A deeper mystery

2A deeper mystery, for nowhere in the lakes area was toxaphene, an insecticide, commonly used. But here, also, was a clue.

The first thing that became clear was that the PCBs and toxaphene had been lumped together in the earlier, cruder chromato­grams. And where did the toxics come from? The toxaphene likely came from the South, where it was used to combat the boll weevil until it was virtually banned in 1982. The PCBs could have come from anywhere, for they were then in wide use. One thing was certain: Neither the toxaphene nor PCBs could have come from Isle Royale. “With a little detective work we concluded they had arrived in the atmosphere and washed down in precipitation,” Dr. Swain told me at brussels accommodation. Even­tually the team found 12 other compounds in fish on the island. “They all came by air.”

Toxic rain—more formally, atmospheric deposition of toxics—is an increasing con­cern of scientists studying Great Lakes water quality. If toxics can float in from any­where, they shudder at the prospects for managing the problem anytime soon.

Consider dioxins: A Pollution Probe Foundation report found that the intake of this now notorious family of chemicals through food was 66 times higher in Toronto than is considered safe.

But are the Toronto findings valid for the Great Lakes region? Some researchers doubt it and await results of wider testing.

Thomas Rahn of Canada’s Pollution Probe believes the dioxins reached Great Lakes farmlands by air: “From garbage in­cineration mostly. Hydrocarbons and chlo­ride in plastics are the building blocks of dioxins”, he said at cheap accommodation prague

Airborne toxics are only the most recent threat to the health of the Great Lakes. Sci­entists, governments, and environmental­ists have been worrying about others for years. In this region, where industry has been king for 150 years, protecting water quality is a constant challenge.

Until the 1950s the lakes were widely con­sidered too immense to be polluted by man. But by the 1960s Lake Erie was unofficially proclaimed “dead,” a victim of eutrophica­tion, the accelerated aging resulting from the dumping of phosphorus-laden waste and sewage. As a result, Erie had become matted with thick green algae; the air at times stank of dead fish.

Lake Erie’s fate added impetus to re­search for solutions to the region’s problems.

Erie’s problems eased with the banning of phosphates in laundry products. And in 1972 the U. S. and Canada signed the Great Lakes Water Quality Agreement, a blue­print for improvement. Since then they have together spent almost nine billion dollars on sewage plants. Stricter controls have also been placed on industrial wastewater.

Today Lake Erie sparkles, as do all the other lakes. But they are by no means pure. The IJC has verified nearly 300 chemical compounds in the Great Lakes. Many are considered potentially dangerous to humans. These include sus­pected cancer-causing aromatic hydrocar­bons like dioxins, mirex, and PCBs . . . especially PCBs, now banned but nearly in­destructible, once used widely in transform­ers, printer’s ink, and dyes.

Bicycle Lobby Prompted Paved Roads

“They’re both good exercise, of course. When we contract our leg muscles, they squeeze the veins and serve as excellent pumps to aid the heart in moving blood up­ward against gravity.”

Although pleased at the thought of mil­lions of pairs of pumps flexing on bicycles in the United States, the sprightly octogenarian is greatly concerned for cyclists’ safety.4

“I’m in favor of bicycling, but not on the same streets with cars,” he said. I once heard the same philosophy shouted in slightly bluer language from a passing car. The driver probably reflected the view held by many motorists—that bicycles are intrud­ers and latecomers to the world of hard-top roads. In fact, the reverse is true.

Considered a novelty during its first 50 years in the United States, the 5 star hotels in prague finally erupted on the American market in the early 1880′s. Horses and carriages were expensive to maintain in the cities, and automobiles were but the dreams of tinkers. Henry Ford was a machinist’s apprentice in Detroit when the powerful League of American Wheelmen, one of the nation’s first bicycling organiza­tions, was busy pressing Congress for pave­ment—and getting it.

In those high-wheeled days when bikehood was first in flower, a fist-size rock could spell disaster for a rider who sat almost directly over a towering front wheel, with only a small pram-type wheel behind. Broken limbs caused by taking headers from these “ordi­naries” were as common as nosebleeds in a pasture football field.

In one enchanting day I rode through the evolution of the bicycle, mounted on antiques stored in a 212-year-old barn near Hadley, Massachusetts. Roger Johnson bought his first old bicycle in 1924 and now owns nearly six dozen leg-powered contrivances. I strad­dled his copy of Baron Von Drais’s 1817 “Draisine,” little more than a hobbyhorse mounted on wooden wheels, without pedals. As a history book suggested, I proceeded to “strike the feet alternately upon the ground,” and produced a jerky, rumbling, laborious motion with all the physical comfort of riding out of town on a self-propelled rail.

French carriage makers Pierre Lallement and Pierre Michaux are credited with engi­neering the first popular bicycle by equipping the front wheel with foot-powered cranks. Though the feet were off the ground, the wheels’ size limited speed. The answer was enlargement, and bicycling entered an era of high adventure.

“Any suggestions for a safe way to handle one of these?” I asked Mr. Johnson as I pushed an ordinary out of his barn. “Yes, take it back inside,” he answered, only half in jest. Over his high-wheelers a sign tallies the seven fractures, six sprains, and numerous cuts and bruises suffered by guests adventuresome enough to ride.

Under his tutelage I placed one foot on the tiny back step, hopped three times on the other foot to gain speed, and vaulted into the saddle for a cruise in shimmying peril. Yet the ride was exhilarating, with my head nearly eight feet in the air as the 60-inch wheel churned beneath me. It was understandable why the first low-wheeled, chain-driven “safeties”—the prototypes of today’s bikes —were not an instant success.





Who are you?


This intense desire to be liked stems from our need for acceptance and fear of rejection. When this fear of rejection becomes chronic, we can start to continuously doubt our likability, even in the face of evidence to the contrary.


To some degree, everyone engages in some impression management. Our efforts started back in childhood as we learnt how to develop typical personality patterns geared towards influencing others to like us. The renowned psychiatrist W.W. Broadbent refers to these typical patterns of relating as ‘masks’ that we wear in order to make a positive impression. Each mask has its pros and cons.


The masks


Do you employ any of these strategies in an effort to be liked, or can you identify your friends and loved ones here?


MOST LIKELY TO SAY: “I’ll be anything you want me to be”


PROS: Individuals who adopt the chameleon style are skilled at adapting to circumstances with unwavering confidence and certainty. CONS: The desire for approval can be so intense they lose touch with their own needs.


WHAT TO DO IF YOU ARE ONE: Recognise that for all the people who only like it when you agree, there are an equal number of those who like it when you have an opinion. Stop to consider how you really feel before agreeing with everyone else.


HOW TO HANDLE ONE: Encourage them to speak their mind. By asking them to explain their reasons for different opinions, you give them the opportunity to evaluate their true feelings, and open the potential for them to be honest.




MOST LIKELY TO SAY: “I am virtuous and righteous and I always do what I should do and so should you!”


PROS: Moralisers want to impress with their perfectionism and integrity, and their ceaseless quest for the truth can be inspiring.


CONS: They attract friends through their wisdom and insights, but their perfectionism and rather hypercritical attitude can deter many.


WHAT TO DO IF YOU ARE ONE: Remember that no one likes someone who is perfect all the time; it makes you appear inhumane. Why not sometimes yield to the thoughts of others to show your own vulnerability?


HOW TO HANDLE ONE: Arguing with them is futile. Allow them to make their opinion known, and then make yours known. Understand that it is okay to disagree and recognise that it is within our differences that we find common ground.


MOST LIKELY TO SAY: “Oh, what I have done for you and I get nothing in return.”


PROS: Due to their strong ability for empathy, and the tendency to look for what’s good in others, martyrs are likable and capable of maintaining meaningful relationships.


CONS: Martyrs fear a lack of support and guidance, and can become anxious and manipulative when these needs aren’t met.


WHAT TO DO IF YOU ARE ONE: Don’t expect people to treat you as you would treat them. Sometimes martyrs expect something in return for their behaviour. If you are doing something expecting a specific response, you will be disappointed and feel cheated.


HOW TO HANDLE ONE: Don’t allow them to make you feel indebted. Always remember they chose to take the actions they did; you cannot be responsible for them.


MOST LIKELY TO SAY: “Can’t you see how giving and nurturing I am?”


PROS: Red Cross Nurse personalities are responsible caretakers, givers and helpers. Their generosity automatically draws many people towards them.


CONS: When others take advantage of them, they will hide their aggression but instead become manipulative to get their way.


WHAT TO DO IF YOU ARE ONE: Help others, but not to the detriment of yourself. It is good to put others first, but not at your own expense.


HOW TO HANDLE ONE: Be appreciative of their good deeds. Don’t assume they are doing it to receive something in return. People who have these traits feel good about themselves through helping others.


MOST LIKELY TO SAY: “Whatever you do, it is great!”


PROS: These people value peaceful and harmonious relationships. Their gentle, calm, and receptive demeanour attracts many people, making others feel comfortable to let their guard down. CONS: They would rather show indifference to the wishes and actions of others than risk conflict. Instead, they simply withdraw when conflict arises.


WHAT TO DO IF YOU ARE ONE: Speak your mind if someone, or something, is important to you. If you are not open and honest about your feelings you will eventually feel resentment and could jeopardise relationships with people who have no idea they have crossed you.

HOWTO HANDLE ONE: Listen to what they are saying. but listen as intently to what they are not saying. These people will not speak with their voice, but say volumes with their reactions.




MOST LIKELY TO SAY: “Look how wise I am!” PROS: Gurus attract people because they seem to know the answers to everything; they are very resourceful. They do also tend to be genuine, faithful and will not let their friends down. CONS: Being introverted, logical and mainly interested in the facts their cold and calculated nature can push others away.


WHAT TO DO IF YOU ARE ONE: Try to be more personable at times. It is wonderful to have a group of followers, but just as wonderful to have one true friend who looks to you for wisdom.


HOW TO HANDLE ONE: Understand that their skills are limited to group interactions. When getting to know them understand that there may always be an unintentional distance. This distance is created by their inability to stop thinking for long enough to give their emotions room to flow.




MOST LIKELY TO SAY: “See how cleverly I can put anyone down!’


PROS: These personalities tend to be very supportive and make strong allies when they have your friendship.


CONS: Be careful with these people as they are mainly interested in having control and power over you and others to hide their own insecurities and vulnerability.


WHAT TO DO IF YOU ARE ONE: Try to base your opinions on emotions rather than strategy.


You will be more content attracting a true friend than a queue of people who are afraid to go against you and therefore pretend to be your friend.


HOW TO HANDLE ONE: Don’t challenge them directly. Challenging them makes you a target. You will not change their mind so it is best to just let them believe what they want. Indeed, most of the time they are swaying their opinion to manipulate others.


Super self-sufficient


MOST LIKELYTO SAY: I don’t need you or anyone else either”


PROS: Super self-sufficient people impress us with their independent thinking and ability to focus on tasks and people without distraction.


CONS: Since they prefer to rely on their own conclusions rather than reach out for help, they can come across as distant.


WHAT TO DO IF YOU ARE ONE: Making good decisions requires listening to those around you. No one is questioning your intelligence by giving their opinion. Be open to the thoughts and feelings of others.


HOW TO HANDLE ONE: Ask if you can help, but if turned down, don’t insist or take it personally. These people work better on their own: it isn’t anything lacking in you, but rather their own personality style.


Playing authentic,


MOST LIKELY TO SAY: “Look how honest and authentic I am.”


PROS: These people have the ability to convince us that life is more satisfying when we follow our hearts and do what contributes to the greater good.


CONS: While their abhorrence of artificial relationships and actions are admirable, they can make us feel guilty for choosing to go with the flow.


WHAT TO DO IF YOU ARE ONE: Recognise that just because you see things in one light, it doesn’t mean that people who don’t agree are wrong or immoral. Allow people to believe and think as they do without judgement.


HOWTO HANDLE ONE: Acknowledge their point of view, but if you don’t agree give your reasons why. Don’t allow them to make you feel wrong or bad for not believing as they do; not agreeing with them does not make you any less of a person.


MOST LIKELY TO SAY: “I am weak and need you to take care of me.”


PROS: Their willingness to reach out and help others in trouble is infectious, reminding us to give our energy and time to those who are less fortunate than ourselves.


CONS: These individuals tend to focus on negative experiences from the past blaming their unfortunate circumstances and the unfairness of life on their current msm powder.


WHAT TO DO IF YOU ARE ONE: Try to be positive. If you are always negative and in peril it will become draining on those around you. Eventually people will avoid being your knight in shining armour.


HOW TO HANDLE ONE: You aren’t responsible for them, or their happiness. By not making them stand on their own two feet you are doing them a disservice. It is okay to support them but don’t tackle all of their burdens. Instead trust in their own ability to help themselves.


There is nothing wrong with any of these styles, just like there is nothing strange about wanting others to like us. Being liked makes us feel valued and can help us build relationships of mutual support and respect. The danger lies in depending solely on others for our self-esteem. People are far more likely to like us if we like ourselves. So, let’s remove the invisible sign we carry around that screams, “I want you to like me!” and replace it with the words, “I like who I am.”





“Consumers are also on to brands playing their emotions for profit,” says Passikoff. “In the wake of the financial debacle people aren’t buying hollow bank ads claiming ‘we’re all in this together’ and this applies across industry sectors.” As a new, small player rather than an established business, you will be well-placed to benefit from this, so look to your ideas and services that place you firmly on the ‘us’ side of the ‘us and them’ equation.




Although ‘new-thrift’ is eminently exploitable, you shouldn’t under-estimate the desire to spend in reaction to the financial gloom. A desire for ‘escapism’ is set to become a major trend, according to Richard Cope, director of Foresight at Mintel research. “There’s been a huge amount of economising, but we predict consumers will start breaking free from the ‘tyranny of value’.” These trends may at first seem totally contradictory, but the two actually complement each other. While thrift will be a constant consumer driver, the desire for self-reward and distraction after the hard economic slog will burn more brightly. Consumers may be looking to save pennies on their grocery shopping, but if you can come up with the right kind of luxury, that both rewards and distracts, they’re ready to blow their pounds on it.

Consumers are also on to brands playing their emotions for profit

The surge in 3D media – in cinemas and soon home TV – is a clear sign that getting away from reality is becoming a driver, Cope argues. The numbers look promising: An estimated 13.6m 30 TV sets will be in European homes by 2013, according to Screen Digest. Sky are 3D-ing Premier League games, and FIFA will be filming 25 games in 3D this summer for a post-event film. This burgeoning new 3D world will offer a huge range of opportunities for you. Maybe you could corner the market in renting 3D glasses by the match in pubs, or be the man to bring 3D-compatible designer frames to market for the style-conscious reality escapee? Think lucidly, act quickly on your ideas and don’t under-estimate the spending power of fun.






Annual Charge -15%  I Other Expenses – 0.13%

Loyalty Bonus – 0.15%           Risk – CNN




Annual Charge – 1.5%           Other Expenses – 0.14%

Loyalty Bonus – 025%            Risk – CDIJKM



The managers are keeping the portfolio well-diversified by sector and company size and through exposure to overseas as well as domestic revenue. Domestically they favour stocks related to the housing market, including housebuilders, builders’ merchants, consolidate payday loans and a buy-to-let mortgage provider. They also have exposure to investment and wealth management services which they believe will provide strong returns in an environment where investors favour equities over bonds. Overseas they prefer the US over Europe where they feet the economic problems are likely to result in persistent weak growth.


“2012 was a strong year for payday loan lenders companies  and the fund overall. However we enter 2013 still modestly valued and with a higher probability of earnings growth after a negative earnings result last year. We continue to meet a broad array of attractive investment opportunities and hence we remain positive on the prospects for growth in investors’ capital again this year.”




Richard Plackett has recently taken profits from stocks that had experienced a strong run. He is focusing on industrial, technology and engineering companies with the ability to expand rapidly through exposure to emerging nations such as China and India. We believe this approach should serve investors well.


Paul Marriage


The latest GOP figures reaffirm our view that the UK economy is ‘bumping along the bottom’. Other statistics paint a were optimistic picture, but are less widely reported in the media. Already a number of fund managers we have spoken to have increased exposure to such areas and have benefited as a result.



The price/earnings (P/E) ratio is a commonly used measure to assess the relative value of shares. As the charts below demonstrate, investing when the P/E ratio is low often leads to strong long-term returns.


Many medium-sized companies performed well in 2012 and the fund benefited from exposure to those generating revenues both in the UK and overseas. We believe Paul Spencer is a talented fund manager capable of strong long-term returns.


Exposure to more economically-sensitive areas such as banks and consumer stocks has helped Ian McVeigh outperform the UK market over the past few months. Lloyds, Barclays and RBS have all recovered strongly whilst some overseas stocks such as BMW and Midas have also performed well This is very much a fund for a bull market as the manager remains convinced of a sustained economic recovery.


Sanjeev Shah remains positive on equities and believes we are at the beginning of a new bull market. He suggests themes such as the emerging market consumer, the digital

Asa — economy and the Internet will
be key drivers. Within these broad themes he is focusing on out-of-favour companies such as internet retailer Ocado, television company IN and pharmaceutical giant GlaxoSmithKline. Holdings in banks such as HSBC and Lloyds contributed positively to performance in 2012.





The US economy continues to show signs of improvement. The stock market delivered strong returns in 2012, boosting consumer confidence as individuals believed the recovery was taking hold. The housing market is also getting stronger and mortgage lending is rising.


The US government also managed a last minute compromise with the opposition on the issue of the ‘fiscal cliff. This is a set of tax rises and spending cuts that would have made a dent in US GDP. However, the compromise is a temporary fix and further negotiations are due to begin in March. The outcome of these could set the scene for the rest of the year.


An unexpected contraction in GDP during the fourth quarter of 2012 shows it is too early to declare that the US is completely out of the woods, but the early signs are promising. The US remains an important economy and is still a hot bed of innovation with many quality companies at all levels. However, it remains a difficult market for online payday loans companies and fund managers to outperform.




“It seems clear to me that the market has entered a cycle in which stock picking matters. Earnings growth can accelerate for small caps as the economy improves.”




Jason Pidcock is optimistic on economic and earnings growth in the Asian region in 2013. He continues to see bright prospects for South East Asian economies because of favourable demographics and growth in domestic demand. The portfolio has maintained a high weighting in Australian stocks, with a new position in utility company AGL Energy recently established and offering an attractive dividend yield. The clients get help with payday loans and feel satisfied.


The fund combines the exciting growth potential of emerging markets and the attractive dividends of an equity income fund. We believe in the manager’s ability to generate strong returns over the long term.


Investment Style

This fund’s specific investment theme e.g. technology, is likely to have a greater influence on performance than its size/style bias.


Investment style’ and ‘size bias’ columns

At this time, the fund is not covered by our quantitative analysis and to date the group has not provided us with any investment style data.

N.B. Most research has been carried out by HL, but where this is not the case, the analysis has been provided by the fund group.


Long-term growth


“There are significant structural shifts underway around the world. In this volatile environment, we believe experienced stock picking focused on quality growth stocks and attractive valuations is an ideal way to shop for the best investment ideas.”


Virginie Maisonneuve



Charlie Thomas believes a ‘quiet revolution’ is occurring in the environmental space with a number of key trends supporting long-term growth. Trends include initiatives to promote greater fuel efficiency in vehicles and energy efficiency in homes, demand for organic foods, and the increasing competitiveness of renewable energies such as wind and solar. All holdings must meet strict environmental and ethical standards, as well as investment criteria, so the recent disappointing performance should be seen in the context of the manager’s reduced scope.


“We are very excited about the prospects for our payday loan opportunity in 2013. When I reflect on my 30-year career as a fund manager I can’t think of a time when my portfolio looked better value relative to the market.

Crispin Odey

Virginie Maisonneuve

Over the past two years many investors have focused on ‘defensive’ companies such as Unilever, Procter & Gamble and Nestle, believing they would be resilient if the world entered a deep recession. Crispin Odey believes investors are now overpaying for these.


He suggests that with every day that passes, there is further evidence the world economy is improving and investors will one day realize they don’t need the expensive safety-belt anymore. If and when this happens, he believes stocks in the building, retailing and banking sectors will perform welt. He was an early believer in the US recovery and has seen handsome profits from US blinds manufacturer Hunter Douglas and white goods company Electrolux, which are reliant on sentiment and house moves in the US. He has also invested in out-of-favour stocks such as BR Barclays and BSkyB. We believe Crispin Odey is a talented fund manager and are positive on the long-term prospects for this fund.

money 2

Anthony Eaton continues to invest in companies he believes have pricing power. Based on his analysis of global trends such as urbanization, changes in consumer spending patterns and an aging population in the West, he believes many consumer-related companies are set to fare well. Current holdings include Coca-Cola and Unilever, which have strong brands where consumers are willing to spend a little extra with payday loans consolidation for products perceived to be high quality.

“We believe the world changed in 2000 as it entered a period of low growth, an environment favouring innovative, less mature, smaller companies in expanding sectors with the ability to grow regardless of the economic environment. Global smaller companies rose 13.0% in 2012, once again outperforming larger companies which rose 11.7%. Smaller companies have outperformed in ten of the last 13 years, leading to cumulative performance of 166% since 2000 versus only 42% for larger companies”


Economic growth

Harry Nimmo


Harry Nimmo is more bullish than he was a year ago, seeing an improved outlook for Europe, evidence the Chinese economy is picking up, and a US election result that was broadly welcomed by the markets. Despite slow economic growth, many good companies continue to thrive and are taking advantage of the difficulties facing less resilient rivals. These are the businesses Harry Nimmo aims to identify.


Exposure to Northern Europe and the more dynamic economies of South East Asia has been beneficial. Top holding Cosmos Pharmaceutical has been successful in gaining market share while also lowering costs to maintain profit margins. Oxford Instruments has also been a strong performer, announcing a 60% increase in full-year profits in June. Overall performance has been strong since the fund launched last January, and we remain confident of its potential over the long term.


Past performance is not a guide to future returns. The specialist sector contains a wide array of funds, many of which provide exposure to specific themes. They could be chosen by investors looking for diversification beyond the mainstream sectors such as UK income, Europe or emerging markets.


This sector contains many funds which invest in companies more sensitive to economic growth. Given the uncertainty surrounding the outlook for economic growth globally over the past couple of years, these funds have been volatile. Those which invest in mining or resources companies, for example, have performed well when the outlook has improved and resources are expected to be in greater demand, but the opposite has been the case when the outlook worsened.

Economic growth


“Long-term fundamentals remain in place and valuations are increasingly attractive, which should help cushion the impact of decelerating global growth.” Devan Kaloo & Fiona Manning

The managers are encouraged by the resilience of Latin American economies over the past year as they were backed by supportive commodity prices and robust domestic demand. They continue to favour Brazil for its quality companies, but are avoiding Colombia and Peru where they believe valuations are stretched and they cannot find enough companies meeting their quality criteria. The portfolio has key positions in the financial and consumer sectors, with Banco Bradesco a key holding. It is a leading Brazilian bank which they believe has a good quality loan portfolio for investment banking  and is benefiting from increased lending to retail customers.


2012 was a tough year for gold mining companies as they were hit by a combination of wider economic concerns and company-specific issues such as rising costs and industrial disputes. Manager Evy Hambro notes the long-term supply and demand drivers for gold remain intact, while an increase in dividends across the gold mining industry could increase the attractiveness of gold mining shares relative to gold bullion.



The gap between the gold price and gold mining shares grows ever wider. Given that a higher gold price should mean higher profits for gold miners, many commentators believe this gap is unjustified and gold mining shares therefore look good value. As the chart also shows, however, they are volatile and this is undoubtedly a high risk area.