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Thursday, 2-Oct-2014 22:47 Email | Share | | Bookmark
Horizon Kinetics Second Quarter 2014 Commentary -

If the maturities on those borrowings are short (and, unlike the historical norm, there is much less availability of long-term high-yield lending to match the extended workout periods ordinarily required for private equity) and if interest rates rise, then the refinancing risk is entirely on the private equity investor. The bond buyer, assuming the company remains solvent, is going to get a higher coupon; the private equity investor is going to pay the higher coupon. The maximum risk one can take in bonds is the risk of being the borrower (as opposed to a lender). The lender, such as a bond holder, can legally enforce homepage payment by a troubled borrower, can force bankruptcy if necessary, and has dominating influence in bankruptcy proceedings, where the weakest interested party is typically the common equity owner. Paradoxically, private equity investors are making themselves, effectively, large-scale borrowers in that the institutions that place or pledge equity with the private equity firms as limited partners, by putting themselves in the position of providing a small amount of equity collateral to back the substantial borrowing of the deals, are essentially issuers of a) low-quality debt, or b) debt that can become low or lower-quality quite rapidly. In both cases, this debt is subject to refinancing risk during a period that is an historic bottom in interest rates. It is astonishing that institutions and asset allocators that are very mindful of duration risk are actually taking the greatest duration risk they have ever taken (although, to be precise, it is not duration risk in the conventional sense, so much as it is really refinancing risk). It is a different kind of risk than in bonds. There may be select institutions that understand the underlying refinancing risk; however, we surmise many are unaware. <br>News source:

Thursday, 2-Oct-2014 14:53 Email | Share | | Bookmark
Top Pick Clowney On Field As Houston Opens Camp - Yahoo Sports

Please enter a valid phone number. Please enter your Phone Number. Send Thanks! A link has been sent. Done Top pick Clowney on field as Houston opens camp By KRISTIE RIEKEN (AP Sports Writer) 1 hour ago View gallery Houston Texans linebacker Jadeveon Clowney talks with members of the Max Workouts Shin Ohtake dvd media after an NFL football tra HOUSTON (AP) -- Jadeveon Clowney was on the field with the Houston Texans as they opened camp on Saturday. But Max Workouts the No. <br>News source:

Thursday, 18-Sep-2014 13:35 Email | Share | | Bookmark
Report: Texas Rb Johnathan Gray Ready To Do More Workouts | Coll

Running back Johnathan Gray has received medical clearance to resume workouts. Jeremy Fowler of was first to report the good news out of Austin via Twitter . According to Fowler, Gray has been working out for a while now but this latest development will allow him to try to do more regular workouts without holding back as much. Gray saw his 2013 season come to an end last season when he tore hisright achilles in an overtime win against West Virginia in November. He rushed for 780 yards and four touchdowns. <br>Source:

Death puts focus on caffeine powder dangers - The Dispatch

It was a one-year deal and I felt like I had a good year that worked out for everybody. Now 31 years old, Wallace knows his shot at a career Max Workouts review in the NBA has likely come and gone. But he has enjoyed his professional career in Europe and knows he is playing with and against some of the best players in the world. When I was at Barcelona we played against the (Dallas) Mavericks when they were here for the pre-eason and we won by 25 points, he said. I am still able to say I have had a pretty good career despite having a potential career-ending surgery early on. For Wallace, playing in big cities like Milan and Barcelona have added to the experience. <br>Source:

PRINCETON: Ex-Tiger extends basketball career |

The linebacker corps features stiff competition among incumbents Chad Greenway, Audie Cole, Gerald Hodges, Michael Mauti and returner Jasper Brinkley, who spent last season in Phoenix. And don't overlook athletic rookie Anthony Barr. NEW SHERIFF IN TOWN Zimmer brings an intensity and hands-on coaching style evident in the profanity and blunt interactions he had with players during spring minicamps. After working through several years of rejection before finally landing a head coaching job, Zimmer proved he has patience, and he is not going to let unpreparedness or inattention waste this opportunity, regardless of whether he gets a mulligan with a Vikings team that went 5-10-1 last season. His biggest decision will be naming a No. <br>Source:

Vikings training camp: Mike Zimmer has big decisions to make -

Robert Glatter, an emergency physician at Lenox Hill Hospital in New York. The powder is almost impossible to measure with common kitchen tools, the FDA said. "The difference between a safe amount and a lethal dose of caffeine in these powdered products is very small," FDA spokeswoman Jennifer Dooren said. Glatter said he's seen several younger patients experience complications from caffeine in the last few months. Some arrive with rapid heart rates. "They're starting to latch onto the powders more because they see it as a more potent way to lose weight," Glatter said. Health officials worry about caffeine powder's potential popularity among exercise enthusiasts and young people seeking an energy boost. Dr. Henry Spiller directs a poison control center at Nationwide Children's Hospital in Columbus, Ohio. Over a week or so this month, the center took reports of three people hospitalized for misusing caffeine powder. "I can't believe you can buy this," Spiller said. <br>Source:

Thursday, 18-Sep-2014 13:13 Email | Share | | Bookmark
Timeful Review - Yahoo News

Beautiful display: The display is great, and even easier to read than the native iCal app. With a glance you can see what tasks you have coming up, and a color-coding system helps you determine the types of tasks without having to read them in detail. To-do scheduling: Timeful uses a clever drag-and-drop interface for scheduling your to-do tasks. While viewing your set calendar, your to-do items appear at the top of the screen. You then can drag them into any gaps that have the required amount of time you think go here now it will take to get the item completed, or you can tap them to delay the task until the following day. Suggestions: The app can make helpful suggestions based on your previous schedules. <br>Full story:

Wednesday, 3-Sep-2014 12:48 Email | Share | | Bookmark
Forget Football: This Is The National Pro Grid League -

Combining weightlifting, bodyweight movements, gymnastics and more, the National Pro Grid League has drafted some of the most able-bodied athletes in the world, split them into eight teams, and is letting their strength, strategy and collective badass-ness determine the score. The best part: Grid doesn't discriminate. Men and women compete against and alongside each other, players over 40 are integral to the mix, and all-around athletes and specialists can each make a difference when it counts. So how does the team sport plan to change the face of fitness? <br>Source:

Staten Island High School Football Player, 16, Dies After Collapsing During Practice « CBS New York

He showed up late but he did show up, they should not make him do sprint, Williams said. Kirkland-Thomas was a leader at home and on the team. He had big plans to earn a football scholarship to go to college. He was a good kid, he was a hardworking kid, he loved football, Anderson told WCBS 880s Sean Adams. The whole football team loved him, all the parents on the football team loved him. <br>Source:

Alibaba's IPO may open floodgates to counterfeit products, manufacturers warn |

On Alibaba's Chinese-language websites, including Taobao, Tmall, and, and its U.S. subsidiary, AliExpress, shoppers can order just about anything imaginable from iPhones to drones. Alibaba doesn't own the merchandise, but acts as a middleman, charging sellers an annual fee or a commission for each transaction. Craig Crosby, who runs the Counterfeit Report, a website that helps consumers identify fake products, showed Eyewitness News a table-top loaded with fake goods he's found on the Internet. He says Alibaba's IPO will open the floodgates to even more counterfeit products in the U.S. <br>Source:

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