text:
Emma Pullman | October 14, 2011
By Emma Pullman • Friday, October 14, 2011 - 08:49
Occupy Wall Street is about challenging the power of the richest 1%. But what happens when that 1% owns the land of the occupation? It has been revealed that a Canadian company was behind efforts to shut down the birthplace of the movement, Zuccotti Park.
Mayor Bloomberg and the NYPD notified Occupy Wall Street participants about plans to "clean the park"— the site of the occupation—starting this morning at 7am. "Cleaning" has been repeatedly as a pretense to shut down peaceful occupations. It was used to evict protesters from the Wisconsin state house. It was used by Bloomberg himself to shut down a peaceable demonstration against budget cuts. The "cleaning" was essentially a ploy to evict protesters, but in a remarkable turn of events, the company backed down from threats to evict the park.
The attempted eviction comes hours before a global day of solidarity actions. The movement is taking the world by storm with a message that resonates powerfully with the millions of regular people: growing economic inequality is corrupting our democracies and making most people's lives worse.
So, who is behind the eviction threats? Brookfield Asset Management, a Canadian company, owns Zuccotti Park and the adjacent office building, One Liberty Plaza. The company has an agreement with the city that the park will be open to public use.
Brookfield, formerly Brascan Limited, is one of the largest companies in Canada, a global asset manager with a wide range of interests. The company has over $120 billion in assets. Brookfield is headquartered in Toronto and New York City; the parent company is publicly traded on the NYSE and Toronto Stock Exchange. It was founded in 1899 as the São Paulo Railway, Light and Power Company.
So why would a Canadian company want to shut down a movement that is asking powerful questions about how the richest 1% has managed to soak up almost all the new wealth created in the last thirty years?
Well, Brookfield is at the top of the 1%. They are connected to the biggest players on Wall Street - the people who feel most threatened by Occupy Wall Street. Brookfield's buildings are literally filled with the offices of the 1%. According to a Canadian Business article, at its peak, the represented a third of the Toronto Stock Exchange's value and owned parts of more than 200 companies, including Labatt Ltd., MacMillan Bloedel, Royal LePage and Royal Trust, all connected through a web of holding companies.
One of the central focuses of the company is power generation, and the giant owns 165 power plants. They certainly have an interest in maintaining the status quo, a world without climate action where oil interests dominate.
The board of Brookfield Asset Management paints a picture of how the the very top of the 1% are networked together with strong connections to Big Oil. The total assets of all board members is close to $10 billion dollars.
Let's look at some of the oily connections from Brookfield Asset Management's Board of Directors:
The Chairman of the Board of Directors, Frank J McKenna is the former premier of New Brunswick. He has been Chairman of Brookfield Asset Management Inc. since 2010. Hon. McKenna's corporate history has included board positions with Major Drilling Group International Inc., and Acier Leroux, Inc. (formerly Leroux Steel Inc.). He has been a Director of Canadian Natural Resources Limited since 2006 and Director of CD Howe Institute and serves on the board of Xstrata Canada Corporation (formerly Falconbridge Limited, Noranda Inc.), and FNX Mining Company Inc. He is now Deputy Chair of TD Bank Financial.
David Kerr is Managing Partner, Edper Financial Group, an investment holding company. He was the former director of Noranda (now Xstrata Canada Corporation), a natural resources company with operations in 18 countries, involved in the exploration, mining, processing, and marketing of metal and mineral products.
Jack L. Cockwell is the former CEO of Brookfield Asset Management CEO, and represents Brookfield as a director on the Board of Brookfield Properties Corporation and other subsidiaries. He is a director for Teck Resources, a major player in Alberta's tar sands that has been repeatedly criticized and sued for violating environmental laws and standards. The company's Red Dog mine operation in north-western Alaska was ranked by the U.S. Environmental Protection Agency as one of the most polluting facilities in the United States.
Dr. Jack Mintz is the Director of Palmer Chair in Public Policy at University of Calgary. He is a director of Imperial Oil Limited and Morneau Shepell Inc. He is also the past President and CEO of the C.D. Howe Institute, a think tank funded mainly by large corporations that generally advocates market-oriented economic policies such as tax cuts. He has been published with the Fraser Institute.
Marcel J. Coutu is the President of Canadian Oil Sands, Chairman of the board of Syncrude and is a Governor with the Canadian Association of Petroleum Producers (CAPP). Coutu was formerly the Senior Vice President International and Vice President Finance for TransCanada Pipelines, the company hoping to build the controversial Keystone XL pipeline.
James K. Gray is involved in Canadian oil and natural gas and founded one of Canada's largest natural gas producers, Canadian Hunter Exploration. Mr. Gray is a member of the Board of Directors of Atlanta Gold Inc., Phoenix Technology Income Fund and Resin Systems Inc (RS). He is Chairman of Temple Energy Inc., a private Calgary oil and gas exploration company. He formerly served as director with Nova Scotia Power, Cequence Energy, PHX Energy Services Corp., and Emera Corp. Mr. Gray most recently became a member of the Alberta Premier's Council for Economic Strategy. He is an honourary chair of the Canada West Foundation.
Maureen Kempston Darkes is connected the retired Group Vice President and President Latin America, Africa and Middle East for General Motors Corporation. She is a board member with Canadian National Railway Company. She was appointed to the board of Enbridge in November 2010, and sits on the board of Irving Oil.
Patricia M. Newson has been a Director of Brookfield Residential Properties Inc. since March 31, 2011. She served as a Director of Brookfield Asset Management Inc. since April 2008 until 2010. She is worth mentioning because she has been the President of AltaGas Utility Group Inc., a subsidiary of AltaGas Ltd. since 2005. Newson's energy industry experience includes experience with Gulf Canada, GW Utilities and Olympia and York Enterprises. She has worked for BC Gas Ltd. and currently serves as Director of Heritage Gas Limited, Galleon Energy Inc. and the Canadian Gas Association.
The rightwing shills are
The rightwing shills are running scared. eh?
@RalphNader James Hansen
James Hansen is in it for the gold? That's about the most idiotic statement I've ever read. Where do you get such ridiculous misinformation? There is not a speck of truth in it.
Al Gore was born rich. Yes, he has a big house. Yes, he flies around the world in a big airplane trying to educate people on global warming. His house has been made green. The CO2 emissions from one jet doesn't bother me in the least, as long as he can educate people about the most important issue humans have ever faced. It doesn't bother me, if he can dispel the willful ignorance that informs people like you.
He donates all the money from carbon trading to non profits.
When the subject of global warming comes up, if a skeptic mentions Al Gore, you can be assured that they have no clue about climate science and can only attack the messenger. Just so you know, Al Gore has nothing to do with it. Its about the science. And he gets that right other than a few minor mistakes and flaws in his movie and book. Do you imagine Al Gore going into a huddle with climate scientists on a regular basis to further some hidden agenda. If so you are hopelessly lost.
Scientists don't do much promoting of their work, other than to other scientists through peer reviewed publications. A few scientists have begun speaking out to defend the science against dishonest attacks from vested interests. They are rare.
Referring to the community of climate scientists as alarmist is just not supported reality.
Characterizing the people who participate in the Occupy Wall St events all over the country as 'extreme left' is bogus.
What is extreme is the GOP tea baggers and Libertarians with their rigid ideological belief systems, where every thing is black and white, us verses them, my religion against your religion, xenophia, and general distrust of anyone not quite like you.
Nixon, Eisenhower and even Reagan would be too liberal for today's GOP.
Barry Goldwater lost his 1960s bid for president because he was too far to the right even for most Republicans. He would barely make the cut as a conservative now.
To imagine an equivalent situation on the left that compares with this, you would have to imagine hundreds of 1960s activists leaders like Abbie Hoffman and Jerry Rubin, controlling congress and running for president.
RalphNader replied on Permalink
The above link is from fox news so we can all be assured that it is fair an balanced rather than the typicla left wing media. essentially the article points out how James Hansen has made more than a few bucks off of the Climate Gig. We will see how this lawsuit pans out but this certainly is more than a Speck of truth.
Also please do not use the term "Tea Baggers" it is very politically incorrect and insulting to the intelligent people that comprise the Tea party movement. From Climate scientists to oil riggers, to the academics who make up its ranks they all deserve our respect for attempting to take back america's democracy from Big Solar.
"The above link is from fox
"The above link is from fox news so we can all be assured that it is fair an balanced"
"Also please do not use the term "Tea Baggers" it is very politically incorrect"
"take back america's democracy from Big Solar."
I take it that is your attempt at tongue in cheek & a little bit of trolling?
Lol, Rick doesn't even think Fox is fair & balanced. Maybe you should check with an impartial independent source like Media matters or maybe Greenpeace, as they will remain objective.
I like this game :)
Peter Moss replied on Permalink
"Big Solar" ?? LOL...
"Big Solar" ??
lara jorgensen replied on Permalink
All this argument about where
All this argument about where Al Gore made his money isn't really the point.
I think we can all agree that he stood to profit greatly from his investments in the failed Carbon Trading business, no?
"stood to profit" And "Al's
"stood to profit"
"Al's wealth jumped exponentially since he became the go to climate guy. It's a fact….Al seems to have multiplied his wealth about 100 times since losing the election and becoming Mr. Climate."
Are 2 different things.
"I think we can all agree that he stood to profit greatly from his investments in the failed Carbon Trading business, no?"
At least he cannot be accused of not putting his money where his mouth is.
"All this argument about where Al Gore made his money isn't really the point."
The point is "
Canadian Corporation Behind Efforts to Shut Down Occupy Wall Street Has Ties to Big Oil"
Since the OP, there has been a concerted effort to derail this thread & direct it off topic.
Big Energy
As part of the spirit of crony extractive capitalism, Brookfield also just received a $169 million loan guarantee from the Dept. of Energy for a massive wind power plant in the great north woods of New Hampshire.
RickJames replied on Permalink
Needing a government loan
Needing a government loan guarantee means that the banks consider it to be a bad risk.
You might think the prospect of extracting energy from the wind would be a sure bet. Nope.
Maintenance costs make it out of reach for banks and sensible investors.
"Needing a government loan
"Needing a government loan guarantee means that the banks consider it to be a bad risk."
Yeah, you would think that fossil fuel companies that turn a profit every year & have been in business for decades would no longer need tax payer funded public handouts either. You would think they could stand on their own by now wouldn't you?
"As part of the spirit of
"As part of the spirit of crony extractive capitalism, Brookfield also just received a $169 million loan guarantee from the Dept. of Energy for a massive wind power plant in the great north woods of New Hampshire."
So what. The fossil fuel industry receives $70B a year in subsidies & the clean up costs or AGW mitigation is not factored in.
How does this $169 M compare exactly?
RalphNader replied on Permalink
Fossil fuels pay their own way
Solar and wind are simply false solutions. They are so expensive that without huge subsidies they are not even palatable to the richest 1%.
Here is a good look at the economics, solar and wind are money pits.
God bless the Koch brothers and exxon for helping out the little guy.
"Solar and wind are simply
"Solar and wind are simply false solutions. They are so expensive that without huge subsidies they are not even palatable to the richest 1%."
You could say that about any new consumer item on the market. Economies of scale, competition & demand soon takes care of the rest.
The first car, t.v, radio, dvd player, blue ray, computer, fridge etc etc were all beyond the reach of the average person. Demand, economies of scale & competition soon reduced the price & their price began to be accessible for the average instead of the few.
Solar & wind will only get cheaper, as demand creates more competition & large scale manufacturing drops the price further & further. Fossil fuels on the other hand, will only get more & more expensive.
Take away fossil fuels subsidies & any tax payer assistance , then let them compete on the free market. You guys are ok with the free market aren't you?
"God bless the Koch brothers and exxon for helping out the little guy."
With ever increasing prices……yeah..great guys.
It's probably a significant figure compared to Brookfield's share of those subsidies.
Furthermore, according to the DOE's Energy Information Administration, wind energy received $5 billion in federal subsidies in 2010 and fossil fuels just over $4 billion. Nuclear energy got $2.5 billion and conservation over $6.5 billion. Where did you get the $70B figure?
"Furthermore, according to
"Furthermore, according to the DOE's Energy Information Administration, wind energy received $5 billion in federal subsidies in 2010 and fossil fuels just over $4 billion. Nuclear energy got $2.5 billion and conservation over $6.5 billion. Where did you get the $70B figure?"
I'll show you mine if you'll show me yours.
Plus, the costs of AGW mitigation are not factored in. So any tax payer funded aid, research, environmental damage or donations to the 3rd world are not factored in.
As your sources note, it all
As your sources note, it all depends on what and how you count (and how many and which years you add together). Then the same would need to be done for wind, which depends on the very destructive extraction of rare earth metals, mining for steel, oil for the composite blades (which can't be recycled) and gear lubrication, international shipping, etc.
The EIA report is at http://www.eia.gov/analysis/requests/subsidy/pdf/subsidy.pdf
As your source notes. "Not
As your source notes.
"Not All Subsidies Impacting the Energy Sector Are Included in this Report"
Also, to be fair & to compare apples with apples, you would need to compare total subsidies received to date. For fossil fuels this has been many decades. For renewables, barely one decade.
Lets even up the balance eh? Lets cancel all fossil fuel subsidies & direct them to renewables for the next few decades & we will see where we are in say 30 years in terms of cost, energy production, environmental impact, jobs & energy prices.
The cost of fossil fuels are only going to go up.
Yes, Brookfield needs more of our money.
"Yes, Brookfield needs more
"Yes, Brookfield needs more of our money."
Why is that?
Sarcasm - sorry
'Twas you calling for giving it them. I don't think they do need any more of our money. (Recall that Brookfield is in the renewable biz, too, opening up once-protected forests to the industrial development they love. Subsidies for big wind are almost invariably enriching similarly already enriched big energy companies. And helping them along in the continued destruction of our planet.)
"Twas you calling for giving
"Twas you calling for giving it them. I don't think they do need any more of our money. (Recall that Brookfield is in the renewable biz, too, opening up once-protected forests to the industrial development they love. Subsidies for big wind are almost invariably enriching similarly already enriched big energy companies. And helping them along in the continued destruction of our planet.)"
The idea is that companies should be encouraged to gear towards a more greener cleaner economy & should be rewarded for doing so. If there was a carbon tax or an ETS in place Brookfields green ventures will pay off & their fossil fuel ventures will cost them.
In the absence of any carbon tax, ETS or cap & dividend plan, subsidies & regulations are the next best thing.
"I don't think they do need any more of our money."
I don't think fossil fuels need any more subsidies. Clean tech has entered an unfairly stacked market, where fossil fuels have had the benefit of decades of tax payer funded assistance. The balance needs to be evened up.
RalphNader replied on Permalink
Fossil Fuel Reality Check
In reality the subsidies often referred to are mostly normal costs of doing business IE capital depreciation which every business from a furniture factory to a 7/11 receives. The taxes paid by Big oil far exceed any nominal tax reduction they receive. All you have to do is examine any of the big publicly traded oil companies to see the tax they pay.
Big Solar and Big Wind deliver some of the highest electricity costs and provide back little to the public purse other than a feel good orgy for those that like high taxes and big government. When you take into account the external costs of solar and wind. IE mining pollution of solar and bird genocide with wind the costs of these industries is almost morally unacceptable.
To sum up, we need a few more tax paying Exxons and a few less solyndra's.
"In reality the subsidies
"In reality the subsidies often referred to are mostly normal costs of doing business IE capital depreciation which every business from a furniture factory to a 7/11 receives."
Fossil fuel companies have had the benefit of decades of tax payer funding through the building of ports, rail, roads, wars & clean ups. What furniture shop has a country wage a war on it's behalf? Which ports were built for them? What spills of furniture were cleaned up & paid for by the taxpayer?
"Big Solar and Big Wind deliver some of the highest electricity costs and provide back little to the public purse other than a feel good orgy for those that like high taxes and big government."
Because they are start ups & fossil fuel has a multi decadal tax payer funded head start. Economy of scale, competition & demand will change that. But for the moment, they need assistance to catch up.
Actually, solar and wind have been around for many decades, enjoying generous subsidies the whole time. And they still need help? Especially in more recent years, since George W. Bush helped get even more subsidies to attract the already well monied big energy players?
Rosa, you must be kidding.
Rosa, you must be kidding. George Bush was from an oil family & most of his big name friends were in the oil industry. The USA waged a war in Iraq even to present day on behalf of oil interests. Bush was also responsible for an incredible sustained attack on the EPA & is responsible for much of it's watered down powers. Not to mention so many policies that were just green washing & doublespeak, like the "clean air act" & the "healthy forest act". Nice in name, but in practice did the opposite of what they stated.
To give a measly pittance to renewables & then say it is somehow generous is laughable to say the least.
The point
Have you noticed that Texas is the country's leader in wind power? Now why is that, do you think? Because it has the strongest environmental regulations? Or the opposite? George W. Bush was the keynote speaker at the American Wind Energy Association's 2010 conference. Rick Perry is currently carrying the banner of big wind in Texas.
Enron was a pioneer of the modern wind industry, and its CEO Ken Lay was good friends with George W. Bush, who helped get the package of subsidies Enron wanted to make wind profitable. The subsidies were generous because they paid for up to 75% of a project's costs. They still do.
The point is that you can't separate the players. Wind subsidies are primarily used by big energy companies to further take the public's money and avoid paying taxes. They don't make the world a better place. They only help companies like Florida Power & Light and Brookfield continue trashing it.
Oil, by the way, is not used to generate electricity (only 1%, and that generally using the sludge left over from refining gasoline).
David B. Benson replied on Permalink
(the Texas grid) is in big trouble in maintaining a reliable electricity supply. Do you know why that is?
Hint: has to do with the (sole) way producers can make money supplying electricity. The effect is that only wind farms are being built. Hence ERCOT is becoming increasingly less reliable.
David B. Benson replied on Permalink
almost only wind farms.
" (the Texas grid) is in big
" (the Texas grid) is in big trouble in maintaining a reliable electricity supply. Do you know why that is?
Hint: has to do with the (sole) way producers can make money supplying electricity. The effect is that only wind farms are being built. Hence ERCOT is becoming increasingly less reliable."
David, I can never understand where you are coming from. I can never discern a distinctive position you hold.
Anyways, Texas is supplied by 8% wind. Are you saying that 8% is responsible for the failure of the entire state?
From what I understand, Texas has suffered some extreme weather ( what climate scientists have predicted) of late. In winter their coal & nat gas plants froze up after experiencing some unusual cold snaps through the last winter & shut down. If it wasn't for the winds 4MW's they would have had nothing in many places.
Then this recent summer just gone by & stretching into the present there was massive heats waves & drought. Huge demand for cooling over stretched the system.
Again, what climate scientists predicted. It would be quite amusing & sad at the same time if deniers in Texas were blaming the 8% of wind for their power outages over the fact that they are the highest producing CO2 state in the world.
Oh yeah……it's all about the love for wind down there I'm sure.
RickJames replied on Permalink
Texas has been having bad
Texas has been having bad weather since forever but let's pretend it just started.
"Texas has been having bad
"Texas has been having bad weather since forever but let's pretend it just started."
That's the thing with politcal & industry conned deniers. No matter how much CO2 is entered into the atmosphere & no matter how much extreme weather there is, deniers will always say there is a precendence.
"The Earth was a ball of molten lava 4.5 Billion years ago……it's been hotter".
*slaps forehead*
If Texas has been having bad weather forever, then why didn't ERCOT factor that in when deciding how much base load & transmission to install? It seems they see this last winter & summer event as something out of the ordinary & not something they would typically have to cater for:
More generation supplies would come in handy, but state
power generators can't be expected to prepare for every
extreme, said Kent Saathoff, ERCOT's vice president of system
planning and operations.
"You have to determine if it is worth spending millions or
billions to avoid a one in 10-year event," Saathoff told
reporters on Wednesday."
RickJames replied on Permalink
I think you answered yourself
I think you answered yourself Phil. Texas has really bad weather every so often. A bad year is just a bad year. It isn't part of a new trend.
"I think you answered
"I think you answered yourself Phil. Texas has really bad weather every so often. A bad year is just a bad year."
Not if it happens more frequently. You are right in that a single event cannot be attributed to a whole trend, but if there are more of these events in the next 10 years…then what? It becomes a trend.
"It isn't part of a new trend."
You know what the climate & weather events will be for the next few years? Please enlighten us.
RickJames replied on Permalink
Our not knowing about future
Our not knowing about future weather events is pretty much my main point. But in general Texas will be warm in the summer and cool in the winter. There will be dry stretches and rainy times. Sometimes there will be storms and a major hurricane might hit Galveston in the next 100 years.
Our effect on Texas weather is going to be zero.
"Our not knowing about future
"Our not knowing about future weather events is pretty much my main point."
We might not know our weather, but AGW is not about predicting weather. Its about predicting climate. Long term trends.
I guess we will see if the long term trends pan out for Texas.
"Have you noticed that Texas
"Have you noticed that Texas is the country's leader in wind power? Now why is that, do you think? Because it has the strongest environmental regulations? Or the opposite? George W. Bush was the keynote speaker at the American Wind Energy Association's 2010 conference. Rick Perry is currently carrying the banner of big wind in Texas."
Like I said above Rosa…greenwashing. It's like EXXOn & BP having solar projects & claiming they are all about being green……..then spending a similar amount actually lobbying for the opposite. Or Rupert Murdochs newscorp claiming they are going green in all their offices worldwide…..then filling its news empire with deniers pushing right wing propagnada down the throats of the public.
Or Rick Perry & GWB pretending they are going green by approving a few wind farms, but at the same time opposing AGW science & promoting fossil fuel use.
"Wind subsidies are primarily used by big energy companies to further take the public's money and avoid paying taxes."
Are you saying that tax avoidance for these companies only began when wind power came along?
"Oil, by the way, is not used to generate electricity (only 1%, and that generally using the sludge left over from refining gasoline)."
I wasn't talking about oil in relation to power generation. I was talking about greenwashing.
Exactly. So why do you advocate giving more money to them?
"Exactly. So why do you
"Exactly. So why do you advocate giving more money to them?"
Because if we have the choice of providing subsidies between renewables or fossil fuels, then it should be renewables.
We are far behind where we need to be & really. The amount spent so far might seem outrageous to some, but it seems very few complain about wars being waged over oil with trillions of tax payers money. Or ports, roads & rail being paid for by tax payers money.
Our mitigation attempts need to seriously upscale.
Of course there will be instances of preying on the system & trying to make a quick buck at the expense of tax payers. That just means they have to pay close attention to it & refine it as they go.
Here is Australia we had what was called the "Pink batts fiasco". The incumbent Labor government created a scheme where they subsidised some or all of the costs of supplying & installing roof insulation.
While the intention was good & many homes benefited. There was no strict regulation from the outset. Meaning, every idiot with a trayback/van/truck/ute went & installed insulation with virtually no experience & claimed the government rebate. Ultimately, there were 4 deaths & the whole scheme was canned.
It was an important lesson for the future. Heavily regulate from the outset.
From what I understand in Texas, wind farms were created anywhere where there was a decent patch of land. That is abuse of the system & lack of regulation. Don't trust that people will do the right thing.
Here is Australia, the rules for wind are, you need a constant supply of wind. Not high wind, just constant.
About the 1%
I found the following RSA Animate talk quite interesting;
Its a little too any capitalist for my taste, and even makes it all out like some sort of coordinated conspiracy, however it was still enlightening.
Equally, education is failing;


text:
iPhone Game Review: Pocket Heroes for iPhone/iPod Touch Review
Reviewed by Tom Slayton
Pocket Heroes is an asynchronous, cooperative, turn-based, multiplayer-only role playing game. Yes, that's actually a category. If you have a group of friends to quest with, this game will provide hours of fun. If you prefer to quest alone, however, look elsewhere.
If you've got a persistent internet connection, at least 3 gaming friends with the same, and a love of cooperative multiplayer games, you're going to enjoy Pocket Heroes. After creating a free account, you can dive right in by either starting a game of your own, joining a friend's game, or accepting a random invitation. Aside from the 21st century multiplayer aspect, Pocket Heroes is a traditional old school RPG complete with stats, levels, skills, and loot. Combat is turn-based, and each turn is limited to a handful of moves. Once you have taken action, you send your move to your fellow party members, and wait. While this may sound tedious, it's not, thanks to the asynchronous game engine that allows you to go about your life while you wait for the game to notify you that it is once again, your turn.
These bite-sized chunks of questing work very well. That is, as long as you have a reliable group to quest with. There are no complicated boss battles to repeatedly wipe your party, and (thankfully) no grinding in order to level. They've left out the stressful and the boring, and packed the empty space with extra fun. Pocket Heroes is proudly billed as having "hand-crafted" levels to enable triggered events, etc. Unfortunately, the downside of this is that the game will be the same every time you play.
The developers are very receptive to feedback, and have recently released a large patch that squashed a number of bugs, and added some much needed features such as the ability to invite random party members. Unfortunately, there is still no way to replace unresponsive players so it remains to be seen if random invitations will be useful or not as there is no way to screen them for reliability. While Pocket Heroes offers a great cooperative experience, it does not offer a single player experience so if you prefer to game solo, you're out of luck. With an overabundance of single-player dungeon crawlers out there, however, I can't fault the developer for focusing on providing a singular multiplayer experience.
The graphics of Pocket Heroes are decidedly retro. For somebody like me who remembers what the early days of computer gaming were like, Pocket Heroes brings a nostalgic lump to my throat. However, if you're a younger gamer, hearing the words retro and graphics in the same sentence probably causes your eyes to involuntarily roll as you wonder what the attraction is. Rest assured, however, that Pocket Heroes does not overdo it, and the graphics are not amateurish in any way.
The sound effects and music, like the graphics, are retro in a big way. Unfortunately, I'm a bit less nostalgic of audio than I am of video, and I quickly scrambled for the mute buttons. Don't get me wrong; the sound is well-done. It's just not to my taste.
In-App Purchases (IAPs)
Pocket Heroes has, unfortunately, succumbed to the siren call of IAPs. For a price, gamers can purchase in-game gold and outfit their characters to the hilt. I'm not a fan of this type of IAP, and in every case would prefer that the asking price be higher and the drops more generous. However, I didn't find this particular implementation to be overly unbalanced, and the game can easily be played without IAPs.
Pocket Heroes has blazed a new trail with their asynchronous, cooperative multiplayer RPG experience. The lack of a single-player component is somewhat missed, but the multiplayer game engine works so well, and is so unique on the App Store that I can't bring myself to fault them for it. I can fault them, however, for the lack of random dungeons and drops. In my experience, hand-crafted is code for we want to sell you expansion packs.
Ratings (scale of 1 to 5):
Graphics: - 4 - Quaint and well-done retro graphics.
Sound: - 3 - Not so quaint retro sound
Controls: - 5 - A great little interface, that works well on the small screen of an iPhone.
Gameplay: - 4.5 - There is nothing else like this on the App Store. If you like cooperative RPG and have people to play with, you should download this now. No single player component, however, will limit its appeal somewhat.
Playing Hints and Tips:
Make sure you have a balanced party. Healing may not be fun, but you won't get very far without every role filled. Know your role! If you're a glass cannon like the mage, don't close to melee range with your target. Find reliable friends to quest with. Getting halfway through a mission and having somebody flake off is infuriating to say the least.
App Facts:
Developer: Ayopa Games
Release Date: July 11, 2012
Price: $0.99 with IAPs available
Buy App: Pocket Heroes
Check out our full list of iPhone/iPod touch game and app reviews:
Check out our other iPad game, app and book reviews:
Powered by UBB.threads™ 6.5.5

subset: commoncrawl


text:
CANNES, FRANCE - MAY 20: Actor Robert Pattinson attends the Inglourious Basterds Premiere held at the Palais Des Festivals during the 62nd International Cannes Film Festival on May 20th, 2009 in Cannes, France. (Photo by Pascal Le Segretain/Getty Images)See them all at Getty Images. [via RobPattzNews]
May 20, 2009
Hellooooo, Gorgeous! Ro-bare Dazzles @ Inglourious Basterds Premiere
13 comments:
MY RIANY DAY JUST GOT BRIGHTER :)ReplyDelete
He's not my bag but I must say the scruff really works for him!ReplyDelete
I swear that my heart just about stopped when those pics came on my screen.ReplyDelete
- AnonymousMay 20, 2009 at 9:03 PM
one of these days i'm just going to self-combust or whatever you call it...ReplyDelete
Sorry, but I can't help but dying a little when I see him.
At this rate, my heart over reacts constantly...I'll be dead before I'm 35...I only got 4 years.
- BobinaMay 20, 2009 at 11:24 PM
Scruff AND a Tux?! *THUD*ReplyDelete
Yeah, we know juju. You preffer those who howl over those who bite. LOL!ReplyDelete
Hey Heather S. Im 31 as well. Our hearts can thud themselves out while oggeling Rob...but what a way to go, eh?
Il est très beau! ;)ReplyDelete
(my french is even worse than my english... =X)
I would say in portuguese "Ele é TÃO BOM!!" (traduction: he.is.so.hot!) ;)
Kiss for you, jen x)
J'adore Rob. Il est si magnifique.ReplyDelete
I've been doing High School french for two years and that's the best I can come up with lol
HOT!! I love his suit hehe.
- AnonymousMay 21, 2009 at 7:13 AM
I've said it before, and I'll say it again:ReplyDelete
He's so beautiful it hurts (clenches her aching heart)
- AnonymousMay 21, 2009 at 10:21 AM
i'm having a little heart failure here...be still my silly heart!!!ReplyDelete
he is so beautiful...just WOW <3
- AnonymousMay 22, 2009 at 5:17 AM
Good to hear I'm not the only cougar up in here!ReplyDelete
I'm 29 and he is RAVISHING!!!!!!!!!
he is incredibly cute. I cnt take my eyes off his lips and eyes in the second pic.........ReplyDelete
he is hot, very hot but really cute 2


text:
"Science and faith are completely compatible"
This statement should never offend—
And the truth is, we know
It will always be so
Just as long as we see,
When the two disagree,
That religion's the one that must bend.
The vertebrate eye is a kind of a miracle
Which science and faith both explain
An empirical quest
Is the method that's best
When we see it evolved
There's a mystery solved
With the sacred reduced to profane
Some questions and problems had lingered for centuries
For instance, the age of the Earth
They'd add up the ages
On biblical pages
Or measure instead
Decay ratios of lead
And only one view shows its worth
Some say that religion and science are one;
And some say that's rubbish and lies
If you watch what you say
There's a way it can pay:
Be a spiritual type
Garner headlines and hype—
It'll win you the Templeton prize!
So yeah. Martin Rees, Templeton Prize winner, has a million reasons to tell atheists to shut up and play nice.


text: I started this a while back while my main sewing machine was in the shop. Sewing the rows together was not a lot of fun but I found that it took less time with each one (I used the matching points with pins and a pressed glue droplet to match all my points and since I used a small triangle size it took a long time). I am now looking for a dusty-creamy green fabric to use for a 1 inch border and then will probably use the coral floral fabric that goes with this cream fabric for the outer border.


text:
Cards not shying away from Bourjos' aggressive play
By Jenifer Langosch / MLB.com
JUPITER, Fla. -- Ask Peter Bourjos about his aggressive play and you might be surprised to learn that the first facet of the game he brings up isn't his defense. Nor is it his baserunning. Rather, Bourjos chooses to talk hitting.
Indeed, aggressiveness can be used to define several aspects of the new speedy center fielder's game. His aggressive approach at the plate accounts for why Bourjos has averaged a walk only once in every 18 plate appearances and has a career on-base percentage of .306. He does not apologize for the philosophy because he has found it is the one that works best for him as a hitter.
Where Bourjos' aggressiveness could be most magnified, though, is in the field. At last month's Winter Warm-Up, general manager John Mozeliak suggested that Bourjos likely needs to harness some of that aggressiveness in order to decrease injury risk.
"You want your players to be aggressive and you want them to do things that become highlight reels for ESPN," Mozeliak said. "But having said that, you still want him to go every day."
Manager Mike Matheny said on Saturday, however, that he will send no such direct message, unless, of course, aggressiveness were to morph into recklessness.
"I'm not sure I ever want to ask somebody not to play their hardest," Matheny explained. "I think when you start asking a guy not to be as aggressive as he can or to try and take away from what he knows is right or what he believes is right, you may be setting him up even more for injury. ... I think a controlled aggressiveness in the field, too, is part of what makes him as good as he is. I'm not going to make a strong statement to him on that regard. ... He's been playing the game hard, and that's not something we want to take from him."
Nor does Bourjos intend to change his style of play.
"I want to take away as many hits as I can, cut them off, keep them to singles," Bourjos said. "Whether it's running into the wall or making a diving play, I want to do that. I really have fun out there playing center."
Bourjos comes to camp competing for center field playing time with incumbent Jon Jay. He also arrives healthy. The rehab work that followed September wrist surgery wrapped up this winter, and Bourjos has been swinging a bat uninhibited since the end of December.
Usually not an early arrival at Spring Training, Bourjos said he was deliberate in relocating to Florida a few days before his required report date so that he could acclimate himself with the area and his new teammates. That process has been seamless.
"There is always an anxiety coming into a new place because you don't know anybody," Bourjos said. "But right when I walked in, guys came up and introduced themselves. You could see they generally want each other to do well, and that's pretty cool to see. ... I just want to win, and hopefully we're holding up that trophy at the end of the season."
Miller looking to add weight for increased durability
JUPITER, Fla. -- Two years ago, Shelby Miller reported to camp noticeably trimmer, the loss in weight a byproduct of a misdirected offseason conditioning program. He corrected his training the following offseason and rode that to a spot in the Cardinals' rotation.
Now, he's looking to pack on a few more pounds.
Intent on building his body so that it can handle the workload of a 200-inning pitcher, Miller is trying to add some weight during Spring Training. He'll do so in a healthy manner, of course, with the end goal being increased durability.
"I want to get stronger, be able to pitch more innings, keep that bullpen out of the game as much as possible and be more efficient," Miller said. "I feel like if I'm heavier and more durable, I think that will make it easier and I will perform better."
In the months leading up to camp, Miller followed the same workout regimen he did the previous winter. He saw no reason to make tweaks to that program given the success he had last season. On the heels of that offseason work, Miller came out ahead in the battle for the final starting job and went on to be a finalist for the Rookie of the Year Award.
Don't let his non-usage in October overshadow the strong season Miller had for the Cardinals in 2013, either. He went 15-9 with a 3.06 ERA in 31 starts, striking out 169 and walking 57. Miller logged 173 1/3 regular-season innings and then one more in the postseason. It was a step up from pitching 150 2/3 innings a year prior between Triple-A and the big leagues.
The new benchmark in his sights now is 200. Only two Cardinals pitchers (Adam Wainwright and Lance Lynn) reached that figure last season.
"I think I am ready for it," Miller said. "I was only 25 innings away last year. I think I got it."
Worth noting
• Daniel Descalso and Jon Jay arrived at Cardinals camp on Saturday to participate in their first workout of the spring. The only member of the 40-man roster not yet to arrive is veteran Mark Ellis, who is scheduled in on Sunday. Position players are not required to report until Monday.
• Marco Gonzales, the Cardinals' first-round pick from the 2013 First-Year Player Draft, was among 13 Cardinals pitchers to take the mound on Saturday. Gonzales is not competing for an immediate spot on the big league roster, but he is trying to leave an impression, as Michael Wacha (also a No. 19 overall Draft pick) did a year ago.
"We haven't even gone that far in terms of what his long-term projection is for the season and how we watch him," manager Mike Matheny said of Gonzales. "But I think so far we're seeing the benefits of a great plan put together by [GM John Mozeliak] and the development staff, just to make sure that the heavy load he carried through college and his first full season is something that they took special notice of."
• After several mornings of having ping-pong fill the morning downtime in the clubhouse, attention turned to hockey on Saturday. Players put down the paddles, and several watched the US face Russia in an Olympic meeting. However, they missed the finish, as the Cardinals were already on the field for workouts by the time St. Louis Blues player T.J. Oshie had his moment in the spotlight.
• Rob Johnson, who served as a backup catcher with the Cardinals during the second half of last season, has resurfaced with the Padres ... and he is coming back as a pitcher. Johnson, who was removed from the Cardinals' roster in November, did take the mound for St. Louis once last season. He struck out the only batter he faced in a 13-4 loss to the Dodgers.
Jenifer Langosch is a reporter for MLB.com. Read her blog, By Gosh, It's Langosch, and follow her on Twitter @LangoschMLB. This story was not subject to the approval of Major League Baseball or its clubs.


text:
Arsenal end trophy drought with FA Cup win
Arsenal ended its nine-year trophy drought on Saturday, coming from two goals...
Two of the Big Ten Conference's best are set
for a marquee matchup on Sunday afternoon, as the 20th-ranked Wisconsin
Badgers welcome the 13th-ranked Ohio State Buckeyes to the Kohl Center.
Ohio State followed a four-game win streak with a pair of losses at Michigan
on Feb. 5 (76-74 in OT) and at home against Indiana on Feb. 10 (81-68), but it
was able to get back on track on Thursday night with a 69-59 triumph over
Northwestern. The Buckeyes are now 18-6 on the season and situated in a three-
way tie for third place in the Big Ten at 8-4, but they have not fared well
away from home (3-5).
Despite dropping its latest matchup at Minnesota on Thursday night, 58-53 in
overtime, Wisconsin is in the midst of a very strong season at 17-8 and 8-4 in
conference. The Badgers have showed up on the biggest stages this season,
having registered signature wins over top-ranked teams Michigan and Indiana.
They also defeated Illinois and Minnesota while both were ranked in the
Ohio State took down Wisconsin in Columbus on Jan. 29, 58-49, to capture its
fourth win in the last six encounters with the Badgers, improving its record
in the all-time series to 84-66 in the process. Wisconsin holds a 43-28
advantage in games played in Madison, however.
The Buckeyes had to sweat it out in their latest contest against Northwestern,
as they even trailed by two with 5:14 left to play. Fortunately, they got
their act together down the stretch, closing out the game on a 12-2 run to
snap their brief skid. Despite getting outshot from the field, 46 percent to
45.5 percent, Ohio State held a 14-2 scoring advantage at the foul line and
controlled the boards, 41-21. Deshaun Thomas put together another strong
performance with 22 points as he kept pace atop the Big Ten's scoring ledger
(20.2 ppg). Lenzelle Smith, Jr. tallied 13 points, Sam Thompson had 11, Amir
Williams tacked on 10 points and eight rebounds, and while Aaron Craft hit for
only seven points, but rounded out a solid effort from the starting five with
six assists and three steals. OSU is one of only two teams in the conference
to rank in the top five in both scoring offense (71.6 ppg) and scoring defense
(59.1 ppg). In addition to being the top scorer, Thomas is also the team's
leading rebounder with 6.2 per outing, while Smith, Jr. (10.3 ppg) and Craft
(9.5 ppg, 4.5 apg, 2.0 spg) are also consistent performers.
Wisconsin led by as many as 10 points in their recent clash with Minnesota,
but allowed the Gophers to tie the game in the final minute of regulation to
force overtime, and the Badgers never held a lead in the extra session as they
suffered the tough five-point loss. Despite a great defensive performance,
which held Minnesota to less than 37 percent shooting from the field, they
could not take advantage when they had the ball (.305 FG percentage). Sam
Dekker was solid off the bench with 14 points, while Ben Brust was lackluster
from 3-point range (3-of-10) but still finished with 11 points. On the season,
Wisconsin's offensive attack is below average by Big Ten standards (66.8 ppg),
but it has established itself as one of the nation's top teams thanks to its
outstanding scoring defense, which ranks first in the league and 11th
nationally in yielding a mere 56.5 ppg. The team's strength comes in the
frontcourt, with Jared Berggren (11.7 ppg, 6.9 rpg, 1.9 bpg) and Ryan Evans
(10.6 ppg, 7.8 rpg) manning the low post. Brust nets 11.2 ppg thanks in part
to a 55-of-140 showing from beyond the arc, and he is also an outstanding
rebounder for a 6-foot-1 guard (5.3 rpg).


text:
Pedagogical Content Knowledge Documents
Main Document
Pedagogical Content Knowledge
written by
Eugenia Etkina
This presentation from the North Carolina PTEC Mini-Conference outlines the need for teachers to understand the overlap between pedagogy and their discipline-specific content. The presentation outlines a program designed to develop this understanding in new teachers and the results of this program.
- Download 070803_etkina.pdf - 136kb Adobe PDF Document
Last Modified August 31, 2007


text:
HSN760 - International Perspectives in Food and Nutrition
Unit details
|2018 unit information
|Enrolment modes:
Trimester 3: Study tour
|EFTSL value:
|Cohort rule:
Must be enrolled in
|Unit chair:
Gie Liem and Megan Thornton
Must have completed 2 x level 7 HSN-coded units
|Incompatible with:
|Contact hours:
1 x 1 full day seminar (Blackboard Collaborate), study tour of approximately two weeks
Limited places are available. The selection process includes a written application and personal interview. More information about the study tour program will be available to students by the end of March 2018. Students are strongly advised to consult with their student advisers first before applying, to ensure they have elective space in their course to undertake this unit.
This unit is being offered in alternate odd years, eg. T3 2017, T3 2019 etc.
This unit provides students with the opportunity to learn about the context of food, nutrition and health from an international perspective. The unit will be conducted in the form of a study tour of a pre-determined country and is designed to provide students with the opportunity to enhance their understanding of cross-cultural aspects of food, nutrition and health. The study tour will consist of a range of activities designed to link students with policy makers, consumers, nutrition departments, educators and food production companies in the host country, and to reflect on their own values and approaches in relation to food, nutrition and health.
Assessment task 1: Group pre-departure presentation via Blackboard Collaborate (30 minutes per group) and written summary 20% - hurdle requirement
Assessment task 2: Reflective practice paper (1500 words) 30%
Assessment task 3: Written briefing paper (2500 words) 50%
Unit Fee Information
Click on the fee link below which describes you:


text:
Kris Humphries may be fighting a losing battle. The NBA player's divorce attorney, Marshall Waller, dropped Humphries as a client just before his Feb. 15 joint court appearance with estranged wife Kim Kardashian.
According to documents obtained by TMZ, Waller says there has been an "irremediable breakdown of the attorney-client relationship." Humphries' out-of-state lawyer, Lee Hutton, needs another California lawyer to sponsor him in the divorce case.
PHOTOS: Kim Kardashain and Kris Humphries' wedding album
Kardashian's attorney, Laura Wasser, is expected to demand a trial date as early as March. The pregnant reality star, 32, filed for divorce on Oct. 31, 2011, just 72 days after tying the knot in a two-part E! special seen by 10.5 million viewers.
PHOTOS: Hollywood's shortest marriages
Humphries responded by an annulment based on fraud while asking Kardashian to pay his legal fees. Because of the athlete's repeated protests, the trial has been delayed three times. By demanding everyone from Kris Jenner to his wedding planner be deposed in his annulment request, Humphries has stretched the case to more than 450 days.
PHOTOS: Why 2011 was a struggle for Kim Kardashian
The 27-year-old basketball player's team is expected to complete the discovery phase by Feb 15. If they don't, Judge Stephen Moloney recently warned, "I'll indicate the respondent is not complying."
"It's sad Kris is playing this game," a Kardashian source said in Us Weekly's Jan. 28 issue. "Kim doesn't think he can be happy until he moves on."
This article originally appeared on Usmagazine.com: Kris Humphries' Divorce Lawyer Quits Just Before Kim Kardashian Court Hearing


text:
Southwestern's 2002-03 Economic Impact on Georgetown Eclipses $85 Million
Richard Anderson, vice president for fiscal affairs, reported that this figure was derived from assessing the direct expenditures of the University and applying a standard economic multiplier effect of 2.5.
"The multiplier used in an economic impact analysis indicates the number of times each dollar is spent and re-spent before leaving the community," says Anderson. "The methodology of the university's study is consistent with the methods used in college/university and other not-for-profit institution studies regionally and nationally. The university and its approximate 1,250 students and 450 full- and part-time employees have a significant impact on the local economy."
Southwestern University employees shared a 2002-2003 payroll totaling more than $19 million, while student wages added up to nearly $818,000. Officials estimate the local impact of the University's students was approximately $3.4 million. Student expenditures include major categories of food and housing, along with personal expenses, school supplies and recreation.
Retirement benefits accounted for more than $6 million during the year. The University spent more than $1 million with Georgetown vendors and $2 million for local utilities.


text:
This is the cordless iPad stereo that provides convenient, portable music anywhere in a home or while traveling. The rechargeable stereo provides up to six hours of music that is transmitted to the stereo wirelessly via Bluetooth from an iPad, iPhone, iPod, or any Bluetooth device up to 33' away. The stereo has an integrated subwoofer and three drivers that generate resonant bass, clear vocals, and crisp treble. A free app converts a smartphone or tablet into a remote control for the stereo and the stereo plays music from third-party apps like Pandora or YouTube. The built-in FM radio has 20 preset stations, the dock holds an iPad, iPhone, or iPod, and the USB, video, and auxiliary ports allow connection to any audio source. Slightly wider than an iPad, the stereo stores unobtrusively in a suitcase. Recharges via included AC adapter. For iPad, iPad2, and iPad3. 13" L x 3 2/3" H x 5" D. (3 lbs.)
Lifetime Guarantee
The Cordless iPad Stereo comes with The Hammacher Schlemmer Lifetime Guarantee. If this product ever disappoints you, for any reason, you may return your Hammacher Schlemmer purchase for exchange, credit, or refund.
Should you have any questions, we are available seven days a week (8:00 am – midnight EST). Please call 1-800-321-1484 to speak with a specialist or email us at firstname.lastname@example.com to receive a response within three business hours or less.
Shipping charges noted in parentheses apply in addition to our standard shipping & service.
We're sorry, but gift wrap is not available. Please call 1-800-395-7006 for Premium or Express delivery rates.
Oversized items scheduled for expedited delivery (Premium or Express) may incur additional shipping and services charges because of their unusual size. Please call 1-800-321-1484 for an estimate of S&S charges. International callers, please call 1-513-860-3397.
We're sorry, but gift wrap is not available for oversized items.
Shipped via truck and may require customer assistance upon delivery. You will be contacted to make an appointment for delivery.
We're sorry, but gift wrap and gift cards are not available.
GST still applies and will be charged upon processing. For complete shipping & service charges please call Customer Service at
May we recommend:
COPYRIGHT © 2018 HAMMACHER SCHLEMMER & COMPANY, INC. ALL RIGHTS RESERVED. W109147 E. 57th ST • NEW YORK, NY • 10022 • 1-800-_321-1484


text:
He will not be an asst at DONU. Per his Facebook page:
I got the call today and coach Miles has decided to go in a different
direction. He his hiring a guy who recruits overseas and locally. All
is well and I will continue to look at other opportunities."
Sorry if already posted.


text:
ORLANDO, Fla. - Orlando police have made an arrest in the shooting death of a 31-year-old woman Monday night.
Maurice H. Frye, 32, has been charged with 2nd degree murder and possession of a firearm by a convicted felon in the death of Lashondra Collier, 31.
Collier was shot around 2:30 a.m. at The Landings at Timberleaf Apartments near the Valencia College West Campus, according to police.
According to Orlando police, Collier, another woman and a man were inside the apartment when an argument broke out. Collier was shot and taken to a hospital and later was pronounced dead. The other woman was not injured.
Neighbors said they heard at least one gunshot. Frye was found and arrested in Lake County after the shooting.
Local 6 learned Frye is a convicted felon who has been in and out of jail for the past decade. His history of arrests include attempted second degree murder and child abuse, false imprisonment, and aggravated assault.
Frye was already awaiting trial for other charges, including failing to register as a sex offender, when he was arrested. It's unclear if or how Frye was being monitored by authorities while awaiting trial.
He currently remains in jail for second degree murder under a no bond status.
Watch Local 6 News and stay with ClickOrlando.com for more on this story.
Copyright 2013 by ClickOrlando.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


text:
Susan Patton, the Princeton alum whose controversial op-ed piece for The Daily Princetonian has outraged feminists, defended her words Friday and said women need to keep an "open mind."
Patton's piece urging women Princeton students to find husbands before they graduate has gained nationwide attention since it was published last week — so much so that it caused The Daily Princetonian site to crash.
The op-ed garnered strong reactions from opinion writers across the web, from the Huffington Post to Slate, prompting the alumni to speak out and defend her opinion.
"Women do aspire to having children and marriage," she said on CNN. "However, the messages that have been given to young women today are so totally focused on developing their careers, no one is saying to them, 'If addition to your career, you also want to be married and have children, you should really be thinking earlier about it.'"
Patton, who was the president of the class of 1977 and who has two sons currently attending her alma mater, had addressed her op-ed to "the daughters I never had."
"For most of you, the cornerstone of your future and happiness will be inextricably linked to the man you marry, and you will never again have this concentration of men who are worthy of you," she wrote.
She also warned women that they would be frustrated to discover a dearth of smart men in the post-graduation world outside of Princeton.
"Of course, once you graduate, you will meet men who are your intellectual equal — just not that many of them," she wrote. "And, you could choose to marry a man who has other things to recommend him besides a soaring intellect. But ultimately, it will frustrate you to be with a man who just isn't as smart as you."
That comment brought accusations of elitism, in addition to the charges that the piece was anti-feminist.
"This is the elitism of meritocracy: a reflexive belief that, not only are the best and brightest at the top, but outsiders are lesser and duller," Maureen O'Connor wrote in New York magazine.
The Daily Princetonian's opinion editor Sarah Schwartz solicited feedback from readers on Friday in a new post to "continue the conversation," and the response has not been pretty.
"Congratulations to Susan Patton '77, who gets my vote for the Troll Award for 2013," wrote one reader. "As any good troll knows, the way you get attention these days in not by subtlety, but by going way over the top."


text:
Politics is one of the major tools of economic development in the small but considerable northern New England state of New Hampshire, where I reside. It draws people other than dedicated skiers to the state in those frozen months of November through January, when the first-in-the-nation presidential primary campaigns are in the home stretch. And while the state used to belong to the category of fly-over or "just plain ignore" states during the general election campaigns, nowadays New Hampshire is much courted and ardently wooed through quadrennial summers and falls. The candidates and campaigns that once found us conveniently ignorable now find us utterly adorable.
What has changed? Well, Republicans may be loath to admit it, but the fact that the Democrats are stronger, are winning elections, and have put the State House and its corner office as well as the state's four electoral votes in play means that both parties must fight for election in the Granite State. They cannot, as the tired old pun has it, take the Granite state for granite.
Meanwhile, Massachusetts to the south is even more nearly unanimous in support of the Democrats than New Hampshire used to be for the Republicans. Vermont is less solidly partisan, but its politics are essentially "crunchy granola" and who will drive for hours to fight over granola? Maine is whatever Maine is, which is apparently nothing to get excited about, unless you think Republican Senators Susan Collins and Olympia Snow are the wave of the future for their party (they are kind of, sort of, Republicans) and the country. Further north is Canada and due east there is only the ocean — that water's edge where politics stops, except when we are disputing Maine over the state boundaries and territorial waters and such.
Today, more than ever, all roads to the White House run through New Hampshire and through all four seasons. That is why John McCain keeps coming back here. For a while, Bob Dole did, too, but he may have been simply lost trying to get out of the state after losing the primary here three times. Wife Elizabeth was wiser and dropped out before New Hampshire voted in 2000. Last Saturday, Barack Obama was back in Manchester and drawing a large enthusiastic crowd in the state's largest city. Police estimated the crowd in Veterans Memorial Park at more than 10,000.
They were mostly, but not entirely New Hampshire voters. Many came up from Massachusetts, where Republicans are the political equivalent of boat people. Some came from Connecticut, where first Lowell Weicker and then Joe Lieberman, having helped discredit their respective parties, have gone on to give independence a bad name. They were mostly, but not entirely, Democrats. Many were independents. John McCain has drawn respectable crowds on his visits here, but people are not crossing state lines to chant, "More of the same! More of the same!" They did come from other states to cheer Obama's call for "Change we can believe in."
Republicans would be happy to tell them that Obama has the most liberal voting record in the U.S. Senate. Democrats will counter that McCain has voted the Bush line more than 90 percent of the time. Obama has voted as often with Speaker of the House Nancy Pelosi. But most voters don't study and compare voting records. They do know when they want change. And Jurassic John just doesn't look or sound like change, even with the glamorous, moose-hunting, tax-cutting, reform-minded governor of Alaska at his side.
McCain once had a reputation as a reformer, but that was a couple of campaign cycles ago. McCain likes to rail against what has been wrong in Washington for the past 30 years, Obama reminded the partisans gathered under a warm sun and blue skies in Manchester. "What he forgets to tell you is that he's been there for 26 of those years and he hasn't done anything about it." There. Obama dismisses the "experience" issue as quickly and easily as Paris Hilton has solved the energy crisis in her only campaign commercial so far. ("Since the wrinkly white-haired guy hs put me in a campaign commercial, I guess I'm running for president.") And how seriously can anyone take the "experience" argument, anyway, when it is made by the same veteran senator who admits that he and his colleagues arrived in the nation's capital to change Washington, but instead, "Washington changed us."
Consider the presidents who had the most experience when arriving at the White House: Lyndon Johnson; Richard Nixon; George H. W. Bush Consider all the experience and accumulated wisdom brought to the service of the current president: Dick Cheney and Donald Rumsfeld, both of whom have been serving presidents since the Ford and even Nixon administrations. Paul Wolfowitz was among this administration's foreign policy "experts." Dr. Condoleezza Rice was another. Yes, all that experience and expertise has certainly made a difference: we might never have started a needless multi-trillion dollar war without it.
John McCain has said that when he enters the White House he will tell the special interests they are through running things in Washington, Obama noted. "Who's he going to tell, his campaign chairman?" Obama asked. "Who's he going to tell, his campaign manager?" McCain's campaign staff is so loaded with lobbyists that it is hard to believe they wouldn't be running his White House.
Obama has the numbers on his side, too. The numbers that showed how average household income went up during the eight years of the Clinton presidency and has gone down in the eight years of George W. Bush. The number $5 million, which is the annual income that John McCain has said makes someone rich. "I guess someone making $4 million is struggling," Obama said. Then there is the number of jobs that have gone overseas in the global economy. The candidate did not say just how or if he would stop or even slow that globalization, but at least he and a Democratic Congress would stop giving tax breaks to corporations that are shipping jobs and profits overseas.
And if the eight years of George Bush were not a heavy enough load for McCain to carry, there is the added weight of former Sen. Phil Gram of Texas and his Ph.D in economics to bear. Earlier this year, Gram, then McCain's economic adviser, told interviewers that the only recession going on is a "mental recession" and that America is becoming a "nation of whiners." Americans are not whiners, Obama insisted. Many are working two or three jobs, just to get by and are not complaining about it.
"But they expect to have a government that's fighting for them," he said. Instead we have a government fighting the wrong people in the wrong country, while Osama bin Laden continues to direct terrorist activities from a cave in Afghanistan or Pakistan. And a McCain campaign directed by Karl Rove continues to rely on distractions.
"They'll talk about lipstick and pigs," Obama said. They will put Brittany Spears and Paris Hilton in their campaign ads. They will continue to avoid the issues, he insisted.
So Obama went on, talking about healthcare, education from early childhood to college or university, fighting poverty, building infrastructure and more. And if Republicans ask how to pay for all that, he will remind them of the $10 billion a month the Bush administration is spending on a war the Iraqis neither provoked nor asked for and how that money can be better "invested."
That "investment" would be made by the government, of course, with the money supposedly intended to aid the private sector coming from the private sector. But Obama did not make that particular point, and the crowd ate up his promises of change, cheering and waving a sea of blue and white Obama signs. Later, some of them had lunch in downtown restaurants. In one of them, I met a couple of women who had come up from Connecticut to attend the rally and go canvassing for Obama. Behind the counter, serving sandwiches and ale, the moonlighting chairman of the Republican City Committee tried to dampen the enthusiasm for the tall dark stranger from Illinois.
"There are sixty days to go," he said "A lot can change."
Well, that, I guess, is the bottom line. One way or another, change will happen. In fact, one thing has already changed here in New Hampshire: competitive races have increased economic activity in downtown Manchester. It may even result in full employment for New Hampshire Republicans.


text:
In the previous installments of AAII's Financial Statement Analysis series, I discussed the three most commonly used financial statements—the income statement, balance sheet and cash flow statement.
In this installment of the series, I take an in-depth look at the most commonly used financial ratios. Click here for a downloadable spreadsheet that automatically calculates these ratios using financial statement inputs that you provide. Click here for detailed explanations on creating the ratios for Stock Investor Pro users.
Over the years, investors and analysts have developed numerous analytical tools, concepts and techniques to compare the relative strengths and weaknesses of companies. These tools, concepts and techniques form the basis of fundamental analysis.
Ratio analysis is a tool that was developed to perform quantitative analysis on numbers found on financial statements. Ratios help link the three financial statements together and offer figures that are comparable between companies and across industries and sectors. Ratio analysis is one of the most widely used fundamental analysis techniques.
However, financial ratios vary across different industries and sectors and comparisons between completely different types of companies are often not valid. In addition, it is important to analyze trends in company ratios instead of solely emphasizing a single period's figures.
What is a ratio? It's a mathematical expression relating one number to another, often providing a relative comparison. Financial ratios are no different—they form a basis of comparison between figures found on financial statements. As with all types of fundamental analysis, it is often most useful to compare the financial ratios of a firm to those of other companies.
Financial ratios fall into several categories. For the purpose of this analysis, the commonly used ratios are grouped into four categories: activity, liquidity, solvency and profitability. Also, for the sake of consistency, the data in the financial statements created for the prior installments of the Financial Statement Analysis series will be used to illustrate the ratios. Table 1 shows the formulas with examples for each of the ratios discussed.
Activity ratios are used to measure how efficiently a company utilizes its assets. The ratios provide investors with an idea of the overall operational performance of a firm.
As you can see from Table 1, the activity ratios are "turnover" ratios that relate an income statement line item to a balance sheet line item. As explained in my previous articles, the income statement measures performance over a specified period, whereas the balance sheet presents data as of one point in time. To make the items comparable for use in activity ratios, an average figure is calculated for the balance sheet data using the beginning and ending reported numbers for the period (quarter or year).
The activity ratios measure the rate at which the company is turning over its assets or liabilities. In other words, they present how many times per year inventory is replenished or receivables are collected.
Inventory turnover is calculated by dividing cost of goods sold by average inventory. A higher turnover than the industry average means that inventory is sold at a faster rate, signaling inventory management effectiveness. Additionally, a high inventory turnover rate means less company resources are tied up in inventory. However, there are usually two sides to the story of any ratio. An unusually high inventory turnover rate can be a sign that a company's inventory is too lean, and the firm may be unable to keep up with any increased demand. Furthermore, inventory turnover is very industry-specific. In an industry where inventory gets stale quickly, you should seek out companies with high inventory turnover.
In our example in Table 1, the inventory turnover ratio of 2.6x means that inventory was "turned over" or replenished 2.6 times during a period of one year. (This equates to inventory being turned over once every 140 days, or 365 days ÷ 2.6.) The inventory figure used, $190 million, is calculated using a beginning inventory of $180 million on December 31, 2010, and an ending inventory of $200 million on December 31, 2011. The $190 million represents the average inventory held during 2011, the time period when $500 million was generated in cost of goods sold.
Going forward, a decrease in inventory or an increase in cost of goods sold will increase the ratio, signaling improved inventory efficiency (selling the same amount of goods while holding less inventory or selling more goods while holding the same amount of inventory).
The receivables turnover ratio is calculated by dividing net revenue by average receivables. This ratio is a measure of how quickly and efficiently a company collects on its outstanding bills. The receivables turnover indicates how many times per period the company collects and turns into cash its customers' accounts receivable.
In Table 1, the receivables turnover is 7.8x, signaling that, on average, receivables were fully collected 7.8 times during the period or once every 47 days (365 ÷ 7.8).
Once again, a high turnover compared to that of peers means that cash is collected more quickly for use in the company, but be sure to analyze the turnover ratio in relation to the firm's competitors. A very high receivables turnover ratio can also mean that a company's credit policy is too stringent, causing the firm to miss out on sales opportunities. Alternatively, a low or declining turnover can signal that customers are struggling to pay their bills.
Payables turnover measures how quickly a company pays off the money owed to suppliers. The ratio is calculated by dividing purchases (on credit) by average payables.
Our payables turnover of 5.8x suggests that, on average, the firm used and paid off the credit extended 5.8 times during the period or once every 63 days (365 days ÷ 5.8). The payables turnover increases as more purchases are made or as a company decreases its accounts payable.
A high number compared to the industry average indicates that the firm is paying off creditors quickly, and vice versa. An unusually high ratio may suggest that a firm is not utilizing the credit extended to them, or it could be the result of the company taking advantage of early payment discounts. A low payables turnover ratio could indicate that a company is having trouble paying off its bills or that it is taking advantage of lenient supplier credit policies.
Be sure to analyze trends in the payables turnover ratio, as a change in a single period can be caused by timing issues such as the firm acquiring additional inventory for a large purchase or to gear up for a high sales season. Also understand that industry norms can vary dramatically.
Asset turnover measures how efficiently a company uses its total assets to generate revenues. The formula to calculate this ratio is simply net revenues divided by average total assets. Our asset turnover ratio of 0.72x indicates that the firm generates $0.72 of revenue for every $1 of assets that the company owns.
A low asset turnover ratio may mean that the firm is inefficient in its use of its assets or that it is operating in a capital-intensive environment. Additionally, it may point to a strategic choice by management to use a more capital-intensive (as opposed to a more labor-intensive) approach.
|Example data comes from the income statement, balance sheet and cash flow statement found in the Financial Statement Analysis columns in the March, May and July 2012 issues of the AAII Journal, which are linked here.
|Dollar amounts are in millions of dollars.
|Activity Ratios
|Inventory turnover
|cost of goods sold ÷ average inventory
|$500 ÷ $190 = 2.6x
|Receivables turnover
|net revenue ÷ average receivables
|$1,000 ÷ $128.5 = 7.8x
|Payables turnover
|purchases* ÷ average payables
|$520 ÷ $90 = 5.8x
|Asset turnover
|net revenues ÷ average total assets
|$1,000 ÷ $1,391 = 0.72x
|Liquidity Ratios
|Current ratio
|current assets ÷ current liabilities
|$685 ÷ $750 = 0.91x
|Quick ratio
|(cash + short-term marketable securities + accounts receivable) ÷ current liabilities
|$340 ÷ $750 = 0.45x
|Cash ratio
|(cash + short-term marketable securities) ÷ current liabilities
|$200 ÷ $750 = 0.27x
|Solvency Ratios
|Debt-to-assets ratio
|total liabilities ÷ total assets
|$1,067 ÷ $1,485 = 0.72, or 72%
|Debt-to-capital ratio
|total debt* ÷ (total debt* + total shareholder's equity)
|$517 ÷ $935 = 0.55, or 55%
|Debt-to-equity ratio
|total debt* ÷ total shareholder's equity
|$517 ÷ $418 = 1.24, or 124%
|Interest coverage ratio
|earnings before interest and taxes* ÷ interest payments
|$230 ÷ $100 = 2.3x
|Profitability Ratios
|Gross profit margin
|gross income ÷ net revenue
|$500 ÷$1,000 = 0.5, or 50%
|Operating profit margin
|operating income ÷ net revenue
|$180 ÷ $1,000 = 0.18, or 18%
|Net profit margin
|net income ÷ net revenue
|$82.75 ÷ $1,000 = 0.083, or 8.3%
|Return on assets (ROA)
|net income ÷ total assets
|$82.75 ÷ $1,485 = 0.056, or 5.6%
|Return on equity (ROE)
|net income ÷ total stockholder's equity
|$82.75 ÷ $418 = 0.20, 20%
|*calculated terms:
|cost of goods sold + ending inventory – beginning inventory
|$500 + $200 – $180 = $520
|total debt
|notes payable + current portion of long-term debt + long-term debt
|$100 + $150 + $267 = $517
|earnings before interest and taxes
|net income + income taxes + interest expense
|$82.75 + $47.25 + $100 = $230
Liquidity ratios are some of the most widely used ratios, perhaps next to profitability ratios. They are especially important to creditors. These ratios measure a firm's ability to meet its short-term obligations.
The level of liquidity needed varies from industry to industry. Certain industries are more cash-intensive than others. For example, grocery stores will need more cash to buy inventory constantly than software firms, so the liquidity ratios of companies in these two industries are not comparable to each other. It is also important to note a company's trend in liquidity ratios over time.
The current ratio measures a company's current assets against its current liabilities. The current ratio indicates if the company can pay off its short-term liabilities in an emergency by liquidating its current assets. Current assets are found at the top of the balance sheet and include line items such as cash and cash equivalents, accounts receivable and inventory, among others.
A low current ratio indicates that a firm may have a hard time paying their current liabilities in the short run and deserves further investigation. A current ratio under 1.00x, for example, means that even if the company liquidates all of its current assets, it would still be unable to cover its current liabilities. In our example, the firm is operating with a very low current ratio of 0.91x. It indicates that if the firm liquidated all of its current assets at the recorded value, it would only be able to cover 91% of its current liabilities.
A high ratio indicates a high level of liquidity and less chance of a cash squeeze. A current ratio that is too high, however, may indicate that the company is carrying too much inventory, allowing accounts receivables to balloon with lax payment collection standards or simply holding too much in cash. Although these issues will not typically lead to insolvency, they will inevitably hurt the company's bottom line.
The quick ratio is a liquidity ratio that is more stringent than the current ratio. This ratio compares the cash, short-term marketable securities and accounts receivable to current liabilities. The thought behind the quick ratio is that certain line items, such as prepaid expenses, have already been paid out for future use and cannot be quickly and easily converted back to cash for liquidity purposes. In our example, the quick ratio of 0.45x indicates that the company can only cover 45% of current liabilities by using all cash-on-hand, liquidating short-term marketable securities and monetizing accounts receivable.
The major line item excluded in the quick ratio is inventory, which can make up a large portion of current assets but may not easily be converted to cash. During times of stress, high inventories across all companies in the industry may make selling inventory difficult. In addition, if company stockpiles are overly specialized or nearly obsolete, they may be worth significantly less to a potential buyer. Consider Apple Inc. (AAPL), for example, which is known to use specialized parts for its products. If the company needed to quickly liquidate inventory, the stockpiles it is carrying may be worth a great deal less than the inventory figure it carries on its accounting books.
The most conservative liquidity ratio is the cash ratio, which is calculated as simply cash and short-term marketable securities divided by current liabilities. Cash and short-term marketable securities represent the most liquid assets of a firm. Short-term marketable securities include short-term highly liquid assets such as publicly traded stocks, bonds and options held for less than one year. During normal market conditions, these securities can easily be liquidated on an exchange. The cash ratio in Table 1 is 0.27x, which suggests that the firm can only cover 27% of its current liabilities with its cash and short-term marketable securities.
Although this ratio is generally considered the most conservative and very reliable, it is possible that even short-term marketable securities can experience a significant drop in prices during market crises.
Solvency ratios measure a company's ability to meet its longer-term obligations. Analysis of solvency ratios provides insight on a company's capital structure as well as the level of financial leverage a firm is using.
Some solvency ratios allow investors to see whether a firm has adequate cash flows to consistently pay interest payments and other fixed charges. If a company does not have enough cash flows, the firm is most likely overburdened with debt and bondholders may force the company into default.
The debt-to-assets ratio is the most basic solvency ratio, measuring the percentage of a company's total assets that is financed by debt. The ratio is calculated by dividing total liabilities by total assets. A high number means the firm is using a larger amount of financial leverage, which increases its financial risk in the form of fixed interest payments. In our example in Table 1, total liabilities accounts for 72% of total assets.
The debt-to-capital ratio is very similar, measuring the amount of a company's total capital (liabilities plus equity) that is provided by debt (interesting bearing notes and short- and long-term debt). Once again, a high ratio means high financial leverage and risk. Although financial leverage creates additional financial risk by increased fixed interest payments, the main benefit to using debt is that it does not dilute ownership. In theory, earnings are split among fewer owners, creating higher earnings per share. However, the increased financial risk of higher leverage may hold the company to stricter debt covenants. These covenants could restrict the company's growth opportunities and ability to pay or raise dividends.
The debt-to-equity ratio measures the amount of debt capital a firm uses compared to the amount of equity capital it uses. A ratio of 1.00x indicates that the firm uses the same amount of debt as equity and means that creditors have claim to all assets, leaving nothing for shareholders in the event of a theoretical liquidation.
For our example, total debt used in the numerator includes short- and long-term interest-bearing debt. This ratio can also be calculated using only long-term debt in the numerator.
The interest coverage ratio, also known as times interest earned, measures a company's cash flows generated compared to its interest payments. The ratio is calculated by dividing EBIT (earnings before interest and taxes) by interest payments.
In the example used in Table 1, the interest coverage ratio of 2.3x indicates that the firm's earnings before interest and taxes are 2.3 times its interest obligations for the period. The higher the figure, the less chance a company has of failing to meet its debt repayment obligations. A high figure means that a company is generating strong earnings compared to its interest obligations.
With interest coverage ratios, it's important to analyze them during good and lean years. Most companies will show solid interest coverage during strong economic cycles, but interest coverage may deteriorate quickly during economic downturns.
Profitability ratios are arguably the most widely used ratios in investment analysis. These ratios include the ubiquitous "margin" ratios, such as gross, operating and net profit margins. These ratios measure the firm's ability to earn an adequate return. When analyzing a company's margins, it is always prudent to compare them against those of the industry and its close competitors.
Margins will vary among industries. Companies operating in industries where products are mostly "commodities" (products easily replicated by other firms) will typically have low margins. Industries that offer unique products with high barriers to entry generally have high margins. In addition, companies may hold key competitive advantages leading to increased margins.
Gross profit margin is simply gross income (revenue less cost of goods sold) divided by net revenue. The ratio reflects pricing decisions and product costs. The 50% gross margin for the company in our example shows that 50% of revenues generated by the firm are used to pay for the cost of goods sold.
For most firms, gross profit margin will suffer as competition increases. If a company has a higher gross profit margin than is typical of its industry, it likely holds a competitive advantage in quality, perception or branding, enabling the firm to charge more for its products. Alternatively, the firm may also hold a competitive advantage in product costs due to efficient production techniques or economies of scale. Keep in mind that if a company is a first mover and has high enough margins, competitors will look for ways to enter the marketplace, which typically forces margins downward.
Operating profit margin is calculated by dividing operating income (gross income less operating expenses) by net revenue. The operating margin in Table 1 is 18%, which suggests that for every $1 of revenues generated, $0.18 is left after deducting cost of goods sold and operational expenses. Operating expenses include costs such as administrative overhead and other costs that cannot be attributed to single product units.
Operating margin examines the relationship between sales and management-controlled costs. Increasing operating margin is generally seen as a good sign, but investors should simply be looking for strong, consistent operating margins.
Net profit margin compares a company's net income to its net revenue. This ratio is calculated by dividing net income, or a company's bottom line, by net revenue. It measures a firm's ability to translate sales into earnings for shareholders. Once again, investors should look for companies with strong and consistent net profit margins.
In our example, the net profit margin of 8.3% suggests that for every $1 of revenue generated by the firm, $0.083 is created for the shareholders.
Two other profitability ratios are also widely used—return on assets (ROA) and return on equity (ROE).
Return on assets is calculated as net income divided by total assets. It is a measure of how efficiently a firm utilizes its assets. A high ratio means that the company is able to efficiently generate earnings using its assets. As a variation, some analysts like to calculate return on assets from pretax and pre-interest earnings using EBIT divided by total assets.
While return on assets measures net income, which is return to equity holders, against total assets, which can be financed by debt and equity, return on equity measures net income less preferred dividends against total stockholder's equity. This ratio measures the level of income attributed to shareholders against the investment that shareholders put into the firm. It takes into account the amount of debt, or financial leverage, a firm uses. Financial leverage magnifies the impact of earnings on ROE in both good and bad years. If there are large discrepancies between the return on assets and return on equity, the firm may be incorporating a large amount of debt. In that case, it is prudent to closely examine the liquidity and solvency ratios.
The firm in our example in Table 1 has an ROA of 5.6%, indicating that for every $1 of company assets, the firm is generating $0.056 in net income. The ROE in our example of 20% suggests that for every $1 in shareholder's equity, the firm is generating $0.20 in net income.
Ratio analysis is a form of fundamental analysis that links together the three financial statements commonly produced by corporations. Ratios provide useful figures that are comparable across industries and sectors. Using financial ratios, investors can develop a feel for a company's attractiveness based on its competitive position, financial strength and profitability.
Creating the ratios discussed in this article for use in Stock Investor Pro allows you to quickly pull them up for any company in the database. This overview shows you how to create the ratios to access them through Stock Investor Pro views.
Start by opening the Custom Field Editor by going to go Tools and selecting Custom Field Editor, by pressing Alt-C, or by clicking on the Custom Field Editor icon in the toolbar. The Custom Field Editor is where all the ratios are created.
To create each of the ratios, the ratio formula must be entered into the expression box. For instance, when creating inventory turnover ratio, which is calculated by taking cost of goods sold and dividing by average inventory, first click in the expression box and select cost of goods sold from the field picker box. Cost of goods sold is an income statement item, so it is found by expanding the Income Statement – Annual category. To expand any category, click on the plus sign next to category in the field picker window. In our example, we select Cost of Goods Sold Y1, which provides the cost of goods sold figure for the most recently completed fiscal year. After selecting cost of goods sold, click Add Field and the data point will appear in the expression box. Next, press the division symbol and it will also appear in the expression box. The denominator of the inventory turnover equation is average inventory, which requires the average of the beginning and ending inventories for the period. In order to properly enter the denominator, start by inputting two open parentheses by pressing the open parentheses button twice. Expand the Income Statement – Annual category, select Inventory Y1 and press Add Field. Once again, the data field will appear in the expression box. Next, click on the addition symbol and confirm that it appeared in the expression box. Select Inventory Y2 (the inventory figure at the end of the fiscal year two years ago) and click on Add Field. After checking to see that the data field appeared in the expression box, click on the end parentheses sign. Next, select the divisor sign again and then click on the end parenthesis sign one more time. The denominator of the expression should look like this: ([Inventory Y1] + [Inventory Y2]) / 2). The denominator adds the ending inventory one and two fiscal years ago and then divides by two, which is the average inventory during that period. The entire expression should now be complete and look like this: [Cost of goods sold 12m] / (([Inventory Y1] + [Inventory Y2]) / 2).
You can also simply type this expression in. Please note that it must be typed into the expression box exactly as it shows up here or the function will not work properly. After finishing the inventory turnover expression, click on Verify. The program notifies you if the expression is valid or invalid. If the expression is valid, you can save and name it by clicking on the Save As button. If the expression is invalid, it means you did not enter in the expression correctly. In our example, we named the expression Inventory Turnover Ratio.
The remaining ratios are created in the same manner. If you know the ratio formula, you can easily create them in Stock Investor Pro. The difficulty lies in knowing which category each of the data fields resides in. For help finding each data point, refer to the Help menu, which includes all the data fields offered in the program. A summary is provided for each data point along with their categories.
After creating your ratios, the program allows you to create a view to access the ratios quickly and easily. To create a view, open the View Editor by clicking on View Editor from the Tools pulldown menu. The newly created custom fields are all stored in the Custom Fields category. Expand this category and select the ratios you want to be included in your view and press Add, then select Save and name your view. In our example, we include the Company Name and Inventory Turnover Ratio. After creating your view, pull it up by selecting it from the View pulldown menu. As you can see, I selected the Buffett (Hagstrom) screen and the newly created Ratio View. I am shown the companies passing the Buffett (Hagstrom) screen and the Inventory ratio of each company.
—Joe Lan
Introduction to Financial Statement Analysis, January 2012
The Income Statement: From Net Revenue to Net Income, March 2012
The Balance Sheet: Assets, Debts and Equity, May 2012
The Cash Flow Statement: Tracing the Sources and Uses of Cash, July 2012
Steven Sears from IA posted over 5 years ago:
Another great article! It is good to underscore the vast differences between industries. I look forward to receiving the hard copy to keep on my desk. Thank You!
Thomas Dean from ON posted over 5 years ago:
This article omits value ratios: Price to Earnings, Price to Cash Flow, Price to Book, Price to Sales.
Joe Lan from IL posted over 5 years ago:
We have yet to discuss valuation ratios and ROE in detail and will likely do that in a future article.
Doug from Ithaca, NY posted over 5 years ago:
The Debt-to-Equity ratio section doesn't seem right to me:
Debt-to-equity ratio
The debt-to-equity ratio measures the amount of debt capital a firm uses compared to the amount of equity capital it uses. A ratio of 1.00x indicates that the firm uses the same amount of debt as equity and means that creditors have claim to all assets, leaving nothing for shareholders in the event of a theoretical liquidation.
Given that Equity = Assets - Liabilities, I would think that a debt-to-ASSETS ratio of 1.00x would be the case where creditors have claim to all assets, leaving nothing for shareholders in a liquidation.
A debt-to-equity ratio of 1.00x implies (by the above equation) that Assets are twice liabilities; so there IS something left for shareholders in the event of a liquidation.
I think the debt-to-equity ratio is useful as a sensitive index of LEVERAGE, given that additional debt increases assets in the same amount as liabilities, but leaves equity unchanged.
Raj from NJ posted over 5 years ago:
Agree with Doug. As long as the Assets > Liabilities, wont there be something (theoretically) left over for shareholders?
In practice, there is cost associated with liquidation and the amount leftover (Assets - Liabilities) will have to be significant enough to repay the shareholders.
Great article as the previous four and look forward to more!
Gerrie Griffin from IL posted over 5 years ago:
Great article. Gave me a clear understanding of what basic ratios measure and how to calculate them. Thanks!
Alex from CA posted over 5 years ago:
Would you consider some ratios for evaluating
Dividends & the companies ability to continue making them(Common and/or Preferred) in various industries (MLP'S, REITS,Utilities, Financial,
all Others)
Doug Dudley from AZ posted over 5 years ago:
Thanks, Doug. I am just catching up and the comment about "leaving nothing for shareholders in the event of a theoretical liquidation" would have bugged me, too.
I am also enjoying these articles. Much more interesting as a retired investor than a working accountant.
Nord from California posted over 3 years ago:
It would be great if the standard ratios were already preprogramed in Stock Investor Pro.
Ron from Ohio posted over 3 years ago:
Hello Joe
great article.
which of the above ratio's would be considered the best, or the number rule of thumb to keep an eye on?
how can we as investors now that the numbers reported by companies are "accurate" .. so many different accounting standards.
Sorry for beginner questions.
Paul Courchene from NH posted over 2 years ago:
I wish articles such as this were published or available as a "Print Version". I often sit in my Easy Chair and read things from your Web Site, and sometimes print the content out, so that I can walk through it with a pencil or Pen.
And make points that i want to remember ...
How about a "Printable Version?" ...
A Happy AAII Camper
A. Smith from OH posted over 2 years ago:
Would like to see a lot more of this type of information. A series of this type info would be of tremendous value.
Donald Levy from NY posted 22 days ago:
This a simple and brief overview of the ratio, I am looking forward to Part 2 of this presentation. Please also include some of the ratio for buying stocks.
Sorry, you cannot add comments while on a mobile device or while printing.