Next hearing February 12. 2013 – 10 am – Landgericht Potsdam – Jägerallee, 12. / meeting at Oranienplatz infopoint 8.30 am
Disobey. Support the struggle until the abolishment of Residenzpflicht.


The Argentinian superstar rattled in an unprecedented tally in all competitions in the last campaign
Reuters, Wednesday 18 Jul 2012
FC Barcelona's player Lionel Messi attends a news conference at Joan Gamper training Camp, near Barcelona July 18, 2012. (Photo: Reuters)
Messi: I'll retire from football when I stop having fun
I'd rather have Ronaldo than Messi, says Moutinho
"Th."


Battle on the high seas: 5-part beginner HTML5 Game Tutorial
It's great tutorial for people who haven't yet started playing around with HTML5 Game Development as it covers a lot of the basics in detail from the ground up.
Let's make a 3D Game with HTML5 There's a very interesting introductory post of a tutorial series that looks to be the first of a very cool series of posts on building a 3D game with HTML5...


ick 'Jack Reacher
TweetGerman filmmaker Werner Herzog is taking a rare turn in front of the camera as a cold-blooded murderer in the new thriller "Jack Reacher", portraying a character he calls "the epicenter of evil."
"People know that I'm good at it. They've seen me in other films. I'm just an obvious choice," he told AFP. "."
In "Jack Reacher", Herzog's character is nothing short of "the epicenter of evil," the director/actor said. ""
"In"Le Samourai", "
In order to coax the longtime filmmaker to appear in front of the camera, Herzog said it took "first, good story-telling, a real good story, with good dialogue."
Herzog especially lauded the "texture between Tom Cruise and Rosamund. Although they never kiss, never really touch each other. There's a shyness of how to deal with each other."


We learn from each other, but leave room for differences. Our opinions are similar enough to place us in the same solar system, but in slightly different orbits. We agree a lot. We disagree for sport. We change each other's minds. Sometimes."


The Mill City Museum sits on the grounds of the original General Mills Flour mill. As flour goes, the mill has a pretty vibrant history. Built in 1866, it was the largest flour mill in the world until it dramatically blew itself up in 1878. The mill explosion (which is re-created a number of ways throughout the museum) is still the largest explosion/didaster of its type in the city's history. I also came away with the knowledge that finely milled flour is better at exploding than gunpowder. Neat!
It was rebuilt and regained the largest mill title until Pillsbury built a larger one in 1905 across the street.Well, across the river, really. Which river?
Seven floors of these things turning by water power, all connected by belts. Imagine the noise!


News > Pepsi Sport Fiesta ready for kick-off !
More than 4000 students from 40 schools in the UAE will take part in the Pepsi Sport Fiesta, event scheduled to around the start of the year, the much-awaited youth sports event is organised by Dubai Refreshments Company (DRC) and partners, Mirsal Vision who are the events organizers and Driving Force manage the marketing and promotions for the event. <?
The Pepsi Sport Fiesta is an event where it brings together the youth of <?


Network change is constant. New technologies and applications require infrastructure changes and affect performance. In this constant state of change, you need to deliver a high level of network performance and quickly solve problems.
In this white paper, you'll learn how to plan for new application deployment, manage against internal security threats, diagnose network problems, prove it's not the network, and analyze application problems.


"Our Deep Immunomics platform allows us to mine patient samples on a large scale, while retaining extraordinarily high sensitivity," said Choon Peng Ng, CEO, ImmunoScape. "This deal with Pure MHC gives us access to a proprietary library of antigens that will allow both companies to further the development of potential targets in common cancer indications that would benefit from therapeutic innovcan do for the realm of therapeutic discovery."
"Pure MHC's proprietary target discovery process and related tools, such as our Peptide HLA Immunotherapy Data Resource ("PHIDR") healthy tissue database, provide a unique evidence-based approach to guide ImmunoScape's TCR-T therapeutic development to disease specific targets," said Kris Looney, President of Pure MHC. "ImmunoScape is the perfect partner to leverage Pure MHC's discovery platform for powerful, next generation TCR cell therapies."


Sydney: Promising Australian fast bowlers Mitchell Starc and James Pattinson, both 21, look all set to be in the team that will play India in the Boxing Day Test match.
Left-handed Starc who took 2-90 and 0-33 at the Gabba against New Zealand showed great variety and seems to be a long-term replacement for Mitchell Johnson, though he was completely overshadowed by Pattinson who captured a five-wicket haul in the second innings with fast, late away swing on debut.
"Obviously Mitch (Johnson) is out for a little bit of time and Dougy's still coming back from injury so, as a left-armer, there's that bit of variety," Starc was quoted saying by the Australian.
"It does open a door for me, I guess, and hopefully I can take that opportunity."
"Obviously guys will be coming back from injury at some point, so I think I'm just going to prepare to play every game. If I don't get picked, I don't get picked, but if I get picked I'm ready to play," he added.
India,too, will be heading to Australia with new faces on board with the likes of fast bowlers Umesh Yadav, Varun Aaron and Abhimanyu Mithun all yet to be tested in foreign conditions.


AF Home is passionate about making sure the space you live in is beautiful. Over the years, AF Home has become known as a one-stop interior decorating shop; offering custom curtains, carpets, upholstery and wallpaper. They have an experienced creative team that specialises in design services to help you craft your dream home. AF Home also houses a plethora of home décor and accessories across 4 floors, 7,000sqf to be exact!


Glossary Terms starting with I
Definitions of terms starting with I
1.  Institute of Electrical and Electronic Engineers. An organization dedicated to defining technology standards.
See full definition of IEEE
1.  The IEEE standard defining the logical link controls when network-enabled devices talk over a netrwork.
1.  The IEEE standard defining the physical connection specifications allowing network-enabled devices to talk over a network.
1.  Token bus standard, using bus topology LAN.
1.  IBM token ring standard, using token ring topology.
1.  SMDS based, short packet transmission.
See full definition of image combination
See full definition of image overlay
1.  Feature on some digital copiers that automatically aligns the image with the paper when the correct orientation isn't present to begin with.
See full definition of image rotation
1.  Reverses image combination by automatically enlarging each segment of multi-image l1x8Yl/8Ylxl1 original.
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1.  Sometimes referred to as copier cartridge, toner cartridge, or drum unit. An imaging system in which all or many of the consumable and maintenance...
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1.  Same as imaging cartridge.
See full definition of imaging unit
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1.  A printer that uses the force of an impact through an ink ribbon to create a printed character on a page. This impact is delivered by a rotating...
See full definition of impact printer
1.  Non-visible light, as used in some photo interrupters and phototransistors.
See full definition of infrared
1.  Commonly referred to as an IRDA (infrared data association) port. This port allows two computers or a computer and a device to communicate with...
See full definition of infrared port
1.  Memory clear. Wipes out stored information and brings machine back to factory settings. Sometimes necessary to escape electrical lockups.
See full definition of initialization
1.  A liquid containing various pigments and/or dyes used for coloring a surface to produce an image, text, or design.
See full definition of ink
Search our site for "ink"
1.  An ink cartridge is a replaceable component of an ink jet printer that contains the ink (and sometimes the printhead itself) that is spread on...
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1.  A type of printing process that applies jets microscopic ink droplets onto paper to produce text and graphics.
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1.  A cartridge with an integrated printhead; the inkjet technology is in the cartridge along with the ink. Manufacturers of printers that use inkjet...
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1.  A printer that creates characters and images by spraying fine streams of ink onto paper at high speeds. Operate by propelling variably-sized...
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1.  Signals from switches & sensors that go to the main board.
See full definition of inputs
1.  Also known as IPH. A printhead that is integrated into an inkjet cartridge so that the ink and inkjet technology are together. Also described as...
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1.  Connection between two items of hardware, usually electrical.
See full definition of interface
1.  Circuit board that transfers information and/or power from the copier to some section or option.
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Browse for products in our Boards category
Search our site for "interface board"
1.  A scanning (refreshing) method to display a video image that alternately scans the even lines then the odd lines.
See full definition of interlaced
1.  A refresh method for video that produces an image by scanning each line or row of pixels.
See full definition of interlaced refreshing
1.  A switch (usually a micro switch) which shuts off power to components (motors and lamps for example) if the machine is opened. This is to prevent...
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Search our site for "interlock switch"
1.  Panels that require removal of other panels before they can be removed. Done by the manufacturers to save money and aggravate technicians.
See full definition of interlocking panels
1.  Worldwide network providing universal connectivity through various ISPs (internet service providers).
See full definition of internet
1.  An acronym for internet service provider. Commercial organization that provides internet access (such as AOL).
See full definition of internet service provider
1.  An enhanced resolution that is computed using a software algorithm to make an image appear as if it were scanned at a higher resolution; contrast...
See full definition of interpolated resolution
1.  Temporarily puts a waiting job on hold while you perform another operation.
See full definition of interrupt
1.  Will usually interrupt operation of machine, including exposure settings, reduction, sorting etc. Also described as the "pause" key.
See full definition of interrupt key
1.  Time in-between printed activity reports .
See full definition of interval
1.  LAN (local area network) using internet protocols. Typically for communication within one organization.
See full definition of intranet
1.  An acronym for internet protocol.
See full definition of IP
1.  An acronym for internetwork packet exchange/sequenced packet exchange.
See full definition of IPXlSPX
1.  An acronym for infrared data association. Commonly referred to as an infrared port.
See full definition of IRDA
1.  An acryonum for inverting recirculating document handler. Originals are fed into the feeder where they recirculate onto the platen but must be...
See full definition of iRDH
See full definition of ISP
1.  Imaging unit; sometimes referred to as copier-cartridge. An imaging system in which all or many of the consumable and maintenance items are located...
See full definition of IU
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Morning world! It's Saturday morning. It's raining. Rob's coming round soon. I need to go food shopping, Rob probably needs to go suit shopping. We're off to New World Alive on Monday. I need to make cake by then (probably chocolate brownies).
This has been a long week. I was ill-ish at the beginning of the week - a cold, probably caught off Rob, but it made me feel awful and very tired. Still, I managed to go home to London to do useful things like buy bridesmaids' dresses for Debs' wedding on 5th April.
I feel in need of a break. I hope Word Alive will be that, though I suspect it will be very tempting to go to lots of meetings and get no sleep. Not a brilliant idea, really. I shall have to make sure I get enough sleep. Still,Rob and learning from God together.
I'm trying to think of some aspect of my life that isn't connected with Rob, but apparently I can't. I didn't want to suddenly has no time for anything else, but it seems I may have done. I'm sorry, my lovely friends! I do still love you and once I'm back from Word Alive and Debs' wedding is out of the way, oh and maybe Spring Harvest too, I shall try to plan in more time with friends. :o)
Saturday, saturday, what shall I do today?
Posted by Pig wot flies at 10:23 AM 1 comment: Links to this post
Hello there! It's Wednesday again and I haven't posted for a week. Life is going by in a bit of a blur at the moment and will probably continue to do so, what with a part time job, a boyfriend, two sisters' weddings to help organise, an MA dissertation to think about (if not actually start on yet), post viral fatigue still making itself a nuisance and umpteen other things to do. I need to practise saying no to stuff!.
Posted by Pig wot flies at 8:57 AM 2 comments: Links to this post
Blogging has been a little quiet of late, and this man is the reason why.
So far, it's lovely! I met Rob's family the weekend before last and they like me. Rob met a lot of my family all at once this last weekend and not only survived that ordeal, but enjoyed seeing HP in Yeoman of the Guard. My family like Rob too.


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A video says a thousand words – so what could be a better way to send your message than with your very own animated video?


Problem due to an overload with a generic type
Imagine a class that looks something like this -
public static void test(int a, string b)
MyClass.test("string","string");or
MyClass.test(1,"string");
and everything compiles just fine.
MyClass.test("string","string");
I know BizTalk does not support generics, but I did not think having generics in the another method, one I'm not calling from BizTalk, would be a problem; and in fact - change the call in the expression shape to the overload that takes the int first -
By changing the first parameter passed in to be an int, the compiler does not need to look into the overload that uses IDictionary as all and so it compiles ok.
I get an "unknown system exception" when calling using int as the first parameter.
public static void test(int a, IDictionary
Labels: BizTalk, exception, Generics


subscriber. Bear in mind that a subscription may be shared, at least across a family. The average American is still watching four to five hours of live or time-shifted television per day, or over 1,700 hours a year.
“W,” he said. “We’re very confident that people around the world want on-demand internet television”.
“As we build the library, as we do more licensing and renew existing deals, we’re getting to the state over the next five or ten years where everything will be consistent around Netflix and everything will be available globally.”
He compared the global launch to having a baby, but said “the real work is the next twenty years”. The challenge will be to become as popular internationally as in the Untied States. “We’ve go twenty years of work to really build Netflix into what we want.”
Netflix still faces challenges of national regulation, different payment methods, and varying cultural sensitivities.
Providing a high quality experience globally will be a challenge. Notably the Netflix Open Connect delivery infrastructure does not currently extend beyond the countries in which its service has previously launched.
The focus is on on-demand, primarily around scripted drama with a long shelf life, rather than live shows or sports.
While some potential members may welcome the arrival of Netflix as a global distribution network, the company may underestimate the importance of locally produced programming.
Then again, Netflix only needs a handful of hits to sustain and grow its subscription business. </s> Artist based in Brooklyn, NY
Sydney M. King, Portrait of the Photographer
I’m originally from San Francisco and currently live in Brooklyn. Growing up, I’d always been interested in visual art, especially in oil painting and drawing with charcoal. I grew up knowing that art was something I enjoyed, but I ultimately expected to pursue a career in a scientific field.
My father photographed the family extensively when my brother and I were young. I feel really lucky because our childhoods are so well-documented. His interest in photography encouraged me to explore the medium. He used a black Pentax MX, which I would borrow to complete my high school photography assignments.
I also remember taking my mom’s point-and-shoot camera around the house and photographing all the things that I loved when I was a child. I ended up making a collection of out-of-focus pictures of Altoids, plastic easter eggs, and flowers. It was by no means a monumental project, but I remember the satisfaction of being able to capture and otherwise maintain a record of the things I enjoyed at a certain point in time. In a way, I was able to keep these things with me and return to them whenever I wanted.
I’m creating plaster molds of my body, photographing them in conjunction with their reflections and amidst photographs from my grandmother’s archive.
My interest in plaster molds came early on, when I was studying photography at Princeton. The photography classroom was located in the basement next to the ceramics studio. Students often left behind their two-part molds used to make ceramic vases or small objects. There were stacks of them everywhere. I was interested in the way that the molds appeared to be simultaneously concave and convex when photographed. I was drawn to this indeterminate space, of objects constantly switching between two states.
Painted and dyed body molds in the studio
A lotThere are so many unexpected results that can happen when an idea is manifested into a material physical object. I’m most excited by what I cannot anticipate. I spend a lot of time following my visual instincts and then trying to process and understand why certain things are compelling to me.
Auntie Miki and Vivian, 2020, Single exposure on 4x5 black and white film
A bit of both. What I love about photography is that I start to see the world in relation to the medium. Certain things – arrangements of objects, tonal values, shadows – catch my eye on a day-to-day basis and I like to keep a record of them on my phone. The more absorbed I get in the studio the more I see or notice in the world.
The Miracle of Analogy: Or the History of Photography, Part I, by Kaja Silverman
A Short History of the Shadow, by Victor I. Stoichita
Engaging Subjective Knowledge: How Amar Singh’s Diary Narratives of and by the Self Explain Identity Formation, by Lloyd I. Rudolph and Susanne Hoeber Rudolph
Nobody Belongs Here More Than You, by Miranda July
Reeling for the Empire, by Karen Russell
A close friend and mentor sent me this quote by Martha Graham when I was having a challenging time with my.”
View Sydney M. King Portfolio
Instagram @sydney.m.king </s> Gone are the days when data was just an IT concern. Nowcrucial elements to making decisions across business. Most organizations recognize the value of BI and


I've barely skimmed the surface with this literary tour of Japan. There are scores of Japanese authors and ?Which of Murakami's novels would you recommend I try next?
28 thoughts on "World Literary Tour: Visit Japan in 5 Books"
Just tried to get 'Strange Weather in Tokyo' but my library doesn't stock it – they have two others by him, one of which I've heard of: The Thrift Shop – have you read that one?Is it any good?
What a great post to do!
I've been searching for a copy of A Tale For The Time Being *forever* and just not come across one – I'm super keen to read it, it sounds amazing!
Oh my, I haven't' r'tn' 'realist' 'm a huge fan of Mishima, but less of Murakami. I loved Norwegian Wood when it first came out but I never managed to get on with any of his other books. If you want to explore modern Japanese writing, I can highly recommend the Red Circle Minis!
Is that an imprint?
I's a feature on Shiny too!


The festival will showcase our 5 internet health issues, with a special focus on our 2019 theme, Better Machine Decision Making. To engage with this theme, we will direct our audience of 2500+ to share personal reflections on how AI affects them personally, at work, and within their communities on and offline.
MozRetreat is the first stage of the wrangler journey, where we will connect, explore and collaborate on the festival narrative around which the festival weekend will be framed.
Andy Forest, Fanny Hidvégi, Caroline Sinders and Ahmed Razek.
s at MozRetreat
The following will not be tolerated4.


Universal Design Principles Overview of the Guidelines of Universal Design[...


I really really do want to read this book, but sadly I have a feeling that I too am going to be let down since a lot of those reviews were filled with spoilers and they told me what happens to Eric's character (I wont mention it). So in my heart I honestly don't know whether or not I am going to read this (More than likely I will just to give myself a piece of mind.) without prejudice since I have already polluted myself with other peoples views and opinions. Hopefully I will read it and come away with a more favorable opinion of the last book in the Sookie Stackhouse Series, but my hopes are not high since the character that I most love doesn't really get what he desires in the end.
I hope that I see it very different from everyone that says Harris did a poor job of ending the series. I believe no writer tries to do a bad job on a book that they work so hard on and that takes up so much of their lives. I hope after I ready it I have something different to tell you. So. Also remember if you don't like it you can always return it.'ve already read it.


Cher Lloyd speaks out against online bullying
She said she didn't talk to anyone about it.
But she says: "I."
Cyberbullying is when children or teenagers use the web, or mobile phones or any other technology to threaten, tease or embarrass another young person.
Cher has been talking about this because a children's charity called Beatbullying says it's a big problem.
Cher Lloyd's interview is on Panorama on BBC One 8.30pm on Monday.


So well known is the Waterstones name that it is usually the first retailer one thinks of when contemplating buying a book. The Company always has the best sellers and leading titles in stock. The range of books on offer is as impressive as you would expect covering every genre possible.


- Backup Seats
- Power Panoramic" Turbine-Look AlloyTurbine-Look Alloy.


NEW YORK, Sept. 22, 2022 /PRNewswire/ -- The Türkiye-U.S. Business Council (TAI'e's President H.E. Recep Tayyip Erdogan's New York offices, and jointly hosted by TAIK and Meta. At the conference, Turkish and U.S.s said, ""'s Chi"L TAI" said TAIK Chairperson Mehmet Ali Yalçindag. "e'."
TAI. DEIK President Nail Olpak said, "."
As the oldest and the largest bilateral trade organization in Türkiye, TAIK has beenürkiye since 1985.


, as state contractors, lobbyists and appointees have lined up at 87 fund-raising events to give almost $1.5 million to the son's campaign for attorney general.
N
Not true. Fourteen states provide public financing for the campaigns of some or all of their state offices, including lawmakers and judges.
In fact, publicly financed elections would be a bargain for taxpayers who could have more confidence that government decisions were being made for the right reasons.
If bringing back publicly financed elections is a bridge too far, the legislature could at least prohibit political crunning for constitutional offices and the General Assembly. No one could call that welfare for politicians. </s> )
American Girl Innerstar University: Bound for Snow
American Girl Kirsten Short Story #3: Kirsten Snowbound!
Beast Quest #82: Falra the Snow Phoenix
Cam Jansen Mysteries, Case #24: The Snowy Day Mystery
by Martha T. Ottersley
Frank and Joe Hardy: The Clues Brothers #10: The Walking Snowman
Goosebumps #38: The Abominable Snowman of Pasadena
Jon Scieszka's Trucktown: Snow Trucking!
Little House #6: The Long Winter
MMerlin Missions #4: Winter of the Ice Wizard
My First Little House Picture Book #14: Sugar Snow
My First Little House Picture Book #2: Winter Days in the Big Woodswman
Nancy Drew Notebooks #63: The Snowman Surprise
(Ages 10-1


Leela asks Twinkle to not tell Kunj about Yuvi’s deed, we will tell him when he becomes fine, dont tell him rightnow that Yuvi gave him blood, Usha comes there and asks what are you talking? Leela says we were talking about donor, Usha says i can't thank you enough, you are doing so much for my son, Leela says Kunj is my son and i can do anything for him, dont thank me, Twinkle goes to Kunj.
Twinkle brings juice for Kunj and says it will give you energy, Kunj says its herbal juice, you think i will become fine with this? it looks so bad, Twinkle says you have to drink it so that you become fine, drink it in one go, Kunj drinks it in one go, Twinkle says good boy, Kunj says husband become silent when wife takes charge, Twinkle says shut up, she starts to leave but Kunj pulls her back and says where are you going? your husband is ill so you should stay with him, listen to me, Twinkle says tell me what you want to say, Kunj says i thought.. he comes closer to her, Twinkle closes her eyes as he comes close to kiss her.. she waits, Kunj puts mask on his face, Twinkle opens eyes and gets scared, she screams and falls from bed, Kunj takes off mask and laughs, he says look at your expression, he laughs, Twinkle smiles and thinks God keep him happy and he should always be laughing like this, nothing should happen to my Kunj, no illness should hurt him, Kunj screams, Twinkle sits beside him and asks what happened? he says i am hurt, she asks where? he puts her hand near his heart and says i have pain here, when i see tears in your eyes, i feel pain in heart, Sajna va plays, Kunj kisses her hand, she smiles.
Anita says to policeman that Yuvi’s discharge papers should not reach to jailer, she offers him money, he says no, i have done alot, i allowed you to give food and other things to Yuvi but i can't stop those papers to reach jailer, it will put my job in danger, Yuvi has to comeback to jail, he leaves. Leela calls Anita and says you must be in shock that Yuvi will return to jail, maybe you will get admitted to hospital, i will send fruits for you, Anita is anry, Leela says how is Yuvi? he gave blood and his planned failed too, he will go back to jail, he must be sad, Anita says shut up, Leela says dont shout, you can have heart attack, i will have peaceful sleep tonight, she ends call, Anita calls her manager and asks him to find Leela’s donor soon.
Twinkle and Leela comes to meet doctor, he says Kunj needs 3bottles more blood, where is donor? Leela says donor is Mohan, i asked me to come here at this time, i dont know why he didn't come, i will call him, she calls him but his phone is switched off, she says to doctor that i will go to his home and will bring him, she leaves with Twinkle.
Twinkle and Leela comes to society where Mohan resides, she says to Twinkle that he must have got confused with timings else he doesn't come late. She comes to Mohan’s and sees lock on his door, Twinkle says something is wrong, confusion didn't happen but it was created, Anita comes there and says right answer, Leela your daughter is smart, she didn't go on you, what you guys are doing here? did you come to meet someone? oh whose house is this? Mohan’s right? he is blood donor right? he is gone, now ask me how i know all this, i am smart too, the difference is that i am more smarter than your daughter, what you thought that i will not know who is donor? this donor’s house is mine now, Leela says i knew your standard, good thing is that you bought house of your standard, Anita laughs and says such cheap joke, for your information, i have given alot of money to your donor, i have given him so much money that he can't even think in dreams, he has taken flight and gone abroad today morning only, what will Kunj do now? you people dont have much time, Leela see Twinkle is about to cry, Twinkle you need tissues? Leela what were you saying on call that i must be dizzy? now its Kunj who must be dizzy? he doesn't have blood, doesn't have donor and is ill too, i will help you like a good neighbor, Leela slaps her hard, Anita is shocked, Leela says you forgot last time’s slap thats why making you remember again, stop this nonsense, if you say anything against Kunj then i wont spare you, you are so cheap that you are taking advantage of someone’s illness, you made this donor runaway but i will bring many donors for him, i am Leela Taneja, i dont give right to anyone to play with children’s lives, she leaves with Twinkle. Anita says her ego didn't break, i will take revenge of this slap when Twinkle will come to Yuvi and beg him to save her husband’s life then Leela come into senses and i will answer her then.
Leela and Twinkle are in car, Leela calls her people and ask them to find donor, Twinkle says to Leela that Anita will buy our donors, what if its to late when we find donor, Leela says nothing will happen, Yuvi calls Twinkle and says i got to know that your donor ranaway, i have called you to give you a bad news that your ill, half dead husband has gone to college, i am feeling something wrong is going to happen, he might have accident, Twinkle says what are you saying? Yuvi says think if he has accident, his blood will be lost and you dont even have donor, what will you do? save him, run for his life, Twinkle is shocked, Yuvi ends call. Twinkle calls Kunj.
Yuvi calls his goon and says i have sent you Kunj’s photo, start you car and do my work, he ends call. Kunj is walking on road, Twinkle calls him and asks where are you? Kunj says i am not able to listen to you, i will call you later, there is network problem, he ends call. Twinkle says to driver take car to Kunj.
Twinkle comes to street, she sees Kunj at distance, Twinkle sees car coming near Kunj, she calls Yuvi, yuvi says Kunj might die after accident, Twinkle says shut up, Yuvi says dont raise your voice, Twinkle asks Yuvi to not kill Kunj, stop that car, what you want? Yuvi says my first demand is that you take case back and free me from jail, you dont have much time.
Kunj is about to get hit by car, Twinkle closes her eyes but car passesby him and doesn't hit him, Yuvi says on call that see Twinkle, how sweet i am, now get papers ready and file for my bail, he ends call. Leela comes to Twinkle and asks what happened? what did Yuvi say? Twinkle says he wants me take back case and free him from jail else he will kill Kunj, Leela says they have crossed all limits, they are not ashamed of using his illness, we will not let him use this, we will tell everything to Kunj, Twinkle says truth that we are caught in web, even if we find donor, Anita will bribe him, if Kunj gets to know that he took Yuvi’s blood then he wont be able to bear it, if anything happens to Kunj then i will die, Leela says dont say like this, tell me what we have to do? Twinkle says we have to agree to Yuvi’s conditions and will take his blood for Kunj but wont tell Kunj about it, Leela says you are walking on path which will give you pain, God understands that you are lying to Kunj for his life’s sake only but if Yuvi comes out of jail then he will start preparing to destroy your life again, Twinkle says no, i am agreeing to Yuvi’s conditions for Kunj only but i wont let him play with my life, Leela says lets go to lawyer then, they leave.
Yuvi sings woh sikandar song, Anita says i am so happy to see you happy, Yuvi laughs, jailer comes there and says Yuvi is so happy as if he is not going ti jail but to his home, Yuvi says to doctor that it was nice meeting you, he says to Anita that Twinkle did my help, she made me send to jail after so much effort and now she is putting efforts to free me from jail, he says to inspector that bodyguard lets go.
Kunj comes home, he says i am hungry, he sees salad and oats, he says to Babee and Usha whats all this? its like i am at farmhouse, please make parathas for me, Babee says oily food is banned, we will eat healthy food from now on, Kunj says it doesn't end my hunger, Babee says healthy food is good for life, we all will eat it, Kunj says now i understand that i am advised by doctor to eat healthy so you people are eating this with me too? Babee says why not, we will become healthy too but i like parathas with butter, Usha says i like pakoras, Kunj says what about healthy food you guys were talking about? i will tell you how to make healthy food tasty.
kunj, Babee and Usha come sin kitchen, they prepare food together. They smell food after making it and likes aroma, Kunj says happiness doesn't lie in things but in togetherness, we found happiness after so much problems, Babee says Twinkle would have loved this sight, where is she?
Twinkle calls Leela, Leela says lawyer is saying that we need Kunj’s sign on bail’s papers, Twinkle says i am doing this for Kunj only, i will take his sign, dont worry, she ends call.
Twinkle comes home, Kunj says to Twinkle that your chef husband has prepared food today, he takes papers from Twinkle and says first eat, Twinkle thinks what he sees papers? Kunj says i will make Twinkle eat with my hands, Babee jokes that make us eat with your hands sometime too, they laugh, Kunj makes Twinkle eat food, she says its very nice, Kunj is happy, Babee says i knew my son is good chef, Usha says after all he is my son, Babee says he is my son, Kunj smiles at Twinkle, Twinkle is tensed, she says i will come later, she take papers and leaves from there, Babee feeds Kunj food.
Twinkle comes in room and says i will mix Yuvi’s release papers with company’s contract papers, Kunj will sign them without seeing, she says Lord i promised that i will not hide anything from Kunj but i am breaking this promise for Kunj’s life only, if Yuvi’s conditions are not fulfilled then he will try to harm Kunj. Kunj comes there and hugs from back, Kunj says i am here then what are you praying? Twinkle says our company has got new contract, i was praying for it, i need your sign on papers, Kunj says i can give my life for you darling, he sign papers without reading.
Yuvi is in jail, he asks anita when is Twinkle coming? she says wait for somtime, Yuvi says she made me go in jail after so much hard work and now she will release me, Anita says its like licking after spitting, Yuvi says thats gross, have some sympathy for her, drama left Twinkle’s life after i went from her life for sometime, she must have done work of release papers, Anita says she should be else we can be bad for her.
Kunj is signing papers, pen stops working, Twinkle says i will bring another pen, Babee calls Kunj and says your friend has come to meet you, Kunj asks Twinkle to bring pen in hall, he leaves with papers, Twinkle says what if Kunj reads those papers.
Kunj meets his friend sandy, Twinkle comes there and see file on table, Kunj asks Twinkle to bring refreshments, Twinkle goes and brings it. She asks Kunj to sign papers, he says give me sometime, i am working on my project, sorry for making you wait, Twinkle says no issues.
Anita calls Twinkle and asks why did release papers didn't reach my son till now? are you waiting for another attack on Kunj? Twinkle says enough, dont even think of hurting my Kunj, Anita says dont show me attitude, Twinkle says you havent seen my attitude, i know you are desperate to bring your son out of jail but remember only i can't bring him out of jail, as much as i need his blood, i know you need me to free your son, dont waste my time by calling again and again, i know what i have to do, dont try to blackmail me next time, she ends call, Anita is stunned to see her blunt avatar.
Kunj comes to Twinkle and says sorry for making you wait, Twinkle says its okay, Kunj says why are you so nice? tell me where i have to sign, i can sign on death warrant for you, Twinkle says i have told you many times that dont talk about death, Kunj says i was joking, i like to tease you, i can sign any paper for you even with my eyes closed, he closes his eyes, Twinkle is distraught seeing how much he trusts her. Kunj has closed his eyes and asks Twinkle where he has to sign? Twinkle puts his hand on paper, Kunj signs Yuvi’s release papers with eyes closed, he asks if she is happy now? she nods, Twinkle says i will take these papers to client, kunj says okay i will come with you, twinkle gets tensed, she says you complete your college project, i will go with Maa, Kunj says go safely, Twinkle starts to lave but slips and papers fall from her hands, Kunj comes to her and asks if she is fine? she nods and starts collecting papers, Kunj starts collecting too, Twinkle takes papers from his hand before he can see it, he looks at her tensed, he caresses her face, Twinkle thinks that he trusts me blindly but when he will know truth then dont know what will happen to him.


Home Interviews Interview with Victor Osipov: Moldova Deputy PM: Transnistria is a European problem.EurActiv.com....


January 28, 2023 reve
Piauí will have several new solar and wind power plants this year, increasing the state's energy security, as well as generating jobs and income for the region's inhabitants. The state has the largest companies in South America. The forecast of the National Electric Energy Agency (ANEEL) for this year, with the expansion of the generation … Continue reading New solar and wind power facilities in Piauí this year will total 601 MW together →
When the global wind energy capacity approaches 1,000 GW worldwide and with an expected growth rate of 3% per year, we are faced with the following dilemma: If the market grows continuously, how is it possible that all the manufacturers lose money that only for the first three would be around €4,000 million in 2021, … Continue reading Wind power, nothing will ever be the same as before, or maybe it will →
T increased between 2020 and 2021, years marked by the pandemic. And, among the Member States, Portugal occupies the fourth position among the countries whose electricity consumption comes mainly from renewable sources. According to data released by Eurostat, in addition to … Continue reading In Portugal, 58% of the electricity consumed came from renewables, mainly wind power and hydro →
GE proposes building two new offshore wind facilities in New York
Facilities are contingent on company receiving sufficient orders in ongoing solicitations. One facility would build wind turbine blades and create approximately 650 direct jobs. Second facility, which would produce nacelles for offshore wind turbines, would create roughly 220 direct jobs. Together the facilities would create nearly 1,000 construction jobs and support approximately 1,400 indirect jobs. … Continue reading  →
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Enel Green Power has signed two Power Purchase Agreements (PPA) withrespectivelywind power, scheduled to be operational in 2025. The energy will be supplied through wheeling to Sasol's Secunda site in South … Continue reading Enel Green Power concludes PPA to supply windrica →
Wind in southern Germany: RWE wins tender in Baden-Wurttemberg


The Hardware-based Full Disk EncrypHardware-based Full Disk Encryptions a
Supply and consumption- This section analyzes the supply and consumption of the market that continues to sell. This parnumbers are also listed here.


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Try leaving your work to marinate overnight.  If possible, leave your work as a draft and come back to it the next day. You will usually be able spot any errors or fluffy bits straight away.
I especially like that first tip — draft quickly and get words on the page. Sometimes I want to put down the perfect idea or sentence. Good reminder!


Bosque del Tolomuco is located in Costa Rica’s Southern Zone in the Talamanca Mountains. As it is surrounded by striking gardens, birds will find this a natural habitat. Therefore, it is ideal for bird enthusiasts. The Lodge’s location also enables you to visit Dominical and the Ballena National Park in a short drive. Other attractions close by are Cerro Chirripo, Las Quebradas Biological Reserve, and Los Cusingos Bird Sanctuary.
Bosque translates to Forest, so what does Tolomuco mean? A Tolomuco is a brown to black fox-sized mammal. It has a long and bushy tail with a light grayish head which is in contrast to the dark brown body. Tolomuco is the common name in Costa Rica. However, it is also known as a Tayra and is a member of the weasel family found in Canada and the Northern United States. It inhabits dry forests of Guanacaste, as well as wet lowland forests of the Caribbean and Southern Pacific slopes, and higher altitudes in Costa Rica.
Birding in the Southern Zone
Enjoy Nature Around Bosque del Tolomuco


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What Are Initial Time Consumer Automobile Financial loan Systems?


As the University of Lomé prepared to host the international science conference JSIL-2018 (Journées Scientifiques Internationales de Lomé 2018) in the coming week, its director of research and innovation, Essohana Batchana, said he regretted the lack of resources allocated to research and innovation and their absence from university programmes. More...


Aluminum HydroxideHS Code 281830
Request for Real Time Aluminum Hydrox-hydroxide-price-trends/pricerequest
Aluminum Hydroxide is a hydroxide employed in the production of aluminium metal. It is naturally occurring as the mineral gibbsite (or as hydrargillite) and its other rarer kinds of polymorphs, bayerite, doyleite, and nordstrandite.
It is amphoteric, meaning that it has essential and acidic properties both. It is related to2O3), which are compounds that majorly form the aluminium ore bauxite. It even creates a gelatinous precipitate in water. It is an inorganic salt that is a primary compound that eutralizes the hydrochloric acid in gastric secretions.
Key Details About the Aluminum Hydroxide Price Trend:
The Aluminum Hydroxnum Hydroxide Price Trend:
In the chemical industry, it is used to produce aluminium compounds like aluminium chloride and zeolites. It is also extensively employed in pharmaceuticals as an antacid that eutralizes stomach acid. Usually, Aluminum Hydroxide is referred to as an over the counter (OTC) product .
It is available in the market as a medicine to treat h. Aluminium hydroxide can be found in other drugs for treating symptoms, like gas. Aluminium hydroxide also finds application as a fire-retardant filler for polymer applications as it is colourless (like most polymers), cheap, along with good fire-retardant properties.
It is also a key ingredient in manufacturing various aluminium compounds like alnitrate, calcined aluminas, polyaluminium chloride, zeolites, and activated alumina. All these industrial applications of the compound are affecting its price trend.
March 31, 2022 – Aluminium hydroxide is hydrated aluminium oxide. On 31st march, the East China market witnessed that the average domestic aluminium ingots price was down by 0.44 percent to 22,640 RMB/MT, lower than a day prior.
Aluminum Hydroxide Price
Aluminum Hydroxide Price Analysis
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Day two of our new life together continued much as day one had begun: Grace was keen to play, eat, learn, pee, poop and sleep! She had all the essentials pretty much covered. The abrupt change of diet had no effect on her insides whatsoever, it would appear that changing to real food is not a dicey as switching brands of commercial stuff. Interesting.
I began to teach her the words and meanings of ‘sit’, ‘down’, ‘watch’ and ‘here’. She payed attention to everything I showed her and tried hard to understand. I name the action of whatever I’m trying to teach her straight away. I see real time evidence that dogs (well mine anyway) are perfectly capable of understanding. Grace was a case in point. Within three repetitions of her bum hitting the floor as she followed the piece of cheese in my hand as I raised it in front of her nose, and saying ‘sit’, she showed she understood the word and meaning by immediately plonking her bottom on the floor when I simply asked her to ‘sit’, without luring her into position. Smart puppy.
Short training sessions throughout the day, along with plenty of play and sleep (and food), soon saw Grace’s vocabulary and skills increase dramatically. She was learning all the time as I was talking to her and explaining things, including the workings of the washing machine that scared the living daylights out of her. By going to the scary object, naming it and putting my hand on it while looking at, and talking to Grace, she understood that it wasn’t so scary after all. She trusted me enough to come over and touch the washing machine with her nose and then when I showed her the clothes going round through the class door, she suddenly found that very exciting, jumped up and put both front feet on the glass door and tried to catch them as they whizzed round. Cute pupster!
I was hoping very much that her ears wouldn’t flop down once she started to grow, but would stick up and give her a more intelligent look. It may sound mean, it’s not meant to, but I do think her ears look rather ‘dorky’ in these early pictures, and while it didn’t really matter what direction her ears eventually decided to go, I couldn’t help but hope they would aim for the stars.
In the short space of time Grace had lived with me, I hadn’t felt any sense of panic whatsoever. She was ‘Grace’, and we had indeed found each other.


She told the Daily Echo: "We were on a family day out and there were 10 of us in all. The children were very excited to see the dolphin."
"It seemed to be very tame because it came very close to the boat and didn't seem to mind when it was surrounded by other boats."
Chris Saunders, head of seafront operations, added: "The cause of death is unknown but having these animals washed ashore is quite a common occurrence and certainly nothing out of the norm."


Historical Preservation Oral History Videos
Jim and Bethel Robinette (May 21, 2019) Click here to watch the video
Andrew Dykema, born in 1930, started his excavation business at age 18. After service in the US Marines during the Korean War, he moved his young family to Plainfield Township and a new home with 80 acres in Rockhill Acres, which soon became his first housing development project. Since then, he estimates his company, Dykema Excavators, Inc., has graded most of the newer streets in Plainfield Township, in addition to 2 to 3 thousand housing lots. A major source of his pride includes projects such as excavations for hospital construction along Michigan Avenue in Grand Rapids. (Running Time approximately 55 minutes)
William J. Van Luyn Click here to watch the video Hear the extraordinary life of William “Bill” Van Luyn, who lived remarkable firsts from his youth onward: Captain of the first undefeated Creston basketball team; among the first to enter Japan after the atomic bomb; first to pitch against an all-star Japanese baseball team on a bombed-out playing field. He is one of the few servicemen to receive 5 stars for service in 5 major battles during World War II, f After a long career in the furniture business, Bill retired to further honorsparticipating in the Battle of the Bulge and Rhineland as well as the liberations of Normandy and Northern France, fighting alongside France against the Nazis in WWII. (Running Time 00:54:06)
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The first question came from Dawn over at She is Too Fond of Books. Dawn asked: I’d love to hear a little about your daughter’s adoption. Did you go to ChinaHave you read Marian Henley’s THE SHINIEST JEWEL about her international adoption experience?
In July of 2007, I got on a plane along with my husband Joe and daughter Leah (who is our biological child) and headed to China to adopt a little girl. Her name was Yi Mei and she lived in the southwestern province of Guangxi. She was 9 months old. She had spent the first four months of her life in an orphanage and then lived with a foster family for her remaining time in China.
Unlike Korea, the Chinese government requires you to travel to China to finalize the adoption of a Chinese baby. Six weeks prior, we had received a referral for a little girl through our adoption agency. Along with medical records and two photographs, we were given two days to decide whether or not we would except the referral. Once we did, it took another couple weeks to receive travel approval and to find out when our appointment at the US consulate (where the adoption is finalized) in Guangzhou would be.
Here is one of the referral photos we received. How could you say no to that face!!
Funny story – we received a photo of Yi Mei in early June of 2007. Knowing that we would have to travel to China sometime late July/early August, I felt pretty confident that I would be home to receive on July 21st. I even special ordered it to be delivered to my home that day. I figured it would give me plenty of reading material while on the long flight to China. Guess when we left for China? July 20th. I kid you not.
Maya Yi Mei is now a happy, beautiful 2 1/2 year old and we feel so blessed to have her.
Yes Dawn, I did read The Shiniest Jewel and really enjoyed it. You can see my review from last year here.
Softdrink over at Fizzy Thoughts asked this one: Traveling? I didn’t know you liked to travel. So….where all have you traveled? If you could go one place you have never been, where would it be? And if you could return to one place you have visited, which would you choose?
Hmmm, great question! Yes, I absolutely love to travel! If I had endless amounts of cash I’d be on one plane after another seeing the world! Where are some great places I’ve been? Well, I’ve visited my sister three times in Hawaii (in fact, the first time I ever flew with my daughter Leah was when she was six months old on a ten hour flight from NJ to Honolulu). I’ve been to Florida numerous times, San Francisco, San Diego and Palm Desert years ago. Traveled twice to Denver and once to Vail for work. Even stayed at The Peabody in Memphis (you know, where the ducks swim in the lobby fountain)!  Went to Cancun for spring break when I was eighteen and got to visit Chichen Itza which was cool. Even spent some time out by the pool in Jamaica a few years ago. Obviously mainland China, but also took a few trips to Hong Kong to visit family. Hong Kong is where my husband grew up.
One glaring omission to my list of travels is Europe. I’ve always wanted to go, but have yet had the chance. So to answer you question of where I would like to go where I’ve never been, then I’d probably have to say Paris. You know, just because it’s PARIS!! Where would I go back? Actually I’ve vacationed on Martha’s Vineyard twice (last time about six years ago) and would LOVE to visit again. It’s such a beautiful and unique island.
Booking Mama Julie asked a hard one: How has being a mother changed your life the most?
Julie, I have to say that you have me pretty stumped. I came up with a response, typed it all up neatly and then promptly DELETED it because it just didn’t feel right. To be honest, I don’t really know how motherhood has changed my life in the most significant way. Made me more tired, sure. More satisfied, yes. Given me more heartburn, definitely. I don’t really remember what it was like NOT having kids. All I know is that I sure am glad to have them.
Jenn of Jenn’s Bookshelf also came up with a hard question: How has having cancer changed your outlook on life?
We all like to hear the standard answer to a question like that. You know, that it has made you appreciate the little things in life. Or maybe that you are able to havend these are true. Having cancer makes you look at things differently. But it also pisses you off. Two weeks before my routine mammogram, my mother died of cancer at Sloan Kettering in New York City. Which means I was pretty mad that she lost her battle with cancer, after having survived breast cancer for thirteen years and was even madder to find out that I had cancer too.
So now I find myself determined to kick this disease to the curb. How do I plan on doing this? Well, for starters, by joining the Army of Women as soon as I’m completely finished with my treatments. By reminding women to GET A MAMMOGRAM.
Kathy at Bermuda Onion and Trish from Hey Lady! asked kind of the same question: How do you manage to do so much – be a mom, read, blog, attend to your medical needs? How do you balance everything: reading, blogging, twittering and other online stuff withfamily, parenting, being with your husband, etc?
OK, here’s my confession. I balance everything with lots of HELP!! Let me explain. I’ve been a stay at home mom since Leah was born seven years ago. Up until last year, I took care of most things in the home. Cooked, cleaned, laundry, child-care, etc. Whenwas getting ready for my first surgery, I knew I would not be able to physically keep up with all of the household duties AND take care of a two year old at home all day while my oldest was in elementary school. So that’s when we started getting HELP. We hired a cleaning lady to come in once every two weeks to clean the house. Then we hired a nanny five mornings a week to play with Maya while I got better. We even had people making us meals when I wasn’t feeling up to it. Between the three surgeries and all the chemotherapy, I’ve been lucky to have help along the way.
What does this mean? Well, when I was feeling lousy after a chemo treatment or surgery, it meant I could lay in bed to recuperate. When I feel better, it means that I have my mornings free to grab a coffee at a local shop, grocery shop by myself, have lunch with a friend or read a book. Add to the fact that Maya naps for about an hour and a half AFTER the nanny leaves means that I’ve got some free time on my hands. That plus I write most of my reviews after the kiddos go nighty-night. So you see, I can only juggle all this stuff since I am incredibly lucky to have lots of people around me helping out all the time.
Oh, a book related question! Amy from My Friend Amy asked: What one book have your read this year that you would recommend to everyone?
I just got done reading The Help by Kathryn Stockett. I haven’t written my review yet, but have to say this was one powerful, touching read that I think appeals on so many levels. I would highly recommend it.
I’ll be back in a few days to answer some more of your questions. Thanks for playing along!
Thanks for your honest answers. Just to let you know, I had my annual mammogram in January.
I didn’t mean to stump you! I would have a difficult time with that one too! It’s without a doubt the most life-changing event but it’s so hard to articulate what it means. Or at least it is for me because I’m not good with expressing myself in writing.
Clearly your answers are all straight from the heart – I read them just like you were sitting talking to us over a cup of coffee!
That baby pic of Maya is too sweet! What an adventure you had! I’m sure all the helping hands you have now (friends and neighbors) were happy to help you prep for your baby girl in such a short time!
p.s. I had my mammogram last month!
Wow, I really enjoyed reading your answers. You are truly an amazing person! Your strength and honesty come through in every response.
This has been such a pleasure to read. I fully enjoyed getting to know you in a personal way. Your honesty is refreshing. I sot BEA.
Stephanie, Thank you so much for this post. I am a subscriber of your blog and I enjoy reading what you have to say, even if I just lurk and not comment. I am glad I got to know a little more about you!
Loved reading your responses to the questions. I look forward to your next round!!
 Can’t wait to meet you in a few weeks!!
Thanks for your honest and thoughtful answers. I look forward to meeting you, you seem like such a wonderful person!
We’re opposite travellers. I’ve been to Europe three times, but never to Asia. And most of my US travels have been along the west coast and to Hawaii (although there have been a few trips to NY). And I’d choose London over Paris any day (although I realize that puts me in the minority)!
Thanks for the Q&A session!
This was really fun to read! I love these types of posts and enjoyed getting to know you better this way. And you’re right.. how could anyone say no to that precious little face??
I just read The Help as well…AMAZING! I enjoyed reading your answers!


Sev provides a high to full presence of mixed pixels. In this case, UAV images combined with filtering techniques represent the solution to analyze pure canopy pixels and were used to benchmark the effectiveness of Sentinel-2 (S2) performance in overhead training systems. At harvest time, UAV filtered and unfiltered images and ground sampling data were used to validate the correlation between the S2with vegetative and productive parameters in two vineyards (V1 and V2). Regarding the UAV vs. S2 NDVI comparison, in both vineyards, satellite data showed a high correlation both with UAV unfiltered and filtered images (V1 R2 = 0.80 and V2 R2 = 0.60 mean values). Ground data and remote sensing platform NDVIs correlation were strong for yield and biomass in both vineyards (R2 from 0.60 to 0.95spatial resolution provided by S2 on overhead trellis system viticulture, promoting precision viticulture also within areas that are currently managed without the support of innovative technologies.
Precision viticulture (PV) aims to increas by overcoming the traditional uniform approach with a site-specific management based on spatial variability within the vineyard [1,2,3,4,5,6,7,8,9,10]. The knowledge of spatial and temporal variability improves all aspects of vineyard management such as ground sampling, vines status monitoring, fertilizer distribution, phytosanitary treatments, weed control, and quality-selective harvesting [2,11,12,13]. In the last three decades, advances in proximal and remote sensing technologies have provided useful and cost-effective solutions to better characterize in-field variability [14,15,16,17,18,19].
In viticulture, in order to obtain fast information on spatial variability, s [20,21,22,23,24]. In assessing the effectiveness of these remote sensing platforms, image ground resolution, technology costs, and flight coverage range must be taken into account. The choice of one platform over another is always based on a compromise, which depends on the objectives of monitoring spatial variability and the economic and human resources available to end-users such as agricultural companies. It is undeniable that the factor that has exponentially encouraged the spread of UAV application in agriculture is the continuous advance in sensor technologies, providing higher resolution, lower weight and dimensions, and cost reduction [23,25,26,27,28]. Several authors describe a wide range of UAV applications for PV purposes: vigor and biomass [29,30,31,32,33,34], yield and quality monitoring [35,36], water stress [37,38,39,40,41], canopy management [42], diseases [43,44,45,46], weeds [47,48,49], and missing plants [50,51,52,53].
All these papers describe applications on vertical pruning systems (VPS), the most widespread class of training systems used in quality viticulture, which presents a discontinuous spatial layout with vegetated rows alternating with soil [54,55]. In these cases, spatial analysis of remote sensing images requires separation of the canopy from bare soil, shadows, and green cover, which can be achieved with advanced filtering techniques for canopy extraction [56,57,58,59,60]. Many authors suggest unsupervised filtering techniques in a vineyard based on a canopy height model (CHM) derived from a digital elevation model (DEM) [51,53], geometric structure by texture analysis [61,62], 3D point cloud [63], automatic threshold on color distribution in RGB [64], different color spaces such as HSV (hue, saturation, value), or L*a*b* (L* for the lightness from black to white, a* from green to red and b* from blue to yellow) [65]. The work suggested by Cinat et al. [65] presents an overview of those methodologies.
VPS has undoubted advantages such as the possibility of high planting densities (over 5000 vines/ha), easy mechanization, and better air circulation through vegetation [55], but at the same time it has the disadvantage of creating a high exposure degree of the fruiting zone, so in warm climates there is a high risk of sunburn damage, especially in a global warming scenario [66,67].
With this premise, training systems in several areas that are capable of keeping bunches in diffused light conditions during the hottest hours of the day represent an optimal solution to maintain high yield and quality. Among the most suitable training systems to achieve this goal is the overhead trellis system, which provides full soil covering and is widely used for both table and wine grapes in Italy (tendone and pergola), Portugal (latada), Spain (parral), Argentina (parral), and Chile (parron) [54].
Trellis systems are also able to limit the dangerous sunburn damage to berries [68], even if an excessive shading of bunches can increase the risk of fungal diseases and possibly lead to unbalanced fruit composition. Nevertheless, it should be emphasized that in a warming climate, minimizing the exposure of grapes to high daytime temperatures is more important than other aspects [69]. Overhead trellis systems with low density (about 1500–2000 vines/ha) are commonly chosen for high yield (because of efficient light interception) and used in environments with high temperatures and low relative air humidity [68]. Many key fruit attributes such as soluble solids, color, aroma compounds, and phenols can be optimized in warm sites by reducing berry temperature with moderate fruit exposure [55]. Moreover, it is necessary to develop suitable cultivation techniques to overcome or at least buffer, in the short- and medium-term, the negative effects deriving from climate change [66,67]. Currently, these vine training solutions are gaining interest due to the natural shading of bunches and radiative stress protection in the context of global warming [68]. In Italy, the overhead trellis systems tendone and pergola are used in many regions: Trentino, Veneto, Emilia-Romagna, Sardinia, Sicily, Puglia, and Abruzzo [69]. The tendone trellis system comprises a tall stake at each vine with two orthogonal steel wires attached 1.7–1.8 m above ground level, and a grid of steel wires supporting the shoots. Each vine has a 1.2–1.4 m tall trunk, with two branches and two fruit-bearing shoots per branch, aligned orthogonally or parallel to the grid [70]. Despite being a widespread training system, recent scientific studies concerning various aspects of grape tendone systems are not very numerous [71,72,73,74,75] and only one uses data from a remote sensing platform (i.e., satellite data for evapotranspiration valuation) [76]. In our study area, viticulture is still an emerging sector, producing a high quantity of wine (i.e., grape yield equal to 16.6 t/ha, the second highest in Italy [77]) with low added value, therefore, it would be desirable to introduce PV techniques to sustain farmers’ incomes and the environment.
In the overhead trellis systems such as tendone with full vegetation cover, a centimetric spatial resolution turns out to be less important than the possibility of obtaining a large area of monitoring with minimum cost and high acquisition frequency. Since 2015Sentinel-2 platforms, which has led to a minor revolution in the field of remote crop monitoring. Indeed, Sentinel-2 is free, has a high frequency of image acquisition, many spectral bands, and could be used for vegetation monitoring over time for the evaluation of crop response to agronomic inputs and for land use identification. The literature includes some papers describing Sentinel-2 validation with field measurements for woodlands [78], mangroves [79], forests [80], pastures [81], and cereal crop fields [82,83,84]. Few papers report spectral comparisons between Sentinel-2 and UAV platforms in semi-arid sandy areas [85], on continuous crops such as sugarcane, rice, and soybean [86], or wheat, barley, and rye [87], and on discontinuous VPS in a vineyard [61].
The primary aim of the work was to compare Sentinel-2 (S2) imagery with UAV filtered and unfiltered images on an overhead training system (tendone) with the objective of exploiting the use of satellite-free imagery of the vigor in a vineyard. Secondly, to better highlight the potential benefit for the decision making processes in viticulture of these remote sensing platforms, comparisons with quantitative and qualitative agronomic ground observation datasets were performed. In the 2015 season, a field test was conducted in two tendone vineyards located in Abruzzo (Italy), with the aim of performing Sentinel-2 data validation versus UAV high-resolution spectral images acquired in the same period, and key ground parameters such as biomass, yield, and grape composition sampled within different vigor zones at harvest time.
The research was undertaken in 2015 in two vineyards, Costa di Moro (V1) (42°12′57″N; 14°190′42″E) and Magliano (V2) (42°17′07″N; 14°18′34″E); both are part of the Orsogna Winery, located near Chieti, Central Italy. Both vineyards are planted with Vitis vinifera L. cv. Montepulciano and trained with a tendone trellis system (Figure 1a,b), which comprises a tall stake at each vine with an orthogonal grid of steel wires attached at 1.8 m supporting the shoots. Vineyard characteristics are reported in Table 1.
A flight campaign was made on 10 September 2015 with a modified multirotor UAV platform (HiSystems GmbH, Moomerland, Germany) (Figure 1c), described by Matese et al. [17], equipped with a Tetracam ADC Snap multispectral camera (Tetracam Inc., Chatsworth, CA, USA), which records images in the visible red and green and near infrared (NIR) spectrum with nominal wavelengths of 520–600, 630–690, and 760–900 nm, respectively. The flights were performed at 70 m a.g.l. with 70% both sides overlap (forward and lateral), yielding a ground resolution of 0.03 m/pixel. All images were taken between 11:30 and 13:00, without wind, and in clear sky conditions.
Georeferenced multispectral images were mosaicked using Agisoft Photoscan Professional Edition 1.1.6 [88], allowing the generation of a high-resolution (0.03 m/pixel) orthophoto and a digital elevation model (DEM) of the experimental sites. A vicarious calibration based on the absolute radiance method was chosen, given that the digital number (DN) value for each pixel has a direct relationship (linear model) with the radiance detected by the sensor [89]. A radiometric calibration process was performed with MATLAB [90] to convert the digital number (DN) value for each pixel in radiance, by means of three OptoPolymer (OptoPolymer—Werner Sanftenberg, Munich, Germany) homogeneous and Lambertian surface panels (95%, 50%, and 5% reflectance). The filtering elaboration step to extract pure vine pixels was performed by applying an unsupervised algorithm developed in MATLAB and described in a previous paper by the authors [65]. This algorithm identifies soil, shadow, and vines by Otsu’s global thresholding, using the HSV color spectrum. The HSV color spectrum assigns to each spectral frequency, identified by the value of hue (H), a chromatic saturation magnitude (S, where 0 is white and 1 is full color) and value (V, where 0 is black and 1 is full color). The HSV directly converts the image to the HSV color space, and the saturation channel (S) is used to identify and remove shadows. Next, the non-shadowed image is filtered by applying masks based on green and NIR values on the multispectral image to identify canopy pixels from soil. The vigor spatial variability within the two study sites was then assessed by proc1] for both unfiltered (UAV_uf) and filtered (UAV_f) orthomosaics with MATLAB. Ground sampling was based on a tercile classified vigor map (LV = low vigor, MV = mean vigor, HV = high vigor) elaborated from UAV multispectral images with MATLAB. Sentinel-2 band 4 (RED) and band 8 (NIR) were chosen to elaborate NDVI maps with QGis [92]. To compare the influence of spectral and spatial resolution directly on the vineyard characterization in terms of biomass and yield parameters, the UAVn as the Sentinel-2 data. A square grid-based resampling (10 x 10 m) was applied to UAV orthomosaic using the Vector Grid function in QGis.
providing two maps of NDVI with a support of 10 × 10 m2.
Ground sampling was performed at harvest time on 30 September 2015 for the Costa di Moro vineyard and 5 October 2015 for the Magliano vineyard based on a three-class vigor map provided by the UAV flight campaign. For both vineyards, the mean value ± standard error of each vegetative and productive parameter were derived from three single ground samples for each of the three vigor classes established in each vineyard. In both vineyards, harvesting was done when berry sugar accumulation appeared to level off on the basis of total soluble solids (TSS). Yield per vine was measured and the number of clusters per vine counted on three vines per vigor class. In each vineyard, three samples of 300 berries per vigor class were randomly collected, weighed to determine berry fresh weight, and crushed to obtain a juice sample for measuring TSS (as °Babo), pH, and titratable acidity (TA). A temperature-compensating RX 5000 refractometer (Atago-Co Ltd.) was used to measure TSS, while TA was measured using a Titrex Universal Potenziometric Titrator (Steroglass S.R.L.) by titrating with 0.1 N NaOH to a pH 8.2 end point, expressed as g/L of tartaric acid equivalent. The pH was measured with a digital PHM82 pH meter (Radiometer). Anthocyanin and phenolic contents (expressed as g/kg of grapes) were determined according to Amerine and Ough [93] and Slinkard and Singleton [94], respectively. Leaf area was checked on 12 September 2015, randomly collecting 10 fruiting shoots from 10 vines within each vigor class. Total leaf area per shoot was measured with an AAM-7 leaf area meter (Hayashi-Denko) and calculated by multiplying mean leaf area per shoot, by shoot number per vine. During winter pruning, which in both vineyards occurred at the beginning of February 2016, canes from ten representative vines for each vigor class were weighed after pruning to estimate annual vine growth.
NDVI features (count, mean, minimum, maximum, and standard deviation) from UAV and satellite images were extracted using the Zonal statistic plugin in QGis.
The statistical relationship between remote sensing data and grape quantitative and qualitative parameters is described by means of the determination coefficient (R2).
In this section, results of spatial variability in terms of vine vigor are presented. Vigor maps of the study sites (V1 and V2), obtained from UAV and Sentinel-2 images (30 August and 19 September 2015) are reported in Figure 2.
From a visual inspection of the NDVI maps, both UAV and Sentinel-2 show the same trend in terms of vigor for each vineyard as reported also by Nonni et al. [95]. Analyzing Figure 2a,c,e, the V1 vineyard is characterized by a low vigor zone in the north part as a consequence of sloping and stony soil that encourages loss of water by gravity and fast drainage. The rest of the vineyard presents higher vigor values, with a few exceptions of low vigor sub-zones (i.e., the south-eastern part) due to the presence of active limestone zones, which is another explanation of that variability in vegetative growth [96,97]. In V2, vigor distribution (Figure 2b,d,f) presents two different zones: high value (green) in the north part and low value (red) in the south. Both zones are surrounded by medium vigor values. This vigor distribution could be explained by competition for water and nutrients and by the nitrogen in primis due to the presence of olive and poplar plants close to that area.
The two sets of maps from Sentinel-2 (images of 30 August and 19 September 2015) show a similar vigor distribution pattern for each vineyard following a chronological comparison, even if in the second one there is a decrease in vigor, especially in V2 (Figure 2f). This is due to the different phenological stage: On 30 August 2015, berry ripening is almost complete, but all leaves are green and have full photosynthetic activity, while on 19 September 2015, in the pedoclimatic conditions of the study site, some leaves, especially the basal ones aged more than 4–5 months, have already started to lose chlorophyll and begin the senescence phenomena. Focusing on the difference between vineyard sites, it can be noted that V1 has a lower plant vigor due to the marked ground slope (6%–7%) and poor soil organic matter content.
Ground data relating to vegetative and productive parameters sampled in different vigor zones are given in Table 2.
As might be expected, the purely quantitative parameters (yield, bunch weight, pruning biomass, and leaf area) increase with vigor, showing for all parameters almost double the values in the high vigor areas with respect to the low ones (i.e., yield increases from 4.07 to 8.27 kg/vine in V1 and from 4.20 to 10.33 kg/vine in V2, due to highest bunch weight). The reduction of bunch weight in lower vigor areas of both vineyards was caused by lower berry weight (−24% in V1 and −31% in V2) and fewer berries per bunch (precisely −27% in V1 and −29% in V2). Analyzing grape composition, the sugars content did not show significant changes according to vigor, whereas titratable acidity showed higher values in high vigor areas (+0.66 g/L in V1 and +0.70 g/L in V2) linked with a weak vegetative growth and foliage mass and then a higher temperature at bunch level. During ripening, the organic acids in the must, especially malic acid, are used as a substrate for respiration according to temperature [98].
It can be observed that in the V2 vineyard, the agronomic parameter values are on average higher than those in V1, except that of titratable acidity. These differences can be attributed both to the soil’s physical and chemical properties and to a water deficit and radiative-thermal excesses that occurred in V1 due to its southern exposure and 6%–7% slope.
1. HV zone: Vines are characterized by high yield (13.1 and 16.5 t/ha of grapes in V1 and V2, respectively. Data estimated from plant yield, vine spacing, and vineyard area), good technological parameters (~19 °Babo for sugars, 5.6 g/L for titratable acidity, 1.68 and 2.78 g/kg of grapes for anthocyanins and total polyphenols, respectively, and balanced vegetative-reproductive indexes (1.3 m2 leaf area/kg grape and ~5 kg grape/kg pruning wood).
2. MV zone: Vines have lower yield in comparison to the Green zone (−20% in V1 and −26% in V2), similar technological parameters and anthocyanins and total polyphenols content (on average 1.70 and 2.75 g/kg of grape) as well as lower vigor (−23% and −25% of pruning wood and −43% and −41% of leaf area per vine) than in the green zone.
3. LV zone: Weak vines are characterized by a strongly limited leaf surface and shoot development and by more than halved grape yield compared to the more vigorous plants in the green area. The vine canopy has a low light interception capacity and covers only 55%–60% of the total space available for each plant (6.25 m2). The grapes have barely enough technological maturity (sugar and acidity) and total polyphenol content (on average 2.74 g/kg of grapes), while they were strongly deficient in anthocyanins with only 1.24 g/kg of grapes. This last result can be easily explained in that the decrease in anthocyanin accumulation under high temperatures (as seen in the grapes not covered by leaves, as occurs in low vigor areas) results from anthocyanin degradation as well as the inhibition of mRNA transcription on the anthocyanin biosynthetic genes [99].
This section shows the results of the NDVI comparison between UAV and Sentinel-2. In particular, Figure 3 represents the comparison between UAV_uf and UAV_f with S2 (images of 30 August and 19 September 2015), in V1 and V2, respectively.
As might be expected and was reported by Khaliq et al. [61], in both vineyards and images, S2 data show higher correlation with UAV_uf than UAV_f, except for V2 in August (same R2 value equal to 0.57) (Table 3). The improved efficiency of filtering UAV images is due to soil and shadow pixel removal, which impacts on NDVI, causing lower and higher values, respectively.
The correlations between S2 and UAV (filtered and unfiltered) are higher in the V2 vineyard for both S2 images (30 August and 19 September 2015). nt spatial distribution pattern of vigor between the two vineyards. Specifically, V2 was characterized by larger clusters of vegetation, while V1 had greater heterogeneity, especially in the south part. Confirming the results of Matese et al. [23], in the case of a vineyard having large vegetation clusters (V2) with a spatial gradient variability (trend), lower resolutions seem more informative, providing similar results in both platforms with respect to more irregular vegetation distribution in the cases of V1 (south part). The work of Kaliq et al. [61] is the only previous work available on the relationship between UAV and S2 data in viticulture. The authors focused on an effective filtering approach to remove inter-row pixel contribution on a row-based vineyard. That work achieved lower correlated results (0.55–0.72 Pearson correlation coefficients range) compared to our work, probably due to a different data analysis approach applied on a different training system architecture.
To compare different remote sensing platforms, correlation with ground data is pivotal to validate results as reported by several studies [78,79,85].
Table 4 shows the correlation matrix between ground data (see Table 2) and NDVI from remote sensing platforms (unfiltered and filtered UAV and Sentinel-2). There is a good correlation between NDVI from the UAV and from the satellite for quantitative agronomic parameters (yield, bunch weight, pruning wood, and leaf area) in both V1 and V2 vineyards and for both S2 image acquisition dates, with R2 varying from 0.60 for pruning biomass with S2 in V1 in September to 0.95 for yield with UAV_f in V2. Titratable acidity has a fluctuating trend but with low-medium R2 values, except for UAV_f in V2, where R2 is 0.69. Sugars do not seem to be correlated with the NDVI index in either vineyard nor with all remote sensing platforms; R2 values ranged from 0.02 to 0.20 in August and September S2 images, respectively, in V1, with a peak of 0.33 in the V2 vineyard with UAV_f. Those results areh NDVI is well correlated to quantitative agronomic parameters (i.e., while the correlation is quite weak with respect to the qualitative parameters (i.e., titratable acidity and sugars) [20,100,101].
The slight difference between UAV_uf and S2 in some R2 values for quantitative agronomic parameters, such as bunch weight, pruning biomass, and leaf area in V1 on both S2 image acquisition dates and pruning biomass in August and leaf area in September in V2, could be explained by the time gap of 10 and 9 days, respectively, between the UAV flight and the available S2 images of 30 August and 19 September 2015. As might be expected, in both vineyards, filtering technique, which allows only the pixels representing crop canopies in the correlation with ground data to be analyzed, slightly improves the already high R2 values of the unfiltered images. Exceptions were found in V1 for sugars and pruning biomass parameters in UAV_f with similar (0.10 vs. 0.10 R2) or lower (0.76 vs. 0.73 R2) correlation values than UAV_uf.
In V1 and V2, S2 has a high correlation coefficient (R2) for agronomic parameters closely related to biomass production such as yield, bunch weight, pruning wood, and leaf area (with values ranging from 0.60 for pruning biomass to 0.88 for yield in both V1 and in September). This trend (high R2 value) is similar for both S2 image acquisition dates, even if August S2 image has a better fit with respect to quantitative agronomic parameters (except for yield) due to low plant senescence in August.
According to the aim of this study, S2 correlation values are very similar to those of UAV_uf, demonstratingentinel-2 on crops with a continuous canopy such as an overhead trellis system. In contrast to the first comparison of S2 and UAV in a vineyard [61], which described an accurate spectral analysis on a row-based trellis system with visual vigor assessment validation, a strong point of this work is the high ground validation measurements related to yield, quality, and biomass parameters. The influence of bare soil plays a critical role in remote-sensing crop-monitoring approaches, strongly affecting the plant vigor estimation. In the case of bare soil, filtering methods applied to high resolution images provide the best solution for an effective analysis of crop spectral response. The S2 approach shows very good results in tendone systems, and the presence of limited zones with missing plants and bare soil (V1 ≤ 4%; V2 ≤ 2%) does not strongly affect our spectral and agronomical analysis.
This study performed aimages and ground keyIn terms of vineyard spatial variability, a visual inspection of UAV and Sentinel-2 NDVI maps shows the same vigor trend for each vineyard. For the NDVI values after the filtering technique, in both vineyards, Sentinel-2 data show a higher correlation with UAV_uf than UAV_f. As further proof of comparable outcomes between two remote sensing platforms, Sentinel-2’s lower resolution provides similar results with respect to UAV_uf, especially in the vineyard characterized by large vegetation clusters. This study also shows the good correlation between NDVIs elaborated from both platforms and agronomic key parameters, with a marginal improvement for the filtered UAVpatial resolution provided by Sentinel-2 on an overhead trellis system viticulture, as already well-proven on other continuous crops, suggesting the diffusion of innovative technologies for site-specific management for an emerging viticulture area with low value-added production thanks, above all, to the free images provided by Sentinel-2.
Beyond the results of the present study, some of the future challenges facing the use of Sentinel-2 in PV concern the correlation and validation with biomass and production parameters in row-based vineyards given the inter-row spectral contribution due to the presence of bare soil, grass cover, and shadow pixels.
All authors conceived and designed the study. S.F.D.G. and A.P. designed the experiment. S.F.D.G., R.D., A.P., P.T., and A.M. formulated the research methodology and wrote the manuscript. S.F.D.G., R.D., and A.P. provided necessary data curation. All authors reviewed and edited the draft.
The authors are grateful to Andrea Berton (IFC-CNR) for technical support on UAV image acquisition. They also acknowledge Orsogna Winery for having hosted the experimental activities.
ISTAT Tavola C26S8—Superficie (Ettari) e Produzione (Quintali): Uva da Tavola, Uva da Vino, Vino. Dettaglio per Regione. Available online: hx (accessed on 12 September 2019).
Agisoft, Photoscan Professional. Available online: https://www.agisoft.com (accessed on 1 October 2019).
MATLAB, version 2016; MathWorks Inc.: Natick, MA, USA.
QGIS, Noosa Version. Available online: https://www.qgis.org/it/site/ (accessed on 1 October 2019).
Orsogna Winery agronomist. Personal communication, 2015.
Figure 1. Montepulciano vineyard (V1) trained with a tendone trellis system (a,b) monitored with the unmanned aerial vehicle (UAV) platform equipped with a multispectral camera (c).
Figure 2. Study vineyards Costa di Moro (V1, left) and Magliano (V2, right) vigor maps, elaborated from UAV (a,b) and from Sentinel-2 (c,d images of 30 August 2015; e,f images of 19 September 2015).
Figure 3. UAV vs. S2 NDVI images 30 August 2015 (red star) and 19 September 2015 (black circle) comparison in V1 (unfiltered (UAV_uf) (a) and filtered (UAV_f) (b)) and V2 (UAV_uf (c) and UAV_f (d)).
Table 1. Experimental vineyards.
Table 2. Ground sampling data (mean ± standard deviation). LV = low vigor; MV = mean vigor; HV = high vigor.
Table 3. Comparison between UAV unfiltered and filtered (10 September 2015) and Sentinel-2 (30 August and 19 September 2015) imageremote and ground data.


SUNDAY 9 BALL – 23rd SEPTEMBER : ABDULAH WINS.
Sunday’s 9 Ball Competition saw victory for Abdulah Ahmad from Qatar.
After finishing as Runner-Up in Thursday’s 9 Ball event three days earlier, he went one better this time to claim the 1st Prize of 4500 baht.
From a total entry of 20 players from 14 different countries, he beat Sweden’s Thomas Pettersson in the final by 5 racks to 1 (race 5-4) to lift the trophy.
Consolation for Thomas in his first tournament here for virtually six months, was in the form of 25Bangkok friends Praew Wasana Sipudtha and Mew Hataichanok Payupad, :Abdulah (A+4) – 4500 baht.
Runner-Up : Thomas (A+3) – 2500 baht.
Semi-finals : Praew (A+4) and Mew (A+3) – 102100 bahtor 900 baht, and adding an extra 9100 to his winnings.
1st (40%) : Abdulah (Himself) – 9100 baht.
2nd (30%) : Thomas (Himself) – 6600 baht.
Equal 3rd (15%) : Praew (Herself) and Mew (Herself) – 3200 baht each.


meteorologists, the supposed subject matter experts. Similarly, a number of changes have occurred within the financial services industry that has prompted a comparable level of mistrust towards industry professionals. Underpinning these events is the concept of asymmetric information, or an informational imbalance between parties, which is not a newly occurring phenomenon when it comes to financial services. This information disparity has been long discussed within the context of economic theory. In simple terms, the service provider takes advantage of an information gap versus the client for their own interests. When combined with more recent ‘atmospheric’ shifts including financial repression by Central Bankers, rising demands on organizations’ financial resources and the investment industry successfully selling high cost and complex solutions, a perfect storm is created. Not unlike the reported rise in global temperatures, most of these shifts in markets have been subtle and occurring over an extended period of time. This is an enormous challenge to an asset owner’s ability to enact a sustainable investment program. Compounding the impact of these difficulties is an environment where asset owners have few advice providers to rely on, as the universe of reliable, consultative partners has winnowed and investment committee participation continues to decline. Though the effects from Mother Nature cannot be fully controlled, asset owners have the ability to take greater command of these market forces and better manage the fate of their institutions.
At the root of the issues facing investors is an information imbalance which has been well-documented and centers on the function of markets as a ‘Losers Game,’ famously described by Charles Ellis. The concept of investing as a zero-sum game has been evident for years in active manager performance, and at the heart of this is agency risk or the principal-agent issue as a misalignment of interests and incentives. Over the trailing five-year period, as of year-end 2017, 84.2% of large-cap managers, 85.1% of mid-cap managers, and 91.2%It is true that for several periods throughout recent history investing was often a ‘Winner’s Game’ but, these environments tend to self-correct with crowding. Further, in years past there were ‘networks of information’ and less regulatory scrutiny where active managers were able to capture a performance edge. More recently, markets have evolved and information and technology has proliferated, reducing the performance advantages that once existed. Even the asset managers recognize the difficult environment; otherwise we’d likely see a more prevalent move to offer performance-based fees for publicly-listed investments. A similar phenomenon is occurring in private markets, as well. It is widely reported that valuations are stretched and deals are hard to come by. Yet, there is over $4T in ‘dry powder’ capital waiting to be deployed by investors. The end result will likely be non-differentiated performance, while the investment manager continues to pocket generous fees. This is a clear example of the agency risk issue, where advisors or money managers are putting their interests (i.e., fee income) over the interests of the institution or client. Their sole focus is on obtaining sticky assets and garner feesto invest that amount of funds profitably.
Another facet of this perfect storm contributing to the challenges faced by asset owners is the narrowing universe of advisors that are truly independent. Following the global financial crisis, and with the increasing complexities of financial markets as noted above, asset owners have shifted towards outsourcing the fiduciary responsibilities of their investment portfolios. As a result, has surged over the last decade, and traditional investment consultants have become a growing segment of that market (via expansion or re-purposing their internal capabilities to serve the OCIO market), as a way to supplement an otherwise low-margin business. These formerly independent advisors have moved into the role of asset manager, and the ability of those same firms to offer impartial advice has become increasingly blurred byAs concerning, many global financial services firms have also witnessed the growth opportunity and thrown their hats into the ring. These large firms are hired (often based on a brand name) to provide an oversight function for their investor clients, but are themselves offering competing investment products which compound the misalignment of interests. These transitions only further perpetuate the principal-agent problem and information disparities.
The first such area, as highlighted previously, is the zero-sum game of investing. As noted by Burton G. Malkiel in 2013, “… unds, and the amount of underperformance is well approximated by the difference in fees charged by the two types of funds.” Often times the perplexing behavior of investors to continue to pay excessive fees for lackluster performance can be attributed to investor overconfidence and successful marketing via the asset management industry. A trusted advisor can provide measured guidance on how to navigate these issues, including determining the most appropriate allocation of an investment expense budget to passive vs. active mandates.
Another area a trusted advisor can provide assistance to asset owners is in guiding investment committees away from the propensity towards short-termism and instead focus on long-term objectives. An example of this would be providing education around the performance impact of staying invested during turbulent markets. Morningstar-published data revealedfrom 2007-2016. By February 2009 (the trough of the global financial crisis), the value of that investment would have dropped by nearly half. However, if the investor remained in the market over the next 82 months, the value of the portfolio would grow to $195,719. Conversely, if the investor had exited at the trough, for one year, and then re-invested for the same duration, the portfolio value would be $127,517. Alternatively, a move to all cash at the bottom of the market would have yielded just $54,580.
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Offering opportunities and information to help educate investment committees on these nuances can be a valuable component to the long-term success of an institution. These decisions can have a meaningful effect on the longevity of an institution and a measured approach, borne of experience, can help mitigate common pitfalls. Likewise, while diversification is an important feature for investment portfolios, as the lines continue to be blurred in the context of advice-givers, there is a tendency for investment programs to over-diversify by hiring too many asset managers. This can occur as a way to reduce risk, occasionally to satisfy political relationships, or for an OCIO to offer its own in-house products. Unfortunately, this over-complication often occurs as a means for advisors to hone their narratives and embellish another aspect of their storytelling, typically at the expense of portfolio returns. Importantly, investment advisors will get paid, regardless of the performance results or the number of managers within a portfolio. A recent CFA study shows that, among public equities, “Excess diversification can cause the overall level of active risk to decline to such a level that achieving expected return targets may prove unrealistic.” As such, hiring too many active managers can ultimately lead to creating an expensive index fund. Again, these are situations where a non-conflicted counselor can assist committees in adhering to the policy guidelines put in place by the institution and implement a selective portfolio of best ideas.
Asbecome pervasive, markets and service providers have faced increased competition and created blurred lines about their ultimate intentions. In this environment, it has become imperative that non-conflicted advice is required from the parties providing counsel on how to manage the assets of an institution. As an asset owner or someone who represents an owner, there are several questions that are likely to come to mind. Does your trusted advisor benefit from offering internally managed investment solutions; are they working to gather assets for fee income; do they answer to public shareholders? A true partner will signal, without reservation, the intent to remain solely in an advisory capacity. Often, the relationship becomes mutually beneficial, as competent advisors experience organic growth of their business through referrals from existing clients. These firms are not reliant on catchy marketing slogans or dependent on brand-name recognition; instead, they rely on the institutional networks in which they operate.
As asset owners fac.
Beers, Bryan. 2018. “The Dangers of Over-Diversifying Your Portfolio” Investorpedia.com
Ellis, Charles D. 1975. “The Loser’s Game.” Financial Analysts Journal.
2013. “Blurred Lines Between Consultants and Asset Managers Most Pronounced in the UK.” AI-CIO.com.
2017. “The Importance of Staying Invested.” Morningstar®
McKay, CFA, Shawn, Robert Shapiro, CFA, and Ric Thomas, CFA. 2018. “What Free Lunch? The Costs of Over Diversification.” Financial Analysts Journal.
Soe, CFA, Aye M. and Ryan Poirier, FRM. 2017. “SPIVA®U.S. Scorecard.” S&P Dow Jones Indices.
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