text:
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text:
San Diego, CA
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Stay up to date with the team and learn about what it's like to work at Mevion. Follow us on Twitter, connect with us on LinkedIn, and watch the proton therapy conversation unfold.
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Mevion Medical Systems. All rights reserved. © 2019

subset: commoncrawl


text:
New products and changes introduced over the last week include the PowerShares NYSE Century Portfolio from Euronext and PowerShares; a municipal bond ETF from Market Vectors; and strategic asset allocation changes from Russell Investments.
In addition, Guardian Life announced a variable annuity offering access to alternative investments, and AdvisorShares announced a new ETF.
Here are the latest developments of interest to advisors:
1) Euronext, PowerShares Announce PowerShares NYSE Century Portfolio
NYSE Euronext and Invesco PowerShares Capital Management LLC have announced the launch of the PowerShares NYSE Century Portfolio (NYCC). NYCC is based on the NYSE Century Index, which includes U.S. companies that have been incorporated for at least 100 years, are listed on a U.S. exchange and have a market capitalization of at least $1 billion.
NYCC is the first fund based on the NYSE Century Index.
2) Market Vectors Launches Municipal Bond ETF
Market Vectors ETFs has announced the launch of the Market Vectors Short High-Yield Municipal Index ETF (SHYD).
SHYD seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Barclays Municipal High Yield Short Duration Index (BMHYTR), a market-size-weighted index composed of publicly traded municipal bonds that cover the U.S. dollar-denominated high-yield short-term tax-exempt bond market.
To be included in the index, a bond must have a nominal maturity of 1–10 years. Taxable municipal bonds, bonds with floating rates, and derivatives are excluded from the index. The index rules maintain a 75% weight in below-investment-grade municipal bonds and as an added liquidity feature a 25% weight in Baa/BBB-rated investment grade municipal bonds.
3) Russell Investments Makes Strategic Asset Allocation Changes
Russell Investments announced that it was implementing a series of strategic asset allocation changes to several retail product offerings in the U.S. market, including the Russell LifePoints Funds, Target Portfolio Series and Russell Core Model Strategies. For most portfolios the reallocations take effect in January 2014.
For fixed income, assets will be reallocated from core bond exposures (Russell Strategic Bond Fund (RFDAX) and Russell Investment Grade Bond Fund (RFAAX)) to equities and global high-yield bonds that represent a higher return potential with corresponding increase in risk.
For U.S. equity, overall exposure to U.S. equity will be increased, with a majority of the increase going to the small capitalization equity allocation, in an effort to compensate for the lower return expectations of fixed income markets.
International equity will take a more targeted approach to non-U.S. equity exposure, with an emphasis on emerging markets and adjustments within global equity allocations.
For alternatives, the real asset composition will be changed by decreasing commodities and increasing infrastructure allocations in an effort to maintain non-U.S. exposure levels while also offering higher return potential.
4) Guardian Life Offers VA with Access to Alternative Investments
The Guardian Insurance & Annuity Co. Inc. (GIAC), a wholly owned subsidiary of The Guardian Life Insurance Co. of America (Guardian), has introduced Guardian Investor ProFreedom Variable Annuity (B share) (ProFreedom VA), which offers alternative investment options. The annuity can be issued with a deferred income rider.
ProFreedom VA offers investment options managed by boutique brands (such as ALPS/Alerian, Mariner Hyman & Beck, and Merger (Westchester Capital Management LLC)) with options managed by larger brand names (such as Fidelity Investments, MFS and PIMCO), across different investment strategies, such as traditional, risk-managed, sector-focused and alternative investment options.
5) AdvisorShares Launches Sage Core Reserves ETF
AdvisorShares has announced the launch of the Sage Core Reserves ETF (HOLD), which is subadvised by Austin, Texas-based Sage Advisory Services.
HOLD aims to preserve capital while maximizing income. Sage seeks to achieve this objective by investing in a broad range of fixed-income securities and U.S. dollar-denominated investment-grade debt securities, with an average duration of less than one year. Sage seeks to make the ultralow-duration portfolio less sensitive to interest rate changes, and provide the ability to be flexible across credit quality and security selection, while minimizing volatility and maintaining a high level of liquidity.
Read the Jan. 10 Portfolio Products Roundup at ThinkAdvisor.


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SAS Products
About SAS/FSP
SAS/FSP provides a convenient, interactive text-based facility for data entry, editing, and retrieval. Using SAS/FSP software you can:
- browse and edit the contents of SAS data sets
- enter data into existing SAS data sets
- create new SAS data sets
- browse and edit SAS data views created with SAS/ACCESS software
- browse SAS data views created with the SQL procedure in Base SAS software
- create, edit, and print form letters and reports
- build and customize end-user applications.
The most recent release is SAS/FSP 9.4.
Sample: Modifying Text Colors For an FSEDIT screen
FSEDIT is a text-based, data-entry interface within the SAS/FSP product. The FSEDIT display screen can be customized to enable you to personalize the layout and to reposition the data-entry fields on the screen display. In order to enhance the data-entry interface that you are designing, you can modify the colors for different elements of the FSEDIT screen.
This sample provides details for modifying the text color for the two areas of an FSEDIT screen.
- field labels and informational text
- data-entry fields
Online Documentation
- SAS/FSP 9.4 Procedures Guide, Second Edition
- Guide to SAS/AF Applications Development PDF | HTML
- SAS/FSP Procedures
- Help for SAS/FSP is accessible within the product.
Related Documentation
- Getting Started with SAS/AF 9.4 and Frames PDF | HTML
- SAS/AF 9.4 Procedure Guide, Second Edition PDF | HTML
- SAS Component Language 9.4: Reference, Third Edition
All online documentation for supported releases of SAS/FSP
- SAS/FSP titles in online bookstore
Technical Papers
Need help?
SAS Publishing Representatives are available in the U.S. from 8-5 ET to answer your documentation questions. Contact us at 1-800-727-0025, option 4 or e-mail.
SAS currently does not offer public training for SAS/FSP software. You may submit your requests for training using our Interest List.
Your input will be reviewed as we develop the course schedule throughout the year. From time to time, we are able to add course dates to our schedule based on your input.
Need help?
Curriculum consultants are available in the U.S. from 9-5 EST. Contact us at 1-800-727-0025, option 4 or e-mail.
International customers, please contact your country office.
Samples and Notes
Online Support ResourcesVisit the Technical Support page to access various self-help and assisted-help resources or submit a problem through the SAS Technical Support form.


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Basic Leader Training
From MeritBadgeDotOrg
Building on the foundation established in Fast Start Training, Basic Leader Training is designed to provide more position-specific oriented training to adult leaders.
Basic Leader Training has two parts:
- This Is Scouting (was New Leader Essentials) is for all new leaders in Cub Scouting, Boy Scouting, and Venturing. It highlights the values, aims, history, funding, and methods of the Scouting program. Once completed, it need not be taken again, even if the leader moves to a different position or program level.
- Leader Specific Training gives a leader the knowledge and skills needed for a specific position. Leader Specific Training is available for the following positions:
- Tiger Cub leader
- Cub Scout den leader and assistant (Wolf and Bear)
- Webelos den leader and assistant
- Cubmaster and assistant
- Pack Committee members
- Scoutmaster and assistant
- Troop Committee members
- Venturing Advisor and associate Advisor
- Crew Committee members
Basic Leader Training goes into greater detail on youth development and boy behavior, program planning, activities, and the purposes of the program. It is usually presented in one or two group sessions, but can be delivered to small groups or even individuals through personal coaching.
Every leader should complete Basic Leader Training; it prepares leaders to deliver a quality, fun-filled program. Leaders who understand the whys and hows of the program are more effective in their roles. They know how to use available resources to provide an exciting and worthwhile program for boys. Trained leaders have confidence in carrying out their responsibilities and, along with the boys, have more fun.
Your unit leader, unit commissioner, or district training chair can help you learn about the Basic Leader Training available in your district and council. Dates and locations of upcoming training courses are often announced in the local council or district newsletter or Web site.
Online or classroom Leader Training
Youth Protection training (YPT) is required for all BSA registered volunteers and must be retaken every two years. Some councils and units may require more frequent (e.g., annual) retaking of YPT). Check with your local council and unit to find out what their policies are.
In addition to YPT, registered adults should complete the following courses online at https://my.scouting.org:
- Before the First Meeting
- First 30 Days
- Position Trained
Other training opportunities: Roundtable – University of Scouting – The Trainer's EDGE – pow wow
Outdoor Leader Training
In addition to fulfilling other requirements, some unit leaders need outdoor-specific training.
- BALOO – To have a Pack campout, or a Webelos Den campout, at least one unit leader must be BALOO trained.
- Introduction to Outdoor Leader Skills – Scoutmasters and Assistant Scoutmasters -- at least one must be trained to have a campout.
- Wood Badge – Advanced Leadership skills for Cub Scout, Scout, Venturing, district and council Scouters.
- Seabadge – Advanced Leadership skills for unit, district and council Sea Scouters.
- Powder Horn – Teaches how to incorporate outdoor/high-adventure activities into a unit's program. For Scouters, Scouts (14 or older), Venturers and Sea Scouts.
- Introduction to On-the-Water Leader Skills Training (IOWLS) – Resources and on-the-water skills to assist Sea Scouts in achieving Ordinary rank. For Sea Scouters.
- Advanced On-the-Water Leader Skills Training (AOWLS) – Skills to safely conduct an effective Sea Scout program underway. For Sea Scouters.


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Windsor (England)
Windsor (town, England)
Windsor (wĬn´zər), town (1991 pop. 31,544), Windsor and Maidenhead, S central England, on the Thames River. There is some light industry and printing. The town is a popular tourist destination; the Danish toymaker Lego opened a Legoland amusement park there in 1996. In Elizabethan times about 70 inns enlivened Windsor. Christopher Wren designed the town hall, and Grinling Gibbons did much of the wood carving in the Church of St. John the Baptist.
The town's importance derives from Windsor Castle, the chief residence of English rulers since William I. The castle was improved and rebuilt by successive sovereigns. Henry II erected the Round Tower, and Edward IV began the construction of St. George's Chapel, one of the most splendid churches in England, where the Knights of the Garter are installed with medieval ceremony. In the chapel are buried several of England's kings. Some vaults are used to store art treasures, national archives, and museum collections.
The modern castle, which contains about 1,000 rooms and occupies 13 acres (5 hectares), consists of three "wards" —the upper, middle, and lower. In 1992 a fire in the upper ward destroyed or damaged more than 100 rooms; restoration was completed in 1997. The castle proper lies in the Home Park, and beyond it, separated by the tree-lined Long Walk, is the Great Park. In Frogmore, the royal mausoleum, Queen Victoria and Prince Albert are buried. On the castle grounds is a large lake named Virginia Water.
Windsor Castle a royal residence at Windsor, founded by William the Conqueror on the site of an earlier fortress and extended by his successors, particularly Edward III. The castle was severely damaged by fire in 1992.
See also the Widow at Windsor at widow.


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Browsing DRUID Working papers by Subject "transaktionsomkostninger"
Now showing items 1-3 of 3
Maskell, Peter; Lorenzen, Mark (København, 2003)[More information][Less information]
Abstract: The many competing schools of thought concerning themselves with industrial clusters have at least one thing in common: they all agree that clusters are real life phenomena characterized by the co-localization of separate economic entities, which are in some sense related, but not joined together by any common ownership or management. So hierarchies they are certainly not. Yet, it is usually taken for granted that clusters, almost regardless of how they are defined, all expatriate the 'swollen middle' of various hybrid 'forms of long-term contracting, reciprocal trading, regulation, franchising and the like' residing somewhere between hierarchies and markets. This fundamental (but usually implicit) assumption would, perhaps, be justified if markets could be reduced to events of exchange of property rights, between large numbers of price-taking anonymous buyers and sellers supplied with perfect information as they are commonly conceived in mainstream economics. One of the original attractions of Neoclassical price theory was precisely that it promised a way of analysing the economy in general and market exchange in particular independently of specific institutional settings. However, introducing transaction costs as more than fees paid to intermediaries leads inevitably to comparative institutional analysis and, not to be forgotten, to the perception of markets as institutions with specific characteristics of their own. Some sets of characteristics are so common that they represent a specific market organization or market form. The cluster is one such specific market organization that is structured along territorial lines because this enables the building of a set of institutions that are helpful in conducting certain kinds of economic activities. URI: http://hdl.handle.net/10398/7265
Files in this item: 103-14.pdf (290.9Kb)
what can organizational economics contribute?Foss, Nicolai J.; Mahnke, Volker (København, 2003)[More information][Less information]
Abstract: Knowledge management has emerged as a very successful organization practice and has been extensively treated in a large body of academic work. Surprisingly, however, organizational economics (i.e., transaction cost economics, agency theory, team theory and property rights theory) has played no role in the development of knowledge management. We argue that organizational economics insights can further the theory and practice of knowledge management in several ways. Specifically, we apply notions of contracting, team production, complementaries, hold-up, etc. to knowledge management issues (i.e., creating and integration knowledge, rewarding knowledge workers, etc.) , and derive refutable implications that are novel to the knowledge management field from our discussion. URI: http://hdl.handle.net/10398/6863
Files in this item: 103-02.pdf (480.3Kb)
past debates, central questions, and future research possibilitiesFoss, Nicolai Juul (København, 2002)[More information][Less information]
Abstract: The role of transaction cost economics in developing research in strategy has been a hotly debated topic over the last decade. This paper presents the radical argument that transaction cost insights are more than merely useful complements to existing approaches to strategy. Rather, they are necessary for adequately understanding the nature of strategizing. This is because transaction costs are essential aspects of processes of creating, capturing and protecting value. If transaction costs are zero, these processes do not pose any strategic problems; strategizing is trivialized in such a world. When transaction costs are positive, on the other hand, opportunities for value creation through the reduction of inefficiencies caused by transaction costs exist, and protecting and appropriating value are costly activities that dissipate value. Also, contracting and expectations enter as central aspects of strategizing. Arguments are provided for why economizing (with transaction costs) is more fundamental than strategizing (in the sense of exploiting market power). Thus, the paper argues that models in which the fullest possible account of transaction costs is made be used as the proper foundations and benchmarks for economics-based strategy research, rather than the patched-up competitive equilibrium models that are now used, more or less implicitly, as the benchmark in important parts of strategy research, most notably in the resource-based view. URI: http://hdl.handle.net/10398/6911
Files in this item: 1druid02-04.pdf (448.9Kb)
Now showing items 1-3 of 3


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When do you roll to recover from the Stun power? Do you roll in the first round you have after being subject to the stun power or only from the second round on?
--- bye
Recovering from the Stun power
These questions about M&M's first edition were posed to Steve Kenson--and then he answered them! Steve's now providing official answers to second edition questions, but we've archived this forum for you to search.
2 posts • Page 1 of 1
- Mastermind
- Posts: 4118
- Joined: Thu Aug 14, 2003 5:20 am
- Location: Freedom City, USA
- Contact:
The first round after the power takes effect. So if you fail to save against a Stun on initiative count 12, you make another save on initiative 12 the following round.
Steve Kenson - firstname.lastname@example.com
Green Ronin Publishing
Green Ronin Publishing
2 posts • Page 1 of 1


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Clayton Cosgrove is in trouble for this. What do you think - should he be?
The nineteenth century US Senator and Republican Party manager, Mark Hanna, purportedly once claimed "There are two things that are important in politics. The first is money and I can't remember the second."
It's one of those clever-sounding quotes that get hauled out whenever some sort of political financing scandal breaks. Never mind that it may not be entirely true - or, at least, not entirely true in the New Zealand context. You could, for instance, let Ewen Macdonald raise as much money as he possibly can and then let him spend it on running for Parliament, safe in the knowledge that it will never make him a viable candidate for office (once he is released from jail and thus becomes eligible to stand, that is).
But while Hanna's statement may overegg things somewhat, it still contains an important insight. You simply can't run a political campaign of any sort without some money to pay for it. And unless you are independently wealthy - step forward, Colin Craig - you've got to get that money from somewhere. Which means that if you are a humble electorate candidate seeking to get elected, you have to hit up your supporters in the electorate and beyond for the cash to fund all the leaflets, hoardings and other forms of advertising that you'll use to try and remind the voters of your many, many good qualities.
This reliance on private sources to raise the money needed to pay for the path to Parliament then poses a pretty obvious potential problem. MPs possess a certain degree of public power that is not held by anyone else. They can grease the wheels of officialdom. They can put a word in the right ears. They can even make (or unmake) laws. All of which can have value for individuals or groups (be they companies, unions or otherwise) that have an interest in something that only government can give to them.
So, how can we know whether some person who is giving a candidate the money he or she needs to mount a successful campaign for office is doing so out of a true belief in the qualities that candidate possesses and the policies he or she espouses, as opposed to seeking to buy influence in the governmental realm? The short answer is, we can't. Only the donor knows why they are giving, and even they may not be entirely sure; or, at least, may have several motives for their generosity. After all, it is only human to believe that the person who may be best able to help you personally also is the person who is best suited to take part in running the country generally.
Therefore, because those pesky civil libertarians refuse to allow the SIS to apply electrodes to the sensitive spots of potential donors in an effort to uncover their true motivations, there are three layers of protection against the relationship between a donor and a potential MP decaying into outright corruption.
First, we have the criminal law (as Philip Field found out to his cost, albeit outside of the campaign financing arena). Under the Crimes Act 1961, s 103(1):
Every member of Parliament is liable to imprisonment for a term not exceeding 7 years who corruptly accepts or obtains, or agrees or offers to accept or attempts to obtain, any bribe for himself or any other person in respect of any act done or omitted, or to be done or omitted, by him in his capacity as a member of Parliament.
A "bribe" could include a campaign contribution, where this is specifically tied to some action (or omission) done in a candidate's capacity as a member of Parliament. And as the Supreme Court noted in its judgment on Philip Field's appeal, any connection between a "bribe" and some action (or omission) by an MP need not have been arranged before the MP's action (or omission). If the person paying the "bribe" does so out of gratitude to the MP for an action (or omission) already undertaken and the MP knows that this is the reason why the payment is being made, then it is an offence if the MP goes ahead and accepts it anyway.
So, then, direct, overt arrangements that tie a campaign donation to an MP's action (or ommission) are illegal and punishable by quite hefty spells in prison (as Philip Field found out). But, of course, these sorts of deals can be tricky to prove in the absence of one or the other parties spilling the beans on the deal (as, again, happened in Philip Field's case). To try and deter even the possibility of corrupt relationships between a donor and a potential MP, then, there is Justice Brandeis' old adage that "Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman."
New Zealand's attempt to disinfect the campaign fundraising process takes the form of the disclosure requirements in the Electoral Act 1993, s 209. Every electorate candidate must file a return with the Electoral Commission within 70 working days of the election setting out the identity of all donors who gave a donation of more than $1500 for use in that candidate's campaign for election (with an associated ban on receiving "anonymous" donations of more than $1500). Which then gives an insight into those individuals (or groups, be they companies, unions or otherwise) that are significant financial backers of each candidate - including those who are successful in winning election to Parliament.
Note one problem with this regime, though. Disclosure of donations only happens well after an election is over; the candidate returns from last November's election weren't due to Electoral Commission until 26 March this year. And note another - while disclosure to the Electoral Commission tells us who gave a candidate how much (as well as when they gave it), it doesn't tell us why they gave it or why a candidate accepted it. Even if a funding relationship is out in the open, the nature of that relationship may remain a legitimate cause of concern.
Which, in the end, brings us to a candidate's internal sense of political morality. That is to say, we rely to a large extent on candidates knowing that receiving donations from some private sources is not only wrong in itself, but if revealed to the public will be politically damaging to them personally and their party generally. And we expect candidates to show the appropriate wisdom to avoid not only overtly wrongful relationships (such as where a potential donor expressly offers to make a donation in exchange for the candidate's help), but also those which appear to be wrongful (such as where a reasonable observer may conclude that there is some connection between a donation and the candidate's past or future help). Because it is only by our prospective MPs avoiding the latter that we can be fully sure that they are not participating in the former.
How, then, does New Zealand's three-part response to the potential problem of political corruption by way of campaign funding apply to Clayton Cosgrove's current predicament? (I'm going to assume if you've made it this far into the post, you know what I'm talking about. If you don't, you can read all about it here.)
First of all, no-one is accusing Cosgrove of accepting a bribe from Independent Fisheries - at least, they are not doing so out loud. Both Cosgrove and the company adamently deny there was any connection between his introduction of a members bill that would financially help the company (as well as a number of other constituents) and its later decision to donate money to his campaign. Not only is this most probably true in fact, the dual denial means that there is no way of proving it to be false. And no-one is going to be silly enough to invite a defamation action by accusing Cosgrove and the company of overt corruption - at least, not unless they are judgment proof (i.e. a bankrupt blogger who I shall not name), or enjoy the privilege of parliamentary proceedings.
Second, Cosgrove quite rightly declared the $17,500 in donations to the Electoral Commission - from which we all then were able to find out about the relationship a couple of months ago. True, this action tells against any corrupt relationship existing in fact; you'd have to be a pretty silly (or incredibly brazen) person to openly tell the world that you've accepted a chunk of money which was paid to you in exchange for trying to get a change in the law. But the point of declaring donations is to let us make those sorts of judgments about what may or may not have been the motives on each side - if we were to say that simply declaring a donation automatically means that, ipso facto, there cannot be a corrupt intent behind it, then that would have a rather perverting effect on the disclosure regime!
Which brings us once again to the third level of protection. What does the decision to accept a considerable donation from a long-term friend whom you have, in your official capacity as an MP, taken steps to help in a quite significant fashion say about Cosgrove's internal sense of political morality? By this I mean, what does it say about his ability to scrutinise not only his own motives for taking the money, but also understand how taking that money would look to others? And here I mean not those political enemies who would like to see him taken down, but rather the "average voter" who is assessing the behaviour of her or his political masters? Is it a "good look" to them for an MP to be in this sort of relationship, even if all involve protest the purist of motives?
This, it seems to me, is the level on which Cosgrove's actions must be judged. No, the donations weren't illegal. Yes, they were fully decared as the law requires. But were Cosgrove's actions as an MP (and then a prospective MP) right, both in the sense of up to the moral standards we expect of our political leader and displaying the sort of political wisdom that is necessary in such leaders? Because, in the end, our system of government depends upon those involved in it complying with these standards just as much as their abiding by the law - which is why John Key's brushing off John Banks' attempt to conceal Kim Dotcom's donation from public disclosure with the claim that "there's quite a wide definition of ethics" was so disgraceful.
One last point. I note that Cosgrove is alleging that this story has been "shopped around" by Gerry Brownlee in an effort to distract from a court case being brought by Independent Fisheries against his use of CERA powers to rezone their land. That may well be true. And that case also may well reveal what some of us said from the outset - giving Brownlee or any other Minister extensive powers to override existing property rights and legal processes in order to "help Canterbury" carries considerable risks of their misuse.
However, the motives for drawing attention to Cosgrove's relationship with Independent Fisheries do not touch on its basic rightness or wrongness. Or, to put it another way, the problem isn't so much that people are noticing the donation to Cosgrove, but rather that the donation was given and accepted in the first place.


text:
Klefki, one of the newest Pokémon characters, is also one of the weirdest. It's a set of keys, with an immunity to poison and dragon-type moves. You probably can't open doors with it, but Tony Sarkees on Etsy is selling nickel-coated steel replicas of it. Much easier to put them in your pockets than a plush stuffed Pikachu.
Klefki Steel Keyring [Etsy, via Tiny Cartridge]


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Big Data on AWS
5 Steps Hours 51 Credits
Scientists, developers, and other technologists from many different industries are taking advantage of AWS to perform big data analytics and meet the challenges of the increasing volume, variety, and velocity of digital information. AWS offers a portfolio of cloud computing services to help you manage big data by reducing costs, scaling to meet demand, and increasing the speed of innovation. In this quest, you'll learn to work with advanced services for Big Data.
Objectives:This quest is designed to teach you how to work with AWS services to perform big data analytics on the cloud.
Quest Outline
Working with Amazon Redshift
The lab demonstrates how to use Amazon RedShift to create a cluster, load data, run queries and monitor performance. Note: Students will download a free SQL client as part of this lab.
Exploring Google Ngrams with Amazon EMR
This lab demonstrates how to launch an Amazon Elastic MapReduce (EMR) cluster for Big Data processing and use Hive with SQL-style queries to analyze data. You will create a Hadoop cluster using Amazon EMR which will allow to run interactive Hive queries against data stored in Amazon S3. You will use Hive to normalize the data in a more useful way, and you will run queries to analyze the data.
Analyze Big Data with Hadoop
In this lab, you will deploy a fully functional Hadoop cluster, ready to analyze log data in just a few minutes. You will start by launching an Amazon EMR cluster and then use a HiveQL script to process sample log data stored in an Amazon S3 bucket. HiveQL is a SQL-like scripting language for data warehousing and analysis. You can then use a similar setup to analyze your own log files.
warning Advanced Amazon Redshift: Table Layout and Schema Design
In this lab, you will take a close look at different types of table layout and schema design. You will create tables using various methods for data compression and distribution, and analyze which methods work best, including incorporating Amazon Redshift recommendations. You will conclude the lab by building five different versions of the same table, and analyzing how the differences impact storage requirements and query performance. Pre-requisites: To successfully complete this lab, you should be familiar with Redshift concepts. Knowledge of SQL programming is required, although full solution code is provided.
warning Advanced Amazon Redshift: Data Loading
In this lab, you will experiment with and compare different types of data loading using Amazon Redshift. You will create tables, load data using S3, remote hosts, and practice troubleshooting data loading errors. For the lab to function as written, please DO NOT change the auto assigned region.


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BWW Interviews: Gregory Prest Talks ROSENCRANTZ AND GUILDENSTERN ARE DEAD
Gregory Prest has been a staple of Soulpepper for the past few years. His immense talent and passion shines through onstage.
To kick off their 2013 season, Soulpepper is staging Tom Stoppard's "Rosencrantz and Guildenstern are Dead" beginning tonight, February 7.
This comedic play follows the two leading characters, Rosencrantz and Guildenstern, as they are told by the Danish court to find out what is wrong with Hamlet (who is played by Gregory Prest). Tom Stoppard ingeniously blends a few short scenes from William Shakespeare's "Hamlet", where dramatic events of both plays coincide, with his own clever use of language.
Gregory sat down with BWW before a rehearsal to talk about his character in "Rosencrantz and Guildenstern are Dead", his time at Soulpepper so far, and being an actor.
BWW: Thank you for taking the time to do this interview with me, Gregory. How does it feel to be a part of one of Tom Stoppard's most well-known plays "Rosencrantz and Guildenstern are Dead"?
GREGORY: It's great! I've never seen or read the play before I found out that we're doing it, so it's great because rehearsals are a discovery. Some shows you go in knowing the show, and so there is a different kind of energy, so it's great because I'm discovering it as we go and I'm getting to watch Jordan Pettle and Ted Dykstra and Ken Welsh work, and sort of discovering the text is amazing. It's great - it's really smart and funny, and very difficult so it's fun to watch people figure it out.
BWW: Is this your first time tackling a Tom Stoppard play?
GREGORY: Yeah! I've seen a couple. I saw the "Travesties" they did here, and I saw "Rock 'n' Roll" they did at CanStage a few years ago. I saw those and I read "The Coast of Utopia". So it's my first time being in it [a Tom Stoppard play]. You know, mind you, the stuff that I have to do is all Hamlet - all my text is Shakespeare, not Tom Stoppard, but it's really great.
BWW: Tell us about the character you play in "Rosencrantz and Guildenstern are Dead", that being Hamlet (Prince of Denmark)
GREGORY: The play is sort of the backdoor version of "Hamlet" where we follow Rosencrantz and Guildenstern, which is the very simplistic overview - we follow those two characters; versus Hamlet, Ophelia, Gertrude, Claudius they're all sort of minor characters in the bigger journey of Rosencrantz and Guildenstern. So it's Hamlet! Some of the text is from Shakespeare, and some of the stage directions are descriptions of text later on in the play. Like my first entrance with Ophelia is what Ophelia comes in to describe to Polonius, where I find her in her closet and I take her and I shake her and I look at her face at arms length - so it's fun! It's Hamlet! It's a weird thing to play Hamlet, but I'm not really playing Hamlet. But I'm playing Hamlet, but it's not really Hamlet. So what's kind of great is that I've got a great resource for my moment before. But that's sort of all taken care of by Shakespeare. There's a great moment where I have my back to the audience and I'm essentially doing "To be or not to be" - I'm in that moment. But! The action of the play that the audience is watching is Rosencrantz and Guildenstern trying to figure out how they're going to interrupt to talk to me. So that's fun.
BWW: What's the most exciting and the most challenging part of playing Hamlet so far?
GREGORY: I think letting go of it all and just doing this play: "Rosencrantz and Guildenstern are Dead". There's only so much - I thought "oh what a great opportunity! I'll learn Hamlet at the same time." So when I'm backstage I can sort of be looking over that, which I'm sure I'll still do. And Joe [Ziegler] has played it [Hamlet], directed it twice. Ted has played it. Ken has played it. So I have people who I could talk to about it, and I was like "I'll still do that!" But I have to let all that go and try to serve this play that we're doing - the story that we're telling here to not take on too much of that.
BWW: When did you decide you wanted to be an actor? What/who inspired you?
GREGORY: I wanted to be an actor since I was a kid, since I was probably, I imagine maybe ten - I don't have that defining moment where I was like "this is what I want to do". But when I was growing up, my dad did community theatre. I'm from a small town in Nova Scotia and my dad did community theatre through the rotary club and things like that. And I was in grade five, and one day he just took me along, and I loved it. I loved the people - I think that's what it was: the event, the people - it was really really fun! As a kid growing up in a small town, [community theatre was] like a group outside of your family and outside of your school. It was really really nice. As a teenager, I really grew to love that - the community, the theatre, the people - it was a fun place to be where people were great, and people who were fun. In a way, for me growing up, it was like a safe place to be, and then I loved it. And we started going to theatre - it was always something I've been interested in. But it was in community theatre where I started liking the people. I was doing summer recreation programs and meeting great people from other towns, because it was such a small town, that I only knew very few people. That I would say was the beginning.
BWW: What is it like playing royal characters? How do you approach those roles? Louis XIV (King of France) in "The Royal Comedians" vs. Hamlet (Prince of Denmark)
GREGORY: I never thought of it with Hamlet - that's really good that you should bring that up in the middle of rehearsals! It's given in the text, that's one thing. A few years ago, a few years out of theatre school, I got a job doing Shakespeare in the Ruff, which is outside in Withrow Park. We were doing "Antony and Cleopatra" and I was playing Octavious Caesar. I did that play in theatre school so I knew the play. I learned to sort of relax into it - that sometimes there's a tendency, you know, that if you're playing someone very powerful to try to be as intense and powerful as possible. The real power comes from the ease. You're the most relaxed person in the room really and everyone around you is really tightly wound up because you've got all the power. And in my life experiencing very powerful people, the people who are around them give them their importance. I just try to relax into it and not play that because it's given in the text and up to how you interact with other people. It's a fun game to figure it out and to watch very powerful people, how they interact with not so powerful people - that's the key. I'm sure we've got all those people in our lives.
BWW: What did you do to prepare for the role of Hamlet?
GREGORY: You know, I've read the play several times, studied the play. Again, right now, it's typical for third or fourth week rehearsals where I'm sort of like "what did I prepare with before I came in? And where are we going and what's useful now?" So it's time to look at my tool box and be like "this isn't really serving me right noW. Maybe later in the run it will serve me." But right now I'm just trying to focus on the moment, and not carry the weight on. I think it would be different for someone who's played Hamlet. If you've played Hamlet you probably had that experience. I've sort of got Hamlet fever. The first time's like "I have to do this! I have to do this! Any production, I don't care. I'll make it happen!" You know, there's that kind of excitement of wanting to do it so badly, but it doesn't serve me - I can't walk on stage with all that weight in me because it doesn't serve the play. It's just me being interested in playing Hamlet, which maybe someday I'll be lucky enough to do, but right now it's about Tom Stoppard and this version.
BWW: You played Hamlet in the "Kill Shakespeare" reading at the Word Festival. Are there any similarities/differences (or anything new and exciting) between that portrayal and the Hamlet you'll be portraying in "Rosencrantz and Guildenstern" are Dead"?
GREGORY: I don't think so; not consciously. When I found out I was doing "Rosencrantz and Guildenstern are Dead", I joked that it was my second fake Hamlet. And I remember Rick Roberts, who was doing "Kill Shakespeare" as well, he said "that was my third fake Richard III". So I think we can make a career of playing fake versions.
BWW: The pho-versions.
GREGORY: Exactly.
BWW: Which show are you most looking forward to working on this season and why?
GREGORY: This whole season for me is very exciting - I'm very excited about everything! This is amazing. "Barber of Seville" we're doing after this, which scares me to death, so I'm really excited about that. It's a great group of people. There's a lot of music; it's very very funny - I can't imagine what it's going to be, which really really excites me and terrifies me, and I need to start taking some singing lessons soon. And then "Angels in America" is a play I've always wanted to do - the two plays - so I can't wait to get there but I'm happy that it's not right now. And then going back to "Alligator Pie" will be a lot of fun at the end of the year.
BWW: Will there be anything new for "Alligator Pie"?
GREGORY: I don't think so. We'll go back into rehearsal, but I have a feeling we may change stuff. I think we really really like doing what we're doing. Maybe other people will have suggestions on what we should change. We love doing it! So yeah, the whole year is really exciting to me and I'm very blessed and lucky to be doing it.
BWW: Speaking of "Alligator Pie", can you talk a bit about the Creation Ensemble at Soulpepper?
GREGORY: We were put together. Albert [Schultz] put us together. We all knew each other. We've worked together, and it's a really great group of people and we have a lot of fun! It's fascinating - it's so great to be a part of an ensemble that's ongoing; that's really exciting to me, and that's sort of the ideal spot right now at Soulpepper for me where I'm able to do shows in the season, but I'll still go back into the rehearsal room with an ensemble of people that I know and work with and create new material. That's really really fun and challenging, and it's a great group of people. I think we found a really healthy and fun way to work that was not too precious and allowed us to follow our bliss - that was sort of our mantra in rehearsal - follow our bliss, and we didn't feel responsible to anyone else but the group. I feel very strongly about that group of people and we really found something very fun in each other. And it was fun to do and there's never a moment, especially a creation process - those can be nightmares, you know, just personalities and their tastes; you're essentially put into a room with people that you don't know if you share the same artistic tastes or values or what you think is good or what you think is interesting or what you want to be doing, and then you have to create something. And sometimes that can make for a magical experience, sure, but it's really really tough. But this is really great because they're just great people so we have fun - we laugh a lot. We laugh a lot and make up lots of fun sports.
BWW: From all the great parts you've played so far, do you have a favourite role?
GREGORY: There are for sure roles that if you said "we're remounting it tomorrow" I would say "Yes! Let's go!" and some I'd say "errrr... I don't know..." So many things affect them, like when it happened in your life. Last time this year we were doing "Long Day's Journey into Night" and that's such an amazing play and such an amazing group of people. It's the people in the theatre that I loved at the beginning. Yes it's the work - I love it and everything, but it's also the people and so much of the experience is wrapped around the amazing group of people. Like "Ghosts" for me was an amazing experience because it was my first time working with Morris [Panych], Nancy [Palk], Joe [Ziegler], and it was so amazing. There are very few things I would not want to do again in terms of roles. But this year is really exciting, so there's lots of fun stuff to tackle!
BWW: What would be your dream role?
GREGORY: Well, now that I'm just coming out of Hamlet fever... I would love to do it in a second! Anyone, anywhere! Give me a call, I'll do it! What's so great is that there are so many fantastic roles, and as I get older, more roles become sort of available. As I'm sort of "exiting my youth", a few roles I'd love to play are: "The Seagull", [which] is a play that I love, and I don't know if I'll ever get a chance to do that; but to play Konstantin the Seagull would be amazing. That would be one that I'd feel like I'd love to do before my hair falls out, and I need a cane to walk! I've been really really lucky when I think about the roles that I've played here in the last few years. They're sort of exactly what I want to be doing. So that's nice. In a way it feels impolite to want more because it's been so amazing. But at the same time, I'll do Hamlet anywhere! "You want to do it in my living room?" "Yup, done!" Okay we'll do a living room production of "Hamlet"!
BWW: Since Soulpepper is a repertory theatre company, you could be appearing in two or three shows every week, which can be both invigorating and exhausting. How do you remember the different plays all at once; and what do you do to keep your energy up and to stay focused?
GREGORY: Remembering has never come up as an issue because they're so completely different. The worlds are different, the rehearsals are different - it is entering a whole new thing. Last year I did three plays at the same time: "Death of a Salesman", "The Crucible", "The Royal Comedians" and I was rehearsing "Alligator Pie" and "Spoon River" at the Global Cabaret Festival at the same time - that was insane! But I had very small things to do in "The Crucible", so I've never experienced where you're carrying three massive things. Energy: it's pretty tiring, but it's fun! I really like it; it's fun to be able to do both - to jump back and forth between things.
BWW: You've worked with Joseph Ziegler on many productions - what's it like having him as the director for "Rosencrantz and Guildenstern are Dead"?
GREGORY: It's great! I really like Joe! He's so amazing; he's so generous and smart and it's always about the work - there's nothing else going on. It's about the work, about clarity, about getting better. The politics in the room are never confusing. It's just amazing. My first introduction to Joe - my first time in a room with him was when we were first reading for "Death of a Salesman", and every show I do, I have a huge crippling talent crush. And that's what's sort of amazing about being here is that every new production there's someone new that sort of makes me kind of lose my shit for a bit. So that first experience was insane and I love it! I really really love it and Joe and Nancy have been - maybe they would find this embarrassing - they've really been my parents here in a way. They've played my parents. They've been great mentors, great friends, great teachers. So it's complicated - if you think someone is that kind of figure, you want to impress them but you also don't want to push them. It's great! I really love it! He's amazing! And I'd work with him anytime, anything! Let's do it now!
BWW: Hamlet now!
GREGORY: Yeah! Hamlet now! Let's go!
BWW: Can you talk about the Mentorship Program that you run with The National Theatre School?
GREGORY: I started that program maybe three years ago. It was inspired by my time here at Soulpepper because when we came to the Academy we were assigned mentors and Nancy [Palk] was my mentor. And at that time in my life I really needed someone to talk to, not about my personal problems, but I'd been working for five years professionally, and I had lots of questions. You go through theatre school and you have certain ideas of what the work is, what the community's like, and you get out there, and sometimes you have amazing experiences and sometimes they're awful; and I needed someone to ask dumb questions to and not judge me. Because I feel that questions you ask to a director in a rehearsal room would make them very nervous. You're where you shouldn't show your cards too much - be too vulnerable. And she was so valuable to talk to about so many different things - I'd ask stupid questions and have her sort of say "Gregory, I think you're being an idiot right now. That does not matter." Like just those concerns. And that transition from theatre school to "real life" is very difficult for me - it's difficult for everyone, I'm sure. So what I did is I matched up recent grads with students who are at the school and just matched them up based on nothing but they're at school and you've graduated, and when I see you, you're a nice person and you're not one of those assholes that looks the other way, and then just match them up and see what happens. And those students would have someone to talk to who've experienced, because that training's intense and I'm sure most training institutions are. But someone who can sort of say "I know how you feel". The people that I mentor there, we have coffee every once in a while and they ask questions: "so what did you do after you left the school?" Sort of offering people free tickets to shows. It's that kind of thing - to build community because NTS (National Theatre School) is such a huge community and you've got it in Montreal and it's amazing. But then you move here, and there are tons of people, but it's nice to have someone to introduce you to the city and just say "you know what? Calm down. It's alright. Breathe."
BWW: What would you say is the most challenging when working on an absurdist play like "Rosencrantz and Guildenstern are Dead"?
GREGORY: I don't know. Right now that's sort of what I'm figuring out. Tone is the wrong word, but that's what I'm using for now - just figuring out the tone. What Hamlet am I playing? Am I playing the Hamlet that I would play if I were playing "Hamlet"? I don't think so, but maybe I am. I don't know. What am I serving? What's the function in the play? So just trying to figure it out. I guess that's what every play is about, but some are a bit more straightforward than others. You can't play "What's my function in this play?" and then play that function - you can't do that. I'm just trying to figure it out. You're catching an actor in the middle of the rehearsal!
BWW: What led you to audition for the Soulpepper Academy? Tell us about the audition process
GREGORY: I had been working for five years and I had some great experiences and I met a couple of people that I really liked. I needed a mentor. I needed someone to give me guidance - to ask my questions to. I tried out some stuff that I thought I knew and I needed a little bit more training. After I finished the school (NTS), I kept taking classes and doing showcases and scene study classes and monologue classes - all these things to keep active, keep at it, because when you're not working, you need to do something. And then I just really wanted to train again and ask questions and work with good people and build long term relationships. That's what I really wanted to do because it's tough! You meet someone, you hit it off two months, you have a great time, you're learning, and then boom! you're somewhere else with a New Group of people. It was not what I needed at the time. It was exactly what I needed to propel me to come here. I auditioned, callback, and they had a mini-academy which is a weekend where they bring in like the final thirty, and then you have a weekend intensive audition, and they paired it down to the group.
BWW: What is a typical show day like for you - including preparation?
GREGORY: It changes so much because usually here you're rehearsing fifteen other things while you're performing so many at night. So once we open this ["Rosencrantz and Guildenstern are Dead"], I'm doing a workshop of "The Barber of Seville" during the week after opening, so come in, do that, work with those amazing people, then grab a bite to eat, hopefully bring my stuff - bring my lunch because it's so expensive down here. I'm prepared the way I need to prepare for that show. Each show for me is a different thing, and there are different ways to prepare. I couldn't prepare for "The Crucible" - I was moving furniture in "The Crucible", like I would prepare for "Long Day's Journey into Night" - they are two different things. Each one is its own thing. Figuring out what the routine is and what I need in that moment to do the next show that's coming.
BWW: Pursuing a career in acting is a little like chasing the pot of gold at the end of the rainbow. What keeps you motivated?
GREGORY: I've been very blessed and lucky, and I'm aware that it's a really difficult thing and people have a really hard time. I didn't work for years and years out of theatre school. I had two years with nothing, and that's really really challenging and really really hard. I think it always changes. I have a feeling that for me right now, what motivates me is that I get the chance to work with these incredible people on these amazing plays. And also, in the little tiny bit of security that I have - like I'm here for another year - how to then fill out the rest of the things I want to be doing. I have directed before. It's something I really love so I approached Albert [Schultz]. I'm not saying "could I direct a show in 2014?", but I'm directing a little workshop of a play in February here.
BWW: What's it called?
GREGORY: It's called "Exorcism". It's one of Eugene O'Neill's one-act plays. It's a very interesting play. He destroyed it after he wrote it, in classical Eugene O'Neill fashion, in 1920. And it was discovered last year, 2012. So he destroyed all copies except for one. It was discovered last year, so there are little productions of it popping around. It's sort of in the air. So I'm going to do that. It's just a few days but it's just a chance for me to get those skills going. I have these amazing opportunities for the entire year and also within that saying "okay, yeah, but what else? What else would sort of feed me? What else would I want to do?" I know how lucky I am to be doing that.
BWW: Since joining the Soulpepper Theatre Company and rehearsing for "Rosencrantz and Guildenstern are Dead", have you learned anything new about yourself that you didn't know before?
GREGORY: Oh yeah, it's endless, we would need four hours, ten hours to talk about it! Lots of things: things that are great discoveries, things that are great disappointments. For me I'm always learning about myself, learning about the world, re-learning and re-learning - never just learning the lesson and being able to move on. Like "oh! I've learned that lesson now" and now I'm a better person. It's like I learn that lesson again and again and again, and then I forget it and I learn it again. So I'm always learning, as an actor, as a person. I'm always learning - I can't help it.
BWW: What do you want the audience to come away with - emotionally or intellectually - after seeing "Rosencrantz and Guildenstern are Dead"?
GREGORY: I don't know. That's a really good question. I'm not quite sure - I haven't figured that out yet. I'm still "navel gazing" into my Hamlet role. The play's moving, it's interesting, it's really moving. This is going to sound really dumb, but it's like a tickle! It's sort of like "What?! What?! What is this?! I want to read "Hamlet" again! I want to read this play!" That's amazing how he [Stoppard] did that: how he created that, how he thought of doing this. And it sort of inspires so many other things. I think the play is moving, it's fascinating, it's interesting - it's very funny.
BWW: Do you have any advice for younger actors who want to get into professional theatre?
GREGORY: Yeah! Go to plays, go see plays, go see films of plays, look at pictures of plays, read plays. Find the things that you're drawn to and figure out how to get closer to them. You know, you find an actor that you really like - write them! Send a Facebook message! Be proactive about what it is that you want to be doing. And it's really really hard and it's really really tough, but if there is a company that you really like - for example, if you really love what's going on at the Tarragon and you're like "I would love to work there someday", then just write them a letter saying "I really love what you do. I would love to chat with you about it or shadow or audition" - like all those things. Be proactive because people are generally - there are very few people that I've met that are complete assholes who would say "I don't have time for you" - people who really want to reach out and give people good experiences. It doesn't mean that those things can always happen just because you write a company saying "I'd love to assist you in a show!" But it's that keep going, keep going, keep going [attitude], and try to figure out what it is that interests you and move towards it.
"Rosencrantz and Guildenstern are Dead" is playing at the Young Centre for the Performing Arts from February 7th until March 2nd
Tickets can be purchased in person at the box office, by phone at 416 866 8666, or online at www.soulpepper.ca
Photo Credit: Bruce Zinger and Nathan Kelly


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SPARTANBURG, S.C. - Brittany Papaj found the back of the net with 3:47 remaining in the first overtime period to lift Pfeiffer University to a 2-1 victory in Conference Carolinas women's soccer action on Wednesday afternoon. Both teams traded goals within a minute of each other early in the second half before Papaj's game-winner. The Lady Falcons improve to 1-4 on the year while the Valkyries fall to 0-5-1.
On the back half of overtime, Alyssa Wombwell delivered the pass that allowed Papaj to net the golden goal for Pfeiffer's first victory of the season. In the 55th minute of action earlier, Megan Weston did the same to Katie Collins who converted her first of the year for a 1-0 Lady Falcon lead. Just 61 seconds later, Samantha Barron put home the equalizer for Converse.
Pfeiffer held a commanding 35-6 advantage in shots with 18 going on goal. Katie Wasylko made 16 saves for the Valkyries in the losing effort. The Lady Falcons are back at home on Saturday hosting rival Catawba at 2:00 p.m. Live stats will be available through http://www.gofalconsports.com.


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UBS news
UBS reports record result for first quarter 2000:
UBS reports a net profit after tax and minority interests of CHF 2,216 million for first quarter 2000, up 41% over first quarter 1999. Before goodwill amortization, this represents basic earnings per share of CHF 6.04, an increase of 52% over first quarter 1999, and an annualized return on equity of 33.2%. Group assets under management increased CHF 23 billion to CHF 1,767 billion.
UBS achieved a record result in first quarter 2000 with a net profit after tax and minority interests of CHF 2,216 million. This represents an increase of 41% on a reported basis over first quarter 1999, and a 50% increase adjusted for the divestment proceeds during that quarter. The Group's annualized return on equity substantially exceeded the 15-20% target range: before goodwill amortization and adjusted for the first-quarter 1999 divestment, it rose from 22.2% to 33.2%. On the same basis and adjusted for the recent share split, basic earnings per share increased from CHF 3.75 in first quarter 1999 to CHF 6.04, comfortably achieving the target of double-digit growth. The cost-income ratio before goodwill amortization fell sharply to 66.5% from 79.9% in fourth quarter 1999, to a level slightly below the 67.4% recorded in first quarter 1999.
Assets under management within the Group increased by CHF 23 billion during the quarter, with gains in Private Banking partially offset by a decrease in institutional assets. Net new money in the private banking units of UBS Switzerland and UBS Warburg grew to CHF 6 billion compared to CHF 3 billion in fourth quarter 1999.
This is an outstanding result for the Group as a whole and reflects strong performance across the major business groups. UBS Warburg achieved a record result with pre-tax earnings of CHF 1,319 million. Private Banking also showed excellent earnings growth with a pre-tax profit of CHF 1,095 million.
(Introduction of quarterly analysis to UBS financial reporting: These quarterly financial results provide for the first time analysis of the change in key metrics from the previous quarter, as well as comparing to the same quarter last year. Previously figures were always reported cumulatively through the year. To allow meaningful like-for-like comparisons, 1999 figures have been restated to reflect the business regrouping announced in February 2000.)
Strategic initiatives
In February this year, UBS modernized its structure and regrouped its wealth management businesses. The new structure emphasizes agility, allowing UBS to respond rapidly to changing client demands. The regrouping provides a first-class platform for UBS's e-commerce-driven attack on the future. "The great significance of e-commerce to UBS is the opportunity it gives us to build sustainable revenues over the long term", stated Marcel Ospel, Group CEO. As a global integrated investment services firm, UBS has the size and expertise to exploit innovative channels and technologies to expand its client reach. Client appeal lies in easy-to-use, interactive access to professional advisory capabilities, content and personalized services. With planned investments of over CHF 2 billion between now and 2002, UBS is committed to remaining at the forefront of e-commerce.
UBS Switzerland will invest CHF 90-100 million annually over the next few years to extend its already impressive electronic banking and mobile banking initiatives. Since April 2000, a single unit has been responsible for handling all the business group's e-banking activities with its primary goal being to expand personalized e-banking services for private clients. UBS Warburg recently launched its pace-setting Web-based business-to-business solution IBOL (Investment Banking On-line). From the IBOL homepage, institutional and corporate clients can access all services and content electronically and link to execution capabilities across all product areas. UBS Warburg has always been a heavy investor in technology, and its investment in the business-to-business area will grow to around 4% of revenues. The business group will invest an additional CHF 310 million this year in its new pan-European multi-channel e-services initiative targeted at affluent individuals in Europe. The initiative centres around marketing a differentiated array of investment services, including products from third-party providers, linked with high-calibre investment advice, financial planning and asset allocation.
Listing on New York Stock Exchange: On 16 May, UBS listed its global registered share on the New York Stock Exchange (NYSE). The listing gives UBS greater visibility to US investors and provides it with the strategic flexibility to benefit from expansion opportunities in the United States. UBS now has a global share traded in Zurich, New York and Tokyo. As the first Swiss company to list a global share in New York, UBS has contributed to a significant enhancement in clearing and settlement infrastructure, notably the creation of a link between the US and Swiss securities depositories to facilitate cross-border settlement.
Share buyback programme: In January 2000, UBS introduced a share buyback programme that will lead to the cancellation of shares. The shares are being bought back through a second trading line. The Annual General Meeting on 18 April 2000 approved the repurchase of shares up to a maximum amount of CHF 4 billion or 19,347,868 shares under this programme. These shares are therefore exempt from the statutory limit which prohibits companies from holding more than 10% of their own shares. As of 10 May, UBS had repurchased 15,762,212 of its own stocks through the second trading line.
UBS achieved an outstanding result in the first quarter. Past experience shows that the first quarter is often the strongest. However, assuming market conditions remain positive, UBS is confident that a strong performance relative to 1999 can be maintained.
Results of the business groups
UBS Switzerland
UBS Switzerland combines affluent, retail and corporate clients business in Switzerland with private banking services for high net worth clients who bank in Switzerland or other offshore centres. The business group had an excellent quarter, reporting a pre-tax profit of CHF 1,587 million (+45% over first quarter 1999, +54% over fourth quarter 1999).
Private and Corporate Clients
The Private and Corporate Clients business unit performed strongly with a pre-tax profit of CHF 492 million (+51% compared to first quarter 1999, +36% compared to fourth quarter 1999). Operating income was CHF 1,690 million, up 10% compared to fourth quarter 1999, driven mainly by strong brokerage revenues in a good market environment. Total operating expenses increased only moderately to CHF 1,198 million. The pre-goodwill cost-income ratio improved from 67% in fourth quarter 1999 to 61%. Assets under management totalled CHF 443 billion. The growth of CHF 4 billion or 1% since year-end 1999 was driven by market performance.
During the quarter, UBS focused on pushing forward its alternativedistribution channels. By the end of March, approximately 480,000 customers had signed e-banking agreements. 40% of all payment orders and 16% of all stock-exchange transactions are now handled through electronic channels. Since the start of the year, functionality in electronic banking has been continuously expanded. During the first quarter, online access to financial information via WAP and a trading connection to XETRA (Exchange Electronic Trading of Deutsche Börse), the seventh stock exchange to be directly linked online, were successfully introduced. Since 15 May, UBS e-banking clients - using UBS MaX. - have been able to trade in all SMI stocks, UBS warrants on SMI shares and the SMI Index, as well as Swiss-franc bonds listed on the Swiss Exchange after regular trading hours, from Monday to Friday up to 10 p.m.
Private Banking
UBS Private Banking produced a record result with pre-tax profit of CHF 1,095 million (+42% compared to first quarter 1999, +63% compared to fourth quarter 1999). Operating income increased 28% compared to fourth quarter 1999 to CHF 1,826 million, driven mainly by asset growth in fourth quarter 1999 and strong client activity in favourable market conditions. Total operating expense declined 3% to CHF 731 million. The pre-goodwill cost-income ratio improved sharply from 52% in fourth quarter 1999 to 39%. Assets under management rose by 4% or CHF 27 billion to CHF 698 billion compared to year-end 1999, most of this growth being performance-driven. Net new money during the quarter amounted to CHF 2 billion compared to CHF 1 billion in fourth quarter 1999.
UBS Private Banking launched a number of new products and services such as Active Portfolio Supervision (APS), through which clients receive investment recommendations whenever their portfolio breaches specified parameters, and Active Portfolio Advisory (APA), which in addition provides direct access to a dedicated investment specialist and tailor-made strategies.
UBS Asset Management
UBS Asset Management, which comprises Institutional Asset Management, Investment Funds and Global Asset Management (GAM) acquired in 1999, reported a pre-tax profit of CHF 109 million, up 36% from first quarter 1999 but down 18% from the fourth quarter.
Institutional Asset Management
The Institutional Asset Management business unit earned a pre-tax profit of CHF 79 million (+20% compared to first quarter 1999, -16% compared to fourth quarter 1999). Pre-goodwill amortization earnings declined by only 2% versus fourth quarter 1999. Both operating income and operating expenses increased, primarily due to the acquisition of Allegis Realty Investors LLC. Total assets under management decreased by 3% to CHF 557 billion despite positive market performance, reflecting net new money losses of CHF 32 billion.
During the reporting period, UBS Asset Management launched a series of initiatives to broaden its global investment capabilities, including the creation of a common global investment management platform through the integration of Brinson Partners and Phillips & Drew. While price/value management remains its fundamental philosophy, UBS Asset Management is building on its existing real estate, fixed income and growth-equities capabilities.
Investment Funds/GAM
The Investment Funds/GAM business units reported a pre-tax profit of CHF 30 million. The decrease of 23% compared with fourth quarter 1999 reflects higher goodwill amortization associated with the acquisition of GAM in late 1999. Aided by positive investment performance, assets under management rose by CHF 7 billion (+3%) to CHF 232 billion. Net new money was CHF 1 billion, driven by successful fund launches, including the UBS New Markets Equity Fund, the most successful UBS fund launch ever. GAM, which operates under its own established brand name, continued its record of excellent investment performance with the broad array of its funds performing better than their respective benchmarks.
UBS Asset Management is evolving towards open, multi-channel distribution. Initiatives include establishing third-party distribution partnerships, developing electronic sales channels and combining distribution efforts of Investment Funds and Institutional Asset Management in various markets. Additionally, in close cooperation with UBS Switzerland, UBS clients will be offered fund-based investment solutions combining UBS, GAM and third-party funds.
UBS Warburg
UBS Warburg, a leading global investment services provider which comprises four business units, achieved a record result with a pre-tax profit of CHF 1,319 million (+86% compared to first quarter 1999, +432% compared to fourth quarter 1999).
Corporate & Institutional Clients
The Corporate & Institutional Clients business unit, which provides securities and investment banking products and services, delivered a net profit before tax of CHF 1,445 million, up 100% from first quarter 1999. Aided by positive market conditions, Equities revenues were exceptionally strong. Fixed Income revenues were also very robust. Treasury Products revenues fell from their first-quarter 1999 level as a result of difficult trading conditions in foreign exchange. Corporate Finance revenues were ahead of first quarter 1999. UBS Warburg was involved in a broad range of major transactions, notably acting as joint advisor to Pacific Century CyberWorks (PCCW) in its announced acquisition of Hong Kong Telecom, the largest ever M&A transaction in Asia. Total personnel costs increased 49% compared to first quarter 1999, rising to CHF 2,761 million as a result of higher performance-related compensation.
The cost-income ratio showed a marked improvement compared to first quarter 1999, dropping from 75% to 69% before goodwill amortization and from 76% to 70% after goodwill. Market risk utilization, as measured by value-at-risk, increased from CHF 224 million at year-end to CHF 277 million, primarily as a result of increased activities in the Equities business. UBS Warburg continued to reduce its credit exposure through a selective reduction in lending. The business unit's credit portfolio at the end of March totalled CHF 72.0 billion, down from CHF 72.7 billion at the end of the year. At the end of the first quarter, 2.4% of the total loan book was classed as non-performing compared with 2.2% at year-end 1999.
UBS Warburg has developed leading e-commerce solutions in the business-to-business area, a number of which were introduced in the first quarter. 25% of all bond new issue volume is delivered online using the electronic DebtWeb tool launched in January 2000. DealKey launched in March delivers online marketing materials, including video road shows, for all equity and equity-linked new issues involving UBS Warburg. Both DebtWeb and DealKey are integrated in the recently launched business-to-business portal IBOL.
UBS Capital
UBS Capital, which specializes in private equity investment, reported a pre-tax profit of CHF 114 million compared to CHF 18 million in fourth quarter 1999, reflecting a higher level of divestments. The book value of the portfolio was CHF 3.4 billion at the end of the first quarter compared to CHF 3.0 billion at year-end 1999. This growth represented both successful expansion and diversification.
Private Clients
The Private Clients business unit recorded a net loss before tax of CHF 177 million, due to significant start-up investment in developing onshore private banking outside Switzerland and including a substantial provision relating to rationalization efforts. Assets under management rose 11% to CHF 40 billion, mainly due to CHF 4 billion in net new money. Integration within UBS Warburg and the resulting synergies create new opportunities for the onshore private-banking business to develop an innovative product offering while building long-term relationships with the high net worth, executive and entrepreneur client base. During 2000, Private Clients will focus on those markets where the near to medium-term opportunities are strongest, adjusting investment levels where necessary.
The pan-European e-services initiative targeting affluent individuals is scheduled for launch in Germany in the autumn. Non-personnel expenses, including goodwill amortization, were CHF 26 million, primarily due to substantial investments in infrastructure and product offering. Personnel costs for the business unit, which was established in third quarter 1999, were CHF 37 million compared to CHF 14 million at year-end 1999. Total headcount rose from 70 to 131 during first quarter 2000. The development of the technology platform is already complete, and the software applications have been successfully installed.
Results from the Group financial accounts
Total operating income was up 37% over first quarter 1999 to CHF 9,357 million, while total operating expenses were 34% higher at CHF 6,449 million.
Net interest income increased to CHF 2,089 million (+52%), fuelled mainly by growth in interest and dividend income from the trading portfolio. Aggregate credit loss expense was CHF 125 million after CHF 310 million in first quarter 1999. The quality of the loan portfolio reflects the improved Swiss and global macro-economic environment. At the end of March 2000, non-performing loans stood at CHF 12.7 billion, down from CHF 13.1 billion at year-end 1999.
Net fee and commission income at CHF 4,079 million was up 38% over first quarter 1999. Significant growth in investment fund fees was primarily driven by higher volumes and the recent acquisition of GAM. Brokerage fees performed well, rising strongly compared to first quarter 1999 on the back of high volumes in Switzerland, the UK, the US and Asia. Underwriting and corporate finance fees were down on their exceptionally robust fourth quarter 1999 performance, but were higher compared to first quarter 1999.
Net trading income was CHF 2,978 million, compared to CHF 2,333 million for first quarter 1999. Equity trading in particular benefited from higher customer volume-driven revenues.
Other income increased by 51% over first quarter 1999 to CHF 334 million, mainly as a result of higher gains from private equity divestments.
Personnel expenses at CHF 4,522 million were up 37% compared to first quarter 1999. The increase is mainly due to performance-related compensation in line with the exceptionally good results. Headcount within the Group dropped by 901 to 48,157 during the quarter, chiefly due to merger-related reductions within the Private and Corporate Clients business unit and the deconsolidation of Systor AG.
General and administrative expenses increased 25% compared to first quarter 1999 to total CHF 1,431 million. The growth was chiefly due to foreign exchange effects and heavier IT expense. Compared to fourth quarter 1999 and excluding the impact of the provision for the class-action settlement in the United States (CHF 154 million) made in that period, the additional restructuring provision (CHF 300 million) and the full-year consolidation of Klinik Hirslanden, general and administrative expenses fell 19%. Depreciation and amortization increased 30% to CHF 496 million compared to first quarter 1999, principally due to the amortization of goodwill resulting from the acquisition of GAM and Allegis.
Status of the restructuring provision
Of the CHF 7.3 billion merger-related restructuring provision, a total of CHF 5,989 million has been utilized since the beginning of 1998. CHF 118 million of this amount was drawn in first quarter 2000 to cover costs relating to premises, personnel and IT integration.
Zurich/Basel, 25 May 2000


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IN THIS ISSUE: 1. The Debt "Super Committee"
2. No Bipartisan Agreement So Far
3. The Dreaded Debt "Sequester"
4. Will a Deal Get Done in Time?
5. Conclusions – What Do I Think?
The Debt "Super Committee"
On August 2, President Obama signed into law the Budget Control Act of 2011. The legislation allowed for an increase in the debt ceiling of up to $2.8 trillion, and will supposedly reduce the federal deficit by $2.3 trillion over the next 10 years. The bill represents a deal agreed to by the White House and most Republicans and Democrats.
The Budget Control Act of 2011 also created the Joint Select Committee on Deficit Reduction, more commonly known as the "Super Committee." It is made up of six Democrats and six Republicans. The Committee's charge is to find at least $1.2 trillion in spending cuts over 10 years, and the deadline to do so is November 23, just over a month from now.
If a majority (7) of the Super Committee members agree to spending cuts of at least $1.2 trillion, and presents such a plan to Congress, then the House and Senate must vote on the plan by December 23. If the Super Committee fails to present a plan, or if the plan fails to pass in the House and Senate, then automatic "triggers" go into effect to cut spending by $1.2 trillion over a decade beginning next year – evenly divided between defense and non-defense spending.
The Super Committee has been meeting behind closed doors for over a month, but the members have thus far said very little about any progress being made. The Committee is back in the news now because last Friday was the deadline for submitting ideas or plans for trimming at least $1.2 trillion from federal spending over the next 10 years. In other words, it's now time for the Super Committee to get down to some real work.
Here are the 12 members that make up the Super Committee:
Co-Chair Patty Murry said the Super Committee has been deluged with recommendations to cut spending, but there is little indication that any big, bipartisan deal is on the table.Many of the ideas have been rattling around the halls of Congress for years: raise taxes, invest in small businesses, cut wasteful spending, cut more deeply at the Pentagon, go after unneeded agricultural subsidies, and so on.
No Bipartisan Agreement Thus Far
Early reports signal that lawmakers have mainly seen this input period as a purely partisan exercise that restates, rather than reconsiders, their long-held priorities along fixed party lines. For Republicans, it's calls to cut spending and entitlements. For Democrats, it's calls to raise taxes and avoid entitlement cuts. What else is new?
With the 2012 election cycle looming, few committee chairmen in Congress want to be seen as volunteering spending cuts that are critical to their key constituencies, and could therefore negatively impact their re-election chances. Instead, some chairmen have used the input period to caution the Super Committee against making spending cuts on their turf.
Some committee chairmen took their proposals directly to the Super Committee without releasing their recommendations to the public. Others are recycling proposals that have been fought to a standstill in previous legislative cycles, such as a longstanding GOP plan to cut costs by reining in medical malpractice suits.
For example, House Judiciary Committee chair Lamar Smith (R-TX in my District) proposes capping non-economic lawsuit damages at $250,000 – a longstanding priority for doctors and hospitals. That, together with limits on how and when lawsuits can be filed, could cut federal deficits by $57 billion over 10 years, according to the Congressional Budget Office. Democrats oppose that, of course.
Meanwhile, House Democrats directed the top Democrat on each committee to submit his or her own deficit reduction plans. Rep. Nancy Pelosi reportedly has reportedly submitted a proposal of her own to the Committee but the details are unknown; however, it is sure to include a lot of higher taxes and no cuts in entitlements. Pelosi said, "We want it to be big, we want it to be bold, we want it to be balanced, and in the balance side ... we need to have everyone pay their fair share." We all know what that means!
Letters from the top Democrats on 16 House committees urged the Super Committee to cut deficits by growing the economy – in other words, to take another look at the president's jobs bill that died in the Senate last week – and by increasing tax revenues significantly. By the way, tax increases are now referred to as "revenue enhancements."
Some members of Congress worked out Super Committee proposals independently. For example, Democratic Reps. Barney Frank of Massachusetts and Rob Andrews of New Jersey reportedly developed a plan that aims to reverse the 40% increase in Pentagon spending since 2001 that is not related to wars in Iraq and Afghanistan. Leave it to Barney Frank to gut the military!
This proliferation of plans to cut spending set some congressional committees, notably the Armed Services Committees, in defense mode. Congress has already agreed to cut defense spending by $450 billion during the next 10 years. In his first major policy speech last week, Defense Secretary Leon Panetta warned Congress to avoid further steps that could "hollow out" the military. That means a lot coming from Panetta.
The Dreaded Debt "Sequester"
Should the Super Committee fail to produce a plan that can win the support of at least seven of the 12 members – or should the Congress fail to pass it – automatic spending cuts of $1.2 trillion are mandated to kick in beginning in 2013, including $600 billion to come from defense spending and $600 billion from non-defense spending over the next 10 years.
If the Super Committee fails, or if Congress doesn't pass its recommendation, then the Office of Management and Budget is directed to "sequester" (i.e. not spend) the amount of money needed to meet the $1.2 spending cut requirement over time.
In this scenario, security spending and non-security spending are capped at separate dollar amounts. The Department of Defense would be considered security spending, and the rest of the budget would be considered non-security spending. Cuts in the Department of Defense budget would be at least $60 billion per year, or even more if Barney Frank has his way (as discussed above).
Under the sequester, Medicare would be reduced by up to 2% per year. A number of entitlement programs for the benefit of low income families are exempt from the sequester, but a sequestration would be very ugly in any event. In some ways, it was designed to be very ugly in the hopes that it would never be used. House Speaker John Boehner warned:
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"I made it clear to the Republican members of the Super Committee that I expect there will be an outcome, that there has to be an outcome. The sequester that was built behind this is ugly, and it was meant to be ugly so that no one would go there. I don't underestimate how hard it's going to be to come to an agreement by the so-called Super Committee, but we have to get to one."
Super Committee's Job Just Got Harder
Aside from all of the political wrangling surrounding the Super Committee's mission, another deficit reduction headwind has just been put in place by the Obama administration. Last Friday, Health and Human Services Secretary Kathleen Sebelius announced that the Obama administration was going to discontinue the Community Living Assistance Services Act (commonly referred to as the "CLASS Act") portion of the new ObamaCare law that had been designed to cover long-term care expenses due to illness or disability.
Under the law, individuals would have had the option to voluntarily pay into a long-term care system for a minimum of five years prior to receiving benefits. It doesn't take much analysis to see why this program wouldn't work. Making the program voluntary would likely result in fewer healthy individuals participating, which would reduce premium revenue and increase eventual costs. Of course, the bulk of those costs were assumed to happen outside of the 10-year budget window, so that would be a problem for a future Congress.
So how does the discontinuation of this ObamaCare benefit affect the Super Committee? Here's how. The Congressional Budget Office (CBO) had determined that charging premiums for long-term care benefits would build a $70 billion surplus over the first 10 years of its existence, and the CBO considered that $70 billion surplus in its long-range budget deficit projections.
Now that this program has been discontinued, the $70 billion of deficit reduction is gone in an instant. This decision raises more questions about what else is wrong with ObamaCare, but that's a subject for another time. Admittedly, there's no mandate that this $70 billion be made up by the Super Committee, but it does mean that there is a large hole in the federal budget where assumed revenue used to be.
Of course, Republicans have criticized the CLASS Act ever since its enactment as part of ObamaCare. Seen as little more than a way to provide the illusion of short-term deficit reduction while building an unsustainable long-term money pit, conservatives cheered its demise. It makes you wonder what other unworkable provisions remain in ObamaCare that need to be brought into the light of day.
Will a Deal Get Done in Time?
The Super Committee has only just over a month to make some extremely difficult decisions. Both sides of the Committee want to get a deal done, but how they get there could not be more different. Many political observers feel the divide is just too wide, with Democrats wanting substantially higher taxes and no entitlement cuts, whereas Republicans want substantial spending cuts and no (or few) tax increases.
Others feel that in coming days and weeks as we approach the November 23 deadline, members on both sides of the Committee panel will become more flexible, especially as pressure builds from financial markets and credit rating agencies like Standard & Poor's, which in August downgraded US debt from its AAA rating.
Another issue is the fact that 2012 is an election year and those Committee members who are up for re-election, which includes all of the House members, may consider it political suicide if they compromise too much. They could very well be correct.
At the same time, failure to produce a measure would trigger painful across-the-board cuts to the Pentagon budget and a big slice of domestic programs. The idea behind this so-called sequester was to force the two sides to come together because the alternative is too painful.
The across-the-board sequester, however, wouldn't take effect until the beginning of 2013, which is already fueling speculation that Congress would simply revisit the issue after the elections next year. In any event, the Super Committee will be BIG NEWS over the next month or so, and whatever happens could fuel even more volatility in our already crazy investment markets.
Conclusions – What Do I Think?
In closing out this discussion for now, I would simply add this. It is a sad commentary that it could be this difficult to cut $1.2 trillion from our federal budget over the next 10 years. Consider this: Our official national debt is $14.89 trillion; if we add in all unfunded liabilities, our real national debt is in the $60-$70 trillion range and rising rapidly; and the federal budget for fiscal year 2012 is $3.7 trillion.
To think that it would be this difficult to cut $1.2 trillion from federal spending over the next decade is truly saddening. It is politics and partisanship out of control. Everyone knows the problem but we seem content to kick the can down the road rather than take action that could allow us to avoid another financial crisis and another severe recession, or worse.
Sadly, I predict that the Super Committee will NOT agree on a package of spending cuts totaling $1.2 trillion over 10 years just ahead. I predict they will fail via a very nasty and seemingly partisan fight, although I hope I'm wrong. It was purposely set up as a group of six Democrats and six Republicans, with no tie-breaker.
The truth is, I don't believe that either the Democrats or the Republicans (yes, even the Republicans) really want to cut federal spending by $1.2 trillion over a decade.
If I am correct, that brings us to the next step which is sequester and automatic across the board spending cuts which will decimate our Defense Department. On this issue, I don't think the Congress will allow that to happen. But that is the current law.
If the Super Committee does not agree on a plan to cut at least $1.2 trillion, I fully expect Congress to change the law before the sequester can trigger these cuts. Call me cynical, and yes I am. But I can foresee the real possibility that Congress will change the law, perhaps as soon as next year's elections are done, and abolish the spending cuts that were enacted into law back in August when the debt ceiling deal was put into place. If Obama is re-elected, he will surely agree, in my opinion.
How the markets will respond in that case is anyone's guess. But I think we can all agree that it won't be pretty! If lawmakers fail to enact the agreed upon spending cuts, then we'll prove that we have become Europe – in that we can't make the difficult choices and tighten our belt.
The markets could then decide that not only have we become Europe, we've become Greece. It could happen. Time will tell, but I am not optimistic.
Very best regards,
Gary D. Halbert
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Forecasts & Trends is published by ProFutures, Inc., and Gary D. Halbert is the editor of this publication. Information contained herein is taken from sources believed to be reliable, but cannot be guaranteed as to its accuracy. Opinions and recommendations herein generally reflect the judgment of Gary D. Halbert and may change at any time without written notice, and ProFutures assumes no duty to update you regarding any changes. Market opinions contained herein are intended as general observations and are not intended as specific investment advice. Any references to products offered by Halbert Wealth Management are not a solicitation for any investment. Such offer or solicitation can only be made by way of Halbert Wealth Management's Form ADV Part II, complete disclosures regarding the product and otherwise in accordance with applicable securities laws. Readers are urged to check with their investment counselors and review all disclosures before making a decision to invest. This electronic newsletter does not constitute an offer of sales of any securities. Gary D. Halbert, ProFutures, Inc. and all affiliated companies, InvestorsInsight, their officers, directors and/or employees may or may not have investments in markets or programs mentioned herein. Securities trading is speculative and involves the potential loss of investment. Past results are not necessarily indicative of future results.


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