The teaching method employed is based on the philosophy that for the students to speak English well they must be able to recognize and produce the tones of the language accurately. English Lesson to help and instruct with English conversation. English lesson are concentrated around our student individual needs. English lesson will help you improve your spoken English. Our English Lessons can help you achieve a great knowledge of the English language. With our English lessons you will see your self improve greatly. English Lessons, English Lessons
order to accomplish this, a method of FOCUSED PRACTICE is used. Practical vocabulary and grammar patterns are introduced and drilled before students are ask to engage in short or long conversations.
A large percentage of the class is spent having the teach model sounds, patterns and sentences and the students practising drills.
Within each lesson, dialogues are practised to help students communicate outside the classroom.Our American English language courses consist of two levels. They are recommended for those with a serious interest in learning to understand speak, read and write English. Students are encouraged to devote one to two additional private hours a day to the study of the English language.
Our classes are taught by qualified and experienced native speaking English instructors. Classes are small (size ranges from 1 to 4 ) to allow maximum participation .English Lesson to help and instruct with English conversation. English lesson are concentrated around our student individual needs. English lesson will help you improve your spoken English. Our English Lessons can help you achieve a great knowledge of the English language. With our English lessons you will see your self improve greatly. English Lessons, English Lessons
Our English Language courses consist of two levels.
They are recommended for those with a serious interest in learning to understand speak, read and write English.
Students are encouraged to devote one to two additional private hours per day to the study of the language..
English Lesson to help and instruct with English conversation. English lesson are concentrated around our student individual needs. English lesson will help you improve your spoken English. Our English Lessons can help you achieve a great knowledge of the English language. With our English lessons you will see your self improve greatly. English Lessons, English Lessons
kype classes are taught by qualified and experienced native-speaking English instructors. Skype classes are small (size ranges from 1 to 4) to allow maximum participation.
In class, students practice speaking the English Language in a controlled setting. As a student you will be expected to actively participate in the learning process, not only between yourself and the teacher but also between fellow students. The use of grammar patterns are presented and repeated to ensure proper pronunciation. Dialogues are also practised to increase fluency.
AMERICAN ENGLISH CONVERSATION
Free Amercian English Conversation course. This course is aimed at giving you a good foundation of spoken English language.Special emphasis is placed upon good American English tone production, while using and recognizing basic vocabulary and sentence patterns. Short dialogues and class activities are practised to enhance fluency and accuracy when talking. After completing the Free American English Conversation course, you should be able to recognize and respond appropriately to high frequency and expressions about familiar American English topics.
DIRECTIONS: Read the following and answer the questions?
The Associated Press reported from Moscow Friday that an expected deal between Russia and China to supply around 60 billion cubic meters of natural gas to China has stalled. The two could not agree on price.
Past energy negotiations between China and Russia often have snagged on disagreements over prices, loan terms and other issues, including Beijings desire for equity stakes in Russian resources. Like Chinas own state-run companies, Russia balks at ceding any control over what it views as strategically vital assets, the AP reported.
In a Financial Industry Regulatory Authority (FINRA) Arbitration Statement of Claim filed in September 2009, Claimant Merrill Lynch asserted breach of promissory note and unjust enrichment causes of action arising from Respondent Aquinos alleged failure to pay the balance due and owing on a Promissory Note executed on or about April 22, 2008 (the Promissory Note). Claimant Merrill Lynch sought
* $969,870.41 in compensatory damages for the outstanding principal of the Note;
* interest from September 21, 2009 through such date as the principal and Interest are fully paid, accumulating at a rate of $132.86 per day;
* attorneys fees;
* costs; and,
* any additional relief the Panel deemed just and appropriate.
By the close of the arbitration hearing, Claimant had further clarified various damages as $80,911.74 in interest through July 16, 2010 ; $419,501.26 in attorneys fees , and, $32,605.83 in costs. In the Matter of the FINRA Arbitration Between Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Claimant, vs. Angel E. Aquino, Respondent (FINRA Arbitration 09-05587, June 14, 2011. Hearing Site: San Juan, Puerto Rico)
Respondent generally denied the allegations, asserted various affirmative defenses. Respondent filed a Counterclaim asserting breach of contract and termination without cause, and he requested:
* $1,000,000 for the loss of Monthly Transition Compensation
* $200,000 for the loss of Revenue Performance Bonus damages
* $200,000 for the loss of Up Front Contingent Award
* $100,000 per month for the loss of commissions
* $2,000,000 for the loss of negotiating an advance against future commissions with another firm
* $50,000,000 in damages for the present value of commissions that would have been generated over Respondents lifetime
* $4,000,000 for physical and mental pain
* $100,000,000 in punitive damages
* $50,000,000 in good will damages
* $7,500,000.00 representing five times his average yearly earnings
* five percent of the value of securities sold by Respondent during his tenure at Merrill Lynch
* expungement of his Form U-5
* attorneys fees
* costs
* any other relief the Panel deemed just and appropriate
At the close of the hearing, Respondent requested compensatory damages in the sum of $13,290,232.26.
SIDE BAR: I dont know about you but I love the sound of a $50 million and $13 million claim. It just has a lovely ring to it. Also, this is setting up as one of those cases where you get a bucket of popcorn (dont tell my wife that I drenched it in butter), lay down on the couch, and prepare to watch a Heavyweight World Championship fight. I mean, cmon, this is going to be a slugfest. And dont forget that Merrill Lynch started this with its $1 million-plus claim.
Now You See It
This case involved a number of Motions, among which was Respondents Motion for Visual Inspection,which,among other things, requested that the FINRA Arbitration Panel order that a visual inspection of Respondents former office be performed by the Panel to determine the visual and audial [stet] perception of witnesses to an event at issue, involving Respondent and his superior. The Arbitration Panel granted the Motion and conducted the requested inspection with legal counsel for both parties present.
SIDE BAR: Frankly, kudos to Respondents legal counsel. A very clever move and something that more lawyers should demand. I have no knowledge of what the issue was here (not explained in the FINRA Decision) or what was in dispute in terms of the proximity of various parties, but from my years of practice I know that sometimes theres just no substitute for being there, standing there, and looking around.
Sometimes a witness swears that he saw everything from his office or she heard it all from her desk, but all the diagrams in the world just dont demonstrate how unlikely those claims are. Get a jury or panel to stand in the office and see that the executives desk was way around the corner and behind a pillar or that the overheard conversation took place within a highly-walled cubicle amidst the hub-bub of a noisy trading floor, and that physical proof can be compelling.
Oops
Respondent filed a Motion for Protective Order against Claimant (related to Respondents wife) in which he asserted, among other things, that his wife received an unwarranted call from Claimants representatives; and that Claimants breach of Respondents and his wifes private life and sanctuary was unjustifiable.
Claimant asserted, among other things, that no attorney or employee of Claimants counsels firm made the alleged call; and, Respondents wife had been identified as a potential witness on Claimants witness list since June 23, 2010, to which Respondent had never objected. Respondent countered that his wife had never been identified as a witness on the witness list filed by Claimant.
Thereafter, Claimant admitted that it had inadvertently misstated that Respondents wife was listed as a potential witness on its witness list. The Panel granted the Motion.
SIDE BAR: Ouch!
DECISION
The FINRA Arbitration Panel found Respondent Aquino not liable and denied Claimant Merrill Lynchs claims with prejudice.
However, the Arbitration Panel was not done. Not by a long shot.
The Panel found Claimant Merrill Lynch liable for the defamatory nature of information placed on Respondent Aquinos CRD record and ordered the firm to pay to Respondent compensatory damages in the amount of $1,546,247.00 (prejudgment interest specifically excluded); and $600.00 representing reimbursement of the non-refundable portion of the Counterclaim filing fee previously paid by Respondent to FINRA Dispute Resolution. The Panel denied punitive damages and any award for emotional distress.
Expungement
Based upon a finding of defamation, the FINRA Arbitration Panel recommended the expungement of the Termination Comment in Section 3 of Respondents Form U5. The Panel recommends the expungement of the following language:
Mr. Aquinos employment was tenninated on September 21. 2009 for failure to adhere to the firms policies and standards regarding employee conduct This matter did not involve customer accounts
The Panel recommended the following replacement explanation:
Mr. Aquino was terminated not for cause.
The Panel retained as unchanged Discharged as the Reason for Termination.
In this case involved a number of Motions, among which was Respondents Motion for Visual Inspection,which,among other things, requested that the FINRA Arbitration Panel order that a visual?
A. TRUE
B. FALSE
Did the FINRA Arbitration Panel found Respondent Aquino not liable and denied Claimant Merrill Lynchs claims with prejudice?
A. TRUE
B. FALSE
DIRECTIONS: Read the following and answer the questions?
http://www.americanenglishconversation.com
http://www.freeenglishconversation.blogspot.com/
http://grammar-help.blogspot.com/
http://freeenglishlessons-denise.blogspot.com/
In case you haven't noticed, there's a lot of uncertainty in the market right now. Along with the European financial crisis, the budget battle and political posturing surrounding the 2012 election, uncertainty over Fed policy is driving a lot of rethinking about where to invest.
The biggest immediate concern is what will happen in debt markets once the Federal Reserve stops buying long-term Treasurys. Its "quantitative easing" program has kept long-term rates low, so in theory those rates should rise beginning in July after the Fed ceases its second wave of security purchases. Conflicting schools of thought see this playing out differently. Many believe that the Fed will continue to intervene to keep long-term rates low.
Forget about ever seeing short-term rates normalize in your lifetime. Since most of the $14 trillion national debt is financed in this market, every one-percentage-point rise in short-term rates would add $140 billion to the deficit. Imagine what three points would do. Expect the Fed to keep using the unemployment rate as its excuse for not raising rates even in the face of rising inflation.
My income investment strategy has been to diversify over a variety of income drivers so that no single adverse economic event can destroy the overall performance of a portfolio. This approach has worked well over the last two years because all sectors have benefited from a recovery from the financial crisis and the concurrent recession. Looking forward it seems clear, however, that some sectors face greater uncertainty than others. Some of this is due to recent run-ups in prices and some to a lack of predictable direction. Also, we cannot underestimate the emotional factors that often lead to perceptions trumping reality.
My most confident allocation is in adjustable-rate debt securities. These securities will benefit from a rise in interest rates, but they require a sacrifice of one to two percentage points in current yield. Since I expect rates to rise before year-end that is a small concession, especially if the security is trading below its par value.
Look for securities tied to the headline Consumer Price Index rather than the core CPI, which lags the true inflation rate by a significant amount when commodities like oil and foods are moving higher. One is Prudential Financial ( PRU - news - people ) (PFK, 27), which pays CPI plus 240 basis points. It currently yields 4.6%. A fund alternative is the Nuveen Tax-Advantaged Floating Rate Fund ( JFP - news - people ) (JFP, 2.5), which yields 5.9%. Note that Treasury Inflation-Protected Securities (TIPS) are not the best choice here, but if you like them, buy the iShares Barclays ( BCS - news - people ) TIPS ETF (TIP, 110) for its more favorable tax treatment. Allocate 30% of your portfolio to adjustable-rate securities.
The second area, where I recommend a 20% allocation, is energy, specifically oil. Yes, the big-appreciation gains are probably over, but the income payouts are still high and will likely rise. Look to buy Canadian oil and gas producers for your tax-sheltered account, as they are not subject to the 15% Canadian withholding tax. My choice here is Penn West Petroleum (PWE, 25), paying 4.4%. Buy master limited partnerships like Plains All American Pipeline ( PAA - news - people ) (PAA, 61), paying 6.3% for taxable accounts to obtain a high tax-deferred payout that can grow.
I'm allocating another 15% to stockmarket-linked securities. These include convertible securities like Wells Fargo ( WFC - news - people )'s 7.5% convertible preferred (WFC-L, 1,079), as well as closed-end funds that invest in stocks and use call option writing to enhance the yield. Look at Eaton Vance Tax-Managed Buy-Write Opportunities Fund ( ETV - news - people ) (ETV, 13), yielding a tax-advantaged 10%.
This final 35% of the portfolio should be in a combination of cash and gold. By holding cash you avoid having to make a sell decision, which can cloud the buy decision when an opportunity comes. Gold should be up to 10% of this total, using an ETF that holds bullion, such as SPDR Gold Trust (GLD, 149) or iShares Gold Trust (IAU, 15). Other commodity-based ETFs are available, but I prefer gold for its broader audience of buyers, more limited supply and longer history as a vehicle for wealth preservation.
In order to raise cash from your existing holdings, look to take some profits by reducing positions that have done well for you as well as by reducing your fixed-rate debt exposure. Then again, you could just raid your equities portfolio.
A reshuffling of Greece Prime Minister George Papandreous cabinet and a call for rapid action from the leaders of France and Germany gave the euro a lift Friday, and in turn Wall Street.
Former Greek defense minister Evangelos Venizelos will take over as finance minister from Giorgos Papakonstantinou, the author of the wildly unpopular, albeit necessary, austerity programs, who is begin reassigned to an environmental post.
The move comes as some of the EUs stronger core countries push for a resolution to Greeces fiscal mess. French President Nicolas Sarkozy and German Prime Minister Angela Merkel showed a united front on the need for a deal in the next few weeks, but offered few details of when and how such a deal will get done or who will pay for it.
To date, Germany has demanded that any Greek rescue come with the participation of private bondholders, who would have to take haircuts on their investment, as opposed to the French position of paying creditors 100 cents on the dollar. The opposing perspectives may be a reflection of the exposure within the French and German banking systems to Greek debt. Just this week, Moodys said it was placing the ratings of a trio of French banks BNP Paribas, Credit Agricole, and Societe Generale under review. (See Greek Clouds Over French Banks.)
While there is still a tough row to hoe, the more encouraging signals around the debt situation helped bolster the euro, which rallied to $1.4277. The 17-nation currency has been surprisingly strong against the dollar in the face of a Greek default, something that seems incongruous and would likely reverse sharply if the delicate deal talks collapse again.
European stocks made moderate gains Friday, and U.S. stocks were moving sharply higher at the open as the major indexes try to avoid a seventh-straight down week. On Thursday investors showed a taste for Americas biggest companies, with the Dow Jones industrial average comfortably outperforming the S&P 500 and the Nasdaq the latter actually finished in the red.
Among stocks in the news, Research In Motion bears watching after getting crushed in after-hours trading following a disappointing earnings report that missed revenue forecasts and offered a bleak outlook. Shares of the BlackBerry-maker were down more than 16% pre-market. (See Research In Motions Q1 A Win For The Bears.)
BJs Wholesale Club moved up 3.5% before the bell on word that private equity firms Leonard Green & Partners and CVC Capital Partners had teamed up on a buyout offer for the retailer. The news, which came in an SEC filing, did not include the financial terms of the deal, which has been rumored seemingly since Leonard Green disclosed a 9.5% stake in BJs last year.
Did income investment strategy has been to diversify over a variety of income drivers so that no single adverse economic event can destroy the overall performance of a portfolio did this approach has worked well?
A. TRUE
B. FALSE
Did the move up 3.5% before the bell on word that private equity firms Leonard Green & Partners and CVC Capital Partners had teamed up on a buyout offer for the retailer?
A. TRUE
B. FALSE
order to accomplish this, a method of FOCUSED PRACTICE is used. Practical vocabulary and grammar patterns are introduced and drilled before students are ask to engage in short or long conversations.
A large percentage of the class is spent having the teach model sounds, patterns and sentences and the students practising drills.
Within each lesson, dialogues are practised to help students communicate outside the classroom.Our American English language courses consist of two levels. They are recommended for those with a serious interest in learning to understand speak, read and write English. Students are encouraged to devote one to two additional private hours a day to the study of the English language.
Our classes are taught by qualified and experienced native speaking English instructors. Classes are small (size ranges from 1 to 4 ) to allow maximum participation .English Lesson to help and instruct with English conversation. English lesson are concentrated around our student individual needs. English lesson will help you improve your spoken English. Our English Lessons can help you achieve a great knowledge of the English language. With our English lessons you will see your self improve greatly. English Lessons, English Lessons
Our English Language courses consist of two levels.
They are recommended for those with a serious interest in learning to understand speak, read and write English.
Students are encouraged to devote one to two additional private hours per day to the study of the language..
English Lesson to help and instruct with English conversation. English lesson are concentrated around our student individual needs. English lesson will help you improve your spoken English. Our English Lessons can help you achieve a great knowledge of the English language. With our English lessons you will see your self improve greatly. English Lessons, English Lessons
kype classes are taught by qualified and experienced native-speaking English instructors. Skype classes are small (size ranges from 1 to 4) to allow maximum participation.
In class, students practice speaking the English Language in a controlled setting. As a student you will be expected to actively participate in the learning process, not only between yourself and the teacher but also between fellow students. The use of grammar patterns are presented and repeated to ensure proper pronunciation. Dialogues are also practised to increase fluency.
AMERICAN ENGLISH CONVERSATION
Free Amercian English Conversation course. This course is aimed at giving you a good foundation of spoken English language.Special emphasis is placed upon good American English tone production, while using and recognizing basic vocabulary and sentence patterns. Short dialogues and class activities are practised to enhance fluency and accuracy when talking. After completing the Free American English Conversation course, you should be able to recognize and respond appropriately to high frequency and expressions about familiar American English topics.
DIRECTIONS: Read the following and answer the questions?
The Associated Press reported from Moscow Friday that an expected deal between Russia and China to supply around 60 billion cubic meters of natural gas to China has stalled. The two could not agree on price.
Past energy negotiations between China and Russia often have snagged on disagreements over prices, loan terms and other issues, including Beijings desire for equity stakes in Russian resources. Like Chinas own state-run companies, Russia balks at ceding any control over what it views as strategically vital assets, the AP reported.
In a Financial Industry Regulatory Authority (FINRA) Arbitration Statement of Claim filed in September 2009, Claimant Merrill Lynch asserted breach of promissory note and unjust enrichment causes of action arising from Respondent Aquinos alleged failure to pay the balance due and owing on a Promissory Note executed on or about April 22, 2008 (the Promissory Note). Claimant Merrill Lynch sought
* $969,870.41 in compensatory damages for the outstanding principal of the Note;
* interest from September 21, 2009 through such date as the principal and Interest are fully paid, accumulating at a rate of $132.86 per day;
* attorneys fees;
* costs; and,
* any additional relief the Panel deemed just and appropriate.
By the close of the arbitration hearing, Claimant had further clarified various damages as $80,911.74 in interest through July 16, 2010 ; $419,501.26 in attorneys fees , and, $32,605.83 in costs. In the Matter of the FINRA Arbitration Between Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Claimant, vs. Angel E. Aquino, Respondent (FINRA Arbitration 09-05587, June 14, 2011. Hearing Site: San Juan, Puerto Rico)
Respondent generally denied the allegations, asserted various affirmative defenses. Respondent filed a Counterclaim asserting breach of contract and termination without cause, and he requested:
* $1,000,000 for the loss of Monthly Transition Compensation
* $200,000 for the loss of Revenue Performance Bonus damages
* $200,000 for the loss of Up Front Contingent Award
* $100,000 per month for the loss of commissions
* $2,000,000 for the loss of negotiating an advance against future commissions with another firm
* $50,000,000 in damages for the present value of commissions that would have been generated over Respondents lifetime
* $4,000,000 for physical and mental pain
* $100,000,000 in punitive damages
* $50,000,000 in good will damages
* $7,500,000.00 representing five times his average yearly earnings
* five percent of the value of securities sold by Respondent during his tenure at Merrill Lynch
* expungement of his Form U-5
* attorneys fees
* costs
* any other relief the Panel deemed just and appropriate
At the close of the hearing, Respondent requested compensatory damages in the sum of $13,290,232.26.
SIDE BAR: I dont know about you but I love the sound of a $50 million and $13 million claim. It just has a lovely ring to it. Also, this is setting up as one of those cases where you get a bucket of popcorn (dont tell my wife that I drenched it in butter), lay down on the couch, and prepare to watch a Heavyweight World Championship fight. I mean, cmon, this is going to be a slugfest. And dont forget that Merrill Lynch started this with its $1 million-plus claim.
Now You See It
This case involved a number of Motions, among which was Respondents Motion for Visual Inspection,which,among other things, requested that the FINRA Arbitration Panel order that a visual inspection of Respondents former office be performed by the Panel to determine the visual and audial [stet] perception of witnesses to an event at issue, involving Respondent and his superior. The Arbitration Panel granted the Motion and conducted the requested inspection with legal counsel for both parties present.
SIDE BAR: Frankly, kudos to Respondents legal counsel. A very clever move and something that more lawyers should demand. I have no knowledge of what the issue was here (not explained in the FINRA Decision) or what was in dispute in terms of the proximity of various parties, but from my years of practice I know that sometimes theres just no substitute for being there, standing there, and looking around.
Sometimes a witness swears that he saw everything from his office or she heard it all from her desk, but all the diagrams in the world just dont demonstrate how unlikely those claims are. Get a jury or panel to stand in the office and see that the executives desk was way around the corner and behind a pillar or that the overheard conversation took place within a highly-walled cubicle amidst the hub-bub of a noisy trading floor, and that physical proof can be compelling.
Oops
Respondent filed a Motion for Protective Order against Claimant (related to Respondents wife) in which he asserted, among other things, that his wife received an unwarranted call from Claimants representatives; and that Claimants breach of Respondents and his wifes private life and sanctuary was unjustifiable.
Claimant asserted, among other things, that no attorney or employee of Claimants counsels firm made the alleged call; and, Respondents wife had been identified as a potential witness on Claimants witness list since June 23, 2010, to which Respondent had never objected. Respondent countered that his wife had never been identified as a witness on the witness list filed by Claimant.
Thereafter, Claimant admitted that it had inadvertently misstated that Respondents wife was listed as a potential witness on its witness list. The Panel granted the Motion.
SIDE BAR: Ouch!
DECISION
The FINRA Arbitration Panel found Respondent Aquino not liable and denied Claimant Merrill Lynchs claims with prejudice.
However, the Arbitration Panel was not done. Not by a long shot.
The Panel found Claimant Merrill Lynch liable for the defamatory nature of information placed on Respondent Aquinos CRD record and ordered the firm to pay to Respondent compensatory damages in the amount of $1,546,247.00 (prejudgment interest specifically excluded); and $600.00 representing reimbursement of the non-refundable portion of the Counterclaim filing fee previously paid by Respondent to FINRA Dispute Resolution. The Panel denied punitive damages and any award for emotional distress.
Expungement
Based upon a finding of defamation, the FINRA Arbitration Panel recommended the expungement of the Termination Comment in Section 3 of Respondents Form U5. The Panel recommends the expungement of the following language:
Mr. Aquinos employment was tenninated on September 21. 2009 for failure to adhere to the firms policies and standards regarding employee conduct This matter did not involve customer accounts
The Panel recommended the following replacement explanation:
Mr. Aquino was terminated not for cause.
The Panel retained as unchanged Discharged as the Reason for Termination.
In this case involved a number of Motions, among which was Respondents Motion for Visual Inspection,which,among other things, requested that the FINRA Arbitration Panel order that a visual?
A. TRUE
B. FALSE
Did the FINRA Arbitration Panel found Respondent Aquino not liable and denied Claimant Merrill Lynchs claims with prejudice?
A. TRUE
B. FALSE
DIRECTIONS: Read the following and answer the questions?
http://www.americanenglishconversation.com
http://www.freeenglishconversation.blogspot.com/
http://grammar-help.blogspot.com/
http://freeenglishlessons-denise.blogspot.com/
In case you haven't noticed, there's a lot of uncertainty in the market right now. Along with the European financial crisis, the budget battle and political posturing surrounding the 2012 election, uncertainty over Fed policy is driving a lot of rethinking about where to invest.
The biggest immediate concern is what will happen in debt markets once the Federal Reserve stops buying long-term Treasurys. Its "quantitative easing" program has kept long-term rates low, so in theory those rates should rise beginning in July after the Fed ceases its second wave of security purchases. Conflicting schools of thought see this playing out differently. Many believe that the Fed will continue to intervene to keep long-term rates low.
Forget about ever seeing short-term rates normalize in your lifetime. Since most of the $14 trillion national debt is financed in this market, every one-percentage-point rise in short-term rates would add $140 billion to the deficit. Imagine what three points would do. Expect the Fed to keep using the unemployment rate as its excuse for not raising rates even in the face of rising inflation.
My income investment strategy has been to diversify over a variety of income drivers so that no single adverse economic event can destroy the overall performance of a portfolio. This approach has worked well over the last two years because all sectors have benefited from a recovery from the financial crisis and the concurrent recession. Looking forward it seems clear, however, that some sectors face greater uncertainty than others. Some of this is due to recent run-ups in prices and some to a lack of predictable direction. Also, we cannot underestimate the emotional factors that often lead to perceptions trumping reality.
My most confident allocation is in adjustable-rate debt securities. These securities will benefit from a rise in interest rates, but they require a sacrifice of one to two percentage points in current yield. Since I expect rates to rise before year-end that is a small concession, especially if the security is trading below its par value.
Look for securities tied to the headline Consumer Price Index rather than the core CPI, which lags the true inflation rate by a significant amount when commodities like oil and foods are moving higher. One is Prudential Financial ( PRU - news - people ) (PFK, 27), which pays CPI plus 240 basis points. It currently yields 4.6%. A fund alternative is the Nuveen Tax-Advantaged Floating Rate Fund ( JFP - news - people ) (JFP, 2.5), which yields 5.9%. Note that Treasury Inflation-Protected Securities (TIPS) are not the best choice here, but if you like them, buy the iShares Barclays ( BCS - news - people ) TIPS ETF (TIP, 110) for its more favorable tax treatment. Allocate 30% of your portfolio to adjustable-rate securities.
The second area, where I recommend a 20% allocation, is energy, specifically oil. Yes, the big-appreciation gains are probably over, but the income payouts are still high and will likely rise. Look to buy Canadian oil and gas producers for your tax-sheltered account, as they are not subject to the 15% Canadian withholding tax. My choice here is Penn West Petroleum (PWE, 25), paying 4.4%. Buy master limited partnerships like Plains All American Pipeline ( PAA - news - people ) (PAA, 61), paying 6.3% for taxable accounts to obtain a high tax-deferred payout that can grow.
I'm allocating another 15% to stockmarket-linked securities. These include convertible securities like Wells Fargo ( WFC - news - people )'s 7.5% convertible preferred (WFC-L, 1,079), as well as closed-end funds that invest in stocks and use call option writing to enhance the yield. Look at Eaton Vance Tax-Managed Buy-Write Opportunities Fund ( ETV - news - people ) (ETV, 13), yielding a tax-advantaged 10%.
This final 35% of the portfolio should be in a combination of cash and gold. By holding cash you avoid having to make a sell decision, which can cloud the buy decision when an opportunity comes. Gold should be up to 10% of this total, using an ETF that holds bullion, such as SPDR Gold Trust (GLD, 149) or iShares Gold Trust (IAU, 15). Other commodity-based ETFs are available, but I prefer gold for its broader audience of buyers, more limited supply and longer history as a vehicle for wealth preservation.
In order to raise cash from your existing holdings, look to take some profits by reducing positions that have done well for you as well as by reducing your fixed-rate debt exposure. Then again, you could just raid your equities portfolio.
A reshuffling of Greece Prime Minister George Papandreous cabinet and a call for rapid action from the leaders of France and Germany gave the euro a lift Friday, and in turn Wall Street.
Former Greek defense minister Evangelos Venizelos will take over as finance minister from Giorgos Papakonstantinou, the author of the wildly unpopular, albeit necessary, austerity programs, who is begin reassigned to an environmental post.
The move comes as some of the EUs stronger core countries push for a resolution to Greeces fiscal mess. French President Nicolas Sarkozy and German Prime Minister Angela Merkel showed a united front on the need for a deal in the next few weeks, but offered few details of when and how such a deal will get done or who will pay for it.
To date, Germany has demanded that any Greek rescue come with the participation of private bondholders, who would have to take haircuts on their investment, as opposed to the French position of paying creditors 100 cents on the dollar. The opposing perspectives may be a reflection of the exposure within the French and German banking systems to Greek debt. Just this week, Moodys said it was placing the ratings of a trio of French banks BNP Paribas, Credit Agricole, and Societe Generale under review. (See Greek Clouds Over French Banks.)
While there is still a tough row to hoe, the more encouraging signals around the debt situation helped bolster the euro, which rallied to $1.4277. The 17-nation currency has been surprisingly strong against the dollar in the face of a Greek default, something that seems incongruous and would likely reverse sharply if the delicate deal talks collapse again.
European stocks made moderate gains Friday, and U.S. stocks were moving sharply higher at the open as the major indexes try to avoid a seventh-straight down week. On Thursday investors showed a taste for Americas biggest companies, with the Dow Jones industrial average comfortably outperforming the S&P 500 and the Nasdaq the latter actually finished in the red.
Among stocks in the news, Research In Motion bears watching after getting crushed in after-hours trading following a disappointing earnings report that missed revenue forecasts and offered a bleak outlook. Shares of the BlackBerry-maker were down more than 16% pre-market. (See Research In Motions Q1 A Win For The Bears.)
BJs Wholesale Club moved up 3.5% before the bell on word that private equity firms Leonard Green & Partners and CVC Capital Partners had teamed up on a buyout offer for the retailer. The news, which came in an SEC filing, did not include the financial terms of the deal, which has been rumored seemingly since Leonard Green disclosed a 9.5% stake in BJs last year.
Did income investment strategy has been to diversify over a variety of income drivers so that no single adverse economic event can destroy the overall performance of a portfolio did this approach has worked well?
A. TRUE
B. FALSE
Did the move up 3.5% before the bell on word that private equity firms Leonard Green & Partners and CVC Capital Partners had teamed up on a buyout offer for the retailer?
A. TRUE
B. FALSE
DIRECTIONS: Read the following and answer all the questions?
http://www.americanenglishconversation.com/
http://www.freeenglishconversation.blogspot.com/
http://www.grammar-help.blogspot.com/
http://freeenglishlessons-denise.blogspot.com/
NEW YORK (Reuters) - Online social game company Zynga plans to raise $1.5 billion to $2 billion in an initial public offering and could file paperwork with U.S. regulators as soon as Wednesday, a source familiar with the situation said on Tuesday.
Zynga is expected to float only a small portion of its shares and the IPO could value the company as high as $15 billion to $20 billion, the source said.
Morgan Stanley is expected to lead underwriters on the IPO, with Goldman Sachs, Bank of America Merrill Lynch, Barclays and JPMorgan also expected to be among the underwriters, the source said.
The source declined to be named because the information is not public. The banks and Zynga declined to comment.
Zynga has also held talks with banks about a credit facility of at least $1 billion, according to CNBC, which first reported the news.
Zynga, the company behind a series of popular games on Facebook including FarmVille and Mafia Wars, has more than 215 million monthly active users, according to its website.
Its IPO would be the latest in a string of social media companies to take advantage of the equity markets.
LinkedIn Corp and China's Renren Inc were first to test the public markets in May. Today, LinkedIn is above its IPO price, but down from its highs, while Renren has lost nearly half of its value since its IPO.
Earlier this month, online radio company Pandora Media Inc raised the proposed value of its IPO by almost 50 percent. Two days after Pandora's stock debuted, it handed back its gains and was down nearly 20 percent.
Also this month, online daily deal site Groupon raced to file its IPO. The company said it wants to raise up to $750 million. Groupon disclosed in its filing that its staffing ballooned to more than 7,000 employees at the end of March from 37 in June 2009.
Investors are also setting their sights on IPOs for social media networks Facebook and Twitter.
(Reporting by Clare Baldwin, Nadia Damouni. Editing by Robert MacMillan, Bernard Orr)
Another month, another dismal read on consumer confidence.
The Conference Board measure came in below expectations for May, with both the present and future expectations measures dropping. The University of Michigan sentiment reading has strengthened some off the recessionary lows of 2009, but is still nowhere near the 40-year average.
In other words, the headline data screams that the consumer economy is muddling along without much improvement.
Investors, however, seem to be painting their own, more optimistic tale about the economy ahead.
Despite high unemployment, debt ceiling fears, riots in Greece, earthquakes in Japan and a host of other negative headlines, most of the American consumer related stocks are doing pretty darn well lately.
Consider that heading into today the S&P 500 (INDEX: .spx) is up 2.6 percent so far in 2011.
But look at these YTD returns:
The negative Nellies out there can point to their own stats: oil falling, home prices stagnant, NFIB small business survey still weak, Marriott (NYSE: mar) and the cruise company shares down, etc. And yes, we still have a warehouse full of economic problems.
This isn't about being an economic Pollyanna, and ultimately there are a host of reasons why people buy stocks. But returns are returns, and agree with it or not, the message of the market appears to be one of more confidence in the consumer, and thus the economy, ahead.
Online social game company Zynga plans to raise $1.5 billion to $2 billion in an initial public offering and could file paperwork with U.S. regulators as soon as Wednesday, a source familiar with the situation said on Tuesday?
A. TRUE
B. FALSE
This isn't about being an economic Pollyanna, and ultimately there are a host of reasons why people buy stocks. But returns are returns, and agree with it or not, the message of the market appears to be one of more confidence in the consumer, and thus the economy, ahead?
A. TRUE
B. FALSE
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NEW YORK (Reuters) - Online social game company Zynga plans to raise $1.5 billion to $2 billion in an initial public offering and could file paperwork with U.S. regulators as soon as Wednesday, a source familiar with the situation said on Tuesday.
Zynga is expected to float only a small portion of its shares and the IPO could value the company as high as $15 billion to $20 billion, the source said.
Morgan Stanley is expected to lead underwriters on the IPO, with Goldman Sachs, Bank of America Merrill Lynch, Barclays and JPMorgan also expected to be among the underwriters, the source said.
The source declined to be named because the information is not public. The banks and Zynga declined to comment.
Zynga has also held talks with banks about a credit facility of at least $1 billion, according to CNBC, which first reported the news.
Zynga, the company behind a series of popular games on Facebook including FarmVille and Mafia Wars, has more than 215 million monthly active users, according to its website.
Its IPO would be the latest in a string of social media companies to take advantage of the equity markets.
LinkedIn Corp and China's Renren Inc were first to test the public markets in May. Today, LinkedIn is above its IPO price, but down from its highs, while Renren has lost nearly half of its value since its IPO.
Earlier this month, online radio company Pandora Media Inc raised the proposed value of its IPO by almost 50 percent. Two days after Pandora's stock debuted, it handed back its gains and was down nearly 20 percent.
Also this month, online daily deal site Groupon raced to file its IPO. The company said it wants to raise up to $750 million. Groupon disclosed in its filing that its staffing ballooned to more than 7,000 employees at the end of March from 37 in June 2009.
Investors are also setting their sights on IPOs for social media networks Facebook and Twitter.
(Reporting by Clare Baldwin, Nadia Damouni. Editing by Robert MacMillan, Bernard Orr)
Another month, another dismal read on consumer confidence.
The Conference Board measure came in below expectations for May, with both the present and future expectations measures dropping. The University of Michigan sentiment reading has strengthened some off the recessionary lows of 2009, but is still nowhere near the 40-year average.
In other words, the headline data screams that the consumer economy is muddling along without much improvement.
Investors, however, seem to be painting their own, more optimistic tale about the economy ahead.
Despite high unemployment, debt ceiling fears, riots in Greece, earthquakes in Japan and a host of other negative headlines, most of the American consumer related stocks are doing pretty darn well lately.
Consider that heading into today the S&P 500 (INDEX: .spx) is up 2.6 percent so far in 2011.
But look at these YTD returns:
- XLY consumer discretionary ETF (NYSE Arca: xly) up 5 percent, with Dow Transportation index (Dow Jones Global Indexes: .djt) up 4 percent
- XRT retail ETF (NYSE Arca: xrt) up 10 percent
- XHB homebuilder ETF (NYSE Arca: xhb) up 4 percent
- Office REITs Boston Properties (Frankfurt Stock Exchange: BO9-ff) & Vornado Realty (NYSE: vno) up 20 percent and 10 percent.
- Homebuilder Toll Brothers (NYSE: tol) up 10 percent
- Ethan Allen (NYSE: eth) up 6 percent
- Goodyear Tire (NYSE: gt) is up 36 percent
- Wyndham Worldwide (NYSE: wyn) up 11 percent
- H&R Block (NYSE: hrb) up 36 percent
- MasterCard (NYSE: ma), Visa (NYSE: v) & American Express (NYSE: axp) up 24 percent, 6 percent, and 15 percent respectively
- Consulting firm Accenture (NYSE: acn) up 24 percent
The negative Nellies out there can point to their own stats: oil falling, home prices stagnant, NFIB small business survey still weak, Marriott (NYSE: mar) and the cruise company shares down, etc. And yes, we still have a warehouse full of economic problems.
This isn't about being an economic Pollyanna, and ultimately there are a host of reasons why people buy stocks. But returns are returns, and agree with it or not, the message of the market appears to be one of more confidence in the consumer, and thus the economy, ahead.
Online social game company Zynga plans to raise $1.5 billion to $2 billion in an initial public offering and could file paperwork with U.S. regulators as soon as Wednesday, a source familiar with the situation said on Tuesday?
A. TRUE
B. FALSE
This isn't about being an economic Pollyanna, and ultimately there are a host of reasons why people buy stocks. But returns are returns, and agree with it or not, the message of the market appears to be one of more confidence in the consumer, and thus the economy, ahead?
A. TRUE
B. FALSE
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