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Peer Reviewed. Abstract
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1 Peer Reviewed William J. Trainor, is an Associate Professor of Finance, Department of Economics and Finance, College of Business and Technology, East Tennessee State University. Abstract Although the concept of life cycle investing has been around for 50 years, only since 1994 has the mutual fund industry dedicated funds towards this concept. Known commonly as target date funds, there are now over 170 funds from 28 fund families. Because target date funds are expected to reduce risk as retirement approaches, these funds may be buying, holding, or even selling equities during an extended market decline, and they are always selling equities in a rising market. Using bootstrapping statistical methods, this study finds that relative to maintaining a constant asset mix, target date funds reduce the standard deviation of target date wealth by up to 42 percent, while increasing the minimum expected wealth level by as much as 10 percent. However, the cost of this reduction in risk can be as much as a 21 percent decline in the expected accumulated wealth at the target date. Introduction The concept of life cycle investing traces its roots back to Arrow and Debreu (1954), Samuelson (1969), and Merton (1969) who examine the multi-period consumption-investment problem. In practice, the problem comes down to one of asset allocation across different stages of life. Common wisdom suggests that, as an investor approaches retirement, their asset allocation should become more conservative, as more of their lifetime wealth is concentrated in accumulated assets, as opposed to a future income stream. 1
2 For investing, a popular rule of thumb is the 100 minus age rule (sometimes 110 or 120) where an investor subtracts their age from 100 and invests that percentage in equities, while the remaining balance is invested in bonds. This one-size shoe fits all rule does not take into account different risk-preferences of individuals, but the concept of reducing risk exposure as retirement approaches is considered prudent by most investors and financial planners. The difficulty for any individual investor in implementing this strategy is that he or she must first determine the current optimal asset allocation among multiple asset classes; then consistently monitor and rebalance this allocation over time as retirement approaches. In order to make life cycle investing easier, the mutual fund industry introduced lifecycle or target-date funds beginning in 1994, (Coleman, 2007). These funds supposedly offer one-stop shopping and reduce the need for the investor to own multiple mutual funds or worry about rebalancing. There are now over 170 life-cycle funds being offered from 28 mutual fund families with over $114 billion invested as of 2006 (Stewart, 2007). They are increasingly popular in 401k plans, and an additional $40 billion in assets has flowed into these funds in just the last two years. In fact, according to Revell (2008), almost 70 percent of 401 (k) plans now offer target date funds. Within the mutual fund industry, there are basically two types of life-cycle funds: target-date and target-risk lifecycle funds. Target-date funds tie the asset allocation to a specific retirement date and adjust the allocation as the retirement date approaches. For example, a 2040 fund in the year 2010 may initially have 80 percent stocks and 20 percent bonds. As the year 2040 approaches, this allocation will slowly be shifted to 40 percent stocks and 60 percent bonds. The investor does not need to take any action. On the other hand, a target-risk fund maintains a particular asset allocation at all times. For instance, an aggressive fund may maintain 90 percent stocks and 10 percent bonds. As retirement approaches, it is up to the investor to move into a moderate or conservative life cycle fund. Although target-date funds do make the decision process easier for the investor, not all target date funds are created equal. Table 1 below shows asset allocations for four funds that all have the same target date. As can be seen, the percentage of assets in the various asset categories can differ across fund families. For example, Selligman s fund has 100 percent of the fund in equities (U.S. and International), while Fidelity only allocates 82 percent. 2
3 Table 1 Current Asset Allocations for selected 2035 Target-date Mutual Funds Fund U.S. Stocks International Bonds Fidelity Freedom % 16% 18% Selligman Target Fund % 30% 0% T. Rowe Price Retirement % 22% 12% Vanguard Target Retirement 2035 Fund 72% 18% 10% Source: Individual fund s websites and Seeking Alpha, The main drawback for investors and financial planners is that the long-term riskreturn characteristics of these funds are not easy to identify. This is because life cycle investing entails a declining expected return as the retirement date approaches. In general, most retirement projection calculators assume a constant expected return. Similarly, long-run wealth confidence intervals cannot be calculated by standard techniques as both the expected return and variance of these portfolios fall as the retirement date approaches. This study addresses these two issues and explicitly identifies the cost of reducing the confidence interval over time in terms of expected retirement values. The results suggest that relative to a constant asset mix, target date funds reduce the standard deviation of target date wealth by up to 42 percent, while increasing the minimum expected wealth level by up to 10 percent. However, the cost of this reduction in risk is a decline in the expected wealth by up to 21 percent at the target date. Data Although there are 28 fund families offering target date mutual funds, only the target date funds from the two largest (Fidelity and Vanguard) families are examined in this study. Both Fidelity and Vanguard have target date funds ranging from income funds to a 2050 fund. Table 2 below shows the composition of these funds in five asset categories as of December The categories are U.S. stocks, international, investment grade bonds, high yield bonds, and short-term assets. In general, the compositions are roughly the same for both families, although Fidelity uses high yield bonds, and Vanguard does not. 3
4 Table 2 Fidelity and Vanguard Target Date Mutual Fund Asset Composition Percentages as of December 2007 U.S. Stock International Inv. Grade Bonds High Yield Short-term Target Fid. Van. Fid. Van. Fid. Van. Fid. Van. Fid. Van Income Since these funds have very short histories, benchmark portfolios with longer historical records are used to project expected returns and standard deviations. The benchmarks used in this study for the respective asset categories listed in Table 2 are the Wilshire 5000, the Morgan Stanley Capital International (MSCI), the Lehman Brother s Aggregate Bond Index, the Credit Suisse First Boston (CSFB) High Yield Index, and the Lehman Brother s 1-3 year Treasury Index respectively. Monthly return data from January 1977 to December 2006 is used as the sample set. Although the correlation structure is left unchanged, returns for the benchmarks are adjusted up or down to match the historical data since 1926 for stocks, bonds, and short-term securities. Although some studies have suggested that future U.S. equity returns will be less than what has been experienced in the past (IlManen, 2003), results are based on historical realizations. Table 3 below shows the expected annualized returns and standard deviations for each target date fund. Since the expected returns and standard deviations for the Fidelity and Vanguard target date funds differ by no more than 0.2 percent, only the combined averaged results for both funds are reported. Table 3 Projected Annualized Returns and Standard Deviations Fund Mean St. Dev. Target Target Target Target Target Income
5 Methodology To forecast accumulated wealth, it is assumed the investor contributes $1 each month that grows by 4 percent each year. This number is based on the average growth in wages over the last 10 years. Contributions are only increased once a year. Each target date fund s asset allocation is expected to linearly move over time to the allocation based on the next earlier target date fund. For example, the Target 2050 fund will have the asset allocation of the Target 2010 fund in 40 years. This last assumption is made for tractability. However, according to both Fidelity and Vanguard s target date fund s prospectuses, the target asset allocation strategy may vary for a variety of factors such as direct manager action, or whether the funds are accepting additional investments. Over short periods of time, minor changes in asset allocation are unlikely to significantly affect results. On the other hand, systematic, longer-term changes in strategy could have greater significance. For example, an increase in equity and international exposure by two percentage points at every target date in lieu of bonds would increase both the expected wealth and risk. However, this type of change was tested, and it changed the results of this study by less than one percentage point. Therefore, the results are somewhat robust to minor changes that these funds might make in the future. All results are based on the initial investment beginning in January Target date fund results are compared to a target risk portfolio which maintains the initial asset allocation of the target date fund. This is equivalent to holding a life-cycle fund and not changing to a lower risk fund as retirement approaches. Projecting accumulated wealth levels and determining confidence intervals from investing in target date mutual funds creates a unique set of problems. In general, theoretical forecasting models assume a constant mean and variance. However, since target date funds reduce their risk exposure over time, both the expected return and variance decline, rather than remaining constant. One solution for this problem is to apply Monte Carlo or bootstrapping methods. In this study, bootstrapping is applied. Whereas a standard Monte Carlo simulation actually creates the data, bootstrapping simply re-samples the historical data. 10,000 return paths of 504 months are created by sampling the adjusted monthly returns for each asset class over the last 30 years. The advantage of bootstrapping in this case is that the correlation matrix is maintained because the returns for one asset in any particular month are grouped with the returns for the other assets during that month. Results for both the Fidelity and Vanguard funds are calculated. Since the results for both fund families are qualitatively similar, the results are simply averaged and reported as a guide to what one might expect with a particular target date. 5
6 Results Figures 1a and 1b below demonstrate two simulated return scenarios that illustrate the basic findings of this study. Figure 1a shows the basic expected return path. For a 2050 target fund, wealth reaches $10,000. In contrast, if an investor initially chose a target risk fund that had a similar asset allocation as the 2050 fund, such as Fidelity s Asset Manager 85 percent fund or Vanguard s Life Strategy Growth fund, wealth reaches over $14,000 at the target date. These results are close to the actual expected values of $11,597 and $14,735, respectively. Keep in mind this is per dollar of initial monthly investment. A 2050 target date fund reduces expected target date wealth by 21 percent relative to a constant asset allocation strategy. An investor who initially began by investing $1,000 a month is giving up more than $3 million in expected wealth. Figures 1a and 1b Possible Wealth Paths for Target 2050 and Target Risk Fund On the other hand, Figure 1b demonstrates why it is normally considered prudent to reduce risk exposure as retirement looms. With 5 years until retirement, both the target date and target risk fund reach a value of $8,000. However, equity returns in this simulated return path declined during the last few years, reducing the wealth level of the target risk fund to less than $6,000, while the target date fund maintains most of its value. For the initial $1,000 a month investor, losing over $2 million just as one is about to retire is a risk many investors might not want to take. Table 4 below reports the bootstrapping results for each of the target date funds, along with a corresponding target risk fund that maintains the initial asset allocation of the respective target date fund. Mean and median ending wealth levels are given at the target date along with the standard deviation of the ending wealth and a 90 percent confidence interval. Median wealth levels are given because compounded returns are lognormally distributed, and mean values are biased upwards by extremely large values which have a small probability of occurring. In fact, for long-term horizons, an investor 6
7 generally only has a 40 percent chance of attaining the expected value, (Trainor, 2005; Hughson, et al., 2006). Table 4 Expected Wealth Levels for Target Date and Target Risk Funds Median Mean St. Dev. Lower CL Upper CL Target Date 2050 $10,270 $11,597 $6,429 $4,688 $23,584 Target Risk 2050 $11,940 $14,735 $11,043 $4,280 $34,831 % Difference -14.0% -21.3% -41.8% 9.5% -32.3% Target Date 2040 $3,562 $3,828 $1,578 $1,943 $6,791 Target Risk 2040 $4,042 $4,654 $2,689 $1,780 $9,629 % Difference -11.9% -17.8% -41.3% 9.2% -29.5% Target Date 2030 $1,155 $1,200 $345 $742 $1,845 Target Risk 2030 $1,248 $1,345 $526 $693 $2,330 % Difference -7.5% -10.8% -34.3% 7.0% -20.8% Target Date 2020 $311 $316 $57 $234 $418 Target Risk 2020 $320 $328 $71 $227 $457 % Difference -2.8% -3.6% -19.8% 3.0% -8.6% Table 4 reveals that target date funds do indeed reduce risk compared to maintaining a fixed asset composition as measured by both the standard deviation of target wealth and by the higher lower limit. For the Target 2050 fund, the standard deviation is reduced by 41.8 percent, and the lower confidence level based on a 90 percent confidence interval is 9.5 percent higher. However, the cost of this reduction in risk is a 14.0 percent decline in the median and a 21.3 percent decline in the mean expected wealth level. For the Target 2020 and 2030 funds, the reduction in risk continues while the expected median wealth level is 7.5 percent lower for the Target 2030 fund. An examination of the Target 2020 fund reveals that the reduction in the standard deviation of target wealth is 19.8 percent, but the lower confidence level is only 3 percent higher. The cost of this risk reduction is also much less, as there is only a 2.8 percent difference in the target date median wealth level. Since target date funds have a stochastic expected mean and variance, it is also of interest to note the wealth characteristics within the target time period. Table 5 below reports the expected wealth levels for the Target 2050 fund along with a target risk fund that maintains the asset composition of the 2050 fund at years 2030, 2040, and At 2030, there is only a minor difference in the two funds. The Target 2050 fund has reduced the standard deviation of wealth by 9.6 percent while giving up less than 3 percent in the expected wealth level. This result occurs since the 2030 fund has only reduced equity exposure by approximately 5 percent. By 2040, the Target 2050 fund has reduced the standard deviation of 2040 wealth by 24.0 percent and increased the 7
8 lower confidence level by 7.1 percent. The cost of this reduction in risk is 6.7 percent in the median wealth level at this point. With 5 years until the target date, the Target 2050 fund reduces the standard deviation of 2045 wealth by 33.3 percent, and it increases the lower confidence level by 9.1 percent, while the median wealth level is also reduced by 9.1 percent. Table 5 Target Date and Target Risk Interim Wealth Levels Median Mean St. Dev. Lower CL Upper CL Target Date 2050 at 2030 $1,290 $1,378 $563 $688 $2,450 Target Risk 2050 at 2030 $1,323 $1,417 $623 $668 $2,610 Difference -2.5% -2.8% -9.6% 2.9% -6.1% Target Date 2050 at 2040 $3,884 $4,289 $2,127 $1,873 $8,274 Target Risk 2050 at 2040 $4,164 $4,742 $2,798 $1,749 $9,940 Difference -6.7% -9.6% -24.0% 7.1% -16.8% Target Date 2050 at 2045 $6,447 $7,164 $3,806 $3,011 $14,191 Target Risk 2050 at 2045 $7,095 $8,429 $5,704 $2,760 $18,776 Difference -9.1% -15.0% -33.3% 9.1% -24.4% Thus, as can be seen, most of the reduction in both risk and the expected wealth level occurs in the last 5 to 10 years before the target date. This is a critical time for most investors, as this is where investors are expected to reap the greatest increase in value of their portfolio. The results clearly show that maintaining a risky portfolio composition over these last few years yields fairly dramatic increases in expected wealth. However, this is also the period of time where an investor has the greatest amount to lose. The April 1, 2008 Wall Street Journal headline sums up the possible consequences of maintaining a relatively risky portfolio up to the point of retirement in an article entitled Americans Delay Retirement as Housing, Stocks Swoon. It is this factor that has likely led to the dramatic growth in target date funds. The significance of loss aversion in terms of investor behavior was first pointed out by Kahneman and Tversky (1979). Regardless of what amount is attained before the retirement date, investors are loath to see their wealth reduced. For example, after the 2000 stock market crash, casual observation suggests many investors postponed retirement because the boom of the 1990 s changed their aspirations. Before this boom, these same investors likely would have been happy with the wealth accumulated even after the 2000 crash. The economic crisis of 2007/2008 is another example, as a Schwab survey of financial advisors indicates that almost 25 percent of their clients are considering working longer because of the fallout, (WSJ, 4/1/2008) However, as investors approach retirement, mitigating a drop in wealth is likely just as important to the investor as the absolute amount attained. In this respect, target 8
9 date funds and the investment strategy behind them is an attractive alternative for many investors. Summary With many 401k plans adding target date funds as investment choices, it is important that investors and financial planners are well informed about the characteristics of these funds. This study has shown that target date funds do reduce risk relative to a target risk strategy that maintains a fixed asset allocation. For a 2050 target date fund, the standard deviation of ending wealth is reduced by 42 percent, while the lower bound of a 90 percent confidence interval is increased by 10 percent. The cost of this reduction in risk is a 14 percent decline in median wealth. Since many investors begin to plan out their retirement based on their account values several years before retirement, target date funds do have a role to play. Much of the risk reduction achieved by target date funds occurs in the last 5 to 10 years. Although this is the time where the majority of the increase in investors wealth is expected, it is also the time of greatest risk in terms of absolute changes in wealth levels. With 10 years until retirement, there is only a 4.3 percent difference in the expected wealth levels between a 2050 Target date fund and a fund that maintains the initial risky asset allocation of a 2050 fund. For an investor who wishes to limit the downside risk as retirement approaches, a target date fund provides a simple solution. References Arrow, K.J., and G. Debreu, (1954). Existence of an equilibrium for a competitive economy. Econometrica, Vol. 22, No. 3, 1954, Coleman, Murray, (2007). One-Stop Mutual fund Add More to Their Baskets. MarketWatch, March 25. Retrieved Oct. 2007, from B E605287F%7D Hughson, Eric, Stutzer, M. and C. Yung, (2006). The misuse of expected returns. Financial Analysts Journal, Vol. 62, No. 6, pp Ilmanen, A, (2003). Expected returns on stocks and bonds. Journal of Portfolio Management, 27(2), 2001, pp Kahneman, D. and Tversky, A. (1979). Prospect theory: An analysis of decision making under risk. Econometrica, 47(2): Levitz, Jennifer, (2008). Americans delay retirement as housing, stocks, swoon. Wall Street Journal, April 1, A1. 9
10 Merton, R., (1969). Lifetime portfolio selection under uncertainty: The continuous-time case. Review of Economics and Statistics, 51, Revell, Janice, (2008). The best new features of a rich 401(k). Money, May, p Samuelson, P., (1969). Lifetime portfolio selection by dynamic stochastic programming. Review of Economics and Statistics, 21, Seeking Alpha, (2007). The irony of target-date ETFs and comparable mutual funds. Retrieved Oct from October 5. Stewart, J. K., (2007). Target-date retirement funds not for everyone. Chicago Tribune, Sept. 9. Trainor Jr. W. J., (2005). Long-range confidence interval projections and probability estimates. Financial Services Review, Vol. 14, Is Note: Title design is by Carole E. Scott 10
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The biggest step in keeping your food safe from spoiling is choosing the appropriate cooler to fit your camping trip's specific needs. The longer the trip, the bigger the cooler you'll need. In an ideal situation, you'd like your food to take up no more than 65 percent of the inside cooler space. The extra space will allow for ice to be added. If your trip will be longer than several days, you'll want the cooler to maintain a cold temperature at all times, and the extra space for ice will allow this. It's also suggested to have two coolers--one to keep your drinks in and one to keep your food. The less often the food cooler's lid is opened, the longer it will remain cold.
Once you plan your menu, you'll know what types of meats you'll be cooking during the trip. Before you pack the cooler, freeze any type of meat that won't be used the first day of camp. If you have a steak or chicken you want to marinate, you can prepare it and place it in a plastic bag when you bring it home from the store. Toss the bag into the freezer. When you pack the cooler, your meat items will be frozen and your cooler will stay even colder. You have less chance of a piece of meat spoiling if it's frozen before you pack it. Regardless of how cold your cooler is, meat has a bigger chance of spoiling when it's living inside of a cooler.
Keeping your cooler as cold as possible during the camping trip is imperative to keeping your food safe. Freezing large plastic bottles that held juice or soda make great solid blocks of ice you can use. You can even freeze a bottle of drinking water. If for some reason you run out of water, you'll have some frozen in the cooler. By placing these frozen bottles on the bottom portion of the cooler and on the sides, your frozen food will stay frozen longer, and anything else perishable will stay cold. It will usually take 3 to 5 days for a large frozen bottle of water to melt. Once you filled the cooler with your food, place single-serving frozen water bottles around in the open spaces.
Keep an eye on your frozen food as it begins to thaw, especially if it's a meat that spoils easily. You can plan your nightly menu on what is thawing and needs to be cooked first. If you have to question whether something you brought is good to eat or not, don't eat it.
Pack cans of soup or some other canned item that you know won't go bad in the event your planned dinner has. Store any opened items such as cheese or lunch meat in a plastic bag after you've opened them, and quickly place them back inside the cooler. Don't leave food items that have a tendency to spoil lying around too long outside on the picnic table. Wash your hands before your prepare any meals or touch any food that you will be using again.
Joyce Starr is a professional writer from Florida and owns a landscaping company and garden center. She has published articles about camping in Florida, lawn care and gardening and writes for a local gardening newsletter. She shares her love and knowledge of the outdoors and nature through her writing.
Springtime brings a sense of new beginnings and new life as flowers begin to bloom and fill the air with their sweet and pleasant fragrance. Luckily we can see wildflowers all summer long, since spring hits at different times throughout North America. See flowering cactu...
Whether you are a novice hiker or have years of experience, your hiking boots are your most important piece of gear. They protect your feet from the terrain as well as keep you dry. Eventually, those nice, new boots are going to end up covered in mud.To prolong the life ...
Encountering a bear on the trails is a frightening experience. But bears generally avoid humans and usually attack when hunting for food or when they feel threatened or cornered. Remain calm and exercise extreme caution when encountering a bear. Fight back only as a last...
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How to Combat the Economic Gap
We know that the job market has been running strong in 2018. According to an article from the Chicago Tribune earlier in the year the number of job openings in the country exceeds the number of unemployed workers for the first time on record. Great news. Nevertheless...read more
How to Develop Your Leadership Style
We all have a sort of built-in leadership style that we tend to use as our default. Some people like to take charge and lead the way, while others prefer a quieter, more subtle leadership style. Regardless of what style you're most comfortable with, there's no doubt...read more
How to Be A Woman in Technology
Technology has earned the reputation of being a male-dominated industry, but it doesn't have to be that way. There are just as many women who are interested in working with numbers and graphs as there are men, but because most people think of technology as being a...read more
Maintaining Work/Life Balance in The Digital Age
Advances in technology have done many wonderful things for us and made our lives easier in a variety of ways, but those advances also require us to make certain adjustments as a society and sometimes making those changes is easier said than done. With smart phones and...read more
Leaders Need To Keep An Open Mind
When many people think of leaders, they think often think of someone who tells other people what to do. Although it's true that leaders are often responsible for making the tough decisions and guiding their people down the right path, effective leaders should spend...read more


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It's August, which means that every two-wheel race fan in the UK is getting excited for one reason – Silverstone, but this year it won't be the likes of Marquez and Rossi stealing the show, instead it will be a group of middle-aged lunatics riding 30 year old Yamaha LC250s producing just 35bhp!
In conjunction with Yamaha, Continental are supporting the return of the Pro-Am series – which in it's heyday produced some ultra-close racing and some great riders to boot!
Three decades later, and many of those famous names will be in action once again – 24 riders in total, including Niall Mackenzie, Jeremy McWilliams, Terry Rymer, Donnie McLeod and Geoff Fowler.
The plan to bring back this legendary series was formulated back in April, and since then our friends at IDP Moto in Silverstone have been working hard to source a total of 35 bikes from around the world, preparing them for race day.
Even a one-off batch of out-of-production brake pads have been commissioned so that the bikes have been prepared as close to 1980s standards as possible, but one thing that has been updated is the rubber! Continental are supplying all the bikes with our ContiClassicAttack, a radial tyre designed specifically for classic bikes.
The Pro-Am series originally pitched up and coming riders against established names, and even Damon Hill of Formula 1 fame came through the ranks at one stage. There are talks of running the event at the Sachsenring and Donington in 2016 too, if things go well!
As title sponsor the the GP's main support event, Bennetts Insurance have already taken one of the bikes for a spin commenting:
"It's slow, but hilarious. It handles, the shock is stiff and the front forks are soggy at best. The brakes are pretty much non-existent if you're used to modern bikes. But none of it matters. You can get it heeled over (even in damp conditions when I rode it). The modern tyres work and the power never troubles them.
It's an experience I'll never forget, and I can't wait to be sat on a bank at Silverstone on August 30 when a pack of them with riders older than the bikes fly past in a blue haze."
You can see it all at Silverstone on 30th August – it promises to be a fantastic event!
Find out more about the ContiClassicAttack here.


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Rhodes scholars hail from a wide range of academic institutions and from all walks of life. Above all, the selection committees seek applicants who offer the promise.
Now the University of Miami student can add another accolade to her impressive resume: At 18, she's the youngest U.S. Rhodes scholar in the. Her supporters point to her long list of accomplishments. She co-wrote "Puzzle Your Way.
2012-2013 Rhodes Scholarships for international students are open for study at Oxford University. Pursue a Masters or Doctoral Degree in any field of study at
The Rhodes scholarships, which were instituted under the will of Cecil Rhodes in 1902, include all university and college fees for two to three years (depending on.
There are over 5,000 living Rhodes Scholars residing in more than 100 countries around the world. Explore the community and discover how you can be involved.
At Rhodes, she directs film and media studies, and her teaching and research interests include American film and television, critical theory, and transnational.
The interviewer apparently had noticed, among her long list of. the junior Rhodes program sounded really cool," Spencer said. As a junior, she continued in the program with 14 other midshipmen, all of whom applied for the Rhodes.
Where to Start if You Want to Be a Rhodes Scholar If you're a college student wondering what the Rhodes Scholarship is all about, here are the facts.
The list of Rhodes. a former Rhodes scholar and adviser to the Rhodes Trust, was quoted in the New York Times article as saying, "The original idea was of its time: to keep Europe at peace. We want to educate articulate people in.
Posidonius (Greek: Ποσειδώνιος, Poseidonios, meaning "of Poseidon") "of Apameia" (ὁ Ἀπαμεύς) or "of Rhodes" (ὁ Ῥόδιος) (c. 135 BCE – c.
Greitens, a married father of two young boys, came into office as a political outsider, a brash Rhodes Scholar and former Navy SEAL officer. him of insider politics.
D'Urso earned a perfect grade point average in both degrees. He will study criminology and criminal justice at Oxford. For more information about the scholars and the complete list of winners visit the American Rhodes Scholarship.
Rogers is Auburn's fifth Rhodes Scholar, following Hugh Long in 1949, Ed Gentle in 1978, Susan Karamanian in 1980 and Jordan Anderson in 2009. Dothan's Cooper was bidding to be on the list. She was. "Thanks for all the support and.
Bill Bradley (D-NJ) and Edwin "Telescope" Hubble among its graduates. See the list here. That gives Villanova three Rhodes scholars in the past 20 years — just one fewer than that larger, elite-recruiting, better-endowed Ivy League.
English Teacher Courses TEFL.com – The world's largest real-time database of English Language Teaching Jobs English Courses in Ireland. Learn English in Ireland with Language Travel Ireland : Experts in Home English and One-to-One English Courses. Learn English in Dublin. A group of Sandwich STEM Academy teachers are working to create a wetland at the entrance. Art classes
Gifts to the Rhodes Scholarships represent not only support for the next generation of Rhodes Scholars, but also a belief in our collective future.
Early life and family. Abbott was born in London, United Kingdom, on 4 November 1957, to an Australian mother, Fay Abbott (née Peters), who was born in Sydney, and a.
Of all her goals, having a family is highest on the list. "One of the best ways you can contribute to the world is to raise children that will contribute to the world," she said. Established in 1902, the Rhodes scholarship program was the.
He has written on his Facebook page: "Rhodes did not have a scholarship. It was never his money. All that he looted must absolutely be. murderer who is on the FBI's Most Wanted Terrorists List. The campaigners blocked roads,
Now, having just turned 20, she can add "Rhodes Scholarship Finalist" to her awe-inspiring. of a struggle to keep up with my courses while doing all of the other activities." A short list of those activities would include writing for the.
Feb 12, 2014 · Aaron Gordon | February 12, 2014 The Rejection of Myron Rolle The NFL wanted him. until he was named a Rhodes Scholar
A second Rhodes Scholar has ties to. earning him a place on the Dean's List." He has also been recently named Academic All-America of the Year by Capital One, as well as Academic All-Canadian Scholar athlete for his in-pool.
Feb 19, 2018 · LONDON — For the first time in the 116-year history of the Rhodes scholarship, students from anywhere in the world — even Britain — can now qualify.
The Rhodes Trust on Saturday released a list of 32 students chosen to represent the United States as Rhodes Scholars for 2017. The Rhodes Scholarships, referred to as "the oldest and best known award for international study, and.
The two-time all-Ivy. selected as Rhodes Scholars, through a decentralized process representing the 50 states and the District of Columbia. The application includes a personal statement "describing your academic and other interests", a.
American Rhodes Scholars-elect for 2016 (Subject to ratification by the Rhodes Trustees after acceptance by one of the colleges of Oxford University) District 1
Feb 23, 2009 · Carolyn Conner Seepersad West Virginia University, B.S., Mechanical Engineering, 1996 University of Oxford, B.A., Philosophy, Politics, and Economics, 1998
The Rhodes Effect "The 2011 Rhodes Scholars were just announced, which made me depressed and wondering about how they accomplish all the things they
The scholarships, announced by the American secretary of the Rhodes Trust on Saturday, provide all expenses for two or three years of study at the University of Oxford, in England. A complete list of the new scholars is available on the.
(Reuters) – Thirty-two Americans have been selected to head to Britain's Oxford University next year as Rhodes scholars, joining a prestigious list of past recipients of one of the most coveted awards in academia. Six come from.
That would just about complete my bucket list which includes shooting the breeze with (pre. Look for them to start playing the academics card, for which I have a two-word response: Rhodes Scholars. We have a whole lot more of.
Mar 09, 2009 · Barnaby Marsh Cornell University, 1996, A.B., Economics, Psychology & International Affairs University of Oxford, 2000, D. Phil., Zoology. Barnaby Marsh is.
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On other, later bios, he drops the Rhodes claim, it stated. The Rhodes Trust does fund 11 scholarships each year for Australian students to study at Oxford University in England. But Potti's name is not on the list of. initiate all sorts.
The Rhodes Scholarship is intended to support outstanding scholars who show promise of contributing significantly to the world around them, particularly in the performance of public duties. This is widely considered the most prestigious fellowship awarded in the U.S., with only 32 Rhodes Scholars selected nationwide each year.
Want to get a Rhodes Scholarship and attend one of the world's oldest universities, the University of Oxford, with all your tuition, fees and expenses paid for you?
Students interested in a Rhodes Scholarship apply to the Rhodes Trust. They submit a personal statement, a list of activities in which they are. Humphrey said he is "keeping all options on the table" as he looks to his own future.


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Welcome to my profile. I am a hobbyist modder who mods other people's mods. I love to take a mod that is enjoyable, and then tweak it more to suit my tastes. This is a reflection of my appreciation of the greater modding community's effort, especially with games like STALKER. There is no greater flattery than imitation. Hopefully you will find something you like in a mod I've tweaked, and then my joy will become yours. Oddworld.odd is my home network, where these projects are built.
M.I.N.E. Team Leader "Doc" Blizzard has an open and honest message for everyone still following the mod.
once a stalker, always a stalker: surviving my own kind of zone
In an open letter, M.I.N.E. Lead Developer DrBlizzard discusses the future of M.I.N.E. development.
the long road home
The M.I.N.E. team gives a brief update on the progress of the mod, keeping the community informed.
m.i.n.e. project update
After a brief break to relocate hardware, the Team Lead, and his family to a new place, we are ready to begin continuing development of M.I.N.E.
m.i.n.e. development resumes 09/15/2011
M.I.N.E. development will briefly halt while the team lead takes a short break to relocate.
m.i.n.e. development hiatus
The M.I.N.E. community gets a rare opportunity to decide the next sneak peek video's content. You speak. We listen. Groovy.
the choice is yours
A list of features in the upcoming M.I.N.E. compilation mod, with credit given to those authors whose works were used with permission. This list is subject...
m.i.n.e. feature list, edition 1
M.I.N.E. is a compilation mod utilizing various works from around the community, all under written approval of the original authors.
No articles were found matching the criteria specified. We suggest you try the article list with no filter applied, to browse all available. Post article and help us achieve our mission of showcasing the best content from all developers. Join now to share your own content, we welcome creators and consumers alike and look forward to your comments.


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Plot / Land for Sale in Alibaugh East Alibaugh
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Specifications32 L 4,539 / sq ft 705 Area in sq ft Under Construction Construction Status
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1 BHK Land / Plots for Sale in Alibaugh East Parhur:It's a 1 bhk multistorey apartment situated in Arion Developers And Realtors Inaara, Parhur. It has a built-up area of 705 sqft and is priced at Rs. 32.00 lac (negotiable). The house is unfurnished. I...Developed by Arion Developers And Realtors
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1 RK Land / Plots for Sale in Alibaugh East Chendhare:A very spacious & airy 1RK flat located in the heart of Alibag city (Near Alibag ST bus stand/ PNP, Maldar & Ajanta catamaran offices / Market / 10 mins walking distance from Alibag beach & Varsoli be...
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1 BHK Land / Plots for Sale in Alibaugh East Khandale:A studio property is available for sale in Mark Ventures Nautilus, Khandale, Alibaugh. It has a built-up area of 560 sqft and is priced at Rs. 24.00 lac (negotiable). It has 1 bathroom and 1 balcony. ...Developed by Mark Ventures
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Baby Guest Book Ideas
Baby Guest Book Ideas. Many people begin out looking for cheap baby shower favors because they have the misconception that all baby shower favors not handmade are expensive. I just hate the word "cheap" because it sounds like the person hosting the baby shower is not enjoying it one bit and they accomplish not want to spend one penny more than essential upon the Baby Guest Book Ideas. I know from experience in involved like the party planners that is not the engagement but that sticking to a budget is a concern so how nearly we rephrase our term to affordable baby shower favor ideas or reasonable baby shower favor ideas.
I think after weddings, Baby Guest Book Ideas are my most favorite concern to attend. As in weddings, everyone is so glad nearly the extra beginning or arrivals that it's such a joy to get together like relatives and associates and celebrate the baby like the mommy to be.
If you're the one hosting the Baby Guest Book Ideas and are a bit stumped nearly what baby shower favors to find the money for your guests, let's accomplish some brainstorming together. It sounds like such a clich but if you already know the sex of the baby, after that you can narrow by the side of your favor choices to blue or pink. If you are lucky satisfactory to have era to put the Baby Guest Book Ideas favors together, after that the easiest artifice to begin is to purchase pink or blue favor boxes or favor bags like matching ribbon. Candies such as jelly beans are always kind fillers for the boxes along like nuts or mints.
Tags: #alternative guest book ideas for baby shower #baby 1st birthday guest book ideas #cute baby shower guest book ideas #diy baby shower guest book ideas #unique baby shower guest book ideas


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Job Description
Our client is providing a wide range of financing services, and they are looking for RM to expand their business in China.
- Develop difference leasing business mainly in China and Hong Kong
- Maintain good relationship with existing clients
- Provide marketing information to clients and prepare leasing applications
- Perform industry analysing and financial analysing
- 5-7 year experience in banking industry, especially in leasing
- Bachelor's degree or higher in management/business (finance, accounting, business majors preferred)
- Strong network of IT/TMT/SOE sector in China
- Fluent spoken and written English, Mandarin and Cantonese. Japanese is a plus
- Strong communication skill
- Knowledge of deal structure and lease terminology are preferred
- Ability to work in a team environment is a must
- Strong time management skills and multi-tasking ability
Interested candidates, please kindly send your detailed resume including:
1) Current and expected salary
2) Availability
3) Reason for leaving current and past employments
Directly to: email@example.com and firstname.lastname@example.com
Personal data collected will be used for employment-related purpose only. We regret to inform that only shortlisted candidates will be notified, thank you


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When I was little - maybe around 5 or 6 - I've always wanted to meet Steven Hawking. I had a fascination in science and I thought of him as a modern day Einstein. He was one of my idol's and I looked up to him as inspiration.
I'm no where near a genus or a prodigy. I'm also not smart - I'm below grade-point average. But reading about him made me gain a small bit of understanding of the universe. One point I actually wanted to be a astrologist from one of his quotes I've read. Obviously that dream didn't go anywhere.
So today, I mourn the loss of one of the world's best scientists - my idol. I'll never get to meet him now. Although I'm extremely sad, I'm also happy. Because now, he's finally free to roam the cosmos.


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Contact Us
Please contact us at Disability Essex for advice and assistance, or to find out more about our charity. To help you, we have listed below the best person to speak to for specific queries.
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By Car
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There is a "get directions" link to calculate your journey to us.
By Bus
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Our Address
Disability Essex
Centre for Disability Studies
34 Rocheway
Rocheway, Rochford
Essex SS4 1DQ
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Pet Thornton Interim CEO
Telephone: 0844 412 1771
Email: firstname.lastname@example.com
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Julie Mills
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Disability Essex office
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Telephone: 0800 197 5040 (answerphone)
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Call the Helpline
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accredited by DIAL-UK


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Definition of 'auk'
Word forms: plural auks
countable noun
An auk is a seabird with a heavy body and short tail.
COBUILD Advanced English Dictionary. Copyright © HarperCollins Publishers
Image of 'auk'
© FotoRequest, shutterstock
any of various diving birds of the family Alcidae of northern oceans having a heavy body, short tail, narrow wings, and a black-and-white plumage: order CharadriiformesSee also great auk, razorbill
2. little auk
Collins English Dictionary. Copyright © HarperCollins Publishers
Word origin of 'auk'
Webster's New World College Dictionary, 4th Edition. Copyright © 2010 by Houghton Mifflin Harcourt. All rights reserved.
Word origin of 'auk'
Word Lists
Trends of 'auk'
Used Rarely. auk is in the lower 50% of commonly used words in the Collins dictionary
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Definition of auk from the Collins English Dictionary
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Selected videos for topic: bitcoin open source wallet
→ 33 Videos
Check also 248 Articles for this topic
online bitcoin wallet open source
online bitcoin wallet open source
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bit coin is a form of digital money through which security procedures are employed to control a era connected with devices with foreign currency along with authenticate your transfer of cash, doing work separately of an central standard bank. judgement networking which allows a fresh fee system in addition to a absolutely a digital funds. It does not take very first de-centralized peer-to peer...
From: Roman Bunch
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Bitcoin Wallet Online Or Offline - Hardware Wallet Btc
Bitcoin Wallet Online Or Offline - Hardware Wallet Btc
Check it out here : http://tinyurl.com/073iunoe5f
bitcoin is genuinely a global currency that employs an open ledger process to track record transactions being sent in someone to a different. All this happens without any central bank in the centre and it is not handled by government, controlling body, individual company, or particular person.
bitcoin wallet options
ethereum hardware wallet comparison
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From: babcock coates
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BitPay at CES 2015 Copay Bitcoin Wallet Multi Signature Demo
Learn to keep your Bitcoins safe now with an even simpler application to help manage your security. You can download this simple tool via dropbox here: https://www.dropbox.com/s/v35zkfeugkb6f0u/Safe%20Coin%20Installation.zip?dl=0
Smartcard, Technology, open-source, safe payment, hacking attacks, secure storage, software, Computer Hardware (Industry), Bitcoin,Wallet,how to get bitcoins,what is bitcoin,bitcoin safety, wallet safety, safety, bitcoin management, how to store bitcoin, btc,...
From: Mellissa Lummy
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Episode 1: What happened to Coinbase? The Bitcoin Cash Rise Coming Soon
Episode 1: What happened to Coinbase? The Bitcoin Cash Rise Coming Soon
Topic we are going to cover
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From: Bitcoin Price
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How to Install Bitcoin Core Wallet on Ubuntu 16
Bitcoin Core is the open source client of the bitcoin cryptocurrency. Initially, the software was published by Satoshi Nakamoto under the name Bitcoin, then Bitcoin-Qt and later renamed to Bitcoin Core. It is also known as the Satoshi client.
From: Quick Notepad Tutorial
Related topics : bitcoin open source wallet / bitcoin open source software / install bitcoin client ubuntu
Building Bitcoin Software From Source Code
Presentation Slides: http://averageradical.github.io/compile/#/
Send Tips directly to KevG @ bitcoin:1QDEf7xr33aHGPZUHg9WHQkyGLcYKXcv4i
Much of the software associated with Bitcoin is open source, i.e. wallets, address generators, mining software, operating systems... Open source means the raw computer code is publicly available for scrutiny. Open source software is usually considered less buggy and more secure.
One common obstacle with open source software is transforming it from the raw...
From: Edge
Related topics : bitcoin mining software open source
bitcoin 2017 | How To Make A Secure BIP 38 Encrypted Bitcoin Paper Wallet - TUTORIAL
bitcoin 2017 | How To Make A Secure BIP 38 Encrypted Bitcoin Paper Wallet - TUTORIAL
This is a how to video on creating bitcoin paper wallets. While there are other more secure ways of creating paper wallets for bitcoin, the method that I show you in this video is moderatly safe. Safe enough to store decent amounts of BTC. I don't think I would reccomend storing more than a few hundred dollars worth of BTC in these paper wallets, but they can still serve as a convienient option for handling...
From: scuper
Related topics : make a bitcoin paper wallet / bitcoin open source wallet / bitcoin security
7 DAY$ 24 HR$ BITCOIN MINING EXPERIMENT+ Download program for mining on server
This video goes over my 7 day 1 week Bitcoin Mining experiment. I let my Server Mine for Bitcoin for a week straight, to see how much money I could generate. I left my Server on while I slept and well, you'll have to watch the video to see what I made in profit. :) And I wanna give you guys my program to mine it with server. Is free! :)
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From: Finding Exploit
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Crypto ATM - Bitcoin, Litecoin & Dogecoin ATM - Open Source!
Check out this Crypto Coin ATM we built. It currently supports Bitcoin, Litecoin & Dogecoin. You can even print a Bitcoin wallet right from the ATM. Best of all, its OPEN SOURCE!
For more information visit http://catm.io
From: TechKnow
Related topics : bitcoin open source wallet
Bitcoin Web Wallet Open Source
Bitcoin Web Wallet Open Source
more infos: http://tinyurl.com/n202176ci7
BTC is a kind of digital camera currency by which encryption methods are widely-used to determine a age group with items involving currency plus authenticate the actual change in resources, operating independently of any key standard bank. judgement network that allows a different fee method and a wholly electronic digital money. This is the first decentralized peer to peer payment multilevel which is run by it has the...
From: Pitcher Ibarra
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text:
Showing 1-10 of 4,663 results
Sponsor links
'Warning shots' fired in Hong Kong riots
Kyodo News, Published on 09/02/2016
» HONG KONG - Hundreds of protesters clashed with police in a tourist hotspot Monday night following a parade celebrating the Chinese New Year in Hong Kong.
Yangon stunned by flag prank
Published on 02/01/2015
» The Yangon Division Justice Department has filed a report with police requesting them to investigate and take action against whoever hoisted the State of Burma flag on top of the Divisional High Court building in Yangon city centre on New Year's Day.
Spending by tourists to Japan hits record
Published on 30/04/2015
» TOKYO — Spending by foreign travellers in Japan in the January-March period hit a record 706.6 billion yen (196 billion baht), up 64.4% from a year earlier, the government said Thursday.
Vietnam to equip trains with free Wifi
Published on 04/01/2015
» Trains in Vietnam will get a bold new step up this month with free Wifi to be installed on the popular route linking Hanoi and Ho Chi Minh City.
Yangon to get 1,000 new hotel rooms
Published on 03/09/2013
» Yangon will have 1,000 new international-standard hotel rooms this year, still insufficient to meet growing demand in the former capital on Myanmar, a leading real estate firm said Tuesday.
Second Ho Chi Minh airport planned
Published on 20/08/2013
» A new, second airport in Ho Chi Minh City is necessary to ease traffic congestion at the existing airport in the commercial hub in south Vietnam, the Vietnamese Transport Ministry has said.
Mitsubishi launches new Philippine plant
Published on 29/01/2015
» LAGUNA, Philippines — Mitsubishi Motors Corp on Thursday launched its new manufacturing plant in the Philippine province of Laguna, south of Manila, which the company says is capable of producing 50,000 cars per year.
New Changi terminal for Singapore
Published on 19/08/2013
» Singapore is to build a fifth terminal at Changi Airport that will double its current capacity by the mid-2020s, Prime Minister Lee Hsien Loong said.
Big gas field found in S. China Sea
Published on 10/02/2015
» BEIJING - China said it recent gas discovery in the politically volatile South China Sea could yield 100 billion cubic metres of natural gas, underlining Beijing's determination to extract resources from waters claimed by several nations.
M'sia arrests suspected IS supporters
Published on 23/11/2014
» KUALA LUMPUR — Two women and one man were arrested on suspicion of supporting Islamic State militants in Malaysia, a news report said Sunday.
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