Value, not growth, to matter for next 1-2 years: Sunil Singhania

6 months, 9 days ago

2019 would be a change in the sense that foreign inflows should also be quite strong both on the equity and fixed income side, Sunil Singhania, Founder, Abakkus Asset Manager, tells ET Now.Edited excerpts: Will it be a great 2019 for investors or is this going to be another challenging year? First of all, any equity investor has to be optimistic. If one is not optimistic, then one should not be an equity investor. Also, in a growing economy it makes sense to be optimistic. As far as challenges are concerned, we have seen many challenges over the last few years and these will continue. I think that is the essence of life. Notwithstanding the challenges and notwithstanding fact that 2018 was a very challenging year, we remain quite optimistic about 2019 and the years forward. But sometimes you have to be realistic. I mean in 2008, if you had become optimistic, then your optimism did not help. Now you are talking and comparing it to a very different year where it was euphoric. I do not see that in the last three-four years we have at any point of time been euphoric except for a period of six months when specifically on the mid and smallcaps we had become euphoric. The world overall has not been euphoric and that makes us believe we are not seeing an overboard kind of a market where people are long left, right and centre and are over-leveraged, In fact, it is the reverse. People have been very cautious. Investors have not been investing as aggressively as maybe their cash balances in the bank are. There is definitely not an over-leveraged situation, not only in India but anywhere else in the world. The situation is far different from the year you mentioned. What makes you so hopeful? 2018 was a year full of uncertainties — be it on crude, on geopolitical situations or for that matter currency. Do you believe that maybe finally after that long wait, we are going to see earning recovery kick in from the next quarter itself? You mentioned it all. Oil has been a godsend for us. From $85, we are down to $53-54. Fundamentally at least, we do not see oil moving beyond $60-65 even in the medium to long-term. Currency has come back to $70. If you see the last 20 years of trend on an average, rupee depreciates by anyway between 3% and 3.25% a year but that is like a step of function. We have a 10-12% depreciation and then the rupee stabilises for three-four years. It is fair to presume that after this 10% depreciation, rupee should be quite stable for the next three-four years. Inflation is down and going forward, the way oil prices have corrected, does not seem to be inching up despite the fact that we expect the minimum support prices (MSP) for a lot of farm products to be increased and consequently the 10-year G-Sec yields have fallen to 7.25%. Internationally, there was this fear that US interest rates might inch up to 4%. They have actually fallen to 2.65%. US markets have been volatile but again my view is that it is a very healthy market and I am quite optimistic even on the US equity markets given the fact that the S&P 500 is trading at like 14-14.5 times earning which is like 7% yield in a country where the interest rates are at 3%. On the flows front, we have always had good domestic inflows over the last three-four years. My view is that 2019 would be a change in the sense that foreign inflows should also be quite strong both on the equity and fixed income side. The last point which you also touched upon is earnings. It is generally led by a couple of sectors, predominantly corporate banks. We expect earnings for FY20 to inch up to 20% plus in terms of growth. Obviously a large part of that would be contributed by corporate banks but other small sectors should also kick in. Overall, given the fact that we are not in a very euphoric zone, we are may be at around 16 times FY20 earnings and three-four months ahead, we would start to discount FY21, I think there is reasonable optimism both on the economy front as well as from market front. My only concern with the current environment is that are we underestimating the fall in US markets? I remember this kind of situation happening in 2007 when world discovered a problem call subprime. Indian markets started outperforming for many months. Today we can take a lot of pride in saying that US market has gone down but we were up in December. We are better and we have better growth. But will that really last for a long period of time? Again you are comparing two different times and situations. 2007. as you rightly said was more of a crash over leveraged position. And in fact, I was yesterday seeing the documentary The Big Short. It is incidental that we are talking about it today. It was more about the banking system being levered up like 40 times. If you see the banking system in the US now, it is very healthy compared to 2007, in terms of their capital adequacy, in terms of their profitability etc. Second. we are not looking at PEs of 40-50 times in US. We are looking at a PE of 14.5 times for S&P 500. Again just to give you a perspective, there was a trillion-dollar buyback in US in 2018. If you add the last five years of buybacks, they have totalled around $4 trillion which is almost 20% to 25% of the market cap of the US. We are seeing companies having huge cash balances, having huge cash profits. The economy is doing very well. If you go to US and you just talk to people, there is hardly any unemployment. In fact, there is shortage, specifically on the technology side of people. I do not see a scenario of something like 2007-08 even near that and I would say that definitely things are much better and very different from 2007-08. As far as markets are concerned, even there we had this phenomena of the FAANG stocks among the technology stocks, where there was a little bit of over-optimism and those are the stocks which have fallen the most over the last three-four months. So one segment had moved up very sharply and has fallen equally sharply. It is similar to what we had in India where midcaps and small caps went up sharply, they fell sharply or quality was getting unusual premium and wherever that quality has disappointed a little bit, you have seen a sharp fall. It is more a case of over-optimism in a few stocks or a few sectors getting patted down and the fall is more pronounced there. Again, just to conclude, I do not see a scenario of like a meltdown of 2007-08, I do not see it as enything near that. In fact, if I were an investor, I would also bet on the US markets from here on.We had some interesting data thrown up yesterday with respect to the Russell 2000. A 10% fall historically has been followed by a positive year. Perhaps we could see that for the midcap index as well? Where are you seeing opportunity within the midcap universe?Over last three years, we have seen challenges which were quite significant compared to what we have seen earlier and those challenges meant that investors got comfort in the so-called growth stocks or companies which were not impacted by what was happening on the economy front. So, consumption and quality got disproportionate PE. What we are seeing now is that some kind of multiples are not sustainable if we have even a slight sort of correction in their growth rates. And we have seen that with a large innerwear company and a two-wheeler company, how the multiples have corrected very sharply. My view is that over the next one two years, value will take precedence over growth. Companies which have been slowly growing but have not seen rapid growth have been ignored by the investors and a lot of those companies are on the mid and smallcap side. Going forward, maybe companies which have value and which have been in sectors that have been ignored for their challenging past like may be a construction company, some old gen companies, capex companies. Moving towards them because they have seen sustainable addition to their balance sheet in terms of strength, in terms of their cash and the high PE stocks which were getting unusual flows just because they were performing well. Maybe, it is time to see money moving out of them into so-called value and predominantly they are even on the mid and smallcap side.I was hoping you will get slightly more specific in terms of what are the themes you are betting on.There are a lot of power generation and distribution companies which are now trading at like 7-8 times cash PE multiples. It has been sort of a taboo sector because of all the stress they have undergone over the last four, five years. But going forward, India is a growing economy and we are seeing power demand growing at 7-8%. If we believe that there is going to be power for all and standard of living is going to improve, there is going to be growth in the power generation side as well as on the distribution side because you need to take the power right to the final customers. Also, there has not been any significant addition to capacities. So, companies which have good assets on the generation and distribution side, which have balance sheets that are not stressed or which can raise a question mark regarding their survival, some of these companies will do well. Also on the EPC side, one interesting phenomenon in the September results which we were analysing is the fact that for the first time after a lot of years we have seen EPC companies not only start to generate 15-18% ROE, but have also seen their debt levels go down. This is a dream for an investor in EPC companies because over last 7-8 years, EPC companies have only seen their balance sheets bloat by higher and higher debt. These are some interesting observations and obviously there are other companies in sectors which have been ignored because they do not grow fast. It may be a very boring sector but a few textile companies would be worth looking at. They are boring, they do not grow fast but with the kind of cash which some of these companies are generating maybe in the next three, four years, you will have one period where they will give like 50-100% return. From investor point of view, we have to find whether returns can be made in a block of three, four, five years or whether you are looking at making returns every week or every month. If you are in the former category where you are cognisant of the fact that returns will be made but you are indifferent whether returns will be made in three months but ultimately will be made in a block of three, five years, there will be a lot of companies which will keep on improving their cash flows, balance sheets and that is where the focus should be. On the other hand, there are companies which are doing well, which are growing and have huge brand value, huge ROEs and are at 60-70-80 PE .I do not see a scenario of these companies making you a lot of money unless the growth rates can last for 10, 20 years. So, on the consumption side, our view is that one should stick to consumer discretionary where the penetration is still low, where you can still hope to grow in double digits for the next 10-15 years and I think one of my favourite themes, the beverages sector comes into play. But there are a few emerging discretionary consumption stories which can also be looked at but for a consumer staple kind of companies to give 50-60 PE at least I do not find merit in that.Since you track the financials very, very closely where else do you find opportunities? Can PSBs be looked at right now? Corporate banks are a sort of a consensus trade but despite that, decent returns should be made there because even now, the markets are underestimating the recovery as far as earnings is concerned. On the other sub themes, we like select niche NBFCs. The current issue over the last three, four months has meant that the competition from new NBFCs will reduce quite significantly. On the other hand, NBFCs which are well capitalised, which have a history of managing risk quite nicely over the last five, 10 years will get a disproportionate sort of growth opportunities because of lack of competition or reduction in competition. On the other sub themes we like insurance as a theme though we would like to wait for the markets to give us an opportunity which is much more entailing. I believe that India is going to grow in terms of both asset as well as wealth management businesses because of the huge savings which we have and despite under-penetration, select wealth management companies which we can play through maybe a few brokerages definitely looks to be a good option. A good thing is that valuations now are much more reasonable than what they were three, six months back and at this point of time, we would be very constructive in quite a few NBFCs across different segments. A few areas where we still have issues are obviously again the consensus kind of things which are wholesale funded with a lot of exposure towards real estate. That is one segment where we are not seeing an uptick at least as far as the high end residential markets are concerned.A lot of regulatory headwinds and savings which were going into real estate from an investment perspective have completely stopped and that also makes us believe that those savings will come into the asset/wealth management space. You are better off playing the savings part through the asset/wealth management companies rather than trying to bet on NBFCs which are more exposed towards real estate.Since you are bullish on asset managers, would you buy your previous company Reliance Nippon AMC? It is a listed pure asset management company?As I said, the business of asset management as well as wealth management is definitely good. There are near-term headwinds predominantly from the regulatory front. The reason I started my own company Abakkus is because of the fact that I am quite bullish on this segment and at this point of time my biggest investment in asset management company would be in my company.

Read more: economictimes.indiatimes.com

¡Que Gustazo! – A New Notes in Spanish Video!

8 months ago

In today’s video we look at words that use -azo or -aza to add emphasis, using these words will make you sound very good at very real Spanish.

If you enjoy our videos, please consider supporting us with a monthly donation via Patreon – it helps us to keep making more videos like these: https://www.patreon.com/notesinspanish

Words and phrases from the video:

Un marronazo – a real pain in the neck, a nightmare
Un marranazo – a big pig
Eres un guarro – you are a real pig
Que gustazo, que bien se está al sol – how lovely, how nice it is to be out in the sun
Un cochazo – A big or impressive car
Que cochazo te has comprado – what a big car you have bought
Un perrazo – A big dog
Menudo perrazo se me ha echado encima hoy – What a huge dog jumped up on me today
Una madraza – An incredible mum
Que madraza – What a mum!
Un padrazo – A fantastic dad
Es un padrazo – he’s a really amazing dad
Un puñetazo – A thump
Mama, me ha dado un puñetazo – Mum, he just thumped me
Un portazo – A door slam
No des un portazo – Don’t slam the door
Pedazo – A portion
Que pedazo de casa te has comprado – What an incredible/enormous house you’ve bought
Ese hombre tiene un pedazo de nariz – That man has an enormous nose
Pedazo de video que acabamos de hacer – what a fantastic video we’ve just made

Other examples of the suffix -azo to add emphasis:

Tener morrazo – to be very cheeky
Mi hermana tiene un morrazo, nunca ayuda en casa – My sister is very cheeky, she never helps at home
Un golpazo – whack, crash
Me he dado un golpazo con el coche – I’ve really pranged the car
Un currazo – A big piece of work (from curro, which is slang for work)
He hecho un currazo en casa hoy, he limpiado la cocina a fondo – I’ve done a massive amount of work at home today, I’ve cleaned every inch of the kitchen.

The post ¡Que Gustazo! – A New Notes in Spanish Video! appeared first on Free Podcasts In Spanish – Learn Real Spanish With Notes in Spanish.

Read more: notesinspanish.com

Could Human Evolutionary Changes Be Behind Mental Disorders? – Discover Magazine

11 months, 3 days ago

Schizophrenia, as Julian Jaynes posited, is a vestige of our former manifestation of consciousness. Now relegated to pathology, this phenomenon may illustrate Stanford’s David Kingsley’s latest paper as Charles Choi discovers. Speaking as loud-mouthed laity with access to a prominent fortean website, I reckon it’s not biological evolution driving mental disorders but social, cultural, and technological changes. Again, in my opinion, humans evolved to live a certain way and, in the anthropoforming of Earth, the world is becoming less natural and more alien. With this disconnect, mental illness becomes unmanageable with people stuck in “boxes”, staring at screens, and consuming processed food all day. If the issue lay in evolution, then human evolution is being outpaced by unnatural progress. Being left behind isn’t all bad news according to Chris Less, appreciating the silver lining how a Love Of Patterns, Order May Explain Mad Math Skills And Autism Link. The very same math skills giving rise to our beloved gadgets guiding, and surveilling, our lives. Mind mysteries aren’t just an epiphenomenon of future shock, as Sequoyah Kennedy learns about a Boy Who Had One Sixth of His Brain Removed Shows Normal Cognitive Function And “Above Average” Reading Level. Either the brains is very resilient and flexible, or examples like these emphasize the non-physical natures of our minds. Such musings are better cures for insomnia than a cocktail of Ambien, Xanax, and bonghits than enlightening, unless you’re a slavish devotee of EsoterX. He takes those dry, academic papers, douses them in twelve year old scotch, and burns them, but not before contextualizing them in queer, historical accounts of anomalistics around the globe, sprinkled with ethically-sourced quotes and fair-trade bon mots. Such is the time when T.W. Aylesbury cried out for mommy dearest, neatly encapsulating our Portable Consciousnesses And The Near Death Experience. (CS)

— Delivered by Feed43 service

Read more: blogs.discovermagazine.com

Trump’s Supreme Court pick, the brewing trade war, and calls to abolish ICE: Here are the highlights that matter from Sunday’s political shows

1 year, 2 days ago

sunday showsScreenshots via Fox, CBS, ABC, NBC

The brewing trade war, Supreme Court Justice Anthony Kennedy’s retirement, calls to abolish ICE, and a July summit between President Donald Trump and Russian president Vladimir Putin were featured in comments on this week’s Sunday political shows.

Here are the highlights:

Trump’s Fox interview addressed the trade war, his upcoming Supreme Court pick, and Democrats’ push to abolish ICE
Screenshot via Fox News

How the trade war with US allies is justified: “The European Union is possibly as bad as China…I love those countries, Germany, and all of the countries. Scotland. … But they treat us very badly. They treat us very unfairly.”

Read more »

Harley-Davidson’s move to overseas production: “They’re going to take a big hit … the people that are buying Harley Davidson, they don’t want it built in another country.”

Calls to abolish ICE: “You get rid of ICE, you’re going to have a country that you’re going to be afraid to walk out of your house.”

Getting Democrat support for his upcoming Supreme Court pick: “It’s probably going to be vicious. The other side, all they can do it obstruct and resist. Their whole thing is ‘resist’, and maybe someday we’ll be able to get along with the other side, but right now it’s only resist. All they want to do is stop things from happening, so it’s going to be hard, but I think it’s going to actually go very quickly if I pick the right person.”

Democrats’ criticism of his administration: “I hope the other side realizes that they better just take it easy. Some of the language used, some of the words used, even some of the radical ideas, I really think they’re very bad for the country. I think they’re actually dangerous for the country.”

Collins says a SCOTUS pick who has said they will overturn Roe v. Wade ‘will not be acceptable’
Screenshot via ABC Twitter

Sen. Susan Collins of Maine said Sunday she would not support Trump’s Supreme Court nominee if they said they would overturn Roe v. Wade.

Collins, a member of the House Judiciary Committee, told host Martha Raddatz on ABC’s “This Week” that the 1973 decision establishing basic grounds for American women’s abortion access should be off-limits for Trump’s pick.

“A candidate for this important position who would overturn Roe v. Wade would not be acceptable to me, because that would indicate an activist agenda that I don’t want to see a judge have,” Collins said. “That would indicate to me a failure to respect precedent.”

Read more »

Graham says Trump’s SCOTUS pick should respect precedent
Screenshot via NBC

Sen. Lindsey Graham of South Carolina, who reminded viewers in the interview that he is antiabortion, doubled down on the importance of a court nominee who would respect the precedent set by Roe v. Wade that has been reaffirmed “in many different ways” since.

“You don’t overturn precedent unless there’s a good reason,” Graham said. “I would tell my pro-life friends: you can be pro-life and conservative, but you can also believe in stare decisis,” the legal term for precedent.

Read more at NBC »

 

See the rest of the story at Business Insider

See Also:

Photos show Aleppo before and after the battle raged on its streets – and as it tries to rebuild‘Kennedy’s Court’: Meet 81-year-old Supreme Court justice Anthony Kennedy, who just announced his retirementInside Number One Observatory Circle, the often overlooked but stunning vice president’s residence where the Pences live

SEE ALSO: Trump says ‘Every country is calling every day saying, “Let’s make a deal”‘ on trade

DON’T MISS: Key Republican senator says she got Trump to add names to his Supreme Court shortlist, and that a candidate who will overturn Roe ‘will not be acceptable’


Read more: feedproxy.google.com

The 10 Best Watches Under $5,000: Part 1

1 year, 28 days ago

We recently featured a buyer’s guide of luxury watches that cost less than $3,000. These included pieces like Seiko’s Presage Enamel, Oris’ Aquis Hammerhead, and Tudor’s Black Bay 36. And while these pieces were well received, we thought we’d up the ante, as they say, and bring in some pieces that carry with them a bit more heft, financially speaking. Here is the first part of our two-part series, listing our top 10 favourites luxury watches under $5,000. Keep your eyes peeled for Part 2 which will drop in the next few weeks. Enjoy!IWC Pilot’s Watch Mark VXIII ($4,950)From IWC we have the entry-level Pilot’s Watch Mark VXIII, but don’t let that proverb deter you, this is an incredible watch. The classically designed Pilot’s Watch Mark VXIII is really quite understated, but make no mistake this thing oozes IWC-cool. The clean dial is both legible and attractive, and its subtle 40mm wide, 10.80mm stainless-steel case is contemporary and comfortable. The white hands and indices contrast wonderfully well against the matte black dial, and I love the addition of the white triangle and corresponding dots depicting the 12 o’clock marker. Oh, and the date window at 3 o’clock is a super welcoming addition to a watch that can very easily be worn as a daily beater. The Pilot’s Watch Mark VXIII is powered by the automatic 30110 Calibre which is hidden behind an engraved caseback. The Pilot’s Watch Mark VXIII comes on a black Santoni calfskin strap that really fits the bill and completes what I think is a very sound package.Find out more hereTudor Black Bay Dark ($4,475)Tudor featured in our sub-$3,000 guide, and they will feature again in this sub-$5,000 guide with the uber-impressive Black Bay Dark. Out of all the Black Bay models and variations, the Black Bay Dark really does it for me. It’s cool, it’s trendy and it can be worn with virtually anything. Dress it up with a suit and tie or down with a pair of shorts and a t-shirt, and the Black Bay Dark will hold its own effortlessly. At 41mm in diameter, its PVD-coated stainless-steel case is very much in tune with today’s sizing demands, and the vintage-inspired dial keeps things nice and traditional. Too much vintage flair and it gets a bit boring, but too little and you lose the essence of what makes the Black Bay as appealing as it is. The Black Bay Dark’s aesthetic is, therefore, right on point. And to top off an already very impressive package, we have the in-house manufactured, COSC certified automatic Calibre MT5602 powering the Black Bay Dark. Yep, you read that right: in-house and COSC certified. In all seriousness though, what more could you want in a watch costing less than $5,000?Find out more hereFrederique Constant Manufacture Worldtimer ($4,750)Frederique Constant have been making waves in the industry for a number of years now, and the Manufacture Worldtimer is just another example of why they deserve your attention (and your money! :P). It’s available in a variety of case and dial variations, but the model that caught my eye was stainless-steel model with that gorgeous navy dial. The dial actually is a depiction of a worldmap and features applied round hour indices and lume-filled hands to increase legibility against what may be a very busy and subsequently difficult dial to read. There is a date sub-dial register at 6 o’clock, of course adding to the piece’s functionality and wearability. And the offset between the deep blue-navy dial against the cool look of the 42mm stainless-steel case really rounds off a very pleasing aesthetic. From the back, you get Frederique Constant’s in-house manufactured automatic Worldtimer movement, named the FC-718. This mechanism is based on Frederqiue Constant’s calibre FC-700, which is of course made in-house. There’s a certain amount of subtlety and restraint throughout the Manufacture Worldtimer that appeals to me more than I thought it would. It has a lot to prove, and it does, but it doesn’t go about that route by being loud ostentatious. Instead it’s a very reserved timepiece whose sound qualities really do speak for themselves. Highly recommended.Find out more hereZenith Elite Ultra-Thin ($4,300)Now this is a cool watch, no two ways about it. A black dialed time-only watch set against the sleek look of a thin stainless-steel case gets me every time. As soon as I came across the Elite Ultra-Thin I decided that I just had to feature it on this list, and if you’re anything like me then you’ll appreciate this watch as much as I do. The black sunburst dial is so beautiful, especially so when you compared it to the shine of those hands and those iconic Zenith hour indices. The crosshair seconds sub-dial adds that touch of vintage flair, as does the undersized crown. The case is quite slim, and at 40mm in diameter and only 8.30mm in thickness, this can easily slip under a shirt cuff or jacket. The Elite Ultra-Thin is powered by Zenith’s Elite 681 automatic calibre which features the passing hours and minutes as indicated in the centre hand stack, as well as a small-seconds indicator at 9 o’clock. This is an amazingly understated watch that I absolutely love, and it’s one that looks far more expensive that its price tag. Adorable.Find out more hereBreitling Navitimer 8 Day-Date ($4,530)With Georges Kern at the helm, it seems that Breitling have really upped their game with some new and, suffice it to say, pretty awesome watches. the Navitimer 8 Day-Date gets our tick of approval and deservedly gets its place on this list for one simple reason. We love it! The sunburst dial comes in either a black or a blue variation, and both sit within a stainless-steel case that measures 41mm across and 11.19mm in height. The Arabic numerals are filled with lume, as are the hands, and the day and date windows feature white backgrounds, further enhancing legibility and the intake of information at a rapid pace. The riveted bezel and crown offset the smooth nature of the lugs and the top bezel. The Breitling Navitimer 8 Day-Date is powered by the Calibre 45, which is actually an ETA 2834-2 base automatic mechanism. This is a very functional watch that incorporates some very useful indicators, and with respect to daily wear, you can either wear it on a leather strap or a stainless-steel bracelet. Very impressive stuff from Breitling.Find out more hereSinn 910 SRS Chronograph ($4,260)The 910 SRS Chronograph has a certain look and feel about it that is very reminiscent of a bygone era of watchmaking that many manufacturers are trying to reintroduce, but so many seem to fall short. The 910 SRS Chronograph from Sinn is an exception, and what an exception! This is an aesthetic that just works so well and on so many different levels. The creamy palette of the dial is offset beautifully by the red and black dial highlights and hands. The red outer chapter ring and the black inner chapter ring work well together to create a visual effect that, had one of those two chapter ring designs not been there, would have definitely led to a less than desirable visual effect. The mushroom pushers, exposed crown and shortened lugs make for a very streamlined exterior look, and while the case may seem thick at 15.50mm, its 41.50mm wide case perfects those proportions. The 910 SRS Chronograph is powered by the Valjoux 7750 movement. This is an automatic mechanism that features a flyback chronograph and a date-indicator set at 3 o’clock and is fully visible through the open sapphire caseback. The 910 SRS Chronograph speaks to my inner watch-nerd, and it’s a watch that I could definitely see myself purchasing and wearing happily for a very long time.Find out more hereGrand Seiko SBGR257 ($4,100)If you’re an active reader of our blog and a follower of our Instagram page, then you probably already know just how significant Grand Seiko are as a watchmaker. They produce some of the most exquisite and most desirable timepieces outside of Switzerland that can easily hold their own against their Swiss-made counterparts. But unfortunately, entry into the Grand Seiko isn’t cheap, until now. Here is the SBGR257, the perfect entry level piece into the infamous hallows of Grand Seiko. This is a very basic looking watch. The time is indicated by the centre stack of hands, and the date is indicated in a small window at 3 o’clock. All of these are manipulated by the crown, again at 3 o’clock. But what many people over look is the insignia at 12 o’clock. These subtle letters indicate that you should definitely pay the SBGR257 a bit more attention. There’s mirror polishing through multi-faceted Zaratsu polishing methods, there’s some very complex hairspring technology, an escapement developed through MEMS with the aim of achieving better accuracy and stability, there’s elements of detail throughout the Calibre 9S65 that you wouldn’t dream of seeing even in a Swiss-made watch costing double or even triple the cost of the SBGR257. And of course, there’s the entertainment of watching people look past the horological weight sitting atop of your wrist when they see the word “Seiko”.Find out more herePanerai Luminor Marina Logo Acciaio ($5,000)The Panerai Luminor Marina Logo Acciaio edged its way onto the list without an inch to spare, and its inclusion is one that really shakes things up. The Luminor Marina Logo Acciaio’s aesthetic is very bright. A lot of whites, creams and yellows may seem too monochromatic, and to be quite honest with you the tan-brown leather strap does little to change that effect. On a darker strap, however, is where the Luminor Marina Logo Acciaio really shines. This allows the dial to pop more pleasingly, and it gives the 44mm wide case and iconic crown-guard room to really come to life. The piece is powered by an in-house manually wound calibre, and its acquisition will bring about many years of enjoyment and satisfaction. That I can guarantee.Find out more hereOmega Speedmaster Professional ($4,400)Just about as iconic as a watch can ever be, and surely the most well-known timepiece on this list, the infamous Speedmaster Professional is well and truly a mainstay in many an enthusiasts’ collections. The combination of tradition, heritage, drop-dead gorgeous good looks and a highly acclaimed movement makes the good old Speedie a definitive mainstay in this list. The perfectly precise symmetry of the dial matches the boldness of the case and bracelet, and it looks just as good under a shirt cuff as it does strapped to the wrist of a heavily tattooed watch aficionado. The Speedmaster is an ode to doing things right and not making a change merely for the sake of making a change. If it isn’t broke, don’t fix it, right?Find out more hereBremont Supermarine S501 ($4,775)This is a watch that I was fortunate enough to get my hands on at a recent Bremont event here in Sydney, and I was extremely impressed from the get go. The textured centre is offset well by the smoothness of the rest of the dial, which is contrasted further by the patina of the hour indices and hands. The red tipped lollipop seconds hand as well as the red inscribed “Supermarine” signature add just enough color differentiation to keep things from getting too monotone. The bezel was a joy to play with and features the same patina as the dial. The location of the crown at an unconventional 2 o’clock adds another element of different to the watch, and on a whole the Supermarine S501’s aesthetic is one that I greatly admire. The Supermarine S501 is one of the only watches (the only, maybe?) to feature an open sapphire caseback with a depth rating of over 500m. This is an immense achievement, and while I know many of you won’t be diving to those unfathomable depths, it’s still a great bit of trivia to drop with your mates. I love this watch and I know you will too.Find out more here

Read more: haulogerie.com

Which mental ‘deficits’ are really hidden strengths? | Heather Heying

1 year, 1 month ago


There are many different ways in which the brain is rewired differently than the norm. But Heather Heying, evolutionary biologist and former Professor at The Evergreen State College, is saying that these so-called differences are really strengths.Read more at BigThink.com: http://bigthink.com/videos/heather-heying-neurodiversity-many-mental-deficits-are-really-hidden-strengthsFollow Big Think here:YouTube: http://goo.gl/CPTsV5Facebook: https://www.facebook.com/BigThinkdotcomTwitter: https://twitter.com/bigthinkNeurodiversity is a pretty new term, and I’m grateful—very grateful for it.It gets to something that is absolutely real and has been hard to discuss before it existed.That said, I’m not sure I have a perfect definition. It recognizes a fact that we are not singular, that we are not all identical, that we have a variation of brains, of connectivity, of aptitudes, of weaknesses, of blind spots, and of sensitivities, and of capabilities.People on the autism spectrum who are very functional, in my experience, tend to have extraordinary analytical skills and also often, actually, insight into social interactions so long as they’re not the ones participating.And so you have, I’ve had a number of autistic students actually point out to me dynamics that were emerging in classrooms that I hadn’t yet seen, and once they were pointed out I could see, and these are the same students who have a very hard time recognizing when it is or is not time to speak or get up or walk through the middle of the classroom and such.There are a number of ways to be neurodiverse.We have names for some conditions that actually represent ends of continuum.Dyslexia is a big one. These are going to sound like they’re coming out of left field, but color blindness, left-handedness… in each of those cases being what in evolutionary biology we call the non-dominant phenotype.Sorry. I’m a lefty. That’s the one of those that I belong to as a group. And about ten percent of people across all cultures (that have been studied) are left-handed. It’s a persistent, stable, rare phenotype, which suggests that it’s adaptive, that it’s persistent, it’s complex, and it provides the different wiring of the brain associated with being a left-hander provides benefit in the social group in which left-handers show up.I mean we can put together analyses for why being a left-hander might allow you to approach a physical problem differently than a right-hander would have a harder time solving, but the different wiring of the brain allows for different approaches as well.Similarly with color blindness that it might be really easy to say, “Well, okay, that just is going to give you some ability to see past color and to see patterns that aren’t color based,” perhaps, but I suspect that there’s wiring in the brain that is associated with color blindness that also allows for enhanced abilities that are different from those who are color-sighted.Dyslexia for sure. Dyslexia is obviously a very modern condition because writing is a very modern condition. So as an evolutionary biologist when I say modern I mean thousands of years. So dyslexia is modern in terms of thousands of years, and language was always about sound and never about writing until recently, and so the lessened ability—it’s almost never an inability, but the lessened ability—to process written symbols into meaning in your head looks to me like it’s a trade-off relationship with the ability to engage in real time and speech. And that’s not to say that all of us can’t learn through practice to be better at any number of these skills, but that being born with what the world is calling a deficit is almost always going to exist in a trade-off relationship with some often hidden strength.

Author: avatarbigthinkofficialTags: Posted: 06 June 2018

Read more: dailymotion.com