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Wednesday, March 31, 2021

Travis Scott’s CACTI Eclipses Hard Seltzer Giants In First Week Of Sales - Forbes

Biden Administration Considers Whether To Continue Trump's Hard Line Against Huawei - NPR

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The Biden administration is weighing whether to continue former President Trump's hard line against Chinese telecommunications giant Huawei. It's part of the broader review of China-related policies.

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April 01, 2021 at 03:18AM
https://www.npr.org/2021/03/31/983157399/biden-administration-considers-whether-to-continue-trumps-hard-line-against-huaw

Biden Administration Considers Whether To Continue Trump's Hard Line Against Huawei - NPR

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March ends blustery; hard freeze tonight - Fox 59

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March ends blustery; hard freeze tonight  Fox 59 The Link Lonk


March 31, 2021 at 03:52PM
https://fox59.com/weather/march-ends-blustery-hard-freeze-tonight/

March ends blustery; hard freeze tonight - Fox 59

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Tuesday, March 30, 2021

Hard choices: How can the 'nonprofit industrial complex' do better? - New York Nonprofit Media

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Hard choices: How can the 'nonprofit industrial complex' do better?  New York Nonprofit Media The Link Lonk


March 31, 2021 at 05:07AM
https://www.nynmedia.com/content/hard-choices-how-can-nonprofit-industrial-complex-do-better

Hard choices: How can the 'nonprofit industrial complex' do better? - New York Nonprofit Media

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Brooks Koepka working hard to recover from right knee surgery - ESPN

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Brooks Koepka working hard to recover from right knee surgery  ESPN The Link Lonk


March 31, 2021 at 05:33AM
https://www.espn.com/golf/story/_/id/31167421/brooks-koepka-working-hard-recover-right-knee-surgery

Brooks Koepka working hard to recover from right knee surgery - ESPN

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Jamison Battle picked Gophers over Miami because 'it's hard to pass up playing at home' - Pine Journal

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The former DeLaSalle High School and George Washington University standout committed to the Minnesota Golden Gophers on Monday, March 29, becoming the first pledge to new men’s basketball coach Ben Johnson.

“It’s hard to pass up playing at home,” Battle said in an interview with the St. Paul Pioneer Press on Tuesday.

Battle, a 6-foot-7 forward from Robbinsdale, Minn., built himself into a quality scorer at the Atlantic 10 Conference school in Washington D.C. and that production made him a coveted prospect for high-major programs while in the portal.

Here are excerpts from the interview with Battle:

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What was your recruiting picture coming out of high school?

It was more about a lot of mid-majors recruiting me. I had set up to (George Washington), Northern Kentucky, San Diego and I wanna say my last in the top four was Richmond. … My first official visit was at GW, and I just knew right away that I wanted to go there.

I played on (AAU team) D1 Minnesota, so I got a lot of looks playing with guys like (Denver Nuggets forward) Zeke Nnaji, (Dallas Mavericks guard) Tyrell Terry, (Duke forward) Matt Hurt, (Iowa forward) Pat McCaffery, (Wisconsin forward) Tyler Wahl. Guys like them really paved the way for me with coaches coming to the games.

Did you receive any interest out of high school from the Gophers?

No, not really.

How did you develop as a player at George Washington?

Year 1 was basically me (being) just a catch-and-shoot guy. … I made all-rookie (A10) team, but it was basically me shooting threes every game. That’s what I did.

Coming home from school with quarantine (in spring 2020), I changed a lot. I worked on my body. I worked on different things to help me be a better scorer and just help me be a better player.

Year 2, I come out. It was basically a complete transition in my game. Yeah, I could still shoot threes. But this past year, I really showed how I could score in all three levels.

At George Washington, Battle averaged 11.8 points as a freshman and 17.3 as a sophomore. He shot 2.0 2-point field goals per game as freshman and 6.8 per game as a sophomore. His shooting percentage from that range went from 52 percent to 59. From 3-point range, Battle shot 37 percent as a freshman (7.6 attempts per game) and 35 percent as a sophomore (6.4 shots per game).

How did you improve your body?

I lost about 20 pounds coming home. I got back to GW at 215 (pounds). It was just losing all that weight (to) help me to be quicker and just be faster with my first step. It just improved my game overall.

You entered the transfer portal on March 8 and Ben Johnson wasn’t hired at Minnesota until March 22. What was your recruiting like in those two weeks before his hiring?

The first day was kind of hectic. I didn’t really take any calls until like a week after I was in the portal just because I wanted to get back home and settle down. There were a lot of programs and Miami was probably my second option behind the U. Miami, Arizona, Tennessee hit me up. Cincinnati had talked to me. Just a lot of good schools where I had an opportunity to play and grow my game.

When did you hear from Coach Johnson, and what was his message?

I first heard from Ben at Xavier, (where he was an assistant coach for the previous three seasons). … I was at home and he was the first call that I took for recruiting in the portal. Then things fell into place and he got the (Gophers) job. When he had the press conference (March 23), he hit me up right after.

What was his recruiting pitch to you?

It was about me starting something here with in-state recruits. That is one part. Then to just bring back a winning culture. Yes, they’ve won in the past, but it’s just to build a culture and build something new at Minnesota.

What does it mean to play at home?

It means the world. My family can come see me play. I know it was hard to get everyone out here in (Washington) D.C. But now they can come watch me play and just being home. It’s hard to pass up opportunities to play in front of your family. I’ve played in The Barn before, in the state tournament my junior and senior year (at DeLaSalle). Playing in there is pretty cool.

What did Coach Johnson say about the program’s plans?

Offensively, he loves shooting. I think that helps me because I’m a shooter. He just wants to build it up and get in-state guys and build something special.

I can see it being a lot like DeLaSalle. Ben is a DeLaSalle guy. He knows how to grind and knows how to work, and he is the perfect guy for this job.

What is it like to reestablish a DeLaSalle connection with Gopher guard Gabe Kalscheur?

I talked to him (Monday). I was like, ‘I might come to the U.’ … I had thought about it for another hour or two, and I was like I’m for sure coming now. We connected. I know we are both excited to be back.

What changed from leaning to committing?

This past week since Ben got the job, it was between Miami and Minnesota. Each day it could have been Miami, and the other day it could have been Minnesota. It was the past two to three days, it had been all Minnesota in my head. (On Monday,) I called Ben and was ready to get this rolling.

What was the deciding factor?

It was seeing it, thinking about it, seeing my family and how excited they would have been. They can now see me play at home.

How would you describe yourself as a player overall?

I’m a shoot-first guy, but my jump shot opens up a lot for me. Whether that’s creating for myself or driving to the lane with two or three dribbles or creating for a teammate. I think I’m a very high IQ player. I know how to make the right plays.

It’s another thing going to DeLaSalle for two years. I just learned how to work hard. I think that was the biggest thing for me, waking up at 6 a.m. every day, going to practice and just grinding.

What do you think the transition from Atlantic 10 to the Big Ten is going be?

It’s going to be a tough transition. Obviously, the A10 is a very competitive conference, but it’s not like the Big Ten, where its roughneck and you just pound the rock. I think defensively that is going to be the biggest change for me.

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March 31, 2021 at 03:45AM
https://www.pinejournal.com/sports/basketball/6961080-Jamison-Battle-picked-Gophers-over-Miami-because-%E2%80%98it%E2%80%99s-hard-to-pass-up-playing-at-home%E2%80%99

Jamison Battle picked Gophers over Miami because 'it's hard to pass up playing at home' - Pine Journal

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Lexi Thompson hoping hard work pays off in a major way at ANA Inspiration - Golf Channel

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RANCHO MIRAGE, Calif. – There’s never been a doubt that Lexi Thompson works hard. She does two-a-day workouts in the gym and is one of the fittest players on the LPGA Tour.

In 2021, she’s making that same commitment to her game.

Work was the buzzword on Tuesday as Thompson met with the media ahead of the season’s first major championship, the ANA Inspiration, which she won in 2014. Coming off a runner-up finish at last week’s Kia Classic, she pointed to the hours she’s been spending on all aspects of her game, ranging from putting, to short game, to mental fitness.

“It does a lot for my confidence but I think anybody's in general, knowing that you've put in the hard work and dedication and see it pay off under the gun and under pressure,” Thompson said about her second-place finish last week. “It just makes me want to work even harder to hopefully win and just see the results continue to improve.”


ANA Inspiration: Full-field tee times | Full coverage


Tuesday, Thompson revealed her success comes on the heels of a few lessons with Martin Hall, who has long worked with fellow South Floridian Morgan Pressel. Thompson says they’ve worked together the past several months and they met on a handful of occasions. Thompson’s father, Scott, has been her primary coach throughout her career but she’s also spent brief stints with instructor Jim McLean.

“I put a lot of work in on my chipping and putting, hours a day, and just really making sure my ball-striking is more consistent,” Thompson said. “Keeping things simple but at the same time trying to improve on little things.”

Thompson, 26, is coming off the first year she didn’t win on Tour since 2012. In her season debut at the Diamond Resorts Tournament of Champions, she told GolfChannel.com she’d been working on “everything” during the Tour’s brief off-season.

The large blue wall that was constructed behind the 18th green at the 2020 ANA Inspiration is no more and it's absence has changed things.

Everything will be tested at a major championship like the ANA Inspiration, particularly Thompson’s mental agility. A tough test like Mission Hills Country Club demands constant focus and precision. And as much as the memory of leaping into Poppie’s Pond can buoy her spirits, it’s also a place where she endured a painful loss. In 2017, she was defeated in a playoff by So Yeon Ryu after incurring a penalty stroke on the closing stretch when a viewer called in to report an infraction that occurred the day before. The rule has since been changed to avoid the situation being repeated.

Thompson is now better equipped to mitigate those tough memories, along with the pressures that come with competing on the biggest stage in golf as she makes her 12th appearance at this event.

“Earlier in my career, like when I didn't play as much as a full schedule, I think there's a little bit more pressure on the majors,” Thompson said. “I've been working hard on my mental game and being more relaxed out there, and hopefully that helps me out more than anything.”

There’s never been a question whether Thompson works hard. The question is when will all the time, energy and effort pay off. And whether it happens at this week’s ANA Inspiration.

“I know I've put in the work physically on my game. So, just letting it go and letting my true talent show is what I want,” Thompson said. “You know, if that comes out to a win, great. If not, I'm going to continue working.”

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March 31, 2021 at 06:23AM
https://www.golfchannel.com/news/lexi-thompson-hoping-hard-work-pays-major-way-ana-inspiration

Lexi Thompson hoping hard work pays off in a major way at ANA Inspiration - Golf Channel

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HARD Summer Announces 2021 Lineup For San Bernardino - Pollstar

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nullHARD Summer

The beat goes on in 2021 as HARD Summer is the latest festival to announce its 2021 lineup, featuring Future, DJ Snake b2b with Malaa, 2 Chainz, REZZ, Dillon Francis, Kaytranada, RL Grime b2b with Baauer, Don Toliver and more.

The party will be held from July 31 to Aug. 1 at NOS Event Center in San Bernardino. Tickets go on sale April 2 at 10 a.m. PST. 

HARD Summer is yet another festival that was unable to stage in person in 2020 because of the COVID-19 pandemic, and organizers said in a statement they will be “working closely with local officials to implement necessary safety precautions and will follow state and local health guidelines in place at the time of the event.”

The festival will be one of the first major festivals in California to return in 2021, continuing the trend of hip-hop and electronic music festivals continuing to lead the way, as Pasquale Rotella recently said he is hoping EDC Las Vegas can stage in May and Rolling Loud is currently still scheduled to roll in May 2021. 
HARD Events now operates under Rotella’s Insomniac, after playing a key role in the growth of Southern California’s EDM scene in the early 200s. Pollstar spoke with HARD Events director Meagan DesChenes, who helped build the company from the ground up alongside founder Gary Richards, in 2019, when she said grumblings that EDM were dying didn’t bother her, as ticket sales were soaring year over year. 

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March 31, 2021 at 02:27AM
https://www.pollstar.com/article/hard-summer-announces-2021-lineup-for-san-bernardino-147708

HARD Summer Announces 2021 Lineup For San Bernardino - Pollstar

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Review: Topo Chico's hard seltzer is missing one big thing - Chron

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My sommelier boyfriend was able to score a 12-pack at our H-E-B on its very first day of release, thus, it's time for a review from one alcohol industry professional (him) and one casual drinker who just wants something easy to grab at the store (me, obviously).

MARSHMALLOW COLA?: Peeps are good. PEPSI x PEEPS might be good too?

The 12-pack of seltzer includes four flavors: Tangy Lemon Lime, Tropical Mango, Strawberry Guava and Exotic Pineapple. We tried all four, for science of course.

I tend to fall into the camp of, "hard seltzer is usually bad, just drink a ranch water," so I was hoping Topo Chico's seltzer would be my conversion story for future pool days.

Sadly, no. The Topo Chico Hard Seltzer is just fine.

The drinks are good quality, don't get us wrong, and Tropical Mango was our favorite flavor. We recommend giving it a shot.

But alas, I was expecting the giant bubbles that make it nearly impossible to chug an ice-cold Topo and was sorely disappointed.

Topo Chico is well known for its aggressive bubbles, and the usual Topo crispness was missing from the cans of seltzer and replaced with slightly saccharine sweetness, especially in the Strawberry Guava flavor. I still enjoyed it. But will I buy a 12-pack over a bottle of tequila, limes and Twist of Grapefruit Topo Chico? Probably not.

This is also soda giant Coca-Cola's first foray into the alcoholic beverage market. With Coca-Cola's general hold over the world, they have the power to stomp out the White Claws, Trulys and Bon & Vivs of the world if they want. It'll be interesting to see if the guys at Big Coke are satisfied with Topo Chico Hard Seltzer being a middle player in the market, or if they'll go for gold with a seltzer that might not be the best. Worth noting: My boyfriend reported back that the Topo Chico Hard Seltzer opening display at H-E-B was surprisingly low-key.

HAPPY EASTER: Fill your Easter baskets with these Houston treats

My vague quest for a hard seltzer I'd prefer over a ranch water or a regular ol' Shiner Bock continues.

Brand loyalty runs deep though, so any hard seltzer I'm drinking this summer will probably be a Topo.

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March 30, 2021 at 11:01PM
https://www.chron.com/food/article/topo-chico-hard-seltzer-review-16063501.php

Review: Topo Chico's hard seltzer is missing one big thing - Chron

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Bill to legalize personal use amounts for hard drugs introduced in state Senate - KGMI

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OLYMPIA, Wash. — A bill to legalize personal possession of hard drugs has been introduced in the Washington Senate.

SB 5476 would establish “personal use amounts” for hard drugs such as heroin, methamphetamine, and cocaine within the state of Washington.

It was co-sponsored locally by 40th District Senator Liz Lovelett, a Democrat.

The measure would provide for a so-called “forensic navigator” to serve as a care coordinator for persons alleged to be in possession of drugs that are within personal use amount limitations.

The navigator’s role would be limited to contacting persons alleged to be in possession to offer treatment services which the drug user would not be required to accept.

The bill’s author said it was intended to address the state supreme court decision on February 25 which ruled that the statute governing simple possession of controlled substances as unconstitutional.

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March 30, 2021 at 09:08PM
https://kgmi.com/news/007700-bill-to-legalize-personal-use-amounts-for-hard-drugs-introduced-in-state-senate/

Bill to legalize personal use amounts for hard drugs introduced in state Senate - KGMI

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COVID-19's fourth wave is hitting the US hard | TheHill - The Hill

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A fourth wave of coronavirus infections is beginning to mount in states across the nation as health experts and officials beg pandemic-exhausted Americans to stay vigilant.

The United States has reported an average of 65,000 new cases in the last seven days, according to data from the Centers for Disease Control and Prevention (CDC), up about 10,000 cases per day since the most recent nadir two weeks ago.

Those figures are well below the January apex of the third wave of infections, when a quarter-million people a day were testing positive for the virus. 

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But while millions of Americans are receiving vaccinations, progress toward herd immunity has not kept pace with the new spike. Cases are rising in about half the states, led by big spikes in New York and especially New York City, Michigan, New Jersey, Connecticut and Pennsylvania. 

“Our work is far from over. The war against COVID-19 is far from won. This is deadly serious,” President BidenJoe BidenThe Hill's Morning Report - Biden officials brace for worst despite vaccine data Congress looks to rein in Biden's war powers Democrats seize on voting rights; GOP cries foul MORE said Monday at the White House, hours after CDC Director Rochelle WalenskyRochelle WalenskyThe Hill's Morning Report - Biden officials brace for worst despite vaccine data On The Money: CDC extends coronavirus eviction ban through June 30 | Biden to detail infrastructure proposal Wednesday | US won't quickly lift Trump tariffs on China Overnight Health Care: Biden calls on states to keep mask mandates, pause reopenings | CDC director warns of 'impending doom' | COVID-19 vaccines prevent 90 percent of all infections, CDC study says MORE pleaded for the public to keep up mitigation strategies. “If we let our guard down now, we could see a virus getting worse, not better.”

Scientists say the new spike is being driven by the emergence of variants of the coronavirus, most notably a more readily transmissible and virulent strain known as B.1.1.7, first identified in the United Kingdom. CDC data shows that strain is responsible for an estimated 13 percent of new cases in Florida and 9 percent of cases in New Jersey.

But the number of cases is also being spurred by behavior changes as weary Americans increasingly participate in nonessential activities. States have loosened restrictions, in some cases altogether, and several states have dropped or are planning to scrap mask mandates.

“There is more indoor crowding. If I walk out in the street in Boston I see indoor crowding in restaurants and shopping,” said Abraar Karan, an internal medicine specialist at Brigham and Women’s Hospital and the Harvard Medical School. “We knew that when you start to reopen there will be more social and physical interactions.”

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After a year of errors and missteps in handling the pandemic, the vaccination campaign stands out as a distinct bright spot. 

The number of Americans who have received a vaccine against the coronavirus is growing by more than 2 million a day, according to CDC data. The United States is vaccinating a larger share of its population than any nation other than Israel, the United Arab Emirates, Chile and the United Kingdom.

More than 17 million doses have been administered in California, and more than 11 million have been given in Texas. More than a third of residents of smaller states like New Mexico, Connecticut, South Dakota, Alaska and Maine have received at least one dose.

Vaccine administration rates are highest among the elderly, who received top priority as early rounds of vaccines were rolled out over the last several months. But millions more must be vaccinated before the United States reaches some form of herd immunity.

“It’ll be at least another six to eight weeks before we get that kind of coverage,” said Celine Gounder, an infectious diseases specialist at New York University’s Grossman School of Medicine and a member of the Biden administration’s COVID-19 advisory board. “We’re almost there, it’s just not the time to give up.”

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The high number of older Americans who have been vaccinated coupled with improved clinical care practices are reducing the number of deaths caused by COVID-19. Fewer than 1,000 people a day have died of the virus over the last week for the first time since November. The number of Americans being treated in hospitals is around 40,000, less than a third of the number of patients in January.

“I’m hopeful that even if we do have another surge, we’ll deal with it better this time. But the surge was avoidable,” Karan said. “Now that the train has been set in motion, infections that are happening today you’ll see in the next couple of weeks.”

Even with the progress, health care workers and experts have been left exhausted by the pandemic that has killed more than 550,000 Americans. Amy Arlund, an intensive care unit nurse at Kaiser Fresno Medical Center, said her hospital went through a period in which every person admitted to the ICU died.

“I just had to stop counting the body count. After 100 people dying in my ICU, the numbers just became overwhelming,” Arlund said. “It’s hit me that I’m not so sure I want to do this anymore.”

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March 31, 2021 at 12:35AM
https://thehill.com/homenews/state-watch/545566-covid-19s-fourth-wave-is-hitting-the-us-hard

COVID-19's fourth wave is hitting the US hard | TheHill - The Hill

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Drew Brees Shows Why Intangible Assets Are So Hard to Value - RealClearMarkets

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One of the greatest quarterbacks of all time, Drew Brees, recently announced his retirement from the NFL. Brees is retiring with one Superbowl win, nearly a dozen passing records and a red carpet to the Hall of Fame.

But 20 years ago, forecasts for his success were mixed at best. A pre-draft scouting report said Brees “would not come anywhere close to matching his lofty collegiate figures at the pro level.”

Compared to NFL peers, Brees lacked a variety of ‘tangible assets’ normally associated with premier quarterbacks.

For example, one criticism of Brees has always been his height. He is 6 feet tall on a good day, which isn’t considered tall enough for a ‘prototypical’ quarterback.

That partly explains why the San Diego Chargers decided to let Brees go three years after drafting him, when the opportunity arose to draft Eli Manning with the first pick in the 2004 draft, who was then traded for Phillip Rivers. Both Manning and Rivers are 6’5 inches tall.  

In 2005, the odds of Brees finding success in the NFL were dealt another blow when he suffered a 1-in-500 shoulder injury. Adding that variable to his short stature made him a questionable investment brimming with risk.

The New Orleans Saints were a contrarian team willing to give Brees a chance, though. They signed him as a free agent. And to the surprise of many, Brees not only recovered from the shoulder injury, but went on to thrive as an NFL quarterback.

In hindsight, Brees’ achievements can be mainly attributed to certain ‘intangible assets’ that worked in his favor. It isn’t easy for scouts or computer algorithms to precisely measure traits like grit, determination, intellect, and the ability to turn weaknesses into strengths. Yet, intangibles such as these are ultimately what made Drew Brees one of the most valuable quarterbacks in history.    

Today, Brees, Manning and Rivers are all retired. Manning and Rivers are still at least five inches taller, but Brees is ranked #1 in career passing yards.  

Football Reference

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Today’s economy is filled with companies and even sectors that resemble Drew Brees’ profile. Some appear weak in terms of physical assets but derive most of their strength from intangible assets.

Tangible assets—whether they appear in the economy, on a company’s balance sheet, or on a player’s profile at the NFL’s pro scouting combine—are relatively straightforward to value. Finance wonks, for example, can easily run a tally to value things like factories, inventory, raw materials, machinery and sales statistics on finished products. Numbers are assigned to everything.  

Intangible assets work differently. And balance sheets rarely reflect all or even most of the intangibles a company possesses. How do you assign a value to data, software, patents, brands, artificial intelligence, systems, processes, or even big ideas?

Just as many experts struggled to appraise Brees’ intangible assets that helped produce a historic career with a Superbowl Championship, so too are many investors struggling to accurately value intangibles in the corporate world.

According to Columbia Threadneedle Investments, 95% of investors agree a company’s intangible assets contain important information about the future strength of its business model. But only 59% of investors say intangible assets play a more significant role in how they value companies.

This gap leads to problems on both sides of the equation. Some investors wildly overvalue intangible assets, whereas others don’t value them nearly enough.

Take Bitcoin, for example. Bitcoin doesn’t have a well-defined intrinsic value. Some see it as a currency. Others see it as a commodity. The only clear measurables at this point are its price history and volatility.

Bitcoin has blockchain, which is a groundbreaking technology with extraordinary potential to create value. But blockchain doesn’t generate earnings for Bitcoin. Bitcoin has no real tangible value and the intangibles are murky and hard to value. Attempting to assign value to it requires using arbitrary measuring sticks. Why is $50,000 or $100,000 the right price for one unit of a digital currency with no earnings?

Skeptics see a fad whose value is derived from pure speculation. Enthusiasts see blockchain functionality, institutional uptake, and finite supply as undervalued intangibles. No one can say for sure what a rational price is.  

 Similarly, one investor may like Tesla because of CEO Elon Musk’s flamboyance, vision, and unpredictable Twitter feed. Leadership style and brand are intangible assets in this case. And based on the size of Tesla’s market capitalization, they are being assigned a very rich value.

On the flip side, another investor may see a flamboyant CEO with a history of getting in hot water with the SEC as a liability. If this investor skews their analysis more toward tangible factors, they may also be turned off by Tesla’s outlandish Enterprise Value-to-Sales ratio.

The point here is not about which hypothetical investor is correct about Tesla’s valuation. It’s acknowledging that intangibles can be a very big factor, and that they’re often very hard to value.

Car companies trading near twenty times sales don’t have a strong history of generating excess returns. Neither do short quarterbacks with bum shoulders. Yet, the world is full of outlier success stories like these. There are many longshots who make it, and many ‘sure things’ that don’t quite pan out.   

***

A steady rise of the knowledge-based economy has changed how firms invest, making the measurement of intangible capital increasingly important. 

50 years ago, intangible assets made up just 17% of the S&P 500’s enterprise value. Today, the number is 84% (source: Aon).  

As of this writing, the latest closing price for the S&P 500 was 3,974. Who can say with conviction that is the right price for something that is 84% intangible?

Truth is, there isn’t a precise compass for investing or assigning value. There will always be a mix of objective and subjective variables to consider—whether you’re a football team allocating draft capital or an investor allocating 401(k) capital.

One potential solution to reduce the uncertainty is to blend your analysis of tangible and intangible assets using a technique called ‘mosaic theory’ (also known as the ‘scuttlebutt approach’). This means trying to piece together a wide range of information to create a flexible estimate of intrinsic value.

In other words, diversify your assets and the factors used to select them.

Michael Cannivet, CFA is President and Chief Investment Officer of Silverlight Asset Management, LLC.

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March 30, 2021 at 10:10AM
https://www.realclearmarkets.com/articles/2021/03/30/drew_brees_shows_why_intangible_assets_are_so_hard_to_value_770231.html

Drew Brees Shows Why Intangible Assets Are So Hard to Value - RealClearMarkets

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Mental Health America and the Faas Foundation Reveals Hard New Data on the Mental Health Crisis in the Workplace - PRNewswire

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TORONTO, March 30, 2021 /PRNewswire/ - The 2021 Mind the Workplace report from Mental Health America (MHA) puts hard numbers to the alarming mental health crisis happening in workplaces across the country during the COVID-19 pandemic.

"What we know is the pandemic has uprooted the daily routines and responsibilities of so many employees in our country and it's causing anxiety and depression," said Paul Gionfriddo, president and CEO of Mental Health America. "The American workplace was unprepared for the COVID-19 pandemic and the effect it would have on workers. That is a key take-home point from this year's Mind the Workplace report."  Andrew Faas, Founder of the Faas Foundation added, "The 2021 report is a very disturbing condemnation of how organizations have responded to COVID-19.  The report highlights how much the stress could have be reduced by a better employer / employee relationship."

The impact can be felt across different industries and company sizes, for both remote and in-person workers. While the survey's findings are disconcerting, they also provide an opportunity for employers to better know the mental health challenges that their workforce faces. Once employers understand the issues and impacts, they can take steps to address them with the most helpful resources and supports.

The data—in this third annual workplace health report—surveyed 5,000 workers across 17 industries. The report was created in partnership with the Faas Foundation and illuminates what we've suspected anecdotally: that workers are feeling incredible stress, burnout, financial insecurity, increased mental health issues, and a lack of supervisor support during the pandemic. Some of the starkest findings from respondents include:

Employee Stress and Burnout

  • 83 percent felt emotionally drained from their work
  • 59 percent said that their supervisor does not provide enough support to help them manage their stress
  • Less than 5 percent strongly agreed that their employer provides a safe environment for employees who live with mental illness

Employee Financial Insecurity

  • 58 percent said they worry about not having enough money to pay for their living expenses and can't afford to save for an emergency
  • Nearly 34 percent reported they were unable to afford their health care costs
  • 56 percent spend time looking for a new job, compared to 40 percent of employees in 2018

You can read the full Mind the Workplace report here.

Mental Health America President and CEO Paul Gionfriddo is available to discuss the survey's findings, as well as concrete steps employers can take to better support their employees' mental health during the pandemic and beyond.

SOURCE The Faas Foundation

Related Links

http://www.faasfoundation.org/

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March 30, 2021 at 07:00PM
https://www.prnewswire.com/news-releases/mental-health-america-and-the-faas-foundation-reveals-hard-new-data-on-the-mental-health-crisis-in-the-workplace-301258019.html

Mental Health America and the Faas Foundation Reveals Hard New Data on the Mental Health Crisis in the Workplace - PRNewswire

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Minnesota dealt 112-107 loss in hard-fought battle versus Brooklyn - FOXSports.com

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NEW YORK — James Harden had 38 points, 13 assists and 11 rebounds, tying the Nets’ single-season record with his 12th triple-double in just 32 games, and Brooklyn held off the Minnesota Timberwolves 112-107 on Monday night.

More Timberwolves coverage

Kyrie Irving added 27 points in his return after missing the three-game road trip last week for family reasons. He started fast, but Harden did the biggest work late, with 13 points in the final period.

“He’s our leader and he’s meant a lot to us. Another triple-double and you can’t take it for granted, but you tend to, a little bit, because he’s able to pull these out of a hat almost every night,” Nets coach Steve Nash said.

Hall of Famer Jason Kidd had 12 triple-doubles for the Nets in both the 2006-07 and 2007-08 seasons.

The Nets won for the 18th time in 21 games, even as they continue a lengthy stretch without Kevin Durant because of a strained left hamstring. They don’t yet have LaMarcus Aldridge, who signed Sunday but needs to get back in shape after being inactive the last month.

“On paper it looks good, but we’ve got to actually get out there and get going,” Harden said. “I’m excited for those guys to get back very, very soon so we can get this thing going.”

Karl-Anthony Towns had 31 points and 12 rebounds for the Timberwolves in a much better effort than Saturday, when they yielded 129 points in a blowout loss to Houston.

“That got out of hand early and we weren’t ready to play, but tonight we came ready to play and it showed,” rookie Anthony Edwards said. “We didn’t come out with a win, so I don’t think anybody should be satisfied with that, but I mean we competed.”

Edwards had 23 points and 10 boards, but missed a free throw that could have tied it in the final minute and then a short jumper that could have given Minnesota the lead.

Brooklyn led by 17 and was ahead most of the way, but Edwards had a basket while being fouled to cut it to 108-107 with 58 seconds to play. The free throw just fell out, and after his missed jumper, Harden made two free throws and then Irving hit two more to put it away.

Irving was 6 for 7 for 15 points in the first quarter, when the Nets shot 70% en route to a 37-25 lead. Brooklyn managed only 24 points in the second as Minnesota cut a 17-point deficit to 61-52 at halftime.

TIP-INS

Timberwolves: Minnesota had won the last five meetings. … Former Nets guard D’Angelo Russell, recovering from left knee surgery on Feb. 17, didn’t travel to the game. Coach Chris Finch said with the Wolves in and out for just one game, Russell could get more work by staying behind.

Nets: Nash said Aldridge, who last played for the Spurs on March 1, would need a little time before he plays for the Nets. “He hasn’t played for a month, so got to get his conditioning, ramp up. So I’d say he probably won’t play for two, three, four games, we’ll see whatever that is, but not too long,” Nash said. “We think he needs some time to develop his conditioning and then we’ll get him out there.”

HEAR HIM ROAR

Nash ended his pregame press conference with a roar, poking fun at a question about the Nets being this season’s NBA villains. After trading for Harden and then signing Blake Griffin and Aldridge, they are the first team in league history to acquire three players with five or more All-Star selections during a season.

“It’s not like we did anything illegal. So I don’t know what we’re supposed to do, not try to add to our roster and just sit pat?” Nash said. “That’s the idea of this league, to try to put together the best team you can put together and that doesn’t guarantee you anything.”

FAMILY FAN

Karl Towns was at Barclays Center, his first time watching his son play in person since his wife died last year. Jacqueline Towns died in April from complications of the coronavirus. Both Karl Towns and Karl-Anthony Towns recovered from the illness.

UP NEXT

Timberwolves: Host New York on Wednesday.

Nets: Host Houston on Wednesday.

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March 30, 2021 at 09:25AM
https://www.foxsports.com/north/story/minnesota-timberwolves-lose-to-brooklyn-nets-112-107-nba-karl-anthony-towns-thirty-one-points-032921

Minnesota dealt 112-107 loss in hard-fought battle versus Brooklyn - FOXSports.com

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Monday, March 29, 2021

Houston reaches the men's Final Four, but we still don't know how good the Cougars really are - USA TODAY

Manufacturing Firms Learn Cybersecurity the Hard Way - Dark Reading

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Although 61% of smart factories have experienced a cybersecurity incident, IT groups and operational technology groups still don't collaborate enough on security.

Manufacturing firms have become a top target of cybercriminals, extortionists, and nation-state groups, with 61% of companies experiencing a cybersecurity incident affecting their factories and three-quarters of those incidents taking production offline, according to a report published by cybersecurity firm Trend Micro on Monday. 

The report, based on a survey of 250 IT departments and 250 operational technology (OT) departments, states that OT groups have more challenges with security across the board, with technology presenting the most difficulty for both groups but with people and process posing a greater security problem for OT groups. Among the challenges for OT groups are a lack of visibility into assets and associated cyber threats, and a lack of set goals for cybersecurity maturity.

The different challenges and viewpoints mean that IT and OT groups should be collaborating on cybersecurity, but only 12% of groups are working together, says William Malik, vice president of infrastructure strategies at Trend Micro.

"OT systems generally are not overbuilt, so they are chronically short of available processing power, memory, [and] network bandwidth," Malik says. "On the other hand, IT people tend to do a better job at understanding attacks. So, working together they can get better protection and trustworthiness without risking crucial functionality."

The survey is the latest to identify manufacturing as an industry sector in the crosshairs of cyber attackers. Manufacturing  along with healthcare, information technology, and construction are the top industries targeted by ransomware groups, according to a recent report by network security firm Palo Alto Networks. A November report found that multiple ransomware development teams had started adding features to the malware to manipulate industrial control systems. 

The survey revealed that the average manufacturing firm has experienced a cyber incident, and 75% of those companies had suffered a production outage as a result. In 43% of the outage cases — about 20% of all manufacturing firms — had production stopped for more than four days after a cyberattack.

"Factory cybersecurity is in the developing phase," the Trend Micro report states. "Cyber incidents have not been rare, and many companies are making progress in both organizational and technical approaches and most of them aware the risks attached. As factory cybersecurity evolves in the next few years, this survey shows that it is difficult to select appropriate technical measures."

Because the survey only asked if a company had ever experienced a cyber incident, the data is not an indication of increasing threat and may indicate severe past incidents, such as NotPetya or WannaCry, both of which cause significant manufacturing outages and damages.

The survey data also shows differences in companies based in the United States versus Germany and Japan, the two other countries surveyed. The US firms saw fewer challenges with securing people, processes, and technology than Germany or Japan.

"US manufacturers may have done a better job of deploying that 1990s approach to information security — build a perimeter to keep the bad actors outside," says Malik. "The current interest in 'zero trust' emphasizes the need for a deeper understanding of what traffic occurs within the corporate network."

Yet unique OT challenges mean that collaboration with IT security groups is even more important. Take the example of medical equipment. While IT groups are used to pushing for faster patching, many medical devices are approved by the Food and Drug Administration and cannot easily have the software changed after certification, says Malik.

"Given the inaccessibility of some OT systems, remote maintenance is crucial — and difficult to design," he says. "OT systems are usually constrained, so installing additional software to manage potential problems usually is not possible."

Overall, while 89% of companies have built operational processes for cybersecurity, and 88% have created an incident response process, both OT and IT teams have done so separately. Only 12% of respondents actively collaborated with their counterparts in designing either process, according to the survey. 

Companies whose OT and IT groups collaborated had much greater adoption of cybersecurity technology and cybersecurity strategies, such as segmentation and asset discovery.

"[I]f both IT and OT teams participate in the selection of technical measures and the decision-making process in factory cybersecurity, the implementation of technical measures will be easier," the report states. "In particular, there are significant differences in [the rate of adoption of] measures such as firewalls, IPS, and network segmentation."

Veteran technology journalist of more than 20 years. Former research engineer. Written for more than two dozen publications, including CNET News.com, Dark Reading, MIT's Technology Review, Popular Science, and Wired News. Five awards for journalism, including Best Deadline ... View Full Bio

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March 30, 2021 at 05:16AM
https://www.darkreading.com/physical-security/manufacturing-firms-learn-cybersecurity-the-hard-way/d/d-id/1340542

Manufacturing Firms Learn Cybersecurity the Hard Way - Dark Reading

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Hard Seltzer, RTD Cocktail Sales Soar - Convenience Store Decisions

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Hard seltzer and ready-to-drink (RTD) cocktails are trending upward at convenience stores.

Hard seltzer sales totaled $1.52 billion at convenience stores, up 214% year-over-year, according to total U.S. convenience data from Nielsen for the 52-week period ending Jan. 23, 2021.

“2021 is going to be a defining year for the (hard) seltzer category,” said Kelsey Capellino, category manager for United Pacific, which operates 453 company-operated stores and 56 fee-operated sites. “With all the innovation and new items coming out, consumers are going to really settle into their core packages that they will constantly buy for years to come.” 

Alcoholic beverage segments are blurring and blending. Nielsen noted in its June 2020 report, “Hard Seltzer Defies Categorization and Limits as the Most Resilient Alcoholic Segment in U.S.,” that today’s customers have no shortage of options: traditional hard seltzers, cider seltzers, wine seltzers, spritzers, spirit type seltzers and so on.

“Hard seltzer-correlated RTD cocktails drove $120 million in U.S. off-premise sales in the 52-week period ending June 13, 2020, while growing at a 127% rate compared with the previous year,” the Nielsen report noted. Nielsen further found, “hard seltzer has the most sustainable growth trajectory across the U.S. alcohol landscape.”

With limited shelf space, success depends on everything from price point to flavors and branding. Manufacturers are also stretching the boundaries of what constitutes ‘hard seltzer’ from various base liquids to bold flavors.

“We have invested hard in the lemonade trend going into 2021, and I am particularly excited about Mike’s Hard Lemonade Seltzer,” Capellino said. “So many new items came out in early January, and it is a little too early to see if these items will stick. But on the positive side, White Claw and Truly are still on the incline, and there is no sign of slowing down.”

RTD Cocktails

“Pre-mixed cocktails are going to see a rise in interest in 2021,” Capellino predicted. “We are definitely looking to expand this segment in 2021, particularly in brands backed by a strong social media following.”

She added a solid overall marketing campaign will be key to growing the segment.

In its report, “RTD Alcoholic Beverages: Incl Impact of COVID-19 US, December 2020,” market research firm Mintel noted the largest percentage of RTD consumers are motivated to choose RTD because of convenience. And RTDs outperform other alcoholic beverages across multiple consumer perceptions, i.e. convenience, flavor and refreshment. Room for improvement exists in ‘perception of value.’

“Presenting RTDs as a quality means of diversifying the drinking experience can cater to loyal drinkers and new category entrants, and may sway drinkers who haven’t yet dabbled in the space,” Mintel reported.

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March 29, 2021 at 11:20PM
https://cstoredecisions.com/2021/03/29/hard-seltzer-rtd-cocktail-sales-soar/

Hard Seltzer, RTD Cocktail Sales Soar - Convenience Store Decisions

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Make the hard call: Saying bye when it's not working out - DentistryIQ

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I have high expectations. You don’t get anywhere in this business if you have your standards below par and expect miracles to happen. I am known to push my staff members out of their comfort zones. I don’t care what position they hold; if they’re under my wing, they will be taught, encouraged, and subsequently required to pull their weight. If they don’t know or are unsure about something, they need to ask. If they need help, they need to ask. If they want clarification, inquire. If they need to talk to me about something, my door is always open. Period. Those are not unreasonable expectations. My practice is a fined-tuned machine, and I don’t like it when the engine doesn’t hum.

However, for one particular staff member who had been in dentistry for 10-plus years and at my office for a couple of months, those expectations were a bit too much. This was a no bueno. The final swing in the pendulum was when my other staff members started having issues/concerns with this coworker. It became clear that the time for me to step in was now.

“No, I’m not your previous dental employer who is going to let things slide. No, I don’t cater to proclaimed naĂŻvetĂ© when, in fact, it was a lack of effort!” Yes, I called this person out and yes, that was their last day of working for me. Zero emotion. Zero regrets.

Sometimes what may start out as good and well-intended in the employer/employee relationship, changes...and that’s when you know it’s not meant to be. Removing undercurrent is necessary. Don’t feel bad about it. Move on and keep making things happen.

I may seem callous or like a robot who lacks feeling and compassion, but I assure you this is not the case. I’ve just learned over the years what to do and not to do through experience gained the hard way. My number one piece of advice: keep emotion out of it.

Here are some questions to ruminate over: What kind of expectations do you have for your staff? Do you push them to be better? Are you too comfortable and complacent? Are your staff? I’ve said this before: Get comfortable being uncomfortable. Why? Because then your uncomfortable becomes your new comfortable, and in that process, there is usually a betterment of self and situation.

My take-home is this: If you have staff issues—and I know this is a conundrum we all face as small-business owners—face them head-on and make the changes that are necessary to better the status quo. Do it now! Don’t hang on to those people who aren’t cutting it just because you need the employee space filled. Don’t worry about hurting feelings and as a result, be wishy-washy. Say bye-bye without emotion and move on. If your staff respects you (because you’ve earned it), they will appreciate what you’ve done and step up their game until you can find a replacement for that empty spot.

Make the hard calls, because your patients deserve it, your staff deserves it, and—most importantly—you deserve it.

Cheers!

—Dr. Stacey


Editor’s note: This article first appeared in Through the Loupes newsletter, a publication of the Endeavor Business Media Dental Group. Read more articles and subscribe to Through the Loupes.


Stacey L. Gividen, DDS, a graduate of Marquette University School of Dentistry, is in private practice in Hamilton, Montana. She is a guest lecturer at the University of Montana in the Anatomy and Physiology Department. Dr. Gividen is the editorial codirector of Through the Loupes and a contributing author for DentistryIQPerio-Implant Advisory, and Dental Economics. She serves on the Dental Economics editorial advisory board. You may contact her at sgividendds@gmail.com.

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March 30, 2021 at 12:34AM
https://www.dentistryiq.com/dentistry/video/14200259/make-the-hard-call-saying-bye-when-its-not-working-out

Make the hard call: Saying bye when it's not working out - DentistryIQ

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Floyd family lawyer: No one would call this a hard case if victim was white | TheHill - The Hill

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Civil rights attorney Ben Crump on Monday set the tone prior to opening statements in the trial of Derek Chauvin, the former Minnesota police officer who is charged with the killing of George Floyd, an unarmed Black man, in Minneapolis last May.

“Today starts a landmark trial that will be a referendum on how far America has come on its quest for equality and justice for all,” Crump said at a press conference outside of Hennepin County courthouse in downtown Minneapolis.

“This murder case is not hard, just look at the torture video of George Floyd,” Crump continued, saying that there would be no question whether Chauvin would get convicted if Floyd was white.

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Crump, who represented Floyd’s family in a record $27 million settlement with the city, also predicted that Chauvin’s defense team would try to attack the character of Floyd, calling him “everything but a child of God.”

“They’re going to talk about ... his record, but his record isn’t the issue because this is the trial of Derek Chauvin,” Crump said.

The trial of Chauvin, who is charged with second-degree murder, third-degree murder and third-degree manslaughter, is expected to last up to a month. Much of March was spent empaneling a jury for the trial, an endeavor which proved challenging given the case’s high-profile status.

Floyd, 46, was pronounced dead at an area hospital on May 25 after Chauvin knelt on his neck for nearly nine minutes, even after he was unconscious. Graphic cellphone footage showed Floyd pleading with Chauvin multiple times, saying that he couldn’t breath before becoming unresponsive.

“This was not a flash of anger, it became intentional and deliberate, and justice must be intentional and deliberate in this courthouse,” the Rev. Al Sharpton, who was also present at the press conference, said. 

Officials ruled Floyd’s death a homicide, with the Hennepin County Medical Examiner’s autopsy report revealing he died from "cardiopulmonary arrest complicating law enforcement subdual, restraint, and neck compression.”

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Floyd’s death — along with the police killing of Breonna Taylor — was a catalyst for a summer dominated by nationwide Black Lives Matter protests and unrest.

Earlier this month, the House passed the George Floyd Justice in Policing Act, which was first introduced in June following Floyd’s death.

The bill faces a tough road in the Senate, where GOP lawmakers are already bashing it as overly partisan.

If signed into law, the legislation would overhaul national policing standards.

Racial profiling at every level of law enforcement would be prohibited; chokeholds, carotid holds and no-knock warrants would be banned at the federal level; qualified immunity for officers would be overhauled and a national police misconduct registry would be created so officers who were fired for such discretions could not be hired by another police department.

At 8:46 a.m. local time, Crump, Sharpton and members of Floyd’s family took a knee to symbolize the amount of time — eight minutes, 46 seconds — Chauvin knelt on Floyd’s neck.

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March 29, 2021 at 09:03PM
https://thehill.com/homenews/state-watch/545351-floyd-family-lawyer-no-one-would-call-this-a-hard-case-if-victim-was

Floyd family lawyer: No one would call this a hard case if victim was white | TheHill - The Hill

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Saint Arnold Brewing launches four new hard seltzers today - Houston Chronicle

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Saint Arnold Brewing's Superfine hard seltzer line includes Lemon Drop, emulating the namesake cocktail.

Photo: Saint Arnold Brewing

Saint Arnold Brewing is the latest Texas company to dive into hard seltzer, the beverage world's new it-drink.

The Houston brewery, the oldest in the state, launched Superfine on Monday, a line of hard seltzers that come in four fruity flavors: Mimosa Morning, Berry Lounge, Sangria Sunset and Lemon Drop.

On PreviewHouston.com: Topo Chico’s hard seltzer will hit shelves at the end of March

Hard seltzer's rise in popularity was initially driven by big brands like White Claw and Truly. Topo Chico's line of hard seltzers also debuts March 29. And Saint Arnold is not the only local brewery jumping on the trend: Karbach Brewing introduced Ranch Water hard seltzer in January.

The Saint Arnold seltzers have a fermented cane sugar base and contain 100 percent real fruit.

"Since I've been with Saint Arnold, and even before me, we've been adamant about using real ingredients," said Saint Arnold brewing innovation manager at Saint Arnold Aaron Inkrott in a release. "No extracts or 'natural flavors.' We feel using real fruit truly represents its character in the beverages we make."

Mimosa Morning is flavored with orange peel and passion fruit; Berry Lounge has black currant, lime juice, lime peel and tangerine; Sangria Sunset is a mix of black currant, passion fruit and orange peel; and Lemon Drop is all lemon, emulating the namesake cocktail.

On PreviewHouston.com: Karbach Brewing launches a Ranch Water hard seltzer in a can

The drink is on the lighter side — it clocks in at 4.5% ABV, has 95 calories, 2 grams of carbs and zero grams of sugar.

Saint Arnold's Superfine seltzers will be available in variety packs of 12-ounce cans at retailers in Houston and the Dallas-Fort Worth area, as well as the Saint Arnold beer garden. Superfine will hit Austin, San Antonio and Louisiana starting in May.

  • Emma Balter
    Emma Balter

    Emma Balter grew up in Paris, France, where she got an early taste for good food and wine. She studied English Literature at Newcastle University in the U.K. and got her start in journalism as the lifestyle editor of the student newspaper. She moved to the U.S. in 2012, and spent six years on staff at Wine Spectator magazine, first as a tasting coordinator, then as an editor. She has also contributed to CondĂ© Nast Traveler, Food & Wine, Eater, PureWow, Chowhound and VinePair, among others. Balter joined the Houston Chronicle in March 2020 as a reporter for Preview, where she covers entertainment, food and drink. She lives in Montrose with her cat, Chenin.

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March 29, 2021 at 10:30PM
https://preview.houstonchronicle.com/dining/saint-arnold-brewing-launches-four-new-hard-16060692

Saint Arnold Brewing launches four new hard seltzers today - Houston Chronicle

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Lakers know Andre Drummond's value: 'hard-working guy' - Los Angeles Times

Archegos blow-up poses hard questions for Wall Street - Financial Times

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It is still unclear exactly where Archegos Capital fits into the annals of spectacular hedge fund blow-ups. But the early signs are that it will probably prove the biggest since Long-Term Capital Management’s collapse in 1998.

The saga erupted into the open last Friday, when Goldman Sachs and Morgan Stanley broke cover and started dumping multibillion-dollar positions in US and Chinese stocks. They did it on behalf of an unnamed investment fund that had failed a “margin call” — essentially a demand to put up more collateral against its trades or face a forced liquidation. 

That sparked an epic whodunnit across markets, with Archegos — an obscure, remarkably opaque investment group run by Bill Hwang, a former Tiger Management hedge fund manager with a chequered past, quickly identified as the primary party involved. By Monday, Credit Suisse and Nomura were admitting that they would probably lose billions of dollars in the fallout. 

At this early stage, there are still far more questions than answers. Here are some of the more pressing ones.

First and foremost: What on earth were some of the world’s biggest investment banks thinking when they enabled an opaque family office whose founder had a history of regulatory issues to rack up multibillion dollars worth of leverage? Hwang paid $44m in fines to settle US illegal trading charges in 2012, and in 2014 he was banned from trading in Hong Kong.

True, Archegos’ status as a family office means that it was exempt from a lot of the standard regulatory disclosures demanded of hedge funds. But banks’ prime brokerage desks — which service hedge funds with research, trade structuring and leverage — appear to have failed basic “know your customer” processes. 

Each bank may have felt comfortable with their exposure to Archegos, assuming they could always ditch its positions to cover themselves. But they failed to appreciate that if everyone has to dump tens of billions of dollars worth of equities, the collateral they may have embedded in their contracts is going to be wholly inadequate.

In LTCM’s infamous blow-up in 1998, the fund adeptly took advantage of Wall Street’s hunger for fees to play banks up against each other and get access to hefty leverage from each of them — with each often unaware of their rivals’ true exposure. 

But at least LTCM was at the time the biggest hedge fund in the world, founded by storied Salomon Brothers traders and advised by Nobel laureates. Aside from the under-appreciated and obscured size of Archegos — and the fat fees they probably paid to prime brokers — the fund and Hwang were essentially non-entities on Wall Street. 

Which leads us to another question: What is Archegos Capital exactly? The size and leverage of its positions would be extreme even for one of the more aggressive members of the hedge fund industry, let alone a family office. In truth, it seems more like a Reddit day trader got access to a Goldman Sachs credit card and went bananas. 

Prime brokers have estimated that it managed about $10bn of capital before this debacle erupted, which is a lot for the family office of someone who was hardly a titan of the hedge fund industry. 

Historically, family offices have not had to register with the Securities and Exchange Commission because of an exemption for firms with 15 clients or fewer. The Dodd-Frank Act that tightened regulations in the wake of the 2008 financial crisis removed this exemption to shed more light on the hedge fund industry. However, the SEC has let family offices decide for themselves whether they should be registered and file regular reports. 

Given its size, does Archegos manage money from people other than Hwang, and if so should it have been required to make more disclosures to the SEC?

A search for Archegos on the SEC’s “Edgar” reporting system yields pretty much nothing — itself eye-catching. Its use of financial derivatives known as swaps to build positions might have allowed it to circumvent reporting requirements on big stakes. 

So far there have been about $20bn of stock sales from investment banks, but analysts say more could be in the pipeline. How much more though? Estimates vary wildly. And are there any other funds that are also being forcibly liquidated, with Archegos merely the first to be identified?

Finally, but most importantly: Can the Archegos collapse trigger a wider financial conflagration, as LTCM did two decades ago? 

Luckily, the answer is probably no — with some caveats. LTCM was far bigger, more woven into the fabric of several systemically important markets and its collapse could have taken down several major banks had the authorities not orchestrated a bailout and co-ordinated its dismemberment. The Archegos losses will be humiliating to many banks, and in some cases ruin their financial year, but they are much better capitalised since 2008. 

That said, there is a danger that a debacle of this magnitude encourages the entire investment banking industry to scale back how much leverage they offer their hedge fund clients. If so, then the forced liquidation of an isolated, gung-ho investment group could become a snowball that triggers a broader hedge fund deleveraging. For now, markets are taking the debacle in their stride, but that could still change.

robin.wigglesworth@ft.com

Twitter: @robinwigg


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March 29, 2021 at 07:02PM
https://www.ft.com/content/89b560ec-212c-4e82-b52e-c3e1408a9e6b

Archegos blow-up poses hard questions for Wall Street - Financial Times

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The Hard Crowd by Rachel Kushner review – New Journalism given a new lease of life - The Guardian

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March 29, 2021 at 01:00PM
https://www.theguardian.com/books/2021/mar/29/the-hard-crowd-by-rachel-kushner-review-new-journalism-given-a-new-lease-of-life

The Hard Crowd by Rachel Kushner review – New Journalism given a new lease of life - The Guardian

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Sunday, March 28, 2021

Hard Aground - Ever Given Rudder Is Freed But Bow Is Hard On A Massive Rock – gCaptain - gcaptain.com

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Reuters

By Yusri Mohamed

ISMAILIA, Egypt March 28 (Reuters) – Suez Canal salvage teams were alternating between dredging and tugging on Sunday to dislodge a massive container ship blocking the busy waterway, while two sources said efforts had been complicated by rock under the ship’s bow.

Dredgers working to dislodge the stranded vessel have so far shifted 27,000 cubic meters of sand, to a depth of 18 meters (19.7 yards), and efforts would continue around the clock according to wind conditions and tides, the Suez Canal Authority (SCA) said in a statement.

Egypt’s President Abdel Fattah al-Sisi has ordered preparations for the possible removal of some of the ship’s 18,300 containers, SCA Chairman Osama Rabie told Egypt’s Extra News.

Any operation to lighten the ship’s load would not start before Monday, an SCA source said, as salvage teams try to take advantage of high tides before they recede next week to maneuver the ship free.

The 400-meter (430-yard) long Ever Given became jammed diagonally across a southern section of the canal in high winds more than five days ago, halting shipping traffic in one of the world’s busiest waterways.

At least 369 boats are waiting to transit the canal, Rabie said, including dozens of container ships, bulk carriers, oil tankers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels.

Shippers affected by the blockage may be offered discounts, Rabie said, adding that he believed investigations would show the canal was not responsible for grounding the Ever Given, one of the world’s biggest container ships.

Rescue workers from the SCA and a team from Dutch firm Smit Salvage have been weighing how much tugging power they can use on the ship without risking damage, and whether some cargo will need to be removed by crane in order to re-float it.

Experts have warned that such a process could be complex and lengthy. Rabie said he hoped it would not be necessary, but that Egypt would take up offers of international assistance if it did switch to that strategy.

A ballast tank at the bow of the ship has been damaged, and the vessel will have to be inspected once it is freed, two people familiar with the salvage operation said.

‘POSITIVE INDICATORS’

“There are positive indicators from yesterday and the day before yesterday,” Rabie told Egyptian state TV.

“The rudder was not moving and it is now moving, the propeller is working now, there was no water underneath the bow, and now there is water under it, and yesterday there was a 4-meter deviation in the bow and the stern.”

However, two SCA sources told Reuters that a mass of rock had been found at the bow of the ship, complicating salvage efforts.

From the dredging done so far it was still unclear whether the ship was stuck on soft sand, compact sand or clay, which will determine how easily it may shift free, said one official involved in the salvage operation.

Two more powerful tugs are expected to arrive by Monday. “We believe that is what you are going to need in terms of horse power … to have a decent attempt, a decent chance of trying to float her,” the official said.

“We’re dividing the day into two halves, 12 hours for dredgers and 12 hours for tugs, because not all times are suitable for tugs due to the tide,” said Rabie, adding that 14 tug boats in total were being deployed.

About 15% of world shipping traffic transits the Suez Canal, which is a key source of foreign currency revenues for Egypt. The current stoppage is costing the canal $14-15 million daily.

Shipping rates for oil product tankers nearly doubled after the ship became stranded, and the blockage has disrupted global supply chains, threatening costly delays for companies already dealing with COVID-19 restrictions.

If the blockage drags on, shippers may decide to reroute their cargoes around the Cape of Good Hope, adding about two weeks to journeys and extra fuel costs.

The SCA has said it can accelerate convoys through the canal once the Ever Given is freed.

(Reporting by Yusri Mohamed in Ismailia, Omar Fahmy, Mahmoud Mourad and Momen Saeed Atallah in Cairo, Anthony Deutsch in Amsterdam; Writing by Aidan Lewis; Editing by Alex Richardson, Elaine Hardcastle and Emelia Sithole-Matarise)

(c) Copyright Thomson Reuters 2021.

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March 28, 2021 at 06:43PM
https://gcaptain.com/hard-aground-ever-given-rudder-is-freed-but-bow-is-hard-on-a-massive-rock/

Hard Aground - Ever Given Rudder Is Freed But Bow Is Hard On A Massive Rock – gCaptain - gcaptain.com

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The hard lesson of Dr. Deborah Birx - CNN

hard.indah.link
Megan Ranney, MD, MPH, is an associate professor of emergency medicine at Brown University, and co-founder of Get Us PPE. The opinions expressed in this commentary are her own. View more opinion at CNN.

Watch, "COVID WAR: The Pandemic Doctors Speak Out," at 9 p.m. Sunday, March 28, only on CNN.

How times have changed. Over the last year Fauci has received widespread and well-deserved acclaim, while Birx's previously sterling reputation has been tarnished -- perhaps irrevocably.
As a clinician-scientist (and public health professional), I have criticized Birx. But I also have to wonder: What went wrong?
Before Covid-19, Birx was known as a consummate scientist and public health professional. In her leadership of international HIV/AIDS programs, she was praised for her ability to cross the partisan divide to mobilize resources for good science. We all took a sigh of relief when she was named as the White House Coronavirus Response Coordinator in late February 2020, expecting her to continue her role as a voice of reason during the pandemic.
Accepting a job working for Donald Trump was her first and worst mistake.
She, like many of us, had no idea how badly his administration would distort, ignore and deny science and the truth during the pandemic. Although she said she took the job out of a sense of obligation ("That's what a civil servant is supposed to do," she said a year later), Birx became inextricably tied to the harmful decisions of her negligent, disastrously ignorant boss.
In a new CNN documentary airing Sunday, Birx revealed what she believed to be the extent of the Trump administration's failures when she told Dr. Sanjay Gupta that she thought the vast majority of the US' Covid-19 deaths could have been prevented. "There were about a hundred thousand deaths that came from that original surge. All of the rest of them, in my mind, could have been mitigated or decreased substantially," she said.
Fauci's position at the National Institutes of Health allowed him some degree of political independence from Trump. Birx did not have that luxury. The first lesson is: Know whom you are agreeing to work for.
Birx's next error was allowing the regime's lies to go unchecked. It's true that she said many things right, from her first day to her last. And as a White House team member, she would have found it hard to publicly contradict her boss. And it's understandable that she thought she would do more good from inside the administration instead of as an outside observer. She said this herself in January. But still -- she could have drawn the lines of honesty and integrity much earlier.
It wasn't until late summer 2020 that she went out on the road to personally meet with, and guide, public health professionals. This was, frankly, too little, too late, and with too little power or publicity behind it. Not until October did we learn that she had refused to be in the same room as Trump's Covid adviser, the neuroradiologist Dr. Scott Atlas, who was one of the most harmful people in our country's federal coronavirus response.
For months as the calamity worsened, she let Trump's lies go unchecked on the public stage. The harm was irrevocable.
The second lesson: Don't hesitate to blow the whistle. Don't keep quiet when something is really wrong. The AIDS activists were right decades ago: Silence = death.
Birx's mistakes were complicated by something that wasn't her fault at all, and something I know all too well: She was a woman in a male-centered world. We know that the Trump White House had a reputation for being particularly toxic for women. As a female physician-scientist myself, I am familiar with implicit and explicit misogyny and the big and small ways in which it changes one's decisions.
I know women are more likely to be criticized, less likely to be given opportunities for advancement, and less likely to be promoted to a senior leadership position, compared to men. I know that we have to work harder to be seen as equivalent.
Birx has confronted these trends throughout her life, and doubtless developed a thick skin -- and a tolerance for small insults -- in order to get to this place. But that accommodation may also have been part of her downfall; like many of us she might have gotten so used to accepting the small slights that she may not have seen the bigger warning signs until she was in too deep.
So I take her story as a warning, particularly for women and minorities: Sometimes our methods of survival can turn into weaknesses.
At the end of the day, I am sad for Birx. She was an amazing leader for most of her career. And she seems to have done her best to make up for the administration's malfeasance. I have no doubt that she is a good person. But her months of public silence caused us all harm.
So my final lesson and biggest lesson from this case study: Our integrity is our biggest asset. Don't give it up easily. And make sure you surround yourself with people who will serve as an early warning bell when your reputation is in danger of being broken.

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March 28, 2021 at 09:25PM
https://www.cnn.com/2021/03/28/opinions/hard-lesson-dr-deborah-birx-ranney/index.html

The hard lesson of Dr. Deborah Birx - CNN

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