text:
If you're looking for a birthday card that showcases the best looking cake ever, you have just found it! This awesome ecard displays a fun and colorful celebration cake with vibrant decorative candles, perfect white frosting, and lots of sprinkles. No one could ever resist a cake that looks this good! Send this birthday card without delay so someone can make their birthday wish right away.
If you would like to make someone's big day extra exciting, then send this spectacular birthday card that features fireworks bursting in the night's sky! It showcases sparkling colors of blue, purple, and orange, and it looks terrific! Let the person who is turning a year older today know that this day is worth celebrating in a big way with this stunning birthday card!
If you know someone who is celebrating their birthday, show them how much you care by sending golden sparkling balloons and a fantastic cupcake! The outstanding birthday card will wish someone a happy birthday with a little class and style. It features the perfect combination of reflective gold, pink, and white colors. It all comes together to wish someone a sensational day and a prosperous year! Send this elegant ecard to your friend, coworker, or family member today!
A delicious frosted cake is front and center, lots of colorful, brightly lit candles on top. And behind is a bunch of balloons. It's the perfect setting for their birthday celebration! This fun and festive card will make sure family, friends, any special person in your life has a wonderful day, filled with everything they love. And as they make a wish and blow out the candles, they'll know you're thinking of them and hoping they enjoy every moment of their party.
A flourish of flowers in all different colors blooms on this sweet and charming birthday card. And it comes with a special message for its recipient, wishing them a wonderful celebration and year ahead. Whether it's a close family member or a friend you haven't seen in awhile, it's a greeting that brings your warmest sentiments to let them know you're thinking of them and hope they're filled with joy and happiness on their big day.
A delightful daisy background is the best and brightest way to make somebody's birthday cheerful! And the message front and center lets them know you picked this card just for them to celebrate all the wonderful things they do. Whether it's a family member or friend, near or far, this card is great for perking up their big day, while reminding them how much they mean to you.
What's sweeter on somebody's birthday than getting a delicious frosted cupcake? How about a card that let's them know just how sweet you think they are! Featuring a candle-topped confection for them to wish upon and a thoughtful message above, this is the kind of greeting that sets the right tone for the year ahead, while making them smile, whether you're sending it from nearby or across the miles.
The secret's out! These sweet kitties have a special message to bring to the birthday boy or girl: they're another year more adorable! Celebrate your family member, friend, anyone with this bright and festive birthday card. Featuring a trio of kittens inside a colorful box, gifts and balloons all around, this is a wonderful reminder to someone of any age that they mean so much to you.
Send roses and cupcakes to someone special this year with this fabulous happy birthday card! These celebration cupcakes have perfect white frosting, beautiful roses, along with a pretty ribbon. The words Happy Birthday are written in fancy lettering, and it looks fantastic! This ecard will certainly make someone's birthday extra special. So be sure to send it on its way so that they can receive these cupcakes on their big day.
It's that time of the year again when someone you know is celebrating their special day! This means it's time to send a fabulous cake, presents, balloons, and more, over to them before the day is over. They will be so thrilled to receive a spectacular cake such as this. It showcases many layers with frosting, cherries, stars, and looks simply irresistible! Get this cake, and the birthday wishes too, over to the person who means so much to you.
On their birthday this year, the sky is the absolute limit for fun! And nothing conveys that message more than a night sky full of sparkling, colorful fireworks. The message may be simple, but it's a bold and impactful way to wish them the kind of day they deserve, along with a year to come that's filled with all amazing things. After all, they mean a lot to you, and there's nothing you want more than to make them smile.
This adorable pup is here to wish somebody special a very happy birthday. He's got a colorful party hat on and candle-topped cake in front of him, perfect for them to make a wish on for the year ahead. What a heartwarming way to let friends, family, anyone know you're thinking of them and wishing them well, today and always.
This is the best birthday card ever! It's bursting with color and features tons of stars that add an element of excitement. The birthday cake is perfectly decorated with colored frosting, sprinkles, stars, and more. The candle is lit and ready for a wish to be made. Send this birthday card out to your friend, coworker, or family member who is celebrating their birthday today. They will be so glad you did!
Have someone's spirits soaring on their birthday with this festive card! Featuring a bunch of balloons floating in the air, in all different colors, it's a chance to let them know that you're wishing them an uplifting celebration. And no matter how many miles are between you this year, you can be sure they'll be surprised and smiling as soon as they see it.
Everyone should have a cake on their birthday, and you can make sure of it by sending this awesome greeting card out to someone special today. It displays the best cake ever with colorful bright candles, pink and white frosting, and sprinkles too! Confetti and streamers are seen, which make this birthday card even more festive. Plus, the message will remind them to celebrate to the fullest and have the time of their life! It's the perfect ecard to make someone's birthday even more exciting.
This exquisite birthday card is filled with lovely items that will add joy to the day of anyone who receives it. It showcases pretty pastel celebration balloons, a basket full of beautiful flowers, and a sensational pink bicycle. The message expresses that you hope their day is as wonderful as they are. It will certainly make their birthday extra special to read something so thoughtful as this. Send this outstanding birthday card to someone you care about on their big day.
The best day of the year for some is the day they were born. This is because on this special day, they hear from all their friends and relatives, receive great gifts, a cake, and a chance to feel like they are the most important person of the day. It showcases a beautiful illustration of presents and balloons, created with beautiful colors. Be a part of this occasion by sending them this fabulous birthday card out today.
Send wishes over to someone who is celebrating their big day today, it will warm their heart and bring a smile to their face. This wonderful birthday card features an incredible cupcake with lit candles. It also showcases the words Happy Birthday in a way that adds a touch of creativity to this greeting card. Additionally, this ecard displays unique colors that make it stand out from the rest, and it looks awesome!
This birthday card has celebration written all over it! The colorful fireworks bursting in the sky look so vibrant that you instantly have a feeling of excitement and joy. Happy Birthday is displayed in gold shimmering letters, an extra touch that is bound to brighten any birthday. If you need a card that will add an exciting element to someone's birthday, then this glowing fireworks card is the perfect solution!
The happy birthday wishes on this birthday card are surrounded by bright balloons, just like you will want to surround the important person in your life with friendship, love, and joy! The top of this birthday card is covered in confetti that dissolves into glitter as it falls to the bottom, sparkling as much as the person whose birthday it celebrates. There's no better way to get a birthday party started!
If you are looking for a fun greeting card to send out to someone celebrating their big day, you're in luck because this birthday card is filled with fun colors, it features an exciting sparkling cupcake, and more. Plus, it wishes someone special a year filled with happiness, success, and all that they have been hoping for. Also, this cupcake is simply just too awesome not to send out to the person you are thinking of today.
Are you searching for a simple birthday card that looks fabulous? Well, you just found it! This yummy cupcake greeting card sports pastel colors, lots of cupcakes with sprinkles, along with the words Happy Birthday written many times! It certainly gets the point across. No matter who you send it to, it will add a smile to their day. Make sure to get these cupcakes over to someone special before the day ends!
This birthday card is too cute not to send! It's filled with adorable dogs who are celebrating a birthday. They have their birthday hats on and they all look very excited. Dog lover or not, anyone would really enjoy receiving this adorable birthday card. Send these dogs over to meet the person you are thinking of today, it will surely bring a smile to their face!
If you adore your loved one and want to wish them happiness, prosperity, and a long life, use the sunflower on this Happy Birthday card to send your birthday wishes. The bright, beautiful flower will bring thoughts of happiness and joy on such a special occasion. With this sunny Happy Birthday card, you can make your loved one's birthday a day they will never forget!
Everyone loves desserts, especially on their big day. This exceptional birthday card features fancy cupcakes that look simply irresistible! They contain vibrant colors of blue, pink, and green, giving them a very festive look. These perfect celebration desserts will certainly brighten the day of anyone who receives them. So wish someone a fabulous day and send these beautiful cupcakes on their way!
Make sure to send this festive birthday celebration card to the person you are thinking about today, it will show them just how much your care! This terrific greeting card has an exciting and festive feel to it, complete with birthday hats, streamers, and a happy group of people celebrating a birthday! This ecard will wish them a fantastic celebration with their friends and family! This will certainly have them looking forward to the festivities of the day!
Need a birthday card that can make a big statement? Then you have just found it! This sensational greeting card sports many eye-catching colors, shapes, and more. The watercolor birthday candles look artistic and festive, along with the pink and yellow confetti! The words Happy Birthday are front and center, and can't be missed. If you would like to make someone's day extra special, then send this birthday card off today!
Someone you know is celebrating their birthday, which means it's time to let them know you are thinking of them today! There is no better way to do this than to send a beautiful birthday card such as this! It showcases lovely illustrations of lollipops and other candy, along with perfect colors of pink and yellow. This birthday card is a must-send and will certainly make someone's day extra special. So send it off today so they can enjoy all this candy on their big day!
Do you know someone who is celebrating their birthday today? Someone who is caring and thoughtful? If you do, this birthday card would be a perfect fit. The message was written just for the person you are thinking about today! This outstanding ecard showcases white and gold sparkling balloons, a fabulous background, as well as a creative way of displaying the words Happy Birthday. If you want to make someone feel extra special today, then send these golden balloons on their way!
Birthdays only come around once a year, and when they do, they should be celebrated to the fullest! This birthday card touches on that, reminding them to have a fabulous day! It features a beautiful bright pink background, pretty white outlines in the shape of flowers, and a touching message. No matter who you send this ecard to, it will certainly make their birthday extra special!
Happy Birthday to you! A birthday is the most special day of the year for many because it represents the day someone was born. What could be more important than that! This is what makes this birthday card so perfect, it will remind them that this day is all about them, and it wishes them a big happy birthday. It will undoubtedly bring a smile to the face of anyone it's sent to.
Light up the night! A thrilling fireworks display is the ultimate way to wish a happy birthday to someone you know! Make it a fabulous birthday by sending a fabulous birthday card! It's as simple as that. Fun, easy and fast-send a stylish birthday greeting card in a snap. Birthdays are meant to be awe-inspiring and exciting-just like this fabulous birthday greeting card!
If you want to make someone happy on their special day, then just send over this eye-catching frosted cupcake birthday card! It comes complete with multi-colored sprinkles, a bright green cupcake holder, and a fancy sparkler. It doesn't get any better than this! Remind them that this day is all about them with this fantastic birthday card today!
Wish someone a happy birthday with this terrific colorful and festive birthday card! This awesome ecard showcases vibrantly colored party balloons that represent the big celebration at hand. It's addressed to someone very special, and this will place a smile on their face! Birthdays only arrive once a year, so be sure to send a birthday card to let someone know you are thinking of them on this important day!
No one can resist cupcakes that look as good as this! They're were made with with perfectly colored frosting, great toppings, and more. It's a greeting card that can be sent to anyone who is celebrating their birthday. So if you have a friend, relative, or coworker who you are thinking of today, send this fantastic card on its way. It will certainly give them something to smile about.
This charming birthday card will make sure your friend, family member, or coworker will have a beautiful day! A lovely pink bird sits by her beautiful cage surrounded by flowers. Such a pretty sight to see! A sensational banner spells out the words Happy Birthday and will bring a smile to anyone's face. It's filled with delightful illustrations that come together to create an exquisite birthday card!
Surprise someone you are thinking about today with this pretty birthday card! It has everything you would need to wish someone a Happy Birthday in style. It includes pretty pink presents, and a woman wearing lovely pink shoes. You will also see the words Happy Birthday that were written just for the person who is celebrating their big day today. Be sure to let someone know how much you care by sending this sensational greeting card out right away!
It's someone's special day today, so why not be the first to wish them a happy birthday with this fantastic greeting card! It will give you a chance to remind them to enjoy their day to the fullest. This sensational birthday card displays a creative cake, complete with cherries on top! It showcases colorful borders and artistic lettering. Don't wait a second longer, send this awesome cake to someone today while the candle is still lit!
Birthdays are suppose to be fun and exciting, and this wonderful ecard represents just that! It's filled with artistic balloons against a striped background, and it looks terrific! This sensational and stylish birthday card will impress anyone that it's sent to. Its message expresses that you want them to enjoy every minute of their big day. Make someone's birthday even better by sending this ecard before the day is over!
Let someone know that you are thinking of them on the day they were born with this awesome birthday card! It features a 3 layer cake with lots of frosting, special candles, and more. Birthdays are just not complete without a special cake, so be sure to send this one on its way so you can bring a smile to someone's face today!


text:
Question about Hitachi DZ-MV730A DVD Camcorder
I need an owners manual for this item
Posted by Karl Schick on
You can download it here: https://merchant.satisfusion.com/sf/WarrantyCenter/registration/secure/Hitachi/Manuals/ModelNumberManualLinks.jsp?masterModelOID=SF-1111147462-119740&random=1183350646999 Click the DZMV730A Owner's Manual link. Or right click the link and Save As to your computer. Hope this helps.
Posted on Jul 02, 2007
Hi there,
Save hours of searching online or wasting money on unnecessary repairs by talking to a 6YA Expert who can help you resolve this issue over the phone in a minute or two.
Best thing about this new service is that you are never placed on hold and get to talk to real repairmen in the US.
Here's a link to this great service
Good luck!
Posted on Jan 02, 2017
Tips for a great answer:
Jan 31, 2012 | Olympus FE-230 Digital Camera
Sep 07, 2011 | Funai FDRV90E DVD Recorder/VCR
May 18, 2010 | Magnavox H2160MW9 HDD Recorder
Jun 10, 2009 | LG RH177 DVD Recorder/HDD Recorder
Mar 04, 2009 | LG RH177 DVD Recorder/HDD Recorder
Dec 07, 2008 | Philips Magnavox MWR10D6 DVD Recorder
Nov 14, 2008 | LG RH177 DVD Recorder/HDD Recorder
Jun 16, 2008 | Televison & Video
Feb 03, 2008 | Funai FDRV90E DVD Recorder/VCR
132 people viewed this question
Usually answered in minutes!
Level 3 Expert
13434 Answers
Level 3 Expert
85222 Answers
Level 2 Expert
270 Answers
Step 2: Please assign your manual to a product:

subset: commoncrawl


text:
Hello and welcome to our Adult Personals website called Try Texas Personals. Our goal is to help you find single men and single women in all major cities in Texas that are interested in Adult Dating and meeting Swingers in all Texas Cities. So feel free to click on any member below and register a profile and meet them and start a discussion about what ever your into, such as threesomes, wife swap, Hosting Swinger Parties any where in Texas.
Click Any Member Below To Meet Them!


text:
Please keep in mind that we are very hands on with our horses, and therefore might not be able to respond to your calls right away. If you have not received a response within a couple of days, please try again.
The typical life expectancy of a horse is 25 years. Our horses tend to stick around much longer- easily into their late 30's.
Jane &
Greg Schrein - Owners/Activities Coordinators
Hafner - Camp Director/Riding Instructor
- Barn Manager & Trail Boss
For general information, trail rides, parties, camp call: (561) 622-8130
For riding lessons call: 622-8130
Send your inquiries to:
Wandering Trails Riding Academy
5705 Hood Rd
Palm Beach Gardens
Florida 33418


text:
Nate - Glad to see you checking in with the crew. This site has slowed down dramatically, still have never seen anything from Kbell either.
I cant believe Gunner is 9 already. What's that old saying.....the only problem with a dog is they don't live long enough. I have not been out yet but will probably get out a day or two this week. I always like to let the first two weekends pass by before I get out there. I have heard decent reports in south central with birds being taken. One of my new neighbors went out yesterday and said he hunted hard all day with a dog in Atlantic and did not see a single bird. The most common theme I have heard is way too much corn in for the first week or so. That shall pass quickly though.
Gunner is probably a lot like me; still loves to get out there and chase the birds but probably cant swing a full day of hard hunting anymore. My damn groin bothers me after about 2 or 3 hours of walking, especially in the tall grass or extra deep snow. But, I just take my time. If it works out, we will have to get our annual couple hour walk in some time later in the season. Being right in the hood now, it makes it that much easier. Hope all is well with you and the family!
PS, Oh yea, your Hawks. Good lord, what got into those boys? That was one heck of a performance!


text:
Good fit, good pose
Bad fit. The jacket needs to be straightened. Sleeve is too short on the right and is cuffs should be peeking out. OMG – is there a short sleeved shirt under there?
The Worst. (Depending on what you're looking at) Before his stylist days. For anyone who wonders what chinos are, meet your first chino suit. Does he even have a full length mirror? The sleeves are too long. The matching converse sneakers – a matter of taste? But the pants?
Source for all: Armitageonline.RU


text:
4430 Results for Antiques in Boyertown Pa - Classifieds
No chips or cracks. This water pitcher and basin was purchased at a antique market 35 years ago in Kutztown, Pa. it has been stored away.1 month ago on ebay.com
Antique Frie Onnaing French Majolica PitcherBoth Sides of pitcher Standing LionApproximately 4 3/8" tall x 3 1/2" Some checking and old hairlines.No chips, small ding on base.As shown in photos.Quoted shipping to lower 48 USA states.1 month ago on ebay.com
"Imperium Romano-Germanicum", hand-colored two sheet map with detailed notation and graphic indication of towns, mountains, rivers, rivers and tributaries, forests, Baltic, North and other Seas, Saxony, Rhineland, W1 month ago on ebay.com
6 Antique Ironstone Butter Pats Burgess & Leigh England Pink Flowers Campion - As Is ConditionPainted with pink flowers & blue & gray leaves Edges of lid are scallopedGold painted band on edgeI think the pattern is1 month ago on ebay.com
Antique Pink Transferware Plate Pagoda People Trees Oriental As Is ConditionPink or red transfer ware design on potteryPagoda, people in oriental garb, trees & flowersFloral borderWhite beaded scalloped edge7 7/8" d1 month ago on ebay.com
From an estate sale this antique plate. I don't see chips or cracks but there is quite a lot of crazing goes along with the age1 month ago on ebay.com
Antique Mulberry Transferware Plate Marone Dresden Flowers # 4 Oxidation As IsMarone Dresden Flowers 1955 patternMulberry transfer ware design on potteryTransfer is highlighted with paint in shades of red, blue, gre1 month ago on ebay.com
Antique Mulberry Transferware Plate British Tambourine Mellor Venables & Co NIceTransfer design on porcelainA bird surrounded by flowersFloral border9 1/4" diameterMade by Mellor Venables & Co 1843 - 1851 Condition:1 month ago on ebay.com
Antique Ironstone Serving Dish Burgess & Leigh England Pink Flowers Campion - As Is ConditionPainted with pink flowers & blue & gray leaves Edges of lid are scallopedGold painted band on edgeI think the pattern is C1 month ago on ebay.com
Beautiful cup and saucer. It might be a soup cup. It's hand painted beautifully with red currants and green leaves. Gold trim around cup pedestal and edge of saucer. The saucer is sorta 3 sided. The cup measures 4 11 month ago on ebay.com
Antique Water Milk Pitcher Roses Silver Luster & Lavender Pottery Unusual BeautyEmbossed with Sweetheart RosesFlowers & leaves are highlighted in silver lusterLavender background5" diameter x 6 1/8" tall x 6" handle1 month ago on ebay.com
This is unique collector's item - an antique that is more than 50 years old. Starting bid on E-Bay is $99.95. It is estimated to be worth $150 to $200. Ironart Cast Iron black cat complete with bow, green eyes, an1 month ago on Oodle
8" decorative milk Glass Plate - $10 -collector's item or entertaining use. In excellent condition. This plate is almost 50 years old and could be classified as an antique.1 month ago on Oodle
Transfer Print Luster and White Spatter Pitcher Ya Olde Jug Inn by Old Castle England For Your Fine Porcelain and Pitchers Collection - PitcherEnglishLuster Offered here is an antique lovely transfer print luster po1 month ago on ebay.com
Good used conditionPlease take note of the fruit on the lid: appears to be a crack but is smooth to the touch; possible natural imperfection or discoloration Stands approx. 6" high and 11" length1 month ago on ebay.com


text:
Auction Items For Sale
50 Head Registered Black Angus Cattle
Like-New NH Track Loader & 3 Gooseneck Trailers
Trucks – Loads Of Tools – Small Line Of Hay Equip.
Goldwing Trike – Lawn Equipment – Lumber
Absolute auction, all sells to the highest bidders on location:
BEEF CATTLE: Approx. 20 cow calf pairs (mostly first calf heifers) – approx. 10 yearling open heifers – approx. 5 bred heifers due to calf soon. All grass based operation and only use calving ease herd sires. Selling females due to limited pasture. Hard working genetics. These cattle thrive on grass or grain. Also selling: 2 1/2-year-old unregistered Black Angus bull for neighbors.
NOTE: Partial cow list PDF available. Check back for an updated list!
LIKE-NEW EQUIPMENT AND TRAILERS: 2016 NH C232 track loader, cab heat, A/C air ride seat, super boom 2000 series, hyd. quick tach, high and low flow hyd., keyless start, AM/FM stereo, H pattern controls, factory warranty, 84" bucket, only 30 hours
SKID STEER ATTACHMENTS TO SELL SEPARATE: Stout 84" brush grapple - hyd. post puller - 6ft to 12ft job crane - Quick tach 3pt adaptor - Kwick pick rock picker - pallet forks - (2) 18' hyd. stump grapples
2016 WILSON Aluminum 7x20 Anniversary Model gooseneck stock trailer, LED lighting, spare tire, winter plugs
2016 PJ 25+10 Gooseneck 25,000 GVW equipment trailer, hyd. beaver tail, electric over hyd. brakes, 12K warren winch w/ remote, 12K tandem dually axles, LED lighting, HD jacks, powder coat paint, shocker hitch, synthetic ramp decking, strap ratchets
2016 PJ 8.5x18 Gooseneck 25,000 GVW dump trailer, electric over hyd. disc brakes, 4ft removable sides, dbl. barn doors, coal chute, HD jacks, 10K tandem dually axles, slide out ramps – Vermeer 906, 3pt PTO Chipper
FARM EQUIPMENT: Clean Ford 3910 diesel tractor, remote hyd., 8-speed, front and rear wts., 2,066 hrs. - Woods RB800, 84" 3pt rear hyd. angle blade - NH 472 7ft Haybine - NH 450 Sickle Bar Mower - Pequea PTO hay fluffer - Like new NH 258 hay rake - JD 702 "V" Rake - NH 311 hay baler w/ hyd. belt thrower - Farmhand 817 Feed grinder mixer - Pequea 125 PTO, single beater manure spreader - Ford 309, 3pt 2-row corn planter w/ marker arms
ALL-TERRAIN VEHICLES - HONDA GOLDWING TRIKE: Nice 2007 Polaris Ranger 700XP, EFI, full cab, AM/FM stereo, 4X4, 300 hrs., 1,600 miles - nice 2015 Honda Rancher 420 FA2, 4X4, auto, power steering, 652 miles - 2006 Honda Rancher AT, 4X4, 3,400 miles - 2015 JD 6X4 Gator, diesel, 542 hrs., electric dump - nice 1989 Honda Goldwing Trike, 18,800 miles, custom paint, arm rests, 2 helmets with intercom
TRUCKS: 2009 IH Durastar 4300SBA stake bed truck, Maxx Force DT466E diesel engine with Eaton Fuller 6sp trans, 33KGVW, 22 ft. flatbed, 149,000 miles - 1978 Mack R model semi-tractor, 300HP, Mack 5sp trans., Camel back suspension, live tandem, 44,500 GVW, strong runner - 1972 IH 1800 Loadstar, V-8 gas dump truck, runs
LAWN EQUIPMENT: 2003 JD 1565 series II 4WD diesel, hydro, 72" deck, 40 HP, Yanmar diesel - Gravely 8122 54" lawn tractor - Gravely 16-G lawn tractor, 52" cut.
TOOLS: Miller Trailblazer 22G, 4-cyl. gas - Emglo compressor – Snap-On hand tools – chainsaws - large vises - HD bench grinder - Torch with tanks and cart - Henrod cutting torch - laser transit - chop saws - chains and binders - drum dolley - Rigid pipe wrenches - Greenlee knockout set - tire tools - several power hand tools - table saw - band saw - radial arm saw - Hilti PR20 transit - several socket sets and wrench sets - large HD welding table - parts and hardware bins- motorcycle floor jack - 1 inch drive socket set - snow blade for Ventrac - pipe tools - gas cans - new lumber - loads of tools and hardware not mentioned
MISC.: (4) 24ft sunshades with poles (for cattle) - (5) 20ft alum. ladders - damaged chopper for S660 JD combine, anything may turn up!
ADDITIONS: Hyster S50XL propane forklift, 3-stage side shift mast, new starter and brakes – one-owner 2004 Fatboy w/ 15,910 mi., fully customized, lowered 2 in., has adjustable lowering kit, battery and Metzger tires have roughly 1,500 mi., low profile seat and a touring seat – like new, Schulte, SKW 1400 rock windrower – NH 358 grinder mixer – One-owner 2014 Kobelco 50SR mini excavator, cab, heat, AC, 1,973 hours – to sell separate 12", 18", 24", 36" & 60" buckets – DR mower, 24" brush head, 30" finish head, runs – authentic full-size tipi – 4 heavy duty 16-ft. sections of two-inch pipe constructed fence line hay feeders, 64 ft. total
NOTE: Exciting Auction! Quality throughout! 10:00 AM: Tools, hardware in two auction rings. 12:00 PM noon: Equipment, trucks, & trailers. Followed by Cattle at approx. 2:00 PM. Plenty of parking. Cattle delivery available. Viewing Thursday, June 14th from 4:00-6:00 PM. Cattle questions call Jake at 330-417-9123. Equipment questions call Peter Sr. at 330-705-5996.
Chattel Terms: Driver's license or State ID required to register for bidder number. Cash, Check, Debit Card, Visa, or Master Card accepted. 4% buyer's premium on all sales; 4% waived for cash or check. Information is believed to be accurate but not guaranteed.


text:
Paralegal Certificate Online Cost – A Suitable Financial Aid For Your Learning
With a well-structured learning and a suitable paralegal certificate online cost, various Paralegal online certification programs offer rewarding career opportunities to the aspiring candidates. If you're planning on entering into an exciting field that will expose you to new challenges and opportunities, then enrolling in an online paralegal certification course is an excellent method.
Paralegal professionals are responsible for supporting attorneys in their routine operations in offices and courtroom settings and hence, choosing the right online paralegal certificate course is an imperative option for students who aspire to become paralegals.
There are numerous benefits of online paralegal certification programs. Along with offering utmost convenience to the students for completing the course at their own pace, these online certification programs provide a well-structured learning program to complement the learning style of enrolled candidates.
The certificate costs and schedule of these online programs vary with institutions and courses, about which we will be discussing on, further.
What will a paralegal certificate online fee?
The prime concern of most of the aspiring students is the paralegal certificate online fee. In fact, most of these online certification courses range in cost from $1000 to $3000. The tuition cost of online paralegal certificate programs is noticeably lower than that of traditional graduate programs. Therefore, taking these online certificate courses will be of great help to students in saving a considerable amount of money on daily commuting costs, campus housing fees, childcare fees, and other miscellaneous costs.
There are multiple resources that could help students to choose programs with rational paralegal certificate online cost. A large number of resourceful candidates make the best use of the internet to discover various tuition reimbursement programs and scholarships. Several online schools also provide support to aspiring candidates in finding suitable financial aid for their learning.
As a matter of fact, obtaining an online paralegal certificate is not that hard, it will require students to stay dedicated, focused and committed. The paralegal is one of the fastest growing profession and completing a paralegal certificate program could be of great help to aspirants in enjoying several exciting career opportunities.
Finding the Right Paralegal Online Certification Courses
The cost of an online paralegal certificate depends on certain factors. It is important for you to know that most of the paralegal schools set their course tuition cost depending on the of credit hours required for course completion. This is the reason why a two-year certificate course is less expensive than a four-year paralegal certificate program.
Below listed are some top-rated colleges that offer paralegal online certification programs at an appropriate paralegal certificate online cost.
- Duke University – Founded in the year 1838, this private university offers online paralegal certification programs along with numerous graduates and professional degree courses. The cost of paralegal certification programs ranges from $5000-$23000, depending on whether the candidate is an in-state resident or an out-state resident. Duke University also offers paced programs and students can complete it in as less as 1 year.
- University of California – This public research university enrolls more than 38,000 students in various undergraduate, graduate and certification programs. The online paralegal certification program is offered here at the University of California at a suitable paralegal certification online cost ranging between $3000-$20,000.
- Boston University – This private university offers paralegal training programs that can help students to earn an associate degree in paralegal studies. The paralegal certification online cost for online paralegal studies certification program ranges from $600 to $5,400. These certification programs mainly contain two modules that can allow the students to complete the course in as less as 14 weeks.
- University of North Carolina – Founded in 1789, this public research university is one of the oldest educational universities in the US, and it offers various online paralegal studies certification programs with their costs ranging from 5000 to 12,000 US dollars. Most of its paralegal certification programs offer a balanced approach to the students with lucrative career opportunities.
To learn more about paralegal certificate online cost, please make sure to fill in the form provided below.


text:
Teaching Pointe Work
This workshop is designed as an introduction to, and also further development of, the teaching of Pointe work with special emphasis on the needs of RAD teachers and with reference to both the Foundations and the Progressions of Classical Ballet technique publications. Participants will explore the history of Pointe work. They will also be given guidance as to when is the right time for a pupil to embark on Pointe work, how to choose and prepare shoes, and various ideas and exercises for the teaching of Pointe work. There will also be development ideas for the more established pupil with the Pointe vocabulary of both the Intermediate Foundation and Intermediate syllabi covered. Participants will be encouraged to engage in open discussion and sharing of ideas and experiences.
- To enable participants to learn more about the teaching of Pointe work with some background history of Pointe work
- To enable participants to be more knowledgeable and confident about when and how to embark on the teaching of Pointe work
- To make participants more aware of the development of teaching Pointe work, with more knowledge of the Pointe Vocabulary for both Intermediate Foundation and Intermediate levels
- To involve participants in open dialogue and the sharing of ideas and experiences
Book Your Place
June 30 | Chicago, IL


text:
- Joined
- Nov 11, 2009
- Messages
- 9,241
- Location
- Big D, little a, double L, A S
First of all I don't comment on re-enactments or commemorations involving re-enactors because it's just not my thing. But it does seem to me that those people are adding something and not taking away.Do you write something similar every time you see some Confederate commemoration being recounted on this site? How about when there is a Civil War reenactment? If a Catholic university changes the name of a campus site, what does that have to do with the murder rate in St. Louis? Are you suggesting that they stop doing anything else until they get better gun control? Perhaps the school should suspend classes so the students and staff can work full-time on the crime/poverty/violence issue.
And yes, removing anything Confederate is sold as something that will make folks feel better about themselves and in return perform better. That's not working out so well in Memphis, New Orleans and in my city, Dallas, where murders this year are at a 25 year high. Removing the Lee statue was supposed to be salve on the old wounds but so far not so much.


text:
Introducing A.I. technology that contextually understands what it reads.
One of the most advanced reading comprehension technologies around.
Built by experts in the Artificial Intelligence and Natural Language Processing community, Yogi reads and learns the contents of your customer documents.
Yogi is trained using novel deep learning techniques to contextually understand text information, leading to richer and more accurate results.
Reviews, social media posts, survey results, user interviews, video transcripts.
As long as it's text, Yogi can understand what's being said.
Yogi can process tens of thousands of text samples in a matter of minutes, automating what would be an infeasible task for a human to do.
We are creating versions of Yogi optimized for specific domains to ensure Yogi correctly interprets the language your customers use.
Yogi lives in the cloud for easy accessibility and scalability. Point to online customer feedback or upload your own data. Yogi will store and analyze the text and provide interactive visualizations to help you understand what customers are saying at a grand scale.


text:
Shane Mcbee
Orion High Class of 1998
Memories of Shane Mcbee
Are you Shane Mcbee?
This page means someone is someone is looking for you. Register for free to let other alumni contact you and more:
- Let others find you
- Contact old friends
- Share photos and memories with other registered alumni
Looking for Shane Mcbee?
This is a placeholder page for Shane Mcbee, which means this person is not currently on this site. We do suggest using the tools below to find Shane Mcbee.
About placeholder profiles
You are visiting the placeholder page for Shane Mcbee. This page is here because someone used our placeholder utility to look for Shane Mcbee. We created this page automatically in hopes Shane Mcbee would find it. If you are not Shane Mcbee, but are an alumni of Orion High School, register on this site for free now.


text:
MAP Architects were handed a hard task when asked to design this modern building on the streets of Christchurch. The building needed to house both Porsche and Christchurch Clinical Studies Trust (CCST) in the same building whilst ensuring both parties still received an energy-efficient, state-of-the-art building that met all their needs.
Walking through the new Porsche showroom, it is clear that high performance, technologically advanced, premium quality products have been used. This feeling is quickly cemented when looking up to the metres of Kingspan Insulation's Kooltherm K10 FM G2 Soffit Board lining the soffits.
Chosen for its high fire properties, its lightweight, easy installation, and its 10 year Project Specific Warranty, the Kooltherm K10 FM G2 Soffit Board was an easy choice for future proofing this building for years to come.
The showroom also has Kingspan Insulation's Kooltherm K17 Insulated Plasterboard lining the walls, giving it a sleek, finished look.
Kooltherm K17 Insulated Plasterboard is a high performance, fibre free, rigid thermoset phenolic insulation, sandwiched between a front facing of tapered edge gypsum-based plasterboard and a reverse tissue based facing that is autohesively bonded to the insulation core.
The Kooltherm K17 Insulated Plasterboard is lightweight and has a thin profile, allowing for a bigger footprint, and an easier, faster installation.
As a competitor to the classic stud and track method, Kooltherm K17 Insulated Plasterboard can be installed directly onto a concrete wall, enhancing the overall floor area yet still providing high thermal performance. Its lightweight system structure and fast install method make it an easy choice for builders and contractors such as Hanham and Philp Contractors who managed the installation of the product for this project.
The reduced time it takes to install the product cuts down labour costs and aids in delivering a quick completion time.
Although filled with high performing internal insulation products, the building design has little difficulty showing off its own state-of-the-art features. These include interactive screens for browsing Porsche's range of models and configurations, and electric vehicle charging points in the first-floor carpark for what Porsche anticipate to be a necessity in the near future.
As a building housing medical tenancies, it has been built with resilience in mind and boasts a higher than usual earthquake standard (IL3) of compliance to ensure the safety of its tenants after a run of earthquake tragedies in the city.
It will also feature an upmarket café on the ground floor to encourage healthy eating in the precinct and meet the needs of health workers from the clinic on the upper level.
Architect: MAP Architects
Contractor: Hanham and Philp Contractors
Location: Christchurch, NZ


text:
Most expecting mothers are fiercely protective of their unborn child. They do whatever they can to ensure the baby grows strong, including eating the right foods, restricting their activity and even researching child development.
3 Ways Colorado Drivers are causing accidents
Beautiful scenery graces the Colorado landscape and draws many new residents to the Denver area each year. There is a mixture of new and experienced drivers taking to the roads daily. Unfortunately, many innocent drivers are hurt in car crashes that leave them in a financial bind and unable to bounce back.
Is It Time To Ban Cellphone Use While Driving?
In Colorado, more than 40 car accidents happen every day as a result of distracted driving, most of which involve cellphone use. State law has already banned the use of cellphones while driving for those under the age of 18. Now, some powerful forces are pushing to extend that ban to drivers of all ages.
What if you are in an accident with an uninsured motorist?
Now that winter has arrived, Colorado drivers are dealing with snow and ice on the roads. Dangerous driving conditions can lead to vehicle accidents. Even if you drive cautiously when the weather is bad, you may encounter other drivers that are not so careful.
What are the top causes of car accidents during winter?
It seems every winter drivers forget how to navigate ice and snow. It's a relearning process and unfortunately the change in weather often comes with car accidents. Why does this happen every year?
Electronic Scooter Accidents On The Rise
The popular ridesharing service Lyft recently debuted its electronic scooters in Denver. This increases the city's population of shareable scooters to 1,050, with more on the way. As if the scooters were not enough, shareable electronic bikes will be available soon.
Surviving The Deadliest 100 Days On The Road
Many people look forward to the summer months in Colorado. These are months of vacations and road trips, of bike rides and long walks in the sun.
Recovering Financially After A Car Crash
After a car crash, recovering physically from injuries will take priority. Depending on the severity of the injuries, this may require many doctor visits, surgeries and physical therapy. When all the healing is done and the medical bills have piled up, car crash victims may find that recovery is not over yet. Now the focus shifts to financial recovery.
Should Bicyclists Be Allowed To Run Stop Signs?
Currently, the same rules apply to bicycles that apply to cars. Like cars, bikes must stop at stop signs and red lights. However, the reality is that bikes are dramatically different than cars. What is safe for one may not be safe for the other.
Will Health Insurance Be Enough After A Car Accident?
After suffering an injury in a car accident, people with health insurance often feel lucky that their policy will cover their medical bills. Unfortunately, they often discover that the insurance policy they thought would protect them falls short of addressing all the costs.


text:
Early Saturday morning, a fire broke out in one of the barns at the Mount Hope Training Center in Orange County, New York. According to the New York Post, the flames killed 28 Standardbred racehorses.
A groom relayed that the horses had just returned from racing at Pocono Downs.
"The guy got up to feed them," said the groom. "He saw half the barn on fire. He came back and shouted, 'Fire! fire!' and everybody was running to help to save the horses."
Unfortunately, the blaze spread quickly, and none of the horses in the barn were able to be saved. No humans were injured in the fire.
A GoFundMe account has been set up to support the trainers.
Read more at nypost.com.
New to the Paulick Report? Click here to sign up for our daily email newsletter to keep up on this and other stories happening in the Thoroughbred industry.
Copyright © 2020 Paulick Report.


text:
Alvar canada goose parka black friday Nunez Cabeza de Vaca
canada goose store Can you get rid of cellulite? Yes you can Don listen to those women who tell you that it is impossible to get rid of cellulite once the fat deposit has happened because this is not true. The sheer number of search results when you search with the phrase "how to get rid of cellulite on back of thighs" clearly tell you that cellulite is a temporary problem that can be taken care of. And for this all you need to do is listen to the right advice and use the right product.. canada goose store
canada goose clearance sale Edmond Road and Santa Fe Ave. According to police spokesperson Jenny Wagnon, it started as a domestic call. Police are investigating after a confirmed fatal officer involved shooting at an Edmond neighborhood. (Privacy Policy)HubPages canada goose outlet kokemuksia Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a https://www.canadagooseparkasoutlett.ca HubPages account, all personally identifiable information is anonymized. Amazon Web ServicesThis canada goose coats uk is a cloud services platform that we used to host our service. canada goose clearance sale
canada goose uk shop It all depends on the kind of spell which has been cast upon and which magic system it prescribes canada goose outlet boston to. I am not versed in the practice or theory of counter spells or magic at all as I am not a believer but I am quite learned in the historical cheap canada goose beliefs of magic. To identify a witch you could supposedly take feathers that had been dipped into an accelerant then say the suspected person's name over the feather. canada goose uk shop
cheap Canada Goose How much of this survives for future Democrats when Obama exits the stage? Obama's advisers are quick to say it won't be around for others to tap. Too much of the Obama coalition, they say, is about Obama himself. It might reject anyone who tries to take up his mantle in a few years. cheap Canada Goose
cheap canada goose uk Studying abroad is canada goose leeds uk a great way to make friends with those who hold the ability to add positive value to your life. Hence it is very essential for you to surround yourself with the right people. As you are staying away from your family, making correct people your friends will make life much easy on a foreign land. cheap canada goose uk
buy canada goose jacket cheap That's what the creators and cast of the canada goose black friday toronto hit play turned sitcom Kim's Convenience, the first Canadian TV show with an all Asian lead cast, have striven for from the beginning. And as the series starts its third season, the CBC production has found lasting success in being both funny and deep.Creator Ins Choi, whose family moved from Korea and settled in Toronto when he was very young, started penning Kim's Convenience as a play in 2005. At the time, with his acting career off to a bumpy start, he was invited to join the playwriting unit at fu GEN, a uk canada goose store Toronto theater company dedicated to developing Asian Canadian stories."I came in with an idea: Write what you know," Choi says.At the same time, Choi also felt the canada goose outlet locations in toronto stage was missing stories like his."I wasn't seeing Asians on stage, I wasn't seeing Asian stories," he says.Indeed, Kim's Convenience from its setting in a convenience store in downtown Toronto, to the generational differences between the immigrant parents and their children, to the prominence of the Korean church is infused with the parts of Choi's life that shaped him."My father's a pastor. buy canada goose jacket cheap
uk canada goose outlet Both sides may call witnesses and show evidence during a mini trial of sorts. If the panel doesn't find the presence of aggravating factors, the judge dismisses them and sentences Arias to either the rest of her life in prison or life in prison with the possibility of release after 25 years. If jurors find there were aggravating factors, the case moves into a penalty phase. uk canada goose outlet
Canada Goose online Eigenvalues and diagonalization. Applications. Complex numbers. The Huron Natives accepted Baptism from Jesuit priests in hopes that they would be healed. The Europeans had some medical knowledge and supplies and helped them the best they could. Alvar canada goose parka black friday Nunez Cabeza de Vaca writes in Relacions how he helped cure Natives of canada goose freestyle vest uk illnesses. Canada Goose online
canada goose black friday sale New Delhi: The country is all set for canada goose outlet the penultimate round of the Lok Sabha election. Voting for the sixth phase canada goose outlet store calgary of Lok Sabha election in 59 constituencies has begun at 7 am today. Over 10.17 crore voters across seven states will decide the fate of 979 candidates by casting their votes today. canada goose black friday sale
canada goose As a result, the streets and buildings of Old Havana remained frozen in time, but their inhabitants changed dramatically. When the original owners of the city's colonial mansions fled, it was in some cases their servants who remained behind, taking their properties over. In others, poorer residents simply moved into abandoned houses or were given such properties by the government which had officially expropriated all housing from previous owners canada goose.


text:
Captain Apollo
Sex: Neutered Male
Breed: Siamese/Domestic Medium Hair
Age: 10 years, 2 months
Status: Adoptable
Captain Apollo is a big, handsome kitty-cat who has been dreaming of his furever home. If you'd like more info on Captain Apollo, please click "Adopt Me" to fill out an adoption survey. By filling out an adoption survey, we will be able to contact you to answer your questions about Captain Apollo and to help set up a meet and greet! (An adoption survey is not a commitment to adopt the pet you are interested in.)
P.S. – Captain Apollo currently lives at our Lodge adoption center and would love a foster home while he waits for a furever home, because nothing beats a warm cozy home. If you're interested in becoming a foster, please fill out a foster form so we can invite you to a foster orientation.


text:
Share Close
Monthly training MS/HS with S&A
This is a pass for Middle School and High School Training with Speed and Agility. Billing occurs every 4 weeks (8 classes). Drop out must submit 1 month notice in order to avoid charges. Only two make up classes are allowed for duration of the program fall and spring, one for summer. Classes lost due to Inclement weather do not qualify for make up policy.
Pass details
- 12 visits
- Unused visits expire after 1 month


text:
Want some huge-bellied delicious? Obsessed of pregnant horny babes? Always dreamed to fuck knocked up amateur? Then welcome to our website. Last updates: sluty pregnant, preg ant hentai, pregnant milf bukakke, angelina jolie naked pregnant and knocked up nikki missionary position.
Clip #1567Fat pregnant looking tranny. More clips: pregnant black cock, preggo celebs, prego moives xxx, knocked up website and free pregnant asian.
Photo #5267Pregnant porn trailer. Searched with: pregnant small breasts, pregnant mmf, milf prego, preggos video and pregnant tits videos.
Set #2279Pregnant wife stories. Related searches: pregnant gals, slut preggo pussy, pornography with pregnant women, rape pregnant porn and pregant and orny.
Set #5421Pregnect. More clips: pregnant assault sex porn, kat von d preganant, pregant sex videos and pregnant vigina.
Clip #2736Pregnant porn for iphone. Also: inc preg erotic story, prego free, sex stories interracial pregnant, pregnant sluts giving head and huge pregnate.
Set #3015Pregant picture. Related searches: pregant nude photos, pregnent squirt, pregnancy rubber and preggo amateurs.
Picture #3748Pregnancies in us. Additional pics: free pregnet nude pics, preggolicious galleries, pregnency site and pregnant body.
Set #1220Pregnant breast xxx. More clips: free nude pregnant tgp, perverted mature preggo, adult xxx pregnant sex, cream preg and preganet tits.
Set #1762Belly pregnant sexy. Additional pics: naked pregnant pic free, pregnant creampies pics, pictures of pregnant celebs, hot pregnat woman xxx and pregnant pussy tube.
Picture #5415Knocked up n. Additional pics: slim and pregnant with nice tits, pregnant laddy, free pregnant women pics, naked pregnant galleries and pregnant candy.
Picture #2711Hentai prego. Additional pics: pregnacy belly, pregant women photos, hot pregnant tub, nude preg pic and pregnant old creampie.
Picture #4494Hot prego pussy. Also: free girl movie pregnant, pregnant girls squirt, pregnant babes photo and pregnant gurls.
Photo #5148Pregant x. Searched with: pretty pregnant girls, videos of girls shaving then fucking pregnant pussy, pregnant teen whores, hot pregnants and horny pregant women.
Photo #1042Nude pregnant female. Searched with: free videos of pregnant women having sex, fucking pregnant pussy, impregnate pussy and knocked up kelly.
Clip #4105Pregnate lesbain. Searched with: pregnant woman sex videos, lady picture pregnant, pregnant women squirting and free movie preggo sex.
Clip #617Preg nude g. Also: preggo ebony sex clips, free preggo movie clips, preggo housewife and preggerz.
Picture #3666Pregant photos. Searched with: extreme pregnant fisting, pregnant wives fucking videos and pregnant exam porn.
Set #2406Pregnant pics com. Also: pregnant ladies, pregnancy glamour, pregnant and husband wants to suck my lactating tits and slut preggo pussy.
Picture #1214Pregnet and nude. Additional pics: nude pregnant women licking balls, 3d prego wife, pregnetcy and preg photo sex.
Set #3253Black pregnant girls fucking. Also: hot babe preganat, pregnant free site, pregnant shots and pregnant preggo.
Clip #2044Free photo pregnant sex. Related searches: pregnancy older mothers, youg pregnent cunt pics, amateur pregnant porn clip and pregnant belly pictures by.
Photo #3348Preggos video. Searched with: knocked up naked, knocked up avi, preggy videos and pregnant celebrity teens.
Photo #3102Preg free vids. Additional pics: boob milk preggo, male pregnanet, april mckenzie fucking pregnant, preggo teen fuck and nude prego moms.
Set #2735Preg movies. Related searches: pregnant mature amatures, preganacy dreams, naked pregnant free, pregnant asian models and pregnant asian women nude.
Clip #4964Fuck my pregnant pussy. More clips: pregnat an d, boobs preg and fucked pregnant.
Picture #4019Pregnancy panty. Related searches: free pregnant gallery, pregnant pussy stretched and free naked pregnant woman porn.
Clip #4207Redhead preggo. Also: young pregnant girls, pregnant on video, pregnate pictures, free pregnant photos and preggo teen fucked.
Clip #4685Knocked up pitures. Also: pregnate black girl, pregnant ledy, is prego good wet pussy you, creampie pregnant by black man and pic pregnant sex.
Photo #1868Young pregnant videos. Additional pics: pissing pregnant, mr pregnant com and preg breast.
Clip #2858Online pregnncy. More clips: pregnant tranny shemale, red head pregnant, and videos of pregnant and pregnant spears.
Photo #1572Pregnant italian. Also: pregnant milf pictures, preggo galleries, being pregnate and pics of pregnant celebs.
Set #1977Knocked up tara pussy. Searched with: hot pregnant blonde, preggo tights fucking video and misti preggo.
Clip #1653Petite pregnant woman. Additional pics: pregnant old creampie, pregnant fuck movies and pregnant porn film.
Clip #4479Pregnant and sex. More clips: pregnant milky breasts, porn pregnant teens, male pregancy, pregnat pic black and prego shes.
Picture #3320Nude photo pregnant woman. Additional pics: pregnant lesbian peeing vids, pregnant free porn videos and just pregnant mature.
Clip #3083Indian naked pregnant woman. Also: demi moore pregnancy pictures nude, pregnant asian movies and gravidsex.
preganat boobs
pic of pregnant chick
knocked nikki up
nude preg pic
girls knocked up
pregnany people
pregnant blonde peeing
preg porn
pregancy pussy
pregnant wife
amateur pregnant picture
pregnant xxx clips
pregnant women breasts
pregnant amateur milf
free pic pregnant sex
pregant woman gif
pregnant slut video
prego man
gallery girl pregnant
Friendly pregnant sites:
preggo vagina
mily pregnet
preggy teen
free videos of pregnant girls masturbating
Copyright © 2012


text:
Posts tagged 'fund flows'
Stirring the Sentiment Tea Leaves Redux
Despite the Volatility Index (VIX) currently operating at the low end of historical ranges (9.36), the equity markets operate on a perpetual volatility rollercoaster. This period of relative calm has not stopped participants from searching for the Holy Grail of indicators in hopes of determining whether the next large move in the markets is upwards or downwards. Although markets may be efficient in the long-run (see Crisis Black Eye), in the short-run, financial markets are hostage to fear and greed, and these emotions have been on full display. Although the Dow Jones Industrial Average has almost catapulted almost +4,000 points since the period right before the 2016 Presidential Election, last June also produced a roughly -1,000 point decline in the Dow. With fresh fears over Russian intervention-collusion, global monetary policy uncertainty, and political risk in North Korea, investors are grasping for clues as they read the indicator tea leaves to better position their portfolios. Some of these contrarian sentiment indicators can be helpful to your portfolio, if used properly. However, in large part, interpreting many of the sentiment indicators is as useful as reading tea leaves for your winning lotto number picks.
The Art of Tea Leave Reading
The premise behind contrarian investing is fairly simple – if you follow the herd, you will be led to the slaughterhouse. There is a tendency for investors to succumb to short-termism and act on their emotions rather than reason. The pendulum of investment emotions continually swings back and forth between fear and greed, and many of these indicators are designed with the goal of capturing emotion extremes.
The concept of mass hysteria is nothing new. Back in 1841, Charles Mackay published a book entitled, Extraordinary Popular Delusions and the Madness of Crowds, in which Mackay explores the psychology of crowds and mass mania through centuries of history, including the infamous Dutch Tulip Mania of the early 1600s (see Soros Super Bubble).
Out of sympathy for your eyeballs, I will not conduct an in-depth review of all the contrarian indicators, but here is brief sampling:
Sentiment Surveys: The American Association of Individual Investors (AAII) releases weekly survey results from its membership. A different survey, conducted by Investors Intelligence, called the Advisors Sentiment Index, surveys authors of various stock advice newsletters. These data can provide some insights, but as you can probably gather, these surveys are also very subjective and often conflicting.
Put-Call Ratio: This is a widely used ratio that measures the trading volume of bearish put options to bullish call options and is used to gauge the overall mood of the market. When investors are fearful and believe prices will go lower, the ratio of puts to calls escalates. At historically high levels (see chart below), this ratio usually indicates a bottoming process in the market.
Volatility Index (VIX): The VIX indicator or "Fear Gauge" calculates inputs from various call and put options to create an approximation of the S&P 500 index implied volatility for the next 30 days. Put simply, when fear is high, the price of insurance catapults upwards and the VIX moves higher.
Strategist Sentiment: If you're looking for a contrarian call to payoff, I wouldn't hold your breath by waiting for bearish strategist sentiment to kick-in. Barry Ritholtz at the Big Picture got it right when he summarized Barron's bullish strategist outlook by saying, "File this one under Duh!" Like most Wall Street and asset management firms, strategists have an inherent conflict of interest to provide a rosy outlook. More often than not, strategists' opinions move like the wind in whatever direction stocks are currently moving.
Short Interest: The higher the amount of shares shorted, the larger the pent-up demand to buy shares becomes in the future. Extremely high levels of short interest tend to coincide with price bottoms because as prices begin to move higher, holders of short positions often feel "squeezed" to buy shares and push prices higher.
Fund Flow Data: The direction of investment dollars flowing in and out of mutual funds can provide some perspective on the psychology of the masses. This data can be found at the Investment Company Institute (ICI). Given the bloodletting of the 2008-2009 financial crisis, investors skepticism has made stocks about as popular as the approval ratings of Congress.
When it comes to sentiment indicators, I believe actions speak much louder than words. To the extent I actually do track some of these indicators, I pay much less attention to those indicators based on opinions, surveys, and technical analysis data (see Astrology or Lob Wedge). Most of my concentration is centered on those indicators explaining actual measurable investor behavior (i.e., Put-Call, VIX, Short Interest, Fund Flow, and other action-oriented trading metrics).
As we know from filtering through the avalanche of daily news data, the world can obviously can be a scary place (see Head Fakes Surprise). If you believe the world is on the cusp of ending and/or you do not believe investors are sufficiently bearish, I encourage you to build your own personal bunker and stuff it with gold or Bitcoin. If, however, you are looking to sharpen the returns on your portfolio and are thirsty for some emotional answers, pour yourself a cup of tea and pore over some sentiment indicators.
Wade W. Slome, CFA, CFP®
Plan. Invest. Prosper.
DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients own certain exchange traded funds, but at the time of publishing SCM had no direct position in any security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC "Contact" page.
Chasing Headlines
It's been an amazing start to the year. First the market cratered on slowing China economic concerns, domestic recessionary fears, deteriorating oil prices, and negative interest rates abroad. In response to all these worries (and others), stocks dove more than -11% (S&P 500 Index) in January, before settling down. Subsequently, the market has made a screaming recovery, in part due to dovish monetary policy comments (i.e., reduction in forecasted interest rate hikes) and diminished anxiety over a potential global collapse. Month-to-date stocks are up an impressive +5.4%, and year-to-date equities are flattish, or down less than -1%.
With an endless amount of information flowing across our smart phones and computers, it becomes quite easy and tempting to chase news headlines, just like a hyper dog chasing a car. But even once an investor catches up (or reacts) to a headline, there's confusion around how to profit from the fleeting information. First of all, every plugged-in hedge fund and institutional investor has likely already traded on the stale information you received. Second of all, rarely is the data relevant to the long-term cash generating capabilities of the company or economy. And lastly, the news is more often than not, instantly factored into the stock price. Chasing news headlines only eaves individual investors holding the bag of performance-shattering transactions costs, taxes, and worn-out pricing.
The heightened volatility in late 2015 and early 2016 hasn't however prevented investors and so-called pundits from attempting to time the market. Any battle-tested investment veteran knows it's virtually impossible to consistently time the market (see also Market Timing Treadmill), but this fact hasn't prevented speculators from attempting the feat nonetheless. Famed investment guru, Peter Lynch, who earned an average +29% annual return from 1977-1990, summed it up well when he stated the following:
"Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves."
The Important Factors
As I've written many times in the past, the keys to long-term stock performance are not knee-jerk reactions to headlines, but rather these following crucial factors (see also Don't Be a Fool, Follow the Stool):
- Profits
- Interest Rates
- Sentiment
- Valuations
On the profit growth front, corporate income has been pressured by numerous headwinds over the last few years, including an export-shattering increase in the value of the U.S. dollar and a profit-squeezing collapse in energy sector earnings. As you can see from the chart below, the value of the U.S. dollar increased by about 25% from mid-2014 to early-2015, in part because of diverging global central bank policies (more hawkish U.S. Fed vs. more dovish ECB/international central banks). Since that spike, the dollar has settled into a broad range (95 – 100), and the former forceful headwind have now turned into modest tailwinds. This trend is important because an estimated 35-40% of corporate profits are derived from international operations.
Adding insult to injury, the roughly greater than -70% decline in forward energy earnings over the last 18 months has caused a significant hit to overall S&P 500 profits. The tide appears to be finally turning (or at least stabilizing) however, as we've seen oil prices rebound by about +30% this year from the lows in January. If these aforementioned trends persist, profit pressures in 2016 are likely to abate significantly, and may actually become additive to growth.
Profits are important, but so are interest rates. While incessant talk about the path of future Fed policy continues to blanket the airwaves (see also Fed Fatigue), absent a rapid increase in interest rates (say 300-400 basis points), interest rates remain unambiguously positive for equity markets, providing a floor for the oft-repeated volatility in financial markets. As long as stocks are providing higher yields than many bonds, and depositors are earning 0% (or negative rates) on their checking accounts, stocks may remain unloved, but not forgotten.
And speaking of unloved, the sentiment for stocks remains sour. One need look no further than the quarter-billion dollars in hemorrhaging outflows out of U.S. equity funds (see ICI Long-Term Mutual Fund Flows) since 2014. This deep underlying skepticism serves as a positive contrarian indicator for future equity prices. Right now, very few individual investors are swimming in the pool – the time to get out of the stock market pool is when everyone is jumping in.
And lastly, valuations remain very much in line with historical averages (approximatqely 17x 2016 projected earnings), especially considering the generational low in interest rates. Bears continue to point to the elevated CAPE ratio, which has been a disastrous indicator the last seven years (and longer), as a reason to remain cautious. The ironic part is that valuations are virtually guaranteed to improve a few years from now as we roll off the artificially depressed years of 2008-2010.
When you add it all up, zero (or negative) interest rates, combined with the other key factors of profits, sentiment, and valuations, equities remain an important and attractive part of a diversified long-term portfolio. Your objectives, time horizon, and risk tolerance will always drive the proportion of your equity allocation. Nevertheless, some bond exposure is essential to smooth out volatility. Regardless of your investment strategy, chasing headlines, like a dog chasing a car, serves no purpose other than leaving you with a tired, unproductive investment portfolio.
Wade W. Slome, CFA, CFP®
Plan. Invest. Prosper.
DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients own certain exchange traded funds, but at the time of publishing SCM had no direct position in any other security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC "Contact" page.
Going Shopping: Chicken vs. Beef
The headlines haven't been very rosy over the last week, but when is that ever not the case? Simply put, gloom and doom sells. The Chinese stock market is collapsing; the Yuan is plummeting; there are rising tensions in the Middle East; terrorism is rising to the fore; and commodity prices are falling apart at the seams. This is only a partial snapshot of course, and does not paint a complete or accurate picture. Near record-low interest rates; record corporate profits (outside of energy); record-low oil prices; unprecedented accommodative central bank policies; and attractive valuations are but a few of the positive, countervailing factors that rarely surface through the media outlets.
At the end of the day, smart long-term investors understand investing in financial markets is a lot like grocery store shopping. Similarly to stocks and bonds, prices at the supermarket fluctuate daily. Whether you're comparing beef (bonds) and chicken (stocks) prices in the meat department (stock market), or apple (real estate) and orange (commodities) prices in the produce department (global financial markets), ultimately, shrewd shoppers eventually migrate towards purchasing the best values. Since the onset of the 2008-2009 financial crisis, risk aversion has dominated over value-based prudence as evidenced by investors flocking towards the perceived safety of cash, Treasury bonds, and other fixed income securities that are expensively priced near record highs. As you can see from the chart below, investors poured $1.2 trillion into bonds and effectively $0 into stocks. Consumers may still be eating lots of steaks (bonds) currently priced at $6.08/lb while chicken (stocks) is at $1.48/lb (see U.S. Department of Labor Data – Nov. 2015), but at some point, risk aversion will abate, and consumers will adjust their preferences towards the bargain product.
Some Shoppers Still Buying Chicken
While the general public may have missed the massive bull market in stocks, astute corporate executives and investment managers took advantage of the equity bargains in recent years, as seen by stock prices tripling from the March 2009 lows. As corporate profits and margins have marched to record levels, CEOs/CFOs put their money where their mouths are by investing trillions of dollars into share buybacks and mergers & acquisitions transactions.
Despite the advance in the multi-year bull market, with the recent sell-off, panic has once again dominated rational thinking. We see this rare phenomenon (a few times over the last century) manifest itself through a stock market dividend yield that exceeds the yield on Treasury bonds (2.2% S&P 500 vs 2.1% 10-Year Treasury). But if we are once again comparing beef vs. chicken prices (bonds vs stocks), the 6% earnings yield on stocks (i.e., Inverse P/E ratio or E/P) now looks even more compelling relative to the 2% yield on bonds. For example, the iShares Core U.S. Aggregate Bond ETF (AGG) is currently yielding a meager 2.3%.
For a general overview, Scott Grannis at Calafia Beach Pundit summarizes the grocery store flyer of investment options below:
While these yield relationships can and will certainly change under various economic scenarios, there are no concrete signs of an impending recession. The recent employment data of 292,000 new jobs added during December (above the 200,000 estimate) is verification that the economy is not falling off a cliff into recession (see chart below). As I've written in the past, the positively-sloped yield curve also bolsters the case for an expansionary economy.
While it's true the Chinese economy is slowing, its rate is still growing at multiples of the U.S. economy. As a communist country liberalizes currency and stock market capital controls (i.e., adds/removes circuit breakers), and also attempts to migrate the economy from export-driven growth to consumer-driven expansion, periodic bumps and bruises should surprise nobody. With that said, China's economy is slowly moving in the right direction and the government will continue to implement policies and programs to stimulate growth (see China Leaders Flag More Stimulus).
As we have recently experienced another China-driven correction in the stock market, and the U.S. economic expansion matures, equity investors must realize volatility is the price of admission for earning higher long-term returns. However, rather than panicking from fear-driven headlines, it's times like these that should remind you to sharpen your shopping list pencil. You want to prudently allocate your investment dollars when deciding whether now's the time to buy chicken (6% yield) or beef (2% yield).
Wade W. Slome, CFA, CFP®
Plan. Invest. Prosper.
DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients hold positions in certain exchange traded funds (ETFs) including AGG, but at the time of publishing had no direct position in any other security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC Contact page.
Markets Soar and Investors Snore
This article is an excerpt from a previously released Sidoxia Capital Management complementary newsletter (August 1, 2013). Subscribe on the right side of the page for the complete text.
If you haven't been paying close attention, or perhaps if you were taking a long nap, you may not have noticed that the stock market was up an astounding +5% in July (+78% if compounded annualized), pushing the S&P 500 index up +18% for the year to near all-time record highs. Wait a second…how can that be when that bald and grey-bearded man at the Federal Reserve has hinted at bond purchase "tapering" (see also Fed Fatigue)? What's more, I thought the moronic politicians were clueless about our debt and deficit-laden economy, jobless recovery, imploding eurozone, Chinese real estate bubble, and impending explosion of inflation – all of which are expected to sink our grandchildren's grandchildren into a standard of living not seen since the Great Depression. Okay, well a dash of hyperbole and sarcasm never hurt anybody.
This incessant stream of doom-and-gloom pouring over our TVs, newspapers, and internet devices has numbed Americans' psyches. To prove my point, the next time you are talking to somebody at the water cooler, church, soccer game, or happy hour, gauge how excited your co-worker, friend, or acquaintance gets when you bring up the subject of the stock market. If my suspicions are correct, they are more likely to yawn or pass out from boredom than to scream in excitement or do cartwheels.
You don't believe me? Reality dictates the wounds from the 2008-2009 financial crisis are still healing. Panic and fear may have disappeared, but skepticism remains in full gear, even though stocks have more than doubled in price in recent years. Here is some data to support my case there are more stock detractors than defenders:
Record Savings Deposits
|Source: Calafia Beach Pundit
Although there are no signs of an impending recession, defensive cash hoarded in savings deposits has almost increased by $3 trillion since the end of the financial crisis.
Blah Consumer Confidence
|Source: Calafia Beach Pundit
As you can see from the chart above, Consumer Confidence has bounced around quite a bit over the last 30+ years, but there is no sign that consumer sentiment has turned euphoric.
15-Year Low Stock Market Participation
Source: Gallup Poll
There has been a trickling of funds into stocks in 2013, yet participation in the stock market is at a 15-year low. Investors remain nervous.
Lack of Equity Fund Buying
|Source: ICI & Calafia Beach Pundit
After a short lived tax-driven purchase spike in January, the buying trend quickly turned negative in the ensuing months. Modest inflows resumed into equity funds during the first few weeks of July (source: ICI), but the meager stock fund investments represent < 95% of 2012 positive bond flows ($15 billion < $304 billion, respectively). Moreover, these modest stock inflows pale in comparison to the hundreds of billions in investor withdrawals since 2008. See also Fund Flows Paradox – Investing Caffeine.
Decline in CNBC Viewership
In spite of the stock market more than doubling in value from the lows of 2009, CNBC viewer ratings are the weakest in about 20 years (source: Value Walk). Stock investing apparently isn't very exciting when prices go up.
The Hater's Index:
And if that is not enough, you can take a field trip to the hater's comment section of my most recent written Seeking Alpha article, The Most Hated Bull Market Ever. Apparently the stock market more than doubling creates some hostile feelings.
Keeping the previous objective and subjective data points in mind, it's clear to me the doom-and-gloom memo has been adequately distributed to the masses. Less clear, however, is the dissemination success of the jolly-and-jovial memo. I think Ron Bailey, an author and science journalist at Reason.com (VIDEO), said it best, "News is always bad news. Good news is simply not news…that is our [human] bias." If you turn on your local TV news, I think you may agree with Ron. Nevertheless, there are actually plenty of happier news items to report, so here are some positive bullet points to my economic and stock market memo:
16th Consecutive Positive GDP Quarter*
|Source: Quartz.com
The broadest measure of economic activity, GDP (Gross Domestic Product), was reported yesterday and came in better than expected in Q2 (+1.7%) for the 16th straight positive reported quarter (*Q1-2011 was just revised to fractionally negative). Obviously, the economists and dooms-dayers who repeatedly called for a double-dip recession were wrong.
40 Consecutive Months & 7 Million Jobs
The economic recovery has been painfully slow, but nevertheless, the U.S. has experienced 40 consecutive months of private sector job additions, representing +7.2 million jobs created. With about -9 million jobs lost during the most recent recession, there is still plenty of room for improvement. We will find out if the positive job creation streak will continue this Friday when the July total non-farm payroll report is released.
Housing on the Mend
|Source: Calafia Beach Pundit
New home sales are up significantly from the lows; housing starts have risen about 40% over the last two years; and Case Shiller home prices rose by +12.2% in the latest reported numbers. The housing market foundation is firming.
Auto Sales Rebound
|Source: Calafia Beach Pundit
Auto sales remain on a tear, reaching an annualized level of 15.9 million vehicles, the highest since November 2007, and up +12% from June 2012. Car sales have almost reached pre-recessionary levels.
Record Corporate Profits
|Source: Dr. Ed's Blog
Optimistic forecasts have been ratcheted down, nonetheless corporate profits continue to grind to all-time record highs. As you can see, operating earnings have more than doubled since 2003. Given reasonable historical valuations in stocks, as measured by the P/E (Price Earnings) ratio, persistent profit growth should augur well for stock prices.
Bad Banks Bounce Back
Europe on the Comeback Trail
|Source: Calafia Beach Pundit
There are signs of improvement in the Eurozone after years of recession. Talks of a European Armageddon have recently abated, in part because of Markit manufacturing manager purchasing statistics that are signaling expansion for the first time in two years.
Overall, corporations are achieving record profits and sitting on mountains of cash. The economy is continuing on a broad, steady recovery, however investors remain skeptical. Domestic stocks are at historic levels, but buying stocks solely because they are going up is never the right reason to invest. Alternatively, bunkering away excessive cash in useless, inflation depreciating assets is not the best strategy either. If nervousness and/or anxiety are driving your investment strategy, then perhaps now is the time to create a long-term plan to secure your financial future. However, if your goal is to soak up the endless doom-and-gloom and watch your money melt away to inflation, then perhaps you are better off just taking another nap.
Wade W. Slome, CFA, CFP®
Plan. Invest. Prosper.
DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients hold positions in certain exchange traded funds (ETFs), but at the time of publishing, SCM had no direct position in any other security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC Contact page.
2012 Investing Caffeine Greatest Hits
Between Felix Baumgartner flying through space at the speed of sound and the masses flapping their arms Gangnam style, we all still managed to survive the Mayan apocalyptic end to the world. Investing Caffeine also survived and managed to grow it's viewership by about +50% from last year.
Thank you to all the readers who inspire me to spew out my random but impassioned thoughts on a somewhat regular basis. Investing Caffeine and Sidoxia Capital Management wish you a healthy, happy, and prosperous New Year in 2013!
Here are some of the most popular Investing Caffeine postings over the year:
Explaining how billions of dollars in stock selling can lead to doubling in stock prices.
2) Uncertainty: Love It or Hate It?
Good investors love ambiguity.
3) USA Inc.: Buy, Hold or Sell?
What would you do if our country was a stock?
4) Fiscal Cliff: Will a 1937 Repeat = 2013 Dead Meat?
Determining whether history will repeat itself after the presidential elections.
5) Robotic Chain Saw Replaces Paul Bunyan
How robots are changing the face of the global job market.
6) Floating Hedge Fund on Ice Thawing Out
Lessons learned from Iceland four years after Lehman Brothers.
7) Sidoxia's Investor Hall of Fame
Continue reading at IC & perhaps you too can become a member?!
8) Broken Record Repeats Itself
It appears that the cycle from previous years is happening again.
9) The European Dog Ate My Homework
Explaining the tight correlation of European & U.S. markets, and what to do about it.
10) Cash Security Blanket Turns into Tourniquet
Stock market returns are beginning to make change perceptions about holding cash.
Wade W. Slome, CFA, CFP®
Plan. Invest. Prosper.
DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients hold positions in certain exchange traded funds (ETFs), but at the time of publishing SCM had no direct positions in any other security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC Contact page.
Cash Security Blanket Turns Into Tourniquet
Article is an excerpt from Sidoxia Capital Management's April 2012 newsletter. Subscribe on right side of page.
That warm safety blanket of cash that millions of Americans have clutched on to during the 2008-09 financial crisis; the 2010 "Flash Crash"; and the 2011 U.S. credit downgrade felt cozy during the bumpy ride we experienced over the last three years. Now with domestic stocks (S&P 500) up +12% in the first quarter of 2012, that same comfy blanket of CDs, money market, and checking accounts is switching into a painful tourniquet, cutting off the lucrative blood and oxygen supply to millions of Americans' future retirement plans.
Earning next to nothing by stuffing your money under the mattress (0.7% average CD rate – Bankrate.com) isn't going to make many financial dreams a reality. The truth of the matter is that due to inflation (running +2% to +3% per year), blanket holders are losing about -2% per year in the true value of their savings.
Your Choice: 3 Years or 107 years?
If you like to accumulate money, would you prefer doubling your money in 3 years or 107 years? Although the S&P 500 has more than doubled over the last three years, based on fund flows data and cash balances at the banks, apparently more individuals prefer waiting until the year 2119 (107 years from now) for their money to double – SEE CHART BELOW.
Obviously the massive underperformance of CDs cherry picks the time-period a bit, given the superb performance of stocks from 2009 – 2012 year-to-date. Over 1999-2012 stock performance hasn't been as spectacular, but what we do know is that despite the lackluster performance of stocks over the last 12 years, corporate profits have about doubled in a similar timeframe, making equity prices that much more attractive relative to 1999.
With the economy and employment picture improving, some doomsday scenarios have temporarily been put on the backburner. As the recovery has gained some steam, many people are opening their bank statements with the painful realization, "I just made $31.49 on my checking maximizer account last year! Wow, how incredible…I can now go out and buy a half-tank of gas." Never mind that healthcare premiums are exploding, food costs are skyrocketing, and that vacation you were planning is now out of reach. If you're a mega-millionaire, perhaps you can make these stingy rates work for you, but for most of the other people, successful retirements will require more efficient use of their investment dollars. Or of course you can always work at Wal-Mart (WMT) as a greeter in your 80s.
Rationalizing with a Teen
Some people get it and some don't. Trying to time the market, by getting in and out at the right times is a losing battle (see Getting Off the Market Timing Treadmill). Even the smartest professionals in the industry have little accuracy and cannot consistently predict the direction of the markets. Rationalizing the ups and downs of the financial markets is equivalent to rationalizing the actions of a teenager. Sometimes the outcomes are explainable, but most of the times they are not.
What an astute investor does know is that higher long-term returns come with higher volatility. So while the last four years have been a bumpy ride for investors, this is nothing new for an experienced investor who has studied the history of financial markets. There have been a dozen or so recessions since World War II, and we'll have a dozen or so more over the next 50-60 years. Wars, banking crises, currency crises, and political turmoil have been a constant over history. Despite all these setbacks, the equity markets have climbed over +1,300% over the last 30 years or so. The smartest financial minds on the planet (e.g., the Ben Bernankes and Alan Greenspans of the world) haven't been able to figure it out, so if they couldn't do it, how is an average Joe supposed to be able to time the market? The answer is nobody can predict the direction of the market reliably.
As my clients and Investing Caffeine followers know, for those individuals with adequate savings and shorter time horizons, much of this conversation is irrelevant. However, based on our country's low savings rate and the demographics of longer Baby Boomer life expectancies, most individuals can't afford to stuff all their money under the mattress. As famous investor Sir John Templeton stated, "The only way to avoid mistakes is not to invest – which is the biggest mistake of all." Earning 0.7% on your nest egg is difficult to call investing.
Ignoring the Experts
Why is the investing game so difficult? For starters, individuals are constantly bombarded by so-called experts through television, radio, and newspapers. Not only did Federal Reserve Chairmen Alan Greenspan and Ben Bernanke get the economy, financial markets, and housing markets wrong, the most powerful and smart financial institution CEOs were dead wrong as well. Look no further than Lehman Brothers (Dick Fuld), Citigroup Inc. (Chuck Prince), and American International Group (Martin Sullivan), which were believed to house some of the shrewdest executives – they too completely missed the financial crisis.
Rather than listening to shoddy predictions from pundits who have little to no investing experience, it makes more sense to listen to successful long-term investors who have survived multiple investment cycles and lived to tell the tale. Those people include the great fund manager Peter Lynch who said it is better to "assume the market is going nowhere and invest accordingly," rather than try to time the market.
What You Hear
As the market has more than doubled over the last 37 months, here are some clouds of pessimism that these same shoddy economists, strategists, and analysts have described for investors:
* Europe and Greece's impending fiscal domino collapse
* Excessive money printing at the Federal Reserve through quantitative easing and other programs
* Imminent government disintegration due to unresolved structural debts and deficits
* Elevated unemployment rates and pathetic job creation statistics
* Rigged high frequency trading and "Flash Crash"
* Credit downgrade and political turmoil in Washington
* Looming Chinese real estate bubble and subsequent hard economic landing
Unfortunately, many investors got sucked up in these ominous warnings and missed most, if not all, of the recent doubling in equity markets.
What You Don't Hear
What you haven't heard from the popular press are the following headlines:
* 10 consecutive quarters of GDP growth
* Record corporate profits and profit margins
* Equity valuations attractively priced below 50-year average (14.4 < 16.6 via Calafia Beach Pundit)
* Rising dividends with yields approaching 3%, if you consider recent bank announcements
* Record low interest rates and moderate inflation make earnings streams and dividends that much more valuable
* Four million new jobs created over the last three years
* S&P Smallcap near all-time highs (21 years); S&P Midcap index near all-time highs (20 years); NASDAQ is at 11-year highs; Dow Jones Industrials and S&P 500 near 4-year-highs.
* Record retail sales with a consumer that has reduced household debt
Given the massive upward run in the stock market over the last few years (and a complacent short-term VIX reading of 15), stocks are ripe for a breather. With that said, I would advise any blanket holders to not get too comfy with that money decaying away in a CD, money market, or savings account. Waiting too long may turn that security blanket into a tourniquet – forcing investors to amputate a portion of their future retirement savings.
Wade W. Slome, CFA, CFP®
Plan. Invest. Prosper.
DISCLOSURE: Sidoxia Capital Management (SCM) and some of its clients own certain exchange traded funds and WMT, but at the time of publishing SCM had no direct position in C, AIG, RATE, Lehman Brothers, or any other security referenced in this article. No information accessed through the Investing Caffeine (IC) website constitutes investment, financial, legal, tax or other advice nor is to be relied on in making an investment or other decision. Please read disclosure language on IC "Contact" page.


text:
ECFC Meeting
ECFC February 2020 Member Meeting
February 3-5, 2020
The February 2020 meeting will focus on important considerations for EC funders as we move into 2020 and start preparing for 2021. Topics will include:
- What funders can expect on the federal and state policy horizon, and
- How we can think about aligning national and state efforts over the next two
years (as a Collaborative and as individual funders).
We want to be prepared for transition opportunities at the start of a new Presidential term (regardless of Administration) – so that ECFC can be poised to elevate EC issues and opportunities and bring lessons from the ground to inform state and national policy discussions. We will apply an equity lens to our discussions, building on the work that we did together in September.
The meeting agenda is still in process, however the meeting framework will include:
Monday February 3rd:
- Steering Committee meeting (SC members only, lunch meeting)
- Member Meeting Opening Session 5pm-7:30pm (Light program and heavy
hors d'oeuvres – Welcome, Introductions and Context for the meeting)
Tuesday February 4th:*
- 1st time attendee breakfast meet up 8:00am-9am
- Full Day Member Meeting (9am-4:30pm)
- Dine-Around Options (6pm)
Wednesday February 5th:*
- Member Meeting (9am-3pm)
- Adjourn by 3pm)
*Breakfast and Lunch provided on Tuesday and Wednesday
A dedicated hotel reservation link is available to attendees for a discounted rate of $249/night plus tax. PLEASE NOTE that the hotel system displays check in/out dates as DD/MM/YYYY (instead of MM/DD/YYYY). A check in date of February 3, 2020 will display as: 03/02/2020. Please check your check in/out dates carefully before finalizing your reservation. ECFC Members log in to access the hotel reservation link.
Registration for the February 2020 meeting is now open. ECFC members log in to access logistics and registration and hotel reservation links. Others may contact ECFC for more information.


text:
The library has subscribed to Cypress Resume, an online tool that helps you effortlessly create a professional resume in just a few minutes. Its easy-to-use format assures you won't spend hours trying to perfect your document—all the hard work is done for you.
Simply plug in your basic information (as little or as much as you'd like), and Cypress Resume creates a perfectly formatted document. The resume can be downloaded so it can be sent to potential employers and/or uploaded to websites when applying online.
Creating an account is optional but will allow you to create, edit and save multiple resumes.
*A Rossford Public Library card is required and Cypress Resume can be accessed outside of the library.
To visit Cypress Resume, please follow this link:
[1] https://cypressresume.com/login/
[2] https://www.addtoany.com/share#url=https%3A%2F%2Frossfordlibrary.org%2Fcontent%2Fcypress-resume&title=Cypress%20Resume


text:
Elsewhere in the Empire 1 - Tanuki Justice
a year ago
Elsewhere in the Empire, Toku Tora tells of Tanuki Justice's fateful encounter with the notorious opium smuggler Hard Hoji Harinezumi. Based on the short comic by Peter Violini, novelized by Peter Violini, recorded by...you guessed it: Peter Violini (and James).
As the name suggests, this bonus episode takes place apart from the main story and characters of Shadows in the West. We will resume our regular release schedule on Thursday, November 1st. Thanks for your patience throughout our hiatus!


text:
Read what people are saying
about Precision Garage Door in:
Rockwood, TNPrecision Garage Door of Knoxville
has received 1 review, averaging 5.00 Stars:
Date: 11/19/2014Broken Garage Door Spring Repair
Rockwood, TN
? At the completion of every job all Precision customers that provide contact information are sent a request to review our business.
***** James was very professional and efficient .Explained all work that was done and what parts were replaced. Great work! Al StoneAlbert Stone
A Response from: Emily Whalen
Thank you for your review! We appreciate your business!
Service Provided:
Broken Garage Door Spring RepairProduct:


text:
Dr. Schwartz is a fantastic doctor and very skillful in is art of making you happy with your goals . I especially am impressed with his staff , from Jes"s warm welcoming smile to Laura making you feel comfortable and confident in knowing their office will take care of your needs or questions. I am so pleased with my outcome and looking forward to returning here again for any future needs.Thanks for a wonderful experience. More
I Love my New Boobs!! - I came to Dr. Schwartz because I had very large heavy saggy breasts I was on his website one day and I fell in love with his work not one single review was bad and after I submitted my consult request Jess got back to me immediately and got me scheduled for a consult the whole staff was amazing and so warm and sweet I felt very comfortable and the healing process was a piece of cake I really... More
It has only been 3 weeks since my surgery, but I am already thrilled with my results, and have healed faster than I anticipated. The entire experience, from my consultation to the day of the surgery, has been very positive. The staff is so wonderful and they are always encouraging, uplifting and professional. I love the atmosphere in the office. Very happy to have found Dr. Schwartz, and highly recommend to anyone looking for a highly skilled cosmetic surgeon in the Dallas area. More


text:
Code: 10285
A fine and well proportioned Mahogany side table attributed to Gillows of London & Lancaster. Having a moulded top, panelled and polished to all 4 sides making work equally well in the middle of a room or against a wall. Raised on turned and tapering hexagonal legs, terminating in the original high quality brass cup castors by Cope & Collinson. Super colour and original condition throughout. English, Circa 1835.
Dimensions: Height: 72.25 cm - 28 1/2 Inches, Width: 76.25 cm - 30 Inches, Depth: 48.25 cm - 19 Inches
Price inclusive of courier delivery within England & Wales
Fill in this form to email this item to a friend
|Your name
|Your email
|Their name
|Their email
Fill in this form to send us your enquiry
Please fill in the information below