This multi-limbed creature is a Fuxianhuiid arthropod, and it's not waving, but eating. Some of those arms are actually mouthparts, the earliest ever seen.
Fuxianhuiids lived from 520 million years ago, roughly 50 million years before primordial land animals crawled from the sea. They had soft bodies, but their heads were covered in a hard shell, which has hidden the structures underneath in all fossils previously found. But now, thanks to an astonishingly rich new site in southern China, we have several specimens like the one pictured that were fossilised after losing their shells.
This has given researchers the first opportunity to examine the appendages on the creature's head, which turn out to be the earliest and simplest example of manipulative limbs used for feeding purposes.
The researchers reckon that fuxianhuiids adapted the limbs to push sediment into their mouths while grazing along the sea floor. They would then filter out the tasty morsels, such as traces of decomposed seaweed.
The revelation sheds light on the earliest moments of limb development in arthropods, which evolved into the insects, spiders and crustaceans we know today.
"Since biologists rely heavily on organisation of head appendages to classify arthropod groups, such as insects and spiders, our study provides a crucial reference point for reconstructing the evolutionary history and relationships of the most diverse and abundant animals on Earth," says Javier Ortega-Hern?ndez from the University of Cambridge, who was on the research team.
The fossils also revealed the oldest nervous system on record that extends beyond the head - a single nerve string.
"These fossils are our best window to see the most primitive state of animals as we know them - including us," says Ortega-Hern?ndez. "Before that there is no clear indication in the fossil record of whether something was an animal or a plant."
The fossils were found at a new site called the Xiaoshiba biota. It has proven stunningly rich in arthropod remains and even surpasses the bounty of the Chengjiang biota, says Ortega-Hern?ndez.
"More than 50 specimens of fuxianhuiids have been found in just over a year, whereas in previous areas considered fossil-rich, such as Chengjiang, it took years - even decades - to build up such a collection."
CARACAS, Venezuela (AP) ? Venezuela's vice president said Thursday that Hugo Chavez is still fighting for his life, yet a recent poll says three in five Venezuelans believe their president will return to power.
Nicolas Maduro, Chavez's self-appointed successor, said on television that his boss "is battling there for his health, for his life, and we're accompanying him."
The vice president had characterized Chavez's condition similarly on Dec. 20, saying the president "is fighting a great battle ... for his life, for his health."
Chavez hasn't spoken or been seen since before his fourth operation in Cuba on Dec. 11 for an unspecified cancer in the pelvic area.
The government says he has been breathing with the help of a tracheal tube after surviving a serious respiratory infection. It says Chavez returned on Feb. 18 and is at a military hospital in Caracas for continued treatment for "respiratory insufficiency."
Despite speculation by doctors not involved in Chavez's treatment that it is most likely palliative, designed only to make him more comfortable in his remaining days, many Venezuelans apparently believe ? or want to believe ? he is on the mend.
"The president's prolonged absence and his critical situation have not been converted into massive pessimism about his return," respected pollster Luis Vicente Leon tweeted Thursday.
He said nearly 58 percent of Venezuelans believe Chavez will recover while about 30 percent believe he will not return to power and 12.5 percent say they don't know what will happen. One percent, meanwhile, believe Chavez was never sick.
Leon, chief of the Datanalisis polling firm, told The Associated Press that the Feb. 11 poll of 1,198 people had an error margin of three percentage points.
He said he thought the poll reflected people's desire not to believe the worst about someone who is dear to them, just as people resist accepting that a close relative might be dying.
Leon also said he thought reports of government officials holding hours-long meetings with Chavez had contributed to the belief of many Venezuelans that Chavez will return.
"The government has sent permanent messages that President Chavez will return, that he meets with the vice president for five hours," Leon noted.
He said people don't necessarily believe that, however, as the poll found 44 percent think the government has not been transparent in discussing the Chavez's health.
In his televised remarks, Maduro called for Venezuelans to keep praying for Chavez and remain loyal to the committed socialist who has been their president for more than 19 years.
"Do you know why Comandante Chavez neglected his health and has been battling (cancer) for nearly two years?" he said. "Because he completely surrendered body and soul and forgot all his obligations to himself in order to give himself to the homeland."
Chavez, 58, himself has previously acknowledged that he was neglecting his health in recent years, often staying up late and consuming cup after cup of coffee to remain alert.
The president has undergone surgeries, chemotherapy and radiation treatments since June 2011, when he first announced his cancer diagnosis. He hasn't specified the type of cancer or the exact location in his pelvic region where his tumors have been removed.
On Feb. 15, the government released four photographs of Chavez lying in a bed in Cuba with his two daughters by his side. They were the only images of him published since early December.
Re-elected in October, Chavez was scheduled to have been sworn in on Jan. 10. But the Supreme Court said the swearing-in could be delayed.
In this Tuesday, Feb. 26, 2013, photo, Trader William Lawrence works on the floor of the New York Stock Exchange.Futures are rising as Chairman Ben Bernanke heads to Capitol Hill to explain what the Federal Reserve will do to accelerate the economic recovery. (AP Photo/Richard Drew)
In this Tuesday, Feb. 26, 2013, photo, Trader William Lawrence works on the floor of the New York Stock Exchange.Futures are rising as Chairman Ben Bernanke heads to Capitol Hill to explain what the Federal Reserve will do to accelerate the economic recovery. (AP Photo/Richard Drew)
NEW YORK (AP) ? More evidence that the housing market is recovering boosted stocks on Wall Street Wednesday. Gains for discount retailers also pushed indexes higher after Dollar Tree posted strong earnings.
The Dow Jones industrial average rose 130 points, or 0.9 percent, to 14,031 as of 12:30 p.m. EST. The Standard and Poor's 500 index gained 17 points, or 1.1 percent, to 1,514. The Nasdaq composite rose 40 points, or 1.3 percent, to 3,169.
Dollar Tree jumped $5 to $46.09 after the discount retailer reported a 22 percent profit increase as consumers spent more at its stores. Dollar General followed suit, gaining $2.12 to $47.07, and Family Dollar Stores rose $1.55 to $57.83.
The number of Americans who signed contracts to buy homes rose in January from December to the highest level in almost three years. The National Association of Realtors' index for pending home sales rose 4.5 percent to the highest point since April 2010.
The news sent home builder stocks higher for the second day in a row. PulteGroup rose 48 cents to $19.53, a day after rising 5.7 percent on news that sales of new homes jumped 16 percent last month to the highest level since July 2008.
Stocks have mostly recouped their losses for the week following a sell-off on Monday. The Dow and the S&P 500 logged their biggest losses in more than three months at the start of the week after elections in Italy left the country in political gridlock.
"The market psychology has clearly shifted. It's no longer sell the rally, it's buy the dips," said Dan Veru, chief investment officer of Palisade Capital Management. "The economic data continues to be strong."
The Dow is up 6.9 percent since the start of the year, and is about 1 percent from its record close of 14,164 reached in October 2007. The S&P 500 is 5.9 percent higher for the year, and is about 3 percent short of its record close of 1,565.
In addition to the housing recovery, rising company earnings and an improving the job market have also given investors a reason to buy stocks.
Wall Street analysts predict that earnings for S&P 500 companies will climb 7.8 percent in the fourth quarter, the third straight quarter of growth.
Investors are also following Federal Reserve Chairman Ben Bernanke's testimony to Congress Wednesday.
Bernanke is giving the second of two days of semiannual testimony to Congress about the Fed's interest rate policies, this time to the House Financial Services Committee. On Tuesday, Bernanke told a Senate committee that he thinks the Fed's low-interest-rate policies are giving crucial support to an economy still burdened by high unemployment.
The yield on the 10-year Treasury note was little changed at 1.88 percent.
Among other stocks making big moves;
? Priceline.com rose $21.43 to $699 after it said late Tuesday that its net income jumped in the fourth quarter as bookings grew.
? First Solar plunged $4.89 to $26.49 after the company posted disappointing sales for the fourth quarter and gave a weak early outlook for the year.
? Target fell 67 cents to $63.37 after the No. 2 discount chain's quarterly income fell 2 percent as it dealt with intense competition during the holiday shopping season.
? DreamWorks Animation fell 56 cents to $16.03 after it posted a loss of $82.7 million. The company booked a write-off on its November release "Rise of the Guardians" and on an upcoming movie that needs to be reworked.
CHARDON, Ohio (AP) ? One day after a teen gunman pleaded guilty in the deadly school shooting in northeast Ohio, students marked its one-year anniversary Wednesday with hugs, supportive messages and a somber march through town.
The march by Chardon High School students, walking arm-in-arm in the damp cold from the school to the town square, was an emotional highlight during the day's commemoration.
Photos of the three slain students were displayed, onlookers applauded marchers and firefighters hung a large American flag from an aerial ladder.
The march ended at the courthouse where the shooter, T.J. Lane, 18, had pleaded guilty Tuesday to all charges. Lane could face life in prison at his sentencing March 19.
The observance honored Daniel Parmertor and Demetrius Hewlin, both 16, and Russell King Jr., 17, who were killed in the Feb. 27, 2012, rampage. Three others were injured.
Students arriving for classes passed an outdoor school sign with the names of the victims and the message: "2-27 A Day of Remembrance." Across the street, a heart-shaped sign in the school colors of red and black had the message: "One Heartbeat."
The slain students' relatives on Wednesday sued Lane and his family, seeking damages and alleging negligent supervision by his parents and grandparents. Attorneys who filed the case said the families want to ensure Lane never profits from his crimes.
"Hopefully this lawsuit will help answer a lot of questions that still remain and help bring closure for the families and the community," attorneys Peter Marmaros and W. Craig Bashein said.
In Columbus, the Ohio House observed a moment of silence. Rep. John Patterson, who represents Chardon, said he planned to introduce a bill to designate highways in the names of the three victims.
Patterson told his colleagues that they couldn't control tragedies or fully prevent them. And the Jefferson Democrat encouraged parents to tell their children they love them.
The anniversary of the student deaths marks another year of mass shootings around the country ? 12 people gunned down at a Colorado movie theater; six killed at a Sikh Temple in Wisconsin; and 26 Connecticut first-graders and educators slain in Newtown during the Christmas season.
The march in Chardon rekindled memories of the walk taken along the same route by grieving students as they returned to classes three days after the shooting.
A senior student leader, Jessica Mysyk, said the past year has been a time of emotional healing.
"It was hard to even imagine setting foot back into the building where such a tragedy occurred," she told classmates gathered in the square.
Another senior leader, Will Porter, said nothing satisfactorily explains the violent attack.
"There are no explanations I can give that can help any of us understand," he said.
The day's activities in Chardon highlighted the anniversary but served to keep students busy with projects including writing messages of support, artwork, memorial wreaths and making security blankets for future victims of tragedies.
Rachel Loder, 16, who was a sophomore at the time of the Chardon shootings, received such a security blanket and cried and embraced it at difficult times during the past year, her father George Loder said.
"There have been many tears throughout the year," he said.
Loder said his daughter and her classmates have reciprocated by meeting weekly to make blankets, including more than 150 delivered to Newtown.
Counselors and therapists and about a dozen students from Virginia Tech, where a 2007 massacre left the gunman and 32 students and faculty dead, were available throughout the day to meet with students, Chardon principal Andy Fetchik said.
The Virginia Tech students have visited Chardon more than a half dozen times over the past year to promote healing, said Fetchik, wearing a lapel ribbon in the school's red and black colors.
"That's what our kids have been trying to do as they work with that group, is to send that message that one small act of kindness can go a long way," Fetchik said.
Prosecutors say Lane took a .22-caliber pistol and a knife to the school and fired 10 shots at students in the high school cafeteria. Lane was there waiting for a bus to an alternative school he attended.
Lane pleaded guilty to three counts of aggravated murder, two counts of attempted aggravated murder and one count of felonious assault. Charged as an adult, Lane cannot get the death penalty because he was 17 at the time of the crimes.
___
Associated Press writers Ann Sanner and Kantele Franko in Columbus contributed to this story.
The London Underground's most popular announcer will totally make your day.
For six years, Jamaica-born Carl Downer has shared Rastafarian wisdom with strangers passing through central London's Victoria Station in order to cheer them up, according to Yahoo News. His performance, which sometimes references MC Hammer, was caught on video this week.
?Chill out, kick back, no need let anybody cramp your style,? he says in the YouTube clip above. ?Rastaman driver, take these beautiful people to their destination."
In an interview with Vice Magazine, Downer explained why he does it.
I feel happy when people smile because of me. You know why? With the economy nowadays, you don't know what people are going through, and if they can take their mind off all the things going on in their personal life, in their job life, that one moment of happiness can make a big difference.
He added, "I like to see people happy, man ?- seriously."
We'd like to transport this dude to New York City.
LOS ANGELES (Reuters) - Clothing worn by Jennifer Lawrence in her Oscar-winning role as an outspoken young widow in comedy "Silver Linings Playbook" went up for auction on Tuesday, just two days after the Academy Awards ceremony.
Memorabilia dealer Nate D. Sanders put the skin-tight white dance pants, winter coat and sports bra Lawrence wore in the film up for sale in the online auction that will end on Thursday.
The items are expected to fetch between $500 and $1,500 following the 22-year-old's Best Actress win on Sunday.
"She's now on the record for having an Academy Award, which definitely gives it (the items) status now," said Laura Yntema, spokeswoman for auction house Nate D. Sanders.
"The Hunger Games" star also won awards from the Golden Globe and Screen Actors Guild in January for her "Silver Linings Playbook" performance.
Five items, either worn by Lawrence or from her wardrobe on the film, are up for auction with starting bids at $100.
They include the custom-tailored skin-tight white pants Lawrence wore during the film's climactic ballroom dance scene with co-star Bradley Cooper.
The black, full-length double-breasted Moda International wool coat is a size six. The teal sports bra by Gap Body will be sold together with an extra-small blue Threads 4 Thought long-sleeved shirt.
The auction also has nine clothing items either worn or from the wardrobe of Cooper, and two items from the wardrobe of supporting actor Chris Tucker.
Movie studios often hand off costumes to auction houses, where even small outfits can fetch high prices from fans and collectors.
(Reporting by Eric Kelsey; Editing by Jill Serjeant and Eric Walsh)
Even though Jennifer Lawrence fell on her way up to accept her best actress Oscar for ?Silver Linings Playbook,? perhaps the most embarrassing moment for the 22-year-old came after the show.
While ABC?s George Stephanopoulous was interviewing Lawrence in a post-show wrap-up, three-time Oscar winner Jack Nicholson, 75, came up behind her and said, ?You did such a beautiful job,? before adding ?I would love to interview you.?
Nicholson, who had earlier co-presented the best picture award with Michelle Obama, added to the flirting when he told Lawrence, ?You look like an old girlfriend? to which the actress gamely quipped ?Oh really, do I look like a new girlfriend??
Nicholson didn?t miss a beat. ?I?ve thought about it," he said.
With a smile, the surprised actress exclaimed ?Oh my God!? and buried her head in her hands. Even the 53-year age difference couldn't stop Jack from getting in some banter with Esquire?s ?Sexiest Woman Alive.? Check out the video below.
Here's a wild one -- webOS has been revived, and the suitor may surprise you. LG has reportedly lifted the troubled webOS unit from HP's hands, but instead of using it in future smartphones or tablets, it's planning to inject the operating system across its smart TV portfolio -- finally adding a layer of truth to a rumor we first spotted in October of last year. The deal includes the source code for webOS, "related documentation, engineering talent, and related webOS websites." Moreover, LG's procuring HP licenses for use with its webOS wares, not to mention patents that HP had originally gained from Palm. Not surprisingly, dollars and cents aren't being publicly discussed, but we'll be sure to clue you in on any more specifics as we get them.
PAJANIMALS are starting the New Year with a plethora of new and exciting entertainment and activities, including a brand NEW DVD, ?Pajanimals Playdate,? and an assortment of NEW FREE PAJANIMALS-themed Valentine?s Day e-cards for download, just in time to send to someone special!
The PAJANIMALS?Cowbella, Apollo, Sweetpea Sue and Squacky?have quickly become popular with children and parents alike! Their own television series airs nightly on 24-hour preschool television channel Sprout(R) during its The Good Night Show and also airs on NBC on Saturday mornings as part of the NBC Kids programming block.
PAJANIMALS, co-produced by The Jim Henson Company, Sprout and Sixteen South Television, follows this adorable quartet as they take young viewers on exciting imaginary adventures. With music and new friends in every story, PAJANIMALS teaches the skills that preschoolers need to move through their days successfully, especially getting ready for and going to bed.
In ?Pajanimals Playdate,? the Pajanimals love to play games, sing songs and go on great adventures to meet new friends. Each story resolves a challenge typically encountered during every preschooler?s day. Through their imaginary journeys, these friends discover fun ways to learn daily life lessons. Snuggle up with the Pajanimals for a magical adventure and play date that encourages a bedtime routine!
February is the month of love with Valentine?s Day (February 14), Celebration of Love Week (February 10 ? 16) and Love Your Pet Day (February 20), and Pajanimals want to help you celebrate by offering new FREE PAJANIMALS-themed Valentine?s Day printable cards available now at http://www.sproutonline.com/printables/pajanimals-printable-valentines-day-cards
PAJANIMALS fans can also access a number of fun and FREE age appropriate activities and games on the Sprout website, http://www.sproutonline.com/shows/pajanimals. Additionally, The PAJANIMALS App, an interactive adaptation of the episode ?Light in the Sky,? lets children join in the fun with their favorite Pajanimals characters. Filled with engaging activities that play off of the theme of the episode, as well as charming music and animation, the fully 3D app will extend the reach of the TV series onto iPhone, iPad and iPod touch. And, remember to tune into PAJANIMALS on Sprout and NBC Kids.
I received a copy of The Pajanimals: Pajanimals Playdate DVD.
My youngest son absolutely adores The Pajanimals. He?s been watching the first Pajanimals DVD, Meet The Pajanimals, every day since we got it. This DVD is looking to be just as popular, as he has been watching it daily as well. I think the show is adorable. I love that the show encourages the characters to get along with each other and work things out.I really like the episode A Colorful Problem, because it?s definitely a situation I can see happening amongst young children in real life. My son loves all of the episodes. And the music, he loves the songs. When the Pajanimals Bounce song comes on, he bounces. He does that when Jiggle, Jumble and Jump comes on, as well as the Pajanimals Freeze Dance.
The product(s) featured in this review was provided free of cost to me for the sole purpose of product testing and review. This review has not been monetarily compensated and is based on the views and opinions of my family and/or self. Please note that the opinions reflected in this post have not been influenced by the sponsor in any way.
Playing off his?pre-Oscars prediction?that everyone would hate him at the Oscars, Seth MacFarlane spent the first 19 minutes of the Academy Awards on Sunday making sure everyone would, in fact, hate him.?After some real stinkers, the main conceit was William Shatner descending on a screen as Captain Kirk, from the future, to tell MacFarlane to do a better job of hosting, in a kind of alternate-reality bit that turned pretty sordid?and pretty fast. ...
(Reuters) - Hewlett-Packard Co announced the launch of a $169 tablet powered by the Android operating system, a centerpiece of the company's effort to expand in mobile devices and reduce its dependence on the shrinking personal computer market.
The launch of the Slate 7 marks HP's latest foray into the consumer tablet market. It follows the 2011 failure of its WebOS-based TouchPad, which the company stopped selling after just seven weeks, citing poor demand.
Powered by Android 4.1 Jelly Bean, the Slate 7 offers Google Inc services including search functions, YouTube and Gmail, as well as Beats Audio for improved sound, HP said.
The 13-ounce device also includes access to apps and digital content through Google Play, and cameras on both sides of the 7-inch screen.
HP said it expects U.S. sales of the Slate 7 to begin in April, and said the product offer a "compelling entry point" for people looking to buy tablets.
Google's Nexus 7 tablet costs $199, as does Amazon.com Inc's Kindle Fire HD.
HP also makes the ElitePad tablet for businesses, which is powered by Microsoft Corp's Windows 8. WebOS had been developed by Palm Inc, which HP bought in 2010.
The Slate7 is part of a multi-year plan by HP Chief Executive Meg Whitman to turn around the Silicon Valley icon.
HP in recent years has struggled with costly acquisitions, management turnover, governance issues, and falling sales and margins from PCs, where the Palo Alto, California-based company still has the largest U.S. market share.
Shares of HP closed Friday 12.3 percent higher at $19.20 on the New York Stock Exchange, a day after HP reported quarterly results and an outlook that exceeded analysts' forecasts.
The company's market value has nevertheless dropped by nearly two-thirds since April 2010.
HP announced the Slate 7 on the eve of the Mobile World Congress, a wireless industry trade show taking place this week in Barcelona, Spain.
(Reporting by Jonathan Stempel in New York; Editing by Maureen Bavdek; )
Source: www.nytimes.com --- Saturday, February 23, 2013 With 16 percent of the world?s Catholics now living in Africa, the Church?s future, many say, lies in the continent. ...
In Saturday's NBA action, the Wizards continued their hot play with a victory over the Rockets and the Hawks edged the rival Bucks in J.J. Redick's Milwaukee debut. Plus, Danny Granger returned to action.
Saturday featured seven NBA games, many of them close. Let's dig in.
Hawks 103, Bucks 102 As long as Josh Smith is going to stick around, the Hawks might as well win, right? Atlanta is 2-0 since the deadline, notching a one-point win over the Bucks on Saturday. Al Horford picked up the game-winner -- a half-hook bank shot, of course -- to cap a 23-point, 11-rebound night. The Jeff Teague-Devin Harris backcourt outplayed Milwaukee's Brandon Jennings-Monta Ellis pairing, too. The Hawks duo scored 44 on a .692 eFG with 13 assists and three turnovers; the Bucks tandem had 25 points on .442 eFG with 15 assists and six turnovers.
In his Milwaukee debut, J.J. Redick was strong. He had 16 points on 4-9 shooting and seven assists against two turnovers. And yes, Jim Boylan did give us the three-guard lineup we've been dying to see since Thursday: the Bucks' lineup for the final four minutes featured Jennings, Ellis, Redick, Ersan Ilyasova and Larry Sanders. The Bucks led by five when Boylan put in Jennings for Mike Dunleavy. Four minutes later, Milwaukee had a one-point loss. This is going to be awesome.
Wizards 105, Rockets 103 Be wary, opponents: Washington is now 11-4 against teams with winning records since January 7. It's a completely different team over the past month, as Saturday's gutty two-point win shows. The Wizards' defense and offense both had slow starts, and Houston led by 11 at the half. But the Wizards plugged away to make it a game, and dominated defensively in the fourth. The Rockets shot 13-28 (.464) on threes in the first half and 6-18 (.333) in the second. The Wizards did most of their damage in the paint, but Bradley Beal was the top scorer with 21. James Harden racked up 27.
Pacers 90, Pistons 72 Danny Granger's back! That is not, however, the reason the Pacers blew out the Pistons, though. In 18 minutes off of the bench, Granger was 1-10 from the floor. Luckily for Indiana, Detroit was basically that bad top to bottom, shooting 33 percent for the game and racking up an offensive efficiency of roughly 78. George Hill led Indy with 17 on 7-10 shooting.
Clippers 107, Jazz 94 On a team with Chris Paul and Blake Griffin, it's Caron Butler and Lamar Odom getting the job done. What a world. Butler had 21 on 7-13 shooting and Odom added 18 off of the bench. The Jazz missed an opportunity to extend their standings lead over the Rockets.
Heat 114, Sixers 90 Thirty-three points on 14-18 shooting from Dwyane Wade, no big deal.
Nuggets 113, Bobcats 99 Denver's big men got the job done efficiently: Kenneth Faried scored 15 on nine shots and JaVale McGee scored 17 on 10. Byron Mullens and Bismack Biyombo, meanwhile, shot 4-17.
Cavaliers 118, Magic 94 How bad was this game for Orlando? Kyrie Irving and Alonzo Gee did this in the first quarter:
Check out SBNation.com/NBA-Scores for our blog recaps!
President Kirchner announced last month the government will invest $1 billion in the country?s railways, but critics say that may be too little too late.
By Jonathan Gilbert,?Correspondent / February 22, 2013
Relatives of the victims of a train crash attend a one-year anniversary ceremony at the Once train station in Buenos Aires, Argentina, Friday.
Victor R. Caivano/AP
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Paolo Menghini's t-shirt bears the face of his son, Lucas, a?victim of one of Argentina's deadliest train accidents, which occurred?a year ago today.
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The crash at Once train station in Buenos Aires killed a total of 51 people, and will be commemorated this evening by the victims'?families, led by Mr. Menghini. Argentina?s trains, however, are still?unsafe.
The crash at Once was not an isolated incident. In the first six?months of 2012, there were more than 1,200 accidents and 190 deaths on?Argentina?s main train lines, according to a government document.
The grieving families blame the current government of Cristina Fern?ndez de Kirchner for the deaths of their relatives, saying it did?nothing to improve a system that deteriorated after it was privatized?in the 1990s.
?The government is not a bystander,? says Menghini, whose son was 20?when he died. ?It stands accused. It knew what could happen and did?nothing.? Two former government transport secretaries, Ricardo Jaime and Juan Pablo Schiavi, are indicted in the case, but a trial date has?yet to be set.
Argentina?s railways were privatized at the beginning of the 1990s,?when concessions for various routes were auctioned off by Carlos?Menem?s administration. The contracts, however, favored the operators?and made it difficult to enforce sanctions and fines, says Pablo?Martorelli, president of the Argentine Railway Institute. He believes?a period of increased state control is forthcoming.
?The government allowed the companies to manage themselves. They stopped investing, and complaints about safety and security fell on?deaf ears,? says Sergio Garc?a, editor of Todo Trenes magazine,?dedicated to the railway industry.
President Kirchner announced last month the government will invest $1?billion in the country?s railways, and will replace the aging trains?of the Sarmiento line, along which the crash took place, with 400 new?Chinese wagons. In July, it withdrew the concession held by Trenes de?Buenos Aires (TBA) to operate the Sarmiento and Mitre lines.
But critics say the moves are belated.
?Once is the best example of Kirchnerism?s failure to act,? says?Leandro Bullor, an analyst at the University of Buenos Aires, using?the term that refers to Argentina?s politics since 2003, when N?stor Kirchner, the President's late husband and predecessor, came to power.
Kirchnerism also allowed years of mismanagement of oil company YPF before renationalizing it last year, Mr. Bullor says. In the case of the railways, despite government spending on the network, politicians?are believed to have allowed a handful of businessmen to misappropriate?substantial state subsidies while ignoring damning safety reports.?Alleged corruption has been at the heart of recent protests against?Kirchner.
Since 1991, Argentina?s usable railway network has dropped by 9,300?miles to around 11,800 miles today. Only 3,700 miles are considered safe for?passengers, who are packed into carriages. Inter-city journeys?are slow: It takes 20 hours to travel the nearly 500 miles from C?rdoba to Buenos Aires.
?It?s not enough to buy new trains,? says Mr. Garc?a. ?The tracks are?decrepit. There needs to be a long-term plan.?
The current government has repeatedly failed to mention Once as it seeks to absolve itself of responsibility for the crash, victims' families say. Kirchner only mentioned the crash once over the course of 11 months, in addition to offering her condolences to the victims? families last?night.
Her supporters pin the blame on former President Menem, but he is an?overused scapegoat for Argentina?s current problems, says Bullor, the?analyst.
?Fifty-one people died because of this government?s indolence,? saysPaolo Menghini. ?There needs to be a profound change since, as things stand, the tragedy of Once could repeat itself tomorrow.?
Gunmen attack Indonesian military chopper in Papua
By JEFREY PATTIRAJAWANE | Associated Press
JAYAPURA, Indonesia (AP) ? Unidentified gunmen shot at an Indonesian military helicopter in the restive province of Papua on Friday as the crew was trying to evacuate the bodies of eight soldiers killed in attacks the day before.
Three crew members were wounded in Friday?s attack on the Super Puma helicopter, which was forced to abort its mission and rush the injured to a hospital, said Lt. Col. Jansen Simanjuntak, an army spokesman.
Eight soldiers were killed in two separate attacks in the area on Thursday. The area is a stronghold of separatists who have battled Indonesian rule in the impoverished region for more than 40 years.
In the deadliest attack Thursday, about 20 assailants armed with guns and machetes attacked a group of soldiers walking to Ilaga Airport in Puncak district to collect communication equipment, killing seven, Simanjuntak said.
Two civilians also were shot in the attack, but their fate was unclear, he said. He said earlier that the two had been killed.
About an hour before that attack, gunmen stormed an army post in Tinggi Nambut, a village in neighboring Puncak Jaya district, and fatally shot one soldier and injured another before fleeing into the jungle, Simanjuntak said.
Indonesian military spokesman Rear Adm. Iskandar Sitompul said the same group was responsible for both attacks.
?They are believed to be old players who always try to disturb the situation there,? Sitompul said in Jakarta, the capital.
Simanjuntak identified the assailants as members of a local separatist group led by Goliat Tabuni.
Senior Security Minister Djoko Suyanto said the incidents were ?very irresponsible acts by the armed groups in Papua,? adding that ?the government very strongly condemns such brutal incidents.? He said the perpetrators would be captured and prosecuted.
The former Dutch colony of Papua in the western part of New Guinea was incorporated into Indonesia in 1969 following a U.N.-sponsored ballot of tribal leaders that has since been dismissed as a sham. A small, poorly armed separatist organization known as the Free Papua Movement has battled for independence since then.
KANSAS CITY, Missouri (Reuters) - A major winter storm headed northeast into the U.S. Great Lakes on Friday and threatened New England after blanketing states from Minnesota to Ohio with blinding snow, sleet and freezing rain.
The storm dumped more than a foot of snow in Kansas on Thursday, forcing airports to cancel hundreds of flights and stranding motorists on highways.
Kansas City, Missouri, Mayor Sly James said that about 60 buses were stuck on snowbound streets on Thursday, and even tow trucks were left immobile by the storm.
"It's still an ongoing process to get people off the roads," he told CNN.
About 570 flights were canceled on Friday, with 127 of them at Chicago's O'Hare airport. Kansas City International Airport reopened after being closed on Thursday while crews cleared runways.
The National Weather Service said the storm would move northeast into the upper Great Lakes over the next several days.
Sleet and freezing rain was possible in the Appalachians and mid-Atlantic states, with thunderstorms expected on the storm's southern fringe in the southeastern United States, it said.
The storm is expected to reach the East Coast this weekend, delivering heavy snow to parts of New England for a third straight weekend, from northern Connecticut to southern Maine.
SNOWY KANSAS
Kansas bore the brunt of the bad weather on Thursday, with up to 15 inches of snow in some parts of the state, according to the National Weather Service.
A 200-mile (323-km) stretch of Interstate 70 in central Kansas was closed and strewn with cars stuck in snow.
National Guard troops riding in Humvees were dispatched to look for stranded motorists along the interstate and other highways, said Sharon Watson, a spokeswoman for Kansas emergency management services.
The fierce storm triggered severe thunderstorms from eastern Texas to Georgia.
Missouri Governor Jay Nixon and Kansas Governor Sam Brownback declared states of emergency because of hazardous travel and possible power outages. Brownback ordered state offices closed because of the storm.
In Nebraska, a 19-year-old woman was killed in a two-car accident on Wednesday on Interstate 80 near Giltner. The Nebraska State Patrol said weather was a factor.
An 18-year-old man died in Oklahoma when his vehicle slid into a tractor-trailer on a slushy state highway, the state's highway patrol said.
Drought-stricken farmers in the Great Plains, one of the world's largest wheat-growing areas, welcomed the moisture brought by the storm, although experts said more rain or snow would be needed to ensure healthy crops.
(Reporting by Ian Simpson; Editing by Lisa Von Ahn)
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By Stacey Ravel AbarbanelFebruary 21, 2013Category:
Arts & Humanities, Campus News
'Vote for Democracy,' Hamilton Budaza (1994)
In April 1994, after years of protest, oppression and dissent, the eyes of the world were on South Africa and its first free elections. Would some 16 million people voting for the first time select the African National Congress as the ruling party and Nelson Mandela as president? Would the National Party, the architects of apartheid, be defeated?
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Nineteen political parties, representing the country's diverse constituencies, and 91 percent of the electorate participated in this important, tension-filled election,?which would also usher in a new parliament and the creation of a non-discriminatory constitution.
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"Fowler in Focus ? Mandela for President: South Africa Votes for Democracy," on display at the Fowler Museum at UCLA from April 7 through July 21, documents this landmark moment in South African and world history with election ephemera, textiles, posters and works of art created in response to the end of apartheid. Works include colorful commemorative cloths emblazoned with Mandela's likeness and Hamilton Budaza's print "Vote for Democracy."
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This exhibition complements "Ernest Cole Photographer," which features 125 original, rare black-and-white silver gelatin prints by one of South Africa's first black photojournalists and runs from April 7 through July 7 at the Fowler.
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The Fowler's South African election art and ephemera, together with Cole's images of the life?of black South Africans in the mid-1960s, provide a look at both the earlier years of apartheid and the emotion and anticipation of freedom during the 1994 election.
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"Fowler in Focus ? Mandela for President: South Africa Votes for Democracy" is curated by Betsy Quick, the Fowler's director of education and curatorial affairs. The exhibition will be on view in the Fowler in Focus gallery, the central space within the long-term exhibition "Intersections: World Arts, Local Lives." Fowler in Focus is dedicated to rotating installations of new acquisitions, sub-collections and particular artistic genres in the Fowler's permanent holdings. The Fowler Museum at UCLA is one of the country's most respected institutions devoted to exploring the arts and cultures of Africa, Asia and the Pacific, and the Americas. The Fowler is open Wednesday through Sunday from noon to 5 p.m. and Thursday from noon?to 8 p.m. The museum is closed Mondays and Tuesdays. The Fowler Museum, part of UCLA Arts, is located in the north part of the UCLA campus. Admission is free. Parking is available for a maximum of $11 in Lot 4. For more information, the public may call 310-825-4361 or visit www.fowler.ucla.edu.?
It's contest time again! With the seasons changing -- soon, we hope, as it's been a cold winter -- and spring fast approaching, we're teaming up with NVIDIA to award two Tegra-powered HTC One X+ devices (International edition) to a couple of lucky Android Central members.*
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Women seeking infertility treatment can be reassured that in vitro fertilisation is unlikely to increase their risk of breast or gynaecological cancers, say the authors of a large study of Israeli women.
Data from nearly 70,000 patients who had IVF treatment from 1994 to 2011 and a further 20,000 who sought treatment but didn?t have IVF showed no difference in their chances of being diagnosed with breast or endometrial cancer.
The risk of both in situ and invasive cervical cancer was actually reduced in women receiving IVF, the authors said.
But there were marginally higher odds of developing ovarian cancer among the IVF group, with that risk rising slightly with increased rounds of treatment.
However the authors said that due to the rarity of ovarian cancer, with only 45 cases recorded among the study participants, it was hard to link it compellingly to IVF treatment.
Previous research on IVF and cancer has produced mixed results with one recent Australian study claiming early IVF ups breast cancer risk. But other studies have found little evidence of a link.
Fertility and Sterility 2013; online
Women seeking infertility treatment can be reassured that in vitro fertilisation is unlikely to increase their risk of breast or gynaecological cancers, say the authors of a large study of Israeli women.
Data from nearly 70,000 patients who had IVF treatment from 1994 to 2011 and a further 20,000 who sought treatment but didn?t have IVF showed no difference in their chances of being diagnosed with breast or endometrial cancer.
The risk of both in situ and invasive cervical cancer was actually reduced in women receiving IVF, the authors said.
But there were marginally higher odds of developing ovarian cancer among the IVF group, with that risk rising slightly with increased rounds of treatment.
However the authors said that due to the...
SUMMIT, N.J. (AP) -- Cancer drug makerCelgene Corp. said Wednesday it will buy back $600 million in stock from an investment bank over the next three months.
The biotechnology company did not disclose the name of the bank. It said the accelerated share repurchase will be complete by May 20.
Celgene approved the repurchase of $2.5 billion in company stock in June, and said it has bought back around $550 million in shares since then.
Celgene shares advanced $2.77, or 2.8 percent, to $103.23 in morning trading. Earlier the stock reached an all-time high of $103.50.
Russia has offered to step in and broker a peace agreement between Syrian opposition groups and the regime of President Bashar al-Assad, according to the Associated Press .
As the 23-month civil war continues, the United Nations is also warning that humanitarian agencies are unable to access civilians and deliver needed aid in rebel-held northern Syria due to onerous government restraints, as reported by Reuters .
Here's a closer look at recent developments in the Syrian civil war.
Negotiations sought by Assad-ally
Russia and the Arab League are trying to reach both the opposition and the regime for direct talks as a means of ending the ongoing civil war.
Russian Foreign Minister Sergey Lavrov said that "neither side can allow itself to rely on a military solution to the conflict," according to the AP, "because it's a road to nowhere, a road to mutual destruction of the people."
The opposition denied the possibility of talking with Russia. Abdelbaset Sieda, a senior member of the Syrian National Coalition, said that Assad must step down before any talks could begin.
However, Russia has served as the primary international support for Syria and by suggesting negotiations may have already received support from the regime for talks.
The AP also reported that a government airstrike on a Damascus suburb had killed 20 people. The suburb of Hamouriyeh is rebel-held and the Britain-based Syrian Observatory for Human Rights was quoted by the AP as saying it was believed there could be more people buried under the rubble.
Another group, the Local Coordination Committees, suggested the death toll was closer to 35.
Aid groups have limited access to provide relief
The U.N. News Center said on Tuesday that Under-Secretary-General for Humanitarian Affairs Valerie Amos called the situation in Syria a "humanitarian tragedy unfold before our eyes. We must do all we can to reassure the people that we care and that we will not let them down."
Amos is also the also U.N. Emergency Relief Coordinator.
Access to areas in the north has been severely limited, she said, and according to Reuters the Syrian government is refusing to permit aid groups to enter the country through Turkey.
The only routes permitted are Lebanon and Jordan, far from the northern border.
Shawn Humphrey is a former contributor to The Flint Journal and an amateur Africanist, focusing his personal studies on human rights and political issues on the continent.
PARIS (AP) -- It?s crunch time in Mali for the French military.
Radical Islamist fighters spent weeks on the run from Malian cities under a French ground and air assault -- but they?re brazenly fighting back this week at French troops. The French, meanwhile, are tightening a dragnet against the al-Qaida-linked militants in one of their last remaining redoubts, mountain sanctuaries near Algeria?s border.
France?s government said Wednesday it?s still hoping to pull out of its thorny Mali operation in the coming weeks. Defense analysts say that if France wants to make that work, and avoid getting bogged down in a protracted, Afghan-style occupation, now?s the time to hit hard -- dismantling the hideouts and killing all the insurgents they can -- to crush what it fears is a growing terrorist threat that could spread to Mali?s African neighbors and even as far as Europe.
Six-hour gunfight
French and Malian authorities on Wednesday sifted over the fallout from a nearly six-hour gunfight Tuesday, when about 30 jihadist fighters surprised a 50-troop French reconnaissance patrol about 50 kilometers (30 miles) south of the town of Tessalit in the Adrar des Ifoughas region, and opened fire with machine guns.
The far-more-muscular French called in support from Mirage fighter jets, helicopter gunships, and armored vehicles firing 105-mm cannons. By the end, more than 20 insurgents and one French legionnaire were killed, French officials said.
The French operation in the area, code-named "Panthere," or panther, is continuing for a third day Wednesday.
President Francois Hollande insists that France -- eager for African forces to help stabilize the impoverished West African country and its wobbly central government -- is entering the final phase of its operation. But he says France will "go all the way -- that?s to say, arresting the last terrorist chiefs in northern Mali."
Defense analysts are blunter.
The extremists "have their backs against the wall," said Francois Heisbourg, president of the International Institute for Strategic Studies think tank, and adviser to France?s Foundation for Strategic Research. "They have been clobbered. And the best time to hit a guy is when he?s on the ground on his back."
Heisbourg estimated there are about 1,200 to 2,000 radical Islamic fighters in three extremist movements in northern Mali: Al-Qaida in the Islamic Maghreb and its allies; the Movement for Unity and Jihad in West Africa, or MUJAO; and Ansar Dine.
The groups controlled northern Mali for 10 months until the French incursion began Jan. 11. Heisbourg cautioned that if rebel fighters headed south to Niger, home to higher mountains than the Ifoghas, it could present longer-term problems for counterterrorism forces. The French have backing from Malian soldier, as well as forces from nearby Chad who are seen as battle-hardened and used to operating in harsh desert terrain and working with local Tuareg tribes.
French authorities are not yet clear if the zone between Gao, northern Mali?s largest city, and the Niger border has been fully scrubbed of the insurgent threat, officials say.
Officials in France are aware of the perils of trying to predict a quick end to counterterrorism operations, which can foment suicide bombings and other guerrilla tactics that defy resolution through military force.
One comparable example is the eastern African country of Somalia, where it took a U.N.-backed force of African troops -- backed by U.S. drone and aircraft strikes on targeted militant leaders -- many years to degrade al-Shabab insurgents enough to allow the formation of a functional transitional government.
Defense Minister Jean-Yves Le Drian told France-2 Television on Wednesday that France hopes to start moving out its 4,000 troops in Mali within weeks but, at the same time, he acknowledged that the counterterrorism operation in the Ifoghas range will continue "for a while."
Even as France talks about an eventual handover to Malian and other African forces, French troops are greeted warmly in Malian cities by waves from women selling their vegetables in piles on the street, and children who cheerfully shout "Mali! Mali!" as the soldiers pass.
Gao Mayor Sadou Diallo said about 1,000 French troops are in the Gao region, along with about 3,000 Malian and African soldiers. He said he hoped the French won?t leave the job half-done.
"I am optimistic that they won?t leave without finishing their work," he says. "We don?t want them to stay for years. We hope that MUJAO is wiped out, that elections can be held and that development can begin."
At the Nour mosque in Gao, Imam Alassane Maiga puts the French intervention in the plainest of terms: "If they had waited until September, we would have been dead" -- referring to the initial timetable planned for international troops to start fighting alongside Malian forces.
U.N. discussions about an African force for Mali have been under way for months, alongside efforts for a European Union training mission to help the Malian military. But while the world was waiting for those to come together, the extremists who had been imposing strict Islamic law on northern Mali started moving toward the capital in January. So France struck back, sending troops into help Malian forces push the radical fighters back.
As the markets once again approach historic highs - the overly exuberant tone, extreme complacency and weakness in the economic data, bring to mind Bob Farrell's 10 investment rules.? These rules should be a staple for any long term successful investor.? These rules are often quoted yet rarely heeded - just as they are now.? Bob Farrell is a Wall Street veteran with over 50 years of experience in crafting his investing rules.? Farrell obtained his masters degree from Columbia Business School and started as a technical analyst at Merrill Lynch in 1957. Even though Farrell studied fundamental analysis under Gramm and Dodd, he turned to technical analysis after realizing there was more to stock prices than balance sheets and income statements. Farrell became a pioneer in sentiment studies and market psychology. His 10 rules on investing stem from personal experience with dull markets, bull markets, bear markets, crashes and bubbles. In short, Farrell has seen it all and lived to tell about it.
The 10 Rules Of Investing
1. Markets tend to return to the mean (average price) over time.
Like a rubber band that has been stretched too far ? it must be relaxed in order to be stretched again. This is exactly the same for stock prices which are anchored to their moving averages.? Trends that get overextended in one direction, or another, always return to their long-term average. Even during a strong uptrend or strong downtrend, prices often move back (revert) to a long-term moving average. The chart below shows the S&P 500 with a 52-week simple moving average.
The bottom chart shows the percentage deviation of the current price of the market from the 52-week moving average.? During bullish trending markets there are regular reversions to the mean which create buying opportunities.? However, what is often not stated is that in order to take advantage of such buying opportunities profits should have been taken out of portfolios as deviations from the mean reached historical extremes.? Conversely, in bearish trending markets, such reversions from extreme deviations should be used to sell stocks, raise cash and reduce portfolio risk rather than "panic sell" at market bottoms.
The dashed RED lines denote when the markets changed trends from positive to negative. This is the very essence of portfolio "risk" management.
2. Excesses in one direction will lead to an opposite excess in the other direction.
Markets that overshoot on the upside will also overshoot on the downside, kind of like a pendulum. The further it swings to one side, the further it rebounds to the other side. This is the extension of Rule #1 as it applies to longer term market cycles (cyclical markets).?
While the chart above showed prices behave on a short term basis - on a longer term basis markets also respond to Newton's 3rd law of motion:? "For every action there is an equal and opposite reaction."?? The first chart shows that cyclical markets reach extremes when more than 3-standard deviations above the 50-week moving average.? For the first time since the lows of the market in 2009 this has now occurred.? Notice that these excesses ARE NEVER worked off by just going sideways.
The second chart shows the price reversions of the S&P 500 on a long term basis and adjusted for inflation. Notice that when prices have historically reached extremes ? the reversion in price is just as extreme. It is clear that the current reversion in the stock market is still underway from the 2000 peak.
3. There are no new eras ? excesses are never permanent.
There will always be some "new thing" that elicits speculative interest.? These "new things" throughout history, like the "Siren's Song," has led many investor to their demise. In fact, over the last 500 years we have seen speculative bubbles involving everything from Tulip Bulbs to Railways, Real Estate to Technology, Emerging Markets (5 times) to Automobiles and Commodities.?? It is always starts the same and ends with the utterings of "This time it is different"??
[The chart below is from my March 2008 seminar discussing that the next recessionary bear market was about to occur.]
As legendary investor Jesse Livermore once stated:?
"A lesson I learned early is that there is nothing new in Wall Street. There can't be because speculation is as old as the hills. Whatever happens in the stock market today has happened before and will happen again."
4. Exponential rapidly rising or falling markets usually go further than you think, but they do not correct by going sideways
The reality is that excesses, such as we are seeing in the market now, can indeed go much further than logic would dictate. However, these excesses, as stated above, are never worked off simply by trading sideways. Corrections are always just as brutal as the advances were exhilarating. As the chart below shows when the markets broke out of their directional trends ? the corrections came soon thereafter.
5. The public buys the most at the top and the least at the bottom.
The average individual investor is most bullish at market tops and most bearish at market bottoms.? This is due to investor's emotional biases of "greed" when markets are rising and "fear" when markets are falling.? Logic would dictate that the best time to invest is after a massive selloff - unfortunately this is exactly the opposite of what investors do.
The chart below shows the flow of money into equity based mutual funds.
6. Fear and greed are stronger than long-term resolve.
As stated in Rule $5 it is emotions that cloud your decisions and affect your long-term plan.
"Gains make us exuberant; they enhance well-being and promote optimism," says Santa Clara University finance professor Meir Statman.? His studies of investor behavior show that "Losses bring sadness, disgust, fear, regret. Fear increases the sense of risk and some react by shunning stocks."
The composite index of bullish sentiment (an average of AAII and Investor's Intelligence surveys) shows that "greed" is beginning to reach levels where markets have generally reached intermediate term peaks.?
In the words of Warren Buffett:?
"Buy when people are fearful and sell when they are greedy."
Currently, those "people" are getting extremely greedy.
7. Markets are strongest when they are broad and weakest when they narrow to a handful of blue-chip names.
Breadth is important. A rally on narrow breadth indicates limited participation and the chances of failure are above average. The market cannot continue to rally with just a few large-caps (generals) leading the way. Small and mid-caps (troops) must also be on board to give the rally credibility. A rally that "lifts all boats" indicates far-reaching strength and increases the chances of further gains.?
The chart above shows the ARMS Index which is a volume-based indicator that determines market strength and breadth by analyzing the relationship between advancing and declining issues and their respective volume.? It is normally used as a short term trading measure of market strength.? However, for longer term periods the chart shows a weekly index smoothed with a 34-week average.? Spikes in the index has generally coincided with near-term market peaks.
8. Bear markets have three stages ? sharp down, reflexive rebound and a drawn-out fundamental downtrend
Bear markets often start with a sharp and swift decline. After this decline, there is an oversold bounce that retraces a portion of that decline. The longer term decline then continues, at a slower and more grinding pace, as the fundamentals deteriorate. Dow Theory suggests that bear markets consists of three down legs with reflexive rebounds in between.
The chart above shows the stages of the last two primary cyclical bear markets.? There were plenty of opportunities to sell into counter-trend rallies during the decline and reduce risk exposure.???
9. When all the experts and forecasts agree ? something else is going to happen.
This rule fits within Bob Farrell's contrarian nature.? As Sam Stovall, the investment strategist for Standard & Poor's once stated:
"If everybody's optimistic, who is left to buy? If everybody's pessimistic, who's left to sell?"
The point here is that as a contrarian investor, and along with several of the points already made within Farrell's rule set, excesses are built by everyone being on the same side of the trade.? Ultimately, when the shift in sentiment occurs ? the reversion is exacerbated by the stampede going in the opposite direction
Being a contrarian can be quite difficult at times as bullishness abounds.? However, it is also the secret to limiting losses and achieving long term investment success. As Howard Marks once stated:
"Resisting ? and thereby achieving success as a contrarian ? isn't easy. Things combine to make it difficult; including natural herd tendencies and the pain imposed by being out of step, since momentum invariably makes pro-cyclical actions look correct for a while. (That's why it's essential to remember that "being too far ahead of your time is indistinguishable from being wrong.")
Given the uncertain nature of the future, and thus the difficulty of being confident your position is the right one ? especially as price moves against you ? it's challenging to be a lonely contrarian."
10. Bull markets are more fun than bear markets
As stated above in Rule #5 ? investors are primarily driven by emotions. As the overall markets rise ? up to 90% of any individual stock?s price movement is dictated by the overall direction of the market hence the saying ?a rising tide lifts all boats.?
Psychologically, as the markets rise, investors begin to believe that they are ?smart? because their portfolio is going up. In reality, it is primarily more a function of ?luck? rather than ?intelligence? that is driving their portfolio.
Investors behave much the same way as individuals who addicted to gambling. When they are winning they believe that their success is based on their skill. However, when they began to lose, they keep gambling thinking the next ?hand? will be the one that gets them back on track.? Eventually - they leave the table broke.
It is true that bull markets are more fun than bear markets. Bull markets elicit euphoria and feelings of psychological superiority. Bear markets bring fear, panic and depression.
What is interesting is that no matter how many times we continually repeat these ?cycles? ? as emotional human beings we always ?hope? that somehow this ?time will be different.? Unfortunately, it never is and this time won?t be either. The only questions are: when will the next bear market begin and will you be prepared for it?
Conclusions
Like all rules on Wall Street, Bob Farrell's rules are not meant has hard and fast rules. There are always exceptions to every rule and while history never repeats exactly it does often "rhyme" very closely.
Nevertheless, these rules will benefit investors by helping them to look beyond the emotions and the headlines.? Being aware of sentiment can prevent selling near the bottom and buying near the top, which often goes against our instincts.
Regardless of how many times I discuss these issues, quote successful investors, or warn of the dangers ? the response from both individuals and investment professionals is always the same.
??I am a long term, fundamental value, investor.? So these rules don?t really apply to me.?
No you?re not. Yes, they do.
Individuals are long term investors only as long as the markets are rising.? Despite endless warnings, repeated suggestions and outright recommendations - getting investors to sell, take profits and manage your portfolio risks is nearly a lost cause as long as the markets are rising.? Unfortunately, by the time the fear, desperation or panic stages are reached it is far too late to act and I will only be able to say that I warned you.
It's contest time again! With the seasons changing -- soon, we hope, as it's been a cold winter -- and spring fast approaching, we're teaming up with NVIDIA to award two Tegra-powered HTC One X+ devices (International edition) to a couple of lucky Android Central members.*
