text:
This is an extended version of the article that appeared in the September 2011 issue of Investment Advisor announcing the independent broker-dealers who were named by their own reps as the 21st annual Broker-Dealers of the Year.
The day after our roundtable discussion with the 2011 Broker-Dealers of the Year, Standard & Poor's downgraded U.S. government debt in a historic move that left an already weakened economy reeling. Not that the heads of these venerable firms were somehow unprepared, but nonetheless it should be noted for posterity's sake; a "sign of the times."
It was one more thing to add to the long list of what these broker-dealers (and by extension advisors, the financial services industry and the country as a whole) are dealing with. The struggling (scratch; flailing) economy, Dodd-Frank, fee compression, increased competition, baby boomers at age 65, succession planning issues—and on it goes.
So why were they so relaxed?
The interview was punctuated with laughter, good humor and mild ribbing. Being named one of this year's winners was no doubt a factor, but the real reason was revealed soon after the start of the discussion. For them, it's all opportunity. Not that anyone took glee in, or made light of, the nation's travails, but the excitement over their ability to help—to "do their part"—was palpable.
The men whose firms won Broker-Dealer of the Year honors—as chosen by their own representatives—gathered in Chicago with Editor John Sullivan and Group Editor in Chief Jamie Green to answer prepared questions, but their easy manner had them largely talking amongst themselves.
This year's winners (or their firms) aren't new to the process, with three of the four capturing top honors over multiple years. They are Ralph DeVito of The Investment Center, Timothy Murphy of Investors Capital Corporation and Patrick McEvoy of Woodbury Financial Services. The only newbie to the group, Bradley Shepherd of Founders Financial Securities, confidently predicted we'd soon see him again.
Each had a lot to say (including Ralph DeVito, who was detained due to travel issues) and, as with every year, editing the transcript alone took a bit of doing. An excerpt is provided here, but the 21st anniversary BDOTY celebration continues online at AdvisorOne.com, where readers can find the full, uncut interview transcript, individual interviews with this year's winners and behind-the-scenes video at the magazine's photo shoot. We'd also be remiss if we didn't point to comments made in past years by some of this year's winners, provided in this month's BD Briefing. They proved to be entertaining, as well as surprisingly prescient about the issues with which the industry is currently dealing.
[Click here to learn how the Broker-Dealers of the Year were picked.]
Timothy Murphy, Investors Capital Corporation: The biggest thing that concerns me is the Department of Labor's ruling on the fiduciary issue. I know there's been a slight reprieve, but they seem steadfast in changing the role or definition of fiduciary as it applies to IRA accounts. A significant amount of accounts in our firm are IRAs and could be greatly affected. The end result is that the people who need the advice the most are less likely to get individualized, customized advice.
Patrick McEvoy, Woodbury Financial Services: I agree. My feeling is that for years we worried about NASD and then the SEC and FINRA. We have so many competing regulators. Everybody is trying to compete for who can regulate us the best. Now we're into the legislative world with Dodd-Frank and all of the unintended consequences from that. If I hear another politician tell us that we have to pass the bill to understand what's in it I'm going to go crazy. We used to have a rules-based regulatory environment; now we're regulation by enforcement. And I think that's really hard for firms to stay ahead of. To Tim's point, those whom we're trying to protect are the people we're going end up injuring the most.
Bradley Shepherd, Founders Financial Securities: You've also got many different competing methods of engaging in the financial services business. Trying to capture banks, wirehouses, independents and IRAs all under common types of platforms; the nature of distribution forms is different. And so you have one set of all-encompassing rules in an environment where you've got lots of different ways people are going about getting advice and engaging in a relationship. It makes it very challenging. We're a small firm and we don't feel like we are necessarily as well represented as Woodbury might be. At the end of the day, I think it boils down to the fact that the intentions might be right, but the execution is very poor.
John Sullivan, Investment Advisor: Is there a way to be proactive?
Murphy: Absolutely. I think through FSI, through SIFMA, through political avenues. Firms have been active and engaged at various levels, but what we really need is advisor participation. The independent channel represents the largest single distribution channel by number of advisors. That's a significant amount of constituents to take to Washington. So if we get our advisors engaged in the process, we have a better chance of influencing the outcome.
Shepherd: I personally would love to see greater advisor engagement with FSI. FSI in my opinion is the voice of the collective independent channel. And it's very easy for an advisor to get engaged in the process by joining FSI. They'd have regular, direct communication about what's important and what's happening. Somewhat related, FINRA is a self-regulatory organization, which means they are, in theory, our partner. Yet I don't know that we, as broker-dealers and people in this industry, feel that they behave as a partner all the time.
McEvoy: Great point, Brad. We kind of self-regulate ourselves too, as broker-dealers. We constantly see things, we're testing things, we're doing oversight. We identify problems, then we take action to discipline a rep, or even terminate a rep. If that happens, it leads to one of two things: The rep sometimes gets involved with another firm because FINRA doesn't take action as a result of what we've uncovered. They then show up at another firm and harm another client. What's worse is when we take action and then a rep comes back to us and says, "You wrongfully terminated me." And FINRA allows arbitration to happen.
Jamie Green, Investment Advisor: What about harmonization of broker-dealer and advisor rules? Are you optimistic that it will make regulation a little more rational for everybody involved, including the client?
Murphy: What that would do is grant oversight to the RIAs of the world who aren't regulated at this point, in practicality. You know you've got advisors who have been out there for 10 years who have never had an audit of any kind. Now they are moving [regulation of] advisors with under $100 million in assets to the states. Some states don't have the resources or even an audit program in place. What I would love to see is coordination. Without it, we're in a constant tug of war with different regulators.
Shepherd: But we, as an industry, have to look in the mirror. We've allowed some bad cats into the business. When your goal is to get someone a license and hand them a phone book and have them start making phone calls and try to make a living doing that, its risks bad things happening.
McEvoy: For reps entering this business, the barrier [to entry] should be high. We're now looking at not just their regulatory background but the personal credit history. Brad is absolutely on the money. We have to get tougher and tougher, and I think most good firms are doing that.
McEvoy: The less that we pay attention to it, the more trouble we're going to get in. We've got to put [advisors] in a position to use social media tools. I don't think it's going to be as hard as we think because we're doing a lot of this and have been doing a lot of this with email and websites.
Green: You mean as far as archiving the materials?
McEvoy: Archiving, supervision and oversight. There are tools we're rolling out shortly that will allow reps to take advantage of social media, but it will be in an environment in which we can help them to keep from harming themselves.
Shepherd: I think that's the key point. It's keeping advisors from harming themselves. You know there's nothing that I can personally think of that's productive about using [social media] as a great way to market yourself. Our guys and gals don't use the social media tools probably the way others intend. We spend a lot of time helping our members understand that once you type it, once you post it, you can't take it back. There's a significant generational gap between the uses of these social media tools. As more young people come into the business, we have to have an effective way of teaching them to pause, stop and think before they push that button.
Murphy: For the younger generation, not just of advisors but of investors, that's their preferred way to communicate. So we, as an industry, have to embrace this. We've demonstrated the ability to conduct surveillance of websites and email, and this will just be incorporated into our electronic surveillance programs. I think we need to embrace it, teach your advisors how to use it, even teach the clients how to use it. We deliver nearly 50% of our conferences and statements electronically to our investors; that's something we didn't see two, three years ago.
Shepherd: I think the advisors with independent broker-dealers have a different, more personal relationship with their clients than traditional bank and wire houses, where they have a more transactional type model. Because it's my belief that the independent channel has a more personal relationship with its clients, the use of Facebook, LinkedIn and Twitter results in the lines getting blurred more easily. If I've got a client I'm managing with a couple of million dollars and they're also a good friend, I may travel or play golf and put up some pictures, but that might not be the professional image I want to have them know me by. I think independents have a different level of accountability with social media probably than do others.
Green: How much do you rely on your clearing firms for technology?
McEvoy: Five years ago–it seems like light years–but five years ago we might have looked at outsourcing things like reporting and billing. Now we look at our clearing partner to do a lot more than we've ever asked them before. They need to provide us with knowledge of what other firms are doing. Pershing is our partner and they're very good at providing good solutions and coming to us to say, "Oh, by the way, you know we have other firms that are using this kind of a style." But on the outsourcing process, we can't outsource hardly anything anymore that has anything to do with client information, that has anything to do with billing and of course anything to do with client information. We are so careful about protecting the information that we've got to own, just because we have to own it not because we like to and not because somebody couldn't do it more efficiently.
Murphy: We also clear through Pershing, but it's not just clearing a trade and paying you the commission. The folks at Pershing have come in and done an analysis of our operations, our use of technology, the integration of it and have provided us with tremendous feedback. With that said, we rely heavily on our clearing firm for solutions, but we also now have more developers than we've ever had. It's not a question of build or buy; now you buy it, but you've got to integrate it in too.
Shepherd: We're smaller and only five years old, so we've made part of our business model outsourcing. We became a broker-dealer not because I want to hire the person to type the commission data into a commission spreadsheet or have the person actually sitting in my office to open new accounts. There's going to be a move for smaller broker-dealers to find better and stronger outsource partners as time progresses. Our margins are different than these guys' obviously and our 3% margin on something is dollar-amount-wise different than his 3% margin on something. For us, having the outsourcing has been a very effective way to be profitable from day one and be effective day one.
Green: Could you give one example of an outsourcing deal that you've made that you think has done well for you in terms of an operation?
Shepherd: Legal is an example. We don't staff an in-house attorney. We have an outsourced legal relationship. We could go staff the attorney, pay the salary, pay all the things that go with that or we can have an outsource and use as we need. Yes, we pay more as we need, but again we don't have a great need for it, so it balances out.
McEvoy: There used to be these organizations that would perform due diligence on third-party products. Boy, you can't let that go anymore because when it comes time for a lawsuit they are nowhere to be found.
Shepherd: In the independent space, there's more diversity of firms than there are in the bank channel or in a brokerage channel, so within the independent space I think you've got multiple ways of doing an effective business model both in size and sophistication, and in in-source versus outsource. Some of that to me is beauty. I think we as—I'll use the term "artist," I don't know a better one—but as artists get to craft something a little bit different from the rest. And we get more ability to influence and make a difference than I think the rest of the distribution channels in our industry get to.
McEvoy: Brad, you're absolutely right. Hence the word "independents."
Shepherd: Yeah, right. Exactly.
McEvoy: And you know you have all sorts of choices. You take it back to the formation of the United States; if you didn't like certain laws in Massachusetts, you moved to Virginia. We're sitting here now and we do have a great deal of artistry for our firms. I want to make sure that I'm delivering the tools that I think my field force is looking for, but there is no bad and there is no perfect environment. Some firms are much better at technology than we will be, but maybe that comes with less flexibility. It all comes to what's best for you.
Murphy: Well, just to comment on both of your comments about artists, beauty is in the eye of the beholder. Impressionism versus renaissance versus neo-modernistic, and every firm can be very different—different sizes, different cultures, geography, coupled with technology—but somebody's going to be attracted to that business model.
McEvoy: Tim, it's not a zero sum game. If I'm in a competition with an office and they get along with Brad better, that doesn't mean I'm going to be harmed, that just means that's not a relationship that fits.
Murphy: That's one thing about this business that is unique. The amount of collaboration that goes on among us as competitors is incredible.
McEvoy: I'm not sure that I would say what my perfect prospect is. It comes back to who you're comfortable with. But, from a broad scale of recruiting, one challenge that will continue in the independent space is the firms that are offering unbelievable up-front money. I keep telling my team, "I want to be right versus write." I want to find the right relationship versus writing a check.
[Click here to learn what reps want.]
Murphy: Recruiting this year has picked up significantly, but it's about quality over quantity. All of us are focusing more in that area. Our ideal recruit is somebody you would have over to your house for dinner on multiple occasions. Just as clients have a relationship with the advisor, we also have a relationship with the advisor. We clearly are looking for folks who are productive. We'll take everybody's personal situation into consideration, but recruiting is very expensive. Just the transition from one firm to another is expensive and there are firms out there writing significant checks. But we have no plans of being the biggest firm, so I'm not in a recruiting race. We need to grow and we need to continue to recruit. We'll do so responsibly.
Shepherd: Recruiting for us is a fairly intense process. We really are focused on finding a person who can fit into the community of Founders. And that's not just anybody. Production isn't something we necessarily focus on. We think our industry en mass has done a poor job of teaching people to become CEOs of their businesses. We think they've done a great job of teaching people to become income producers, but they become trapped by the lifestyle of the income they produce. Founders spends a lot of time focusing on finding people who are hitting ceilings of complexity in their business model. Productively, that's probably $250,000 dollars of GDC. They need to begin to find somebody they can partner with to build a business now. If we add 10 or 15 new members a year we're thrilled. We certainly have aspirations to be bigger. We need to be bigger. But we're going do it one relationship at a time.
McEvoy: I keep telling my team, "Let's not confuse activity with progress." If we want to recruit 1,000 reps in any one year, any firm could do that if they are looking for body count. I want to get the right relationships, but I'm focusing on growing our current base, too. One thing that you always chance when you are out in front of the rest of the pack is that your current advisors ask themselves, "Well, are you spending more time trying to find more people or trying to help me grow?" So my use of capital has to be very carefully considered.
Green: So retention is as important as recruiting?
[Click here to learn where reps would go if they were looking for a new broker-dealer.]
McEvoy: Retention is critical. My growth strategy is three-pronged and our registered reps should be thinking about it the same way. It's retaining the business that makes them successful. It's organically growing it through same-store sales. Then you want to find new sources of business that mirror your strengths.
Murphy: Recently, we performed a transaction where our advisors and their clients bought a majority stake in our firm. Hopefully, that's attractive for them to stay with the firm to protect what we've got.
Shepherd: The remnant of 2009 is that your advisors want to know that you've got their back. We've created an environment where they know we've got their back. The focus is on them, not on the profit/loss statement. It's not on a massive growth acquisition.
Green: Is it harder to differentiate yourself when there are so many options for the advisors to affiliate?
Murphy: I think the term "independent" crosses multiple platforms. The firms sitting in the room today used to be considered the independent firms. Now you have Schwab and TD "breakaways," so the term independent I think is confusing.
McEvoy: Independent also used to be defined by whether or not you were owned by a product provider and whether or not there was a payout differentiation based on that ownership structure. I don't know many firms that have those issues anymore. We're owned by The Hartford. We don't pay our registered reps any more on a Hartford product than we do anything else. You don't want to be anywhere close to that, especially from a regulatory perspective.
Shepherd: I think there are a lot of very capable advisors in this business who don't need as much of a personal relationship with their broker-dealer; they don't need as much practice management or strategic enterprise work. Our mission is what differentiates us. You've got to have a clear vision of what you want to be, and who you are, in order to differentiate yourself. Otherwise, it's all about payout.
McEvoy: The majority of our advisors are in their late forties, early fifties; maybe a little older. There are two good things about that. No. 1 is that they're experienced and they're professional. And of course we are all living longer, so that doesn't mean that we have to retire at 65. But we've got a gap of young professionals getting into this business, and that's a challenge. It's hard to get an entrepreneurial advisor to understand that succession planning is an investment in their practice. That's another concern from a recruiting standpoint: how we're going to grow that next generation of registered reps and advisors. Yet we've got universities that are educating CFPs and they're graduating with degrees. I look at my own son; he's now an employee at TD Ameritrade, and what a great education he's had growing up in the business, if you will, with me.
Murphy: Where does the next generation come from? Traditional avenues that people [took to get] into the business really aren't there anymore. It's hard for people to make the transition into the independent world from a TD Ameritrade. They can do it, but it's hard [because] they're coming out of a career agency system–that's where a lot of people came from, wirehouses–but they're not bringing in as many trainees.
McEvoy: It's not just a succession plan; it's really a continuity plan too.
Shepherd: I think it gets back to your point earlier; if you're in this business to be an income producer then you don't have a strategy and there's no succession. Your client ultimately will go by the wayside. If you're running your independent practice as a CEO and you're doing the things you should be doing, succession is one of those things.
McEvoy: You can't force them to do anything, but you can suggest a path. It's a scary comment, but the easiest thing to do when a rep has no plan is to find somebody to take that book. That's easy. We can do that in a heartbeat and you get a sharing of commission and off it goes. The hard part is planning it. That's why you have to encourage succession planning. It's hard to get advisors to act because it doesn't yield a result today. I don't get any result from it other than peace of mind, which should be very important.
Murphy: I think that's correct. It's peace of mind for the spouse and the family. It's one thing if you see something coming, but it's the dramatic incident that cuts everything off and takes the producer out of the picture. It could be for any reason; it doesn't have to be death. It can be disability or any other reason.
McEvoy: Absolutely, you have to promote that and get that done so that the assets can stay, we can control it, we can provide more assistance in the transition, provide the information. It starts with something as simple as a letter in the file that says, "This is who I'd want to handle my business if something happens to me." And then it formalizes itself over time.
Ralph DeVito, The Investment Center: We made that part of our initial process. We asked them to have that form filled out on the front end if they have it. We encourage them to further the process with a formal buy-sell and try to match them up with a like-minded person so that it makes sense going forward. But it is a battle to get them to do it. No one wants to think about dying or getting sick.
Shepherd: One of the things Founder's has done with our succession program is that we don't make it available to a member unless they've been a member for at least three years. So we're not interested in being the destination or last stop, so to speak, for a person who's looking to sell their practice.
Sullivan: One of last year's BDOTY winners mentioned how supposedly non-correlated products sure were correlated in the market downturn. What processes do you have in place for evaluating new products?
McEvoy: I start very simplistically. I want you to explain it to me. If I can understand it and repeat it to you, then it probably makes some sense to me. While some non-correlated asset classes have done well, I'm still worried about when they don't do well.
DeVito: We do very little on anything that would be called "alternative." We never push it along, it's always a pull from the reps. At that point we put in the due diligence committee. Similar to Pat, if it doesn't make sense to me, it doesn't make sense to the client. Like you said, if I can't repeat it, if I can't understand it, there's absolutely no way I'm putting it in my box. We're reading about all the firms recently that have gone bust; $100 million here, $200 million there. At $200 million, that firm cannot possibly in my lifetime, or our combined lifetimes, make up even 10% of the damage they've done to themselves.
McEvoy: Ralph, you're absolutely right, and I think that the unintended consequence of bad decisions is to look at the number of reps who are with firms that now have marks on their records and can't go anywhere. These are good people who just got off a little bit of the beaten path in hopes of delivering something more valuable to their client. It didn't work out and now they're absolute victims of this, and so are their client bases.
DeVito: We do the same thing. We say that if you sold that product, you're out. We can't afford to take the risk on these products or the advisors who sold them.
Green: Does it make it harder when you have hedge fund strategies, but in a '40 Act wrapper, or an ETF that's long-short? Does that make it harder or easier to say, "That's alternative; that's no good?"
DeVito: When a rep says, "I've got an ETF and I want to do the triple-short," we investigate. We then explain it to them, and once they get a good understanding of it they also say "No, that doesn't make any sense."
Green: So you're sort of the educator in addition to doing the due diligence?
DeVito: Sure, you have to be. Say an ETF or a structured product invests in China. If China does X and as a result Greece does Y, what happens to that structure? Can you figure that out? I can't figure that out. I don't know if that makes sense. I don't understand all that.
Shepherd: I think your question is wrong. The question you're asking isn't about alternatives. If Markowitz was sitting here today, I think he'd admit that modern portfolio theory is modernized by alternative structures. I think he'd admit that, OK? That being said, this conversation about alternatives is misguided. The conversation should be about risk management, not alternative structures. The only reason people are considering an alternative structure is because they're afraid to lose 45% or 57% or whatever percentage again. You don't have to use alternative structures to create risk management strategies within the construct of the portfolio. I think our job as broker-dealers and trusted advisors is to create certainty where uncertainty exists. If we're focused on the planning aspect, I think the relationship with the client changes and the education of the client changes. It becomes a more effective relationship. And now risk management becomes a reasonable and easy conversation to have. Clients then understand and are willing to sacrifice something on the upside to be protected from potential damage.
DeVito: This is an age-old problem. We can sit here and talk about it all day long. Maybe today we can have that conversation with the client, but in four years if the markets go gangbusters again everyone will forget. It's the same cycle that happens over and over.
Shepherd: I think you're right, but I don't know if I believe it entirely.
Murphy: I haven't given up either. I'm an idealist. But let's go back 15 years when we were in the beginning of the Internet bubble. You had clients complaining that weren't making 60% annual returns.
DeVito: No one wanted a guaranteed annuity then.
Murphy: No, and I believe clients need to take some accountability in this partnership as well. Traditionally, it's the advisor or the firm that got it wrong. But clients were involved a lot of the time and now say, "I didn't know."
DeVito: But that conversation could go on for months; whether the client should know or not know is a whole other topic.
Murphy: Fortunately, our revenues are growing. Our approach, much like our earlier discussion, is quality over quantity. Not just in the type of advisor we want, but also in our revenue mix. Our goal is to have about an 11% or 12% growth rate. And that's a combination of organic and new recruits. We focus on organic growth because it's probably more valuable, but we also need to recruit new advisors every day. So we're pleased with the growth. We always want more. But we want to do so responsibly.
DeVito: Last year we grew about 18%. This year we're up over 30%. It's probably half-and-half recruiting growth versus internal growth. We're making a big push to give our advisors more tools and products from a practice management standpoint, which has helped across the board with growth. A lot of the push that we're getting from the recruiting side is heavily fee-based. It's been a great few years.
Sullivan: How are you dealing with fee compression?
DeVito: We don't really deal with [fee compression] dramatically; it's not a top-of-mind thing for us. It's really having a broad-based approach to different products and giving our advisors a stable of products that work.
Shepherd: Revenues are very strong; up almost 50% from 2009 to 2010. This year we're probably tracking another 40% increase on top of that. As a smaller firm, each new advisor we recruit is exponentially more important to us than a larger firm because it has a direct impact. Two years ago, we launched an asset management platform that has driven revenue growth dramatically. Our fee revenues are up well over 100% year-over-year for the last three years. The goal is to get to 60% recurring. We're probably in the low fifties now.
McEvoy: Depending on the product line, we're up anywhere from 8% to 15%. Our revenues are up substantially. We had a pretty aggressive plan from last year to this year. And we're hitting it at about 14.5 and 15% growth in our revenue on the advisory side.
Sullivan: Are you all a part of the "outsource to us" movement? Do you want them to push as much as they can onto you from an administrative and operational standpoint so they can get in front of reps?
Shepherd: It's an interesting question we tackle all the time, because we can see the benefits of both sides of the equation. At this point we've made the strategic decision not to do so. Our people are entrepreneurial people. They enjoy having their own business and they don't look to us for that. I think they look to us more, as Ralph was saying, from a practice management perspective of, "how can we make them run their business more efficiently and be a consultant to that process?"
DeVito: It's been eye-opening for a lot our reps. We have staff go out to every office to actually sit down with them and find out exactly what they do, build the plan around what their goals are and show them the experiences and it's really, really helped people jump-start their businesses.
McEvoy: We've actually put all of our marketing communications and materials on a site. They are all pre-approved from customer letters to prospecting to mutual fund documentation. All you have to do is go on, grab it and take it and apply it to your business.
Sullivan: What is the utilization rate of the material among the advisors?
McEvoy: It's 100%. And I'll tell you why; we've clicked in our compliance environment. We've said that if you want to have an ad review and all of that done quickly, we put it on a site, but we've mandated that the compliance review has to be done there. So we solve two issues. We gave the field what we wanted – what they wanted in terms of the right services and we satisfied a real challenge we have and that was controlling the environment.
Green: Back to revenue for a moment. With the pressures of achieving revenue growth, how do you ensure you don't stray into dangerous areas, such as with Medical Capital or Provident?
Murphy: I think it's a great question, because revenue for revenue's sake can be dangerous. We're having margin compression everywhere. The cost of doing business today is so much greater than it ever was. You've got to be very careful about your sources of revenue and the composition of your revenue. We don't necessarily look to manage the advisors, but we watch our revenue mix very carefully. We don't want to be too heavily focused on fee-based because if the market goes down you're at risk there. You don't want to be too transactional-oriented, so we've got a nice mix of revenue from our perspective: brokerage and fee-based recurring revenue. But we've got to do so in a way that generates profits. We can talk about revenue growth all day long, but we all have to keep an eye on the bottom line.
Shepherd: Most advisors believe our source of revenue is the commission they produce. It isn't necessarily the case. There are other ways broker-dealers make money. One of the things that has helped Founders in the marketplace is we're transparent with all of that with our advisors. For instance Pershing pays trails on its money market funds. We pay those through to our advisors and the grids. Most broker-dealers keep those things.
McEvoy: Where are you getting money market funds right now? I want to sign up for that.
DeVito: One of the girls in my office, her father died in Cantor Fitzgerald. In my neighborhood, in my county, it was just devastating. It has to change you in some way. Did it change the financial services industry? Not much. Not so sure. I don't think it changed.
Shepherd: I think it reminded people why business continuity plans makes sense. Obviously there were Wall Street firms obliterated, but I don't think it changed the landscape of financial services as much as it changed the landscape and direction of our country. I didn't expect the question frankly and glad you asked it though, because it is the single most important geo-political event in my lifetime and, God, I hope we don't have anything like it ever again. I don't think it's made us change how we approach business, but it has changed the way in which we approach investing. Whether it be 9/11 or the next crisis, it certainly makes you think about how you manage assets from a risk management standpoint, rather than just always going for broke.
DeVito: I have been impressed by a number of people on Wall Street who have put themselves out to help others in raising money for the people who got hurt. They have just become so philanthropic and fundraising-oriented; it's really amazing. They are taking thousands of hours a year to help others.
Murphy: Notwithstanding the tragedy that occurred, what you saw was a nation and a city come together. Competing firms were opening up their offices to firms that didn't have any place to work. It brought us together as a nation and I think it changed us forever.
McEvoy: From a business side and a personal side it changed me a lot. My son spent three years in the military and then re-enlisted after it happened. So that was the personal world. But it was an affront on capitalism and it was an affront on the financial world. The very thing that brought us together is now being used as a political tool to divide us. I find that very disappointing; not upsetting, but disappointing that political people can take something that was so tragic and that has turned out to be such a banner of strength. The one thing that we've got to look at in this organization and the industry and the world we're in now is to not apologize for what we do. What we do in this business is deliver on dreams. We help educate children. We help get money to people who've lost their spouse and we help people achieve things that have a lasting legacy and impact. We've got a political environment right now that wants to take Wall Street and, in the broad sense, badger it. I think it's wrong.
Shepherd: Well to that end, if we could actually get growth in this country again, our businesses are going to go crazy. We all run businesses today to prepare against what we're fighting against. If we could actually get some tailwinds in this country, get us rolling in the right direction, our business would be job creators—instantly. And I think that's a metaphor for the whole country right now.
McEvoy: The problem with our world is we want the people to be that rugged individualist again. I take care of myself, I save my money, I'm prudent with it, I raise my family, I make the decisions that are important to me. But, unfortunately, we're moving back into kind of a victimized environment where people are being told that it's okay; you need to be taken care of. And that's got to change if we're going be the power that we were once.
To read and view more about this year's winning broker-dealers, and to see who won this honor in previous years, please see our 2011 Broker-Dealers of the Year home page.


text:
New Food market report from Euromonitor International: "Yoghurt and Sour Milk Products in Chile"
Boston, MA -- (SBWIRE) -- 03/12/2014 -- Yoghurt has become a fertile field for innovation and product development in recent years. It used to be a mature and stagnant category, but the inclusion of new ingredients, functional properties and flavour mixes have yielded development of sales and differentiation. Currently, there are products containing seeds like chia or flax seeds, fibre and prebiotics. Flavour mixes have also became an important trend in the industry, with the introduction of tropical fruits, like mango of coconut,...
Euromonitor International's Yoghurt and Sour Milk Products in Chile report offers a comprehensive guide to the size and shape of the market at a national level. It provides the latest retail sales data 2009-2013, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market - be they new product developments, distribution or pricing issues. Forecasts to 2018 illustrate how the market is set to change.
View Full Report Details and Table of Contents
Product coverage: Sour Milk Products, Yoghurt.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Reasons to Get This Report
- Get a detailed picture of the Yoghurt and Sour Milk Products market;
- Pinpoint growth sectors and identify factors driving change;
- Understand the competitive environment, the market's major players and leading brands;
- Use five-year forecasts to assess how the market is predicted to develop.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156.
Browse all Food research reports at Fast Market Research
You may also be interested in these related reports:
- Yoghurt and Sour Milk Products in South Korea
- Yoghurt and Sour Milk Products in Malaysia
- Yoghurt and Sour Milk Products in Colombia
- Yoghurt and Sour Milk Products in Macedonia
- Yoghurt and Sour Milk Products in Mexico
- Yoghurt and Sour Milk Products in Vietnam
- Yoghurt and Sour Milk Products in Uzbekistan
- Yoghurt and Sour Milk Products in India
- Yoghurt and Sour Milk Products in South Africa
- Yoghurt and Sour Milk Products in Singapore

subset: commoncrawl


text:
Questions? Call us at 866-438-4766
Customer Service
Current Promotions
Toggle navigation
Main Menu
Iron Furniture
View All
Iron & Metal Beds
Chairs & Stools
Outdoor Patio Furniture
Table Bases
Wrought Iron Tables
Wrought Iron and Wood Cabinets
Table Tops
Home Decor
View All
Bathroom Hardware
Brackets & Corbels
Candle Holders / Lanterns
Drapery Hardware
Fireplace Screens & Accessories
Linens & Pillows
Pet Items
Pressed Tin
Seasonal & Floral
Wall Decor
View All
Candle Wall Sconces
Canvas Wall Art
Decorative Key Holders
Decorative Wall Clocks
Dimensional Wall Art
Light Up Wall Signs
Metal Wall Signs
Metal Wall Letters
Metal Wall Mirror
Metal Wall Shelves
Picture Frames
Wood Wall Art
Wrought Iron Wall Decor
Wrought Iron Wall Hooks
View All
Baskets & Containers
Blackboards / Message Boards
Blanket Stands
Book Stands
Coat Racks & Hooks
Jewelry Tree Stands
Decorative Key Holders
Paper Towel Holders
Plate & Cup Racks
Pot Racks
Umbrella Stands
Wine Collections
View All
Floor Lamps
Island Lighting
Pendant Lamps
Table Lamps
Wall Sconces
Lighted Florals
Light Bulbs
View All
Bar & Beverageware
Flatware & Serving Pieces
Table Accessories
Table & Kitchen Linens
Outdoor Decor
View All
Bird Baths, Houses & Feeders
Door Decoration
Fountain Spitters
Garden Decor & More
Garden Lanterns
Garden Planters
Hanging Candle Holders
Iron Door Mats
Metal Mailboxes
Outdoor Garden Clock
Outdoor Patio Furniture
Outdoor Thermometer
Outdoor Wall Decor
Decorative Rain Gauge
Wind Chimes
Featured Brands
View All
Hand-Craft Wood Furniture
KNF Designs
Mathews Company
Park Hill Collection
Stone County Ironworks
Three Coins
The GG Collection
Wall Decor
Metal Wall Mirror
Tree w/sun mirror
Tree w/sun mirror
Item #:
View Options
Shipping Info
Tree w/sun mirror reclaimed plaque
These reclaimed sculptures are made to be used inside or out. If placed outside they eventually do begin to turn a beautiful patina. Should you prefer the original finish, you choose to take it down every 18 to 24 months and spray it with a clear gloss varnish, such as can be found in any art store or hardware store. We recommend Krylon Crystal Clear. It also removes scratches.
See all items in this collection
15" high
Recycled steel oil drums
As Shown
Ground Delivery,
Shipping within the continental US is included in the price
These sculptures are made to be used inside or out. If placed outside they eventually do begin to turn a beautiful patina. Should you prefer the original finish, you choose to take it down every 18 to 24 months and spray it with a clear gloss varnish, such as can be found in any art store or hardware store. We recommend Krylon Crystal Clear. It also removes scratches.
Most items ship in 7 - 14 days, out-of-stock items can take longer. When we confirm your order we will email you an expected shipping date. If your order is backordered or will be delayed for any reason we will notify you as soon as we are made aware.
If you have questions or would like to check availability on any item in this line please call 866-Get-Iron or
email us.
In order to provide our customers the widest assortment of iron furniture and décor, Iron Accents provides services under which order and delivery times vary. Some items we sell are made and or finished to order and some are brought in only as they are ordered.
Estimated shipping times are listed on each product in our site, and are also given when your order is confirmed. Please remember that these delivery time frames are "estimated". We do our best to expedite your shipment but we can not guarantee the amount of time it will require each respective manufacturer to produce your order.
Please be patient - the quality and selection are worth the wait.
If you have a time sensitive requirement, please call us. We will do out best to work with you however we can.
May We Suggest
Duck Garden Wall Hanging
Herons in Flight Wall Hanging
Sun and Stars Wall Plaque
Parade Bunnies Welcome Sign


text:
Thanks For All The Fish! Downbelow Station Wrap-Up & Your Feedback/
We've reached the end of our run here on Geek & Sundry, but before we go, its time to wrap up our March pick, C.J.Cherryh's Downbelow Station, see what everyone is talking about over on GoodReads, and venture into Whiteboard Land one last time.
So long and thanks for all the fish!
More on this month's pick, Downbelow Station:
On Goodreads: http://www.goodreads.com/book/show/57...
C.J. Cherryh's Webpage: http://www.cherryh.com/
Discussion Links:
"So Much More to Say" by Aaron:https://www.youtube.com/watch?v=bUUWE...
Anthology Submission Guidelines:http://swordandlaser.com/anthology/
Book Release Calendar: http://swordandlaser.com/calendar/


text:
Imagine downloading 66 DVDs in a second.
Now scientists at the University of Southern California, NASA's Jet Propulsion Laboratory and Tel Aviv University have worked out a way to do just that.
The research team's quantum leap uses "orbital angular momentum" or "twisted light" to boost wireless bandwidth to an incredible 2.5 terabits of data. By comparison, Belkin's newest 802.11ac wireless router (model AC1200) cranks out speeds of 867Mbps.
The scientists published their breakthrough in Nature Photonics. BBC News and Endgadget translated the impact into layman's terms.
It probably won't be on store shelves anytime soon. To date, the USC team has only transmitted data a distance of 1 meter.


text:
This Thailand Agriculture page provides a variety list of latest Thailand Agriculture products, manufacturers and suppliers. Here you can browse all manufacturers of Thailand Agriculture. Each of the keywords links to a variety list of latest Thailand Agriculture products, manufacturers and suppliers. Browse keywords such as rice, palm oil, thai rice, sunflower oil, parboiled rice and more in this popular Thailand Agriculture category to find the best quality Thailand Agriculture products.
|New Buying Leads Post now
|New Selling Leads Post now
|SOURCE: CIA - The World Factbook
|$538.6 billion (2009 est.)
|GDP (per capita)
|$8,100 (2009 est.)
|$150.9 billion (2009 est.)
|$131.5 billion (2009 est.)
|Main Industries
|Tourism, Textiles and Garments, Agricultural Processing, Beverages, Tobacco, Cement, Light Manufacturing Such As Jewelry and Electric Appliances, Computers and Parts, Integrated Circuits, Furniture, Plastics, Automobiles and Automotive Parts; World's Second-largest Tungsten Producer and Third-largest Tin Producer
|Exports - Commodities
|Textiles and Footwear, Fishery Products, Rice, Rubber, Jewelry, Automobiles, Computers and Electrical Appliances
|Imports - Commodities
|Capital Goods, Intermediate Goods and Raw Materials, Consumer Goods, Fuels
|Exports Partners
|US 10.9%, China 10.6%, Japan 10.3%, Hong Kong 6.2%, Australia 5.6%, Malaysia 5% (2009 est.)
|Imports Partners
|Japan 18.7%, China 12.7%, Malaysia 6.4%, US 6.3%, UAE 5%, Singapore 4.3%, South Korea 4.1% (2009 est.)
Browse: Manufacturer Directory Countries China India Korea Premium Suppliers Community Site Map
About EC21 Contact Us Terms & Conditions Report Item Online Trading Risks Product Listing Policy
中文 繁體 한국어 日本語 Español Русский Français Deutsch
Copyright (c)1997-2019 EC21 Inc. All Rights Reserved. EC21 in KoreanChinese
Business Registry Number: 120-86-03931


text:
When: Sat 2nd of February 2008
Where: Innsbruck, Austria
[Check out Onboard's video highlights from the Air&Style QP.]
After a 8 year absence following the tragedy of 1999, the Air&Style show made a triumphant return to Innsbruck's Bergisel stadium.
KP owning the QP. All photos: ST
Talk to any Austrian and they'll tell you that the Air&Style belongs in Austria and so it was hardly surprising that the atmosphere within the tight cauldron of the Bergisel was buzzing with electricity. While it was not a big air contest as in days gone by, the shapers had been working 12-hour shifts for the last 10 days or so to ensure that the gargantosaur of a quarterpipe that occupied the nether regions of the ski jump's landing was not only of an almost unfathomable size, but in nigh-on perfect shape too.
Due to traffic from hell, we arrived slightly tardy and got into the press pen just in time for the second round of qualifiers. The deal was that there were two heats of riders, with the scores from 3 runs being tallied together on the scoreboard and the top 8 from whatever heat they were in would advance to the superfinal. As it turns out, 6 of the 8 that made it through were from the second heat, with only Swiss rookie Colin Frei and height-humping Arthur Longo scoring high enough from heat 1.
Arthur Longo.
It must be said that the area that our press band gave access to was killer. Opposite the madding crowd of increasingly exuberant spectators, it allowed us to bathe in the atmosphere without being fully drowned in it. It also allowed us to stand a mere 3 metres or so from the run-in and fully appreciate the near terminal speed that the riders came hurtling down the steep-ass slope. In fact, it was of such an angle that even without the riders sideslipping down to where they would drop from, there was a near-incessant cascade of sugar snow doing nothing but obeying the law of gravity, as the riders did too. We could pretty much see the whites of their eyes as the riders shot towards their encounter with the gigantosaur stood menacingly at the bottom.
For a long part of heat 2, Colin Frei was sat atop the leaderboard, but there were some heavy hitters hell bent on changing that. It was clear that there were two schools of thought: go big, or go tech. And go big and tech, but not quite so big as just going big, sometimes. So guess that's actually three. Anyway, while it was mindbusting to see the stratosphere-scratching backside airs, it was more so to see guys throwing down the third option.
Kim Rune Hansen.
Antti Autti was the first we saw on this tip, killing it with his Finn-styled corked front 7 Japan at around 5.5 metres. This Finn has some friends in the crowd, it seems, as each time he'd drop the MC would call 'Antti', to which the crowd would roar 'Autti'. This would continue for a while until they finished off the football chant with the ever-amusing 'Danke', 'Bitte'. A polite bunch, the German speaking football fans. Kim Rune Hansen was throwing down the heavy backside rodeo that netted him the O'Neill Evolution QP crown back in January; Markus Keller – despite a couple of heavy slams – managed to get a McTwist nudging the 6m mark; Peetu Piiroinen was going bigger and bigger on his traveling backside 540 tails one way (at 6.2m it put him in 1st), while Risto Mattila was doing the same the other way across the wall at 5.6m. Kevin Pearce was getting his heelside backside 5s bigger, while Scotty Lago was giving some mad steezy nosebones to his alleyoop frontside 7s around the 6.7m mark.
Jack Mitrani.
The straight air man-off fully deserves a mention here too. Jack Mitrani was topping out at 7.9m so Manuel Pietropoli decided he should take more speed and boosted 8.8m out, only to land on the coping on his heels, but it seems he'd brought his get out of jail free card because somehow he fully got away with it. Mitrani was pumped now and flew down the run-in like the fastest banana in the world to step up to the 8.7m mark in a mind-numbing exhibition of madness and skill. Pietropoli, you could tell, wanted to get into the 900cms but it all went wrong and he landed square on the arse from way, way up to snap his binding but somehow not his body. Then for his last hit Jack Mitrani took so much speed that he took off and was immediately clawing to regain control. As he just kept on going up, flapping, you could hear the collective intake of breath as everyone there knew this was not going to end well, and he re-entered Innsbruck airspace to land square on his back on the coping. It was the gnarliest slam many of us had ever seen live and a hush descended over the Bergisel as the medics attended to him. Horrible. But, after a short while that frickin' kid was walking away! How on earth a man can walk away from something like that beggars belief, but walk away he did and when it was announced he'd topped out at 10.2m he probably got the cheer of the night. Jack, you mad, mad bastard, hope you're OK. He did get the highest air award for his earlier effort, too.
It must be said now that to watch this spectacle was awe-inspiring for sure, but at the same time pretty damned terrifying. Kinda like a modern day gladiator show. The margin of error so tight and the consequences so high, yet the riders were pushing it so hard, it was nothing short of most intense spectating experience this hack has ever witnessed. God only knows what it was like to drop in. Anyway, after a break to allow us to warm our rapidly numbing extremities and a bit of German yoyoyo-ing from some Hip-hoppers, the superfinals were on. 3 runs, best one counts and please avoid the coping or landing flat. Please.
As tends to happen in most finals, it was a mixed bag of some guys failing to have much luck, others keeping it on the same level as their qualifiers and then the boys on fire stepping it up when it mattered. The run in was looking to be getting rutted from all the minor speed checks with the result that setting up to tackle the monster wall was all the more troublesome than it had been earlier, but while a few got the odd buck, the riders were still fully going for it.
Markus Keller.
A 6.1m backside 5 saw Kevin Pearce take the lead, albeit for a moment as Autti nailed a 6m frontside 7 Japan smooth as you like straight after. Arthur Longo styled backside airs around the 6.7m mark but it would have to be a truly monstrous straight air that would beat the beefy tech. Keller gave himself and us a scare taking off wrong on a 7m McTwist and we were all imploring him to please get it round. He did, but the knuckle took a piece of him too. Kim Rune Hansen fared worse: landing a bit flat from a huge backside rodeo he fell awkwardly and had to be carried off on a stretcher. Hope you're OK dude. Then up stepped Pearce and put down a silky smooth 7m or so alley-oop backside 5 to move back into pole position. Antti knew he'd have to pull something special to get back in this and went for the 1080 at around 6m but couldn't quite get it, then dropped his compatriot Peetu Piiroinen with another crazy traveling backside 5 tail at 6m or so to jump into 2nd.
Scotty Lago.
On the third jump, although Longo got to 8m it was not enough, but Scotty Lago, pumping the crowd with his fists as he dropped in the run-in launched the trick of the night for your correspondant: a 7m alley-oop frontside 7 indy nosebone. Mad style, but perhaps there was the suggestion of a hand drag or something as it was only good enough to bump Peetu down to third.
Antti Autti.
So with the gnarlatron riding done, it was Kevin Pearce who took his third TTR title this season, and his second Air&Style, which moves him up into second in the TTR World Tour Ranking, just behind Risto Mattila. Lago finished up second, and Piiroinen – now sitting 3rd in the TTR – rounded out the trinity of madmen who gleefully beelined at 80kph or so towards the biggest frickin' wall of snow this scribe's ever seen. You're all fucking mad. Thanks for scaring the bejesus out of us, and leaving all who attended slack-jawed in awe at what some cats can do on a snowboard.
Billabong Air&Style 2008 Results:
1 – Kevin Pearce (USA)
2 – Scotty Lago (USA)
3 – Peetu Piiroinen (FIN)
4 – Antti Autti (FIN)
5 – Arthur Longo (FRA) APO
6 – Colin Frei (SUI)
7 – Markus Keller (SUI)
8 – Kim Rune Hansen (NOR)


text:
Product Description
Teardrop or pear shaped semi precious gemstone Petrified Golden Oak Wood designer cabochon 54 mm long by 19 mm wide and 4.5 mm thick.
This Fossilized Oak Wood is known as Golden Oak Petrified Wood because of its golden color.
It is from a Miocene-epoch petrified oak tree. It is about 5-15 million years old and comes the well known Stinking Water area of Oregon.
Metaphysical Properties: Petrified Wood in general is a stone of patience, and slow and steady growth.
Cabochons are stones cut for jewelry and are measured in mm. One inch is equal to about 25 mm.
Shipping terms: Cabochons are shipped First Class within the U.S. for FREE. You can upgrade to Priority Mail Small Flat Rate Box for $5.00.
We offer First Class International shipping for $5.00. First Class usually takes from 2 weeks up to 8 weeks internationally and it is NOT tracked. You can choose to upgrade to Priority Mail for $20.00 to Canada or $22.00 anywhere else.


text:
Three years ago Susie Hall discovered that she was gluten intolerant and went gluten free. Six months later she experienced a rash and heartburn, which went away after she removed milk, soy, and corn from her diet. Recently, she also found that she's sensitive to eggs.
"I ate eggs all of my life and I couldn't imagine they were causing the problems I had with constipation," says Hall. But that problem disappeared when she stopped eating eggs.
Some scientists believe that the number of people with food allergies is on the rise, as is the number of foods to which they are allergic—and eggs are one of the top eight food allergens. They can cause delayed-onset symptoms, such as what Hall experienced, as well more immediate symptoms, such as skin rashes, hives, nasal inflammation, vomiting, or even anaphylaxis.
Avoiding Eggs
Eating dinner leftovers for breakfast is an easy way to avoid eggs in the morning. But how can you make gluten-free baked goods, desserts, and even dishes such as meatloaf without eggs? Try these handy egg substitutes:
Commercial Egg Replacer. The most common brand is Energ-G Egg Replacer, which is vegan and gluten free. Made from potato and tapioca starch with leavening agents, it mimics what eggs do when mixed with water, helping make baked goods light and fluffy.
Ground Flaxseed Mixed in Water. Flaxseeds, which are rich in the anti-inflammatory essential fatty acid alpha-linolenic acid, do not leaven like eggs for souffles, but they can bind patties, meatloaf, cookies, and cakes.
To replace one large egg, mix 1 Tbs. ground flaxseeds and 3 Tbs. hot water and let stand 5 minutes, until an egg- like consistency is reached. Or, blend whole flaxseeds in a blender to a fine meal, add warm water, and blend again. Ground and whole flaxseeds are available from Bob's Red Mill. If you prefer sprouted flaxseed powder, look for Organic Bio-Flax from Bio International.
Chia Seeds Soaked in Water. Chia seeds are highly gelatinous when mixed with water, and some say they produce higher-rising baked goods than flaxseeds. To replace a large egg, soak 1 Tbs. chia seeds in 3 Tbs. water for 5 minutes until the mixture has the texture of a raw egg. Sources for chia seeds include Nutiva and Foods Alive. If you'd like white chia seeds, look for Salba, a trademarked variety of chia.
Puréed Fruit or Vegetables. Applesauce, mashed banana, even puréed acorn squash can replace eggs in baked goods: To replace one egg, use 3 Tbs. or ¼ cup fruit or vegetable purée and add roughly ½ tsp. more baking powder to compensate for the egg's leavening effect. You may also need to reduce the sweetener used in the recipe, depending on the sweetness of the purée.
Lemon Juice and Baking Soda. Combining an acidic substance, such a lemon juice (or vinegar), with baking soda, which is alkaline, produces leavening action in baked goods. For a cake or sweet bread, try 2 Tbs. lemon juice mixed in the liquid cake ingredients, and 1 tsp. baking soda mixed with the dry ingredients. When you whisk the liquid and dry ingredients together, mix quickly, and pop into the oven to get a baked good that rises without the eggs.
Egg-Free Almond Pancakes
Makes 16 pancakes Here's a delicious egg-free, grain-free pancake recipe in which chia gel (chia seeds soaked in water) is used as the egg substitute. You'll never know that the pancakes don't contain eggs.
2 Tbs. organic chia seeds
6 Tbs. water
¼ cup organic unsweetened applesauce
½ cup unsweetened organic almond milk
1½ tsp. gluten-free vanilla extract or vanilla flavor
1½ cups blanched almond flour
1½ tsp. arrowroot powder
½ tsp. unrefined sea salt
½ tsp. baking soda
½ tsp. ground cinnamon
3 Tbs. chopped pecans
Organic extra virgin coconut oil
* Recipe reprinted from the Going Against the Grain Group, 2012.
PER SERVING: 90 cal; 3g pro; 8g total fat (2g sat fat); 4g carb; 0mg chol; 89mg sod; 2g fiber; 1g sugar
Copyright ©2012 Melissa Diane Smith. This article and recipe may not be reprinted on other sites without written approval and permission from the author. For more information, please email reprints@againstthegrai nnutrition.com.


text:
"A delicious blend of smooth Malibu Rum and fiery silver Tequila brought to you in collaboration with the Grammy Award Winning Singer, songwriter and actor Ne-Yo. Drink it neat over ice or long in one of our specially created Malibu Red cocktails. Fire yourself up and enjoy a red hot summer night anytime, anywhere."
- • Producer: Malibu


text:
Green-themed Winery Events Around the State
(For instructions on embedding this video on a website,
click on "Share" at http://www.youtube.com/wineinstitute)
SAN FRANCISCO — Wine Institute has released a new video, "California Wines Green Tour," at www.discovercaliforniawines.com/media-trade/videos, featuring a traveler enjoying the state's beautiful wine regions while experiencing sustainable winegrowing and winemaking practices. In Green Tour, viewers get a snapshot of what sustainable winegrowing means--from using solar energy and preserving water, to planting cover crops between vine rows for soil health and attracting beneficial insects. The traveler also learns about how sheep graze on vineyard weeds and owls prey on vineyard pests. All of the practices have the goal of enhancing environmental stewardship and social responsibility as well as grape and wine quality.
The video release coincides with California's Down to Earth Month in April when dozens of wineries across the state are celebrating with special green-themed events, eco-tours and offers for visitors. See the calendar listings at: www.discovercaliforniawines.com/d2e.
Among the events that visitors can enjoy are San Luis Obispo County's FarmFest on the Coast on April 26-27 which will offer local, sustainably grown wine and edibles at Dinosaur Caves Park overlooking the ocean in Pismo Beach. Central Coast wineries are also offering an Earth Day Food & Wine Festival with more than 200 growers, vintners and chefs serving local wines and foods with music, dancing and more April 20. The Santa Cruz Mountains Winegrowers Association Passport Day celebrates its earth-friendly wine region with organic wine trails, barrel samples and special tasting flights on April 20 to support the Save Our Shores nonprofit dedicated to clean beaches. Livermore Valley wineries are highlighting sustainable winegrowing and winemaking with special "Down to Earth" tours and tastings April 21 and at Down to Earth with Napa Green Certified Wineries, one can learn about green design, conservation and creative re-use as well as attend related tasting events April 19-21. Mendocino wineries are offering Where the Earth IS First Fest April 19-28 where visitors will enjoy a host of eco-friendly activities and organic wine and food. From April 1-30 in Northern Sonoma County, the Green Trail of Dry Creek Valley offers a special, customized experience exploring the region's certified organic and certified biodynamic wineries.
Wine Institute, the association of 1,000 California wineries and wine-related businesses, co-founded the California Sustainable Winegrowing Alliance (CSWA) with California growers a decade ago to advance the California wine industry's adoption of earth-friendly practices. To date, 1,800 vineyard and winery organizations participate in CSWA's sustainability program and they represent more than 70 percent of California's winegrape acreage and case production. As the world's fourth leading wine producer, California is a leader in sustainable winegrowing with one of the most comprehensive and widely adopted sustainability programs in the world.
# # #
Journalists requiring more information can contact email@example.com.


text:
This communication does not constitute an offer to purchase, sell or exchange or the solicitation of an offer to purchase, sell or exchange any securities, nor shall there be any purchase, sale or exchange of securities in any jurisdiction in which such offer, solicitation or sale or exchange would be unlawful prior to the registration or qualification under the laws of such jurisdiction. The distribution of this communication may, in some countries, be restricted by law or regulation. Accordingly, persons who come into possession of this document should inform themselves of and observe these restrictions. To the fullest extent permitted by applicable law, the companies involved in the proposed business combination disclaim any responsibility or liability for the violation of such restrictions by any person. The shares to be issued in connection with the proposed business combination may not be offered or sold in the United States except pursuant to an effective registration statement under the Securities Act or pursuant to a valid exemption from registration.
This communication contains forward-looking information and statements about Sanpaolo IMI S.p.A. and Banca Intesa S.p.A. and their combined businesses after completion of the proposed business combination. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words "expects", "anticipates", "believes", "intends", "estimates" and similar expressions. Although the managements of Sanpaolo IMI S.p.A. and Banca Intesa S.p.A. believe that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Sanpaolo IMI S.p.A. and Banca Intesa S.p.A. shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Sanpaolo IMI S.p.A. and Banca Intesa S.p.A., that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the public documents sent by Sanpaolo IMI S.p.A. and Banca Intesa S.p.A. to CONSOB and under "Risk Factors" in the annual report on Form 20-F for the year ended December 31, 2005 filed by Sanpaolo IMI S.p.A. with the SEC on June 29, 2006. Except as required by applicable law, neither Sanpaolo IMI S.p.A. nor Banca Intesa S.p.A. undertakes any obligation to update any forward-looking information or statements.
The Banca Intesa securities referred to herein that will be issued in connection with the merger described herein have not been, but are not intended to be, registered under the U.S. Securities Act of 1933 (the "Securities Act") and may not be offered or sold, directly or indirectly, into the United States except pursuant to an applicable exemption. The Banca Intesa securities will be made available within the United States in connection with the merger pursuant to an exemption from the registration requirements of the Securities Act. The merger described herein relates to the securities of two foreign (non-U.S.) companies and is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies. It may be difficult for you to enforce your rights and any claim you may have arising under U.S. federal securities laws, since Banca Intesa and Sanpaolo IMI are located in Italy, and some or all of their officers and directors may be residents of Italy or other foreign countries. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment.


text:
Larry the Cable Guy Races into Phoenix as Part of the Wild American Flavor Tour to Check Out Local F
Larry the Cable Guy Races into Phoenix as Part of the Wild American Flavor Tour to Check Out Local Flavors and Flair
New Prilosec OTC Wildberry Gives Sports Fans a Once in a Lifetime Prize Pack
CINCINNATI--(BUSINESS WIRE)-- Frequent heartburn sufferer and America's favorite comedian Larry the Cable Guy is pulling into the hottest race track in Phoenix on a wild excursion to help introduce the first-ever, flavor-coated frequent heartburn pill, new Prilosec OTC Wildberry. Larry has been making his way to flavor-packed cities and sporting events across the country, including checking out the best cars and drivers at the Phoenix International Raceway on November 11, 2012 from 9:00 AM to 1:00 PM.
Attendees will be able to celebrate American flavors with Larry and learn more about how to block the acid that causes frequent heartburn as he introduces new Prilosec OTC Wildberry.* Larry will also encourage fans to enter the Wild American Flavor Sweepstakes for the chance to win a prize pack so unbelievable, it will have the winner waving the checkered flag and victory dancing across the living room.
"I love fast cars and wild flavor! And I don't let my frequent heartburn stop me from enjoying every spicy, cheesy, sizzling experience America serves up," said Larry the Cable Guy. "That's why I love new Prilosec OTC Wildberry - it treats my frequent heartburn for 24 hours with one pill each morning* just like the original and has a fancy coating with a burst of wildberry flavor. Now I can enjoy all the awesome flavors I love!"
Fans across the country will be able to keep up with Larry's travels by visiting www.WildberryFlavor.com to view exclusive videos created by Yardbarker, the largest content and advertising network of independent sports properties on the web. Don't be surprised if the camera catches Larry hanging out with Phoenix's finest fans or sharing a deep fried dish of southwestern goodness with the country's most extreme tailgaters.
Fans have the opportunity to embark on an out-of-this-world flavor adventure of their own by entering the Wild American Flavor Sweepstakes.
From now until January 7, 2013, enter at www.WildberryFlavor.com for a chance to win trips to three of America's most flavorful cities, with three of the country's biggest sporting events, courtesy of new Prilosec OTC Wildberry. One prize pack winner will be chosen at random to receive the prize pack, including tickets to the big football game in New Orleans (February 3, 2013), the first big auto race of the year in Daytona Beach (February 24, 2013) and the basketball championship game in Atlanta (April 8, 2013), travel and accommodations (a two-night hotel stay and air transportation for each destination), and one $5,000 check to be used in any of these flavorful cities.
* It's possible while taking Prilosec OTC®. Use as directed for 14 days to treat frequent heartburn. Do not take for more than 14 days or more often than every 4 months unless directed by a doctor. Not for immediate relief.
Official Sweepstakes Rules
To view the official rules, visit WildberryFlavor.com.
About PRILOSEC OTC WILDBERRY
PRILOSEC OTC WILDBERRY® is a flavor-coated pill you do not chew and the new version of the #1 Doctor recommended† and #1 Pharmacist recommended OTC acid reducer‡ for the treatment of frequent heartburn. PRILOSEC OTC is the #1 selling OTC heartburn medicine* on the market, and now with one flavorful pill a day, it can work for 24 hours by directly shutting down many acid pumps in your stomach when used as directed for 14 days for treating frequent heartburn. For more information about PRILOSEC OTC WILDBERRY, visit www.prilosecotc.com. PRILOSEC OTC WILDBERRY is available over-the-counter through an alliance between P&G and AstraZeneca.
† Wolters Kluwer: OTC Acid Reducer Category, through June 2011.
‡ Based on Pharmacy Times 2011 Survey.
* P&G calculation based in part on dollars sold reported by The Nielsen Company in the US market for the Stomach Remedies Category for the 12 month period ending the week of January 15, 2011.
About Procter & Gamble
P&G serves approximately 4.6 billion people around the world with its brands. The Company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Fairy®, Gain®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The P&G community includes operations in approximately 75 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.
About Yardbarker
Yardbarker is the largest content and advertising network of independent sports properties on the web, reaching 22 million unique users monthly. The network is composed of 1,000+ highly regarded writers from national sites like Baseball Prospectus, Larry Brown Sports and RealGM to hundreds of team-specific blogs across the NFL, NBA, NHL, MLB and NCAA.
Katie Burton, 646-500-7837
KEYWORDS: United States North America Arizona Ohio
The article Larry the Cable Guy Races into Phoenix as Part of the Wild American Flavor Tour to Check Out Local Flavors and Flair originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2012 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.


text:
events at Sugar Grove Nature Center
Little Wonders: Big Nature, Little
Hummingbird Festival & Pollination Celebration
Send a link to a friend
[August 25, 2014]
are two great events going on at Sugar Grove Nature Center in
Little Wonders: Big Nature, Little Nature
Ages 3-5 with an adult chaperone.
Wednesday, August 20; 10:00-11:30 a.m. or 1:00-2:30 p.m.
search for big leaves and little leaves, big plants and little
plants, big animals and little animals. Then we'll enjoy big and
little snacks, stories, and crafts!
Fee: $5/child members,
$8/child non-members; registration required
For more information or to register for this program, phone
309.874.2174 or email
firstname.lastname@example.com Sugar Grove Nature
Center is located in beautiful, historic Funks Grove, just south of
Bloomington-Normal. For a map and directions to the Nature Center,
membership and program information visit us on-line at
Hummingbird Festival &
Pollination Celebration
Saturday, August 30; 10:00 a.m.-2:00 p.m.
Free admission.
Plan to attend our 8th Annual Hummingbird Festival & Pollination
Celebration! Celebrate hummingbirds, bees, and butterflies – the
vital pollinators for countless varieties of plant life in Funks
Grove. Enjoy entertainment, education, food, and fun at this FREE
What is pollination and why are pollinators important? Join us to
find out! All ages are encouraged to learn about pollination and
pollinator migration from experts during seminars, classroom
programs, guided hikes, and garden tours. Children will especially
enjoy watching puppet shows, making crafts, and overcoming obstacles
in a life-sized game of migration.
We are excited to welcome back Vern Kleen of Springfield, Illinois,
to the Festival again this year. Vern is one of the few licensed
hummingbird banders in the United States. During the day he will
demonstrate trapping, banding, and releasing hummingbirds.
Celebration participants will have the chance to "adopt" a bird to
receive updates if it is recaptured.
[to top of second column]
Attend hummingbird seminars led by Deanna Frautschi and
Jeanine Morse to learn more about attracting these winged
wonders to your yard and garden. Browse an assortment of
products from Wild Birds Unlimited of Normal, tour our Monarch
Waystation, visit with Wild Ones members to learn about native
landscaping, explore our honey bee hives and sample some Sugar
Grove honey!
New this year…meet Kirby and Cindy Pringle,
creators of "Plight of the Monarch," a 22 minute documentary that
looks at the causes behind the rapidly declining population of the
monarch, the lifecycle of the butterfly and what people can do to
help increase the number of monarchs. Multiple showings of the film
will take place throughout the festival.
Follow us on Facebook or visit our website at
www.sugargrovenaturecenter.org to find a complete listing
of events, updated information, and previews of the days' activities
as the festival approaches.
Please Note: Guests will not be permitted on the grounds before
10:00 a.m. on the day of the festival.
For more information about this or other Nature Center programs,
phone 309.874.2174 or email
Sugar Grove Nature Center is located in beautiful, historic Funks
Grove, Illinois just south of Bloomington-Normal off of Old Route
66. For a map and directions to the Nature Center, membership and
program information, please visit us on-line at
[Text received; JANET RASMUSSEN,
Recent articles
Back to top


text:
Validating the Protestant Reformation: Was God in it?
Being that this is a Protestant forum I thought it beneficial to cite some reasons for the existence of the Protestant Faith by reviewing the basis for its emergence upon the religious world in an environment hostile to new ideas. And, most of all, to demonstrate by facts that God was definitely at work moving it forward and sustaining it.
I want to establish a basis by quoting an excerpt from THE NEW SCHAFF-HERZOG ENCYCLOPEDIA OF RELIGIOUS KNOWLEDGE, page 419.
- II. Principles of the Reformation:
1. Its Basis.
The movement started with the practical question, How can the troubled conscience find pardon and peace, and become sure of personal salvation? It retained from the Roman Catholic system all the objective doctrines of Christianity concerning the Trinity and the divine human character and work of Christ, in fact, all the articles of faith contained in the Apostles' and other ecumenical creeds of the early church. But it joined issue with the prevailing soteriology, that is, the application of the doctrines relating to Christianity, especially the justification of the sinner before God, the character of faith, good works, the rights of conscience, the rule of faith, and the meaning and number of the sacraments. It brought the believer into direct relation and union with Christ as the one and all-sufficient source of salvation, and set aside the doctrines of sacerdotal and saintly mediation and intercession. The Protestant goes directly to the Word of God for instruction, and to the throne of grace in his devotions; while the pious Roman Catholic consults the teaching of his church, and prefers to offer his prayers through the medium of the Virgin Mary and the saints.
2. Three Principles of Protestantism.
From this general principle of Evangelical freedom, and direct individual relationship of the believer to Christ, proceed the three fundamental doctrines of Protestantism-the absolute supremacy of (1) the Word and of (2) Principles the grace of Christ, and (3) the general priesthood of believers.
Source on CCEL: THE NEW SCHAFF-HERZOG ENCYCLOPEDIA OF RELIGIOUS KNOWLEDGE @ CCEL
Recall from scripture that when God instructed Moses to build the wilderness tabernacle He said to him, "See to it that you make everything according to the pattern shown you on the mountain." Hebrews 8:5. The pattern shown to Moses was that of heaven's sanctuary and, along with the feasts, was a shadow of the true. (cf. Hebrews 9:23,24). The Psalmist said, "Thy way, O God, is in the sanctuary." Psalm 77:13. It was God's purpose that the Sanctuary model be a lesson book to the Hebrews to help them understand His plan of salvation. The typical things were to teach them concerning the anti-typical. The shadows to help them comprehend the reality. Therefore, I will be using the Sanctuary model to demonstrate how God used the Protestant Reformation to bring to the forefront His model, His Sanctuary model, to bring light upon His plan of salvation which had been lost sight of over the centuries.
Please note that this topic is not listed under the "Interdenominational Discussions Room" with the intent that the focus will be on the merits of the Reformation rather than contrasting conflicting viewpoints.


text:
The Secrets of Women With Gorgeous Hair
Spring for a quality cut and color
The first rule of great hair is getting a great cut. "It's so important to have a style that works for your face shape, hair texture and lifestyle and to have hair color that compliments your complexion," says Mark Garrison, owner of Mark Garrison Salon in New York City.
"When you spend a bit more for an experienced stylist," Garrison continues. "you are dealing with an expert who knows how to achieve this." And once you find someone you like, keep the relationship going.
"Get into the stylist's chair every eight to ten weeks," recommends Julie Ebner, owner of JuJu Salon and Organics in Philadelphia. "Regular trims are essential for keeping hair healthy and removing split ends."
Stay current
There's a difference between having a signature style and being stuck in a rut. "It's a big mistake to keep the exact same style you had in high school or college," says Garrison. "Your face changes, your body changes and if your hair doesn't change too, it can make you look old."
You can keep the same basic style if it's become your signature look, but you will need to make occasional tweaks. "Every third or fourth cut, make a subtle change," suggests Nick Arrojo, owner of Arrojo Studio in New York City. "Go a little shorter or longer, add some new layers or update the bangs — even a little modification keeps your style looking fresh."
Use the right products
A good cut is a great start, but you have to follow up at home by using the right products to care for and style your hair. Don't use a product just because the woman in the ad looks amazing or because your friend — who might have totally different hair — loves it.
"Ask your stylist for advice and try the styling products she uses on you at the salon." suggests Ebner. And when you're shopping on your own, read labels. "Make sure your shampoo and conditioner are formulated for your hair type [dry, oily, curly, processed], so that you're not stripping it or weighing it down." says Garrison.
Protect hair from heat
Whether you're blow drying, using a curling or straightening iron or spending time in the sun, you need to shield your hair from the damage that heat can do. By applying a leave-in conditioner or thermal protective spray, your hair will stay moisturized and not end up looking fried.MORE: How Old Does Your Hair Look?
Don't fight nature
"You can have good hair days all year round if you learn to love your own hair," says Arrojo. But if you insist on fighting your natural texture, you'll not only spend a lot more time working to style it, the results may never live up to your ideal image.
Invest in good tools (and learn how to use them)
You really do get what you pay for. Quality tools — dryer, irons, brushes — will not only last longer, but they'll also treat your hair better. Look for heat tools with temperature settings (not just "on" and "off") so that you can adjust the heat as needed.
Make sure to get the right brushes or combs for your hair type too. To learn the best styling techniques, book a lesson with your stylist. Have him walk you through the process of styling your hair from start to finish.
Eat a hair-healthy diet
Your hair will look its best when you nourish it well. That means eating a diet that feeds your hair the essential nutrients it needs. Make sure you get plenty of protein (hair is made up of it), omega 3's (to keep it moisturized), iron (to prevent hair loss) and B vitamins (to encourage hair growth).


text:
Flake: Rubio key on immigration
Freshman Sen. Jeff Flake (R-Ariz.), a member of a bipartisan Senate group pushing immigration reform, says it's imperative the gang of eight stick together to get any legislation passed and called his GOP colleague Marco Rubio the linchpin of the effort.
"It would be not a good sign if, you know, a few of us said we're just not going to stay in," Flake said in an interview in his office Wednesday. "It's important. When you look at the individuals involved, they're people who want to get it done. It's not comprised of people who just want to make a statement and then move on, and so that gives me some hope that we can see it through."
Story Continued Below
Like other Republicans, he sees this as a unique moment in history — and within his party— to get legislation passed, as Republicans try to fathom how they lost 70 percent of the Hispanic vote in November.
( Also on POLITICO: Marco Rubio to deliver State of Union GOP response)
"Nothing focuses the mind like a bad election," said Flake. "And so, for a variety of reasons, it's time."
Flake said that Rubio — the Florida Republican senator just selected to give the response to President Barack Obama's State of the Union address Tuesday — is unrivaled in the GOP for his "vision of what being conservative … ought to mean, particularly in the context of immigration."
Flake added that it was critical that Rubio, the most prominent Latino elected politician in the country, "has stepped forward [on immigration reform]. He's the real linchpin in this effort."
Flake and Rubio are among the four Democrats and four Republicans who last week announced the outline of a far-reaching immigration reform effort that has not yet reach the detailed level of legislation.
( Also on POLITICO: Immigration's latest ally: Christian right)
The House has yet to announce the fruits of its labor on the issue, but there is concern among those supporting comprehensive immigration reform that some Republicans in the House will resist including a path to citizenship in the measure. Flake thinks they can be brought along.
"I'm not sure that it's a deal-breaker for everyone," said the Arizona senator, who consults with individual members tasked with drawing up a House proposal. "It depends on how it's put forward. And I think as more people learn of all these requirements that are put in place — back taxes, pay a fine, learn English not just for citizenship but to get your green card — and learn that it's going to take a while, they'll be more comfortable with this path."
Flake also maintains that President Obama should stay out of the fight for now and leave it to congress to handle.
"You want the president to want reform but you don't want him to lead the effort if you're a Republican," says Flake. "It is delicate, and I'm glad that the president didn't, you know, lay down any ultimatums, and say, 'If it has a temporary worker program I'll veto it' or 'if there is no path to citizenship I'll veto it.' He didn't do that and that's helpful."
( PHOTOS: At a glance: The Senate immigration deal)


text:
For being such great fans I've decided to share something with everybody: Access to the EBMM Vault. Once a week I will post some pictures of a special guitar or bass. It could be something with a non-standard color, a different combination of woods, something from the developmental stages of a particular model, or just a particularly excellent specimen, who knows? Some will be from the storage at the MM factory, some could just be things that an artist or one of the Ball family wanted. You won't know unless you keep checking this thread.
I'm starting off the guitar edition of this thread with a special all mahogany Axis:


text: I don't think that there's any celebrity who is a good role model. They behave in an undesirable way, at least most of them. But I learnt english by being a fan of one famous guy that I don't wanna mention name. Believe or not, being one of the 5% group guys mentioned in the article is not a good thing, although I was. I'm happy that I don't belong to that group anymore,