Politics, Policy, Economics - Since 2010

Sam Wang at the New York Times wrote a spectacular article October 29th. His his article: "Why Trump Stays Afloat" explores Trump...

Escaping The Faction In Politics - Federalist Papers No. 10

Sam Wang at the New York Times wrote a spectacular article October 29th. His his article: "Why Trump Stays Afloat" explores Trump's basis of support, but more importantly it mentioned: "the founders thought that a physically far-flung Republic would avoid such “mischiefs of faction.” In The Federalist No. 10, James Madison suggested that the slowness of communication between distant states would prevent the formation of organized factions inflamed “with mutual animosity.” But modern communication has rendered Madison’s point of view obsolete."

That of course led me to pick up my copy of The Federalist Papers and read No. 10. James Madison has a simple but concise definition of a "faction" by stating it is a group who is against the permanent group inside the political field or establishment. Madison stated: liberty is to faction as air is to fire.
So there is always a friction, there was then and there is now.
The slowness of communication between distant states is no longer an issue and we are seeing turbulent factions pop up with vigor, perhaps due to the IoT of things and the constant flow of communication, news and propaganda alike.

No. 10 addresses the question of how to guard against "factions", or groups of citizens, with interests contrary to the rights of others or the interests of the whole community. Madison saw factions as inevitable due to the nature of man - that is, as long as men hold differing opinions, have differing amounts of wealth, and own differing amount of property, they will continue to form alliances with people who are most similar to them, and they will sometimes work against the public interest, and infringe upon the rights of others. Thus, he questions how to guard against those dangers - WIKIPEDIA

This led me to paper No. 9 - The Union as a Safeguard Against Domestic Faction and Insurrection, by Hamilton.
I have attached a copy of the paper:


The Union as a Safeguard Against Domestic Faction and Insurrection
For the Independent Journal.

Author: Alexander Hamilton

To the People of the State of New York:

A FIRM Union will be of the utmost moment to the peace and liberty of the States, as a barrier against domestic faction and insurrection. It is impossible to read the history of the petty republics of Greece and Italy without feeling sensations of horror and disgust at the distractions with which they were continually agitated, and at the rapid succession of revolutions by which they were kept in a state of perpetual vibration between the extremes of tyranny and anarchy. If they exhibit occasional calms, these only serve as short-lived contrast to the furious storms that are to succeed. If now and then intervals of felicity open to view, we behold them with a mixture of regret, arising from the reflection that the pleasing scenes before us are soon to be overwhelmed by the tempestuous waves of sedition and party rage. If momentary rays of glory break forth from the gloom, while they dazzle us with a transient and fleeting brilliancy, they at the same time admonish us to lament that the vices of government should pervert the direction and tarnish the lustre of those bright talents and exalted endowments for which the favored soils that produced them have been so justly celebrated.

From the disorders that disfigure the annals of those republics the advocates of despotism have drawn arguments, not only against the forms of republican government, but against the very principles of civil liberty. They have decried all free government as inconsistent with the order of society, and have indulged themselves in malicious exultation over its friends and partisans. Happily for mankind, stupendous fabrics reared on the basis of liberty, which have flourished for ages, have, in a few glorious instances, refuted their gloomy sophisms. And, I trust, America will be the broad and solid foundation of other edifices, not less magnificent, which will be equally permanent monuments of their errors.

But it is not to be denied that the portraits they have sketched of republican government were too just copies of the originals from which they were taken. If it had been found impracticable to have devised models of a more perfect structure, the enlightened friends to liberty would have been obliged to abandon the cause of that species of government as indefensible. The science of politics, however, like most other sciences, has received great improvement. The efficacy of various principles is now well understood, which were either not known at all, or imperfectly known to the ancients. The regular distribution of power into distinct departments; the introduction of legislative balances and checks; the institution of courts composed of judges holding their offices during good behavior; the representation of the people in the legislature by deputies of their own election: these are wholly new discoveries, or have made their principal progress towards perfection in modern times. They are means, and powerful means, by which the excellences of republican government may be retained and its imperfections lessened or avoided. To this catalogue of circumstances that tend to the amelioration of popular systems of civil government, I shall venture, however novel it may appear to some, to add one more, on a principle which has been made the foundation of an objection to the new Constitution; I mean the ENLARGEMENT of the ORBIT within which such systems are to revolve, either in respect to the dimensions of a single State or to the consolidation of several smaller States into one great Confederacy. The latter is that which immediately concerns the object under consideration. It will, however, be of use to examine the principle in its application to a single State, which shall be attended to in another place.

The utility of a Confederacy, as well to suppress faction and to guard the internal tranquillity of States, as to increase their external force and security, is in reality not a new idea. It has been practiced upon in different countries and ages, and has received the sanction of the most approved writers on the subject of politics. The opponents of the plan proposed have, with great assiduity, cited and circulated the observations of Montesquieu on the necessity of a contracted territory for a republican government. But they seem not to have been apprised of the sentiments of that great man expressed in another part of his work, nor to have adverted to the consequences of the principle to which they subscribe with such ready acquiescence.

When Montesquieu recommends a small extent for republics, the standards he had in view were of dimensions far short of the limits of almost every one of these States. Neither Virginia, Massachusetts, Pennsylvania, New York, North Carolina, nor Georgia can by any means be compared with the models from which he reasoned and to which the terms of his description apply. If we therefore take his ideas on this point as the criterion of truth, we shall be driven to the alternative either of taking refuge at once in the arms of monarchy, or of splitting ourselves into an infinity of little, jealous, clashing, tumultuous commonwealths, the wretched nurseries of unceasing discord, and the miserable objects of universal pity or contempt. Some of the writers who have come forward on the other side of the question seem to have been aware of the dilemma; and have even been bold enough to hint at the division of the larger States as a desirable thing. Such an infatuated policy, such a desperate expedient, might, by the multiplication of petty offices, answer the views of men who possess not qualifications to extend their influence beyond the narrow circles of personal intrigue, but it could never promote the greatness or happiness of the people of America.

Referring the examination of the principle itself to another place, as has been already mentioned, it will be sufficient to remark here that, in the sense of the author who has been most emphatically quoted upon the occasion, it would only dictate a reduction of the SIZE of the more considerable MEMBERS of the Union, but would not militate against their being all comprehended in one confederate government. And this is the true question, in the discussion of which we are at present interested.

So far are the suggestions of Montesquieu from standing in opposition to a general Union of the States, that he explicitly treats of a CONFEDERATE REPUBLIC as the expedient for extending the sphere of popular government, and reconciling the advantages of monarchy with those of republicanism.

"It is very probable,'' (says he [1] ) "that mankind would have been obliged at length to live constantly under the government of a single person, had they not contrived a kind of constitution that has all the internal advantages of a republican, together with the external force of a monarchical government. I mean a CONFEDERATE REPUBLIC.

"This form of government is a convention by which several smaller STATES agree to become members of a larger ONE, which they intend to form. It is a kind of assemblage of societies that constitute a new one, capable of increasing, by means of new associations, till they arrive to such a degree of power as to be able to provide for the security of the united body.

"A republic of this kind, able to withstand an external force, may support itself without any internal corruptions. The form of this society prevents all manner of inconveniences.

"If a single member should attempt to usurp the supreme authority, he could not be supposed to have an equal authority and credit in all the confederate states. Were he to have too great influence over one, this would alarm the rest. Were he to subdue a part, that which would still remain free might oppose him with forces independent of those which he had usurped and overpower him before he could be settled in his usurpation.

"Should a popular insurrection happen in one of the confederate states the others are able to quell it. Should abuses creep into one part, they are reformed by those that remain sound. The state may be destroyed on one side, and not on the other; the confederacy may be dissolved, and the confederates preserve their sovereignty.

"As this government is composed of small republics, it enjoys the internal happiness of each; and with respect to its external situation, it is possessed, by means of the association, of all the advantages of large monarchies.''

I have thought it proper to quote at length these interesting passages, because they contain a luminous abridgment of the principal arguments in favor of the Union, and must effectually remove the false impressions which a misapplication of other parts of the work was calculated to make. They have, at the same time, an intimate connection with the more immediate design of this paper; which is, to illustrate the tendency of the Union to repress domestic faction and insurrection.

A distinction, more subtle than accurate, has been raised between a CONFEDERACY and a CONSOLIDATION of the States. The essential characteristic of the first is said to be, the restriction of its authority to the members in their collective capacities, without reaching to the individuals of whom they are composed. It is contended that the national council ought to have no concern with any object of internal administration. An exact equality of suffrage between the members has also been insisted upon as a leading feature of a confederate government. These positions are, in the main, arbitrary; they are supported neither by principle nor precedent. It has indeed happened, that governments of this kind have generally operated in the manner which the distinction taken notice of, supposes to be inherent in their nature; but there have been in most of them extensive exceptions to the practice, which serve to prove, as far as example will go, that there is no absolute rule on the subject. And it will be clearly shown in the course of this investigation that as far as the principle contended for has prevailed, it has been the cause of incurable disorder and imbecility in the government.

The definition of a CONFEDERATE REPUBLIC seems simply to be "an assemblage of societies,'' or an association of two or more states into one state. The extent, modifications, and objects of the federal authority are mere matters of discretion. So long as the separate organization of the members be not abolished; so long as it exists, by a constitutional necessity, for local purposes; though it should be in perfect subordination to the general authority of the union, it would still be, in fact and in theory, an association of states, or a confederacy. The proposed Constitution, so far from implying an abolition of the State governments, makes them constituent parts of the national sovereignty, by allowing them a direct representation in the Senate, and leaves in their possession certain exclusive and very important portions of sovereign power. This fully corresponds, in every rational import of the terms, with the idea of a federal government.

In the Lycian confederacy, which consisted of twenty-three CITIES or republics, the largest were entitled to THREE votes in the COMMON COUNCIL, those of the middle class to TWO, and the smallest to ONE. The COMMON COUNCIL had the appointment of all the judges and magistrates of the respective CITIES. This was certainly the most, delicate species of interference in their internal administration; for if there be any thing that seems exclusively appropriated to the local jurisdictions, it is the appointment of their own officers. Yet Montesquieu, speaking of this association, says: "Were I to give a model of an excellent Confederate Republic, it would be that of Lycia.'' Thus we perceive that the distinctions insisted upon were not within the contemplation of this enlightened civilian; and we shall be led to conclude, that they are the novel refinements of an erroneous theory.


PUBLIUS.
++++



Ideal consumers: hunters, chefs, cooks and other food professionals, serial killers who dismember bodies and black market organ salesmen....

Yeti Holdings, Inc. Consumer IPO



Ideal consumers: hunters, chefs, cooks and other food professionals, serial killers who dismember bodies and black market organ salesmen. Does this market equate to going public?




Yeti Coolers: The Wall of Dreams


YETI Holdings, Inc.

Ok my thoughts on this: great product, but easy to replicate. Think GoPro without the electronics.

The items are premium coolers and branded products. Their coolers are at the highest price point for the product in their category. They call this a premium. This is what everyone is banking on, unless they are getting fees on the deal. Despite impressive growth and market penetration, Yeti is only focused on domestic sales and they depend on indepedent retailers to a fault. Upmarket lodging, safari and expeditions need to be targeted, verses assuming they will continue this growth track by charting forward alone.

One thing many are not talking about...Yeti has serious competition. They have competition all around, and while competition is not a bad thing in markets, in this scenario the premium price for coolers does not fly long term. Igloo's upmarket "sportsman" is $199.00 at Sam's Club. What about when Igloo decides to lower margins and the upmarket model is only $75.00? What about the next cooler startup riding the tails of not only Yeti but Igloo and Cabela's?
CAB is fighting back, and offering products very similar to Yeti (Cabela's Polar Cap model). CAB also has a tremendous hold inside Yeti's key consumer market demographic of hunters and fishermen.

Yeti mentions selling branded goods such as hats (they single out "rope hat" in the S-1), clothing and an array of tumblers. A near identical product is made by RTIC but is half the price (see link).

Perhaps a pivot to the middle east needs to be brought up by shareholders. I can see premium coolers being sold in Dubai for twice as much. Maybe ink a deal with Land Rover.

If you are banking on college orders you need to have made a serious ding in the wholesale promo market Pre-IPO, and since that has not occurred yet, I bet it will never occur. As far as stock prices go Yeti could very well be the next GPRO unless the securities are priced correctly at open. Yeti should price at $6.00 a share. Otherwise it will be another GoPro - current price is $13.99 - or Fogo de Chao - current price is $11.55. Both IPOs opened higher and both co's beat the pants of Yeti legacy and product wise, or at least they did in regards to market timing (despite my critique of Fogo as a public company). What about FIT - Fitbit? Yeti @ $6.00 per share is a deal and allows for growth.

Yeti Holdings, Inc. Form S-1

Forward Looking Statements: The risks that could cause these forward looking statements to be inaccurate include but are not limited to:

• our ability to maintain and strengthen our brand and generate and maintain ongoing demand for our products;

• our ability to successfully develop new products;

• our ability to sustain our sales growth rate or profitability;

• our ability to expand into additional consumer markets, and our success in doing so;

• our ability to compete effectively in the outdoor and recreation market and protect our brand;

• problems with, or loss of, our third-party contract manufacturers and suppliers, or an inability to obtain raw materials;

• fluctuations in the cost and availability of raw materials, equipment, labor, and transportation and subsequent manufacturing delays or increased costs;

• our ability to accurately forecast demand for our products and our results of operations;

• our lack of long-term purchase commitments with our independent retailer partners, who account for the majority of our sales;

• the success of our international expansion plans;

• the impact of natural disasters and failures of our information technology on our operations and the operations of our manufacturing partners;

• our ability to attract and retain skilled personnel and senior management, and to maintain the continued efforts of our management and key employees; and

• the impact of our indebtedness on our ability to invest in the ongoing needs of our business.







Igloo: Didn't they make the first consumer beverage cooler?

For better insight see:

Yeti's Form S-1 - https://www.sec.gov/Archives/edgar/data/1670592/000104746916014127/a2229052zs-1.htm

Blood is in the water, now it is time for the media guys to be devoured by our mobile carriers (wha?)...Comcast and T-Mobile? AT&T and ...

TIME WARNER DEAL - Ripples In The Water






Blood is in the water, now it is time for the media guys to be devoured by our mobile carriers (wha?)...Comcast and T-Mobile? AT&T and Time-Warner? Why not Bloomberg and Blackberry? This is a lateral bulge bracket play that is very unique. Mass Mutual owns Concord Music Group, so diversification to such a degree is not surprising. The surprise element here is how the business operates and if net neutrality becomes an issue due to the vast content hoards. For instance if Mass Mutual also sold you all of your music, and if that was not weird enough, say Mass Mutual only delivered your music digitally if you were a customer of another of their businesses, otherwise you received compact discs in the mail? Regardless, content is 👑 king. Make that super king. It doesn't even matter if it's worth it (this is when they over pay).





“We think the likelihood of a Fox bid for Sky now rises,” said Tim Nollen, an analyst at Macquarie Capital, referring to the pan-European satellite television and internet company. Rich Greenfield, an analyst at BTIG, pondered, “Can Comcast really resist buying T-Mobile?” Michael Morris, a Guggenheim Partners analyst, contended that Disney “should be strongly considering acquiring” Netflix. - NYTIMES

http://mobile.nytimes.com/2016/10/25/business/media/a-chilly-reaction-to-att-time-warner-deal.html?_r=0&referer=https://www.google.com/

Just in case...Link below -  Chapter 15 - Bankruptcy Basics Ancillary and Other Cross-Border Cases Chapter 15 is a new chapter adde...

Chapter 15

Just in case...Link below - 

Chapter 15 - Bankruptcy Basics Ancillary and Other Cross-Border Cases

Chapter 15 is a new chapter added to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It is the U.S. domestic adoption of the Model Law on Cross-Border Insolvency promulgated by the United Nations Commission on International Trade Law ("UNCITRAL") in 1997, and it replaces section 304 of the Bankruptcy Code. Because of the UNCITRAL source for chapter 15, the U.S. interpretation must be coordinated with the interpretation given by other countries that have adopted it as internal law to promote a uniform and coordinated legal regime for cross-border insolvency cases. The purpose of Chapter 15, and the Model Law on which it is based, is to provide effective mechanisms for dealing with insolvency cases involving debtors, assets, claimants, and other parties of interest involving more than one country. This general purpose is realized through five objectives specified in the statute: (1) to promote cooperation between the United States courts and parties of interest and the courts and other competent authorities of foreign countries involved in cross-border insolvency cases; (2) to establish greater legal certainty for trade and investment; (3) to provide for the fair and efficient administration of cross-border insolvencies that protects the interests of all creditors and other interested entities, including the debtor; (4) to afford protection and maximization of the value of the debtor's assets; and (5) to facilitate the rescue of financially troubled businesses, thereby protecting investment and preserving employment. 11 U.S.C. § 1501. Generally, a chapter 15 case is ancillary to a primary proceeding brought in another country, typically the debtor's home country. As an alternative, the debtor or a creditor may commence a full chapter 7 or chapter 11 case in the United States if the assets in the United States are sufficiently complex to merit a full-blown domestic bankruptcy case. 11 U.S.C. § 1520(c). In addition, under chapter 15 a U.S. court may authorize a trustee or other entity (including an examiner) to act in a foreign country on behalf of a U.S. bankruptcy estate. 11 U.S.C. § 1505. An ancillary case is commenced under chapter 15 by a "foreign representative" filing a petition for recognition of a "foreign proceeding." (1) 11 U.S.C. § 1504. Chapter 15 gives the foreign representative the right of direct access to U.S. courts for this purpose. 11 U.S.C. § 1509. The petition must be accompanied by documents showing the existence of the foreign proceeding and the appointment and authority of the foreign representative. 11 U.S.C. § 1515. After notice and a hearing, the court is authorized to issue an order recognizing the foreign proceeding as either a "foreign main proceeding" (a proceeding pending in a country where the debtor's center of main interests are located) or a "foreign non-main proceeding" (a proceeding pending in a country where the debtor has an establishment, (2) but not its center of main interests). 11 U.S.C. § 1517. Immediately upon the recognition of a foreign main proceeding, the automatic stay and selected other provisions of the Bankruptcy Code take effect within the United States. 11 U.S.C. § 1520. The foreign representative is also authorized to operate the debtor's business in the ordinary course. Id. The U.S. court is authorized to issue preliminary relief as soon as the petition for recognition is filed. 11 U.S.C. § 1519. Through the recognition process, chapter 15 operates as the principal door of a foreign representative to the federal and state courts of the United States. 11 U.S.C. § 1509. Once recognized, a foreign representative may seek additional relief from the bankruptcy court or from other state and federal courts and is authorized to bring a full (as opposed to ancillary) bankruptcy case. 11 U.S.C. §§ 1509, 1511. In addition, the representative is authorized to participate as a party of interest in a pending U.S. insolvency case and to intervene in any other U.S. case where the debtor is a party. 11 U.S.C. §§ 1512, 1524. Chapter 15 also gives foreign creditors the right to participate in U.S. bankruptcy cases and it prohibits discrimination against foreign creditors (except certain foreign government and tax claims, which may be governed by treaty). 11 U.S.C. § 1513. It also requires notice to foreign creditors concerning a U.S. bankruptcy case, including notice of the right to file claims. 11 U.S.C. § 1514. One of the most important goals of chapter 15 is to promote cooperation and communication between U.S. courts and parties of interest with foreign courts and parties of interest in cross-border cases. This goal is accomplished by, among other things, explicitly charging the court and estate representatives to "cooperate to the maximum extent possible" with foreign courts and foreign representatives and authorizing direct communication between the court and authorized estate representatives and the foreign courts and foreign representatives. 11 U.S.C. §§ 1525 - 1527. If a full bankruptcy case is initiated by a foreign representative (when there is a foreign main proceeding pending in another country), bankruptcy court jurisdiction is generally limited to the debtor's assets that are located in the United States. 11 U.S.C. § 1528. The limitation promotes cooperation with the foreign main proceeding by limiting the assets subject to U.S. jurisdiction, so as not to interfere with the foreign main proceeding. Chapter 15 also provides rules to further cooperation where a case was filed under the Bankruptcy Code prior to recognition of the foreign representative and for coordination of more than on foreign proceeding. 11 U.S.C. §§ 1529 - 1530. The UNCITRAL Model Law has also been adopted (with certain variations) in Canada, Mexico, Japan and several other countries. Adoption is pending in the United Kingdom and Australia, as well as other countries with significant international economic interests.

http://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-15-bankruptcy-basics

"According to the expert, right now Russia is trying to apply orthodox market economy methods - a strict budget, strict monetary policy...

70% of Russian GDP is now in the public sector


"According to the expert, right now Russia is trying to apply orthodox market economy methods - a strict budget, strict monetary policy. "But these methods should be applied to market players, to private companies, but we applied them to state-owned companies, which basically don't care about rates and budgets - they have a very different way of achieving their economic goals. Market management methods are applied to non-market economic structure, 70% of GDP of which is provided by the public sector. That is why such methods will have effect only on the background of large-scale privatization and increase of the number of market players."

Petroleum is king in Russia. Gazprom, Rosneft and Transneft are state owned cartels and interests. Russia is the globe's largest natural gas exporter, has the largest natural gas reserves and produced 10+MMbbl of oil per day in December 2015 alone. Gazprom essentially owns the natural gas industry in Russia. 
If you want to know the truth, factor in those numbers. - Chad

You do not know where it (the equity stock price) is gonna land. Despite the tremendous news - including eyewitness accounts of burning phon...

Samsung Numbers In Despite Recent Issues


You do not know where it (the equity stock price) is gonna land. Despite the tremendous news - including eyewitness accounts of burning phones, and major activist funds calling for executive changes and special dividend payouts - Samsung posted better than expected numbers. 

Good for Samsung. Good for Korea. - Chad

By Jungah Lee (Bloomberg) -- Samsung Electronics Co. posted better-than-expected earnings as demand for its high-margin memory chips and displays limited the impact of a global recall of its marquee Galaxy Note 7 smartphone. Operating income rose 5.5 percent to 7.8 trillion won ($7 billion) in the three months ended September, the world’s largest maker of phones and memory chips said in preliminary results released Friday. That compares with the 7.58 trillion- won average of analysts’ estimates compiled by Bloomberg. While the recall has dominated headlines since it was announced last month, Samsung worked to contain the fallout from exploding smartphones and insulate its component businesses. That helped maintain growth as new devices from rivals stoke demand for memory chips and displays. A fresh issue emerged this week when billionaire activist Paul Elliott Singer launched a campaign to get the family-controlled company to restructure. “The recall-related costs have surely taken its toll on its mobile business in the quarter but its other businesses, particularly semiconductors, have fared extraordinarily well, ” Lee Seung-woo, an analyst at IBK Securities Co. in Seoul, said before the earnings release. "Even Apple has placed a huge order for chips from Samsung, I heard, and it can’t even keep up with explosive demand from China ahead of the typically strong fourth quarter." Sales were 49 trillion won in the quarter, the Suwon-based company said, compared with the 51 trillion won analysts expected. Samsung won’t provide net income or break out divisional performance until it releases audited results later this month. The company didn’t specify the financial impact of the recall. Analysts have estimated the cost at $1 billion to $2 billion. Shares of Samsung closed at 1.69 million won won Thursday, up 4.5 percent, reaching a record after Singer’s proposal to split the company and return cash to investors.

Pressure cooker alert. Increased defense by NK circa 2013 was a possible chess move by Russia or China, but not in this case. NK is attempti...

North Korea May Be Building Largest Missile Submarine Yet

Pressure cooker alert.
Increased defense by NK circa 2013 was a possible chess move by Russia or China, but not in this case. NK is attempting to build out infrastructure. See, when the ballon is squeezed at one end the other end still jets out, this inflation happens to be the submarine- launched ballistic missile end. - Chad

By Julian Ryall (Telegraph)

Satellite images indicate that North Korea is starting work on a submarine that will be larger than anything it can presently deploy, with analysts suggesting the vessel may be used as the platform for Pyongyang's newly developed submarine-launched ballistic missiles. 

Images captured by commercial satellites in September show components compatible with the construction of a submarine stockpiled at the Sinpo South Shipyard, according to the 38 North web site, operated by the US-Korea Institute at Johns Hopkins University . "While there is no direct evidence that the program is for a boat to carry the ballistic missile currently under development, the presence of an approximately 10-metre in diameter [32 feet] circular component outside the facility’s recently renovated fabrication hall may be intended as a construction-jig or as a component for the pressure hull of a new submarine," the report claims. The vast majority of North Korea's submarines have been built at the Sinpo South Shipyard and, if the component is for a new generation of submarine, it will be larger than the Gorae-class experimental ballistic missile submarine - with a beam of around 23 feet - that has been used in SLBM tests to date. The shipyard has undergone extensive modernisation work in the last 18 months, including the addition of a fabrication plant and a roof to a construction hall alongside a slipway. Satellite images have also monitored the delivery of raw steel and fabricated components, as well as the presence of heavy equipment transporters. North Korea carried out a successful test-launch of a SLBM in late August , with the missile travelling more than 300 miles before falling into the Sea of Japan. "There are many strategic reasons why North Korea is seeking an SLBM capability," said Lance Gatling, a defence analyst and president of Tokyo-based Nexial Research Inc. "Rather than relying on fixed sites that can be detected by electronic or human intelligence, a submarine has a far greater ability to roam and be undetected," he told The Telegraph. "If they were just building a larger conventional submarine, armed with torpedoes, then no-one would be very worried", he said. "But their ability to miniaturise nuclear warheads and put those warheads on missiles that can be launched from submarines is a significant and worrying step forward in their strategic capabilities." 

0- Oct/04/2016 23:11 GMT Bloomberg 

Housing stocks and housing starts, permits, etc. as economic indicators need to be greatly understated. Case-Schiller is different, that is ...

Housing Economics

Housing stocks and housing starts, permits, etc. as economic indicators need to be greatly understated. Case-Schiller is different, that is pricing. The market share of housing equity stocks and supply is much more commodity based then one likes to admit. The housing stocks that are up this year are entry-level builders. Millennials are not buying entry-level homes, so this leads thought to people downgrading and buying the homes, or speculation.

I must admit I do not agree with the concept of new construction without regulated supply and demand. I believe it is waste. It applies pressure to sell and perpetuate debt, debt inside a commodity investment hat is not always a sound investment and not guaranteed to appreciate. 

- Chad 

Atlanta has a new rock star SEC head...and for the local / regional market this is very good. With the deregulation of capital financing la...

Atlanta SEC Aaron W. Lipson Named as Associate Regional Direct...



Atlanta has a new rock star SEC head...and for the local / regional market this is very good. With the deregulation of capital financing laws you have to be concerned about shell games and start ups that never seem to take off but yet still get funded...Not counting flat out fraud.

The Securities Law Blog: Aaron W. Lipson Named as Associate Regional Direct...: The Securities and Exchange Commission today announced that Aaron W. Lipson has been named the Associate Regional Director for enforcement i...