Stocks in the S&P 500 are now at record low valuations; the market trades as cheaply as it did in 1980 as measured by price-to-earnings, or PE, ratios, trading at a PE ratio of 15.4 times earnings.
While retail stock investors have largely been stuck on the sidelines, the stock market has made new highs. But despite the upward surge, things aren't as rosy for Wall Street as one might suppose.
Although individuals have added almost $20 billion to U.S. stock funds so far this year, the amount is just 3.5 percent of the withdrawals since 2007, Investment News.com?reported, and compares with $44 billion placed with fixed-income managers in 2013, according to the Investment Company Institute.
Fund inflows tend to buttress the beliefs of those who think the stock market?s short-term bull run can continue. As the old adage goes, individual investors don?t make money in the market, they just borrow from the institutions for a while.
The lack of participation by retail investors in the continuing rally would seem to indicate we have yet to hit a top -- because the retail money has yet to hit the market.? And that?s the line of reasoning I would have used 10 years ago. ?But a lot has changed in 10 years.
There?s a growing sense of alienation between Wall Street and Main Street. Much of the alienation has to do with the lack of the right type of oversight on money and markets. That lack of confidence, which is largely political in nature, hurts PEs.
Last week, Attorney General Eric Holder, for example, announced he'd have difficulty prosecuting too-big-to-fail management, not because there was no violation of the laws, but simply because it might affect the economy at home and abroad.
"I am concerned that the size of some of these institutions become so large that it does become difficult for us to prosecute them when we are hit with indications that if we do prosecute -- if we do bring a criminal charge -- it will have a negative impact on the national economy, perhaps even the world economy," Holder told senators this month. "I think that is a function of the fact that some of these institutions have become too large."
So in other words, people like former Barack Obama economic capo, Democrat Jon Corzine, will be off the hook after his firm, MG Global, ?misplaced? $1.6 billion in customer-segregated accounts in one of the top 10 bankruptcies in the country?s history.
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#1 THX ?
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why does this code break every time it hits, mov [eax], ebx?
1. what are you trying to do? 2. what do you think you are doing?
when you add brackets around a register, the register becomes a pointer. You moved 2 into eax, so when you do: mov [eax], ebx, you are telling the cpu to move the value in ebx to the address - 2 which there is no such address.
29 March 2013Last updated at 03:14 ETBy Roger HarrabinEnvironment analyst
The Met Office has admitted issuing advice to government that was "not helpful" during last year's remarkable switch in weather patterns.
Between March and April 2012, the UK experienced an extraordinary shift from high pressure and drought to low pressure and downpours.
But the Met Office said the forecast for average rainfall "slightly" favoured drier than average conditions.
The three-month forecast is said to be experimental.
It is sent to contingency planners but has been withheld from the public since the Met Office was pilloried for its "barbecue summer" forecast in 2009.
Last spring's forecast has been obtained by BBC News under Freedom of Information.
Continue reading the main story
?Start Quote
The probabilistic forecast can be considered as somewhat like a form guide for a horse race?
End QuoteMet Office
The Met Office three-monthly outlook at the end of March stated: "The forecast for average UK rainfall slightly favours drier than average conditions for April-May-June, and slightly favours April being the driest of the three months."
A soul-searching Met Office analysis later confessed: "Given that April was the wettest since detailed records began in 1910 and the April-May-June quarter was also the wettest, this advice was not helpful."
In a note to the government chief scientist, the Met Office chief scientist Julia Slingo explains the difficulty of constructing long-distance forecasts, given the UK's position at the far edge of dominant world weather systems.
She says last year's calculations were not actually wrong because they were probabilistic.
The Met Office forecast that the probability that April-May-June would fall into the driest of five categories was 20-25%, whilst the probability it would fall into the wettest was 10-15% (The average probability would be 20%).
The Met Office explained it this way: "The probabilistic forecast can be considered as somewhat like a form guide for a horse race.
'Unsolved challenges'
"It provides an insight into which outcomes are most likely, although in some cases there is a broad spread of outcomes, analogous to a race in which there is no strong favourite. Just as any of the horses in the race could win the race, any of the outcomes could occur, but some are more likely than others."
It said: "The creation of the three-monthly outlook relies upon the fact that weather is influenced by the slow variation of ocean conditions (and other processes) which can be predicted months in advance.
"Whilst there is a very strong dependence of tropical weather on processes such as El Nino ,the UK's weather is dominated by the highly variable atmospheric circulation over the North Atlantic, making it much harder to what will happen weeks and months ahead."
In the case of last spring, Dr Slingo says the forecast may have been pushed awry by a little-understood climate phenomenon, the Madden Julian Oscillation (MJO) - a pattern of thunderstorms that starts in the Indian Ocean. The Met Office calls it "one of the great unsolved challenges of tropical meteorology".
The irregular phenomenon is an envelope of thunderstorms starting in the Indian Ocean and moving into the Pacific. The MJO concentrates tropical rainfall within the envelope, with blue skies around it.
Nick Klingaman from Reading University says that, as it moves east, the MJO influences monsoon rainfall in Australia, India, Southeast Asia, South America and Africa.
These "bursts" and "breaks" in the monsoon cause floods and droughts that impact agriculture, river systems and infrastructure. The "long arm of the MJO" even extends into the middle latitudes.
"The thunderstorm activity generates waves in the atmosphere that move toward the poles," he told me. "The position of the MJO today has been shown to influence the position of the Pacific and Atlantic jet streams 10-15 days later."
He says the MJO can be an important predictor of the state of the North Atlantic Oscillation - which controls much of our weather in the UK - about 2-4 weeks in advance.
And that's how a thunderstorm off the coast of India might trigger a pattern of events which led to the weather switch last spring.
Some weather models can predict the MJO three weeks ahead, he said, but others struggle to predict it a week ahead.
Forecasts have greater skill when the MJO is already active. Reading University is working with the Met Office on improving MJO forecasting, he said.
A Met Office spokesman said: "The science of long-range forecasting is at the cutting edge of meteorology and the Met Office is leading the way in this research area. We are confident that long-range outlooks will improve progressively.
"Looking at the skill of these outlooks over many individual forecasts clearly shows that they provide useful advice to their specialist users more often than not."
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Mar. 25, 2013 ? Teens today are involved in intimate relationships at a much younger age and often have different definitions of what is acceptable behavior in a relationship. Violence is something that is all too common and according to researchers at Iowa State it is a reflection of the relationships teens have with their parents or their parent's partner.
"It is true that if you grow up in a violent household you have a higher likelihood of being in a violent relationship," said Brenda Lohman, lead author and an associate professor of human development and family studies at Iowa State University.
The research focused on psychological violence instead of physical violence. Lohman and her colleagues discovered that psychological violence between a parent and child was more significant than a child witnessing violence between two adults in the home.
"If the parent is more aggressive toward the child, the child is more likely to be in relationships where they're being victimized or perpetrating violence against their partner a few years or even a decade later," Lohman said.
This study is part of a special series of articles on teen dating violence guest edited by Lohman for the April issue of the Journal of Youth and Adolescence. It is one of the first studies to examine patterns of violence over three decades to see how children exposed to psychological violence and family stress were affected in relationships later in life. Researchers relied on data from the Iowa Youth and Family Project, a 24-year project assessing families in rural Iowa, as well as video recordings of families and couples having a discussion or completing assigned problem-solving tasks.
Researchers found family stress, both emotional and financial, during adolescence is another predictor of intimate partner violence, but only when people are in their late 20s or early 30s, not during the teen years. Tricia Neppl, coauthor and an assistant professor in human development and family studies, said there could be several reasons why. It could be that people are more stable in their relationships or the fact that they have children.
"For whatever reason, the family stress that you experienced in early adolescence is having some kind of a lasting effect on your role as you settle into adulthood," Neppl said. "And more so than emerging adulthood, or your early 20s, when you're still trying to figure out what those roles are, you're young and you may or may not have children yet."
What is troubling for researchers is how the cycle of violence continues from one generation to the next. Adolescents who are influenced by family stress early in life not only grow up to have poor relationships with their partner or spouse, but Neppl's work shows it influences their children's development into adulthood as well.
Negative personality and the more sexual partners a teen has also increases the likelihood of risky behavior and violence in a relationship, researchers said.
Teenage girls and the definition of violence
Perception and gender also factor into the cycle of violence. In a second study, Lohman interviewed teens in low-income neighborhoods in Boston, Chicago and San Antonio and found an individual's perception made a difference in how violence was reported.
For example, Lohman said she and her colleague found that in an urban sample "females were a lot more psychologically violent during the teen years than boys. This includes minor acts of violence, like name-calling, hitting, slapping or pushing."
However, the data did not allow researchers to pinpoint how the cycle of violence started with each reported incident and whether the male or female was the perpetrator. But it is not surprising to them to see more teen girls initiating the violence.
In the second study, drug and alcohol use, low parental monitoring, academic difficulties and involvement with antisocial peers were also significant early risk factors for perpetration of dating violence in late adolescence. Differences in race, culture and gender also strongly influenced if teens perpetrated violence.
"Teens who were struggling in school or were using drugs and alcohol were more likely to perpetrate violence," Lohman said. "Furthermore, teens whose parents did not know who their friends were or did not know where their child hung out socially with peers, were more likely to be violent. This underscores the importance of prevention and intervention programs that address peers, families and schools."
Prevention and building relationship skills
The fact that one in four adolescents report dating violence every year, according to the Centers for Disease Control, underscores the need for better and earlier prevention, Lohman said. The renewal of the Violence Against Women Act is a step in that direction, but researchers would like to see more education and programming in the schools or after-school programs that focus on the teen years.
Family intervention is also important to preventing psychological violence later in life.
"Working with families who are under particular amounts of stress, whether it is economic or emotional distress, it's working with those families to help lower their stress loads," Neppl said. "We also want to help teach them how to be better parents and focus more on prevention services."
The results from these two studies imply that early warning signs across multiple systems, such as the family, peers and schools, should be addressed in dating violence prevention programs.
"Beyond parenting, I think it starts with peer skill building and peer development. Adults can start by explaining appropriate things to say to other peers and that you don't call peers names. These skills then carry over into future romantic relationships," Lohman said. "The earlier you can teach relationship skills the better. As for romantic relationship skills, I would like to see those taught at least by middle school and beyond."
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The above story is reprinted from materials provided by Iowa State University.
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Journal Reference:
Brenda J. Lohman, Tricia K. Neppl, Jennifer M. Senia, Thomas J. Schofield. Understanding Adolescent and Family Influences on Intimate Partner Psychological Violence During Emerging Adulthood and Adulthood. Journal of Youth and Adolescence, 2013; 42 (4): 500 DOI: 10.1007/s10964-013-9923-7
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Hybrid ribbons of vanadium oxide (VO2) and graphene may accelerate the development of high-power lithium-ion batteries suitable for electric cars and other demanding applications.
The Rice University lab of materials scientist Pulickel Ajayan determined that the well-studied material is a superior cathode for batteries that could supply both high energy density and significant power density. The research appears online this month in the American Chemical Society journalNano Letters.
The ribbons created at Rice are thousands of times thinner than a sheet of paper, yet have potential that far outweighs current materials for their ability to charge and discharge very quickly. Cathodes built into half-cells for testing at Rice fully charged and discharged in 20 seconds and retained more than 90 percent of their initial capacity after more than 1,000 cycles.
"This is the direction battery research is going, not only for something with high energy density but also high power density," Ajayan said. "It's somewhere between a battery and a supercapacitor."
The ribbons also have the advantage of using relatively abundant and cheap materials. "This is done through a very simple hydrothermal process, and I think it would be easily scalable to large quantities," he said.
Ajayan said vanadium oxide has long been considered a material with great potential, and in fact vanadium pentoxide has been used in lithium-ion batteries for its special structure and high capacity. But oxides are slow to charge and discharge, due to their low electrical conductivity. The high-conductivity graphene lattice that is literally baked in solves that problem nicely, he said, by serving as a speedy conduit for electrons and channels for ions.
The atom-thin graphene sheets bound to the crystals take up very little bulk. In the best samples made at Rice, fully 84 percent of the cathode's weight was the lithium-slurping VO2, which held 204 milliamp hours of energy per gram. The researchers, led by Rice graduate student Yongji Gong and lead author Shubin Yang, said they believe that to be among the best overall performance ever seen for lithium-ion battery electrodes.
"One challenge to production was controlling the conditions for the co-synthesis of VO2 ribbons with graphene," Yang said. The process involved suspending graphene oxide nanosheets with powdered vanadium pentoxide (layered vanadium oxide, with two atoms of vanadium and five of oxygen) in water and heating it in an autoclave for hours. The vanadium pentoxide was completely reduced to VO2, which crystallized into ribbons, while the graphene oxide was reduced to graphene, Yang said. The ribbons, with a web-like coating of graphene, were only about 10 nanometers thick, up to 600 nanometers wide and tens of micrometers in length.
"These ribbons were the building blocks of the three-dimensional architecture," Yang said. "This unique structure was favorable for the ultrafast diffusion of both lithium ions and electrons during charge and discharge processes. It was the key to the achievement of excellent electrochemical performance."
In testing the new material, Yang and Gong found its capacity for lithium storage remained stable after 200 cycles even at high temperatures (167 degrees Fahrenheit) at which other cathodes commonly decay, even at low charge-discharge rates.
"We think this is real progress in the development of cathode materials for high-power lithium-ion batteries," Ajayan said, suggesting the ribbons' ability to be dispersed in a solvent might make them suitable as a component in the paintable batteries developed in his lab.
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Rice University: http://media.rice.edu
Thanks to Rice University for this article.
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Plaintiffs Kris Perry, left, and her partner Sandy Stier, right, both from Berkeley, Cailf., meet with the media outside the Supreme Court in Washington, Tuesday, March 26, 2013, after the court heard arguments on California's voter approved ban on same-sex marriage, Proposition 8. (AP Photo/Pablo Martinez Monsivais)
Plaintiffs Kris Perry, left, and her partner Sandy Stier, right, both from Berkeley, Cailf., meet with the media outside the Supreme Court in Washington, Tuesday, March 26, 2013, after the court heard arguments on California's voter approved ban on same-sex marriage, Proposition 8. (AP Photo/Pablo Martinez Monsivais)
Marcus, left, and Daniel German-Dominguez stand outside the Supreme Court in Washington, Tuesday, March 26, 2013, before the court's hearing on California?s voter approved ban on same-sex marriage. (AP Photo/Pablo Martinez Monsivais)
A demonstrator holds a bible while marching outside the Supreme Court in Washington, Tuesday, March 26, 2013, as the court heard arguments on California's voter approved ban on same-sex marriage, Proposition 8. The Supreme Court waded into the fight over same-sex marriage Tuesday, at a time when public opinion is shifting rapidly in favor of permitting gay and lesbian couples to wed, but 40 states don't allow it. (AP Photo/Pablo Martinez Monsivais)
Sandy Stier, left, and Kris Perry of Berkeley, Calif., arrive at the National Archives in Washington, Monday, March 25, 2013, to view the U.S. Constitution, a day before their same-sex marriage case is argued before the Supreme Court. (AP Photo/Jose Luis Magana)
Demonstrators stand outside the Supreme Court in Washington, Tuesday, March 26, 2013, where the court will hear arguments on California?s voter approved ban on same-sex marriage, Proposition 8. (AP Photo/Pablo Martinez Monsivais)
WASHINGTON (AP) ? The Supreme Court suggested Tuesday it could find a way out of the case over California's ban on same-sex marriage without issuing a major national ruling on whether America's gays have a right to marry.
Several justices, including some liberals who seemed open to gay marriage, raised doubts during a riveting 80-minute argument that the case should even be before them. And Justice Anthony Kennedy, the potentially decisive vote on a closely divided court, suggested that the court could dismiss it with no ruling at all.
Such an outcome would almost certainly allow gay marriages to resume in California but would have no impact elsewhere.
Kennedy said he feared the court would go into "uncharted waters" if it embraced arguments advanced by gay marriage supporters. But lawyer Theodore Olson, representing two same-sex couples, said that the court similarly ventured into the unknown in 1967 when it struck down bans on interracial marriage in 16 states.
Kennedy challenged the accuracy of that comment by noting that other countries had had interracial marriages for hundreds of years.
There was no majority apparent for any particular outcome and many doubts expressed about the arguments advanced by lawyers for the opponents of gay marriage in California, by the supporters and by the Obama administration, which is in favor of same-sex marriage rights.
Kennedy made clear he did not like the rationale of the federal appeals court that struck down Proposition 8, the California ban, even though it cited earlier opinions in favor of gay rights that Kennedy wrote.
That appeals court ruling applied only to California, where same-sex couples briefly had the right to marry before voters adopted a constitutional amendment in November 2008 that defined marriage as the union of a man and a woman.
Several members of the court also were troubled by the Obama administration's main point that when states offer same-sex couples civil union rights of marriage, as California and eight other states do, they also must allow marriage. The other states are: Colorado, Delaware, Hawaii, Illinois, Nevada, New Jersey, Oregon and Rhode Island.
Justice Samuel Alito described gay marriage as newer than such rapidly changing technological advances as cellphones and the Internet, and appeared to advocate a more cautious approach to the issue.
"You want us to assess the effect of same-sex marriage," Alito said to Solicitor General Donald Verrilli. "It may turn out to be a good thing. It may turn out to be not a good thing."
Charles Cooper, representing the people who helped get Proposition 8 on the ballot, ran into similar resistance over his argument that the court should uphold the ban as a valid expression of the people's will and let the vigorous political debate over gay marriage continue.
Here, Kennedy suggested that Cooper's argument did not take account of the estimated 40,000 children who have same-sex parents. "The voices of these children are important, don't you think?" Kennedy said.
If the court is to find the exit without making a decision about gay marriage, it has two basic options.
It could rule that the gay marriage opponents have no right, or legal standing, to defend Proposition 8 in court. Such an outcome also would leave in place the trial court decision in favor of the two same-sex couples who sued for the right to marry. On a practical level, California officials probably would order county clerks across the state to begin issuing marriage licenses to gay and lesbian couples, although some more conservative counties might object.
Chief Justice John Roberts and Justice Ruth Bader Ginsburg had the sharpest questions for Cooper on the issue of standing.
The justices also could determine that they should not have agreed to hear the case in the first place, as happens a couple of times a term on average. In that situation, the court issues a one-sentence order dismissing the case "as improvidently granted." The effect is to leave in place the appeals court ruling, which in the case of Proposition 8, applies only to California. The appeals court also voted to strike down the ban, but on somewhat different grounds than the trial court.
The Supreme Court waded into the fight over same-sex marriage at a time when public opinion is shifting rapidly in favor of permitting gay and lesbian couples to wed, but 40 states don't allow it.
The court's first major examination of gay rights in 10 years continues Wednesday, when the justices will consider the federal law that prevents legally married gay couples from receiving a range of benefits afforded straight married Americans.
The courtroom was packed on Tuesday and the crowd included actor-director Rob Reiner, who helped lead the fight against California's Proposition 8. Some people waited since Thursday ? even through light snow ? for coveted seats for the argument.
Both sides of the case were represented outside the courthouse. Supporters of gay marriage came with homemade signs including ones that read "a more perfect union" and "love is love."
Among the opponents was retired metal worker Mike Krzywonos, 57, of Pawtucket, R.I. He wore a button that read "marriage 1 man + 1 woman" and said his group represents the "silent majority."
Same-sex marriage is legal in nine states and the District of Columbia. The states are Connecticut, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New York, Vermont and Washington.
Thirty states ban same-sex marriage in their state constitutions, while ten states bar them under state laws. New Mexico law is silent on the issue.
Polls have shown increasing support in the country for gay marriage. According to a Pew Research Center poll conducted in mid-March, 49 percent of Americans now favor allowing gays and lesbians to marry legally, with 44 percent opposed.
The California case was argued 10 years to the day after the court took up a challenge to Texas' anti-sodomy statute. That case ended with a forceful ruling prohibiting states from criminalizing sexual relations between consenting adults.
Kennedy was the author of the decision in Lawrence v. Texas in 2003, and he is being closely watched for how he might vote on the California ban. He cautioned in the Lawrence case that it had nothing to do with gay marriage, but dissenting Justice Antonin Scalia predicted the decision would lead to the invalidation of state laws against same-sex marriage.
Kennedy's decision is widely cited in the briefs in support of same-sex unions.
The California couples, Kris Perry and Sandy Stier of Berkeley and Paul Katami and Jeff Zarrillo of Burbank, filed their federal lawsuit in May 2009 to overturn the same-sex marriage ban that voters approved the previous November. The ballot measure halted same-sex unions in California, which began in June 2008 after a ruling from the California Supreme Court.
Roughly 18,000 couples were wed in the nearly five months that same-sex marriage was legal and those marriages remain valid in California.
The high-profile case has brought together onetime Supreme Court opponents. Olson, a Republican, and Democrat David Boies are leading the legal team representing the same-sex couples. They argued against each other in the Bush v. Gore case that settled the disputed 2000 presidential election in favor of George W. Bush.
On the other side Tuesday was Cooper, Olson's onetime colleague at the Justice Department in the Reagan administration.
The case is Hollingsworth v. Perry, 12-144.
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Associated Press writer Jessica Gresko contributed to this report.
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Follow Mark Sherman on Twitter at: www.twitter.com/shermancourt
Follow Jessica Gresko on Twitter at: www.twitter.com/jessicagresko
modi123_1, on 29 March 2013 - 07:59 AM, said:
