Pasadena Animal League Takes Animal Lovers “Back to the Shelter”

first_imgHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeautyStop Eating Read Meat (Before It’s Too Late)HerbeautyHerbeautyHerbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeautyHerbeauty6 Strong Female TV Characters Who Deserve To Have A SpinoffHerbeautyHerbeautyHerbeauty6 Strong Female TV Characters Who Deserve To Have A SpinoffHerbeautyHerbeautyHerbeauty10 Brutally Honest Reasons Why You’re Still SingleHerbeautyHerbeauty More Cool Stuff The Pasadena Animal League (PAL) of the Pasadena Humane Society & SPCA offered a guided tour of the Pasadena Humane Society & SPCA. In the last three years, the shelter underwent a major makeover which included a state-of-the art Wellness Clinic, new Critter Center, animal boarding spaces and temperature-controlled kennels.We’re building more opportunities to keep animals in homes,” said Julie Bank, President and CEO of the Pasadena Humane Society. “The Pasadena Animal League is so important to [the Humane Society] – they help us raise funds and to awareness in the community we serve.”New programs at the Pasadena Humane Society include Helping Paws, which provides assistance to animal owners in crisis so that they can keep their pets through tough times, and Kids for Animals, which encourages children ages 18 and under to be responsible pet owners. Other community programs include the Mobile Wellness Units which provide free or low-cost spay and neuter services and the Wiggle Waggle Waggon which transports animals to shelters where they have a better chance of getting adopted.Shelter tours were led by volunteers and included a special look at the Wellness Center’s surgical suite, the kennels and the Critter Room. Tour guide, Jonathan, explained that many Pasadena is seeing a surplus of pitbull and chihuahua breeds and adds that the Pasadena Humane Society offers no cost sterilization of those breeds. The Wellness Clinic performs roughly 20 operations per day and each animal is cuddled by volunteers as it wakes up from anesthesia in an area called “The Beach,” before being taken to a recovery kennel. Other notable details include the volunteer-made toys for bunnies and the fact that the Pasadena Humane Society handles more animals than just cats and dogs – notable residents include a snapping turtle, two roosters and, at one time, a crocodile.The Pasadena Humane Society is supported, in part, by donations from the Pasadena Animal League and through their services and store, The Shelter Shop. Services such as, boarding, veterinary care and purchases all benefit the shelter. The Pasadena Animal League also accepts donations of gently used towels and blankets, dog and cat beds and other pet supplies.For more information and to get involved visit http://pasadenaanimalleague.org/. Subscribe Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Business News Make a comment Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Top of the News center_img Your email address will not be published. Required fields are marked * EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Gatherings Pasadena Animal League Takes Animal Lovers “Back to the Shelter” Story and Photography by VERONICA AN Published on Wednesday, April 26, 2017 | 9:27 pm Community News First Heatwave Expected Next Week 13 recommended0 commentsShareShareTweetSharePin it Community News Name (required)  Mail (required) (not be published)  Website  Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Joseph Mariathasan: Factor investing – is it overcrowded?

first_imgThe basis of active management is that markets are not efficient. Finding those inefficiencies has been the bread and butter of active managers for decades. What the last decade has shown, though, is that there are structural effects that give rise to inefficiencies, and these can be accessed systematically.Much of this started with quant firms, whether hedge funds or long-only strategies. The rise of smart beta exchange-traded funds dramatically reduced the price of investing in such ‘factors’, meaning factor-based strategies are estimated to cater for as much as $1trn (€0.8trn).Is there a danger that the marketplace is saturated and overcrowding will give rise to reduced returns? Amundi and Willis Towers Watson in a recent report argue that “a key skill in factor portfolio construction is to recognise at what point a factor strategy starts to run into capacity or liquidity constraints, or when it might risk a degradation in performance as a result of crowding”.La Française Investment Solutions (LFIS) in a recent seminar argued that the answer depended on what type of risk premia you looked at. At one end lie risk premia, and at the other lie style premia. Risk premia include the well-known value and size effects. LFIS argues that they exist because they compensate the rational investor for taking on extra risk. With value stocks, it is the risk that share prices fall further because the reason for the low valuations intensifies – the ‘value trap’. Small cap stocks tend to have businesses that are more concentrated by sector and geography, and are therefore more vulnerable to disruptions than large cap companies.Both value and small cap stocks have a natural cap to the amount of funds that can be placed in them. As money is poured into these strategies value stocks no longer look valuable and small caps no longer look small.Style premia do not have a natural cap. They reward certain types of investors who are able to use their lack of investment constraints to invest in strategies that are impacted by structural biases seen in their major client bases – some clients can’t use derivatives or leverage, for example. Such premia can be accessed by arbitraging relative valuations of credit default swaps and the underling bonds. LFIS likens these to a cake that has to be shared amongst many guests: the more guests there are, the less is available for each one.There is an ongoing debate as to whether style premia are overvalued or not. Rob Arnott, founder and chairman of Research Affiliates, argues they are, while Cliff Asness, co-founder and managing principal of AQR, sees valuations as reasonable by historic standards.The results a manager gets from analysis of valuations appear to be highly dependent on the exact method used. Two different managers both claiming to run momentum strategies will get very different results depending on several inputs, such as the exact time period used to generate trading signals.LFIS admits that certain factor strategies are prone to overcrowding, but it argues that the issue may be overstated. Many of the industry’s most famous investors, such as Warren Buffett have performance that can be explained by a combination of style and leverage – in Buffett’s case an exposure to value, low-risk and quality factors with a leverage of about 1.6.LFIS argues that it is not factor investing per se that creates dislocations in markets. That argument is an excuse for the real issues of data mining, overfitting, cost-ineffective implementation, and changing correlations between securities. In August 2007, for example, quantitatively managed equity funds as whole lost over 5% in just 3 days as a result of them all having similar portfolios with a need to deleverage at the same time due to volatility and correlations increasing in the marketplace.For investors in factor strategies, LFIS’s view may be comforting. But perhaps investors should also heed the advice of Amundi/Willis Towers Watson and monitor potential crowding by assessing the current valuation of a factor relative to its long-term history. A sudden and strong multiple expansion may be a good sign to avoid the crowds.Click here for all the content from IPE’s Factor Investing Special Report.last_img read more

O’Brien feels Tipp will go “all guns blazing” for Cork

first_imgWhile Tipperary haven’t had the easiest lead-up to their Munster Championship, they’ll go into the Cork game ‘all guns blazing.’With the loss of Kieran Bergin to the footballers, injuries to a number of players including Bonner Maher, and Jason Forde’s one match ban which is set to be appealed, the Tipp squad have had a number of issues hanging over the camp.Tipp face Cork in the Munster Senior hurling quarter final in Semple Stadium on Sunday. But, former Tipp hurler Conor O’ Brien says Tipp are an experienced side and none of these things should affect them…last_img