OFFICIAL ANNOUNCEMENT: Gareth Bale Moved To Real Madrid
Real Madrid C.F. and Tottenham Hotspur FC have reached an agreement for the transfer of Gareth #Bale who will play for the Whites for the next 6 seasons.
The player will be presented tomorrow at 13:00 CET at the Santiago Bernabéu.
Resources at The city stated that a cope had been decided value £78m, around €90m. That would not create Bale the most costly gamer. When Cristiano Ronaldo shifted from Birmingham U. s. to The country four decades ago, he price £80m, around €93m. But the numbers arriving out of White-colored Hart Road are rather greater, with some sources requiring that the actual fee is more than €100m. André Villas-Boas had already was adament that Bale would go for a "world record".
Bale's attorneys were in The city on Weekend and Weekend looking for to complete the lawful documentation and have the cope officially finalized off. He is predicted to indication a six‑year agreement on €10m a season after tax, the same wage as Ronaldo and Kaká. If they can get everything linked up soon enough, Madrid's objective is for him to journey to the Language investment before becoming a member of up with Wales.
The exchange screen ends on Weekend evening, lastly providing this tale to an end one way or the other, and Ancelotti admitted: "I am patiently waiting impatiently for Weekend because after that we won't discuss the industry."
The French then amusingly added: "Well, I have encounter and I know that after that we'll discuss the winter season season industry."
Ancelotti had started his pre-match media meeting by introducing that he did not want to discuss the exchange screen. When he was certainly requested by English journalists about Bale, he giggled and apologised, adding: "I know you came here for this, but …"
Asked to provide his viewpoint of Bale, the French tried to reject. "Everyone knows him [anyway]: he is a amazing gamer, everyone knows this. But he is a Tottenham gamer. I don't know how lengthy he will be a Tottenham gamer but nowadays he is."
The French also was adament that he was not disappointed by the wait or about the welcome that is awaiting Bale in the Language investment, even if he created his solutions generally. "I don't want to discuss Ronaldo [and Bale], but in common when a gamer comes to a group he comes to help the other gamers to be a better group," Ancelotti said. "So I think that all gamers think that if a new gamer comes it is excellent for the group and therefore for them too."
He added: "I'm dealing with my gamers every day and my thoughts is not on the gamers who are not here. We have to perform, we have to get ready. So for me it is not annoying. I am satisfied to perform with these gamers and if another one comes I will be satisfied too."
Ancelotti also ignored recommendations that Mesut Ozil or Iker Casillas would keep the group, but he did confess that Kaká could leave. The Brazil declared that he desired to keep The city on This. "Kaká was obvious to the media, the group is aware of his choice, and I think that in the next few times, they will come up for a beneficial remedy for Kaká and the group," Ancelotti said.
I laughed so hard when I read this and I just had to share it
1. Guys hate sluts even though they have sex with them!
2. "Hey, are you busy?" or "Are you doing something?" ~ two phrases guys open with to stop from stammering on the phone.
3. Guys may be flirting around all day but before they go to sleep, they always think about the girl they truly care about.
4. Before they call, guys try to plan out a little about what they're going to say so there aren't awkward pauses, but once he's on the phone he forgets it all and makes it up as he goes.
5. Guys go crazy over a girl's smile when they’re attracted to them
6. Guys will do anything just to get you to notice him.
7. Guys hate it when you talk about your ex-boyfriend or ex love-interest. Unless they're going for the let-her-complain-to-you-and-then-have-her-realize-how-wonderful-and-nice-you-are method.
8. A guy who likes you wants to be the only guy you talk to.
9. Boyfriends need to be reassured often that they're still loved.
10. Don't talk about your guy friends to your boyfriend.
11. Guys get jealous easily.
12. Guys are more emotional than they'd like people to think.
13. Giving a guy a hanging message like "You know what?!..uh...never mind.." would make him jump to a conclusion that is far from what you are thinking. And he'll assume he did something wrong and he'll obsess about it trying to figure it out.
14. Guys are good flatterers when courting but they usually stammer when they talk to a girl they really like.
15. Guys hate asking parents for money to buy girls presents. So they come up with ideas like saving their lunch money for a week. But it never works because guys are always hungry so they end up asking the parents for money anyway.
16. Girls are guys' weaknesses.
17. Guys are very open about themselves.
18. It's good to test a guy first before you trust him. But don't let him wait too long.
19. Your best friend, whom your boyfriend seeks help from about his problems with you may end up being admired by your boyfriend.
20. If a guy tells you about his problems, he just needs someone to listen to him. You don't need to give advice.
21. A usual act that proves that the guy likes you is when he teases you.
22. Guys love you more than you love them if they are serious in your relationships.
23. Guys will brag about anything.
24. Guys use words like hot or cute to describe girls. We rarely use beautiful. If a guy uses that, he likes you a whole hell of a lot.
25. Guys think WAY too much. One small thing a girl does, even if she doesn't notice it can make the guy think about it for hours, trying to figure out what it meant.
26. Guys seek for advice from girls not other guys. Because most guys think alike, so if one guy's confused, then we're all confused.
27. Any guy could write out a rulebook or advice book for flirting, but no guy can write out a book about relationships.
28. Try to be as straightforward as possible.
29. A guy has to experience rejection, because if he's
too-good-never-been-busted, never been in love and hurt, he won't be mature and grown up.
30. If the guy does something stupid in front of the girl, he will think about it for the next couple days or until the next time he spends time with the girl.
31. No matter how much guys talk about asses and boobs, personality is key.
32. Guys learn from experience not from the romance books that girls read and take as their basis of experience.
33. Guys worry about the thin line between being compassionate and being whipped.
34. If a guy looks unusually calm and laid back, he's probably faking it and is spazzing inside.
35. When a guy says he is going crazy about the girl, he really is. Guys rarely say that.
36. When a guy asks you to leave him alone, he's just actually saying, "Please come and listen to me."
37. Guys don't really have final decisions.
38. If a guy starts to talk seriously, listen to him. It doesn't happen that often, so when it does, you know something's up.
39. If your best guy friend seems to avoid you or is never around when you're with your boyfriend, he's probably jealous and likes you.
40. When a guy looks at you for longer than a second, he's definitely thinking something.
41. Guys like femininity not feebleness.
42. Guys don't like girls who punch harder than they do.
43. A guy has more problems than you can see with your naked eyes.
44. Don't be a snob. Guys can be intimidated and give up easily.
45. Everything in moderation. Put on makeup, wear perfume. Just not too much.
46. Guys talk about girls more than girls talk about guys.
47. Guys hate rejection, but they hate being led on even more.
48. Guys really think that girls are strange and have unpredictable decisions and are MAD confusing but somehow are drawn even more to them.
49. A guy would give his left nut to be able to read a girl's mind for a day.
50. No guy can handle all his problems on his own. He's just too stubborn to admit it.
51. Not all guys are assholes. Just because ONE is a jackass doesn’t mean he represents ALL of us.
52. We don't like girls who are too skinny.
53. We love it when girls talk about there ass.
54. Always make sure you know what kind of stuff your getting into before making out with a guy , like whether it's a one time deal or not .
55. Believe it or not shy guys are the most easiest to talk to. It may not seem right but trust me they will start opening up like books after you just ask them questions about their lives and unnoticeable tell them about yours.
56. When a guy hits your butt it means that he wants you sexually.
57. Even if they refuse it all guys are ticklish on the ribs.
58. Guys love neck rubs and if he lets you keep doing it, it means that he really likes you or his neck really hurts.
59. Guys will test the waters to see how far they can get with you. Even if he doesn't intend to it will happen. Know how far it is you want to let him go and he will respect that after you let him know a couple times.
60. When a guy sacrifices his sleep and health just to be with you, he really likes you and wants to be with you as much as possible.
it's so true too!!!! (I think)
How many folks do you know who say they don't want to drink anything before going to bed because they'll have to get up during the night.
Heart Attack and Water - I never knew all of this ! Interesting.......
Something else I didn't know ... I asked my Doctor why people need to urinate so much at night time. Answer from my Cardiac Doctor - Gravity holds water in the lower part of your body when you are upright (legs swell). When you lie down and the lower body (legs and etc) seeks level with the kidneys, it is then that the kidneys remove the water because it is easier. This then ties in with the last statement!
I knew you need your minimum water to help flush the toxins out of your body, but this was news to me. Correct time to drink water...
Very Important. From A Cardiac Specialist!
Drinking water at a certain time maximizes its effectiveness on the body
2 glasses of water after waking up - helps activate internal organs
1 glass of water 30 minutes before a meal - helps digestion
1 glass of water before taking a bath - helps lower blood pressure
1 glass of water before going to bed - avoids stroke or heart attack
I can also add to this... My Physician told me that water at bed time will also help prevent night time leg cramps. Your leg muscles are seeking hydration when they cramp and wake you up with a Charlie Horse.
Mayo Clinic Aspirin Dr. Virend Somers, is a Cardiologist from the Mayo Clinic, who is lead author of the report in the July 29, 2008 issue of the Journal of the American College of Cardiology.
Most heart attacks occur in the day, generally between 6 A.M. and noon. Having one during the night, when the heart should be most at rest, means that something unusual happened. Somers and his colleagues have been working for a decade to show that sleep apnea is to blame.
1. If you take an aspirin or a baby aspirin once a day, take it at night.
The reason: Aspirin has a 24-hour "half-life"; therefore, if most heart attacks happen in the wee hours of the morning, the Aspirin would be strongest in your system.
2. FYI, Aspirin lasts a really long time in your medicine chest, for years, (when it gets old, it smells like vinegar).
Please read on...
Something that we can do to help ourselves - nice to know. Bayer is making crystal aspirin to dissolve instantly on the tongue. They work much faster than the tablets. Why keep Aspirin by your bedside? It's about Heart Attacks.
There are other symptoms of a heart attack, besides the pain on the left arm. One must also be aware of an intense pain on the chin, as well as nausea and lots of sweating; however, these symptoms may also occur less frequently.
Note: There may be NO pain in the chest during a heart attack. The majority of people (about 60%) who had a heart attack during their sleep did not wake up. However, if it occurs, the chest pain may wake you up from your deep sleep. If that happens, immediately dissolve two aspirins in your mouth and swallow them with a bit of water. Afterwards: - Call 911. - Phone a neighbor or a family member who lives very close by.- Say "heart attack!" - Say that you have taken 2 Aspirins.
Take a seat on a chair or sofa near the front door, and wait for their arrival and ...DO NOT LIE DOWN!
A Cardiologist has stated that if each person after receiving this e-mail, sends it to 10 people, probably one life could be saved!
I have already shared this information. What about you?
Do forward this message. It may save lives!
"Life is a one time gift"
building a chicken coop: How To Build A Chicken Coop
Making a hen home is a rather systematic process which you can only a little bit differ from. Regardless of whether you are planning to create a conventional home, a the chance poultry village, or even an A framework poultry surfaces, the fundamental concepts will always lie at the main which come from the hen home applications.
Chicken home applications secure the whole wide range of poultry houses, whether they are small, mobile houses or remarkable poultry production features. However, every style comes with its own set of functions and functions that should be developed to make sure the home functions as recommended. Nevertheless, these functions are limited to six main ingredients that any home should have regardless of their sizing, position, or purpose.
Materials
It is important that you select the appropriate components that will not be dangerous to your poultry and will provide the home with structural solidity. It is also important that you can easily alternative them in the event of damage from the components or just simply, destruction.
Climate
Build for your particular atmosphere to make sure your poultry are well secured from either the awesome or excessive heated. You also don't want to have your wood rotting, so treat your wood to keep your home position.
Ventilation
Many applications usually neglect the value of air circulation and for that reason I wish you to plan accordingly and make sure you research the views on the applications you are going to use. Air circulation provides a significant part in keeping the coop's air circulating well and keeps out any undesirable moisture or ammonia create up from the flock's spend. Sufficient air circulation should be involved because if you select to neglect that factor, you will begin to get obvious an improvement on your chicken's health.
Maintenance
Depending on the sizing your home it is always important to consider how you are going to clean and maintain the home. I would suggest using a detachable roof or a large enough side access where you can easily accomplish in to finish the routine servicing.
Predators
Predators are the biggest threat to your poultry after hygiene and that is why you should be sure to take the necessary precautionary features. Arriving up on the top of the home will keep out birds of feed and an in-depth surfaces will make sure raccoons and other area animals do not dig their way into your chicken's home. Be sure to secure your poultry from the chance of should by following some simple methods described in most hen home applications on defending the home.
Mobility
Not all houses have to be mobile, however if you do select to create a mobile home, there are some issues to make as well as some advantages associated with them. It allows the proprietor to shift the home to a position far better their feed and makes cleaning the home significantly simpler than a regular, set home. Always to be sure to create a mobile home with the right hen home applications to get you on the right observe without any problems.
A man leaves with a prospectus of the Mapletree Greater China Commercial Trust real estate investment trust (REIT) at a marketing booth in Singapore, in this March 4, 2013 file picture.
Credit: Reuters/Edgar Su/FilesBy Nishant Kumar and Elzio BarretoHONG KONG | Fri May 10, 2013 5:32am EDT
HONG KONG (Reuters) - As central banks print cash to boost moribund economies, investors in Asia wanting to hedge against rising prices are dumping gold and doubling down on property.
They are driven by the search for yield as surprisingly benign inflation dims the appeal of bullion, but it's a risky play given lofty valuations for real estate.
The trend is most visible in the frenzy around real estate investment trusts (REITs) in Asia, where issuance ex-Japan more than quadrupled to $4.33 billion through early May from the same period last year and valuations are at their highest since before the 2008 financial crisis.
"I have been saying for the last two years that REITs are a good inflation hedge," said Charlie Chan, one of the best-known hedge fund managers in Asia, who made a killing by betting on them in 2012.
"They are easier to value, you get what you see and you own the building and if there is inflation, the building price will just go up," added Chan.
His $200 million hedge fund returned 63 percent last year and is up a further 35 percent in 2013. Asia hedge funds, by comparison, returned 10 percent last year and are up about 9 percent this year, according to Eurekahedge figures.
REITs such as Cambridge Industrial Trust made up more than half his portfolio at one point last year, Chan said.
Since REITs hold various kinds of properties, from factories to shopping malls and hotels, they benefit from higher rents when economies boom and prices rise.
Unlike gold, which doesn't pay any dividend, REITs also provide a steady flow of income. Yields for REITs in Asia stand at 4.4 percent on average, according to data from StarMine.
Spot gold fell 13 percent this year to May 7. By comparison, the MSCI Asia Pacific REITs index rose 14 percent, according to data from Thomson Reuters Datastream.
"Yield-hungry investors are increasingly being squeezed out of the sovereign bond markets by central bankers everywhere," said David Baran, co-founder of hedge fund Symphony Financial Partners in Tokyo. "REITs are an increasingly compelling asset class."
NEW OFFER FLOOD
REIT indices in Singapore and Hong Kong rose 13 percent and 17 percent respectively year-to-date, with both reaching all-time highs in the past two weeks.
In response to the red-hot demand, companies are flooding the market with new offerings.
Mapletree Greater China Commercial Trust is a prime example, raising $2.06 billion in Singapore's largest ever REIT IPO in February. The 5.6 percent yield offered saw institutional investors bid nearly 30 times the units on offer.
Issuance of REITs in Asia ex-Japan has more than quadrupled so far in 2013 from the same period last year to $4.33 billion, according to Thomson Reuters data, and there is no sign of a slowdown given a $4 billion pipeline in the coming two to three months from IPOs alone.
Assets under management at real estate funds investing in Asia and Japan rose to a record $55 billion and $20 billion respectively at the end of March, data from Lipper showed.
With billions more expected from follow-on deals, 2013 looks to be the biggest year for REIT issuance since at least 2007.
"Suddenly, you see a lot of REITs coming on to the market and we are seeing a lot of companies that are in the radar because they are paying better yields," said Jalil Rasheed, a Singapore-based investment director at Invesco Asset Management.
COSTLY PROPERTY
Investors are stretching valuations, with the Bank of Japan adding fuel to the fire, with the purchase of 133.8 billion yen ($1.35 billion) of REITs since its asset buying scheme began in December 2010.
As much as 92 percent of the REITs listed in Asia have gained over the last year, with Japan Hotel Reit Investment Corp and Industrial & Infrastructure Fund more than doubling, buoyed by Prime Minister Shinzo Abe's aggressive fiscal and monetary expansion policies.
The IBES MSCI AC Asia Pacific REITs index now trades at 1.3 times book value, its highest since February 2008 and meaning investors are paying 30 percent more than the value of the underlying property.
The biggest REIT in the region by market value and trading volume, Westfield Group, trades at a record 1.6 times forward 12-month book value, 71 percent above the five-year median, according to data from StarMine. The second-most liquid, Nippon Building Fund, trades at 1.8 times or nearly 80 percent above its five-year median value.
Investors hope to tap into hotel room rates and rental rates on buildings and shopping malls that continue to soar.
Hong Kong's Swire Properties said it increased rents by up to 82 percent in the three months to March on properties such as One Island East and Cityplaza as supply remains tight.
"Regulatory measures have largely targeted the residential market. The commercial space - office buildings, shopping malls and hotels - remains buoyant," said Michael Smith, head of real estate investment banking in Asia ex-Japan at Goldman Sachs in Singapore.
"The beauty of these REIT structures is that it's a very pure exposure to commercial real estate."
($1 = 98.9400 Japanese yen)
(Reporting by Nishant Kumar and Elzio Barreto; Additional reporting by Umesh Desai and Chikafumi Hodo; Editing by Wayne Arnold and Michael Urquhart)
By Linda Stern
WASHINGTON | Wed May 8, 2013 2:38pm EDT
WASHINGTON (Reuters) - Just when you may have thought that federal tax policy was set - that January's "fiscal cliff" deal meant you could go about your financial life with multi-year certainty - Washington is again talking of comprehensive tax reform.
Both key congressional committee heads - Senate Finance chair Max Baucus, a Democrat, and Dave Camp, the Republican chair of the House Ways and Means Committee - have hinted that the impending debt-ceiling increase could be the tree upon which a new tax code hangs.
The reform they are envisioning would jettison many tax breaks and use that revenue to lower tax rates. But it's one thing to agree on a concept and another to shake hands on all the details. Virtually every line of tax code has its own constituency, a fact made evident in a 558-page summary of opinions on various tax code measures published Monday by the Joint Tax Committee (here).
That means the smart money is still betting against personal income-tax reform. The more Congress talks about it, the more those constituencies will pony up political contributions, but it's not clear whether anyone except politicians will benefit.
Taxpayers, meanwhile, have to plan their finances so they are protected under the new rules and under a radically reformed system, in the unlikely case one emerges.
Here are some ways to make the most of the income-tax system, now and later.
- Max out your tax breaks. In general, a tax deduction is worth more now than later. That is especially true if tax rates get lowered in the future, even if your specific deduction is preserved. Direct as much of your money toward those items - health savings account contributions, retirement-plan savings, charitable donations, energy-efficient appliances - that will get you the break. Note that if you earn over $250,000 ($300,000 for joint filers), your deductions will be limited, so learn how they work beforehand.
- Keep your retirement savings tax-diversified. Even if you have a tax-deferred 401(k) account, put money into a Roth Individual Retirement Account if you qualify. (You have to make under $112,000 as a single filer and under $178,000 as a couple filing jointly to contribute to a Roth.) If you make too much, you can still pay into a traditional but nondeductible IRA and then transfer the money to a Roth later. That will give you some flexibility to manage your tax hit when you get to the withdrawal stage of retirement.
- Make a multi-year charitable donation. If you normally give a set amount of money, consider doubling or tripling it this year and putting it into a donor-advised charitable fund. That will give you the donation this year but allow you to dole out the money over a few years. You can set up such a fund through one of the major investment companies like Fidelity Investments, Charles Schwab Corp, T. Rowe Price Group Inc or Vanguard. (Most community foundations - nonprofits designed to steer charitable contributions to local organizations - also will set up personal charitable funds.)
- Be careful about your investments. Several categories of investments have long benefited from special tax breaks. That includes municipal bonds, which pay interest not subject to federal taxes, life insurance policies and annuities that allow tax deferral until the money in them is used, and good old-fashioned stocks and other securities that are subject to preferential tax treatment on their gains.
All of those breaks are on the table, though their backers have been able to protect them in one round of tax revisions after another. It may make sense to sell winning stocks and take capital gains when you can, instead of carrying those gains year after year - they may be subject to higher tax rates in the future. Be more judicious about buying annuities, permanent life insurance policies and other insurance products that charge high fees and might not be good investments without their tax benefits. That tax deferral could disappear or become worthless (if rates fall), so if you are using insurance as an investment, make sure it performs well and has low fees.
You can stick with muni bonds for now if you are in a high tax bracket and they make sense. But watch Washington carefully to make sure all the talk doesn't turn into fast tax reform action. If it does, be prepared to switch out of munis and other tax-protected investments and into other taxable choices.
(Linda Stern is a Reuters columnist. The opinions expressed are her own. The Stern Advice column appears weekly and at additional times as warranted. Linda Stern can be reached at linda.stern@thomsonreuters.com; She tweets at www.twitter.com/lindastern .; Read more of her work at blogs.reuters.com/linda-stern; Editing by Prudence Crowther)
By John Wasik
CHICAGO | Fri May 10, 2013 8:25am EDT
CHICAGO (Reuters) - If you're willing to take on more risk, it's a good time to move beyond corporate and government bonds in the incredibly challenging search for yield.
While attention has been on the record-setting stock market - the Dow Jones Industrial Average closed above the symbolic 15,000 on Tuesday and kept climbing - bond yields have been heading south. The benchmark 10-year U.S. Treasury is yielding around 1.8 percent after hitting 2 percent in early March.
An "in-between" portfolio that focuses on yield from non-traditional sources while owning dividend-rich stocks is one approach to find income. This strategy is based on the reality that bond yields probably won't rise much in the next year or so. You'll have to venture into alternative investments if you want to boost your income stream.
I've searched for some of the best exchange-traded funds (ETFs) that offer income and appreciation. The following ETFs focus on four key themes: Global stock dividends, master limited partnerships (MLPs), high-yield bonds and real-estate investment trusts (REITs).
Dividend-paying stocks, for example, can outpace inflation. In January 2009, the S&P 500 Index dividend yield was 3.24 percent while the Consumer Price Index was a negative 0.34 percent, according to dividend.com.
That doesn't always happen. Even so, cash-rich companies are in a better position to raise dividends - something bond payers can't do.
This mix is not risk-free. It may get hit as hard in a stock market sell-off, which is why these funds should comprise no more than 15 percent of your total holdings.
HIGH-DIVIDEND GLOBAL STOCKS
The PowerShares International Dividend Achievers ETF gives you a selection of dividend payers from around the world. If something happens to the torrid U.S. market, you have a little insulation.
The fund, which yields just above two percent, holds brand-name non-U.S. stocks like Vodaphone and Nippon Telegraph and Telephone.
It's posted an annualized return of nearly 14-percent during the three years through May 8, and is up 20 percent for the past year through that date. The trade-off, however, is that the fund is more volatile than the S&P 500.
MORTGAGE REITS
REITs that invest in mortgages have done well since 2008, thanks to low financing rates, although they are not well known. The iShares FTSE NAREIT Mortgage PlusCapped Index invests in major REITs like Annaly Capital Management, which buys mortgage pass-through certificates and obligations.
This specialized REIT borrows money to buy mortgage-backed securities. Like all REITs, it must pass through 90 percent of its income to shareholders.
Currently, the iShares fund is yielding 11 percent. The downside is that it trades like a stock, and its risk is roughly the same as the S&P 500. It's up 24 percent through May 8, and has averaged an annualized gain of 15 percent during the past three years.
MASTER LIMITED PARTNERSHIPS
Until recently, you could only buy these vehicles through brokers, often paying steep commissions. Now that they're being packaged in ETFs, they are worth considering for their high yields, which range from 7 percent to 16 percent.
The Alerian MLP ETF, up 15 percent in the past year through May 8, holds an index of energy partnerships that mostly invested in pipeline companies. With an almost 6-percent yield, the fund probably won't move in lockstep with common stocks, but it's prone to declines if oil prices slide. The ETF is less than two years old, so it's too young to have risk measures.
HIGH-YIELD BONDS
Unlike their government counterparts, "junk" bonds give you the trade-off of lower credit ratings in exchange for higher yields. Rated "B" and lower, these are companies that still need to sell debt, but pose a higher risk of default.
Packaged within an ETF such as the Peritus High-Yield ETF, you can find some diversification from credit risk. Although it is actively managed and has a much higher expense ratio than its peers - 1.35 percent annually versus 0.4 percent for a similar indexed fund - the Peritus fund sports an 8 percent yield.
It is up 13 percent for the year, besting its benchmark by 2 percentage points, which is a significant advantage in the bond world.
As a backstop, keep a close eye on interest rates with all of your bond holdings.
"Be tactical so that you can be ready for the eventual rising interest-rate environment," advises John Zhong, chief executive officer and founder of MyPlanIQ.com, a portfolio service.
(The author is a Reuters columnist. The opinions expressed are his own.)
(Editing by Lauren Young and Bernadette Baum)
A bagpiper plays in central Glasgow May 14, 2007.
Credit: Reuters/Marcelo del PozoBy Mark MeadowsFORT WILLIAM, Scotland | Fri May 10, 2013 5:56am EDT
FORT WILLIAM, Scotland (Reuters) - Often voted the world's greatest train journey, the voyage from Glasgow to Fort William and Mallaig in the Scottish highlands defies superlatives thanks to its stunning views and wild landscapes.
Several of the stations have no villages to accompany them, they are just stopping off points for hikers or skiers. But it is not all wilderness, with Fort William a decent-sized town packed with food and drink options.
Reuters correspondents with local knowledge help visitors get the most out of a weekend trip in the area.
FRIDAY
12:21 p.m. - Don't even think about driving, the train is the only way to go on the near four-hour trip from Glasgow Queen Street to Fort William. Just sit back, relax and take in the breathtaking scenery (www.scotrail.co.uk/).
Glasgow - the perfect arrival point by air - is a large industrial city but still has its charms, especially George Square adjacent to the train station. Pick up some snacks for your journey nearby.
The modest train heads out of the city and along the Clyde river before turning and heading into the mountains, passing the famously idyllic Loch Lomond.
2:30 p.m. - Grab a drink from the frequent trolley which makes its way through the carriages as the train rattles past evocative sounding stations like Bridge of Orchy and Corrour, the highest railway station in Britain.
At 408 meters above sea level, there is nothing at Corrour except one station building, swamps, towering hills and wild deer. There is not even a proper road.
4:09 p.m. - The train trundles into Fort William with Britain's highest peak, Ben Nevis, 1,344 meters high in the background. The town on a lake is full of small guest houses but also has bigger chain hotels like the always comfortable Premier Inn (www.premierinn.com).
7 p.m. - A walk down Fort William's High Street, with the mountain breeze coming in off the lake, will freshen you up ready for dinner.
There are numerous options including decent Indian and Chinese restaurants but to sample some of the local cuisine, head to a pub like the Grog and Gruel (www.grogandgruel.co.uk), which serves Scottish classics like smoked salmon but with a twist. The selection of local beers is also huge.
SATURDAY
10 a.m. - Breakfast at your hotel and if you do not fancy the long climb up Ben Nevis, then it is back to the train station - this time for a shorter two-and-a-half-hour round trip to the small coastal port of Mallaig.
12:12 p.m. - The train sets off around the loch for a picture perfect view of Ben Nevis with Fort William beneath.
The best is yet to come through with the train heading to Glenfinnan, site of the mainland invasion by British monarch pretender "Bonnie Prince Charlie" in 1745. A monument visible from the train marks the spot on the banks of Loch Shiel, with stunning mountains rising up out of the water on both sides.
Harry Potter fans will recognize the viaduct at Glenfinnan from its use in the blockbuster films when the "Hogwarts Express" passes over, and such is the beauty of the place that the train crew will hand out free postcards detailing the view.
1:34 p.m. - Mallaig is a sleepy seaside town where you can catch a ferry to the Isle of Skye, but ignore the actual harbor at your peril. For in the shallow waters live a family of seals who often pop up to say hello.
A small handful of eateries are available for lunch in Mallaig including the An Cala cafe, which offers wifi and delightful scones plus a late Scottish breakfast cooked to order.
4:05 p.m. - After a wander round the small windswept harbor trying to catch a glimpse of that elusive seal, it is time to get back on board the train and retrace the route back to Fort William, crucial if you missed any photographs on the way there.
8 p.m. - Back in Fort William there is plenty of choice for a second dinner, with two large supermarkets belying the remote setting for those who are self-catering.
SUNDAY
11:40 a.m. - After a Scottish breakfast which differs from the English variety with the addition of black or white pudding (cooked blood with a meat and oatmeal filler), it is back to Fort William station one last time for the trip back to Glasgow.
Make sure to sit on the opposite side of the train from your trip up in case you missed something like a sheer rock face, plunging stream or a group of wild deer led by the most elegant of stags, antlers and all.
1 p.m. - Grab a sandwich and a surprisingly decent bottle of wine from the drinks trolley as the marvelous mountain countryside rolls on by. The trip is nearly over so savor every last look.
3:31 p.m. - You arrive back in Glasgow with plenty of time to catch a flight home and take a quick flick through your photos as you remember a journey of a lifetime.
(Editing by Paul Casciato)
By Randall Palmer
OTTAWA | Wed May 8, 2013 12:47pm EDT
OTTAWA (Reuters) - Canada is more than ever a nation of immigrants, with one in five Canadians born outside the country, according to a 2011 survey released by Statistics Canada on Wednesday.
That 20.6 percent proportion of people born abroad, up from 19.8 percent five years previously, is far bigger than in most other rich industrialized countries.
Statscan said 12.9 percent of U.S. residents were born outside the country, and 11.5 percent of people in Britain. Australia's rate is higher, at 26.8 percent.
But the federal agency also admitted that it was "difficult to anticipate the quality level of the final outcome" of its survey after changes were made in the way it sought information.
In the past, Statscan sent a mandatory long-form census to 20 percent of the population. But the Conservative government abandoned that approach in favor of a voluntary national household survey, which went to one in three Canadians.
Statistics Canada assumed only 50 percent of those who got the survey would respond to a voluntary questionnaire, while the mandatory form had a much higher response rate.
The government argued the mandatory long census was too intrusive, and its decision prompted the resignation in 2010 of Statistics Canada's chief statistician, who said the decision could endanger the survey's usefulness. Business groups and social activists also said Statistics Canada needed the fuller information of the long-form census so it could assist them with planning and funding.
Canada, with a population of 32.9 million in 2011, aims to take in about 250,000 immigrants each year, partly because of a low birth rate among its citizens. Immigration brought in 1.2 million people between 2006 and 2011, and a total of 6.8 million people in Canada were born outside the country.
Almost 57 percent of the immigrants in the 2006-11 period came from Asia, with the Philippines topping the list, followed by China and India.
The survey also shows that the number of Muslims in Canada is rising strongly, while fewer people identify themselves as Christian and more say they have no religious affiliation.
The number of Christians fell to 67.3 percent of the population in 2011 from 77.1 percent in 2001, while the number with no religious affiliation rose to 7.9 million from 4.9 million in 2001.
The Muslim population nearly doubled during the decade to 1.05 million. Muslims now make up 3.2 percent of the population, up from 2.0 percent in 2001.
(Editing by Peter Galloway)
By John Wasik
CHICAGO | Fri May 10, 2013 8:25am EDT
CHICAGO (Reuters) - If you're willing to take on more risk, it's a good time to move beyond corporate and government bonds in the incredibly challenging search for yield.
While attention has been on the record-setting stock market - the Dow Jones Industrial Average closed above the symbolic 15,000 on Tuesday and kept climbing - bond yields have been heading south. The benchmark 10-year U.S. Treasury is yielding around 1.8 percent after hitting 2 percent in early March.
An "in-between" portfolio that focuses on yield from non-traditional sources while owning dividend-rich stocks is one approach to find income. This strategy is based on the reality that bond yields probably won't rise much in the next year or so. You'll have to venture into alternative investments if you want to boost your income stream.
I've searched for some of the best exchange-traded funds (ETFs) that offer income and appreciation. The following ETFs focus on four key themes: Global stock dividends, master limited partnerships (MLPs), high-yield bonds and real-estate investment trusts (REITs).
Dividend-paying stocks, for example, can outpace inflation. In January 2009, the S&P 500 Index dividend yield was 3.24 percent while the Consumer Price Index was a negative 0.34 percent, according to dividend.com.
That doesn't always happen. Even so, cash-rich companies are in a better position to raise dividends - something bond payers can't do.
This mix is not risk-free. It may get hit as hard in a stock market sell-off, which is why these funds should comprise no more than 15 percent of your total holdings.
HIGH-DIVIDEND GLOBAL STOCKS
The PowerShares International Dividend Achievers ETF gives you a selection of dividend payers from around the world. If something happens to the torrid U.S. market, you have a little insulation.
The fund, which yields just above two percent, holds brand-name non-U.S. stocks like Vodaphone and Nippon Telegraph and Telephone.
It's posted an annualized return of nearly 14-percent during the three years through May 8, and is up 20 percent for the past year through that date. The trade-off, however, is that the fund is more volatile than the S&P 500.
MORTGAGE REITS
REITs that invest in mortgages have done well since 2008, thanks to low financing rates, although they are not well known. The iShares FTSE NAREIT Mortgage PlusCapped Index invests in major REITs like Annaly Capital Management, which buys mortgage pass-through certificates and obligations.
This specialized REIT borrows money to buy mortgage-backed securities. Like all REITs, it must pass through 90 percent of its income to shareholders.
Currently, the iShares fund is yielding 11 percent. The downside is that it trades like a stock, and its risk is roughly the same as the S&P 500. It's up 24 percent through May 8, and has averaged an annualized gain of 15 percent during the past three years.
MASTER LIMITED PARTNERSHIPS
Until recently, you could only buy these vehicles through brokers, often paying steep commissions. Now that they're being packaged in ETFs, they are worth considering for their high yields, which range from 7 percent to 16 percent.
The Alerian MLP ETF, up 15 percent in the past year through May 8, holds an index of energy partnerships that mostly invested in pipeline companies. With an almost 6-percent yield, the fund probably won't move in lockstep with common stocks, but it's prone to declines if oil prices slide. The ETF is less than two years old, so it's too young to have risk measures.
HIGH-YIELD BONDS
Unlike their government counterparts, "junk" bonds give you the trade-off of lower credit ratings in exchange for higher yields. Rated "B" and lower, these are companies that still need to sell debt, but pose a higher risk of default.
Packaged within an ETF such as the Peritus High-Yield ETF, you can find some diversification from credit risk. Although it is actively managed and has a much higher expense ratio than its peers - 1.35 percent annually versus 0.4 percent for a similar indexed fund - the Peritus fund sports an 8 percent yield.
It is up 13 percent for the year, besting its benchmark by 2 percentage points, which is a significant advantage in the bond world.
As a backstop, keep a close eye on interest rates with all of your bond holdings.
"Be tactical so that you can be ready for the eventual rising interest-rate environment," advises John Zhong, chief executive officer and founder of MyPlanIQ.com, a portfolio service.
(The author is a Reuters columnist. The opinions expressed are his own.)
(Editing by Lauren Young and Bernadette Baum)
By Toni Clarke
Fri May 10, 2013 1:33pm EDT
n">(Reuters) - The Food and Drug Administration has approved a new drug to treat chronic obstructive pulmonary disease, a condition often associated with smoking that can include emphysema, chronic bronchitis, or both.
The drug, Breo, is an inhaled treatment made by British drugmaker GlaxoSmithKline Plc and Theravance Inc of the United States. It consists of a corticosteroid, fluticasone furoate, which reduces inflammation, and a novel long-acting beta-agonist, called vilanterol, which is designed to open the airways. The product is inhaled through a palm-sized device called Ellipta.
COPD is the third-leading cause of death in the United States, according to federal data.
Theravance shares were up 11 percent to $34.78 in afternoon trading. Glaxo's U.S. shares rose 1.95 percent to $51.69.
Breo, or Relvar as it would be called if approved outside the United States, will compete with GlaxoSmithKline's twice-daily asthma and COPD drug Advair, a roughly $8 billion-a-year drug that contains the steroid fluticasone propionate and the long-acting beta-agonist salmeterol.
Analysts on average expect the drug to generate annual sales of $559 million by 2015, according to Thomson Reuters data.
Breo would also compete with AstraZeneca Plc's twice-a-day Symbicort, an inhaled combination of the corticosteroid budesonide, and the long-acting beta-agonist formoterol. Glaxo and Theravance are hoping the once-daily delivery of Breo will make their drug more attractive to patients.
The drug carries a boxed warning, the most serious possible, about the risk of long-acting beta-agonists in increasing the risk of asthma-related death.
"The safety and efficacy of Breo Ellipta in patients with asthma have not been established and it is not approved for the treatment of asthma," the FDA said in a statement.
Potentially serious side effects associated with Breo include a heightened risk of pneumonia and bone fractures, the FDA said. The most common side effects reported by patients were inflammation of the nasal passage, upper respiratory tract infections, headache and oral candidiasis, also known as thrush.
The approval, which follows a more favorable-than-expected review by an FDA advisory panel, could increase investor optimism about another, potentially more profitable, COPD drug the two companies are developing called Anoro. The drug is an inhaled combination of vilanterol and umeclidinium, a long-acting muscarinic receptor antagonist, which works to relax the airways and improve lung function.
Analysts expect Anoro, if approved, to generate peak annual sales of nearly $1.4 billion, according to Thomson Reuters.
The approval of Breo comes just weeks after Theravance said it would split into two publicly traded companies, separating the more advanced respiratory drugs it is developing with Glaxo from its other operations. The move fueled speculation that Glaxo, which owns 27 percent of Theravance, could eventually buy Theravance's most lucrative products.
After the split, the company holding the respiratory drugs franchise will be called Royalty Management Co. The second company, called Theravance Biopharma, will focus on development of drugs for rare diseases.
Shares of Theravance rose as high as $35.80 earlier in the day.
(Reporting by Toni Clarke in Washington; Editing by Matthew Lewis, Steve Orlofsky and Carol Bishopric)
A Bank of America sign is seen outside of a branch in Greenville, South Carolina January 18, 2012.
Credit: Reuters/Chris KeaneBy Karen FreifeldNEW YORK | Fri May 10, 2013 5:54pm EDT
NEW YORK (Reuters) - Bank of America Corp (BAC.N) has fired back at New York Attorney General Eric Schneiderman after he threatened to sue the bank for violating the terms of a $25 billion settlement designed to end mortgage servicing abuses.
In a letter to Schneiderman, lawyers for Bank of America said they were "surprised and disappointed" the attorney general thought the bank engaged in "flagrant violations" of the timeline to process mortgage modifications.
The lawyers also said Schneiderman cannot sue until the bank has an opportunity to cure any alleged violations.
"Bank of America has not committed any potential violations ... let alone failed to cure those potential violations," attorneys Meyer Koplow and Theodore Mirvis, of Wachtell, Lipton Rosen & Katz, wrote in the May 7 letter. Reuters obtained a copy of the letter on Friday.
Schneiderman announced on Monday that he planned to sue Bank of America and Wells Fargo & Co (WFC.N) for violating the terms of last year's National Mortgage Settlement, which was brokered between five major banks and 49 attorneys general.
Schneiderman did not say how the other three banks - JPMorgan Chase & Co (JPM.N), Citigroup Inc (C.N) and Ally Financial Inc - were performing.
He said Bank of America had 129 violations since October and Wells Fargo had 210 and that their tardiness put homeowners at greater risk of foreclosure.
On Friday, Wells Fargo said it was committed to abiding by the settlement.
"We expect that a constructive pathway may still develop with the New York AG," the bank said in a statement.
Asked about the Bank of America letter, Schneiderman's spokesman, Damien LaVera, said: "At least Bank of America will respond to one New Yorker promptly."
LaVera said the attorney general has "the right to bring a suit against parties that violate the servicing standards and will do so."
Schneiderman has said he would seek injunctive relief and an order requiring the banks to comply with the settlement. His statement did not say he was seeking damages or penalties.
It is unclear how far he can take his efforts because they come outside the primary channel authorized by the settlement to address any potential violations. The settlement's monitor is authorized to first work with a servicer to correct any potential violations and sue only if the errors are not fixed.
Bank of America said that, under the terms of the settlement, the attorney general's office has no right to commence an enforcement action and requested that the notice of intent be publicly withdrawn.
The bank's letter asked for evidence of any violations so it could provide remediation to homeowners without waiting for any "adversary process."
(Reporting By Karen Freifeld. Editing by Andre Grenon)
An American flag flutters in the wind next to signage for a United States Social Security Administration office in Burbank, California October 25, 2012.
Credit: Reuters/Fred ProuserBy Mark MillerCHICAGO | Thu May 9, 2013 3:29pm EDT
CHICAGO (Reuters) - Robin Brewton, who advises clients on Social Security benefit strategies, has boosted retirees' financial security with a single question: Are you divorced?
It is a little-known fact: If you're divorced, it's possible to claim Social Security spousal and survivor benefits from your ex. It is a strategy that can dramatically boost your benefits - and it will be important for more retirees in the years ahead.
Brewton is vice president of client services at SocialSecuritySolutions.com, which advises clients on benefit strategies. One client, whom Brewton declined to name to keep her privacy, saw her monthly benefit rise to $2,200 from the $900 she'd anticipated when Brewton alerted her about the divorced spouse rules.
Her client was a divorced senior who never earned much money during her working years. At retirement, she was set to file for her meager $900 monthly Social Security benefit - until she learned she could claim for a survivor benefit on her deceased ex-husband's earning record.
That turned out to be the difference between living in poverty and a much more comfortable retirement: the client's late ex was a high-earning physician, and she is collecting a $2,200 monthly benefit.
The Social Security Administration reports that in 2011, 6.7 percent of all beneficiaries receiving spousal benefits were divorced; 10.4 percent receiving survivor benefits were divorced. But the divorce rate among adults ages 50 and older doubled between 1990 and 2009, according to a study published last year by the National Center for Family & Marriage Research at Bowling Green State University.
"Many older people who go through a divorce think that once it's final, they have no claim to any Social Security benefit from their ex-spouse," says Brewton. "Women, especially, will be able to have higher benefits and enjoy a better standard of living if they make the call to the Social Security Administration and ask about their eligibility for a divorced spouse benefit."
Spousal and survivor benefits are among Social Security's most valuable features for married couples. You can claim half of a spouse's benefit if you are at full retirement age (currently 66), assuming that is higher than your own full benefit. And, you're entitled to 100 percent of a deceased spouse's benefit.
If you're divorced, you can take advantage of most of those same benefits, if you are currently single, and have been married to your ex at least ten years; at least 62 years old, which is the minimum Social Security eligibility age; and not already receiving a benefit greater than the divorced spouse's benefit.
You can file for spousal benefits even if your ex isn't receiving his or her own benefits - so long as your divorce has been final for two years. Eligibility for an ex's benefit is lost if you remarry, and you can't file for benefits on your new spouse's earning record until you've been married to that person at least one year.
Filing for a divorced spouse benefit is a completely private affair between you and the Social Security Administration. The Social Security Administration doesn't report to your spouse that you've inquired - or filed for benefits - on his or her record.
You'll need to prove you were once married by visiting your local Social Security office with paperwork in hand. Be prepared to show a birth certificate; proof of citizenship; W-2 forms or self-employment tax returns for the last year; your final divorce decree; and your marriage certificate.
The story of Brewton's client illustrates the most simple example of how can the divorce rules help boost benefits. Here are two hypothetical examples of ways the rules can benefit a divorced spouse, provided by SocialSecuritySolutions.com; all the amounts are shown in today's dollars without cost of living adjustments.
GROW YOUR OWN BENEFIT
Vicky divorced at age 58, and is projected to have a monthly Social Security benefit of $1,094 at full retirement age. Her ex-husband's full retirement benefit is $2,410. At age 66, Vicky can claim a spousal benefit of $1,205 each month until age 70. When she reaches age 70, Vicky's own benefit will have grown to about $1,444 through delayed filing; at that point she can switch to her own higher benefit. Assuming Vicky lives to age 90, the cumulative lifetime difference between starting her own benefit at age 66 and this strategy is $89,328.
(This strategy won't work if Vicky filed for the spousal benefit before her own retirement age; in that situation, she wouldn't be able to choose which benefit to collect; she'd automatically receive whatever benefit is higher at that point - which is her own.)
SPOUSE SWAPPING
Diane was married to Phil for 15 years and to Jim for 21 years. Phil was the higher earner, with a full retirement benefit of $2,442. Jim's full retirement benefit was $2,136. Diane's own full retirement benefit was only $963.
Diane began by collecting half of Phil's benefits at age 66 - $1,221. Her plan was to switch to her own benefit at age 70 when it would have grown to $1,271.
But before she reached age 70, Jim passed away. He had waited until age 70 to begin his own benefits, meaning they had grown to $2,819. Diane was eligible to collect the surviving divorced spouse benefit of $2,819 - an increase in monthly benefits of $1,598 over what she was collecting on Phil's earnings record. That is a lifetime difference of more than $383,000, if she lives to be 90.
"You can switch back and forth with multiple ex-spouses," says Jim Blankenship, a financial planner who specializes in Social Security benefits. "It's sort of the Elizabeth Taylor scenario."
The Hollywood star actually stayed married to just one of her seven husbands long enough to meet Social Security's ten-year rule - Richard Burton. Their 1964 marriage did last more than ten years - and they tied the knot a second time for about 9 months in 1975.
Both of those marriages could have been added together under the Social Security rules.
(The writer is a Reuters columnist. The opinions expressed are his own.)
(Follow us @ReutersMoney or here; Editing by Tim Dobbyn) For more from Mark Miller, double-click: link.reuters.com/qyk97s
By Suzanne Barlyn
Thu May 9, 2013 4:17pm EDT
n">(Reuters) - The top securities regulators on Thursday warned individual investors about pension purchasing companies that persuade retirees and military veterans to sign over pension checks in return for lump-sum payments, as regulatory concerns about the practice mount.
Individuals who receive monthly pension payments could be targets of salespeople offering an immediate lump sum in exchange for some or all of their future pension payments, the U.S. Securities and Exchange Commission and Financial Industry Regulatory Authority wrote in a joint alert.
Pension recipients who sign over their payments to so-called "factoring" or "pension advance" companies, will almost always receive lump-sum payments that are lower than the present value of their future income streams, the SEC and FINRA wrote. The companies also target individuals who are receiving payments for settlements of personal injury lawsuits, according to the regulators.
The investor alert follows a probe opened by New York's main banking regulator into pension advance companies. The state's Department of Financial Services, at the direction of New York Governor Andrew Cuomo, has subpoenaed 10 companies involved in the business, the governor said on Tuesday.
Cuomo accused the companies of "preying" on retirees and veterans by advancing sums that may actually be disguised, high-cost loans.
Individuals who are thinking about selling the rights to their pensions should consider the value of the lump-sum payment compared to the future income stream - a figure that most states require pension advance companies to disclose, the regulators wrote.
The deals also involve transaction costs, which can include everything from brokerage commissions to notary fees, according to the joint SEC-FINRA alert.
The SEC and FINRA also warned investors about buying the rights of someone else's pension or personal injury settlement.
Companies pushing such investments are advertising yields from 5.75 percent to 7.75 percent, the regulators said. That may be appealing in the current low interest-rate environment, but the securities can be expensive and difficult to sell, according to the alert.
(Reporting by Suzanne Barlyn; Additional reporting by Jonathan Stempel; Editing by Linda Stern and Chris Reese)
n">(Reuters) - Children's television series "Sesame Street" said on Friday it was adding a third Spanish-speaking character to its cast and will put a special focus on Hispanic heritage in its upcoming season, in an acknowledgement of changing U.S. demographics.
Bilingual character Armando, who will be portrayed by 26-year-old Puerto Rico-born actor Ismael Cruz Cordova, will debut in September on the long-running series of people and puppets that airs on public broadcaster PBS.
"Like his character 'Mando,' Ismael represents a culturally fluid and deeply layered new generation of Hispanic-Americans," Carol-Lynn Parente, executive producer of "Sesame Street," said in a statement.
"He has a passion for creative expression and a warmth that comes right through the camera," Parente added.
"Sesame Street" previously added two bilingual Spanish-speaking actors and one bilingual puppet, Rosita. Puppet Ovejita, who only speaks Spanish, appears occasionally.
The United States is on a path to becoming a "majority minority" nation as minority babies topped 50 percent for the first time in 2011, with Hispanics the largest and fastest-growing minority group.
"Sesame Street," which is entering its 44th season, is produced by the non-profit Sesame Workshop in New York.
(Reporting by Eric Kelsey; Editing by Piya Sinha-Roy and Vicki Allen)
By Toddi Gutner
NEW YORK | Fri May 10, 2013 9:00am EDT
NEW YORK (Reuters) - As a successful Wall Street investment banker, Kathryn Swintek is skilled in the art of doing deals.
That's why Swintek has used her own funds to provide seed capital to early-stage companies throughout her career. But three years ago, she teamed up with Golden Seeds, a large angel investor network, for some extra support.
"As a solo investor, deal access is 'catch as catch can,' while in a group, deal flow is more consistent and plentiful," says Swintek, now one of the network's nine managing partners. "The other informed perspectives are valuable."
Overall, there are more than 330 angel groups in the United States and Canada that are active in start-ups, and funding hit $22.9 billion in 2012 - up 1.8 percent from 2011, when investments totaled $22.5 billion, according to the University of New Hampshire Center for Venture Research. Some 67,030 entrepreneurial ventures received angel funding in 2012.
Swintek considers her foray into angel investing as part of a well-rounded asset-allocation strategy. The minimum investment may not seem that high at first - many angel groups require only $25,000 invested in one deal per year.
But don't let that lure you into thinking that angel investing is for everyone. You must first be an accredited investor with a minimum net worth of $1 million - excluding your home - or earn an annual income of $200,000 or $300,000 if married and filing jointly.
Angel investing takes an enormous amount of time - up to hundreds of hours on screening deals and doing due diligence - along with a stomach for risk. Plus, just 10 percent of deals have a likelihood of success.
Of 10 deals, a reasonable number of investments for an angel portfolio, investors can expect to "get a nice return on one, get their money back on four, and lose everything on three or four," says Jeffrey Sohl, director of the Center for Venture Research, and a professor of entrepreneurship at the University of New Hampshire.
What is considered a "nice return?" About a 20 percent to 30 percent annual return over a five-year period, Sohl says. Every investor expects to find the next Google, but the odds are extremely low, he warns.
Still interested in diving into angel investing? Here are a few things to consider before you join a network.
CHOOSE YOUR GROUP WISELY
Each angel group is a little bit different. Perhaps most important is to share the same vision as the group. Are you interested in investing only in technology, women-owned companies or healthcare and life sciences?
You'll also want to join a group in your area. Boston, New York, Silicon Valley, Southern California and Washington, D.C., are active cities and regions.
Larger groups typically see more deals because these groups are often the first stop for an early-stage company. One of the largest, Tech Coast Angels, based in Southern California, has invested over $120 million in more than 200 companies. It asks members to invest a minimum of $50,000 annually, typically two rounds of $25,000 each.
Another group, New Vantage, based in McLean, Virginia, has invested $50 million in more than 55 primarily mid-Atlantic-based companies.
Get to know the group's expectations for financial and time commitment. Go to a few events of several different groups and get a feel for the dynamic and their due-diligence process.
For a well-rounded portfolio, you need to be able to consistently invest between $150,000 and $300,000 - which shouldn't reflect more than 5 percent to 10 percent of your total investment portfolio, financial advisers say.
You can expect your capital to be tied up between five and seven years before there is a liquidity event, such as a buyout, initial public offering or other exit strategy, Sohl says. In other words, this essentially needs to be money you can afford to do without.
GET EDUCATED
Some groups offer educational courses for a fee. Golden Seeds, for example, offers two courses to accredited investors outside their network for $350 each. You'll learn how to screen deals, conduct due diligence, understand deal structure and negotiation, perform post-investment monitoring, and know about state tax credit and government incentives for angel investing, among other topics.
Maverick Angels, in Agoura Hills, California, offers free seminars for members and prospective members.
For more information, tap resources like the Angel Capital Association, National Capital Angel Organization, The Kauffman Foundation or the Center for Venture Research.
BIG TIME COMMITMENT
There are many reasons people become angel investors - to mentor entrepreneurs, get into a company on the ground floor, or learn about the private equity world. Universally, they are all willing to commit their time.
Prepare to spend 40 to 50 hours to do due diligence on at least one company the group is considering or to attend networking or screening events.
Most angel groups will take a deep dive into a company's business model, marketing plan, technology platform, capital structure, competition, and financial performance along with the quality of management team.
At Golden Seeds, there are generally five to 10 members, each with representative expertise in each key area, including marketing, technology, finance and the relevant industry knowledge, who comprise a deal team on any given transaction.
Among the nascent companies funded by Golden Seeds, which backs women entrepreneurs, are Bespoke Global, an ecommerce platform for custom home furnishings, and HitFix, an entertainment web platform focusing on hard news.
All investments are making positive progress, with Bespoke and HitFix generating revenues that are growing year over year.
The process for angel investors to select companies to back generally requires two months before it is complete. Deal team members have many meetings and frequent calls with management in the course of due diligence.
(Editing By Lauren Young and Jan Paschal)
German Finance Minister Wolfgang Schaeuble attends the G20 finance ministers meeting during the Spring Meeting of the International Monetary Fund and World Bank in Washington, April 19, 2013.
Credit: Reuters/Yuri GripasBERLIN | Sun May 12, 2013 2:21am EDT
BERLIN (Reuters) - Germany's finance minister has signaled his opposition to any move by the European Central Bank to buy asset-backed securities to help indebted states, telling his party it would amount to "covert state financing", according to German magazine Spiegel.
Spiegel said in its edition published on Sunday that Wolfgang Schaeuble made the comment during a meeting of his Christian Democrat (CDU) party last Wednesday, telling those present the purchase of asset-backed securities (ABS) by the European Central Bank (ECB) would infringe European rules.
German newspaper Die Welt, citing a central bank source, said last Wednesday a majority of ECB Governing Council members seemed to be in favor of the central bank buying ABS.
ECB policymaker Yves Mersch said on the same day, however, the ECB would not subsidize markets with asset purchases.
A spokesman for the German finance ministry said it never commented on internal party discussions.
At the start of May, the ECB said it had set up a task force with the European Investment Bank (EIB) to assess ways to unblock lending to small and medium-sized enterprises (SMEs), for example by promoting a market for ABS based on SME loans.
ABS would allow banks to pass some credit risk on to other investors, enabling them to lend more and so potentially boost growth.
The move to promote ABS is controversial, particularly in Germany, as during the financial crisis such securities became toxic due to the default of housing loans that underpinned them.
(Reporting by Alexandra Hudson; Editing by Mark Potter)
Pacific Investment Management (PIMCO) founder and co-chief investment officer Bill Gross plays golf on the first hole at Pebble Beach Golf Links before the start of the AT&T Pebble Beach Pro-Am in Pebble Beach, California, February 8, 2012.
Credit: Reuters/Robert GalbraithBy Jennifer Ablan and Dan BurnsNEW YORK | Fri May 10, 2013 4:56pm EDT
NEW YORK (Reuters) - Circle the date, market mavens: April 29, 2013. AKA, the day the bond bull died. Age 31 years, 7 months.
That, at least, is the call from Bill Gross, who is known on Wall Street as "the Bond King."
Gross, the manager of the world's largest bond fund, the Pimco Total Return Fund, with $289 billion in fixed-income assets, set the Wall Street Twittersphere alight early Friday with this 62-character missive: "The secular 30-yr bull market in bonds likely ended 4/29/2013."
Moreover, Gross says it's over for more than just Treasuries, the cornerstone of the $38 trillion U.S. bond market. The upward run is finished for "all bonds," he said in a follow-up email to Reuters, including low-quality corporate debt, or junk bonds, whose yields fell below 5 percent this week for the first time.
The "price peak refers not to Treasuries but to all bonds, including a weighted amount of high-yield debt. Thus the 4/29 date will not exactly correspond to a bottom in 10-year Treasury yields, for instance," Gross said.
He said his call is a "gut feeling" that the bull market in fixed income ended on April 29.
The date was a Monday, and the yield on the benchmark 10-year Treasury note, which moves in the opposite direction to the note's price, dropped to a fraction above 1.65 percent, right around its low of the year. Since then, Treasuries have had a rotten start to May, with yields rising 0.22 of a percentage point, briefly topping 1.92 percent on Friday.
April 29 was also the day before U.S. Federal Reserve policy makers convened their latest two-day meeting, which ended with a statement signaling the central bank stood ready to increase the pace of its unconventional monetary policy, a bond-buying program called quantitative easing, if needed to boost the sluggish economy.
While Gross's commentary is widely followed by investors, not all of his calls have been spot on. In 2011, he had one of his worst years ever by betting that yields would rise with an inflation threat that never materialized, thus selling all of his holdings in Treasuries.
Last summer, he mused that the "cult of equities" was dying. The benchmark Standard & Poor's 500 Index is up 18.8 percent since then.
To be fair, Gross' declaration is more a culmination than a revelation. He has been growing ever more bearish on the prospect for bonds since the Fed took short-term interest rates essentially to zero at the end of 2008 and the central bank then began hounding investors out of safe assets through its three QE programs, each more aggressive than the one before.
Gross, a 69-year-old former Navy officer and one-time professional card player, has been a bond market fixture for 42 years. He co-founded the Pacific Investment Management Co. in 1971, only to endure a decade-long bear market in bonds that took the yield on the 10-year Treasury to a peak of around 15.8 percent on September 30, 1981. The yield on two-year notes had peaked earlier that month at an even higher level: 16.95 percent.
Since then, though, the bond market's been a gravy train.
According to Bank of America/Merrill Lynch Fixed Income Index data, a broad basket of U.S. fixed income securities, including Treasuries, corporate bonds and mortgage-backed securities, has delivered a total return of 1,420.5 percent since the beginning of October 1981. That was right after yields hit their highs, and the campaign to beat back inflation led by Paul Volcker, then the Fed chief, finally began paying off.
While that's less than half the total return on stocks - the S&P 500 generated a total return, including reinvested dividends, of 3,144 percent over the same run - bond investors have enjoyed three decades of consistent gains with far less volatility.
Gross launched the Total Return Fund in May 1987, and it has delivered a total return of 694.5 percent since inception, outperforming the 506 percent return on U.S. bonds more broadly in the same period.
Gross cautioned that his call for a top in the market does not mean the bottom will fall out imminently.
"A bear market is not in the cards until growth and inflation threaten current Fed policies," Gross said in his email to Reuters.
The economy has been limping along since the recession ended, generating gross domestic product growth of better than 3 percent in just three of the past 15 quarters. Inflation, meanwhile, has been running just over 1 percent, roughly half of the Fed's target level.
"We expect prices to stop going up but not to start going down," Gross said.
In fact, Gross just increased his Treasury holdings in the Total Return Fund to 39 percent from 33 percent in March. Gross has said that he likes bonds within the five-year and shorter maturities as they will "do best based on continuing policy rate."
And bonds also continue to attract investor cash, even with yields near record lows. U.S. mutual funds investing in taxable bonds took in a record $8.88 billion in the latest week, according to fund tracking firm Lipper, a unit of Thomson Reuters.
(Reporting By Jennifer Ablan and Dan Burns; Editing by Chizu Nomiyama and Leslie Adler)
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