have got a few questions here. Usually you talk about the investment management performance in the quarter. Maybe you can touch on that -- how the operation did from a performance standpoint?
Rod Martin
Sure. Jeff will take that, Steven.
Jeff Becker
Good morning. I assume you're referring to investment performance, which remains quite strong across all of our businesses and all of our platforms. Our target date funds across our passive and active suites performed very well in 2015. There was a recent story out this week that highlighted the handful of target date providers that were positive in terms of absolute performance in 15 and we were among them.
Our equity and fixed income franchises continue to perform quite well, as does our bank loan franchise. So investment performance remains quite good. I think it's a proof point for our style of investment management, which is really around higher consistency, lower volatility, what we call reliable investing, building reliable outcomes for our -- and solutions for our clients. So we're very proud of our investment performance.
Steven Schwartz
Any big changes -- I'm sorry, any big changes in Morningstar performance since December 31 versus September 30?
Jeff Becker
Yeah. We did gain a few more five-star -- four or five star funds, so that count continues to go up, it went up throughout 2015 and consultant endorsements did increase in the fourth quarter.
Ewout Steenbergen
And Steve, on slide 40, you have some of the performance -- investment performance.
Steven Schwartz
Oh, is that there? Then I apologize, Ewout. Okay. And then just on a couple of regulatory matters, maybe for Rod or Charlie, you came out very, very much against the proposal to allow states to set up their own 401(k)s or whatever kind of structures they are talking about. Maybe you can touch on that?
Rod Martin
Charlie Nelson
Yeah, certainly. We certainly believe that there is a coverage issue or challenge in America with small plans and that we are working actively in that marketplace to help improve that coverage by the implementation of new start-up and 401(k) type plans. However, the proposed regulation that the Department of Labor put forth really would support kind of individual state solutions. We would suggest that a more positive solution for the marketplace, rather than having 50 state different regulations or solutions will be to have one national solution.
So we kind of call upon as you note in our letter for Congress as well as the regulators to work together on a national level, to solve this challenge of coverage in America and not defer it necessarily to the states. We believe that workplace retirement savings programs are the appropriate place in which to promote coverage in America, because it's not just about the coverage, it's also about being cable to provide a vehicle with solid retirement readiness that's going to help participants be retirement ready, by being able to save the appropriate amount of income.
So, both at a federal level as well as the appropriate worksite savings program is where we are focused and we think the opportunity is and then also for Voya, in particular with our capabilities around planning, investing as well as protection services, we think all of these really position ourselves as well as the industry, I think, to respond favorably on a national solution.
Rod Martin
Steven, maybe just a little more broadly on that, just the regulatory piece, just to build on what Charlie has said, there is a tremendous need to help Americans as Charlie mentioned, plan, invest and protect. There is a huge need and opportunity to help them become retirement ready. We think Voya is uniquely positioned when you look at the proposed regulations with the DOL. So we don't know or have any insight to what the outcome is, but we think as we have been saying since the very beginning, we're uniquely positioned to take advantage of that and we'll keep you and others posted as these developments further occur.
This concludes our question-and-answer session. I'd like to turn the conference back over to Rod Martin for any closing remarks.
Rod Martin
Emily, thank you. To summarize, we've made significant financial, operational and cultural improvements and we've been recognized for our achievements. We've highlighted several of these recognitions in the appendix of today's presentation. We've built on a strong foundation for future growth, including a strong product portfolio combined with a broad and diverse distribution reach. We have a strong capital position, clear initiatives to provide greater value for both our customers and our shareholders. Moving forward, the strategic initiatives that we are making will help us achieve further growth and cost savings. And we remain well-positioned to achieve our 2018 ROE target of 13.5% to 14.5%. Thank you and good day.
The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.
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text:
Poor seat springs
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Registered User
Join Date: Jun 2001
Location: San Francisco, CA
Posts: 3,097
The "horse hair" pads I think was an application from years and years ago.
The late 70's and early 80's cars had pads that were fiber in nature with a heavy application of a flexible glue or something. The later models had foam pads which were of rather high density.
I have tried the foam pad substitution route with not great results. The bolsters, top outside edges get crushed quickly as does the rear section. You would have to model new foam. BTW, these foam pads slip over the spring assembly. I put on a sheet of the camping mat you described but took it off again because the loss of the bolsters. I finally inserted between the springs and the old existing foam pad with medium results.
I am afraid the best is still a new pad. It is shaped and designed specifically for your seat.
As an aside, the covers hold the pad and all together and locate it all on the seat frame/spring assembly with considerable tension. This keeps the seat from sliding from side to side or front to back. This tension also makes the seating experience quite consistent.
As an old engineer once told me: You will need to adjust your seat position and your body from time to time in a good seat. In a bad seat you won't since it won't make any diffference. I have found this to be true.
'03 E320 Wagon-Sold
'95 E320 Wagon-Went to Ex
'93 190E 2.6-Wrecked
'91 300E-Went to Ex
'65 911 Coupe (#302580)
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subset: commoncrawl


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Sunday, November 05, 2006
Several things--for one, I remember a bunch of it. That doesn't happen a lot. For another, it was a G or PG dream, so I figured it would be OK for Lydia to read it.
Here goes: I was in a house very similar to the one we live in now, five-room plain little house, empty house (that's different from ours!), that maybe we were getting read to sell. On an inspection of the house, we found some animals living there. They seemed to be about the size of squirrels or chipmunks and didn't seem fearful (in that they didn't run and hide when they smelled humans.) What was unusual about them was their coloration. Some of them were brown with white spots--sort of irregular spotting, not anything symmetrical or possibly related to camouflage. There weren't a lot of them, probably no more than 3 or 4 to a room.
Once we had kind of adjusted to these spotty chipmunks, we started to see black ones, with blue glow-in-the-dark stripes and spots. That was really weird. As I said to someone who was in the house with me, "I know birds and fish can be blue, but I don't believe I've ever seen a mammal with glow-in-the dark blue spots!"
There were a few other loose ends that made this dream interesting. My kids will recognize this reference: The Lone Ranger's horse and Tonto's horse were there, not real horses, but plastic figurines about 6" tall. I didn't see the "men" who rode the horses. I thought the figurines might possibly be at my house, so I was going to look for them. Just in case the figurines were there at that house and might show up, I left a note for them on a piece of paper, telling them where I was going. Then I wanted a way for them to acknowledge the note, so I asked if anyone had a golf pencil, since sometimes the two of them could work together and write with a golf pencil. Fortunately one of the men who was there had several in his pocket, so we left one with the note.
And another loose end that has me puzzled: There was a woman there in a gorilla suit, a black suit, and a blue plastic hula skirt that pretty much hung from her shoulders. She wasn't a gorilla, just someone dressed up as one. I have no idea why she was there, but she was helping me look for the chipmunks.
Now if anyone can figure out this dream for me or at least tie in some of those loose ends, I'd appreciate it. Thanks, love to all, and God bless.
9 comments:
- Jenn Hacker said...
Um.... did you eat spicy food before going to bed? I've known people who swear they have wierd dreams when they eat spicy food too close to bedtime.
- Becca said...
I've had some real doozies, although they can't really be shared here. Not sure what it means, though. Sorry I can't help you more on that.
I'd love to know the significance of the Lone Ranger and Tonto, and why you were so sure they could use a golf pencil.
- Tooz said...
The Lone Ranger and Tonto were toys that belonged to my brother. They were at my parents' house when my kids visited, and were some of their favorite playthings. Golf pencil, pencil stub, something small--that's what they needed. I don't think they would be strong enough to handle a ballpoint pen or a larger pencil.
Come on, ladies and gentlemen! We have a potential bestseller here!
- Everett said...
I assumed it was a golf pencil because one of them had a golf tee for a replacement leg. Although now that I think about it it wasn't a golf tee but one of the pegs from that puzzle game they put on the tables at Cracker Barrel. Does that game have a name?
- Tooz said...
Just solitaire, as far as I know. Your granny loved it, and grandaddy used to bring her golf tees to use for pegs, so it probably was a golf tee. Love you all.
- Jenn Hacker said...
You get to go to Friendship International today, don't you? Are you going to tell us all about the babies you got to play with?
Also, when are you going to post the story about why Dover Manor has a lid on its fish tank? I would love to hear it!
Love you great big bunches!
- Becca said...
Maybe the Lone Ranger and Tonto left their horses so they could go to the dump, to the dump, to the dump-dump-dump....
- Jenn Hacker said...
Hey, where y'at? Miss reading about your adventures (whether they be real or only dreamt).
- Jenn Hacker said...
I had a dream last night, too! I dreamed that I woke up and you had put a new post up on your blog. But then I woke up and found that the same post is still on here...


text:
When Worf is injured by the falling barrels, one of them loses its lid when it strikes the floor. However, when Geordi rushes over to help, the lid is back on.
When Riker is done talking to Worf about the suicide ritual he sets down the knife at Worf's feet, yet in the next scene it shows Worf handing the knife to his son. If he is paralyzed how is he able to get to the knife at his feet and then hand it to his son?
Why aren't the cargo containers secured with some kind of cable, rope or forcefield? The way they are stacked and considering how often the Enterprise is knocked around, it seems to be a wise precaution.
With all of this fantastic transporter and replicator technology, it seems a little strange that they don't just beam a new spine into the right place. After all, considering that Worf's spine is missing for quite a long time, they have a margin for error.


text:
R in Action
Data Analysis and Graphics With ReBook - 2015
Presents a tutorial on the R programming language for statistical computing, including a crash course in statistics, exploring and presenting data visually with R's graphical capabilities, and techniques for debugging programs.
Ingram Publishing Services
R in Action, Second Edition presents both the R language and the examples that make it so useful for business developers. Focusing on practical solutions, the book offers a crash course in statistics and covers elegant methods for dealing with messy and incomplete data that are difficult to analyze using traditional methods. You'll also master R's extensive graphical capabilities for exploring and presenting data visually. And this expanded second edition includes new chapters on time series analysis, cluster analysis, and classification methodologies, including decision trees, random forests, and support vector machines.
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A mechanism for identifying trusted application modules in a highly dynamic environment
Original Publication Date: 2009-Jun-15
Included in the Prior Art Database: 2009-Jun-15
Publishing Venue
In a modular software system, such as an OSGi framework, modules are sourced from a large variety of locations. Some are available from internal, tightly governed sources, but others are only available insecurely or from a repository over which you have no control. Enforcing security in this situation can be incredibly difficult. This article describes a mechanism by which application developers and deployers can establish trust between modules from a wide variety of sources. The mechanism described does not require that all modules fulfill the same requirements to be trusted, nor does it require that all applications, or the application platform, share trust for the same module.
A mechanism for identifying trusted application modules in a highly dynamic environment
An important part of software security is ensuring that any code to be executed is from a trusted source, and has not been tampered with. There are existing mechanisms that allow the source and integrity of application code to be verified. These mechanisms, however, are inflexible in large, modular systems for several reasons.
Typically a signed application must be deployed as a single unit (e.g. a single jar file). This is completely at odds with modular application design.
The overall content of an application cannot change and still be trusted without uninstalling, re-signing and redeploying the application. This is not dynamic. Typically the list of trusted signers (providers of application code) is shared throughout the whole system. This does not give different applications the flexibility to trust different code providers.
In a modular environment it is likely that some code will be supplied by third parties, potentially from repositories that are not under the control of the Application developer or deployer. In this situation it is vital to establish that the code is provided by a trusted author before using modules provided by these repositories.
The solution disclosed proposes a mechanism by which applications can establish trust with modules from disparate sources, even if the modules are subsequently updated. It also removes the restriction that all trusted signers must be trusted by all applications.
OSGi Applications can consist of multiple bundles, these applications can be specified as a list of bundles within specified version ranges. The bundles that make up the application are retrieved from a logical bundle repository, and at any given time there may be a new suitable version of a particular bundle.
This solution proposes an extension to the existing application specification, such that it contains a list of certificate aliases and is, itself, signed. The aliases contained in the application manifest describe the list of trusted code signers for this application, i.e. the list of trusted certificates. As the application descriptor is also signed, this prevents it from being tampered with.
Application descriptors within a server should be signed by a certificate trusted by the server, this step ensures that all applications are trusted by the server hosting them.
An example application descriptor is identified below.
Manifest-Version: 1.0
Application-ManifestVersion: 1.0
Application-Name: Blog Application
Application-SymbolicName: com.acme.osgi.example.blog.app Application-Version: 1.0
Application-Content: com.acme.osgi.example.blog;version=[1.0.0, 2.0.0),
com.acme.osgi.example.blog.persistence;version=[1.0.0, 1.6.0],
com.acme.osgi.example.blog.comment;version=[1.0.0,1.2.0] This descriptor can be enhanced in a number of ways:
Manifest-Version: 1.0 Application-ManifestVersion: 1.0


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For years George Carmack, the son of a California forty-niner, took credit as the first to discover gold in the Klondike in 1896. However, two First Nations men who were related to him by marriage may have been the first. Historians now acknowledge that Skookum Jim Mason, the brother of Carmack's wife, Kate, and Tagish (or Dawson) Charley likely made the find. Regardless, as the word spread it triggered a massive stampede to the Far North.
The Canadian government foresaw the need to establish a law enforcement presence along the border between the United States and Canada, and in the communities growing and developing in response to the gold rush. The rapid increase in population led to the Yukon Territory's establishment as a province. Many American gold seekers didn't realize at first that the discovery existed in another country, and they chafed under Canadian authority.
A vibrant and diverse indigenous population had long occupied the region. Because of their familiarity with the landscape, many First Nations people were hired as packers and guides on the trails to Dawson, and some worked mining claims. Although many of the outsiders adopted aspects of Native culture, such as wearing parkas and mukluks, overall the Yukon-Klondike gold rush led to the systematic degradation of the Native cultures in the region.
[TOP] NWMP Constables Leason, Cutting, Brown, Harrington, Ward, Livingstone, Campbell and Ball posing on White Pass Summit beside Union Jack and US Flag with Unidentified Civilian at Extreme Right, 1899
Image courtesy of Royal Canadian Mounted Police Historical Collections Unit; 1933.8.1
[BOTTOM] Klondikers and Indian Packers near Stone House, Chilkoot Trail, Alaska, 1897
Photographer: Frank LaRoche
Image courtesy of University of Washington Libraries, Special Collections; LaRoche 10042
New Art 2.0 is an exhibition of prints, many created by Eiteljorg Fellows and contemporary Native and non Native artists. It is a blend of "op art," landscape, political and environmental statements as well as portraiture. Approximately 90 limited edition prints will be on exhibit and available for sale with prices ranging between about $500 - $4000. New Art 2.0 closes this Sunday, Feb. 8, 2015.
Litho Moc, 2014
Lithograph, edition 5/9
28 x 22 ½ inches Understanding II, 2013
Lithograph, edition 6/15
22 ¾ x 17 ¼ inches
As a woman of Lakota and European ancestry, my life experiences have been a continual negotiation of both Western and Indigenous educations, value systems, and worldviews. Through the amalgamation of symbols and motifs derivative of both Lakota and Western abstraction, my artwork examines, dissects, and patches back together pieces of each in a means to provide an honest representation of self and culture. Dyani White Hawk (Sicangu Lakota, born 1976) was born in Madison, Wisconsin, and resides in St. Paul, Minnesota. She received a bachelor of fine arts degree from the Institute of American Indian Arts and a master of fine arts degree in painting from the University of Wisconsin-Madison. White Hawk's work often combines Lakota quillwork design with strong lines that echo blanket and moccasin patterns. Her care in using her abstractions to bring American Indian tradition into a dynamic contemporary context reveals a powerful intellect and remarkable originality.
Camp, 2011
Woodcut, edition 15/20
20 ¾ x 16 inches
Born to a Wyoming rancher and Seneca mother, Marie Watt (Seneca)has described herself as half cowboy, half Indian. Deeply studied in art, Watt says she "consciously draw[s] from indigenous design principles, oral traditions, and personal experience to shape the inner logic of the work I make." Much of her work, including that created at Crow's Shadow Institute of the Arts, captures the texture and stories inherent in everyday objects. Watt was awarded an Eiteljorg Fellowship for Native American Fine Art in 2005.
Lodge, 2005
Woodcut, edition 20/20
16 ½ x 14 inches Plow, 2011
Woodcut, edition 15/20
20 ¾ x 16 inches Tether, 2011
Woodcut, edition 15/20
20 ¾ x 16 inches
Scott Shoemaker standing in front of images and information
about some of his ancestors profiled in the Eiteljorg Museum.
The Eiteljorg Museum of American Indians and Western Art announced today that Scott
Shoemaker, Ph.D., has joined the staff as Thomas G. and Susan C. Hoback Curator of Native American Art, History and Culture. In his position, Shoemaker will develop the Eiteljorg's collections, relationships with collectors and donors, and will lead development of exhibitions and publications related to the indigenous peoples of North America. He will also work closely with the Eiteljorg's Native American Advisory Council and institutional partners, including the Smithsonian National Museum of the American Indian. According to James Nottage, vice president and chief curatorial officer, Shoemaker will "do much to shape the second 25 years of the museum's history."
Scott Shoemaker and James Nottage discuss Smithsonian National Museum of the American Indian objects on exhibit in the museum.
Shoemaker earned his Bachelor of Arts degree at Ball State, a Master of Arts in landscape architecture at the University of Minnesota, and a doctorate in American studies, also from Minnesota. His focus has been on American Indian studies and museum studies. He has taught at the University of Minnesota, Macalester College in St. Paul, and has served on the curatorial staff in ethnology at the Science Museum of Minnesota.
A member of the Miami Nation of Indiana, Shoemaker is a leading figure in the study and recovery of the Miami language and preservation of the traditional art of Miami ribbon work. He lectures frequently at scholarly meetings and cultural gatherings and serves on boardsfor the Myaamia Foundation, Miami Nation of Indians of Indiana, and as director for the Historic and Cultural Preservation Office of the Miami Nation of Indiana. With this expertise, Shoemaker will lead the Eiteljorg in becoming a center for the understanding of Native peoples of the larger Indiana and Great Lakes regions.
"Scott is a brilliant scholar," says John Vanausdall, Eiteljorg president and CEO. "The fact that he is a Miami Indian whose culture and family occupied this region before the rest of us is especially gratifying. Further, Scott has been an invaluable cultural advisor to the museum for nearly two decades. We could not have designed a better match."
Shoemaker has worked with the museum in the past as a member of the Native American Advisory Council and as a consultant in the production of Mihtohseenionki (The People's Place), the gallery that focuses on the Miami and other tribes important to the history of the Indiana region.
"Working for the Eiteljorg is a homecoming in many ways," says Shoemaker. "Early on, I - and the Miami people - were made to feel at home here, getting to know the staff and witnessing programs and exhibits over the years. I like being a part of it.
"My goal is to contribute to the wonderful success of the museum, to build upon a solid foundation and expand into areas that we haven't been able to address. I look forward to focusing on local and regional history and cultures and being able to connect with the broader stories of Native America."
Guests waited in long lines in 2014 to see the Eiteljorg's Ansel Adams exhibit.
More than 161,000 visitors packed the museum in 2014, during the downtown Indianapolis cultural institution's 25th anniversary year.
Indianapolis, Ind. – More visitors experienced the Eiteljorg Museum of American Indians and Western Art in 2014 than in any year in the institution's 25-year history. Ansel Adams, the museum's 2014 epic exhibition, attracted nearly 88,000 visitors over five months, making it the Eiteljorg's best-attended show ever. Buoyed by this blockbuster and Jingle Rails: The Great Western Adventure, the Eiteljorg posted total attendance for the year of 161,000. The last time the museum posted an annual attendance record was in 2011 when more than 141,000 guests filled its halls, galleries and festivals.
This attendance record illustrates the continued success of the Eiteljorg's Project New Moon. The fundraising campaign, launched in 2010, sought to invigorate the museum with dynamic new interpretations of its mission.
"Five years ago, our baseline attendance goal was 100,000," said John Vanausdall, president and CEO. "But each year, thanks to shows like Pistols, Red/Black, Steel Ponies and Guitars, we've exceeded that goal."
Asked the next step in the Eiteljorg Museum's advancement Vanausdall, assured: "In addition to exposing guests to the unexpected West, our institution is also charting new territory with Gold! Riches and Ruin – our next big exhibit..
"The search for gold is one of the most compelling stories of the American West and when we open Gold! in March, visitors will get to see it, learn stories about those who struck it rich or died trying and, and children and families will even have the opportunity to experience enriching Science, Technology, Engineering and Mathematics (STEM) activities – all related to the exhibit."
Other new endeavors at the Eiteljorg include the institution's first-ever celebration of Juneteenth; the building of a stunning new shade structure that will transform the museum's gardens along the Downtown Canal; and a welcome new addition to the museum's curatorial team: Scott Shoemaker (Miami Nation of Indiana).
The Eiteljorg Museum's 2015 calendar includes the following major exhibits and events:
MAR 7 – AUG 9 GOLD! RICHES AND RUIN Greed! Success! Adventure! Failure! Innovation! The promise of gold in the West lured men and women from around the world who yearned for wealth. But all that glitters isn't, well… Experience the story of how gold has helped forge the American national identity through artifacts, art, stories and interactive experiences. Visitors will find a wide array of objects and images including mining equipment and tools, paintings, journals and diaries, clothing and personal effects, and of course, gold itself, in its myriad forms, including nuggets, coins, bars, and jewelry.
Buy from some of the best female artists in the region at this annual event.
The Eiteljorg will host a community celebration of the 150th anniversary of Juneteenth – a day that commemorates the end of slavery in the state of Texas. The event and museum will be free of charge and will include music, talks, dance, theatre, interpreters, children's art and Western-themed activities, displays, food, vendors, and more.
JUN 27 and 28
Join us for this art market and celebration of Native American cultures, featuring art, music, storytelling, dance, food and family activities.
This monthlong exhibition features new works by some of today's best Western artists.
Opening weekend Sept. 10-12. Fee for opening weekend.
NOV. 14 EITELJORG CONTEMPORARY ART FELLOWSHIP See the work of five of today's best Native contemporary artists. This exhibit combats narrow perceptions of Native art and raises awareness of the full range of contemporary art.
NOV. 21 -- JAN 2016 JINGLE RAILS: THE GREAT WESTERN ADVENTURE Watch trains race from Indianapolis through the American West, passing a host of exquisitely reproduced icons, including Lucas Oil Stadium, the Grand Canyon, Golden Gate Bridge and more.
Shop for unique holiday gifts at this annual market, featuring more than 30 regional artists.


text: we are looking into building a new home, and would REALLY like to do on grid solar power. our area offers net metering, and the lot and home design would work really well for it. and with net metering you don't need batteries, so that's money saved. i was wondering if any one here has ever installed it? they make a new kind (a laminate) that lays between the seems of your metal roof. that's what i really want. on that topic, any one ever installed a standing seam metal roof?


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Saturday, June 27, 2009
Okay, soooo...I never want for anything bad to happen to people. But bad things do happen. I just always hope these things happen when I'm working. When I got to work at 7 am the drive in felt as though today I would have a Trauma call it's been a while since my last one. The sun was shining the sky was blue and had nice puffy clouds...TODAY was the perfect day. At 1:40 pm a motorcycle accident went out in Brush Valley TWP. And they flew the dude...it seemed precautionary. So here are my photos. The sweet part was that around an Amish farm and the landing zone was on their property.This was after the chopper kicked up all the dirt. I couldn't decide which one I liked better sorry for putting both up.
Posted by Teri Enciso at 12:04 PM 2 comments:
Friday, June 26, 2009
Posted by Teri Enciso at 1:05 PM No comments:
Friday, June 19, 2009
Band Photography
Posted by Teri Enciso at 9:38 PM 1 comment:
Thursday, June 18, 2009
Fire Training
The Indiana Fire Association held their monthly fire Rescue Drill by practicing search, entry and cutting techniques for physical rescues in emergency situations. I think it's pretty safe to say I'm so THRILLED to be back home!
Posted by Teri Enciso at 5:54 PM No comments:
Saturday, June 13, 2009
June 13, 2009
Today I shot the 13th Annual Jackie Kallal Triathlon at Yellow Creek State Park. Which benefits the Habitat for Humanity.Then I sprung over the Jimmy Stewart Airport for the 50th Anniversary of the Naming of the Airport Festival. It was the first time I've been there. Pretty neat stuff.
So I worked 7-3 just trying to finish up, then off to Pittsburgh Proper for the night. YAY Ashlee's Bachelorette Party.
So I worked 7-3 just trying to finish up, then off to Pittsburgh Proper for the night. YAY Ashlee's Bachelorette Party.
Posted by Teri Enciso at 11:31 AM 3 comments:
Friday, June 12, 2009
Let's Go Pens
Locals from around the Indiana Area watch the Pens quest for the cup in Game 7 at Al Patti's along Philadelphia street. My feature for the day:
Posted by Teri Enciso at 5:43 PM No comments:
Saturday, June 06, 2009
Mr and Mrs Andrew Benson
Yesterday I had the honor to photograph the marriage of Rebecca (Hurley) and Andrew Benson. The service was just as beautiful as the bride. The couple (though young) serve as an inspiration to all married couples. Their faith in God is so refreshing and in turn you can see God's love shine through them. I have a ton of editing to do...but i picked out a few images from their wedding Yesterday. The bridal party was a total blast as well. Everyone was just so happy and full of love.
Thank you all for making my job SO easy yesterday! Sorry Becca, I had to post the Bird poop one...what a memory!
Thank you all for making my job SO easy yesterday! Sorry Becca, I had to post the Bird poop one...what a memory!
Posted by Teri Enciso at 6:40 AM No comments:
Monday, June 01, 2009
HC Baseball at BCB
Posted by Teri Enciso at 5:25 PM No comments:
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HES - Hortipotter Potting System
From Potting Equipment
HES Hortipotter Potting Machine. Use For High Speed Pot Filling Or As A Potting Assembly Line. Models Available For Up To 15 Gallon Pot Size Or For Up To 30 Gallon Pot Size. Feed Hopper Sizes Are 4 Yd. Capacity or 10 Yd. Capacity. The Pictured Unit Was Designed To Be Fed By A Batch Mixer And Utilize The Extended Soil Return Incline Conveyor As The Mix Loading Conveyor Too. Heavy Duty Construction, Powder Coating, User/Maintenance Friendly Designs And Support Will Ensure Years Of Service from this Potting Machine. With Optional V-Wiper, Bed Vibrator, And Compaction Roller This Unit Will Double As A Flat/Tray Filler. Let Us Fill All Of Your Production Equipment Needs!
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text:
Diaconia—CRD is working to improve market access for small-scale farmers in northern Moldova. Along with our Moldovan partner organization, ProCoRe, we train farmers in sustainable farming techniques and farm management and offer classes directly on-site. A crucial aspect of the project is the exchange of knowledge between farmers. In July, Moldovan farmers participated in a week-long intensive study program in the Czech Republic, visiting multiple farms and learning a variety of best practices.
Participants first stopped at Jan Miller's farm, located in the village of Holubice, not far from Prague. While there, they learned about some of the technology that Mr. Miller uses on his 232-acre diversified dairy farm. Mr. Miller introduced the Moldovans to a project called "Milk From the Farm." The premise of the project is to get good quality, locally-sourced milk into nearby communities. Customers have the chance to buy fresh milk from a distribution truck that sells and delivers milk throughout the city.
Our Moldovan guests also visited Farm BioVavrinec, in Okrouhlice, not far from the town of Benesova. The owner of the farm, Mr. Antonin Smakal, provided our visitors an excellent example of how to build their farms using environmentally sound practices. Mr. Smakal demonstrated his cheesemaking process and invited us to tour his grain mill, where his farm produces high-quality, organic flour.
Since some farmers from the study group grow mixed vegetables, we also visited Dobra Farma in Maslovice, founded by Vojtech Sykora. Mr. Sykora specializes in growing a variety of pumpkins and squashes. What makes Dobra Farma unique is that Mr. Sykora views his customers as partners. Every year, groups of people come to take part in the pumpkin/squash harvest. Aside from pumpkins and squash, Mr. Sykora grows a large variety of mixed vegetables, all of which are organic.
The second vegetable farm that our study group visited was the Jamboz Family Farm. The owner of the farm, Mr. Milan Jambor, gave the group a tour of his fields where he grows a diverse array of crops. The farm uses as many organic, plant and animal-based fertilizers as possible. The tour ended in the Jamboz family vegetable cellar, where the family sells their harvested crops. In addition to their cellar, they also sell their produce at farmers markets and through CSA programs.
We also visited the farm of Mr. Josef Tichy. Mr. Tichy led us on a tour of his operation, showing our study group his animals, barns, and feeding centers. After the tour, we were treated to homemade cheese made by his wife using traditional recipes and practices.
Back in Prague, we stopped at the Horse Ranch Licomersko. The owner, Mr. Stanislav Svarc, led us through his reclaimed farm land. He also took us through his impressive horse stables and goat stalls. The goats milk is sold for additional income.
The last location our Moldovan partners visited was Srutkova Organic Farm located in Pelhrimova. Mr. Miroslav Srutek's organic farm raises dairy cows and produce high quality milk and cheese. In addition, the farm also grows potatoes. Unexpectedly, our study group witnessed and helped in the birth of a calf. The Moldovan and Czech farmers worked together to ensure the health of the calf and its mother!
In addition to field visits, Diaconia—CRD organized a conference on Sustainable Farming and Marketing. Presenters spoke about organic and sustainable techniques; marketing and business plan development; and regional market access. It was a very educational and successful trip!


text:
How Do I Clear Out A Manager Self-Service Transaction That Is In Error?
Last updated on JANUARY 23, 2017
Applies to:Oracle Self-Service Human Resources - Version 18.104.22.168 to 220.127.116.11 [Release 11.5.10]
Information in this document applies to any platform.
Checked for relevance on 08-dec-2010
How does one clear out a transaction in the workflow that is in error so that a manager can submit
a new transaction?
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TBD Main Rd, Washington Island WI 54246 $324,000
Features of TBD Main Rd Washington Island WI 54246
- Lots for Sale
- Status: Active
- Estimated Age: Not Available
- Est. Acreage: 2
- Est. Acreage: >= 1, >= 1/2
- Est. Lot Size: See web map
- School District: Washington Island
- Body of Water: Green Bay
- County: Door
- Property Taxes: $1,987
- Property Tax Year: 2017
- Listing Company: Kellstrom Ray Agency, Inc - Washington Island
Property Description for TBD Main Rd Washington Island WI 54246
TBD Main Rd Washington Island WI 54246 - Rare Opportunity To Own Part Of Schoolhouse Beach!!!! This Chance Does Not Come Often...don'T Wait! 200 Ft Of Gorgeous White Rock Beach, With Northeast Views And In A Protected Harbor. Swim, Boat, Snorkel, Or Just Sit Back And Relax On Your Very Unique Beach. This Property Is Gorgeous.....with Wooded Backdrop. Driveway Has Already Been Created And There Is Electric On The Site. There Has Also Been A Clearing For A Home. One Of A Kind!!
Building and Construction
- Construction Type: E
Land Features
- Topography: Easement(s), Irregular
- Waterfront/Access: Y
- Lot Size: See web map
|MLS Number
|New Status
|Previous Status
|Activity Date
|New List Price
|Previous List Price
|Sold Price
|Oct 2 2017 9:19PM
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The information which is contained on pages with property data is obtained from a number of different sources and which has not been independently verified or confirmed by the various real estate brokers and agents who have been and are involved in this transaction. If any particular measurement or data element is important or material to buyer, Buyer assumes all responsibility and liability to research, verify and confirm said data element and measurement. Shorewest Realtors is not making any warranties or representations concerning any of these properties. Shorewest Realtors shall not be held responsible for any discrepancy and will not be liable for any damages of any kind arising from the use of this site.
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