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Kentucky Breeders' Incentive Panel Adopts Changes
- Jan 27, 2011
- Topics:
A committee that advises the Kentucky Horse Racing Commission (KRHC) on its breeders' incentive program met again Jan. 25 and approved three additional recommendations for ways in which the program should be changed.
During the meeting, the Kentucky Thoroughbred Breeders' Incentive Advisory Committee agreed to recommend to the commission to remove the current age limit on horses racing outside the Bluegrass from being able to receive incentive funds.
Presently, age 4 is the maximum for which Kentucky breeders' incentive funds can be earned by qualifying horses in allowance and maiden special weight races at out-of-state tracks. There is no age restriction on breeders' funds for horses that earn them in out-of-state graded stakes. The age restriction had been in place because horses bred in Kentucky in 2006 and prior were grandfathered into the breeders' incentive program. Horses that could have first been nominated to the program were foals of 2007 and would be 5-year-olds in 2012.
Also approved was a recommendation to reduce the breeders' award for a victory in a grade I race from $25,000 to $15,000.
The third change approved was an overhaul of the claiming awards. The advisory committee will recommend that the $200,000 set aside from the incentive fund for claiming horses be distributed to breeders of the top 20 horses with most wins in claiming races in Kentucky during the calendar year. Earnings would settle any ties among the horses in the top 20.
However, any horse winning a claiming race within Kentucky would not be eligible for the end-of-the-year claiming incentive funds if that horse had also won an allowance or maiden special weight race in Kentucky. The restriction on eligibility for the claiming incentives would not apply to a horse winning claiming races within the state and allowance or maiden special weight races outside the Commonwealth. A breeders' award of 25% of the winning purse is awarded for allowance and maiden special weight races in Kentucky, but is 10% for races outside the state.
Jamie Eads, director of incentives and development for the KHRC, said the committee will seek a clarification from the KHRC legal staff on when the incentive fund changes can take effect.
The advisory committee's recommendations will be sent to the full commission for consideration, the next step in a lengthy approval process. From there, any changes requiring amendments in state regulations will be vetted with the state's legislative research commission, and then considered by legislative committees.
Considering how long the process can take, Eads said the committee wants to know whether the changes would be retroactive to the current year or if they would be applied to subsequent years.
Based on the legal determination, some of the changes might be sent through as they are approved by the advisory committee and full commission, or they could wait and submit them at the conclusion of the committee's work. The advisory committee is scheduled to meet again Feb. 22.
Originally posted on BloodHorse.com.
About the Author
Ron Mitchell/The Horse
Ron Mitchell is Online Managing Editor for The Blood-Horse magazine. A Lexington native, Mitchell joined The Blood-Horse after serving in editorial capacities with The Thoroughbred Record and Thoroughbred Times, specializing in business and auction aspects of the industry, and was editor-in-chief of the award-winning Horsemen's Journal. As online managing editor, Mitchell works closely with The Blood-Horse news editor and other departments to make sure the website content is the most thorough and accurate source for all Thoroughbred news, results, videos, and data.
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Breeding: Best Mare Management Practices
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Embryo Transfer in Chronically Infertile Mares, AAEP 2008
Estimating Future Stallion Fertility
Questions to Ask Before Breeding a Mare
Drug Protocol Turns Rescued Mares into Nurse Mares
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Results 1 to 3 of 3
Thread: Teaching a young kid to surf.
06-24-2013, 10:44 AM #1Senior Member
- Join Date
- Apr 2012
- Location
- Bunker Hill, IL
- Posts
- 244
Teaching a young kid to surf.
My daughter who is a little over two and a half years old want to surf on her own. I was wondering if anyone has a easy way to get the kids started.
with a couple nephews and nieces around 5 to 7 years old we would start on the deck standing no the board than get the boat up to speed and i would let them out slowly. it some what worked for a couple of them.
I am just wondering how everyone else is trying to teach the young ones how to surf.
Also does a smaller board help a lot. I would think but wonder what everyone else thinks.2007 supra 21v
Wolfeman has a vid on facebook. Maybe he can put it up here?????My Mom said I'm not allowed to get wet!
2000 Outback LS (sold)
Exile Tunes
P5 Danielo Diamond 58"
let me get the vid from Momma and I will show you we're trying with our 5 yr old son. In the meantime, I'll explain what we found best. Tried with the little board(s) and didn't work too well so went to the biggest board - my Inland Surfer Blue Lake. Let my son lie on his belly, ran it up to about 4.5 mph then he scoots his knees under him like kneeboarding and eventually he stands. He hasn't thrown the rope yet, but sure wants to. no ballast in boat and lots of shouts of encouragement from his older sisters helped, too!

subset: commoncrawl


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this is a pasting so far !
Keep it up boys ! Really Bend them over and Pump Them big time!
this is a pasting so far !
Keep it up boys ! Really Bend them over and Pump Them big time!
That was a sexy play, davis, to fields to shump, damn!
shumpert doubling up, good play.
Melo dishing the ball out when he's defended well.
Davis making it look easy.
Chandler another O-bound!
like they would say on NBA JAM (melo) his on fire !!!!
another 5 points in a row and a dunk from Shump ! This is incredible !
Third quarter blues?? what happend?
Gotta LOVE these knicks.\
I know Melo's hot but he has to rest as much as possible imo...
they shouldnt take a chance with him.
wooooooooooo ! side note . . . Chandler is THE MAN ...and SHUMPPPP cfor the smash
Basketball at its finest!!
I swear if howard does not score he is bitching about a foul call !!!, like he would make a free-throw anyway ..


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just replace the main cable with something better ( like I did) and hum will be no more.
Looks Rega is very sensitive to any RFI frequency and original main cabel works well as an aerial
I spend £65 on main and can't hear any hum.
try to play with positioning as well might help without investing any money.
Nice to know about your experience, enjoy your Brio R at the full!
It's a magnificent product for the budget!
Best REGArds


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Court Clears Continental of Criminal Charges in Concorde Crash
PARIS—A French appeals court Thursday reversed an earlier ruling, clearing Continental Airlines of criminal charges in connection with the crash of an Air France supersonic Concorde in 2000, a court official said.
The ruling ends more than a decade of legal wrangling in a case that in part led Air France and British Airways to drop the droop-nosed airliner from their fleets.
The court also dropped charges against two...


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Member Sharon Loyd said she got the idea from a friend who survived breast cancer.
"She was on the Internet and found a website that gave a pattern for knitted breasts," Loyd said. "I contacted the women who had the website and they were glad to share the pattern with us. After a few modifications, we got our current pattern."
Loyd said the group, which meets Tuesday nights at Knit 2 Together yarn shop in Russellville, had previously knitted "chemo caps" and immediately embraced the idea.
"We found a real need for the knitted breast prostheses," she said. "They were excited about helping women who need a prosthesis and either couldn't afford one or weren't ready for a permanent reconstruction."
The prostheses are knitted and customized at no charge to the patient. In the beginning, the members bought all the supplies with their own money, but now accept donations. They have an account set up at Knit 2 Together for anyone wanting to donate money for supplies.
The average cost to make, package and ship the knitted breasts is $5. The products can be made within three days in sizes ranging from AA to G.
The group started its knitted breast mission in January 2012.
"We're just a small band of knitters with about six to eight active members," member Stephanie Bates said. "I think it's wonderful. We all like to knit and we love to help."
The "small band" from Pope, Yell and Johnson counties is making a difference in a big way.
"We have made about 300 prosthesis and mailed them from coast to coast, and even one to Malaysia," Bates said. "We are scrambling to keep up."
"Bosom Buddies" have supplied knitted breasts to the University of Arkansas for Medical Sciences (UAMS), St. Vincent Health System and Baptist Hospital in Little Rock as well as several surgeon's offices across the state and at the Pink Ribbon Boutique in Russellville.
The group said knitted prostheses are "much lighter, more breathable, cooler and more comfortable than the typical synthetic breast prosthesis." The patient can choose the size and color of the knitted breast, which is made of cotton and acrylic yarn.
"They're washable, they fit in your bra and they're not hot in the summer," Bates said.
"Bosom Buddies" recently accepted an invitation to set up a booth Friday at the Susan G. Komen Fit for the Cure at Dillard's department store in Little Rock.
The group will have trial knitted breasts available for women to try on and custom order at the event.
For more information or to make a donation, call Loyd at 890-1127.


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Let's say New Orleans insists on getting rid of Okafor and his bad contract (as has been suggested). Let's say Orlando has a deal with New Orleans for Paul, but they don't want Okafor because they have Howard and Lewis. Here comes Toronto with their TPE. They offer to take Okafor off of their hands, and for their troubles, Orlando also gives Toronto a 1st round pick for some trash (Alabi or Jones).
New Orleans receives Gortat, Nelson, Orton, 11.5 million TPE
Orlando receives Paul, Alabi/Jones
Toronto receives Okafor, 1st round pick from Orlando
I'm NOT suggesting that New Orleans would take this, just showing you how the TPE could help in facilitating a deal. Does that make it more clear for you?


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"He looked like he enjoyed playing the game tonight. He just played hard and was by far the best player on the court tonight. We got on the floor late in the game and hustled like we needed to." Henderson State (8-5, 3-4 GAC) got off to a quick 5-0 lead in the first two minutes of play off a 3-point basket from Jonathan Fitzgerald. Tech (8-5, 4-2) would fight back by tying the game, 13-13, with a breakaway dunk from Kirkland with 13:39 left in the first half.The two teams traded baskets and evened the game again, 20-20, at the 8-minute mark.
Another layup from Kirkland tied the game (31-31) for the fifth time with just 1:40 to go in the first half, but a Reddie layup gave Henderson State the 33-32 halftime lead.ATU netted 24 points in the paint compared to Henderson State's eight at the half. The Wonder Boys also seized control of the boards, gathered 21 rebounds and converted nine offensive rebounds into 10 second-chance points. Arkansas Tech regained the lead quickly in the second half and pushed the score to 48-39 with another layup from Kirkland with 15:22 remaining in the game.
The Wonder Boys maintained a comfortable lead with solid defense for the next few minutes, until the Reddies went on an 11-3 run from 10:38 to the 6:12 mark to close within 59-57.However, a slam dunk by Marshawn Arnold started a two minute 8-0 run that ATU used to hold off HSU down the stretch.
The Wonder Boys outrebounded the Reddies 50-31 and shot 50 percent (29-of-58) from the field.The Wonder Boys will travel to Monticello to face the UAM Boll Weevils at 7:30 p.m. Thursday in another league game.


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I am expanding my office. I was up until now functioning from home with a small office set-up. With the increase in volume of business, it has become necessary for me to increase my operations to a bigger office. It is imperative to secure the operating systems. As the network grid is expanding. I am seeking a good security service to install firewall and other systems to guard my network.
Product Name:ZoneAlarm Internet Security Suite


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TALLAHASSEE, Fla. - The Florida Department of Health is advising residents with private wells affected by floods from Tropical Storm Debby to take precautions and make sure their water is safe to drink.
The agency says well owners in flooded areas should boil water for at least one minute before use to make sure it isn't contaminated with disease-causing organisms.
Any water used for drinking, cooking, washing dishes, brushing teeth or making ice should be boiled or disinfected. The agency also advises using bottled water, especially for mixing baby formula.
Once the flooding subsides residents should disinfect wells with procedures available from local health departments. The DOH urges well owners to have their water tested as well.
Copyright 2012 by The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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Discussion in 'Science Fiction & Fantasy' started by Argus Skyhawk, Apr 14, 2012.
So what do you think of Cabin in the Woods?
As I mentioned in the previous "delays" thread, the movie exceeded all my expectations quite handily - which was great, since my expectations were pretty damn high. I couldn't help but chuckle every time an actor Joss Whedon had worked with on previous projects showed up (and when he had his own cameo!). I saw it with a couple friends, and all three of us left the theater already wanting to see the movie again. It was an absolute great experience from the first scene.
Right, we doing this then?
Well as I also said in the previous thread... loved it, but kinda don't wanna say much about it really so as to spoil any of it somewhat. Not saying its the best film ever made of all time, but yeah it was awesome and a lot of fun.
And I'll just add, Kristen Connolly... mmm
It was brilliant. The humor blended well with the classic horror film format.
Spoiler: Harbinger
"Am I on speakerphone?"
Also, seeing a former Power Ranger's tits is always a wonderful surprise.
Feel the need to spoiler code a lot. Just some random observations
Spoiler: spoilero
Great having Fran Kranz and Tom Lenk in the same film. Also I kept semi expecting a cameo from a Firefly actor, given that we had the others represented
Buffy- Tom Lenk
Angel- Amy Acker
Dollhouse- Fran Kranz
"I dare you all to go back upstairs"
I would agree with this little piece though that maybe the trailer gave too much away http://www.bbc.co.uk/news/magazine-16972394
In that you did know who was gonna survive to the end and who therefore wasn't, and so I was just expecting their deaths through a lot of the movie.
Very clever, often funny. Never frightening, never unsettling. Sometimes gross. but the picture I saw was so dim it was hard to make out faces and tell exactly what grossness was happening, which considerably lowered the ick factor.
Essentially a horror movie about making horror movies, commenting on the audience (negatively,) and asserting that the Fool is really the smart guy; the Virgin is just who we have to work with; the world really will come to an end if we don't cathartize our negative emotions; fuck the world, I'm not going to sacrifice my life or my personal friend's life. The take away messages are why the movie doesn't really do anything emotionally I think. Even a horror movie should inspire some real feelings. Woman in Black could do it, but not this one.
Rated good for clever. But this much cleverness should have made an excellent movie, and it isn't.
Won't say much for fear of spoiling it, but once the you know what hits the fan, this film's premise is very clever and out of left field. The stoner dude was my favorite character in the film!
I freaking loved this film.
I can't however, say why without giving anything away. Just go see this movie. This is one where you absolutely should not be spoiled.
Completely agreed. Fantastic movie!
I was discussing it with a friend at dinner and he was saying that he was surprised I thought it was so good because the trailers looked pretty lame. I was having a tough time explaining that the reason why it was so good was something I couldn't tell him.
Huh. Thought it was pretty fun... but somehow after all the hype and buildup I was expecting something a LOT more twisty and surprising and mind-bendy.
But this plays out pretty much like you'd expect from the beginning, with the main villain being the kind of thing we've already seen countless times on Buffy and Angel. In fact the similarities were a little TOO obvious. When I saw that final set, I almost expected to see a big kung fu battle play out on it. Lol
I thought it was just okay. The Whedonesque wit and jokey dialogue didn't always mesh well with the story. I actually nodded off a couple times during the film, but the last act got very good. If it wasn't for the monsters gone wild scenes I would say this film was a disappointment.
Interesting interpretation. I also thought the film was too dim a lot of the time and it made the action hard to follow. I also thought it was a bit too clever for its own good.
Now see, I didn't find it clever at all. It was one Whedon trope after another, beginnig to end, as if he was winking at us everytime another one popped up. No spoilers, but anyone even remotely familiar with Whedon's body of work will know what I mean. After the closing credits my wife turned to me and said "I feel like we just watched a bad mash-up of Buffy and Dollhouse".
^^^The only work of Whedon's I'm familiar with is one Alien movie; the Buffy movie; one episode of the Buffy series; maybe seven episodes of Firefly; the Serenity movie; about three episodes of Dollhouse, and Dr. Horrible's Sing-Along Blog. Loved Dr. Horrible, (maybe that's because I'm a sucker for musicals with real plots) but I don't think the rest of it constitutes a notably good body of work.
Still, it is obvious that I haven't seen enough of the years of episodes of Buffy the series and years of episodes of Angel to be so familiar with Whedonesque tropes. And I'm sure that there are many people in the same position as me. But I can easily imagine that those who are familiar with all those hours of Whedon can find Cabin in the Woods rather familiar, not novel nor clever. For instance, the plot hinges on a character inexplicably but fortuitously returning from apparent death. This is a moss-covered plot device save for the twist that the character who returns is not the villain, but the hero. (If you can call someone whose actions doom humanity the hero, except that the movie plainly deems him the hero.) Look, a plot hole in an unusual shape! Clever, yes, but not as clever as writing a plot without holes.
Whedon and his co-writer weren't just winking at us, they were giving us the finger too. Why not? Why do we want to see the slut get killed?
I did love it, but one minor criticism I had of it was...
Spoiler: spoilero for the movie
So the five archetypes are needed for the "ritual", the jock, whore, scholar, fool, and the virgin. But actually most of them weren't really like that, and thus were manipulated into being so. For example Chris Hemsworth's character was actually a pretty smart guy who started acting jockish, and the same for his girlfriend who wasn't normally that slutty.
My criticism would be that aside from about a 30 seconds scene at the start we don't really see any of them NOT in those roles anyway. The first time we see the Whore she's already gone blonde, the Jock is already throwing a football around in his first scene... so I just thought that aspect could have worked better.
Also I wonder what other peoples theories were as the movie was winding down to the end. I thought at the end when the Virgin turned on the Fool (I just want to call him Topher Brink), but then got attacked by the werewolf, I was thinking Toper was gonna let her die, something like "that was a pretty foolish thing to do... and by the way, I've never had sex either."
Just thought that would have been a fun twist role reversal. Then the world could have been saved
Loved the part near the end too with the office guys celebrating, that one random guy trying to ask a hot girl out and totally failing was so random and brilliant.
Just got out of the theater from seeing this one. My first impression: that was stupid. As an exercise in two filmmakers pulling out horror movie clichés and then pointing out how they're totally clichés, it's quite successful. As a satisfying film in its own right...not so much.
The biggest problem with it is, for a film that spends all its time asking the audience to think about the illogic of most horror films, it sure had a ton of holes itself. For example:
How the heck did the Jock, the Fool and the Nerd survive their respective initial encounters? They each got stabbed/attacked with a bear trap and spewed blood everywhere! Yet instead of dying from shock and blood loss, they shake it off and continue to function just fine. What? How? Mr. Jock even used his upper body strength to pull wood apart mere minutes after being stabbed through the right shoulder.
Ditto the Virgin, who not only survived drowning, being clamped with the bear trap, and tossed around and beaten bloody for five or so minutes, but makes it to the end of the film where she's torn into by a werewolf...and is conscious and functional literally one minute later within the same scene so she can casually smoke a joint while the world ends. Bull. Shit. There's suspension of disbelief and then there's not giving a fuck.
So. Why are these elaborate sacrifice scenarios necessary? Oh, old Gods, eh? They demand it, or something. Okay. Well, I guess that means that if the victims ever found out it was all a setup that the whole thing would be null and void, huh, 'cause they have to choose to die. Wait, no? Really? Two of them do do find out? And you guys can just shoot them in the head in a elevator and it still counts? That...doesn't make any sense. Oh, and the Jock died outside the parameters of the cabin scenario, in a way that revealed the ruse to the survivors, and it still counted, too. So why not gather the five, take them underground and shoot them there in the bloody first place? The fool even asks basically this question at the end, and the Director doesn't really have an answer.
And speaking of the Fool, whose blood was that that filled his receptacle after he got "killed?" Because he survived. Sure, he got stabled in the back and the tech guy threw a lever that drained his blood, but it must have been a flesh wound, I guess. Because he was fine. After being impaled by a zombie.
No, seriously. Where did that blood come from?
How did all the monsters held inside the facility get there? Once they escape, they're completely unmanageable and all our modern technology is helpless to stop them. Who captured them and how? Why weren't there any countermeasures in place that could actually work? (This isn't a problem with the film per se, but it is an interesting question, and I couldn't help but ask it while the movie was still playing.)
Indeed. It reminded me of why I hate most of Whedon's work (outside of Dr. Horrible, for whatever reason): it thinks it's far more clever than it actually is. Plus the Nerd's death was a straight-up copy of Wash's from Serenity, down to the shape of the sickle that punched through his head.
So, yeah. I thought it kinda sucked.
I'm going with "Good". More funny than scary, too clever, too philosophical for the final reveal to justify, and frankly, too damn many visual signatures from other horror movies for someone who's seen a lot of horror movies to take. Maybe that was part of the point, but "the point" could have been made without half of them.
I really liked it! Really turned the horror movie cliche on its ear, and it was quite funny!
I thought it was a fun romp. I'm not typically a fan of Whedon, but I really loved this one. I don't think it should be taken too seriously as some kind of "commentary" on horror films and horror audiences. The movie stands on its own two feet as an engaging thrill ride with great dialogue and awesome/disturbing visuals.
Separate names with a comma.


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BERLIN – The ethics complaint against Berlin Councilman Troy Purnell fizzled out last week when complainant Marge Coyman refused to participate in the Ethics Commission hearing.
While the complaint will no longer be pursued, the matter never got a full public airing.
"I certainly would have liked to have gone through the process so everyone could have had all the story, not just her allegations," Purnell said later.
Purnell said he had not been worried about the outcome of the hearing. "I know I did nothing wrong," Purnell said.
The saga began March 5, 2009 when Coyman filed an ethics complaint against Purnell alleging that he should have recused himself, as a local developer with projects in Berlin, from discussions and voting on a new method of charging for wastewater capacity on Feb. 23, 2009.
Town attorney Dave Gaskill advised Purnell twice that his participation in the discussion was legal, however, since the subject was not Purnell's projects specifically, but a new policy that would affect all development in Berlin.
In a closed session last summer, the commission determined Purnell had violated the town's ethics law.
Mayor Gee Williams felt the decision could not stand since Purnell had not been given an opportunity to defend himself. New procedures were then modeled on existing ethics complaint procedures in the state.
Before the hearing started on Thursday, Coyman questioned why the meeting was necessary. "My opinion is you've already given an opinion," Coyman said.
Commission Chair Paul Gorman said that the hearing would be held that night. The meeting was then closed to the public.
According to a report issued by the commission, Coyman refused to take part in the hearing and left.
The commission then considered the complaint withdrawn and thus dismissed and did not render an opinion on the alleged violation.
Questions have been raised over the closure of the meeting to the public, which consisted on Thursday night of four local journalists. The press was informed of the meeting by the mayor. The accusation that an elected official committed an ethics breach should be aired in public, some felt.
The commission intended to hear the complaint against Purnell in open meeting, Gorman said, but decided after Coyman indicated she would not testify to support her complaint to close the meeting to the public.
"The board was not trying to hide anything, truly. What the board was trying to do was follow through on the new procedures," said Gorman.
Williams later said the decision to close the meeting is in the hands of the commission and he stands by that decision.


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There is only one element missing from the San Francisco 49ers' passing game: Consistency.
Believe it or not, quarterback Alex Smith's near-perfect performance (18-for-19, 232 yards, 3 TDs, 157.1 passer rating) in Monday night's 24-3 rout of the Arizona Cardinals wasn't his best of the season. Three weeks ago, he similarly picked apart the Buffalo Bills (18-for-24, 303 yards, 3 TDs, 156.2 passer rating) in a 45-3 win.
Going into Week 8, however, Smith had thrown for just 340 yards total with four interceptions to one touchdown in his past two games—including an ugly Week 6 loss to the New York Giants on the heels of what he did to the Bills.
Everyone knows the 49ers can effectively run the ball with power. Everyone knows the 49ers have a fast, furious and physical defense. Those are weekly givens. Now it's on Smith and his talented receivers to become reliables, too, if the Niners are to finish another great regular-season surge with a run to the Super Bowl.
The 49ers came out running as expected in Arizona, with Frank Gore gaining chunks of yards early. Even though opponents always key in on stopping San Francisco's rushing attack first, it has the offensive line and blocking schemes, along with Gore and backup Kendall Hunter's hard-charging styles, to execute against any loaded front.
There's no question the Niners are a "run to set up the pass" kind of team. Unlike last year, they have the wideout depth and talent to fully take advantage of this fact.
With Michael Crabtree, Mario Manningham, Randy Moss, there should always be a favorable one-on-one matchup for Smith to exploit. On Monday, it was Crabtree working on talented but still developing Cardinals second-year cornerback Patrick Peterson.
Crabtree (5 catches, 72 yards, 2 TDs) hasn't been used as much as he needs be. The same can be said for Manningham, and even more so with Moss. Moss proved again that it takes just one catch—see his 47-yard dash to the end zone through the entire Cardinals defense—for him make a big impact.
Throughout most of his career, Smith's best connection has been with his super-athletic tight end Vernon Davis. Opponents have become used to trying to take Davis away from Smith and daring Smith to beat them by targeting others more often. Following a catch-less game against Seattle in Week 7, Davis caught just two passes for 34 yards on Monday, one when the game was well out of reach in the fourth quarter.
It's important for Smith to stay in his rhythm after the Niners' Week 9 bye, by keep spreading the ball around. There's no doubt the additions of Manningham and Moss have created better opportunities for Crabtree, and eventually, Davis will see his chances open up again.
Smith got nine receivers involved with catches on Monday. A combination of play-calling and formations helped Smith find someone open almost every time he dropped back.
That brings us to the one place where Smith wasn't close to perfect, however. On a night when his receivers were quickly separating on their routes and his line mostly allowed him to work from a clean pocket, he was still sacked four times.
As much as Smith can get into a groove making the right decisions, he can also be frustrating when he holds the ball too long and is hesitant to confidently zip the ball downfield. He has too many weapons now—not to mention his running ability—where he shouldn't be letting the pressure get to him nearly as much.
Smith is in the ideal situation for a quarterback. He won't be called upon to drop back 30-plus times and expect to take a ton of deep shots. Now that he's no longer been put through the ringer with a revolving door of coaches and coordinators, the personnel around him is built for him to succeed.
We were reminded again of just how sharp and successful Smith can be in San Francisco's balanced offense on Monday night. He won't quite be able to raise his game to that level every week, but he needs more steady heady play if he's to deliver for his team when the stakes are raised in the playoffs.


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Rice, Grier & Smith Live in Concert DVD by Wyatt Rice, David Grier and Kenny Smith. For Guitar (Flatpicking). Concert/Documentary. Bluegrass. DVD. Duration 80 minutes. Published by Flatpicking Guitar Magazine (MB.FGM1008). In this one-hour session, Flatpicking Guitar Magazine presents three of today's top flatpicking guitarists performing together in a live concert setting. David Grier, three-time IBMA Guitar Player of the Year and one of Acoustic Guitar Magazine's "Artists of the Decade" performs with two-time IBMA Guitar Player of the Year, Kenny Smith, and long-time Tony Rice Unit member Wyatt Rice. These three masters of the acoustic guitar perform as a trio, in different duo configurations, solo, and with vocalist Amanda Smith. Guitar players will especially appreciate the abundance of left and right hand close-ups prevalent throughout this concert. Song List: John Hardy; Forked Deer; Tennessee Waltz; Bill Cheathum; Cotton Eyed Joe; Have You Ever Been to England; Song for Emily; Impulsive; Crazy Creek; Wheeling; Me and My Farmall; Amy Brown; Working on a Building; Bury Me Beneath the Willow; Jordan's Reel; Wildwood Flower; Nine Pound Hammer; Big Sandy River; Minor Swing; Black Mountain Rag.
Instruments: Acoustic Guitar, Flatpicking Guitar, Guitar
Genres: Bluegrass, Country
Super Country/Flatpicking Guitar Techniques DVD by Joe Carr. For Guitar (Flatpicking). Licks and Phrases. Bluegrass. Beginning-Intermediate. DVD. Duration 30 minutes. Published by Mel Bay Publications, Inc (MB.96002DVD). Hot electric country guitar licks, bluegrass runs and lightning-quick acoustic flatpicking all require strong right-hand technique. In this thirty-minute DVD designed for acoustic and electric guitarists, country guitar master Joe Carr reveals his method for developing super fast and strong picking. Play-along exercises concentrate on alternating, combination and consecutive down picking. Also featured are Chicken-Picking and Crosspicking. Long after you have learned the basic techniques of flatpicking presented here, you will use this DVD as a great workout, warm-up or exercise tool for developing right-hand power and control. A PDF file for the free instructional booklet that accompanies this DVD is available for download on the internet.
Instruments: Acoustic Guitar, Electric Guitar, Flatpicking Guitar, Guitar
Genres: Bluegrass, Country
Kilby, Davis & May Live in Kansas City DVD by Cody Kilby, Brad Davis & Tim May. For Guitar (Flatpicking). Concert/Documentary. Bluegrass. DVD. Duration 86 minutes. Published by Flatpicking Guitar Magazine (MB.FGM1011). On December 18th, 2004 three of today's most talented flatpicking guitar players Brad Davis, Tim May, and Cody Kilby got together and performed a concert near Kansas City, Kansas, and Flatpicking Guitar Magazine had cameras rolling. On that night at Jim Curley's Mountain Music Shoppe in Shawnee, Kansas, the crowd was not only treated to some amazing guitar work, but these talented musicians also put on an awesome multi-instrument, singing, and songwriting display. The three perform as a trio, pair up in various duo configurations, and perform solo. Each artist brings some of his original material to the stage, but they also get together to tear up a few standard flatpicking numbers. It is something you don't want to miss! There are a total of 18 tunes presented on this DVD: Angeline the Baker, Gold Rush Rock, Lonesome Fiddle Blues, My Heart's An Open Door, Miss Nari, Cypress Walls, Song in B, Love Affair with Misery, Old Bud, All I Need to Know, Uncloudy Day, Song In G, Lacrosse, I'm Not Through Loving You Yet, Catwalk, Ain't That Just Like Love, Song for Sophie, Big Timber.
Instruments: Acoustic Guitar, Flatpicking Guitar, Guitar
Genres: Bluegrass, Country
Hurst, Stafford & Sutton Live in Nashville DVD by Jim Hurst, Tim Stafford & Bryan Sutton. For Guitar (Flatpicking). Concert/Documentary. Bluegrass. DVD. Duration 72 minutes. Published by Flatpicking Guitar Magazine (MB.FGM1010). On this DVD Flatpicking Guitar Magazine presents three of the most talented guitar players in acoustic music performing together in a live concert setting. Bryan Sutton (IBMA Guitar Player of the Year award winner, former lead guitarist with Ricky Skaggs and Kentucy Thunder, and one of Nashville's top session players), Jim Hurst (two- time IBMA Guitar Player of the Year award winner), and highly respected guitar veteran Tim Stafford (Dusty Miller, Alison Krauss + Union Station, Blue Highway) provide a thoroughly enjoyable performance. These three masters of the acoustic guitar perform as a trio, in different duo configurations, solo, and with vocalist Ronnie Bowman. Their respective songwriting talents are also highlighted as each presents a variety of songs and tunes that they have written through their distinguished careers. Guitar players will appreciate the left- and right-hand close-ups prevalent throughout the DVD. A total of 18 tunes are presented: "Temperance Reel," "Deep River Blues," "A Minor Infraction," "The Pearl of Pearl Kentucky," "Guidology," "Rambling Heart," "Stafford's Stomp," "Forked Deer," "If Only For A Day," "Obsession," "Midwestern Town," "Decision at Glady Fork," "Texas Gales," "The Good Deed," "Crazy Locomotion Blues," "Mando Bounce," "Horseshoe Bend," and "St. Anne's Reel.".
Instruments: Acoustic Guitar, Flatpicking Guitar, Guitar
Genres: Bluegrass, Country
Doc Watson - Rare Performances 1982-1993 DVD by Doc Watson. For Guitar (Flatpicking & Fingerpicking). Concert/Documentary. Vestapol. Bluegrass. DVD. Duration 60 minutes. Published by Grossman's Guitar Workshop (MB.13024DVD). This DVD features performances of Doc Watson ranging from his 1950s musical partner, pianist Jack Williams, to his son Merle (seen playing exquisite slide guitar)... Also with Ricky Skaggs (singing and playing mandolin in a Monroe Brothers style set), and a stellar string and featuring Mark O'Connor, Tony Rice, Bela Fleck, David Grisman and Jerry Douglas. This collection ends with a solo set from Doc which brings his music full circle to the straightforward simplicity with which it was first presented during the 1960s folk revival.
Instruments: Acoustic Guitar, Fingerpicking Guitar, Flatpicking Guitar, Guitar
Genres: Country, Folk
Beginning Guitar DVD. (Learn Music by Ear). By Murphy Henry. For Guitar (All). Methods. Learn Music by Ear. Bluegrass. Beginning. DVD. Duration 106 minutes. Published by Murphy Method (MB.21716DVD). It's easy to learn guitar the Murphy Method way! We guide you one step at a time, using familiar songs and basic chords. We show you the basic Bluegrass strum and teach 16 well-known songs. We also show you how to use a capo and discuss playing in different keys.
Instruments: Acoustic Guitar, Guitar
Genres: Bluegrass, Country
Bluegrass Rhythm Guitar Vol. 1 DVD. (Learn Music by Ear). By Murphy Henry. For Guitar (Flatpicking & Fingerpicking). Methods. Learn Music by Ear. Bluegrass. Beginning. DVD. Duration 77 minutes. Published by Murphy Method (MB.21717DVD). (Formerly titled Basic Bluegrass Runs on Guitar Volume 1) Tired of just strumming the guitar? Wish you could add a little variety to your ryhthm playing? These runs will do it! Each run is explained note-by-note in Murphy's easy-to-learn style. She also shows you how these runs fit into simple three-chord bluegrass songs. Most of the runs are taught in the key of G, but we also introduce the runs in the key of C. In addition, we show you how to make the F chord and do the "rocking bass." These are basic, professional-grade runs that all good bluegrass rhythm players use. Yet, the are explained so clearly that even beginning guitar players can use them. This video is a direct follow-up to our Beginning Guitar DVD. If you can make G, C, and D, and play a few songs using these chords, you can learn these runs. Also for folks who have been playing a while but don't yet do any runs. A great way to take your basic strumming rhythm to the next level.
Instruments: Acoustic Guitar, Electric Guitar, Fingerpicking Guitar, Flatpicking Guitar, Guitar
Genres: Bluegrass, Country
Understanding The Dobro DVD by Doug Cox. For Guitar (Resonator). Methods. Bluegrass. Beginning. DVD. Duration 52 minutes. Published by Learn Roots Music (MB.DCDVD02). The instruction material on this lesson is very basic and is strictly for beginners. Cox explains basic right-hand technique and how to use the Stevens steel properly. He then goes onto demonstrate hammer-ons and pull-offs. Nothing fancy, just concise and accurate information. Mr. Cox covers a lot of information that may seem obvious to someone who has played a musical instrument before; however, this same information presented to a novice can mean the difference between total frustration and an enjoyable musical experience. Cox seems to realize this, and it's one of the lesson's best attributes. Doug Cox ends his lesson with a simple but classy arrangement of the festival favorite 'Will The Circle Be Unbroken.
Instruments: Acoustic Guitar, Dobro, Guitar
Genres: Bluegrass, Country
Bluegrass Dobro DVD by Ivan Rosenberg. For Guitar (Resonator). Methods. Bluegrass. Beginning-Intermediate. DVD. Duration 84 minutes. Published by Learn Roots Music (MB.IRDVD01). Let Ivan introduce you to some important basic concepts in soloing and backup techniques for the beginner/intermediate Dobro player. In this lesson, Ivan demonstrates how to identify and remember commonly used first-position areas of the fret board, which makes it easy to find a bluegrass melody. He then explains how to incorporate rolls, slides, hammer-ons/pull-offs, and other essential dobro techniques to create a coherent and interesting bluegrass solo. Topics covered include: --Right Hand Roll Demonstrations -- Pick Up Notes For Solos -- Left Hand Damping -- Visual Patterns For Learning the Dobro Neck -- Finding Melody Notes -- Pick Blocking -- Building a Bluegrass Solo -- Spicing Up Your Solo -- Filling Spaces with Dobro Runs -- and much more! In the right hands, the Dobro becomes an instrument of impassioned feeling, dark mystery and great beauty. Ivan Rosenberg has those "right hands.".
Instruments: Acoustic Guitar, Dobro, Guitar
Genres: Bluegrass, Country
Marty Lanham - Get to Know Your Acoustic Guitar DVD by Marty Lanham. For Guitar (All). Reference. Acutab. Country. Beginning. DVD. Duration 120 minutes. Published by Acutab Publications (MB.DML1). Noted guitar builder and repair specialist Marty Lanham of The Nashville Guitar Company gives an inside look at the flattop, steel string guitar. Learn how the guitar creates its sound, and what each component contributes to the tone - plus what you need to know about common repair and maintenance of your guitar.
Instruments: Acoustic Guitar, Guitar
Genres: Country


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Written from his informed perspective as the former CEO of a $100 million enterprise, Covey draws on his pragmatic experience growing the Covey Leadership Center (founded by his father, Dr. Stephen R. Covey) from a shareholder value of less than $3 million to a value of more than $160 million.
Covey articulates why trust has become the key leadership competency of the new global economy. He eloquently informs readers of how to inspire lasting trust in their personal and professional relationships, and in so doing to create unparalleled success and sustainable prosperity in every dimension of life. He shows business, government, and education leaders how to quickly and permanently gain the trust of clients, coworkers, partners, and constituents. The author convincingly makes the case that trust is a measurable performance accelerator, and that when trust goes up, speed also goes up while cost comes down, producing what Covey calls a "trust dividend".
This powerful new audiobook reveals the 13 behaviors common to high-trust leaders throughout the world and demonstrates actionable insights that will enable you to increase and inspire trust in your important relationships.
©2006 CoveyLink. All rights reserved; (P)2006 Simon and Schuster Inc. All rights reserved.
"This book can change lives. Covey helps us understand how to nurture and inspire immediate trust in every encounter, which is the foundation for true and lasting success in life...Interesting and enlightening." (Larry King)
"This book by leadership expert Covey is a welcome guide to nurturing trust in our professional and personal lives....The author effectively reminds us that there's plenty of room for improvement on this virtue....Covey's down-to-earth approach and disarming personal stories go a long way to establish rapport with his listener." (Publisher's Weekly)
"Too short as it is now now"
Could we at least buy the full version? I don't this it goes deep enough
"This is a must read book"
Anyone that has issues with trust or wants to understand why trust is important or even how to develop trust should read this book
"Son of Covey carries on the legacy..."
He ran the company his Dad founded (Covey Leadership Center) up until they merged with FranklinQuest.
Now, in this book, Stephen M. R. Covey explores in greater depth the foundation of the character ethic so eloquently taught by his father: trust.
This book will give you new insights on how important trust really is, and just how much so many people and organizations have taken it for granted.
(And unlike his father, his narration isn't in monotone! :-) )
"Very Disappointed"
I was very disappointed by how little the audio version covered. If I had time to sit around for hours reading a (free) web site, then I would do that. The whole reason I bought the audio book was so that I could listen to it (over and over again for years?), while I did other things. The superficial paucity of information included in the Audible version was not worth $3.00, let alone more!
"Trust Shouldn't Be Taken For Granted"
A must read for anyone who thinks their a leader. This book has me reflecting on all the relationships I have destroyed in my life and what I can do to make sure I don't cause more destruction in the future. It's going on my read once a year list.
Patrick Lencioni, 5 Dysfunctions of a Team
No but he is great in this book
NO WAY, too much to digest in one sitting.
I would highly recommend this book to any leader who REALLY wants to be a better leader.
"Fantastic message for world in crisis"
Great book on the foundation of all human realtionships ...trust. To understand prosperity we need to understand how to build trust. Stephen M.R. Covey has jumped on the field with this outstanding book and is making his own path in great books on leadership. This book really got me ... and now I am training my leaders on it.
"HIghly recommended"
An excellent book. To the point, good information. Easy to follow, makes sense.
"good principles for business and personal life
solid, practical advice often taken for granted in business.
good reminder.
very quick read, couldn't access reference materials on website
"Don't ask a fish how the water is."
This book covers the many facets of trust and its many benefits. It is best to be a dividend and not a tax.
"Keeping Commitments"
Had a recent encounter with someone who broke a commitment and then refused the responsibility of recognizing that they did that. I felt deeply wounded but couldn't understand why. In remember putting this book on my wish list and decided to download it and read it, looking for a better explanation than "Ouch, that hurt." Sure enough, I now know why broken commitments act as HUGE emotional withdrawals from my "bank account." Thank you for the clarification.
"Excellent insights to corporate and personal trust"
I found this the best program on why trust is so essential in daily and corporate trusting have ever listened to
"Principles To Make A Great Life."
It explains what we know that trust is the glue for a better life.
How simple trust can be yet, how great the results of trust are.
If an author can speak well I think it is always better to have them read their book. The passion of the person seems to come through their voice.
Not just one but the many great examples bring the point home from so many angles.
How different the world would be if TRUST would be more peoples goals in life.
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If you find this review inappropriate and think it should be removed from our site, let us know. This report will be reviewed by Audible and we will take appropriate action.


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ADVERTISEMENT FOR BIDS Crookshank Transportation Services Phase III St. Johns County Sealed bids will be received by the St. Johns County School Board for the Renovation and New Construction to the Crookshank Transportation Facility located at 30 Crookshank Drive, St. Johns County, Florida. The work shall include the following: New Metal Building & Renovation Mechanical Exhaust and Radiant Heaters Plumbing & Electrical Construction Bus Wash Facility All labor, material, equipment, and temporary facilities for construction and restoration to provide work complete and in place as described in the construction documents. Bids will be received in the office of the Executive Director for Facilities & Operations, St. Johns County School District, 40 Orange Street, St. Augustine, Florida 32084 until 3:00 P.M . prevailing local time, on Wednesday, August 1, 2007 . Bids received after that time will not be accepted. The Bids will then be opened publicly and read aloud. All bidders will be required to be pre-qualified with the St. Johns County School District or must submit all of the required documentation before the bid, or simultaneously with their bid to be considered for possible award of the contract. In any event, the successful bidder must be pre-qualified by the St. Johns County School District prior to award of the contract. For more information on pre-qualification, contact: Frank Busam, Facilities and Operations, St. Johns County School District, 40 Orange Street, St. Augustine, Florida 32084. A Pre-Bid Conference will be held on Tuesday, July 17, 2007, at 10:00 A.M . at the offices of the St. Johns County School District, Facilities and New Construction Office, 3720 International Golf Parkway (adjacent to Mill Creek Elementary School), St. Augustine, FL 32092. All bona fide Bidders are requested to attend. Full Sets of Drawings and Specifications may be obtained for a non-refundable deposit to cover printing costs of $100.00/set (made payable to Dixon & Associates Architects). Shipping will be at the bidder's expense. Only full sets will be issued and can be obtained commencing Friday, July 6, 2007, by faxing your request to Dixon & Associates Architects, 47 Cordova, St. Augustine, FL 32084, Phone: 904-829-9277 Fax: 904-819-9518 Drawings and Specifications are also available for review at the following Plan Room Locations: Construction Bulletin, 7033-1 Commonwealth Ave., Jacksonville, FL 32220 Reed Construction Market Data, 30 Technology Parkway South, Suite 500, Norcross, Ga 30092 F. W. Dodge Room, 4613 Phillips Highway, Suite 202, Jacksonville, FL 32207 Anyone wishing to visit the site should contact Frank Busam, Facilities Specialist, St. Johns County School District (904) 819-8152. All questions concerning the project shall be submitted in writing to the Design Consultant. This office is the only point where information will be disseminated: Dixon & Associates / Architects 47 Cordova Street St. Augustine, FL 32084 (904) 829-9277 / (904) 819-9518 (Fax) Bid Security in the amount of five percent (5%) of the proposal must accompany each proposal in accordance with Instruction to Bidders. No bid may be withdrawn for a period of forty-five days after the opening thereof. The successful bidder will be required to furnish and record in the official records of the county in which the project is located a 100% Performance Bond and a 100% Labor and Material Payment Bond in the form included herein. The St. Johns County School Board reserves the right to reject any and all bids, waive informalities and minor irregularities in bidding and to accept bids which are considered to be in the best interest of the System. Paul Rose, Director for Facilities & New Construction St. Johns County School District 40 Orange Street St. Augustine, Florida 32084 L1750-7 July 2, 9, 16, 23, 2007
Posted from 2-Jul-07 to 23-Jul-07
© 2018. All Rights Reserved. Contact Us


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I've applied dozens of screen protectors to my iPhones over the years, and I'd say less than 10% of them actually went on straight. They almost always go on wonky first time, and that means pulling them away and applying them again.
Category: Screen Protectors
Works With: iPhone 5/5s
Price: $25
Fortunately, I don't have to worry about this anymore, because I have the ALIN from TYLT. The ALIN plastic alignment tool that clips into the side of your iPhone 5 or iPhone 5s and ensures that every single screen protector you apply goes on completely straight first time.
It takes the hassle out of the whole process, and it turns a ten-minute job into a two-minute one. And as you might expect, ALIN is reusable, so you can keep hold of it and put it to work every time you need to apply a new screen protector.
ALIN costs $25, and for that you get the alignment tool, plus four screen protectors — three clear ones, and one anti-glare one. Is it worth your money?


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Sony Pictures
Sony Pictures
Get ready to see Michael Jackson back in action.
On Thursday, Pepsi announced a deal with the late King of Pop's estate that allows the brand to use his image for its new global marketing push.
According to PepsiCo, the nature of the promotion will vary by country, but will include a TV ad, special-edition Pepsi cans featuring Jackson's image and chances to download remixes of his biggest hits.
Pepsi's chief creative officer, Brad Jakeman, said the broader Live for Now campaign took 10 months to develop and its aim is to amplify the company's strong ties with pop culture.
Jackson first partnered with Pepsi in 1983. In 1984, his hair caught fire while filming a commercial for the brand.


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Ofek and her counterparts at Jordan and Terman presented their plans for the year to the Board of Education on Nov. 13.
"Last year we piloted Schoology with 30 teachers and it was wildly popular. I think it promotes 'connecteness' with school through communication," she said. The software allows students, teachers and parents to check on assignments and exchange information.
A tight focus on "connecteness" and academic performance emerged as the middle schools shared their plans with the school board.
Though the principals of Jordan and Terman did not discuss use of Schoology on their campuses, the district has been lobbied by the parent-led group We Can Do Better Palo Alto to order all teachers to adopt the tool.
All three principals said they monitor and discuss specific students earning Ds and Fs or those scoring "basic" or "below basic" on the California Standards (STAR) Test.
They described special "intervention programs" for such students, with "measureable goals" to boost performance.
At Jordan, for example, Principal Gregory Barnes said the school "will reduce the number of students scoring 'basic or below' in the areas of English language arts and math by 50 percent during the 2012-13 academic year." The 39 sixth-graders currently in that category will be reduced to 19 or fewer, and the 27 seventh-graders will be reduced to 13 or fewer, Barnes said in a written report.
Barnes said the 181 Jordan students currently performing below "C"-level work would be reduced to less than 100.
Ofek and Terman Principal Katherine Baker outlined similar goals.
The annual reports, called "single plans for student achievement," have been required under the California Education Code and the federal No Child Left Behind Act as a condition of certain funding. School officials also use the documents as the basis for gathering principals and the school board for a public discussion.
The principals also described measurable goals in the areas of student social-emotional and physical health.
For example at Terman, Baker said that by next June, the number of students responding positively to the statement "adults at my school and in my community listen to me" would increase from 70 percent to 75 percent; and the percentage affirming that "youth are included in the important decisions made in my school and community" would go from 62 percent to 67 percent.
"Social kindness" and anti-bullying instruction at Terman includes discussions about empathy and inclusion, Baker said.
"We try to empower our students to make a difference and have them take responsibility for creating the climate at the school."
Baker said the school also would boost the percentages of students passing tests in aerobic capacity and upper-body strength.
The principals said they meet regularly to exchange ideas.
Jordan's Barnes said a visit to JLS' three-day sixth-grade orientation Panther Camp laid the groundwork for Jordan's "Jaguar Journey" orientation this year, and he borrowed ideas about including special-education students in mainstream classrooms after visiting Terman.
"We pulled some common threads and outright stole some other ideas," he said of Panther Camp.
School board Vice President Dana Tom said, "I fully support the outright theft of great ideas between school sites."
Tom said the principals' meeting demonstrated "the power of properly used site autonomy" — an issue of contention in the Nov. 6 school board election as candidates had disagreed over the appropriate balance between centralized decision-making and decisions made at individual school sites.
The candidate who made the strongest case that site-based decision-making has gone too far, We Can Do Better co-founder Ken Dauber, came in last among the four candidates competing for three spots.
This story contains 643 words.
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It's another big series for Stanford, as the Wildcats (4-2, 18-7) are ranked eighth in the nation and share first place in the Pac-12 with UCLA and Oregon State. Stanford and Washington have matching records in a conference full of top teams. Utah (3-3, 7-16) currently owns the only losing record among the 11 teams (no Colorado) and the Utes also won 2 of 3 from the Trojans.
Arizona, with the top three hit leaders, tops the Pac-12 with its .322 team batting average, while the Cardinal leads in pitching with a 2.65 ERA. The Wildcats are eighth in pitching while Stanford is third in batting. Both teams are in the middle of the pack in fielding.
Freshman Josh Hochstatter ranks second in the Pac-12 with a 1.03 ERA while Brett Mooneyham ranks eighth with his 2.12 ERA.
Menlo School grad Kenny Diekroeger has nine doubles on the year, tied for second in the conference.
Mark Appel (47) and Mooneyham (46) rank 1-2 in strikeouts.
St. Mary's arrived at Stanford on Wednesday sporting the nation's earned run average of 2.04. The Gaels left with something much higher.
With Austin Wilson going 3-for-5 with two RBI and freshman Alex Blandino hitting his first career home run, No. 2-ranked Stanford rolled.
The Cardinal broke out the bats in the fourth, taking a 9-3 lead, with five unearned runs. The inning ending groundout was bobbled by shortstop Darian Ramage, allowing the first of five runs to score. Wilson followed with an RBI single, before Blandino hit his first career home run, a three-run shot.
Men's golf
Stanford hopes this weekend's U.S. Intercollegiate on its home course will provide some momentum heading into championship season, which begins with the Pac-12 Championships in late April.
Three squads currently ranked in Golfweek's/Sagarin top-10 headline the 16-team U.S. Intercollegiate field, including No. 4 UCLA, No. 5 USC and No. 7 Washington. Stanford and Oregon are ranked 11th and 12th, respectively, in the latest Golfweek/Sagarin ratings while San Diego State is ranked 13th.
Colorado, Fresno State, Nevada, Oregon State, Pepperdine, San Francisco, San Jose State, UC Davis, Utah and Washington State round out the field.
Teams will play 18 holes over three days beginning on Friday at Stanford Golf Course (par-70; 6,727 yards), teeing off on holes No. 1 and 10 at 8 a.m. each day.
Stanford will enter two squads in this event. The "red" team will consist of Cameron Wilson, David Chung, Andrew Yun, Patrick Rodgers and Steven Kearney, while the black team will be made up of Shane Lebow, Patrick Grimes, Marcel Puyat, Wilson Bowen and Andre DeDecker.
Rodgers, ranked fifth in Golfweek's most recent individual rankings, is the highest-rated player in the field, followed by Chris Williams of Washington and Eugene Wong of Oregon, who are ranked No. 6 and 9 respectively.
Women's golf
Stanford joins a strong field at the PING/ASU Invitational, which gets underway on Friday at the Karsten Course in Tempe, Ariz.
Five top 10 teams, including top-ranked UCLA, No. 3 USC, No. 5 Arizona State, No. 7 Vanderbilt and No. 8 LSU headline the 17-team field which also includes Arizona, New Mexico, Oklahoma State, Oregon State, San Diego State, Texas, Texas A&M, TCU, UC Davis, UNLV and Washington, along with Stanford.
Stanford is expected to start a lineup consisting of (in order) Sally Watson, Kristina Wong, Mariko Tumangan, Lila Barton and Marissa Mar.
Senior Sydney Burlison, sidelined for much of the season with an ankle injury, is expected to play as an individual. It will be her first tournament action since the WSU Cougar Cup in September.
Stanford finished fifth at last year's PING/ASU Invitational.
Women's gymnastics
Stanford junior Ashley Morgan was named to the All-Pac-12 first team in two events and was among three Cardinal women's gymnasts to receive all-conference honors, as announced by the conference office Tuesday.
Morgan, a native of Danville and the daughter of baseball Hall of Famer Joe Morgan, was the 2012 Pac-12 floor exercise champion for the second consecutive season. She received first-team honors in that event and on the uneven bars.
Making the all-conference team for the first time were sophomore Shona Morgan and freshman Ivana Hong.
Stanford next competes at the NCAA Champaign (Ill.) Regional on April 7 and must finish among the top two to advance to the NCAA Championships April 20-22 in Duluth, Ga.
No. 13 Stanford (0-3, 26-6) will be in Tucson to take on the 17th-ranked Wildcats in a three-game series beginning Friday night.
The Cardinal dropped three games to visiting California in the conference opener last weekend. The Bears are ranked first in the nation for the first time in seven years.
Stanford beat Santa Clara, 9-2, in a nonconference contest Wednesday.
The Pac-12 is the top conference for softball, although you might get an argument from the SEC or ACC.
All nine teams in the Pac-12 not only have winning records, they each have fewer than 10 losses, and seven are ranked in the top 25, including three among the top five. In direct competition, the Pac-12 is a combined 12-7 against the ACC and SEC.
Stanford freshman Hanna Winter (.442) and junior Jenna Rich (.430) rank in the top-10 of the Pac-12 in batting average.
Women's tennis
Mallory Burdette, undefeated in dual-match play this season, leads Stanford with a 24-4 mark as it prepares for a visit from Arizona State on Friday and Arizona on Saturday.
Nicole Gibbs (19-4), Ellen Tsay (16-5), Stacey Tan (15-5) and Veronica Li (13-6) also own double figure victories.
Men's tennis
Stanford returns to Pac-12 competition Friday with a match at Arizona.
The eight-rankled Cardinal (10-4) dropped a 6-1 nonconference decision to host Pepperdine on Wednesday.
Robert Stineman leads Stanford with an 18-9 record while Ryan Thacher is 16-7 and John Morrissey is at 14-8.
Men's volleyball
After winning eight consecutive matches and pulling into first place with a No. 1 ranking, Stanford (11-4, 14-5 ) has lost three of its past five matches, all at home, to drop into fourth place in the Mountain Pacific Sports Federation.
The Cardinal hopes to reverse that trend this weekend with visits to Pepperdine on Friday night and USC on Saturday night.
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Attention Rising Sophomores, Juniors and Seniors: Housing Information for Fall 2014
Contributed by Linda Koenig on 12/09/13
Earlier this month, you should have received a Housing Sneak Peek letter that roughly outlined the housing options students will have for next year. In follow up to that information, the Office of Residential Life would like to provide additional information that will be helpful for you as you make housing plans.
As you know, we continue to accept off-campus applications from all current students and need to release over 500 non-seniors in order to have the appropriate amount of space for returning students to select for the 2014-2015 academic year. The Office of Residential Life has not reached our off-campus approval number. While we continue to accept off-campus applications we believe that unless we take action we will have a housing shortage for our returning students. In order to maintain our housing guarantee for sophomores, juniors and seniors we need to take steps to address this anticipated shortage.
We are planning to do the following to create additional space for returning student housing selection.
1. Increase the occupancy of 60 Circle Apartments from 4 person to 5 person and/or 3 person to 4 person. This will increase a rising sophomore's ability to secure a space in an apartment, which in the past has been very limited.
2. Offer Terrace 13 2nd floor for fall.
3. Remove about 68 spaces from Clarke Hall and convert them to housing for rising sophomores to select for next year.
4. Use the Terrace 5 and Terrace 8 staff apartments for student housing.
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|March 25, 2005, 03:47 AM
Junior Member
Join Date: March 25, 2005
Posts: 1
hello new gun owner i have just few questions
Well first i must say this is a great site.
Here recently i turned 21, and for some time i have always wanted to own a hand gun, i had never shot one till this past week. and it was after testing one out that i had one of my own. I now own a XP9 9MM with 15 round clip black, this seem to be a great gun. I would rather call this a tool, and not a weapon. Now as a first time shooter of a hand gun i a very surprised how well i shot. I tried at deferent ranges 15, 20, 25. Now at first i was way off the first 15 shot i think i hit the target once. after thinking about how i was holding the gun i change quickly to hitting within a 1" range of where i wanted the bullet to go even at 25 yards, but however what more can i do? Many people buy a gun for a reason; i have mine for none other than to go to the range or set up targets at home in he woods. But should the need arise how can i prepare my self for better sighting of moving targets? Another thing that has come to mind is how to store this gun, for now I am storing at the store I received it at, I feel safer with it not in my truck, and not in the house where I rent the room I am in. there are several people in the house and this gun could become misplaced, don't get me wrong I trust them but if its not there to begin with then you don't have to worry about it.; I think you see where I am going. Now once I go to a gun safety course I plan to get my concealed weapons permit. Then keep it on me were I can. I work for us-air ways and I park in the airports parking so I am going to have to find out if I can even store is in the truck at work or at least let them know that there is one in the truck. Well other than what i have said are there any classes that you recommend tips for storing, and cleaning would be great. Thanks again Jesse Brown
|March 25, 2005, 04:36 AM
Senior Member
Join Date: January 23, 2005
Posts: 111
Hey RB Welcome to adulthood,
you'll be middle aged before you know it.
My first suggestion is to get a safe, I got a Sentry safe... big sucker
at Walmart. 99 pounds big enough for several guns, cash, gold,
what have you
(that could come in handy!)
Second you might want to get a safe you can bolt into your vehicle.
I got a DAK sportsafe which can be detached.
Third.... I have an XD sub compact myself, I am very pleased.
when you get a second gun, I suggest a sub, because the large
magazines would be operable in the sub if necessary.
Get some good training, and after you get your CCW, get MORE training.
And after that, get MORE training.
Do not fall into the NRA propoganda of calling your pistol a tool.
It's a WEAPON , and don't you EVER forget it!
|March 25, 2005, 02:03 PM
Senior Member
Join Date: December 26, 2004
Location: Louisville KY
Posts: 13,534
Airports are a sticky situation. I know here near Dulles you can drive around in the parking lot with a CCW permit but not sure on keeping one in the truck. If in doubt ask the airport authority and also the state police office, or even a lawyer up on firearms law.
BTW, what's your secret to shooting that XD9 straight?
|March 25, 2005, 02:24 PM
Senior Member
Join Date: December 11, 2004
Location: Los Angeles, CA
Posts: 115
Hey man, 1st off I applaud the way you are handling your first handgun. I think it shows a lot about you that you keep it locked up at the shop rather than bringing it home where you don't feel comfortable having it. Secondly, I would simply pay $10 for one of those plastic handgun cases that you can put a couple padlocks on. That would be fine for locking your weapon up. Unless you've got the money to burn, I don't think that you absolutely have to get a safe. They are the most secure way of keeping your arms and your valuables, but are pricey. You could keep your lock box in your range bag with a lock on it as well.
As far as cleaning, You can buy cleaning kits at the gun shop for about $15. They will have everything you need, patches, brush, oil, and solvent. It will also have instruction on how to clean a weap. Congradulations on your first handgun, and Good Luck! Responsible ownership is critical, and it seems that you value that!
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text:
Lackey readies for first start since '11
By Ian Browne and Jason Mastrodonato / MLB.com
TORONTO -- When John Lackey takes the mound for the Red Sox on Saturday afternoon at Rogers Centre, it will mark his first appearance in a regular-season game since Sept. 25, 2011.
The road back from Tommy John surgery has been a long one for Lackey, and now he gets the payoff.
"You could probably talk to any number of pitchers who have gone through Tommy John surgery and the countless hours of rehab," said Red Sox manager John Farrell. "I would hope, and I'm sure he will, take a moment to reflect back on what the last 16 months have been. We all feel John has the ability to impact our team in a positive way as much as anyone in our clubhouse."
Lackey went 2-0 with a 5.40 ERA in four Grapefruit League starts this spring.
"He was consistent," Farrell said . "And not just from the stuff he took to the mound every day, but the consistency of his command throughout Spring Training. You're going to see guys go through some arm strength fluctuations that can lead to inconsistent command or stuff, but I think that's a tribute to what he's done with his body in reshaping it. It's given him more consistent body control that's led to more consistent strike throwing."
Iglesias day to day with right arm contusion
TORONTO -- Red Sox shortstop Jose Iglesias, one of the best early-season stories on the team, left Friday's game against the Blue Jays with a contusion in his right arm after the third inning. The Red Sox consider him day to day and will re-evaluate him prior to Saturday's matinee.
Iglesias sustained the injury when he was hit on the arm by 93-mph fastball from Josh Johnson in the top of the second. Though he appeared to be in a considerable amount of pain, he stayed in the game until the top of the fourth, when Pedro Ciriaco pinch-hit for him.
Ciriaco wasted no time making an impact, banging an RBI single to left.
Iglesias, who is hitting .583 over the first four games, was likely going to be optioned to the Minors in a few days anyway.
Stephen Drew, Boston's starting shortstop, played the second game of his Minor League rehab assignment on Friday in Portland, going 1-for-3 with an RBI.
Drew, who sustained a concussion March 7, when he was hit by a pitch, could be activated by the Red Sox as early as Monday's home opener against the Orioles.
Lucchino prefers two leagues without DH
BOSTON -- The Red Sox don't have an Interleague game until May 28, when they travel to Philadelphia, but some teams started Interleague Play as early as Opening Day.
With Interleague games on display all season in 2013, there's already chatter about the possibility of the designated hitter becoming a permanent fixture in the National League.
If democracy has a say, Red Sox president/chief executive officer Larry Lucchino will vote against that change. Lucchino would prefer consistency through both leagues, and in Lucchino's mind, that would be without a DH.
"Rule No. 1 in the baseball rulebook," Lucchino said, "Baseball is a game played by two teams of nine players each. It doesn't say, 'Except for the American League, which is going to play with 10.' It says two teams with nine players each. Rule No. 1. Check it out."
Lucchino's memory of the baseball rulebook is accurate, and his preference for a game without a designated hitter is traditional.
"I've always accepted the notion of a DH in one league and not in the other, because it underscored that we have two different leagues and two different products," Lucchino said. "And it was important that the National League had a certain brand, the American League had a certain brand, and that was a big thing to underscore, to reinforce to the public.
"But now I think those brands will always be there and will always sustain themselves. And if I were to vote on it, had the only vote on it, or wave my proverbial magic wand, I think I would phase out the DH and probably have both leagues without the DH."
Variety of voices will announce at Fenway Park
TORONTO -- The Red Sox will go with a public-address-announcer-by-committee system this season.
Dick Flavin, who spent 20 years in Boston television, will draw the assignment Monday on Opening Day against the Orioles and do most of the day games.
Bob Lobel, a longtime sportscaster in Boston, will do Saturday games.
Henry Mahegan, a former Sox public relations maven and current school teacher, will do the bulk of night games.
A total of 342 people auditioned for the position to replace the late Carl Beane, who died last May.
Ian Browne is a reporter for MLB.com. Read his blog, Brownie Points, and follow him on Twitter @IanMBrowne. Jason Mastrodonato is a reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.


text:
Wow wow wow !!! That was a great game!! We looked like a very good team!!! We played with intense passion for most of the game!!
Crawford and Curry have an amazing chemistry thats only getting more dangerous for our opponents! Some them opps were sick!! Crawford has been clutch and Curry was clutch tonight!! Big FT Big rebounds and one hell of a BIG Block!!
Randolph is just getting to know us yet 3 double doubles in his first three games!!! Ski is the limit how good he is gonna be for us!!!! Soft sweet shot MONSTER BOARDS!!!
Lee is David Lee!! ( Best Knick by far last year)
My Boy Marbury is Starbury again!! Getting to the hoop!!Passing!! Swishing 3's!! Playing hard nose D!!
But by far tonights MVP was Balkman!! Balk does not play we lose!! 3 blocks?? Are you serious??? How bad do we need that???? If not for his energy and D we lose hands down! Blowout!!
We looked good!!! We got a big W !!! But we still have work!!
Lets GO KNICKS!!!!


text:
Roberts enjoying return to normalcy
By Brittany Ghiroli / MLB.com
PORT CHARLOTTE, Fla. -- Second baseman Brian Roberts has been a fixture in the Orioles' clubhouse this spring, laughing and joking around with teammates while avoiding the seemingly endless daily health updates that previously made the veteran a scarce figure and his every batting practice a major media event.
"For the first time in a couple years, I've been able to be a normal guy and go out here and get my work in, just try to prepare like I normally would," said Roberts, who has been full-go since Day 1 and went 3-for-3 on Friday to raise his spring average to .545 in four games.
"A day like yesterday certainly reaffirms what you've done and the work you've put in to try and get back to this. And I think throughout the process, there were probably, I know there were a lot of doubts from the outside, and even on the inside for me. So, I think that [having early success in camp] is always helpful at this stage."
Roberts, 35, hasn't played a full year since 2009, undergoing season-ending hip surgery last year, and has looked more and more comfortable as spring progresses. He hit a leadoff homer in Friday's win and has doubled twice.
Manager Buck Showalter likes to point out Roberts is simply enjoying playing baseball again. Could he have hoped for anything more on March 2?
"No, probably not," Roberts said of his encouraging health and performance. "I didn't know how well it was going to go right from the start. I wasn't overly concerned about having immediate success or anything. But the early success certainly helps. The game was a little bit fast last year and I think it kind of slowed down a little bit, finally."
Command, breaking balls crisp in Chen's debut
PORT CHARLOTTE, Fla. -- Orioles lefty Wei-Yin Chen threw two scoreless innings in his first spring start Saturday against the Rays, allowing a pair of singles in the first. Chen threw 23 pitches, 17 strikes, and said afterward everything felt good.
"I think my command and breaking ball control is getting better and better this year," Chen said through interpreter Tim Lin.
Chen had some right knee soreness toward the end of last year and the team tried to give him some extra rest down the stretch. It was also one of the reasons they held him back, along with Jason Hammel and Miguel Gonzalez, during the early part of spring.
"Last year, I felt a little bit scary about pitching because of soreness in my knee," said Chen, who had his shoulder and knee wrapped in ice as he talked to reporters. "This year, I feel totally fine. I'm really lucky enough to be pitching again today."
"Was good to get him out there, he's where he needs to be," manager Buck Showalter said of Chen, who declined an invitation to pitch in the World Baseball Classic. "And not in Taiwan."
Reimold to take it slow with shoulder soreness
PORT CHARLOTTE, Fla. -- Outfielder Nolan Reimold, who left Friday's game with right shoulder soreness, will be brought along slowly the next few days, although manager Buck Showalter reiterated Saturday the team doesn't believe it's related to Reimold's neck surgery.
"Probably during the regular season, he probably wouldn't have said anything," Showalter said of Reimold, who informed him of the soreness before his second-inning at-bat. "I appreciate him saying something, I don't want it to turn into something else. He knows we got a lot of time down here. I'm not concerned about it, yet."
Orioles catcher Taylor Teagarden (lower back) was feeling slightly better on Saturday morning and left-hander Tsuyoshi Wada threw a 30-pitch bullpen session back in Sarasota at the Ed Smith Stadium Complex.
Showalter said the organization is "really encouraged" with what's going on with Wada, who has thrown three bullpens this week, although he was unsure of the next step. Wada, who is rehabbing from May's Tommy John surgery, could pitch in a simulated game at some point soon.
Brittany Ghiroli is a reporter for MLB.com. Read her blog, Britt's Bird Watch, and follow her on Twitter @britt_ghiroli. This story was not subject to the approval of Major League Baseball or its clubs.


text: I'm glad they never went through with the lantern thing. It was a dumb idea--or rather, as presented it was a dumb idea. The game is too far along to just suddenly decide, "hey, torches won't burn forever anymore!" Additional light sources would be cool, though, and it would be nice if we could color them now that we have colored lighting.


text:
The New Atlantis is Sir Francis Bacon's creation of an ideal land where its citizens uphold the common qualities of "generosity and enlightenment, dignity and splendor, piety and public spirit." This short 1627 utopian novel depicts the land of Bensalem, discovered by a European ship after becoming lost somewhere to the west of Peru. One of the crew narrates their look at the island's customs and institutions, especially their impressive culture of science and research.
Publisher: The Floating Press (May 01, 2009)
Format: EPUB
File size: 130 KB
Protection: DRM
Language: English
The Harvard Classics, originally known as Dr. Eliot's Five Foot Shelf, is a 51-volume anthology of classic works from world literature, compiled and...


text:
The utter anonymity of "mr bean" is perplexing, but his YAPC::Taipai comments suggest that some folks might recognize his style. One does wonder if it's the same Mr.Bean immortalized in DejaNews [google.com] from 1996, from nite.net.uk, probably not?
I am not the real Mr Bean
Of course you aren't. Mr Bean is a fictional television character by Rowan Atkinson [rowanatkinson.org].


text:
If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you'll end up with a fine result." — Charlie Munger
We begin today's episode by fast-forwarding several years from the time when Horatio originally purchased "Old World Franks." Horatio has maintained a close relationship with the old man who sold him the business and has come to refer to him as "Pop."
Pop spends much of his time hanging around the stand when the weather is favorable, while talking and joking with some of his former customers. To honor Pop, Horatio created a sign with a caricature of the old man's face.
Pop's image will later become the major part of a business logo for "Old World Franks" helping to create a popular brand and enhance the legend of the unique-tasting hot dog. It is Horatio's method of memorializing Pop and paying homage to his special frankfurter. At this point in time Horatio has no concept of the long-term significance of that image. In years to come Pop's likeness will parallel the path of a certain "Chicken Colonel" from Kentucky. In future years, a good-spirited debate will arise between the companies: Which came first, the chicken or the frank?
Return on Capital and Old World Franks
Horatio's business has extremely low capital requirements and the fact that Pop has allowed him to enter the business with a no down payment, interest-deferred loan has given Horatio the illusion that he has not invested any monetary capital in the business. In reality, Horatio has invested a hefty sum into the business, specifically the two years of pretax earnings which he will be forced to pay back as well as the hours of toil which are required to run the business. However, once the loan is repaid, Horatio is looking forward to the day when he can keep all the after-tax profits which he is reaping.
Horatio has also learned another valuable lesson: Pretax earnings are considerably higher than after-tax earnings. Pop's percentage of the actual profits is much more than Horatio had anticipated. That realization eventually spurred Horatio to reduce costs to the bare minimum as he entered his second year without sacrificing any quality.
Horatio has used freezers to store large quantities of franks and buns which he purchases at more favorable prices. He no longer has any supplies delivered to the stand; instead he arises early in the morning, making his own purchases and deliveries.
Additionally, Horatio found that he had been leaving money on the table by selling out of franks too quickly. In his second year he took 25% more franks to the stand and he started selling a greater variety of drinks and chips. In the rare times he had left over franks when the game started, he quickly liquidated them by offering a 2 for 1 special. Since he started the special, ticket scalpers routinely visit the stand and liquidate any remaining hot dog inventory if Horatio remains open after the baseball game is underway.
Horatio has struck up business alliances with the ticket scalpers. He asks his patrons if they need tickets and directs them to the proper parties. In return, the scalpers promote "Old World Franks" as the best hot dog in St. Louis, sending hungry patrons to his stand.
Horatio also started to offer specials on days when the Cardinals were not in town. He started a punch card system for his regular patrons where they would get a free hot dog after they purchased five dogs within a month period. Slowly but surely new downtown clients became addicted to the allure of his franks which offers an inexpensive albeit unhealthy alternative to sit-down restaurants.
As Horatio works the stand he ponders about the advantages of his little enterprise as opposed to larger businesses. He gazes at the huge cranes which are rebuilding the downtown area. He wonders how the business could ever make enough money to pay off the loans on the enormous equipment. He also wonders if the owner could ever pocket any of the proceeds or whether the profits generated would merely be spent on new equipment, as well as the high wages and insurance costs it must take to conduct daily business.
Horatio's thoughts start drifting to Pop and the little enterprise which he started. Pop had started the business with almost no money; all he needed was a small grub stake to buy the stand, purchase a little inventory and secure a vendors license. Of course he needed a location, and that involved a little rent or fees to the city. But that was peanuts compared to the construction company and most other businesses.
It occurs to Horatio that he will be in exactly the same favorable position as Pop once he pays back the loan. Suddenly a revolutionary thought enters the mind of Horatio: If he was to employ just a tiny bit of his current profits on an additional hot dog cart, he might be able to greatly expand his profits without laying out enough capital to risk his livelihood.
Horatio is well aware he still owes Pop a good deal of money on his business loan so the capital investment would have to be small. If the new stand made money he could pay off the loan much quicker and start generating more cash which he could pocket or reinvest in the business. Of course the labor costs would be higher since he would need to hire an additional vendor, still the risk appeared low and the upside appeared extremely high.
Horatio has just conceptualized the role of return on capital (ROC) and Return on Invested Capital (ROIC) and their effect on the wealth accumulation of his business. Several key points before I launch into an in-depth discussion of ROC:
1) For my purposes ROC = Net Profit divided by (Equity + Debt) of Old World Franks
2) For my purposes ROIC = The Growth CAPEX allocated to finance additional hot dog stands.
Since Horatio has a choice of pocketing his profits or redeploying them for growth, it makes sense to separate the overall ROC from the ROIC which will be invested in additional stands. If Horatio separates the initial stand which he runs from the new stand, he can easily determine the overall return on investment (ROI) which he achieves from the new stands. Calculating an accurate ROI on growth is instrumental in determining whether investing in additional stands is a wise venture.
Why Is ROC and ROIC Important?
Calculating ROC and ROIC (Growth CAPEX in the case of Old World Franks) is worthwhile in evaluating the operating efficiency of a business, determining the extent of economic goodwill which a business possesses, measuring the effectiveness of management in capital allocation, and determining how a business should allocate their excess capital.
Publicly traded companies have four choices in allocating their excess capital. They can either pay dividends, repurchase shares, invest in growth internally or through acquisitions, or merely sit on the cash.
If the stock is undervalued, repurchasing shares or investing in growth are the two logical alternatives. If the stock is overvalued or growth prospects appear to be remote, returning money to shareholders in the form of dividends makes sense. The only time when it makes sense to hoard cash is during times of extreme financial distress or prior to impending down cycles in the business. At such times survival of the business (so long as it will return to profitability) becomes paramount. If the prospects of future profitability are remote the business should be dissolved.
In the case of Old World Franks, the extent of its economic goodwill could be tested by opening stands outside the downtown area of St. Louis. Additional locations would reveal whether Old World Franks contains any economic goodwill above and beyond its favorable downtown location.
It is important to note that growth is a poor option for businesses which possess little or no economic goodwill. Such businesses are unable to provide profits in excess of the market rate of return; therefore allocating capital towards growth provides no value to the business owner or shareholders in the case of a publicly traded company.
Take the example of Old World Franks. If additional carts do not provide a suitable ROI, they should be closed or relocated. Retail managers face similar decisions on a daily basis. If one lives in a town of any size they have probably seen a few McDonald's (NYSE:MCD) franchises close down in certain locations.
In most cases, capital-intensive businesses possess much lower rates of ROC and typically carry much lower historical price to earnings multiples than businesses with low capital requirements. Capital-intensive businesses are also much more susceptible to the ravages of inflation since it becomes much more expensive to reproduce the assets which are necessary for growth in sales and profits.
For businesses such as Old World Franks which require little in the way of capital expenditures to growth profits, inflation is much less devastating. Further, if the business possesses any legitimate economic goodwill, Horatio will likely be able to institute price increases without affecting the total amount of hot dog sales per cart.
ROC vs. Return on Equity (ROE)
ROE is a poor measurement tool in highly leveraged companies since debt is not factored into the equation. Normally, companies which raise capital by selling debt rather than selling additional shares are going to show a much higher rate of ROE, particularly if they can borrow money at a low interest rate. The reason is simple; debt is carried on the balance sheet as a liability which is subtracted from the asset ledger which contains the proceeds of the loan. Thus the debt funding does not increase the book value of the company. Of course carrying debt is often a risky proposition; therefore the business should yield substantially higher returns to justify the added risk.
The age-old argument exists as to whether one should finance a company's growth through debt or equity offerings. Of course, the best companies finance the majority of their growth through their cash flow from operations.
Astute management raises capital though equity offerings only when the price of their stock is overvalued. During such times they might also finance an acquisition with company stock rather than currency. Conversely, astute management only repurchases shares of their stock when the price per share is undervalued and they should never make acquisitions with undervalued company stock.
The best time to raise capital through a debt-offering is when interest rates are favorable and the price per share of company stock is significantly undervalued. Additionally, increasing debt makes sense during inflationary periods or when borrowing rates are likely to rise in the not-too-distant future. The company can borrow money at low rates now and pay back the debt later in a depreciated currency. It seems that the Fed would concur with the latter statement.
I have strayed far away from the Horatio and the world of hot dog venders. The diversion will make more sense to Horatio when he decides to increase his fleet of hot dog carts. He will need to borrow money (raise capital through debt) or take on a partner (raise capital through equity) to fund his growth while repaying his loan to Pop, if he wishes to grow quickly. Otherwise his growth will have to wait until he can pay off his debt to Pop at which point he can utilize his cash flows from operations to increase his business.
ROC and Goodwill Impairment
One final point before I put this discussion about ROC to bed. Accounting rules have greatly distorted the true ROC of a number of companies which were forced to take excessive goodwill impairment charges following the credit crisis of 2008/2009.
ROC and ROE rates have magically increased in companies which were forced to write-down excessive amounts of accounting goodwill. When goodwill disappears from the balance sheet so does accounting equity; however, when profits return, the result is significantly distorted rates of ROC to the high side.
Let's say Barth Widgets bought Bauer Ball Bearings in 2005. The purchase price was 10 million paid which was paid for with excess cash on the balance sheet. Let's further assume that Bauer Ball Bearings only had $5 million in tangible assets, thus Barth Widgets recorded the other $5 million as goodwill on their balance sheet. The resulting balance sheet of Barth Widgets showed a total equity of $25 million. Let's further assume that the business recorded average net earnings of $5 million a year from fiscal 2005 to 2007 following the acquisition.
In 2008 and 2009 the company turns unprofitable and Barth Widgets is forced by accounting rules to impair the entire $5 million in goodwill from the Bauer acquisition. The company now has only $20 million in accounting equity on the balance sheet.
In 2010 Barth Widgets returns to its normal net income of 45 million. The profits of the company are exactly the same as they were prior to the credit crisis; however, the company has magically become much more efficient, at least in terms of ROC.
The reason being is the $10 million purchase of Bauer Ball Bearings is now recorded on the books at only $5 million resulting in a book value of only $20 million. The same company with the same profits now has increased its ROC (and ROE since the company holds no debt) from 20 to 25 percent. Anyone who is screening for stocks based upon an increasing rate of ROC or ROE is going to show a false positive.
Of course Horatio will not have to worry about such matters for the time being. He is much more focused upon how he can grow his earnings and still pay off Pop within five years.
In our next episode, Horatio starts an advertising campaign to increase his brand awareness and reinforce the competitive advantage of his hot dog business.
If the business earns 6% on capital over 40 years and you hold it for that 40 years, you're not going to make much different than a 6% return even if you originally buy it at a huge discount. Conversely, if a business earns 18% on capital over 20 or 30 years, even if you pay an expensive looking price, you'll end up with a fine result." — Charlie Munger