In this CPD course suitable for KS 1 and KS 2 you will learn how to engage pupils by using the most important drama strategies in your teaching. The focus is on the use of drama strategies to support the primary curriculum, including freeze frames, teacher in role, hot-seating, ten-second objects, thought-tracking and many more. Participants have the opportunity to work with drama expert David Farmer, to discuss common issues with colleagues and devise solutions to put into practice in the primary school classroom or drama club.
Learn to use drama games, activities and practical techniques to enhance creativity and learning in the primary curriculum, encourage group co-operation and have fun!
This one-day Drama INSET course is suitable for staff from schools and other organisations as well as freelancers. It will benefit both those who are new to drama and those with more experience, who are looking to refresh their drama skills with a group of like-minded people.
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The standard fee is £225 per participant. Other ticket types are also available (see booking form below). 10% discount available when booking more than one course or for two colleagues from the same organisation.
NB Please complete the online booking form below with your purchase order or payment. An official invoice will be dispatched and payment can be made by cheque, bank payment or using the Buy Now button below. For explanation of ticket types please scroll down to booking form.
St Andrew's Church Hall is a contemporary and accessible building conveniently located on Short Street, off The Cut between the Young and Old Vic Theatres, close to lively cafes, shops and restaurants and just a few minutes from Southwark and Waterloo Tube/rail/bus stations. You can view a Google Map for the venue here: https://goo.gl/maps/c4jFAZZiUn12. We will be in the Upper Hall, which is a bright and warm space upstairs (accessible by lift).
The online booking form is below.


OMAHA, Neb. (AP) -- Oregon State has won 109 of 127 baseball games over two seasons with mostly the same cast of players. The Beavers see winning a national championship as the only way to validate their body of work.
Arkansas' Blaine Knight (13-0) will start against an undecided opponent.


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I would like to know what is a reasonable payment per word when translating technical medical texts for a pharmaceutical company? And for a proof reader?
I have had to review my rate over the years and have different rates for different clients. It all depends on the standard of living of the country you are living in, your expertise and what the client is willing to pay.
Contact translation agencies in your area and see what they charge. Then at least you know the competition.
How much would you ask for a A4 size proofreading page (400 words) of specialized medical text?
If you don't, you'll end up getting sucker-punched at some point.
As a rule of thumb I figure that bilingual checking of a well-translated document that is not particularly complex will take me about 1/3 the time I would require to translate, so I use this as a basis for estimating time. However, with long documents there are often traps that are not apparent with a quick read-through. Also, correcting diagrams and other embedded structures may be rather time-consuming. Doing editing/proofreading at piecework rates is usually a rather silly endeavor.
An honestly accounted hourly fee is really the fairest solution for all concerned; if the documents being checked are of good quality, the work will go quickly, and the client will save a bundle compared to typical piecework rates. If the client is a loser who sends you MT content that you have to retranslate, then the charge reflects this in an appropriate way.
I find it is usually appropriate to set the hourly rate near or above the average that one earns by translating materials of a given type. I find editing work annoying, so I have recently decided that I will probably set my hourly fee for such services at about double what I would make translating. In the end this will be cheaper for the client, because the higher rate will distract me from explosive outbursts of "How the Hell could anyone write anything this stupid?", which tend to add to the time required to finish a job.
In the end this will be cheaper for the client, because the higher rate will distract me from explosive outbursts of "How the Hell could anyone write anything this stupid?", which tend to add to the time required to finish a job.


For a field so imbued with the past, preservation is very young – barely half a century old – so it's not easy to find firms dedicated to historic architecture through times when work was scarce and under-appreciated. Among the few who have continued to help define the discipline – indeed even create it – is Jan Hird Pokorny Associates, Inc. of New York. Not only does their project list read like a who's who of landmark structures, the very history of the firm touches many of the premier buildings, people, and events that contributed to make historic preservation what it is today.
After starting his own firm in 1947, Pokorny began specializing in the restoration and adaptation of historic structures for reuse in New York, including several significant educational commissions, such as the master plan for Lehman College and the renovations at Lewisohn Hall at Columbia. Then, when James Marston Fitch started the Historic Preservation Program at Columbia in 1965, the first such course of study in the country, Jan Pokorny was a natural as charter member of the faculty.
The timing was ideal because, even though the Maritime Museum was also still a-borning, the restoration of what is known today as the Schermerhorn Row Block was just getting underway. Once the heart of the teaming East River working waterfront, by the 1970s the block of early 19th-century brick warehouses and counting houses had become only derelict reminders of shipping in the age of sail. After narrowly escaping demolition in 1966, the New York State Office of Parks, Recreation and Historic Preservation singled out the block as the centerpiece of the future South Street Seaport District, and retained JHPA to provide a master plan and design documents for its restoration and adaptive reuse.
The Schermerhorn Row Block also helped set a pattern for JHPA's practice – that is, long-term relationships with clients and the ongoing stewardship of their buildings. Though the firm travels internationally, it has worked consistently with New York State Parks since the 1970s, as well as Monmouth County in New Jersey, and has regular clients in the Brooklyn Historical Society stemming from a Historic Structures Report in 1996.
A good example of a long-term relationship, and how it grows and changes with the client, is JHPA and the Olana State Historic Site, the 1870s home of the Hudson River School painter Frederick Church. The firm, which has been working at the site for over 18 years, just completed its seventh project, and designed and oversaw the restoration of the main building beginning in 2001. "That was a strict restoration," notes Pieper, where, in order to conserve as much original fabric as possible, the process began with a hands-on survey of each brick on the polychrome, Moorish-fantasy building, and all of the woodwork, before proceeding with masonry re-pointing and woodwork repairs.
JHPA also has a long association with another edifice cherished as a kind of artistic holy ground: the Church of the Ascension, also in New York. Designed by Richard Upjohn and completed in 1841, the church was updated in the 1880s by McKim, Mead and White, with interiors by Stanford White and John LaFarge, among others.
If you take the sandbox metaphor to its limit, then a project like the New Jersey State House dome must have been like the proverbial candy store. Originally constructed in 1792, the State House acquired an 80-ft.-high cast-iron and steel rotunda and dome in the 1880s following a massive fire. After more than a century of service, however, the exterior gilding was failing, so JHPA was commissioned to look at the condition of the entire dome.
"The list of materials we had to deal with at the State House is long," says Devonshire, "wood, stone, cast iron, steel, concrete, copper, gold leaf, stained glass, and more." Ultimately, the firm's investigation revealed major deterioration of the structural steel supports for the dome, as well as the cast iron in the rotunda, leading to construction documents for their repair.
In the same league material-wise is the Battery Maritime Building. Built in 1909 as a gateway to lower Manhattan via ferries and elevated railways, it was designed in the Beaux-Arts style and is a veritable confection of early modern materials, from copper and stucco to the glazed-tile ceilings of the illustrious Guastavino vault system. Once the twin of the nearby Whitehall Terminal (lost to fire in 1991) the BMB smiles on New York harbor with an unmistakable façade of over 8,000 cast-iron and rolled-steel elements anchored by countless unabashed rivets.
With their deep roots and experience in New York City and the Hudson River Valley, it's easy to assume that JHPA is a team of regional and historical specialists, but that is far from the case. Indeed Jan Pokorny, who was a pivotal member of the NYC Landmarks Preservation Commission, and chairman from 1997 to 2007 (shortly before his death at 93), was equally well-versed with historic architecture abroad. "We're not pigeon-holed into any one building type or era," says Devonshire, who has worked on the restoration of Manitoga, the home and studio of the famous Modernist furnishings designer and producer Russell Wright.
The firm has been hired by the Maria Mitchell Foundation in Nantucket to survey buildings dating from the 1770s to the 1930s, and periodically they get called by the World Monuments Fund to inspect and advise on foreign structures. In fact, the Fund invited JHPA to help analyze and study Lednice and Valtice Castles in southern Moravia in the Czech Republic, which led the castles to be selected as a World Heritage Site. Jan Pokorny would, no doubt, approve.
Gordon Bock, author, consultant, and historian, lists his new lectures, appearances, and books at www.gordonbock.com.


text:
Dr. Tedros Adhanom: First African To Be Elected As The Director-General of WHO
In January 2016, the twenty-sixth ordinary session of the Assembly of the African Union endorsed Dr. Tedros Adhanom candidature for the next election of the Director-General of the World Health Organisation as a sole African candidate. On 23 May 2017, the 70th World Health Assembly elected him to serve as the WHO's Director-General. He will take office on 1 July 2017 and will be the first Director-General from Africa.
Here are 10 Things you need to Know About him -Dr. Tedros Adhanom- the First ever African Director-General of World health organuzation (WHO).
1. Early life
He was born in neighbouring Eritrea on March 3, 1965 to Ethiopian parents Adhanom Gebreyesus and Melashu Weldegabir – currently he is 52 years old.
In 1986 he received his Bachelor of Science (BSc) degree in Biology from the University of Asmara and joined the Ministry of Health of the Derg as a junior public health expert.
He later returned to the university to pursue a Master of Science (MSc) degree in Immunology of Infectious Diseases from the London School of Hygiene & Tropical Medicine.
He subsequently received a Doctorate of Philosophy (PhD) in Community Health from the University of Nottingham in 2000, with a doctoral dissertation on "The effects of dams on malaria transmission in Tigray Region, northern Ethiopia, and appropriate control measures".
See also: Top 10 African countries highest number wealthy people
3. Education cont'd
He holds a PhD in Community Health and boasts of having technical and political competences that can help the WHO to move forward – as a health expert and seasoned diplomat.
4. Previously held positions
Dr. Tedros Adhanom Ghebreyesus has held two ministerial portfolios in Ethiopia – Health (2005 – 2012) and Foreign Affairs (2012 – 2016)
He has also served as Board Chair of the Global Fund to Fight AIDS, Tuberculosis and Malaria – a post he held for a two-year term.
During his tenure as board chair, Dr Tedros guided the Global Fund to address significant challenges and to make important decisions that has led to the development of a comprehensive reform agenda and a more efficient and effective Global Fund.
5. Accomplishment
During his tenure as Ethiopia's health minister, overseeing the expansion of basic health services across the country And In less than 7 years he built more than 16,000 health posts, 3,000 health centers, deployed more than 40,000 health extension workers.
6. Awards and recognition
A globally recognized malaria researcher, Dr. Tedros has co-authored numerous articles on this subject and other global health issues in prominent scientific publications.
His seminal work earned him the distinction of Young Investigator of the Year from the American Society of Tropical Medicine and Hygiene and in 2003 he received the Young Public Health Researcher Award from the Ethiopian Public Health Association.
Related: South Africa's Archbishop Desmond Tutu Dies at 90
In 2011, Dr. Tedros also became the first non-American recipient of the Jimmy and Rosalynn Carter Humanitarian Award conferred by the US National Foundation of Infectious Diseases.
In March 2012, he received the prestigious Honorary Fellowship from the London School of Hygiene and Tropical Medicine and the Stanley T. Woodward Lectureship, Yale University (2012). He also received the Women Deliver Award for Perseverance for his tireless efforts to improve the lives of women and girls at the fourth Women Deliver Conference on May 19, 2016.
7. He was One of the 100 most influential Africans for 2015
The New African Magazine, a best selling pan African magazine published in the UK, listed Dr. Tedros as one of the 100 most influential Africans for 2015 in the category of politics and public service. The magazine named him as " the trailblazer" and signified his reformist agenda as Minister of Health of Ethiopia. His role as a key player in Ethiopia′s strategic regional interventions and mediation in Sudan and Somalia contributed hugely for his naming as one of Africa′s influential people for 2015.
See also: 10 positive things that are taking place in Nigeria right now
8. Candidacy for the Director General of WHO
Dr Tedros officially announced his candidacy for the post of the Director-General of the World Health Organisation on May 24, 2016 in the margins of the 69th World Health Assembly; He was the sole African candidate with endorsement from African Union and Ministers of Health of the continent. He became the first African to head up the UN agency, after winning the most votes from 186 member states.
9. He is the First African to be elected Director General of WHO
He will become the first African Director-General to lead the WHO and also the first non-physician Public Health Specialist. He would be stepping into his new job on July 1, 2017.
10. His Plans For the world
Dr Tedros said his vision as the new director general was of "a world in which everyone can lead health and productive lives, regardless of who they are or where they live".
His top five priorities in his new job are:
Advancing universal health coverage.
Ensuring WHO responds rapidly and effectively to disease outbreaks and emergencies.
Putting the wellbeing of women, children and adolescents at the centre of global health and development.
Helping nations address the effects of climate change on health.
Making the agency transparent and accountable.
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text:
JAMES TAYLOR INTERVIEW
For Nottinghamshire, it was a major coup to win the hotly contested race for the signature of James Taylor, one of the most highly regarded young batsmen in the country and someone who for a while now has been earmarked for a place in the senior England set-up, particularly in the longer form of the game. The diminutive ex-Leicestershire batsman has an idiosyncratic technique; crucially, however, he possesses the steely temperament and ability to think on his feet that marks out the best players. A winter leading England Lions in the Subcontinent has seen him bank much valuable experience, if not quite as many runs as he might have liked, and he now looks ahead at his first season playing Division One County Championship cricket. We caught up with him just prior to the season for a brief chat about the recent past in Asia, as well as the near future with Notts, as the former Fox looked forward to life as a Stag…
Looking back over the scorecards from the one-day series in Bangladesh, I was struck by how low-scoring the games were, especially in comparison with the series in Sri Lanka. Were they poor pitches?
They weren't the best pitches, but they also weren't the worst. We should have applied ourselves better as batsmen and scored more runs. But, foreign conditions, something totally different, and it was a young squad, so that's going to happen sometimes and unfortunately it did. That's the reason why we lost the series against Bangladesh [3-2], but we pulled it back against Sri Lanka and played well.
Given the widely reported troubles of England's senior players against spin in the UAE, is Asia the best place for young English batters to winter in terms of development?
Definitely. It's only going to help us in the future. We're all young players and all aspiring to play at the top level for England, so it's definitely going to benefit our game playing against spin in those tough conditions out there.
Was there anything specific you learnt about playing spin, be that technical, mental, or about gameplans?
Yeah, just that the execution has to be spot on. Every shot you play you just have to nail it that bit more. In England you've got a bit of leeway, I think, whereas over there some balls spin, some balls go straight on, and it's a bit slower as well, so execution has to be spot on or you're going to come unstuck. That's the thing that I found.
Sort of sits in the pitch a bit…
Yeah, exactly. We did a lot of work on playing spin with Graham Thorpe and he's obviously had a lot of experience out there which definitely helped all the young players.
Do you feel that one of the problems we've traditionally had against spin is that certain modes of dismissal are perceived as 'worse' ways of getting out – I'm talking about being stumped, really – and that affects the way people play, with batters perhaps becoming creasebound and getting a bit stuck?
I suppose you could look at it like that but it certainly doesn't apply to me. I go up the crease and back in the crease, so I'm not really too worried about getting stumped. I use my feet a lot and sweep a lot, so those options are there. But, speaking personally, I don't worry about it too much.
How was the experience as captain? Did it affect your game adversely?
Well, I captained quite a lot in England last year, both with the Lions and with Leicestershire, and my scores were a lot better as captain than when I wasn't, so I'm not going to use that as an excuse why I didn't score as many runs as I wanted out in the subcontinent. It was tough work, but I enjoy captaincy and relish the opportunity I've been given to captain the Lions, especially at such a young age, and I grew into it. I've obviously got more experience now and I got a lot more confidence, the more I did it.
I'm sure there were several counties after your signature. Why did you choose Notts?
Notts was just an obvious choice for me at this stage – it was time for me to look for a new challenge and I thought Notts was perfect for that. The facilities here are quality. It's a great team, pushing for silverware in all competitions. And the ground's quality. I've got fond memories of playing here. I know the coaches. So it was just an obvious move, and not too big a move from Leicestershire. I've got a place up here, which is nice. It means I can walk into the ground when I want, and it's a great area and a great club to be at.
Did Trent Bridge's reputation as a seamer-friendly or swing bowler's ground enter your thoughts at any stage? There are probably easier places than here to rack up the runs…
Not really. Like I said, I was up for a new challenge and the more runs I score here – which is deemed to be a seamer-friendly wicket – the better it's going to look for me. And I think it's going to help my game, the more pace and bounce there is.
How were Notts viewed as opponents when you were at Leicestershire?
I only played them in one-day and Twenty20 cricket and they're always tough opposition, always up there in all formats of the game, a tough unit with a great work ethic, as I've seen from my brief stint here so far.
Leicestershire won the T20 last season (and 3 times in total). What advice would you give the Notts lads to help them go those couple of steps further?
I'm not sure if I can give them too much advice, to be honest, as the new boy coming into the dressing room. But I think it's just about gameplans. That's what we did at Leicester: everyone nailed their role. We had lots of matchwinners – different matchwinners in different games. Everyone won a game for us, so that's something I can tell the guys here at Notts.
Ultimately, you left Leicestershire to play Division One. Hypothetically, if Notts had a terrible season and went down, would that affect what you do?
Oh no, not at all. Not at all. It's a great club. I'm looking to get better and better as a player and I think this is a place where I can do that. We've got some great coaches, as I said, and great senior players in the team. There's also good young talent coming through so Notts are in a great place at the moment and it's where I want to be.
What are your personal targets for the season?
To score heavily in all forms of the game, to be consistent, and not worry about anything else to be honest – just taking things one game at a time and not getting too distracted by any England ambitions. Concentrating on my own game and winning games for Nottinghamshire.
This interview first appeared on LeftLion's website
Labels: county cricket, england, interview
COUNTY CRICKET'S HISTORICALLY MOST SUCCESSFUL CLUB...
NOTTS 2012 PREVIEW


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Congratulations to the Grade 7 Boys Soccer Team on a very successful season. The boys played at home for the ISEA championships on October 24 under beautiful skies, but on the field a storm was brewing! Our boys faced Stratford Hall in our first game, a rematch from just one week earlier, where Southridge came away with a 4-2 victory, despite giving up the first goal of the day. This time our boys came out flying and never looked back, posting a 5-0 win and heading to the finals against St. Georges.
We started off the final strong, opening an early 2-0 lead. St. Georges answered with a goal of their own, but our boys never trailed, and opened the game up with successive goals in the second half to take home the ISEA championships 5-2! Congratulations to our Grade 7 Boys Soccer team, and special thank you to Coach Troy Wood and Ms. Sullivan for the continued support this season.
Congratulations again on a successful season. Go Storm!


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Q: "Error: no valid set of coefficients has been found: please supply starting values" when trying to get confidence intervals in R I'm trying to analyze some count data for a few species ('Tetab' indicates the species in the below code). Consulting with a friend who is much more stats literate than I, he suggested analyzing the data with a Poisson regression, and then utilizing confidence intervals to determine which treatments resulted in significantly different count responses. This worked fine for the other two species I analyzed, but I'm getting the error listed in the title. Comparing the code, everything's the same among the different species' analyses, so I'm assuming it has something to do with the data - also because this species is the only one where the zero-inflated poisson regression can't be run. The total count data for the other two species is 33 and 47, but only 22 for Tetab. Could this be related to the error? Is there any workaround for this? The data is heterogenous for variances, so I can't utilize Kruskal-Wallis or multiple comparisons.
> Tetab.pglm <- glm(Count ~ Treatment, data = spond.spp.list[['Tetab']], family = poisson)
> Tetab.zpglm <- zeroinfl(Count ~ Treatment, data = spond.spp.list[['Tetab']], dist = "poisson")
Error in solve.default(as.matrix(fit$hessian)) :
  system is computationally singular: reciprocal condition number = 1.63511e-19

> summary(Tetab.pglm)

Call:
glm(formula = Count ~ Treatment, family = poisson, data = spond.spp.list[["Tetab"]])

Deviance Residuals:
 Min        1Q    Median        3Q       Max
-1.35873  -0.00006  -0.00006   0.07899   2.36154

Coefficients:
          Estimate Std. Error z value Pr(>|z|)
(Intercept) -2.030e+01  4.311e+03  -0.005    0.996
Treatment2   2.004e+01  4.311e+03   0.005    0.996
Treatment3   9.922e-09  6.096e+03   0.000    1.000
Treatment4   2.022e+01  4.311e+03   0.005    0.996

(Dispersion parameter for poisson family taken to be 1)

Null deviance: 54.484  on 51  degrees of freedom
Residual deviance: 23.804  on 48  degrees of freedom
AIC: 68.297

Number of Fisher Scoring iterations: 18

> exp(coef(Tetab.zpglm))
Error in coef(Tetab.zpglm) : object 'Tetab.zpglm' not found
> exp(coef(Tetab.pglm))
 (Intercept)   Treatment2   Treatment3   Treatment4
1.522998e-09 5.050767e+08 1.000000e+00 6.060920e+08
> exp(confint(Tetab.zpglm))
Error in confint(Tetab.zpglm) : object 'Tetab.zpglm' not found
> exp(confint(Tetab.pglm))
Waiting for profiling to be done...
Error: no valid set of coefficients has been found: please supply starting values
In addition: Warning messages:
1: glm.fit: fitted rates numerically 0 occurred
2: glm.fit: fitted rates numerically 0 occurred
3: glm.fit: fitted rates numerically 0 occurred
4: glm.fit: fitted rates numerically 0 occurred
5: glm.fit: fitted rates numerically 0 occurred
6: glm.fit: fitted rates numerically 0 occurred
7: glm.fit: fitted rates numerically 0 occurred
8: glm.fit: fitted rates numerically 0 occurred
9: glm.fit: fitted rates numerically 0 occurred

Thanks for any help you can provide!
Max
Here's the data set:
Species Date    Site    Treatment   Count
Tetab   20160602    2   1   0
Tetab   20160602    2   2   1
Tetab   20160602    2   3   0
Tetab   20160602    2   4   1
Tetab   20160606    1   1   0
Tetab   20160606    1   2   1
Tetab   20160606    1   3   0
Tetab   20160606    1   4   0
Tetab   20160606    2   1   0
Tetab   20160606    2   2   1
Tetab   20160606    2   3   0
Tetab   20160606    2   4   0
Tetab   20160607    2   1   0
Tetab   20160607    2   2   0
Tetab   20160607    2   3   0
Tetab   20160607    2   4   1
Tetab   20160609    1   1   0
Tetab   20160609    1   2   0
Tetab   20160609    1   3   0
Tetab   20160609    1   4   2
Tetab   20160609    2   1   0
Tetab   20160609    2   2   0
Tetab   20160609    2   3   0
Tetab   20160609    2   4   1
Tetab   20160610    1   1   0
Tetab   20160610    1   2   1
Tetab   20160610    1   3   0
Tetab   20160610    1   4   0
Tetab   20160610    2   1   0
Tetab   20160610    2   2   1
Tetab   20160610    2   3   0
Tetab   20160610    2   4   0
Tetab   20160620    1   1   0
Tetab   20160620    1   2   1
Tetab   20160620    1   3   0
Tetab   20160620    1   4   1
Tetab   20160620    2   1   0
Tetab   20160620    2   2   1
Tetab   20160620    2   3   0
Tetab   20160620    2   4   4
Tetab   20160622    1   1   0
Tetab   20160622    1   2   0
Tetab   20160622    1   3   0
Tetab   20160622    1   4   1
Tetab   20160622    2   1   0
Tetab   20160622    2   2   2
Tetab   20160622    2   3   0
Tetab   20160622    2   4   1
Tetab   20160624    2   1   0
Tetab   20160624    2   2   1
Tetab   20160624    2   3   0
Tetab   20160624    2   4   0

A: I can't solve this problem (yet), but I can diagnose some of what's going wrong.
This is a summary of your data:
 with(dd,table(Treatment,Count))
         Count
Treatment  0  1  2  4
        1 13  0  0  0
        2  4  8  1  0
        3 13  0  0  0
        4  5  6  1  1

You can see that treatments 1 and 3 have all of the values equal to zero.  When we fit a Poisson GLM to this, we fit the parameters on the log scale - that is, the intercept is the log-density of the first treatment, and the other parameters are differences between the log-density of the other treatments and the first. If we look at the coefficient table:
printCoefmat(coef(summary(Tetab.pglm)))
               Estimate  Std. Error z value Pr(>|z|)
(Intercept) -2.0303e+01  4.3105e+03 -0.0047   0.9962
Treatment2   2.0040e+01  4.3105e+03  0.0046   0.9963
Treatment3   9.9225e-09  6.0960e+03  0.0000   1.0000
Treatment4   2.0223e+01  4.3105e+03  0.0047   0.9963

We see that all the parameters are large (+20/-20) except for treatment 3 which is basically zero; the standard errors are huge; and the p-values are basically 1.  The phenomenon of ridiculous standard errors is called the Hauck-Donner effect, and it occurs in this kind of extreme situation.
The zero-inflation stuff seems totally unnecessary here and will make an already difficult situation a bit harder.
In this case the maximum-likelihood estimate of the log-density for treatments 1 and 3 is actually $-\infty$, which is going to make life harder. It is in principle possible to compute a finite upper confidence interval for treatment 1 and lower confidence intervals for the differences between treatment 1 and (2,4), but it's going to be numerically ugly.
Probably (?) the best solution is some kind of bias-reduced or penalized estimate, which pushes the solution away from $-\infty$.  I thought arm::bayesglm() would do this, but I still got in trouble:
b1 <- bayesglm(Count ~ Treatment, data= dd, family=poisson)

gives reasonable answers, but confint(b1) still fails ...

redpajama_set_name: RedPajamaStackExchange


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Q: check my array if the route element exist in my array - Set up the basis for CRUD
const movies = { title: 'Jaws', year: 1975, rating: 8 },{ title: 'Avatar', year: 2009, rating: 7.8 },{ title: 'Brazil', year: 1985, rating: 8 },{ title: 'The Shaw shank', year: 1992, rating: 6.2 }

With Express, make it so that when the URL /movies/read is requested, you answer with
{status:200, data:\<MOVIES\> }

where \<MOVIES\> is the list of movies    i tried to put if condition but not work with me


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Home/News/Movies/Venom May Actually Beat Justice League at The Box Office
Venom May Actually Beat Justice League at The Box Office
Vansh MehraOctober 16, 2018
Venom is in its second week and it's still running pretty strong at the Box Office. It opened at a record-breaking $80 Million for its opening weekend at the domestic Box Office and brought in $205 Million in the first 3 days. Now having moved past the second weekend, the film has had a significant drop as it brought in $35 million in the US, but it is fairing pretty well worldwide.
Despite the disheartening reviews the film has got, Venom has pretty strong legs to stand when it comes to the general audience. People are loving the film a lot and the critics have surely judged this movie incorrectly. It wasn't supposed to be a complex plot, and it was always intended to be a great fun outing and nothing more than that. It surely had its flaws but we have to say that this was a film truly made for the fans. The origin of Venom was obviously altered to make the story fitting within a Universe that does not have Spider-Man yet, but it did get the character motivations absolutely right.
It is moving forward at a rate where it might take down many big name movies. Venom is one of the most beloved Spider-Man villains and he is extremely popular among the fans, but Spider-Man 3 did ruin the repo of the character. Tom Hardy's Venom did have a big hype amongst the fans and that is what might pull it through past the $600 Million mark. Justice League brought in $656 Million, Ant-Man and the Wasp grossed $622 Million and Logan ended after bringing in $619 Million, and now it will be interesting to see whether Venom will be able to take down these films.
Ant-Man is a household name but it is the least popular MCU franchise. Wolverine is among the 2 biggest characters that Fox has and the Justice League is full of DC's major powerhouses. It would be a great shame for Justice League if Sony's Venom were able to outgross it. Analysts are expecting that Venom may gross past the $550 Million mark before it comes out in China. Now, if you are regular at reading the Box Office reports, you would know that China is a major market for Superhero movies. Hollywood movies do extremely well in China.
So, with Venom opening on 19th November in China, and having brought in $550 Million from the rest of the world, it is highly likely that it will bring in at least a $100 Million from the Chinese market. So, Venom really has a great chance to take down Justice League. Even if it manages to come closer to the Justice League number, it would still be a big achievement for Sony as a character that they are forcing people to watch is actually much more profitable than the entire freakin' Justice League.
Venom had a 55% drop in its second weekend, so it would be interesting see if Venom really have strong legs because it might not make a big impact if there is another steep drop of the same percentage in its 3rd weekend. The movie should be fine if there is a drop in its earnings are 50% or less. Anything above 50 could mean diminishing returns in the longer term.
Tom Hardy was really excited to play this amazing role. Here's what he said:
"There's a tragic clown element, which I find funny and is harmonious with some of the work that I like to do. There's something funny about the circumstances of having a gift but it's a tragic gift. It's a superpower you don't really want, but at the same time, you love it. It makes you feel special. He's a reluctant hero and an anti-hero."
Even Director Ruben Fleischer loved working on the project and is really proud of what he has done:
"Usually a human gets imbued with powers or an alien comes from outer space and has to figure out how to live on our Earth. But this is really about a relationship between two people who have to work together to create this hybrid symbiotic relationship."
Venom stars Tom Hardy (Venom/Eddie Brock), Michelle Williams (Anne Weying), Michelle Lee (Donna Diego), Riz Ahmed (Dr. Carlton Drake), Sope Aluko (Dr. Rosie Collins), Jenny Slate, Woody Harrelson, and Reid Scott.
DC justice league Marvel Sony Venom
How Is Wolverine Able To Shave With His Hair Regenerating All The Time?
'Black Panther' Holds The Oscar For 'Best Costume Design'
Infinity War – Wakanda's Army Originally Supposed To Wear Hulk-Buster Like Suits
Fans Have Found A Stupid Way in Which Captain America 1 Predicted Coronavirus Outbreak
Avengers Infinity War May Be Bringing Back S.H.I.E.L.D Agent And It's Not Coulson


Global Titanium supports an extensive laboratory for the analysis of inbound raw materials and outbound products. The lab enables Global Titanium to monitor the quality of its products throughout the production cycle. In order to insure testing is uniform and results are reliable, detailed procedures have been developed for the lab employees. In addition, all of Global Titanium's lab equipment is subjected to stringent, routine testing to insure it is performing correctly. Global Titanium is committed to insuring the lab personnel and lab equipment are accurate and efficient.
There are three key points during processing that Global Titanium evaluates material through the lab to insure quality. The first is upon receipt of raw materials, the second is during interim points in process, and the third is final testing prior to the shipment of finished goods. All of the testing performed by Global Titanium is designed to characterize raw materials, enabling Global Titanium to produce a consistent final product from inconsistent raw materials.
Raw materials are evaluated upon receipt to insure that they meet appropriate criteria for processing. This testing can be broken into two groups: testing of titanium solids and testing of titanium turnings.
The majority of testing of titanium solids is accomplished with the use of two Vericheck TestMaster Pro units and three Spectrotest units. Testing is performed on material after receipt and before the material is released to the plant for consumption. Depending on the type of material received, solids are subject to either a general evaluation or a 100% sort wherein each piece of metal is tested independently. The metal is segregated by type and released to the plant for a number of different processes.
When titanium turnings are received, samples are taken and evaluated for the presence of oil, moisture, and magnetic content. These results are then reported to the buyer for review before receipts are settled for payment. To see a complete description of the sampling and testing procedure Global Titanium uses, click here.
For several of Global Titanium's products, an additional round of analysis is performed during the processing of the product. Typically this occurs when processing of material involves some type of blending or if the process changes the characteristics of the metal. The best example of this is ferrotitanium. Ferrotitanium is produced by melting titanium scrap to produce a 70% titanium product. For each 2,000 lb heat of ferrotitanium, a sample is taken and analyzed in the lab. The analysis is then recorded along with other analyses from other heats and the analyses are used to create a blend of material to meet customer specifications. Once the product is blended additional testing, such as tap density or apparent density, may be performed if required by the customer.
Global Titanium also performs analysis on titanium scrap products during processing to insure they will meet customer specifications. In order to prepare samples for analysis, a button furnace is used to melt the titanium so that the sample is uniform and can be tested properly. Once the testing is performed, results are again recorded and used either for blending or as a mid-process check to insure processing is having the desired effects on the metal.
Before products leave Global Titanium premises, verification is required that the product meets the customer's required chemical composition. Depending on the product in question, this testing may have been completed during the processing. If it was not, however, testing is performed before the product is shipped. Once results are achieved, they are compared with the customer's required specifications to insure the product meets the needs of the customer.


You are visiting the placeholder page for Lori Dixon. This page is here because someone used our placeholder utility to look for Lori Dixon. We created this page automatically in hopes Lori Dixon would find it. If you are not Lori Dixon, but are an alumni of Gig Harbor High School, register on this site for free now.


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Rep. Schiff, Pallone, Sherman, Cox & Sen. Markey Condemn Azerbaijan's Attack on Armenia.
Posted on July 15, 2020 by The Editor
Washington, D.C. – Congressional condemnation of Azerbaijan's latest attack against Armenia continued to grow today, as reports emerged from the region of more than 15 casualties during the worst cease-fire violation since the April, 2016 Azerbaijani incursion against the Republic of Artsakh (Nagorno Karabakh), the Armenian National Committee of America (ANCA) informs Zartonk Media.
"Azerbaijan is once again attempting to start a war with Armenia," said Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ). "Azerbaijan's constant use of caustic rhetoric aimed at Armenia and Artsakh are part of a concerted effort to provoke another conflict."
Senator Ed Markey (D-MA) shared his support for Armenia's right to territorial integrity and Artsakh's calls for self-determination. "I stand with Armenia as they protect their territorial integrity. Azerbaijan and Turkey must respect the Armenian/Azeri border, respect the aspirations of the Armenian people of Nagorno Karabakh, and should deescalate this conflict immediately," stated Sen. Markey.
Central California Congressman TJ Cox (D-CA) noted "Azerbaijan's recent attack on the region of Tavush, Armenia is a violation of the ceasefire agreement between the nations, as well as a result of Azerbaijan's refusal to allow international monitoring of their borders. The US must take a firm stance in condemning this threat to peace." Rep. Cox cited his support for an amendment to the National Defense Authorization Act, led by Rep. Brad Sherman (D-CA), that would prohibit funds from being used to send defense articles or services to Azerbaijan.
Senior House Foreign Affairs Committee Member Brad Sherman (D-CA) noted, "I am very concerned by Azerbaijan's provocations along the Armenian border. Such actions put the lives of soldiers and civilians at risk. Unfortunately, these actions do not come as a surprise given Azerbaijan's increasingly bellicose rhetoric towards Armenia & Artsakh."
House Select Committee on Intelligence Chair Adam Schiff (D-CA) was the first U.S. House member to condemn Azerbaijan's attack. "I am very concerned by the recent provocative and destabilizing actions taken by Azerbaijan in recent days along the Armenian border, including the shelling of Armenian soldiers," stated Rep. Schiff. "These acts risk the lives of soldiers and civilians and raise the danger of a spiraling conflict that could be devastating to the region, particularly in the midst of a global pandemic. These actions must also be viewed in context of Azerbaijan's consistently bellicose rhetoric towards Armenia and Artsakh, and its refusal to allow international monitoring of their borders. I urge the State Department to make clear to all parties the need for restraint and diplomacy, and reduced tensions," concluded Rep. Schiff.
"The ANCA welcomes these powerful Congressional condemnations of Azerbaijan's attack," said ANCA Executive Director Aram Hamparian, "We thank each of these Senate and House leaders and look forward to supporting legislative opportunities in the coming days and weeks to more forcefully challenge Baku's escalating aggression."
The ANCA has issued a nationwide action alert calling on Congress to condemn Azerbaijan's latest attacks and to support pro-peace initiatives in the region including the enactment of the Royce-Engel proposals (removal of snipers from the line of contact, increased deployment of OSCE monitors, and the placement of gunfire-locator mechanisms to identify the aggressors in the conflict). Armenia and Artsakh have both agreed to the Royce-Engel measures; Azerbaijan remains the only obstacle to their implementation. The ANCA alert also calls for continued U.S. aid to the Republic of Artsakh to fund life-saving de-mining programs carried out by The HALO Trust. To take action, visit anca.org/alert.
Since July 12th, Azerbaijan has launched a series of cross-border attacks against Armenia's northern Tavush region, resulting in 16 casualties to date, including Major Garush Hambardzumyan, Captain Sos Elbakyan, and Junior Sergeants Smbat Gabrielyan and Grisha Matevosyan from the Armenian Armed Forces. While no Armenian civilian casualties have been reported, though targets have included Tavush Textile, a factory that produces face coverings used during COVID-19 pandemic, forcing its closure to ensure the safety of its workers.
Just days prior to the attack, Azerbaijani President Ilham Aliyev called ongoing Organization for Security and Cooperation in Europe (OSCE) Minsk Group moderated peace talks regarding Artsakh "meaningless" and threatened to resolve the issue militarily. The Azerbaijani Government has reportedly been fomenting protests in Baku, where sporadic angry mobs have urged military attacks against Armenia's capital, Yerevan, and the Republic of Artsakh's second-largest city, Shushi.
Tens Of Thousands Of Azeris Rally & Break Into Parliament Chanting "Death To The Armenian."
Armenia Shoots Down 2 Azerbaijani Drones, 12 Total; Azerbaijan Bombs Armenian Mask Factory, Civilians.


Now that my Tuesday night class is over I finally get to return to Marathon Sports run club!
Jason and I went down to Woods Hole, jumped on our favorite bike path for a quick run and then went to our favorite little local fresh seafood taqueria – they close for the season in a few weeks so have to get a few more trips in!
Today was our Cape Cod-iversary! One year ago today we officially made Cape Cod our home! Today we celebrated with some beach time, lobster for dinner and of course ice cream!
Last yoga on the beach for the season! We practiced with the intention of gratitude since I was feeling so thankful for the opportunity to teach this class for the summer!
The summer season is coming to an end here on Cape Cod – yoga on the beach is over for the season and a few favorite restaurants are closing their doors. That being said, as sad as I am about the end of summer, I am certainly welcoming some cooler temperatures for running! Plus, the Cape is BEAUTIFUL in the fall and not nearly as busy as the summer!
My 16 mile run this weekend went fairly well given my not so great training un until this point and I'm hoping now that I'm back on track I can finish up with strong 18 and 20 mile runs before my marathon. My feet were killing me at the end of the run, but hopefully finally deciding on some new sneakers this week will help that!
I have to say I think I really love fall!
Looks like your training is going well for MCM. I think summer is probably my favorite season, although fall comes in at a very close second. I'll be cheering for you at MCM this year!
Fall is totally my favorite, and the Cape is absolutely gorgeous this time of year. Enjoy!


Built in 2000 and refurbished in 2006, this air-conditioned city hotel has 33 inviting, full-size rooms providing the highest level of comfort. There are also 2 luxurious suites available to make guests' stay unforgettable. This Roman-style hotel is surrounded by history. The hotel blends in perfectly with its surroundings, having polished marble floors and warm-coloured furniture. It is possible to relax on the building's terrace, sunbathe or simply enjoy the view of the town. Other facilities at the hotel include a lobby with a 24-hour reception and check-out service, a hotel safe, currency exchange facilities, lift access, a TV lounge, a cafe, a restaurant and a bar.


Did you know that you can work from anywhere with only your computer and Wi-Fi? If not, you know it now. From the day the internet was invented there started to appearing jobs that do not require office or any working place, it only required the computer and the internet. Now, when there is an internet connection all over the world, you can travel and work from wherever one wants. I am going to share you with several ideas on how you could achieve this yourself.
Keep in mind, that in this kind of jobs you cannot procrastinate and you need to be productive. The best Pomodoro timer for your productivity tool: Trello, Asana, Todoist, Evernote – PomoDoneApp can help you to be more productive. Basically, in remote jobs the more you work, the more you make. So you can find the best work and life balance you want.
Here are 15 remote job ideas that you can start right now.
Maybe you are a photographer, writer or just a creative person that makes digital art. You can create your own digital store and sell your products either it is books, digital paintings or images. I recommend you choose the Best Ecommerce Platform to Sell Digital Downloads. Free Trial – Sellfy. You will be able to easily set it up your online store there and sell your digital products instantly.
Web developers are in a great request now. There are still businesses that have a bad website not optimized for mobiles and tablets as well as there are companies without any website. So you can offer your web developer skills to them. If you do not have any skills yet, you can learn them online in web development courses on YouTube, Treehouse or Codeacademy.
SEO stands for Search Engine Optimization and it is one of the most crucial things to succeed in online businesses. Most of the traffic these days comes from search engines such as Google and Bing. For companies, that are dependent on website traffic it is important to be SEO friendly. Here you could come and offer your SEO services. You can take online MOZ SEO classes to learn about this subject.
It is a big chance that you are bilingual. If so, you might try to become a translator or interpreter. You can create your own WordPress and social media accounts to market yourself. Also, you can search for job offers through Google, Upwork or Freelancer platforms.
If you have some kind of manufacturing business, you can automate it and sell your products on Amazon using their FBA program. It might take some time to make it automatically enough that you could travel but once it is done you are free from the working place. There are various tools that can help you to make this process quicker. AccelerList.com allows you to leverage fast product listing tools and simplifies the FBA business management.
Maybe you were good at literature, math or science in school. You might try to tutor some of those subjects online. However, do not limit yourself to school subjects. Perhaps you are a programmer or an artist so you can search for students that would like to learn the art of your profession from you online. You might become some kind of a mentor as well.
Copywriting is writing for advertising or marketing agencies such as things as sponsored posts, blog posts or traditional ads. It might not be the most exciting and highest paying job but if you create a good reputation for you and learn some SEO. You might make a pretty good amount of money.
Perchance you have good listening skills and you type fast. This job might be good for you. Also, it is not that difficult to become a transcriber. There are several ways of starting transcription business. First of all, you can search for a job through freelancing platforms. Secondly, you can contact certain companies or Youtubers and ask them if they need a transcriber. Do not forget to ask about the possible salary.
Good customer support is a key to successful business. It is crucial for a company to have a lot of positive feedback to be able to run further. You might try to contact companies ask if they need customer support services that you could provide. You might offer them to build a knowledge base with HelpJet Knowledge Base Software. Also, you might provide with their contact, feedback form management. If they do not have one, you can offer them to create a powerful form with WordPress form plugin.
There are a lot of entrepreneurs that are searching for a virtual assistant. They do not get paid a lot but probably the best thing that you can learn being a virtual assistant is how to successfully run a business, build a network as well as have a mentor that could teach you the art of entrepreneurship. You can contact particular bloggers, YouTubers or other people and ask them if they need a virtual assistant.
If you like to travel and you have a good eye for photos, this job might be perfect for you. Some travel agencies pay people to go to a tourist destination and take photos of it that they could later use it in their holiday pack promotions. This field is pretty competitive but if you stay consistent, build your own portfolio and pitch every agency you find. You will surely breakthrough and will be making a good living out of it.
You probably have an area of expertise or at least an area that you would like to become an expert. So you could try to start a blog about that subject, write articles that would be interesting for people to read. For example, if you are trying to becoming an expert in that field you might try to tell your story of how you are succeeding or failing. The story of your road to expertise. Writing sometimes requires a lot of time so you might check what additional apps you might use on Setapp.com to increase your work output.
This is probably the best idea for people who like to spend a lot of time on social networks and know how these things work. It is pretty easy to get into this field because a lot of companies started and are starting to use social media although they do not make it really efficient. You can contact them and offer your services with the goal that you are aiming to achieve and what you can do for them.
Now, everyone can be its own publisher and sell their books on Amazon. If you have an interesting story or know how to become something, you can just write an eBook and publish it on Amazon. It might take a lot of time to write a good and buyable book, however, it allows you to earn a passive income that you never expected possible.
You can think become a graphic designer. Graphic design is such a versatile industry that probably everyone could find their niche in it. You can design website themes, paint a virtual painting and sell them, create app designs and much more. There are many online courses that you can pick to learn graphic design.
Here are the possible remote jobs that you could do. There are many more possibilities out there in a web, you need just to search for it. Try to stay organized and use Best Project management tool to manage your work assignments and business relationships.
If you do not succeed working a remote job, you can always come back to the office jobs. There are certainly be a skill that you learned during the remote job experiment and you should check resume examples to find how you can incorporate them into your resume.


For a patient that is missing one or more teeth, or a patient that is losing teeth, dental implants can be a great treatment alternative that will leave you looking and feeling good. Dental implants are the closest a patient can get to brand new natural teeth.
The process of removing an old tooth and replacing it with artificial one may have you assuming that it needs to be done by an oral surgeon. This is not necessarily the correct answer. Below we've provided a few questions that you should be asking before you undergo the process of getting dental implants.
While some dentists go through a weekend course for dental implant training, there are several specialists, such as prosthodontists, who are required to go through extensive training to ensure a thorough knowledge and practice of dental implants and other intricate procedures.
What is your success rate with the dental implants you have provided?
There should be at least a 95% success rate for dental implants your specialist has been responsible for.
How long have you been performing this specific procedure?
As with anything, putting training into practice is what helps make for better results. A proven track record is a highly-recommended requirement for your checklist.
How long will this procedure take from start to finish?
The procedure should take no longer than 60 minutes.
What will be the follow-up process?
Depending on your specific situation, your specialist may complete the entire process in one day, or they might stagger it out over the course of a few months.
While each scenario is specific to the person, you still want to ensure that you are providing yourself with the best opportunity to have a successful procedure. Our specialists take the time to ensure that each patient is fully aware of their options, and given accurate and timely recommendations.


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redpajama_set_name: RedPajamaGithub


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Brian Caulfield (Partner, DFJ Esprit)
Wayra Ireland - 28-29 Sir John Rogerson's Quay Dublin 2, D1 Dublin
Thu, Nov 14, 2013, 6:00 PM (GMT)
Join us on November 14th for an evening with Brian Caulfield, an Irish entrepreneur and Partner at DFJ Esprit. Brian has worked on both sides of the table, both as an entrepreneur and an investor - and so has a unique perspective of the Irish tech sector from its early days, through the first dot com boom right up to the present day. Prior to joining DFJ Esprit, Brian was a partner at Trinity Venture Capital where he sat on the boards of or led investments in AePONA, ChangingWorlds (sold to Amdocs), CR2, SteelTrace (sold to Compuware) and APT (acquired by CSR). Previously, in 1992 Brian co-founded Exceptis Technologies – sold to Trintech Group in November 2000. In 2001 he co-founded Similarity Systems, a business focused data quality management software company that was acquired by Informatica in January 2006. Brian was the 2007 recipient of the Irish Software Association's "Technology Person of the Year" award. In 2010 he also received the Halo Business Angel Network's "Business Angel of the Year" award.
Brian Caulfield
Partner, DFJ Esprit
Join us on November 14th for an evening with Brian Caulfield, an Irish entrepreneur and Partner at DFJ Esprit. Brian has worked on both sides of the table, both as an entrepreneur and an investor - and so has a unique perspective of the Irish tech sector from its early days, through the first dot com boom right up to the present day. Prior to joining DFJ Esprit, Brian was a pa…
6:00 PM - 9:00 PM (GMT)
Wayra Ireland
28-29 Sir John Rogerson's Quay
D1 Dublin 2
28-29 Sir John Rogerson's Quay Dublin 2, D1
David Connolly
Dublin City Council is the democratically elected body that governs Dublin City.


We appreciate that funerals and celebrations of life are personal and require an understanding and bespoke approach; from making an initial enquiry through to the actual day.
A dedicated senior manager will take care of your requirements, tailor menus and create a special family occasion of remembrance.
*includes tea and coffee. Additional room charge may be applicable.


As good as some of the others were, that last one made me chuckle.
I shall go out tomorrow and check a few cartons.
#53 Of course it would have windows. Lots of people run Windows and Apple OS X on a Mac using Boot Camp. With a hack you could boot Windows native on a Mac. After all, it is an Intel powered machine just like any Windows PC. For that matter you could run Apple OS X on any other Intel PC. You can Google and find a hack if you want.
The thing is that you'd have a tricked out VW for the cost of Cadillac just like their Macs.
121 made me so horny!!!
#69 Got kicked out and looking for a new home, huh?
lmao #85 after all this scam mails I get!
Stop looking at my bottom!!


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Home > Asset Classes > Private Equity > Is PE a superior form of ownership?
Is PE a superior form of ownership?
Peter Morris and Ludovic PhalippouAugust 13, 2019
Almost exactly 30 years ago, a famous article by Michael Jensen in the Harvard Business Review predicted that private equity (meaning leveraged buyouts, not venture capital and other private equity) would "eclipse" the public corporation because it was a superior form of corporate ownership. Trends since 1989 seem to bear out Jensen's prediction. The number of quoted companies in the US has fallen by more than one-half since it peaked around the turn of the century. Meanwhile private equity has seen huge growth: the number of companies owned by PE funds has risen from under 1,000 to over 20,000 in the US alone. Does this outcome show that private equity really is a superior form of ownership?
Private equity's key feature is the way it makes company managers focus more single-mindedly on so- called "value creation". Much time and energy has gone into studying whether private equity's model does see companies being run better for investors. Progress has been made and most studies find positive results.
Yet, samples are usually relatively small; they rarely contain more than 300 companies under PE ownership. In addition, PE transactions create many layers of newly formed companies, which makes it hard to find the consolidated financial statements. In addition, and perhaps more crucially, accounting rules make it particularly difficult to tease out actual operating performance.
A common approach simply compares growth in revenue or profit with that of publicly traded companies in the same sector. But this is of little help if it is not scaled by the amount being invested in the company: higher levels of investment, both external and internal, will automatically see superior growth rates. This point has become increasingly relevant as more and more private equity firms pursue "buy and build" strategies.
This approach sees add-on acquisitions being layered onto an initial investment. These acquisitions are externally financed. Companies owned by private equity also increasingly have capital structures that allow them to reinvest in the business, rather than repaying debt as would have been the case 20 years ago. If publicly traded companies are less acquisitive and more prone to making shareholder payouts (share buybacks, dividends), then private equity owned companies will automatically grow faster, regardless of whether the private equity ownership model is delivering actual superior earnings growth.
Growth is only meaningful when it is scaled by investment. Measuring investment therefore becomes essential, but it is also surprisingly difficult. In principle, investment should be captured by the change in total assets. However, a buyout transaction usually triggers a one-time increase on the balance sheet in both tangible and (especially) intangible assets. This creates a discontinuity that distorts the change in total assets. In the first study on this topic, Kaplan (1989) acknowledges this issue and grosses up the pre-buyout total assets figure. Most academic studies since then have followed this approach.
However, both the buyout transaction and any add-on acquisitions affect the asset base in future years as well, via annual non-cash amortisation charges. Such charges see total assets being artificially reduced, year on year, and therefore bias return on assets upwards. It is possible to adjust the total assets figure for this issue by using footnotes in the annual accounts, but this is a time-consuming and laborious process which we are not aware anyone has attempted.
There are many other issues that can bias total assets, and therefore return on assets. For instance, a typical sale and lease back of real estate assets will result in an increase in reported return on assets even when there have been no real operational improvements. Other issues that can affect reported total assets include one-time non-cash impairment charges.
An alternative way to assess performance is to drop accounting-based approaches and simply look at the return realised by shareholders, i.e. gross of fees fund performance on individual deals. This means measuring all the cash invested by a private equity fund manager in a given portfolio company against the cash returned. This removes the need for any adjustments, but deal-level data is difficult to access because people who work in private equity choose to treat it as confidential. Yet, any piece of evidence we have paints a consistent picture: gross of fees, returns are very high.
It is hard to say whether these high returns come from timing or negotiating skill (that is, buy low – sell high); from gearing up returns by using higher levels of debt at low cost; or from higher earnings growth, though. Knowing where the high returns come from is important because it informs about value creation at the level of society as a whole. If returns come from buying low or selling high, for instance, any value accruing to the private equity fund is merely being transferred from the sellers and buyers, respectively. No value has been created for society. When an increase in valuation (per unit of earnings) results from a consolidation strategy ("buy and build"), that may reflect real value being created, but it is not absolutely clear.
The situation is similar for debt. If returns come from accessing debt at low-cost, it is unclear that the associated value creation is beneficial for society as a whole. Some argue that high debt can benefit society because of the "discipline of debt." The idea behind this is that high debt payments force operating managers to focus on earnings instead of wasting cash on personal perks and the like. But private equity already gives these managers sharp incentives to maximise profits. As a result, one may reasonably argue that higher debt levels are more likely motivated by corporate tax savings (which may result in lower taxpayer receipts) and to gear up returns.
The flip side of this gearing is that it can lead to a "debt overhang". Suppose a company underperforms and gets close to missing debt payments. Its managers and other equity holders then have a sharp incentive to cut corners in order to keep control of the company until things turn around. This cost of financial distress is particularly worrisome in industries such as healthcare, childcare or care homes, where private equity has been investing significantly. Another concern involving debt is that although lenders provide about two-thirds of the capital that private equity firms invest, we do not know whether these lenders have received a fair risk-adjusted return over time. Since taxpayers stand behind many such lenders, a low return for them would mean an indirect subsidy from taxpayers.
The third source of returns (earnings growth) is perceived as the one that should translate into value creation for society as a whole. Yet, even that part may come at the cost of other stakeholders such as employees, competitors, consumers and suppliers. Measuring private equity's value creation across society as a whole is, therefore, very challenging.
Finally, the growth in private equity may affect society's income distribution. The largest group of end-investors in private equity consists of millions of pension scheme members. Even if private equity's focus on "value creation" succeeds in growing the overall economic pie, a disproportionate share of that growth might stay with the private equity fund managers rather than passing to the end-investors and other stakeholders. Similarly, one of the attractions of private equity for senior operating managers is that they can earn significantly more than they can at quoted companies. Private equity firms are willing to pay life-changing rewards to a few individuals who can move the needle in terms of "value creation". Meanwhile, the majority of employees may see their earnings being squeezed and their livelihoods and pensions put at risk by higher debt levels.
Private equity does not live down to the most negative images that its opponents invoke. But neither should its positive self-promotion be taken at face value. The new US legislation on private equity that Senator Elizabeth Warren has recently proposed shows that many people do not buy the official story. Some ambitious recent studies (e.g. Davis et al., 2019) have made significant progress on the issue of job creation and on private equity's broader impact on society, but work in other areas is still needed. Thirty years after Jensen's article, we believe the jury is still out. There is no proof yet that private equity in its current form is a superior form of ownership.
Peter Morris is an associate scholar Oxford University's Saïd Business School. Ludovic Phalippou is professor of financial economics at Saïd Business School.
company ownership, Michael Jensen, Oxford, Oxford Martin School, Private Equity
One comment on "Is PE a superior form of ownership?"
The article highlights the wide variety of possible approaches within PE – So it is clearly not one homogeneous set of tactics and, as such, it is therefore difficult to gauge if PE is a "superior" or "inferior" form of ownership – simply because there is no "one" version of what we call PE. So, unless you want to analyse each declension of an array of PE strategies against listed (for being better or worse), perhaps a better question is – Does PE offer a wider variety of tools to achieve results than is possible from listed companies…? the answer to that is clearly yes – and therein lies its attraction. PE allows investors greater degrees of freedom to benefit from information asymmetries and undertake radical change within companies. The returns are therefore a risky set of change alphas that are unobtainable on the listed market. To the extent that these alphas are uncorrelated with the listed market, they act to benefit the diversification of total portfolios. this has been the experience of the majority of institutional investors who have been able to competently access this complicated space. The better the PE, the less correlated with listed, and the more virtuous it has been to include in the institution's policy.


the tear on my tongue.
Happened to me the other day. I had to ask the person who had the radio on to turn it off -- told her I couldn't take that song -- unhappy times.
I know exactly what you mean by this. Some great lines here Jo, like "reliving my past truths", such a thought provoking phrase.
This is such a brilliantly succint piece. Just two stanzas, about the rush of memory, and then the rush of emotion, not a word wasted. I really like this ending, so emotional and yet so calm and still... I think you've captured a moment a lot of people would recognise and understand very well... Great work.
We could have a discussion about this poem, Jo. The reason I say that is that technically – choice of words, form etc – I can hardly see anything to criticise. Perhaps 'Transported' isn't necessary as the context supplies this meaning, but otherwise it's concise, a tight form which seems to suit the subject very well. Your opening line is arresting. 'My histories collide' is the kind of line that makes the reader think but isn't obscure, and the smile at the end suggests very economically an acceptance (like a shrug) of the experience and the sadness, and regret perhaps, that listening to music evokes. I see Oonah and Barry like it as much as I do.
From what you say in 'Summary' I gather you're unsure of the poem. Is there any particular aspect of it that you're not satisfied with? Anything about it that you'd like to ask? I'll keep thinking it over too.
i think perhaps the fact that it was so quickly written...I don't trust it to be right. Is it even too short? Does it need more or is it okay with how it is?
I love this poem, it is short and incisive, but will really resonate (sorry!) with people. Everybody will have experienced a song or melody that stops them in their tracks and reminds them of an important occasion or special person.
This poem captures that perfectly. I think you need to trust your instincts!
I agree with James that 'Transported' seems superfluous or out of context. I would say "Transported back/Transported elseshere" or omit Transported entirely since "I am no longer here" says it all.
Hi Jo – I agree with David that 'transported' could be left out. No need to replace it with anything else. Apart from that, you can tell from all the comments that the poem is fully realised and readers respond to it. I like a short, concise poem that says such a lot. And it touches on a real experience, and the feelings associated with it, in a way that will evoke similar feelings in others.
I must stress that the poem doesn't need those extra lines. It would just be an experiment to see if it works, and if it doesn't the original can stay as it is.


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