Holding Period Return – Beacon at Bangsar http://beaconatbangsar.com/ Fri, 01 Jul 2022 04:37:38 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://beaconatbangsar.com/wp-content/uploads/2021/03/cropped-icon-32x32.png Holding Period Return – Beacon at Bangsar http://beaconatbangsar.com/ 32 32 Late filing of a motion does not preclude the jurisdiction of the Tax Court https://beaconatbangsar.com/late-filing-of-a-motion-does-not-preclude-the-jurisdiction-of-the-tax-court/ Fri, 01 Jul 2022 04:13:01 +0000 https://beaconatbangsar.com/late-filing-of-a-motion-does-not-preclude-the-jurisdiction-of-the-tax-court/

The U.S. Supreme Court, reversing an Eighth Circuit decision, found that the time limit for filing a motion with the Tax Court was not a condition of the Tax Court’s jurisdiction, but rather a non-jurisdictional rule relating to contentious procedure for which a fair toll is available.

Facts: The IRS sent a letter to a law firm, Boechler PC, on June 5, 2015, indicating a discrepancy between the amount of wages it reported on W-2 forms, Salary and tax declarationand the amount shown on Form 941, Employer’s Quarterly Federal Income Tax Return, for its 2012 tax year. When Boechler failed to respond to the letter, the IRS assessed a penalty of $19,250 under Sec. 6721(e) for willful non-compliance with reporting requirements. The penalty was imposed in September 2015 and a notice of intent to levy was issued to Boechler in October 2016. Boechler timely requested a Collection Proceedings Hearing (CDP).

The hearing took place in May 2017, and on July 28, 2017, the IRS sent a Notice of Decision to Boechler confirming its intent to levy. The notice said Boechler had 30 days to ask the Tax Court to review the decision. Boechler posted the petition on August 29, 2017, one day after the 30-day period expired (30 days after the date of the notice was August 27, 2017, which was a Sunday, so the statutory period ended). ended this Monday, August 28).

The Tax Court dismissed the case for lack of jurisdiction (PC Boechler18578-17L (TC 2/15/19) (Order of Dismissal)), and Boechler appealed to the Eighth Circuit, which had no clear precedent on this issue. The Ninth Circuit had previously been held at Duggan, 879 F.3d 1029 (9th Cir. 2018), that the 30-day period of Sec. 6330(d)(1) is jurisdictional. In Myers, 928 F.3d 1025 (DC Cir. 2019), the DC Circuit held that Sec. 7623(b)(4), which allows whistleblowers to ask the Tax Court to review an attribution determination (and includes a parenthesis identical to that in section 6330(d)(1) ), is not jurisdictional. Citing Duggan, the Eighth Circuit upheld the Tax Court. Boechler appealed the case to the Supreme Court, which agreed to hear it.

Problems: Second. 6330 provides taxpayers with certain rights before the IRS can seize property in settlement of a tax liability. The IRS must provide notice of its intention, as well as the opportunity for a pre-collection hearing before an impartial officer of the IRS Independent Office of Appeals. After the hearing, the IRS must issue a Notice of Determination. Second. 6330(d)(1) provides that a taxpayer “may, within 30 days after a determination under this section, apply to the Tax Court for a review of that determination (and the Tax Court shall have jurisdiction with regard to this matter).” Boechler and the IRS agreed that Sec. 6330(d)(1) gives the Tax Court jurisdiction to review a decision following a CDP hearing and that a motion must be filed to trigger that jurisdiction. They disagreed, however, on whether speed of motion was a condition of the Tax Court’s jurisdiction.

Boechler argued that the phrase “such matter” in Sec. 6330(d)(1) refers only to the filing of a petition, which means that the Tax Court has jurisdiction even if the petition is filed late. Moreover, since the court has jurisdiction, it can fairly impose the 30-day period and review the IRS’ decision, Boechler argued.

The IRS, on the other hand, argued that jurisdiction was conditional on the petition being filed within the 30-day period, and because Boechler’s petition was late, the Tax Court lacked jurisdiction to examine it. The IRS also argued that even if the Tax Court has jurisdiction, it lacks the authority to apply the fair toll doctrine, under which a time limit can be suspended or extended when a party enforces its rights diligently, but an extraordinary circumstance beyond the ability of the person to control prevents timely compliance (see Menominee Indian Tribe of Wisconsin577 US 250 (2016)).

Holding: In a unanimous decision, the Supreme Court ruled Sec. The 30-day period provided in Section 6330(d)(1) to file a petition for review of a CDP determination is a non-jurisdictional period subject to an equitable toll.

As the Court explained, not all procedural requirements are jurisdictional. Many are non-jurisdictional and simply ask the “parties [to] take certain procedural measures at certain specified times without conditioning the authority of a court to hear the case on compliance with those measures” (quoting Henderson vs. Shinseki, 562 US 428, 435 (2011)). The distinction between jurisdictional and non-jurisdictional procedural requirements is important, the Court said, because jurisdictional requirements cannot be waived or set aside, must be raised by the courts without prompting by the parties, and do not allow for equitable exceptions. .

In Arbaugh vs. Y&H Corp., 546 US 500, 515 (2006), the Court stated that it will only treat a procedural requirement as jurisdictional if Congress “clearly declares” that it should be treated as such. The Court also noted in Regional Auburn568 US 145 (2013), that the mere proximity of a procedural requirement to a grant of jurisdiction does not render the procedural requirement jurisdictional.

Concurring with Boechler’s interpretation of the Code, the Court found that there was no clear indication in the statute that the 30-day period was intended to be a requirement of jurisdiction because the word “matter” does not appear not before the expression “such material”. Under the “last antecedent rule”, which states that the syntactically closest antecedent of a word or phrase is most likely the intended one, “this subject” refers to the phrase immediately before the parenthesis in which it appears, which mentions the filing of a petition.

Further, the Court noted that many interpretations of the language are plausible, making it “difficult to argue that the jurisdictional reading is clear”, and although the 30-day time limit appears in the same sentence as the award of jurisdiction, the court found no “clear connection” between the two. Accordingly, the Court held that the filing deadline provided for in Art. 6330(d)(1) is independent of the Tax Court’s grant of jurisdiction.

Furthermore, with regard to fair tolls, the Court, citing Irwin v. Department of Veterans Affairs, 498 US 89, 95-96 (1990), state that non-jurisdictional statutes of limitations are presumed to be subject to an equitable toll. Seeing nothing to rebut the presumption relating to s. 6330(d)(1), he held that the fair toll applied with respect to the 30-day period provided for in s. 6330(d)(1).

However, the Court did not determine whether the fair toll applied in Boechler’s case. Whether it should be made available to Boechler must be determined on remand, the court said.

  • Boechler, CPNo. 201472 (US 4/21/22), rev’g 967 F.3d 760 (8th Cir. 2020)

— Laura Lee Mannino, CPA, JD, LL.M., is Associate Professor of Taxation, St. John’s University, Queens, NY

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Not the series you’re looking for – The Quinnipiac Chronicle https://beaconatbangsar.com/not-the-series-youre-looking-for-the-quinnipiac-chronicle/ Wed, 29 Jun 2022 04:11:14 +0000 https://beaconatbangsar.com/not-the-series-youre-looking-for-the-quinnipiac-chronicle/
Graphic by Shavonne Chin

When Disney bought Lucasfilm in 2012, then-CEO Bob Iger announced a flood of new “Star Wars” content with talk of an “Obi-Wan” solo production processing film made the rounds when “The Force Awakens” took off in 2015.

But it was a time when “Star Wars” found itself in the midst of a huge resurgence. Fans rejoiced at the prospect of seeing new adventures. Now, IP has fallen far from its peak, sinking to a point where the best deals are timid, messy TV installments on Disney+.

Outside of a collection of satisfying moments, the return of a few classic characters, and a few fun callbacks, “Obi-Wan Kenobi” is unfortunately no exception.

The new series released its final episode on June 22, wrapping up a chaotic six-episode run that made it difficult to think of a proper consensus for the project.

“Kenobi” finds the titular fan-favorite at a low point, rummaging aimlessly around the overtly familiar planet Tatooine. His job is to quietly watch over a young Luke Skywalker and protect himself from a band of bloodthirsty Inquisitors, who make it their mission to hunt down the last remaining Jedi.

Star Wars fans, fickle and aloof as they are, were treated to the show’s first scene, providing another glimpse into the universe’s most infamous event, Order 66. The Intensity flashback sets the tone for what we originally had. thought was going to be a dramatic look at Obi-Wan’s tragic years after the Clone Wars. Instead, the show’s first minute and 29 seconds is its de facto peak, never overcoming its energy deficit.

The show spends most of its opening episode depicting a typical day in the life of an elderly Kenobi, voiced by Ewan McGregor. The ancient Jedi Master’s mundane routine is finally interrupted by a call for help from Alderaan and a new adventure to save Luke’s twin sister, Princess Leia Organa, from a particularly ruthless inquisitor.

This premise was ultimately the show’s downfall in our eyes. The particularly fast-paced plot setup made it worthy of what is normally a two- to three-episode arc in any other show. However, as the third episode ended with Leia falling back into the arms of the Inquisitors, it became tragically clear that this was going to be the direction the series was going to take. At that point, fans were forced to stay for the ride or jump ship right there.

Performance all around was solid. McGregor delivered a quiet, melancholy work throughout and occasionally burst out with a painful energy that tells of all the misfortune that befell him during the prequel trilogy. Hayden Christensen’s hyped return as Anakin Skywalker and Darth Vader was more than welcome, and it’s hard to deny how cool it was to see him back on screen.

Although louder than necessary on a few occasions, Moses Ingram correctly conveyed the aggression and anger of Reva Sevander, a member of the Inquisitor team. The writing began to fail in its development towards the finale, but it rightfully escaped racist negativity and hate. directed at her by fans onlineand it will be interesting to see if she resumes her role on the road.

However, the main issue that overshadows the entire series is the aforementioned writing, which largely failed to build proper development arcs for any of the show’s core themes or concepts. Running for a total of 270 minutes, the series found itself trapped by a truly terrible pacing.

Iconic character beats and surprising developments were rushed and pushed aside as soon as the tension mounted, while more mundane setups and introductions went on too long. It’s one of the worst types of story problems, and none of the individual installments could escape the mess.

The problems continued even further. In any given episode, there were far too many weird gaps in logic, weird errors in continuity, obvious plot flaws, and bizarre creative choices for camera work, to name a few- one. Director Deborah Chow impressed with her work in the first season of “The Mandalorian,” but that show’s creative spark didn’t quite resurface here.

Some of the show’s plot beats, especially during the second half of its run, seemed to have been developed as an attempt to enlighten the audience.

At the end of episode four, we were introduced to two rebel fighter pilots as they rushed to extricate deus ex machina Obi-Wan from a crucial traffic jam. When one of the pilots is shot down, the characters spend the last five minutes of the episode mourning them, leaving me screaming at my screen and wondering if we’ve ever met these characters before. We didn’t. Mourning the death of a character introduced less than a minute in advance isn’t worthy of a three-minute morbid session from the titular character, no matter how you cut it.

An episode later, Reva is rightfully humiliated in a duel against the original Darth Vader, with her signature red lightsaber plunging into her torso as a winning move. While struggling to stay alive, Reva learns that Luke is being kept on Tatooine, unfortunately due to some unusual incompetence by Bail Organa, and decides to leave.

However, in the final episode, Reva is seen searching the planet for young Skywalker with no evidence of the normally fatal injury she suffered minutes earlier. It may have been unintentional, but this way of writing almost comes across as an insult. Thanks to her seemingly easy survival, the writing team hinted that former young Reva is stronger than former Jedi Master Qui-Gon Jinn, who died almost instantly from a similar injury at the end of The Menace. phantom.

Ultimately, the most upsetting fact about “Kenobi” is that it all seems so tired. It’s as if the House of Mouse’s creative energy has been exhausted, and high fan demand for “content” has the writers and crew scrambling for a story that’s just… half decent for streaming. Certain moments in the series had the potential to be some of the best in the entire saga, but there was always something that kept them from really taking off.

Maybe it’s budgeting or the tough creative constraints imposed by Disney’s top executives. Either way, it can’t be understated how disappointing it is that this series has fallen so far below the hype. The period of its setting is a rare segment in “Star Wars” canon that fans have little reason to complain about. It’s a time before corporate greed and mismanagement took hold of the franchise, and fan resentment created an exhausting and hostile environment for online discourse.

It would have been fantastic to experience a much stronger reminder of the saga’s better days and a much more emotional return for two of its most crucial characters. Again, potential is littered in “Obi-Wan Kenobi,” and the crew occasionally pulled it off. But there are too many things holding this latest “Star Wars” outing back.

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Gordon Pape: Even with the recent market pullback, my Buy and Hold portfolio is ahead of its targets https://beaconatbangsar.com/gordon-pape-even-with-the-recent-market-pullback-my-buy-and-hold-portfolio-is-ahead-of-its-targets/ Mon, 27 Jun 2022 12:44:55 +0000 https://beaconatbangsar.com/gordon-pape-even-with-the-recent-market-pullback-my-buy-and-hold-portfolio-is-ahead-of-its-targets/

It’s great to be a buy-and-hold investor in a bull market. You can just sit back and watch the value of your portfolio increase a little more each month.

Bear markets are another matter. It’s stressful to watch your hard-earned profits melt away each month as the markets slide to even lower lows. Bear markets are the real test of whether you can stick to a buy and hold philosophy or give in to market pressure.

My Internet Wealth Builder Buy and Hold Portfolio, which celebrates its 10th anniversary this month, is a testament to why sticking to the plan through good times and bad will pay off. Despite some slippage over the last reporting period, the portfolio has posted an average annual compound rate of return of 11.43% since its inception ten years ago.

The portfolio has one fundamental purpose: to invest in great stocks and hold onto them no matter what the market does. The underlying thesis is that the long-term trend in markets is up. If you have good deeds, they will evolve with them.

The portfolio is comprised primarily of blue chip Canadian and US stocks that offer long-term growth potential. He also owns a bond ETF. The initial weighting was 10% for each stock, with the bond ETF starting with a 20% position. This has now been reduced because increases in equities have outpaced the bond market.

I used several criteria to choose the stocks. These included a superior long-term growth profile, industry leadership, a good balance sheet, a history of dividend increases and relative strength in bear markets.

The goal is to generate decent cash flow (all but one stock pays dividends), minimize downside potential, and provide slow but steady growth. The target rate of return was initially set at 8% per annum.

Here are the stocks we hold with commentary on their performance since my last review in December. Prices are from the afternoon of June 23.

iShares Canadian Universe Bond Index ETF (XBB-T). This is not a good time for bonds, to put it mildly. In fact, it’s the worst bond bear market I’ve seen since I started my career as a financial writer in the late 1980s. As of the June 22 close, this fund was down 13, 54% since the start of the year. This is almost unheard of for a universe bond fund and, unfortunately, the trend is likely to continue for a few more months. But bonds or their substitutes are an essential part of a long-term portfolio, so we have to accept the losses and wait for the inevitable turnaround. The price is down $4.12 per unit since the last review in December. We received distributions totaling 39.6 cents per unit.

BCE Inc. (ECB-T). BCE shares are down $3.36 since the last update. Due to the timing, we received three dividends during the period for a total of $2.715 per share.

Brookfield Asset Management (BAM.AT). After several years of steady gains, Brookfield has been hit hard by the market selloff, with its shares losing $16 in the past six months. Despite the pullback, the shares still look a bit pricey with an ap/e ratio of 18.29. We received two dividends for a total of 27 US cents per share.

Canadian National Railway Company. (CNR-T). CN has done very well for us, but a falling tide brings all the boats down. The stock is down $23.05 (14%) since our last review. Due to timing, we received three dividend payments totaling $2,081.

Enbridge Inc. (ENB-T). Here’s a change of pace. Enbridge shares have actually risen over the past period as the pipeline companies hold their ground in the market downturn. Shares are ahead $4.30 (9%) since the last review. We received two dividend payments for a total of $1.72 per share. The quarterly dividend was increased by 3% starting with the February payment.

Toronto-Dominion Bank (TD-T). TD increased its dividend by 13% starting in January, but the stock fell along with the rest of the financial sector, losing $12.49 (nearly 13%) per share. We received two dividend payments at the new rate of 89 cents per quarter for a total of $1.78 per share.

Alphabet Inc. (GOOGL-Q). When a stock is in the thousands, any setback hurts. In this case, shares have fallen $614.48 since the last review as the tech sector suffered a major correction. The drop has brought the p/e ratio down to a more reasonable level of 20.3, which could limit further decline. It is the only share of the group that does not pay a dividend.

UnitedHealth Group Inc. (UNH-N). Another winner. They are rare at the moment. It is the number one health insurer in the United States and the number one in our portfolio, with a total return of almost 370%. The shares have gained US$59.79 (13.6%) since our last review. We received three timing dividends for a total of US$4.55 per share. The quarterly payout was increased by 20 US cents per share (13.8 percent) to US$1.65, effective with the June payout.

Walmart Inc. (WMT-N). Walmart didn’t do much during this time. The shares fell US$1.44. We received a quarterly dividend of 55 US cents per share.

Cash. At the time of last review, we had cash and retained earnings totaling $3,483.40. We held the money in an EQ Bank Savings Plus account, which paid 1.25%. We earned interest of $25.40.

Here is the status of the portfolio as of June 23. For consistency, the Canadian and US dollars are presented at par. Trading commissions are not taken into account, although in a buy and hold portfolio they are by no means significant.

Buy and Hold portfolio (as of June 23)



Symbol weight % Shares Avg. the price Book value Current price Market value Retained earnings Loss of profit %
XBB-T 9.8 510 $31.43 $16,031.80 $27.38 $13,963.80 $212.55 -11.6
ECB-T 8.1 185 $46.67 $8,633.45 $62.18 $11,503.30 $660.97 40.9
BAM-AT 14.8 365 $16.44 $6,001.20 $57.61 $21,027.65 $362.74 256.4
CNR-T 11 110 $43.34 $4,767.35 $142.16 $15,637.60 $790.36 246.1
ENB-T 7.3 195 $41.97 $8,184.00 $52.97 $10,329.15 $416.45 31.3
TD-T 10.3 175 $43.07 $7,538.10 $84.01 $14,701.75 $634.80 103.5
GOOGL-Q 12.6 8 $794.49 $6,355.92 $2,244.84 $17,958.72 $0 182.6
UNH-N 15.8 45 $112.47 $5,061.15 $499.81 $22,491.45 $1,262.04 369.3
WMT-N ten 115 $108.82 $12,514.30 $123.62 $14,216.30 $752.10 19.6
Cash 0.3 $421.79 $447.19
Total 100 $75,509.06 $142,276.91 $5,092.01 95.2
Creation $49,945.40 195.1

comments: The new portfolio value (market price plus retained dividends/distributions) is $147,368.92. This compares to $161,269.71 at the time of last review, for a loss of 8.6%.

The only two winners in the last period were UnitedHealth and Enbridge. The biggest absolute dollar loser was Alphabet.

Since inception, we have had a total return of 195.1%. This represents a 10-year average annual compound growth rate of 11.43%. I believe most readers would be satisfied with this decade-long return, and it is well above our 8% target.

Changes: This is a Buy and Hold wallet, so I’m not making any changes to our holdings. The bond ETF is a drag on the portfolio at this point, but some of the stock losses have been worse (eg Alphabet).

We’re holding a lot of cash, so with prices falling, let’s put some of it to work, as follows.

BCE – We will buy 10 more shares at $62.18 for a total cost of $621.80. This will give us 195 shares. Retained earnings will fall to $39.17.

BAM.A – We will add five more shares at $57.61 for a total of $288.05. This will give us 370 shares. Retained earnings will fall to $74.69.

CNR – We have enough to buy five more shares at $142.16, for an outlay of $710.80. We now own 115 shares and have retained earnings of $79.56.

ENB – Enbridge is doing well these days, so we will be buying another five shares at $52.97 for a cost of $264.85. This will bring our position to 200 shares and leave $151.60 of retained earnings.

TD – We will buy five more shares at $84.01, for a cost of $420.05. We now own 180 shares and have retained earnings of $214.75.

WMT – We will buy five shares at $123.62 for a total outlay of $618.10. That leaves $134 in retained earnings.

We have cash and retained earnings of $2,615.55. We will transfer this money into the Wyth High Interest Savings Account, which currently pays 1.80%. Wyth was recently acquired by Equitable Bank and its deposits are covered by the Canada Deposit Insurance Corporation.

Here is the revised portfolio. I will update it in December.

Buy and Hold Wallet (Revised June 23)



Symbol weight % Shares Avg. the price Book value Current price Market value Retained earnings
XBB-T 9.6 510 $31.43 $16,031.80 $27.38 $13,963.80 $212.55
ECB-T 8.4 195 $47.46 $9,255.29 $62.18 $12,125.10 $39.17
BAM-AT 14.7 370 $17.00 $6,289.25 $57.61 $21,315.70 $74.69
CNR-T 11.2 115 $47.64 $5,478.15 $142.16 $16,348.40 $79.56
ENB-T 7.3 200 $42.24 $8,448.85 $52.97 $10,594.00 $151.60
TD-T 10.4 180 $44.21 $7,958.15 $84.01 $15,121.80 $214.75
GOOGL-Q 12.4 8 $794.49 $6,355.92 $2,244.84 $17,958.72 $0
UNH-N 15.5 45 $112.47 $5,061.15 $499.81 $22,491.45 $1,262.04
WMT-N 10.2 120 $109.44 $13,132.40 $123.62 $14,834.40 $134.00
Cash 0.3 $447.19 $447.19
Total 100 $78,458.15 $145,200.56 $2,168.36
Creation $49,945.40

Gordon Pape is editor and publisher of the Internet Wealth Builder and Income Investor newsletters.

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Gold has held up well against a strong dollar and rising bond yields https://beaconatbangsar.com/gold-has-held-up-well-against-a-strong-dollar-and-rising-bond-yields/ Sat, 25 Jun 2022 18:02:12 +0000 https://beaconatbangsar.com/gold-has-held-up-well-against-a-strong-dollar-and-rising-bond-yields/

OWe are almost halfway through 2022, and so far gold has been the big winner after oil, coal and other commodities. The yellow metal has managed to remain positive year-to-date, skirting pressure from soaring yields and a strong US dollar. Meanwhile, nearly every other asset class — from large and small cap stocks to bonds, from real estate investment trusts (REITs) to cryptocurrencies — fell into correction or bear market territory.

I think this shows that gold has retained its perceived role as a store of value through decades of high inflation and economic and geopolitical uncertainty. As I often say, investing in gold won’t make you a billionaire, but it could help stabilize your portfolio when everything else is crashing.

Dollar at 20-year highs

I’m very impressed that gold has stayed afloat even as the US dollar strengthened to 20-year highs against a basket of other major currencies. Since the price of gold is in dollars, the two assets have historically shared an inverse relationship, with one falling when the other rises, and vice versa. At the start of the pandemic, the dollar soared as investors sought a safe haven, putting pressure on gold. The value of the dollar is now very high due to rising interest rates, and yet the yellow metal has continued to trade above $1,800 an ounce.

It is for this and other reasons that I agree with Newmont CEO Tom Palmer who said last week that the floor price of gold has likely risen from previous lows in around $1,200 to between $1,500 and $1,600 currently.

The price of gold has been very resilient against a high dollar

While I’m on this topic, a stronger dollar is mixed news. On the one hand, it can contribute to limiting the effects of inflation by offsetting the price of imports. On the other hand, it makes US exports more expensive for foreign buyers. As a result, we are likely to see weaker earnings in the fourth quarter for companies with international exposure. Earlier this month, Microsoft joined Coca-Cola, Procter & Gamble and a host of other US multinationals in cutting guidance for the rest of the year due to a stronger greenback.

Will S&P 500 companies increase their dividends to compete with Treasury yields?

As I mentioned earlier, government bonds have sold off steadily this year, pushing yields to multi-year highs. (Bond yields rise when prices fall.) The two-year yield was trading up 3.45% last week, a substantial increase from 0.78% at the start of the year.

Treasury yields jumped.  Can dividends keep up?

This may attract investors looking for yield, but I urge them to keep in mind that inflation is running at an annual rate of 8.6%. This means that they are effectively paying the government for the privilege of holding its debt.

At the same time, dividend investors may find it difficult to pick stocks that are yielding at a competitive rate. As of this month, the S&P 500 has a dividend yield of just 1.68%, up slightly from the start of 2022 but down from June 2020, when it was closer to 2.0%. .

It’s well known that gold earns no income, but with stocks and bonds at a disadvantage, the metal might be a better bet to potentially stay ahead of inflation right now.

Originally published by US Global Investors on June 21, 2022.

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All opinions expressed and data provided are subject to change without notice. Some of these opinions may not be suitable for all investors. By clicking on the link(s) above, you will be directed to third-party website(s). US Global Investors does not endorse all information provided by such website(s) and is not responsible for its/their content.

The S&P 500 is a stock market index that tracks the performance of the stocks of 500 major publicly traded companies in the United States. The Nasdaq-100 is a stock market index composed of 102 equity securities issued by 101 of the largest non-financial companies listed on the Nasdaq stock exchange. It is a modified capitalization-weighted index. The Russell 2000 Index is a US equity index measuring the performance of the 2,000 smallest companies in the Russell 3000®, a widely recognized small cap index. The MSCI US REIT Index is a float-adjusted market capitalization-weighted index that is comprised of equity real estate investment trusts (REITs). The MSCI Emerging Markets Index is a selection of stocks designed to track the financial performance of key companies in fast-growing countries. The S&P US Treasury Bill Index is a broad, comprehensive, market value-weighted index that seeks to measure the performance of the US Treasury bill market. The S&P US High Yield Corporate Bond Index is designed to track the performance of US dollar-denominated high yield corporate bonds issued by companies whose risk country uses the official currencies of the G-10, excluding member countries of the United Nations for the East. European Group (EEG). The Bloomberg Commodity Index is a broadly diversified commodity price index distributed by Bloomberg Index Services Limited.

Holdings may change daily. Holdings are reported at the end of the most recent quarter. The following securities mentioned in the article were held by one or more accounts managed by US Global Investors as of (03/31/2022): Newmont Corp.

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Colorado and NYCFC draw 1-1 in comeback at Yankee Stadium https://beaconatbangsar.com/colorado-and-nycfc-draw-1-1-in-comeback-at-yankee-stadium/ Mon, 20 Jun 2022 23:12:40 +0000 https://beaconatbangsar.com/colorado-and-nycfc-draw-1-1-in-comeback-at-yankee-stadium/

NEW YORK, NY- In a return to Yankee Stadium with Nick Cushing now in charge in the Bronx, Colorado and NYCFC draw 1-1 with a second-half goal for each team as the two clubs met for the first time since 2019 .

Everything is calm during the first half

NYCFC would trigger the first chance of the night in the 8th minute as Alexander Callens played a ball for Talles Magno which the Brazilian chased and pushed down the wing. With a step into the box and a short chipped cross from Magno, a header from Maxi Moralez would be hit directly at Colorado keeper William Yarbrough for a simple save.

Apart from a potential penalty for NYCFC canceled by VAR in the 11th minute, things calmed down until the 35th minute when Nicolás Acevedo found Talles Magno working on the wing again. After a few touches from Magno well defended by Lalas Abubakar, a slid pass in the top of the box would find a Taty Castellanos breaking for a shot that missed the bar to keep the score level.

Colorado earned the last half-time opportunity in the 40th minute with Lucas Esteves and Bryan Acosta playing back and forth at the edge of the box to create room for a cross. But with the pass hit low and hard in front of goal and into a mass of NYCFC defenders and Colorado forwards, the initial cross would be obliterated with Gyasi Zardes inches from the ball.

Colorado and NYCFC draw 1-1

The opening chance of the second half would come in the 64th minute with NYCFC winning a corner which would be taken by Santiago Rodríguez. Hitting the ball close to the post, Rodríguez picked up Alfredo Morales for a header attempt just wide of the goal and into the side netting.

Colorado would follow that up with a 68th-minute counterattack as Michael Barrios received the ball on the run and between two New York defenders. Dribbling around Callens and pushing for a goal, Thiago Martins couldn’t recover, leaving Barrios to ride home and take the Rapids a 1-0 lead.

However, it didn’t take long for NYCFC to respond as they found themselves on the attack again in the 71st minute with Moralez dribbling the ball past some Colorado players to create space. Deep in midfield, Moralez would find that space to float a cross into the box for two running NYCFC forwards. But it would be Magno who would settle the ball with his chest before a single volley slammed past Yarbrough made it 1-1.

The last big opportunity of the game would come from NYCFC in the 79th minute with a deflected pass from Colorado rolling at the feet of Moralez. With a touch and pass over Colorado’s defensive line, Moralez would pick Castellanos standing just wide with the perfect run. But in a one-on-one with Yarbrough, Castellanos couldn’t volley on target and put the ball wide of the goal to keep it 1-1.

Last word: NYCFC undefeated in last 9 league matches

Despite losing Ronny Deila, Nick Cushing stepped in and did an admirable job for NYCFC who performed well and arguably deserved more than just a draw. However, credit goes to Colorado who kept perhaps the hottest team in MLS off the scoreboard for almost 75 minutes and we are able to take the lead for a short time while playing the game. ‘outside.

I was certainly looking to see more offensive production from New York, but for a first game back from the international break under a new head coach, it was a great start. Particularly for Talles Magno who stood out almost every time he had the ball earning player of the match honors for his volley to the chest but also for his dominant attacking play and creating chances for his teammates.

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Avalanche prepare for the best of Lightning in Game 2 https://beaconatbangsar.com/avalanche-prepare-for-the-best-of-lightning-in-game-2/ Sat, 18 Jun 2022 16:45:46 +0000 https://beaconatbangsar.com/avalanche-prepare-for-the-best-of-lightning-in-game-2/

Colorado Avalanche star Cale Makar reminisced about a thrilling win in Game 1 of the Stanley Cup Finals in front of his home fans, but said he was wary of adjustments made by back-to-back defending champions , the Tampa Bay Lightning.

In an up and down game, the Avalanche took a 3-1 lead in the first period, before two Lightning goals in less than a minute tied the game at 3-3 halfway through the game. second period.

The third frame was an uphill and scoreless battle, setting up a next winning goal less than 90 seconds after extra time by Andre Burakovsky.

Makar, who had 22 points in 15 playoff games as a defenseman and spent 28 minutes on the ice in Wednesday’s series opener, told ESPN the atmosphere in the building was unlike anything what he had known.

“It’s amazing,” he said. “Obviously the fans tonight were crazy – I didn’t think they could raise the level of the later laps, but they were able to.

“It was definitely electric in that building, and it’s amazing to play with a great group of guys in the final like that.”

While elated with the result, his attention quickly turned to the Lightning’s championship pedigree and why the Avalanche have to be near perfect to deny him a hat-trick.

“Obviously big teams like them are going to find ways to exploit us defensively,” he said.

“You look at their only goal where [Nikita] Kucherov makes the rounds [Devon] Toews, and feeds [Ondrej] Backdoor Palat.

“I mean, I knew he was doing a backdoor all the time, I just wasn’t there, so overall it’s about staying more mentally prepared and giving them a few less chances. than they had.”

He added: “They’re a great team, they’re going to come up with a different game plan which I’m sure will benefit them.

“We just have to prepare for that, and obviously we’re going to come up with a game plan with what they gave us tonight. You have to adjust, and that’s how the playoffs go.

“To beat great teams, you have to do it, and [Tampa Bay have] have been successful in this area in previous years, so hopefully we can limit the improvements they make from game to game.”

The Avalanche are now 13-2 in the playoffs — winning six straight games — and have comfortably been the strongest offensive team in their run to the Finals.

Averaging 4.6 goals per game, Colorado trails the Pittsburgh Penguins (4.14) and Edmonton Oilers (4.06), with another big gap to the fourth-placed Toronto Maple Leafs (3.43). The Lightning are eighth in the playoffs at 3.06.

Tampa Bay has been pretty successful defensively, giving up just 2.5 goals per game, behind only the Dallas Stars (2.14) who were eliminated in the first round. Crucially, the Avalanche also excelled at their defensive end, giving up 2.87 points per game.

When asked if the Burning Avalanche had started thinking about lifting the Stanley Cup, Makar said it was way too early for that.

“Not yet – I feel like overall this team has been so good at staying in the moment, especially in terms of success, without looking too far ahead,” he said.

“I think if we start looking too far ahead, this is a team that’s going to exploit those little mental flaws, like they did tonight.

“For us, it’s just about staying mentally locked into every game, and not focusing on the future, but just focusing on what we can control in the present.”

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NWI lawmakers back special session for extra tax refund, Democrats call for more action – Chicago Tribune https://beaconatbangsar.com/nwi-lawmakers-back-special-session-for-extra-tax-refund-democrats-call-for-more-action-chicago-tribune/ Thu, 16 Jun 2022 22:45:00 +0000 https://beaconatbangsar.com/nwi-lawmakers-back-special-session-for-extra-tax-refund-democrats-call-for-more-action-chicago-tribune/

Northwest Indiana lawmakers are backing a special session to give taxpayers an extra refund, but Democratic lawmakers are asking Gov. Eric Holcomb to also consider different approaches to help taxpayers as inflation rises.

Last week, Holcomb announced a plan to return $1 billion in state reserves to taxpayers following higher-than-expected revenues, meaning taxpayers could receive an additional $225 through automatic taxpayer refunds. of State.

Taxpayers currently receive $125 through the state’s automatic taxpayer refund, which means that in total, each eligible Hoosier would receive about $350 and a married couple filing jointly would receive $700, according to a news release.

“The Hoosiers have real needs right now during this time of high inflation, from the gas pump to the grocery store, and everyone stands to benefit from the state’s success,” Holcomb said in the statement.

Holcomb said he met with House Speaker Todd Huston, R-Fishers, and Senate Speaker Pro Tem Rodric Bray, R-Martinsville, to ask them to meet with the legislature about “this second set of statements.” through Taxpayer Reimbursement and to call a special session before the end of June.

Sen. Michael Griffin, D-Highland, said in a statement that taxpayer refunds are somewhat helpful but transitional.

“I’m afraid they offer a seemingly attractive measure but won’t offer any long-term satisfaction,” Griffin said. “The fact is that with the general increase in the cost of goods and services, it will mean pennies for families in difficulty. Suspending the gasoline tax would bring real and lasting relief to millions of people.

Griffin wrote to Holcomb asking him to suspend the gasoline tax or convene the legislature to discuss suspending the gasoline tax in response to the announcement of the additional $225 tax refund.

“I greatly respect the sentiment behind this call – I strongly believe that the surplus accumulated by our taxpayers should be reinvested in them. Unfortunately, I fear that this assistance will prove insufficient,” Griffin wrote.

In Lake County, the $225 rebate would buy about 2.5 tanks of gas for an average car, Griffin wrote, and a tax rebate would exclude cities, counties, small businesses and non-profit organizations. aid non-profit entities that would benefit from a temporary gas shutdown. tax.

Griffin, the former clerk-treasurer of the Highlands, wrote that a reliable estimate is that a four-month suspension of petrol taxes would cost between $592 million and $597 million. Meanwhile, in the first 10 months of the budget cycle, revenue exceeding budget needs is $865 million, Griffin wrote.

“We have the ability and the opportunity to save real money in Hoosiers while keeping local communities and their infrastructure harmless, retaining nearly $300 million in excess revenue and without touching budget requirements by course of Indiana,” Griffin wrote.

In a statement, Griffin said even before the recent spike in inflation, families across the state were struggling as the state sat on billions in taxpayer dollars and federal funding, which exceeded the State’s required reserves.

“Hoarding is not a viable economic strategy or model of fiscal management – ​​true stewardship of public resources means investing in Hoosiers by reducing the day-to-day costs of things like education, health care and childcare. so they can get through tough times like these,” Griffin said.

State Representative Michael Aylesworth, R-Heborn, said in a statement that issuing another automatic taxpayer refund “will provide relief from rising inflation.”

“It’s the right thing to do at a time when the price of basic necessities has skyrocketed. I look forward to working alongside my fellow lawmakers to provide this much-needed relief,” Aylesworth said.

With rising prices for groceries, gas, energy bills and other necessities, taxpayers should get relief, State Representative Julie Olthoff said. R-Crown Point, in a statement.

“That’s why I fully support the Governor’s call for a special session to provide statewide relief. Our revenue and surplus continue to exceed forecasts, giving us the opportunity to put more money back in the pockets of Hoosiers,” Olthoff said.

Sen. Eddie Melton, D-Gary, said in a statement that he supports all efforts to relieve Hoosiers as costs rise, but he would also like to see the legislature pass gun safety legislation.

“Preventable gun violence devastates our communities just as much as economic hardship, and we must act. Adopting an agenda to address gun violence during this special session is key to protecting Hoosiers from the senseless gun violence that typically increases during the summer,” Melton said.

If cleared in the special session, Melton said his officer is prepared to propose meaningful legislation to repeal the Unlicensed Transportation Act which will take effect July 1.

“For my community and those like mine across the state, this issue requires a sense of urgency from all lawmakers, and I hope we can make progress in this important area during the session. amazing,” Melton said.

State Representative Vernon Smith, D-Gary, said he supports convening a special session to discuss reimbursement. Given the state’s surplus, taxpayers should get some money back, he said.

“I think we should stop taxing at the rate we’re charging, so we should give the money back,” Smith said. “It all came from pressure from the Democrats.”

In March, House and Senate Democrats proposed suspending state gasoline taxes — which are 56 cents a gallon this month — until July, which Republicans rejected. Additionally, Rep. Greg Porter, D-Indianapolis, offered to use the surplus to give Hoosiers an additional tax refund.

“The Hoosiers are hurting now and have been hurting since March, when the Legislative Democrats first made our call for economic relief,” Porter said. “While I’m glad Governor Holcomb and the Legislative Republicans have finally answered our calls to return their money to Hoosiers, I can only hope it’s not too little, too late.”

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Ameris Bancorp Inc (NASDAQ:ABCB) will issue a quarterly dividend of $0.15 https://beaconatbangsar.com/ameris-bancorp-inc-nasdaqabcb-will-issue-a-quarterly-dividend-of-0-15/ Tue, 14 Jun 2022 22:06:21 +0000 https://beaconatbangsar.com/ameris-bancorp-inc-nasdaqabcb-will-issue-a-quarterly-dividend-of-0-15/

Ameris Bancorp (NASDAQ:ABCB – Get Rating) declared a quarterly dividend on Tuesday, June 14, The Wall Street Journal reports. Shareholders of record on Thursday, June 30 will receive a dividend of 0.15 per share from the bank on Friday, July 8. This represents an annualized dividend of $0.60 and a yield of 1.43%. The ex-dividend date is Wednesday, June 29.

Ameris Bancorp has increased its dividend payout by an average of 14.5% per year over the past three years. Ameris Bancorp has a dividend payout ratio of 11.7%, indicating that its dividend is sufficiently covered by earnings. Equity research analysts expect Ameris Bancorp to earn $5.14 per share next year, meaning the company should continue to be able to cover its $0.60 annual dividend. with an expected future payout ratio of 11.7%.

NASDAQ:ABCB rose $0.64 during trading hours on Tuesday, hitting $41.85. The stock recorded trading volume of 288,278 shares, compared to an average trading volume of 460,134 shares. The company has a 50-day simple moving average of $42.84 and a two-hundred-day simple moving average of $46.92. The company has a debt ratio of 0.18, a current ratio of 1.06 and a quick ratio of 1.01. Ameris Bancorp has a one-year low of $39.67 and a one-year high of $56.63. The company has a market capitalization of $2.91 billion, a price-earnings ratio of 8.60 and a beta of 1.13.

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Ameris Bancorp (NASDAQ:ABCB – Get Rating) last released quarterly earnings data on Tuesday, April 26. The bank reported earnings per share (EPS) of $1.08 for the quarter, meeting analyst consensus estimates of $1.08. Ameris Bancorp had a net margin of 31.99% and a return on equity of 11.20%. The company posted revenue of $259.50 million in the quarter, versus a consensus estimate of $238.97 million. During the same period a year earlier, the company posted EPS of $1.66. The company’s revenue decreased by 8.3% compared to the same quarter last year. Equity research analysts expect Ameris Bancorp to post earnings per share of 4.78 for the current year.

Separately, StockNews.com launched coverage on Ameris Bancorp shares in a research report on Thursday, March 31. They issued a “hold” rating on the stock.

Hedge funds and other institutional investors have recently changed their positions in the stock. Marshall Wace LLP purchased a new position in shares of Ameris Bancorp during the fourth quarter valued at approximately $1,458,000. Hsbc Holdings PLC increased its position in Ameris Bancorp shares by 88.2% during the first quarter. Hsbc Holdings PLC now owns 29,667 shares of the bank valued at $1,312,000 after purchasing an additional 13,901 shares during the period. Bank of Montreal Can increased its position in Ameris Bancorp shares by 2.0% during the first quarter. Bank of Montreal Can now owns 27,723 shares of the bank valued at $1,283,000 after purchasing an additional 554 shares during the period. Renaissance Technologies LLC purchased a new stock position in Ameris Bancorp during the first quarter worth approximately $1,047,000. Finally, Raymond James & Associates increased its position in Ameris Bancorp shares by 21.3% during the first quarter. Raymond James & Associates now owns 20,411 shares of the bank valued at $896,000 after purchasing an additional 3,580 shares during the period. Institutional investors hold 88.23% of the company’s shares.

Ameris Bancorp Company Profile (Get an evaluation)

Ameris Bancorp operates as a bank holding company for Ameris Bank which provides a range of banking services to retail and commercial customers primarily in Georgia, Alabama, Florida, North Carolina and South Carolina. The Company operates through five segments: Banking Division, Retail Mortgage Division, Warehouse Loan Division, SBA Division and Premium Finance Division.

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Dividend history for Ameris Bancorp (NASDAQ:ABCB)

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]]> Fanatec GT World Challenge Europe Powered by AWS title battle intensifies with mid-season trip to Zandvoort https://beaconatbangsar.com/fanatec-gt-world-challenge-europe-powered-by-aws-title-battle-intensifies-with-mid-season-trip-to-zandvoort/ Mon, 13 Jun 2022 08:04:34 +0000 https://beaconatbangsar.com/fanatec-gt-world-challenge-europe-powered-by-aws-title-battle-intensifies-with-mid-season-trip-to-zandvoort/

  • Third of five short-format events brings 25-car field to Dutch seaside venue
  • Akkodis ASP (Mercedes-AMG) and Team WRT (Audi) resume the duel for the title in the dunes
  • AF Corse (Ferrari) and JP Motorsport (McLaren) seek to consolidate in Silver Cup and Pro-Am

The Fanatec GT World Challenge Europe Powered by AWS season enters its busiest time this weekend (June 17-19) with the third leg of the Sprint Cup calendar taking the short format championship to Zandvoort.

First opened in 1949, the circuit has retained much of its old-school charm, while a recent facelift has added extra excitement with banking at Arie Luyendijkbocht and Hugenholtzbocht. Its location amid the rolling sand dunes of the North Sea coast also makes the weather unpredictable, with rain showers and bright sunshine often following each other in quick succession.

If the Fanatec Sprint events at Brands Hatch and Magny-Cours are any indication, a highly competitive competition is in store at the Dutch site. The championship battle quickly turned into a two-horse race between Akkodis ASP (Mercedes-AMG) and Team WRT (Audi), with the former holding a slim advantage heading into this weekend’s encounter.

The opening phase of the season saw AF Corse duo Ulysse De Pauw and Pierre-Alexandre Jean emerge as the class of the Silver Cup field in their Ferraris, while McLaren JP Motorsport team took the lead in Pro Am. But with the season not quite half way through, there’s still plenty to play for as the paddock makes its annual trip to Zandvoort.

Marciello/Boguslavskiy’s form makes Akkodis ASP the team to beat

The battle for the Fanatec Sprint crown quickly became a duel between defending champion Team WRT and longtime rival Akkodis ASP. The latter leads the standings after victories at Brands Hatch and Magny-Cours for the #89 Mercedes-AMG crew of Raffaele Marciello and Timur Boguslavskiy, who are back in full force after a difficult 2021. They are joined by sister car #88, which sees Jules Gounon returning alongside Jim Pla.

The #32 Audi of Team WRT got off to a good start, although a difficult race to fifth place in the second Magny-Cours competition left Dries Vanthoor and Charles Weerts 11.5 points off the championship lead heading to Zandvoort. The series’ most successful driver duo are yet to win on the Dutch track and will be determined to put that right this weekend. The #33 sister car showed excellent pace at Magny-Cours with Chris Mies and Jean-Baptiste Simmenauer sharing the wheel, while Valentino Rossi hopes for more progress alongside Audi Sport stalwart Frédéric Vervisch in the #46.

Tresor by Car Collection took a first series pole and a first overall podium last time out thanks to Christopher Haase and Simon Gachet. The No.11 crew are former winners at Zandvoort and will be joined by a strong sister team of Mattia Drudi and Luca Ghiotto. The Saintéloc Junior Team signs its first podium of the season at home with the #25 of Patric Niederhauser and Aurélien Panis, while Attempto Racing adds another Audi for Dennis Marschall and Pieter Schothorst.

Dinamic Motorsport did not have an ideal start to the season, but the Porsche team scored points at Magny-Cours with a 10th place finish for the #54 crew of Christian Engelhart and Adrian De Leener. They will again be joined by the #56 duo of Klaus Bachler and Giorgio Roda as both Dinamic crews go in search of a solid result at Zandvoort.

Finally, JP Motorsport will add an additional car to the Pro field with regular Fanatec Endurance drivers Vince Abril and Dennis Lind teaming up at the wheel of the #112 McLaren. This completes the team’s Pro-Am commitment for the full season and ensures another potential winner is on the grid for this weekend’s event.

AF Corse and JP Motorsport aim for more Silver Cup and Pro-Am success

With three victories and a second place in the first quartet of races, the AF Corse duo Ulysse De Pauw and Pierre-Alexandre Jean have established themselves as the great favorites for the Silver Cup. The #53 Ferrari crew sit third in the overall Fanatec Sprint standings after a superb start to the season and will be confident of their chances at Zandvoort after finishing on the overall podium on last season’s trip to the Netherlands .

Their closest Silver Cup challenge comes from Akkodis ASP and the #87 Mercedes-AMG duo of Thomas Drouet and Casper Stevenson. Although they are yet to claim a class victory, they have finished on the podium in all four races and are well placed to strike should De Pauw/Jean run into trouble. By contrast, the #86 Mercedes-AMG sister of Petru Umbrarescu and Igor Walilko is yet to score a top-three finish and the pair will be hoping to achieve that at Zandvoort.

The #99 Attempto Racing Audi of Alex Aka and Nicolas Schöll has looked solid this season, taking two second places and finishing third ahead of the trip to Zandvoort. The only team to have beaten AF Corse so far is the Saintéloc Junior Team, who triumphed as soon as Magny-Cours opened thanks to the n°26 Audi of Gilles Magnus and Nicolas Baert. There was less joy for the WRT team, whose Silver Cup entry was the leader in Fanatec Endurance but has yet to match that performance in Sprint with its #30 crew of Thomas Neubauer and Benji Goethe.

After switching to Mercedes-AMG kit this season, Sky Tempesta Racing is still striving to recapture its old form. Chris Froggatt and Eddie Cheever III are hoping the midpoint of the Fanatec Sprint campaign can bring a solid result. Garage 59 also rebranded over the winter as they returned to the McLaren fold and their Silver Cup range got off to a good start to the campaign, with a first class victory now a realistic target for Ethan Simoni and Manuel Maldonado.

GSM Novamarine has a brand new lineup this weekend, although both riders have considerable experience with Lamborghini machines. The Monegasque team will field 2019 European Super Trofeo champion Danny Kroes, who is making his series debut at home alongside occasional Fanatec Endurance rider Lucas Mauron.

As expected, the Pro-Am battle was close. With a pair of wins on the board, Patryk Krupinski and Christian Klien (#111 JP Motorsport McLaren) have the advantage early in the race. The #21 AF Corse Ferrari duo of Hugo Delacour and Cédric Sbirrazzuoli sit second in the standings, 11.5 behind the leaders, with both teams enjoying instant success in their first Fanatec Sprint campaigns.

Defending class champion Miguel Ramos also remains firmly in the hunt. He and Dean MacDonald took the opening race honors at Magny-Cours and the Garage 59 McLaren duo are just half a point behind Delacour/Sbirrazzuoli. The #52 AF Corse Ferrari of Louis Machiels and Andrea Bertolini fell 27 points behind the leaders after dropping out of the second Magny-Cours contest, but this experienced crew is still capable of fighting for Pro-Am honours.

Confirmation of a series of familiar assistance for the busy meeting of Zandvoort

The Zandvoort weekend will feature support actions from a quartet of top-level categories, all of which joined Fanatec GT World Challenge Europe Powered by AWS previously in 2022. The Porsche Carrera Cup France, the Alpine Elf Europa Cup and the Clio Cup Series were part of the program at Magny-Cours, while the European Formula Regional Championship by Alpine joins for a second consecutive event after being part of the Circuit Paul Ricard accompanying package.

The weekend will follow a standard Fanatec Sprint format, starting with practice and pre-qualifying on Friday. Qualifying sessions will take place on Saturday and Sunday mornings, setting the grids for one-hour races which will take place at 2:00 p.m. on both days. Live coverage begins on Saturday and will be available on various online platforms, including GT World’s YouTube channel, with commentary in English, French, Italian and German.

The trip to Zandvoort kicks off a busy period for Fanatec GT World Challenge Europe Powered by AWS. Indeed, once the checkered flag has fallen on Sunday afternoon, the teams will make the usual trip to Belgium for the official test days of the TotalEnergies 24 Hours of Spa (June 21-22). Before that, though, it’s time for Sprint racing to come back into the limelight.

__

CALENDAR

friday june 17
10:00 a.m. – Free practice
2:50 p.m. – Pre-Qualifying

Saturday June 18
09:45 – Qualifying 1 LIVE
2:00 p.m. – Race 1 LIVE

Sunday June 19
09:30 – Qualifying 2 LIVE
2:00 p.m. – Race 2 LIVE

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STATS AND FACTS

• Danny Kroes makes his series debut with GSM Novamarine, while team-mate Lucas Mauron gets his first Fanatec Sprint outing.

• Kroes won the 2019 Lamborghini Super Trofeo championship in the Pro category. Five of the six events in the series were held alongside Fanatec GT World Challenge Europe Powered by AWS

• Vince Abril is ready for his first Fanatec Sprint outing since his double victory at the Hungaroring in 2019. His team-mate Dennis Lind makes his Sprint debut.

• Raffaele Marciello has set the fastest lap in every Fanatec Sprint session he has contested this season, a total of 10 in a row.

• This will be the seventh Fanatec Sprint weekend in Zandvoort. Only Brands Hatch and Misano (both 8) have held the Short Format Championship on more than one occasion.

• Serial lap record: 1m33.586s – Ricardo Feller, #14 Emil Frey Racing Lamborghini (2021)

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JANA wins two seats on the board of software company New Relic. This is what may be ahead https://beaconatbangsar.com/jana-wins-two-seats-on-the-board-of-software-company-new-relic-this-is-what-may-be-ahead/ Sat, 11 Jun 2022 13:51:45 +0000 https://beaconatbangsar.com/jana-wins-two-seats-on-the-board-of-software-company-new-relic-this-is-what-may-be-ahead/

Delmaine Donson | E+ | Getty Images

Company: New Relic (NEWR)

Company: New Relic is a software-as-a-service company, providing a software platform for customers to collect telemetry data and derive insights from it in a unified front-end application. It offers a suite of products on its open and extensible cloud platform, which allows users to collect, store and analyze telemetry data. The company’s platform also provides New Relic Instant Observability, an open-source quickstart ecosystem that provides prebuilt integrations, dashboards, and alerts for approximately 450 technologies and frameworks. It also supports custom application development through common open source frameworks, legacy application library, and development environment.

Market value: $3.1 billion ($46.65 per share)

Activist: JANA Partners

Percentage of ownership: 4.9%

Average cost: n / A

Activist Comment: JANA is a highly experienced activist investor, founded in 2001 by Barry Rosenstein. The company has made a name for itself by taking deeply researched activist positions with well-laid plans for long-term value. Rosenstein called his activist strategy “V cubed”. The three “Vs” were (i) value: buy at the right price; (ii) votes: knowing if you have the votes before you start a proxy contest; and (iii) a variety of ways to earn: having more than one strategy for increasing value and exiting an investment. It worked well for them until 2008 when the 19 13Ds they filed had an average holding period of 23 months and an average return of 39.4% compared to 9.9% for the S&P 500 during those periods of detention. Since 2008, they have gradually moved this strategy towards what we characterize as the three “S”s (i) stock prices – buy at the right price; (ii) strategic activism – sale of business or spin-off; and (iii) star advisors/nominees – aligning themselves with key industry leaders to advise them and if necessary sit on the board. Since 2008, their average holding period with this philosophy has been around nine months, but also relatively successful – with an average return of 16.2% versus 9.4% for the S&P 500 over the average holding period of nine month.

What is happening?

On June 6, JANA and the company entered into a cooperation agreement, under which the company agreed to accept the resignation of current directors Adam Messinger, Dan Scholnick and Jim Tolonen from the board of directors and to appoint Kevin Galligan (partner and Research Director of JANA Strategic Investments) and Susan D. Arthur (CEO of CareerBuilder) as Board Directors. JANA has agreed to withdraw its May 20 Notice of Nomination as Director and to abide by certain customary standstill provisions.

In the wings

JANA isn’t the first activist to get involved with New Relic. Last summer, Engaged Capital and New Relic entered into an unusual agreement, under which Radhakrishnan (“RK”) Mahendran, a partner at HMI Capital, the company’s largest shareholder, was appointed to the board of directors as director for a term expiring in 2023. annual meeting. In October 2021, Engaged released a presentation outlining its belief that the company’s underperformance was due to issues with its technology and product strategy, product shortcomings in key areas, direction customer and management gaps/high turnover. They felt that many of these historic issues had been resolved, including a new CEO and management team, and that turnaround efforts were beginning to show progress. However, New Relic was still trading at a significant discount to its peers – 6x EV/Revenue versus 20x and 37.5x for peers Dynatrace and Datadog, respectively. Committed’s plan did not go as they had hoped, with a decline of 23.30% since the date of their settlement compared to -4.84% for the S&P 500 over the same period. This has clearly caught the attention of JANA, which will be in a much better position to create shareholder value with one of its own board partners.

JANA settled for two board seats here, one for Kevin Galligan, partner and director of research at JANA Strategic Investments, and one for Susan D. Arthur, CEO of CareerBuilder. This is in line with JANA’s activist strategy – buy at a good price where there is an opportunity for strategic activism and operational activism in conjunction with a director with industry or operational experience. Arthur and Galligan’s presence on the board adds representatives to the board with both operational and financial/strategic experience to provide the most flexibility in choosing the path that creates the most value. for shareholders. JANA has recent experience in both of these areas in the tech industry – their most recent campaigns in the industry are Zendesk, where they successfully opposed the ZEN/MNTV merger and are now seeking board seats. ; and Vonage and Perspecta, where they successfully argued for the sale of the business in both cases.

Ken Squire is the founder and president of 13D Monitor, an institutional research service on shareholder activism, and he is the founder and portfolio manager of the 13D Activist Fund, a mutual fund that invests in a portfolio of activist investments 13D. Squire is also the creator of the AESG™ investment category, an activist style of investing focused on improving the ESG practices of portfolio companies.

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