Saturday, January 12, 2013

2012 Gold Tours to Big Nugget Mine in Porcupine Creek will start June 1st!

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Changes For Driving Test [YIKES]

Information you may want to know if your planning on taking a driving test

As of December 1, the Department of Licensing will no longer conduct driving tests. a new program allowing driver training schools and school district driver training programs across the state to conduct driver knowledge and skills testing for new driver license applicants.

As of December 1, driver knowledge and skills tests will no longer be offered in the following licensing service offices: Bellingham, Friday Harbor, Everett, Greenwood, Smokey Point, Renton, Federal Way, Lacey, Parkland, Centralia, Vancouver East, Vancouver North, Kennewick, Chelan, Ellensburg, Wenatchee, Davenport, Newport, and Spokane.

Previously scheduled drive tests will be honored in these offices. The Department of Licensing will continue to offer tests in areas that don’t have driver training schools nearby that offer testing.

After passing the tests, customers will go to a licensing office to obtain their license. Customers are still required to pay the driver license application fee to DOL. Driver training schools will set the fee they charge for the tests.

Btw: we had to pay $80!!!


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Growing an Avocado!?? Why Did We Do This?

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Photo by Faith

Do you remember doing this as a kid? I did it a number of times, and if I remember correctly, it would begin to grow a green plant from the seed. But, I never remember us ever getting a full fledged plant from it and never an avocado bush!

Seems every time we ate an avocado we just put toothpicks in the seed and put it in a cup. Weeks later when it was all moldy and everyone forgot to add water…we’d throw it out and next time someone had an avocado the whole process would begin again.

I’m not sure WHY!! Kinda funny I guess and a little weird. I’m curious…Did any of you do that too? Maybe it was just our family.

PHOTOS Jon Bon Jovi hits the beach at St Barths

Jon Bon Jovi on the beach at 50

Back in the day Jon Bon Jovi sang about giving love a bad name, but the 50-year-old rocker gave AARP members a good name as he enjoyed a little down time with family in St Barths.

The singer hit up Shell Beach and enjoyed a day with his family. His wife Dorothea Hurley swam with their younger boys, Jacob and Romeo, and appeared to have a blast with friends on the beach.

Jon Bon Jovi at 50 in St. Barths with wife

Bon Jovi was recently in the headlines as his oldest daughter, Stephanie Rose Bongiovi, suffered a frightening heroin overdose. He told a local news station after the incident that:

“This tragedy was something that I had to face too so we’ll get through it. And people’s warm wishes for my family and I have been really reassuring. So, we’re good”

Jon Bon Jovi shirtless in St. Barths

Bon Jovi has a brand new music video for the song “Because We Can” coming on Monday. It’s the lead single for their upcoming album, What About Now, set for an early 2013 release. Roll (and rock) on John!

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Fallen Angel Bonds: High-Yield In Disguise

With more of the same economic uncertainties set to plague investors confidence in the new year, it’s likely that the hunt for meaningful yield will remain a dominant theme in 2013. Fran Rodilosso, Portfolio Manager at Van Eck’s Market Vectors, recently took time to discuss an intriguing corner of the fixed income market that has slipped under the radar for most, but warrants a closer look from anyone looking to enhance their portfolio’s yield without incurring handfuls of volatility [see 101 High Yield ETFs For Every Dividend Investor].ETF Database (ETFdb): What was the inspiration behind creating the Market Vectors Fallen Angel High Yield Bond ETF (ANGL)?

Fran Rodilosso (FR): Fallen angel bonds, a subset of the high-yield bond universe that were rated investment grade at the time of their issuance, have historically outperformed original issue high-yield bonds, as measured by the BofA Merrill Lynch U.S. Fallen Angel High Yield Index (H0FA) and BofA Merrill Lynch U.S. High Yield Master II Index (H0A0), respectively.

In trying to understand why fallen angels have outperformed, we thought that some of the possible reasons were compelling. Fallen angels, having been investment grade, tend to be bonds issued by larger, more established companies. The capital structure of these companies, even though they tend to be in a credit ratings decline, might still allow greater flexibility than is the case with original issue high-yield borrowers. They often have, for instance, longer-term debt and tend to have strong relationships with banks. In addition, we believe that in many cases, management is highly incentivized to regain the investment grade credit rating. Ford is a great example – the company was able to regain ownership of its own logo once it became an investment grade company again this year.  Perhaps an even more compelling argument for us, though, is the concept of buying “after the news”. In other words, fallen-angel bonds enter the fund’s index the month after they have achieved an average rating of below investment grade. What we have seen is a lot of selling even before the downgrade and some degree of forced selling afterward. In our view, many fallen-angel bonds end up losing much of their value before they enter the index, or before ANGL buys them [see Monthly Dividend ETFdb Portfolio].

ETFdb: What separates ANGL from other high-yield corporate bond funds on the market?

FR: ANGL has a singular focus to capture this fallen-angel niche in the high-yield market. Though similar in yield at the moment to other high-yield funds, ANGL currently has a much higher percentage of BB credits (almost 70% versus about 45% among the broader HY market). ANGL also presently has a larger financial sector allocation than most other high-yield funds. That aspect of ANGL has proven to be quite valuable in 2012, contributing positively to returns, as this subordinated debt of global and large regional lenders has been the target of many buy backs [see ANGL Fact Sheet].

ETFdb: Why does it make sense to use an ETF for investors looking to pursue this sort of strategy?

FR: There are several reasons. First, we very much like the fallen-angel concept and believe a passive strategy is an effective way to be exposed to it. Second, ETFs generally offer this type of exposure to investors at lower fees than other fund formats. Third, we think credit ETFs in general may offer a less expensive way to access these less liquid markets in a more cost efficient manner than many investors would be able to achieve by investing in these bonds individually.

ETFdb: Aside from attractive dividend distributions, what else might investors find appealing about this asset class?

FR: In the right environment, we believe in the potential upside of this asset class. According to a study by Moody’s, fallen angels that avoided default after two years were more likely to be upgraded to investment grade than original issue high-yield bonds. This may be primarily because fallen angels that survive the distress and liquidity risk associated with altering their business models after being downgraded typically have unencumbered assets, helping to provide the firm with access to the capital markets by secured financing. Many fallen angels also have “franchise strength and business incentives” that enable them to repair their balance sheets by issuing equity and eventually gaining lines of credit [see also Senior Bank Loans: High Yield With Perks].

According to Standard & Poor’s, defaults in this segment are well below the 4.5% historical average for all U.S. high yields, and yields remain attractive, given the overall credit quality, in comparison with broader high-yield markets. Like other high-yield bonds, fallen angels could be vulnerable to rising risk of defaults or downgrades if the U.S. economy enters a deep or lengthy recession.

ETFdb: What are some of the longer-term trends that you are seeing in the global fixed-income market?

FR: We have seen growing comfort with non-traditional fixed income investments among a wider range of investors. This shift may be in part a result of need – as investors simply cannot achieve their yield targets via their traditional fixed income portfolios. So we are seeing a lot more interest in high yield, emerging markets credit, emerging markets local currency, REITs (real estate investment trusts), preferred securities, and other ways to obtain income. While the search for yield may reverse, we do believe that many of these asset classes have, in the meantime, gained acceptance as permanent, strategic allocations within fixed income portfolios.

Bottom Line: With interest rates expected to remain at record lows, investors have started to shed their bias towards traditional bond holdings in search of more attractive distributions. The fallen angel asset class warrants a closer look from anyone scouring the high-yield debt universe as these securities stand to offer a compelling risk/return profile along with a a juicy yield.

Follow me on Twitter @SBojinov

[For more ETF analysis, make sure to sign up for our free ETF newsletter or try a free seven day trial to ETFdb Pro]

Disclosure: No positions at time of writing.

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VIDEO Rex Ryan’s unforgettable tattoo of his wife in a Sanchez jersey Tebowing

It took eccentric Jets head coach Rex Ryan to finally unseat Kat Von D and her “Jesse James as a kid rainbow armpit tattoo” as the possessor of my favorite celebrity ink. The New York Daily News got a photo of Ryan sunbathing in the Bahamas and what appeared on his arm is nothing short of supreme fabulousness.

There were two tats, and everyone is questioning if they are real or not but I’m going to hope with all of my heart they are. One is of a shamrock plus the names of his wife and children. The other is the one you see above in a still shot frame from an ESPN clip. I can’t use the original here because that bad rascal is photo-gold.

What you see is Ryan’s wife, Michelle, in a provocative pose leering towards you wearing only a Mark Sanchez jersey in what could be described as a Tebowingesque pose.

If you’re unfamiliar with the Jets, I admit this loses a lot of its steam but I’ll explain. Ryan made a huge, in the eyes of the media, off season trade for the wildly popular Tim Tebow, then hardly used him at all at quarterback while continually backing Mark Sanchez who had, by all accounts, a brutal year. Ryan hitched his ride to Sanchez and fell miserably flat in spite of all his “we’re going to win the Super Bowl” posturing.

When the ax started falling and coaches were getting fired on Monday following the end of the regular season, some were surprised that Ryan wasn’t on that list. Many blamed Ryan’s decision to bring in Tebow and the circus atmosphere that it caused as a primary reason for Sanchez’s struggles. Then they gave him hell for not playing Tebow as the season went south.

You know, I don’t even care if it’s fake. If it is then Ryan or a great photoshopper is a genius.

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Night with Gold Rush Alaska in Haines

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